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☆ Final Trades: Bank of America, CrowdStrike, Citigroup & Berkshire Hathaway
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Bank of America, CrowdStrike, Citigroup & Berkshire HathawayThe Investment Committee gives you their top stocks to watch for the second half.

Persons: Berkshire Hathaway Organizations: Bank of America, CrowdStrike, Citigroup, Berkshire

☆ What Getting Shot in the U.S. Taught Me About the Dehumanization of Palestinians - The New York Times
▼ + stars: | 2024-05-16 | by ( Hisham Awartani | ) www.nytimes.com time to read: +1 min

That frigid autumn night in Burlington, Vt., was not the first time I had stared down the barrel of a gun. Half a world away, in the West Bank, it had happened before. On a hot day in May 2021, a classmate and I, both of us 17 at the time, were protesting near a checkpoint in Ramallah. But I had never expected to feel this on a quiet street in Vermont, on a stroll before Thanksgiving dinner. The shooting of three Palestinian Americans in Burlington has received more sustained coverage than any single act of violence against Palestinians in Gaza and the West Bank since Oct. 7.

Organizations: West Bank, North Prospect Locations: Burlington , Vt, Ramallah, Vermont, Burlington, Gaza

☆ Jamie Dimon says inflation is worse than people think, and that the market is too optimistic about a soft landing
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMarkets underestimate inflation's likely endurance, as an array of factors keep price upside churning, JPMorgan CEO Jamie Dimon told Bloomberg TV. "I think the underlying inflation may not go away the way people expect it to," he told the outlet at the JPMorgan Global Markets Conference. AdvertisementIt's a point Dimon keeps reiterating despite market bullishness, as investors keep trading on the premise that subsiding inflation allows interest rates to eventually ease. In his annual letter to JPMorgan shareholders published last month, he expressed similarly doomy outlooks concerning inflation, interest rates and the economy's trajectory.

Persons: —, Jamie Dimon, Dimon's, he's, Dimon Organizations: Service, JPMorgan, Bloomberg, JPMorgan Global Markets, Business, Bank of America's, Global Fund Locations: Bank, China, Beijing, Russia, United States

☆ Why the US isn't facing a stagflation threat even as growth slows, according to BofA
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Recent stagflationary forecasts are misguided for this year, Bank of America wrote on Thursday. While first-quarter GDP badly missed estimates, the inflation that was seen was driven by strong consumer spending. That separates it from the US's last bout with stagflation, in 2022, when higher prices were caused by a supply shock. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fear arose in April when first-quarter GDP missed expectations as inflation figures simultaneously surpassed estimates.

Persons: stagflation, —, Bank of America isn't Organizations: Bank of America, Service, Business

☆ Wall Street internship guidebook: How to nail a summer analyst program — from the dress code to leaving with a full-time offer
▼ + stars: | 2024-05-16 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +2 min

Snagging a summer internship at a leading investment bank is not just a fun summer job — it's often the starting point for a career on Wall Street. Wall Street internships are not easy to land, as BI has previously reported. Goldman Sachs, for example, accepted just 1.5% of candidates into its 2022 summer internship class out of more than 236,000 applications worldwide. Interns who perform well tend to be offered a full-time job as an entry-level investment banker upon graduation. We have advice from executives at top firms like Goldman Sachs as well as former interns on how to prepare for and make the most of the Wall Street summer internship.

Persons: — it's, Steve Sibley, Ivy League university's, Goldman Sachs Organizations: Service, Indiana University's Kelley School of Business, Ivy League Locations: Snagging

☆ The Unpunished: How Extremists Took Over Israel
▼ + stars: | 2024-05-16 | by ( Ronen Bergman | Mark Mazzetti | ) www.nytimes.com time to read: +1 min

The first documents the unequal system of justice that grew around Jewish settlements in Gaza and the West Bank. The second shows how extremists targeted not only Palestinians but also Israeli officials trying to make peace. IMPUNITYBy the end of October, it was clear that no one was going to help the villagers of Khirbet Zanuta. But occasional harassment and vandalism, in the days after the Oct. 7 Hamas attack, escalated into beatings and murder threats. So one day the villagers packed what they could, loaded their families into trucks and disappeared.

Organizations: West Bank Locations: Gaza, Khirbet Zanuta, West Bank, Hebron

☆ Thursday, May 16, 2024: Cramer on why the Club trimmed this cybersecurity holding and hot bank stock
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Thursday, May 16, 2024: Cramer on why the Club trimmed this cybersecurity holding and hot bank stockJim and Jeff discuss the positive news around this cyber security stock. They also talk about trimming this bank stock. Finally, they discuss this energy stock being upgraded by analysts.

Persons: Cramer, Jeff

☆ Interest-rate cuts could be coming this fall, adding another wrinkle to an election set to focus on the economy
▼ + stars: | 2024-05-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, inflation is cooling just in time for a US presidential election that will likely focus heavily on the economy . This story is available exclusively to Business Insider subscribers. The big storyThe economy and the electionAnna Moneymaker/Getty, Anna Moneymaker/Getty, Tyler Le/BISometimes, the biggest surprise is when there isn't one at all. AdvertisementOn Wednesday, Biden and Trump agreed to face off in two debates, the first coming in June . Now he has 18 direct reports, according to an internal org chart seen by Business Insider.

Persons: —, Anna Moneymaker, Tyler Le, haven't, Insider's Madison Hoff, they're, Jennifer Sor, Ed Yardeni, Jerome Powell hasn't, Powell, Donald Trump, Joe Biden, Trump, Biden, Trump's, Alyssa Powell, Keith Gill's, Jim Simons, Shaw, Goldman Sachs, David Kostin, Sameer Samat, Sundar Pichai, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Biden, White, Democratic, Renaissance Technologies, Sigma, Bloomberg, Android, Google, Microsoft, Apple, Walmart Locations: New York, London

☆ Bank of America says this solar stock is 'firing on all cylinders' and should rally nearly 40%
▼ + stars: | 2024-05-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Nextracker is "firing on all cylinders" after reporting earnings that beat estimates for a fourth straight quarter with a growing backlog of orders, according to Bank of America. Analyst Dimple Gosai raised her stock price target for Nextracker to $64 from $60, implying 39% upside from Wednesday's close. The company builds devices that allows solar panels to track the direction of the sun, which helps improve solar energy efficiency. The company's quarterly revenue of $737 million came in well above Bank of America's estimate of $676 million. Nextracker's stock is up 10% this week, though shares are about flat in 2024.

Persons: Dimple Gosai, Gosai Organizations: Bank of America

☆ This is the sweet spot in bonds right now, according to Wells Fargo — and it can yield up to 5%
▼ + stars: | 2024-05-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

As investors navigate the Federal Reserve's higher-for-longer interest rate policy — and eventual rate cuts down the road — they should make sure they have their fixed-income portfolio positioned properly, according to Wells Fargo. The Fed last raised rates in July 2023, bringing the fed funds rate to a range of 5.25% to 5.5%. But investors were buoyed by news Wednesday that the consumer price index showed inflation eased slightly in April. Right now, Wells Fargo anticipates two rate cuts this year and just one in 2025, bringing the Fed's target rate to a range of 4.5% to 4.75% by the end of next year, said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Investors can get exposure to intermediate-term bonds through mutual funds or exchange-traded funds.

Persons: Jerome Powell, Wells, Scott Wren, Wren Organizations: Federal, Wells, Wells Fargo Investment Institute Locations: Wells Fargo

☆ Economic outlook has improved but markets underestimate geopolitical risk: ECB's De Guindos
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

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

☆ Taylor Swift's Eras Tour could give the UK economy a $1.2 billion boost
▼ + stars: | 2024-05-16 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +2 min

Taylor Swift performs during The Eras Tour at the National Stadium in Singapore on March 2, 2024. Taylor Swift's Eras Tour is set to provide a £997 million ($1.2 billion) boost to the U.K. economy, according to Barclays, which predicts fans will spend an average £848 to see the singer. Barclays' "Swiftonomics" report said the average amount spent on an Eras Tour ticket is £206. The bank also expects ticket-holders to splash out an average of £79 on official merchandise on the U.K. leg of the Eras Tour, which kicks off in June. Based on that total spend of £848 by nearly 1.2 million ticket-holders, across 15 nights at four stadiums, Barclays predicted that the tour will rake in £997 million.

Persons: Taylor Swift, Taylor, Elvis, Beatlemania, Peter Brooks, Swift, Beyoncé, Bruce Springsteen, Filip Andersson, — CNBC's Sophie Kiderlin Organizations: Barclays, Danske Bank, CNBC Locations: Singapore, That's, Stockholm, Sweden

☆ Fed is in 'wait and watch' mode on rate cuts, says Raghuram Rajan
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed is in 'wait and watch' mode on rate cuts, says Raghuram RajanRaghuram Rajan, University of Chicago finance professor and former Bank of India governor, joins CNBC's 'The Exchange' to discuss outlooks on monetary policy in the U.S. and abroad.

Persons: Raghuram Rajan Raghuram Rajan Organizations: University of Chicago, Bank of India Locations: U.S

☆ BofA banker whose death shook Wall Street was looking for new job and willing to take a lower salary for better hours, recruiter says: report
▼ + stars: | 2024-05-16 | by ( Kelsey Vlamis | Reed Alexander | ) www.businessinsider.com time to read: +3 min

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

☆ Smaller banks are more dependent on the yield curve, says KBW's Christopher McGratty
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmaller banks are more dependent on the yield curve, says KBW's Christopher McGrattyChristopher McGratty, KBW head of U.S. bank research, joins 'Money Movers' to discuss the bifurcation between bulge bracket banks and the regionals, why the rate environment is more challenging for the regional banks, and more.

Persons: KBW's Christopher McGratty Christopher McGratty

☆ Chubb is 'ideal fit' for Warren Buffett's investment style, says Deutsche Bank
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's purchase of a 6.4% stake in Chubb makes perfect sense as the insurer checks all the boxes of the Oracle of Omaha's investment criteria, according to Deutsche Bank. "We believe that Chubb is an ideal fit for Warren Buffett's investment philosophy, characterized by high-quality business with strong [returns on equity], a robust economic moat, a proven track record of compounding returns, and a distinguished management team," Deutsche Bank analyst Cave Montazeri wrote in a note to clients. Buffett's Berkshire Hathaway unveiled a $6.7 billion stake in Zurich-based Chubb in a new regulatory filing, ending months of speculation over the identity of the secret stock pick. Deutsche Bank said Chubb has a disciplined approach to underwriting and capital allocation and, in the near term, should benefit from earned pricing above loss costs, strong investment income and growth in its international operations. CB ALL mountain Chubb Deutsche Bank has a buy rating on Chubb and a 12-month price target of $278, implying a 10% gain from Wednesday's close of $252.97.

Persons: Warren Buffett's, Chubb, Warren, Cave Montazeri, Berkshire Hathaway, Montazeri, — CNBC's Michael Bloom Organizations: Oracle, Deutsche Bank, Berkshire, Securities and Exchange Commission, Chubb Deutsche Bank, ISI, Alleghany Corp Locations: Zurich, U.S, Omaha, Berkshire

☆ With S&P back at new highs, now come the price target and earnings revisions
▼ + stars: | 2024-05-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Now that the S & P 500 and most major stock market indexes are at or near historic highs, expect a raft of earnings and year-end price target revisions for the S & P 500 to be coming. First up with an upward revision was Brian Belski at BMO Capital, who Wednesday raised his year-end S & P target to 5,600 from 5,100. The median price target (half above, half below) is 5,200. Earnings for the rest of the year have been remarkably stable, but the key point is that each quarter is higher and a record for S & P 500 profits: 2024 S & P 500 quarterly earnings estimates Q2: $59.46 (record) Q3: $63.49 (record) Q4: $65.08 (record) Source: LSEG Valuations (roughly 20 times forward S & P 500 earnings) are pricey but not unreasonable given the continuing strength of the economy and the prospects of AI-boosted returns. May: market advance broadens (advance/decline line) S & P 500: near new high S & P Mid Cap: new high S & P Small Cap: highest since Dec.

Persons: Sam Stovall, CFRA, Brian Belski, Belski, Subramanian, Venu Krishna, Goldman Sachs, David Kostin, Ned Davis, Ed Clissold, Oppenheimer, John Stoltzfus, Lori Calvasina, Manish, Nicolaus, Barry Banniester, Jonathan Golub, Chris Harvey, Dubravko, Bujas, Cantor Fitzgerald, Eric Johnson, Scott Chronert, Julian Emanuel, Fundstrat, Tom Lee, Morgan Stanley, Mike Wilson, Hugo Ste, Stovall Organizations: BMO Capital, Wall, of America, Barclays, BMO, RBC, Societe Generale, UBS, Bloomberg, Citigroup, Deutsche Bank, ISI, JPMorgan, Scotiabank, @VX Locations: Wells Fargo, Marie

☆ Here are Thursday's biggest analyst calls: Nvidia, Netflix, Tesla, Intel, Robinhood & more
▼ + stars: | 2024-05-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Piper Sandler reiterates Nvidia as overweight Piper said it's sticking with its overweight rating heading into earnings next week. JPMorgan reiterates Netflix as overweight JPMorgan said it's sticking with its overweight rating following Netflix's upfront advertising presentation. Our price target moves to $340, reflecting channel commentary and recent multiple appreciation." JMP reiterates Robinhood as market outperform JMP said it's sticking with its market outperform on the stock trading company. "We are upgrading Wayfair Inc. to BUY from HOLD, with a price target of $83."

Persons: Piper Sandler, Piper, NVDA, Blackwell, Wolfe, underperform Wolfe, Houghton, it's, Truist, JMP, Goldman Sachs, Goldman, Dell, DELL, Wells, Jack, Tesla, Raymond James, Wolfe Alpha, SharkNinja, Argus Organizations: Citi, Nvidia, JPMorgan, Netflix, Intel, Energy, Networks, FedEx, UBS, Texas, RBC, Holdings, Devices, Alpha, AMD, " Bank of America, Bank of America, of America, Wayfair Inc Locations: 2H25, Asia, China

☆ India 'very favorable' for IPOs, Peak XV says, as economy and investor sentiment stay strong
▼ + stars: | 2024-05-16 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

India offers a "very favorable" environment for companies to launch initial public offerings, said Shailendra Singh, managing director at Peak XV Partners, formerly Sequoia Capital India & Southeast Asia. "My general view is, especially in Indian public markets, the regulatory framework, what Securities and Exchange Board of India does, what Reserve Bank of India does, what other regulators do is actually really good," Singh told CNBC. There were 220 IPOs in India last year, up 48% from 2022, making it the second-largest IPO market in the world, according to an EY report. Though Mainland China took the top spot, the number of IPOs there slid 29% to 302. The Indian IPO market is set to remain strong in 2024, buoyed by optimistic investor sentiment, a robust economy, and expectations of lower inflation and rate cuts, EY said.

Persons: Shailendra Singh, Singh, EY Organizations: Peak XV Partners, Sequoia Capital, Securities, Exchange Board, Bank of, CNBC Locations: India, Sequoia, Sequoia Capital India, Southeast Asia, Bank of India, China

☆ Citi names one under-the-radar stock to buy on an AI opportunity, giving it 22% upside
▼ + stars: | 2024-05-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Citi recently named one under-the-radar company to buy on a "data and AI opportunity." The bank pointed out that ExlService has the talent to meet the demand too, with its more than 13,000 AI, generative AI, data and digital "experts." "EXLS also provided medium-term targets (2024-25) of double digit revenue growth, incremental margin improvement, and faster-than-revenue EPS growth," Citi analysts wrote. The current demand pipeline for its data and AI services stand at $2 billion, according to Citi. The bank gave the stock a buy rating and a price target of $37, or potential upside of 22%.

Persons: ExlService Organizations: Citi, ExlService Holdings

☆ Average consumer carries $6,218 in credit card debt, as more borrowers are falling behind on their payments
▼ + stars: | 2024-05-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Americans now owe $1.12 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. Keeping up with credit card debt is getting more difficult. "Rent, when you have it, auto loans, utilities, these are all things consumers prioritize ahead of credit cards." As a result, credit card delinquency rates are higher across the board, the New York Fed and TransUnion found. Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed reported.

Persons: Charlie Wise, TransUnion's, Young, Wise, TransUnion, Kassandra Martinchek Organizations: Federal Reserve Bank of New, New York Fed, Finance, Fed, Urban Institute Locations: TransUnion, Federal Reserve Bank of New York, , New

☆ Stock market today: Indexes slip after Dow crosses 40,000 for the first time
▼ + stars: | 2024-05-16 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Stocks turned lower and closed in the red on Thursday after the Dow briefly crossing 40,000 for the first time. The S&P 500 failed to extend its gains after closing at a record high on Wednesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Dow failed to close above the key threshold, and the S&P 500 struggled to consolidate gains after hitting a record close on Wednesday. AdvertisementBroadly, the Fed speakers on Thursday painted a picture of a central bank in no hurry to pivot as inflation remains above its 2% target.

Persons: Stocks, —, Dow, Tom Barkin, John Williams, Barkin Organizations: Dow, Service, Dow Jones, Federal Reserve, Richmond Fed, York Fed, Reuters, CNBC Locations: Here's

☆ Gold drifts higher as rising Fed rate cut expectations boost appeal
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September. Spot gold rose 0.1% at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1% to its highest since April 19 on Wednesday. "Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective," said Tim Waterer, chief market analyst at KCM Trade. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week." Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Tim Waterer, Austan Goolsbee, Jerome Powell's Organizations: U.S . Federal Reserve, Treasury, KCM, Chicago Federal Reserve Bank Locations: .

☆ Gold, silver and platinum's red-hot rally still has further to go, strategists say
▼ + stars: | 2024-05-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold, silver and platinum prices have been on a tear so far this year, and strategists say the precious metals could continue to hit fresh record highs over the coming months. Spot silver prices, meanwhile, traded 0.5% lower at around $29.54 per ounce. Strategists at Saxo Bank said in a recent research note that gold prices could soon test the $2,400 level, silver may climb as high as $30, while platinum has upside potential to reach $1,130. The Danish bank said Wednesday that its "year of the metals" theme had continued to gather momentum in recent weeks, citing its preference for gold, silver and copper.

Organizations: Aurum, Federal Reserve, Saxo Bank Locations: Munich, London, Danish

☆ How Israeli Extremists Won
▼ + stars: | 2024-05-16 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

Last October, an Israeli settler in the West Bank set a Palestinian home on fire. And last fall, a settler shot a Palestinian in the stomach in front of an Israeli soldier. Yet the authorities have not charged any of these settlers — or others who have attacked West Bank residents — with crimes. In it, they document how violent factions within the settler movement have repeatedly received protection from the Israeli government despite attacks against Palestinians — and even against Israeli officials who tried to challenge the settlers. An Israeli government report in 1982 documented the problem, to no effect.

Persons: —, Ronen Bergman, Mark Mazzetti, ” Ronen, Mark, “ Organizations: West Bank, Times Magazine Locations: “, of Israel

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