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Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation. Before sentencing Hwang, Hellerstein asked the defendant’s lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange. While Archegos eventually managed $36 billion, Hwang’s borrowing helped him amass $160 billion of exposure to stocks. Hwang’s co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges.
Persons: Sung Kook, Bill ” Hwang, Hwang, Alvin Hellerstein, ” Hellerstein, Archegos ’, Hwang —, Andrew Thomas, Hellerstein, Dani James, Sam Bankman, Mr, Fried, ” James, , ” Hwang, James, it’s, Julian Robertson, Archegos, Grace, , Hwang’s, Patrick Halligan Organizations: Archegos Capital Management, U.S, AS FAMILY, Tiger Asia Management, Paramount, Credit Suisse, Nomura Holdings, UBS, Mercy Foundation Locations: Manhattan, U.S, New York
Don't sweat the drop in Palo Alto Networks stock, which came despite a solid beat and raise after Wednesday's closing bell. Bottom line Palo Alto Networks is off to a strong start to its fiscal year 2025. Palo Alto Networks passed through the fiscal first-quarter earnings beat into its full-year fiscal 2025 outlook. NGS ARR includes revenue for Palo Alto Network's Prisma, Cortex, QRadar, and certain cloud-delivered security services. Nikesh Arora, Chairman and CEO of Palo Alto Networks, speaking at the TEC Summit on October 29, 2019 in New York City.
Persons: Platformization, We're, Palo, Nikesh Arora, Arora, Jim Cramer, SASE, billings, Jim Cramer's, Jim, Astrid Stawiarz Organizations: Palo Alto Networks, Palo, LSEG, Palo Alto, Alto Networks, Cisco Systems, cybersecurity, Street, Management, CNBC, TEC Summit Locations: Palo, platformization, Palo Alto, New York City
Customer traffic gains were similar at the two stores, yet Walmart's sales trends looked much better than Target's. Walmart's traffic growth edged out its rival's, with a gain of 3.1% at Walmart U.S. versus 2.4% at Target. Walmart's e-commerce sales in the U.S. rose 22%, a bigger increase than the nearly 11% at Target. About 60% of Target's sales come from discretionary items, such as home goods and clothing. On a call with investors on Wednesday, Cornell pointed to "green shoots" in the business, even as sales results disappointed.
Persons: Brian Cornell, Walmart's, Michael Baker, Davidson, Baker, Paul Lejuez, Kate McShane, Goldman Sachs, Davidson's Baker, Cornell, Michael Lasser, We'll Organizations: Walmart, Walmart U.S, Target, D.A, Amazon, Costco, Citi Research, Deutsche Bank, HSBC Global Research, Citi, Cornell, UBS Locations: U.S, Minneapolis, America
Fabien Pinckaers, CEO of Belgian-based enterprise software startup Odoo. OdooOdoo, a startup taking on SAP in the realm of enterprise software, boosted its valuation to 5 billion euros ($5.3 billion) in a secondary share round led by Alphabet 's venture fund and Sequoia Capital. "The reason everybody [has] failed [in this market] is that it's quite complex," Pinckaers told CNBC. The last time Odoo secured primary funding was in 2014, when it raised $10 million in a Series B round. Prior to the latest secondary round, Odoo was most recently valued by investors at 3.2 billion euros.
Persons: Fabien Pinckaers, Odoo, Pinckaers, Andrew Reed, Reed, He's, Billings, aren't, Alex Nichols, CapitalG, he's, bootstrapping, Odoo hasn't, Wallonie Organizations: Belgian, SAP, Sequoia Capital, CNBC, Enterprise, Sequoia, Summit Partners Locations: Belgium, India, billings, Sequoia
As such, premium seats — currently about 30% of Delta's inventory — will be a majority focus of any added capacity next year. Delta is doubling down on premium seatsDelta's premium cabins, including premium-economy upgrades, Delta One business class, and domestic first class, have long been profit drivers. Delta said its Airbus A350-1000 aircraft will be introduced with about 50% premium seats, for example, while the airline plans to add lie-flat business class to A321neo jets. AdvertisementThis all comes after Delta had higher-than-expected earnings in the third quarter, largely anchored by premium seats, even though it was dinged by a costly CrowdStrike outage. From July through September, Delta generated $5.3 billion in premium revenue compared to $6.3 billion for the economy cabin despite premium taking up less cabin real estate.
Persons: Glen Hauenstein, Hauenstein, Scott Kirby, David Neeleman, They've, Ed Bastian, Donald Trump, Delta, didn't Organizations: Lines, Delta Air Lines, Wednesday, Delta, Spirit Airlines, United Airlines, Breeze Airways, Biden, Airbus, Boeing Locations: Atlanta
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHarrington: Conagra is down 9% since RFK Jr.'s Health and Human Services nominationJenny Harrington, CEO of Gilman Hill Asset Management, expresses caution about Nvidia's overvaluation. She sees opportunities in Conagra, which offers a 5.3% dividend and trades at a low valuation. She also highlights Easterly Government Properties, confident that its portfolio of essential government buildings remains secure despite potential government efficiency cuts.
Persons: Harrington, Conagra, Jenny Harrington Organizations: RFK Jr, Human Services, Asset Management Locations: Conagra
Corporate insiders are taking advantage of the stock market's postelection boom to all-time highs, unloading shares at record levels. The data includes trades made under preplanned 10b5-1 trading plans. Plus, many 10b5-1 trading plans are price-triggered meaning that executives select levels at which to sell shares. Executives at private education firm Grand Canyon Education have sold an aggregate $2.3 million worth of shares in the fourth quarter, per Verity. Nucor CEO Leon Topalian sold $1.9 million in shares the day following the election at an average price of $169.11.
Persons: preplanned, Ben Silverman, Silverman, Verity, Brian Mueller, Reid Hoffman's, Donald Trump's, Tump, Alexander Karp, Daniel D'Aniello, Carlyle, Tesla, Kathleen Wilson, Thompson, Robyn Denholm, Phillip Juhan, Eric Swider, Leon Topalian, Holden Lewis, Daniel Florness, , Jesse Pound Organizations: Education, Canyon Education, Partners, Aurora, Big, Carlyle Group, Trump Media, Securities, Exchange
Target sounds the alarm bell on holiday shopping
  + stars: | 2024-11-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +2 min
New York CNN —Target is expecting a surprisingly weak holiday shopping season, a warning sign for the retail industry. The holiday shopping season is pivotal for retailers. While Target can survive a weak holiday season, many smaller companies depend on strong sales during the holidays. But Target has also slumped because of its merchandise mix and higher prices compared to rivals like Walmart. Walmart raised its financial outlook, a signal it expects a strong holiday shopping season.
Organizations: New, New York CNN, Target, Walmart, Costco Locations: New York
“We’re expecting this holiday period to be very consistent with that,” he said. Retailers, including Walmart, are contending with a mixed bag of factors this holiday season. The holiday season is also shorter this year and parts of the U.S. have had unseasonably warm weather, two dynamics that could hurt retailers. That would be lower than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion. Rainey said the holiday period is “off to a pretty good start.”He said items like TVs, Apple AirPods, Beats headphones and even tires have been selling.
Persons: John David Rainey, “ We’re, , “ They’re, Rainey, Walmart’s, Donald Trump’s, it’s, We’ve Organizations: Walmart, CNBC, LSEG, New York Stock Exchange, Sam’s, Walmart U.S, U.S, National Retail Federation, Apple Locations: U.S, China
WELLINGTON, New Zealand — Tens of thousands of New Zealanders rallied in front of Parliament on Tuesday in one of the country’s largest ever protests to oppose a bill, which opponents say seeks to dilute the rights of Maori and threatens to set race relations back decades. Massive crowds estimated by the police at 42,000 gathered at Parliament, where the Treaty Principles Bill was introduced earlier this month by legislators who want to reinterpret a 184-year-old treaty signed between the British and Indigenous Maori. “I’m here for my grandchildren, my children and for their children,” said Hoana Hadfield from Wellington, who was marching in a protest for the first time. Helmut Modlik, a leader in the Ngati Toa tribe, told the crowd that it was too late to divide the country. We are already one people,” Modlik said to cheers from those gathered on the lawns of Parliament.
Persons: , , Hoana Hadfield, Helmut Modlik, ” Modlik Organizations: New Zealanders, Maori national, Unity Locations: WELLINGTON, New Zealand, New, Wellington, Ngati Toa
AdvertisementWalmart's CFO said that Trump's proposed tariffs could lead the retailer to raise prices. During Trump's previous term, Walmart said it would try to avoid food price increases by managing costs elsewhere. Walmart CFO John David Rainey said on Tuesday that Trump's sweeping tariff plan could lead the retailer to raise prices on a portion of its products. Related Video"We never want to raise prices," he told CNBC. "Tariffs, though, are inflationary for customers, so we want to work with suppliers and with our own private-brand assortment to try to bring down prices."
Persons: John David Rainey, Trump, Rainey, Doug McMillon, McMillon Organizations: Walmart, CNBC, Walmart US, Target, Costco
An unemployed UX designer, Lei had taken it upon herself to create the perfect work bag. Today, Lei is the 28-year-old CEO and founder of Freja, a New York-based company that sells work totes, shoulder purses and travel accessories. A 'really, really slow' startIn February 2019, Lei was a soon-to-be-unemployed graduate student at Cornell University preparing for a job interview in New York. She tried pairing three different work bags with her outfit, and none of them worked. "It was really, really slow for the first two years," says Lei.
Persons: Jenny Lei, She'd, Lei, , Freja, Louis Vuitton, Dior, Celine, Loewe, Sandy Liang Organizations: CNBC, Cornell University Locations: Hoboken , New Jersey, New York, Bryant, Brooklyn, Guangzhou, China
Mahomes vs. Allen, Round 8The NFL schedulers probably should have made this the Sunday night contest. The Bears rank seventh against the pass, have allowed only 18.6 points per game (seventh-best) and have 16 takeaways (also seventh). Foes do find it hard to run on Baltimore, which gives up an NFL-low 73.0 rushing yards per game. They are holding opponents to a league-best 13.1 points per game, and haven’t allowed more than 20 points in any game this season. So this matchup will be a good measuring stick for the Chargers’ defense, while proving whether Herbert and company can win in a shootout if necessary.
Persons: Justin Herbert, Joe Burrow, Allen, Patrick Mahomes, Josh Allen, Tyler, Mahomes, Travis Kelce, Kadarius Toney, Toney, Isiah Pacheco, Allen’s, Caleb Williams, Mike Dinovo, Matt Eberflus, Shane Waldron, Thomas Brown, Brown, William, Greenberg, Green, Williams, Jordan Love, Deshaun Watson, Mike Tomlin, Russell Wilson, Justin Fields, Arthur Smith, Fields, Wilson, Russ, Lamar Jackson, Flowers, Derrick Henry, Kyle Shanahan, Christian McCaffrey, Rust, McCaffrey, Mike Macdonald, Scott Galvin, Bo Nix, Jim Harbaugh’s, They’re, haven’t, Jim Harbaugh, they’re, Herbert, They’ve, Justin Casterline Organizations: NFL, Philadelphia, Eagles, NFC, Sunday, NFC North, Chicago, Green, AFC, Pittsburgh Steelers, Baltimore Ravens, San Francisco 49ers, Seattle Seahawks, Bills, Chiefs, Broncos, Atlanta Falcons, Chargers, Cincinnati Bengals, Kansas, Allen’s Bills, Bears, Chicago Bears, Packers, Detroit, AFC North, Ravens, Browns, Pittsburgh, Steelers, Washington, 49ers, Super, Tampa Bay Buccaneers, NFC West, Seattle, Cardinals, Seahawks, Thompson, AFC West, Los Angeles Chargers, Kansas City, Cincinnati, Bengals Locations: Washington, City, Windy City, Buffalo, Denver, Kansas City, Kansas, Carolina, Baltimore, Pittsburgh, Arizona, Francisco, Seattle
Trump made a lot of tax promises. Can he keep them?
  + stars: | 2024-11-16 | by ( Tami Luhby | ) edition.cnn.com   time to read: +7 min
Although Trump claims that his plan to raise tariffs will replace the revenue lost to these tax breaks, experts say that’s not possible. President-elect Donald Trump's tax proposals could cost trillions of dollars. In addition to eliminating taxes on certain income, Trump also floated making interest paid on car loans fully tax deductible; getting rid of the controversial cap on state and local tax deductions; ending the double taxation on Americans who live abroad; exempting police officers, firefighters, veterans and active-duty military from federal income tax; and even exploring jettisoning the federal income tax itself. Though his campaign didn’t release details on the proposal, Trump indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare. Virtually all tipped workers would get some tax relief if Trump also gets rid of payroll taxes on tips, the Tax Policy Center found.
Persons: Donald Trump, ” Karoline Leavitt, Trump, Marc Gerson, Miller, , Gerson, Donald Trump's, Jabin, Idaho Sen, Mike Crapo, Mandi Critchfield, Spokespeople, Jason Smith, Chris Campbell, ” Campbell, Republican Sen, Ted Cruz of, Byron Donalds, “ Sen, Brendan Duke Organizations: CNN, Social Security, Trump, GOP, , Fox News, Capitol, Washington D.C, Republicans, Washington Post, Getty, Senate, Missouri Rep, Republican, Incamera Solutions, Yale University, Center, Rep, Center for American Progress Locations: Washington, Idaho, Nevada, Ted Cruz of Texas, Florida
Several rallies against the Treaty Principles Bill are being staged in towns across the country as a nine-day march, or hikoi, moves to Wellington. An estimated 10,000 people marched through Rotorua, about 280 miles north of Wellington, New Zealand police said in a statement. The ACT New Zealand party, a junior partner in the governing center-right coalition government, last week unveiled the bill, which it had promised during last year’s election. Coalition partners the National Party and New Zealand First are only supporting the legislation through the first of three readings. Prime Minister Christopher Luxon reaffirmed on Thursday that his National Party would not support the bill’s progress beyond the first reading.
Persons: Hana, Rawhiti, Clarke, Christopher Luxon Organizations: British Crown, ACT New Zealand, Coalition, National Party, New Locations: New, Wellington, Rotorua, Wellington , New Zealand, Waitangi, New Zealand
Increasing your physical activity levels could extend your life by several years, a new study has found. skynesher/E+/Getty ImagesMany studies have examined the connections between physical activity and longevity. The activity levels in that study were measured with accelerometers — wearable activity-tracking devices. Total activity levels in the lowest quartile were equivalent to walking for 49 minutes at roughly 3 miles (4.8 kilometers) per hour daily. Total activity levels in the second-, third- and fourth-highest quartiles were equivalent to 78, 105 and 160 minutes, respectively.
Persons: , , Lennert Veerman, Veerman, ” Veerman, Andrew Freeman, wasn’t, Freeman, hasn’t, Peter Katzmarzyk, Katzmarzyk wasn’t, ” Katzmarzyk Organizations: CNN’s, CNN, British, of Sports Medicine, School of Medicine, Dentistry, Griffith University, National Health, National Center for Health Statistics, Jewish Health, Louisiana State, Pennington Biomedical Research, World Health Organization Locations: USA, Australia, Denver, United States, Europe
BEIJING — China's retail sales rose more than expected in October, while industrial production and investment data missed forecasts as the real estate drag worsened. Industrial production rose by 5.3% in October from a year ago, missing expectations of 5.6% growth. Investment in real estate for the January to October period fell by 10.3% from a year ago, steeper than the 10.1% drop seen in the January to September period. While infrastructure and manufacturing investments picked up slightly in the year-to-date period as of October, versus that of September. The central bank has cut interest rates and extended existing real estate support.
Organizations: Retail, National Bureau of Statistics, Ministry of Finance Locations: Shanghai, BEIJING
Video: New Zealand MPs disrupt parliament with haka
  + stars: | 2024-11-15 | by ( Ak Pohlers | ) edition.cnn.com   time to read: +1 min
New Zealand MPs disrupt parliament with hakaThe New Zealand Parliament was suspended after Maori members staged a haka to disrupt the vote on a contentious bill to reinterpret an 184-year-old treaty between the British and Indigenous Maori. First signed in 1840 between the British Crown and more than 500 Maori chiefs, the Treaty of Waitangi lays down how the two parties agreed to govern. The interpretation of clauses in the document still guides legislation and policy today. Rulings by the courts and a separate Maori tribunal have progressively expanded Maori rights and privileges over the decades. The ACT New Zealand party, a junior partner in the ruling center-right coalition government, proposed a bill to enshrine a narrower interpretation of the Waitangi treaty in law.
Organizations: British Crown, ACT New Zealand Locations: Zealand, Waitangi
Value investors believe these companies are undervalued due to temporary issues, market overreactions, or broader economic conditions. The approach is long-term, as value investors wait for the market to recognize the company's actual value, which may take time. On a podcast earlier this year, well-known hedge fund manager David Einhorn of Greenlight Capital lamented that modern-day passive investors pay no attention to "value" of the companies they buy. Outcome Scenarios : If the stock price stays above the strike price, the option expires worthless, allowing the investor to keep the premium as profit. If the stock price falls below the strike price, the option buyer will likely exercise it, obligating the seller to buy the stock at the strike price.
Persons: Benjamin Graham, Warren Buffett, David Einhorn, CNH Organizations: Greenlight, Deere & Co, Agco Corp, Farmers, CNBC, NBC UNIVERSAL
REUTERS —New Zealand’s parliament was briefly suspended on Thursday after Maori members staged a haka to disrupt the vote on a contentious bill that would reinterpret a 184-year-old treaty between the British and Indigenous Maori. Rulings by the courts and a separate Maori tribunal have progressively expanded Maori rights and privileges over the decades. Parliament was briefly suspended as people in the gallery joined in, and shouting drowned out others in the chamber. ACT New Zealand leader David Seymour said people who oppose the bill want to “stir up” fear and division. New Zealand's parliament was briefly suspended on Thursday after Maori members staged a haka to disrupt the vote on a contentious bill that would reinterpret a 184-year-old treaty between the British and Indigenous Maori.
Persons: Te, David Seymour Organizations: REUTERS, British Crown, ACT New Zealand, New Zealand’s rugby, Parliament, New, Coalition, National Party Locations: Waitangi, New Zealand, New, Wellington
Cisco reports fourth straight quarter of declining revenue
  + stars: | 2024-11-13 | by ( Jordan Novet | ) www.cnbc.com   time to read: +3 min
Cisco CEO Chuck Robbins speaks at The Wall Street Journal's Future of Everything Festival in New York on May 21, 2024. Cisco reported a fourth straight quarter of declining revenue even as results topped analysts' estimates. Net income fell to $2.71 billion, or 68 cents per share, from $3.64 billion, or 89 cents per share, in the same quarter a year ago. During the quarter, Cisco acquired security startups DeepFactor and Robust Intelligence. Analysts expected adjusted earnings for the year of $3.58 per share on $55.89 billion in revenue.
Persons: Chuck Robbins, Robbins, Scott Herren, Herren Organizations: Cisco, Everything, StreetAccount, Dell, White, Intelligence, Cisco Systems, Applied Materials, Disney Locations: New York
While oil stocks tend to follow the direction of crude prices, the energy sector has gained 3.6% since election day, slightly outpacing the S & P 500. Conflicting signals The crude futures market and the oil and gas stocks appear to be taking different messages from Trump's victory. Since the election, natural gas stocks have been big winners on the prospect of more pipeline permitting. The oilfield services companies are also major beneficiaries under a Trump administration, West said. Oil surplus headwind More ominously, an oil and gas production boom under Trump would lower crude oil prices and likely act as a headwind for the industry.
Persons: Donald Trump's, Brent, Andrew Dittmar, Trump, Dittmar, Biden, James West, EQT, Kinder Morgan, West, Baker Hughes, Halliburton, Lee Zeldin, Zeldin, Russia —, Morgan Stanley, Wells, Roger Read, Darren Woods, I'm, Woods, CNBC's Organizations: West Texas Intermediate, Enverus Energy Intelligence, Republican, White, American Petroleum Institute, Oil, Gas, ETF, Interior Department . Offshore drillers, Noble Corporation, Evercore ISI, Pipeline, Williams Companies, Cheniere Energy, Industries, Trump, SLB, New, New York GOP, Environmental Protection Agency, Fox News, Biden, EPA, " Companies, Investors, Department of Energy, CNBC, Exxon Mobil, Exxon, Chevron, White House, Capitol, ISI Locations: China, Gulf of Mexico, Tidewater, Transocean, Gulf, Trump, New York, U.S, Saudi Arabia, Russia, Wells Fargo
The suspected attacker was affiliated with former President Jair Bolsonaro’s right-wing party, according to CNN affiliate CNN Brasil. Police found messages on Luiz’s social media criticizing and threatening state authorities, CNN Brasil reported. The suspect then tried to enter the Supreme Court building, but was unable to, and a second explosion was detonated outside the door, Leão added. A car found at the scene belonged to the suspected perpetrator, CNN Brasil reported, citing local police. Earlier, CNN Brasil reported an eyewitness saw a man with a backpack near the Supreme Court.
Persons: Jair Bolsonaro’s, Francisco Wanderley Luiz, CNN Brasil, Celina Leão, Leão, Bolsonaro, Broocke, Jorge Messias, , , Eraldo Peres, Xi Jinping, Luiz Inácio Lula da Silva, Joe Biden, Alexandre de Moraes, Elon Musk Organizations: CNN, Brazil’s, CNN Brasil, Federal Police, Police, Federal, Congress, Supreme Federal Court, ” Police, Group, Supreme Court Locations: Brasilia, Rio do Sul, Congress, Brasília, Brazil, Rio de Janeiro
Dallas Cowboys quarterback Dak Prescott will undergo surgery on his hamstring and miss the rest of the season, Cowboys owner and general manager Jerry Jones said Tuesday. Prescott partially tore his hamstring in the second half of Dallas’s Week 9 loss to the Atlanta Falcons. In September, the Cowboys signed Prescott to a four-year, $240 million contract with $231 million guaranteed, the richest contract in NFL history. Cooper Rush started in place of Prescott during the Cowboys’ 34-6 loss to the Eagles on Sunday. In his career, Prescott has thrown for 31.437 yards, 213 touchdowns and 82 interceptions, with a 98.1 passer rating.
Persons: Dak Prescott, Jerry Jones, Prescott, ” Jones, Cooper Rush, Rush, Trey Lance, Lance, , Tony Romo Organizations: Dallas Cowboys, Cowboys, Atlanta Falcons, Prescott, NFL, Eagles, Sunday, Dallas, NFC East, The Cowboys Locations: Prescott
The apology follows a report by a public inquiry in July that found some 200,000 children and vulnerable adults in state and faith-based care experienced some form of abuse from 1950 to 2019. “Today, I am apologizing on behalf of the government to everyone who suffered abuse, harm and neglect while in care. A bill to include a range of measures to improve safety in state care was to have its first reading in Parliament on Tuesday. The inquiry detailed a litany of abuses in state and faith-based care, including rape, sterilization and the use of electric shocks, which peaked in the 1970s. It also called for new legislation, including mandatory reporting of suspected abuse, including admissions made during religious confession.
Persons: Christopher Luxon, Luxon, of Organizations: Zealand, , Royal Commission of, New Zealand Locations: Wellington, , New Zealand, New, of Canterbury
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