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Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.
- Fed rate hike anticipated for the 10th consecutive time
- Eli Lilly’s Alzheimer’s treatment shows promising results
- Ford shares drop despite surpassing earnings expectations
- Apple’s high-yield savings account attracts $1 billion in deposits
- Icahn Enterprises accused of ‘Ponzi’ structure by short-seller report
Fed rate hike anticipated for the 10th consecutive time
Financial markets are preparing for another probable interest rate increase from the Federal Reserve today at 2 p.m. ET. The federal funds rate is expected to rise to a range of 5% to 5.25%, marking the 10th hike since March 2022. Investors are keen to see if Chair Jerome Powell will indicate whether this is the final expected rate hike in the Fed’s tightening campaign to combat inflation.
Eli Lilly’s Alzheimer’s treatment shows promising results
Eli Lilly (LLY) shares rose over 6% in pre-market trading after a study revealed that its Alzheimer’s treatment, donanemab, reduced memory loss by 35% in patients. The company aims to apply for Food and Drug Administration approval as early as this quarter.
Ford shares drop despite surpassing earnings expectations
Ford Motor (F) reported first-quarter earnings that exceeded predictions, with a profit of 63 cents a share compared to the projected 37 cents a share. However, the automaker’s shares fell in pre-market trading after the company maintained its previously announced 2023 guidance. Ford’s commercial and traditional car units excelled in the first report using new business segments, while the electric vehicle division experienced a loss.
Apple’s high-yield savings account attracts $1 billion in deposits
Apple’s new 4.15% annual-yield savings account, offered in partnership with Goldman Sachs, amassed nearly $1 billion in deposits within its first four days. About 240,000 users signed up for the account, with $400 million deposited on the first day alone.
Icahn Enterprises accused of ‘Ponzi’ structure by short-seller report
Activist investor Carl Icahn’s wealth plunged by over $10 billion after short-seller Hindenburg Research accused his investment firm of overvaluing its assets and employing a “ponzi-like” structure to finance its dividends. Icahn Enterprises LP shares fell more than 20% following the report, which claimed the firm’s 15.8% dividend yield was unsustainable.
Recent financial news includes an anticipated Federal Reserve rate hike, promising results from Eli Lilly’s Alzheimer’s treatment, Ford shares falling despite beating earnings expectations, Apple’s high-yield savings account amassing $1 billion in deposits, and a short-seller report accusing Icahn Enterprises of a ‘Ponzi’ structure.
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