Author: Multibagger News

WASHINGTON (Multibagger) – New orders for U.S.-manufactured goods unexpectedly fell in May, while business spending on equipment appeared weaker than initially thought, government data showed on Wednesday. Factory orders dropped 0.5% after rising 0.4% in April, the Commerce Department’s Census Bureau said. Economists polled by Multibagger had forecast factory orders would gain 0.2%. Manufacturing, which accounts for 10.3% of the U.S. economy, is under pressure from higher interest rates and softening demand for goods. Government data last week showed manufacturing contracted at a 4.3% annualized rate in the first quarter, with most of the decline coming from long-lasting manufactured goods.…

By Steve Holland MCLEAN, Virginia (Multibagger) – U.S. President Joe Biden on Tuesday acknowledged his performance during last Thursday’s presidential debate wasn’t his best, but blamed it on jet lag after two overseas trips earlier in June. Biden has faced mounting questions about his 2024 reelection bid after last week’s shaky debate performance, with one House of Representatives fellow Democrat on Tuesday publicly calling on him to withdraw from the race. Speaking at a campaign event in McLean, Virginia, on Tuesday evening, Biden admitted the debate against former President Donald Trump, his Republican rival, did not go well. “I didn’t…

SAN DIEGO – Skye Bioscience, Inc. (NASDAQ:SKYE), a clinical-stage biopharmaceutical company, has announced key changes to its Board of Directors and the upcoming launch of a Phase 2 clinical trial for its drug candidate Nimacimab. The company appointed Karen Smith, MD, Ph.D., MBA, LLM, to its board, bringing extensive global biotech and biopharma leadership experience. This strategic move comes as board members Keith Ward, Ph.D., and Praveen Tyle, Ph.D., are set to resign effective August 1, 2024. Dr. Smith’s career spans over two decades and includes leadership roles in companies such as Allergan (NYSE:), AstraZeneca (NASDAQ:), and Bristol-Myers Squibb (NYSE:).…

By Krystal Hu (Multibagger) -U.S. venture capital funding surged to $55.6 billion in the second quarter, marking the highest quarterly total in two years, according to PitchBook data published on Wednesday. The latest figure shows a 47% jump from the $37.8 billion U.S. startups raised in the first quarter, largely driven by significant investments in artificial intelligence companies, including $6 billion raised by Elon Musk’s xAI and $1.1 billion raised by CoreWeave. Investors’ ongoing excitement around building and adopting AI technology, which could potentially bring significant returns, has fueled the recovery of venture capital (VC) funding. After reaching a record…

WASHINGTON (Multibagger) – A measure of U.S. services sector activity slumped to a four-year low in June amid a sharp drop in orders, potentially hinting at a loss of momentum in the economy at the end of the second quarter. The Institute for Supply Management said its nonmanufacturing purchasing managers (PMI) index dropped to 48.8 last month, the lowest level since May 2020, from 53.8 in May. It was the second time this year that the PMI had dropped below 50, which indicates contraction in the services sector. Economists polled by Multibagger had forecast the services PMI slipping to 52.5.…

By Alvise Armellini ROME (Multibagger) – U.S. President Joe Biden must drop his re-election bid or Donald Trump is sure to return to the White House, former Italian prime minister Matteo Renzi said on Wednesday. Renzi, 49, led a centre-left government from 2014-2016 and was close to the administration led by former President Barack Obama, in which Biden was vice president. He was offered a lavish state dinner at the White House in 2016. “Biden will go down in history as a U.S. president who did many things that had a great impact,” Renzi told Multibagger. “At the same time,…

BLOOMINGTON, MN – Scott J. Robinson, the Chief Financial Officer of Donaldson Co Inc (NYSE:DCI), a leading provider of industrial and commercial air purification equipment, has completed a series of stock transactions, according to a recent SEC filing. On July 2, 2024, Robinson sold 37,600 shares of common stock at an average price of $70.97, netting a total of $2.67 million. On the same day, Robinson also exercised options to buy an equivalent number of shares, 37,600, at a price of $45.43 per share, totaling approximately $1.71 million. This transaction was part of a pre-arranged trading plan and involved common…

ROME/BERLIN (Multibagger) -Italian defence group Leonardo and German peer Rheinmetall have agreed to form a joint venture to produce tanks and other land defence systems, the two companies said on Wednesday. The first goal of the 50-50 enterprise, which will be headquartered in Italy, will be to develop the Italian Main Battle Tank and Armoured Infantry Combat System for the Italian Army, they said in a joint statement. Earlier on Wednesday, German business daily Handelsblatt reported that the Italian government planned to buy hundreds of tanks from Rheinmetall in what would be the group’s biggest ever order, valued at around…

By Lucia Mutikani WASHINGTON (Multibagger) -First-time applications for U.S. unemployment benefits increased last week, while the number of people on jobless rolls rose further to a 2-1/2 year high towards the end of June, consistent with a gradual cooling in the labor market. Ebbing labor market momentum, together with abating inflation pressures, keep the Federal Reserve on track to start cutting interest rates this year, with financial markets hopeful that the easing cycle could start in September. Fed Chair Jerome Powell said on Tuesday that the economy was back on a “disinflationary path,” but stressed policymakers needed more data before…

By Steve Holland, Moira Warburton and Jeff Mason WASHINGTON (Multibagger) -Some elected Democrats loyal to President Joe Biden raised fresh questions on Tuesday about his 2024 re-election bid, with one calling for him to step aside, a shift after many defended him in the wake of last week’s shaky debate performance. Whether Biden continues his 2024 bid for president after his halting debate performance against Republican presidential candidate Donald Trump is largely his decision, Democrats and political strategists have said.  But Biden is under pressure. Some donors have called for him to step aside, and other Democrats are worrying openly…