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☆ The Wrap-Up for Tuesday December 3
▼ + stars: | 2024-12-03 | 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 Wrap-Up for Tuesday December 3The top headlines that could drive today's trading.

☆ CNBC Daily Open: Investors are filled with the festive spirit
▼ + stars: | 2024-12-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This 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. The Wall Street bank just refreshed its list of global stocks, including three it gave potential upside of more than 40% . $56 billion package for Musk denied Tesla CEO Elon Musk failed to get his $56 billion 2018 pay package reinstated. "The holiday season is in full swing and spirits seem bright, at least among investors," UBS wrote in a Monday note.

Persons: Goldman Sachs, Elon Musk, Pat Gelsinger, David Zinsner, MJ Holthaus, Gelsinger, Jay Hatfield, —, Hatfield, Oppenheimer, John Stoltzfus, Savita Subramanian, Lisa Kailai Han, Alex Harring, Pia Singh Organizations: CNBC, Intel, Investors, Nasdaq, Dow Jones, UBS, Conference Board, downer, Investment, Bank of America Locations: Delaware

☆ Deutsche Bank bets on CVS recovery, upgrades stock to buy
▼ + stars: | 2024-12-03 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

The bank upgraded the pharmacy stock to buy from hold and reiterated a $66 per share price target. Analyst George Hill said that CVS' earnings and multiple are likely near trough levels and highlighted the company's efforts to foster growth — including recent leadership changes. CVS YTD mountain CVS stock. The company is coming off of mixed third-quarter results where CVS did not provide forward guidance. CVS stock has pulled back more than 25% in 2024.

Persons: Banks, George Hill, Hill, David Joyner —, Karen Lynch Organizations: CVS, Deutsche Locations: Monday's

☆ I took my 3 kids to India to relive my study-abroad days. Traveling in my 40s is a whole new kind of magic.
▼ + stars: | 2024-12-03 | by ( Wendy Altschuler | ) www.businessinsider.com time to read: +6 min

It showed her how different it feels to travel in your 20s alongside students versus exploring with kids in tow. Delving deep, I was fully immersed in my classes, reading every book on the recommended list and watching every film. Studying abroad in IndiaDuring my last year in school, as part of my study-abroad program, I volunteered at a children's home about 90 minutes south of Delhi. AdvertisementAfter a day of serving others, I'd return to the YMCA, my home in New Delhi at the time. AdvertisementAltschuler (second from left) was reminded of all the kindness in India on her second trip to India.

Persons: Wendy Altschuler, I hadn't, I'd, I've, Chandni, we'd, Taj Mahal, Chandra Mahal, Altschuler, Wendy Altschuler Sojourning Organizations: YMCA, Lotus Locations: India, Little India, Delhi, Agra, Jaipur, New Delhi, South, Southeast Asia, Red, Jama, Old Delhi, Agra Fort, Pink City, City

☆ Morgan Stanley has a new AI stock play, that's applying the technology to law enforcement
▼ + stars: | 2024-12-03 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Axon Enterprise could be set up for continued gains in the months ahead, according to Morgan Stanley. Analyst Meta Marshall upgraded the stock to overweight, and her price target of $700 reflects about 10% upside from Monday's close. This comes as the stock has risen more than 146% year to date. "While the name is expensive and may need to grow into valuation given run YTD, over the long term, we see it as a core holding." "As a result, we are more willing to ascribe value to AI portfolio pulling through other products, which could lead to additional valuation upside (as prelim AI portfolio pull through is likely built into price after recent run)," Marshall continued.

Persons: Morgan Stanley, Meta Marshall, Marshall, FactSet –

☆ Jefferies upgrades Kroger, says grocery store chain has upside even if Albertsons deal falls through
▼ + stars: | 2024-12-03 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Kroger still has upside even if its deal to acquire Albertsons doesn't go through, according to Jefferies. The firm upgraded the grocery store chain to buy from neutral. The company initially announced plans to acquire peer grocery store chain Albertson's in 2022. But Jefferies analyst Rob Dickerson said food trends at Kroger stores have been improving recently and serve as one of the positive catalysts in a scenario where the Albertsons deal falls through completely. Analysts are somewhat split on the grocery store chain.

Persons: Kroger, Jefferies, Rob Dickerson, Dickerson Organizations: Albertsons, KR, Kroger, ACI

☆ Jaguar releases a concept for its new EV model after a controversy over its rebranding — which didn't feature a car
▼ + stars: | 2024-12-03 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +7 min

Now, the luxury British carmaker has filled in some of the blanks regarding its new identity by revealing a concept car at Miami Art Week. A front view of Jaguar's concept car. A side-view of Jaguar's concept car. JaguarThree brass lines run through the length of the concept car, with one right down the middle. JaguarAn interior view of Jaguar's concept car.

Persons: Constantino Segui Gilabert, Tom Holden, flack, Elon Musk, Jaguar's, Rawdon Glover, —, he's, Sir William Lyons, India's Tata, Glover Organizations: Miami Art, Jaguars, EV, Financial Times, SS, SS Cars Limited, Getty, India's, India's Tata Motors, Rover

☆ A false alarm triggered an emergency landing for an American Airlines flight from Chicago to Las Vegas
▼ + stars: | 2024-12-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

AdvertisementAn American Airlines Boeing 737 made an emergency landing during the Thanksgiving weekend. An American Airlines jet made an emergency landing Sunday after the crew reported a "possible electric issue." Advertisement"An indicator light identified a possible mechanical issue that, after inspection, was confirmed to be false," an American Airlines spokesperson told Business Insider. American Airlines said last month it expected to fly 8.3 million people across more than 77,000 flights — with Sunday the busiest day. AdvertisementThe incident came eight days after an American Airlines passenger was taken to hospital after a 777 encountered turbulence between Brazil and Miami.

Organizations: American Airlines Boeing, FAA, American Airlines, Boeing, Chicago O'Hare, Airlines, Chicago O'Hare International Airport, Federal Aviation Administration, The Aviation Herald, . American Airlines, Passengers, Las Vegas, USA Locations: Chicago, Las Vegas, San Francisco, Brazil, Miami

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Mortgage RatesAverage 15-year mortgage rates have been hovering in the high 5% range, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Mortgage rates are still elevated, but over time they should ease as the Fed lowers rates.

Persons: we'll, Freddie Mac Organizations: Federal Reserve, Fed, Mortgage Research Center, Mortgage, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs Locations: Chevron

☆ Stellantis' CEO stepping down shows how the auto industry is struggling to shift into high gear right now
▼ + stars: | 2024-12-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, an automaker CEO's resignation shows how tough a year the industry is having. His expedited departure — Tavares was scheduled to leave in 2026 — shows how choppy the automotive industry remains. AdvertisementHendrik Schmidt/dpa/Getty ImagesSo, what's got the auto industry stuck in gear? (It hasn't been a complete lovefest; he also called China's auto industry an "existential threat.") The massive money manager announced plans to acquire HPS Investment Partners, a private credit behemoth managing $148 billion, for $12 billion.

Persons: We've, I'm, Hendrik Schmidt, Carlos Tavares, — Tavares, Stellantis, Insider's Nora Naughton, Tom Carter, what's, Tesla, Jim Farley, Donald Trump's, Dmitry Balyasny, Brendan McDermid, Donald Trump, Elon Musk, Texas Richard Bord, Musk's Tesla, —, Musk, Pat Gelsinger, Tony Cordoza, Anna Kim, Getty, Tyler Le, they'd, Jake Paul, Mike Tyson, Dan DeFrancesco, Grace Lett, Ella Hopkins, Spriha Srivastava, Amanda Yen, Milan Sehmbi Organizations: Business, dpa, Getty, Jeep, Chrysler, United Auto Workers, EV, Ford, Balyasny Asset Management, Reuters, Citadel, Schonfeld Partners, HPS Investment Partners, BlackRock, SpaceX, Intel, Amazon Web Services, Accenture, Netflix, ISI, Disney Locations: China, Mexico, Chicago, California, Texas, Delaware, Australia, New York, London

☆ CNBC Daily Open: Investors are filled with the holiday spirit
▼ + stars: | 2024-12-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This 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. $56 billion package for Musk deniedTesla CEO Elon Musk failed to get his $56 billion 2018 pay package reinstated. Crypto laws to pass 'quickly' in U.S. "We have the most pro-crypto Congress ever [in] history, we have an extraordinarily pro-crypto president coming into office," Shirzad told CNBC last week.

Persons: Carlos Tavares, Pat Gelsinger, David Zinsner, MJ Holthaus, Gelsinger, Elon Musk, Donald Trump, Faryar Shirzad, Shirzad Organizations: NYSE, The New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Intel, The, U.S . Federal, Traders Locations: New York City, Delaware, The U.S

☆ A potential SpaceX deal would boost the value of Elon Musk's company to $350 billion
▼ + stars: | 2024-12-03 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +2 min

AdvertisementSpaceX is reportedly in talks to sell shares, a deal that would boost its valuation to around $350 billion. SpaceX is currently in talks to sell insider shares in a deal that would value the private company at around $350 billion, Bloomberg reported Monday, citing sources familiar with the potential sales. If the $350 billion valuation is realized, it would be double what the company was reportedly selling shares at one year ago. In December 2023, Bloomberg reported SpaceX shares were being sold at a $175 billion valuation. The outlet previously reported SpaceX shares were being sold at a $210 billion valuation in June and at $255 billion just last month.

Persons: Elon, Donald Trump, Trump Organizations: SpaceX, Elon Musk's, Bloomberg, Business, Department of Government Efficiency

☆ Bank of America double upgrades AI derivative play, sees shares jumping 60%
▼ + stars: | 2024-12-03 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Credo Technology , a maker of high-speed connectivity cables used in data infrastructure, can continue to capitalize on a growing business opportunity in the market for artificial intelligence equipment, Bank of America says . The investment bank double upgraded Credo to buy from underperform on Tuesday, and raised its price target to $80 per share from $27. CRDO YTD mountain Credo Technology shares in 2024. "[S]ignificant operating leverage could drive earnings growth much faster than sales for the next few years," Arya said. Credo shares have now surged 250% in 2024.

Persons: Vivek Arya, Arya Organizations: Technology, Bank of America, FactSet Locations: underperform

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Tesla, Citi, CVS, American Express, Amazon, Kroger & more
▼ + stars: | 2024-12-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Bernstein downgrades FedEx to market perform from outperform Bernstein said it was downgrading FedEx ahead of earnings later this month due to fears about execution. "We are upgrading Citi to Outperform from Market Perform owing to its discounted valuation and the meaningful lag in its shares relative to peers since October earnings." Deutsche Bank upgrades CVS to buy from hold Deutsche says it sees "improving profitability" for CVS. BMO downgrades Kroger to market perform from outperform BMO says the grocery store stock is overvalued. Bank of America reiterates Apple as buy Bank of America says it's sticking with its buy rating Apple following data showing an increase in App Store revenue.

Persons: Wells, Bernstein, KBW, Jefferies, Morgan Stanley, CFRA, Tesla, it's, OLLI, Mgmt, Mizuho, MoffettNathanson, Moffett Organizations: Citi, Citigroup, FedEx, Deutsche Bank, CVS, Deutsche, BMO, Kroger, KR, American Express, Holdings, Bank of America, underperform Bank of America, Underperform, " Bank of America, Apple, Nvidia, Data Center, 2027E Locations: Wells Fargo, F1Q25, North America

☆ PSQ Holdings doubles, becoming latest stock to rip higher on news of Donald Trump Jr.'s involvement
▼ + stars: | 2024-12-03 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Donald Trump Jr. speaks with the media at the end of the debate between Republican vice presidential nominee U.S. Senator JD Vance (R-OH) and Democratic vice presidential nominee Minnesota Governor Tim Walz hosted by CBS in New York, U.S., October 1, 2024. Talks of Donald Trump Jr. joining the board of PSQ Holdings sent the owner of the online marketplace PublicSquare skyrocketing on Tuesday. PSQ is a microcap stock with a market capitalization of only $72 million as of Monday's close. In November, Trump Jr. joined venture capital firm 1789 Capital as a partner.

Persons: Donald Trump Jr, JD Vance, Tim Walz, Donald Trump, PublicSquare, Trump, Tucker Organizations: Republican, U.S, Democratic, CBS, Bloomberg News, PSQ Holdings, Trump Jr, Machines Locations: New York, U.S, Palm Beach , Florida

☆ How Washington reacted to the Hunter Biden pardon: From the Politics Desk
▼ + stars: | 2024-12-02 | by ( The Politics Desk | ) www.nbcnews.com time to read: +8 min

In today's edition, our reporters go through President Joe Biden's pardon of his son — and the part that's particularly rankling fellow Democrats. Some Democrats bristle at Biden's pardon justificationBy Carol E. Lee, Sarah Fitzpatrick, Gary Grumbach and Dareh GregorianIt’s not just that President Joe Biden pardoned his son Hunter. The pardon comes after Biden repeatedly said he would not use his executive authority to pardon his son or commute his son’s sentence. “Does the Pardon given by Joe to Hunter include the J-6 Hostages, who have now been imprisoned for years? : White House press secretary Karine Jean-Pierre defended Biden’s decision to pardon his son, despite telling the press multiple times that the president had no such plans.

Persons: Joe Biden's, —, Mark Murray, Carol E, Lee, Sarah Fitzpatrick, Gary Grumbach, Joe Biden, Hunter, It’s, ”, Hunter Biden, “, Biden, Greg Stanton, Donald Trump, ” Stanton, Trump, Joe, ” Trump, David Weiss’s, Weiss, Harris, 🚨, Dru, ️ Organizations: NBC, White House, Capitol, Democratic, Democratic Party, Department of Justice, NBC News, Telemundo, CNBC, Trump, FDA Locations: Arizona, Stanton, California, Biden’s

A white former Kansas City, Kansas, police detective was found dead Monday on the day his federal civil rights trial was set to begin for allegedly sexually abusing Black women over decades, authorities said. An arrest warrant had been issued when Roger Golubski, 71, failed to appear at a federal courthouse in Topeka on the first day of jury selection. Golubski was charged in 2022 with federal civil rights crimes after he was accused of exploiting Black women for sex and framing people for crimes they say they did not commit. Golubski, who retired in 2010 after 35 years with the Kansas City Police Department, pleaded not guilty to six counts of deprivation of civil rights. The Kansas City Police Department has come under scrutiny over allegations of corruption and civil rights violations in recent years.

Persons: Roger Golubski, Kristen Clarke, Kate Brubacher, Golubski, Christopher Joseph, Joseph, Jay Z's, Dania Diaz, Diaz Organizations: of Justice, U.S, District of, Authorities, Kansas City Police Department, Nation, Kansas, Team ROC Locations: Kansas City , Kansas, Topeka, District of Kansas

☆ December is typically a good month for stocks, and technicians expect another good one this year
▼ + stars: | 2024-12-02 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The final month of the year is typically a good month for the stock market. The S & P 500 could rise to about 6,081, from where it closed last week at 6,032.38. That means the S & P 500 would top 6,100, according to Johnson, who sees small-cap and midcap stocks as primary beneficiaries of the broadening rally. This means the S & P 500 could end the year around 6,140. On average, the S & P 500 gains 1.6% during this period.

Persons: Craig W, Johnson, Piper Sandler, SPX, Oppenheimer's Ari H, Wald, CFRA's Sam Stovall, Roth, JC O'Hara, Santa Claus, bode, Jonathan Krinsky Organizations: Dow Jones Industrial, Dow Locations: Santa

☆ CNBC Daily Open: The stock market had a November to remember
▼ + stars: | 2024-12-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This 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. China's CSI 300 added around 0.7% after data showed growing factory activity in the country. GQG told CNBC that over 90% of client assets are invested in issuers unrelated to Adani. [PRO] Eyes on November's jobs reportThis week's major piece of data is November's jobs report, out Friday.

Persons: Stocks, Adani, GQG, Musk, Elon Musk, OpenAI, It'll Organizations: New York Stock Exchange, CNBC, Dow Jones, CSI, P Global, PMI, GQG Partners, UBS, OpenAI, Elon, U.S . Federal Locations: Asia, Pacific, China, GQG, U.S .

☆ Ireland's election delivers pro-business continuity despite voter discontent
▼ + stars: | 2024-12-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Ballot papers are counted at the Dublin RDS centre, in Dublin, on December 1, 2024, on the second day of counting ballots in the Irish General Election. Fianna Fáil and Fine Gael have ruled out a partnership with the left-leaning party. The result "breaks with the trend seen internationally this year for weaker incumbent election results," analysts at investment firm Davy said in a note. "However, underlying that, there is a frustration from a growing part of the Irish population that has not been captured in this election. It appears Sinn Féin haven't captured this sense of frustration, seen in the fact that there was a low voter turnout of 59%.

Persons: Fáil, Micheál Martin, Simon Harris, Harris, Sinn Féin, Fianna Fáil, Davy, Laurent Muzellec, Sinn Féin haven't, Muzellec, Gael's Harris, Fáil's Martin, Mary Lou McDonald Organizations: Dublin RDS, Fine Gael, Dublin's Trinity Business School, CNBC Locations: Dublin

☆ In an all-hands meeting, Intel's new leaders emphasized outgoing CEO Pat Gelsinger's 'personal decision'
▼ + stars: | 2024-12-02 | by ( Helen Li | Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

AdvertisementIntel CEO Pat Gelsinger is out of the top spot after a challenging 4-year tenure. On Monday morning, Intel employees joined an all-hands meeting after receiving an email invite at 5 a.m. PT. Being CEO of Intel was Pat Gelsinger's dream since he joined the company as a teenager in 1979. But no one at the top has the technical expertise of Gelsinger, which Intel employees pointed out in their questions. No one has been a closer witness to this roller coaster than Intel employees, who have seen multiple waves of layoffs and buyouts.

Persons: Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, unravels ChatGPT, isn't, Pat Gelsinger's, Alvin Nguyen, Forrester, Gelsinger, Zisner, Holthaus, Intel's, Edward Jones, Said, Frank Yeary, Bernstein, Vivek Arya, Daniel Newman, Logan Purk, Pat, Emma, ecosgrove Organizations: Intel, Bloomberg, Department of Commerce, Nvidia, Gaudi, Bank of America

☆ Here's why Jim Cramer says own CrowdStrike and don't give up on Best Buy
▼ + stars: | 2024-12-02 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. During Monday's Morning Meeting, Jim Cramer said he urges members to be in CrowdStrike shares, which had back-to-back losses Wednesday and Thursday despite the cybersecurity company's beat and raise quarter Tuesday evening. 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, CrowdStrike, George Kurtz, who's, Kurtz, Jim, Stocks, Jim Cramer's Organizations: CNBC, Tech, Nasdaq, Dow, Adobe Analytics, Intel, Burlington Stores, Dell Locations: Nucor

☆ Netflix is in the best position 'financially, fundamentally and competitively' ever, says Evercore ISI
▼ + stars: | 2024-12-02 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Netflix may be poised for even more gains ahead with the company at its peak financial position, according to Evercore ISI. "[A]t a high level, what our survey results and recent events (e.g. Q3 EPS and the massive success of the Tyson-Paul fight) suggest is that Netflix is in the strongest position financially, fundamentally and competitively that we have ever seen," he told clients this week. The recent survey results revealed that "core Netflix" metrics in the U.S., France and Germany were "reasonably positive," Mahaney noted. This comes as Netflix's live events are already gaining traction.

Persons: Mark Mahaney, Tyson, Paul, Mahaney, Mike Tyson, Jake Paul Organizations: Netflix, ISI, Disney, Amazon Prime, NFL, Squid Games, WWE Raw, Wall Locations: U.S, France, Germany

☆ CNBC Daily Open: November was a month to remember for stocks
▼ + stars: | 2024-12-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This 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. Stocks' November reignMajor U.S. indexes climbed on Friday, a shortened day of trading, ending the week and the month higher. Second-best month for BitcoinBitcoin celebrated its second-best month of the year so far, jumping 38% for November. [PRO] Eyes on November's jobs reportThis week's major piece of data is November's jobs report, out Friday.

Persons: Stocks, Bitcoin Bitcoin, Donald Trump, Musk, Elon Musk, OpenAI, It'll Organizations: New York Stock Exchange, CNBC, Dow Jones, Reserve Bank of India, OpenAI, Elon, U.S . Federal Locations: New York City, U.S .

☆ S&P 500 futures are little changed after index closes at record highs: Live updates
▼ + stars: | 2024-12-02 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Stock futures are near flat Monday night after the S&P 500 concluded the first session of December's trading month at an all-time closing high. S&P 500 futures and Nasdaq 100 futures both sat near their flatlines. Futures tied to the Dow Jones Industrial Average lost 26 points, or around 0.1%. Both the broad S&P 500 and technology-heavy Nasdaq Composite closed at records on Monday after hitting fresh intraday highs. Traders will also monitor Tuesday speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee slated for the afternoon.

Persons: Dow, CME's, Sam Stovall, Adriana Kugler, Austan Goolsbee Organizations: New York Stock Exchange, Stock, Nasdaq, Dow Jones Industrial, Labor, CFRA Research, Chicago Fed

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