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The tides are changing on Wall Street thanks to a closely watched market-moving figure: Jerome Powell. The Federal Reserve chair on Friday pointed to rate cuts on the horizon during his keynote address at the central bank's annual retreat in Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks." The Nasdaq Composite outperformed the major indexes, rallying about 1% due to gains in popular artificial intelligence and semiconductor names. "This keeps a tailwind at the market's back into year-end, making it harder to expect a retest of this month's lows," said David Russell, global head of market strategy at TradeStation.
Persons: Jerome Powell, Chris Rupkey, Russell, Powell, David Russell Organizations: Federal, Nasdaq Locations: Jackson Hole , Wyoming, Covid
Chewy — The pet retailer stock advanced more than 2% on an upgrade from Piper Sandler to outperform from neutral. The company also announced a $300 million stock buyback plan. The company topped earnings estimates by 9 cents a share and matched revenue estimates of $5.25 billion. Workday posted adjusted earnings per share of $1.75 on $2.09 billion in revenue. Analysts polled by LSEG had forecasted $1.65 earnings per share and revenue of $2.07 billion.
Persons: Piper Sandler, Warby Parker, Warby, Wells, Bill.com, LSEG, , Samantha Subin, Jesse Pound, Pia Singh Organizations: , JPMorgan, JMP Securities, UBS, BJ's Wholesale, Ross Locations: Vegas, Macau, Wells Fargo
Check out the companies making headlines in midday trading: Cava Group — Shares of the fast-casual restaurant chain popped more than 21% on stronger-than-expected quarterly results . Cava posted earnings of 17 cents per share on $233 million in revenue in the fiscal second quarter. That topped LSEG estimates calling for earnings per share of 13 cents and revenue of $220 million. Ross Stores — The off-price retailer's stock price added 1.4% after the company beat earnings estimates by 9 cents a share in the second quarter. Ross matched revenue estimates of $5.25 billion, per LSEG.
Persons: Cava, Warby Parker, Nicholas Jones, Goldman Sachs, Bill.com, Ross, Tesla, Jerome Powell's, Piper Sandler, — CNBC's Hakyung Kim, Jesse Pound, Brian Evans, Samantha Subin, Lisa Kailai Han, Michelle Fox Organizations: Intuit —, Intuit, FactSet, JMP Securities, Warby's, UBS, Ross Stores, LSEG, Nvidia, Federal, Investors, VanEck Semiconductor Locations: Cava, Vegas, Macau
Ella Emhoff's DNC look was customEmhoff, an artist, designer, and the internet's beloved "First Daughter of Bushwick," wore a tea-length gown for her DNC appearance. Ando said the dress took over 75 hours to make and that Emhoff crocheted the flower that sat on one sleeve herself. Outside the DNC, Emhoff's presence in the fashion community has been growing in recent years. Emhoff's father, Doug Emhoff, married Harris in 2014, so Harris has been in her life since she was a teen. With her one-of-a-kind look for the convention, Emhoff is likely to sport more fashion-forward looks throughout Harris' campaign.
Persons: , Kamala Harris, Harris, Meena Harris, Helena Hudlin, Ella Emhoff, Joe Ando, Ella Emhoff's, Chip Somodevilla, Mary Jane shoes, Ando, Rachel Zegler, Dakota Johnson, I've, Ella, Win McNamee, I'm, Emhoff, Ando's, Helmut Lang, Harris Walz, Thom Browne, Joe Biden's, Miu, Prabal Gurung, Emhoff's, Doug Emhoff, Kamala, She's, she's Organizations: Service, Democratic National Convention, DNC, Business, Convention, Fashion Institute of Technology, IMG Locations: pleats, Emhoff
Researchers first spotted the insect, dubbed the “ManhattAnt,” while doing a survey on ants in New York City in 2011. By comparing the New York ants with the European ones, Seifert was able to confirm the ant’s identity. Because the nests work together instead of against one another, they can spread faster and easily dominate an area by outcompeting native species, he added. “One of the things we know about a lot of invasive ant species is they displace the native species, and the native species that they’re displacing usually have very specialized roles in the ecosystem, so you’re sort of disrupting that ecosystem when these species get introduced,” Moreau said. Time will tell whether the ant has become more than just a nuisance and is disrupting the ecosystem, Penick said.
Persons: North America —, , Clint Penick, Samantha Kennett, Becca Senft, Penick, Corrie Moreau, Moreau, Bernhard Seifert, Seifert, Kennett, ” Moreau Organizations: CNN, New Yorkers, Auburn University, Apple, Cornell University, Clemson University Locations: North America, Manhattan, European, Europe, New York City, Alabama, Long, New Jersey, Maine, Georgia, New York, Germany, York, South Carolina
Read previewJennifer Li didn't know from the get-go that she was interested in computer science and software engineering. AdvertisementIn school, Li made the unusual jump from business to computer science. Related storiesShe studied technology commercialization and management at Rensselaer Polytechnic Institute, a well-known science and engineering school in upstate New York, and later earned another master's degree at Carnegie Mellon University in computer science. Both of her parents are engineers, and Li said that she began exploring the world of computer science and engineering to satisfy a curiosity of how things are created. Computer science helped with that system of thinking."
Persons: , Jennifer Li didn't, Andreessen Horowitz, Marc Andreessen, Ben Horowitz, Li, she's, Kleiner Perkins, Mamoon Hamid, Andy Chen, Asheem, chatted, we're, that's Organizations: Service, Business, Silicon Graphics, Shanghai University of Finance, Economics, Rensselaer Polytechnic Institute, Carnegie Mellon University, Cisco, Zoom, a16z Locations: a16z, China, New York, San Francisco, AppDynamics, Solvvy
Traditionally, home sellers in the US have been responsible for paying real estate commissions. The standard 5% or 6% commission was usually split between the seller’s broker and the buyer’s broker, referred to as cooperative compensation. After August 17, sellers and their agents are prohibited from advertising how much they would pay to a buyer’s agent in the MLS. Given the new rules, McMahan said she might reconsider her offer of a 3% buyers’ broker commission the next time she sells her home. These agreements are intended to inform buyers that they may be responsible for covering their Realtor’s commission payment themselves if a seller chooses not to offer it.
Persons: Dana McMahan, ” McMahan, , McMahan, , ­ —, David Ryder, Bill Colson, Colson, ” Colson Organizations: CNN, National Association of Realtors, Realtors, MLS, , NAR, Bloomberg, Getty, Maryland, Navy Locations: Louisville , Kentucky, Blue Ridge , Georgia, Maryland, Georgia
Here’s what you need to know:Two key changesHistorically, buyers were not expected to pay their real estate broker directly. That’s because Realtor commission fees — to both the buyers’ agent and the sellers’ agent — were paid by a home seller. Tiffany Hagler-Geard/Bloomberg/Getty ImagesThe second change affects the relationship between prospective home buyers and their real estate agents. A key element to these agreements is that a buyer’s agent cannot receive more compensation than what the buyer initially signed onto, even if a seller is willing to offer more. The National Association of Realtors agreed to settle litigation over commission rules for US real estate agents, clearing the way for possible changes in how Americans buy and sell homes.
Persons: CNN —, Kevin Sears, , , Tanya Monestier, , Tiffany Hagler, They’re, Norm Miller, Monestier, “ You’re, ” Leo Pareja, ” Pareja, David Ryder, ‘ let’s, University of San Diego’s Miller, Miller Organizations: CNN, National Association of Realtors, Realtors, MLS, University, Buffalo School of Law, Geard, Bloomberg, Getty, Buyers, University of San, eXp Realty Locations: Larchmont , New York, University of San Diego, Seattle , Washington, US
The firm owned more than 3 million shares of Nike at the end of June, a stake worth roughly $229 million, the filing disclosed. Dell — Shares climbed 7.1% after JPMorgan added Dell to its focus list, noting the potential for upside after a recent pullback. Tapestry adjusted earnings per share of 92 cents, versus analysts' estimates of 99 cents per share, per LSEG. Berkshire holds 132.9 million shares of Sirius XM versus 36.7 million previously. Earnings per share fell to $4.59 in the fiscal second quarter from $7.98 per share a year ago.
Persons: Bill Ackman's, Warren Buffett, Berkshire Hathaway, Ted Weschler, Todd Combs, Alibaba, FactSet, Robinhood, Yun Li, Samantha Subin, Michelle Fox, Pia Singh, Alex Harring, Sean Conlon, Jesse Pound Organizations: Walmart, Nike, Bill Ackman's Pershing, Capital Management, Berkshire, Dell, JPMorgan, Citi, Cisco Systems, Cisco, Deere, Bros, UBS, Deutsche Bank, Lumentum Holdings, Sirius XM Holdings, Sirius XM, Management
So you think you got a 'shut-up ring'
  + stars: | 2024-08-14 | by ( Samantha Grindell | ) www.businessinsider.com   time to read: +8 min
AdvertisementWhen she did get to see her partner, Millington didn't feel the connection she hoped she would. AdvertisementThe 'shut-up ring'Shortly after they got married, Millington said she realized that her then-husband had not wanted to. AdvertisementTikTokers even coined a phrase for situations like Millington's: a shut-up ring. AdvertisementIf you think marriage can solve your problems with your partner, Millington said to remember that a real marriage isn't like the happily ever afters you see in movies. "If you don't have this strong ironclad foundational marriage, you're not going to be able to survive the tough things."
Persons: , Monica Millington, Millington, Millington didn't, you'll, Landis Bejar, AisleTalk, Bejar, Maria Korneeva, They're, We've Organizations: Service, Business, Getty, Work Locations: Millington
Read previewThis as-told-to essay has been adapted from a conversation with Lauren Leon, a 35-year-old business owner who met her husband, Ryan Leon, 34, through a matchmaker. I have an identical sister, and she kept saying, "Why don't you try a matchmaker?" My husband was in the dating poolSome matchmaking services allow you to pay around $130 to join their matchmaking pool. The date was a hitWe were on our first date for four hours, and he had such a nice personality. Our matchmaker was at our wedding, and she gave a beautiful speech at our rehearsal luncheon about how she matched us.
Persons: , Lauren Leon, Ryan Leon, Lillian, Ryan, Patrick's, She'd Organizations: Service, Business, University of Michigan Locations: St
CNBC Daily Open: Wall Street surges; Starbucks ousts CEO
  + stars: | 2024-08-14 | by ( Abid Ali | ) www.cnbc.com   time to read: +4 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Economic uncertainty Home Depot exceeded quarterly expectations but lowered its full-year sales outlook , citing weak demand due to high interest rates and consumer uncertainty. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. The baristas have to be energised, clearly they've had some union problems, clearly they've had a lot of new products that haven't worked," Palmer told CNBC "Squawk on the Street." Chief Financial Officer Richard McPhail told CNBC, "Customers aren't just deferring because of higher financing costs.
Persons: Richard McPhail, Laxman Narasimhan, Brian Niccol, Narasimhan, Mellody Hobson, Narasimhan —, Niccol, David Palmer, they've, haven't, Palmer, Sarat Sethi, CNBC's, Sethi, , Sarah Min, Amelia Lucas, Brian Evans, Samantha Subin, Jennifer Elias, Jeff Cox, Spencer Kimball Organizations: New York Stock Exchange, CNBC, Jefferies, Google, Apple, Gemini, Evercore ISI, Depot, Douglas, Lane & Associates, McDonald's, Starbucks, Walmart Locations: New York City, China
On Tuesday, Biden highlighted $150 million in new research awards to eight organizations, including $23 million to Tulane University, the backdrop for the announcement. I know we can, but it’s not just personal — it’s about what’s possible,” Biden said Tuesday. And the White House will also look to ramp up its diplomatic engagement with India, an ally that has become a critical partner to the US in countering China’s aggression in the region. “We want to create a more prosperous and secure Indo-Pacific and the world,” White House press secretary Karine Jean-Pierre said. Implementation awaitsDomestically, the White House remains focused, first and foremost, on getting money out the door and shovels in the ground on Biden’s signature legislative measures.
Persons: Joe Biden’s, Beau Biden’s, Biden, , it’s, ” Biden, Kamala Harris –, Harris, Moonshot, Beau Biden he’d, , you’ll, , , Jeff Zients, Russia’s Vladimir Putin, Xi, Karine Jean, Pierre said, Zients, Natalie Quillian, Tom Vilsack, ” Vilsack, CNN’s Samantha Waldenberg Organizations: CNN, Tulane University, Biden, CBS News, White, US, Infrastructure Investment, Jobs, The Commerce Department, Treasury Department, Agriculture, Department of Agriculture Locations: Pennsylvania, North Carolina, United States, Brazil, India
On Thursday, traders get the latest reading on the state of the consumer with retail sales data for July. Hot CPI and inline retail sales (up 0.1% to 0.5%) — JPM believes that a hot CPI print and retail sales matching expectations could fuel "stagflation risks." Expect the S & P 500 to gain and Nasdaq and Russell to perform similarly. Inline CPI and cool retail sales — How much equities move in this outcome depends on the magnitude of the downside surprise in retail sales. In this scenario, traders expect a broadening in the market that includes the S & P 500 gaining.
Persons: Dow Jones, Jerome Powell, Jackson, — JPM, Russell, JPM Organizations: Federal, JPMorgan, CPI, Wall, Federal Reserve, Bank of, Nasdaq, Russell
The quote encapsulates the role homes play in all of Nancy Meyers' films, from "Something's Gotta Give" to "The Parent Trap." AdvertisementThe homes in Nancy Meyers' movies feel true to lifeAs of Monday, there were over 8,000 videos on TikTok with #nancymeyersaesthetic. Diane Keaton in the Nancy Meyers movie "Something's Gotta Give." AdvertisementFor instance, some people fixate on the kitchens in Meyers' movies, ogling over the massive islands or farmhouse sinks they feature. Camille Alexandra InteriorsHutman said to remember that you don't need to spend a fortune to find furniture that reflects the Meyers aesthetic today.
Persons: , George Banks, Steve Martin, George, Nancy Meyers, Meyers, Sarah Horton's, Horton, Erica Barry's, Iris, Sarah Horton, Sarah Horton Camille Meza, Ruiz, Camille Alexandra Interiors, Meza, Jon Hutman, Hutman, Ariana Madix, Katie Maloney's, Diane Keaton, Erica Barry, Harry Sanborn, Lily, Camille Meza, Camille Alexandra Interiors Hutman Organizations: Service, Business, Warner Bros . Pictures, Columbia, Facebook Locations: California, Nancy, Newport Beach , California
Israel’s credit rating cut as conflicts drag on
  + stars: | 2024-08-12 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +2 min
CNN —Israel’s credit rating was downgraded by Fitch Ratings on Monday, after the agency cited concerns around the ongoing war with Hamas and geopolitical risks. Analysts from Fitch said the “the conflict in Gaza could last well into 2025,” and there are risks of the conflict spreading. The agency predicts Israel’s budget deficit to reach 7.8% of its GDP in 2024, compared to 4.1% in 2023. Fitch also expects Israel’s debt-to-GDP to remain above 70% into 2025, whereas the median A rating ratio is 55%. Moody’s Investor Service downgraded Israel’s credit rating from A1 to A2 in February.
Persons: Fitch, ” Fitch,  Fitch, Moody’s, , Samantha Delouya Organizations: CNN, Fitch, Lebanese, Moody’s Investor, Hamas Locations: Gaza, , Israel
Check out the companies making headlines in midday trading: JetBlue — Shares sank 13% after the airline said it plans to sell $400 million of five-year convertible senior notes. Hawaiian Electric also reported a consolidated net loss of $1.3 billion, or $11.74 per share, in the second quarter, including charges for goodwill impairment. KeyCorp — The Cleveland-based regional bank surged 13% after The Bank of Nova Scotia agreed to take a minority position, making KeyCorp the top performer in the S & P 500 on Monday. Monday.com — Shares surged about 12%, hitting a new 52-week high, after the Israel-based software company posted better-than-expected second-quarter results. Par Technology — The restaurant technology stock added 1.8% following a Jefferies upgrade to buy from hold.
Persons: , KeyCorp, Monday.com, FactSet, Jeff Smith, Wolfe, Piper Sandler, Robinhood, Alex Harring, Samantha Subin, Yun Li, Jesse Pound, Michelle Fox Organizations: JetBlue —, Hawaiian Electric Industries, Maui, Electric, Bank of Nova, Scotiabank, Street Journal, Starbucks, Qualcomm, Wolfe Research, Apple, Technology —, Jefferies Locations: — The Cleveland, Bank of Nova Scotia, Israel, Par
In today's big story, we're looking at how the startup landscape is drastically changing thanks to the entrance of private-equity firms and the rise of acquihires . Private equity is filling the gap left by a frozen IPO market and corporates unwilling or unable to cut deals, writes Business Insider's Melia Russell. Perhaps most importantly, a PE deal means equity holders get cash immediately, unlike an IPO that has some holding periods. Acquihires where the brains behind buzzy AI startups sell themselves (instead of the entire company) to bigger players are in vogue, writes BI's Ben Bergman and Sri Muppidi. Depreciation costs to massive GPU chip investments pose a huge risk for AI companies .
Persons: , You've, Alyssa Powell, Insider's Melia Russell, shivers, Samantha Lee, BI's Ben Bergman, Sri, acquihires, they'll, VCs, it's, Taylor Swift, Tyler Le, Fisker, Zuck, Elon Musk's, Mark Zuckerberg, Jenny Chang, Rodriguez, Biden, Donald Trump, Elon Musk, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, SV Getty, Tech, guardrails, Character.AI, Getty, UBS, Mega, Revenue Locations: Europe, New York, London
Starting August 17, new rules will roll out that overhaul the way Realtors get paid to help people buy and sell their homes. This could pave the way for real estate companies with alternative business models, like flat-fee and discount brokerages, to thrive. Redy, which operates nationwide, is a marketplace that allows real estate agents to bid on home listings, meaning agents could pay homesellers for the opportunity to represent them, cutting into their own commissions. “This is part of this notion of shifting how real estate is always done,” Cofini said. “Consumers don’t know this is coming,” Flyhomes’ chief strategy officer, Adam Hopson, said of the NAR changes.
Persons: Leo Pareja, Kevin Sears, ” Sears, , Mary Schumann, ” Schumann, TD Cowen, Shelly Cofini, ” Cofini, Flyhomes, Adam Hopson, Will, Madison Mathias, Mathias, I’ve, “ I’m Organizations: CNN — Realtors, Realtors, National Association of Realtors, eXp Realty, NAR, , CNN Locations: theory­, Minnesota, Chapin , South Carolina
Investors may want to keep an eye on this artificial intelligence stock resurrecting itself from the dead, according EMJ Capital's Eric Jackson. "I'm not saying they're going to $400 next week, but the worst is behind them from a macro sense." UPST 1Y mountain Upstart shares over the last year Upstart has been on a volatile ride since going public in December 2020. Shares slumped about 91% from October 2021 highs, and are down 14% so far this year, following a 209% surge in 2023. Shares have slumped 63% from their August 2021 highs but have surged 153% this year.
Persons: EMJ Capital's Eric Jackson, CNBC's, I'm, Jackson Locations: delinquencies, Covid
DETROIT — The case against a man accused of killing of a Detroit synagogue leader collapsed Friday as a judge dismissed a remaining murder charge, three weeks after a jury cleared him of a similar but separate charge. Prosecutors acknowledged that the pending murder charge probably had to be dismissed, but it still was a blow in the highly publicized case. But it couldn’t reach a unanimous verdict on a separate charge of felony murder, which in Michigan is murder committed during another crime. The judge ruled out a second trial Friday, based on a 2009 U.S. Supreme Court decision involving partial jury verdicts. Woll’s body was discovered outdoors, just east of downtown Detroit, hours after she had returned from a fall wedding.
Persons: Margaret Van Houten, Michael Jackson, Bolanos, Samantha Woll, Jackson, Van Houten, Prosecutors, Brian Brown, ” Jackson, Brown, Woll, Isaac, Elissa Slotkin, Dana Nessel, Gretchen Whitmer, Organizations: DETROIT, Jackson, Prosecutors, Supreme, Democratic, U.S . Rep Locations: Detroit, Israel, Michigan, U.S, Jackson
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DETROIT AP —The case against a man accused of killing a Detroit synagogue leader collapsed Friday as a judge dismissed a remaining murder charge, three weeks after a jury cleared him of a similar but separate charge. Prosecutors acknowledged that the pending murder charge probably had to be dismissed, but it still was a blow in the highly publicized case. Samantha Woll served as board president of the Isaac Agree Downtown Synagogue. Woll’s body was discovered outdoors, just east of downtown Detroit, hours after she had returned from a fall wedding. Woll was president of the Isaac Agree Downtown Synagogue and also active in Democratic politics, working for US Rep. Elissa Slotkin and state Attorney General Dana Nessel.
Persons: Margaret Van Houten, Michael Jackson, Bolanos, Samantha Woll, Jackson, Van Houten, Prosecutors, Isaac, Houten, Brian Brown, ” Jackson, Brown, Woll, Elissa Slotkin, Dana Nessel, Gretchen Whitmer, Organizations: DETROIT AP, Jackson, Prosecutors, Democratic, US Rep Locations: Detroit, Israel, Michigan, Jackson, Downtown
"I started planning a very traditional bachelorette with about nine girls," Torres told Business Insider. AdvertisementBut as time went on, Torres realized a bachelorette would be more difficult to pull off than she anticipated — so she decided to go on a solo trip instead. Her friends also didn't lose out on any money when she decided to have a solo bachelorette trip since they had not put deposits down anywhere before Torres changed her mind. She said she was apprehensive about spending time alone before she went on the trip, as the bachelorette marked her first solo vacation. AdvertisementThe solo trip ended up being exactly what Torres neededTorres said her hesitation about a solo bachelorette came from what she thought others might think of her trip.
Persons: , Priscilla, Prissy, Torres, Prissy Torres, Prissy Torres Torres, didn't, It's, I'm Organizations: Service, Mood, Business, BI, Miami Locations: Miami, Palm Springs , California, California, Palm Beach, Palm Beach , Florida
After 2 seasons under the radar, 'Industry' is poised for its breakout seasonHarper (Myha'la) has a new role in season three of "Industry." With the "Summer of the Finance Bro" in full swing, could this be the season "Industry" finally cuts through the noise? AdvertisementWorking in finance didn't prepare the 'Industry' cocreators for running a TV setMickey Down and Konrad Kay on the set of "Industry" season three. But they were delighted to hear from some cast and crew members who told them how much they enjoyed working on season three. "I really credit finance with pushing me towards it, because it's the polar opposite of finance in some respects," Down says.
Persons: , Mickey Down, I'm, Harper, Simon Ridgway, Konrad Kay, thrums, Bro, Kay, didn't, Jami O'Brien, They're, Yasmin, Marisa Abela, inflicts, Indy Lewis, Kenny, Conor MacNeill, Henry Muck, Kit Harington, intertwines, HBO Rich, you'd, who's, Jamie O'Brien Organizations: Service, Business, HBO, Rotten, Venetia Locations: London
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