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Analysts told BI it points to continued AI chip growth in the short to medium term. ASML sells large lithography machines — which print circuit patterns onto silicon wafers — to chip manufacturers, including TSMC, Samsung, and Intel. Its customers include Nvidia, the GPU designer spearheading the AI chip boom, along with AMD and Qualcomm. This makes TSMC a good bellwether for AI chip demand. While a slowdown at ASML might suggest some caution, the bigger picture still points to a continued surge in AI demand.
Persons: TSMC, , Javier Correonero, Dan Hutcheson, TechInsights, It's, Correonero, TSMC's, CC Wei, Gokul Hariharan, Kate Leaman, Leaman Organizations: Service, Taiwan Semiconductor Manufacturing Company, TSMC, Samsung, Intel, Morningstar, Nvidia, AMD, Qualcomm, Taiwan, Broadcom, Reuters, CC, JPMorgan
Visitors walk on the Sannenzaka slope in Kyoto, Japan, on Sunday, June, 26, 2022. Visitor spending in Japan broke an annual record in just nine months, official data showed on Wednesday, demonstrating the economic power of a tourism boom fueled by the weak yen. Travelers spent 5.86 trillion yen ($39.27 billion) through September, preliminary figures from the Japan National Tourism Organization showed. That eclipsed the 5.3 trillion yen spent in all of 2023, a record for any 12-month period. Tourism spending, classified as an export in national accounts, is poised to become Japan's second-biggest export sector after autos and ahead of electronic components.
Organizations: Travelers, Japan National Tourism Organization Locations: Kyoto, Japan
United Airlines – The stock soared 11% after the airline posted an earnings and revenue beat for the third quarter and guided for a strong fourth quarter. In addition, United said it is starting a $1.5 billion share buyback, its first since before the Covid pandemic. The firm posted earnings of $1.88 per share, higher than the $1.58 expected by a LSEG analyst poll. J.B Hunt Transport Services – Shares added 3.4% after the company posted a top and bottom line beat. J.B. Hunt posted $1.49 earnings per share on $3.07 billion of revenue in the third quarter.
Persons: United, Morgan Stanley, Novocure, J.B, Hunt, LSEG, Aspen Aerogels, FactSet, Prologis, Hamid Moghadam, , Alex Harring, Hakyung Kim, Samantha Subin, Pia Singh, Michelle Fox Organizations: Food and Drug Administration, United Airlines, Revenue, Cisco Systems, Citi, Food, ASML, J.B Hunt, Aspen, of Energy, U.S . Bancorp, General Motors, Lithium Americas Corp Locations: Dutch, U.S
Morgan Stanley shares soared to all-time highs Wednesday after third-quarter beats on the bank's top and bottom lines, with strength seen across the board. MS YTD mountain Morgan Stanley YTD Club stock Morgan Stanley was up 7.5%. Morgan Stanley outpaced expectations in just about every aspect of each operating division and put up very strong quarterly results in terms of firmwide key performance indicators. Given its 15.1% CET1 ratio, Morgan Stanley has plenty of excess capital at its disposal to both continue investing in growth and return excess capital to shareholders. Morgan Stanley Why we own it : We own Morgan Stanley for the rebound taking place in IPO and M & A activity along with growth in wealth management, which provides more durable fee-based revenues.
Persons: Morgan Stanley, Wells Fargo, Morgan Stanley's, Sharon Yeshaya, Morgan Stanley repurchased, Goldman Sachs, Ted Pick, Morgan, Yeshaya, That's, Eaton Vance, Jim Cramer's, Jim Cramer, Jim, Bing Guan Organizations: Revenue, LSEG, Morgan Stanley YTD, Investment, Bloomberg, Institutional Securities, Bank of Japan, CNBC, Getty Locations: Wells Fargo
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Persons: APYs, , Cash, we've Organizations: Federal Reserve, Cash Locations:
Cisco Systems — The networking technology stock added nearly 2% on the heels of a Citi upgrade to buy from neutral. The firm's earnings came in at $1.88 per share, versus the $1.58 expected by a LSEG analyst poll. Revenue was $15.38 billion versus the $14.41 billion consensus estimate. United also announced a $1.5 billion share buyback, its first since before the pandemic. J.B Hunt Transport Services — Shares jumped more than 7% after the company's third-quarter results topped expectations.
Persons: Novocure, Morgan Stanley —, accidently, J.B, Hunt, LSEG, — CNBC's Sean Conlon, Alex Harring, Sarah Min, Michelle Fox, Hakyung Kim Organizations: Cisco Systems, Citi, U.S . Food, Drug Administration, Revenue, United Airlines, United, Hunt, Locations: U.S
Chinese EV startup Xpeng is relishing the prospect of testing its tech against Tesla. Like other Chinese EV companies, Xpeng is blocked from entering the US market by tariffs. Meanwhile, Tesla has been trying to get approval to sell its autonomous driving tech in China. It will face brutal competition in China, with many EV makers marketing their own autonomous driving systems. Xpeng has enjoyed booming sales in China's red-hot EV market in recent months, posting record monthly deliveries in September.
Persons: Tesla, , Xpeng, Brian Gu, Elon Musk's, Joe Biden, Gu, Xiaopeng Organizations: Tesla, Service, Tesla's, Paris, EV, China's EV Locations: China, Guangzhou, Europe
Bank of America -- Shares moved 1% higher after third-quarter earnings and revenue topped Wall Street analysts' estimates. Goldman Sachs — Shares of the investment bank jumped more than 2% on better-than-expected quarterly earnings. Goldman Sachs posted earnings per share of $8.40 on $12.70 billion in revenue. Citigroup — Shares of the Jane Fraser-led bank added 1.7% after third-quarter earnings and revenue were better than consensus estimates. Charles Schwab — The brokerage company surged more than 7% after third quarter results beat analysts' estimates.
Persons: Johnson, J, Goldman Sachs, LSEG, UnitedHealth, Walgreens, Jane Fraser, Coty –, Coty, Charles Schwab, , Yun Li, Michelle Fox, Samantha Subin, Sarah Min, Pia Singh Organizations: Bank of America, Wall, LSEG, Revenue, Johnson, Walgreens, Alliance, Citigroup —, Citigroup, PNC Financial, PNC, Coty, Energy, RBC Capital Markets, EV Locations: Pittsburgh, LSEG .
Chip stocks tumbled Tuesday, with NVDA and AMD down 5% and ASML plunging 16%. The sector was also rattled by reports that the US is weighing a cap on chip exports. Other chip stocks followed, with NVDA dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday. Flows into AI stocks slowed over the summer as investors expressed worries about returns on huge spending on AI. AdvertisementReports that the US is weighing a cap on chip exports from American chipmakers only compounded the industry's tumultuous start to the week.
Persons: , ASML, SMCI, Christophe Fouquet, Biden, Nvidia — Organizations: NVDA, AMD, Service, Semiconductor, Broadcom, Bloomberg, Investment, Nvidia Locations: Dutch, , American, East, Africa, Asia, China
Bank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results. Here's what the company reported:Earnings: 81 cents vs. 77 cents LSEG estimateRevenue: $25.49 billion vs. $25.3 billion estimateThe bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share. Revenue rose less than 1% to $25.49 billion as a rise in trading revenue and asset management and investment banking fees offset a decline in net interest income. That's a key question after the lender signaled in July that a rebound in net interest income was coming in the second half of this year. Bank of America has seen its haul from net interest income get compressed as the Federal Reserve boosted rates over the past two years.
Persons: Wells, Goldman Sachs, Morgan Stanley Organizations: of America, Bank of America, Federal Reserve, JPMorgan Chase, Citigroup Locations: Wells Fargo
Goldman Sachs reported third-quarter earnings on Tuesday that beat analysts' expectations. The investment bank posted $12.7 billion of revenue and almost $3 billion of net earnings. AdvertisementGoldman Sachs reported third-quarter earnings on Tuesday that beat Wall Street's expectations, sending its stock up as much as 3% in premarket trading. It also cut its operating expenses by 8%, fueling a 45% surge in net income to $2.99 billion. The fee bonanza reflected a sharp increase in net revenues from debt underwriting amid strong leveraged finance and investment-grade activity, and higher net revenues in equity underwriting driven by secondary offerings.
Persons: Goldman Sachs, , David Solomon, Solomon, Brian Moynihan Organizations: Service, Barclays, General Motors, Bank of America's, Bank of America
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. 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. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Persons: Jim Cramer, Biden, ASML, Christophe Fourquet, We're, LVMH, Luis Vuitton, it's, Estee Lauder, JB Hunt, Morgan Stanley, Abbott, Wells Fargo, Jim Cramer's, Jim Organizations: CNBC, ., Energy, Technology, Dow, Semiconductors, Nvidia, Devices, Bloomberg News, U.S, Broadcom, Micron, Taiwan Semiconductor Manufacturing, United Airlines, Interactive, Abbott Laboratories, Jim Cramer's Charitable Locations: U.S, France, China, Estee
Check out the companies making headlines in midday trading: UnitedHealth — Shares plunged 7.2% after the health-care giant lowered its earnings guidance due to ongoing headwinds from a cyberattack earlier in the year. Walgreens Boots Alliance — The stock soared 11.9% following the drugstore chain's fiscal fourth-quarter earnings and revenue beat. Enphase Energy — Shares slid 6.8% on the back of a downgrade to sector perform from outperform by RBC Capital Markets. Johnson & Johnson — The health-care conglomerate gained 1.6% after posting quarterly results that exceeded expectations on the back of strong sales of oncology drugs. Energy stocks — Energy stocks declined as oil prices dropped about 5% , with the sector last down more than 2%.
Persons: UnitedHealth, ASML, Johnson, LSEG, Halliburton, Coty, Charles Schwab —, Yun Li, Alex Harring, Hakyung Kim, Michelle Fox, Pia Singh, Sarah Min Organizations: Walgreens, Alliance, Nvidia, Devices, Broadcom, Apollo, Bank of America, Enphase Energy, RBC Capital Markets, Energy, — Energy, APA, Diamondback Energy, Occidental Petroleum, Valero Energy, U.S, Citigroup —, PNC Financial, Boeing Locations: North Carolina, New York, Pittsburgh
There’s only room for one killer clown at the top of box office charts. Meanwhile “Joker: Folie á Deux,” which topped the box office last weekend, collapsed in third place with $7.055 million from 4,102 theaters. So far, “Folie a Deux” has generated $51.6 million domestically and $165.3 million globally. The well-reviewed family film has amassed $83.73 million domestically and $148 million globally to date. It has earned $52.8 million domestically and $111 million worldwide so far.
Persons: , Beetlejuice, , Joaquin Phoenix, Damien Leone, David A . Gross, Pharrell Williams, Morgan Neville, Rogers, Gross, Sony’s, Jason Reitman, Sebastian Stan, Donald Trump, CinemaScore, Trump, Tim Burton’s, ‘ Taylor Swift, Paul Dergarabedian, “ It’s Organizations: Warner Bros, Rotten, Motion, Entertainment Research, Cannes Film, Briarcliff Entertainment, Universal, DreamWorks, Optimus Locations: North America, CinemaScore
Howmet also produces parts used in gas turbines (power generation) and precision castings, fasteners, and other components for automotive applications. Over the past few years, Howmet has grown revenues, net income, and free cash flow considerably faster than the economy's overall growth. About 5.7% of Howmet's revenue comes from Boeing , which is greater than 4.6% of its revenues from Airbus. However, some of the company's revenues are derived indirectly from jet engine manufacturers General Electric, 12% of revenues, and Rolls-Royce, which represents 5.34%. Over the past five years, Howmet shares have appreciated by 370%, outperforming the S & P by more than 260% and the industrials index by about 280%.
Persons: Howmet Organizations: Howmet Aerospace, Aerospace, Boeing, Airbus, Electric, Royce, CNBC, NBC UNIVERSAL
Uber and Lyft drivers in Florida saw gas shortages and obstructed roads before and after Milton. After making landfall in Florida, Hurricane Milton caused at least 14 deaths and left millions without power. In the days preceding the storm, some Uber and Lyft drivers went from transporting beachgoers to helping residents flee their communities — before eventually fleeing themselves. Related storiesTrent T., 50, drives independently for his own transportation company and for Uber and Lyft in South Florida. Are you an Uber or Lyft driver in a hurricane-impacted area who's willing to share your story?
Persons: Milton, , Sergey, Hurricane Helene, Florida , Hurricane Milton, Hurricane Milton, Uber, Fort, Lyft, Trent, Blaine, Yvonne, Charles P, Orlando —, I'm, Charles Organizations: Service, BI, Hurricane, Florida Division, Emergency Management, Tampa, Drivers, jzinkula Locations: Florida, St . Petersburg , Florida, Hurricane, Florida , Hurricane, St . Petersburg, Clearwater, Orlando, Fort Myers, Sarasota, Tampa Bay, South Florida, Milton, Tampa, Ocala —, Savannah , Georgia, Titusville —
In 2025, millions of retired Americans will see a 2.5% cost-of-living adjustment for benefit payments, according to the Social Security Administration. The Social Security Administration on Oct. 10 unveiled a higher threshold for earnings subject to Social Security payroll taxes, known as the “taxable maximum” or “wage base.”The limit shifts annually based on the national average wage index. How the Social Security tax calculation worksThe Social Security payroll tax rate is 12.4%, with workers paying 6.2% through paycheck deductions. Concerns over Social Security solvencyThe latest Social Security adjustments come amid growing concerns about the program’s solvency. In the meantime, some advocates have pushed to increase the Social Security wage base to provide more funding.
Persons: Sean Lovison, , Lovison, , Alicia Munnell Organizations: Social Security Administration, Social, Social Security, Medicare, Security, Center for Retirement Research, Boston College Locations: Philadelphia
"Business Light" fares are cheaper but can lack perks like lounge access or early seat selection. In recent years, international airlines such as Air France, KLM, Emirates, Finnair, and Qatar Airways have launched discounted "Business Light" tickets. AdvertisementFor airlines, the business light strategy can help further stoke demand to fill the front of the plane and generate additional revenue. Those traveling on a Finnair Business Light ticket will also have to pay extra for checked luggage. AdvertisementScreenshot of Emirates' various business class fares on a one-way flight from New York to Dubai in February.
Persons: , Glen Hauenstein, Henry Harteveldt, Harteveldt Organizations: Service, Air France, KLM, Qatar Airways, Delta Air Lines, Delta, Qatar Airways's, Emirates Locations: Delta, Emirates, Qatar, New York, Dubai
CNN —Hurricane Milton slammed into Florida’s Gulf Coast on Wednesday night, making landfall as a powerful Category 3 storm. The intense hurricane spawned tornadoes, dumped rain across much of the state, left millions without power and claimed at least 12 lives, including five people in St. Lucie County. Milton is the third hurricane to hit Florida this year — which has only happened during five other hurricane seasons since 1871. Many areas in Florida are also recovering from the aftermath of a Milton-spurred torrent “supercharged” tornadoes, according to National Hurricane Center Director Michael Brennan. Milton was the fifth hurricane to make landfall in the United States this year, joining Category 1 Beryl, Category 1 Debby, Category 2 Francine and Category 4 Helene.
Persons: Hurricane Milton, Lucie County, Helene, Deanne Criswell, Michael Brennan, “ We’ve, Lucie Mayor Shannon Martin, CNN’s Jim Acosta, , I’ve, Hurricane Irma, Milton, Beryl, Debby, Francine Organizations: CNN, Hurricane, NASA, Climate, FEMA, National Hurricane Center, National Weather Services Locations: Coast, St, Lucie, Siesta, Milton, Florida, Gulf, Mexico, St . Petersburg, Hillsborough, Lucie County, Port St, Tampa Bay , Melbourne, Miami, Hurricane, Hardee, Highlands, Tampa, Petersburg, Sarasota, United States
A tip from the SEC led federal prosecutors to set up a fake company to bust crypto market manipulators. The firms are charged with "wash trading," artificially increasing trade volume to boost token prices. The case marks the first such charges against crypto firms, prosecutors say. The charges are the first in the crypto industry related to "wash trading." The sting charged ZM Quant, CLS Global, and MyTrade with wash trading related to their communications with NexFundAI.
Persons: , Jodi Cohen, cryptocurrency –, Joshua Levy Organizations: SEC, Service, Securities and Exchange Commission, FBI, CLS Global, NexFundAI, Boston, United Locations: Boston, Saitama
Mortgage rates are down, but many owners and buyers are waiting for them to fall more. That should help thaw a real-estate market that had frosted over due to elevated mortgage rates. AdvertisementProperty owners are also poised to benefit from lower rates, Xu and her colleagues noted. Many owners are currently locked into the rock-bottom mortgage rates that were common in the late 2010s and early 2020s. "Although mortgage rates have eased, market rates continue to exceed current rates for most homeowners, keeping them locked in 'golden handcuffs,'" said Danielle Hale, Realtor.com's chief economist, in a statement for the report sent to Business Insider.
Persons: it's, , Realtor.com, homebuyers, Jiayi Xu, Xu, Danielle Hale, she's, David Burt Organizations: Service, Business
Anne Hathaway apologized to journalist Kjersti Flaa for being difficult in a 2012 interview. AdvertisementAnne Hathaway just gave a masterclass in swerving public backlash — and Blake Lively should take notes, according to PR experts. PR experts told BI that Hathaway's swift response will minimize potential backlash and strengthen her reputation as a relatable and genuine celebrity. Advertisement"A lot of people wouldn't give me roles because they were so concerned about how toxic my identity had become online," Hathaway told Vanity Fair back in March. Blake Lively could learn from Hathaway, experts sayHathaway's response to Flaa was a complete contrast to Blake Lively, who remained silent after her 2016 interview with the same journalist went viral in August.
Persons: Anne Hathaway, Kjersti Flaa, Flaa, Blake Lively, Lively, , Lively —, Hathaway, Jake Holyoak, Anne, Cindy Ord, Yely, Kopan, Les Misérables, Dave M, Charly Triballeau, It's, Holyoad, Blake, Hathaway's, Zoe Mumba, Mumba, Colleen Hoover's Organizations: Service, Input Communications, Playbill, Forbes, Getty, Hollywood Reporter Locations: Flaa, AFP
Many of our best mattress guide picks are on sale, including the top overall mattress, the Leesa Sapira Hybrid. View at Leesa What we like Check mark icon A check mark. View at Walmart What we like Check mark icon A check mark. View at Amazon What we like Check mark icon A check mark. In addition to our main guide, we have guides devoted to different sleeping styles (like the best mattress for side sleepers), mattress types (see our best foam mattress guide), and tighter budgets, including our best cheap mattress guide.
Persons: I've, We've, I'm, It's Organizations: Business, Amazon Prime, Deal, Prime, Walmart, Helix, Stearns, Foster Locations: Siena
A college degree can help you financially get ahead, compared to a high school diploma alone. Bankrate looked at median salaries among workers and job seekers with at least a bachelor's degree, along with unemployment rates and advanced degree rates, to rank the most and least valuable college degrees. Here are the 10 least valuable college degrees in 2024, according to Bankrate:1. People with bachelor's degrees in less-common foreign languages have a slightly lower unemployment rate, but nearly half (45%) of these grads have advanced degrees. That data suggests an advanced degree — and the years of school required to to earn it — may be needed to to fare better financially in those careers.
Persons: Bankrate, Get Organizations: National Center for Education Statistics, Survey, , New York Fed, Communications, CNBC Locations: New York
None of the top five fantasy players coming into the season based on average draft position is in the top 48 in fantasy scoring. (The fantasy scoring numbers here are provided by TruMedia, and the average draft position statistics were compiled by Fantasy Pros.) Aaron Jones (15.7 fantasy ppg) has been a good pick but left early Sunday with a hip injury. The only bright spot for Las Vegas is rookie tight end Brock Bowers, who is 76th in fantasy scoring (13.3). Brian Thomas Jr. is 35th in fantasy scoring (16.2 ppg), which is second-best among rookie wide receivers behind only Malik Nabers.
Persons: It’s, Christian McCaffrey, Brown, Puka Nacua, Isaiah Pacheco, Oof, Sam Darnold, Pros, Justin Jefferson, Aaron Jones, Davante Adams, Rashee Rice, Xavier Worthy, Lamar Jackson, Jackson, Derrick Henry, Henry, Nico Collins, Collins, Stefon Diggs, Diggs, hasn’t, Jayden Daniels, Daniels, Ra St, he’s, — David Montgomery, Jahmyr Gibbs, Gibbs, Josh Allen’s, He’s, James Cook, Jayden Reed, Dontayvion Wicks, Xavier McKinney, CeeDee Lamb, Elandon Roberts, Justin K, McCaffrey, Jauan Jennings, Brian Thomas Jr, Lamb, Darnell Mooney’s, Kirk Cousins ’, Cousins, Kirk Cousins, Baker Mayfield, Josh Allen, Mayfield, Allen, J.K, Dobbins, Justin Herbert, Jim Harbaugh’s, Geno Smith, Kenneth Walker, Quarterback Brock Purdy, Arthur Smith, , Justin Fields, Fields, Najee Harris, Kyler Murray, Darren Yamashita, Marvin Harrison Jr, Trey McBride, Harrison, McBride, Caleb Williams, Williams, unni, Carr, Jones, amon, Chas e, Joe, Mond, Bower, ree, eks, wes, Bryce Young, ince, Kevin Stefa Organizations: NFL, Minnesota Vikings, Beat New York Jets, Vikings, Bills, Beat New Orleans Saints, Chiefs, Beat Cincinnati Bengals, Washington, Beat Buffalo Bills, he’s, New England Patriots, Beat Cleveland Browns, Browns, Baltimore Ravens, Lions, aren’t, Dallas Cowboys, Buffalo Bills, Houston Texans, New York Jets, Los Angeles Rams, Packers, Arizona Cardinals, Cowboys, Steelers, Getty, Beat Pittsburgh Steelers, Detroit Lions, Tampa Bay Buccaneers, Carolina Panthers, Atlanta Falcons, New Orleans Saints, Dobbins, Chargers, Denver Broncos, New York Giants, 183rd, Seahawks, Giants, San Francisco 49ers, EPA, Seattle Seahawks, Pittsburgh Steelers, Las Vegas Raiders, Cardinals, Green Bay Packers, Beat Carolina Panthers, Bears, Panthers, Jacksonville Jaguars, nus, J ets, nta, Bryce Locations: Germany, Minnesota, Kansas, Baltimore, Houston, Washington, Atlanta, laye, Fla, Calvi
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