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☆ Fears about China's government ban on iPhones are 'way overdone,' as the crackdown could impact only 1% of the smartphone's sales in China: analyst
▼ + stars: | 2023-09-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But Wedbush's Dan Ives says the fears are ' way overdone' as the ban could only impact 1% of iPhone sales in China. overdone' as the ban could only impact 1% of iPhone sales in China. There's also another reason why Beijing is unlikely to widen an iPhone ban in the country. China's ban on foreign phone brands in government agencies echoes similar restrictions in the US — such as a New York City ban on TikTok on government-owned devices. They've lost 6% since Wednesday after the news of China's iPhone ban broke.

Persons: Wedbush's Dan Ives, Dan Ives, Amit Daryanani, There's, Daryanani, They've, Evercore Organizations: Apple, Service, Investors, Wall Street Journal, Evercore ISI Locations: Beijing, China, Wall, Silicon, Washington, New York City

☆ Billionaire CEOs said working from home made them happier. Some now want to fire workers who don't show up to the office.
▼ + stars: | 2023-08-28 | by ( Polly Thompson | ) www.businessinsider.com time to read: +14 min

AdvertisementAdvertisementThe Meta CEO told staff they could expect him to spend half of the next year working remotely. True to his word, in his first week Musk banned remote work in a 2:30 a.m email to Twitter staff. Still: Unlike some of the other wealthy CEOs on this list, Eric Yuan has always been a little skeptical of permanent remote work. Roy RochlinSalesforce CEO Marc Benioff was initially outspoken in his support for remote working. Joining the growing list of CEOs that say remote work is not conducive to productivity, Salesforce revised its work-from-anywhere strategy.

Persons: Mark Zuckerberg, Goldman Sachs, Prithwiraj Choudhury, Zuckerberg, Meta, I've, Erin Scott, Skip, Insider's Kali Hays, Hugh Langley, Evan Spiegel, Miranda Kerr, Pierre Mouton, Stringer, Spiegel, I'm, ERIC PIERMONT, Kali Hays, Jack Dorsey, PRAKASH SINGH, lockdowns, Dorsey, Elon Musk, Musk, Zoe Schiffer, hasn't, Eric Yuan, Kena, Zoom, Kelly Steckelberg, Yuan, Marc Benioff, Roy Rochlin, Salesforce, Benioff, Justin Sullivan, Kara Swisher Organizations: Service, Meta, Harvard Business School, Wall Street, Staff, CNBC, Getty, Twitter, San, New, Elon, San Francisco, Bloomberg, Zoom, Workers, MarketWatch, Smith, Yahoo Finance, Insider Locations: Wall, Silicon, San Francisco, Singapore, Silicon Valley , California

☆ 'Guppies' are the latest real estate phenomenon: young people giving up on ever buying homes
▼ + stars: | 2023-08-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

More Gen Z and millennials are opting out of the rat race and sticking to renting instead. British real estate company Zoopla has dubbed the new generation of non-buyers as "guppies"Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The term, coined by British real estate company Zoopla, is a play on the 1980s phrase "yuppie," which meant a young, financially successful professional. This mirrors a similar situation in the US, where competition is also heating up between potential first-time homebuyers. AdvertisementAdvertisementInstead of stressing over down payments and mortgage rates, guppies are comfortable renting for the foreseeable future even though they're making good money, MarketWatch reported.

Persons: Zoopla, They're, Zers, homebuyers, Sheharyar Bokhari Organizations: Service, National Association of Realtors, MarketWatch Locations: British, Wall, Silicon, guppie, California, Sacramento

Just a month ago, Wall Street was hailing the so-called “magnificent seven” for driving the gains this year in the S&P 500. As MarketWatch notes, four of the seven (Apple, Nvidia, Meta, and Microsoft) have fallen at least 10 percent from their highs in July. Tesla, the worst of the bunch, has tumbled more than 25 percent in that period, putting it in bear territory. On Thursday, alarm bells sounded on both sides of the Atlantic as investors sold government bonds en masse, sending yields to multiyear highs. Adding to the jitters, the renminbi hit a 16-year low against the dollar on Friday, prompting emergency moves to prop up the currency.

Persons: Tesla Organizations: Nvidia, Meta, Microsoft, SpaceX, Elon Musk’s, Nomura Locations: Hong Kong, United States, China

☆ Dan Gallagher — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Dan GallagherDan Gallagher has covered technology for Heard on the Street since 2013. He has been writing about technology and business for two decades — well before smartphones got smart. Dan previously spent ten years at MarketWatch, where he built a data news team and served as technology editor. He is based in San Francisco.

Persons: Dan Gallagher Dan Gallagher, Heard, Dan Organizations: MarketWatch Locations: San Francisco

☆ The housing market is at 'rock bottom,' says Redfin's CEO, as high rates and prices take their toll
▼ + stars: | 2023-08-17 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

High mortgage rates and price increases have meant fewer property listings. The market has hit "rock bottom," Redfin CEO Glenn Kelman told MarketWatch. Redfin CEO Glenn Kelman says it's hit "rock bottom." Kelman told MarketWatch that higher house prices have played a part in reducing mobility for young people in the US. "Apartments are expensive and houses are expensive, so I think household formation is going to be low," he said.

Persons: Glenn Kelman, it's, Freddie Mac, " Kelman, Kelman Organizations: Service Locations: Wall, Silicon

☆ Progressive Democrats are proposing a new tax they say will help 'close the exorbitant wealth gap'
▼ + stars: | 2023-08-03 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

The richest 0.1% of US households held 20% of the wealth, says the Patriotic Millionaires group. It's helped several Democrats Representatives devise legislation for a new wealth tax. The Bill aims to close the "exorbitant" US wealth gap but has little chance of passing the House. The legislation has four brackets:2% for all wealth between 1,000 and 10,000 times median household wealth4% for all wealth between 10,000 and 100,000 times median household wealth6% for all wealth between 100,000 and 1,000,000 times median household wealth8% for all wealth over 1,000,000 times median household wealthThe median American household wealth is just over $120,000, according to the Patriotic Millionaires. The Patriotic Millionaires have long campaigned for fairer income redistribution, and say the net worth of America's 735 billionaires is now $4.7 trillion.

Persons: It's, Bill, Barbara Lee of, Jamaal Bowman, Lee, Morris Pearl Organizations: Patriotic Millionaires, Service, New, BlackRock, Republican, Internal Revenue Service Locations: Wall, Silicon, Barbara Lee of California, New York, United States, America

☆ Office loans just hit a 5% delinquency rate – a 20-month high – as WFH and rate rises pile more pressure on commercial real estate
▼ + stars: | 2023-08-03 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

It's the costliest time to borrow money as interest rates now stand at 5.5%. Commercial real estate has been particularly damaged by the Fed's rate-hiking campaign. Defaults on commercial real estate loans have hit their highest levels since December 2021. The combination of workers unwilling to return to the office, coupled with the highest interest rates in 22 years, has spelled misery for the sector over the last 18 months. Commercial real estate has been particularly troubled by the Fed's aggressive hiking campaign, which has pushed up interest rates sharply since spring 2022.

Persons: Trepp, Kiran Raichura, we've, it's Organizations: Service, Capital Economics Locations: Wall, Silicon, delinquencies

☆ Tupperware might just be the latest meme stock after its shares tripled in a week
▼ + stars: | 2023-07-29 | by ( Ryan Hogg | Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Tupperware might be the latest meme stock after more than tripling in value within a week. Shares in the embattled food container maker more than tripled since July 20 to just over $3, leaving many to wonder whether it might be the latest "meme stock." According to data from Marketwatch, 27% of Tupperware shares that are available to trade have been "shorted" by investors. The amount of short interest in Tupperware has indeed fallen more than a quarter this year amid apparent interest from retail investors. On r/WallStreetBets, the birthplace of the meme stock craze, members were giddily comparing the stock to Bed Bath & Beyond, the now-bankrupt homeware chain that had captivated certain investors since 2021.

Persons: Earl Tupper, didn't, Neil Saunders, Saunders, I've, Tupperware Organizations: Marketwatch, Orlando Business Journal, BlackRock, Orlando Business, Bed Locations: freefall, Tupperware

☆ Elon Musk plans to rebrand Twitter as 'X' — an idea that harkens back to the CEO's early days when he was ousted from PayPal
▼ + stars: | 2023-07-24 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Elon Musk announced Saturday that he plans to rebrand Twitter and change the bird logo to 'X.' Musk previously wanted X to be the name of a banking services site now known as PayPal. Musk said a new "interim" X logo will go live Sunday. Elon Musk in Palo Alto, California, on August 7, 2000. According to Ashlee Vance's biography "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future," almost everyone in the company preferred the name PayPal.

Persons: Elon Musk, Musk, Elon, Pauline Lubens, Julie Anderson Ankenbrandt, Ankenbrandt, x.com, X.com, Peter Thiel, Max Levchin, Musk's, Thiel, Ashlee Vance's Organizations: Twitter, PayPal, MediaNews, Mercury, Getty, Elon, SpaceX, X Corp Locations: Silicon Valley, Palo Alto , California, Palo Alto, Nevada

☆ Layoffs at Dow Jones have Wall Street Journal staffers on edge as the newsroom expects more cuts and changes under top editor Emma Tucker
▼ + stars: | 2023-07-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Dow Jones laid off 10 people on the business side in late June. Wall Street Journal insiders are prepping for a content overhaul and potential cuts later this summer. A steady drip of layoffs continues at Dow Jones, which laid off another 10 people in the last week of June. The roles were mostly finance, sales, and marketing people who work across Dow Jones properties, which include The Wall Street Journal, Barron's, and MarketWatch. The Journal newsroom has largely been spared, but EIC Emma Tucker is conducting a sweeping content review.

Persons: Dow Jones, Almar Latour, Emma Tucker, Tucker, Rupert Murdoch's, she's, Liz Harris, Taneth Evans —, Charles Forelle, Karen Pensiero, Neal Lipschutz, Jason Anders, Thorold Barker, Kristina O'Neill, Sarah Ball, She's, Bernard Arnault, There's Organizations: Wall Street Journal, Dow, Street, MarketWatch, News Corp, Sunday Times, . Magazine Locations: Dow Jones, London, Europe, Middle East, Africa

☆ More layoffs have hit Dow Jones, and The Wall Street Journal's newsroom sees changes ahead, including cuts, under top editor Emma Tucker
▼ + stars: | 2023-06-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Dow Jones laid off 10 people on the business side last week, the latest in ongoing reductions. Wall Street Journal insiders are prepping for a content overhaul and potential cuts later this summer. A steady drip of layoffs continues at Dow Jones, which laid off another 10 people in the last week of June. The roles were mostly finance, sales, and marketing people who work across Dow Jones properties, which include The Wall Street Journal, Barron's, and MarketWatch. The Journal newsroom has largely been spared, but EIC Emma Tucker is conducting a sweeping content review.

Persons: Dow Jones, Almar Latour, Emma Tucker, Tucker, Rupert Murdoch's, she's, Liz Harris, Taneth Evans —, Charles Forelle, Karen Pensiero, Neal Lipschutz, Jason Anders, Thorold Barker, She's, Bernard Arnault, There's Organizations: Wall Street Journal, Dow, Street, MarketWatch, News Corp, Sunday Times Locations: Dow Jones, London, Europe, Middle East, Africa

☆ Why the 34-year-old CEO of P.F. Chang's likes to wake up at 4:30 a.m. daily to work out
▼ + stars: | 2023-06-11 | by ( Hayley Peterson | ) www.businessinsider.com time to read: +3 min

He says early morning runs help him stay mentally sharp and give him a "conquest" to start the day. Chang's says early morning runs help him stay sharp at work and build mental discipline. "I like the routine precisely because it's hard," Adamolekun told MarketWatch. After his runs, Adamolekun gets some work done in his home office, as he's previously told Insider. Adamolekun told MarketWatch his youth may help him connect with younger consumers.

Persons: —, Chang's, Damola Adamolekun, Fortune, Adamolekun, he's, Paulson, it's Organizations: Service, Co, TriArtisan Capital Advisors Locations: Chang's, Scottsdale , Arizona

☆ Tech stocks are outperforming their rivals by the most since the dot-com bubble
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tech stocks haven't outperformed their rivals this much since the dot-com bubble, according to one measure. The tech-heavy Nasdaq Composite beat the Dow Jones Industrial Average by 9.3 percentage points in May. That’s the biggest gap between the two indices since October 2001, according to Dow Jones data. That's the biggest gap between the two stock-market gauges since October 2021, according to Dow Jones data that was cited by MarketWatch. Nvidia has emerged as a clear winner from the AI boom, racking up gains of nearly 160% year-to-date, with other mega-cap tech stocks like Meta Platforms and Tesla also surging in 2023.

Persons: Dow Jones, —, Read Organizations: Nasdaq, Dow Jones, Service, Tech, MarketWatch, Nvidia, Tesla

☆ Analysis: Bank failures and looming debt default test American confidence in the economy
▼ + stars: | 2023-05-01 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

CNN —Two converging crises are testing American confidence in their financial well-being. And there’s a debt crisis, which is becoming more urgent as the US approaches the “X-date” – when it would default – and on which opposing lawmakers aren’t currently talking to each other. First Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, and most of its assets were sold to JPMorgan Chase. Maintaining confidenceNone of that means this is a golden chapter for the American financial system. Now, the debt crisis and the X-dateIf only American lawmakers could take a cue from the First Republic saga and get into a room to solve the debt crisis.

☆ A $6 trillion AI boom is just starting. Here are 5 ways for investors to capitalize on the tech revolution, according to Morgan Stanley.
▼ + stars: | 2023-04-26 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

AI is at an "inflection point" that could allow investors and companies tap into a $6 trillion opportunity, Morgan Stanley said. "We see AI accelerating digital transformation and tech diffusion across the economy," analyst Brian Nowak said in a note. AI-driven search tools could power stronger recommendation engines for social media and e-commerce, create better content-production tools and improve shared-economy marketplaces for transportation and other services, the bank said in the note. "We see AI accelerating digital transformation and tech diffusion across the economy," Morgan Stanley Research's internet analyst Brian Nowak said in a research note. Travel"Though 76% of travel is already being booked online, digital travel platforms are well-positioned to capitalize further on their large and unique data sets.

☆ America's richest banker quadrupled his firm's assets last year by making a massive bet that inflation would spike
▼ + stars: | 2023-04-19 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

His firm's assets shot up from $7.5 billion to $32.6 billion after making a big get on inflation, MarketWatch reported. According to MarketWatch, Beal Bank's assets shot up from $7.5 billion in late 2021 to $32.6 billion by the end of 2022 after making a bet timing inflation's sudden spike. Beal Bank bought up $21.2 billion of Treasury bonds, MarketWatch wrote citing sources familiar and filings with the Federal Deposit Insurance Corporation. As a result, Beal Bank's net income rose from $600 million to $1.48 billion over the course of a year. It isn't the first time Beal Bank has deftly navigated a volatile market.

☆ What Is a Money Market Fund?
▼ + stars: | 2023-04-04 | by ( ) www.wsj.com time to read: +11 min

“Money market funds have become a much more interesting place,” says Jay McLaughlin, institutional sales manager for iMoneyNet, a research firm that follows the money market fund industry. How money market funds workThe first thing for investors to understand is that money market funds are mutual funds, not bank accounts. Municipal money market fundsMunicipal money market funds appeal to many high-income investors because of their tax-exempt nature. One popular muni money market fund is the $17 billion Vanguard Municipal money market Fund (VMSXX) and its current 7-day yield of 2.65%—a yield which on its face is lower than other fund types, but after taxes are considered, can actually be higher for some investors. How to get the best money market fund ratesTypically your stock trading platform may have a default money market fund for its clients, established at your initial sign-up, as a kind of placeholder to keep your cash.

☆ A cryptic message that's been on Blockbuster's website for months has people wondering if it'll make a comeback
▼ + stars: | 2023-03-25 | by ( Grace Mayer | ) www.businessinsider.com time to read: +4 min

People recently noticed a message on Blockbuster's website: "We are working on rewinding your movie." The message sparked speculation of a possible comeback and nostalgia for the defunct rental stores. People recently noticed that a message greets you when you visit Blockbuster's website. Before that, the website showed a message from its current owner, Dish Network, directing people to Dish's on-demand service. So far, Dish hasn't commented on whether the message on the website means anything, and the company did not respond to Insider's request for comment ahead of publication.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ SVB: What the worst bank failure since 2008 means for markets, the financial sector, and interest rates
▼ + stars: | 2023-03-14 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +8 min

Here's what SVB's sudden demise means for markets, the US banking sector, and interest rates. That capped a turbulent week that saw a botched fundraising attempt by Silicon Valley Bank (SVB) and a $1.8 billion loss on its bond holdings, which ultimately triggered an old-fashioned bank run. Silicon Valley Bank's collapse exposed a serious risk many banks face in their business portfolios – the dependence on uninsured deposits. However, former Treasury chief Larry Summers took a less pessimistic view, saying SVB's collapse was "unlikely to be a broadly systemic problem." But as bad as it is, it's unlikely to trigger a repeat of the 2008 global financial crisis that set the stage for the Great Recession, according to analysts.

☆ Warren Buffett lashed out against critics of stock buybacks. The White House says it isn't anti-repurchases, it just wants to encourage smart spending.
▼ + stars: | 2023-03-02 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Warren Buffett slammed critics of stock buybacks as economically "illiterate" in his annual letter. But a White House official said Biden isn't anti-repurchases, he just wants to encourage smart spending. The 92-year-old billionaire investor — who has touted the value of stock buybacks for decades — slammed opponents of stock buybacks in his annual letter to Berkshire Hathaway shareholders. But Biden isn't an opponent of share repurchases — he just wants to encourage smart spending, a National Economic Council official told MarketWatch. Berkshire has been one of the US's leaders in stock buybacks, spending nearly $8 billion on its own shares in 2022.

☆ AOC says there's still hope for Biden's student-loan forgiveness plan if the Supreme Court rules against it
▼ + stars: | 2023-03-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

AOC said Biden "should be prepared to respond" to whatever the Supreme Court rules on student-debt relief. The White House has maintained it does not have a backup plan and is confident Biden's relief will prevail. Some other Democratic lawmakers have also said the focus right now should be on voicing the legality of Biden's current debt relief plan. Still, the White House has previously said that it is not deliberating a backup plan right now if the Supreme Court strikes down the relief. And there is no current backup plan, or anything like that.

☆ A recession could be 'deeper than expected' this year, says analyst—here's what it means for your money
▼ + stars: | 2023-02-18 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Raheel Siddiqui, senior research analyst at Neuberger Berman, told CNBC Make It a recession in 2023 "will be more severe than expected." The labor market is strong, too, with a tiny unemployment rate of 3.4%. "In a plain-vanilla recession, earnings go down 20%. And when economic downturns occur at the same time as deflation, you can expect a larger-than-normal drop in earnings, Siddiqui said. The bottom quartile is entering a recession," Siddiqui said.

☆ Elon Musk says it's easy for him to get investment support because he has an 'extremely good' track record
▼ + stars: | 2023-01-30 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk said his "extremely good" track record made getting investment support easy, per AP. Musk said he had "no ill motive" by tweeting his "funding secured" tweet in 2018, AP reported. During a trial over accusations that Musk committed securities fraud, he said: "It is relatively easy for me to get investment support because my track record is extremely good," per AP. Recently in court, Musk testified that he had "no ill motive" and his "intent was to do the right thing for all shareholders," AP reported. Musk said in court on January 24 he could have sold enough SpaceX stock to fund a Tesla buyout.

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