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The federal IOU is now at $34.5 trillion, or about $11 trillion higher than where it stood in March 2020. Concern over such eye-popping numbers had been largely confined to partisan rancor on Capitol Hill as well as from watchdogs like the Committee for a Responsible Federal Budget. Uncharted territory for debt and deficitsIndeed, the CBO numbers are ominous, as they outline the likely path of debt and deficits. Surging budget deficits have been driving the debt, and the CBO only expects that to get worse. "The huge obvious problem is that the U.S. federal debt is now on a completely unsustainable long-term trajectory," analysts at Wolfe Research said in a recent note.
Persons: Greenlee Beal, Jerome Powell, Powell, Jamie Dimon, Ray Dalio, hasn't, Wolfe Organizations: U.S, Capitol, Wall, CBO, Union, JPMorgan Chase, Sky News, Bridgewater Associates, Financial Times, Treasury Department, Wolfe Research, U.S ., Federal Reserve Locations: Washington , U.S, Washington, Amsterdam, London, America, U.S
The man who broke into the San Francisco home of Nancy Pelosi two years ago and bludgeoned her husband with a hammer was sentenced on Friday to 30 years in federal prison, with credit for time already served. The assailant, David DePape, was convicted in November 2023 on federal charges. He admitted on the witness stand during the trial that he had carried out the attack, as he had done before in interviews with the police and media outlets. But he said that he never intended to hurt Ms. Pelosi’s husband, Paul Pelosi. Mr. DePape said his intrusion into the couple’s home in the affluent Pacific Heights neighborhood was part of a plot to kidnap Ms. Pelosi and interrogate her about a supposed corrupt conspiracy led by Ms. Pelosi and other prominent liberal figures.
Persons: Nancy Pelosi, Pelosi, David DePape, Pelosi’s, Paul Pelosi, Mr, DePape, Ms Organizations: San Locations: San Francisco, Pacific Heights
Opinion | Wokeness Is Dying. We Might Miss It.
  + stars: | 2024-05-17 | by ( Michelle Goldberg | ) www.nytimes.com   time to read: +1 min
There is much about that febrile moment worth satirizing, including the white-lady struggle sessions inspired by the risible Robin DiAngelo and the inevitable implosion of Seattle’s anarchist Capitol Hill Autonomous Zone. Bowles dissects both in the book’s best sections. “At various points, my fellow reporters at major news organizations told me roads and birds are racist,” she writes. Exercise is super racist.” Even allowing for 2020’s great flood of social-justice click bait, these are misleading and reductive caricatures. It’s hardly revisionist history, for example, to point out that Interstates were tools of racial segregation.
Persons: Nellie Bowles, George Floyd, Donald Trump’s, , , Robin DiAngelo, Bowles dissects, Tom Wolfe’s “, Joan Didion’s “, It’s Organizations: New York Times, Capitol, Capitol Hill Autonomous Locations: Capitol Hill, Bethlehem
Here are Friday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America said top pick Nvidia remains "compelling" heading into earnings next week. Bank of America reiterates Marvell as buy Bank of America said it's sticking with its buy rating heading into earnings later this month. " Citi reiterates Walmart as a top pick Citi said the stock remains a top pick following earnings. Chevron Corp. (CVX): Reiterate Constructive View on Inflecting FCF Generation and Relative Valuation; Buy with 13% Total Return." "Near-term caution is offset by our increasingly bullish medium-term outlook, where CRM is well positioned for GenAI & valuation remains undemanding."
Persons: Marvell, Roth, Ree, Roth MKM, it's, REE, Wells, Oppenheimer, Reddit, Goldman Sachs, Tesla, Goldman, BTIG, Baird, Jefferies, Morgan Stanley, Baidu, Wolfe, UAL, Cantor Fitzgerald, Cantor, Price, Stifel, Salesforce Organizations: Bank of America, Nvidia, Ree Automotive, EV, Netflix, Citi, OpenAI, Google, Walmart, Darden, Jefferies, DuPont, Macquarie, Stock, underperform Bank of America, Chevron, Chevron Corp, JPMorgan, Body, United Airlines, Price Target, Health, Base Locations: Thu, Olive, China, United, Underperform
Piper Sandler reiterates Nvidia as overweight Piper said it's sticking with its overweight rating heading into earnings next week. JPMorgan reiterates Netflix as overweight JPMorgan said it's sticking with its overweight rating following Netflix's upfront advertising presentation. Our price target moves to $340, reflecting channel commentary and recent multiple appreciation." JMP reiterates Robinhood as market outperform JMP said it's sticking with its market outperform on the stock trading company. "We are upgrading Wayfair Inc. to BUY from HOLD, with a price target of $83."
Persons: Piper Sandler, Piper, NVDA, Blackwell, Wolfe, underperform Wolfe, Houghton, it's, Truist, JMP, Goldman Sachs, Goldman, Dell, DELL, Wells, Jack, Tesla, Raymond James, Wolfe Alpha, SharkNinja, Argus Organizations: Citi, Nvidia, JPMorgan, Netflix, Intel, Energy, Networks, FedEx, UBS, Texas, RBC, Holdings, Devices, Alpha, AMD, " Bank of America, Bank of America, of America, Wayfair Inc Locations: 2H25, Asia, China
The no-confidence resolution was introduced by the campus chapter of the American Association of University Professors, a professional faculty organization. The group that brought the no-confidence resolution against Dr. Shafik does not “represent many faculty and students at Columbia University,” the letter stated. On Wednesday, Dr. Shafik wrote a conciliatory note to students and published it in the school newspaper in lieu of a graduation speech. Of the 899 faculty members eligible to vote, 709 completed a ballot. There are about 4,700 full-time faculty members at Columbia, of which the Faculty of Arts and Science represents about 20 percent.
Persons: Nemat, Shafik, , ” Ben Chang, David Ahmed Ali, , Robert Newton, ” Dr, Newton, Liset Cruz Organizations: of Arts and Sciences, Columbia University, American Association of University, University Senate, Hamilton Hall, Columbia College, , Israel, Mailman, of Public Health, New School, City University of New, CUNY, New York University, Columbia, Ivy League, of Arts and Science Locations: Israel, Hamilton, Columbia, Gaza, City University of New York
A fast food stock and Nvidia were among the stocks being talked about by analysts on Wall Street. RBC assumed coverage of Jack in the Box with an outperform rating and a price target that implies more than 40% upside. Ransom's $10 price target implies about 37.6% potential upside for the stock, which has gained 8.5% this year. Mailk said he likes the buy-rated stock on "secular AI growth opportunities" and maintained his $1,030 price target. New Street Research maintained its buy rating and $1,100 price target ahead of the quarterly print.
Persons: Jack, Piper Sandler, GoodRx, Raymond James Raymond James, John Ransom, — Pia Singh, Tesla, Dell, Amit Daryanani, Daryanani, Wolfe, Chris Caso, Caso, INTC, Coupang, Jennifer Han, Han, that's, Nvidia's, Piper Sandler's Harsh Kumar, Kumar, Blackwell, Atif Malik, Mailk, Pierre Ferragu, Logan Reich, JACK YTD, Fred Imbert Organizations: CNBC, Nvidia, Wall, RBC, Citi, New, Research, Kroger, pharma, Dell, DELL, Wolfe Research, Intel, UBS, Blackwell, RBC Capital Markets Locations: Korea
More than 100,000 are also in the dark in Louisiana as storms batter the state, as well. Parts of Texas and western Louisiana are under a rare Level 4 of 4 high risk of excessive rainfall Thursday, the Weather Prediction Center said. Major flooding has prompted water rescues in at least one Texas city. Texas and Louisiana have been in the bull’s-eye of seemingly unrelenting rounds of torrential, flooding downpours since the start of April. A tornado warning had been issued earlier Thursday evening in Harris County, including downtown Houston, according to the National Weather Service.
Persons: Samuel Peña, John Whitmire, Houston Mayor John Whitmire, Houstonians, what’s, Hurricane Harvey Organizations: CNN, Houston Fire, Hyatt, Weather Prediction, WPC, National Weather Service, Houston, KPRC, Houston Astros, Oakland Athletics, Houston Mayor, Centerpoint, METRO, Training, Florida Panhandle, Regional Climate Center ., Hurricane Locations: Houston, Hyatt Regency, Texas, Louisiana, Bryan, United States, Georgia, Waco, Mississippi, Lake Charles , Louisiana, Harris County, Harris, city’s, Gulf, Alabama, Florida, Shreveport , Louisiana
AMC Entertainment , GameStop — AMC and GameStop shares posted fell in early morning trading as momentum fizzled from the meme stock craze , which was reignited Monday by a social media reappearance from "Roaring Kitty." GameStop shares slid 6%. Boeing — The airplane manufacturer's shares slid 1.1% after the Justice Department said Boeing violated a 2021 settlement related to its two fatal 737 Max crashes, exposing the company to potential U.S. prosecution. SunPower — The solar stock dropped 22.3%, giving back some of its 59% surge from the prior session. On Wednesday, however, Wolfe Research downgraded the stock underperform from peer perform, noting SunPower the "most extreme example of the meme stock resurgence" within clean technology names.
Persons: Lien, Max, Nio, Dell, Morgan Stanley, Wolfe, , Alex Harring, Fred Imbert, Jesse Pound Organizations: AMC Entertainment, GameStop, AMC, Boeing, Justice Department, JPMorgan, White House, Wolfe Research Locations: China
Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Nvidia as buy UBS said it's standing by its buy rating heading into Nvidia earnings next week. Wells Fargo names Natera a top pick Wells said the fertilizer company is a new top pick at the firm. Morgan Stanley resumes Exxon as overweight Morgan Stanley resumed coverage of the stock and says it has "attractive growth at a compelling valuation." Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said it's bullish on shares of Palo Alto heading into earnings next week. Morgan Stanley names Dell a top pick Morga Stanley raised its price target on the stock and says it remains a best idea.
Persons: it's, Cantor Fitzgerald, Tesla, Canto, Tesla's, Wells, CTVA, KeyBanc, TD Cowen, Janus Henderson, Morgan Stanley, Palo, Bernstein, Mills, Campbell, underperform Bernstein, Wolfe, SunPower, Dell, Morga Stanley, Stephens, Truist, Oppenheimer, Will, DA Davidson Organizations: UBS, Nvidia, " Bank of America, Bank of America, Alphabet's, Google, JPMorgan, China, Deutsche Bank downgrades, Deutsche, Fair, Six, Sciences, NTR, Netflix, Energy, Palo Alto, Palo, Food, Tech, Barclays, General Motors, Holdings, ALC, Apple, Apple's Worldwide Developer's Conference, Will Apple, Walmart, D.A Locations: OW, Palo Alto, U.S
Technical signals are indicating the dramatic meme stock rally , driven by a short squeeze, could soon come to a painful end, according to Wolfe Research's Rob Ginsberg. A short squeeze occurs when investors who had bet against a stock by borrowing shares and hoping to buy them back later at a lower price luck out. This then pushes the stock price higher. SunPower , another short squeeze candidate, dropped 19% Wednesday before the open, after surging 60% Tuesday. Wolfe Research said an index it manages with Nomura that measures stocks with high short interest this week "rallied into a lower high at long-term resistance."
Persons: Wolfe, Rob Ginsberg, Ginsberg, Nomura, Michael Bloom Organizations: GameStop, AMC, Wolfe Research
But academic workers in the University of California system authorized their union on Wednesday to call for a strike over something else entirely: free speech. 4811, represents about 48,000 graduate students and other academic workers at 10 University of California system campuses and the Lawrence Berkeley National Laboratory. The strike authorization vote, which passed with 79 percent support, comes two weeks after dozens of counterprotesters attacked a pro-Palestinian encampment at the University of California, Los Angeles, for several hours without police intervention, and without arrests. The vote does not guarantee a strike but rather gives the executive board of the local union, which is part of the United Auto Workers, the ability to call a strike at any time. Eight of the 10 University of California campuses still have a month of instruction left before breaking for summer.
Persons: Lawrence, counterprotesters Organizations: University of California, U.A.W, Lawrence Berkeley National Laboratory, United Auto Workers Locations: Los Angeles
Read previewDating app Bumble is in hot water over an ad campaign that appeared to make fun of celibacy as an alternative to dating. The campaign featured billboards that bore the message: "You know full well a vow of celibacy is not the answer." Some said the ads were misogynistic and were chastising women for not casually sleeping with men. "Our ads referencing celibacy were an attempt to lean into a community frustrated by modern dating, and instead of bringing joy and humor, we unintentionally did the opposite," it said. AdvertisementBumble's apology post recognized that celibacy was a lifestyle many women choose for various reasons, including asexuality, trauma, or harm.
Persons: , TikTok, Bumble, Lauren Salaun, Cecilia Regina, Regina, Julia Fox, Whitney Wolfe, concierges Organizations: Service, Business, National, Bloomberg Technology Summit, AP Locations: South Korea
Against this backdrop, Wolfe Research screened for stocks that can help investors navigate a still challenging macroeconomic backdrop. "One of our favorite dividend strategies is to buy companies with a virtuous combination of (1) high dividend growth, and (2) a high free cash flow yield," Wolfe Research's Chris Senyek wrote. Johnson & Johnson was one of the companies that made the cut. Johnson & Johnson also said earlier in May it would spend $6.5 billion to resolve all outstanding litigation in the U.S. tied to claims its talc power caused ovarian cancer. JNJ YTD mountain Johnson & Johnson stock.
Persons: isn't, Wolfe, Chris Senyek, Johnson, Enrique Lores, it's, — CNBC's Michael Bloom Organizations: Federal Reserve, Wolfe Research, Wall, Johnson, HP Inc, HP, Constellation Energy, Constellation, eBay, Vistra Energy Locations: U.S, Johnson
CNN —A mass celebrating a group of children’s first communion at a church in southern Louisiana was interrupted Saturday when a 16-year-old boy armed with a gun walked in, the church and police said. The incident happened in Abbeville at the St. Mary Magdalen Church when a “suspicious person” opened the back door of the church while mass was underway, the church said in a statement. Parishioners immediately confronted the person, took him outside and called the police, the church said in a message to its community. Some parishioners in the front pews appeared concerned and were turning around to look toward the back of the church, the video shows. CNN also reached out to St. Mary Magdalen Church for more information.
Persons: Mary Magdalen, , Father Nicholas DuPré, DuPré, Go, He’s, Mike Hardy, , “ Grant, Grant, Mary Magdalen Parish, CNN’s Rafael Romo, Yan Kaner Organizations: CNN, Mary Magdalen Church, Authorities, Abbeville Police Department, Mary Magdalen Catholic, Abbeville Police, FBI, Facebook, National Register of Historic Places Locations: Louisiana, Abbeville, St, ” St, Vermilion Parish, Lafayette
Bumble's founder discussed how AI could influence dating at the Bloomberg Technology Summit. Whitney Wolfe Herd said "AI dating concierges" could court each other on humans' behalf. She said AI could also help modern daters become better flirts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Bumble founder Whitney Wolfe Herd discussed how AI could influence modern dating at the Bloomberg Technology Summit this week.
Persons: Whitney Wolfe Herd, , Bumble, Emily Chang, Wolfe Herd Organizations: Bloomberg Technology Summit, Service, Business
Bumble founder Whitney Wolfe Herd says the woman-focused dating app is embracing AI. When discussing the future of Bumble at Bloomberg Tech in San Francisco, Herd, who recently stepped down from being the app's CEO, says Bumble will use AI "to help create more healthy and equitable" dating experience. "You could, in the near future, be talking to your AI dating concierge and you could share your insecurities ... and then it could give you productive tips for communicating with other people," she says. The idea of using AI to help you flirt isn't new. Tools like YourMove.AI and Love Genius use AI to craft daters more intriguing dating bios and messages.
Persons: Bumble, Whitney Wolfe Herd, Herd Organizations: Bloomberg Tech Locations: San Francisco
"It could take three to five months for bitcoin to re-test recent highs," H.C. Wainwright analyst Mike Colonnese told CNBC. BTC.CM= 3M mountain Bitcoin has fallen 11% this quarter Bitcoin miners offer high beta exposure to bitcoin and have historically outperformed it during bull cycles, he added. Colonnese also pointed out that corrections between 25% and 30% are "par for the course" for bitcoin, even in bull cycles. "Looking at previous price cycles, bitcoin has historically peaked between one to one and a half years after a halving event with the bull stage running longer in each subsequent cycle," Colonnese said. "Assuming a similar duration for this bull stage of the price cycle, bitcoin may not reach its cycle peak until October 2025," Colonnese added.
Persons: it's, bitcoin, Wainwright, Mike Colonnese, Wolfe, Rob Ginsberg, Colonnese, Bitcoin, It's, — CNBC's Michael Bloom Organizations: U.S, Metrics, CNBC, Wolfe Research
A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation. Led by the U.S. Chamber of Commerce, the card industry in March sued the CFPB in federal court to prevent the new rule from taking effect. That could hold up the regulation, which would slash what most banks can charge in late fees to $8 per incident, just days before it was to take effect on Tuesday. The credit card regulation is part of President Joe Biden's broader election-year war against what he deems junk fees. Big card issuers have steadily raised the cost of late fees since 2010, profiting off users with low credit scores who rack up $138 in fees annually per card on average, according to CFPB Director Rohit Chopra.
Persons: Tobin Marcus, Joe Biden's, Rohit Chopra Organizations: Financial, Bureau, U.S . Chamber of Commerce, D.C, Northern District of, Wolfe Research Locations: Texas, Washington, Northern District, Northern District of Texas
Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Sunrun as buy Goldman said it's sticking with its buy rating following earnings on Wednesday. " JPMorgan reiterates SolarEdge as overweight JPMorgan said it's sticking with its overweight rating following earnings on Wednesday. " Citi reiterates Airbnb as buy Citi said it's standing by its buy rating on shares of Airbnb following earnings on Wednesday. JPMorgan reiterates Instacart as overweight JPMorgan said it's sticking with its overweight rating on shares of Instacart following earnings on Wednesday. Bank of America reiterates Apple as buy Bank of America said it's sticking with its buy rating following data showing App Store strength.
Persons: Goldman Sachs, Sunrun, Goldman, JPMorgan, SEDG, Shopify, Redburn, Mizuho, Robinhood, Airbnb, Davidson downgrades TripAdvisor, Raymond James, Fox, Cantor Fitzgerald, Cantor, EVGO, it's, Wolfe, Skyworks, SWKS, we're Organizations: JPMorgan, Bloomberg, Holdings, Deutsche Bank, Emerson, Deutsche, Citi, Bank of America, Fox, of America, Solutions, Barclays, UBS, Costco, Apple Locations: EBITDA
Members of the group had several metal pipes, a pair of bolt cutters, super glue, padlocks and a long chain, according to a statement from the U.C.L.A. Two local journalists were among those detained, but they were released without charges after being taken to a Los Angeles Police Department jail. Sean Beckner-Carmitchel, a freelance journalist who has been covering the U.C.L.A. protests, was one of the two journalists arrested. He said he stumbled across the students in the parking lot after they were detained and began filming.
Persons: Sean Beckner, , Organizations: University of California, . Police Department, ” Police, Los Angeles Police Department Locations: Los Angeles
Goldman Sachs reiterates Nvidia as buy Goldman said it sees a "favorable" risk/reward for shares of Nvidia. Goldman Sachs reiterates ServiceNow as buy Goldman said it's standing by its buy rating on the stock following its financial analyst day. Bank of America reiterates Palantir as buy Bank of America said it's sticking with its buy rating after the company released earnings on Monday. Wells Fargo reiterates Goldman Sachs as overweight Wells increased its price target on Goldman to $504 per share from $450. price target."
Persons: TGT, Goldman Sachs, Goldman, ServiceNow, Wells, Palantir, Wolfe, TD Cowen, Ares, Cowen Organizations: Citi, Target, Nvidia, UBS, Vale, Bank of America, Apple, UL, tailwinds, Artificial Intelligence, Nike, Cameco, Nike Inc, Barclays, CVS Locations: Las Vegas
Other opportunities for investors to participate in spinoffs will be coming soon. If a company spins off a company in a different sector, the new stock tends to outperform because it's likely undervalued. Winners and upcoming beneficiaries Roth MKM also recently highlighted spinoff stocks' outperformance over the past year. GE Vernova is one of its current favorite spinoff stocks — which the company said to "buy buy buy." Industrial company Esab , a Swedish-American company that makes welding and cutting equipment, is another spinoff beneficiary, according to Roth MKM.
Persons: Morgan Stanley, Todd Castagno, Wolfe, Roth MKM, Roth, Esab, Sylvamo, JC O'Hara, Baxter, Edwards Lifesciences, Edwards, — CNBC's Michael Bloom Organizations: General Electric, GE Vernova, Wolfe Research, Baxter International, Unilever Locations: Swedish, American, Enovis, Memphis, Latin America, Veralto
Pro-Palestinian protesters gather at the campus of George Washington University on May 3. Susan Walsh/APGeorge Washington University President Ellen Granberg said the pro-Palestinian protest encampment that has occupied part of the university's campus for more than a week "has grown into what can only be classified as an illegal and potentially dangerous occupation of GW property." “All of these things have happened at GW in the last five days.”She said the encampment is in violation of multiple university policies and is occupying the space reserved for law students' final exams. The university also believes the protest involved people not affiliated with the school, she said. CNN has reached out to MPD for more details.
Persons: Susan Walsh, Ellen Granberg, Granberg, , Muriel Bowser, ” Granberg Organizations: George Washington University, AP George Washington University, Police, GW, DC Metropolitan Police Department, Washington Post, DC’s Metropolitan Police Department, DC, CNN Locations: Gaza, DC’s
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaxes will have to go up eventually to tackle the deficit, says Wolfe Research's Tobin MarcusTobin Marcus, Wolfe Research head of policy and politics, joins 'Squawk Box' to discuss Warren Buffet's comments on fiscal policy at the Berkshire Hathaway annual meeting, tackling the national debt, the federal deficit's impact on the 2024 election, what the future tax policy will look like, and more.
Persons: Wolfe Research's Tobin Marcus Tobin Marcus, Wolfe, Warren Buffet's Organizations: Wolfe Research, Berkshire Hathaway
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