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In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailiPhone trends in China are 'much, much better' than what people feared, says BofA’s Wamsi MohanWamsi Mohan, BofA Securities senior IT hardware analyst, joins 'Squawk Box' to break down Apple's quarterly earnings results, falling iPhone sales, China market, and more.
Persons: BofA’s Wamsi Mohan Wamsi Mohan Organizations: BofA Securities Locations: China
The automaker is the joint venture partner of Honda and Toyota in China, and has an electric car brand called Aion. Expanding outside ChinaLike other automakers in China, GAC is also turning overseas. China's overseas car sales surged last year, putting the country on par with Japan as the world's largest exporter of cars. Dyer expects that to drive overseas demand for Chinese electric cars. Chinese consumers placed almost twice as much importance on tech features compared with U.S. consumers, Dyer said, citing AlixPartners' survey.
Persons: Evelyn Cheng, Tesla, Feng Xingya, Feng, Wei Haigang, Wei, Stephen Dyer AlixPartners, There's, Stephen Dyer, AlixPartners, Dyer, BYD, Nio, CATL, Zhong Shi Organizations: CNBC, GAC, Labor, Huawei, Honda, Toyota, China Passenger Car Association, EU, U.S, Factories, Greater China Business U.S, Ministry of Commerce, Tech, Volkswagen, SAIC Motor, Battery, China Automobile Dealers Association, Automotive, Robotics, Lotus Technology, Geely Locations: Beijing, Evelyn Cheng BEIJING, China, East, Mexico, Japan, Malaysia, Thailand, Egypt, Brazil, Turkey, Amsterdam, Greater China, Asia, U.S, Europe
A gong inside the Hong Kong Stock Exchange. China Vanke's subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday. Asia-Pacific markets rose on Friday, tracking Wall Street gains ahead of key U.S. employment data. Economists polled by Dow Jones expect to see 240,000 job gains in the U.S. April nonfarm payrolls report due Friday at 0830a.m. Stock markets in Japan and mainland China were shut for public holidays.
Persons: Dow Jones, nonfarm Organizations: Hong Kong Stock Exchange, China Vanke's, Zhejiang Leapmotor Technology, Apple, Investors, U.S . Federal Reserve, Stock, U.S Locations: China, Hong Kong, Asia, Pacific, U.S, 0830a.m, Taiwan, South Korea, South, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHeat wave will be a 'double whammy' for Asian economies, JPMorgan saysRajiv Batra, head of Asia-Pacific ex-Japan and China equity strategy at JPMorgan, says it will lead to higher inflation and a slowdown in growth.
Persons: Rajiv Batra Organizations: JPMorgan Locations: Asia, Pacific, Japan, China
Apple shares popped more than 6% on Friday morning after the company reported better-than-expected second-quarter earnings and the largest-ever stock buyback program. If the gains hold until the market closes, it will be the best day for Apple shares since Nov. 30, 2022. The iPhone maker announced on Thursday it would repurchase $110 billion of its shares, the biggest buyback in U.S. history, surpassing Apple's prior repurchases. But overall sales decreased 4% and iPhone sales dropped 10% year over year during the quarter, indicating flagging demand for the smartphone's latest generation. Apple CEO Tim Cook told CNBC that quarterly sales suffered from a difficult comparison to the year-earlier period.
Persons: Tim Cook, Morgan Stanley, CNBC's Michael Bloom Organizations: Apple, CNBC, Bank of America, JPMorgan Locations: Mainland China, iPads, China
Analyst Scot Ciccarelli upgraded the retailer to buy from hold and raised his price target by $6 to $86. — Alex Harring 6: 22 a.m.: Here's what Wall Street thinks of Coinbase's earnings Coinbase's stronger-than-expected earnings have prompted analyst reactions. Barclays' Benjamin Budish (underweight, $179 price target unchanged, 21.8% downside): "The biggest question going forward is, how sustainable are these trends? — Alex Harring 6:12 a.m.: Wall Street reacts to Apple earnings Apple's buyback announcement has caught the eye of Wall Street analysts. Analyst Benjamin Nolan upgraded the railroad stock to buy from hold and increased his price target by $19 to $267.
Persons: Morgan Stanley, Jefferies, Bernstein, Aneesha Sherman, Sherman, — Alex Harring, Truist, Scot Ciccarelli, Ciccarelli, Ollie's, Estee Lauder, Dara Mohsenian, Mohsenian, Alex Harring, FactSet, Coinbase, what's, , Goldman Sachs, Will Nance, Benjamin Budish, Oppenheimer's Owen Lau, JPMorgan's Samik Chatterjee, Morgan Stanley's Erik Woodring, Michael Ng, bullish, George Notter, Notter, We've, it's, Stifel, Benjamin Nolan, Nolan, — Alex Harring —, Michael Bloom Organizations: CNBC, Arista and Union Pacific, Apple, Arista, FactSet, Barclays, Bloomberg, ASU, Street, Services, Jefferies, Arista Networks, Nvidia, Microsoft, Meta, Pacific, Union Pacific Locations: F3Q, China, Thursday's
Oriental Trading Company CEO: The consumer is feeling the pinch
  + stars: | 2024-05-03 | 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 EmailOriental Trading Company CEO: The consumer is feeling the pinchOriental Trading Company CEO Steve Mendlik joins 'Squawk Box' to discuss the state of the consumer, state of the supply chain, competition from China, and more.
Persons: Steve Mendlik Organizations: Oriental Trading Company, Trading Company Locations: China
Why the far side of the moon? But the far side of the moon — it is not actually the dark side of the moon — is distinct from the near side. With a lunar far side sample, scientists can begin to probe why the two sides of the moon are so different. Because the same side of the moon always faces Earth, it is impossible to directly establish communications with the lunar far side. Chang’e-7, expected to launch in 2026, will search for water at the lunar south pole.
Persons: maria Organizations: Soviet, China National Space Administration Locations: United States, Soviet Union, China, Chang’e
The Chinese stock market has rebounded and analysts said the rally looks set to continue. After six months of outflows, foreign investors are gradually putting money to work in China again. AdvertisementChina's stock market may have shaken its label as "uninvestable," with an economic rebound and a rally that could have plenty more room to run. LPL Financial strategist Adam Turnquist wrote this week that long-held bearish calls on China's property and stock market have shaken investor confidence. China's recent reputation as "uninvestable" has been fueled by mounting real estate troubles, a plummeting stock market and dismal consumer demand that's sparked a deflationary spell for the country.
Persons: , Adam Turnquist, Turnquist, Ray Dalio Organizations: Service, LPL, Billionaire Locations: China, Hong Kong, Beijing
A young Shaolin monk runs horizontally across a wall, intense concentration, and perhaps a hint of astonishment, visible in his face. Four other trainees at a martial arts academy near the Shaolin Temple in China’s Henan province lounge nonchalantly, seemingly unaware of the gravity-defying action taking place above their heads. “There’s this high-level action,” photographer Steve McCurry told CNN of the photo’s composition in a video call from his home in Philadelphia. The Shaolin Temple – which was founded in AD 495 on the slopes of the sacred Mount Song – is said to be the home of Chan Buddhism. Today, Shaolin kung fu is widely known, and the monks’ feats in athleticism have been emulated in popular movies.
Persons: Steve McCurry, , doesn’t, McCurry, , , Jeremy Horner, LightRocket, It’s, Organizations: CNN, Jet, Pennsylvania State University, Geographic, Shaolin Locations: Shaolin, China’s Henan, Philadelphia, Pakistan, Afghanistan, Soviet, Peshawar, Niger, India, Pennsylvania, Dengfeng, Zhengzhou
Musician Rosalía brings the straitjacket back into view
  + stars: | 2024-05-03 | by ( Leah Dolan | ) edition.cnn.com   time to read: +5 min
CNN —On Tuesday, 12-time Latin Grammy winner Rosalía stepped out in New York wearing an outfit that demanded a double-take. (Since the release of her third album, “Motomami,” Rosalía has been spotted in everything from biker-style shield sunglasses to Harley Davidson helmets). In 1994, the New York State’s Office of Mental Health proposed that straitjackets be discontinued after 18 patients died while restrained or in “unsupervised seclusion” between 1988 and 1992. But Rosalía isn’t the first to attempt to recontextualize the garment in the name of fashion. At the Gucci show in 2019, Ayesha Tan-Jones protested the label's straitjacket-inspired clothes by writing "Mental health is not fashion" on their hands.
Persons: Rosalía, Rick Owens, ” Rosalía, Harley Davidson, Gucci, Ayesha Tan, Jones, , Alessandro Michele’s, hasn’t, Julia Fox, we’ve, Ye’s, Bianca Censori, John Galliano —, Dior, , Maison, Dolce, Rosalia Organizations: CNN, York State’s, Mental Health, Fashion, Gucci, Penske Media, Maison Margiela, Dolce, Gabbana Locations: New York, Spanish, York, Gotham, Tan, Florence, Italy, Shanghai, China
A Long March 5 rocket, carrying the Chang'e-6 mission lunar probe, lifts off as it rains at the Wenchang Space Launch Centre in southern China's Hainan Province on May 3, 2024. China on Friday launched a space probe to collect samples from the far side of the moon in a mission that has been billed as "unprecedented" as the global space race heats up. An unmanned rocket carrying the Chang'e-6 lunar probe took off from Wenchang Space Launch Center in Hainan province just before 5:30 p.m. local time, kickstarting the 53-day planned mission. The expedition aims to return around 5 pounds of lunar samples to Earth for analysis. "Collecting and returning samples from the far side of the moon is an unprecedented feat," Wu Weiren, chief designer of China's lunar exploration program, said, according to Chinese state news agency Xinhua News.
Persons: Wu Weiren, Stephen Whiting Organizations: Xinhua News, Scientists, U.S, U.S . Space Command Locations: Hainan Province, China, Hainan, Beijing
Restaurants are competing for frugal diners’ dollars
  + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.
Persons: , Laxman Narasimhan, , we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, , Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia
Apple just launched a $110 billion stock buyback program, the biggest in history. Apple's new stock buyback program is more than the value of Boeing, Airbnb, and Chipotle. AdvertisementApple just launched a $110 billion stock buyback, the biggest in stock market history. Since then, the company's stock buyback programs have reduced its total share count to 15.44 billion, and at current prices, this stock buyback program would retire an additional 600 million shares. To put in perspective just how big Apple's stock buyback program is, consider these companies that have a total market value of less than $110 billion.
Persons: , Apple, Dan Ives, Corey Lever, Eric Risberg, Chipotle, Gregory, Brandon Bell, Airbnb, ROSLAN RAHMAN Organizations: Apple, Boeing, Service, Greater, Waste, AP, Portland Press, Getty, Dell Technologies Dell, DELL Locations: Greater China, Oakland, Calif, , Texas
NATO is accusing Russia of "malign activities" in its member states, including Germany and the UK. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe North Atlantic Treaty Organization on Thursday singled out Russia in a statement condemning "recent malign activities" in its member states. The treaty organization said these individuals' actions were part of an "intensifying campaign of activities" carried out by Russia. Amid the heightened tensions, NATO members have increasingly highlighted what they say are Russian clandestine activities in their own governments and institutions.
Persons: , Emmanuel Macron Organizations: NATO, North Atlantic Council, Service, Atlantic Treaty Organization, North Atlantic, Moscow, Russia's Ministry of Foreign Affairs, Business Locations: Russia, Germany, Czechia, Estonia, Latvia, Lithuania, Poland, Moscow, Ukraine, , Kyiv, Russian, London, China
American officials are trying to increase international pressure on Russia not to deploy an antisatellite nuclear weapon in space, and have obtained information that undermines Moscow’s explanation that the device it is developing is for peaceful scientific purposes, a senior State Department official said on Friday. Concern over the Russian development of a new generation of space nuclear weapons has been growing in Washington, especially since Moscow’s veto last month of a U.N. measure aimed at keeping space free of such weapons. Some Republicans believe that the Biden administration is not doing enough to deter Russian work on the device, and others are concerned about China’s apparent decision not to pressure Moscow to stop. On Friday, Mallory Stewart, the assistant secretary of state for arms control, said that while the United States had been aware of Russia’s pursuit of such a device for years, “only recently have we been able to make a more precise assessment of their progress.”Ms. Stewart, speaking at the nonpartisan Center for Strategic and International Studies in Washington, said the orbit the Russian satellite would occupy is in a high-radiation region not used by other satellites, information that undercuts Russia’s defense that it is not developing a weapon.
Persons: Biden, Mallory Stewart, , Ms, Stewart Organizations: State Department, Strategic, International Studies Locations: Russia, Washington, Moscow, United States
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrooks Running CEO on growth strategy: Biggest opportunity is to spread this brand globallyBrooks Running CEO Dan Sheridan joins 'Squawk Box' to discuss his new role as CEO, the company's growth strategy, China market, consumer demand, and more.
Persons: Brooks, Dan Sheridan Locations: China
A lower rate environment this year will boost the thesis for investing in emerging markets, according to Christine Phillpotts, a portfolio manager at Ariel Investments. Phillpotts, who manages Ariel's Emerging Markets Value and Emerging Markets Value ex-China strategies, told CNBC's Mike Santoli at Berkshire Hathaway's annual shareholder meeting that there are several reasons why emerging markets should outperform in 2024 and beyond. For starters, a lower interest rate environment would mean that investors would increase flows to ex-U.S. regions, including emerging markets. The portfolio manager noted that valuation discounts for emerging market equities are at all-time lows, based on a comparison of the MSCI Emerging Markets Index versus the S & P 500. For investors interested in artificial intelligence beneficiaries, Phillpotts highlighted that key opportunities in emerging markets lay within the picks-and-shovels plays that "will power the AI revolution."
Persons: Christine Phillpotts, CNBC's Mike Santoli, She's, Ariel's, Phillpotts, Warren Buffett's Organizations: Ariel Investments, Federal Reserve, Ariel, China Locations: China, Berkshire, U.S
“The far side of the moon is very different from the near side,” said Li Chunlai, China National Space Administration deputy chief designer. The Yutu-2 lunar rover took an image of the Chang'e-4 lunar probe on the far side of the moon on January 11, 2019. Far side mysteriesDespite years of orbital data and samples collected during six of the Apollo missions, scientists are still trying to answer key questions about the moon. Hector Retamal/AFP/Getty ImagesChang’e-6 is just one mission heading to the moon’s far side as NASA has plans to send robotic missions there as well. Cracking the lunar codeOne of the most fundamental questions that scientists have tried to answer is how the moon formed.
Persons: Von, hasn’t, , Li Chunlai, David Trone, Bill Nelson, ” Nelson, “ We’re, Pink Floyd, Renu Malhotra, Louise Foucar, we’ve, Noah Petro, Artemis III, , ” Petro, Artemis, Malhotra, Brett Denevi, ” Denevi, Hector Retamal, Denevi, Aitken, “ it’s, CNN’s Wayne Chang Organizations: CNN, China National Space Administration, NASA, Louise Foucar Marshall Science Research, Planetary Sciences, University of Arizona, Apollo, Reconnaissance, Artemis, Soviet Union, Johns Hopkins, Getty Locations: China, Tucson, AFP, Hainan Province
Ukraine wants to limit companies taking satellite imagery of its territory, according to reports. Russia could access the images through shell companies, a Ukrainian defense official said. AdvertisementUkraine says it is cracking down on satellite images of its territory over fears that they could be used by Russia against it, according to reports. "Every day, satellite companies take images of Ukrainian territory. These images can be used by the enemy," Ukraine's deputy defense minister, Kateryna Chernohorenko, said in a statement relayed by multiple media outlets.
Persons: , Kateryna Chernohorenko, Chernohorenko, Ukraine's Ministry of Defense didn't, Elon Musk's, Elon Musk Organizations: Service, Radio Free, Radio Liberty, Kyiv Independent, Ukrainska Pravda, Ukraine's Ministry of Defense, Business, Bloomberg, Wall Street Locations: Ukraine, Russia, China, Radio Free Europe, Kyiv
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Khanna on curbing China's aid to Russia, fate of TikTok and House Speaker Johnson's job statusHouse Select Committee on China Member Rep. Ro Khanna (D-Calif.) joins 'Squawk Box' to discuss the Biden administration imposing sanctions on Chinese companies over suspected support for Russia in its war against Ukraine, who China wants as the next U.S. president, fate of TikTok in the U.S., and more.
Persons: Khanna, TikTok, Ro Khanna Organizations: China, Biden, Russia, Ukraine Locations: Russia, China, U.S
The US is trying to cut itself off from China's green tech like solar, EVs, and batteries. The moves could hit China's economy and risks slowing down the green transition. The US and China, as the world's largest polluters, are key to solving the climate crisis. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. The US wants to protect its factories against competition from cheaper products, which, in turn, could hit China's economy and risk slowing down the green transition.
Persons: Liu Zhenmin, Biden Organizations: Service, Business Locations: China
Apple's China sales in focus ahead of earnings
  + stars: | 2024-05-02 | by ( Kif Leswing | ) www.cnbc.com   time to read: +5 min
In February, Apple said it expected sales similar to last year's $94.84 billion during the same period and flat iPhone sales. In the December quarter, sales dropped 13% in Greater China, which includes Hong Kong and Taiwan. Analysts polled by FactSet expect $15.25 billion in China regional sales, which would be a 14% year-over-year decline. "In strong iPhone cycles, Apple's China revenues typically grow much faster than Apple overall, as Chinese consumers embrace the new phone," Sacconaghi wrote. Meanwhile, state statistics show iPhone sales falling 33% in February, the second consecutive month of declining shipments.
Persons: Tim Cook, Deirdre O'Brien, Apple, AAPL, Bernstein, Toni Sacconaghi, Sacconaghi, David Vogt, Aaron Rakers, There's, Morgan Stanley, Erik Woodring, Woodring Organizations: Apple, Analysts, FactSet, Huawei, Chinese Communist Party, Counterpoint Research, UBS Locations: China, Greater China, Hong Kong, Taiwan, repurchases
Apple said sales fell 4 percent to $90.8 billion for the three months that ended in March. Revenue from iPhones, iPads and wearables like the Apple Watch declined from the same quarter last year, while sales of software and services rose. Apple’s struggles were most worrisome in China, the world’s second-largest smartphone market, where sales fell 8 percent. Last quarter, Apple’s share of smartphones sold in China fell 4 percent, according to Counterpoint, a technology research firm. Shares of Apple rose 6.5 percent because the results slightly exceeded Wall Street predictions for quarterly sales and profit and were better in China than feared.
Persons: Apple’s, Trump Organizations: Apple, Justice Department, Revenue, Apple Watch, Huawei Locations: iPhones, China
Sacconaghi has a $195 price target on shares, suggesting 15% upside from Wednesday's close. Bernstein is optimistic that the ongoing weakness in the China market "is more cyclical than structural." Oppenheimer analyst Martin Yang lowered his forecast for the current quarter ahead of the report, accounting for softer iPhone sales trends in China. Sankar has a buy rating and a price target of $220. Malik reiterated his buy rating on the stock ahead of the announcement while notching down his price target to $210 from $220.
Persons: Tesla, Bernstein, Toni Sacconaghi, Sacconaghi, Oppenheimer, Martin Yang, Yang, Samik Chatterjee, Chatterjee, TD Cowen's Krish Sankar, Sankar, JPMorgan's Chatterjee, Atif Malik, Malik, Cowen's Sankar Organizations: Apple, Wall Street, Huawei, Counterpoint Research, JPMorgan, Citi Locations: China, India
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