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While Friday's close was disappointing, the S & P 500 is an uptrend and is now at its highest level since mid-February. Indeed, the S & P is only 1% from its high for the year, which it hit Feb. 2 at 4,179. The S & P 500 spent much of 2022 below that important indicator, but at 4,137 is now 4.7% above that 200-day moving average. In early January, 74% of the S & P 500 stocks were above their 200-day moving average. Unfortunately, mid- and small-cap stocks are faring even worse, notably underperforming the S & P 500 since the banking crisis.
New York CNN —A line of Chicago mayors heavily courted Walmart over the last two decades, brushing aside community protests. Chains like Dollar General and Family Dollar are expanding in low-income areas, but they don’t sell fresh groceries. Walmart is closing neighborhood markets around the country, and three of the four stores closing in Chicago fall into that category. In Chicago, Walmart is closing in both low-income and high-income areas, a sign that it’s struggling across the city. But it’s the stores in low-income areas that will feel the loss most.
That brings us to today's main story — economists say the official data coming out of Russia isn't painting an accurate picture of Putin's wartime economy. "These are the things that businesses deliver and consumers purchase in an economy, and they have been absorbing the impact. Our tracker shows a contraction of the Russian economy ahead of the official figures release precisely because we use high-frequency indicators from the private economy." Vehicle sales, imports, credit growth, home prices, and other measures all point to a much less robust regime since Vladimir Putin's war on Ukraine began. These four charts tell the story of how war has reshaped Russia over the last year.
Evercore says that concerns about inflation and financial stability will still drive stocks. Inflation continues to fade, which means it's much more likely that the Fed's rate hiking campaign is coming to an end. Emanuel says investors should apply that strategy using both the S&P 500 and QQQ, the popular ETF tracking the Nasdaq 100 index. So, in essence, his advice is that investors should position for the index to give up its gains, and buy support that would protect them at the 3,800 level. The idea is that investors can protect themselves against the S&P 500 falling through the 3,800 and 3,575 levels with puts.
Signage outside the New York Stock Exchange (NYSE) in New York, US on Thursday, March 23, 2023. Wall Street futures were little changed on Wednesday evening, as investors weighed recession risk following the latest meeting minutes from the Federal Reserve. Futures linked to the Dow Jones Industrial Average were 60 points lower, or 0.2%, while Nasdaq 100 futures inched down 0.1%. The CPI advanced 0.1% month over month in March, and 5% from the prior year. Traders' sentiment turned in the afternoon following the release of minutes from the March Federal Open Market Committee meeting.
Walmart announced Tuesday that next week it will close four poor-performing stores out of the eight it operates in Chicago. Now, it's closing four Chicago stores. Walmart said its remaining four Chicago stores “continue to face the same business difficulties,” but it believes closing these four will give the others the best chance of staying open. There were fears that Walmart and other businesses would leave Chicago, but Walmart pledged to stay and invest in the city. Some retailers have also cited higher levels of theft and other crime in their city stores.
There may not be a recession yet, but there is certainly an earnings recession. What Treasury yields are saying Treasury yields resumed falling last week in response to the weaker data. Earnings season Speaking of earnings, first quarter earnings season start this week, with earnings for the S & P 500 expected to decline 5.2%, according to Refinitiv. That's an earnings recession. You have to go back to Q1-Q3 of 2020 to see three consecutive quarters of earnings decline.
A big shift in consumer demand is coming as global population growth slows, and that means companies need to respond with more active approaches to generate outperformance, according to Evercore ISI. Historically, booming population growth, globalization and industrialization have supported economic growth, Julian Emanuel, the firm's senior managing director, wrote in an April 5 note. "Companies with higher value-added services and better quality will likely better capture market share than those relying solely on volume growth." "Consumer companies that focus on 'trade-up' categories and premiumization could benefit as middle-income discretionary spend continues to rise," Emanuel said. Meanwhile, McDonald's top six markets — including the U.S., U.K. and France — are all experiencing slowing population growth.
TechCheck Weekly #5: Sports Rights Sleeper Hold
  + stars: | 2023-04-06 | 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 EmailTechCheck Weekly #5: Sports Rights Sleeper HoldAri Emanuel & Vince McMahon. Apple & Major League Soccer? A whole lot of investors, owners, CEOs and companies are betting that the value of televised sports is going up. It's in limited supply. What Endeavor's deal to pull WWE & UFC together tells us about media valuations and where things are headed for the tech companies trying to get involved.
The World of LIV Golf
  + stars: | 2023-04-05 | by ( Alan Blinder | Kevin Draper | Guilbert Gates | ) www.nytimes.com   time to read: +10 min
Public Investment Fund LIV Golf Trump World Performance54 LIV Golfers PLUS 45 OTHERS CONSULTANTS LAWYERS McKinsey & Company PwC Public Investment Fund Quinn Emanuel Urquhart & Sullivan White & Case M. Klein & Company Teneo Crown Prince Mohammed bin Salman Majed al-Sorour Newcastle United Aramco Golf Saudi Benjamin Quayle Yasir al-Rumayyan Ari Fleischer Gibson, Dunn & Crutcher LIV Golf Performance54 Trump World Greg Norman Donald J. Trump Gary Davidson Jed Moore Eric Trump Jared Kushner LIV Golfers Cameron Smith Phil Mickelson Dustin Johnson PLUS 45 OTHERSLIV Golf has cleaved men’s professional golf like no other force since the 1960s. Some of the world’s top players, including Dustin Johnson and Phil Mickelson, have become the faces of LIV Golf. The Public Investment FundDiagram of the major figures in LIV Golf that are connected to Saudi Arabia’s Public Investment Fund. Public Investment Fund Jared Kushner’s firm accepted a $2 billion investment from the Public Investment Fund. LIV Golf Trump World Eric Trump Jared Kushner Donald J. Trump Public Investment Fund Jared Kushner’s firm accepted a $2 billion investment from the Public Investment Fund.
ZURICH, April 4 (Reuters) - Credit Suisse (CSGN.S) will face shareholder anger on Tuesday at what will be its final annual general meeting after the bank was rescued last month by Swiss rival UBS (UBSG.S). Tuesday's shareholder meeting marks an ignominious end for the 167-year-old flagship bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped build the country's railways and then Credit Suisse. After a run on deposits, the Swiss government turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), a fraction of its earlier market value. In the lead up to Tuesday, Credit Suisse said it had withdrawn certain proposals from the meeting's agenda. Meanwhile, the office of the attorney general on Sunday said Switzerland's Federal Prosecutor has opened an investigation into the Credit Suisse takeover.
Brandon Johnson and Paul Vallas are facing off in the Chicago mayoral runoff election. The winning candidate will succeed Mayor Lori Lightfoot, who was the third-place finisher in the initial Feb. 28 mayoral election behind Vallas and Johnson, respectively, missing her chance to compete in the runoff. Garcia came in fourth place in the February mayoral election; in 2015, he was also a mayoral candidate, forcing then-Mayor Rahm Emanuel into a runoff election, which he eventually lost. According to the Illinois State Board of Elections, Vallas raised $6.4 million in the lead-up to the initial February mayoral election and has raked in at least $10.9 million since March 1. Johnson raised nearly $4 million before the February election and has taken in at least $5.8 million since March 1.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Scott Wapner's full interview with Endeavor CEO Ari Emanuel and WWE's Vince McMahonEndeavor CEO Ari Emanuel and WWE Executive Chairman Vince McMahon joined CNBC's Scott Wapner for an exclusive interview on the deal between UFC and WWE.
Networks and streaming services need to get ready for a media rights smackdown. UFC should also benefit ahead of 2025, when its U.S. media rights deals come up, including with Disney's ESPN. "I think everything is up for grabs with these media rights deals. During his time with CAA, he had formed a relationship with McMahon during a recent round of TV rights negotiations for WWE. It will also work for UFC negotiations, he noted.
April 3 (Reuters) - World Wrestling Entertainment Inc (WWE.N) will combine with Endeavor Group-owned (EDR.N) mixed martial arts franchise UFC to form a new, publicly listed entertainment giant valued at about $21 billion, the companies said on Monday. Hollywood power broker and Endeavor CEO Ari Emanuel will take the helm at the merged entity. In January, WWE said it would explore strategic options that could include a sale, shortly after long-time CEO McMahon's return to the company. McMahon had retired in July last year as the company's CEO and chair, following an investigation into his alleged misconduct. Co-CEO Stephanie McMahon, who single-handedly managed the mantle when her father exited, resigned a week after he returned in January.
How are we approaching the market week ahead? I also explained that we are indeed in a bull market, but that things could get a bit rocky from here. Analyst Matthew Boss also increased his price target by a buck to $29, citing favorable risk-to-reward setup at current stock price. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
NEW YORK, April 3 (Reuters) - Some holders of Credit Suisse AT1 bonds wiped out by the bank's planned merger with UBS have instructed law firm Quinn Emanuel Urquhart & Sullivan to represent them for discussions with Swiss authorities and possible litigation to recover losses. The bondholder group holds a "significant percentage of the total notional value" of the AT1 bonds, the law firm said in a statement on Monday. AT1 bonds are the riskiest type of debt banks can issue, ranking immediately after equity in the event of losses. Banks' AT1 bonds fell after the Swiss decision highlighted the risks of investing in these securities. Meanwhile, Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday.
Talent agency Endeavor (EDR.N), which owns the mixed martial arts business, will tag-team with Vince McMahon’s WWE in deal valued at some $21 billion. The merger unveiled on Monday creates a new publicly traded company 51% owned by Endeavor and 49% by WWE shareholders. On paper, the WWE enterprise gets the sweeter valuation, at around 24 times last year’s EBITDA, whereas UFC is pegged at 19 times. Instead, in the grand tradition of wrestling, McMahon and Endeavor boss Ari Emanuel are trying to appeal to shareholders with a more unconventional thriller. Under terms of the deal, WWE is being valued on the basis of $106 per share, implying an enterprise valuation of $9.3 billion, according to the companies.
Shares of WWE fell in premarket trading, while Endeavor shares rose. Ari Emanuel will act as chief executive of both Endeavor and the new company, the companies said. McMahon, likewise, will be executive chairman, while Endeavor President and COO Mark Shapiro will also work in the same roles at the new company. Dana White will remain as president of UFC, and WWE CEO Nick Khan will stay on as president of the wrestling business. Stefanie Keenan | Getty Images Entertainment | Getty ImagesThe announcement confirmed an earlier CNBC report.
New York CNN —World Wrestling Entertainment is merging with Endeavor Group, the parent company of competitor UFC, to form a new publicly traded company. The deal values the newly combined company at over $21 billion: UFC is worth $12.1 billion and WWE is valued at $9.3 billion. Endeavor shareholders will own 51% of the newly combined company, while WWE shareholders are getting 49%. Vince McMahon will retain his current WWE title of executive chairman at the new company, which doesn’t yet have name. Endeavor, which also owns Hollywood’s biggest talent agency William Morris Endeavor, became the outright owner of the UFC in 2021.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailQ2 PLAYBOOK: EVERCORE'S JULIAN EMANUEL WARNS A REALITY CHECK IS AHEAD FOR INVESTORSJulian Emanuel, Evercore ISI Sr. Managing Director, on making sense of today's market action with CNBC's Melissa Lee and the Fast Money traders.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEndeavor-UFC deal is the next evolution of WWE, says Vince McMahonVince McMahon, WWE co-founder and executive chairman, and Ari Emanuel, CEO of Endeavor, join 'Halftime' to discuss the latest merger between WWE and Endeavor.
On the agenda today:But first: The panic over the AI boom hit a new peak this week. A prominent AI researcher went further, saying six months wasn't long enough, and "we need to shut it all down." But those fears also make sense against the backdrop of a shaky economy and a distrust of Big Tech. Goldman Sachs has forecast that AI systems could impact 300 million full-time jobs. AI has been described as the next transformational technology, on a par with the creation of the internet or the television.
Endeavor and WWE did not immediately respond to requests for comment on Sunday. The deal could be announced as early as this week, the sources said. Endeavor shareholders will own 51% of the combined company, while WWE shareholders would get 49%, the sources said. Endeavor is led by Hollywood power broker Ari Emanuel, who earlier this month declined to answer questions about a possible deal. In January, WWE said it would explore strategic options that could include a sale, shortly after Vince McMahon's return to the company.
Vince McMahon's World Wrestling Entertainment is in advanced talks to be sold to Ari Emanuel's Endeavor Group , the parent company of UFC, according to people familiar with the matter. McMahon, likewise, is expected to be executive chairman, while Endeavor President Mark Shapiro will also work in the same role at the new company. Dana White will remain as president of UFC, while WWE CEO Nick Khan will serve as president of the wrestling business. Paul Levesque, who's both Stephanie McMahon's husband and the wrestler known as Triple H, took over creative duties from Vince McMahon. When Vince McMahon came back in January, Stephanie McMahon stepped down and Khan fully assumed the CEO role.
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