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In a recent interview with MSNBC, Galloway discussed the current challenges facing young adults, remarking, “For the first time in our nation's history, a 30-year-old man or woman isn't doing as well as his or her parents were at 30, that is the social compact breaking down.” According to a 2016 study from Harvard-based research initiative Opportunity Insights, over 90% of children born in the 1940s grew up to earn more than their parents at age 30. However, for children born in the 1980s, only half managed to outearn their parents. Galloway, said the economy is "purposely" transferring money to...

Electric vehicle makers Rivian and Lucid both suffered plummeting share prices after disappointing fourth-quarter earnings reports revealed stagnant production numbers. CNBC reports that shares of electric vehicle makers Rivian and Lucid plunged on Thursday following disappointing fourth-quarter earnings reports released after markets closed on Wednesday. Rivian stock sank around 25 percent, while Lucid shares dropped nearly 17 percent. Both companies cited stagnant production numbers and “existing economic and geopolitical uncertainties” as factors impacting results. Rivian forecasts production of 57,000 vehicles in 2024 — about the same as the 57,232 vehicles manufactured in 2023. Meanwhile, Lucid predicts production of 9,000 vehicles...

Rivian (RIVN) stock tanked after the bell on Wednesday after the electric adventure vehicle maker reported mixed fourth quarter results and a production and profit forecast that missed Wall Street expectations. Rivian said it sees vehicle production for 2024 hitting 57,000 units, well below the 80,000 units expected. In terms of full-year profitability, Rivian said it sees an adjusted EBITDA loss of $2.70 billion vs. $2.59 billion (est.), with capital expenditure outlays hitting $1.75 billion vs. $2.37 billion (est.). Rivian said it would cut 10% of salaried staff, citing economic uncertainty. Rivian stock fell over 15% in after-hours trading. For...

Disney posted mixed results for the fiscal third-quarter despite ongoing streaming woes and massive restructuring costs from pulling content from its platforms. . . The company recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly loss. The majority of those charges were related to what Disney called “content impairments” related to pulling content of its streaming platforms and ending third-party licensing agreements.

Samsung could report its worst profit in 14 years this week, as prices for memory chips, its biggest business, continue to fall, while demand stays weak. The South Korean technology giant guided earlier this month that it would post operating profit of 600 billion Korean won ($449 million) for the first quarter. If Samsung reports this number, it would be the company’s lowest profit since the first quarter of 2009. Samsung releases preliminary earnings guidance, but does not give detailed figures. It reports its full first quarter earnings on Thursday. Samsung is the world’s largest maker of memory chips, which...

LAST PARAGRAPH: "From February 2022 to February 2023, real average hourly earnings decreased 0.3 percent, seasonally adjusted. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 1.2-percent decrease in real average weekly earnings over this period."

Meta shares popped in extended trading on Wednesday after the company reported fourth-quarter revenue that topped estimates and announced a $40 billion stock buyback. Here are the results. Earnings: $1.76 per share Revenue: $32.17 billion vs $31.53 billion expected, according to Refinitiv Daily Active Users (DAUs): 2 billion vs 1.99 billion expected, according to StreetAccount Monthly Active Users (MAUs): 2.96 billion vs billion expected, according to StreetAccount Average Revenue per User (ARPU): $10.86 vs $10.63 expected, according to StreetAccount

Get woke, go broke. We've seen it again as wokester efforts in company after company cut into corporate bottom lines -- Gillette, Disney, the NBA -- they get woke and eventually go broke. But for Goya Foods, its opposite is completely true, according to a new study -- Reject woke mob and all its wokester demands, and take it to the bank. Here's the backstory, according to Legal Insurrection:Back in July 2020, Goya Foods CEO Bob Unanue came under fire from The Usual Suspects after he dared to praise then-President Donald Trump during a White House event announcing a “Hispanic...

The Biden administration will be terribly vexed to learn that the one company it hates the most, Exxon (we are confident the sentiment is mutual) reported record Q2 earnings (largely thanks to Biden's SPR release which has proven to be a risk-free arb black gold mine for the company) which smashed expectations and also reiterated guidance while maintaining its generous $30 billion buyback program. The biggest North American oil explorer followed European giants Shell Plc and TotalEnergies, as well as US peer Chevron in disclosing unprecedented results. Here are the Q2 details for the company which is reaping the rewards...

"We are growing very rapidly year-over-year and remain confident of exceeding 50% annual growth for several years," said Tesla CEO Elon Musk. Tesla (TSLA) - shares surged Thursday after the carmaker posted stronger-than-expected first quarter profits, record sales and bullish near-term outlook that defied Wall Street's forecasts and powered-through surging input prices and supply chain chaos. CEO Elon Musk indicated there was a "reasonable shot" for 2022 deliveries to rise 60% from last year, noting the ramp-up of production facilities in Berlin and Austin, following a surprisingly solid first quarter that saw automotive profit margins rise to 30%, record sales...

Netflix, the movie and TV show subscription service, suffered an extraordinary decline in its stock price. But like the film “Margin Call” that pretends the Lehman Brothers bankruptcy in 2008 was a surprise, it really is no surprise that Netflix is getting crushed. Why? Thanks to Bidenflation, millions of American households are suffering (REAL average hourly earnings are declining under Biden) and many of those were Netflix subscribers. Netflix’ earnings per share soared when Biden was first installed as President, likely due to effects of Biden’s/Pelosi’s/Schumer’s Covid stimulus. But alas, fiscal stimulus is short-lived but the negative effects of inflation...

Facebook shares tumbled more than 20% in extended trading on Wednesday after the company reported disappointing earnings, gave weak guidance and said user growth has stagnated. Here are the results: Earnings per share: $3.67 vs $3.84 expected, according to a Refinitiv survey of analysts Revenue: $33.67 billion vs $33.4 billion expected, according to Refinitiv Facebook also missed estimates with user numbers. Daily Active Users (DAUs): 1.93 billion vs 1.95 billion expected by analysts, according to StreetAccount Monthly Active Users (MAUs): 2.91 billion vs 2.95 billion expected by analysts, according to StreetAccount Average Revenue per User (ARPU): $11.57 vs $11.38 expected...

Key PointsThis 2020 stock market star has fallen behind in the coronavirus vaccine race.But authorization of its vaccine candidate may be just around the corner.Novavax’s big opportunity might be outside the United States. Investors -- and governments -- have rallied behind Novavax (NASDAQ:NVAX) since the start of the coronavirus vaccine race. The major excitement began after the company won a $1.6 billion order from the U.S. government last summer. At the time, it was one of the government's biggest investments in a vaccine developer. And the shares soared more than 2,700% last year.Since, Novavax has lost a considerable amount of...

FB-11.40 (-3.05%)

New York City had more than 114,000 municipal workers earning $100,000 or more in 2019. That is up sharply from 76,166 employees with pay exceeding $100,000 in 2016. Data comes a year before the pandemic hit and is the latest year available. These were not just high-level employees like agency commissioners or deputy mayors. NYC employees included thermostat repairmen making up to $198,630; regular laborers hauling away $213,169; electricians taking home $253,132; and plumbers pocketing up to $286,245. The cost of benefits would be additional and is not included in these figures. These large paychecks are only sustainable because Congress...

Apple delivered another blockbuster quarterly earnings report Thursday and with the Apple stock price approaching $400 a share the company announced that it would have a stock split this year. The company behind the iPhone had Wall Street estimates for revenue at $52.2 billion, but the company flew by those numbers hitting $59.7 billion. That is an increase of 11 percent compared to the quarter a year ago. A four-for-one stock split will be offered “to make the stock more accessible to a broader base of investors,” according to the earnings release. At the close of the market on August...

Conagra Brands Inc. CAG, +1.11% stock rose 4.3% in Tuesday premarket trading after the food company said it has experienced "significantly increased demand" in the fourth quarter and now expects to exceed expectations. Conagra brands include Birds Eye, Marie Callender and Gardein. "While we are still early in our fourth quarter, we have seen significantly elevated demand for our retail products as consumers have started filling their pantries for more at-home eating," Chief Executive San Connolly said in a statement. Shipments and consumption have jumped by half even as foodservice demand has fallen.

Key Points •Third quarter earnings season is underway, so it’s time to look under the hood. •A wide gap between S&P 500 profits and the broader NIPA measure from the BEA supports a late-cycle view. •The late-cycle view is also supported by weakening leading indicators.

Median income and earnings rise in 2018, while poverty rates drop, Census data shows The median household income in the United States increased less than a percent from 2017 to 2018, while the median earnings of workers in the United States rose 3.4%.The data, released by the Census Bureau Tuesday, also shows that the official poverty rate in the United States dropped to 11.8%, a 0.5 percentage point decrease from 2017.Here’s a look at the new data:Household income The [median household income] in the United States rose, from $62,626 in 2017 to $63,179 in 2018 adjusted for inflation. The Census...

What earnings recession? Heading into the current first-quarter reporting season, earnings for S&P 500 (^GSPC) companies were expected to fall 3.9% year-over-year, the first quarterly decline since 2016, according to FactSet. But with 46% of S&P 500 companies having reported first-quarter results as of Friday, earnings are expected to decline only 2.3% year-over-year. Plus 77% of companies that have reported so far this season have topped their earnings estimates, according to FactSet. “Despite fears of an outright ‘earnings recession’ (two quarters of negative year-over-year earnings), actual results have exceeded consensus estimates by 4.3% thus far, well above the historical average...