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New York CNN —Trump Media & Technology Group is asking Congress to investigate its suspicions that illegal activity is driving down its share price. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. Nunes suggested there are signs of “naked” short selling, which involves someone selling shares they don’t own or have not borrowed. Jay Ritter, a finance professor at the University of Florida, said there are more obvious explanations for why some traders are betting against Trump Media. Last week, Nunes wrote a letter to Nasdaq, where Trump Media shares trade, alerting the exchange to concerns about market manipulation.
Persons: New York CNN —, Devin Nunes, ” Nunes, Nunes, ” Jonathan Macey, Jay Ritter, , Jay Ritter, Ritter, Jane Street, Ken Griffin, “ Devin Nunes, Organizations: New, New York CNN, New York CNN — Trump Media & Technology Group, Truth Social, Trump Media, Financial Services, Republican, Traders, Yale Law School, CNN, University of Florida, ” Trump Media, Trump, Citadel Securities, Virtu, Jane, Capital, Citadel, Nasdaq, CNBC Locations: New York, California, Virtu Americas, America
Trump Media CEO Devin Nunes wrote a letter to lawmakers asking them to look into "unlawful manipulation" of the firm's stock. Citadel Securities last week called Nunes a "loser" for blaming shorts for the stock's decline. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTrump Media stock has been on a roller coaster ride since its IPO at the end of last month, hitting $35.05 a share Wednesday, up almost 8% after a 54% drop from its peak.
Persons: Devin Nunes, Nunes, there's, , Donald Trump Organizations: Trump Media, Citadel Securities, Service, Social, , Securities, VIRTU, Jane, Capital, Nasdaq, Trump Locations: VIRTU Americas
The pre-owned luxury watch market is thriving
  + stars: | 2024-04-24 | by ( Fawnia Soo Hoo | ) edition.cnn.com   time to read: +11 min
Granted, the pandemic-induced second hand luxury watch boom peaked back in March 2022, but the market is still going strong, and price levels remain higher than pre-Covid times. “(They’re) a crucial demographic for the growth and evolution of the pre-owned and vintage luxury watch industry,” added Paul Altieri, founder & CEO of multi-brand online luxury marketplace Bob’s Watches. Don't be shy," said Dimepiece's Brynn Wallner of new buyers' potential nerves when it comes to luxury watch stores. How can you tell if a luxury pre-owned watch is the real deal? “Luxury watches of this caliber will go from one generation to the next to the next to the next,” he explained.
Chinese-owned ByteDance will be forced to sell TikTok to a US company or face a nationwide ban. AdvertisementThose who want the app banned argue that TikTok may be forced into giving over user data to the Chinese government. A ban would be "devastating" for her, she said, because years of her work would be "deleted forever." AdvertisementA TikTok spokesperson told BI in March that the legislation has a "predetermined outcome," which is a total ban of TikTok in the US. Editor's note, April 23, 2024: This article has been updated to reflect the House of Representatives vote, which passed a bill to ban TikTok in the US.
Persons: , TikTok, Leo LonDini, LonDini, Brett Jansen Organizations: Service, Google, Epic Games, Universal Group, Warner Music Group, Spotify, Tesla Locations: China
The big storyTick-tock on TikTokChelsea Jia Feng/BITikTok's time in the US could soon be on the clock. When it's all said and done, a TikTok ban could be in place before the week's end. Business Insider's Peter Kafka explains why the TikTok ban, while more imminent than ever, still has a long way to go . A TikTok ban would benefit one familiar face in social media, though, writes BI's Katie Notopoulos . YouTube Shorts, too, stand to grab more attention after a TikTok ban.
Persons: , Caitlin Clark's, Chelsea Jia Feng, ByteDance, Joe Biden, it's, Business Insider's Peter Kafka, Michael Beckerman, TikTok, hawking, BI's Lindsay Dodgson, outperforming, Katie Notopoulos, Merrill Lynch, Tyler Le, Andy Sieg's, Merrill, Lindsay Hans, Eric Schimpf, It's, Steve Cohen's, Grzegorz Wajda, Hokyoung Kim, Nordstrom, Tesla, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Nike, Bloomberg Intelligence, YouTube, Big Tech, New York Stock Exchange, NYSE, Chelsea, Getty, Walmart, BI, Costco, Amazon, Motors, Spotify Locations: Americas, TikTok, Merrill, China, American, New York, London
TikTok vows legal challenge to potential US app ban
  + stars: | 2024-04-22 | by ( Brian Fung | ) edition.cnn.com   time to read: +2 min
CNN —TikTok will file a court challenge if Congress passes legislation paving the way to a nationwide ban of the app, a top executive told employees in an internal memo obtained by CNN. He invited employees to an internal town hall scheduled for Wednesday “for additional context.”The memo was earlier reported by The Information. The legislation calls for forcing TikTok’s Chinese parent, ByteDance, to sell the app within 270 days — otherwise it would be illegal for US app stores to offer TikTok for downloads. The legislation also would allow Biden to extend that deadline by another 90 days if he determines there’s been progress toward a sale. Foreshadowing its legal strategy, TikTok has already publicly opposed the bill as an infringement on its users’ First Amendment rights.
Persons: CNN —, TikTok —, Michael Beckerman, Joe Biden, ” Beckerman, Mike Johnson, Biden, , Beckerman, didn’t, there’s, TikTok Organizations: CNN, , Republican, The
"We'll continue to fight, as this legislation is a clear violation of the First Amendment rights of the 170 million Americans on TikTok." This divest-or-ban bill is the culmination of years of political attacks on TikTok. Trump, Biden, Congress, and even the state of Montana have unsuccessfully pushed to divest or ban TikTok from its China-based owner ByteDance. Latest UpdateToday (Saturday, April 20), the bill has passed the House and is expected to pass the Senate by early next week. Are you a TikTok or ByteDance employee with insight to share?
Persons: Michael Beckerman, Beckerman, We'll, TikTok, Trump, ByteDance, Biden, Dan Whateley Organizations: Business, TikTok, Chinese Communist Party, Biden, Congress, Foreign, Republican, Wednesday's Global Locations: Washington, Americas, China, Montana, Ukraine, Israel, Taiwan, dwhateley@businessinsider.com
CNN —Former JetBlue CEO Robin Hayes will join Airbus as the company’s North American leader. Airbus reported record annual jet orders in 2023, but in a statement Monday, Airbus CEO Guillaume Faury hinted at plans for further expansion in North America. The announcement of Hayes’ Airbus appointment comes just over two months after he left JetBlue, which has a fleet of Airbus planes. “It’s time I put more focus on my health and well-being.”In a statement Monday, Hayes said he was excited and energized to join Airbus after taking time off. As chairman and CEO of the North American business, Hayes will lead Airbus’ commercial aircraft business and oversee the company’s helicopters and space and defense business in the region.
Persons: Robin Hayes, Hayes, Jeff Knittel, Guillaume Faury, Robin, Faury, , ” Hayes Organizations: CNN —, JetBlue, Airbus, Airbus Americas, Boeing, North Locations: North America
Similar to a music festival, the Grand Prix has artists perform before the race. Britney Spears, Bruno Mars and Billy Joel are just some of the stars who have performed at the Grand Prix in Austin. He suggested the limited number of general admission tickets that will be released after the announcement of the artist will still be priced below $400. The Grand Prix runs from October 18-20. General admission seating is among the most basic options for a race known for its glitz and glamour.
Persons: COTA, “ Taylor, Swift, ” COTA, Bobby Epstein, Britney Spears, Bruno Mars, Billy Joel, , ” Epstein, Epstein, “ It’s, Organizations: New, New York CNN, Formula, United States, Prix, CNN Locations: New York, Austin , Texas, Austin
Lululemon is planning to shut down its Washington distribution center and lay off 128 employees after opening a massive new warehouse outside of Los Angeles, the company confirmed Friday. "While some employees will be retained and will relocate to other facilities, including our recently opened distribution center in the greater Los Angeles area, the optimization will result in the reduction of just over 100 positions within the existing Sumner distribution center," the person added. The closure comes after Lululemon more than tripled its warehouse footprint in the past few years to accommodate its rapid growth. In 2021, it entered into a new lease for a 1.26 million square-foot facility outside of Los Angeles in Ontario, California, filings show. In 2022, it leased a 980,000 square foot warehouse outside of Toronto in Brampton, Ontario.
Persons: Lululemon, Sumner, , CNBC's Annie Palmer Organizations: state's Employment Security Department Locations: San Diego , California, Washington, Los Angeles, Sumner, Seattle, Sumner , WA, U.S, Canada, Toronto, Ontario , California, Brampton , Ontario, California, North America, Americas
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
CNN —Dengue cases are surging in the Americas, with cases reported topping 5.2 million as of this week, surpassing a yearly record set in 2023, according to the Pan American Health Organization (PAHO). PAHO spokesperson Ashley Baldwin told CNN Thursday that 5,214,480 cases of dengue have been reported in the Americas as of Wednesday. In all of 2023, the total number of cases reported in the region was 4,572,765. “We are in an emergency situation because of dengue,” PAHO Director Jarbas Barbosa said in a news briefing Thursday. Early detection and access to proper medical care will reduce the probability of dying due to severe dengue,” Baldwin added.
Persons: PAHO, Ashley Baldwin, , Jarbas Barbosa, ” Baldwin, Barbosa, Agustin Marcarian, Eraldo Peres, Baldwin Organizations: CNN, Pan American Health Organization, Reuters Public, AP, US Centers for Disease Control, Prevention, World Health Organization, Virgin Islands Locations: Americas, Brazil, Rio de Janeiro, Peru, Buenos Aires, Argentina, Ceilandia, Brasilia, Puerto Rico, Virgin, American Samoa
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo reason for the Fed to cut if the economy is holding up at these higher rates: UBS' Jason DrahoJason Draho, UBS Global Wealth Management head of asset allocation Americas, joins 'Squawk Box' to discuss the latest market trends ahead of the opening bell on Wednesday.
Persons: Jason Draho Jason Draho Organizations: Fed, UBS, UBS Global Wealth Management
One thing that MotoGP has in its favor is its frequently raucous unpredictability, a far cry from the sometimes-processional nature of F1. Reigning double world champion Pecco Bagnaia agreed. What that documentary series delivered in spades was human drama, making household names out of F1’s competitors and their teams. Mirco Lazzari gp/Getty ImagesThree-time MotoGP world champion Wayne Rainey now runs the MotoAmerica series, which nurtures US motorcycle track talent, as well as King of the Baggers. We need entertainment, and now Baggers are here at MotoGP, strictly to help build the crowd, build the excitement, and in the end it’s about entertainment.”Wayne Rainey is a three-time MotoGP world champion.
Persons: COTA, ” Carlos Ezpeleta, Pecco Bagnaia, , , Dan Rossomondo, doesn’t, Rossomondo, , ’ ”, Marc Marquez, ” Marquez, Valentino, Rossi, Dani, Pedrosa, Jorge, Lorenzo, Casey, Stoner, Roland Sands, Jonathan Hawkins, Harley Davidson, Sands, “ You’ve, who’s, ” Sands, Viñales, ” Rossomondo, Lionel Messi, Valentino Rossi, Mirco Lazzari, Wayne Rainey, King, Wayne, Rainey, ” Wayne Rainey, Natalie Cardenas, Christopher, Silas, Jack, “ We’ve, Natalie, ” Christopher, Maverick Viñales, Pedro Acosta’s, Bastianini, you’ve, it’s Organizations: Texas CNN, Formula, Liberty Media, MotoGP, Liberty, CNN, One, Premier League, , Sprint, CNN Sport, Ducati, Maverick, Aprilia, MotoGP’s Locations: Austin, Texas, Austin , Texas, Americas, California, America, Italian, States, Spain, COTA
Since late October last year, the S&P 500 has risen as much as 27% on strong economic data and excitement about AI. Losses were steepest last week when Iran fired missiles at Israel, exacerbating regional and global tensions. But as more labor market and inflation data has come out, investors now believe a cut is off the table until at least July. The S&P 500 has now dipped below its 20-day moving average, like it did last summer when yields rose above 4.35%. "The VIX, SKEW and Put/Call Ratio all indicate that sophisticated investors are on edge and volatility could explode to 52-week highs in the weeks ahead," Essaye said.
Persons: , that's, Israel, James Demmert, Demmert, Adam Turnquist, Turnquist, Tom Essaye, Essaye, selloff, Solita, It's, Marcelli, it's Organizations: Service, Business, Brent, Research, Federal Reserve, LPL, MAs, UBS Americas, UBS Global Investment Locations: Iran, Israel, Gaza, Lebanon, Yemen
Conflict in the Middle East escalated over the weekend as Iran launched drones and missiles at Israel, and traders braced for a response. Investors have already been on edge as of late amid climbing oil prices and recent economic data that shows inflation is remaining sticky. Rockier times could be ahead, too, noted Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute. Tax-loss harvesting involves selling losers in your taxable account and using these losses to offset realized gains within your portfolio. Extending duration involves adding exposure to bonds with greater price sensitivity to changes in rates.
Persons: Paul Christopher, Christopher, rebalancing, Gargi Pal Chaudhuri Organizations: Wells, Wells Fargo Investment Institute, Information Technology, Communications Services, BlackRock, Treasury Bond ETF Locations: Fresh, Iran, Israel, Wells Fargo, BlackRock
Talk to enough old-school investing types and you're bound to hear a classic aphorism come up again and again: There are no free lunches. For younger investors though, one thing comes close to the proverbial sandwich on the house, says Gargi Chaudhuri, chief investment and portfolio strategist, Americas, at BlackRock. You're never too young," she says. Start investing early to maximize returnsChaudhuri gets it if you're young and aren't yet thinking about retirement. If you're early on in your investing journey, you don't have to think about the ins and outs of life after working just yet.
Persons: they're, you'll, Gargi Chaudhuri, It's, Chaudhuri, you've Locations: Americas, BlackRock
Plus, we'll show you how to access a free live stream worldwide. Feel free to bookmark our free MotoGP live stream guide; we'll keep it updated for every race this season. MotoGP live stream quick links USA: Max ($9.99)Max ($9.99) UK: TNT Sports (£30.99)TNT Sports (£30.99) Austria: ServusTV (FREE) - German and English options availableServusTV (FREE) - German and English options available Access free live stream from anywhere via ExpressVPNExpressVPN When: Sunday, April 14 at 3 p.m. ET / 8 p.m. BST / 3 a.m. AWST (Monday)Where to watch MotoGP in the USIn the US, Max will be the home of Round 3 MotoGP races. Shop at MaxWhere to watch MotoGP in AustriaMotoGP races stream for free through ServusTV in Austria.
Persons: you'll, Álex, we've, AWST, Max, HBO Max, it's, ExpressVPN Organizations: Business, Red Bull, Prix, Circuit, MotoGP, Monster Energy Yamaha MotoGP, Bull, The, TNT, HBO, Warner Bros, Austria MotoGP Locations: Americas, Austin , Texas, Spain, Austria, ServusTV
Morningstar Wealth's Marta Norton: Tech looks overvalued to us
  + stars: | 2024-04-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorningstar Wealth's Marta Norton: Tech looks overvalued to usMarta Norton, Morningstar Wealth CIO for the Americas, joins ‘Squawk Box’ to discuss whether the Middle East conflict could impact the market, why she sees lots of opportunities in consumer staples, and more.
Persons: Morningstar, Marta Norton Organizations: Morningstar
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
IEI has a 30-day SEC yield of 4.26% and carries an expense ratio of 0.15%. BINC, which is actively managed, has a 30-day SEC yield of 5.6% and a net expense ratio of 0.4%. Investors can use ETFs to tackle that space: Vanguard's Intermediate-Term Corporate Bond ETF (VCIT) has a 30-day SEC yield of 5.33%. There's also the iShares 5-10 Year Investment Grade Corporate Bond ETF (IGIB) , offering a 30-day SEC yield of 5.4%. Hunting dividend payers Higher rates have overshadowed opportunities among dividend-paying stocks, which look less attractive to income investors who can find risk-free yields easily.
Persons: it's, Michael Carbone, Carbone, Gargi Chaudhuri, Collin Martin, There's, Michael Clarfeld Organizations: Dow Jones, Traders, Federal, Treasury Bond ETF, SEC, Schwab Center, Financial Research, Corporate Locations: Chelmsford , Massachusetts, BlackRock, ClearBridge
Beth Hammack, a past treasurer and CEO of Goldman Sachs Bank USA, recently left after reportedly being passed over for the CFO job. April 11, 2024Carey Halio Named Global Treasurer of Goldman SachsI am pleased to announce that Carey Halio has been named global treasurer of Goldman Sachs and will become a member of the Management Committee. Previously, Carey was chief executive officer of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. He first joined Goldman Sachs in 2006 in Investment Banking, where he advised US financial institutions on capital markets and regulatory capital issues. Please join us in congratulating Jehan on his new responsibilities, and in wishing him and the Investor Relations team continued success.
Persons: Goldman Sachs, Philip Berlinski, Berlinski, Goldman, Denis Coleman, Carey Halio, Halio, David Solomon, she'll, Jehan Ilahi, who's, Coleman, Russell Horwitz, Beth Hammack, Stephanie Cohen, Solomon, Horwitz, Carey, David, Jehan, Morgan, Denis Coleman Russell Horwitz Organizations: Financial Times, Goldman Sachs Bank USA, Business, BI, Street Journal, Goldman, Management, Investor Relations, Goldman Sachs Bank, Financial, Investment Banking, Equity Investor Relations, Banking Locations: New York
Carey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Prior to running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings on Monday.
Persons: Carey Halio, Goldman Sachs, Denis Coleman, Philip Berlinski, Halio, Carey, David Solomon, Jehan Ilahi Organizations: Millennium Management, Financial Times, CNBC, Goldman Sachs Bank USA, Financial
Eaton and DuPont are both unconventional AI plays, as the data center market grows to meet the demands of the generative AI boom. Wells Fargo Investment Institute last month described rising data center demand as having positive "trickle-down effects" on the industrial sector. WFII wrote that spending from Big Tech firms into data centers, in particular, creates "meaningful downstream impacts" for industrial companies. Amazon Web Services is reportedly investing nearly $150 billion in data centers within the next 15 years to support AI efforts. During a Barclays investor conference in February, CFO Lori Koch said DuPont's data center and AI exposure will help boost the company's electronics business.
Persons: Eaton, Jensen Huang, Huang, chipmaker, Sameer Samana, WFII, Jim Cramer, Eaton's, DuPont, Lori Koch, Koch, Jim Cramer's Organizations: The, DuPont, Club, Nvidia, Wells, Wells Fargo Investment Institute, CNBC, Big Tech, , Microsoft, Services, McKinsey, workloads, Electrical, Management, Barclays, Wall Street, RBC Capital Markets, Eaton, RBC, U.S, De Nemours, DuPont's Electronics, Semiconductor Technologies, DuPont's Semiconductor Technologies, Jim Cramer's Charitable Locations: Wells Fargo, U.S, Eaton, China
Introduced predators kill about 25 million native birds in New Zealand annually, with about 4,000 native species threatened or at risk of extinction, according to the DOC. Under the program, the government plans to eradicate rats, possums (a marsupial native to the Americas), weasels, ferrets — and the pesky stoat. Chalky Island and the neighboring Passage Islands have been predator-free since 1999 following the first ever stoat eradication campaign, according to the DOC. And for Fleming, the recent stoat incursion only underscores the importance of the Predator Free 2050 plan. “If we eradicate stoats from Aotearoa (New Zealand) completely we remove the costs of incursions, and our wildlife can thrive alongside us,” he said.
Persons: Rebecca Teele, , Aaron Fleming, Liu Yang, RNZ, , pesky, Carolyn M, King, hitlist, Stephan Morris, stoats, stoats ”, Fleming Organizations: CNN, country’s Department of Conservation, New, Zealand, New Zealand Taxpayers ’ Union, Southern, New Zealand, University of Waikato Locations: New Zealand, Fiordland, Eurasia, North America, , New, Americas, Aotearoa
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