Samsung Recalls Over 1 Million Electric Ranges Due to Fire Hazards

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🌎 World & Economics

Samsung Recalls Over 1 Million Electric Ranges Due to Fire Hazards

Samsung is recalling over 1.12 million electric ranges due to safety concerns linked to accidental activation of front-mounted knobs, which have resulted in approximately 250 fires and multiple injuries. The U.S. Consumer Product Safety Commission reported that these ranges, associated with at least 18 instances of major property damage and seven pet deaths, pose a significant fire hazard. Consumers can determine if their range is included in the recall by checking the model number and are encouraged to contact Samsung for free knob locks or covers. Safety guidelines recommend keeping children and pets away from the knobs and ensuring the range is turned off when not in use.

Palantir and Microsoft Expand AI Partnership for U.S. Defense Services

Palantir Technologies and Microsoft Corporation have announced an expanded partnership aimed at enhancing analytics and artificial intelligence services for the U.S. Defense and Intelligence Community. This collaboration introduces an integrated suite of technologies that will operationalize Microsoft’s large language models within Palantir’s platforms in classified cloud environments. The deployment will utilize Microsoft’s Azure cloud and various Palantir products, facilitating AI-driven operational workloads across defense-related verticals. The initiative also includes plans for bootcamp experiences to familiarize users with the new technology, though the services will be subject to necessary government authorization and accreditation.

📈 Stocks / Finance

U-Haul Reports 24% Earnings Drop Amid Rising Costs and Mixed Revenue Trends

In its first quarter of fiscal 2025, U-Haul Holding Company reported a significant decrease in earnings available to common shareholders, dropping to $195.4 million from $256.8 million year-over-year, largely attributed to reduced gains from the disposal of rental equipment and increased depreciation costs. Additionally, Moving and Storage earnings from operations fell by $64.3 million, although Other Revenue in the same sector grew by 7.3%, reflecting growth from new locations and expanded facilities. Same-store occupancy dipped slightly, yet there was an increase in revenue per foot and a rise in qualified locations for the pool. U-Haul plans to engage investors through an annual meeting and an earnings call, set to take place shortly after the reporting period.

Premarket Stock Highlights: Eli Lilly, Under Armour, Warner Bros. Discovery and More.

In premarket trading, several companies saw significant stock movements, with Eli Lilly's shares rising 8% following strong second-quarter earnings and an increased revenue outlook. Under Armour experienced a 6% increase after announcing a surprise profit, while Viatris gained 2.1% with earnings slightly exceeding expectations. Conversely, Warner Bros. Discovery fell 10.4% due to a large write-down and disappointing revenue, and Bumble's shares plummeted 40% after missing revenue guidance. Other notable declines included Fastly, Sonos, and JFrog, each reporting weak forecasts that led to substantial stock drops.

🪙Crypto

Massive $350M Ether Withdrawal Looms: Will ETH Hold Above $2.2K?

Over $350 million worth of Ether tokens is set to be unlocked soon, raising concerns about potential downward pressure on ETH prices. A total of 145,380 Ether is scheduled for withdrawal, with the possibility that a significant portion may be sold on the market. Previous patterns suggest that while such withdrawals are usual post-Ethereum's upgrades, aggressive selling activity from major market players could further impact the price. Analysts indicate that despite current downward trends, there may be indications of a local price bottom, potentially providing future buying opportunities.