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☆ America's F-35 stealth fighters are going to be flying less as costs soar, watchdog finds
▼ + stars: | 2024-04-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Theodore BerganThe Pentagon's planned future use of the F-35, as well as the stealth aircraft's overall availability over the past few years, have both decreased. The GAO said it has consistently found that the F-35 fleet is not meeting availability and performance goals, even as projected costs for the program go up. The Pentagon "has pursued cost savings efforts and continues to look for new ways to reduce costs," the GAO explained in its report. However, it cautioned, "officials generally agree that these efforts are not likely to fundamentally change the estimated costs to operate the aircraft."

Persons: —, Theodore Bergan, Duncan Bevan, Lockheed Martin Organizations: Service, Pentagon, Office, Business, Department of Defense, Navy, Air Force, Marine Corps, Marine Corps Air, US Marine Corps, Staff, GAO, Force, US Central Command, US Air Force, Lockheed Locations: Point , North Carolina, Israel, Iranian

☆ Goldman Sachs: 3 top energy stocks to buy with valuations at 30-year lows for investors hoping to hedge against higher inflation and flaring tensions in the Middle East
▼ + stars: | 2024-04-16 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Energy stocks have finally caught fire in an increasingly uncomfortable backdrop for investors. Another compelling selling point for energy stocks is that there will be strong long-term demand for oil, Kostin wrote. "Our commodities strategists expect long-term energy demand will remain solid, in part because of increased global energy demand from the structural rise in transportation needs in EMs and AI." All three stocks will enjoy resilient long-term energy demand, Kostin wrote. Each firm has pulled back lately alongside the slight dip in oil prices and would benefit if the rally resumes.

Persons: Goldman Sachs, Brent, David Kostin, Kostin, They're Organizations: Business, Oil, Hamas, Goldman Sachs Energy, Commodities, Mutual, Marathon Petroleum, Schlumberger, ConocoPhillips Locations: East, Israel, Iran, Syria

☆ The average US home price could spike 20% to a record $500,000 if the Fed cuts interest rates too soon, expert says
▼ + stars: | 2024-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The median US home price could surpass $500,000 for the first time, one expert says. Housing guru Bill Pulte said prices could jump 20% if the Fed cuts rates before crushing inflation. AdvertisementThe average price of a home could soar to over $500,000 if the Federal Reserve cuts interest rates without crushing inflation first, a housing expert says. "I predict if rates go down, housing prices will go through the roof," Bill Pulte recently told Fox Business. This story is available exclusively to Business Insider subscribers.

Persons: Bill Pulte, —, Louis Organizations: Service, Federal Reserve, Fox Business, Louis Fed, Business Locations: St

☆ A top Nvidia shareholder reveals his trigger for selling growth stocks
▼ + stars: | 2024-04-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Nvidia shares have continued to soar this year, up more than 80%. "We emphasize risk management much more than many growth investors," Shant told CNBC Pro. When should investors sell growth stocks? When asked about the right time to sell a growth company like Nvidia, Shant pointed to the firm's latest research note titled "Buy and Hold Forever?" [As in] they can't actually make enough to meet expectations in that quarter," Shant told CNBC's Squawk Box Friday.

Persons: they've, Raj Shant, Shant, We're, CNBC's, Jennison, Morgan Stanley Organizations: Nvidia, Jennison Associates, CNBC Pro, Global Equity, Novo Nordisk, Norges Bank, Barclays

☆ Goldman crushes revenue and earnings forecasts as investment-banking fees soar
▼ + stars: | 2024-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Goldman Sachs reported first-quarter earnings on Monday that trounced Wall Street's forecasts. The investment bank generated over $14 billion in net revenue and $11.58 in earnings per share. Goldman reported strong growth in investment-banking fees and asset and wealth management. Goldman's asset and wealth management arm posted an 18% rise in net revenue to $3.8 billion, helped by record quarterly management and other fees. AdvertisementIn the earnings release, Goldman CEO David Solomon said: "Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs.

Persons: Goldman Sachs, Goldman, —, David Solomon Organizations: Wall, Service

☆ Oil prices could see 'super spike well above $100' if conflict escalates after Iran's attack on Israel
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted. Stock Chart Icon Stock chart icon Oil prices since the start of the year. "I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added. Oil prices have climbed in recent months on trade disruptions and delays caused by Red Sea maritime attacks from the Houthis, who claim solidarity with the Palestinian people.

Persons: Saeid Arabzadeh, Israel reigniting, Andy Lipow, Daniel Hagari, Josh Young, Brent, Young, Morgan Stanley's Organizations: Afp, Getty, OPEC, CNBC, Brent, Lipow Oil Associates, Israel Defense Forces, Bison, Iran's United Nations, underinvestment, U.S, West Texas Locations: Persian, Iran, Hormuz, Oman, Israel, Damascus, Syria, Asia

☆ Fast-food franchisees in California fear they'll lose customers to Chili's and Applebee's as prices soar over $20 wage
▼ + stars: | 2024-04-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Fast-food franchisees in California fear diners will flock to Chili's and Applebee's to avoid price hikes. As a result, the price gap between fast-food and casual dining restaurants could narrow. This could potentially cause the price difference between fast-food and casual dining restaurants to shrink. Fast-food restaurants in California have been hiking prices to offset the wage, which is 25% above the state's general minimum wage. "We're gonna start to compete with them," Ghai said, speaking about the casual dining restaurants.

Persons: —, Shane Paul, Paul, Scott Olson, Taco Bell, Ghai, he's, wouldn't, Scott Rodrick, Rodrick, Hajime Uba, Brian Vaccaro, Raymond James, Sal Vitalie, Vaccaro, Sharon Zackfia, William Blair Organizations: Service, Burger Locations: California, San Diego, South San Francisco

☆ GOP leaders pursue new lawsuits over 2024 election rules – including attacking methods of voting they want supporters to use
▼ + stars: | 2024-04-11 | by ( Fredreka Schouten | Tierney Sneed | ) edition.cnn.com time to read: +11 min

“What he has said is that we would like ultimately there to only be voting on Election Day. Republican attorneys have filed an assortment of lawsuits across the county that vary in both what types of election rules they target and how seriously election law experts believe the case should be taken. The legal fight against mail voting has taken GOP lawyers to states beyond the typical presidential battlegrounds. In addition to the case targeting Mississippi’s post-election day mail ballot receipt deadline, Republicans filed a lawsuit challenging the major expansion of mail voting enacted by New York lawmakers last year. To arrive at the claim that the states’ voter rolls are bloated, Republicans are using a formula that has previously been rebuked in federal court.

Persons: Donald Trump, baselessly, Trump, Mike Johnson, “, ” Michael Whatley, that’s, ” Whatley, Whatley –, –, Rick Hasen, don’t, ” Hasen, Derek Muller, ” Muller, litigators don’t, ”, Justin Levitt, Muller, CNN’s Ariel Edwards, Levy, David Wright Organizations: CNN, Republican, Republican National Committee, Mississippi Republican Party, Magnolia, GOP, Republicans, Democrats, Trump, Trump’s, Fox News, Republican Party, RNC, University of Notre Dame, Fox, New, National Conference of State Legislatures, Pew Research Center, Democratic, Pew, The New, The New York City Council, Vermont, Loyola Law School, Biden White Locations: Magnolia State, Pennsylvania, Ohio , Georgia, Florida, North Carolina, Wisconsin, “, California, Colorado, Hawaii , Nevada , Oregon , Utah , Vermont, Washington, Mississippi, New York, Michigan , Wisconsin , Ohio, Arizona, New York City, United States, The New York, – Nevada, Michigan, Nevada

Morgan Stanley raised its price target on Nvidia, calling for more than 15% upside going forward. — Lisa Kailai Han 5:53 a.m.: Jefferies lowers Tesla price target, cites 'self-inflicted' wounds Tesla's troubles may not be over yet, according to Jefferies. The investment firm kept its hold rating on the electric vehicle maker and lowered its price target to $165 from $185. Jefferies analyst Philippe Houchois also said Tesla is plagued by shifting product priorities. — Lisa Kailai Han 5:53 a.m.: Morgan Stanley raises Nvidia price target Nvidia has already rallied more than 72% in 2024.

Persons: Morgan Stanley, Jefferies, Patrick Cunningham, Erik Fyrwald's, Cunningham, — Lisa Kailai Han, Zillow, John Colantuoni, Colantuoni, Scott Schoenhaus, Schoenhaus, Lisa Kailai Han, Hess, Betty Jiang, CVX, Jiang, Tesla, Philippe Houchois, Joseph Moore, Moore, — Fred Imbert Organizations: CNBC, Nvidia, Citi, Management, & Biosciences, Jefferies, National Association of Realtors, Markets, GDRX, Barclays, Chevron, NVIDIA, AMD Locations: Tuesday's, China

☆ Nvidia and Georgia Tech announce first AI supercomputer for students
▼ + stars: | 2024-04-10 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Nvidia and the Georgia Institute of Technology announced Wednesday the first artificial intelligence supercomputer designed for student use. At first, only Georgia Tech's undergraduate students will be able to use the computing cluster, which is fueled by Nvidia's enterprise AI software and a "virtual gateway" developed by Penguin Solutions. So far, students have used the supercomputer in just one class — foundations of machine learning — since the beginning of the semester, but Georgia Tech plans to continue scaling usage. Georgia Tech's supercomputer runs on 20 Nvidia HGX H100 systems, which house 160 of Nvidia's H100 GPUs, which are high in demand across the tech industry. For reference, it would take one of these 160 GPUs a single second to come up with a multiplication function that would take 50,000 students 22 years, according to a Georgia Tech release.

Persons: Jensen Huang, Raychowdhury Organizations: Nvidia, Georgia Institute of Technology, Penguin Solutions, Georgia Tech, Georgia Tech's School of Electrical, Computer Engineering, CNBC, Arizona State University, ChatGPT Enterprise, Georgia Tech's Locations: Georgia

☆ Comeback candidates: Goldman loves these underperforming stocks with strong fundamentals
▼ + stars: | 2024-04-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Stocks that have missed out on this year's market rally could be solid contenders for a rebound, according to Goldman Sachs. Heading into the second quarter, Goldman searched for buy-rated names in its coverage universe that could win big going forward. Goldman screened for "compounders," which offer investors high financial returns, free cash flow generation, margin expansion and sales growth. Most analysts covering the stock currently have a buy rating assigned to the name, with about 39% upside to the consensus price target, per LSEG. Pfizer stock has slipped 9% this year.

Persons: Goldman Sachs, Goldman, Dan Levy, Levy, Guggenheim, Vamil Divan, Lamb Weston, Jefferies, Rob Dickerson Organizations: Barclays, Pfizer Locations: U.S

☆ Analyst forecasts a surprising source of revenue upside for chipmaker Nvidia
▼ + stars: | 2024-04-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

Other Wall Street analysts in recent weeks offered different views on the state of Nvidia's China-specific AI chips. Nvidia has been sampling AI chips designed to comply with U.S. government export restrictions to Chinese customers since last fall. NVDA 1Y mountain Nvidia's stock performance over the past 12 months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Nvidia Stock Soar | Future Publishing | Getty Images

Persons: Nvidia's, Jeff Marks, Wolfe, Tencent, Biden, China –, Xi Jinping, Jensen Huang, KeyBanc, Jim Cramer's, Jim Cramer, Jim Organizations: Nvidia, KeyBanc, Markets, FactSet, Wall, Wolfe Research, U.S, Microsoft, Street, Huawei, Blackwell, Nvidia's, Taiwan Semiconductor Manufacturing Company, CNBC, Visitors, Future, Getty Locations: China, Nvidia's China, U.S, Hangzhou

☆ Samsung expects first-quarter profit to soar 931% as memory chip prices rebound
▼ + stars: | 2024-04-05 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

SHANGHAI, CHINA - MARCH 14, 2024 - Visitors visit the Galaxy S24 phones at SAMSUNG booth at AWE2024 in Shanghai, China, March 14, 2024. Samsung Electronics on Friday said it expects to post a 931% increase in first quarter operating profit, as chip prices rebound. Profit in the first quarter of 2023 was 0.64 trillion won. The profit guidance for the first quarter of 2024 exceeds LSEG's estimate of 5.24 trillion won. Daiwa maintained their "buy" rating on Samsung Electronics and lifted price target to 110,000 won.

Persons: Kim, Daiwa Organizations: Galaxy, SAMSUNG, Samsung Electronics, SK Kim, Daiwa Securities Locations: SHANGHAI, CHINA, AWE2024, Shanghai, China

☆ Want to Invest in SpaceX or Stripe? There’s a Fund for That.
▼ + stars: | 2024-04-05 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

Stripe, a payments start-up, is one of the most successful companies to emerge from Silicon Valley in a generation. It is a problem that has vexed retail investors for years, as start-ups like Stripe, SpaceX and OpenAI soar to enormous valuations in the private market. Only so-called accredited investors with a high net worth are allowed to invest in private tech start-ups. It is offering a publicly traded fund that contains shares of 23 private tech companies including Stripe, SpaceX, OpenAI, Discord and Epic Games. Sohail Prasad, the chief executive of Destiny XYZ, the parent company of the fund, said his goal was to let anyone own part of the tech industry’s top private companies.

Persons: Destiny Tech100, Sohail Prasad Organizations: SpaceX, Games, New York Stock Exchange Locations: Silicon

☆ When I stopped drinking, I kept my sobriety a secret for months. Alcohol had always been a big part of my identity.
▼ + stars: | 2024-04-05 | by ( Angela Anagnost-Repke | ) www.businessinsider.com time to read: +5 min

But I felt like drinking was part of my identity and didn't tell anyone I was sober for a while. Finally, a few months into my sobriety, I told my husband, and then slowly told my friends. I didn't tell anyone I was sober for a whileWhen I first stopped drinking, I didn't tell anyone. I sat alone with the secret of my sobriety, which should have felt more like a feather than a bomb. Then, after almost a year of my own sobriety, my husband gave up drinking, too.

Persons: —, I'd, We'd, I'm, I've Organizations: Service

☆ Opinion: Investing in oil and gas doesn’t make sense anymore
▼ + stars: | 2024-04-04 | by ( Opinion Tom Steyer | ) edition.cnn.com time to read: +7 min

Some might think that, questions of morality aside, fossil fuel investments are just too good to pass up. Even in the United States, where President Joe Biden’s Inflation Reduction Act is making historic investments in clean energy, oil exports are at an all-time high. On closer examination, the simplest argument against funding new oil, gas and coal projects is not that they’re immoral. What should be even more concerning to investors is that fossil fuel companies’ challenges go beyond supply and demand. Finally, there is perhaps the greatest risk fossil fuel investors face: the industry’s massive profits are largely dependent on special treatment by governments.

Persons: Tom Steyer, Pimco, Vladimir Putin’s, Joe Biden’s, I’ve, —, there’s, Morgan Stanley, persuasively, Herbert Stein Organizations: Solutions, CNN, JPMorgan Chase, State Street, Global Energy Monitor, Farallon Capital, ” Locations: BlackRock, Ukraine, United States, Texas, Farallon

Microsoft unbundles, againMicrosoft is separating Teams, its popular video and chat app, from its Office software suite in markets around the world, broadening a split that began in the European Union last fall. It appears to be the latest effort by the software giant to head off investigations by global antitrust enforcers as regulators examine the power of Big Tech. Microsoft first added the video and document collaboration program to its business software suite in 2017, and saw Teams’s popularity soar after the coronavirus pandemic unleashed a boom in hybrid and remote working. At the height of the lockdown in 2020, Slack filed a complaint with the European Commission accusing Microsoft of anticompetitive behavior by bundling Teams with Office. (Three months later, Slack agreed to sell itself to Salesforce for $27.7 billion.)

Persons: Microsoft unbundles, Slack, Eric Yuan Organizations: Microsoft, European Union, Big Tech, Rivals, Commission

☆ A record 550 cities now have average home values above $1 million
▼ + stars: | 2024-04-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

A record number of US cities have an average home price of more than $1 million. AdvertisementA record number of US cities have an average home value of more than $1 million — a sign that the housing market is becoming increasingly out-of-reach for some Americans as prices continue to soar. The US has 550 cities where the typical home value is north of seven figures, according to a recent Zillow report. That's the highest number of so-called "million-dollar" cities ever recorded, the real-estate-listings site said, up from 491 a year ago. This story is available exclusively to Business Insider subscribers.

Persons: Zillow, — Organizations: Service, Business Locations: California

☆ Tenacious stock market heads into new quarter aiming to show it's not beholden to the Fed's rate plans
▼ + stars: | 2024-04-01 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

.SPX YTD mountain S & P 500, YTD Here's a scouting report covering a few relevant themes at play heading into the second quarter. The tenacious tape The behavior of the market itself is perhaps the strongest selling point for a bullish outlook from here. After the S & P has returned 10% or more in a first quarter? The index continued higher the following quarter nine of those 11 and was up the remainder of the year all but once. All but one of the previous episodes saw the market higher nine months later, which in this case would take it through 2024.

Persons: It's, YTD, we've, it's, —, Joe Kalish, Ned Davis, – Organizations: Federal, Ned, Ned Davis Research, Treasury, Fed, JPMorgan, Microsoft, Nvidia, Broadcom, AMD, Eaton Corp

☆ Bitcoin could soar to $150,000 this year, hedge fund manager Mark Yusko predicts
▼ + stars: | 2024-03-30 | by ( Alison Conklin | ) www.cnbc.com time to read: +1 min

Hedge fund manager Mark Yusko is predicting bitcoin will more than double this year to $150,000. Yusko thinks investors should have at least 1% to 3% allocated to bitcoin in their portfolios. Yusko expects the bitcoin halving to lead to a supply shock resulting in another round of major tailwinds for the flagship crypto. The halving, which cuts the bitcoin mining reward in half to limit supply, is expected in late April. Disclosure: Yusko's firms own bitcoin, ethereum, gold, Coinbase and Nvidia.

Persons: Mark Yusko, CNBC's, Yusko, bitcoin Organizations: Morgan, Capital Management, Nvidia

☆ As cocoa prices soar this Easter, chocolatiers consider alternatives
▼ + stars: | 2024-03-28 | by ( John Towfighi | ) edition.cnn.com time to read: +7 min

CNN —Cocoa prices are surging so high, the Easter Bunny might want to hoard its chocolate. Poor climate and crop diseases in West Africa – home to 70% of global cocoa production – have tightened supply and caused prices to skyrocket. As prices rise, some chocolatiers are exploring cost-cutting alternatives, like diversifying their products to depend less on cocoa. Yet mining often destroys farms and the possibility of a livelihood in cocoa production, Issaka said. “Given the persistently high cocoa prices, it may be necessary for us to make responsible adjustments to pricing in the future,” the spokesperson wrote in an email.

Persons: Hershey’s, Shaquille O’Neal, Michele Buck, Billy Roberts, Roberts, ” Roberts, Issaka, Will Kletter, Kletter, “, Peng Xu, Christopher Taylor, Li, Taylor, ”, “ We’re, “ It’s, ” Taylor Organizations: CNN, Cadbury, NCA, “ Brands, Industries, International Cocoa Organization, Rabobank, US, ”, Euromonitor Locations: West Africa, North Region, Ghana, Ivory Coast, Silicon, Washington ,, Manhattan

☆ The wealth of the 1% just hit a record $44 trillion
▼ + stars: | 2024-03-28 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter. The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve. Economists say the rising stock market is giving an added boost to consumer spending through what is known as the "wealth effect." "Of course, this highlights a vulnerability of the economy if the stock market were to falter.

Persons: Robert Frank, Mark Zandi, Zandi, Liz Ann Sonders, Charles Schwab, – Sonders Organizations: Federal Reserve, Moody's, Stocks, Conference Board Locations: U.S

☆ Home prices will 'go through the roof' as soon as rates come down a single percentage point, 'Shark Tank' investor Barbara Corcoran says
▼ + stars: | 2024-03-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Home prices will soar the moment mortgage rates drop to 6%, Barbara Cocoran predicted. The "Shark Tank" investor is anticipating a wave of buyers coming to market once rates fall one percentage point. Buyers waiting for rates to come down may wind up paying more in the end, she warned. Real estate economists say that mortgage rates aren't primed for a significant drop anytime soon. Mortgage rates are influenced by real interest rates in the economy, and the Fed has hinted it could keep rates higher for longer as it continues to monitor inflation.

Persons: Barbara Cocoran, —, Barbara Corcoran, Cocoran, Freddie Mac, Corcoran, meanwhile Organizations: Service, Fox Business Network, Corcoran Group

☆ CNBC Daily Open: U.S. consumers' optimism wanes
▼ + stars: | 2024-03-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Cocoa prices soarCocoa prices are surging and this could impact consumers as the world struggles with a supply deficit. The cocoa futures contract for May delivery rose to an all-time intraday high of $10,080 per metric ton Tuesday. [PRO] ETFs that stand outGiven the market volatility, investors are looking to exchange-traded funds to position their portfolios.

Persons: Dow, Francis Scott Key, Richard Meade, Paul, Tim Cook, Vahan Janjigian Organizations: CNBC, Street, U.S, Nasdaq, Rabobank, Apple, Greenwich Wealth Management Locations: Port of Baltimore, U.S, Baltimore

☆ CNBC Daily Open: Baltimore port shutdown a major disruption
▼ + stars: | 2024-03-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. India is one of the biggest markets for gold, which plays a key role in its culture. Scramble over port shutdownLogistics firms are left scrambling after the closure of the Port of Baltimore, one of the busiest ports in the U.S. Cocoa prices soarCocoa prices are surging and this could impact consumers as the world struggles with a supply deficit.

Persons: Yen tumbles, Dow, BlackRock's Larry Fink, Francis Scott Key, Richard Meade, Paul, Vahan Janjigian Organizations: CNBC, Nikkei, CSI, Nasdaq, Rabobank, Greenwich Wealth Management Locations: Seng, Blackrock, India, Port of Baltimore, U.S, Baltimore

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