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☆ 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

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

☆ 'Absurdly cheap': Bottom-up investor names Japan sectors — and stocks — to invest in right now
▼ + stars: | 2024-10-30 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

Japanese markets have made steady gains so far this week — and one bottom-up investor sees potential for them to advance even further. "When we look at the valuations of a lot of companies, they look absurdly cheap," he added. Department stores Among the segments Kato is looking at favorably in Japan is department stores. His optimism on department stores is an interesting one, given that many have "not expanded for about 30 years." So overall, department stores look quite interesting," he added.

Persons: Mio Kato, Kato, Shigeru Ishiba's Organizations: LightStream Research, CNBC Pro, Nikkei, Tokyo Stock Exchange, Department, Holdings, U.S, Toyota Motor, Nissan, Honda, Toyota Locations: Japan, Southeast Asia, China, U.S

☆ Microsoft set to report quarterly results after the close
▼ + stars: | 2024-10-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft will report results for its fiscal first quarter after the close of regular trading on Wednesday. Mobility and security services, along with some Windows revenue, will now be part of the Productivity and Business Processes unit, which includes Office software. Analysts expect $24.04 billion in revenue from the Intelligent Cloud segment that includes Azure cloud infrastructure. Amazon , which leads the cloud infrastructure market, is slated to report results after the close on Thursday. During the quarter, Microsoft worked to help customers recover after a flawed update to CrowdStrike security software brought down Windows PCs globally.

Persons: Satya Nadella, OpenAI Organizations: Partnership for Global Infrastructure, Microsoft, Productivity, Gartner, Windows, BlackRock, UBS, Capital, Nasdaq Locations: Borgo, Savelletri, Italy

☆ Elon Musk ordered to attend $1 million voter lottery suit hearing in Philadelphia court
▼ + stars: | 2024-10-30 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

The attorney asked the judge for an order that "requires attendance of all of the parties, i.e., DA Krasner, a representative of America PAC and Mr. "All parties must be present at the time of the hearing," the judge said in the order Wednesday. Krasner's lawsuit accuses Musk and America PAC of operating an illegal lottery and trying to influence voters in the presidential election between Vice President Kamala Harris and former President Donald Trump. Musk and America PAC are backing Trump, the Republican nominee. Musk and attorneys for him and his PAC did not immediately respond to a request for comment from CNBC.

Persons: Elon Musk, Donald Trump, Larry Krasner, Musk, Krasner, DA Krasner, Kamala Harris, Trump, CNBC's Lora Kolodny Organizations: Republican, Philadelphia District, America PAC, Musk, CNBC Locations: Butler , Pennsylvania, Philadelphia, Pennsylvania

☆ Meta’s Reality Labs posts $4.4 billion loss in third quarter
▼ + stars: | 2024-10-30 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Meta reported third-quarter earnings on Wednesday, in which it said that its Reality Labs unit, which develops augmented and virtual reality technologies, logged an operating loss of $4.4 billion. Analysts polled by StreetAccount were expecting that unit to post an operating loss of $4.68 billion. Reality Labs revenue rose 29% year-over-year to $270 million in the third quarter, below analysts' expectations $310.4 million. Reality Labs primarily makes money through selling Meta's Quest VR headsets and the Ray-Ban Meta smart glasses. After the company's Wednesday earnings report, Reality Labs has an operating loss of more than $58 billion since 2020.

Persons: Mark Zuckerberg, Meta's, Meta, StreetAccount, Ray Organizations: Meta, Orion, Reality Labs, Reality, VR, Facebook, CNBC Locations: Menlo Park , California, U.S

☆ Volkswagen profit plunges 42% in third quarter amid sweeping overhaul plans
▼ + stars: | 2024-10-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

German automaker Volkswagen on Wednesday reported a 42% drop in operating profit in the third quarter. Operating profit fell to 2.86 billion euros ($3.1 billion), while third quarter sales revenues slipped 0.5% year on year to around 78.5 billion euros. Vehicle sales fell 8.3% in the third quarter of 2024 compared to the same time period a year earlier, Volkswagen said. Net liquidity across the Volkswagen Group stood at negative 160.6 billion euros at the end of September 2024, it said. Operating profit between January and September of this year was 21% lower on an annual basis.

Persons: Arno Antlitz Organizations: Volkswagen, Volkswagen Group Locations: Germany

☆ JetBlue founder and low-cost airline veteran explains how struggling airlines need to adapt to survive right now
▼ + stars: | 2024-10-30 | by ( Taylor Rains | ) www.businessinsider.com time to read: +7 min

Budget airlines like Spirit, Frontier, and Southwest are struggling to turn a profit. Low-cost veteran David Neeleman told BI that Spirit and Frontier should merge to survive. The still-in-service airlines Neeleman founded, like JetBlue Airways, Azul Brazilian Airlines, Canada's WestJet, and Breeze Airways, largely follow this idea. Historically, these strategies have been absent from the likes of Spirit, Frontier, and Southwest, which have stuck to all-economy aircraft with little choice. Southwest Airlines boats an open-seating policy where seats are first-co,me first-serve.

Persons: David Neeleman, —, David Neeleman —, Thomas Pallini, haven't, Neeleman, that's, Barry Biffle, They're, we've, WestJet, Scott Kirby, doesn't, Kevin Carter, Breeze Organizations: Service, JetBlue —, Breeze Airways, Alaska Airlines, Hawaiian Airlines, Street, Frontier, Neeleman, JetBlue Airways, Azul Brazilian Airlines, JetBlue, Southwest Airlines, Morris Air, Spirit, Airbus Locations: Southwest, Frontier, Breeze

☆ Reddit just won earnings season with huge pop. What analysts see from here
▼ + stars: | 2024-10-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Additionally, Reddit guided for fourth-quarter revenue of between $385 million and $400 million, while analysts had estimated an average of $357.9 million. Josey wrote that Reddit's continued user growth and engagement gains have boosted the company — and should continue to do so. JPMorgan analyst Doug Anmuth raised his price target to $110 from $77, while Bank of America analyst Justin Post lifted his target price to $99 from $84. These updated objectives respectively imply that Reddit stock could rise 35% and 21% from its Tuesday close. Shmulik's $85 price target, raised from $65, is just 4% higher than the stock's Tuesday closing price.

Persons: Reddit, LSEG, Ronald Josey, Josey, Reddit's, Morgan Stanley, Doug Anmuth, Justin Post, Brian Nowak's, Bernstein, Mark Shmulik, Shmulik, Jekyll, Hyde, that's Organizations: Citi, Bank of America, JPMorgan Locations: Reddit, Tuesday's

☆ Be careful. Analysts are downbeat on these earnings reports due next week
▼ + stars: | 2024-10-30 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Big Tech companies are helping propel third-quarter earnings growth, but some analysts are less optimistic about a handful of names reporting next week. To help investors prepare for what is still to come, CNBC Pro screened FactSet data to find stocks reporting next week where analysts are losing conviction. Analysts have trimmed their earnings estimates by more than 21% over the past three months and 29% over the trailing six months. What's more is analysts have lowered earnings estimates nearly 30% over the past three months and roughly 24% over the past six months. AIG YTD mountain AIG stock.

Persons: Stocks, Daniels, Michael Zaremski, YTD, Zaremski Organizations: Big Tech, CNBC Pro, AIG, CVS Health, Daniels, Midland, ADM, BMO Capital Locations: Archer, Illinois, Albemarle, Corteva

☆ Meta's stock drop tells the wrong story on earnings — so, we're boosting our price target
▼ + stars: | 2024-10-30 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Don't let the after-hours stock action fool you, Meta Platforms delivered one heck of a strong third quarter and a current quarter revenue guide above expectations. Ok, now that the "bad" is out of the way, let's look at what investors should really be focused on as they consider what to do with Meta stock. Meta Platforms Why we own it : We value Meta Platforms for its targeted advertising dominance. Notably, Meta AI, the company's version of a ChatGPT-type generative artificial intelligence search/answer engine, now has over 500 million monthly active users. Looking ahead to 2025, the team noted on the release, "We continue to expect significant capital expenditures growth in 2025.

Persons: biggie, that's, China's ByteDance, Mark Zuckerberg, Jensen Huang, Zuckerberg, we're, Meta, it's, haven't, Jim Cramer's, Jim Cramer, Jim, Andrej Sokolow Organizations: LSEG, Meta, People, Management, China's, Reality Labs, Nvidia, ., Facebook, CNBC, Getty Locations: Ray, capex

☆ Up to 35 ISIS operatives killed in US strikes in Syria, US military says
▼ + stars: | 2024-10-30 | by ( Haley Britzky | ) edition.cnn.com time to read: +2 min

CNN —Up to 35 ISIS operatives were killed in US strikes against multiple ISIS camps in Syria on Monday evening, the US military announced on Wednesday. “US Central Command forces conducted a series of strikes against several known ISIS camps in Syria, in the early evening of Oct. 28, resulting in up to 35 ISIS operatives killed,” the release, posted on X, said. “The strikes targeted multiple ISIS locations in the Syrian desert, targeting multiple ISIS senior leaders.”It is unclear if the targeted senior leaders were included in the 35 operatives killed. Monday’s strikes are the latest in what appears to be an uptick of operations against ISIS in the Middle East, which have now resulted in dozens of operatives being killed. Earlier this month, Iraqi Security Forces killed four ISIS members, including a senior leader.

Persons: “, CENTCOM, Sabrina Singh Organizations: CNN, ISIS, Central Command, Pentagon, Walter Reed Medical Center, Iraqi Security Forces, Iraq Locations: Syria, Iraq, Anbar, Iraqi

☆ We reiterate our 1 rating on Microsoft despite its softer guidance — here's why
▼ + stars: | 2024-10-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Nearly 70% of the Fortune 500 is using Microsoft 365 Copilot and the company is seeing faster customer adoption than any other new Microsoft 365 Suite. MSFT YTD mountain Microsoft YTD Despite these positive trends and innovations, revenue guidance for next quarter fell a touch short of expectations. Microsoft 365 Commercial cloud revenue growth increased 16% year over year with seat growth up 8%. Microsoft 365 Consumer cloud revenue growth increased 7% year over year with subscribers increasing to 84.4 million from 82.4 million one quarter ago. Revenue growth ticked down sequentially to 33% annual growth, or 34% on a constant currency basis.

Persons: Nvidia's Blackwell, That's, —, Jim Cramer's, Jim Cramer, Jim, Microsoft Corporation Satya Nadella, Chalinee Thirasupa Organizations: Microsoft, Revenue, Fortune, Productivity, Dynamics, CNBC, Activision, Windows, Gaming, Microsoft Corporation Locations: OpenAI, Bangkok, Thailand

☆ We've brought the European operating model into the Americas, says V.F. Corp. CEO Bracken Darrell
▼ + stars: | 2024-10-30 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

We've brought the European operating model into the Americas, says V.F. Corp. CEO Bracken DarrellV.F. Corp. President and CEO Bracken Darrell joins 'Mad Money' host Jim Cramer to talk quarterly results, its brand offerings, consumer trends and more.

Persons: We've, Bracken Darrell V.F, Bracken Darrell, Jim Cramer Organizations: Corp Locations: Americas

☆ This company's vision for a smokeless world is driving the transformation of the global tobacco industry
▼ + stars: | 2024-10-30 | by ( Sponsored Reynolds American Inc. | ) www.businessinsider.com time to read: +3 min

The global British American Tobacco Group (BAT) is pursuing "A Better TomorrowTM by Building a Smokeless World" — and transforming their business and an entire industry. Reynolds American and BAT believe tobacco harm reduction (THR) could be one of the most significant advancements in public health. Reynolds American and BAT have created dynamic work environments and inclusive cultures, which have earned both organizations many external accolades. Sustainability is at the heart of the Reynolds American organization's transformation and is directly linked to its goals around THR. Reynolds American and BAT are optimistic that their investments focused on sustainable business transformation will drive positive momentum and progress the Building a Smokeless World mission.

Persons: Reynolds Organizations: American Tobacco Group, US, BAT, Reynolds, Reynolds American, BAT Group, Sustainability, Reynolds American Inc, Insider Studios, Reynolds Tobacco Company, Santa Fe Natural Tobacco Company, Inc, Snuff Company, Company, Modoral Brands Inc Locations: North Carolina, London, Santa Fe

☆ Wall Street is bullish on Amazon earnings despite uncertainty around consumer spending, rising investment costs
▼ + stars: | 2024-10-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +7 min

CFRA trimmed its Amazon price target to $219 a share on October 21, indicating 13% upside ahead. The firm has a "buy" rating on the stock and a $210 price target, which implies an 8.3% gain from current levels. The firm said investors have toned down margin expectations due to Amazon's spending in new investment areas, such as Project Kuiper. AdvertisementWedbush reiterated its "outperform" rating and $225 price target, implying a 16% gain from current levels. Morgan Stanley has a $210 price target for the stock, representing upside of about 8% from Wednesday's share price.

Persons: —, Arun Sundaram, Sundaram, Justin Post, BofA, Scott Devitt, Wedbush, Morgan Stanley, Bullish, Brian Nowak Organizations: Service, CFRA, Bank of America, Amazon Web Services, 3Q, JPMorgan, Wedbush Securities

☆ What investors should look for as Meta, Microsoft report earnings Wednesday
▼ + stars: | 2024-10-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Another busy day of megacap technology earnings kicks off Wednesday with results from Meta Platforms and Microsoft after the bell. Wall Street expects Meta Platforms to post third-quarter earnings of $5.25 per share, up from $4.39 a year ago, per LSEG. For Microsoft, EPS and revenue are expected to reach $3.10 and $64.51 billion, respectively, for the fiscal first quarter . Meta Platforms For Meta Platforms, analysts are hunting for signs that AI is continuing to boost the company's core product and advertising spending. Microsoft Microsoft faces a tougher bar headed into the print, with many analysts leaning toward caution as the company lags some of its megacap peers and underperforms the Nasdaq Composite.

Persons: haven't, Davidson, Gil Luria, Citi's Ronald Josey, Citi's Josey, Mark Mahaney, Barton Crockett, Mark Shmulik, Bank of America's Justin Post, Keith Bachman, Citi's Tyler Radke, Morgan Stanley's Keith Weiss, Weiss, Goldman Sachs, Kash Rangan, Azure's Organizations: Meta, Microsoft, D.A, Revenue, Google, Bank of America's, Microsoft Microsoft, Nasdaq, BMO Capital Markets, BMO

☆ Microsoft is still spending massively on AI
▼ + stars: | 2024-10-30 | by ( Tim Paradis | ) www.businessinsider.com time to read: +4 min

Investors have been focused on Big Tech AI spending and returns. That's a worry at Microsoft partly because feedback on the company's Copilot AI has been mixed. Others have been concerned that Big Tech spending on artificial intelligence is outpacing results. Goldman said Microsoft has been counting on its AI Copilot and other generative AI efforts at Windows, Edge, and Microsoft 365 to draw enterprise clients. AdvertisementMuch of Microsoft's spending has been going toward data centers, graphics processing units, and other AI projects.

Persons: —, Jeremy Goldman, Goldman, it's, Satya Nadella, Francine McKenna Organizations: Investors, Big Tech, Service, Microsoft, Apple, Windows, Bloomberg Locations: Redmond, Washington, OpenAI

CNN has reached out to Terada for comment on the R-FBI’s role in Russian disinformation efforts, and ties to the state. Storm-1516 and R-FBI network members have spread at least 54 different disinformation narratives online since August 2023, according to Clemson and CNN’s analysis. “Does anyone believe that an American would be the spearhead of what some call the biggest Russian Disinformation operation since the cold war? TelegramAnother prominent figure in propagating Russian disinformation is American Tara Reade, a former Senate staffer who in 2020 accused then-presidential candidate Joe Biden of sexual harassment. The links between Terada’s group and other Russian disinformation efforts are at best opaque, which is likely no accident.

Persons: –, Yevgeny Prigozhin, Wagner, Mira Terada, Kamala Harris, Tim Walz, Harris, Walz, Morgan Finkelstein, “ Vladimir Putin, Donald Trump, Trump, ”, Win McNamee, ” Darren Linvill, Patrick Warren, “, Biden, Warren, Kamala, Influencers, John Mark Dougan, Dougan, he’s, Andrew Harnik, MAGA, IMbaMm8YVF, Darren Linvill, Linvill, ” Clemson, Maxim Shugaley, Terada, Vladimir Putin’s “, ” Prigozhin, Konstantin Pridybaylo, Ruslan Ostashko, Colin Gerard, Gerard, Alexander Dugin, picturing, Tara Reade, Joe Biden, Reade, ” Chay Bowes, Simeon Boikov, podcaster, Bowes, ” Warren, Sean Lyngaas, influencers Organizations: CNN, Clemson University’s, Russian Foundation, FBI, Storm, Democratic, Minnesota Gov, Clemson, Getty, NBC, Wired, Prigozhin’s, Internet Research Agency, Miami Chronicle, Boston Times, DC, IRA, Russian, Gov, National Intelligence, US State Department, Minnesota, Apple, Trump, Infrastructure Security Agency, ’, Federal Bureau, Investigation, Kremlin, Wagner Group, US Justice Department, ANO Dialog, BRICS Journalists Association, Washington Post, Center, Forensics Locations: Russian, Ukraine, West, San Francisco, Zambia, Savannah , Georgia, ”, “, American, Zambian, St . Petersburg, Florida, Moscow, Russia, Kazakhstan, Minnesota, Philadelphia , Pennsylvania, Bucks County , Pennsylvania, Bucks County ,, French, Irish, Sydney, European

☆ Behind the curtain on Democrats’ unprecedented digital advertising campaign
▼ + stars: | 2024-10-30 | by ( David Wright | ) edition.cnn.com time to read: +13 min

CNN —Democrats are mounting an unprecedented digital advertising campaign in the closing weeks of the presidential race, pouring hundreds of millions of dollars into a targeted effort that the party hopes will tip the balance in one of the closest elections in US history. The effort is being steered by Future Forward PAC, or FF PAC, the largest single-candidate super PAC in the 2024 election. The 2024 election is poised to break the record set by the 2020 election and see $10.2 billion worth of campaign advertising, according to the ad tracking firm AdImpact. The ad laboratoryWith its massive war chest, FF PAC has faced the challenge of effectively and efficiently distributing its resources. FF PAC has not engaged in a comparable turnout effort, leaving that traditional campaign activity to the cash-flush Harris operation.

Persons: Kamala Harris, Donald Trump’s, Harris, ’, Joe Biden’s, Trump, Michael Bloomberg, Dustin Moskovitz, Reid Hoffman, –, John Kelly, “, ”, Ian Sams, Roe, Wade, ” Margit Westerman, we’ve, Peacock, Elon Musk, Harris ’ Organizations: CNN, Future Forward PAC, FF PAC, PAC, FF, Super, Democratic Party’s, Citizens United, Commission, Biden, Trump, Democratic, New York, Facebook, LinkedIn, Bloomberg, New York Times, PAC’s, YouTube, Olympics, Hulu, Univision, Warner Bros, GOP countereffort FF, Republican, Google, Harris, Republicans, Preserve, America PAC, Restoration PAC, America PAC –, MAGA Inc, GOP, Inc, Elon, FF PAC’s, Department of Justice Locations: Pennsylvania, Michigan , Wisconsin , Arizona , Nevada , North Carolina, Georgia, AdImpact, Preserve America, Philadelphia

☆ Brian Williams' executive producer dishes on Amazon's leap into live news
▼ + stars: | 2024-10-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Amazon is testing news with a Brian Williams election-night special on Prime Video. AdvertisementAmazon is getting closer to jumping into news coverage with an election-night special hosted by Brian Williams. "Election Night Live with Brian Williams" will air on Prime Video at 5 p.m. "Election Night Live" is a gamble for Amazon, which has no history in news. A one-off news program is in keeping with its strategy of getting into live event programming like sports and live shopping, though.

Persons: Brian Williams, James Carville, Shepard Smith, —, Baratunde Thurston, Williams, Jonathan Wald, Wald, Comcore, Jeff Bezos, Puck, Axios, They're Organizations: Service, Fox News, Business, Amazon, Washington Post, NBC, MSNBC, Politico Locations: —, Iraq

☆ Saudi sovereign wealth fund announces $2 billion deal for new Brookfield Middle East platform
▼ + stars: | 2024-10-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Saudi Arabia's Public Investment Fund on Wednesday signed a memorandum of understanding with Brookfield Asset Management, under which the wealth fund will serve as a strategic anchor investor for the asset manager's newly announced private equity vehicle for the region, Brookfield Middle East Partners. Signed at the eighth edition of Future Investment Initiative, Saudi Arabia's flagship annual economic conference in Riyadh, the non-binding agreement marks the kingdom's latest push for financial partnerships that boost private equity investment and economic development within its borders. The move is in line with Saudi Arabia's recently-updated Investment Law, which seeks to attract more foreign direct investment — it's set itself a lofty target of $100 billion in annual FDI by 2030. Currently, that figure has averaged around $12 billion per year since Vision 2030 was announced in 2017, according to data from the kingdom's investment ministry — still a long way from that goal. The PIF, the kingdom's $925 billion sovereign wealth fund, has deployed billions in capital around the world as it aims to diversify Saudi Arabia's revenue streams away from oil, materializing the central goal of Crown Prince Mohammed bin Salman's Vision 2030 campaign.

Persons: —, Prince Mohammed bin Salman's, Yasir al Rumayyan, Bruce Flatt Organizations: Saudi, Public Investment Fund, Wednesday, Brookfield Asset Management, Brookfield Middle East Partners, Future Investment Initiative, Saudi Arabia's, Brookfield, Brookfield Academy Locations: Riyadh, Saudi Arabia, Saudi

☆ Standard Chartered lifts income guidance again after beating third-quarter profit forecasts
▼ + stars: | 2024-10-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Standard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management business. After its second quarter earnings report, Standard Chartered in July announced its largest-ever share buyback of $1.5 billion. Standard Chartered said its operating expenses rose 3% to $2.9 billion caused by inflation and business expansion efforts, although efficiency savings did offset some costs. The London-headquartered bank also lifted its 2024 income guidance on Wednesday with operating income to increase towards 10% in 2024. In July, the bank had upgraded the operating income projection to more than 7%, from 5% to 7%.

Persons: LSEG, Bill Winters, that's Organizations: Chartered, HSBC Locations: Asia, London

☆ Adidas is getting back on track after Yeezy woes
▼ + stars: | 2024-10-30 | by ( Maria Noyen | ) www.businessinsider.com time to read: +4 min

Adidas posted strong third-quarter growth. Operating profit jumped to 598 million euros ($646 million) from 409 million euros ($442 million) the year before. AdvertisementBjørn Gulden, who took over as Adidas CEO in 2023, said the Q3 numbers were evidence that Adidas is "moving in the right direction." Adidas stock dipped slightly on Wednesday but is up 20% since the start of the year, valuing the company at almost 40 billion euros ($43 billion). Related storiesOne of the reasons Adidas is finding success in the increasingly competitive athleisure and footwear industry is through the revival of retro styles such as the Adidas Samba, which was coronated the "It Shoe" of 2023.

Persons: Bjørn Gulden, —, Ye, Bjørn, Alexander Hassenstein, Neil Saunders, Gulden, Matthew Quint, Quint Organizations: Adidas, Service, Kanye, Puma, Center, Global Brand Leadership, Columbia Business School, Nike Locations: China

☆ Mortgage demand stalls as interest rates surge higher ahead of election
▼ + stars: | 2024-10-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose last week for the fourth time in five weeks, causing another pullback in refinancing. Total mortgage application volume was essentially flat, falling 0.1% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Government refinances accounted for a large part of the decrease, dropping 12 percent over last week," wrote Joel Kan, an MBA economist, in a release. Real estate brokerages have reported a surge in interest from homebuyers recently, as the supply of homes for sale has increased. Mortgage rates moved higher to start this week.

Persons: Government refinances, Joel Kan, brokerages, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Atlanta , Georgia, refinances, Government

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