Author: businessinvestopedia.com

Apple has hired Cynthia Bowman, who most recently served as Bank of America’s global head of diversity, inclusion and corporate social responsibility, as vice president of inclusion and diversity. “Cynthia is an accomplished leader in her field and deeply committed to Apple’s efforts to advance inclusion and diversity,” a spokesperson for the tech giant told Bloomberg on Tuesday. Bowman spent 17 years at Bank of America, joining the company in 2007 as senior vice president of leadership development, according to his LinkedIn profile. She added diversity and inclusion to her title in 2013, and three years later she became the…

JPMorgan ChaseChairman and CEO Jamie Dimon said the possibility of a “hard landing” in the United States could not be ruled out.When asked by CNBC’s Sri Jegarajah about the possibility of a hard landing, Dimon responded: “Could we actually see a hard landing? Of course, if we learn from history, can we say it’s not a possibility?”The CEO was speaking at the JP Morgan Global China Summit in Shanghai.Dimon said the worst outcome for the U.S. economy would be a “stagflation” scenario in which inflation continues but growth slows amid high unemployment.”I’ve looked at the different outcomes and think the…

Nvidia Corp.’s profits soared Wednesday, beating Wall Street expectations, buoyed by its superiority in semiconductor manufacturing, which has made the company a symbol of the artificial intelligence boom.Net income increased more than seven times from a year ago, jumping to $14.88 billion in the first quarter ended April 28 from $2.04 billion a year earlier. Sales more than tripled to $26.04 billion from $7.19 billion the previous year. “The next industrial revolution has begun,” CEO Jensen Huang declared on a conference call with analysts. Huang predicted that companies acquiring Nvidia’s chips would use them to build a new type of…

Sarinyapingam | iStock | Getty ImagesA dispute between a fintech startup and its partner bank could leave millions of Americans unable to access their funds for nearly two weeks, according to recent court documents.Synapse, an Andreessen Horowitz-backed startup that acts as a matchmaker between consumer-facing fintech brands and FDIC-backed banks, has been in disagreements with several partners since last year over the amount of debt it owes to customers.The situation worsened in April when Synapse declared bankruptcy following the withdrawal of several key partners. On May 11, Synapse cut off access to technology systems that allow lenders, including Evolve Bank…

Check out the companies that made headlines after the bell: Nvidia — The chipmaker rose nearly 4% after announcing a 10-for-1 stock split. Nvidia also beat Wall Street’s fiscal first-quarter estimates on revenue and bottom line and issued strong guidance for the current quarter. Other artificial intelligence stocks rose in tandem, with Super Micro Computer and Advanced Micro Devices up more than 2% and 1%, respectively. Snowflake — The cloud computing company surged more than 5%. LSEG said its fiscal first-quarter revenue came in at $829 million, beating Street expectations and compared with the consensus estimate of $786 million. Adjusted…

Bank of America says investors looking for income should look to a small number of small-cap stocks that pay high-quality dividends. While the S&P 500 and Nasdaq Composite Index are setting new records, up about 11% year-to-date, the Russell 2000 is no match. In 2024, the increase will be only 2.5%. But don’t let the underperformance of small-cap indexes put you off guard. Jill Carey Hall, an equity strategist at Bank of America, said in a research note Monday that some stocks in the index offer high-quality dividend yields. “For the first time in over 16 years, a greater proportion…

Exterior view of Pfizer’s headquarters building on January 29, 2023 in New York City.Kenna Betancourt | Corbis News | Getty ImagesPfizer said Wednesday it has launched a new multiyear program to cut costs as it seeks to recover from a steep decline in business caused by the coronavirus. The announcement is in addition to a $4 billion cost-cutting package Pfizer announced last year after demand for its coronavirus vaccine and oral drug paxlobid fell. The pharmaceutical giant said in a securities filing that the first phase of the new program will focus on operational efficiency and is expected to generate…

In March, Synovus Bank appointed Jonathan O’Connor as its first head of third-party payments and CEO of its wholly-owned fintech subsidiary, Marst. He currently leads the bank’s third-party payments business, including merchant services and sponsorship, with a view to expanding growth opportunities in the payments space. Maast also aims to scale its banking-as-a-service and embedded financial solutions nationwide. O’Connor has been deeply involved in the fintech space for 15 years, including serving as U.S. CEO and Group Chief Commercial Officer for Trust Payments, a UK-based payments services provider, and as an advisor to the CEO of Deluxe Corporation, a Minneapolis,…

Nvidia (NVDA) releases its report after the market close, but if there’s ever a time when you don’t have a technical edge, it’s right before a company releases its earnings results. So why do we bother writing about it? There is one very important reason. That’s because the reaction of stock prices to any news, whether micro or macro, tells us more than the news itself. And charts can be very helpful in putting that response into perspective. In this case, the period just before the earnings announcement is the best time to: Understand a stock’s current chart settings Analyze…

Existing-home sales fell 1.9% in April from March on a seasonally adjusted annualized basis to 4.14 million, according to the National Association of Realtors, beating expectations of a slight increase.Sales also declined from April 2023, down 1.9% year-on-year.These sales are based on closings, so contracts are likely to close in February and March. Mortgage rates spiked in early February, hovered around 7% for the next two months, and rose further in April.”When you look at these mortgage rates, which are up 300 basis points from pre-COVID pace, we’re entering new territory in terms of how much the lock-in effect is…