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The US government won a major Big Tech antitrust battle this week, against Google. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . So people who want Big Tech companies to change their ways are trying to do it via the courts.
Persons: , It's Organizations: US, Big Tech, Google, Washington, Service
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia's August earnings report unlikely to have any 'major issue': Research firmOlivier Blanchard, research director at The Futurum Group, discusses the potential impact the chip giant's results will have on the "Magnificent Seven" tech stocks, among others.
Persons: Olivier Blanchard Organizations: Research
In today's big story, we're giving a full breakdown of what has been a wild few days for the market . Tech: Big Tech is going through a bit of a mid-life crisis . Big Tech is going through a bit of a . There are a few factors at play here:Big Tech, the backbone of the market, had weaker-than-expected earnings last week. The decision could seriously hurt Google's revenue and may signal more antitrust enforcement to come for other Big Tech companies .
Persons: , Airbnb, Rebecca Zisser, We're, what's, Warren Buffett's, Berkshire Hathaway, I'm, Claudia Sahm, M, Getty, Jenny Chang, Rodriguez, Jensen Huang, Citadel's Ken Griffin, Griffin, it's, Natalie Ammari, That's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Tech, Big Tech, Nasdaq, Federal Reserve, Apple, Oracle, Fed, Nvidia, Bank of America, Google Locations: Japan, Berkshire, Omaha, Asia, bitcoin, Florida, New York, London
The S & P, Nasdaq and Dow also are on pace to snap three-session losing streaks Tuesday. Breaking through: The S & P 500 may be down about 1% the past two days, but that doesn't mean every stock is down. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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.
Persons: Jim Cramer, Hugh Johnston, Bob Iger, Jim Cramer's, Jim Organizations: CNBC, Dow Jones, Nasdaq, Dow, Club, Nvidia, Meta, Broadcom, Costco, Disney, Devices, Dover, ABC, Netflix, CVS Health, Novo Nordisk, Emerson Electric, Jim Cramer's Charitable Locations: Eaton, Dover, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCaterpillar's energy and transportation business worked well, says Stephen Volkman on earningsStephen Volkmann, Machinery and Industrials analyst, joins 'Power Lunch' to discuss Caterpillar second quarter earnings after the industrial giant beat EPS for the six-consecutive quarters despite the decline in its construction and mining sales.
Persons: Stephen Volkman, Stephen Volkmann Organizations: Caterpillar
Mark Cheffo, a Dechert partner representing Microsoft, sent a letter Tuesday to attorney David Boies of Boies Schiller Flexner. Boies represents Delta and had sent letters on behalf of the airline to CrowdStrike and Microsoft. Cheffo wrote in his response that Microsoft empathizes with Delta and its customers on the impact of the CrowdStrike incident. Cheffo wrote that Microsoft offered to help Delta for free. Cheffo described a letter on July 22, from Microsoft to a Delta employee, offering help.
Persons: Ed Bastian, CNBC's, Mark Cheffo, David Boies, Boies Schiller, Boies, Hossein Nowbar, Cheffo, Delta, Satya Nadella, Bastian, CrowdStrike, George Kurtz Organizations: Microsoft, Delta Air Lines, Delta, IBM, Web Services Locations: Boies, Delta, Atlanta
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
It's a troubling thought, to be sure, but a longer workweek is already a reality for some workers. AdvertisementIt's the kind of thing that could make an employer less inclined to try something new — like a four-day workweek. Yet even without lackluster sales, Cappelli said, the four-day workweek was already unlikely to be widely adopted in the US. But, at the same time, Cappelli also doesn't think companies will push workers to come in on a sixth day. If companies use economic worries to reverse course on efforts like flexible work arrangements or to conduct layoffs, they put their own well-being at risk.
Persons: , Peter Cappelli, Cappelli, Laxman Narasimhan, workweek, Brigid Schulte, Schulte, " Schulte Organizations: Service, Samsung, Business, Intel, Wharton Business School, Workers, Liquor, Diageo, New America Locations: Greece
In reality, however, Apple may not have to worry too much if it does have to reduce its reliance on Google for search on its devices. In other words, Apple hopes that AI can intelligently answer queries and support user needs by understanding what actually matters to users. Related storiesPart of Apple Intelligence also involves a revamped Siri, Apple's chatbot that users can supercharge by offering permission to connect to OpenAI's industry-leading technology, ChatGPT. It's unlikely to find a deal as lucrative as the one it got with Google on search anytime soon, either. AdvertisementStill, Apple's bet on AI gives it a chance to present consumers with an alternative way to search the internet.
Persons: , Hugh Langley, Tim Cook, Siri, Apple's, ChatGPT, it's, Monday's, OpenAI Organizations: Service, Google, Business, Apple, Apple Intelligence, company's, Conference Locations: Washington, Silicon
Check out the companies making the biggest moves midday: Kenvue — The maker of Band-Aid bandages rallied 14% after beating analysts' estimates for its second quarter. Kenvue, which spun off from Johnson & Johnson last year, posted adjusted earnings of 32 cents per share, versus the 28 cents expected from analysts polled by FactSet. Palantir now anticipates revenue between $2.742 billion and $2.750 billion, up from its previous guidance of $2.68 billion to $2.69 billion. Caterpillar's adjusted earnings totaled $5.99 per share in the second quarter, beating the $5.55 per share estimate from analysts polled by FactSet. CrowdStrike — Shares rose 3% after Piper Sandler upgraded CrowdStrike to overweight from neutral, saying the dip in the cybersecurity stock following the global tech outage is a buying opportunity.
Persons: Johnson, FactSet, Taco Bell, ZoomInfo, LSEG, Lucid, BioMarin, CrowdStrike, Piper Sandler, , Sarah Min, Sean Conlon, Yun Li, Jesse Pound Organizations: Johnson, FactSet, Revenue, Caterpillar, Lumen Technologies, Molson Coors Beverage —, Technologies, LSEG, Taco, CSX —, CSX, BioMarin Pharmaceutical Locations: China, Shanghai
He was courageous enough to try to do one of the hardest things in running, win a race from the front, wire-to-wire. 😱 A STUNNING upset in the men’s 1500m as AMERICAN COLE HOCKER takes gold! This was the race that all running nerds had circled on their Olympic schedules, but not because of Hocker. Oldest brother Henrik finished fifth in the 1,500 meters at the 2012 Olympics. He said he tried to respond, but ran out of gas – 1500 meters had proven “just 100 meters too much.”“I ruined it for myself by going way too hard,” he said.
Persons: Cole Hocker, outrunning Jakob Ingebrigtsen, Josh Kerr, Hocker —, Steve Prefontaine —, Kerr, Yared, outkicked Ingebrigtsen, Ingebrigtsen, Scot, allen, ould, O, , egan, ake W, ruth, ake, ike Organizations: United States, University of Oregon, Olympic, ust Locations: Indianapolis, ictory
5 reasons why Uber is on the up
  + stars: | 2024-08-06 | by ( Tom Carter | ) www.businessinsider.com   time to read: +1 min
After years of massive losses, Uber is finally making money. Uber partly owes its recent hot streak to increased demand for its ride-hailing and delivery services. Go to newsletter preferences Thanks for signing up! AdvertisementAfter years of massive losses and huge spending, Uber is now making a habit of turning a profit. This comes after Uber announced its first-ever annual operating profit of $1.1 billion for 2023 in February.
Persons: Uber, Organizations: Service
Fifty years ago on Wednesday, the French high-wire artist Philippe Petit carried his life a quarter of a mile through the New York City sky on a tightrope. When asked why, he said it was simply because the World Trade Center towers were there. “If I see two towers, I have to walk,” he told The New York Times. We are living in high-wire times, with anxiety and fracture all around us, and it is the job of the artist to show that we can, in fact, get from one side to the other. He didn’t defy gravity; he aligned himself with it, and in so doing he allowed us to defy our own possible falling down.
Persons: Philippe Petit, , Petit, Frenchman Organizations: New, World Trade, New York Times Locations: New York
"We're grateful for John's contributions as a founding team member at OpenAI and his dedicated efforts in advancing alignment research," OpenAI said in a statement to TechCrunch. (I first met John in a cafe in Berkeley in… — Sam Altman (@sama) August 6, 2024This makes Schulman the eighth cofounder who has left OpenAI since its founding in 2015. — Greg Brockman (@gdb) August 6, 2024Besides Schulman, OpenAI has seen multiple exits among its leadership ranks in recent months. In May, OpenAI co-founder and chief scientist Ilya Sutskever announced his resignation from the company. To be sure, not everyone has left OpenAI on such acrimonious terms.
Persons: , John Schulman, Schulman, Altman, OpenAI, John, … — Sam Altman, — Altman, Wojciech Zaremba, Greg Brockman, Brockman, Ilya Sutskever, he'd, OpenAI's, Jan Leike, Leike, Elon Musk, Musk, Roboticist Trevor Blackwell, Vicki Cheung, Durk Kingma, Pamela Vagata, Andrej Karpathy, Karpathy, Tesla, OpenAI didn't Organizations: Service, Business, Superintelligence Inc, OpenAI, Microsoft, Google, ChatGPT, EV giant's, Business Insider Locations: OpenAI, Berkeley,
Warren Buffett's head-turning sale of his big Apple stake did not faze Wall Street analysts' conviction in the iPhone maker. Bank of America noted that Apple shares rallied 23% in the second quarter despite Berkshire's selling, showing the stock's strength. AAPL YTD mountain Apple Bernstein's Toni Sacconaghi believes Buffett started trimming Apple because the stock was getting too expensive for the value investor. Bernstein pointed out that Berkshire built most of its Apple position at a 15 times multiple, while selectively adding at 20 times earnings or below and trimming at 30 times earnings and above. Apple traded above 30 times earnings on average in the second quarter.
Persons: Warren Buffett's, Berkshire Hathaway, Tim Cook, America's Wamsi Mohan, Mohan, Buffett, Apple, Toni Sacconaghi, Sacconaghi, Bernstein, Ted Weschler, Todd Combs Organizations: Apple, Oracle, " Bank, America's, Bank of America, Apple . Berkshire, Wall, Research Locations: Omaha, Berkshire
Since the early summer, videos of a wrestler dressed as a puppy brawling in “lucha libre” matches has been making the rounds on Mexican social media. Wisin, the "puppy luchador" taunts an opponent during a lucha libre event at the Institute of Youth, in Mexico City, on July 25, 2024. Given that lucha libre bouts are mostly dominated by older male fans, he has created a space for kids to enjoy the spectacle. Wisin, the "puppy luchador" hangs on the ropes during a lucha libre event in Mexico City, on July 25, 2024. “I’ve enjoyed lucha libre since I was young, now my son can enjoy it, too,” he said.
Persons: Baha, , , Wisin, Fernando Llano, Simi, Juan Carlos Naviera Torres, Jose Isaac, Torres, clutched, “ I’ve, Mitchelle Magdaleno, Andy Panda ” Organizations: Institute of Youth, Wrestling Locations: Mexico City’s, Mexico, Mexico City
Google projected it could lose $30 billion if it lost its default spot on Apple devices. A federal judge ruled that Google's agreements with Apple and others "have anticompetitive effects." Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGoogle's agreements with Apple and other companies to be their default search engine have violated antitrust law, a federal judge ruled on Monday.
Persons: , Amit P, Mehta Organizations: Google, Apple, Service, Samsung, Business
The news conference had been billed as an effort by international boxing authorities to clear up the reasons they banned two athletes from a women’s competition last year, and a chance to shed crucial light on what has become the biggest controversy at the Paris Olympics. Instead, the gathering started 90 minutes late, then veered into the chaotic almost immediately. And when it ended about two hours later, almost nothing about the controversy had been clarified at all. The head of the International Boxing Association, an organization no longer recognized by the International Olympic Committee to oversee the sport at the Games, had promised answers about why the organization excluded the two boxers, Imane Khelif of Algeria and Lin Yu-ting of Taiwan. Instead, appearing on a giant video screen from a room decorated with religious iconography, the association’s Russian president, Umar Kremlev, delivered wild accusations, personal attacks and employed questionable language when detailing the two women's cases.
Persons: Imane, Lin Yu, Umar Kremlev Organizations: Paris, International Boxing Association, International Olympic Committee, Games Locations: Algeria, Taiwan, Russian
The VIX, Wall Street's go-to snapshot of market volatility, is at its highest point since the onset of the pandemic. And hedge funds are sifting through the wreckage, with some looking to survive and others planning to pounce. In any market meltdown, there are clear winners and losers given the strategies and positioning of different firms. The yen carry trade has also likely wrong-footed many macro funds, several industry veterans said. It also slowed dealmaking, annoying private equity investors whose capital was tied up in older vintage funds.
Persons: , Wall Street's, there's, allocators, Harvey Schwartz, Carlyle Organizations: Service, Business, Citadel, Eisler Capital, Universa Investments Locations: Europe, Asia, New York, London
Following the trade, Jim Cramer's Charitable Trust will own 260 shares of MSFT, increasing its weighting to 3.33% from 2.7%. 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.
Persons: Jim Cramer's, DOV, Jim Cramer, Jim Organizations: Microsoft, MSFT, Ford, Wynn Resorts, NXT, CNBC Locations: DuPont, Dover, Nextracker, Wells Fargo
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett's moves on Apple 'make a lot of sense' to me right now, says Maxim Group's Tom ForteTom Forte, Maxim Group senior consumer internet analyst, joins 'Squawk on the Street' to discuss Apple after investors slash their stake on the tech giant stock.
Persons: Warren Buffett's, Maxim, Tom Forte Tom Forte Organizations: Apple, Maxim Group
Thousands of unionized workers at Samsung Electronics in South Korea, who had declared an indefinite strike last month, had returned to work by Monday after failing to win concessions from the global tech giant. It was the first unionized action in the decades-long history of Samsung, one of the world’s biggest makers of computer chips. But the striking employees, numbering roughly 6,500 or so, accounted for only a fraction of union membership and a sliver of the company’s total work force. Most of them were back at work by Monday, according to Lee Hyun Kuk, the vice president of the Nationwide Samsung Electronics Union. But the financial burden of a prolonged, unpaid strike on employees forced union leaders to issue a back-to-work order last week.
Persons: Lee Hyun Kuk Organizations: Samsung Electronics, Samsung, Nationwide Samsung Electronics Union Locations: South Korea
Why Starbucks is losing customers
  + stars: | 2024-08-05 | by ( Ryan Baker | ) www.cnbc.com   time to read: +1 min
Last year, Starbucks controlled 26.5% of the U.S. coffee and snack shop market, according to research firm IBISWorld. And there is a lot more competition than there used to be," said Neil Saunders, managing director of GlobalData Retail. Starbucks cafes have long been a "third place" for customers to work and socialize outside of their home or office. The consumer is more 'choiceful,'" said Kevin McCarthy, a managing director at Neuberger Berman. Watch the video to learn more about how Starbucks is trying to address its recent challenges.
Persons: Neil Saunders, Kevin McCarthy, Neuberger Berman Organizations: Starbucks, GlobalData Retail Locations: U.S
New York CNN —Google has violated US antitrust law with its search business, a federal judge ruled Monday, handing the tech giant a staggering court defeat with the potential to reshape how millions of Americans get information online and to upend decades of dominance. The decision by the US District Court for the District of Columbia is a stunning rebuke of Google’s oldest and most important business. The company has spent tens of billions of dollars on exclusive contracts to secure a dominant position as the world’s default search provider on smartphones and web browsers. Now, said US District Judge Amit Mehta, that powerful position has led to anticompetitive behavior that must be stopped. “It has violated Section 2 of the Sherman Act.”This is a developing story and will be updated.
Persons: Microsoft’s Bing, Trump, Amit Mehta, , ” Mehta, Sherman Organizations: New, New York CNN, Google, US, Court, District of Columbia Locations: New York
After failing on his first two attempts at the world record, Duplantis crept over the bar on his third, springing to his feet and running to the stands to embrace his family. I just broke a world record at the Olympics, biggest possible stage for a pole vaulter. After clearing 6.10m on his first attempt, taking the Olympic record from Brazil’s Thiago Braz, Duplantis had the stadium in his thrall with a shot at the world record. Since first breaking the world record in February 2020, Duplantis has made a habit of pushing his own boundaries. It will surely only be a matter of time before he’s celebrating a world record once again.
Persons: Paris CNN —, Duplantis, , I’ve, ” Duplantis, USA’s Sam Kendricks, Karalis, Bernat, Brazil’s Thiago Braz, thrall, , “ I’m Organizations: Paris CNN, Paris Olympic, Paris ’ Stade de France, Olympics, Tokyo, CNN Locations: Swedish, Paris, Duplantis, Xiamen, China
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