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There are six days of Olympic competition left and only four women’s soccer teams remain vying for gold. It’s also win or go home for the U.S. men’s basketball team, which went undefeated in pool play to emerge as the No. Trinity Rodman celebrates with Emily Fox after scoring the winning goal against Japan during the women’s quarterfinals of the Paris Games. Durant needs just four more points to become USA Basketball’s all-time leading scorer at the Olympics for both the men’s and women’s programs. The men’s long jump final, men’s 1,500-meter final, women’s 3,000-meter steeplechase and women’s 200-meter final close out a five-medal day in athletics.
Persons: It’s, Trinity Rodman, Emily Fox, Brad Smith, Rodman, Mallory Swanson, Sophia Smith —, Kevin Durant, Anthony Edwards, LeBron James, Durant, Lisa Leslie, Jayson Tatum, Steve Kerr, Holiday, Long, DeAnna Price, Annette Echikunwoke, Echikunwoke, Price, Poland’s Anita Wlodarczyk, Saint Lucia’s Julien Alfred —, Gabby Thomas, Wally Skalij, Sara Hughes, Kelly Cheng, Tanja Hüberli, Nina Brunner, Hughes, Cheng, Italy’s Valentina Gottardi, Marta Menegatti, Alexandra Klineman, Ross, Kerri Walsh Jennings, Jennings, Misty, Treanor, elly C heng!, E, mpics & Organizations: U.S, Japan, Paris Games, Getty, USA Network, Telemundo, United, Canada, Tokyo, Lyon, Germany, Trinity, USA, Bercy Arena, Team USA, NBA, Puerto Rico, Olympics, thwarts, Brazil, NBC, Stade de France, Olympic, Rio Games, Don’t, Eiffel, Los Angeles Times, Swiss, ris Locations: United States, Germany, Paris, U.S . Japan, Japan, Lille, Serbia, South Sudan, Puerto Rico, Brazil, France, USA, thwarts Puerto Rico, U.S, Tokyo, Canada, Rio
The Olympic Games are perhaps the biggest stage of them all for this theatre of feeling. Great Britain’s Andrea Spendolini-Sirieix had entered Tuesday’s individual 10m platform with a bronze in the 10m synchronized platform with partner Lois Toulson. Fred Sirieix, who has appeared on a number of well-known shows in the UK throughout his career, was at the Aquatics Centre watching Spendolini-Sirieix dive over the last few days. Spendolini-Sirieix showed us that sport isn't just about medals, records and wins. We’re here to see you.’ And at the end of the day, that’s all I can ask for,” Spendolini-Sirieix said.
Persons: Andrea Spendolini, Sirieix, Lois Toulson, , Fred Sirieix, China’s Quan Hongchan, Chen Yuxi, Manan Vatsyayana, Quan –, Chen, Quan, old’s, I’m, , I’ve, , It’s, ‘ We’ve Organizations: CNN, Olympic, Paris, Aquatics, Games, BBC, Aquatics Centre, Getty, British, Team GB, Olympic Games, Lifeline Locations: Doha, AFP, Chinese, Tokyo
Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange on March 21, 2024. Here are the key numbers:Loss per share: 6 cents vs. the loss of 33 cents expected by LSEG6 cents vs. the loss of 33 cents expected by LSEG Revenue: $281 million vs. $254 million expected by LSEGSales in the second quarter rose 54% from a year earlier. The company's net loss narrowed to $10.1 million from $41.1 million in the same quarter a year earlier. The company said its average revenue per user was $3.08 in the second quarter, topping analyst estimates of $3.02. This is Reddit's second quarterly earnings report since the company went public in March on the New York Stock Exchange.
Persons: Steve Huffman, Snoo, Reddit Organizations: New York Stock Exchange, LSEG Revenue, LSEG, Apple, Nvidia
Rivian Automotive beat Wall Street's top- and bottom-line expectations for the second quarter as the electric vehicle maker continues to take costs out of its business. Through the first six months of the year Rivian produced about 23,600 vehicles, including only 9,162 during the second quarter due to downtime at the company's plant to retool and reduce costs. Shares of Rivian are off 37% this year amid slower-than-expected demand for EVs as well as Rivian's significant cash burn. Rivian's expenditures through the first half of the year were $537 million, including $283 million during the second quarter. Rivian ended the second quarter with $9.18 billion in total liquidity, including $7.87 billion in cash, cash equivalents and short-term investments.
Persons: Rivian, RJ Scaringe Organizations: Rivian Automotive, LSEG, Volkswagen
Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Saudi state oil giant Aramco reported $29.1 billion in net profit for the second quarter, a dip of just over 3% from the same period last year as crude production volumes remained low. Net income from the first half of the financial year was $56.3 billion, down from $62 billion during the same period last year. The firm also posted free cash flow for the second quarter of $19 billion compared to $23.2 billion one year prior. Aramco reaffirmed its second-quarter base dividend of $20.3 billion, and declared a performance-linked dividend of $10.8 billion to be paid in the third quarter.
Persons: Amin Nasser, Capital, Brent Organizations: Aramco, Plaza Conference, Al Locations: Dhahran, Saudi Arabia, Saudi, Riyadh
What's different for crypto this time around from prior sell-offs is that many more investors are vulnerable due to the newly launched spot crypto ETFs. Bitcoin ETFs started trading in January, followed by ether funds last month. Across all spot bitcoin ETFs, there were net outflows of around $168 million. Monday's outflows are a fraction of the more than $50 billion market cap of the funds. Within spot ether ETFs, more than $48 million was added across all the funds.
Persons: BlackRock didn't, Monday's, Bernstein Organizations: bitcoin, Digital
Bank of America says the recent stock market sell-off is unlikely to be the start of a new bear market. AdvertisementThe stock market's recent sharp sell-off is unlikely to transform into a full-fledged bear market, according to Bank of America. But according to Bank of America strategist Savita Subramanian, the tell-tale signs of a stock market peak have yet to materialize. AdvertisementFor perspective, Subramanian pointed to stock market history to highlight that pullbacks in the market are common. Instead of preparing for a prolonged market sell-off, Subramanian recommends investors go bargain hunting and focus on buying high quality stocks.
Persons: BofA, , Savita Subramanian, Subramanian Organizations: of America, Credit, Service, Bank of America, Nasdaq, Conference, Senior
Uber announced on Tuesday its ad business had hit a $1 billion annual run rate. Launched in 2022, Uber Ads offers formats on apps, emails, cartops, and in-car tablets. Uber Ads sees further growth potential in areas such as programmatic, measurement, and playable ads. Go to newsletter preferences Thanks for signing up! Uber launched its ads division in 2022 and sells a range of formats, from ads that appear on the Uber and Uber Eats apps, within emails, on cartops, and displayed on in-car tablets.
Persons: Uber, Organizations: Uber, Service, Business Locations: cartops
For the third quarter, Uber expects bookings of $40.25 billion to $41.75 billion. Uber's "monthly active platform consumers" (MAPCs) reached 156 million in the second quarter with 2.77 billion trips via the Uber platform. This compares to 137 million MAPCs and 2.28 billion trips during the same period a year ago. Uber also reported $1.02 billion in net income for the quarter, which included a $333 million pre-tax benefit from "revaluations of Uber's equity investments." The companies also plan "to collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform," Uber said on Tuesday.
Persons: Dara Khosrowshahi, Uber, Gross, Instacart, Tesla Organizations: Uber, LSEG Revenue, Bank of America Locations: Davos, Switzerland, Europe, Latin America, U.S
Airbnb CEO and co-founder Brian Chesky speaks at The Fast Company Innovation Festival on September 21, 2022, in New York. Airbnb shares dropped 14% in after-hours trading after the company reported second-quarter earnings that missed analyst expectations and warned that it's seeing signs of slowing demand from U.S. customers. Here's how the company did compared to LSEG estimates for the quarter ended June 30:Earnings per share: $0.86 versus $0.92 expected. Revenue: $2.75 billion versus $2.74 billion expected. It also cautioned that it was "seeing shorter booking lead times globally and some signs of slowing demand from U.S.
Persons: Brian Chesky, Airbnb Organizations: Revenue, Asia Pacific, Federal Reserve Locations: New York, Latin America
Greenlight Capital's David Einhorn believes the outcome of the U.S. presidential election is insignificant to the markets, as he sees elevated inflation on the back of a burdening fiscal deficit under both candidates. "From a market perspective, we don't think it matters very much who wins," Einhorn wrote in a letter to investors dated Tuesday. We believe this supports our ongoing expectations of higher secular inflation in the coming years." Vice President Kamala Harris has entered the race following President Joe Biden's exit, going head to head with former President Donald Trump in the November election. The federal debt is now at $34.5 trillion , or about $11 trillion higher than where it stood in March 2020.
Persons: Greenlight Capital's David Einhorn, Einhorn, Kamala Harris, Joe Biden's, Donald Trump, Biden, — CNBC's Michael Bloom Organizations: U.S, Brighthouse, ODP Corporation, HP, Kyndryl Holdings, Consol Energy
Read previewWhen millennial Jessica Papi was trying to get pregnant, she discussed future childcare options with her mom, Carol Mooney. This story is available exclusively to Business Insider subscribers. "These arrangements are incredibly beneficial to parents," employment attorney Daphne Delvaux, who advocates for better childcare provision in the US, told Business Insider. AdvertisementDevika Tandon wishes her son's grandparents lived closer to help ease the financial and emotional burden of childcare. Do you have an interesting story about being a working parent you'd like to share with Business Insider?
Persons: , Jessica Papi, Carol Mooney, Papi, Mom, Mooney, Daphne Delvaux, Devika Tandon, Tandon, didn't, Delvaux, I'd Organizations: Service, Business, babysitters Locations: New Jersey, New York, California, Angeles, Toronto, Belgium, Europe, France
A sign is posted in front of a Taco Bell restaurant on May 01, 2024 in Richmond, California. Yum Brands on Tuesday reported a mixed quarter as both Pizza Hut and KFC reported declining same-store sales. Yum's same-store sales fell 1% in the quarter as both Pizza Hut and KFC reported same-store sales declines of 3%. And although the chicken chain's system sales picked up this quarter in China, its largest market, KFC's overall international same-store sales fell 3%. Pizza Hut's U.S. same-store sales decreased 1%, while its international same-store sales declined 4%.
Persons: Yum, Taco Bell Organizations: Taco Bell, Yum Brands, KFC, LSEG Locations: Richmond , California, U.S, China
As investors search for income amid the market volatility, high-yield bonds are an attractive place to be, according to BlackRock's Rick Rieder. Meanwhile, credit spreads in corporate and high-yield bonds — which have been tight — are widening . Bonds rated BB+ and lower by Standard & Poor's and Fitch, as well as those rated Ba1 by Moody's, are considered high yield. Rieder also manages the BlackRock Flexible Income ETF , which has about 20% of its portfolio in high-yield credit, its second-largest sector holding. BINC YTD mountain BlackRock High Yield ETF year to date He has been reducing some exposure to investment grade bonds.
Persons: BlackRock's Rick Rieder, Stocks, Bonds, Fitch, Rieder Organizations: Dow Jones, Treasury, Poor's, Moody's, SEC, Federal Locations: BlackRock
High-end real estateAbout 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added. Around 20% of Dubai's offshore real estate pie is owned by Indian investors. Startups' lureInvesting in startups is becoming increasingly popular, especially with the younger generation of rich Indians, wealth managers told CNBC. Bloomberg | Bloomberg | Getty ImagesAbout 17% of India's UHNWIs' wealth goes into luxury goods, with jewelry, art and watches as top preferences, findings from Knight Frank revealed.
Persons: Knight Frank, Alok Saigal, Alok, Chethan Shenoy, Anand, Saigal, Nitin Chengappa, India's, Chengappa, Anand Rathi Wealth's, LVMH Moet Hennessy Louis Organizations: Getty, India, Nuvama Private, Offshore, Nuvama, CNBC, Standard Chartered Bank, Shoppers, DLF, BMI, Bloomberg, Fitch Solutions, LVMH Moet Hennessy Louis Vuitton SA Locations: Mumbai, Beijing, New York, London, UHNWIs, Dubai, Delhi, New Delhi, India
Argentinian Primera División side Lanús was tied 2-2 with Tigre heading into the final minute of regulation time. It seemed as though the game was destined for a draw, but striker Walter Bou had other ideas. Many on social media – including his club’s official account – have touted Bou’s effort as a FIFA Puskás Award contender. “Just give Walter Bou the Puskás award now,” one X user wrote. The 3-2 victory moved Lanús to ninth in the table, while Tigre sits 21st in the 28-team league.
Persons: Lanús, Eduardo Salvio, Walter Bou, Mateo Sanabria, Felipe Tomás Zenobio, Bou, mobbed, Ferenc Puskás, Son Heung, , Organizations: CNN, Primera División, Tigre, Atlético Madrid, Benfica, volleying, FIFA, Real Madrid, England, Tottenham, Burnley Locations: Tigre, Hungary
The selling activity picked up significantly last quarter though with Berkshire offloading more than $75 billion in stocks in the period and raising the conglomerate's cash pile to a record $277 billion. Many Buffett followers view the accelerated sale of his top holdings as a pessimistic call on markets and the economy. Buffett was selling stocks last quarter when the S & P 500 rose to an all-time high in anticipation that the U.S. would skirt a recession while squashing inflation. When Buffett trimmed the Apple stake by 13% in the first quarter, he hinted at the Berkshire annual meeting in May that it was for tax reasons. But the magnitude of this selling last quarter suggests it could be more than just a tax-saving strategy.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, James Shanahan, Edward Jones, Barbara Goodstein, You've, Shanahan, Ted Weschler, Todd Combs, Tim Cook's, It's, Warren, Jim Reid, Deutsche Organizations: Apple, Berkshire, America, Oracle, Dow Jones, Nikkei, U.S Locations: Berkshire, Omaha, U.S
ETFs hold a collection of securities , like stocks or bonds, and so offer more diversification than a single asset. CNBC Pro asked Dennison for his top ETF picks that someone looking to invest $50,000 can buy and hold long-term. Avantis International Small Cap Value ETF Dennison says he's "very happy" with the Avantis International Small Cap Value ETF (AVDV-US). DFA Dimensional U.S. Small Cap Value ETF Another small-cap-focused ETF on Dennison's radar is the Dimensional US Small Cap Value ETF (DFSV-US), which owns companies that are "in corners of the market that are harder to reach." The Dimensional US Small Cap Value ETF is currently around 6% higher over the year to date.
Persons: Tariq Dennison, Dennison, he's, Spencer, Weizhen Tan, Ganesh Rao Organizations: Fidelity, GFM Asset Management, CNBC Pro, Value, U.S, Abercrombie, Fitch, Cadence Bank, Commercial Metals, JPM Global Equity, Global Equity, Arista Networks, Walmart, Deutsche Telekom, ASM International, Novo Nordisk, Vanguard Locations: U.S, Swiss, Dennison
The S & P 500 5,350 puts I discussed are trading nearly $170 as I write this, up ~ $12,000 per contract. This is even though the S & P 500 is down only 2.3% since I wrote that article over a month ago. One could roll those options down and out to the September 5200/4500 S & P 500 put spread which costs about $100. If you didn't read the earlier article, here are the components of a long put spread, sometimes referred to as a "Bear Put Spread." In periods of high implied volatility, option premiums are generally higher because the market anticipates larger price movements.
Persons: It's, Joe Biden, Kamala Harris, it's, Trump Organizations: Starbucks, CNBC, NBC UNIVERSAL, ~ $, & $ $
Here's Jim Cramer's market sell-off playbook
  + stars: | 2024-08-05 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com   time to read: +3 min
watch nowCNBC's Jim Cramer shared his playbook for the brutal global market sell-off on Monday. Identify what's actually wrongAlthough the global sell-off hit U.S. markets hard, "the epicenter of the damage" was Japan, Cramer said. The sell-off started when Japan's stock market posted its worst drop since the stock market crash of 1987 known as Black Monday. The sell-off is sparked by money managers who think the Federal Reserve should have cut rates last week. Investors can also take advantage of the decline in interest rates and buy stocks that yield more than 4%, Cramer said.
Persons: Jim Cramer, Cramer, Blackwell, Warren Buffett, Berkshire Hathaway, you'd, Banks, Morgan Stanley, haven't, Harris, Biden Organizations: Dow Jones, Nasdaq, Berkshire, Apple Locations: U.S, Japan
Three years ago, JPMorgan Chase became the first bank with a branch in all 48 contiguous states. "We're still at very low single-digit branch share, and we know that in order for us to really optimize our investment in these communities, we need to be at a higher branch share," Roberts said in an interview with CNBC. Wells Fargo and Bank of America closed the highest net number of branches, while JPMorgan was the most active net opener. According to FDIC research collated by KBW, growth in bank branches peaked right before the financial crisis, in 2007. When it comes to prioritizing locations for new branches, Roberts said it's a "balance of art and science."
Persons: JPMorgan Chase, Jamie Dimon, Dimon's, Dimon, Jennifer Roberts, We're, Roberts, Wells, KBW, it's Organizations: JPMorgan, Chase Consumer Banking, CNBC, Midwest, P Global Market Intelligence, Bank of America Locations: Iowa, Minnesota , Nebraska , Missouri , Kansas, Arkansas, U.S, Wells Fargo
How Starbucks is trying to bounce back
  + stars: | 2024-08-05 | by ( Ryan Baker | Tala Hadavi | Natalie Rice | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Starbucks is trying to bounce backStarbucks saw a net revenue of nearly $36 million in fiscal 2023, but now analysts say it is grappling with an increasingly price conscious consumer and serious operating issues that has led to its stock tumbling by about 25% in a year. The coffee company missed revenue expectations by $130 million in its fiscal third-quarter earnings and saw global same-store sales decline by 3%. However, Starbucks is trying to turn things around. Watch the video to find out how.
Organizations: Starbucks
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq Composite dropped 2.43% and is now in correction territory, having declined more than 10% from its recent high. The unemployment rate rose to 4.3%, the highest since October 2021 when the global economy was still reeling from the Covid-19 pandemic. The stocks had to pass several criteria, including receiving five or more earnings upgrades in the past three months.
Persons: Warren Buffett Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Treasury, Federal, Berkshire Hathaway's, Apple . Berkshire, Exxon, Chevron, CNBC Pro Locations: New York City, Apple ., Berkshire, Guyana, U.S, San Ramon , California, Houston , Texas
Read previewEveryone is likely to face challenges early on in their career, but Gen Zers feel they're discriminated against — largely because of their age. Gen Zers are seen as the cohort most likely to write their résumés and cover letters with the help of ChatGPT and other AI services. A Gen Z creator was the first to coin the term " lazy-girl job." The workforce's expectations are shifting; it's not just the impact of "Gen Z particulars," she added. "I applied to hundreds of roles before landing a job at Applied, which eventually led to my becoming CEO," she said.
Persons: , Gen, Khyati Sundaram, Sundaram, Gen Zers, they've, Gen Z, it's, Zers, There's Organizations: Service, Business, Times
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Jobs shock hits stocksU.S. stocks plummeted on Friday after a weaker-than-expected jobs report added to fears of a recession. The Nasdaq Composite dropped 2.43% and is now in correction territory, having declined more than 10% from its recent high. Asian stocks plungeAsian stocks continued to sell-off on Monday, with the Japanese market confirming a bear market. The stocks had to pass several criteria, including receiving five or more earnings upgrades in the past three months.
Persons: Topix, Taiwan's Taiex, Warren Buffett Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Treasury, Federal, Nikkei, CSI, Berkshire Hathaway's, Apple . Berkshire, Exxon, Chevron, CNBC Pro Locations: New York City, China, Apple ., Berkshire, Guyana, U.S, San Ramon , California, Houston , Texas
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