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New York CNN —Four more private universities have agreed to settle a lawsuit which alleged they violated antitrust laws in determining financial aid amounts for admitted students, according to court documents filed Friday. Dartmouth College, and Rice, Vanderbilt and Northwestern universities agreed to pay a total of $166 million to settle claims filed in a 2022 class action lawsuit alleging the schools colluded on the amount of financial aid awarded to students, while favoring applicants from wealthier families. In 2022, the University of Chicago agreed to settle for $13.5 million. “Nearly 15% of this year’s first-year class is attending Dartmouth without responsibility for paying tuition, housing, meals and many other fees, and more than half of the class receives some form of financial aid. Meanwhile, Dartmouth, Rice, Vanderbilt and Northwestern’s settlements range from $33.75 million to $55 million each.
Persons: Brown, Emory, , , Robert Gilbert Organizations: New, New York CNN, Dartmouth College, Vanderbilt, Yale, University of Chicago, CNN, University, Dartmouth, ” Rice University Locations: New York, Rice, Northwestern, Columbia, Duke, Dartmouth
Sub-Saharan Africa is home to four critically endangered species of vulture, and in South Africa, a non-profit conservation and rehabilitation group called VulPro is working to protect these fascinating birds. The operation involved over 50 people, logistics company DHL and WeWild Africa, an NGO specializing in animal rewilding and translocation. It was at that very moment that I actually understood how fragile and misunderstood the species were.”An African White-backed vulture (closest to camera) at the VulPro rehabilitation center near Pretoria, South Africa. Recent efforts have concentrated on the white-headed vulture, with a population of only 3,685 adults continent-wide, according to BirdLife International, and only a small percentage of that figure in South Africa. Poisoning is the most common reason for vultures to require treatment in South Africa, often from ingesting lead in discarded batteries, or bullets in animal carcasses, says Joubert.
Persons: VulPro, , Kerri Wolter, Gertrude Kitongo, , Johan Joubert, Joubert, Wolter, Organizations: CNN, Reserve, DHL, WeWild, BirdLife International, Shamari Locations: Saharan Africa, South Africa, Eastern Cape, WeWild Africa, African, Pretoria, Africa, West Africa, KwaZulu, Natal, South
The company also said revenue in the current quarter would be stronger than Wall Street forecasted. Moderna — Shares were up more than 5% after the vaccine maker posted a greater-than-expected revenue for the fourth quarter. The company's top line registered at $2.81 billion, while analysts polled by LSEG had forecast a print of $2.50 billion. Lucid — Shares pulled back more than 7% after the luxury electric vehicle company missed revenue estimates in the fourth-quarter. Specifically, Lucid posted $157 million, while analysts expected $180 million, per LSEG.
Persons: LSEG, Lucid, Cantor Fitzgerald, , Rivian, Synopsys, Morgan Stanley, FactSet, Remitly, TD Cowen, Oliver Chen, KeyBanc, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Sarah Min Organizations: Nvidia, Wall, , Moderna, LSEG, BMO Capital Markets, Coty —, ASML, HSBC, Gates Locations: Thursday's premarket, Wednesday's
European Central Bank posts first annual loss in two decades
  + stars: | 2024-02-22 | by ( Jenni Reid | ) www.cnbc.com   time to read: +2 min
Rain falls over the finance district and the European Central Bank (ECB) in Frankfurt, Germany. The European Central Bank on Thursday reported its first annual loss since 2004, following hefty payouts due to higher interest rates. The central bank said it will carry forward the loss on its balance sheet to offset against future profits. The central bank began quantitative tightening in March 2023. There is no institution in the economy which can cope with a temporary loss better than the central bank," he told CNBC by email.
Persons: Germany's Bundesbank, Holger Schmieding Organizations: European Central Bank, ECB, Swiss National Bank, CNBC Locations: Frankfurt, Germany, Ukraine
Sunrun could see its stock price double over the next 12 months as the company is well positioned to take advantage of growth in the residential solar market after a disappointing 2023, according to Jeffries. Sunrun's stock was down nearly 9% in morning trading on Thursday after the company posted a steeper fourth-quarter loss than Wall Street expected and missed revenue estimates. The company's net subscriber value of $13,445 in the fourth quarter came in 12% above consensus estimates, Ailani wrote. Ailani's new price target is based on Sunrun's future subscriber growth plus the present value of its existing customers. Jeffries is estimating that Sunrun will add about 121,000 new subscribers in 2024, which is 7% above consensus estimates.
Persons: Jeffries, Dushyant Ailani, Sunrun, Ailani, — CNBC's Michael Bloom Organizations: Wall
AdvertisementThe Federal Reserve is worried about expensive stocks and homes, sinking office prices, shaky banks, and cash-strapped consumers. The S&P 500 soared to record highs this year as investors bet that the Fed will conquer inflation and start cutting rates within months, pushing stocks higher and staving off a recession. Fed economists said during their latest meeting that the value of multi-family homes, offices, and other commercial real estate could decline further. AdvertisementThe commercial real estate sector certainly faces a raft of headwinds. But its experts are clearly concerned about lofty stocks and home values, further commercial real estate fallout, vulnerable banks, and struggling consumers as potential threats to a soft landing.
Persons: They've Organizations: New, New York Community, Silicon Valley Bank Locations: New York, Silicon
An under-the-radar recession indicator in the bond market is raising alarm that the economy could be heading for a hard landing, according to ING Economics. Strategists at the analytics firm pointed to a tight correlation between US Treasury yields and Bund yields in Europe, with both yields slipping in recent weeks as markets reprice their interest rate expectations over the short-run. That was the case in the Silicon Valley Bank crisis in early 2023, when a sell-off fueled by the collapse of SVB led Treasury yields and Bund yields to tumble in tandem. "The correlation between UST and Bund yields is significantly elevated, which usually points to a hard-landing narrative," strategists said in a note on Wednesday. New York Fed economists, meanwhile, are pricing in a 61% chance the economy could tip into recession by January of next year.
Persons: SVB Organizations: ING Economics, Treasury, Business, European Central Bank, ING, Bank, UST, Bund, ECB, New York Fed Locations: Europe, Silicon
Read previewThe tremors rattling US commercial real estate are spreading to other countries and sectors, and threaten to escalate into a financial earthquake as refinancing deadlines loom. There are growing signs that commercial real estate is in serious trouble. AdvertisementProspective losses, refinancing woes, international contagion, and panic selling combine to create a bleak outlook for the commercial property sector. The catalyst for both the banking and commercial real estate drama is deceptively dry: rising interest rates. AdvertisementMoreover, "Undercover Billionaire" star and real estate tycoon Grant Cardone has hailed the ongoing correction as a rare chance for everyday people to buy "trophy real estate" from institutional owners.
Persons: , aren't, Barry Sternlicht, Pfandbriefbank, Warren Buffett, Ian Jacobs, Jacobs, Grant Cardone Organizations: Service, Business, Starwood Capital's, Bloomberg, European Central Bank, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Wall Street, Berkshire Hathaway, Ares Management Locations: Europe, Silicon, San Francisco, New York City, Manhattan, Los Angeles
Oil prices roughly flat as unclear demand scenario weighed
  + stars: | 2024-02-16 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.
Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza
Roku shares plummet
  + stars: | 2024-02-16 | 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 EmailRoku shares plummetCNBC's Julia Boorstin joins 'Money Makers' to discuss Roku as the company's stock tumbled after posting a steeper-than-expected first-quarter loss.
Persons: Julia Boorstin
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRoku CEO Anthony Wood on Q4 results: I'm more confident than ever in our businessCNBC’s Julia Boorstin and Roku CEO Anthony Wood join 'Squawk Box' to discuss the company's quarterly earnings results, the streaming service provider's steeper-than-expected first-quarter loss forecast, state of the video advertising market, and more.
Persons: Anthony Wood, Julia Boorstin
And yet, Walton's wife and children didn't have to pay a dime in estate tax. With an FLP, an individual — often a parent or two parents — pools their business assets, which are commonly real estate or stock. There are pragmatic reasons for keeping family business assets consolidated, according to Dan Griffith of Huntington Private Bank. Another sweetener: you can claim a discount on the assets within the FLP and use even less of your estate tax exemption. This would eliminate all gift and estate tax on the business even if the couple dies after the Trump tax cuts sunset.
Persons: , Sam Walton, didn't, Donald Trump, Dan Griffith, , Griffith, Robert Strauss, Weinstock Manion, Strauss, Edward Renn, Renn, Trump, that's, Katie Carlson Organizations: Service, Walmart, Business, Huntington Private Bank, IRS, Partners, Bank of, Trump
Just after dawn on Tuesday, the Senate passed a $95 billion national security package with aid to Ukraine and Israel, setting up a showdown with the House, where Speaker Mike Johnson suggested he would not bring it up for a vote. The bill passed the Senate 70 to 29, with 22 Senate Republicans breaking with their party and joining Democrats in pushing it through. But in the Republican-led House, right-wing opposition, fueled by former President Donald J. Trump, poses a steeper challenge. Many hard-right Republicans have consistently voted against aiding Ukraine, and threatened to oust Mr. Johnson, Republican of Louisiana, if he brought up legislation to do so. In a statement on Monday night in the hours before the bill passed the Senate, Mr. Johnson said the House would “continue to work its own will” on national security and border policies, which Republicans had insisted be a part of the foreign aid package, before killing a bipartisan deal to address them.
Persons: Mike Johnson, Donald J, Trump, Mr, Johnson Organizations: Republicans, Republican Locations: Ukraine, Israel, Louisiana
And in this election, a new party is seeking to win representation for marginalized groups like domestic workers and people with disabilities. Female candidates face perhaps a steeper uphill battle, despite a quota system requiring 30% of candidates to be women since 2004. Muharyati said many policies, laws and regulations tend not to side with women, especially women with disabilities. Domestic workers often work long hours without adequate rest or time off, and have little protection from violence from employers. “But we seriously need representatives in the parliament to voice the rights of fellow domestic workers."
Persons: Rian Ernest, Ernest, Indonesia’s, Basuki Tjahaja Purnama, Baswedan, , ” Ernest, it's, , Supriatna, Commision, Muharyati, Yuni Sri, Rahayu, ” Rahayu Organizations: Wednesday, Golkar, Purnama, Bank, Indonesian Association of Disabled, Labor Party, National Advocacy Network for Domestic Workers, Indonesia’s National Commission, Lawmakers Locations: JAKARTA, Indonesia, Jakarta, East Jakarta, Chinese, Jakarta’s House, Yuni Sri Rahayu
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.-China decoupling? How steeper tariff hikes could impact trade relationshipGreg Ip, Wall Street Journal’s chief economics commentator and deputy economics editor, joins 'Squawk Box' to discuss the U.S.-China trade relationship, whether steeper tariff hikes would decouple the world's two largest economies, and more.
Persons: Greg Ip Organizations: U.S, Street, U.S . Locations: China, U.S
23andMe considers splitting up company to revive stock price
  + stars: | 2024-02-08 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +3 min
Shares of 23andMe sank 21% on Thursday, a day after the genetic testing company reported dismal fiscal third-quarter results and discussed splitting itself in two to help juice its stock price. 23andMe reported revenue of $45 million for the quarter, down from the $67 million it reported in the same period last year. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company, a deal that valued the company at around $3.5 billion. The company has launched additional therapeutics and research businesses, but its share price has tumbled more than 95% from its peak. They lowered their target price for the stock to 85 cents from 90 cents.
Persons: 23andMe, Anne Wojcicki, Sergey Brin, Forbes, Joe Selsavage, Selsavage Organizations: TechCrunch, 23andMe, Nasdaq, U.S . Securities, Exchange Commission, CNBC Disruptor, Citi, CNBC PRO Locations: San Francisco , California, 23andMe
Colorectal cancer deaths of people under 55 have increased by about 1% a year since the mid-2000s, the ACS said. "The youngest are doing better since the advocation of the vaccine, but there's a population sort of in their 30s that are having more cervical cancer," Annunziata said. For example, if you have Lynch syndrome , a genetic condition, your risk of developing colorectal cancer goes up by 20 to 80%. "That's a simple test that could be done in the doctor's office that can detect earlier cervical cancer or even pre-cancerous lesions that can be removed and prevent the development of cancer," she said. AdvertisementYou should start getting screened for colorectal cancer at 45, the ACS said.
Persons: , Christina Annunziata, Annunziata, that's, Lynch Organizations: Service, American Cancer Society, Cancer, Business, Johns Hopkins Medicine
“The only time I use my grill that’s outside on my deck is for my Super Bowl party,” said Steward, in an interview with CNN. Tricks to manage the costThis year is the 26th year that San Francisco resident Amy Larson and her husband are throwing their Super Bowl party. “Super Bowl every year is my excuse to make him tailgating food, in particular hot wings,” she said. Over the years, Larson has perfected a few tricks to manage her Super Bowl food budget. “I also usually buy spirits and other drinks but I’m not sure about that either because of the higher prices,” Steward said.
Persons: Tod Steward, He’s, It’s, , Steward, Steward hasn’t, , haven’t, that’s, ” Tod Stewart, Tod Steward There’s, Debbie Downer, ” Michael Swanson, Swanson, ” Swanson, Amy Larson, Larson, Amy Larson's, Amy Larson “, ” Larson, he’s, ” Steward, , Alicia Wallace Organizations: New, New York CNN, Super Bowl, CNN, Wells Fargo, San, Bowl, Super Locations: New York, Seattle, Wells, San Francisco, Bay
Donald Trump claimed credit for the stock market's surge to record highs this month. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "THIS IS THE TRUMP STOCK MARKET," Trump said in a Truth Social post on Monday. The benchmark S&P 500, tech-heavy Nasdaq Composite, and venerable Dow Jones Industrial Average have notched record highs in recent days. AdvertisementTrump is presumably aware of the key drivers fueling the stock market's advance, and knows they probably don't include his possible reelection.
Persons: Donald Trump, Trump, Biden, , Joe Biden, you've, Stocks, joblessness, Bob Michele, Ray Dalio, Jamie Dimon Organizations: Service, TRUMP, BIDEN, WIN, Nasdaq, Dow Jones, Reserve
SAN FRANCISCO (AP) — The number of western monarch butterflies overwintering in California dropped by 30% last year, likely due to how wet it was, researchers said Tuesday. Volunteers who visited sites in California and Arizona around Thanksgiving tallied more than 230,000 butterflies, compared to 330,000 in 2022, according to the Xerces Society, an environmental nonprofit that focuses on the conservation of invertebrates. Scientists say the butterflies are at critically low levels in western states because of destruction to their milkweed habitat along their migratory route due to housing construction and the increased use of pesticides and herbicides. On the eastern side of the Rocky Mountains, another monarch population travels from southern Canada and the northeastern United States to central Mexico. Scientists estimate that the monarch population in the eastern U.S. has fallen by about 80% since the mid-1990s, but the drop-off in the western U.S. has been even steeper.
Persons: Emma Pelton Organizations: FRANCISCO, Volunteers, Xerces Society Locations: California, Arizona, Pacific Northwest, Rocky, Canada, United States, Mexico, U.S
One stock frequently showed up among analysts' top calls this month: South Korean chipmaker SK Hynix . In December, HSBC raised the price target for the stock from 150,000 Korean ($112) won to 180,000 Korean won ($134). "We also expect positive impact from ongoing AI demand on expanding On-device AI adoption. For global investors who wish to buy SK Hynix shares, its shares are listed on the Korea Stock Exchange and its depository receipts are listed on the Luxembourg Stock Exchanges. Investors can also buy into SK Hynix via the ETF route.
Persons: Trent Masters, CNBC's Michael Bloom Organizations: Korean chipmaker SK Hynix, SK Hynix, Nvidia, SK Hynix's, UBS, HSBC, Korean, Trent, Alphinity Investment Management, CNBC, Samsung, SK, Korea Stock Exchange, Luxembourg Stock Exchanges, Franklin FTSE, Franklin FTSE South Korea ETF, Korea ETF Locations: Franklin FTSE South Korea, Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSteeper decline of battery prices in the first half of this year, analyst saysJames Hong, head of mobility research at Macquarie Capital, says that will probably lead to better-than-expected profitability for some automakers' battery electric vehicle businesses.
Persons: James Hong Organizations: Macquarie Capital
She set up an epic showdown with Mr. Trump in South Carolina, where she is lagging far behind Mr. Trump in polls despite a home-state advantage. Painting herself as an outsider, despite her insider résumé, she pledged to take on Mr. Trump and the political class behind him. Her campaign has bought over $1 million in television advertising from Tuesday through Feb. 6 in South Carolina, according to AdImpact, a media-tracking firm. “I won South Carolina twice as governor,” she told reporters Friday at a retro diner in Amherst. They had rushed into the event late after spending the day rallying support for Ms. Haley and encouraging voters to get to the polls.
Persons: Nikki Haley, Donald J, Trump, Haley, Biden, “ We’re, Mr, , , Donald Trump, Nancy Pelosi, , Joe, Doug Mills, Chris Sununu, I’m, ” Mr, Ms, Trump’s, Betsy Ankney, Nikki, Ankney, Mark Harris, Harris, Haley’s, Ruth Fremson, Ron DeSantis, Marco Rubio, Allie Cable, ” Richard, Wendy Clymer, Clymer, Maggie Haberman, Kellen Browning Organizations: Republican, Trump, Mr, , United Nations, U.S, Capitol, New York Times, Granite, Gov, Committee, PAC, South Carolina Locations: New Hampshire, South Carolina, “ New Hampshire, Iowa, Hampton, N.H, Virgin, Charleston, S.C, Nevada, America, Florida, Amherst, Marco Rubio of Florida, Greenville, Concord, New York
In rousing remarks, Ms. Haley painted a picture of a country and a world in disarray, casting herself as the choice for voters dissatisfied with both President Biden and Mr. Trump. She set up an epic showdown with Mr. Trump in South Carolina, where she is lagging far behind Mr. Trump in polls despite a home-state advantage. Painting herself as an outsider, despite her insider résumé, she pledged to take on Mr. Trump and the political class behind him. Her campaign has bought over $1 million in television advertising from Tuesday through Feb. 6 in South Carolina, according to AdImpact, a media-tracking firm. “I won South Carolina twice as governor,” she told reporters Friday at a retro diner in Amherst.
Persons: Nikki Haley, Donald J, Trump, Haley, Biden, “ We’re, Mr, , , Donald Trump, Nancy Pelosi, , Joe, Doug Mills, Chris Sununu, I’m, ” Mr, Ms, Trump’s, Betsy Ankney, Nikki, Ankney, Mark Harris, Harris, Haley’s, Ruth Fremson, Ron DeSantis, Marco Rubio, Allie Cable, ” Richard, Wendy Clymer, Clymer, Maggie Haberman, Kellen Browning Organizations: Republican, Trump, Mr, , United Nations, U.S, Capitol, New York Times, Granite, Gov, Committee, PAC, South Carolina Locations: New Hampshire, South Carolina, “ New Hampshire, Iowa, Hampton, N.H, Virgin, Charleston, S.C, Nevada, America, Florida, Amherst, Marco Rubio of Florida, Greenville, Concord, New York
But last year, the LA tech scene stalled, according to Carta data. Startup funding plummeted everywhere, but nowhere experienced a steeper decline than LA, where funding declined 65% from 2022. CartaLA's startup funding dropped 65% last year, a steeper decline than the Bay Area, New York or Boston. "They're very deep AI companies, but they're being applied to a vertical, which is one of the strengths of LA," Ingersoll said. Bird goes bust and Snap snaps backThere was more bad news for LA's startup scene in 2023 than just the dismal funding numbers.
Persons: Ethan Aldrich, Aldrich, there's, Andreessen Horowitz, a16z, Katia Ameri, Ameri, VCs, Nikita Bier, Bier, Mark Suster, Suster, LA's, we're, Palmer Luckey, Minnie Ingersoll, Ingersoll, Bird, Zillow, Spencer Rascoff, Evan Spiegel ERIC PIERMONT, Ishan Singh, Singh Organizations: Stanford, Business, Lightspeed Venture Partners, Coatue Management, LA Tech, LA, Carta, Honest Company, New, Boston, Microsoft, Clark, SpaceX Locations: Santa Monica, Southern California, LA, Santa, Hayes, San Francisco, Los Angeles, San Francisco and New York, New York, Boston, Carta, San Diego, Seattle, Hawthorne , CA, Costa, Bay
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