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☆ Stock trade settlement moves to single day as GameStop mania underscores need for faster transactions
▼ + stars: | 2024-05-28 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Years of work on Wall Street to pick up the pace of trading will be put to the test this week. Starting Tuesday, trades of stocks and several other securities will need to be settled by the end of the next business day. This so-called "T+1 settlement" is an acceleration of the previous process, which allowed for two business days. The latest change comes after the GameStop mania in 2021 put the settlement process under closer scrutiny. There was also increased instances of "failure to deliver," or trades where settlement did not occur, during that period.

Persons: Gary Gensler, Tim Huver, Brown, Harriman Organizations: Securities, Exchange, SEC, GameStop

☆ As MLB changes its records, Josh Gibson, not Ty Cobb, is all-time batting leader
▼ + stars: | 2024-05-28 | by ( Tyler Kepner | ) www.nytimes.com time to read: +10 min

And as of Wednesday, Josh Gibson will replace Cobb as the leading hitter in the official records of the game. Thorn estimated that about 75 percent of all Negro Leagues box scores have been documented, and that MLB would update the records as more are uncovered. To some extent, Negro League numbers will always be a work in progress. Barnstorming games, essential as a financial lifeline to Negro League teams, are not included in the statistics. The scheduled games range from 26 (Negro American League, 1942) to 91 (Negro National League I, 1927).

Persons: Abner Doubleday, Tyrus Raymond Cobb, Doubleday, Josh Gibson, Cobb, ”, Larry Lester, “, Ty Cobb, Oscar Charleston, Rogers, Jud Wilson, Ed Delahanty, Buck Leonard, Ted Williams, John Thorn, Thorn, ” Lester, I’ve, Gibson, Chino Smith’s, Hugh Duffy’s, Chino Smith, Hugh Duffy, Charlie Blackwell, Ross Barnes, Willie Keeler, Rogers Hornsby, Tetelo Vargas, Vargas, — Lyman Bostock Sr, Bostock, Ted Williams ’, Sean Forman, Ty, Lester, Gary Ashwill, Kevin Johnson, Seamheads, ” Thorn, Elias, Babe Ruth, Lou Gehrig, Oscar, Barry Bonds, Jimmie Foxx, Ed Walsh, Addie Joss, Mordecai Brown, John Ward, Christy Mathewson, Rube Waddell, Walter Johnson, Dave Brown, Tommy Bond, White, Willie Mays, Mays, Bullet Rogan, Turkey Stearnes, ’ ” Lester, Simon Bruty Organizations: Major, Baseball, Negro Leagues, MLB, “, Negro League, Negro, Rogers Hornsby, Turkey Stearnes, Louis Cardinals, San Francisco Giants, Kansas City Monarchs, American, National Leagues, Negro American League, Negro National League I, Boston, New York Cubans, Twins, Red Sox, Sports, Birmingham Black Barons, Graphics, Retrosheet, Oscar Charleston, Barry, Major League Baseball, Birmingham, Giants, Mets Locations: Turkey, Birmingham, Ala, Chicago, Moline, Washington ,

☆ The S&P 500 will climb another 6% by year-end as recession risk subsides, UBS says
▼ + stars: | 2024-05-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

UBS lifted its S&P 500 price target from 5,400 to 5,600, marking the highest target on Wall Street. The new estimate stems from diminishing recession risk and strong earnings growth. UBS also raised its estimate for earnings-per-share growth for 2024 and 2025. AdvertisementShrinking recession risks and estimate-beating earnings growth have prompted UBS to once again lift its S&P 500 year-end target, the bank said in a Tuesday note. Although UBS had upgraded its S&P target as recently as February, recent economic data has made that month's 5,400 forecast look too weak.

Persons: —, Jonathan Golub, Gary Schilling Organizations: UBS, Service, Chicago

☆ AliExpress taps David Beckham for a brand ambassador deal
▼ + stars: | 2024-05-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Read previewAliExpress, the international e-commerce site owned by Alibaba, is bringing on soccer star David Beckham as a brand ambassador. Enter Beckham, who will be a global ambassador for AliExpress as the face of its "Score More with AliExpress" campaign, the company announced Monday. Related storiesIn conjunction with the partnership with Beckham, AliExpress said it's investing millions of euros to sponsor the UEFA Euro 2024 tournament — beginning June 1 — and drive user engagement to its app. Advertisement"AliExpress is helping fans get even closer to UEFA Euro 2024 this summer, by offering them great prizes as the action takes place on the pitch," the former English national team captain said in a statement. "Whether you're a football fan or not, I can think of no-one better to show how easy it is to win with AliExpress during UEFA Euro 2024," Gary Topp, European Commercial Director, AliExpress, said about partnering with Beckham.

Persons: —, David Beckham, Temu, Beckham, AliExpress, Alibaba, Jack Ma, Ma, Gary Topp Organizations: Service, Business, AliExpress, UEFA, English, Employees, Reuters Locations: Berlin

☆ The 10 books the rich will be reading this summer
▼ + stars: | 2024-05-26 | by ( Robert Frank | ) www.cnbc.com time to read: +11 min

That's why J.P. Morgan Private Bank, every May, releases its summer reading list, often serving as a book club for billionaires. This year marks the 25th anniversary of the list, now called the J.P. Morgan Summer Reading List. The 10 books are carefully curated to match the tastes and preoccupations of J.P. Morgan's wealthy clients. It also helps with client events, since authors on the list often agree to do special dinners or speaking events for J.P. Morgan clients. Authors love being on the list as well since J.P. Morgan buys thousands of books to hand out and since clients often refer the books to others.

Persons: Robert Frank, Today's, Alicia Keys, Swizz Beatz, J.P, Morgan, Darin Oduyoye, Oduyoye, Gary White, Matt Damon, Charles Duhigg, Jonathan Haidt, Haidt, Kasseem Dean, —, Gordon Parks, Michel Basquiat, Lorna Simpson, Odili Donald Odita, Kennedy Yanko, Kimberli Gant, Salman Khan Salman Khan, Jack Daniel, Fawn Weaver, Daniel's, Daniels, Weaver, Joshua Robinson, Jonathan Clegg, Robinson, Clegg, Melinda Stevens, Issy von Simson, Tabitha Joyce, Fortunato, Adam Pearson, Fortunato Chocolate, Laura Mae Martin, Laura Mae Martin —, Martin, Jake Gyllenhaal, Greta Caruso, Tony, Damon Organizations: Morgan Private Bank, Morgan, Reading, Wealth Management, J.P, Giants, Art, Phaidon, Brooklyn Museum, Education, Khan Academy, Wall, Mercedes, Nacional, Google, Solutions, JPMorgan, Manhattan Company Locations: Water, Lynchburg , Tennessee, America, United States, Croatian

In addition to Wegovy and Ozempic, the GLP-1 class includes Eli Lilly's highly popular weight loss drug Zepbound and diabetes treatment Mounjaro. VanGilder signed up nearly four years ago and started taking the weekly diabetes injection Ozempic specifically for weight loss. The big difference between Calibrate and prior weight loss efforts, VanGilder said, is that she doesn't feel like she's dieting. Calibrate is one of the only companies to regularly release reports detailing the results of its weight loss program. The federal Medicare program by law can't cover weight loss drugs unless the prescription is for another approved health benefit, such as diabetes or cardiovascular health.

Persons: Michael Siluk, Gray Beard, She'd, that's, Beard, wouldn't, She's, Ro, Goldman Sachs, Eli Lilly's, it's, Andrew Dudum, There's, Zachariah Reitano, Reitano, Wegovy, WeightWatchers, Gary Foster, Foster, Oprah Winfrey's, Kim Gradwell, Lee Smith, Jennifer VanGilder, she'd, Jenny Craig, VanGilder, I've, Kristin Baier, Rob MacNaughton, Ro's Reitano, we'd, Eli Lilly, Craig Primack, Primack, Hims, Dudum, We're Organizations: — Novo, UCG, Novo Nordisk, CNBC, Teladoc Health, World Health Organization, Food, WeightWatchers Clinic, Ursinus College, Asset Management Locations: Charlotte , North Carolina, U.S, Dudley , North Tyneside, Britain, Collegeville , Pennsylvania, Hims

☆ Wall Street is about to see its biggest trading change in years
▼ + stars: | 2024-05-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.

Persons: “, That’s, ” Gary Gensler, ”, Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI

☆ A key ether ETF deadline arrives, but SEC's Gensler won't tip his hand on approval or denial
▼ + stars: | 2024-05-23 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Circuit ruled against the SEC's denial of spot bitcoin ETFs, the regulatory agency "pivoted" and approved those funds in January. The bill sets up a regulatory framework for crypto assets. Gensler said crypto assets — and exchanges in particular exchanges — do not meet this test: "This field is not decentralized. He said crypto exchanges are "operating in ways that are conflicted in ways that traditional exchanges [are not]. Gensler says he is not against financial innovation The SEC chairman pushed back against the claim he was against financial innovation.

Persons: Gary Gensler, Eric Pan, Gensler, Joe Biden's, Pan, We'd Organizations: SEC, U.S . Securities, Exchange Commission, Investment Company, ICI Leadership Summit, U.S ., Appeals, Representatives, Innovation, Technology, Century, Futures

☆ Bill Gates names his top book recommendations of the summer—and the one that's a 'must-read'
▼ + stars: | 2024-05-21 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

"I didn't intend to go deep on the idea of service, but it's certainly as relevant today as ever," Gates wrote. 'The Women,' by Kristin HannahHannah's bestseller, released in February, is a work of historical fiction set during the Vietnam War. In his new book, Anderson argues "that we need to expand our definition of generosity," Gates wrote. "Oldman plays the head of Slough House, who's basically the polar opposite of James Bond," wrote Gates. "More than a guide to better conversations, it's a blueprint for a more connected and humane way of living," Gates wrote.

Persons: Bill Gates, David Brooks, Gates, it's, Kristin Hannah Hannah's, Frances McGrath, I've, Hannah, Nightingale, Chris Anderson, Anderson, Mick Herron, Jackson Lamb, Gary Oldman, Oldman, who's, James Bond, Sal Khan, Khan, Melinda Gates, Sal, Brooks Organizations: Microsoft, New York Times, Army, Corps, TED, Apple, Slough House, Khan Academy, Melinda Gates Foundation, CNBC Locations: Vietnam, Slough

☆ How Trump's presidency became a roller-coaster ride for many of America's top CEOs
▼ + stars: | 2024-05-21 | by ( John L. Dorman | ) www.businessinsider.com time to read: +9 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In August 2017, a Trump Tower event meant to provide updates about Trump's infrastructure plan became dominated by his response to the violence in Charlottesville. And in February 2018, Trump's infrastructure proposal took a back seat amid accusations of misconduct by two close aides. But after the election, Trump invited a broad array of tech leaders to Trump Tower and expressed a desire to work with them on innovation. In 2020, several tech leaders — including Cook — were critical of Trump's visa restrictions that would impact highly-skilled foreign workers in the industry.

Persons: —, Donald Trump, Hillary Clinton, Trump, Steve Mnuchin, Goldman Sachs, Gary Cohn, Wilbur Ross, Trump's, Elon Musk, Heather Heyer, Andrew Harnik, I've, Kenneth Frazier, Kevin Plank, 3M's Inge Thulin, Brian Krzanich, , Jim Comey, we've, Senate — Trump, Joe Biden, Tim Cook, Manuel Balce Ceneta, he'd, Jeff Bezos, Biden, Cook, Cook — Organizations: Service, White, National Economic Council, Business, Democrats, GOP, Tesla, AP, Merck, American Manufacturing Council, Policy, Trump, House, Republicans, Senate, Amtrak, Apple, Twitter, Democratic Locations: United States, Charlottesville, Va, weren't, Paris

CNBC reached out to the SEC about the recent batch of Wells notices sent to crypto firms, and an agency spokesperson declined to comment. Exchanges, both centralized and decentralized, would be forced to choose between registering with the SEC, or delisting ether altogether. watch nowBoth Consensys and Uniswap suggest the SEC's broad approach to classifying securities may be outdated. "The SEC is arguing that the Uniswap protocol is an unregistered securities exchange, and that the Uniswap interface and wallet are both unregistered broker brokers," Ammori said. Uniswap argues in its response to the SEC that the majority of its trading volume is obvious nonsecurities, like ether, bitcoin and stablecoins.

Persons: Marvin Ammori, “ Ammori, Wells, Consensys, overreach, Joseph Lubin, Lubin, “, —, Christopher Gerold, Laura Brookover, Brookover, ethereum, Bill Hinman, Hinman, Patrick McHenry, Gary, Crypto, haven't, Uniswap, Ammori, there's, Alma Angotti, Guidehouse, Coinbase, We've, Christina Rea, We're, CNBC's Jordan Smith Organizations: Securities and Exchange Commission, Uniswap, SEC, Ethereum Foundation, CNBC, Security, New, New Jersey Bureau of Securities, Consensys, Securities, Exchange Commission's, of Corporation Finance, Rep, Robinhood Locations: U.S, Lubin, New Jersey, ethereum, R

☆ We're 'at least a decade away' from solving AI, says NYU Professor Gary Marcus
▼ + stars: | 2024-05-20 | 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 EmailWe're 'at least a decade away' from solving AI, says NYU Professor Gary MarcusGary Marcus, New York University professor emeritus, joins 'Squawk on the Street' to discuss artificial intelligence implications, the future of generative AI, investor decisions, and more.

Persons: Gary Marcus Gary Marcus Organizations: New York University

☆ Meet WiFi Money: Wealthy Finance Influencers Who Infuriated Investors
▼ + stars: | 2024-05-19 | by ( Rob Price | ) www.businessinsider.com time to read: +26 min

The Texas couple were staring down more than $100,000 in debt, much of which they had poured into WiFi Money. Those who give their money to WiFi Money are often encouraged to sign up other people in return for a cut of their profits — and perhaps, one day, a chance to become part of the WiFi Money crew. As the money poured in, WiFi Money gained a patina of mainstream credibility. AdvertisementThrough WiFi Money, Moeller and Frederick had created a virtuous cycle of money and influence. The same month investors took WiFi Money to court over the stores, DBC announced it was closing down.

Persons: Alex Moeller, influencer, Jasmine Sadry, Joey Martin, Martin, Moeller, Chris Frederick, Casa Moeller Martinez, MentorCI, Kim Kardashians, Gary Vee, Uber, Etsy, Farnaz Ghaedipour, Frederick, Jay Gatsby, Scott Fitzgerald's, Brandon Celi, There's, Billy, Chris Casey, There's Todd Cahill, Liz Friesen, Tana Mongeau, Kardashian, —, James Ragano, BI Moeller, wouldn't, Kyle McDougal, Sadry, Kyncey, McDougal, hustlers, Kevin O'Leary, Jordan Belfort, Ronaldinho, Glenn Beck, I've, he'd, Daemon, I'm, they'd, It's, Chris Costello, Francis, Ashley, Costello, Gatsby, Casey, Avery Williamson, Victor Bermudez, DBC, They're, Instagram, Rolex Submariner Organizations: WiFi, Lamborghini, McLaren, Fox News, YouTube, Invest, Stanford University, PBS, BI, Social, Yahoo Finance, Business, Times, Piccadilly Circus, Fort, DMs, Kyncey Investments, Amazon, Kyncey, Investors, CNN, Fox Business, Big Tech, Florida Tropics Soccer Club, Royce, WiFi Money, Federal Trade Commission, WifiMoney, IRS, NFL, Dallas, Rolex Locations: Instagram, Mexico, Texas, Dallas, Quito, Ecuador, @amoeller, Florida, pecs, Maryland, Europe, Illinois, Mita, Burj, Fort Worth, dropshipping, Brazilian, New York City, ensconced, Minnesota, Los Angeles, Munich

☆ No ‘cop on the beat’: Why the SEC may deny new ether ETFs this month
▼ + stars: | 2024-05-18 | by ( Emily Glass | ) www.cnbc.com time to read: +2 min

The U.S. Securities and Exchange Commission is expected to make a key decision on approving ether exchange-traded funds next week. Edelman, an investor and personal finance author, thinks there needs to be an emphasis on regulations to protect people from crypto scams. We've seen the bitcoin ETFs come to market. We've seen the great things they've done for investors — lowering costs, improving regulation, improving sort of safety, security and peace of mind.," Hougan said. The two ether ETF proposals, submitted by VanEck and ARK Investments/21Shares, are set to be approved or denied this month.

Persons: Ric Edelman, Edelman, CNBC's, Gary, Gensler, Matt Hougan, Bitwise, We've, Hougan, VanEck Organizations: U.S . Securities, Exchange, Digital Assets, Financial Professionals, SEC, ARK Investments

☆ My coworker and I bonded over how much we hated our job. We were in relationships with other people but fell in love anyway.
▼ + stars: | 2024-05-18 | by ( Gary Nunn | ) www.businessinsider.com time to read: +4 min

We bonded over the fact that we both really, really hated our job. Our job was in the home loans team and we had the same manager. We hated it because we were expected to sell a product — home loans — to customers who couldn't necessarily afford it. Colleagues started making jokes that maybe something was going on between us. As we worked for a big bank, I at least knew Tim had cleared a police check, extensive background checks, and a credit check.

Persons: Liv Arnold, we'd, Tim, We've, they're Organizations: Service, Business Locations: Tinder

Given this outlook, the firm lifted its price target to $70 from $65, reflecting 24% upside from Thursday's close. — Samantha Subin 6:20 a.m.: Citi trims price target on Roblox, cites slower bookings growth Citi cut its price target on Roblox to $40 from $52 a share as the gaming platform grapples with a deceleration in bookings growth. "We are updating our model to account for 1Q24 results and our latest outlook," wrote analyst Jason Bazinet. For 2025, Citi now expects bookings growth of 14% versus 21%, or 4% below consensus. The firm expects bookings growth of 10% in 2026, which is 11% below consensus.

Persons: Macquarie, Jefferies, Reddit, Ronald Josey, OpenAI, Josey, – Samantha Subin, Mark McLaughlin, McLaughlin, — Samantha Subin, Jason Bazinet, DAUs, Bazinet, Craig Siegenthaler, Siegenthaler, Robinhood, — Fred Imbert, Morgan Stanley downgrades Baidu, Morgan Stanley, Gary Yu, Yu, Ellie Jiang, JD, Jiang, Laurence Alexander, Alexander Organizations: CNBC, DuPont, OpenAI, Bank of America, Citi, Baidu, Macquarie, Jefferies, DuPont de Nemours Locations: China, 3Q24, Robinhood, Underperform, Thursday's, JD.com

☆ A Serial Killer from the U.S. Preyed on Young Women in Canada
▼ + stars: | 2024-05-17 | by ( Vjosa Isai | Jeremy Appel | ) www.nytimes.com time to read: 1 min

The serial killer made little effort to hide his tracks. Over the course of a year in the 1970s, he dumped the remains of four young women in different spots — along a road, in a gravel ditch, beneath an underpass — just outside Calgary, in Western Canada. They were fully clothed, all had been strangled and DNA evidence revealed that they had been sexually assaulted. Still, it took nearly 50 years and filtering through 853 possible suspects for Canadian police on Friday to finally reveal that the women had been the victims of a serial killer. The police identified their killer as Gary Allen Srery, who had fled to Canada while out on bail in 1974 after being charged with rape by the police in Los Angeles.

Persons: Gary Allen Srery Locations: Calgary, Western Canada, Canada, Los Angeles

☆ Cramer likes Applied Materials, but warns it's too early to buy these 2 restaurant stocks
▼ + stars: | 2024-05-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +1 min

Applied Materials : Shares were slightly higher after the semiconductor equipment company reported better-than-expected results. "They're in the right spot, sweet spot," Jim Cramer said. "Too early to buy," Cramer said, noting the company also expects a few weaker quarters ahead. Robinhood Markets , Coinbase : Bank of America analysts double upgraded Robinhood to buy from underperform, citing rising retail engagement. "And Coinbase, they're talking about bitcoin accelerating.

Persons: Jim Cramer's, Jim Cramer, Gary Dickerson, Cramer, BTIG, it's Organizations: CNBC, Club, Darden, Olive Garden, LongHorn, Texas, Robinhood, Coinbase, Bank of America

☆ Biden’s tariffs on Chinese imports are boosting these beaten-down stocks
▼ + stars: | 2024-05-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Beaten-down clean energy stocks have rallied this week. The iShares Global Clean Energy exchange-traded fund, which tracks sectors from renewable electricity to semiconductors to solar energy, has gained roughly 3%. Plug Power shares have climbed 33%, Enphase Energy shares have gained 8% and NextEra Energy shares have added 4%. Some investors warn that though the tariffs could continue boosting clean energy stocks, the recent rally isn’t driven by just improving fundamentals. Damaging hacks expose the weak underbelly of America’s health care systemA pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers, reports my colleague Sean Lyngaas.

Persons: New York CNN — It’s, Joe Biden, CNN’s Kayla Tausche, ”, Steve Sosnick, Roaring Kitty, Keith Gill, Dow, Nicole Goodkind, stoking, Gary Pzegeo, ” Read, Sean Lyngaas, cybersecurity, ” Joshua Corman, Sen, Ron Wyden Organizations: CNN Business, Bell, New York CNN, Clean Energy, Enphase Energy, NextEra Energy, Biden, Federal Reserve, Interactive Brokers, CNN, GameStop, AMC Entertainment, Roaring, Dow Jones Industrial, Nasdaq, Markets, Bureau of Labor Statistics, CIBC Private Wealth, “ Industry, Oregon Democrat Locations: New York, China

☆ Dow crosses 40,000 for the first time
▼ + stars: | 2024-05-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —The Dow broke past the 40,000 threshold Thursday morning for the first time ever, fueled by an encouraging inflation report. It also highlights a notable contrast between sentiment on Wall Street and Main Street. Dow 100: The Dow first closed in triple digits in January 1906. The Dow nearly matched that in 2017, rising 25%. Dow 30,000: Nov. 24, 2020: Covid sent the stock market plunging in the spring of 2020.

Persons: Dow, stoking, ”, Gary Pzegeo, John Williams, Tom Barkin, ” Tyler Schipper, Thomas, Hogan, Teddy Roosevelt, Richard Nixon, Trump, Covid Organizations: New, New York CNN, Markets, Federal Reserve, Bureau of Labor Statistics, CIBC Private Wealth, ”, Walmart, Airlines, Big Tech, York Fed, Reuters, Richmond Fed, Dow, University of Michigan, CNN, CPI, University of St, Riley Financial, Wall, Microsoft, Chevron, Traders, New York Stock Exchange, Getty, Federal, Woolworth, Eastman Kodak Locations: New York, United States, Minnesota, Chevron —, AFP

☆ Few Chinese Electric Cars Are Sold in U.S., but Industry Fears a Flood
▼ + stars: | 2024-05-15 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

The Biden administration’s new tariffs on Chinese electric vehicles won’t have a huge immediate impact on American consumers or the car market because very few such cars are sold in the United States. But the decision reflects deep concern within the American automotive industry, which has grown increasingly worried about China’s ability to churn out cheap electric vehicles. “Today’s announcement is a necessary response to combat the Chinese government’s unfair trade practices that endanger the future of our auto industry,” Senator Gary Peters, a Michigan Democrat, said in a statement. The tariff on electric vehicles made in China was quadrupled from 25 percent. Chinese lithium-ion batteries for electric cars will now face a 25 percent tariff, up from 7.5 percent.

Persons: Biden, “, Gary Peters, ” Organizations: Biden, Michigan Democrat Locations: United States, China, Michigan

☆ I met a guy on a plane. Shortly after, I quit my job and moved in with him.
▼ + stars: | 2024-05-15 | by ( Nancy Brier | ) www.businessinsider.com time to read: +4 min

A guy sat near meThe flight was about to take off when a guy my age rushed onto the plane. He plunked into an aisle seat and settled in. Lights dimmed, and the movie started. Six months later, I quit my job, moved to California, and started life as a freelance consultant. I've never returned to corporate work and still have a soft spot for that in-flight movie, "A Simple Twist of Fate."

Persons: I'd, glanced, Gary, We've, I've, Steve Martin, Nancy Brier, www.NancyBrier.com Organizations: Service, JFK Locations: Portland, New York, I'd, San Francisco, California, Southern California

☆ Gary Vaynerchuk on how TikTok changed the social media landscape
▼ + stars: | 2024-05-15 | 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 EmailGary Vaynerchuk on how TikTok changed the social media landscapeGary Vaynerchuk, VaynerX chairman, joins 'Squawk Box' to discuss his new book, 'Day Trading Attention: How to Build Brand and Sales in the New Social Media World', how TikTok changed the social media landscape, and more.

Persons: Gary Vaynerchuk, TikTok Organizations: Brand, New Social Media

☆ Cisco reports better-than-expected results even as revenue suffers steepest drop in 15 years
▼ + stars: | 2024-05-15 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Cisco reported earnings and revenue for the fiscal third quarter that topped Wall Street's estimates, even with sales dropping from a year earlier. Net income fell 41% to $1.89 billion, or 46 cents per share, from $3.21 billion, or 78 cents per share, a year earlier. The deal lowered Cisco's adjusted earnings per share by a penny but provided $413 million in additional revenue. Cisco bumped up its fiscal 2024 revenue guidance to a range of $53.6 billion to $53.8 billion, from $51.5 billion to $52.5 billion in February. WATCH: Cisco CEO Chuck Robbins: $28 billion Splunk deal will be a significant financial growth driver

Persons: Chuck Robbins, Robbins, LSEG, Gary Steele, Jeff Sharritts Organizations: Cisco, Bloomberg, Economic, Networking Locations: Davos, Switzerland, U.S

☆ Roaring Kitty's tweet sent GameStop spiking. The company's cofounder shares his outlook on where the stock is headed and advises hedge funds on how to navigate it.
▼ + stars: | 2024-05-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

There's no sense in this, said Gary Kusin, the cofounder of Babbage, the company to which GameStop traces its roots. Imagine if Taylor Swift's brand or company went public, and all the Swifties bought stock, the shares would be overvalued. What Wall Street doesn't understand is that there are Swifties in the video game industry. "If I worked on Wall Street, I would find some other stocks and some other places to go; I wouldn't touch GameStop." And I believe that's exactly what's ailing Wall Street right now," Kusin said.

Persons: Michael Burry, Keith Gill, Gary Kusin, Babbage, Kusin, It's, Taylor, Swifties, Shorting, doesn't, Citron, Brooks, Macy's Organizations: GameStop, Melvin Capital Management, Technology, S3 Partners

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