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☆ Goldman Sachs to post $400 million hit to third-quarter results as it unwinds consumer business
▼ + stars: | 2024-09-09 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

David Solomon, CEO of Goldman Sachs, during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" in New York on Aug. 6, 2024. Goldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business. CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month. It is the latest turbulence related to Solomon's push into consumer retail. Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators.

Persons: David Solomon, Goldman Sachs, David Rubenstein, Goldman, Solomon Organizations: GM Card, Apple, GM, Barclays, The, Street Locations: New York

☆ 3 reasons China's economy is poised to break out of its long slump, according to Goldman Sachs
▼ + stars: | 2024-09-09 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

But the country could see growth pick up this fall, Goldman Sachs' chief China economist says. Hui Shan pointed to fiscal easing, strong export momentum, and subsiding weather-related risks. Go to newsletter preferences Thanks for signing up! AdvertisementAfter a long downturn, China's economy may be poised for a turnaround, Goldman Sachs says. Goldman's chief China economist Hui Shan pointed to fiscal easing, strong export momentum, and subsiding weather-related risks as reasons to believe the country's fortunes could soon change.

Persons: Goldman Sachs, Hui Shan, —, Shan Organizations: Service, Business Locations: China

☆ Why playing it safe on immigration and crime could be a big risk for Harris
▼ + stars: | 2024-09-09 | by ( Ronald Brownstein | ) edition.cnn.com time to read: +19 min

Since Harris replaced President Joe Biden as the Democratic nominee, Trump has constantly attempted to portray her as weak on immigration and crime. On Friday, Harris also chose not to mention mass deportation during a radio interview with Univision, when the host asked her to summarize her argument to undecided Hispanic voters. “There is a way in which those [crime and immigration] issues in particular are also about bigger things,” said Adrianne Shropshire, executive director of BlackPAC, a group working to mobilize Black voters for Harris and Democrats. And many of those voters might recoil from these Trump policies on crime and immigration if they heard more about them. “What he is hoping is that the Black voters who he is [courting] don’t see that stuff,” Shropshire said.

Persons: Kamala Harris, Donald Trump, Trump, Harris, Joe Biden, Gary Segura, UnidosUS, Segura, Ohio Sen, JD Vance, Stephen Miller, Miller, Michael Ettlinger, Goldman Sachs, Jeffrey Passel, Passel, Rudolph Giuliani, Michael Bloomberg, Black, Ed Chung, Vera Action, Tim Walz, Trump’s, she’s, surrogates, ”, Adrianne, “, ” Segura, ” Tom Wong, Wong, ” Wong, Daniela Gilbert, That’s, Biden, Gilbert, ” Gilbert, ” Anthony Baber, Baber, “ Trump, ” Baber, ” Harris, She’s, Chung, –, Dana Bash, , Daniel Cox, BlackPAC Organizations: CNN, Democratic, Unidos, ”, White, Trump, of Police, National Guard, University of New, Carsey, of Public, Boston Globe, Pew Research Center, New York Police Department, Minnesota Gov, Univision, Black, GOP, US Immigration, Center, University of California, America’s, Marquette Law School, Religion Research Institute, Detroit, Whites, Survey Center, American Enterprise Institute Locations: California, Wisconsin, Texas, New York City, Phoenix, Las Vegas, Philadelphia, Atlanta, Savannah, Adrianne Shropshire, San Diego, United States, CNN’s, Michigan, Pennsylvania, Shropshire, ” Shropshire

☆ How some workers are using AI to save time — even though they fear the tech could replace them
▼ + stars: | 2024-09-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Despite the potential downsides of AI adoption in the workplace, several workers told Business Insider that they're using AI tools to enhance their skill sets, productivity, and job performance. AI fears have led some people to embrace the technologyTricia LaRue said using AI tools like ChatGPT has helped her save time as a marketing professional. Meanwhile, others are "very resistant" to using AI, view it as "concerning and scary" and want to avoid using it for as long as possible. In addition to concerns about AI job replacement, Granger said the overall uncertainty of the AI future can stress out some workers. Mastering AI might not be the only way to protect oneselfSainag Nethala said using AI tools typically save him about 10 to 15 hours a week on work tasks.

Persons: —, Gabrielle Gerbus, Jasper, ChatGPT, Gerbus, she's, Goldman Sachs, they're, Ben Granger, Tricia LaRue, Tricia LaRue Granger, Granger, It's, LaRue, Anchlia, Ankit, James Delage, Claude, Sainag Nethala, Sainag, Grammarly, Nethala, he's, I'm Organizations: Service, Business Locations: California, Missouri, Minnesota, Texas, Illinois

☆ 3 ways Wall Street's largest banks are leveraging AI to increase profitability
▼ + stars: | 2024-09-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI. Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes. If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter . However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.

Persons: Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim Organizations: Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty Locations: Wells Fargo, Silicon, management's, Wells, New York

☆ Eighty-eight corporate leaders endorse Harris in new letter, including CEOs of Yelp, Box
▼ + stars: | 2024-09-06 | by ( Megan Cassella | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — Eighty-eight current and former top executives from across corporate America have endorsed Vice President Kamala Harris for president in a new letter shared exclusively with CNBC. Among the signers are several high-profile CEOs of public companies, including Aaron Levie of Box , Jeremy Stoppelman of Yelp and Michael Lynton, chairman of Snap . Other signers appear to be issuing their first public endorsements of Harris since she became the de facto Democratic nominee in July. They include James Murdoch, former CEO of 21st Century Fox and an heir to the Murdoch family media empire, and crypto executive Chris Larsen, co-founder of the Ripple blockchain platform. Still more are prominent in Silicon Valley, including the venture capitalist Ron Conway, entrepreneur Mark Cuban and former LinkedIn CEO Reid Hoffman.

Persons: WASHINGTON —, Kamala Harris, Aaron Levie, Jeremy Stoppelman, Yelp, Michael Lynton, Harris, James Murdoch, Murdoch, Chris Larsen, Lynn Forester de Rothschild, José E, Feliciano, Twilio, Jeff Lawson, Ted Leonsis, Kleiner Perkins, John Doerr, Deven Parekh, Jeffrey Katzenberg, Wndr, Laurene Powell Jobs, Dustin Moskovitz, Magic Johnson, Tony James, Blackstone, Bruce Heyman, Goldman Sachs, Peter Orszag, Steve Westly, Ron Conway, Mark Cuban, Reid Hoffman Organizations: WASHINGTON, CNBC, Democratic, Century Fox, Washington Wizards, WNBA's Mystics, NHL's Washington Capitals, Walt Disney Studios, Facebook, NBA Hall of Famer, Jefferson, Lazard, Westly, Tesla Locations: America, California, Capital, Silicon Valley

☆ This startup ditched plans to go public and sold to a private equity firm for $3 billion. Here's the pitch deck it used.
▼ + stars: | 2024-09-06 | by ( Melia Russell | ) www.businessinsider.com time to read: +7 min

European private equity firm Hg expressed interest in buying a majority stake in the enterprise software company. For startups, private equity represents a deep-pocketed buyer willing to move quickly, pay a premium, and potentially help the business by tapping into complementary companies in their portfolio. AuditBoard is the kind of startup that private equity goes gaga over. Bidding warArnold then delivered the pitch deck that he had shown to public market investors just weeks before. Here's the 19-slide pitch deck that AuditBoard used to court a $3 billion buyout from private equity.

Persons: —, Scott Arnold, Morgan Stanley, Arnold, AuditBoard, Corporates, Daniel Kim, Jay Lee, It's, Fortune, Alex Johnson, Johnson, Morgan Stanley's, Roxanne Oulman's, Nic, Humphries — Hg's, Goldman Sachs, Humphries, he's Organizations: Service, Business, Battery Ventures, Tiger Global, Morgan Locations: Silicon Valley, San Francisco, Shutterfly, Paris

☆ Bears are eager to front-run a recession that has not materialized
▼ + stars: | 2024-09-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Let's front-run the September-October weakness Another chunk of investors is equally pessimistic, but for a different reason. 2) Corporate buybacks, which have been exceptionally strong this year — likely a record for the S & P 500 — will likely slow soon because corporations will be entering blackout periods for several weeks heading into earnings. The S & P 500 is less than 3% from its historic high. The last time the S & P 500 had a 10% correction was July 31 to Oct. 27, 2023 (10.3% drop). That's what happens with high valuations and a slower economy.

Persons: payrolls, It's, Goldman Sachs, nonfarm payrolls Organizations: Traders, Citi, Nvidia Locations: factoids

☆ The Trump policy that freaks out economists the most
▼ + stars: | 2024-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —Former President Donald Trump wants to spend trillions of dollars on tax cuts. “It’s enormously protectionist and terrible economic policy,” said Holtz-Eakin, who served as an economic adviser to former President George H.W. The cost of the Trump tax cutsTrump has called for extending his signature 2017 tax cuts, which expire next year if no action is taken by Congress. Trump has argued that extending the tax cuts will boost the economy, create jobs and help families. The Trump campaign has not detailed significant spending cuts or tax hikes to offset these tax cuts.

Persons: Donald Trump, Trump, Goldman Sachs, Kamala Harris, Goldman, “, ” David Kelly, Kelly, “ It’s, ”, ’ Trump, Douglas Holtz, Eakin, Holtz, George H.W, Bush, GOP Sen, John McCain, Mark Zandi, ” Zandi, Karoline Leavitt, they’ll, ” Leavitt, Trump’s, ” Harris, “ Donald Trump, ” Brian Nelson, Harris, Kimberly Clausing, Mary Lovely, ” Trump, Joe Biden, Penn, Penn Wharton, The Trump, CNN’s Katie Lobosco Organizations: New, New York CNN, Asset Management, CNN, America, New York Economic Club, American, GOP, Moody’s, Trump, Peterson Institute for International Economics, Peterson Institute, US Customs, Louis Federal Reserve, Biden, Congress, Princeton University, University of Chicago, Harvard University, US Treasury Department, Penn Wharton Model, Social Security Locations: New York, United States, China, America

☆ Bitcoin ETFs saw heaviest outflows in four months on Tuesday as crypto prices plunged
▼ + stars: | 2024-09-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Much of the initial enthusiasm surrounding bitcoin ETFs has dissipated in the last few months, following a blockbuster debut that broke records for the ETF market. Spot bitcoin funds now hold a total of around $52.6 billion in assets under management, $10 billion off their peak. As of the end of the second quarter, Wall Street banks and hedge funds were buyers of bitcoin ETFs. Goldman Sachs made its debut in the crypto ETF market in the period, purchasing $418 million worth of bitcoin funds. Of the investment bank's $1.5 trillion in assets under management, it held $189 million worth of spot bitcoin ETFs, down from roughly $270 million in the prior period.

Persons: Ark 21Shares, Bitcoin, Wainwright, Goldman Sachs, Morgan Stanley Organizations: outflows, Investors, SEC, Fidelity, JPMorgan Locations: U.S, Wall

☆ Ken Griffin’s Wellington hedge fund at Citadel squeezes out 1% gain in volatile August
▼ + stars: | 2024-09-04 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Ken Griffin's suite of hedge funds at Citadel eked out small gains in what proved a volatile month in August as markets grappled with an emerging growth scare. All five strategies used in the flagship fund — commodities, equities, fixed income, credit and quantitative — were positive for the month, the person said. Its equities fund, which uses a long/short strategy, edged up 0.8%, pushing its 2024 returns to 9.3%. The hedge fund complex had about $63 billion in assets under management as of Aug. 1. Overall, the hedge fund community recently moved into a defensive mode as macroeconomic uncertainty mounted.

Persons: Ken Griffin, The Beverly Hilton, Ken Griffin's, Citadel's, Goldman Sachs Organizations: Citadel, Milken Global, The Beverly Locations: Beverly Hills , California, Wellington, Miami

☆ The recession crowd has regained the stock market narrative, for now
▼ + stars: | 2024-09-04 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Every jobs number moves markets now In the meantime, every data point on jobs is a potentially market moving event. Nvidia's multiple is falling, not its earnings Meanwhile, there was much gnashing and wailing around Nvidia 's big 9% drop yesterday. Nvidia lost $279 billion in market value Tuesday. The forward multiple for Nvidia's next fiscal year (February 2025-February 2026) is 28.8, well below the 36 multiple in June. While Nvidia is certainly not a value stock, it is much more reasonably priced than it was two months ago.

Persons: Goldman Sachs, you've, they've, Tom Lee, Fundstrat, Joe Zicherman, Big, CNBC's Robert Hum Organizations: Citigroup, Bulls, CNBC, Nvidia, Meta Locations: China

☆ A travel influencer said social media has become a 'copycat rabbit hole' with little support for original content creators
▼ + stars: | 2024-08-31 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +7 min

But she said social media just isn't what it used to be. As a result of the influx of newer influencers, longtime content creators are seeing a decline in their audience engagement. The company has a website dedicated to resources for Instagram creators, including tips and explanations about its ranking system and algorithms. There is not a specific section addressing creator mental health, though a blog post from Mental Health Awareness Month in 2023 briefly addressed the issue. I started from being a backpacker and having no money," she said, adding she still loves her job and sees herself working in social media long-term.

Persons: —, Bree Rose, Rose, Instagram, she's, Zers, Goldman Sachs, Julia Broome, It's Organizations: Service, Business, Social, Mental Health Locations: Washington, Mexico, France, Los Angeles

☆ Stocks like Nvidia are table-pounding buys, Bank of America says
▼ + stars: | 2024-08-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

The other stocks include: Ralph Lauren, Yeti, Goldman Sachs, and GE Aerospace. "We rate YETI shares Buy as we expect continued momentum supported by new product categories & international expansion," he said. Ralph Lauren "A hit down the fairway," analyst Christopher Nardone titled his recent recap of Ralph Lauren earnings. Meanwhile, Ralph Lauren shares are up 20% this year with plenty more room to run. ... We rate YETI shares Buy as we expect continued momentum supported by new product categories & international expansion.

Persons: Ralph Lauren, Goldman Sachs, Alexander Perry, Perry, Christopher Nardone, Nardone, Ebrahim Poonawala, Goldman, Poonawala Organizations: of America, Nvidia, GE Aerospace, U.S, Goldman, Bank of America, GE, Investment Locations: Europe, China, N.A, North America, N.A .

☆ 2 reasons why Disney's stock is worth buying despite a theme-park slowdown
▼ + stars: | 2024-08-24 | by ( Paulina Likos | ) www.cnbc.com time to read: +11 min

In fiscal 2022 and 2023 combined, Disney's experiences unit, which houses the parks, generated 67.5% of the company's operating income. That represents a significant deceleration in growth from its first and second quarters, when operating income rose 8% and 12%, respectively. Nispel argued that negative sentiment around Disney's theme parks performance could be a reason to have less conviction on the stock in the near term. The more excitement around its movies, the more interest in everything from theme parks to streaming services to branded merchandise. Operating income, in particular, rose more than $350 million year over year to $254 million.

Persons: that's, Disney, we're, Jim Cramer, Jeff Marks, amortization —, Brandon Nispel, Nispel, Bob Iger, Goldman Sachs, Goldman, Jim, Romulus, King, KeyBanc's Nispel, Jim Cramer's, Mickey Mouse, Minnie Mouse, Gary Hershorn Organizations: Disney, Magic, Club, Magic Kingdom, DIS, Comcast, CNBC, KeyBanc, Universal, Americas, —, Hulu, ESPN, Walt Disney World, Corbis, Getty Locations: California, Florida, Magic, Orlando , Florida, Orlando, Animal Kingdom

☆ Commodity ETFs are sliding in the third quarter. Why that could be positive for patient investors
▼ + stars: | 2024-08-24 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

More than halfway through the third quarter, many of the biggest commodity ETFs in the United States are in sizable holes. Kathy Kriskey, senior commodities ETF strategist at Invesco, said that oil supply is actually tight at the moment. The commodities slump could be partially due to mechanical factors in the market, such as low trading volumes combined with large commodity trading advisors betting against the sector, Kriskey said. "The price of corn has taken almost three full years from those 2022 spike highs to get back down. And oil, one of the biggest weights in commodity indexes, could see stepped up supply in coming months.

Persons: It's, Ryan Grabinski, Strategas, Kathy Kriskey, Kriskey, Sal Gilbertie, We're, Gilbertie, What's, Jerome Powell, Goldman Sachs, Morgan Stanley, Matijn, — CNBC's Michael Bloom Organizations: Strategy, United States Oil Fund, U.S ., Commodities, 4Q, DB Base Metals Fund Locations: United States, Ukraine, U.S, China

☆ Stocks making the biggest moves midday: Cava, Intuit, Ross Stores, Workday and more
▼ + stars: | 2024-08-23 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Cava Group — Shares of the fast-casual restaurant chain popped more than 21% on stronger-than-expected quarterly results . Cava posted earnings of 17 cents per share on $233 million in revenue in the fiscal second quarter. That topped LSEG estimates calling for earnings per share of 13 cents and revenue of $220 million. Ross Stores — The off-price retailer's stock price added 1.4% after the company beat earnings estimates by 9 cents a share in the second quarter. Ross matched revenue estimates of $5.25 billion, per LSEG.

Persons: Cava, Warby Parker, Nicholas Jones, Goldman Sachs, Bill.com, Ross, Tesla, Jerome Powell's, Piper Sandler, — CNBC's Hakyung Kim, Jesse Pound, Brian Evans, Samantha Subin, Lisa Kailai Han, Michelle Fox Organizations: Intuit —, Intuit, FactSet, JMP Securities, Warby's, UBS, Ross Stores, LSEG, Nvidia, Federal, Investors, VanEck Semiconductor Locations: Cava, Vegas, Macau

☆ Here are Friday's biggest analyst calls: Nvidia, Peloton, Chewy, Uber, Burlington Stores, BJ's Wholesale Club, Roku and more
▼ + stars: | 2024-08-23 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

JPMorgan downgrades Peloton to neutral from overweight "Following Thursday's +35% appreciation (vs. SPX -1%) we are moving from Overweight to Neutral rated as PTON's return to growth in CF Subs & Revenue remains challenging, & visibility is limited given secular & macro pressures." Wells Fargo reiterates Burlington Stores as top pick "We reiterate BURL as our "Top Pick" and see a highly visible growth/margin bull case unfolding in real time. The combination of 1) comp acceleration and 2) margin unlocks should be powerful, and we raise 2Q/FY numbers above Street. Wells Fargo upgrades BJ's Wholesale Club to overweight from equal weight "Margin investment is the right strategic shift despite n/t pain, and supplements robust member gains. Valuation is tricky, but comp ramp/return to algo in '25 point to upside."

Persons: Piper Sandler, Warby Parker, Uber, Nomura, Wells, BURL, Goldman Sachs, Bill.com, Guggenheim Organizations: Nvidia, RBC, Westlake, JPMorgan, CF Subs, Revenue, Bank of America, Waymo, Tesla, Burlington Stores, Wholesale

☆ Surging China EV sales weigh on oil demand, Goldman says Brent could fall to $68 per barrel by next year
▼ + stars: | 2024-08-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

And demand in China this summer has contracted compared with the prior year, according Struyven. These vehicles reduced oil demand in China by 500,000 barrels per day in the first half of 2024, according to Goldman. Oil demand for vehicles in China is expected to peak in 2025 as a consequence, decades ahead of other emerging market economies, according to Goldman. If demand in China remains flat, Brent prices could fall to $68 per barrel by the end of next year, according to the investment bank. While China is the furthest ahead, global gasoline demand is slowing as electric vehicles are adopted around the world.

Persons: Brent, Daan Struyven, Goldman Sachs, Struyven, CNBC's, Bank of America's Francisco Blanch, Goldman, Jeff Currie, Currie Organizations: OPEC, Bank of America's, Bank of America, China Passenger Car Association, Goldman, Trucks Locations: China, East, Eastern Europe, Israel, Iran, U.S, EVs

☆ Leaked Microsoft salary data shows the pay gap between Microsoft AI and the rest of the company
▼ + stars: | 2024-08-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The doc includes more than 500 submissions from people who identified themselves as Microsoft employees in the US. The move came in response to a growing number of its workers feeling underpaid compared to Microsoft's tech peers like Amazon . AdvertisementAs a reminder, this pay data is based on Microsoft employees' self-reporting, so it's not a complete picture. However, the pay gap between Microsoft AI and the rest of the company is undeniable. These are the 100 most-used AI apps, according to a top VC.

Persons: —, Chelsea Jia Feng, Insider's Ashley Stewart, Ashley, Satya Nadella, Drew Angerer, Mustafa Suleyman, it's, they're, Tyler Le, Jerome, Jerome Powell's, Goldman Sachs, Jamie Dimon's, Dimon, Ned Davis, Justin Sullivan, Andreessen Horowitz, Jenny Chang, Rodriguez, Jack, Jerome Powell, Sabrina Carpenter, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Microsoft, Business, Microsoft Microsoft, Getty, Bloomberg Creative, JPMorgan, Treasury, Ned Davis Research, Big Tech, RBC Capital Markets, Consumer, Engineers, BI Locations: Washington, New York, London

☆ U.S. job growth revised down by the most since 2009. Why this time is different
▼ + stars: | 2024-08-21 | by ( Steve Liesman | ) www.cnbc.com time to read: +4 min

A few facts worth considering:By the time the 2009 revisions came out (824,000 jobs were overstated), the National Bureau of Economic Research had already declared a recession six months earlier. (It would subsequently be revised higher in the two of those quarters, one of which was revised higher to show growth, rather than contraction. As a signal that job growth has been overstated by an average of 68,000 per month during the revision period, it is more or less accurate. In the cutting process, the Fed will follow growth and jobs data more closely, just as it monitored inflation data more closely in the hiking process. The jobs data could be subject to noise from immigrant hiring and can be volatile.

Persons: payrolls, Goldman Sachs Organizations: Amerant, National Bureau of Economic Research, Bureau of Labor Statistics, Goldman Locations: Florida, Sunrise , Florida

☆ Nonfarm payroll growth revised down by 818,000, Labor Department says
▼ + stars: | 2024-08-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024, the Labor Department reported Wednesday. Wall Street had been waiting for the revisions numbers, with many economists expecting a sizeable reduction in the originally reported figures. "The labor market appears weaker than originally reported," said Jeffrey Roach, chief economist at LPL Financial. "A deteriorating labor market will allow the Fed to highlight both sides of the dual mandate and investors should expect the Fed to prepare markets for a cut at the September meeting." Nonfarm payroll jobs totaled 158.7 million through July, an increase of 1.6% from the same month in 2023.

Persons: Jeffrey Roach, Jared Bernstein, Goldman Sachs, Jerome Powell Organizations: Labor Department, of Labor Statistics, BLS, Federal Reserve, LPL, Goldman Locations: U.S, Jackson Hole , Wyoming

☆ Palo Alto Networks extends recent stock rally on solid earnings. It may be too much, too fast
▼ + stars: | 2024-08-20 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Wall Street's enthusiastic reaction Tuesday to solid earnings from Palo Alto Networks reinforced our belief that the cybersecurity stock is getting overextended. However, that doesn't mean he's any less bullish on Palo Alto in the long run. PANW YTD mountain Palo Alto Networks YTD Wall Street analysts echoed our bullish sentiments. At least two dozen research firms — including Wells Fargo, Morgan Stanley, JPMorgan, and Goldman Sachs — raised their price targets on Palo Alto, according to FactSet data. To be sure, not everyone on Wall Street is convinced that Palo Alto has significant growth ahead.

Persons: clawing, Jim Cramer, Jim, management's, billings, Wells Fargo, Morgan Stanley, Goldman Sachs —, Palo, Nikesh Arora, Arora, Morgan Staley, Jim Cramer's, Alfred Dunhill, David Cannon Organizations: Palo Alto Networks, Palo Alto, Club, JPMorgan, Management, Palo, UBS, CNBC, Getty Locations: Palo Alto, Palo, Wells, Wells Fargo, United States, St Andrews, Scotland

☆ Want to work at Goldman Sachs? These are the traits the bank looks for, according to CEO David Solomon.
▼ + stars: | 2024-08-19 | by ( Jaures Yip | ) www.businessinsider.com time to read: +3 min

Read previewGetting a job at Goldman Sachs is even harder than Havard, according to its CEO. In an episode of "The David Rubenstein Show," CEO David Solomon revealed that of over 300,000 applications last year for entry-level jobs out of undergraduate university, the bank hired around 2,500 people — less than 1%. AdvertisementWhile he listed off more classic desirable traits — people who are hardworking, smart, and "believe in excellence" — Solomon emphasized tenacity. In a letter to their 2024 summer internship cohort, Solomon advised them to "embrace your unique skills and experiences." AdvertisementThe investment bank received a record-breaking 315,126 applications for its 2024 internship program, admitting only 2,700 spots — slightly less than 0.9%.

Persons: —, Goldman Sachs, Havard, David Rubenstein, David Solomon, Solomon, — Solomon, Rubenstein, Goldman, Robbie Stankard Organizations: Service, Business, Colombia University

☆ Meta director who used to work for Elon Musk says companies without an internal AI tool are 'already behind the curve'
▼ + stars: | 2024-08-19 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewIn addition to its suite of consumer-facing AI offerings like Meta AI, Facebook's parent company also has its an internal tool for employees. She said she uses the tool "all the time for efficiency gains," — and companies that don't have their own internal AI tool are "already behind the curve." Any sizable company operating without an internal AI tool is already behind the curve. The company's internal AI tool, which is called VaultBot, answers "around 32% of all engineering questions," according to a company announcement from January. Other big tech giants are also developing internal AI tools alongside consumer-facing products.

Persons: —, Alex Heath, Mark Zuckerberg's, Heath, Esther Crawford, that’s, Esther Crawford ✨, Crawford, Kaz Nejatian, EY, PwC, Banks, Goldman Sachs Organizations: Service, Business, Elon, Twitter, Meta, KPMG, McKinsey, QuantumBlack, JPMorgan, OpenAI, Bain & Company Locations: Meta

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