Stock Market News: Cava IPO, GameStop meeting, retail sales, SCOTUS on student loans
Investors continue to debate the impact of the Federal Reserve’s rate pause, retail sales rose in May even with inflation, GameStop’s annual meeting may shed more light on CEO firing and the Supreme Court may rule on President Biden’s plan to cancel millions in student loans.
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Attendees walk past an electronic display showing recent cyberattacks in China at the China Internet Security Conference in Beijing, on Sept. 12, 2017. Hackers linked to China were likely behind the exploitation of a software security hole in cybersecurity firm Barracuda Networks’ email security feature that affected public and private organizations globally, according to an investigation by security firm Mandiant. (AP Photo/Mark Schiefelbein, File)
The U.S. cybersecurity firm Mandiant says suspected state-backed Chinese hackers exploited a vulnerability in a popular email security appliance to break into the networks of hundreds of public and private sector organizations globally, nearly a third of them government agencies including foreign ministries.
Fifty-five percent of the targets were from the Americas and 24% from the Asia Pacific region. They included foreign ministries in Southeast Asia and foreign trade offices and academic organizations in Taiwan and Hong Kong, Mandiant said. The activity exploiting the hacked Barracuda Networks’ Email Security Gateway dated back as early as October.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| CAVA | $44.45 | 2.45 | 5.83 |
Mediterranean restaurant chain CAVA's shares spiked over 80% in its IPO, a sign of demand for restaurant stocks.
Shares priced at $22 per share and opened at $42 mid-day with the listing on the New York Stock Exchange.
Bitcoin is taking a beating after the Federal Reserve outlined what's ahead for the rest of 2023.
America's CFO's are a pessimistic bunch when it comes to the economy, according to a new survey from Deliotte.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GME | $25.66 | -0.04 | -0.16 |
GameStop investors will be listening for fresh updates at the video game maker's annual meeting. The company recently fired its CEO Matt Furlong with Ryan Cohen taking over. The founder of Chewy is the largest single shareholder.
The UPS and the Teamsters continue to negotiate the next contract. The delivery giant is the largest employer for the union.
President of European Central Bank Christine Lagarde speaks during a press conference in Frankfurt, Germany, Thursday, March 16, 2023, after a meeting of the ECB's governing council. The Fed may have hit 'pause' on interest rates hikes but Europe's central bank still has its finger on 'fast forward' with inflation still plaguing consumers with higher prices for everything from groceries to summer vacation travel. The question at Thursday's meeting of the European Central Bank is, for how much longer its rapid series of rate increases will go on. (AP Photo/Michael Probst, File)
The European Central Bank has pressed ahead with another interest rate hike and is pledging more are on the way.
The quarter-percentage point increase Thursday aims to crush inflation that’s driving up the cost of groceries, utility bills and summer vacations.
It comes a day after the U.S. Federal Reserve took a break from its own string of increases. In Europe, it was the eighth straight rise since July 2022 as the bank seeks to bring down inflation from 6.1%.
ECB President Christine Lagarde says the bank “will continue to hike at our next meeting" in July and it's "not thinking about pausing.”
A Starbucks manager was awarded millions after she claims she was fired for being White.
Jin Liqun, inaugural president of the Asian Infrastructure Investment Bank (AIIB), speaks during a press conference at a hotel in Beijing, on Jan. 17, 2016. A Canadian public relations manager for the Chinese-founded development bank announced his resignation Wednesday, June 14, 2023 in a statement that accused it of being dominated by "Communist Party hacks" and said Canada's interests weren't served by being a member. (AP Photo/Andy Wong, File)
Canada's finance minister says it is suspending activity with a Chinese-founded development bank while it investigates complaints by a Canadian who resigned from the lender that it is dominated by “Communist Party hacks" and his country shouldn't be a member.
The Asian Infrastructure Investment Bank, seen by some as a Chinese rival to the World Bank and Asian Development Bank, was founded in 2016 to finance railways and other infrastructure. It has 106 member governments including most Asian countries and Australia, Canada, Russia, France and Britain. Japan and the United States aren’t members.
“The government of Canada will immediately halt all government-led activity at the bank,” Chrystia Freeland, who also is deputy prime minister, told reporters in Ottawa. “I have instructed the Department of Finance to lead an immediate review of the allegations raised and of Canada’s involvement in the AIIB.”
“As the world’s democracies work to de-risk our economies by limiting our strategic vulnerabilities to authoritarian regimes, we must likewise be clear about the means through which these regimes exercise their influence around the world,” Freeland said.
Bill Gates reacts during a visit with Britain's Prime Minister Rishi Sunak at the Imperial College University, in central London, on Feb. 15, 2023. Microsoft Corp. co-founder Gates says he is in Beijing, joining a series of foreign business figures who have visited China as the ruling Communist Party tries to revive investor interest in the country. (Justin Tallis/Pool Photo via AP, File)
| Symbol | Price | Change | %Change |
|---|---|---|---|
| MSFT | $337.34 | 3.01 | 0.90 |
Microsoft Corp. co-founder Bill Gates says he is visiting Beijing. He joins a series of foreign business figures who have visited China as the ruling Communist Party tries to revive investor interest in the country.
Gates, who stepped down as Microsoft chairman in 2014, said on Twitter he would meet partners who have worked with his charitable foundation.
However, Gates is revered in China as an entrepreneur, giving Chinese leaders a chance to show their interest in foreign business by publicizing any meetings with him.
The ruling party is trying to revive foreign interest in China’s slowing economy and reassure companies that have been rattled by anti-monopoly and data-security crackdowns, raids on consulting firms and tension with Washington.
Transportation trucks cross the Vincent Thomas Bridge over the main channel as shipping containers are seen stacked on the Evergreen terminal at the Port of Los Angeles in San Pedro, Calif., Nov. 30, 2021. (AP Photo/Damian Dovarganes, File)
The union for thousands of West Coast dockworkers has reached a tentative agreement on a new contract after more than a year of negotiations and several work disruptions that snarled shipping traffic at some of the largest ports.
On Wednesday the dockworkers union announced a tentative deal for a new six-year contract with the Pacific Maritime Association, a trade group for cargo carriers and terminal operators. However, details weren't released.
If ratified, the agreement will affect 22,000 dockworkers at 29 ports from Washington state through California. The dockworkers have been without a contract since last July.
They were demanding higher wages, noting that shippers and terminal operators made record profits during the COVID-19 pandemic.
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