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Rivian Automotive — Shares of Rivian Automotive skyrocketed more than 40% after the electric vehicle company secured up to $5 billion in funding from Volkswagen Group. A so-called short squeeze added fuel to the gain as about 19% of the Rivian shares available for trading were sold short before this news, according to FactSet. Nvidia — The chip stock added more than 2%, building on a nearly 7% rebound during Tuesday's session. Aptiv — The automotive technology stock dropped 7% after Piper Sandler downgraded Aptiv to underweight from neutral and cut its price target. Robinhood — Shares added 3%.
Persons: Bosch, Mills, Aptiv, Piper Sandler, Campbell, Ken Goldman, Wolfe, Sarah Min, Lisa Han, Jesse Pound, Michelle Fox Organizations: Rivian Automotive, Volkswagen Group, FactSet, FedEx — FedEx, Whirlpool, Reuters, Southwest Airlines —, Nvidia, Citi Research, Rivian, Volkswagen, JPMorgan, United States Steel, BMO Capital Markets, U.S, Steel, Nippon Steel, Micron Technology Locations: Tuesday's
(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. Stifel opened coverage on Tesla with a buy rating and an ambitious price target as it sees multiple growth opportunities for the company. Crockett also increased his price target by $64 to $260, which now suggests shares can rally 24.4% from Tuesday's closing price. Goldman also hiked his price target by $7 to $52, now reflecting upside potential of 17.7% over Tuesday's close. Analyst Stephen Gengaro initiated the electric vehicle maker at a buy rating with a $265 price target.
Persons: Rosenblatt, Barton Crockett, Crockett, — Alex Harring, Atif Malik, Malik, Blackwell, Wolfe, Robinhood, Steven Chubak, Chubak, Jason Warnick, That's, Keith Gill, Katja Jancic, Jancic, Brian Ossenbeck, Ossenbeck, Campbell, Ken Goldman, hasn't, Goldman, underperformance, Stifel, Stephen Gengaro, Gengaro, Alex Harring Organizations: CNBC, Federal Express, JPMorgan, FedEx, Apple, Apple Intelligence, Android, Meta, Microsoft, Nvidia, Citi, Wolfe Research, . Steel, BMO Capital Markets, U.S, Steel, Nippon Steel, Nippon, US, U.S . Steel, CPB, Tesla Locations: Tuesday's, Japan, U.S
The U.S. Department of Education may extend the eligibility of a popular student loan forgiveness program to early childhood educators. The agency on Thursday announced that it was issuing a request for information on potentially broadening the Public Service Loan Forgiveness program to include workers in early childhood education settings, many of whom report low wages. "Early childhood educators help young children learn, grow, and thrive," said U.S. "If these educators can access Public Service Loan Forgiveness, we can help our youngest children, their families, and their communities." Including early childhood educators would likely expand the reach of the program to at least some for-profit employers.
Persons: Education James Kvaal, Kvaal, George W, Bush, Xers, Mark Kantrowitz Organizations: U.S . Department of Education, Education, Finance, Trump, Education Department
Yasir Al-Rumayyan, chairman of Saudi Arabian Oil Co. (Aramco), speaks during a news conference in Dammam, Saudi Arabia, on Sunday, Nov. 3, 2019. Crude oil futures rebounded slightly Wednesday but hovered near a four-month low as a decision by OPEC+ to increase production later this year continued to weigh on the market. U.S. crude oil and global benchmark Brent are down more than 4% this week after eight OPEC+ members agreed Sunday to gradually phase out 2.2 million barrels per day in production cuts. OPEC+ won't start increasing production until October, and the global oil balance sheet will tighten beforehand, Patterson said. Here are today's energy prices:"The technicals also suggest that the oil market is entering oversold territory," Patterson told clients in a research note on Wednesday.
Persons: Yasir Al, Rumayyan, Warren Patterson, Patterson, Bob Yawger, Yawger Organizations: Saudi Arabian Oil Co, Aramco, OPEC, Brent, ING, Mizuho Securities Locations: Dammam, Saudi Arabia, .
CNBC witnessed the two delegations walking out of the meeting venue, but neither Dong nor Austin responded to reporters' questions. According to a readout from the Pentagon, Austin said that the U.S. remains committed to its "one China" policy. He also added that more communication is necessary and will help to stabilize the military to military relations. The Pentagon readout mentioned Austin and Dong discussed North Korea's provocations, such as its contributions to Russia's war in Ukraine. Friday's meeting follows a video teleconference call between Austin and Dong in April.
Persons: Defense Lloyd Austin, Lloyd Austin, Dong Jun, Dong, Austin, Joe Biden, Xi Jinping, Wu Qian, Wu, CNBC's Lin Lin Organizations: Defense, SINGAPORE — U.S . Defense, CNBC, Pentagon, U.S, U.S . Department of Defense, PRC Locations: Singapore, Taiwan, SINGAPORE, China, U.S, Ukraine, Gaza, Austin
Argentina's President Javier Milei waves during the commemoration of the 214th anniversary of the May Revolution that led to the independence from Spain, at Plaza San Martin in Cordoba, Argentina, on May 25, 2024. On his seventh overseas trip since taking office late last year, Argentina's Milei traveled to San Francisco late Monday and has since met with OpenAI CEO Sam Altman, Google's Sundar Pichai and Apple CEO Tim Cook. The right-wing leader, and self-described "anarcho capitalist," is scheduled to meet with Meta CEO Mark Zuckerberg before departing from the U.S. on Friday. On a separate trip to the U.S. last month, Milei met with tech billionaire Elon Musk at a Tesla electric car factory in Austin, Texas. The growth of AI data centres will also require significant energy and water resources, of which Argentina has in abundance."
Persons: Javier Milei, Diego Lima, Argentina's Milei, Sam Altman, Google's Sundar Pichai, Tim Cook, Mark Zuckerberg, Milei, Elon Musk, Nicolas Saldias, Saldias, Mariano Machado, Verisk Maplecroft, We're, " Machado, Javier Milei's, Luis Robayo Organizations: Plaza San, Afp, Getty, Apple, Meta, U.S, Analysts, America, Economist Intelligence Unit, CNBC, Americas, Verisk Locations: Spain, Plaza San Martin, Cordoba, Argentina, San Francisco, U.S, Austin , Texas, Olivos, Buenos Aires Province
U.S. questions China's no-first-use nuclear call given buildup
  + stars: | 2024-05-16 | by ( ) www.cnbc.com   time to read: +3 min
Referring also to Russia, Jenkins said China's nuclear buildup "raises the specter that United States may soon face two expansionary and significantly nuclear-armed peers." "Beijing's development of a larger, more diverse nuclear arsenal is deeply concerning, and raises questions about the trajectory of the PRC nuclear weapons program," she said. Jenkins was asked about China's call in February for states with the largest nuclear arsenals to negotiate a treaty on no-first-use of nuclear weapons against each other or to make a political statement in this regard. She said it was the first time the U.S. had heard such a proposal from China, underscoring the need for nuclear talks. "Our questions are, quite frankly, how does an idea for no-first-use really fit within their ongoing process of building up nuclear weapons?
Persons: Bonnie Jenkins, Jenkins, specter, hadn't Organizations: Senate Foreign Relations Locations: China, Washington, U.S, People's Republic of China, Russia, States
The Department of Justice on Wednesday announced the indictment of two brothers for allegedly stealing $25 million in cryptocurrency within roughly 12 seconds. DOJ called it a "first-of-its kind" fraud, detailing the seconds-long scheme where the brothers allegedly manipulated the Ethereum blockchain to redirect pending transactions and steal $25 million. "As we allege, the defendants' scheme calls the very integrity of the blockchain into question," said U.S. Attorney Damian Williams for the Southern District of New York in a statement. Anton Peraire-Bueno, 24, and James Pepaire-Bueno, 28, were arrested on Tuesday for charges of wire fraud and money laundering. The Pepaire-Bueno brothers studied math and computer science "at one of the most prestigious universities in the country," according to the DOJ.
Persons: Damian Williams, Anton Peraire, James Pepaire, Bueno Organizations: Justice, Wednesday, DOJ, Southern, of Locations: cryptocurrency, of New York
The notion that the speaker serves the whole House is often tossed around, but rarely the case. Representative Mike Johnson can now, for better or worse, truly lay claim to being speaker of the whole House, after Democrats saved him from a Republican-led coup on Wednesday in another remarkable moment in a chaotic Congress filled with them. Had Democrats not come to his rescue, the votes existed in his own party to potentially oust him. The result left Mr. Johnson, a Louisiana Republican still new to the job, indebted to Democrats even as he immediately sought to distance himself from them by emphasizing his deep conservative credentials. Democrats said their support for him underscored their bona fides as the grown-up party willing to go so far as to back a conservative Republican speaker to prevent the House from again going off the rails.
Persons: Mike Johnson, Johnson Organizations: Republican, House, Republicans, Louisiana Republican Locations: Louisiana
Shohei Ohtani answers questions and Ippei Mizuhara translates during the Shohei Ohtani-Los Angeles Dodgers press conference at Dodger Stadium in Los Angeles on Dec. 14, 2023. The former translator of Los Angeles Dodgers superstar Shohei Ohtani has agreed to plead guilty to illegally transferring $17 million out of the baseball phenom's account without his knowledge, authorities said Wednesday. Ippei Mizuhara, 39, will plead guilty to single counts of bank fraud and subscribing to a false tax return, according to federal prosecutors in Southern California. "Unable to pay his gambling debts, Mizuhara orchestrated a scheme to deceive and cheat the bank to fraudulently obtain money from" Ohtani's account, according to a statement by prosecutors. Mizuhara used Ohtani's password to get to the player's bank account, without the player's knowledge or permission, prosecutors said.
Persons: Shohei, Shohei Ohtani, Ippei Mizuhara, Martin Estrada, Mizuhara, , Ohtani Organizations: Los Angeles Dodgers, Dodger, Los Angeles Angels Locations: Los Angeles, Southern California
Husam Badran, a senior Hamas official, said in a text message that the group’s representatives were arriving in Cairo “with great positivity” toward the proposed deal. “If there is no agreement, it will be because of Netanyahu alone,” he said, referring to Benjamin Netanyahu, the Israeli prime minister. Mr. Sinwar is one of the presumed architects of Hamas’s Oct. 7 attack on Israel, which left 1,200 dead and roughly 250 taken hostage, according to Israeli officials. In Israel, Mr. Netanyahu faces substantial opposition within his own governing coalition to the proposed framework. Agreeing to the deal would be “humiliating surrender,” Bezalel Smotrich, the country’s finance minister, wrote on Facebook late last month.
Persons: Haitham Imad, United States —, Antony J, Blinken, , ” Mr, William J, Burns, Husam, Netanyahu, Benjamin Netanyahu, Yahya Sinwar, Sinwar, ” Bezalel Smotrich, Biden, Organizations: United, McCain Institute, Central Intelligence Agency, Qatari, Hamas, Hamas’s, Facebook, Biden Locations: Rafah, Gaza, Shutterstock, Cairo, Palestinian, Israel, Qatar, Egypt, United States, Arizona, Cairo “, Washington
Director of National Intelligence Avril Haines testifies before the Senate Armed Services Committee May 2, 2024 in Washington, DC. The top U.S. intelligence official warned Congress of an alarming rise in cyberattacks at a hearing on global threats Thursday. Director of National Intelligence Avril Haines said the number of ransomware attacks worldwide grew as much as 74% in 2023. The comments from Haines come as various companies, such as UnitedHealth Group , MGM Resorts and Clorox , have been disrupted by cyberattacks in the past year. In 2023, cyberattacks also temporarily shut down MGM's hotel booking system and disrupted production at Clorox.
Persons: National Intelligence Avril Haines, Haines, Sen, Angus King, cyberattacks, They've, That's, King, Andrew Organizations: National Intelligence, Senate Armed Services, UnitedHealth, MGM Resorts, Clorox, cyberattacks, Senate Armed Services Committee, U.S, Healthcare Locations: Washington ,, cyberattacks, U.S, East, Maine, China, Russia, Clorox
A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data. Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September. Personal consumption expenditures inflation data for March will be released on Friday, closely tracked by the Fed for its 2% target. Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.
Persons: Janet Yellen, Yellen, Israel Organizations: del, del Peru SA Talara, U.S . Treasury, Brent, U.S . West Texas, Reuters, Federal Reserve, Fed Locations: del Peru, Piura, Peru, U.S, Gazan
The Transportation Department on Wednesday announced new rules taking aim at two of the most difficult and annoying issues in air travel: obtaining refunds and encountering surprise fees late in the booking process. The department’s new rules, Mr. Buttigieg said, will hold airlines to clear and consistent standards when they cancel, delay or substantially change flights, and require automatic refunds to be issued within weeks. They will also require them to reveal all fees before a ticket is purchased. Airlines for America, a trade group representing the country’s largest air carriers, said in a statement that its airlines “abide by and frequently exceed” D.O.T. consumer protection regulations.
Persons: , Pete Buttigieg, Buttigieg Organizations: Transportation Department, Wednesday, Transportation, Airlines for America
Ulta Beauty — Ulta Beauty shares fell 3% after Jefferies downgraded the beauty retailer to a hold from a buy rating, citing rising competition. SLB reported $8.71 billion in revenue, just above the $8.69 billion projected by analysts, according to LSEG. However, SLB did report revenue in North America was down year over year. Ibotta — Shares of the technology company fell nearly 6% a day after Ibotta's initial public offering. Intuitive Surgical — Shares ticked down nearly 2% despite the company beating on the top and bottom lines in the first quarter.
Persons: Jefferies, Shopify, Morgan Stanley, SLB, , Samantha Subin, Michelle Fox, Pia Singh, Jesse Pound Organizations: Netflix, FactSet, Revenue, American Express, Micro Computer, Paramount —, The New York Times, Bloomberg, Sony Pictures Entertainment, Apollo Global Management, PPG Industries Locations: Canada, North America
U.S. President Joe Biden speaks as he announces a new plan for federal student loan relief during a visit to Madison Area Technical College Truax Campus, in Madison, Wisconsin, U.S, April 8, 2024. The Biden administration on Tuesday released the draft text of its new student loan forgiveness proposal, which could reduce or eliminate the balances of millions of borrowers. The proposed rules should be formally published in the Federal Register on Wednesday and will be followed by a 30-day comment period. The regulatory text comes about a week after President Joe Biden revealed the details of his Plan B for student loan forgiveness. The Department of Education reviews comments from the public, it hopes to finalize the new rules and start canceling borrowers' debts in the fall, it said.
Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, FAFSA, Biden's Organizations: Madison Area Technical, Truax, Tuesday, Federal, Biden, Harris Administration, Education, Finance, Harvard, Supreme, U.S, The Locations: Madison , Wisconsin, U.S
Blaming Israel — which has neither confirmed nor denied responsibility — Iran vowed retaliation. Jordan on Saturday declared its airspace closed, in a possible precautionary move given the likelihood of its territory being overflown by any missiles exchanged by Iran and Israel. On Friday, Biden warned Iran against attacking Israel but said such a scenario could be imminent. On Tuesday, the Revolutionary Guards' naval head, Alireza Tangsiri, said the force could close the Strait of Hormuz, which lies between Iran and the United Arab Emirates, if necessary. The United States and Britain have carried out strikes against Houthi targets in response to the attacks on shipping.
Persons: Israel —, Zodiac, Eyal Ofer, Israel Katz, Joe Biden, Biden, Lloyd Austin, Yoav Gallant, Gallant, Alireza Tangsiri, Abraham, Hasan Alhasan Organizations: Iran's Revolutionary Guards, Hamas, Jordan, Saturday, Guards, Aries, MSC, Gortal Shipping, Zodiac Maritime, House, Iran, U.S . Defense, Pentagon, State, Revolutionary Guards, United Arab, Israel, International Institute for Strategic Studies, MSC Aries, Maritime Information Center Locations: Iranian, Syria's, Damascus, Strait, Hormuz, Israel, Gaza, Lebanon, Syria, Yemen, Iraq, Tehran, Iran, Iran's, State, United States, United Arab Emirates, UAE, Britain
Many shares look expensive in today's market, but there are still cheap stocks to be found — some of which can be held for the next 10 years, according to the pros. They shared with CNBC Pro their tips for picking cheap stocks that hold long-term promise, as well as their top picks. How to pick cheap stocks Morningstar's Susan Dziubinski says she believes in owning stocks that offer "some sense of certainty" in terms of cash flow and company fundamentals. Freddie Lait, chief investment officer at Latitude Investment Management, says a willingness to invest in some cyclical stocks is key. Cheap stocks to hold for the long term Morningstar's Dziubinski named three cheap stocks that investors can hold for the next decade: U.S. consumer health firm Kenvue , regional U.S. bank U.S. Bancorp , and medical equipment firm Zimmer Biomet .
Persons: Susan Dziubinski, isn't, Freddie Lait, Lait, he's, Dziubinski, Zimmer Biomet, Morningstar, Bancorp Morningstar, AutoZone Organizations: CNBC, Latitude Investment Management, U.S . Bancorp, Companies, Bancorp Locations: U.S, AutoZone
In the shadow of the Rocky Mountains, with an elevation one mile closer to space than sea level, lies an area that's home to a burgeoning cluster of aerospace businesses. Voyager Space CEO Dylan Taylor traveled to space on a Blue Origin flight in 2021. For Voyager, that's been true. For Taylor, who has been to space himself after a trip on Blue Origin's New Shepard, the Denver-Boulder space story extends beyond Voyager too. Denver area startup Orbit Fab is building refueling ports for satellites that will allow them to fuel up in space.
Persons: Dylan Taylor, CNBC's Morgan Brennan, Lockheed Martin, Northrop Grumman, RTX, Jeff Bezos, Morgan Brennan, Sen, John Hickenlooper, Hickenlooper, that's, Taylor, Shepard, He's, Northrop, Daniel Faber, Orbit, Faber Organizations: Buckley Space Force, CNBC, Aerospace, Colorado Space Coalition, Voyager, Denver . Voyager, AFP, Getty, Lockheed, Boeing, Northrop, Launch Alliance, BAE Systems, Space, Space Station, Airbus, Mitsubishi, Northrop Grumman, AAA Locations: Colorado, CNBC's, Rocky, Denver, Boulder, California, Silicon Valley
Shohei Ohtani answers questions and Ippei Mizuhara translates during the Shohei Ohtani-Los Angeles Dodgers press conference at Dodger Stadium in Los Angeles on Dec. 14, 2023. Shohei Ohtani's former translator Ippei Mizuhara allegedly stole more than $16 million from the Los Angeles Dodgers star to cover millions of dollars of gambling debts, the U.S. attorney's office announced Thursday. Over that time, the attorney's office discovered that Mizuhara had full access to Ohtani's bank accounts. Phone records indicate he accessed them online and lied to the bank pretending to be Ohtani, the office said. Attorneys for Ohtani, Mizuhara and the Dodgers declined to give immediate comment on the charges.
Persons: Shohei, Ippei Mizuhara, Mizuhara, Ohtani, Martin Estrada, Estrada, I've Organizations: Los Angeles Dodgers, Dodger, Ohtani, Dodgers, DOJ, D.C, MLB, Los Angeles Angels, American League, Major League Locations: Los Angeles, U.S, Ohtani, Ohtani's, Southern California, Las Vegas, Washington, California
A man serving a life sentence for kidnapping and other crimes while in a Georgia prison built two bombs which he mailed to a District of Columbia office building and the federal courthouse and building in Anchorage, Alaska, prosecutors allege. The bomb that went to Washington, D.C., was mailed to the Bond Building, whose office tenants include the Department of Justice. "Protecting our personnel and facilities is a fundamental role of our office and of our law enforcement partners," said U.S. Attorney Jill Steinberg, whose office is prosecuting Cassady. Barry Paschal, a spokesman for the U.S. Attorney's Office, declined to comment when asked to explain the more than four-year lag between Cassady allegedly mailing the bombs, and being charged in the case. Paschal said he could not comment on details of the case beyond those contained in the indictment.
Persons: David Cassady, Cassady, Jill Steinberg, Barry Paschal, Paschal Organizations: Columbia, Washington , D.C, Bond, Department of Justice, U.S, Attorney's, DOJ Locations: Georgia, Anchorage , Alaska, Tattnall County, U.S, Statesboro , Georgia, Washington ,, United States, Anchorage
Investors should load up on Cameco shares to take advantage of growing uranium demand, according to Goldman Sachs. The bank initiated coverage of the Canada-based uranium producer, one of the largest in the world, with a buy rating and a $55 per share price target. The analyst said U.S. spot uranium prices could average $95 per pound over the next seven years, which is roughly 170% higher than the historical average from 2013 to 2023. Mehta's price forecast for uranium is "supported by a combination of meaningful supply deficit and a mis-calibration of enrichment requirement assumptions that is potentially understating demand." U.S.-listed shares of Cameco were up more than 4% on the day.
Persons: Goldman Sachs, Neil Mehta, Mehta Organizations: U.S Locations: Canada, France, Cameco
The cargo ship Dali sits in the water after running into and collapsing the Francis Scott Key Bridge on March 26, 2024 in Baltimore, Maryland. Engineers in Maryland on Saturday began lifting a piece of Francis Scott Key Bridge out of the waterway in Baltimore, the first step in a long process to reopen the city's shipping port. "I cannot stress enough how important today and the first movement of this bridge and the wreckage is," said Gov. To execute the first lift of the bridge on Saturday, engineers cut a piece of the bridge to make it manageable for their crane. "Our economy depends on the Port of Baltimore and the Port of Baltimore depends on vessel traffic."
Persons: Dali, Francis Scott Key, Wes Moore, Baltimore Mayor Brandon Scott, Joe Biden, we've, Shannon Gilreath, Moore Organizations: Francis Scott Key Bridge, Baltimore , Maryland . Engineers, U.S . Coast Guard, Baltimore Mayor, Government, Coast Guard, Port Locations: Baltimore , Maryland, Maryland, Baltimore, Port of Baltimore, U.S
The S & P 500 has more room for upside in 2024, according to RBC Capital Markets head of U.S. equity strategy Lori Calvasina. The upgrade comes as the S & P 500 wraps up a monster start to the year. The strategist also expanded her 2024 earnings forecast to $237 from $234, which underpins her overall higher outlook for the S & P 500. Calvasina also laid out her bull case, which has the S & P 500 soaring to 5,400, nearly 3% above Wednesday's close. The current signal is little changed from her January S & P 500 forecast, where she also said U.S. equities appeared to be overbought.
Persons: Lori Calvasina, Calvasina Organizations: RBC Capital Markets, CNBC's Market, Survey
Gunmen who opened fire at a Moscow concert hall killed more than 60 people and wounded over 100 while sparking an inferno, authorities said on March 23, 2024, with the Islamic State group claiming responsibility. The prosecutor's office said several men in combat fatigues entered the concert hall and fired on concertgoers. Working to extinguish the blaze continues at Crocus City Hall concert venue near Moscow, Russia after reports of a shooting incident on March 23, 2024. Working to extinguish the blaze continues at Crocus City Hall concert venue near Moscow, Russia after reports of a shooting incident on March 23, 2024. An injured woman is transported to an ambulance near the Crocus City Hall concert venue following a reported shooting incident, near Moscow, Russia.
Persons: Stringer, Vladimir Putin, Sergei Sobyanin, Putin, fatigues, Ali Cura, Dave Primov, Primov, Aymenn Jawad, Dmitry Medvedev, Mykhailo Podolyak, Volodymyr Zelenskyy, John Kirby, Maksim Blinov Organizations: Crocus City, Gunmen, Islamic, Afp, Getty, Associated Press, Moscow, Health, Crocus City Hall, Anadolu, Russian, U.S, AP, Soviet Union, Russia's Security, White House National Security Council, Embassy, Sputnik Locations: Russian, Crocus, Krasnogorsk, Moscow, U.S, Afghanistan, Russia, Ukraine, Moscow's, Sinai, Egypt, Syria, Iraq, Africa, Soviet, Islamic State, Kaluga, Ingushetia, Russia's Caucasus
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