News

Wendy’s shares extended their rally for a second day on Thursday, as retail traders continued piling into the heavily shorted fast-food chain. Shares surged another 12% in premarket after a 25.7% gain in the previous session, their biggest advance since June 2021. The rally appeared largely disconnected from company fundamentals and instead reflected a burst of social-media enthusiasm that has transformed Wendy’s into the latest meme-stock favorite. Loading chart… “Reddit crowd hijacks stock,” Don Bilson, …

Investors continue to rely on professional financial advisers for their final investment decisions, even as artificial intelligence becomes more widely used in the initial stages of research, according to a survey by HSBC. The survey, which polled around 10,000 affluent and high-net-worth individuals across 10 markets, found that 62% use financial professionals and institutions as their main source of investment ideas. About 37% of respondents said human financial experts had the greatest influence on their …

The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve’s annual stress test released Wednesday. All 32 banks examined by the Fed remained above their minimum capital requirements under the regulator’s hypothetical scenario, which included unemployment surging to 10%, a 39% drop in commercial real estate prices and a 30% decline in …

JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the nation’s biggest banks remained well capitalized under its annual stress test. The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1. “The Board’s intended dividend increase is supported by our consistent investment …

Prediction market platform Kalshi’s CEO Tarek Mansour confirmed the company is in the early stages of planning a potential IPO in an appearance on CNBC’s “Squawk Box.” Mansour said a public markets debut of the company won’t come this year, but that it makes sense for Kalshi at this stage of its growth to begin thinking about an IPO. “A company of our financial profile with the rate of growth that we’re seeing, that sort …

Wendy’s shares surged in premarket trading Wednesday, fueled by a burst of retail investor enthusiasm that appears disconnected from the fast-food chain’s latest executive appointment. The stock climbed more than 16% before the opening bell on heavy volume after Wendy’s disclosed the appointment of former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer. While management changes can influence investor sentiment, the magnitude of the move suggests other forces may be at …

The Commodity Futures Trading Commission said Tuesday that it’s filing suit against Kentucky. The action comes after the state sued prediction market platforms Kalshi and Polymarket, asserting the companies were operating illegal gambling platforms.  Kentucky is the ninth state the CFTC has sued in the agency’s battle to defend what it said is its exclusive jurisdiction to regulate prediction markets. Front Office Sports was first to report the federal government’s lawsuit on Tuesday.  “Kentucky is …

SpaceX‘s sharp pullback from its post-IPO record high is doing little to embolden short sellers reluctant to bet against CEO Elon Musk, even as the shares have shed more than a quarter of their value in just over a week. The rocket company is down about 12% this week and roughly 28% from its June 16 peak, erasing hundreds of billions of dollars in market value after a blistering rally that followed the June 12 …

On Tuesday night, New York City Mayor Zohran Mamdani faces his first major electoral test since his election in November 2025. This time, while Mamdani isn’t on the ballot, his power to swing voters is.  Mamdani has endorsed three candidates in competitive congressional primaries in the city: former New York City Comptroller Brad Lander in New York’s 10th congressional district, New York State Assemblywoman Claire Valdez in NY-7 and first-time candidate Darializa Avila Chevalier in …

Meta Platforms CEO Mark Zuckerberg has directed staff to create a prediction market platform, a source familiar with the company’s plans confirmed to CNBC. The New York Times was first to report the development on Tuesday.  The source also confirmed to CNBC that the prediction market app would not not use actual money to trade on the platform, a contrast to other prediction markets where traders use cash to speculate on future events. The Times …