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☆ US existing home sales drop, but prices up from a year earlier
▼ + stars: | 2023-08-22 | by ( Safiyah Riddle | ) www.reuters.com time to read: +3 min

Sales fell in the Northeast, Midwest and South, but rose in the West. Home resales, which account for a big chunk of U.S. housing sales, fell 16.6% on a year-on-year basis in July. At July's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 3.2 months a year ago. The median existing house price rose 1.9% from a year earlier to $406,700 in July, the fourth time it has topped $400,000. "Two factors are driving current sales activity - inventory availability and mortgage rates," said Lawrence Yun, the NAR's chief economist.

Persons: Sarah Silbiger, Freddie Mac, Lawrence Yun, Safiyah Riddle, Paul Simao Organizations: REUTERS, National Association of Realtors, Reuters, Federal, Thomson Locations: Washington , U.S, Northeast, Midwest

☆ Hedge funds are embracing these near-term AI beneficiaries, according to Goldman
▼ + stars: | 2023-08-22 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Hedge funds showed great enthusiasm toward tech stocks tied to artificial intelligence during the second quarter, including Nvidia , according to Goldman Sachs. Goldman equity analysts then identified 11 stocks as near-term AI beneficiaries. The smart money hedge funds continued to load up on Nvidia at a rapid pace last quarter following the chipmaker's blowout forecast. Hedge funds also piled into Big Tech names Microsoft , Meta and Amazon, which all have recently made developments surrounding AI. Several hedge funds also added a lesser-known semiconductor name, Credo Technology , last quarter.

Persons: Goldman Sachs, Management's David Tepper, Meta, Goldman, Value's Jeffrey Smith, there's, — CNBC's Michael Bloom Organizations: Nvidia, Big Tech, Microsoft, Meta, OpenAI, Technology, Semiconductor, Marvell Technology

☆ Stocks making the biggest moves midday: Dick's Sporting Goods, Macy's, Charles Schwab and more
▼ + stars: | 2023-08-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Macy's said it expects adjusted earnings per share between $2.70 and $3.20, adding it sees comparable store sales falling between 6% and 7.5%. The company reported earnings of $4.56 per share, versus the $4.49 expected by analysts surveyed by Refinitiv. AppLovin – The marketing stock rose 1.5% to a 52-week high following a Jefferies upgrade to buy from hold. Zoom Video – Shares of the video communications platform lost about 2% even after the company posted better-than-expected second-quarter results. Aramark — The food service stock rose about 2%.

Persons: Dick's, Macy's, Lowe's, Charles Schwab —, Charles Schwab, AppLovin, Jefferies, Stephen Tusa, Emerson, AspenTech, Fabrinet, Seamus Grady, Aramark, —, Alex Harring, Yun Li, Hakyung Kim, Brian Evans, Michelle Fox, Sarah Min Organizations: Dick's, Goods, Revenue, Refinitiv . Revenue, Bloomberg, American Airlines –, American Airlines, Baidu, Microsoft, Activision, Activision PC, Jefferies, Emerson, JPMorgan, Garden, Bank of America, UBS Locations: Madison

☆ Home sales fall again in July, as supply drops to near quarter-century low
▼ + stars: | 2023-08-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homes sold at the slowest July pace since 2010. This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%. Sales fell month to month in all regions except the West, where they rose 2.7%. Roughly three-quarters of the homes sold were on the market for less than a month, indicating still strong demand. "The housing market is at a pivotal point as we head into fall," said Lisa Sturtevant, chief economist at Bright MLS, noting higher mortgage rates in particular.

Persons: it's, Lawrence Yun, Danielle Hale, Buyers, Lisa Sturtevant Organizations: National Association of Realtors, Homes, Realtor.com, Realtors, Federal Housing Administration, Bright MLS

The headquarters of the European Energy Exchange (EEX), world's biggest online power trading platform is seen in a centre-of-town high-rise office building in Leipzig, Germany April 25, 2021. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBRUSSELS, Aug 21 (Reuters) - Deutsche Boerse's (DB1Gn.DE) European Energy Exchange (EEX) has to seek EU antitrust approval for its acquisition of Nasdaq's (NDAQ.O) European power trading and clearing business because of its importance to Europe's energy market, EU antitrust regulators said on Monday. The Commission said the two companies are the only providers of services facilitating the on-exchange trading and subsequent clearing of Nordic power contracts. This is the third time that the EU antitrust watchdog has used its power under the so-called Article 22 whereby EU countries can request that it reviews deals which do not meet the merger criteria but can impact their markets. Reporting by Foo Yun Chee and Sudip Kar-Gupta; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Annegret, Foo Yun Chee, Sudip Kar, Kirsten Donovan Organizations: European Energy Exchange, REUTERS, Rights, Deutsche, Energy Exchange, European Commission, Nasdaq, Thomson Locations: Leipzig, Germany, Denmark, Finland, Sweden, Norway

☆ BRICS Summit: Who stands to benefit from Russia-friendly bloc's expansion?
▼ + stars: | 2023-08-21 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

The group of Brazil, Russia, India, China and South Africa has never been more prominent on the world stage. Russia’s leader can’t attend the summit because host country South Africa would be obliged to arrest him for alleged war crimes. But nonetheless that family is now entertaining formal bids from nearly two dozen countries to join their bloc of major emerging economies. It held its first summit in 2009 with four members and then added South Africa the following year. An expansion, instead of making the group more potent, could also make it “more unwieldy and ineffective” with more contrasting positions between members, he added.

Persons: can’t, It’s, Russia’s Vladimir Putin –, Putin, Cyril Ramaphosa, BRICS, ” “, Chen Xiaodong, Bhaso, “, China’s Xi, India’s Narendra Modi, Brazil’s Luiz Inacio Lula da Silva, –, Goldman Sachs, Jim O’Neill, BRICS Anil Sooklal, Mihaela Papa, ”, Xi, Yun Sun, Putin –, Manoj Kewalramani, Kewalramani, Modi, Lula, Ramaphosa, Yevgeny Prigozhin, Wagner, Rubens Duarte Organizations: CNN, West, Washington, Sunday, University of Johannesburg, New Development Bank, United Arab, Tufts University, Western, China Program, Stimson, NATO, Takshashila, United Nations Locations: South Africa, Brazil, Russia, India, China, Beijing, United States, New Delhi, Ukraine, African, Argentina, Mexico, Iran, Saudi Arabia, United Arab Emirates, Egypt, Nigeria, Bangladesh, South, Washington, BRICS, Bangalore, Johannesburg, Russian, – China, Africa, Europe

☆ BRICS summit: China's Xi visits South Africa in second trip abroad this year
▼ + stars: | 2023-08-20 | by ( Nectar Gan | ) edition.cnn.com time to read: +6 min

For Xi, the first in-person summit of the BRICS grouping since the pandemic presents another opportunity to advance that vision. The bloc’s members – Brazil, Russia, India, China and South Africa – account for more than 40 percent of the global population. “Xi is going to be the center of the BRICS summit, given that Vladimir Putin is not attending in person,” he said. His last journey to the continent – also for the BRICS summit in South Africa – in 2018 includes a whirlwind of visits to Senegal, Rwanda and Mauritius, spanning almost every corner of Sub-Saharan Africa. Instead, the Chinese leader will co-chair the China-Africa Leaders’ Dialogue with his South African counterpart Cyril Ramaphosa on the sidelines of the BRICS summit, China’s Foreign Ministry said.

Persons: Xi Jinping, ” Vladimir Putin, strongmen, –, “ Xi Jinping, ”, Steve Tsang, Tsang, South Africa Chen Xiaodong, BRICS, ” Chen, Joe Biden, Camp Davis, China’s, Paul Nantulya, Xi, Vladimir Putin, Putin, Nantulya, CNN Yun Sun, ” Nantulya, Cyril Ramaphosa Organizations: CNN, South Africa, US, SOAS China Institute, University of London, Africa Center, Strategic Studies, ”, Stimson, Initiative, Institutes, South Africa –, ’ Locations: South, United States, Moscow, – Brazil, Russia, India, China, South Africa, Japan, South Korea, Camp, Asia, South China, Beijing, Ukraine, Washington, Africa, Senegal, Rwanda, Mauritius, Saharan Africa

☆ What mortgage rates over 7% mean for the housing market
▼ + stars: | 2023-08-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —An already miserably unaffordable housing market is getting more expensive. As mortgage rates top 7% — the highest they’ve been in 21 years according to Freddie Mac — home buyers face ballooning costs. “The fact that we are seeing rates at these highs is having an impact on the housing market,” Freedman said. “That’s bad news for mortgage rates which correspondingly may rise to 8%,” he said. “We thought mortgage rates would be much lower by now,” she said.

Persons: Freddie Mac, “, ”, Bess Freedman, Brown Harris Stevens, Freedman, ” Freedman, Buyers, ” Lawrence Yun, Yun, Jessica Lautz, we’d, Melissa Cohn, Cohn, “ Banks, ” Cohn Organizations: DC CNN, Federal, National Association of Realtors, NAR, “, Fed, William, Mortgage, ” Fed, Treasury Locations: Washington

☆ Hedge funds are scrambling into these stocks with conviction, says Morgan Stanley
▼ + stars: | 2023-08-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Investors on the hunt for the new stock ideas may want to take a look at these name that garnered increased interest from hedge funds during the second quarter, according to Morgan Stanley. Here are some of the companies that made the list: Liberty Media experienced the largest uptick in ownership during the period, up 22.5%, according to Morgan Stanley's analysis. LSXMA YTD mountain Liberty Media shares year to date During the second quarter, Liberty Media remained among Baupost's top positions , with the Seth Klarman-led fund retaining a $486 million stake in the company. The company agreed to merge with UFC during the second quarter to create a new publicly traded company controlled by Endeavor . Shares have risen more than 63% this year, and ownership ticked up nearly 9% during the second quarter.

Persons: Morgan Stanley, Morgan, John Malone, Seth Klarman, Macy's, — CNBC's Michael Bloom, Yun Li Organizations: Liberty Media, Sirius XM Holdings, Entertainment, Pfizer, Wrestling Entertainment, UFC, Endeavor Locations: Seagen

☆ A biotech hedge fund that counts Yale’s endowment among its clients bought a new stake in this genetic testing company
▼ + stars: | 2023-08-16 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Founded by brothers Julian and Felix Baker in 2000, the health care hedge fund focuses on biotech and life sciences investing. The biotech stock with a focus on neuroscience has surged more than 84% this year. Baker Bros. doubled down on its bet in Kymera Therapeutics , which it raised by more than 51%. The hedge fund also took new stakes in ImmunoGen , which has more than tripled this year, soaring 216%, and Day One Biopharmaceuticals , which is down by 34%. The hedge fund lowered its exposure to the biotech company, which develops treatments for cancer, by 5%.

Persons: Baker, Tisch, Julian, Felix Baker, Seagen, Yun Li Organizations: Baker Bros, Advisors, Yale, Acadia Pharmaceuticals, Kymera Therapeutics Locations: InVitae, Invitae, Acadia, ImmunoGen

☆ Hedge funds beefed up A.I. bets in the second quarter
▼ + stars: | 2023-08-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

2023 has been the year for artificial intelligence stocks, and hedge funds in the second quarter beefed up their bets on the growth sector despite its sharp run up this year. Doubling down on Big Tech Despite the uptick in tech shares by the end of the first half, many hedge funds amped up their bets on Alphabet during the second quarter. David Tepper's Appaloosa bet big on AI winners , growing positions in Alphabet, Amazon , Meta Platforms and Microsoft during the period. Betting on chip stocks Nvidia shares have popped 200% as the company triumphs as AI chipmaker to beat this year. Beyond these pure-play AI bets, Coleman added to semiconductor Lam Research .

Persons: Bill Ackman's, Dan Loeb's, David Tepper's, Baupost's Seth Klarman, Philippe Laffont's Coatue, Tiger Global's Chase Coleman, Mark Zuckerberg's, Dan Sundheim's, Ole Andreas Halvorsen, Loeb, Coleman, Sundheim, Baupost, Keith Meister's, Laffont, Yun Li, Sarah Min, Brian Evans Organizations: Big Tech, Microsoft, Tiger Cub, Management, Apple, Amazon, Facebook, Meta, Nvidia, Devices, Viking, Taiwan Semiconductor, Micron Technology, AMD, Intel, Qualcomm, Broadcom, Marvell Technology, Materials, Global, Lam Research, Netflix, Viking Global, NXP Semiconductors, Semiconductor Locations: Apple, Amazon

☆ Dan Loeb's Third Point bet big on Amazon and Nvidia in the second quarter, but his fund still lagged
▼ + stars: | 2023-08-14 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Dan Loeb's Third Point added new positions in key artificial intelligence beneficiaries in the second quarter, but still underperformed the broader market. As of June 30, he had a position in Amazon worth about $535 million that made the online retailer and web services provider the third-largest position in his fund. He also bought shares of Nvidia , adding up to a position worth about $212 million. Third Point was higher by just 1.1% in the second quarter, paring its loss in 2023 to 3% so far. Meanwhile, the S & P 500 was ahead 8% in the second quarter, and is higher by 16% on the year.

Persons: Dan Loeb's, Tepper, Loeb, underexposure, Tesla —, —, Yun Li Organizations: SEC, Taiwan Semiconductor, Nvidia, Microsoft, Activision, Care, Meta, AMD, Google Locations: U.S

☆ ‘Sigue tu pasión’ podría ser un mal consejo
▼ + stars: | 2023-08-14 | by ( Alina Tugend | ) www.nytimes.com time to read: +1 min

“La gente empieza a considerar el trabajo como simplemente un trabajo y esa es una buena señal”. Antes de la década de 1970, la pasión no era una prioridad para quienes buscaban trabajo, aseveró Cech, autora de The Trouble With Passion: How Searching for Fulfillment at Work Fosters Inequality. Lo importante era tener un sueldo decente, horarios y seguridad laboral y, si había satisfacción, llegaba más tarde, a medida que adquirías más destreza en el trabajo. Eso empezó a cambiar en la década de 1970, con la creciente inestabilidad laboral de los profesionales y un énfasis cultural cada vez mayor en la autoexpresión y la autosatisfacción, un cambio plasmado en el muy popular libro de 1970 ¿De qué color es tu paracaídas? En particular, preocuparte por si el trabajo te va a satisfacer aplica sobre todo al privilegiado mundo de los oficinistas.

☆ Warren Buffett's Berkshire Hathaway makes interesting bet on these homebuilders
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway bought shares of a few homebuilders in the last quarter, a new regulatory filing revealed. Horton shares, $70 million worth of NVR shares as well as $17.2 million worth of Lennar in the second quarter, the filing showed. These stakes are relatively small for Berkshire, whose equity portfolio is worth nearly $350 billion. Top holdings Berkshire shares just hit a record high last week on the back of strong second-quarter results. Also during the second quarter, Berkshire added to its relatively new stake in Capital One Financial , bringing it to nearly $1.4 billion.

Persons: Warren, Berkshire Hathaway, Horton, Todd Combs, Ted Weschler, Benjamin Moore Organizations: Berkshire, Clayton Homes, Apple, American Express, Bank of America, Capital, General Motors, Chevrolet, GMC Locations: Omaha, Berkshire, McLean , Virginia

☆ David Tepper’s Appaloosa hedge fund piles into host of A.I.-related stocks
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Appaloosa Management's David Tepper doubled down on several stocks tied to the artificial intelligence boom in the last quarter, a new regulatory filing revealed. The hedge fund manager hiked his stake in Nvidia drastically, making it his biggest holding at the end of June, worth $432 million. Appaloosa's top holdings also included big-tech names Meta , Microsoft , Amazon and Alphabet , which have all recently highlighted their AI capabilities. Meta recently unveiled its own AI computer chips . Tepper remains one of the most successful and richest hedge fund managers in the world, known for his skillful maneuvers through market crises.

Persons: David Tepper, Meta, Tepper Organizations: Nvidia, Microsoft, Google, OpenAI, AMD, Intel, Qualcomm, Marvell, Broadcom, Taiwan Semiconductor

☆ Michael Burry of ‘The Big Short’ fame reveals potential big bets against the market, tech stocks
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market, according to a new regulatory filing released Monday. Burry's hedge fund, Scion Asset Management, owned put options against 2,000,000 shares of the SPDR S & P 500 ETF Trust , the popular ETF that tracks the S & P 500. These 20,000 options contracts were against shares worth $738.8 million at the end of the second quarter. The S & P 500 is off the last two weeks as investors debate whether the U.S. can skirt a recession and whether the Federal Reserve is done raising rates. Burry was depicted in Michael Lewis' book "The Big Short" and the subsequent Oscar-winning movie of the same name.

Persons: Michael Burry, Burry, QQQ, Michael Lewis Organizations: Scion Asset Management, Trust, Scion, Nasdaq, CNBC, Federal, MGM Resorts, CVS Health Locations: Burry's, U.S

☆ David Einhorn is worried about the market, sees stickier inflation than expected
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Greenlight Capital's David Einhorn said he's getting concerned about the stock market after a strong rally and has added sizable downside protection to his portfolio. Between January and June, the S & P 500 popped 15.9% for its best first half since 2019. Einhorn, 54, believes inflation remains a big risk even though data has suggested easing price pressures. Recent inflation readings have shown a noted deceleration and the tailwind from higher rents is likely to dissipate, causing core inflation to fall further," Einhorn said. "Even so, we believe inflation is stickier and more entrenched than the market is currently appraising."

Persons: Greenlight Capital's David Einhorn, he's, Einhorn, Michael Burry Organizations: CNBC, Green Brick Partners, Nasdaq, Trust, NET

☆ Baupost's Seth Klarman builds new stake in Amazon, adds a discount retailer to his portfolio
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Baupost Group's Seth Klarman picked up a few stocks last quarter during the market rally, including tech giant Amazon and discount retailer Dollar General . The billionaire hedge fund manager bought $125 million worth of Amazon shares in the second quarter when the e-commerce juggernaut rallied more than 26%. Klarman has traded in and out of Amazon in the past year. He also bought $41 million worth of Dollar General , as well as $36 million of Union Pacific shares last quarter. Shares of the retailer fell nearly 20% in the second quarter as it slashed its full year outlook after missing Wall Street's estimates for quarterly earnings.

Persons: Baupost, Seth Klarman, Klarman, Warren Buffett, Benjamin Graham's, Klarman hasn't Organizations: Union Pacific, Oracle, Boston, Liberty Global, ViaSat, Liberty Media, CNBC Locations: Union, Baupost

☆ Starboard Value’s Jeffrey Smith, who's bullish on A.I., reveals his top picks in latest 13F
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Starboard Value's Jeffrey Smith has called artificial intelligence "an enormous opportunity," and there are hints of his enthusiasm in his latest, quarterly 13F filing to SEC. The activist investor drastically increased his stake in Wix.com , making it his ninth-biggest holding at the end of June. The hedge fund manager said there's more room for Salesforce to grow and the stock can rally another 30% on the back of the AI boom. Nine years later he spun out his New York-based hedge fund and became the CEO. The hedge fund manager also added a relatively small stake in British life science company Abcam PLC last quarter.

Persons: Jeffrey Smith, Wix.com, Smith, There's, blockchain, there's, Splunk Organizations: SEC, Acacia Research, CNBC, Abcam Locations: Wix.com, Salesforce, New York

Editor’s Note: A version of this story appears in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. The drill is the latest in a flurry of Chinese activity in the Middle East, traditionally seen as the US’ backyard. According to the Wall Street Journal, the US wants Saudi Arabia to distance itself economically and militarily from Beijing in return. Four of the top 10 importers of US arms are Gulf Arab states: Saudi Arabia, Qatar, Kuwait and the UAE. Some of these purchases were driven by US restrictions on selling arms to Gulf states under the Biden administration, according to Alhasan.

Persons: ” Hasan Alhasan, “, Barack Obama’s, ”, Mohammed Baharoon, John Calabrese, …, ” Calabrese, CNN’s Becky Anderson, Reema bint Bandar Al Saud, Washington, Biden, Alhasan, China’s, Xi Jinping, ” Yun Sun, ” Alhasan, ” Baharoon Organizations: UAE CNN, United Arab Emirates, American, Washington, UAE, Middle East, International Institute for Strategic Studies, CNN, Asia Experts, East ., US, Dubai Public Policy Research Center, Middle East Institute, Wall Street Journal, China Program, China, Stimson Center Locations: Abu Dhabi, UAE, United States, China, China’s, Xinjiang, Ukraine, Gulf, Asia, Saudi Arabia, Iran, Yemen, Washington, Dubai, Russia, Saudi, Riyadh, Israel, Beijing, Europe, Arab, Qatar, Kuwait, Sun, “

High mortgage rates this year have made it difficult for aspiring homebuyers to afford a house. See more mortgage rates on Zillow Real Estate on ZillowCurrent Refinance RatesMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.96%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.34%, up nine points from the prior week, according to Freddie Mac data.

Persons: homebuyers, Lawrence Yun, you'll, Freddie Mac, it's Organizations: National Association of Realtors, Federal, NAR, Zillow, Federal Reserve Locations: Chevron

☆ Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more
▼ + stars: | 2023-08-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

News Corp — The media company's shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. Meanwhile, the company's revenue of $2.43 billion missed analysts' forecast of $2.49 billion. Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The decline comes after shares rose nearly 3% in the previous session on the back of the company's earnings announcement. Kura Oncology — The biotech company's shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note.

Persons: Refinitiv, Alibaba, Krispy, Morgan Stanley, DigitalOcean, —, Alex Harring, Yun Li Organizations: Artificial Intelligence, News Corp, News, UBS —, UBS, Credit Suisse, Swiss National Bank, — Semiconductor, VanEck Semiconductor, NXP, Lam Research, Materials, Nvidia, Semiconductor, FactSet, Wynn Resorts, Caesars Entertainment, JPMorgan, Mizuho, Capri Holdings, Kura Oncology, Bank of America, Holdings Locations: Shanghai, China, U.S, Coinbase, Kura

☆ Deutsche Bank says this Chinese EV stock will recapture its momentum, rally 28%
▼ + stars: | 2023-08-11 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Chinese electric car brand Nio is in the middle of a big turnaround that can push the stock up as much as 28%, according to Deutsche Bank. Analyst Edison Yu was impressed by the jump in deliveries last month as well as its improved operations. Nio said its July deliveries totaled 20,462, up 103.6% year over year and nearly double the June figure of 10,707 cars. Deutsche Bank expects the company can continue the rally amid the increase in unit sales as well as gross margin. "We think the stock can finally recapture momentum after being a relative laggard all year and also see some small potential for strategic optionality," Yu said.

Persons: Edison Yu, Nio, Yu, — CNBC's Michael Bloom, Evelyn Cheng Organizations: Deutsche Bank Locations: Abu Dhabi

☆ EU to analyse US tech curbs in China, says issue also key to Europe
▼ + stars: | 2023-08-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Aug 10 (Reuters) - The European Commission will analyse the U.S. ban on new U.S. investment in China in sensitive technologies as the issue is also important to the European Union's economic security, the EU executive said on Thursday. U.S. President Joe Biden on Wednesday signed an executive order to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems. "We will be analysing the Executive Order closely. We are in close contact with the US administration and look forward to continued cooperation on this topic," a Commission spokesperson said in an email. "We recognise the significance of the topic, which was an important element in the recent Joint Communication on economic security."

Persons: Joe Biden, Foo Yun Chee, Andreas Rinke, Rachel More, Jason Neely, Matthias Williams, Christina Fincher Organizations: European, Wednesday, EU, Member States, Reuters, Thomson Locations: BRUSSELS, China, Russia, Berlin, Brussels

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

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