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Bottom line: The hard seltzer boom is over. Shares of Boston Beer crashed 20% in pre-market trading on Friday as the maker of Truly hard seltzer and Sam Adams badly whiffed on its earnings expectations and slashed full-year guidance. The culprit: Execs overestimated the potential of the hard seltzer market, which continues to slow amid rising competition and people returning to bars coming out of the COVID-19 pandemic as Yahoo Finance has reported.  “We overestimated the growth of the hard… Source link

Futures rallied in Thursday’s after-hours session, suggesting Wall Street would extend the previous day’s gains — and perhaps test new highs on Friday — after a rough start to the week. On Thursday, stocks notched slim gains in rangebound trading, but managed to stretch an improbable win streak into a third day, as traders struggled to decipher the meaning behind a surprise rise in unemployment. The head-spinning reversal from Monday’s drubbing to Thursday mini-rally was part of the… Source link

(Bloomberg) — Snap Inc. reported gains in revenue and users that exceeded analysts’ estimates, as the company’s investments in content and creative tools lured young people and the advertisers trying to reach them. Shares gained. Second quarter sales more than doubled to $982.1 million, the company said Thursday. That dwarfed the $846.9 million average analysts’ estimate. Snapchat, the mobile app for sending disappearing messages and watching video content, had 293 million daily active… Source link

(Bloomberg) — Intel Corp., the world’s biggest semiconductor maker, gave a lackluster third-quarter sales forecast, indicating its data-center chip business continues to suffer market-share losses in the face of stiffer competition. Sales in the current period will be about $18.2 billion, Intel said in a statement Thursday. That compares with average analyst projections of $18.3 billion. Adjusted gross margin, a measure of profitability, will be about 55%, the company said, and per-share… Source link

Former female employees of Activision Blizzard (ATVI) are coming forward to share their experiences at the company after a California state agency filed a civil rights lawsuit against the gaming giant alleging widespread sexual harassment and gender and racial discrimination. The suit, which seeks compensatory and punitive damages, as well as unpaid wages, has kicked off a firestorm against the “Call of Duty” and “World of Warcraft” maker, with users across social media platforms… Source link

(Bloomberg) — The blank-check company seeking to buy electric-car startup Lucid Motors Inc. made a last-minute appeal for retail shareholders to vote for the deal amid signs that it’s struggling to win their approval. Churchill Capital Corp. IV, the special purpose acquisition company started by investment banker Michael Klein, adjourned its Thursday shareholder meeting that was to determine the fate of the merger, pushing the decision back to the following day. It also appealed again in a… Source link

Southwest Airlines (LUV) reported leisure passenger traffic rebounded in June to 2019 levels, helping the airline generate its first monthly profit since the COVID-19 pandemic decimated the industry.   “I think we can sustain that going into the third quarter. I think we are all worried about this Delta variant,” CEO Gary Kelly told Yahoo Finance Live. Kelly called the second quarter an important milestone in the airline’s pandemic recovery. Southwest generated $4 billion in revenue during… Source link

The global housing market has gotten too hot to be sustained, according to Oxford Economics‘ deep dive into more than 121 years of housing data. Home prices in advanced economies may be about 10% overvalued compared to the long-term, according to new research from Oxford Economics lead economist Adam Slater. This “boom,” Slater notes, is one of the biggest since 1900. The last boom period in 2006 saw home prices 13% to 15% overvalued, based on Oxford’s analysis. Students of market history… Source link

If you can’t access online services like Sony’s PlayStation Network and Steam, as well as websites like Airbnb, you’re not the only one. Starting at approximately 11:20AM ET, Downdetector began logging a spike in outage reports across a variety of online services and websites. Outside of PSN and Steam, some of the more notable platforms people can’t seem to connect to include LastPass, TikTok and UPS. Visiting the PlayStation Store and other affected websites, they come back with a DNS… Source link

Medicare Advantage provider Clover Health (CLOV) is both despised and loved, depending on whom you ask. The newly-public company has earned a prized status among top meme stocks. But the company is also facing significant backlash in the form of lawsuits after a scathing report from short-seller firm Hindenburg Research.  [Read more: Clover Health CEO speaks out for first time on hospital controversies] It’s something the company’s normally media-shy CEO, Vivek Garipalli, recently discussed in… Source link