Author: Curt Von Wooster

Moderna on Thursday posted a steep loss for the third quarter as it recorded a large write-down due to unused doses of its Covid vaccine, its only marketable product, and unveiled plans to scale back production of the shot. Shares of Moderna closed 6% lower on Thursday.Moderna’s total revenue for the period topped Wall Street’s expectations, even amid plummeting demand for its shot. Its outlook for next year, however, came in lower than what analysts were projecting.Here’s what Moderna reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known…

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Holiday spending will be sluggish as consumers grapple with inflation, but Bank of America thinks a handful of value retailers and specialty stores could see a boost. Bank of America projects holiday sales-weighted average same-store sales will rise 0.6% year over year for its retail universe. That’s compared to 3.3% growth in 2022 and a 6.2% increase in 2021. “A stubbornly tough macro environment driven by inflation has pressured consumer spending throughout the year, particularly in discretionary categories,” analyst Lorraine Hutchinson wrote in a Tuesday note. “Consumers are readjusting spending habits to reflect these dynamics and we expect more considered…

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Federal prosecutors allege that these dozens of boxes, recovered from defendant Nasriddinov’s residence in Brooklyn, contained thousands of semiconductors and other electronic components.Source: DOJThree people were arrested in New York City on Tuesday on charges of illegally smuggling millions of dollars’ worth of electronics to Russia in order to aid the country’s invasion of Ukraine.Federal prosecutors in Brooklyn accused Nikolay Goltsev, Salimdzhon Nasriddinov and Kristina Puzyreva of evading sanctions in order to send Russia equipment used in their precision-guided missile systems.Some of that equipment “has been used on the battlefield in Ukraine,” Breon Peace, U.S. Attorney for the Eastern District…

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Sam Bankman-Fried stands as forewoman reads the verdict to the court.Artist: Elizabeth WilliamsJust before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. You could have heard a pin drop in the courtroom as the forewoman repeated the word “guilty” seven times in a row into a handheld microphone.Bankman-Fried stood facing the jury box, neither flinching nor betraying any sort of emotion. In less than three hours of deliberation, jurors had swiftly come to the conclusion that Bankman-Fried had defrauded FTX customers, as well as lenders to its sister hedge fund, Alameda Research.Bankman-Fried’s…

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Maskot | Digitalvision | Getty ImagesThe United States has experienced a small business boom in recent years, and people of color are a large part of that success, making progress on historical underrepresentation of Black and brown entrepreneurs in America. From 2010 to 2020, the minority population grew from 36.3% to 42.4%, but the rate of minority-owned businesses increased at a much slower pace — leading to a wide gap between population share and business representation. Access to capital is a major issue, and there has been considerable progress in lending to Black entrepreneurs during the Biden administration. SBA loans to Black-owned…

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David Paul Morris | Bloomberg | Getty ImagesHoliday shoppers are expected to spend more this year, but their eagerness for value and hunger for deals is likely to push that growth back down to pre-pandemic levels, according to the National Retail Federation.The major trade group expects sales in November and December to rise by 3% to 4% year over year. That would translate to between $957.3 billion and $966.6 billion in spending during the shopping season. The NRF’s forecast excludes spending at automobile dealers, gasoline stations and restaurants.Over the past decade, holiday sales have grown roughly 5% year over year…

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A BT Group Plc logo on a EE/BT Group Plc store in London, UK, on Wednesday, May 17, 2023.Hollie Adams | Bloomberg | Getty ImagesBT Group, Britain’s biggest broadband and mobile provider, posted a second quarter earnings beat and forecast annual cash flow at the top end of a range, lifting its shares in a parting boost for outgoing CEO Philip Jansen.        Shares in BT jumped 5% in early deals, good news for Jansen who is due to step down early next year and has long said he has been disappointed by the group’s stock performance. BT’s shares have fallen 25%…

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The October jobs report showed a cooling labor market in the U.S., with many sectors showing minimal or negative growth as the economy added a relatively meager 150,000 jobs overall.A bright spot came in health care and social assistance, which added more than 77,000 jobs. Within that, ambulatory health care gained 32,000 jobs.If private education was included in that category, as some economists choose to do, there would have been 89,000 jobs added in that group.Government employment grew by 51,000, making it the second-strongest category in October. That sector has now returned to its pre-pandemic level, the U.S. Bureau of…

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Check out the companies making headlines in after-hours trading. Paycom Software — Shares dropped 26.5% after the company missed third-quarter revenue estimates. Paycom posted $406.3 million in revenue for the period, while analysts polled by FactSet had called for $411.2 million. Earnings per share beat forecasts, however, coming out at $1.77, excluding items, while analysts expected $1.61 per share. Livent — The maker of battery-grade lithium hydroxide dropped 4.4% after cutting its forward guidance and reporting a 10% decline in quarterly revenue . The company reported adjusted earnings of 44 cents per share on $211.4 million in revenue for the…

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U.S. Rep. Mike Johnson (R-LA), the latest House Republican nominee for House Speaker, talks to reporters prior to another round of voting for Speaker of the House on Capitol Hill in Washington, October 25, 2023.Nathan Howard | ReutersNewly minted Republican House Speaker Mike Johnson has quietly assembled a group of wealthy Louisiana political backers who could become key players in GOP fundraising under Johnson’s speakership.”I’m sure if you are major donor and figure in Louisiana, you’re now feeling as if you have major influence,” a lobbyist close to Johnson told CNBC. The person was granted anonymity to speak freely about…

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