Business and Finance News - 8.29.24

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Abercrombie & Fitch reported a 21% revenue increase in the fiscal second quarter, beating Wall Street's expectations, driven by strong growth in its Hollister brand and international markets. Despite the positive results, CEO Fran Horowitz noted an "increasingly uncertain environment," leading the company's stock to drop about 15% in early trading. (CNBC)

*Abercrombie & Fitch (ANF) - Abercrombie & Fitch is a retail company that specializes in casual wear for young adults. Known for its focus on high-quality, stylish clothing, Abercrombie & Fitch operates through various brands, including its flagship Abercrombie & Fitch brand, as well as Hollister Co.

Berkshire Hathaway's market value surpassed $1 trillion, joining a select group of companies, mostly in the tech sector. The milestone reflects investor confidence in Warren Buffett's conglomerate, which has seen significant profits and stock gains since he took over in 1965, with shares appreciating over 5,600,000%. (Reuters)

*Berkshire Hathaway (BRK.B) - Berkshire Hathaway Inc. is a multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company is known for its control and leadership by Warren Buffett, one of the most famous investors in the world.

Foot Locker reported its first comparable sales growth in six quarters, beating Wall Street estimates and expanding its gross margin for the first time in over two years. Despite this, the stock fell 12% as the company announced plans to exit several international markets and relocate its headquarters from New York City to Florida. (CNBC)

*Foot Locker (FL) - Foot Locker is a global retailer specializing in athletic footwear, apparel, and accessories. The company operates several retail brands, including Foot Locker, Champs Sports, and Eastbay, offering products from major sportswear brands like Nike, Adidas, and Puma.

Nvidia reported earnings that exceeded Wall Street expectations and provided stronger-than-expected guidance for the current quarter, driven by a 122% annual revenue surge due to the AI boom. Despite this, shares fell 6% in after-hours trading, though the stock remains up about 150% for the year. (CNBC)

*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.

Super Micro Computer's stock plunged 25% after the company announced a delay in filing its annual report, following a short-seller report by Hindenburg Research alleging accounting manipulation and other issues. The delay is needed to assess internal controls, while the stock remains up 50% year-to-date despite falling over 60% from its March peak. (Yahoo! Finance)

*Super Micro Computer (SMCI) - Super Micro Computer, Inc., commonly known as Supermicro, is a global leader in high-performance, high-efficiency server technology and innovation.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,091.42 -159.08 (-0.39%)

• S&P 500: 5,592.18 -33.62 (-0.60%)

• Nasdaq Composite: 17,556.03 -198.79 (-1.12%)

• Russell 2000: 2,188.64 -14.36 (-0.65%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 558.30 -3.26 (-0.58%)

• iShares Core S&P 500 ETF (IVV): 561.36 -3.30 (-0.58%)

• Invesco QQQ Trust (QQQ): 471.35 -5.41 (-1.13%)

• Vanguard S&P 500 ETF (VOO): 513.13 -2.95 (-0.57%

• Vanguard Total Stock Market ETF (VTI): 275.45 -1.69 (-0.61%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.473T]: 226.49 -1.54 (-0.68%)

• Nvidia (NVDA) [3.095T]: 125.61 -2.69 (-2.10%)

• Microsoft (MSFT) [3.052T]: 410.60 -3.24 (-0.78%)

• Alphabet (GOOGL) [2.033T]: 162.85 -1.83 (-1.11%)

• Amazon (AMZN) [1.777T]: 170.80 -2.32 (-1.34%)

• Meta Platforms (META) [1.311T]: 516.78 -2.32 (-0.45%)

• Tesla (TSLA) [656.17B]: 205.75 -3.46 (-1.65%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $59,171.70 (6:00PM PST on 8/28/24)

• Ethereum (ETH): $2,531.95 (6:00PM PST on 8/28/24)

• Solano (SOL): $144.17 (6:00PM PST on 8/28/24)