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Stock market today: US futures mixed as worries persist over US debt; Germany slips into recession

Published Sat, 02 Nov 2024 18:22:46 GMT

Trading on Wall Street was mixed early Thursday as markets watched for signs of progress on a deal to avert a default on U.S. government debt. Futures for the Dow were off 0.3% and the S&P 500 rose 0.6%.Nasdaq composite futures jumped 1.8% boosted by Nvidia, whose shares climbed about 28% in premarket after the chipmaker forecast a huge jump in revenue next quarter, mostly on chip demand for AI-related products and services. Nvidia said it expected sales of $11 billion in the current quarter, up from $6.7 billion in the second quarter a year ago.The U.S. government could run out of cash to pay its bills as soon as June 1 unless Congress allows it to borrow more. The widespread belief on Wall Street is that Congress will come to an agreement at the 11th hour, as it’s done several times before, because a default would benefit no one and could cause tremendous disruptions to the economy and financial markets.“As the early-June deadline ticks closer, only a concrete resolution may p...

US Patent Office denies Washington Commanders’ trademark, team remains confident

Published Sat, 02 Nov 2024 18:22:46 GMT

The Washington Commanders are expected to soon be under new ownership, but the NFL team is now facing a new challenge over its name.The franchise’s request to trademark the name “Washington Commanders” has been denied by the U.S. Patent and Trademark Office.The May 18 decision was made due to what the USPTO called “likelihood of confusion” between the team and the Commanders Classic college football game between the Air Force and Army.In addition, D.C.-area resident Martin McCaulay already submitted trademark applications for the names “Washington Space Commanders” and “Washington Wolves Commanders,” in hopes of guessing the NFL team’s name.McCaulay previously told The Washington Post that he planned to work with the franchise and will turn over any trademarks at no cost.Meanwhile, trademark attorney Josh Gerbin tweeted that he’s confident confusion with the college football game and matters tied to McCaulay will be cleared...

Toronto-Dominion: Fiscal Q2 Earnings Snapshot

Published Sat, 02 Nov 2024 18:22:46 GMT

TORONTO (AP) — TORONTO (AP) — The Toronto-Dominion Bank (TD) on Thursday reported fiscal second-quarter net income of $2.47 billion.The company said it had earnings of $1.27 per share. Earnings, adjusted for non-recurring costs, came to $1.43 per share.The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.The retail and wholesale bank posted revenue of $17.88 billion in the period. Its revenue net of interest expense was $9.12 billion, beating Street forecasts._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TD at https://www.zacks.com/ap/TDSource

Dollar Tree: Fiscal Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 18:22:46 GMT

CHESAPEAKE, Va. (AP) — CHESAPEAKE, Va. (AP) — Dollar Tree Inc. (DLTR) on Thursday reported fiscal first-quarter earnings of $299 million.The Chesapeake, Virginia-based company said it had profit of $1.35 per share. Earnings, adjusted for one-time gains and costs, came to $1.47 per share.The results did not meet Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share.The discount retailer posted revenue of $7.32 billion in the period, exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $7.27 billion.For the current quarter ending in July, Dollar Tree said it expects revenue in the range of $7 billion to $7.2 billion. Analysts surveyed by Zacks had expected revenue of $6.77 billion.The company expects full-year earnings to be $5.73 to $6.13 per share, with revenue ranging from $30 billion to $30.5 billion._____This story was generated by Automated Insights (http://automatedinsights.com...

Hamilton Lane: Fiscal Q4 Earnings Snapshot

Published Sat, 02 Nov 2024 18:22:46 GMT

CONSHOHOCKEN, Pa. (AP) — CONSHOHOCKEN, Pa. (AP) — Hamilton Lane Inc. (HLNE) on Thursday reported fiscal fourth-quarter profit of $31.1 million.On a per-share basis, the Conshohocken, Pennsylvania-based company said it had profit of 82 cents. Earnings, adjusted for non-recurring costs, came to 96 cents per share.The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.The private-market investment firm posted revenue of $112.8 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $116.9 million.For the year, the company reported profit of $109.1 million, or $3.01 per share. Revenue was reported as $528.8 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLNE at https://www.zacks.com/ap/HLNESource

Thermon Group: Fiscal Q4 Earnings Snapshot

Published Sat, 02 Nov 2024 18:22:46 GMT

AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Thermon Group Holdings Inc. (THR) on Thursday reported earnings of $7.7 million in its fiscal fourth quarter.The Austin, Texas-based company said it had profit of 23 cents per share. Earnings, adjusted for one-time gains and costs, were 41 cents per share.The maker of heat tracing products posted revenue of $122.5 million in the period.For the year, the company reported profit of $33.7 million, or $1 per share. Revenue was reported as $440.6 million.Thermon Group expects full-year earnings in the range of $1.66 to $1.82 per share, with revenue in the range of $455 million to $485 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on THR at https://www.zacks.com/ap/THRSource

CSW Industrials: Fiscal Q4 Earnings Snapshot

Published Sat, 02 Nov 2024 18:22:46 GMT

DALLAS (AP) — DALLAS (AP) — CSW Industrials Inc. (CSWI) on Thursday reported earnings of $27.1 million in its fiscal fourth quarter.On a per-share basis, the Dallas-based company said it had net income of $1.74.The industrial products and coatings maker posted revenue of $195.7 million in the period.For the year, the company reported profit of $96.4 million, or $6.20 per share. Revenue was reported as $757.9 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSWI at https://www.zacks.com/ap/CSWISource

GDS Holdings: Q1 Earnings Snapshot

Published Sat, 02 Nov 2024 18:22:46 GMT

SHANGHAI (AP) — SHANGHAI (AP) — GDS Holdings Limited (GDS) on Thursday reported a loss of $69.4 million in its first quarter.On a per-share basis, the Shanghai-based company said it had a loss of 40 cents.The company posted revenue of $350.8 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $357.9 million.GDS Holdings expects full-year revenue in the range of $1.45 billion to $1.5 billion._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GDS at https://www.zacks.com/ap/GDSSource

Germany balks at paying for a European ChatGPT

Published Sat, 02 Nov 2024 18:22:46 GMT

The Large European AI Models (LEAM) initiative wanted Germany to help fund its hoped-for European version of ChatGPT — but the government has other ideas.“The mundane problem is that the money is not there,” Jörg Bienert, chairman of the German AI Association, which is behind LEAM, told POLITICO. “That’s actually very sad because we’re not investing in our future at all right now,” he added.LEAM consists of scientists and researchers who want Europe to catch up in the artificial intelligence race and not be stuck relying on foreign technology. Essential to their plan is the construction of a supercomputer dedicated to building language models, at an estimated cost of between €300 million and €400 million.“We roughly estimated that we need 60 to 70 percent from the public sector as infrastructure investment,” coming to about €230 million, said Bienert. “We see these large models as a kind of public infrastructure … like a pi...

Off-duty firefighter, police officer credited with helping people escape Somerville blaze

Published Sat, 02 Nov 2024 18:22:46 GMT

A police officer and an off-duty firefighter who were the first to arrive at a fast-moving fire in Somerville on Thursday are being credited with making sure the 10 people who were home at the time made it out safely.Fire crews responding to a reported structure fire in a triple-decker on Central Street around 6 a.m. found flames shooting out of the roof and a large plume of smoke rising into the sky. Bystander video shows the rear porch on the third floor was fully engulfed in flames. Video from SKY7-HD showed firefighters using ladder trucks to douse the flames, which were under control by about 7 a.m. Damage to the building was mostly contained to the rear of the third floor but all three floors suffered water damage.The cause of the fire remains under investigation.No additional information was immediately available.This is a developing news story; stay with 7NEWS on-air and online for the latest details.