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☆ Target is cutting prices on up to 5,000 items to lure back inflation-wary shoppers
▼ + stars: | 2024-05-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices. Prices have dropped effective Monday, with “thousands more price cuts” — amounting to 5,000 items — being reduced over the summer, the retailer announced. Retail sales growth has taken a hit because of high prices: Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department recently reported. By comparison, a year ago, retail sales surged by 3%. In response, Target recently created a new house brand called Dealworthy to take on dollar stores and Walmart.

Persons: Sarah Wyeth Organizations: New, New York CNN — Target, Ikea, Aldi, Shoppers, CNN, Commerce Department, Target, Walmart Locations: New York

☆ These corporate insiders have bought and sold millions of their own stock in May
▼ + stars: | 2024-05-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Corporate insiders have been actively buying and selling their own stock in May, with one recent weeklong stretch showing higher ups at five different companies spent at least $1 million, according to VerityData. A similar situation happened at Akamai Technologies , where CEO Tom Leighton bought about $2 million worth of stock last Tuesday. Insider sales The dollar figures attached to major insider sales during the same time period were even larger than the buys. Meanwhile, Crowdstrike CFO Burt Podbere sold about $8 million of stock, with chief security officer Shawn Henry also selling shares. The CEOs of Squarespace and T-Mobile each sold more than $6.5 million worth of stock.

Persons: VerityData, Jared Isaacman, Isaacman, Nancy Disman, Tom Leighton, Anthony Williams, John Childs, Childs, Gregory Bailey, Vlad Coric, Jayshree Ullal, Burt Podbere, Shawn Henry, Anthony Casalena's, Jonathan Neman, —, Nick Wells Organizations: Shift4, Akamai Technologies, VerityData, Arista Networks, Mobile Locations: Biohaven

Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager. Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allow bitcoin ETFs. "The crypto asset class is at an important inflection point and this is the right moment for a smooth transition. In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.

Persons: Michael Sonnenshein, Peter Mintzberg, Goldman Sachs, Edward McGee, Sonnenshein, Arturo Holmes Organizations: Investments, BlackRock, U.S . Securities, Exchange Commission, SEC, Fidelity, Forbes, Summit, New York Historical Society, Getty Locations: OppenheimerFunds

☆ This energy stock and other plays are set to jump the most over the next month, according to an AI model
▼ + stars: | 2024-05-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

One AI model that is built to help investors pick winners in the stock market has grown confident in the near-term upside for a mid-sized energy stock. Some of the data sources that feed into the iFi AI model include macroeconomic updates, news articles, fundamental company data and technical trading indicators. The AI model is bullish on more energy stocks than just Marathon, as Southwestern Energy also makes the cut. One potential momentum play from the iFi AI list is Vertiv , whose share price has more than doubled in 2024. The CEO of iFi AI, which launched in March , is CNBC senior analyst and commentator Ron Insana.

Persons: Ai, Ron Insana Organizations: Oil, Southwestern Energy, CNBC Locations: Marathon, LSEG, The Ohio

☆ Russia is finally getting serious about its war, and it spells trouble for Ukraine
▼ + stars: | 2024-05-18 | by ( Jake Epstein | ) www.businessinsider.com time to read: +12 min

Much of the war in Ukraine has gone poorly for Russia. But Russian President Vladimir Putin's war machine looks very different today than it did at the start of the conflict. The Russian military continued to suffer from other problems in the first year of fighting, racking up troop and equipment losses while failing to capture significant amounts of Ukrainian territory. AdvertisementThe following month, a top US official and general said, respectively, that the Russian military was "almost completely reconstituted" and had "grown back" to its pre-war strength. The employment of glide bombs to support ground maneuver is the primary example of how Russia's military is successfully learning from its past shortcomings, Barros said.

Persons: —, Vladimir Putin's, Putin, Vladimir Putin, Miguel Diaz, Canel, Maxim Shemetov, George Barros, Russia's, Stringer, They've, Chris Cavoli, Andrei Belousov —, Sergei Shoigu, Barros, It's, Andrei Belousov, VYACHESLAV PROKOFYEV, Oleksandra Novosel, Biden, Sergey Pivovarov, Mick Ryan, Jack Watling Organizations: Service, Business, Cuban, Institute for, Ukraine, REUTERS, Allied, US European Command, Sputnik, Security, Defense, Getty, JSC, UA, PBC, 42nd Separate Mechanized Brigade, Russian, Kharkiv, Royal United Services Institute Locations: Russia, Moscow, Ukraine, Ukraine —, —, Russian, Kharkiv, Kherson, Robotyne, Ukraine's Zaporizhzhia, Soviet, Shevchenkivskyi, Avdiivka, Washington, Russia's Rostov, Australian, Kyiv

☆ Tyson Fury vs. Oleksandr Usyk: How to watch the undisputed heavyweight title fight
▼ + stars: | 2024-05-18 | by ( Ben Morse | ) edition.cnn.com time to read: +4 min

After months of talk and canceled fights, the two boxers will exchange blows to crown the first undisputed heavyweight champion since Lennox Lewis in 1999, and the division’s first undisputed champion in the four-belt era. DAZN will broadcast the fight around the world, with viewers in the US able to watch on ESPN’s pay-per-view service. A long time in the makingA fight between Fury and Usyk has been a long time coming. Justin Setterfield/Getty ImagesFinally, a date of December 23 was agreed, but following a controversial, tougher-than-expected fight for Fury against former UFC heavyweight champion Francis Ngannou, the fight was delayed until February, 2024. All on the lineA general view of Tyson Fury and Oleksandr Usyk speaking to the media on May 16, 2024 in Riyadh, Saudi Arabia.

Persons: CNN — It’s, Tyson Fury, Oleksandr Usyk, Lennox Lewis, Usyk, Wladimir Klitschko, Dillian Whyte, Deontay Wilder –, Anthony Joshua, Daniel Dubois, Fury, Justin Setterfield, Francis Ngannou, rescheduling, Richard Pelham, Joshua, ” Organizations: CNN, Sky Sports, TNT Sports, WBC, –, WBO, WBA, IBF, Fury, UFC, Briton, Getty, Ngannou Locations: Riyadh, Saudi Arabia, Usyk

☆ These stocks and ETFs could benefit from AI's voracious appetite for energy
▼ + stars: | 2024-05-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

XLU 1M mountain Utilities stocks have risen sharply in May. Woodard identified other ETFs and stocks that could benefit from increased energy consumption and investment in the electric grid. Miners should retain pricing power given constrained capacity after a decade of underinvestment," the Bank of America note said. Bank of America is positive on the Global X Uranium ETF (URA) , which offers exposure to both physical uranium and miners. Bank of America did not include a utilities ETF in the note, but the firm has a buy rating on Xcel Energy, among such stocks.

Persons: Jared Woodard, Woodard, ruddy, — CNBC's Michael Bloom Organizations: Bank of America . Investment, Utilities, Bank of America, Miners, Companies, VanEck Oil Services, Halliburton, Uranium, Xcel Energy Locations: Freeport, McMoRan

☆ Stocks making the biggest moves midday: GameStop, Reddit, Advanced Micro Devices, Robinhood and more
▼ + stars: | 2024-05-17 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The sale comes after GameStop shares surged earlier this week in a brief revival of the meme-stock trade. Reddit — The social media stock popped 12% after Reddit announced a partnership with OpenAI. Take-Two Interactive — Shares of the video game publisher were up about 1% after its quarterly report showed stronger-than-expected bookings. Revenue guidance of $3.1 billion to $3.15 billion was also softer than the $3.3 billion expected by Wall Street. JD.com — The Chinese e-commerce stock advanced 2.2% on the heels of a Macquarie upgrade to outperform from neutral.

Persons: Reddit, OpenAI, Doximity, Globant, DXC, Tilray, Coinbase, JD.com, Macquarie, Jefferies, Yun Li, Jesse Pound, Samantha Subin, Hakyung Kim Organizations: GameStop, OpenAI, Reuters, Microsoft, Nvidia, Bloomberg Law, Globant SA, Technology, FactSet, Wall, Bank of America, Macquarie, DuPont de Nemours, Jefferies

☆ Stocks making the biggest moves premarket: GameStop, Reddit, Take-Two Interactive Software and more
▼ + stars: | 2024-05-17 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Take-Two Interactive Software — Shares of the video game company were down more than 2% after an update about the timing of the new Grand Theft Auto game. Doximity also reported in line revenue guidance for the first quarter. Expected revenue of $585 million to $589 million was weaker than the $590.2 million consensus estimate. The information technology company expects earnings of 55 cents to 60 cents per share in the first quarter, weaker than the FactSet consensus estimate of 76 cents earnings per share. Revenue guidance of $3.1 billion to $3.150 billion was less than the anticipated $3.3 billion.

Persons: Reddit, Doximity, Globant, FactSet, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh Organizations: GameStop, OpenAI, Bloomberg, Globant SA, FactSet, Citigroup, DXC Technology

1s ’63 ’70 10 TAYLOR SWIFT 5 ’24 ’06 10 THE BEATLES 5 ’63 ’70 10 TAYLOR SWIFT 5 ’24 ’06 10 THE BEATLES 5 ’63 ’70 10 TAYLOR SWIFT ‘We Are Never Ever Getting Back Together’ (2012) 5 ’24 ’06 10 THE BEATLES 5 ’63 ’70 10 TAYLOR SWIFT ‘We Are Never Ever Getting Back Together’ (2012) 5 ’24 ’06 10 THE BEATLES 5 ’63 ’70 10 TAYLOR SWIFT 5 ’24 ’06 Two bar charts: one for the Beatles, one for Taylor Swift. 30 15 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT PLATINUM CERTIFICATIONS 30 ‘Thriller’ 15 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT PLATINUM CERTIFICATIONS 30 ‘Thriller’ 15 ‘Fearless’ ‘1989’ 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT PLATINUM CERTIFICATIONS 30 15 5 Not yet certified MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT PLATINUM CERTIFICATIONS 30 15 5 Not yet certified MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT PLATINUM CERTIFICATIONS 30 30 million 15 15 million 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT ALBUM SALES 30 30 million 15 15 million 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT ALBUM SALES 30 30 million 15 15 million ‘1989’ 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT ALBUM SALES 30 30 million 15 15 million ‘1989’ ‘1989 (Taylor’s Version)’ 5 MICHAEL JACKSON PLATINUM CERTIFICATIONS TAYLOR SWIFT ALBUM SALES A grid of 10 Michael Jackson albums covers transitions into charts depicting Michael Jackson’s and Taylor Swift’s album sales. 15 million 10 5 BRITNEY SPEARS ALBUM SALES TAYLOR SWIFT ALBUM SALES ‘... Baby One More Time’ 15 million 10 5 BRITNEY SPEARS ALBUM SALES TAYLOR SWIFT ALBUM SALES ‘1989’ 15 million 10 5 BRITNEY SPEARS ALBUM SALES TAYLOR SWIFT ALBUM SALES Two side-by-side charts depict album sales for Britney Spears and Taylor Swift. 1s ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 10 5 ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 10 5 ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 10 ‘Vogue’ (1990) 5 ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 10 ‘This Used To Be My Playground’(1992) 5 ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 10 5 ’82 ’12 10 5 ’06 ’24 10 ‘Music’ (2000) 5 ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 10 5 ’82 ’12 TAYLOR SWIFT 10 5 ’06 ’24 Two charts show Billboard top hits for Madonna and Swift, over the course of their respective careers. 15 million 10 5 BEYONCE ALBUM SALES TAYLOR SWIFT ALBUM SALES 15 million ‘I Am ... Sasha Fierce’ 10 5 BEYONCE ALBUM SALES TAYLOR SWIFT ALBUM SALES 15 million 10 5 BEYONCE ALBUM SALES TAYLOR SWIFT ALBUM SALES 15 million ‘The Tortured Poets Department’ 10 ‘Cowboy Carter’ 5 BEYONCE ALBUM SALES TAYLOR SWIFT ALBUM SALES Two side-by-side charts depict album sales for Beyoncé and Taylor Swift, respectively.

Persons: Taylor Swift, Michael Jackson, ”, Swift, Frank Sinatra, Stevie Wonder, Paul Simon, Drake, Billy Joel, Britney Spears, Bruce Springsteen, Elton John, Kareem, Brady, Marino, Harry Potter, TAYLOR, TAYLOR SWIFT, Swift’s, didn’t, Max Martin, John Lennon, Paul McCartney, McCartney, George Harrison, “, Taylor, Jackson, MICHAEL JACKSON, ’, Michael Jackson’s, …, “ Ben ”, —, Jackson’s, Micheal Jackson, It’s, she’s, Department ”, Spears, BRITNEY SPEARS, Spears’s, Madonna, Dick Tracy ”, Evita, I’m, David O, “ Ray, Bob Dylan, John, Springsteen, Elton John Farewell, Bruce Springsteen Springsteen, Elton John’s, Bruce Springsteen’s Springsteen, Madonna’s, it’s, Beyoncé, Georg Solti, Quincy Jones, It's, Madonna didn’t, Judy Garland, Barbra Streisand, Sinatra, — Beyoncé, Sasha Fierce, Carter ’, Carter ”, Cowboy Carter, DRAKE, Kendrick Lamar, they’re, gunning, she’ll Organizations: Poets Department, MetLife, Beatles, “, Marvel, Billboard, TAYLOR SWIFT, U.S, Swift, MTV, Recording Industry Association of America, Department, Vogue, Veterans Touring, Drake, Beyoncé, Beyoncé’s Locations: New Jersey, U.S, Kobe, ”, “, pigtails, Amsterdam, Texas

☆ Stanley Druckenmiller built a big bullish position in small-cap stocks last quarter
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Stanley Druckenmiller revealed a big bullish position in small-cap stocks last quarter, according to a new regulatory filing. A call option gives an investor the right to buy an asset at a specified — or strike — price within a certain period. As of the end of March, Druckenmiller owned 31,579 call contracts with unknown value, strike price or expiry, according to the filing. The noted investor also took some profit in his big Nvidia bet last quarter by slashing the stake by more than 70%. Other than these changes, Druckenmiller added a sizable stake in semiconductor name Coherent , making it his eighth-biggest holding.

Persons: Stanley Druckenmiller, Russell, Druckenmiller, We've, I'm, Warren Buffett, George Soros Organizations: Duquesne Family Office, U.S . Securities, Exchange, Nvidia, CNBC, Quantum Fund, Duquesne Capital Management Locations: Duquesne

☆ Stocks making biggest moves premarket: Under Armour, Walmart, AMC, GameStop, Canada Goose and more
▼ + stars: | 2024-05-16 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Under Armour — The sportswear maker's Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 cents. Cisco Systems also hiked its 2024 revenue guidance, saying it now expects revenue of $53.7 billion at the midpoint of a range. Meme stocks — Shares of AMC and GameStop extended losses following the revival of the meme stock movement on Monday and Tuesday. Baidu reported CNY 31.51 billion ($4.7 billion) of revenue, topping the CNY 31.34 billion expected by analysts, according to StreetAccount.

Persons: Armour, FactSet, Goose, Warren Buffett's Berkshire Hathaway, Chubb, Deere, GoodRX, Raymond James, John Ransom, Coupang, Tesla, — CNBC's Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin, Jesse Pound Organizations: Walmart, Wall, LSEG, Revenue, —, Berkshire, Cisco Systems, AMC, GameStop, Deere, Company, Baidu, UBS, ISI, European Union, Facebook Locations: Krakow, Poland, The Seattle

☆ House to vote on bill to prevent Biden from withholding weapons to Israel as GOP ramps up pressure on Democrats
▼ + stars: | 2024-05-16 | by ( Clare Foran | Melanie Zanona | ) edition.cnn.com time to read: +4 min

The House vote has seemingly been partly designed to put pressure on Democrats and is expected to expose divisions within the party over the issue. The bill is unlikely to be taken up in the Democratic-led Senate and the White House has said that Biden would veto the bill if Congress passed it. The Biden administration on Tuesday began the early stages of a process to move ahead with a new $1 billion arms deal for Israel, according to two congressional sources. The move comes as the Biden administration has paused the shipment of 2,000-pound bombs and 500-pound bombs to Israel, citing opposition to the weapons being used in the densely populated areas of Rafah. Biden has come under extraordinary pressure, including from some members of his own party, to limit shipments of arms amid a humanitarian crisis in Gaza.

Persons: Joe Biden, Biden, CNN’s Erin Burnett, Benjamin Netanyahu, Israel ”, Adam Smith, “, ” Smith, ”, Kevin Liptak, Kylie Atwood Organizations: CNN, GOP, Congress, State Department, Defense Department, National Security Council, Democratic, White, Tuesday, House Democratic, Hamas, Israel, ” Democratic, House Armed Services Committee Locations: Israel, Gaza, United States, Rafah

☆ Read the Texas Governor’s Pardon
▼ + stars: | 2024-05-16 | by ( ) www.nytimes.com time to read: +2 min

PROCLAMATION BY THE Governor of the State of Texas PROCLAMATION No. 2024-0001 DPS #07666731 TO ALL TO WHOM THESE PRESENTS SHALL COME: WHEREAS, Daniel Scott Perry, TDCJ #02450686, D.O.B. April 24, 1987, was sentenced in the 147th District Court in Travis County on May 10, 2023, to twenty- five years in prison for the offense of Murder, Cause No. D-1-DC-21-900007; and WHEREAS, the Texas Board of Pardons and Paroles has conducted an exhaustive review of Daniel Scott Perry's personal history and the facts surrounding his shooting of Garrett Foster; and WHEREAS, both the Second Amendment to the United States Constitution and Article I, Section 23, of the Texas Constitution protect the right to keep and bear arms for, among other things, self-defense; and WHEREAS, Texas law, consistent with those constitutional guarantees, provides one of the clearest self-defense protections in the United States; and WHEREAS, Texas Penal Code § 9.32(a) provides that a person “is justified in using deadly force against another" when that person "reasonably believes the deadly force is immediately necessary" to protect a person against another's use of unlawful deadly force; and WHEREAS, Texas Penal Code § 9.32(c) provides that a person who is otherwise lawfully present at the location where deadly force is used "is not required to retreat before using deadly force"; and WHEREAS, on July 25, 2020, Daniel Scott Perry, while driving on a public road in Austin, slowed his vehicle as he rounded a corner onto Congress Avenue and encountered a group of protestors obstructing traffic; and WHEREAS, Daniel Scott Perry's car was immediately surrounded by aggressive protestors who rushed to obstruct, strike, pound, smash, and kick his vehicle; and WHEREAS, Garrett Foster then approached within 18 inches of Daniel Scott Perry's car, confronted him, and brandished a Kalashnikov-style rifle in the low-ready firing position; and WHEREAS, Daniel Scott Perry fired his handgun at Garrett Foster to eliminate a perceived threat to his safety and called law enforcement less than one minute later to inform them of the incident; and WHEREAS, Daniel Scott Perry explained to law enforcement at the time that he used his weapon because he feared losing his life and has since consistently stated that he acted in self-defense; and WHEREAS, Travis County District Attorney José Garza, rather than upholding the self- defense rights of citizens, has prioritized "reducing access to guns" that citizens may use to lawfully defend themselves; and FILED IN THE OFFICE OF THE SECRETARY OF STATE 1:25 PM O'CLOCK MAY 16 2024

Persons: Daniel Scott Perry, Paroles, Daniel Scott Perry's, Garrett Foster, brandished, Attorney José Garza Organizations: D.O.B, Texas, United States Constitution, Travis, Attorney Locations: Texas, TDCJ, Travis County, United States, Austin

☆ ValueAct reveals stake in Fanduel-parent Flutter Entertainment
▼ + stars: | 2024-05-16 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

ValueAct Capital on Wednesday unveiled a stake in Flutter Entertainment , the Dublin-based parent company of sports betting firm Fanduel. It is possible that ValueAct previously had some other exposure to Flutter. The hedge fund previously had a position in The Stars Group, which was acquired by Flutter in 2020. While the ValueAct stake in Flutter is small, Gordon Haskett analyst Don Bilson pointed out in a note to clients that UBS also reported a stake in the gaming company. UBS has previously worked with ValueAct to build stakes in individual stocks for the hedge fund, Bilson said.

Persons: Mason Morfit, ValueAct, Walt Disney, Gordon Haskett, Don Bilson, Bilson Organizations: Capital, Walt, Securities and Exchange Commission, Stars, UBS, New York Stock Exchange, NYSE, Seagate Technology Holdings, Paycom Locations: Dublin, ValueAct

☆ The biggest risk corporations see in gen AI usage isn't hallucinations
▼ + stars: | 2024-05-16 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

Meanwhile, 45% of organizations encountered unintended data exposure when implementing AI solutions, according to AvePoint's 2024 AI and Information Management Report. "It's often what we call dark data," Simberkoff said. So how do leaders improve data permissions and protections in light of or, ideally, before AI implementation? "It's making your end users aware of the information you're responsible for. "When you're using AI, it's really important to make sure that you're checking it and that you're using it for its purpose."

Persons: Dana Simberkoff, Simberkoff, Arvind Jain, Jain, Jason Hardy, Hardy, it's, they're Organizations: Microsoft, CNBC, Hitachi Vantara

☆ Bank loan loss reserves are high. What that means for the economy and earnings
▼ + stars: | 2024-05-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Loan loss reserves have perked back up in recent quarters and are at roughly 1.75% of loans outstanding, according to MRB Partners. If the economy only modestly slows, as many economists expect, new loan loss reserves could be smaller in the future. This situation comes as bank earnings were generally better than expected for the first quarter. Lauren Goodwin, chief market strategist and economist at New York Life Investments, agreed that a potential slowing or reversal of loan loss reserves would be positive for bank earnings but said she is cautious about bank profitability more broadly. To be sure, banks may need to increase their loan loss reserves if the economic outlook gets worse.

Persons: Banks, Bob Elliott, Salvatore Ruscitti, Ruscitti, Lauren Goodwin, Goodwin, they're, Unlimited's Elliott Organizations: MRB Partners, Funds, Bank, P Bank ETF, New York Life Investments Locations: Bridgewater, MRB

☆ Stocks making the biggest moves premarket: AMC, GameStop, Boeing, Dell and more
▼ + stars: | 2024-05-15 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

AMC Entertainment , GameStop — AMC and GameStop shares posted fell in early morning trading as momentum fizzled from the meme stock craze , which was reignited Monday by a social media reappearance from "Roaring Kitty." GameStop shares slid 6%. Boeing — The airplane manufacturer's shares slid 1.1% after the Justice Department said Boeing violated a 2021 settlement related to its two fatal 737 Max crashes, exposing the company to potential U.S. prosecution. SunPower — The solar stock dropped 22.3%, giving back some of its 59% surge from the prior session. On Wednesday, however, Wolfe Research downgraded the stock underperform from peer perform, noting SunPower the "most extreme example of the meme stock resurgence" within clean technology names.

Persons: Lien, Max, Nio, Dell, Morgan Stanley, Wolfe, —, Alex Harring, Fred Imbert, Jesse Pound Organizations: AMC Entertainment, GameStop, AMC, Boeing, Justice Department, JPMorgan, White House, Wolfe Research Locations: China

☆ BMO Capital hikes S&P 500 target to highest on Wall Street
▼ + stars: | 2024-05-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The rally back to the record highs for the S & P 500 is already spurring at least one Wall Street shop to raise its expectations for the year. BMO Capital Markets strategist Brian Belski said in a note to clients Wednesday that he is raising his year-end target for the S & P 500 by almost 10% — to 5,600 from 5,100. .SPX YTD mountain The S & P 500 has rebounded to record highs. "Historical performance patterns suggest continued gains given the level of YTD performance. The S & P 500 hit an intraday all-time high on Wednesday morning, trading near 5,279.

Persons: Brian Belski, Belski, — CNBC's Michael Bloom Organizations: BMO Capital Markets, Street, CNBC Market, Survey, BMO

☆ David Tepper's Appaloosa is betting big on Chinese tech stocks
▼ + stars: | 2024-05-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Billionaire investor David Tepper's hedge fund increased its bets on Chinese tech stocks during the first three months of 2024, while dialing back exposure to some key domestic names. Appaloosa Management's quarterly report on Wednesday showed that Alibaba is now its top holding after buying several hundred million dollars worth of shares. The fund also revealed that it holds put options against Microsoft , which could indicate more selling in the second quarter. Outside of technology, Appaloosa exited a small position in hospital stock HCA Holdings and added a small position in Boeing . Chinese tech stocks have been trending higher, however, with the KWEB up 19% in the second quarter.

Persons: David Tepper's, Tepper Organizations: PDD Holdings, Baidu, Adobe, iShares FTSE, CSI China Internet, Microsoft, Holdings, Boeing, Quarterly, Carolina Panthers Locations: ., iShares FTSE China

☆ 39-year-old self-made millionaire: 7 frugal habits I will never give up, no matter how much money I have
▼ + stars: | 2024-05-15 | by ( Bernadette Joy | ) www.cnbc.com time to read: +6 min

I made a plan, paid off my debt in three years and ultimately became a millionaire in my thirties. Today, I run a coaching business called Crush Your Money Goals, where I teach others how to make their money work for them. Regardless of how much wealth I continue to build, these are seven frugal habits that I don't intend to quit— no matter how much money I have. I've even repurposed those extra toothbrushes and toothpastes to clean my shoes when they've gotten dirty from long walking tours. Why these frugal habits will always mean so much to me

Persons: I'm, Bernadette Joy, It's, I've Locations: Charlotte , North Carolina, Asia, Seoul

☆ Google's Android chief says AI will change what smartphones can do and reset the battle with Apple for mobile supremacy
▼ + stars: | 2024-05-15 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

This job also includes Android TV, Android Auto, and new augmented and mixed-reality technology. With Google's new Gemini AI models, "we can do things that have never been possible on smartphones," he added. The "System UI" levelThis is possible because Google has baked Gemini AI models and assistant technology into the "System UI" level on Android devices. However, he stressed that this doesn't mean the company can't build unique experiences on Android devices, including many new AI experiences. This works through a combination of Google Search, Gemini AI technology, and Android — something that's not possible on any other platform, Samat said.

Persons: —, Sameer Samat, Zak Brown, Samat, He's, It's, Gemini Organizations: Service, Google, Android Ecosystems, Android, Android Auto, Business, Apple, Samsung, Gemini

☆ Cargo ship outages on the day before the Baltimore bridge collision may have impacted ship’s operations, NTSB chief says
▼ + stars: | 2024-05-15 | by ( Gregory Wallace | Eric Levenson | ) edition.cnn.com time to read: +5 min

That may have impacted the ship’s operations when it left the port a day later, she said. “Switching breakers is not unusual but may have affected operations the very next day on the accident voyage,” Homendy said. The NTSB report found that the Dali had experienced two blackouts a day earlier while still moored in the port. The NTSB report details the frantic efforts of those on the Dali to stop the ship and warn those on the bridge of potential disaster. “He ran north and made it to the nearest surviving span before the rest of the bridge collapsed,” the report states.

Persons: Dali, Francis Scott Key, Jennifer Homendy, ” Homendy, Homendy, Peter Gautier, William H, Shailen Bhatt, Gautier, Graham, Bhatt, ” Organizations: CNN, National Transportation Safety, NTSB, Committee, Transportation, Hyundai, Coast Guard, Army Corps of Engineers, Federal, Administration Locations: Port of Baltimore, Homendy, El Salvador, Mexico, Guatemala, Honduras

☆ Taylor Swift’s ‘Eras Tour’ could be worth almost $1 billion to British economy
▼ + stars: | 2024-05-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Taylor Swift’s smash-hit “Eras Tour” is set to boost spending in the United Kingdom by nearly $1 billion, according to estimates by Barclays. The concerts sold out within minutes of tickets going on sale, with fans spending £206 ($260) on average on a single ticket, Barclays said. While the price tag may seem hefty, it’s much less than many Americans will pay to see the “Eras Tour” back home. “For ‘Eras Tour’ ticketholders, every pound they spend is an investment in the memories they’ll create,” he added. The European leg of the “Eras Tour” includes concerts in Sweden, Portugal, Spain, France, Ireland, the Netherlands, Switzerland, Italy, Germany, Poland and Austria this year.

Persons: London CNN — Taylor Swift’s, Swift, Peter Brooks, Taylor Swift, Elvis, Beatlemania, ” Brooks, That’s “ Organizations: London CNN, Barclays, Barclays ’, “ Locations: United Kingdom, United States, England, Wales, Scotland, Europe, Sweden, Portugal, Spain, France, Ireland, Netherlands, Switzerland, Italy, Germany, Poland, Austria

☆ Copper futures hit record high as data center build-up, EV growth fuels demand
▼ + stars: | 2024-05-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.

Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany

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