Author: MWN

Apple’s stock valuation is unreasonable, reflecting how it’s a “shrinking company,” Bill Miller IV said. “I think somebody needs to tell the market that Apple is a shrinking company trading at a growth company multiple,” the chairman of Miller Value Partners said. Apple stock has taken a hit in recent weeks thanks to a partial ban of iPhones by China. Apple’s current stock-market valuation reflects unrealistic growth expectations, according to the chairman of Miller Value Partners. The makes of iPhones and iPads is the most valued company in the world, with a current market capitalization of around $2.73 trillion. The…

As Citigroup embarks on a sweeping reorganization, support staff in compliance and risk management are among the most likely to lose their jobs, according to sources familiar with the situation. Technology staff working on overlapping functions are also at risk of being laid off, one of the people said. Citi managers are already convening discussions with employees about potential layoffs, according to the sources, who declined to be identified discussing personnel matters. One-on-one meetings about departures were also starting, one of the sources said. Citigroup declined to comment. The conversations come after the third largest U.S. bank announced on Wednesday…

General Motors said Thursday it boosted its contract offer to a 20% wage hike for U.S. autoworkers, including 10% in the first year, in a move to avoid a strike that is scheduled to begin at 11:59 p.m. if no deal is agreed on. The strike by the United Auto Workers union, which represents about 150,000 workers at Ford, General Motors and Stellantis, would target specific automotive plants across the country. This would be the union’s first-ever simultaneous strike against the Detroit Three carmakers, and it could disrupt the economy for weeks or longer. According to Anderson Economic Group, a…

A smart investor is a patient investor, in the game for the long haul. Warren Buffett, a legend in the markets, has long been known for advocating long-term holdings – and so does the banking giant Morgan Stanley. The bank’s annual ‘Vintage Values’ report points out the firm’s top stocks for a ‘buy-and-hold’ strategy on the one-year horizon. The current Vintage Values list has a lot to say on the subject, but a few features of their picks stand out. First, all of their choices are mid- or large-cap stocks. Second, their Vintage Values selections lean strongly towards high-quality names.…

SoftBank Group Corp.’s Masayoshi Son, whose record on tech investing took a drubbing after flameouts like WeWork and DoorDash Inc. fueled a record $32 billion loss at its Vision Fund arm in the last fiscal year, was determined to turn the tide. So as he and the investment firm’s other top executives met with bankers to plot this week’s initial public offering for Arm Holdings Plc, the focus was making sure the sale would go off without a hitch. They didn’t want any last-minute hiccups with buyers pulling out, they dreaded pushback on the valuation, and, most of all, they…

Taiwan’s TSMC has told its major suppliers to delay the delivery of high-end chipmaking equipment, as the world’s top contract chipmaker grows increasingly nervous about customer demand, two sources familiar with the matter said. The instruction by TSMC, which is grappling with delays at its $40 billion chip factory in Arizona, is aimed at controlling costs and reflects the company’s growing caution about the outlook for demand, the sources said. Suppliers currently expect the delay to be short-term, the sources said, declining to be named as the information is not public. TSMC said it does not comment on “market rumour”.…

U.S. consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday. The consumer price index increased by 0.6%last month, the largest gain since June 2022, the Labor Department said on Wednesday. The CPI had risen 0.2% for two straight months. Excluding the volatile food and energy components, the CPI increased 0.3% amid declining prices for used cars and trucks. The so-called core CPI had increased 0.2% for two consecutive…

Citigroup CEO Jane Fraser announced a major management reorganization on Wednesday that will result in more job cuts and give her more direct oversight over its businesses as she seeks to simplify the bank’s structure. The heads of the bank’s five businesses will now report directly to Fraser. They include: Shahmir Khaliq, who runs services, Andrew Morton in markets, Peter Babej for investment and corporate banking on an interim basis, Gonzalo Luchetti in U.S. consumer banking, and Andy Sieg in wealth when he joins the company later this month. “We are making bold decisions to meet our commitments to our…

Social Security benefits can provide you with a stream of retirement income that is reliable. Deciding when to take benefits is an important question, especially if you’re married and hope to qualify for spousal benefits. If you’re already taking Social Security, you might be wondering if it’s possible to switch to a spousal benefit later. The answer depends on whether your spouse is receiving Social Security benefits yet. A financial advisor can help you figure out what you qualify for and when the best time is for you to start taking benefits as part of your full retirement plan. How…

Moderna (MRNA) today unveiled the latest on its efforts to expand beyond COVID vaccines before its R&D day on Wednesday. It announced, for instance, the positive Phase 3 results of its mRNA flu vaccine, bringing the once-small biotech one step closer to its goal of having a full suite of respiratory virus vaccines. “We think we have, hopefully, completed the big three … the big three being COVID, RSV, and flu,” said CFO Jamey Mock. “We’re quite encouraged by the data, particularly around flu,” Mock told Yahoo Finance. The topline results, which don’t give specific efficacy numbers, showed the vaccine…