Rare coin issued after California Gold Rush sells at auction for $1.4 million

A rare $20 “double eagle” gold coin sold Tuesday for $1.44 million at the Costa Mesa auction house Stack’s Bowers Galleries.

Minted in Carson City, Nevada, in 1870, only 3,789 of the gold pieces were produced and an estimated 40 to 50 remain, according to John Kraljevich, who specializes in coin history at the auction house.

Details about the buyer were not provided.

Prior to 1849, the highest denomination for a gold coin was $10, known as the eagle. The $20 double eagle was authorized after the California Gold Rush brought an abundance of gold supply, Kraljevich said.

The last time this specific coin was sold was at a Stack’s auction in 1986 for $23,100.

The second-finest coin was sold in an auction for $1.62 million in November 2021. The price of collector’s coins went up substantially during the COVID-19 pandemic, as people turned to investing in their hobbies, Kraljevich said.

Target tumbles after cutting outlook

Target Corp. shares plunged Wednesday after the retailer trimmed its full-year earnings outlook, warning that a flat sales quarter and a buildup in inventory hurt profitability.

Executives said U.S. consumers spent less on nonessential items such as clothes and home products a weaker third-quarter picture than the one provided by Walmart Inc. earlier this week.

Profit also took a hit after Target stockpiled more products in preparation for the U.S. port strike last month. Holding the additional inventory was more expensive than the company expected, eroding earnings.

Target shares tumbled 18% in New York, their biggest one-day drop since May 2022. The shares are trading Wednesday without the right to receive a dividend payout.

Nvidia forecast fails to meet estimates

Nvidia Corp. delivered a revenue forecast that failed to meet the highest expectations, showing that its dizzying AI-fueled growth run has its limits.

Fiscal fourth-quarter sales will be about $37.5 billion, the Santa Clara-based company said Wednesday. Though the average analyst estimate was $37.1 billion, according to data compiled by Bloomberg, projections ranged as high as $41 billion.

Nvidia’s revenue rose 94% to $35.1 billion in the fiscal third quarter, which ended Oct. 27. Excluding certain items, profit was 81 cents a share. Analysts had predicted sales of about $33.25 billion and earnings of 74 cents a share.

Jaguar rebrand and new logo sparks ire

A promotional video for a rebrand of British luxury car brand Jaguar is being criticized online for showing models in brightly colored outfits — and no car.

The rebrand, which includes a new logo, is slated to launch Dec. 2 during the Miami Art Week, when the company will unveil a new electric GT model. But Jaguar Land Rover, a unit of India’s Tata Motors Ltd., has been promoting it online.

The Jaguar brand is in the middle of a transition to going all-electric.

“Copy Nothing,” marketing materials read. “We’re here to delete the ordinary. To go bold. To copy nothing.”

The Associated Press and Bloomberg reports.