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New details of the Biden administration’s signature conservation effort, made public this month amid a burst of other environmental announcements, have alarmed some scientists who study marine protected areas because the plan would count certain commercial fishing zones as conserved. The decision could have ripple effects around the world as nations work toward fulfilling a broader global commitment to safeguard 30 percent of the entire planet’s land, inland waters and seas. That effort has been hailed as historic, but the critical question of what, exactly, counts as conserved is still being decided. This early answer from the Biden administration is worrying, researchers say, because high-impact commercial fishing is incompatible with the goals of the efforts. “Saying that these areas that are touted to be for biodiversity conservation should also do double duty for fishing as well, especially highly impactful gears that are for large-scale commercial take, there’s just a cognitive dissonance there,” said Kirsten Grorud-Colvert, a marine biologist at Oregon State University who led a group of scientists that in 2021 published a guide for evaluating marine protected areas.
Persons: Biden, there’s, , Kirsten Grorud Organizations: Oregon State University
Today's big story examines how recruitment for AI talent is ramping up in the tech industry and on Wall Street . AdvertisementEager to understand how to leverage the tech, companies are racing to scoop up AI specialists. But Big Tech companies aren't just competing with each other. With so many venture capitalists eager to fund AI ideas , some AI talent are starting their own companies. Businesses are already fighting the rule, but if it survives the courts it could mean even more movement of AI talent.
Persons: , We've, we've, Justin Sullivan, Chelsea Jia Feng, Eager, Kali Hays, Ellen Thomas, Banks, it's, Getty, Sean Gladwell, Olga Pyrkina, Tyler Le, Amy Hood, Mark Zuckerberg, Zuckerberg, Johannes Eisele, Swan, Mark Spitznagel, Spitznagel, David Einhorn, there's, Dimitrios Kambouris, Leon Neal, Abanti Chowdhury, Bill Gates, Gates, BI Gates, Satya Nadella, Zs, Herman Miller Eames, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Getty Images, Anadolu Agency, Big Tech, Johannes, Getty, Federal Reserve, Reuters, Research, Capital Economics, Greenlight, Staff, Microsoft, BI, Paramount Locations: California, AFP, America, New York, London, Chicago
The recent gold rally is counterintuitive, as high interest rates typically make bullion less attractive. But billionaire investor David Einhorn has a theory that he shared in his latest investor letter. Einhorn suggests that gold's rally is potentially due to countries in the East buying gold from Western nations. To explain the strong run for gold, billionaire investor David Einhorn offered a potential theory in his latest letter to investors published this week. Others, like billionaire investor Ray Dalio, say gold can hedge risks stemming from high government debt levels.
Persons: David Einhorn, Einhorn, , there's, David Rosenberg, Ed Yardeni, Ray Dalio Organizations: Service, Federal, Greenlight, World Gold, People's Bank of Locations: China, People's Bank of China, India, Singapore
Greenlight Capital's David Einhorn continued to pick up new stocks in the first quarter, including Penn Entertainment , as the longtime value investor struggles to find opportunities in the volatile market. He established the stake at an average cost of $22.69 per share, but the stock has fallen to $17.44 as of Wednesday. Still, Einhorn said sports betting, if executed right, could take the shares much higher. "Were the market to credit PENN with merely 15% of DraftKings' value, that segment alone would be worth $20 per share." Q4 buyer's strike Einhorn had stopped building new stock positions at one point in the fourth quarter, saying he was on a "buyer's strike" due to worries about intensifying geopolitical risks.
Persons: Greenlight Capital's David Einhorn, Einhorn, PENN, he's, Greenlight, — CNBC's Leslie Picker Organizations: Penn Entertainment, CNBC, Barstool Sports, Cornell grad, Greenlight Capital, HP, Roivant Sciences, Liberty Global
The Biden administration on Thursday announced a new federal rule for the nation’s sprawling public lands that puts conservation on par with activities like grazing, energy development and mining. It elevates conservation in a number of ways, including by creating two new kinds of leases for the restoration of degraded lands and for offsetting environmental damage. These lands have long been managed for “multiple uses,” including cattle ranching, drilling and recreation. “As stewards of America’s public lands, the Interior Department takes seriously our role in helping bolster landscape resilience in the face of worsening climate impacts,” Interior Secretary Deb Haaland said in a statement. “Today’s final rule helps restore balance to our public lands as we continue using the best-available science to restore habitats, guide strategic and responsible development, and sustain our public lands for generations to come.”
Persons: Biden, Deb Haaland, , Organizations: Bureau, Land Management, Interior Department
Gold futures settled at a record high above $2,400 an ounce this week. The precious metal is coming off its third straight week of gains. Gold is often used as an inflation hedge because of its limited supply. @GC.1 YTD mountain Gold Professional speculators' net-long positions in gold futures and options hovered near the highest level since 2020 as of April 9, according to the Commodity Futures Trading Commission's latest data. The hedge fund star revealed that not only did he own the popular SPDR Gold Trust fund (GLD), but he also bought physical bars.
Persons: James Steel, David Neuhauser, Neuhauser, Greenlight Capital's David Einhorn, Einhorn Organizations: Citi, Investors, HSBC Securities, Gold, Commodity, Livermore Partners, CNBC, Trust, Deutsche Bank Locations: Northbrook , Illinois
The world’s coral reefs are in the throes of a global bleaching event caused by extraordinary ocean temperatures, the National Oceanic and Atmospheric Administration and international partners announced Monday. It is the fourth such global event on record and is expected to affect more reefs than any other. Bleaching occurs when corals become so stressed that they lose the symbiotic algae they need to survive. Bleached corals can recover, but if the water surrounding them is too hot for too long, they die. The economic value of the world’s coral reefs has been estimated at $2.7 trillion annually.
Organizations: National Oceanic, Atmospheric Administration
Economists polled by FactSet anticipate the March consumer price index will show prices rising by 0.3% on a monthly basis, less than February's 0.4% advance. Similarly, the March producer price index is expected to show an increase of 0.5%, according to FactSet consensus estimates. Monday April 8 Tuesday April 9 6 a.m. NFIB Small Business Index (March) Wednesday April 10 8:30 a.m. Consumer Price Index (CPI) (March) 8:30 a.m. Initial Claims (04/06) 8:30 a.m. Producer Price Index PPI Earnings: CarMax Friday April 12 8:30 a.m. Import Price Index (March) 10 a.m. Michigan Sentiment preliminary (April) Earnings: State Street , Wells Fargo , JPMorgan Chase , Progressive , Citigroup
Persons: Stocks, we're, Ross Mayfield, Baird, Mayfield, FactSet, David Einhorn, CNBC's Scott Wapner, he's, Michelle Bowman, Bank's Tom Hainlin, Hainlin, Jamie Myers, JPMorgan Chase Organizations: Federal Reserve, Investors, Treasury Bond, Dow Jones, Nasdaq, . West Texas, Treasury, Fed, Investment Group, Investors Intelligence, American Association of, Walmart, Citigroup, JPMorgan, Index, Treasury Budget NSA, Air Lines, Price Index, Progressive Locations: U.S, Wells Fargo, Michigan
What's more important? AI or the election.
  + stars: | 2024-04-05 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
In today's big story, we're announcing the finalists for our business, tech, and innovation bracket. What's on deck:This story is available exclusively to Business Insider subscribers. If you're just catching up, a few weeks ago we identified eight of the biggest trends in business, tech, and innovation. And then there were two: the AI race vs the US presidential election. Dan Rosen, founder and partner, Commerce Ventures:Advertisement"As a fintech investor, AI strikes me as more important.
Persons: , we're, Chelsea Jia Feng, Readers, Bruce K, Lee, Dan Rosen, Ira Allen, Tracy Albert, Wendy Craft, Elle, Dodd, Frank, Zach Blank, Nick DiGiovanni, Adam Jeffery, Ian MacNicol, David Einhorn, Jesse Cohn, Greg Coffey, Goldman Sachs, Brian Robinson, Nelson Peltz's, James Park, would've, Justin Sullivan, Marissa Mayer's, Enrique Munoz Torres, Elon Musk, Musk, Lukas Schulze, it's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Keebeck Wealth, Commerce Ventures, CNBC, NBCU, Getty, Elliott Management, Sohn, Street Journal, Disney, UCLA, Yahoo, LinkedIn, Elon, Apple, Ford, Workers, Advertising Research, NCAA Locations: Europe, California, New York, London
CNBC Daily Open: Disney wins proxy showdown
  + stars: | 2024-04-04 | by ( Clement Tan | In Clemtan | ) 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. Nick Caldwell, now chief product officer at Peloton, is claiming Musk and X "cheated" him and other executives out of a combined $200,000,000 in severance benefits. This lawsuit is similar to the one filed by other Twitter executives, including ex-CEO Parag Agrawal, claiming they were owed $128 million in unpaid severance. [PRO] Autos winnersA Tesla short-seller named two auto stocks that he believes have the potential to deliver 100% upside for investors.
Persons: Robert Iger, Mickey Mouse, Jerome Powell, Steve Cohen, David Einhorn, Elon Musk, Nick Caldwell, Parag Agrawal, Tesla Organizations: Walt Disney Company, New, Children's Hospital, Children's Hospital Los Angeles, CNBC, Dow Jones, Intel, Nasdaq, Fed, U.S, Elon, Twitter Locations: Children's Hospital Los, Los Angeles , California
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe smart money gathered in Manhattan on Wednesday didn't spend their time pitching artificial-intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference, some of the biggest names in hedge funds — such as Greenlight's David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Even hedge funds that are constantly stirring the pot, such as Bridgewater and Paul Singer's Elliott Management, were even-keeled. The activist investor, who's become a recurring nightmare for anxious CEOs across the country, is not looking to burn anything down or start an M&A spree.
Persons: , year's Sohn, Greenlight's David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's Tesla, Greg Coffey, Oz, Moore —, Coffey, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Elliott, Marc Steinberg, who's, You've, you've Organizations: Service, Business, Solvay, Paul Singer's Elliott Management, Bridgewater Locations: Manhattan, Belgium, Belgian, GLG, London, New York, Bridgewater, China
The central bank's current chief, Jerome Powell, is yet to defeat his mythical beast — and Wall Street is getting worried. Powell warned on Wednesday that the Fed's fight against inflation isn't over after annualized price growth accelerated to 3.2% in February. AdvertisementRaising the alarmBank of America analysts have suggested that stubborn inflation could mean the Fed doesn't start cutting rates until March next year. It's no wonder, then, that investors are waiting impatiently for the Fed to cut rates. Fundstrat's famously bullish boss, Tom Lee, proclaimed this week that it's dropping "like a rock" and the first rate cut is still likely to be in June.
Persons: , Paul Volcker, Jerome Powell, Powell, Greenlight Capital's David Einhorn, Einhorn, Greenlight, Dad, Robert Kiyosaki, Gary Shilling, Julia La Roche, We've, Merrill Lynch's, they've, Shilling, It's, Fundstrat's, Tom Lee Organizations: Service, Federal, Business, of America, CNBC, Trust, Wall Street, Fed
Inflation is not reaccelerating, says Evercore's Roger Altman
  + stars: | 2024-04-04 | 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 EmailInflation is not reaccelerating, says Evercore's Roger AltmanRoger Altman, Evercore founder, joins 'Closing Bell' to react to David Einhorn's statements at the Sohn Conference yesterday.
Persons: Evercore's Roger Altman Roger Altman, David Einhorn's Organizations: Evercore, Sohn
CNBC Daily Open: Disney wins proxy fight
  + stars: | 2024-04-04 | by ( Clement Tan | In Clemtan | ) 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. Korea leads AsiaKorea led stock market gains in Asia-Pacific on Thursday, with markets in Hong Kong, China and Taiwan shut for a public holiday. U.S. Secretary of State Antony Blinken is also due to visit China again later this year. [PRO] Autos winnersA Tesla short-seller named two auto stocks that he believes have the potential to deliver 100% upside for investors.
Persons: Robert Iger, Mickey Mouse, Korea's, Jerome Powell, Steve Cohen, David Einhorn, Henry V, Janet Yellen, Antony Blinken, Tesla Organizations: Walt Disney Company, New, Children's Hospital, Children's Hospital Los Angeles, CNBC, Nikkei, Dow Jones, Intel, Nasdaq, Fed, Treasury Locations: Children's Hospital Los, Los Angeles , California, Korea, Asia Korea, Asia, Pacific, Hong Kong, China, Taiwan, U.S, Yellen, China U.S
The smart money gathered in Manhattan Wednesday didn't spend their time pitching artificial intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference in New York, the biggest names in hedge funds — such as David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Solvay, Einhorn said, has "a relatively high and stable margin, a high return on capital, and a good return of capital." Even hedge funds that are constantly stirring the pot, such as Paul Singer's Elliott Management and Bridgewater, were even-keeled. "You've got a durable business with real differentiation, you've got a strong management team executing," he said.
Persons: year's Sohn, David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's, Greg Coffey, Oz, Moore —, Coffey, Emso, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Sohn, Elliott, Marc Steinberg, You've, you've Organizations: Greenlight, Business, Solvay, Paul Singer's Elliott Management, Bridgewater, Elliott Locations: Manhattan, New York, Belgium, GLG, Australian, London, Bridgewater, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreenlight's David Einhorn on his top investment idea and the future of value investingDavid Einhorn, president at Greenlight Capital, and CNBC's Scott Wapner join 'Power Lunch' to discuss his thesis behind buying shares of European chemicals company Solvay, his outlook on value investing, and more.
Persons: Greenlight's David Einhorn, David Einhorn, CNBC's Scott Wapner Organizations: Greenlight, Solvay
Greenlight's David Einhorn said Wednesday at the Sohn Investment Conference in New York he has bought shares of European chemicals company Solvay . "Solvay is an essential chemical company that holds the number one position across all of its markets" Einhorn said. "While all of these are thought of as commodity businesses, they are higher margin and much more stable than most commodity chemical businesses." "All told, Solvay is a commodity chemical company with relatively high and stable margin, a higher return on capital." "At 3.7 times targeted 2028 earnings per share with almost a double-digit dividend yield, it seems too cheap," Einhorn added.
Persons: Greenlight's David Einhorn, Solvay, Einhorn, CNBC's Scott Wapner, Yun Li Organizations: Sohn Investment, Solvay, Wall, Greenlight Locations: New York, U.S, Brussels, Belgium
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreenlight's David Einhorn breaks down why he believes the market is 'fundamentally broken'David Einhorn, president at Greenlight Capital, and CNBC's Scott Wapner join 'Power Lunch' to explain why he believes the market is broken, whether he believes markets are in a bubble, and more.
Persons: Greenlight's David Einhorn, David Einhorn, CNBC's Scott Wapner Organizations: Greenlight
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreenlight's David Einhorn: The future of value of investing is deadDavid Einhorn, president at Greenlight Capital, and CNBC's Scott Wapner join 'Power Lunch' to discuss his thesis behind buying shares of European chemicals company Solvay, his outlook on value investing, and more.
Persons: Greenlight's David Einhorn, David Einhorn, CNBC's Scott Wapner Organizations: Greenlight, Solvay
The 2024 Sohn Investment Conference took place in New York took place Wednesday, with a slew of hedge fund managers highlighting their top ideas. Here are some of the top picks mentioned: Vijay Shilpiekandula, Dilation Capital Investment Idea: ASML Vijay Shilpiekandula of Dilation Capital, who was named the Sohn Idea Contest Winner, presented ASML as his best stock idea. Jesse Cohn, Elliott Investment Management Investment Idea: Etsy E-commerce platform Etsy is an undervalued company, according to Elliott Investment Management managing partner Jesse Cohn. Seth Fischer, Oasis Management Investment Idea: Kao There's an underappreciated buying opportunity in Japanese global chemicals company Kao, according to Seth Fischer, founder and CIO at Oasis Management. David Einhorn, Greenlight Capital Investment Investment idea: Solvay Greenlight's David Einhorn unveiled Solvay as his top investment idea , saying the European chemicals company is a market leader with an attractive valuation.
Persons: Vijay Shilpiekandula, Vijay, ASML, Shilpiekandula, Jesse Cohn, Etsy, Cohn, Seth Fischer, Kao, Fischer, David Einhorn, Solvay, Einhorn, Michael Buckley, Natera, Buckley, Mohammed Anjarwala, Carpenter, Anjarwala Organizations: Elliott Investment Management Investment, Elliott Investment Management, Body, Oasis Management Investment, Oasis Management, Nikkei, Greenlight Capital Investment Investment, Solvay, Duquesne Family, Duquesne Family Office, Global, Technology Carpenter Technology, Boeing, Airbus Locations: New York, Europe, Bath
"I think inflation is reaccelerating. I think there's a lot of indication of that," the famed investor said during the Sohn Investment Conference in New York. As a defense play against a potential market downturn, Einhorn also said he is loading up on his gold position . We own physical bars as well, so gold is a very large position for us," Einhorn said. Value investing opportunities Despite his concerns, Einhorn said opportunities are emerging in value stocks, which he thinks are misunderstood nowadays.
Persons: David Einhorn, Einhorn, CNBC's Scott Wapner, there's Organizations: Greenlight, Federal Reserve, Sohn Investment, Greenlight Capital, Trust, Solvay Locations: New York, Belgium
Now, we're tracking how well the analysts' picks have performed just three months into the new year. About 93% of analysts surveyed by LSEG hold a buy rating on Nvidia and have an average price target of $832.52. Warner Bros. Shares of Warner Bros. are down nearly 25% in the new year, and have lost about 45% over the past 12 months. Further, Warner Bros. did not give free cash flow guidance for 2024.
Persons: drugmaker Viatris, David Einhorn, Einhorn, Max Organizations: Dow Jones Industrial, CNBC, Nvidia, drugmaker, Pfizer, Warner Bros, APA Corp, Halliburton, Caesars Entertainment Locations: LSEG
Flaco spent a year defying expectations, an owl born into captivity who quickly learned to hunt and fend for himself in the wilds of New York City. Did he hit a window that he failed to perceive as glass, like hundreds of millions of birds across the United States each year? Or was he compromised in some way that impeded his ability to navigate New York’s concrete canyons? His initial examination, performed Friday by the Wild Bird Fund, a rescue group, showed a contusion on his chest and an impact to his right eye. He may have been dead by the time he hit the ground, said Rita McMahon, the group’s director.
Persons: Flaco, Rita McMahon, Ms, McMahon Organizations: Wildlife Conservation Society, Bird Fund Locations: New York City, Central, United States
For investors, that suggests opportunity in certain dividend stocks, Kostin wrote. Since late 2022, Goldman Sachs' Dividend Yield and Growth basket (GSTHDIVG), a 50-stock, equal-weighted basket of stocks with high trailing dividend yield and high anticipated dividend growth, has outperformed the equal-weighted S & P 500 by 3 percentage points. As of October, here are some of the stocks in the firm's dividend yield and growth basket. Verizon Communications Communication services stock Verizon Communications is a constituent in the dividend growth basket. Other stocks in Goldman's dividend growth basket include Best Buy , Conagra Brands and Devon Energy .
Persons: Goldman Sachs, David J, Meta, Kostin, That's, Greenlight Capital's David Einhorn, Morgan Stanley, Simon Flannery, — CNBC's Michael Bloom Organizations: Facebook, Bank of America, Federal Reserve, Verizon Communications Communication, Verizon Communications, Verizon, Conagra Brands, Devon Energy Locations: Viatris
The number of monarch butterflies at their overwintering areas in Mexico dropped precipitously this year to the second-lowest level on record, according to an annual survey. The census, considered a benchmark of the species’s health, found that the butterflies occupied only about 2.2 acres of forest in central Mexico, down 59 percent from the prior year. Only the winter of 2013-14 had fewer butterflies. Scientists said the decline appeared to be driven by hot, dry conditions in the United States and Canada that reduced the quality of available milkweed, the only plants monarch caterpillars can eat, as well as the availability of nectar from many kinds of flowers, which they feed on as butterflies. “It’s telling us that we need to intensify conservation and restoration measures,” said Jorge Rickards, the general director of World Wildlife Fund in Mexico, which conducted the survey with the National Commission of Protected Natural Areas and other partners.
Persons: , , Jorge Rickards Organizations: World Wildlife Fund, National Commission Locations: Mexico, United States, Canada
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