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☆ In an all-hands meeting, Intel's new leaders emphasized outgoing CEO Pat Gelsinger's 'personal decision'
▼ + stars: | 2024-12-02 | by ( Helen Li | Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

AdvertisementIntel CEO Pat Gelsinger is out of the top spot after a challenging 4-year tenure. On Monday morning, Intel employees joined an all-hands meeting after receiving an email invite at 5 a.m. PT. Being CEO of Intel was Pat Gelsinger's dream since he joined the company as a teenager in 1979. But no one at the top has the technical expertise of Gelsinger, which Intel employees pointed out in their questions. No one has been a closer witness to this roller coaster than Intel employees, who have seen multiple waves of layoffs and buyouts.

Persons: Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, unravels ChatGPT, isn't, Pat Gelsinger's, Alvin Nguyen, Forrester, Gelsinger, Zisner, Holthaus, Intel's, Edward Jones, Said, Frank Yeary, Bernstein, Vivek Arya, Daniel Newman, Logan Purk, Pat, Emma, ecosgrove Organizations: Intel, Bloomberg, Department of Commerce, Nvidia, Gaudi, Bank of America

☆ Dollar faces crunch week for U.S. rates, yen holds gains
▼ + stars: | 2024-12-02 | by ( ) www.cnbc.com time to read: +3 min

The risk of an early hike was enough to keep the dollar pinned at 149.60 yen , having shed 3.3% last week in its worst run since July. The euro held at $1.0555, after bouncing 1.5% last week and away from a one-year trough of $1.0425. That left the dollar index flat at 105.790, having closed out November with a gain of 1.8% even after last week's setback. "But the bar for a further shift in expected interest rates in favor of the U.S. in the near term is quite high," he added. Political uncertainty is another drag for the single currency as investors wait to see if France's government can survive the week intact.

Persons: Kazuo Ueda, Christian Keller, Jonas Goltermann, Jerome Powell, Michel Barnier Organizations: Bank of Japan, Barclays, Capital Economics, Federal Reserve, European Central Bank, National Locations: Tokyo, U.S, Greece

☆ Markets are getting more comfortable again with the idea of a December rate cut
▼ + stars: | 2024-12-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Wall Street's fickle pendulum when it comes to the Federal Reserve has swung more decisively toward expectations for a December rate cut. It's going to depend on the inflation data. However, he noted that if inflation data continues to show signs of "stalling," he will "be supportive of holding the policy rate constant." The Fed currently targets its benchmark overnight borrowing rate in a range between 4.5% and 4.75%. That follows cuts in September and November that took the fed funds rate down by three-quarters of a percentage point altogether.

Persons: Donald Trump's, Aditya Bhave, they'll, Christopher Waller, bank's, Waller Organizations: Federal Reserve, Federal, Bank of America, Fed

☆ Wall Street is starting to get bullish on this new energy play with a creative ticker
▼ + stars: | 2024-12-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Trading under the creative ticker symbol VNOM, the company does not actually produce any barrels of crude. Viper owns mineral interests in the Permian Basin and receives royalties from operators who produce oil and gas on its acreage. The 61%-owned subsidiary of Diamondback Energy has gained 71% this year and Wall Street analysts have taken notice. Viper commits 75% of its available cash to shareholders through base and variable dividends as well share buybacks, according to Goldman. "This differentiates VNOM from peers which currently have no growth and no more than one year of production visibility," Akamine said.

Persons: Goldman Sachs, Viper, Goldman, FANG, Neil Mehta, Kalei Akamine, Akamine Organizations: Viper Energy, Diamondback Energy, Wall Street, Bank of America, Viper, Diamondback

☆ An Indian automaker just unveiled 2 EVs priced around $25,000. Analysts say buy the stock
▼ + stars: | 2024-12-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Mahindra & Mahindra , one of India's largest automakers, last week unveiled two new electric vehicles priced around $25,000, challenging both domestic and international rivals in the growing Indian EV market. The Wall Street bank has a buy rating on Mahindra's stock, with a price target of 3,520.00 Indian rupees ($41), which points to 18% upside potential. MAHM-IN 1Y line Mahindra & Mahindra said the vehicles will have a range of up to 682 kilometers (424 miles) with the larger battery option. He has a price target of 3,420 rupees on the stock, which represents 15% upside and is also the median price target of all analysts covering the stock. Tata Motors , another large automaker, currently dominates India's small EV market, with about 70% market share.

Persons: Arvind Sharma, Citi's Sharma, Tesla, Motilal Oswal, Aniket Mhatre, Mhatre, Motilal, Kapil Singh Organizations: Mahindra, EV, Electric, Bank of America, National Stock Exchange, Motilal Oswal, Investment, Tata Motors, Korea's Hyundai Motors Locations: Chennai, India, China, U.S, Germany

☆ How GE Vernova plans to deploy small nuclear reactors across the developed world
▼ + stars: | 2024-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

GE Vernova is aiming to deploy small nuclear reactors across the developed world over the next decade, staking out a leadership position in a budding technology that could play a central role in meeting surging electricity demand and reducing carbon dioxide emissions. GE Vernova is the spinoff of General Electric's former energy business. The U.S. government wants to triple nuclear power by 2050 to shore up an electric grid that is under growing pressure from surging power demand. GE Vernova is targeting more than $2 billion in annual revenue from its small reactor business by the mid-2030s. GE Vernova won the first commercial contract in North America to deploy a small modular reactor for Ontario Power in January 2023.

Persons: Nicole Holmes, Holmes, Kenneth Parks, GE Vernova Organizations: GE, GE Hitachi, GE Vernova, New York Stock Exchange, CNBC, GE Vernova's SMR, U.S, Bank of America, America, Ontario Power, Tennessee Valley Authority, Energy, Toronto . Ontario Power Locations: Cambridge, U.S, Canada, United Kingdom, Europe, Poland, North America, Darlington, Lake Ontario, Toronto

India's economy expanded by just 5.4% in its second fiscal quarter ending September, well below estimates by economists and close to a two-year low. The print follows 6.7% growth over the previous quarter and is the lowest reading since the last quarter of 2022. Economists polled by Reuters had forecast growth of 6.5% for the period, while the Reserve Bank of India expected an expansion of 7%. The weak GDP reading could potentially affect the country's interest rate trajectory, with the RBI's Monetary Policy Committee scheduled to meet between Dec. 6-8. Markets watchers had been expecting an eleventh consecutive pause by the RBI, with the repo rate currently at 6.5%.

Persons: Harry Chambers Organizations: Reuters, Reserve Bank of India, Capital Economics

☆ Spain approves law allowing 4 days of 'paid climate leave' after recent deadly floods
▼ + stars: | 2024-11-29 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +3 min

AdvertisementSpain has approved a law granting employees up to four days of paid climate leave. Spain is enacting a new law granting employees up to four days of paid climate leave following last month's devasting floods, which killed more than 200 people. "For the first time, Spain will have paid climate leave for working people," she said. In an interview with Spanish broadcaster RTVE, Díaz said the paid leave will be relevant whenever an authority issues a climate-related alert that advises people to stay at home for safety reasons. AdvertisementSpain's economy minister, Carlos Cuerpo, said on Thursday that the paid leave applies when employees cannot safely reach their workplace or work remotely, Euronews reported.

Persons: Yolanda Díaz, RTVE, Díaz, Esther Lynch, Lynch, Carlos Cuerpo Organizations: Spain's, Labour, Social, Ministers, European Trade Union Confederation, The Bank of Spain Locations: Spain, Valencia, Spanish, Valencian

☆ Bank of England warns of risks from rise in global trade barriers
▼ + stars: | 2024-11-29 | by ( ) www.cnbc.com time to read: +2 min

Andrew Bailey, governor of the Bank of England (BOE), during the Monetary Policy Report news conference at the bank's headquarters in the City of London, UK, on Thursday, Aug. 1, 2024. The Bank of England warned on Friday that higher trade barriers could hit global growth and feed uncertainty about inflation, potentially causing volatility in financial markets and pushing up borrowing costs for businesses and consumers. While U.K. households, businesses and banks appeared to be in good shape, the BoE report said, Britain's financial sector faced risks that were "particularly relevant" given the openness of the U.K. economy. "Uncertainty around, and risks to, the outlook have increased," the report said. Bailey also stressed the importance of minimum international financial standards in the wake of the Nov. 5 U.S. election.

Persons: Andrew Bailey, BOE, Donald Trump, BoE, Bailey, Trump, Rachel Reeves Organizations: Bank of England, City of, The Bank of England, U.S, Trump Locations: City, City of London

☆ 6 charts show why Gen X is so bummed about money right now
▼ + stars: | 2024-11-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

AdvertisementAs many Americans struggle with a high cost of living, Gen X is in a particularly tight spot. Gen X has the highest income of all but also the highest debt. As a Bank of America Institute research note said, Gen X has seen its discretionary spending drop the most of all generations. The analysis attributed that, in part, to Gen Xers trying to sock away more for retirement and investing more. AdvertisementBut as Bank of America notes, Gen X is in the "sandwich" phase of life: Some are juggling supporting adult children and older relatives.

Persons: X, Gen X, Xers —, they're, Xers, Gen Xers, I'm, Wendy Graham, Barbara Lose, Graham, who's, Xer Organizations: Federal Reserve Bank of Philadelphia, Philadelphia Fed, Bank of America Institute, of Labor Statistics, Bank of America, University of Michigan's Locations: Philadelphia, Florida

☆ Asia markets set to open mixed after Wall Street rally stalls; Bank of Korea rate decision in focus
▼ + stars: | 2024-11-28 | by ( Anniek Bao | ) www.cnbc.com time to read: +1 min

A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset. Asia-Pacific markets were poised to open mixed after Wall Street rally stalled overnight even as inflation data came in line with expectations. The U.S. personal consumption expenditure price index, or PCE, rose 2.3% on an annualized basis, accelerating from 2.1% in September. The Bank of Korea is expected to hold its benchmark rate unchanged at 3.25% when its monetary policy committee meets later in the day, according to a Reuters poll of economists. Hong Kong's Hang Seng index futures were at 19,618, higher than the HSI's last close of 19,603.13.

Organizations: Wall, Reuters, Bank of, Nikkei Locations: Seoul, Asia, Pacific, Bank of Korea, Chicago, Osaka

☆ Apple, Trump and a booming budget surplus: Ireland has much to mull over as voters head to the polls
▼ + stars: | 2024-11-28 | by ( Michael Considine | ) www.cnbc.com time to read: +4 min

Kinga Krzeminska | Moment | Getty ImagesIreland goes to the polls on Nov. 29, with center-right parties Fianna Fáil and Fine Gael once again expected to form the nucleus of the country's next government. On the flipside, there are concerns in Dublin that U.S. President-elect Donald Trump will look to clamp down on U.S. companies paying taxes in Ireland, instead of in America. Political angleThe country's two biggest parties look once again on track to form a government, despite some travails for Fine Gael as the campaign winds down. The latest Irish Times/Ipsos B&A poll of Nov. 25 shows support for Fine Gael falling six points to 19% over the last two weeks, while Fianna Fáil's backing now stands at 21%. It is nevertheless unclear what policy changes can be expected, given the sway that Fianna Fáil and Fine Gael are likely to have in a potential government.

Persons: Kinga, Fáil, Donald Trump, Republican Party Sinn, Emma Howard, Jack Chambers, Howard, Trump's Organizations: Images, Fine Gael, Green Party, European Court of Justice, Apple, Irish Times, Republican Party, Housing, Central Bank of Ireland, TU Dublin, CNBC, IMF, ECB, European Commission, Finance, AAA Locations: Ireland, Dublin, America

☆ South Korea unexpectedly cuts rates by 25 basis points — first back-to-back cuts since 2009
▼ + stars: | 2024-11-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A pedestrian walks past signage for the Bank of Korea in Seoul, South Korea, on Monday, Nov. 22, 2021. South Korea on Thursday cut its benchmark interest rate by 25 basis points to 3% in a surprise move, as the country strives to boost its economy that has seen tepid growth. Economists polled by Reuters had estimated the bank to hold rates at 3.25%. This also marked the first time the BOK has enacted two back-to-back cuts since 2009. It had cut rates by 25 bps in its last meeting in October.

Persons: BOK Organizations: Bank of, Reuters, bps Locations: Bank of Korea, Seoul, South Korea

☆ Video shows Chiefs player Tershawn Wharton catch child who fell from stands after game
▼ + stars: | 2024-11-27 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +1 min

The Kansas City Chiefs' most important catch happened after Sunday's win against the Carolina Panthers, when defensive lineman Tershawn Wharton saved a young fan who fell from the stands. The moment Wharton caught the child was captured on video. Wharton told The Pat McAfee Show that it was a "natural reaction" to catch the child. The video shows Wharton, 26, lift the child back up into the stands. He said he hopes to connect with the child and invite him to another Chiefs game.

Persons: Tershawn Wharton, Wharton, Pat McAfee, Taylor Moton, Peter Joneleit Organizations: Kansas City Chiefs, Carolina Panthers, Bank of America, NFL, Chiefs Locations: Charlotte , North Carolina, Charlotte, N.C

☆ New Zealand expectedly cuts benchmark rate by 50 basis points as economy struggles
▼ + stars: | 2024-11-27 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

New Zealand's central bank expectedly slashed its benchmark interest rate by 50 basis points on Wednesday, marking a third straight cut, as the country strives to boost its struggling economy. The Reserve Bank of New Zealand's interest rate now stands at 4.25%. Economists polled by Reuters had expected the bank to cut its rate by 50 bps. In October, the RBNZ had also cut the cash rate by 50 bps, following a 25 bps cut in August. It added that economic growth is expected to recover in 2025 as lower interest rates boost investment and spending.

Persons: RBNZ Organizations: Reserve Bank of New, Reuters, NZ Locations: Auckland , New Zealand, New, New Zealand

☆ Tershawn Wharton: Kansas City Chiefs DT catches child who fell headfirst from stands, invites him to next game
▼ + stars: | 2024-11-27 | by ( Jamie Barton | ) edition.cnn.com time to read: +3 min

CNN —After quite possibly saving a child’s life on Sunday, Kansas City Chiefs defensive tackle Tershawn Wharton has invited the young fan to a game. Wharton caught the child after he fell headfirst from the Bank of America Stadium stands following the Chiefs’ 30-27 win against the Carolina Panthers in Charlotte, North Carolina, on Sunday. The child loses his footing before falling headfirst from the stands, which are roughly 10 feet above the ground. It is not clear from the video whether a railing gave way, or whether the particular area that the young fan was leaning over was not covered by a fence. But I just had to kind of, like, push him into the stands a little bit to make sure he didn’t hit too hard,” he continued.

Persons: Tershawn Wharton, Wharton, Pat McAfee, ”, McAfee, Travis Kelce, “ Organizations: CNN, , Kansas City Chiefs, Bank of America, Chiefs, Carolina Panthers, CNN Sport, ” CNN, New, Panthers Locations: ,, Charlotte , North Carolina

☆ Elon Musk wants to 'delete' a federal agency designed to prevent another financial crisis and protect people from scams
▼ + stars: | 2024-11-27 | by ( Eliza Relman | Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

AdvertisementElon Musk says he wants to eliminate the Consumer Financial Protection Bureau. The CFPB was created after the 2008 crisis to protect consumers from financial abuses. "Delete CFPB," Musk wrote on X early Wednesday of the Consumer Financial Protection Bureau. The agency investigates consumer complaints related to credit cards, loans, bank accounts, and debt collection and enforces consumer protection laws. Earlier this year, the CFPB also limited credit card late fees to $8 a month, compared to the average $32 fee charged by issuers in 2022.

Persons: Elon Musk, Musk, Vivek Ramaswamy, Dodd, Frank, Democratic Sen, Elizabeth Warren, Barack Obama, Warren, Wells Fargo, who've, —, Clarence Thomas Organizations: Financial, Bureau, Elon, Consumer Financial, Trump, Government, Trump Administration, Congress, Democratic, Harvard Law School, Personnel Management, Bank of America, of America, Apple, Google, Federal Locations: Wells Fargo, Wells

☆ Trump wants to cut corporate taxes to as low as 15%. These stocks could benefit the most, Wolfe says
▼ + stars: | 2024-11-27 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

President-elect Donald Trump has called for cutting the corporate tax rate – and a slate of companies could stand to benefit, according to an analysis from Wolfe Research. That would be a reduction from the current corporate tax rate of 21%. A corporate tax rate of 18% would increase S & P 500 earnings per share by $5, while a 15% rate would lift earnings per share by $10, he said. Senyek's team identified companies that could see the greatest impact on their earnings per share from a lower tax rate. Wolfe also highlighted Amazon in its list of companies that could benefit from a lower corporate tax rate.

Persons: Donald Trump, Chris Senyek, Wolfe, Peter Supino, Biden, Supino, LSEG, Wells, Ken Gawrelski, AMZN, Fiserv, Goldman Sachs, Trump Organizations: Wolfe Research, Trump, White House, Republicans, GOP, US, Warner Bros, Discovery, Warner, White, ., Bank of America Locations: China, Wells Fargo

☆ Here are Wednesday's biggest analyst calls: Nvidia, Dell, Amazon, Disney, Dick's, Urban Outfitters, Amazon, Ford & more
▼ + stars: | 2024-11-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +4 min

JPMorgan upgrades Martin Marietta Materials to overweight from neutral JPMorgan says the building materials company is well positioned. JPMorgan reiterates HP Inc. as overweight JPMorgan says it's standing by the stock following earnings on Tuesday. Bank of America reiterates CrowdStrike as buy Bank of America says trends are improving for CrowdStrike following earnings on Tuesday. Citi upgrades Urban Outfitters to buy from neutral Citi upgraded the stock following earnings and says it likes the retailer's execution. HSBC downgrades CrowdStrike to hold from buy HSBC downgraded CrowdStrike following its earnings and says it sees "limited near-term visibility."

Persons: Goldman Sachs, Goldman, Piper Sandler, Baird, it's bullish, Daiwa, Datadog, CrowdStrike, Bernstein Organizations: Dell Technologies, DELL, JPMorgan, Martin Marietta Materials, HP Inc, Holdings, Disney, DIS, Bank of America, Nvidia, Citi, Urban Outfitters, UBS, Goods, HSBC, CrowdStrike, Ford, General Motors

☆ Why exchange-traded funds are a 'growth engine' of active management
▼ + stars: | 2024-11-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Meanwhile, active mutual funds lost money in all but one year (2021); they shed $344 billion in the first 10 months of 2024. "We see [active ETFs] as the growth engine of active management," said Bryan Armour, director of passive strategies research for North America at Morningstar. As a result, passive funds have attracted more annual investor money than active funds for the past nine years, according to Morningstar. watch nowBut, for investors who prefer active management — especially in more niche corners of the investment market — active ETFs often have a cost advantage versus active mutual funds, experts said. "They are a tiny portion of active net assets but growing rapidly at a time when active mutual funds have seen pretty significant outflows," he said.

Persons: Tang Ming Tung, Bryan Armour, it's, Morningstar, It's, Jared Woodard, Armour Organizations: Getty, Morningstar, North America, P, Bank of America Securities

☆ Expect RBNZ to 'slow down' pace of monetary easing in 2025: HSBC
▼ + stars: | 2024-11-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect RBNZ to 'slow down' pace of monetary easing in 2025: HSBCPaul Bloxham of HSBC explains why he expects the Reserve Bank of New Zealand's official cash rate to lower to 3.25% by the end of 2025.

Persons: HSBC Paul Bloxham Organizations: HSBC, Reserve Bank of New

☆ Major currencies consolidate as market regroups ahead of US inflation measure
▼ + stars: | 2024-11-27 | by ( ) www.cnbc.com time to read: +3 min

The New Zealand dollar rose after the Reserve Bank of New Zealand cut benchmark rates by 50 basis points to 4.25% while noting that inflation had declined to near the mid-point of its targeted range. "This uncertainty can lead markets to 'sell first and ask questions later' which is a positive for the USD." The Australian dollar was mostly flat at $0.64755 after domestic consumer price inflation stayed at a three-year low in October. In cryptocurrencies, bitcoin was trading at $91,795, keeping well below the record high of $99,830 it touched last week. It has climbed more than 40% since the U.S. election on expectations Trump will loosen the regulatory environment for cryptocurrencies.

Persons: Donald Trump's, Trump's, Trump, Carol Kong, Joe Biden, Scott Bessent, bitcoin, Bitcoin Organizations: U.S, New Zealand, Reserve Bank of New, jittery, Commonwealth Bank of Australia, Canadian, Treasury, Trump Locations: Reserve Bank of New Zealand, Canada, Mexico, China, United States, U.S, Israel, Iran, France, Israeli, Trump's

☆ Social media creators turn to subscription apps due to increasingly competitive, volatile content economy
▼ + stars: | 2024-11-26 | by ( Zach Vallese | ) www.cnbc.com time to read: +2 min

Social media creators are turning to monthly subscription services to generate revenue directly from their followers in an attempt to find a stable source of income in an increasingly competitive and volatile market. The creator economy peaked in September 2021, according to research published this month by the Bank of America Institute. While the average monthly income for content creators has increased over the past three years, a typical, full-time U.S. employee makes five times as much in monthly income on average. While internet virality is unpredictable, turning content creation into a full-time career requires meeting certain financial needs, like the ability to pay monthly bills, content creators told CNBC. Since its launch in 2013, Patreon has paid creators over $8 billion, while Substack claims to host more than 4 million paid subscribers.

Persons: Patreon, Substack, Meta's Instagram, Molly Burke Organizations: Bank of America Institute, Bank of America, CNBC

☆ Bank of America sees 11% gain for S&P 500 next year and even bigger returns for certain stocks
▼ + stars: | 2024-11-26 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

The Wall Street firm set its 2025 S & P 500 target at 6,666, which implies an 11% upside from current levels. .SPX YTD mountain S & P 500 In particular, BofA said it is bullish on financials, discretionary, materials, real estate and utilities. The firm expects bank stocks to benefit from a return in merger and acquisition activities as well as optimism around deregulation under a Donald Trump administration. Deutsche Bank sees the S & P 500 hitting 7,000 in 2025 on the back of rising risk appetite. Goldman also projected an 11% S & P 500 return for next year.

Persons: Savita Subramanian, BofA, Donald Trump, Goldman Organizations: of America, BofA Securities, Wall, Deutsche Bank, UBS

☆ Scott Bessent Helped ‘Break’ the Bank of England. Now He’ll Run the U.S. Treasury.
▼ + stars: | 2024-11-26 | by ( Maureen Farrell | ) www.nytimes.com time to read: +1 min

Three decades before he was tapped to lead the Treasury Department, Scott Bessent was asked to help break another country’s financial system. Then 29 years old, Mr. Bessent, working for the financier George Soros, helped “break” the Bank of England with crushing trades against the British pound. He was on a small team at Mr. Soros’s investment firm that, in 1992, amassed a $10 billion bet that the pound was overvalued. Mr. Soros’s fund earned more than $1 billion, along with credit (and infamy) for orchestrating one of Wall Street’s most audacious trades. When President-elect Donald J. Trump announced his selection of Mr. Bessent as Treasury secretary last week, there was no mention of the connection to Mr. Soros.

Persons: Scott Bessent, Bessent, George Soros, Donald J, Trump, Soros Organizations: Treasury Department, Bank of England, Mr Locations: British

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