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In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMerck tops earnings estimates on strong demand for Keytruda even as HPV vaccine sales fallCNBC's Becky Quick reports on the company's quarterly earnings results.
Persons: Becky Quick Organizations: Merck
The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, US, on Wednesday, Dec. 27, 2023. Bristol Myers Squibb on Thursday reported third-quarter earnings and revenue that blew past Wall Street's expectations thanks to its blockbuster blood thinner Eliquis and a portfolio of drugs it expects to deliver long-term growth. Bristol Myers previously said it expected sales to rise in the "upper end" of the low single-digit range. The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025 and funnel that money into key drug brands and research and development programs. Notably, the Food and Drug Administration approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy during the quarter.
Persons: Bristol Myers, Joe Biden's, Bristol Myers Squibb's Organizations: Bristol Myers Squibb, LSEG, Food and Drug Administration, Bristol Locations: Cambridge, Cambridge , Massachusetts, Eliquis
Comcast beat third-quarter earning expectations on Thursday, as the Summer Olympics in Paris boosted NBCUniversal's revenue and Peacock's subscriber count. The company's revenue rose 6.5% to $32.07 billion compared to the same period last year. Overall revenue was boosted by the Summer Olympics in Paris, which NBCUniversal exclusively broadcast in the U.S., and domestic broadband revenue — despite continued slowing customer growth. Revenue for the media segment – mainly comprised of NBCUniversal – was up nearly 37% to $8.23 billion, largely due to the Olympics. The company's film studios, also part of the content and experiences segment, saw revenue increase 12.3% to $2.83 billion compared to the prior year.
Persons: , Peacock, lockdowns, NBCUniversal Organizations: Comcast, LSEG, Summer, Revenue, CNBC, Paris, Olympics, Cable, Verizon, Program, ACP, Domestic, NBC Sports, NBC Olympics, NBC, Games Locations: Paris, U.S, Peacock
In Michigan, Harris holds a lead over Trump by 48% to 43% among likely voters. Among those likely voters who say they’re extremely motivated to vote in Michigan, 51% support Harris to 45% for Trump. In Wisconsin, they break 52% Harris to 47% Trump, and in Pennsylvania, they divide 50% for Harris to 47% for Trump. Harris holds a wider lead among Black voters in Michigan (83% Harris to 12% Trump) than she does in Pennsylvania (76% Harris to 21% Trump). Likely voters include all registered voters in the poll weighted for their predicted likelihood of voting in this year’s election.
Persons: Kamala Harris, Donald Trump, Harris, Joe Biden, Robert F, Kennedy, Jr, Trump, , that’s, Elissa Slotkin, Mike Rogers, Pennsylvania’s Democratic Sen, Bob Casey, Dave McCormick’s, Democratic Sen, Tammy Baldwin, Republican Eric Hovde’s, Harris ’, Biden Organizations: CNN, Electoral College, SSRS, Trump, White House, Trump ., White, Harris, Black, Keystone State, Suburban, Michigan Democratic, Republican, Pennsylvania’s Democratic, Senate, Democratic Locations: Michigan, Wisconsin, Pennsylvania, Trump . In Michigan, Trump . In Wisconsin, Trump, Michigan , Pennsylvania, Southern, Western
A test tube is seen in front of displayed Biogen logo in this illustration taken on, December 1, 2021. Biogen on Wednesday reported third-quarter revenue and adjusted earnings that topped expectations while raising its full-year profit guidance, as sales of its breakthrough Alzheimer's drug, Leqembi, and other new products gain traction. Leqembi, which Biogen shares with the Japanese drugmaker Eisai, became the second drug proven to slow the progression of Alzheimer's to win approval in the U.S. last summer. The drug posted just $10 million in sales last year following its launch. That compares with a net loss of $68.1 million, or 47 cents per share, for the same period a year ago.
Persons: Biogen, StreetAccount Organizations: U.S, Wall Street, LSEG Locations: U.S
ByteDance founder Zhang Yiming for the first time has emerged as China's richest person, according to a list compiled by Hurun Research Institute, leaving behind Nongfu Spring Chairperson Zhong Shanshan who has topped the rankings for three years. Midea founder He Xiangjian and CATL's CEO Zeng Yuqun took fifth and sixth places on the list. "The Hurun China Rich List has shrunk for an unprecedented third year running, as China's economy and stock markets had a difficult year," said Rupert Hoogewerf, Hurun report chairman and chief researcher. The current rich list predominantly comprises entrepreneurs from the technology, consumer electronics and new energy space, from what used to be dominated by real estate developers, Hoogewerf noted. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," he said.
Persons: Zhang Yiming, Zhong Shanshan, Zhang, Zhong, ByteDance, Hurun, Ma Huateng, Colin Huang, Xiangjian, Zeng Yuqun, Rupert Hoogewerf, Hoogewerf, ByteDance's Zhang, Huang Organizations: Hurun Research Institute, Nongfu, Research Locations: Shanghai, China
Pfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales. Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion to $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid. Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago. Notably during the quarter, Pfizer withdrew from world markets a critical sickle cell drug it had acquired in a $5.4 billion deal for Global Blood Therapeutics.
Persons: Jeff Smith, Smith, Paxlovid, StreetAccount, Covid Organizations: Pfizer, LSEG, Global Blood Therapeutics Locations: U.S
Alexandra Blodgett has been to 35 national parks in the US. She prefers parks with stunning views and epic hikes but also loves leaf-peeping in the fall. She thinks North Cascades National Park in Washington is an underrated fall foliage site. Visiting national parks to see the season's colors, or "leaf peep," is a popular pastime and gives a major boost to some states' economies. Here are her five favorite national parks to visit in fall.
Persons: Alexandra Blodgett, , We're, She's, Blodgett Organizations: Service, Appalachian State University Locations: Washington
In regular trading on Monday, crypto exchange platform Coinbase gained 5% and bitcoin proxy MicroStrategy jumped nearly 9%. The price of bitcoin was last higher by about 3% at $69,925.00, according to Coin Metrics. Bitcoin briefly climbed above $70,000 as investors braced themselves for MicroStrategy earnings and counted the days to the U.S. presidential election. The outcome is widely viewed as a key catalyst for the price of bitcoin, but investors have watching and waiting as the election approaches. Last week, bitcoin surged toward $70,000, but it ultimately fell short of the threshold.
Persons: Stocks, MicroStrategy, bitcoin, Bitcoin, Donald Trump, Kamala Harris Organizations: Metrics, U.S, Republican, Democratic
Stocks including United Airlines and Morgan Stanley have seen immense buying on Wall Street this week and could be in store for a pullback. United Airlines stock has surged more than 82% in 2024, and has a 14-day RSI of 85.9, which is the second-highest reading on the list. UAL YTD mountain United Airlines stock. Morgan Stanley stock is also overbought this week, with a 14-day of RSI of 79.5. MS YTD mountain Morgan Stanley stock.
Persons: Morgan Stanley, General Mills Organizations: United Airlines, Nasdaq, Microsoft, Nvidia, CNBC Pro, FactSet, Morgan, Moderna, Enphase Energy
A Southwest Airlines plane takes off from Hartsfield-Jackson Atlanta International Airport (ATL) in Atlanta, Georgia, US, on Friday, July 12, 2024. Southwest Airlines third-quarter profit fell from a year ago but topped Wall Street estimates while the carrier workers to drum up revenue and fend off activist investor Elliott Investment Management. "Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market," Southwest said in an earnings release. Southwest said Thursday that it will repurchase $250 million of Southwest stock through an "accelerated" program under the overall buyback plan. Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates.
Organizations: Southwest Airlines, Hartsfield, Jackson Atlanta International, Elliott Investment Management, Southwest Locations: Atlanta , Georgia, Dallas, Atlanta
Walmart stock has soared 58% this year to record highs, making its founding family richer than ever. Retail legend Sam Walton's three surviving children are each worth more than $100 billion. Walmart and the Waltons have benefited from a signature strategy and cost pressures on consumers. The stock surge has added more than $32 billion to the fortunes of each of founder Sam Walton's three surviving children — Jim, Rob, and Alice. But it's true the vast majority of the family fortune remains in the hands of Sam Walton's children.
Persons: Sam Walton's, , they're, Jim, Rob, Alice, Elon Musk, David King, who've, King, Art Weinstein, Florida who's, Weinstein, Sam Walton shrewdly, . King, Jeff Bezos, Mark Zuckerberg, Sam Walton, John T, Lukas Walton, it's Organizations: Walmart, Waltons, Service, Bloomberg, Elon, Sam's, Management, Florida State University, Logistics, Procter, Nova Southeastern University, Tech, Tesla, SpaceX, Amazon Locations: Florida
Pairs trading is a market-neutral trading strategy that involves simultaneously buying one asset, such as a stock, and selling another related asset. We will review a pairs trade candidate and how to execute it with options. The idea with pairs trading is that, from time to time or over time, there may be a divergence or spread in their prices. Alternatively, another form of pairs trading takes a longer-term and more fundamental perspective. Nike vs. Lululemon Well-known athletic apparel companies Nike (NKE) and Lululemon Athletica (LULU) aren't direct competitors.
Persons: Jim Simons, shorting, Lululemon Athletica, LULU, aren't, Michael Jordan, Tiger Woods, Serena Williams, Lulu, DK Metcalf, Jordan Clarkson, Leylah Fernandez, Lululemon, Lulu hedged Organizations: Ford, General Motors, Technologies, Nike, Seattle Seahawks, NBA, LULU, Lululemon, mojo, CNBC, NBC UNIVERSAL Locations: Lulu
Former Abercrombie & Fitch CEO Mike Jeffries was charged with sex trafficking on Tuesday. AdvertisementLong before federal charges hit, there were concerns about former Abercrombie & Fitch CEO Mike Jeffries — and lawsuits that attacked the way he ran his company. Attorneys for Jeffries and Smith told Business Insider in statements that they would respond "in the courthouse." "This is very much a military operation," Jeffries told The Wall Street Journal in 1997. The pilot accused the CEO of enacting similar standards on board as in Abercrombie stores and firing him due to his age.
Persons: Mike Jeffries, Jeffries, Abercrombie, , Mike Jeffries —, Matthew Smith, Smith, Fitch, Les Wexner, Jeffrey Epstein, Paul Harris, Bruce Weber, Weber, Barts, Tig Ol, Erik Gordon, Jeffries shouldn't Organizations: Abercrombie, Fitch, Service, Prosecutors, Wall Street, Revenue, CNN, Hamptons, Employees, Supreme, University of, BBC, Eastern, of Locations: Midwest, New York City, St, Oklahoma, Assam, Darjeeling, of New York
watch nowQuarterly lossesBoeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes. It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities. Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before. Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September. He is expected to face questions on the call about which units or projects the company will consider shedding.
Persons: David Ryder, Kelly Ortberg, Ortberg, CNBC's Squawk, Brian West, Ted Colbert, we've, LSEG, Rockwell Collins, Max, weren't Organizations: Boeing Co, Bloomberg, Getty, Boeing, KC, International, NASA, CNBC, Alaska Airlines Locations: Renton , Washington, US
Coca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand. Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets. Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high. Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks. Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.
Persons: Coke, Quincey Organizations: LSEG, Consumer, PepsiCo, Quaker Foods, Pepsi, CPI Locations: U.S, North America, Chico, Europe, Middle East, Africa, Asia, Pacific, China, Turkey, Latin America, Argentina
10-year Treasury yield tops 4.2% briefly
  + stars: | 2024-10-22 | by ( Pia Singh Jenni Reid | Pia Singh | In | ) www.cnbc.com   time to read: +1 min
Meanwhile, the yield on the 2-year Treasury was about two basis points higher at 4.047%. After jumping 12 basis points on Monday, the yield on the 10-year Treasury rose nearly three basis points to 4.21%, a level it has not reached in three months. The U.S. 10-year Treasury yield continued its gains on Tuesday after Federal Reserve officials urged caution on the path of interest rate cuts. It is a quiet week on the data front, but a busy week for Federal Reserve commentary, with an array of policymakers delivering speeches. Rates have actually increased since the Fed cut rates by a half point one month ago.
Persons: Neel Kashkari, Lorie Logan, Jeff Schmid, , Jeff Cox Organizations: Treasury, Federal, Federal Reserve, Minneapolis, Dallas Federal, Kansas, Traders Locations: U.S
Messi came on as a substitute in the second half and stole the show with a rapid-fire hat-trick, netting three goals between the 78th and 89th minute. This made the 37-year-old the all-time leading goal scorer in the club’s short history – his 33 goals take him past teammate Leonardo Campana’s current total of 32, according to the team. The win – the squad’s 22nd of the season – pushed Miami’s point total to 74, breaking the MLS record of 73 set by the Revolution in 2021, per the club. “For the team, it’s a boost of confidence, more confidence,” said head coach Gerardo Martino postgame, via Inter Miami. Carmen Mandato/Getty ImagesAnother excellent team goal, assisted by Suárez, gave Messi his hat-trick to cap off the scoring frenzy.
Persons: Lionel Messi, Messi, Leonardo Campana’s, , , Gerardo Martino, it’s, ” Miami, Sam Navarro, Gianni Infantino, Luca Langoni, Dylan Borrero, Luis Suárez, Jordi Alba –, Benjamin Cremaschi, Messi dribbles, Carmen Mandato, Suárez Organizations: CNN, Inter Miami, Major League Soccer, England, Miami, Chase Stadium, MLS, , Inter, USA, Reuters, FIFA, US, Eastern Conference, Eastern, CF Montréal, Atlanta United Locations: Inter Miami, New England, Miami
"It was for the ETF wrapper," she told CNBC on stage at the Permissionless Conference in Utah. The total market cap of all eleven spot bitcoin ETFs now tops $63 billion, with total flows of nearly $20 billion. Of the 80% of direct investors, Cohen told CNBC that 75% had never before owned an iShare, one of the best-known and largest ETF providers on the planet. "As it turns out, we have done a lot of education of crypto investors on the benefits of the ETP wrapper." Before the U.S. Securities and Exchange Commission green-lit spot bitcoin funds in January, investors had a few ways to buy and custody cryptocurrencies.
Persons: Samara Cohen, Cohen, Bitcoin, Coinbase, bitcoin ETPs Organizations: BlackRock, CNBC, Permissionless Conference, U.S . Securities, Exchange Commission Locations: U.S, Utah, Wall
The Biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record, the Treasury Department said Friday. Even with a modest surplus in September, the shortfall totaled $1.833 trillion, $138 billion higher than a year ago. The deficit came despite record receipts of $4.9 trillion, which fell well short of outlays of $6.75 trillion. Government debt has swelled to $35.7 trillion, an increase of $2.3 trillion from the end of fiscal 2023. Interest expense for the year totaled $1.16 trillion, the first time that figure has topped the trillion-dollar level.
Organizations: Biden, Treasury Department, Social Security, Treasury, Congressional, Office
watch nowAmericans often splurge on gifts during the holidays. This year, holiday spending from Nov. 1 through Dec. 31 is expected to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation. Even as credit card debt tops $1.14 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared to last year, Deloitte's holiday retail survey found. Meanwhile, 28% of holiday shoppers still haven't paid off the gifts they purchased for their loved ones last year, according to another holiday spending report by NerdWallet. How shoppers pay for holiday giftsThe problem with credit cards and BNPL
Organizations: National Retail Federation, NerdWallet
However, if you want the convenience of a cordless vacuum with suction that rivals the best vacuum cleaners, the LG CordZero All-in-One Auto-Empty Cordless Vacuum is a worthwhile splurge. LG CordZero All in One Cordless Stick Vacuum The LG CordZero All-in-One is a powerful cleaning tool that comes with a variety of handy attachments, including a self-emptying base and mopping attachment. Weighing about seven pounds, it's not the lightest model I've ever used, but this cordless vacuum is one of the most well-balanced. Camryn Rabideau/Business InsiderI tested the LG CordZero All-in-One Vacuum at my home for more than two months, and it had its work cut out for it. If you like the idea of a cordless vacuum that can also mop, another option is the Dyson V15s Submarine.
Persons: it's, Camryn, Dyson, that's, Jaclyn Turner, Read, LG CordZero Organizations: Business, LG, Amazon, Shark
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley tops estimates on strong wealth management, trading and banking resultsCNBC's Leslie Picker joins 'Squawk Box' to report on the company's quarterly earnings results.
Persons: Morgan Stanley, Leslie Picker
Bank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results. Here's what the company reported:Earnings: 81 cents vs. 77 cents LSEG estimateRevenue: $25.49 billion vs. $25.3 billion estimateThe bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share. Revenue rose less than 1% to $25.49 billion as a rise in trading revenue and asset management and investment banking fees offset a decline in net interest income. That's a key question after the lender signaled in July that a rebound in net interest income was coming in the second half of this year. Bank of America has seen its haul from net interest income get compressed as the Federal Reserve boosted rates over the past two years.
Persons: Wells, Goldman Sachs, Morgan Stanley Organizations: of America, Bank of America, Federal Reserve, JPMorgan Chase, Citigroup Locations: Wells Fargo
DETROIT — The Michigan Senate race is one of several that could help determine control of the chamber and decide the presidential contest this fall. And unlike in some other swing states, both candidates in the open Senate race are sticking close to the tops of their tickets. “It’s about those independent voters, those swing voters, those voters who make their decisions very late,” she said. Doesn’t work when you have the problems that we have in the state of Michigan,” he continued. “I don’t believe in doing something that is not possible for the auto industry, because that’s our bread and butter here in Michigan,” Slotkin said.
Persons: Mike Rogers, Donald Trump, Elissa Slotkin, Kamala Harris, Joe Biden’s, ” Slotkin, Harris, , Democratic Sen, Debbie Stabenow, Rogers, , Trump, MAGA, I’m, Donald Trump’s, Mike Rogers ’, Slotkin, There’s, don’t, Slotkin “, ” Rogers, Biden, hasn’t, ‘ Let’s, let’s, I’d Organizations: DETROIT, The Michigan Senate, GOP, ” Democratic, Trump, Democratic, Getty, Harris, Republican Party, House Intelligence Committee, White, , United States Senate, CIA, Defense Department, Slotkin, Biden, Michigan, Senate, Republican, Pentagon, Democratic Party, Democrats Locations: America, Michigan, Ann Arbor, Detroit, China, Ukraine, Gaza, Lebanon, Israel, Florida
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