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AdvertisementTrump is preparing to nominate Scott Bessent, a billionaire investor, for Treasury secretary. President-elect Donald Trump is reportedly preparing to nominate Scott Bessent, a Wall Street veteran and campaign ally, for Treasury secretary, one of the biggest Cabinet prizes. AdvertisementBessent, 62, founded and runs the macro hedge fund Key Square Group and emerged as a key economic advisor to Trump on the campaign trail. Known for his interest in niche economic data, Bessent helped draft speeches and write policy proposals for Trump's economic ideas. Dubbed a "Trump whisperer" by Forbes, Bessent has signaled support for some of Trump's key proposals.
Persons: Scott Bessent, Bessent, George Soros, Donald Trump, Trump's, Trump, Al Gore, Soros, James Rogers, hasn't, John Freeman, he's, — Trump, Jerome Powell's Organizations: Trump, Wall Street, Group, GOP, Democratic, Street Journal, Yale, Soros Fund Management, Republican, Soros, Mar, Forbes, CNBC, Federal Locations: South Carolina, New York City, Charleston , South Carolina, Southampton , New York
Two catalysts may send shares of Netflix even higher in the months ahead, according to Bank of America. Analyst Jessica Reif Ehrlich reiterated her buy rating on Netflix and hiked her price target by $200 to $1,000, implying more than 13% upside from Wednesday's close. "Live and advertising are complementary growth drivers, as more live programming drives additional high value, premium ad inventory," Reif Ehrlich added. "Netflix's ability to monetize this premium live inventory will be key to making advertising a multi-year growth driver." Still, Netflix has an average price target of $787, implying about 11% downside from Wednesday's close.
Persons: Jessica Reif Ehrlich, Reif Ehrlich, Mike Tyson, Jake Paul –, Beyoncé –, ann Organizations: Netflix, Bank of America, Broadcasting
AdvertisementIt used to be that leaving Fox News or other big media outlets was the end of your career. Ask two former Fox hosts, Tucker Carlson and Megyn Kelly, or Bari Weiss, an ex-New York Times editor. People like the former Fox News stars Tucker Carlson and Megyn Kelly, and the former New York Times writer and editor Bari Weiss. At the time, it seemed like we would see more people doing what he did — leaving mainstream media, going to digital, and building an audience there. Unless you're Tucker Carlson.
Persons: Tucker Carlson, Megyn Kelly, Bari Weiss, Chris Balfe, we've, Glenn Beck, TheBlaze, Carlson, Kelly, Weiss, Balfe, Beck, Donald Trump, he's, Fox —, Mike Tyson, Jake Paul, we're, Tucker, Joe Rogan, , He's, Vladimir Putin, Tucker Carlson's, They're, They've, it's Organizations: Fox News, Fox, New York Times, Red, Big Media, Glenn Beck Fox, YouTube, Facebook Locations: TheBlaze, Fox
AdvertisementCNBC anchors projected an air of mild panic about the news that Comcast would spin off the network. The media conglomerate announced it would create a new entity for most of its cable networks. CNBC anchors turned their signature irreverent style on themselves on Wednesday, as their parent Comcast became a headline in announcing plans to spin off the business news network along with many other cable assets. Analysts — including those featured on CNBC — did not hold back on Wednesday about what the spinoff means for the cable network. AdvertisementOne question for CNBC folks is whether they will maintain the prestige and workplace benefits that came with being part of Comcast.
Persons: We're, Joe Kernan, David Faber, Kernan, Mark Lazarus, Faber, CNBC —, Rich Greenfield, Rich, Becky Quick, Julia Boorstin, NBCU, Elon, Trump Organizations: CNBC, Comcast, Real Housewives, NBC, LightShed Partners, Warner Bros, Discovery, Paramount, Starz, Business Locations: NBCU, London
Morgan Stanley reiterates Apple, Microsoft and Meta as overweight The firm says "mega-cap tech under-ownership narrows" in the third-quarter but that it's sticking with all three stocks. " UBS upgrades Comfort Systems to buy from neutral UBS says the HVAC company is a beneficiary in tech and data center cooling. UBS upgrades American Water Works to buy from neutral UBS says it sees "consistent" total returns for the water company. " Jefferies reiterates Netflix as buy The firm raised its price target on the stock to $1,000 per share from $800. TD Cowen names Datadog a best idea The firm says the stock is a top idea in 2025.
Persons: Stifel, it's, Morgan Stanley, Okta, , Jefferies, Uber, Needham, Joby, Piper Sandler downgrades Kraft Heinz, Piper, Kraft Heinz, Piper Sandler, Paul, Tyson, NFLX, TD Cowen, United, Datadog, Scott Thomson, it's bullish Organizations: Nvidia, Apple, Microsoft, Barclays, UBS, Comfort Systems, Works, Edison Electric, Kraft, Apollo, TAM, Netflix, Bank of America, Bank of, Scotiabank, JPMorgan Locations: Bank of Nova Scotia, robotaxis
Warner Bros. Warner Bros. The settlement with Warner Bros. Discovery, announced Monday, as well as a separate agreement between Warner Bros. The agreement also extends a partnership between NBA Digital and TNT Sports for five seasons that allows the NBA to engage Warner Bros.
Persons: , Comcast’s, Turner, , Ernie Johnson Jr, Charles Barkley, Kenny Smith, Shaquille O’Neal, , Adam Silver, Max, Hulu, Venu that’s, David Zaslav, Silver Organizations: Warner Bros, Discovery, National Basketball Association, Warner Bros . Discovery, NBA, — Disney, Amazon, WNBA, CNBC, ESPN, Turner Sports, TNT, Disney, Comcast, TNT Sports, Nordic, NBA Digital, ABC, College Football, Warner Brothers Discovery Locations: U.S, Poland, Latin America, Brazil, Mexico
Shelby Tauber | Bloomberg | Getty ImagesThis 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. What you need to know todayThe bottom lineAfter enjoying the postelection rally, investors are turning their attention to issues like inflation and interest rates again. Powell added that the Fed doesn't need to be "in a hurry to lower rates" because the of "the strength we are currently seeing in the economy." For investors who were riding high on the postelection rally and are now descending to earth, their landing sure feels like a bumpy one.
Persons: Jerome Powell, Shelby Tauber, Powell, Rick Rieder, Rieder, , Jeff Cox, Brian Evans, Sarah Min Organizations: US Federal Reserve, Fair, Bloomberg, Getty, CNBC, Consumer, Dow Jones, Nasdaq Locations: Dallas , Texas, U.S
For Disney's fiscal 2025, streaming will generate enough operating income to offset the parallel decline in operating income from linear TV, Johnston said in an interview. Disney projects entertainment direct-to-consumer operating income will increase by about $875 million next year over fiscal year 2024. That would put the division at over $1 billion in operating income for the coming fiscal year. Disney's combined streaming businesses improved their profitability in the company's fiscal fourth quarter, posting operating income of $321 million. For the year, Disney's entertainment streaming platforms (Disney+ and Hulu) made $143 million in operating income.
Persons: Gabby Jones, Warren Buffett, CNBC's Becky Quick, it's, Buffett, Hugh Johnston, Johnston Organizations: Disney, Bloomberg, Getty, Paramount Global, Warner Bros, Hulu, ESPN Locations: Brooklyn, New York, Omaha
Disney gives investors years to cheer about
  + stars: | 2024-11-14 | by ( Chris Isidore | ) edition.cnn.com   time to read: +2 min
New York CNN —Disney did something extraordinary Thursday, giving investors a rare three-year financial outlook, even at a time of economic uncertainty. Shares of Disney (DIS) are exploding higher – up 10% just after the market open Thursday. And it forecast profits from streaming will rise another $875 million in the new fiscal year, helping to lift results. Legacy media companies such as Disney that have gotten into streaming in the last five years have struggled to make the business profitable as they sought to catch up with Netflix, which had been the only profitable streaming service until recently. Disney needs to have improved results from streaming as its cable and broadcast network business continues to suffer from a combination of ad sales declines an cord cutting by consumers.
Persons: New York CNN —, segement Organizations: New, New York CNN, New York CNN — Disney, Disney, Netflix, Pixar Locations: New York
Star Leila George spoke to BI about filming two versions of the pivotal scene. Leila George in "Disclaimer." AdvertisementThe 'Disclaimer' ending's twist hinges on dual versions of one sex scene, both performed by Leila GeorgeLouis Partridge and Leila George in "Disclaimer." For George, it was important to know that any sex scenes she was doing were essential to the story and not gratuitous. Advertisement"Everyone is safe as long as you're following the moves that you've pre-planned," George said, likening coordinated sex scenes to fight scenes or dance scenes.
Persons: Alfonso Cuarón, Star Leila George, , Oscar, Cate Blanchett, Catherine Ravenscroft, she's, Stephen Brigstocke, Kevin Kline, Jonathan, Stephen's, Nancy, Catherine, Nicholas, Stephen, Rather, she'd, Leila George, we'd, Leila George Louis Partridge, George, Cuarón, Louis Partridge, Samantha Murray, Partridge, he'd, I've Organizations: Apple, Service Locations: Renée, Italy
UFC media rights are up for renewal next year, and TKO Group Chief Operating Officer Mark Shapiro tells me he thinks Netflix could be getting in the ring. "I think absolutely, they'll be at the table on UFC," Shapiro said in an exclusive CNBC Sport interview. Still, even with the WWE deal, Netflix didn't fully embrace its new role as a platform for live sports. "I think absolutely, they'll be at the table on UFC," Shapiro said in an exclusive CNBC Sport interview. Still, even with the WWE deal, Netflix didn't fully embrace its new role as a platform for live sports.
Persons: Alex Sherman, Mark Shapiro, Shapiro, They've, We've, Ted Sarandos, Sarandos, it's, Jake Paul, Mike Tyson, Netflix hasn't, we're, Tyson, Paul, It's, Vince McMahon, McMahon, He's, he's, , We're, Dick Clark, Paul Levesque, Dana White, Stan Kasten, Adam Silver, Adam, I'm, That's, Juan Soto, Shohei, Ohtani, Kasten, Jonathan Kraft, Sportico's, Kraft, Babe Ruth, Collect, Ruth, Red Ruth, Deiveson Figueiredo, Brandon Moreno, Louis Grasse Organizations: CNBC, UFC, Netflix, WWE, Disney, MMA, National Football League, NFL, Dick Clark Productions, Golden Globe, , Professional Bull Riders, Endeavor, PGA Tour, Comcast, Dodgers, NBA, Major League Baseball, New York Yankees, Nice, CNBC Sport, Ham Fighters, Summer, NBC, Tennis, Consumers, New England Patriots, Boise State, Louis Locations: U.S, Canada, It's, Los Angeles, Ohtani's, Hokkaido Nippon, Oregon, Gila, Glendale , AZ
Apart from making up for a shrinking labor force and the need to reduce workloads for drivers, the system also will help cut carbon emissions, she said. The plan in Switzerland involves an underground pathway, while the one being planned in London will be a fully automated system running on low-cost linear motors. Japan's shortage of truck drivers is worsening due to laws that took effect earlier this year that limit the amount of overtime drivers can log. The domestic transport capacity stands at about 4.3 billion metric tons, almost all, or more than 91%, by trucks, according to the Japan Trucking Association. As is true in most places, truck drivers have tough jobs requiring them to be on the road for days at a time, work that most jobseekers find unappealing.
Persons: Stanislav Kogiku, it's, Yuri Endo, Endo Organizations: Getty, Japan, Ministry of Land, Transport, Japan Trucking Association, Trucking Association Locations: Shinjuku , Tokyo, Tokyo, Osaka, Infrastructure, Tourism, Japan, Switzerland, Great Britain, London, U.S, United States
“She has been pretty resistant to having those conversations,” said one senior Democrat familiar with the pre-election discussions with the vice president. While Harris’ transition team has been operating out of government-provided offices in Washington, Trump’s transition team is working from Manhattan and the Willard Hotel in Washington. A Harris victory would trigger the first same-party transition since 1989, when President Ronald Reagan handed off the presidency to his vice president, George H.W. Yet the extent to which Harris would retain members of the Biden administration is largely unknown. While Harris has maintained relationships with individual Cabinet and administration officials, some believe she will prefer to start anew with her own team.
Persons: CNN — Kamala Harris, Donald Trump, Harris, , , I’ve, he’s, Joe Biden, Biden, Harris –, Harris ’, Ronald Reagan, George H.W, George H.W . Bush, “ They’re, Yohannes Abraham, Josh Hsu, Dana Remus Organizations: CNN, Harris Cabinet, Trump, White, Democratic, GOP, West Wing, White House, Biden, Republican, Association of Southeast Asian Nations Locations: Washington, Manhattan, Washington ., California, George H.W .
Business Insider spoke to five experts about what a Trump and Harris presidency would bring for AI. AdvertisementReese worked at the Department of Homeland Security during the final year of the Trump administration. "When I worked under the Trump administration, there was actually quite a bit of activity, they were very active," he said. Whether Trump or Harris wins the White House, Etzioni and Bailey said that having AI experts in the administration is crucial. Among the few upsides Bailey sees to Biden's executive order is the call to have agencies appoint AI directors.
Persons: Trump, Harris, , Kamala Harris, Donald Trump, Darrell West, John Bailey, Biden, Taylor Swift, Trump hasn't, Joe Biden, overreach, Nicholas Reese, Bailey, Biden's, Megan Shahi, Oren Etzioni, Etzioni, Joe Biden's, Reese, they're, Shahi, — Bailey, Tony West, Uber — Harris Organizations: Big Tech, Service, White, Business, Center for Technology Innovation, Brookings Institute, American Enterprise Institute, New York University, Emerging Technology, Department of Homeland Security, Technology, Center for American Progress, Allen Institute, Republican, Security, China, Trump, National AI Research, Harris Locations: California
A recent court filing included six decks MrBeast's team made to pitch brands like GM, Ford, and LG. As in most media pitches, MrBeast's team focused on his audience demographics, scale, and splashy content to woo brands. In each deck, MrBeast's team shared metrics like subscriber and follower counts, monthly views, and unique viewers to showcase the scale of his YouTube empire. Advertisement"The Next Generation Is Not Watching TV," the MrBeast team wrote in many of the pitches. Keep reading for more details from MrBeast's pitch deck for General Motors, dated February 2023.
Persons: , Burger, MrBeast, Jimmy Donaldson, Jeffrey Housenbold, Mario, Donaldson, he'll Organizations: GM, Ford, LG, Service, General Motors, Walmart, Mario Bros, Verizon, Amazon's, Entertainment Locations: CarMax, Hollywood
CFRA trimmed its Amazon price target to $219 a share on October 21, indicating 13% upside ahead. The firm has a "buy" rating on the stock and a $210 price target, which implies an 8.3% gain from current levels. The firm said investors have toned down margin expectations due to Amazon's spending in new investment areas, such as Project Kuiper. AdvertisementWedbush reiterated its "outperform" rating and $225 price target, implying a 16% gain from current levels. Morgan Stanley has a $210 price target for the stock, representing upside of about 8% from Wednesday's share price.
Persons: , Arun Sundaram, Sundaram, Justin Post, BofA, Scott Devitt, Wedbush, Morgan Stanley, Bullish, Brian Nowak Organizations: Service, CFRA, Bank of America, Amazon Web Services, 3Q, JPMorgan, Wedbush Securities
In this case, filaments radiate away from a “zombie star” the explosion created. Then, in 2023, astronomers spied weird filaments glowing with light from sulfur within the nebula. Scientists know the supernova created the filaments, but it’s unclear how or when the structures formed. The robust data that the instrument captured allowed the team to measure the motions of each filament and create a 3D map. The Keck Cosmic Web Imager enabled measurements of the velocity of any material within the nebula that emits light.
Persons: , Christopher Martin, “ KCWI, Dana Patchick, Patchick, NASA’s, Albert Zijlstra, Ilaria Caiazzo, Tim Cunningham, Zijlstra, Cunningham, ” Cunningham, James Webb, Takatoshi Ko, Ko Organizations: CNN, Keck, California Institute of Technology, Survey, University of Manchester, Pa, Institute of Science, Technology, NASA Hubble, Center, Astrophysics | Harvard & Smithsonian, Southern, Research Center, University of Tokyo Locations: Hawaii, England, Technology Austria
Big Tech stocks have a high earnings bar to clear
  + stars: | 2024-10-29 | by ( Fred Imbert | ) www.cnbc.com   time to read: +2 min
Overall S & P 500 profit growth is tracking below what analysts anticipated heading into the reporting period. Still, the S & P 500 is less than 1% below a record high reached earlier this month. Solita Marcelli, UBS Global Wealth Management chief investment officer for the Americas, also warned that high valuations could be a problem for megacap tech stocks as earnings roll out. Technical patterns based on price charts aren't too favorable, either, heading into megacap tech earnings. The Technology Select Sector SPDR Fund (XLK) in June hit its highest level relative to the S & P 500 since March 2000 , when the dot-com bubble peaked.
Persons: Solita Marcelli, Marcelli, Wells Fargo Organizations: Google, Microsoft, Apple, Nasdaq, UBS Global Wealth Management, Netflix Locations: Americas
It's time for investors to consider scooping up shares of The Trade Desk as it captures more advertising spending, according to Wells Fargo. Analyst Alec Brondolo initiated coverage of the advertising technology stock with an overweight rating, saying that new partnerships should boost estimates. He also placed a $150 price target on Trade Desk, which implies upside of 26%. "We forecast a meaningful benefit from unlocking Roku/Netflix inventory in 2025 /2026, leaving our revenue estimates 6% / 8% ahead of consensus, respectively," he wrote. The Trade Desk should also benefit from ads on Prime Video, a move Brondolo thinks is stimulating growth in the connected TV industry.
Persons: Alec Brondolo Organizations: Netflix, Prime, CTV Locations: Wells Fargo
For all we know, the yield curve may simply be going through the birthing of an un-inverted yield curve. GOOGL YTD mountain Alphabet YTD Search used to be so simple. META YTD mountain Meta Platforms YTD Meta Platforms has run big ahead of the quarter. AMZN YTD mountain Amazon YTD Let's get to the two toughest of the week, Amazon and Apple. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: let's, Eli Lilly, nonfarm payrolls, Carl Quintanilla, batty, Jeff Marks, Waymo, Elon Musk, Donald Trump, Kamala Harris, Department's, Mark Zuckerberg, Jensen Huang, Marc Benioff, Trump, Warren Buffett, Jim Cramer's, Jim Cramer, Jim Organizations: CNBC, Microsoft, Apple, Treasury, Federal Reserve, charlatans, Honeywell, Twitter, Club, Gemini, YouTube, Google, Donner Party of cannibalization, AMD, Nvidia, Intel, Merck, Pfizer, Tech Titans, Meta, Amazon Web Services Locations: Wall, cyclicals, California, Philly
I had to tell most people I was getting divorced immediatelyGetting divorced is life-changing. You'll have to talk about it everywhere, from the bank and the post office to conversations with friends and family. AdvertisementTalking about my divorce is rarely easy, but that's OKAt first, I couldn't talk about the way I was blindsided by divorce without crying. As I started building a new life that I love, the divorce got easier to talk about. Sharing my divorce experience publicly has helped me feel less alone and more connected to my friends, chosen family, and community.
Persons: , I've, I'm Organizations: Service
People along the coast now have 10 to 30 minutes to reach high ground before a giant wave engulfs the Pacific Northwest. The scene above is a worst-case scenario of a megaquake striking the Pacific Northwest. "It's ominously quiet," Harold Tobin, Washington's state seismologist and the director of the Pacific Northwest Seismic Network, told BI. The Pacific Northwest, by contrast, only found out about the danger posed by the Cascadia subduction zone in the 1980s. The Cascadia subduction zone pushed those mountains up about 10 million years ago, carving the mountain range that makes the Pacific Northwest so stunning.
Persons: Seattle isn't, Robert Ezelle, Rick Bowmer, Ted S, Warren, Juan, Harold Tobin, Tobin, Ezelle, Andrew Selsky, Itsuo Inouye, They've, Wally Santana, Barbara Ortutay Organizations: Washington state's Military, ., Puget Sound, Washington Army National Guard 792nd Chemical Company, Washington state's Military Department, Business, Northwest Seismic Network, AP, Columbia University, Big One, Federal Emergency Management Agency, US Navy, FEMA, Northwest Seismic Locations: Seattle, Pacific, Long Beach , Washington, Northern California, Vancouver, Grandview , Washington, Pacific Northwest, Washington, Washington's, Cascadia, Sitka spruces, Oregon, Japan, Japan's Miyagi Prefecture, Tohoku, Natori
GO DEEPER Short centre-backs: How much does size matter in the Premier League? The decline of the small midfielder has been a league-wide trend in the Premier League in the last four years. Last season, the taller trend stopped, City’s minutes to smaller players went up and taller players back down. GO DEEPER Short centre-backs: How much does size matter in the Premier League? That tends to suit taller players, or short(er) ones who have exceptional speed, positioning and decision-making.
Persons: d’Or, Lionel Messi, Lionel Messi’s, Rich Storry, Bayer, Germain, Costel, Antonio Conte, Stefano Piolo, taka, StatsBomb, Rico Lewis, Pep Guardiola, Shaun Botterill, Guardiola, Lewis, Erling Haaland’s, Phil Foden, Bernardo Silva, Arsenal’s, David Raya, Emmanuele, Mikel Arteta, ” Arteta, Napoleon, William Saliba's, Mikel Arteta's, That's, ike Organizations: Ballon, University of Wolverhampton, Inter Milan, Bayer Leverkusen, Manchester City, Paris Saint, Leverkusen, Serie, Inter, Premier League 183.3 Manchester City, Ligue, PSG, La Liga 181.8 Real Madrid 181.3, Bundesliga, Premier League, La Liga, A, Romania, AC Milan, Spanish, Premier League ? Football, , Arsenal, Bournemouth, Premier League’s, Getty, 😬# Locations: U.S, England’s, Paris, Real Madrid, Germany, Spain, La, Manchester, David
A mid-October poll by The Associated Press measured which of the two candidates voters trust on a variety of economic issues. Harris’ campaign declined to say where she wants to set the federal minimum wage, which is currently $7.25 per hour. Former President Donald Trump answers questions as he works the drive-thru line at a McDonald's on Oct. 20 in Feasterville-Trevose, Pa. “Donald Trump is running on a middle-class tax hike, Kamala Harris is running on a middle-class tax cut,” Harris campaign spokesperson James Singer said. “Working families like rank-and-file Teamsters overwhelmingly support President Trump because only he will Make America Wealthy, Strong, and Great Again.”
Persons: Donald Trump’s, Kamala Harris, Harris, Trump, , Kent Smetters, Sen, Chris Caldwell, Harris ’, Smetters, , hasn’t, Joe Biden, Donald Trump, Win McNamee, “ Donald Trump, ” Harris, James Singer, , Anna Kelly Organizations: Biden, Tufts University, Trump, University of Pennsylvania’s Wharton School, Daily, Wharton, Democratic, The Associated Press, Voters, Bureau of Labor Statistics, Economic, Institute, Republican National, Teamsters, America Locations: Pennsylvania, McDonald’s, Las Vegas, U.S, Arizona, Feasterville, Pa, China, Communist
CNN —Disney is about to have its fourth board chair in just over three years, as the company continues to navigate ongoing tumult in the media industry. Chairman Mark Parker will step down at the end of the year, the company announced Monday. Arnold had served on Disney’s board for a decade and a half. Gorman currently serves as the chair of Disney’s succession planning committee, which is responsible for the CEO search. The company said Gorman will prove a valuable leader to help navigate Disney through it all.
Persons: Mark Parker, Morgan Stanley, James Gorman, Parker, , ” Gorman, Peter Parks, Susan Arnold, Arnold, Gorman, Bob Iger, Iger, “ James Gorman, , James Organizations: CNN, Disney, Getty, Iger, ESPN, ABC Locations: AFP
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