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(This is CNBC Pro's live coverage of Wednesday's analyst calls and Wall Street chatter. A closely watched electric vehicle maker and a cloud software company were among the talked stocks by analysts on Tuesday. "We move to Sell given the increased lack of visibility around an inflection in the aforementioned trends," said analyst Kash Rangan. – Samantha Subin 6:19 a.m.: Wall Street reacts to Reddit's first earnings print as a public company Reddit's first earnings report since hitting the public markets in March is garnering some mixed responses from Wall Street analysts. "Its limited production and commercial history leaves much to be seen," he wrote "Rivian must prove it can acquire the customer base, while maintaining low advertising costs."
Persons: there's, Baird, Goldman Sachs, Kash Rangan, Rangan, – Samantha Subin, Mark Shmulik, Reddit, Doug Anmuth, Bank of America's Justin Post, Citi's Ronald Josey, Samantha Subin, Mark Delaney, Rivian, Dan Levy, RIVN, Wells Fargo's Colin Langan, Langan, Datadog Baird, Amit Agarwal, Will Power, DDOG, Power, Fred Imbert Organizations: CNBC, ZoomInfo Technologies, Wall Street, Google, Bank of America's, Barclays, Datadog, Cisco Locations: Rivian, Datadog
At issue is a map drawn by state lawmakers that included a second majority African American district in Louisiana’s six-district congressional plan. The Supreme Court’s intervention, the groups argued Wednesday, “is needed to ensure that harm is not repeated.”The Supreme Court could allow the newly drawn congressional districts to be used in this year’s election. Throughout the process, Republican lawmakers suggested in public statements that a primary motivation was to adhere to court orders and draw a second majority Black district. The Supreme Court is already weighing a separate equal protection challenge over South Carolina’s congressional maps. Given the delay in the Supreme Court issuing its decision, the lower court has ruled that the 2024 elections can proceed under the map it previously deemed unconstitutional.
Persons: , , , Allen, Milligan, Mike Johnson, Steve Scalise, doesn’t, Donald Trump, Bill Clinton, Taiwan Scott Organizations: CNN, Civil, Court, White, Republicans, African American, , GOP, Supreme, Supreme Court, Republican, South, South Carolina State Conference of, NAACP, American Locations: Black, Louisiana, Louisiana’s, Alabama, Shreveport, Baton Rouge, Taiwan, South Carolina
Bank of America reiterates Apple as buy Bank of America is sticking with its buy rating on shares of Apple after its Tuesday iPad event. Bank of America reiterates Rivian as buy Bank of America said it's standing by the EV maker following earnings on Tuesday. " Bank of America initiates Sutro as buy Bank of America said it's bullish on shares of the biotech company. Deutsche Bank upgrades Boston Beer to hold from sell Deutsche upgraded the stock mainly owing to valuation. Bank of America reiterates Nvidia and Micron as buy Bank of America said it's sticking with buy ratings on both Nvidia and Micron.
Persons: Wells, Baird, Apple, Morgan Stanley, NKE, Reddit, Rivian, RIVN, Rosenblatt, Raymond James, it's, Roth, SHLS, Goldman Sachs, Goldman, ZI, YTD, Stephens, Ferrari Organizations: Hexcel Corporation, Old Dominion, Bank of America, Apple, Nike, Citi, Barclays, Disney, Nasdaq, JPMorgan, VMware, Broadcom, Deutsche Bank, Boston Beer, Deutsche, Nvidia, Micron, AMD, ARM, MU, Garden Entertainment, Knicks, Rangers, UBS, Ferrari Locations: Old, Disney, Datadog, RDFN
LONDON — Members of Britain's exclusive all-male Garrick Club has reportedly voted to permit women to join the institution for the first time in its 193-year history. The historic vote comes after the club has been under immense scrutiny over recent weeks following the publication by the U.K.'s Guardian newspaper of some of the elite club's most influential members. The closely-guarded membership list showed the club to be an emblem of Britain's patriarchal establishment, with the majority of members white and aged over 50. Notable public figures from the arts, including actors Benedict Cumberbatch and Brian Cox, were also named. The Garrick Club, named after the 18th-century actor David Garrick, was founded in 1831 as a place where "actors and men of refinement and education might meet on equal terms," according to a statement on the club's website.
Persons: Garrick, King Charles III, Benedict Cumberbatch, Brian Cox, David Garrick Organizations: U.K, Secret Intelligence Service, Garrick Locations: London
Goldman Sachs reiterates Nvidia as buy Goldman said it sees a "favorable" risk/reward for shares of Nvidia. Goldman Sachs reiterates ServiceNow as buy Goldman said it's standing by its buy rating on the stock following its financial analyst day. Bank of America reiterates Palantir as buy Bank of America said it's sticking with its buy rating after the company released earnings on Monday. Wells Fargo reiterates Goldman Sachs as overweight Wells increased its price target on Goldman to $504 per share from $450. price target."
Persons: TGT, Goldman Sachs, Goldman, ServiceNow, Wells, Palantir, Wolfe, TD Cowen, Ares, Cowen Organizations: Citi, Target, Nvidia, UBS, Vale, Bank of America, Apple, UL, tailwinds, Artificial Intelligence, Nike, Cameco, Nike Inc, Barclays, CVS Locations: Las Vegas
"That all really kind of plays right into Ollie's hands." Her $92 price target implies about 17%% upside from Monday's close. The average analyst has a buy rating and target for shares suggesting upside of more than 12%, according to LSEG. Ollie's shares are lagging the broader market in 2024 with a gain of almost 5% versus the S & P 500's 9% gain. OLLI 1Y mountain Ollie's shares over the past 12 months.
Persons: Anthony Chukumba, it's, Price, Melanie Nuñez, Ollie's, Nuñez, Chukumba, OLLI, Truist's Scot Ciccarelli, Ciccarelli, TJ Maxx, BofA's Nuñez, Chukumba's, FirstCash Organizations: Capital, Federal, Amazon, Walmart, Bank of America, Wall, Ross Locations: McDonald's, Harrisburg , Pennsylvania, Monday's, Ollie's
My birthday always falls around Mother's Day, and this year it's the same day. Mother's Day. AdvertisementThis is the first year Mother's Day has fallen on my birthday since I became a mom a decade ago. While I paused, he added, "It's Mother's Day, too," and I fought the urge to roll my eyes. There's pressure to have the perfect birthday, just like there's pressure to have the perfect Mother's Day.
Persons: I'm, , isn't, we've, He's, who's, I've Organizations: Service, Mother's, Hallmark
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA retirement community in Columbus, Georgia, fired a 78-year-old receptionist because of her age shortly after she was taken to hospital with high blood pressure, a federal agency says. The worker, who had been a receptionist since 2007, was fired in February 2022, the EEOC said in the lawsuit. She was released two days later, the EEOC said, and doctors later told her it was the result of dehydration. AdvertisementThe Age Discrimination in Employment Act forbids age discrimination against people aged 40 or older, including in hiring and termination decisions.
Persons: , BrightSpace, didn't, Brian Hendricks Organizations: Service, Retirement, US, Employment, Commission, Business, Employees, Covenant, CBS News, Bureau of Labor Statistics Locations: Columbus , Georgia, Louisiana
“China is neither the creator of the crisis, nor a party to it or a participant. The trip will also see Xi visit Serbia and Hungary, with the leader’s visit to Belgrade coinciding with the 25th anniversary of NATO’s bombing of the Chinese embassy in the city that killed three. Beijing has defended its trade with Russia as part of normal bilateral ties; it also says it does not provide weapons to parties in conflict. It has not been accused of sending lethal weapons to Russia, but rather goods with military use. Beijing supports efforts recognized by both Russia and Ukraine, with “equal and just discussions of all possible peace plans at the conference,” he said.
Persons: Xi Jinping, ” Xi, Emmanuel Macron, Ursula von der, , ramped, Macron, Xi “, he’s, , ” Macron, presser, Xi, Vladimir Putin, von der Leyen, Putin Organizations: Hong Kong CNN, French, European, NATO, Biden, Kyiv Locations: Hong Kong, Ukraine, China, Europe, Moscow, “ China, Paris, Washington, Beijing, Russian, Serbia, Hungary, Belgrade, Serbian, Balkans, Russia, France, , Israel, Switzerland
Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.
Persons: Blackstone, , BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, ​ ​ McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres
While watching "Friends," I realized I'm Monica and Chandler in equal measure, with my attention to detail and choice of humor as a coping mechanism. Despite our glaring similarities, I lack what holds them all together in the world of television: a constant friend group. It's worth noting that I do have friends, people I've handpicked from different social circles at different points of my life, all of whom have yet to intersect. Today, I have best friends from high school, my K-pop phase, college, clubs, and the weird limbo between student and work life. Angel Martinez has friends from different stages of her life.
Persons: I'm Monica, Chandler, Schmidt, Cece, Carrie, I've, it's, Angel Martinez, , I'm, Carrie Bradshaw Organizations: Catholic
Known then as Masako Owada, she worked long hours and had a rising career as a trade negotiator. Much has changed for Japan’s Foreign Ministry — and, in some ways, for Japanese women more broadly — in the ensuing three decades. Since 2020, women have comprised nearly half of each entering class of diplomats, and many women continue their careers after they marry. For years, Japan has promoted women in the workplace to aid its sputtering economy. But many women still struggle to balance their careers with domestic obligations.
Persons: Masako Owada, Crown Prince —, — Naruhito, Japan’s Foreign Ministry — Organizations: Crown, Japan’s Foreign Ministry, Private Locations: Japan
CNN —Celebrating the beauty of Blackness and protesting “environmental decadence” for a cleaner, waste-free future: that’s the vision of award-winning Nigerian metal sculptor and visual artist Dotun Popoola. Popoola’s most recent sculpture is a 12-foot-tall, 882-pound piece depicting the decorated head and neck of an African woman, inspired by his wife. “The work showcases the beauty of Black women all over the world,” Popoola said of the piece, which he began in 2022. “The amount of support shown by women all over the world made me shed tears of joy in my studio. If you keep doing what you do, one day you’ll be in the spotlight and the world will be watching.”
Persons: Dotun Popoola, ” Popoola, , ” Dotun Popoola, , Adeola, Popoola, Naomi Campbell, I’d, Tera DuVernay, Ava DuVernay, “ Tera, “ I’ve, Wynton Marsalis, Bryan Stevenson, Irinkemi Asake, “ Mr, ” It’s, Popoola’s, I’m Organizations: CNN, Popoola Studios, Legacy Museum, Equal, Initiative, Obafemi Awolowo University, Art Locations: Nigeria, Lagos, Montgomery , Alabama, America, Alabama, Dubai, Qatar, India, Americas, South Dakota, Africa, Osun State, Southwest Nigeria
6:41 a.m.: Morgan Stanley raises Carvana price target Morgan Stanley likes what it sees from Carvana after its "operational turnaround." The bank reiterated an underweight rating on the used car retailer but raised its price target to $75 per share from $45. "Throughout 2023, CVNA transitioned from a distressed equity into an operational turnaround with a restructured interest burden," Morgan Stanley analyst Adam Jonas said. The firm downgraded the HVAC stock to neutral from buy and lowered its price target to $68 per share from $74. MU YTD mountain MU year to date — Brian Evans 5:45 a.m.: Morgan Stanley upgrades U.S. Steel There's a big buying opportunity in U.S. Steel after a recent pullback this year, according to Morgan Stanley.
Persons: Morgan Stanley, Baird, Morgan Stanley's, CVNA, Adam Jonas, — Brian Evans, Wells, Mike Mayo, Mayo, Brian Evans, Johnson, Damian Karas, " Karas, Tristan Gerra, Gerra, Carlos De Alba, Alba, De Alba, Fred Imbert Organizations: CNBC, U.S, Steel, Micron Technology, Wells Fargo, Citi, UBS, Johnson, JCI, Micron, MU, Nippon Steel, U.S . Steel, . Steel Locations: Carvana, Wells Fargo, Friday's, U.S
Paramount — Shares popped 2.4% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Morgan Stanley downgraded Victoria's Secret to underweight and cut its price target, citing expectations for negative EPS revisions and a tough second half for specialty retail. EHang Holdings — The autonomous aircraft stock advanced 3.2% on the heels of a bullish initiation of research coverage from Morgan Stanley. United States Steel — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded it to overweight from equal weight. U.S. Steel shares have room to rise thanks to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note.
Persons: Warren Buffett, Li, Tyson, Howard Shultz, Morgan Stanley, Coinbase, Bausch, Johnson, , Sarah Min, Tanaya Macheel, Jesse Pound, Michelle Fox, Samantha Subin Organizations: Berkshire Hathaway, Paramount, Paramount Pictures, CBS Entertainment Group, Sony Pictures Entertainment, Spirit Airlines, Li Auto, StreetAccount, Starbucks, EHang Holdings, United States Steel, . Steel, Nippon Steel, Barclays, UBS Locations: Berkshire, China, Pittsburgh
Here are the biggest calls on Wall Street on Monday: Morgan Stanley initiates EHang Holdings as overweight Morgan Stanley said it's bullish on shares of the Asia autonomous aerial vehicle company. Morgan Stanley downgrades Victoria's Secret to underweight from equal weight Morgan Stanley said it sees "underappreciated downside" for the lingerie company. Citi downgrades Peloton to neutral from buy Citi said in its downgrade of the stock that it has "limited visibility." Morgan Stanley upgrades U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of U.S. Steel that it likes the company's "transformational investments." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's sticking with its overweight rating on Apple after analyzing the company's quarterly 10-Q report.
Persons: Morgan Stanley, it's, Baird, Morgan Stanley downgrades, Wells, Bausch, Lomb, Apple, Johnson, MLCO, Moffett, Melius, inferencing, JPMorgan Organizations: EHang Holdings, EH, Deutsche Bank, Disney, Deutsche, Micron, Citi, Comerica, CMA, Steel, U.S . Steel, Apple, Services, UBS, JCI, Barclays, Resorts, Nvidia, Broadcom, AMD, Microsoft, JPMorgan, Group, Bank of America, Santander Brasil, of America Locations: Asia, U.S
During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. "Because of limited resources, we cannot file a lawsuit in every case where we find discrimination," the EEOC explains on its website. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they "are pleased with the outcome of the EEOC investigation."
Persons: Bowlero, Thomas Shannon, Robert Lavan, there's, it's, Daniel Dowe, EEOC, Dowe, Alex Spiro, Hope Skibitsky, Quinn Emanuel, Thomas Tanase, Tanase's, didn't Organizations: U.S, Commission, CNBC, AMF, Lucky, Wall Street, Bowlero Locations: North America, Virginia
In today's big story, we're looking at people who feel like a middle-class salary doesn't equal a middle-class lifestyle . The big storyMiddle-class meltdownMichael Raines"Lately, I'm getting the feeling that I came in at the end. AdvertisementBusiness Insider's Jennifer Sor has a report on the people making over six figures who think the middle-class lifestyle they dreamed of isn't realistic for their salary . AdvertisementMarco Bottigelli/Getty, Yevgen Romanenko/Getty, Maskot/Getty, Tyler Le/BILet's address the elephant in the room: A six-figure salary is still a lot of money. Words like "AI Infrastructure" and "generative AI" point to more money heading to Nvidia for its popular H100 GPU chip.
Persons: , Michael Raines, I'm, It's, Tony Soprano bemoaned, Jennifer Sor, Vincent, it's, Marco Bottigelli, Yevgen Romanenko, Tyler Le, Jenny Chang, Rodriguez, Warren Buffett, Buffett, Shruti Gandhi, Dalton Caldwell, James Cham, Hemant Taneja, Jenny Lefcourt, Nick Little, Sam Altman, Alice Zhang, Serena Williams, Jack Dorsey, Dorsey, — Dorsey, Bluesky, Alyssa Powell, Katie Notopoulos, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, Pew Research Center, nab, Adobe, Wall, Hamptons, Nvidia, Genomics, Serena Ventures, Fortune, Starbucks Locations: New York, Zillow, Santa Barbara , California, Berkshire, Bluesky, London, Chicago
Spirit also forecast second-quarter revenue between $1.2 billion and $1.34 billion, below a FactSet estimate of $1.46 billion. Paramount — Shares popped 3.3% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo . U.S. Steel shares have room to rise due to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note. Morgan Stanley said the market is likely overlooking the Canadian-based company's progress on improving core profit margins. Morgan Stanley downgraded the intimate apparel maker to underweight due to expectations for negative earnings per share revisions.
Persons: Baird, Warren Buffett, Morgan Stanley, Tyson, StreetAccount, Bausch, Coinbase, Li Auto, Alex Harring, Jesse Pound, Samantha Subin, Hakyung Kim, Sarah Min, Matthew Staver Organizations: Berkshire Hathaway, Berkshire, Micron Technology, Spirit Airlines, Paramount, Paramount Pictures, CBS Entertainment Group, Sony Pictures Entertainment, United States Steel, . Steel, Nippon Steel, Medical Properties, Health Care, EHang Holdings, Barclays, Micron Technology Inc, Bloomberg, Getty Locations: The Boise , Idaho, Berkshire, Pittsburgh, China, Weibo, Boise , Idaho
CNN —Luis Suárez scored a hat trick for Inter Miami on Saturday, but it is not that impressive feat which is the focus of attention. Instead, it is once again Lionel Messi dominating headlines courtesy of a performance which almost defied belief. In a 6-2 victory over the New York Red Bulls, Messi broke two MLS records. Last week, in Miami’s victory over New England Revolution, Messi had set two other MLS records. Messi and Suárez formed a formidable partnership while at Barcelona and the pair have seamlessly transferred that understanding onto the pitch when playing for Miami.
Persons: CNN — Luis Suárez, Lionel Messi, Messi, , Gerardo “ Tata ” Martino, Suárez, Dante Vanzeir, Matías Rojas, Rojas, Emil Forsberg Organizations: CNN, Inter Miami, New York Red Bulls, MLS, Argentine, Chase, New England Revolution, Miami, Messi, Eastern Conference, CF Montreal Locations: Barcelona, New York
The latest round of Gaza cease-fire talks ended in Cairo after "in-depth and serious discussions," the Hamas militant group said Sunday, reiterating key demands that Israel again rejected. The defense minister claimed Hamas wasn't serious about a deal and warned of "a powerful operation in the very near future in Rafah and other places across all of Gaza." The Israeli military reported 10 projectiles were launched at the crossing in southern Israel and said its fighter jets later struck the source. Hamas would start by releasing female civilian hostages in exchange for Palestinian prisoners held by Israel. Israel blames Hamas for civilian deaths, accusing it of embedding in residential and public areas.
Persons: Israel, Israel didn't, Yoav Gallant, Benjamin Netanyahu, Netanyahu, Ismail Haniyeh, Kerem Shalom, Cindy McCain, Attar, Abu Youssef al Organizations: Hamas, Food, NBC, Najjar Locations: Deir Balah, Gaza, Israel, Cairo, Rafah, Egypt, Qatar, Qatar's Al Jazeera, U.S, Israeli, Lebanese
CNN —No one dares speak louder than a whisper as nearly 1,000 people respectfully take their seats inside the dimly lit Crucible Theatre. They’ve come to witness the nerve-shredding, silently electric atmosphere of the World Snooker Championship. The World Snooker Tour (WST) – organizers of the World Snooker Championship – say the sport is watched by half-a-billion people around the world. The Crucible Theatre has been the home of the World Snooker Championships since 1977. Saudi Arabia’s pursuit of snooker should not be surprising, but moving the World Snooker Championship would be an emotional decision for many of its fans.
Persons: they’re, They’ve, Shaun Murphy, It’s, , they’ve, George Wood, Mike Watterson, Hossein Vafaei, , it’s, ” Murphy, Young, Murphy, ” Ronnie O'Sullivan, Ronnie O’Sullivan, Ronnie O’Sullivan’s, O’Sullivan, , , Steve Dawson Organizations: CNN, Crucible, CNN Sport, Sheffield, Crucible Theatre, , Wembley, Snooker, Wimbledon, , Theatre Locations: Sheffield, England, Augusta, Saudi Arabia, , Saudi, China
And there are three key reasons Gen Zers' decisive decade will shape their ongoing mental and financial health. Unhappiness can shape long-term mental healthGen Zer's mental health outcomes are shaped by their involvement in school and work, Brookings researchers said. AdvertisementAt work, many Gen Zers are struggling with anxiety, work-life balance, and burnout — more so than millennials, Gen X, and boomers. Unhappiness and social isolation are especially affecting Gen Zers who reached adolescence during the pandemic. Not all Gen Zers start on equal footingTo be sure, Gen Zers' education, work, and financial outcomes are also dependent on their life circumstances in childhood.
Persons: , Zers, Gen Zers, Ian Rowe, Gen X, Lara Aknin, it's, Zer, isn't Organizations: Service, Pew, Business, Brookings Institution, Brookings, Urban Institute, American Enterprise Institute, Research Locations: America, Brookings
Toyo Suisan has consistently outperformed Nissin Foods in North America, one of the most profitable and fastest-growing markets in the world. It generally starts with shareholder proposals that by regulation can only address specific issues, such as capital allocation and dividends. Last year, 3% of corporate governance shareholder proposals were passed and 4% of balance sheet-based shareholder proposals were passed. First, it shows the opportunities available to activists in Japan where reasonable shareholder proposals could lead to significant shareholder value creation. Brian Doyle of Nihon Global and his team are a good example of this.
Persons: Toyo Suisan, Toyo Suisan's, Nissin, Nihon, hasn't, Judge Chamberlain Haller, Vinny, Nihon Global's, Brian Doyle, Hiroyuki Otsuka, Carlyle, Ken Squire Organizations: Toyo, Nihon Global Growth Partners Management, Nihon Global, Nihon, Nissin, Foods, Nissin Foods, Tokyo Stock Exchange, U.S, White, Newton Investment Management, 13D Locations: Japan, Toyo, North America, Mexico, U.S, American, United States, Asia
But when it comes to politics, our debates can feel like they are tearing us apart. But we've had enough contentious debates by now that we are more choosey about what we bring up and when. I know that disagreeing with him on political issues isn't a threat to our relationship, but sometimes, it feels that way. AdvertisementIt helps us to remember that we aren't reduced to our political perspectivesI don't think we are solely to blame for feeling so disconnected over political differences. But when we come down from those intense debates, we remember that our identities are not reduced to our political perspectives.
Persons: we've, We've, I've, It's instinctual, shouldn't, haven't, , I'm Organizations: Service Locations: Alabama, Australia
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