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☆ Qualcomm stock drops 10% as phone chip sales dive
▼ + stars: | 2023-08-03 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Amon Cristiano, CEO of Qualcomm, speaks on "Squawk Box" at the WEF in Davos, Switzerland, on Jan. 17, 2023. Qualcomm's third-quarter earnings beat on the top line, reporting adjusted earnings per share of $1.87 versus a Refinitiv consensus estimate of $1.81 per share. Qualcomm expects earnings of between $1.80 and $2 per share on sales ranging from $8.1 billion to $8.9 billion. Analysts had been hoping for $1.91 per share earnings and $8.7 billion in revenue, according to a Refinitiv survey of analysts. Qualcomm is more exposed than most because of its heavy reliance on high-end and low-end Android phone sales.

Persons: Amon Cristiano, Ross Seymore, —, Leswing, Michael Bloom Organizations: Qualcomm, Deutsche Bank Locations: Davos, Switzerland

☆ Qualcomm forecasts dull fourth-quarter revenue on weak smartphone demand
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Qualcomm (QCOM.O) forecast fourth-quarter revenue below market expectations on Wednesday as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth. The company expects fourth-quarter revenue of $8.1 billion to $8.9 billion. Qualcomm rival MediaTek last week warned that customers are "cautious" with their purchases due to tepid end-user demand. Revenue at Qualcomm's mainstay handset chip business fell 25% to $5.26 billion in the third quarter and adjusted revenue of $8.44 billion missed estimates of $8.50 billion. It forecast adjusted fourth-quarter earnings per share in the range of $1.80 and $2, compared to estimates of $1.91.

Persons: Dado Ruvic, Cristiano Amon, Chavi Mehta, Stephen Nellis, Arun Koyyur Organizations: Qualcomm, REUTERS, MediaTek, Revenue, Thomson Locations: China, Bengaluru, San Francisco

☆ Qualcomm sales and forecast come up light as smartphone chip sales fall 25%
▼ + stars: | 2023-08-02 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Qualcomm reported third-quarter earnings on Wednesday that beat Wall Street expectations, but revenue and guidance for the fourth quarter came up short. Here's how the chipmaker did for the quarter ending on June 25:Earnings : $1.87 per share, adjusted, versus $1.81 per share expected by Refinitiv consensus estimates. : $1.87 per share, adjusted, versus $1.81 per share expected by Refinitiv consensus estimates. Revenue: $8.44 billion, versus $8.5 billion expected by Refinitiv consensus estimates. QCT, Qualcomm's biggest division that sells processors for smartphones, cars, and other smart devices, reported $7.17 billion in sales, down 24% on an annual basis.

Persons: Cristiano Amon Organizations: Qualcomm, Qualcomm's, Meta, Quest, San Diego, San Diego Union, Tribune Locations: Las Vegas , Nevada, China, QCT

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Qualcomm (QCOM.O) forecast fourth-quarter sales below market expectations on Wednesday and said it would likely cut jobs as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth. The company estimated fourth-quarter revenue of $8.1 billion to $8.9 billion, while analysts polled by Refinitiv expected $8.70 billion. Qualcomm forecast a fourth-quarter adjusted earnings range with a midpoint of $1.90, in line with analysts' consensus estimate of $1.91 per share according to Refinitiv data. It forecast adjusted fourth-quarter earnings per share of $1.80 and $2, compared to estimates of $1.91. The automotive sector was a bright spot as Qualcomm seeks to diversify beyond smartphone chips.

Persons: Dado Ruvic, Akash Palkhiwala, Palkhiwala, Refinitiv, Cristiano Amon, MediaTek, Apple, Bob Bruggeworth, NXP, Amon, Kinngai Chan, Chavi Mehta, Cherney, Stephen Nellis, Arun Koyyur, Richard Chang Organizations: Qualcomm, REUTERS, Huawei, Philadelphia, Semiconductor, SOX, Apple, Summit, U.S, Thomson Locations: San Diego , California, China, U.S, Bengaluru, San Francisco

☆ I'm a pilates instructor who has earned nearly $10,000 by renting out my designer dresses. My dresses pay for themselves and then some.
▼ + stars: | 2023-07-25 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +6 min

She uses the app By Rotation to rent out dresses and accessories from her closet. For example, a three-day dress rental for a summer wedding can cost between $78 and $450, depending on the label. Hollishead has made £7,637 in rental sales, or about $9,812, on the By Rotation app in the past year. Renting my clothes is the ideal side hustle for me because I love buying dressesHollishead rents out her designer dresses on the By Rotation app. Here's how a rental on the By Rotation app works:Hollishead suggests writing thorough descriptions of each item you rent out.

Persons: Charlie Hollishead, Hollishead, Zimmermann, I've, you've, Ganni, Leslie Amon, Charlotte Simone Organizations: Service, Ascot Locations: London, Wall, Silicon

It’s the first part of the multi-pronged judicial overhaul plan to get to a final vote in the Knesset, and could be voted into law in on Monday evening. The reasonableness bill, backed by Netanyahyu’s coalition government, would strip the Supreme Court of the power to declare government decisions unreasonable. Other elements of the judicial overhaul would give the coalition government more control of the appointment of judges, and would remove independent legal advisors from government ministries. Those bills have not advanced as far in the legislative process at the reasonableness bill. Halevi’s letter comes after more than 1,000 Israel Air Force reserve officers vowed to stop volunteering if the judicial overhaul bill passes.

Persons: Jerusalem CNN —, Benjamin Netanyahu, Netanyahu, 5aET, Netanyahu ‘, ” Netanyahu, ”, Amir Levy, Yair Amon, “, Herzi Organizations: Jerusalem CNN, Washington DC, Sunday, Netanyahyu’s, Israel Bar Association, Bar Council, Association, Tel Hashomer Hospital, CNN, Israel Defense Forces, Israel Air Force Locations: Jerusalem, Washington, Tel, Israel, Tel Aviv

☆ Meta and Qualcomm team up to run big A.I. models on phones
▼ + stars: | 2023-07-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

But the AI boom has largely missed the companies that make leading edge processors for phones and PCs, like Qualcomm. The announcement on Tuesday suggests that Qualcomm wants to position its processors as well-suited for A.I. If large language models can run on phones instead of in large data centers, it could push down the significant cost of running A.I. Qualcomm will make Meta's open-source Llama 2 models available on Qualcomm devices, which it believes will enable applications like intelligent virtual assistants. Doing this will allow researchers and eventually commercial enterprises to use the AI models on their own computers without asking permission or paying.

Persons: Cristiano Amon, OpenAI's, Bard Organizations: Qualcomm, Milken Institute Global Conference, Calif, Meta, Nvidia Locations: Beverly Hills

The executives plan to hold meetings with U.S. officials to talk about market conditions, export controls and other matters affecting their businesses, one of the sources said. Intel and Qualcomm declined to comment, and officials at the White House did not immediately return a request for comment. The sources said other semiconductor CEOs may also be in Washington next week. The chip industry has been warmly received in Washington in recent years as lawmakers and the White House work to shift more production to the U.S. and its allies, and away from China. Many U.S. chip firms get more than one-fifth of their revenue from China, and industry executives have argued that reducing those sales would cut into profits that they reinvest into research and development.

Persons: Arnd, Biden, Pat Gelsinger, Cristiano Amon, Andrea Shalal, Stephen Nellis, Karen Freifeld, Chris Sanders, Edmund Klamann Organizations: Intel Corporation, REUTERS, Intel Corp, Qualcomm Inc, Intel, Qualcomm, White, Huawei Technologies Co, Reuters, Huawei, Nvidia, Nvidia Corp, Thomson Locations: Davos, Switzerland, Washington, China, U.S, Beijing, Many U.S, San Francisco, New York

☆ How 'Birkin Bandit' George Mickum Infiltrated NYC Society
▼ + stars: | 2023-07-12 | by ( Kate Taylor | Anna Silman | ) www.businessinsider.com time to read: +52 min

"He would know people's weaknesses and what they wanted and somehow always have something to offer," a former close friend said. Another close friend said Mickum once gave her a $1,000 loan "within minutes" when she needed it because of a credit-card crisis. He never "let the truth get in the way of a good story," a former close friend said. Hermès bags, like the Birkin and the Kelly, have always been symbols of unattainable luxury. There wasn't even a dust bag; Mickum claimed his mom's assistant would drop it off later.

Persons: George Mickum strode, Carlyle, Patty Hearst, He'd, Mickum, Birkin, swilling, Patty's, Gillian Hearst, Mr, George Mickum, Gillian Hearst's, George, Sally Painter, who'd, Peter Davis, Jackie O, Barbara Walters, Alessia Fendi, influencer Hannah Stella, Nick Hissom, Steve Wynn, Hearst, they'd, Prince Charles, Anna Delvey, Patty Hearst's, Rumor, he'd, wasn't, Met Breuer, Peter Poopat, George Santos, Trinity, Elisabeth Thieriot, Thieriot, Hermes, —, Painter, Paul Mickum, George Mickum III, Sally, Painter's, Poopat, PJ Pascual, Patrick McMullan, Ramona Singer, Lauren Lawrence, Lawrence, Van Cleef, Nicole Salmasi, Trudy, Mike Vitelli, Eric Schmidt, Schmidt, Eric, R, Couri Hay, They're, Astor, William Randolph Hearst, Orson Welles, Kane, Gillian's, Bill Clinton, Patty, Bernard Shaw, Gillian, Lydia —, Shaw, Maxim, Lydia, Kane we're, Christian Simonds, Pierre, Krista Corl, Dee Dee, Scott Buccheit, Naeem Delbridge, Pascual, who's, We're, buttering, Simonds, Matthew Kehoe, England, — Hearst, Delbridge, Hearst's, Mario Glen Coco, Hearsts, Astrid Stawiarz, Tiger Woods, Ernie Els, Justin Timberlake, Joe Lewis, Buccheit, Mary McCarthy, Lillian Hellman, Mickum's, Christie Grimm, Steve, Kameron Ramirez, Hissom, Ramirez, Nick, Hunt, Damien Hirst, Douglas Elliman, Harry Winston, David Fiszel, invitees, Fiszel, Darian, Winston, Martha Stewart's, Mendel minks, Vacheron Constantin, Tao, Melinda French Gates, Shawn Mendes, Bill, Hillary Clinton, Neiman Marcus, Damien Hirst's, Damien, weren't, Kelly, Alexis Clarbour, Clarbour, Paul Wharton, you've, Wharton, Sean Zanni, Michael Coste, Hannah Stella, Coste's, Stella, Scott Fitzgerald, Coste, Goodman, Courroies Birkin, didn't, Aman, Cartier, Mickum's bluster, skeptically, satchel, Clarbour's, He's, We've, Sider, Philippe, Buccheit texted Pascual, he's, Hay, Café Carlyle, Alexander Hankin, Burisma, Hunter Biden, Mickum hasn't, There's, They've, Amy X, Wang, King Charles, Tracey Amon, Amon, GEORGE MICKUM Organizations: Hearst, Blue, Potomac, Hamptons, East, Met, University of Delaware, Southampton Bathing Corporation, Fields School, Georgetown Law, DC, Town &, New York Daily News, The New York Times, Google, Carnegie, Rockefeller, Cosmopolitan, Symbionese Liberation Army, Hearst Corporation, Vogue, Society of Memorial Sloan Kettering, Stockbridge Golf, New, Tiger, Tottenham, Douglas, Martha Stewart's Hamptons, Mickum, Projects, Madison, Getty, Antibes, Nike, Rue du Faubourg Saint, Couture, US, UN, New Yorkers, Avenue Couture, Hermès, Republican, Justice Department, Blue Star, Town, New York Times Magazine Locations: Bemelmans, Clinton, York, Palm, New, London, Manhattan, Dalton, Bay, Windsor Castle, Haute, Washington , DC, New York, Baccarat, The, San Francisco, Wilton , Connecticut, Side, Wyntoon, California, Buccheit, woodsy Stockbridge , Massachusetts, Stockbridge, Bahamas, Albany, Nobu, Martha, Peking, Paris, Istanbul, St, Georgetown, China, Italy, Hermès, Amalfi Coast, du, Midtown, brunch, Rue, Central Park, Mickum, Turkey, La, Café, Ukrainian, Ukraine

☆ U.S. Ambassador Warned Israel Against ‘Going Off the Rails’ With Judicial Overhaul
▼ + stars: | 2023-07-10 | by ( Dov Lieber | Michael Amon | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-ambassador-warned-israel-against-going-off-the-rails-with-judicial-overhaul-d612fffa

Persons: Dow Jones Locations: israel

☆ Israel’s Netanyahu Revives Judicial Overhaul Stripped of Most Controversial Piece
▼ + stars: | 2023-06-29 | by ( Dov Lieber | Michael Amon | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/netanyahu-revives-judicial-overhaul-stripped-of-most-controversial-piece-33160de

Persons: Dow Jones, netanyahu

☆ Women are jumping at the chance to be their own boss
▼ + stars: | 2023-06-14 | by ( Josée Rose | ) www.businessinsider.com time to read: +5 min

Women often see a big advantage to doing independent work instead of having a permanent job. Around 48% made more money from their independent work in 2022, up from 40% reporting an increase in 2021. Professional services, whether they be legal, accounting, or consulting, make up a significant portion of the independent professional workforce in the US, Amon said. The report included responses from 738 completed surveys from an online research panel in March and focused on three industries: creative services, skilled technical services, and skilled professional services. A 60-year-old woman in Virginia quoted in the survey saw independent work as a way to achieve freedom and bring in more money.

Persons: —, Gali, Amon, Fiverr Organizations: Service, Rockbridge Associates Locations: Fiverr, Gali Amon, Alabama, Virginia

☆ These U.S. stocks have the most to lose — and gain — from China
▼ + stars: | 2023-05-18 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Goldman Sachs analyzed company 10-K filings to determine the geographic revenue exposure of each stock in the S & P 500. They found a number of stocks with revenue exposure to Greater China of over 40%. If China continues to show an uneven path of recovery in the wake of its stringent Covid restrictions being lifted, these stocks could be hurt. Companies that generate a significant amount of sales from Greater China were exclusively in the chip industry, according to Goldman. Monolithic Power Systems is on the top of the list with 65% of its 2022 revenue derived from Greater China, according to Goldman.

ABU DHABI—Last year, the United Arab Emirates became a hub for Russian money and cut oil production, boosting Moscow’s war chest and drawing protests from Washington. The country’s leader skipped a call from President Biden as the U.S. rallied support for Ukraine. Now, Emirati President Sheikh Mohamed bin Zayed Al Nahyan has been invited for a state visit to Washington, and the U.S. and U.A.E. are hammering out a formal agreement on defense and commerce after jointly committing $100 billion for clean-energy projects—a major Biden administration goal. All the while, the Emiratis have expanded ties with Russia and another U.S. rival, China.

☆ Starbucks, Estée Lauder, Qualcomm: Global companies warn of slower-than-expected recovery in China
▼ + stars: | 2023-05-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Starbucks (SBUX) and Qualcomm (QCOM) have also flagged uncertainties related to the country, which is a top market for both. Beijing abandoned its zero-Covid policy in December and scrapped longstanding quarantine requirements for international arrivals in January, ending restrictions that had isolated its economy. The welcomed, if abrupt, policy U-turn led to hopes that China could help propel global growth as it had before the pandemic. The idea was that as soon as the zero-Covid policy would be over, the Chinese households and consumers would just go berserk. Starbucks warned last Tuesday that sales growth in China was starting to cool — and likely would continue that trajectory over the next six months.

While Qualcomm hopes smartphone sales will recover in China in the second half of the year, CEO Cristiano Amon told investors on a conference call that "we have not seen evidence of meaningful recovery and are not incorporating improvements into our planning assumptions." The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer." Qualcomm forecast chips revenue of $6.9 billion to $7.5 billion. Qualcomm also faces stiffer competition, especially for high end smartphone chips, from Taiwan's MediaTek (2454.TW). Qualcomm forecast total revenue of $8.1 billion to $8.9 billion in the third quarter.

The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer." Qualcomm forecast chips revenue of $6.9 billion to $7.5 billion. Smartphone demand has remained weak despite promotions and price cuts. Qualcomm also faces stiffer competition, especially for high end smartphone chips, from Taiwan's MediaTek (2454.TW). Qualcomm forecast revenue of $8.1 billion to $8.9 billion in the third quarter.

☆ Qualcomm's disappointing guidance on slow China recovery will force our hand on the stock
▼ + stars: | 2023-05-03 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Revenue in the quarter fell about 17% year-over-year to $9.27 billion, beating analysts' forecasts of $9.1 billion, according to Refinitiv. In the quarter, Qualcomm won 12 new designs across its Snapdragon Cockpit and Snapdragon Connectivity 5G platforms with automakers. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Qualcomm gives light forecast, phone chip sales fall 17%
▼ + stars: | 2023-05-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Analysts were expecting current-quarter earnings guidance of $2.16 per share, but Qualcomm said it expected it that to be around $1.80. Qualcomm reported second-quarter earnings on Wednesday that were in line with analyst expectations but saw sales from handset chips, a core business for the company, decline 17% on an annual basis. The biggest part of QCT's sales come from handset chips, which are the processors at the heart of most Android phones. Qualcomm reported $6.11 billion in handset sales, down 17% from last year. Qualcomm said it made $900 million in share repurchases and paid $800 million in dividends during the quarter.

☆ Courtney Dauwalter: The fun-fuelled ultra-marathon star defying science
▼ + stars: | 2023-04-29 | by ( Matt Foster | ) edition.cnn.com time to read: +9 min

CNN —Most people’s idea of fun wouldn’t involve running for hours on end through brutal, undulating terrain – but ultra-marathon sensation Courtney Dauwalter is no ordinary person. Dauwalter, a four-time ‘Ultra Running Magazine Ultrarunner of the year,’ holds multiple course records for the obscenely long races around the US and abroad. Pizza and pints"There is no right or wrong path to completing a 100 or 200-mile race," says Dauwalter. Joe Amon/Denver Post/Denver PostTrue to character, Dauwalter has a positive and novel method of coping with the unexpected visions. “For me, training, racing and exploring what’s possible with these ultra-races, the really long trail ones, is fun,” Dauwalter says.

☆ Yemen Stampede Kills 78 at Ramadan Charity Event
▼ + stars: | 2023-04-20 | by ( Saleh Al-Batati | Michael Amon | ) www.wsj.com time to read: 1 min

Trapped people attempted to free themselves during a stampede in San’a, Yemen, on Wednesday. Photo: AL MASIRAH TV/REUTERSDUBAI—A stampede at a charity event killed at least 78 people in Yemen Wednesday night and left dozens of others injured, authorities said, in the deadliest incident in years not directly related to fighting in the country’s brutal civil war. The stampede took place in the capital of San’a where authorities said a merchant was distributing financial aid at a school for the Islamic holy month of Ramadan, which is coming to an end this week. Each person was to receive 5,000 Yemeni rials, or about $9.

Atul Gupta and his brother Rajesh allegedly leveraged their close ties to South Africa’s government to build a business empire. South Africa’s justice minister said that the United Arab Emirates had refused the extradition of two India-born brothers who were allegedly at the center of a large government corruption scandal in Africa’s most developed economy. South African authorities say that Atul and Rajesh Gupta for years leveraged their close ties to former President Jacob Zuma and other senior officials in the ruling African National Congress to build a business empire that once stretched from media to mining. Failure to try them in South Africa would be a big blow for President Cyril Ramaphosa , who took over in 2018 after the ANC ousted Mr. Zuma largely because of his alleged ties to the Gupta brothers.

Russian President Vladimir Putin, wearing a blue suit, in a meeting with Iran’s President Ebrahim Raisi last summer. Russia is helping Iran gain advanced digital-surveillance capabilities as Tehran seeks deeper cooperation on cyberwarfare, people familiar with the matter said, adding another layer to a burgeoning military alliance that the U.S. sees as a threat. The potential for cyberwarfare collaboration comes after Iran has, according to U.S. and Iranian officials, sold Russia drones for use in Ukraine, agreed to provide short-range missiles to Moscow and shipped tank and artillery rounds to the battlefield. Tehran is seeking the cyber help along with what U.S. and Iranian officials have said are requests for dozens of elite Russian attack helicopters and jet fighters and aid with its long-range missile program.

☆ A deadline looms for rules governing deep-sea mining, but a rushed decision may be risky
▼ + stars: | 2023-03-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +12 min

Proponents say that deep-sea mining there is a less damaging way to gather metals like nickel, copper, manganese and cobalt. Opponents of deep-sea mining say there is not enough information to make that kind of decision. Critics of the idea of deep-sea mining have said the process is being rushed. That's what's behind the drive for diversity of supply on land-based mining, as well as exploration of alternatives such as deep-sea mining." Finding consensus for the Wild West of the seaOpponents of deep-sea mining want to tap the brakes.

☆ Here’s our fourth-quarter earnings report card for all the stocks in our portfolio
▼ + stars: | 2023-03-10 | by ( Zev Fima | ) www.cnbc.com time to read: +20 min

Fourth-quarter earnings season is in the rearview mirror and most Club stocks reported results ahead of, or in line with, analysts' forecasts. Moreover, excluding foreign exchange fluctuations, this marked the ninth quarter in a row of 20% or better annual earnings growth. Nvidia (NVDA) reported a very strong quarter and better-than-expected guidance for the current quarter . Eli Lilly 's (LLY) fourth-quarter results came up a bit short on revenue but delivered a strong bottom line. Despite missing on top-line expectations, Wells Fargo 's (WFC) earnings came in better-than-expected, as the bank realized the benefits of higher interest rates .

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