Author: Multibagger News

By Nandita Bose WASHINGTON (Reuters) -Vice President Kamala Harris is the top alternative to replace U.S. President Joe Biden if he decides not to continue his reelection campaign, according to seven senior sources at the Biden campaign, the White House and the Democratic National Committee with knowledge of current discussions on the topic. Biden’s fumbling, sometimes-incoherent and widely-panned first-debate performance against Republican rival Donald Trump last week set off a wave of panic within the Democratic party over concerns that he may not be fit enough to serve a second term, and prompted calls for top aides to resign. Some…

On Wednesday, Reliance Steel & Aluminum (NYSE:RS) shares saw its price target adjusted by KeyBanc, dropping to $325.00 from the previous target of $341.00. Despite the reduction, the firm maintained its Overweight rating on the company’s shares. The adjustment reflects a tempered outlook for the carbon steel sector, with expectations for further EBITDA normalization in the years 2024-2025. The analyst from KeyBanc shared insights on the anticipated market dynamics, noting a shift from pricing and spread factors to a focus on organic steel volumes, which are now projected to be flat or potentially decline year-over-year in 2025. This contrasts with…

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar slipped on Tuesday in thin, choppy trading after Federal Reserve Chair Jerome Powell struck a moderately dovish tone in his comments, suggesting that the U.S. central bank is more than likely to start its easing cycle later this year. Powell, in a monetary policy conference in Portugal, said the U.S. economy has made significant progress on inflation as it gets back on the disinflationary path. His remarks were viewed as dovish, analysts said. Comments by the Fed’s top official outweighed data showing U.S. job openings increased in May after posting outsized declines…

Investing.com– The S&P 500 closed above 5,500 for the time ever Tuesday, underpinned by a surge in Tesla and optimism over rate cuts after Federal Reserve Chair Jerome Powell cheered recent progress on inflation. At 16:00 ET (20:00 GMT), The gained 0.7% to a record close of 5,510.65, marking the 32nd record close this year. The  was up 147 points, or 0.4%, while thre rose 0.7% to all-time record close of 18,029.18. Powell gives nod to inflation progress, but says more confidence needed to cut  Fed Chair said the Fed has made “quite a bit of progress and in bringing inflation…

By Shariq Khan NEW YORK (Reuters) – High fuel costs and the threat of a hurricane are not expected to dampen Americans’ desire to hit the road this summer, with vacationers preparing for record travel to kick off Fourth of July holiday festivities. Motorist group AAA expects a record of almost 71 million people to travel around the U.S. Independence Day holiday, growth similar to a pre-pandemic trajectory. Some 60 million people will drive with nearly 6 million flying to their destinations, while around 4.6 million people will take buses, trains or cruises during the holiday period, according to AAA’s…

WASHINGTON (Reuters) – U.S. private payrolls increased a bit less than expected in June, consistent with slowing labor market momentum. Private payrolls increased by 150,000 jobs last month after rising by an upwardly revised 157,000 May, the ADP Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing by 160,000 after a previously reported 152,000 gain. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of Friday’s more comprehensive and closely watched employment report for June from the Labor Department’s Bureau of Labor Statistics. Initial prints have understated private payroll growth…

By Carlos Carillo and Ricardo Arduengo PORT-AU-PRINCE (Reuters) – Majorie Edoi sells food from a stand in Haiti’s capital Port-au-Prince – or she used to, until a conflict with armed gangs cut off the city from suppliers, paralyzed trade routes and pushed the Caribbean country to its highest levels of hunger on record.     The 30-year-old mother of three now sells food out of one of the many makeshift camps for displaced people set up across the city’s schools. But with goods harder to come by, opportunities to provide for her young children are shrinking fast.     “We can’t buy…

On Wednesday, RBC Capital maintained its Outperform rating on Avid Bioservices (NASDAQ:) with a steady price target of $8.00. The company reported mixed results for the fourth fiscal quarter of 2024, with revenues slightly exceeding expectations by approximately 2% but EBITDA falling short by roughly 29%. Management introduced revenue guidance for fiscal year 2025, forecasting $160-168 million, which suggests an estimated 17% growth and is in line with consensus expectations. However, this target is now seen as potentially optimistic given the company’s final quarter bookings of $30 million, which did not meet RBC’s expected $41 million, and a year-end backlog…

Investing.com– Most Asian currencies steadied on Wednesday tracking some overnight weakness in the dollar after Federal Reserve Chair Jerome Powell flagged progress towards bringing down inflation. The Japanese yen remained fragile and at its weakest levels in 38 years, with focus squarely on potential currency market intervention by the government. Sentiment towards Asian markets remained weak following disappointing purchasing managers index data from China, while anticipation of more signals on U.S. interest rates also kept traders on edge.  Dollar nurses some losses, more rate cues awaited  The and both steadied in Asian trade after losing about 0.2% each on Tuesday.…

Investing.com– Most Asian stocks rose slightly on Wednesday with Japan’s Nikkei 225 coming back in sight of record highs, while Chinese markets fell tracking a disappointing reading on service sector activity. Regional markets took a positive lead-in from Wall Street, where the and the finished at record highs after Federal Reserve Chair Jerome Powell flagged some progress in bringing down inflation. But this optimism was limited, with U.S. stock index futures falling slightly as Powell also warned that the Fed needed more confidence to cut rates. Anticipation of more cues on U.S. interest rates this week- with data and the…