President Donald Trump has indicated he might revoke the licenses of broadcast television networks that he perceives as being ‘against’ him. This includes ABC, whose license is presently at risk for failing to take action against Jimmy Kimmel, host of ‘Jimmy Kimmel Live’ who made negative comments linking Trump to a crime.
Meanwhile, Trump suggested that a possible ceasefire between Russia and Ukraine might be progressing. Speaking after his UK state visit, Trump said he hoped for a resolution soon, admitting that resolving the war has been harder than anticipated.
In market news, investment analyst Jim Cramer predicts a possible 3%-5% correction before year-end, adding that it would depend on Trump’s unpredictable actions. He also predicted any potential declines would stem from earnings and advises investors to seize opportunities presented by any dip in the market.
In company updates, Intel’s shares soared 28% after Nvidia announced a $5 billion investment. FactSet Research Systems saw its shares drop by 6% after reporting disappointing earnings and full-year guidance. Wynn Resorts’ shares rose by 2% after Stifel raised its price target due to positive indicators for the international gaming market. Allstate shares gained 4.8% after its catastrophe losses for July-August came in significantly less than expected.
The future of wearable tech is likely to revolve around smart glasses, according to Meta Chief Product Officer Chris Cox. Cox spoke about the company’s new $799 Meta Ray-Ban Display glasses, capable of recording videos and sending messages through various controls.
In today’s stock market, cybersecurity software provider Netskope made a significant debut on Nasdaq with shares opening at $23, subsequently rising by over 20%. The firm raised more than $908 million, valifying the company at $7.3 billion. On the innovation front, the California-based start-up Beewise has developed BeeHome, an AI-directed robotic beehive, that has so far attracted $170m in funding. The BeeHome is designed to combat the damaging effects of climate change on bee colonies, which threaten pollination and food supplies.
However, regulatory issues continue to challenge several companies. The Trump administration asked the Supreme Court to overturn lower court rulings preventing the dismissal of Federal Reserve Governor Lisa Cook. This follows allegations of mortgage fraud by Cook, claims she denies. In more legal woes, the U.S. Federal Trade Commission has sued Ticketmaster and its parent company, Live Nation Entertainment, for “illegal” ticket resale tactics, with the lawsuit claiming these tactics “cost ordinary fans millions of dollars every year”. Following the news, shares of Live Nation fell approximately 2%.
Also in focus today were poor earnings for Cracker Barrel and disappointing preannouncement earnings for the steelmaker Nucor. Intel, however, saw a significant 28% rise in stocks following an agreement with Nvidia. Furthermore, CrowdStrike’s stocks rose by nearly 5% after the cybersecurity provider projected optimistic long-term financial targets. Meta’s Mark Zuckerberg continues to push boundaries in AI, with the reveal of a $799 Meta Ray-Ban smart glasses display. In international news, Chinese tech giant Huawei claimed to unveil the “world’s most powerful” AI chip cluster.
Jim Cramer’s investing tips today included positive outlooks for Nvidia, Reddit, and SoFi Technologies. Cramer also highlighted potential growth opportunities for low-cost drone maker AeroVironment and controversial growth expectations for Abercrombie & Fitch.
Sources:
Trump floats pulling licenses if networks are ‘against’ him after Jimmy Kimmel suspended
Trump hints at ‘good news’ coming on the Russia-Ukraine war
September to remember or calm before the storm? Cramer’s year-end market prediction
Stocks making the biggest moves midday: Intel, Novo Nordisk, Bullish, Allstate and more
Meta product chief Chris Cox says smart glasses are the future of computing
Netskope opens at $23 after cybersecurity firm prices shares at top of range
How robotic beehives use AI to protect bees from climate change
Trump administration asks Supreme Court to allow firing of Fed Governor Lisa Cook
FTC sues Ticketmaster, Live Nation, alleging ‘illegal’ ticket resale tactics
Jim Cramer’s top 10 things to watch in the stock market Thursday