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Earnings of $1.89 per share topped the $1.51 in earnings per share anticipated by analysts polled by LSEG. Revenue of $80.54 billion topped expectations of $78.59 billion. Revenue of $83.08 billion topped estimates of $78.35 billion. Otherwise, Chevron's earnings of $2.93 per share topped the consensus estimate of $2.87 in earnings per share. Charter Communications — The broadband and cable provider dropped 3.4% after first-quarter earnings came in weaker than anticipated.
Persons: Snap's, Chevron's, LSEG, AutoNation, AbbVie, Skechers, FactSet, — CNBC's Michelle Fox, Alex Harring, Tanaya Macheel, Jesse Pound Organizations: Microsoft, LSEG, Intel —, Intel, Exxon Mobil, Chevron, Colgate, Palmolive, Revenue, Charter Communications, Charter Locations: LSEG .
The Nasdaq sank 2% on Friday as Netflix dropped nearly 11% post-earnings and Club stock Nvidia fell 10%, entering bear market territory but still up more than 50% in 2024. Following a much stronger-than-expected March retail sales report last month, fresh economic data and six Club stock earnings will take center stage in the week ahead. While lower rates may help stock multiples, that is not a sustainable path to higher equity prices over time. Earnings : The latest quarterly reporting season is starting to ramp into high gear with six Club names set to report next week. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Dow, Jerome Powell, Jim Cramer, Mark, Meta, Bing, Ford, Vimal, Lockheed Martin, Clark, Philip Morris, Sherwin, Williams, Baker Hughes, Lam, Northrop, Dr Pepper, CARR, Edwards Lifesciences, Jim Cramer's, Jim, Michael M Organizations: Nasdaq, Netflix, Nvidia, Dow Jones, Federal, Fed, Hamas, Gross, Google, Reality Labs, General Motors, Honeywell, Microsoft, Verizon Communications, Albertsons Companies, SAP, Cadence Design Systems, United Parcel Service, General Electric, GE, PepsiCo, Lockheed, Spotify Technology, RTX Corporation, JetBlue Airways, Halliburton, HAL, Philip Morris International, Quest Diagnostics, Texas Instruments, Seagate Technology, Mattel, Veralto Corporation, Boeing, General Dynamics, Boston, Hilton, Fisher, Otis Worldwide, IBM, Grill, Viking Therapeutics, Lam Research, Whirlpool, WM, Honeywell International, Royal Caribbean Cruises, American Airlines, Altria, Newmont, Caterpillar, Southwest Airlines, Myers Squibb, AstraZeneca, Mobileye, Northrop Grumman, CNBC, Comcast, Merck, Dow Inc, Carrier Global, Union Pacific, Intel, Western, Mobile, L3Harris Technologies, Exxon Mobil, Chevron, Colgate, Palmolive, HCA Healthcare, Charter Communications, Newell Brands, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: Israel, Iran, Ukraine, destocking, China, Cleveland, Freeport, McMoRan, Kimberly, Masco, Bristol, New York City
Researchers studied racial bias in hiring by sending over 83,000 fake résumés to big US companies. The auto services industry was among those most likely to show a preference for résumés containing white-sounding names. But in the most extreme instances, those doing the hiring favored résumés that might be presumed to be from white candidates by 24%, on average. Already, some people in fields like tech who have seen cuts in recent years are applying to job after job with little luck. AdvertisementOf the 108 companies researchers sent résumés to, among the best performers were car-rental company Avis Budget Group and the grocery chain Kroger.
Persons: , Emily, Greg, Jamal, résumés, Pat Kline, Brad, Darnell, Andreas Leibbrandt, Leibbrandt, Khyati Sundaram, doesn't, Kline, it's Organizations: Fortune, Service, University of Chicago, University of California, National Public, Company, NAPA Auto Parts, Costco, Genuine Parts Company, Business, Avis Budget Group, Kroger, NPR, Lamar, Australia's Monash University Locations: Berkeley, NAPA
They changed applicants’ names to suggest that they were white or Black, and male or female — Latisha or Amy, Lamar or Adam. On average, they found, employers contacted the presumed white applicants 9.5 percent more often than the presumed Black applicants. One-fifth of the companies — many of them retailers or car dealers — were responsible for nearly half of the gap in callbacks to white and Black applicants. Two companies favored white applicants over Black applicants significantly more than others. They were AutoNation, a used car retailer, which contacted presumed white applicants 43 percent more often, and Genuine Parts Company, which sells auto parts including under the NAPA brand, and called presumed white candidates 33 percent more often.
Persons: Lamar, Adam Organizations: Genuine, Company Locations: NAPA
But what if I told you this group shrunk its share count dramatically since 2019? The numbers tell the story: Lennar now has 276 million shares outstanding, down from 318 million five years ago. Other than Toll, most of the homebuilder management teams do not emphasize this fundamental change in share count. Management has been buying hand over fist since 2019, shrinking the share count to 215 million from 264 million. My rather unassailable conclusion is pretty simple: Check the share count before you buy a stock.
Persons: PulteGroup, DR Horton, , Douglas Yearley hadn't, homebuilders, Jim Umpleby, Eaton, Dow, Cummins, Elliott, Marc Benioff, Colette Kress, Williams, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Federal Reserve, DR, Management, Dick's, Goods, Abercrombie, Fitch, Williams, Walmart, Caterpillar, DuPont, Marathon Petroleum, Elliott Management, Valero Energy, Pacific, Norfolk Southern, CSX, Apple, Microsoft, NFL, Jim Cramer's Charitable, CNBC Locations: tatters, California, Sonoma, America, Williams Sonoma, San Marcos , California
However, the company also said it sees single-digit revenue growth for fiscal 2025. UBS reiterated a neutral rating alongside its $310 per share price target on Salesforce, or more than 3% upside ahead. Product revenue growth of 33% year over year in the fourth-quarter was also below Wall Street estimates. Murphy noted there's a disconnect between what Barrick has accomplished in the past five years and its stock price. "We see asset disposals and cost improvements as likely to reverse share price weakness as the market recognizes the strength of the asset portfolio."
Persons: Morgan Stanley, Snowflake, Jefferies, TD Cowen downgrades Macy's TD Cowen, Oliver Chen, Macy's, — Brian Evans, Brad Sills, Brian Evans, AutoNation Morgan Stanley, AutoNation, Morgan Stanley's, Mike Manley, Adam Jonas, Salesforce, Amy Weaver, Goldman Sachs, Kash Rangan, Bank of America's Brad Sills, Morgan Stanley downgrades Snowflake, Snowflake's, Frank Slootman, Keith Weiss, Matthew Murphy, Murphy, Fred Imbert Organizations: CNBC, Barrick, Mining, Bank of America, of America, TAM, Bank of America's, UBS, StreetAccount, Jefferies, Barrick Gold, Newmont, Newcrest Locations: Africa, East
Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating following the company's robust earnings report on Wednesday. "Multiple high-profile catalysts should double revs by FY28 & support an Outperform rating with a $54 PT." "We initiate coverage of Gates Industrial (GTES) with a Buy rating and $21 price target. The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance." Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by its buy rating after a meeting with Microsoft investor relations.
Persons: Jefferies, Roth, Roth MKM, Morgan Stanley downgrades Snowflake, Morgan Stanley, Goldman Sachs, Salesforce, Goldman, it's, TD Cowen downgrades Macy's, Telsey, TD Cowen, Wells, Needham, " Jefferies, Tesla, Coupang, Baird, Cantor Fitzgerald, Cantor, Gates, Piper Sandler, Piper, Raymond James, William Blair, Gordon Haskett downgrades, Haskett, Frank Slootman's Organizations: Jefferies, Barrick Gold, NEM, UBS, Apple, Mar, Bitdeer Technologies, BTC, Citi, United Airlines, Delta, Delta Air Lines Inc, DAL, Deere & Company, American Airlines Citi, Catalyst Watch, Reliance, Star India, JV, UBS downgrades Republic Services, Downside, RBC, Xenia Hotels, Resorts, Deutsche Bank, Deutsche, Products, Gates, NTR, LXU, UW, Bank of America, underperform Bank of America, Realty Trust, Fidelity, Korn, Microsoft, Macquarie Locations: U.S, China, American's, DIS's, Xenia, Federal, Korea
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024. U.S. stock futures hovered near the flatline on Sunday night following a record-setting week for the S&P 500 . On Friday, the S&P 500 rose 0.57% to close above the 5,000 level for the first time, while the tech-heavy Nasdaq Composite added 1.25%. The S&P 500 and Nasdaq Composite added 1.4% and 2.3%, respectively. Some 61 names in the S&P 500 are set to report earnings in the week ahead, including gig economy stocks Lyft , Instacart and DoorDash .
Persons: Kraft, Jay Hatfield, Hatfield Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Dow Jones, Dow, Kraft Heinz, Hasbro, Capital Advisors, Traders, CPI, PPI, CNBC Locations: New York City, U.S
Wall Street wrapped up another positive week, with the S & P 500 closing Friday above 5,000 for the first time ever. It was a pretty light week in terms of economic data releases, though we did get a favorable ISM Services number on Monday. Things will pick up next week with several closely watched macroeconomic updates, including two key government inflation reports. While no Club earnings are scheduled to report earnings in the week ahead, 61 companies in the S & P 500 will deliver their latest quarterly results. Consumer inflation: The main event of the week will come on Tuesday when the January consumer price index (CPI) is released.
Persons: Estee Lauder, Eli Lilly, Price, Bausch, Trimble, Krispy Kreme, Topgolf, Kraft Heinz, Martin Marietta, Owens Corning, WEN, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Club, GE Healthcare, DuPont, Linde, Ford, Disney, Wynn Resorts, CPI, PPI, Palo Alto Networks, Nvidia, Bausch Health, Arista Networks, WM, Cadence Design Systems, ZoomInfo Technologies, Avis Budget, Brighthouse, Goodyear Tire &, Vornado Realty, Marriott International, Hasbro, Restaurant Brands, Molson Coors Beverage, Holdings, MGM Resorts, MGM, Akamai Technologies, American International Group, AIG, Topgolf Callaway Brands, CME Group, Sony, SONY, Blackstone Mortgage Trust, Martin Marietta Materials, Ryder, Occidental Petroleum, Cisco Systems, Deere, Penn Entertainment, Southern Company, Coinbase, Trade, Materials, Rand, Texas, Housing, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Albemarle, ALB, Ingersoll, New York City
CNBC's Jim Cramer on Friday prepared investors for next week on Wall Street, saying investors should pay attention as earnings season continues, with reports from companies including Shopify , Marriott and Wendy's . He also recommended researching retail stocks next week before the industry reports a slew of earnings results the week after. "Next week seems busy, but, you know what, it's a classic interregnum — Google that — before we get to retail earnings," Cramer said. On Monday, Cramer said he'll be waiting for earnings reports from two "scorchers," cloud networking outfit Arista Networks and Cadence Design Systems , which provides software for artificial intelligence hardware. Shopify reports on Tuesday, and Cramer said he's optimistic because online shopping seems to be booming.
Persons: CNBC's Jim Cramer, Cramer, he'll, it's, he's, Kraft Heinz, He'll Organizations: Shopify, Marriott, Google, Arista Networks, Cadence Design Systems, Howmet, Cisco, Splunk, Trade, Costco, Walmart Locations: Wendy's
Here are Wednesday's biggest calls on Wall Street: Citi reiterates Apple as buy Citi said it's standing by its top pick status on Apple shares. UBS downgrades Ford to neutral from buy UBS said it sees limited upside to estimates. TD Cowen downgrades Fisker to market perform from outperform TD said it sees too many growing pains for Fisker. KeyBanc initiates Rocket Lab as overweight Key said it sees upside for the rocket satellite company. "We initiate coverage on Rocket Lab USA (NASDAQ: RKLB) with an Overweight rating and $8 price target, reflecting ~50% upside."
Persons: Jefferies, Tesla, Elon, Ford, TD Cowen downgrades Fisker, JPMorgan downgrades Morgan Stanley, Morgan Stanley, it's, Christine Barone, Goldman Sachs, Goldman, Davidson downgrades Teladoc, Key, Evercore, Wolfe, Piper Sandler, TGT, BURL, SolarEdge, Mizuho, William Blair, it's bullish Organizations: Citi, Apple, Huawei, UBS, JPMorgan, Bank of America, Bros, Rocket Lab, Lithia, Dealers, Susquehanna, JetBlue Spirit, Deutsche Bank, Deutsche, EV, CART, Target, Barclays, Boeing, Airbus, Mizuho, Amazon, " Bank of America, Netflix Locations: China, 2Q24, 3Q24, Burlington
Amazon next year will allow auto dealers to sell cars through its site, starting with South Korean automaker Hyundai, the company said Thursday. Beginning in 2024, Amazon will let shoppers purchase a new car online, then pick it up or have it delivered by their local dealership. Amazon CEO Andy Jassy said the partnership with Hyundai will change "the ease with which customers can buy vehicles online." Shares of used car dealers such as Carmax and Carvana as well as the country's largest publicly traded new car dealers Lithia Motors and AutoNation fell following the announcement. Tesla and other electric vehicle startups such as Rivian have developed workarounds in many states to sell vehicles directly online to consumers.
Persons: Andy Jassy, Alexa, AutoNation Organizations: Amazon, South, Hyundai, Consumers, Lithia Motors, CNBC PRO Locations: Amazon, Michigan
Baird downgrades ON Semiconductor to neutral from outperform Baird said it sees "pricing pressures" for the semiconductor maker. Morgan Stanley upgrades Chewy to overweight from equal weight Morgan Stanley said in its upgrade of the stock that share sell-off is overdone. " Morgan Stanley upgrades SoFi to equal weight from underweight Morgan Stanley said the risks to SoFi are more than priced in. Morgan Stanley initiates Celsius Holdings as equal weight Morgan Stanley said in its initiation of the stock that it sees a balanced risk/reward. Northcoast upgrades Boeing to buy from neutral Northcoast said in its upgrade of Boeing that it sees a "more promising long term earnings horizon."
Persons: Wells Fargo, Bernstein, Goldman Sachs, it's, Baird, Rowe Price, Tesla, Piper Sandler, Wells, Morgan Stanley, CHWY, Guggenheim, Tourmaline, AutoNation, Jefferies, underperform Jefferies, MoffettNathanson, D.A, Davidson, Northcoast, ABG, Wolfe, Phillips, PSX Organizations: Wells, MARA, Apple, Semiconductor, Citi, TROW, Deutsche Bank, Bank of America, of America, 4Q, Arista Networks, TAM, Lincoln Electric, Seaport, Guggenheim, JPMorgan, Susquehanna, WSM, D.A, Disney, Boeing, Boeing Company, Asbury Automotive Locations: Williams, Sonoma, CELH
This was higher than the $1.58 in earnings per share on $1.48 billion in revenue that analysts surveyed by FactSet had been expecting. Chewy — The pet food seller added 4% in premarket trading after Morgan Stanley upgraded the stock to overweight from equal weight. Chegg's third-quarter earnings came in at 18 cents per share, excluding items, higher than the 17 cents per share expected by analysts polled by LSEG. BP — Shares of the oil company slid 4% after the company missed analysts' estimates for its third-quarter earnings . XPO — The freight transportation company added 1.7% after announcing stronger-than-expected third-quarter earnings.
Persons: FactSet, Pinterest, Chewy, Morgan Stanley, Lauren Schenk, Caterpillar, LSEG, Tesla, XPO, Jefferies, AutoNation, Rajat Gupta, Wells, Ferguson, MoffettNathanson, Alex Harring, Jesse Pound, Samantha Subin Organizations: Arista Networks, Arista, Revenue, Global, Anheuser, Busch, LSEG, Caterpillar — Investors, JetBlue, BP —, BP, JPMorgan, Bank of America Locations: U.S, Wells Fargo
Goldman exec exits revealed
  + stars: | 2023-10-27 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
In today's big story, we're taking a deeper look at the number of partner departures at Goldman Sachs under CEO David Solomon. The big storyGoldman exits, by the numbersPaul Morigi/Getty Images; Jenny Chang-Rodriguez/InsiderAt least 210 Goldman Sachs partners have left on David Solomon's watch. It's also higher than Insider's analysis of yearly partner exits during the 14 years before Solomon took over as CEO, which came to 40.4. AdvertisementAdvertisementThe case for SolomonWhile partner departures under Solomon have increased, according to our analysis, it hasn't been a massive bump. Former Goldman partners become future Goldman clients, the bank likes to say.
Persons: , Céline Dion, Goldman Sachs, David Solomon, What's, Goldman, Paul Morigi, Jenny Chang, Rodriguez, David Solomon's, Dakin Campbell, Emmalyse Brownstein, Walt Hickey, Kaja Whitehouse, It's, Solomon, Tony Fratto, Samantha Lee, hasn't, Lloyd Blankfein —, Solomon's, Solomon isn't beholden, it's, doesn't, Omer Ismail, CHANDAN KHANNA, Chelsea Jia Feng, Sam Bankman, Fried, SBF, Judge Lewis Kaplan, Israel, Duran Duran, Taylor Swift, Blake Shelton, Gwen Stefani, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Goldman, Walmart, Getty, View Press, Investors, Deal, Microsoft, MLB, The Arizona Diamondbacks, Texas Rangers, ExxonMobil, The Locations: Porirua , New Zealand, Chelsea, Israel, Arlington , Texas, Chevron, AutoNation, New York City, San Diego, London, New York
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Never buy a drug stock just for the yield, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Fisker, AutoNation, Petroleo, Nu Holdings, Iridium and more.
Persons: Jim Cramer Organizations: Nu Holdings, Iridium
Cramer's Lightning Round: Sell Fisker
  + stars: | 2023-10-23 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Fisker's year-to-date stock performance. Stock Chart Icon Stock chart icon AutoNation's year-to-date stock performance. Stock Chart Icon Stock chart icon Nu's year-to-date stock performance. Stock Chart Icon Stock chart icon Iridium's year-to-date stock performance. Stock Chart Icon Stock chart icon Bristol-Myers' year-to-date stock performance.
Persons: I'm, Petroleo, it's, We're, Myers Organizations: Petroleo, Bristol, Myers, pharma Locations: America
The usual suspects were to blame — rising bond yields, geopolitical tensions, and oil prices — and will hold the keys to the market this coming week. Earnings are one of the three major themes on the marquee next week, with 10 Club companies reporting. Here are the companies: Danaher (DHR), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Veralto (VLTO), Honeywell (HON), Linde (LIN), Amazon (AMZN), Ford (F) and Stanley Black & Decker (SWK). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: , Jerome Powell, Jim Cramer, Jim, Morgan Stanley, Stanley Black, Decker, Danaher, Veralto, it's, Mark Zuckerberg, We're, Vimal Kapur, Linde, Jim Farley, Ford, FactSet, Powell, WTI, Baker Hughes, Edwards Lifesciences, Northrop, CARR, Davidson, Dr Pepper, Phillips, Jim Cramer's, Michael M Organizations: Dow Jones, Nasdaq, Economic, of New, Treasury, West Texas, Procter, Gamble, 10, Microsoft, Honeywell, Linde, LIN, Health Care, Technology, Communications Services, Google, Meta, Ford, Amazon, United Auto Workers, Atlanta, Wall Street, Hamas, Brent, Strategic Petroleum Reserve, Logitech, Verizon, General Electric, GE, RTX Corporation, Halliburton, HAL, General Motors, Dow Chemical, DOW, Xerox, Texas Instruments, F5 Networks, WM, Boeing, Fisher, Mobile, Hilton, General Dynamics, Norfolk Southern, Otis Worldwide, IBM, KLA, O'Reilly Automotive, Mattel, Whirlpool, Gross, Royal Caribbean Cruises, Hershey Company, United Parcel Service, Southwest Airlines, Altria, Northrop Grumman, Valero Energy Corp, Mastercard, Merck, Co, Myers Squibb, Newmont, Tractor Supply Company, Comcast, Seagate Technology, Boston, Hertz, Carrier, Hasbro, Harley, Intel, Grill, United States Steel, Boston Beer Company, Texas, University of Michigan, Exxon Mobil, Chevron, Charter Communications, Colgate, Palmolive, Newell Brands, Sanofi, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: of New York, U.S, Industrials, OpenAI, America, Venezuela, Cleveland, Norfolk, ORLY, Bristol, Brunswick, Oshkosh, New York City
Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to force the companies to agree to significant increases in pay and benefits. The UAW could, if it chose to, vastly expand the number of workers who could strike assembly plants and parts facilities of General Motors, Ford and Stellantis, the owner of the Jeep and Ram brands. All three companies said that talks with the union continued on Saturday, though officials said they expected no major announcements. In expanding the strike on Friday, the UAW struck only the parts-distribution centers of GM and Stellantis. Ford was spared from the latest walkouts because of progress that company has made in negotiations with the union, said UAW President Shawn Fain.
Persons: , , Daniel Ives, Sam Abuelsamid, Abuelsamid, Ford, Shawn Fain, Wheaton, , Fain, , “ It's, AutoNation, Mike Stanton, David Barnas, Jodi Tinson, Alexandra Olson Organizations: Detroit, United Auto Workers, UAW, General Motors, Ford, Jeep, GM, Wedbush Securities, Guidehouse, Fiat Chrysler . Service, Cornell University, National Automobile Dealers Association, Associated Press Locations: Detroit, Flint , Michigan, Sterling Heights , Michigan, Canada, United States, New York
Sept 23 (Reuters) - U.S. auto workers expanded their strike on Friday with a clear target for distress: dealers who sell and service GM and Stellantis vehicles. The strategy of choking parts delivery increases problems for some dealers who say it already had been difficult to source some components. The broader strike, which targets 38 parts distribution centers owned by GM and Stellantis, "is going to have these shops telling their customers 'We don't know when we can fix your vehicle. "It's definitely going to impact customers," said Thomas Morris, 60, who went on strike on Friday at a General Motors parts distribution center in the suburbs of Philadelphia. The center serves GM dealerships from Pennsylvania to Maine, moving some 30,000 parts for auto repairs each day, workers said.
Persons: Richard Fasulo, Howard Drake, Mike Stanton, It's, Thomas Morris, Stellantis, Arthur Wheaton, Brad Sowers, Jim Butler, he'll, Abhirup Roy, Doyinsola, Jarrett Renshaw, Peter Henderson Organizations: Cadillac, GM, National Association of Auto Dealers, UAW, Motors, Cornell's School of Industrial and Labor Relations, Jim Butler Auto Group, Chevrolet, Thomson Locations: Wappinger , New York, California, Philadelphia, Pennsylvania, Maine, St.Louis , Missouri, San Francisco, New York, Pennyslvania
Sept 11 (Reuters) - A prolonged coordinated strike by the United Auto Workers (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled "Here's what the Big Three and the corporate media's NOT telling you about car prices," Fain said "corporate greed" was responsible for rising car prices.
Persons: Tyson Jominy, Jominy, Garrett Nelson, J.P, Morgan, Jimmy Bhullar, Jim, Farley, Mary, Barra, Dan Ives, Tesla, Bryan DeBoer, Shawn Fain, Fain, Priyamvada C, Nathan Gomes, Abhijith, Anil D'Silva Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Toyota, Honda, Volkswagen, Deutsche Bank, GM, Ford, Lithia Motors, Thomson Locations: ., U.S, Bengaluru
Now, given the current high car costs and interest rates, drivers are shifting their focus to less expensive models. That shift shows in so-called "days to turn" numbers, which measure how long cars are in dealer inventory before being sold. "People have stopped going for top-of-the-line cars and are going for mid-trim cars," he added, "That's where we're starting to see the shift." Paul Waatti industry analyst at AutoPacificFive years ago, there were 12 vehicles selling for an average price of more than $100,000. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.
Persons: Patrick T, Joseph Yoon, homebuyers, Yoon, Edmunds, Brian Moody, Kelley, Moody, Paul Waatti, Waatti, they're, Tom McParland Organizations: Fallon, Bloomberg, Getty, Finance, Mitsubishi Mirage, Consumers, Chevrolet, Chrysler, Fiat, Honda, Hyundai, Kia, Mazda, Mitsubishi, Nissan, Subaru, Toyota, Volkswagen —, Auto, AutoPacific, Ferrari, Lamborghini, Royce, Automatch Consulting Locations: Autonation, Carvana, Buffalo , New York, Edmunds
The logo of U.S. networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. REUTES/Sarah Meyssonnier/file Acquire Licensing RightsAug 16 (Reuters) - Networking equipment maker Cisco Systems' (CSCO.O) CEO talked up market share wins and artificial intelligence (AI) opportunities, as he moved to allay fears over slowing growth after a disappointing annual revenue forecast. Cisco forecast full-year revenue to be between $57 billion and $58.20 billion, below the Refinitiv estimate of $58.38 billion. He also said the company was likely to be a leading supplier of the networking gear needed for AI workloads. Cisco expects adjusted earnings per share of $4.01 to $4.08 for the full year, compared with the estimate of $4.04.
Persons: REUTES, Sarah Meyssonnier, Chuck Robbins, Zaheer Kachwala, Shilpi Majumdar Organizations: Cisco Systems, Cisco, Microsoft, AT, Thomson Locations: Issy, Paris, France, Bengaluru
Demand for used vehicles, which accelerated during the pandemic, has taken a hit after automakers started to ramp up production as the global supply chain crisis gradually eases. Consumers wanting to buy vehicles with advanced safety technology and a lower turnover for newer models in the pre-owned market have also dented demand for used vehicles. AutoNation said its second-quarter unit sales of new retail vehicles rose 8%, while unit sales of used vehicles fell 11%. Manley attributed the decline in AutoNation's used vehicle sales during the quarter to decisions to keep inventories lean amid choppy pricing. "As we built our used vehicle inventory in the quarter...we exited the quarter in line with industry: flat year over year," he said.
Persons: AutoNation, Mike Manley, Manley, Nathan Gomes, Raechel, Shilpi Majumdar, Mike Harrison Organizations: Reuters, Thomson Locations: Bengaluru
American Express — Shares slipped about 4% after the company reported second-quarter revenue of $15.05 billion, falling short of the $15.48 billion expected from analysts polled by Refinitiv. The car dealer company reported second-quarter results that exceeded expectations on the top and bottom lines. The company posted systems revenue of $392.7 million, lower than the $415.9 million, according to a consensus estimate from StreetAccount. CSX — CSX slid more than 4% after the transportation company reported disappointing second-quarter revenue. The company reported revenue of $3.7 billion, which was weaker than $3.74 billion expected by analysts polled by Refinitiv.
Persons: Herc — Herc, Sherif El, Sabbahy, AutoNation, Swift, StreetAccount, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim Organizations: Scholastic, Traders, American, Refinitiv, American Express, Bank of America, Swift Transportation —, Swift Transportation, PPG, PPG Industries, Sunnova Energy, BMO Capital Markets, CSX Locations: Hollywood, U.S
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