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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRyan: Banks make money on the shape of the yield curve. That benefits banks. James Ryan, Old National Bancorp's CEO, discusses rising capital requirements, interest rate pressures, and how Old National Bank is insulated from real estate risks
Persons: Banks, James Ryan Organizations: National, National Bank
Wells Fargo bank analyst Mike Mayo highlighted Citigroup stock as his favorite bank name on Tuesday while speaking on CNBC's " Squawk on the Street ." Shares of Citigroup could double over the next two-and-a-half years "simply by going back to tangible book value," Mayo said. Citigroup sold for 73% of tangible book at the end of June, up from 60% at the end of last December, according to FactSet data. "Even after running this model, banks still have plenty of excess capital to support the economy," Mayo noted. "Recession or no recession; higher rates or lower rates … whatever hits you, I think banks are able to weather it quite well now."
Persons: Mike Mayo, Mayo, Jane Fraser Organizations: Citigroup, Federal Reserve, UBS, Lehman Brothers, Credit Suisse, Prudential, Deutsche Bank, Federal Locations: Wells Fargo, . U.S
Interest in India has been rising steadily among investors, thanks to its growing economy , strong stock market performance and burgeoning population . Amid some talk of an Indian stock market bubble , however, Pramod Gubbi, co-founder of Marcellus Investment Managers, revealed how he is playing the market. So, our job is to evaluate whether the management teams are hungry enough to identify changes that are happening and adapt to them," he told CNBC Pro last week. Women-led themes One theme that Gubbi is interested in is how India's growing numbers of working women are spending their money. Other stocks Other Indian companies Gubbi likes include Divi's Laboratories and HDFC Bank .
Persons: Pramod Gubbi, Marcellus, Gubbi, Maggi, Nescafe Organizations: Marcellus Investment, Management, CNBC Pro, Bombay Stock Exchange, Tata Group, Brands, Nestle, , Paints, Divi's Laboratories, HDFC Bank, Novartis, GSK, Merck Locations: India, U.S, China
More than 800 powerful venture capitalists organized to pledge support for Kamala Harris. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . By late August, more than 800 venture capitalists pledged to vote and solicit donations for Harris on a new website, VCsForKamala.org. According to one of the group's organizers, the original signatories represent a combined $150 billion in assets under management. The current signatories represent a combined $276 billion, according to the group's founders.
Persons: Kamala Harris, Harris, , Elon Musk, Marc Andreessen, David Sacks, Donald Trump Organizations: Service, Business
Tema ETFs' Yuri Khodjamirian is keeping a close watch on chip designer Qualcomm Inc . As AI shifts from data centers — an Nvidia "stronghold" — to the " edge ," investors should "start looking at companies like Qualcomm," Khodjamirian said. And "edge AI" is more than about chips — "it's really everything, the silicon content of our mobile phones and PCs, has to go up, because you need better memory; you need better connectivity between the different semiconductors. Qualcomm's shares are currently trading at around 15.3 times forward earnings, while Nvidia has a multiple of around 38, according to FactSet data. 'Emerging Edge AI play' Analysts at KeyBanc Capital Markets are bullish on Qualcomm and have a target price of $225 on the stock, or 55.8% upside.
Persons: Yuri Khodjamirian, CNBC's, It's, Khodjamirian, Cristiano Amon, Leswing, Arjun Kharpal, Michael Bloom Organizations: Nvidia, Qualcomm Inc, Qualcomm, Samsung, Nasdaq, CNBC, Google, KeyBanc Locations: Tema
Concerns about the use of cryptocurrencies for illegal activity resulted in an effective ban on crypto mining and transactions. After a massive public outcry at the end of 2021, mining companies in Kazakhstan were effectively cut off from the grid. Today, the US makes up about 40% of the global hashrate — up from 17% during China's 2021 peak — making America the biggest hub for bitcoin mining. However, in recent years, bitcoin mining has become increasingly concentrated in the hands of a small number of private companies. Given how much energy bitcoin mining consumes, it's worth questioning whether its presence in the US is really worth the trade-off.
Persons: Xi Jinping, Zoe Liu, hasn't, pushback, haven't, Jeremy Fisher, Fisher, Gladys Anderson, Kelley Sayre, Stephanie Marsh, Marsh, Gavin Newsom, would've, Donald Trump, Trump, Satoshi Nakamoto, Saifedean Ammous, Cheyanne Diehl, wasn't, Biden, Joe Biden, Liu Pengyu, America Organizations: Council, Foreign Relations, Mining, Cambridge, Goodyear, Sierra, Environmental, New York Times, Tech, Gov, Securities and Exchange Commission, July's Bitcoin, SEC, National Bureau of Economic Research, Inc, Nasdaq, Embassy, EV, Sierra Club, City Council, Digital Locations: China, Kazakhstan, America, Utah, West Virginia, Akron , Ohio, Rockdale , Texas, Murphy , North Carolina, Massillon , Ohio, Bono , Arkansas, Vilonia , Arkansas, Akron, California, Nashville, Massillon, Ohio, Chinese, Massillon's City, In Arkansas, Wyoming, Washington, Harrison , Arkansas
Branch: For now, this is pretty much much ado about nothing.
  + stars: | 2024-09-10 | 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 EmailBranch: For now, this is pretty much much ado about nothing. Gregory Branch, Founder & Managing Partner of Branch Global Capital Advisors, downplays recession fears, noting that inflation and unemployment are stable.
Persons: Gregory Branch Organizations: Branch Global Capital Advisors
The tech slide has many investors anxious to buy the dip, but now is the time for caution, some say. Communication services and information technology stocks are the two worst-performing S & P 500 sectors this quarter, after having fallen into a correction from their peaks in July. Communication services is more than 11% off its 52-week high, while information technology is more than 12% off its recent high. For much of this year, any dips in the high-flying tech stocks have proven to be a buying opportunity for investors, as the promise of artificial intelligence has traders unable to stay away from these names for long. Investors were buying the dip again midday through the trading session Tuesday.
Persons: Ken Mahoney, We've, Rob Williams, Williams, Savita Subramanian, Jason Draho, CNBC's, Tesla Organizations: Federal Reserve, Asset Management, Sage Advisory, Bank of America, UBS Global Wealth Management, Apple, Microsoft, Nvidia
New York CNN —Apple is wedging AI into its phones like a new U2 album no one asked for. However, given the “Apple Intelligence” highlights the company previewed in June and officially rolled out Monday, investors and customers alike may want to temper their expectations. Even Apple seemed to hedge a bit: It never mentioned the words “artificial intelligence.”The new tools look … fine. Munster expects iPhone sales will exceed Wall Street’s estimates in the coming quarters. The always image-conscious Apple knows better than to fall into the “AI” trap, even if its whole pitch for the new iPhone is AI.
Persons: CNN Business ’, you’ll, Siri, You’ll, , Gene Munster, Justin Sullivan, Tim Cook, ChatGPT, Apple Organizations: CNN Business, New York CNN, Apple, Deepwater Asset Management, Munster, Apple Intelligence, Wall, of Hospitality Marketing, Management Locations: New York, Valley, Silicon Valley
"But, longer term, a well-run snack food company is a great place to be." Mondelez stock jumped over the past few weeks, now up more than 4% since the beginning of September, according to FactSet. To Cramer, Wall Street has embraced recession-proof food companies like Mondelez as investors worry about an economic slowdown. Lower rates makes these stocks "go out of style in the Wall Street fashion show," he added. He also expressed concerns about the effect of GLP-1 weight loss drugs on snack food companies as a whole.
Persons: CNBC's Jim Cramer, Cramer, Wall, Dirk Van de, Mondelez, Van de Organizations: Federal Reserve, Mondelez, Cadbury, Ritz, Fed, Bloomberg Locations: Mondelez
AI-powered search startup Glean said Tuesday it has raised $260 million in a funding round that values the tech company at $4.6 billion — more than double its last reported valuation. Glean competes with a herd of well-financed generative AI startups and tech giants, attempting to compete with Microsoft Copilot and chatbot Amazon Q. Glean's Series E round, led by Altimeter and DST Global, includes Craft Ventures, Sapphire Ventures, and SoftBank Vision Fund 2, all new investors in the company. Founder and CEO Arvind Jain started Glean in 2019 with other former Google engineers as an enterprise search engine. The company soon transitioned to generative AI.
Persons: Arvind Jain, Glean, Catalyst, Kleiner Perkins, Jain Organizations: CNBC, Glean, Microsoft, DST Global, Craft Ventures, Sapphire Ventures, Latitude, Lightspeed Venture Partners, Sequoia Capital, IDC Locations: Lisbon, Portugal, Palo Alto , California
All of our Super Six megacaps were higher, even Club stock Apple was pushing to stay in the green after getting mixed reviews on Monday's iPhone 16 event. That's an interesting line because you could argue that Starbucks needs to pullback its aggressive expansion plans in the world's second-largest economy. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Daniel Pinto, Pinto, JPMorgan's, else's, Jamie Dimon, Wells, Morgan Stanley, ramping, Brian Niccol, Niccol, Buster's, Jim Cramer's, Jim Organizations: CNBC, ., Apple, JPMorgan, Barclays Global Financial Services Conference, Dow, Starbucks, The Club, GameStop, Dave, Jim Cramer's Charitable Locations: Banks, U.S, United States, China
Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on "Recent Bank Failures and the Federal Regulatory Response" on Capitol Hill in Washington, March 28, 2023. Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would've boosted capital requirements for the world's largest banks by roughly 19%. The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution. "There are benefits and costs to increasing capital requirements. That would likely boost capital requirements by 3% to 4% over time, Barr said.
Persons: Michael S, Barr, Michael Barr, could've, Jamie Dimon Organizations: Banking, Housing, Urban Affairs, Federal, Fed, Federal Deposit Insurance Corp, Brookings Institution, JPMorgan Chase Locations: Washington, Basel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpectations for an immediate boost to iPhone sales from Apple's AI strategy is 'too much hype'Paul Meeks of Harvest Portfolio Management explains why he is cautious on Apple and thinks that people should be more "bearish, if not neutral" on the stock.
Persons: Paul Meeks Organizations: Portfolio Management, Apple
Workers at Samsung India plant strike, partly hitting production
  + stars: | 2024-09-10 | by ( ) www.cnbc.com   time to read: +1 min
Samsung employs under 2,000 workers at its Sriperumbudur plant near the city of Chennai which makes refrigerators and washing machines. The strike comes after Samsung Electronics' biggest union in South Korea held a four-day strike in August demanding higher wages and bonuses after talks with management fell through. Hundreds of workers at a Samsung Electronics plant in southern India have begun an indefinite strike to demand higher wages, partly hitting production on Monday, a union leader told Reuters. E. Muthukumar, who heads the Samsung India union, said many people dressed in company uniform sat outside the plant and demanded a wage hike and better working hours. A Samsung India spokesperson said in an email the company actively engages with "workers to address any grievances they may have and comply with all laws and regulations".
Persons: Muthukumar Organizations: Samsung, Samsung Electronics, Reuters, Samsung India Locations: Chennai, South Korea, India, Samsung India, Noida, Uttar Pradesh
"We launch coverage of GE Aerospace with an Outperform rating, target price $201." (ELF) with a Buy rating and a 12-month price target of $175 per share." "We initiate with a Buy rating on Harmony , a commercial stage biotech focused on CNS [central nervous system] disorders." "We are initiating coverage of ProKidney Corp. (PROK) with a BUY rating and $6 price target." We are initiating coverage with a BUY rating and $600 price target."
Persons: Morgan Stanley, Apple, Tesla, it's, Bernstein, Riley, Wolfe, Stryker, BUD, JMP, Redburn, BTIG, Palantir, Goldman Sachs, Nutrien, Goldman, Cantor Fitzgerald, Cantor, Melius, Johnson, Guggenheim, it's bullish, D.A, Davidson, Meta Organizations: Apple, Apple Intelligence, Intelligence, Deutsche Bank, Deutsche, GE Aerospace, GE, Inc, Anheuser, Busch InBev, Oracle, Costco, Equity, Haemonetics, Plasma Solutions, Blood Center, Hospital Care Solutions, " Bank of America, Bank of America, UBS, Amazon, Harmony Biosciences, NTR, Nvidia, Broadcom, Johnson, Johnson Controls, ProKidney Corp
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. The Investing Club portfolio has lots of exposure to the AI buildout through its investments in Eaton , Dover , Broadcom and Nvidia , among others. Club stock Wells Fargo was being painted with a broad brush, falling 2%. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Stocks, Wells Fargo, Wells, Jim, that's, Analysts, Goldman Sachs, Jim Cramer's, DOV, AVGO Organizations: CNBC, Oracle, Broadcom, Nvidia, Apple, Bank, JPMorgan, Club, Wells, Costco, Redburn, Johnson Locations: Eaton, Dover, Wells Fargo, NVDA
Built by the hedge fund's Applied AI team, Deep Research helps analysts and portfolio managers answer complex research questions. Mostly used by investment teams, Deep Research helps analysts and PMs research stocks before making a trade and gauge the impact of global market events on a portfolio or set of stocks. Those teams send their questions to the Applied AI team, which passes them on to the bot. The goal is to release the tool firmwide by the fourth quarter, with every team accessing the tool directly. In one recent example, a PM asked Deep Research to find companies whose supply chains were affected by tariffs.
Persons: Chen Fang, Fang Organizations: Balyasny, Management, Research
Cashmere has raised $3.6 million in seed funding to automate client acquisition for wealth managers. The Los Angeles-based startup addresses the lack of tech solutions in the wealth management industry. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementCashmere, a tech startup that's automating client acquisition for wealth managers, has raised $3.6 million in a seed funding round. This story is available exclusively to Business Insider subscribers.
Persons: Cashmere, Organizations: Canapi Ventures, Service, Business Locations: Los Angeles
I'm a management and senior policy analyst at the US Department of Housing and Urban Development (HUD) in Washington, DC. After transitioning from military to civilian life in 2012, I worked as a policy analyst and technical writer at Sage Management. I love my new role and would've left to pursue a fully remote role if this didn't happen at HUD. I work around these challenges by building relationships with other program offices within HUD to collaborate and get the work done. Within the HUD Veterans Affinity Group, we established the Women's Group to talk monthly with and support women veterans.
Persons: , Ebony Grey, It's, I've, would've Organizations: Service, US Department of Housing, Urban Development, Business, Air Force, Sage Management, HUD, Affinity Group, ACT, Education, Federal, Veterans Affinity Group, Blacks, American Federal Executive Association, Young Government Locations: Washington ,, Afghanistan, Government
Flooding rainfall, powerful winds and potentially life-threatening storm surge could pummel parts of the upper Texas and Louisiana coastlines as Francine passes through. In addition to a hurricane warning in Louisiana, tropical storm warnings and watches have been issued along a stretch of the Louisiana and Texas coast. A storm surge warning has also been issued from High Island, Texas, to the mouth of the Mississippi River. Storm surge and rough surf could also cause minor flooding on the Mexico coast early this week. Storm surge will begin to ramp up as Francine nears landfall, causing normally dry areas to be inundated with several feet of water.
Persons: Francine, Louisiana’s, It’s, Jeff Landry, Louisiana’s Cameron Parish, Ida, Francis, “ Francine Organizations: CNN, National Hurricane Center, Louisiana and, Gov, Federal Emergency Management Agency Locations: Gulf, Louisiana, Texas, Mexico, Mississippi, Louisiana and Texas, High Island , Texas, Louisiana’s Cameron, Jefferson Parish’s, Grand Isle, St, Mary, Terrebonne, Terrebonne Parish, Jefferson, Orleans, New Orleans, In Mississippi, . Texas
Here’s a look at what could happen to inflation, jobs and the deficit if Trump or Harris win in November. That, among other things, would keep the top tax rate individuals pay at 37% compared to 39.6% before it went into effect. Meanwhile, the tax proposals Harris has put forth so far mostly involve imposing higher taxes, which would have a positive impact on the deficit. For instance, she’s endorsed raising the top individual income tax rate to 44.6% and the top long-term capital gains tax rate to 28% versus the current 20%. Taken together, the Penn Wharton Budget model estimates Harris’ proposals could increase the deficit by an additional $1.2 trillion by 2034.
Persons: Kamala Harris, Donald Trump, Harris, Goldman Sachs, Trump, Warwick McKibbin, Goldman, she’s, , Justin Wolfers, Kevin Dietsch, He’s, Elon Musk, She’s, Joshua Gotbaum Organizations: New, New York CNN, Labor Department, Trump, Peterson Institute for International Economics, Gross, University of Michigan, CNN, Federal Reserve, Treasury Department, Wharton Budget, Social Security, Penn, Wharton Budget Model, Penn Wharton Budget, Brookings Institution Locations: New York, United States, Penn
Bank of America sees yet another tailwind for utilities: The sector is a way to play falling interest rates. To that end, CNBC Pro used FactSet data to screen the S & P 1500 utilities sector, looking for companies that meet the following criteria. A total return – the stock price plus the value of reinvested dividends – of at least 10% in 2024. The stock offers a dividend yield of 3.0% and has a 2024 total return of nearly 23%. Year to date, the stock has a total return of nearly 38%, and it offers a dividend yield of 2.5%.
Persons: Savita Subramanian, Garrick Rochow, Morgan Stanley, David Arcaro, Diego's, , Fred Imbert Organizations: Constellation Energy, NRG Energy, Mizuho Securities, Bank of America, Utilities, Real, CNBC Pro, Street, CMS Energy, Consumers Energy, CMS, NextEra, Management, Google, CNBC, PPL Locations: Jackson, Michigan, , Florida, 1Q24, Allentown, Penn
Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMark Cuban has warned that Trump's plan to impose sweeping tariffs on US imports would burden even tiny businesses with expensive, arduous compliance. Related storiesHe was critical of Trump's tariffs on China during his time in the White House and has slammed the Republican candidate's threat of more of the same. "Tariffs are the worst possible incentive for all but a few products," he said, adding that they "almost always" cost consumers more money. Tariff pain and small business woePaul Krugman has been vocally against plans for fresh tariffs if Trump wins in November.
Persons: , Cuban, Elon Musk's, Grok, Trump, He's, Kamala Harris, Paul Krugman, what's, Kevin O'Leary Organizations: Service, Business, Cuban, Trump, Republican, Dallas Mavericks, Yahoo, White, Democratic, Getty Locations: Cuban, China, Wisconsin
Business Insider's Brent D. Griffiths has a rundown on everything you need to know heading into tonight . A newly released Times/Siena poll shows Trump holding just a one-point advantage over Harris among likely voters. For Trump, the focus will likely be the economy, which is a high priority for voters and also a sore spot for Harris. The latest Times poll showed Trump (55%) held a big advantage over Harris (42%) regarding who would be better equipped to handle the economy. Trump will also likely target Harris' biggest vulnerabilities , which may include trying to define her shifting views as disingenuous flip-flops, Brent writes.
Persons: , he'll, it's, Jose Luis Pelaez, Michael Ciaglo, Getty, Tom Williams, Tyler Le, Kamala Harris, Donald Trump, Insider's Brent D, Griffiths, Harris, BI's John L Dorman, Trump, Brent, Jenny Chang, Rodriguez, BI's Bradley Saacks, It's, BI's Alice Tecotzky, Sébastien Thibault, Goldman Sachs, Torsten Sløk, Anson Chan, Brian Niccol, hasn't, Putin, Andrew Cuomo, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Elon, Business, Jose Luis Pelaez Inc, Trump, BI Bitcoin, Arab League Locations: Philadelphia, Siena, Silicon Valley, China, America, Russia, Ukraine, Cairo, Israel, Gaza, New York, London
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