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Earlier in the session, the conglomerate's stock reached all-time highs, following strong operating earnings in its fourth quarter. Pilgrim's Pride — Shares climbed 6.2% after the meat processing company beat Wall Street's expectations for the fourth quarter. Amer Sports — The athletic retailer climbed 3% on the back of a slew of bullish calls from Wall Street analysts. Fresh Del Monte Produce — Shares fell 2% after the agriculture company reported quarterly results that fell short of expectations. Revenue of $1.01 billion was lower than the consensus estimate of $1.03 billion.
Persons: Berkshire Hathaway —, Morgan Stanley, Pilgrim's, FactSet, Wilson, Arc'teryx, — CNBC's Brian Evans, Michelle Fox, Lisa Kailai Han, Alex Harring, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: Berkshire, U.S . Securities, Exchange Commission, Amer, Wall Street, Micron Technology, , HSBC, Alcoa —, Alcoa, Fluence Energy, Susquehanna Financial, Produce, FactSet, PPG, PPG Industries Locations: FactSet ., U.S, Canada
Berkshire Hathaway on Saturday reported a big rise in operating earnings in the fourth quarter, thanks to huge gains in its insurance business, while its cash pile expanded to record levels. The Omaha-based conglomerate posted operating earnings — which refers to profits from businesses across insurance, railroads and utilities — of $8.481 billion in the quarter ending December. That's 28% above the $6.625 billion from the year-ago period. For the full year 2023, that brought operating earnings up to $37.350 billion, up 17% from $30.853 billion in the prior year. Berkshire also held $167.6 billion in cash in the fourth quarter, a record level that surpasses the $157.2 billion the conglomerate held in the prior quarter.
Persons: Berkshire Hathaway Organizations: That's, Berkshire Locations: Omaha, Berkshire
Warren Buffett's Berkshire Hathaway is ramping up buying in a secret stock that could be in the banking sector. If Berkshire's latest earnings report is any indication, the new stock could be in the financial sector. That's larger than the $1.213 billion increase in the third quarter, indicating Berkshire accelerated buying in whatever position it's building. Apple , which is the Oracle of Omaha's biggest holding, amounted to a $174.3 billion stake at the end of December, up $55.3 billion from $119 billion in 2022. Berkshire's American Express stake rose to $28.4 billion in December from $22.4 billion in the year-ago period.
Persons: Warren, Berkshire Hathaway, , Alex Crippen Organizations: Apple, Omaha's, Chevron, Berkshire's American, Bank of America Locations: Omaha, Berkshire, Chevron
In the final week of February, Wall Street will strive to maintain its AI-fueled rally even as economic concerns linger and the Federal Reserve's favorite inflation measure is on deck. But many worry the writing is on the wall for these market leaders as economic and inflation risks linger. The 'lone cloud' of inflation The Fed's preferred inflation gauge will also be released in the week ahead. Investors are concerned that sticky inflation will mean that the Fed will hold onto its higher-for-longer interest rate policy. Next week will also be the final week of February, with stocks headed for another strong month of gains.
Persons: Goldman Sachs, Patrick McDonough, Europe's, PGIM's McDonough, McDonough, Charlie Ashley, Dhaval Joshi, Joshi, Ashley, John Williams, TJX Cos Organizations: Dow Jones Industrial, Nasdaq, Nvidia, Japan's Nikkei, Catalyst Funds, BCA Research, CPI, PPI, Dow, New, Dallas Fed, Fidelity National Information Services, Richmond Fed, eBay, Enterprise, Cruise Line Holdings, New York Federal Reserve Bank, York, Monster Beverage, Paramount Global, PCE Deflator, Chicago PMI, . Kansas City Fed Manufacturing, Hewlett Packard Enterprise, Autodesk, Body, Hormel, PMI, Manufacturing Locations: U.S, Lowe's, Chicago, . Kansas, Michigan
Live Nation Entertainment — Shares of the entertainment platform popped nearly 5% following a fourth-quarter revenue beat. On the other hand, however, the company reported fourth-quarter earnings and revenue figures that surprised to the upside. Carvana — Shares of the used car marketplace surged 33% in premarket trading after the struggling company posted its first-ever annual profit. Quarterly profit and revenue results were weaker than analysts expected, although the company reported strong fourth-quarter earnings than analysts anticipated. Penumbra — The medical device maker fell more than 7% on the back of mixed fourth-quarter results and lackluster full-year guidance.
Persons: LSEG, overshadowing, Insulet, Carvana, William Blair, Raymond James, MercadoLibre, Jason Bazinet, Penumbra, DraftKings, — CNBC's Michelle Fox, Hakyung Kim, Tanaya Macheel, Sarah Min, Jesse Pound, Samantha Subin Organizations: Intuit, Revenue, Holdings, FactSet, UBS, Fox, Citi, ESPN, Warner Bros, JV, JPMorgan, Barclays, Discovery
Discovery — Shares dropped 10% after the media conglomerate posted disappointing fourth-quarter results and failed to give 2024 free cash flow guidance. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts polled by LSEG, formerly known as Refinitiv, had expected a per-share loss of 7 cents on revenue of $10.35 billion. Carvana — Shares of the used car marketplace jumped 34% after the struggling company posted its first-ever annual profit. Insulet — Shares slipped 4.5% after the company reported a disappointing revenue forecast for the first quarter.
Persons: DraftKings, Rivian, Bloomin, overshadowing, Nio, LSEG, Carvana, William Blair, Raymond James, Nextdoor, Nirav Tolia, Insulet, FactSet, EOG, , Alex Harring, Samantha Subin, Brian Evans, Lisa Kailai Han, Jesse Pound, Michelle Fox, Sarah Min Organizations: Warner Bros, , Discovery, LSEG, Barclays, UBS, Holdings, EV, JPMorgan Locations: U.S
It’s a terrifying prospect that could become a reality for Anna and millions of her peers across Myanmar after the military junta activated a mandatory conscription law for all young men and women. “While wounded and increasingly desperate, the Myanmar military junta remains extremely dangerous,” Tom Andrews, United Nations Special Rapporteur for human rights in Myanmar, said in a statement. “People know for sure that no matter what is written in the conscription law, they will have to go to the front lines. “In Myanmar, young people are not safe anymore,” said Maung Nyein, who also requested to use a pseudonym for safety reasons. “Our villagers won’t join the military forces or leave the country, instead we will join our resistance forces.
Persons: Anna, , , ” Tom Andrews, — “, Aung, , Ting Aung, Zaw Min Tun, Young, Kyaw Naing, Sen, Min Aung Hlaing, Kyaw, doesn’t, ” Anna, he’s, he’ll, Khin Ohmar, Stringer, Maung, Maung Nyein, terrifies, Ko, Maung Aye, he’d Organizations: CNN, Thai Embassy, Getty, Analysts, United Nations, People’s Defense Forces, National Unity Government, United, CNN Defense, Armed Forces, Reuters, Facebook, Foreign Ministry, Myanmar, Mandalay People's Defense Forces, Immigration, International Labour Locations: Myanmar, Myanmar’s, Yangon, AFP, United States, Naypyidaw, Thailand, Rakhine, Mandalay, Shan State, , Shwebo, Sagaing
Where markets go next may well depend on how Nvidia does after going forward. "The answer here will depend on NVDA," Tom Essaye of The Sevens Report wrote in a Thursday note. "The stock is at an all-time high ... and if it can hold (or extend) this rally ... it'll imply that tech can help lead this market higher." Nvidia and other artificial intelligence darlings, including Meta Platforms, powered the broader market last year, while other stocks underperformed. I'd rather take it elsewhere in something that hasn't had as much of a run as Nvidia has."
Persons: Tom Essaye, Essaye, Patrick McDonough, Solita Marcelli, Charles Ashley, hasn't, Said PGIM's McDonough Organizations: Nvidia, Revenue, Nasdaq, VanEck Semiconductor, Federal Reserve, Meta, UBS Global Wealth Management, Catalyst Funds
The company also said revenue in the current quarter would be stronger than Wall Street forecasted. Moderna — Shares were up more than 5% after the vaccine maker posted a greater-than-expected revenue for the fourth quarter. The company's top line registered at $2.81 billion, while analysts polled by LSEG had forecast a print of $2.50 billion. Lucid — Shares pulled back more than 7% after the luxury electric vehicle company missed revenue estimates in the fourth-quarter. Specifically, Lucid posted $157 million, while analysts expected $180 million, per LSEG.
Persons: LSEG, Lucid, Cantor Fitzgerald, , Rivian, Synopsys, Morgan Stanley, FactSet, Remitly, TD Cowen, Oliver Chen, KeyBanc, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Sarah Min Organizations: Nvidia, Wall, , Moderna, LSEG, BMO Capital Markets, Coty —, ASML, HSBC, Gates Locations: Thursday's premarket, Wednesday's
SolarEdge Technologies — Shares dropped more than 20% after the company posted mixed quarterly results. However, revenue guidance for the first quarter was well below analyst expectations . Teladoc — Shares dropped 20% the morning after the online health-care company posted worse-than-expected revenue and guidance. The company posted a loss of 17 cents per share, smaller than the 21-cent figure anticipated by analysts surveyed. Palo Alto Networks topped earnings and revenue expectations for the recent quarter, but said it anticipates slower growth for the full year.
Persons: Teladoc, RingCentral, LSEG, Brandon Oglenski, Alan Shaw, HSBC's, Noel Quinn, Wingstop, — CNBC's Michelle Fox, Alexander Harring, Fred Imbert, Sarah Min, Jesse Pound, Samantha Subin Organizations: Nvidia, SolarEdge, LSEG, Palo Alto Networks, Alto Networks, Toll, JPMorgan, Norfolk Southern, Barclays, Amazon, Dow Jones, Walgreens, Alliance, HSBC —, Wall Street, FactSet Locations: Palo, billings
CNN —Paris Saint-Germain midfielder Lee Kang-in said on Wednesday that he apologized to Tottenham Hotspur forward and South Korea captain Son Heung-min in person in London after a brawl took place between them at the Asian Cup this month. The pair clashed about playing table tennis while on international duty with South Korea ahead of the team’s 2-0 loss to Jordan in the Asian Cup semifinal on February 6. A television screen in Seoul, South Korea, shows the image of the pair that Son shared on Instagram. “So even if I were to face the same situation again, I would act for the sake of the team,” Son added. The Taegeuk Warriors scraped through to the Asian Cup semifinals, despite only winning one game in regulation time during the competition, before being upset by Jordan.
Persons: Germain, Lee Kang, Son Heung, Jordan, , Son, Ian Walton, Kim, Lee “, ” Kim, Lee, Heung, ” Lee, Lee’s, Instagram, Jung Yeon, Kang, ” Son, , “ Kang, Karim Jaafar, Jürgen Klinsmann Organizations: CNN, Paris Saint, Tottenham Hotspur, South, Korean national football, Korea Football Association, Athletic, Yonhap News Agency, English Premier League, Brighton, Wolverhampton Wanderers, Tottenham, South Korea, Instagram, Getty, South Korean, Taegeuk Warriors, Qatar Locations: South Korea, London, Seoul, AFP, Jordan
First-quarter revenue is expected to be $175 million to $215 million, far below the $406 million forecast. Teladoc posted $661 million in revenue, below the $671 million consensus forecast from LSEG, formerly known as Refinitiv. Wingstop — The restaurant chain slipped 4% despite reporting fourth-quarter earnings and revenue that topped analysts' estimates. However, total revenue growth came down for the fourth consecutive quarter. Wix.com reported fourth-quarter earnings of $1.22 per share, more than the consensus estimate from StreetAccount of earnings of 96 cents per share.
Persons: SolarEdge, Teladoc, Alan Shaw, , Dow, Wingstop, Wix.com, CNBC's Hakyung Kim, Michelle Fox, Lisa Kailai Han, Jesse Pound, Samantha Subin, Yun Li, Sarah Min Organizations: Nvidia, Wall, Palo Alto Networks, Toll, Norfolk Southern, Barclays, Walgreen Boots, Dow Jones, Walgreens, Alliance, Dow Jones Industrial, Walgreens Boots Alliance, HSBC —, HSBC, Bank of Communications, Garmin —, Garmin Locations: Palo, billings, LSEG, U.S, China
The Dow is adding Amazon, while removing Walgreens Boots Alliance. With the change, S & P Dow Jones Indices senior index analyst Howard Silverblatt said the Dow could rally all the way to 42,865. The effect on incoming and outgoing members of the Dow is less clear. According to past data from Ned Davis Research, stocks that leave the Dow have historically outperformed incoming members. Since 1972, outgoing members have averaged a 12-month gain of nearly 17.5%, while new members have averaged a 10% gain in their first year.
Persons: Dow, Howard Silverblatt, Silverblatt, Ned Davis Organizations: Dow Jones, Walgreens, Alliance, Walmart, Walgreens Boots Alliance, Dow, Ned Davis Research
Over 1,600 trainee doctors in South Korea walked off their jobs on Tuesday over a government plan to increase med school enrolment quotas, according to media reports. They comprise nearly half of all 13,000 trainee doctors in South Korea. Trainee doctors in South Korea regularly work shifts that stretch over 24 hours, according to a survey from a major medical trade union. AdvertisementDoctors also say an increase in medical school enrolment could compromise the quality of education and services, per Yonhap. AdvertisementIt's not the first time doctors in South Korea have walked off the jobs against a planned expansion of enrolment in the country's medical school quota.
Persons: Organizations: Service, South Korea —, Organisation for Economic Co, Korean, Gallup, Associated Press, South Locations: South Korea
UBS hikes its S&P 500 target to 5,400, highest on Wall Street
  + stars: | 2024-02-20 | by ( Sarah Min | ) www.cnbc.com   time to read: +1 min
UBS just raised its S & P 500 year-end target to the highest among major Wall Street banks, saying it was "not bullish enough." "Despite our bullish outlook, it appears we were not bullish enough," Jonathan Golub, chief U.S. equity strategist at UBS, said in a note. .SPX YTD mountain S & P 500 Golub is not the only strategist raising his forecast. On average, strategists anticipate the S & P 500 will end the year at 4,961, according to a CNBC survey. The S & P 500 is higher by more than 4%, having notched fresh record highs in recent weeks.
Persons: Jonathan Golub, Golub, Goldman Sachs Organizations: UBS, PPI, CNBC
Rosenblatt's price target is now the highest forecast for the stock on Wall Street. Caterpillar — Shares pulled back 2% following a downgrade to in line from Evercore ISI, which noted concern over a longer-than-expected outlook for earnings growth. Analyst Brian Mullan hiked his price target on US Foods to $59 from $45, or roughly 19% upside from Friday's closing price of $49.58. Capital One stock pulled back more than 4%. Arm Holdings — Stock in the chipmaker slid about 4% as investors pulled back bets on the stock after its massive rally .
Persons: Rosenblatt, FactSet, Piper Sandler, Brian Mullan, Biden, — CNBC's Pia Singh, Sarah Min, Michelle Fox, Jesse Pound Organizations: Walmart, LSEG, Revenue, Caterpillar —, ISI, Foods, Intel —, Bloomberg, Discover Financial, Capital, Arm
Goldman raises S&P 500 target to 5,200, cites strong earnings
  + stars: | 2024-02-20 | by ( Sarah Min | ) www.cnbc.com   time to read: +2 min
Goldman Sachs raised its S & P 500 year-end target to 5,200 in anticipation of stronger-than-expected earnings — especially in megacaps. "In contrast, the remaining 493 stocks in the S & P 500 grew sales by 3% year/year while margins contracted by 56 bp and earnings fell by 2%." On average, strategists are expecting the S & P 500 to end the year at 4,943 , according to a CNBC survey. About 80% of S & P 500 companies have reported earnings, with 76% of those names beating earnings expectations, FactSet data shows. The S & P 500 has performed well to start the year despite broader economic concerns.
Persons: Goldman Sachs, David Kostin, Kostin Organizations: Federal Reserve, CNBC Locations: megacaps, U.S
If productivity is strong, that means the US economy is doing more with less, or being more productive. Productivity is measured by dividing all the goods and services produced in the economy by every hour people worked. “But the economy did well, so that translated into higher productivity, supporting higher wage growth and fending off inflation from accelerating.”Last year’s productivity boom could also be a combination of all of the above. Still, it may be too soon to know if last year’s productivity burst was truly a transformative shift in the US economy. “Sometimes at the very end of an economic cycle, productivity can be boosted by cost-saving measures,” Goodwin of New York Life Investments said.
Persons: ” Lauren Goodwin, Mark Zandi, John Min, Austan Goolsbee, It’s, ” Min, ” Goodwin, Organizations: DC CNN, Labor Department, New York Life Investments, CNN, Microsoft, Meta, Citigroup, Monex, Federal Reserve, Chicago Fed, Bloomberg Locations: Washington
Dropbox — Shares of the cloud storage company pulled back nearly 13% after the company issued lower-than-expected first-quarter revenue guidance. Dropbox now forecasts revenue in the range of $627 million to $630 million, while analysts surveyed by FactSet expected $632.5 million. The company also announced plans for a $250 million share repurchase, and said it planned to lay off 550 employees . Trade Desk — Shares skyrocketed more than 18% after the company beat revenue estimates in the fourth-quarter and issued higher-than-expected first-quarter guidance. DoorDash reported a loss of 39 cents per share while analysts polled by LSEG called for a 16-cents loss.
Persons: Ingersoll Rand, Ingersoll, Vulcan, FactSet, Roku, DraftKings, DoorDash, LSEG, Coinbase, Wells, Raymond James, Wayfair, Sarah Min, Michelle Fox, Jesse Pound, Alex Harring Organizations: Wall, FactSet, Vulcan, LSEG, Revenue, Bank of America Locations: Wells Fargo
Coinbase Global — Shares surged nearly 16% after the cryptocurrency exchange reported its first profit in two years. Roku — The streaming service provider slid 24% after posting a larger-than-expected loss for the fourth quarter. Dropbox — Shares shed 20% after the cloud storage company issued lower-than-expected first-quarter revenue guidance. Dropbox now forecasts revenue in the range of $627 million to $630 million, versus the $632.5 million expected from analysts polled by FactSet. Super Micro Computer — The information technology company shed 11.6% after Wells Fargo initiated coverage of the stock with an equal weight rating.
Persons: Coinbase's, Yelp, FactSet, Toast, DoorDash, Wells, Carvana, Raymond James, , Samantha Subin, Sarah Min, Alex Harring, Pia Singh Organizations: LSEG, Revenue, Nike —, Oppenheimer, FactSet, Bloom Energy, Nvidia —, Loop Locations: Carvana's
Seoul, South Korea CNN —South Korean and Tottenham Hotspur soccer superstar Son Heung-min was involved in a fight with a teammate the night before the national team’s disastrous loss in an Asian Cup semifinal match earlier this month, the country’s football federation confirmed to CNN on Friday. In the wake of the incident, the Korea Football Association later Friday fired head coach Jürgen Klinsmann, who had questioned the resolve of his team during the tournament. A KFA statement said the team dinner took place in Qatar on February 5, before South Korea’s 2-0 loss to Jordan at the Asian Football Confederation Asian Cup. 87 in FIFA’s world rankings, was seen as a major embarrassment for the 23rd-ranked South Korean side. Son is the captain of both Tottenham Hotspur in England’s Premier League and of the South Korean side.
Persons: Son Heung, Jürgen Klinsmann, Lee Kang, Jordan, , Lee, Germain, Heung, Visionhaus, , Lee “, ” Lee, ” “, Son, Klinsmann Organizations: South Korea CNN — South Korean, Tottenham Hotspur, CNN, Korea Football Association, Korean national football, Asian Football Confederation Asian, England’s Premier League, Paris Saint, France’s Ligue, English Premier League, Brighton & Hove Albion, JTBC, South, Asian, South Korea Locations: Seoul, South Korea, Qatar, France’s, London, Instagram
A junta spokesman did not respond to calls from Reuters seeking comment. The current size of the anti-junta resistance is now likely higher with the emergence of more resistance groups as the conflict drags on, analysts said. The Tatmadaw, as the military is known, has not publicly declared the size of its fighting force in recent years. A dozen people eligible to serve also told Reuters that they would rather leave the country than join the military. "They couldn't send backup troops in Rakhine battles," AA spokesman Khine Thu Kha told Reuters via phone.
Persons: Richard Horsey, Nobel, Aung, Suu Kyi, Ye Myo Hein, Generals, Anthony Davis, Miemie Winn Byrd, Htet Myat, Min Aung Hlaing, Andrew Selth, Selth, Khine Thu Kha, Devjyot, Miral Fahmy Organizations: Reuters, United States Institute of Peace, British, U.S ., Griffith Asia Institute, Arakan Army, Reuters Staff Locations: China, Bangladesh, Myanmar, Suu, U.S, Rakhine
The Dow Jones Industrial Average, S & P 500 and the Nasdaq Composite each snapped a five-week advance. On average, market strategists on Wall Street anticipate the S & P 500 will end the year at 4,936, according to a CNBC survey . The equal-weighted S & P 500 index is up just 1.7% in 2024, trailing far behind the market-cap weighted benchmark. Initial Claims (02/17) 9:45 a.m. PMI Composite preliminary (February) 9:45 a.m. S & P PMI Manufacturing preliminary (February) 9:45 a.m. S & P PMI Services preliminary (February) 10 a.m. Existing Homes Sales (January) Earnings: Booking Holdings , Live Nation Entertainment , Intuit , Edison International , Dominion Energy , Moderna , PG & E , Keurig Dr. Pepper Friday, February 23, 2024 Earnings: Warner Bros.
Persons: chipmaker, Ayako Yoshioka, Yoshioka, Jerome Powell, Josh Emanuel, everybody's, Emanuel, Russell, They're, Chris Chen, Chen, Dr, Pepper, Nick Wells, Kif Leswing Organizations: Nvidia, CNBC, Dow Jones, Nasdaq, Federal Reserve, Investor, Treasury, Wilshire Associates, American Association of, Insight Financial, Walmart, Home, Alto Networks, Diamondback Energy, Caesars Entertainment, Marathon, Devices, Chicago, PMI, Holdings, Nation Entertainment, Intuit, Edison International, Dominion Energy, Moderna, Warner Bros Locations: U.S, Santa Monica, Calif
Bereaved relatives of the victims of a deadly 2022 crowd crush in South Korea expressed mixed emotions this week after three former police officers were convicted of destroying evidence connected to the episode, in which nearly 160 people died in Seoul. Dissatisfaction over the slow pace of the inquiry and the perceived leniency of the sentences was mingled with relief that someone, at last, had been held to account. Though others have been indicted, these officers are the first people to be convicted of any crime related to the episode. The verdicts were an unexpected win for the victims’ family members, who had waited more than 15 months and were starting to lose faith that anyone would ever be held responsible. “It was a long wait, but it’s a meaningful outcome in that the court has clearly outlined where the police went wrong,” said Lee Jeong-min, the head of an association for the bereaved families.
Persons: , Lee Jeong Locations: South Korea, Seoul
Seoul, South Korea CNN —Three former police officers were sentenced in a Seoul court on Wednesday for destroying evidence related to the deadly Halloween crowd crush in the city’s Itaewon neighborhood in 2022. They are the first officers to be convicted of crimes related to the crowd crush, in which nearly 160 people were killed. The court document said Park ordered his officers to delete police reports warning of crowd-related incidents and raising public safety concerns ahead of the Halloween celebrations in 2022 shortly after the Itaewon crowd crush occurred. One of the deleted police reports stated a need for measures to prevent male police officers from hitting on women during Halloween. Most of those killed in the October 29 crush were young adults and teenagers, who were among tens of thousands of partygoers who poured into Seoul’s Itaewon district to celebrate Halloween.
Persons: Sung, Kim Jin, Young, seok, Kim Kwang Organizations: South Korea CNN —, Seoul Metropolitan Government, Seoul’s, Seoul police Locations: Seoul, South Korea, Seoul’s
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