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Sam Altman, CEO of OpenAI, at the Allen & Company Sun Valley Conference on July 9, 2024 in Sun Valley, Idaho. Sam Altman, the controversial CEO of OpenAI, has a stake in social media company Reddit that's worth over $1 billion as of post-market trading on Tuesday. Altman controls roughly 12.2 million shares of Reddit, a company he first invested in over a decade ago. Reddit shares soared about 20% in extended trading after the compny reported better-than-expected quarterly results and issued an optimistic forecast. Top shareholders were forbidden from selling Reddit shares for six months during the "lockup period," which expired in September.
Persons: Sam Altman, Altman, OpenAI's, Y, Reddit, Condé, Altman didn't, OpenAI, WilmerHale, — CNBC's Ari Levy, Cramer Organizations: Allen & Company Sun Valley Conference, Reddit, Condé Nast, Advance Magazine Publishers, Fidelity, OpenAI, CNBC Locations: Sun Valley , Idaho, Reddit's, Airbnb
According to the FVAP, only about 5% of American voters in Israel cast their ballot in 2020. AdvertisementHe said American voters in Israel will be asking, '"Which presidency is the one that will save the lives of my children?" He said his in-laws plan to vote for Harris, while his wife may vote for Trump for the first time. In Trump-friendly Israel, American expats are dividedIn general, Israel is Trump-friendly territory. He said that among American voters in Israel, Orthodox Jews are more likely to support Trump, while secular Jews tend to favor Harris.
Persons: , Judith Segaloff, Segaloff, Expats, Donald Trump, AHMAD GHARABLI, iVote, Heather Stone, they've, Kamala Harris, Stone, Sen, JD Vance, Trump's, Harris, Trump, Raphael Gantshar, Gantshar, Benjamin Netanyahu, Abraham, SAUL LOEB, Tzvi Silver, I'm, Silver, Langer, Uriel Abulof, Abulof, Bibi, Here's Organizations: Service, West Bank, International Court of Justice, Republican Overseas, Getty, Voting, Israel, CBS News, Democratic National Committee, Republican, New Yorker, Abraham Accords, Trump, Accords, Langer Research, Jewish, Tel Aviv University's School of Political Science, Israeli, Republicans Overseas Locations: Israel, AFP, iVote Israel, New York , New Jersey, California, Pennsylvania, Michigan, Gaza, Lebanon, New, New Jersey, PORI
Target has joined other big-box retailers in rolling out Thanksgiving meals that it says will cost less than previous years' offerings. Among the bigger cost savings are turkey at $0.79 a pound, 20% lower than last year, Target said. Last week, Target said it will have lowered prices on some 10,000 items in 2024 amid slowing inflation. Walmart said its "inflation-free Thanksgiving meal" features 29 items serving eight people for less than $7 per person — a lower price point than last year's offering, it said. Aldi, the grocery giant, said its 10-person Thanksgiving meal, at less than $47, is priced below what a similar meal would have cost in 2019.
Persons: Target Organizations: Walmart, Aldi Locations: Minneapolis
The S & P 500 typically advances about 7% from November to April, compared to the index's average 2% rise from May to October, according to CFRA Research chief investment strategist Sam Stovall. This year's market strength follows a standout 20% gain for the S & P 500 in 2023's "best six months" period, he noted. "This double-dose of double-digit returns has caused investors to wonder if the market has used up its energy reserves and may be headed for tough times," Stovall wrote. .SPX YTD mountain The S & P 500 has advanced more than 22% in 2024. Stocks were bhigher on both Friday and Monday , with the S & P 500 trading within a hair's breath of this month's all-time high of 5864.67.
Persons: Sam Stovall, Russell, Stocks, Stovall Organizations: Stock Traders, Research, Investors Locations: U.S
In today's big story, the first of our five-part refresher series on the potential impact Donald Trump and Kamala Harris presidencies could have on US consumers. Business Insider's Matthew Fox detailed how Wall Street sees former President Donald Trump and Vice President Kamala Harris affecting the investment landscape if they win the White House. One of the biggest areas where Harris and Trump differ is their proposed tax policies, which are believed to have big impacts on stocks. AdvertisementTrump's universal tariffs proposal is also viewed as having a big impact. It's a big week for Apple.
Persons: , Donald Trump, Kamala Harris, Jenny Chang, Rodriguez, Matthew Fox, Harris, Trump, it's, Alyssa Powell, Joe Biden, Steve Sosnick, Neil Dutta, Goldman Sachs, Morgan Stanley, Rebecca Zisser, Elon Musk, James Yates, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Grace Lett, Amanda Yen, Milan Sehmbi Organizations: Business, Service, Getty, BI, White, Bank of America, Interactive Brokers, JPMorgan, Twitter, Elon, Apple, Apple Intelligence, iOS, Venture, Ford Motors, MLB, LA Dodgers, New York Yankees, Forbes Locations: It's, New York, London, Chicago
Her first campaign visit for Kamala Harris came Saturday in Michigan, where polls show a tight race. In her speech, Obama said the race is "too close for my liking." AdvertisementMichelle Obama made her first official appearance on the campaign trail with Vice President Kamala Harris on Saturday, speaking in Michigan, where polls show a tight race between the VP and former President Donald Trump. AdvertisementMultiple polls, including national polling by The New York Times and Siena College, show a deadlocked race between Harris and Trump. Spokespeople for Harris, Obama, and Trump did not respond to a request for comment.
Persons: Michelle Obama hasn't, Kamala Harris, Obama, , Michelle Obama, Donald Trump, Harris, Trump, It's, we've, Trump's, Beyoncé, I'm, Julia Roberts, Eminem, Oprah Winfrey, Dennis Quaid, Jason Aldean, Elon Musk Organizations: Service, Democratic National Convention, The New York Times, Siena College, Trump ., Quinnipiac University, Trump, Trump's White Locations: Michigan, Kalamazoo
F1 races are often decided by tenths of seconds, and technological advancements can make or break a team's time on the circuit. "Formula One is all about performance, and it's performance which drives success on the racetrack. "Without all four of them operating at a very high level, it's very difficult to have real success," Waterhouse added. James Vowles, team principal for Williams Racing, said he spends about 30% of his time on technology. Watch the video above for an in-depth look at the technology that fuels F1 success, featuring interviews with Formula One Group CEO Stefano Domenicali, McLaren Racing CEO Zak Brown, Williams Racing Team Principal James Vowles, Scuderia Ferrari HP Team Principal Fréd Vasseur and more.
Persons: Ben Waterhouse, Waterhouse, Dan Keyworth, James Vowles, Vowles, Stefano Domenicali, Zak Brown, Fréd Vasseur Organizations: Oracle Red Bull, McLaren Racing, Williams Racing, Formula One, McLaren, Ferrari HP
AdvertisementWe're not in a recessionTo determine whether the economy is in recession, it helps to first define the term. Sure, the yearlong payrolls were adjusted down, but the story has largely been the same: This is a cooling but not collapsing labor market. Despite the 50-basis-point interest-rate cut by Chairman Jerome Powell and the rest of the Fed, there's evidence of additional slowing in the labor market. Since the rate cut, I've grown more confident that it will act in the face of weaker employment data. If the labor market deteriorates and the unemployment rate increases, we ought not to rule out another 50-basis-point move.
Persons: We're, , Jerome Powell, there's, Powell, Stocks Organizations: Federal, National Bureau of Economic Research, Social Security, Conference Locations: America
Related storiesA 2022 George W. Bush Institute study found that US metros with the highest immigrant population growth scored the lowest construction costs. Without the supply of these workers, history suggests housing costs are likely to rise. These could be significant, given that the construction industry would be competing against other immigrant-dependent sectors. Trump's campaign has implied that cracking down on immigration will help ease housing unaffordability by effectively removing one source of demand. Meanwhile, Trump's platform is also pushing another policy initiative that's unlikely to help housing costs: tariffs.
Persons: Donald Trump, , Donald Trump's, doesn't bode, Jim Tobin, Tobin, George W, JD Vance Organizations: Service, Republican, National Association of Home Builders, Home Builders Institute, Bush, SC, Congressional
Insider Today: Young men's new obsession
  + stars: | 2024-10-26 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +7 min
This week's dispatchThe New York Liberty celebrated their WNBA championship with a victory parade. In June, it was reported that the New York Liberty had the third-highest value in the league ($130 million), and brought in the most revenue last year ($18 million). Wu Tsai made a series of key investments that have paid off. AdvertisementAfter building out a state-of-the-art locker room, Wu Tsai focused on filling out an all-star bench. AdvertisementMore of this week's top reads:The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City.
Persons: , Sarah Stier, it's, they've, Clara Wu Tsai, Joseph Tsai, Wu Tsai, Breanna Stewart, Gris Osses, Edmon De Haro, Elvis Presley's Graceland, Chelsea Jia Feng, Leila Najafi, she's, They're, Valentin Tkach, Josh Hartnett, Tyler Perry's, Bruce Springsteen, Rebecca Zisser, Taylor, she'll, Dan DeFrancesco, Jordan Parker Erb, Lisa Ryan, Amanda Yen, Grace Lett Organizations: Business, Service, New York Liberty, New York, Financial, Minnesota Lynx, WNBA, Liberty, Barclays Center, BI, Warner Bros, Netflix Locations: York, Brooklyn, honeymoons, Canada, New York City, New York, Chicago
Andrew Garfield and Florence Pugh star as a couple dealing with a cancer diagnosis in "We Live in Time." Advertisement"We Live in Time," the new film starring Florence Pugh and Andrew Garfield as a couple dealing with a cancer diagnosis, defies easy categorization. The movie, which is structured as a nonlinear narrative, follows the relationship between Tobias (Garfield), a Weetabix salesman, and Almut (Pugh), a former figure skater turned Michelin chef, over the course of a decade. The actors — and director — went through the emotional wringerGarfield plays Tobias in "We Live in Time." The ending of 'We Live in Time' was originally differentPugh and Garfield in "We Live in Time."
Persons: Andrew Garfield, Florence Pugh, John Crowley, Crowley, , Tobias, Garfield, Pugh, it's, It's, who's, Oscar, Saoirse Ronan, Peter, Almut, Ella, who'd, she's, I'm, we're Organizations: Service, London, BI Locations: Brooklyn, Tobias
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are clearly indicating that Trump is going to win the U.S. election, Capital Link saysBrett McGonegal, chairman and CEO of Capital Link, discusses market outlook ahead of this year's U.S. elections.
Persons: Trump, Brett McGonegal Organizations: Link, Capital Locations: U.S
Urolithin A supplement company Timeline has investments from both Nestlé and L'Oréal. This year, the conversation quickly turned to the supplement du jour, the compound that has drawn investment from both Nestlé and L'Oréal: Urolithin A. Starting in 2008, Rinch's supplement company, Amazentis, funded over a dozen studies on urolithin A, including some relatively large, placebo-controlled trials in people — a rarity in supplement research. Urolithin A has also captured the attention of longevity researchers, who are typically more skeptical about products promising to make you young again. Timeline was on the agenda at this year's ARDD, an annual longevity research conference held in Copenhagen in August.
Persons: , There's, Urolithin, Hilary Brueck, Chris Rinsch, Rinsch, Johan Auwerx, Amazentis, Auwerx, He's, Mark Hyman, Dave Asprey, Gwyneth Paltrow's, Will Cole, Dominic Denk, Denk, wouldn't, Timeline's, Andrea Maier, it's, Maier Organizations: Service, VC, Business, Frankfurt University Hospital, National University of Singapore Locations: Gstaad, Swiss, skincare, urolithin, Davos, Copenhagen, Germany, Switzerland, Nestlé
CNN —Emmy, Grammy, and Tony award-winning, American actor Billy Porter and celebrated South African television presenter Bonang Matheba have been tapped to host the fourth annual Earthshot Prize Awards in South Africa on November 6. The Earthshot Prize is an ambitious environmental initiative founded by Prince William back in 2020 that seeks to offer green solutions to some of the world’s most pressing problems. Billy Porter, pictured on stage during the 2023 Tribeca Festival last June, will co-host this year's Earthshot Awards ceremony with South African TV presenter Bonang Matheba in Cape Town on November 6. Cindy Ord/Getty ImagesThe 15 Earthshot Prize finalists hail from six continents, with France, Ghana, Indonesia, Kazakhstan and Nepal all having teams in contention for the first time. Earthshot Week runs November 4 to 7, culminating with the Earthshot Prize Awards on November 6.
Persons: Tony, Billy Porter, Bonang Matheba, Prince William, Porter, , , ” Matheba, , Davido, Diamond Platnumz, Lebo, Uncle Waffles, Cindy Ord, Prince, Wales, José Andrés, Queen Rania, Jordan, David Attenborough, Heidi Klum, Nina Dobrev, Winnie Harlow, Tobe Nwigwe Organizations: CNN, South, Choir, Getty, YouTube, Earthshot, CNN’s Royal Locations: American, South Africa, Cape Town , South Africa, Tanzanian, African, Cape Town, France, Ghana, Indonesia, Kazakhstan, Nepal
Analysts at Itau BBA, the largest investment bank in Latin America, said investors should short Apple and Amazon before their quarterly financial results are released on Oct. 31. Investors also often use options contracts to take a short position on a stock to limit losses or amplify returns. However, Itau analysts said Apple's shares have "been performing well in a not-so-strong environment" and pointed to its elevated valuation levels. Apple stock now trades at 31 times price-to-next year's earnings, compared to the stock's five-year average of 26 times, according to FactSet. AAPL 1Y line Amazon Itau analysts said the e-commerce giant's profit margins will likely have peaked, which could lead to a sell-off after Amazon reports its quarterly earnings.
Persons: Shorting, Thiago Alves Kapulskis, Maria Clara Infantozzi, Apple's, AAPL, Infantozzi Organizations: Big Tech, Itau, Apple Intelligence, Apple Locations: Latin America
The 2024 AI Power List: Matt McIlwain
  + stars: | 2024-10-24 | by ( Ben Bergman | ) www.businessinsider.com   time to read: 1 min
Operating in Seattle, in the shadow of Amazon and Microsoft headquarters, McIlwain's Madrona Ventures was an early investor in AI companies such as Xnor.ai, which Apple acquired in 2020. The firm likes to say no investment is too early, as it prefers to be there as early as formation. Madrona also hosts the annual Intelligent Applications Summit, with this year's event featuring Mustafa Suleyman, the CEO of Microsoft AI, and Arvind Jain, the CEO and cofounder of Glean. McIlwain says companies should focus more on their business model than on an AI model. See Business Insider's full AI Power List
Persons: Madrona, Mustafa Suleyman, Arvind Jain, McIlwain Organizations: Microsoft, McIlwain's Madrona Ventures, Apple Locations: Seattle
But there are some weak points — like a growing federal debt load. There are a few less-rosy data points out there, like rising long-term unemployment and a historically high level of federal debt. Federal debt is high compared to GDP, even looking beyond the spike of the debt as a share of GDP during the pandemic. While federal debt as a share of GDP was slightly above 100% before the pandemic, recent figures are much higher than in the past. Federal debt was 120% of GDP in the second quarter of this year.
Persons: , Kamala Harris, Donald Trump, Mark Hamrick, Kurt Reiman, Reiman, They're, aren't, Hamrick, There's, Biden Organizations: Service, The New York Times, Siena College, Pew Research, Associated Press, NORC, for Public Affairs Research, University of Michigan's, Consumers, UBS Global Wealth Management, Federal Reserve, MarketWatch Locations: America, Wells Fargo
In the battle of the tech giants, Wall Street firm Bernstein favors Meta Platforms over Alphabet . The analysts raised their Meta price target to $675 per share from $600 and kept their outperform buy rating on the stock. Bernstein acknowledged the valuation of Meta stock versus Alphabet "feels stretched" at the moment. Big picture Bernstein's bullish assessment of Meta's future growth prospects comes as the stock has significantly outperformed both the overall market and Alphabet. META YTD mountain Meta Platforms YTD Before Wednesday's 3% drop in an ugly market, Meta closed Tuesday just 2% off its record close of $595.94 on Oct. 4.
Persons: Bernstein, Meta, Shein, we're, Jim Cramer's, Kamala Harris, Jim, Jim Cramer Organizations: Wall, Google, Meta, Adobe, Facebook, CNBC Locations: Wednesday's, U.S
BRICS' Kazan Declaration on Wednesday contained 134 points — and only one discussed the Ukraine war. It shows that Russia still has trouble getting friendly countries on board with the war, per the ISW. AdvertisementOver two dozen world leaders at this year's BRICS summit ended Wednesday's talks with the Kazan Declaration, a 134-point summary of their agreements. "The Kazan Declaration notably only mentioned Russia's war in Ukraine once," the Washington-based think tank wrote. The declaration "demonstrated that Russia has not yet secured the international support nor created the alternative security structure that the Kremlin desires," ISW added.
Persons: BRICS, , Vladimir Putin, ISW, Huileng Tan, Putin Organizations: UN, Service, United Nations, Kyiv, South Sudanese, Mastercard Locations: Kazan, Ukraine, Russia, China, Washington, Nazi, Moscow, Brazil, India, Syria, Tel, Lebanon, Gaza, Republic, Tatarstan
(Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)United Parcel Service surpassed Wall Street estimates for quarterly profit and raised its full-year adjusted operating margin forecast on Thursday after it hived off its volatile truckload brokerage business, Coyote Logistics. The company had slashed its full-year adjusted operating margin target to 9.4% in July, despite an uptick in U.S. volumes because of the shift. It now expects a full-year operating margin of 9.6%. UPS saw a 6.5% growth in average daily volumes in its domestic segment in the third quarter. Its adjusted operating margin of 8.9% was above last year's 7.7%, on cost cuts.
Persons: Lindsey Nicholson Organizations: UPS, Getty Images, United Parcel Service, Wall, Coyote Logistics, U.S . Postal Service, Consolidated, United States Postal Service, FedEx Locations: Queens , New York, U.S, China
The trajectory of mortgage rates may help determine what happens to down payments. Borrowing costs, savings rates sway down paymentsAny analysis of down payments that doesn't mention mortgage rates would be incomplete. The 30-year fixed mortgage rate hit a two-decade high of 7.8% last October and has steadily fallen for most of the last 12 months. AdvertisementBut there's a less rosy explanation for lower down payments: buyers can't afford to pay more. The personal savings rate in the US was 4.8% in August, according to Realtor.com, which was up from the inflation-stretched low of 2% in June 2022.
Persons: , Hannah Jones, Buyers, Jones Organizations: Service, homebuyers, Federal Locations: Texas, Florida, Montana, Washington
Beyoncé is finally hitting the trail with Kamala Harris, The Washington Post reports. The internet was abuzz with false reports of a DNC appearance in August — but Beyoncé is finally hitting the trail with Harris on Friday in Houston. AdvertisementBut with all eyes on Taylor Swift and Beyoncé this year, do celebrity endorsements even matter? Cayce Myers, a public relations professor at Virginia Tech, told BI that celebrity endorsements tend to have "minimum impact." Democrats have more and higher-profile celebrity endorsements, Harvey said.
Persons: Beyoncé, Kamala Harris, , Beyoncé Knowles, Carter, Harris, Tina Knowles, Willie Nelson, Taylor Swift, Mark Harvey, Al Jolson's, Warren Harding, Harvey, Cayce Myers, Myers, Oprah Winfrey, Barack Obama, Loren Kajikawa, doesn't, Julia Roberts, Kajikawa Organizations: The Washington Post, Service, Beyoncé, Virginia Tech, Democrats, George Washington University, Eminem Locations: Houston, The, Detroit, Georgia
Pairs trading is a market-neutral trading strategy that involves simultaneously buying one asset, such as a stock, and selling another related asset. We will review a pairs trade candidate and how to execute it with options. The idea with pairs trading is that, from time to time or over time, there may be a divergence or spread in their prices. Alternatively, another form of pairs trading takes a longer-term and more fundamental perspective. Nike vs. Lululemon Well-known athletic apparel companies Nike (NKE) and Lululemon Athletica (LULU) aren't direct competitors.
Persons: Jim Simons, shorting, Lululemon Athletica, LULU, aren't, Michael Jordan, Tiger Woods, Serena Williams, Lulu, DK Metcalf, Jordan Clarkson, Leylah Fernandez, Lululemon, Lulu hedged Organizations: Ford, General Motors, Technologies, Nike, Seattle Seahawks, NBA, LULU, Lululemon, mojo, CNBC, NBC UNIVERSAL Locations: Lulu
Looking ahead to November, Oppenheimer has updated its top stock ideas list, which features additions such as CarMax , Mastercard and Atlassian . He has an outperform rating on the stock, and his price target implies nearly 26% upside from Wednesday's close. Analyst Ittai Kidron has an outperform rating on the stock, and his $230 target reflects nearly 22% upside, as of Wednesday's close. That implies more than 15% upside from Wednesday's close. Evercore ISI also added Broadcom to its top chip stock picks ahead of its earnings report later in the year.
Persons: Oppenheimer, Michael Wiederhorn, Cigna, Ittai Kidron, Kidron, Atlassian, Morgan Stanley, Rick Schafer, Schafer, Hock Tan Organizations: Dow Jones, Nasdaq, Mastercard, Dick's Sporting Goods, Bloomberg, Humana, Bloomberg News, Broadcom, ISI
"As a result, iPhone 16 production for 2H24 is now estimated at 84 million units," Kuo wrote , noting that his estimate is down from about 88 million units. Kuo said most of the cuts affect the regular iPhone 16 instead of the iPhone 16 Pro models , which have nicer displays and better cameras and have been more popular with consumers. Apple shares fell about 2% on Wednesday after industry supply chain analyst Ming-Chi Kuo said the company has cut orders for the iPhone 16 by about 10 million units for the fourth quarter of this year and the first half of 2025. He estimates production of 45 million units during the first quarter of 2025 and 39 million units during the second quarter, down from 48 million and 41 million, respectively. It is supported by the latest iPhone 16 phones and last year's iPhone 15 models.
Persons: Kuo, Ming, Chi Kuo Organizations: Apple, Apple Intelligence, CNBC, YouTube Locations: 1H25
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