By Judith Langowski SAN FRANCISCO (Reuters) – Democratic moderate candidate Daniel Lurie, a philanthropist and heir to the Levi Strauss (NYSE:) fortune, was elected mayor of San Francisco, local media projected on Thursday as the incumbent Mayor London Breed conceded. Voters desperate to improve public safety and revive the economy chose a candidate with no experience in City Hall. Wealthy San Francisco, the tech center, is struggling to solve problems including homelessness, a fentanyl epidemic and an empty downtown. Tackling the city’s problems as an outsider was one of Lurie’s main selling points to voters, who opted for a change…
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Editor’s note: This story has been updated to correct the name of the Bernstein analyst covering Ford. Ford Motor Company (NYSE:F) shares are trading lower on Thursday. Bernstein analyst Daniel Roeska downgraded Ford Motor from Outperform to Market Perform, with a price forecast of $11. In an unrelated development, Ford revealed on Thursday that it is experiencing record sales growth in the Middle East in 2024, driven by strong performance in key markets and the introduction of its freshest lineup to date. The launch of the Mustang Mach-E and Territory Hybrid highlights Ford’s commitment to an electrified future in the region.…
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GREEN BAY, Wis., Nov. 7, 2024 /PRNewswire/ — Associated Banc-Corp (NYSE: ASB), the holding company for Associated Bank, N.A., announced today it has decreased the bank’s prime rate from 8.00% percent to 7.75% percent, effective November 8, 2024.ABOUT ASSOCIATED BANC-CORP¯Associated Banc-Corp (NYSE: ASB) has total assets of $42 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan…
Fortinet Inc (NASDAQ:) reported third-quarter earnings that surpassed analyst expectations, but shares tumbled 8% in after-hours trading despite the cybersecurity firm raising its full-year outlook. The company posted adjusted earnings per share of $0.63, beating the analyst estimate of $0.52. Revenue for the quarter came in at $1.51 billion, exceeding the consensus estimate of $1.48 billion and representing a 13% YoY increase. Fortinet’s service revenue, which accounts for the bulk of its total revenue, grew 19.1% YoY to $1.03 billion. Product revenue saw a modest 1.7% YoY increase to $473.9 million. Despite the strong results, investors appeared to focus on…
Square is also focusing more on its self-custody wallet, Bitkey, which the company started shipping in March. At the time, the company said that Bitkey will not only provide standard wallet functionality, but also connect to Block’s payments platform Cash App and crypto exchange Coinbase (COIN) to allow buying and selling BTC. Source link
BRITISH VIRGIN ISLANDS–(BUSINESS WIRE)–Despegar.com, Corp. (NYSE: NYSE:) (Despegar or the Company), Latin America’s leading travel technology company, today announced that it will report its Third Quarter 2024 results on Thursday, November 14, after the market close.Earnings ReleaseThursday, November 14, 2024Time: After Market CloseConference CallThursday, November 14, 2024Time: 4:30 p.m. Eastern TimeTo participate, please dial+1 (888) 330-2413 (U.S. domestic)+1 (240) 789-2721 (International)Please press # to be connected to an operatorPre-Register for the conference callPlease use the following link to pre-register for this conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and…
Industrial metals from copper to iron ore slumped on investor doubts that China’s latest moves to shore up the property market will do enough to boost construction activity. Source link
Arista Networks (ANET) shares tumbled in extended trading Thursday as the cybersecurity firm reported shrinking margins, despite profits that topped Wall Street’s expectations. The cloud networking giant saw revenue grow 7% year-over-year to $1.81 billion, above the analyst consensus from Visible Alpha. Net income came in at $747.9 million or $2.33 per share, up from $545.3 million or $1.72 per share a year earlier and above projections. However, Arista’s gross margin in the third quarter was 64.2%, down slightly from 64.9% a quarter earlier. In the fourth quarter, Arista said it expects gross margins to fall to between 63% and…
By Satoshi Sugiyama TOKYO (Reuters) -Japanese household spending fell in September for the second straight month, government data showed on Friday, as higher prices choked consumers’ appetite in a discouraging sign for the central bank’s plans to hike rates further. Consumer spending fell 1.1% from the year earlier, against the median market forecast for a 2.1% decline. On a seasonally adjusted, month-on-month basis, it fell 1.3%, versus an estimated 0.7% drop. “There are one-time bumps in consumption but it doesn’t last long,” said Takeshi Minami, chief economist at Norinchukin Research Institute. “The background to this is the high cost of…