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☆ Treasury buyers live for the moment, unfortunately
▼ + stars: | 2023-06-01 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

The bill to suspend the so-called debt ceiling, approved by the House of Representatives on Wednesday, solves the most immediate threat to the government’s creditors. The Federal Reserve’s fight against inflation also stands to knock Treasury prices, while pushing up yields. Spending caps and other measures in the debt ceiling deal are projected to save $1.5 trillion over the next decade, the Congressional Budget Office said Tuesday. Treasury Secretary Janet Yellen warned on May 26 that the federal government would be unable to pay its bills on June 5. The U.S. House of Representatives voted 314-117 on May 31 to suspend the debt ceiling, a legislative cap on how much the Treasury can borrow that had been set at $31.4 trillion.

Persons: Goldman Sachs, That’s, Sam, Janet Yellen, Joe Biden’s, John Foley, Sharon Lam, Streisand Neto Organizations: Reuters, Treasury, Reuters Graphics Reuters, Refinitiv, Congressional, U.S . Congress, U.S . House, Senate, U.S, Treasury Department, Thomson Locations: Treasuries, U.S, Washington

☆ Debt deal sacrifices $140 bln return on investment
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

The budget deal agreed to by President Joe Biden and top congressional Republican Kevin McCarthy would move $20 billion away from the Internal Revenue Service over the next two years. The change shores up cash for other agencies, but projections suggest the IRS funding would’ve made a significant step toward closing the government’s $925 billion budget gap. Biden approved $80 billion of new cash for the IRS in 2021, arguing the funding would strengthen enforcement and increase revenue collected by Uncle Sam. The CBO estimated in 2021 that for every $1 increase to IRS funding the government would recoup $6.40 to $7.10. The $20 billion being diverted from the agency could therefore raise as much as $142 billion through 2031.

Persons: Joe Biden, Kevin McCarthy, would’ve, Biden, Uncle Sam, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Internal Revenue Service, Office, CBO, IRS, White, Twitter, Toyota, Lufthansa, Thomson Locations: Saudi, East, Italy

☆ Target and Disney trip up on the Pride divide
▼ + stars: | 2023-05-31 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

[1/2] A shopping cart is seen in a Target store in the Brooklyn borough of New York, U.S., November 14, 2017. REUTERS/Brendan McDermid/File PhotoNEW YORK, May 31 (Reuters Breakingviews) - Target (TGT.N) and Walt Disney (DIS.N) are fighting different battles over a similar social issue. Of the two, retailer Target has the harder balancing act. The $62 billion retailer run by Brian Cornell last week decided to pull some items from its 2023 collection celebrating Pride Month. Some of Disney’s employees were upset by the regulation and Iger took a stand on their behalf.

Persons: Brendan McDermid, Walt Disney, Brian Cornell, ”, Bob Iger, Ron DeSantis, Iger, Marjorie Taylor Greene, John Foley, Sharon Lam Organizations: REUTERS, Reuters, Target, Pride, Disney, Sunshine, Cornell, Walt Disney, Fox News, Thomson Locations: Brooklyn, New York, U.S, Florida, Orlando, UK

NEW YORK, May 30 (Reuters Breakingviews) - Nvidia (NVDA.O) has made a boisterous entry to the $1 trillion club, but it might not remain there for long. While Nvidia has been around for ages – it was founded in 1993, making it older than Amazon and Alphabet – its valuation growth of late has been prodigious. Its trip from $500 billion to $1 trillion has taken about 500 days, which is about one-third what it took Apple. Unlike Apple or Google-owner Alphabet, the brand has little consumer cachet to fall back upon. Alphabet, Amazon.com, Apple, and Microsoft are the four other United States-based companies worth over $1 trillion, according to Refinitiv data.

Persons: Jensen Huang, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Nvidia, Tuesday, Apple, Microsoft, Amazon, Twitter, Thomson Locations: States

☆ Too far, too fast: These stocks may be due for a pullback after exceeding analyst price targets
▼ + stars: | 2023-05-29 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Investors beware — a number of stocks have overshot analysts' price targets, and could be due for a pullback, according to CNBC Pro. Our screen found S & P 500 stocks with an implied downside of at least 3% after the shares exceeded their average price targets, according to FactSet data. In fact, Citi analyst Christopher Allen initiated coverage of the investment management firm this week with a sell rating, saying there's 9% downside, according to StreetAccount. Slightly more than half, or 57%, of analysts have a buy rating on the stock. Meanwhile, Lam Research also made the list, with just half of analysts recommending investors buy the semiconductor equipment maker.

☆ Breakingviews: Biden gives little, gets less in debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

WASHINGTON, May 28 (Reuters Breakingviews) - For President Joe Biden, a debt-ceiling victory comes with a bittersweet taste. The White House and top congressional Republican Kevin McCarthy reached a tentative deal for lifting the government’s borrowing limit on Saturday night. After months of negotiation, Biden and McCarthy reached an agreement just nine days before U.S. Treasury Secretary Janet Yellen said the country was expected to run out of cash. The deal lifts the debt ceiling about $4 trillion from its current level of $31.4 trillion, extending the government’s borrowing power for two more years. Follow @BenWinck on TwitterCONTEXT NEWSThe Biden administration and top congressional Republican Kevin McCarthy reached an agreement in principle on May 27 for raising the U.S. government’s debt ceiling.

☆ Economic stability hangs on US love of BBQ
▼ + stars: | 2023-05-26 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, May 26 (Reuters Breakingviews) - The threat of U.S. default isn’t the only thing bringing lawmakers to the negotiating table. That unofficial deadline adds urgency, and also makes it likely that a deal will be no better than just good enough. But lawmakers are also ditching Washington ahead of Memorial Day, a U.S. holiday marking the start of warmer months. In the meantime, a banking crisis, inflation crisis, and potential economic crisis are all pushed into the background. Investors will come back from their weekend of burgers and beer and see stability, which means they will be ready to take risks again.

Hong Kong CNN —Cathay Pacific Airways said Tuesday it had fired three cabin crew members after a passenger complained of discrimination on a flight from mainland China, an incident that angered Hong Kong officials and underscored the pressure on the city’s flag carrier to please Beijing. In a statement late Tuesday announcing the dismissals, Cathay Pacific (CPCAY) CEO Ronald Lam said he would personally lead a task force to improve service and avoid similar incidents in the future. A passenger walking to a Cathay Pacific counter at Hong Kong's international airport in 2018. The airline made headlines this week over an incident of alleged discrimination with a passenger from mainland China. In an editorial, it said there was “a question mark on how far Cathay Pacific can fly if their old problems remain unchanged.”— CNN’s Nectar Gan and Chris Lau contributed to this report.

☆ It’s Netflix’s world, rivals just stream in it
▼ + stars: | 2023-05-24 | by ( Jennifer Saba | ) www.reuters.com time to read: +9 min

Cheaper streaming options with unique programming were luring viewers, leaving Netflix in a tough spot as it raised prices. Paramount+, started in 2021, is joining forces with sister Showtime to widen its offerings. Disney, Paramount and WBD also operate cable and broadcast networks, and don’t specify what portion of the expense is allocated to streaming. Its subscribers, worth $136 a year in revenue apiece, are also more valuable than those of its rivals. Warner Bros Discovery on May 23 rebranded its streaming service as Max, which will include HBO programming along with Discovery’s reality TV shows.

☆ Debt ceiling debacle is ultimate winner’s curse
▼ + stars: | 2023-05-23 | by ( John Foley | ) www.reuters.com time to read: +5 min

The ongoing debt-ceiling standoff, which has the potential to tip markets into mayhem, is a kind of winner’s curse. Put differently, the U.S. government has racked up so much debt because everybody else needed it to. Reuters GraphicsBy getting into ever more debt, Americans have done the rest of the world a favor. Nobody knows when that point will come, though, and the debt ceiling doesn’t seem to reflect the market’s view of how much is too much. The U.S. share of the global economy is shrinking, the debt is growing, and so is the political theater it generates.

☆ Founders break down 5 challenges standing in the way of AAPI entrepreneurs
▼ + stars: | 2023-05-23 | by ( Jackie Lam | ) www.businessinsider.com time to read: +6 min

Asian Americans own 10% of small businesses in the US, but AAPI entrepreneurs still face challenges. Despite that, AAPI entrepreneurs still face unique struggles. As they've collaborated with their network of makers, Byun and Park have identified five challenges that need to be overcome to let AAPI entrepreneurs thrive. Fifty-eight percent of AAPI entrepreneurs have struggled with federal, state, and local programs to help small businesses. A good step is to learn the ins and outs of the US Small Business Administration's funding programs for small businesses.

Persons: Arnold Byun, —, MAUM, they've, they'll, they're, Byun Organizations: Service, Business Development Center, AAPI, US, Business, SBA Locations: Kioh, Park, American

It's important to understand your money story — the beliefs you have about how you get and spend money. "Emotions can cause and contribute to how you spend money, and vice versa, how we spend can cause and contribute to our emotional state being affected. Financial literacy isn't enough to solve many problems »Audit your emotions — and consider a journalTo get in touch with your emotions around money, keep track of them, suggests Wamala. "Ignoring your emotions keeps you in the dark when it comes to how and why you spend money," she says. "Rather than demonizing our money-related emotions, it's a much more empathic and sustainable approach to get curious about your emotions."

☆ Tesla offering discounts of over $1,300 on some U.S. Model 3 cars
▼ + stars: | 2023-05-19 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +1 min

[1/2] Workers walk among a row of Tesla Model 3 electric vehicles at Tesla's primary vehicle factory in Fremont, California, U.S. May 11, 2020. REUTERS/Stephen LamSAN FRANCISCO, May 19 (Reuters) - Tesla (TSLA.O) is offering discounts of more than $1,300 on some Model 3 cars in its U.S. inventory following even heavier discounts in Europe, according to a Reuters' review of its website, at a time when the electric carmaker has raised U.S. prices on most newly ordered cars this month. Tesla CEO Elon Musk told shareholders on Tuesday the company will try advertising for the first time, in a move seen by analysts to drum up demand. Musk also warned Tesla was not immune to the global economy, which he said will be difficult for the next 12 months. Reporting by Hyunjoo Jin; Editing by Ben Klayman and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

That could necessitate a second round of debt restructuring eventually at some of the developers, they said. Private developers have been in turmoil since mid-2021 following a crackdown on debt levels by Beijing that ensnared China Evergrande Group (3333.HK), then the No.2 developer, and eventually spread in the sector. Evergrande and Sunac China (1918.HK) are the most prominent among the handful of companies that have announced their offshore debt restructuring terms so far. More are expected to do so in the coming months, which will also include terms such as longer maturity extensions, lower coupons, and converting some debt into equity, developers and advisers said. Moreover, the private developers are staring at lower potential future revenues as they are unable to build on their land banks due to their precarious financial positions.

☆ Cramer's Lightning Round:
▼ + stars: | 2023-05-18 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Pfizer's year-to-date stock performance. Stock Chart Icon Stock chart icon Rivian Automotive's year-to-date stock performance. Stock Chart Icon Stock chart icon Everi Holdings' year-to-date stock performance. Stock Chart Icon Stock chart icon Globalfoundries' year-to-date stock performance. Stock Chart Icon Stock chart icon Builders Firstsource's year-to-date stock performance.

☆ These U.S. stocks have the most to lose — and gain — from China
▼ + stars: | 2023-05-18 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Goldman Sachs analyzed company 10-K filings to determine the geographic revenue exposure of each stock in the S & P 500. They found a number of stocks with revenue exposure to Greater China of over 40%. If China continues to show an uneven path of recovery in the wake of its stringent Covid restrictions being lifted, these stocks could be hurt. Companies that generate a significant amount of sales from Greater China were exclusively in the chip industry, according to Goldman. Monolithic Power Systems is on the top of the list with 65% of its 2022 revenue derived from Greater China, according to Goldman.

☆ As Big Cap tech nears new highs and dominates indexes, some stress equal weighting
▼ + stars: | 2023-05-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

As big-cap tech approaches new highs, some put more emphasis on equal weight. With more than $7 trillion indexed to the S & P 500, this is not an academic debate. With the S & P 500 up 8% this year, the average stock, as represented by the S & P Equal Weight ETF (RSP), is up a measly 0.5%. The RSP has underperformed the market-cap weighted S & P 500 month-to-date, quarter-to-date, and year-to-date. An argument could be made that active managers invest more like an equal-weight index.

May 18 (Reuters) - Semiconductor manufacturing tools maker Applied Materials Inc (AMAT.O) forecast third-quarter revenue above market estimates on Thursday, as governments around the world pour funding into chip factories. Chief Executive Officer Gary E. Dickerson said the company believes about $400 billion in government funding is supporting the chip industry. Applied Materials forecast third-quarter revenue of $6.15 billion, plus or minus $400 million, compared with analysts' estimates of $6.02 billion, according to Refinitiv IBES data. The company posted second-quarter revenue of $6.63 billion, compared with estimates of $6.38 billion. On an adjusted basis, the company earned $2 per share in the second quarter, beating estimates of $1.84 according to Refinitiv IBES data.

☆ Tiger Global makes new bets on Apple and Taiwan Semi in the first quarter
▼ + stars: | 2023-05-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Tiger Global Management made a new bet on Apple in the first quarter, while expanding positions in some major technology players that posted a strong start to the year. Tiger also upped its stake in technology leaders Alphabet, Amazon and Microsoft in the first quarter. The latest securities filings also showed Tiger exited small positions in Roblox , Warby Parker and Pinduoduo parent PDD Holdings . Coleman founded Tiger Global in 2001. He is widely known as one of the Tiger Cub hedge fund managers who worked at Tiger Management under Julian Robertson.

☆ Tiger-cub hedge fund Coatue drastically increases Big Tech holdings, doubles down on chip stocks
▼ + stars: | 2023-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Meta became Coatue's biggest holding at the end of March, with a stake worth $1.7 billion, the filing showed. The Facebook parent has been one of the biggest winners in the tech sector this year, rising nearly 100%. Chip giant Nvidia was Coatue's second-biggest holding at the end of March after the hedge fund raised the stake slightly. The New York-based fund also upped its AMD stake dramatically last quarter, making it its seventh-largest holding. The hedge fund also picked up Taiwan Semiconductor , building a new stake worth more than $500 million.

☆ Here are Monday's biggest analyst calls: Apple, Exxon, Crox, Meta, JPMorgan Chase, SoFi, DuPont & more
▼ + stars: | 2023-05-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Loop upgrades Meta to buy from hold Loop said it sees a "brighter revenue picture" for the social media giant. Morgan Stanley reiterates Exxon Mobil as overweight Morgan Stanley said it has "high confidence" in the oil and gas giant. We do think consensus estimates for 2023/24 remain too high but believe the buy-side is more aligned with our below-consensus views." Citi initiates AerCap as buy Citi said demand should remain attractive for the aviation leasing company. Deutsche Bank upgrades DuPont to buy from hold Deutsche said DuPoint is well positioned in an uncertain macro. "

☆ Stocks making the biggest moves midday: Shake Shack, Charles Schwab, Activision Blizzard and more
▼ + stars: | 2023-05-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oneok shares slid 7.7%. The IRS is due to release the report this week, the Wall Street Journal reported. Activision shares added 1%, while Microsoft was little changed. The Wall Street firm said shares trade at a significant discount to peers. The Coach and Kate Spade parent has a strong valuation and long-term investment case, the Wall Street firm said.

☆ A New Hope for Manhattan’s Chino Latino Restaurants: TikTok
▼ + stars: | 2023-05-12 | by ( Christina Morales | ) www.nytimes.com time to read: +1 min

All of the cooks at La Dinastia’s kitchen are Chinese and have learned to make Cuban dishes over time. Many original cooks and waiters retired during the pandemic. Michael Lan, an owner at La Dinastia who has worked there for decades and is knowledge about the kitchen, is planning his own exit. “I’ll be there for him,” Mr. Lan, 64, said about the younger Mr. Lam. “But they’re getting old,” said Marvin Chu, 40, an owner who operates the restaurant’s three locations with his brother and great-uncle.

☆ Gig work value is too great to rush a US overhaul
▼ + stars: | 2023-05-11 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Julie Su, the president’s choice for labor secretary, has a history of redefining gig work. And while health insurance and retirement savings are valuable perks, gig workers view flexibility in the same way. Half of surveyed gig workers, meanwhile, make less than a quarter of their income from freelancing. Gig work has also grown alongside traditional employment, not at its expense. With most gig workers happy as they are, a one-size-fits-all rethink threatens pointless harm to a growing corner of the economy.

☆ Disney boss races to hold back the dam
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

How that unfolds is in the hands of Comcast (CMCSA.O) boss Brian Roberts, whose cable operator owns the studio behind the cinematic video game hit as well as one-third of Hulu. The shift is understandable, however, considering what Disney is up against. In the quarter ended April 1, the division that houses Disney+ narrowed its operating loss from a year earlier, but subscribers also fell 2% to 158 million compared to the previous quarter. A rare bright spot was the theme parks, particularly overseas, but Iger has a growing number of holes to plug to ensure the dam holds. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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