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Also helping was the 8.5% rally in portfolio heavyweight Nvidia following its 10-for-1 stock split on Monday. Within the Club this week, we heard from Broadcom , which reported strong quarterly results and announced its own 10-for-1 stock split. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Economists, Jerome Powell, financials, That's, Here's, FactSet, Lennar, LEN, Jabil, Smith, Jim Cramer's, Jim Cramer, Jim, Brendan McDermid Organizations: Nasdaq, Dow Jones, Wednesday, PPI, Apple, Broadcom, Oracle, Adobe, Nvidia, Investors, Housing, Monday, Darden, Olive Garden, Longhorn, U.S, Accenture, Kroger, KR, Wesson, Jim Cramer's Charitable, CNBC, Federal Reserve, New York Stock Exchange Locations: U.S, Olive, New York City
Software stocks have been slammed this year after a long period of strong performance. Meanwhile, hardware stocks are reaping the benefits of the AI boom as their profits soar. AdvertisementYear-to-date, hardware tech stocks are outperforming software tech stocks by a whopping 30 percentage points. AdvertisementThis dynamic means that hardware stocks will continue to outperform software stocks through 2025, according to Mortonson. "The moats that some of the software companies, not all but some, have around their businesses are not going to be quite as high.
Persons: Ted Mortonson, , Baird, Mortonson, It's, Larry Tentarelli, Chip, Steve Eisman, Eisman Organizations: Service, Software, NYSE Arca, Dow Jones US Software, Nvidia, AMD, Micro Computer, Broadcom, Dell, Chip Daily, CNBC Locations: Salesforce, Snowflake
At stake is one of the top two spots in the Technology Select Sector SPDR Fund (XLK) , whose June rebalance is based on market cap values as of Friday's close. The market caps of Microsoft, Apple and Nvidia were all within $100 billion of each other as of Thursday's close, according to a FactSet calculation. This type of big shift in an index fund is unusual, but not unprecedented. The fund tracks an index from S & P Dow Jones Indices that uses weighting caps to keep the index in bounds. Depending on how many shares of Nvidia are required, it might cause a short-term spike in the name," Bajaj said.
Persons: Dow, Dow Jones, Matthew Bartolini, Bartolini, Mohit Bajaj, SPDR, Bajaj, Todd Sohn, — CNBC's Michael Bloom Organizations: Nvidia, Technology, Apple, Microsoft, Dow Jones, Dow Jones Indices, UBS, SPDR, Amazon, Trading, WallachBeth, Bajaj, Street Global Advisors, NYSE Technology Locations: U.S, SPDR Americas, rebalancing
Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 20, 2024. Adobe shares surged 15% on Friday, the biggest gain since March 2020, after the software maker reported earnings and revenue that beat analysts' estimates. Salesforce shares suffered their worst plunge since 2004 late last month after the cloud software vendor posted weaker-than-expected revenue and issued disappointing guidance. Even after Friday's rally, Adobe shares remain down 12% for the year. WATCH: CNBC's interview with Adobe CEO Shantanu Narayen
Persons: Shantanu Narayen, Narayen, Salesforce, CrowdStrike, Piper Sandler Organizations: CNBC, New York Stock Exchange, Adobe, Creative, Digital Media, Oracle, Google Locations: New York City, U.S
Traders work at the post where GameStop is traded on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024. GameStop's annual shareholder meeting was disrupted by computer problems Thursday, as servers crashed under overwhelming interest in the stream, a customer service representative for the company hosting the stream told CNBC. According to a YouTube stream from an unaffiliated user purporting to reproduce the feed, the annual meeting was brought to order at 11:48 a.m. The rep said Computer Share's servers appeared to be unable to handle the amount of traffic the meeting had received and weren't accustomed to the volume of accounts. They added that Computer Share's tech team was working to solve the issue and advised interested parties to attempt to log in "every 5 to 10 minutes."
Persons: weren't, Keith Gill —, , Gill Organizations: GameStop, New York Stock Exchange, CNBC, Share Locations: New York City, U.S
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Stocks little changed: Markets were mixed to lower Thursday following a rally to new record highs Wednesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Danaher, Tony Hunt, Repligen, Stifel, we'll, Jim Cramer's, Jim, Andrew Kelly Organizations: CNBC, Treasury, Broadcom, Jim Cramer's Charitable, New York Stock Exchange Locations: financials, Michigan, New York City, U.S
CNBC Daily Open: Apple shares pop, Musk drops OpenAI lawsuit
  + stars: | 2024-06-12 | by ( Abid Ali | ) www.cnbc.com   time to read: +4 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Musk drops OpenAI suit Elon Musk dropped his lawsuit against OpenAI, CEO Sam Altman and President Greg Brockman, which alleged breach of contract and fiduciary duty. Apple pops Apple 's shares rose to a record high a day after it announced its push into artificial intelligence. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. For more, CNBC's Jeff Cox explains there could be a huge impact from the consumer price index and the Fed meeting.
Persons: Paul Jacobson, Elon Musk, Sam Altman, Greg Brockman, Siri, OpenAI, Morgan Stanley, Goldman Sachs, David Malpass, Dennis Lockhart, Jeff Cox, — CNBC's Lim Hui Jie, Lisa Kailai Han, Alex Harring, Spencer Kimball, Hayden Field, Samantha Subin, Ashley Capoot, Michael Wayland Organizations: New York Stock Exchange, CNBC, General Motors, GM, OpenAI, Microsoft, Apple, Apple Intelligence, Federal Reserve, Brent, Bank, Biden, Strategic Petroleum Reserve, Atlanta Fed Locations: New York City, U.S, San Francisco
The major averages have been able to push higher recently, but there are signs that market breadth is deteriorating in a negative divergence. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein.
Persons: Russell, Katie Stockton Organizations: NYSE, Tactical Sector, Fairlead, CNBC Pro, Securities Locations: U.S
GameStop shares slide 16% following Friday's 40% sell-off
  + stars: | 2024-06-10 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
Meanwhile, meme stock champion Keith Gill hosted his first livestream in a few years Friday. He revealed that he didn't have any institutional backers and the GameStop positions he had shared in screenshots were his only bets. The video game company's stock declined to just below $24 apiece on Monday after falling nearly 40% on Friday alone. GameStop shares fell more than 16% on Monday as the meme stock extended Friday's sell-off sparked by a dismal earnings report and a uninspiring livestream from Roaring Kitty. The analyst thinks that any boost GameStop got from Gill could turn out to be short-lived.
Persons: Keith Gill, Gill, Roaring Kitty, Michael Pachter, Pachter, NFTs, Roaring Organizations: New York Stock Exchange, GameStop, Amazon Locations: New York, Roaring
The timeline between filing the form and the actual IPO ranges, but it usually happens between several months and a year. If the float represents a very low share of total shares outstanding, it means more potential volatility in the stock. The smaller the IPO, or lower the float, the stronger the likelihood of a big swing post-lockup. If we are seeking to determine intrinsic value, the lockup period shouldn't impact our decision on whether the stock is a buy or not. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, — Tom, they've, Jim, Brendan Mcdermid Organizations: Securities and Exchange Commission, CNBC, Traders, Rubrik, Microsoft, New York Stock Exchange Locations: New York, New York City, U.S
Texas is set to get its own stock exchange, The Wall Street Journal reported. BlackRock and Citadel have backed the TXSE group, which has raised $120 million, per the report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTexas is set to get its own stock exchange to rival those in New York, The Wall Street Journal reported. He told The Journal the exchange would be based in downtown Dallas and aimed to open for trading in 2025.
Persons: , James Lee Organizations: Texas, Street Journal, Citadel, Service, Securities and Exchange Commission Locations: BlackRock, New York, Texas, Dallas
The NYSE will cancel trades after a glitch caused halts for 40 stocks, including Berkshire Hathaway. The glitch caused Berkshire Hathaway to appear to trade at a 99% discount. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe New York Stock Exchange said it will cancel trades made after a glitch caused trading halts for 40 stocks on Monday morning — including Berkshire Hathaway, which appeared to trade at a 99% discount. Class A shares of the Warren Buffett company appeared to trade at $185.10 per share before a trading halt kicked in.
Persons: Berkshire Hathaway, , Warren Buffett Organizations: NYSE, Berkshire, Consolidated, Service, York Stock Exchange, Business Locations: Berkshire
New York CNN —YOLO economy, meet the “yo, no” economy. In what was dubbed the YOLO economy (short for “you only live once”), or revenge spending, consumers shelled out for the experiences and goods they had missed. And that may be bad news for the economy. “We are monitoring the issue and engaging with market participants,” a spokesperson for the Securities and Exchange Commission told CNN. Joe Saluzzi, co-founder of Themis Trading, told CNN that the NYSE’s explanation is hard to square with the bizarre trades that hit the tape.
Persons: “ Covid, doesn’t, ” Sameer Samana, , There’s, , that’s, Taylor Swift, It’s, Dow, Jerome Powell, Berkshire Hathaway, Warren Buffett, Joe Saluzzi, Themis Trading, I’m, Saluzzi, ” Read, Matt Egan, Keith Gill —, ” —, Read, Anna Cooban Organizations: CNN Business, Bell, New York CNN, Wells, Investment Institute, Walmart, Target, Employers, TSA, Federal Reserve, New York Stock Exchange, The New York Stock Exchange, ” Intercontinental Exchange, NYSE, ICE, CNN, NYSE Group, Consolidated, CTA, Berkshire Hathaway’s, Berkshire, Securities and Exchange Commission, Themis, GameStop, AMC Entertainment Locations: New York, YOLO, Samana, , Berkshire
New York CNN —The New York Stock Exchange is investigating a technical issue on Monday as Berkshire Hathaway and dozens of other stocks are halted. NYSE said the technical issue is related to a mechanism designed to prevent stock prices from swinging wildly. Dozens of stocks are paused because they traded outside those so-called limit up-limit down bands, according to NYSE’s website. Joe Saluzzi, co-founder of Themis Trading, told CNN that the technical issues don’t appear to be impacting the broader market. However, Barrick Gold (GOLD), a Canadian gold and copper producer, was displayed as trading at just 25 cents — down 98.5% on the day, according to Refinitiv.
Persons: Berkshire Hathaway, Warren Buffett, It’s, Emily Pan, Joe Saluzzi, Themis Trading, , Saluzzi, NuScale Organizations: New, New York CNN, The New York Stock Exchange, Berkshire, NYSE, CNN, Nasdaq, Securities and Exchange Commission, Themis, , Barrick Locations: New York, Berkshire, Refinitiv . Berkshire, Chipotle, ” Besides Berkshire
"More and more people will realize that this [Global Access Solutions] was a good acquisition," Jim Cramer said Monday. To revive its lagging stock, management must also figure out which businesses are better on their own — kind of like the split announced last month by fellow Club stock DuPont . Honeywell stock has dropped 4.6% year-to-date. Smaller units have struggled like Building Automation, where management hopes to get a lift from Global Access Solutions. The Global Access Solutions deal, which was his biggest move to date, closed in the month of his first anniversary as chief exec.
Persons: Carrier, Jim Cramer, RTX, Jim, Vimal Kapur, Jim Cramer's, Michael Nagle Organizations: Honeywell, Club, DuPont, Solutions, Wall Street, Honeywell's Aerospace Technologies, DD, CNBC, Honeywell International Inc, New York Stock Exchange, Bloomberg, Getty Locations: New York
A technical issue at the New York Stock Exchange on Monday caused the A-class shares of Warren Buffett's Berkshire Hathaway to appear to be down nearly 100%. Trading was halted in those shares, as well as in Barrick Gold and Nuscale Power , which had also seen dramatic falls. ET update that it was investigating a technical issue related to the limit up and limit down bands, which are mechanisms to halt stocks for excessive volatility. It is unclear exactly how many stocks are affected by the issue. There were less than 4,000 recorded trades on the day for Berkshire's A-class shares when trading was halted.
Persons: Warren Buffett's Berkshire Hathaway Organizations: New York Stock Exchange, Barrick Gold, Barrick, Nuscale, NYSE, Consolidated Tape Association, Trading Locations: Warren
Technical issues at the New York Stock Exchange displayed incorrect stock prices on Monday. Shares of Berkshire Hathaway Class A shares were down 99.97% for about two hours. The New York Stock Exchange fixed the glitch as of about 11:45 am. AdvertisementA technical glitch at the New York Stock Exchange led to some stocks displaying incorrect prices on Monday. The New York Stock Exchange is owned by Intercontinental Exchange.
Persons: , Berkshire Hathaway, Del Sureste Organizations: New York Stock, Berkshire Hathaway, New York Stock Exchange, Service, Consolidated, Berkshire, Barrick Gold, NuScale Power Corporation, Grupo, Intercontinental Exchange Locations: Berkshire
Navan has hired a former New York Stock Exchange executive as its new chief financial officer, ahead of the anticipated IPO of the $9.2 billion travel and expense management platform. Amy Butte, who was NYSE's CFO between 2004 and 2006, will join Navan as its new CFO in June. Founded by entrepreneur Ariel Cohen, Navan is a platform that helps employees at companies big and small to manage their expenses and travel bookings. Last month, Cohen, Navan's CEO, told CNBC the firm is "not far" from an IPO, adding that the company expects to hit profitability this year. Navan was named as a CNBC Disruptor 50 company in May.
Persons: Amy Butte, Butte's, Ariel Cohen, Cohen Organizations: Navan, New York Stock Exchange, SAP, American Express, CNBC Locations: Navan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNYSE's Lynn Martin discusses collaboration with CoinDesk Indices to help track spot bitcoin pricesLynn Martin, president of NYSE Group, sat down with CNBC Crypto World from Consensus 2024 to explain a new collaboration with CoinDesk Indices to launch financial products tracking spot bitcoin prices.
Persons: NYSE's Lynn Martin, Lynn Martin Organizations: CoinDesk, NYSE Group, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock's IBIT becomes largest spot bitcoin ETF, surpassing Grayscale's GBTC: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Lynn Martin, president of NYSE Group, explains a new collaboration with CoinDesk Indices and Katherine Dowling, general counsel & CCO at Bitwise Asset Management, discusses crypto ETFs from Consensus 2024.
Persons: Grayscale's, explainers, Lynn Martin, Katherine Dowling Organizations: Grayscale's GBTC, CNBC Crypto, CNBC, NYSE Group, CoinDesk, Bitwise Asset Management
CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
  + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.
Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China
The latter fact is on display in our list of top-five performing portfolio stocks since the April 24 close through Wednesday's close, the eve of our May meeting. The chipmaker jumped 44.1% since April's Monthly Meeting. 4, Eli Lilly stock jumped 10.8% since our April 24 meeting. A slew of promising AI announcements helped fuel the stock's strong performance since the April meeting. More broadly, Broadcom has been one of the portfolio's biggest beneficiaries of the AI trade.
Persons: Dow, Jim Cramer, we're, Jim, Costco, Eli Lilly's, Eli Lilly, Jim Cramer's, Spencer Platt Organizations: Nasdaq, Dow Jones Industrial, Nvidia, Apple, China Academy of Information, Communications Technology, iPhone, Bank of America, Costco, Costco Wholesale, Walmart, Club, Broadcom, CNBC, Traders, New York Stock Exchange, Getty Locations: Wednesday's, China, U.S, Google's, New York City
The S&P 500 is primed to rise 4% in June, according to Fundstrat's Tom Lee. AdvertisementThe stock market is poised to rise another 4% in June after jumping 5% in May, according to a Tuesday note from Fundstrat's Tom Lee. Lee said the S&P 500 could jump to 5,500 within the next month, driven by five positive market catalysts. Such a gain would send the S&P 500 to new all-time highs. But Nvidia's blowout earnings results last week could jolt investors to finally put that cash to work and buy stocks, according to Lee.
Persons: Tom Lee, Lee, Organizations: Service, PCE, CPI, Bank of America
Hong Kong-listed shares of Alibaba fell over 5% Thursday following a report that the Chinese tech giant is considering selling convertible bonds to raise $5 billion. Shares ended the trading day 5.24% lower, after falling more than 6% earlier following the Bloomberg report. In premarket trading in New York, Alibaba's NYSE-listed shares were down 2.21% at 04:51 a.m. CNBC could not independently confirm the report, and Alibaba did not immediately respond to a request for comment. Earlier this week, Chinese e-commerce rival JD.com took a similar step with a $1.75 billion convertible senior note offering due in five years with a 0.25% coupon.
Persons: Alibaba, JD.com, — CNBC's Arjun Kharpal Organizations: Bloomberg, Alibaba's NYSE, CNBC Locations: Suqian City, Jiangsu Province, China, Hong Kong, Alibaba, New York, Alibaba's
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 11, 2023. Stock futures were little changed on Thursday evening, following the worst session in more than a year for the Dow Jones Industrial Average. S&P 500 futures ticked up by 0.04%, while Nasdaq 100 futures pulled back 0.02%. The Dow suffered a 1.53% decline for its worst session since March 2023, weighed down by a 7.6% drop in Boeing. To that end, the S&P 500 is tracking for a weekly loss of 0.7%, while the Dow is on pace to drop about 2.4%.
Persons: Dow, Jamie Cox, Dow Jones Organizations: New York Stock Exchange, Stock, Dow Jones, Dow, Nasdaq, Intuit, Ross Stores, Nvidia, Boeing, Harris Financial, Federal Reserve, University of Locations: New York City, U.S
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