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Elsa/Getty Images“We say no a lot,” admits Evan Zeder, director of global sports marketing for New Balance’s tennis and baseball units. Lacoste, the French luxury brand, was born with tennis in mind since its start in 1933. Lacoste’s polo shirts have become a major part of the “tennis aesthetic,” or the luxury athleticism #tenniscore trending on social media. Alcohol brands trying to crack the US market see the growing popularity of tennis as an opportunity to introduce themselves to drinkers. Dobel became the US Open’s official tequila sponsor last year, bringing alongs its Ace Paloma cocktail that it sells at other tennis tournaments it sponsors.
Persons: New York CNN — It’s, , Louis Vuitton, Loewe, Serena Williams, they’re, Bob Lynch, ” Lynch, Roger Federer, Anne Hathaway, Roland Garros, Rafael Nadal, Christophe Petit Tesson, Novak Djokovic, Williams, Naomi Osaka, Carlos Alcaraz, Iga Świątek, Coco Gauff, , outfitter, Gauff, she’s, Aryna, Elsa, Evan Zeder, Tommy Paul, it’s “, Lacoste, René Lacoste, “ Lacoste, Catherine Spindler, Djokovic, Daniil Medvedev, ” Novak Djokovic, Mike Stobe, ” Zendaya, ” Spindler, Maestro Dobel, Dobel, Paloma, Lander Otegui, Otegui, ” Otegui, Charlize Theron, Arthur Ashe, Katie Holmes, “ It’s, it’s Organizations: New, New York CNN, luxe, Vogue, ESPN, ABC, Tennis, United States Tennis Association, Brands, MLB, MLS, NBA, Tennis Channel, Netflix, CNN, YouTube, That’s, Wimbledon, Microsoft, Nike, Adidas, Lacoste, Australian, US, USTA Locations: New York, , Swiss, Paris, Poland, Australia, London, Chambord, Mexico, Miami, Indian Wells, Cincinnati
Pope Francis opens the "Holy Doors" at St. Peter's Basilica to mark the start of the Jubilee Year of Mercy. Now the hope is to have the line’s showcase Piazza Venezia stop, featuring an eight-story underground museum, ready in 10 years, according to engineer Andrea Sciotti, who is in charge of the metro museum complex. Each will be placed exactly where it was found inside the metro museum, which is being dug some 85 meters (280 feet) deep, encompassing eight stories below the modern city of Rome. The Venezia station museum stop is not the only treasure on the new line. In 2025, the new Colosseo-Fori station, complete with a four-level underground museum to showcase artifacts including 25 archaic wells unearthed when it was built, will also open after activation tests, meant to begin in October, are completed.
Persons: Rome, it’s, wasn’t, Pope Francis, Mercy, VINCENZO PINTO, Emperor Hadrian’s, Andrea Sciotti, Jesus Christ, , ” Sciotti, Emperor Hadrian's, Stefano Montesi, Sciotti, It’s, Organizations: Rome CNN —, San, Vatican, AFP, Piazza Venezia, CNN, Corbis, Roman, Palazzo Venezia, Colosseum Locations: Rome CNN — Rome, San Giovanni Cathedral, Peter’s, St, AFP, Rome, San Giovanni, Italy, London ., Venezia
Across the world, there are naturally occurring optical illusions that captivate spectators. Cloud formations can sometimes make it seem like there's an ocean or a UFO in the sky. Whether it is salt flats in Bolivia or rock formations in Arizona, nature never ceases to amaze. AdvertisementEveryone loves an optical illusion — even if they leave us completely stumped — and they're all around us in the natural world. From an underwater waterfall in the Indian Ocean to a surrealist scene in Namibia, we rounded up 18 naturally occurring illusions and optical phenomena that will make you double-take.
Persons: Organizations: Service, Business Locations: Bolivia, Arizona, Namibia
He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.
Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia's flatness shows rest of the market is struggling, says Unlimited CEO Bob ElliottTracie McMillion, Wells Fargo head of global asset allocation strategy, and Bob Elliott, Unlimited CEO, join 'Closing Bell: Overtime' to discuss the markets, Nvidia earnings and sector winners.
Persons: Bob Elliott Tracie McMillion, Wells, Bob Elliott Organizations: Nvidia Locations: Wells Fargo
As a child in Bolivia, Mateo De La Rocha told his family he wanted to work as a garbage man when he grew up. In La Paz, his home city at the time, trash piles were everywhere. In Mr. De La Rocha’s eyes, the local sanitation worker was the only person cleaning up pollution. As many as 3.9 million abandoned and aging oil and gas wells dot the United States, according to the Environmental Protection Agency. estimates that abandoned wells collectively released 303,000 metric tons of methane in 2022, roughly equivalent to how much carbon dioxide 23 gas-burning power plants might release in one year.
Persons: Mateo De La Rocha, De, , De La Rocha Organizations: Paz, Environmental Protection Agency Locations: Bolivia, United States, Cary, N.C, Ohio
Sales of newly built homes dropped 4.7% in April compared with March, and dropped a larger 7.7% from the prior year, the U.S. Census said Thursday. Higher mortgage rates are clearly hampering sales. Some of that is due to the mix of homes selling, which is mostly on the higher end of the market. Those buyers are not as influenced by mortgage rates, as they often use all cash. The big production builders have been buying down mortgage rates to help boost sales, but they are able to do that because of their size.
Persons: Peter Boockvar, Robert Dietz, NAHB's Organizations: Spring Barbera Homes, Builders, Toll Brothers, Bleakley Financial, CNBC, National Association of Home Builders, Wells Fargo . Locations: Loudonville , New York, U.S, Horton, Wells Fargo
Lewis’ plan, however, included more than just revamping The Post’s subscription offerings. While The Post clearly plans to bet big on infusing its products with A.I., it wants to emphasize the human element of its journalism. Whether the multi-pronged initiative is enough to turn The Post around, of course, remains to be seen. But the new publisher voiced confidence that these measures will put The Post on track for success. “I really hope at some point in the future, when you look back on this day,” he told staffers, “it’s actually quite a significant day in the history of our company.”
Persons: Will Lewis, strode, Lewis, , ” Lewis, I’m, Axios, we’ve, ” Karl Wells, Lewis ’, Vineet Khosla, , Sally Buzbee, Kathy Baird, “ it’s Organizations: New York CNN, The Washington Post, Brit, Apple, POLITICO, Silicon Locations: New York
On May 14, President Biden announced a major escalation of the country’s emerging climate trade war with China, raising existing tariffs on Chinese electric vehicles to 100 percent — a unilateral quadrupling. A few days earlier, responding to reports of Biden’s plans, Donald Trump outdid him, promising tariffs of 200 percent should he win the 2024 election. Five years after blasting Trump for imposing tariffs on Chinese exports, Biden raised them — on aluminum, steel, lithium batteries, solar cells and semiconductors, among other products. In 2019, Chinese E.V. Nearly 60 percent of all the world’s E.V.s are now sold in China, which is home to three of the world’s four biggest E.V.
Persons: Biden, Biden’s, Donald Trump outdid, It’s, , Gaia, David Autor, Tesla, BYD Organizations: Trump, Democratic Locations: China, U.S, Washington, Chinese
Against this backdrop, CNBC Pro screened the SPDR S & P Retail ETF (XRT) for stocks that were forming a death cross chart pattern. We found five SPDR S & P Retail ETF (XRT) components, including Ulta Beauty , that are on the verge of a death cross pattern — and one that has already formed one. Ulta Beauty Shares of cosmetic retailer Ulta have slipped more than 22% in 2024. Other stocks nearing a death cross pattern include National Vision Holdings and Academy Sports & Outdoor . Dollar Tree Dollar Tree , however, has already formed a death cross chart pattern.
Persons: Mark Astrachan, Astrachan Organizations: Walmart, Lowe's, CNBC Pro, P Retail, National Vision Holdings, Academy Sports
For Ajamie LLP, a Houston law firm with 11 attorneys, taking on banks with billion-dollar war chests is becoming a booming business. This ruling was used by a lawyer on another case, Ohio-based Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. He said he has been contacted by advisors hailing from "really any financial firm that offers deferred compensation to financial advisors." During that suit, Ajamie was contacted by Matt Shafer, the lead plaintiff in the Morgan Stanley case. The Morgan Stanley suit inspired Kelly Milligan, now the named plaintiff in the Merrill Lynch class action, to reach out.
Persons: , Jack Edwards, Edwards, Morgan Stanley, Morgan Stanley's, Alan Rosca, Merrill Lynch, Sen, Ted Cruz, Wells Fargo, Wells, Ajamie, Matt Shafer, Kelly Milligan, It's Organizations: Service, Ajamie LLP, Business, University of Virginia School of Law, Big Law, RBC Capital Markets, Financial Industry Regulatory Authority Locations: Houston, Ohio, Ajamie, Texas, Carolina
Continental Resources donated $1 million to the super PAC in April, according to Federal Election Commission records. A spokeswoman for both Continental Resources and Hamm, its executive chairman, did not respond to a request for comment. All seven wells have been active since 2011, just two years after Burgum's family signed an agreement with Continental Resources. The Burgum Farm Partnership LLP, which oversees the family farm land in Williams County and Cass County, is worth between $500,001 and $1 million, according to the financial disclosure. Doug Burgum is a managing partner of the Burgum Farm Partnership, and he signed the businesses' latest annual report in March.
Persons: Donald Trump, Doug Burgum, Vivek Ramaswamy, Jabin, Harold Hamm, Burgum, Theodore Roosevelt, Sen, Marco Rubio, Rubio, Trump, Hamm, Bradley Burgum, Mike Nowatzki, Nowatzki, Burgum's, He's, Barbara, Edward Hirs, Brandon Bell, Jack Balagia, Ryan Kellog, Kellog, Ted Borrego, , Virginia Canter, Canter, Chip Somodevilla, he's, Kathryn, Dan Eberhart, Eberhart, Leah Millis Organizations: North Dakota Gov, Margate, Washington Post, Continental Resources, Trump White House, CNBC, Trump, Republican, Trump that's, Inc, Commission, Continental, Federal, North Dakota's Minerals Department, Drilling, LLP, University of Houston, Getty, University of Texas, Exxon Mobil, University of Chicago, University of Houston Law Center, Trump White, North, Canter . North, Burgum Locations: Laconia, NH, Hamm, North Dakota, Williams County, Burgum, Fla, Florida, Dakota, North, Brooklyn, Cass County, Fort Stockton , Texas, Washington, Canter ., Canter . North Dakota, Laconia , New Hampshire, Continental Resources . North Dakota, Pittsburgh , Pennsylvania, U.S
Wall Street expects a continued increase in Nvidia's AI chip sales ahead of its next-gen Blackwell chip release. Here's what Wall Street expects from Nvidia's upcoming earnings report. Deutsche Bank: "AI leadership to continue"Deutsche Bank said it fully expects Nvidia to deliver "healthy multi-billion dollar beats/raises on still healthy demand for AI compute." However, the bank sees much of that strength already priced into the stock, leading the firm to believe that Nvidia stock is "fully valued." Bloomberg Intelligence: "Nvidia has more levers to attack the market"Bloomberg Intelligence analyst Oscar Hernandez Tejada said in a recent note he fully expects Nvidia to report "a solid beat and raise" on Wednesday, arguing that "Nvidia's AI demand train running at full speed."
Persons: , Wells, Aaron Rakers, Rakers, Taiwan Semiconductor bode, Vivek Arya, Blackwell, Arya, NVDAs, Oscar Hernandez Tejada, Tejada Organizations: Nvidia, Service, ChatGPT, Nvidia's, Blackwell, GPU, Data, Super Micro Computer, Taiwan Semiconductor, Bank of America, Deutsche Bank, Bloomberg Intelligence, Bloomberg Locations: Wells Fargo, Wells, China
Disney's streaming margins, while still negative due to losses and nowhere near Netflix's, have improved significantly in recent quarters and are now on the doorstep of an important milestone. Disney's streaming overview Disney+ is its flagship streaming service across the globe. The ARPU discrepancy on Disney+ core helps explain why Netflix is much more profitable than Disney's streaming business. Given that Disney's streaming business has rolled out pretty much everywhere across the globe, Cruetz said moving forward "it's about driving more penetration in those markets." The latest is a matchup with Disney and HBO's parent Warner Bros Discovery , whose flagship streaming service is called Max.
Persons: Bob Iger, Disney, Iger, Covid, Morgan Stanley, It's, That's, Cowen, Doug Creutz, Hulu's, Cowen's Cruetz, Brandon Nispel, Cruetz, TD Cowen, Max, Creutz, cannibalization, it's, KeyBanc's Nispel, Wells Fargo, Jim Cramer's, Jim Cramer, Jim, Presley Ann Organizations: Disney, Netflix, ESPN, Reliance Industries, Century Fox, CNBC, Comcast, Capital, Warner Bros Discovery, Getty Locations: Netflix's, Hulu, India, Malaysia, Philippines, Thailand, U.S, Canada, Europe, Africa, West Asia, Los Angeles
CNBC reached out to the SEC about the recent batch of Wells notices sent to crypto firms, and an agency spokesperson declined to comment. Exchanges, both centralized and decentralized, would be forced to choose between registering with the SEC, or delisting ether altogether. watch nowBoth Consensys and Uniswap suggest the SEC's broad approach to classifying securities may be outdated. "The SEC is arguing that the Uniswap protocol is an unregistered securities exchange, and that the Uniswap interface and wallet are both unregistered broker brokers," Ammori said. Uniswap argues in its response to the SEC that the majority of its trading volume is obvious nonsecurities, like ether, bitcoin and stablecoins.
Persons: Marvin Ammori, “ Ammori, Wells, Consensys, overreach, Joseph Lubin, Lubin, , , Christopher Gerold, Laura Brookover, Brookover, ethereum, Bill Hinman, Hinman, Patrick McHenry, Gary, Crypto, haven't, Uniswap, Ammori, there's, Alma Angotti, Guidehouse, Coinbase, We've, Christina Rea, We're, CNBC's Jordan Smith Organizations: Securities and Exchange Commission, Uniswap, SEC, Ethereum Foundation, CNBC, Security, New, New Jersey Bureau of Securities, Consensys, Securities, Exchange Commission's, of Corporation Finance, Rep, Robinhood Locations: U.S, Lubin, New Jersey, ethereum, R
Palo Alto reports after the bell: Here's what to expect
  + stars: | 2024-05-20 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPalo Alto reports after the bell: Here's what to expectAndrew Nowinski, Wells Fargo Securities equity analyst, joins CNBC's 'Squawk on the Street' to discuss cyber stocks, Palo Alto earnings, and more.
Persons: Andrew Nowinski Organizations: Palo, Wells Fargo Securities Locations: Wells Fargo, Palo Alto
Corporate insiders have been actively buying and selling their own stock in May, with one recent weeklong stretch showing higher ups at five different companies spent at least $1 million, according to VerityData. A similar situation happened at Akamai Technologies , where CEO Tom Leighton bought about $2 million worth of stock last Tuesday. Insider sales The dollar figures attached to major insider sales during the same time period were even larger than the buys. Meanwhile, Crowdstrike CFO Burt Podbere sold about $8 million of stock, with chief security officer Shawn Henry also selling shares. The CEOs of Squarespace and T-Mobile each sold more than $6.5 million worth of stock.
Persons: VerityData, Jared Isaacman, Isaacman, Nancy Disman, Tom Leighton, Anthony Williams, John Childs, Childs, Gregory Bailey, Vlad Coric, Jayshree Ullal, Burt Podbere, Shawn Henry, Anthony Casalena's, Jonathan Neman, , Nick Wells Organizations: Shift4, Akamai Technologies, VerityData, Arista Networks, Mobile Locations: Biohaven
Two Wall Street research firms are calling Constellation Brands a buy, arguing that worries over a key sales metric for the beer maker are overblown. Based on their bi-annual survey of the beer market, the analysts expect depletions for Constellation to rise 7% or more this year. Jim has been calling for Constellation to get out of wine and spirits and concentrate solely on beer. 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.
Persons: industrywide, Jefferies, Wells, Jim, Elliott, Bill Newlands, Newlands, Garth Hankinson, Jim Cramer's, Jim Cramer, Justin Sullivan Organizations: Constellation Brands, Jefferies, Modelo, Constellation, Wells, Elliott Management, CNBC Locations: Wells Fargo, Corona, Modelo, San Rafael , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla is no longer the biggest disruptive threat to autos: Wells Fargo's Colin Langan:Colin Langan, Wells Fargo auto and mobility analyst, joins CNBC's 'The Exchange' to China's auto manufacturing developments, the response from U.S. companies, and more.
Persons: Tesla, Wells Fargo's Colin Langan, Colin Langan, Wells Locations: U.S
Vistra Corp. has doubled over that period, while Constellation Energy is up nearly 62% and NextEra Energy has surged 34%. "This is not your old utility, where you just get a dividend and you're happy," Shahriar Pourreza, managing director of energy, power and utilities at Guggenheim Partners, told CNBC. The sector was oversold coming into 2024, with the market going too far in pricing in the impact of interest rates, Pourreza said. Power companies with deregulated assets are able to respond to market conditions more quickly than traditional utilities, he said. The tech sector is looking for clean energy to power data centers as they are simultaneously trying to limit their carbon footprints.
Persons: Pourreza, Jerome Powell, Goldman Sachs, Stephanie Link, CNBC's, Paul Hickey, Vistra, NextEra Organizations: Utilities, Vistra Corp, Constellation Energy, NextEra Energy, Guggenheim Partners, CNBC, Federal Reserve, Investors, HighTower Advisors, Investment Group, Constellation, Services, Microsoft Locations: It's, U.S, Wells
Don't overlook the the financial sector as the stock market trends higher, according to Oakmark Funds portfolio manager and noted value investor BIll Nygren. The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, while both the Nasdaq Composite and S & P 500 entered Monday after four-week-long rallies. Despite the financial sector outperforming the broader market, banking and consumer finance stocks are cheaper compared to all S & P 500 companies, according to Nygren. The Financial Select Sector SPDR Fund (XLF) , which tracks the S & P 500 financials index, has returned 12.6% in 2024, including reinvested dividends, while the S & P 500 has returned less than 11.8%. His portfolio's top holdings include some of the country's largest banks, such as Citigroup and Wells Fargo , as well as regional banks like First Citizens .
Persons: BIll Nygren, Nygren, CNBC's Organizations: Dow Jones, Nasdaq, Citigroup Locations: Wells Fargo
The S & P 500 broke above 5,300, also for the first time. The S & P 500 has notched record close after record close in 2024. This quarter, the top-performing S & P 500 sector is utilities, higher by 9%, followed by communication services, up by 4%. The S & P 500 and Nasdaq Composite each closed out a fourth straight week of gains. Sustaining all-time highs Nvidia's earnings will also be a key catalyst at a time when technicians are watching to see whether stocks can sustain the record levels they reached this week.
Persons: what's, they're, Jay Woods, hadn't, Piper Sandler's Harsh Kumar, Kumar, Jensen Huang, Blackwell, Zachary Hill, Chris Zaccarelli, Zaccarelli, Woods, Katie Stockton, Stockton, TJX Cos, Raymond James Thursday, Ralph Lauren Friday, Nick Wells Organizations: Nvidia, Federal Reserve, Dow Jones, Freedom Capital, Dow, Nasdaq, Independent, Alto Networks, Devices, Target, Chicago, PMI, New, . Kansas City Fed, Intuit Locations: Stockton, . Kansas
The storm also battered New Orleans overnight, with severe thunderstorms and flooding possible again Friday, according to the local branch of the National Weather Service. A home is severely damaged by a fallen tree after heavy winds and rains ripped through the region on May 17, 2024 in Houston, Texas. Across Houston, photos and videos on social media showed intense flooding and downed trees, as well as toppled electrical towers and power lines. Another video showed baseball fans leaving the stadium amid the bad weather. Strong winds appeared to have blown off roof panels at a Hyatt Regency Hotel in Houston, a video posted to X showed.
Persons: Melissa Phillips, Ike, Houston Mayor John Whitmire, Logan Riely, Harris, Lina Hidalgo, Hidalgo, Samuel Peña, Whitmire, Greg Abbott, Abbott, Brett Coomer, Jon Shapley Organizations: Hearst Newspapers, Getty, Houston Mayor, National Weather Service, Houston Independent School District, Houston Fire, Texas Gov, Texans, Facebook, Houston Astros, Hyatt Regency Locations: Parkway, West, Cypress, Texas, Houston, Romayor, New Orleans, Houston , Texas, Southeast Texas, Sowden, Houston's Harris County, Fargo Plaza
Here are Friday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America said top pick Nvidia remains "compelling" heading into earnings next week. Bank of America reiterates Marvell as buy Bank of America said it's sticking with its buy rating heading into earnings later this month. " Citi reiterates Walmart as a top pick Citi said the stock remains a top pick following earnings. Chevron Corp. (CVX): Reiterate Constructive View on Inflecting FCF Generation and Relative Valuation; Buy with 13% Total Return." "Near-term caution is offset by our increasingly bullish medium-term outlook, where CRM is well positioned for GenAI & valuation remains undemanding."
Persons: Marvell, Roth, Ree, Roth MKM, it's, REE, Wells, Oppenheimer, Reddit, Goldman Sachs, Tesla, Goldman, BTIG, Baird, Jefferies, Morgan Stanley, Baidu, Wolfe, UAL, Cantor Fitzgerald, Cantor, Price, Stifel, Salesforce Organizations: Bank of America, Nvidia, Ree Automotive, EV, Netflix, Citi, OpenAI, Google, Walmart, Darden, Jefferies, DuPont, Macquarie, Stock, underperform Bank of America, Chevron, Chevron Corp, JPMorgan, Body, United Airlines, Price Target, Health, Base Locations: Thu, Olive, China, United, Underperform
As investors navigate the Federal Reserve's higher-for-longer interest rate policy — and eventual rate cuts down the road — they should make sure they have their fixed-income portfolio positioned properly, according to Wells Fargo. The Fed last raised rates in July 2023, bringing the fed funds rate to a range of 5.25% to 5.5%. But investors were buoyed by news Wednesday that the consumer price index showed inflation eased slightly in April. Right now, Wells Fargo anticipates two rate cuts this year and just one in 2025, bringing the Fed's target rate to a range of 4.5% to 4.75% by the end of next year, said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Investors can get exposure to intermediate-term bonds through mutual funds or exchange-traded funds.
Persons: Jerome Powell, Wells, Scott Wren, Wren Organizations: Federal, Wells, Wells Fargo Investment Institute Locations: Wells Fargo
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