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Kellogg CEO Gary Pilnick suggested people struggling financially should eat cereal for dinner. AdvertisementCereal for dinner is usually a last resort — when the fridge is empty and money is tight. A cereal executive, however, thinks eating cereal for dinner is a fine way for those struggling to save money. "Cereal for dinner is something that is probably more on trend now, and we would expect to continue as that consumer is under pressure." One viewer suggested that perhaps they "eat the rich" instead.
Persons: Kellogg, Gary Pilnick, , Pilnick Organizations: Service, CNBC, SEC, Business
Read previewA Houston man has pleaded guilty to insider trading after he made $1.76 million in illegal profits after listening in on his wife's work calls as they worked from home. AdvertisementThe regulator said that Loudon purchased 46,450 shares of TravelCenters stock without his wife's knowledge before the deal was announced. It alleged that he "took advantage of his remote working conditions and his wife's trust to profit from information he knew was confidential." He told her he did it because he didn't want her to work long hours anymore, said the SEC complaint. The SEC noted that Loudon had not denied the allegations and had agreed to a partial judgment subject to court approval.
Persons: , Tyler Loudon, Alamdar, Hamdani, Loudon, scrutinizing, didn't Organizations: Service, BP, Business, Securities, Exchange Commission, SEC Locations: TravelCenters, Loudon
In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .
Persons: , It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Sec. Raimondo says she is confident U.S. will lead world in leading edge chip manufacturingU.S. Commerce Sec. Gina Raimondo joins 'Closing Bell Overtime' to talk the CHIPS Act, a wave of funding for GlobalFoundries, supply chain struggles and more.
Persons: Raimondo, Gina Raimondo Organizations: Commerce
Elon Musk's firm Neuralink said it's successfully implanted a brain chip in its first human patient. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk's futuristic company Neuralink has implanted a brain chip into its first human patient. In 2019, Musk said Neuralink was aiming for approval for human trials by the end of 2020. In November last year, the company faced renewed scrutiny over the deaths of Neuralink's test monkeys.
Persons: Elon, Neuralink, it's, , Musk, Gary Gensler, Stephen Hawking Organizations: Service, Elon, FDA, Reuters, Food and Drug Administration, Wired, SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer SEC Chairman Jay Clayton: The inability of banks to consolidate has been a negativeFormer SEC Chairman Jay Clayton joins 'Squawk Box' to discuss Reddit's IPO decision, Capital One-Discovery deal, potential antitrust hurdles, 2024 race, and more.
Persons: Jay Clayton Organizations: SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA spot ethereum ETF is 'a matter of when, not a matter of if': Grayscale CEO Michael SonnensheinGrayscale CEO Michael Sonnenshein joins 'Squawk Box' to discuss calls by Coinbase for the SEC to approve Grayscale's application for a spot ethereum ETF, how likely an approval will be, the state of the spot bitcoin ETF market, crypto trading outlook, and more.
Persons: Michael Sonnenshein, Coinbase Organizations: SEC
CNN —Pharmacies across the United States are reporting that they are having difficulty getting prescriptions to patients because of a cyberattack on a unit of UnitedHealth. The cyberattack prevented some pharmacies from processing prescriptions to insurance companies to receive payment. “This outage is impacting dispensing of pharmacy prescriptions – resulting in delays in processing and in some cases, inability to process,” the hospital said. In a statement, Change Healthcare said it believed the attack was isolated to its network and did not spread elsewhere. “At this time, we believe the issue is specific to Change Healthcare and all other systems across UnitedHealth Group are operational,” the company said.
Persons: , “ Refills, UnitedHealth, Organizations: CNN, Healthcare, Naval Hospital, ” Evans, Community Hospital, Securities and Exchange Commission, UnitedHealth, , SEC Locations: United States, Camp Pendleton , California, Pendleton, Colorado, Norton , Kansas
While most of those customers say they have received their money, some said their refund requests were disputed or ignored. Two-thirds, or 23, of those people said they had asked to be refunded, or were going to ask Boxabl for their money back. Boxabl said it recently received approval to sell its homes in Arizona and is close to receiving similar clearances in California and Nevada. Amid its own dwindling cash supply, Boxabl has recently appeared less willing to grant refunds to some depositors who want out. When he sent an email in January to Boxabl asking for a refund, the company declined his request.
Persons: , Boxabl, Dan Pena, Pena, Chris Armbruster, Gary Palmer, Palmer, He's, Galiano Tiramani, Zach Punnett, Punnett, Tiramani, What's, Paolo, Boxabl Galiano, Paolo Tiramani, Peers, Helene, Ali Faraji, Faraji, wouldn't Organizations: Service, North Las, Business, Securities and Exchange Commission, SEC, Oklahoma City, Archdiocese, Regulators, Tesla Plaid Locations: North Las Vegas, California, Los Angeles, Joshua Tree, Fort Worth , Texas, Riverside , California, Guantanamo Bay, Arizona, Nevada, Oklahoma, California , Virginia , Nevada , Arizona , Utah, Hawaii, Canada, Atlanta, Aptos, Santa Cruz
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWe learned a new detail about Sam Altman Thursday: just how much he supports Reddit. The filing revealed that Altman, the CEO of OpenAI, owns an 8.7% stake in the company. Reddit is the first social media company to submit an initial public offering since Pinterest in 2019, and it's the first major tech company to file for an IPO in 2024. The concept of working this closely with AI companies hasn't gone over great with some Reddit users, who have criticized the idea of profiting off users' data without their consent.
Persons: , Sam Altman, Altman, Newhouse, Tencent, Reddit, Reddit doesn't, Steve Huffman, hasn't Organizations: Service, Securities and Exchange Commission, Business, Altman, Advance, Hollywood, Bloomberg, Google, OpenAI, SEC Locations: Reddit
If shareholders approve the merger, it would enable Trump Media to go public and Trump to own a stake worth about $4 billion. In the US, a political party’s presidential nominee has never owned a major media platform worth so much. Furthermore, the possibility of this added Truth Social muscle for Trump arrives as right-wing MAGA messaging finds more outlets at the national and grassroots levels. And, while Trump has stuck with Truth Social, X has become a haven for right-wing conspiracies of all kinds. MAGA-friendly, right-wing media is growing at the grassroots level as well.
Persons: David Zurawik, Donald Trump, David Zurawik Mich Rouse, Trump, MAGA, Jay Ritter, Julia Nikhinson, Joe Biden, Lyndon Johnson, Johnson, John F, Kennedy, Lady Bird, Elon Musk, Tucker Carlson, Vladimir Putin, Carlson, Megyn Kelly, Eric Bolling, That’s, David Smith, Sinclair Organizations: Goucher College, Baltimore Sun, CNN, Trump, Securities, Exchange Commission, SEC, Trump Media & Technology Group, Trump Media, University of Florida, Getty, Republican, Federal Communications Commission, Johnsons, Twitter, Facebook, Fox News, Russian, Fox, Tucker Carlson Network, Sinclair Broadcast Group, Digital Locations: Conway , South Carolina, AFP, Austin , Texas, Texas, Maryland
Not every CEO in charge of a publicly traded stock market giant gets to act like Elon Musk . But her tenure as chair came in for criticism last month after a Delaware judge voided Musk's $55.8 billion pay package approved by the Tesla board in March 2018. At trial, Denholm was not sure whether the Disclosure Committee was fulfilling its obligations under the SEC Settlement," McCormick's opinion noted. AdvertisementMcCormick also drew attention to how Musk changed his title to "Technoking of Tesla" in March 2021. Musk is also seeking to reincorporate Tesla in Texas from Delaware following the court decision in the state on his pay package.
Persons: Elon, Robyn Denholm, Denholm, She'd, Tesla, Musk, Judge Kathaleen McCormick, Judge McCormick, that's, McCormick, Musk's, , Technoking ”, Elon Musk, Antonio Masiello, , , reincorporate Tesla Organizations: Juniper Networks, Telstra, Blackbird Ventures, Business, Securities and Exchange Commission, SEC, New York Times, Board Locations: Australian, Delaware, Tesla, Texas
Citigroup CEO Jane Fraser received a 6% compensation increase in 2023, totaling $26 million. The raise comes as Citigroup plans to cut 20,000 jobs over the next few years. AdvertisementCitigroup CEO Jane Fraser received a 6% pay boost in 2023, a new SEC filing shows, as the banking giant prepares to slash thousands of jobs over the next few years. Fraser received $26 million in 2023; most of her pay comprised performance-based stocks and cash incentives. According to the filing, Citigroup concluded that Fraser implemented the "most consequential set of changes to its organizational and management model since the 2008 financial crisis."
Persons: Jane Fraser, , Fraser Organizations: Citigroup, Service, SEC, Business
Palo Alto Networks has been at the forefront of this trend because it's the best-of-breed in 21 categories. PANW 1Y mountain Palo Alto Networks 1 year However, we're not going to try to go in and out of Palo Alto. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. Nikesh Arora, Palo Alto Networks Adam Galica | CNBC
Persons: billings, Nikesh Arora, Arora, We've, Jim Cramer, we're, , I'm, Jim, Let's, Jim Cramer's, Galica Organizations: Palo Alto Networks, Revenue, LSEG, billings, Alto Networks, Securities and Exchange Commission, SEC, Palo, CNBC Locations: U.S, cybersecurity, billings, Palo, Palo Alto
A federal appeals court agreed to rehear a challenge by two conservative groups to Nasdaq's board diversity rule related to the disclosure of women and minority membership on boards of companies listed on the stock exchange. The 5th Circuit U.S. Court of Appeals, in its order Monday night setting a rehearing, also vacated a decision in October upholding the Nasdaq rule by a three-judge panel from the appeals court, which encompasses Texas, Louisiana, and Mississippi. The Nasdaq rule requires companies to disclose details about the diversity of their boards of directors, and to either have a minimum number of women and minorities on their boards or explain why they do not. "NASDAQ's rule promotes racial discrimination and polarizing personal disclosures and it is to be hoped that this rule is struck down," Blum said. The SEC and Nasdaq did not immediately respond to requests for comment on the rehearing order.
Persons: Edward Blum, " Blum, Margaret Little Organizations: Times, NASDAQ, 5th Circuit U.S, of Appeals, Nasdaq, Securities, Exchange, Alliance for Fair, National Center for Public Policy Research, Fifth Circuit, SEC Locations: New York City, Texas, Louisiana, Mississippi
The coalition is pushing to replace three current Starbucks board members with its own nominees. The SOC proxy presentation claims the company's board has backed what it calls an "unnecessarily confrontational" strategy with the union. Starbucks said it has not only a new CEO, but with these additions, it has added five new board members in the past year. The proxy presentation targets three current Starbucks board members: Ritch Allison, Andy Campion and Jørgen Vig Knudstorp. Allison, Campion and Knudstorp, specifically, provide "continuity and highly-valuable unique perspectives," the Starbucks presentation said.
Persons: Baristas, Nielsen, Maria Echaveste, Joshua Gotbaum, Wilma Liebman, Daniel Servitje, Neal Mohan, Mike Sievert, Ritch Allison, Andy Campion, Jørgen Vig Knudstorp, Allison, Campion, Knudstorp, Wendy's, Narasimhan Organizations: Starbucks, CNBC, Organizing Center, U.S . Securities, Exchange Commission, National Labor Relations Board, NLRB, Starbucks Corporation, Siren Retail, Service Employees International Union, Starbucks Workers United, Communications Workers of America, United Farm Workers of America, Chipotle, Darden, Restaurant Brands, Yum Brands, White House, Hawaiian Airlines, White, Grupo Bimbo, YouTube, Mobile, SEC Locations: Buffalo, Arlington , Virginia, China, U.S
Florida, which has long attracted new residents thanks to its beaches and absence of state income tax, is getting an economic boost driven by young Americans seeking new opportunities. AdvertisementYoung people are driving Florida's economic strength. Getty ImagesFlorida's economy is growing thanks to the newcomersFlorida's population surge is driving the state's robust economy and demand for housing. The Sunshine State's economy is projected by Wells Fargo to expand in 2024, propelled by a robust job market. Thanks to the more damaging weather, Floridians paid more for home insurance in 2023 and the second-most for car insurance compared with other states.
Persons: , Wells, Sean Pavone, Wells Fargo, Taylor Tyson, Miami —, Policygenius, Hurricane Ian, Matias J, Forbes, Michael Bordenaro Organizations: Service, Smart Asset, " Employers, Wells, , Census, SEC, Miami, Miami Herald, Tribune, Getty Locations: Florida, Florida . Florida, Tampa , Florida, Wells, — New York , California, New Jersey, California, New York, Florida — Jacksonville, Tampa, Hurricane, Miami, St, Petersburg
A new stock pick from the 93-year-old Buffett almost always leads some investors to follow suit, quickly moving the share price. Berkshire has been a longtime shareholder in credit rating agency Moody's , and bought a big stake in Citigroup in early 2022. The last financial stock Berkshire bought was Capital One Financial in the first quarter of 2023. If the new stake ever exceeds 5% of whatever stock it is, Berkshire would be required to report its holding with the SEC. Buffett might be asked to reveal the identity of the mystery stock at Berkshire's annual shareholder meeting in early May.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Todd Combs, Ted Weschler, Berkshire's, Goldman Sachs, David Kass, University of Maryland's Robert H, Jamie Dimon, Kass, there's Organizations: Berkshire, The Securities, Exchange, Chevron, Verizon, Apple, Buffett, Bank of America, American Express, Citigroup, Mastercard, Visa, JPMorgan, U.S . Bancorp, Bank of New York Mellon, University of Maryland's, Smith School of Business, outperforming Bank, SEC Locations: Omaha, Berkshire, McLean, Va, Wells, outperforming
In 2023, her first full year of embracing the status of "influencer," Frankel earned $3.2 million in endorsement deals, according to documents reviewed by BI. Bethenny Frankel, the "accidental influencer"Despite her path to that success through reality TV, she calls herself an "accidental influencer." Photo by Heidi GutmanFrankel's path from reality TV to Skinnygirl to actingFor the unfamiliar, Frankel wasn't just in reality TV — she made Housewives history when she founded Skinnygirl Cocktails and then sold it in 2011. The deal was big enough to prompt networks to include so-called "Bethenny Clauses" in reality TV contracts, which require reality stars to give the networks a cut of businesses promoted on air. "I left reality TV and honestly thought the faucet would turn off because that's what happens, and I was fine with that," she said.
Persons: , Bethenny Frankel, Thomas, Frankel, Fred Flinstone, — Frankel, she's, She's, Dunkin, TikTok, CoverGirl, Frankel doesn't, Heidi Gutman, Frankel wasn't, Frankel haven't, Lady Gaga, Addison Rae, that's Organizations: Service, Business, Housewives, New, Bravo, BI, Brands, L'Oreal, YouTube, SEC Locations: New York, TikTok
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMomentum remains strong for Coinbase despite regulatory uncertainty, analyst saysOwen Lau, executive director and senior analyst at Oppenheimer, discusses the cryptocurrency exchange's fourth-quarter results and its legal fight with the U.S. Securities and Exchange Commission, saying the "outcome is highly unpredictable, but I have confidence that Coinbase will fight with the SEC and probably can prevail."
Persons: Owen Lau, Oppenheimer Organizations: U.S . Securities, Exchange Commission, SEC
Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. One factor that could be keeping the cap on oil prices is waning demand. “Global oil demand growth is losing momentum,” said the agency in its February report. While global oil demand growth is slowing, supply has stayed relatively strong, potentially putting further downward pressure on oil prices. “Higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand,” said the report.
Persons: Bell, , Donald Trump, Matt Egan, , Trump, Jay Ritter, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit Organizations: CNN Business, Bell, New, New York CNN, West Texas, Brent, International Energy Agency, , shuttering, Federal, US, United Arab Emirates, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Mortgage Bankers Association Locations: New York, Russia, Ukraine, Yemen, Red, United Kingdom, Japan, Germany, Iraq, United States, Brazil, Guyana, Canada
In the fourth quarter, specifically, shares of Alphabet rose 6.75%. Third Point owned Alphabet for less than a year , while Druckenmiller traded in and out of the stock in recent quarters. Some Wall Street veterans merely pared back their exposure to Alphabet in the quarter, including David Tepper's Appaloosa Management . Baupost Group — the hedge fund run by value investor Seth Klarman — sold about 23% of its Alphabet stock over the same stretch. Berkshire parted ways with about 10 million shares of the iPhone maker, leaving the conglomerate with more than 905 million shares, worth $174.35 billion, at the end of the quarter.
Persons: Dan Loeb's, Stanley Druckenmiller, Druckenmiller, David Tepper, David Tepper's, Seth Klarman —, Jim Cramer, Michael Bury, Bill Ackman's, Tepper, Druckenmiller —, , Eli Lilly, Lilly, Danaher, Warren Buffett's Berkshire Hathaway, Buffett, Jeff Smith's, Marc Benioff, shouldn't, Jim, Jim Cramer's, Justin Sullivan Organizations: Club, Securities and Exchange Commission, SEC, Microsoft, Apple, Nvidia, Palo Alto Networks, Wall, Management, Bill Ackman's Pershing, Capital Management, Duquesne Family, Trust, CNBC, Warren, Berkshire, BNSF Railway, Geico, Inclusive, Jim Cramer's Charitable Locations: Palo, 13Fs, Jim's, Mountain View , California
Wall Street is celebrating Coinbase after the crypto exchange operator posted its first quarterly profit in two years. Late Thursday, Coinbase posted earnings of $1.04 per share on $954 million of revenue for the fourth quarter. "Happy days are here again" for Coinbase, as Raymond James put it, but it's not clear for how long. "That said, we maintain our U/P rating given crypto market unpredictability, lack of revenue diversification, valuation, and continued legal overhang." JPMorgan, neutral, PT $95 "Management calls spot bitcoin ETFs [a] net positive but, we're still unconvinced," said JPMorgan's Kenneth Worthington.
Persons: Coinbase, haven't, bitcoin, Raymond James, Goldman Sachs, Goldman, Will Nance, revs, Jason Kupferberg, Benjamin Budish, EBITDA, underperform, Patrick O'Shaughnessy, we're, Kenneth Worthington, Keefe, KBW's Kyle Voigt, Oppenheimer, Owen Lau, Devin Ryan, Needham, John Todaro, Canaccord, Joseph Vafi, Michael Bloom Organizations: LSEG, U.S . Securities, Exchange Commission, " Bank of America, Bank of America, Barclays, JPMorgan, Management, SEC, Coinbase's, BTC Locations: U.S, Coinbase, Needham
It’s a reality that’s all too common among bankers on Wall Street — and one that venture-capital investors are hoping to capitalize on . "I was seeing how rote the work was, what a pain it was,” Stengel said, who would often work hundred-hour weeks . While at Princeton in 2019, Stengel researched how to use AI in chatbot form to analyze financial and economic data. Rogo is an AI platform built for investment bankers, hedge fund analysts, and private equity investors. Here's the 9-page pitch deck Rogo used to raise $7 million.
Persons: Gabriel Stengel, It’s, ” Stengel, Stengel, John Willett, Tumas Rackaitis, Gilder Gagnon Howe, , we've Organizations: Service, Lazard, Wall, Business, Princeton, JPMorgan, Co, AlleyCorp, Company Ventures, BoxGroup, ScOp Ventures, SEC
New York CNN —Months after leaving the White House, former President Donald Trump began plotting his return to Wall Street. US regulators have finally given the green light to a controversial merger between Truth Social owner Trump Media & Technology Group and a blank-check company. ‘This is a meme stock’Moreover, there are major questions about the sky-high valuation being placed on this media company. He described that valuation as “crazy” because Trump Media is generating little revenue and burning through cash. One of the final remaining hurdles is for Digital World shareholders to approve the merger in an upcoming vote.
Persons: Donald Trump, Trump, , Jay Ritter, Ritter, Devin Nunes, Eric Swider, , Matthew Tuttle, he’s, Tuttle, Organizations: New, New York CNN, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Republican, New SEC, ” Trump Media, Big Tech, Digital, Tuttle Capital Management Locations: New York, Trump, Atlantic City
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