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☆ Jim Cramer: Why a successful Reddit IPO would be bad news for this bull market
▼ + stars: | 2024-03-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, —, isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND

☆ Trader Joe's 6th food recall of the year is for one of its signature chicken dumplings
▼ + stars: | 2024-03-03 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +4 min

Trader Joe's is recalling its signature steamed chicken soup dumplings. Trader Joe'sIn February, Trader Joe's recalled four products for potential Listeria monocytogenes contamination and another product for possible foreign material. It added that customers who purchased the steamed chicken soup dumplings are eligible for a full refund. AdvertisementThe warning issued for the steamed chicken soup dumplings comes a month after Trader Joe's recalled five other products in February. In August 2023, Trader Joe's recalled its multigrain crackers with sunflower and flax seeds over concerns of metal contamination, according to USA Today.

Persons: Joe's, — Organizations: Service, Joe's, Crew, USA

☆ Shrinkflation 101: The Economics of Smaller Groceries
▼ + stars: | 2024-03-01 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Companies are downsizing products without downsizing prices, and consumer posts from Reddit to TikTok to the New York Times comments section drip with indignation at the trend, widely known as “shrinkflation.”The practice isn’t new. President Biden tapped into the angst in a recent video. (“What makes me the most angry is that ice cream cartons have actually shrunk in size, but not in price,” he lamented.) One Canadian chain unveiled a growflation pizza. (“In pizza terms,” the company’s news release quipped, “a larger slice of the pie.”)

Persons: Sellers, Biden, ” Organizations: New York Times Locations: Reddit, TikTok

Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter. The Wall Street Journal was first to report on the expected range and valuation. Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook. Reddit's IPO will represent the first major tech offering of the year and the first social media IPO since Pinterest's Wall Street debut in 2019.

Persons: Reddit, Sam Altman's, he'd, Altman, Condé Nast, Alexis Ohanian, Steve Huffman, Airbnb, OpenAI's, John Tuttle Organizations: New York Stock Exchange, Tencent, Advance Magazine Publishers, Securities and Exchange Commission, Google, Reddit Locations: Los Angeles , California, Reddit

☆ Animal spirits are back in the market, fueling 2021-like speculative activity
▼ + stars: | 2024-03-01 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Federal Reserve's rate-cut signal in December triggered a furious rally to record highs, unleashing animal spirits that are fueling similar speculative activities from the depths of the pandemic. "The animal spirits are reviving," Michael Hartnett, chief investment strategist at BofA Global Research, said in a phone interview. "Animal spirits, they don't necessarily start with the biggest animals in the jungle," Quincy Krosby, chief global strategist at LPL Financial, said by phone. To be sure, others believe the market rally has been justified by the enthusiasm for artificial intelligence, and the contribution it's likely to make to future corporate profits. Billionaire investor Ray Dalio said the U.S. stock market is not in a speculative bubble based on his criteria.

Persons: Bitcoin, Michael Hartnett, Hartnett, Cryptocurrency, Scott Rubner, Goldman Sachs, Quincy Krosby, Ray Dalio Organizations: BofA Global Research, Nasdaq, GameStop, Palo Alto Networks, Research, LPL Locations: Nigeria, Argentina, Snowflake, YOLO, . U.S, U.S

☆ British politicians think they have a plan to combat Andrew Tate's influence in schools. It's doomed to fail.
▼ + stars: | 2024-03-01 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +6 min

Read previewBritish politicians have a plan to train young men in schools to be alternative influencer role models to controversial anti-feminist figure Andrew Tate. He's become an all-encompassing figure for young men who feel attacked by modern society and believe they have been left behind. Boys and young men idolize TateLiking manosphere creators doesn't directly mean someone will be violent toward women. Experts have expressed worry that the influence of Tate and other manosphere creators is deeply ingrained. AdvertisementThe ideological gap between Gen Z's young men and women is also widening, and these creators could be making it worse.

Persons: —, Andrew Tate, it's, Tate, He's, Bridget Phillipson, Cindy Marie Jenkins, Reddit, celibates, idolize Tate, manosphere, doesn't, Z's, Daniel Boscaljon, they've, Boscaljon, Krysten Stein, Stein, they're Organizations: Service, Business, Labour, Guardian, Tate, Boys, Healthy, Academy, BI Tate, University of Illinois Locations: Romania, Chicago

☆ No, Sam Altman doesn't actually own half a billion dollars of Reddit stock
▼ + stars: | 2024-02-29 | by ( Madeline Berg | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Reddit filed for an IPO, revealing nearly 10% of its shares are owned by entities related to Sam Altman. AdvertisementLast week, not long after Reddit made moves toward a public listing, headlines began to appear about an unexpected figure: Sam Altman. For example, Hydrazine Capital II is listed as owning nearly 9.9 million shares of Reddit. But Altman, at most, owns 5% of Hydrazine Capital II's holdings, or 492,720 of its Reddit shares. AdvertisementThe various entities point to a side of Altman — Altman the investor — that has receded from view since he has become known to the public as OpenAI's CEO.

Persons: Reddit, Sam Altman, Altman, —, tech's, Reddit's, that's, he's, Chris Harvey, Altman — Altman, ADVs, Peter Thiel, Cruise, Steve Huffman, Alexis Ohanian Organizations: Service, Business, Securities and Exchange Commission, Harvey, Apollo, Apollo Projects, SPV, SEC, Investors, University of Michigan, Helion Energy, Facebook, Google Locations: Altman

☆ Americans are turning to gardening, hunting, and extreme couponing to combat rising food prices
▼ + stars: | 2024-02-28 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Read previewAmericans are increasingly relying on unorthodox cost-cutting measures to ensure they continue to eat amid ongoing inflation and rising food prices. Recently, US consumers are spending more money on food than they have in the past 30 years, The Wall Street Journal reported last week, citing data from the US Department of Agriculture. AdvertisementThe Journal collected hundreds of reader responses and compiled several cost-saving tips into a Tuesday story about how Americans are responding to rising prices. Buying in bulk can keep prices low, as well as purchasing non-spoilable food, people told the outlet. Other respondents said they combat rising prices by maximizing senior discounts and making a spreadsheet of their groceries and meals.

Persons: —, WK Kellogg, Gary Pilnick, Ramon Laguarta, Sarah Smith, Bernard Brothman, Brothman, Nancy Randall, Randall, BuzzFeed Organizations: Service, Street, US Department of Agriculture, Business, Labor Department, PepsiCo Locations: Houston

☆ Tumblr is selling user data to train AI. Things could get weird.
▼ + stars: | 2024-02-28 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

Read preview404 Media reported that Auttomatic, the company that owns WordPress and Tumblr, is making a deal to provide data from their sites to help train OpenAI and Midjourney. The blog post says that Auttomatic's sites currently block AI crawlers, but when they start sharing data with the AI companies, they'll offer an opt-out from doing so in the future. Reddit has a $60 million-a-year deal to license its data to Google to train its AI. This can be controversial for some users, who feel uncomfortable about their content — on Tumblr, this is often personal writing or photography or art — being used to train AI. When platforms with user-generated content are selling that content to train AI, it feels, well, understandably weird.

Persons: —, Auttomatic, Sherlock Holmes fanfiction, Sherlock, Watson, Reddit, I'm, Midjourney Organizations: Service, Business, Google, Facebook

☆ A UPS worker who made $2,600 in one week explains how he did it
▼ + stars: | 2024-02-28 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Adrian De La Torre, 30, is an Oregon-based package handler (also known as a pre-loader) who earns $21 per hour for the part-time role. De La Torre earned 51 hours of overtime pay just in time for Christmas. But, De La Torre said he "spent months preparing my mind and body" for the long workweeks. AdvertisementThe package handler said he's lost about 65 pounds since starting at the company four years ago. One UPS driver previously went viral online for his $2,400 paycheck, but he only worked 49 hours that week.

Persons: —, Adrian De La Torre, De La Torre, subreddit, he's, bro Organizations: Service, Business, De, BI, Teamsters, UPS Locations: Oregon

☆ Apple's EV exit shows the challenges of the once red-hot market
▼ + stars: | 2024-02-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

The ending is abrupt, but Apple's EV ambitions weren't easily realized. AdvertisementNurPhoto/Getty, Tyler Le/BIApple's departure shows how challenging the once red-hot EV market has become. In the long run, Apple's exit could even be spun as a win for the EV market. Less competition is rarely good, but some of Apple's employees could land at rival EV makers, providing a much-needed boost. OpenAI fires back at The New York Times.

Persons: Donald Trump, Nikki Haley, Tyler Le, Aaron Mok, weren't, Elon Musk, That's, Rivian, Spencer Platt, Mislav Matejka, Morgan Stanley's, Ellen Zentner, Zentner, Jamie Dimon, he's, Slaven, Jenny Chang, Rodriguez, Satya Nadella, It's, Reddit, isn't, Wendy's, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Republican, Apple, Bloomberg, Tesla, EV, Getty, Elon, Google, Microsoft, The New York Times, Times, Paramount, HP Locations: Michigan, China, New York, London

☆ An infamous hacking group is reportedly behind the cyberattack that has left US pharmacies reeling
▼ + stars: | 2024-02-27 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +3 min

A high-profile ransomware gang is responsible for the outage that has paralyzed US pharmacies, Reuters reported. Blackcat is behind the attack on UnitedHealth Group's claims management arm last week, per the report. The outage at Chain Healthcare, the payment management arm of healthcare giant UnitedHealth Group, was caused by a ransomware attack by hackers affiliated with Blackcat, Reuters reported, citing two unnamed sources. AdvertisementLast week's attack on Change Healthcare forced its parent company to disconnect its own systems "to prevent further impact," according to UnitedHealth Group. But experts aren't sure if the group responsible for last week's hack was sponsored by foreign actors.

Persons: Blackcat, UnitedHealth, —, Reddit, cybercriminals, Brett Callow Organizations: Reuters, Service, Healthcare, UnitedHealth, Blackcat, Caesars Entertainment, MGM Resorts, UnitedHealth Group, American Pharmacists Association, SEC, Colonial Pipeline, Google, Palo Alto Networks

☆ Wait. Why is Reddit losing so much money?
▼ + stars: | 2024-02-27 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Last year, according to Reddit's newly filed IPO documents, the company generated $804 million in revenue and lost nearly $91 million. But it's still a lot of money to lose selling a free product. AdvertisementOne big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries. (Note: There are some dumb stories floating out there about Reddit CEO Steve Huffman getting paid $193 million last year. The best argument I can make in their defense is that Reddit is still adding a lot of users and that more users equals more ad money.

Persons: —, it's, Condé Nast, that's, Steve, Greg Doherty, Steve Huffman, Elon Musk, Reddit, they're, Alex Heath Organizations: Service, Facebook, Business, Twitter, Google

☆ Reddit going public will 'force their hand' to learn to be profitable, says tastylive's Tom Sosnoff
▼ + stars: | 2024-02-26 | 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 going public will 'force their hand' to learn to be profitable, says tastylive's Tom SosnoffTom Sosnoff, tastylive CEO, joins 'Squawk Box' to discuss Reddit's decision to go public, whether the company can be profitable, news that Reddit users will be allowed to participate in the listing through a directed share program, and more.

Persons: Tom Sosnoff Tom Sosnoff

☆ Supreme Court weighs free speech challenges to GOP-backed social media restrictions
▼ + stars: | 2024-02-26 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +2 min

A stop sign as seen on traffic light near a statue at the Supreme Court in Washington, DC, February 26, 2024 as Justices are set to make a decision on landmark cases over social media content moderation. WASHINGTON — The Supreme Court on Monday questioned laws in Florida and Texas that seek to impose restrictions on the ability of social media companies to moderate content based on the assumption that they disfavor conservative speech. Various other tech companies that routinely moderate user content oppose the laws, including Reddit, Discord and Yelp. After the first of two oral arguments concerning the Florida law, it appeared a majority of the justices had concerns that the measure violates the free speech rights of big social media companies by prohibiting them from limiting the speech of some problematic users. The arguments over Texas' law were ongoing Monday afternoon.

Persons: WASHINGTON —, Elena Kagan, Neil Gorsuch, Donald Trump Organizations: Facebook, YouTube, Computer and Communications Industry Association, Republican, Twitter, U.S, Capitol Locations: Washington , DC, WASHINGTON, Florida, Texas

☆ Here’s how Reddit users can participate in the company’s IPO
▼ + stars: | 2024-02-26 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

The IPO direct share program will be open to adult US Reddit users with accounts created on or before January 1, 2024, who are not current or former Reddit employees. Reddit has not yet set the price at which shares will be listed in its IPO. Reddit is set to be the first major social media company to IPO in years. While somewhat unusual, offering users the opportunity to invest in its IPO makes sense for Reddit, a platform with a community of users famously — some might say infamously — interested in investing. “As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance,” Reddit said in an email inviting eligible users to participate in the IPO.

Persons: New York CNN —, ” Reddit, what’s, Reddit, they’ve Organizations: New, New York CNN, New York Stock Exchange, week’s Securities, Exchange Commission, GameStop, Wall Street Locations: New York

☆ A college is removing its vending machines after a student discovered they were using facial recognition technology
▼ + stars: | 2024-02-25 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +4 min

A university in Canada is expected to remove a series of vending machines from campus after a student discovered a sign they used facial recognition technology. The smart vending machines at the University of Waterloo first gained attention this month when Reddit user SquidKid47 shared a photo. Stanley investigated the smart vending machines, discovering that they're provided by Adaria Vending Services and manufactured by Invenda Group. Canadian publication CTV News reported that Mars, owner of M&M's, owns the vending machines. AdvertisementIn response to the student publication's report, the director of technology services for Adaria Vending Services told MathNEWS that "an individual person cannot be identified using the technology in the machines."

Persons: SquidKid47, Stanley, MathNEWS, Adaria, MathNews, we've, Rebecca Elming, TikTok Organizations: University of Waterloo, Business, University, Waterloo, Ars Technica, Adaria Vending Services, Invenda Group, CTV News, Data, Invenda, Guardian, DePaul University Locations: Canada, China

☆ 'Trad wives' have blown up online since Roe v. Wade was overturned, but that's only half the story
▼ + stars: | 2024-02-25 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +10 min

Read previewTikTok has a question: Have trad wives gotten more popular since Roe v. Wade was overturned? Nara Smith, the second most popular trad wife account, has gained 2.2 million followers since she set her account up in September 2022. Williams told BI she thinks people are fascinated by traditional wife content because it is "nostalgic," "wholesome, and fulfilling." Williams said she's not surprised trad wife content has picked up since Roe v. Wade was overturned. "You get to choose what makes you happy, and no woman should be forced to be a trad wife, and no woman should be forced to not be a trad wife."

Persons: —, Roe, Wade, Caroline Burke, Hannah Neeleman, Burke, Estee Williams, Gwen, Rachel Joy, Neeleman, Nara Smith, Smith, Williams, she's, David Neeleman, Tyler Bender, Bender, Katya Varbanova, Varbanova, I'm, doesn't, Bettie Organizations: Service, Business, Fox News, Fox Locations: Utah, United States, TikTok

ImageReddit’s bet on RedditorsReddit is the latest company set to test the uncertain I.P.O. market, after the unprofitable social media company built around an avid community of newshounds, cryptocurrency devotees and reality TV fans filed to go public. The company is seeking a valuation of at least $5 billion and DealBook sifted through its prospectus to figure out its pitch to investors. demand that’s fueling a global stock market rally. But whether that’s enough to push Reddit to become profitable is a big question hanging over the listing.

Persons: Reddit, Google that’s Organizations: Google Locations: newshounds, A.I

☆ A look at some of Sam Altman's investments beyond Reddit
▼ + stars: | 2024-02-23 | 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 EmailA look at some of Sam Altman's investments beyond RedditCNBC's Deirdre Bosa joins 'The Exchange' to report on Sam Altman's investments beyond Reddit, the likelihood of a Reddit IPO, and more.

Persons: Sam Altman's, CNBC's Deirdre Bosa, Sam

☆ Reddit warns its business could be damaged by another moderator revolt
▼ + stars: | 2024-02-23 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

Last year, Reddit moderators protested against site changes that restricted third-party app access. In its S-1 filing ahead of its planned IPO, the company admitted that a moderator revolt is one risk factor. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementYears after the website's launch, Reddit, an online message board platform, is preparing to go public next month. In advance of the planned IPO, the company filed a prospectus with the Securities and Exchange Commission, which outlines risks associated with its business that potential shareholders should be aware of.

Persons: subreddits, — Organizations: Service, Securities and Exchange Commission, Business

☆ Jim Cramer sees the moon stock up 30% as a good opportunity to take profits
▼ + stars: | 2024-02-23 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

It's not profitable but shows good revenue growth. Jim Cramer said Friday that Reddit has been "losing money forever," and it would be a "sell" for him. "Amazing quarter," Cramer said, adding it's "not up enough." The stock surged roughly 30%. Cramer said this is "an opportunity to sell ... take profits."

Persons: Jim Cramer's, Jim Cramer, Reddit, Cramer, Max, Jim Organizations: CNBC, Club, Warner Bros Discovery

☆ Reddit aims to ride the AI wave by going public
▼ + stars: | 2024-02-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

The platform's listing, expected next month, would be the largest IPO by a social media company since Pinterest in 2019. That means some are wondering why Reddit has waited until now to make its move, but AI might have something to do with it. Reddit also listed data licensing and AI training as part of its income streams. "We are going public to advance our mission and become a stronger company," he said in a founder's letter included in the prospectus. AdvertisementRepresentatives for Reddit did not immediately respond to a request for comment from BI, made outside normal working hours.

Persons: Reddit, Sam Altman, Steve Huffman, Huffman, Fortune, Katie Notopoulos Organizations: New York Stock Exchange, Facebook, Twitter, Business, Securities and Exchange Commission, Google, University, Virginia, GameStop, AMC Locations: Reddit

☆ Wall Street is loving AI while Big Tech is warning employees about how they use it
▼ + stars: | 2024-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .

Persons: —, It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago

☆ Reddit is a 'smaller, more volatile' Twitter, says Big Technology's Alex Kantrowitz
▼ + stars: | 2024-02-23 | 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 is a 'smaller, more volatile' Twitter, says Big Technology's Alex KantrowitzAlex Kantrowitz, Big Technology founder, joins 'Squawk Box' to discuss Reddit's decision to go public, the company's journey to IPO, Sam Altman's stake in the company, and more.

Persons: Big, Alex Kantrowitz Alex Kantrowitz, Sam Altman's Organizations: Big Technology

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