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China's top three state-owned airlines reported profit declines in the third quarter despite record summer passenger numbers and fuller planes than last year, as a slowdown in domestic economic growth pushes flyers to seek cheaper fares. Beijing-headquartered Air China on Wednesday reported a net profit of 4.14 billion yuan ($581.34 million) in the quarter, down from 4.24 billion yuan a year earlier. China Eastern Airlines on the same day posted a net profit of 2.63 billion yuan, down 28.2% year on year. The country's largest airline China Southern said on Monday there was "strong demand in the aviation market" but reported a 23.9% year-on-year drop in third-quarter net profit to 3.19 billion yuan. Airlines globally have been seeing stable demand but overcapacity and sluggish yields as a post-pandemic travel boom abates and most planes are back in the skies.
Organizations: Air, China Eastern Airlines, China Southern, Airlines Locations: Beijing, Air China, China
Cable TV networks look like they're in permanent decline. AdvertisementThe future of cable TV channels is not looking good, at all. And basic cable TV networks are bearing the brunt of the collapse. Programming from the cable networks, for instance, is part of the pitch behind its Peacock streamer. question — if Comcast doesn't want these assets contaminating its core business, why would anyone else want to own it?
Persons: , MSNBC —, WBD, Mike Cavanagh, There's, Craig Moffett, Cavanagh, They're, Brian Roberts Organizations: Cable, Comcast, Warner Bros, Service, CNBC, MSNBC, NBC Universal, NBC, Discovery, Paramount Locations: Bravo, USA
Someone apparently forgot to tell mutual fund managers that they are supposed to be worried right now. Professional fund managers have been increasing their bets on stocks since the fourth quarter got underway earlier this month, according to Bank of America. "Watching mutual fund cash levels is typically like watching paint dry, but not this month. That shift is notable ahead of the election and suggests that some fund managers are unconcerned about short-term volatility as votes roll in. Fund managers are underweight that area relative to history, and could rotate into those stocks if they gain more confidence, according to Subramanian.
Persons: Savita Subramanian, Cash, Subramanian Organizations: Bank of America . Equity, Investment Company Institute
Foruteen of the analysts covering Zillow rate it either a strong buy or buy, while 11 view it as a hold. The average price target represents potential 7% upside. The majority of analysts are bullish on platform, while the average price target implies 33% upside. Analyst Kirk Materne's $610 price target is roughly 9% higher than where HubSpot stock is currently trading. Analysts are overwhelmingly bullish on HubSpot, with the average price target representing a potential 11% gain.
Persons: Zillow, Foruteen, Wedbush, Jay McCanless, McCanless, Pinterest, Justin Post, HubSpot, Kirk Materne's Organizations: CNBC Pro, Investment, Bank of America, ISI, Software Locations: outperforming, Zillow
WASHINGTON — The Supreme Court on Wednesday allowed Republican officials in Virginia to revive a plan aimed at removing noncitizen voters from the rolls ahead of next week’s election. Virginia has same-day voter registration, meaning that any eligible voter who was removed from the rolls should still be able to vote. The Justice Department said that while states can review its voter rolls, it cannot do so right before an election. States are barred from systematically removing people from voters rolls within 90 days of an election under the National Voter Registration Act. In court papers, the groups said that "the record makes clear that citizens are being removed from the voter rolls."
Persons: WASHINGTON —, commonsense, Glenn Youngkin, Biden, Ryan Snow, Virginia, Patricia Giles, Donald Trump, Trump, Kris Kobach Organizations: Republican, Justice Department, Department of Motor Vehicles, Virginia Coalition for Immigrant Rights, Lawyers, Committee, Civil Locations: Virginia, U.S, Kansas
NBC News spoke with a dozen trans people and their families across nine states about their hopes and concerns leading into Election Day. The agenda on his website says he would declare that any clinician who provides transgender care to minors would be terminated from Medicare and Medicaid. Advocates have hailed the Biden-Harris administration as the most pro-LGBTQ in history and have said a potential Harris administration would go even further in protecting gay and trans people. “I look at people that were trans in Trump’s first administration, I said, ‘So, did anything bad happen? She said she ultimately isn’t worried about a second Trump administration.
Persons: Donald Trump, Kamala Harris ’, Harris, Trump, they’ll, Gina Roberts, Roberts, Richard Grenell, ” Gina roberts, wasn’t, ” Roberts, , I’ve, Biden, Ron DeSantis, Emaline, they're, she’s, , Katie Jenifer, Maddie, Jenifer, ” Jenifer, , TC, Christina Nicholson TC Caldwell, ” Caldwell Organizations: Republican, Republican National Convention, NBC, Democratic, Trump, Biden, Rights, Corrections Department, NBC News, The Washington Post, Kaiser Family Foundation, Valley Center Parks, Recreation, Fire Protection, Democrats, Republican Gov, Cloverdale, U.S, White, Pride, TC Caldwell, Orchids Society, The Locations: U.S, Francisco’s, California, New Mexico, Orlando , Florida, Missoula , Montana, Cloverdale, TransVisible Montana, Israel, Gaza, Montana, Austin , Texas, Texas, New Zealand, North Carolina, Germany, Spain, Amsterdam, Malta, Europe, Selma , Alabama, Black
“We have to reduce spending to live within our means,” Musk said. That gives Musk’s frankness about reductions — and his track record of making large, painful cuts at his own companies — added weight. The Trump campaign didn’t immediately comment but has previously said that the GOP agenda wouldn’t cause short-term economic hardship. There’s some skepticism on Wall Street that a new Trump administration could implement spending cuts on the scale Musk has proposed. “They’re both indicating they intend to maintain substantial deficits and elevated government spending, certainly compared with the strength of the economy,” Elliott said.
Persons: Donald Trump’s, Elon Musk, ” Musk, Trump, Musk, , , didn’t, Kamala’s, Geoff Orazem, Bob Elliott, ” Elliott, Steve Sosnick Organizations: Republican, GOP, SpaceX, Trump, Social Security, Trump’s, CNBC, FedScout, Funds, Interactive Locations: U.S, Trump,
OSHU CITY, Japan — In Oshu, the small rural town where Shohei Ohtani grew up, baseball is as much a part of the landscape as the farmers’ fields and low-rise hills surrounding it. As they watched Game 4, which aired at 9 a.m. Wednesday morning in Japan, Yasuo Sakamoto, 74, and his wife Keiko, 70, wore the Dodgers jerseys and hats they got when they visited Los Angeles this summer to see Ohtani play. “Even at my age, I’m really awed by him,” Yasuo Sakamoto said of Ohtani. “In Japan when there’s news about Ohtani, it’s bright news. The two teams will play Game 5 in the best-of-seven series at Yankee Stadium on Wednesday — and Japan will be watching.
Persons: Ohtani, Ohtani’s, Yasuo Sakamoto, Keiko, I’m, ” Yasuo Sakamoto, it’s, “ They’re, , superfan Hironobu Kanno Organizations: CITY, Ohtani, Los Angeles Dodgers, New York Yankees, Dodgers, Yankees, Yankee, League, National League MVP, Major League Baseball Locations: Japan, Oshu, Los Angeles, , Japan’s Iwake
Gold's record-breaking rally may have even more room to run, according to Goldman Sachs. Analyst Lina Thomas forecasts the commodity will rise around 10% by December 2025, hitting the $3,000 threshold in that period. After advancing to a fresh record last week , spot gold reached an all-time high on Wednesday. "We still see significant hedging value in long gold positions in geopolitical or macroeconomic scenarios that are less friendly for equity-bond portfolios than our soft landing base case," she wrote. That said, she anticipates demand moderation could also allow for more upside.
Persons: Goldman Sachs, Lina Thomas, Thomas Organizations: U.S Locations: Russia, Ukraine, London
Meta set to report Q3 earnings after the bell
  + stars: | 2024-10-30 | by ( Jonathan Vanian | In | ) www.cnbc.com   time to read: +2 min
Mark Zuckerberg, chief executive officer of Meta Platforms Inc., arrives for the Meta Connect event in Menlo Park, California, US, on Wednesday, Sept. 25, 2024. Meta is slated to report third-quarter earnings on Wednesday after the close of regular trading. Meta's results come a day after digital ad companies Alphabet , Reddit and Snap all reported solid quarterly earnings. Microsoft reports after the bell on Wednesday, and the big week for tech earnings wraps up on Thursday, when Apple and Amazon report quarterly financials. If Meta hits analysts' expectations for third-quarter revenue, that would represent 18% year-over-year growth, down from 23% a year ago.
Persons: Mark Zuckerberg, LSEG, Jeff Bezos, Zuckerberg, Bernstein, Meta Organizations: Meta, Inc, Amazon, Bloomberg, Microsoft, Apple Locations: Menlo Park , California, China
The Australian flag is in front of Christiansborg Palace in Copenhagen, Denmark, on January 14, 2024. Asia-Pacific markets were set for a mixed open Wednesday after key Wall Street benchmarks rose, with the Nasdaq Composite closing at a new record high as tech stocks gained. Traders in Asia will assess consumer price data out of Australia, with inflation for the quarter ended in September expected to fall to 2.9%, down from 3.8% in the previous quarter. Japan's Nikkei 225 futures pointed to a higher open for the market, with the contract in Chicago at 39,255 and its counterpart in Osaka at 39,160 compared to the index's previous close of 38,903.68. Hong Kong Hang Seng index futures were at 20,746, higher than the index's last close of 20,701.14.
Persons: Australia's Organizations: Nasdaq, Traders, Nikkei Locations: Christiansborg, Copenhagen, Denmark, Asia, Pacific, Australia, Chicago, Osaka, Hong Kong
The outcome of upcoming elections in the world's leading economy is set to ripple into global markets no matter who clinches leadership of the White House, UBS head Sergio Ermotti told CNBC on Wednesday. "We do expect, no matter who wins and the outcome, we do expect some market movements. Markets are bracing as voters flock to the polls on Nov. 5, with the U.S. holding both the world's foremost reserve currency and the largest stock exchange by market capitalization. Under a [Donald] Trump presidency, we see that as being inflationary on the back of his focus on immigration and on tariffs. But we don't see any outcome as being particularly growth positive.
Persons: Sergio Ermotti, CNBC's Annette Weisbach, Ermotti, Donald, Trump, Arun Sai, CNBC's Organizations: White House, UBS, CNBC, Swiss, U.S, U.S . Federal, . Treasury, Pictet Asset Management, Trump Locations: U.S
Silver told Fortt that his current model shows the odds favoring Trump, who holds a 55% to 45% win probability advantage over Harris. Most people no longer even have the landline phones which past election cycle polling history relied on. Why the betting markets may be all 'vibe and chatter'The betting markets show a much bigger edge for Trump, with major wagers placed on Polymarket, Robinhood jumping into the action, and presidential election contracts surging in popularity. Critics have raised concerns that the election betting markets are potentially being manipulated. But Silver, who is a consultant to one of the leading prediction markets, Polymarket, says he wouldn't pay much attention to the betting markets data right now, as they simply may not be very accurate at this moment in the election cycle.
Persons: Nate Silver, Donald Trump, Kamala Harris, Silver, Trump, CNBC's, Jon Fortt, Fortt, Harris, Ken Griffin, Stanley Drunkenmiller, Critics Organizations: New York Times, CNBC Technology, CNBC, Trump, Trump Media Locations: New York City
CNN —Private sector hiring blew past expectations in October, another sign that the US labor market remains on solid footing, payroll processor ADP reported Wednesday. Non-governmental employers added 233,000 jobs in October, a sharp acceleration from the 159,000 net increase reported for September, according to ADP’s latest National Employment Report. Wednesday’s gains throttled economists’ expectations for job growth to slow to a mere 108,000 jobs from the initial estimate of 143,000, FactSet estimates show. Pantheon Macroeconomics is sticking with its forecast of 100,000 payroll gains, according to an investors note sent Wednesday. And while a resurgence in the labor market could raise concerns about a reacceleration in inflation, October’s ADP data showed otherwise, Richardson said.
Persons: Nela Richardson, Hurricane Helene, ADP’s tabulations, ” Richardson, Richardson, , Irma, ” Samuel Tombs, Milton …, Wednesday’s, Organizations: CNN, ADP, Boeing, Labor Department, of Labor Statistics, Pantheon, Companies, Federal Reserve Locations: Hurricane Milton, Carolina, Florida, Milton, South Atlantic
Franklin Templeton CEO addresses reports of record outflows
  + stars: | 2024-10-30 | 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 EmailFranklin Templeton CEO addresses reports of record outflowsJenny Johnson, Franklin Templeton CEO, discusses the U.S. Securities and Exchange Commission's probe into Western Asset Management, a subsidiary of the company.
Persons: Franklin Templeton, Jenny Johnson Organizations: U.S . Securities, Exchange, Western Asset Management
Here are Wednesday's biggest calls on Wall Street: Bank of America reiterates Advanced Micro Devices as buy Bank of America said the stock is best positioned following earnings on Tuesday. JPMorgan reiterates First Solar as overweight The firm said the solar company is still best positioned following earnings on Tuesday. "Attractive entry point ahead of EDN's tariff review, a key value driver that could drive significant earnings growth & trigger stock re-rating. "We remain confident in BOOT's ability to deliver attractive relative earnings growth supported by compelling unit expansion opportunity." Raymond James downgrades Crocs to market perform from outperform Raymond James downgraded the shoe company following earnings citing margin pressures.
Persons: Wells, Reddit, Morgan Stanley, Raymond James, it's, Bernstein, Baird, Raymond James downgrades Qorvo, Barclays downgrades Lear, Goldman Sachs, Chipotle, Goldman, Raymond James downgrades Crocs, Wedbush downgrades Williams Organizations: Bank of America, Devices, AMD, JPMorgan, Catalyst, " Bank of America, DoJ, Citi, YouTube, Bank of, Holdings, of America, Incyte, Boeing, UBS, Barrick Gold, Barrick, Barclays, CMG, Walmart, Apple, Apple Intelligence, 3Q, 4Q, WSM Locations: China, OW, America, Sonoma
Standard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management business. After its second quarter earnings report, Standard Chartered in July announced its largest-ever share buyback of $1.5 billion. Standard Chartered said its operating expenses rose 3% to $2.9 billion caused by inflation and business expansion efforts, although efficiency savings did offset some costs. The London-headquartered bank also lifted its 2024 income guidance on Wednesday with operating income to increase towards 10% in 2024. In July, the bank had upgraded the operating income projection to more than 7%, from 5% to 7%.
Persons: LSEG, Bill Winters, that's Organizations: Chartered, HSBC Locations: Asia, London
Keep reading to learn how to watch Celtics vs. Pacers live streams from anywhere. What channel is the Celtics vs. Pacers game on? The Celtics vs. Pacers game will air on ESPN in the United States. How to watch Celtics vs. Pacers in the USIf you don't have access to ESPN through cable, there are several ways to live stream the network. Check price at ExpressVPNHow to watch Celtics vs. Pacers with a VPNSign up for a VPN if you don't have one.
Persons: you've, we've, VPNs, ExpressVPN Organizations: Business, Boston Celtics, Indiana Pacers, Eastern, Celtics, Pacers, NBA, Conference Semifinal, New York Knicks, ESPN, Sling, DirecTV, TV, ESPN2, ESPN3, DirecTV Stream, DirecTV Fubo, TNT Locations: United States
A former Avenue Capital fundraiser claims Marc Lasry offered her a $5 million settlement in May. Earlier this month, Lasry filed a lawsuit against Gina Strum, claiming she was trying to extort $50 million. AdvertisementBillionaire Avenue Capital cofounder Marc Lasry offered a former female employee who accused him of years of sexual harassment a $5 million settlement in May, according to new legal filings from Gina Strum's lawyers. The suit included texts and emails from Strum that Lasry's legal team said demonstrated Strum's obsession with her billionaire boss. AdvertisementDays after Lasry filed his suit, Strum responded with her own lawsuit, claiming years of sexual harassment and unwanted touching from Lasry.
Persons: Marc Lasry, Lasry, Gina Strum, , Gina Strum's, Plaintiff Lasry, doesn't, Strum, CK, Marc Lasry's, Hoffler Organizations: Capital, Service, Milwaukee Bucks, Democratic, Strum Locations: New York
A group of former CEOs published an op-ed Tuesday endorsing Kamala Harris for president. AdvertisementA group of former CEOs who led major US companies — including American Airlines, LinkedIn, Xerox, and American Express — made the case for Kamala Harris in an op-ed one week before Election Day. The 17 business leaders said they were voting for Harris because they thought she'd be better for the economy than former President Donald Trump. AdvertisementOther business leaders have publicly supported Trump, including Blackstone CEO Stephen Schwarzman, who said this week that Trump would be "efficient and effective." Meanwhile, some business leaders have avoided taking a position publicly even if they support one candidate or another in private.
Persons: Kamala Harris, Donald Trump, Elon Musk, , American Express —, Harris, she'd, Reid Hoffman, Doug Parker, Ken Chenault, Michael Lynton, Trump, Musk, Stephen Schwarzman, Jeffrey Sonnenfeld, they're Organizations: Trump, Elon, Service, American Airlines, LinkedIn, Xerox, American Express, Sony, Blackstone, Yale School of Management, Leadership Institute Locations: Fortune, America, Swatara Township , Pennsylvania
The appearance of Ohtani in this year’s edition of the World Series has captivated Japan and emerged as a television ratings phenomenon. Seth Wenig/APCustomers choose a T-shirt at a pop-up store for Major League Baseball star Shohei Ohtani ahead of the first World Series game between the Los Angeles Dodgers and the New York Yankees, in Tokyo, Japan, on October 25, 2024. Everyone shouts Ohtani, Ohtani, and it makes me extremely happy. When combined with US viewership, the first two World Series games have averaged 29.7 million viewers across the two countries. MLB has shown a remarkable 225% increase in social media engagement, with views across various platforms rising by 229%, the league reported, reflecting the growing excitement surrounding the World Series and its star players.
Persons: Shohei Ohtani, , , Ryosuke Matsumoto, Tomoyuki Masuda, Seth Wenig, Shohei, Kim Kyung, Mamoru Tanaka, Major League Baseball —, Matsumoto, Eugene Hoshiko, Ohtani, Yoshinobu Yamamoto, Yamamoto Organizations: Tokyo, CNN, — Baseball, Los Angeles Dodgers, New York Yankees, Dodgers, Major Leagues, Yankees, Yankee, AP, Major League Baseball, Fox Sports, AP CNN, Los Angeles Angels, The Dodgers, MLB Locations: Japan, United States, Tokyo, Shibuya, Bronx, Kyoto, New York, Ohtani, Ohtani's, Oshu, Los Angeles
Investors getting very bullish heading into the election
  + stars: | 2024-10-30 | by ( Fred Imbert | ) www.cnbc.com   time to read: +2 min
The U.S. presidential election is less than one week away, and investor positioning has gotten very bullish. "Animal spirits have been unleashed, as investors haven't wasted time positioning themselves up for a typical post-election/year-end rally," Cau said in a note. He also pointed out that these inflows come as expectations of former President Donald Trump winning next week have increased. Indeed, shares of Trump Media — which have been a market proxy for Trump's 2024 election chances — have soared a whopping 220.5% in the past month alone. "After Q3, we lack confidence that Boeing shares can outperform the market in the next 12 months."
Persons: Emmanuel Cau, haven't, Cau, Donald Trump, , Kamala Harris, Bernstein Organizations: U.S, Barclays, Trump Media, NBC, Boeing Locations: U.S
‘Go wild’ with RFK Jr.Trump has promised to give Kennedy leeway to remake the way the government health apparatus protects Americans. Robert F. Kennedy Jr. and former President Donald Trump shake hands during a campaign rally at Desert Diamond Arena on August 23, 2024, in Glendale, Arizona. Both Trump and Kennedy have expressed vaccine skepticism, and Kennedy has been a longtime activist pushing debunked theories about vaccines. In a potential new Trump administration, Musk promises a reinvention of the federal bureaucracy. “Let’s start from scratch,” Musk said at an event in October in Pittsburgh, suggesting a drastic remaking of the federal bureacracy.
Persons: Donald Trump, Robert F, Kennedy Jr, , Trump, Kennedy, “ I’m, ” Trump, Anne Frank, Rebecca Noble, we’ve, ” Kennedy, Aaron Pellish, Trump’s, “ Trump’s, CNN’s Meg Tirell, Musk, It’s, Musk’s, ” Musk, Elon Musk, Dave McCormick, Michael Swensen, CNN’s David Goldman, “ Musk, ” Goldman, Larry Summer, ” Summers, Summers, Mike Johnson, , ” Johnson, Kamala Harris, Johnson Organizations: CNN, Trump, Elon, RFK Jr, Madison, PAC, New York Times, Desert Diamond Arena, HHS, Department of Health, Human Services, CDC, Centers, Disease Control, FDA, Food, Drug Administration, National Institutes of Health, USDA, Department of Agriculture, SpaceX, Tesla, “ Department, Government, Fox News, Congressional, Social Security, Republicans, Health Locations: Nazi Germany, Glendale , Arizona, Pittsburgh, Pennsylvania, White
Now, the 35-year-old can call himself a World Series MVP. Freeman and the Los Angeles Dodgers claimed the 2024 World Series title on Wednesday, defeating the New York Yankees 7-6 in Game 5 to win the series four games to one. Freeman, entering free agency after that World Series title, wanted to stay with Atlanta. Freeman homered for the Braves in Game 5 and Game 6 of the 2021 World Series. Freeman celebrates his walk-off grand slam against the Yankees in Game 1 of the World Series.
Persons: Freddie Freeman, Freeman, , ” Freeman, , It’s, … it’s, Max, , “ Maximus, Michael Reaves, Matt Olson, Freeman’s, Carmen Mandato, homering, Brian Snitker, I’ve, Ashley Landis Organizations: CNN, Major League Baseball, MLB, National League, Los Angeles Dodgers, New York Yankees, Dodgers, Atlanta Braves, California State University, Fullerton, Braves, Atlanta, National League Division, San Diego Padres, New York Mets, LA, NL, Yankees, Team Canada Locations: Chelsea, Fountain Valley , California, Canadian, Atlanta, LA, Canada, California
Popular brands among runners will include Nike, Hoka, Bandit, and Lululemon. Luxury apparel companies like Minted New York and Loewe collaborate with running brands like Saucony and On Running, while even run clubs like Endorphins Running include merch drops. Reneé Noe, a running influencer who started the Noe Bad Vibes running club for women, said she sees AlphaFlys a lot, too. They blew up in popularity in the last few years; in 2021, they were dubbed as some of the most iconic running hats by Believe in the Run, a running media company. AdvertisementShe and Mazarra also said the running belt ($38) is a big hit in the running world, and Noe is a huge fan.
Persons: , Loewe, Michael Mazarra, Mazarra, they're, Reneé Noe, Noe, Ciele's GOCaps, Nick Bare's, SPIbelt, fanny, FlipBelt, Gu, Eliud Kipchoge, Lululemon Noe, it's, Venu, COROS, Oakley, Lite Oakley Mazarra Organizations: Nike, Service, York City, Nike Nike, GOCap, FlipBelt, Maurten, Tech, PACE, Garmin, Pace, Oakley Locations: New York, Vaporflys, Brooklyn, New England, California
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