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Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.
Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon
The firm downgraded the cosmetics stock to hold from buy but maintained $530 per share price target. The firm maintained a neutral rating alongside a $13 per share price target, implying nearly 10% upside ahead. The firm is standing by an underperform rating on Robinhood stock with a $12 per share price target. HSBC downgraded the software stock to hold but maintained its $22 per share price target. First Solar shares have lagged in 2024, losing 11.6% amid concern that Federal Reserve rate cuts may not arrive until later than anticipated.
Persons: Ulta, Anthony Chukumba, Chukumba, Brian Evans, Christopher Danely, — Brian Evans, Robinhood's, Robinhood, LSEG, JPMorgan's Kenneth Worthington, Goldman Sachs, Will Nance, America's Craig Siegenthaler, Wells, Biogen, Mohit Bansal, Stephen Bersey, Christopher Dendrinos, Dendrinos, Fred Imbert Organizations: CNBC, U.S, Wednesday, RBC, HSBC, Palantir, Citi, Revenue, Bank, America's, Technologies, RBC Capital Markets, Enphase Energy, Shoals Technologies Locations: 2024e, Tuesday's, U.S
Advisory firm discusses possible outcomes of Indonesia election
  + stars: | 2024-02-14 | 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 EmailIndonesia polls: There will be much continuity between some government personnel, says advisory firmDouglas Ramage, founding managing director of BowerGroupAsia Indonesia, says if the elections don't go to a second round, "and we've got Prabowo clearing 50% plus one today, there will surely … be disputes brought to the Constitutional Court which adjudicates all election disputes" and protests are possible, though unlikely to be "fundamentally destabilizing."
Persons: Douglas Ramage, we've Organizations: Indonesia, BowerGroupAsia Locations: BowerGroupAsia Indonesia
It remains to be seen what Tesla will do about Elon Musk's pay just a few weeks after a Delaware judge voided his $56 billion compensation package, the largest CEO pay package in public corporate history. But Musk has already made some big decisions, including a declaration of a war on the state of Delaware. "Never incorporate your company in the state of Delaware" Musk posted on X shortly after the decision. "Put simply, neither the Compensation Committee nor the Board acted in the best interests of the Company when negotiating Musk's compensation plan. But even as those figures have risen, Musk's compensation would be an "outlier among outliers," said Matteo Tonello, managing director at The Conference Board.
Persons: Elon Musk, Tesla, Elon Musk's, Musk, Chancellor Kathaleen McCormick, McCormick, Charles Elson, Todd Maron, Elson, Matteo Tonello Organizations: Elon, Twitter, Fortune, Weinberg, Corporate, Tesla, Company, The Conference Board Locations: Krakow, Poland, Delaware, Texas, Nevada
"I don't think you can treat the world's second-largest economy as either an alternative investment or un-investable, that would be wide of the mark," Bilton said. Uncertainty around monetary policy and a shrinking labor force are further causes for concern, Bilton noted. Some analysts saw this as potential dovish policy shift from the PBOC, which has appeared reluctant to take measures that could boost the struggling economy. Financial bodies including the International Monetary Fund have called for further monetary policy reforms since then. IMF Managing Director Kristalina Georgieva told CNBC this week that China had been advised to make use of more of its available fiscal and monetary policy space.
Persons: Raul Ariano, John Bilton, CNBC's, Bilton, Kristalina Georgieva Organizations: Bloomberg, Getty, JPMorgan Asset Management, People's Bank of, International Monetary Fund, IMF, CNBC Locations: Yuyuan, Shanghai, China, People's Bank of China
I decided to leave investment banking because I'd lost the meaning and purpose of my work, and I wanted to find it. Becoming a managing director wasn't a specific goal when I started in investment banking. I realized money is just part of the puzzle. The biggest expense isn't the business investment but the opportunity cost and covering my living expenses while extending my financial runway. I don’t have fixed commitments, like a mortgage or children, which gave me the flexibility to leave my banking career.
Persons: , Valeri Gervaziev, Morgan Stanley, I'd, wasn't, could’ve, HENRY, I’ve, I've, Lauryn Haas Organizations: Service, Barclays, Business, lhaas@businessinsider.com Locations: London, Bulgaria
Silicon Valley space startup Skylo Technologies landed funding from the corporate venture arms of Intel, BMW and Samsung, as the company aims to bridge the gap between satellite and terrestrial communications. Skylo raised $37 million through an equity round, the company told CNBC, that was led by Intel Capital and Innovation Endeavors and joined by BMW i Ventures, Next47, Samsung Catalyst Fund and Seraphim Space. We just don't want extra hardware, because that adds complexity," Skylo CEO Parth Trivedi told CNBC. That way, Trivedi sees Skylo operating as a "roaming partner" to existing cellular networks, effectively rubber-stamping and linking devices made by other connectivity players. "You're going to find that this approach is very, very scalable, because the carriers don't have to change behavior, the users don't have to change behavior, the satellite operators don't have to change behavior, and regulators don't have to change behavior," Trivedi said.
Persons: Skylo, Parth Trivedi, Trivedi, Dave Johnson, They've, Johnson Organizations: Technologies, Intel, BMW, Samsung, CNBC, Intel Capital, Innovation, BMW i Ventures, Next47, Samsung Catalyst Fund, SoftBank, Qualcomm, MediaTek, Sony Locations: Mountain View , California
There are a few key forces forces driving the latest bitcoin euphoria, including an influx of money from investors in newly launched bitcoin exchange-traded funds and excitement over the halving, when the rate of bitcoin production is slashed. “Which is exciting because if history rhymes, the next 12-18 months is going to be a scorcher for crypto.”The halving hypeThe halving, also called the “halvening,” is a foundational concept in the bitcoin philosophy. In 2016, it was about almost 800% over that two-year period; for the 2020 halving, investors saw a 700% gain. The imminent bitcoin halving is setting up a grand chess game in the markets, Henry Robinson, co-founder of Decimal Digital Currency, said in an email. The timing of this year’s halving is also significant, coming just a few months after the US Securities and Exchange Commission approved the first spot bitcoin ETFs.
Persons: New York CNN —, Bitcoin, bitcoin, , Antoni Trenchev, Gareth Rhodes, bitcoin’s, Rhodes, Henry Robinson, ” Robinson, , it’s Organizations: New, New York CNN, New York State Department of Financial Services, Decimal, US Securities and Exchange Commission, BlackRock, Fidelity, Bloomberg Locations: New York, bitcoins
The shake-up targets the $10 trillion money manager's influential group that provides services to high-stakes institutional clients like sovereign wealth funds, insurers, and central banks. The group has ambitions to become "the most trusted advisor to financial institutions in our industry," he wrote. AdvertisementThe FSIG includes the firm's Financial Markets Advisory team and the Financial Institutions Group. It had also historically encompassed the Official Institutions Group, known as OIG, which will no longer be a stand-alone unit, a BlackRock spokesperson confirmed on Tuesday. She has been critical to driving relationships with institutions and "instrumental in making BlackRock the partner of choice for central banks globally," he wrote.
Persons: , Volodymyr Zelenskyy, Charles Hatami, BlackRock's, Hatami, Isabelle Mateos y, OIG, Mateos y, Crystal Wan, Olivier Van Eyseren, Anne Parthiot, Mark Erickson, Kimberly Kim, Erickson, Hiro Shimizu, Philipp Hildebrand, BlackRock's Brandon Hall, Brandon Hall, Ben Leax, Rob Goldstein, FMA, Larry Fink Organizations: Service, Business, BlackRock's Financial, Strategic Investors Group, Business Insider, Financial, Group, BlackRock, International Monetary Fund, FIG, EMEA, Presidential, Brandon Locations: Isabelle Mateos y Lago, Hatami, Europe, Middle East, Africa, Asia, Pacific, Ukraine, Central Asia, US
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe money is there for developing countries to shift to low-carbon energy by 2030: IFCIFC Managing Director Makhtar Diop outlines the private sector investment to carry out the energy transition in developing countries.
Persons: Makhtar Diop Organizations: IFC IFC
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFear of missing out is underpinning 'super-charged momentum market': Evercore ISI's Julian EmanuelJulian Emanuel, Evercore ISI senior managing director, joins 'Fast Money' to talk 'FOMO' investing, Nvidia's monster rally and more.
Persons: Evercore ISI's Julian Emanuel Julian Emanuel
Shanker also raised his price target to $80 from $75, suggesting nearly 34% downside from Friday's close. — Spencer Kimball 8:16 a.m.: Loop Capital upgrades Corteva, touts growth acceleration in 2025 Corteva's stronger-than-expected 2024 full-year guidance will jumpstart a period of strong growth, according to Loop Capital. The firm upgraded the agricultural chemicals company to buy from hold and increased its price target to $65 from $57. Analyst Jay Sole upgraded Urban to neutral from sell and upped his 12-month price target by $20 to $41. Kaufman's $183 price target indicates roughly 6.3% downside for shares, which have fallen more than 18% over the past year.
Persons: headwinds, Morgan Stanley downgrades XPO, Morgan Stanley, Ravi, Shanker, — Michelle Fox, Julien Dumoulin, Smith, Duke's, — Spencer Kimball, Chris Kapsch, Kapsch, Brian Evans, Cassie Chan, they'll, Chan, , Jay Sole, URBN, Sole, Urban's, — Pia Singh, Filippo Falorni, Falorni, Hershey, Stanley, Pamela Kaufman, Kaufman's, Hershey's, Kaufman, Graham Doyle, Doyle, Piper Sandler, David Amsellem, Amsellem, Amsellam, Christopher Horvers, Jan, Horvers, Fred Imbert, Dan Levy, Levy Organizations: CNBC, Barclays, Automotive, JPMorgan, Corp, Bank of America, Bank of America downgrades Duke Energy, Duke Energy, Duke, Wall, America, UBS, Urban Outfitters, Free People, Urban, Citi, PepsiCo, Citi Research, Pepsi, Hershey, GE Healthcare Technologies, UBS GE Healthcare Technologies, Pharmaceutical, Teva Pharmaceutical, Federal, Barclays downgrades Rivian, Rivian Automotive, North American EV Locations: Bank of America downgrades, GEHC, David Amsellem U.S
To grow, the ETF industry has to expand the offerings of active management and devise new ways to entice investors. The big topics in 2024: Bitcoin, AI, Magnificent 7 alternativesIn 2024, the industry is betting that the new crop of bitcoin ETFs will pull in billions. Financial advisors are divided on whether to jump inTen spot bitcoin ETFs have successfully launched. Inflows into bitcoin ETFs to date have been modest, but bitcoin ETFs are being viewed by some advisors as the first true bridge between traditional finance and the crypto community. Jason Pereira, senior partner & financial Planner, Woodgate Financial, is speaking on how financial advisors are using artificial intelligence.
Persons: Matt Hougan, Steve Kurz, David LaValle, Ric Edelman, Edelman, Gary Gensler's, bitcoin, Jason Pereira, Pereira, Roundhill's, Alex Zweber, Eric Veiel, Rowe Price, Brian Portnoy, Neil Bage, feely Organizations: ETF, LIV, Miami, Super, Advisors, JPMorgan, bitcoin, Galaxy, Edelman, Digital Assets, Financial Professionals, SEC, Apple, Microsoft, NVIDIA, China ETF Locations: Fontainebleau, Miami Beach, China, bitcoin
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUkraine needs $42 billion of funding to sustain the remarkable progress they have made, IMF saysKristalina Georgieva, managing director at the IMF, says Ukraine needs $42 billion funding this year to sustain the remarkable progress they have made.
Persons: Kristalina Georgieva Organizations: Ukraine, IMF Locations: Ukraine
Evercore ISI's Julian Emanuel thinks Nvidia's monster rally is fueling a fear of missing out in the market. "That's the first time that's happened since 2021 for us," the firm's senior managing director said on CNBC's "Fast Money" on Monday. In his Sunday note, Emanuel warned clients there are similarities to Y2K emerging, particularly when it comes to momentum. Meanwhile, Nvidia , the global leader in artificial intelligence chips, is up 46% so far this year and 240% over the past year. "If you can't see yourself being a buyer down there, you should probably lighten up a little bit," said Emanuel.
Persons: Evercore, Julian Emanuel, Nvidia's, Emanuel, CNBC's Melissa Lee, hasn't, It's Organizations: Dow, Nvidia Locations: U.S, Monday's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Russian economy is in for very tough times, IMF's Kristalina Georgieva saysKristalina Georgieva, managing director at the IMF, says the Russian economy is in for very tough times, after President Vladimir Putin's recent attempt to justify the war in Ukraine.
Persons: IMF's Kristalina Georgieva, Kristalina Georgieva, Vladimir Putin's Organizations: IMF Locations: Russian, Ukraine
Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023. DUBAI, United Arab Emirates — The head of the International Monetary Fund warned the Russian economy is still facing significant head winds despite receiving a recent growth upgrade by the Washington-based institution. Russia's economy has proven to be surprisingly resilient amid waves of Western sanctions in the nearly two years since it launched its full-scale invasion of Ukraine. Despite this, IMF Managing Director Kristalina Georgieva sees more trouble ahead for the country of roughly 145 million. "What it tells us is that this is a war economy in which the state — which let's remember, had a very sizeable buffer, built over many years of fiscal discipline — is investing in this war economy.
Persons: Kristalina Georgieva, CNBC's Dan Murphy, Georgieva, Vladimir Putin Organizations: International Monetary Fund, IMF, United Arab Emirates, World Governments, Defense, Reuters Locations: DUBAI, United Arab, Russian, Washington, Ukraine, Dubai, Russia, Soviet Union
DUBAI (Reuters) - The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Sunday she was confident about the economic outlook despite uncertainties because the global economy has remained resilient. In a speech at the World Governments Summit in Dubai, Georgieva said the IMF would publish a paper on Monday that shows phasing out explicit energy subsidies could save $336 billion in the Middle East, equivalent to the economies of Iraq and Libya combined. (Reporting by Maha El Dahan and Federico Maccioni; Writing by Rachna Uppal; Editing by William Mallard)War in Israel and Gaza View All 206 Images
Persons: Kristalina Georgieva, Georgieva, Maha El Dahan, Federico Maccioni, Rachna Uppal, William Mallard Organizations: Reuters, International Monetary Fund, World Governments Locations: DUBAI, Dubai, Iraq, Libya, Israel, Gaza
What Happens When TikTok Is Your Marketing Department
  + stars: | 2024-02-11 | by ( David Segal | ) www.nytimes.com   time to read: 1 min
In 2018, The Pink Stuff was little more than a home cleaning product with a cute name. “The miracle cleaning paste,” as it said on every container, was sold by just two retail chains in Britain. At a factory near Birmingham, The Pink Stuff line operated for about two hours every month. “It was a brand with a lot of uses,” said Henrik Pade, a managing director at Star Brands, the company behind the product. “But nobody used it.”
Persons: , Henrik Pade Organizations: Star Brands Locations: Britain, Birmingham
CNN —The CEO of a major Nigerian bank, along with his wife and son, were among six people killed in a helicopter crash in the Mojave Desert near the California-Nevada border late Friday night, according to a World Trade Organization official. Both of the helicopter’s pilots were also killed, according to authorities. The aircraft, which was operated by California-based charter company Orbic Air, took off around 8:45 p.m. PT and crashed just after 10 p.m. near Interstate 15 in Halloran Springs, California, Graham said. The NTSB is investigating the cause of the crash and was on the scene in Halloran Springs, California, Saturday night collecting evidence, Graham said at a news conference. Authorities have yet to publicly identify the people killed but condolences have began pouring in for the Wigwe family and Ogunbanjo.
Persons: Herbert Wigwe, Abimbola Ogunbanjo, Ngozi Okonjo, Iweala, Michael Graham, Graham, Witnesses, Godwin Obaseki, , ” “ Wigwe, ” Obaseki, Wigwe Organizations: CNN, California -, World Trade Organization, Access Bank, Nigeria Stock Exchange, WTO, Airbus, National Transportation Safety, Orbic Air, NTSB, Authorities, Bank, San Bernardino County Sheriff’s Department Locations: Nigerian, California, California - Nevada, Palm Springs , California, Boulder City , Nevada, Las Vegas, Halloran Springs , California, Nigeria’s Edo, Nigeria, San Bernardino County, Graham
A once-bustling group of companies, backed by billions in venture capital funding, saw a record year for IPOs in 2021. Now, three years later, most of those direct-to-consumer, or DTC, companies still struggle with profitability. "One of the problems with a lot of direct-to-consumer companies is they're not profitable and a number of them don't really have a convincing pathway to profitability. With the cohort came a huge wave of venture capital funding, propped up by low interest rates. As the Covid-19 pandemic moved most shopping online, venture capital funds were all-in on digital native direct-to-consumer companies.
Persons: GlobalData Retail's, Neil Saunders, Warby Parker, Casper Organizations: IPOs, CNBC, Wonder Group Locations: ThredUp
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase rally is setting itself up for a bigger fall when it reports, says Mizuho’s Dan DolevDan Dolev, Mizuho Americas managing director, joins 'Fast Money' to talk what to expect from Coinbase earnings, the state of the crypto space and more.
Persons: Dan Dolev Dan Dolev Organizations: Mizuho Locations: Mizuho Americas
Barclays plans to cut bonuses for underperforming investment bankers amid a capital markets slump. The plan could lead to more departures after pay cuts and restructuring shook the bank. Barclays' stock has lagged behind rivals, which some say is due to its bloated investment banking arm. Those departures were spurred by a shake-up in Barclays' investment banking arm, which included pay cuts as high as 40% for some managing directors. A similar crisis occurred in 2019 after the head of the investment banking unit stepped down unexpectedly.
Persons: , Paul Compton, Goldman Sachs, J.P, Morgan Chase Organizations: Barclays, Service, Bloomberg, Business, Wall Street Journal, Tesco
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors are 'tiptoeing' back into the Chinese market, but more needs to be done: China RenaissanceAndy Maynard, a managing director and head of equities at China Renaissance, says, however, that there needs to be "a lot more policy support" and "a lot more stimulus" for investors to return to China.
Persons: Andy Maynard Organizations: China Locations: China
The latest concern threatening regional banks started on Jan. 31, when New York Community Bancorp. reported unexpected fourth quarter loss and a large loan loss reserve against futures losses, due in part to the bank's commercial real estate (CRE) exposure. One worry is that the NYCB credit downgrade could spur ratings agencies to take a closer look at other banks, or cause clients to again pull deposits out of regional banks. Determining exactly how unique NYCB's exposure to commercial real estate is will be a key focus for investors and analysts in coming weeks. A note on Wednesday from Wolfe Research analysts focused on banks and commercial real estate showed that regional banks have in general reduced their commercial real estate exposure over the past 15 years.
Persons: NYCB, Ian Lyngen, hasn't, Lyngen, D.A, Davidson, Peter Winter, Winter, Macrae Sykes, Banks, They're, Sykes, Wells Fargo, Jerome Powell, Bond, Tom Fitzpatrick, RJ O'Brien, Fitzpatrick, — CNBC's Michael Bloom Organizations: Investors, New York Community Bancorp, Moody's, Street, Silicon Valley Bank, BMO, Treasury, Wolfe Research, UBS, Gabelli, CNBC Locations: Silicon, Wells
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