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Hedge funds took a diversified approach to technology investing in the first quarter as the sector built on its 2024 rally. Both Appaloosa and Coatue trimmed stakes in Nvidia during the period, with the latter shrinking his stake by 68% to $1.25 billion. Stanley Druckenmiller told CNBC last month that he cut his Nvidia stake in late March and called AI a "little overhyped" in the short run. Apple caught renewed attention from Viking Global and cuts from Coatue and Warren Buffett's Berkshire Hathaway. Coatue, Third Point, Viking Global and Tiger Global upped their Amazon stakes, while Appaloosa and D1 Capital trimmed their holdings.
Persons: Michael Burry, Ole Andreas Halvorsen zeroed, David Tepper's, Chase, Seth Klarman's Baupost, Dan Sundheim's, Phillippe Laffont's Coatue, Dan Loeb's, Halvorsen, Tepper, Sundheim, Laffont, Brad Gerstner, Stanley Druckenmiller, Warren Buffett's Berkshire, Coatue Organizations: Technology, Nasdaq, Nvidia, Meta, Capital, Microsoft, Street's, CNBC, Apple, Viking Global, Warren Buffett's Berkshire Hathaway, Tiger Global Locations: Coatue, Warren
Read previewHouthi militants showed in late April that they can expand their war on international shipping far beyond the Red Sea. AdvertisementHe noted that the Shehab's reported range of 990 miles puts it "well within range" of international shipping. The British-registered cargo ship 'Rubymar' sank in March after it was targeted by Yemen's Houthi forces in the Red Sea. "Once they enter the Red Sea, though, ships can be tracked by spotters ashore or on boats or using mobile Houthi radars ashore. "Nevertheless, with the rate of Houthi advances, and increases in speed, control, and maneuverability in-transit, international shipping could soon prove vulnerable."
Persons: , Good Hope, Bryan Clark, James Patton Rogers, Rogers, Samad, Yemen's, Mohammed Hamoud, Clark Organizations: Service, MSC Orion, Business, Hudson Institute, Cornell Tech Policy Institute, US, EU, AIS, Orion, Ships Locations: of Africa, Africa's, Good, Red, Ukraine, Israel
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFriday’s rapid fire: Applied Materials, Cracker Barrel, Darden Restaurants, Take-Two Interactive and RobinhoodCNBC's Jim Cramer on Friday discussed the latest earnings reports and analyst calls on stocks outside the Investing Club's portfolio.
Persons: CNBC's Jim Cramer Organizations: Darden
Theo and Bob set up beach chairs. I'd been journal-writing, reading, thinking, and talking more to my therapist about compassion, and I'd realized that she was right. Similar to how I'd never learned how to repair communication, talk about difficult feelings, or set healthy boundaries. I handed a single flower to Theo, Faith, and Bob, and kept one for myself. At the water's edge, we spoke about my mom, Lauraine: mom, grandmother, partner, friend, survivor, vilomah — parent whose child died.
Persons: , Bob, who'd, Theo, we'd, Faith, he'd, I'd, overachieving —, vilomah, Lauren, you've, it's, Tracey Yokas Organizations: Service, Business, Faith Locations: New Jersey
Dan Loeb's Third Point largely bought into the big technology space during the first quarter, offering a sign of confidence in further gains after a big rally. That can indicate expectations of more room to run within megacap tech and "the Magnificent Seven." He raised his Amazon stake by more than 20%, making the e-commerce stock his second-largest holding at about $920 million. The big tech name, which joined the Dow Jones Industrial Average earlier this year, gained close to 19% in the first quarter. Outside of tech, he opened stakes in names including Goldman Sachs and Cinemark during the quarter.
Persons: Dan Loeb's, It's, bode, Loeb, Warburg Pincus, Goldman Sachs Organizations: Microsoft, Google, Dow Jones, Columbia, UC, Berkeley, Meta, Jefferies, Citigroup, United States Steel, DuPont de Nemours Locations: New York, McKesson
And simultaneously, we are referring to geopolitical risks. I think that, you know, markets sometimes are underestimating the potential impact of geopolitical risks that are there," Luis de Guindos told CNBC's Annette Weisbach. Rising geopolitical risks present "considerable downside risks," the ECB warned in the report. The report attributes the rally in financial markets to analyst expectations of interest rate cuts from major central banks this year. "And that's the element that you cannot ignore, you cannot overlook this potential impact that could affect risk aversion, risk attraction, commodity prices, growth, overall growth in the global economy."
Persons: Luis de Guindos, CNBC's Annette Weisbach, De Guindos Organizations: European Central Bank, Stock, U.S, ECB Locations: U.S, Europe, East, Ukraine
The Consumer Financial Protection Bureau headquarters in Washington, D.C., on May 14, 2021. The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB's funding method violated the U.S. Constitution's Appropriations Clause because Congress had not annually authorized money for the agency. Instead, Congress authorized the CFPB to draw funding from the Federal Reserve system that the agency's director deems necessary for its work. The majority's ruling reversed a decision by the 5th Circuit U.S. Court of Appeals, which found the CFPB's funding mechanism was unconstitutional.
Persons: Clarence Thomas, Thomas, John Roberts, Brett Kavanaugh, Amy Coney Barrett, Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson, Samuel Alito, Neil Gorsuch, Thursday's, Alito groused Organizations: Consumer Financial, Washington , D.C, Federal Reserve, Federal, System, 5th Circuit U.S, of Appeals, Community Financial Services Association of America, Consumer Service Alliance of Texas Locations: Washington ,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic outlook has improved but markets underestimate geopolitical risk: ECB's De GuindosLuis de Guindos, vice-president of the European Central Bank, discusses the institution's latest Financial Stability Review and market perceptions of geopolitical risk.
Persons: De Guindos Luis de Guindos Organizations: European Central Bank
Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.
Persons: , Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York
"They can't do any more to Boeing," Cramer said. When you go after a person, that's jail time, and that's how you fix things, unfortunately. Wells Fargo raised its price target on Toll Brothers to $150 per share from $142 ahead of next week's earnings. "It is the key to the market," Cramer said, before pointing to a Dell stock chart and circling the day of Nvidia 's GTC conference. Cramer added, "You've got to go to Dell, and that's been off to the races ever since then."
Persons: Jim Cramer's, Jim Cramer, Cramer, Wells Fargo, would've, They're, Morgan Stanley, Jensen, Michael Dell, You've, that's, Mills, Campbell, Bernstein, Kellogg Organizations: CNBC, Club, Boeing, Justice Department, CPI, Dell Technologies, Dell, Nvidia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSolus' Dan Greenhaus and Charles Schwab's Kevin Gordon talks what is driving the market right nowHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Dan Greenhaus, Charles Schwab's Kevin Gordon, Brian Sullivan, Organizations: CNBC
Investors looking for alternative ways to play artificial intelligence may want to keep an eye on an innovative software company, according to Bank of America. " GitLab offers a rich platform built on top of its leading Source Code Management solution that is vitally important to developers," wrote analyst Koji Ikeda, in a Tuesday note. "Furthermore, GitLab is focused on capitalizing on AI, which is accelerating the number of digital experiences (and source code) being created." Over the medium term, Ikeda said he sees continued source code management improvements, new security features and the expansion of AI-powered offerings as critical to GitLab's growth. GTLB 6M mountain GitLab shares over the past six months.
Persons: Koji Ikeda, Ikeda Organizations: Bank of America
Austin has been my home for more than 60 years — minus the time spent following around my military husband. Austin just isn't what it used to beMy family and I moved to Austin in 1963. The University of Texas students really kept the city young and on its toes. AdvertisementIt costs so much to afford homes in Austin nowAfter moving to South Carolina for the military, my husband and I moved back to Austin in 1998. AdvertisementThere are things I am going to miss about Austin, like the cheap gas, and the HEB grocery market.
Persons: Flora Batts, , Austin, wasn't, BrandonSeidel, Shawn Phillips, Michael Dell, they've, It's, Batts, I'm, doesn't, Joy, We've, we've, it's Organizations: Service, Austin, Capitol, The University of Texas, Tech, Social Security, Batts I'm, Paramount Locations: Texas, Pennsylvania, Flora Batts, Odem, Amarillo, Austin, Dallas, Houston, North Austin, South Carolina, Batts Texas, Colorado, Virginia, Erie, Austin . In Erie, Lake Erie
Sir Jim Ratcliffe, Manchester United co-owner, is banning remote work for the club's staff. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe billionaire co-owner of Manchester United, Sir Jim Ratcliffe, has told staff that he's banning work from home after key metrics were missed at one of his companies. In an all-hands video call last week, Ratcliffe told staff that they would need to start coming into the office or "seek alternative employment," The Guardian reported. The billionaire is coming in strong by shaking off the company's post-COVID flexible work policy to boost productivity.
Persons: Sir Jim Ratcliffe, , Ratcliffe Organizations: Manchester United, Apple, Dell, Service, Guardian, 103rd, Business
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab's Kevin Gordon: More weakness in the labor market needs to happen for a Fed cutKevin Gordon, senior investment strategist at Charles Schwab, joins 'Closing Bell' to discuss the market rally, Fed outlook, and labor market.
Persons: Charles Schwab's Kevin Gordon, Kevin Gordon, Charles Schwab
The U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial Protection Bureau rule that would've drastically limited the fees that credit card companies can charge for late payment. The CFPB estimates that the rule would've saved American families $10 billion a year in fees paid by those who fall behind on their bills. It would've capped late fees that are typically $32 per incident to $8 each and limited the industry's ability to hike the fees. "Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers," a CFPB spokesman told CNBC on Friday. The CBA said it will continue to press its case in the courts on why the CFPB rule should be "thrown out entirely."
Persons: Rohit Chopra, Mark Pittman, would've Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, Bureau, Northern, Northern District of Texas, U.S . Chamber of Commerce, U.S, CNBC, Consumer Bankers Association, District, CBA Locations: Washington ,, U.S, Northern District
Akamai : Shares dropped more than 7% after the company missed quarterly earnings on content delivery network weakness. "I'm a huge fan of Akamai," Jim Cramer said Friday. "Buried within this company, almost 50% of the company, is a jewel of a cybersecurity company." Array Technologies : The solar company reported a strong quarter, highlighted by an unexpected profit. Unity Software : The platform for creating interactive content had a mixed quarter: a sales beat and an earnings miss.
Persons: Jim Cramer's, Jim Cramer, Cramer, wasn't, Nextracker, Unity, hasn't, Matt Bromberg Organizations: CNBC, Club, Technologies, Unity Software, Zynga
Toby To Yan Choi left his accounting job in California to help his father run a food stall in Hong Kong. Dai pai dongs — Hong Kong's open-air stalls serving food with a no-frills approach — are disappearing. The number of dai pai dongs in all of Hong Kong has dwindled to just over 20, according to the Hong Kong Tourism Board. The braised white pepper pork hock is one of the signature dishes at Dai Lee Dai Pai Dong. AdvertisementHe's gotten married since moving to Hong Kong and plans to move back to the US if he and his wife have kids.
Persons: Toby, Yan Choi, Dai pai dongs, , Santa Barbara, Choi, Dai Lee Dai Pai Dong, pai, Hong Kong, He's, Hong Kong Dai pai dongs, Hong, sizzling woks, Agnes Chee Yan, Wei, pai dongs, Tiffany Leung, Faye Bradley, wasn't, Shawn Cai, Law Chun Chuen, Dai Lee Dai Pai, Yan Choi There's, they've, Tony Lee, Mok Wah Ho, Ales, Yan Choi He's, Betty Richardson, dongs, Chee, I'm Organizations: Service, University of California, Kong's, Hong Kong Tourism Board, China Morning Post, Young Locations: California, Hong Kong, Santa, Hong, Sham Shui, Sham, China, Shanghai
Like other coral reefs, over the last few decades, this vibrant ecosystem has been suffering from the effects of climate change, with the National Oceanic and Atmospheric Administration recently reporting a fourth global mass bleaching event – the second in the last decade. Bleaching happens when the corals become stressed due to changes in their environment and expel the colorful algae living on them. University of MiamiIn partnership with the city of Miami Beach, two hybrid reefs were deployed in March 2023. Coral gardeningLirman’s team has been growing and testing coral colonies at the university for more than 15 years. A global problemOcean ecosystems are declining and suffering around the world, Lirman says.
Persons: , Diego Lirman, Lirman, ” Lirman, , Emily Esplandiu, they’ve, “ We’re Organizations: CNN, Miami, National Oceanic, Atmospheric Administration, University of Miami, North Miami Beach, International Maritime Organization, Miami Beach, Dade, US Department of Defense Locations: Miami Beach , Florida, North Miami, Miami Beach, Miami
CNBC's Jim Cramer likes Costco stock despite its high valuation and suggests it has more room to run. "I feel very comfortable" about Costco, Cramer said Thursday on " Squawk on the Street ," after the wholesale retailer reported a solid April sales report. Costco shares rose nearly 1.5% after Wednesday evening's monthly sales report showed core comparable sales, which exclude gas and foreign exchange fluctuations, gained 5.5% last month. Goldman Sachs analysts increased its Costco price target to $840 from $830 and also maintained its buy rating. The Club currently has a 2 rating on Costco shares and a price target of $800.
Persons: CNBC's Jim Cramer, Cramer, FactSet, Wells Fargo, , Costco's, we're, Goldman Sachs Organizations: Costco, CNBC, Wells, Street, JPMorgan
Read previewWhen Airbnb started, CEO Brian Chesky said its tagline "was a cheap, affordable alternative to a hotel" — but customers aren't finding it so cheap anymore. Customers have complained on social media about the rising cost of Airbnb due to booking costs and cleaning fees. Advertisement"A year and a half ago, we noticed that, you know, there was a lot of concern about Airbnb prices increasing," Chesky said. According to the CEO, two million hosts now use the compare listing. Chesky also said Airbnb started offering monthly and weekly discounts for guests with longer stays.
Persons: , Airbnb, Brian Chesky, you've, Chesky, it's Organizations: Service, Business
While he pulled back his price target to $26 from $32, the new target still indicates shares surging 126% from Wednesday's close. Fox's fiscal third quarter results came above Rief Ehrlich's expectations, which she noted were encouraging "amid a difficult linear advertising environment." — Fred Imbert 5:50 a.m.: Wall Street on the sidelines for Airbnb Airbnb's weaker-than-expected forward guidance has analysts worried about the company's growth outlook. Post pulled back his price target by $8 to $160, just 1.3% above where shares closed on Wednesday. Meanwhile, analyst Eric Sheridan moved his price target slightly higher to $130 from $123, suggesting around 18% downside.
Persons: Raymond James ., Jefferies, Dushyant Ailani, Ailani, — Hakyung Kim, Jessica Reif Ehrlich, … Fox, Davidson downgrades, Davidson, Tom White, Tripadvisor, we'd, White, Hakyung Kim, Raymond James Cheesecake Factory, Raymond James, Brian Vaccaro, Vaccaro, Andrew Boone, Shopify, Boone, Fred Imbert, Airbnb, LSEG, Morgan Stanley, Brian Nowak, Nowak, Bank of America's Justin Post, Post, Goldman Sachs, Eric Sheridan Organizations: CNBC, JPM Securities, Cheesecake, Bank of America, Fox, Media, of America, , Factory, Cheesecake Factory, JMP Securities, Bank of America's Locations: Wednesday's, 2H24
Tesla is being accused of taking steps to keep employees in Buffalo, New York, from unionizing, according to a complaint from the National Labor Relations Board. The policy restricted Tesla workers from "recording, unauthorized solicitating [sic] or promoting," and "creating channels and distribution lists," among other things, the complaint said. The Tesla Buffalo plant was supposed to manufacture solar panels, but has been used more recently to assemble electric vehicle charging equipment, and to house a team of AI software data labelers. Last month, the Buffalo plant was home to a number of job cuts put in place as part of a broader restructuring at the electric vehicle company. Tesla has also faced workers' rights challenges in Europe.
Persons: Elon Musk, Tesla, Linda Leslie, Musk Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, National Labor Relations, Buffalo, Union, Workers United, CNBC, NLRB, National Labor Relations Act, Twitter, Tesla Locations: Beverly Hills , California, Buffalo , New York, unionizing, Tesla Buffalo, Buffalo, New York, Europe, Sweden
Socialites are playing chess on "The Real Housewives of New York City." In 1990, according to the US Chess Federation, only 4% of chess players were women. Out in the world, chess' resurgence has been accompanied by a wave of new clubs and events. I made a pilgrimage to the Marshall Chess Club, a 109-year-old institution in Greenwich Village. The following evening, I went to an East Village bar and found a very different scene at Club Chess.
Persons: we'd, she'd, I'd, festers, Judit Polgár, Gary Kasparov, , Juliana Gallin, Jennifer Shahade, Alejandro Ramírez, Ramírez —, Ramírez, Shahade, Levy, Hikaru Nakamura, Rey, Anna Cramling, Miguel Pereira, Cramling, Nakamura, Bill Withers, Frank Marshall, Alexander Luke Bahta —, athleisure, you've, it's, Magnus Carlsen, Hans Niemann, Carlsen, Niemann, Dean Mouhtaropoulos, I've, Kasparov, they're, Vladimir Kramnik, Chess.com, Kramnik, Fabiano Caruana, Dan Timbrell, doesn't Organizations: Mechanics ' Institute, Housewives, New, US Chess Federation, FIDE, Washington Post, Marshall Chess Club, Chess, The Guardian, New York, whacking, Computer, YouTube Locations: San Francisco, New York City, Berkeley , California, Greenwich Village, hipsters, American, East, Canadian, Romanian, Netherlands, It's, New York, Russian
Juventus is a 127-year-old Italian soccer club with a long history of success. With 32.7 million followers, Juventus' account is the fifth-most-followed soccer team on the platform, and its audience is bigger than that of the NBA or WWE. It's also the sixth in the world across all social media, according to data from the soccer analysis platform Football Benchmark. From left: Juventus players Wojciech Szczęsny and Kenan Yıldız with YouTuber Celine Dept during the launch day of Juventus Creator Lab. One of the areas of the new Juventus Creator Lab.
Persons: It's, Juventus, Mike Armstrong, Cristiano Ronaldo, Paulo Dybala, Armstrong, Filippo Alfero, he's, we've, fandoms, it's, Wojciech Szczęsny, Kenan Yıldız, Celine, Daniele Badolato Organizations: Juventus, UEFA Champions, NBA, WWE, Business, Juventus FC, Amazon Prime, YouTube, EA Sports, Getty, Juventus FC At Locations: Italian
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