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☆ Market sets record — Breaking down whether the bulls are in the clear or a peak is imminent
▼ + stars: | 2024-05-18 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

You can't argue with a market making new record highs, though it's fair game to interrogate the tape about its assumptions and intentions. With the Dow Jones Industrial Average closing above 40,000 for the first time Friday and the S & P 500 settling above 5,300 after hitting a fresh all-time high Wednesday, the advice of history suggests not overthinking it. Keith Lerner, strategist at Truist, marks up a long-term S & P 500 chart to show times when it was at an all-time high. Brian Belski, strategist at BMO, last week lifted his year-end S & P 500 target to a Street-high 5,600 . And, quite remarkably, the stock market low of October 2022 occurred at an S & P 500 forward P/E above 15, with unemployment below 4% and in mid-economic expansion.

Persons: Stocks, Keith Lerner, Ned Davis, Brian Belski, Leuthold, Doug Ramsey Organizations: Treasury, Dow Jones, Dow, Ned Davis Research, Investment, Bank, Federal, BMO, Citi U.S, Vegas, Fed, Leuthold Locations: U.S

☆ Here are Friday's biggest analyst calls: Nvidia, Tesla, Robinhood, Salesforce, Netflix, Roblox, Chevron, Walmart & more
▼ + stars: | 2024-05-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Friday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America said top pick Nvidia remains "compelling" heading into earnings next week. Bank of America reiterates Marvell as buy Bank of America said it's sticking with its buy rating heading into earnings later this month. " Citi reiterates Walmart as a top pick Citi said the stock remains a top pick following earnings. Chevron Corp. (CVX): Reiterate Constructive View on Inﬂecting FCF Generation and Relative Valuation; Buy with 13% Total Return." "Near-term caution is offset by our increasingly bullish medium-term outlook, where CRM is well positioned for GenAI & valuation remains undemanding."

Persons: Marvell, Roth, Ree, Roth MKM, it's, REE, Wells, Oppenheimer, Reddit, Goldman Sachs, Tesla, Goldman, BTIG, Baird, Jefferies, Morgan Stanley, Baidu, Wolfe, UAL, Cantor Fitzgerald, Cantor, Price, Stifel, Salesforce Organizations: Bank of America, Nvidia, Ree Automotive, EV, Netflix, Citi, OpenAI, Google, Walmart, Darden, Jefferies, DuPont, Macquarie, Stock, underperform Bank of America, Chevron, Chevron Corp, JPMorgan, Body, United Airlines, Price Target, Health, Base Locations: Thu, Olive, China, United, Underperform

☆ Shares of Cartier owner Richemont climb 6% on record full-year sales, new CEO
▼ + stars: | 2024-05-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Shoppers line up to enter a Cartier store, a unit of Cie. Financiere Richemont SA, on Canton Road in the Tsim Sha Tsui area of Hong Kong. Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after the company reported record full-year sales, even as Asia-Pacific spending waned. The Cartier owner said group sales rose 3% at actual exchange rates to an all-time high of 20.6 billion euros ($22.38 billion) in the financial year ending in March, despite a weakening outlook for luxury brands. Fiscal fourth-quarter sales fell 1% to 4.8 billion euros at actual rates, driven by a slowdown in Asia-Pacific. In a separate statement, the company announced Nicolas Bos, CEO of Van Cleef & Arpels, as its new group CEO, effective June 1.

Persons: Financiere, Cartier, Johann Rupert, Nicolas Bos, Van Cleef Organizations: Cartier, Cie, Financiere Richemont SA Locations: Canton, Tsui, Hong Kong, Asia, Pacific, London, Asia Pacific

☆ Here's what has driven the Dow rally to 40,000, and why it could keep going
▼ + stars: | 2024-05-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange on May 16, 2024. Passing major milestones like the 40,000 barrier the Dow Jones Industrial Average eclipsed this week makes for a nice headline, but market experts don't take much else from the move. Forty thousand "is a great milestone, but [at the] end of the day there isn't much difference between 39,999 and 40k," said Ryan Detrick, chief market market strategist at Carson Group. But the "Waiting for Godot" economic retrenchment never happened, despite wobbly corporate profits and other headwinds. Those factors outweighed queasiness over where the Federal Reserve was headed with monetary policy amid inflation that has proved surprisingly sticky.

Persons: Ryan Detrick Organizations: New York Stock Exchange, Dow Jones, Carson Group, Wall Street, Federal

☆ The Ukraine war exposed serious flaws in some of the most sophisticated US weapons systems
▼ + stars: | 2024-05-17 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

Analysts say the US is gaining invaluable insights into the flaws of some of its most important weapons and military production systems. AdvertisementA shortage in weaponsThe Ukraine war has exposed problems not just with the quality of weapons, but with the US' capacity to produce them in the quantity Ukraine needs. "The biggest problem that the Ukraine war has exposed with American weapons is that the Pentagon simply does not buy enough munitions for a large-scale protracted conflict," said Pettyjohn. AdvertisementShe added that the recent Ukraine aid bill, which also contains billions for US weapons production, doesn't fix the problem. But though the war has posed serious conundrums for Pentagon chiefs, it's also shown that many of its weapons systems remain much better than those of its opponents.

Persons: —, Scott Peterson, Pettyjohn, it's Organizations: Service, Business, Getty, Center, New, New American Security, Ukrainian, Russia, Pentagon Locations: Russian, Ukraine, Ukrainian, New American, Afghanistan, Russia, United States

☆ Ford begs suppliers to help stem EV losses: 'We will all win or lose together'
▼ + stars: | 2024-05-17 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Read previewFord is asking its suppliers to help them cut electric vehicle manufacturing costs, soliciting money-saving ideas in a new memo sent to suppliers this week. "We have all invested heavily in the success of the EV business, and we will all win or lose together." These shoppers are more practical, frugal, and more likely to be considering electric, hybrid, and gas-powered options at the same time. In these matchups, hybrids have been winning as of late, a phenomenon that Musk has said is detrimental to the electric vehicle market. Industry experts, however, say hybrids are a good bridge technology for future EV adopters.

Persons: —, Ford, Elon, Liz Door, Tesla Organizations: Service, Detroit Business, Business, Ford, Industry, Crosstown, GM Locations: Detroit, North America

☆ Cardi B says she doesn't want to rely on her parents to care for her kids: 'They mine'
▼ + stars: | 2024-05-17 | by ( Amanda Goh | ) www.businessinsider.com time to read: +1 min

Cardi B says she doesn't want to be over-reliant on others to care for her two kids — not even her parents. She told Rolling Stone that since she gave birth to her children, she is responsible for them. Childcare costs in the US are rising, forcing many working millennial parents to seek alternative solutions. AdvertisementCardi B is a hands-on mom who doesn't want to be over-reliant on others to care for her kids — not even her parents. "I had them kids," she told Rolling Stone.

Persons: Cardi, —, Stone, Kulture Organizations: Service, Business

☆ How to survive ‘Maycember’ in three almost-easy steps
▼ + stars: | 2024-05-17 | by ( Dr. Katie Hurley | ) edition.cnn.com time to read: +7 min

“Maycember” is a term that online content creators the Holderness family coined to describe the sheer chaos of the month of May, much like the month of December. Exhausted teenagers are running on empty as the school year comes to an end, while expectations of parental involvement remain high. I’m always grateful for the people who volunteer their time to head up committees on the PTA or parent board. Prioritize mental healthNo good comes from a family running around from event to event without a moment even to enjoy the ones they attend. In a few short weeks, Maycember will be behind us for another year, and we’ll all breathe a sigh of relief.

Persons: “, Holderness, it’s, I’ve, there’s, I’m, you’ll, It’s, Maycember, You’ll, Katie Hurley, Strong, Fiona McPhee Organizations: CNN

☆ Under Armour is laying off workers as retailer says North America sales will plunge this year
▼ + stars: | 2024-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Under Armour announced a broad restructuring plan on Thursday as it said sales in its largest market, North America, plunged 10% and predicted the trend will get worse throughout its current fiscal year. The athletic apparel retailer also saw profits plunge by more than 96% during its fourth fiscal quarter, compared with the year ago period. During the quarter, sales in North America dropped 10% to $772 million, worse than the $780 million that analysts had expected, according to StreetAccount. The company said it expects sales to continue to worsen in North America. Analysts had expected earnings per share of 52 cents, according to LSEG.

Persons: Armour, Kevin Plank, Stephanie Linnartz, Plank, Linnartz Organizations: CNBC, LSEG, Analysts, Marriott, Armour Locations: Manhattan , New York City, North America

☆ Here's the inflation breakdown for April 2024 — in one chart
▼ + stars: | 2024-05-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

That increase is largely due to dynamics in the market for crude oil, which is refined into gasoline, economists said. Annual housing inflation declined to 5.5% in April from 5.7% in March. Shelter and gasoline inflation combined contributed more than 70% of the monthly CPI increase for all items, according to the BLS. Americans' buying patterns also simultaneously shifted away from services — such as entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation. Wage growth has been one contributor to services inflation, for example, economists said.

Persons: Grace Cary, That's, Mark Zandi, we're, Zandi, Michael Pugliese, Trump, Stephen Brown, Pugliese Organizations: U.S . Labor Department, Moody's Analytics, Federal Reserve, of Labor Statistics, Wells, Wells Fargo Economics, U.S, U.S . Energy Information Administration, Finance, GameStop, AMC, Biden, North, Capital Economics, Supply Locations: U.S, Wells Fargo, North America

☆ Warren Buffett thinks taxes are on the way up. Why selling stocks in advance may not be a good call
▼ + stars: | 2024-05-15 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

That's because the amount of money that's converted is subject to ordinary income tax – which can be as high as 37%. Even for those who are taxed at a lower rate, a sufficiently large conversion might bump them into a higher tax bracket. Long-term capital gains taxes have three tiers, depending on an investor's income: 0%, 15% and 20%. In a higher tax environment, "tax loss harvesting will become more important, and doing it in a performance-neutral way," said Jerrod Pearce, a certified financial planner and partner at Creative Planning in Overland Park, Kansas. Don't sell highly appreciated assets to generate cash if you're donating to charity.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Trump, Tim Steffen, Baird, Roth, Steffen, that's, Jerrod Pearce Organizations: Creative Planning, Mutual Locations: Berkshire, Washington, Overland Park , Kansas

☆ Costco shares may be getting ahead of themselves into earnings. A bearish trade using options
▼ + stars: | 2024-05-15 | by ( Tony Zhang | ) www.cnbc.com time to read: +3 min

We'll review a "broken wing put butterfly" options trade to position bearishly on Costco. With a business model focused on memberships and rock-bottom prices, Costco (COST) has grown much faster than its peers and commands a significantly higher valuation. Over the past year, COST stock has rallied over 55%, nearly double what the S & P 500 returned over the same period. Additionally, with such a high-priced stock and options premiums elevated with earnings on deck in two weeks, we have to get creative to structure a trade to seek bearish exposure heading into earnings. I'm looking out to the June 7 th weekly expiration and buying a $700/730/775 broken wing put butterfly for $9.72 debit.

Organizations: Costco

☆ A bank ETF could bounce if inflation data is cooler than expected, Bank of America says
▼ + stars: | 2024-05-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The rapid shift in expectations away from multiple rate cuts this year may have created a trading opportunity around Wednesday's inflation data, according to Bank of America. We believe squeeze risks for rate-sensitive laggards on a CPI miss outweigh downside risks on a CPI beat," Kwon wrote. Specifically, there could be an opportunity to bet on the squeeze risk through the SPDR S & P Regional Banking ETF (KRE) , Kwon said. KRE YTD mountain This regional bank ETF is underperforming the broader market year to date. Investors could position for this potential squeeze by just buying the ETF outright, though that does carry the risk of a hot inflation reading pushing regional bank stocks down.

Persons: Ohsung Kwon, Kwon, Russell, CNBC's Michael Bloom Organizations: Bank of America . Equity, Regional Banking, Federal Reserve, Silicon Valley Bank, First Republic, Bank of America Locations: IWM, Silicon

☆ 4 reasons why the S&P 500 has another 5% upside this year, UBS says
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The ongoing S&P 500 rally could extend to 5,500 this year, UBS said. Tech earnings have remained strong, with ex-Mag 7 tech firm profits revised 7% higher since March. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWith last month's equity jitters already quashed, the ongoing rebound is the start of an extensive summer rally, UBS said. According to a note published Tuesday, the S&P 500 could reach the firm's upside scenario of 5,500 by this year's end.

Persons: Disinflation, —, Marcelli, That's Organizations: UBS, Tech, Service, Global Wealth Management, Microsoft, Nvidia, Apple

☆ Executives at these companies, including Disney, are scooping up stock amid the market comeback
▼ + stars: | 2024-05-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Corporate executives and board members have made several notable buys of their own stock in the opening days of May, including a big Wall Street name buying shares of Walt Disney . Director James Gorman bought 20,000 shares of the entertainment company for $2.1 million on May 8, according to securities filings and VerityData. Gorman's buy is something of an outlier among Disney executives this year, as two executive vice presidents have made small sales in 2024. Several other Macerich insiders have also bought shares in May. Pegram also bought shares in March.

Persons: Walt Disney, James Gorman, Gorman, Morgan Stanley, Gorman's, Ali John Mirshekari, Martha Sullivan's, Jackson Hsieh, Macerich, Michael Pegram's, Pegram, —, Nick Wells Organizations: Walt, Disney, Sensata, MAC, Caesars Entertainment, Caesars Locations: America

☆ Tencent posts fastest profit growth in 3 years as online ads, business services offset slower gaming
▼ + stars: | 2024-05-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Tencent has faced a number of headwinds in 2022 including a Covid-induced slowdown in the Chinese economy and a tougher market for gaming. Tencent beat analyst estimates for revenue and profit in the first quarter, thanks to slightly better sales in the Chinese tech giants core gaming business and improved profitability at its advertising and business services division. Here's how Tencent did in the March quarter versus LSEG consensus estimates:Revenue: 159.5 billion Chinese yuan ($22 billion) versus 158.4 billion yuan expected. Profit attributable to equity holders of the company: 41.9 billion yuan versus 36.64 billion yuan anticipated. Tencent's adjusted net profit was up 62% year-on-year, marking the fastest growth since the March quarter of 2021, according to LSEG data.

Persons: Tencent Organizations: Revenue

☆ ‘Jeopardy!’ is coming to Amazon Prime with a different version
▼ + stars: | 2024-05-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

Amazon’s Prime Video has ordered a spin-off of the classic, called “Pop Culture Jeopardy!,” which marks the first-time “Jeopardy!” has created a version exclusively for a major streaming service. The categories will draw from pop culture, including music, sports, Broadway — and even just Zendaya. A premiere date wasn’t announced, but episodes will stream exclusively on Prime Video, which has about more than 200 million global subscribers. “Pop Culture Jeopardy!” isn’t the first spin-off of the quiz show to go streaming: A short-lived “Sports Jeopardy!” was released about a decade ago for Sony’s streaming service Crackle. To help offset that, ads were introduced this year to all Prime Video viewers.

Persons: ”, “, Michael Davies, wasn’t Organizations: New, New York CNN, Amazon, Broadway Locations: New York, It’s

☆ It's no surprise to see Amazon shares lower after cloud CEO shakeup
▼ + stars: | 2024-05-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. However, Jim Cramer argued that a negative revision to the March PPI offset the price pressures in Tuesday's print. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jim, It's, Adam Selipsky, Selipsky, Matt Garman, Jim Cramer's Organizations: CNBC, Federal Reserve, GameStop, Bank of America, Amazon, Amazon Web Services, Club

☆ Balance omega-3 and 6 intake to cut early death risk, study suggests
▼ + stars: | 2024-05-14 | by ( Kristen Rogers | ) edition.cnn.com time to read: +7 min

Foods rich in omega-3 fatty acids include salmon, sardines and various nuts including walnuts. Linoleic acid is the most common omega-6 fatty acid. Also, accurately measuring fatty acid intake is difficult, partly due to reliance on participants’ own recollections of their dietary intake. Considered individually, both high levels of omega-6 and omega-3 were linked with a lower risk of premature death. Some patients request it with the goal of improving their mental health, heart health or risk of dementia, she said.

Persons: ”, Yuchen Zhang, Zhang, chia, ” Zhang, Lauren R, Sastre, Sastre wasn’t, ” Sastre, Kristin Kirkpatrick, Kirkpatrick, “, ” Kirkpatrick Organizations: CNN, University of Georgia’s College of Public Health, Omega, National Institutes of Health, Clinic Program, East Carolina University, Cleveland Clinic, Regenerative, Harvard Health Locations: United Kingdom

☆ China Is Raising Bullet Train Fares as Debts and Costs Balloon
▼ + stars: | 2024-05-13 | by ( Keith Bradsher | ) www.nytimes.com time to read: 1 min

China is taking the rare step of sharply increasing fares for riders on four major bullet train lines, in its broadest move to address rising costs and heavy debts since construction of the system began nearly two decades ago. The higher prices for train tickets are part of a push to raise prices for public services. Public services in China are heavily subsidized by local governments. But huge municipal debts mean that these governments have less money on hand to keep prices down. And making consumers pay more helps offset the falling prices that are widespread in China’s economy as growth slows.

Locations: China

☆ The US-China rivalry will reshape the landscape for Big Tech earnings
▼ + stars: | 2024-05-12 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +5 min

The growth of US tech earnings is vulnerable to ongoing tensions with China. As Beijing exerts influence in the region, US tech firms will compete for a smaller market share. S&P Global data shows that for US chip firms, China is even more important for business than their home turf. AdvertisementGeopolitical tensionsAbishur Prakash, the founder of advisory firm The Geopolitical Business, told Business Insider that US tech companies ignoring the geopolitical tensions with China are risking serious setbacks to their portfolios. Experts believe that China will gradually contribute less to the revenue of mega-cap US tech firms.

Persons: —, Tesla, Apple, Prakash, Elon, Kelvin Wong, walling, Jay Pelosky, Pelosky, Wong Organizations: Service, TPW, American, Nvidia, AMD Locations: China, Beijing, India, Europe, South Korea, Taiwan, Japan, Southeast Asia, Vietnam, Malaysia, Indonesia

☆ Earnings playbook: Your guide to a key week of reports, including Walmart
▼ + stars: | 2024-05-12 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Just seven S & P 500 names are slated to post their quarterly figures, including Home Depot and Walmart. Management is scheduled to hold a call at 4:30 p.m. Last quarter: Cisco posted fiscal second-quarter results that beat expectations. What history shows: Cisco shares have risen after the last six earnings releases, Bespoke data shows. Thursday Walmart is set to report earnings in the premarket, followed by a call at 8 a.m. Last quarter: Walmart earnings topped analysts' estimates, thanks to soaring e-commerce sales . What history shows: Walmart has beaten bottom-line forecasts 71% of the time, per Bespoke.

Persons: Wells, Zachary Fadem, LSEG, Samik Chatterjee, Robert Ohmes Organizations: Home Depot, Walmart, CNBC, Investment, Cisco Systems, Management, Cisco, JPMorgan, Campus Networking, Bank of America

Here's how much it costs to own a superyacht — and what that money is going toward. Billionaires like Jeff Bezos, Mark Zuckerberg, and Steve Jobs each spent nine figures on their megayachts. Some superyachts have space for dozens of crewmembers, including a chef, engineer, and masseuse for the guests onboard. If a superyacht has a support yacht — or a support superyacht, in Bezos' case — expect to pay another 10% of that boat's price annually. "If you charter the boat for 50 days a year, it's going to help a lot," Anders Kurtén, the CEO of brokerage firm Fraser Yachts, told BI.

Persons: you'd, Jeff Bezos, Mark Zuckerberg, Steve Jobs, Jeffrey Beneville, Eric Schmidt's, Matthew Fleissig, NFP's Beneville, it's, Anders Kurtén, Beneville Organizations: Palm, NFP, BI, Yachts Locations: South China, Russian, San Diego

☆ McDonald’s is working to introduce a $5 value meal
▼ + stars: | 2024-05-10 | by ( Kate Rogers | ) www.cnbc.com time to read: +2 min

McDonald's is working to introduce a value meal in U.S. stores to help offset an increasingly challenging environment for consumers, two people familiar with the matter told CNBC. The value meal was first reported by Bloomberg News. The potential new offering comes at a time when low-income consumers are beginning to pull back on spending, particularly at fast-food brands. Mentions of low-income consumers on company earnings calls are at their highest levels in nearly two years, according to data from Bank of America. An initial proposal by McDonald's for the $5 value meal did not clear necessary hurdles, and additional details are now being discussed, according to a person familiar with the process.

Persons: McDonald's, Dave, Buster's, Chris Kempczinski, Kempczinski, Ian Borden, — CNBC's Amelia Lucas Organizations: CNBC, Bloomberg News, Bank of America, McDonald's, U.S Locations: U.S

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