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☆ There's a silver lining to California's $20 fast-food wage, restaurant bosses say: it's attracting better workers
▼ + stars: | 2024-06-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Restaurant executives say California's $20 wage for fast-food workers has brought them at least one clear advantage. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRestaurant executives told Business Insider that California's new $20 minimum wage for fast-food workers has at least one clear silver lining for their businesses: Better-quality candidates are applying for jobs. California raised its minimum wage for workers at limited-service chains with at least 60 locations nationwide by 25% to $20 an hour on April 1. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business Locations: California

☆ House G.O.P. Pushes Through Defense Bill Nixing Abortion Access Policy
▼ + stars: | 2024-06-14 | by ( Robert Jimison | ) www.nytimes.com time to read: +1 min

House Republicans banded together on Friday to narrowly pass an $895 billion defense policy bill that would restrict access to abortion and transgender medical care in the military and eliminate all positions and offices of diversity, equity and inclusion across the Pentagon. The 217-to-199 vote, largely along party lines, reflected a dramatic shift in support for the annual National Defense Authorization Act, normally an overwhelmingly popular bill, since it emerged from a House committee last month with broad bipartisan support. Democrats turned against the bill in droves after Republicans insisted for the second year in a row on loading it with conservative policy dictates. The legislation would provide a 19.5 percent pay increase for the troops, as well as an array of quality-of-life improvements including more generous housing and food allowances for military families and improvements for military housing facilities. “Our adversaries will only be deterred through strength,” he added, and the House bill “ensures our military will continue to project that strength.”

Persons: we’ve, Mike D, Rogers, ” Organizations: Republicans, Pentagon, National Defense, Republican, House Armed Services Committee Locations: Alabama

☆ Bullish views on Telsa's autonomous vehicle plans are 'completely reckless,' analyst says
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBullish views on Telsa's autonomous vehicle plans are 'completely reckless,' analyst saysCraig Irwin, senior research analyst at Roth MKM, discusses Tesla's latest announcements and why he is skeptical of the company's autonomous driving plans.

Persons: Craig Irwin, Roth MKM

☆ 'Win-win-win': Three-day hybrid work week is a success, largest study to date published in Nature says
▼ + stars: | 2024-06-14 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +6 min

The three-day in-office hybrid work schedule is a "win-win-win," according to a study published in the prestigious science journal Nature. Non-manager attrition for hybrid employees had a 2.4% rate, a one-third reduction from the control group of 7.2%. When managers measured employees in nine categories of performance, execution and results, hybrid employees succeeded at the same rate. By the end of the experiment, managers positively viewed hybrid work as a potential asset to the company rather than a detriment to productivity. From an economic policymaking standpoint, hybrid work is one of the few instances where there aren't major trade-offs with clear winners and clear losers.

Persons: Nick Bloom, Bloom, Ruobing Han, James Liang, Trip.com, JPMorgan Chase, Jamie Dimon, Mark Zuckerberg Organizations: Stanford's Institute for Economic, Boeing, UPS, Nike, JPMorgan, University of Pittsburgh Locations: Shanghai, U.S

☆ G7 leaders accuse China of ‘enabling’ Russia war on Ukraine in stark warning
▼ + stars: | 2024-06-14 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

CNN —China’s support for Russia is “enabling” its war in Ukraine, leaders of the world’s most advanced economies warned Friday in a hardening of tone against Beijing, while threatening further sanctions against actors that materially support Moscow’s war machine. “China’s ongoing support for Russia’s defense industrial base is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications,” the G7 leaders said in the communique Friday. The US and European Union have already slapped sanctions on Chinese companies, and this week, the US imposed fresh sanctions on China-based firms supplying semiconductors to Russia. “So it is, in fact, helping Russia.”Leaders of the G7 nations gathered in southern Italy this week, with boosting support for Ukraine top of the agenda. “We express serious concern about the increasing use of dangerous maneuvers and water cannons against Philippine vessels.”

Persons: “, Joe Biden, Filippo Monteforte Organizations: CNN, Beijing, of, European Union, ”, Ukraine, Getty, EU Locations: Russia, Ukraine, Italy, United States, Europe, China, Western, Moscow, Beijing, “ China, AFP, European, East, South China, South

☆ A bunch of analysts cut price targets on these 3 stocks this week. Here's why
▼ + stars: | 2024-06-14 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Analysts have slashed price targets on three stocks from around the world over the past week: Adobe , France's Remy Cointreau , and Israeli software provider NICE . Adobe Five analysts cut their price targets ahead of Adobe's second-quarter earnings report, released after the bell Thursday. Remy Cointreau It's also been a tough week for Remy Cointreau, the makers of cognacs, liqueurs, and champagne. Ten analysts cut their price target on the stock over the past week. NICE NICE, which builds customer relationship management software, saw five analyst price target cuts over the past week.

Persons: France's Remy Cointreau, Remy Cointreau, Oppenheimer, Brian Schwartz, Remy Cointreau It's, Sanjeet Aujla, Remy, Rishi Jaluria Organizations: NICE, CNBC Pro, Adobe, Google, UBS, Nasdaq, RBC Locations: U.S, Adobe's, Cognac, China, Europe, United States

☆ These 3 utilities stocks are set to benefit the most from the AI boom as demand for electricity surges, according to a $47 billion firm
▼ + stars: | 2024-06-14 | by ( Christine Ji | ) www.businessinsider.com time to read: +1 min

AI and data centers are driving up electricity usage in the US after a decade of flat demand. As a result, the utilities sector is performing strongly, especially independent power producers. IPP stocks like NRG, CEG, and VST will benefit the most from AI, says one portfolio manager. Investors are pouring into utilities stocks as data centers drive outsized demand for electricity. This is big news for the US utilities sector, which has experienced essentially flat demand growth over the last decade.

Persons: — Organizations: Service, Nvidia, Goldman Sachs Research, Business

☆ Investors wonder if tech can keep lifting S&P 500 to new records this summer as some cracks emerge
▼ + stars: | 2024-06-14 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Wall Street is wondering whether the tech rally that's pushed the S & P 500 through record after record this year can continue, even as some cracks emerge in the market outlook. .SPX YTD mountain S & P 500 near record highs A peek inside the major indexes also reveals a similar pattern. Information technology is the best-performing sector in the S & P 500 this week, gaining 6.2%. As it is, the S & P 500 is already above 5,400, having advanced more than 13% this year. Winners and losers market David Miller, investment chief at Catalyst Funds, also said the S & P 500 could end 2024 with a 17% or 18% gain.

Persons: Jeff Klingelhofer, it's, Klingelhofer, Brian Nick, Nick, Dave Sekera, Dave Donabedian, Donabedian, David Miller, Miller Organizations: Nasdaq, Nvidia, Dow Jones, Apple, Thornburg Investment Management, CNBC, Macro, Federal Reserve, Morningstar, CIBC Private Wealth, Catalyst Funds, Microsoft, Google, Visa, MasterCard, American Airlines, Delta Air Lines, Novo Nordisk, TransDigm, Index, Retail, Manufacturing, Housing, Philadelphia Fed, Kroger, Darden, PMI Locations: U.S, NAHB

☆ The end of Infowars? Judge to decide fate of Alex Jones’ conspiracy empire in Sandy Hook families’ quest for justice
▼ + stars: | 2024-06-14 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

New York CNN —Alex Jones’ conspiracy empire is on the brink. If the judge rules in favor of Sandy Hook families, Infowars would be shuttered. In such a scenario, a court-appointed trustee would be tasked with securing the assets and then selling off Jones’ media empire, including the website, studio space, and broadcasting equipment. “Infowars would no longer exist,” Christopher Mattei, an attorney who represents some of the Sandy Hook families, explained this week to CNN’s Hadas Gold. But the attorneys representing Sandy Hook families expect that the most likely scenario is Jones’ Infowars empire will be sold off, piece by piece, with the proceeds going to their clients.

Persons: Alex Jones ’, Sandy Hook, Jones, Infowars, ” Christopher Mattei, ” Jones, Tucker Carlson, Dinesh D’Souza, Alex Jones, ” Mattei, “, ” Organizations: New York CNN, Systems, Companies, Fox News, Voting Systems, America News, Salem Media Locations: New York, Texas, Newtown , Connecticut, Connecticut

☆ How the makers of Catan: New Energies reworked the board game to address the climate crisis
▼ + stars: | 2024-06-14 | by ( Saira Mueller | ) edition.cnn.com time to read: +10 min

This is, says Kowert, because “games reflect culture.”Adding climate crisis elements to games can also make the topic more accessible, Kowert says. On the side of the Catan: New Energies board, a little black marker tracks the level of greenhouse gasses in the current game. It can also trigger the early end of the game, in which case the player with the most renewable power plants wins. Players can add green discs to the bag — which can give players using renewable energy bonuses — by building renewable power plants. When development on New Energies started in 2011 there were three renewable energy sources: wind, water and solar.

Persons: ” Rachel Kowert, “, Catan, Erik Assadourian, ”, Benjamin Teuber, Klaus Teuber, Teuber, Assadourian, Kelli Schmitz, playtesters Organizations: CNN, Storm, ”, Catan, Worldwatch Institute, Catan GmbH, Development, Brand Development Locations: Springs, United States

☆ Saudi Arabia looking to China for a lifeline for its futuristic city could mean trouble for the US
▼ + stars: | 2024-06-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how Saudi Arabia is courting Chinese investors for help with its massive, futuristic city facing financial issues. NeomSaudi Arabia's dreams of a futuristic city are turning into a financial nightmare, and one of its solutions could spell trouble for the US. Since 2017, the Kingdom has touted big plans for the desert megacity Neom . AdvertisementThe city plans to heavily use renewable energy, a key area of focus for China as it digs itself out of its economic hole . But a soft real estate market and a trail of angry business partners and customers are threatening to thwart his big plans .

Persons: —, Prince Mohammed bin Salman's, Neom's, hasn't, Tom Porter, Prince, Aaron Weiner's, Weiner, Justin Sullivan, it's, they'd, Tyler Le, Giovanna Ventola, Michael Shvo, Shvo, Tesla, Jose Uribe, Sen, Bob Menendez, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, UEFA, Business, Neom, US, International Monetary Fund, Bank of America, Apple, Apple Intelligence, OpenAI, Amazon, Bonnaroo Music, Arts Festival, Post Malone Locations: Saudi Arabia, Neom, Saudi, Kingdom, China, Gaza, New York, London

☆ How Morgan Stanley says to play the next wave of the AI trade
▼ + stars: | 2024-06-14 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

As the field of stocks that both serve artificial intelligence data centers and have outperformed the rest of the market grows, Morgan Stanley is changing its approach in a search for value. All of the stocks included are rated overweight at Morgan Stanley. Morgan Stanley upgraded Ciena Corporation to overweight as part of the note and in concert with its GVAT model. NVDA YTD mountain Nvidia stock. Other names on the Morgan Stanley list include Broadcom and Taiwan Semiconductor Manufacturing .

Persons: Morgan Stanley, Meta Marshall, Marshall Organizations: Nvidia, Wall, Ciena Corporation, Broadcom, Taiwan Semiconductor Manufacturing

☆ Brain science start-up Neuroelectrics uses electricity and a headcap to reduce seizures in patients with epilepsy. Now it needs FDA approval
▼ + stars: | 2024-06-14 | by ( Cristy Garratt Maria Gomez De Sicart | Cristy Garratt | Https | ) www.cnbc.com time to read: +1 min

High up in the hills of Barcelona, brain science start-up Neuroelectrics is developing therapies that it says will improve the lives of people living with brain disease. Its main product is a headcap, which monitors the brain's electrical activity and stimulates regions of the brain with mild electrical currents. Co-founder and CEO Ana Maiques believes it will significantly improve the lives of people suffering with epilepsy. In addition to epilepsy, Maiques and her team are optimistic that the headgear can also be used to treat depression and Alzheimer's. So, when you have epilepsy, you have an electrical discharge in one area of your brain, so they can really target and help them," said Roser Sanchez-Todo, R&D director for Neuroelectrics' brain modelling department.

Persons: Ana Maiques, Maiques, Roser Sanchez, Neuroelectrics Organizations: CNBC Tech, U.S . Food, Drug Administration Locations: Barcelona

☆ You could get partial ownership of an AI company that may have scraped photos of your face online
▼ + stars: | 2024-06-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Read previewYour face could make you a shareholder in Clearview AI, thanks to the terms of a potential settlement of a lawsuit against the company. Related storiesLawyers leading the charge against Clearview argued that the company's approach violated the privacy of people whose photos it used. "Clearview AI is pleased to have reached an agreement in this class-action settlement," Jim Thompson, a partner at Lynch Thompson and lawyer for Clearview, told Business Insider through a spokesperson. The proposed settlement gives people whose photos were used by Clearview a stake in the company's future. AdvertisementBut the proposal also contains an irony for the people whose photos Clearview AI used.

Persons: —, Clearview, Jim Thompson, Lynch Thompson, Jay Edelson Organizations: Service, The New York Times, Business, FBI, US Army, Court, Facebook, Apple

☆ Elon Musk says Tesla shareholders have re-approved his pay package worth billions that a judge struck down
▼ + stars: | 2024-06-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

New York CNN —Elon Musk said late on Wednesday that Tesla shareholders have re-approved a pay package worth billions that was already thrown out by a Delaware judge earlier this year in a vote that also approved moving Tesla to Texas. “Both Tesla shareholder resolutions are currently passing by wide margins! He famously bought social media platform Twitter for $44 billion in 2022, selling $22.9 billion of his Tesla shares to help fund that purchase. But perhaps a more serious concern among Tesla shareholders is the pioneering electric car company itself. Even with Musk’s pay package again endorsed by shareholders, the Delaware court could still have the final say.

Persons: New York CNN — Elon Musk, Musk, ”, Tesla, Chancellor Kathaleen McCormick, Antonio Gracias, Musk’s, Todd Maron, “, McCormick, ” Tesla, Robyn Denholm, Elon, ” Denholm, Cathie Wood, Ark, Ron Baron, Baron Capital, “ Elon, ’ ”, he’s, X, retweeted Organizations: New, New York CNN, Securities and Exchange Commission, SpaceX, Neuralink, Boring Company, Elon, Ark Invest, Baron, California, Fund, Twitter, Tesla Locations: New York, Delaware, Texas, Norwegian, Tesla

Tesla CEO Elon Musk claimed on Thursday that his company's Optimus humanoid robots could eventually make the automaker worth more than half of that. As for shareholder value, Musk said Optimus could be the catalyst for lifting Tesla's market cap to $25 trillion someday. The company, he predicted, will have "over 1,000, or a few thousand, Optimus robots working at Tesla" in 2025. Getting to a $25 trillion market cap would mean that Tesla would be worth about eight times Apple's value today. He did say that autonomous vehicles could get the company to a market cap of $5 trillion to $7 trillion.

Persons: SeongJoon Cho, Elon Musk, Tesla, Optimus, Musk Organizations: Tesla Inc, Seoul Mobility, Bloomberg, Getty, Optimus, Star Wars, EV, world's, Microsoft Locations: Goyang, South Korea, Austin , Texas, Thursday's

☆ Steve Eisman says this is one of the more interesting things on the AI boom he's heard in a long time
▼ + stars: | 2024-06-13 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Steve Eisman of "The Big Short" fame said a new thesis derived from the artificial intelligence boom has caught his attention. "You can make an argument that the revaluation of hardware is going to continue and that some parts of software will derail." But it's one of the more interesting things that I've heard in a long time," Eisman said. 'Hidden AI play' The widely followed investor has been closely tracking AI developments in the market. Apple announced it would weave generative AI technology across its native apps and latest devices, with features ranging from writing-assistance technology to generative AI-generated emojis.

Persons: Steve Eisman, Neuberger Berman, Eisman, I've, shorting, Michael Lewis's, Apple, Tim Cook Organizations: Apple, Microsoft, Oracle

☆ Waymo recalls driverless cars to make them less likely to drive into poles
▼ + stars: | 2024-06-13 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Waymo issued a recall for its 672 driverless cars to make them less likely to drive into telephone poles. The recall follows a May 21 accident in Phoenix, Arizona, in which a Waymo driverless car hit a telephone pole that was installed in the roadway in an alley. The vehicle was pulling over to pick up a passenger when it struck the pole at low speed, according to Waymo. While the car was severely damaged, no one was hurt, according to documents Waymo filed with the National Highway Traffic Safety Administration. The recall applies only to the fleet of modified Jaguar I-Pace SUVs Waymo owns and operates itself.

Persons: CNN — Waymo, Waymo Organizations: CNN, National, Traffic Safety Administration, Pace, Waymo, Traffic Administration, Google Locations: Phoenix , Arizona, Phoenix , Los Angeles, San Francisco

☆ China Is Testing More Driverless Cars Than Any Other Country
▼ + stars: | 2024-06-13 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

The world’s largest experiment in driverless cars is underway on the busy streets of Wuhan, a city in central China with 11 million people, 4.5 million cars, eight-lane expressways and towering bridges over the muddy waters of the Yangtze River. A fleet of 500 taxis navigated by computers, often with no safety drivers in them for backup, buzz around. The company that operates them, the tech giant Baidu, said last month that it would add a further 1,000 of the so-called robot taxis in Wuhan. Across China, 16 or more cities have allowed companies to test driverless vehicles on public roads, and at least 19 Chinese automakers and their suppliers are competing to establish global leadership in the field. In addition to cities designating on-road testing areas for robot taxis, censors are limiting online discussion of safety incidents and crashes to restrain public fears about the nascent technology.

Organizations: Baidu Locations: Wuhan, China

☆ Bitcoin miners at Donald Trump's closed-door event say he thinks bitcoin can help win AI arms race
▼ + stars: | 2024-06-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Less than four hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. "Bitcoin mining may be our last line of defense against a CBDC," Trump posted shortly before midnight on Tuesday. "That's where you've got all these ancillary jobs; it's not just the bitcoin mining directly," said Cook. Enter bitcoin miners. Adding bitcoin miners to the portfolio of energy buyers has helped to improve the core economics of renewable power production.

Persons: Donald Trump, Eva Marie Uzcategui, —, New York —, Jason Les, Bitcoin, Bill Hagerty, David Bailey, Trump, Bailey, Sen, Elizabeth Warren, Les, Warren, Geoff Kendrick, bitcoin, Matthew Schultz, Jayson Browder, Brian Hughes, Biden, Harris, Andreessen Horowitz, Ron Conway, Fred Wilson, Cameron, Tyler Winklevoss, Schultz, Browder, CleanSpark, Coke, Chris Cook, Cook, There's, Amanda Fabiano, Fabiano, Marathon's Browder, We've, Exacore's Cook, you've, it's, Digital's Browder Organizations: U.S, Mar, Lago, Trump, Riot, Marathon Digital Holdings, Arkon Energy, Cholla Energy, Exacore, CNBC, Senate's Banking, Finance, China, BTC Inc, Radical Communist, Democratic, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Standard Chartered, Circuits, Government Affairs, Federal Reserve, Biden, U.S . Treasury Department, Republican, NASDAQ, Fabiano Consulting Locations: Lago, West Palm Beach , Florida, New York, Palm Beach , Florida, bitcoin, China, Russia, U.S, America, Washington, San Francisco, Beijing, Marathon, United States, West Texas

☆ These are the stocks to play the next 'bottleneck' in AI, according to the pros
▼ + stars: | 2024-06-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

But the next bottleneck in AI infrastructure — and one to invest in — is networking, according to tech analysts. An increase in investment in generative AI model training and inference will drive the AI networking spending growth of 34% over the next five years, said the firm. "Networking creates a performance bottleneck for generative AI model development," Morningstar's analysts said. "Well-positioned networking firms are a great second derivative play to invest in generative AI," they added. Stocks to play the trend Marvell Technology is Morningstar's top pick to play the generative AI networking trend, with the firm saying it is "attractively undervalued" currently and giving investors an "immediately opportunity" to tap rising generative AI networking investment.

Persons: There's, Clare Pleydell, William D, Kerwin, Brian Colello, Morningstar, Bouverie Organizations: Nvidia, Microsoft, Networking, Morningstar, Liontrust Asset Management, CNBC, That's, Marvell, Arista Networks, Broadcom, Arista, Meta

☆ The digital dermatologist will see you now
▼ + stars: | 2024-06-13 | by ( Susan Griffin | ) edition.cnn.com time to read: +8 min

video calls and digital images to discuss skin concerns remotely) compared to 14.1% pre-Covid, said the American Academy of Dermatology. The advent of digital dermatology, pushed forward by increasingly innovative and sophisticated digital tools — not only smartphones and video calling apps but artificial intelligence — is enabling a growing number of global brands to diagnose, prescribe and produce bespoke creams via virtual consultation rooms. I tried Klira, a digital dermatology service co-founded in 2021 by British dermatologist Dr. Emma Craythorne. From Simon Ourian MDWhile digital dermatology makes it possible to access the expertise of people who might otherwise be out of your price bracket or zip code, there are inevitable drawbacks and limitations to using a digital dermatologist exclusively. “Although it was not a total transformation, my skin did get a bit better and I would recommend the digital dermatologist route,” she said.

Persons: tweens, ”, Shoshana Marmon, Emma Craythorne, Klira’s, dermatologists, Craythorne, Claire Todd, Emily Thompson, Dr Simon Ourian, Kim Kardashian, Megan Fox —, Dr Simon, “ I’d, Simon Ourian, Thompson, ” Dr, Ifeoma Ejikeme, Bryony Firth, “, I’d, I’ve, Ejikeme Organizations: CNN, Technology, American Academy of Dermatology, Dermatology, New York Medical College, Klira, Adonia Medical Clinic Locations: Cleethorpes, England, Los Angeles, London, Bernard, Gloucestershire, New York

☆ Saudi Arabia is seeking billions in Chinese investment for Neom. But it comes with a massive risk.
▼ + stars: | 2024-06-13 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

Read previewAt a recent exhibition in Hong Kong, Saudi Arabia showcased its futuristic vision for its planned Neom megacity. It was part of Saudi Arabia's drive to secure billions in new investment for the project, which is the centerpiece of Saudi ruler Mohammed bin Salman's Vision 2030 strategy. China sees Saudi Arabia as not just a business opportunity but a way of undercutting the influence of its longtime Saudi ally, the US. AdvertisementIn April, Saudi Arabia's Public Investment Fund-subsidiary Alat signed a deal with Dahua Technology, one of China's most important surveillance technology firms. "The main risk today to Saudi Arabia's tech cooperation with China is the growing China-US tech war.

Persons: —, Mohammed bin Salman's, Xi Jinping, Mohammed bin Salman Al Saud, Yue Yuewei, Leonard Chan, Robert Mogielnicki, Abdullah Al, Crown Prince Mohammed, Alat, GREG BAKER, Camille Lons, Neom that's, Saudi Arabian Crown Prince Mohammed bin Salman, Saudi Arabia's, Biden Organizations: Service, Business, Saudi, Saudi Crown Prince, Getty, Hong Kong Innovative Technology Development Association, Gulf States Institute, Crown, Public Investment Fund, Dahua Technology, US, European Council, Foreign Relations, Saudi Arabian Crown, New York Times Locations: Hong Kong, Saudi Arabia, Saudi, Riyadh, Xinhua, China, Washington, Neom, Riyadh Tower, Beijing, Israel

☆ Watch out, these stocks are now overvalued after going on a monster run this year
▼ + stars: | 2024-06-13 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Investors may want to be careful when buying tech stocks, as some names in the sector have become overvalued after their recent gains. Additionally, the CNBC Magnificent 7 Index has seen gains nearly twice that of the XLK and Nasdaq year to date, rising about 35%. CNBC Pro screened FactSet data for stocks in the XLK whose forward price-earnings ratio is above the S & P 500's. The stock trades at a forward P/E of 23.4, which is nearly double its five-year average P/E of 12.6. The megacap tech stock's forward P/E of 32.8 is 13.1% above its five-year average.

Persons: Jefferies, Oppenheimer Organizations: Nasdaq, CNBC, Barclays, Broadcom, JPMorgan, Citi, UBS, Microsoft

☆ Tyson Foods Suspends Executive After Second Alcohol-Related Arrest
▼ + stars: | 2024-06-13 | by ( Alexandra E. Petri | ) www.nytimes.com time to read: +1 min

A top executive at Tyson Foods who is a fourth-generation member of the Tyson family business was suspended on Thursday after he was charged with driving while intoxicated, the company said in a statement. John Randal Tyson, 34, the company’s chief financial officer and a great-grandson of Tyson’s founder, was arrested in Fayetteville, Ark., by the University of Arkansas Police Department and booked at the Washington County jail at about 1:30 a.m. Thursday, jail records show. It was the second time in less than two years that Mr. Tyson had been charged with an alcohol-related offense. Mr. Tyson, whose father is Tyson’s chairman, was named the company’s chief financial officer in September 2022. He had been in his position just over a month when he was arrested in November 2022, after a woman called the police to report that she had returned to her home in Fayetteville to find him asleep in her bed, The Arkansas Democrat Gazette reported.

Persons: Tyson, John Randal Tyson, Tyson’s Organizations: Tyson Foods, University of Arkansas Police Department, Arkansas Democrat Locations: Fayetteville, Ark, Washington, Arkansas

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