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☆ Why we care so much about the Dow, the stock market’s dumbest index
▼ + stars: | 2024-05-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —The Dow Jones Industrial Average is, at best, an imperfect barometer of stock market activity among a narrow band of very large US companies. It’s clunky, and too limited in scope for any Wall Street pros to pay serious attention to it. “Mention ‘the Dow’ and, to most people, that means the stock market,” said Art Hogan, chief market strategist at B. Riley Financial, in a note to CNN. It’s just an index that tracks the stock market activity of 30 large US companies, from Amazon to McDonald’s to the Walt Disney Company. Market capitalization measures the total value of a company on the stock market.

Persons: Dow, ”, Hogan, It’s, “ Dow Jones ”, “, Nick Colas, you’re, ” Colas, Daniel Alpert, wasn’t, Goldman Sachs, Colas, I’ve, ” Alpert Organizations: New, New York CNN, Dow Jones, Dow, Riley Financial, CNN, Walt Disney Company, Westwood Capital, Standard Oil, US Steel, Microsoft, Apple Locations: New York, Amazon, Silicon

☆ Nvidia's rally will run out of steam next year as the chip giant's customers become competitors, analyst says
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The DA Davidson analyst has predicted as much as a 20% decline in Nvidia stock by the end of the year. Nvidia's largest customers could turn into competition as they develop their own AI chips, Luria warned. AdvertisementMost of Nvidia's business comes from its five largest customers, Luria said, which include Amazon, Meta, Microsoft, Alphabet, and Tesla. And while some of Nvidia's customers are stockpiling its GPUs, demand is bound to run out eventually, Luria previously told Bloomberg, as firms can only accumulate so many chips. AdvertisementLuria has among few forecasters who are bearish on Nvidia stock.

Persons: Gil Luria, Davidson, Luria, —, BNN, That's Organizations: Service, Nvidia, BNN Bloomberg, Meta, Microsoft, Tesla, Apple, Bloomberg

☆ Warren Buffett is battling a bargain drought — and pared his Apple bet because it's a 'one-trick pony,' expert says
▼ + stars: | 2024-05-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett is building up cash because he can't find anything better, Ted Oakley said. Buffett probably cut his Apple stake to reduce his exposure to the "one-trick pony," Oakley said. AdvertisementWarren Buffett is stacking up cash because he's battling a bargain drought — and he likely trimmed Apple because he felt overexposed to the iPhone maker, one expert says. AdvertisementApple accounted for half of Berkshire's $354 billion stock portfolio at the end of December. "Warren Buffett knows that," he said.

Persons: Warren Buffett, Ted Oakley, Buffett, Oakley, —, overexposed, Berkshire Hathaway, Buffett's Organizations: Service, Oxbow Advisors, Apple, Oxbow Locations: pouncing, Berkshire, China, Russia, India, Saudi Arabia

☆ Photos show what cave divers discovered when they swam inside an iceberg the size of Jamaica. Today, it's gone.
▼ + stars: | 2024-05-08 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +7 min

Her trip inside B-15 marked the first time anyone ever dove beneath an iceberg. Professional diver Jill Heinerth has been exploring Earth's oceans for 35 years. Once inside, Heinerth described it as "this dynamic environment that's beautiful. During their second dive inside B15, they got caught in a powerful current sucking them deeper inside the iceberg. AdvertisementSince Heinerth's dive, iceberg B15 has almost entirely melted away.

Persons: Jill Heinerth, She's, it's, Heinerth, Jill, gobsmacked, www.IntoThePlanet.com Organizations: Service, Business, Disney, WBUR, NASA Locations: Jamaica, Antarctica, B15

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ Apple investors get 2 new signs that the tech behemoth is taking AI more seriously
▼ + stars: | 2024-05-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

There's mounting evidence of how serious Apple is about artificial intelligence, Jim Cramer said Tuesday, pointing to a Wall Street Journal report about the tech giant developing AI data center chips. "This is the beginning of what I regard as the Apple offense on AI." He also reiterated his Apple stock mantra: "Own it, don't trade it." Following a 48% gain last year and an all-time just under $200 per share back in December, Apple shares fell on hard times. Jim suggested Tuesday that Apple investors will be rewarded for their patience once management fully unveils their forthcoming AI strategy.

Persons: Jim Cramer, Jim, Tim Cook Organizations: Wall, Apple, Data Centers, Taiwan Semiconductor Manufacturing, Big Tech, Developers Conference

☆ Tesla's 'apocalypse-proof' Cybertruck thwarted by sand, snow, and regulator recalls
▼ + stars: | 2024-05-06 | by ( Camilo Fonseca | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

This story is available exclusively to Business Insider subscribers. AdvertisementBut on May 2, a tourist on Nantucket found their Cybertruck trapped in the sand, requiring a tow truck to free it. According to the tow operator, the driver made one crucial error: He forgot to let air out of the tires. The tow operator said the safe spot for beach driving is between 18 and 22 psi. Representatives for Tesla did not immediately respond to a request for comment from Business Insider.

Persons: —, hasn't, Elon Musk, Tesla, who've, There's, Marques Brownlee, Michael Brooks, Myles Russell Organizations: Service, Business, Traffic, NHTSA, Center for Auto Safety Locations: Nantucket, Canadian

☆ A day in the life of Jeff Bezos, the second richest person in the world
▼ + stars: | 2024-05-06 | by ( Áine Cain | Ana Altchek | ) www.businessinsider.com time to read: +1 min

Amazon founder Jeff Bezos is the second richest man in the world. He's no longer CEO of Amazon, but he now spends extra time with his space company. Business Insider rounded up what Bezos and his fiancee have said over the years about his daily routine. In addition to founding the online retail behemoth Amazon, Bezos also owns The Washington Post and an aerospace company, Blue Origin. Bezos stepped down as CEO of Amazon in 2021 to focus on his rocket company Blue Origin.

Persons: Jeff Bezos, —, he's, Bezos Organizations: Business, Service, Forbes, Washington Post, Amazon

☆ Most of Warren Buffett’s stock portfolio is tied up in just 5 stocks. Here’s what they are
▼ + stars: | 2024-05-04 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Berkshire Hathaway reported Saturday its first-quarter 2024 figures, revealing that most of the conglomerate's stock portfolio is focused on just five stocks. At the end of the January-March period, Berkshire owned $135.4 billion in Apple shares , implying about 790 million shares. Apple has struggled this year, losing more than 4%, while the S & P 500 has soared 7.5% to record levels. The company also owned $24.5 billion in Coca-Cola stock — a longtime holding of Buffett's — and $19.4 billion in Chevron shares. Overall, these five positions made up about 75% of Berkshire Hathaway's stock portfolio.

Persons: Berkshire Hathaway, Warren Buffett, behemoth, Apple, — Organizations: Apple, American Express, Bank of America, Chevron Locations: Berkshire, Bank

☆ Apple remains Buffett's biggest public stock holding, but his thesis about its moat faces questions
▼ + stars: | 2024-05-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +9 min

That's about four times bigger than Berkshire's second-biggest public stock holding, Bank of America , and makes the company the No. The bet on Apple and CEO Tim Cook has paid off handsomely for Buffett, who said in 2022 that the cost of Berkshire's Apple stake was only $31 billion. "So I called up Warren Buffett. "It's kind of more like an annuity and I think that's what Warren Buffett really sees as well." "When I buy Apple, I know that Apple is going to repurchase a lot of shares," he said in 2018.

Persons: Tim Cook, Warren Buffett, Berkshire Hathaway, behemoth, Buffett, He's, Cook, Apple, Warren, Ted Weschler, it's, Dan Eye, Buffett hasn't, Bernstein, Toni Sacconaghi didn't, Sacconaghi, Clayton Organizations: Warren Buffett Getty, CNBC, Berkshire, Apple, Bank of America, Buffett, Consumer Intelligence Research Partners, iPhone, Washington Post, Oracle, Fort Pitt Capital Group, Microsoft, The, Apple Watch, DOJ, Clayton Homes Locations: Omaha , Nebraska, Berkshire, Omaha, Cupertino , California, U.S

☆ Amazon stock has 17% upside as earnings reveal a 'new era' of profits for the tech titan, Bank of America says
▼ + stars: | 2024-05-01 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Bank of America boosted Amazon's price target after earnings to $210, eyeing 17% upside from Wednesday's price levels. Amazon's Q2 guidance slightly fell short of Wall Street's expectations, but Bofa still sees upside ahead. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAmazon stock could soar as its latest earnings herald a "new era" of profits for the tech behemoth, according to Bank of America. On the guidance front, Amazon expects Q2 net sales to range between $144.0 billion and $149.0 billion, 2.5% below the estimated $150.21 billion.

Persons: Bofa, —, Justin Post, BofA Organizations: of America, Service, Bank of America . Bank of America, Amazon

☆ Rival airlines Emirates and Etihad are both flying their luxe Airbus A380s to the US. See how the superjumbos compare.
▼ + stars: | 2024-04-28 | by ( Taylor Rains | ) www.businessinsider.com time to read: +1 min

Etihad Airways and Emirates both fly luxe Airbus A380 superjumbos between New York and the UAE. Both of the UAE airlines offer unique luxuries like an onboard bar and lounge — and even a shower. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEtihad's luxurious A380 will rival UAE carrier Emirates, the world's biggest operator of the behemoth double-decker. Here's how the cabin products on Etihad's A380 compare to those on Emirates' refurbished superjumbos.

Persons: —, John F Organizations: Etihad Airways, luxe Airbus, Emirates, UAE, Service, Airbus, New, Kennedy International, The, Boeing, Etihad Locations: Emirates, New York, UAE, Abu Dhabi, The UAE, JFK, Dubai . Emirates

☆ Stocks making the biggest moves premarket: Alphabet, Microsoft, Intel, Snap and more
▼ + stars: | 2024-04-26 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Earnings of $1.89 per share topped the $1.51 in earnings per share anticipated by analysts polled by LSEG. Revenue of $80.54 billion topped expectations of $78.59 billion. Revenue of $83.08 billion topped estimates of $78.35 billion. Otherwise, Chevron's earnings of $2.93 per share topped the consensus estimate of $2.87 in earnings per share. Charter Communications — The broadband and cable provider dropped 3.4% after first-quarter earnings came in weaker than anticipated.

Persons: Snap's, Chevron's, LSEG, AutoNation, AbbVie, Skechers, FactSet, — CNBC's Michelle Fox, Alex Harring, Tanaya Macheel, Jesse Pound Organizations: Microsoft, LSEG, Intel —, Intel, Exxon Mobil, Chevron, Colgate, Palmolive, Revenue, Charter Communications, Charter Locations: LSEG .

☆ Jeff Bezos' hard-driving approach is good for business but may lack empathy, Harvard professor says
▼ + stars: | 2024-04-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

A Harvard Business School professor was asked to break down Jeff Bezos' leadership style on a recent podcast. But good leadership also requires empathy, an area where Bezos is seemingly lacking, Gupta said. His inventiveness, fearlessness, and focus have all played a key role in Amazon's growth, said Sunil Gupta, a Harvard Business School professor who has studied Bezos for years. Gupta broke down how Bezos's character has helped Amazon grow on a recent episode of Harvard Business Review's "On Strategy" podcast. Amazon workers rally in support of unionization efforts, March 2021.

Persons: Jeff Bezos, Sunil Gupta, Gupta, —, he's, He's, FREDERIC J . BROWN, Bezos Organizations: Harvard Business School, Service, Harvard Business, Harvard, Nomad Ventures, Inc, Getty, Amazon, Washington Post, Gallup

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Broadcom : Broadcom's AI business, which includes co-designing custom chips for tech giants such as Club holding Alphabet, is booming. The newspaper reported April 12 that Salesforce was in talks to buy Informatica, which sent the Club holding's shares plunging. Wells Fargo : Another trim is due for our Wells Fargo position after a great run for the bank stock, Jim argued. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer's, Jim, Johnson, Abbott, Andy Jassy, Bausch, Salesforce, Salesforce didn't, Tom Jorden, We've, It's, Walt Disney, Nelson Peltz's, Bob Iger's, Estee Lauder, there's, Eaton, We're, he's, Locker, he'd, Vimal Kapur, Linde, Eli Lilly, Eli Lilly's, TikTok, Joe Biden, Morgan Stanley, Morgan Stanley's, Ted Pick, Jensen Huang, Nikesh Arora, haven't, Laxman Narasimhan, Sands, Stanley Black, Decker, TJ Maxx, TJX, Wells, Jim Cramer, Angela Weiss Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Johnson, Web Services, Broadcom, VMWare, GE Healthcare, GE, Bausch Health, Costco Wholesale, Costco, Street, Informatica, Coterra, DuPont De Nemours, DuPont, Walt, Disney, Ford, GM, Philips, Siemens, Google, Honeywell, Linde, Facebook, Meta, Microsoft, Nvidia, Investors, AMD, Oregon State University, Palo Alto Networks, UnitedHealth, Procter & Gamble, Constellation Brands, Constellation, Modelo, TJX, Marshalls, Home Goods, Wynn Resorts, Jim Cramer's Charitable, New York Stock Exchange, Afp, Getty Locations: China, Informatica, Ford, Estee, U.S, mater, Palo, Corona, Wells Fargo, Wells, Macao, New York City

☆ I went on 2 of Royal Caribbean's largest and newest cruise ships. I enjoyed them, but they're not for everyone.
▼ + stars: | 2024-04-23 | by ( Brittany Chang | ) www.businessinsider.com time to read: +5 min

And if you're looking for high-end sailing to unique destinations, I'd suggest avoiding Royal Caribbean's mega-ships. Brittany Chang/Business InsiderAccording to its current expansion plan, by 2028, about a third of Royal Caribbean's fleet will consist of mega-ships. Wonder of the Seas (left) and Icon of the Seas (right) both have Sorrento's, a complimentary grab-and-go pizza shop. If you plan on cruising with your children — and if they, like me, love activities like rock climbing and mini-golfing — Royal Caribbean's mega-ships could be your best option. After all, like most of Royal Caribbean's largest vessels, both Icon and Wonder are exclusively sailing in the Caribbeans.

Persons: —, Brittany Chang, I've, Sharon Yattaw Organizations: Service, Oceania Cruises, Business, Royal, Regent Seven Locations: Royal Caribbean, CocoCay, Polynesia, Caribbean, Oceania

☆ Earnings this week will be dominated by Big Tech. What analysts expect
▼ + stars: | 2024-04-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

Big technology earnings this week could offer a much-needed catalyst for a market under pressure. Last week, the S & P 500 and Nasdaq Composite notched their longest daily losing streaks since October 2022, with the broad index posting its worst week since March 2022. Big Tech's performance this week could set the tone for the rest of earnings season and revive the market momentum. Tesla Tesla launches the reporting period for the "Magnificent Seven" stocks, with results due out after the bell Tuesday. Meta Platforms Meta Platforms ' results are due out after the bell Wednesday.

Persons: Tesla, Elon Musk, John Murphy, Longtime Deutsche Bank Tesla, Emmanuel Rosner, Brent Thill, Bernstein, Mark Shmulik, Doug Anmuth, Justin Post, Goldman Sachs, Eric Sheridan, Jefferies, Bernstein's, Wells Fargo's Michael Turrin, Piper Sandler's Brent Bracelin, Kash Rangan, Brad Zelnick, OpenAI, Satya Nadella Organizations: Federal Reserve, Nasdaq, Tesla Tesla, Bank of America, Barclays, Longtime Deutsche Bank, Microsoft, Deutsche, NVIDIA Locations: China

☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
▼ + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.

Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill

☆ US sues to block Tapestry’s Capri deal citing handbag market domination
▼ + stars: | 2024-04-22 | by ( ) edition.cnn.com time to read: +1 min

The US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate competition. This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion dollar deals that might risk higher prices and affect consumers. US antitrust enforcers had also come out with new merger guidelines in December, in a bid to encourage fair, open and competitive markets. But the FTC requested more information from the firms on their deal in November. “Capri Holdings strongly disagrees with the FTC’s decision,” the company said in a statement.

Persons: Michael Kors, Capri, Tapestry, Louis Vuitton, “, Kate Spade, Jimmy Choo Organizations: US Federal Trade Commission, Capri, “ Capri Holdings, FTC, European Union, Japan

☆ Scotland Made Big Climate Pledges. Now They’re ‘Out of Reach.’
▼ + stars: | 2024-04-19 | by ( Somini Sengupta | ) www.nytimes.com time to read: +1 min

Climate promises are hard to keep. Scotland is the latest, perhaps most surprising example. Scotland, an early industrial power and coal-burning behemoth, was also an early adopter of an ambitious and legally binding government target to slow down climate change. It had promised to pare back its emissions of planet-heating greenhouse gases by 75 percent by 2030, compared to 1990 levels. That is a sharp contrast to the bullishness of the Scottish government in 2021, when diplomats from around the world gathered in Glasgow for international United Nations climate talks.

Persons: pare, Màiri McAllan, Nicola Sturgeon Organizations: Scottish, United Nations Locations: Scotland, Britain, Glasgow

☆ Citadel Securities blasts Trump Media CEO Devin Nunes over DJT short selling letter
▼ + stars: | 2024-04-19 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Al Drago | Bloomberg | Getty ImagesCitadel Securities ripped Trump Media CEO Devin Nunes on Friday for a letter he sent the Nasdaq Stock Market which mentioned Citadel Securities and other major market companies after warning of possible illegal short sale trading in DJT shares. "Devin Nunes is the proverbial loser who tries to blame 'naked short selling' for his falling stock price," said a spokesperson for Citadel Securities. Citadel Securities' founder and non-executive chairman Ken Griffin is a major donor to Republican candidates — among them the former GOP congressman Nunes. "If he [Nunes] worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do," the spokesperson added. "Data made available to us indicate that just four market participants have been responsible for over 60% of the extraordinary volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital," Nunes wrote.

Persons: Devin Nunes, Al Drago, Ken Griffin, Nunes, Donald Trump, Pavlo Gonchar, Adena Friedman, Friedman Organizations: Truth, Conservative Political, Bloomberg, Getty, Citadel Securities, Trump Media, Nasdaq, Securities, GOP, Republican, CNBC, Lightrocket, Trump, Trump Media & Technology Group Corp, VIRTU, Jane Street Locations: National Harbor , Maryland, VIRTU Americas

☆ Blackstone's data-center bets have climbed 10-fold to $100 billion in just 3 years. And it's just the start, Steve Schwarzman says.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

Schwarzman said QTS was now "the largest data center company in North America" and that data centers were one of Blackstone's "highest conviction investment themes today." Jon Gray, Blackstone's president, suggested Blackstone's data center portfolio would continue to grow. The size of Blackstone's investments in data centers reflect an astonishing rise for a once-obscure industry that's gaining importance in the race to develop and commercialize artificial intelligence. Around the country, there has been a boom of data center construction. Late last year, QTS won local approval to build one of the country's largest new data center projects in Virginia.

Persons: Steve Schwarzman, Schwarzman, Blackstone's, Blackstone, QTS, Jon Gray, Gray, Michael Chae, We've Organizations: Business, Blackstone, Google, Income Trust, Digital Realty Trust Locations: North America, QTS, Virginia, Frankfurt, Paris

☆ New data centers require billions of dollars in utility system upgrades. You may end up paying for it.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +15 min

A record surge of data center construction is underway to provide the computing and storage that underpins society's fast-expanding digital footprint and powers artificial intelligence. In areas of the country where data centers have clustered, utilities have unveiled plans to spend billions of dollars to keep up. asked David Springe, the executive director of the National Association of State Utility Consumer Advocates. "Then you have the data centers that are having exponential load growth," Nelson said. Data centers also don't deliver the number of long term jobs – a key yardstick for public benefits – that other industries do.

Persons: Mike DeWine, David Springe, they're, Ryan Augsburger, Augsburger, Ron Nelson, Strategen, ratepayers, Nelson, Steve Helber, That's, PJM, David Lapp, Lapp, Jeffrey Shields, Shields, Kantele Franko, Shelby Moore, Meta, behemoth Blackstone, QTS, John Gavan, Daniel Tait, Tait Organizations: Amazon, Ohioans, Business, Wall, Boston Consulting Group, National Association of State, Consumer, Ohio Manufacturers ' Association, Web Services, Energy, Dominion Energy, Federal Energy Regulatory Commission, Tech, Wall Street titans, American Electric Power, Buckeye Power, AEP, Buckeye, AEP Ohio, Staff, Intel, Policy Institute Locations: Ohio, ratepayers, Chester , Va, Virginia, PJM, Chicago, New Jersey, New York City, Maryland, West Virginia, Pennsylvania, Columbus , Ohio, Denver, New Albany , Ohio, Minnesota, Columbus, Mississippi

☆ Netflix earnings are about to hit the Street. Here’s what traders need to know
▼ + stars: | 2024-04-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

Wall Street anticipates a largely rosy setup for the stock, with many forecasting that the company beats, or reports in line with expectations. The anticipation contributed to some Wall Street firms lifting their price targets heading into the print. Under the paid sharing plan , Netflix account owners can buy an extra member slot and invite people outside their household to use the service. "After 1Q24, Netflix begins to lap the paid sharing benefits - most significantly in 2H24," wrote Morgan Stanley's Swinburne. Reason for caution Despite Netflix's strong run this year and the benefits reaped through paid sharing, some Wall Street analysts see reasons for caution.

Persons: —, Morgan Stanley, Benjamin Swinburne, Doug Anmuth, Morgan Stanley's Swinburne, Piper Sandler, Wall, Anmuth, Goldman Sachs, Eric Sheridan, Bryan Kraft, Kannan Venkateshwar, Deutsche Bank's Kraft, Piper Sandler's Matt Farrell, MoffettNathanson's Michael Nathanson, Street's, Farrell, Citi's Jason Bazinet Organizations: Netflix, LSEG, Deutsche Bank, Barclays, Street, Kraft, Deutsche, WWE, NBA, Netflix's WWE Locations: 2H24

☆ News publishers group urges government to investigate Google for blocking some California news outlets
▼ + stars: | 2024-04-16 | by ( Hadas Gold | ) edition.cnn.com time to read: +3 min

The move from Google, which drew swift backlash, came over a proposed law that would require tech companies to pay for news content. On Friday, Google announced it had begun removing links to California news websites for some users in response to the bill that would force Google, Meta and others to pay news outlets for their content. “No one company should be permitted to control information so singularly that it can make decisions to the detriment of society, as Google has done in California,” Coffey said. “This is a breach of public trust and we call on Google Executives to answer for this stunt.”Charles F. Champion, the president and CEO of the California News Publishers Association, said the move by Google was suppressing California news. “Google is not above the law, and they should not be allowed to act as if they are.”

Persons: California’s Unruh, Danielle Coffey, ” Coffey, “, Tempore Mike McGuire, ”, Charles F Organizations: CNN, Google, Media Alliance, Department of Justice, Federal Trade Commission, California, Law, UCL, Pro, Tempore, California Journalism, California News Publishers Association Locations: California, America

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