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1 | The Federal Reserve has approved a 25 basis point hike for its federal funds target rate, its tenth consecutive rate hike since March 2022. In his post-meeting press conference, Chair Jerome Powell said that "the process of getting inflation back down to 2% has a long way to go," and the Fed will continue raising interest rates "if greater monetary policy restraint is warranted." |
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2 | Chegg shares fell more than 48% on Tuesday after it reported its first-quarter earnings, with a 7% YoY decline in revenue to $187.6M. But it wasn't the lower revenue, which still beat analysts' expectations, that sent Chegg's shares tumbling it was the perceived impact of ChatGPT on the business highlighted by CEO Dan Rosensweig during the earnings call. 
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3 | On Tuesday, short-seller Hindenburg Research revealed its latest target, activist investor Carl Icahn, with a report detailing the alleged inflation of asset valuations in his firm. Icahn Enterprises' stock was down around 20% following the report's release. |
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4 | Private payrolls rose by 296,000 in April, above the Dow Jones estimate of 133,000 and a sharp uptick from the 142,000 revised figure for March, according to ADP. The impressive monthly payroll gain is the largest since July 2022 and came as a surprise as the Fed attempts to slow economic growth with interest rate hikes. |
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5 | Ford shares were down slightly on Tuesday despite first-quarter earnings that crushed expectations. The automaker posted adjusted earnings per share of $0.63, topping estimates of $0.41, from revenues of $39.09B, above the $36.08B expected. Still, Ford confirmed it anticipates annual losses of up to $3B from its electric vehicle unit, Model e. |
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6 | PacWest Bancorp shares fell nearly 28% on Tuesday as the banking sector faces renewed concerns from investors following First Republic's failure. Regional bank holding company Western Alliance saw its shares drop more than 15% in the same period. |
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7 | Uber reported 29% YoY revenue growth to $8.82B for its first quarter, with a loss per share of $0.08, down from $3.03 per share last year. Shares of the ride-hailing company jumped 11% on Tuesday thanks to the strong quarter |
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