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A collection of so-called momentum misers are already seeing their 2024 earnings estimates revised downward and the stocks have few reasons that could drive them higher, according to Julian Emanuel, Evercore ISI managing director and head of equity, derivatives and quantitative strategy. Lowe's first-quarter results are due out on May 21, but 2024 earnings estimates have fallen 4.7% year to date, according to Evercore. LOW YTD mountain Lowe's stock. MicroStrategy also made the Evercore list. Still, its 2024 earnings estimates have been revised down by more than 116% since the year began.
Persons: Julian Emanuel, Emanuel, Russell, Lowe's, Morgan Stanley, Simeon Gutman, Gutman, MicroStrategy Organizations: ISI, Coterra Energy, Citigroup
Federal prosecutors on Tuesday announced criminal charges against a Russian national, Dimitry Yuryevich Khoroshev, for allegedly creating, developing, and administrating the LockBit ransomware-as-service group. The U.S. State Department at the same time offered a $10 million reward for information leading to the apprehension and arrest of Khoroshev, a 31-year-old from Voronezh, Russia. The Treasury Department also imposed sanctions on Khoroshev, blocking all property and interests he holds in the United States or are in the possession of Americans. Khoroshev, who also is known as LockBitSupp, LockBit, and putinkrab, was charged in a 26-count indictment in U.S. District Court in New Jersey, which accuses him of personally pocketing at least $100 million from victims of the group. He typically received 20% of each ransom payment, authorities said.
Persons: Dimitry Yuryevich Khoroshev, Khoroshev, LockBit's, pocketing Organizations: U.S . State Department, Treasury Department, The, Justice, DOJ Locations: Russian, Voronezh, Russia, United States, U.S, New Jersey
Caitlin Clark inked a $28 million, eight-year Nike deal, The Wall Street Journal reported. Nike won the most competitive bidding war in women's basketball history, per the Journal. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBasketball phenom Caitlin Clark sparked outcry earlier this month over the relatively modest yearly salary of $76,535 she's pocketing during her first year in the WNBA. But the 22-year-old breakout will more than make up for that amount thanks to a freshly-inked deal with Nike worth as much as $28 million over the course of eight years, The Wall Street Journal reports.
Persons: Caitlin Clark, Organizations: Nike, Street Journal, WNBA, Service, Street, Business
Jamie Dimon has raked in $183 million from his planned sale of 1 million JPMorgan shares. JPMorgan's CEO sold stock worth $33 million on Monday, after selling a $150 million tranche in February. Dimon's first disposals in 19 years were for diversification and tax planning, JPMorgan said. AdvertisementJamie Dimon has wrapped up his planned sale of 1 million JPMorgan shares, pocketing $183 million in total proceeds. The boss of America's biggest bank disposed of about 178,000 shares for about $33 million on Monday, regulatory filings show.
Persons: Jamie Dimon, Dimon's, Organizations: JPMorgan, JPMorgan's, Service, Business
A Diplomatic Victory of Uncertain Staying Power
  + stars: | 2024-04-16 | by ( Peter Baker | ) www.nytimes.com   time to read: +1 min
Had just one missile or drone gotten through and killed a lot of Israelis, American officials feared, the region could have gone up in flames. Mr. Biden and his team hoped that the developments over the weekend could give all three major actors enough to claim victory and walk away. Iran could claim vindication for taking aggressive action in response to the Israeli strike that killed some of its top military officers. Israel showed the world that its military is too formidable to challenge and that Iran is impotent against it. Rather than pocketing the win, such as it was, Israeli officials said on Monday that they would respond — without saying when or exactly how — and Mr. Biden’s advisers were bracing to see what that might entail.
Persons: Biden’s, Biden Locations: U.S, Iran, United States
Investors are stepping up bets against a broad collection of stocks as the broader market gets increasingly volatile following another hotter-than-expected March inflation report . Stocks sold off and Treasury yields jumped Wednesday when inflation was shown to be under less control than investors had counted on. Unfortunately, the latest economic numbers suggest no need for the Federal Reserve to take its foot off the interest rate brakes. B. Riley Financial is also seeing large short interest, amounting to almost 76% of its float. Other stocks with high short interest include ImmunityBio and Sunnova Energy.
Persons: Stocks, SunPower, Riley Organizations: Treasury, Bank of America, BMO Capital Markets, CNBC, Federal Reserve, Riley, Riley Financial, Securities and Exchange Commission, Nomura, Sunnova Energy
Russia has become increasingly reliant on Iranian drones to fight its war in Ukraine. At least six countries have ramped up production of Iranian drones in the last two years, according to a Bloomberg report this week, bringing the total number of countries producing drones with Iran's help to at least a dozen. The issue has become of particular importance as Russia becomes more reliant on Iranian tech to produce its drones for the war in Ukraine. Meanwhile, Iran is pocketing foreign money in exchange for its much-coveted drone tech and expertise. AdvertisementEthiopia has used Iranian drones to squash rebellions in the country, while Tajikistan, Algeria, and Venezuela are also partnering with Iran, Bloomberg reported.
Persons: , Israel —, Matthew McInnis Organizations: Service, Bloomberg, US, Washington Post, Pentagon, State Department Locations: Iran, Russia, Ukraine, Sudan, Israel, Jordan, Red, Ethiopia, Tajikistan, Algeria, Venezuela
Before former President Donald J. Trump’s social media company made its stock market debut, many investors were lining up to bet on its collapse. After the company’s share price plunged following an initial surge, the appetite to bet against the stock has grown even more ravenous. Trump Media is the most “shorted” special purpose acquisition vehicle in the country, according to the financial data company S3 Partners. Short-sellers bet that the price of a stock will fall. The demand to short Trump Media, the parent company of the social media platform Truth Social, is so great that stock lenders can charge enormous fees, making it hard for short-sellers to turn a profit unless the shares fall significantly.
Persons: Donald J Organizations: Trump Media & Technology Group, Trump Media, Partners
Trump Media, which began being publicly traded last week, is now far and away the most expensive U.S. stock to sell short, according to S3 Partners , a leading financial data marketplace platform. You need a lot of cash — and guts — to short Trump Media stock right now. "It's the most expensive stock borrow," Dusaniwsky said of Trump Media. As of Wednesday, the short interest in Trump Media — or value of shares borrowed for short trades — was about $255 million. The investors who are able to borrow shares from their brokers for a Trump Media short sale are "good customers" of those brokers, he said.
Persons: Donald Trump, Ihor Dusaniwsky, Dusaniwsky, Trump, , there's, Nick Wells Organizations: Trump, Trump Media, Investors, Partners, S3 Partners
Those who have already swallowed the high borrowing costs to short Trump Media are getting hosed. But if the stock price keeps going up, there’s no limit to the amount you’d have to pay to replace the borrowed shares. “But…long shareholders have a much different and much more positive view” on Trump Media. Bottom line: Trump Media, trading under the ticker DJT, is a classic meme stock (if “classic” can apply to a three-year-old concept). Whether you’re going short or long, “think of that as you’re making a political statement,” said Laurence White, an economics professor at New York University’s Stern School of Business.
Persons: CNN Business ’, New York CNN —, Donald Trump’s, it’s, , Ihor Dusaniwsky, Trump, you’re, Laurence White, University’s Organizations: CNN Business, New York CNN, New York CNN — Trump, Trump Media, S3 Partners, GameStop, AMC, University’s Stern School of Business Locations: New York, New
Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, will head on Thursday to a federal court in downtown Manhattan, where U.S. District Judge Lewis Kaplan will deliver his sentencing. After a month of personally dabbling in the market, Bankman-Fried launched Alameda Research, named after the California county that housed his first office. The so-called crypto winter of 2022 wiped out hedge funds and lenders across the crypto universe. May of 2022 brought the crash of stablecoin Luna, creating a domino effect that sent crypto prices plunging, devastating other lenders. On Nov. 2, 2022, crypto trade site CoinDesk publicized details of Alameda's balance sheet, which showed $14.6 billion in assets.
Persons: Samuel Bankman, MacKenzie Sigalos, Sam Bankman, Fried, Damian Williams, District Judge Lewis Kaplan, they'd, FTX, Amr Alfiky, Jane Street, Goldman Sachs, stablecoin Luna, Solana, Changpeng Zhao, Binance, Zhao, Jane Rosenberg, he'd, Cromwell, John J, Ray, confidants, — CNBC's Rohan Goswami Organizations: CNBC, Metropolitan Detention, U.S, District, Prosecutors, Reuters, Jane, Alameda Research, Formula, Democratic, Voyager, Alameda, FTX, Industry, Investors, Enron, Securities and Exchange Commission, Stanford University Locations: San Francisco, he's, Brooklyn, Manhattan, U.S, New York City, South Korea, Alameda, California, Miami, Washington, Solana, FTX, New York, Palo Alto , California
New York CNN —Starting Tuesday, there’s a new company on the Nasdaq: Trump Media & Technology Group, which will trade under the stock ticker DJT. The social media app was never a blockbuster, though, and it’s unclear how the company will ever make money. While Trump Media may be new, its stock ticker is a throwback to Trump’s only other publicly traded company. Trump bestowed the same initials on his Atlantic City casino business, Trump Hotels and Casino Resorts, back when that company went public in 1995. Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.
Persons: there’s, Donald John Trump, we’ve, Trump, , ” Trump, , Jonathan Macey, Matt Egan, he’s, CNN’s Matt Egan Organizations: New, New York CNN, Nasdaq, Trump Media & Technology Group, Republican, Capitol, Trump Media, Atlantic City, Trump Hotels, Casino Resorts, Mahal, New York Times, Trump Entertainment Resorts, SEC, Twitter, Trump Locations: New York, ” Yale
Anderson exposes corporate fraud and ponzi schemes through his company Hindenburg Research. Congress (IYC) staged a protest demanding a probe into the allegations of fraud made against the Adani group in the Hindenburg research report. Controversial practice Breakout Point has tracked 74 Hindenburg short bets it has opened since 2017. watch nowBiggest hits One of Hindenburg's biggest recent campaigns centered on a collection of businesses owned by Indian billionaire Gautam Adani. In January 2023, Hindenburg published a report accusing Adani Group companies of "brazen stock manipulation and accounting fraud."
Persons: Nate Anderson, Anderson, Carl Icahn, Gautam Adani, Ivan Cosovic, Hindenburg, LPP, Gautam Organizations: Hindenburg Research, Washington Post, The Washington Post, Getty, The, CNBC, Indian Youth Congress, Central, Indian Youth Congress Office, Congress, Hindustan Times, GameStop, Hindenburg's, Adani, Securities and Exchange Board of India Locations: The New York, NY, New York, DELHI, India, New Delhi, Gdansk, Russia, Ukraine
He's launched a new company, Foundation Health, to help them do that quickly and at a low cost. Foundation aims to make it easy for insurers to set up their own online pharmacies and pharma companies to sell drugs directly to consumers. "The main focus area for us is to help health plans disintermediate PBMs," Afridi said. Foundation Health wants to help customers ditch big PBMsFoundation's software enables a few different things. Finally, direct-to-consumer health companies can plug into Foundation's technology to power their services, instead of building their own pharmacies and hiring doctors.
Persons: Umar Afridi, disruptors, Afridi, He's, disintermediate, Garry Tan, Y, they've, pocketing, Eli Lilly's, Jack Altman Organizations: California, Cuban, Plus, Business, Foundation Health, Foundation, pharma, Alt, Liquid Ventures, Exceptional, Storm Ventures, PageOne Ventures, Federal Trade Commission Locations: drugmakers
Read previewAmazon's Jeff Bezos, JPMorgan's Jamie Dimon, and Meta's Mark Zuckerberg have all sold big chunks of shares in their own companies. Bezos is way out in front after offloading 50 million shares of Amazon in just nine trading days this month, pocketing an estimated $8.5 billion. Zuckerberg cashed in almost 1.8 million shares of his social-media empire for more than $400 million in the last two months of 2023. Zuckerberg hadn't sold Meta shares for almost two years prior to his latest transactions. University of Nebraska-LincolnIt's worth emphasizing that Bezos, Zuckerberg, and Dimon's sales only represent small fractions of their stakes, so they're still heavily invested in their respective companies' success.
Persons: , Jeff Bezos, Jamie Dimon, Meta's Mark Zuckerberg, Zuckerberg, JPMorgan's Dimon, Bezos, Mark Zuckerberg, Brendan Smialowski, it's, Dimon, Warren Buffett, Berkshire Hathaway, He's, they've Organizations: Service, Amazon, Business, JPMorgan, Berkshire, Warren Buffett . University of Nebraska, Lincoln Locations: Berkshire
401(k) withdrawal for a home purchase: Is it a good idea? 401(k) withdrawal rules for buying a homeFirst, you'll need to check with your plan administrator to see if early withdrawals are allowed, and under what circumstances. Tax implications of a 401(k) withdrawal for a home purchaseLet's take a closer look at the penalties and taxes you might incur from a 401(k) home purchase withdrawal. 401(k) loan for buying a houseInstead of withdrawing money from your 401(k), you also have the option to take out a loan. 401(k) withdrawal for a home purchase FAQsIs buying a home considered a hardship for 401(k)?
Persons: you'll, , You'll, doesn't, Roth, you've, Brian Pirri, Pirri, Chase, Homebuyer Grant Organizations: Service, IRS, Roth IRA, Local, Rocket Mortgage Locations: Massachusetts, Chevron
AdvertisementThere's a little-known reason more companies aren't paying for their workers' weight-loss shots. But even at a reduced price, weight-loss drugs are budget-busting, so employers have tried to make them tougher to get. Or it could require patients to try a cheaper weight-loss drug before resorting to more expensive options. The University of Texas System, facing a bill of more than $5 million a month for its workers’ weight-loss drugs, explored saving some money by paying only for people already on the drugs. UT System ended all coverage for GLP-1 weight-loss drugs in September 2023.
Persons: , Sam Watts, Chris Brown, , , Brown, pocketing, they’ve, ” Brown Organizations: Novo Nordisk, Service, Health, CVS, University of Texas, UT, Business, Novo Nordisk doesn’t, Locations: Texas, North Carolina, Carolina, North
Why the NFL went all in on sports gambling
  + stars: | 2024-02-10 | by ( Chris Isidore | ) edition.cnn.com   time to read: +6 min
On Sunday, the NFL will hold its first Super Bowl in Las Vegas, a city built on gambling. Even in 2003, gambling was as much a part of the NFL as tailgating, helmets and shoulder pads. Yet the change in the league’s relationship with sports gambling couldn’t be more obvious as it prepares for its first Super Bowl in Sin City. That direct spending is only part of the way the NFL has learned to profit from legalized gambling. The column came four years before the Supreme Court opened the door for legal sports gambling.
Persons: , Victor Matheson, ” Matheson, Jeff Miller, Bud, Miller, , Andrew Zimbalist, ” Zimbalist, Adam Silver, it’s, Zimbalist, ” CNN’s Alicia Wallace Organizations: New, New York CNN, National Football League, Super, Las Vegas Convention, Visitors Authority, NFL, College of, Gambling, Sports, Super Bowl, Caesars Entertainment, American Gaming Association, Smith College, New York Times, NBA, of Columbia Locations: New York, Las Vegas, Sin City, Nevada, , California, Texas
Investors with a focus on tax-free income have two new choices to consider from Vanguard as the asset manager launches a pair of municipal bond exchange-traded funds. Tax advantages The biggest selling point for municipal bond funds is the tax-free income they provide. VTEC follows the S & P California AMT-Free Municipal Bond Index, while VTEI tracks the S & P Intermediate Term National AMT-Free Municipal Bond Index. However, in November, $2.8 billion in assets flowed into intermediate-term muni bond funds, followed by another $2.3 billion in December, Morningstar found. said Foos of municipal bond funds.
Persons: Beth Foos, there's, VTEI, Jeffrey Johnson, Johnson, Morningstar, it's Organizations: Vanguard, California, Bond, Federal Reserve, Morningstar, York Life Investments, Free Municipal Bond Index, Free Municipal Bond, muni, Treasury Locations: California
The fertilizer titan alleged that the auction house helped a Swiss art dealer cheat him out of over $160 million by quietly imposing huge markups on works that he acquired. In private transactions, Sotheby’s sold Bouvier some works that he then resold to Rybolovlev. Well, not only of money," Rybolovlev said, through a court interpreter on the witness stand. Rybolovlev’s lawyers said Bouvier bought it from Sotheby’s for $83 million, then sold it on to the billionaire a day later for over $127 million. In 2017, Rybolovlev sold it through Christie’s for a historic $450 million and it became the most expensive painting ever sold at auction.
Persons: Sotheby’s, Leonardo, , Dmitry Rybolovlev's, he'd, Sotheby's, “ Today’s, Daniel Kornstein, ” Rybolovlev, Picasso, Rodin, Modigliani, Klimt, Magritte, Leonardo da Vinci, Yves Bouvier, Bouvier “, Bouvier, Rybolovlev, it’s, ” Sotheby’s, Sara Shudofsky, Vinci’s, Salvator Mundi, Jesus Christ Organizations: The New York Times Locations: U.S, York, The, Swiss, Sotheby’s
As attractive as today's yields may look on certain dividend-paying stocks, they only tell part of the story when you're choosing names for income. Lower interest rates make other income-generating assets, including dividend-paying stocks, more attractive compared to the risk-free yields on Treasurys. Dividend stocks took their lumps during 2022 as the Fed embarked on its rate hikes – consider that the Vanguard Dividend Appreciation ETF (VIG) posted a total return of negative 9% in 2022 – and rate-sensitive income stocks in the utilities and real estate sector suffered. Check with your brokerage to make sure you have dividends reinvested as your preference for individual stocks and ETFs. Picking the right names Dividend investors are seeing 2024 as a potential rebound year for these stocks, anticipating a broadening rally.
Persons: Michael Arone, Dow, VIG, would've, Grace Lee, , Dow Jones, Arone, Chris Hayes Organizations: SPDR, State, Federal, Dow Jones, Fed, Vanguard, CNBC Pro, IBM, Columbia, Opportunity, Walgreens, Alliance
Even as the market rallies, the latest short interest data reveals several stocks that could see losses. CNBC Pro screened FactSet data for stocks trading on the New York Stock Exchange and Nasdaq Exchange with the most short interest as of Jan. 12. Lucid Group , another EV maker, saw short interest increase to about 29% of its float. Companies that make auto parts, including Luminar Technologies and Atmus Filtration , also saw short interest increase. Short interest increased 3% and 8% for thrift store chain Savers Value Village and department store Kohl's , respectively.
Persons: Fisker, That's, VinFast, Goldman Sachs, Nick Wells Organizations: Nasdaq, CNBC, New York Stock Exchange, Nasdaq Exchange, Lucid Group, Traders, EV, VinFast, Companies, Luminar Technologies, Dyne Therapeutics, Enliven, Allogene Therapeutics
Following the trade, Jim Cramer's Charitable Trust will own 145 shares of CAT, decreasing its weighting to 1.37% from 2.70%. We sold some DuPont shares a couple of weeks ago to protect against this, but after seeing the reaction to these shortfalls we are compelled to take more action. We bought DuPont because we wanted an industrial with a low price-to-earnings multiple to play the recovery in the semiconductor industry. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, , Jim Cramer, Jim Organizations: Caterpillar, CAT, Wall, DuPont, PPG, Electronics, CNBC Locations: China
Regalado also said the Lord told him to use investor funds to remodel his home. Related stories"It was last October '21 that the Lord brought this cryptocurrency to me," Regalado told his congregation over video broadcast, per court documents. AdvertisementRegalado addressed why he valued the coins at 10 times the amount: The Lord told him to. I really believe you're going to see a miracle in very short order," Regalado told investors in a video call, per the lawsuit. The lawsuit claims the Regalados told investors they were sowing this money into charitable causes.
Persons: Eli Regalado, Regalado, , Kaitlyn Regalado, Tung Chan, Chan, God, Kaitlyn, Grace, Regalados, INDXcoin, , David Goldberg Organizations: Service, Court, Colorado Securities, Colorado Department of Regulatory, IRS, Business, Wealth, Wealth Exchange, Rover Locations: Colorado, Denver, INDXcoin
ATLANTA (AP) — With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief. Political Cartoons View All 253 ImagesIn Texas, voters in November approved a plan cutting property taxes by $18 billion. Pennsylvania is using lottery proceeds to cut property taxes and subsidize rent for seniors and people with disabilities. That owner would have paid more except for a $950 million property tax rebate championed by Gov. More than $2 billion in property value in Columbus is shielded from taxation by homestead exemptions which don't allow for any rise in value.
Persons: Jon Burns, Newington, , Jared Walczak, Chuck Hufstetler, Bill, I’ve, Hufstetler, Burt Jones, It's, Atlanta Sen, Jason Esteves, Esteves, Burns, Shaw Blackmon, Kathleen, That's, Suzanne Widenhouse, Brian Kemp, Widenhouse, ” Widenhouse Organizations: ATLANTA, Georgia's, Republican, Tax Foundation, Democratic, Finance, Rome Republican, Associated Press, Georgia Department, Revenue, Georgia counties, Association of, of Georgia, Gov, Atlanta Locations: Georgia, Texas, Kansas, Colorado, Pennsylvania, California, Muscogee County, Columbus
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