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Union Pacific — Shares rose 9.5% after the company said CEO Lance Fritz would have a successor named this year. Best Buy — The retailer slipped 1.5% in the premarket after being downgraded to market perform from outperform by Telsey Advisory Group. The Wall Street firm said it expects high inflation and rising interest rates to weigh on Best Buy's 2023 sales and profits. The Omaha-based company used $2.855 billion to buy back shares in the quarter. Alliant Energy — Shares dropped more than 3% after the company reported that it intends to offer $500 million of its convertible senior notes due 2026.
Former Trump budget official Russell Vought is pitching a spending cut plan to Republicans as part of debt ceiling negotiations, per The Washington Post. Part of those cuts include phasing out the federal student-loan program and getting rid of Public Service Loan Forgiveness. House Republicans are in the midst of negotiations to raise the debt ceiling before the US runs out of money to pay its bills, likely some point this summer. It's unclear how big of an influence Vought's proposals will have in Republicans' final deal to raise the debt ceiling. Trump also advised the GOP to leave those programs out of negotiations, and Voight doesn't think those programs should be in the spotlight at all.
BERLIN, Feb 19 (Reuters) - The co-chief of Germany's ruling Social Democrats (SPD) is sceptical about NATO's goal for each member to spend 2% of economic output on defence, according to a newspaper report, underscoring ambivalence in the country about bolstering the military. The party of Chancellor Olaf Scholz did recently commit to the 2% NATO goal, but as with junior coalition partner the Greens, has members who remain unconvinced. According to FAZ, Esken expressed scepticism about the efforts of Defence Minister Boris Pistorius, also of the SPD, to hike defence spending in next year's budget. "Ten billion euros (more) is a lot of money," she was quoted as saying. Germany's regular 2023 defence budget was around 50 billion euros ($53.5 billion), well short of 75 billion euros, or 2% of economic output.
We are selling 650 shares of Coterra Energy (CTRA) at roughly $23.80 apiece, and 75 shares of Pioneer Natural Resources (PXD) at roughly $209.10 apiece. The Club is trimming oil-and-gas holdings Pioneer and Coterra on Friday, while downgrading both of their ratings to a 2 — meaning we'll be on the sidelines until a further pullback. But we will always take action if we have a concern about any of our stocks. Most oil stocks with a fixed-plus-variable dividend generated yields for shareholders well above 8% last year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
How the U.S. Can Use Taxes to Improve Cybersecurity
  + stars: | 2023-02-16 | by ( Scott Shackelford | ) www.wsj.com   time to read: 1 min
Dr. Shackelford is a professor of business law and ethics at Indiana University’s Kelley School of Business, and executive director of both the Ostrom Workshop and Center for Applied Cybersecurity Research. Benjamin Franklin famously lamented that in this world, nothing is certain except death and taxes. In 2023, we might add a third surety to 21st-century life: cyberattacks.
Donald Trump bashed Sen. Rick Scott's plans to sunset Social Security and Medicare on Truth Social. "Be careful, Rick, and most importantly, fight for Social Security and Medicare," Trump wrote. Trump has previously expressed his belief that Social Security and Medicare should be preserved. Save Social Security, don't destroy it." "I will not negotiate whether or not we pay our debt," Biden said.
The former South Carolina governor is just the second Republican to seek the party's backing to challenge Democratic President Joe Biden, 80, who is expected to seek reelection next year. [1/7] Former South Carolina Governor and former U.S. Ambassador to the U.N. Nikki Haley announces her run for the 2024 Republican presidential nomination at a campaign event in Charleston, South Carolina, U.S. February 15, 2023. Nikki will be a leader with an iron fist in a velvet glove," he told Haley supporters at her Charleston campaign event. If she wins, she would be the first non-white or female Republican presidential nominee.
I LIKE A STOCK THAT'S DE-RISKEDWHICH IS WHY I THINK EMERSON ISA GREAT BUY. I THINK THAT'S A GOOD STRATEGY. JEFF, I DON'T KNOW HOW ELSE TOPUT IT. I DON'T THINK ANYONE SHOULD SELLTHIS ON THE NOTION THAT THERE'SAN ANALYST WHO MISSED THE WHOLETHING IS SAYING SELLING. >> THAT'S GREAT.
But that could come back to haunt Republicans as Democrats increasingly try to paint her as one of the faces of the party. And while many Republicans came out against the plan, Democrats — especially President Joe Biden — have used it as a cudgel against the GOP. And while Democrats lost control of the House, they lost far fewer seats than expected, partly due to utilizing Scott's messaging against the GOP. Democrats can use Greene to their advantageNow as Greene continues to gain power and authority in the GOP and Congress, Democrats have the opportunity to use her own actions and words against the GOP as a whole. There's the possibility that giving Greene larger platform could backfire on Democrats.
Microsoft's CTO said he uses the new AI-powered Bing search engine to understand his teenage daughter's slang. In a recent interview, he praised the search engine, saying he misses it whenever he doesn't have access. Microsoft unveiled its new AI-powered Bing in collaboration with OpenAI last week. The overhauled search engine will feature similar technology that backs OpenAI's viral chatbot, ChatGPT, though OpenAI has promised Bing will be "more powerful." There's currently a waitlist to gain admittance to the new search engine, so Insider looked up the definitions the old-fashioned way: on Google.
The public comment period for Biden's proposals to reform income-driven repayment plans just ended. Rep. Bobby Scott, top Democrat on the House education committee, suggested relief be expanded for graduate students. "I propose decreasing the time of repayment for graduate loans under REPAYE from 25 years to 20 years in the final rule," Scott wrote. "Parity between the undergraduate and graduate loan repayment timelines would incentivize borrowers to enroll in the more generous REPAYE plan and reduce confusion when deciding on a repayment plans generally." "I don't live an extravagant life, but just the basic necessities of life, and so I've done the income repayment plan for a while," one borrower previously told Insider.
Sen. Rick Scott said it was "petty" of Sen. Mitch McConnell to take him off the Commerce Committee. McConnell in a separate Fox News interview denied retaliation and said he had "no animus toward Rick Scott at all." And I gave it to two other senators, no particular reprisal in mind, no animus toward Rick Scott at all," he added. "That was the Scott plan. That was the Rick Scott plan.
With OpenAI technology, Microsoft CEO Satya Nadella is challenging Google's online search monopoly. "Who'd have thought, even just a few months ago, that Google would be on their back foot," said Soma Somasegar, a former Microsoft executive. Google was also busy incorporating machine-learning and other AI technology into popular products such as Google Photos, Google Translate, and its search engine. Microsoft's new Bing search engine uses a newer version of GPT-3 to answer complex questions. Microsoft's positive feedback loopThe OpenAI deal laid the foundation for Microsoft to catch Google in the AI race.
Financial planner Cindy Scott recommends taking three steps to save your marriage from money troubles. The impact of a job loss can go beyond just derailing financial plans. If you've been laid off from your job and it's causing problems in your marriage, Scott recommends taking these three steps:1. Seek professional helpIt may seem counterintuitive to seek professional help for marital money problems when you're making less money. Scott recommends seeing a budget counselor, a therapist, or couples' counselor to help you sort through issues in your marriage.
If you're dating someone new, here are five red flags around money you should be looking out for:1. Pros Check mark icon A check mark. Low annual fee for investment accounts; crypto trust investments available Check mark icon A check mark. Tax-loss harvesting Check mark icon A check mark. Mobile app and investing and retirement tools Check mark icon A check mark.
Speaker Kevin McCarthy has said cuts to Social Security and Medicare are off the table. House Speaker Kevin McCarthy has insisted that cuts to Medicare and Social Security are off the table. But there are several examples of Republicans suggesting cutting or weakening Social Security, Medicare, and Medicaid. "I want to save Social Security," Johnson said, according to local WKOW. It also involved decreasing Social Security benefits over time and for higher-earning retirees, as well as increasing Medicare premiums for some.
"I guess I shouldn't say any more," he said, "but particularly on Social Security and Medicare." Rubio, who is in the rumored mix for the 2024 GOP nomination, said anybody who supports slashing Social Security or Medicare is delusional. "You have to listen to what the president said the last couple of years about protecting and fighting for Medicare and Social Security." "I've never ever said I would reduce Medicare or Social Security benefits. As for Social Security, its trust funds are expected to be insolvent by 2035, which would trigger 20% in cuts across the board.
Microsoft said it can add $2 billion in revenue for every 1 percentage point of search share it gains. Microsoft's ad business already grew to $18 billion in the last 12 months. And search advertising is such a lucrative section of the roughly $500 billion digital ad market that it almost doesn't matter if Microsoft barely dents Google's dominance. Even growing its share of search users by a couple of percentage points could grow its revenue by billions of dollars. "The moneymaker for search advertisers is short-tail, transactional terms," Goodwin said.
Disney — Shares of the entertainment company rose more than 6% after the company released its fiscal first-quarter earnings report. Robinhood — Shares rose 5% after Robinhood missed revenue expectations in its latest earnings report. Analysts called for per-share earnings of $1.83 on revenue of $4.59 billion, according to FactSet. Although the company reported $1 billion in revenue for the latest quarter, compared to analysts' expectations of $958 million, according to Refinitiv. MGM beat analysts' estimates on fourth-quarter revenue, posting $3.59 billion compared to the $3.35 billion expected by Wall Street, according to Refinitiv.
"While we disagree with the allegations in this case, we are pleased to have resolved this legacy issue," a Wells Fargo spokesperson said in a statement. Wells Fargo disclosed in July 2017 that hundreds of thousands of customers had been unnecessarily charged for "collateral protection insurance," which covers auto lenders when borrowers are uninsured. The bank also concealed auto insurance issues from the U.S. Senate Banking Committee in November 2016, the investors alleged. Wells Fargo settled an auto borrower class action in 2019 for $386 million without admitting wrongdoing. In 2018, Wells Fargo agreed to pay $1 billion to U.S. regulators to settle probes of its auto insurance and mortgage practices.
Jacksonville, Florida-based ParkerVision sued Intel in Waco, Texas in 2020 for infringing several patents related to improved radio-frequency receivers. ParkerVision had said it pioneered the communications technology used in Intel's wireless chips in the mid-1990s. ParkerVision said Intel chips used in smartphones, including Apple's iPhone, infringe the patents. ParkerVision has also sued companies including Apple, Qualcomm and TCL for patent infringement over wireless chips and devices that use them. The ParkerVision case is ParkerVision Inc v. Intel Corp, U.S. District Court for the Western District of Texas, No.
F1 seat means more time in the gym for Sargeant
  + stars: | 2023-02-06 | by ( Alan Baldwin | ) www.reuters.com   time to read: +2 min
"More hours in the gym," he grinned. "I've just stayed exactly as I was last year in terms of I'm still living in the same place in London. On my own, enjoying the hours in the gym, enjoying the time on the sim (simulator). "F1 in America is clearly at its peak and its still on the way up, which is a massive positive. You can see how many questions from friends and family and how curious people are about the sport.
"As important as earnings are, and they're very important, the discount rate is just as important if not more important," Siegel said. "If you bring down that discount rate, the market will say that a mild recession or even a moderate recession for a year, I'll take that. And that's why I think the market still has a good chance of giving that 10% to 15% gain." "I don't think rates are going to remain higher. "I don't think it's going to be tomorrow.
The tweaks they envision are not shifts in the federal funds target rate, the central bank’s main tool for influencing the economy to achieve its job and inflation goals. Those two rates exist to keep the market-driven fed funds rate in the desired range. One, called the reverse repo rate, sets a floor underneath short-term rates, while another, which pays deposit-taking banks to park cash at the Fed, sets the high end. Those adjustments happened purely to ensure control of the fed funds rate, while this sort of move would speak more directly to bigger monetary policy concerns around managing the size of its $8.5 trillion balance sheet. Some in the market fear rate control toolkit tweaks might create unneeded headaches if done too aggressively.
End of easy-cash era is going to hurt
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +5 min
LONDON, Feb 1 (Reuters) - The end of the easy-cash era is over and its impact yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. Reuters Graphics3/ GOING PRIVATEPrivate debt markets have ballooned since the financial crisis to $1.4 trillion from $250 billion in 2010. Reuters Graphics Reuters Graphics4/CRYPTO WINTERRising borrowing costs roiled crypto markets in 2022. Reuters Graphics5/FOR SALEReal estate markets, first responders to rate hikes, started cracking last year and 2023 will be tough with U.S. house prices expected to drop 12%. How the sector services its debt is in focus and officials warn European banks risk significant profit hits from sliding house prices.
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