Business and Finance News - 8.26.24

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Cava exceeded Wall Street's expectations for its fiscal second-quarter earnings and revenue, reporting a 35% increase in net sales to $233 million and 9.5% traffic growth. The company raised its full-year forecast, with plans to open more new locations and achieve higher same-store sales growth. (CNBC)

*Cava Group (CAVA) - Cava Group is a restaurant company that operates a chain of fast-casual Mediterranean restaurants in the United States. Known for its customizable bowls, salads, and pita wraps, Cava emphasizes fresh, healthy ingredients with a focus on bold flavors.

Delta Air Lines' Chief Operating Officer, Mike Spanos, will leave the company next month to take a role at another firm, after joining Delta last year following leadership positions at Six Flags and PepsiCo. Delta has no immediate plans to appoint a replacement for Spanos. (Reuters)

*Delta Air Lines (DAL) - Delta Air Lines, commonly referred to as Delta, is one of the major airlines in the United States and a global leader in air travel.

Fed Chair Jerome Powell signaled upcoming interest rate cuts but provided no specifics on timing or extent, citing progress on inflation and a stabilizing labor market. He reviewed the causes of inflation and the Fed's policy response, emphasizing that while challenges remain, significant progress has been made. (CNBC)

*The Federal Reserve - The Federal Reserve, often referred to as the Fed, is the central bank of the United States that conducts monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates.

Telegram CEO Pavel Durov was arrested near Paris while departing his private jet, related to an investigation into the platform's alleged facilitation of criminal activity due to inadequate moderation. Durov is set to appear before a judge and could face indictment soon. (The Verge)

*Telegram - Telegram is a cloud-based messaging app that offers secure and fast communication. It allows users to send text messages, voice messages, photos, videos, and files of any type.

Workday's quarterly results exceeded analysts' expectations, with earnings per share at $1.75 and revenue at $2.085 billion. The company adjusted its 2027 outlook by lowering its subscription software growth target while aiming for a higher adjusted operating margin of 30% by fiscal 2027. (CNBC)

*Workday (WDAY) - Workday is a cloud-based software company that provides enterprise resource planning (ERP) solutions for financial management, human capital management (HCM), and business analytics.

A few companies expected to report earnings this week…

• BMO (BMO)  is expected to report on Tuesday.

• Nvidia (NVDA), Salesforce (CRM), and CrowdStrike (CRWD) are expected to report on Wednesday.

• Dell (DELL) and Autodesk (ADSK) are expected to report on Thursday.

*Autodesk (ADSK) - Autodesk is a software company that creates applications for design, engineering, and entertainment, such as AutoCAD for drafting and 3D modeling.

*BMO (BMO) - BMO (Bank of Montreal) is a major Canadian financial services provider offering a wide range of banking services, including personal and commercial banking, wealth management, and investment banking.

*CrowdStrike (CRWD) - CrowdStrike is a cybersecurity company that provides various services and products to protect businesses and organizations from digital threats.

*Dell (DELL) - Dell Technologies is a company that provides a wide range of technology products and services; like computers, servers, storage solutions, and networking.

*Nvidia (NVDA) - Nvidia Corporation is a leading technology company specializing in designing and manufacturing graphics processing units (GPUs) and related technologies for gaming, professional visualization, data centers, and automotive markets.

*Salesforce (CRM) - Salesforce is a leading cloud-based software company that specializes in customer relationship management (CRM). It provides a comprehensive suite of tools and applications designed to help businesses manage their sales, customer service, marketing, and analytics.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 41,175.08 +462.30 (+1.14%)

• S&P 500: 5,634.61 +63.97 (+1.15%)

• Nasdaq Composite: 17,877.79 +258.44 (+1.47%)

• Russell 2000: 2,218.70 +68.67 (+3.19%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 562.13 +5.91 (+1.06%)

• iShares Core S&P 500 ETF (IVV): 565.23 +6.04 (+1.08%)

• Invesco QQQ Trust (QQQ): 480.00 +5.15 (+1.08%)

• Vanguard S&P 500 ETF (VOO): 516.66 +5.53 (+1.08%)

• Vanguard Total Stock Market ETF (VTI): 277.59 +3.47 (+1.27%)

Here’s how the The Magnificent Seven did on Friday:

• Apple (AAPL) [3.478T]: 226.84 +2.31 (+1.03%)

• Nvidia (NVDA) [3.188T]: 129.37 +5.63 (+4.55%)

• Microsoft (MSFT) [3.098T]: 416.79 +1.24 (+0.30%)

• Alphabet (GOOGL) [2.067T]: 165.62 +1.82 (+1.11%)

• Amazon (AMZN) [1.842T]: 177.04 +0.91 (+0.52%)

• Meta Platforms (META) [1.339T]: 528.00 -3.93 (-0.74%)

• Tesla (TSLA) [702B]: 220.32 +9.66 (+4.59%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $64,051.84 (6:15PM PST on 8/25/24)

• Ethereum (ETH): $2,750.66 (6:15PM PST on 8/25/24)

• Solano (SOL): $158.74 (6:15PM PST on 8/25/24)