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The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30. That compared with the 151.73 billion yuan average of 21 analyst estimates compiled by Refinitiv. Domestic gaming revenue stayed mostly flat at 31.8 billion yuan, while international gaming revenue rose 12% to 12.7 billion yuan, excluding the impact of currency movements. It grew 34% to 25 billion yuan as its TikTok-like short video service Video Accounts experienced increased demand. Revenue from fintech and business services grew 15% to 48.6 billion yuan which the company said reflected expansion in both offline and online payment activities.
Persons: David Kirton, HONG KONG, Tencent, Shawn Yang, Josh Ye, Himani Sarkar, Raju Gopalakrishnan Organizations: REUTERS, Tencent Holdings, HK, Refinitiv, Blue Lotus Capital Advisors, Inc, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG, fintech
Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonising transport and industries. But it is produced today on a very small scale and costs up to five times more than the most common hydrogen produced from natural gas, which is highly carbon-intensive. It sharply reduces the cost of electricity for the electrolysis process, which accounts for more than 70% of green hydrogen production costs, the company said. BP, which aims to sharply reduce its carbon emissions in the coming decades, is betting big on green hydrogen. By 2030, it aims to produce between 0.5 and 0.7 million tonnes per year of primarily green hydrogen.
Persons: Ron Bousso, Louise Heavens Organizations: BP Ventures, Mitsubishi Heavy Industries, Clean Energy Ventures, Gatemore Capital Management, BP, Thomson
In contrast, nearly $1 billion went into emerging market ex-China mutual funds, according to Refinitiv data that Reuters cited. Here are some alternatives to China and the stocks to invest in, according to the pros. Japan Japan stocks have been an investor favorite this year, seeing the highest inflows in 20 years, according to Eastspring Investments. Demand for Japan funds has surged among European investors, according to data from research firm Cerulli. The bank screened for Japan stocks with the following attributes: resilient earnings, price-to-book (P/B) ratio below 1.5, and potential P/B upside relative to return on equity.
Persons: Morningstar, , , Derrick Irwin, there's, Oliver Lee, BofA, Joanne Peng, Allspring's Irwin, Irwin, Fomento, He's, Morgan Stanley, Will, ” Irwin, Cerulli’s Peng Organizations: Morningstar, CNBC Pro, Reuters, Allspring Global Investments, CNBC, , Eastspring Investments, Ivailo, Mitsui & Co, Honda Motor, Nomura, Kansai Electric Power, Mitsubishi Motors, Panasonic, Mexicano, HDFC Bank, HDFC Locations: European, China, India, Beijing, Japan Japan, Japan, Europe, Vietnam, Asia, Indonesia, Malaysia, Southeast Asia, Mexico, America, Will China
Monster Beverage could be the frontrunner of the global energy drink market, according to HSBC. "We forecast revenue growth for Monster in the US ahead of industry growth, achieved through more targeted marketing and brands." Revenue during this time period from the LatAm and EMEA energy beverage markets should triple from their current levels, he said. "We see room for better occasion-brand package-price-channel segmentation in LatAm, which is where Monster's LatAm bottlers are first in class," the analyst said. According to the note, the energy beverage market is worth over $20 billion in the U.S. and over $70 billion worldwide, and has been among the fastest-growing beverage categories for the past 10 years.
Persons: Carlos Laboy, Laboy, , Michael Bloom Organizations: Beverage, HSBC, U.S, Bang Energy, America isn't, North America . Revenue, Coke, EMEA, Cola Company Locations: U.S, Canada, America, Europe, East, Africa, North America
As long as companies are interested in generative artificial intelligence, Nvidia stands to benefit. Nvidia shares closed up more than 7% on Monday, underscoring how investors believe the company's graphics processing units, or GPUs, will continue to be the most popular computer chips used to power massive large language models that can generate compelling text. Morgan Stanley released an analyst note Monday reiterating that Nvidia continues to be a "Top Pick" coming off the company's most recent earnings report, in which it offered a better-than-expected forecast. "We think the recent selloff is a good entry point, as despite supply constraints, we still expect a meaningful beat and raise quarter — and, more importantly, strong visibility over the next 3-4 quarters," the Morgan Stanley analysts wrote. "Nvidia remains our Top Pick, with a backdrop of the massive shift in spending towards AI, and a fairly exceptional supply demand imbalance that should persist for the next several quarters."
Persons: Morgan Stanley Organizations: Nvidia
This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.
Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai
Elon Musk has loaded up on Nvidia GPUs for X, xAI, and Tesla. Meanwhile, Chinese tech titans are reportedly scrambling to buy $5 billion worth of the chips. But there are signs emerging that there may not be enough of Nvidia's chips to go around, with multiple top executives warning that demand is massively outpacing supply. Soaring demandThe massive increase in interest in artificial intelligence has been a key factor driving demand for Nvidia's semiconductors. Perhaps the strongest sign that demand for Nvidia's chips is soaring came in May, when it released stellar second-quarter revenue forecasts that smashed Wall Street's expectations by 50%.
Persons: Elon Musk, Biden, Tesla, Adam Selipsky, Matthew Prince, there's, Barron's Organizations: Nvidia, titans, Service, Soaring, New, Research, Financial Times, Elon, Twitter, Web Locations: Wall, Silicon
During another busy week of earnings and stock market swings, we picked our spots and made six trades, including calling up a Bullpen name. We also changed two Club price targets. Shortly after the opening bell, we trimmed some Caterpillar and booked some profits after the industrial giant's blowout earnings last week. Jim Cramer's Charitable Trust — the holdings we use for the Club — owns 315 shares of Caterpillar. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer's, Club —, Stanley Black, Decker, Stanley, Wolfe, Eli Lilly, Lilly, Bob Iger's, Jeff Marks, Jim Cramer, Jim, Jim Cramer Rob Kim Organizations: Caterpillar, DuPont, Revenue, Club, Management, Coterra Energy, West Texas, Wolfe Research, Halliburton, HAL, GE Healthcare Technologies, Disney, The, GE Healthcare, pharma, Big Tech, CNBC Locations: Coterra
Goldman Sachs' ex-CEO called up his successor to complain after taking a $50 million hit on the bank's stock, The New York Times reported. Lloyd Blankfein offered to give more advice to David Solomon and floated a return to the firm, per The Times. Solomon declined the offer of assistance, the newspaper said, citing three people briefed on the conversation. Blankfein reportedly made the unexpected call in mid-June, after Goldman's stock price had tumbled close to 10% from its January highs. Blankfein owned about 2.4 million Goldman shares in March 2019, the latest date for which figures are available.
Persons: Goldman Sachs, Lloyd Blankfein, David Solomon, Goldman, Solomon, Blankfein, it's Organizations: New York Times, Times, Goldman, Service, Apple Card, Bank Locations: Wall, Silicon
Despite a mixed fiscal third-quarter report, Wall Street analysts are positive on Disney going forward. Morgan Stanley's Benjamin Swinburne maintained an overweight rating with a $105 per share price target, or 20% upside from Wednesday's close. JPMorgan's Philip Cusick similarly reiterated an overweight rating with a $125 per share price target on Disney, which implied upside of 43%. Goldman Sachs' Brett Feldman, meanwhile, has a buy rating on Disney stock with a price target of $128 per share, or 46% upside from Wednesday's close. Citi's Jason Bazinet reiterated a buy rating on Disney stock accompanied by a $125 per share price target.
Persons: Morgan Stanley's Benjamin Swinburne, Swinburne, JPMorgan's Philip Cusick, " Cusick, Goldman Sachs, Brett Feldman, Jessica Reif Ehrlich, Bob Iger's, Ehrlich, Jason Bazinet, Disney's, Michael Bloom Organizations: Wall Street, Disney, DIS, Media, ESPN . Bank of America, ESPN Bet
It's clear to the four major U.S. professional sports leagues that Disney 's ESPN is potentially interested in them taking an equity stake in the network. Talks have had few specifics, said the people, but may heat up as ESPN attempts to reach a rights renewal deal with the NBA. Sources say Disney is targeting 2025 as a potential launch date for an unbundled-from-cable ESPN streaming service. Disney has informed the leagues that it's also holding separate talks with strategic investors who can provide distribution benefits, according to people familiar with the matter. "We're looking for partners that are going to help ESPN successfully transition to a [direct-to-consumer] model," Iger said Wednesday.
Persons: Nikola Jokic, ESPN's Lisa Salters, Disney, Bob Iger, it's, Iger, I've Organizations: Denver Nuggets, Nuggets, Los Angeles Lakers, Crypto.com Arena, Disney, ESPN, National Basketball Association, Major League Baseball, NBA, Comcast, Penn Entertainment, Football, MLB Locations: Los Angeles, Hulu
According to Bernstein, stablecoins are "the monster crypto killer-app" and could be a nearly $3 trillion market over the next five years. "Going forward, we expect tokenized stablecoins to be a $2.8 trillion market, led by regulated, onshore stablecoins." The stablecoin market has dropped sharply this year despite bitcoin being up about 75%. In July, it hit an all-time high of $83.8 billion and now accounts for 68.5% of the overall stablecoin market. The crypto market currently awaits a vote in Congress on a key stablecoin bill , which has just advanced to the House with three other crypto bills for the first time.
Persons: Bernstein, stablecoins, Gautam Chhugani, Chhugani, bitcoin, — CNBC's Michael Bloom Organizations: U.S .
The shared-workspace giant's woes may spell trouble for commercial real estate as a whole. "Excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships," he said. What does this mean for commercial real estate? Commercial real estate has been one of the hardest-hit sectors of the US economy over the last year. Its failure could be a "systematic shock" to commercial real estate in many American cities, Stijn Van Nieuwerburgh told The New York Times in June.
Persons: WeWork, David Tolley, Elon Musk, Charlie Munger, Jeff Greene, Ross Perot, Van Nieuwerburgh Organizations: Service, Investors, Federal Reserve, Ross Perot Jr, New York Times, Columbia Business School Locations: Wall, Silicon
An employee of a private security company stands in front of the logo of commodities trader Glencore during the company's annual shareholder meeting in Cham, Switzerland May 24, 2017. Analysts at Deutsche Bank had expected half-year earnings of $9.9 billion, while Citi's estimate was $11.4 billion. The company announced additional returns of around $2.2 billion, including a $1 billion special dividend and a $1.2 billion share buyback programme that will run until February 2024. Glencore in June offered to buy Teck's coal business as a standalone unit, having been rebuffed twice in its $22.5 billon bid to combine the two companies. As part of the deal, Glencore would spin-off and merge its thermal coal business with Teck's steelmaking coal one to form a separate New York-listed company.
Persons: Arnd, Glencore, Gary Nagle, Nagle, MARA, didn't, Bunge, Clara Denina, Pratima Desai, Kirsten Donovan Organizations: REUTERS, Canada's, Canada's Teck Resources, Tinto, Teck Resources, Deutsche Bank, Citi, U.S, Thomson Locations: Cham, Switzerland, Canada's Teck, Teck, China, New York, London, U.S
Eli Lilly also increased its adjusted earnings guidance to a range of $9.70 to $9.90 per share for the year, up from a range of $8.65 to $8.85. Shares of Eli Lilly jumped 9% in premarket trading Tuesday. Last month, Eli Lilly filed for Food and Drug Administration approval of the injection for chronic weight management. Eli Lilly said it "has experienced and continues to expect intermittent delays fulfilling orders of certain Mounjaro doses given significant demand." Eli Lilly also reported no sales from its Covid-19 antibody treatments, compared with $129 million in the second quarter of 2022.
Persons: Eli Lilly, Here's, Alimta, Alimta's Organizations: Getty, Refinitiv, Food and Drug, Amphastar Pharmaceuticals, Drug Administration, . Pipeline Locations: U.S
[1/2] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. REUTERS/Pascal Rossignol/File PhotoNEW YORK, Aug 8 (Reuters) - Amazon.com (AMZN.O) is in talks about joining other technology companies as a cornerstone investor in SoftBank Group Corp's (9984.T) Arm Ltd ahead of its initial public offering (IPO), people familiar with the matter said on Tuesday. Amazon's potential involvement in the IPO, which has not previously been reported, underscores Arm's significance in cloud computing. Amazon Web Services, the internet giant's cloud business, makes its own processing chip called Graviton, using Arm's design. Arm has been in talks with about 10 technology companies, including Intel (INTC.O), Alphabet (GOOGL.O) and Nvidia (NVDA.O), about an investment ahead of its IPO, Reuters has reported.
Persons: Pascal, SoftBank, Echo Wang, Anirban Sen, Jeffrey Dastin, Stephen Nellis, Matthew Lewis Organizations: REUTERS, Web Services, Nasdaq, Reuters, Intel, Nvidia, San, Thomson Locations: Lauwin, France, New York, San Francisco
Lionel Messi joining Major League Soccer boosted Apple TV+ subscriber numbers, according to Tim Cook. "The fact that Messi went to Inter Miami helped us out there a bit," Cook said Thursday. Apple's streaming service is already feeling the benefit of soccer superstar Lionel Messi joining Major League Soccer, according to Tim Cook. Cook said in a quarterly earnings call Thursday that Apple TV+ had beaten its subscriber targets over the three months ending July 1. The Athletic reported in June that Messi had also inked revenue-sharing agreements with both Apple TV and Adidas, which is one of MLS's largest corporate sponsors.
Persons: Lionel Messi, Tim Cook, Messi, Cook, we're, Messi suiting, Germain Organizations: Major League Soccer, Apple, Inter Miami, Inter Miami CF, MLS, Paris Saint, Athletic, Apple TV, Adidas Locations: Florida
As a travel reporter, I have sailed on four ships each from separate cruise lines. Royal Caribbean's Icon of the Seas could be different from any vessel I've been on. I've sailed on my fair share of cruise ships during my tenure as a travel reporter with Insider. The soon-to-be world's biggest cruise ship's amenities, long list of dining venues, and new-to-industry staterooms are already making it a standout vessel. Here's how the brand's next ship could compare to the four I've sailed on before.
Persons: I've, Michael Bayley Organizations: Morning, Royal Locations: Caribbean, Royal Caribbean
Berkshire Hathaway on Saturday reported a solid increase in second-quarter operating earnings, while the cash hoard at Warren Buffett's conglomerate swelled to nearly $150 billion. Net income totaled $35.91 billion, compared with a $43.62 billion loss during the second quarter last year. Berkshire reported a near $26 billion unrealized gain from its investments as its gigantic stake in Apple led the market rally in the second quarter. The tech giant soared nearly 18% during the quarter and Berkshire's bet has ballooned to $177.6 billion. The "Oracle of Omaha" trimmed his Chevron stake by $1.4 billion to $19.4 billion at the end of June.
Persons: Berkshire Hathaway, Berkshire's Organizations: Berkshire, Apple, Oracle, Chevron Locations: Warren, Omaha
Stocks closed lower after Friday's jobs report, with all three major U.S. indexes logging losses for the week. The yield on the 10-year Treasury edged lower in afternoon trading, but rose for the week. The S&P 500, tech-heavy Nasdaq and Dow industrial all notched losses for the week. The tech giant's stock rose around 8% after it reported stronger-than-expected earnings late Thursday. Wheat prices rose after reports that Ukrainian sea drones attacked a Russian Black Sea port that is a major hub for oil and grain exports.
Organizations: Treasury, Nasdaq, Dow, Brent Locations: Russian
Michael Burry warned surplus inventory leads to price cuts, slimmer profits, and pressure on stocks. The shipping giant's earnings suggest "The Big Short" investor's call was at least partly right. In other words, many of the shipping giant's customers ordered fewer goods last quarter, and focused on offloading their bloated inventories instead. Burry, the investor of "The Big Short" fame, appears to have seen the downturn coming. But the fact that Maersk is seeing its customers cut back on shipping in order to reduce their inventories could signal that consumer spending is now under pressure as Burry predicted.
Persons: Michael Burry, Burry Organizations: Maersk, Service, Scion Asset Management Locations: Wall, Silicon, North America, Europe
In a jam-packed week of earnings, the Club executed multiple trades and elevated price targets for some of our biggest stocks. Following AMD's better-than-feared Q2 release late Tuesday, we raised our price target on the stock to $135 per share from $120. Wednesday On this relatively calm day, we reiterated our 1 rating and $110 price target on shares of Emerson Electric (EMR). Against this bullish backdrop, we raised our price target on Amazon to $160 per share, up from $140. Our previous price target was $185.
Persons: Here's, Johnson, Stanley Black, Decker, Jim Cramer, AMD's, Emerson, , it's, Eli Lilly, LLY, Walt Disney, We'll, Jim Cramer's, Jim, Jim Cramer Rob Kim Organizations: Club, Microsoft, GE Healthcare, GE, Honeywell International, Caterpillar, Devices, Honeywell, Turnaround, AMD, Emerson Electric, National, Big Tech, Apple, Coterra Energy, Wynn Resorts, WYNN, Jim Cramer's Charitable, CNBC Locations: MSFT, GEHC, Missouri
Apple shares fell nearly 2% in premarket trading on Friday. It posted a so-so earnings report that showed iPhone and iPad sales falling. The losses could wipe nearly $60 billion off Apple's market capitalization. Sales of iPhone, which account for nearly half of Apple revenues, slipped more than 2%, while iPad sales were down by a fifth. "Apple beat expectations overall, but a 2% fall in iPhone sales has spooked investors and caused a sharp sell-off," said Hargreaves Lansdown lead equity analyst Sophie Lund-Yates.
Persons: Apple, Hargreaves, Sophie Lund, Yates Organizations: Apple, Service, Big Tech Locations: Wall, Silicon, Refinitiv, Cupertino
Amazon's online advertising business is getting bigger as the slumping digital ad market shows signs of improvement. Amazon's overall sales grew 11% year-over-year to $134.4 billion in the second quarter. Analysts polled by StreetAccount projected Amazon's advertising business to bring in $10.4 billion in sales for the second quarter. Amazon's online advertising businesses has developed into a lucrative business for the online retailer, representing about 7.3% of the worldwide digital ad market, according to Insider Intelligence. Over the past year, Amazon's advertising business has been growing while Meta's core digital ad business has been shrinking.
Persons: Porte, StreetAccount Organizations: Porte de, Intelligence, Facebook Locations: Paris
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stocks mixed Wait for Dreamforce Watch Amazon 1. 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, Stocks, it's, Dreamforce, Salesforce, Jim, he'll, Jim Cramer's Organizations: CNBC, Qualcomm, PayPal, Nasdaq, Club, Nvidia, Devices, Amazon Web Services, AMD
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