Author: Multibagger News

As the world’s best investment manager and financial market journalist, I bring you the latest data on Hong Kong’s retail sales for June. According to government data, retail sales in Hong Kong fell by 9.7% from a year earlier, amounting to HK$29.9 billion ($3.83 billion). This marks the fourth consecutive monthly decline, following drops of 11.5% in May, 14.7% in April, and 7% in March. The decline in retail sales is attributed to changing consumption patterns of visitors and residents, as well as the strength of the Hong Kong dollar. While the rate of decline has narrowed, the retail sector…

By Marta Di Donfrancesco If you’re interested in the latest developments in Italy’s political landscape, you need to pay attention to the recent news about the referendum on government powers. Elly Schlein, the leader of Italy’s main opposition party, announced that the required 500,000 signatures in 10 days have been collected to push for a referendum on government plans to grant regions more powers. Schlein expressed her conviction that the law is wrong and dangerous and emphasized that the battle will continue with the support of the people who have already mobilized. The Supreme Court will now have to check…

Breaking News: European Union’s AI Regulation in Effect – Compliance Deadlines Approaching Fast As of August 1, 2024, the European Union’s risk-based regulation for applications of artificial intelligence is now in force. This marks the beginning of a countdown to various compliance deadlines that will impact different AI developers and applications. The majority of provisions will be fully applicable by mid-2026, but the first deadline, which prohibits certain uses of AI like law enforcement’s use of remote biometrics in public areas, will take effect in just six months. The EU’s approach categorizes most AI applications as low or no risk,…

Insider Transaction Alert: Former Director of Argan Inc Sells Shares Worth $202,530 – What Does This Mean for Investors? In a recent transaction, Mano S. Koilpillai, a former director of Argan Inc (NYSE:), sold 2,633 shares of the company’s common stock on the open market at an average price of $76.92 each. This sale totaled approximately $202,530 and was publicly reported on July 30, 2024. Despite the sale, Koilpillai still retains 4,975 shares of Argan Inc’s common stock, indicating ongoing investment in the company. Argan Inc, known for construction and trade contracting, has not issued an official statement regarding this…

Mobileye Global Slashes Revenue Forecast Amid Weak Demand – What It Means for Investors (Multibagger) – Mobileye Global (NASDAQ: MBLY) has revised its annual revenue forecast downward, hit hard by diminished demand for its driver-assistance technology as global automakers scale back production. Shares of Mobileye, which have already plummeted over 50% this year, took another hit, dropping more than 11% in premarket trading. The company is grappling with a challenging consumer demand environment, leading automakers to maintain stricter production controls. This situation has been exacerbated by an overstock from the pandemic era and a slowdown in electric vehicle demand. Mobileye,…

Chinese Developer Returns Deposits to Homebuyers in Unfinished Project – A Game Changer for Real Estate Sector A groundbreaking move by a Chinese property developer in Nanjing has set a new precedent in the real estate market. The developer is returning deposits to buyers of an unfinished project, marking a significant shift in the industry. This move comes amidst a wave of defaults and unfinished projects across China, causing instability in the housing market. Since 2021, developers in China have struggled to complete projects, leading to a crisis in the sector. The government is now urging developers to address these…

By Marianna Parraga HOUSTON (Multibagger) – The United States is considering fresh sanctions on Venezuela following Sunday’s disputed presidential election. Incumbent President Nicolas Maduro claimed victory, but opposition leaders say tallies show their candidate Edmundo Gonzalez won more than twice as many votes as Maduro. If governments in North America and Europe seek to impose new measures against Maduro’s administration, they could potentially return the country to isolation, analysts said. Current Sanctions on Venezuela Venezuela has been hit with economic and oil sanctions by several countries since 2017 over accusations of corruption, drug trafficking and human rights violations. The most…

Breaking News: HPE’s $14 Billion Acquisition of Juniper Networks Gets EU Approval In a major development, the European Commission (EC) has given the green light to HPE’s planned acquisition of Juniper Networks, stating that it raises no competition concerns in the European Economic Area. This comes just over a month after HPE notified the EC of the proposed transaction. HPE first announced its intentions to acquire Juniper Networks back in January, with plans to combine their strengths in networking and IT infrastructure. The companies aim to accelerate AI-driven innovation by leveraging cloud infrastructure. While Brazil has already granted unconditional clearance…

Etsy (ETSY) Stock Analysis: BTIG Maintains Buy Rating with $78 Price Target After Strong Q2 Results Etsy (ETSY) stock has been on the rise, with a 10% increase in the past month following better-than-expected second-quarter results. BTIG has maintained a Buy rating on the shares, with a steady price target of $78.00. The company’s forecast for the third quarter of 2024 indicates a low single-digit decline in Gross Merchandise Sales (GMS), aligning with analysts’ projections. Key categories such as toys and games, paper & party supplies, and gifting showed signs of improvement. Etsy’s take-rate for the quarter surpassed guidance, driven…

Meta Surge and Fed’s Rate Cut Hints Propel Futures Higher: A Comprehensive Analysis (Multibagger) – Futures for the S&P 500 and the Nasdaq saw modest gains on Thursday, buoyed by signals from the U.S. Federal Reserve hinting at a potential interest-rate cut in September and an optimistic sales forecast from Meta Platforms. However, gains were tempered by a pullback in some megacap and chip stocks. Meta Leads with Strong AI-Driven Forecast Meta Platforms (NASDAQ: META) soared 7% in premarket trading following a second-quarter revenue beat and an optimistic third-quarter sales forecast. This points to the possibility that its AI investments…