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☆ Bank of America shares fall after company reports lower fourth-quarter profit, hit by regulatory charge
▼ + stars: | 2024-01-12 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Bank of America shares fell 1.1% Friday after the firm reported declining fourth-quarter earnings amid hefty one-time charges. Here's what the company reported compared to Wall Street expectations, according to LSEG, formerly known as Refinitiv:Earnings per share: 70 cents, adjusted vs. 68 cents expected. 70 cents, adjusted vs. 68 cents expected. Revenue: $22.1 billion vs. $23.74 billion expected. Bank of America stock is down 2.6% this year after a mere 1.7% gain in 2023.

Persons: Brian Moynihan Organizations: of America, Revenue, Bank of America, London, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, CNBC PRO Locations: Charlotte , North Carolina

☆ Cathie Wood says bitcoin ETF approval makes her $1.5 million bull case more likely
▼ + stars: | 2024-01-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood said the approval of bitcoin exchange-traded funds in the U.S. made her more convinced that the world's largest cryptocurrency could hit her wildly bullish target. For her bull case, the Ark Invest chief sees bitcoin hitting $1.5 million by 2030. "We think the probability of the bull case has increased with this SEC approval. The Ark Invest CEO and chief investment officer has been a longtime crypto bull. Ark Invest has partnered with 21Shares on a proposed bitcoin fund — the Ark21Shares Bitcoin ETF (ARKB).

Persons: Cathie Wood, Wood, Bitcoin, 21Shares Organizations: Ark Invest, SEC, U.S . Securities, Exchange Commission, Invest Locations: U.S

☆ CNBC Pro Talks: Top strategists and stock pickers share their 2024 market playbook
▼ + stars: | 2024-01-11 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro Talks: Top strategists and stock pickers share their 2024 market playbookThe S&P 500 ended 2023 with a bang, up 24% on the year despite persistent recession warnings, a regional banking crisis, widespread tech layoffs, and 'higher-for-longer' interest rates. Can the stock market momentum continue into 2024? Oppenheimer's John Stoltzfus, Requisite Capital Management's Bryn Talkington and Capital Wealth Planning's Kevin Simpson each break down their 2024 market outlooks and field stock-specific questions from CNBC PRO subscribers.

Persons: Oppenheimer's John Stoltzfus, Bryn, Kevin Simpson Organizations: Wealth, CNBC Locations: Bryn Talkington

☆ DoubleLine's Gundlach sees ‘very painful’ economic downturn, S&P 500 may be forming ‘double top’
▼ + stars: | 2024-01-09 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

DoubleLine Capital CEO Jeffrey Gundlach said Tuesday that he sees the chance of a severe recession coming in 2024 and that the S & P 500 , possibly in anticipation, may be forming a particularly bearish technical trading pattern. Other than the yield curve, Gundlach said leading economic indicators have been flashing contractionary signals for a long time, especially manufacturing. Gundlach pointed out that the S & P 500 has almost returned to its record level set in January 2022, forming a "double top" price chart. At the end of 2023, after a 24% rally, the S & P 500 was less than 1% from its all-time high of 4796.56 reached in January 2022. Gundlach said the greenback is losing its momentum and the S & P 500 should underperform its international counterparts in the next recession.

Persons: Jeffrey Gundlach, Gundlach, Carter, We're, we've Organizations: DoubleLine

☆ Jobless rate for Black Americans declines to 5.2% to end 2023 on a positive note
▼ + stars: | 2024-01-05 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

A networking and hiring event for professionals of color in Minneapolis, MN. Michael Siluk | Getty ImagesThe unemployment rate for Black Americans fell significantly in December, closing out 2023 on a positive note, according to data released Friday by the Department of Labor. Black Americans, the group with the highest jobless percentage in the country, saw their unemployment rate dip to 5.2% last month from 5.8% in November. Still, that's higher than the overall unemployment rate, which held at 3.7% last month, as well as the 3.5% jobless rate for white Americans.

Persons: Michael Siluk Organizations: Black, Department of Labor Locations: Minneapolis , MN

☆ These are the cheapest stocks with upside in the Dow Industrials to start 2024
▼ + stars: | 2024-01-04 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Here are the most appealing names right now in the 30-stock Dow average. Forward P/E also lower than its five-year average P/E. Consensus price target calls for at least 5% upside ahead. The consensus price target from Wall Street analysts suggests 17% potential upside in the next 12 months for Chevron. Other stocks on the list of cheap Dow stocks were Cisco Systems , Coca-Cola , Procter & Gamble , Walmart , McDonald's and Visa .

Persons: Dow Organizations: Dow, Nasdaq, Tech, CNBC, Stock, Wall Street, Chevron, Nike, Cisco Systems, Procter, Gamble, Walmart, McDonald's, Visa

☆ Hedge fund investor Dan Niles unveils his top picks for 2024, including Amazon and Meta
▼ + stars: | 2024-01-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Widely followed investor Dan Niles on Tuesday revealed his top stock picks for 2024, including one of 2023's top performers. The founder and senior portfolio manager of the Satori Fund selected two names from the so-called Magnificent Seven mega-cap tech stocks as his favored shares for the new year — Amazon and Meta Platforms . META 1Y mountain Meta shares 1-year chart ETFs The hedge fund investor is also bullish on SPDR S & P Biotech ETF (XBI), which tracks more than 120 biotech companies. The investor said the top holdings in KWEB — Baidu , Alibaba and Tencent — are so much cheaper than mega-cap names in the Magnificent Seven. "You can buy them at 13 times P/E off 24 numbers for comparison, The Magnificent Seven, you're paying 34 times," he said.

Persons: Dan Niles, Satori, Niles, Apple, they're, we've Organizations: Satori Fund, Apple, Barclays, CNBC, Meta, P Biotech, KraneShares CSI China Internet, Baidu

☆ Berkshire Hathaway didn't beat the market this year, but Warren Buffett's track record is unmatched
▼ + stars: | 2023-12-31 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Shares of Berkshire Hathaway were up about 16% this year after climbing to an all-time high, but the conglomerate still trailed the S & P 500 's 24% gain. "I recommend the S & P 500 to people," Buffett said at Berkshire's annual meeting in 2020 . But I would not want to bet my life on whether we beat the S & P 500 over the next 10 years." And I would make no promise to anybody that we will do better than the S & P 500," he said. Many Berkshire shareholders were made millionaires by Buffett's shrewd moves and patient value philosophy over the years.

Persons: Berkshire Hathaway, Warren Buffett, Buffett, LBJ, That's, I've Organizations: Berkshire, Oracle, Apple, Berkshire Hathaway Locations: Omaha, Berkshire

☆ Meet the portfolio manager who oversees the best performing stock fund this year
▼ + stars: | 2023-12-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Alex Umansky is the man behind the best performing equity mutual fund this year. Baron Fifth Avenue Growth (BFTIX) , with nearly $500 million in assets under management, has rallied more than 58% this year, taking the No.1 spot for a winning stock fund in 2023, according to Morningstar. Umansky, who's been in the industry for 30 years, is the sole portfolio manager for the fund. Umansky's fund seeks to find long-term, durable growth opportunities in the large-cap space. The manager also has a long-term approach to growth investing where he views a stock as a piece of the business.

Persons: Alex Umansky, who's, Morningstar, Umansky Organizations: Baron, Nasdaq, New York University, Nvidia, Tesla

☆ November pending home sales were unchanged, despite a sharp drop in mortgage rates
▼ + stars: | 2023-12-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates are key in this report, with the average rate on the 30-year fixed mortgage soaring over 8% in mid-October before dropping sharply to 7.5% in the first week of November, according to Mortgage News Daily. Analysts had expected the drop to cause a slight gain in pending sales, but apparently it wasn't enough, given steep home prices and tight supply. Regionally, pending sales rose 0.8% month over month in the Northeast and 0.5% in the Midwest. Mortgage rates are now solidly in the mid-6% range, but the supply of homes for sale is still very low. "With mortgage rates falling further in December – leading to savings of around $300 per month from the recent cyclical peak in rates – home sales will improve in 2024," Yun added.

Persons: Lawrence Yun, –, Yun Organizations: National Association of Realtors, Mortgage News, Midwest ., Builders, CNBC PRO

☆ Leon Cooperman remains one of the best-known and most prolific stock pickers
▼ + stars: | 2023-12-27 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Longtime investor Leon Cooperman racked up market-beating returns before closing his hedge fund, and he still remains one of the most influential voices on Wall Street and a prolific stock picker. Cooperman converted his New York hedge fund, Omega Advisors, into a family office in 2018 to manage only his personal wealth. Cooperman recently said he still owns some of his favorite players in the sector, including Canadian companies Tourmaline Oil and Paramount Resources . In 2016, Cooperman and his hedge fund were charged with insider trading in Atlas Pipeline Partners by the U.S. Securities and Exchange Commission. Cooperman, who called the case "extraordinarily abusive," later agreed to a $4.9 million settlement but admitted no wrongdoing.

Persons: Leon Cooperman, Cooperman, bullish Organizations: Omega Advisors, Wall Street, CNBC, Oil, Paramount Resources, Atlas Pipeline Partners, U.S . Securities, Exchange Commission Locations: York

☆ Altimeter's Brad Gerstner, a top tech investor for 15 years, is showing no signs of slowing
▼ + stars: | 2023-12-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Brad Gerstner rose to prominence in the tech investment scene for his early lucrative bets in Snowflake and Meta Platforms , and he's showing no signs of slowing down. The tech investor launched his investment firm Altimeter Capital in the depths of the 2008 financial crisis with less than $3 million raised from his family and friends. Altimeter has also been an on-and-off investor in Meta Platforms since the early 2010s. As a top 15 institutional investor, Gerstner wrote a critical open letter in October 2022, saying the company needed to slash headcount and stop spending so much money on metaverse. The widely followed tech investor called the rise of AI a "super-cycle" just like the dot-com boom in the late 1990s.

Persons: Brad Gerstner, Gerstner, Snowflake, Meta, Mark Zuckerberg, he's Organizations: Harvard Business School, Microsoft, Nvidia, Federal Reserve Locations: Snowflake

☆ Fed lowers inflation forecast for 2024, seeing core PCE falling to 2.4%
▼ + stars: | 2023-12-13 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, November 1, 2023. The Federal Reserve dialed back its inflation projections on Wednesday, seeing its favorite gauge falling to 2.4% in 2024. These new forecasts suggest a softer inflation picture in the next two years than that from the last update in September. The Fed had foreseen the core PCE hitting 2.6% in 2024 and 2.3% in 2025. While the public more closely watches the consumer price index as an inflation measure, the Fed prefers the core PCE reading.

Persons: Jerome Powell Organizations: Federal, Committee, Federal Reserve, Fed, Market Committee Locations: Washington

☆ S&P 500 will surge all the way to 6,000 in 2025 in ‘Roaring 2020s’ scenario, says Ed Yardeni
▼ + stars: | 2023-12-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Widely followed Wall Street strategist Ed Yardeni issued a head-turning bull call on the stock market, seeing the S & P 500 soaring all the way to 6,000 in two years. The president of Yardeni Research raised his year-end 2025 target to 6,000, which represents a 30% leap from Monday's close of 4,622.44. His forecast assumes 2026 earnings for the S & P 500 of $300 per share, and a forward price-to-earnings ratio of 20. The S & P 500 just registered a six-week winning streak, bringing 2023 gains to 20%. .SPX YTD mountain S & P 500 "This year's Santa Claus rally started early," Yardeni wrote.

Persons: Ed Yardeni, Yardeni, Santa Claus, Michael Bloom Organizations: Yardeni Research Locations: Santa

☆ This unusual company that cashes in on boardroom brawls is set for windfall from Disney-Peltz fight
▼ + stars: | 2023-12-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Broadridge Financial Solutions , which provides proxy services for big corporations during boardroom brawls, could generate as much as $50 million in event-driven revenue from the Peltz-Disney war, according to Evercore ISI analyst David Togut. During Trian's 2017 proxy battle against Procter & Gamble, the consumer giant paid about $60 million to Broadridge for proxy service, Togut said. Evercore ISI said a company's retail investor base is the best representation for Broadridge's revenue. Since Disney has 81% of the retail shares P & G has, it estimated that Broadridge could make up to $50 million from the proxy war. Evercore ISI set an outperform rating on Broadridge and raised its 12-month price target to $230 from $226.

Persons: Nelson Peltz's, David Togut, Broadridge, Togut, Evercore, Peltz, Trian, Ike Perlmutter, Bob Iger, — CNBC's Michael Bloom Organizations: Disney, Procter & Gamble, Marvel Entertainment, Evercore ISI

French Junior Minister for Digital Affairs Jean-Noel Barrot leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, November 22, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsBRUSSELS, Dec 5 (Reuters) - EU countries and lawmakers may have to meet for yet another round of talks to hammer out crucial details of rules for artificial intelligence even if they clinch a deal on Wednesday, French Digital Minister Jean-Noel Barrot said on Tuesday. There is still a gap between both sides, Barrot said. Barrot cited biometric surveillance and general-purpose AI where the two sides have to work further on the finer details. Further discussions, however, could delay the rollout of landmark rules in Europe that could set the benchmark for other countries.

Persons: Digital Affairs Jean, Noel Barrot, Sarah Meyssonnier, Jean, Europe's, Barrot, Foo Yun Chee, Matthew Lewis Organizations: French Junior, Digital Affairs, REUTERS, Rights, French Digital, European Commission, Microsoft, Thomson Locations: Paris, France, Europe, Brussels

A padlock is seen in front of the word 'spyware' and binary code in this illustration taken May 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Dec 5 (Reuters) - Lobby group Japan Association of New Economy has joined U.S. Big Tech to warn against proposed EU cybersecurity labelling rules that they said could hamper their access to the bloc's markets, according to a letter sent to the EU industry chief. A requirement that Amazon (AMZN.O), Alphabet's (GOOGL.O) Google, Microsoft (MSFT.O) and other non-EU cloud providers set up a joint venture with an EU-based company to qualify for the EU cybersecurity label has triggered criticism from some EU countries and foreign vendors. The Japan Association of New Economy also slammed these requirements. The Japan Association of New Economy is a business lobby group focused on e-business and developing new industries.

Persons: Dado Ruvic, Hiroshi Mikitani, Thierry Breton, Mikitani, Foo Yun Chee, Dave Dolan, Miral Organizations: REUTERS, Rights, Japan Association of New, U.S, Big Tech, European Union, Google, Microsoft, EU, Reuters, Japan Digital Partnership, Thomson Locations: EU, Japan, Japanese, Brussels, Tokyo

☆ Stocks making the biggest moves midday: Spotify, Virgin Galactic, Lululemon and more
▼ + stars: | 2023-12-04 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Lululemon — Shares declined 2% after Wells Fargo downgraded the athleisure company to equal weight from overweight. The firm said Lululemon's prior positive catalysts have already played out, and it forecasts more muted growth in 2024. Spotify — Shares added 8.8% after the music streaming company announced it would lay off 17% of its workforce. The three stocks will replace Sealed Air , Alaska Air Group and SolarEdge Technologies . Virgin Galactic — Shares of the space company plunged nearly 15%.

Persons: Wells, MicroStrategy, Dow, FirstSource, Richard Branson, Branson, KeyBanc, Carvana, Morgan Stanley, — CNBC's Hakyung Kim, Jesse Pound, Alex Harring, Samantha Subin, Yun Li, Lisa Kailai Han, Sarah Min, Michelle Fox Organizations: Marathon, Spotify, Technologies, Uber Technologies, Dow Jones, Builders, Alaska Air Group, SolarEdge Technologies, Galactic —, Financial, United, JPMorgan, Alaska Air Group —, Hawaiian Airlines, Alaska Air, Hawaiian Holdings, General Motors, Cadillac, Chevrolet, Mizuho Securities, United Auto Workers, Palo Alto, Palo Alto Network Locations: MicroStrategy, British, Seattle, Palo

The world also said goodbye to former U.S. Secretary of State Henry Kissinger, who died Nov. 29. Political Cartoons View All 1277 ImagesAnother political figure who died this year was former U.S. first lady Rosalynn Carter, who died Nov. 19. Among the entertainers who left the world this year was singer Tina Turner, who died May 24. Here is a roll call of some influential figures who died in 2023 (cause of death cited for younger people, if available):___JANUARY___Fred White, 67. A Hall of Fame forward who helped the Chicago Blackhawks win the 1961 Stanley Cup Final.

Persons: Wagner, Yevgeny Prigozhin, Prigozhin, Vladimir Putin’s, Henry Kissinger, Rosalynn Carter, Jimmy Carter, Silvio Berlusconi, Dianne Feinstein, James Buckley, James Abourezk, Nigel Lawson, Pervez Musharraf, Sandra Day O’Connor, Li Keqiang, Martti Ahtisaari, United Nations Bill Richardson, Gov, Sheila Oliver, Theodoros Pangalos, Tina Turner, Ike Turner, Suzanne Somers, Matthew Perry, Raquel Welch, Richard Belzer, Chaim Topol, Jacklyn Zeman, Lance Reddick, Alan Arkin, Paul Reubens, David McCallum, Richard Roundtree, Tom Sizemore, Jimmy Buffett, Sinéad O’Connor, Rita Lee Jones, Burt Bacharach, David Crosby, Fito Olivares, Ryuichi Sakamoto, Astrud Gilberto, Coco Lee, Tony Bennett, Harry Belafonte, Cormac McCarthy, William Friedkin, Bob Barker, Jerry Springer, Louise Glück, Jeff Beck, Mary Quant, Kaija Saariaho, Lloyd Morrisett, Fred White, Maurice, Verdine White, Ken Block, Walter Cunningham, Fay Weldon, ” Jan, Russell Pearce, Charles Simic, Lynette “ Diamond ” Hardaway, Donald Trump, Diamond, Constantine, Jan, Tatjana Patitz, George Michael’s, Lisa Marie Presley, Elvis Presley, Robbie Knievel, Evel Knievel, Ray Cordeiro, Elmo, Cookie, Gina Lollobrigida, Chris Ford, Crosby, Stills, Nash, Young, Cindy Williams, Shirley, “ Laverne, Billy Packer, Sylvia Syms, Alex ”, Barrett Strong, Norman Whitfield, “ Papa, Rollin ’ Stone, Tom Verlaine, Patti Smith, Bobby Hull, Paco Rabanne, Harry Whittington, Dick Cheney, Hsing Yun, ”, San Jose ”, Carlos Saura, Spain’s, Hugh Hudson, Oscar, “ Greystroke, Hans Modrow, David Jude Jolicoeur, Huey “, ” Smith, Little Richard, Lloyd Price, “, Leiji Matsumoto, Yamato ”, Tim McCarver, Stella Stevens, Jerry Lewis’s, John Munch, Ahmed Qureia, Betty Boothroyd, Ricou Browning, Gill, Gérard Latortue, Fontaine, Barbara Everitt Bryant, Ryan ”, Kenzaburo Oe, Judy Heumann, Gary Rossington, Lynyrd Skynyrd, Georgina Beyer, Traute Lafrenz, Rose, Peterson Zah, Tevye, Robert Blake, Jiang Yanyong, Bud Grant, Dick Fosbury, Pat Schroeder, Gloria Bosman, Jacqueline Gold, Britain’s Ann Summers, John Wick ”, John Jenrette, Juana La, Willis Reed, Darcelle, Paul O’Grady, Lily Savage, Emperor ”, Hedda Kleinfeld Schachter, Margaret Thatcher, Ben Ferencz, Nuremberg, Elisabeth Kopp, Michael Lerner, Jack Lipnick, “ Barton Fink, Bugsy Calhoun, Anne Perry, Thomas Pitt, William Monk, Al Jaffee, magazine’s, Charles Stanley, Richard Riordan, Todd Haimes, Tony Awards, Barry Humphries, Tony, Dame Edna Everage, Len Goodman, Carolyn Bryant Donham, Emmett Till, LeRoy “ Lee ” Carhart, Larry “, ___ Gordon Lightfoot, Tori Bowie, Vida, Grace Bumbry, Rock ”, Ovelha, Denny Crum, Heather Armstrong, Bobbie Spencer, Rolf Harris, Kenneth Anger, Doyle Brunson, Jim Brown, Timothy Keller, Andy Rourke, Ray Stevenson, Thor ”, Ed Ames, George Maharis, Carroll Cooley, Miranda, John Beasley, Kaija, George Winston, Ipanema ”, Robert Hanssen, Richard Snyder, Simon & Schuster, Françoise Gilot, Pablo Picasso —, Pat Robertson, Theodore “ Ted ” Kaczynski, Roger Payne, Treat Williams, Glenda Jackson, Daniel Ellsberg, Richard Nixon, Big, George Frazier, Lee Sarokin, Rubin “, ” Carter, Winnie Ewing, Sheldon Harnick, Jerry Bock, “ Fiorello, John Goodenough, Peg Yorkin, Sue Johanson, Yan Mingfu, John Berylson, James Lewis, poisonings, Mikala Jones, André Watts, Jane Birkin, Kevin Mitnick, San Francisco ”, Frank Sinatra, Lady Gaga, Hugh “ Sonny ” Carter Jr, Jimmy, Randy Meisner, Herman, Angus Cloud, Fezco, ” O’Neill, ___, Mark Margolis, Hector Salamanca, Saul, Sixto Rodriguez, flamed, Robbie Robertson, Tom Jones, Magoo, Timbaland, Aaliyah, Missy Elliott, Clarence Avant, Quincy Jones, Bill Withers, Ada Deer, Jerry Moss, Herb Alpert, Alpert, Michael Parkinson, Muhammad Ali, Miss Piggy, Jiri Cerny, Betty Tyson, Richard Nixon’s, John Warnock, Ron Cephas Jones, Howard Hubbard, Samuel “ Joe ” Wurzelbacher, Joe, Barack Obama, Gil Brandt, Tom Landry, Tex Schramm, Bill Richardson, Steve Harwell, Shabtai Shavit, Jordan, Ian Wilmut, Dolly, Prince Mangosuthu Buthelezi, Roy Kidd, Eno Ichikawa, Michael McGrath, Fernando Botero, Giorgio Napolitano, Matteo Messina Denaro, Michael Gambon, Albus Dumbledore, Harry Potter ”, Mankombu Sambasivan, Saad Eddin Ibrahim, Hosni Mubarak, Tim Wakefield, Dick Butkus, Michael Chiarello, Michael Chiarello ”, Masters, Burt Young, Paulie, Sylvester Stallone, Hughes Van Ellis, Kevin Phillips, Louise Meriwether, Mark Goddard, Major Don West, Rudolph Isley, Isley, unblinking, Piper Laurie, Chrissy Snow, Bobby Charlton, Bishan Bedi, Richard Moll, Xi Jinping, Wu Zunyou, Chandler Bing, Ken Mattingly, Bob Knight, Frank Borman, Steve Norton, Don Walsh, Mariana Trench, Terry R, Taylor, Daisaku Ikeda, Herbie Hancock, Bobby Ussery, George “ Funky ” Brown, Joanna ”, Marty Krofft, Pufnstuf, Donny, Marie ”, Terry Venables, Tim Dorsey, Serge A, Frances Sternhagen, ” “, Charlie Munger, Warren Buffett, Berkshire Hathaway, Gerald Ford, Shane MacGowan, Bernard McGhee Organizations: Wagner Group, Russian, White House, U.S, Supreme, United Nations, Greek Foreign, Republican, Hong, Boston Celtics, NBA, NBC, CBS, Television, Fame, Chicago Blackhawks, ”, New, of Fame, Louis Cardinals, “, Palestinian, Israel, South Dakota Democrat, Arab, Arab American U.S, Britain’s, Commons, . Census Bureau, Alabama ”, Zealand, Navajo, Minnesota Vikings, People, Playboy, Capitol, Juana La Cubana, New York Knicks, Guinness, World Records, Hollywood, Treasury, Southern Baptist Convention, Los Angeles, Roundabout Theatre Company, Air Force, Harlem Globetrotters, Janeiro Games, baseball’s, Germany’s Bayreuth, NCAA, Hall of Famer, Redeemer Presbyterian Church, Legion, Ames, Phoenix, FBI, Simon &, Christian Broadcasting Network, Republican Party, Christian Coalition, Harvard, Feminist Majority Foundation, “ Little, Communist Party, Millwall, New York Philharmonic, San, Brigade, Wing, Eagles, HBO, of Indian Affairs, M, Police, Carpenters, Adobe Systems, Pro Football Hall of Fame, Dallas Cowboys, escapist, Democratic, Zulu, Eastern, AA, Broadway, Communist, U.S . Senate, Red Sox, Yankees, Boston, Chicago Bears, Major, Isley Brothers, New York Times, Manchester United, India, Indiana, Nevada — Resorts, Atlantic City —, Navy, Associated Press, Soka Gakkai, Kentucky Derby, Kool, The, European, Barcelona, Tottenham, City Locations: Russia, Ukraine, Bakhmut, Russian, U.S, Finnish, New Mexico, New Jersey, British, Greece, American, Hong Kong, Italian, America, New York, Spanish, catwalks, Texas, Taiwan, Pakistan, Afghanistan, San, New Orleans, Rosebud, Arab American, Haiti, “, African, Brooklyn, London, Los, Mississippi, United States, Rivers, Georgia, Savannah, Louisville, New York City, Irish, HBO’s “ Rome, Brazilian, Ipanema, Moscow, Virginia, Montana, Vietnam, Canada, Asia, Chicago, Hawaii, France, South Africa, Wisconsin, Los Angeles, Czech, Eastern Kentucky, Colombian, ”, California, Tulsa, Finland, China, Nevada, Atlantic City, Florida, Berkshire

☆ BlackRock's Rick Rieder sees first rate cut in mid-2024, thinks market is pricing in easing too soon
▼ + stars: | 2023-12-04 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

BlackRock fixed income chief Rick Rieder thinks the Federal Reserve should start enacting small rate cuts in the middle of 2024, later than the current market pricing suggests. He said market expectation of a March rate cut is "over the top." Market pricing indicated about a 60% chance of a rate cut starting March next year, according to the CME FedWatch Tool. "I don't think the economy is falling off a cliff. I don't think I don't believe that we're going to have a significant recession," he said.

Persons: Rick Rieder, Rieder, it's Organizations: BlackRock, Reserve

☆ Charlie Munger's death brings home the inevitable future: Berkshire without Warren Buffett
▼ + stars: | 2023-12-03 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Greg Abel, vice chairman of Berkshire's non-insurance operations, became known as Buffett's heir apparent in 2021 after Munger inadvertently made the revelation . Ajit Jain, Berkshire's vice chairman of insurance operations, had been a top contender for the top job, but Buffett recently revealed that Jain "never wanted to run Berkshire." "All [Munger's passing] does is add to the conversation that what happens when Buffett's gone because this brings it home. Berkshire analysts believe the event won't notably alter Berkshire's transition plans. James Shanahan, Edward Jones' Berkshire analyst, also said he remains confident in the leadership of Berkshire following Munger's passing.

Persons: Charlie Munger, Warren Buffett's, Berkshire Hathaway, Greg Abel, Munger, Ajit Jain, Buffett, Jain, Abel, he's, Buffett's, Bill Stone, Warren Buffett, Catherine Seifert, James Shanahan, Edward Jones, CNBC's Becky Quick, Ted Weschler, Todd Combs Organizations: Oracle, Berkshire, Glenview Trust, CFRA's, MidAmerican Energy, Berkshire Hathaway Energy Locations: Berkshire, Omaha, Glenview, CFRA's Berkshire, Japan

☆ Stock futures are flat after S&P 500 hits a fresh 2023 high: Live updates
▼ + stars: | 2023-12-03 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Stock futures were little changed in overnight trading Sunday after the S&P 500 reached a new 2023 high following a five-week win streak. Futures on the Dow Jones Industrial Average and S&P 500 futures were both flat. Nasdaq 100 futures inched 0.2% lower..Shares of Alaska Airlines declined more than 1% in overnight trading after news that it agreed to acquire rival Hawaiian Airlines in a $1.9 billion deal. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022. Investors are awaiting the November jobs report, scheduled for release on Friday, for confirmation the Fed is done hiking rates.

Persons: Dow, Jerome Powell's, Adam Crisafulli, Dow Jones Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Alaska Airlines, Hawaiian Airlines, Nasdaq, Federal Reserve, Vital, Dow Locations: West Coast

☆ Charlie Munger's acumen, wisdom and irreverence: Investors mourn the loss of one-of-a-kind legend
▼ + stars: | 2023-12-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

As Charlie Munger's admirers around the globe mourn the loss of one of the most influential investors ever, a deep sense of gratitude and appreciation has spread — for his unparalleled business acumen as well as his uniquely sharp tongue. Munger, Berkshire Hathaway's vice chairman who died Tuesday one month shy of his 100th birthday, left a mark on generations of investors in a host of ways thanks to a long and fruitful life. First and foremost, Munger's investment philosophy rubbed off on none other than Warren Buffett, giving rise to the sprawling conglomerate worth almost $800 billion that Berkshire is today. Munger long emphasized the importance of recognizing a good business before it's widely seen as such, and he did so many times in his storied career. Munger was also a loyal supporter of Costco Wholesale Corp ., calling it one of the best investments of his life.

Persons: Charlie Munger's, Warren Buffett, Munger, Buffett, Bill Stone, Matt McLennan, Charlie, McLennan Organizations: Munger , Berkshire Hathaway's, Glenview Trust, First Eagle Investments, CNBC, Berkshire, Costco Wholesale Corp, Price Club Locations: Munger , Berkshire, Berkshire, Glenview

Foundation models like the one built by Microsoft (MSFT.O)-backed OpenAI are AI systems trained on large sets of data, with the ability to learn from new data to perform various tasks. In a meeting of the countries' economy ministers on Oct. 30 in Rome, France persuaded Italy and Germany to support a proposal, sources told Reuters. Until then, negotiations had gone smoothly, with lawmakers making compromises across several other conflict areas such as regulating high-risk AI, sources said. France-based AI company Mistral and Germany's Aleph Alpha have criticised the tiered approach to regulating foundation models, winning support from their respective countries. Other pending issues in the talks include definition of AI, fundamental rights impact assessment, law enforcement exceptions and national security exceptions, sources told Reuters.

Persons: Carlos Barria, Thierry Breton, Geoffrey Hinton, Alpha, Mistral, Mark Brakel, Supantha Mukherjee, Josephine Mason, Alexander Smith Organizations: Technology, Intelligence, REUTERS, Rights, Reuters, Foundation, Microsoft, European Commission, Mistral, Lawmakers, Life Institute, Thomson Locations: San Francisco, California, U.S, Rights STOCKHOLM, BRUSSELS, LONDON, France, Germany, Italy, Rome, Spain, Belgium, Stockholm

EU flag and TikTok logo are seen in this illustration taken, June 2, 2023. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBRUSSELS, Dec 1 (Reuters) - Chinese conglomerate ByteDance's TikTok has asked Europe's second highest court to suspend its designation as a gatekeeper under onerous new EU tech rules until judges rule on its challenge against the label. TikTok last month challenged the EU decision at the Luxembourg-based General Court, saying its designation risks undermining the DMA goal of protecting gatekeepers from newer competitors like itself. "We have applied for interim measures," a spokesperson said. The bar for the court to approve interim measures is very high.

Persons: Dado Ruvic, TikTok, Europe's, Foo Yun Chee, Barbara Lewis Organizations: REUTERS, Rights, Markets, Google, Apple, Microsoft, EU, Companies, Commission, Thomson Locations: Luxembourg

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