Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Friday, June 20
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Investing»Apple CFO, Paramount, Chinese industrial profits
    Investing

    Apple CFO, Paramount, Chinese industrial profits

    August 27, 20245 Mins Read


    Investing.com — Wall Street is seen trading in tight ranges Tuesday, with the focus on Apple after its announcement of management changes. Paramount will also be in the spotlight as its acquisition draws nearer, while Chinese data pointed to signs of life in the world’s second-largest economy. 

    1. Apple replaces its CFO

    Apple (NASDAQ:) is changing its management team, with Luca Maestri stepping down as chief financial officer from the beginning of the 2025. 

    Long-standing CFO Maestri, who joined Apple as corporate controller in 2013, “enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times,” Apple said in a statement. 

    Vice President of Financial Planning and Analysis Kevan Parekh would succeed Maestri as CFO and join the executive team. 

    Maestri, however, will continue to lead the Corporate Services teams and report to Apple CEO Tim Cook.

    During his tenure as finance chief, Apple more than doubled annual sales and net income and expanded its gross margin. 

    Apple stock is up more than 800% since Maestri became CFO, but fell around 1% in after hours trading on the news.

    Apple also announced on Monday that its next launch event will take place on Sept. 9, where it will likely unveil a series of new iPhones and updates to other devices and apps, as it attempts to reverse a global sales slowdown, particularly in China.

    2. Futures stable as Nvidia’s results loom

    U.S. stock futures traded in tight ranges Tuesday, stabilizing after a volatile period ahead of this week’s eagerly-awaited results from chipmaking giant Nvidia (NASDAQ:). 

    By 03:45 ET (07:45 GMT), the contract was just 5 points, or 0.1%, higher, climbed 2 points, or 0.1%, and rose by 11 points, or 0.1%.

    The benchmark Wall Street indices had a brutal start to this month, but investors have since grown more optimistic, particularly after Federal Reserve Chair Jerome Powell signaled on Friday that interest rate cuts are on their way. 

    The blue chip notched a fresh intraday and closing record-high on Monday, resulting in gains of 9.4% so far in 2024. The has advanced nearly 18%, while the technology-heavy has gained just over 18%.

    These gains could be tested when earnings from AI darling Nvidia emerge on Wednesday, with these results likely to be a key inflection point for market sentiment heading into what is historically a volatile time of the year.

    Investors will also look to the quarterly results from retailer Nordstrom (NYSE:) after the closing bell for clues of the health of consumers.

    3. Bronfman exits race for Paramount

    Skydance Media looks set to gain control of Paramount Global (NASDAQ:) after all, after media executive Edgar Bronfman Jr withdrew from the race for control of the media conglomerate.

    Last week, a group, led by Bronfman, bid $6 billion to take control of Paramount, seeking to buy its controlling shareholder, National Amusements.

    However, it now appears that Bronfman was unable to come up with the financing package that was required for his bid, after a few of his key partners dropped out late in the process.

    His offer had threatened to derail an $8.4 billion agreement reached in July by Skydance and Paramount, which is home to its namesake film studio, the CBS broadcast network and cable networks such as Nickelodeon and Comedy Central.

    In a statement, Bronfman said his bidding group had informed Paramount’s special committee on Monday evening of its decision to drop out of the process.

    Bronfman’s dropping out now presents no more hurdles for the Skydance-Paramount merger, which will see a consortium consisting of Skydance, RedBird Capital and KKR investing more than $8 billion in Paramount, and acquiring media heiress Shari Redstone’s minority stake in the firm, held through National Amusements. 

    4. Chinese economy shows flickers of life

    China’s grew faster in July, data showed Tuesday,  offering hope for a recovery in the world’s second-largest economy, which has been suffering the effects of a years-long property crisis.

    Profits in July jumped 4.1% from a year earlier following a 3.6% rise in June, National Bureau of Statistics data showed on Tuesday. 

    For the January-July period, expanded slightly faster at 3.6% compared with 3.5% in the first half.

    That said, domestic consumption demand remains weak, as shown by the disappointing second-quarter results from the likes of JD (NASDAQ:).com and Alibaba (NYSE:), as well as more recently online retailer PDD Holdings (NASDAQ:).

    The shares of Temu parent company PDD Holdings saw their largest one-day loss since listing on the Nasdaq, tumbling over 28% on Monday.

    5. Crude steadies after sharp three-day rebound

    Crude prices edged lower Tuesday, pausing for breath after recent strong gains with traders seeking more cues on production disruptions in Libya and a wider war in the Middle East. 

    By 03:45 ET, the futures (WTI) dropped 0.3% to $77.19 a barrel, while the contract fell 0.2% to $80.17 a barrel.

    Both benchmarks have gained some 7% over the past three sessions, rebounding from their lowest levels since early January, driven by expectations of U.S. interest rate cuts that could boost fuel demand, potential closures of Libyan oilfields and concerns over a wider Middle East conflict potentially disrupting supply from the key producing region.

    The likely U.S. rate cut and raised geopolitical risks in the Middle East are ongoing themes, but the political infighting in Libya, which could stop the country’s key export, is a new factor for crude traders to digest.

    “This is important for the oil market as Libya produces between 1.1- 1.2m b/d,” said analysts at ING, in a note. “How significant it is for prices will depend on the duration of the stoppage. A prolonged outage will leave the market in a deeper deficit.”

     





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleAsia stocks mixed as rising tensions in the Middle East weigh on global market sentiment
    Next Article Applied Nutrition limbers up for London Stock Exchange debut

    Related Posts

    Investing

    Les États-Unis peuvent-ils mettre fin à leur dépendance vis-à-vis de la Chine pour les terres rares avant qu’il ne soit trop tard ?

    June 9, 2025
    Investing

    Tesla corrige après un rallye de 23% en mai : Faut-il craindre un déclin durable ?

    June 5, 2025
    Investing

    la SEC retarde sa décision, à quoi faut-il s’attendre ? Par Investing.com Studios

    June 4, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Bitcoin

    Signal devenu rouge sur une métrique spéciale: la société d’analyse partage à quoi s’attendre le prochain pour Bitcoin

    March 21, 2025
    Property

    Greater Bay Area home sales surged in June after property market rescue package

    July 23, 2024
    Commodities

    Managing investment risk in the digital age

    June 2, 2025
    What's Hot

    Snowflake EVP sells shares worth $3.6 million By Investing.com

    October 11, 2024

    Reminder – Applications Open for Climate Smart Commodities Program

    July 16, 2024

    Ma minute finance : comptes joints ou comptes séparés, que choisir ?

    June 15, 2025
    Most Popular

    Altcoins Predicted to Outperform Bitcoin in November 2024: Top 3

    October 28, 2024

    Bitcoin Suddenly Reclaims $64K. Are Bulls in Control?

    October 14, 2024

    Bitcoin miners launch ad campaign in swing states to boost crypto-friendly candidates

    October 23, 2024
    Editor's Picks

    Gallagher appoints Steve Parker as MD of its specialist UK property owners broker

    May 30, 2025

    Retail investing slows, attracts short sellers: Goldman Sachs

    July 12, 2024

    Financial Aid: Telangana Deputy CM Bhatti Urges Finance Minister for ₹28k Crore Dues | Hyderabad News

    August 24, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.