Business and Finance News - 8.30.24

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American Eagle reported mixed quarterly results, with profits growing nearly 60% due to lower costs, but missing Wall Street's sales targets for the second consecutive quarter. The company issued a mixed outlook, indicating potential uncertainty for the second half of the year, leading to an 8% drop in its stock. (CNBC)

*American Eagle Outfitters (AEO) - American Eagle Outfitters is a retail company that specializes in casual and trendy clothing, accessories, and personal care products for men and women. The company targets a younger demographic, particularly teenagers and young adults.

Best Buy exceeded earnings expectations, reporting $9.29 billion in revenue and a 10% year-over-year increase in adjusted earnings per share to $1.34, while same-store sales declined by 2.3%, a smaller drop than anticipated. The company attributed its performance to improved customer experience and market positioning, with shares rising 8% in pre-market trading. (Yahoo! Finance)

*Best Buy (BBY) - Best Buy is a leading retailer of consumer electronics, appliances, and tech-related services. It offers a wide range of products, including televisions, computers, smartphones, and home appliances, both in physical stores and online.

The U.S. economy grew by 3% in the second quarter of 2024, an upward revision from the initial estimate of 2.8%, driven by stronger personal spending. Despite ongoing inflation concerns, the economy shows resilience, with low layoffs and stable consumer spending, indicating no imminent recession risk. (NBC News)

*Gross Domestic Product (GDP) - Gross Domestic Product (GDP) is a measure of the total economic output of a country within a specific time period. It includes the value of all goods and services produced within the country's borders. GDP is used as an indicator of a country's economic health and performance.

Salesforce reported strong fiscal second-quarter results, exceeding estimates and raising its full-year profit outlook. The company also announced that CFO Amy Weaver will step down but will remain until a successor is found and will then serve as an advisor; shares rose 4% in after-hours trading. (CNBC)

*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.

Yelp is suing Google in an antitrust lawsuit, alleging that Google self-preferenced its own products to dominate local search and advertising markets, limiting consumer choice and harming competitors. This lawsuit follows a recent federal ruling that found Google violated U.S. antitrust rules, but Google dismisses Yelp's claims as "meritless" and plans to appeal. (Axios)

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system. 

*Yelp (YELP) - Yelp is a platform that allows users to search for and review local businesses, such as restaurants, shops, and service providers. Users can leave ratings, write reviews, and upload photos, helping others make informed decisions about where to eat, shop, or access services.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,335.05 +243.63 (+0.59%)

• S&P 500: 5,591.96 -0.22 (-0.00%)

• Nasdaq Composite: 17,516.43 -39.60 (-0.23%)

• Russell 2000: 2,202.98 +14.35 (+0.66%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 558.35 +0.05 (+0.01%)

• iShares Core S&P 500 ETF (IVV): 561.45 +0.09 (+0.02%)

• Invesco QQQ Trust (QQQ): 470.66 -0.69 (-0.15%)

• Vanguard S&P 500 ETF (VOO): 513.21 +0.08 (+0.02%)

• Vanguard Total Stock Market ETF (VTI): 275.72 +0.27 (+0.10%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.524T]: 229.79 +3.30 (+1.46%)

• Microsoft (MSFT) [3.07T]: 413.12 +2.52 (+0.61%)

• Nvidia (NVDA) [2.897T]: 117.59 -8.02 (-6.38%)

• Alphabet (GOOGL) [2.019T]: 161.78 -1.07 (-0.66%)

• Amazon (AMZN) [1.791T]: 172.12 +1.32 (+0.77%)

• Meta Platforms (META) [1.314T]: 518.22 +1.44 (+0.28%)

• Tesla (TSLA) [657.86B]: 206.28 +0.53 (+0.26%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $59,064.85 (9:30PM PST on 8/29/24)

• Ethereum (ETH): $2,521.48 (9:30PM PST on 8/29/24)

• Solano (SOL): $139.37 (9:30PM PST on 8/29/24)