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Wall Street is under-appreciating the growth outlook for the defense sector, according to Citi. Nonetheless, Citi remains confident in "the bull case for defense." Defense companies historically trade at a premium to the rest of the market when defense budgets grow, Gursky said. Here are some of Citi's favorite defense picks, all of which have a buy rating from the bank. Citi's $525 price target implies almost 12% upside from Friday's close.
Persons: Jason Gursky, Gursky, Leidos, Lockheed Martin Organizations: Citi, P Aerospace, Defense, Citigroup, Leidos Holdings, Lockheed, SAIC, International Corps Locations: Friday's
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe rebound market still has room to run, says Richard Bernstein's Dan SuzukiDan Suzuki, Richard Bernstein Advisors deputy CIO, joins CNBC's 'The Exchange' to discuss stocks' current rally, sectors with the most opportunity, and more.
Persons: Richard Bernstein's Dan Suzuki Dan Suzuki, Richard Bernstein
"I'm convinced that the next few years will be some of the most dangerous yet most transformational our country has ever known," he will add. Aides told the Guardian that Sunak has wanted to deliver the speech for some time. "I have bold ideas that can change our society for the better, and restore people's confidence and pride in our country." It is unclear exactly when Britons will head to the polls, but Sunak has indicated that a vote could be called in the autumn. By law, the next U.K. general election must be held no later than 28 January 2025.
Persons: Rishi Sunak, Sunak, I'm, Downing Organizations: Conservative Party, Sky News, CNBC, Guardian, Conservatives, Labour Party, Labour, Tories Locations: Britain, London
Read previewThe prominence of school vouchers continues to surge across the country — but they might not benefit the families who need them the most. Over the past few years, states like Ohio and Arkansas have expanded their school voucher programs to allow most or all parents to receive funding to send their kids to private schools. The modern school voucher movement started to grow in the 1990s under the idea that the government would give parents a certain amount of money to put toward private school tuition. A new report from the Brookings Institution delved further into the implications of Arizona's voucher program. AdvertisementHave you received a school voucher or decided not to participate in your state's program?
Persons: , Josh Cowen, Cowen, they've, Katie Hobbs, Rebecca Noble, Doug Ducey, Ducey, Hobbs Organizations: Service, Business, Michigan State University, Brookings Institution, Brookings, ESA, Catholic, Republican, Democratic, Arizona Locations: Ohio, Arkansas, Arizona, Brookings, Phoenix, Queen, Tennessee, Georgia, Alabama
CNN —Three bewildered children sit on the roof of a mosque in Baghlan province, northern Afghanistan, their eyes blinking away mud that covers their entire bodies. Afghan relatives offer prayers during a burial ceremony for victims of flooding in Baghlan province, May 11, 2024. In the next days, teams will start distributing food to feed families for a month – what happens next is unclear. Workers repair a road destroyed by floods in Nahrin district of Baghlan province on May 12, 2024. The world is seeing the impacts of much larger, more severe events, whether that’s drought, rainfalls cyclones,” Anderson said.
Persons: let’s, , Barakatullah, Haji Wakil Besmillah, , ” Barakatullah, , Timothy Anderson, it’s, Anderson, that’s, They’re, it’ll, ” Anderson, Richard Bennett, Teresa Anderson Organizations: CNN, United Nations, Food Programme, , WFP, Workers, Getty, Global, ActionAid Locations: Baghlan province, Afghanistan, Folo, Bulka, Baghlan, AFP, Nahrin district
"Big Short" investor Danny Moses is still betting against Tesla stock and expects it to fall to $50. Tesla's focus on Robotaxis and AI is a distraction from its "falling apart" core business, he told CNBC. AdvertisementTesla's stock is cruising toward a steep correction, and will see a drop-off that even new tech initiatives can't steer around, investor Danny Moses told CNBC. The Moses Ventures founder revealed a Tesla short last year, sparked by a frustration over CEO Elon Musk's purchase of X, formerly Twitter. While Moses holds Tesla as his primary short, he touted a separate autonomous driving firm called Wayve.
Persons: Danny Moses, Moses, , Tesla, Elon Musk's, Bill Gates Organizations: CNBC, DOJ, Service, Moses Ventures, Elon, Department of Justice, Nvidia
The New York Stock Exchange welcomes Squarespace, Inc. (NYSE: SQSP), on May 19, 2021, in celebration of its Direct Listing. Squarespace , the website-building platform, announced on Monday it would go private in a $6.9 billion all-cash deal with private-equity firm Permira, after nearly three turbulent years on the public market. All three have approved the transaction and will continue to be investors after the Permira deal closes. Qualtrics, for example, was spun off from SAP in 2021 and was quickly taken private again in 2023 by Canada's pension plan and Silver Lake in a $12.5 billion deal. Japanese giant Toshiba also went private in 2023 in a $13.6 billion deal, after years of speculation and tumult, including a sustained engagement with activist investor Elliott.
Persons: Squarespace, Permira, Anthony Casalena, Ares Capital, Anthony, David Erlong, Squarespace's, Elliott, Morgan, Skadden, Richards, Layton, Finger, Goldman Sachs, Watkins Organizations: New York Stock Exchange, Inc, Accel, General Atlantic, Ares, Blackstone, SAP, Toshiba, Investors, Latham Locations: J.P
The substantial rise in Nvidia's share price has, however, has raised questions about whether those not already invested should buy the stock now, or wait to see if its price drops. Buy Nvidia Trent Masters, portfolio manager at the Sydney-based Alphinity Investment Management, has a buy recommendation on Nvidia, even as he acknowledges that it is "hard to buy a stock that has already gone up a lot." Acknowledging that Nvidia is a "great company," that is effectively operating a "monopoly" in the AI chipmaker segment, he has been reducing his holdings in the stock "Nvidia is a company that ran too far too fast. For instance, he is looking at an annualized revenue growth rate of near 50% over the next five years to justify the stock price. Despite reducing his position in the stock, Coons remains cautiously optimistic on Nvidia.
Persons: It's, We've, we've, Nvidia Adam Coons, Coons, " Coons Organizations: Nvidia, CNBC, Nvidia Trent Masters, Alphinity Investment Management, Devices, Winthop Investment Management Locations: Sydney, U.S
In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin attends the Victory Day military parade in central Moscow on May 9, 2024. Mikhail Klimentyev | Afp | Getty ImagesRussian President Vladimir Putin tapped a civilian economist as his surprise new defense minister on Sunday in an attempt to gird Russia for economic war by trying to better utilize the defense budget and harness greater innovation to win in Ukraine. More than two years into the conflict, which has cost both sides heavy casualties, Putin proposed Andrei Belousov, a 65-year-old former deputy prime minister who specializes in economics, to replace his long-term ally, Sergei Shoigu, 68, as defense minister. That, said Peskov, meant it was vital to ensure such spending aligned with and was better integrated into the country's overall economy, which was why Putin now wanted a civilian economist in the defense ministry job. Putin's move, though unexpected, preserves balance at the top of the complex system of personal loyalties that make up the current political system.
Persons: Vladimir Putin, Mikhail Klimentyev, Putin, Andrei Belousov, Sergei Shoigu, Nikolai Patrushev, Patrushev, Dmitry Peskov, Peskov, Belousov, Alexander Baunov Organizations: Sputnik, Victory Day, Afp, Getty, Security, Putin, West, Defence, Carnegie Russia Eurasia Center Locations: Russian, Moscow, Russia, Ukraine, Soviet Union
—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.
Persons: MOO, Katie Stockton Organizations: Deere, Co, Teucrium Wheat, Fairlead, CNBC Pro, Securities
Uber and Lyft are set to face trial on Monday in a US lawsuit by Massachusetts’ attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. Uber (UBER) and Lyft (LYFT) argue that they properly classified the drivers, saying they are not transportation companies that employ drivers but technology companies whose apps facilitate connections between drivers and potential riders. The lawsuit going to trial was filed in 2020 by Campbell’s predecessor, Maura Healey, now the state’s Democratic governor. Should the state prevail, it has said the companies could face large penalties for not properly classifying their drivers. By not classifying their Massachusetts drivers as employees, Uber and Lyft avoided paying $266.4 million into workers’ compensation, unemployment insurance and paid family medical leave over 10 years, according to a report by the state auditor.
Persons: Andrea Joy Campbell, Uber, Peter Krupp, Rohit Singla, Maura Healey, Lyft Organizations: Democratic, Studies, Massachusetts, Campbell’s Locations: Massachusetts, Boston, Suffolk
Putin replaced his longtime defense minister Sergei Shoigu with an economist Andrey Belousov. AdvertisementRussian leader Vladimir Putin is replacing his longtime defense minister Sergei Shoigu, 68, with an economist. On Sunday, Putin named former deputy prime minister and economic development minister Andrey Belousov, 65, as his new defense chief. Shoigu, who served as defense minister since 2012, now runs Russia's Security Council instead, taking over from Putin ally Nikolai Patrushev. Representatives for Russia's defense ministry didn't immediately respond to a request for comment from BI sent outside regular business hours.
Persons: Vladimir Putin, Putin, Sergei Shoigu, Andrey Belousov, Belousov, , Dmitry Peskov, Shoigu, Nikolai Patrushev, Peskov, Timur Ivanov, Admiral Sir Tony Radakin, Wagner, Yevgeny Prigozhin, Prigozhin, Shoigu's, It's, didn't Organizations: Sunday, Service, TASS, Russian Ministry of Defense, Security, Putin, Industrial Commission, CNN, BI Locations: Shoigu, Russia, Ukraine
"We see risk-reward on AAPL as positive, and rate the stock Outperform with a price target of $195." Barclays reiterates Micron as overweight Barclays raised its price target on the stock to $145 per share from $120. Evercore ISI adds a tactical outperform on Walmart Evercore added Walmart to its tactical outperform list ahead of earnings later this week. Evercore ISI adds a tactical outperform on Target Evercore added Target to its tactical outperform list ahead of earnings on May 20. "Following SEDG's 1Q results last week, we are downgrading SEDG to a Neutral and lowering our price target to $56 as the timing of a recovery remains cloudy."
Persons: Bernstein, Apple, Jefferies, it's, Wells, Piper Sandler, Piper, Bank of America downgrades Penn, Guggenheim, Tesla, We've Organizations: Apple, Nvidia, Barclays, Micron, HSBC, Delta, American Airlines, JPMorgan, Netflix, UBS, Visa, Mastercard, Walmart, Target, Royal Bank of Canada, HSBC Canada, Nexstar, Susquehanna, Bank of America, Penn Ent, ESPN Bet, Tesla, GE Aerospace, GE, Gemini Locations: Delta, United, America
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. 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. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Persons: Jim Cramer, it's, OpenAI, Mira Murati, Jensen Huang, We're, Jim's, Estee, Jim, Jim Cramer's Organizations: CNBC, Microsoft, Nvidia, Dover Corp, Clean Energy, Sustainability Technologies, Club, Vision, Bloomberg, Apple Vision, U.S, Jim Cramer's Charitable Locations: Illinois, Dover, U.S, China, Estee Lauder
My wife Pam and I have been married for 37 years. Strictly speaking, it applies only to being married to Pam, but I hope it is sufficiently generalizable to other situations. But date night is the best investment we can make in our marriage. Date night is mutual attention. I wonder how many hours we've spent on date night?
Persons: Malcolm Gladwell, Pam, I've, It's, we've, , He's, I'm, Arnold Palmer Organizations: Service, Business, Google Locations: That's
Stock futures flickered near the flatline Monday evening as Wall Street braced for the release of key inflation reports. S&P 500 futures inched down 0.02%, while Nasdaq 100 futures slipped 0.08%. Another market catalyst will emerge Tuesday morning as the first of two key inflation reports will be released. "It's not unusual for Wall Street and Main Street to see the economy differently — the different perspective stems from different points of focus. Stock market movements are based on expectations of future economic performance, not necessarily current conditions," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management.
Persons: Dow, Dow Jones, Jerome Powell, Brent Schutte Organizations: Nasdaq, Dow Jones Industrial, New York Federal Reserve, PPI, Northwestern Mutual Wealth Management
In fact, I’m monolingual myself, even though my academic work was largely focused on international trade and finance. In my defense, the great bulk of global economic research is published in English; and in general, Americans’ lack of language skills is less important than their insularity, their relative unfamiliarity with what happens and how things work in other nations. Yet many Americans, even supposedly knowledgeable commentators, often seem unaware of both the ways other nations are similar to us and the ways they are different. I’ll come back to that surprising fact, and what it tells us, in a minute. First, let’s talk about some other international comparisons that seem relevant to the current situation.
Persons: Biden Locations: United States
"We see risk-reward on AAPL as positive, and rate the stock Outperform with a price target of $195." Barclays reiterates Micron as overweight Barclays raised its price target on the stock to $145 per share from $120. Evercore ISI adds a tactical outperform on Walmart Evercore added Walmart to its tactical outperform list ahead of earnings later this week. Evercore ISI adds a tactical outperform on Target Evercore added Target to its tactical outperform list ahead of earnings on May 20. "Following SEDG's 1Q results last week, we are downgrading SEDG to a Neutral and lowering our price target to $56 as the timing of a recovery remains cloudy."
Persons: Bernstein, Apple, Jefferies, it's, Wells, Piper Sandler, Piper, it's bullish, Bank of America downgrades Penn, Guggenheim, Tesla, We've Organizations: Apple, Nvidia, Barclays, Micron, HSBC, Delta, American Airlines, JPMorgan, Netflix, UBS, Wells, Visa, Mastercard, Walmart, Target, Royal Bank of Canada, HSBC Canada, Nexstar, Susquehanna, Bank of America, Penn Ent, ESPN Bet, Tesla, GE Aerospace, GE, Gemini Locations: Delta, United, America
Opinion | Hold Onto Your Hats, America
  + stars: | 2024-05-13 | by ( Gail Collins | Bret Stephens | ) www.nytimes.com   time to read: +1 min
It’s commencement season, though at least a few ceremonies are being canceled on account of all the protests. Gail Collins: Well, I’ve given a commencement address or two in my time, but even when things were troubled, I could tell that most of the audience was hoping I’d make them laugh. Just in a way that made them feel it was OK to celebrate their achievements by having a good time with their families and friends. Bret: Last time I spoke to a graduating class, I tried to compare great arguments to great sex. Gail: Wish I had been in the audience for that.
Persons: Bret Stephens, Gail, It’s, Gail Collins, I’d, Bret
On a one-year basis, the expectation increased to 3.3%, up 0.3 percentage point from March and the highest since November 2023. However, expected increases in housing prices are particularly troublesome for policymakers who expected shelter costs to ease this year. Along with expected higher home costs, respondents see rents rising 9.1%, up 0.4 percentage point from the prior month. They expect food prices to increase 5.3% (up 0.2 percentage point from a month ago), gasoline to rise 4.8% (up 0.3 percentage point); and college education to increase by 9%, a 2.5 percentage point surge. Economists surveyed by Dow Jones expect the all-items CPI to show a 3.4% increase for April from the prior year, down 0.1 percentage point from March.
Persons: Philip Jefferson, Dow Jones Organizations: Costco, Consumers, New York Federal Reserve, University of Michigan, Labor Locations: Novato , California, New, New York
Lord's Cricket Ground, London CNN —At Lord’s Cricket Ground in the quiet, well-heeled streets of northwest London, different architectural eras collide together in a mishmash of mismatching styles representing the old and the new. And never is that collision between the old and new more evident than when Lord’s, the self-styled “home” of cricket and one of its most prestigious grounds, hosts the annual schoolboys fixture Eton vs. Harrow. CNN has contacted Eton and Harrow for comment but had not received a response at the time of publication. Spectators at Lord's Cricket Ground during the lunch interval in 1895 at the annual Eton vs. Harrow match. “We have to learn from the past, and the successes of the past too.”‘A turgid image of snobbery’The question of the Eton vs. Harrow match has become entangled in the wider conversations around cricket presently.
Persons: Lord’s, , Lord Byron, , Let’s, Jack Sparrow, Andrew Boyers, I’ve, ” Mark McCullen, Harry Wells, we’ve, ” Wells, Symons, we’re, Stephen Fry, ” Harrow, Tom Jenkins, ” Fry, ” Mark Nicholas Organizations: London CNN, Eton, Harrow, Marylebone Cricket Club, MCC, Oxford, Cambridge, CNN, England Women, Independent Commission, Equity, Cricket, Haymarket Theatre, Etonians, “ Pirates, CNN Sport, Wimbledon, Ascot, Thiele, Times, Harrow coasted Locations: London, Lord’s, Caribbean, Harrow
Editor’s Note: This article was originally published by The Business of Fashion, an editorial partner of CNN Style. The design was upcycled from vintage Chanel scarves by stylist Logan Horne, whose brand, J. Logan Home, specializes in refashioning heritage luxury accessories. Fashion brands' legal claims are varied but ultimately boil down to concerns that third parties are free-riding on brands’ valuable IP in ways that could risk confusing consumers, eroding primary sales and tarnishing or diluting carefully cultivated marks. Some big brands, like Prada, Gucci and indeed Levi’s, have already dabbled with upcycling collections and programs of their own. These days, she says she’s having about a conversation a week with brands interested in exploring collaboration, but the industry moves slowly.
Persons: Travis Kelce, Logan Horne, Logan, Webster, They’ve, Chanel, Horne, , Susan Scafidi, J, Logan Home’s, Christian Vierig, Louis Vuitton, Levi’s, Jeremy Moeller, Irene Calboli, ” Chanel, des, Batsheva Hay, Monica Schipper, , Hay, upcycling, I’m, Prada, Gucci, Anna Foster, Gabriela Hearst Organizations: The, Fashion, CNN, NFL, Dua, Law, Paris Fashion, Business of, , Getty, Logan Home, Texas, M University, Fashion Trust, Business of Fashion, Industry Locations: New York, Texas, Beverly Hills , California, India, Europe
Now look at AI, we’re going to have that same disruption except it’s going to be much faster. We really need to rethink how we manage change. There are many communities and many groups of individuals who don’t really feel like contemporary capitalism is serving them well. If I said, “I’m going to have a block grant for communities. I’m going to boost community colleges,” why is that bad?
Persons: Columbia Business School Glenn Hubbard, Bell, Hubbard, they’ve, that’s, it’s, That’s, I’m, don’t, we’re, “ I’m Organizations: CNN Business, Bell, New York CNN, Columbia Business School, Biden Locations: New York, United States
That’s all that’s left until the combined Social Security accounts — the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund — are likely to run out of money and can no longer pay full scheduled benefits, according to the latest report of the Social Security trustees. (Even with no fix at all — highly unlikely — incoming payroll taxes would cover 83 percent of scheduled benefits.) What I do worry about is what Washington’s patch for Social Security will look like. The cold math shows that fixing Social Security in a lasting way will require a combination of tax increases and benefit cuts. And both parties’ leaders — President Biden and former President Donald Trump — have ruled benefit cuts off the table.
Persons: — President Biden, Donald Trump — Organizations: Security, Insurance Trust Fund, Disability Insurance Trust Fund, Social, Social Security,
McDonald's reportedly plans to launch a limited-time $5 meal. AdvertisementMcDonald's is looking to launch a $5 meal in the US in a move to bring back price-sensitive customers. CEO Chris Kempczinski said McDonald's has local value meals around the US, but no standard national offering like competitors do. A meal consisting of the same four items — a McChicken, fries, a drink, and four-piece chicken nuggets — costs $18.26 in downtown New York City. AdvertisementThe new bundle would be priced lower than a Happy Meal, which starts at $6.39 in downtown Manhattan.
Persons: McDonald's, , Ian Borden, they're, Chris Kempczinski, Gunther Plosch Organizations: Service, Bloomberg, Restaurant Business, Customers, downtown, Burger King, Restaurant Brands Locations: New York City, downtown San Francisco, Manhattan
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