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June 26 (Reuters) - U.S. stocks closed lower on Monday, as investors were wary of making riskier bets after Russia's aborted weekend mutiny. Investors were uncertain about the implications of the rebellion by Russian mercenaries that raised questions about President Vladimir Putin's future. Growth stocks weighed the most on the main indexes, with Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O) falling sharply. With this uncertainty in mind Schleif noted that investors were taking some profits in growth stocks that had advanced sharply this year. But Carnival (CCL.N) slumped after the cruise operator forecast third-quarter earnings below Wall Street expectations.
Persons: Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Goldman Sachs, UK's Aston Martin, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, Nasdaq, BMO, Independent, Alliance, Dow Jones, University of, Pfizer Inc, UBS, Ares Management, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, U.S, New York, Bengaluru
June 26 (Reuters) - Cruise operator Carnival (CCL.N) on Monday forecast third-quarter profit largely below estimates as rising marketing and labor costs eat into gains from higher ticket prices and strong demand. The company's shares, which have surged nearly 80% in the past two months on resurgent demand for cruises, dropped 11%. The mid-point of the company's third-quarter adjusted profit per share forecast of 70 cents to 77 cents, was below analysts' average estimate of 76 cents, according to IBES data from Refinitiv. Carnival now expects adjusted annual loss per share between 8 cents and 20 cents, compared with its earlier forecast of a loss per share of 28 cents to 44 cents. Reporting by Juveria Tabassum and Ananya Mariam Rajesh in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: David Bernstein, Michael Erstad, Juveria Tabassum, Ananya Mariam Rajesh, Vinay Dwivedi Organizations: Peers, Cruise Line Holdings, Royal Caribbean Group, Thomson Locations: Bengaluru
June 26 (Reuters) - Carnival (CCL.N) on Monday forecast third-quarter adjusted profit marginally below estimates as the cruise operator battles higher labor and fuel costs while spending more on marketing, sending its shares down about 10%. M Science analyst Michael Erstad said the company's forecast suggests that the robust demand trend would continue, while adding that Monday's share performance, in part, reflected the higher cost outlook. The mid-point of the company's third-quarter adjusted profit per share forecast of 70 cents to 77 cents, was below analysts' average estimate of 76 cents, according to IBES data from Refinitiv. Carnival now expects adjusted annual loss per share between 8 cents and 20 cents, compared with its earlier forecast of a loss per share of 28 cents to 44 cents. Reporting by Juveria Tabassum and Ananya Mariam Rajesh in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: Josh Weinstein, David Bernstein, Michael Erstad, Juveria Tabassum, Ananya Mariam Rajesh, Vinay Dwivedi Organizations: Norwegian Cruise Line Holdings, Thomson Locations: Norwegian, Bengaluru
Technology (.SPLRCT) and real estate sectors (.SPLRCR) were the other top gainers among the 11 major S&P 500 sectors. ET, the Dow Jones Industrial Average (.DJI) was down 19.60 points, or 0.06%, at 33,707.83, the S&P 500 (.SPX) was up 6.90 points, or 0.16%, at 4,355.23, and the Nasdaq Composite (.IXIC) was up 51.68 points, or 0.38%, at 13,544.20. Advancing issues outnumbered decliners by a 2.97-to-1 ratio on the NYSE and 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 17 new 52-week highs and one new low, while the Nasdaq recorded 37 new highs and 67 new lows. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Persons: Tesla, Aston Martin, Jerome Powell, Randy Frederick, Charles Schwab, Goldman Sachs, UK's Aston Martin, Lockheed Martin, Sruthi Shankar, Johann M, Shinjini Organizations: Pfizer, Aston, Dow, Nasdaq, Technology, University of, Dow Jones, Pfizer Inc, Inc, UBS, Tesla, Ares Management, Lockheed, Northrop Grumman Corp, Raytheon Technologies, NYSE, Thomson Locations: Russian, U.S, Russia, Bengaluru
Are investors ignoring the Federal Reserve’s warning?
  + stars: | 2023-06-25 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
CNN —Stocks fell last week as several signs pointed to the Federal Reserve continuing to hike rates this year. The Cboe Volatility Index, known as the VIX, is derived from S&P 500 index options prices and measures volatility expectations. Meanwhile, the May Producer Price Index showed that inflation at the wholesale level cooled to below its pre-pandemic average. Tuesday: Case-Shiller home price index and new home sales. Friday: May Personal Consumption Expenditures Price Index and University of Michigan June consumer sentiment and inflation expectations final reading.
Persons: CNN — Stocks, Jerome Powell, BoE, Tom Graff, Price, , Graff, it’s, Liz Young, Gina Bolvin, Bitcoin, Charles Schwab Organizations: CNN Business, Bell, CNN, Federal Reserve, Dow Jones, Nasdaq, Federal, Bank of England, Nvidia, Microsoft, Bolvin Wealth Management, , Valley Bank, Signature Bank, BlackRock, EDX, Fidelity Digital Assets, Citadel, Index, University of Michigan
June 23 (Reuters) - Carnival (CCL.N) is expected to post robust second-quarter revenue growth as new and younger customers, undeterred by high inflation, spend on novel experiences such as cruising. While Americans have cut back on purchasing big-ticket non-essential goods due to soaring costs, protracted confinement to their homes during the pandemic has whet their appetite for outdoor experiences. Millennials (born between 1981 and 1996) and GenX (born between 1965 and 1981) have reached peak earnings years and are feeding multi-generational travel as they spend on cruises and bring their families along, according to J.P. Morgan analysts, who lifted rating on Carnival stock to "overweight" last week. A younger customer base is helping fuel this demand, with 88% of millennial and 86% of GenX travelers that have past cruising experience intending to sail again, according to a report from Cruise Lines International Association. "Given (cruise) is a vastly under-penetrated travel product ... more marketing instead of price cuts drives growth in new-to-cruise, which has a reasonably high conversion rate to repeat-cruisers," Barclays analyst Brandt Montour said.
Persons: Morgan, Millennials, GenX, Brandt Montour, Granth, Vinay Dwivedi Organizations: Reuters Graphics Reuters, Morgan, Bank of America, Cruise Lines International Association, Barclays, Refinitiv, Thomson Locations: J.P, Bengaluru
The Dow Jones Industrial Average , the S & P 500 and the Nasdaq lost more than 1% each for this holiday-shortened week. This coming week will feature some key inflation data to keep an eye on. On Tuesday, the May housing starts report was released, coming in much stronger than expected, at a 1.63 million seasonally adjusted annual rate (SAAR), versus 1.39 million SAAR expected. Building permits were also above expectations at a1.49 million SAAR versus 1.43 million SAAR expected. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jerome Powell, Jim Cramer, he's, Jefferies, JEF, Mills, HB Fuller, Jim Cramer's, Jim, Spencer Platt Organizations: Federal, Dow Jones, Nasdaq, Constellation Brands, Corp, Walgreens Boots Alliance, Micron Technology, Gross, Aid, McCormick &, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: U.S, SAAR
Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.
Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's
Wall Street is rolling into the long weekend with some positive momentum thanks to a group of stocks that caught fire this week. Stocks are poised to finish the busy week , which is filled with consumer price index and producer price index readings as well as the closely watched Federal Reserve policy announcement, higher. Cruise stocks Carnival and Norwegian were, respectively, on pace to be the best and third-best performing stocks. Both rallied this week following upgrades to Carnival shares from JPMorgan Chase and Bank of America. CCL RCL,NCLH YTD mountain The three public cruise lines Chipmaker Intel was also among the best performers this week with a gain of more than 15%.
Persons: Stocks, Andrew Didora, David Zinsner, , Fred Imbert Organizations: Nasdaq, U.S, CNBC Pro, JPMorgan Chase, Bank of America, Royal, CCL, Intel, Bloomberg, Adobe Locations: Norwegian, Friday's, Royal Caribbean
Carnival and Norwegian Cruise Line hit 52-week highs Wednesday, while Royal Caribbean did so Tuesday. RCL YTD mountain Royal Caribbean year to date For Farley, Royal Caribbean stands out because it has about 64% of its cruises in the Caribbean, a strong market. Investors now may be waiting to see if there will be more price target increases from analysts after the latest run up. Royal Caribbean has 3% downside to the average analyst price target of $92.77 as of Tuesday's close, per FactSet. Carnival has 21% downside to its average price target of $12.11, and Norwegian has 15% downside to its $16.60 average price target.
Persons: It's, Jason Liberty, Patrick Scholes, Robin Farley, Matthew Boss, Bank of America's Andrew Didora, Josh, Didora, Farley, Truist's Scholes, James Hardiman, Greg Badishkanian, Scholes, Managements, Boss, CNBC's Michael Bloom, Josh Weinstein Organizations: shutdowns, Wall Street, Cruise Line, Royal, CNBC, Royal Caribbean, JPMorgan Chase, Bank of America, CCL, Bank of America's, UBS, Argus Research, Citi, Wolfe Research, JPMorgan, Investors Locations: Royal Caribbean, U.S, Miami, Tuesday's, Caribbean, Norwegian
The growth in bookings is largely driven by pent-up demand from loyal customers returning to taking summer vacations and other leisure travel, said the analysts. JPMorgan upgraded Carnival shares to "overweight", while Bank of America raised its rating on the stock to "buy", and the analysts raised their price targets on all the three cruise companies. Carnival shares rose 14% to a more than 1-year high in early trading on Monday while Norwegian Cruise gained nearly 8%. The S&P 500 Hotels Resorts & Cruise Lines Sub-Industry Index was up 0.9% led by gains in cruise stocks. Commercial airline shares were also making gains on Monday amid falling crude oil prices and growth in demand for seats.
Persons: Chibuike Oguh, Granth Vanaik, Stephen Culp, Lance Tupper, David Gregorio Our Organizations: YORK, Carnival Corp, Cruise Line Holdings, JPMorgan, Bank of America Global Research, Carnival, Royal Caribbean Cruises, Bank of America, Norwegian Cruise, Royal, Hotels Resorts, Cruise, Southwest Airlines, Hawaiian Holdings, American Airlines, Thomson Locations: Royal Caribbean, New York
Amid "continued demand momentum" for the cruise industry, JPMorgan is bullish on Carnival . The bank upgraded the cruise liner's shares to overweight from neutral in a Monday note. Analyst Matthew Boss also raised his price target to $16 from $11, implying more than 22% upside from Friday's close. Boss underscored Weinstein's comments that Carnival is "no longer riding the coattails of a post-pause pent-up." "On the top-line, we came away confident in current trends with all three management teams," Boss said.
Persons: Matthew Boss, Boss, Josh Weinstein —, , — CNBC's Michael Bloom Organizations: JPMorgan, CCL
UBS reiterates McDonald's as buy UBS said McDonald's is "well positioned to drive further sales growth and market share gains." JPMorgan upgrades Carnival to overweight from neutral JPMorgan said it sees an "attractive risk/reward" for the cruise operator. Bank of America upgrades Carnival to buy from neutral Bank of America said it's getting bullish on cruise demand. Morgan Stanley upgrades Sentinel One to overweight from equal weight Morgan Stanley said the cybersecurity company has an attractive risk/reward. Morgan Stanley reiterates Home Depot as overweight Morgan Stanley said it's bullish on the company's long-term growth outlook.
Persons: McDonald's, it's, Morgan Stanley downgrades Bill.com, Morgan Stanley, Wolfe, Tesla, Nomura, Evercore, Wedbush, it's bullish, Argus, Abercrombie, Jefferies Organizations: UBS, JPMorgan, JPMorgan Chase, Petrobras, CCL, Bank of America, of America, Intuit, Oracle, Disney, Auto, Citi, U.S . Bancorp Citi, U.S . Bancorp, Sentinel, AMD, Abercrombie, Fitch
The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.
Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, , Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda
Yet despite all odds, 61% of those surveyed said they plan to travel this summer, up from the 49% who said the same in summer 2021. Some 56% of adults are more likely to stay in a hotel this summer than they were in 2022, according to the AHLA/Morning Consult survey. Booking Holdings is also an analyst favorite, with an average rating of overweight and 10% upside to the average price target, per FactSet. While prices are still high, the latest consumer price index for April showed the airline fares index fell 2.6% month over month, after rising in February and March. Airlines are essentially sold out for summer travel, according to TD Cowen analyst Helane Becker.
Persons: Matt Kramer, They're, You've, Sylvia Jablonski, Kramer, Freed, Bernstein, David Vernon, Price, Robin Farley, Farley, James Hardiman, Hardiman, Josh Weinstein's, RevPar, Tony Capuano, Chris Nassetta, Biden, Hilton, they've, Airbnb, Brian Chesky, it's, Evercore, Mark Mahaney, amortization, Mahaney, Cowen, Helane Becker, Becker, — CNBC's Michael Bloom, Ashley Capoot Organizations: KPMG, KPMG Consumer, Survey, Cruise ETF, Royal, Holdings, Marriott, United Airlines, Morning, American, & Lodging Association, Cruises, UBS, Citi, CCL, CNBC, Hilton Worldwide, U.S . Travel Association, State Department, Booking Holdings, Booking, Airlines, Delta Air Lines, Copa Holdings, Panamanian, Copa Airlines Locations: United States, Royal Caribbean, United, Caribbean, CocoCay, Thursday's, China, North America, Asia, Europe
WASHINGTON, May 5 (Reuters) - The U.S. Centers for Disease Control and Prevention (CDC) said on Friday it would stop reporting or monitoring COVID-19 case data and transmission rates after the government ends the pandemic's public health emergency designation next week. The government on May 11 will end the COVID-19 public health emergency that allowed millions of Americans to receive vaccines, tests, and treatments at no cost during the pandemic. "The changes that we're discussing today are happening because the end of the Public Health Emergency means that CDC will have less authority to collect certain types of public health data," said CDC Principal Deputy Director Dr. Nirav Shah. The CDC will continue to provide COVID death rates but will no longer rely on aggregate case data reported by local jurisdictions and will instead use national death certificate data, Jackson said. COVID-19 surveillance will be folded into a wider integrated strategy for monitoring respiratory viruses, he said, adding that some data reporting including demographic case data, the CDC's work on long COVID, and wastewater surveillance for the virus will continue past May 11.
loss per share of 30 cents vs loss est. of 41 centsCompany says it sees "strong consumer demand"May 1(Reuters) - Norwegian Cruise Line Holdings Ltd (NCLH.N) raised its annual profit forecast and sailed past first-quarter estimates on Monday, betting on higher ticket pricing, pent-up demand and robust on-board spending from wealthy customers. Norwegian, which mostly caters to the affluent, has also been raising prices of its tickets to offset the impact from higher costs of fuel and food due to supply chain snags worsened by the Russia-Ukraine crisis. The company expects 2023 adjusted profit of 75 cents per share, compared with its earlier forecast of about 70 cents per share. Shares in the company were up about 1% in premarket trade, paring some gains after it forecast second-quarter adjusted earnings per share below estimates.
BUENOS AIRES, April 20 (Reuters) - Argentina's peso currency sank in widely used parallel markets on Thursday, hitting a record low against the U.S. dollar as concerns grew about the Latin American country's economy, with 104% inflation, reserves dwindling and drought hitting exports. The black market peso , one of several unofficial rates that have flourished as tight capital controls have limited access to official forex markets, weakened almost 4% to 438 per dollar, roughly double the official rate of 218 pesos. The blue-chip swap or CCL rate was at 433 pesos per dollar and the MEP was at 421.3 per dollar, traders said. That has further pressured already weak central bank reserves, forcing it to sell dollars. "The stock (of BCRA reserves) is so small that it cannot withstand negative flows of this magnitude for many more days.
Goldman Sachs upgrades Hartford to buy from neutral Goldman the insurance company could "surprise to the upside." Goldman Sachs upgrades Marathon Petroleum to buy from neutral Goldman said the petroleum company has a "best-in-class capital returns story." Bernstein reiterates Apple as market perform Bernstein said it's standing by its market perform rating after Apple debuted Apple Pay Later on Tuesday. Guggenheim reiterates McDonald's as buy Guggenheim says it sees "substantial" near-term and long-term upside for McDonald's. Goldman Sachs reiterates Regions Financial and Fifth Third as buy Goldman said in a note Wednesday that several regional banks are key beneficiaries of the larger bank fallout.
Here are Tuesday's biggest calls on Wall Street: Barclays reiterates Apple as equal weight Barclays said Apple advertising on its own apps is very underappreciated. Bank of America upgrades Paramount to buy from neutral Bank of America said the media company has a "unique collection of assets." Bank of America downgrades Fox to neutral from buy Bank of America said it sees a lack of near-term catalysts for Fox . Wells Fargo upgrades Carnival to equal weight from underweight Wells said it sees a more balanced risk/reward for the cruise operator. Morgan Stanley reiterates Dick's as overweight Morgan Stanley said shares of Dick's are undervalued. "
March 27 (Reuters) - Cruise operator Carnival Corp (CCL.N), (CCL.L) on Monday reported a smaller-than-expected quarterly loss and beat estimates for revenue, helped by resilient demand for leisure travel, higher ticket prices and strong on-board spending. Carnival also benefited from easing of on-board COVID-19 protocols that ensured strong spending in casinos and spas. On-board and other revenue came in at $1.56 billion and accounted for 35% of the total revenue in the first quarter. The company posted an adjusted net loss of 55 cents per share in the quarter, compared with estimates of a loss of 60 cents per share, according to Refinitiv. The company expects an annual loss between 28 cents per share and 44 cents per share, compared with estimates of a loss of 8 cents.
The personal spending and income report, out this coming Friday, has the Federal Reserve's preferred measure of inflation: the core personal consumption expenditure (PCE) price index. In comparison, the consumer price index (CPI), released this past week, only tracks price changes over time. It was a positive week for the major averages, despite some midweek volatility driven by comments from Treasury officials. The PCE price index and other inflation reports face heightened scrutiny in the coming months as the market is becoming more at odds with the Fed's base case. ET: Gross Domestic Product; Price Index Friday, March 31 Before the bell: 8:30 a.m.
The recent sell off in Carnival Corp. has created an opportunity before the cruise operator reports earnings on Monday, according to Stifel. The cruise line operator's stock was down 13.2% this month, through Thursday's close. Based on Carnival's history of providing super-conservative initial guidance, Wieczynski is forecasting the cruise line's full-year EBITDA forecast will be $4.0 billion-$4.3 billion. CCL 5Y mountain Carnival's five-year performance Carnival's stock has been volatile since the start of the Covid pandemic, which shut down the cruise industry. But long term, he also believes Carnival is a buy, based on the resilience of core consumer demand for the global cruise industry's offerings.
Morgan Stanley reiterates Match as a top pick Morgan Stanley said it sees more industry growth for stocks such as Match. Deutsche Bank upgrades Kimberly-Clark and Conagra to hold from sell Deutsche upgraded several staples manufacturers mainly on valuation. Deutsche Bank upgrades Dow to buy from hold Deutsche said the "worst is behind us." Morgan Stanley reiterates First Republic as underweight Morgan Stanley said it sees too many negative outcomes for First Republic. Bank of America reiterates Nvidia as buy Bank of America said it's bullish heading into Nvidia's flagship AI and tech conference this week.
The market puts about 60% odds on a quarter-point rate hike and 40% odds on no hike as policymakers watch of the unfolding banking struggles. Sign up for my Top 10 morning thoughts on the market email newsletter for free 2. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
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