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Under cathedral ceilings and soaring stained glass windows, Garry Tan clutched a microphone as he greeted a crowd of political centrists, including San Francisco’s mayor, local prosecutors and police brass. “Welcome to the church of turning San Francisco around!” said Mr. Tan at a fund-raiser he was hosting for local Asian American female political candidates just days before the Super Tuesday elections this month. For a man evangelizing for change in San Francisco, owning a condo that used to be part of a church comes in handy. Last year, he scooped up the $3.95 million space near the city’s palm-tree-studded Dolores Park to hold events like this one — events he hopes will shift San Francisco from its idealistic progressivism toward nuts-and-bolts centrism. Mr. Tan’s day job is chief executive of Y Combinator, the accelerator for tech start-ups that has helped create household names including Airbnb, DoorDash, Dropbox, Instacart and Reddit.
Persons: Garry Tan clutched, , Tan, Y Organizations: Francisco’s Locations: San Francisco, Dolores, Francisco
Reddit shares are plummeting after experiencing a rally stemming from the social media company's IPO last week. Shares closed at $49.32, ending the week below their closing price on Reddit's first day of trading on the New York Stock Exchange. Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. Meanwhile, Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company's shares. The company's shares then rose 8.8% on Tuesday to close at $65.11, even after New Street Research issued a neutral rating on the company.
Persons: Reddit, Steve Huffman, Ben Silverman, Verity, Jennifer Wong, Silverman, It's Organizations: New York Stock Exchange, Stock, Bloomberg News, CNBC, New, Research, New Street Research Locations: New York City
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. 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. CNBC Investing Club with Jim Cramer Rob Kim | NBCUniversal
Persons: Jerome Powell, Donald, Jim Cramer's, Jim Cramer, Jim, Jim Cramer Rob Kim Organizations: Federal Reserve, Trump Media & Technology Group, Astera Labs, Astera, Jim Cramer's Charitable, CNBC
In 1970, more than two-thirds of American adults between 25 and 49 lived with a spouse and at least one kid. For a society structured around the ideal of the nuclear family, its demise has left everyone wondering: What happens now? Without one partner focused on full-time housekeeping, the amount of work required to run a nuclear family isn't really feasible. It doesn't take much of a mental leap to see why capitalism and the nuclear family make for such cozy bedfellows. Coontz, a leading historian of the American family, notes that every family structure comes with its own set of distinct weaknesses, strengths, and possibilities.
Persons: Elon Musk, Vivek Ramaswamy, O'Brien, David Brooks, Moira Weigel, Brooks, Charles E, " O'Brien, Stephanie Coontz, Kristen Ghodsee, Ghodsee, coparenting, Mark Boster, Coontz, Organizations: Pew Research, Elon, Labor, Getty, University of Pennsylvania, Brookings Institution, Pew, Los Angeles Times, Guardian Locations: The, California, Somerville , Massachusetts
New York CNN —YouTube says hundreds of thousands of creators are now earning a paycheck from posting short-form videos on the platform, as it ramps up its race to compete with rivals like TikTok and Instagram. It hasn’t been cheap: the Google-owned platform is shelling out tens of thousands of dollars to some of its top Shorts creators — like beauty influencer Sydney Morgan — every month. YouTube says the fresh data to its ability to incentivize existing creators to try out a new format — and to attract new users. “I make more from just YouTube Shorts (revenue) sharing in a month than I can make on other comparable platforms in a year,” she said. YouTube declined to share data around the total amounts it’s paid to creators for Shorts in the year since it added the feature to the YouTube Partner Program.
Persons: Sydney Morgan —, ” Amjad Hanif, Tara Walpert Levy, Meta, ” Hanif, “ You’re, “ It’s, , “ We’ve, ” Walpert Levy, , , Morgan, YouTubers, ” Morgan, Reddit, aren’t, Destin Sandlin, CNN he’s, ” Sandlin, Sandlin, Hanif, he’s, you’ve Organizations: New, New York CNN, YouTube, Google, Shorts, CNN, Facebook, Kodak, NASA Locations: New York, Instagram, United States
What do Reddit , Trump Media & Technology Group and GameStop all have in common? Trump Media made its market debut on Tuesday under the ticker DJT, following its merger with shell company Digital World Acquisition Corp. Reddit, which is not in the S & P 500, also has a market cap of about $9 billion Market capitalization Trump Media & Technology $9.4 b. Reddit $9.2 b. Caesars Entertainment $9.4 b. American Airlines $10 b. Mosaic $10.3 b. This is rather remarkable, considering Trump Media had revenues of roughly $3.3 million. What meme stocks have in common What Trump Media, GameStop and Reddit have in common is a high retail base.
Persons: Reddit, Michael Pachter, Pachter, Arch Crawford Organizations: Trump Media & Technology Group, GameStop, Trump Media, Corp, Caesars Entertainment, American Airlines and, Technology, American Airlines, The New York Times, Trump Media & Technology, JPMorgan, East India Company, Microsoft Locations: Moluccas, Indonesia
Check out the companies making the biggest moves midday. Estée Lauder — Shares jumped 6.28% after Bank of America upgraded them to buy from neutral. AMC Entertainment — Shares dropped 14.29% after the movie theater chain said in a filing it will sell $250 million worth of stock. Verint Systems — Shares added 6.63% after the customer engagement solutions provider surpassed fourth-quarter earnings per share and revenue expectations. Braze anticipates a loss of 10 cents to 11 cents per share for its first quarter, versus a 5 cents loss expected from analysts polled by FactSet.
Persons: Estée Lauder —, Steve Ladd Huffman, Jennifer Wong, Chemours, Sridhar Ramaswamy, FactSet, Synnex, TD Synnex, MillerKnoll, Braze, , Alex Harring, Hakyung Kim, Pia Singh, Jason Kempin Organizations: Bank of America, New York Stock Exchange, AMC, Verint Systems, Apollo Global Management, FactSet, Allstate, HSBC, Getty
GameStop — GameStop shed nearly 15% after the video game retailer reported lower fourth-quarter revenue from a year ago. Merck — Merck jumped 4% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung condition. However, Carnival reported an adjusted loss per share of 14 cents, better than the 18 cent loss analysts had expected. Cintas raised its full-year earnings and revenue guidance. Reddit — The social media stock slumped 13%.
Persons: Merck — Merck, Cintas, Reddit, Morgan Stanley, Wells, Concentrix, Coinbase, Donald Trump's, nCino, , Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Macheel, Jesse Pound, Brian Evans, Sarah Min Organizations: GameStop, Merck, U.S . Food, Drug Administration, LSEG, New York Stock Exchange, Marvell Technology, Citi, Deutsche Bank, General, , Electric, U.S . Securities, Exchange, SEC, Moderna, Trump Media & Technology, Truth Social Locations: U.S, Wells Fargo
Clocks may have to skip a second — called a “negative leap second” — around 2029, a study in the journal Nature said Wednesday. “We are headed toward a negative leap second," said Dennis McCarthy, retired director of time for the U.S. Without the effect of melting ice, Earth would need that negative leap second in 2026 instead of 2029, Agnew calculated. In 2012, some computer systems mishandled the leap second, causing problems for Reddit, Linux, Qantas Airlines and others, experts said. Then add in the “weird” effect of subtracting, not adding a leap second, Agnew said.
Persons: , Duncan Agnew, “ It’s, Agnew, Dennis McCarthy, Judah Levine, McCarthy, timekeepers, ” Levine, ” McCarthy, Levine, , It’s, it’s, ___ Read, Seth Borenstein Organizations: Nature, Scripps Institution of Oceanography, University of California, U.S . Naval, National Institute of Standards, Technology, , Linux, Qantas Airlines, Tech, Google, Amazon, Associated Press Locations: San Diego, AP.org
Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Amazon's recent AI moves have been impressive, specifically its close relationship with fellow Club holding Nvidia and, most recently, its multibillion-dollar venture investment in startup Anthropic. Best Buy : We added the electronics and appliance retailer to the portfolio shortly after the Monthly Meeting concluded. 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: Jim Cramer's, Jim, Jim Cramer, Reckitt Benckiser, Abbott, We've, Here's, Salesforce, that's, Walt Disney, Nelson Peltz, Estee Lauder, he'd, Ford, We're, we'll, Vimal Kapur, Kapur, Linde, Eli Lilly, TikTok, Meta's Ray, Morgan Stanley, Reddit, Morgan, Ted Pick, he's, it's, Stanley Black, Decker, TJ Maxx, Wells, Wynn, Spencer Platt Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Department of Justice, Abbott Laboratories, Nvidia, Broadcom, Investors, Bausch Health, Pharmaceuticals, Costco Wholesale, Costco, GTC, Coterra, DuPont De Nemours, DuPont, stoke, Peltz, Disney, Eaton Corporation, Ford, General Motors, Wall, GE Healthcare Technologies, General Electric, Apple, Google, Bloomberg, . Honeywell, Honeywell, UBS, Meta, Microsoft, Palo Alto Networks, Palo Alto, Procter & Gamble, Starbucks, Constellation Brands, Stanley, TJX, Marshalls, Wynn Resorts, Jim Cramer's Charitable, Traders, New York Stock Exchange, Getty Locations: China, Costco, U.S, East, Mexican, Growth, HomeGoods, Wells Fargo, Macao
Reddit shares slump after CEO Steve Huffman sells 500,000 shares
  + stars: | 2024-03-27 | 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 EmailReddit shares slump after CEO Steve Huffman sells 500,000 sharesHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Steve Huffman, Brian Sullivan, Organizations: CNBC
Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.
Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating
Truth Social had just 494,000 monthly active US users on iOS and Android combined in February, according to Similarweb stats provided to CNN. Even Threads had more than 10 times the number of monthly active users that Truth Social had in February, according to Similarweb. The last Trump company to go public, Trump Hotels and Casino Resorts in 1995, used the same DJT ticker symbol. Like any social media business, Truth Social faces pressure to grow its user base, expand its advertising business and build a subscription service. “If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy.
Persons: Donald Trump’s, , , Jay Ritter, Ritter, , Reddit, Matthew Kennedy, Kennedy, Jonathan Macey, that’s, ’ Matthew Tuttle, Tuttle, it’s Trump, you’ve, ” “, I’m, Donald Trump, Trump, “ Donald J, TMTG, skeptically Organizations: New, New York CNN, Trump Media & Technology Group, Trump Media, University of Florida’s Warrington College of Business, GameStop, AMC, Trump, Renaissance, Truth, CNN, Facebook, Yale, Digital, Tuttle Capital Management, SEC, Trump Hotels, Casino Resorts, New York Stock Exchange Locations: New York, , United States
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTuesday’s rapid fire: Mastercard, Visa, Reddit, McCormick, Hershey and UPSCNBC’s Jim Cramer on Tuesday weighed in on headlines around Mastercard, Visa, Reddit and more stocks.
Persons: Jim Cramer Organizations: Mastercard, Visa, Reddit, Hershey, UPS Locations: McCormick
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewReddit was founded nearly two decades ago, yet it's never turned a profit. After the initial pop in Reddit stock, it slid nearly 9% during its second day of trading on Friday, only to jump 30% on Monday. Reddit framed that as a huge opportunity to attract international users, and appeal to a much larger audience with foreign-language posts. Now that Reddit's finally public, it may be able to reinvent its business and supercharge its finances.
Persons: , it's, Reddit, There's, The_Donald, Reddit's Organizations: Service, Business, New York Times Company, Facebook
Read previewIt's annual review season at TikTok, and the company is putting the squeeze on some employees by doling out harsher performance ratings. AdvertisementTikTok's stricter reviews arrive at a moment when employees are already facing a reduction in their annual bonuses due to a scheduling change. This one-time adjustment means staff will receive around 83% of their annual bonuses for 2023 work, prorated to 10 months instead of 12 months. TikTok isn't the only tech company to adjust its performance reviews in recent months. For example, last year, Reddit began letting go of employees across departments who had received high ratings in their most recent performance reviews.
Persons: , TikTok, prorated, Reddit Organizations: Service, Business, Street, Facebook, Meta Locations: TikTok
Krispy Kreme — Krispy Kreme popped nearly 30% and headed for its best day on record. Trump Media & Technology Group — Shares of former President Donald Trump's social media company surged 35% after it began trading on the Nasdaq . Trump Media completed its merger with shell company Digital World Acquisition Corp . McCormick — The stock jumped 10% after the spice maker topped earnings and revenue expectations for its fiscal first quarter. Reddit — Reddit popped about 15% as investors continued buying up the social media stock following its Thursday debut on the New York Stock Exchange .
Persons: Kreme, McDonald's, Donald Trump's, McCormick, Morgan Stanley, Alex Harring, Michelle Fox, Jesse Pound, Pia Singh Organizations: Trump Media & Technology, Nasdaq, Trump Media, Revenue, New York Stock Exchange, Viking Therapeutics, Seagate Technology, Micron Technology, Mizuho Securities, UPS —, UPS, JPMorgan Locations: FactSet
Read previewIt's annual review season at TikTok, and the company is putting the squeeze on some employees by doling out harsher performance ratings. AdvertisementTikTok's stricter reviews arrive at a moment when employees are already facing a reduction in their annual bonuses due to a scheduling change. This one-time adjustment means staff will receive around 83% of their annual bonuses for 2023 work, prorated to 10 months instead of 12 months. The company did opt to pump up annual bonuses for high performers after it reported strong Q4 earnings. For example, last year, Reddit began letting go of employees across departments who had received high ratings in their most recent performance reviews.
Persons: , TikTok, prorated, Reddit Organizations: Service, Business, Street, Facebook, Meta Locations: TikTok
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Mastercard , Visa : The companies reached a settlement with merchants over swipe fees. "I think that Mastercard and Visa are both terrific stocks and this only makes them better." Reddit : Shares of the social media firm continue to rally since their initial public offering last week. McCormick : Shares surged nearly 10% after the spice maker delivered better-than-expected quarterly results and offered an upbeat guidance.
Persons: Jim Cramer's, They've, Jim Cramer, McCormick, Cramer, Brendan Foley Organizations: CNBC, Club, Mastercard, Visa, Hershey, BNP, United Parcel Service Locations: McCormick
Mizuho initiates DraftKings as buy Mizuho said in its initiation of DraftKings that it sees "upside to revenue growth." Mizuho initiates MGM as buy Mizuho said MGM shares are "fundamentally misvalued." Mizuho initiates Carnival as buy Mizuho said Carnival is a top pick at the firm. Mizuho reiterates Micron as buy Mizuho raised its price target on the stock to $130 per share from $124. "We are upgrading PAGS to Outperform from In Line with a $18 target price."
Persons: Mizuho, Bernstein, Chipotle, CFRA, Morgan Stanley, Goldman Sachs, Goldman, Levi's, it's, Wells, Richard Dickson, Katrina O'Connell, Tesla, underperform Bernstein, it's bullish, Baird, Semtech, Jefferies, underperform Jefferies, Invivyd, Evercore, TD Cowen Organizations: Mizuho, Sands, MGM, Nvidia, Blackwell, Seagate, Nasdaq, UBS, JPMorgan, Taiwan Semiconductor, Navy, Micron, MU, Citi, Plains Energy, Bank of America, Spotify, Netflix, Apple Locations: Macau, Singapore, Westar, Kansas, Missouri, Argentina, Uruguay, Paraguay, China
Reddit could be in trouble after a strong public market debut, according to New Street Research. The firm is the first on Wall Street to issue a stock rating on Reddit. Reddit went public Thursday after pricing its IPO at $34 per share. "High margin data licensing and direct response advertising will drive operating leverage over the mid and long term," Salmon said. "Expense growth slowed beginning in 1Q23, owing to operating efficiencies put into place throughout 2023 and Reddit remains focused on improving leverage over the long term."
Persons: Reddit, Dan Salmon, Salmon Organizations: New, Research Locations: 1Q23
In the meantime, he’s also trying to sell “God Bless the USA” Bibles via his social media platform Truth Social for $59.99. )”A history of bankruptcyAnother note of caution for investors in DJT should the history of the last company Trump took public. Trump’s casino company also went by the ticker DJT, but on the New York Stock Exchange between 1995 and 2004, when it went bankrupt and was delisted. None of that has stopped what some experts have referred to as a bubble forming around the Trump Media & Technology Group. Susquehanna International Group did not return a request for comment about the company’s stake in Trump Media & Technology Group.
Persons: , Donald John Trump, he’s, CNN’s Matt Egan, , Kara Swisher, Laura Coates, Egan, Reddit, Trump, Daniel Dale, Jeff Yass, Jordan Libowitz, ” Libowitz, Kedric Payne, ” Payne, can’t, weren’t Organizations: CNN, Nasdaq, Trump, “ Trump Media, Trump Media, New York Stock Exchange, Trump Media & Technology, NYSE, GameStop, AMC, Susquehanna International Group, Yass ., Yass . Susquehanna International Group, Trump Media & Technology Group, Supreme, DC, Trump Organization, New York Times Locations: United States, New York, DJT, Trump’s, ByteDance, TikTok, Yass, Trump, Yass . Susquehanna, Washington, Saudi Arabia, Qatar, DC
Reddit, which loses money, is currently worth about $8.15 billion. The New York Times, which makes money, is worth about $7.2 billion. That's because investors love Reddit's business model, which depends on free content from its users. That would be Reddit, the message board that went public last week and has a market cap of $8.15 billion. It's going to take some time for the market to reach a consensus about what Reddit is really worth.
Persons: , Reddit, — it's Organizations: New York Times, Service, Times, Media
The action from Reddit’s first day of options trading
  + stars: | 2024-03-25 | 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 EmailThe action from Reddit’s first day of options tradingOptions Action traders talk Reddit's options trading and Mike Khouw, Optimize Advisors president, gives his playbook for the stock.
Persons: Reddit’s, Mike Khouw
Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024. Reddit shares were up 30% to $59.80 at the market's close on Monday. The social media company's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million. Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker "RDDT," resulting in a number of moderators and users, known as Redditors, earning millions of dollars as a group. Reddit's IPO came the same week that Astera Labs shares skyrocketed 72% on the day that the data center hardware company made its public market debut on the Nasdaq.
Persons: Steve Huffman, Snoo, Sam Altman, Reddit, Lo Toney, Toney Organizations: New York Stock Exchange, Reddit's, Astera Labs, Nasdaq, Capital, CNBC Locations: New York
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