Major Indexes Plunge on Tech Stock Sell-Off; Dow Sheds 650 Points; AppLovin, Cisco Dive After Earnings

Cisco Plunges Despite Earnings That Topped Estimates. Here’s What’s Dragging the Stock

FROM 1 hr 10 min ago

Networking giant Cisco Systems is the latest tech firm to see its stock drop after revealing it’s grappling with the impacts of a global memory shortage.

Shares of Cisco (CSCO) were down over 10% in recent trading, a day after the company reported fiscal second-quarter revenue and earnings per share that topped analysts’ estimates, but its gross margin fell short as memory costs surged.

Cisco’s adjusted gross margin of 67.5% slipped from 68.7% a year ago, and the company warned it could slide to 65.5% to 66.5% in the current quarter.

CEO Chuck Robbins said during Wednesday night’s earnings call that Cisco is taking a number of steps to address the impact of higher memory costs, including raising prices and renegotiating contracts with partners. Robbins also said he expects the company’s scale and influence could help it “manage this industry-wide dynamic better than our peers,” according to an AlphaSense transcript.

Thursday’s drop dragged Cisco shares into negative territory for the year. Still, the shares have added close to 20% over the last 12 months.

–Aaron McDade

Gas Has Stayed Near a 4-Year Low for Weeks—Here’s Where Prices Are Cheapest

FROM 1 hr 50 min ago

The national average price of regular gasoline is near its lowest level since spring 2021, according to new data released Tuesday by the U.S. Energy Information Administration. The latest reading of $2.90 follows a dip to $2.78 four weeks ago—the cheapest level in more than four years—and prices have now remained in that range for weeks.

In fact, the national average has remained below $3 per gallon for 11 straight weeks, the first sustained stretch under that mark since May 2021. That stands in sharp contrast to summer 2022, when gas prices surged into the $4 range—and even topped $5 for a week.

The multiyear trend underscores how notable the current stretch is. After spiking in 2022, prices bobbed between $3 and $4 in 2023 and 2024. They then remained mostly stable in the lower $3 range through much of 2025 before dipping below $3 at the start of December.

Read the full article here.

–Sabrina Karl

Budweiser Parent’s Stock Pops on Strong Results

FROM 2 hr 14 min ago

U.S.-listed shares of Anheuser-Busch InBev (BUD) surged 5% in recent trading after the beer giant’s fourth-quarter results topped estimates amid enthusiasm about the impact of big sporting events on its sales.

The Budweiser and Michelob Ultra maker posted revenue of $15.55 billion, while “underlying,” or adjusted, earnings per share came in at $0.95, with each metric beating analysts’ consensus forecasts.

The company said advertising around big sporting events like the recent Super Bowl, the ongoing Winter Olympics, and this summer’s World Cup make Anheuser-Busch “uniquely positioned to engage consumers and activate the category.”

Shares of the beverage maker have risen about 55% over the past 12 months.

–Aaron McDade

The Mortgage Rate Shopping Trick That Starts With a No-Cost Option

FROM 2 hr 51 min ago

Mortgage rate shopping seems straightforward: Collect a few quotes, compare rates, and pick the lowest one. But in reality, it’s not that easy because rates don’t tell the entire story.

You’ll want to consider how costs like loan origination and underwriting fees affect your rate, along with options like upfront discount points—as well as trying to figure out if you qualify for the advertised “as low as” rate. With all these variables, it can be difficult to compare mortgages.

This is why advertised rates can be misleading. For example, two lenders can quote the same interest rate, yet one may require thousands more at closing. Or a lender might lead with an ultra-low rate that only applies if you buy it down with points. Without comparing the same terms outside of fees and points, it’s almost impossible to tell who is actually offering the better deal.

A “no-cost” mortgage isn’t free—it simply means you’re not paying lender fees or discount points upfront. Instead, those costs are folded into the interest rate, which is why the rate is usually higher than one that involves paying points at closing.

In practice, this creates a level playing field. When you ask multiple lenders for a no-cost quote, you’re essentially saying: “Show me the rate you can offer without charging me anything extra upfront.” That removes a huge amount of guesswork from the comparison.

Read the full article here.

–Gina Young

CarMax Names Former IHG Leader Barr Its New CEO

FROM 4 hr 42 min ago

CarMax (KMX) has named its permanent replacement for former chief executive Bill Nash.

The Richmond, Va.-based used car giant on Thursday named Keith Barr its next CEO, effective March 16. Nash departed Dec. 1 amid a steep drop in CarMax’s stock value, and was replaced on an interim basis by board member David McCreight.

CarMax said Barr, who served as CEO of InterContinental Hotels Group (IHG) from 2017-2023, “is a proven leader who has driven transformational growth and operational excellence across large-scale, consumer-centric businesses.”

CarMax shares, which rose less than 1% before the bell, have lost nearly 50% over their value over the past year.

There’s a Legendary—and Valuable—Baseball Card Out There. The Hunt for Mickey Mantle Is On

FROM 5 hr 35 min ago

Perhaps one of your grandparents once opened a pack of baseball cards—and got the legendary Mickey Mantle that would someday be a collectible legend. Now, in a way, you can too.

Topps, the trading-card company owned by Fanatics Inc., this week said a single pack from its new “Topps Series 1” baseball set will include a card that can be redeemed for a 1952 Mickey Mantle, viewed as the Holy Grail of the card-collecting game. A well-maintained version sold in 2022 for more than $12 million; most are worth substantially less, though recent auction data indicates that even in comparatively poor condition they can go for tens of thousands of dollars.

The set, which became available Wednesday, marks the 75th anniversary of baseball cards from Topps, founded as a candy company in 1938. The inclusion of a chance of a Mantle is a nod to history and sentiment—and an acknowledgement that much of the excitement around trading cards these days comes less from gathering up cardboard depicting your favorite players than from the “chase” of rare or even unique collectibles, which can spike collector demand until they are found and spur subsequent bidding wars.

“Before anyone panics, the literal card will not be placed in a pack,” Topps said on social media yesterday. “To preserve its condition, one lucky collector will find a redemption card that can be redeemed for the historic original.” (The post did not specify the condition of the card.)

Read the full article here.

–David Marino-Nachison

Novocure Stock Surges on FDA Approval for Pancreatic Cancer Treatment

FROM 6 hr 27 min ago

Novocure (NVCR) shares soared 25% before the bell Thursday, a day after the U.S. Food and Drug Administration approved its Optune Pax treatment for locally advanced pancreatic cancer.

The Switzerland-based firm said that Optune Pax “is the first treatment to be FDA approved in nearly 30 years for locally advanced pancreatic cancer.” Novocure added that it “is a wearable medical device that delivers Tumor Treating Fields (TTFields), alternating electric fields that disrupt cancer cell replication to cause cell death,” which is a new approach to treating pancreatic tumors.

“Systemic therapies have shown poor bioavailability in pancreatic tumors, limiting their effectiveness,” Novocure CEO Frank Leonard said. “Optune Pax is a fundamentally different treatment, utilizing a biophysical approach that targets the unique electrical properties of cancer cell.”

Novocure shares entered the day having lost more than half of their value over the past 12 months.

Stock Futures Point Higher After Dow Pulls Back From Record

FROM 6 hr 57 min ago

Futures contracts connected to the Dow Jones Industrial Average were 0.3% higher.

S&P 500 futures also pointed up 0.3%.

Nasdaq 100 futures also rose 0.3%.