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☆ Peloton staved off the cash crunch that threatened its business. Where does it go now?
▼ + stars: | 2024-07-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

Before the refinancing, Peloton would have needed to pay around $800 million toward its debt by November 2025. Now that it has refinanced, Peloton has eased investor concerns about liquidity and has the breathing room it needs to try to turn around its business. Peloton faces risks aheadWhile the refinance may have bought Peloton some time, it's far from a panacea. Under the terms, Peloton will now be spending about $133 million annually in interest, up from around $89 million previously. As of the end of March, Peloton had about 6.6 million members — woefully behind that long-term target.

Persons: Michael Nagle, JP Morgan, Goldman Sachs, hasn't, Liz Coddington, Coddington, Evan DuFaux, Soros didn't, Neil Saunders, Barry McCarthy's, Karen Boone, Chris Bruzzo, Scott Stuart, Simeon Siegel, Siegel, John Foley, McCarthy, —, McCarthy – Organizations: Interactive, Bloomberg, Getty, CNBC, Soros Fund Management, Silver Point, GlobalData, Netflix, Turnaround Management Association, BMO Capital Markets, Spotify Locations: New York

☆ Here are Monday's biggest analyst calls: Tesla, Nvidia, Verizon, Apple, McDonald's, Birkenstock, AT&T, Meta & more
▼ + stars: | 2024-07-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Morgan Stanley reiterates Nvidia as overweight Morgan Stanley raised its price target on the stock to $144 per share from $116. "We are initiating coverage of Gauzy with a Buy rating and $18 12-month price target." Wells Fargo reiterates McDonald's as overweight Wells said it's standing by its overweight rating on shares of McDonald's. "We initiate coverage on Amkor Technology (AMKR, $10B market cap) with an Overweight rating and Dec-25 price target of $48." Raymond James reiterates Meta as strong buy Raymond James raised its price target on Meta to $600 per share from $550.

Persons: Morgan Stanley, Goldman Sachs, Goldman, it's, BIRK, ramping, Stifel, Wells, Tesla, JMP, Academy's, Piper Sandler, Piper, TD Cowen, W.R, Berkley, Snowflake, Raymond James, Rivian, Meta Organizations: UBS, Apple, Verizon, AT, Gannett, JMP, Sports, JPMorgan, Amkor Technology, Deutsche Bank, Walmart, Deutsche, Exchange, ICE, RBC, NextEra Energy Partners, Fox Corp, EV, Meta Locations: China, Taiwan, Asia, TFX, McDonald's, Rivian

☆ What the new IRS guidance on crypto tax reporting means for investors
▼ + stars: | 2024-07-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from sales in 2025 via Form 1099-DA. In 2027, brokers must include cost basis, or purchase price, for certain digital asset sales for 2026. "These regulations are an important part of the larger effort on high-income individual tax compliance," IRS Commissioner Danny Werfel said in a statement. The new IRS regulations come roughly four months after the agency hired two former crypto executives to improve digital currency service, reporting, compliance and enforcement programs.

Persons: Danny Werfel, Everybody's, James Creech, Baker Tilly Organizations: U.S . Department of, Treasury, IRS, Finance, Taxation, CNBC Locations: U.S

☆ Rich collectors want to give art to their kids, but they don't want it. Here's what they can do instead, and they can save millions on taxes, too.
▼ + stars: | 2024-06-30 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Read previewNearly 80% of wealthy art collectors want their masterpieces to stay in the family, according to a Bank of America survey. For instance, the survey found that collectors between 21 and 43 have a greater appreciation for sculptures and antiquities than older art aficionados. Rich art collectors are reluctant to address the issue, according to Rosemary Ringwald, head of art planning at Bank of America's private bank. Collectors are increasingly picking art executors or art trustees to oversee their possessions after they die, she said. The ideal executor does not have a financial interest in the art and isn't a prospective owner of it.

Persons: —, Rich, Rosemary Ringwald, Ringwald Organizations: Service, Bank of America, Business, Bank of, IRS, Bank Locations: Aspen

☆ Gen Xers who began their financial independence journeys in their 40s and 50s explain how they're on pace to meet their early retirement goals
▼ + stars: | 2024-06-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Now almost 57, Murillo, who lives in the Chicago area, has a net worth of over $1.1 million and is on pace to reach financial independence within three years. AdvertisementShe developed a plan to pay off her debt, saving roughly 40-50% of her net income of between $120,000 and $140,000. Murillo is one of many Americans who started their financial independence journeys later in life but are on pace to meet their early retirement goals. AdvertisementBy the time he turned 50, he and his wife had a net worth of almost a million. AdvertisementBy 47, she reached a million in net worth, which was about 25 times her expenses.

Persons: —, Gina Murillo, Murillo, I'd, Gen Xers, Bill Yount, Yount, what's, He's, Jackie Cummings Koski, could've Organizations: Service, Business, FI, Vanguard, Walmart, LexisNexis, FIRE Locations: Chicago, Tennessee, South Carolina, Ohio

☆ A notorious market bear who called the 2000 and 2008 crashes shares 3 charts revealing striking similarities between today's market and the most extreme bubbles — and warns of 50-70% downside for the
▼ + stars: | 2024-06-29 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

"In contrast, current valuation extremes imply potential downside risk for the S&P 500 on the order of 50-70% over the completion of this cycle." JPMorgan's Marko Kolanovic expects the S&P 500 to fall to 4,200, while more extreme forecasts include Jeremy Grantham's estimate in the low 3,000s. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.

Persons: —, Jonathan Golub, Count John Hussman, Hussman, Hussman's, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, JPMorgan's Marko Kolanovic, Jeremy Grantham's Organizations: Service, UBS, Business, Hussman Investment Trust, New York Stock Exchange, Investor Intelligence

☆ Jobs and beer: 3 labor reports and an earnings release are the big events next week
▼ + stars: | 2024-06-29 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

The U.S. stock market will be closed Thursday for the Fourth of July holiday. Economic data The main event is Friday's June nonfarm payrolls report, which is among the most important monthly data releases for investors. The ADP report isn't as market moving as the nonfarm payrolls report, but expect investors to use to game the nonfarm payrolls report out later in the week. The June ISM Services report on Wednesday also will shed light on services in the U.S. economy. ET: Nonfarm Payrolls (Jim Cramer's Charitable Trust is long STZ.

Persons: Dow, we're, Jim Cramer, Donald Trump, Joe Biden, Democrats —, Thursday's, —, we'll, nonfarm payrolls, Dow Jones, Payrolls, Jim Cramer's, Jim, Michael Nagle Organizations: Nasdaq, Dow Jones, Walgreens, Nike, Republicans, Democrats, Energy, Utilities, Constellation Brands, Labor, Corona, Cinco, Industrial, Markets, CNBC, Bloomberg, Getty Locations: U.S

☆ There is one European country where Taylor Swift didn't change the economy so far
▼ + stars: | 2024-06-28 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewTaylor Swift's Eras Tour has made it to five European countries so far. Portugal, Spain, and Sweden's hotel prices in May increased several times' their 2021-2023 average. The Eras tour has had a massive economic impact on other countries. In Chicago, Eras tour dates led to 96.8% hotel room occupancy, an all-time high for the city, per the BMI report.

Persons: —, Swift, QuestionPro, concertgoers, Taylor Swift's, Ben Julius Organizations: Service, BMI, Fitch Solutions, Business, Philadelphia Federal Reserve, MBI, Tourist Italy Locations: France, Portugal, Spain, Paris, Lyon, Netherlands, Ireland, Austria, Switzerland, Chicago, Italy, Milan

☆ Why ESPN's rival to FanDuel and DraftKings is flailing — and how it could make a comeback
▼ + stars: | 2024-06-28 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +7 min

The app, ESPN Bet, made early strides in the first few months, gaining ground through promotions and marketing that leveraged ESPN's popular personalities. Even Fanatics, the industry's other major recent disrupter, hasn't made much of a dent in DraftKings' and FanDuel's dominance. As of March, ESPN Bet had captured about 4% of the online-sports-betting market by gross gaming revenue, per Bank of America's analysis, though its share has been higher in states like Pennsylvania. How ESPN Bet can make a comebackPenn could still be successful if it improves its product and spends less money on acquiring new customers, the analysts said. Jonas said if Boyd acquires Penn, it would be a sizable shift in strategy for their management, team, and board.

Persons: —, FanDuel, Dan Wasiolek, Will Wyatt, Penn's, Jay Snowden's, Boyd, Penn, ESPN Bet's, hasn't, it's, Barry Jonas, Scott Van Pelt, Stephen A . Smith, ESPN Bet, Penn doesn't, Jonas, EKG, Snowden, Wasiolek, they'll Organizations: Service, ESPN, Penn Entertainment, Business, ESPN Bet, Morningstar, Donerail Group, Barstool Sports, Penn, Reuters, Boyd Gaming, Truist Securities, Barstool, ESPN Bet's, NFL, Management Locations: Barstool, Penn, Pennsylvania, Eilers

☆ Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
▼ + stars: | 2024-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

May marked the lowest annual rate since March 2021, which was the first time in this economic cycle that inflation topped the Federal Reserve's 2% target. An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three years. Including food and energy, headline inflation was flat on the month and also up 2.6% on an annual basis. Outside of the inflation numbers, the Bureau of Economic Analysis report showed that personal income rose 0.5% on the month, stronger than the 0.4% estimate. Shelter-related costs have proven stickier than Fed officials have anticipated and have helped keep the central bank from reducing interest rates as expected this year.

Persons: Dow Jones, Seema Shah Organizations: Dow, Commerce Department, Federal, Asset Management, Gross, Atlanta Fed Locations: PCE

☆ Why ESPN's sports-betting app is falling behind — and how it could make a comeback
▼ + stars: | 2024-06-28 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +7 min

The future of ESPN's sports-betting app is now in question amid mounting losses and an activist investor push at partner Penn Entertainment that has prompted sale rumors. The app, ESPN Bet, made early strides in the first few months, gaining ground through promotions and marketing that leveraged ESPN's popular personalities. As of March, ESPN Bet had captured about 4% of the online-sports-betting market by gross gaming revenue, per Bank of America's analysis, though its share has been higher in states like Pennsylvania. "Testers liked ESPN Bet's UX and minty aesthetic but felt the app lacked depth (particularly more extensive features)," EKG wrote in May. "Product is one thing, and I would say having expertise in how to target users effectively to lower your acquisition costs and your retention costs" is key for the ESPN Bet app to compete, Wasiolek said.

☆ Rivian investor day focuses on cost reductions, efficiencies and next-generation EVs
▼ + stars: | 2024-06-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Shares of the company remain off by roughly 40% this year amid significant cash burn and slowdown in EV sales. Rivian on Thursday reconfirmed its 2024 guidance that included production of 57,000 vehicles and a path to positive gross profit during the fourth quarter, including regulatory credits. It also outlined longer-term growths, such as plans to achieve positive adjusted earnings before interest, taxes, depreciation and amortization in 2027. Volkswagen is expected to use Rivian's electrical architecture and software stack for vehicles beginning in the second half of the decade, Scaringe said Tuesday. A provided image of Oliver Blume, CEO of Volkswagen Group and RJ Scaringe, founder and CEO of Rivian, as the companies announce joint venture plans on June 25, 2024.

Persons: RJ Scaringe, Rivian, Scaringe, Oliver Blume Organizations: Rivian Automotive, Volkswagen Group, Volkswagen

☆ Wall Street analysts say this slide in Micron is a buying opportunity for AI play
▼ + stars: | 2024-06-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Investors should consider using the pullback in Micron Technology to snatch up shares, according to several Wall Street analysts. His $175 price target implies upside of more than 22% from Wednesday's close. Goldman Sachs analyst Toshiya Hari also viewed the drop as a buying opportunity, citing expectations for growth in AI compute and high-bandwidth memory market share gains. Hari has a price target of $158, signaling 11% upside over the next 12 months. MU 1D mountain Micron shares fall on in-line guidance Wells Fargo's Aaron Rakers reiterated his overweight rating and $190 price target, implying more than 33% upside.

Persons: Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Harlan Sur, Bernstein, Mark Li, Timothy Arcuri, Wells Fargo's Aaron Rakers, Vivek Arya Organizations: Micron Technology, MU, Micron, UBS, Bank of Locations: Wednesday's, CY25, ramping HBM

☆ S&P 500 to tumble 30% as recession hits later this year, says BCA Research
▼ + stars: | 2024-06-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

U.S. stocks are set to drop more than 30% as a recession hits the U.S. economy in the coming months, BCA Research predicts. We conservatively expect the S & P 500 to drop to 3750 during the coming recession," Chief Global Strategist Peter Berezin wrote in a note Tuesday. The calculation is conservative because it assumes that S & P 500 revenue rises in line with nominal gross adjusted product, he explained. .SPX 1Y mountain S & P 500's one-year performance BCA Research said it sees several feedback loops that will weaken the economy. Absent "overwhelming evidence" of an imminent recession risk, the central bank will be reluctant to cut rates aggressively, he said.

Persons: Peter Berezin, Berezin, JPMorgan's Dubravko Organizations: Research, Tech, Wall, CNBC

☆ Gold prices lingers near two-week low as traders eye U.S. inflation data
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday after falling to a two-week low in the previous session, while investors awaited U.S. inflation data for insights into how soon the Federal Reserve will cut interest rates. Gold prices steadied on Thursday after falling to a two-week low in the previous session, while investors awaited U.S. inflation data for insights into how soon the Federal Reserve will cut interest rates. Data due this week include the U.S. first-quarter gross domestic product estimates are due at 1230 GMT and the personal consumption expenditures inflation data on Friday. "Gold prices remain tangled in a tug of war between a less dovish Fed and high levels of geopolitical tension," analysts at BMI said in a note dated Wednesday. "The main driver of easing gold prices in the longer term will be greater risk-on sentiment as the global economy recovers in the later part of the decade."

Persons: Tim Waterer, Michelle Bowman, Waterer Organizations: Federal Reserve, U.S, KCM Trade, U.S ., Fed, BMI Locations: .

☆ Fact checking the CNN presidential debate
▼ + stars: | 2024-06-27 | by ( Cnn Staff | ) edition.cnn.com time to read: +69 min

CNN —President Joe Biden and former President Donald Trump faced off during CNN’s presidential debate in Atlanta Thursday night. From CNN’s Daniel DaleFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. From CNN’s Daniel Dale and Ella NilsenFormer President Donald Trump, left, and President Joe Biden take part in the CNN presidential debate on Thursday, June 27. From CNN’s Alicia WallaceFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. Kpler found that China imported about 511,000 barrels per day of Iranian crude in December 2020, Trump’s last full month in office.

Persons: Joe Biden, Donald Trump, Biden, Trump “, “, ” Trump, ”, Trump, ” John Kelly, servicemembers, Kelly, Jim Sciutto, Daniel Dale, Kaanita Iyer, Roe, Wade, That’s, Wade ”, Kimberly Mutcherson, “ Donald Trump’s, Maya Manian, Trump’s, Mary Ziegler, Davis, Ziegler, Ruth Bader Ginsburg, Roe should’ve, ’, Will Lanzoni, ” Biden, corpsman —, Hamid Karzai, CNN’s Haley Britzky, didn’t, Priscilla Alvarez, George Floyd, Tim Walz, Walz, Paul –, CNN’s Holmes Lybrand, Daniel Dale FACT, European Union won’t, Ella Nilsen, Jill Biden, Jake Tapper, Dana Bash, Adam Rose, CNN US Sen, Marco Rubio, CNN Trump, Austin Steele, CNN Biden, Tristen Rouse, CNN Tapper, Robert F, Kennedy Jr, Kennedy, CNN MJ Lee, Mandel Ngan, Megan Varner, Reuters Kennedy, Burk Stringfellow, Iran “, Mike Pompeo, ” Pompeo, Tami Luhby Trump, CNN’s KFILE, weren’t, Hillary Clinton, affirmatively, it’s, what’s, –, Alicia Wallace, Obama, CNN’s Ella Nilsen, you’re, Biden’s, Hunter Biden, Joe Biden’s, Viktor Shokin, Shokin, CNN’s Marshall Cohen, “ It’s, Rick Muskat, CNN.So, Morgan, Katie Lobosco, Alvin Bragg’s, Bragg, Jack Smith, Smith, General Merrick Garland, Garland, Matthew Colangelo, Colangelo, I’ve, there’s, Iran haven’t, ” Matt Smith, Ali Vaez, Kpler, Gary Engelhardt, Jason Richwine, ” Richwine, Tami Luhby, Confederate, Robert E, Lee, marchthat, “ I’m, Elle Reeve, Ralph Northam, Jen Christensen, ” Trump’s, Ronald Reagan’s, Barack Obama, George W, ‘, ’ ” Trump, CNN’s Jen Christensen, Pelosi, Nancy Pelosi, “ Nancy Pelosi, …, Alexandra Pelosi, Aaron Bennett, Cherry, Christopher Miller, Miller, Charis Kubrin, CNN’s Catherine Shoichet, ” Kubrin’s, Graham Ousey, College of William & Mary, Erwan, George Washington, Marshall Cohen, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, Howard Gleckman, ” Gleckman Organizations: CNN, Trump, Homeland Security, SSRS, Marquette Law School, NBC, Gallup, ” Rutgers Law, American University, university’s Health, University of California, Atlanta, US Navy, Border Patrol, Border Patrol Council, National Guard, Minneapolis Former, Minnesota Democratic Gov, Minnesota National Guard, Guard, EU, European Union, US, European Automobile Manufacturers ’ Association, CNN US, Biden, House, CNN Biden's, CNN Biden, White House, Getty, Reuters, State, Medicare, Black, of Labor Statistics, Republican, Burisma Holdings, International Monetary Fund, Republicans, House Republicans, US International Trade Commission, US Customs, Deer Stags, Peterson Institute for International Economics, Justice Department, DOJ, DC, federal, Department, Democrat, Americas, Crisis, Social Security, Social, General Internal Medicine, “, Syracuse University, Center for Immigration Studies, Electoral, White, Nazi, US Centers for Disease Control, Former Virginia Gov, United, China Former, China, Hamas, ISIS, Trump’s, Democratic, Congressional, Capitol, Colorado Supreme Court, US Food, Guttmacher Institute, California Democrat, Capitol Police Board, Senate, District of Columbia National Guard, College of William &, NATO, Atlantic Treaty Organization, George Washington University’s Elliott School of International Affairs, Transatlantic, Urban, Brookings Tax, Urban Institute, ”, Tax, Center Locations: Atlanta, France, Afghanistan, Kabul, Jordan, Iran, Somalia, Yemen, Yakushima Island, Japan, Minneapolis, Portland, Minnesota , Minneapolis, St, EU, Georgia, CNN's, Washington ,, AFP, Lebanon, Israel, what’s, Paris, China, India, Russia, United States, Ukrainian, Ukraine, lockstep, American, Manhattan, New York , Georgia, Florida, Washington, New York, York’s, Mexico, Kpler, Malaysia, Charlottesville, Charlottesville , Virginia, White, Virginia, Northam, East, “, New York City, Saudi, al Qaeda, Texas, Colorado, California, Trump, Irvine, Germany, Berkeley

"The stock price has lagged but we don't see any other catalysts medium term, hence we are moving to the sidelines." Micron shares were down 5% in the premarket. The analyst reiterated a buy rating on Micron stock with a $175 per share price target, implying nearly 23% upside from Wednesday's $142.36 close. He raised his price target to $158 per share price from $138, calling for 11% upside. Arya maintained a buy rating on Micron stock with a $170 per share price target, or about 19% upside moving forward.

Persons: Vivek Juneja, — Brian Evans, TD Cowen, Cowen, John Blackledge, Keefe, David Konrad, Brian Evans, Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Vivek Arya, Arya, Caio Ribeiro, Ribeiro, Fred Imbert Organizations: CNBC, Micron Technology, Bank of America, Petrobras, JPMorgan downgrades U.S, Bancorp, JPMorgan, U.S . Bancorp, New York Mellon, Bank of New, Bank of New York Mellon, BK, Mellon, Micron, MU, Citi Locations: Brazil, U.S, Bank of New York, CY2025

☆ Billionaire Joe Ricketts' latest drama is right out of 'Yellowstone'
▼ + stars: | 2024-06-27 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

While the regional wildlife coordinator for Wyoming Game and Fish supported the proposal, Ricketts' neighbors were another story, the Nebraska Examiner said. That's what I kind of equate it to," one local told The Daily Beast about Ricketts at the time. "That's just not something that's ever going to be well received, whether it was Mr. Ricketts or the next billionaire with a big dream and a big plan." And in the end, Ricketts is getting his big dream and big plan — just not when he wants it. According to estimates at the town meeting, the hotel will now take six years to build rather than three.

Persons: —, Joshua Coursey, Joe Ricketts —, Donald Trump, Ricketts, Forbes, Jackson, " Ricketts, Little Jackson, He's, Fish, Foundation's Coursey, Matthew Prince, Prince, Bill Gross, Dale Chihuly, Gross, Vinod Khosla, Coursey, That's Organizations: Service, Business, Foundation, Chicago Cubs, Wyoming, Nebraska Examiner, City, Daily Locations: Bondurant, Wyoming, Paramount's, Sublette County , Wyoming, Teton County, Los Angeles and New York, Northwest Wyoming, Sublette, Laguna Beach , California

☆ Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +2 min

Sri Lanka's President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Sri Lanka President Media Division / Handout | Anadolu Agency | Getty ImagesSri Lanka's President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Furthermore, Sri Lanka will be able to repay all the loans on concessional terms, with an extended period until 2043. By 2022, Sri Lanka had to repay about $6 billion in foreign debt every year, amounting to about 9.2% of gross domestic product. The agreement would enable Sri Lanka to maintain debt payments at less than 4.5% of GDP between 2027 and 2032.

Persons: Ranil Wickremesinghe, Sri Lanka, Wickremesinghe Organizations: Sri, Sri Lanka President Media, Anadolu Agency, Getty, International Monetary Fund, China's Exim Bank Locations: India, France, Japan, China, Sri Lanka, Paris, Beijing, Sri Lankans

☆ Nvidia will hit a $6 trillion valuation by the end of the year as investors start to realize how cheap the stock is, hedge fund manager says
▼ + stars: | 2024-06-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Nvidia stock is still cheap based on a forward price-to-earnings multiple, according to a hedge fund manager. Eric Jackson expects Nvidia stock to hit $250 per share by the end of the year, doubling from current levels. Jackson expects Nvidia stock to hit $250 by the end of the year, representing potential upside of 101% from current levels. And it's all because Nvidia stock is still cheap on a valuation basis, according to Jackson. AdvertisementConstellation Research and Rosenblatt have a $200 price target for Nvidia stock, while Bank of America recently reiterated its $150 target.

Persons: Eric Jackson, —, EMJ Capital, Jackson, it's, Blackwell, Rubin, Jackson isn't, Rosenblatt Organizations: Nvidia, Service, EMJ, CNBC, Cisco, Wall, Constellation Research, Bank of America

☆ Treasury yields climb as investors weigh comments from Fed speakers
▼ + stars: | 2024-06-26 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 4.7306% after rising by close to four basis points. U.S. Treasury yields were higher on Wednesday as investors considered the latest comments from Federal Reserve officials about monetary policy and awaited key economic data. Investors digested remarks from Federal Reserve officials about the U.S. economy and the outlook for interest rates. Bowman also did not take further interest rate hikes off the table. Meanwhile, Fed Governor Lisa Cook on Tuesday said she only expects little change to inflation rates this year, but sees inflation "slowing more sharply" next year.

Persons: Michelle Bowman, Bowman, Lisa Cook Organizations: Treasury, U.S, Federal Reserve, Investors, PCE Locations: U.S

☆ What Rivian's venture with Volkswagen means for the EV maker, broader auto industry
▼ + stars: | 2024-06-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Rivian 's latest partnership with Volkswagen could prove a major boon for investors and the broader auto industry, according to some Wall Street analysts. As part of the plan, Volkswagen will inject $1 billion, followed by an additional $4 billion investment planned by 2026. RIVN 1D mountain Shares pop on Volkswagen venture But Wall Street views the deal as a potential turnaround opportunity that can help limit execution risks and uncertainties surrounding funding that have spooked investors in recent months. Big wins for the auto industry While the venture justifies Rivian's strategy, some on Wall Street anticipate potential big wins for the broader auto industry. He added that the venture also highlights the need for proprietary electronic control units and software.

Persons: Rivian, John Murphy, Ryan Brinkman, Dan Levy, Levy, Wells, Colin Langan, Morgan Stanley's Adam Jonas, Jonas, Tesla, Piper Sandler, Alexander Potter, America's Murphy Organizations: Volkswagen, Bank of America, JPMorgan, Barclays, Bank, Lucid Group Locations: China

☆ Gold prices muted with U.S. inflation data in focus
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Gold prices were subdued on Wednesday ahead of crucial U.S. inflation data due this week, which could offer more clarity on the timing of the Federal Reserve's first interest rate cut this year. Meanwhile, Fed Governor Lisa Cook said "at some point" it will be time to cut interest rates. "Dips in the gold price remain relatively shallow courtesy of buyers stepping in from the sidelines on price retreats," Tim Waterer, chief market analyst at KCM Trade, said in a note. Waterer added that the $2,368 level would need to be breached for gold to surpass the highs from last week.

Persons: Christopher Waller, Yeap Jun Rong, Michelle Bowman, Lisa Cook, IG's, Rong, Tim Waterer, Waterer Organizations: Federal Reserve, Federal, Fed, U.S, KCM Locations: U.S

☆ Rivian stock soars 37% after it strikes $5 billion deal with Volkswagen
▼ + stars: | 2024-06-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Rivian stock surged 37% after it secured a $5 billion deal with Volkswagen. The companies will form a joint-venture to develop next-gen vehicle software and electrical architecture. AdvertisementRivian stock soared 37% on Wednesday after it struck a $5 billion deal with Volkswagen. The two companies will form a joint-venture to collaborate on next-generation vehicle software and electrical architecture, which will be utilized in cars from both brands. As part of the deal, Volkswagen will invest an initial $1 billion in Rivian via a convertible note that will convert into Rivian stock later this year, assuming the companies receive regulatory approval for the deal.

Persons: —, RJ Scaringe, Dan Ives, Ives Organizations: Volkswagen, Service, JV, Volkswagen Group's, Rivian Locations: Rivian

☆ Abu Dhabi wants to be an AI leader. Aligning with the US is just the start
▼ + stars: | 2024-06-26 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

CNN —The world’s first minister dedicated to developing artificial intelligence (AI) strategy is already becoming embroiled in a global power struggle for tech supremacy. The UAE is one of the world’s largest producers of fossil fuels, and Abu Dhabi sees its AI push as crucial for diversifying away from oil. Christopher Pike/Bloomberg/Getty ImagesWashington has also limited the sale of sophisticated US chips to ensure China doesn’t use Middle Eastern nations as a back door to access the newest AI technology, according to Reuters. By opening up the technology, Abu Dhabi is positioning itself as an ally to developing nations that don’t have the resources to build their own AI tools. In March, a report commissioned by the US State Department warned that the most advanced AI systems could, in a worst-case scenario, “pose an extinction-level threat to the human species.”Olama has some specific concerns.

Persons: Biden, Omar Al Olama, “, Zayed Al Nahyan, Abu Dhabi, ”, ” Olama, Al Olama, ’ ”, Christopher Pike, Olama, Abu Dhabi’s, ” James Lewis, Abu Dhabi’s Mohamed bin, Gifty Sahany, Lewis, ” He’s Organizations: CNN, Microsoft, United Arab Emirates, UAE, PwC, Commerce Department, Huawei, Etihad, United, Bloomberg, Getty, Washington, Reuters, Nvidia, Apple, Technology Innovation Institute, Google, Center for Strategic, International Studies, Washington DC, University of Artificial Intelligence, Systems, US State Department Locations: Abu Dhabi, UAE, China, United States, Dubai, Gulf, United Arab Emirates, Beijing, Washington, University, Valley

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