Investors should prepare for Apple’s lower forward guidance as Bank of America has reiterated a neutral rating on the company’s stock. The bank has updated its price target to $173 per share, representing a 2% increase from Friday’s closing price. Previously, Bank of America had set a price target of $168. Expectations for Apple’s Quarterly
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Lordstown Motors announced that it may face bankruptcy if its investment deal with Foxconn does not go through. On Monday, the electric vehicle startup revealed that its shares had plummeted by 25% in early trading. The company stated in a regulatory filing that Foxconn had sent a letter on April 21, stating that Lordstown was
JPMorgan Chase’s acquisition of First Republic marks the end of the panic phase of the banking crisis, with the fallout expected to continue. The largest US bank by deposits reached a deal to take over the 14th-largest financial institution, averting a destabilising collapse in the sector. However, this does not solve all the banking problems
A major blaze erupted at an oil depot in the Crimean city of Sevastopol after being hit by two Ukrainian drones, according to Moscow-appointed governor Mikhail Razvozhayev. The fire was contained, but the four oil tanks within the depot were destroyed. Razvozhayev stated that the blaze had been assigned the highest ranking for difficulty in
For ten months, Russian forces have been attempting to gain access to Bakhmut, a city of 70,000, which they see as a gateway to attacking other cities. The city lies on a crucial supply route, and Ukraine has pledged to defend it. Ukrainian Forces Hold the Line Despite threats from the head of Russia’s mercenary
US regulators are demanding banks offer their best and final takeover proposals for First Republic by Sunday in a bid to soothe markets and bring to a close a period of uncertainty for regional lenders. JPMorgan Chase and PNC are expected to be in the running for the ailing lender, which will be seized in
China’s official data showed that the country’s manufacturing activity decreased unexpectedly in April, creating pressure on policymakers to boost the economy. The manufacturing purchasing managers’ index (PMI) fell to 49.2 in April from 51.9 in March, indicating a contraction. This is below the 50-point mark that separates expansion and contraction in activity on a monthly
Arm, the chip maker owned by SoftBank Group Corp, has filed confidentially for an IPO on the U.S. stock market. The move comes after SoftBank announced in March that it planned to list Arm in the U.S. market. The IPO registration shows that SoftBank is proceeding with the offering despite adverse market conditions. Arm reportedly
The digital ministers of the Group of Seven (G-7) advanced nations have agreed to adopt “risk-based” regulation on artificial intelligence (AI). This comes as European lawmakers rush to introduce the AI Act to enforce rules on emerging tools such as ChatGPT. However, the ministers also emphasized the need to “preserve an open and enabling environment”
Deutsche Bank has reported a net profit of €1.158bn ($1.28bn) for Q1 2023, beating analyst expectations and marking an 11th consecutive quarter of profit. The bank has been implementing a sweeping restructuring plan since 2019, aimed at cutting costs and improving profitability. CEO Christian Sewing said the results demonstrate the relevance of Deutsche Bank’s Global