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☆ Norway wealth fund to vote against Musk's $56 billion Tesla pay package
▼ + stars: | 2024-06-08 | by ( ) www.cnbc.com time to read: +1 min

Norway's $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk's $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year. The fund said it appreciated "the significant value generated under Mr. Musk's leadership since the grant date in 2018". In 2018, the fund had voted against the package. The fund, which holds a 0.98% stake worth $7.7 billion according to fund data, has been critical of excessive CEO pay. Last year it voted against more than half of U.S. CEO pay packages above $20 million, warning they did not align with long-term value creation for shareholders.

Persons: Elon Musk, Tesla, Elon Musk's, NBIM Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Tesla, Norges Bank Investment Management Locations: Beverly Hills , California, Delaware, America

☆ Fed rate cut guessing game dominates ahead of 5 major events for investors
▼ + stars: | 2024-06-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Market wrap : Stocks were mixed and drifting in Friday afternoon trading. Wall Street's earlier gains Friday came despite a surge in bond yields and another pushout of Federal Reserve interest rate cut odds. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Morgan Stanley, Friday's, Eli Lilly, Lilly, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Abbott Laboratories, Nvidia, Apple, Developers, FDA, Broadcom, Jim Cramer's Charitable Locations: Wells

Club holdings Microsoft and Best Buy were the subject of upbeat Wall Street research, while TJX Companies hit an intraday high Friday on the same day it announced plans to enter a new international market. BBY YTD mountain Best Buy year-to-date performance The news: Loop Capital increased its Best Buy price target to $100 from $93 while maintaining its buy rating on the stock. On the stock, Loop sees Best Buy trading at a "significant discount" to the valuations of other retailers with relatively slow growth. Shares of Best Buy were slightly lower Friday, though they hit a new 52-week high Friday of $89 each earlier in the session. TJX YTD mountain TJX Companies (TJX) year-to-date performance The news: TJX Companies is expanding into Mexico.

Persons: Oppenheimer, OpenAI, Copilot, it's, we're, Jim, I'm, bode, Citigroup's, Tommy Hilfiger, Calvin Klein, Axo, Ernie Herrman, TJX, Jim Cramer's, Jim Cramer, Shannon Stapleton Organizations: Microsoft, TJX Companies, Analysts, Federal Trade Commission, CNBC, Club, Amazon, TJX, Grupo Axo, Axo, Black Locations: Mexico, Chile, Peru, Maxx, U.S, Westbury , New York

☆ Wall Street is putting its foot down as ‘Roaring Kitty’ sends GameStop soaring again
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +9 min

That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.

Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, ”, Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe

☆ The U.S. added 600,000 new millionaires last year as AI fueled markets
▼ + stars: | 2024-06-07 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

America's millionaire population grew 7.3% in 2023 to 7.5 million people, according to a report from Capgemini . Their combined fortunes grew to $26.1 trillion, up 7% from 2022. Capgemini defines millionaires as those with investible assets of $1 million or more not including primary residence, collectibles or consumer durables. The number of millionaires worldwide grew 5.1% last year, to 22.8 million, according to the report. Their combined fortunes grew to a record $86.8 trillion.

Persons: Robert Frank, Elias Ghanem, Ghanem Organizations: B2m, Capgemini Research Institute, Financial Services, U.S, Nasdaq Locations: Capgemini, North America, Asia, Pacific, Europe, America, Africa, North, U.S

☆ Roaring Kitty: Keith Gill confirms that social media posts, GameStop position are his
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

The famed meme stock icon, also known as “Roaring Kitty,” made a long-awaited appearance on a livestream on his YouTube channel Friday. Finance’s GameStop stock ticker page. Gill had communicated exclusively by posting memes, gifs, short video clips and screenshots of his portfolio until the livestream, leaving it unclear if it even was Gill behind the social media posts. The video game retailer recorded a loss of $32.3 million, slightly better than the $50.5 million loss the prior year. The video game stock has seen wild swings in recent weeks reminiscent of the meme stock craze after Gill’s return to social media in May.

Persons: Keith Gill, ”, Gill livestreamed, “ It’s, Gill, ” Gill, I’m, “, Ryan Cohen, Cohen, he’ll Organizations: New, New York CNN, YouTube, Sporting, Yahoo, GameStop Locations: New York, Brockton , Massachusetts

☆ A New Measure Shows C.E.O. Pay at Even More Astronomical Levels
▼ + stars: | 2024-06-07 | by ( Jeff Sommer | ) www.nytimes.com time to read: 1 min

The annual tallies of chief executive pay for 2023 have arrived and they are fascinating and irritating, in equal measure. But this year, there’s a new wrinkle: Companies must disclose how much C.E.O. By that measure, too, chief executives are amassing extraordinary wealth. In 2023, using traditional measures of executive pay, four chief executives of publicly traded companies were each rewarded with more than $150 million:Plus, new rules stemming from the Dodd-Frank law of 2010 have gone into effect. They focus on how the market changes executive pay each year, yielding a second highest-paid C.E.O.

Persons: there’s, Dodd, Frank

Oppenheimer raised its price target on Microsoft to $500 on the potential of increasing AI adoption. Shares of AT & T are up 9% on the year, but analyst Michael Rollins' $20 price target implies that shares could rise another 9%. Analyst Andrew Obin upgraded the Post-it and Scotch parent to buy from neutral and raised his price target by $15 to $120. Analyst Christopher Nardone upgraded the shoe maker to buy from neutral and raised his price target by $16 to $87. Analyst Jay Sole upped his price target on the clothing maker by $14 to $174, now suggesting upside of 43.4%.

Persons: Oppenheimer, Exxon, Neal Dingmann, Dingmann, aren't, — Spencer Kimball, Michael Rollins, Rollins, Lisa Kailai Han, BofA, Andrew Obin, William Brown, Michael Roman, Brown, Obin, — Alex Harring, Christopher Nardone, Nardone, Skechers, Jeffrey Zekauskas, Zekauskas, Huntsman, Benjamin Soff, Soff, Fred Imbert, PVH, Jay Sole, Calvin Klein, Tommy Hilfiger, Sole, Alex Harring, Morgan Stanley, Dara Mohsenian, Mohsenian, Anthony Chukumba, Chukumba, Gavin Parsons, Parsons, Tami Zakaria, Zakaria, Herc, Morgan, Tim Hsiao, Bernstein's Eunice Lee, NIO, America's Ming Hsun Lee, Timothy Horan, Horan, Rob Sanderson, Sanderson Organizations: CNBC, Microsoft, Loop, Exxon, Natural Resources, Citi, AT, VZ, Bank of America, Huntsman, JPMorgan, Deutsche Bank, UBS, Colgate, Palmolive, Loop Capital, UBS shaves, Boeing, Rentals, United Rentals, Herc Holdings, Wall, 3Q, Bank, OpenAI Locations: Truist, Guyana, OPEC, Thursday's, America's

☆ Priceline, Ramp sign deal to disrupt 'archaic,' high fee business travel booking model
▼ + stars: | 2024-06-06 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

"One in nearly every 5 dollars spent on Ramp cards is related to flights, hotels, entertainment related to travel," Glyman said. That ultimately led Ramp to the Priceline partnership and new platform feature. The new product, called Ramp Travel, utilizes AI and automation to help streamline and simplify the process of booking and doing expenses for business travel, with Priceline providing Ramp users access to airline, hotel, and other travel inventory. The companies see an opportunity to take share from corporate travel offerings that often rely on high fees that guarantee control over where employees stay, or the carriers which travelers fly with. While a majority of Ramp customers have never raised venture capital, the average size of companies using the platform has more than doubled in the past three years, he said.

Persons: Glyman, Eric Glyman, Brett Keller, Keller, Brex Organizations: Priceline, Booking Holdings, CNBC Disruptor, Intelligence, Airbase, Center Locations: Navan

☆ Cramer says Danaher is a buy and weighs in on probes of Microsoft and Nvidia
▼ + stars: | 2024-06-06 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "It's a benign day ahead of tomorrow's number," Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, OpenAI, Jim, They're, Danaher, Goldman Sachs, Charles, it's, Jim Cramer's Organizations: CNBC, Federal Reserve, Justice Department, Federal Trade Commission, Nvidia, Microsoft, FTC, DOJ, Wall Locations: U.S

☆ EV slump, Hertz fire sale take used Teslas to 'no haggle' $25,000 price
▼ + stars: | 2024-06-06 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

Also, some used EVs are eligible for up to $4,000 in federal tax credits , and several states offer tax credits or rebates. Although as with buying any used car — from manufacturers and independent dealers, online marketplaces or private owners — there are pros and cons. The Hertz Car Sales website "Shop EVs" button recently listed 1,475 of the 1,638 used EVs listed as "Hertz Certified." A March study by automotive research firm iSeeCars found that the average used car price was down 3.6% from last year, though used EV prices had plummeted 31.8%, equating to $14,418 in value. A follow-up question — "Can you tell me about 2022 Tesla Model 3s being sold by Hertz Car Sales?"

Persons: Hertz, —, iSeeCars, Elon, Karl Brauer, Brauer, Yossi Levi, Guy, Tesla, Carvana, Edmunds, ChatGPT, Hertz's, Matt Quinn, CarGurus, Eugene Park Organizations: Hertz, EV, Hertz Global Holdings, U.S, Bolts, Car, Hertz Tesla, Tesla, ChatGPT, Hertz Car Locations: U.S, Massachusetts, Colorado, Edmunds, CarGurus

☆ Elon Musk’s X app ran ads on #whitepower and other hateful hashtags
▼ + stars: | 2024-06-06 | by ( David Ingram | ) www.cnbc.com time to read: +12 min

X bans the promotion or glorification of violence and has previously applied the policy to racist and antisemitic content. Before Wednesday, X appeared to have blocked at least three antisemitic hashtags, according to searches of the platform. After NBC News contacted X about the hashtags, 12 of 50 hashtags appeared to be blocked. Of the 50 reviewed hashtags, searches on X for 45 of them returned recent racist or antisemitic posts. On TikTok, 10 of the 50 hashtags returned racist or antisemitic posts, with the rest either blocked or producing other content.

Persons: Elon Musk, Tesla, Elon, Musk, X, hashtags, Adolf Hitler, Anika Collier Navaroli, TikTok, Instagram, Meta, Darren Linvill, Linvill, Megan Squire, it's Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, NBC News, Twitter, NBC, Tow Center, Digital Journalism, Columbia University, Musk, Disney, Hyundai, Social, Tech, Meta, Clemson University's, Hitler, Nazi, Southern Poverty Law Center Locations: Beverly Hills , California, Europe

☆ This Fidelity portfolio manager says Nvidia has a 'huge moat' and can keep rallying
▼ + stars: | 2024-06-06 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Nvidia 's stock still has plenty of upside ahead of it even after the chip giant's market cap crossed $3 trillion , according to a highly rated portfolio manager. Adam Benjamin, a research analyst and portfolio manager at Fidelity Investments, told CNBC on Thursday that the artificial intelligence boom still has plenty of room to grow and that Nvidia remains in a strong position. Nvidia was the top holding in the Fidelity Select Technology Portfolio (FSPTX) as of April 30. "I know people like to talk about this as a chip company … but this is really a full infrastructure and compute and services company," Benjamin said. Other top holdings in Benjamin's Fidelity fund as of April 30 include Microsoft and Apple .

Persons: Adam Benjamin, Benjamin, Berkshire Hathaway's Warren Buffett, Morningstar Organizations: Nvidia, Fidelity Investments, CNBC, Wall, Berkshire, Fidelity, Technology, Morningstar, Microsoft, Apple

☆ Final Trades: Amazon, Goldman Sachs, AbbVie and IQVIA Holdings
▼ + stars: | 2024-06-06 | 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 EmailFinal Trades: Amazon, Goldman Sachs, AbbVie and IQVIA HoldingsThe Investment Committee give you their top stocks to watch for the second half.

Persons: Goldman Sachs Organizations: IQVIA Holdings, Investment

☆ 9 top stocks to add to your portfolio now, according to market-beating strategists
▼ + stars: | 2024-06-05 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe record market rally has stalled in recent weeks, just as skeptics of stocks became believers. Advertisement9 stocks to put in your portfolio nowAlthough the market's path forward is murky with the pivotal US election season coming up, investors shouldn't fret. A team of BMO strategists headlined by Belski unveiled their latest US strategy portfolios in a June 3 note. For reference, the US tactical equity portfolio surged 4.9% last month, roughly in line with the S&P 500, and has outperformed by 0.9% this year and 2.8% in the last 12 months.

Persons: —, Brian Belski, hasn't, Ed Clissold, Ned Davis, he's, David Lundgren, Belski Organizations: Service, BMO Capital Markets, UBS, Business, Ned, Ned Davis Research, BMO, Microsoft, Netflix, Nvidia Locations: Montreal, BMO's US

☆ U.S. appeals court rejects SEC oversight rule for private equity, hedge funds
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +3 min

Circuit Court of Appeals decided that the SEC exceeded its authority by adopting the rule in August 2023. The latest decision addressed rules covering private equity funds, hedge funds, venture capital funds and managers of funds for institutional investors such as pension funds and endowments, among others. Industry critics said this lack of transparency has hurt ordinary investors with indirect exposure to private funds, such as through pension and retirement plans. Private funds often attract well-heeled, sophisticated investors, and as a result have received less federal regulatory oversight than investments geared toward ordinary investors. In announcing the new rules, SEC Chair Gary Gensler said they would benefit "all investors, big or small, institutional or retail, sophisticated or not."

Persons: Gary Gensler Organizations: U.S . Securities, Exchange Commission, Securities and Exchange Commission, Circuit, Appeals, SEC, U.S, Democratic, Republican, National Association of Private Fund, Alternative Investment Management Association, American Investment Council, Trading Association, Association, National Venture Capital Association Locations: Washington ,, U.S, New Orleans

☆ Australia drops case against Elon Musk's social media platform X over church stabbing footage
▼ + stars: | 2024-06-05 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Australia on Wednesday announced it had dropped its legal battle against Elon Musk's X to have graphic footage of a church stabbing in Sydney removed from the social media platform. The dispute was widely seen as a test case for the Australian government's ability to enforce its online safety standards on the social media giants. Julie Inman-Grant, Commissioner of Australia's online safety regulator, said in a statement that after weighing "multiple considerations," she decided that discontinuing the proceedings would "likely achieve the most positive outcome for the online safety of all Australians, especially children." I stand by my investigators and the decisions eSafety made," Inman-Grant said, referencing Australia's independent regulator for online safety. Last month, the Musk-owned social media platform won a reprieve in Australia when a court refused to extend a temporary order blocking videos of a Sydney church stabbing globally.

Persons: Elon Musk, Tesla, Elon Musk's, Julie Inman, eSafety, Inman, Grant, Musk, Bishop Mar Mari Emmanuel, Australia's Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Wednesday, Grant, X's Global Government Affairs Locations: Beverly Hills , California, Australia, Sydney, Australian

☆ Nvidia's 10-for-1 stock split is set for Friday. Here's what you need to know, plus what its fair value will be after, according to Morningstar's chief US market strategist.
▼ + stars: | 2024-06-05 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Nvidia is set to make a 10-for-one forward stock split on June 7, which means your one share will become 10 shares. A stock split won't change a company's economic value or the value you hold of it. It only changes the proportionate amount of ownership that each share represents, says Dave Sekera, Morningstar's chief US market strategist. After the stock split, its fair value would go to $105, Sekera noted. One notable impact that could result from a lower share price is Nvidia's increased potential of being included in price-weighted indexes, specifically the Dow Jones Industrial Average.

Persons: —, Dave Sekera, Sekera Organizations: Service, Nvidia, Business, Dow Jones

☆ With Big Tech’s runaway 2024, it just might be time to part with a few winners. Here's why
▼ + stars: | 2024-06-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Those highly appreciated positions can change the risk profile of your portfolio, particularly if it's been a long time since you last rebalanced. Managing the tax hit Trimming heavily appreciated positions in a portfolio that's held in a taxable account may come with a capital gains hit. One potential way to mitigate the tax is to use realized losses to offset those capital gains. In a year when losses exceed capital gains, investors can apply up to $3,000 of those losses to offset ordinary income and then carry over the remainder. Normally, these holdings would be the ones subject to the heftiest capital gains taxes if they were sold.

Persons: Blair duQuesnay, it's, Morningstar, Amy Arnott, Arnott, Roger Aliaga, Diaz, We've, Aliaga, Russell Organizations: Nvidia, Ritholtz Wealth Management, CNBC's, Vanguard, Investors, Federal Reserve, Bond Market, SEC, Aggregate Bond, U.S, Taxpayers Locations: New Orleans

☆ Here are 3 ways Meta could pivot if 10% of its ad revenue were to disappear
▼ + stars: | 2024-06-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

The "revenue driver" in question is last year's advertising blitz from large online Chinese retailers that made up about 10% of Meta's overall revenue. Evidence of slower or moderating ad spending from big retailers with ties to the world's second-largest economy could force Meta to lean into some of its other strengths. Analysts at the firm conducted a stress test — benchmarking a worst-case scenario for Meta's Chinese ad revenue in the second half of 2024. Mizuho analysts said Meta can leverage volume drivers such as increasing the ad load on Reels using artificial intelligence. Mizuho also believes special events like the U.S. presidential election and the Olympics should help support ad spending in the back half of the year.

Persons: Shein, Bernstein, Temu, Mizuho, monetization, Josh Silverman, we're, Jim Cramer's, Jim Cramer, Jim, Jonathan Raa Organizations: Wall Street, Holdings, Nasdaq, Meta, Mizuho, Amazon, U.S, Google, CNBC, Nurphoto, Getty Locations: Temu, China, Ireland, Shanghai, Singapore, U.S, London, Meta

☆ Two major investor groups with $6 trillion at work agree these are good stocks, according to Goldman analysis
▼ + stars: | 2024-06-05 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Hundreds of mutual funds and hedge funds overlap in their investments, creating some shared favorites between the two different investment vehicles, according to Goldman Sachs. This basket of stocks—which includes Danaher , Mastercard , Vertiv and Uber —are constituents of both Goldman's Hedge Fund VIP and Mutual Fund Overweight baskets. "Hedge funds and mutual funds have boosted exposures to equities this year, with hedge fund net leverage rising near its highest level over the past year and mutual fund cash balances dropping to record lows. Visa shares are up about 4.6% for the year, lifted by stronger-than-expected earnings in the fiscal second quarter. Both stocks have had a tough quarter, however, with Visa falling 2.4% since the end of March, while Mastercard shares have lost 7.6%.

Persons: Goldman Sachs, Vertiv, Uber, David Kostin, Kostin, Goldman, Alexander Blostein Organizations: Mastercard, VIP, Mutual Fund, FactSet, KKR, Visa, Tuesday's Locations: FRE

☆ Indian stocks have worst day in 4 years as Modi’s hopes of a huge majority fade
▼ + stars: | 2024-06-04 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —Indian stocks plunged Tuesday as vote counting in the country’s election suggested Prime Minister Narendra Modi’s dream of a landslide victory is at risk, raising doubts about his ability to push through more aggressive economic reforms. India’s benchmark Sensex index, which tracks 30 large companies, and the broader Nifty 50 index each closed down by nearly 6%. The worst daily drop for Indian stocks since 2020 came just 24 hours after both indexes hit record highs as weekend exit polls prompted experts to predict a resounding victory for Modi. The 73-year-old ran on his economic record over the past 10 years, a period of robust growth for India. But investors have complained about the high price of Indian stocks and some analysts believe a correction could be healthy for markets.

Persons: Narendra Modi’s, Modi, India’s, ”, Yashovardhan Khemka, Manish Jain Organizations: New, New Delhi CNN, Bharatiya Janata Party, BJP, Research, Analytics, Abans Holdings, National Stock Exchange of India, Shenzhen Stock Exchange, Hong Kong Exchange, bourse, World Federation of Exchanges, Mirae Locations: New Delhi, India, Mumbai, United States, China

☆ Wendell Pierce Claims Discrimination in Trying to Rent a Harlem Apartment
▼ + stars: | 2024-06-04 | by ( Debra Kamin | ) www.nytimes.com time to read: 1 min

The acclaimed actor Wendell Pierce says his rental application for an apartment in Harlem was denied by a white landlord, and he believes racism is the reason. Mr. Pierce, who is Black, shared his experience on X in a post on Monday night that quickly garnered thousands of comments and shares. In the post, he described his “righteous anger” and said that “Even with my proof of employment, bank statements and real estate holdings, a white apartment owner DENIED my application to rent the apartment.” The apartment was, Mr. Pierce wrote, “in Harlem, of all places.”“Racism and bigots are real,” he continued. “There are those who will do anything to destroy life’s journey for Black folks. When you deny our personal experiences, you are as vile and despicable.”

Persons: Wendell Pierce, Pierce, ”, “ Locations: Harlem

☆ These restaurants are taking the lead on AI and robots. What it means for their stocks
▼ + stars: | 2024-06-04 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +11 min

Restaurants have traditionally lagged behind other sectors in their adoption of technology, but rising labor costs have changed the narrative. Major food industry players are making strides to invest in innovation, including AI and robotics. While it is still early days, analysts have already identified some companies that are taking the lead. YUM YTD mountain Yum Brands shares year to date Robots peeling avocados, mixing salads The use of robotics in restaurants is at its nascence. Chipotle, Sweetgreen and Cava partially have an advantage due to the nature of their products, which offer customers a bowl of mixed ingredients as an end order.

Persons: Bernstein, Danilo Gargiulo, Gargiulo, Morgan Stanley, Brian Harbour, Payne Capital Management Courtney Garcia, Rahul Krotthapalli, They've, Courtney Garcia, Garcia, Payne, Piper Sandler, Chipotle Organizations: Wall, CNBC, Google, Payne Capital Management, Starbucks, JPMorgan, Yum Brands, KFC, Taco Bell, Systems, Collider Lab Locations: Cava, Chipotle, Sweetgreen

☆ Musk accused of improperly selling $7.5 billion in Tesla stock before weak sales report that crashed its price
▼ + stars: | 2024-06-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Musk likely knew the weaker sales report was coming at the time of the sale, the suit charges. Tesla stock sales funded Twitter purchaseBefore Musk started his efforts to buy social media platform Twitter, now known as X, the billionaire executive rarely sold Tesla shares. But from April through December in 2022, Musk sold $22.9 billion worth of Tesla stock in unscheduled sales to help fund his $44 billion purchase of Twitter that year. His sales in November and December of 2022, along with the price cuts in China, helped to push down the price of Tesla shares even before the January sales report. Tesla shares soon rebounded, though, and more than doubled during the course of 2023 to close at $248.48.

Persons: New York CNN — Elon Musk, “, Tesla, “ Musk, ”, Michael Perry, Perry, Musk, “ I’m Organizations: New, New York CNN, Twitter, SpaceX, Securities and Exchange Commission, Bloomberg, Tesla Locations: New York, Tesla, China, Delaware Chancery, Delaware

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