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Carvana — The used car seller spiked 36% after posting first-quarter revenue Wednesday of $3.06 billion, above analysts' consensus estimate of $2.67 billion. Cigna — The insurer moved 1% higher after first-quarter adjusted earnings of $6.47 per share topped the $6.22 expected from analysts polled by LSEG. Zillow estimated second-quarter revenue of $525 million to $540 million, versus $559.2 million expected from analysts polled by FactSet. Freshworks — The software development company plunged 27% after projecting second-quarter revenue of $168 million to $170 million and full-year revenue of $695 million to $705 million. Analysts polled by FactSet expected $172.1 million for the quarter and $708.3 million for the year.
Persons: Barry McCarthy, Carvana, Morgan Stanley, Cardinal, Nio, Zillow, LSEG, FactSet, Qorvo, , Jesse Pound, Lisa Han, Pia Singh, Tanaya Macheel Organizations: Qualcomm, LSEG, LSEG . Revenue, Health, FactSet, eBay Locations: Nio —, LSEG
Ukraine wants to limit companies taking satellite imagery of its territory, according to reports. Russia could access the images through shell companies, a Ukrainian defense official said. AdvertisementUkraine says it is cracking down on satellite images of its territory over fears that they could be used by Russia against it, according to reports. "Every day, satellite companies take images of Ukrainian territory. These images can be used by the enemy," Ukraine's deputy defense minister, Kateryna Chernohorenko, said in a statement relayed by multiple media outlets.
Persons: , Kateryna Chernohorenko, Chernohorenko, Ukraine's Ministry of Defense didn't, Elon Musk's, Elon Musk Organizations: Service, Radio Free, Radio Liberty, Kyiv Independent, Ukrainska Pravda, Ukraine's Ministry of Defense, Business, Bloomberg, Wall Street Locations: Ukraine, Russia, China, Radio Free Europe, Kyiv
Read previewA whistleblower who accused a Boeing supplier of ignoring manufacturing defects on the 737 Max died on Tuesday. Former Spirit AeroSystems employee Joshua Dean, 45, died after contracting a sudden illness, The Seattle Times reported on Wednesday. This sudden loss is stunning news here and for his loved ones," Joe Buccino, a spokesperson for Spirit, told The Seattle Times. Dawn soap is, however, documented under the Federal Aviation Administration's standards as a viable factory tool, Spirit told The Times. AdvertisementDean's lawyer, Brian Knowles, told The Seattle Times that he did not want to speculate about the timing and circumstances of Dean's death.
Persons: , Max, Joshua Dean, Dean's, Carol Parsons, Dean, Parsons, intubated, Josh Dean's, Joe Buccino, John Barnett, Barnett, Brian Knowles, Knowles, Dave Calhoun, AeroSystems Organizations: Service, Seattle Times, Business, Spirit, New York Times, Federal Aviation, Times, Wall Street, Boeing, BI Locations: Charleston
A Ukrainian soldier says over 100 of his comrades were killed or went missing in an attack, per AP. It had to retreat as soldiers struggled to build fortifications under Russian fire, AP reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Ukrainian soldier fighting on a key battlefront in the country's east described how over 100 of his comrades were killed or went missing as they struggled to build fortifications under heavy Russian fire.
Persons: Organizations: AP, Service, Mechanized Brigade, Association Press, Business Locations: Ukrainian
Life was otherwise good: It was 2016, and Hogue sat next to his best friend every day at his senior web development job. He was making $117,300 per year, but driving back and forth felt like a waste of time and money, he says. Last year, Hogue made over $1,600 a day, or roughly $11,400 per week, according to documents reviewed by CNBC Make It. Winning that game each day helped keep him from quitting before his business turned profitable, he says. "The dollars-per-day [mindset] helps you understand what your time is worth," Hogue now tells Make It.
Persons: Ryan Hogue, Hogue, he'd Organizations: George Madison University, CNBC Locations: Virginia, Fairfax , Virginia
“If we work with our physiology knowing that women are women and men are men, knowing that women are not small men, then imagine the (health) outcomes,” she said at a 2019 TED talk. Women of all ages should focus on strength training to help reduce risk of dementia, said exercise physiologist and nutrition scientist Dr. Stacy Sims (not shown). Dr. Stacy Sims said women should prioritize eating more protein to support building muscle, especially as bodies age. But if we have that lean mass from strength training, it really helps calm down that rate of change. Drinking something cold right after exercise helps bring that blood back centrally, reduces metabolites and starts the reparation process.
Persons: Joe Biden, , Stacy Sims, , MoMo, Sims, Darwin, that’s, Alzheimer’s, haven’t, It’s, , Melanie Radzicki McManus Organizations: CNN’s, CNN, TED, National Institutes of Health, Women’s, US National Institutes of Health Locations: Mount Maunganui , New Zealand
Apple's China sales in focus ahead of earnings
  + stars: | 2024-05-02 | by ( Kif Leswing | ) www.cnbc.com   time to read: +5 min
In February, Apple said it expected sales similar to last year's $94.84 billion during the same period and flat iPhone sales. In the December quarter, sales dropped 13% in Greater China, which includes Hong Kong and Taiwan. Analysts polled by FactSet expect $15.25 billion in China regional sales, which would be a 14% year-over-year decline. "In strong iPhone cycles, Apple's China revenues typically grow much faster than Apple overall, as Chinese consumers embrace the new phone," Sacconaghi wrote. Meanwhile, state statistics show iPhone sales falling 33% in February, the second consecutive month of declining shipments.
Persons: Tim Cook, Deirdre O'Brien, Apple, AAPL, Bernstein, Toni Sacconaghi, Sacconaghi, David Vogt, Aaron Rakers, There's, Morgan Stanley, Erik Woodring, Woodring Organizations: Apple, Analysts, FactSet, Huawei, Chinese Communist Party, Counterpoint Research, UBS Locations: China, Greater China, Hong Kong, Taiwan, repurchases
My wife and I live in a century-old home in Sacramento, but also own 13 investment properties spread throughout Texas and California. In 2004, we bought a $300,000 investment property, a duplex in Midtown Sacramento, which we rent out. AdvertisementLast year, I built two cottages on the duplex's lot and began renting them out as ADUs. After several months of collaboration with the company's design team, we submitted an application to the city of Sacramento. AdvertisementWith Sacramento allowing up to 1,200 square feet per ADU, I chose to build two 600-square-foot cottages on the lot.
Persons: , George Warren, I've, Warren's ADU, Kevin Craig, ADUs, they're, it's, Warren Organizations: Service, Business, Tiny Homes, YouTube, Sacramento State University Locations: Sacramento, Texas, California, Midtown Sacramento, Warren, it's, ADUs, Warren's, Atlanta
In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.
Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, , hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep
Gold prices flutter higher as Fed holds rates steady
  + stars: | 2024-05-02 | by ( ) www.cnbc.com   time to read: +2 min
The Fed left interest rates unchanged on Wednesday as expected. Its latest policy statement kept key elements of its economic assessment and policy guidance intact, framing its discussion of interest rates around the conditions under which borrowing costs can be lowered. Traders were relieved that Powell slammed the door shut for further hikes, helping gold prices climb back above $2,300, City Index senior analyst Matt Simpson said. Lower interest rates increase the appeal of holding non-yielding bullion. The U.S. non-farm payrolls report is due on Friday.
Persons: Jerome Powell, Powell, Matt Simpson, Simpson Organizations: Federal Reserve, U.S ., Traders, City Index, U.S, Palladium, MKS PAMP
New graduates in Austin, Atlanta, and Houston earn the highest cost-of-living-adjusted starting salaries, per Gusto. New York City attracts the largest share of new grad hires despite offering a smaller adjusted salary. AdvertisementRecent college graduates are flocking to New York City for their first jobs, but their degrees may go the furthest in Texas or Georgia. New data from small business payment platform Gusto reveals new grads in Austin, Atlanta, and Houston have the highest cost-of-living-adjusted starting salaries when factoring in housing and other expenses. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Houston, New, Service, Business Locations: Austin , Atlanta, New York City, Texas, Georgia, Houston, Austin
Shares of Linde fell on Thursday after the industrial gas giant reported mixed first-quarter results and its guidance left some investors wanting more. We're not sure of the rationale for excluding it but that explains why we're not fretting about Linde's lack of guidance raise. Guidance For the second quarter, Linde projects adjusted EPS between $3.70 and $3.80, which implies 5% to 7% year-over-year growth, excluding currency impacts. As always with Linde, the midpoint of the guidance assumes no economic improvement. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Linde, , Sanjiv Lamba, Matthew White, White, Lamba, Eaton, We're, we're, Jim Cramer's, Jim Cramer, Jim, Michaela Rehle Organizations: Linde, Revenue, LSEG, Products, Management, LIN, Nvidia, CNBC Locations: Munich, Pullach, Germany
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Carvana : Shares of the buying and selling online platform were soaring 35% on Thursday after a record first quarter. CEO Ernie Garcia realized, unlike Wall Street analysts had, that he was OK after getting the Apollo money, Jim Cramer said. Etsy : Shares of the online marketplace for handmade goods were sinking roughly 17% after an earnings miss. "That's all you needed" to push this stock lower, Cramer said.
Persons: Jim Cramer's, Ernie Garcia, Jim Cramer, He's, Josh Silverman, Cramer, Jefferies Organizations: CNBC, Club, Wall Street
Check out the companies making headlines in midday trading: Apple — Shares ticked up roughly 2% ahead of the iPhone maker's second-quarter results due after the closing bell. Wayfair said it lost 32 cents per share on an adjusted basis, narrower than the estimate of a loss of 44 cents from analysts polled by LSEG. Etsy reported adjusted earnings of 48 cents per share, while analysts polled by LSEG called for 49 cents a share. EBay said it expects revenue in the range of $2.49 billion to $2.54 billion, while analysts polled by LSEG forecast $2.56 billion. Qorvo now expects earnings of 60 cents to 80 cents per share, while analysts polled by FactSet expected $1.27.
Persons: Barry McCarthy, Wayfair, Cigna, DoorDash, Etsy, LSEG, Zillow, Qorvo, FactSet, — CNBC's Pia Singh, Tanaya Macheel, Samantha Subin, Hakyung Kim, Lisa Kailai Han, Alex Harring Organizations: Apple, , Qualcomm, LSEG . Revenue, Moderna, LSEG, eBay —, EBay, Revenue
Spain's Deoleo, the world's largest olive oil producer, says the industry needs to undergo a "profound transformation" as it grapples with one of the most challenging moments in its history. A perfect storm of climate change, soaring prices, high interest rates and robust inflation has taken its toll throughout the olive oil value chain in recent months. Spain accounts for more than 40% of the world's olive oil production, making it a global reference for prices. Extra virgin olive oil prices in Spain's Andalusia hit a record high of 9.2 euros ($9.84) per kilogram in January. Olive oil prices have cooled due in part to an uptick in production estimates and beneficial rains in March and April.
Persons: Spain's Deoleo, Miguel Angel Guzman, Guzman Organizations: CNBC Locations: Europe, Spain, Andalusia, Olive
Sacconaghi has a $195 price target on shares, suggesting 15% upside from Wednesday's close. Bernstein is optimistic that the ongoing weakness in the China market "is more cyclical than structural." Oppenheimer analyst Martin Yang lowered his forecast for the current quarter ahead of the report, accounting for softer iPhone sales trends in China. Sankar has a buy rating and a price target of $220. Malik reiterated his buy rating on the stock ahead of the announcement while notching down his price target to $210 from $220.
Persons: Tesla, Bernstein, Toni Sacconaghi, Sacconaghi, Oppenheimer, Martin Yang, Yang, Samik Chatterjee, Chatterjee, TD Cowen's Krish Sankar, Sankar, JPMorgan's Chatterjee, Atif Malik, Malik, Cowen's Sankar Organizations: Apple, Wall Street, Huawei, Counterpoint Research, JPMorgan, Citi Locations: China, India
During the Snap-owned app's pitch to brands at its NewFronts presentation on Wednesday in New York, the company emphasized the value of real-world experiences, or IRL, over social-media scrolling. Sharing became contrived, and social media as a whole began feeling like an inauthentic version of our lives rather than a source of genuine connection." It's plastered ads on competitive social media platforms and billboards with its "Less Social Media. Related storiesSnapchat executives mentioned AI just once during the NewFronts presentation, saying the company had used AI models to build augmented-reality lenses. Snap is not the only social platform addressing lonelinessSnapchat's war against social media taps into a broader trend.
Persons: , Colleen DeCourcy, Cipriani, DeCourcy, TikTok, Dan Whateley, NewFront, Meta's, Mervana Parekh, Snapchat, Patrick Harris, Piper Sandler Organizations: Service, Facebook, Meta, Business, NFL, NBA, NBC, Entertainment, Media, Snap's, Acrew, Big Tech Locations: New York, Manhattan, Americas
Chubb, the Baltimore bridge insurer, is set to pay out $350 million, per The Wall Street Journal. The bridge's collapse in March killed six people and shut down the port of Baltimore. Chubb, the state of Maryland, and victims' families will likely sue the ship's owners, per the Journal. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe insurer of Baltimore's Francis Scott Key Bridge is gearing up to issue a $350 million payout to the state of Maryland, The Wall Street Journal reported on Thursday.
Persons: Chubb, Baltimore . Chubb, , Francis Scott Key, Henry Daar, WTW, Daar, Dali, Chubb didn't Organizations: Street, Service, Barclays, Business Locations: Baltimore, Maryland, London
Uber is being sued by thousands of London cab drivers over claims it operated illegally. The suit could ultimately be worth over £250 million ($313 million) law firm Mishcon de Reya said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOver 10,000 London taxi drivers are suing Uber for £250 million ($313 million), the legal firm Mishcon de Reya announced.
Persons: Mishcon de Reya, Uber, , Reya, Richard Leedham Organizations: Service, Transport, RGL Management, Bloomberg Locations: London, RGL, London's, Mishcon
Tesla has quietly backed away from plans to build EVs with a revolutionary new "gigacasting" method, per Reuters. It raises further doubts over Elon Musk's plans for an affordable EV. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The automaker has reportedly pulled back on plans to roll out a revolutionary new manufacturing method for its electric cars, per Reuters. A move that casts further doubt on Elon Musk's low-cost EV ambitions.
Persons: Tesla, Elon Musk's, , Elon Organizations: Reuters, Service, Elon Musk's, Business
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "That's a win for stocks," Jim Cramer said Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, Jerome Powell, should've, Jim, — Stanley Black, Decker, Linde, TJX, Jim Cramer's Organizations: CNBC, Federal, Fed, Coterra Energy, Apple, UBS, TJX Companies, LIN Locations: China, TJX, HomeGoods
US stocks rose Thursday after the Fed meeting and as investors eyed Apple earnings. Expectations heading into Apple earnings are mixed, with analysts seeing a tough period for the iPhone maker. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks rose Thursday morning following Wednesday's Federal Reserve meeting and as traders geared up for Apple earnings after the closing bell. Expectations are for the tech firm to report revenue of $90.33 billion and earnings per share $1.50.
Persons: , Jerome Powell, Powell Organizations: Apple, Service, Reserve, Labor Department, Dow, Nasdaq
Wayfair's sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. The steepest drop off came from Wayfair's international segment, where sales fell nearly 6% to $338 million compared to the year-ago period. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount. On average, orders were valued at $285 during the quarter, compared to the $275.07 that analysts had expected, according to StreetAccount.
Persons: Wayfair, Niraj Shah, Shah, Organizations: LSEG
Milan has reversed a proposal to ban late-night sales of ice cream after a fierce public backlash. Late-night ice cream is a traditional treat for many Milanese. AdvertisementThe Italian city of Milan has U-turned on a controversial proposal to ban the sale of ice cream after midnight, according to multiple reports. It's not the first time Milan has tried to bring an ice cream ban into law. AdvertisementIn 2013, city officials tried and failed to ban late-night ice cream, local paper Corriere della Sera reported at the time.
Persons: Milan, , Marco Granelli, Marco Barbieri, Sera, Alessia Cappello Organizations: Milanese, Service, Sky, Sky News, Guardian Locations: Milan, Porta Venezia, Venice
Moderna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. The biotech company booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. For the first quarter, Mock said the company is "more encouraged by what we're seeing from a productivity perspective" than the higher sales of its Covid vaccine. Cost of sales was $96 million for the fourth quarter, down 88% from the same period a year ago.
Persons: we've, Stéphane Bancel, Jamey Mock, Mock, OpenAI Organizations: Moderna, LSEG, CNBC, Research, Mock, Merck Locations: Moderna, U.S, America
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