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☆ 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

☆ Samsung Elec has more than halved its stake in ASML, filings show
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A worker waters a flower bed next to the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Aug 16 (Reuters) - South Korea's Samsung Electronics (005930.KS) has reduced its stake in semiconductor manufacturing equipment maker ASML (ASML.AS) by more than a half, its recent filings showed. Samsung held 2.75 million shares in the Dutch company as of end-June, the South Korean tech giant said in its semi-annual report, down from 6.3 million shares in its first quarter report. The stake that Samsung sold is worth around 2.1 billion euros ($2.29 billion) based on the latest share prices. A Samsung Elec spokesperson confirmed the stake sale but did not elaborate.

Persons: Kim Hong, Heekyong Yang, Jason Neely Organizations: Samsung Electronics, REUTERS, Rights, Samsung, South, Thomson Locations: Suwon, South Korea, Rights SEOUL

☆ Stocks making the biggest moves midday: Discover, D.R. Horton, Nvidia, Cleveland-Cliffs, and more
▼ + stars: | 2023-08-15 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading. Banks — Major Wall Street banks slid during midday trading after CNBC reported Tuesday that Fitch Ratings may once again downgrade the health of the banking sector. Shares of Bank of America and JPMorgan Chase slid 2%, while Citigroup and Morgan Stanley each fell more than 1%. Paramount Global — Paramount Global shares climbed 2% in midday trading. Turnstone Biologics — The biotechnology stock added 1.96% in midday trading.

Persons: Banks, Fitch, JPMorgan Chase, Morgan Stanley, Roger Hochschild, John Owen, Hannon Armstrong, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong, Homebuilders, Warren Buffett's Berkshire, D.R, Horton, Lennar, Wells Fargo, Baird, Turnstone, Piper Sandler, —, Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: CNBC, Bank of America, JPMorgan, Citigroup, Citizens Financial Group, U.S . Steel, Esmark, U.S, Steel, Discover Financial, Hannon Armstrong Sustainable Infrastructure Capital, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong Sustainable Infrastructure Capital, Paramount Global, The Alliance, Motion Pictures, Television Producers, Bloomberg, Warren Buffett's Berkshire Hathaway, Nvidia, UBS, Investment Locations: Cleveland, Warren Buffett's

☆ Keith Meister's Corvex Management places new giant bet on a drugmaker, adds to a utility stake
▼ + stars: | 2023-08-15 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Keith Meister's Corvex Management placed a big new bet on drugmaker Catalent , among other moves in an active quarter for the fund manager. The fund also has a new position in Knife River , a construction materials and contracting company, leading to a $110.3 million holding. It's the seventh largest position in the fund and likely the result of a spin-off. In June, Knife River spun off from MDU Resources , which is the third largest holding in Corvex. Knife River is up more than 17% this quarter.

Persons: Keith Meister's, drugmaker, Corvex, Meister, Carl Icahn Organizations: Management, Securities and Exchange Commission, MDU Resources, Adobe Systems, Wrestling Entertainment, Southwest Gas, Constellation Energy, Algonquin Power Locations: Catalent, Somerset , New Jersey, MDU, Arizona , California, Nevada

☆ 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

☆ Tiger Global cuts largest holdings, doubles down on Nvidia, Apollo Global Management
▼ + stars: | 2023-08-14 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Coleman lowered his exposure in six of his top 10 holdings, including some of the largest technology stocks. 2 holding Microsoft by $82.5 million, or 4.4%, and slashed his stakes in Amazon.com, his seventh-largest holding, by 61%. Coleman raised his stake in Nvidia by 1,300%, which was worth about $194.9 million. Coleman raised his position in the stock by 492%. Coleman, who was one of the so-called Tiger Cubs who worked under Julian Robertson at Tiger Management, also doubled down on his stake in alternative asset manager Apollo Global Management.

Persons: Chase, Coleman, Eli Lilly, Uber, Julian Robertson Organizations: Tiger Global Management, Nvidia, Microsoft, Novo Nordisk, Tiger Cubs, Tiger Management, Apollo Global Management, Intuit

☆ Tiger Cub hedge fund Coatue trims Nvidia exposure, hikes bet on Microsoft
▼ + stars: | 2023-08-14 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Coatue Management's Philippe Laffont trimmed his exposure to top holding Nvidia in the second quarter, while raising his bet on Microsoft, according to the firm's latest 13F regulatory filing to the SEC. Laffont, a so-called Tiger Cub for previously working under Julian Robertson at Tiger Management, showed in a Monday filing that Coatue trimmed its stake in Nvidia by 6.7%. Instead, Coatue raised the size of its position in its No. 2 holding, Microsoft — another key AI beneficiary. Electric vehicle play Separately, Laffont raised his bets on the future of electric vehicles.

Persons: Coatue Management's Philippe Laffont, Cub, Julian Robertson, Coatue, Laffont, Nikola Organizations: Nvidia, Microsoft, SEC, Tiger Management Locations: Amazon, ChargePoint

☆ Stocks making the biggest moves before the bell: U.S. Steel, Tesla, Urban Outfitters and more
▼ + stars: | 2023-08-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Workers replace a roller that compresses steel at the A&T Stainless steel plant in Midland, Pennsylvania, March 2, 2020. U.S. Steel — Shares of the steel producer surged more than 26% premarket after it rejected a $7.3 billion buyout proposal on Sunday from rival Cleveland-Cliffs and said it's reviewing "strategic alternatives." Goldman Sachs upgraded shares of Okta to a buy rating, citing a favorable risk reward and expectations for an inflection in subscription revenues. Urban Outfitters — The clothing retailer shed 2.5% following a downgrade by Citi to neutral from buy. The Urban Outfitters brand will be slower to turn around, ultimately limiting possible upside to earnings per share, the firm wrote.

Persons: Tesla, Okta, Goldman Sachs, Wells Fargo, Parsons, Nikola —, Samantha Subin, Hakyung Kim, Sarah Min, Tanaya Macheel, Michelle Fox Organizations: &, . Steel, Weibo, Technologies, Bank of America, Outfitters, Citi, Urban Outfitters, Parsons Corporation, Hollywood, Nikola Locations: Midland , Pennsylvania, Cleveland, China, Okta, underperform

☆ Spurs start post-Kane era with a 2-2 draw at Brentford
▼ + stars: | 2023-08-13 | by ( Alan Baldwin | ) www.reuters.com time to read: +2 min

New signing James Maddison, taking on departed captain Kane's number 10 shirt, pulled the strings in midfield and provided two assists as Spurs took the lead, fell behind and came back for a point with all the goals in a lively first half. Postecoglou, who arrived in July as the replacement for Antonio Conte and is the first Australian to manage in the Premier League, took Romero off immediately after the VAR decision despite the player's obvious reluctance to leave. Bryan Mbeumo equalised 15 minutes later from the penalty spot after Son Heung-Min, taking over from Kane as captain, fouled Mathias Jensen. The South Korean had an otherwise quiet afternoon and was substituted in the second half while striker Richarlison was even less visible. Brentford, who finished ninth last season and one place behind Tottenham, beat Spurs 3-1 in their previous encounter at the Tottenham Hotspur stadium last May, with Kane scoring for the hosts.

Persons: Tottenham Hotspur's Cristian Romero, Paul Childs, Ange Postecoglou, Harry Kane, James Maddison, Cristian Romero, Maddison, Postecoglou, Antonio Conte, Romero, Bryan Mbeumo, Son Heung, Kane, Mathias Jensen, Richarlison, Micky van de, Emerson Royal, Ivan Toney, Alan Baldwin, Clare Fallon Organizations: Soccer Football, Premier League, Brentford, Tottenham Hotspur, Brentford Community, Spurs, League, LONDON, Bees, Wolfsburg, Tottenham, Bayern Munich, England, Thomson Locations: London, Britain, Sunday, Maddison

☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

☆ Watch out: September's poor market track record is getting worse — especially for certain stocks
▼ + stars: | 2023-08-10 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Wall Street is barreling toward what's historically been the worst month for stocks, according to CNBC PRO data. September is the weakest month for Apple, which dropped 2.82% on average, and Google-parent Alphabet, which fell an average 2.20%. For Amazon, September is the 11th weakest month, dropping 2.59%. And for Meta, it's the 10th worst month, as shares fall 1.96% on average. Meanwhile, September is historically the 9th worst month for this year's biggest AI beneficiary Nvidia, which is higher this year by nearly 200%.

Persons: Jeff Hirsch, it's, Almanac's Hirsch, Hirsch, Chris Hayes Organizations: CNBC, Nasdaq, that's, Apple, Google, Amazon, Meta, Nvidia Locations: That's

☆ Stocks making the biggest moves premarket: Capri, Tapestry, AppLovin, Disney and more
▼ + stars: | 2023-08-10 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:Capri , Tapestry — Capri soared more than 57%, while Tapestry slid 3.2% in premarket trading. AppLovin — AppLovin shares popped 25.8% in early morning trading after the company posted strong second-quarter results and optimistic third-quarter revenue guidance. The game developer said it expects $780 million to $800 million in revenue for the third quarter, exceeding the $741 million expected by analysts. AppLovin reported earnings of 22 cents per share for the second quarter, while analysts expected 7 cents, according to Refinitiv. The amusement park company reported earnings of 25 cents per share on revenue of $444.0 million.

Persons: Kate Spade, Versace, Jimmy Choo, Michael Kors, AppLovin, Sonos, Refinitiv, Walt Disney, — Illumina, Yun Li, Jesse Pound, Pia Singh Organizations: Capri Holdings, Capri, Wynn, Wynn Resorts, Walt Disney —, Disney, Six Locations: Alibaba, China

☆ Justin H. Min, Travel Writer? The Path Not Taken for a Rising Star
▼ + stars: | 2023-08-09 | by ( Matt Stevens | More About Matt Stevens | ) www.nytimes.com time to read: +1 min

Five years after Justin H. Min began pursuing acting by Googling “how to pursue acting,” he thought he was getting the hang of it. He had made a viral commercial, and he was in contention for three major roles. “I was not nervous and I did everything I wanted to,” Min recalled of the auditions. So Min told his manager he was moving. But rather than beg him to stay (as Min had secretly hoped), the manager gave his full blessing.

Persons: Justin H, Min, ”, “, ” Min Organizations: The Times, Netflix, Umbrella Academy Locations: British, London

☆ Even 4,000 Steps a Day Can Have Big Health Benefits.
▼ + stars: | 2023-08-09 | by ( Dani Blum | More About Dani Blum | ) www.nytimes.com time to read: +1 min

The study could not definitively prove whether the steps themselves decreased the risk of developing diseases and dying, or if people who tend to be healthier anyway also get more steps in throughout the day. “I wouldn’t want people to look at that as a magical number, that you must be above that exact step count,” Dr. Martin said. But the new research emphasizes that fitness is not “all or nothing,” she said: Every little bit of exercise helps. The small snippets of movement built into our day — trailing from the bedroom to the bathroom, darting out to get coffee — add up and make a difference, she said. Taking an extra loop around the block, or stepping out for a 10-minute walk break, can have a big impact.

Persons: Jennifer Heisz, ”, ” Dr, Martin, “, Min Lee, Heisz, Lee Organizations: McMaster University, Harvard Medical School

☆ How the World Scout Jamboree descended into chaos in South Korea
▼ + stars: | 2023-08-09 | by ( Ju-Min Park | ) www.reuters.com time to read: +5 min

These were some of the conditions that about 40,000 teenage scouts had to contend with in the past week at the World Scout Jamboree, sending red-faced organisers in South Korea scrambling to fix matters before a looming typhoon forced everyone to leave the ill-fated campsite. As far back as 2017, when South Korea won the bid to host the jamboree, the campsite on reclaimed mud flats was seen as potentially problematic, according to a Reuters review of publicly available government reports. Matt Hyde, UK Scouts' chief executive, told Reuters the group decided to withdraw its contingent - the event's biggest - because toilets weren't being cleaned, rubbish was building up, and scouts weren't getting enough food. [1/5]Participants who left the camping site of the 25th World Scout Jamboree, arrive at a university in Incheon, South Korea, August 8, 2023. "South Korea has been known as a developed country so who would have thought that this country can't fix issues like bugs or toilets?"

Persons: Matt Hyde, weren't, Kim Soo, Kim Hyun, Hong Ki Yong, Josh Smith, Miral Organizations: South, FIFA, South Korea, Saemangeum Development, Investment Agency, Scouts, Reuters, REUTERS, WHO, University of Incheon, Thomson Locations: SEOUL, South Korea, West Virginia, North Jeolla, Incheon, Korea's, Busan, Korea

☆ Stocks making the biggest moves midday: Roblox, Penn Entertainment, Upstart and more
▼ + stars: | 2023-08-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Roblox reported a loss of 46 cents per share, versus the 45 cent loss expected by analysts polled by Refinitiv. Upstart, a consumer lending platform, said it expects third-quarter adjusted EBITDA and revenue to come in around $5 million and $140 million, respectively. The company's adjusted earnings came in at 16 cents per share, beating estimates of a loss of 1 cent per share. Rivian posted an adjusted loss per share of $1.08 in the second quarter, while the Street anticipated a loss of $1.41 per share, per Refinitiv. On Tuesday, Super Micro Computer reported adjusted earnings of $3.51 per share on revenue of $2.18 billion.

Persons: Roblox, DraftKings, Lyft, Uber, Rivian, Carvana, FactSet, Refinitiv, Bumble, Marqeta, CNBC's Hakyung Kim, Pia Singh, Brian Evans, Jesse Pound, Alex Harring, Yun Li, Sarah Min Organizations: Refinitiv . Revenue, Roblox, Penn Entertainment, Disney, ESPN, ESPN Bet, Penn, —, Micro, Akamai Technologies, Enterprise, IAC —, IAC, Revenue, CashApp Locations: Refinitiv

☆ Stocks making the biggest moves after hours: Penn Entertainment, Super Micro Computer, Rivian and more
▼ + stars: | 2023-08-08 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. Super Micro Computer — Super Micro Computer tumbled 12% in extended trading even after reporting an earnings beat. Axon reported second-quarter adjusted earnings of $1.11 per share, exceeding the 62 cents per share consensus estimate from FactSet. Take-Two Interactive Software — Take-Two Interactive Software popped 3.4% in extended trading after reaffirming full-year bookings guidance. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share.

Persons: Refinitiv, Twilio, —, Lyft Organizations: of, Enterprise, Penn Entertainment, ESPN, ESPN Bet, Refinitiv Locations: Meatpacking, of Manhattan , New York City

☆ Stock futures are little changed after Tuesday's losses: Live updates
▼ + stars: | 2023-08-08 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

U.S. stock futures were little changed Tuesday night following a selloff for the major averages. Dow Jones Industrial Average futures fell by 27 points, or 0.08%. S&P 500 futures dipped 0.06%, while Nasdaq 100 futures declined 0.06%. Still, that's better than where the Dow was at session lows when it declined about 465 points. Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close.

Persons: Dow, Victoria Greene, CNBC's Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Penn Entertainment, ESPN, ESPN Bet, Investors, Dow Jones, Wealth, Entertainment, Disney, Wynn Resorts

☆ JPMorgan's top stock guru says stay underweight equities, investors are too optimistic about economy
▼ + stars: | 2023-08-08 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

JPMorgan's top stock picker Marko Kolanovic says investors should stay underweight equities. But Kolanovic said investors are ignoring the risks that could still lead to a recession. These include the small chance that central banks in developed markets around the world would ease back on interest rates anytime soon. Given this, the strategist advised investors remain underweight equities, particularly in riskier growth stocks. "As such, we maintain an overall defensive stance in our model portfolio, and continue to be UW equities and credit vs. OW in cash and commodities," he said.

Persons: Marko Kolanovic, Kolanovic, Moody's, — CNBC's Michael Bloom Organizations: Reserve, Regional Banking

☆ South Korea evacuates thousands of scouts ahead of typhoon
▼ + stars: | 2023-08-08 | by ( Hyunsu Yim | ) www.reuters.com time to read: +3 min

[1/5] Participants gather under the shade as they prepare to leave the camping site of the 25th World Scout Jamboree in Buan, South Korea, August 8, 2023. REUTERS/Kim Hong-JiBUAN, South Korea, Aug 8 (Reuters) - South Korea on Tuesday started evacuating thousands of teenage participants at the World Scout Jamboree from a campsite in the southwest of the country to safer areas mainly around the capital Seoul ahead of an approaching typhoon. Typhoon Khanun, which has already wreaked havoc in southern Japan, is expected to hit southern areas of South Korea on Thursday before tracking up the peninsula, bringing strong winds and rain, according to weather forecasters. Seoul and its surrounding province of Gyeonggi would host more than 16,000 scouts, with others fanning out to six other areas of South Korea, he said. Poland is due to host the next World Scout Jamboree in 2027, but President Andrzej Duda cancelled plans to visit the event in South Korea this week due to the typhoon, an official at the Polish Embassy in Seoul said.

Persons: Kim Hong, Ji BUAN, Khanun, Lee Sang, Ahmad Alhendawi, Yoon Suk, Andrzej Duda, Hyunsu Yim, Hyun Young Yi, Ed Davies, Sonali Paul Organizations: REUTERS, Tuesday, UK Scouts, Reuters, World Organization of, Scout Movement, Polish Embassy, Games, Japan, South Korean, Thomson Locations: Buan, South Korea, Seoul, Japan, Gyeonggi, Poland, Polish, Busan

☆ Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more
▼ + stars: | 2023-08-08 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecasted $1.98 and $7.58 billion. Analysts surveyed by Refinitiv had penciled in a loss of 33 cents per share on $175 million of revenue. Palantir Technologies — Palantir Technologies slid 3.4% after the data analytics company reported its second-quarter results. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecasted 86 cents and $108.4 million. Paramount Global — The media conglomerate's shares climbed more than 2% in premarket trading after the company reported a quarterly earnings and revenue beat.

Persons: Goldman Sachs, NASH, Banks, Moody's, Eli Lilly, EchoStar, Charlie Ergen, Refinitiv, Lucid, Palantir, Hims, Simon & Schuster, Yun Li, Samantha Subin, Sarah Min, Pia Singh, Jesse Pound Organizations: Sagimet, Goldman, T Bank, Citizens Financial, Bank of New York Mellon, Truist, JPMorgan Chase, Telsey, Refinitiv, Novo Nordisk —, Dish, United Parcel Service, behemoth, UPS, Palantir, Paramount Global, Paramount, KKR Locations: New York, Banks —

☆ South Korea to evacuate thousands of scouts due to expected typhoon
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: 1 min

Participants from UK prepare to leave the 25th World Scout Jamboree in Buan, South Korea, August 5, 2023. Yonhap via REUTERSSEOUL, Aug 7 (Reuters) - South Korea said on Monday that it would evacuate thousands of scouts taking part in a jamboree in the southwest of the country from Tuesday due to an expected typhoon. Kim Sung-ho, a senior interior ministry official, told a briefing that about 36,000 participants would be taken by bus to safer places that would not be in the path of the typhoon. Reporting by Ju-min Park; Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Sung, Ed Davies Organizations: Yonhap, REUTERS, Thomson Locations: Buan, South Korea, REUTERS SEOUL

☆ CNBC Daily Open: Financial markets aren’t the economy
▼ + stars: | 2023-08-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. JPMorgan Chase no longer thinks the U.S. economy will slip into a recession this year. "Given this growth, we doubt the economy will … slip into a mild contraction as early as next quarter," wrote Feroli. CNBC Pro's Sarah Min explains how the Federal Reserve might react, depending on what the price numbers look like.

Persons: nonfarm payrolls, That's, Dow Jones, JPMorgan Chase, Michael Feroli, Sarah Min Organizations: CNBC, Federal, U.S, Nasdaq, Credit Agricole, Maersk, JPMorgan, Apple Locations: Manhattan, New York City, U.S, Cupertino

[1/3] Participants play with a ball at the camping site for the 25th World Scout Jamboree in Buan, South Korea, August 4, 2023. REUTERS/Kim Hong-JiSEOUL, Aug 7 (Reuters) - Organisers of the World Scout Jamboree raced on Monday to evacuate thousands of mainly teenage participants from their South Korea campsite before a typhoon is expected to hit the area just days after a debilitating heatwave. Typhoon Khanun, which has wreaked havoc in southern Japan, is forecast to reach southern South Korea on Thursday, near the jamboree's campsite in Jeolla province. South Korea's government has informed the group that they were planning an early departure from the campsite due to the typhoon, the World Organization of the Scout Movement said. South Korea has pledged to ensure the event's safety, and have laid on water trucks, air-conditioned spaces and medics.

Persons: Kim Hong, Ji, Khanun, Yoon Suk, Kim Kwan, Hyunsu Yim, Ed Davies, Robert Birsel Organizations: REUTERS, World Organization of, Scout Movement, Local, Scouts, ABC, Thomson Locations: Buan, South Korea, Ji SEOUL, Korea, Japan, Jeolla province, Seoul, North Jeolla, Australian, U.S, British

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