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China's industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers' sentiment amid a shaky economic recovery. A 3.6% year-on-year rise in profits last month followed a 0.7% gain in May, while first-half earnings were up 3.5%, accelerating from a 3.4% increase in the January-May period, National Bureau of Statistics (NBS) data showed. Roughly half of more than 10 mainland-listed alcoholic beverage firms that had released forecasts for H1 earnings expected a loss-making first half. State-owned firms reported profits up 0.3% in the first half, foreign firms recorded an 11% gain, while private-sector companies booked a 6.8% rise, according to a breakdown of the NBS data. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations.
Organizations: National Bureau of Statistics, Nvidia Locations: Lujiazui, Shanghai, China, Suzhou
On Friday, the tech-heavy S & P 500 and Nasdaq Composite ended the week with losses, down 0.8% and 2.1%, respectively. However, the bulk of Magnificent Seven results is set for release in the week ahead. As it is, all seven of the Magnificent Seven companies closed out the week with losses. FOMC meeting, July jobs report Elsewhere, investors will also be reviewing the latest Federal Reserve interest rate decision set for release on Wednesday. Traders will also get insight into the labor market next week, with the release of the July jobs report on Friday.
Persons: Russell, Ryan Grabinski, John Belton, Tesla, Belton, FactSet, Stanley Black, Decker, Lam, Kraft Heinz, Ingersoll Rand Organizations: Nasdaq, Dow Jones Industrial, Microsoft, Facebook, Apple, Nvidia, 2H, 3Q, Gabelli, Traders, Dallas Fed, Semiconductor, Nation Entertainment, Electronic Arts, Starbucks, Match Group, Caesars Entertainment, Corning, Howmet Aerospace, Procter, Gamble, Pfizer, Merck, Co, PayPal, ADP, Civilian Workers, Chicago PMI, MGM Resorts International, Allstate, Lam Research, eBay, Qualcomm, Western, Cruise Line Holdings, Hess, Boeing, Mobile, Marriott International, GE Healthcare Technologies, Generac Holdings, Mastercard, Labor, PMI, Manufacturing, Intel, Holdings, Motorola Solutions, Technology, Air Products, Chemicals, Jobs, Exxon Mobil, Chevron Locations: Chicago, Albemarle, Kellanova, Hershey, Moderna
Nvidia 's slump is hitting some technical milestones that suggest the stock could continue to slide, according to Raymond James. Raymond James chart analyst Javed Mirza said in a July 25 note to clients that Nvidia has triggered a "mechanical sell" signal based on a moving average convergence/divergence indicator, or " MACD ," which measures price momentum — and it is not the only technical signal flashing sell. The key level to watch is Nvidia's 50-day moving average, currently around $118 per share, according to Mirza. "A multi-day close below important technical support at the 50-day moving average … would confirm a new short-term corrective phase was underway. If that view spreads to executives at Big Tech companies such as Alphabet, it could result in new orders for Nvidia slowing down.
Persons: Raymond James ., Raymond James, Javed Mirza, Mirza, — CNBC's Michael Bloom Organizations: Nvidia, Big Tech
Payments giant Visa is using artificial intelligence and machine learning to counter fraud, James Mirfin, global head of risk and identity solutions at Visa, told CNBC. The company prevented $40 billion in fraudulent activity from October 2022 to September 2023, nearly double from a year ago. Fraudulent tactics that scammers employ include using AI to generate primary account numbers and test them consistently, said Mirfin of Visa. We do about 300 billion transactions a year," Mirfin told CNBC. It's looking at a range of different attributes and we're evaluating every single transaction," Mirfin said.
Persons: James Mirfin, Mirfin Organizations: Visa, CNBC, PAN
SK Hynix logo displayed on a phone screen as seen in this illustration photo taken in Krakow, Poland on January 30, 2023. Memory chip giant SK Hynix on Friday said it plans to invest 9.4 trillion Korean won ($6.8 billion) to build a new semiconductor manufacturing plant in an emerging chip hub in South Korea. Earlier this year, SK Hynix committed 120 trillion won to build 4 fabs in the Yongin cluster. South Korea is also home to Samsung, the world's biggest memory chip maker. SK Hynix has been riding the AI wave and its partnership with Nvidia, this week reporting that second-quarter profit came in at its highest level in six years.
Persons: SK Hynix Organizations: SK Hynix, SK Hynix's, South Korea's SK Hynix, Nvidia, SK, Samsung Locations: Krakow, Poland, South, Seoul, South Korea
Read previewFrance's rail network has been hit by a series of "malicious acts" that have damaged transport routes leading to the capital, causing cancellations and disruption just hours before the Paris Olympics opening ceremony. AdvertisementThough several Olympic events are being held outside Paris, Attal highlighted the impact on French families leaving for vacation this weekend rather than on the Olympics. Michel Euler/ APThe attacks also add more pressure to concerns over whether Paris' transport infrastructure can manage the Olympic crowds. Officials promised to reinvigorate the transport system after Paris won the Olympic bid. But, in November 2023, the mayor of Paris said there were parts of the city where "transport will not be ready and there will not be enough trains," according to French radio network RFI.
Persons: , Gabriel Attal, Attal, Brian Snyder, Michel Euler, Jimmy Brun, France24 Organizations: Service, SNCF, Business, South, Lille, Railway, Reuters, Eurostar, Paris, RFI, Paris Metro, Paris's Metro, Bloomberg Locations: Atlantique, Northern, Paris, Bordeaux, France, Strasbourg, Germany, London, Seine, Paris's
Just hours before the opening ceremony of the Paris Olympics, France was rocked by a series of arson attacks on its rail network on Friday, stoking fears over security during the Games. No one was killed or reported injured, but the damage to France’s high-speed train lines caused major delays as thousands of local and international travelers were expected to converge on Paris for the ceremony and the Games. The arson attacks, which authorities have described as “criminal,” come amid heightened security concerns, when France is the center of a global spectacle. Here’s what we know about the attacks and the resulting disruptions:Is this a terrorist attack? That is not clear yet, but France’s prime minister, Gabriel Attal, has described the fires as “acts of sabotage that were carried out in a prepared and coordinated way.” The police and intelligence services are investigating these “criminal acts,” he added in a post on social media.
Persons: stoking, , Gabriel Attal Organizations: Paris Olympics, Games Locations: France, Paris
What the LIFT Act would mean todaySince the LIFT Act was first proposed in 2018, the cost of living has only sky-rocketed, hitting working-class Americans especially hard. But a tax credit like LIFT would also be extremely costly, according to Tax Policy Center estimates from 2018 and 2019. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. Focus on the child tax creditLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. The American Rescue Plan boosted the child tax credit to $3,000 from $2,000, with an extra $600 for children under age 6 for 2021, and families received up to half upfront via monthly payments.
Persons: Kamala Harris, Kevin Mohatt, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel, Tomas Philipson, Laura Veldkamp, Harris, Donald Trump Organizations: West Allis Central High School, Reuters, Georgetown University, D'Acunto, Plus, White House Council, Economic Advisers, Columbia University Business School, American Rescue Plan, Columbia University, . Census Locations: West Allis , Wisconsin
Read previewRussian efforts to copy Ukraine's naval drone success won't help its invasion and may be a waste of resources, a drone warfare expert told Business Insider. Ukraine's homemade naval drones have been instrumental in helping contain Russia's Black Sea Fleet. Patton said Ukraine's drones have been successful as they've been launched against crewed Russian naval assets. AdvertisementA sea drone during a presentation by Ukraine's Security Service in Kyiv region, Ukraine. Even so, it's not clear how much of an advantage naval drones would be in such a war.
Persons: , Yevhen, James Patton Rogers, Ukraine doesn't, Patton, they've, Russia's, Rogers, Evgeniy, Yerin, it's Organizations: Service, The Telegraph, Business, Ukrainian Defense Intelligence, Cornell Brooks Tech Policy Institute, intel, Directorate of Intelligence, Ministry of Defense, UK's Ministry of Defence, Fleet, Ukraine's Security Service, BI, NATO Locations: Ukraine, Russia, Ukrainian, Russian, Crimea, Kyiv region, Iran
CNBC Pro screened FactSet for companies in the broad-market index that are reporting quarterly results next week and could see potential upside. He also raised his target price by $10 to $230, implying shares could gain nearly 28% from Thursday's close. The analyst consensus price target on FactSet suggests shares could rise 11% over the next year, adding to the stock's 9% gain so far this year. Power management company Eaton , now regarded as an artificial intelligence-tied data center play , is also on the earnings docket next week. Other favored stocks that could see a post-earnings bump next week include Mastercard , MGM Resorts International and S & P Global .
Persons: Brian J, Pitz, Michael Rollins, Eaton, FactSet Organizations: Nasdaq, CNBC, BMO Capital, Google, Telecommunications, Mobile, Wednesday, Citi, Power, Mastercard, MGM Resorts International, P Global Locations: Thursday's
Any commentary on initial interest in Apple Intelligence will determine where shares go next. As of Wednesday, Apple stock gained about 13% year to date — just shy of the S & P 500 's 2024 performance. The bull/bear debate on Apple depends on whether the benefits of Apple Intelligence are "priced in" at current levels. Yes, the iPhone will be the greatest, most direct way for Apple to realize financial benefits from Apple Intelligence in the near term. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware.
Persons: There's, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Apple, Big Tech, Developers, Apple Intelligence, Barclays, JPMorgan, CNBC, Apple Worldwide Developers Locations: what's, geolocation, Cupertino , California
London CNN —The head of one of the world’s biggest hedge funds says artificial intelligence systems are unlikely to replace traders anytime soon. London-based Man Group, whose assets under management hit an all-time high of $178.2 billion during the first six months of the year, makes its money by charging investors management and performance fees. “I don’t think of AI as making investment decisions anytime soon,” Grew said. In the interview with CNN, Grew said the era of rock-bottom interest rates that broadly defined the decade following the 2008 financial crisis had made way for a period of “volatility and dispersion” ushered in by the rise in inflation after the pandemic. In other words, traders navigating a volatile market can expect to make a greater range of — and possibly bigger — returns across various assets than during more stable times.
Persons: Robyn Grew, ” Grew, , Grew Organizations: London CNN, CNN, Man Group, Surgeons, , London Stock Exchange Locations: London
To sort out my smartwatch health and fitness questions, I spoke with CNN wellness expert Dr. Leana Wen. A smartwatch with a heart rate monitor can help athletes track their heart rates to keep them in a certain range. Wen: What a lot of active people do is to track heart rate during exercise to keep the heart rate in a certain range. This is where the heart rate is under 70% to 75% of your maximal heart rate. Many smartwatches track sleep and can tell you how long you’ve slept and how much time you spent in each sleep stage.
Persons: CNN —, Leana Wen, Wen, I’ve, aren’t, it’s Organizations: CNN, Intelligence, George Washington University, Bluetooth, Apple Watch, Samsung Galaxy, US Food and Drug Administration, FDA Locations: what’s
Samsung unveiled a slew of new products including foldable smartphones, new smartwatches and the Galaxy Ring. "I believe strongly that these Galaxy AI, mobile AI are strong motivation and driver for purchase of new products," he added. Still, many analysts don't expect these early AI apps alone to drive new phones sales. So we're going to provide and enhance Samsung software and apps for consumers," Roh said. He said that the hardware components required for foldable smartphones are improving, as is the relevant software.
Persons: Roh, Arjun Kharpal, Bixby, we'll Organizations: Galaxy, Samsung, CNBC, Samsung Electronics, Galaxy AI, Apple Intelligence, Apple, Google, Korean Locations: Paris, France, U.S, China
PepsiCo says it's two-thirds of the way done with an overhaul of its supply chain. This article is part of "The Future of Supply-Chain Management," a series on companies' manufacturing and distribution strategies. With more automation, workers are doing fewer physical tasks, like driving a forklift, and far more oversight of the machines taking over those tasks. Workers at manufacturing facilities and distribution centers and the unions that represent them often bristle at automation, which can lead to layoffs. Even as it has invested in automation, PepsiCo's total workforce has swelled: It grew by 20%, to 318,000, over the five years that ended in 2023.
Persons: it's, , Gregg Roden, he'd, Roden, Athina, Campbell, Kanioura Organizations: PepsiCo, Chain Management, Service, Gatorade, Frito, Microsoft, Workers, Tyson Foods, Food, McKinsey Locations: Doritos, North America
Some growth stocks, such as major tech companies, had a mostly good run since the start of 2023, but their performance has been unequal. How does he identify the winners among the huge universe of growth stocks out there? Griffin, who manages the Munro Concentrated Global Growth Fund and the Munro Global Growth Small and Mid Cap Fund, says he focuses on structural earnings growth. There are six qualities that make a "great" growth company which can double their earnings, according to Griffin and Moore. These are the top 10 holdings of the Munro Global Growth fund.
Persons: Nick Griffin, Munro, we'd, Griffin, Kieran Moore, Moore, TSMC Organizations: Munro Partners, CNBC, Fund, Stock
Apple was edged out of the top five smartphone vendors' list in China in the second quarter, as competition from domestic brands such as Huawei intensifies, according to a Canalys report. Apple's market share in China shrank to 14% in the second quarter, the report released Thursday showed, from 15% in the first quarter and 16% in the same period a year ago. The iPhone maker, which was the third-largest smartphone vendor in the second quarter last year, dropped to the sixth spot with about 9.7 million in shipments, according to CNBC calculations. "It is the first quarter in history that domestic vendors dominate all the top five positions," said Lucas Zhong, research analyst at Canalys. Apple's shipments have been declining since the first quarter when they dropped 25% year on year to 10 million units.
Persons: Lucas Zhong, Zhong, Canalys Organizations: Apple Smart Products, Apple, Huawei, CNBC, Canalys, Apple Intelligence Locations: Nanjing, Shanghai, China
Experts say those stock moves and shuffling sectors are common during a bull market. But Bank of America is calling today's conditions something else — a buffalo market — which is still in the bull family. But unlike the bull market, it may get tired after a strong runup. "It might roam, it might wander in the summer months," said Marci McGregor, head of portfolio strategy at Merrill and Bank of America Private Bank. The firm's outlook sees markets finishing higher this year, based on factors including earnings, the investment cycle, financial conditions, interest rates and generative artificial intelligence.
Persons: Marci McGregor, McGregor Organizations: Financial, Bank of America, Merrill, Bank of America Private Bank Locations: New York City
Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta CEO Mark Zuckerberg has been assembling a large stockpile of Nvidia chips, spending billions of dollars so his company can develop and train advanced artificial intelligence models. But even he says the AI hype may be driving too much investment. Meta debuted its latest Llama AI model on Tuesday. The model, dubbed Llama 3.1, comes in three different versions, with one variant being the biggest and most capable AI model from Meta to date.
Persons: Mark Zuckerberg, Zuckerberg, Emily Chang, He's, Sundar Pichai, Pichai Organizations: Meta, Nvidia, Microsoft, Amazon, Oracle, Tesla Locations: Menlo Park , California
NextEra Energy's CEO said renewable power demand is set to triple in the coming year. The company is working to meet power demand from the AI sector that's projected to grow threefold. AdvertisementAs artificial intelligence booms, renewable power demand is set to soar, NextEra Energy Inc.'s CEO John Ketchum said. Demand for renewable energy will likely triple in the next seven years compared to the previous seven, Ketchum said during the company's earnings call Wednesday. Last quarter, the company added 3,000 megawatts of renewables and storage projects, almost doubling its existing renewables portfolio, bringing the total renewable power generation to seven gigawatts.
Persons: NextEra, , John Ketchum, Ketchum Organizations: Service, NextEra Energy Inc, Google
New York CNN —Meta failed to remove an explicit, AI-generated image of an Indian public figure until it was questioned by its Oversight Board, the board said Thursday in a report that calls on the tech giant to do more to address non-consensual, nude deepfakes on its platforms. The report is the result of an investigation the Meta Oversight Board announced in April into Meta’s handling of deepfake pornography, including two specific instances where explicit images were posted of an American public figure and an Indian public figure. But in the case of the Indian public figure, although the image was twice reported to Meta, the company did not remove the image from Instagram until the Oversight Board took up the case. “Meta determined that its original decision to leave the content on Instagram was in error and the company removed the post for violating the Bullying and Harassment Community Standard,” the Oversight Board said in its report. The push to fight non-consensual deepfakes is just part of Meta’s larger efforts to prevent the sexual exploitation of its users.
Persons: New York CNN — Meta, Taylor Swift, “ Meta, Meta, , sexualized Organizations: New, New York CNN, Facebook, Meta, Board Locations: New York, American, Indian, Instagram, Nigeria
"We advise investors to seek out companies with above-market and secure (not stretched) dividend yields," Bank of America's team said. "It has guarded against owning distressed companies that migrate into Quintile 1 (the highest dividend yield group) if prices fall ahead of potential dividend cuts," the team wrote. The stock is only up nearly 2% in 2024, but it has a dividend yield of 3.1%. SO YTD mountain Southern Company in 2024 Specialty glass maker and artificial intelligence play Corning was also in Bank of America's screen. It has a dividend yield of 2.6%.
Persons: Savita Subramanian, Russell, Kalei Akamine, Coterra, Akamine, Shahriar Pourreza, Corning Organizations: Bank of America, Schwab U.S, Federal Reserve, Bank of America's, Energy, Utilities, Southern Co, Bank of, Southern Company Locations: Wyndham Row, U.S, Southern, Bank
Las Vegas Review-journal | Tribune News Service | Getty ImagesOn your next visit to Vegas, an extra set of eyes will be watching you if you decide to hop onto the local transit system. Violent crime on transit systems, specifically, remains an issue in major metro areas, with a report released in late 2023 by the Department of Transportation detailing concerns from transit agency officials around the U.S. about rising violence on their transit systems. Atteberry stressed that the ZeroEyes system is not designed to detect lawful, legal firearms that might be in a holster or packed in a purse. "AI technology comes from the data; if we do not capture the data, there is no successful AI," Dei said. ZeroEyesThe Las Vegas transit system is not the only in the nation to use ZeroEyes, but is the first to plan full deployment.
Persons: Tom Atteberry, Brian Miller, Miller, Stephen Paddock, Sam Alaimo, Alaimo, ZeroEyes, Wei Dai, Dei, Paul Gratton Jr, Gratton, Michael Hasse, Hasse, there's, Atteberry Organizations: Regional Transportation, Maryland Parkway, Las Vegas, Tribune, Service, Regional Transportation Commission, Department of Transportation, Bureau of Transportation Statistics, Purdue University Northwest, Zero, Purdue Northwest's Department of Computer Science, Seattle, Purdue Northwest, SEPTA, NYPD, TSA, Systems Locations: Las Vegas, Vegas, Southern Nevada, Hammond , Indiana, Nevada, Lafayette , Louisiana, Clark County , Nevada
The SAG-AFTRA actors’ union on Thursday called a strike against video game companies that use actors’ images or voices in games, echoing its broader strike against television and movie studios last year. The strike will start at 12:01 a.m. Pacific time on Friday, after more than a year and a half of negotiations. Until the latest strike is resolved, members of the 160,000-person union will no longer “act” in video games produced by Activision Blizzard, WB Games, Electronic Arts and seven other companies covered by an interactive-media agreement. SAG-AFTRA’s demands are similar to those it sought from television and movie studios last year: higher wages and job protections from the threat of artificial intelligence. “We’re not going to consent to a contract that allows companies to abuse A.I.
Persons: “ We’re, ” Fran Drescher, Organizations: SAG, Activision Blizzard, WB, Electronic Arts
Big Tech appears to be tipping into troubled territory again. Read previewIn 2022, US tech companies grappled with falling demand after aggressive expansions during the pandemic, prompting a rout in tech stocks. This concentration makes the effect of any major decline in Big Tech stocks even more pronounced. All eyes on the rest of Big TechOther Big Tech companies, including Amazon, Apple, Microsoft, and Meta, report quarterly earnings next week. As for Big Tech, it appears to be a case of being safe rather than being sorry — because they can afford to.
Persons: , Michael Strobaek, Lombard Odier, Strobaek, Katherine Tangalakis, Jim Reid, Reid, Anthropic, Lombard Odier's Strobaek, Sundar Pichai Organizations: Tech, Service, Nasdaq, Business, Lombard, Big, Bloomberg, Google, Big Tech, Apple, Microsoft, Meta, Deutsche Bank, Amazon Locations: Swiss, Big Tech
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