Jonathan Wong
The Latest
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Wells Fargo Shares Drop as Higher Deposit Costs Cut Into Net Interest Income
Wells Fargo & Co. experienced a significant decline in its stock price on Friday after reporting second-quarter results that highlighted a sharp decrease in net interest income (NII) due to rising deposit costs. The San Francisco-based bank's shares dropped more than 5% in premarket trading, reflecting investor disappointment despite the company's overall profit beating Wall Street expectations. 
Wells Fargo & Co. experienced a significant decline in its stock price on Friday after reporting second-quarter results that highlighted a sharp decrease in net interest income (NII) due to rising deposit costs. The San Francisco-based bank's shares dropped more than 5% in premarket trading, reflecting investor disappointment despite the company's overall profit beating Wall Street expectations. -
Tesla Downgraded by UBS Over Valuation Concerns Despite AI Ambitions
Tesla Inc. faced a significant setback as UBS downgraded the stock to a sell rating, citing concerns that its shares have surged "too much, too soon" amid market enthusiasm for its artificial intelligence (AI) initiatives. This comes after Tesla's stock enjoyed an 11-day winning streak, its longest since June 2023. The downgrade led to an 8.4% drop in Tesla shares on Thursday, followed by a slight rebound of 0.3% to $241.67 during Friday's market action. 
Tesla Inc. faced a significant setback as UBS downgraded the stock to a sell rating, citing concerns that its shares have surged "too much, too soon" amid market enthusiasm for its artificial intelligence (AI) initiatives. This comes after Tesla's stock enjoyed an 11-day winning streak, its longest since June 2023. The downgrade led to an 8.4% drop in Tesla shares on Thursday, followed by a slight rebound of 0.3% to $241.67 during Friday's market action. -
JPMorgan's Jamie Dimon Warns of Persistent Inflation and High Interest Rates
JPMorgan Chase CEO Jamie Dimon issued a cautionary note on inflation and interest rates, despite recent signs of easing price pressures. Speaking alongside the bank's second-quarter results, Dimon warned that inflation might persist longer than expected, driven by factors such as large fiscal deficits, infrastructure needs, and global geopolitical tensions. 
JPMorgan Chase CEO Jamie Dimon issued a cautionary note on inflation and interest rates, despite recent signs of easing price pressures. Speaking alongside the bank's second-quarter results, Dimon warned that inflation might persist longer than expected, driven by factors such as large fiscal deficits, infrastructure needs, and global geopolitical tensions. -
Pfizer Advances Once-Daily Weight Loss Pill Amidst Market Setbacks
Pfizer Inc. announced plans to proceed with a once-daily version of its weight-loss pill, danuglipron, following positive data from early-stage trials. This move comes after the pharmaceutical giant discontinued a twice-daily formulation due to high dropout rates and significant side effects, including nausea and vomiting. 
Pfizer Inc. announced plans to proceed with a once-daily version of its weight-loss pill, danuglipron, following positive data from early-stage trials. This move comes after the pharmaceutical giant discontinued a twice-daily formulation due to high dropout rates and significant side effects, including nausea and vomiting. -
Delta's Q2 Revenue Soars, But Profits Hit by Competitive Airfare Market
Delta Air Lines reported record revenue for the second quarter, driven by robust summer travel demand, yet fell short of analysts' expectations as a surplus of flights forced carriers to discount fares. This revenue miss has led to an 8% drop in Delta's shares, raising concerns about the broader airline industry's ability to maintain profitability in a competitive market. 
Delta Air Lines reported record revenue for the second quarter, driven by robust summer travel demand, yet fell short of analysts' expectations as a surplus of flights forced carriers to discount fares. This revenue miss has led to an 8% drop in Delta's shares, raising concerns about the broader airline industry's ability to maintain profitability in a competitive market. -
Costco Raises Membership Fees for the First Time Since 2017
Costco announced on Wednesday that it will increase its membership fees for the first time since 2017. Starting September 1, annual membership fees in the U.S. and Canada will rise by $5, bringing the cost to $65 for standard memberships. The higher-tier "Executive Membership" will see a $10 increase, going up to $130 annually. 
Costco announced on Wednesday that it will increase its membership fees for the first time since 2017. Starting September 1, annual membership fees in the U.S. and Canada will rise by $5, bringing the cost to $65 for standard memberships. The higher-tier "Executive Membership" will see a $10 increase, going up to $130 annually. -
Walmart to Speed Up Perishable Goods Distribution with Five New Automated Warehouses
Walmart is set to transform its distribution network for perishable goods with the introduction of five new high-tech warehouses across the United States. This strategic move, aimed at bolstering the efficiency and speed of distributing temperature-sensitive products like milk, meat, fruits, and vegetables, is part of Walmart's broader effort to maintain its dominance in the grocery sector and enhance its online grocery business. 
Walmart is set to transform its distribution network for perishable goods with the introduction of five new high-tech warehouses across the United States. This strategic move, aimed at bolstering the efficiency and speed of distributing temperature-sensitive products like milk, meat, fruits, and vegetables, is part of Walmart's broader effort to maintain its dominance in the grocery sector and enhance its online grocery business. -
Microsoft Exits OpenAI Board Amid Regulatory Pressure, Ending Observer Role
Microsoft has stepped down from its observer seat on the OpenAI board, a move that underscores the increasing regulatory scrutiny on tech giants' relationships with AI startups. This decision, revealed in a letter to OpenAI and first reported by the Financial Times, follows intensified regulatory examination of Microsoft's $13 billion investment in the San Francisco-based AI developer. 
Microsoft has stepped down from its observer seat on the OpenAI board, a move that underscores the increasing regulatory scrutiny on tech giants' relationships with AI startups. This decision, revealed in a letter to OpenAI and first reported by the Financial Times, follows intensified regulatory examination of Microsoft's $13 billion investment in the San Francisco-based AI developer. -
United Airlines Under Fire: Another Wheel Incident Raises Safety Concerns
In yet another alarming incident for United Airlines, a Boeing 757-200 lost a main landing gear wheel during takeoff from Los Angeles on Monday. The aircraft, en route to Denver, landed safely, but the event adds to a growing list of safety concerns that have prompted federal oversight. 
In yet another alarming incident for United Airlines, a Boeing 757-200 lost a main landing gear wheel during takeoff from Los Angeles on Monday. The aircraft, en route to Denver, landed safely, but the event adds to a growing list of safety concerns that have prompted federal oversight. -
McDonald's Revives Popular Smoky BLT Quarter Pounder with Cheese for a Limited Time
McDonald's is set to reintroduce a fan-favorite sandwich for a limited time, much to the delight of its loyal customers. The fast-food giant announced the return of the Smoky BLT Quarter Pounder with Cheese, which will be available starting July 10. This sandwich, which first appeared on McDonald's menus in 2022, is making a comeback due to popular demand. 
McDonald's is set to reintroduce a fan-favorite sandwich for a limited time, much to the delight of its loyal customers. The fast-food giant announced the return of the Smoky BLT Quarter Pounder with Cheese, which will be available starting July 10. This sandwich, which first appeared on McDonald's menus in 2022, is making a comeback due to popular demand.
