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Over the past few years, as electric vehicle sales increased substantially and car companies announced an onslaught of new battery-powered models, it seemed that electric cars were a near-term inevitability. Hertz is selling off about a third of its electric cars and Audi is slowing its transition to E.V.s. But there’s also a more subtle issue at play, one that won’t be easily resolved: Electric cars are too boring. On the list of things wrong with the world, “electric cars are dull” isn’t in the Top 5. Driving, as we all knew it before the arrival of mass-market electric cars a little more than a decade ago, involved familiar rituals that carved out a place in our collective psyche.
Persons: Tesla, Hertz, there’s, revel Organizations: Ford, Audi, Chrysler Pacifica Locations: upshifts
Mike Blake | ReutersThe CEO of blockchain startup Ripple sees the combined market capitalization of the cryptocurrency market topping $5 trillion this year. If the market were to double, that would imply a new total crypto market cap of $5.2 trillion. Bitcoin accounts for about 49% of the entire crypto market, with a market capitalization of $1.3 trillion as of April 1. This year being an election year, crypto hopefuls are optimistic that the next administration will be more accommodating to the crypto industry with its policy focus. Garlinghouse isnt the only crypto bull predicting outsized gains for the crypto market this year.
Persons: Brad Garlinghouse, Mike Blake, Ripple's Brad Garlinghouse, I've, Garlinghouse, Gary Gensler, Ripple, Marshall Beard, there's, Beard, Anthony Pompliano Organizations: Milken, Global Conference, CNBC, U.S . Securities, Exchange Commission, SEC Locations: Beverly Hills , California, U.S, United States, London
Americans were scammed out of over $1 million in online puppy frauds last year. AdvertisementA shocking number of Americans are falling for online puppy scams. The Better Business Bureau said it received thousands of reports of puppy scams last year, totaling more than $1 million in losses, according to veterinarians.org. AdvertisementThe prevalence of puppy scams online has led to an official crackdown. The Illinois Attorney General's office, for instance, charged one man with 16 different felonies related to an online puppy scam in January.
Persons: , veterinarians.org, Katherine Smith, Smith, Prosecutors, Kwame Raoul Organizations: FTC, Service, Better Business Bureau, BBB, Facebook, Craigslist, ABC News, Federal Trade Commission, Illinois, Homeland Security Investigations Locations: North Carolina, Yorkshire, Illinois
And what would the upfront costs be to upgrade your system to allow for faster charging, if desired? Do the math on upfront cost, EV vs. hybridIf it's still a toss up between an EV and a hybrid, next consider upfront costs. By contrast, the average starting price for a hybrid car is $33,214, according to iSeeCars.com, a car search engine. Search for available auto rebates and incentivesIf you're leaning toward an EV, but still find the upfront cost daunting, look for possible rebates. He points to a study by Argonne National Lab that shows scheduled maintenance costs per mile are significantly lower for an EV versus a traditional hybrid or plug-in hybrid.
Persons: you've, Aston Martin, Sandeep Rao, there's, Rao, Steve Christensen, Maxwell Woody, Woody, Albert Gore, ZETA Organizations: Ford, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, Gallup, New York, EV, Chevrolet, Department of Energy, Battery Coalition, Progressive Casualty Insurance Company, of Michigan, University of Michigan, Argonne National Lab, Honda Locations: U.S, California, Florida, Texas
Investors are starting to take seriously the idea that the Fed might not cut interest rates in 2024. At this point, investors are viewing economic strength as ultimately good news for the stock market, if that means a recession is delayed. AdvertisementFrom seven, to three, to now potentially zero, projected interest rate cuts in 2024 are quickly going out of style on Wall Street. So a delay in interest rate cuts, on paper, would suggest lower stock prices. And better-than-expected first quarter profits have helped put a floor on a stock market that is trading near record highs, even as talks of interest rate cuts fade.
Persons: Neel Kashkari, Kashkari, Michelle Bowman, Bowman, Ed Yardeni, Yardeni, Mohamed El, Torsten Slok, Slok, Ken Fisher Organizations: Federal Reserve, Atlanta Fed, Minneapolis Fed, Fed, Bank of America
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEV demand is growing but not as fast as automakers expected, says Fmr. Ford CEO Mark FieldsMark Fields, Former Ford CEO, joins 'Closing Bell Overtime' to talk EV adoption, what's ahead for automakers, Tesla's woes amid a recent Reuters report, Elon Musk's response and more.
Persons: Mark Fields Mark Fields, Elon Organizations: Ford
The major force behind this year's AI trade has cooled off in recent weeks. "For three decades we've pursued accelerated computing, with the goal of enabling transformative breakthroughs like deep learning and AI," Huang said at GTC. So, as the benefits of AI trickle through the "AI supply chain," look for the benefits of AI to spread and earnings to grow as a result. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Jensen Huang, Huang, we've, It's, Jim Cramer, Nvidia –, We're, hyperscaler, Jack, McDonald's, Jim, That's, Jim Cramer's, Justin Sullivan Organizations: Nvidia, GTC, Blackwell, Apple, Microsoft, Alphabet's Google, Google, Club, Web Services, Super, CNBC, Intelligence, SAP Center Locations: U.S, China, San Jose , California
CNBC Daily Open: Safe havens in vogue
  + stars: | 2024-04-05 | by ( Clement Tan | In Clemtan | ) www.cnbc.com   time to read: +2 min
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. The Dow Jones Industrial Average closed down Thursday 1.35% at 38,596.98 in its biggest loss since March 2023 and fourth-straight daily loss. Trusting ZuckerbergMeta shares soared to an intraday record on Thursday, outperforming the broader market after Jefferies and RBC Capital analysts raised their price targets. [PRO] Pre-earnings upgradesAnalysts have become more bullish on six stocks from around the world this week, raising their price targets ahead of the quarterly earnings release season.
Persons: Brent, nonfarm payrolls, Dow, Zuckerberg, Meta, Jefferies Organizations: CNBC, Federal Reserve, West Texas, Dow Jones, Nasdaq, U.S . Federal, Ford, Jefferies, RBC Capital
Jeff Gritchen | Medianews Group | Getty ImagesA car loses value as soon as you drive it off the lot, but electric vehicles are taking this adage to a new level. That's becoming a major barrier to wider adoption, according to some industry and investment experts. While lower used EV prices could increase their desirability to some buyers, they can also reduce demand for new electric vehicles, according to Karl Brauer, executive analyst at iSeeCars. Kuo further argued that the software and computing capabilities of used EVs may become outdated and incompatible with updates by the time they are sold or even beforehand. According to iSeeCars, dramatic drops in used electric vehicle values in the U.S. have largely been driven by aggressive price cuts by Tesla amid a broader price war in the EV market.
Persons: Jeff Gritchen, Karl Brauer, David Kuo, Kuo, EVs, iSeeCars, Tesla Organizations: Medianews, Getty, iSeeCars.com, Smart, Industry, Bloomberg, VW, Toyota Locations: Fountain Valley , California, U.S
Good news is good news: The stock market correctly viewed the good jobs data as good news — no matter what it means for the timing of the first interest rate cut from the Federal Reserve. Those concerns were the catalyst that caused oil to spike late Thursday and the stock market to spiral. Costco and TJX should be holding up better because they both are market share gainers that offer great value to their customers. 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, Jerome Powell, Powell, he's, Ford, Morgan Stanley, Adam Jonas, Jonas, Eaton, Wynn, Estee Lauder, It's, Jim Cramer's, Jim Organizations: CNBC, Federal Reserve, Fed, Ford, U.S, General Motors, Wynn Resorts, Meta, Thursday's, Amazon, Palo Alto Networks, TJX Companies, Retail, Costco, Jim Cramer's Charitable Locations: U.S, Eaton, Macao, Mizuho, Palo
Mizuho reiterates Nvidia as a top pick Mizuho says Nvidia is still a top idea at the firm. Morgan Stanley initiates Mural Oncology at overweight Morgan said in its initiation of the biotech company that it sees a long "cash runway" lasting through 2025. Morgan Stanley downgrades Block to underweight from equal weight Morgan Stanley sees growth headwinds for the payment tech company. Morgan Stanley upgrades Zeta to overweight from equal weight Morgan Stanley said the marketing technology company has an underappreciated valuation. " Morgan Stanley reiterates Tesla at overweight Morgan Stanley lowered its price target to $310 per share from $320. "
Persons: Bernstein, Reddit, underperform Bernstein, Raymond James, Raymond James downgrades Bumble, Barclays downgrades Ferrari, it's, Mizuho, Goldman Sachs, Goldman, Morgan Stanley, Morgan, Wolfe, underperform Wolfe, Piper Sandler, Piper, Synopsys, Morgan Stanley downgrades Block, Dave, Buster's, Jefferies, Zeta, Oppenheimer, Ball, Wayfair, Wynn, bullish, Tesla, Goldman Sachs downgrades Hertz Organizations: Citi, Barclays, Ferrari, Nvidia, JPMorgan, Avis, UBS downgrades Bank of America, UBS, Apple, AstraZeneca JPMorgan, AstraZeneca, Amazon, AWS, Meta, General Motors, GMC, Chevrolet, Buick, GM, DFS, Mizuho, Eversource Energy Locations: Avis, MURA, Charlotte, Wayfair, Capital, Macau
In today's big story, we're looking at a Wall Street billionaire's prediction that the four-day workweek is coming . Billionaire hedge fund manager and New York Mets owner Steve Cohen said a four-day workweek is inevitable , Business Insider's Matthew Fox writes. Cohen put his money where his mouth is regarding the four-day workweek. As the newest four-day workweek fan club member, Cohen must be interested in implementing it at his hedge fund, Point72. Maybe the four-day workweek represents the olive branch companies can extend to get people back to their desks.
Persons: , Jack, Dave Kotinsky, Rebecca Zisser, Steve Cohen, Matthew Fox, I'd, Cohen, Tech.co, Yuki Iwamura, Jerome Powell, Powell, Tesla, Brooks Kraft, OpenAI's, Logan Kilpatrick, Kilpatrick, Carl Godfrey, Bob Iger, Nelson Peltz, Iger, he's, he'll, Goldman Sachs, David Solomon, Joe Lewis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, United Airlines, Boeing, Business, Lincoln Center, Billionaire, New York Mets, CNBC, Mets, Technologies, Workers, Federal, JPMorgan, Brooks, Brooks Kraft LLC, Getty, Services, Google, Bloomberg, BI, Reuters Locations: York, New York, London
Other analysts saw upside for Coinbase and DoorDash along with Meta Platforms, as the social network builds advertising market share. The firm initiated coverage of DoorDash stock with a buy rating and a $165 per share price target. The analyst reiterated his overweight rating on Tesla stock but lowered his price target slightly to $310 per share from $320. The firm reiterated a buy rating on Meta stock and raised its price target to $585 per share from $550 on Thursday. Meta stock has surged more than 43% in 2024.
Persons: Morgan Stanley, Pamela Kaufman, Kaufman, — Jesse Pound, Mark Zgutowicz, — Brian Evans, Oliver Wintermantel, Wintermantel, Brian Evans, Morgan Stanley's Adam Jonas, Morgan Stanley's, Adam Jonas, Tesla's, Jonas, Tesla, — Brian Evans TSLA, Oppenheimer, Coinbase, Owen Lau, Jefferies, Brent Thill, outgrow Amazon's, Meta, Thill, Erika Najarian, Najarian, BofA's Organizations: CNBC, Jefferies, Bank of America, UBS, Big Four, Meta, Hershey, ISI, Tesla Network, 2Q, Amazon, UBS downgrades Bank of America Locations: Big Four U.S, Hershey, cryptocurrency, Wednesday's, 2H24
Holly Dresden joined Shopify as head of enterprise merchant success in December after six years with Salesforce Commerce Cloud. Evan AgostiniAs it moves further into enterprise, Shopify hasn't always been subtle about zeroing in on Salesforce as a competitor. It recently launched a webpage comparing its platform with Salesforce Commerce Cloud, encouraging merchants to "join the mass migration" of brands moving from Salesforce to Shopify. But winning over enterprise retailers requires a different approach, and it's one where Salesforce has more years of experience than Shopify. Talking the enterprise talkPoaching employees from Salesforce isn't the only way Shopify has made an effort to win over enterprise customers.
Persons: , Shopify, Kal Stephen, Holly Dresden, Everlane, Marc Benioff, Evan Agostini, hasn't, Michael Affronti, we've, Affronti, Shopify's, Salesforce, We've, It's, Rick Watson, Watson, Demandware, Oppenheimer, Ken Wong, Wong, Harley Finkelstein Organizations: Service, Salesforce Commerce, Business, Salesforce, Adobe, SAP, Mattel, Commerce, RMW Commerce Consulting, Accenture, IDC, Manhattan Associates Locations: Salesforce, Demandware
DETROIT – Ford Motor is delaying production of a new all-electric three row SUV, as it shifts to offer hybrid options across its entire North American lineup by 2030. The shift in EV plans is the latest for Ford and the entire automotive industry as adoption has been slower than many expected and production costs remain high. Ford last year said it would delay or cancel $12 billion in planned spending on new EVs due to the shifting market conditions as well as challenges to profitably building and selling the vehicles. In the first quarter of 2024, Ford's electric vehicle sales increased by 86% from subdued levels a year earlier. Hybrid sales for the automaker rose 42% year over year, while sales of Ford's traditional vehicles with internal combustion engines were up 2.6%.
Persons: Jim Farley Organizations: DETROIT, Detroit, Ford Locations: Detroit, EVs, Canada, U.S
Some might think that, questions of morality aside, fossil fuel investments are just too good to pass up. Even in the United States, where President Joe Biden’s Inflation Reduction Act is making historic investments in clean energy, oil exports are at an all-time high. On closer examination, the simplest argument against funding new oil, gas and coal projects is not that they’re immoral. What should be even more concerning to investors is that fossil fuel companies’ challenges go beyond supply and demand. Finally, there is perhaps the greatest risk fossil fuel investors face: the industry’s massive profits are largely dependent on special treatment by governments.
Persons: Tom Steyer, Pimco, Vladimir Putin’s, Joe Biden’s, I’ve, , there’s, Morgan Stanley, persuasively, Herbert Stein Organizations: Solutions, CNN, JPMorgan Chase, State Street, Global Energy Monitor, Farallon Capital, Locations: BlackRock, Ukraine, United States, Texas, Farallon
India is facing a youth unemployment problem as a decline in white-collar jobs in its information technology sector has left many fresh graduates and young people unemployed. In the October to December period last year, unemployment in India's youth aged 20 to 24 years rose to 44.49%, from 43.65% in the previous quarter. Unemployment among 25- to 29-year-olds rose to 14.33% during the same period from 13.35% in the prior quarter, according to the Centre for Monitoring Indian Economy. "One of the largest segments that employ white-collar employees is IT and services, and hiring in the sector has slowed down quite a bit," he told CNBC. Data from Foundit showed that online hiring for both IT hardware and software sections plummeted by 18% last year from 2022.
Persons: We've, Chandra Garisa, Foundit, Garisa Organizations: Centre, Monitoring, CNBC Locations: India
A four-day workweek is inevitable thanks to AI, the billionaire hedge-fund boss Steve Cohen says. AdvertisementA four-day week is coming to the workplace, the hedge-fund giant Steve Cohen said. "My belief is a four-day workweek is coming," Cohen said. While Cohen expects a four-day workweek to eventually become reality, it probably won't for his employees or anyone else employed by investment firms. That is, unless the stock market also decides to adopt a four-day workweek.
Persons: Steve Cohen, Cohen, " Cohen, workweek Organizations: Asset Management, CNBC, New York Mets, PGA
Read previewGwyneth Paltrow's wellness and lifestyle brand, Goop, is facing a trademark infringement lawsuit related to a collection of its sexual health products. Good Clean Love Inc. filed its lawsuit against Goop on March 28, according to court documents obtained by Business Insider. Goop then used that trademark with sexual health products, which Good Clean Love described as "the core" of its business, according to the lawsuit. GOOP threatens to foreclose Good Clean Love from expanding into product lines related to its sexual health and wellness products. Related storiesRepresentatives for Good Clean Love and Goop did not immediately respond to a request for comment from Business Insider.
Persons: , Gwyneth, Goop, Gwyneth Paltrow, Emma McIntyre, Stefanie Keenan, Paltrow, Stefanie Keenan Goop Organizations: Service, Inc, Goop, Business, NBC News Locations: California
Hedge fund managers gathered Wednesday at the 2024 Sohn Investment Conference in New York to share their best investment ideas. It kicked off with "Next Wave Sohn," a session that features ideas from rising stars within the hedge fund industry. Endocrinology is an $8 billion market, but the cumulative market size, including the company's future therapy targets, is upward of $200 billion, which includes estimates for future obesity drugs, the investor said. It has CA$75 billion market cap with an "unbelievable record of success," according to the investor. The short seller noted that the company has a $5 billion market cap with about $4.8 billion of debt.
Persons: Sohn, Eric Wolff, Wolff, Michelle Ross, Cushing, Ross, Eli Lilly, Crinetics, XBI, Nikhil Daftary, Alimentation, Daftary, Chris Drose, Nate Koppikar, Fahmi Quadir Organizations: Investment, Gumshoe Capital Management Investment, Pason Systems Energy, Pason Systems, Gumshoe Capital Management, StemPoint, Pharmaceuticals, Crinetics Pharmaceuticals, StemPoint Capital, Endocrinology, Novo Nordisk, P Biotech, NK Capital Investment, NK Capital, Starbucks, McDonalds, Bleecker Street Capital, Orso Partners, Justice Department, Federal Trade Commission, Safkhet, Global Education Locations: New York, Canada, U.S
Prenosis' tool, called Sepsis ImmunoScore, uses 22 different parameters like temperature, heart rate and cell counts to help clinicians assess a patient's risk of sepsis, the company told CNBC. While Prenosis is the first company to receive FDA approval for its AI diagnostic tool for sepsis, several organizations have built and released similar solutions. Epic's sepsis model is used in hundreds of hospitals across the U.S., according to a 2021 study published in JAMA Internal Medicine. Even so, Epic reportedly overhauled its sepsis model the following year in an attempt to improve its performance, according to Stat News. Prenosis said it worked to demonstrate the safety and efficacy of Sepsis ImmunoScore to the FDA for around 18 months.
Persons: ImmunoScore, Prenosis Organizations: U.S . Food, Drug Administration, Wednesday, Centers for Disease Control, CNBC, Johns Hopkins University, Nature Medicine, Systems, Stat News, FDA Locations: U.S, White Oak , Maryland, Chicago
As you may have noticed, “sex” is out, and “sex assigned at birth” is in. Instead of asking for a person’s sex, some medical and camp forms these days ask for “sex assigned at birth” or “assigned sex” (often in addition to gender identity). The shift to “sex assigned at birth” may be well intentioned, but it is not progress. We are not against politeness or expressions of solidarity, but “sex assigned at birth” can confuse people and creates doubt about a biological fact when there shouldn’t be any. Nor is the phrase called for because our traditional understanding of sex needs correcting — it doesn’t.
Persons: , Organizations: American Medical Association, American Psychological Association, Cleveland
Intel shares fell 4% at one point in extended trading on Tuesday after the company revealed long-awaited financials for its semiconductor manufacturing business, commonly called the foundry business, in a SEC filing. Intel said its foundry business recorded an operating loss of $7 billion in 2023 on sales of $18.9 billion. That's a wider loss than the $5.2 billion Intel reported in its foundry business in 2022 on $25.7 billion in sales. "Intel Foundry is going to drive considerable earnings growth for Intel over time. 2024 is the trough for foundry operating losses," Gelsinger said on a call with investors on Tuesday.
Persons: Patrick Gelsinger, Gelsinger Organizations: Intel, SEC, Nvidia, AMD, Microsoft, Intel Foundry Locations: American
Federal regulations had not previously specified a minimum crew size, but the nation’s largest freight railroads typically have two workers on each train, an engineer and a conductor. The Federal Railroad Administration proposed requiring two-person crews in 2022, arguing that doing so would improve safety. The issue received further attention after a Norfolk Southern freight train derailed last year in East Palestine, Ohio, putting the issue of railroad safety in the spotlight. A bipartisan rail safety bill introduced in Congress in response to the derailment included a requirement for two-person crews, though the legislation has stalled. The Norfolk Southern train, which investigators believe derailed because of an overheated wheel bearing, had three crew members on board: an engineer, a conductor and a conductor trainee.
Organizations: Biden, Federal Railroad Administration, Norfolk, Norfolk Southern Locations: Norfolk Southern, East Palestine , Ohio
As the second quarter begins, we're taking stock of the AI trade. Microsoft leads There's no denying Microsoft's execution, which paved the way for generative AI to go mainstream and the company to then make money from the emerging technology. Alphabet may have messed up by letting Microsoft leap ahead on generative AI, but the company has years of experience in artificial intelligence research. That alone should tell you just how big these companies are betting that generative AI will indeed be transformative — on par with smartphones or the internet itself. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jefferies, There's, OpenAI's ChatGPT, Siri can't, Claude, Claude 3, That's, Meta, Jim Cramer's, Jim Cramer, Jim, Peter Dasilva Organizations: Microsoft, Jefferies, Google, Apple, Developers Conference, Amazon, CNBC, Olympus, Facebook Locations: Siri, U.S, Meta, Mountain View , California
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