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☆ Why the Murdoch family is secretly battling over succession in an obscure Nevada court
▼ + stars: | 2024-09-12 | by ( Hadas Gold | ) edition.cnn.com time to read: +8 min

Last year, Falconi successfully petitioned the Nevada Supreme Court, which ruled that the public has a constitutional right to access Family Court cases. While the court is scheduled to hold evidentiary hearings next week, a decision from the court on media access could come at any time. If a judge does agree to unseal the case, it could have major ripple effects for Nevada family courts. Some have argued that sealing family court cases helps protect the privacy of vulnerable people. Falconi is not working with the media coalition, but said he hopes the national media attention on the Murdoch case will tangentially help his mission.

Persons: Rupert Murdoch, ”, Murdoch’s, — Lachlan, James, Elisabeth, Prudence, Murdoch, Lachlan, James Murdoch, Kamala Harris, Elisabeth Murdoch, Alex Falconi, Falconi, St James, Victoria Jones, ” Falconi, “, “ Doe, Rupert Murdoch “, —, “ They’re Organizations: New, New York CNN, HBO, Fox Corporation, News Corporation, CNN, New York Times, Fox, News Corp, Street, New York Post, Silver State, Nevada, American Civil Liberties Union, Spencer, The New York Times, National Public Radio, Nevada Supreme, News Locations: New York, Reno , Nevada, Australia, Nevada, Washoe, “ Nevada, London

☆ UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

David Dee Delgado | ReutersDETROIT – Stellantis ' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business. "The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results." Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023. It's part of his "Dare Forward 2030" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.

Persons: Carlos Tavares, David Dee Delgado, Tavares, Kevin Farrish, Farrish, Ford Stellantis, Stellantis, Shawn Fain, Kamala Harris, Tim Walz, Rebecca Cook Organizations: New York, Auto, Reuters DETROIT, United Auto Workers, Chrysler, Dodge, Investor, Bloomberg, Stellantis, GM, Fiat Chrysler, France's PSA Groupe, UAW, U.S, Democratic Locations: Manhattan , New York, U.S, Virginia, Romulus , Michigan

☆ Jim Cramer lists 3 tech CEOs he's giving 'the benefit of the doubt'
▼ + stars: | 2024-09-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday listed the CEOs he trusts even when the market doesn't, primarily naming executives from top tech companies. Cramer said investors shouldn't doubt solid companies every time a negative data point surfaces. Cramer said he's giving Amazon 's Andy Jassy, Broadcom 's Hock Tan and Nvidia 's Jensen Huang "the benefit of the doubt." Tech stocks can be hampered by investors who don't completely understand the companies' operations or trajectories, according to Cramer. "In tech, the complexity is such that Wall Street often reaches conclusions that have little to do with reality."

Persons: CNBC's Jim Cramer, Cramer, he's, Andy Jassy, Hock Tan, Jensen Huang Organizations: Dow Jones Industrial, Nasdaq, Broadcom, Nvidia, Amazon Locations: Tan

☆ Bernstein tech analyst calls Oracle his top investment idea
▼ + stars: | 2024-09-12 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Seeing more upside ahead, Bernstein has named Oracle a "top investment idea" for investors seeking to play the cloud trade. On Tuesday, Oracle jumped more than 11% following better-than-expected first-quarter earnings , putting its shares at a 49% gain year-to-date. ORCL YTD mountain Oracle, year-to-date In a Thursday note, analyst Mark Moerdler cited Oracle's customer mix and the quality of its workloads – both of which offer downside protection – as key to the call. "We have watched as Microsoft has quietly become the largest security software/Cloud provider, and now we are seeing some fascinating security capabilities/offerings from Oracle," he said. "Watch out security vendors, Oracle is coming."

Persons: Bernstein, Mark Moerdler, Moerdler Organizations: Oracle, Microsoft

☆ These 5 portfolio stocks crushed the volatile market since our August Monthly Meeting
▼ + stars: | 2024-09-12 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

It's been a topsy-turvy stock market since the Club's August Monthly Meeting. These were two of our top performers since the August Monthly Meeting. The stock closed nearly 5% higher on the eve of the September Monthly Meeting. The S & P 500's health care sector is up 2.2% since the August Monthly Meeting, slightly outperforming the broad index's 1.8% rise in that timeframe. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: It's, We've, Eli Lilly, Estee Lauder, Jerome Powell, it's, DA Davidson, Goldman Sachs, Goldman, Andy Jassy's, TJX, Jensen Huang, Abbott, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Dow Jones Industrial, Nasdaq, Investor, Federal, Procter, Gamble, Dover, Abbott Laboratories, TJX, Amazon, Micro Devices, Jackson, Bank of America, Telsey Advisory Group, JPMorgan, Oracle, Devices, AMD, Nvidia, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange Locations: seesaw, Wednesday's, U.S

☆ Asian chip-related stocks rally on renewed AI optimism after Nvidia CEO comments
▼ + stars: | 2024-09-12 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., speaks during an event in Taipei, Taiwan, on Sunday, June 2, 2024. Asian chipmaking heavyweights extended Wall Street's rally as Nvidia CEO Jensen Huang made bullish comments about the AI darling's outlook. Stocks tied to Nvidia suppliers and semiconductor related companies rallied in Asia as the bullish investor sentiment spilled over. Contract chip manufacturer Taiwan Semiconductor Manufacturing Corp jumped as much as 5% and Hon Hai Precision Industry — known internationally as Foxconn — gained over 4%. Japanese chip-related stocks also soared, including semiconductor testing equipment supplier Advantest which gained over 9%.

Persons: Jensen Huang, Goldman Sachs, Huang, Stocks, — Organizations: Nvidia Corp, Nvidia, Goldman, Technology Conference, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, TSMC, Tokyo, SoftBank Group, Samsung Electronics, SK Hynix Locations: Taipei, Taiwan, San Francisco, Asia, South Korea

☆ Trump Media shares fall to new post-merger low, despite ex-president's claim he won debate
▼ + stars: | 2024-09-12 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +2 min

Shares of Trump Media continued to sink on Thursday, closing at a fresh low, following Tuesday's presidential debate between its majority shareholder, former President Donald Trump and Democratic Vice President Kamala Harris. Shares of the Truth Social owner, which trade under the ticker "DJT," are down nearly 14% since the debate Tuesday night in Philadelphia, hosted by ABC News. But the slide in Trump Media shares — which often rise and fall in line with Trump's political fortunes — suggests that investors may not be convinced that Trump won the debate. In a Thursday afternoon post on Truth Social, the Republican nominee announced he would not be doing another debate. Shares of Trump Media are down about 60% since their most recent surge in July, after failed assassination attempt on Trump.

Persons: Donald Trump, Kamala Harris, Harris, Trump, —, Thursday's Organizations: Trump Media, Democratic, Nasdaq, ABC News, Democrat, Republican, Trump Locations: Philadelphia, Tuesday's

☆ Why VW investing $5 billion in Rivian might be transformative for both companies — and the auto industry
▼ + stars: | 2024-09-12 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

Electric truck maker Rivian's $5 billion deal with Volkswagen Group nets Rivian some much-needed cash. But it also gives Volkswagen a path to a future in the auto industry it has struggled to gain on its own. As of the second quarter, Rivian was losing somewhere around $1.5 billion per quarter — or about $30,000 to $43,000 on every truck it sold in the past five quarters. Financial strain and instability in the EV market and the broader economy have led to multiple rounds of layoffs at Rivian. But there are still challenges: Automotive history is littered with failed partnerships, Rivian and VW are still competitors, and the EV transition has proven rockier than many forecasters had expected.

Persons: Rivian, Joe McCabe, Alex Potter, Piper Sandler Organizations: Volkswagen Group, Volkswagen, AutoForecast Solutions, EV, VW Locations: Georgia

☆ Meta offered 'unacceptable' response to concerns over illicit drug ads on Facebook and Instagram, congressman says
▼ + stars: | 2024-09-12 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

A Republican congressman slammed Meta on Thursday over what the lawmaker called an inadequate response to concerns about illicit drug advertisements on Facebook and Instagram. "Meta's response not only ignores most of the questions posed in our letter, but also refuses to acknowledge that these illicit drug ads were approved and monetized by Meta and allowed to run on their platforms," Walberg said in a statement. In its letter to lawmakers, Meta Vice President of Global Legal Strategy Rachel Lieber said that the company shares lawmakers' concerns "about the public safety and health threat caused by the opioid epidemic." Meta is "profiting from proving paid amplification to drug trafficking sites that would not have the reach without Meta's advertising platforms." Read Meta's letter to lawmakers below:

Persons: Mark Zuckerberg, Emily Chang, Tim Walberg, Meta, Walberg, Rachel Lieber, Lieber, Katie Paul, Paul, Zuckerberg, Read Organizations: Meta, Inc, Republican, Facebook, . Michigan, Wall Street Journal, Tech Transparency, Global, CNBC Locations: Menlo Park , California, San Francisco

☆ Stocks making the biggest moves after hours: Adobe, RH, Oracle and more
▼ + stars: | 2024-09-12 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +1 min

Adobe issued a fiscal fourth-quarter revenue forecast in a range between $5.50 billion and $5.55 billion. Guidance for adjusted earnings per share came in at $4.63 to $4.68 per share, while analysts had expected $4.67 in earnings per share. Oracle — The cloud software company advanced nearly 6% after raising its revenue guidance. RH — The home furnishings company surged nearly 19% after posting a top- and bottom-line beat for the fiscal second quarter. RH reported adjusted earnings of $1.69 per share on $830 million in revenue.

Persons: Adobe, LSEG, —, RH, Kevin Clark, Nick Wells Organizations: Oracle, Neurocrine Biosciences, Aptiv, —, U.S . Securities, Exchange Commission

☆ Signet Jewelers CEO talks 'cautious' consumers looking to get engaged
▼ + stars: | 2024-09-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Thursday interview with CNBC's Jim Cramer, Signet Jewelers CEO Gina Drosos described the mood of consumers looking to buy engagement rings, saying demand is there, but many are more judicious when picking out diamonds. "We thought that engagements might come back a little faster, but there is a cautious consumer," Drosos said. She added that "newness" accelerated during the quarter, and customers are responding well to new products like sculpted gold. On the conference call, Drosos said Signet saw a 50% increase in revenue from new merchandise. Signet reported a mixed quarter before Thursday's open, with management optimistic about the momentum of same-store sales.

Persons: CNBC's Jim Cramer, Gina Drosos, Drosos, Jared, Zales, Kay Jewelers, Signet Organizations: Signet, Google

☆ Stocks making the biggest moves premarket: Moderna, Alaska Air, Oxford Industries and more
▼ + stars: | 2024-09-12 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines before the bell: Alaska Air Group — Shares gained 5% after Alaska Air Group raised its third-quarter outlook, citing strong summer demand. The airline guided for per-share earnings in the range of $2.15 and $2.25, greater than prior guidance of $1.40 to $1.60 earnings per share. Moderna — Shares shed more than 6% after the drugmaker announced plans to slash expenses by $1.1 billion by 2027. Oxford Industries — Shares dropped 10% after the clothing company behind Tommy Bahama posted second-quarter figures that missed expectations. Oxford Industries posted adjusted earnings of $2.77 per share, lower than the FactSet consensus estimate of $3 earnings per share.

Persons: Moderna, Tommy Bahama, Kroger —, —, Alex Harring, Hakyung Kim, Jesse Pound, Samantha Subin Organizations: Alaska Air Group —, Alaska Air Group, Oxford Industries, Interpublic, Companies, UBS, U.S, Bancorp, U.S . Bancorp, Kroger, Diageo, Bank of America Locations: U.S

☆ Portfolio manager remains 'quite positive' on Nvidia, valuation is 'not demanding'
▼ + stars: | 2024-09-12 | 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 EmailPortfolio manager remains 'quite positive' on Nvidia, valuation is 'not demanding'Trent Masters of Alphinity shares his outlook for artificial intelligence and says that the application and use cases for AI are "getting there".

Persons: Alphinity Organizations: Nvidia, Trent

☆ A tech leader at Accenture shares how AI and cloud tools in the public sector can evolve with regulation: 'It's still the Wild West'
▼ + stars: | 2024-09-12 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +9 min

Greiner opened up about the evolution of cloud technology and generative AI in the public sector. What's the current demand for AI, particularly generative AI, in the public sector? Cloud went through a similar process, and I think lessons were learned that are now applied to generative AI. Can you provide examples of how generative AI is deployed in the public sector? Are general attitudes toward generative AI receptive or cautious in the public sector?

Persons: Tom Greiner, Accenture's, Greiner, —, we've, they've, there's, We've, Cloud, it's Organizations: Service, Accenture, Department of Homeland Security, Business, Data, National Institute of Standards, Technology, It's, NIST, Excellence, District of Columbia Department of Health, Amazon Web Locations: Europe, United States, Germany

☆ Three key questions that will shape whether Coach and Michael Kors owners will merge
▼ + stars: | 2024-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

In this article CPRITPR Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past a Coach store and a Michael Kors store. One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition. And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged. "Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand," he said.

Persons: Michael Kors, Scott Olson, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Joanne Crevoiserat, Biden, LVMH, Louis Vuitton, Crevoiserat, she's, fanny, Chanel, Rebecca Minkoff, Suwon Yang, Saint Laurent, Hermes, Loren Smith, Smith, Kors, Capri Organizations: Federal Trade Commission, Capri, FTC, CNBC, Capri's, Burberry, Tapestry, D.C Locations: New York City, Manhattan, Zara, Suwon, Italy, France, Washington, U.S

The bank raised its price target on MercadoLibre Thursday to $2,500 from $2,225, suggesting 22% upside from Wednesday's close. The bank increased its price target to $230 from $200, implying nearly 16% upside from Wednesday's close. Supino also lifted the firm's price target to $93 a share, reflecting about 33% upside from Wednesday's close. Analyst Adam Berlin lowered his 12-month price target to $29 from $34, implying 6% downside. The investment firm's price target of $159 implies more than 2% downside from Wednesday's close.

Persons: Robert Ford Aguilar, — Michelle Fox, Wells, Wells Fargo, Eric Luebchow, Luebchow, Lisa Kailai Han, Sean Conlon, Wolfe, Peter Supino, Supino, Samantha Subin, BofA, George Staphos, a.m, Adam Berlin, Berlin, IPG, — Sean Conlon, Bernstein, Mark Moerdler, — Lisa Kailai Han, Stifel, Simon Yarmak, Andrea Pistacchi, Brandt Montour, it's, Montour, Fred Imbert Organizations: CNBC, Barclays, Bank of America, Diageo, Mercado, Mobile, Sprint, Wolfe Research, UBS downgrades, UBS, billings, GM, Pfizer, Oracle, Simon Property, Property Group, SPG, U.S, New York Stock Exchange Locations: Brazil, Mercado Pago, Wells Fargo, Wells, Roku, Berlin, America, U.S

Gilead 's twice-yearly shot reduced HIV infections by 96% in a second large study, the company said Thursday. The positive phase three trial data on lenacapavir sets the stage for likely approval by the U.S. Food and Drug Administration for HIV prevention. The company said 99.9% of participants who received lenacapavir did not acquire HIV, with two cases among 2,180 people. Gilead in June also said lenacapavir was 100% effective at preventing HIV in another late-stage trial with cisgender women. The trial results should lead to an FDA approval and launch in the market by 2025, Yee said.

Persons: Gilead, Daniel O'Day, lenacapavir, Michael Yee, Yee Organizations: U.S . Food, Drug Administration, PrEP, Centers for Disease Control, Jefferies, CNBC, YouTube Locations: Gilead

☆ Oracle bumps up fiscal 2026 revenue forecast, lifting stock 6%
▼ + stars: | 2024-09-12 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Oracle shares rose about 6% in extended trading on Thursday after the database software maker raised its fiscal 2026 revenue guidance and issued a heady forecast for the 2029 fiscal year. At an analyst meeting coinciding with the Oracle CloudWorld conference in Las Vegas, the company said it now sees at least $66 billion in fiscal 2026 revenue. She pointed to partnerships that will allow companies to use Oracle database software through top-tier cloud providers Amazon , Google and Microsoft . The company's cloud infrastructure revenue grew 45% in the most recent quarter, a quicker pace than at Amazon, Google or Microsoft. As Oracle plans to expand revenue, Catz said she expects capital expenditures to double in the current 2025 fiscal year.

Persons: Safra Catz, LSEG, Catz, Alex Zukin Organizations: Oracle Corp, New York Stock Exchange, Oracle, Google, Microsoft, Nvidia Locations: New York, Las Vegas

☆ Navient reaches $120 million settlement with CFPB for misleading student loan borrowers
▼ + stars: | 2024-09-12 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Student loan giant Navient has reached a $120 million settlement with the Consumer Financial Protection Bureau over its practices with student loan borrowers, the company tells CNBC. The consumer watchdog agency also accused Navient of steering student loan borrowers into expensive forbearances, causing many to pay steep interest charges. Additionally, CFPB alleged that Navient miscalculated borrowers' payments and tarnished the credit reports of disabled borrowers, including severely injured veterans. At the time, the lender was the largest student loan servicer in the U.S., managing the accounts of more than 12 million people. As part of the settlement, $100 million will be used to make payments to impacted customers, as determined by the CFPB, Navient said.

Persons: Navient, CFPB, servicer Organizations: Consumer Financial, CNBC Locations: U.S

Here's a rapid-fire update on all 32 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. AMD shares have caught a bid in recent days, but they're still cheap considering the growth of its AI processors. Broadcom : Investors who don't own any Broadcom yet should consider starting a position here, Jim said. Although it's tempting to offload shares, Jim said to stick with Honeywell for now because there's huge value in individual businesses like aerospace. There's little negative to say about this portfolio stock.

Persons: Jim Cramer's, Jim, Apple, haven't, it's, that's, he'll, Bob Iger, Bob Chapek, Larry Ellison, Biogen, Eli Lilly, Lowe's, Vimal Kapur, We'd, Linde, Lilly, Morgan Stanley, Goldman Sachs, It's, Jensen Huang, Kamala Harris, Republican Donald Trump, CrowdStrike, Palo, — we're, we're, Brian Niccol, Sands, Stanley Black, Decker, Wells, Charlie Scharf's, Jim Cramer, Angela Weiss Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Abbott Laboratories, Abbott Labs, AMD, Amazon, Web, Broadcom, VMWare, Federal Reserve, Costco Wholesale, Coterra, DuPont, New York Times, Oracle, GE Healthcare, GE, Honeywell, Linde, Microsoft, Nvidia, Republican, Palo Alto Networks, Palo, Procter & Gamble, Procter, Gamble, Constellation Brands, Modelo, Stanley, TJX, Marshalls, Jim Cramer's Charitable, Traders, New York Stock Exchange, AFP, Getty Locations: Nvidia's, San Francisco, China, Dover, United States, industrials, OpenAI, Palo Alto, Wells Fargo

☆ Chip stocks have been through wild swings, but analysts still like these names — giving one 97% upside
▼ + stars: | 2024-09-12 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Semiconductor stocks have been volatile. Last Friday, the VanEck Semiconductor ETF fell 11.6% in a day. Investors might be wondering: What's the outlook for semiconductor stocks — which have been boosted by artificial intelligence — and are there pockets of buying opportunity? It expects orders for PCs and general servers to improve next year as AI-driven demand picks up. As for memory chips, supply is set to remain tight at least till the first half of 2025, thanks to investments in high-bandwidth memory, Morningstar said.

Persons: Morningstar, GlobalWafers Organizations: VanEck Semiconductor, SK Hynix, Micron Technology, Morningstar, Edge, Samsung, Screen CNBC, Van Eck Semiconductor Locations: United States

☆ A promising cancer treatment is poised for explosive growth, says Redburn Atlantic. These stocks are on its buy list
▼ + stars: | 2024-09-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

The latest weapon in the battle against cancer is showing promising results — and it's a growing opportunity for investors, according to Redburn Atlantic. To treat cancer, targeted radiopharmaceutical therapy directly goes after tumors with radiation by binding a radioactive particle to a targeting molecule. Delving into diagnostics There are also opportunities in the radiopharma diagnostics space, according to Redburn Atlantic. It has a "strong pipeline of radionuclides for both diagnosis and therapy," he said. "Lantheus benefits from its focus on this rapidly expanding market, with 78% of revenues from radiopharmaceuticals and related products," Ridley-Day added.

Persons: Ed Ridley, Eli Lilly, Myers, Ridley, Astra's, Lantheus Organizations: Big pharma, Novartis, Mariana Oncology, Biopharma, Myers Squibb, RayzeBio, AstraZeneca, Fusion Pharmaceuticals, GE Healthcare Technologies, Lantheus Holdings, GE Healthcare, GE Locations: Bristol, radiopharmaceuticals

☆ The current market is 'directionless,' one CIO says, naming 6 stocks he likes right now
▼ + stars: | 2024-09-12 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Defensive and dividend plays Alexander's strategy in playing the market right now is through defensive sectors and dividend players. As for dividend plays, Alexander is bullish on the utilities and telco sectors amid falling Treasury yields . Big pharma plays Alexander is also likes health-care and biotech players, especially big pharmaceutical companies producing products serving medical needs. Names he likes include AbbVie , AstraZeneca , Novartis and Johnson & Johnson . Johnson & Johnson, meanwhile, has been building out a "pipeline of drugs," Alexander added.

Persons: Ted Alexander, we've, we're, Alexander, it's, bullish, Durex, They've, Mead Johnson, Johnson Organizations: U.S, U.S . Federal, Sydney, Telecommunications, AT, Verizon, Frontier Communications, London Stock Exchange, Big pharma, AstraZeneca, Novartis, Johnson Locations: U.S ., South Dallas, U.S

☆ Warren Buffett's $13 billion bet on Occidental Petroleum turns sour as oil prices hit a 3-year low
▼ + stars: | 2024-09-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Occidental Petroleum shares have dropped 29% since mid-April, impacting Warren Buffett's stake in the company. Berkshire Hathaway's $13 billion stake in Occidental Petroleum may be underwater, based on estimates. The price decline in Occidental shares has coincided with a 23% decline in crude oil prices since mid-April. AdvertisementTo be clear, the average price Berkshire Hathaway paid for its Occidental Petroleum stake is only known by Berkshire Hathaway itself. Another sign that Berkshire Hathaway's Occidental Petroleum bet is souring is based on the warrants it owns to purchase additional shares.

Persons: Warren Buffett's, —, Warren, Warren Buffett's Berkshire, Buffett, Berkshire Hathaway, Chris Bloomstran, Semper Augustus, Bloomstran, Vicki Hollub, it's, Hollub Organizations: Occidental Petroleum, Berkshire Hathaway's, Service, Warren Buffett's Berkshire Hathaway, Berkshire, Berkshire Hathaway's Occidental Petroleum, Apple, Bank of America, Occidental, Occidental Petroleum's Locations: Berkshire, Occidental

☆ Stock futures are little changed after S&P 500 notches fourth-straight winning session: Live updates
▼ + stars: | 2024-09-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were little changed Thursday evening as traders sought to shake off a sluggish September. S&P 500 futures traded near the flatline. Futures tied to the Dow Jones Industrial Average added just 0.03%, and Nasdaq 100 futures slipped 0.02%. During Thursday's regular trading, investors snapped up shares of Big Tech names, including Nvidia , lifting the S&P 500 and the Nasdaq Composite for a fourth consecutive day. The three major averages are also on track to post weekly gains, with the S&P 500 up 3.5% and the Nasdaq on track for a 5.3% jump.

Persons: Dan Greenhaus, Dow Organizations: Dow Jones, Nasdaq, Big Tech, Nvidia, Dow, Salesforce, Microsoft, Federal, Management Locations: U.S

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