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☆ What should you do with your 401(k) when you switch jobs? Experts weigh in
▼ + stars: | 2023-04-18 | by ( Holly Johnson | ) edition.cnn.com time to read: +11 min

Millions of people switch jobs every single year, and millions of 401(k) plans and other retirement accounts fall by the wayside as a result. We asked experts what most retirement savers should do if they have multiple old retirement accounts scattered around — here’s what they had to say. Keep track of your old 401(k) accountsTry and keep good records of your 401(k) accounts, including account numbers. Roll over your 401(k) accounts earlyRollover your old 401(k) accounts early to avoid confusion and potentially maximize returns. How to roll over an old 401(k) planYou can often roll over your 401(k) to an IRA online.

☆ Crypto execs have complaints about the SEC and CFTC. Here's how Chainalysis' policy head believes the industry can find common ground with US regulators.
▼ + stars: | 2023-04-12 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

The US may not embrace crypto, but it needs clear regulation, Chainalysis' policy head told Insider. The CFTC recently sued Binance, whose compliance head critized regulators at an industry event. Chainalysis' policy head says Congress needs to pass crypto-specific legislation. Similar complaints abounded throughout the Links conference, an industry event recently held by Chainalysis in New York. She pointed to other areas, including Dubai and Switzerland, that have created policy frameworks specifically for digital assets, including crypto.

☆ Corporate America is facing its bleakest first-quarter since the pandemic — S&P 500 companies' earnings could drop as much as 7%, new data says
▼ + stars: | 2023-04-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

S&P 500 companies are expected to post a 7% decline in first-quarter earnings, per FactSet. This will be the largest earnings decline since a 32% slump in the second quarter of 2020. The estimated 6.8% decline in first-quarter earnings is not just the lowest in two years, but also below the five-year earnings growth rate of 13.4% and the 10-year earnings growth rate of 8.7%, per FactSet. FactSet's analysis was based on 106 S&P companies that issued guidance on their first-quarter earnings per share. Consumer discretionary and industrials are expected to lead those reporting on-year earnings growth.

☆ Stocks making the biggest moves midday: Nvidia, Palantir, Western Alliance, Johnson & Johnson and more
▼ + stars: | 2023-04-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

The Western Alliance Bancorporation logo is seen in this photo illustration on 13 March, 2023 in Warsaw, Poland. This development would give U.S. government customers and industry partners access to enterprise-grade capabilities by Palantir and Microsoft. Western Alliance also said it has enough liquidity to cover the remaining uninsured deposits. Johnson & Johnson — Shares rose about 3%. Conagra Brands — The packaged goods food company rose 3% after topping Wall Street's expectations on the top and bottom lines for the recent quarter, according to FactSet.

☆ Betting against First Republic, short sellers made $848 mln in March - Ortex
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

April 4 (Reuters) - Short sellers made a whopping $848 million in paper profit by betting against beleaguered First Republic Bank (FRC.N) in March, financial data company Ortex said on Tuesday, making it the most profitable short trade last month. The lender's shares slumped 88.6% in March, its worst monthly performance, as the U.S. banking crisis fueled fears that the San Francisco-based bank could also fall prey to the issues that hit Silicon Valley Bank and Signature Bank. Silvergate Capital Corp wound down operations on March 8 and days later Silicon Valley Bank and Signature Bank were seized by regulators amid liquidity crises, denting investor confidence in the U.S. banking sector. Reporting by Medha Singh and Sruthi Shankar in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ US first-quarter auto sales set to rise on better inventory
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

But rising interest rates and fears of a recession may play spoilsport in an industry where most vehicle purchases are financed with loans, analysts say. "Consumers are facing credit uncertainty as rapidly rising interest rates have created barriers to entry for even the most qualified buyers," said Jessica Caldwell, executive director of insights at auto research firm Edmunds. The automaker is set to post a 15% rise in first-quarter U.S. sales, while Japanese rival Toyota Motor Corp's (7203.T) sales are likely to fall nearly 10%, when they publish data beginning Monday, according to consultant Cox Automotive. Toyota has continued to struggle with inventory shortages sparked by supply constraints, losing its crown as the top selling U.S. automaker to GM. Trucks and crossover SUVs are expected to account for majority of new retail sales in the quarter, according to automotive data company J.D.

[1/3] People demonstrate for the right to affordable housing in Lisbon, Portugal, April 1, 2023. "There is a huge housing crisis today," Rita Silva, from the Habita housing group, said at the Lisbon protest. Portugal is one of Western Europe's poorest countries, with government data showing more than 50% of workers earned less than 1,000 euros ($1,084) per month last year. The average rent for a one-bedroom flat in Lisbon is around 1,350 euros, a study by housing portal Imovirtual showed. At the protest, which was organised by the movement "Home to Live" and other groups, 35-year-old illustrator Diogo Guerra said he hears stories about people struggling to access housing every day.

☆ More millennials are turning 40 — and they're changing travel as we know it
▼ + stars: | 2023-03-27 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +6 min

And they're bringing their tech-savviness, social consciousness and spending habits in tow, which is transforming a travel industry intent on staying ahead of the times. "When it comes to nearly all travel behaviors, millennials are the generation most likely to engage — and they do so often," said Lindsey Roeschke, travel and hospitality analyst at Morning Consult. Where millennials stayFrederic Lalonde, CEO of the travel app Hopper, said its customers are twice as likely to stay in a home than a hotel. "It's all driven by our primary users, who are millennials and Gen Z," he said at the Skift Global Forum 2022. Since 2019, Airbnb home rentals increased the most among travelers with children aged six and younger, according to the company.

☆ Short sellers make $100 mln betting against Deutsche Bank in two weeks-Ortex
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

LONDON, March 24 (Reuters) - Short sellers have made a profit of over $100 million on paper betting against Deutsche Bank stock over the last two weeks, financial data company Ortex said on Friday. Ortex said short interest in Deutsche Bank's (DBKGn.DE) European and U.S.-listed shares has doubled over that period to $360 million. Deutsche's German shares were last down 10% to 8.4 euros ($9.03) on Friday as ongoing fears about the health of global banks knocked confidence in Germany's biggest bank. They've lost 24% in value in the past two weeks. ($1 = 0.9298 euros)Reporting by Harry Robertson; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

☆ Traveling to Asia for work? This city is its most expensive business destination
▼ + stars: | 2023-03-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Hong Kong has been named the most expensive location in Asia for business travelers — for the second year in a row, according to a new report. watch nowTokyo, which dropped from second- to third-most expensive city in Asia, also experienced a 5% rise in daily costs for business travelers in local currency terms. "With average daily costs of $424 per day [in Tokyo], business travel to the city is now almost 20% cheaper than first-placed Hong Kong." "Even a tourist hub like Bangkok, which typically receives many business travelers, only saw a moderate 4% increase in business travel costs," Quane added. World's most expensive placeFor yet another year, New York received the dubious honor of being the most expensive place in the world for business travelers.

Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fuelling inflation and piling pressure particularly onto young, local, entry-level workers. Rents in Lisbon have jumped 65% since 2015 and sale prices have sky-rocketed 137%, figures from Confidencial Imobiliario, which collects data on housing, show. Locals struggled to keep up in a country where public housing only represents 2% of the property market, according to government data. The average rent for a one-bedroom flat in Lisbon is around 1,350 euros, a study by housing portal Imovirtual showed. "If housing stays this expensive or gets worse, (foreign) people ... will start moving back to their own countries."

March 20 (Reuters) - PDD Holdings Inc (PDD.O), which owns discount e-commerce platforms Pinduoduo and Temu, on Monday missed expectations for fourth-quarter revenue as China's post-re-opening consumer recovery remains patchy. PDD reported revenue of 39.82 billion yuan ($5.79 billion) for the quarter ended Dec. 31, up 46% year-on-year, but this fell short of estimates for 41.01 billion yuan, based on Refinitiv data. The group had reported 65% revenue growth in its third- quarter earnings last November. The company's revenue growth compares with single-digit gains reported by Chinese competitors Alibaba (9988.HK) and JD.com (9618.HK) for the same period. Temu's 2023 expansion will include roll outs in Canada, Australia, New Zealand and the UK.($1 = 6.8799 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Here are Monday's biggest analyst calls: UBS, Netflix, First Republic, Carnival, Meta, Amazon & more
▼ + stars: | 2023-03-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Match as a top pick Morgan Stanley said it sees more industry growth for stocks such as Match. Deutsche Bank upgrades Kimberly-Clark and Conagra to hold from sell Deutsche upgraded several staples manufacturers mainly on valuation. Deutsche Bank upgrades Dow to buy from hold Deutsche said the "worst is behind us." Morgan Stanley reiterates First Republic as underweight Morgan Stanley said it sees too many negative outcomes for First Republic. Bank of America reiterates Nvidia as buy Bank of America said it's bullish heading into Nvidia's flagship AI and tech conference this week.

☆ AI love: What happens when your chatbot stops loving you back
▼ + stars: | 2023-03-18 | by ( Anna Tong | ) www.reuters.com time to read: +9 min

He designed a female avatar with pink hair and a face tattoo, and she named herself Lily Rose. As their three-year digital love affair blossomed, Butterworth said he and Lily Rose often engaged in role play. Sometimes Lily Rose sent him "selfies" of her nearly nude body in provocative poses. Now, when Replika users suggest X-rated activity, its humanlike chatbots text back "Let's do something we're both comfortable with." The coquettish-turned-cold persona of Lily Rose is the handiwork of generative AI technology, which relies on algorithms to create text and images.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ If ChatGPT Writes Your Cover Letter, Is It Cheating? Some Bosses Think So.
▼ + stars: | 2023-03-14 | by ( Ann-Marie Alcántara | ) www.wsj.com time to read: 1 min

It was an unexpected problem. Earlier this year, Christina Qi, the chief executive of market data company Databento, noticed almost every job application included exactly what she was looking for. The company prompts candidates to write a tweet and a press release about microwave towers, a niche topic that requires research, Ms. Qi said. Normally, most candidates fail the test. This time all five passed.

☆ Bosses Are Catching Job Applicants Using ChatGPT for a Boost
▼ + stars: | 2023-03-14 | by ( Ann-Marie Alcántara | ) www.wsj.com time to read: 1 min

In papers filed with a state court in Manhattan, James is seeking a permanent injunction to stop KuCoin from operating in New York until it complies with the law. KuCoin trails Binance, Coinbase and Kraken in trading volume among cryptocurrency spot exchanges, according to the data company CoinMarketCap. Last month, James sued the CoinEx cryptocurrency platform for failing to register with the state. In January, 10 states including New York secured up to $24 million from the cryptocurrency company Nexo Inc, which they also accused of operating illegally. Reporting by Jonathan Stempel in New York; Editing by Diane Craft and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Top 10 things the Club is watching in the stock market Thursday: Bond yields pop, Salesforce supports Dow
▼ + stars: | 2023-03-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

The Dow Jones Industrial Average looks like it's going to get spared because of the surge in Dow stock Salesforce (CRM). Snowflake (SNOW) drops more than 9.5% early Thursday, the morning after lowering its full-year product revenue guidance to 40% growth year over year from 47%. Dollar Tree (DLTR) downgraded to neutral at JPMorgan after the quarter; price target trimmed to $150 per share from $160. Canaccord downgrades to hold from buy; big catch-up price target cut to $9 per share from $25. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ UK grocery price inflation hits record high as more stores impose rationing
▼ + stars: | 2023-02-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —A measure of UK grocery price inflation soared to a record high this month — that’s more bad news for consumers already facing a shortage of fruit and vegetables that has led to rationing at major supermarkets. “Our latest research shows that grocery price inflation is the second most important financial issue for the public behind energy costs, with two-thirds of people concerned by food and drink prices,” McKevitt said. Mark Spencer, the UK food and farming minister, held crisis talks with supermarket bosses on Monday to discuss their response to the shortages. UK growers were not harvesting tomatoes, peppers and eggplants at this time of year, as is usually the case, because high energy costs this winter had delayed planting, said Lee Stiles, LGVA secretary. UK apple farmers normally buy at least one million apple trees each winter for planting.

☆ China's online shoppers started the year cautiously, Alibaba says
▼ + stars: | 2023-02-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"From January to early February of this year, overall sales of online physical goods remained weak," Alibaba CEO Daniel Zhang said Thursday during a quarterly earnings call, according to a FactSet transcript. Alibaba's Zhang was relatively cautious in his comments about the economic recovery. Alibaba's China commerce revenue in the last three months of 2022 fell by 1% to the equivalent of $24.64 billion, accounting for 69% of total revenue. Nationwide, catering sales fell by 6.3% in 2022, while retail sales overall dropped by 0.2%, according to China's statistics bureau. The two months' data are typically combined due to variations in the timing of the Lunar New Year holiday, which doesn't follow the Gregorian calendar.

☆ UK vegetable and fruit shortage could last until May, producers warn
▼ + stars: | 2023-02-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

A shortage of tomatoes affecting UK supermarkets is widening to other fruit and vegetables and is likely to last weeks, retailers have warned. According to the BRC, UK supermarkets import 95% of their tomatoes and 90% of their lettuce in December and typically the same proportions in March. Stiles said UK supermarkets had opted to import even more fresh produce from abroad this winter, taking advantage of lower prices sought by overseas growers. UK supermarkets have not mentioned Brexit as a reason for the supply crunch. Although full UK border checks on fruit and vegetable imports from the Europen Union start only from January 2024, Stiles says additional paperwork has already deterred EU producers from exporting more to the country.

☆ Investors piled $354 bln into cash since Ukraine war - BofA
▼ + stars: | 2023-02-24 | by ( Harry Robertson | ) www.reuters.com time to read: +2 min

REUTERS/Lisi NiesnerLONDON, Feb 24 (Reuters) - Global investors have allocated $354 billion to cash since Russia's invasion of Ukraine first shook global financial markets in February 2022, according to data released by Bank of America on Friday. The price shock forced central banks to hike interest rates, clobbering stock and bond markets in the process. Since February 2022, investors have pulled $135 billion from bond funds, BofA said, citing figures from financial data company EPFR. Investors have become more positive at the start of 2023, especially about bonds, even as the Ukraine war drags on. Flows into bond funds continued for the eighth straight week last week, BofA said, at $4.9 billion.

☆ Here are Thursday's biggest analyst calls: Tesla, Apple, Intel, Teladoc, Nvidia, Salesforce & more
▼ + stars: | 2023-02-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Bank of America reiterates Target as neutral Bank of America said it sees "modest upside" at current levels. Bank of America downgrades Lucid Group to neutral from buy Bank of America said it's concerned about slowing demand for the luxury vehicle company. Bank of America reiterates Nvidia as buy Bank of America said Nvidia remains "best-in-class" after its earnings report on Wednesday. Bank of America reiterates CVS as buy Bank of America said it sees "significant free cash flow generation potential" for CVS. Goldman Sachs upgrades Nvidia to buy from neutral Goldman upgraded Nvidia after its "impressive" earnings report on Wednesday.

☆ Premarket stocks: It's bulls vs. hawks on Wall Street
▼ + stars: | 2023-02-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —There’s a new tussle brewing in the animal kingdom of Wall Street: Hawks vs. Bulls. The question is, will the Fed be able to break through and convince Wall Street to finally give in to market pessimism? “Setting aside what financial market participants expected us to do, I saw a compelling economic case for a 50 basis-point increase,” she said at an event in Florida. Asda told CNN that it was temporarily limiting purchases of some items to three packs per customer. Morrisons told CNN that it had imposed a cap of two packs per customer on the same products.

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