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39 Mins Elapsed
A cold opening in Europe
European stocks got off to a slow start to Tuesday’s session.
The pan-European Stoxx 600 was up 0.1% in early trade, with home goods adding 0.6% to lead gains while telecoms fell 0.9%.
– Elliot Smith
9 hours ago
Hasbro’s stock is falling on news of the suspension
Hasbro, maker of My Little Pony and Nerf toys, said it will lay off about 1,100 of its workers, CNBC reported, citing a company filing.
The toy maker has been struggling with weak sales that persisted through the holiday season and “will likely continue into 2024,” CEO Chris Cocks said in the memo.
Hasbro has about 6,300 employees as of the beginning of this year.
Shares were down more than 5% in after-hours trading.
Read more about the release – and the content of the full memo – here.
—Darla Mercado, Drew Richardson
9 hours ago
Lucid Group CFO resigns, stock drops
Auto company Lucid Group was hit again on Monday.
Shares of the electric car company fell nearly 3% in extended trading after Lucid announced that chief financial officer Sherry House goodbye, effective immediately. According to Lucid, the House will be looking for other opportunities, but it will be available in an advisory capacity at the end of the year.
Shares of Lucid are already down more than 30% year to date. The stock closed below $5 a share on Monday, down 90% from its November 2021 all-time high.
See Chart…
Lucid’s stock is up more than 90% from its all-time high.
9 hours ago
Interest rates are rising as the Federal Reserve prepares to meet
Traders will be watching the November consumer price report, due Tuesday morning at 8:30 am ET.
Economists polled by Dow Jones expect the headline CPI to remain unchanged in November compared to the previous month, and they predict it will increase by 3.1% over the 12-month period.
Core CPI, which excludes food and energy costs, is expected to rise 0.3% from last month and up 4.0% from a year earlier.
The numbers will come as the Federal Reserve begins its two-day meeting, where it will consider its latest policy decision and present its economic plans.
—Darla Mercado
9 hours ago
Futures open little change
Futures opened little changed on Monday evening, with the three major contracts down 0.1% each.
— Jesse Pound
9 hours ago
Oracle collapses after missing earnings
Shares of Oracle fell more than 7% in extended trading after the technology company’s earnings for the second quarter missed expectations. Oracle earned $12.94 billion in revenue compared to $13.05 billion expected by analysts, according to LSEG.
The lost revenue came from under-estimated results in several areas, including cloud services and license support, according to information from StreetAccount.
Shares of Oracle were up more than 40% for the year prior to the report.
— Jesse Pound