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☆ Stocks making the biggest moves after hours: Gitlab, United Airlines, First Republic Bank and more
▼ + stars: | 2023-03-13 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It posted fiscal-year 2024 revenue guidance of $529 million to $533 million in 2023, compared to expectations of $586.4 million, according to Refinitiv. It's also lower than consensus expectations of 65 cents per share, according to FactSet. First Republic Bank — The bank stock popped 10% in extended trading, after plunging 61.8% during the regular trading session on Monday. Fears of contagion risk from Silicon Valley Bank weighed on the stock. Regional banks were pummeled after the collapse of Silicon Valley Bank raised fears of contagion risk, despite a plan to backstop depositors from regulators.

☆ Stock futures rise after Dow slides five straight days on bank rout: Live updates
▼ + stars: | 2023-03-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Bank stocks rebounded somewhat after getting pummeled during Monday's trading session. U.S. stock futures rose on Monday night after the Dow Jones Industrial Average notched a fifth day of losses. On Monday, the Dow Jones Industrial Average fell after a plan to backstop depositors in Silicon Valley Bank failed to buoy bank stocks, as well as the S&P 500 . On the other hand, the tech-heavy Nasdaq Composite bucked the trend, rising 0.45%, as some investors bet the collapse at Silicon Valley Bank could mean a pause in future interest rate hikes from the Federal Reserve. Due out Tuesday before the bell, the February consumer price index is expected to show a rise of 0.4% last month, according to consensus estimates from Dow Jones.

☆ Takeaways from America’s second-largest bank failure
▼ + stars: | 2023-03-11 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

New York CNN —Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. Its stunning, and seemingly rapid, fall is the largest shutdown of a US bank since Washington Mutual in 2008. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”High interest rates led to its demiseTo combat rampant inflation, the central bank has been aggressively raising interest rates since 2022. When interest rates were near historical lows, the banks bought up on long-dated, seemingly low-risk Treasuries. Faced with these higher interest rates, loss of IPOs and a funding drought, SVB’s clients began pulling money out of the bank.

London CNN —The failure of Silicon Valley Bank is rattling markets and raising uncomfortable questions: Will it undermine the broader banking system and start a new meltdown? A crucial lender to US technology startups, the bank came under pressure as Silicon Valley funding dried up, the result of an economic slowdown and rapidly rising interest rates. Bank stocks rattledFounded in 1983, SVB provided financing for almost half of US venture-backed technology and health care companies. SVB put the bonds up for sale as customers, facing leaner times, pulled their money from the bank. Silicon Valley Bank had about $209 billion in total assets and $175 billion in total deposits as of the end of last year, according to the FDIC.

☆ Bank run fear: SVB plunges again, leading to calls for a bailout
▼ + stars: | 2023-03-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Shares of SVB (SIVB) were halted Friday morning after falling more than 60% in premarket trading. SVB, a relatively unknown bank outside of Silicon Valley, lends to higher-risk tech startups that are struggling as interest rates rise and venture capital money dries up. Essentially dealing with a bank run, SVB told investors it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits. Widespread contagion fears may have calmed slightly Friday: Although SVB brought down mainstream bank stocks right along with it Thursday, most other bank stocks stabilized. When interest rates were near zero, large banks scooped up Treasuries and bonds.

☆ The medical 'heroes' who help save the lives of kidney-dialysis patients when massive storms hit the US
▼ + stars: | 2023-03-05 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +9 min

One in 500 Americans is on kidney dialysis. The hurricane meant that she could not get kidney dialysis for seven days. Like many dialysis patients, Brigham needed treatment every three days to replace the function of normal kidneys. Dialysis patients need their blood cleared through this procedure. We take other providers' patients, we take hospital patients, they take ours, we share supplies, we share generators, we share water," Dittrich said.

☆ Travel demand fuels a boom in Asia Pacific — in hotel rates
▼ + stars: | 2023-03-05 | by ( Monica Pitrelli | Chris Dwyer | ) www.cnbc.com time to read: +5 min

Hotel rates are at an "all-time high," Alan Watts, Hilton's Asia-Pacific president, told "Squawk Box Asia" on Thursday. In parts of Asia Pacific, hotel rates are climbing even higher. Rates in Asia are skyrocketingThe travel boom in Asia Pacific has been "phenomenal," said Watts. Average hotel rates across Southeast Asia have gone up more than 10% since 2022, according to data from the travel booking company Traveloka. Ctrip, the leading travel booking website in China, also told CNBC that average hotel booking prices in Bangkok jumped by around 70% in late January.

☆ Southern California grocery store roof collapses under two feet of snow as historic storms tear through region, limiting food for locals
▼ + stars: | 2023-03-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A grocery store in San Bernardino was forced to shutter its doors after a snowstorm caused the roof to collapse, reports say. The grocery store's roof buckled under the weight of two feet of snow, a local NBC station reported on Thursday. In a statement shared on Facebook, Goodwin and Sons Market told Crestline residents that the store is too dangerous to enter. Another grocery store less than 10 miles away also had its food red-tagged as unsafe by authorities, CBS reported. In an earlier statement, the store reported the collapse occurred Tuesday morning as David Goodwin, employees, and a building inspector looked on from outside.

☆ Why California is still in drought despite heavy rain and snow
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

Snow blanketed California the last weekend of February, only weeks after it was pummeled by torrential rains. But these historic storms barely made a dent in a daily reality for most Californians — a years-long, expansive drought. According to the U.S. Drought Monitor, 99.39% of the state is still abnormally dry or in drought: crops wither, water supplies dwindle, and wildfire risk intensifies as forests dry out. Recent rain has given reservoirs a much-needed boost. Short storms, however strong, are not enough to end California’s drought.

Discussions include the impact of the drought on 2023 goals for net reserves, said an Argentina economy ministry adviser who asked not to be named because the talks were ongoing. Officials for the Economy Ministry declined to comment. The discussions to change the central bank net reserves targets for this year are pre-emptive, as the country did meet its end-December 2022 net reserves targets, another source added. Net reserves today stand at around $4.4 billion, according to calculations from Buenos Aires-based brokerage firm PPI Inversiones. Under the latest review, Argentina had been set the target of net reserves to increase by $5.5 billion at the end of March and $9.8 billion at the end of the year.

☆ Accused Colorado LGBTQ club shooter back in court for preliminary hearing
▼ + stars: | 2023-02-22 | by ( Keith Coffman | ) www.reuters.com time to read: +3 min

One of the men pistol-whipped Aldrich as others pummeled the accused assailant, leaving the suspect with multiple injuries that required hospitalization. Aldrich's lawyers have asserted in court filings that their client identifies as "non-binary" in gender and prefers them/they pronouns. At a previous court hearing, a defense lawyer intimated that Aldrich may have been in the club previously, including on the night of the massacre. El Paso County District Judge Michael McHenry was assigned to preside over the preliminary hearing, which was scheduled to run for three days, according to the court docket. The Q nightclub shooting is not the defendant's first brush with the law.

☆ In Argentina's drought-hit fields, billion dollar losses and farmers going under
▼ + stars: | 2023-02-16 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

[1/5] Dried sunflowers are seen on a farm, amid Argentina's worst drought in sixty years, in Tostado, northern Santa Fe Argentina February 8, 2023. The wheat harvest was already slashed in half by drought. Like many farmers, Giailevra - who has experienced bad droughts before - has seen his livelihood hammered over the last year. Many farmers in the area say they have lost early-sown corn, wheat and soy, so to rake back income they have planted fields with more drought-resistant cotton. The government has rolled out some tax relief measures for farmers, though with depleted state coffers has limited firepower.

☆ Analysis: The deep freeze over UK assets is thawing
▼ + stars: | 2023-02-13 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

"This does suggest a possible inflection point in sentiment towards UK assets," said Nick Kissack, a UK portfolio manager at Schroders, which manages roughly $910 billion of client funds. "We saw extreme levels of risk aversion," in September, he added, while "the risk premium for UK assets has come down since." That, in short, is an outlook of higher global interest rates, weak growth and high inflation. Reuters GraphicsHowever, analysts expect the FTSE 100's rise to falter with a stronger global growth outlook combined with waning energy inflation. "The UK is the standout global economy where growth prospects have not improved," said Baylee Wakefield, multi-asset portfolio manager at Aviva Investors, who expects gilts to continue outperforming Treasuries.

☆ Premarket stocks: Welcome to the 'rolling recession' economy
▼ + stars: | 2023-02-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Yet US manufacturing has likely already contracted into a recession, housing sales have plummeted, tech layoffs keep coming and corporate earnings growth is souring. “We continue to think the economy will suffer from rolling recessions, evidenced by the fact that corporate earnings growth is now entering its downturn,” wrote Sonders in a note on Wednesday. For five straight weeks, the bank’s clients have been big buyers of individual stocks and sellers of ETFs, she wrote. Disney revenue in the quarter rose 8% to $23.5 billion, edging past estimates of $23.4 billion from analysts surveyed by Refinitiv. The company reported revenue of $8.6 billion for the quarter, beating Wall Street’s estimates and marking a 49% increase from the prior year.

☆ Alphabet slides 9% after a report the tech titan's ad for its new Google AI chatbot Bard had inaccurate information
▼ + stars: | 2023-02-08 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Alphabet stock dropped Wednesday after a report about an inaccuracy in as ad for its new Bard AI chatbot. Reuters reported the Google ad on Twitter offered an incorrect answer related to NASA's James Webb Space Telescope. ChatGPT popularity has launched a race among tech companies to integrate AI chat features into their products. NASA has confirmed European Southern Observatory's Very Large Telescope had taken the first pictures of exoplanets, in 2004, the report said. The report said Google hadn't immediately responded to a comment request.

☆ Biden says police who 'violate' trust should be held accountable in State of the Union
▼ + stars: | 2023-02-08 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 7 (Reuters) - U.S. President Joe Biden on Tuesday renewed his call for police reform, saying officers who "violate the public trust" should be held accountable and law enforcement officials should be given the necessary training and be held to higher standards. We have to do better," Biden added, referring to the death of Tyre Nichols, the 29-year-old Black man who was fatally beaten by Memphis police officers in January. "Public safety depends on public trust but too often that trust is violated .... "When police officers or police departments violate the public trust, they must be held accountable." Members of the Congressional Black Caucus had called on Biden to use his State of the Union speech to push for police reform in the wake of Nichols' death.

☆ U.S. Justice Dept. to review Memphis police after Tyre Nichols' killing
▼ + stars: | 2023-02-05 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 5 (Reuters) - The U.S. Justice Department will participate in a review of the Memphis Police Department after the death of Tyre Nichols, a 29-year-old Black man fatally beaten by officers in the Tennessee city last month, according to city officials. The review was disclosed in a bulletin by Memphis Mayor Jim Strickland. The Justice Department did not immediately respond to a request for comment on Sunday. Memphis police on Friday fired a sixth officer involved in the death of Nichols. The Justice Department's Office of Community Oriented Policing Services will take part in the review, the city said.

☆ Tesla is the one stock ARK Invest's Cathie Wood says she would hold for 10 years
▼ + stars: | 2023-02-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

If Cathie Wood had to hold one stock for the next decade, it would be Tesla, she said in an interview. Wood has been snapping up Tesla stock since shares of the EV maker closed out a dismal year in 2022. She estimates the stock will soar to $1,500 a share over the next five years, marking a 675% increase. In a recent Twitter Spaces interview with Cardone Capital, the famed money manager professed her bullishness for Tesla stock, which is the largest holding in her flagship ARK Innovation ETF. Wood anticipates Tesla stock reaching $1,500 a share over the next five years, implying a 675% increase from current levels.

☆ Mike Lindell says Jimmy Kimmel asked him to do an interview from inside a gigantic claw machine because Lindell isn't vaccinated
▼ + stars: | 2023-02-01 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Mike Lindell says Jimmy Kimmel is requesting to interview him on his show. But Kimmel had one request, Lindell said: The pillow CEO has to sit inside a giant claw machine. Lindell is scheduled to appear on Kimmel's talk show, "Jimmy Kimmel Live," on Tuesday. —Jimmy Kimmel Live (@JimmyKimmelLive) January 31, 2023Kimmel said on Monday that Lindell has "repeatedly" asked to be on the show, and that he's tried to invite Lindell back many times. Liberals and conservatives, told me not to have you on, and they told you don't go on the show," Kimmel told Lindell in 2021.

The secondary share sale of flagship Adani Enterprises (ADEL.NS) was subscribed 93% on Tuesday, including the anchor investor portion, Indian stock exchange data showed. The share sale needed at least 90% subscription to go through. By Monday, the book building process of the country's largest share sale had received only 3% in bids, amid swirling concerns that the share sale could struggle due to a market rout in Adani's stocks in recent days. That has since sparked $65 billion in cumulative losses for stocks of the Adani group, which called the report baseless. The support for Adani's share sale came even as the flagship's shares were trading at 2,967 rupees, up nearly 2.5% but below the lower end of the share sale price band of 3,112 rupees.

"AMD remained resilient and even made gains in their datacenter chips...against Intel," said Wayne Lam analyst at CCS Insight. Chief Executive Lisa Su said she was confident AMD will keep gaining market share this year and that the second half would be stronger than the first. "First quarter should be the bottom for us in PCs and then grow from there into the second quarter and then into the second half," Su said on the earnings call. Analysts on average were expecting revenue of $5.50 billion, according to Refinitiv data. Analysts on average expected revenue of $5.48 billion, according to Refinitiv data.

☆ India's Adani says to keep investing in Israel after Haifa port takeover
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/5] Israel Prime Minister Benjamin Netanyahu attends an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenHAIFA, Israel, Jan 31 (Reuters) - Indian magnate Gautam Adani said on Tuesday he would keep investing in Israel after his group took over one of the country's main ports. Adani spoke at a ceremony in Haifa welcoming Adani Ports (APSE.NS) and local chemicals and logistics group Gadot - the partners who purchased the port for 4 billion shekels ($1.15 billion). Adani joins China's Shanghai International Port Group (SIPG), which opened in 2021 new piers across the bay in Haifa. "We are talking to our Arab neighbours, after the historical Abraham Accords, about connecting the rail links of Saudi Arabia through Jordan to Haifa port," Netanyahu said.

☆ Tyre Nichols' mother, stepfather to attend Biden State of the Union speech
▼ + stars: | 2023-01-30 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

REUTERS/Laure AndrillonWASHINGTON, Jan 30 (Reuters) - The mother and stepfather of Tyre Nichols, the Black man who was fatally beaten by Memphis police officers, have accepted an invitation to attend U.S. President Joe Biden's State of the Union address in February. The Congressional Black Caucus also said it was in talks with the White House about a meeting to discuss police reform. Biden spoke on Friday to Nichols' mother, RowVaughn Wells, and his stepfather, Rodney Wells. Nichols' mother hoped the tragedy could lead to a "greater good," the family's attorney said. Biden will deliver his second State of the Union address on Feb. 7.

☆ Earnings are showing signs of strain and are likely to get worse as economy slows
▼ + stars: | 2023-01-29 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Earnings for all S & P 500 companies fell 2.9% for the fourth quarter, based on actual reports and estimates. Rauscher expects a shallow recession, and his view is S & P 500 earnings for 2023 will be about $210, below the street's consensus closer to $230. According to Refinitiv, analysts expect a 1.2% decline in first quarter earnings, followed by a 2% drop in the second quarter. Tech earnings have been a mixed bag. He remains defensive on the market even with the 6.5% gain in the S & P 500 in January so far.

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MEMPHIS, Tenn., Jan 27 (Reuters) - Tyre Nichols repeatedly cried, "Mom! The first video released on Friday shows officers dragging Nichols from the driver's seat of his car stopped at an intersection as he yells, "I didn't do anything ... Other footage shows a subsequent struggle after officers catch up with Nichols again in a nearby neighborhood. "No mother should go through what I am going through right now, no mother, to lose their child to the violent way that I lost my child," said Nichols' mother, RowVaughn Wells. Nichols' family and Biden appealed for calm in Memphis, a city of 628,000 where nearly 65% of residents are Black.

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