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☆ Tesla stock slips after EV maker misses estimates on deliveries
▼ + stars: | 2024-10-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

In the year-ago period , Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles. Deliveries are not defined in Tesla's financial disclosures, but are the closest approximation to units sold reported by the company. Analysts were expecting deliveries of 463,310 in the period ended Sept. 30, according to estimates compiled by FactSet StreetAccount. Tesla posted its third-quarter vehicle production and deliveries report on Wednesday.

Persons: Tesla, Li Auto, FactSet StreetAccount, Ford, Tesla hasn't, Elon Musk, Donald Trump, Musk Organizations: Li, Tesla, EV, Ford, General Motors, GM, Nasdaq, Hyundai Locations: China, Seattle , Washington, US, U.S

☆ Far more asymmetrical opportunities in AI software, says ARK Invest Europe managing director
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFar more asymmetrical opportunities in AI software, says ARK Invest Europe managing directorRahul Bhushan, managing director of ARK Invest Europe, talks about opportunities in artificial intelligence software and how to value these high potential companies.

Persons: Rahul Bhushan Organizations: Invest, ARK Invest Locations: Invest Europe

☆ Singapore’s ex-minister S. Iswaran sentenced to jail in rare corruption case for squeaky clean country
▼ + stars: | 2024-10-02 | by ( ) edition.cnn.com time to read: +2 min

S. Iswaran, who was a cabinet member for 13 years and has held the trade, communications and transport portfolios, had pleaded guilty to four counts of improperly receiving gifts and one of obstructing justice. The court said Iswaran, 62, would be allowed to remain on bail for the next few days and begin his jail term on Monday. The case has shocked Singapore, which prides itself on having a well-paid and efficient bureaucracy as well as strong and squeaky clean governance. Iswaran resigned as transport minister after less than three years in the job when he was first charged in January. The prosecution had initially charged him with 35 offenses but proceeded with only five.

Persons: Iswaran Organizations: Singapore Reuters —, English Premier League soccer Locations: Singapore

☆ As Netanyahu vows Iran payback, markets watch for dangers of further escalation
▼ + stars: | 2024-10-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Markets are now braced for what could follow a likely Israeli retaliation against Iran. watch nowOil prices gained over 5% in the previous session following the missile strike, before tapering to a 2.5% climb. Oil infrastructure 'tempting targets for Israel'Lewis Sage-Passant, an adjunct professor of intelligence at Sciences Po in Paris, described energy markets as jittery, as investors watch for Israel's next moves. Even without direct targeting, much of the world's oil infrastructure sits under these missile's flight paths, so naturally everyone is very nervous." Questions remain whether a strong Israeli response would restore deterrence or trigger further escalation from Iran and tip the nations into a full-blown war.

Persons: Amir Cohen, Hassan Nasrallah, Lewis Sage, Jake Sullivan, Roger Zakheim, what's, Zakheim, Abbas Araghchi, Sara Vakhshouri Organizations: Reuters Israel's, Brent, West Texas, Isles, RBC Wealth Management, Sciences Po, Israel, Energy, U.S . National, Ronald Reagan Institute, Investments, Saab, BAE Systems, Thales, Rheinmetall, Iran's, SVB Energy Locations: Ashkelon, Israel, Tel Aviv, Iran, Tehran, London, Asia, Paris, U.S, Washington

☆ Recursion gets FDA approval to begin phase 1 trials of AI-discovered cancer treatment
▼ + stars: | 2024-10-02 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +2 min

AI drug pioneer Recursion Pharmaceuticals said Wednesday that one of its experimental treatments hit a key milestone. The Food and Drug Administration cleared the investigational new drug application for a phase 1/2 clinical trial of an experimental drug candidate known as REC-1245. The company said the potential market for this treatment could be more than 100,000 patients in the U.S. and European Union. The trial will evaluate the safety and tolerability of REC-1245 and will begin in the fourth quarter of this year. "It's the first program that really is leveraging many of these new tools that we've built in one unit."

Persons: Chris Gibson, Gibson Organizations: Pharmaceuticals, CNBC, Drug Administration, Union, REC Locations: U.S

Several major banks, including Capital One 360, Ally, and BMO Alto, responded by dropping their high-yield savings account rates. It's not as easy to find 5% interest savings accounts as it was before the Fed meeting. However, there are ways you can navigate savings rate declines to keep earning a high interest rate for a bit longer. Savings account interest rate dropsIf you're using a major online bank to earn a high interest rate on your savings account, you might be disappointed by the recent Fed interest rate cuts. Capital One 360 Performance Savings fell from 4.25% APY to 4.10% (rate as of 9/27/24) APY, while Ally lowered its savings account rate from 4.20% to 4.00% APY.

Persons: —, Ally didn't, Ally, Marcus, Goldman Sachs, Pibank, we've, you'll, Kit Pulliam, They’ve, Kit Organizations: Fed, BMO Alto, Federal Reserve, Capital, BMO, CIBC USA, Navy Federal Credit Union, Pibank Savings, Pulliam, Business, Tax, MSN, Vanderbilt University

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Nike, Meta, Alphabet, Rio Tinto & more
▼ + stars: | 2024-10-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan upgrades Parr Pacific to overweight from neutral JPMorgan said the gas exploration and production company has overcorrected. JPMorgan downgrades MercadoLibre to neutral from overweight JPMorgan downgraded the online Latin American marketplace mainly due to valuation. Wells Fargo reiterates Meta as overweight Wells Fargo raised its price target on Meta to $652 per share from $647. JPMorgan upgrades SAIC to overweight from neutral The firm says it sees "profitable growth" for the IT company. Berenberg upgrades Rio Tinto to buy from hold Berenberg says the metals and mining company is a "medium-term diversified winner."

Persons: Roth, DA Davidson, Davidson, PARR, Wolfe, Raymond James downgrades, Raymond James, Guggenheim, Mizuho, it's bullish, tailwinds, Wells, Wells Fargo, Canaccord, Tesla, Berenberg, Baird downgrades Harley, Baird, Harley, Gordon, FANG, Bernstein Organizations: Iren Energy, Industries, JPMorgan, Parr, Northland, TAM, Raymond James downgrades GE, GE, Deutsche Bank, Nike, Absci Corporation, Mizuho, Kodiak, Kodiak Gas Services, Meta, SAIC, IT, Tesla, Mobile, T Bank, Buffalo, Rio Tinto, BHP, Home Depot, Barclays, Diamondback Energy, Nvidia, Apple Locations: OW, Asia, Vegas, Northland, Salesforce, Rio, American

☆ Goldman sees nearly 40% upside for Dell on AI server demand, PC refresh
▼ + stars: | 2024-10-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Goldman's forecast implies roughly 37% upside ahead for Dell stock from its $113.16 close on Tuesday. Dell stock has surged more than 51% in 2024. In particular, Ng pointed to Dell's $3.8 billion AI server backlog in the second-quarter as a prime example of robust demand. "Enterprise and sovereign AI opportunities are in earlier stages of adoption, and the company continues to optimize its organization to address AI demand across customer verticals and regions," Ng said. "AI server margins should improve over time through a greater mix of higher margin services revenue and a diversification to a larger number of AI server customers."

Persons: Goldman Sachs, Michael Ng, Ng, Dell, DELL Organizations: Dell Technologies, Dell, Enterprise, Windows Locations: Texas

☆ Red hot refinance demand retreats after tiny bump higher in mortgage rates
▼ + stars: | 2024-10-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates moved ever so slightly higher last week, but it was enough to take a little heat out of what had been a briefly red hot refinance market. That caused total mortgage application volume to fall 1.3% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. The rate was 139 basis points higher the same week one year ago. As a result, mortgage rates were up modestly," said Mike Fratantoni, MBA's SVP and chief economist in a release. Mortgage rates moved very slightly lower again to start this week, as bond yields dipped following escalations in the bombing in the Middle East conflict.

Persons: Mike Fratantoni, Fratantoni Organizations: Mortgage, MBA's

☆ Watch CNBC’s full interview with Rapidan Energy Group's Bob McNally
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Rapidan Energy Group's Bob McNallyBob McNally, Rapidan Energy Group founder, joins 'Power Lunch' to discuss the tensions in the Middle East impact on oil stocks, the surge in the sector and more.

Persons: Bob McNally Bob McNally Organizations: Rapidan Energy, Rapidan Energy Group

☆ These 2 sectors of the stock market are poised to benefit most if Trump wins in November, RBC says
▼ + stars: | 2024-10-02 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +5 min

A Trump win would benefit energy and financial stocks the most, RBC analysts say. The analysts see a Trump win as overall bullish for equities, with a Harris win more bearish. AdvertisementA Donald Trump win in November could be the best outcome for stocks, and two sectors in particular would benefit the most, according to RBC Capital Markets. Those sectors would see the most upside from a Trump win, especially if Republicans take both the White House and Congress, the analysts say. EnergyThe analysts say Trump's policies favor domestic fossil fuel production, since they aim to reduce regulatory requirements, which would lower costs.

Persons: Harris, —, Donald Trump, Donald Trump's, Financials, Kamala Harris, Trump, fracking, Janet Yellen Organizations: Trump, RBC, Service, RBC Capital Markets, White House, Congress, Energy, Republican, Democratic, Biden

☆ Trump's plan to scrap taxes on tips and overtime could reshape how millions of Americans get paid
▼ + stars: | 2024-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Presidential hopeful Donald Trump has proposed getting rid of taxes on tips and overtime. AdvertisementIf former President Donald Trump gets his way, workers who collect overtime pay or tips could stop paying taxes on them. "Their employer can pay less to keep them but the worker is not worse off because now they don't have to pay taxes on that," Shierholz said. Or it could mean some salaried workers switch to hourly wages in order to qualify for a higher rate of untaxed overtime pay. Do you collect tips or overtime pay?

Persons: Donald Trump, Trump, —, It's, Kamala Harris, that's, Harris, it's, Heidi Shierholz, Shierholz, Joe Hughes, Alex Muresianu, Muresianu, Hughes, Rube Goldberg, Karoline Leavitt Organizations: Service, Yale, Trump, Social Security, Taxation, Economic, Tax Foundation Locations: Arizona, America

☆ Israel retaliation may target Iran oil infrastructure, boosting prices further, Wall Street analysts say
▼ + stars: | 2024-10-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The expanding war in the Middle East, however, has reached a new boiling point as Israel has vowed a "painful" response to Iran's attack. The government of Prime Minister Benjamin Netanyahu could take aim at the Islamic Republic's oil infrastructure in retaliation, geopolitical and crude market analysts say. "The next turn in this retaliation spiral may very well involve oil – via the degrading of Iran's oil capacityor Iran's proxies attacking oil and gas shipping from the Persian Gulf," Piper Sandler analysts told clients in a Wednesday research note. If Iran's oil exports of around 1.8 million bpd were taken offline, prices would likely jump by at least $5 per barrel, McNally said. An escalation on this scale could send oil prices higher in increments of $10 per barrel, the analyst said.

Persons: Ali Mohammadi, Benjamin Netanyahu, Helima Croft, Jack Jacobs, Jacobs, Croft, Piper Sandler, Bob McNally, McNally Organizations: Persian Gulf, Bloomberg, Getty, OPEC, RBC Capital Markets, U.S, Army, Rapidan Energy Locations: Bandar Abbas, Iran, Israel, China, Persian

☆ We are more skewed to the positive now, says Trivariate's Adam Parker
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are more skewed to the positive now, says Trivariate's Adam ParkerAdam Parker, Trivariate Research founder, joins 'Closing Bell' to discuss markets, earnings and China's stimulus impact on U.S. equities.

Persons: Trivariate's Adam Parker Adam Parker Organizations: Trivariate Research

☆ Boris Johnson said Queen Elizabeth II had bone cancer. It's not unusual for royals to keep health troubles private.
▼ + stars: | 2024-10-02 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +7 min

Former Prime Minister Boris Johnson wrote in his memoir that Queen Elizabeth II had bone cancer. AdvertisementAfter Queen Elizabeth died on September 8, 2022, her official cause of death was listed as old age. Queen Elizabeth II's father died of lung cancer, which Harris said George himself may not have seen coming. "Both Queen Elizabeth II and Prince Philip always wanted the headlines to be focused on the work of the monarchy rather than their individual health conditions," Harris said. Queen Elizabeth and Prince Philip were both private about their health.

Persons: Boris Johnson, Queen Elizabeth II, King Charles III, —, Elizabeth, Johnson, Edward Young, wasn't, Gyles Brandreth, Buckingham, Carolyn Harris, King George VI's, Queen Elizabeth II's, Harris, George, Prince Philip, King George VI, Princess Elizabeth, Lisa Sheridan, Lisa, Kristen Meinzer, Queen Elizabeth, Tim Graham, Philip, Liz Truss, Meinzer, David Cameron, Charles, Kate Middleton, Princess, Wales, King Charles, Samir Hussein, King Charles III's, Prince of Wales, Jonathan Dimbleby, Kate, it's Organizations: Service, The Daily, Business, Getty Locations: Balmoral, Scotland

☆ Levi Strauss CEO Michelle Gass talks Q3 results with Jim Cramer
▼ + stars: | 2024-10-02 | by ( Jim Cramer | ) 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 EmailLevi Strauss CEO Michelle Gass talks Q3 results with Jim CramerLevi Strauss President and CEO Michelle Gass joins 'Mad Money' host Jim Cramer to talk the strategic review of Dockers, quarterly results, consumer trends and more.

Persons: Levi Strauss, Michelle Gass, Jim Cramer Levi Strauss, Jim Cramer Organizations: Dockers

☆ I got my first job by giving away home-cooked breakfast with my resumé. I was 15 at the time.
▼ + stars: | 2024-10-02 | by ( Jane Ridley | ) www.businessinsider.com time to read: +5 min

When he was 15, he and his dad devised an ingenious plan to attract the attention of a potential boss. They made breakfast snacks to hand out with his résumé outside plumbers' merchants. Plumbing offers job stabilityI've always been handy and was also thinking about carpentry, bricklaying, or becoming an electrician. So, in April of that year, when I was still 15, I brainstormed with my dad about how to get a job. Every night for a week, Dad and I prepared giant-size pigs in a blanket.

Persons: Z'er Teddy Sheehan, —, Teddy Sheehan, I've, I'd, Sheehan, We'd Organizations: Service, Plumbing, Business Locations: plumbers, Birmingham, England

☆ Here's how to position your fixed income portfolio for lower rates, according to strategists
▼ + stars: | 2024-10-02 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Over time, riskier assets have outperformed cash and cash alternatives, said Brian Rehling, its head of global fixed income strategy. Different types of fixed income Investors can benefit from different types of fixed income in their portfolios, Citi said. But since then, both stocks and high-yield fixed income have increased in price. "Investors should consider taking advantage of any pullbacks in these asset classes to reposition overallocations to short-term fixed income," it said. Meanwhile, it likes U.S. intermediate term taxable fixed income, as it prefers bonds with maturities of between three and seven years.

Persons: Steven Wieting, Brian Rehling, Wells Fargo, overallocations Organizations: U.S . Federal Reserve, Fed, Citi, Wells Fargo Investment Institute, Securities . Investment Locations: Wells Fargo, Wells

☆ Don't expect many details at next week's Tesla event, says Deepwater's Gene Munster
▼ + stars: | 2024-10-02 | 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 EmailDon't expect many details at next week's Tesla event, says Deepwater's Gene MunsterGene Munster, Deepwater Asset Management, joins 'Fast Money' to talk Tesla's disappointing deliveries, Tesla's upcoming robotaxi event, and more.

Persons: Deepwater's Gene Munster Gene Munster Organizations: Deepwater Asset Management

☆ This strategy can maximize yield even as interest rates fall
▼ + stars: | 2024-10-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

The strategy is meant to minimize interest rate risks, explained Saraja Samant, a manager research analyst at Morningstar. Wisdom Tree has two Treasury ladder ETFs: a one- to three-year fund and a seven- to 10-year fund. Schwab has Treasury bond ladder strategies in separately managed accounts operated by its Wasmer Schroeder Strategies' team. "They can add to or take from the entire bond ladder all at once, which is challenging to do with an individual bond ladder." The 'comfort' of a ladder To build a Treasury ladder, investors can go to Treasury Direct or use a broker dealer and tailor it to their needs, Samant said.

Persons: you'll, Saraja Samant, Robert Scrudato, Schwab, Schroeder, Barry Glassman, Morningstar's Samant, Samant, Michael Kessler, Glassman, Kessler, he's Organizations: Federal, Morningstar, Treasury, BlackRock, Securities and Exchange Commission, Wealth, Albion Financial, AAA Locations: Vienna , Virginia, Salt Lake City

☆ Tesla posts first sales gain of the year
▼ + stars: | 2024-10-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla reported an increase in sales for the first time this year, although its year-to-date sales still trail the same period of 2023. But GM still had only a fraction of Tesla’s sales, with US EV sales coming in at 32,000 vehicles. Tesla doesn’t break out sales by market so it’s precise US sales are not known. During this latest quarter, Tesla stayed ahead of Chinese automaker BYD, which briefly passed Tesla in worldwide EV sales last year. BYD reported global third quarter battery electric sales of 313,000, and year-to-date sales of 1.2 million EVs.

Persons: New York CNN — Tesla, Tesla, BYD Organizations: New, New York CNN, General Motors, GM, US, ’, BYD, Tesla Locations: New York, Europe

☆ StandardAero CEO on IPO and growth plan
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStandardAero CEO on IPO and growth planRussell Ford, StandardAero CEO, joins CNBC's 'Money Movers' to discuss the company's nearly $1.5 billion raised in its initial public offering, growth plans for the future, and more.

Persons: Russell Ford

☆ I'm taking a hands-off approach to my son's schooling. I don't want him to fail, but he needs to be independent.
▼ + stars: | 2024-10-02 | by ( Ashley Archambault | ) www.businessinsider.com time to read: +6 min

I'm taking a more hands-off approach and letting him learn to manage his own schooling. AdvertisementIn Florida, where we live, third grade is the first school year students are issued grades in their four core subjects. I'm a teacher myself, and the possibility of my son failing an entire grade felt like a failure on my part. I'm simply asking my son why he's getting these grades and what he might do to raise them. While getting good grades is a reward for working hard, getting poor grades should also serve as a reflection opportunity on what you could have done differently.

Persons: —, he's, I'm, it'll, It's Organizations: Service Locations: Florida, I'm

☆ Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks
▼ + stars: | 2024-10-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves. A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan. Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said. "To be clear, rejecting these teams is not our preferred path," Diamond attorney Andrew Goldman said on Wednesday. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.

Persons: —, Diamond, Andrew Goldman, MLB's, James Bromley, Goldman, Diamond's Organizations: Bally, Atlanta Braves, Minnesota Twins, Major League Baseball, Sports, Bally Sports, MLB, U.S, Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Louis Cardinals, Tampa Bay Rays, Texas Rangers, Diamond, Wednesday Locations: Atlanta , Georgia

☆ Barclays' Tim Long: We anticipate soft demand for iPhone 16
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBarclays' Tim Long: We anticipate soft demand for iPhone 16Tim Long, Barclays senior research analyst, joins CNBC to discuss why he has an underperform rating on Apple, whether Apple Intelligence features may impact demand, and more.

Persons: Tim Long Organizations: Barclays, CNBC, Apple, Apple Intelligence

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