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Opinion | Who Owns the ‘Victorious Youth’?
  + stars: | 2024-06-30 | by ( Adam Kuper | ) www.nytimes.com   time to read: +2 min
In the summer of 1964, Italian fishermen recovered an antique bronze statue from the seabed off Italy’s Adriatic coast. It reappeared in the gallery of a Munich art dealer who dated it to around 400 B.C. The Getty Foundation bought it in 1977 for almost $4 million and put it on display as the “Victorious Youth” at the Getty Villa, where it still is. In May, the European Court of Human Rights upheld Italy’s right to seize the statue. If a statue cast in Greece 2,000 years ago is discovered off the coast of Italy, is it part of the heritage of modern Italy?
Persons: Italy —, , Organizations: Getty Foundation, Getty Villa, of Human Rights Locations: Fano, Munich, Italy, Italian, Rome, Taranto, Greece, Cyprus, Turkey, Italian Republic, Roman, Europe, North Africa
A car shopper today has their pick of traditional internal combustion engine (ICE) vehicles; mild-hybrid electric vehicles (MHEVs); hybrid electric vehicles (HEVs); plug-in hybrid electric vehicles (PHEVs); fuel cell electric vehicles (FCEVs) and battery-electric vehicles (BEVs), also commonly known as EVs. Here's a breakdown: Internal combustion engine (ICE): A "traditional" vehicle with an engine that's fueled with gasoline or diesel. Hybrid electric vehicle (HEV): Think of the Toyota Prius, a vehicle that has a hybrid powertrain system combined with an engine. Plug-in hybrid electric vehicle (PHEV) : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery. : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery.
Persons: Paul Waatti, Heather Seymour, Seymour, Stellantis, Waatti, Michael Wayland, Antonio Filosa, Russell Wager, Jérémie Papin, BEV Organizations: DETROIT —, Pacifica, Toyota, CNBC, Motors, Chevrolet, Kia America, EV, Kia, GM, Detroit, GM Energy, Ford Motor, Auto, Nissan, ICE, Toyota Prius Locations: U.S, Stellantis, St, Johns , Florida, Detroit, Japan, South Korea, Germany
I found this levered concept incredibly valuable when I ran other peoples' money at my hedge fund years ago. My first question to them, usually interjected, rudely, if I were bored or confused was: "What the heck is this business levered to?" Palo Alto Networks To understand this kind of leverage that I am talking about — as opposed to the kind that involves debt —let's start with something easy, let's start with the stock of Palo Alto Networks . We own Palo Alto because its fortunes are levered to something that has the most explosive growth of an industry I know: cybercrime. If we didn't own Palo Alto we would own CrowdStrike.
Persons: , Nikesh Arora, Estee Lauder, Wynn, Fabrizio Freda, Jim Cramer's, Jim Cramer, Jim, Virginia Sherwood Organizations: Palo Alto, Palo Alto Networks, Wynn, GE Healthcare, Danaher, Wynn Resorts, Costco TJX Companies, Costco, Jim Cramer's Charitable, CNBC, NYSE Locations: Palo, China, Las Vegas, Macao, Maxx
London CNN —President Joe Biden had a shaky performance in last night’s presidential debate, triggering panic in the Democrat camp. Former President Donald Trump, meanwhile, repeated multiple falsehoods while doubling down on his record of cutting taxes and hiking tariffs during his first presidential term. If repeated in a second Trump term, many economists fear that kind of agenda could stoke inflation at a critical moment and add to America’s rapidly growing debt mountain. That could pull the typical year-end election relief rally forward, said Ed Clissold, chief US strategist at Ned Davis Research. The US dollar has also been reactive — it edged higher as initial CNN polling found that Trump was viewed as the winner of the debate.
Persons: Joe Biden, Donald Trump, shrugged, , Keith Lerner, Barack Obama, Trump, Lerner, Ed Clissold, Ned Davis, Antonio Ernesto Di Giacomo, , Goldman Sachs ’ Scott Rubner, Jonas Goltermann, Emmanuel Macron, Katie Nixon, France’s, CDK, Ramishah Maruf, Eva Rothenberg, aren’t, they’ve, Scott Campbell, CNN they’ve, Jordan Valinsky, Tim Wentworth Organizations: London CNN, Democrat, Trump, , Biden, Ned, Ned Davis Research, Investors, Capital Economics, CNN, Renaissance, Northern Trust Wealth Management, CAC, CDK, Auto, Capital City Buick GMC, Bloomberg, Walgreens Locations: France, , North America, United States, Canada, Berlin , Vermont, Eastern Europe, America
Wells Fargo reiterates Nvidia as overweight Wells said it's sticking with its overweight rating on the stock. "We initiate coverage of net lease REIT Essential Properties (EPRT) with a Buy rating and $33.00 12-month price target. Citi reiterates Apple as buy Citi moved the tech giant up a spot to its number 2 top pick. Wells Fargo reiterates Amazon as buy Wells raised its price target on Amazon to $239 per share from $234. "We initiate coverage of Intuitive Machines, Inc. (LUNR) with a Buy rating and a 12-month price target of $8 per share."
Persons: Raymond James, Deere, it's, Morgan Stanley downgrades Nike, Morgan Stanley, Wells, Goldman Sachs, Goldman, Oppenheimer, Riley, Piper Sandler, Piper, managements, it's bullish, Rosenblatt, ASML Organizations: Deutsche Bank, Deutsche, Nvidia, Properties Realty Trust, Apple, Citi, Xerox, JPMorgan, Realty Trust, Inc, Travelers, Susquehanna, Nextracker, BMO, SAP Locations: Americas, China
Younger generations of Asians are spending big on art
  + stars: | 2024-06-28 | by ( Lucy Handley | In | ) www.cnbc.com   time to read: +4 min
Younger, wealthy shoppers in Asia are splashing their cash on art, according to a longtime collector and senior auction house executive. Chen Yongnuo | China News Service | Getty ImagesAnd, while the size of the global art market fell 4% last year to around $65 billion, according to the Art Basel & UBS Art Market Report 2024, sales in China rose by 9% in 2023, overtaking the U.K. as the world's second-largest art market. For Sotheby's, the rise in younger buyers is driven in part by an increase in online activity. "The definition of digital art nowadays has been expanded from simply photography to video art to NFTs to AI-generated art," she told CNBC's "Art of Appreciation." "With the younger generations becoming more and more prominent in the market ... digital artists ... will be the group of artists getting more attention," Siyang-Le added.
Persons: Nicolas Chow, Gen X, we've, X, Chow, CNBC's, Z, Gen, Yoshitomo Nara, Chen Yongnuo, Clare McAndrew, Angelle, Mak2, Li Zhihua Organizations: , , Art Basel, UBS Survey, China News Service, UBS Art, Arts Economics, Survey, Art, CNBC's, Getty Locations: Asia, Shanghai, millennials, Christie's Hong Kong, Sotheby's Hong Kong, China, Hong Kong, Art Basel Hong Kong
Here’s what you need to know about the massive software outage. Its systems are used by roughly 15,000 car dealerships across the United States and Canada. Under normal circumstances, the CDK software allows the dealership to register a vehicle almost instantaneously, but now the process faces heavy delays. It said it was able to bring a “small initial test group” of car dealerships back online. But the next morning, the company told dealerships another incident had happened.
Persons: CDK, aren’t, they’ve, Scott Campbell, CNN they’ve, Don Aycock, , , Robbie Jacob, Jacob, Michael Deveney, Katelyn Salvato, hasn’t, Salvato, , Callahan, We’ve, ” Callahan, it’s, Lisa Finney, ” Finney, ” Eric Noonan, John Dwyer, “ There’s, ” Noonan, Ryan Callahan, Tom McParland, McParland Organizations: New, New York CNN, Auto, CNN, Capital City Buick GMC, Buick, Diego —, Kia, Midway Automotive, Massachusetts, of Motor Vehicles, Pride Motor Group, , DMV, Bloomberg, Binary Defense, Mazda, Automatch Consulting Locations: New York, North America, United States, Canada, Berlin , Vermont, Clay County , Florida, Diego, Lynn , Massachusetts, Eastern Europe, Seekonk , Massachusetts
The workplace drama I'm now highly invested in is from the Mohawk Chevrolet dealership in Ballston Spa, New York. The three-person marketing team in charge of posting on social media would sometimes try to jump on a TikTok trend or some other kind of lighthearted fare. So far, nothing out of the ordinary for a car dealership, this one founded in 1919 with the slogan "We go out of our way to please you." But then, somehow, they made a masterpiece — a mockumentary about the dealership in the style of "The Office." But is a viral video from a local car dealership actually good for sales?
Persons: , I'm, Nathanael Greklek, Ben Bushen, Grace Kerber, Bushen, Guy Fieri, Kerber, They've Organizations: Service, Mohawk Chevrolet, Business, Chevy, Chevrolet, Honda, BMW Locations: Ballston Spa , New York, Saratoga
CNN —The trial of Evan Gershkovich, the first American journalist to be arrested on espionage charges in Russia since the Cold War, began Wednesday morning in a closed door hearing that has been condemned by his newspaper and the United States. While many newsrooms subsequently pulled their reporters out of Russia, Gershkovich remained, covering the war and how it was changing life in Russia. Footage on Wednesday morning showed Gershkovich inside a glass court cage, his head shaved, ahead of the trial due to start imminently behind closed doors. The trial of Gershkovich, the American-born son of Soviet-era emigres to the US, has highlighted the extent to which Russia’s invasion of Ukraine has harmed relations between Moscow and Washington. Gershkovich seen inside an enclosure for defendants in Yekaterinburg, Russia on June 26, 2024.
Persons: Evan Gershkovich, Gershkovich, Gershkovich “, Matthew Miller, ” Miller, Ella Milman, Mikhail Gershkovich, “ He’s, ” Milman, He’s, Evan, Evgenia Novozhenina, Natalia Kolesnikova, Emma Tucker, , ” Tucker, Joe Biden, Evan ”, Paul Whelan, Whelan, , Biden, Brittney Griner, , Griner, Viktor Bout, Bout, Putin, Tucker Carlson, Andrei Soldatov, Vladimir Putin, Vadim Krasikov, ” Putin, Gershkovich’s, Mikhail Organizations: CNN, Wall Street, Russia, CIA, WSJ, US State Department, State, Reuters, Getty, Journalism, , Kremlin, Tucker Carlson Network Locations: American, Russia, United States, Ukraine, Yekaterinburg, Moscow, Washington, Sverdlovsk Regional, Russian, Moscow’s, AFP, Soviet, Ukrainian, Chechen, Berlin
Neil Hennessy said investors need to look at value stocks that offer attractive price-to-sales multiples and avoid what he sees as a dying "Magnificent Seven" trade. While Hennessy admitted that the Magnificent 7 stocks have performed well, he said their average price-to-earnings multiple sits at around 47 while their price-to-sales multiple is above 12. "The reality of our world is money is shifting over to value," said the University of San Diego alum. But Hennessy said the stock is attractively priced, with a price-to-sales multiple of 0.9 and P/E ratio of just 7. But the average price target implies the stock can turn around and surge more than 27% over the coming year.
Persons: Neil Hennessy, Hennessy, I'm, SPX Organizations: Oshkosh Corp, University of San Diego, Oshkosh, LSEG
Last month there were $122 billion of transactions at car dealerships, according to Commerce Department estimates. That accounts for 17% of all retail sales in May. An outage lasting through June 30 would mean 10 days without dealership access to CDK. Now here’s where it gets even more glaring: Retail sales aren’t just some minor part of the economy. Consider yourself warned: You may want to hold off on looking at your 401(k) on July 25, when the government releases second-quarter GDP estimates.
Persons: Ramishah Maruf, Peter Valdes, CDK, Russell Price, ” Price Organizations: New, New York CNN, North America, Commerce Department, Ameriprise, CNN Locations: New York
New York CNN —CDK Global said Wednesday that it has been able to bring a “small initial test group” of car dealerships back online, a week after a crippling software outage left thousands of car sellers across North America at a standstill. “We have successfully brought a small initial test group of dealers live on the Dealer Management System (DMS), and once validation is complete, we will begin phasing in other dealers,” a statement said. The company said it’s also working to bring additional applications back online, such as its customer relationship management and service solutions, as well as its customer care channels. On Tuesday, CDK said it doesn’t believe its systems will be back online before June 30, a major blow for dealers in the middle of a busy car-buying season. A systems outage caused by a cybersecurity incident has paralyzed nearly 15,000 car dealerships across North America since last Wednesday.
Persons: CDK Global, it’s, CDK Organizations: New, New York CNN, North, Dealer, ” Auto Locations: New York, North America
Moreover, the partnership will enable Rivian to cut operating costs by leveraging volumes of supplies including chips and components, he said. It will also help Rivian, known for its flagship R1S SUVs and R1T pickups, turn cashflow positive. Volkswagen will immediately invest $1 billion in Rivian through a note that will convert to stock on Dec. 1, subject to regulatory approvals. The German automaker will also invest $2 billion in Rivian stock - $1 billion each in 2025 and 2026 - subject to the startup hitting certain milestones, and provide a $1 billion loan in 2026. Rivian stock has halved so far this year.
Persons: Stephane Mahe, RJ Scaringe, Vitaly Golomb, Herbert Diess, Diess, Rivian, Scaringe, Sam Fiorani, Mavka Capital's Golomb, VW's Cariad, Abhirup Roy, Ben Klayman, Noel Randewich, Christina Amann, Harshita Varghese, Sayantani Ghosh, Rod Nickel, Matthew Lewis, Leslie Adler Organizations: Volkswagen, REUTERS, Reuters, JV, Audi, Porsche, Lamborghini, Bentley, Volkswagen Group, Mavka, VW, AutoForecast Solutions, Traders, S3 Partners, Rivian, Thomson Locations: Reze, Nantes, France, Europe, Asia, North America, U.S, German, South Carolina, San Francisco, Detroit, Oakland , California, Berlin, Bengaluru
A systems outage caused by a cybersecurity incident has paralyzed nearly 15,000 car dealerships across North America since last Wednesday. In an automated voice message to clients, CDK said it is making “significant progress” in restoring its core application. Auto dealerships use CDK’s software to manage everything from scheduling to records, said Saturday it has begun restoring its software. Other services, such as state inspections, repairs and parts deliveries, have come to a standstill in some parts of the country. CDK has said it is working to investigate the shutdown after two cyber incidents brought down its systems.
Persons: CDK, CNN’s Eva Rothenberg Organizations: New, New York CNN, CDK, Auto, Bloomberg Locations: New York, North America, Eastern European
Auto dealer outage drags on
  + stars: | 2024-06-25 | 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 EmailAuto dealer outage drags onCNBC’s Eamon Javers with Proton’s Brad Holton and auto dealer John Hiester, join 'Power Lunch' to discuss cyber threats to automakers and dealers.
Persons: Eamon Javers, Brad Holton, John Hiester Organizations: Auto
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDetroit Auto Dealers Association president on CDK hack: We can handle this for a few more daysTodd Szott, Szott Auto Group dealer partner and Detroit Auto Dealers Associatoin president, joins 'Squawk Box' to discuss the latest developments in the CDK cyberattack, the impact on auto dealerships nationwide, and more.
Persons: Todd Szott Organizations: Detroit Auto Dealers Association, Szott Auto Group, Detroit Auto Dealers
I've paid rent with a credit card, along with taxes, tuition, and virtually everything in between. I even convinced extended family members to let me pay their home-renovation costs with my credit card. That's right: I charged the cost of a new vehicle to my credit card without any fees. Sifting through my wallet, I found an even better option: my World Of Hyatt credit card. Not all of us are able to make large purchases like this with a credit card, but it certainly never hurts to ask.
Persons: I've, Hyatt, I'd, That's Organizations: Service, Hyatt, Hyatt Card, Liberties Dublin Locations: New York
CNN —For much of her life, Vivian Maier was something of a mystery. A crying child, photographed by Vivian Maier in Grenoble, France, in 1959. Vivian Maier/Courtesy Fotografiska New YorkVisitors take in photographs on display at Fotografiska's “Vivian Maier Unseen Work” in New York. In 2011, Maloof published a book, “Vivian Maier: Street Photographer,” and with the filmmaker Charlie Siskel co-directed the 2013 documentary “Finding Vivian Maier,” which was nominated for an Academy Award. In a self-portrait featured in “Vivian Maier Unseen Work," the photographer lenses herself in profile, reflected in a hand mirror.
Persons: Vivian Maier, Maier, “ Vivian Maier, , Anne Morin, Leandro Justen, Morin, Robert Frank, Diane Arbus, ” Morin, , Maier’s, Sophie Wright, Vivian, ” Wright, Dario Lasagni, John Maloof, Maloof, Charlie Siskel, Chicago’s, Carl, Maier hasn’t, Wright, Lane, Matthew Gensburg, York Maloof, Howard Greenberg, Organizations: CNN, New, Fotografiska, York Visitors, Kodak, Central, Flickr, Court, du Locations: New York, Chicago, York, Swedish, Grenoble, France, Central Park , New York, ” New York, America, California, Europe, Asia, , Chicago’s Cook, du Luxembourg, Paris
New York CNN —Retail software provider CDK Global says it will likely take several days for its software to be back online and operational, as the company grapples with a system outage that has paralyzed nearly 15,000 car dealerships across North America since Wednesday. The data provider’s software, which dealerships use to manage everything from scheduling to records, said Saturday it has begun restoring its software. Car manufacturer Ford told CNN it is working with dealers to set up alternative software systems and other workarounds. Several dealerships on the East Coast told CNN on Sunday they are manually filling out forms to process sales. One used car dealership told CNN it has been filing paperwork by hand and sending runners to the car registry with the paperwork.
Persons: CDK, Mike Stanton, Ford, they’re Organizations: New, New York CNN — Retail, CDK, CNN, Bloomberg, Dealers, National Automobile Dealers Association, East Coast, Sunday, Securities and Exchange Commission, Penske Automotive, Premier Trucking Group, Penske, SEC, Sonic Automotive, Premier Truck Locations: New York, North America, Eastern European, CDK, United States
CDK's cyber outage hits U.S. auto dealers for second day in a row
  + stars: | 2024-06-21 | by ( ) www.cnbc.com   time to read: +1 min
A cyber outage at retail technology and software provider CDK entered its second consecutive day on Thursday, impacting automobile dealers across the United States, the affected companies said on Thursday. "The CDK outage is impacting automotive dealerships across the U.S. and Canada, including a portion of BMW Group dealers," a spokesperson for BMW North America told Reuters. CDK told Reuters it was working to reinstate its services and get its dealers back to business "as quickly as possible". The company, which provides software to car dealerships, briefly shut down all its systems on Wednesday, saying it was investigating a cyber incident. Investment firm Brookfield Business Partners bought CDK in April 2022 for $6.41 billion in a cash deal, taking the last major publicly traded provider of software to auto dealers and manufacturers private.
Persons: CDK, Holman Organizations: CDK, BMW Group, BMW North America, Reuters, National Automobile Dealers Association, Privately, Investment, Brookfield Business Partners Locations: United States, Canada, CDK
Thousands of auto dealers across the United States and Canada are suffering disruptions to their operations as a result of cyberattacks on a provider of critical software and data services used in auto retailing. The provider, CDK Global, said it was targeted in two attacks on Wednesday, prompting the company to shut down its systems to prevent the loss of customer data and to allow testing and other measures to restore its services. “We are assessing the impact and providing regular updates to our customers,” CDK Global said in a statement. “We remain vigilant in our efforts to reinstate our services and get our dealers back to business as usual as quickly as possible.”CDK provides services to more than 15,000 retail locations. Its dealer management systems store customer records and automate much of the paperwork and data involved in selling and servicing cars and trucks.
Persons: ” CDK Organizations: CDK, Locations: United States, Canada
New York CNN —CDK Global is ubiquitous in the auto dealership world – its software is used at 15,000 dealers. Here’s what the CDK Global outage means for both car sellers and shoppers. Post Memorial Day, “this presents increased opportunities for vehicle sales, service and, of course, revenue. It also means that it’s time to roll out your summer Sales and Service marketing campaigns.”Can I still buy a car? Ford also said its dealerships involved in the CDK outage have alternate ways to take care of customers.
Persons: There’s, it’s, CDK, Lisa Finney, ” Finney, aren’t, Jeff Ramsey, , Brian Benstock, Ramsey, Ford, ” Ford Organizations: New, New York CNN, CDK Global, CNN, Service, Ourisman Auto Group, Paragon Honda, Paragon Acura, Kia, Toyota, Dodge, Lincoln Locations: New York, United States, Canada, Maryland, Long Island City , New York, Ford
Barbara Gladstone, an art dealer whose eye for spotting talent and knack for nurturing it helped her to build one of the largest and most influential contemporary art galleries in New York, died on Sunday in Paris. She was 89. Her gallery said her death, in a hospital, was caused by an ischemic event, whose symptoms are similar to those of a stroke. Ms. Gladstone, who was on a working trip to Paris, lived in Manhattan. What brought these disparate artists together on her list was her abiding interest in them personally and the devoted way she husbanded their work.
Persons: Barbara Gladstone, Gladstone, Robert Rauschenberg, Keith Haring, Elizabeth Murray, Matthew Barney, Mario Merz, Alighiero Boetti, Richard Prince, Robert Bechtle, Shirin Neshat, Wangechi Mutu, LaToya Ruby Frazier Organizations: Italian Arte Locations: New York, Paris, Manhattan, Italian
“We are actively investigating a cyber incident,” CDK spokesperson Lisa Finney said in a statement shared with CNN. To protect customer privacy, customer’s details aren’t written out on a piece of paper that’s just sitting on the desk anymore. Instead, information about deals and customer appointments is kept in a server that’s now impossible for his salespeople to access. But it’s a major hassle in the meantime and could cost his dealerships some business. A statement shared by CDK later in the afternoon said some of the company’s system had been restored to operation but not all of them, yet.
Persons: , Lisa Finney, CDK, it’s, Jeff Ramsey, aren’t, Ramsey, , ” Ramsey, Brian Benstock, he’s Organizations: CNN, CDK, Ourisman Auto Group, Paragon Honda, Paragon Acura Locations: Canada, Maryland, Long Island City , New York
"It's a family tradition," Oliver, of mid-coast Maine, told Business Insider. Related storiesShe told BI that she had never experienced sexism in the job and the lobstermen she'd met were "friendly." Virginia Oliver working on her lobster boat with her son. Oliver still enjoys the taste of lobsterShe told BI that she has not become tired of eating lobster. Do you have a powerful story about longevity to share with Business Insider?
Persons: , Virginia Oliver won't, haven't, Oliver, Herbert Hoover, Willie, Mickey, JOSEPH PREZIOSO, she'd, Dale Shierholt, I've, She's, she's, Wayne Gray, BI he'd, Virginia Oliver, Gray, Maine Oliver, Shierholt Organizations: Service, Business, Disney, BI Locations: Maine, America, Virginia
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