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☆ Microsoft is still spending massively on AI
▼ + stars: | 2024-10-30 | by ( Tim Paradis | ) www.businessinsider.com time to read: +4 min

Investors have been focused on Big Tech AI spending and returns. That's a worry at Microsoft partly because feedback on the company's Copilot AI has been mixed. Others have been concerned that Big Tech spending on artificial intelligence is outpacing results. Goldman said Microsoft has been counting on its AI Copilot and other generative AI efforts at Windows, Edge, and Microsoft 365 to draw enterprise clients. AdvertisementMuch of Microsoft's spending has been going toward data centers, graphics processing units, and other AI projects.

Persons: —, Jeremy Goldman, Goldman, it's, Satya Nadella, Francine McKenna Organizations: Investors, Big Tech, Service, Microsoft, Apple, Windows, Bloomberg Locations: Redmond, Washington, OpenAI

☆ UK budget: Britain targets the wealthy as it hikes taxes by $52 billion
▼ + stars: | 2024-10-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

“Today, I am restoring stability to our public finances and rebuilding our public services,” Reeves said, arguing that the now-opposition Conservative Party had “failed” Britain, including by inadequately budgeting for required government spending. A black hole in the public finances. Public services on their knees. The government will instead introduce a new tax system for such individuals, raising £12.7 billion ($16.5 billion) over the next five years. The tax hike will eventually raise £25 billion ($33 billion) per year.

Persons: Rachel Reeves, ” Reeves, “, Reeves, Jeremy Hunt’s, Hunt Organizations: London CNN, Labour, Conservative Party, National Health Service, Labour Party, ’ National Insurance Locations: United Kingdom, “, Britain

☆ Reddit just won earnings season with huge pop. What analysts see from here
▼ + stars: | 2024-10-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Additionally, Reddit guided for fourth-quarter revenue of between $385 million and $400 million, while analysts had estimated an average of $357.9 million. Josey wrote that Reddit's continued user growth and engagement gains have boosted the company — and should continue to do so. JPMorgan analyst Doug Anmuth raised his price target to $110 from $77, while Bank of America analyst Justin Post lifted his target price to $99 from $84. These updated objectives respectively imply that Reddit stock could rise 35% and 21% from its Tuesday close. Shmulik's $85 price target, raised from $65, is just 4% higher than the stock's Tuesday closing price.

Persons: Reddit, LSEG, Ronald Josey, Josey, Reddit's, Morgan Stanley, Doug Anmuth, Justin Post, Brian Nowak's, Bernstein, Mark Shmulik, Shmulik, Jekyll, Hyde, that's Organizations: Citi, Bank of America, JPMorgan Locations: Reddit, Tuesday's

☆ TikTok’s founder is now China’s richest person. But the country’s total number of billionaires has shrunk
▼ + stars: | 2024-10-30 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

CNN —China has a new richest person – and it’s the entrepreneur behind the wildly popular, and controversial, app TikTok. Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday. His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking of the country’s richest people. ByteDance also holds China’s popular news app Toutiao and Douyin, TikTok’s sister app in China. Billionaires on the declineOverall, the number of US-dollar billionaires in China shrank to 753, down 142 from the previous year.

Persons: Zhang Yiming, Zhang’s ascendency, Hurun, TikTok, it’s, –, Zhang, Liang Rubo, ByteDance, Zhong Shanshan, Zhong, Ma, Rupert Hoogewerf, ” Organizations: CNN, Hurun Inc Locations: China, India, Britain, Canada, Australia, Beijing, Hong Kong, Macao, Taiwan

☆ Eli Lilly's Zepbound and Mounjaro are no longer in shortage. Here's where their sales still disappointed
▼ + stars: | 2024-10-30 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

An Eli Lilly & Co. Zepbound injection pen arranged in the Brooklyn borough of New York, US, on Thursday, March 28, 2024. During an earnings call Wednesday, Eli Lilly instead blamed it on drug wholesalers cutting inventory of Zepbound and Mounjaro. On the earnings call, Eli Lilly executives insisted that underlying demand for the medicines remained strong. No," Eli Lilly CEO Dave Ricks said, pointing instead to "a lot of lumpiness in channel stocking." Ricks said Eli Lilly had yet to begin what the company calls "demand-stimulating activities," or advertising and promoting, for Zepbound.

Persons: Eli Lilly, Mounjaro, StreetAccount ., Geoff Meacham, Jared Holz, Mizuho, Carter Gould, Eli Lilly's, tirzepatide, Dave Ricks, Ricks, Lilly Organizations: U.S, StreetAccount, Citi, Barclays, Food and Drug, FDA Locations: Brooklyn, New York, Lilly

☆ EBay stock sinks after company gives lackluster guidance for fourth quarter
▼ + stars: | 2024-10-30 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Shares of eBay slumped about 9% in extended trading on Wednesday after the online marketplace posted its third-quarter earnings and gave guidance for the fourth quarter that fell short of Wall Street's expectations. The guidance trailed the average analyst estimate for fourth-quarter revenue of $2.65 billion, according to StreetAccount. The company also said it expects $1.17 to $1.22 in adjusted earnings per share in the fourth quarter. The company didn't provide clarity on its forecast in the earnings release. GMV, or the dollar value of items sold on eBay's marketplace, grew 2% year over year to $18.3 billion, eBay said, which topped analysts' projected $18.1 billion, per StreetAccount estimates.

Persons: Steve Priest Organizations: eBay, LSEG, LSEG Revenue, EBay, Walmart, Big Tech Locations: China

☆ CNBC Daily Open: Everyone loves Reddit
▼ + stars: | 2024-10-30 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jakub Porzycki | Nurphoto | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. It's not too surprising, then, that the companies behind those services – Snap , Reddit and Alphabet – reported third-quarter results that beat Wall Street's expectations. While Snap and Reddit didn't report their advertising top line specifically, there were indications both companies are also doing well in that area. Note: CNBC Daily Open will be on a break Thursday, Oct. 31, for the public holiday in Singapore.

Persons: Jakub Porzycki, Evan Spiegel, That's, Reddit, It's, Microsoft isn't, Meta, — CNBC's Julia Boorstin, Jonathan Vanian, Jennifer Elias Organizations: SNAP, Nurphoto, CNBC, Microsoft, Meta Locations: Singapore

A little over a year into running her cleaning business, Cool Aunt Cleaners, Anna-Marie Ortiz has learned a lot about the resilience and adaptability needed to succeed as a small business owner. Matt Wolcott | CNBC Make ItOrtiz started the business in July 2023 with her last $2,000 in savings. Despite the failure, running the shop gave Ortiz lasting insights she was able to apply to her cleaning business. To drum up business, Ortiz put up flyers and handed out business cards in targeted neighborhoods. Looking aheadOrtiz has ambitious plans to expand Cool Aunt Cleaners beyond Portland and turn it into a "seven-figure business."

Persons: Marie Ortiz, —, Anna, Matt Wolcott, Ortiz, she's, it's, I've, they're, recalibrating, Ortiz doesn't, she'd Organizations: CNBC, Butler Community College, Transportation, Amazon Prime, Spotify Locations: Portland , Oregon, Wichita , Kansas, Wichita, Kingman , Kansas, Lawrence , Kansas, Portland, West Coast, forbearance

☆ Google 'moving in a good direction': What analysts are saying after tech giant's strong earnings
▼ + stars: | 2024-10-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Major Wall Street banks remain bullish on Alphabet following the tech titan's strong third-quarter results . On Tuesday, Google's parent company reported earnings of $2.12 per share, while analysts polled by LSEG had predicted $1.85 per share. The company's revenue grew 15% year over year to $88.27 billion, more than the same quarter last year and the $86.30 billion analysts had anticipated. "We think shares could remain choppy as we work through the Search remedies, given the large impact zone, but performance in 3Q was solid." Meanwhile, Goldman Sachs' Eric Sheridan also commended the firm for its strong investment cycle, which includes investments into Google's Cloud infrastructure and more AI deployment through its application ecosystem.

Persons: LSEG, Goldman Sachs, Morgan Stanley, Ross Sandler, Doug Anmuth, Eric Sheridan Organizations: Barclays, Citi, JPMorgan, Bank of America, of America, Google, DOJ

☆ Jim Cramer says CEOs must properly explain the bad news in every quarter
▼ + stars: | 2024-10-30 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Wednesday discussed the tricky nature of bad quarters, saying management needs to explain and not gloss over any misses or poor results. Cramer said every earnings shortfall is "nuanced beyond belief," with some more difficult for Wall Street to parse than others. The company, which had been seeing success with its popular weight loss and diabetes drugs, failed to properly explain its shortfall, Cramer said. And while management from Wingstop highlighted the bright spots of the quarter, they largely did not acknowledge the earnings miss, he continued. AMD, Eli Lilly and Wingstop did not immediately respond to request for comment.

Persons: CNBC's Jim Cramer, Cramer, Eli Lilly, Wingstop, Wednesday's, Eli Lilly's Organizations: Investors, AMD, Nvidia, Wingstop

☆ Westminster Dog Show winners are getting trading cards now
▼ + stars: | 2024-10-30 | by ( Erika Tulfo | ) edition.cnn.com time to read: +3 min

CNN —The trading card industry has gone to the dogs — literally. Topps’ “Stars of the Show” relics will feature authentic cut-up pieces of the winning dog’s “Best in Show” ribbon. Even rarer are the seven one-of-a-kind cards that include the handler’s purple winner’s lapel fully inserted into the card. “What the cards do is they capture a moment and connect you with a hero,” said Clay Luraschi, Topps’ senior vice president of product. Making a legacy brand accessibleThe Westminster Dog Show, first held in 1877, is America’s second-oldest continuous sporting event and predates the invention of both the lightbulb and the automobile.

Persons: pooches, “, ”, Clay Luraschi, Luraschi, Don Sturz, it’s, ” Sturz, Allen, Sturz, they’re Organizations: CNN, Topps, Westminster Kennel Club, Madison Locations: Westminster

☆ We reiterate our 1 rating on Microsoft despite its softer guidance — here's why
▼ + stars: | 2024-10-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Nearly 70% of the Fortune 500 is using Microsoft 365 Copilot and the company is seeing faster customer adoption than any other new Microsoft 365 Suite. MSFT YTD mountain Microsoft YTD Despite these positive trends and innovations, revenue guidance for next quarter fell a touch short of expectations. Microsoft 365 Commercial cloud revenue growth increased 16% year over year with seat growth up 8%. Microsoft 365 Consumer cloud revenue growth increased 7% year over year with subscribers increasing to 84.4 million from 82.4 million one quarter ago. Revenue growth ticked down sequentially to 33% annual growth, or 34% on a constant currency basis.

Persons: Nvidia's Blackwell, That's, —, Jim Cramer's, Jim Cramer, Jim, Microsoft Corporation Satya Nadella, Chalinee Thirasupa Organizations: Microsoft, Revenue, Fortune, Productivity, Dynamics, CNBC, Activision, Windows, Gaming, Microsoft Corporation Locations: OpenAI, Bangkok, Thailand

☆ We see two post-earnings declines as buys, while happy to see a Tuesday laggard stabilize
▼ + stars: | 2024-10-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Then there were selloffs in Club stocks Eli Lilly and Advanced Micro Devices after their earnings releases. 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, Eli Lilly, Lilly's, AMD's financials, Stanley Black, Decker, Estee Lauder, Jim Cramer's, Jim Organizations: CNBC, Dow, Caterpillar, Devices, Nasdaq, Microsoft, Starbucks, MGM Resorts, Linde, Merck, ConocoPhillips, Mastercard, Roblox, Myers, Jim Cramer's Charitable Locations: Bristol

☆ Betting on the election is the hottest new trend. But can prediction markets keep the momentum going?
▼ + stars: | 2024-10-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyPresidential betsChris duMond; Chip Somodevilla/Getty Images; Jenny Chang-Rodriguez/BIWe're less than a week from election day, but one group can already claim victory: betting markets. Kalshi's legal victory in October over the CFTC to offer election betting paved the way for the trend. iStock; Rebecca Zisser/BIThe betting market's biggest tests might come after the election. Betting markets have Trump as a heavy favorite, whereas traditional polls indicate a tight race. AdvertisementShould Trump win in a landslide, it could strengthen the case for using betting markets as a key tool for election analysis.

Persons: —, Chris duMond, Chip Somodevilla, Jenny Chang, Rodriguez, Matthew Fox, Donald Trump, Polymarket, iStock, Rebecca Zisser, Nate Silver, Tesla, Zuckerberg, Citadel's, Justin Lubell, Lubell, Steve Schwarzman, Ken Griffin, Trump, Tyler Le, Harris, Sundar Pichai, Elon Musk, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, Apple, CFTC, Trump, TikTok, Meta Connect, Meta, Bank of America, Blackstone, Republican, Amazon, AWS, Five Apple Intelligence, Google, The Washington Post, Street, Microsoft, Starbucks Locations: French, New York, London

☆ Sigh of relief for UK tech founders as Labour hikes capital gains tax by less than feared
▼ + stars: | 2024-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

On Monday, British tech lobby group Startup Coalition warned in a blog post that there was a risk Reeves' tax plans could result in a tech "brain drain.". (Photo by Oli Scarff/Getty Images)LONDON — Britain's Labour government on Wednesday announced plans to raise the rate of capital gains tax on share sales, news that offered some relief for technology entrepreneurs who feared a more intense tax raid on the wealthy. Finance Minister Rachel Reeves on Wednesday hiked capital gains tax (CGT) — a levy on the profit investors make from the sale of an investment — as part of her far-reaching budget announcement. The lower capital gains tax rate will be increased to 18% from 10%, while the higher rate will climb to 24% from 20%, Reeves said. She stressed that this still represented a "significant gap compared to the higher rate of capital gains tax."

Persons: Reeves, Oli Scarff, Rachel Reeves, quashing Organizations: Startup Coalition, Labour, Wednesday, Finance, National Insurance Locations: British, BADR

☆ What investors should look for as Meta, Microsoft report earnings Wednesday
▼ + stars: | 2024-10-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Another busy day of megacap technology earnings kicks off Wednesday with results from Meta Platforms and Microsoft after the bell. Wall Street expects Meta Platforms to post third-quarter earnings of $5.25 per share, up from $4.39 a year ago, per LSEG. For Microsoft, EPS and revenue are expected to reach $3.10 and $64.51 billion, respectively, for the fiscal first quarter . Meta Platforms For Meta Platforms, analysts are hunting for signs that AI is continuing to boost the company's core product and advertising spending. Microsoft Microsoft faces a tougher bar headed into the print, with many analysts leaning toward caution as the company lags some of its megacap peers and underperforms the Nasdaq Composite.

Persons: haven't, Davidson, Gil Luria, Citi's Ronald Josey, Citi's Josey, Mark Mahaney, Barton Crockett, Mark Shmulik, Bank of America's Justin Post, Keith Bachman, Citi's Tyler Radke, Morgan Stanley's Keith Weiss, Weiss, Goldman Sachs, Kash Rangan, Azure's Organizations: Meta, Microsoft, D.A, Revenue, Google, Bank of America's, Microsoft Microsoft, Nasdaq, BMO Capital Markets, BMO

☆ We're hiking our GEHC price target, looking beyond a mixed quarter to next year's catalysts
▼ + stars: | 2024-10-30 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Organic revenue growth of 1% matched expectations. Management raised the midpoint of full-year earnings guidance despite the continued in weakness in China that has been hampering top-line organic growth. Bottom Line Results were mixed, but it comes as no surprise that the quarter was negatively impacted by weakness in China. The team continues to deliver for customers and we've seen PDx reports seven quarters of high-single-digit or double-digit organic revenue growth." Pharmaceutical Diagnostics (PDx) segment — used in radiology and nuclear medicine to deliver more precise diagnoses — was particularly strong, delivering segment revenue growth of 7% organically.

Persons: Peter Arduini, Arduini, We're, James Saccaro, Saccaro, GEHC, Jim Cramer's, Jim Cramer, Jim, Martin Schutt Organizations: GE Healthcare, Revenue, LSEG, Management, Pharmaceutical Diagnostics, General Electric, Philips, Siemens, U.S . Food, Drug Administration, GE Healthcare's, Care Solutions, CNBC, Getty Locations: China, U.S, Jena , Germany

☆ Meta earnings live updates: Wall Street bullish on the firm's long-term prospects; analysts watching for AI guidance
▼ + stars: | 2024-10-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The company is expected to report revenue of $40.25 billion. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Meta will report its earnings for the third quarterafter the closing bell, and Wall Street is feeling upbeat heading into the results.

Persons: — Organizations: Service, Meta, Facebook Locations: Wall

☆ Dude Perfect's new Texas headquarters will also serve as a studio for YouTube creators
▼ + stars: | 2024-10-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Dude Perfect is planning a new studio facility in Texas for YouTube and other creators, BI revealed. Dude Perfect, with 60M YouTube subscribers, is expanding its media empire in Frisco. It's now opening an 80,000-square-foot entertainment destination headquartered in Frisco with features like a Dude Perfect museum, mini-golf course, and restaurants. Amazon just announced a deal with creator-focused firm Spotter to give its clients (which include Dude Perfect) opportunities to monetize their content on the e-commerce giant. With big companies, teams, and talent located in Texas, does Dude Perfect need LA?

Persons: —, — Garrett Hilbert, Tyler Toney, Cody Jones, Coby Cotton, Cory Cotton —, Andrew Yaffe, It's, Mark Rober, Yaffe, we'll, We've, it's, Jake Paul, Mike Tyson's Organizations: YouTube, Service, Walmart, Highmount, Samsung, DFW, Dallas, May Otis, Netflix Locations: Texas, Frisco . Dallas, Frisco , Texas, Frisco, Dallas, DFW, Los Angeles, Atlanta, Chicago, LA, New York, Arlington , Texas

☆ Stocks making the biggest moves after hours: Microsoft, Meta Platforms, Starbucks, Coinbase and more
▼ + stars: | 2024-10-30 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Microsoft reported earnings per share of $3.30 on revenue of $65.59 billion, while analysts polled by LSEG forecast $3.10 in earnings per share and $64.51 billion in revenue. Analysts polled by LSEG were looking for $1.03 per share in earnings and $9.36 billion in revenue. Analysts polled by LSEG sought earnings of 25 cents per share and revenue of $3.45 billion. Etsy also beat third-quarter revenue estimates with $662.4 million, while analysts polled by LSEG were expecting $652.5 million. MGM Resorts reported adjusted earnings of 54 cents for the third quarter, while analysts polled by LSEG predicted 61 cents per share.

Persons: LSEG, Meta, Coinbase, Robinhood, Carvana, Etsy, Darla Mercado Organizations: Microsoft, Wall, LSEG, Holdings, Starbucks, Facebook, eBay, Ebay, MGM Resorts, Revenue Locations: U.S, China

☆ Trump Media shares halted repeatedly as DJT whipsaws in volatile trading
▼ + stars: | 2024-10-29 | by ( Kevin Breuninger | ) www.nbcnews.com time to read: +3 min

Trading of Trump Media shares was halted for volatility multiple times Tuesday morning as the company majority owned by Donald Trump ricocheted in early trading. Nearly 16 million Trump Media shares changed hands in the first 10 minutes of the trading day. Just more than a month later, Trump Media shares were trading at more than four times that price. That merger, which took Trump Media public, was completed in late March. Despite losing hundreds of millions of dollars on scant revenue in recent fiscal quarters, Trump Media boasts a market capitalization above $10 billion.

Persons: Donald Trump ricocheted, Trump’s, Kamala Harris, Harris, Critics Organizations: Trump Media, Nasdaq, DWAC, Republican, Trump, Forbes, Democratic, Madison Locations: New York City

☆ Hotels are leaning into their spookier sides to sell ‘rooms with a boo’
▼ + stars: | 2024-10-29 | by ( Blane Bachelor | ) edition.cnn.com time to read: +13 min

Perhaps unsurprisingly, more and more hotels are happy to show off their spookier side as a result. “They ditched the [premise of], ‘Oh, people may be scared,’ and said, ‘Wow, people will come and I can market it, so we’re a haunted hotel,’” said Melchiorri. The inspiration for Stephen King’s novel-turned-film “The Shining,” the 420-room grande dame, whose imposing facade is nearly as dramatic as its Rocky Mountains backdrop, is arguably the world’s most famous haunted hotel. From a messaging and marketing perspective, hotels should share their ghost stories or spooky lore “in a way that they don’t surprise anyone,” Orr said. “My experience is, whether they will admit it or not, most hotels have something that goes bump in the night,” Hunnings said.

Persons: Brian Hunnings, you’re, “, Anthony Melchiorri, ”, Katherine Orr, Elizabeth Harlow, Stephen King's, Helen H, Richardson, ’ earshot, ’, ’ ”, Stephen King’s, Stephen King Suite, –, Steve Azar, Vincent Alban, Hunnings, ” Hunnings, ” Steven Azar, Gifford, Azar, Don’t, ” Azar, Kumar Sriskandan, ” Orr, chambermaid Sallie White, Orr Organizations: CNN, Red Cliffs, CNN Travel, Hotels of America, Hospitality, Hyatt, Marriott, Denver Post, National Retail Federation, Stanley Film Center, Boston Globe, Cliffs, of Film, Western Heritage, “ Cornell Hospitality Quarterly, Alamo Locations: Red, Moab , Utah, Colorado, Estes Park , Colorado, Gifford, Provincetown, Moab, Provincetown , Massachusetts, San Antonio , Texas

☆ ByteDance founder tops China's rich list for the first time, beating Tencent and Nongfu heads
▼ + stars: | 2024-10-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

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

☆ Big Tech earnings drop this week. Here's what Wall Street is watching.
▼ + stars: | 2024-10-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Big Tech earnings start today, with roughly $12 trillion in market cap reporting over three days. Mark Zuckerberg hasn't shied away from saying his company will keep spending big on AI, and the market hasn't minded. Judging by Meta Connect 2024 and its CTO's comments , the tech giant wants to own the market for AI-powered wearables.

Persons: —, We'll, Insider's Kelly Cloonan, We're, Mark Zuckerberg hasn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Traders, Big Tech, Google, Nvidia, Meta, Microsoft, AWS, Apple, Apple Intelligence Locations: China, New York, London

☆ We upgraded Stanley Black & Decker stock despite the post-earnings selling
▼ + stars: | 2024-10-29 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Stanley Black & Decker reported mixed quarterly results before Tuesday's opening bell, and the stock got whacked. SWK YTD mountain Stanley Black & Decker YTD Shares of Stanley Black & Decker consolidated around an 8% decline after the release. We upgraded Stanley Black & Decker on Tuesday morning back to our buy-equivalent 1 rating on the belief the stock reaction to the print was overdone. Stanley Black & Decker Why we own it: Stanley Black & Decker is in the later innings of a multi-year restructuring plan. To honor the occasion, Donald Allan, Jr., President & CEO of Stanley Black & Decker, joined by Chris Taylor, NYSE Global Head of Advisory, rings the Opening Bell®.

Persons: Stanley Black, Decker, Stanley, Donald Allan, we're, Allan, —, Jim Cramer's, Jim Cramer, Jim, Donald Allan , Jr, Chris Taylor Organizations: Revenue, Stanley Black, Treasury, Federal, Bosch, Techtronic Industries, Management, CNBC, The New York Stock Exchange, NYSE Global Locations: Dewalt, Europe

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