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☆ Stocks surged during the first half of 2024. What’s next?
▼ + stars: | 2024-07-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Much of the S&P 500’s gains were concentrated in the Magnificent Seven big tech names, while other stocks lagged behind. Coming into this year, Wall Street projected that the Fed would ease rates as many as six times in 2024. What could be in store for the stock market during the second half of 2024? “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett told the Journal. Previously, Buffett had said his will stated that more than 99% of his estate was earmarked for philanthropic usage to the Bill & Melinda Gates Foundation and the four charities connected to his family: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

Persons: there’s, Bell, Kevin Gordon, Charles Schwab, you’ve, It’s, we’re, it’s, I’d, That’s, Warren Buffett, Buffett, Berkshire Hathaway, Melinda Gates, ” Buffett, Susan Thompson Buffett, Howard G, Read, Matt Egan, unstuck, —, Michael Gapen Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Nvidia, Federal Reserve, Wall, Fed, Berkshire, Wall Street, Melinda Gates Foundation, Gates, Susan Thompson Buffett Foundation, Sherwood Foundation, Buffett Foundation, NoVo Foundation, Gates Foundation, Bank of America, CNN Locations: New York, America

☆ Here are JPMorgan’s top stock picks heading into July
▼ + stars: | 2024-07-01 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

"Unwarranted discount versus peers given improved fundamentals and EBITDA/ FCF growth," JPMorgan wrote. JPMorgan's $2,400 price target implies the stock could rally nearly 43%. Bank of America also hiked its price target to $2,150 from $2,000, calling the stock one of its top picks . However, Analyst Matthew Boss' $157 price target means that the stock could climb 48% from here. Other stocks that made JPMorgan's list include industrials manufacturer Danaher , energy company Entergy and chemicals firm DuPont De Nemours .

Persons: BancShares, Harlan, Jefferies, JPMorgan's, Vivek Arya, PVH, Calvin Klein, Tommy Hilfiger —, Matthew Boss, Jay Sole, De Organizations: JPMorgan, Telecommunications, AT, Federal Reserve, Citizens, Broadcom, Bank of America, UBS, De Nemours Locations: Friday's

☆ Why the stock market's playbook for a Trump presidency will be completely different this time around
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Meanwhile, Trump's policy proposals are headwinds for small caps and low-quality stocks. Instead, a Trump victory in November would best serve high-quality stocks — not the small caps or low-quality cyclicals that outperformed eight years ago. That day, energy, financials, industrials, materials and small caps all beat the broader market, Morgan Stanley said. Friday's small-cap outperformance following the debate was driven by expectations that this would repeat under Trump, Morgan Stanley said. Unlike 2016, investors today are focused on whether inflation and fiscal spending is going down.

Persons: Morgan Stanley, shouldn't, —, Donald Trump's, Michael Wilson, Trump's, Wilson Organizations: Service, Trump, Republican White House, bank's, Republican

☆ UBS executives break down how markets will react to a Biden or Trump presidency — and the 3 best investment strategies to hedge election risk
▼ + stars: | 2024-06-30 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

UBS executives covering fixed income and equity strategies outlined in a recent note four different scenarios come November: a blue sweep, a Biden presidency with a split Congress, a red sweep, and a Trump presidency with a split Congress. The two overwhelmingly likely outcomes would be a Biden presidency with a divided Congress (40%) and a Trump presidency with a Republican Congress (45%), per UBS. A Biden victory with a divided CongressA Biden presidency will likely usher in increased tax rates and regulatory oversight, UBS said. A Trump presidency combined with a Republican Congress would mean an extension of the current lower marginal tax rates, the bank said. While antitrust regulation will likely ease under Trump, he's hardly a Big Tech supporter: Trump sued Facebook, Google, and Twitter (now X) in 2021.

Persons: —, Biden, David Lefkowtiz, Trump's, Tom McLoughlin, UBS's, Lefkowitz, he's, Trump, Leslie Falconio, Goldman Sachs Organizations: Service, UBS, Biden, Trump, Republican Congress, Business, Nvidia, OpenAI, Big Tech, Republican, Republicans, Democrats, Facebook, Google, Twitter, World Gold, Trust

☆ Buy these five stocks for 'superior returns,' Bank of America says
▼ + stars: | 2024-06-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Stocks like Nvidia have more room to run, according to Bank of America The Wall Street investment bank recently named several companies that have the potential to generate solid returns. CNBC Pro combed through Bank of America research to find buy-rated stocks that are well positioned to succeed. Viking The luxury cruise company that went public in early May is firing on all cylinders, according to Bank of America. He characterized Viking as, "Sailing away with the luxury cruise market and superior returns." Viking Sailing away with the luxury cruise market and superior returns.

Persons: David Barden, Barden, there's, Barden foresees, Andrew Didora, VIK, Didora, Matt Bullock, Bullock Organizations: Nvidia, Bank of America, Wall, CNBC, Apple, Mobile Bank of America, U.S, Viking, Apple Services Locations: Bank

Climate control activists are led away by the NYPD after being detained outside the global headquarters of Citigroup in New York City, U.S., June 28, 2024. REUTERS/Kent J. Edwards Purchase Licensing Rights New Tab , opens new tabItem 1 of 6 Climate control activists are led away by the NYPD after being detained outside the global headquarters of Citigroup in New York City, U.S., June 28, 2024. REUTERS/Kent J. EdwardsCompanies Company Citigroup Inc FollowJune 28 (Reuters) - Dozens of climate activists were arrested after protesting at Citigroup's (C.N) New Tab , opens new tab headquarters in New York on Friday as part of what they called a "Summer of Heat" campaign. The activists expected more than 1,000 people to participate in the demonstration, according to a statement ahead of the protest. New Tab , opens new tabSave Share XFacebookLinkedinEmailLink Purchase Licensing Rights

Persons: Kent J, Roishetta Ozane, Burns, summonses, Makailah Gause, Jacqueline Wong, Lananh Nguyen, Leslie Adler Organizations: NYPD, Citigroup, REUTERS, Edwards Companies Company Citigroup, Police, New York City Police Department, Citi, Reuters, Thomson Locations: New York City, U.S, New York, Manhattan, Citi's, New

☆ Stocks making the biggest moves midday: Trump Media, Kura Sushi, Nike and more
▼ + stars: | 2024-06-28 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Nike — The athletic apparel giant plummeted 19% after the firm posted fourth-quarter revenue of $12.61 billion, which came below the $12.84 billion forecast by analysts surveyed by LSEG. Trump Media & Technology — Shares of Trump Media & Technology Group declined about 2%, reversing an earlier gain on the heels of the first presidential debate between former President Donald Trump and President Joe Biden. Infinera — Shares of the networking solutions supplier rallied 18% after Nokia announced its plans to acquire the company for $2.3 billion. Kura Sushi USA — The sushi company plunged 25% after posting disappointing preliminary revenue figures for the third quarter. Digital Realty Trust — The real estate investment trust moved 2% higher following an upgrade at JPMorgan to overweight from neutral.

Persons: Donald Trump, Joe Biden, Infinera, Baird, Brennan Crowley, — CNBC's Michelle Fox, Alex Harring, Samantha Subin Organizations: Nike, LSEG, Trump Media & Technology, Trump Media & Technology Group, Nokia, SAP —, BMO Capital, Digital Realty Trust, JPMorgan, Realty Trust

☆ Buy these cheap quality stocks for the third quarter, says Piper Sandler
▼ + stars: | 2024-06-28 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Investors should look for companies in the third quarter that are on solid ground, both in their fundamental business and their stock price, according to Piper Sandler. The firm's yardsticks for quality fundamentals include free cash flow yield and positive earnings revisions. Piper Sandler's macro select model includes some of the big tech companies that have outperformed in recent years, in part due to their combination of solid balance sheets and strong growth. Two other stocks on the list with momentum are Chipotle Mexican Grill and Wingstop , up roughly 37% and 66%, respectively, in 2024. The company said in its first-quarter report that cash was up and debt was down compared with the same period a year ago.

Persons: Piper Sandler, Michael Kantrowitz Organizations: Nvidia, Microsoft, Google, Netflix, AMC Networks, Academy Sports Locations: Mexican

☆ JPMorgan and Morgan Stanley boost buybacks and dividends, while Citigroup and BofA take smaller steps
▼ + stars: | 2024-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase and Morgan Stanley said Friday that they were boosting both dividend payouts and share repurchases, while rivals Citigroup and Bank of America made more modest announcements. JPMorgan, the biggest U.S. bank by assets, said it was raising its quarterly dividend 8.7% to $1.25 per share and that it authorized a new $30 billion share repurchase program. Morgan Stanley, a dominant player in wealth management, said it was boosting its dividend 8.8% to 92.5 cents per share and authorized a $20 billion repurchase plan. Citigroup said it was raising its dividend 5.7% to 56 cents per share and that it would "continue to assess share repurchases" on a quarterly basis. Bank of America said it was increasing its dividend 8% to 26 cents per share.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Morgan Stanley, Dimon Organizations: Bank of America, JPMorgan, Citigroup, Washington , D.C, Federal Reserve Locations: Hart, Washington ,, New York

☆ HSBC, Virgin Money and Nationwide customers suffer online banking outage
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: +1 min

Customers of HSBC , Nationwide and Virgin Money suffered outages to their online banking services on Friday, in the latest such disruption to plague an industry which increasingly relies on such digital access as it closes physical branches. Thousands of HSBC customers in Britain were unable to access online banking services on Friday, as the bank acknowledged an outage affecting some users of its website and banking app. The bank said at 1115 GMT it had restored access to online and mobile banking, after more than 7,000 customers had complained of problems, according to website DownDetector which tracks such outages. Virgin Money said some of its customers could not access online and mobile banking, while Nationwide said some customers' salary or pension payments were delayed. Some 6,000 branches have closed in Britain since 2015, according to consumer publication Which?.

Persons: Virgin Money Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, HSBC, Nationwide, Virgin Money, Virgin Locations: Wharf, Britain

☆ Stocks making the biggest moves midday: Walgreens Boots Alliance, Levi Strauss, International Paper and more
▼ + stars: | 2024-06-27 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: Walgreens Boots Alliance — The stock plummeted more than 24.5% after the retail company reported third-quarter earnings results that missed Wall Street's expectations . Levi Strauss — The denim maker's stock tumbled 17.1% after revenue came in at $1.44 billion for the second fiscal quarter. International Paper — Shares of the paper manufacturing company fell nearly 8% following the news that Suzano is no longer pursuing a potential acquisition of the company. Hunterbrook Capital, a hedge fund Hunterbook is affiliated with, has a short position in the company's shares. Micron Technology — The memory chip stock shed nearly 7% after Micron Technology offered guidance that was roughly in line with expectations.

Persons: Levi Strauss, Suzano, Gary Friedman, AeroVironment, Goldman Sachs, Alex Harring, Samantha Subin, Lisa Kailai Han, Michelle Fox Organizations: Walgreens, Alliance, CVS, LSEG, Hunterbrook Media, Hunterbrook, Micron Technology, Arista Networks, Citi

☆ The housing market is ‘stuck’ until at least 2026, Bank of America warns
▼ + stars: | 2024-06-27 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Economists at Bank of America warned this week that the US housing market is “stuck and we are not convinced it will become unstuck” until 2026 — or later. And mortgage rates may not fall much — even if the Federal Reserve finally delivers long-delayed interest rate cuts. There isn’t a magic fix,” Michael Gapen, head of US economics at Bank of America, told CNN in a phone interview. However, Bank of America expects housing starts — which is a measure of newly constructed homes — to remain flat for the coming years. Divide between haves and have-notsThe forecast for a “stuck” housing market cuts both ways.

Persons: unstuck, —, Michael Gapen, “ It’s, ”, ‘, Dave Liniger, ” Liniger, Liniger, “ Don’t Organizations: New, New York CNN, Bank of America, Federal Reserve, CNN, ”, ” Bank of America, Gallup Locations: New York, America

☆ JPMorgan Chase says its stress test losses should be higher than what the Fed disclosed
▼ + stars: | 2024-06-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The bank took the unusual step of issuing a press release minutes before midnight ET to disclose its response to the Fed's findings. JPMorgan said that the Fed's projections for a measure called "other comprehensive income" — which represents revenues, expenses and losses that are excluded from net income — "appears to be too large." Under the Fed's table of projected revenue, income and losses though 2026, JPMorgan was assigned $13 billion in OCI, more than any of the 31 lenders in this year's test. It also estimated that the bank would face roughly $107 billion in loan, investment and trading losses in that scenario. "Should the Firm's analysis be correct, the resulting stress losses would be modestly higher than those disclosed by the Federal Reserve," the bank said.

Persons: Jamie, JPMorgan Chase, Banks Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Federal Reserve, Bank of America, Citigroup Locations: Washington ,, OCI

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Broadcom, Micron, Goldman Sachs, Carvana, Arista & more
▼ + stars: | 2024-06-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Micron as buy Goldman said investors should buy the dip in the stock following earnings on Wednesday. Jefferies reiterates Nvidia, Marvell and Broadcom as buy Jefferies said it's sticking with its buy rating on all three companies. " Morgan Stanley initiates Viking Therapeutics as overweight Morgan Stanley said the biotech company has "best-in-class potential." Morgan Stanley adds Goldman Sachs to the financials finest list Morgan Stanley added the investment banking giant to its top financials ideas list. Morgan Stanley reiterates Coca-Cola as overweight Morgan Stanley said it's sticking with its overweight rating on the beverage giant.

Persons: Goldman Sachs, Goldman, Bernstein, Apple, Mizuho, KBW, it's, Jefferies, AVGO, KeyBanc, Texas Consolidator, TD Cowen, Grindr, GRND, Morgan Stanley, JPM, Oppenheimer, Kyndryl, CVNA, Truist Organizations: Micron, Apple, Bank of America, Petrobras, of America, Mizuho, Holdings, Grab Holdings, New York Mellon, Deutsche Bank, Emerson Electric Deutsche Bank, Nvidia, Marvell, Broadcom, Energy, Crescent Energy Co, Citi, Arista Networks, Arista, Viking Therapeutics, Macquarie, TPG, Markets, JPMorgan, Bancorp, UBS, Disney, Cable Locations: MU, Brazil, Texas, North America, CA

☆ Retail traders came out in force to buy the recent dip in AI darling Nvidia
▼ + stars: | 2024-06-27 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Retailer traders took Nvidia' s recent sell-off as a buying opportunity, snapping up shares of the dominant artificial intelligence chipmaker amid the volatility. The cohort bought $1.8 billion worth of Nvidia shares over the past week as the Jensen Huang-led company suffered a quick pullback, according to JPMorgan data. JPMorgan estimated that retail investors are up 179% trading Nvidia this year, topping the stock's year-to-date performance. Meanwhile, other megacap tech stocks fared poorly among individual investors last week, JPMorgan said. Advanced Micro Devices saw net sales of $163 million, Microsoft had a net drawdown of $158 million and Tesla $122 million.

Persons: Jensen Huang, Nvidia's Organizations: Nvidia, JPMorgan, Microsoft, Google, Oracle, Meta Locations: U.S

Artificial intelligence is set to give the global data center market a major boost, according to Jefferies, and usher in a "new era of electricity demand." "As GPUs [graphics processing units] have become a larger part of the data center ecosystem and drive AI investments, demand for power and data center space has grown at a feverish pace," the investment bank's analysts wrote in a June 18 note. They noted that demand for data center space has increased between 10% and 20% each year for most of the past 15 years. As the data center market grows, so will demand for electricity, Jefferies said, naming a slew of beneficiaries in these segments and beyond. Among the "pure-play data center" names it likes are Digital Realty Trust and Equinix .

Persons: Jefferies, Stocks, — CNBC's Michael Bloom Organizations: Digital Realty Trust Locations: U.S, Europe, Freeport, McMoRan

☆ This Southeast Asian city is the world's most expensive for the super rich — Hong Kong comes second
▼ + stars: | 2024-06-26 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

All this is reflected in its continued status as the world's most expensive city," the report said. Singapore was followed by Hong Kong, which upstaged Shanghai to emerge as the second most expensive city for the wealthy. Prices for hotel suites (+22.9%), ladies' shoes (+12.7%), and ladies' handbag (+8.6%) saw the biggest increases in the city. London Hotel suites and jewelry were the second-most expensive items across the 25 cities, with prices soaring 38.3% and 17.%, respectively. Here's Julius Baer's list of the world's 10 most expensive cities for high net worth individuals:

Persons: Julius Baer, normalizations, Here's Julius Baer's Organizations: Wealth, Private Locations: Singapore, Swiss, U.S, Hong Kong, Shanghai, London

☆ Australia's central bank says policy is restrictive, causing households pain
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +1 min

Australia's central bank said on Wednesday that monetary policy was restrictive with the current cash rate causing financial pain for many households, but it could not rule out further tightening if necessary to tame inflation. Australia's central bank said on Wednesday that monetary policy was restrictive with the current cash rate causing financial pain for many households, but it could not rule out further tightening if necessary to tame inflation. In a speech on the banking industry in Melbourne, Reserve Bank of Australia Assistant Governor Christopher Kent said interest rates of 4.35% were contributing to slower growth of demand and lower inflation. "We know that many are feeling a painful squeeze on their finances because of higher interest rates," said Kent, noting mortgage payment has already increased to a record 10% of household disposable income. The RBA has raised interest rates by a whopping 425 basis points since May 2022, but has held steady for five straight meetings with inflation running at 3.6%, well above its target band of 2%-3%.

Persons: Christopher Kent, Kent Organizations: Reserve Bank of Australia Locations: Melbourne

☆ Stocks making the biggest moves midday: SolarEdge Technologies, Pool Corp., Carnival and more
▼ + stars: | 2024-06-25 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: SolarEdge Technologies — Shares of the company tumbled more than 20% following the announcement that it will offer $300 million worth of convertible notes due 2029. — The stock plunged more than 7% after the company updated its earnings guidance for the full year on Monday after the bell. The wholesale pool supplies distributor expects full-year earnings between $11.04 and $11.44 per share. Carnival — Shares added nearly 8% after the cruise company posted a second-quarter earnings and revenue beat. Penn Entertainment — The casino operator and online gambling platform's stock fell 5% after Raymond James downgraded it to market perform from outperform.

Persons: Leslie's, LSEG, Raymond James, Enovix, Rivian, —, Alex Harring, Lisa Kailai Han, Jesse Pound Organizations: U.S . Securities, Exchange, Pool Corp, Carnival, Penn Entertainment, Airbus, Nvidia —, Novo Nordisk, Guggenheim, Spirit AeroSystems, Boeing, Bloomberg Locations: Singapore, France, China

☆ Hedge funds are dumping tech stocks, especially chip names, heading into the second half
▼ + stars: | 2024-06-25 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Hedge funds are rotating out of tech stocks, especially winning chipmakers, after strong gains in the first half, according to data from Goldman Sachs' prime brokerage . The Wall Street investment bank said chip stocks now make up 4.3% of overall net exposure on its prime book, down from a five-year high of 5.8% at the start of June. The sale of tech stocks by hedge funds coincided with a retreat in the sector, led by Nvidia , the biggest beneficiary from the artificial intelligence boom so far. The stock fell about 6.7% Monday, adding to its 4% decline last week that snapped an eight-week winning streak. While hedge funds dumped tech names, they were rotating into financial stocks for a second straight week and at the fastest pace since December, Goldman said.

Persons: Goldman Sachs, Goldman, Jensen Huang Organizations: Technology, Goldman . Semiconductor, Nvidia, Microsoft Locations: U.S

☆ We like the 'barbell strategy' for both stocks and fixed income: CIO
▼ + stars: | 2024-06-25 | 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 EmailWe like the 'barbell strategy' for both stocks and fixed income: CIOChristian Nolting of Deutsche Bank Private Bank says he likes the barbell strategy when investing, while adding exposure to small-cap stocks. He also prefers investment-grade bonds.

Persons: Christian Organizations: Deutsche Bank Private Bank

☆ Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Disney, Gap, Ford, Rivian, Apple, Tesla, Uber, Exxon & more
▼ + stars: | 2024-06-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy The firm named Nvidia to its best-of-breed list. Goldman Sachs reiterates Microsoft as buy Goldman said it's sticking with its buy rating on the stock. "We reiterate our Buy rating ($515 Price Target) on Microsoft as we see the company yielding strong returns on its Gen-AI investments." "We are initiating on Carpenter Technology (CRS) with a Buy rating and $144 target price (47% upside potential)." "We are initiating coverage on Rivian Automotive, Inc. (RIVN) with a BUY rating and $18 PT."

Persons: BoB, Goldman Sachs, Goldman, it's, TD Cowen, Zeta, Raymond James downgrades Penn, Raymond James, Wells, Tapestry's, Tesla, Piper Sandler, Uber, Piper, AMZN, Morgan Stanley, Ford, Evercore, Truist, Guggenheim, Rivian, Robinson, CHRW, Maxim, MicroStrategy Organizations: Bank of America, Nvidia, Disney, Microsoft, Technology, RBC, Zeta Global, PENN, UBS, Exxon, Deutsche Bank, Carpenter Technology, Tesla, Ford, TAP, Ball Corp, Rivian Automotive, Inc, Apple Locations: Capri, HNST

☆ Why the stock market could surge 4% to record highs by the end of July
▼ + stars: | 2024-06-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

AdvertisementThe best days and weeks of the year for the stock market are around the corner. If history is a guide, that suggests the S&P 500 could surge 4% next month to record highs, according to Goldman Sachs. Goldman SachsWhat's more, recent market trends show that July as a whole has been incredibly bullish for the stock market. If similar seasonal trends play out this year, a near-4% gain would catapult the S&P 500 to a new record at 5,665 based on current levels. As to what could drive more bullish returns over the coming weeks, Rubner highlighted that a record cash pile of more than $7 trillion sitting in money market funds could soon flood the market.

Persons: Goldman Sachs, —, Scott Rubner, Rubner, NDX Organizations: Nasdaq, Service

☆ Citi Wealth's horrible tech is infuriating clients and employees and endangering its turnaround
▼ + stars: | 2024-06-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +11 min

But even clients who get through the door can be reluctant to park more assets with Citi, according to a wealth advisor. To understand the extent of Citi Wealth's tech woes and the stakes, Business Insider spoke with 14 current and former employees. Andy Sieg took over Citi Wealth in September after leaving Merrill Wealth Management. Citi Wealth clients are losing their patienceCiti receives 27,000 monthly complaints from wealth customers, according to the audit. Getting bank statements emailed is difficult for Citi private bank clients when it's a matter of checking a box at other major banks.

Persons: —, Andy Sieg, Roth, Ernst & Young, EY, Merrill Lynch, Sieg, Morgan Stanley, Kris, Wells, Mike Mayo, Jane Fraser, Shadman Zafar, Alois Pirker Organizations: Service, Revlon, Citi, Business, Ernst, Citi Wealth, Merrill Wealth Management, Morgan, Citigroup, Apple, Microsoft, Bankers, Employees, Work, Fidelity, Advisors

☆ Stocks making the biggest moves before the bell: Nvidia, Ferrari, Planet Fitness, Cinemark and more
▼ + stars: | 2024-06-24 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

UPS shares were unchanged in premarket trading. Planet Fitness — The budget-friendly gym chain climbed 3.1% after TD Cowen named the stock a top pick and raised its rating to buy from hold. Affirm — The buy-now-pay-later stock jumped 3.2% on the heels of Goldman Sachs' initiation at a buy rating. IBM — The legacy tech giant moved 1.4% higher after Goldman Sachs initiated coverage with a buy rating. Cinemark — Shares popped 3.3% after Roth MKM upgraded the American movie theater chain to buy from neutral, citing "meaningful box office improvement."

Persons: Eli Lilly — ResMed, Eli Lilly's, Eli Lilly, Jefferies, TD Cowen, Goldman Sachs, Goldman, Roth MKM, —, Michelle Fox, Sarah Min, Jesse Pound Organizations: Coyote Logistics, UPS, RXO, Coyote, Nvidia, Carrier, Citi, Ferrari —, UBS, Anheuser, Busch InBev —, IBM

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