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☆ McDonald's sales dropped for the 2nd quarter in a row as customers keep tightening their belts
▼ + stars: | 2024-10-29 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

McDonald's global sales fell for the second consecutive quarter, down 1.5%. AdvertisementGlobal sales at McDonald's have fallen for a second consecutive quarter as the fast-food chain struggled in international markets, especially France, the UK, China, and the Middle East. Sales were down 1.5% in its third quarter, following from a 1% slide in the previous quarter, ending June 30. Comparable sales in the US were virtually flat, up 0.3% from the same period in 2023, while sales in international markets dropped 2.1%. Sales in licensed international markets fell 3.5%.

Persons: —, Chris Kempczinski, Neil Saunders Organizations: Service, Consumers Locations: France, China, McDonald's

☆ Global Payments CEO: Consumer remains remarkably resilient despite pressures from rates, inflation
▼ + stars: | 2024-03-12 | 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 EmailGlobal Payments CEO: Consumer remains remarkably resilient despite pressures from rates, inflationCameron Bready, Global Payments CEO, joins 'Money Movers' to discuss his view of the overall economy, what it'll take for consumers to retrench materially, and more.

Persons: Cameron Bready Organizations: Global

☆ Joe Manchin could upend Biden’s reelection campaign – and blow up No Labels along the way
▼ + stars: | 2024-01-28 | by ( Edward-Isaac Dovere | ) edition.cnn.com time to read: +13 min

Some around Biden agree Manchin may have a point in how to make the pitch. As Biden tries to assert the success of his presidency, Manchin says he shaped “everything” in the president’s agenda. “It’s been far less organized than he expected it to be” and “he doesn’t see a plan coming together,” a person familiar with Hogan’s thinking told CNN. “No matter what side of the fence you might be on, where you are for philosophically, we learned to navigate that,” he told CNN. Several anti-Trump Republicans who listened to Manchin’s speech told CNN they were happy to hear him.

Persons: CNN — Sen, Joe Manchin, Privately, Joe Biden, Donald Trump, Manchin, there’s, Vermont Sen, Bernie Sanders, Biden, Sanders, hadn’t, ” Manchin, ”, Trump, “ He’s, Larry Hogan, –, “ It’s, “, hasn’t, Connecticut Sen, Joe Lieberman, Pat McCrory, Mark Penn, Nancy Jacobson, Ryan Clancy, Chris Christie, Heather Bresch, Bresch, Tom Reed, ” Reed, Bernie Sanders Manchin’s, codifying Roe, Wade, Roe, Machin, Saint Anselm Organizations: CNN, West Virginia Democrat, Biden, Trump, Democratic, Trump Republicans, Senate, White House, Washington, Democrat, Republican, North Carolina Gov, White, Representatives, Justice Department, New, New York Rep, Manchin, Saint Anselm College Locations: New Hampshire, South Carolina, Georgia, Vermont, Maryland, Dallas, Connecticut, North Dakota , New York , Florida , Texas, Hawaii, New Jersey, Manchin’s New Hampshire, Texas, Manchester, Washington, Saint, Unfazed

☆ Premarket stocks: The world is a mess and Wall Street isn’t paying attention
▼ + stars: | 2024-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But geopolitical tensions are growing and Wall Street appears to be underestimating their potential impact on the global economy and markets. The United States and China are squabbling about trade, particularly high-powered AI chips that both believe carry consequences for national security. Less trade could mean lower supplies to meet demand — and that could be bad news for inflation around the world. Bank of America also gave geopolitical risk a top spot on its list of surprises that could affect markets in 2024. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015.

Persons: ”, “, Jamie Dimon, dory, he’s, Anna Cooban, Laura He, Hong, Premier Li Qiang, Ken Cheung, Catherine Thorbecke Organizations: New, New York CNN, Dow Jones, Federal Reserve, BlackRock, Shipping, CNBC, Economic, Bank of America, Center for Strategic, International Studies, Apple, Google, Microsoft, Meta, Nvidia, “, Shenzhen Component, Premier, Mizuho Bank, MIT’s Computer, Artificial Intelligence Locations: New York, Russia, Ukraine, United States, China, Taiwan, Suez, Iranian, Pakistan, Iran, Europe, Asia, Drewry, Yemen, Davos, Switzerland, Wall, Shanghai, Shenzhen

Mr. Trump is the first former president in the modern era who has sought to return to the White House. Regardless of what comes next, Mr. Trump’s Iowa victory amounts to a remarkable resurrection of a political career that had once appeared in tatters. Image Mr. Trump greeted supporters after a Fox News town hall in Des Moines. If Mr. Trump does become the nominee, the 2024 campaign will have few modern parallels. A different case making its way through the federal courts will test Mr. Trump’s claim that he should be immune from prosecution.

Persons: Donald J, Trump, Trump’s, Ron DeSantis, Nikki Haley, DeSantis, Haley, Biden, “, ” Mr, Vivek Ramaswamy, Maansi Srivastava, Mr, “ We’ve, Haley’s, —, Hilary Swift, ”, Mike Pence, Tim Scott, Chris Christie, Doug Burgum, Ramaswamy, Long, Haiyun Jiang, Jack Smith Organizations: The Associated Press, Republican, United Nations, Capitol, Senate, clapped, Horizon, New York Times, American, Republicans, PAC, National Weather Service, Mr, Trump, The New York Times, Service, Gov, Fox News, Des Moines . Credit, Justice Department, Biden, “ Locations: Clive , Iowa, Iowa, Florida, New Hampshire, South Carolina, Trump’s Iowa, tatters, “ Iowa, New Hampshire , Nevada, state’s, New York, North Dakota, Des Moines, Georgia, “ America

☆ Israel-Hamas War Talks in Qatar Are Focused on Extending Truce Between Hamas and Israel
▼ + stars: | 2023-11-29 | by ( Andrés R. Martínez | ) www.nytimes.com time to read: +6 min

Israel and Hamas have extended their brief truce from four to six days, according to Qatar, which has been mediating their talks. Early in the war, the Israeli military ordered the evacuation of northern Gaza, ahead of a ground invasion. But there appear to be parts of northern Gaza that the Israeli military does not control. Ron Dermer, a member of Israel’s war cabinet, told Sky News on Nov. 7 that the Israeli military had killed “several thousand” Hamas fighters since the war began. More than 70 Israeli soldiers have been killed since the ground invasion began, according to the Israeli military.

Persons: Benjamin Netanyahu, —, Ron Dermer, “, Yahya Sinwar Organizations: Hamas, West Bank, Sky News, Palestinian Authority, Qatar Locations: Gaza, Israel, Qatar, Gaza City, Al, Gaza’s, Israel’s, Doha, Egypt, United States

☆ Stocks to outperform fixed income in 2024, says Barclays
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsNov 16 (Reuters) - Global equities are set to outperform core fixed-income assets next year, as threats of a global economic slowdown have declined, Barclays strategists said in a note on Thursday. We think stocks will benefit from a fairly benign bottom to this business cycle and look through near-term earnings disappointments," said Ajay Rajadhyaksha, global chairman of research at Barclays. "We now turn overweight (on) global equities over core fixed income." Barclays expects mid-to-high single-digit equity returns in both the U.S. and Europe next year, even as bond yields stay elevated. JP Morgan had recommended commodities over stocks and bonds.

Persons: Caitlin Ochs, Ajay Rajadhyaksha, Goldman Sachs, J.P.Morgan, JP Morgan, Roshan Abraham, Susan Mathew, Janane Organizations: New York Stock Exchange, REUTERS, Barclays, Treasury, U.S, Thomson Locations: New York City, U.S, Europe, Bengaluru

☆ JPMorgan's stock guru Kolanovic says don't buy the market bounce, stocks are overvalued and consumer is in trouble
▼ + stars: | 2023-11-14 | by ( Scott Schnipper | ) www.cnbc.com time to read: +1 min

The S & P 500 is up more than 7% in November, but JPMorgan wrote to clients this week that the rebound is just a head fake. The biggest bank in the country thinks stocks are expensive and consumer spending is set to slow. Rather, "a significant part of this move was technical in nature, driven by momentum strategies and short covering." The hurdles for the stock market are manifold, according to JPMorgan. Instead, JPMorgan recommends a defensive posture in its model portfolio, underweighting stocks and bonds and overweighting cash and commodities.

Persons: Marko Kolanovic, Kolanovic, — CNBC's Michael Bloom Organizations: JPMorgan

☆ Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSky
▼ + stars: | 2023-10-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, CEO of Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York on Dec. 6, 2022. Goldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street. The move is the latest step CEO David Solomon has taken to retrench from his ill-fated push into retail banking. Goldman also sold a wealth management business and was reportedly in talks to offload its Apple Card operations. Read more: Goldman Sachs faces big write down on CEO David Solomon’s ill-fated GreenSky deal

Persons: David Solomon, Goldman Sachs, Goldman, retrench, GreenSky, Solomon, Read, David Solomon’s Organizations: Bloomberg Television, Goldman Sachs Financial Services, Sixth, Apple Card, KKR, Bayview Asset Management Locations: New York, Banc, California

☆ Stock futures inch higher as S&P 500 and Nasdaq face worst month in 2023: Live updates
▼ + stars: | 2023-09-28 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

S&P 500 futures rose 0.09%, while Nasdaq 100 futures gained 0.1%. The S&P 500 added 0.59%, while the Dow ticked up by 0.35%. The S&P 500 is set to finish the month down 4.6% and the quarter lower by 3.4%. The major averages are also on pace for modest losses on the week: The S&P 500 is off about 0.5%, while the Dow is down 0.9%. Personal income and consumer spending data are also due.

Persons: Dow, Dow Jones, LPL, Jeffrey Roach Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Dow, Treasury, Investors Locations: New York City

Their work progressed, and an Apple investing feature was meant to roll out in 2022. Source: AppleThe Apple Card launched with much fanfare three years ago, but the business brought regulatory heat and racked up losses as its user base expanded. Earlier this year, Goldman rolled out a high-interest savings account for Apple Card users, offering a 4.15% annual percentage yield. Before Goldman's pivot away from retail banking, the company examined ways to expand its partnership with Apple, sources said. WATCH: Goldman's Apple Card faces mounting credit losses

Persons: Goldman Sachs, Goldman, Tim Cook, Loren Elliott, That's, David Solomon, Charles Schwab, Morgan Stanley's, It's, Robinhood, Elon Musk's Organizations: Apple, Goldman, Reuters Apple, GameStop, AMC, Apple Card, American Express, . Stock, eToro, PayPal Locations: Cupertino , California, U.S, Block's

Student loan repayments restart in October after a three-year suspension during the COVID-19 pandemic. In isolation, none would likely shift policymakers' sense of the short-term risks or change their focus on quelling still-elevated inflation. By Goldman's estimate the economy would still be growing at a 1.3% annual rate at that point. But the amounts they see sliced from GDP are more than the 1% growth rate Fed officials expected the economy to muster as of June, and beyond many private forecasts as well. Some economists say the resumption of student loan repayments for tens of millions of borrowers may already be reshaping behavior.

Persons: Goldman Sachs, Vincent Reinhart, Reinhart, Michael Pearce, Ian Shepherdson, Kieran Clancy, They've, Howard Schneider, Dan Burns, Andrea Ricci Organizations: . Federal Reserve, United Auto Workers, Federal, Republicans, Reuters Graphics Reuters, Mellon, Reuters, Oxford Economics, Congressional, U.S . Department, Education, Thomson

☆ Wall Street's hottest career move: the volatile, lucrative world of private credit
▼ + stars: | 2023-09-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

So it's no wonder that through the past couple of years, working on and around private credit deals has become Wall Street's career du jour. Private credit is most often floating-rate debt — that is, debt where interest rates rise in concert with rate hikes. 'Unheard of' salaries, while risks abound in the marketIt's worth noting what private credit is: we're talking about debt and loans. "For most of my career, attracting new attorneys to private credit was a challenge. Proskauer's private credit group now has 90 lawyers, 24 of whom are partners, working full-time on private credit.

Persons: that's, Marc Rowan, Marc Lipschultz, Goldman Sachs, Paul Heller, Hannah Robb, Robb, It's, Cliffwater, Heller, Caldwell, Banks, Carlyle, Blackstone, Marco Acerra, Spencer Stuart, it's, Acerra, Richard Fernand, Nicholas Kalogeropoulos, Sam Iles, I've, Mike Mezzacappa, Evan Palenschat, Robert Lewin Organizations: Blackstone, Partners, CFA Institute, Columbia Business School, Wall Street, Alpha FMC, Barclays, Goldman Locations: New York

☆ Opinion | What G.D.P.’s Cousin Can Tell Us About the Economy
▼ + stars: | 2023-08-07 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

But it would make gross output go up because there’s a new B2B purchase involved. It’s at least conceivable that gross output is a leading indicator of the economy. Gross output adjusted for inflation peaked in the same quarter as gross domestic product in 2007, when the deep recession of 2007-9 began. Skousen has created his own version of gross output that’s even bigger than the government’s because it has even more deliberate double counting. His gross output number for this year’s first quarter was more than $58 trillion at an annual rate.

Persons: Gross, Mark Skousen, Finn Kydland, Skousen, David Ranson Organizations: Chapman University in, HCWE Locations: Chapman University in Orange, Calif, G.D.P

☆ Despite recent good news, many on Wall Street still see a recession coming
▼ + stars: | 2023-06-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Despite some recent positive signs for the U.S. economy, the Wall Street consensus is holding out belief that a recession is lurking. Still, LPL doesn't see "another 2008" even though "investors should anticipate some volatility as the economic outlook remains cloudy." However, Wall Street persists in worries that the central bank will not be able to engineer its hoped-for soft landing. "Optimism around a soft landing [is] growing with the rally in equities and strong labor market," Horneman said. "We believe the chance of a soft landing is unlikely."

Persons: Jeffrey Roach, Lawrence Gillum, Roach, Gillum, LPL, BlackRock, DBRS Morningstar, Michael Heydt, Jerome Powell, Megan Horneman, Horneman Organizations: LPL, Fed, of Michigan, Atlanta, Wall, Investment, BlackRock, ECB, Wednesday, Financial Services Committee, Verdence Capital Advisors Locations: U.S

☆ Global manufacturing is sputtering
▼ + stars: | 2023-06-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

S&P Global data showed that the US manufacturing sector fell into contraction territory in May. Business conditions in China’s manufacturing industry, the largest in the world, improved in May, according to the Caixin manufacturing Purchasing Managers’ Index. Globally, manufacturers’ optimism fell to its lowest level since December, according to the JPMorgan Global Manufacturing PMI. The possibility of China reinvigorating global economic growth is slipping. That could eventually lead to global manufacturers trimming their workforces if demand for goods continues to weaken and their backlogs shrink further.

Persons: ”, Ariane Curtis, “ We’ve, Tom Garretson, Jerome Powell, hasn’t, won’t bode, Liu Young, Monish Patolawala Organizations: DC CNN — Manufacturers, Factories, P, Institute for Supply Management, Commerce Department, JPMorgan Global Manufacturing PMI, Capital Economics, International Monetary Fund, RBC Wealth Management, Credit Suisse, UBS, The Federal Reserve, European Central Bank, Fed, Apple, 3M, National Association of Manufacturers Locations: Washington, United States, Ireland, China, Europe, Germany, Europe’s

☆ Here's what the SEC's 'all-out assault' on crypto means for the market's 2 biggest players
▼ + stars: | 2023-06-08 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

"If this goes poorly, it could be an existential issue for Coinbase," Jeff Blockinger, chief counsel at decentralized finance platform Vertex Protocol, told Insider. Sources told Insider they expect Coinbase to fight extremely hard against the suit, which essentially says its whole US operation is illegal. "This is an all-out assault, particularly in regards to Binance, but it is a broader assault on the industry. A deal just means 'the casino can stay open'From Smith's point of view, the real existential matter isn't the SEC's lawsuit but rather the nature of the market itself. "If the SEC and Coinbase cut some sort of deal, that just means the casino can stay open."

Persons: —, Changpeng Zhao, Zhao —, Binance, Zhao, Jeff Blockinger, it's, Brian Armstrong, he's, Coinbase, Gensler, Sam Bankman, Richard Smith, Ron Geffner, Goldberg, Geffner, There's, Smith Organizations: Coinbase, Service, Securities, Exchange Commission, Binance, SEC, Commodities Futures Trading Commission, Bloomberg, The Foundation Locations: Cayman Islands, Alameda, SEC's

"With loan terms tougher and tighter, the option for private credit providers is on steroids," said Drew Schardt, head of investment strategy at Hamilton Lane, one of the largest investment firms in private markets. Pietrzak sees "attractive" assets in auto and consumer lending. POISED TO GAIN SHAREInvestors providing private credit comprise 12% of the $6.3 trillion U.S. commercial credit market, according to Fitch Ratings. "The tightening of lending standards creates opportunities for private credit to gain share," said Lyle Margolis, Fitch's head of private credit. While private credit funds have grown swiftly, the risks they pose to the financial system appear limited, the Federal Reserve wrote in a report this month.

☆ Here's why Jim Cramer is sticking with Foot Locker despite terrible quarter and big stock drop
▼ + stars: | 2023-05-19 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Club holding Foot Locker (FL) reported disappointing fiscal 2023 first-quarter results and guidance before the opening bell Friday. Foot Locker, which announced the Eastbay closure in December, will concentrate on its namesake and Champs stores. Unfortunately, the rebound from these headwinds has also proven weaker than management previously expected. When starting a position in Foot Locker in March, we knew the company would not be fixed quickly. Shoppers and pedestrians pass in front of a Foot Locker store on the Third Street Promenade in Santa Monica, California.

☆ Here are the 5 key takeaways from this year's Milken Global conference
▼ + stars: | 2023-05-05 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The pullback by banks is raising the hopes of those in the private credit industry. Some panelists and others who spoke in the hallways of the event suggested that there was a large-scale handoff from private equity to private credit. Many private-equity firms are scrambling to raise private credit funds to take advantage. "I don't think this is the end of private equity, but the environment certainly favors private credit," he said. And that will show up in lower returns for private credit funds, she said.

☆ The US economy slowed dramatically at the start of 2023
▼ + stars: | 2023-04-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

The advance estimate for GDP from the Bureau of Economic Analysis shows the US economy is slowing. US GDP grew at annualized rate of 1.1% in the first quarter of 2023. That's below the forecast of 2.0% and way below the 2.6% annualized rate in the fourth quarter of 2022. That's based on the advance estimate for gross domestic product (GDP). In short, the economy remains on the edge of a swamp – not in recession yet but close to one."

☆ Wall St Week Ahead- Tech earnings to test markets' 'most crowded' trade
▼ + stars: | 2023-04-21 | by ( David Randall | ) www.reuters.com time to read: +4 min

NEW YORK, April 21 (Reuters) - A blistering rally in megacap growth and technology shares has buoyed markets this year, and earnings reports in coming weeks could help investors determine if those gains are justified. Technology earnings are seen falling 14.4%. Earnings will show "whether this is really a safe haven if you are worried about recession." Still, gains could fizzle if the Fed does not cut interest rates this year, as widely expected. Growth stocks are especially vulnerable to high borrowing costs, which threaten to erode the value of their longer-term cash flows.

☆ Deloitte's chief purpose officer says he's pushing execs to think differently about change in corporate America
▼ + stars: | 2023-04-06 | by ( Josée Rose | ) www.businessinsider.com time to read: +10 min

Kwasi Mitchell, Deloitte's chief purpose officer, says he's driven, not overwhelmed, by his job. As Deloitte's first chief purpose officer, his reach across corporate America is great. I had a conversation with my boss at that time, and he said, "We've heard you with respect to your concerns on not wanting to step into this role right now. Not only were we not worried about D&I efforts being cut, organizations didn't have significant D&I programming to cut to begin with. That person that you just hired two years ago should not be the first person to exit your organization.

☆ Devoted Health quietly blew past other insurance upstarts in the red-hot market for seniors
▼ + stars: | 2023-04-05 | by ( ) www.businessinsider.com time to read: +5 min

While last year was a bloodbath for some young health insurers, Devoted Health ended 2022 relatively unscathed. Several newly public health insurers have struggled with losses, and some have been forced to retrench to stay afloat. Devoted has won more Medicare Advantage members in 2023 than competitorsExecutives of Devoted Health's rivals. Clover Health; Bright Health; Oscar Health; Olivia Reaney/Business InsiderInsider's analysis of the latest federal enrollment data found that Devoted had 126,287 Medicare Advantage members as of March 1. Bright had 122,371 Medicare Advantage members at the two California health plans it owns, while Alignment Healthcare had about 109,221 Advantage members, according to Insider's analysis.

☆ Hollywood film and TV writers are preparing for a strike. Here's how Disney, Netflix, and other entertainment giants could weather a work stoppage.
▼ + stars: | 2023-04-04 | by ( Lucia Moses | ) www.businessinsider.com time to read: +8 min

The writers guild asked its members to authorize a strike, which would come at a risky time for Hollywood. Netflix, Amazon, and Disney have content stockpiles that could help them through a work stoppage. A Hollywood writers strike is looming at a precarious time for the media and entertainment industry. During that 100-day strike, more than 60 TV shows shut down and ratings and ad sales dropped. The landscape of entertainment options is "much more competitive than it was during the last writers strike," media consultant Peter Csathy told insider.

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