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Stock market today: Wall Street keeps climbing on hopes for halt to rate hikes, joining global rally

Published Fri, 01 Nov 2024 11:25:07 GMT

NEW YORK (AP) — Wall Street is tacking more gains onto its rally from the day before on hopes the Federal Reserve may finally be done with its market-crunching hikes to interest rates. The S&P 500 was 0.9% higher Thursday. The Dow was up 212 points, and the Nasdaq composite was 1.2% higher. Stocks around the world rallied after the Federal Reserve late Wednesday hinted that a recent jump in Treasury yields may be acting like a rate-hike substitute. The 10-year yield fell further Thursday, releasing pressure that had built on Wall Street. Reports on the U.S. economy also offered hope for momentum pulling down on inflation. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.(AP) — Wall Street pointed toward early gains Thursday after the U.S. Federal Reserve indicated it may not need to pump the brakes any harder on the economy. Futures for the Dow Jones industrials rose 0.4% before the bell and the S&P 500 ticked 0.6% higher.Fed Chair Jerome Powell said Wednesda...

Cencora: Fiscal Q4 Earnings Snapshot

Published Fri, 01 Nov 2024 11:25:07 GMT

CONSHOHOCKEN, Pa. (AP) — CONSHOHOCKEN, Pa. (AP) — Cencora, Inc. (COR) on Thursday reported fiscal fourth-quarter net income of $350.6 million.On a per-share basis, the Conshohocken, Pennsylvania-based company said it had profit of $1.72. Earnings, adjusted for amortization costs and restructuring costs, were $2.86 per share.The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.79 per share.The prescription drug distributor posted revenue of $68.92 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $66.57 billion.For the year, the company reported profit of $1.75 billion, or $8.53 per share. Revenue was reported as $262.17 billion.Cencora expects full-year earnings in the range of $12.70 to $13 per share._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zac...

Paramount Resources: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 11:25:07 GMT

CALGARY, Alberta (AP) — CALGARY, Alberta (AP) — Paramount Resources Ltd. (PRMRF) on Thursday reported profit of $65 million in its third quarter.The Calgary, Alberta-based company said it had profit of 44 cents per share.The oil and natural gas company posted revenue of $321.1 million in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRMRF at https://www.zacks.com/ap/PRMRFSource

Top Md. Democrats mobilizing to compete for newly open congressional seat, while GOP sees opportunity

Published Fri, 01 Nov 2024 11:25:07 GMT

Less than a week after U.S. Rep. John Sarbanes’ surprise announcement that he would not seek a 10th term, several high-profile Democrats are mobilizing to try to replace him, and Republicans believe the Democratic congressman’s decision could put his 3rd District seat into play for the first time in decades.Two rising stars in the Maryland General Assembly, House Ways and Means Committee Chair Vanessa E. Atterbeary (D-Howard) and state Sen. Sarah K. Elfreth (D-Anne Arundel), told Maryland Matters this week that they plan to compete in the Democratic primary next May. Howard County Executive Calvin Ball (D) is among the political leaders who is also seriously contemplating entering the contest.Sarbanes’ looming retirement opens up a rare congressional vacancy in the state. With the primaries half a year away, Democrats and Republicans have just weeks to decide if it is the right opportunity for them.“There could be a dozen, maybe two dozen candidates,” s...

Montgomery Co. officer struck on I-270 is in ‘phenomenal spirit,’ police chief says

Published Fri, 01 Nov 2024 11:25:07 GMT

Montgomery County Police Sgt. Patrick Kepp was attempting to stop a suspected drunk driver when he was struck, police said. (Courtesy Montgomery County police/WTOP) Montgomery County Police Sgt. Patrick Kepp was attempting to stop a suspected drunk driver when he was struck, police said. (Courtesy Montgomery County police/WTOP) A police officer from Montgomery County, Maryland, wants to get back to work, even after the job cost him his legs.Sgt. Patrick Kepp was hit by a car driven by a teen driver running from police on Interstate 270 on Oct. 18. His legs had to be amputated as a result of the injuries, but that is not dampening his spirit, law enforcement officials said on Wednesday.“Sgt. Pat Kepp is in really p...

Allegiant Travel: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 11:25:07 GMT

LAS VEGAS (AP) — LAS VEGAS (AP) — Allegiant Travel Co. (ALGT) on Thursday reported a loss of $25.1 million in its third quarter.The Las Vegas-based company said it had a loss of $1.44 per share. Earnings, adjusted for non-recurring costs, were 9 cents per share.The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.The travel services company posted revenue of $565.4 million in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $583.7 million.Allegiant Travel expects full-year earnings in the range of $7.75 to $8.50 per share.Allegiant Travel shares have dropped 3% since the beginning of the year. The stock has fallen 13% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALGT at https://www.zacks.com...

Nikola: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 11:25:07 GMT

PHOENIX (AP) — PHOENIX (AP) — Nikola Corp. (NKLA) on Thursday reported a loss of $425.8 million in its third quarter.On a per-share basis, the Phoenix-based company said it had a loss of 50 cents. Losses, adjusted for non-recurring costs and stock option expense, came to 30 cents per share.The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NKLA at https://www.zacks.com/ap/NKLASource

Pumpkin spice helps Starbucks posts record sales, but growth may moderate in coming year

Published Fri, 01 Nov 2024 11:25:07 GMT

Customers fell for Starbucks’ fall menu in the fiscal fourth quarter, with Pumpkin Spice Lattes and apple croissants helping the company achieve record revenue.But the company said Thursday that growth could moderate in the coming year as it faces economic uncertainty around the world.Revenue for the July-September period rose 11% to $9.4 billion. That surpassed Wall Street’s expectation of $9.3 billion, according to analysts polled by FactSet.For the full fiscal year, Starbucks’ revenue rose 11.6% to $35.9 billion. The company said it expects revenue growth at the low end of a 10% to 12% range for the upcoming fiscal year.Starbucks CEO Laxman Narasimhan said the company saw record-breaking weekly sales after the launch of the Pumpkin Spice Latte in late August. The drink, which is Starbucks’ most popular seasonal beverage, turned 20 this year.Starbucks said its global same-store sales – or sales at stores open at least a year — rose 8%, surpassing analyst fo...

Schneider National: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 11:25:07 GMT

GREEN BAY, Wis. (AP) — GREEN BAY, Wis. (AP) — Schneider National Inc. (SNDR) on Thursday reported third-quarter profit of $35.6 million.On a per-share basis, the Green Bay, Wisconsin-based company said it had net income of 20 cents.The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.The trucking company posted revenue of $1.35 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $1.4 billion.Schneider National expects full-year earnings in the range of $1.40 to $1.45 per share._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNDR at https://www.zacks.com/ap/SNDRSource

Saga: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 11:25:07 GMT

GROSSE POINTE FARMS, Mich. (AP) — GROSSE POINTE FARMS, Mich. (AP) — Saga Communications Inc. (SGA) on Thursday reported profit of $2.7 million in its third quarter.On a per-share basis, the Grosse Pointe Farms, Michigan-based company said it had profit of 45 cents.The broadcasting company posted revenue of $29.1 million in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SGA at https://www.zacks.com/ap/SGASource