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US Treasury Secretary Janet Yellen delivers remarks at the Treasury Department's Committee on Foreign Investment in the United States conference at the Treasury Department in Washington, DC, on September 14, 2023. U.S. President Joe Biden issued an order on Monday forcing a Chinese-backed cryptocurrency mining company to sell land near a Wyoming nuclear missile base, citing national security concerns. The company, MineOne, acquired the real estate in June 2022, placing its operations within a mile of the Francis E. Warren Air Force Base, a "strategic missile base and key element of America's nuclear triad," according to the White House. The company's site contained "specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities," the presidential order said. MineOne was ordered to divest from the land in the next 120 days, and to remove certain improvements and equipment at the property.
Persons: Janet Yellen, Joe Biden, Francis E, Biden, MineOne Organizations: Treasury, Foreign Investment, United States, Treasury Department, Warren Air Force Base, British Virgin Islands Locations: Washington ,, Wyoming, British, United States, U.S
Stocks are vulnerable to a stagflation or hard landing rebound, says Bank of America's Michael Hartnett. AdvertisementStock markets face downturn risk if stagflation or recession anxiety re-materializes, Bank of America's top global strategist Michael Hartnett wrote on Tuesday. "Sentiment not at 'close-eyes-and-sell' levels but risk assets vulnerable to more evidence of stagflation," he noted in the bank's latest Global Fund Manager Survey. Although outlooks have since calmed, stagflation seemed like a growing possibility last month, when estimate-beating inflation data eclipsed shallow first-quarter GDP. Stagflation may have some part to play, as inflation remains the leading tail risk, while fears of an "economic hard landing" grew stronger.
Persons: America's Michael Hartnett, Hartnett, , Michael Hartnett, stagflation Organizations: America's, Service, materializes, Bank of America's, Global Fund, Survey, Japan Utilities, Federal Reserve Locations: China, Europe, Japan
Bryan Sansivero's haunting photography career all started when he stumbled upon an abandoned home in rural Pennsylvania. Bryan Sansivero in front of an abandoned home. Bryan SansiveroBryan Sansivero was driving on a long, windy road about 45 minutes outside Philadelphia when a dilapidated home caught his eye. Sansivero pulled over in an apple orchard and made the trek up to the stone home, which he estimates was built in the 1700s. He recalls peering through the only open window of the house.
Persons: Bryan Sansivero's, Bryan Sansivero, Bryan Sansivero Bryan Sansivero, Sansivero Locations: Pennsylvania, Philadelphia
The X-62 Variable In-Flight Simulator Test Aircraft (VISTA) flies upside down in the skies over Edwards Air Force Base. Related storiesIn other words, the Air Force Secretary currently places the branch's F-16-piloting AI as roughly comparable in dogfighting skill to some of the nation's most experienced and capable aviators. The X-62 VISTA flies in the skies above Edwards Air Force Base. US Air Force photo by Richard GonzalesKendall rode in the front seat of the Air Force's heavily modified X-62 VISTA — a Block 30 F-16D that has previously incorporated technology, including multi-axis thrust-vector control, not found on any of the Air Force's operational Vipers. Secretary of the Air Force Frank Kendall, aboard the X-62 VISTA, takes off from the runway at Edwards Air Force Base.
Persons: Frank Kendall, Kendall, Kyle Brasier, Richard Gonzales Kendall, Air Force Frank Kendall, Madeline Guadarrama, we're Organizations: Service, Air Force, Air, Business, Aircraft, Edwards Air Force Base, US Air Force, Air Force's, School, VISTA, Delta Force, Ministry of Ungentlemanly Locations: Washington ,
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. The Club stock is trading around $328 per share Tuesday, so it's hardly been a steep pullback thus far. 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 . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Tuesday's, Jerome Powell, James Saccaro, Stanley Black, Decker, Jim Cramer's, Don Allan, Jim, Eaton, We'll Organizations: CNBC, Bank of, GE Healthcare, Eaton Corp, Nvidia, Costco, Walmart, Target, Amazon, Jim Cramer's Charitable Locations: Amsterdam, U.S, China, Europe, America
"So looking at even a $150,000 price tag for a house, you're just like, when is that ever going to happen?" In the fourth quarter of 2019, millennials held $3.5 trillion in real estate wealth; as of the fourth quarter of 2023, that's more than doubled. Average millennial wealth doubled between 2019 and 2023, according to an analysis from the Center for American Progress. For example, Gen Xers' real wealth grew by only 4% in the four years following 2007's Great Recession. Baby boomers' real wealth grew by 46% in the four years after the 1990 recession.
Persons: , James Barnes, Barnes, you'd, millennials, Khary, Gen Xers, boomers, Joe Biden, Biden, didn't, Amanda, Rob Gruijters, They're, there's, Caitlin de Oliveira, she's Organizations: Service, Navy, BI, Center for American Progress, University of Cambridge, Research Locations: Lawrenceville , Georgia, Atlanta, Alabama, , Texas
Cramer's Lightning Round: Bank of America is a buy
  + stars: | 2024-05-10 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Biogen's year-to-date stock performance. Stock Chart Icon Stock chart icon Kratos' year-to-date stock performance. Micron : "I like Micron, and I like Sanjay Mehrotra [buy, buy, buy!]." Stock Chart Icon Stock chart icon Bank of America's year-to-date stock performance. Stock Chart Icon Stock chart icon Chevron's year-to-date stock performance.
Persons: Kratos, that's, Sanjay Mehrotra Organizations: Micron, of America's, Fidelis Insurance Holdings
While he pulled back his price target to $26 from $32, the new target still indicates shares surging 126% from Wednesday's close. Fox's fiscal third quarter results came above Rief Ehrlich's expectations, which she noted were encouraging "amid a difficult linear advertising environment." — Fred Imbert 5:50 a.m.: Wall Street on the sidelines for Airbnb Airbnb's weaker-than-expected forward guidance has analysts worried about the company's growth outlook. Post pulled back his price target by $8 to $160, just 1.3% above where shares closed on Wednesday. Meanwhile, analyst Eric Sheridan moved his price target slightly higher to $130 from $123, suggesting around 18% downside.
Persons: Raymond James ., Jefferies, Dushyant Ailani, Ailani, — Hakyung Kim, Jessica Reif Ehrlich, … Fox, Davidson downgrades, Davidson, Tom White, Tripadvisor, we'd, White, Hakyung Kim, Raymond James Cheesecake Factory, Raymond James, Brian Vaccaro, Vaccaro, Andrew Boone, Shopify, Boone, Fred Imbert, Airbnb, LSEG, Morgan Stanley, Brian Nowak, Nowak, Bank of America's Justin Post, Post, Goldman Sachs, Eric Sheridan Organizations: CNBC, JPM Securities, Cheesecake, Bank of America, Fox, Media, of America, , Factory, Cheesecake Factory, JMP Securities, Bank of America's Locations: Wednesday's, 2H24
Ivy Getty is the great-granddaughter of American oil tycoon and industrialist Jean Paul Getty. She is also an heiress to the family's vast fortune, once valued at $5.4 billion. AdvertisementSurrounded by billionaires and other exclusive guests at the 2024 Met Gala on Monday, Ivy Love Getty fit right in. Getty is a member of one of the richest — and most private — families in the country. While her personal net worth is largely unknown to the public, Forbes estimated the Getty family's fortune to be $5.4 billion in 2015.
Persons: Ivy Getty, Jean Paul Getty, Tobias Engel, , Ivy Love Getty, Conner Ives, Kim Kardashian, Jeff Bezos, Tom Ford, Wendi Murdoch, Getty, Ivy Organizations: Service, Forbes, Getty
(This is CNBC Pro's live coverage of Wednesday's analyst calls and Wall Street chatter. A closely watched electric vehicle maker and a cloud software company were among the talked stocks by analysts on Tuesday. "We move to Sell given the increased lack of visibility around an inflection in the aforementioned trends," said analyst Kash Rangan. – Samantha Subin 6:19 a.m.: Wall Street reacts to Reddit's first earnings print as a public company Reddit's first earnings report since hitting the public markets in March is garnering some mixed responses from Wall Street analysts. "Its limited production and commercial history leaves much to be seen," he wrote "Rivian must prove it can acquire the customer base, while maintaining low advertising costs."
Persons: there's, Baird, Goldman Sachs, Kash Rangan, Rangan, – Samantha Subin, Mark Shmulik, Reddit, Doug Anmuth, Bank of America's Justin Post, Citi's Ronald Josey, Samantha Subin, Mark Delaney, Rivian, Dan Levy, RIVN, Wells Fargo's Colin Langan, Langan, Datadog Baird, Amit Agarwal, Will Power, DDOG, Power, Fred Imbert Organizations: CNBC, ZoomInfo Technologies, Wall Street, Google, Bank of America's, Barclays, Datadog, Cisco Locations: Rivian, Datadog
New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh. The Bay Area's millionaire population has surged by 82% over the past decade, to 305,700. The U.S. is home to 11 of top 50 richest cities, according to the report. "Notably, U.S. cities have significantly outperformed other western cities over the past decade when its comes to overall wealth and millionaire growth." Here is the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:1.
Persons: Andrew Amoils, Amoils, Juerg Steffen, Robert Frank Organizations: Henley & Partners, Area, Federal Reserve, Research, New, London, Sydney Locations: York, California, Orlando, Pittsburgh . New York, Brazil, Italy, Canada, San Francisco, U.S, Tokyo, London, China, Beijing, Singapore, Los Angeles, New York, Area, France, Hong Kong
Walt Disney puts its top-tier media dominance to the test when it reports results before the bell Tuesday. Wells Fargo's Steven Cahall upped his price target to $141 a share, suggesting upside of 24%. StreetAccount estimates call for 229.35 million subscribers across the business unit and nearly 155 million Disney+ subscribers. At its last earnings call in February, Disney said it expects between 5.5 million to 6 million added subscribers in the second quarter. He forecasts an additional 4 million subscribers each year.
Persons: Walt Disney, Nelson Peltz, Jessica Reif Ehrlich, David Karnovsky, Wells Fargo's Steven Cahall, Deutsche Bank's Bryan Kraft, Disney, Vijay Jayant, America's Ehrlich Organizations: Trian Partners, LSEG, Walt Disney, Bank of America, JPMorgan, Disney, Deutsche, DTC, Netflix, Bank Locations: F1Q
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
Small- and mid-cap companies have long lagged the broader market due to a slew of challenges, including higher interest rate expectations. However, the strategy head acknowledged that not all small- and mid-cap stocks are the same. The former has been the most consistent small-cap group in economic regimes like this one, though quality stocks can also be a strong choice. Below are the other eight SMID-cap stocks with earnings prospects that Bank of America is bullish about now. Along with each is its ticker, market capitalization, sector, Z-scores for earnings and revenue (higher is better), and Q1 earnings report date (soonest are listed first).
Persons: BofA, Russell, Jill Carey Hall, Hall Organizations: Bank of America's, Business, Bank of America
Read previewYoung Americans are feeling increasingly isolated from their offices and classrooms, and these "disconnected youth" — or "opportunity youth" — may be ill-positioned for the future. Loneliness and a tough job market are leaving many Gen Zers feeling stuck, isolated, and unsupported. In fact, they're members of the disconnected youth — defined as Gen Zers who are not in school and not working. Disconnected youth are at risk of long-term stagnationMost Gen Zers — who are between the ages of 12 and 27 — are in this decisive decade. How to help disconnected youthAlthough many disconnected youth struggle with school and work, researchers cautioned against a "one size fits all" solution.
Persons: , Gen Zers, Richard Reeves, Reeves, Zers, aren't, Zers —, Jonathan Zaff, Ian Rowe, Lara Aknin, Zaff, Zer, isn't Organizations: Service, Brookings, Business, Federal Reserve Bank of Dallas, National Center for Education Statistics, Boston University, American Enterprise Institute, Partnership Locations: North America, Brookings
America's big stagflation scare is over
  + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +3 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe US economy looks to have steered clear of danger after the specter of stagflation spooked markets and put analysts on edge in recent weeks. Further, average hourly earnings unexpectedly declined to 0.2%. And since elevated labor costs are part of the stagflation equation, the dip in average hourly earnings also signaled a period of languid growth will be avoided. It sent alarm bells ringing around stagflation, which occurs when inflation stays high despite a cooling economy.
Persons: , specter, Marko Kolanovic, Mohamed El, Bank of America's Michael Harnett —, Harnett Organizations: Service, Business, Bank of America, Bloomberg, Bank of America's
AAPL 1D mountain Apple shares on Friday More substantive updates on Apple's latest AI offerings in both hardware and services are expected to come during its Worldwide Developers Conference in June. According to JPMorgan's Samik Chatterjee, the focus during the event will primarily be on the AI features Apple will include in its iOS 18 software. Mohan holds a buy rating on shares and slightly increased his price target to $230 from $225. "We think Apple can deliver AI upside without the AI capex we see elsewhere," Evercore ISI analyst Amit Daryanani wrote in a Thursday note following the earnings. "Apple is accelerating investments in Generative AI and [is] set to introduce new features at its most important developer conference ever."
Persons: Apple didn't, Wall, JPMorgan's Samik Chatterjee, Wamsi Mohan, Mohan, Amit Daryanani, Morgan Stanley's Erik Woodring, Woodring, Wells Fargo's Aaron Rakers, Rakers, America's Mohan, Michael Bloom Organizations: Apple, Worldwide Developers Conference, of America, America's Locations: WWDC
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.
Persons: , Meredith Whitney, Whitney, Freddie Mac, Freddie Mac's, Freddie, Fannie Mae, Ginnie Mae Organizations: Service, Business
Stocks are in a "late secular bull market," BofA's Michael Hartnett said in a Friday research note. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe bull market that's pushed stock prices higher for the past year and a half will probably end in tears, Bank of America's Michael Hartnett warned. Equities are in a "late secular bull market" that likely "ends with [a] bubble and/or recession," the bank's chief investment strategist wrote in a Friday research note seen by Business Insider. Hartnett's bearish stance clashes with the view held by BofA's head of US equity and quantitative strategy, Savita Subramanian, who has predicted that stocks' bull market will last.
Persons: BofA's Michael Hartnett, , of America's Michael Hartnett, Hartnett's, Hartnett, Marko Kolanovic, BofA's, Savita Subramanian, stagflation Organizations: Service, of America's, Business, JPMorgan
Stocks closed higher on Thursday ahead of Apple earnings and the April jobs report. Bank of America's Savita Subramanian said the stock market has more room to run even without a rate cut. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS indexes closed higher on Thursday ahead of Apple's earnings and a key labor report set to be published Friday morning. Bank of America's US equity head, Savita Subramanian, has said the stock market has more room to run even without looser monetary policy.
Persons: America's Savita Subramanian, , Dow Jones, Veronica Clark, payrolls, Jerome Powell, Savita Subramanian Organizations: Apple, Bank, America's, Service, Nvidia, Microsoft, Dow, Citi, Bank of, Bloomberg, Nasdaq Locations: China
But Deutsche kept its $89 price target, which suggests the stock could gain just 0.6%, as of Tuesday's close. Starbucks stock hasn't logged a positive year since 2021. Bank of America's Sara Senatore maintained her buy rating and $108 price target, which implies roughly 22% potential upside — a fairly bullish aim compared with other firms. Underpinning Senatore's stance is her expectation that Starbucks' earnings growth will reaccelerate in 2025, fueled by traffic-driving initiatives, such as more menu innovation and operational improvements. JPMorgan analyst John Ivankoe kept his overweight rating but moved his price target lower to $92 from $100.
Persons: William Blair, Sharon Zackfia, Zackfia, Lauren Silberman, Deutsche, Wells, Bank of America's Sara Senatore, Laxman Narasimhan, John Ivankoe Organizations: Starbucks, Deutsche Bank, JPMorgan, UBS, Bank of America, Bank of America's Locations: Tuesday's, U.S, China, Wells Fargo, Israel
Some of America's best-known corporations are saying their consumers are being pinched by inflation as prices continue rising. "Consumers continue[d] to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending." The consumer price index — a broad basket of goods and services — rose at an annual rate of 3.5% in March compared with the same month a year ago. And that tenacious 3.5% annual growth is souring economic sentiment: Even after a period of runaway inflation, prices don't actually fall. That's a problem for McDonald's and a host of other firms serving customers who are feeling sticker shock.
Persons: Chris Kempczinski Organizations: Federal Reserve, Consumers, Conference Board, Fed
The Vanderbilt Mansion in Hyde Park, New York, was built by Frederick Vanderbilt in the 1890s. The 45,000-square-foot Gilded Age mansion is located on 153 acres of land in the Hudson Valley. The National Park Service offers tours of the mansion to the public. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers.
Persons: Frederick Vanderbilt, , Cornelius Vanderbilt, Cornelius, William Vanderbilt Organizations: Vanderbilt, National Park Service, Service, US Treasury, Business Locations: Hyde Park , New York, Hudson, America
A growing group of America's young people are not in school, not working, or not looking for work. They're called "disconnected youth" or "opportunity youth," and their ranks have been growing for nearly three decades. Experts say it's not just work and school; this group is often also disconnected from a sense of purpose. Palmer added that those with limited access to transportation, people with disabilities, and young parents were also more susceptible. Disconnected young people don't have that luxury."
Persons: , Destiny, She's, she's, They're, Kristen Lewis, Lewis, hadn't, there's, Sen, Tim Kaine, who's, Joseph, he's, hasn't, he'd, Ashley Palmer, Palmer, Sarah Nunley, Nunley, Veronica, There's, Lucchesi, they're Organizations: Service, Business, Federal Reserve Bank of Dallas, Social Science Research Council, Survey, University of Minnesota's, National Center for Education Statistics, Walmart, Texas Christian University, Ivy League Locations: Florida, Alabama, Indiana, Silicon Valley, YOLO, Texas
Millennials are anxious avocado-eaters who'll never own property, while Gen Zers are depressed snowflakes who take liberties at work. So in the spirit of finding some common ground amid all the mud-slinging, BI asked six therapists what their clients from different generations commonly talk about in therapy. Gen Alpha are also forming friendships outside their family and independent of their parents or carers, and that's reflected in what kids worry about. Diana Garcia, a therapist in Florida, works mainly with older Gen Zers between 18 and 26. MillennialsLike Gen Zers, millennials, who are in their late 20s to early 40s, also feel insecure because they compare the "perfect lives" they see on social media with their own, Owen said.
Persons: , Millennials, who'll, Gen Zers, X, It's, Gen, Gallup, we're, Israa Nasir, Generation Alpha, There's, Georgina Sturmer, Elena Popova, Amanda Macdonald, Gen Alpha, Alonso, Gen Alphas, Jill Owen, Z, Owen, Diana Garcia, Nasir, Sturmer, Gen Xers, that's, boomers, we've Organizations: Service, Alpha, Business, Gallup, Generation, Centers for Disease Control, CDC, British Association for Counselling, Psychotherapy, Therapists Locations: New York, New Jersey, Florida
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