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Yen eases despite intervention threat, Aussie steady before RBA
  + stars: | 2024-05-07 | by ( ) www.cnbc.com   time to read: +3 min
The yen continued to drift lower against the dollar on Tuesday as gaping interest rate differentials weighed on the currency, despite fresh warnings from Japanese officials following two rounds of suspected dollar-selling intervention last week. The U.S. dollar gained 0.22% to 154.235 yen in early Asian trading, adding to its 0.58% rally from Monday. The Aussie edged up 0.17% to $0.6636, heading back towards the high of $0.6650 from Friday, a level last seen on March 8. All but one of the 37 economists surveyed in a Reuters poll expect the RBA to keep rates on hold, with the other predicting a quarter point rate hike, amid stubbornly high inflation. "A different set of central bankers would have had the policy rate higher sooner on the same set of data," Taylor Nugent, a markets economist at National Australia Bank, wrote in a note.
Persons: Michele Bullock, Masato Kanda, Carol Kong, Bullock, Taylor Nugent Organizations: U.S, Reserve Bank of Australia, The U.S ., Bank of Japan, Japan's Ministry of Finance, Federal, Commonwealth Bank of Australia, Bank of, National Australia Bank Locations: The, Japan
A Week of Pomp to Project Putin’s Confidence
  + stars: | 2024-05-07 | by ( Ivan Nechepurenko | ) www.nytimes.com   time to read: +1 min
With his army on the offensive in Ukraine and all forms of dissent inside Russia firmly suppressed, President Vladimir V. Putin is set to take center stage this week at two major events that will showcase his dominance over the country’s politics and his determination to win in Ukraine. On Tuesday, Mr. Putin, 71, will formally begin his fifth term as Russia’s president in a highly choreographed inauguration ceremony in the Kremlin. On Thursday, he is to preside over the Victory Day parade in Red Square, an annual demonstration of military might that in the last two years sought to symbolically link Russia’s war in Ukraine with the Soviet victory over Nazi Germany in World War II. The Kremlin is also expected to nominate a prime minister and five key ministers, including foreign and defense, though the officials in those six posts may simply be renominated. The shape of the next Russian government will provide signals to the country’s course in the coming years.
Persons: Vladimir V, Putin Organizations: Nazi Locations: Ukraine, Russia, Kremlin, Red Square, Nazi Germany
Russia said on Monday that it would hold military exercises with troops based near Ukraine to practice for the possible use of battlefield nuclear weapons, ratcheting up tensions with the West after two European leaders raised the prospect of more direct Western intervention in the war. Such weapons, often referred to as “tactical,” are designed for battlefield use and have smaller warheads than the “strategic” nuclear weapons meant to target cities. Russia’s Defense Ministry said that President Vladimir V. Putin had ordered an exercise for missile, aviation and naval personnel to “increase the readiness of nonstrategic nuclear forces to carry out combat missions.”Russian officials claimed the order was in response to comments from the West about the possibility of more direct Western involvement in the war in Ukraine. And it came at the start of a week of extensive publicity for the Russian leader, with his inauguration scheduled for Tuesday, followed on Thursday by the annual Victory Day celebration, which commemorates the Soviet defeat of Nazi Germany in 1945. The announcement of the exercise was Russia’s most explicit warning in its more than two-year invasion of Ukraine that it could use tactical nuclear weapons there.
Persons: Vladimir V, Putin Organizations: Russia’s Defense Ministry Locations: Russia, Ukraine, Nazi Germany
The competition – which tries desperately to retain its “apolitical” tag – has become the largest cultural event so far to be rocked by the repercussions of Israel’s war in Gaza. Those protesting or boycotting the song contest claim it is “artwashing” the conflict; others defend Israel’s inclusion, insisting the contest should not be dragged into geopolitics. It doesn’t make sense,” Bambie Thug, Ireland’s participant, told CNN of extensive rules restricting any form of pro-Palestinian statement during the event. Ireland's Bambie Thug told CNN they disagreed with Israel's involvement in the competition. Long-standing rules preventing flags of non-competing countries and territories mean that Palestinian flags are banned from the crowd, which Bambie Thug told CNN they “100%” disagreed with.
Persons: ” Paul Jordan, , Weeks, Eden Golan, ” Jordan, , Carlos Garcia Rawlins, Bambie Thug, Patricia J, Garcinuno, Noel Curran, KAN, ” Curran, Golan, Fredrik Persson, , SuRie, Karin Karlsson, Karlsson, ” Elina Pahnke, Johan Nilsson, Saturday’s, Mohammad Ghannam, ” Lara Yosef, ” Yosef, ” Bambie Thug, Alyona Alyona Organizations: CNN, Music, Malmo, Eurovision, European Broadcasting Union, EBU, TT, Agency, AFP, Getty, Malmo Arena, Artists, Aftonbladet, Israel’s National Security Council Locations: Swedish, Gaza, Israel, Malmo, Azerbaijan, Russia, Ukraine, Stockholm, Sweden's, seeping, Sweden’s Palestinian, Denmark, Norway, Sweden,
To win penny-pinching customers back, some say they're planning smaller price increases for the rest of the year. Wendy's CFO Gunther Plosch told investors on Thursday that consumers are "still under pressure" — especially those with household incomes under $75,000. Chains raised prices drastically during the pandemic to offset rising labor and food costs, and it's coming back to bite them. For some restaurant chains, comparable sales even fell. McDonald's would "certainly" be "prudent and thoughtful" about any further price increases in the rest of 2024, Borden said.
Persons: , Gunther Plosch, Ian Borden, Joshua Kobza, Burger, Popeyes, Burger King, Wendy's, William Blair, Sharon Zackfia, Borden, Katie Fogertey Organizations: Service, Starbucks, KFC, US, Bureau of Labor Statistics Locations: Burger, North America
Mayor Eric Adams will travel to Rome on Thursday to meet with Pope Francis, becoming the latest in a recent succession of New York City mayors to pay respects to the leader of the Catholic Church. The trip comes as Mr. Adams, a moderate Democrat facing languishing poll numbers and a federal criminal investigation, prepares to run for re-election next year in what is expected to be a contested primary. A spokesman for the mayor had no immediate comment when asked about the trip; roughly an hour later, the mayor’s press office released an advisory that Mr. Adams would be in Rome later this week. The advisory mentions “travel to the Vatican City,” but did not specify if he would meet with the pope. But three sources familiar with Mr. Adams’s itinerary confirmed that he would see Pope Francis.
Persons: Eric Adams, Pope Francis, Adams, Frank Carone Organizations: Catholic Church Locations: Rome, New York City, Vatican City,
Within the course of mere days, hopes for a cease-fire in the Gaza Strip have been raised, dashed and raised again, with no clear explanation. Thursday, May 2A Hamas leader said that the group would soon send a delegation to Cairo to “complete ongoing discussions” on a cease-fire deal. Sunday, May 5The talks — which are held indirectly, through mediators — hit an impasse, and Hamas said its delegation had left Cairo. An Israeli official described the negotiations as in “crisis.”Late in the day, Hamas launched rockets at a border crossing between Gaza and Israel, killing four Israeli soldiers. Then it said would send a working-level delegation back to the talks in Cairo anyway.
Persons: Israel —, , Israel Organizations: Hamas Locations: Gaza, Gazan, Rafah, Cairo, , Israel, Egypt, Qatar
CNN —German team Bayer Leverkusen extended its miraculous unbeaten run to 48 games on Sunday after thrashing Eintracht Frankfurt 5-1 in the Bundesliga. The win means that Leverkusen has now equaled the record for the longest unbeaten run across all top-level matches since the introduction of European competition, according to UEFA. Leverkusen will have the chance to break the record on Thursday when it plays Roma in the second leg of its Europa League semifinal. The all-time mark of 62 games unbeaten was set by Scottish club Celtic from 1915-1917, however, those matches were all in the domestic league. The next game is important for us, the second leg of the Europa League semifinal: a chance to reach the final.
Persons: Granit Xhaka, Patrik Schick, Exequiel Palacios, Jeremie Frimpong, Victor Okoh Boniface –, Roma, , Xabi Alonso, Kirill Kudryavtsev, Alonso, ” Alonso, Organizations: CNN, Bayer Leverkusen, Eintracht Frankfurt, Bundesliga, Leverkusen, Frankfurt’s Deutsche Bank, UEFA, Benfica, Europa League, Celtic, Bayern, Spain, VfL Bochum, FC Kaiserslautern, Roma, Locations: Scottish, AFP, Augsburg
Emergent 5G technology is faster and more secure than ever. "There's a huge amount of intellectual property and corporate data that sits on mobile devices," Ghai said. 5G networks are very, very dynamic. The other change is using identity and access governance to make sure privileged access to IT and OT [operational technology] networks is managed. That same pattern follows in 5G networks.
Persons: Rohit Ghai, Ghai, , It's Organizations: Service, RSA, Infrastructure Security, 5G Locations: San Francisco, cybersecurity
Reversing one of her own decisions, the federal judge overseeing former President Donald J. Trump’s classified documents case granted his request on Monday to postpone the deadline for a crucial court filing in the criminal proceeding, increasing the chance that any trial would be pushed past the November election. The ruling by the judge, Aileen M. Cannon, was made in a bare-bones order that contained no factual or legal reasoning. It did not schedule a new deadline but erased the one she had set almost a month ago ordering Mr. Trump’s lawyers to file by Thursday a detailed list of the classified materials that they intend to introduce at the trial, which is set to take place at some point in Federal District Court in Fort Pierce, Fla.That list is enormously consequential because, when filed, it will mark the first step in what will ultimately be a pitched battle between the defense and prosecution over what sorts of classified materials the jury will get to hear about at trial — a contested process, balancing issues of public access and national security, that could take months to complete. Mr. Trump has relentlessly pursued a strategy of delaying all four of the criminal cases he is facing, and if he succeeds in delaying his trial on charges of mishandling classified documents until after the election, he could order his Justice Department to drop the matter altogether if he wins.
Persons: Donald J, Trump’s, Aileen M, Cannon, Trump Organizations: Court, Department Locations: Fort Pierce, Fla
Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.
Persons: , Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine
A spate of attacks on German officials and politicians has brought fresh worries over political violence and a breakdown of civility ahead of several critical elections this year, including in three states where the far-right Alternative for Germany party could make significant gains. In the latest attack, on Friday evening, four people assaulted a prominent Social Democratic politician who was hanging campaign posters in Dresden, leaving him with a broken cheekbone and eye socket that required emergency surgery. The official, Matthias Ecke, is running for re-election to the European Parliament. That evening a Green Party campaigner, whose name has not been released, was attacked in the same residential neighborhood, by what the police believe was the same group of people. A day earlier, on Thursday, Rolf Fliss, the deputy mayor of the city of Essen, 300 miles west, was punched in the face by a group of men with whom he had been having what he initially characterized as a “friendly exchange.”The violent attack on Mr. Ecke drew a sharp response from Chancellor Olaf Scholz, himself a Social Democrat, in Berlin on Saturday.
Persons: Matthias Ecke, Rolf Fliss, Ecke, Chancellor Olaf Scholz Organizations: Social Democratic, Green Party, Social Democrat Locations: Germany, Dresden, Essen, Berlin
JPMorgan spotlighted a fresh set of stocks, reflecting its analysts' top picks as May begins, including Caterpillar , Bank of America and TJX Companies . The firm's focus list includes its top equity ideas targeted around growth, income, value and short strategies. Nicholas Rosato, head of JPMorgan's North American Equity Research, said all the stocks on the list have an overweight rating. Here are some of the top picks: United Airlines shares are up about 25% in 2024, fueled largely by a strong second-quarter earnings forecast . No longer included in this month's focus list are CMS Energy and Prologis , both of which are still rated overweight by JPMorgan.
Persons: Nicholas Rosato, Morgan Stanley, Ravi Shanker, Jay Sole, Rosato Organizations: JPMorgan, Caterpillar, Bank of America, TJX Companies, North American Equity Research, United Airlines, Boeing, Investors, UBS, CMS Energy, Prologis, CMS Locations: Thursday's, Maxx
China's and Australia's flags are seen on the tables where China's Foreign Minister Wang Yi and Australia's Foreign Minister Penny Wong held their bilateral meeting at Parliament House in Canberra on March 20, 2024. Asia-Pacific markets tracked Wall Street gains on Monday as a softer-than-expected U.S. jobs report fueled hopes that the Federal Reserve could start cutting rates soon. Investors, meanwhile, awaited the Reserve Bank of Australia's rate decision on Tuesday and China's April trade data on Thursday. ING said in a note last week that the RBA meeting was "worth watching closely," adding that recent inflation data from Australia showed growth in prices was starting to accelerate. However, the analysts said Australia's inflation data was better than they had expected, and compared to the US, the country's economy had slowed more with the labor market softening substantially.
Persons: Wang Yi, Penny Wong Organizations: House, Wall, Federal Reserve, Investors, Reserve Bank, ING, Global Locations: Canberra, Asia, Pacific, Australia, Hong Kong, China, India, Japan, South
The earnings season is winding down, but there are some names slated to report that could see big moves — in either direction. Already, more than 80% of companies in the S & P 500 have already posted quarterly results this earnings season as of Monday morning. Against that backdrop, CNBC Pro screened for names reporting this week — with market caps of $1 billion or more — that could experience sharp up- or downside moves, based on trading activity in the options market. Here are the names that made the list: Upstart Holdings is the reporter this week that could be in for the biggest move at nearly 19%. Rideshare stock Lyft also made the list.
Persons: Uber, America's Mihir Bhatia, Bhatia, Lyft, LSEG, Jefferies, John Colantuoni, Colantuoni, Bank of America's Jessica Reif Ehrlich, Ehrlich, WBD Organizations: Disney, CNBC Pro, Holdings, LSEG, Bank, America's, Warner Bros, Bank of America's Locations: California
Young Americans’ outrage over the Israel-Hamas war has dominated the political conversation for weeks. But these headlines are not reflective of young voters’ top concerns this election year, according to recent polls. Surveys taken in recent months show young voters are more likely to sympathize with Palestinians in the conflict, but few of them rank the Israel-Hamas war among their top issues in the 2024 election. Like other voters, young people often put economic concerns at the top the list. And while young voters are cooler to Mr. Biden than they were at the same point in 2020, there is little evidence that American support for the Israeli invasion of Gaza is a critical factor in their relative discontent.
Persons: Biden, Donald Trump, Joe Biden, , Devon Schwartz Organizations: Democratic, Republican, Columbia University, University of Texas Locations: Israel, Gaza, Austin
The Manhattan district attorney has charged Mr. Trump, 77, with falsifying 34 business records to hide a $130,000 payment to Stormy Daniels, a porn star who says she and Mr. Trump had a tryst in 2006 while he was married. Mr. Trump, the first American president to face criminal prosecution, has denied the charges and says he did not have sex with Ms. Daniels. Here are five takeaways from Mr. Trump’s 11th day, and third week, on trial:A scandalous recording resurfaces. Ms. Hicks recalled consulting with Michael D. Cohen, Mr. Trump’s former lawyer and fixer, who eventually paid Ms. Daniels to keep quiet. On Thursday, prosecutors presented four more incidents and called Mr. Trump’s statements “corrosive.” Mr. Trump’s legal team argued that he was merely responding to political attacks.
Persons: Hope Hicks, Donald J, Trump, Gasps, Trump’s, Hicks, Stormy Daniels, Daniels, Ivanka, Donald Trump’s, Billy Bush, Mark Makela, Juan M, ” Mr, , Karen McDougal, McDougal, Michael D, Cohen, , Keith Davidson, Hillary Clinton, Davidson, Mr, Doug Mills, Clinton, , Justice Merchan, Merchan Organizations: White, White House, The Washington Post, , The New York, The, Wall Street, The National Enquirer, Trump, Manhattan Criminal, New York Times, Prosecutors, Mr Locations: Manhattan, Los Angeles
Washington CNN —Former President Donald Trump continues to make false claims about his New York trial. Here’s a fact check of four false claims and one misleading claim he made about the trial in his courthouse comments last week. Judge Juan Merchan’s gag order, which narrowly restricts his out-of-court speech, does not in any way stop him from testifying. The gag order also does not broadly prevent Trump from talking. Trump’s campaign scheduleTrump continued Friday to complain that the New York trial is preventing him from being on the campaign trail.
Persons: Donald Trump, Trump, , “ I’m, who’s, , he’s, I’m, Judge Juan Merchan’s, Joe Biden, Merchan, Rather, Attorney Alvin Bragg, Bragg, it’s, , ’ Trump, ’ ” Trump, , you’re, ” Trump, ” Merchan, Defendant, Biden, It’s, Matthew Colangelo, Colangelo, CNN’s Kristen Holmes Organizations: Washington CNN, New, Trump, Manhattan, Attorney, , Republican, Miami, Prix, Georgia, Biden, Justice Department Locations: New York, Manhattan, Michigan, York, Fulton County , Georgia, Washington , DC, Florida, Georgia, Ohio, Wisconsin, North Carolina, Bedminster , New Jersey, York’s
Peter Oosterhuis, a British golfer who won 20 tournaments around the world, played in the Ryder Cup six times and later distinguished himself as a commentator for CBS and Golf Channel, died on Thursday in Charlotte, N.C. His wife, Ruth Ann (DuClos) Oosterhuis, said that his death, at a memory care facility, was caused by complications of Alzheimer’s disease. That year, Oosterhuis (pronounced OH-ster-house) spoke to Golf Digest about his life and career. One detailed memory he still had: “In the 1973 Ryder Cup, I played Lee Trevino in one of my singles matches. Lee told his teammates, ‘If I don’t beat Oosterhuis, I’ll come in here and kiss your butts.’ Lee didn’t beat me.”
Persons: Peter Oosterhuis, Ruth Ann, Oosterhuis, , , Lee Trevino, Lee, I’ll, ’ Lee didn’t Organizations: Ryder, CBS, Golf, Digest Locations: British, Charlotte, N.C
“I think we also saw this different sensibility about how to clear protests,” Straub said of the police response to campus demonstrations. In some cases, officers couldn’t distinguish lawful protesters from those who were being disruptive or causing violence, he added. The agreement mandated the NYPD to “change how it deploys officers to public demonstrations,” to better allow the public to exercise their First Amendment rights. NYPD officers in riot gear break into a building at Columbia University, where pro-Palestinian students were barricaded, on April 30. Officers were seen breaking down plywood barriers outside the entrenched encampment where protesters had barricaded themselves inside, as flash-bang explosives exploded overhead.
Persons: George Floyd, , Chuck Wexler, Emily Byrski, Joe Biden, ” Wexler, Frank Straub, ” Straub, PERF, Letitia James, James, Kena Betancur, Eric Adams, Kaz Daughtry, , Spencer Fomby, Fomby, Straub, it’s, ” Fomby, Ryan Sun, ” CNN’s Julia Jones, Maria Sole, Artemis Moshtaghian Organizations: CNN, Police, Research, “ Police, Palestinian, Getty, Columbia University, New York Police Department, University of Arizona, UCLA, Israel, National Guard, Sound Schools, Center for, Police Foundation, ” Police, NYPD, New York, City College, Hampton Hall, Columbia, Hamilton, National Tactical Officers Association, , AP Locations: Gaza, Israel, AFP, California, Columbia, New York City, Hampton, Arizona, Los Angeles
The industrial-focused names in the Club's portfolio wrapped up a pretty solid earnings season last week, but their stocks were largely not rewarded. AI spending First, a surge in AI investments was welcomed news for Eaton, DuPont and Linde. "Everything was about as perfect as you can get this quarter," Jim Cramer said after the print. LIN YTD mountain Linde (LIN) year-to-date performance Linde posted mixed a quarterly Thursday — an earnings beat but a revenue miss. Destocking Destocking, or whittling down excess inventory, was important at Stanley Black & Decker, DuPont, and Honeywell.
Persons: toolmaker Stanley Black, Linde, DuPont, Eaton, Craig Arnold, Jim Cramer, Ed Breen, Jim, Sanjiv Lamba, Stanley Black, Decker, Wall, SWK, destocking, Vimal Kapur, Kapur, Lamba, Matthew White, Price, we're, Jim Cramer's Organizations: Honeywell, Eaton, DuPont, Linde, Electrical, workloads, Club, de Nemours, Management, LIN, The, Stanley, Supply, Technologies, CNBC, Power Locations: Eaton, U.S, Pleasanton , California
Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.
Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, , , Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor
The Miami Grand Prix took place this weekend. AdvertisementBillionaires mingled with athletes and celebrities this weekend during the Miami Grand Prix. The third-annual Miami Grand Prix officially kicked off on Friday, with racers like Max Verstappen and Daniel Ricciardo duking it out on the Miami International Autodrome. Alexander Tamargo/Getty ImagesElon Musk also made an appearance during the Miami Grand Prix weekend. Alexander Tamargo/Getty ImagesAlthough the Miami Grand Prix is a spectacle that draws F1 fans from all walks of life, it also helps boost the local economy.
Persons: Jeff Bezos, Elon Musk, , Max Verstappen, Daniel Ricciardo duking, Tom Brady, Clive Rose, Page, Miami Mayor Francis Suarez, Alex Spiro, Jamie Saltar, Brady isn't, Bezos, Brady, Ken Griffin, Alexander Tamargo, Musk, Ken Griffins, Jared Kushner, Ivanka, Romain Maurice, Ivanka Trump, LeBron James, Patrick Mahomes Organizations: Miami, Prix, Elon, Service, Miami Grand Prix, Miami International, NFL, Sports Illustrated, Miami Mayor, Getty, Express, Citadel, Citadel Securities, Ivanka Trump, Los Angeles Lakers, Kansas City Chiefs, Athletic Locations: SoFlo, Miami, Bezos, Citadel, Chicago, South Florida, Miami , Florida
Protesters left a pro-Palestinian encampment at the University of Southern California early Sunday after they were surrounded by police and told they could face arrest if they didn't go. The atmosphere on the private university campus had largely remained calm since, while attention turned to arrests at the University of California, Los Angeles. Administrators later canceled the entire main-stage commencement planned for May 10, when 65,000 people were expected to gather to celebrate graduates. Access to the private campus has largely been restricted for people not affiliated with the university since late April. Early Friday, several dozen counter-protesters had set up outside the encampment, playing scenes from the Oct. 7 Hamas attack in Israel on a screen, Annenberg Media reported.
Organizations: University of Southern, Hamas, Protesters, Los Angeles, Los Angeles Police Department, USC, LAPD, University of California, University of Virginia, University of Michigan, Annenberg Media Locations: Gaza, University of Southern California, Israel, Palestinian, Los Angeles
Shares of Apple surged 6% on Friday as investors cheered better-than-expected fiscal second-quarter results and the announcement of the biggest stock buyback program in U.S. corporate history. In theory, Apple's $110 billion stock buyback program should provide a boost to its share price. However, recent history shows that spending billions on share repurchases isn't guaranteed to make the stock a runaway winner. So they've been retiring these shares," Nathan said. AAPL YTD mountain Shares of Apple are still down year to date despite Friday's bounce.
Persons: Dan Nathan, they've, Nathan, hasn't, They've, Apple isn't Organizations: Apple, RiskReversal Advisors, CNBC, Big Tech, Nasdaq, Mobile
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