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☆ Chinese smartphone company Honor gets new investors as it gears up for IPO
▼ + stars: | 2024-10-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese smartphone company Honor has released devices that fold up to be nearly as thin as an iPhone. BEIJING — Chinese smartphone company Honor on Thursday announced backing from new investors as the Huawei spinoff prepares for an initial public offering. Honor said earlier this year it planned to start changing its shareholder structure in the fourth quarter, after which it would start the IPO process "at a suitable time." Honor spun off from Chinese telecommunications giant Huawei in November 2020 after the parent company was hit by U.S. sanctions. The company on Wednesday released its new Magic7 series of phones that can use the AI features in China.

Persons: Xingyao, — CNBC's Arjun Kharpal Organizations: Huawei, China Telecom —, Cornerstone, Wednesday Locations: BEIJING, Shenzhen, China

☆ Amazon's CEO is even more bullish on the AI opportunity
▼ + stars: | 2024-10-31 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

Amazon's AI services are rapidly growing, with significant demand for AWS's AI chips. AdvertisementJust when you thought Big Tech executives couldn't get more bullish on AI, Amazon CEO Andy Jassy upped the ante on Thursday. Amazon has launched a number of new AI services in recent years, including Bedrock, an AI development tool, the Rufus shopping agent, and homegrown AI chips called Inferentia and Trainium. Amazon's AI business is "growing three times faster at its stage of evolution than AWS did itself," he added. AdvertisementCustomers are realizing that AI model training and inference "could get costly" and AWS's AI chips can be "very compelling" in terms of its price, the CEO explained.

Persons: Jassy, —, couldn't, Andy Jassy, We've, unravels ChatGPT, Rufus Organizations: Service, Big Tech, Amazon, Services Locations: capex

☆ We're hiking our price target on an industrial whose earnings benefit from AI data center boom
▼ + stars: | 2024-10-31 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Electrical components and power systems company Eaton delivered mixed third-quarter results Thursday morning, and its stock paid the price. Eaton management raised its full-year guidance for both operating margin and earnings per share (EPS). However, we're increasing our price target to $375 per share from $350, implying over 9% upside from Wednesday's close. 2025 outlook Looking to next year, management didn't provide formal sales or earnings guidance, but they did provide growth assumptions for the company's key end markets. Industrial facilities (12% of sales), defense aerospace (6% of sales), and commercial and institutional (20% of sales) are expected to realize "modest growth."

Persons: Eaton, it's, we've, Oliveri Leonetti, Parker, wouldn't, Craig Arnold, Jefferies, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, LSEG, Boeing, Electrical, Aerospace, Hannifin, DuPont, Honeywell, CNBC, Eaton Corporation, NYSE Locations: Florida, Eaton, Americas, North America

☆ Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO
▼ + stars: | 2024-10-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Peloton on Thursday said it has appointed Peter Stern, a Ford executive and the cofounder of Apple Fitness+ to be its next CEO and president. Stern, the president of Ford Integrated Services, primarily oversees the automotive company's subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. Stern is slated to step down from his role at Ford and take the helm of Peloton on Jan. 1. Stern is the third CEO to lead Peloton in its history. "Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we have every confidence in his ability to lead Peloton during this important time.

Persons: Peter Stern, Stern, Karen Boone, Chris Bruzzo, Boone, Bruzzo, Peter, Jay Hoag, Barry McCarthy, McCarthy, John Foley Organizations: Ford, Apple, Ford Integrated Services, Pro Intelligence, Interim, Spotify, Netflix

☆ Clorox CEO describes comeback process after massive cyberattack
▼ + stars: | 2024-10-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

In a Thursday interview with CNBC's Jim Cramer, Clorox CEO Linda Rendle detailed how her company managed to recover after a cyberattack last year disrupted production and seriously hurt business. Rendle discussed the serious nature of the attack, saying the company was "operating in manual mode for nearly two months" and added that Clorox lost about a third of its distribution and market share. Its cat litter brand, Fresh Step, was hit particularly hard as cat owners who switched brands due to shortages were reluctant to switch back. But Rendle said the cat litter business has been on the rebound, regaining much of its lost market share, but admitted that "we have a lot more work to do in that category." She also expressed gratitude towards retailers who worked with Clorox during that time and added that these partnerships are stronger coming out of the attack.

Persons: CNBC's Jim Cramer, Linda Rendle, Rendle, Clorox Organizations: Clorox

☆ We were operating in manual mode for 'nearly two months', says Clorox CEO on cyberattack
▼ + stars: | 2024-10-31 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe were operating in manual mode for 'nearly two months', says Clorox CEO on cyberattackClorox Chair and CEO Linda Rendle joins 'Closing Bell Overtime' to talk quarterly results, consumer trends, and more.

Persons: Linda Rendle

☆ Inside 'Project Rodeo,' the Tesla effort pushing the limits of self-driving technology
▼ + stars: | 2024-10-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +16 min

Test drivers on Project Rodeo say they push the company's self-driving software to its limit. Business Insider spoke with nine current and former Project Rodeo test drivers and three Autopilot engineers in states including California, Texas, and Florida. Test drivers on Project Rodeo say they push the company's self-driving software to its limit. Tesla did not respond to a detailed list of questions about Project Rodeo and its self-driving technology. Paul Hennessy/SOPA Images/LightRocket/GettyTwo years later, test drivers were asked to train the system near pedestrians, test drivers said.

Persons: Elon Musk, Tesla, they're, Noah Berger, Missy Cummings, Cummings, Mark Rosekind, Patrick Pleul, Musk, Morgan Stanley, Adam Jonas, They're, FSD, John Bernal, Bernal, Paul Hennessy, Five, —, It's, Cruise, Mario Tama, Philip Koopman, Koopman, Alex Roy, Roy Organizations: Business, BI, Stanford University, National, Traffic Safety Administration, NHTSA, Drivers, Tesla, YouTube, Department of Transportation, San, Cruise, Carnegie Mellon University Locations: San Francisco, California , Texas, Florida, Texas, crosswalks, Cruise, Phoenix, Arizona, Los Angeles , California

☆ Fifty years after ‘Texas Chainsaw Massacre,’ is the classic slasher film dead, or just waiting in the shadows?
▼ + stars: | 2024-10-31 | by ( Sydney Bishop | ) edition.cnn.com time to read: +13 min

When “The Texas Chainsaw Massacre” hit theaters in October 1974, audiences were horrified – and enthralled. Yet the elevated carnage of “The Texas Chainsaw Massacre” was a new world. Gunnar Hansen as Leatherface in "The Texas Chainsaw Massacre." Now that “Texas Chainsaw” is turning fifty, there are screenings in theaters all across the US, limited-time merchandise and cast and crew reunions. Here lies the classic slasher film … or so it seemsMichael Myers (played by Tony Moran) waits to strike in "Halloween."

Persons: Tobe Hooper, Kim Henkel, “, –, ” Henkel, ”, Marion Crane, baddie, Leatherface ”, – you’ll, Hooper, Henkel, ” “, Gunnar Hansen, Leatherface, Everett, Roger Ebert, Joshua Dysart, Dysart, ” Dysart, Kirk, Heather Langenkamp, Wes Craven, Craven, Lagenkamp, slashers, ’, Jourdain Searles, Searles, ” Searles, “ It’s, Casey, Drew Barrymore, Ghostface, Carmen Electra, Michael Myers, Tony Moran, Shutterstock Dysart, there’s, Alex Svensson, Svensson, Jamie Lee Curtis, Ryan Green, “ Svensson, Wes Craven’s, Casey Becker, Jason Vorhees Organizations: CNN, The, Texas, Cannes Film, “, Hollywood, ITV, Emerson College, ” Locations: Texas, The Texas, Austin, Los Angeles, Corpus Christi, Nancy

☆ Trump is already poisoning trust in yet another US election
▼ + stars: | 2024-10-31 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

On one level, Trump’s comment shows how his false election fraud claims have entered the outer realms of absurdity. The election fraud claims that Trump most notably supercharged in 2020 to salve his humiliation at losing to Joe Biden are already at high intensity this year. After laying out the darkest closing argument in modern American history, Trump is now increasingly turning to poisoning public confidence in the election. Gore conceded that election, thereby guaranteeing an uncontested transfer of presidential power — a step Trump refused to take four years ago. Just 30% of registered voters think Trump would accept the results of the election and concede if he loses, while 73% say that Harris would accept an election loss.

Persons: Donald Trump, he’d, Trump, he’s, Joe Biden, “, ”, we’d, Kamala Harris, Harris, Andy Harris, Hurricane Helene, Glenn Youngkin, Elon Musk, bellicose, Brendan McDermid, Al Gore, George W . Bush, Gore, Stacey Abrams, Republican Brian Kemp, CNN’s Danny Freeman, ” Trump, Josh Shapiro, CNN’s Kaitlan Collins, “ Donald Trump, Jonathan Drake, Gabriel Sterling, Georgia, ” Sterling, CNN’s Jake Tapper Organizations: CNN, Republican, New, Democratic, GOP, Republican National Committee, Maryland Republican, —, Trump, Republicans, Representatives, Virginia Gov, Albuquerque International, Reuters, Texas Gov, US, Georgia, Pennsylvania, stoke Locations: California, New Mexico, Pennsylvania, Maryland, Hurricane, United States, Albuquerque , New Mexico, Florida, Lancaster County, York County, Marion , North Carolina, Georgia

☆ The US Navy fired nearly $2 billion in weapons over a year of fighting in the Middle East
▼ + stars: | 2024-10-31 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

The US Navy has been involved in combat operations in the Middle East for over a year. In that time, Navy warships and aircraft in the region have fired $1.85 billion worth of munitions. AdvertisementThe US Navy has fired off nearly $2 billion worth of munitions since it began intense combat operations in the Middle East a little over a year ago. An F/A-18E Super Hornet launches from the flight deck of the USS Dwight D. Eisenhower in the Red Sea. Advertisement"We've demonstrated that on multiple occasions throughout the Middle East, whether it's supporting the defense of Israel, protecting the freedom of navigation in the Red Sea, or addressing threats throughout the Middle East and other places," he added.

Persons: —, Dwight D, Eisenhower, Jonathan Word, Maj, Pat Ryder Organizations: US Navy, Service, Navy, Business, Pentagon, Hornet, US, Street Journal, US Central Command Locations: Red, Israel, Iran, Aden, Gaza, Iranian, Yemen

☆ Meta is 'best early GenAI winner': Analysts stick by tech giant despite spending concerns
▼ + stars: | 2024-10-31 | by ( Pia Singh | In | ) www.cnbc.com time to read: +4 min

Analysts think there's still room for Meta shares to run, even after the company posted disappointing metrics in its latest quarterly report . Wall Street majors are largely optimistic on Meta over the next year, with most firms assigning a price target that implies at least 5% upside. META remains best early GenAI winner in the group," Morgan Stanley analyst Brian Nowak wrote in a note to clients. Shmulik has a price target on the high range of the Street. "We're constructive on the core business, we believe Meta can continue delivering revenue growth above expectations."

Persons: Bernstein, Goldman Sachs, Morgan Stanley, Brian Nowak, " Nowak, Deutsche Bank's Benjamin Black, Mark Shmulik, Shmulik, Meta Organizations: Meta, Facebook, Wall, Lab, Reality Labs, Bank of America, Barclays, Citi, Deutche, Deutsche, — Locations: U.S

☆ Goldman sees this homebuilder rallying 30% even if mortgage rates stay high
▼ + stars: | 2024-10-31 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Homebuilder Meritage Homes could see outsized growth even in the midst of a housing lull, thanks to a strategy that emphasizes homes that are "move-in ready," according to Goldman Sachs. Existing home sales remain sluggish and housing turnover below historical norms due to affordability issues for consumers hit by higher mortgage rates. But even against a backdrop of tight housing supply, Goldman analyst Susan Maklari expects Meritage to outshine competitors owing to a unique strategy. Maklari believes Meritage is poised for further upside to its 2028 targets because the company offers a competitive proposition to buyers. Meritage provides a "turnkey solution" to consumers — fully outfitted units that don't need add-ons — with a 60-day closing guarantee on homes.

Persons: Goldman Sachs, Goldman, Susan Maklari, Maklari, Meritage Organizations: realtors, Elliott Homes

☆ Amazon set to report Q3 earnings after the bell
▼ + stars: | 2024-10-31 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

Amazon will report results for the third quarter after the bell Thursday. Earnings are growing much faster, due largely to Amazon CEO Andy Jassy's widespread cost-cutting efforts. Amazon is expected to report operating income of $14.7 billion during the quarter, up more than 31% from a year earlier, according to StreetAccount. During the third quarter, Amazon held its annual Prime Day megasale in July. WATCH: What to expect from Meta and Amazon earnings

Persons: Brian Olsavsky, Donald Trump, Olsavsky, Andy, Jassy, Jeff Bezos, Jassy's, Brad Erickson, CNBC's, megasale, Amazon, Oppenheimer, Jason Helfstein, SpaceX's, Helfstein, hasn't Organizations: LSEG, LSEG Revenue, Web, Paris Olympics, Amazon, CNBC, Nasdaq, RBC Capital Markets, Apple, Microsoft, Meta, Adobe Analytics, United Launch Alliance, . Space Force, Olsavsky Locations: U.S

CNN —Georgia Secretary of State Brad Raffensperger on Thursday said the state had been targeted by election disinformation, pointing to a viral video of alleged voter fraud that he suggested could be the result of foreign meddling. Raffensperger, the top election official in the battleground state, said the video was “obviously fake” and was intended to raise illegitimate concerns about Georgia’s voting process. “This is false, and is an example of targeted disinformation we’ve seen this election.”“CISA [Cybersecurity & Infrastructure Security Agency] is currently investigating,” Raffensperger said. “In the meantime, we ask Elon Musk and the leadership of other social media platforms to take this down. Those doing so are acting to further the efforts of America’s enemies and undermine the security of our nation.

Persons: Brad Raffensperger, Kamala Harris, Raffensperger, ”, ” Raffensperger, “, Elon Musk, Chris Krebs, Amy Kremer, ” Gabriel Sterling, Kremer, ” Sterling Organizations: CNN, Georgia, Infrastructure Security Agency, Twitter, Republican National Committee Locations: Haitian, Georgia

☆ Top Chinese airlines' profits fall as flagging economy pressures fares
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: +1 min

China's top three state-owned airlines reported profit declines in the third quarter despite record summer passenger numbers and fuller planes than last year, as a slowdown in domestic economic growth pushes flyers to seek cheaper fares. Beijing-headquartered Air China on Wednesday reported a net profit of 4.14 billion yuan ($581.34 million) in the quarter, down from 4.24 billion yuan a year earlier. China Eastern Airlines on the same day posted a net profit of 2.63 billion yuan, down 28.2% year on year. The country's largest airline China Southern said on Monday there was "strong demand in the aviation market" but reported a 23.9% year-on-year drop in third-quarter net profit to 3.19 billion yuan. Airlines globally have been seeing stable demand but overcapacity and sluggish yields as a post-pandemic travel boom abates and most planes are back in the skies.

Organizations: Air, China Eastern Airlines, China Southern, Airlines Locations: Beijing, Air China, China

☆ Comcast tops earnings estimates as Olympics propels the company
▼ + stars: | 2024-10-31 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Comcast beat third-quarter earning expectations on Thursday, as the Summer Olympics in Paris boosted NBCUniversal's revenue and Peacock's subscriber count. The company's revenue rose 6.5% to $32.07 billion compared to the same period last year. Overall revenue was boosted by the Summer Olympics in Paris, which NBCUniversal exclusively broadcast in the U.S., and domestic broadband revenue — despite continued slowing customer growth. Revenue for the media segment – mainly comprised of NBCUniversal – was up nearly 37% to $8.23 billion, largely due to the Olympics. The company's film studios, also part of the content and experiences segment, saw revenue increase 12.3% to $2.83 billion compared to the prior year.

Persons: –, Peacock, lockdowns, NBCUniversal Organizations: Comcast, LSEG, Summer, Revenue, CNBC, Paris, Olympics, Cable, Verizon, Program, ACP, Domestic, NBC Sports, NBC Olympics, NBC, Games Locations: Paris, U.S, Peacock

☆ Amazon CEO pledges AI investments will pay off as capital expenditures surge 81%
▼ + stars: | 2024-10-31 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

"I think we've proven over time that we can drive enough operating income and free cash flow to make this a very successful return on invested capital business," Jassy said. "We expect the same thing will happen here with generative AI." The jump in spending is primarily being driven by generative AI investments, Jassy said. A day earlier, Alphabet CFO Anat Ashkenazi warned the company expects capital spending to grow in 2025. Amazon has said its cloud unit has picked up more business from companies that need infrastructure to deploy generative AI models.

Persons: Andy Jassy, Jassy, OpenAI, we're, Mark Zuckerberg, Anat Ashkenazi, It's, it's Organizations: Amazon Web Services, Meta, Microsoft, Amazon Locations: OpenAI

☆ Amazon crushed it in e-commerce and cloud, forecast an impressive holiday quarter
▼ + stars: | 2024-10-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Amazon reported a much better-than-expected third quarter Thursday, with strong growth across online sales, its cloud business and advertising. Commentary Cloud unit Amazon Web Services (AWS) revenue in the third quarter was essentially in line with the consensus forecast. Growth on a constant currency basis held steady from the second quarter at 19%, breaking a three-quarter streak of accelerating revenue growth. Quarterly results As for the rest of the company, Amazon delivered revenue beats across Online Stores (7% revenue growth), Subscription Services (11% revenue growth), and Advertising Services (19% revenue growth). Smaller businesses like Physical Stores (5% revenue growth) and Other (7% revenue growth) were better than expected too.

Persons: Andy Jassy, Jassy, it's, Kuiper, That's, Jim Cramer's, Jim Cramer, Jim, Nathan Stirk Organizations: Amazon, LSEG, Management, Walmart, Target, Microsoft, North America, International, Web Services, AWS, Subscription Services, Advertising Services, Seller Services, CNBC, Getty Locations: North, North America, United Kingdom, Germany, Sutton Coldfield, England

☆ Typhoon Kong-rey bashes Taiwan, the largest storm to hit island since 1996
▼ + stars: | 2024-10-31 | by ( Eric Cheung | Kathleen Magramo | ) edition.cnn.com time to read: +4 min

A 56-year-old woman was killed by a falling tree while traveling by car in central Nantou county, according to Taiwan’s Central Emergency Operations Center (CEOC). Strong winds from Kong-rey tore down a roof in Hualien County, eastern Taiwan on October 31, 2024. Kong-rey rapidly intensified to reach super typhoon strength on Wednesday as it barreled toward Taiwan after bashing the Philippines. Kong-rey is the third typhoon to make landfall on Taiwan this year after Krathon and Gaemi. After moving into the northern Taiwan Strait, the storm is forecast to head into the East China Sea and toward Japan.

Persons: Herb, Chang Chun, yao, Hwa Cheng, CEOC, rey, Krathon, Trami, Kristine Organizations: Taiwan CNN, Typhoon Kong, Typhoon Warning, Weather Administration, Emergency Operations Center, Getty, Hualien County Fire Department, AP, Taiwan’s Civil Aviation Administration, Central News Agency, Kong, CWA, East China Locations: Taipei, Taiwan, Typhoon, rey, Taitung county, Nantou county, Keelung, AFP, Kong, Hualien County, Hualien, Philippines, Yilan, Taichung, Taitung, Luzon, Leon, Taiwan Strait, East, Japan

☆ Peloton raises its full-year profit guidance, but expects the holiday quarter to be softer than expected
▼ + stars: | 2024-10-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Despite the progress, Peloton is expecting to lose more members and sell fewer bikes and treadmills than Wall Street analysts had expected during its all-important holiday quarter. The company is expecting to have between 560,000 and 580,000 paid app subscribers by the end of its current quarter, compared with expectations of 608,200, according to StreetAccount. It's expecting adjusted EBITDA of between $20 million and $30 million during its current quarter, compared with StreetAccount EBITDA estimates of $13.9 million. For fiscal 2025, Peloton raised its full-year EBITDA guidance – a key metric that investors are watching to gauge the company's future value. It said it's now expecting to generate between $240 million and $290 million in adjusted EBITDA, compared with a previous range of $200 million and $250 million.

Persons: It's, Barry McCarthy, McCarthy, Peter Stern, it's Organizations: Sporting Goods, Wall Street, LSEG Locations: Daly City , California, North America

☆ Super Micro's $50 billion stock collapse underscores risk of AI hype
▼ + stars: | 2024-10-31 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

Super Micro is one of the primary vendors for building out Nvidia-based clusters of servers for training and deploying AI models. Super Micro is now at risk of being delisted from the Nasdaq, and has until Nov. 16 to regain compliance with the stock exchange. Ernst & Young was new to the job, having just replaced Deloitte & Touche as Super Micro's accounting firm in March 2023. Since the S&P's announced index changes in March, Super Micro's stock has dropped at least 10% on six separate occasions. — CNBC's Rohan Goswami and Kif Leswing contributed to this report WATCH: Super Micro stock is a 'very risky buy'

Persons: Ernst & Young, Deloitte didn't, hasn't, P's, Dow Jones, Kevin Barry, Barry, —, Rohan Goswami, Kif Leswing Organizations: Computer Inc, Bloomberg, Getty, Micro, Nvidia, Ernst, Nasdaq, Mizuho, Deloitte, Touche, CNBC, Ernst & Young, Dell, SEC, Super, Hindenburg Research, Super Micro, U.S, U.S . Super, Whirlpool, P Global Locations: San Jose , California, U.S, That's, U.S .

☆ What Wall Street expects from Amazon, Apple earnings after the bell
▼ + stars: | 2024-10-31 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Wall Street faces another key litmus test Thursday with results from megacap technology giants Apple and Amazon . For Apple, Wall Street also wants to see its latest iPhone pick up steam, and investors seek more insight into when the company's AI initiative will begin lifting sales. For Apple, Wall Street expects EPS of $1.60 on $94.58 billion in revenue. Amazon's retail business also remains top of mind for Wall Street ahead of the busy holding shopping period. Apple For Apple, Wall Street is eagerly searching for signs of strong demand for its latest iPhone model and updates on its AI strategy.

Persons: Jason Helfstein, Brent Thill, Bank of America's Justin Post, Doug Anmuth, Goldman Sachs, Eric Sheridan, Ronald Josey, Morgan Stanley, Erik Woodring, Jefferies, Edison Lee, Samik Chatterjee, Davidson's Gil Luria, Wamsi Mohan, Tim Long, AAPL, Long Organizations: Apple, Nasdaq, Microsoft, Wall, LSEG, Amazon, StreetAccount, Jefferies, Bank of America's, Apple Intelligence, " Bank of America, Barclays Locations: Amazon

☆ California could soon have nation’s highest minimum wage if voters approve
▼ + stars: | 2024-10-31 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —California voters will decide this election whether to increase the state’s minimum wage to $18 an hour, which would be the highest in the US. Currently, the Golden State’s minimum wage is $16 and is set to rise to $16.50 next year. California has been among the more aggressive states when it comes to hiking the minimum wage. Some 44% of likely California voters said they would vote yes in an October poll conducted by the Public Policy Institute of California, down from 50% in September. Jerry Brown, gradually raised the minimum wage, giving employers the opportunity to adjust, Condie said.

Persons: Joe Sanberg, ” Sanberg, “, Enrique Lopezlira, ” Lopezlira, ” Jennifer Barrera, Jot Condie, ”, Jerry Brown, Condie Organizations: CNN, Public, Institute of California, Institute for Research, Labor, Employment, University of California, MIT, California Chamber of Commerce, Golden State, California Restaurant, Democratic Gov Locations: California, Berkeley, Golden

☆ Apple stuck it to the naysayers with better-than-feared financials, emerging iPhone 16 demand
▼ + stars: | 2024-10-31 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

While the hardware sales are certainly profitable, they pale in comparison to the profitability of Apple's Services. It's impossible to do consistently, and that's why Jim Cramer always says "own, don't trade" Apple stock. During the reported quarter, Apple returned over $29 billion to shareholders, including $3.8 billion in dividends and equivalents and another $25 billion via the repurchase of 112 million shares. Though Services sales missed the mark, gross income managed to outpace expectations thanks to significant year-over-year margin expansion. The growing installed base of active devices is of course translating into strong engagement with Apple's services.

Persons: Luca Maestri, that's, Jim Cramer, Time Cook, Apple, we're, Maestri, Jim Cramer's, Jim, Michael M Organizations: Apple, Samsung, Dell, HP Inc, of Asia, of Asia Pacific, Mac, Apple Watch, Apple Intelligence, Apple's Services, iOS, CNBC, Fifth, Santiago, Getty Locations: Apple's, Americas, Europe, Asia Pacific, Japan, Greater China, iPhones, Kantar, U.S, China, Australia, New York City

Samsung Electronics on Thursday reported third-quarter sales and operating profit slightly above its own expectations, but its chip business posted a sharply lower profit from the previous quarter. The semiconductor unit reported third-quarter operating profit of 3.86 trillion won (about $2.8 billion), down 40% from the previous quarter. While its memory chip unit benefited by strong demand for its artificial intelligence and conventional server products, Samsung said "inventory adjustments negatively impacted mobile demand." While artificial intelligence drove demand for advanced nodes from its foundry unit, Samsung said mobile and PC demand underperformed. Here are Samsung's results compared with the guidance it issued earlier this month:Revenue : 79.1 trillion won vs. 79 trillion: 79.1 trillion won vs. 79 trillion Operating profit: 9.18 trillion vs. 9.1 trillion wonThose guidance figures were markedly lower than the LSEG estimate for 11.456 trillion won in operating profit.

Persons: Jun Young Organizations: Samsung Electronics, Samsung Locations: China

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