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AMC Entertainment , GameStop — AMC and GameStop shares posted fell in early morning trading as momentum fizzled from the meme stock craze , which was reignited Monday by a social media reappearance from "Roaring Kitty." GameStop shares slid 6%. Boeing — The airplane manufacturer's shares slid 1.1% after the Justice Department said Boeing violated a 2021 settlement related to its two fatal 737 Max crashes, exposing the company to potential U.S. prosecution. SunPower — The solar stock dropped 22.3%, giving back some of its 59% surge from the prior session. On Wednesday, however, Wolfe Research downgraded the stock underperform from peer perform, noting SunPower the "most extreme example of the meme stock resurgence" within clean technology names.
Persons: Lien, Max, Nio, Dell, Morgan Stanley, Wolfe, , Alex Harring, Fred Imbert, Jesse Pound Organizations: AMC Entertainment, GameStop, AMC, Boeing, Justice Department, JPMorgan, White House, Wolfe Research Locations: China
Whether retail investors profit from their bets on GameStop and AMC Entertainment or not, one group of companies looks set to cash in from the frenzied trading: stock exchanges. So-called meme stocks, which gained popularity through social media platforms like Reddit and Twitter (or X), have attracted retail investors looking to make a quick profit. Through this new innovative offer, we will offer retail investors a true one-stop-shop experience for equity trading," he said in May 2023. "The rise of retail options trading is another secular trend we're excited to build on with more platforms coming online for index options trading later this year, giving retail investors expanded access to our products," Howson said on an earnings call to analysts this month. ICE, which owns the New York Stock Exchange and several other exchanges, offers trading in stocks, bonds, commodities, currencies and derivatives.
Persons: Eric Leupold, Deutsche Boerse, Benjamin Goy, Stéphane Boujna, FactSet, David Howson, Howson, Oppenheimer, Hannah Gooch, Peters, Marco Iachini ​, Organizations: GameStop, AMC Entertainment, Twitter, Deutsche Borse AG Deutsche Börse, Frankfurt Stock Exchange, Corona, Deutsche Börse, DB1, Deutsche Bank, Global Equity, Cboe, Wall Street, Intercontinental Exchange, Sanlam Investments, ICE, New York Stock Exchange, Vanda Locations: Germany, U.S, Switzerland, Italy, Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Paris, France, Portugal, Europe
The S & P 500 and Nasdaq Composite rallied to all-time highs Wednesday as a lighter-than-expected April consumer inflation report fueled investor sentiment. Analysts' consensus price target on United Airlines give the company the highest potential upside of the lot, at roughly 24%. HSBC analyst Achal Kumar recently initiated coverage on Delta alongside peers United Airlines and American Airlines , but named Delta its preferred stock in the sector. Kumar's $72.80 price target suggests 37% potential upside for the stock. The company posted a strong fiscal third-quarter report, which led Benchmark analyst Mark Miller to upgrade shares to buy last month.
Persons: Achal Kumar, Delta, Kumar, Mark Miller, General Motors Organizations: Nasdaq, Dow Jones, CNBC, Delta Air Lines, United Airlines, HSBC, Delta, American Airlines, Western, Automotive, General, Wall Street, Citigroup, Bank of America Locations: Delta
A renaissance in Western styles can boost stocks that specialize in denim, according to TD Cowen. While positive on stocks across the space, he specifically pointed to Boot Barn , Levi Strauss and Ralph Lauren as key plays on the trend. Playing the denim revival For clothing makers Levi Strauss and Ralph Lauren, Chen sees reasons to be bullish beyond just a Western resurgence. Both stocks have outperformed the market in 2024, with Ralph Lauren adding around 16% and Levi Strauss surging about 36%. Boot Barn surpassed Wall Street consensus forecasts for earnings and revenue in its fiscal fourth quarter , the company reported Tuesday.
Persons: TD Cowen, Oliver Chen, jean, Levi Strauss, Ralph Lauren, Chen, , Louis, Taylor Swift's, Beyoncé's, Carter, Ralph Lauren's, James Conroy, Conroy, LSEG Organizations: Louis Vuitton, Department Locations: Americana, California
That increase is largely due to dynamics in the market for crude oil, which is refined into gasoline, economists said. Annual housing inflation declined to 5.5% in April from 5.7% in March. Shelter and gasoline inflation combined contributed more than 70% of the monthly CPI increase for all items, according to the BLS. Americans' buying patterns also simultaneously shifted away from services — such as entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation. Wage growth has been one contributor to services inflation, for example, economists said.
Persons: Grace Cary, That's, Mark Zandi, we're, Zandi, Michael Pugliese, Trump, Stephen Brown, Pugliese Organizations: U.S . Labor Department, Moody's Analytics, Federal Reserve, of Labor Statistics, Wells, Wells Fargo Economics, U.S, U.S . Energy Information Administration, Finance, GameStop, AMC, Biden, North, Capital Economics, Supply Locations: U.S, Wells Fargo, North America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed isn't going to reach inflation target due to shelter costs, says 3Fourteen's Warren PiesWarren Pies, 3Fourteen Research, joins 'Closing Bell' to discuss shelter disinflation and takeaways from the CPI report.
Persons: Warren
'Conviction list' stocks with big upside Investors still looking for quality names with more upside may want to consider names in Goldman's conviction lists — directors' cut. CNBC Pro scoured Goldman's May conviction lists for stocks with further upside of 50% or more, based on the bank's price targets. Goldman gave it a price target of $35, implying 107% upside. Goldman gave it a price target of 37 euros ($40), implying 64% upside. The bank gave the stock a price target of 380,000 Korean won ($277), or potential upside of 94%.
Persons: Stocks, Goldman Sachs, Peter Oppenheimer, Goldman, Neste, — CNBC's Michael Bloom Organizations: Dow Jones, U.S . Federal, Fed, CNBC, Europe's, Energy, Korean Locations: 1Q24, United States, Europe, Asia, Korean
Modern HealthModern Health provides personalized mental health treatment to employers, including coaching and therapy. Lennox-Miller said it's unlikely Modern Health could snag the same valuation from its last fundraise in a deal today. DeGagne said employer-focused mental health startups such as Modern Health have the potential for more profitable growth with "stickier" recurring revenue models. He said pharmacy giants Walgreens or CVS Health might seek to pick up a mental health asset like Modern Health. In a statement provided by Modern Health, Forrester senior analyst Jonathan Roberts said, "Modern Health is certainly a partner with its finger on the pulse.
Persons: Alyson Watson, Alexander Lennox, Miller, fundraise, DeGagne, Forrester, Jonathan Roberts Organizations: Modern Health, Health, Lennox, BI, Modern, Walgreens, CVS Health, CVS
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I want to do all the things I don't have time forI can't wait to take long walks with my dog every day, not just on weekends. I can't wait to fix all the broken things in my apartment. And I can't wait to travel without counting vacation days. I'm a couple of years shy of 65, so I know I'm lucky to have the savings and secure housing that allow me to give up the day job now.
Persons: , I've, I'm, who's Organizations: Service, Business, Costco Locations: Italy, Florence, Rome, Turin, Tuscany, Penn Station, Maine
Israeli Prime Minister Benjamin Netanyahu acknowledged tensions with historical ally the U.S. over the military offensive in Rafah in the Gaza Strip, but stood firm that the operation is required to protect Israeli security. But we have to do what we have to do," Netanyahu said Wednesday, in an interview with CNBC's Sara Eisen. Over 1,200 people have been killed in Israel since October, according to Israel's prime minister's office. Meanwhile, more than 35,000 people have been killed in the Gaza Strip, according to the Palestinian health ministry's latest official count. Earlier this week, U.S. Secretary of State Antony Blinken stressed that Washington could not endorse a Rafah military incursion in the absence of a "credible" plan to safeguard civilians.
Persons: Benjamin Netanyahu, Netanyahu, CNBC's Sara Eisen, Israel, Antony Blinken, Josep Borrell Organizations: Palestinian, Hamas, NBC's, U.S . State Department Locations: U.S, Rafah, Gaza, Israel, United States, Washington, Hamas, Kerem Shalom
Dell is seeing accelerating momentum, especially in winning business to build AI servers, unlocking a new bull case for the stock, Morgan Stanley analyst Erik Woodring wrote in a note on Wednesday. "All-in, we are hearing about more AI server momentum at Dell than at any other OEM," Woodring wrote, saying that he expected about $10 billion of AI server revenue in the company's fiscal 2025 — ending next February. Most AI servers are built around Nvidia's chips which have become prized in the technology industry because they are used to build and deploy advanced AI models from companies like Google , OpenAI and Meta . Dell sells servers using the newest Nvidia AI chips, including its H100 GPU and the latest Blackwell-generation chips. But the PC industry is on course to grow again and is outperforming lowered expectations, Woodring wrote, which will benefit Dell.
Persons: Michael Dell, Morgan Stanley, Erik Woodring, Woodring, Wednesday's, Jensen Huang, Huang, Michael, Dell Organizations: Dell Technologies, Mobile, Dell, Hewlett Packard Enterprise, Google, Meta, Blackwell, Nvidia, Microsoft Locations: Barcelona, Spain
The rally back to the record highs for the S & P 500 is already spurring at least one Wall Street shop to raise its expectations for the year. BMO Capital Markets strategist Brian Belski said in a note to clients Wednesday that he is raising his year-end target for the S & P 500 by almost 10% — to 5,600 from 5,100. .SPX YTD mountain The S & P 500 has rebounded to record highs. "Historical performance patterns suggest continued gains given the level of YTD performance. The S & P 500 hit an intraday all-time high on Wednesday morning, trading near 5,279.
Persons: Brian Belski, Belski, — CNBC's Michael Bloom Organizations: BMO Capital Markets, Street, CNBC Market, Survey, BMO
But it's no longer just about digital ad dollars, and Amazon's inaugural presence at this year's Upfronts events is the clearest indication that the e-commerce giant is prepared to take on traditional media. Amazon's Prime Video and other streamers would historically be featured at Newfronts, which is digital media's take on Upfronts. This year, they're projected to spend roughly $18.8 billion on traditional TV ads during Upfronts, an increase of 1% from a year earlier, according to eMarketer. 1 question all of you asked was, 'When are you going to show ads on Prime Video?'" He showed how the business has evolved to include digital video ads on Prime Video.
Persons: they're, Cowen, Alan Moss, we've, Reese Witherspoon, Jake Gyllenhaal, Paul Kotas, We've, Kotas, we're, — CNBC's Lillian Rizzo, Alex Sherman Organizations: Meta, Google, Amazon, Disney, Comcast, Netflix, Google's YouTube, Prime, Revenue, National Football League, CNBC Locations: Amazon, U.S
Goldman Sachs chief US equity strategist David Kostin says the S&P 500 could trade flat for the rest of the year. He told Bloomberg TV that the index has already reached Goldman's year-end target of 5,200. AdvertisementThe stock market rally has run its course for 2024, as the S&P 500 now stands above Goldman Sachs' year-end prediction, the firm's chief US equity strategist David Kostin said. The S&P 500 surpassed Goldman's year-end target of 5,200 earlier this month. Still, the Goldman stock chief isn't giving up entirely on the possibility of a bullish turnaround.
Persons: Goldman Sachs, David Kostin, , Kostin, Goldman Organizations: Bloomberg, Service, Bloomberg TV, Goldman, Federal, UBS
If you were holding out for lower interest rates on credits cards or mortgages, expect to only see modest relief for the remainder of the year and much of 2025. That's because the Federal Reserve is keeping its benchmark interest rate steady to discourage borrowing, which it will do until there's more evidence that inflation is under control. While the annual inflation rate has fallen from a peak of 9.1% in June 2022, it's been hovering closer to 3% for the past 10 months. The year-over-year inflation rate is now 3.4% — down slightly from 3.5% in March. For that reason, the central bank is expected to keep interest rates relatively high well into 2025.
Persons: it's, That's, there's Organizations: Federal Reserve
AdvertisementThe market should be careful what it wishes for when it comes to rate cuts from the Federal Reserve. Ed Yardeni, a longtime market veteran, has warned of a stock market "meltup" if the Fed were to cut interest rates this summer. High interest rates on risk tipping the economy into recession, but lowering rates too quickly risks a resurgence in inflation, which could slam American consumers. Fed officials have said they're looking for more evidence inflation is on track to fall to its 2% price target before mulling rate cuts. AdvertisementFor the most part, investors aren't expecting interest rates to come down before September.
Persons: Ed Yardeni, meltdowns, Yardeni, , they're Organizations: Service, Federal Reserve, Bloomberg, Yardeni, Fed
Target Circle 360 combines the benefits of the Circle membership and Circle cardTarget offers other benefits like the Target Circle membership and Circle card. Related storiesTarget Circle 360 combines all the benefits of the Circle membership and a Circle card. AdvertisementI thought the Target Circle 360 membership left much to be desiredUnfortunately, I haven't used the Target Circle 360 membership as often as I expected to. Overall, the Target Circle 360 membership wasn't for meAt the end of the day, I didn't think the Target Circle 360 membership was worth the money. AdvertisementHowever, I'm a firm believer that the free Target Circle membership is a must, even for casual Target shoppers.
Persons: , I'm, Jeff Greenberg, Paul, I've Organizations: Service, Business, Target
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why BMO Capital hiked S&P 500 target to the highest on Wall StreetBrian Belski, chief investment strategist at BMO Capital Markets, joins 'Halftime Report' to explain why BMO is raising its price target to the highest on Wall Street.
Persons: Brian Belski Organizations: BMO Capital, BMO Capital Markets, BMO
See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate was 7.09%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.38% this week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.
Persons: Fannie Mae, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron
Last month, a video began circulating on social media purporting to tell the story of an internet troll farm in Kyiv targeting the American election. Speaking in English with a Slavic accent, “Olesya” offers a first-person account of how she and her colleagues initially worked in support of President Volodymyr Zelensky of Ukraine. Then, she says, after a visit by mysterious Americans who were “probably C.I.A.,” the group began sending messages to American audiences in support of President Biden. “We were told our new target was the United States of America, especially the upcoming elections,” the woman in the video says. U.S. officials say the video is consistent with Russian disinformation operations as internet warriors aligned with Russia appear to be honing their strategy.
Persons: Volodymyr Zelensky, Biden, , Donald Trump Locations: Kyiv, Ukraine, United States of America, Russia
We'll review a "broken wing put butterfly" options trade to position bearishly on Costco. With a business model focused on memberships and rock-bottom prices, Costco (COST) has grown much faster than its peers and commands a significantly higher valuation. Over the past year, COST stock has rallied over 55%, nearly double what the S & P 500 returned over the same period. Additionally, with such a high-priced stock and options premiums elevated with earnings on deck in two weeks, we have to get creative to structure a trade to seek bearish exposure heading into earnings. I'm looking out to the June 7 th weekly expiration and buying a $700/730/775 broken wing put butterfly for $9.72 debit.
Organizations: Costco
Maps Show Scarce Shelter and Medical Care as Rafah Operation Is UnderwayHundreds of thousands of Gazans have fled the southern region of Rafah over the past week, after Israel has expanded its evacuation orders amid continued bombardment and fierce fighting there. Satellite imagery taken after the May 6 incursion shows extensive new damage to eastern parts of Rafah. Additional damaged buildings were identified in satellite imagery collected from May 5 to May 7. As of Tuesday, new high resolution satellite imagery of the evacuation area in Rafah was not available after May 7. ISRAEL Rafah crossing N EGYPT Kerem Shalom crossing 1 mile Source: World Health Organization; International Committee of the Red Cross press releases Note: Data is as of May 14.
Persons: Younis, Copernicus, Israel, Corey Scher, Den, Abu Yousef al, EGYPT Al Helal, Helal, EGYPT Kerem Organizations: Planet Labs, The New York Times, Health, United Nations, The United Nations, New York Times, Copernicus Sentinel, CUNY, Center, Den Hoek of Oregon State University, Labs, Najjar, Maternity, Health Organization, International Committee, Red Cross Locations: Rafah, Israel, Gaza, Rafah Egypt Israel Rafah, Kerem Shalom, Israel Egypt Rafah, Egypt, GAZA, Rafah ISRAEL EGYPT Rafah, Rafah ISRAEL EGYPT, Shalom, Den Hoek of, Kuwait, EGYPT, EGYPT Al Helal Al, ISRAEL Rafah, Helal Al, EGYPT Kerem Shalom, Jabaliya, Gaza City
Read previewThe US and Japan have agreed to work together to develop a defense system to defeat hypersonic missiles, according to the US Department of Defense. Russian navy frigate Admiral Gorshkov launching a Zircon hypersonic missile in White Sea, Russia, on July 19, 2021. Notably, Pyongyang is also attempting to develop what it says are hypersonic missiles. DF-17 medium-range ballistic missiles equipped with a DF-ZF hypersonic glide vehicle in a military parade to mark the 70th anniversary of the Chinese People's Republic. The allies successfully tested the jointly developed Standard Missile 3 (SM-3) Block IIA interceptor in a February 2017 intercept of a ballistic missile target.
Persons: , Gorshkov, Zoya Rusinova Organizations: Service, US Department of Defense, Business, Cooperative, US Missile Defense Agency, Japan, Russian Defense Ministry Press Service, AP, China's, Aegis Ballistic Missile Defense, Iran's, Israel Locations: Japan, Russian, Sea, Russia, Pacific, Moscow, Beijing, Pyongyang, Republic, Getty
CNN —US Air Force prosecutors have asked for new charges against the Massachusetts Air National guardsman who pleaded guilty in federal court earlier this year to leaking highly classified intelligence reports and other documents on social media, according to the Air Force. During a hearing at Hanscom Air Force Base in Massachusetts on Tuesday, Air Force prosecutors asked a hearing officer to recommend charges of disobeying an order and obstructing justice against Jack Teixeira under the Uniform Code of Military Justice. CNN reported earlier this month that the Air Force would pursue separate charges under the UCMJ. Teixeira was represented by three military defense counsel, including one of the chief district defense counsels for the Air Force, a spokesperson for the Air Force said. The hearing officer will then make a recommendation on whether to move forward with the recommended charges or change them in some way.
Persons: Jack Teixeira, Military Justice . Teixeira, Teixiera, Teixeira, , Daniel DeVoe, CNN’s Kaanita Iyer Organizations: CNN, US Air Force, Massachusetts Air National, Air Force, Hanscom Air Force Base, Military Justice, Prosecutors, Department of Justice, , Martial Locations: Massachusetts, Russia, Ukraine, States
"They can't do any more to Boeing," Cramer said. When you go after a person, that's jail time, and that's how you fix things, unfortunately. Wells Fargo raised its price target on Toll Brothers to $150 per share from $142 ahead of next week's earnings. "It is the key to the market," Cramer said, before pointing to a Dell stock chart and circling the day of Nvidia 's GTC conference. Cramer added, "You've got to go to Dell, and that's been off to the races ever since then."
Persons: Jim Cramer's, Jim Cramer, Cramer, Wells Fargo, would've, They're, Morgan Stanley, Jensen, Michael Dell, You've, that's, Mills, Campbell, Bernstein, Kellogg Organizations: CNBC, Club, Boeing, Justice Department, CPI, Dell Technologies, Dell, Nvidia
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