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Apple — Shares dropped 1.6% even after the technology giant surpassed top-and-bottom line estimates for the recent quarter, and showed 6% revenue growth. Avis Budget — The car rental company slipped 1.5% after posting third-quarter earnings that fell short of Wall Street's estimates. Chevron topped Wall Street's third-quarter estimates and returned more than $7 billion to shareholders during the period through buybacks and dividends. Juniper Networks posted preliminary third-quarter earnings and revenue that topped estimates, but did not provide financial guidance for 2024, citing its pending acquisition by Hewlett Packard Enterprise . Revenue of $1.33 billion topped the FactSet estimate of $1.26 billion.
Persons: Atlassian, FactSet, Abbott, Ernst, Young, Wall, LSEG, , Jesse Pound, Sean Conlon, Pia Singh, Sarah Min Organizations: Amazon Web Services, Apple —, Intel —, LSEG, Abbott, Boeing —, . Avis Budget, Chevron, Exxon Mobil —, Exxon, Juniper Networks, Hewlett Packard Enterprise Locations: Europe, Missouri
Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services, the companies disclosed in a securities filing on Friday. The tech giant's deal with Globalstar includes $1.1 billion in cash, of which $232 million will go toward the satellite company's current debt, and a 20% equity stake. The deal is expected to close on Tuesday. Apple has already been spending hundreds of millions for Globlastar services, which enabled the 2022 rollout of iPhone emergency satellite texting. Globalstar stock jumped as much as 36% in Friday trading from its previous close at $1.05 a share.
Persons: Apple Organizations: Globalstar, SpaceX, AST
The court that imposed the fine might be in for a long wait for Google to pay up, however. “This should be a reason for the Google leadership to pay attention to this and improve the situation.”The amount the court says Google owes is growing, too. The court ordered Google to restore the accounts within nine months, with a fine of 100,000 rubles (around $1,000) levied for each day after that period. Some of those Russian media outlets have also appealed to courts in Turkey, Hungary, Spain and South Africa to enforce court decisions made against Google in Russia. In the section of its third quarter earnings release titled 'Legal Matters,' Alphabet said: “We have ongoing legal matters relating to Russia.
Persons: Vladimir Putin’s, it’s, Larry Page, Sergey Brin, Dmitry Peskov, Yevgeny Prigozhin, Konstantin Malofeev Organizations: Google, Kremlin, NBC, RBC, YouTube, International Monetary Fund, NBC News, Wagner Group Locations: Russian, Ukraine, Turkey, Hungary, Spain, South Africa, Russia, South Africa’s
Neutrinos pair with antineutrinos, which scientists think mirror their behavior. The first of three new neutrino observatoriesJUNO is part of China’s ambitious efforts to become a global science powerhouse. The sun, for example, sends electron neutrinos toward Earth, but sometimes they arrive as muon neutrinos. Several scientists behind neutrino observatory projects admitted, though, that it’s impossible to predict the practical, earthly benefits of the research. You need a discontinuity,” said Mary Bishai, a particle physicist at the U.S. Energy Department’s Brookhaven National Laboratory and a co-spokesperson for the DUNE project.
Persons: antineutrinos —, Wang Yifang, antineutrinos, ” Wang, Xi Jinping, Eric Baculinao, “ It’s, , Chris Marshall, China —, Wang, , they’ve, ” Patrick Huber, Ignacio Taboada, — it’s, , Sergio Bertolucci, We’ve, JUNO, Pedro Ochoa, you’ll, Mary Bishai Organizations: China’s Institute of High Energy, Workers, NBC, University of Rochester, U.S, NBC News U.S, Virginia Tech’s Center, Neutrino Physics, Georgia Tech, JUNO, University of California, U.S . Energy, Brookhaven National Laboratory Locations: Japan, U.S, Illinois, North Dakota, China, Italian, South Dakota, Irvine, Brookhaven
CNBC's Jim Cramer on Thursday told investors not to get scared off when a company posts good earnings results but issues more modest guidance, as it doesn't always mean that management is worried about the future. "Some money managers are dumbfounded when a very good company reports a very good quarter but then issues a very conservative forecast," Cramer said. Sometimes, he said, it's worth it to hold on to a company with good earnings while others on Wall Street panic about guidance. For the current quarter, Microsoft predicted revenue between $68.1 billion and $69.1 billion, while analysts surveyed by LSEG were hoping for $69.83 billion. Despite the disappointing guidance, Cramer was appeased by management's explanation for the weaker guidance, particularly commentary from CFO Amy Hood.
Persons: CNBC's Jim Cramer, Cramer, management's, LSEG, Amy Hood, Hood, she's Organizations: Microsoft
Google Maps and its platforms rolled out a Gemini AI update that enhances its location services. Starting this week, the company's Gemini AI will be integrated into Google Maps in the US on Android and iOS. Google vice president Miriam Daniel told Business Insider that the presentation of the results in Google Maps and the Gemini app might look different, "but the fundamental core is somewhat the same." AdvertisementDrivers will be able to report incidents within Google Maps. The tech giant has been working on integrating AI into various platforms, such as AI Overviews in Google search results.
Persons: , Miriam Daniel, Susanne Franz, We're, Daniel Organizations: Google, Gemini, Drivers, Service, Waze, Android, Business
Amazon will release its third-quarter earnings after the closing bell on Thursday. Wall Street is bullish on the stock, though uncertainty lingers around Amazon's consumer health. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAmazon will report third-quarter earnings on Thursday after the closing bell.
Persons: Organizations: Service
Yves Herman | ReutersChinese electric vehicle maker BYD reported third-quarter revenue that topped that of behemoth rival Tesla for the first time. On Wednesday, BYD reported revenue for the three months ended Sept. 30 of 201.12 billion yuan ($28.24 billion), up 24% from a year ago. That exceeded Tesla's revenue of $25.18 billion reported for the same period. At least half of BYD's sales are hybrid vehicles, whereas Tesla's vehicles are battery only. Likewise, Tesla remains on top in year-to-date sales, slightly edging out BYD's roughly $70.53 billion total revenue at $71.98 billion.
Persons: Yves Herman, BYD, Tesla, Elon Musk's Tesla Organizations: Reuters, behemoth, Elon, BYD's Seagull, EU, SAIC Motors Locations: China, Zeebrugge, Belgium, Beijing, Europe, Berlin, Hungary, Turkey
Merck on Thursday reported third-quarter revenue and adjusted earnings that topped expectations as the company saw strong sales from its top-selling cancer drug Keytruda, recently launched treatments and its animal health business. But Merck's vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S., posted another quarter of lighter-than-expected sales. Revenue from the shot, Gardasil, fell 11% compared to the year-earlier period, mainly due to lower demand in China. The company booked $16.66 billion in revenue for the third quarter, up 4% from the same period a year ago. The loss of exclusive rights to the medicine will likely cause sales to fall, forcing the company to draw revenue from elsewhere.
Persons: Keytruda, Curon, Merck Organizations: Merck, LSEG Locations: Rahway , New Jersey, U.S, China
Chinese smartphone company Honor has released devices that fold up to be nearly as thin as an iPhone. BEIJING — Chinese smartphone company Honor on Thursday announced backing from new investors as the Huawei spinoff prepares for an initial public offering. Honor said earlier this year it planned to start changing its shareholder structure in the fourth quarter, after which it would start the IPO process "at a suitable time." Honor spun off from Chinese telecommunications giant Huawei in November 2020 after the parent company was hit by U.S. sanctions. The company on Wednesday released its new Magic7 series of phones that can use the AI features in China.
Persons: Xingyao, — CNBC's Arjun Kharpal Organizations: Huawei, China Telecom —, Cornerstone, Wednesday Locations: BEIJING, Shenzhen, China
Wall Street faces another key litmus test Thursday with results from megacap technology giants Apple and Amazon . For Apple, Wall Street also wants to see its latest iPhone pick up steam, and investors seek more insight into when the company's AI initiative will begin lifting sales. For Apple, Wall Street expects EPS of $1.60 on $94.58 billion in revenue. Amazon's retail business also remains top of mind for Wall Street ahead of the busy holding shopping period. Apple For Apple, Wall Street is eagerly searching for signs of strong demand for its latest iPhone model and updates on its AI strategy.
Persons: Jason Helfstein, Brent Thill, Bank of America's Justin Post, Doug Anmuth, Goldman Sachs, Eric Sheridan, Ronald Josey, Morgan Stanley, Erik Woodring, Jefferies, Edison Lee, Samik Chatterjee, Davidson's Gil Luria, Wamsi Mohan, Tim Long, AAPL, Long Organizations: Apple, Nasdaq, Microsoft, Wall, LSEG, Amazon, StreetAccount, Jefferies, Bank of America's, Apple Intelligence, " Bank of America, Barclays Locations: Amazon
Endeavor has secured $7 million to modernize manufacturing with AI technology. San Francisco-based Endeavor, launched by 22-year-old Sahitya Senapathy, is developing an AI platform to help modernize manufacturing firms. Endeavor aims to automate many of the manual tasks in the industry, which otherwise consume a lot of time. AdvertisementThe startup uses large language models to automate administrative manufacturing processes, such as purchase orders, invoices, and shipping notices. Check out the 9-slide pitch deck it used to secure the fresh funds.
Persons: , Senapathy, they're Organizations: Endeavor, BI, Service, San, Business, Craft Ventures, Endeavor's, Heartland Ventures, Web Locations: San Francisco
Samsung Electronics on Thursday reported third-quarter sales and operating profit slightly above its own expectations, but its chip business posted a sharply lower profit from the previous quarter. The semiconductor unit reported third-quarter operating profit of 3.86 trillion won (about $2.8 billion), down 40% from the previous quarter. While its memory chip unit benefited by strong demand for its artificial intelligence and conventional server products, Samsung said "inventory adjustments negatively impacted mobile demand." While artificial intelligence drove demand for advanced nodes from its foundry unit, Samsung said mobile and PC demand underperformed. Here are Samsung's results compared with the guidance it issued earlier this month:Revenue : 79.1 trillion won vs. 79 trillion: 79.1 trillion won vs. 79 trillion Operating profit: 9.18 trillion vs. 9.1 trillion wonThose guidance figures were markedly lower than the LSEG estimate for 11.456 trillion won in operating profit.
Persons: Jun Young Organizations: Samsung Electronics, Samsung Locations: China
Amazon — The e-commerce giant popped 4.7% after beating earnings expectations on both lines in the third quarter. Amazon reported $1.43 earned per share on revenue of $158.88 billion, while analysts polled by LSEG expected $1.14 and $157.2 billion, respectively. For the period, Intel posted revenue of $13.28 billion, while analysts surveyed by LSEG were expecting $13.02 billion. Apple — Shares slid 1.8% despite earnings and revenue topping Wall Street expectations for the fourth fiscal quarter. Analysts polled by StreetAccount expected a profit of 64 cents per share on revenue of $1.16 billion.
Persons: LSEG, Avis, , Atlassian, StreetAccount, — CNBC's Sean Conlon Organizations: Amazon, Intel –, Intel, Apple, Avis Budget, FactSet
Stellantis worker at work inside of the new Hybrid and PHEV Vehicles Stellantis Group eDCT Assembly Plant on April 10, 2024 in Turin, Italy. Auto giant Stellantis on Thursday reported a 27% decline in third-quarter net revenues, but said it was making headway in addressing operational issues such as U.S. inventories. The Netherlands-based company, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, said that net revenues for the July-September period came in at 33 billion euros ($35.8 billion). Analysts had expected third-quarter net revenues to come in at 36.6 billion euros, according to an LSEG-compiled consensus. Stellantis said it is set to reach its target of slimming down the U.S. stocks by 100,000 units by the end of November.
Persons: Stellantis Organizations: Vehicles, Auto, Dodge, Fiat, Chrysler, Peugeot, Analysts, U.S, Atlantic Locations: Turin, Italy, Netherlands, U.S, Milan, China
"All of these models have gotten quite complex and we can't ship as many things in parallel as we'd like to," Altman wrote during a Reddit AMA. Regarding the next version of DALL-E, Altman wrote that the "next update will be worth the wait" but that there's no "release plan yet." The move also positions OpenAI as more of a competitor to Microsoft, which has invested close to $14 billion in OpenAI. For Altman, Reddit isn't just a communications platform. WATCH: OpenAI takes on Google with ChatGPT search
Persons: Sam Altman, Altman, OpenAI, Sora, Kevin Weil, Srinivas Narayanan, Microsoft's Bing, Narayanan, Bing, Reddit isn't Organizations: Google, CNBC, AVM Vision, ChatGPT, Microsoft Locations: San Francisco , California, OpenAI, ChatGPT
Matt Escalante is the new VP of Brach's seasonal division, best known for its candy corn. The company knows its top treat is controversial — but it dominates a nearly $90 million market. AdvertisementIf you've eaten candy corn sometime in the last century, there's a good chance it came from Brach's. The confection giant is best known for cornering the candy corn market, churning out 28 million pounds of the candle-like candy each year and raking in $75 million of an $88.5 million candy corn market in 2022, according to data from the consumer research firm Circana. And while the candy corn market stays booming, the product itself — with its waxy texture, neon coloring, and saccharine aftertaste — is notoriously polarizing.
Persons: Matt Escalante, Escalante, , Brach's, Laffy Organizations: Service, Business, Twitter, Ferrara Candy Company, Street Journal Locations: Brach's, Escalante, Ferrara
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said Thursday that Microsoft shares below $400 each would be an interesting buy level. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m.
Persons: Jim Cramer, Stocks, Thursday's, Eaton, it's, Jim, Linde, Sanjiv Lamba, Estee Lauder, Bristol Myers, Uber, Jim Cramer's Organizations: CNBC, Nasdaq, Microsoft, Apple, Nvidia, Linde, Merck, LIN Locations: SharkNinja
The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, US, on Wednesday, Dec. 27, 2023. Bristol Myers Squibb on Thursday reported third-quarter earnings and revenue that blew past Wall Street's expectations thanks to its blockbuster blood thinner Eliquis and a portfolio of drugs it expects to deliver long-term growth. Bristol Myers previously said it expected sales to rise in the "upper end" of the low single-digit range. The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025 and funnel that money into key drug brands and research and development programs. Notably, the Food and Drug Administration approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy during the quarter.
Persons: Bristol Myers, Joe Biden's, Bristol Myers Squibb's Organizations: Bristol Myers Squibb, LSEG, Food and Drug Administration, Bristol Locations: Cambridge, Cambridge , Massachusetts, Eliquis
Analysts think there's still room for Meta shares to run, even after the company posted disappointing metrics in its latest quarterly report . Wall Street majors are largely optimistic on Meta over the next year, with most firms assigning a price target that implies at least 5% upside. META remains best early GenAI winner in the group," Morgan Stanley analyst Brian Nowak wrote in a note to clients. Shmulik has a price target on the high range of the Street. "We're constructive on the core business, we believe Meta can continue delivering revenue growth above expectations."
Persons: Bernstein, Goldman Sachs, Morgan Stanley, Brian Nowak, " Nowak, Deutsche Bank's Benjamin Black, Mark Shmulik, Shmulik, Meta Organizations: Meta, Facebook, Wall, Lab, Reality Labs, Bank of America, Barclays, Citi, Deutche, Deutsche, Locations: U.S
Chinese online retailer Temu will be investigated on whether it may have breached EU tech rules against the sale of illegal products, EU tech regulators said on Thursday, in a move which could lead to hefty fines for the company. Temu, which has 92 million users in the 27-country European Union, is a unit of Chinese ecommerce giant PDD Holdings . The EU tech enforcer will also investigate whether Temu is complying with the DSA obligation to provide researchers access to its publicly accessible data. Particularly in ensuring that products sold on their platform meet EU standards and do not harm consumers," EU antitrust and tech chief Margrethe Vestager said in a statement. Temu could face a fine of as much as 6% of its global turnover if found guilty of breaching the DSA.
Persons: Margrethe Vestager Organizations: EU, European Commission, Digital Services, Union, PDD Holdings, DSA Locations: EU
CNN —The Perseverance rover spotted a quick glimpse of a cosmic “googly eye” on Mars during a recent solar eclipse. The Perseverance rover, currently ascending the western wall of Jezero Crater, captured a video of the partial eclipse, which resembled a googly eye, on September 30. Previous images includes a video taken by the Curiosity rover in 2019 and photo that the Opportunity rover snapped in 2004. Astronomer Asaph Hall discovered Mars’ two moons, Phobos and Deimos, in 1877. The Japan Aerospace Exploration Agency’s Martian Moons eXploration mission, or MMX, intends to solve some of those enduring riddles.
Persons: , Asaph, Mars, MSSS, , Rick Welch, Perseverance’s, Hazel Hill Organizations: CNN, NASA, Opportunity, Japan Aerospace Exploration, JPL, Caltech, ASU, Jet Propulsion Laboratory Locations: Mars, Pasadena , California
A 5-year-old Taiwanese boy dressed up as Nvidia's Jensen Huang for Halloween. "He just knows that he is dressed as a very remarkable person," the boy's mom told BI. At least, that's the case for the 5-year-old boy from Taipei who dressed up as Nvidia's Jensen Huang for the holiday. "The Jensen Huang Halloween costumes are here," the user wrote. The Jensen Huang Halloween costumes are here pic.twitter.com/JQavitfhKf — Evan (@StockMKTNewz) October 29, 2024The GPU costume took a week to make, said Kuo.
Persons: Nvidia's Jensen Huang, , Jensen, Kuo Yuyun, JQavitfhKf — Evan, Kuo, Huang Organizations: Service, Nvidia Locations: Taipei, Taiwan, New York City
Nasdaq 100 futures advanced Thursday night as traders analyzed major earnings reports in the runup to the all-important jobs report. Dow Jones Industrial Average futures rose 15 points, or 0.1%, while S&P 500 futures also gained 0.1%. Those moves come after a downbeat session on Thursday, which saw the S&P 500 and Nasdaq Composite dragged down by post-earnings slumps in Microsoft and Meta Platforms . The Dow led the major indexes down with a slide of 1.3%, while the S&P 500 and Nasdaq shed 1% and 0.5%, respectively. On the earnings front, traders will monitor Friday reports from Chevron and Exxon Mobil .
Persons: Dow, Jay Hatfield, Dow Jones, nonfarm Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Amazon, Intel, Microsoft, Meta, Infrastructure Capital Management, Chevron, Exxon Mobil
Amazon's online advertising business brought in $14.3 billion in the third quarter, up 19% year over year, in line with analysts' estimates of $14.3 billion. The Seattle tech giant revealed the financial results of its growing advertising unit as part of its latest earnings report Thursday. Amazon's overall third-quarter sales were $158.9 billion, ahead of analysts' estimates of $157.2 billion. Amazon's online advertising business is still a fraction of the company's overall business, but its growth over the years has made it a major competitor to Alphabet and Meta , which lead the digital advertising market. Meta's third-quarter advertising revenue came in at $39.9 billion, which was up 19% compared with the year prior.
Persons: Amazon's Organizations: Google, Meta, CNBC, Emarketer, YouTube Locations: Seattle
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