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☆ There's a hidden crisis hurting mid-sized companies
▼ + stars: | 2024-01-10 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Many large public companies successfully navigated the pandemic and ended up larger and wealthier. Marblegate Asset Management then compared these findings to public companies in the Russell 3000 index — the broadest measure of American public companies. The firm's analysis found that EBITDA fell over 24% for middle-market companies between 2019 and 2022, whereas EBITDA grew 18% at large public companies. EBITDA margins fell 25% during the time period for middle-market companies, while it only declined 2% for public companies. Whereas large public companies can charge more for increases in raw material and labor costs, middle-market companies on the whole struggled to pass on these costs to customers.

Persons: —, RapidRatings, amortization, EBITDA, Axios Organizations: Service, Business, Marblegate Asset Management, Marblegate, Management

☆ Boomers Haven't Saved Enough for Retirement; Gen Z Will Have to Pay
▼ + stars: | 2024-01-10 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +11 min

According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse. AdvertisementAs boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. Not all boomers are richIt's undeniable that some boomers will enjoy a cushy retirement. The median retirement account for that age group has only $200,000 — meaning that half of 65- to 74-year-olds have even less saved up.

Persons: —, it's, Rita Choula, Stevie Kuenn, Kuenn, Choula, Caregiving, Gen Organizations: Federal, AARP, Institute, Consumer Finances, Social Security, National Council, Medicare, Pew, National Alliance, American Health Care Association, Department of Homeland Security Locations: —, Chicago, Ohio, America

☆ Workers Can't Get Hired for America's Semiconductor Jobs of the Future
▼ + stars: | 2024-01-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +17 min

But since completing Quick Start, Gardner has come to a worrying realization: There aren't enough semiconductor jobs to go around. The precedent is little solace for the many graduates of the Quick Start program who are stuck in limbo. In addition to no longer promising interviews with semiconductor companies, Quick Start has taken other steps to moderate candidates' expectations. Hurdles aboundBeyond short-term economics, Palmer believes there are two reasons semiconductor companies have been slow to hire, she said. In the years ahead, the artificial-intelligence boom could further boost the demand for chips and create more jobs in the semiconductor industry.

Persons: Collin Gardner, Gardner, Taco Bell, Taiwan's, Joe Biden, I'm, Lisa Strothers, Jacob Zinkula, Quick, Leah Palmer, who've, Palmer, Gary Burley, who's, they're, we're, It's, —, Gabriela Cruz Thompson, Biden, Gina Raimondo, he'd, hadn't, he's Organizations: Taco Bell, Business, Taco, Semiconductors, Semiconductor, Semiconductor Industry Association, Oxford Economics, Intel, Arizona Advanced Manufacturing, Mesa Community, Mesa Community College, Quick, Samsung, Bloomberg Locations: Arizona's Maricopa County, Arizona, chipmaking, China, Maricopa County, Ohio

☆ Big analyst calls on 6 portfolio stocks this week. Here are Wall Street's thoughts and ours
▼ + stars: | 2024-01-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

Wall Street made some big calls on Club stocks to kick off the first week of 2024. Apple Wall Street's take: The new year began with a bang in Big Tech and not in a good way. Apple stock received a rare downgrade from Barclays on Tuesday. We always say about Apple stock "own it, don't trade it." Microsoft, Salesforce Finally, Microsoft and Salesforce were listed as Bank of America's top picks on Friday.

Persons: Here's, IP15, …, Salesforce, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Apple, Big Tech, Barclays, Tuesday, Nvidia, Data Center, Club, Honeywell, Mizuho Securities, Costco Wholesale Deutsche Bank, Costco, Microsoft, Bank, America's, Dow Jones, Dow, CNBC, Traders, New York Stock Exchange, Getty Locations: India, NVDA

☆ Harvard's president stepping down is giving the GOP the green light to probe other top universities
▼ + stars: | 2024-01-02 | by ( Paul Squire | ) 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. Harvard President Claudine Gay — whose response to a question on antisemitism on campus at a Congressional hearing sparked outrage — has stepped down after weeks of increasing pressure. Gay gave a bungled answer that she wouldn't outright ban calls for genocide against Jews on campus during the House hearing last month. The controversy quickly spiraled into wider allegations of plagiarism against Gay — led by the Washington Free Beacon, a conservative outlet. Stefanik — who led the hearing Gay attended and was also booted off a Harvard advisory panel for backing Donald Trump's election lies — vowed to keep up the pressure.

Persons: —, Claudine Gay —, Gay, Gay —, Elise Stefanik, Stefanik —, Donald Trump's, Andrew Garbino, Claudine Gay, Carlos A, Gimenez, Claudine Gay's, Bill Ackman, Ackman, Gay's Organizations: Service, Harvard, Business, Washington Free, Republicans, GOP, New York Republican, Gay Locations: Florida

☆ Stocks end 2023 with a 4th-quarter rally and many soft landing converts. Breaking down the '24 outlook
▼ + stars: | 2023-12-30 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

.SPX YTD mountain S & P 500, YTD As for the "too far, too fast" argument, it's worth recalling that all the S & P 500 has done is nearly complete an almost-symmetrical two-year round trip. Ned Davis Research U.S. strategist Ed Clissold looked back at prior times the S & P 500 has gone more than a year without making a record high. This is always a tricky proposition – cash that leaves money markets to buy stocks leaves the seller of the stocks with cash. For one thing, $6 trillion is only about 12% of total U.S. equity market cap, near the lower end of its historical range. At the 2009 market low money markets were 50% of equity market cap.

Persons: —, we've, Jason Goepfert, Jeff deGraaf, Ned Davis, Ed Clissold, Jerome Powell, it's, Cash Organizations: Federal Reserve, Fed, Timely, National Association of Active Investment, Ned Davis Research, Investment, of

(PRO subscribers can view the official 2024 strategist survey here . ) "Lifting our 12-month S & P 500 target to 5100 as inflation falls, the Fed turns dovish, and real yields plunge," Kostin wrote. Other Wall Street firms with similarly bullish forecasts include Citigroup and BMO Capital Markets, which each have S & P 500 price targets of 5,100. Barclays' Venu Krishna was even more bearish, anticipating the S & P 500 would fall to 3,725. Entering the penultimate trading week of the year, the S & P 500 is almost 23% higher in 2023, while the Nasdaq Composite has advanced almost 42%.

Persons: —, Stocks, Sam Stovall, Monday, Stovall, Goldman Sachs, David Kostin, Kostin, John Stoltzfus, Stoltzfus, America's Savita Subramanian, JPMorgan's, Bujas, Morgan Stanley, BofA's Subramanian —, Venu Krishna, Oppenheimer's John Stoltzfus, Dow Industrials Organizations: CNBC, Federal Reserve, Dow Jones, CFRA Research, Goldman, Oppenheimer Asset Management, Citigroup, BMO Capital Markets, Bank, America's, Nvidia, Microsoft, Barclays, Nasdaq Locations: Friday's

☆ UBS sees big market swings and only slight gains for stocks in 2024
▼ + stars: | 2023-12-12 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

UBS is out with its 2024 outlook, and it expects some wild swings for markets next year. The Wall Street firm on Monday said it sees the S & P 500 ending next year at 4,850, roughly 5% above Monday's close of 4,622.44. Stocks have been on a tear recently, with the S & P 500 riding a six-week winning streak. "The large spread between current strength and expected weakness presents a dilemma for investors," Golub wrote Monday. Goldman Sachs' David Kostin said he anticipates the S & P 500 will end next year at 4,700 , just a stone's throw from where the broader index is currently trading.

Persons: Jonathan Golub, Stocks, Golub, Goldman Sachs, David Kostin, America's Savita Subramanian, — CNBC's Michael Bloom Organizations: UBS, UBS Investment Bank, Bank, America's

☆ Coca-Cola ranked as the best place to work for career growth in a new study of America's largest companies
▼ + stars: | 2023-12-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

It looked at culture, hiring, pay and promotions to see how companies invest in their workers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCoca-Cola was just ranked as the best place to work for career growth in the American Opportunity Index 2023 report . AdvertisementCoca-Cola was ranked top overall, largely because of its hiring, pay, and culture scores. In the past, it has made Glassdoor's ranking of the top 10 companies with the happiest employees and was included in its best places to work list from 2012 through to 2022.

Persons: —, Lisa Chang, Chang, Meta, Salesforce Organizations: American Opportunity, Meta, Costco, Service, American, Harvard Business School, Foundation, Glass Institute, Cola, PepsiCo, PNC Financial Services Group, Amazon, Microsoft, AOI Locations: Glassdoor, W.W, Grainger

☆ Lawmakers ramp up scrutiny of Shein, call for proof it doesn't use forced labor after retailer files for IPO
▼ + stars: | 2023-12-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lawmakers are ramping up their scrutiny of Shein after it confidentially filed to go public last week. "Urge the SEC to apply maximum scrutiny to Shein's business and management before letting it anywhere near our capital markets," Luetkemeyer said in the video, viewed by CNBC. They include legislation that would block Shein from trading in the U.S. or bar its shipments from coming into the country. Gallagher is also interested in pursuing reforms to the trade loophole known as the de minimis provision and expanding enforcement of the Uyghur Forced Labor Prevention Act, the aide said. The committee is investigating Shein over its use of forced labor and de minimis — probes that are ongoing, Luetkemeyer said.

Persons: confidentially, Blaine Luetkemeyer, Shein, Luetkemeyer, let's, Mike Gallagher, Gallagher Organizations: U.S . Securities, Exchange, CNBC, SEC, Chinese Communist Party, Uyghur, Labor Locations: U.S

☆ High mortgage rates have limited opportunities for homebuyers and sellers. How that may change in 2024
▼ + stars: | 2023-12-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Lower mortgage rates have prompted mortgage applications to pick up. Even the recent decline in mortgage rates may not provide incentive for homeowners to move. watch now"The story for 2023 has been one of homeowners staying put," said Daryl Fairweather, chief economist at Redfin. Monthly payments are falling as mortgage rates come down from their peak. The weekly average 30-year mortgage rate fell to 7.29% in late November, down from a 7.79% high in October, according to Redfin.

Persons: Daryl Fairweather Organizations: Bank of, Redfin, Redfin's

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

☆ The oxycontin-peddling Sackler family has tried to get immunity from civil lawsuits by filing for bankruptcy. That might be illegal.
▼ + stars: | 2023-12-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

The US Supreme Court will decide whether Purdue Pharma's bankruptcy settlement will stand. Officially referred to as third-party nonconsensual releases, the legal maneuver allows organizations to settle personal injury claims in bankruptcy court instead of civil court. Legal experts say companies are more often relying on bankruptcy court than civil court to settle claims, The New York Times reported. Opponents of the practice say it robs regular people of their day in civil court. The Sacklers' settlement deal did not require the Sacklers themselves to declare bankruptcy, just Purdue Pharma, according to the Times.

Persons: Sackler, — Organizations: Purdue, Service, Purdue Pharma, Reuters, The New York Times, Times

☆ How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom
▼ + stars: | 2023-12-02 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Copper mines like Rio Tinto's Bingham Canyon mine on the outskirts of Salt Lake City are on the frontline of America's transition to clean energy. Jointly based in Australia and the UK, Rio Tinto is one of the world's largest mining companies with projects in 35 countries. It has 17 iron ore mines in Western Australia that produce material used in steel, as well as mines that produce aluminum, diamonds, and boron, a component used in smartphones. So what is Rio Tinto doing to ramp up production of its critical minerals business? CNBC got a behind the scenes look at Rio Tinto's Utah operation to find out.

Persons: Tyler Broda Organizations: P, RBC Capital Markets, Rio Tinto, CNBC Locations: Rio, Bingham, Salt Lake City, Australia, Western Australia, Rio Tinto's Utah

☆ U.S. to limit Chinese firms, battery parts from winning EV tax credits
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +3 min

The Biden administration on Friday issued long-awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year. The FEOC rules come into effect in 2024 for completed batteries and 2025 for critical minerals used to produce them. Treasury said the few materials being exempted each account for less than 2% of the value of battery critical minerals. The rules are expected to further reduce the number of electric vehicles eligible for EV tax credits. Earlier this year, new battery and mineral sourcing requirements took effect with price and buyer income eligibility caps from Jan. 1.

Persons: Joe Biden, Biden, General Motors, Ford, Marco Rubio, Joe Manchin Organizations: U.S, Treasury, Alliance, Automotive Innovation, General, Ford, Energy Department, Companies, Energy Locations: Washington , DC, China, Michigan, North Korea, Russia, Iran, North America

This year, 59% retailers offer so-called "returnless" or "keep it" policies for unwanted products whose returns costs exceed their value, according to returns services firm goTRG, which surveyed 500 executives at 21 major retailers, including Walmart (WMT.N) and Amazon.com (AMZN.O). That information is "not something that retailers want out there" due to worries the policies could be abused by shoppers, he said. The firm helps retailers manage returns, which typically rise after pre-Christmas sales like Black Friday and Cyber Monday and continue beyond Christmas. The typical return costs retailers about $30. "You just can't afford to ignore it," she said of returns costs.

Persons: Shannon Stapleton, Sender Shamiss, Shamiss, Amena Ali, Ali, Gabrielle Richards, Pamela Peters, Peters, Lisa Baertlein, Arriana McLymore, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, ANGELES, Black, Walmart, Super Bowl, Reuters, eBay, Appriss Retail, National Retail Federation, Amazon.com, Thomson Locations: Macy’s, Roosevelt, Garden City , New York, U.S, Los Angeles, New York

☆ Bank of America unveils its top 10 trades for 2024, and 6 signs that would confirm a true bull market has arrived
▼ + stars: | 2023-11-30 | by ( Mark Reeth | ) www.businessinsider.com time to read: +5 min

Here are the indicators he's watching in 2024, and the trades investors should make now so that when the bull market finally arrives, they will be well-positioned to profit. Bank of America, alongside BMO, believes that the S&P 500 could beat its all-time high and soar over 5,000 next year. But in the back half of 2024, Hartnett believes the "3Cs" and the "3Ps" will combine to kick off a bull market in the "3Bs": bonds, bullion, and breadth. "Bonds can easily deliver equity-like returns in 2024," Hartnett wrote, particularly if "a weaker US economy & Fed cuts delivers cyclical decline in bond yields & US dollar (+ve gold)." Hartnett wrote that any panic policy moves could be a "catalyst for outperformance of leverage over quality, small over large, value over growth, international over US."

Persons: Michael Hartnett, Hartnett, there's Organizations: Federal Reserve, Bank of America, Business, America's, BMO, SOX Locations: XBD, Japan, China

☆ The Bank of America Preferred Rewards program can get you bonus credit card rewards, waived fees, and more — here's how to qualify
▼ + stars: | 2023-11-30 | by ( Holly Johnson | Tessa Campbell | Freelance Writer | ) www.businessinsider.com time to read: +38 min

Bank of America® Unlimited Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Bank of America® Customized Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Insider’s Take The Bank of America® Customized Cash Rewards Credit Card is worth considering if you're looking for a no-annual-fee cash-back credit card that lets you choose your highest rewards category. Bank of America® Customized Cash Rewards Credit Card review External link Arrow An arrow icon, indicating this redirects the user." How to earn more credit card rewards by joining Bank of America Preferred RewardsAt this point, you're probably wondering how much more you'll earn in rewards by becoming a Bank of America Preferred Rewards member.

Persons: you’ve, takeout, Wells, We're, Merrill, Susan G Organizations: Business Insider, Alaska Airlines Visa, Virgin Atlantic, Mastercard, Bank of America, of America, ® Wells, Chase, Bank of America's, Vehicle, Cable, Services, Bank of America Travel Center, TSA, Travel Insurance, Komen, Rewards Bank of America, Business, Mobile Banking, Cash, Travel, Merrill, Bank, America, Merrill Guided

☆ 'Pretty horrific mistakes:' Democrats have few nice things to say about Henry Kissinger following his death
▼ + stars: | 2023-11-30 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

"There are some pretty horrific mistakes that Henry Kissinger made that have taken the United States a very long time to recover from." Other Democrats have issued similar critiques of Kissinger's legacy in the wake of his death. "I am proud to say that Henry Kissinger is not my friend. "Count me in as somebody who will not be listening to Henry Kissinger," Sanders added at that debate. "Today, the world Henry Kissinger leaves behind bears his indelible mark," McConnell said on the Senate floor on Thursday.

Persons: Sen, Bernie Sanders, Henry Kissinger, Hillary Clinton's, Kissinger, I've, Sanders, —, Greg Casar, Richard Nixon, Gerald Ford, Chris Murphy of, Murphy, they've, General Augusto Pinochet, Pinochet, Jim McGovern, @RepMcGovern, Gerry Connolly, Vietnam –, Hillary Clinton, Mike Pompeo, AzyRrHhH6i — Bernie Sanders, George W, Bush, Mitch McConnell, McConnell Organizations: Service, Democratic, Texas, National Security, State, Republican, Chris Murphy of Connecticut, Massachusetts, House Foreign Affairs, — Locations: China, Soviet Union, Latin America, Southeast Asia, United States, Brazil, Chile, Colombia, Vietnam, Argentina, East Timor, Cambodia, Bangladesh, Virginia, Iran, @GerryConnolly, Vermont, Khmer Rouge, @BernieSanders

☆ Wall Street is again making predictions for next year, but don't pay too much attention
▼ + stars: | 2023-11-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Not surprisingly, Wall Street tends to be a bullish group. Wall Street has a terrible track record All of this gets investor juices flowing. Wall Street strategists collectively have a terrible track record. As a result, you might be tempted to think you should pay no attention to Wall Street, or anybody else. If nothing else, the predictions of Wall Street strategists are a good starting point for all of us to think about the near future.

Persons: Lori Calvasina, America's Savita Subramanian, Morgan Stanley's Michael Wilson, Goldman Sachs, Morgan Stanley, Jeff Sommer, Sommer, Morgan Housel, I'm Organizations: Deutsche Bank, BMO Capital Markets, RBC Capital Markets, Bank, America's, Wall Street, of America, Barclays, UBS, Wealth, Wells, Wells Fargo Securities, Street, New York Times, Yardeni Research, Federal Reserve, Wall Locations: Wells Fargo, Russia, Ukraine, Israel

WASHINGTON (AP) — As record numbers of migrants surge at the southern U.S. border, many seeking asylum, Homeland Security Secretary Alejandro Mayorkas has told Congress the country's “broken” immigration system is in need of a top-to-bottom update. It comes as Mayorkas, the face of the administration’s immigration policy, bears down the threat of impeachment proceedings from House Republicans over what they view as failed border policies. “We’re at a point for three years we’ve been saying, ‘When are we going to secure the country? On Wednesday, House Speaker Mike Johnson told GOP senators behind closed doors that he needs real border security changes as part of Biden's broader war funding package. During recent hearings, Mayorkas told Congress the administration is working to manage the situation, even as Congress has failed to update the immigration system for decades.

Persons: Alejandro Mayorkas, Biden, “ We’re, ”, Republican Sen, James Lankford of, “, we’ve, Vladimir Putin's, Vanessa Cárdenas, Biden's, Thom Tillis, Mike Johnson, Chuck Schumer, Johnson, Mitch McConnell, ” “, ‘ We’re, ’ ” Schumer, they’ve, Donald Trump, Mayorkas, Sen, Alex Padilla, Dick Durbin of, Elliot Spagat, Seung Min Kim Organizations: WASHINGTON, Homeland, Republicans, House Republicans, Republican, Democrats, Eisenhower, Cato Institute, Congress, Defense Department, GOP, Associated Press, COVID, Capitol, Dick Durbin of Illinois, Press Locations: U.S, Ukraine, Israel, James Lankford of Oklahoma, Congress, North Carolina, Alex Padilla of California, Mexico, Guatemala, Honduras

Bernstein named Taiwan Semiconductor a "best idea" for 2024, raising its price target on the stock. — Alex Harring 7:01 a.m. In addition to the best-pick honor, analyst Steve Scala has an outperform rating and $86 price target. Analyst Michael Lavery downgraded the stock to neutral from overweight and slashed his price target by $40 to $200. ET: Morgan Stanley hikes PDD price target, calls stock a top pick following earnings Morgan Stanley named Chinese e-commerce name PDD Holdings a top pick following its latest quarterly earnings report.

Persons: Bernstein, Morgan Stanley, LSEG, Bank of America's Tal Liani, Morgan Stanley's Hamza Fodderwala, Alex Harring, Craig Siegenthaler, Blackstone, That's, — Alex Harring, Ken Hoexter, Hoexter, TD Cowen, Steve Scala, Scala, Jefferies, John Colantuoni, bode, Colantuoni, Neil Beveridge, Josh Silverstein, Silverstein, JMP, Baldwin, Mitch Germain, Germain doesn't, Germain, Piper Sandler, Michael Lavery, Lavery, elasticities, HSY's, Hershey, Eddy Wang, Wang, Mark Li, Li, — Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Holdings, Wall, Bank of America, Bank of America's, KKR, Apollo Global Management, Pacific, Transport, AstraZeneca, pharma, Airbnb, Toyota, UBS, Exxon Mobil, Natural Resources, Exxon Mobil's, Hershey, PDD, U.S, LSEG, Commerce, PDD's U.S, Apple, Huawei Locations: Tuesday's, Ivory Coast, Ghana, 4Q23, Taiwan, China

☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

☆ 401(k) balances are down, and 'last resort' hardship withdrawals are up
▼ + stars: | 2023-11-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch now'Last resort' 401(k) hardship withdrawals riseIn extreme circumstances, savers can take a hardship distribution without incurring a 10% early withdrawal fee if there is evidence the money is being used to cover a qualified hardship, such as medical expenses, loss due to natural disasters or to buy a primary residence or prevent eviction or foreclosure. The share of participants who tap such hardship withdrawals is on the rise, according to reports by Fidelity Investments and Bank of America — largely to avoid a foreclosure or eviction or to cover medical expenses, Fidelity found. Bank of America's recent participant pulse report showed that the number of 401(k) plan participants taking hardship withdrawals was up 13% from the second quarter and 27% compared to the first quarter of the year — with the average withdrawal amount just over $5,000. Still, hardship withdrawals should be "your choice of last resort," cautioned Joe Buhrmann, senior financial planning consultant at eMoney Advisor. "'Leakage' from plan accounts through 401(k) loans and withdrawals can have outsized effects on retirement readiness," said Sharon Carson, retirement strategist at J.P. Morgan Asset Management.

Persons: Mike Shamrell, Joe Buhrmann, you'll, Sharon Carson Organizations: Fidelity Investments, Bank of America, Fidelity, Bank of, Morgan Asset Management

☆ Bank of America says this stock is the 'strongest pure-play space name' with the potential to double
▼ + stars: | 2023-11-28 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Rocket Lab shares have the potential to take off, according to Bank of America. Analyst Ronald Epstein reiterated his buy rating on the space stock while shaving his price target down by $2 to $10. Epstein's new price target implies the stock could soar 134.2% from Monday's close. After investigating the September mid-flight failure of its Electron rocket, Rocket Lab is aiming to get its launch business back on track by the end of the year. The analyst's price target cut followed a reassessment of the discount rate following the Electron launch snafu.

Persons: Ronald Epstein, Epstein, Bank of America's Epstein, Epstein doesn't, CNBC's Michael Bloom, Michael Sheetz Organizations: Bank of America, Bank of, MDA Locations: Monday's

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