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☆ China should be more worried about potential European tariffs than Trump: Economist
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina should be more worried about potential European tariffs than Trump: EconomistWilliam Lee of the Milken Institute says that Chinese President Xi is laying the groundwork at the G20 meeting to prepare for the changes to global trade when Trump takes office.

Persons: William Lee, Xi, Trump Organizations: China, Trump, Milken Institute

☆ Trump’s latest controversial Cabinet pick could have a huge impact on Americans’ health and lives
▼ + stars: | 2024-11-15 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

The president-elect’s previous selections for director of national intelligence, attorney general and defense secretary could change the country and the world in the long term. The US Department of Health and Human Services secretary has a massive platform and huge power to influence the information that Americans have and the choices they make. “I guess if you like health and you like people who live a long time, it is the most important position,” Trump said. Christina House/Los Angeles Times/Getty ImagesAnother health expert and former US Centers for Disease Control and Prevention acting director condemned the pick. The highly contagious disease is preventable with two doses of the measles vaccine that most Americans get as kids.

Persons: Donald Trump’s, Robert F, Kennedy Jr, “, Kennedy, Trump’s MAGA, Kennedy’s ascendency, Bobby ’ Kennedy, ” Trump, Bobby, ”, Matt Gaetz, Trump, Pete Hegseth, Tulsi Gabbard, Bashar al, Assad, Carlos Barria, Jake Tapper, Indiana Sen, Jim Banks, Jake, Donald Trump, ” Banks, —, ’ Kennedy, he’d “, Dr, Ashish Jha, Covid, CNN’s Wolf Blitzer, Jha, Christina House, Richard Besser . Besser, CNN’s Kaitlan Collins, kindergartners, Mandy Cohen, CNN’s Meg Tirrell, who’s, ” Cohen, Lex Fridman’s, CNN’s Kasie Hunt, don’t, –, ’, won’t, Mitch McConnell — Organizations: CNN, National Institutes of Health, RFK Jr, Trump, US Department of Health, Human Services, Trump’s, Fox News, America, Reuters, Biden, Brown University’s School of Public Health, Republican, Democratic, “ RFK, Los Angeles Times, US Centers for Disease Control, World Health Organization, CDC, Milken, Health Summit, Trump Cabinet, Senate, FBI, GOP Locations: Lago, Florida, Palm Beach , Florida, Washington, Huntington Park , California

☆ Lee: The data shows people are working multiple jobs, but there are fewer employed overall
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLee: The data shows people are working multiple jobs, but there are fewer employed overallMilken Institute chief economist William Lee says the U.S. job market has slowed, but that doesn't signal a recession is coming.

Persons: Lee, William Lee Organizations: Milken Institute Locations: U.S

The Summary Amid the E. coli outbreak believed to be linked to onions served at McDonald’s, food safety experts say some types of fresh produce carry extra risk. An E. coli outbreak that has sickened at least 75, killing one, is a reminder of the contamination risk that can plague certain types of fresh produce, according to food safety experts. Though the investigation is ongoing, federal officials suspect prewashed, slivered onions that were served raw on McDonald’s Quarter Pounders are the likely source of the E. coli outbreak. So it can take only a few cells to get someone very sick,” said Kali Kniel, professor of microbial food safety at the University of Delaware. The food safety experts interviewed also said they steer clear of rare or undercooked meat, poultry, fish and eggs, and don’t drink unpasteurized milk.

Persons: prewashed, Don Schaffner, ” Schaffner, coli, ”, Darin Detwiler, Jack, Barbara Kowalcyk, they’re, “, “ Cantaloupe, it’s, Kali Kniel, ” Detwiler, Detwiler, McDonald’s, Kowalcyk, Kniel, Schaffner Organizations: Rutgers University, Northeastern University, Institute for Food Safety, Nutrition Security, George Washington University Milken Institute School of Public Health, University of Delaware, Centers for Disease Control

In vulnerable groups, E. coli infection can also lead to serious kidney complications and death. People can become infected after consuming contaminated food or water, or coming into contact with the feces of animals or infected people. E. coli symptoms usually show up three to four days after ingesting the bacteria, but it may take up to 10 days. Once the contaminated food enters the kitchen, it’s also possible for cross-contamination to occur if ingredients are mixed or handled improperly. If you are experiencing diarrhea, don't swim in a public pool to minimize the risk of transmission.

Persons: ”, Prashant Singh, coli, Barbara Kowalcyk, don’t, ” Kowalcyk, Kevin, it’s, Donald Schaffner, Schaffner, ” Schaffner, Singh Organizations: Centers for Disease Control, Prevention, Florida State University, Institute for Food Safety, Nutrition Security, George Washington University Milken Institute School Public Health, Department of Food Science, Rutgers University, Food Safety Advisory Council Locations: U.S, New Jersey, California

☆ Amid McDonald’s-linked E. coli outbreak, here are symptoms to watch for and ways to stay safe
▼ + stars: | 2024-10-24 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +7 min

CNN —An outbreak of infections linked to McDonald’s Quarter Pounders has a lot of people across the United States concerned about their exposure to dangerous E. coli bacteria. The type of bacteria that has been implicated in this outbreak is E. coli O157:H7. E. coli, or Escherichia coli, is a common type of bacteria that lives in the intestines of people and animals, but some E. coli can make people sick. For E. coli O157:H7, antibiotics are controversial and are generally not recommended based on some evidence that they can actually increase the risk of hemolytic uremic syndrome,” he said. Thoroughly cooking meat to an internal temperature of 160 degrees Fahrenheit throughout kills E. coli O157:H7, according to the US Department of Agriculture.

Persons: it’s, ”, James Gaensbauer, Dr, Marcus Pereira, ” Gaensbauer, “, Gaensbauer, Leana Wen, Wen, ” Pereira, ” Wen, Sanjay Gupta Organizations: CNN, US Centers for Disease Control, Mayo Clinic Children’s Center, Columbia University College of Physicians, ”, Food and Drug Administration, George Washington University Milken Institute School of Public Health, CDC, US Department of Agriculture, Get CNN, CNN Health Locations: United States, Rochester , Minnesota, Shiga, –

☆ U.S. will be ‘more pro-crypto’ after this election, no matter who wins, says Ripple CEO Garlinghouse
▼ + stars: | 2024-10-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Brad Garlinghouse, CEO of Ripple, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. Ripple Labs CEO Brad Garlinghouse has been skeptical of crypto regulation in the U.S., but he is feeling highly optimistic about the post-election environment around the corner. Ripple, a veteran company in crypto known in part for its close association with the XRP token, operates a global payments business with banks and financial institutions as its main customers. About 95% of its business takes place outside of the U.S., which Garlinghouse said is partly a reflection of the contentious environment in Washington. On Wednesday, Garlinghouse offered a piece of advice to fintech startups in this changing time: "Incorporate outside the United States."

Persons: Brad Garlinghouse, we've, Garlinghouse, … It's Organizations: Milken, Global Conference, Ripple, CNBC, DC, U.S . Securities, Exchange Commission Locations: Beverly Hills , California, U.S, Washington, United States

☆ The index fund cushion is an equal opportunity booster for stocks
▼ + stars: | 2024-10-20 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

S & P 500 money is oblivious to stock valuations of any kind and ignorant to upgrades and downgrades. The Lilliputian sellers regularly fail to do damage when matched with the oblivious index money. A 4% 2-year note isn't competitive to the magnet of the S & P 500 and its kin. That's emblematic of what happens with a big buyback without stock-based compensation (something many tech firms use that renders moot the S & P 500 inflows). Because of the way that the S & P 500 money is divvied up, the share base becomes overwhelmingly index-fund based and the index fund shareholders do not sell.

Persons: Morningstar, Smoot, Herbert Hoover's, Warren Buffett, Buffett, Jerome Powell, haven't, Charlie Scharf, Wells, Banks, Charlie, Morgan Stanley, Ted Pick, James Gorman, Schwab, Gamble, Jim Umpleby, that's, Butch Cassidy, Jim Cramer's, Jim Cramer, Jim, Charles Scharf, Kyle Grillot Organizations: Federal Reserve, Commerce Department, Taiwan Semi, Trust, Fed, Triple AAA Robinhood, Morgan, Procter, United Airlines, Exxon, Caterpillar, Boeing, Apple, Meta, Sundance, Jim Cramer's Charitable, CNBC, Milken Institute Global Conference, Bloomberg, Getty Locations: Hawley, McCumber, Taiwan, Arizona, American, Wells Fargo, Wells, China, Chevron, Beverly Hills, Calif

☆ Lee: The market will brace for a huge supply shock.
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLee: The market will brace for a huge supply shock. William Lee, Chief Economist at Milken Institute, estimates that the ongoing port strike could cost the U.S. economy $4 billion daily, significantly impacting sectors like chemicals and pharmaceuticals.

Persons: Lee, William Lee Organizations: Milken Institute

☆ Elon Musk once described his past immigration status as a ‘gray area’
▼ + stars: | 2024-09-29 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +32 min

So we just rented the office, and slept in the office, and showered at the YMCA,” Elon Musk recalled, drawing laughs from the crowd. “When they did fund us,” Kimbal Musk recalled, “they realized that we were illegal immigrants.”“Well…” Elon Musk interjected. Video of the remarks shows Elon Musk laughing as he jumped in with a different interpretation: “I’d say it was a gray area.”He didn’t elaborate, and it’s unclear what Elon Musk meant by that characterization. Elon Musk, wearing a black Stetson hat, livestreams while visiting the US-Mexico border in Eagle Pass, Texas, on September 28, 2023. Then-President Donald Trump greets Elon Musk before a policy and strategy forum with executives at the White House in February 2017.

Persons: ” Elon Musk, “, Musk, ”, Donald Trump, Biden, It’s, —, Kimbal, ’ Elon Musk, he’s, X, He’s, Walter Isaacson’s, they’ve, Elon Musk, Jeff Skoll, Fred Prouser, ” Kimbal Musk, Elon, haven’t, Ashlee Vance’s, Greg Kouri, can’t, Maye, Charles Kuck, Kuck, Jennifer Minear, That’s, ” Kuck, Alain Jocard, Kimbal Musk, Tesla, Zip2, he’d, Kevin McCarthy, Alex Brandon, it’s, Hunter Swanson, Grace, Swanson, “ They’re, ” Swanson, ” Minear, Minear, Philip Pacheco, Ron Ozio, hadn’t, Vance, CNN there’s, Affairs Julie Greicius, Rajshree Agarwal, Ed Snider, ” Agarwal, Peter Thiel, Paul Sakuma, Agarwal, …, that’s, Elon Musk’s, who’s, hasn’t, Bayar, Zachary Mueller, ” Mueller, I’m, Don Lemon, Mueller, there’s, Stetson, Critics, John Moore, David Bier, ” Bier, Bier, Trump, he's, he'd, Brendan Smialowski, Joe Wilson, ” Wilson, Medina County Sheriff Randy Brown, Elon Musk's, We’re, Daniel Becerril, Reuters Elon Musk hasn’t Organizations: CNN, Twitter, University of Pennsylvania, Tesla Motors, SpaceX, Forbes, Stanford, Kimbal, Milken Institute Global Conference, Reuters, YMCA, Milken, YouTube, Los Angeles Times, US, Immigration Services, American Immigration Lawyers Association, Getty, Tesla, Kennedy Space Center, Center for International Education, Washington, Lee University, Elon, Center for, Learning, Penn, Minear, Materials, Engineering, ” Stanford, Communications, Affairs, American Immigration, Association, Ed Snider Center for Enterprise, University of Maryland, PayPal, eBay, Compaq, University of Washington, America’s, Democratic, Trump, CATO Institute, White, Medina County Sheriff, Fox, Fox News, Polaris Locations: Mexico, United States, Eagle Pass , Texas, Pretoria, South Africa, Canada, Canadian, Palo Alto , California, Beverly Hills , California, Angeles County, U.S, Atlanta, AFP, America, Zip2, California, Cape Canaveral , Florida, Virginia, Washington, Arizona, South Carolina, Medina County, Eagle, , Texas, Rio Grande

☆ Blackstone reveals how to make money in India and mistakes to avoid
▼ + stars: | 2024-09-26 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

India's economic growth story is a stunning one — but the question of where investors should park their money is not always straightforward, with one Blackstone executive highlighting a common mistake. However, focusing too much on the macro story can be dangerous for investors, according to Blackstone Private Equity's head of Asia, Amit Dixit. I think you go to India for the macro, everybody knows," Dixit said at the Milken Institute's recent Asia Summit in Singapore. While the list of companies Blackstone invests in India are extensive, he spotlighted the likes of information technology service firm Mphasis , IT service management company R Systems and automotive components manufacturer Sona Comstar . "I think, either end of the spectrum, you can make a lot of money as an investor," he said.

Persons: Blackstone, Blackstone Private Equity's, Amit Dixit, Dixit, Sona Comstar, it's, Manraj Sekhon, Sekhon Organizations: Blackstone Private, Milken, Summit, CNBC, Blackstone, Systems, Templeton Global Investments, Milken Asia Summit Locations: India, Hong Kong, Asia, Singapore

☆ Op-ed: The UK's budget problems date back to the 2008 financial crisis
▼ + stars: | 2024-09-24 | by ( Kevin Klowden | Chief Global Strategist At The Milken Institute | ) www.cnbc.com time to read: +2 min

Over the past few weeks, economic news from the U.K. has heavily focused on the state of British national finances and how they might impact both the British public and the prospects for economic growth. Regardless of how the U.K. fiscal situation stands now, it is clear that the current shortfalls are both years in the making and run the risk of having consequences that could last for years to come. The ultimate dilemma facing Labour now is that the country cannot produce enough revenue to close systemic shortfalls without sustained economic growth, but it also cannot create economic growth without real investment, both from the public and private sectors. In many ways, the current fiscal situation dates back to the financial crisis of 2008 and the fact that the country's economy was unable to snap back readily to close the budget shortfalls that occurred then. Borrowing in the financial year to August stood at £64.1 billion ($85 billion), with the country's debt hitting 100% of GDP.

Persons: Keir Starmer, John Healey, George Robertson, Rachel Reeves, Jeremy Hunt Organizations: British, Defence, Downing, Labour, Conservative Locations: London, England, British, United States, China, Japan

In the U.S. overall this year, a concerning, though not unprecedented, number of dengue, EEE and West Nile cases have been reported. “With climate change, we’re basically extending the mosquito season,” said Chantal Vogels, an assistant professor of epidemiology at the Yale School of Public Health. In the U.S., cases have outpaced those of West Nile virus, which is typically more prevalent. This year, Clark County, Nevada, has seen a particularly high number of West Nile cases: 23. “We consider New York state residents to be at risk for West Nile virus every summer,” she said.

Persons: Jennifer White, it’s, ”, ” Barbara Ferrer, Anthony Fauci, Chantal Vogels, Nirbhay Kumar, George Washington, “, Vogels, Nile, White, Thomas Jaenisch, ” White Organizations: Angeles County Department of Public Health, U.S, National Institute of Allergy, Yale School of Public Health, U.S ., Centers for Disease Control, George Washington University’s Milken Institute School of Public Health, World Health Organization, WHO, Southern, Southern Nevada Health, New York State Department of Health, Colorado School of Public Health, Gulf Locations: New York, U.S, California, Los Angeles County, EEE, West, New Hampshire, Vermont, Arizona , California, Florida, Hawaii, Texas, Puerto Rico, U.S . Virgin Islands, Los Angeles, West Nile, Clark County , Nevada, Southern Nevada, Massachusetts, New Jersey, Rhode Island , Vermont, Wisconsin, Gulf Coast

☆ Ray Dalio names the top five forces shaping the global economy
▼ + stars: | 2024-09-18 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Dalio made his remarks Wednesday ahead of the U.S. Federal Reserve's interest rate decision. Debt, money and the economic cycleWith uncertainty still circling around what the Fed will do at its meeting this week, Dalio raised concerns about how the country's debt will be managed. 'Acts of nature'Dalio then said "acts of nature" have historically posed a bigger threat to humanity and society than war. "Acts of nature, droughts, floods and pandemics have killed more people and been responsible for more domestic orders and international orders changing," Dalio noted. According to the World Economic Forum, the climate crisis results in a 12% loss in global GDP for each 1°C increase in temperature.

Persons: Ray Dalio, Dalio, Kamala Harris, Donald Trump Organizations: Bridgewater Associates, Milken Institute Asia Summit, Bloomberg, Getty, SINGAPORE, Milken, Summit, U.S, CNBC Fed, Economic, Technology Locations: Singapore, U.S, U.S . Federal, China, The U.S, South China

☆ We debate selling more shares of Procter & Gamble, plus Wells Fargo bounces back
▼ + stars: | 2024-09-16 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Debating P & G: We remain torn over traditional slowdown stocks like Procter & Gamble and other defensive consumer stocks. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, we're, Morgan Stanley, Wells, Wells Fargo, It's, we've, Hock Tan, Rene Haas, Jim Cramer's, Jim, Charlie Scharf, Patrick T, Fallon Organizations: CNBC, Apple, Apple Intelligence, Micron, Currency, Procter, Gamble, Colgate, Palmolive, Broadcom, Arm, Jim Cramer's Charitable, Milken Institute Global Conference, Afp, Getty Locations: stock's, Wells Fargo, Beverly Hills , California

☆ China's property woes and U.S. sanctions have hit some cities hard
▼ + stars: | 2024-09-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

BEIJING — China's property struggles and U.S. sanctions have significantly affected some of its cities, even as others benefit from Beijing's tech push, Milken Institute's best performing cities China index showed Tuesday. Since 2015, the index has studied China's large- and mid-sized cities for their economic vibrancy and growth prospects. The index looked at a group of 33 large cities and a group of 217 small cities, then ranked them separately. Historically, Wong pointed out, having control of Zhengzhou, Hefei, and Wuhan have been critical to ensuring control of the country. Correction: This story has been updated to reflect that there are 33 large cities and 217 smaller cities in the index.

Persons: Milken Institute's, Perry Wong, Wong Organizations: CNBC ., U.S, CNBC, Wuhan Locations: HANGZHOU, CHINA, China Vanke, Hangzhou, Zhejiang province, China, BEIJING, Zhejiang, Zhuhai, Guangdong, Hong Kong, Dongguan, The, Shenzhen, Beijing, Zhengzhou, Henan province, Hefei, Wuhan, Anhui, Central China's Hubei

Byron Allen, founder, chairman, and CEO of Entertainment Studios and Allen Media Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website. Representatives for Allen Media Group declined to address the details of this story but said in a statement: "Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history," the statement says.

Persons: Byron Allen, Byron Allen —, Allen, Mr Organizations: Entertainment Studios, Allen Media Group, Milken Institute Global Conference, CNBC, ABC, CBS, NBC, NFL, Allen Media Locations: Beverly Hills , California, Midwest, Southeast, West Coast, Hawaii

Thierry Breton, France's European Union commissioner for internal market and consumer protection, industry, research and energy. Billed as an unscripted conversation by Musk, the Spaces session will be one of the few campaign events Trump does this week. Breton warned Musk that the EU was prepared to "make full use of our toolbox" to protect EU citizens from "serious harm." Getty Images | Getty Images News | Getty ImagesSince then, Musk has made a series of incendiary comments about the situation in the U.K. on X. Riot police officers push back anti-migration protesters outside on Aug. 4, 2024 in Rotherham, U.K. Christopher Furlong | Getty Images

Persons: Elon Musk, Tesla, Apu Gomes, Linda Yaccarino, Thierry Breton, Yaccarino, Donald Trump, Musk, Kamala Harris, Keir Starmer, Ashlea Simon, Peter Kyle, Christopher Furlong Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Getty, European, X Corp, Union, Trump, Republican, Democratic, EU's Digital Services, Digital Services, Riot, British, Britain, Times Locations: Beverly Hills , California, Europe, United Kingdom, EU, Breton, Southport , England, Southport, England, Northern Ireland, Falkland Islands, Rotherham, U.K

☆ The time for the Fed to put in forward guidance is now, says Milken's William Lee
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe time for the Fed to put in forward guidance is now, says Milken's William LeeBill Lee, The Milken Institute, joins 'Power Lunch' to discuss the mock Fed vote to hold rates.

Persons: Milken's William Lee Bill Lee Organizations: Fed, The Milken Institute

AdvertisementSpeed and ease — that's how generative AI is changing the game for finance professionals. In a survey of 780 banking and capital-markets employees by Accenture Research, 62% of respondents expect generative AI to increase people's stress and burnout. "Employees with AI skills will replace people without AI skills," Andrew Chin, the chief AI officer at the $759 billion money manager AllianceBernstein, told BI. AdvertisementA data scientist at a midsize hedge fund told BI that generative AI models are a "superpower for coders." The firm's ultimate aim is to use generative AI to replicate the success of its best bankers for all advisors.

Persons: Christina Melas, Rowe Price's Sébastien, Eric Burl, Alyssa Powell, Thomas H, Lee, Keri Smith, Smith, Ken Griffin, They've, Goldman Sachs, Marco Argenti, Argenti, It's, I've, drudge, Andrew Chin, AllianceBernstein, Lisa Donahue, Donahue, Jobs, who's, He's, he'd, ChatGPT, Accenture's Smith Organizations: Bain Capital Ventures, Management, Business, Bain Capital, Man Group, Accenture Research, Finance, Wall Street, Blackstone, Sigma, Citadel, Milken Institute Global Conference, Excel, Accenture, Northern Trust, Citibank, Citi, JPMorgan Locations: New York City, New York

As Tesla CEO Elon Musk continues to make lofty promises about his company's future in autonomous driving and robotics, investors keep watching profit margins deteriorate. It's the fourth straight quarter of shrinkage. The company reported just $1.48 billion in net income on revenue of $25.5 billion, which included $890 million in regulatory credits. "Affordability remains top of mind for customers," said Vaibhav Taneja, Tesla's chief accounting officer, on the company's earnings call. Tesla began offering a five-year, zero interest loan offer to spur sales of its EVs in China in April.

Persons: Elon Musk, Tesla, Vaibhav Taneja Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Nasdaq Locations: Beverly Hills , California, China, CnEVPost, Shanghai, Germany

☆ Buying into Charlie Scharf's 5-year turnaround plan for Wells Fargo just got a bit cheaper
▼ + stars: | 2024-07-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +11 min

In Friday's earnings commentary , the Club upgraded Wells Fargo back to our buy-equivalent 1 rating — viewing Friday's drop as an opportunity to add shares. Taken together, it shows just how far the CEO has gone to rehabilitate Wells Fargo. That same year, Wells Fargo admitted to improperly charging home lending customers for mortgage-rate-lock extensions as well. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Federal Reserve ordered Wells Fargo to freeze its balance sheet in 2018, keeping its assets below $1.95 trillion until senior management cleaned up its act. Wells Fargo parted with most of its senior management from its pre-2019 era and remade its board of directors.

Persons: Charlie Scharf, Wells, Scharf, That's, Jeff Marks, Wells Fargo, Ebrahim Poonawala, Charlie, " Scharf, we're, JPMorgan Chase, Morgan Stanley, There's, Wells Fargo's, Poonawala, he's, Doug Braunstein, Raymond James, David Long, Marks, He's, Jim Cramer's, Jim Cramer, Jim, Patrick T, Fallon Organizations: Wells Fargo, Club, Investors, KBW Nasdaq, Wells, CNBC, Federal Reserve, Currency, Bank of America, Consumer Financial Protection, JPMorgan, Wall, JPMorgan Chase, Fed, Milken Institute Global Conference, Afp, Getty Locations: Wells, Wells Fargo, U.S, delinquencies, Beverly Hills , California

☆ Citigroup tops expectations for profit and revenue on strong Wall Street results
▼ + stars: | 2024-07-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity. Here's what the company reported:Earnings: $1.52 a share vs. $1.39 a share LSEG estimateRevenue: $20.14 billion vs. $20.07 billion estimateThe bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share. Revenue rose 4% to $20.14 billion. JPMorgan Chase reported results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week. Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter.

Persons: Jane Fraser, Fraser, JPMorgan Chase, Goldman Sachs, Morgan Stanley Organizations: Citi, Milken Institute Global Conference, Citigroup, Investment, U.S, JPMorgan, Bank of America Locations: Beverly Hills , California

Robert Smith, founder, chair and CEO of Vista Equity Partners, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. With this debt, Vista could generate strong returns if Pluralsight's business performed well, according to the sources. They also show that Vista propped up Pluralsight by allowing it to borrow $162.5 million from its private equity fund. "The company experienced rapid deterioration of its business in the first quarter," Vista wrote in a fund document dated May 28. In a May 28 update to fund investors, Vista said Pluralsight's equity value went from $1.5 billion to zero in the first quarter of 2024.

Persons: Robert Smith, Lucy Nicholson, Vista, Pluralsight, Goldman Sachs, Golub, Gustavo Schwed, NYU Stern, It's, Steven Kaplan, Kaplan, Chris Walters, Aaron Skonnard, Walters, Skonnard, KBRA, Milana Vinn, Greg Roumeliotis, Dave Gregorio Organizations: Vista Equity Partners, Milken Institute Global Conference, REUTERS, Vista Equity, Reuters, Cloud, U.S . Securities, Exchange Commission, Vista, NYU, Chicago Booth School, Business, Thomson Locations: Beverly Hills , California, U.S, Vista, BlackRock, Oaktree, Pluralsight, New York

☆ Super Micro, Dell shares jump as Elon Musk calls them suppliers to xAI supercomputer project
▼ + stars: | 2024-06-20 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Shares of Dell Technologies and Super Micro Computer jumped Thursday after Elon Musk revealed that the two hardware makers will provide servers to help his artificial intelligence startup xAI develop a supercomputer. "Dell is assembling half of the racks that are going into the supercomputer that xAI is building," Musk said in an X post, adding that Super Micro will also be involved. Dell shares climbed more than 3% in premarket trading, while Super Micro popped roughly 5%. The technology would potentially help Tesla develop the computer vision and large language models needed for robots and autonomous vehicles. Michael Dell, CEO of Dell, said Wednesday in an X post that his firm is building a "Dell AI factory" with Nvidia to power Musk's AI bot Grok.

Persons: Elon Musk, Tesla, Musk, Michael Dell Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Dell Technologies, Micro Computer, Dell, Microsoft, Google, Nvidia Locations: Beverly Hills , California, Buffalo , New York, Austin , Texas

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