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☆ US pending home sales fall to five-month low in May
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

Economists polled by Reuters had forecast pending sales, which become sales after a month or two, falling 0.5%. Pending home sales tumbled 22.2% in May on a year-on-year basis. "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," said NAR Chief Economist Lawrence Yun. The housing market, which has taken the biggest hit from the Federal Reserve's fastest monetary policy tightening cycle since the 1980s, appears to have found a floor. While the tight supply is weighing on the market for previously owned homes, it is boosting construction and sales of new houses.

Persons: Lawrence Yun, Lucia Mutikani, Andrea Ricci Organizations: National Association of Realtors, Reuters, Federal, Housing, Thomson Locations: Northeast, West

☆ House hunting is already tough. Guess what? It's about to get harder
▼ + stars: | 2023-06-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com. An even tighter housing market ahead means home prices are unlikely to cool. They began to fall because mortgage rates had doubled in a matter of months. "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," NAR's chief economist, Lawrence Yun, said in a release. Higher mortgage rates have been less of a factor, as builders, some of whom have their own mortgage arms, have been buying down rates for buyers.

Persons: Craig Lazzara, DJI, Lawrence Yun, hadn't, Peter Boockvar Organizations: Mortgage News Daily, National Association of Realtors, Census, Builders, Bleakley Financial

☆ Microsoft president goes to Europe to shape AI regulation debate
▼ + stars: | 2023-06-29 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

Together with Twitter-owner and Tesla (TSLA.O) CEO Elon Musk, Smith has sought to court regulators and lawmakers with calls for regulating AI, a technology that has drawn massive public interest with the arrival of Microsoft-backed OpenAI's ChatGPT. Big Tech has shared suggestions on how best to regulate AI, which could help to blunt some of the impact of such rules on their business. "Our intention is to offer constructive contributions to help inform the work ahead," Smith said in a blogpost. He said Microsoft's five-point blueprint for governing AI, which includes government-led AI safety frameworks, safety brakes for AI systems that control critical infrastructure and ensuring academic access to AI aligns with the EU's proposed legislation. Smith also urged the EU, the United States, G7 countries, India and Indonesia to work together on AI governance in line with their shared values and principles.

Persons: Brad Smith, Elon Musk, Smith, Foo Yun Chee, Barbara Lewis Organizations: Microsoft, Twitter, Big Tech, European, EU, Thomson Locations: BRUSSELS, U.S, Brussels, Washington, United States, India, Indonesia

☆ Berkshire Hathaway boosts Occidental stake to 25%. Why Warren Buffett loves this energy play so much
▼ + stars: | 2023-06-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway keeps buying the dip in Occidental Petroleum , now owning a quarter of the oil giant. The conglomerate purchased an additional 2.1 million Occidental shares on Monday, Tuesday and Wednesday, boosting its stake in the Houston-based energy producer to 25.1%, a new regulatory filing showed. Berkshire now owns 224.1 million shares, worth $12.9 billion based on Wednesday's closing price of $57.46. The buying spree this year came as Occidental shares pulled back after a stellar 2022. Berkshire also owns $10 billion of Occidental preferred stock, and has warrants to buy another 83.9 million common shares for $5 billion, or $59.62 each.

Persons: Warren, Berkshire Hathaway, oilman Armand Hammer, Vicki Hollub, she's, Buffett, Hollub Organizations: Occidental Petroleum, Occidental, Berkshire, Buffett, Cities Service Locations: Occidental, Houston, Berkshire

☆ Apple seeks to fend off EU antitrust charge triggered by Spotify at hearing
▼ + stars: | 2023-06-29 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 29 (Reuters) - Apple (AAPL.O) will on Friday seek to fend off a revised EU antitrust charge and possible hefty fine linked to claims it prevents music streaming companies such as Spotify (SPOT.N) from informing users of other buying options outside its App Store. EU antitrust enforcers earlier this year boosted their case against the company's so-called anti-steering obligations, but dropped an earlier charge against Apple's requirement that developers use its in-app payment system. The Commission said the anti-steering obligations breach EU rules against unfair trading conditions, a relatively novel legal argument in an antitrust case. Apple has said there is no merit in the case triggered by a Spotify complaint in 2019, pointing to the Swedish music streaming service's dominant market share in Europe, where Apple Music trails in third or fourth place in most EU countries. Spotify, which will also attend the hearing, urged a speedy decision from the Commission.

Persons: Apple, Foo Yun Chee, Jan Harvey Organizations: Spotify, European Commission, Apple, Netflix, Commission, EU, Thomson Locations: BRUSSELS, EU, Brussels, Europe

☆ Stocks making the biggest moves midday: Occidental Petroleum, Wells Fargo, Micron, Joby and more
▼ + stars: | 2023-06-29 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Analyst Adam Jonas's $13 price target implies more than 70% upside from Wednesday's close for the stock. Wells Fargo climbed 3.4% while JPMorgan and Bank of America added more than 2% each. Tenaris — The pipe manufacturer rose 2.4% after Jefferies initiated coverage of the stock at a buy, citing a compelling risk-reward ratio. Occidental Petroleum - Shares of the oil giant rose nearly 1% after Warren Buffett's Berkshire Hathaway once again increased its stake. Sigilon Therapeutics — Shares soared more than 500% on news that pharmaceutical company Eli Lilly would purchase Sigilon for as much as $126.56 per share.

Persons: Freyr — Freyr Battery, Morgan Stanley, Adam Jonas's, Wells, Jefferies, Warren Buffett's Berkshire Hathaway, Eli Lilly, — CNBC's Michelle Fox, Alex Harring, Sarah Min, Yun Li Organizations: JPMorgan Chase, Bank of America —, JPMorgan, Bank of America, Micron Technology, Micron, Occidental Petroleum, Occidental, Joby, SK Telecom, Sigilon Therapeutics, Therapeutics, Food and Drug Administration Locations: Salt Lake City , Utah, Wells Fargo, China, Occidental, Houston

☆ Exclusive: NielsenIQ's GfK deal set for conditional EU antitrust approval
▼ + stars: | 2023-06-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 28 (Reuters) - Advent-owned NielsenIQ is set to secure EU antitrust clearance for its proposed acquisition of German market research firm GfK on the condition GfK sells its consumer panel business, people familiar with the matter said. U.S. consumer market research company NielsenIQ, which is present in more than 90 markets covering more than 90% of the world's population, announced the deal a year ago. GfK's consumer panel business covers 122,500 households and 1,800 retailers, with its data showing patterns, trends and predictions. The European Commission, which is scheduled to complete its preliminary review of the deal by July 4, declined to comment. The list includes French peer Ipsos, the UK's Kantar, YouGov, Dynata, Circana, Omnicon Group, Publicis Group, Cision and private equity firms such as H.I.G.

Persons: Ipsos, Foo Yun Chee, Jan Harvey, Barbara Lewis Organizations: European Commission, EU, Omnicon, Publicis, Equity, Bregal, Oakley, Symphony Technology, Thomson Locations: BRUSSELS, TowerBrook, Equistone

☆ Businesses criticise new EU data rules, consumer group sees missed opportunity
▼ + stars: | 2023-06-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 28 (Reuters) - Businesses and Big Tech on Wednesday criticised European Union data rules agreed between EU countries and lawmakers, saying they could hinder data flow and contractual freedom, while a pan-European consumer group said they did little for Europeans. The Data Act, agreed on Tuesday, sets out rights and obligations for how Big Tech and companies use European consumer and corporate data, focusing on that generated in smart devices, machinery and consumer products. Revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance have led to EU concerns about data transfers. Tech lobbying group Computer & Communications Industry Association (CCIA) said the new rules disadvantage Big Tech -labelled as large online platforms under separate newly adopted EU tech legislation - and hence limits consumers' choice. The European Consumer Organisation (BEUC) lamented the agreement as a missed opportunity to do more for users.

Persons: Edward Snowden, Cecilia Bonefeld, Dahl, CCIA, Ursula Pachl, Foo Yun Chee, Alex Richardson Organizations: Big Tech, European Union, EU, Airbus, Google, Nokia, Qualcomm, Philips, SAP, Siemens, Sony, Tech, Computer & Communications Industry Association, Digital Markets, European Consumer Organisation, Thomson Locations: BRUSSELS, EU

☆ Stocks making the biggest moves before the bell: General Mills, Nvidia, AMD and more
▼ + stars: | 2023-06-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. General Mills — Shares dropped 3.9% following mixed fiscal fourth-quarter results. The Betty Crocker and Cheerios owner beat Wall Street expectations on earnings, reporting $1.12 in adjusted earnings per share against a Refinitiv consensus estimate of $1.07 per share. The Wall Street bank said Pinterest is making the strategic move to outsource monetization to third-parties to overcome its attribution and scale challenges, including a partnership with Amazon. ZoomInfo — Shares of the software company added 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating.

Persons: Mills, Betty Crocker, Biden, Wells, Pinterest, Goldman Sachs, Morgan Stanley, Needham, ZoomInfo, Yun Li, Jesse Pound Organizations: Safeway, Nvidia, Street Journal, iShares Semiconductor, Amazon Locations: San Anselmo , California, China

☆ Stock futures rise slightly as the market nears the end of quarter and first half: Live updates
▼ + stars: | 2023-06-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Stock futures rose slightly in overnight trading Wednesday as the market approaches the end of the second quarter and the first half of 2023 with solid gains. S&P 500 futures rose 0.2% and Nasdaq 100 futures climbed 0.3%. On Wednesday, the S&P 500 closed near the flatline as investors digested Federal Reserve Chair Jerome Powell's latest comments about the tightening cycle. For the month of June, the S&P 500 is up 4.7%, on pace for its best monthly performance since January. In the second quarter, the equity benchmark has gained 6.5%, on track for its third positive quarter in a row.

Persons: Dow, Jason Draho, Jerome Powell's, Powell, Pablo Hernández de Cos Organizations: Dow Jones Industrial, Nasdaq, Micron Technology, JPMorgan, Bank of America, Federal, UBS Global Wealth Management, European Central Bank, Bank of Spain, Traders Locations: Madrid

☆ EU countries, lawmakers reach data rule deal targeting Big Tech
▼ + stars: | 2023-06-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, June 27 (Reuters) - EU countries and EU lawmakers on Tuesday agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments gaining illegal access. The European Commission proposed the Data Act last year to cover data generated in smart gadgets, machinery and consumer products, part of a raft of legislation aimed at curbing the power of U.S. tech giants. EU concerns about data transfers have grown following revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance. "Tonight's agreement on the Data Act is a milestone in reshaping the digital space...we are on the way of a thriving EU data economy that is innovative and open — on our conditions," EU industry chief Thierry Breton said in a tweet. It also gives consumers and companies a say on what can be done with the data generated by their connected products.

Persons: Edward Snowden, Thierry Breton, Damian Boeselager, Guido Lobrano, Foo Yun Chee, David Gregorio, Lincoln Organizations: Big Tech, EU, European Commission, Manufacturers, Siemens, SAP, Information Technology Industry, ITI, Thomson Locations: BRUSSELS, Europe

☆ Zalando sues EU Commission over landmark online content rules
▼ + stars: | 2023-06-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 27 (Reuters) - Zalando (ZALG.DE), Europe's biggest online fashion retailer, on Tuesday sued the European Commission for putting it in the same category as Alphabet's (GOOGL.O) Google and Meta Platforms (META.O) regarding new and tough EU online content rules. Under rules known as the Digital Services Act (DSA) which came into force last year, Zalando was labelled a very large online platform (VLOP) because it has more than 45 million users. EU industry chief Thierry Breton in April labelled 19 online platforms and search engines including five Alphabet subsidiaries, two Meta units, two Microsoft (MSFT.O) businesses, Twitter, Alibaba's (9988.HK) AliExpress and Zalando as VLOPs. "The European Commission misinterpreted our user numbers and failed to acknowledge our mainly retail business model. The number of European visitors who connect with our Partners is far below the DSA's threshold to be considered as a VLOP," Zalando CEO Robert Gentz said in a statement.

Persons: Zalando, Thierry Breton, Germany's Zalando, Robert Gentz, Breton, Gentz, Foo Yun, Christina Fincher Organizations: Tuesday, European Commission, Google, Digital Services, Microsoft, Twitter, HK, Justice, European Union, Commission, Partners, Thomson Locations: BRUSSELS, Luxembourg

☆ EU to meet on U.S. data transfer pact in mid-July - lawyer
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, June 26 (Reuters) - The European Commission is due to finalise a new data transfer pact with the United States by mid-July, a lawyer for Ireland's Data Protection Commissioner (DPC), the bloc's lead regulator for many big tech firms, said on Monday. The European Union and United States agreed in March 2022 on the new mechanism to safely transfer EU citizens' personal data to the U.S. after Europe's top court threw out the two previous data transfer frameworks because of concerns about U.S. intelligence agencies accessing Europeans' private data. The two sides have since been working through the detail and Catherine Donnelly, a lawyer for the DPC, said the Irish regulator understood the pact will be presented to the College of Commissioners, the Commission's collective decision-making body, by mid-July. The social media giant said it expects the new pact to be fully implemented before it has to suspend transfers. Reporting by Padraic Halpin, additional reporting by Foo Yun Chee in Brussels, editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Catherine Donnelly, Meta, Denis McDonald, Padraic Halpin, Foo Yun Chee, Christina Fincher Organizations: DUBLIN, European, Data, European Union, United, College of Commissioners, Facebook, Irish High Court, Thomson Locations: United States, Dublin, Europe, Brussels

☆ EU's industry chief defends data rules criticised by Big Tech
▼ + stars: | 2023-06-23 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 23 (Reuters) - European Union industry chief Thierry Breton on Thursday defended draft rules aimed at preventing non-EU governments from gaining illegal access to EU data, saying they were not protectionist. The draft Data Act, which Breton proposed early last year, is in the final stage of negotiations between the European Commission, EU countries and EU lawmakers. "Our European data strategy is to unlock a wealth of big data and set out how that data should be shared, stored and processed. Big U.S. tech companies have said the Data Act could impede international data transfer, and European companies have also criticised it. He will seek to persuade them to sign up to his AI Pact that aims to get companies to implement EU AI rules ahead of their enforcement in two years' time.

Persons: Thierry Breton, Breton, Elon Musk, Mark Zuckerberg, Jensen Huang, Sam Altman, Foo Yun Chee, Barbara Lewis Organizations: Union, European Commission, EU, Big U.S, Siemens, SAP, Twitter, Meta, Nvidia, Singapore, Thomson Locations: BRUSSELS, San Francisco, Asia, Europe

☆ US jobless claims hold at 20-month high, existing home sales tick up in May
▼ + stars: | 2023-06-22 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

The median expectation among economists polled by Reuters was for 260,000 new claims. The latest reading compared with a median economists' estimate of 1.782 million so-called continued claims. Existing home sales rose 0.2% to a seasonally adjusted annual rate of 4.3 million units last month, the National Association of Realtors said. Economists polled by Reuters had forecast home sales would fall to a rate of 4.25 million units. Home resales, which account for the largest share of U.S. housing sales, tumbled 20.4% on a year-on-year basis in May.

Persons: Thomas Simons, Simons, Jerome Powell, Lawrence Yun, Dan Burns, Chizu Organizations: Bureau of Labor Statistics, Reuters, Jefferies, Investors, National Association of Realtors, Economists, Mortgage, Association, Thomson Locations: Massachusetts, South, West, Northeast, Midwest

☆ US home prices fall by largest amount annually since December 2011
▼ + stars: | 2023-06-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The median existing home price was $396,100 last month, down 3.1% from a year ago, marking the largest year-over-year price reduction since December 2011. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — rose 0.2% from April to May. Annually, sales were down 20.4% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.4 million units a year ago to 4.3 million in May. “Relatively steady rates have led to several consecutive months of consistent home sales.”There are marked regional variations in prices, however. But affordability challenges remained amid super low inventory of homes to buy.

Persons: ”, Lawrence Yun, Yun, Danielle Hale, Hale, —, Anna Bahney Organizations: Minneapolis CNN, National Association of Realtors, “, NAR Locations: Minneapolis

☆ Warren Buffett's charitable giving exceeds $50 billion, more than his entire net worth in 2006
▼ + stars: | 2023-06-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett has made another annual donation to five foundations, boosting his total charitable giving to more than $50 billion — significantly higher than his entire net worth in 2006 when he first scheduled the grants. The 92-year-old legendary investor said Thursday he has converted over 9,000 Berkshire Class A shares into B shares in order to donate 13.7 million B shares to five foundations. "During the following 17 years, I have neither bought nor sold any A or B shares nor do I intend to do so. The five foundations have received Berkshire B shares that had a value when received of about $50 billion, substantially more than my entire net worth in 2006," Buffett said. "I have no debts and my remaining A shares are worth about $112 billion, well over 99% of my net worth."

Persons: Warren Buffett, Berkshire Hathaway, Melinda Gates, Susan Thompson Buffett, Howard G, Buffett Organizations: Berkshire, Berkshire Hathaway, Melinda Gates Foundation Trust, Susan Thompson Buffett Foundation, Sherwood Foundation, Buffett Foundation, NoVo Foundation, Oracle, Melinda Gates Foundation, Berkshire B Locations: Omaha , Nebraska, Omaha, Berkshire

☆ Chamath Palihapitiya calls Warren Buffett the 'GOAT' after figuring out his Japanese bet
▼ + stars: | 2023-06-22 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Prominent tech investor Chamath Palihapitiya expressed his admiration towards Warren Buffett, calling the "Oracle of Omaha" the greatest of all time after analyzing his latest bet on Japan. The 92-year-old Buffett recently hiked his stakes in five Japanese trading houses — Itochu , Marubeni , Mitsubishi , Mitsui and Sumitomo — to more than 8.5%. These companies, which are roughly akin to a conglomerate structure just like Berkshire, make good investments because they are stable dividend payers and earning growers, Palihapitiya said. The 92-year-old Buffett paid a visit to Japan and met with the heads at these Japanese firms earlier this year. Similar to Berkshire, the Japanese trading firms, also known as sogo shosha, are conglomerates involved in a wide range of products and services, including energy, machinery, chemicals, food, finance and banking.

Persons: Chamath Palihapitiya, Warren Buffett, Palihapitiya, Capital's Palihapitiya, Buffett, What's, he's Organizations: Buffett, Mitsubishi, Mitsui, Sumitomo, Tokyo Stock Exchange Locations: Omaha, Japan, Berkshire

☆ Home sales barely budge from April to May in sluggish spring market
▼ + stars: | 2023-06-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The slow spring sales pace is a combination of still-high prices, elevated mortgage rates and a critical shortage of homes for sale. At the current sales pace that represents a three-month supply. Strong demand has kept a floor under home prices, which would normally drop more given the slow sales pace. While sales of homes in all price tiers are now lower compared with a year ago, sales of homes priced between $250,000 and $500,000 were down 12%. Nearly three-quarters of the homes sold in May were on the market for less than a month.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, That's, NAR, Realtor.com Locations: Northeast, Midwest, South, Redfin

☆ Amazon's iRobot deal faces EU antitrust investigation, sources say
▼ + stars: | 2023-06-22 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 22 (Reuters) - Amazon's (AMZN.O) $1.7 billion acquisition of robot vacuum cleaner maker iRobot (IRBT.O) faces a full-scale EU antitrust investigation, people familiar with the matter said, weeks after the U.S. online retail giant won UK approval for the deal. IRobot made its first Roomba robot vacuum in 2002. IRobot shares fell about 10%, their largest percentage drop since February last year, while Amazon shares trimmed gains after the Reuters story was published. Amazon has previously said the vacuum cleaner market is very competitive, with lots of Chinese players. It blocked Microsoft's Activision deal while the Commission cleared the deal conditional on Microsoft's licensing deals with rival streaming platforms.

Persons: IRobot, Foo Yun Chee, Alison Williams, Kirsten Donovan, Jan Harvey Organizations: Amazon, European Commission, Activision, Antitrust, Big Tech, Thomson Locations: BRUSSELS

☆ Stock futures are flat after a 3-day losing streak: Live updates
▼ + stars: | 2023-06-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Stock futures were flat in overnight trading Wednesday after the market suffered three consecutive days of declines as the tech-powered rally faded. Futures on the Dow Jones Industrial Average rose 23 points, or 0.07%. S&P 500 futures inched up by 0.05%, and Nasdaq 100 futures were little changed. "If other central banks seem poised to deliver more than a couple rate hikes, that might make it easier for the Fed to remain aggressive with tightening." Investors will also monitor weekly jobless claims data Thursday morning, which is expected to show a total of 256,000, according to economists polled by Dow Jones.

Persons: Dow Jones, Jerome Powell, Powell, Edward Moya Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, AMD, Intel, Dow, Fed, Senate

☆ Samantha McLemore, who worked with Bill Miller for 20 years, finds value in these 2 stocks
▼ + stars: | 2023-06-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Samantha McLemore, Bill Miller's longtime co-manager who struck out to start her own fund, has her eyes on some of the most hated stocks in the market. McLemore said she is a classic long-term investor who studies companies' intrinsic value, but she also has a knack for finding underappreciated opportunities based on consumer behavior. However, McLemore believes that Delta differentiates itself from the rest by being a premium brand and it generates revenue from stable sources like loyalty programs. DAL 5Y mountain Delta "I think now you're getting another chance here," McLemore said. "Even in a recession, we have confidence that they can earn in the mid $4 a share," McLemore said.

Persons: Samantha McLemore, Bill Miller's, McLemore, Legg Mason, Miller, Ben Graham, DAL, OneMain Organizations: Capital, Trust, New York City . Delta Air, OneMain Holdings, Investors Locations: Baltimore, New York City, Evansville , Indiana

☆ Stocks making the biggest moves midday: Dollar Tree, Amazon, FedEx and more
▼ + stars: | 2023-06-21 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

People walk by a Dollar Tree store on December 11, 2018 in the Brooklyn borough of New York City. FedEx — The delivery company fell 1.7% after quarterly revenue missed expectations and announced CFO Mike Lenz would retire on July 31. Adjusted earnings were better than expected at $4.94 per share against the anticipated $4.89, while forward guidance was around flat. Advanced Micro Devices — Shares of the chipmaker pulled back nearly 5%, on track for their biggest intraday loss in two weeks. Dollar Tree — Shares of Dollar Tree popped more than 3% after the discount retailer reiterated its fiscal second-quarter 2023 earnings guidance.

Persons: Mike Lenz, MicroStrategy, Tesla, Rivian, Goldman, OneSpaWorld, Walt Disney, Needham, Laura Martin, Bob Iger, Raymond James, Uniqure, hemophilia, Yun Li, Michelle Fox, Jesse Pound, Sarah Min, Brian Evans Organizations: Federal Trade Commission, Amazon, FedEx, Securities and Exchange Commission, Barclays, GlaxoSmithKline —, Petrobras —, Walt Disney —, AMD Locations: Brooklyn, New York City, bitcoin, Netherlands

☆ EU countries back draft media rules, publishers want easier merger provisions
▼ + stars: | 2023-06-21 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 21 (Reuters) - EU countries on Wednesday agreed to draft media rules aimed at safeguarding editorial independence, prompting publishers to complain that governments did not do enough to boost consolidation so media companies could compete with Big Tech. EU countries and EU lawmakers are due to negotiate the act with the commission in the coming months before it can become final legislation. EU countries met on Wednesday to agree a common position. Trade body News Media Europe criticised this stand, saying it did not facilitate mergers and acquisitions that would help media outlets compete against big technology companies. "We see dangerous loopholes that refer to national security, which can put journalists and their sources at risk," the EBU said in a statement.

Persons: –, Foo Yun Chee, Cynthia Osterman Organizations: Big Tech, European Commission, Media, European Broadcasting Union, EU, News Media Europe, Thomson Locations: BRUSSELS

☆ Berkshire Hathaway's holdings in five Japanese companies could go beyond 10%, Jefferies says
▼ + stars: | 2023-06-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway once again increased its stakes in five Japanese trading houses, and Jefferies said watch out for more such buying from the "Oracle of Omaha." Thanh Ha Pham, equity analyst at Jefferies, said Berkshire's holdings in these companies could go even beyond 10% in the future, and collaboration with Berkshire's businesses is another avenue to explore. The 92-year-old Buffett paid a visit to Japan and met with the heads at these Japanese firms earlier this year. Like Berkshire, the Japanese trading firms, also known as sogo shosha, are conglomerates that are involved in a wide range of products and services, including energy, machinery, chemicals, food, finance and banking. "By investing in trading houses, investors obtain a well-diversified business portfolio that is not exposed to any single industry or geography," Pham said.

Persons: Warren, Berkshire Hathaway, Jefferies, Thanh Ha Pham, Warren Buffett, Pham, Buffett Organizations: National Indemnity Company, Mitsubishi, Mitsui, Sumitomo, Jefferies, Tokyo Stock Exchange, Itochu Locations: Omaha, Itochu, Berkshire, Japan

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