Yahoo News

Rihanna has entered the billionaires club.   According to Forbes, the 33-year-old is now worth a whopping $1.7 billion — making her the wealthiest female musician, and second only to Oprah Winfrey, as the richest female entertainer.  Although many know Rihanna for her music — from hit singles “Umbrella” and “Where Have You Been” to “We Found Love” and “Work” — she actually achieved the bulk of her income through her fashion and beauty brands.  Fenty Beauty, which launched in 2017, has… Source link

Disappointing Q2 revenue reports and Q3 forecasts for Amazon (AMZN) may be symptomatic of a larger weakness, Volition Capital Managing Partner Larry Cheng said in an interview with Yahoo Finance Live. “[Amazon will] be dominant in the future,” Cheng said. “However, I do think during this period their Achilles heel has emerged, and it’s the strength and the weakness being the same thing for Amazon. Their strength is that they are ‘the everything store.’ Their weakness is that they are… Source link

A bipartisan trio of senators is trying to change a cryptocurrency provision in the infrastructure bill that the industry warns will have a “devastating” impact on the space. As it stands, the infrastructure bill aims to raise revenue by cracking down on cryptocurrency tax reporting.   The industry argues the current measure included in the bill is too broad — and would force miners, developers and other “non-financial intermediaries” to face the new reporting requirements, though they… Source link

Moderna (MRNA) has maxed out on its manufacturing capacity for 2021 and has shifted its focus to 2022 and 2023 advanced purchasing orders for its COVID-19 vaccine, officials said Thursday. The company reported $2.8 billion in vaccine revenue for the second quarter and anticipates pricing of doses will fall and impact revenue as more low- and middle-income countries become the dominant purchasers, according to officials on an earnings call. In addition, Moderna expects the global pandemic to… Source link

Goldman Sachs is getting more bullish on stocks. The Wall Street firm on Thursday upgraded its year-end price target for the S&P 500 (^GSPC) to 4,700, up from the 4,300 seen previously. That new target would represent an upside of nearly 7% from closing prices on Wednesday, and add to what has already been a more than 17% year-to-date gain for the blue-chip index. Goldman also expects the S&P 500 to close out 2022 at 4,900, raising this from a previous target of 4,600. A combination of… Source link

Robinhood (HOOD) shares tanked 27% to close the session at $50.27 after several wild sessions. Thursday’s decline followed an announcement that some stockholders would be cashing out up to 97.8 million shares. The news came after a massive two-day rally. The investment platform’s shares had gained 100% earlier this week. Robinhood appears to be the newest meme stock on the Wall Street, highlighting the power of retail investors. It was one of the most mentioned stocks on Reddit’s… Source link

With the Delta variant driving a surge in COVID-19 infections, accounting for more than 90% of new cases across the U.S., health officials warn the threat of the contagious variant is “serious” as infected patients crowd hospital beds in hard-hit regions. “I cannot emphasize enough how serious this situation is,” Dr. Elizabeth Clayborne, emergency physician at UM Capital Region Medical Center, told Yahoo Finance Live, referring to the Delta variant. “This is a wake-up call for everyone… Source link

New weekly jobless claims dipped last week to come in near consensus estimates, trending down but still coming in well above pre-pandemic levels as the labor market’s recovery trudges forward. The Labor Department released its weekly jobless claims report on Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg: Initial unemployment claims, week ended July 31: 385,000 vs. 383,000 expected and a revised 399,000 during prior… Source link

An increase in mobility as more people get vaccinated for COVID-19 hasn’t changed much for the trajectory of Papa John’s (PZZA) business.  The pizza joint clobbered Wall Street sales and profit forecasts on Thursday, powered by demand for new Epic Stuffed Crust pizza and Papadia sandwiches. Here is how Papa John’s performed compared to Wall Street analyst forecasts for the second quarter: Adjusted Diluted EPS: $0.93 vs. $0.73 Net Sales: $515 million vs. $494.4 million Systemwide North America… Source link

Stock futures opened slightly to the upside Wednesday evening as investors awaited more earnings and data on the labor market’s recovery.  Contracts on the S&P 500 traded a tick above the flatline. The blue-chip index had ended the day in the red, pulling back from Tuesday’s record closing high. The Dow also ended lower, while the Nasdaq eked out a higher close.  Some of the closely watched companies that reported earnings results after market close on Wednesday disappointed relative to Wall… Source link