Berkshire Hathaway continues to underperform after Buffett's exit news, now trailing the S&P 500
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Yahoo
23 minutes ago
- Yahoo
Stock market today: S&P 500 ekes out new record amid wave of earnings, trade updates
US stocks closed mixed Tuesday, but the benchmark S&P 500 (^GSPC) was able to eke out a new record as Wall Street digested a new batch of earnings, including a tariff warning from General Motors (GM), while also weighing the latest trade developments. The S&P closed just above the flat line to secure the fresh all-time high of 6,309.62. The Nasdaq Composite (^IXIC) dropped around 0.4% ahead of Big Tech earnings, while the Dow Jones Industrial Average (^DJI) rose 0.4%. Markets bounced off earlier losses after President Trump announced a new trade deal with the Philippines, in a potential sign that more positive developments on the trade front could be on the horizon. So far, the market has proven resilient in the face of tariff uncertainty, with the S&P 500 and Nasdaq hitting fresh record closes on Monday. Earnings season has been largely upbeat, buoying stocks and sentiment — though the market is now weighing how far the recent rally can run. Earnings results from a wave of companies on Tuesday were mixed. The stocks of General Motors (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street. General Motors reported that its core profit sank over 32% in the second quarter as tariff headwinds sapped $1.1 billion from its results. The Big Three automaker warned the hit would be deeper in the current quarter, providing food for thought to investors assessing the impact of President Trump's trade policy. Read more: Full earnings coverage in our live blog At the same time, Wall Street awaits second-quarter results from "Magnificent Seven" members Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday. As the valuation of large-cap tech stocks soars, investors are hoping for reassurance that the hype around AI is more than just buzz. Meanwhile, the clock is ticking on trade. Trump's August 1 deadline to strike a deal or raise tariffs is fast approaching but progress remains elusive. Talks with India are reportedly deadlocked, while negotiations with the European Union continue to stall. There is some movement on China. Treasury Secretary Scott Bessent said he'll meet his Chinese counterpart next week in Stockholm with discussions expected to include a possible extension of the August 12 deadline to avoid sharply higher tariffs. Read more: The latest on Trump's tariffs LIVE 21 updates
Business Wire
25 minutes ago
- Business Wire
IS&S Announces New $100 Million Credit Facility
EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support (IS&S) (NASDAQ: ISSC) today announced that it has entered a new five-year, $100 million committed credit agreement (the "Credit Agreement") with a lending syndicate led and arranged by JPMorgan Chase Bank, N.A. The Credit Agreement replaces the Company's existing $35 million line of credit. Under the terms of the Credit Agreement, the new credit facilities bear interest at Term SOFR plus 175 to 275 basis points, with the applicable margin determined by the Company's total net leverage ratio, as calculated in accordance with the Credit Agreement. The Credit Agreement provides for a $30 million secured revolving loan facility, a $25 million secured term loan, a $45 million secured delayed draw term facility, and an option, subject to certain conditions, to request up to $25 million in additional loan commitments under an accordion feature in the Credit Agreement. The initial outstanding borrowing under the new Credit Agreement, as of the closing date, replaced the outstanding borrowings under the existing line of credit. "We are pleased by the strong support from our bank group enabling us to significantly expand the size of our credit facility, which highlights their confidence in our management team and strategy,' said Jeffrey DiGiovanni, Chief Financial Officer of IS&S. "The new facility provides expanded liquidity and improved flexibility, better enabling us to execute on our long-term growth strategy and capital allocation priorities, consistent with our focus on driving long-term value creation for our shareholders." For further information regarding the Credit Agreement, please refer to the Company's Current Report on Form 8-K, to be filed with the Securities and Exchange Commission on July 22, 2025. ABOUT INNOVATIVE SOLUTIONS & SUPPORT Headquartered in Exton, Pa., Innovative Solutions & Support (IS&S) is a U.S.-based company specializing in the engineering, manufacturing, and supply of advanced avionic solutions. Its extensive global product reach and customer base span commercial, business and aviation and military markets, catering to both airframe manufacturers and aftermarket services for fixed-wing and rotorcraft applications. IS&S offers cutting-edge, cost-effective solutions while maintaining legacy product lines. The company is poised to leverage its experience to create growth opportunities in next-generation navigation systems, advanced flight deck and special mission displays, precise air data instrumentation, autothrottles, flight control computers, mission computers and software based situational awareness targeting autonomous flight. Supported by a robust portfolio of patents and the highest aircraft certification standards, IS&S is at the forefront of meeting the aerospace industry's demand for more sophisticated and technologically advanced products. For more information, please visit us at FORWARD-LOOKING STATEMENTS This press release contains 'forward-looking statements' within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In this press release, the words 'anticipates,' 'believes,' 'may,' 'will,' 'estimates,' 'continues,' 'anticipates,' 'intends,' 'forecasts,' 'expects,' 'plans,' 'could,' 'should,' 'would,' 'is likely', 'projected', 'might', 'potential', 'preliminary', 'provisionally', and similar expressions, as they relate to the business or to its management, are intended to identify forward-looking statements, but they are not exclusive means of identifying them. All forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, statements about: future revenue; financial performance and profitability; future business opportunities; plans to grow organically through new product development and related market expansion, as well as via acquisitions; and the timing of long-term programs remaining in production and continuing to generate future sales. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the Company's ability to efficiently integrate acquired and licensed product lines into its operations; a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; an inability to perform customer contracts at anticipated cost levels; market acceptance and demand for our products and programs; and other factors that generally affect the economic and business environments in which the Company operates. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and subsequent reports filed with the Securities and Exchange Commission. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Chicago Tribune
25 minutes ago
- Chicago Tribune
Billionaire owner of the Los Angeles Times says he will take the newspaper public in the coming year
LOS ANGELES — Dr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times since 2018, said this week that he intends to take the newspaper public in the coming year. During an interview on Monday's 'The Daily Show With Jon Stewart,' Soon-Shiong said the move would allow the Times 'to be democratized and allow the public to have ownership of this paper.' Soon-Shiong said he's working with 'an organization that's putting that together right now.' He didn't identify the organization or say whether the deal would involve an initial public offer to sell shares of the company or another investment arrangement. 'Whether you're right, left, Democrat, Republican, you're an American. So the opportunity for us to provide a paper that is the voices of the people, truly the voices of the people, is important,' he said. Soon-Shiong, a biotech billionaire, acquired the Times as part of a $500 million deal, returning it to local ownership two decades after the Chandler family sold it to Tribune Co. Soon-Shiong's purchase raised hopes after years of cutbacks, circulation declines and leadership changes. But like much of the media industry, the Times has continued to face financial difficulties, losing money and subscribers. Last year the company said it would lay off at least 115 employees — more than 20% of the newsroom — in one of the largest staff cuts in the newspaper's history. Also in 2024, executive editor Kevin Merida suddenly stepped down after a 2 1/2-year tenure at the newspaper that spanned the coronavirus pandemic and three Pulitzer Prizes, as well as a period of layoffs and contentious contract negotiations.
