DIRS.INFO The most relevant business & tech news

☆ Friday, June 28, 2024: Cramer favors these three big names
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: 1 min

Friday, June 28, 2024: Cramer favors these three big namesJim discusses why he believes these FTC-targeted stocks are buys. He also talks about pricing at consumer staples. Finally, he breaks down this energy stock's growth strategy.

Persons: Cramer, Jim

☆ You can't kill Coach
▼ + stars: | 2024-06-28 | by ( Amanda Krause | ) www.businessinsider.com time to read: +10 min

Mandy Moore carries a Coach bag in 2006. And with fewer people buying Coach bags, consumer ideas of the brand shifted. Keel, who purchased her first Coach accessory — a discounted cardholder from Coach Outlet — around that time, remembers the change in the brand's perception vividly. AdvertisementKate Bauer, a 29-year-old from Toronto, collects vintage Coach bags that she exclusively buys secondhand. She told BI that the importance of old Coach styles to the brand's current business has never been clearer.

Persons: —, Paris Hilton, I'd, Gilbert Carrasquillo, Lil Nas X, Gen Z, Erin Keel, Lillian Cahn, Miles Cahn, Lillian, Bonnie Cashin, Lew Frankfort, Mandy Moore, Michael Loccisano, Michael Kors, Kate Spade, Victor Luis, Keel, Chanel, wasn't, — Luis, Jide J, Zeitlin, — Todd Kahn, Coach, Camila Mendes, Beth Goldstein, Gen, Kate Bauer, Edward Berthelot, Goldstein Organizations: Business, Leatherware, —, North, BI Locations: New York City, Los Angeles, Frankfort, Toronto

☆ Supreme Court Overrules Chevron Doctrine, Imperiling an Array of Federal Rules
▼ + stars: | 2024-06-28 | by ( Adam Liptak | ) www.nytimes.com time to read: +1 min

The Supreme Court on Friday reduced the authority of executive agencies, sweeping aside a longstanding legal precedent that required courts to defer to the expertise of federal administrators in carrying out laws passed by Congress. The precedent, Chevron v. Natural Resources Defense Council, is one of the most cited in American law. There have been 70 Supreme Court decisions relying on Chevron, along with 17,000 in the lower courts. The decision threatens regulations in countless areas, including the environment, health care and consumer safety. The vote was 6 to 3, dividing along ideological lines.

Organizations: Congress, Chevron, Natural Resources Defense Council Locations: Chevron

☆ The US economy is in a 'selective recession' as lower-income consumers struggle and high-income households see huge wealth creation, JPMorgan strategist says
▼ + stars: | 2024-06-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The economy is already in a "selective recession," according to JPMorgan's Matthew Boss. The top 10% of American earners have gained more than $30 trillion in wealth since 2020, Fed data shows. AdvertisementThe US economy is being split by a "selective recession," as some consumers see "huge" wealth creation while others struggle to get by, according to JPMorgan analyst Matthew Boss. The equity analyst pointed to the divide between low-income and high-income consumers. High-income consumers are thriving, evidenced by the $40 trillion worth of spending they're driving into the economy, which is around half of all consumer spending in the US, Boss estimated.

Persons: JPMorgan's Matthew Boss, —, Matthew Boss Organizations: Service

☆ Shadow AI is a growing threat. Here are 3 ways organizations can safeguard their data.
▼ + stars: | 2024-06-28 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

Shadow AI, or the unsanctioned use of technologies such as GenAI, has emerged as a critical threat for organizations trying to secure corporate IP and data. For organizations getting started with GenAI, it's important to understand why shadow AI is dangerous to best identify how to address it. Why shadow AI presents a credible threatMicrosoft and LinkedIn report1 that 78% of employees are "bringing their own AI technologies to work," (BYOAI) a softer way of describing shadow AI. Shadow IT and shadow AI share the same low barrier to entry and platform dynamics. Dell Technologies is a leader in the growing open ecosystem that is helping organizations build, test, and deploy GenAI services.

Persons: Clint Boulton, ESG, RAG Organizations: Microsoft, LinkedIn, Research, Enterprise Strategy Group, Amazon Web, Dell Technologies, Dell, Insider Studios

☆ I'm pulling out my old hedge fund playbook to see which stocks are working — and which ones are not
▼ + stars: | 2024-06-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I found this levered concept incredibly valuable when I ran other peoples' money at my hedge fund years ago. My first question to them, usually interjected, rudely, if I were bored or confused was: "What the heck is this business levered to?" Palo Alto Networks To understand this kind of leverage that I am talking about — as opposed to the kind that involves debt —let's start with something easy, let's start with the stock of Palo Alto Networks . We own Palo Alto because its fortunes are levered to something that has the most explosive growth of an industry I know: cybercrime. If we didn't own Palo Alto we would own CrowdStrike.

Persons: —, Nikesh Arora, Estee Lauder, Wynn, Fabrizio Freda, Jim Cramer's, Jim Cramer, Jim, Virginia Sherwood Organizations: Palo Alto, Palo Alto Networks, Wynn, GE Healthcare, Danaher, Wynn Resorts, Costco TJX Companies, Costco, Jim Cramer's Charitable, CNBC, NYSE Locations: Palo, China, Las Vegas, Macao, Maxx

☆ Inflation outlook improves in University of Michigan survey
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation outlook improves in University of Michigan surveyCNBC's Rick Santelli reports the latest consumer sentiment data to cross the tape.

Persons: Rick Santelli Organizations: University of Michigan

☆ Meta and Google have become new allies for retailers in their battle to steal ad dollars from Amazon
▼ + stars: | 2024-06-28 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +6 min

Read previewRetailers have new friends in their battle to steal ad dollars from Amazon: Meta and Google. And Kroger inked a deal to sell targeted Meta ads for grocery-focused brands. Instacart is working with YouTube to let advertisers target ads based on someone's shopping behavior on Instacart. Kroger Precision Marketing's Pratt said that Kroger is also pitching Meta ads to social advertisers as performance ad formats. Advertisers typically buy social ads to increase big branding goals like awareness, but retailers want to prove that social ads also drive sales.

Persons: —, Kroger, Ross Walker, Walker, Andrew Lipsman, Cara Pratt, Instacart, Shopify, Andrius Baranauskas, Baranauskas, Marketing's Pratt, Lipsman Organizations: Service, Google, Meta, Business, Amazon, Retailers, Media, Kroger, Marketing, Kroger Precision Marketing, YouTube Locations: Canada, Acadia, Shopify

☆ Nike CEO John Donahoe comes under fire from Wall Street after lackluster performance
▼ + stars: | 2024-06-28 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

As Wall Street digested the dismal outlook from the world's largest sportswear company, at least six investment banks downgraded Nike's stock. Analysts at Morgan Stanley and Stifel took it a step further, specifically calling the company's management into question. The company also said it expects fiscal 2025 sales to be down mid-single digits when it previously expected them to grow. If you ask Phil Knight, Nike's founder and its chairman emeritus, Donahoe is doing just fine. "I am optimistic in Nike's future and John Donahoe has my unwavering confidence and full support."

Persons: Jim Duffy, Morgan Stanley, Stifel, Donahoe, Matt Friend, That's, Hoka, Jessica Ramírez, Jane Hali, Nike didn't, they've, Kevin McCarthy, Neuberger Berman, CNBC's Scott Wapner, " McCarthy, They've, you've, it's, he's, Phil Knight, John Donahoe Organizations: Nike, eBay, Air Force, Air, Associates, CNBC Locations: 2HCY25, China, …, U.S

☆ CNBC Daily Open: Roaring Kitty, Nike flops, inflation on deck
▼ + stars: | 2024-06-28 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nike warningShares of Nike plunged 12% in extended trading after the sneaker giant slashed its full-year guidance, anticipating a 10% drop in sales for the current quarter. Roaring Kitty, back againChewy shares experienced a rollercoaster ride on Thursday, soaring as much as 34% following a cryptic post by meme stock influencer Roaring Kitty, before falling back into negative territory.

Persons: Matthew Friend, Nike's, Tim Wentworth, Kitty, CNBC's Michelle Fox Organizations: New York Stock Exchange, CNBC, Dow Jones, Nasdaq, Micron, Nvidia, Treasury, Nike, Walgreens, BCA Research Locations: New York City, U.S, Israel, Lebanon, Greater China, China

☆ Drug store chains pushed out independent pharmacies. Here’s why they’re now closing too
▼ + stars: | 2024-06-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The latest closures are part of a larger downturn, not just for Walgreens, but for other drug store chains, too, after years of expansion. Shifting trendsDrug store chains are struggling because of falling reimbursement rates for prescription drugs, according to analysts who cover the industry. But their profits from that business have dropped in recent years because of lower reimbursement rates for prescription drugs and higher fees. Dollar General’s growth has also hurt drug store chains in rural areas. When pharmacies close, some patients have to travel farther to get the medications they need.

Persons: Walgreens, Tim Wentworth, “, ” Wentworth, Elizabeth Anderson, PBMs, ” Anderson, VIllageMD Organizations: New, New York CNN, Walgreens, Wall Street, CVS, IRI, Amazon, Walmart, Costco, American Medical Association Locations: New York, United States, VillageMD

☆ We had shock of price increases, now consumers are looking for value, says HundredX CEO Rob Pace
▼ + stars: | 2024-06-28 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

We had shock of price increases, now consumers are looking for value, says HundredX CEO Rob PaceHundredX Founder and CEO Rob Pace joins 'Mad Money' host Jim Cramer to talk consumer trends and insights they are seeing.

Persons: Rob Pace, Jim Cramer

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Nike, First Solar, Deere, Alphabet, Amazon, ASML & more
▼ + stars: | 2024-06-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Wells Fargo reiterates Nvidia as overweight Wells said it's sticking with its overweight rating on the stock. "We initiate coverage of net lease REIT Essential Properties (EPRT) with a Buy rating and $33.00 12-month price target. Citi reiterates Apple as buy Citi moved the tech giant up a spot to its number 2 top pick. Wells Fargo reiterates Amazon as buy Wells raised its price target on Amazon to $239 per share from $234. "We initiate coverage of Intuitive Machines, Inc. (LUNR) with a Buy rating and a 12-month price target of $8 per share."

Persons: Raymond James, Deere, it's, Morgan Stanley downgrades Nike, Morgan Stanley, Wells, Goldman Sachs, Goldman, Oppenheimer, Riley, Piper Sandler, Piper, managements, it's bullish, Rosenblatt, ASML Organizations: Deutsche Bank, Deutsche, Nvidia, Properties Realty Trust, Apple, Citi, Xerox, JPMorgan, Realty Trust, Inc, Travelers, Susquehanna, Nextracker, BMO, SAP Locations: Americas, China

☆ The lack of EV charging infrastructure is so bad it's driving owners back to gas-powered cars
▼ + stars: | 2024-06-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Read previewIssues with charging have nearly half of electric vehicle owners in the US considering going back to fossil fuels – the latest bad sign for the EV transition. The top reason respondents listed for ditching their EV was a lack of charging infrastructure. Charging infrastructure here has long been a hot-potato issue, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030.

Persons: —, Tesla, Biden Organizations: Service, McKinsey & Co, EV, Business, Biden Administration Locations: Australia

☆ The Fed’s Preferred Inflation Measure Cools, Welcome News
▼ + stars: | 2024-06-28 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The Federal Reserve’s preferred inflation measure continued to cool as consumer spending grew only moderately, good news for central bankers who have been trying to weigh down demand and wrestle price increases under control. And on a monthly basis, inflation was especially mild, and prices did not climb on an overall basis. The Fed is likely to watch the fresh inflation data closely as central bankers think about their next policy steps. Officials raised interest rates sharply starting in 2022 to hit the brakes on consumer and business demand, which in turn can help to slow price increases. But they have held borrowing costs steady at 5.3 percent since July 2023 as inflation has slowly come down, and have been contemplating when to begin lowering interest rates.

☆ Treasury yields inch higher ahead of PCE inflation data
▼ + stars: | 2024-06-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by one basis point to 4.2980%. The 2-year Treasury yield was last at 4.7244% after rising by less than one basis point. U.S. Treasury yields were slightly higher on Friday as investors awaited the latest personal consumption expenditures price index, the Federal Reserve's favored inflation measure. Investors are looking to the release of the latest inflation data that could provide hints about the state of the economy and the path ahead for monetary policy. Federal Reserve policymakers have frequently indicated they would only move to cut rates once data showed that inflation was easing toward the 2% target.

Persons: Michelle Bowman Organizations: Treasury, Federal, PCE, Reserve, Traders

☆ Wall Street kicks off the second half of 2024 with key jobs report in the week ahead
▼ + stars: | 2024-06-28 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The S & P 500 and Nasdaq Composite are hovering around all-time highs, having rallied roughly 15% and 18%, respectively. The 30-stock Dow and S & P 500 each posted losses, down by 0.1%, each. In recent days, a number of Wall Street firms have hiked their year-end S & P 500 targets to catch up with this year's surprisingly strong rally. On a median basis, strategists expect the S & P 500 will end the year at 5,500, a CNBC Pro survey shows . June jobs report Markets will be closed Thursday for the Fourth of July holiday.

Persons: chipmaker, Craig Johnson, Piper Sandler, Goldman Sachs, Scott Chronert, CNBC's, Chronert, Piper Sandler's Johnson, Bill Merz, Merz, He's, Jamie Meyers, Laffer Tengler, he's, Meyers, Bank's Merz Organizations: Nasdaq, Dow Jones, Nvidia, Microsoft, Deutsche Bank Research, Equity, Dow, Wall Street, Citi, ISI, CNBC, U.S, Bank Wealth Management, PMI, Manufacturing, ADP, PMI Services, Services PMI, Constellation Locations: U.S

☆ Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
▼ + stars: | 2024-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

May marked the lowest annual rate since March 2021, which was the first time in this economic cycle that inflation topped the Federal Reserve's 2% target. An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three years. Including food and energy, headline inflation was flat on the month and also up 2.6% on an annual basis. Outside of the inflation numbers, the Bureau of Economic Analysis report showed that personal income rose 0.5% on the month, stronger than the 0.4% estimate. Shelter-related costs have proven stickier than Fed officials have anticipated and have helped keep the central bank from reducing interest rates as expected this year.

Persons: Dow Jones, Seema Shah Organizations: Dow, Commerce Department, Federal, Asset Management, Gross, Atlanta Fed Locations: PCE

☆ EV charging is so bleak in the US that 46% of owners are considering going back to gas-powered cars
▼ + stars: | 2024-06-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Read previewIssues with charging has nearly half of electric-vehicle owners in the US considering going back to fossil fuels — the latest bad sign for the EV transition. A recent consumer study conducted by McKinsey found that 46% of US EV owners surveyed were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents said the top reason for ditching their EVs was a lack of charging infrastructure. Though a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. The Biden administration has set aside $7.5 billion for charging infrastructure and has said it would add 500,000 EV charging stations by 2030.

Persons: —, Tesla, Biden Organizations: Service, McKinsey, EV, Business Locations: Australia

☆ HSBC, Virgin Money and Nationwide customers suffer online banking outage
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: +1 min

Customers of HSBC , Nationwide and Virgin Money suffered outages to their online banking services on Friday, in the latest such disruption to plague an industry which increasingly relies on such digital access as it closes physical branches. Thousands of HSBC customers in Britain were unable to access online banking services on Friday, as the bank acknowledged an outage affecting some users of its website and banking app. The bank said at 1115 GMT it had restored access to online and mobile banking, after more than 7,000 customers had complained of problems, according to website DownDetector which tracks such outages. Virgin Money said some of its customers could not access online and mobile banking, while Nationwide said some customers' salary or pension payments were delayed. Some 6,000 branches have closed in Britain since 2015, according to consumer publication Which?.

Persons: Virgin Money Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, HSBC, Nationwide, Virgin Money, Virgin Locations: Wharf, Britain

☆ Why Some People Don’t Talk About Money With Their Partner
▼ + stars: | 2024-06-28 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

People worried about bills, feeling overwhelmed about overspending or concerned about money management may expect a “money talk” to lead to an argument, so they avoid bringing up the topic, according to a report from researchers at Cornell University and Yale University, published this month in The Journal of Consumer Psychology. Yet prior research has found that communicating about money helps couples spend more responsibly and better manage their debt. Why is it so difficult for some people to talk about money with their partners in the first place? Aja Evans, a financial therapist in New York, said people may feel ashamed that they are having money troubles. (Financial therapists aim to help clients understand how their emotions and beliefs about money can affect their financial behavior.)

Persons: ”, Emily Garbinsky, Aja Evans Organizations: Cornell University, Yale University, Consumer Psychology Locations: New York

☆ Supreme Court Rejects S.E.C.’s Administrative Tribunals
▼ + stars: | 2024-06-27 | by ( Adam Liptak | More About Adam Liptak | ) www.nytimes.com time to read: +1 min

The Supreme Court on Thursday rejected one of the primary ways the Securities and Exchange Commission enforces laws against securities fraud. The S.E.C.’s practice, Chief Justice John G. Roberts Jr. wrote for a six-justice majority in a decision divided along ideological lines, violated the right to a jury trial. “A defendant facing a fraud suit has the right to be tried by a jury of his peers before a neutral adjudicator,” the chief justice wrote. The case is one of several challenges this term to the power of administrative agencies, long a target of the conservative legal movement. The court last month rejected a challenge to the constitutionality of the way the Consumer Financial Protection Bureau is funded.

Persons: John G, Roberts, “, ”, Chevron Organizations: Securities and Exchange, Consumer Financial

☆ US stockpiles of the rare earth minerals it would need to fight a war against an adversary like China are a mystery, and experts warn it's a problem
▼ + stars: | 2024-06-27 | by ( Kelsey Baker | ) www.businessinsider.com time to read: +8 min

Part of the military's mission at home is to keep stockpiles of goods like critical minerals on hand for emergency wartime use. In the dark on the stockpileAlthough the name suggests otherwise, rare earth minerals are not exactly rare — in fact, they're relatively plentiful. The Biden administration began cutting American imports of Chinese rare earth minerals a few years ago in an effort to decrease US reliance on China for critical minerals. Submarines, fighter aircraft, magnets used in missiles, radar systems, and drones all require critical earth minerals for manufacturing. AdvertisementA past report for Congress on rare earth minerals for national defense, for instance, noted that a single Virginia-class submarine requires 9,200 pounds of rare earth minerals, while an Arleigh Burke-class destroyer requires 5,200 pounds.

Persons: —, Biden, Lockheed Martin, Gregory Wischer, Wischer, Arleigh Burke, Halsey, Sampson, Chris Williamson Fabian Villalobos, Locke Organizations: Service, Business, Pentagon, Lockheed, Getty, Gratia, Defense Logistics Agency, of, Department of Defense, Defense Industrial Strategy, . US, Pacific, DoD, Materials, Lynas, Joint Base, Hickam . US Navy, RAND Corporation, National Defense, NDS, Industrial Base Locations: China, Fort Worth, Virginia, Arabian, Japan, South Korea, United States, California, Lynas USA, Texas, Vermont, Hickam

☆ Fed should have more confidence in starting easing process: Fmr. PIMCO Chief Economist Paul McCulley
▼ + stars: | 2024-06-27 | 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 EmailFed should have more confidence in starting easing process: Fmr. PIMCO Chief Economist Paul McCulleyPaul McCulley, Fmr. PIMCO chief economist, joins 'Closing Bell Overtime' to talk the state of the consumer after a slate of recent earnings and economic reports show cracks in spending.

Persons: Paul McCulley Paul McCulley Organizations: PIMCO

☆ Figma CEO says it is 'eating cost' of AI upgrade for customers in 2024
▼ + stars: | 2024-06-27 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +2 min

As design firm Figma rolls out its first major AI upgrade for its platform, CEO and co-founder Dylan Field is taking no chances with customers amid steep AI adoption and demand curves and consumer hype. Figma is paying the cost of the AI upgrade for now instead of attempting to charge customers. "We're gonna eat the cost for 2024, because we don't know how people are going to use the features yet. Figma's UI3 redesign, released in limited beta on June 26 with a waitlist for additional users, includes a new toolbox called "Figma AI." 6 on this year's CNBC Disruptor 50 list, while Figma ranked No.

Persons: Dylan Field, CNBC's Deirdre Bosa, Canva, Figma, we're Organizations: Figma, Adobe, CNBC, Google

Search resuls for: "Consumer

25 mentions found