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Harvard's Hal Scott on the ancillary effect of a wealth tax
  + 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 EmailHarvard's Hal Scott on the ancillary effect of a wealth taxHal Scott, Committee on Capital Markets Regulation president and Harvard Law School professor emeritus, joins 'Squawk Box' to discuss the potential plans to tax unrealized capital gains, how this would impact the private-to-public company pipeline, and much more.
Persons: Hal Scott Organizations: Markets, Harvard Law
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
Nvidia stock has a lot more room to run, according to Dan Niles. The Niles Investment founder compared Nvidia to Cisco prior to the peak of the dot-com bubble. Nvidia shares could double in the next couple of years, he predicted. Nvidia shares, by comparison, have risen around 1,500% over the last six years. The chipmaker has hit a rough stretch in recent weeks, with shares dropping 27% from their peak earlier this summer.
Persons: Dan Niles, , who's, Niles, you've, I've, Blackwell Organizations: Niles Investment, Nvidia, Cisco, Service, Niles Investment Management, CNBC, Blackwell, Nasdaq
Mission Produce — The avocado producer surged 21.6% after reporting revenue for the fiscal third quarter jumped 24% from a year ago. The company reported sales of $324 million, compared with $261.4 million in the same three-month period one year before. Boot Barn — Shares rose 6% after the Western-style retailer provided an update on its recent performance ahead of a Piper Sandler Growth Frontiers Conference presentation. Boot Barn announced preliminary consolidated same-store sales growth of 4% in its fiscal second quarter. Johnson Controls International — Shares rose nearly 2% after JPMorgan upgraded the stock to buy from neutral.
Persons: Piper Sandler, LSEG . Patterson, Alibaba, Morgan Stanley, Wells Fargo, , Samantha Subin, Sean Conlon, Lisa Kailai Han, Jesse Pound, Yun Li, Scott Schnipper Organizations: Growers, Oracle, LSEG, Apple, Hewlett Packard Enterprise, Juniper Networks, Revenue, UTI Energy, Hong, Reuters, Johnson, JPMorgan, Anheuser, Busch Inbev SA, Equity Locations: California, U.S, Alibaba —, China, Hong Kong, Shanghai, Shenzhen, Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBarr's new capital requirements for banks is 'a bit more' than expected, says Wells Fargo's MayoMike Mayo, Wells Fargo Securities senior banking analyst, joins CNBC's to discuss why bank stocks are down on the news of the Fed's Barr recommending 9% increase in capital buffers for the largest banks, the resiliency of the banking system, and more.
Persons: Wells Fargo's, Wells Fargo's Mayo Mike Mayo, Barr Organizations: Wells Fargo Securities Locations: Wells Fargo's Mayo, Wells Fargo
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
Oracle is designing a data center that will require more than a gigawatt of electricity, the company's chairman said. The data center would be powered by three small nuclear reactors, he added. "The location and the power place we've located, they've already got building permits for three nuclear reactors," Ellison said. "These are the small modular nuclear reactors to power the data center. There are currently three operational small modular reactors in the world, according to the Nuclear Energy Agency.
Persons: Ellison, they've Organizations: Oracle, CNBC, Nuclear Energy Agency, U.S Locations: U.S, China, Russia, Japan
We’ve put together a guide to some of the most frequently asked questions regarding China travel. China travel FAQsDo you need a visa to go to China? However, travelers visiting under these visa-free transit programs have more restrictions in terms of places they can visit. Exploring the country via China’s vast high-speed railway network is not an option for those entering under the two transit visa schemes. Beijing, China's capital city, accepts international travelers visiting under the 144-hour visa-free transit program.
Persons: it’s, , Denny Tian, Gabriela Correia, Correia, Tian, Greg Baker, Correira, ” Gabriela Correia, David Tucker, We’ve, John Seaton Callahan, China ’, Kevin Frayer, , ” Correira, you’ve, Didi, Uber, Yan Cong, China’s Organizations: CNN, Immigration Administration, China, Google, Getty, , Service, Shanghai Hongqiao, Hong Kong, Hong, Hong Kong Immigration, Travelers, Facebook, , Publishing, United, US, Baidu, Apple, China Railway, Bloomberg Locations: China, Beijing, Portugal, Shanghai, AFP, , Hunan, Singapore, Thailand, Austria, Australia, Belgium, France, Germany, Hungary, Ireland, Italy, Luxembourg, Malaysia, Netherlands, New Zealand, Poland, Spain, Switzerland, New York, Japan, South Korea, United Kingdom, United States, Hong Kong, Macau, Jiangsu, Zhejiang, Asia, Tibet, Tibet Autonomous Region, Hainan, China's, Hawaii, , Canada
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPortfolio Manager discusses the rotation trades within the China marketGary Tan of Allspring Global Investments discusses why he was cautious of the rotation to dividend plays in China and says what looks like a rotation within Hong Kong-listed tech stocks shows the need for more positive news before domestic capital steps into the equity markets.
Persons: Gary Tan Organizations: Allspring Global Investments Locations: China, Hong Kong
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
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
Macquarie Capital: India's steady growth to continue
  + stars: | 2024-09-10 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacquarie Capital: India's steady growth to continueSandeep Bhatia of Macquarie Capital believes India will continue its growth. Attention to some previously unfancied sectors is coming amid India's weightage increase in the MSCI Emerging Markets index.
Persons: Sandeep Bhatia Organizations: Macquarie, Macquarie Capital Locations: India
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
As the election ramps up, many investors are focused on capital gains taxes and how proposals from both parties could impact their assets. Democratic presidential nominee Vice President Kamala Harris last week proposed a 28% tax on long-term capital gains, or profits from the sale of assets owned for more than one year, for those making more than $1 million annually. Her plan would also raise the net investment income tax, or NIIT, from 3.8% to 5%, The Wall Street Journal reported last week. If Harris proposes raising the NIIT to 5%, the combined rate would be 33% for top earners. Biden's plan would raise the combined rate to 44.6%.
Persons: Kamala Harris, Donald Trump, Sen, Bernie Sanders, NBC's, Harris, filers Harris, Joe Biden's Organizations: Democratic, Sunday, Finance, IRS, Street Locations: Milwaukee , Wisconsin, U.S, Bedminster , New Jersey
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
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
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
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
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
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
The information for the following product(s) has been collected independently by Business Insider: Bank of America Premium Rewards Elite, Bank of America® Premium Rewards® credit card. Introduction to the Bank of America Premium Rewards Elite CardAs a high-end travel rewards card, the Bank of America Premium Rewards Elite offers several ways to earn rewards and solid cardholder benefits. Bank of America Premium Rewards Elite Credit Card Cardholder InsightsMembers of online forums such as Flyertalk and Reddit generally give the Bank of America Premium Rewards Elite card positive reviews. Bank of America Premium Rewards Elite Card ComparisonSeveral premium rewards credit cards compete directly with the Bank of America Premium Rewards Elite card. Bank of America Premium Rewards Elite Frequently Asked QuestionsWhat are the main benefits of the Bank of America Premium Rewards Elite Credit Card?
Persons: , airfare, you'll, there's, Chase, isn't, You'll, Read, Chase Travel ℠, Chase Sapphire, Uber, Cardholders, Jason Steele, Jason, Guy, he’s Organizations: Business, Bank of America, Bank of, The Bank of America, of America, Bank of America Travel Center, Rewards Bank of America, Merrill, Avis ®, Hertz, American Express, TSA, U.S . Bank of America, Citi, Wells, Bank, America, Diamond, . Bank of America, Global, Chase, Chase Travel, Chase Sapphire, American, Saks Fifth, Uber, Walmart, Delta Sky, Bank of America Preferred, Conference, Credit Card Media, Forbes, USA, Newsweek, Street Journal, CNN, University of Delaware, Colorado ExperienceExperienceEducations Locations: Bank, U.S, , Colorado
Then on July 11, things really got started as June CPI came in below expectations and the outlook for the first Fed rate cut became significantly more likely. Let's drill down into the sectors that makeup the Russell 2000 to see who's leading and lagging since that July 5th turning point. Let's find out who is actually profitable and could maintain the rally after the initial shine of a fresh rate cut wears off. Where to look in small caps A big component of the Russell 2000 based on market capitalization representation is health care at 18.7%. Should the Fed strike a dovish tone after the first rate cut I will be shopping for quality names.
Persons: Russell, Piper Sandler, Hamilton Lane, Jefferies, JEF, Todd Gordon, Gordon, ARES Organizations: Nasdaq, Inside Edge, CNBC PRO, Ares Management, Fed, CNBC, NBC UNIVERSAL Locations: financials
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
"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
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