By Hyunjoo Jin, Heekyong Yang and Joyce Lee SEOUL (Reuters) -Samsung Electronics warned its third-quarter profit would come in below market expectations and apologised for the disappointing performance with the tech giant lagging its rivals in supplying high-end chips to Nvidia (NASDAQ:) in the booming AI market. Samsung said its AI chip business with an unidentified major customer was hit by a delay, while Chinese chip rivals increased supplies of conventional chips, contributing to the decline in its semiconductor earnings. The comments illustrate the challenges facing the company, which has been the world’s biggest memory chipmaker for three decades but…
Author: user
The Samsung logo is on display at their pavilion during the Mobile World Congress in Barcelona, Spain, on February 28, 2024. (Photo by Joan Cros/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty ImagesSouth Korean tech giant Samsung Electronics said it expects worse-than-expected profit for the third quarter.In guidance released Tuesday, the world’s top memory chip maker said operating profit for the quarter ending September is projected to be around 9.10 trillion won, marking a 274% surge from last year’s 2.43 trillion Korean won. However, the figure missed LSEG expectations.Analysts polled by LSEG projected an operating profit of 11.456 trillion Korean…
Investing.com– Most Asian markets fell on Tuesday, tracking overnight weakness in Wall Street as strength in the U.S. job market drove bets that interest rates will remain relatively high. Chinese markets vastly outperformed their peers, rising sharply as trade resumed after a week and as investors reacted to a barrage of stimulus measures from Beijing. Other Asian markets took a weak lead-in from Wall Street, which fell sharply as traders priced in the prospect of a smaller rate cut in November. U.S. stock index futures were muted in Asian trade. Asian technology stocks saw the biggest losses on Tuesday, tracking…
SHANGHAI (Reuters) – Chinese shares soared to two-year highs on Tuesday, pushing a blistering rally even further as trade resumed after a week-long holiday and investors bet on stimulus supporting the economy.The blue-chip CSI300 was up 10% in early trade to its highest since mid-2022 and the Shanghai Composite rose 9.7% and hit its best levels since December 2021.Hong Kong’s Hang Seng, which hit 2-1/2 year highs on Monday, slumped 2.8%. The yuan fell sharply to 7.0502 per dollar and five-year bond futures dropped to their lowest since July.A press conference from the National Development and Reform Commission called for…
By Ankur Banerjee SINGAPORE (Reuters) – The dollar clung to seven-week highs against major currencies on Tuesday as investors ponder the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment. Traders have drastically shifted their monetary easing expectations from the Federal Reserve this year. Markets are no longer fully pricing in a rate cut in November and are ascribing an 86% chance of a 25 basis points (bps) reduction, the CME FedWatch tool showed. Just 50 bps of easing is priced in by…
Investing.com– Oil prices fell in Asian trade on Tuesday, retreating after persistent concerns over a worsening conflict in the Middle East drove strong gains through the past week. Oil markets were hit with a touch of profit-taking after racing to more-than one-month highs in the past week. Concerns over extended supply disruptions in the U.S. underpinned oil prices, as the country braced for its second major hurricane- Milton- in a month. expiring in December fell 0.6% to $80.42 a barrel, while fell 0.6% to $76.04 a barrel by 21:05 ET (01:05 GMT). Both contracts were at over one-month highs. But…
Bill Ackman is one of the best-known billionaire investors in the world. His hedge fund, Pershing Square Capital, focuses on a few high-quality businesses where Ackman feels the stock has become mispriced, relative to its value. He will then buy shares and use his influence to unlock shareholder value.As an activist investor, he can focus on only so many businesses at once. That means he only swings at what he thinks are his biggest opportunities. As a result, Pershing Square has a highly concentrated portfolio, and just three stocks account for more than 53% of the entire $10.6 billion in…
Scholar Rock Holding Corp (NASDAQ:) director Srinivas Akkaraju has recently sold a significant amount of company stock, transactions that were publicly filed on October 7, 2024. The sales, which took place on the same day, amounted to a total value of over $34 million, with share prices ranging from $27.50 to $32.50. According to the filing, three separate transactions were conducted involving the sale of Scholar Rock’s common stock. In the first transaction, 510,000 shares were sold at $27.50 per share. Another set of 510,000 shares were sold at $30 per share in the second transaction. The final transaction consisted…
By Suban Abdulla LONDON (Reuters) – British shoppers increased their spending moderately in annual terms last month despite industry concerns about tax rises in finance minister Rachel Reeves’ upcoming budget and a looming rise in household energy bills, a survey showed on Tuesday. The British Retail Consortium said spending in shops increased by 2.0% in annual terms in September, the strongest uptick since March when it increased by 3.5% although less of a rise than the 2.7% recorded in September 2023. Reeves took office in July following the Labour government’s landslide election win and is set to deliver her first…
A customer places a Japanese 10,000 yen banknote on a checkout counter while making a purchase at an Akidai YK supermarket in Tokyo, Japan, on Monday, June 27, 2022.Kiyoshi Ota | Bloomberg | Getty ImagesSINGAPORE — Asia-Pacific markets mostly fell on Tuesday, with investors watching August pay and spending data out from Japan and as mainland Chinese markets return to trade.Household spending in Japan fell 1.9% year-on-year in August in real terms, a softer fall compared to the 2.6% decline expected by a Reuters poll of economists.The drop is the fastest pace of decline since January, which saw a 6.3%…