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Here are Wednesday's biggest calls on Wall Street: Goldman Sachs downgrades Morgan Stanley to neutral from buy Goldman said it sees better value elsewhere than Morgan Stanley. Goldman Sachs upgrades Evercore to buy from neutral Goldman said the investment banking firm is "best in class." JPMorgan reiterates Nvidia as overweight JPMorgan said stocks such as Nvidia are "strong beneficiaries in the emerging AI arms race." Morgan Stanley reiterates Arm as a top pick Morgan Stanley said it's sticking with its overweight rating on the semiconductor chip company. Bank of America reiterates Apple as buy Bank of America said it's standing by its buy rating on shares of Apple.
Persons: Goldman Sachs downgrades Morgan Stanley, Goldman, Morgan Stanley, Goldman Sachs, Rosenblatt, Canaan, Jefferies, Williams, Guggenheim, it's, orals, it's bullish, Bernstein, Robinhood, Wells, Shopify, Truist, Wolfe Organizations: NASDAQ, JPMorgan, Viking Therapeutics, Citi, Apollo Global Citi, APO, U.S, " Bank of America, Novartis, Bank of America, Nvidia, Apple, Spotify, Disney, AES, ~$ Locations: Canaan, Williams, Sonoma, 2030E
DUBAI, United Arab Emirates — Dubai's property scene is showing no sign of cooling off, as 2024 is on track to be another record year in terms of sales figures and property values, according to local real estate firms. For Hussain Sajwani, chairman of Dubai property giant Damac, that spells both good and bad news. "What concerns me a little bit in Dubai is that [it's] becoming an expensive city, and I've said this in the past, that Dubai [is] going to be [an] expensive city. The latest Dubai property market numbers tell a story of burgeoning demand. In July of 2024, property sales reached 49.6 billion dirhams ($13.5 billion), a 31.63% increase from the same period in 2023, according to locally-based brokerage firm Elite Merit Real Estate.
Persons: Hussain Sajwani, I've, Sajwani, CNBC's Dan Murphy Organizations: United Arab Emirates, United, Real Locations: DUBAI, United Arab, United Arab Emirates, Dubai, Riyadh
In this article AMZN Follow your favorite stocks CREATE FREE ACCOUNTWorkers stock shelves at an Amazon Fresh grocery store in Seattle, Washington, US, on Thursday, May 2, 2024. As part of the Fresh store redesign, Amazon created a more colorful layout and added Krispy Kreme donut and coffee stalls. "We like the early results a lot," Jassy said on the company's first-quarter earnings call in April, referring to the revamped Fresh stores. Amazon declined to comment on the status of the Fresh stores that remain unopened. "You walk into the Amazon Fresh store in Roseville and it feels like you're in a stainless steel wine cellar," Thill said.
Persons: David Ryder, Joe Knowles, Bensalem, it's, Andy Jassy's, Jassy, CNBC it's, It's, Ted Weill, AlbaneseCormier, Weill, they've, Brent Thill, Thill Organizations: Amazon, Bloomberg, Getty, CNBC, Foods, Walmart, Jefferies, Anadolu, Mart, Shoppers, Aldi, Rancho Mirage Locations: Seattle , Washington, US, Philadelphia, Bensalem , Pennsylvania, California , Illinois, Maryland , New Jersey, Virginia, Illinois, California, Amazon's, U.S, Woodland, Los Angeles, San Mateo , California, United States, Pennsylvania , New Jersey , New York , Florida, Washington, Florida, Mirage , California, Palm Springs, Italian, Sacramento, Roseville, Amazon
Related storiesThe media center, set in a cavernous convention center hall the size of a football field, could have been anywhere. Shapiro finishing an interview with CNN in the spin room. Rep. Robert Garcia in the spin room. And most of us understand that the spin room is a manifestation of the unholy mixture of news and entertainment that's often inescapable as a national reporter. If you care what Anthony Scaramucci has to say about anything, as the Harris campaign apparently thinks you might, then he's on hand.
Persons: Doug Burgum, Donald Trump's, Burgum, Kamala Harris, It's, Trump, Harris, Bryan Dozier, , Ronald Reagan's, Robert F, Kennedy Jr, Josh Shapiro, Shapiro, Chip Somodevilla, it's, We're, Robert Garcia, Joe Biden's, Garcia, Matt Slocum, surrogates, Matt Gaetz, Donald Trump, Vivek Ramaswamy, Lindsey Graham of, Anthony Scaramucci, Khizr Khan, Ramaswamy, Sean Hannity, Lindsey Graham, Tim Scott of, Kevin Dietsch Organizations: Service, Pennsylvania Convention Center, GOP, Variety, Pennsylvania Convention, Getty, National Constitution, CNN, Twitter, AP, Star, Democratic, Fox News, Trump Locations: California, Pennsylvania, Florida, Sen, Lindsey Graham of South Carolina, Sens, Tim Scott of South Carolina
Wall Street relationshipsOne of Vance's earliest interactions with Wall Street came shortly after the November 2016 presidential election, when he headlined a lunch in New York to discuss his newly published memoir. John Underwood, a longtime managing director at Goldman Sachs, encouraged his allies to support and raise money for Vance's Senate campaign, according to people familiar with the matter. He told them the Trump campaign would need "hundreds of millions of dollars" to compete with Vice President Kamala Harris' fundraising surge. The Ohio Republican's opposition to Wall Street was on full display during the Republican National Convention in Milwaukee in July. "Wall Street barons crashed the economy and American builders went out of business," Vance said in his nomination acceptance speech.
Persons: Vance, Marco Bello, Sen, JD Vance, Donald Trump's, Scott Bessent, Morgan Stanley's Jonathan Burkan, Cantor Fitzgerald, Howard Lutnick, Norm Champ, Keith Rabois, Jacob Helberg, J.D, Champ, Sander Gerber, Gerber, Goldman Sachs, Ohio Republican Sen, Rob Portman, John Underwood, Underwood, Steve Case, Trump, Omeed Malik, Emil Henry, Henry, Bush, Ted Virtue, Woody Johnson, Clifford Sobel, Richard Kurtz, Kamala Harris, Harris, Malik, John Paulson, Reuben Jeffery III Organizations: Republican U.S, Reuters, Ohio, Trump, Vance, Securities and Exchange Commission, CNBC, Hudson, Hudson Bay Capital, Netflix, Allen & Company, Ohio Republican, Senate, AOL, Tiger Infrastructure Partners, New York Jets, Hamptons, Valor Capital, Rockefeller & Co, Wall, Republican National Convention Locations: Kenosha, Kenosha , Wisconsin, U.S, New York City, Hudson Bay, New York, Ohio, Sun Valley , Idaho, Washington, Milwaukee
Europe's top court on Tuesday ruled against Apple in the tech giant's 10-year court battle over its tax affairs in Ireland. The pronouncement from the European Court of Justice comes hours after Apple unveiled a swathe of new product offerings, looking to revitalize its iPhone, Apple Watch and AirPod line-ups. In 2014, the European Commission, the European Union's executive arm, opened an investigation into Apple's tax payments in Ireland, the tech giant's headquarters in the EU. Apple and Ireland appealed the Commission's decision in 2019, and in 2020 the EU General Court sided with the U.S. tech giant. The EU's second-highest court anulled the Commission's 2016 decision and said that the executive arm did not prove that the Irish government had given Apple a tax advantage.
Organizations: Apple, European Court, Apple Watch, CNBC, European, Reuters, European Commission, EU, The, Ireland, U.S Locations: Ireland, U.S, London, Dublin
German automotive giant Volkswagen on Tuesday said it was scrapping six labor agreements as the company's standoff with unions and its works council intensified. "The company sees itself forced to do so because of the current economic challenges," Volkswagen said in a statement translated by CNBC. That applies to the company as well as the wage agreement levels," Volkswagen human resources chief Gunnar Kilian said in the statement. In a statement released Tuesday, VW Works Council head Daniela Cavallo reiterated that there would be pushback to Volkswagen's plans. We will not accept this silently and without action," he said in a statement translated by CNBC.
Persons: Gunnar Kilian, Daniela Cavallo, Thorsten Gröger Organizations: Volkswagen, VW, CNBC, VW Works, IG Metall Locations: Zwickau, Germany
Investors are waiting for the consumer price report on Wednesday. JPMorgan led a slide in bank stocks after easing its earnings optimism. AdvertisementUS stocks ended mixed Tuesday ahead of the August consumer price index report due out Wednesday morning. Most investors anticipate a 25 basis point rate cut, but any shock in the inflation data could shift that outlook in favor of a steeper cut. Ahead of each report, Tuesday's presidential debate between Donald Trump and Kamala Harris could also sway markets.
Persons: Dow, , Donald Trump, Kamala Harris Organizations: JPMorgan, Service, Nasdaq, Ally Locations: Here's
Read previewApple has the over-the-counter hearing aid market in its sights — and execs in the audiology space are likely sitting up straight after Monday's announcement by the tech giant. The AirPods Pro 2 — first launched in 2022 and refreshed in 2023 — will soon feature a "clinical-grade, over-the-counter Hearing Aid feature" via a software update slated for the fall, Apple said. Related storiesThe AirPods Pro 2 retail for $249, while over-the-counter hearing aids can range from $99 to $3,000, according to the National Council on Aging (NCOA). Apple's new hearing-focused features for the AirPods Pro 2 are multifaceted. AdvertisementThe Hearing Aid feature on AirPods Pro 2 can boost voices, media, and phone calls, Apple says.
Persons: , Apple, Johns Hopkins, Dr, Nicholas Reed Organizations: Service, Business, Apple, Food and Drug Administration, Street, World Health Organization, WHO, National Council, Aging, AirPods Locations: Germany, Japan
City of London skyline on 10th June 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. Mike Kemp | In Pictures | Getty ImagesLONDON — European stocks were mixed on Tuesday, following a more positive session at the start of the week. The more mixed picture for European stocks today comes after regional markets closed higher on Monday, shrugging off last week's negative sentiment. Investors are largely looking ahead to next week's meeting of the U.S. Federal Reserve where an interest rate cut is widely anticipated.
Persons: Mike Kemp, Germany's DAX, shrugging Organizations: CAC, Tech, AstraZeneca, Nasdaq, Investors, U.S . Federal Reserve Locations: London, United Kingdom, The City, Asia, Pacific
When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data. Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.
Persons: John Kelly Jr, Hans Schroeder, Peacock, Steve Jobs, Schroeder, Nielsen, Rick Cordella, Lori Conkling Organizations: Baltimore Ravens, NFL, Green Bay Packers, Lambeau, The, CNBC, Google, YouTube, Comcast, Netflix, Apple, NBC Sports, English Premier League, NBA Locations: Green Bay , Wisconsin, U.S, Brazil
In some places — especially in the U.S. — we aren't always delivering," Niccol wrote in the open letter addressed to customers, employees and stakeholders. Niccol, who calls himself a long-time Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding. "This is our plan for the U.S., and where I need to focus my time initially," Niccol wrote in the letter. Later, Niccol plans to address its international business, like China, its second-largest market. The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan.
Persons: Brian Niccol, Niccol, We're, Laxman Narasimhan, shakeup, he's Organizations: U.S, Starbucks Locations: U.S, China, Gaza
Leo and Faith Jean-Louis were paying about $2,200 in minimum monthly payments towards their debt. In order to maintain their debt payments, the couple had a minimum monthly payment of $2,200 between the two of them. At that rate, it would take them 15 years and cost them $125,000 in additional interest to pay off their debt. After returning from their honeymoon in Greece, they decided to tackle their debt and pay it off as soon as possible. Leo and Faith didn't want their kids to start their lives off financially behind or in debt like they did.
Persons: Leo, Faith Jean, Louis, , Leo Jean, Roth, Faith didn't, Faith, hadn't, doesn't, Faith babysat, couldn't Organizations: Service, Ramsey Locations: Greece
Warren East, former CEO of Rolls Royce and Arm, speaking at a tech event in London on June 13, 2022. "I think we have a lot to offer in terms of U.K.-based innovative technology," East told the audience at Cambridge Tech Week. However, he added: "We tend not to be able to realise as many global businesses as that promise would suggest." East was also previously the CEO of U.K. aviation engineering giant Rolls-Royce . East said that Britain "needs to get commercialization right," adding that too much innovation gets created in the U.K. but is then exported elsewhere around the world.
Persons: Warren East, East Organizations: Royce, Cambridge Tech, Warren, Tokamak Energy Locations: London, CAMBRIDGE, England, Britain, U.S
SINGAPORE — Global markets are severely overplaying an oil supply glut, said Jeff Currie, chief strategy officer of energy pathways at private equity giant Carlyle. China's crude oil imports in 2023 had notched a record high. China's oil demand has been declining on the back of a slump in industrial inputs, according the International Energy Agency. On the supply side, black oil production in the U.S., one of the world's top crude oil producers, has been "flat" this year, Currie said. Black oils include crude oil, fuel oil, furnace oil, asphalt and tar.
Persons: Currie, Jeff Currie, Carlyle, I've, Energean Organizations: Asia Pacific Petroleum Conference, SINGAPORE —, International Energy Agency, Reuters Locations: Stanton , Texas, Singapore, SINGAPORE, APPEC, U.S, Egypt, Italy, Croatia
"We launch coverage of GE Aerospace with an Outperform rating, target price $201." (ELF) with a Buy rating and a 12-month price target of $175 per share." "We initiate with a Buy rating on Harmony , a commercial stage biotech focused on CNS [central nervous system] disorders." "We are initiating coverage of ProKidney Corp. (PROK) with a BUY rating and $6 price target." We are initiating coverage with a BUY rating and $600 price target."
Persons: Morgan Stanley, Apple, Tesla, it's, Bernstein, Riley, Wolfe, Stryker, BUD, JMP, Redburn, BTIG, Palantir, Goldman Sachs, Nutrien, Goldman, Cantor Fitzgerald, Cantor, Melius, Johnson, Guggenheim, it's bullish, D.A, Davidson, Meta Organizations: Apple, Apple Intelligence, Intelligence, Deutsche Bank, Deutsche, GE Aerospace, GE, Inc, Anheuser, Busch InBev, Oracle, Costco, Equity, Haemonetics, Plasma Solutions, Blood Center, Hospital Care Solutions, " Bank of America, Bank of America, UBS, Amazon, Harmony Biosciences, NTR, Nvidia, Broadcom, Johnson, Johnson Controls, ProKidney Corp
Analysts have predicted a "golden upgrade cycle" for Apple following the official launch of the iPhone 16, complete with AI capabilities. Still, execs didn't mention the massive market — where its iPhone sales have struggled in 2024 — at the Glowtime event. AdvertisementThe reported partnership with Baidu "will fill in a missing piece of the AI puzzle in the key China market," Wedbush Securities analysts wrote in a Monday note. Apple's Chinese smartphone competitors aren't letting up in their pursuit of dethroning the giant. Related storiesApple may be experiencing a slip in smartphone sales in China, but Huawei saw its sales leap 69.7% in the first three months of 2024.
Persons: , OpenAI, Max, It's Organizations: Service, Analysts, Apple, Business, Huawei, Street Journal, Apple Intelligence, preorder, Baidu, Wedbush Securities Locations: China, , Greater China
The EU's top court ruled Apple must pay over €13 billion in back taxes. The European Court of Justice's decision ends a decadelong legal battle with the tech giant. EU competition chief Margrethe Vestager argued Apple received unfair tax breaks from Ireland. AdvertisementThe EU's top court just dealt Apple a major blow, ruling that the tech giant must pay more than €13 billion (about $14 billion) in back taxes. The European Court of Justice (ECJ) ruled that Apple must pay the taxes to the Irish government, ending a decadelong legal battle.
Persons: Margrethe Vestager, Apple, Organizations: Apple, Service, of Justice, European Commission, Business Locations: EU, Ireland
Among the offers at AT & T for new and existing customers: a free iPhone 16 or up to $830 off the iPhone 16 Plus if they meet a few eligibility requirements. Apple's list price for the Phone 16 and iPhone 16 Plus start at $799 and $899, respectively. Now consider that despite inflation, Apple left the prices of iPhone 16 models the same as the prior generation while adding AI capabilities and improved battery life, among others. "All of these things will be incremental, just enough to eventually convince millions" to upgrade their devices, Jim said. Apple CEO Tim Cook delivers remarks before the start of an Apple event at Apple headquarters on September 09, 2024 in Cupertino, California.
Persons: , Max, Jim Cramer, Tim Cook, Cook, Bernstein, John Stankey, Stankey, aren't, Jim, Jeff Marks, Jim Cramer's, Justin Sullivan Organizations: Verizon, Mobile, Apple, Consumer Intelligence Research Partners, UBS, CNBC, Club, Markets, Apple Intelligence, Barclays Locations: U.S, China, Europe, Cupertino , California
An illustrative image of a person holding a medical syringe and a Covid-19 vaccine vial in front of the the AstraZeneca logo displayed on a screen. On Wednesday, January 12, 2021, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)AstraZeneca shares fell more than 5% Tuesday morning, the biggest one-day drop in seven months, after the British pharmaceutical giant announced disappointing lung cancer drug trial results. The Covid-19 vaccine maker was trading at the bottom of the FTSE 100 and dragged the wider healthcare sector lower after data published Monday showed that its experimental drug did not significantly improve overall survival results for patients. The late-stage trial results from the TROPION-Lung01 Phase III trial showed that the overall survival rate from the new drug "did not reach statistical significance," the company said.
Persons: Artur Widak Organizations: AstraZeneca, Getty Images Locations: Edmonton , Alberta, Canada, London
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Back on June 29, 2007, when Apple's cofounder and then-CEO Steve Jobs unveiled the original iPhone, he called it "an iPod, a phone, and an internet communicator," all in one. This story is available exclusively to Business Insider subscribers. Here's a look at how the iPhone has evolved from 2007 to now.
Persons: , Steve Jobs, Jobs Organizations: Service, Business
Concerns about the use of cryptocurrencies for illegal activity resulted in an effective ban on crypto mining and transactions. After a massive public outcry at the end of 2021, mining companies in Kazakhstan were effectively cut off from the grid. Today, the US makes up about 40% of the global hashrate — up from 17% during China's 2021 peak — making America the biggest hub for bitcoin mining. However, in recent years, bitcoin mining has become increasingly concentrated in the hands of a small number of private companies. Given how much energy bitcoin mining consumes, it's worth questioning whether its presence in the US is really worth the trade-off.
Persons: Xi Jinping, Zoe Liu, hasn't, pushback, haven't, Jeremy Fisher, Fisher, Gladys Anderson, Kelley Sayre, Stephanie Marsh, Marsh, Gavin Newsom, would've, Donald Trump, Trump, Satoshi Nakamoto, Saifedean Ammous, Cheyanne Diehl, wasn't, Biden, Joe Biden, Liu Pengyu, America Organizations: Council, Foreign Relations, Mining, Cambridge, Goodyear, Sierra, Environmental, New York Times, Tech, Gov, Securities and Exchange Commission, July's Bitcoin, SEC, National Bureau of Economic Research, Inc, Nasdaq, Embassy, EV, Sierra Club, City Council, Digital Locations: China, Kazakhstan, America, Utah, West Virginia, Akron , Ohio, Rockdale , Texas, Murphy , North Carolina, Massillon , Ohio, Bono , Arkansas, Vilonia , Arkansas, Akron, California, Nashville, Massillon, Ohio, Chinese, Massillon's City, In Arkansas, Wyoming, Washington, Harrison , Arkansas
This year, however, one of its top rivals in China has tried to rewrite the script. To make its challenge even clearer, Huawei is putting the Mate XT on sale in stores on September 20 — the same day the iPhone 16 will be available in China. Huawei's Mate XT will go on sale the same day as the iPhone 16 in China. AdvertisementFor some time now, Apple has anxiously been watching iPhone sales tumble in China. AdvertisementBut in the meantime, iPhones without AI could prove to be a tougher sell in China in the face of stiff competition.
Persons: , Jamie MacEwan, MacEwan, raring, Gene Munster, Richard Windsor —, Apple Organizations: Service, Huawei, Business, Apple, Enders Analysis, Apple Intelligence, Deepwater Asset Management, Radio Free Mobile, Windsor Locations: China
Cesc Maymo | Getty Images News | Getty ImagesLONDON — Amazon Web Services (AWS), the U.S. e-commerce giant's cloud division, announced plans to invest £8 billion ($10.45 billion) over the next five years to build and operate data centers in the U.K. as it ramps up its cloud computing efforts in the country. "So this will go toward helping our customers to really be able to harness cloud computing, because you need the data centers to be able to actually provide cloud computing for our customers." AWS, along with other cloud players, has been investing heavily in infrastructure, such as data centers and Nvidia chips, in order to train and run AI models. AWS competes with Microsoft and Google in the U.K. and its investment continues the company's focus on expansion in Europe. AWS said this year it plans to invest 8.8 billion euros in existing cloud infrastructure in Germany.
Persons: Cesc Maymo, We've Organizations: Getty, Web Services, London, CNBC, Nvidia, Microsoft, Google Locations: Italy, Europe, U.S, East, Africa, Germany
It’s the first day on the job for new Starbucks CEO Brian Niccol, and expectations are high. Niccol explained that he carries a “beat-up notebook” with him to outline and track his progress toward his career goals. Trusting his gut and believing in his ability to succeed, Niccol said, has made the biggest difference in his career up to this point. “There will be times in your career when your gut will be tingling,” he said, noting that he had that feeling when he left Taco Bell to become Chipotle’s CEO in 2018. Niccol used a 5-word phrase in a phone screening with former Starbucks chair Mellody Hobson to illustrate his confidence and preparedness for the job.
Persons: Brian Niccol, Anjali Sundaram, Taco Bell, , ” Niccol, Niccol, Mellody Hobson, , , ’ ” Hobson, ” Hobson, Brian, “ We’re Organizations: CNBC, Wall, Taco, Miami University in, Taco Bell, Starbucks Locations: U.S, China, Miami University in Oxford , Ohio, Newport Beach , California, ’ Seattle
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