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☆ Record-setting holiday sales hit $12 billion
▼ + stars: | 2023-11-27 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Enticed by deep discounts, Americans are expected to celebrate Cyber Monday by spending a record-setting $12 billion online shopping. The early results suggest the holiday shopping season is off to a positive start, aided in part by lower gas prices. Another popular measure of holiday spending, Mastercard SpendingPulse, found e-commerce sales jumped by an even stronger 8.5% year-over-year on Black Friday. In another sign of sturdy consumer spending, Americans continue to travel aggressively. That’s down 63 cents from the peak in September and marks 60 consecutive days of falling gas prices.

Persons: New York CNN —, ” Michelle Meyer, men’s hoodies, Mastercard SpendingPulse, ”, Mastercard’s Meyer, That’s, Sensormatic, Covid, Meyer, ” Meyer Organizations: New, New York CNN, Mastercard Economics Institute, CNN, Adobe Analytics, Adobe, JCPenney, Mastercard, SpendingPulse, Bank of America, Transportation Security Administration, Federal Reserve, AAA Locations: New York

☆ Asia stocks slip as dovish Fed cheer fades
▼ + stars: | 2023-11-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

But it fell 0.2% in early trade on Wednesday. Nasdaq futures (.IXIC) were down 0.2% and S&P 500 futures fell 0.1% early in the Asia day. They have fallen about 50 basis points since the Fed held rates steady early in the month. It was broadly steady at $1.0921 to the euro and 148.17 yen in early trade on Wednesday. In commodity markets Brent crude futures held just above their 50-day moving average at $82.64 a barrel.

Persons: Tyrone Siu, Naka, Rabobank's, Philip Marey, Jonathan Petersen, Michele Bullock, Changpeng Zhao, Sam Holmes Organizations: REUTERS, Rights, Japan's Nikkei, Nvidia, Nasdaq, Thursday's, Federal Reserve, Fed, Capital Economics, Bank of Japan, Reuters, Wednesday Reserve Bank of Australia, Thomson Locations: Exchange, Hong Kong, China, Rights SINGAPORE, Asia, Pacific, Japan, United States, U.S, Singapore

☆ U.S. Gas Prices Plunging as Holiday Travelers Hit the Road
▼ + stars: | 2023-11-22 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

U.S. gasoline prices are plunging just in time for Thanksgiving, and with the OPEC Plus oil cartel in apparent disarray, they could be heading lower for Christmas. But this week, they fell to levels not seen at this time of year since 2021, according to the AAA motor club, before the Russian invasion of Ukraine sent energy prices higher. “For consumers it’s a terrific tailwind,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The price for a gallon of gas was $3.64 at the same time last year. Prices have dropped below $3 a gallon in more than a dozen states and are falling with particular speed in Montana, Florida and Colorado.

Persons: ”, Tom Kloza Organizations: OPEC, AAA, Oil Price Information Service Locations: Ukraine, Montana , Florida, Colorado

☆ Want to pick a winning retail stock this holiday season? Watch for discounts and deflation
▼ + stars: | 2023-11-22 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +9 min

However, he added, they remain more upbeat compared with last holiday season and should spend more on gifts this year. According to FactSet, analysts anticipate there could be upside of more than 20% ahead, based on average price targets. The e-commerce giant is JPMorgan analyst Doug Anmuth's top pick for the holiday season. "We project US e-comm penetration at 23.4% of adj retail sales this holiday season, +90bps above the 22.5% in 2022," he said. "We think beauty has the potential to be a relevant gifting solution for cash-strapped consumers during the upcoming Holiday season," he said.

Persons: Chad Lusk, Alvarez, Lusk, Martis, LSEG, Inna Kuznetsova, Doug Anmuth's, Doug McMillon, Krisztina Katai, Katai, Michael Lasser, Ulta, Lasser, ToolsGroup's Kuznetsova, Marsal's Lusk, Michael Bloom Organizations: Shoppers, CNBC, Walmart, Target, Retailers, Centric Market Intelligence, Amazon, LSEG, JPMorgan, Deutsche Bank, Costco, UBS, Fed, Black Locations: Lusk, Ulta, Wayfair, Williams, Sonoma

☆ OpenAI had a confusing week. Who came out on top? And who lost out?
▼ + stars: | 2023-11-22 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

But in other ways, the agreement is still a watershed moment for OpenAI and the artificial intelligence field writ large. Who came out on topSam Altman: A clear winner in the whole debacle is, of course, Altman himself. With some of the apparent architects of Altman’s ouster being pushed out themselves, a casualty of the affair may be the perspectives that those board members espoused. Emmett Shear, whom the board named OpenAI’s interim CEO for all of two days, has also expressed similar worries. In the fallout of the leadership crisis, some have argued that the outcome is also a defeat for effective altruism, the movement with which some OpenAI board members are said to be affiliated.

Persons: Sam Altman, Altman, bungled, that’s, Satya Nadella, OpenAI, Nadella, we’re, ” Nadella, Bret Taylor, Larry Summers, Nathan Laine, Hollie Adams, Taylor isn’t, He’s, Elon Musk, Summers, Who, OpenAI’s, Gabby Jones, Emmett Shear Organizations: CNN, Microsoft, Bloomberg, Getty, Facebook, Twitter, Harvard University Locations: OpenAI, Brooklyn, New York

☆ Buy these 33 top-rated stocks to build a diversified, downturn-resistant portfolio in 2024, according to UBS
▼ + stars: | 2023-11-21 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Economic growth should persist in 2024, albeit at a weaker pace, according to top strategists at UBS Global Wealth Management (GWM). "We do see the savings rate — the recent savings rate — as unsustainably low, and we expect it to rise over time," said Brian Rose, a senior economist and investment strategist at UBS GWM, during the webinar. "And really, the base of the economy depends very heavily on what happens to the savings rate." Rose continued: "If the savings rate just gradually drifts higher over time, then we can have a soft landing. 33 top stocks across sectorsWhile UBS is constructive about 2024, its strategists think investors should prepare for anything.

Persons: Solita Marcelli, Brian Rose, Rose, there's, Marcelli, Daniel Scansaroli, Nicolas Le Roux, Le Roux, financials Organizations: UBS Global Wealth Management, UBS, Business, US, UBS GWM, Federal Reserve, UBS GWM's, Companies Locations: Americas, Ukraine, Israel, Europe, China, Japan, Australia

"Given the fast-changing landscape, I believe those who move fast (with wage hikes) should become competitive." A demand made this year by Rengo, Japan's largest trade union confederation, for pay hikes of "around 5%" resulted in average wage hikes of 3.58% among major companies. Six out of 10 economists in a Reuters poll expect major firms' pay hikes in 2024 to exceed this year's. The key, however, would be whether wage hikes broaden to smaller firms and those in the regional areas. A report by the BOJ's regional branch managers in October warned wage hikes remained uneven among sectors with many firms undecided on next year's pay increments.

Persons: Kim Kyung, Takeshi Niinami, Fumio, Kazuo Ueda, Hisashi Yamada, Rengo, Atsushi Takeda, Kishida, Keita Kondo, Tetsushi Kajimoto, Kentaro Sugiyama, Sam Holmes, Leika Organizations: REUTERS, Rights, Suntory Holdings Ltd, Reuters, Meiji, Life Insurance, Suntory Holdings, Bank, Japan, Hosei University, OECD, UA Zensen, Itochu Economic Research Institute, Thomson Locations: Tokyo, Japan, Ukraine, Saitama

☆ The stock market just avoided an 'earnings apocalypse,' paving the way for a year-end rally
▼ + stars: | 2023-11-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market has avoided an "earnings apocalypse" following third-quarter results, according to BMO. AdvertisementThe stock market just avoided an "earnings apocalypse" following third-quarter results, and that should set the stage for more gains heading into year-end. "Despite an impressive month-to-date gain thus far, there is still a fair amount of negativity and concern regarding stock market direction," Belski said. With 94% of S&P 500 companies having reported third-quarter earnings results, 83% beat profit estimates by a median of 7%, which is higher than average. That's an encouraging signal, as more participation in the stock market rally should help drive a sustainable continuation of the current bull market.

Persons: BMO's Brian Belski, Belski, —, Brian Belski, That's Organizations: BMO, Service

☆ Gap's closet cleanup begins to pay off
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsTORONTO, Nov 17 (Reuters Breakingviews) - Gap’s (GPS.N) new CEO is embarking on a closet cleanup. Shares in the U.S. apparel company leapt over 30% on Friday morning, a day after it unveiled third-quarter results. That reaction looks overdone, considering how overall net sales of $3.8 billion are still down 7% compared to last year, and earnings fell year-on-year. Same-store sales at sub-brand Old Navy for the quarter were up 1% year-on-year, the first quarterly increase in over two years. The company might even use that tailwind to revive its scrapped plans to separate Old Navy into a stand-alone company.

Persons: Brendan McDermid, That’s, Richard Dickson, Barbie, Sharon Lam, John Foley, Aditya Sriwatsav Organizations: REUTERS, Rights TORONTO, Reuters, Navy, Mattel, Banana Republic, X, Walmart, Thomson Locations: midtown Manhattan, New York, U.S, China

☆ Japan's Denso to target $8 bln in electrification revenue by FY 2025
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

Companies Denso Corp FollowTOKYO, Nov 15 (Reuters) - Japanese automotive supplier Denso (6902.T) aims to increase its revenue from electrification to 1.2 trillion yen ($7.97 billion) by the 2025 business year and 1.7 trillion yen by the turn of the decade, the company said on Wednesday. Denso aimed to grow its revenue from advanced-driver assistance systems (ADAS) to 520 billion yen by the 2025 business year and said it would further unwind cross-shareholdings, according to presentation materials. "As electrification centred on battery electric vehicles progresses from the 2025 business year onward, we want to reach 1.7 trillion yen by 2030 by expanding sales globally," he said. Denso has been ahead of other firms in actively reducing its cross-shareholdings, Matsui said, adding that none of the remaining holdings were off limits. Denso reiterated an October commitment to invest about 500 billion yen in semiconductors by 2030 and pledged to boost the number of workers in software to some 18,000 people by 2030, about 1.5 times of their current level.

Persons: Denso, Yasushi Matsui, Matsui, Daniel Leussink, Muralikumar Organizations: Denso, Thomson

☆ We're adding a transformed industrial stock to the portfolio with a small buy
▼ + stars: | 2023-11-15 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Following the trade, Jim Cramer's Charitable Trust will own 65 shares, representing about 0.50% of the portfolio. These multiyear themes are driving investment in the company's key markets, which are Commercial Buildings, Data Centers, Industrial, Residential Buildings, Utility, Aerospace, e-mobility, and Legacy Vehicle. By the way, artificial intelligence should be an additional tailwind to Eaton's Data Center business. AI data centers require both higher power and higher power density relative to traditional data centers, resulting in three times the electric content. One more theme benefitting Eaton's Data Center business is the need to generate electricity in a clean and sustainable way.

Persons: Jim Cramer's, Eaton, Jim Cramer, Jim Organizations: Eaton Corporation, Data Centers, Industrial, Aerospace, Data Center, Airbus, America's Boeing, Dubai Air Show, Boeing, Jim Cramer's Charitable, CNBC, NYSE Locations: Eaton, industrials, North America

☆ Cramer discusses when to hold, fold or walk away from a stock in your portfolio
▼ + stars: | 2023-11-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

We certainly didn't want to trade Apple and Nvidia – the Club's two 'own it, don't trade it' stocks – as so many did. No, what got to me was a chartist saying that Nvidia's stock had the worst technical shape of any stock in the entire market. Hindsight says I should have known to walk away, but I have been in and around this stock almost my entire life. 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.

Persons: It's, Kenny Rodgers, I've, Emerson, Goldman Sachs, we're, Walt Disney, it's, Bausch, Jim Cramer's, Jim Cramer, Jim, Alexi Rosenfeld Organizations: Apple, Nvidia, Intel, Devices, Federal, Starbucks, Procter & Gamble, GE HealthCare Technologies, National, Goldman, Walt, Netflix, Jim Cramer's Charitable, CNBC, Fifth, Getty Locations: U.S, China, Emerson, New York City

☆ Americans are getting ‘ripped off’ by big banks, Robinhood CEO says
▼ + stars: | 2023-11-15 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Robinhood is trying hard to lure customers fed up with traditional banks that pay little to no interest on savings. To attract deposits, the stock trading app made famous by the GameStop craze is offering fatter and fatter interest rates. That’s far higher than traditional banks and among the highest in the industry. We see an opportunity to correct that,”Tenev argued this has long been part of the “playbook” of traditional banks. The Robinhood rate of 5% applies to new and existing customers of Robinhood Gold, a subscription service that costs $5 a month.

Persons: New York CNN — Robinhood, ”, Vlad Tenev, ” Tenev, Robinhood, Roth, “, Tenev, We’re Organizations: New, New York CNN, GameStop, CNN, Federal Reserve, American Bankers Association, Bank, AMC, of America, ” Bank of America Locations: New York

☆ Goldman Sachs: These 'conviction list' global stocks will benefit from a circular economy boom
▼ + stars: | 2023-11-14 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Rising commodity prices, increased regulation and a growing recognition of sustainability benefits are set to be "key catalysts" of the circular economy, Goldman Sachs said, naming its "conviction list" stocks to play the theme. The circular economy is a system that aims to keep materials and resources in use for as long as possible, with a focus on reuse, rather than dispose. Conviction list stocks The bank named a number of "key stocks exposed to the theme," including Dassault Systemes and SMC Corporation . Both are on the bank's "conviction list" of top buy-rated stocks. Other global stocks on Goldman's list of picks set to benefit from the circular economy include Japanese electronics giant Hitachi , Dutch conglomerate Philips and U.S. waste management company Republic Services , with all three also on the bank's conviction list.

Persons: Goldman Sachs, Goldman, — CNBC's Michael Bloom Organizations: McKinsey, Accenture, United Nations Environment Program, Dassault Systemes, SMC Corporation, Dassault Systems, Hitachi, Philips, Republic Services

☆ A 'once-in-a-generation' factory construction boom won't bow to economic jitters. How investors can play it
▼ + stars: | 2023-11-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Now, the window is opening on orders for the components that will go into the construction, he added. One of those exchange-traded funds is TCW Transform Supply Chain ETF (SUPP), a play on the reshoring theme. "[Yet] in just [the past] six months, we've added about $300 billion of orders for mega projects," he added. "The United States is experiencing a once-in-a-generation onshoring boom," the company said during its Oct. 27 conference call. Another top holding is Martin Marietta Materials , which produces the aggregates used for construction projects.

Persons: Chris Snyder, Eli Horton, we've, there's, Horton, Snyder, Eaton, Craig Arnold, Arnold, Martin Marietta, Hortons, we're, Michael Bloom, Nick Wells Organizations: UBS, Federal Reserve, hasn't, Steel, Trane Technologies, Waste Management, Martin, Martin Marietta Materials Locations: U.S, United States

☆ Jim Cramer says buy P&G amid a weakening U.S. dollar
▼ + stars: | 2023-11-14 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

The recent weakness in the U.S. dollar should provide a lift to consumer staples giant Procter & Gamble (PG), CNBC's Jim Cramer said Tuesday. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. As a result, P&G looks much better positioned to handle the foreign-exchange dynamic, Cramer said, while the commodity deflation tailwind remains intact. "The dollar is not going to kill them, and so you buy P&G and just ride it," Cramer said. P&G shares edged up by about 0.1% Tuesday, to roughly $152.60 each, on the back of a three-day winning streak.

Persons: CNBC's Jim Cramer, —, Cramer, Jim Cramer's Organizations: U.S, Procter & Gamble, Charitable Trust, CNBC

☆ Some fund managers see merit in China's deeply discounted stocks
▼ + stars: | 2023-11-14 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

U.S. asset manager Fidelity International is highlighting China's looser monetary policy and the government's recent 1 trillion yuan ($137.10 billion) borrowing-and-spending sovereign bond plan as a tailwind for the country's stock markets. London-based £3 billion fund manager Somerset Capital Management likewise finds China exciting. The stock market has yet to recover, but has stabilised. Morgan Stanley estimates long-only foreign investors now have their deepest underweight positions in China and Hong Kong equities in years. Chinese stocks could see a short-term sentiment pick-up given foreign funds have such light positions in the market, said Redmond Wong, Greater China market strategist at Saxo Markets.

Persons: Dado Ruvic, ”, Marty Dropkin, Mark Williams, Morgan Stanley, Patrick Ghali, Sean Ho, Vivek Tanneeru, Redmond Wong, Summer Zhen, Xie Yu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Fidelity, Asia Pacific, Fidelity International . London, Somerset Capital Management, Nasdaq, Japan’s Nikkei, Sussex Partners, Hong, China, Hang Seng Tech, Monetary Fund, Cambridge Associates, Capital, “, Triata, Matthews Asia, Saxo Markets, Thomson Locations: HONG KONG, China, U.S, Asia, Hong Kong, London, Boston, San Francisco, Greater China

☆ What we're watching when off-price retailer TJX reports this week
▼ + stars: | 2023-11-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

When TJX Companies (TJX) reports quarterly results this week, we expect the off-price retailer to demonstrate continued momentum on both its top and bottom lines, helped by consumers looking for solid deals in an uncertain economic environment. And we're confident management can deliver a further expansion of gross margins as wary American consumers look for value at TJX's popular off-price chains. "Traffic remains the primary driver for comp in off-price," Barclays said in a recent research note previewing earnings for TJX and peers Ross Stores (ROSS) and Burlington Stores (BURL). Higher profits In addition to delivering higher sales, TJX continues to show improved profitability — a trend we expect to accelerate when the company reports on Wednesday. At the same time, according to Telsey, TJX faces headwinds from incremental store wage and payroll costs.

Persons: TJX, Ross, ROSS, Dana Telsey, Telsey, TJX's, Jim Cramer's, Jim Cramer, Jim, TJ Maxx, Prince George's, Chip Somodevilla Organizations: TJX, Marshalls, LSEG, Barclays, Burlington Stores, Telsey Advisory, CNBC, Shoppers, TJ, Getty Locations: Maxx, TJX, Telsey, Prince, Hyattsville , Maryland

☆ Stocks ripped higher Tuesday on new inflation data. Here's why we were sellers
▼ + stars: | 2023-11-14 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Stocks rallied hard on Tuesday after new inflation data signaled a possible end to the Federal Reserve's rate-hiking campaign. The Dow Jones Industrial Average jumped nearly 500 points after the closely watched consumer price index (CPI) reading for October came in flat, softer than economists' estimate of 0.1% growth month over month. Wall Street took the news as a sign that inflation was coming down enough for the central bank to stop raising interest rates. Barring a surprise rebound in inflation, rates seem to have peaked and the "soft landing" for the economy is still in play. We like to buy stocks when the market is oversold, and sell stocks when there is too much buying.

Persons: Stocks, It's, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones Industrial, Wall, CPI, Jim Cramer's Charitable, CNBC, Xinhua News Agency, Getty Locations: Foster City , California, United States

☆ Why these industrial giants are betting on the transition to clean energy
▼ + stars: | 2023-11-13 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

"Right now, some of our favorite secular themes are the mega trends benefitting from a wave of federal spending — and the energy transition is one of those themes," he explained. CAT YTD mountain Caterpillar (CAT) year-to-date performance Elsewhere, Caterpillar has said the "energy transition and growing global energy demand are increasing [it's] total addressable market and furthering opportunities for long-term profitable growth." In terms of the energy transition, the company's aerospace business could see a boost from its development of sustainable aviation fuels. CEO Vimal Kapur last month said the industrials giant is "beginning to feel the urgency behind [the] energy transition." "Honeywell is in a unique position to both help the world meet today's growing energy needs, while also enabling the energy transition," Kapur said.

Persons: we're, Jeff Marks, Linde, Wall, I'm, Jim Cramer, Vimal Kapur, Kapur, Jim Cramer's, Jim, Krisztian Bocsi Organizations: Linde, LIN, Honeywell, Caterpillar, Investing, ExxonMobil, Exxon, BMO Capital Markets, Bank of America, CAT, CNBC, Linde AG, Treatment, Berlin, Bloomberg, Getty Locations: U.S, Berlin, Germany

☆ Holiday spending isn't expected to rise this year. We still like our retail setup
▼ + stars: | 2023-11-10 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The bad news: Consumers aren't expected to spend more this holiday season. With spending in line with last year, this holiday shopping season becomes a market share story — a zero-sum game. Foot Locker (FL) has issues outside of the holiday season such as an inventory glut, an overreliance on Nike (NKE) and the need to shut down unprofitable stores. We see no reason to change our 4 rating on both stocks ahead of the holiday season. Bottom line We are in a good position to benefit from how discretionary dollars will be spent this holiday season.

Persons: Morgan Stanley, Locker, Estee Lauder, Foot, Jim Cramer's, Jim Cramer, Jim, Christopher Dilts Organizations: Shoppers, Target, Walmart, Costco, Nike, TJX Companies, CNBC, Bloomberg, Getty Images Bloomberg, Getty Locations: Chicago , Illinois

☆ SoftBank Can’t Shake the Ghosts of Tech Booms Past
▼ + stars: | 2023-11-09 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

SoftBank founder Masayoshi Son has described his decision to invest heavily in WeWork as ‘a stain on my life.’ Photo: Kiyoshi Ota/Bloomberg NewsThere seems to be no shortage of bad news for SoftBank this week. A new artificial-intelligence-driven tech boom could eventually be a tailwind for earnings. But the company’s latest results were a reminder of how much work the firm still has to do to convince investors that it will be a canny steward of their capital—and reliably hit enough home runs to offset its many strikeouts. The Japanese technology investor on Thursday reported a surprising loss: equivalent to $6.2 billion for the September quarter. Analysts on S&P Global Market Intelligence had expected, on average, a gain of around $1.2 billion.

Persons: Masayoshi Son, Kiyoshi Ota Organizations: Bloomberg, P Global Market Intelligence Locations: WeWork

☆ Recent stock gains may have been too 'explosive,' but falling bond yields should continue to boost equities, technical strategist says
▼ + stars: | 2023-11-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Technical strategist Katie Stockton said that recent stock gains have been "explosive." But falling bond yields should continue to provide a boost to stocks if the pullback persists. The surge in equities, Wilson explained, is mostly a consequence of falling bond yields. Key government bond yields have pulled back sharply from 16-year highs in recent weeks. She said signs flashing in the TLT Treasury ETF point to an extended period of bond yields correcting from recent highs.

Persons: Katie Stockton, Stockton, —, November's, Morgan Stanley's Mike Wilson, Wilson, JPMorgan's Marko Kolanovic Organizations: Service, CNBC Wednesday, TLT Treasury Locations: Stockton, TLT

☆ Casino operator MGM beats third-quarter estimates as China travel rebounds
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsNov 8 (Reuters) - MGM Resorts International (MGM.N) beat market estimates for third-quarter profit and revenue on Wednesday, as the casino operator benefited from easing pandemic-related entry restrictions in its key markets. The post-pandemic travel rebound in China and Macau has been a tailwind for casino operators such as MGM Resorts and Las Vegas Sands Corp (LVS.N). "MGM China is performing exceptionally well," MGM's CEO Bill Hornbuckle said in the statement. Last month, MGM had said it expects a $100 million hit to its third-quarter results after a cyberattack disrupted its operations, forcing a shutdown of its systems.

Persons: Bridget Bennett, Bill Hornbuckle, Priyamvada, Shilpi Majumdar Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Vegas Sands Corp, Wynn Resorts, Thomson Locations: Las Vegas , Nevada, U.S, China, Macau, MGM China, Bengaluru

☆ Reuters NEXT White House's Bernstein upbeat on economy despite Mideast war, shutdown threat
▼ + stars: | 2023-11-08 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +3 min

"On the headwind side, certainly being in a higher rate environment is something we have to be mindful of. Bernstein said the U.S. economy was outperforming virtually all its competitors and urged Congress to pass the necessary appropriations bills to keep the government running. We've got a very strong backdrop to a U.S. economy that's outperforming virtually all our competitors," he said. Asked about recent negative polls reflecting concern about President Joe Biden's handling of the economy, Bernstein said Americans had to reset their price expectations given an increase in their buying power. Bernstein said the Biden administration had taken a series of steps to ease prices while maintaining a strong labor market.

Persons: Jared Bernstein, Amanda Andrade, Rhoades, Washington, Bernstein, We've, Joe Biden's, Biden, Jeff Mason, Eric Beech, Andrea Shalal, Dan Burns, Richard Chang Organizations: of Economic Advisers, Banking, Housing, Urban Affairs, Capitol, REUTERS, U.S . Council, Economic, Reuters NEXT, Thomson Locations: Washington , U.S, Israel, Gaza, U.S, New York, joblessness

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