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☆ How investors should play Wells Fargo stock after newly announced regulatory action
▼ + stars: | 2024-09-13 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

"This is the bank stock to buy, if you want to buy a bank stock," Jim offered, arguing that the regulatory snag shouldn't be a huge surprise to the market either. The agency said in a statement that Wells Fargo has already started to take corrective steps to remedy these issues. During Thursday's September Monthly Meeting, he said he would consider Wells Fargo as an honorary 13 core portfolio holding . Investors appear to have brushed off worries as well, with Wells Fargo stock up more than 1% on Friday. A person walks past the entrance to a Wells Fargo bank branch on Amsterdam Avenue on June 25, 2024, in New York City.

Persons: Wells, Jim Cramer, haven't, Jim, Wells Fargo, they're, We're, Charlie Scharf, Raymond James, Jim Cramer's, Gary Hershorn Organizations: Currency, OCC, Federal Reserve, Wall, RBC Capital Markets, CNBC, Corbis, Getty Locations: Wells Fargo, Wells, Amsterdam, New York City

☆ Hamas leader sends letters from hiding after almost a year of silence
▼ + stars: | 2024-09-13 | by ( Abbas Al Lawati | ) edition.cnn.com time to read: +2 min

One of Israel’s most wanted men, Sinwar hasn’t been seen since the war. On Tuesday, he issued his first statement since the war, congratulating Algerian President Abdelmadjid Tebboune for his election victory, according to Hamas’ Telegram channel. The next day, his office said he wrote letters thanking those who offered condolences for Haniyeh’s death. CNN cannot verify if Sinwar is indeed the author of the letters. Sinwar was named political leader of Hamas after Haniyeh was assassinated in the Iranian capital Tehran in July.

Persons: Yahya Sinwar, Hassan Nasrallah, Israel, ” Sinwar, Nasrallah, Ismail Haniyeh, Sinwar hasn’t, hadn’t, Abdelmadjid Tebboune, Sinwar, Haniyeh, ” Organizations: CNN, Zionist, Hezbollah’s Telegram, Israel, Hamas, ’ Telegram Locations: Lebanese, Iran, Gaza, Israel, Tehran, Al Aqsa, Jerusalem

☆ Boar’s Head to close Virginia plant linked to deadly listeria outbreak
▼ + stars: | 2024-09-13 | by ( Jamie Gumbrecht | ) edition.cnn.com time to read: +3 min

CNN —Boar’s Head will close the Virginia plant that produced deli meat products tied to a deadly listeria outbreak, the company said on Friday. The move is part of several changes made after what it called a “dark moment in our company’s history.” Boar’s Head said it will permanently discontinue sales of liverwurst after an investigation found its production process was the root cause of the listeria contamination. It will also appoint a new food safety officer and food safety council made up of independent industry experts. But a USDA Notice of Suspension for the Virginia facility, shared by Boar’s Head, describes “inadequate controls” that allowed equipment and employees to move throughout the facility, potentially spreading bacteria. The agency called it the largest listeria outbreak since one linked to cantaloupe in 2011.

Persons: CNN — Boar’s, ” Boar’s, Boar’s, Dr, Sanjay Gupta, “, what’s Organizations: CNN, Department of Agriculture’s, CNN Health, Centers for Disease Control, listeria, CDC Locations: Virginia, Jarratt , Virginia, Jarratt

☆ I went to Big Lots and saw why the chain is closing stores and filing for bankruptcy
▼ + stars: | 2024-09-13 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Big Lots filed for Chapter 11 bankruptcy this week and is planning hundreds of store closures. I visited a Big Lots store in Maryland to see what it's like to shop there. Go to newsletter preferences Thanks for signing up! It's also planning to shutter 295 of its roughly 1,400 stores, according to a filing in Delaware's bankruptcy court. Private equity firm Nexus Capital Management plans to acquire Big Lots for an undisclosed amount after it emerges from bankruptcy, the retailer said on Monday.

Persons: —, It's Organizations: Nexus Capital Management, Service, Business Locations: Maryland

I grew up working class and learned good work ethic from my parents. The novelty of cap erasers and Airheads from the school store wore off fast, and money didn't have much luster. In our part of Wisconsin, with its German roots and farm families, work ethic is our moral code. What 'good work ethic' means for your financesBecause it's in my DNA, I can't help but see a strong work ethic as a virtue. What I wish I'd learned about money earlierI'll always be grateful for the work ethic I learned from my parents ... and I wish I'd gotten the nuances of money a bit earlier in life.

Persons: —, didn't, I'd, you've, I'm, fritz, it's, I've Organizations: Service, Quicken Locations: Midwest, Wisconsin

The Fed is expected to cut rates multiple times this year and in 2025, which means mortgage rates should continue decreasing. Will mortgage rates drop when the Fed cuts rates? If he or other Fed officials indicate that bigger rate cuts could be coming, mortgage rates may inch down. How Fed rate cuts affect mortgage ratesChanges to the federal funds rate don't directly impact mortgages, but mortgage rates tend to trend up when the Fed raises rates and go down when it lowers rates. The Fed could lower rates substantially by the time we reach the 2025 buying season, which means mortgage rates may be a lot lower, too.

Persons: Freddie Mac, Dan Burnett, Burnett, Jerome Powell, Powell, Fannie Mae, Scott Haymore Organizations: Fed, Federal Reserve, Housing Survey, TD Bank

☆ OpenAI's o1 model is inching closer to human-like intelligence — but don't get carried away
▼ + stars: | 2024-09-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

AGI is a distance awayOpenAI's new o1 models make improvements in the ability of AI models to reason. AdvertisementIn some ways, the o1 models do enter OpenAI into a new paradigm. pic.twitter.com/niqRO9hhg1 — Noam Brown (@polynoamial) September 12, 2024Where previous AI models were bottlenecked by the data fed to them during the "pre-training" phase, Brown wrote, o1 models showed that "we can now scale inference". Related storiesJim Fan, a senior research scientist at Nvidia, noted that the technicalities underlying this are what have helped make this fundamental breakthrough of OpenAI's o1 models possible. Uncertainty hovers over how o1 models will perform more broadly.

Persons: —, OpenAI, Sam Altman, Noam Brown, niqRO9hhg1 — Noam Brown, Brown, Jim Fan, Fan, Altman, Will Depue, — Sam Altman, Ethan Mollick, it's Organizations: Service, Business, o1, International, pretraining, Nvidia, OpenAI's o1, Wharton Locations: San Francisco

☆ Cramer's week ahead: Fed rate decision, earnings from Darden and Cracker Barrel
▼ + stars: | 2024-09-13 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday guided investors through next week's top Wall Street action, highlighting a long-awaited interest rate decision from the Federal Reserve and earnings from restaurant chain companies Darden and Cracker Barrel. Investors are broadly expecting the central bank to issue a rate cut but are unsure whether it will be by 25 or 50 basis points. Cramer said he's betting on the former, saying he thinks the Fed should be measured when making cuts and not risk an inflation flareup. He added that he thinks the stock is a bargain, but cautioned that Wall Street tends to sell stocks from that sector when the Fed cuts rates. On Thursday, Olive Garden-parent Darden , Cracker Barrel and FedEx are set to report.

Persons: CNBC's Jim Cramer, Cramer, There's, he'll, Mills, Olive Organizations: Federal Reserve, Darden, Fed, Commerce Department, FedEx

A woman holds a sign with former President Donald Trump's mugshot while riding the Arizona GOP's float at the Navajo Nation parade on Sept. 7. A man holds a Harris-Walz sign at the Navajo Nation parade in Window Rock, Arizona. Nez, who was swarmed by young children asking for his autograph, served as president of the Navajo Nation for four years until 2023. “One big thing is fixing the roads on the Navajo Nation, putting highways on those dirt roads. The Navajo Nation also used over $520 million in funding from a Biden-backed law to “nearly double” new infrastructure building, the Navajo president’s office announced this year.

Persons: surrogates, ”, Lomakoyva Manuel, Lorinda Strayhorn, Leo Mann, Mann, Donald Trump's mugshot, Alex Tabet, “, Joe Biden, Manuel, Strayhorn, Roland, “ I’m, Harris, Walz, Sen, Theresa Hatathlie, ” Hatathlie, Gina Swoboda —, Swoboda, Trump, Kari Lake, ” Lake, they’ve, Ruben Gallego, Gallego, ” Gallego, he’s, Jonathan Nez, Arizona’s, “ Ruben Gallego, He’s, Eli Crane, Denzel Bia, Steve Blackrock, Deb Haaland, Halee Dobbins, ” Swoboda Organizations: —, Navajo Nation, Republican, Democratic, NBC, Uplift, Arizona, State, NBC News, Safeway, NBC News Democratic, Navajo, Trump, “, Republican Senate, Democratic Rep, Indigenous, American Child Protection, Senate, Congressional, Democrat, Biden, Interior Department, Republican National Committee’s Locations: Navajo, Albuquerque , New Mexico, Nazlini , Arizona, Arizona, Data, Phoenix, Rock , Arizona, Farms, Black Mesa , Arizona, Republican National Committee’s Arizona

☆ Alberto Fujimori, ex-Peruvian president convicted of human rights abuses, dies at 86
▼ + stars: | 2024-09-12 | by ( The Associated Press | ) www.nbcnews.com time to read: +8 min

His daughter said in July that he was planning to run for Peru’s presidency for the fourth time in 2026. The former university president and mathematics professor was the consummate political outsider when he emerged from obscurity to win Peru’s 1990 election over writer Mario Vargas Llosa. He had hoped to run for Peru’s presidency in 2006, but instead wound up in court facing charges of abuse of power. He became the first former president in the world to be tried and convicted in his own country for human rights violations. “After a long battle with cancer, our father, Alberto Fujimori, has just departed to meet the Lord,” she said on X Wednesday.

Persons: Peru — Alberto Fujimori, Keiko Fujimori, Fujimori, Mario Vargas Llosa, elbowing, Vladimiro Montesinos, Keiko, “, Alberto Fujimori, ”, ” Fujimori’s, Susana Higuchi, Kenji, Vargas Llosa, El, Abimael Guzmán, didn’t, Pablo Kuczynski Organizations: Peru’s, University of Wisconsin, Agricultural University Locations: LIMA, Peru, Lima, Japan, Chile, ”, France, United States, Privatizing, El chino, Ecuador, Fujimori, Peru’s

☆ 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

☆ 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

☆ 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

☆ CNBC's Inside India newsletter: What happens when the Fed cuts rates?
▼ + stars: | 2024-09-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Historically, a rate cut has been a signal for central banks in emerging markets, like India, to follow by easing monetary policy in their regions. The latest data shows that the inflation rate appears to be heading in the wrong direction in India. The headline inflation rate rose in August to 3.65% compared to 3.6% in the previous month. Instead, markets have simply hit snooze on a rate cut by the Reserve Bank of India for the moment. If there's no global recession, a risk-on sentiment will likely help push up emerging market equities in the medium term after the U.S. central bank cuts rates.

Persons: Shah, Mahesh Nandurkar, Surendra Goyal, CNBC's, BofA, Banks Organizations: Federal, Reserve Bank of India, Reserve Bank, Capital Economics, India, greenback, Federal Reserve, Jefferies, Bank of America, Citi, India Research, Bank Locations: India, U.S

☆ Trade Tracker: Bill Baruch buys more Meta, Microsoft and Broadcom
▼ + 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 EmailTrade Tracker: Bill Baruch buys more Meta, Microsoft and BroadcomBill Baruch, founder & president at Blue Line Capital, joins CNBC’s “Halftime Report” to explain why he's buying more tech names.

Persons: Bill Baruch, Broadcom Bill Baruch Organizations: Meta, Microsoft, Broadcom, Blue Line

☆ Kourtney Kardashian just launched her own take on Ozempic
▼ + stars: | 2024-09-12 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +1 min

Kourtney Kardashian just launched an herbal supplement called GLP-1 Daily. GLP-1 drugs like Ozempic and Wegovy are FDA-approved for diabetes and weight-loss. Go to newsletter preferences Thanks for signing up! AdvertisementKourtney Kardashian Barker's supplement brand, Lemme, is the latest to jump on the Ozempic craze. Their new daily supplement, Lemme GLP-1 Daily, is marketed as a weight management tool.

Persons: Kourtney Kardashian, —, Lemme Organizations: FDA, Service, Business

☆ Airbus Ventures launches $155 million fund focused on deep tech, including space
▼ + stars: | 2024-09-12 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Thomas d'Halluin, Managing Partner of Airbus Ventures, at Hangar One of NASA Ames Research Center's Moffett Field in California. Airbus VenturesAirbus Ventures, one of the most prolific investors in space startups, has raised a $155 million fund that it plans to deploy across the burgeoning space sector, as well as the broader "deep tech" ecosystem. "This fund is designed to unlock new possibilities, and space is one of them," Thomas d'Halluin, managing partner of Airbus Ventures, told CNBC. Historically, deep tech is a classification for companies working on technologies that face steep scientific or engineering obstacles. Airbus Ventures currently has $465 million under management, with Fund-Y marking its fourth fund to date.

Persons: Thomas d'Halluin, d'Halluin Organizations: Airbus Ventures, NASA Ames Research, Moffett, Airbus Ventures Airbus Ventures, CNBC, Spaceflight, SpaceX Locations: California, European

☆ We should be concerned about U.S. banks and a capital adequacy of 9% is 'dramatically low': IDC
▼ + 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 EmailWe should be concerned about U.S. banks and a capital adequacy of 9% is 'dramatically low': IDCCyrus Daruwala of IDC Financial Insights says the arguments used by institutions that are pushing against the Bank for International Settlements' Basel III capital requirements framework could amount to "funny money".

Persons: IDC Cyrus Daruwala Organizations: IDC, Bank for International Settlements, Basel III Locations: Basel

☆ OpenAI is showing that the AI race is survival of the richest
▼ + stars: | 2024-09-12 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

It's also a sign of just how expensive the business of training and running AI models is getting. AdvertisementGenerative AI is a cash-guzzlerStartups like OpenAI need to raise huge amounts of capital to build smarter AI models. Just look at the spending of Big Tech firms working to improve their AI models. Consolidation has struck the AI industry in recent months, as some top startups trying to build AI models have been gutted. AI startups serious about progressing on LLMs will need to figure out the answer to this pretty quickly.

Persons: —, Elon, Sam Altman, ChatGPT, It's, Justin Sullivan, OpenAI, Dario Amodei, Anthropic, Pretty, Amodei's Anthropic, Dario Amodei's Anthropic, Noam Shazeer —, Ben Bergman, Sri Muppidi, it's, Elad Gil, Gil Organizations: Service, Bloomberg, Business, SpaceX, Getty, Microsoft, Big Tech, Street, Nvidia, Apple, Amazon, Samsung, Google Locations: OpenAI, aren't

☆ GM and Hyundai agree to explore collaboration on vehicles and manufacturing to reduce capital spending
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Mary Barra, chair and CEO of General Motors, and Euisun Chung, executive chair of Hyundai Motor Group, during the signing of an agreement between the two companies to explore future collaboration across key strategic areas. DETROIT — General Motors and Hyundai Motor have entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies, the companies announced Thursday. The automakers' potential areas of interest include co-development and production of passenger and commercial vehicles, internal combustion engines, and clean-energy, electric and hydrogen technologies, they said in a joint press release. The automakers also said they will "review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas." The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra, the companies said.

Persons: Mary Barra, Euisun Chung Organizations: General Motors, Hyundai Motor, DETROIT —, Motors, Hyundai, Hyundai Motor Group Locations: DETROIT

☆ Wells Fargo stock drops after US regulator issues enforcement action for money laundering
▼ + stars: | 2024-09-12 | by ( ) edition.cnn.com time to read: +1 min

The Office of the Comptroller of the Currency, a top banking regulator in the United States, said Thursday it has issued an enforcement action against Wells Fargo due to deficiencies in its risk management practices. The regulator said it had identified deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls. An agreement under the enforcement action requires the lender to receive permission from the OCC before launching new business in medium- or high-risk areas for money laundering or sanctions. Since 2016, Wells Fargo has spent billions of dollars settling civil and criminal charges related to a multiyear scheme that included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees. Last year, the former head of the bank’s retail operation was sentenced to three years of probation, while the bank’s former CEO was banned from the industry.

Persons: Wells, Wells Fargo Organizations: OCC Locations: United States, Wells

☆ Billionaire Howard Marks outlines the investing mistakes likely plaguing your portfolio — and explains how to outperform by playing '3D chess'
▼ + stars: | 2024-09-12 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

This story is available exclusively to Business Insider subscribers. The 36-minute video was sent to Business Insider ahead of its public debut. Related stories"The efficient market hypothesis is that the market is always right," Marks said in a recent interview with Business Insider. Studying stocks' correlation with each other adds another dimension to investing, Marks said. Advertisement"3D chess is much harder than 2D chess, and so correlation is much harder than just risk and return," Marks said.

Persons: —, Howard Marks, Marks, that's, you'll, heeding Marks, it's Organizations: Service, Business, Oaktree Capital Management, Investors

☆ Why MrBeast could face big business problems and become 'BuzzFeed 2.0,' according to a prominent VC
▼ + stars: | 2024-09-12 | by ( Dan Whateley | ) www.businessinsider.com time to read: +5 min

You spot an entrepreneur who built a massive audience on social media by posting attention-grabbing content after studying algorithms and trends. Sounds like YouTube's top creator MrBeast (Jimmy Donaldson), right? It also sounds a bit like BuzzFeed cofounder Jonah Peretti, says Sam Lessin, general partner at the VC firm Slow Ventures. Both built large followings on social media by posting viral, general-interest content, Lessin said. "BuzzFeed was wrong to believe that you could growth hack your way to a valuable audience, and that audience, if it was really big, would be really valuable," Lessin said.

Persons: —, They've, MrBeast, Jimmy Donaldson, Jonah Peretti, Sam Lessin, Lessin, BuzzFeed, it's, It's, He's, Rex Woodbury, they're Organizations: Service, VC, Slow Ventures, Business, YouTube, Facebook

☆ There's a lot of supply and little demand for housing furnishing, says Loop's Anthony Chukumba
▼ + stars: | 2024-09-12 | by ( ) 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 EmailThere's a lot of supply and little demand for housing furnishing, says Loop's Anthony ChukumbaAnthony Chukumba, Loop Capital Markets managing director, joins 'Power Lunch' to discuss home furnishing stocks performance in the housing market.

Persons: Loop's Anthony Chukumba Anthony Chukumba Organizations: Capital Markets

☆ How one climate startup aims to use AI to protect the power grid
▼ + stars: | 2024-09-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

As fires intensify in the western United States, utility companies are on the front lines, working to protect the power lines that serve millions of customers. And as the frequency of fires and severe storms increases, so does the amount of technology that utility companies use to keep things running. National Grid, which services customers in much of the northeast, is both a client of and investor in AIDash through its venture capital arm, National Grid Partners. In addition to National Grid Partners, AIDash is backed by Duke Energy , Edison International, Shell Ventures, Lightrock and SE Ventures. As part of the green transition, and as more industries make the switch to all-electric power, grid capacity and reliability will become even more vital.

Persons: Abhishek Singh, AIDash, Singh, Andre Turenne, Turenne, Lisa Rizzolo Organizations: CNBC, Grid, National Grid Partners, AIDash, Duke Energy, Edison International, Shell Ventures, Ventures, National Grid Locations: United States, U.S, California, AIDash, United Kingdom, New York, Massachusetts

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