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The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.
Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, , Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta
Vice President Kamala Harris speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. Vice President Kamala Harris refused to speak Wednesday about two hot-button issues — TikTok regulation and the promotion by Elon Musk of an antisemitic conspiracy — despite the fact that the White House has taken strong stances on both topics. The vice president likewise ducked questions about Musk, the mega-billionaire head of Tesla , SpaceX, and X, the social media site where he recently boosted the antisemitic claim. The vice president's tight-lipped evasion Wednesday starkly contrasted with how vocal the White House has been on both TikTok and the Musk controversy. At the time of the post, however, the White House blasted Musk for appearing to support antisemitism on social media.
Persons: Kamala Harris, Elon Musk, Andrew Ross Sorkin, Harris, Elon, Ross Sorkin, Joe Biden, Biden, TikTok, Musk, Andrew Bates, Tesla Organizations: New York Times, Elon, White, CNBC, The New York Times, SpaceX, House, Pentagon Locations: New York City, TikTok, Israel, China, U.S, Ukraine
It's time to look at value stocks as growth names will have a difficult 2024, according to Ariel Investments' John Rogers. "I think the top of growth stocks is coming," Rogers told CNBC's Scott Wapner at the CNBC CFO Council Summit in Washington, D.C. "I really, really do." Instead, the investor is bullish on value names as the gap in performance between growth and value widens. The value manager said growth stocks could continue to outperform in a falling interest rate environment. The investor is bullish on stocks tied to the housing sector.
Persons: Ariel, John Rogers, Rogers, CNBC's Scott Wapner Organizations: Ariel Investments, CNBC, Summit, Russell, Mohawk Industries, Paramount Global, Paramount, Garden Entertainment, CNBC PRO Locations: Washington ,, Madison, Caribbean
Microsoft will benefit from AI, says Corient's Amy Kong
  + stars: | 2023-11-29 | 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 EmailMicrosoft will benefit from AI, says Corient's Amy KongAmy Kong, Corient partner, joins 'Closing Bell' to discuss the loss of momentum for mega-cap tech and more.
Persons: Amy Kong Amy Kong Organizations: Microsoft
Dallas Mavericks owner Mark Cuban reacts during a timeout in the game against the Golden State Warriors at American Airlines Center on March 22, 2023 in Dallas, Texas. Mark Cuban, fresh off the news that he is selling a majority stake in the Dallas Mavericks to the mega-Republican donor Adelson family, reiterated Wednesday that he has "no plans" to run for president in 2024. "No plans to run," Cuban said in an email to NBC News. Cuban in July had said his family "would disown me" if he launched a campaign for the White House. But at the same time, he had also praised efforts by the group No Labels to create a bipartisan ticket for the presidency next year.
Persons: Mark Cuban, Adelson Organizations: Dallas Mavericks, Golden State Warriors, American Airlines Center, NBC News, Cuban, White, ABC Locations: Dallas , Texas
According to Merriam-Webster, the word of 2023 is “authentic.” And unlike the dictionary’s last few choices, it’s plagued by contradictions. As Buzzfeed and other outlets made very clear, she was the down-to-earth embodiment of the “cool girl” persona first popularized by Gillian Flynn’s 2012 novel, “Gone Girl,” a riotous, happy-go-lucky sex symbol. Almost overnight, the “cool girl” aura she epitomized was recast. Online, our miniature social media platforms take cues from celebrities’ mega ones. Should we even post about our mental health on social media, if we wouldn’t be comfortable telling our boss about it in person?
Persons: Holly Thomas, Katie Couric, Webster, Holly Thomas Holly Thomas, , There’s, Peter Sokolowski, George Santos ’, — Merriam, it’s, we’re, Jennifer Lawrence, didn’t, Dior, cussed, , Gillian Flynn’s, Lawrence, Hodgson, Emma Chamberlain, we’ll, ” It’s, Jennifer Organizations: Katie Couric Media, CNN, Merriam, Associated Press Locations: London,
Shares of Cigna and Humana slid Wednesday after a report that the two health-care giants are in talks to merge. A Cigna spokesperson did not immediately respond to CNBC's request for comment on the report from The Wall Street Journal, which cited people familiar with the matter. A Humana spokesperson declined to comment. A Cigna spokesperson at the time said the company does not comment on "rumors or speculation." Some analysts have suggested that a potential combination with Humana could be a reason for Cigna to offload its Medicare Advantage business.
Persons: Humana's, Cigna, Scott Fidel, Stephens, Fidel Organizations: Humana, Wall Street, STAT, CNBC PRO
Foot Locker (FL) reported quarterly results that can only be described as better than feared: Nearly all of the important metrics came in weaker than a year ago, but they weren't as terrible as expectations on Wall Street. While Wednesday's surge put Foot Locker's quarter-to-date gains at nearly 60%, the stock was still down roughly 27% in 2023. Better sales guidance than previously forecast and only a slightly worse earnings outlook also helped juice shares of Foot Locker. In our view, this is appropriate because Foot Locker is a turnaround story. Shoppers leave the American multinational sportswear and footwear retailer, Foot Locker store in Spain.
Persons: Locker, We're, Mary Dillon, Dillon, we're, Michael Baughn, comps, Cash, Jim Cramer's, Jim Cramer, Jim, Xavi Lopez Organizations: Sports, Nike, Management, EMEA, CNBC, Shoppers, Lightrocket, Getty Locations: North America, Middle East, Africa, Asia, Spain
CNN —The world’s biggest cruise ship is now in­­ the hands of its new owner, with Royal Caribbean accepting delivery of the 1,198-foot Icon of the Seas this week. Royal Caribbean says Icon of the Seas is the cruise line’s first ship that can be powered by liquefied natural gas and will have the first waste-to-energy plant at sea. “Images of Royal Caribbean’s ships have often elicited strong responses,” cruise expert Stewart Chiron told CNN Travel when questioned about the reaction in August. The current “world’s largest cruise ship” title holder is another vessel in the Royal Caribbean fleet, Wonder of the Seas, which made its inaugural voyage in 2022. Slightly smaller than Icon of the Seas, it stretches 1,188 feet in length and has 18 decks to explore.
Persons: That’s, it’s, , Jason Liberty, Stewart Chiron, , Jacopo Prisco Organizations: CNN, Royal, Meyer, Royal Caribbean Group, CNN Travel, Royal Caribbean Locations: Royal Caribbean, Meyer Turku, Turku, Finland, Miami , Florida, Caribbean, , Cadiz, Spain, Florida,
A few months ago, Jorge Luis Garcia was sipping an Odette Estate Winery Cabernet with Juan Miguel Almeida and Adria Adrian Almeida, his neighbors on Palm Island in Miami Beach, Fla. Having observed a string of mega-real estate deals, Garcia had a proposition for the Almeidas, whose home is adjacent to his two waterfront properties. “We were talking about how we are sitting here on a tremendous opportunity,” said Garcia, the former owner of a medical business in Orlando. “If these houses were sold together, can you imagine that?”
Persons: Jorge Luis Garcia, Odette, Juan Miguel Almeida, Adria Adrian Almeida, Garcia, Organizations: Adria Locations: Miami Beach, Fla, Orlando
First the trucks arrived, carrying armed men toward the mist-shrouded mountaintop. Then the flames appeared, sweeping across a forest of towering pines and oaks. After the fire laid waste to the forest last year, the trucks returned. This time, they carried the avocado plants taking root in the orchards scattered across the once tree-covered summit where townspeople used to forage for mushrooms. “We never witnessed a blaze on this scale before,” said Maricela Baca Yépez, 46, a municipal official and lifelong resident of Patuán, a town nestled in the volcanic plateaus where Mexico’s Purépecha people have lived for centuries.
Persons: , Maricela Baca Yépez Locations: Patuán
CNBC's Jim Cramer on Tuesday reaffirmed his belief in owning the "Magnificent Seven," arguing against bear cases for the mega-cap stocks. "I wish I could get these companies to split their shares in favor of you, the home gamer," Cramer said. However, Cramer called Nvidia a "benign monopolist," with its product reigning supreme in the industry. According to Cramer, investors shouldn't be concerned that Microsoft's stock has soared too quickly, praising its artificial intelligence product and saying, "There are no speeding tickets in this racket." "Despite these rebuttals, I think their success in 2023 made each of these stocks into their own worst enemy," Cramer said.
Persons: CNBC's Jim Cramer, Cramer, didn't, Mark Zuckerberg's, shouldn't, Tesla Organizations: Nvidia, Meta, Microsoft, Tesla, Amazon Web Services, Facebook
Don't listen to the bears: The incredible rally in stocks this month isn't over yet. The Dow and S & P 500 are on track to finish November — ending with Thursday's close — 7% and 8.4% higher, respectively. .SPX ALL mountain Long term look at the S & P 500 index We don't see any reason to curb our enthusiasm for stocks heading into the final month of 2023. With nearly all S & P 500 companies reporting results as of Nov. 17 (the last update from FactSet), 82% beat estimates on earnings while 62% beat on sales. The S & P 500 is bumping up against the highs of the year last reached in July, and the S & P Oscillator came into the week very overbought, a factor prompting us to book some profits and raise some cash.
Persons: Thursday's, Let's, Locker, bullish, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Dow, Stock Traders, Federal Reserve, Energy, Meta, Adobe Analytics, Mastercard, Adobe, Shoppers, TJX Companies, PCE, Jim Cramer's Charitable, CNBC, New York Stock Exchange Locations: Santa, New York City, U.S
Republican presidential candidate and former U.S. President Donald Trump speaks during a campaign rally in Claremont, New Hampshire, U.S., November 11, 2023. The unprecedented legal turmoil has prompted questions about what would happen to Trump's campaign if he was convicted or jailed. Asked in an interview with Reuters whether he would still support Trump if he were convicted, Marcus replied, "I think so. "I never discussed his legal fees or his legal problems," Marcus said, adding that Trump was "very happy" about his support. Marcus said he thought Trump was a "fixer" who would be beneficial to the U.S. economy and strong on Middle East foreign policy.
Persons: Donald Trump, Brian Snyder, Bernie Marcus, Donald Trump's, Marcus, Democrat Joe Biden, Trump, Trump's, Wilma Marcus, I'm, that's, Nikki Haley, Ron DeSantis, Alexandra Ulmer, Andrew Goudsward, Ross Colvin, Jonathan Oatis Organizations: REUTERS, Republican, Trump, Democrat, Reuters, Trump's White House, Business, Forbes, Biden, South, Thomson Locations: Claremont , New Hampshire, U.S, Iowa, South Carolina, Florida
Nikki Haley has gained real momentum for her White House campaign. The GOP is still Trump's party, so Haley will have to withstand difficult dynamics headed into 2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Jeb Bush was unable to blunt Donald Trump's momentum ahead of the 2016 GOP primaries. But then came Trump, who flipped the script when he entered that year's GOP contest.
Persons: Nikki Haley, Haley, , Ron DeSantis, Donald Trump, She's, Koch, Jeb Bush, Donald, Sean Rayford, Trump, Bush, Bush , Florida Sen, Marco Rubio, Texas Sen, Ted Cruz, Bush's, Rubio, Cruz, Joe Biden, California Sen, Kamala Harris, Massachusetts Sen, Elizabeth Warren, Harris, Warren underperformed, Biden, Vermont Sen, Bernie Sanders, Pete Buttigieg, Buttigieg, Sanders soldiered, Jim Vondruska, credibly, Vivek Ramaswamy, Ramaswamy Organizations: S.C, GOP, Service, Florida Gov, Trump, Prosperity, Republican, Super, New, Vermont, South Carolina, Super Tuesday, she'll Locations: Iowa, New Hampshire, Florida, Bush , Florida, Texas, California, Massachusetts, Nevada, South, Warren, Des Moines , Iowa, Republican, New Hampshire , Iowa, South Carolina
Venture capital investment into Europe's tech industry plunged by half in 2023 as investors continued to reel from the effects of high interest rates, according to data from venture capital firm Atomico. Atomico's "State of European Tech" report, published Tuesday, showed that overall funding for European venture-backed companies is projected to decline 45% in 2023 from a year ago. Total venture funding for European tech companies will reach $45 billion this year, Atomico expects. That's down from $82 billion in 2022, which is itself down from $100 billion the previous year. "There has been this reset after an overheated and unsustainable period of growth in 2021 and early 2022," Wehmeier told CNBC.
Persons: Atomico, Tom Wehmeier, Wehmeier Organizations: European Tech, CNBC Locations: Atomico, Europe
Kelly Kim, a model and influencer, first shared the story in a TikTok video posted on November 7, although she said the events transpired months ago. She first found out about Kim's viral TikTok video when someone commented about it on her Instagram, she said. While her name wasn't used in Kim's video, Lee told BI that she connected the dots after watching it. AdvertisementLee said that while it "didn't feel right" to come to the internet with such a private issue, she decided to post her own TikTok video to clear up misconceptions about her. Lee told BI that the response to the video has felt overwhelming, and that she has turned off her notifications.
Persons: there's, , Kelly Kim, Kim, she'd, I'm, TikTok, commenter, Joanna Lee, Lee, wasn't, It's, ghosting Organizations: Service, Business Locations: Los Angeles
Some of our top-rated duffel bags, travel wallets and hardside suitcases are on sale, as well as the travel essentials that Buy Side staffers always pack for smooth trips. AmazonAmong the ton of deals the mega-retailer is offering for Cyber Monday, we found these great sale prices on travel necessities. Dagne DoverDagne Dover’s neoprene travel gear has made it onto our lists of the best gym bags and fanny packs and travel must-haves, and for good reason. MonosMonos’ sleek luggage, including rolling bags, duffels and backpacks, is on sale for Cyber Monday—you can save up to 40% sitewide. Also shop this versatile luggage set and large spinner if you’re in the market for hardside travel gear.
Persons: Madeline Diamond, Bellamy Richardson, Béis, Cuyana, Sons Lo, you’ve, We’ve, it’s, You’ll, Now’s Organizations: Sons, Catalina, luxe Locations: Calpak
The Organization of Petroleum Exporting Countries on Monday said the oil and gas industry is being unjustly vilified ahead of a pivotal United Nations conference on the climate crisis later this week. OPEC Secretary General Haitham Al Ghais pushed back against accusations that the industry is not doing enough to reduce carbon emissions. The industry was taken to task last week for its role in the climate crisis and its commitment to clean energy by the Paris-based International Energy Agency (IEA). Just 1% of global investment in clean energy comes from the oil and gas industry, according to the IEA. Al Ghais also said oil and gas companies are making major investments in renewables and technologies that reduce emissions.
Persons: Haitham Al Ghais, who's, Al Ghais, Fatih Birol, Birol Organizations: OPEC, of Petroleum, United Nations, International Energy Agency, Change, United Arab, UAE, Exxon, Chevron, Natural Resources, IEA, Producers, Occidental Petroleum, U.N Locations: Russia, Paris, Kuwaiti, United Arab Emirates, U.S, Al
It gives us another reason to be confident in the firm's retail business as the holiday online shopping season gets off to a strong start this year. Postal Service remains the largest parcel service by volume, handling packages for its customers as well as all three delivery companies. "People shop every day on Amazon," Jim added. The company's speedy, same-day delivery service is a huge value proposition of the Prime membership — made possible, in part, by Amazon's push to become the U.S. package delivery company in the U.S. The Amazon Prime logo is displayed on the side of an Amazon delivery truck in Richmond, California, June 21, 2023.
Persons: Andy Jassy, Jim Cramer, they've, Jim, Goldman Sachs, Goldman, we've, , Amazon, Jim Cramer's, Justin Sullivan Organizations: Wall, Amazon, United Parcel Service, Journal, FedEx, U.S . Postal Service, Insider Intelligence, Adobe, Mastercard, National Retail Federation, CNBC Locations: U.S, Richmond , California
Deutsche Bank expects the S & P 500 could climb more than 11% to a record next year — and said its base case seems "conservative." The investment bank set its 2024 year-end S & P 500 target at 5,100, or more than 11% above where the broader index closed Friday at 4,559.34. In its bull case, Deutsche Bank expects the S & P 500 could even climb to 5,500, or more than 20% above where the benchmark closed last. "We note that the S & P 500 has been in a clear trend up channel since the [Great Financial Crisis]. Goldman Sachs' David Kostin expects the S & P 500 will chop around and finally end next year at 4,700 .
Persons: , Jim Reid, Reid, America's Savita Subramanian, Lori Calvasina, Goldman Sachs, David Kostin Organizations: Deutsche Bank, Bank, America's Locations: London, financials
A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Foxconn Technology will invest more than $1.5 billion in an Indian construction project to fulfill the Apple supplier's "operational needs," the company announced in Taiwanese security filings Monday. Foxconn is a major Apple supplier and has significant operations in mainland China. Those lockdowns, alongside general geopolitical tumult, have prompted Apple suppliers such as Foxconn to reassess their concentrated presence in China. Foxconn has already announced multiple projects inside India, including a $600 million project in Karnataka state and a $500 million factory in Telangana state.
Persons: Foxconn Organizations: Stars Mobile India, Foxconn Technology, Apple, Technology, Technology India Mega Development Locations: Tamil Nadu, India, Technology India, Maharashtra, China, Karnataka, Telangana
We are selling 60 shares of Meta Platforms (META) at roughly $337.37. Following the trade, Jim Cramer's Charitable Trust will own 345 shares of META, decreasing its weighting in the portfolio to about 4% from 4.71%. Just like our sale of Alphabet shares earlier this morning , we are trimming our position in Meta Platforms (META) and raising cash in this deeply overbought market. Meta Platforms is the second-best performer in the S & P 500 this year, behind Nvidia (NVDA), with a gain of roughly 180%. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Meta, Nvidia, CNBC, Traders, New York Stock Exchange Locations: New York City, U.S
Below the shattered windows of the high-rise hotels in downtown Acapulco, people walk alongside towering hills of garbage bags filled with rotting food and debris, from mattresses to Christmas decorations. Volunteer firefighters from distant states clear the waste, wiping away swarms of cockroaches from their arms. Miles from the coastal beachside resorts, Elizabeth Del Valle, 43, listened as her teenage daughter Constanza Sotelo, described the “mountains of trash” still blocking many streets surrounding their home. “We have no way to find face masks to keep ourselves healthy,” said Ms. Del Valle. “We expect that we’re going to get an infection from the smell, from the garbage.”Weeks after Hurricane Otis shocked forecasters and government officials by intensifying rapidly into the strongest storm to hit Mexico’s Pacific Coast and devastate much of Acapulco, residents say they now face an unfolding public health disaster.
Persons: Miles, Elizabeth Del Valle, Constanza Sotelo, , Del, , Hurricane Otis Locations: Acapulco, Del Valle, Coast
Not every corner of the plant-based food industry has been burned. After the boom-and-bust cycle of Beyond Meat stock, analysts have wondered what comes next for the plant-based food space. The alternative protein market Beyond Meat's struggles have left some skeptical about which companies have what it takes to meet the needs of consumers who want to avoid animal-based products for health or environmental reasons. After topping $230 per share at its highest point, Beyond Meat stock now trades below $7. There's a business argument beyond the alternative protein market that can bode well when forecasting demand, Morningstar's Goldstein said.
Persons: Kristen Owen, Oppenheimer, Morgan Stanley, Michael Canfield, FactSet, Canfield, Corteva, Morningstar, Seth Goldstein, Goldstein, Vincent Andrews, Owen, Zepbound, milks, bode, Morningstar's Goldstein, Archer, Michael Bloom Organizations: Good Food Institute, Daniels, Midland Locations: Green Plains, U.S, Green, There's
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