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☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ 'Big Short' investor Michael Burry exits Amazon and Alphabet — but boosts Alibaba and bets on Baidu
▼ + stars: | 2024-05-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Michael Burry published a first-quarter portfolio update on Wednesday. The Scion Asset Management chief pared down his stock positions from 25 to 16 but boosted several bets. Burry is known for his wager against the mid-2000s housing bubble, chronicled in "The Big Short." AdvertisementMichael Burry ramped up his bets on a raft of stocks while slashing his number of holdings last quarter. This story is available exclusively to Business Insider subscribers.

Persons: Michael Burry, —, Michael Burry ramped Organizations: Scion Asset Management, Service, Business

☆ 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

☆ 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

☆ Commerzbank reports better-than-expected 29% rise in Q1 net profit
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Germany's Commerzbank said on Wednesday that net profit rose 29% in the first quarter, its strongest quarterly profit in a decade, and it raised its outlook for net interest income for the full year. Net profit of 747 million euros ($808.25 million) in the quarter compares with a profit of 580 million euros a year earlier. Analysts had on average expected profit of 652 million euros, according to an April consensus forecast published by Commerzbank. Net interest income rose 9.2% in the first quarter to 2.126 billion euros, better than expectations for 2.096 billion euros. The bank raised its full-year forecast for net interest income to 8.1 billion euros from 7.9 billion euros previously.

Persons: Germany's Commerzbank, Commerzbank Locations: Frankfurt

☆ Baidu’s robotaxi unit expects to turn profitable next year
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

A driverless robotaxi autonomous vehicle developed by Baidu Apollo driving along a street in Beijing. SHANGHAI — Chinese tech company Baidu said Wednesday its Apollo Go robotaxi arm expects to turn profitable next year. The projection comes as Elon Musk has emphasized his plans to build up Tesla's robotaxi efforts amid a decline in revenue. Baidu on Wednesday announced Apollo's 6th generation robotaxi will cost around 200,000 yuan ($28,169) — or less than half that of the prior generation, the company said. Others in the auto industry remain more skeptical about fully driverless cars, which require broad regulatory approval in order to operate.

Persons: Elon Musk, Apollo, Baidu, Brian Gu Organizations: Baidu, Wednesday, China Securities Regulatory Commission, Xpeng Locations: Beijing, SHANGHAI, Wuhan, China

☆ Peloton's demise is another in a long line of failed fitness fads
▼ + stars: | 2024-05-15 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

Peloton isn't going under imminently, but let's be real here: No fitness fad lasts forever. While there was a lot that went wrong, the long and short of it is that Peloton failed to read the room on its pandemic popularity. "It's not that Peloton isn't a good business model; it's that it simply isn't a mass product but more of a niche, luxe one," she said. Investors have soured on the company, and Peloton's once $50 billion market cap has fallen to under $2 billion. It also has to contend with the gym, which has all sorts of classes and fitness equipment that let people mix things up, including, in many cases, Pelotons or other connected-fitness devices.

Persons: I've, Tae, monthslong, Rina Raphael, Simeon Siegel, It's, That's, Siegel, Paul Golding, it's, Golding, there's, Raphael, Natalia Mehlman Petrzela, Emily Stewart Organizations: Private, BMO Capital Markets, Macquarie Capital, Google, YouTube, New School, Facebook, Business Locations: COVID, unsubscribing, Barre, America

☆ Stocks making the biggest moves after hours: Chubb, Cisco Systems, Palo Alto Networks and more
▼ + stars: | 2024-05-15 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Chubb became Berkshire's ninth biggest holding at the end of March, according to a new regulatory filing. AST SpaceMobile — Shares rocketed 33%. Cisco Systems — Shares jumped nearly 5% after the IT giant reported fiscal third-quarter adjusted earnings of 88 cents per share on revenues of $12.70 billion. The results topped analysts' estimates for earnings of 82 cents per share on revenues of $12.53 billion, according to LSEG. Palo Alto Networks — The cybersecurity company saw its stock rise 1% after announcing it will buy cloud security software assets from IBM .

Persons: Chubb, Berkshire Hathaway, Riley, Hawkins —, — CNBC's Scott Schnipper Organizations: AST, Cisco Systems —, Riley, Management, Alto Networks, IBM, Palo Alto Locations: Zurich, Los Angeles, Hawkins — The Minnesota, Palo

☆ Japan’s economy contracts in first quarter
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —Japan’s economy contracted in the first quarter, squeezed by weaker consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest rates away from near-zero levels. The reading translates into a quarterly contraction of 0.5%, versus a 0.4% decline expected by economists. “Japan’s economy hit the bottom in the first quarter,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. “The economy will certainly rebound this quarter thanks to rising wages although uncertainty remains on service consumption.”Capital spending, a key driver of private demand, fell 0.8% in the first quarter, versus an expected decline of 0.7%, despite hefty corporate earnings. External demand, or exports minus imports, knocked 0.3 of a percentage point off first quarter GDP estimates.

Persons: Downwardly, ”, Yoshimasa Maruyama Organizations: Tokyo Reuters, Nikko Securities, ”, Daihatsu, Bank of Japan Locations: Tokyo, “, Noto, Toyota’s

☆ China's economy reveals pockets of softness. Here's what to watch ahead of Friday's data
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday. Some of the weakness speaks to genuine sluggish demand in China at present. The firm expects this week's economic data releases to show a "softening in economic momentum," affirming its forecasts for the central bank to cut rates by the end of June. "Some of the weakness speaks to genuine sluggish demand in China at present," said Hui Shan, Goldman Sachs' China chief economist, in a note Sunday. Businesses' loan demand fallsNew bank loans to businesses and government organizations dropped sharply in April from March, as did new loans to households, according to official data accessed through Wind Information.

Persons: Hui Shan Goldman Sachs, Louise Loo, Goldman Sachs, Hui Shan, Goldman, RRR, Pan Gongsheng Organizations: Visual China, Getty, BEIJING, National Bureau, Statistics, Reuters, Finance, Oxford Economics, People's Bank of, Information, Clocktower, CNBC Locations: Lianyungang, Jiangsu Province, China, —, Beijing, People's Bank of China

Six Flags stock has ticked up nearly 7% in 2024. The analyst reiterated an overweight rating on the stock as well as a $1,200 per share price target, implying more than 31% upside from Tuesday's close. The analyst has a buy rating on Nvidia with a $1,150 per share price target, or about 26% upside ahead. He also raised his price target on U.S.-listed shares to $5.40 per share from $4.80, though the new forecast calls for a 6% decline over the next year. NIO YTD mountain NIO YTD Lai had downgraded Nio to underweight in February due to slowing sales momentum.

Persons: Chris Woronka, Woronka, Brian Evans, John Vinh doesn't, NVDA, Vinh, Timothy Arcuri, Arcuri, — Brian Evans, Goldman Sachs, Alphabet's, Eric Sheridan, Sheridan, Oppenheimer, Jason Helfstein, GOOG, Helfstein, Brent Thill, Jefferies, Nick Lai, YTD Lai, Fred Imbert, ~$ ( ~$) Organizations: CNBC, JPMorgan, Deutsche Bank downgrades, Flags Entertainment, Deutsche Bank, Fair, Nvidia, Blackwell, UBS, Google, Gemini

☆ Trump Media says it will delay quarterly filing due to auditor change
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +1 min

Trump Media & Technology Group filed a notice to the US Securities and Exchange Commission on Wednesday that it would delay its quarterly filing, just days after the regulator charged its former auditor with fraud. Former US President Donald Trump’s media company said it was unable to complete the review of its financial statement for the quarter ended March 31 due to the timing of its appointment of Semple, Marchal & Cooper as the new auditor. The company dismissed previous auditor BF Borgers, after the SEC charged the accounting firm with “massive fraud” earlier this month. The stock has since then cut its gain to about 5%, giving it a market value of about $7 billion. Truth Social’s revenue was $4.13 million last year, up from $1.47 million in 2022.

Persons: Donald Trump’s, Semple, Cooper, BF, Trump Organizations: Trump Media & Technology Group, US Securities and Exchange Commission, Marchal, SEC, Nasdaq

☆ These are the top 10 holdings of the Mormon church's $55 billion stock portfolio
▼ + stars: | 2024-05-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The investment arm of the Mormon church revealed some of its holdings in a 13F filing Wednesday. These are the top 10 holdings of the church's stock portfolio as of March 31. AdvertisementThe Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks. AdvertisementThe church, widely known as the Mormon church, reports its stock holdings on a quarterly basis, and a recent 13F filing revealed its top holdings as of March 31. These are the church's top 10 stock holdings at the end of the fourth quarter, as well as the changes in each position.

Persons: —, of Jesus Christ, Eli Lilly Vincent Kessler, Seth Wenig, Ethan Miller, Apple Justin Sullivan, Microsoft Satya Nadella, Sean Gallup Organizations: Service, of Jesus, Securities and Exchange Commission, Advisors, Reuters, JPMorgan AP, UnitedHealth, Mastercard Reuters, Nvidia, Microsoft, Getty

☆ The S&P 500 hits a new record. Here's how we think investors should respond
▼ + stars: | 2024-05-15 | 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. The S & P 500 and Nasdaq Composite rose to all-time highs after the release. The market hasn't been this overbought since late December, according to the S & P 500 Short Range Oscillator, our trusted momentum indicator. 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 .

Persons: Jim Cramer, Morgan Stanley, Jim, It's, Jim Cramer's Organizations: CNBC, Nasdaq, Palo Alto Networks, Wall, UnitedHealth Group, Healthcare, wouldn't, Palo, Wednesday . Bank of America Locations: Palo, Palo Alto

☆ Stocks making the biggest moves after hours: Boot Barn, Nextracker, dLocal and more
▼ + stars: | 2024-05-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines after the bell : Boot Barn — The western apparel and footwear stock slid 7% after issuing light revenue and earnings guidance for the full year. Boot Barn said it expects earnings for the year to range between $4.55 and $4.85 a share, behind a FactSet estimate of $5.16 per share. Nextracker posted $737 million in revenue for the fiscal fourth quarter, topping an LSEG estimate of $682 million. DLocal reported earnings of 6 cents per share on $184.4 million revenue. Analysts polled by FactSet had expected earnings per share of 12 cents on $189.8 million in revenue.

Persons: Nextracker, —, DLocal, FactSet Organizations: Nu Holdings, Revenue, Uruguayan, Prestige Consumer Healthcare, Prestige Locations: Brazil

☆ Walmart is cutting hundreds of corporate jobs, relocating majority of remote office staff
▼ + stars: | 2024-05-14 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +1 min

New York CNN —Walmart said Tuesday it is eliminating several hundred corporate jobs and will relocate most of its remaining remote office staff to its Bentonville, Arkansas, headquarters. Walmart confirmed the move in a memo sent by Donna Morris, its chief people officer, to employees on Tuesday and obtained by CNN. The relocation will impact the majority of workers in Walmart’s Dallas, Atlanta and Toronto offices. While most relocations will be to its Bentonville headquarters, some workers will be relocated to Walmart offices in the San Francisco Bay Area or to Hoboken, New Jersey, and the New York area. “In addition, some parts of our business have made changes that will result in a reduction of several hundred campus roles,” Morris said in the memo.

Persons: Donna Morris, Morris, ”, ” Morris Organizations: New, New York CNN, Walmart, CNN, San Francisco Bay Area Locations: New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Jim Cramer says Home Depot’s earnings bolster the investment case for a different retail stock
▼ + stars: | 2024-05-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. "That was a big, big mistake that they did that. They cut the… price target of Constellation," Cramer said. The CNBC Investing Club owns shares of Constellation Brands . The Investing Club has long owned Eli Lilly , which makes GLP-1s.

Persons: Jim Cramer's, Jim Cramer, Cramer, You've, cautioning, Eli Lilly Organizations: CNBC, Club, Boston, Jefferies, CNBC Investing Club, Constellation Brands, JPMorgan Locations: Swiss

☆ Oppenheimer’s Brian Nagel reacts to Home Depot earnings
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOppenheimer’s Brian Nagel reacts to Home Depot earningsBrian Nagel, Oppenheimer senior equity research analyst, joins 'Squawk Box' to break down Home Depot's quarterly earnings results that beat expectations and revenue that missed estimates.

Persons: Brian Nagel, Oppenheimer

☆ The U.S. is our strongest market, says Nextracker CEO Dan Shugar
▼ + stars: | 2024-05-14 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

The U.S. is our strongest market, says Nextracker CEO Dan ShugarNextracker Founder and CEO Dan Shugar joins 'Mad Money' host Jim Cramer to talk quarterly results, where its seeing growth, the impact of weather on its business and more.

Persons: Dan Shugar Nextracker, Dan Shugar, Jim Cramer

☆ Stanley Black & Decker CEO Donald Allan Jr. goes one-on-one with Jim Cramer
▼ + stars: | 2024-05-14 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Stanley Black & Decker CEO Donald Allan Jr. goes one-on-one with Jim CramerStanley Black & Decker President and CEO Donald Allan Jr. joins 'Mad Money' host Jim Cramer to talk increasing its dividend, quarterly results, and more.

Persons: Stanley Black, Decker, Donald Allan Jr, Jim Cramer Stanley Black, Jim Cramer Organizations: Decker

☆ Home Depot's growth will depend on rate environment for big-ticket purchases: Cowen's Rakhelenko
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot's growth will depend on rate environment for big-ticket purchases: Cowen's RakhelenkoMax Rakhelenko, Cowen analyst, and Deborah Weinswig, Coresight Research CEO, join 'Squawk on the Street' to discuss Home Depot's quarterly earnings results, what the quarter says about the state of the consumer and the company's SRS acquisition.

Persons: Max Rakhelenko, Cowen, Deborah Weinswig Organizations: Coresight

☆ Home Depot revenue misses, shares slip
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot revenue misses, shares slipHome Depot posted quarterly revenue below Wall Street’s expectations on Tuesday.

☆ Debt — and delinquencies — are on the rise for Americans
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New data released Tuesday by the Federal Reserve Bank of New York showed that as household debt balances grew during the first quarter, delinquencies also marched higher. Notably, the percentage of credit card balances in serious delinquency (90 days or more late) climbed to its highest level since 2012. The transitions into delinquency — especially serious delinquency — increased across all debt types, according to the report. Overall household debt grew by 1.1% during the first quarter to $17.69 trillion, according to data that is not adjusted for inflation. Credit card balances dipped (as they typically do post-holidays) by $14 billion to $1.12 trillion.

Persons: delinquencies, Joelle, Delinquencies Organizations: CNN, Federal Reserve Bank of New, “, Public Policy Research, New York Fed, Credit Locations: Federal Reserve Bank of New York, York, New

☆ Apple supplier Foxconn's first-quarter profit jumps 72% but misses forecasts
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: +1 min

Apple supplier Foxconn reported a 72% rise in first-quarter profit, boosted by strong demand for AI servers and coming off a low base from the period a year earlier, but the growth was lower than expected. While the profit missed the T$29.31 billion forecast by analysts, it was Foxconn's third consecutive quarterly profit rise. In the first quarter, consumer electronics including smartphones accounted for 48% of its revenue while cloud and networking products, including servers, contributed 28%. Apple's quarterly results and forecast beat modest expectations this month, nd CEO Tim Cook said revenue growth would return in the current quarter. Foxconn's shares have risen 65% so far this year, driven by its rosy AI outlook, far outperforming a 17% gain for the broader market.

Persons: Foxconn, Tim Cook Organizations: Sharp Corp, Hai Precision Industry Co

☆ Stocks making the biggest moves midday: AMC, GameStop, Sony, Planet Fitness and more
▼ + stars: | 2024-05-14 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Meme stocks — Meme stocks roared for a second day with GameStop surging more than 65% and AMC popping over 70%. AMC's Tuesday rally came even after the movie theater said it completed a $250 million stock sale during Monday's wild trading. Sony — U.S.-listed shares jumped 5.3% after quarterly revenue came in at 3.5 trillion yen, topping the consensus expectation of 2.89 trillion yen from analysts polled by LSEG. On Holding — The shoe maker jumped 16% after first-quarter earnings came in well ahead of analysts' expectations. Boston Beer Company — Shares added 1% after the beer brewer was upgraded by Jefferies to buy from hold.

Persons: United, Newell Brands, Roth, —, Yun Li, Michelle Fox, Samantha Subin, Hakyung Kim, Brian Evans Organizations: GameStop, AMC, Sony —, LSEG, Vodafone — U.S, United Airlines —, Barclays, Boston Beer, Jefferies, JPMorgan Locations: Europe

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