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☆ Microsoft and Activision agree to extend $69 billion deal deadline in wait for UK approval
▼ + stars: | 2023-07-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Microsoft and Activision Blizzard on Wednesday agreed to extend the deadline for their merger agreement until Oct. 18, Activision said in a statement Wednesday. If Microsoft had not extended the deal deadline, the company could have been on the hook for a $3 billion breakup fee to Activision Blizzard. By extending the period for the companies to close their transaction, Microsoft and Activision are giving themselves more time to satisfy regulators' concerns and to get it over the line. By Aug. 29, the breakup fee will be increased to $3.5 billion if the transaction is terminated by the parties, while by Sept. 15, the potential breakup fee will rise to $4.5 billion. The Activision board also agreed a 99 cents per share dividend to sweeten the deal for investors.

Organizations: Microsoft, Activision Blizzard, Activision Locations: U.S

☆ Activision-Blizzard CEO on Microsoft deal: Shareholders are 'overwhelmingly positive' on deal
▼ + stars: | 2023-07-19 | 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 EmailActivision-Blizzard CEO on Microsoft deal: Shareholders are 'overwhelmingly positive' on dealBobby Kotick, Activision CEO, joins 'Squawk on the Street' to discuss the company's deal with Microsoft, if Kotick is enthusiastic about the merger between both companies, and the expectations for what's left until approval in the United Kingdom.

Persons: Bobby Kotick, Kotick, what's Organizations: Activision, Microsoft Locations: United Kingdom

☆ Biden administration unveils draft changes to US merger review guidelines
▼ + stars: | 2023-07-19 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Vertical mergers have historically received less attention from regulators and the courts, but Wednesday’s draft guidelines explicitly say that the US government may consider certain kinds of vertical mergers to be harmful to competition. Spurred by an executive order signed by President Joe Biden in 2021, Wednesday’s draft updates are the result of more than a year of development. (The new draft guidelines, a copy of which CNN reviewed, do not directly reference the consumer welfare standard.) And the Justice Department lost its appeal to block a multimillion-dollar merger between two major sugar producers in another closely watched case. “Unfortunately, things don’t always go our way,” Khan said in response to questions about whether the FTC has exceeded its authority.

Persons: —, ”, General Merrick Garland, Lina Khan, Jonathan Kanter, Joe Biden, Khan, Meta, Simon, Simon & Schuster, Kanter, “, don’t, ” Khan, Biden, Zillow Organizations: CNN, The Justice Department, Federal Trade Commission, Wednesday, Justice Department, Activision Blizzard, FTC, “, DOJ, Microsoft, Activision, Department, Facebook, Nvidia, ARM, American Airlines, JetBlue, Penguin Random, Simon &, Agriculture

☆ Watch CNBC's full interview with Activision-Blizzard CEO Bobby Kotick on Microsoft deal
▼ + stars: | 2023-07-19 | 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 EmailWatch CNBC's full interview with Activision-Blizzard CEO Bobby Kotick on Microsoft dealBobby Kotick, Activision CEO, joins 'Squawk on the Street' to discuss the company's deal with Microsoft, if Kotick is enthusiastic about the merger between both companies, and the expectations for what's left until approval in the United Kingdom.

Persons: Bobby Kotick, Kotick, what's Organizations: Activision, Microsoft Locations: United Kingdom

☆ FTC's Lina Khan on Microsoft-Activision loss: We fully believe in our system of judicial review
▼ + stars: | 2023-07-19 | 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 EmailFTC's Lina Khan on Microsoft-Activision loss: We fully believe in our system of judicial reviewLina Khan, FTC Chair, joins 'Squawk on the Street' to discuss the latest announcement of guidelines, how judges will consider the FTC's guidelines, and what gives Khan confidence the commission's latest guidelines won't become outdated.

Persons: FTC's Lina Khan, Lina Khan Organizations: Microsoft, Activision

☆ Analysis: Microsoft tests the limits of Britain's antitrust authority
▼ + stars: | 2023-07-18 | by ( Paul Sandle | ) www.reuters.com time to read: +6 min

The European Union approved the deal in May, when it accepted commitments to license games to rival platforms. At the same time, Microsoft offered a "detailed and complex" new proposal to the CMA, prompting the regulator to take the unprecedented step of reopening talks. The CMA said it was awaiting further Microsoft submissions on what had changed and how it would restructure the transaction. "We will then consider whether the proposals create a new merger situation and address the CMA's competition concerns," a spokesperson said on Tuesday. CLOSED FOR BUSINESSAfter the CMA block, Microsoft thundered that Britain was closed for business; exactly what the government did not want to hear as it tries to reignite the economy after the uncertainty sparked by Brexit.

Persons: we've, Becket McGrath, they're, Brexit, Tom Smith, Brad Smith, Jeremy Hunt, Meta, Smith, Marcus Smith, Gareth Mills, Charles Russell Speechlys, Sam Tobin, James Davey, Kate Holton, Sharon Singleton Organizations: CMA, Microsoft, U.S, Activision Blizzard, Markets Authority, Xbox, FTC, Reuters, European Union, Activision, CAT, Euclid Law, Geradin Partners, Brexit, Britain's, Facebook, Meta, Markets Unit, Thomson Locations: U.S, Barcelona, Brexit, London, Brussels, British, United States, Britain

☆ CNBC Daily Open: The long-awaited recession might not come
▼ + stars: | 2023-07-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Meanwhile, China's lackluster gross domestic product figures, released yesterday, prompted Wall Street to cut their expectations of China's annual growth to around 5%. Peak oil demandIndia imported 2.2 million barrels of Russian oil per day in June. Since Russia invaded Ukraine in February last year and oil price caps were instituted, India has become one of the leading importers of Russian oil. Buffett previously revealed Berkshire added to its initial Activision stake in a bet the deal would close and cause shares to rise.

Persons: Hong, Hong Hao, Viktor Katona, Berkshire Hathaway, Buffett, Bitcoin, bitcoin Organizations: New York Stock Exchange, CNBC, Grow Investment, Activision Blizzard, Microsoft, Activision, BlackRock Locations: New York City, Asia, Pacific, India, Russia, Ukraine, Berkshire

☆ Wall Street is bullish on Big Tech heading into earnings — here's what we think
▼ + stars: | 2023-07-18 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Wall Street kicked off the week with bullish takes on several high-flying tech stocks in the portfolio — validating our decision to stick with these mega-caps heading into quarterly earnings. It's also important to understand that some price target raises are just chasing a big move, and that the price reaction to an earnings release has less to do with the results and much more to do with expectations. It's also why Citigroup also put AMD on a "negative catalyst watch," meaning it is negative on the stock heading into earnings. In the analysts' view, Apple has an opportunity to grow its revenue by seven times in the U.S. over the next decade to about $40 billion, while adding 170 million new users. Microsoft What the analysts say: Analysts at Mizuho reiterated their buy rating on Microsoft while taking up their price target to $390 from $360.

Persons: bullish, Meta, It's, CUDA, Morgan Stanley, we're, —, Jim Cramer, monetize, Jim Cramer's, Jim, Jensen Huang, Sam Yeh Organizations: Nvidia, Apple, Microsoft, Devices, Citigroup, AMD, Intel, Mizuho, Activision Blizzard, JMP Securities, Jim Cramer's Charitable, CNBC, Afp, Getty Locations: U.S, China, India, Taipei

☆ CNBC Daily Open: The long-awaited recession might not arrive
▼ + stars: | 2023-07-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Waiting for earningsU.S. stocks made slight gains Monday, but trading volume was lower than average as investors braced for second-quarter earning. Merger bonanzaWarren Buffett's Berkshire Hathaway reduced its stake in Activision Blizzard from 6.7% last year to 1.9% yesterday, according to a securities filing released Monday. Buffett previously revealed Berkshire added to its initial Activision stake in a bet the deal would close and cause shares to rise.

Persons: Antonio Guterres, Berkshire Hathaway, Buffett, Jim Jordan, Mark Zuckerberg, Ed Yardeni Organizations: CNBC, Initiative, Activision Blizzard, Microsoft, Activision, Twitter, Yardeni Research Locations: Russia, Ukraine, Berkshire

☆ Republican lawmakers urge FTC to drop fight against Microsoft deal for Activision
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 18 (Reuters) - Twenty-two Republican lawmakers urged the Federal Trade Commission to drop its fight against Microsoft's (MSFT.O) deal to buy video game maker Activision Blizzard (ATVI.O), calling it "an example of the FTC’s rejection of sound antitrust policy." In response to the losses, the lawmakers, said: "We write to express our concerns, and to urge you to drop this matter." Microsoft, maker of the Xbox video game console, has been fighting for months to save the $69 billion deal, which was criticized by U.S. and British antitrust enforcers, but appears close to finalizing it. The acquisition of "Call of Duty" video game maker Activision would be Microsoft's biggest ever and the largest in the history of the video game industry. "For two decades, Microsoft’s Xbox business has been the much smaller challenger in the video game publishing and video game console markets," they added.

Persons: Microsoft's, Lina Khan, James Comer, Jim Jordan, Diane Bartz, Leslie Adler Organizations: Federal Trade Commission, Activision, Republican, Representatives, U.S, Microsoft, Committee, FTC, Xbox, Thomson

Parts of Europe and the southern United States are expected to experience record-breaking highs, with consequences for human health and economic activity. As China faces sweltering heat, John Kerry, the U.S. climate envoy, met with the country’s premier to urge cooperation in fighting climate change. Microsoft and Activision reportedly plan to extend a deadline for their deal. The Competition and Markets Authority, which had previously moved to block the transaction, has set an Aug. 29 deadline for the talks. Under new rules negotiated by the Treasury Department, American businesses now have until 2026 before other countries can start imposing new levies on corporations deemed to have paid too little in the United States.

Persons: Fink, Jamal Khashoggi, John Kerry, isn’t, Elizabeth Warren, Tesla, Elon Musk, Biden Organizations: Investment Initiative, Northern, Microsoft, Activision, Bloomberg, The, Markets Authority, Massachusetts Democrat, Elon, Twitter, Treasury Department Locations: Saudi, Europe, United States, China, U.S, Massachusetts

☆ Warren Buffett cashed in his monster bet on Microsoft buying Activision Blizzard - but left some money on the table
▼ + stars: | 2023-07-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett exited his wager on Microsoft buying Activision Blizzard last quarter, filings show. Buffett built a $5 billion Activision stake, wagering the stock would hit Microsoft's offer of $95. One of Buffett's deputies oversaw Berkshire's purchase of 14.7 million Activision shares in 2021. After Microsoft bid $69 billion for Activision in January 2022, Buffett scooped up nearly 50 million shares as an arbitrage. The good news has sent Activision stock up 11% this month to $93, less than 2% below Microsoft's offer price.

Persons: Warren Buffett, Buffett, He's, Berkshire Hathaway, he'd, Charlie Munger, Charlie, Munger, Warren Organizations: Microsoft, Activision Blizzard, Activision, Service, Securities and Exchange Commission, SEC, US Federal Trade Commission Locations: Wall, Silicon, British

[1/2] Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard logo in this illustration taken January 18, 2022. Nonetheless, Microsoft, which makes the Xbox gaming console, has been seeking the contract extension to ensure that Activision is not wooed by another potential acquirer or has a change of heart, the source said. The terms of the extension under negotiation and whether it would come with more financially advantageous terms for Activision could not immediately be learned. Microsoft and Activision did not immediately respond to requests for comment. Microsoft and Activision are negotiating potential remedies with the Competition and Markets Authority (CMA) which they hope will appease its antitrust concerns.

Persons: Dado Ruvic, Anirban Sen, Matthew Lewis, Stephen Coates Organizations: Microsoft, Activision, REUTERS, Microsoft Corp, Competition, Markets Authority, CMA, Sony Group, Sony, U.S . Federal, Thomson Locations: Britain, U.S, New York

☆ Buffett cut Activision stake before judge approved Microsoft merger
▼ + stars: | 2023-07-17 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In a regulatory filing on Monday, Berkshire said it owned about 14.7 million Activision shares, or 1.9%, worth $1.24 billion on June 30, down from 49.4 million shares, or 6.3%, on March 31. The filing did not discuss the prices of any sales, or whether Berkshire bought or sold Activision stock in July. One of Berkshire's portfolio managers invested in Activision in late 2021, with Buffett boosting the stake to nearly 10% in 2022. Berkshire's remaining Activision stake - 14,658,121 shares - is exactly the size it was before Buffett started buying, suggesting that he has exited the arbitrage bet. Activision shares rose 10% to $90.99 on July 11 after U.S. District Judge Jacqueline Scott Corley in San Francisco rejected U.S. Federal Trade Commission arguments that the merger would hurt competition in cloud gaming, consoles and subscription services.

Persons: Warren Buffett's Berkshire Hathaway, Buffett, Jacqueline Scott Corley, Jonathan Stempel, Matthew Lewis Organizations: Activision Blizzard, Microsoft, Activision, Berkshire, Buffett, U.S, Federal, Commission, Markets Authority, BNSF, Apple, Bank of America, Thomson Locations: Berkshire, San Francisco, Omaha , Nebraska, New York

WASHINGTON, July 17 (Reuters) - A group of individual plaintiffs on Monday asked the U.S. Supreme Court to temporarily halt Microsoft's (MSFT.O) $69 billion acquisition of Activision Blizzard (ATVI.O), the largest in the history of the videogame industry. The bid by the plaintiffs was separate from a request by the U.S. Federal Trade Commission to pause Microsoft's purchase of Activision, maker of the "Call of Duty" videogame franchise. Circuit Court of Appeals last week rejected the FTC's request, removing one of the few remaining hurdles stopping Xbox maker Microsoft from closing the deal and expanding its gaming business. Separately on Monday, Microsoft's appeal against Britain's block on its takeover of Activision Blizzard was formally paused by a London tribunal to give the parties more time to resolve the dispute. Reporting by John Kruzel; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: John Kruzel, Will Dunham Organizations: Monday, U.S, Supreme, Activision Blizzard, U.S . Federal Trade Commission, Activision, San, Circuit, Microsoft, FTC, Reuters, Thomson Locations: San Francisco, London

☆ Wall St ends higher with earnings poised to ramp up
▼ + stars: | 2023-07-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

"By and large, the market in its totality continues to be reasonably priced if not kind of cheap. The S&P and Nasdaq have advanced in five of the past six sessions. Tesla (TSLA.O) gained after the company said on Saturday it had built its first Cybertruck, after two years of delays. Bank shares recovered from Friday's losses, with the S&P 500 bank index (.SPXBK) up and the KBW regional bank index (.KRX) also advancing. Reporting by Chuck Mikolajczak in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Ford, Morgan Stanley, Goldman Sachs, JP Morgan, Stephen Massocca, CME's, Tesla, General Motors, Chuck Mikolajczak, Matthew Lewis Organizations: Citi, NEW, Netflix, Bank of America, Citigroup, Wedbush Securities, Nasdaq, Federal Reserve, Dow Jones, Ford, General, Reuters Graphics Apple, . Bank, Activision, Microsoft, PlayStation, Verizon, Thomson Locations: San Francisco, India, United States, New York

After a big loss last week in district court, the agency's remaining options are: pursue its fight in the internal FTC court; pursue its parallel case before the appeals court; pursue both; or settle with Microsoft or drop the matter entirely. The source, who is familiar with the matter, declined to give any other details. U.S. regulators, however, have said it could harm consumers by possibly limiting the reach of Activision's games. The tech giant is separately still trying to get the deal approved separately in Britain. Reporting by Diane Bartz; editing by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Diane Bartz, Susan Heavey Organizations: U.S . Federal Trade Commission, Activision, Reuters, Microsoft, Thomson Locations: California, Britain

Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. Tesla (TSLA.O) gained 1.9% after the company said on Sunday it had built its first Cybertruck, after two years of delays. New York Fed Manufacturing data showed the general business conditions index fell to 1.1 from 6.6 in June, indicating activity changed little during the month. Elsewhere, data showed the Chinese economy grew at a frail pace in the second quarter. The S&P index recorded 44 new 52-week highs and four new lows, while the Nasdaq recorded 104 new highs and 50 new lows.

Persons: Ford, Morgan Stanley, Goldman Sachs, Chris Zaccarelli, JPMorgan Chase, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee, Maju Samuel Organizations: Citi, Dow, Nasdaq, Apple, Tesla, Bank of America, Netflix, Independent, Alliance, Ford, General Motors, Dow Jones, Federal Reserve, New York Fed, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ Microsoft, UK ask for two-month pause of appeal over Activision deal
▼ + stars: | 2023-07-17 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Britain's competition regulator, the Competition and Markets Authority (CMA), in April became the first major regulator to block the acquisition of the "Call of Duty" maker, citing concerns about the impact on competition in cloud gaming. The U.S. Federal Trade Commission (FTC) has also opposed the tie-up, but suffered a major defeat last week when a federal court rejected the FTC's application to temporarily halt the deal. Companies cannot offer remedies after its publication and their only recourse is to the Competition Appeal Tribunal (CAT). But last week, less than an hour after a U.S. federal court ruled the deal could go ahead, the CMA said it could look again at a modified proposal. The judge also asked whether the FTC's initial defeat in the U.S. had been taken into consideration by the CMA.

Persons: Marcus Smith, Sam Tobin, Josie Kao Organizations: Microsoft, Monday, Activision Blizzard, Markets Authority, U.S . Federal Trade Commission, CMA, CAT, Thomson Locations: London, Britain, U.S

Second-quarter earnings are gathering momentum, with Tesla (TSLA.O) due to report on Wednesday, while Bank of America (BAC.N), Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Netflix (NFLX.O) are also lined up through the rest of the week. Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. In trading before the bell, Tesla <TSLA.O> gained 1.6% after the company said on Sunday it had built its first Cybertruck, after two years of delays. Lackluster Chinese economic data weighed on investors' minds on Monday as the world's second largest economy grew at a frail pace in the second quarter. During the week, investors also await retail sales and new homes figures for June.

Persons: Morgan Stanley, Goldman Sachs, JPMorgan Chase, Danni Hewson, AJ Bell, Bansari Mayur, Nivedita Bhattacharjee, Maju Samuel Organizations: Dow, Nasdaq, Bank of America, Netflix, Dow e, Federal Reserve, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, Meta, Thomson Locations: Norway, Wells Fargo, U.S, Bengaluru

☆ CNBC Daily Open: For banks, big profits don’t mean stock gains
▼ + stars: | 2023-07-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Chinese economy slowsChina's second-quarter gross domestic product grew 6.3% from a year ago, falling short of the 7.3% increase analysts had expected. When tabulated month over month, GDP grew only 0.8%, much slower than the 2.2% increase in the first quarter. [PRO] Retail therapyChina's economy may be slowing, but the country's "premium" spenders are still splashing out on goods, according to Bernstein.

Persons: Elon Musk, Sony's, Bernstein Organizations: CNBC, Dow Jones, BBC, Activision, Activision Blizzard, U.S, Appeals, Federal, Microsoft, Activision's, PlayStation Locations: Asia, Pacific, Shanghai

☆ Stocks making the biggest premarket moves: Activision Blizzard, Chewy, Yelp, Tesla and more
▼ + stars: | 2023-07-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Chewy — Shares jumped more than 5% after Goldman Sachs upgraded them to buy from neutral. Paramount Global — Shares of the entertainment company fell 2.8% in premarket trading after the latest installment in the "Mission: Impossible" franchise underperformed expectations at the box office. State Street — The financial giant slipped about 2% in premarket trading. The stock was downgraded by JPMorgan to underweight from neutral following State Street's earnings release Friday. Figs — Shares of the apparel company fell 4.6% in premarket trading after Raymond James downgraded Figs to market perform from outperform.

Persons: Goldman Sachs, Morgan Stanley, Yelp, Goldman, Tesla, Raymond James, —, Jesse Pound, Hakyung Kim, Michael Bloom Organizations: Activision, Warfare, Microsoft, Sony, PlayStation, Activision Blizzard, PepsiCo, Paramount, Variety, Citi, JPMorgan, State Street's

☆ Warren Buffett's Berkshire Hathaway cuts Activision stake as Microsoft deal inches closer
▼ + stars: | 2023-07-17 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett, chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska, May 5, 2019. Warren Buffett's Berkshire Hathaway dumped a significant portion of its stake in Activision Blizzard as Microsoft's deal to buy the video game company edged closer to the finishing line. The Omaha, Nebraska-based conglomerate disclosed a 1.9% stake in Activision with 14,658,121 shares, a new 13G filing released Monday evening showed. That compared with a 6.3% stake at the end of March and a 6.7% stake at the end of 2022. The 92-year-old investing legend has since added to the holding in a merger arbitrage play, betting that Microsoft's proposed acquisition of the video game company would close.

Persons: Warren Buffett, Berkshire Hathaway, Warren Buffett's Berkshire Hathaway, Ted Weschler, Todd Combs, Buffett, Charlie Munger Organizations: Berkshire, Berkshire Hathaway, Activision Blizzard, Activision, Federal Trade Commission, Microsoft, Oracle Locations: Omaha , Nebraska, The Omaha , Nebraska, Omaha

☆ Morgan Stanley has tech to thank for what could boost a long-dormant part of its business
▼ + stars: | 2023-07-17 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Morgan Stanley (MS) is set to report quarterly earnings before the opening bell Tuesday. While working on a transition to depend more on wealth management, investment banking is still an important aspect of Morgan Stanley's overall business. Morgan Stanley had a hand in the Cava IPO as a book-runner. It pays us to be patient with the stocks of Morgan Stanley and Wells Fargo, which have been underperformers year-to-date compared to the S & P 500 . Morgan Stanley will likely benefit as companies turn to its investment banking services for ambitious deals.

Persons: Morgan Stanley, There's, Morgan, Morgan Stanley's, Goldman Sachs, Jim Cramer, Jim, Lina Khan, Activision Blizzard, IPOs, Wells, dealmakers, there's, Jim Cramer's, Bing Guan Organizations: Investment, JPMorgan, IB, Federal Trade, Microsoft, Activision, Renaissance Capital, Companies, Semiconductor, ARM Holdings, Silicon Valley Bank, Federal Reserve, Club, Nasdaq, CNBC, Bloomberg, Getty Locations: Cava, Silicon, Wells Fargo, U.S

☆ CNBC Daily Open: For banks, big profits don’t mean market gains
▼ + stars: | 2023-07-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The benchmark Stoxx 600 index retreated 0.11%, dragged down by telecom stocks after downbeat news from Nokia and Ericsson. Biggest bank gets biggerJPMorgan Chase's second-quarter net income surged 67% to $14.5 billion, or $4.75 per share. All figures beat Wall Street's estimates — and the bank's own, causing it to raise its expectations for the full year's net interest income.

Persons: Wall, Elon Musk, Sony's, Tanaya Macheel Organizations: JPMorgan Chase & Co, Headquarters, CNBC, Dow Jones, Nokia, Ericsson, Biggest, JPMorgan, First, Revenue, BBC, Activision, Activision Blizzard, U.S, Appeals, Federal, Microsoft, Activision's, PlayStation, of Locations: New York, First Republic, Southern, of New York

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