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Check out the companies making headlines in midday trading: Nvidia — Shares of the artificial intelligence darling fell 1% after a rare negative call on Wall Street . New Street Research downgraded Nvidia to hold from buy, citing limited upside given the big run already this year. Crypto stocks — Stocks tied to the cryptocurrency plummeted after the trustee for the now defunct Mt. SoftBank Group , Arm Holdings — U.S. shares of SoftBank rose 5.5% after Japanese shares hit their first record high in 24 years on Thursday. Teck Resources — The stock rose more than 2% after Bloomberg reported Thursday that Canada had approved Glencore's $6.9 billion acquisition of Teck's metallurgical coal business.
Persons: Macy's, Stocks, Energy, CleanSpark, Masayoshi, SoftBank, Nio, Zeekr, Li, Emmanuel Papadakis, Teck, Alex Harring, Jesse Pound Organizations: Nvidia, New, Research, Street Journal, Arkhouse Management, Brigade Capital Management, Marathon, SoftBank, Arm Holdings —, Reuters, Francisco Partners, KKR, , European Union, Li Auto, Novo Nordisk, Novo Nordisk's Ozempic, Deutsche Bank, Harvard Medical, Bloomberg, Getty Locations: SoftBank, Europe, Novo, Teck
Israel's Iron Dome anti-missile system intercepts rockets launched from the Gaza Strip, as seen from Ashkelon, in southern Israel, October 20, 2023. It has a success rate of around 90%, according to the Israel Defense Forces. An Iron Dome launcher fires an interceptor missile as rockets are fired from Gaza, in Ashkelon, Israel May 10, 2023. Amir Cohen | ReutersThe Iron Dome also intercepts around 90% of the near-daily rocket attacks from Hamas and other militant groups in Gaza, the IDF claims. Hamas' rockets and missiles, by comparison, are estimated to number in the tens of thousands.
Persons: Amir Cohen, Israel —, Rafael, , Miri Eisin, Eisin, credibly, Victor Tricaud, Tricaud, Wissam tawil Organizations: Reuters, U.S, Palestinian, Hamas, Israel Defense Forces, Defense Ministry, Rafael Advanced Defense Systems, Hezbollah, International Institute for Counterterrorism, Tel, CNBC, Israel's Reichman, Iranian, Getty Locations: Gaza, Ashkelon, Israel, Iran, Lebanese, Lebanon, Washington, Tel Aviv, Hamas, Iranian, Khirbit
U.S. President Joe Biden is welcomed by Air Force Colonel Angela Ochoa (R) as he arrives to board Air Force One at Joint Base Andrews in Maryland on July 5, 2024. Biden is scheduled to speak with ABC News anchor George Stephanopoulos during a campaign trip to Madison, Wisconsin. The Trump campaign and Republican Party, in turn, have started ramping up attacks on Harris. When a reporter asked Biden on Friday if thinks he can still beat Trump, the president replied, "Yes," before boarding Air Force One and heading to Wisconsin. Harris told CBS News on Tuesday, "Joe Biden is our nominee.
Persons: Joe Biden, Angela Ochoa, Donald Trump, Biden, George Stephanopoulos, David Muir, Abigail Disney, Kamala Harris, Trump, Harris, Karine Jean, Pierre, Jean, Organizations: Air Force, Joint Base Andrews, Republican, ABC News, ABC, Democratic, Disney, CNBC, Democracy, Project, The New York Times, Republican Party, NBC, Trump, CBS Locations: Maryland, Madison , Wisconsin, Wisconsin, Madison
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewJoan Sabaté is admittedly "nutty" about good health and nutrition. Crispin la valiente/Getty ImagesIn traditional Spanish fashion, the biggest meal of Sabaté's day is usually lunch, where "we eat a pot of beans." AdvertisementIf breakfast is hearty enough, he'll do a late lunch and perhaps skip having a third meal altogether. At home, his meal plan is generally vegetarian and fairly low-dairy, but Sabaté isn't opposed to having some omega-3-rich fish when he goes out to eat.
Persons: , Joan Sabaté, he's, Oksana Mizina, Shutterstock Sabaté, It's, Crispin la valiente, Sabaté, Joff Lee, Sabaté isn't Organizations: Service, Center for Nutrition, Loma Linda University, Business, American Heart Association, Loma Locations: Southern California
New York CNN —With interest rate cuts on the backburner, Wall Street is looking to corporate earnings to continue powering the 2024 stock market rally. Analysts polled by FactSet expect second-quarter earnings of S&P 500 companies to grow about 8.7% on average from the prior year. Strong corporate earnings have helped the S&P 500 gain a whopping 16% and notch repeated record high closes this year. Since the Fed isn’t likely to cut rates anytime soon, the onus is on strong corporate earnings to continue driving the market rally. Earnings season kicks off July 12 when big banks including JPMorgan Chase, Wells Fargo and Citigroup report results.
Persons: FactSet, Jerome Powell, , Jeffrey Buchbinder, Wells, Dow, Lisa Shalett, Jessie Yeung, Hanako Montgomery, Junko Ogura, , Tadashi Matsubara, ” Read, Laura He, Pan Gongsheng, Read Organizations: CNN Business, Bell, New York CNN, Federal, LPL, JPMorgan Chase, Citigroup, Nvidia, Microsoft, Meta, Dow Jones, Morgan Stanley Wealth Management, Kanpou, , Beijing Money, Silicon Valley Bank, People’s Bank of China, prudential Locations: New York, Sintra , Portugal, Wells Fargo, Banks, Japan, Nepal, China, Beijing, Silicon, United States, Shanghai
Against this backdrop, Wells Fargo ran a screen looking for stocks that its analysts rate overweight, and that have positive catalysts in the third quarter quarter. Here's which stocks made the cut: Capital One has a potential catalyst if the Discover merger goes through, according to Wells Fargo. Wells Fargo is out of step on Wall Street, as the average analyst has a hold rating on Capital One. The typical price target implies nearly 16% upside, while Wells Fargo sees the stock soaring more than 37% from Monday's close. On the other hand, Wells Fargo said Tesla and Old Dominion Freight Line could see downside from negative catalysts in the third quarter.
Persons: Wells, Wells Fargo, LSEG, Tesla Organizations: Nasdaq, Algonquin Power & Utilities, Semiconductor, iShares Semiconductor, Old Dominion, Tesla Locations: Wells Fargo, Wells, Ontario, China, Monday's
CNN —For nearly two decades, the Israeli nonprofit Road to Recovery has transported sick Palestinians roundtrip from checkpoints in Gaza and the West Bank to Israel for medical treatment. The organization, founded by 2011 CNN Hero Yuval Roth, had grown to 1,300 volunteers and was helping about 140 patients a day before the war. Today, Road to Recovery’s work continues, and Roth feels that it is as crucial as ever. The organization currently transports between 40 to 50 patients a day between the checkpoints and Israeli hospitals and medical providers. “Each trip is an opportunity to make a ‘small hour of peace.’” Roth said.
Persons: Yuval Roth, Roth, ” Roth, , ’ ” Roth, there’s, “ It’s Organizations: CNN, West Bank, ” CNN, Hamas Locations: Gaza, Israel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Labour Party's Rachel Reeves has 'orthodox' approach to fiscal policy, former BOE governor saysJohn Gieve, former deputy governor of the Bank of England, weighs in on which fiscal measures he's anticipating from Rachel Reeves, who's expected to become Britain's first-ever female finance minister in Keir Starmer's incoming Labour government.
Persons: Rachel Reeves, BOE, John Gieve, who's, Britain's, Keir Starmer's Organizations: Labour, Bank of England
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTory legacy has left the new Labour government with very little fiscal freedom, strategist saysBhanu Baweja, chief strategist at the UBS Investment Bank, weighs in on the impact of the Labour Party's landslide win in the U.K.
Persons: Bhanu Baweja Organizations: Labour, UBS Investment Bank, Labour Party's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank: Volatility and political discount shouldn't an issue for the UK anymoreMaximilian Uleer, Head of European & Cross-Asset Strategy at Deutsche Bank, discusses how the UK elections impact the markets.
Persons: Maximilian Uleer Organizations: Deutsche Bank, European
Constellation Brands could be poised for a breakout after a 3% sell-off Wednesday and a lukewarm first half of 2024, according to JPMorgan. Shares of the beer maker are ahead almost 4% in 2024, lagging the broader market. JPMorgan analyst Andrea Teixeira said the sell-off was "unjustified" and noted that the recent pullback could present a buying opportunity for investors to capture potential margin improvement thanks to stronger beer sales. STZ YTD mountain Constellation Brands shares in 2024. Constellation Brands, home to beer brands Modelo Especial and Corona, is the largest domestic beer importer.
Persons: Andrea Teixeira, Teixeira Organizations: Constellation Brands, JPMorgan, Constellation, Modelo Especial Locations: Corona
Young, wealthy investors don't want their parents' investments. Nearly one-third of young, wealthy investors' portfolios are in alternative assets like hedge funds, private equity, and crypto and digital assets, according to Mike Pelzar, head of investments at Bank of America Private Bank. Meanwhile, less than half of their portfolios are in traditional stocks and bonds. "The two different cohorts think very differently about what the greatest opportunities are for growth with their investments," Pelzar said. Younger investors' appetite for alternatives isn't expected to let up, with 93% indicating they plan to use more of those investments in the next few years, Bank of America's research found.
Persons: Young, Mike Pelzar, Pelzar Organizations: Bank of America, Bank of America Private Bank, Bank of
Investors looking for outperformance in the third quarter may want to check Bank of America's global "Best of Breed" portfolio. Its third-quarter Best of Breed list is heavily exposed to tech, with the sector netting a 64% portfolio weighting. Here are some of the stocks in the portfolio: Nvidia made the list after a monstrous run this year, surging about 159%. The firm reiterated its overweight rating and raised its price target to $144 from $116 in a Monday note. The firm sees revenue growth accelerating in the second half of this year and operating income growth inflecting in 2025.
Persons: Morgan Stanley, Shopify, BofA, Tyler Radke, NetEase Organizations: America's, Nvidia, Apple, Microsoft, Citi, U.S, Palantir Technologies Locations: U.S, China
Read previewWith Joe Biden's re-election campaign in shambles, Democrats are turning yet again to a woman they've long wanted to nominate: Michelle Obama. Michelle Obama. When he joked that Michelle Obama might not have the temperament to be president, she jumped on the opportunity to agree. December 19, 2016Oprah asked Michelle Obama if she ever plans to seek office, but received largely the same answer as everyone else. Obama asked.
Persons: , Joe Biden's, Michelle Obama, First, Obama, situates, Crystal Carson, Joe Biden, Kamala Harris, Nathan Congleton, we'll, Barack Obama, Michelle, Valerie Jarrett, Jarrett, Oprah, I'm, coy, it's, Conan O'Brien's, O'Brien, she'd, Carson Organizations: Service, Reuters, Democratic, Trump, Business, Getty, The, ABC News, NBC News, White House, Southwest, White, BBC, NBC Locations: NBCU, United States, Baton Rouge , Louisiana, Austin , Texas, Orlando , Florida, Boston , Massachusetts
Sujit Jaiswal/AFP/Getty ImagesThe Indian wedding industry has boomed since the country emerged from the pandemic. “And this is irrespective of the economic classes.”At about $15,000, the average Indian wedding costs more than three times the average annual household income. Indian weddings are often spread across several days, with an average guest list of 326, compared with 115 in the United States, according to The Knot Worldwide. Rihanna, couture and emeraldsThe average luxury Indian wedding can cost anywhere between $200,000 and $400,000, according to Jefferies. No luxury Indian wedding is complete without lavish meals, which at times involves flying in Michelin star chefs and the finest of ingredients from across the world.
Persons: Anant Ambani, Mukesh Ambani, Radhika Merchant, Mukesh Ambani’s, Tim Chi, Nita, Anant, Sujit Jaiswal, it’s, Jefferies, ” Jefferies, Nasir Kachroo, , Sima Taparia, Aditya Motwane, Priyanka Chopra, Nick Jonas, , you’ve, Ambani’s, Mark Zuckerberg, Bill Gates, Rihanna, Motwane, , Stringer, Knight Frank, Tina Tharwani, Nita Ambani, Olivier Polet, Tharwani, Virat, Vanessa Almeida, Almeida, videographers, Katy Perry, Andrea Bocelli, Rafiq Maqbool, Narendra Modi, ” Modi Organizations: New, New Delhi CNN, Silicon, CNN, Getty, Netflix, Motwane Entertainment, Shaadi, Michelin, Backstreet Boys Locations: New Delhi, Radhika Merchant . India, India, Mumbai, AFP, South Asia, Jammu, Kashmir, United States, Indian, Jamnagar, Monte Carlo, Jodhpur, Rajasthan, Florence, Indian Italian, Tuscany, Goa, Italian, Genoa
Le Pen: Mbappé not representativeLe Pen directed most of her ire closer to home. “I’m not contesting the existence of these comments,” Le Pen said, referring to the accusations levelled against her candidates. Top of the list of sensitivities is likely to be foreign policy, where Le Pen and Macron rarely see eye to eye. Many held similar suspicions ahead of the election of hard-right culture warrior Italian Prime Minister Giorgia Meloni in 2022. “It’s a form of interference, and in that sense, I find it unacceptable,” Le Pen said of the post.
Persons: Emmanuel Macron’s, Emmanuel Macron, , CNN’s Christiane Amanpour, Kylian Mbappé, Le Pen, Macron, Le, Jordan Bardella, CAESAR, Roman Pilpey, Pen, Mbappé, , ” Mbappé, “ It’s, Kylian, Franck Fife, ” Le Pen, Bardella, CNN Le, Florent de Kersauson, Daniel Grenon, Grenon, “ I’m, “ That’s, Francois Lo Presti, Vladimir Putin, She’s, Putin, Giorgia Meloni, she’s Organizations: Paris CNN —, CNN, Macron, soccer side’s, Ukraine, National Rally, National Assembly, National, 55th Artillery Brigade, Getty, CNN Le Pen’s, BFMTV, Kyiv, Locations: Ukraine, Russia, France’s, Donetsk, AFP, Washington, Kyiv, France, Paris, Hamburg, Germany, Algeria, Cameroon, United States, Brittany, , , Henin, Beaumont, Brussels, Crimea, 2014, Russian, Italian, There’s, Moscow
Gox, the Japanese bitcoin exchange that collapsed into bankruptcy a decade ago, on Friday said that the company has begun to make payments in bitcoin and in bitcoin cash to some of its creditors. After declaring bankruptcy, 140,000 of the missing bitcoin were recovered — which means that roughly $9 billion worth of bitcoin will be returned to owners, in today's prices. Gox, Arkham Intelligence said Friday. Gox users, according to Arkham. A further $63.6 million of bitcoin was sent to an unknown counterparty, which Arkham said was "likely a listed repayments exchange."
Persons: Thomas Trutschel, Gox, bitcoin, Arkham Organizations: Photothek, Arkham Intelligence Locations: Mt, Gox, bitcoin, Tokyo, Arkham
Read previewRussia's invasion of Ukraine has resulted in a surge in demand, orders, and manufacturing of Western weaponry, including decades-old equipment and even gear that had gone out of production. The result is more orders and manufacturing, even of Western equipment where production had stopped. Its maker, Lockheed Martin, is increasing production as well as its production of the antitank missile system. Russia has also ramped up its wartime production, which could aid it in the future and not just against Ukraine. One solution would have been countries ramping up their orders and production earlier in the war, Di Mizio said.
Persons: , it's, Jan Kallberg, hasn't, Lockheed Martin, Diehl, Timothy Wright, Mark Cancian, Vladimir Putin, Mikhail Klimentyev, Mattias Eken, Cancian, Diego Herrera Carcedo, Giorgio Di Mizio, Kallberg, Di Mizio Organizations: Service, Business, Manufacturing, Center for, Army Cyber Institute, US Army, Air Missile System, High Mobility Artillery Rocket Systems, Getty, IRIS, Patriot, International Institute for Strategic Studies, Financial Times, Center for Strategic, International Studies, Russia Western, Military, Sputnik, REUTERS, Ukraine, Russia, RAND Corporation, Anadolu Agency Locations: Ukraine, Russia, West, Norway, Europe, Bakhmut, Donetsk Oblast, France, Kremlin, REUTERS Russia
Read previewA Ukrainian tennis star turned heads at Wimbledon for taking on the competition in a sporty version of her wedding dress. Kostyuk wore the court-suitable homage to her bridal look for the first time at Wimbledon 2024 on Monday when she beat Slovakia's Rebecca Šramková. The Wilson dress has a removable sheer overlay that Kostyuk unbuttoned before stepping onto the court. AdvertisementJust like Kostyuk's wedding dress, which she wore to tie the knot with her now-husband George Kyzymenko, the tennis dress is sleeveless and semi-backless, with a sloping V-neck and a sheer outer layer. Related storiesKostyuk told Vogue earlier this week that enlisting Michaeloff as her wedding dress designer was a spur-of-the-moment decision.
Persons: , Marta Kostyuk, Marta, Joelle Michaeloff, Kostyuk, Slovakia's Rebecca Šramková, Australia's Daria Saville, America's Madison Keys, Wilson, John Walton, George Kyzymenko, Daniel Kopatsch, Michaeloff, Coco Gauff, Serena Williams, Naomi Osaka Organizations: Service, Wimbledon, Business, Vogue, Lululemon, Wilson, Nike, Kostyuk Locations: Ukrainian
The items repatriated from New York’s Metropolitan Museum of Art arrived Wednesday and were displayed to journalists and VIPs on Thursday at the National Museum in the Cambodian capital, Phnom Penh. Fourteen rare Angkor era sculptures tied to a controversial art dealer and collector were returned to Cambodia from New York's Metropolitan Museum of Art earlier this week. Cambodia claims that other items illegally trafficked from the country are still at the Metropolitan Museum, as well as at other museums and in the hands of private collectors. Heng Sinith/APThe pieces returned to Cambodia from the Met were looted during a long period of civil war and instability in Cambodia, which was ruled by the brutal communist Khmer Rouge regime in the 1970s. “At last, the Uma can be reunified to achieve its full magnificence as one complete statue,” it said.
Persons: Phoeurng Sackona, , Heng Sinith, ” Sackona, , Douglas Latchford, Uma, Koh Ker Organizations: Phnom Penh AP, New York’s Metropolitan Museum of Art, National Museum, Cambodia’s Ministry of Culture and Fine Arts, United, US Department of Homeland Security, Metropolitan Museum, New York's Metropolitan Museum of Art, Ministry, National Museum of Cambodia Locations: Phnom Penh, Cambodia, New, United States, New York, Khmer, Syria, Iraq, Nazi, Europe, Khmer Rouge
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLabour does not have much headroom in terms of fiscal changes, economist saysJari Stehn, chief European economist at Goldman Sachs, discusses the economic and fiscal landscape in the U.K. as Labour wins the 2024 general election.
Persons: Jari Stehn, Goldman Sachs Organizations: Labour
Toby Melville | ReutersLONDON — The U.K.'s Labour Party won a huge parliamentary majority in the country's general election, but a quirk of the British electoral system means it did so with just 34% of the total votes cast. Results show that the opposition Labour Party has won 412 parliamentary seats of the total 650, with just two seats yet to be declared. This translates as roughly 63% of the total seats, but Labour has won just 34% of the total "popular" vote, while the Conservative Party has secured nearly 24% of that number. Meanwhile, smaller parties including the centrist Liberal Democrats, right-wing Reform U.K. and the Greens took nearly 43% of the popular vote but gained just less than 18% of the seats available. Unlike in other voting systems, there are no second rounds or ranking of first- and second-choice candidates, meaning it can be difficult for smaller parties to translate an increased share of the popular vote into parliamentary seats.
Persons: Keir Starmer, Victoria Starmer, Toby Melville, Gabriella Dickens, Dickens Organizations: British, Labour, Reuters LONDON, Labour Party, Conservative Party, Liberal Democrats, Greens, U.K, AXA Investment, Scottish National Party Locations: London, Britain
The possibility that Donald Trump could attract a significant share of Latino voters and shave down his margins against President Biden is one of the open questions of this election. But conservative Latino voters have taken up outsize space in the national imagination. The Biden campaign should worry less about a mass defection of Latinos to the MAGA camp than about motivating young Latinos to go to the polls. It is these youths who will determine the fate of the Latino vote. As of the 2020 Census, the median Hispanic in the United States was 30 years old.
Persons: Donald Trump, Biden, MAGA, They’re Locations: United, Arizona, Nevada, United States
I was raised in a military family, so I've lived in a few different places around the world. I have always had a passion for traveling, and buying this round-the-world ticket was a dream of mine. With Home Exchange, you're not — you just pay an annual membership fee. I tend to get the feeling that home-exchange people are more into traveling the world and being open to meeting other people. The couple is staying in strangers' homes around the world and making friendships along the way.
Persons: , Dorine Olive, I've, Chuck, Olive, we're, It's, We've, He'd, they've Organizations: Service, Business, Star Alliance, Home Exchange, Exchange Locations: Orlando, Croatia, Hungary, Turkey, Uganda, Malaysia, Singapore, Indonesia, Australia, France, Ohio, Olive, New York
Elon Musk has weighed in on Mark Zuckerberg's latest viral stunt. The Meta CEO posted a video of himself hydrofoiling while wearing a tuxedo. I prefer to work," Musk said of the video. I prefer to work," Musk wrote in an X post in response to the video. Zuckerberg went viral on Thursday after he posted a video of himself surfing on a hydrofoil to Facebook and Instagram.
Persons: Elon Musk, Mark Zuckerberg's, hydrofoiling, wasn't, Musk, , Mark Zuckerberg, Zuckerberg Organizations: Service, Facebook
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