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Losses for big technology stocks pulled major indexes lower on Wall Street. The S&P 500 fell 0.4% Wednesday. The Dow Jones Industrial Average slipped 0.3% from its record high a day earlier, and the Nasdaq composite lost 0.6%. Losses for Nvidia, Microsoft and Broadcom were the biggest weights on the market. Dell sank 12.2% after reporting revenue that fell shy of forecasts, and HP dropped 11.4% after giving a weaker-than-expected outlook. Treasury yields fell in the bond market. U.S. financial markets will be closed Thursday for Thanksgiving, and will reopen for a half day on Friday. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks wavered in afternoon trading on Wednesday, as losses for several Big Tech companies offset gains elsewhere in the market. The S&P 500 fell 0.4% in afternoon trading, even though more stocks were rising than falling in the index. The Dow Jones Industrial Average fell 135 points, or 0.3%, as of 3:05 p.m. Eastern time. Both indexes set records on Tuesday. The Nasdaq composite fell 0.5%. Losses for tech heavyweights helped pull the broader market lower. Semiconductor giant Nvidia slipped 1.6%. Its huge value gives it outsized influence on market indexes. Microsoft fell 0.9% Several personal computer makers added to Big Tech's heavy weight on the market following their latest earnings reports. HP sank 11.8% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slumped 11.9% after its latest quarterly revenue fell short of Wall Street forecasts. Gains for financial and health care companies helped counter Big Tech's downward pull. Visa rose 0.9% and Thermo Fisher Scientific added 2.3%. The U.S. economy expanded at a healthy 2.8% annual pace from July through September, according to the Commerce Department, leaving its original estimate of third-quarter growth unchanged. The growth was driven by strong consumer spending and a surge in exports. The update follows a report on Tuesday from the Conference Board that said improved in November, but not by as much as economists expected. Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture. Department store operator Nordstrom fell 8.5% after warning investors about a trend toward weakening sales that started in late October. Clothing retailer Urban Outfitters jumped 19.1% after beating analysts’ third-quarter financial forecasts. Weeks earlier, retail giant Target gave investors a discouraging forecast for the holiday season, while Walmart provided a more encouraging forecast. Consumers, though resilient, are still facing pressure from inflation. The latest update from the U.S. government shows that inflation accelerated last month. The personal consumption expenditures index, or PCE, rose to 2.3% in October from 2.1% in September. Overall, the rate of inflation has been falling broadly since it peaked more than two years ago. The PCE, which is the Federal Reserve's preferred measure of inflation, was just below 7.3% in June of 2022. Another measure of inflation, the consumer price index, peaked at 9.1% at the same time. The latest inflation data, though, is a sign that the rate of inflation seems to be stalling as it falls to within range of the Fed's target of 2%. The central bank started raising its benchmark interest rate from near-zero in early 2022 to a two-decade high by the middle of 2023 and held it there in order to tame inflation. The Fed started cutting its benchmark interest rate in September, followed by a second cut in November. Wall Street expects a similar quarter-point cut at the central bank's upcoming meeting in December. “Today’s data shouldn’t change views of the likely path for disinflation, however bumpy," said David Alcaly, lead macroeconomic strategist at Lazard Asset Management. "But a lot of observers, probably including some at the Fed, are looking for reasons to get more hawkish on the outlook given the potential for inflationary policy change like new tariffs.” President-elect Donald Trump has said he plans to impose sweeping new tariffs on Mexico, Canada and China when he takes office in January. That could shock the economy by raising prices on a wide range of goods and accelerating the rate of inflation. Such a shift could prompt the Fed to rethink future cuts to interest rates. Treasury yields slipped in the bond market. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Tuesday. The yield on the two-year Treasury, which more closely follows expected actions by the Fed, fell to 4.22% from 4.25% late Tuesday. U.S. markets will be closed Thursday for Thanksgiving, and will reopen for a half day on Friday. Damian J. Troise And Alex Veiga, The Associated Press10 Things That Could Get You Fired From Costco
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While shoppers can’t get enough of their holiday deals , Amazon is making bold moves in the world of AI. The tech giant revealed a lineup of innovative AI tools and services at its annual re:Invent conference, including Nova. As stated in the company's blog , Nova is "a new generation of state-of-the-art foundation models (FMs ) that deliver frontier intelligence and industry leading price performance, available exclusively in Amazon Bedrock . You can use Amazon Nova to lower costs and latency for almost any generative AI task." For example, Nova Reel was used to create this advertisement for a fictional pasta brand, showcasing the AI's ability to help retailers bring their products to life. Generative AI takes center stage Among Amazon's announcements is the launch of new AI models under its proprietary "Titan" family. These models will power various applications, from content generation to personalized recommendations like Rufus . This marks Amazon's bid to compete with industry leaders like OpenAI ’s ChatGPT and Google’s Gemini . Amazon also introduced Amazon Q, a generative AI-powered assistant capable of summarizing documents, enhancing collaboration, and troubleshooting cloud applications. With its ability to integrate into business environments, Amazon Q aims to redefine productivity across industries. Doubling down on AI infrastructure To support its AI efforts, Amazon has also expanded its AI infrastructure. One of the standout developments is the upcoming "Rainier" AI supercomputer, built using Amazon’s Trainium chips . Set to become one of the most powerful AI clusters globally, Rainier is expected to handle large-scale training workloads for cutting-edge AI models. This focus on infrastructure extends to Amazon's strategic partnership with Anthropic , the prominent AI startup behind the very human-like chatbot Claude . Amazon recently announced an additional $4 billion investment in Anthropic, bringing its total funding to $8 billion. Anthropic will use Amazon Web Services (AWS) as its primary cloud platform, further strengthening Amazon’s position as a go-to resource for AI innovation. Video and image AI Another highlight of today's announcement is Amazon's development of Olympus, a generative AI model specifically designed for video and image applications. Olympus promises to make video analysis and editing as simple as entering text prompts, allowing users to find and modify video scenes effortlessly. The model aims to compete with existing tools while setting a new standard for visual AI capabilities. AI-designed carbon solutions Amazon is also leveraging AI for sustainability . The company plans to pilot a material for carbon removal in its data centers, designed using AI by the startup Orbital Materials. This innovative material, functioning as a CO2 sponge, reflects Amazon's commitment to tackling climate change through technology. The pilot is scheduled to begin in 2025, aligning with Amazon’s broader goal of achieving net-zero carbon emissions by 2040. The road ahead As competition in the AI sector heats up, Amazon’s latest advancements underline its aim to remain at the forefront of technological innovation. From expanding infrastructure to introducing cutting-edge models, Amazon is investing heavily in AI, making AI central part of its business strategy. With these developments, Amazon has set the stage for a transformative year in AI, creating tools and solutions that promise to reshape industries, boost productivity, and inspire creativity. For the future of AI being built, it’s looking like Amazon wants to lead the way. More from Tom's GuideISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb has directed the Competition Commission of Pakistan (CCP) to expedite its inquiries and investigations into cartelization and collusion practices. The Minister assured CCP of government’s complete support and resolve to discipline markets, promote best practices and foster competition. The Federal Minister visited the CCP head office Tuesday to receive a comprehensive briefing on the Commission’s performance. Chairman CCP, Dr Kabir Ahmed Sidhu, briefed the Minister on ongoing inquiries, provided details of significant cases pending in courts, and outlined recent initiatives to strengthen the CCP. The briefing was attended by CCP members Saeed Nawaz, Salman Amin and, Abdul Rashid Sheikh, along with senior management. Fighting cartelism: CCP brings enforcement, policy actions under focus Senator Aurangzeb expressed his appreciation for the Commission’s efforts but stressed the importance of adopting modern technologies and data analytics, to monitor and detect cartelization and collusion. He assured CCP of the government’s full support, including budgetary provisions to digitalize the Commission’s operations and implement international benchmarking practices to strengthen its capabilities. “The government is determined to discipline the markets and stop illegal practices at any cost. The Commission has the full backing of the government, and we expect the ongoing inquiries to be completed swiftly. However, it is crucial that the due process is followed, and there is no harassment,” the Minister stated. Dr Sidhu apprised the Minister that there was a backlog of 567 cases involving penalties worth Rs 74 billion. Over the past year, the Commission has made significant progress by recovering Rs 100 million in penalties and resolving 73 cases in courts. He also provided details of the number of pending cases, with around 200 in the Supreme Court, 179 in the Competition Appellate Tribunal, and 146 in various high courts. A key development was the establishment of the Market Intelligence Unit (MIU), which has already identified over 150 instances of anti-competitive practices by using advanced data collection and analysis techniques. Dr Kabir also highlighted CCP’s research reports on market competitiveness in sectors such as insurance, aviation, road construction, and power. The Minister commended the reports, urging government departments to leverage CCP’s findings to drive sectoral reforms. Senator Aurangzeb also assured Dr Kabir Sidhu of his support in requesting the Chief Justice of Pakistan to help expedite the resolution of competition-related cases. He also mentioned that he would approach the Federal Minister for Law and Justice for the early appointment of the Chairman and members for the Competition Appellate Tribunal (CAT). The Minister further advised the CCP to engage the best legal professionals to pursue its cases and suggested establishing service legal agreements (SLAs) with agencies like the Federal Investigation Agency (FIA) to ensure the timely forensic examination of evidence collected during raids. “The performance of the Competition Commission has been commendable, but there is always room for improvement. The goal is to make CCP more effective in its mission to curb market abuse and ensure fair competition,” the Finance Minister concluded. Copyright Business Recorder, 2024Nagpur: Chief minister Devendra Fadnavis launched a scathing attack on Congress on Tuesday, demanding an apology from the grand old party for purportedly circulating an edited video of Union home minister Amit Shah on his alleged remarks on Dr Babasaheb Ambedkar. Briefing reporters after his arrival in the city, he accused the Opposition of misleading people and wasting Parliament's time with baseless controversies. Fadnavis emphasised Prime Minister Narendra Modi exposed Congress during his Parliament speech, highlighting its history of opposing the architect of the Constitution. "Congress never allowed Babasaheb Ambedkar to win elections. They even denied land for his memorial at Indu Mills for several years. It was only after Modi became PM and I took over as Maharashtra chief minister, we allocated land of Rs 2,000 crore for the memorial," he said. The senior BJP leader further added that BJP govt preserved Ambedkar's legacy by acquiring his London residence and turning it into a memorial to honour his contributions. Fadnavis accused Congress of hypocrisy and theatrics to cover up its failures. Responding to NCP MP Supriya Sule's statement that Maharashtra is no longer safe, the CM dismissed the claim as baseless and politically motivated. "Maharashtra is one of the safest states in the country. Using isolated incidents to create fear and incite division is irresponsible. The opposition is trying to exploit such situations to split society along caste lines," he asserted. Fadnavis reassured citizens that law enforcement agencies are fully equipped to maintain peace across the state. Addressing concerns over drought-like conditions and crop damage, Fadnavis stated the govt has standing orders in place to handle such exigencies. "We will take decisions based on crop damage assessments and bring relief to affected farmers," he said. He acknowledged the urgency of the situation and assured farmers that financial aid and support measures would be implemented without delay. Fadnavis also spoke about appointment of Beed's guardian minister, stating the decision would be taken jointly with his deputies Ajit Pawar and Eknath Shinde. He made it clear that law and order would remain a top priority in Beed. "No one's dominance or high-handedness will be tolerated in Beed. We are committed to maintaining fairness and discipline," Fadnavis warned. The CM reiterated that BJP is focused on governance and fulfilling development promises, undeterred by the Opposition's attempts to distract from real issues. Last week, Congress leader and Maharashtra in-charge Ramesh Chennithala demanded the immediate removal of Union home minister Amit Shah from the Cabinet over his controversial remarks on Ambedkar in Parliament. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , Location Guesser and Mini Crossword . Spread love this holiday season with these Christmas wishes , messages , and quotes .
NEW YORK, Dec. 22, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: SYM) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in Symbotic, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/symbotic-inc . Investors have until February 3, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Symbotic securities. The case is pending in the U.S. District Court for the District of Massachusetts and is captioned Decker v. Symbotic Inc., et al. , No. 24-cv-12976. What is the Symbotic Class Action Lawsuit About? Symbotic Inc. develops and operates robotics systems to automate and optimize warehouse and supply chain operations for major retailers and distributors. During the relevant period, the company represented that its financial statements were accurate and that its internal controls over financial reporting were effective. In contrast with these representations, on November 27, 2024, Symbotic announced a delay in filing its Form 10-K for its fiscal year 2024 due to identified errors in revenue recognition and announced material weaknesses in its internal controls over financial reporting. Symbotic revealed that it discovered issues related to premature expense recognition and unbillable cost overruns, which affected system revenue recognition in multiple quarters of its fiscal year 2024. The company estimated a $30–$40 million reduction in system revenue, gross profit, and adjusted EBITDA for its fiscal year 2024 and reduced its revenue outlook for the first quarter of fiscal 2025 to $480–$500 million, from $495–$515 million, and adjusted EBITDA of $12–16 million, from $27–$31 million. This news caused the price of the company’s stock to decline over 35% during the course of trading on November 27, 2024. Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/symbotic-inc . What Can You Do? If you invested in Symbotic you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: https://www.bfalaw.com/cases-investigations/symbotic-inc Or contact: Ross Shikowitz ross@bfalaw.com 212-789-3619 Why Bleichmar Fonti & Auld LLP? Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd. For more information about BFA and its attorneys, please visit https://www.bfalaw.com . https://www.bfalaw.com/cases-investigations/symbotic-inc Attorney advertising. Past results do not guarantee future outcomes.Steelers Host Massive Ex-Browns Nose Tackle for Visit
Johnson scores 20, Tennessee Tech beats Presbyterian 90-75
KENSINGTON, P.E.I. — A feud over proposed pickleball courts in Prince Edward Island has prompted a longtime mayor to throw in the towel. Rowan Caseley says there was lots he still wanted to accomplish as mayor of Kensington, P.E.I., but he felt he had to resign Monday after the town council voted to build six pickleball courts Caseley says the community can't afford. He was mayor for about 10 years and a councillor for five years before that. "As mayor, one of the things I'm required to do is defend the decision of council, and I couldn't," Caseley said in an interview Wednesday. "It just went totally against my principles." He said his opposition is not meant as a critique of the local pickleball community, about a dozen of whom filled council chambers as the vote took place. The growing town simply has more pressing needs to tend to. Pickleball is much like tennis, but players hit a hollow perforated plastic ball, rather than a rubber tennis ball. The balls make a resonant popping sound when players hit them with their rackets, and the noise from pickleball courts has irritated neighbours and drawn complaints across the country. There are already several pickleball courts in Kensington, which is home to about 2,300 people, Caseley said. But at the urging of some councillors, the town put together a proposal for six new courts, a bathroom and a gravel parking lot, and submitted it to the 2023 Canada Games Legacy Fund, established after the province hosted the Games. When the fund said it would cover just 55 per cent of the $500,000 price tag, Caseley said he and senior staff members recommended that council abandon the project. But on Monday, Coun. Ivan Gallant put forward a motion to proceed with a scaled-down version of the project that would leave the town on the hook for roughly $20,000, said Geoff Baker, Kensington's chief administrative officer. The motion passed 3-2. Caseley said he interpreted it as a vote of non-confidence. Gallant is a member of the local pickleball community, though he denied urging fellow players to fill the chamber for the vote. "Anybody in our community is eligible to come to our meetings, they're open to the public," Gallant said in an interview. Caseley argued that even the scaled-down plan with the smaller price tag would still eat up staff time and operating costs. That time and money would be much better spent on projects to support the community's growing population, such as expanding its waste treatment system, the ex-mayor said. "Staff are going to have to drop other things that were a higher priority to deal with this," he said. "It's not in the best interest of the residents, the taxpayers or the town of Kensington. It's a want and not a need." Caseley said he wasn't yet sure what he would do with his new-found free time, but he has no interest in taking up pickleball. "I'm 77 years old, so I'm probably just going to sit back and read books," he said. This report by The Canadian Press was first published Nov. 27, 2024. Sarah Smellie, The Canadian PressGlobal stocks end mostly up with DAX crossing 20,000 for 1st timeExpert reveals the one thing to avoid saying during the festive season - and why you should consider 'presence' instead of 'presents' Christmas Day
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Article content NEW YORK — Lawyers for Sean “Diddy” Combs tried for a third time Friday to persuade a judge to let him leave jail while he awaits his sex trafficking trial, but a decision won’t come until next week. Recommended Videos Judge Arun Subramanian said at a hearing that he will release his decision on Combs’ latest request for bail after Combs’ lawyers and federal prosecutors file letters addressing outstanding issues. Those letters are due at noon on Monday, Subramanian said. Combs’ lawyers pitched having him await trial under around-the-clock surveillance either his mansion on an island near Miami Beach or — after the judge scoffed at that location — an apartment on Manhattan’s Upper East Side. Their plan essentially amounts to putting Combs on house arrest, with strict limits on who he has contact with. But prosecutors argue that Combs has routinely flouted jail rules and can’t be trusted not to interfere with witnesses or the judicial process. “The argument that he’s a lawless person who doesn’t follow instructions isn’t factually accurate,” Combs lawyer Anthony Ricco argued. “The idea that he’s an out-of-control individual who has to be detained isn’t factually accurate.” Combs, 55, has pleaded not guilty to charges that he coerced and abused women for years with help from a network of associates and employees while silencing victims through blackmail and violence, including kidnapping, arson and physical beatings. His trial is slated to begin May 5. The Bad Boy Records founder remains locked up at a Brooklyn federal jail, where he spent his Nov. 4 birthday. Two other judges previously concluded that Combs would be a danger to the community if he is released and an appeals court judge last month denied Combs’ immediate release while a three-judge panel of the 2nd U.S. Circuit Court of Appeals weighs his bail request. Friday’s hearing was the second time Combs was in court this week. On Tuesday, a judge blocked prosecutors from using as evidence papers that were seized from his cell during jail-wide sweep for contraband and weapons at the Metropolitan Detention Center in Brooklyn. As he entered through a side door, Combs waved to relatives including his mother and several of his children in the courtroom gallery, tapping his hand to his heart and blowing kisses at them. He then hugged his lead attorney, Marc Agnifilo, before taking a seat at the defence table. He was not handcuffed or shackled and wore a beige jail uniform, occasionally pulling a pair of reading glasses from his pocket as he peered at papers in front of him. Prosecutors maintain that no bail conditions will mitigate the “risk of obstruction and dangerousness to others” of releasing Combs from jail. Prosecutors contend that while locked up the “I’ll Be Missing You” artist has orchestrated social media campaigns aimed at tainting the jury pool. They allege that he has also attempted to publicly leak materials he thinks would be helpful to his case and is contacting potential witnesses via third parties. “Simply put, the defendant cannot be trusted,” Assistant U.S. Attorney Christy Slavik argued. Combs’ lawyer Teny Geragos countered that, given the strict release conditions proposed, “it would be impossible for him not to follow rules.”3 US Army soldiers arrested on human smuggling charges along the border with MexicoEuropean markets set for higher open but France's political upheaval is in focus