Applied Materials Sees $710M Hit From China Curbs. Here’s What You Should Know
46 minutes ago
Applied Materials (AMAT) said it expects a $710 million revenue hit from new restrictions on its China exports, pressuring shares of the chip manufacturing equipment maker Friday.
The Commerce Department’s Bureau of Industry and Security issued a rule on Sept. 29 that the Santa Clara, Calif.-based company said will “further restrict its ability to export certain products and provide certain parts and services to specific China-based customers without a license.”
Applied Materials said the new rules would reduce its fourth-quarter net revenue by $110 million, and fiscal 2026 revenue by around $600 million.
Before the BIS Affiliates Rule earlier this week, U.S. companies would only need licenses when selling their products to certain companies on what’s known as the entity list. Now, American firms would need licenses even for companies that are 50% or more owned by the companies on the list, according to the BIS, a move that it said “closes a significant loophole.”
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–Nisha Gopalan
Cracker Barrel Parts Ways With Firm That Advised on Ill-Fated Logo, Restaurant Redesigns
1 hr 58 min ago
Cracker Barrel Old Country Store (CBRL) has decided it no longer wants to partner with the firm that advised it on its controversial redesigns.
The restaurant chain announced in a filing that it was “ending its engagement with Prophet, the global strategic and creative growth consultancy that advised Cracker Barrel on its previous brand refresh initiatives, including the logo and restaurant redesigns.”
Cracker Barrel quickly brought back its old logo after a controversial change in August.
Paul Weaver / SOPA Images / LightRocket via Getty Images
On Aug. 19, the Tennessee-based chain unveiled a streamlined logo that no longer featured a male character. The updated logo upset some consumers—and caught the eye of President Donald Trump—and fueled debate about whether remodeled stores had an overly modern vibe. Within a week, the company said it would bring back the prior logo.
Cracker Barrel shares, which entered Friday down 16% this year, are up 1% before the bell.
SoFi Is Expanding Its Options Offerings. Here’s What You Should Know
2 hr 38 min ago
SoFi Technology (SOFI) wants to make it easier to trade options for its customers.
The digital financial services provider said Thursday it has started rolling out so-called “level 1” options—which are designed for beginners—for its SoFi Invest members, including covered calls and cash-secured puts, in addition to the level 2 strategies already available.
The new offerings come with no commissions or contract fees, and SoFi said it will provide built-in educational resources to help members understand how they work. SoFi said users will be able to apply for approval in the company’s app, and that it plans to make the feature available to all eligible members in the coming weeks.
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A number of SoFi’s competitors, including Charles Schwab (SCHW) and Fidelity, already offer level 1 options trading.
“By expanding access to options trading and embedding education directly into the experience, members can responsibly diversify their strategies and pursue their long-term financial goals with confidence,” SoFi CEO Anthony Noto said in a statement.
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–Bill McColl
Stock Futures Point Higher After Indexes Set Closing Records
3 hr 21 min ago
Futures tied to the Dow Jones Industrial Average rose 0.2%.
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S&P 500 futures also were up 0.2%.
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Nasdaq 100 futures also advanced 0.2%.
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