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☆ CNBC Daily Open: Fed signals rate cut; U.S. stocks soar; oil gains as Middle East tensions rise
▼ + stars: | 2024-08-01 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

Rate cut on horizonThe Federal Reserve expectedly kept its benchmark rate steady at 5.25% to 5.50% on Wednesday, but Chairman Jerome Powell signaled the U.S. central bank could cut the rate in its September meeting. U.S. stocks rallyU.S. stocks jumped after Powell said a rate cut in September was "on the table." Oil gainsU.S. crude oil futures rose 4% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran. Asian stocks mixedAsian markets were mixed on Thursday with Japan stocks tumbling while Australia's S&P/ASX 200 touched a new all-time high. [PRO] Rate cut beneficiariesCNBC Pro screened for stocks in the S&P 500 that tend to rise the most when short-term rates start to decline.

Persons: expectedly, Jerome Powell, Powell, Ismail Haniyeh, Israel, Oil Organizations: New York Stock Exchange, Wall, CNBC, Nasdaq, Dow Jones, Nvidia, Devices, Boeing, Treasury, Facebook, Google, Meta, Oil, West Texas Intermediate, Nikkei, Developers, Bank of, Singapore Airlines, U.S Locations: New York City, U.S, Tehran, Iran, Israel, Beirut, Japan, Shanghai

☆ How to survive Phoenix heat: Icy body bags and mobile coolers
▼ + stars: | 2024-08-01 | by ( Bill Weir | ) edition.cnn.com time to read: +8 min

“Buy the bigger ice machines,” Phoenix Fire Captain Robert McDade tells emergency managers who call for advice from around the world. “Be willing to change what you’ve done.”An unhoused man finds little respite from the heat in the shade of a bus stop in Phoenix. Phoenix first responders are stocking body bags filled with ice to treat victims of heat stroke, bringing their core body temperature down on the way to the hospital. Julian Quinones/CNNFirst responders at Fire Station 61 are treating more victims of heat illness as temperatures soar in Phoenix. Every summer we learn, and we improve.”A heat respite center at Burton Barr Central Library just north of downtown Phoenix.

Persons: it’s, Coroners, “, Robert McDade, Julian Quinones, CNN McDade, McDade, ”, ” McDade, John Prato, Kate Gallego, we’ve, ” Gallego, didn’t, Evelio Contreras, Katie Hobbs, Eugene Livar, Arizona’s, there’s, Jennifer Vanos, Vanos, MaRTy ”, CNN Evelio Contreras Organizations: CNN, Phoenix, Harvard, Phoenix City Council, Burton Barr Central Library, CNN Arizona, Arizona State’s School of Sustainability, Vanos Locations: Phoenix, Maricopa County, Chicago, Albuquerque, Arizona, ”

☆ CNBC Daily Open: BOJ ups rate to 0.25%; U.S. stocks fall; Starbucks' same-store sales decline
▼ + stars: | 2024-07-31 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia pulled back 7% and Microsoft fell 0.9% during the normal session before reporting earnings after the bell. Still, Microsoft beat estimates as quarterly revenue increased 15% from a year ago to $64.73 billion and net income rose to $22.04 billion. Starbucks missStarbucks' quarterly revenue slid 1% to $9.11 billion, missing forecasts as same-store sales declined for the second straight quarter. The South Korean tech giant said sales of high-end memory chips used in servers will continue to be strong.

Organizations: CNBC, New York Stock Exchange, New York City . Bank of Japan, U.S . Federal, Bank of, Nasdaq, megacaps Meta, Apple, Dow Jones, Nvidia, Microsoft, Fed, Microsoft Microsoft, Bank of Japan, Nikkei, Seng, Samsung, Samsung Electronics, Revenue, South, Reading, Fed Stock, Federal Reserve Locations: New York City, Bank of Japan, U.S, China, Shanghai

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference on March 18, 2024. Nvidia shares popped more than 11% Wednesday after remarks from top customer Microsoft and rival chipmaker AMD signaled there wouldn't be a slowdown in the multibillion-dollar buildout of AI servers based around GPUs. Microsoft CEO Satya Nadella and finance chief Amy Hood said Tuesday the company plans to spend even more on Nvidia-based infrastructure next year. Microsoft spent $19 billion on capital expenditures during the fiscal fourth quarter, with about 60% on hardware. Nvidia has been the primary beneficiary of the AI boom.

Persons: Jensen Huang, Satya Nadella, Amy Hood, Microsoft's capex, Karl Keirstead, Morgan Stanley, Joseph Moore, Moore, Blackwell, Blackwell ramping Organizations: Nvidia Corp, Blackwell, Nvidia, Technology, Microsoft, AMD, UBS

☆ Ilona Maher, Frederick Richard and other viral Olympians winning medals and hearts
▼ + stars: | 2024-07-31 | by ( Scottie Andrew | ) edition.cnn.com time to read: +10 min

Ilona MaherIlona Maher competes in rugby sevens on July 28 at the Paris Olympics. Frederick ‘Fred’ RichardFrederick Richard competes on the high bar during the men's artistic gymnastics team final on day three of the Paris Olympic Games. Jamie Squire/Getty ImagesTeam: USASport: Men’s gymnasticsIt’s a bird, it’s a plane, it’s — Stephen Nederoscik! And for good reason: He’s the only American gymnast who’s made the Olympic team as a single-event athlete. Kim YejiKim Yeji shoots during the Women's 10m Air Pistol Final on day two of the Paris Olympic Games.

Persons: CNN —, Simone Biles, Sha’Carri Richardson, Katie Ledecky, Ilona Maher Ilona Maher, Hugo Pfeiffer, she’d, Ilona Maher, she’s, Maher, didn’t, ”, Frederick ‘ Fred ’ Richard Frederick Richard, Jamie Squire, Fred Richard’s, Richard, he’s, Stephen Nederoscik Stephen Nedoroscik, it’s, Stephen Nederoscik, Clark Kent, Nederoscik, who’s, Team USA’s Clark Kent, sweated, Games ’, Tyler, Xi, Wang He, Tyler Downs, He’s, he’ll, Greg Duncan, Kim Yeji Kim Yeji, Charles McQuillan, Kim Yeji, Kim, Oh Ye, Jin, ” Kim, Henrik Christiansen, Henrik Christiansen’s, Christiansen, They’ve, flails, Will Christiansen, Daniella Ramirez, Andrew Kelly, It’s, Ramirez, LeBron James, Coco Gauff, James, Gauff, George Washington, Erik Shoji, Shoji, ” Tara Davis, Tara Davis, Woodhall, Davis, Hunter Woodhall Organizations: CNN, Summer, Paris Olympics, USA, Paris Games, Olympics, BMI, US women’s rugby, Paris Olympic, Getty, Team USA, Olympic Games, Team, Games, Apple, Eiffel, USA’s, Paris Olympic Games, South Korea, Associated Press, Reuters, Woodhall Locations: Paris, Xi An, China, Seine, He’s, Norway, Delaware, Rio, Pisa, “

☆ A movie theater chain you've likely never heard of is a catch-up trade, according to Benchmark
▼ + stars: | 2024-07-29 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors should snap up beat-down Marcus Corp. shares as the film industry continues rebounding, according to Benchmark. While Marcus stock has slipped more than 13% in 2024, rivals Cinemark and Imax have climbed more than 59% and 36%, respectively. "We believe Marcus offers a compelling catch-up trade," Hickey told clients in a Sunday note. MCS CNK,IMAX YTD mountain Marcus vs. Cinemark and Imax in 2024 Notably, Marcus is much smaller than these other names. Marcus' removal from the S & P 600 and its repurchase of convertible notes also negatively impacted the stock, Hickey said.

Persons: Marcus Corp, Mike Hickey, Marcus, Hickey Organizations: Hollywood Locations: Minnesota, Wisconsin

The tragedy is sadly far from unique; extreme heat is turning ordinary activities deadly. Heat is the deadliest type of extreme weather, and the human-caused climate crisis is making heat waves more severe and prolonged. What heat does to your heartVideo Ad Feedback A rise in heat and humidity pushes the heart rate up. In extreme heat, your heart must work much harder to keep your body’s internal temperature stable. Blood flow to your brain decreases in extreme heat as breathing speeds up and blood vessels constrict inside your neck and skull.

Persons: Philip Kreycik, Kreycik, Santiago Mejia, Taylor, We’ve, ”, Matthew Huber, Damian Bailey, Bailey, “, ” Bailey, Laura Paddison, Catharina Giudice, Harvard T.H, it’s, Pope Moseley, ” Moseley, Moseley, they’ve, Giudice, Purdue University’s Huber, ” Huber, Richer, Jane Baldwin, Bharat Venkat, Venkat, Jen Christensen, Mary Gilbert, Angela Dewan, Angela Fritz , Mark Oliver, Henry Zerkis, Angelica Pursley , Yukari Schrickel, Elisa Solinas, Lou Robinson Organizations: CNN, Police, San Francisco Chronicle, Purdue University, Olympic Games, University of South, Harvard, of Public Health, Arizona State University, Purdue, University of California, World Health Organization, UCLA, Mary Gilbert Story Locations: Pleasanton, California, Mecca, Paris, University of South Wales, Chan, West Africa, South Asia, University of California Irvine

☆ Tesla stock has 40% upside as a 'top pick' as it corners the EV-credit market, Morgan Stanley says
▼ + stars: | 2024-07-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Tesla stock will soar 40% as it dominates the zero-emission vehicle-credit market, according to Morgan Stanley. Tesla's cost-cutting initiatives and energy business growth are key drivers of the firm's bullish outlook. AdvertisementTesla stock is going to soar 40% over the next year as it corners the zero-emission vehicle-credit market, according to a Monday note from Morgan Stanley. "We anticipate other car companies such as GM and STLA may be wading more deeply into the ZEV market as buyers in the quarters ahead. Advertisement"We see potential for the Tesla Energy business to be worth more than the autos business," Jonas said.

Persons: Morgan Stanley, Tesla, —, Adam Jonas, Jonas, ZEV, Ford Organizations: Ford, Service, EV, Nasdaq, North, General Motors, Tesla Energy Locations: North America, Europe

☆ The 'great rotation' faces its biggest test yet: earnings from Microsoft, Meta, Apple and Amazon
▼ + stars: | 2024-07-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +15 min

That will be the case in this jam-packed week , with the earnings from Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon on Thursday. If Alphabet said it cut back on data-center spending, then it would be alleged the company is falling behind Amazon and Microsoft in the AI race. The company also is now dogged by another competitor in search engines after ChatGPT creator OpenAI announced a prototype of SearchGPT . Apple reports on Thursday, and if you think the cloud-computing heavyweights are spending on too much AI, then you should be buying Apple. President Joe Biden always chose to have his agencies wear down tech companies.

Persons: Don Forst, There's, hadn't, OpenAI, Tesla, Elon Musk, —, Russell, Mark Zuckerberg, Nvidia's Jensen Huang, It's, Zuckerberg, EssilorLuxottica —, EssilorLuxottica, Andy Jassy, Stanley Black, Decker, it's, Kamala Harris, Tony West, Joe Biden, Harris, Biden, Biden couldn't, Gina Raimondo, Raimondo, Donald Trump, Sen, JD Vance, Vance, Trump, Xi Jinping's, Abbott, Jim Cramer's, ABT, Jim Cramer, Jim, Sebastien Bozon Organizations: Los Angeles Herald Examiner, Microsoft, Apple, Google, YouTube, Amazon, Nvidia, Siggraph, Federal Reserve, Mohawk Industries, Fortune Brands, Club, Democratic, Uber Technologies, titans, Department of Justice, Federal Trade Commission, Department of Commerce, Republican, Big Tech, Republican Party, Trump, Abbott Laboratories, Drug Administration, CNBC, AFP, Getty Locations: Los Angeles, Denver, Ray, California, U.S, Ohio, Taiwan, St, Louis , Missouri

☆ Bristol Myers surges 10%, its biggest increase since 2008, after boosting profit forecast
▼ + stars: | 2024-07-26 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Bristol Myers boosted its adjusted earnings for the year to between 60 and 90 cents a share, up 20 cents from its last forecast. AdvertisementOf Bristol Myers' existing drugs, Eliquis saw a 7% increase in sales year-over-year. Cancer drug Opdivo and blood cancer treatment Revlimid also saw promising results and beat quarterly sales estimates. The company reiterated its plan to cut $1.5 billion in costs by 2025, which was announced at its last quarterly earnings call. Bristol Myers is only the latest of a host of other drugmakers to raise their earnings guidance this week.

Persons: Myers, —, Bristol Myers, Christopher Boerner, Eliquis, Revlimid, David Elkins, Boerner, AbbVie Organizations: Bristol, Myers Squibb, Service, Cancer, FDA, AstraZeneca, Roche, Sanofi Locations: Bristol

☆ The tough US housing market is hurting sales of big-ticket home appliances, Whirlpool says
▼ + stars: | 2024-07-25 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

A tough US housing market is weighing on sales of pricey home appliances. Appliance maker Whirlpool slashed guidance in its recent earnings release, citing weak housing market activity. AdvertisementThe US housing market is tough for buyers, and the slowdown in sales activity means Americans are spending a lot less on big, pricey appliances these days. In its latest earnings, Whirlpool cut its full-year outlook, adjusting annual earnings guidance to $12 a share, down from a range of $13-$15 as sales of big-ticket items slow. Whirlpool's North American major appliance sales fell 5.7% year-over-year, hurting earnings even as the segment's sales in Latin America and Asia grew by 11.3% and 19.7%, respectively.

Persons: — Organizations: Whirlpool, Service, Business Locations: American, America, Asia

☆ Wealth of global top 1% grew by $42 trillion over past decade: Oxfam
▼ + stars: | 2024-07-25 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

CNN —The last decade has been very lucrative for the world’s super-rich residents, fueling the drive by some advocates to tax them more. The top 1% has seen its wealth soar by $42 trillion over the past decade, according to a new analysis by Oxfam International, which is being released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil. “The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”Oxfam regularly issues reports highlighting global inequality and pushes for changes to start evening the playing field. “Momentum to increase taxes on the super-rich is undeniable, and this week is the first real litmus test for G20 governments. Finance officials from the world’s biggest countries began talks earlier this year on introducing a global minimum tax on billionaires.

Persons: That’s, ”, Max Lawson, Gabriel Zucman, ” Lawson Organizations: CNN, Oxfam International, Oxfam International’s, Oxfam, EU, Observatory, Zucman, Finance Locations: Brazil

☆ Renewable power demand will triple in the next 7 years amid AI boom, energy CEO says
▼ + stars: | 2024-07-25 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

NextEra Energy's CEO said renewable power demand is set to triple in the coming year. The company is working to meet power demand from the AI sector that's projected to grow threefold. AdvertisementAs artificial intelligence booms, renewable power demand is set to soar, NextEra Energy Inc.'s CEO John Ketchum said. Demand for renewable energy will likely triple in the next seven years compared to the previous seven, Ketchum said during the company's earnings call Wednesday. Last quarter, the company added 3,000 megawatts of renewables and storage projects, almost doubling its existing renewables portfolio, bringing the total renewable power generation to seven gigawatts.

Persons: NextEra, —, John Ketchum, Ketchum Organizations: Service, NextEra Energy Inc, Google

☆ These apartments go for more than $100,000 a month. Why the superrich are deciding to rent rather than buy.
▼ + stars: | 2024-07-23 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

AdvertisementIn doing so, they have etched out a new niche at the most rarefied heights of the residential market, in part by persuading buyers who might have lavished millions of dollars – or more – to rent instead. Rental projects, on the other hand, while less lucrative upfront, offer more stability for owners with a long time horizon. It recently reconsidered the plan based on the success of the building's rentals, Aries said, and is now offering the penthouse unit for rent. A guest room at a Maison Hudson luxury apartment Kira Turnbull for The CollectionBased on the success of Maison Hudson, Wainbridge is planning identical projects in Los Angeles and Miami Beach, according to Oudinot. Advertisement"The demand is thin and high and very volatile" at the top of the residential market, according to Nancy Packes, a real estate advisor and broker.

Persons: —, Ken Griffin, –, Maison, Tyrone McKillen, McKillen, Maison Hudson, Kira Turnbull, Jay, Beyonce, Erin Boisson Aries, Douglas Elliman, Aries, Maison Hudson Kira Turnbull, Maison Hudson's, Mikhail Kurnev, Kurnev, Jacques Oudinot, Barths, Oudinot, Wainbridge, Nancy Packes Organizations: Service, Business, Maison Hudson, Bel Air, Wainbridge, Miami Locations: Manhattan, West, Los Angeles, Maison, London, Fasano, Paris, Saint, St, Maison Hudson, Miami Beach

☆ Morgan Stanley says there's an AI opportunity investors are missing — and this chip stock is top way to play
▼ + stars: | 2024-07-19 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Semiconductor manufacturer Arm Holdings may be a key player in the rise of "edge AI," according to Morgan Stanley. Edge AI refers to deploying AI models and machine learning on local devices, such as sensors or Internet of Things devices, rather than on the cloud. The growing edge AI landscape gives the company opportunities throughout smartphones, auto vehicles and even in AI PCs, said Simpson. In particular, the rise of chips in auto vehicles is a significant opportunity, Simpson believes, forecasting auto royalties to soar to $1.1 billion by 2030. "We think of Arm products as fundamental to the successful emergence of edge AI," Simpson said.

Persons: Morgan Stanley, Lee Simpson, Simpson Organizations: Arm Holdings, Edge, ARM

☆ Election Live Updates: Republicans Leave Convention Unified Around Trump
▼ + stars: | 2024-07-19 | by ( Jim Rutenberg | Adam Nagourney | ) www.nytimes.com time to read: +74 min

And there was great, great sorrow. They’re going to be OK. They’re going to be doing very well. Now he’s going to get on the plane in a little while and he’s going to go back home to his wife. Great, great student at Yale. So many — just so many heroes, so many great, great people.

Persons: Dana, Bob, ”, Lee, you’ll, it’s, didn’t, Nobody, “, I’m, Corey Comperatore, David Dutch, James Copenhaver, We’re, Corey, Helen ., David, James, Dan Newlin, Dan, Trump, —, Aileen Cannon, I’ve, Don, Kimberly, Ivanka, Jared, Eric, Lara, Tiffany, Michael, Barron, he’s, “ Dana won’t, That’s Lee Greenwood, … Eric, Crazy Nancy Pelosi, They’ve, Jason, Jason Aldean, Vance, Usha, He’s, He’ll, MAGA, ” MAGA, I’ll, you’re, nobody’s, We’ve, Somebody’s, they’re, It’s, can’t, We’ll, don’t, “ I’m, we’ll, Biden, They’re, that’s, you’ve, I’d, gee, You’d, That’s what’s, Donald Trump, That’s, There’s, Tom Homan, Brandon Judd, They’ll, Obama, They’d, “ You’ve, we’re, we’ve, Hannibal Lecter, Dwight D, Eisenhower, Jocelyn Nungaray, Rachel Morin, Rachel, Laken Riley, horrifically, Viktor Orban, what’s, Bush, it’ll, Kim Jung Un, Sam Brown, Sam, You’ve, Abdul, Don’t, You’re, Ronald Reagan, America’s, Franklin Graham, Franklin, Billy Graham, he’d, soldiered Organizations: of Pennsylvania, Secret Service, Service, Democrat, Republican Party, Republican, Democrats, America, Yale, ISIS, Space Force, Energy, Apple, Trump, Republican Senate, White, Republicans, United Auto Workers, Social Security, Border Patrol, ICE, ”, Lambs, University of Georgia, “, U.S, Senate, Washington, D.C, Yankee, Win Locations: America, United States, Butler Township, of, Pennsylvania, Florida, Ohio, Milwaukee, Wisconsin, Asia, Europe, Taiwan, Korea, Philippines, China, Russia, Ukraine, Israel, Iran, Germany, Mexico, Nevada, United States of America, There’s, South America, Africa, Middle East, Venezuela, Caracas, El Salvador, Houston, Los Angeles, Maryland, Hungary, “ Russia, Georgia, Crimea, Syria, Iraq, North Korea, Afghanistan, Bagram, Cuba, Miami, U.S.A, Wisconsin , Wisconsin, Washington, Japan, Delaware, Valley Forge, Yorktown, Gettysburg, Midway

☆ How one IT update gone wrong has sparked chaos around the world
▼ + stars: | 2024-07-19 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read previewIf the world needed a wake-up call on just how fragile its IT systems are, it just got one: a small update gone wrong appears to be the culprit for a total global meltdown. CEO George Kurtz said on X the issue was caused by a "defect found in a single content update for Windows" with a fix now deployed. CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. AdvertisementBug checkAccording to Microsoft's Azure status page , it's a particular issue with Crowdstrike's "Falcon agent" that was affecting systems. In other words, the agent meant to detect bugs is getting checked to see if it's a bug itself — and causing problems as a result.

Persons: —, Morgan, George Kurtz, — George Kurtz, Crowdstrike, Dan Coatsworth, AJ Bell, Omer Grossman, Grossman, Brody Nisbet Organizations: Service, Business, Bloomberg, Computers, Woolworths, Microsoft, CrowdStrike, Windows, Linux, Democratic National Committee, Sony Pictures Locations: Japan, Australia, Switzerland, Singapore, Britain, Austin

☆ Russian inflation will soar even higher as sanctions spark another surge in gas prices, British intelligence says
▼ + stars: | 2024-07-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Russian inflation will likely rise after the nation hiked its gas prices, British Intelligence said. Russia raised domestic gas prices 11% at the start of July. Inflation in Russia has remained elevated since the Ukraine war, clocking in at 8% in June. AdvertisementRussian inflation will worsen after a sudden spike in gas prices, according to a new report from the UK intelligence. Domestic gas prices in Russia spiked 11% at the start of July, likely to make up for industry losses stemming from Western sanctions, the note said.

Persons: — Organizations: British Intelligence, Service, British Ministry of Defence, Business Locations: Russia, Ukraine

☆ UBS just raised its S&P 500 price target for the 4th time this year. Here's how it says stocks can soar 17% by the end of the year.
▼ + stars: | 2024-07-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

UBS increased its S&P 500 year-end price target to 5,900, marking the fourth increase from the bank this year. It added that the S&P 500 could surge 17% to 6,500 by year-end in a bull-case scenario. AdvertisementUBS is once again raising its year-end price target for the S&P 500. UBS initially had a year-end price target of 4,850. Those earnings and price target estimates would represent a historically high price-to-earnings multiple for the S&P 500, but it's warranted, according to Lefkowitz.

Persons: —, David Lefkowitz, Lefkowitz, Lefkowitz materializes Organizations: UBS, Service

Analyst Didier Scemama reiterated his buy rating and kept his $1,406 12-month price target on the stock, which implies shares can jump 50.8%. She noted that Palo Alto, which is up 12.5% year to date, continued to soar even as growth in cybersecurity-tied AI winners slowed. "However, consensus expects a sharp reacceleration in dollar growth from FY26 onwards, which we view as unlikely," the analyst added. "We view Palo Alto more defensive as it is skewed to a stickier customer base and a wider moat." — Pia Singh 5:45 a.m.: Baird upgrades elf Beauty There's a big buying opportunity in elf shares, according to Baird.

Persons: Baird, Morgan Stanley, Didier Scemama, Scemama, — Pia Singh, Dan Dolev, Dolev, Nina Marques, Marques, Palo, Morgan, Alex Straton, Straton, Mark Altschwager, Altschwager, — Fred Imbert Organizations: CNBC, Bank of America, of America, CMD, Mizuho, Mizuho Securities, Walmart, Palo Alto Networks, Palo, Palo Alto, Trump Locations: U.S, Palo Alto, Wednesday's, cybersecurity, China

☆ Chicago gas prices could soar after tornado narrowly misses refinery
▼ + stars: | 2024-07-17 | by ( Chris Isidore | Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Gas prices could soon soar across the Chicago metropolitan area after a tornado narrowly missed a major ExxonMobil refinery outside of Chicago Monday night, knocking out power to the facility. The refinery, know as ExxonMobil’s Joliet Refinery, is located in neighboring Channahon, Illinois. The line of storms that hit the area Monday night produced 11 tornadoes in the greater Chicago area, including the one that hit Channahon, according to the National Weather Service. It will take a few days to return the Joliet refinery to normal production, assuming no damage occurred beyond the power outage, Lipow said. The the Chicago area is already at $4.07 a gallon, according to AAA, but that average price, based on Tuesday’s prices, was down 1 cent from the previous day.

Persons: John Petrakis, Andy Lipow, ”, Tom Kloza, Beryl’s, Lipow Organizations: New, New York CNN, ExxonMobil, Channahon, CNN, Lipow Oil Associates, ExxonMobil Joliet, Chicago, National Weather Service, AAA Locations: New York, Chicago, Joliet Refinery, Channahon , Illinois, Chicagoland, Whiting Indiana, Lemont Illinois, Houston, Joliet, Gulf

☆ How a Montana retiree will save on spiking home insurance and taxes by living in a type of housing that's illegal in many places
▼ + stars: | 2024-07-16 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

While her house is paid off, her home-related costs, including insurance, property taxes, and maintenance, have risen. In 2019, her home insurance cost about $890, but last year, according to her record-keeping, she paid almost $1,500. Increasingly, cities and states across the country are legalizing and even incentivizing ADU construction as a way to boost the supply of smaller, more affordable homes. Courtesy of SylviaThis comes as older people, including homeowners, are struggling with rising housing costs in communities across the country. But property taxes and insurance costs are also way up, making it hard for many homeowners to afford their payments.

Persons: —, Sylvia, She's, who's, I'm, it's, ADUs —, Sylvia ADUs, ADUs, Policygenius, Beverly Dashnaw Organizations: Service, Business, BI, Harvard Joint Center for Housing Studies Locations: Arizona, Missoula , Montana, California, Montana, Missoula, ADUs, In Montana, Helena

☆ Wall Street 'bake offs' are back. Here's what it means for dealmaking, according to Morgan Stanley CEO Ted Pick.
▼ + stars: | 2024-07-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

Read previewWhen Morgan Stanley reported earnings on Tuesday, it wasn't the first bank to make hay over the coming "investment-banking rebound." Top executives up and down across Wall Street have been talking for days about their predictions that Wall Street's bread-and-butter business of advising and financing deals could soon come roaring back. And the parade of optimism has only heated up this year as investment-banking revenues have started the slow climb from historical lows. AdvertisementIB revenues surgingLike many of the other Wall Street banks that reported earnings in recent days, Morgan Stanley saw investment-banking revenues soar in the second quarter. And as Pick said on Tuesday, Wall Street is getting excited about more than just traditional dealmaking, but also the financing and other hedging strategies that come with companies getting off the sidelines.

Persons: —, Morgan Stanley, Mike Mayo, Mayo, Morgan, Ted Pick, Pick, Goldman Sachs, Goldman, Solomon, Chase, It's, It'd Organizations: Service, Wells, Wells Fargo Securities, Business, Wall, Reserve, quicken, Goldman, Bank of America Locations: Wells Fargo, issuances, Mayo

☆ This senior housing stock could soar 25% as the population ages, says Bank of America
▼ + stars: | 2024-07-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Senior housing stocks are set to take off as the American population ages, according to Bank of America. Ventas' portfolio includes senior housing communities, medical office buildings and other health-care facilities. Bank of America sees "significant" senior housing operating margins upside ahead, driven by cyclical and secular growth. However, a nonrenewal and a conversion of the properties to Ventas' senior housing operating portfolio would provide an additional 1.2% boost to net operating income, he said. That said, Ventas is not the only senior housing REIT that Bank of America likes.

Persons: Joshua Dennerlein, Dennerlein, Brookdale, Ventas Organizations: Bank of America, . Census, Healthcare Locations: Brookdale

☆ Climate change is messing with time more than previously thought, scientists find
▼ + stars: | 2024-07-15 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

CNN —The impacts of human-caused climate change are so overwhelming they’re actually messing with time, according to new research. “This is a testament to the gravity of ongoing climate change,” said Surendra Adhikari, a geophysicist at NASA’s Jet Propulsion Laboratory, and a report author. If the world continues to pump out planet-heating pollution, “climate change could become the new dominant factor,” outpacing the moon’s role, he told CNN. They found the impact of climate change on day length has increased significantly. They found any influence from the molten core was outweighed by that of climate change.

Persons: ”, Surendra Adhikari, “, Benedikt Soja, , Olivier Marin, ” Adhikari, Mostafa Kiani Shahvandi, Shahvandi, Duncan Agnew, Jacqueline McCleary, It’s Organizations: CNN, National Academy of Sciences, GPS, Jet Propulsion Laboratory, Swiss, ETH Zurich, Getty, University of California San, Northeastern University, Zurich’s Soja Locations: Scoresby, East Greenland, AFP, Greenland, Antarctica, University of California San Diego

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