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☆ Advance Auto Parts shares plummet 30% after dismal results, cuts to outlook and dividend
▼ + stars: | 2023-05-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Shares of Advance Auto Parts plummeted roughly 30% during early trading Wednesday after the company's fiscal first-quarter earnings significantly missed Wall Street's expectations and executives slashed the retailer's yearly guidance and quarterly dividend. The Raleigh, North Carolina-based auto parts supplier blamed its dismal results and bleaker outlook on higher-than-expected costs for its professional sales, inflationary pressure, supply chain problems and an unfavorable product mix. Its quarterly revenue of $3.42 billion slightly missed expectations of $3.43 billion. Shares of other auto parts suppliers such as O'Reilly Automotive and AutoZone were also lower Wednesday. However, some Wall Street analysts believe Advanced Auto Parts' problems could be more operational than industrywide.

Persons: Refinitiv, Tom Greco, Oppenheimer, Brian Nagel Organizations: Advance, O'Reilly Automotive, O'Reilly Auto Locations: Raleigh, North Carolina

☆ European shares touch two-month low on dismal China data
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - European shares hit an over two-month low on Wednesday as weak economic data from China fuelled concerns about a global slowdown and countered optimism from signs of easing inflation in some of the major euro zone economies. The pan-European STOXX 600 index (.STOXX) fell 0.7% to hit its lowest level since March 31. Both the indexes were also trading at a two-month low on Wednesday. China is Germany's main trading partner. Shares of troubled Swedish real estate firm SBB (SBBb.ST) sank 7.6% to a near seven-year low.

Persons: Sruthi Shankar, Sherry Jacob, Phillips Organizations: FTSE, CAC, SBB, Thomson Locations: China, Paris, Europe, Westphalia, Swedish, Bengaluru

☆ The Most Expensive and Most Affordable Cities for Childcare in the US
▼ + stars: | 2023-05-31 | by ( Jeremy Ney | ) www.businessinsider.com time to read: +13 min

The most expensive counties generally have fewer childcare workers or the state doesn't provide enough financial support for low-income families. The US Department of Health and Human Services considers childcare "affordable" if it costs less than 7% of a family's income. The pandemic provided a perfect example of this dynamic: 2 million women left the workforce and haven't returned, citing childcare costs as the No. Counties with higher levels of poverty often lack affordable care as childcare workers themselves can't afford to live on the industry's low wages. In Canada, where childcare workers make more, that ratio is six to one.

Persons: haven't, It's, Joe Biden, doesn't, Annie Lowrey, Grant, Jeremy Ney Organizations: Department of Labor, US Department of Health, Human Services, New, Bay State, University of Massachusetts Amherst, US, Preschool, America, Federal Reserve Bank of New Locations: Massachusetts, Mississippi, New York City, America, Kings County, Brooklyn, Queens County, Bronx County, Bronx, Bay, While Massachusetts, California, . Mississippi, New York, Canada, Portland , Oregon, Portland, Michigan, The, Federal Reserve Bank of New York

☆ The tech trade is back, driven by A.I. craze and prospect of a less aggressive Fed
▼ + stars: | 2023-05-26 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Patrick T. Fallon | Bloomberg | Getty Imageswatch nowTo start the year, the main theme in tech was layoffs and cost cuts. But investors have shifted their focus to AI now that companies are showcasing real-world applications of the long-hyped technology. Google, meanwhile, is touting its rival AI model at every opportunity, and Meta CEO Mark Zuckerberg would much rather tell shareholders about his company's AI advancements than the company's money-bleeding metaverse efforts. The chipmaker, known best for its graphics processing units (GPUs) that power advanced video games, is riding the AI wave. The next three top gainers in the index are also tech companies: Meta, Advanced Micro Devices and Salesforce .

☆ Apple caught on a downgrade based on supply-chain projections. Here's our take
▼ + stars: | 2023-05-22 | by ( Christopher Alessi | In | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stick with Apple Loop Capital on Monday downgraded Club holding Apple (AAPL) to hold from buy, citing "material downside risk" to the iPhone maker's June quarter revenue. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ I was a freelancer and hated every moment of it. Here's what my experience was like and why I went back to a full-time job.
▼ + stars: | 2023-05-22 | by ( Elizabeth Blackstock | ) www.businessinsider.com time to read: +5 min

For her, full-time freelance writing was a torturous cycle of overwork and underpayment. I left a previous full-time job on February 28, 2020, right as the COVID-19 pandemic took America — and my job prospects — by surprise. I learned a lot from it, though, and I'd hope that my experience can help a different freelancer or potential freelancer on their journey. My pay rate remained dismal. It was a valuable experience that taught me a lot — but I won't miss it for a second.

☆ Kansas farmers abandon wheat fields after extreme drought
▼ + stars: | 2023-05-22 | by ( Tom Polansek | ) www.reuters.com time to read: +4 min

[1/4] Romulo Lollato, a wheat agronomist for Kansas State University, examines wheat in a field, as part of an annual crop tour, near Clay Center, Kansas, U.S., May 16, 2023. REUTERS/Tom PolansekWICHITA, Kansas, May 22 (Reuters) - Farmers in Kansas, the biggest U.S. producer of wheat used to make bread, are abandoning their crops after a severe drought and damaging cold ravaged farms. Kansas farmers are expected to abandon about 19% of the acres planted last autumn, up from 10% last year and 4% in 2021, according to the report. Soaring prices for hay also pressure wheat farmers not to harvest their fields for grain so they can be fed to cattle, Gilpin said. Kansas farmers are expected to produce just 191.4 million bushels of wheat this year, the smallest since 1963, according to the latest monthly government forecast.

☆ VC firm Sequoia is pulling out all the stops to dominate AI, insiders say. The firm is using everything from 'speed dating' to star studded summits to woo founders.
▼ + stars: | 2023-05-22 | by ( Stephanie Palazzolo | Ben Bergman | ) www.businessinsider.com time to read: +10 min

It's just one move of many the VC firm has taken to cement its position in the white-hot AI space. Huang and Grady wrote a public blog post on Sequoia's website inviting AI founders to email them their ideas and pitches directly. But the firm has been louder where it counts, investing in splashy AI startups like Harvey and LangChain. Every member of the firm, from managing partner Roleof Botha on down, has made AI a top priority, with Grady, Huang, and Buhler most prominently involved. Both Huang and Buhler now spend over 90% of their time researching AI companies, versus 50% in previous years, they said.

☆ Mark Zuckerberg's fortune has surged this year – and nobody on the rich list comes close to his $44 billion gain
▼ + stars: | 2023-05-22 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

It's due to Meta's soaring stock, among the top performing in the S&P 500 this year. Mark Zuckerberg has seen his fortune surge this year – and nobody on Bloomberg's rich list comes close to his $44 billion gain so far in 2023. With his net worth currently at $89.9 billion, Zuckerberg is the 12th wealthiest person on the planet, per the rich list. The tech giant's stock has almost doubled since January, making it among the top performers on the S&P 500. That comes after a dismal 2022 for Meta, when it was one of the worst-performing stocks in the S&P 500.

☆ Nike to trade lower following Foot Locker's dismal results, Citi says
▼ + stars: | 2023-05-22 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Citigroup analysts are watching Nike stock for downside risk after disappointing quarterly results from retailer Foot Locker . The firm Monday reiterated a neutral rating on Nike stock, with a price target of $125 per share. Nike stock is down nearly 2% from the start of the year, and shares fell another 1.5% in premarket trading Monday. Citi also downgraded Foot Locker to neutral on Monday, citing the "economic sensitivity of [Foot Locker's] customer base" underpinned by the company's weak results on Friday . FL YTD mountain Foot Locker stock.

The Kansas wheat tour and its findings always prompt these questions: How does the tour yield compare with USDA’s May forecast? Since 2005 and including 2023, USDA’s May estimate for Kansas winter wheat yield was lower than the tour yield in all but three years: 2010, 2018 and 2019. USDA's May Kansas wheat yield vs tour yieldBefore 2021, the tour was always held before USDA’s May report, but it now takes place after. Compared with final Kansas winter wheat yields, the tour yields have been streaky. Kansas winter wheat yield: tour versus finalFinal Kansas wheat yield has come in higher than USDA’s May forecast in 11 of the last 15 years.

☆ Jim Cramer says 'brace yourself' for week ahead as lawmakers inch toward debt ceiling deal
▼ + stars: | 2023-05-19 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBCs Jim Cramer told investors on Friday to brace themselves for the week ahead as Washington teases a resolution to the debt ceiling crisis. "If we do we get a debt ceiling deal, it'll certainly move stocks higher, bringing tons of sidelined cash back into the market, even if it's earning more than 5%. Investors also should look out for Monday's Zoom earnings report, which is scheduled to be released after market close. Friday should finally bring a debt ceiling deal, according to Cramer. "Unlike 2011, where the debt limit was an obscure issue that snuck up on us, this year the debt ceiling debacle is well known and weighing down the entire country."

☆ Premarket stocks: Investors shouldn't ignore this recession warning sign
▼ + stars: | 2023-05-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

“Retail growth held on by the skin of its teeth this month,” said Neil Saunders, managing director of GlobalData. The retailer posted disappointing sales for its first quarter and lowered its outlook for the year as customers slowed their spending. Total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. The bill, which will take effect in January, specifically names TikTok as its target, prohibiting the app from operating within state lines. Pence said he expects to come to a decision about a presidential run before the end of June.

☆ Elon Musk predicts a 'ChatGPT moment' for Tesla, warns of banking woes, and expects a tough year ahead. Here are his 15 best quotes this week.
▼ + stars: | 2023-05-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Elon Musk predicts a "ChatGPT moment" for Tesla, and warns investors have a tough 12 months ahead. The Tesla, Twitter, and SpaceX chief spoke during his automaker's shareholder meeting and a CNBC interview on Tuesday. "I think Tesla will have a ChatGPT moment, maybe if not this year, I'd say no later than next year." And I think that's just generally true for the economy." And now I think they're going to be slow to lower them."

☆ Wall Street rallies, dollar gains as debt limit talks progress
▼ + stars: | 2023-05-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermidSINGAPORE, May 17 (Reuters) - Wall Street moved higher on Wednesday, gathering momentum in afternoon trading, and the dollar touched a six-week high as regional banks surged and negotiations in Washington over raising the debt ceiling moved forward. Retail salesRegional banks provided some lift, with the KBW Regional Banks index (.KRX) surging 6.8% amid waning concerns of a liquidity crisis in the sector. The dollar gained touched a six-week high against a basket of world currencies, benefiting from its safe-haven status as debt ceiling talks grind on, but pulled back as investors trimmed their bets on near-term interest rate cuts from the Federal Reserve. The dollar index rose 0.3%, with the euro down 0.23% to $1.0836. Oil prices rebounded on a brightened demand outlook and optimism over a debt ceiling resolution.

☆ US stocks move higher, dollar gains as debt limit talks inch forward
▼ + stars: | 2023-05-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 15, 2023. REUTERS/StaffSINGAPORE, May 17 (Reuters) - Wall Street was modestly higher on Wednesday and the dollar advanced as regional banks surged and negotiations in Washington over raising the debt ceiling inched forward. Debt ceiling negotiations preoccupied market participants, who took heart from Republican House of Representatives Speaker Kevin McCarthy's vow to avoid what would be a catastrophic default. The dollar gained ground against a basket of world currencies, the greenback benefiting from its safe-haven status as debt ceiling talks grind on. The dollar index rose 0.4%, with the euro down 0.31% to $1.0827.

☆ New home construction rose in April after a dip in March
▼ + stars: | 2023-05-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

However, housing starts, a measure of new home construction, were down 22.3% from a year ago, according to data released Wednesday by the Census Bureau. After surging in February following five consecutive months of falling, housing starts fell in March. Single‐family housing starts in April rose 1.6% from the revised March figure, at a seasonally adjusted annual rate of 833,000. Building permits, which track the number of new housing units granted permits, fell in April after also dropping in March. Building permits were down in the Northeast and Midwest, but climbed in the South and West.

☆ Baupost’s Seth Klarman ups his stakes in Alphabet, Coinbase to ride the tech rebound
▼ + stars: | 2023-05-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baupost's Seth Klarman added to his technology holdings in the first quarter, including Google parent Alphabet and Coinbase , to take advantage of the big rebound in the sector, according to a new regulatory filing. Meanwhile, Klarman hiked his Coinbase bet by nearly 80% to $29 million. The cryptocurrency exchange was one of the biggest winners in the first quarter, jumping more than 90% to rebound from a dismal 2022. And just like Buffett, Klarman pivoted to technology in recent years to take advantage of growth stocks' leadership in the market. He gained $1.6 billion from hedging last year, which helped offset losses on the long side, the FT reported.

☆ American consumers are growing worried about a US debt default
▼ + stars: | 2023-05-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

“If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default.”The latest survey showed that the university’s consumer-sentiment index fell by 9% in May. Monthly household spending growth tumbled to 5.4% from a revised 7.1% in December, according to the New York Fed’s Household Spending Survey, which is fielded every four months. Michigan’s report showed US household spending was flat in March from the prior month, after limping just 0.1% in February. Stack on top of that the Federal Reserve’s punishing interest-rate increases and still-high inflation, and consumers might just tap out. The Conference Board’s sentiment survey showed that consumer confidence worsened in April as Americans became more worried about the jobs market.

☆ An ominous policy change is a sign Russia is preparing for a long, bloody war in Ukraine
▼ + stars: | 2023-05-08 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Recent changes to Russian conscription law indicate Moscow is preparing for a long war in Ukraine. Beyond a need for manpower, the changes may reflect the Kremlin's embrace of more heavy-handed rule. But Russian leaders appear to preparing for a long and bloody fight, judging by a series of new measures related to military conscription. The Russian government is "methodically stepping through a process to go over to a higher readiness and protracted war," Massicot added. Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications.

☆ Club meeting recap: Equities edge down, Estee Lauder, Caterpillar
▼ + stars: | 2023-05-08 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Equities lower ahead of inflation data Watch Estee Lauder Buy Caterpillar 1. Watch Estee Lauder Nelson Peltz isn't going to do anything with Estee Lauder (EL), the activist investor told Jim Cramer Monday. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Silicon Valley's Hail Mary moment
▼ + stars: | 2023-05-07 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

Silicon Valley has entered the Hail Mary phase of its business cycle — a desertic part of a tech-industry downturn where desperation can turn into recklessness. Don't fear the robotsTo understand the Hail Mary moment, it's important to understand the actual capabilities of technology these tech titans are touting. Again, what Musk is describing is AI general intelligence — something much more advanced than the generative AI OpenAI is building on at the moment. During the pandemic when governments were handing out cash and people were stuck at home, the world bought everything Silicon Valley was selling. But those are exactly the types of workers getting laid off in Silicon Valley right now.

☆ Secret billionaire benefactors, mysterious debt, undisclosed real estate deals, millions in headhunting fees, and more: All of the ethics questions hanging over the Supreme Court
▼ + stars: | 2023-05-05 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +2 min

Justice Clarence Thomas is at the center of a scandal involving a billionaire subsidizing his lifestyle. Chief Justice John Roberts' wife has made millions as a legal recruiter from firms who argue at the court. Land deals, mysterious debts, book deals, it's an ethical minefield at the court right now. Roberts' wife, Jane, made millions in commissions placing lawyers at the high-priced firms that often argue before the court. Roberts and other justices have bristled over the possible impositions of a formal ethics code on the court.

☆ Paramount shares plunge more than 25% following dismal earnings
▼ + stars: | 2023-05-04 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

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☆ How China’s slower post-Covid recovery is playing out for our Club stocks this earnings season
▼ + stars: | 2023-05-04 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

A slower-than-expected recovery in China is proving to be a challenge for some of our Club holdings that do lots of business there. The company blamed a slower post-Covid recovery in its Asia travel retail business for the dismal outlook. SBUX YTD mountain Starbucks' stock year to date performance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

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