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Viking Global shifts Big Tech holdings in first quarter
  + stars: | 2024-05-15 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Ole Andreas Halvorsen's Viking Global appeared to relocate money within megacap technology in the first quarter. Viking Global zeroed out a position of nearly 3.3 million shares in Alphabet during the first three months of 2024, regulatory fillings show. It's nearly 1.6 million shares at a total value of more than $670 million. With that increase, Viking Global holds more than 1.9 million shares, or more than $1.2 billion. Outside of tech, Viking Global began holding Clorox , Dollar Tree , Skechers and Las Vegas Sands during the period.
Persons: Ole Andreas Halvorsen's, Halvorsen, Julian Robertson Organizations: Big Tech, Viking, Microsoft, Tiger Management, Viking Global, Las Vegas Sands, U.S . Bancorp, MetLife, Deere Locations: Ole Andreas Halvorsen's Viking, Viking, Apple, Las, U.S, Stryker
Wedbush reiterates Apple as outperform Wedbush said it's standing by its outperform rating on shares of Apple . Bank of America reiterates Palantir as buy Bank of America said it's standing by its buy rating on shares of Palantir. Bank of America initiates Apogee Therapeutics at buy Bank of America said the biotech company has best-in-class potential. Bank of America upgrades Bumble to buy from neutral Bank of America sees "multiple expansion" for the dating app company. Bank of America reiterates Walmart as buy Bank of America said it's bullish heading into Walmart earnings on May 16.
Persons: Bernstein, Wedbush, Palantir, Wells, CRNC, Stifel, TD Cowen, Morgan Stanley, Raymond James, it's, Bumble, Lear, Tesla, Oppenheimer, Guggenheim Organizations: Nvidia, Citi, Cheesecake, Apple, Worldwide, " Bank of America, Bank of America, Mizuho, Apogee Therapeutics, Warner Brothers Discovery, HSBC, TPG, of America, Dominion, underperform Bank of America, Dominion Energy, Barclays, Nike, Walmart, Supercenters, Moffett Locations: WWDC, Palantir, OW, U.S
OMAHA, Nebraska — Warren Buffett said Saturday his designated successor Greg Abel will have the final say on Berkshire Hathaway's investing decisions when the Oracle of Omaha is no longer at the helm. Berkshire investing managers, Todd Combs and Ted Weschler, both former hedge fund managers, have helped Buffett manage a small portion of the stock portfolio (about 10%) for about the last decade. There was speculation that they may take over that portion of the Berkshire CEO role when he is no longer able. But it seems, based on Buffett's latest comments, that Abel will have final decisions on all capital allocation — including stock picks. Berkshire acquired MidAmerican Energy in 1999 and Abel became CEO of the company in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014.
Persons: OMAHA , Nebraska — Warren Buffett, Greg Abel, Greg, Buffett, Abel, Charlie Munger, you've, Todd Combs, Ted Weschler Organizations: Berkshire, Oracle, Apple, MidAmerican Energy, Berkshire Hathaway Energy Locations: OMAHA , Nebraska, Omaha, Berkshire
PayPal raised its full-year adjusted profit forecast on Tuesday, as the payments giant benefited from robust consumer spending, while measures to cut costs improved operating margins in the first quarter. Consumer spending has shown remarkable resilience even as economic worries clouded the outlook for the payments sector for months. The company expects 2024 adjusted profit to increase by "mid-to-high single-digit percentage", compared with its earlier forecast of it remaining flat. PayPal's operating margins improved 84 basis points, on an adjusted basis, to 18.2% in the first quarter. The company's low-margin business products have risen strongly, while growth in its branded products slowed due to increased pressure from competitors such as Apple .
Persons: Alex Chriss Organizations: PayPal, Nasdaq, FX, Apple Locations: San Jose , California
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Driving the S & P 500 higher, ironically, are the two "Magnificent 7" stocks that have underperformed all year: Tesla and Apple . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Tesla, Elon Musk, Bernstein, There's, Cramer, Eli Lilly, Jim Cramer's, Jim, Tim Cook, Pedro Pardo Organizations: CNBC, GE Healthcare, PayPal, McDonalds, Devices, Jim Cramer's Charitable, Apple's, China Development Forum, AFP, Getty Locations: China, Wells, Wells Fargo, Eaton, Beijing
Big tech earnings reports have put investors on quite the roller coaster. Alphabet , Microsoft and Tesla have all moved higher post earnings, while Meta and IBM had opposite reactions by dropping precipitously. Inside of this recent technology, I think it is time to add to a nearly forgotten Magnificent Seven laggard: Apple . Apple is down 11% year to date, and I want to add exposure in a zero-cost manner ahead of its earnings release next Thursday. Investors are anticipating a year-over-year decline in both earnings and revenue for this former tech favorite, but I believe this is already priced into the stock.
Organizations: Microsoft, Tesla, Meta, IBM, Apple, Big, mojo
Alphabet on Thursday delivered a knockout first-quarter report, with sales, operating margin and profits all topping Wall Street expectations. Alphabet Why we own it : Alphabet's Google Search is an invaluable tool for advertisers. Alphabet's big three watch items for investors — Search, YouTube, and Google Cloud — all delivered better-than-expected revenues in the quarter, leading to companywide sales topping estimates. It exited the quarter with $108 billion in cash, cash equivalents and marketable securities on its balance sheet, compared with $110.9 billion at the end of 2023. At 20 cents a share, Alphabet's dividend yield stands at 0.51% based on Thursday's close.
Persons: we've, It's, Sundar Pichai, Ruth Porat, TikTok, Philipp Schindler, Pichai, Porat, we're, Alphabet's, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: YouTube, Microsoft, Management, , Google, Google Services, Capital, buybacks, Meta, Apple, CNBC, O, Bloomberg, Getty Locations: That's, Mountain View , California
Goldman Sachs reiterates Alphabet as buy Goldman said it's sticking with its buy rating following the company's Google Cloud Next event. "We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target." "Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140." "Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook." Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. "
Persons: Evercore, it's bullish, Goldman Sachs, Goldman, Berenberg, TD Cowen, Visa, Oppenheimer, it's, Snowflake, Raymond James, Simona Jankowski, Wells, Morgan Stanley, Moffett, We've, Marsh, Bernstein, Kenvue, underperform Bernstein, Johnson, Needham, Airbnb, CVX, TTE, Piper Sandler, Meta, Piper, Wells Fargo Organizations: JPMorgan, Apple, Mastercard, Barclays, Nasdaq, Nvidia, UBS, Gartner, IT, Deutsche Bank, ATI, Deutsche, Disney, Microsoft, TEAM, " Bank of America, Nike, of America, Citi, Robinhood, MMC, Qualcomm, Johnson, Consumer, Scotiabank, Hamilton Insurance, Costco, ~$ Locations: Albemarle, Chevron
After subtracting for outflows, JPMorgan's Peng Cheng said retail traders poured nearly $450 million into single stocks over the last week. Nvidia , Advanced Micro Devices and Super Micro Computer were among the stocks seeing the largest net retail outflows in the week, JPMorgan found. Advanced Micro had retail net outflows of more than $800 million in the period, while investors sold Super Micro shares to the tune of $301 million, the firm said. Beyond AI stocks, Tesla was another one of those most sold names in the week with retail net outflows of more than $300 million, according to JPMorgan. Apple was the most bought stock by everyday investors in the week, clinching more than $1.4 billion, JPMorgan found.
Persons: JPMorgan's Peng Cheng, Cheng, Tesla Organizations: JPMorgan, Nvidia, Devices, Micro, AMD, Super Micro, LSEG, Tesla, Big Tech, Apple
IPhone users in the European Union will be able to download apps from websites, instead of through the App Store or a competing app store app, Apple said, in the the latest change forced by the European Commission's Digital Markets Act. Tuesday's announcement is the latest example of the Digital Markets Act forcing Apple to make long-resisted changes to its App Store business processes. Under the DMA, Apple has been forced to allow third-party app stores in Europe, has reinstated antitrust adversary Epic Games' developer account amid a legal dispute, and has backtracked on banning web app shortcuts on the main iPhone screen. Apple still plans to charge a fee of fifty Euro cents for app downloads outside of its App Store, including web app downloads. The company has said Europe represents about 7% of Apple's App Store revenue.
Persons: Tim Cook, Apple, Margrethe Vestager, Vestager Organizations: Apple Inc, Apple Worldwide Developers, European Union, Commission's, Apple, Digital, Epic Games, Commission, European Commission, Spotify, EU, CNBC Locations: San Jose , California, U.S, European, Europe, iPhones
Nvidia shares may be due for a pullback after another red hot start to the year. But Nvidia may be getting ahead of itself after nine-straight weeks of gains, according to this commonly watched metric. Here are some of the stocks that made the list: Howmet Aerospace and General Electric are the most overbought stocks, with RSIs exceeding 89. Nvidia was the fourth-most overbought stock on the list with an RSI reading of about 86. NVDA 5D mountain Nvidia shares this week Other companies that made the overbought list include Jabil , Leidos Holdings and American Express .
Organizations: Nvidia, CNBC Pro, Wall, Aerospace, General Electric, Electric, JPMorgan, Leidos Holdings, American Express, Apple Locations: China
Semiconductor firms such as Taiwan Semiconductor Manufacturing Company are at risk of water shortages as processing technology advances, S&P Global Ratings said in a report. "There is a direct line between water use and chip sophistication, as fabs use ultrapure water — fresh water processed to extremely high purity — to rinse wafers between each process. The more advanced the semiconductor, the more process steps, the more water consumed," said S&P Global Ratings credit analyst Hins Li. TSMC's water consumption per unit grew over 35% after it advanced to 16-nanometer process nodes in 2015, data from S&P revealed. "We believe this was mainly due to the migration to advanced nodes, which require more fabrication processes," S&P said.
Persons: Hins Li Organizations: Taiwan Semiconductor Manufacturing, Semiconductor, Nvidia, Apple
While the announcement caused consternation on Wall Street, Slootman told CNBC that he's not worried about a wave of Snowflake employees following him out the door. Slootman, 65, is being succeeded by former Google ad chief Sridhar Ramaswamy, who joined Snowflake in June via the company's $185 million purchase of Neeva, a startup Ramaswamy co-founded in 2019. Snowflake was the third enterprise technology company that Slootman shepherded through the IPO process, following Data Domain in 2007 and ServiceNow in 2012. Before joining Snowflake, Slootman spent about six years as CEO of ServiceNow . ServiceNow's workforce stood at 23,668 by the end of 2023, compared with 603 in December 2011, months after Slootman had joined, according to regulatory filings.
Persons: Frank Slootman's, Slootman's, Slootman, he's, Sridhar Ramaswamy, Snowflake, ServiceNow, , There's, George Floyd, Steve Jobs Organizations: Snowflake, New York Stock Exchange, Mizuho Securities, CNBC, Google Locations: ServiceNow, Snowflake, America
The move to launch a flip foldable is in line with Honor's push into the premium end of the market where it's looking to challenge companies like Samsung and Apple . There are two styles right now on the market — smartphones that fold like a book and those that fold vertically like an old school flip phone but without a visible hinge. BARCELONA — Honor will launch a foldable flip phone this year, the company's CEO told CNBC, marking the Chinese technology firm's first foray into the vertical-folding style of smartphone that has been popularized by brands like Samsung and Motorola. The entry into flip foldables will expose Honor to a different price point. The flip style of phones, such as Samsung's Galaxy Z Flip 5 are often priced cheaper than the horizontal-style folding devices.
Persons: George Zhao, Neil Shah, Zhao Organizations: Samsung, Apple, CNBC, Motorola, Mobile, Research, Counterpoint Research, Huawei Locations: BARCELONA, Barcelona, U.S, China
CNBC Daily Open: Americans sour on the economy
  + stars: | 2024-02-28 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Mixed bag on Wall StreetU.S. stocks ended mixed Tuesday as investors prepared for key inflation data due out later this week. South Korea's Japan-style measures to boost corporate governance may not work to lift its undervalued stock markets and tackle the so-called "Korea discount." Honor's foray into flip phonesChinese technology firm Honor will launch a foldable flip phone this year, the company's CEO George Zhao told CNBC.
Persons: Joe Biden, Dow, Bitcoin, Tesla, George Zhao, Andrew Organizations: CS Wind America Inc, CNBC, Wall Street, Nasdaq, Apple, Bloomberg, Will, Korea's, Financial Services Commission, Samsung Locations: Pueblo , Colorado, Korea's Japan, Korea
Artificial intelligence and semiconductor chip stocks rallied after U.S. chip design firm Nvidia beat Wall Street's expectations for fourth-quarter earnings and revenue on Wednesday and projected "continued growth" in 2025 and beyond. Nvidia supplier Taiwan Semiconductor Manufacturing Company jumped as much as 2.05% in Thursday morning trade. TSMC is the world's largest contract chip maker and produces advanced processors for companies like Nvidia and iPhone maker Apple . Following Nvidia's earnings report, rivals Advanced Micro Devices and SoftBank-backed U.K. chip designer Arm Holdings surged 4.08% and 7.87%, respectively, in after hours trading. Nvidia, which custom designs AI chips for the likes of Amazon, Microsoft and Google, saw skyrocketing demand for its graphics processing units thanks to the AI boom.
Organizations: Nvidia, U.S, Taiwan Semiconductor Manufacturing Company, Apple, Devices, Arm, Microsoft, Google Locations: Krakow, Poland, Wednesday's, Dutch, U.S
Shares of two critical chip firms TSMC and ASML fell ahead of U.S.-based artificial intelligence chip designer Nvidia's earnings report. Shares of Taiwan Semiconductor Manufacturing Company dropped more than 1% on Wednesday morning. Nasdaq-listed shares of Dutch semiconductor equipment maker ASML closed 2.09% lower on Tuesday. ASML supplies the likes of TSMC with machines that are critical to manufacturing chips. Other Taiwanese semiconductor companies United Microelectronics Corp .
Persons: ASML, Jensen Huang, MediaTek Organizations: Nvidia, Taiwan Semiconductor Manufacturing Company, Apple, Nasdaq, United Microelectronics Corp Locations: Krakow, Poland, U.S
Jensen Huang, CEO of Nvidia, arrives for the Inaugural AI Insight Forum in the Russell Building on Capitol Hill on Sept. 13, 2023. Nvidia's stock price has soared fivefold since the end of 2022, as demand has skyrocketed for its graphics processing units that sit at the heart of the artificial intelligence boom. Nvidia's chips, such as the H100, are used by AI developers to create cutting-edge models like the ones OpenAI used to develop ChatGPT. The company's market cap climbed to about $1.8 trillion last week, surpassing Alphabet and Amazon and now trailing only Microsoft and Apple . "NVDA's stock appreciation has been parabolic," analysts at Bank of America wrote in a report Thursday.
Persons: Jensen Huang, Davidson, Gil Luria, Luria, Thomas O'Malley, O'Malley, There's, Ben Reitzes Organizations: Nvidia, Investors, Microsoft, Apple, Bank of America, Google, Barclays, Taiwan Semiconductor Manufacturing Company, Melius Locations: FactSet
TSMC, which is the world's largest producer of advanced processors, manufactures chips for companies such as Nvidia and Apple . Morgan Stanley increased the price target on the U.S. chip giant to $750 from $603 on Feb. 7 and said it continues "to see a very strong near term picture." TSMC shares opened at a high of 709 New Taiwan dollars on Thursday morning and closed at NT$697, nearly 8% higher from its last close on Feb. 5. The Taiwan Stock Exchange resumed trading on Feb. 15 after the Chinese New Year break. "B100 transition an important near term driver, impacting H100 lead times and competitive dynamics," wrote Morgan Stanley analysts in the Feb. 7 report to clients.
Persons: TSMC, Morgan Stanley, ChatGPT Organizations: Taiwan Semiconductor Manufacturing Company, Nvidia, Apple, New, Taiwan Stock Exchange Locations: Krakow, Poland, U.S, New Taiwan
Eli Lilly has jumped almost 27%, building on its 59% gain in 2023. The long-term outlooks for Nvidia and Eli Lilly — both longtime Club holdings — brightened in recent weeks, leading to additional gains for the stocks. This leaves Club members who own Nvidia, Eli Lilly, or both, wondering how to proceed with their investments. Right now, we feel good about the timing of our most recent sales in Nvidia and Eli Lilly. Eli Lilly's stock is currently up about 24% from our Sept. 12 sale level, based on Thursday's close.
Persons: Eli Lily, Eli Lilly, Eli Lilly —, Eli Lilly's, Zepbound, Lilly's, Jim Cramer, Jim, There's, they're, Colette Kress, Goldman Sachs, FactSet, Lilly, Novo, Nordisk's Wegovy, tirzepatide, Jim Cramer's Organizations: Nvidia, Club, Apple, Microsoft, Web Services, Nordisk's, CNBC, Reuters Locations: Wall
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. But Jim Cramer said, "It is not a broadening rally. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Persons: Jim Cramer, Eli Lilly, Lilly, Jim, David Simon, Tim Cook's, We're, Edwards Lifesciences, Jim Cramer's Organizations: CNBC, Broadcom, Nvidia, Micro, New York Community Bancorp, Signature Bank, Silicon Valley Bank, Linde, Club, DuPont, Air Products, Chemicals, Simon Property, GE Healthcare, Technology, Apple, Vision, Ford, Motors, Tesla, Enphase Energy, CVS Health, Yum Brands, Disney, Wynn Resorts, Jim Cramer's Charitable Locations: We're, New York, Silicon, China, Amgen
Jason Redmond | AFP | Getty ImagesWhen Satya Nadella replaced Steve Ballmer as Microsoft CEO in February 2014, the software company was mired in mediocrity. Many tech industry analysts and investors would say that, thanks largely to Nadella, Microsoft is now set up to be a powerhouse for the foreseeable future. In a 2020 interview, Pat Gelsinger, then CEO of VMware, said offering his company's software on Microsoft's Azure cloud was akin to a "Middle East peace treaty." Nadella is perhaps best known in the tech industry for pushing Microsoft deeper into cloud computing. While some in the younger generations have Microsoft software at work, it's not necessarily what they grew up using and may not be what they prefer.
Persons: Satya Nadella, Bing, Jason Redmond, Steve Ballmer, Aravind Srinivas, Jeff Bezos, Nadella, Aaron Levie, Levie, Larry Ellison, David Paul Morris, Pat Gelsinger, Michael Nathan, Nathan, he'd, He's, Nat Friedman, Friedman, Kevork Djansezian, Ballmer, Kevin Dallas, I've, Dallas, it's, Gen Z, OpenAI's, Commission's Lina Khan, Sam Altman, Altman, OpenAI isn't, hasn't, Jefferies Organizations: Microsoft, AFP, Getty, Apple, Google, Amazon, Oracle Corp, Oracle, Bloomberg, VMware, Intel, Linux, Ballmer, Los Angeles Clippers, Microsoft Corp, Nokia, Activision Blizzard, Adobe, Activision, Federal, U.S . Justice Department, CNBC Locations: Redmond , Washington, San Francisco, Microsoft's, Silicon Valley, Los Angeles , California, U.S, Europe
Mark Zuckerberg, CEO of Meta Platforms, demonstrates the Meta Quest Pro during the virtual Meta Connect event in New York on Oct. 11, 2022. Meta continues to sink billions of dollars a quarter into developing the metaverse, and is just now facing its first real competitive threat from Apple . In its fourth-quarter earnings report Thursday, Meta said its Reality Labs unit recorded an operating loss in the period of $4.65 billion. The metaverse division has now lost more than $42 billion since the end of 2020, the first quarter for which numbers are available publicly. Revenue within Reality Labs was more than $1 billion in the fourth quarter, up from $727 million in the same period a year earlier.
Persons: Mark Zuckerberg, Meta, StreetAccount Organizations: Meta, Apple, Reality Labs Locations: New York
Here then are our top stocks since our last meeting, from the Dec. 19 market close through Tuesday's trading session. NVDA YTD mountain Nvidia (NVDA) year-to-date performance Coming in at No. META YTD mountain Meta Platforms year-to-date performance Meta finished third, with shares rising 9.9% as Wall Street analysts anticipate a brighter outlook for the digital advertising market in 2024. LLY YTD mountain Eli Lilly (LLY) year-to-date performance Fourth on our list of top performers is Eli Lilly . GOOGL YTD mountain Alphabet (GOOGL) year-to-date performance Alphabet and Broadcom shares both jumped 7.6% over the last month, tying for No.
Persons: Dow, Bausch, Mark Zuckerberg, We're, Exchange Commission's, Palo, Jim Cramer, Meta, Cowen, there's, Jim, Eli Lilly, LLY, David Ricks, Jim Cramer's, Stocks, Spencer Platt Organizations: Big, Apple, Barclays, Bausch Health, Nvidia, Meta, Palo Alto Networks, Palo, Securities, Exchange, SEC, Microsoft, JPMorgan, Microsoft's, Wall, U.S, Facebook, Jefferies, Broadcom, CNBC, Traders, New York Stock Exchange, Getty Locations: Big Tech, U.S, Palo, New York City
Certain stocks are poised to perform better under Republican or Democratic leadership this coming November, according to Strategas. On Wednesday night, former president Donald Trump clinched the victory in the New Hampshire primary over former South Carolina Gov. The win now means it's "highly likely" Trump will secure the Republication presidential nomination, according to Strategas analyst Daniel Clifton. US-China trade tensions are likely to continue regardless, but we see greater escalation under Trump," Clifton said. Other names that could outperform under Democratic leadership include renewable energy company NextEra Energy , automation provider Rockwell Automation and beverage company Constellation Brands .
Persons: there's, Donald Trump, Nikki Haley, Daniel Clifton ., Clifton, Trump, Biden, Kinder Morgan, Tesla, Joe, Morgan Stanley, Erik Woodring, — CNBC's Michael Bloom Organizations: Republican, Democratic, South Carolina Gov, Trump, L3Harris Technologies, JPMorgan, Democrat, Verizon Communications, GOP Congress, California's, Tesla, Biden, Apple, NextEra Energy, Rockwell Automation, Constellation Brands Locations: New Hampshire, L3Harris, Tuesday's, China, Clifton, U.S, LSEG
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