Demand for riskier adjustable-rate mortgages hits highest level of the year, due to rising rates
The share of ARM applications rose to 7.8% of mortgage demand last week, according to the Mortgage Bankers Association. That is the highest level of the year.
CVS shares plummet as health company slashes profit outlook on higher medical costs
CVS and other insurers have seen medical costs spike as many Medicare Advantage patients return to hospitals to undergo procedures they delayed during Covid.
The Fed would only cut rates to help the U.S. service its soaring debt, fund manager says
The reason the Fed may be tempted to cut rates would be to help the U.S. cover interest payments on the national debt, according to fund manager Freddie Lait.
Trump Media insider trading trial begins with co-founder testifying, ‘I’ve never been paid at all’
Trump Media announced plans to merge with a shell company in late 2021. The legal fallout from the deal is playing out in multiple courtrooms.
Amazon cost cuts drive operating margin into double digits for first time
Amazon’s operating margin jumped past 10%, topping a prior high of 8.2% in 2021.
Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team
Tesla is continuing a sweeping reorganization and laying off some 500 employees from its Supercharger team.
Super Micro pushes up full-year revenue forecast as it points to strong AI demand
Super Micro is now a component of the S&P 500 index. The company’s growth accelerated to 200% from 103% in the previous quarter, but revenue still missed.
Amazon’s cloud margin widens on accelerating revenue growth
Amazon’s cloud unit is delivering the best operating margin at least since 2014.
Stocks could have further to fall in May after this month’s market woes
Many investors worry stocks will decline further before finding a durable bottom even after April’s losses.
FTC challenges ‘junk’ patents held by 10 drugmakers, including for Novo Nordisk’s Ozempic
The agency sent letters to Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Covis Pharma, GlaxoSmithKline, Novartis, Teva Pharmaceuticals, among others.
