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AdvertisementThe biggest player in non-bank loans has set a massive new goal for itself: more than doubling its $562 billion private lending business to $1.2 trillion in five years. At $1.2 trillion, Apollo will manage as much in loans as JPMorgan Chase last year, according to data tracker Statista. Apollo plans to more than double both its private credit and equity businesses by 2029, which would bring total assets under management to roughly $1.5 trillion. At its last investor day in 2023, it set a goal to hit $1 trillion in total assets under management, including private loans, by 2026. AdvertisementHere's how Apollo plans to grow to over $1 trillion in private lending alone.
Persons: Marc Rowan, , Blackstone, Rowan, John Zito, JPMorgan Chase, Jamie Dimon Organizations: Service, KKR, Apollo's AG InBev, InBev, Intel, Apollo, JPMorgan
Nike (NKE) and Lululemon (LULU) are two of the most well-known athleisure stocks. NKE YTD mountain Nike, year-to-date The tricky bit is that the promise of that strategic shift will not be reflected in the company's trailing results when they report this week. Buy NKE March 21 $90 call Sell Oct. 18 $95 call Why did I also include Lululemon, another athleisure laggard, in this? Unlike Nike, Lululemon is still growing, albeit slower than it had been previously. LULU YTD mountain Lululemon, Year-to-date However, Lulu is now trading about 20 times forward earnings estimates, a significantly lower multiple than Nike, trading at 26 times forward profits.
Persons: LULU, Lulu, Elliott Hill, John Donahue, Donahoe Organizations: Nike, Nike flatlined, CNBC, NBC UNIVERSAL Locations: Swiss, LULU
A Commerzbank AG bank branch, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024. Krisztian Bocsi | Bloomberg | Getty ImagesCommerzbank and UniCredit are set to begin talks Friday, with the German bank on the defensive over a potential takeover after its Italian counterpart unexpectedly increased its stake earlier this month. Speaking at a financial conference, Orlopp said the German bank was open minded, but that the speed of synergies and risks needed to be considered. The potential for a takeover or merger has been met with opposition from Germany's government and several senior figures at Commerzbank. Orlopp herself earlier this month told journalists that the process had taken Commerzbank by surprise, but urged a calm approach.
Persons: Krisztian Bocsi, Bettina Orlopp, Orlopp, Commerzbank, Manfred Knof, Germany's, Jens Weidmann, Stefan Wittmann Organizations: AG, Bloomberg, Getty, Reuters, CNBC Locations: Frankfurt, Germany, Commerzbank
Trump's arguments for overturning his $454M civil fraud verdict received a warm reception Thursday. Trump attorney D. John Sauer has made this line drawing a central point of his appeal. The appeal argues that James' fraud case wrongly interfered in the decisions of "sophisticated" banks that had been happy to loan Trump money regardless of any exaggerations. Deutsche Bank relied on Trump's financial statements in loaning him $400 million to develop his Chicago skyscraper, his Washington, DC hotel, and his Miami golf resort. Advertisement"And I will stress, your honor, that this does have harm to the public and the markets," she said of Trump's persistent financial frauds.
Persons: , Donald Trump, Trump, Peter H, Moulton, Letitia James, James, John Higgitt, Judith Vale, Higgitt, Vale, Lehman, Dianne T, Renwick, John Sauer, Sauer, E, Jean Carroll, Trump's, Arthur Engoron Organizations: Trump Org, Service, New York, General's, New York's AG, Lehman Brothers, Trump, Deutsche Bank, Supreme Court, Mazars USA, New Locations: Manhattan, York, Chicago, Washington, Miami, DC
Bettina Orlopp, chief financial officer of Commerzbank AG, speaks during a fourth quarter earnings news conference at the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 13, 2020. Commerzbank announced Tuesday it has picked 10-year veteran, and current Chief Financial Officer Bettina Orlopp to helm the bank as chief executive as it seeks to fend off a potential hostile takeover from Italian bank UniCredit. The bank has been on the defensive as UniCredit looks to become its largest shareholder, signaling the potential for a full takeover. Earlier this month, the Milan-based bank started building its shareholding with a 9% stake in Commerzbank. Senior officials at Commerzbank and the German government, which was the company's largest shareholder until UniCredit stepped in, have both said they oppose a hostile takeover.
Persons: Bettina Orlopp, Commerzbank, UniCredit, Orlopp, Manfred Knof Organizations: Commerzbank AG Locations: Frankfurt, Germany, Milan, Commerzbank
A shopper searching for Aerie products on Google will see sponsored and organic links to Amazon's website, the lawsuit says. Clicking on a link leads to an Amazon webpage that "displays only knock-offs and 'dupes'" of Aerie products, including sweatshirts and exercise shorts, American Eagle alleges. "These statements are patently false because customers cannot shop for Aerie products on Amazon." Many of the alleged Aerie knock-offs referenced in the lawsuit are sold by third-party sellers on Amazon's online marketplace. American Eagle is seeking an injunction and financial damages based on Amazon's alleged trademark infringement.
Persons: Arie, It's, Birkenstock, didn't Organizations: Eagle Outfitters, Amazon, Eagle, Southern, of, of New York ., Google, Daimler AG, Mercedes, Benz, counterfeiters Locations: U.S, of New York
(For perspective, Trump's 2016 settlements in three Trump University fraud cases totaled $25 million.) AdvertisementTrump has denied any fraud, and his lawyers argue in their appeal that the judgment is unjustified, legally flawed, and excessive. By winning his appeal, Trump would also dodge the judgment's non-monetary punishments, which are many. Winning would mean Trump, Donald Trump, Jr., and Eric Trump would no longer face being banned for two years from running Trump Org or any other business in New York state. By appealing, Trump has kept all of these fraud punishments on ice, with the exception of the Trump Org monitoring, which is ongoing.
Persons: , Donald Trump, John Sauer, ometer, Trump, Arthur Engoron, Donald Trump's, Letitia James, Engoron, He'd, Donald Trump , Jr, Eric Trump, Read Organizations: Service, Trump, Business, Trump University, D, New, Trump Organization, Trump's, Trump Org Locations: New York, Manhattan, Trump's Manhattan
A protestor holds a placard with a slogan reading "Stop Merger Horror" during a union demonstration outside the Commerzbank AG headquarters in Frankfurt, Germany, on Tuesday, Sept. 24, 2024. It follows UniCredit's move to take a 9% stake in Commerzbank earlier this month. watch nowScholz on Monday criticized UniCredit's decision to up the ante on Commerzbank, describing the move as an "unfriendly" and "hostile" attack, Reuters reported. Commerzbank's Deputy Chair Uwe Tschaege, meanwhile, reportedly voiced opposition to a potential takeover by UniCredit on Tuesday. The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024.
Persons: it's, UniCredit, Octavio Marenzi, Opimas, CNBC's, Olaf Scholz, He's, Marenzi, Scholz, UniCredit's, Uwe Tschaege, Tschaege, Andrea Orcel, Stefan Wittman, Germany's Scholz, Craig Coben, Coben, Emanuele Cremaschi Organizations: Commerzbank, Bloomberg, Getty, CNBC, Reuters, UniCredit, BBVA, Banco Sabadell, Bank of America, AG Locations: Frankfurt, Germany, Berlin, Milan, Commerzbank, Spanish
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalifornia AG Rob Bonta on Exxon Mobil lawsuit: They lied to the worldCalifornia Attorney General Rob Bonta joins 'Squawk Box' to discuss the state's lawsuit against Exxon Mobil, alleging deception about plastics recycling, the problems with the company's advanced recycling approach, and more.
Persons: Rob Bonta Organizations: Exxon Mobil Locations: California
Luxury stocks slip as fears grow of a prolonged downturn
  + stars: | 2024-09-23 | by ( Jenni Reid | ) www.cnbc.com   time to read: +3 min
Bloomberg | Bloomberg | Getty ImagesLONDON — European luxury stocks tumbled on Monday as analysts warned of a deteriorating demand outlook, particularly among high-spending Chinese consumers. "Following the post-Covid peak in consumption in 2022, luxury sector revenues have been sequentially slowing. Across European luxury firms, they expect a 1% revenue decline in 2024. The Stoxx Europe Luxury 10, an index tracking top names in the sector, managed to hold flat but has fallen 3.82% in the year to date. 'Prolonged period of weakness'They're not alone in their bearish view on Europe's luxury sector.
Persons: Hugo Boss, Germany's Hugo Boss, Burberry, Kering, Hermes, Jon Cox, Kepler Cheuvreux, CNBC's, Cox Organizations: Hugo, Hugo Boss AG, Bloomberg, Getty, Bank of America, Korean, BofA Securities, Kepler, U.S, CNBC, Burberry Locations: Shanghai, China, American, Europe
"We are initiating coverage of enterprise planning and 'Office of the CFO' software provider OneStream (OS) with an Outperform rating and $38 target price." Deutsche Bank initiates Pinterest at buy Deutsche called Pinterest an "under-monetized, scaled, increasingly personalized 'digital catalog' that attracts an affluent, high purchase-intent user base." "We initiate coverage of Pinterest, Inc. with a Buy Rating and a $43 Price Target." "We initiate coverage on FLUT with a Buy Rating and $270 PT." JPMorgan adds Nike to negative catalyst watch list The bank is sticking with its neutral rating but is negative heading into earnings on October 1 for Nike.
Persons: Bernstein, it's bullish, Morgan Stanley, Piper Sandler, Piper, TD Cowen downgrades, Cowen, Goldman Sachs, Goldman, Raymond James downgrades Palantir, Raymond James, Dr Pepper, Wells, Tesla, it's, bullish, Coreweave, Davidson, Needham, Truist Organizations: Nvidia, Citi, Meta, Facebook, Apple, BMO, Bank of America, underperform Bank of America, Holding AG, Citigroup, Deutsche Bank, Deutsche, Barclays, Bank, New York Mellon, Bank of New York Mellon, Motors, Microsoft, Needham, JPMorgan, Nike, Technology Locations: North America
Hussein Malla / AP“We have examples where supply chains were compromised in very elaborate, long lasting, super sophisticated ways for espionage. This may be the first supply chain attack that actually really deserves to be called a supply chain attack,” said Thomas Rid, a Johns Hopkins University professor who studies the history of intelligence operations. “Supply chain compromises are tried and true in intelligence work,” said Harding, who is the director of the Intelligence, National Security, and Technology Program at the Center for Strategic and International Studies. “I literally cannot think of a single example that is unclassified.”But she said the combined scope, planning and violence behind the pager and walkie-talkie operation made it a unique incident in the history of supply chain compromises. While the attack in Lebanon broke with spy agencies’ tradition by using a supply chain for an attack rather than for espionage, it could benefit Israel’s military objectives and have larger political implications.
Persons: It’s, Hussein Malla, , Thomas, Israel, Icom, pagers, Emily Harding, Harding, , Edward Snowden, There’s, Fidel Castro, Yahya Ayyash, it’s Organizations: NBC News, Johns Hopkins University, Lebanon’s Telecommunications Ministry, New York Times, CIA, U.S . National Security Council, Intelligence, National Security, Technology, Center for Strategic, International Studies, Crypto, Washington Post, ZDF, National Security Agency, NSA, FBI, Australian Federal Police Locations: Israel, Beirut, Swiss, Cuban, Lebanon
Financial planners say millennials have a few not-so-great spending habits. According to financial planners, there are two things millennials overspend on way too often. AdvertisementFinancial planners say it's OK to spend your money on these things, but it becomes a problem when it doesn't fit into your budget or you're not meeting your financial goals. "I think most people, not just millennials, don't really have a budget and don't know how much they spend. This will help you figure out your discretionary spending budget once you've covered your priorities.
Persons: , they've, Clari Nolet, Hewins, millennials, Nolet, doesn't, Asad Gourani, you've, lattes, Gourani Organizations: Service, AG Wealth Management
SAN ANTONIO — In the three weeks since Texas’ attorney general executed raids at the homes of several Latino election activists, the state’s oldest civil rights organization has been marshaling members to step up voter registration for what they say is a stand against voter suppression. A voter at news conference to respond to allegations by Texas Attorney General Ken Paxton, on Aug. 26 in San Antonio. A contingent of LULAC members and other Hispanic activists attended the hearing in support of Medina. Texas LULAC President Gabriel Rosales said in a phone interview that along with the fear, the raids “kind of lit a fire from Hispanics around Texas. “Councils have been doubling their efforts to engage Latino voters across Texas and across the country,” Proaño said.
Persons: ANTONIO —, , , Juan Proaño, Paxton, Ken Paxton, Eric Gay, Juan Manuel Medina, Geoffrey Goldstein, ” Medina’s, Medina, Lidia Martinez, Martinez, ” Martinez, Gabriel Rosales, ” Rosales, Houston, LULAC, Proaño, ” Proaño, Lidia Organizations: ANTONIO, League of United Latin American, Texas, NBC, Tejano Democrats, LULAC, American GI, Latinos Locations: Texas, South Texas, Frio County, county's, San Antonio, Medina, America, , Mexican
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO says that markets could manage a soft landing, but fight against inflation is not overSergio Ermotti, group CEO of UBS Group AG, said that the markets seem to be too ahead of the curve to expect the Fed to cut so aggressively.
Persons: Sergio Ermotti Organizations: UBS, UBS Group AG
The CEO of Swiss banking giant UBS said Thursday that the fight against inflation isn't over yet, and some investors seem to be getting too ahead of themselves in expecting that the U.S. Federal Reserve could pull an aggressive rate cut this month. "I think the market seems to be a little bit too ahead of the curve in expecting the Fed to go so aggressively," Sergio Ermotti, Group CEO of UBS Group AG, told CNBC's "Squawk Box Asia." The question of whether the Fed will lower rates at the end of its next policy meeting September 18 has largely been answered. The only question that remains is: by how much. The "most important" issue that the Fed needs consider is still inflation, which remains sticky and not yet "totally under control," Ermotti added.
Persons: Sergio Ermotti, CNBC's, Ermotti Organizations: UBS, U.S . Federal, UBS Group AG, Fed Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPath for future growth will not be as linear, but Asia is 'strategic priority' for us: UBS CEOSergio Ermotti, group CEO of UBS group AG says Asia is not immune to global economic outlook and geopolitical situation, but growth is set to continue for the region.
Persons: Sergio Ermotti Organizations: UBS, AG Locations: Asia
The Swedish automaker said it now aims for between 90% and 100% of its car sales to be fully electric or plug-in hybrid models by 2030. "I think a lot of manufacturers are obviously going through this process [of delaying electrification targets] at the moment. The U.K., for instance, introduced a mandate that requires 22% of new car sales this year to be zero-emission vehicles (ZEVs). The mandate, which aims to reduce the number of polluting vehicles on the road, will rise annually until it reaches 100% of new car sales by 2035. A Volkswagen ID4 electric car charges at a charging station in a parking lot at Autostadt Wolfsburg.
Persons: Brandon Bell, Tim Urquhart, CNBC's, we're, Urquhart, carmaker, BEV, , it's, Rico Luman Organizations: Volvo, Hill, Getty, Wednesday, Volkswagen, Ford, Benz Group, P Global Mobility, Volvo Cars, Autostadt Wolfsburg, Volkswagen AG, BEVs, European, ING Locations: Austin , Texas, China, Swedish, Europe
"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
More than halfway through the third quarter, many of the biggest commodity ETFs in the United States are in sizable holes. Kathy Kriskey, senior commodities ETF strategist at Invesco, said that oil supply is actually tight at the moment. The commodities slump could be partially due to mechanical factors in the market, such as low trading volumes combined with large commodity trading advisors betting against the sector, Kriskey said. "The price of corn has taken almost three full years from those 2022 spike highs to get back down. And oil, one of the biggest weights in commodity indexes, could see stepped up supply in coming months.
Persons: It's, Ryan Grabinski, Strategas, Kathy Kriskey, Kriskey, Sal Gilbertie, We're, Gilbertie, What's, Jerome Powell, Goldman Sachs, Morgan Stanley, Matijn, — CNBC's Michael Bloom Organizations: Strategy, United States Oil Fund, U.S ., Commodities, 4Q, DB Base Metals Fund Locations: United States, Ukraine, U.S, China
A Utah woman who went viral and was dubbed a "Karen" after she allegedly pulled down a young woman's skirt that she found to be too short and revealing in public has entered into a plea deal on a misdemeanor sexual battery charge. Ida Lorenzo, 49, confronted a young woman on April 20 at a St. George, Utah, eatery in a spat partially caught on camera. In the video, posted April 21, she appears to brag that she works for the state as she admonished the young woman for her skirt. She told police that she confronted a young woman at a restaurant who was wearing “explicit clothing” that exposed her private parts with children present. The female victim said she was wearing underwear and shorts under her skirt, making it impossible to have been exposing herself.
Persons: Karen, Ida Lorenzo, ccsnowww, ” Lorenzo, ‘ you’re, Lorenzo, , , St, Susanne Gustin Organizations: CPS, Protective Services, George Police, Utah Attorney General’s, Utah News Dispatch, Utah AG, NBC News Locations: Utah, George , Utah, Washington County
New York CNN —Texas Attorney General Ken Paxton sued General Motors Tuesday, alleging the carmaker illegally collected and sold drivers’ data to insurance companies without their consent or knowledge, according to a release from the AG’s office. The suit said those two companies then sold these scores to insurance companies. Insurance companies can use data to see how many times people exceeded a speed limit or obeyed other traffic laws. But the attorney general’s office claimed GM “deceived” its Texan customers by encouraging them to enroll in programs such as OnStar Smart Driver. But by agreeing to join these programs, customers also unknowingly agreed to the collection and sale of their data, the attorney general’s office said.
Persons: Ken Paxton, , , Smart, General Motors Organizations: New, New York CNN, Texas, Motors, General Motors, Insurance, General, CNN Locations: New York, Detroit
Can Dirt Clean the Climate?
  + stars: | 2024-08-10 | by ( Somini Sengupta | Matthew Abbott | Photographs | ) www.nytimes.com   time to read: +1 min
Across 100,000 acres in the vast agricultural heartland of Australia, an unusual approach is taking root to slow down the wrecking ball of climate change. Farmers are trying to tap the superpowers of tiny subterranean tendrils of fungus to pull carbon dioxide out of the air and stash it underground. It’s part of a big bet that entrepreneurs and investors around the world are making on whether dirt can clean up climate pollution. Like Loam Bio, companies like Andes and Groundworks Bio Ag are also experimenting with microbes. Silicate Carbon is milling leftover concrete into a fine powder, while several companies are scorching crop waste into charcoal.
Organizations: Farmers Locations: Australia, Australian, Mati
CNN —Vice President Kamala Harris has chosen Gov. Tim Walz of Minnesota as her running mate, elevating the former teacher and Army National Guard veteran to join the Democratic ticket and help lead the party’s fight to defeat Donald Trump. The vice president held in-person interviews with Walz, Shapiro and Kelly on Sunday. In March, Walz accompanied Harris when she became the first sitting vice president to visit a clinic that performs abortions. During recent remarks at a “White Dudes for Harris” fundraiser, Walz made a rough-and-ready case for the vice president before would-be small-dollar donors.
Persons: Kamala Harris, Tim Walz, Donald Trump, Harris, Walz, MAGA, Josh Shapiro, Arizona Sen, Mark Kelly, Shapiro, Kelly, , , we’ve, Joe Biden, energizing Walz, ” Shapiro, Trump, Karoline Leavitt, Walz “, Biden, Picking Walz, , Trump and Ohio Sen, JD Vance, Harris ”, ” Walz, Biden’s, Brandon, Gwen, Walz –, Jeff Blodgett, Sen, Paul Wellstone, Barack Obama, we’re, ” “, he’s, ” Blodgett, it’s, Angie Craig, Pramila, “ Tim Walz doesn’t, Kevin Poindexter, Trump’s, Ohio Sen, Raghu Devaguptapu, “ He’s, , ” Devaguptapu, CNN’s Arit John, Arlette Saenz, Alayna Treene Organizations: CNN, Army National Guard, Democratic, Pennsylvania, Arizona, Naval, Democratic Party, Trump, Hamas, Golden State, Democratic Governors Association, Republicans, Trump and Ohio, Democrats, MAGA Republicans, National Rifle Association, Farmer, Labor Party, state’s Democratic Party, Minnesota Democrats, Progressives, Washington Rep, Congressional Progressive Caucus, Minnesota Republican, Midwest Locations: Minnesota, Israel, Midwest . Minnesota, Trump and, Congress, Pennsylvania, Ohio, Michigan, Democratic
The America PAC is supporting Republican presidential nominee Donald Trump in the 2024 election against Vice President Kamala Harris, the de facto Democratic nominee. Wheeler alleged America PAC has broken state laws, according to a copy of the complaint reviewed by CNBC. "The America PAC is pretending to be running an online voter registration drive," Wheeler wrote. Representatives for the North Carolina State Board of Elections did not return requests for comment on Wheeler's complaint against America PAC. America PAC has spent over $100,000 on digital advertisements targeting voters in Pennsylvania since early July, according to AdImpact.
Persons: Elon Musk, Chuck Schumer, Donald Trump, Kamala Harris, Musk, Josh Stein, Stein, Jocelyn Benson, Benson's, CNBC's, David Wheeler, Wheeler, Madison Cawthorn, Lauren Boebert, Al Schmidt Organizations: Intelligence, Senate, U.S, Capitol, North Carolina Attorney General's, CNBC, Musk's America PAC, The America PAC, Democratic, SpaceX, PAC, North Carolina, Michigan, Sunday, America PAC, America, North Carolina Board, American, Republican, Rep, Colorado . Representatives, North Carolina State Board, Department Locations: Washington , U.S, America, North Carolina, Michigan, Georgia, Wisconsin, Colorado, Pennsylvania
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