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President-elect Donald Trump's second term could spell big gains for Robinhood , according to Bernstein. Analyst Gautam Chhugani, who has an outperform rating on the stock, increased his price target by $21 to $51 and named it his top "crypto deregulation" trade. "But under a potentially new pro-crypto SEC, this looks set to change, and we expect HOOD to be the biggest beneficiary of crypto regulatory tailwinds." Among the 17 analysts covering Robinhood, nine have a strong buy or buy rating, according to LSEG data. On the other hand, seven have taken a neutral stance with a hold rating and one has an underperform rating.
Persons: Donald Trump's, Bernstein, Gautam Chhugani, skyrockets, Chhugani, Gary Gensler, HOOD, , Oppenheimer, Teresa Goody Guillén –, BakerHostetler, Trump, Owen Lau Organizations: Robinhood, Securities and Exchange Commission, Trump, SEC Locations: HOOD
Here are Wednesday's biggest calls on Wall Street: Loop reiterates Nvidia as buy The firm said it's standing by the stock heading into earnings on Wednesday. "We see more upside potential and are moving up our target price to $51 from $30. Pivotal reiterates Netflix as buy Pivotal raised its price target on Netflix to a Street high $1,100 from $925. Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by the stock following the company's Ignite Conference in Chicago on Tuesday. Citi downgrades Target to neutral from buy The firm downgraded the stock following earnings on Wednesday morning and says it's losing share.
Persons: NVDA, hasn't, Bernstein, Robinhood, HOOD, Tyson, Paul, Apple, Goldman Sachs, Goldman, Piper Sandler, Piper, Morgan Stanley, it's, DELL, qtr, Guggenheim, Oppenheimer, JPMorgan Chase, Cava Organizations: Nvidia, Deutsche Bank, Gaming, Leisure Properties, Deutsche, Netflix, Bank of America, Walmart, Microsoft, Adobe, JPMorgan, Dell, of America, Underperform, Trump, Barclays, Newell Brands, Citi, Target, TGT, HSBC Locations: Chicago
Nvidia earnings results this week are more important to the stock market than the Federal Reserve or even jobs data, according to the options market. But Jensen Huang's company remains crucially important to the market, according to Wall Street firms tracking the options market. NVDA 1D mountain Nvidia The options market shows an implied move of 8% for Nvidia, according to Barclays. For investors, how Nvidia moves could determine what is next for a market that has been flagging lately following the postelection rally, according to Bank of America Securities' Asis. Asis recommends hedging against the earnings results in case Nvidia disappoints.
Persons: Jensen, Gonzalo Asis, Asis, Stefano Pascale Organizations: Federal Reserve, U.S, Wall, Bank of America Securities, Sunday, Nvidia, CPI, Barclays, Bank of America, Apple, Microsoft Locations: Asis
Options on BlackRock's popular iShares Bitcoin Trust ETF (IBIT) began trading on the Nasdaq Tuesday, ushering in a new way to trade and speculate on the price of bitcoin. IBIT traded 73,000 options contracts in the first 60 mins of trading Tuesday, Nasdaq told CNBC, placing the fund in the top 20 of the most active nonindex options. The market for options contracts on major ETFs can be extremely active, and are widely used by more sophisticated traders. The launch of the bitcoin ETF options will likely also lead to new funds that incorporate those options, said Todd Sohn, ETF strategist at Strategas. And then we're going to get buffers, and then we're going to get whatever other trend-following-type strategy that folks think of.
Persons: IBIT, Bitcoin, Noelle Acheson, Todd Sohn, " Sohn Organizations: Nasdaq, CNBC, Interactive, Trust, BlackRock Locations: U.S
The return of DCM activity signals that borrowers are gearing up for corporate dealmaking to return. Goldman's global head of financing broke down the trends in an interview with BI. On Wall Street, corporate borrowing is on a roll. Many of those clients are large companies or organizations being advised by Goldman's investment bankers, which means the DCM business is directly reliant on deal flow. AdvertisementGoldman CEO David Solomon ran Goldman's leveraged finance group before taking over its financing business, including debt and equity capital markets and derivatives.
Persons: Goldman Sachs, Donald Trump, Vivek Bantwal, Bantwal, We've, we've, Goldman, David Solomon, David Solomon Jeenah Moon, Denis Coleman, refinancings, weren't Organizations: University of Pennsylvania's Wharton School, Getty, Underwriters, Wall, Bloomberg, Getty Images Goldman, Goldman, Blue
Hedge fund billionaire David Tepper's bet on China involved increasing his exposure to the leading e-commerce companies in the world's second-largest economy, according to the latest securities filing. Tepper's Appaloosa Management more than doubled its position in Temu parent PDD Holdings in the third quarter, according to the hedge fund's quarterly filing. Between Alibaba , PDD and JD.com , Appaloosa held roughly $2 billion of Chinese e-commerce stocks at the end of September. The quarterly hedge fund filing released Thursday showed only positions in U.S.-traded equities, including American depositary receipts, and some derivatives. PDD 6M mountain Chinese stocks like PDD Holdings have been volatile in recent months.
Persons: David Tepper's, Tepper, Stocks, Donald Trump's Organizations: Management, PDD Holdings, CNBC, U.S . Securities, Exchange Commission, Wynn Resorts, iShares FTSE, iShares FTSE China ETF, Vistra Corp, NRG Energy, Amazon, Microsoft, UPS, Boeing, U.S . PDD Holdings, National Football League's Carolina Panthers Locations: China, PDD, Alibaba, iShares FTSE China, Lyft, U.S
Sundheim's D1 Capital added positions in GE Healthcare Technologies and Bank of America during the third quarter, a filing Thursday showed. Outside of those new positions and buying more shares of XPO Logistics , D1 Capital was mostly selling its top holdings. The hedge fund sold 22% of its biggest holding, Instacart , and 46% of its stake in cigarette maker Philip Morris . D1 Capital managed about $19 billion as of the end of last year. The extent of other holdings for D1 Capital is unclear.
Persons: Daniel Sundheim, Philip Morris Organizations: Sundheim's, GE Healthcare Technologies, Bank of America, XPO Logistics, D1, GE Vernova, Pfizer, Nu Holdings, Starbucks, Viking Global, D1 Capital Locations: Instacart
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe derivative markets were far more accurate than the 2024 election polls: RBC's Amy Wu SilvermanAmy Wu Silverman, RBC Capital Markets head of derivatives strategy, joins 'Squawk Box' to discuss the role of the derivative markets in the 2024 election, impact of the Trump trade, and more.
Persons: Amy Wu Silverman Amy Wu Silverman, Trump Organizations: RBC Capital Markets
Open interest in bitcoin's price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. "The options market's bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown," Vetle Lunde, head of research at K33 Research, told CNBC. The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the U.S. to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5% and 14%, respectively.
Persons: Bitcoin, Vetle Lunde, Velde Organizations: K33 Research, CNBC Locations: U.S, Velde
"Its monetized crypto offering is significantly more robust than traditional retail brokerage peers, with over 15 tokens available to trade," the analyst wrote of Robinhood. Still, Moley's $30 price target on Robinhood is only a fraction above where the stock closed Thursday. Moley's $250 price target implies that CME stock could add another 13% over the next 12 months. Moley's $35 price target is nearly 5% higher than where the stock closed on Thursday. Shares of Cboe have added 12% this year, trailing the broader market, and Moley's $220 price target implies an additional 9% upside.
Persons: Trump, Piper Sandler, Cryptocurrency, bitcoin, Patrick Moley, Moley, HOOD Organizations: CME Group, CME, BTC, ETH, Virtu, Derivatives, Clearing Locations: U.S
Feroz Khosla, part of Goldman Sachs' financing group, was named a Goldman partner on Thursday. AdvertisementFeroz Khosla was seated at his desk at Goldman Sachs' lower Manhattan headquarters when the call came in. AdvertisementGoldman Sachs partners comprise the firm's highest-ranking executives outside the C-Suite, responsible for units representing billions of dollars in business. At one point, someone leaned over and said to Khosla's wife: "Welcome to the family," he said. "Goldman Sachs was the first family that I really had when I left India," he said, adding: "Frankly, it's the only jersey I want to wear."
Persons: Feroz Khosla, Goldman Sachs, Goldman, Khosla, , John Waldron, Waldron, He's, David Solomon, Michael Kovac Champagne toasts, Manhattan . Khosla, Vivek Bantwal, Bantwal, he'd, Lucy, Reed Alexander Organizations: Service, Manhattan ., Education Locations: Manhattan, India, America
Bitcoin is on track to hit the $100,000 price milestone by the end of the year after President-elect Donald Trump's election victory, according to analysts. Bitcoin at $100,000 "doesn't sound so unreasonable" given it equates to "just 10% of gold's market share," Butterfill told CNBC in emailed comments. BTC to hit $100K by Trump's inauguration A $100,000 bitcoin price is likely to be reached by the time Trump is inaugurated president on Jan. 20, 2025, according to Fadi Aboualfa, head of research at crypto custodian Copper.co. Still, with bitcoin exchange-traded funds currently holding roughly 1.1 million bitcoins, momentum is likely to be positive in the coming months, Aboualfa added. It cuts in half the supply of bitcoin issued to miners who successfully produce new bitcoins.
Persons: Donald Trump's, James Butterfill, Butterfill, Trump, Kamala Harris, Gary Gensler, CoinShares, Kooner, Fadi Aboualfa, Aboualfa Organizations: Republicans, CNBC, Wednesday, U.S . Securities, Exchange Commission, SEC, Federal Reserve, BTC, Trump's Locations: America, bitcoin, U.S
US stocks had one of their best days in years and hit new records after Trump's resounding win over Kamala Harris in Tuesday's election. Both of those moves make sense, said David Kelly, the global strategy chief at JPMorgan Asset Management, in an interview on Wednesday. AdvertisementThe strategy chief has been adamant that higher tariffs — one of Trump's key proposals — would cripple the US economy and endanger the global economic expansion. Related storiesMost economists condemn tariffs, which are taxes on imports, because they tend to lead to higher prices and lower economic growth. Sean Gallagher, the global head of Lazard's small-cap equity platform, made a similar point in a recent interview with Business Insider when asked about Trump's tariffs and Kelly's stance.
Persons: Stocks, Donald Trump, David Kelly, Wall, he's, , Donald Trump's, Trump's, Kamala Harris, Kelly, Trump, Mahatma Gandhi, I'm, I've, Tom Orlik, who's, Chris Murphy, Susquehanna's, Orlik, Sean Gallagher, Gallagher, maven, He's, inflation's Organizations: House . Market, Service, Nasdaq, US, JPMorgan Asset Management, Republican, JPMAM, Bloomberg Economics, Business, Trump Locations: Tuesday's
The logo of German bank Commerzbank seen on a branch office near the Commerzbank Tower in Frankfurt. Daniel Roland | Afp | Getty ImagesTwo months since UniCredit played its opening move to woo German lender Commerzbank , the lenders flaunted their financial strength as one of Europe's largest banking mergers still hangs in balance. Both banks reported third-quarter results on Wednesday, with UniCredit posting an 8% year-on-year hike in net profit to 2.5 billion euros ($2.25 billion), compared with a Reuters-reported 2.27-billion euro forecast. It raised its full-year net profit guidance to above 9 billion euros, from a previous outlook of 8.5 billion euros. When the Italian lender showed its hand by using derivatives to build a potential 21% stake in Commerzbank, the German lender appointed a new CEO and sharpened its financial targets.
Persons: Daniel Roland, UniCredit, Commerzbank, CNBC's Annette Weisbach, Bettina Orlopp, Orlopp, Chancellor Olaf Scholz, waylay, Let's, hadn't, Andrea Orcel, CNBC's Charlotte Reed Organizations: Afp, Getty, Reuters, CNBC, Wednesday, German Ministry of Finance Locations: Frankfurt, Europe, Commerzbank, Berlin
Investors in Europe who are concerned about former President Donald Trump's potential return to the White House have several options at their disposal, according to Barclays strategists. European markets are already trading with a risk premium ahead of a potential Trump win, and the investment bank believes the full impact may not be reflected in current valuations. "The possibility to bypass Congress increases the risk of tariff implementation in the event of a Trump win," said Barclays strategists led by Emmanuel Cau in a note to clients on Oct. 23. "Compared to a status quo scenario under a Harris win, a Trump win may have broader and more discriminant implications for markets." Under such a scenario, Barclays strategists warned that investors would have nowhere to hide anywhere.
Persons: Donald Trump's, Emmanuel Cau, Harris, Kamala Harris, DAX, Trump, isn't, — CNBC's Michael Bloom Organizations: Barclays, Trump, White Locations: Europe, China, U.S, Russia, Ukraine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCyclical and defense stocks fluctuating on Trump vs. Harris win, says UBS' Maxwell GrinacoffMaxwell Grinacoff, head of U.S. equity derivatives research at UBS, weighs in on the impact of the U.S. election on stock markets.
Persons: Harris, Maxwell Grinacoff Maxwell Grinacoff Organizations: Trump, UBS
The ETF industry is gearing up for some potentially seismic changes in 2025 and beyond. Policy changes from the SEC are hard to predict, but the ETF industry appears to sense an opening to push new types of products. Private credit funds One big area of focus for the ETF industry is how to tap into the private credit boom that has become a key part of the U.S. financial system. Fund issuers will need the SEC to bless new types of constructions in order to get a private credit fund approved. "For the most part, private credit is an investment that is limited to sophisticated investors and not retail investors," said Brian Murphy, a partner at law firm Stradley Ronon.
Persons: Republican Donald Trump, Gary Gensler, Kamala Harris, Todd Sohn, Brian Murphy, Stradley, You've, Gerard O'Reilly, What's, Matt Hougan, Harris, Sohn, " Sohn, Bitwise Organizations: Republican, Securities, Exchange, Democratic, SEC, State, Vanguard, BlackRock, Trump, solana
RIYADH — Franklin Templeton CEO Jenny Johnson said the firm is focused on doing right by its clients, in her first public comments after the company saw its worst quarter for financial outflows in its history and the Securities and Exchange Commission started a probe into suspicious trading at its fixed-income unit. Franklin Templeton's fixed-income business has also dealt with years of underperformance, which many investors expected to reverse course as money moves into bonds and other fixed-income products, which make up about 30% of the firm's assets. Johnson told CNBC Wednesday that the issue with Western Asset Management was damaging, but stressed that it stemmed from an isolated case, and that supporting clients was Franklin Templeton's top focus. "We've had an issue at Western which is isolated to an individual and a subset of strategies, but there's definitely been outflows in those strategies," Johnson told CNBC's Dan Murphy in Riyadh. "I mean, the good news — Western has a significant amount of other strategies that are outside of this and have a lot of global clients there, but we've definitely been hurt by the issues on those three strategies."
Persons: Franklin Templeton, Jenny Johnson, Ken Leech, Franklin Templeton's, Johnson, Franklin, We've, CNBC's Dan Murphy Organizations: Securities and Exchange Commission, Western Asset Management, SEC, Financial Times, CNBC Wednesday, Franklin Templeton's Locations: RIYADH, California, outflows, Riyadh
Options traders are buckling down for outsized volatility around next week's election, according to Goldman Sachs. Two of the funds with the highest implied volatility are linked to China: the KraneShares CSI China Internet ETF (KWEB) and the iShares China Large-Cap ETF (FXI) . Crypto is already a volatile area, but Trump's embrace of the industry during his campaign could spark a significant reaction. The options market implies a move of more than 7% for ProShares Bitcoin ETF (BITO) , according to Goldman. BITO, which holds bitcoin futures, did not exist in 2020, so there are no prior election comparisons for the fund.
Persons: Goldman Sachs, John Marshall, Donald Trump's, Crypto, Goldman, BITO Organizations: CSI China Internet, Regional Banking, Republicans, ProShares, U.S . Securities, Exchange Commission Locations: China, U.S
Former FTX executive Nishad Singh was sentenced to time served and three years of supervised release on Wednesday, becoming the fourth ex-employee of the collapsed crypto exchange to be punished. He asked Judge Kaplan to show Singh "the same compassion he has shown others his entire life." Ray said Singh made substantial productions of documents, and he voluntarily returned Bahamian real estate purchased with FTX funds. Ryan Salame, another former top lieutenant of Bankman-Fried, was sentenced to seven and a half years in prison in May. WATCH: Caroline Ellison sentenced to two years in prison for role in FTX collapse
Persons: Nishad Singh, Claire Watanabe, Singh, Judge Lewis Kaplan, Sam Bankman, Caroline Ellison, Ellison, spiraled, Fried, Andrew Goldstein, Nicolas Roos, Roos, Judge Kaplan, Gabe, John Ray, Ray, Ryan Salame, Gary Wang, FTX, — CNBC's Dan Mangan Organizations: Engineering, Exchange, New, Alameda Research, Southern, of, Prosecutors Locations: New York, Alameda, Bankman, of New York, Manhattan, Bahamian
The election markets have not gone unnoticed by the Republican Party’s presidential nominee, Donald Trump, who has touted his odds on social media and at campaign events. With more than 50 million ballots already cast ahead of Tuesday’s election, here’s what you need to know about election betting in the US. Robinhood, a popular stock-trading app, launched presidential election betting on Monday. PredictIt, another prediction market embroiled in a legal fight with the CFTC, also offers election contracts while its case is ongoing. Researchers, however, have long studied political prediction markets.
Persons: Donald Trump, , Trump, Kamala Harris, Kalshi, , PredictIt, David G, Schwartz, ” Schwartz, Paul Rhode, Koleman Strumpf, isn’t, Elon Musk, Cantrell Dumas, it’s, ” Dumas Organizations: CNN, White, Kalshi, Republican, Democratic, Futures Trading Commission, Senate, DC, Appeals, CFTC, University of Nevada, The University of Iowa, Iowa Electronic Markets, Victoria University of Wellington, Commission, Better Locations: United States, Washington ,, Michigan, Las Vegas, New York City, Rhode, Nevada , Texas , Michigan, Iowa, New Zealand, Wisconsin, Pennsylvania
The SPDR S & P Regional Banking ETF (KRE) has jumped nearly 5% since the fourth quarter began on Oct. 1, while the S & P 500 is ahead a little more than 1%. In the event of a Trump win but with a divided Congress, the S & P 500 is likely to remain flat in the days following the election, Emanuel wrote. Evercore ISI expects the S & P 500 falling in the 10 days after the election, to roughly 5,700, as markets re-price their expectations. 3Fourteen Research co-founder Pies expects a Harris win would translate into a drop in cyclical and small-cap stocks, and spur investors to turn to high-quality tech names. However, a Harris win, with a split Congress, is an outcome that could spur a drop in the S & P 500 immediately after the election, down to about 5,525, according to Evercore ISI.
Persons: Stocks, Donald Trump, Kamala Harris, Mike Mullaney, Trump, Harris, Julian Emanuel, Warren, CNBC's, Emanuel, Evercore, Jeff Schulze, Evercore ISI's Emanuel Organizations: U.S, Nasdaq, NBC, Boston Partners, Treasury, Trump, Republican, Regional Banking, Evercore ISI, 3Fourteen Research, Democratic, ClearBridge Investments, ISI
This combination of pictures created on October 25, 2024 shows US Vice-President and Democratic Presidential candidate Kamala Harris in Houston, Texas on October 25, 2024 and former US President Republican presidential candidate Donald Trump in East Del Valle, Austin, Texas on October 25, 2024. Upstart broker Robinhood is jumping into the prediction betting game, announcing Monday users can begin trading the 2024 presidential election that is eight days away. Shortly after, Interactive Brokers launched various political contracts, including on the election. The election markets have generated some controversary this year with some concerned about light volume allowing the markets to be skewed. For now, only the presidential election contracts will be available to trade on the system.
Persons: Kamala Harris, Donald Trump, Robinhood, Kalshi, Polymarket Organizations: Democratic, Republican, Interactive Brokers, Commodity Futures Trading Commission, CFTC, Interactive, Trump Locations: Houston , Texas, East Del Valle, Austin , Texas, U.S
Robinhood is the latest platform to allow traders to wager on the 2024 election. A recent federal court ruling opened the door to wider betting on US elections. For now, only the 2024 election contracts will be available. Until a September federal court ruling, betting on US elections was largely limited to a narrow set of academics and students. Related storiesCFTC Chairman Rostin Behnam has strongly opposed election betting, previously testifying to Congress that allowing such wagers would turn his agency into "an election cop."
Persons: Robinhood, , Donald Trump, Rostin Behnam, Sen, JD Vance, Trump's, Theo Von's, Vance, we've Organizations: Service, Court, Commodity Futures Trading Commission, GOP Locations: New York
Mike Huckabee's lawsuit over his bogus CBD gummies ads on Facebook is an exception. In May, Huckabee, a Baptist minister and staunch conservative, discovered his manipulated image had been used for months in Facebook ads for CBD gummies. A false Facebook ad, since taken down, in which former Arkansas Governor Mike Huckabee "endorses" CBD gummies. Mike Huckabee can't remember the precise moment in May when he realized his doppelganger was selling CBD gummies. Meta is due to file additional papers supporting its motion to dismiss the Huckabee lawsuit on Monday.
Persons: Mike Huckabee's, , Oprah Winfrey, Taylor Smith, Donald Trump, Tom Hanks shilled, Tom Hanks, Jennifer Aniston, Mike Huckabee, Huckabee, Meta, Eric Goldman, Scott Poynter, Andrew Forrest, Forrest's, P, Casey Pitts, Forrest, Poynter, Goldman, Anderson, Nylah Anderson, TikTok, Fortin, he'd Organizations: Facebook, Meta, Service, Arkansas Gov, Huckabee, Baptist, Communications, Business, Santa Clara University, Arkansas, Trinity Broadcasting Network, Fox, Trinity Broadcasting, BI Locations: Arkansas, American, Delaware, California, Pennsylvania
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