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BRUSSELS, May 10 (Reuters) - Lufthansa (LHAG.DE) suffered a setback on Wednesday after Europe's second-highest court sided with Ryanair (RYA.I) and annulled a European Union competition regulator's decision clearing its state bailout. The court also ruled in Ryanair's favour on Wednesday against pandemic state aid measures for SAS (SAS.ST), saying recapitalisation measures did not include sufficient measures to incentivise the Swedish and Danish governments to exit quickly. "We have seen the ruling by the General Court in the EU and will now review the content of the ruling as well as possible ways to proceed. Lufthansa and several other European airlines received state aid following a protracted travel slump due to the COVID-19 pandemic, all of which were approved by the EU executive subject to conditions. The Commission can appeal to the Court of the Justice of the European Union, Europe's highest, on points of law.

☆ EU's Vestager says 'all options on the table' after Lufthansa/SAS rulings
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

The court sided with Ryanair (RYA.I) in annulling the EU's decision clearing the German government's 6-billion-euro ($6.6 billion) rescue package for Lufthansa. EU Competition Commissioner Margrethe Vestager said she was analysing the rulings as a matter of urgency, aware of the uncertainty on the market. "While it is too early to give any indication as to what the appropriate course of action may be, at this stage all options are on the table," Vestager said in a statement. "There is no immediate and direct link between today's judgments and the ongoing work on the future restructuring of SAS." Reporting by Foo Yun Chee, Writing by Gabriela Baczynska, Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ EU decision clearing $69 bln Microsoft, Activision deal expected May 15, sources say
▼ + stars: | 2023-05-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 10 (Reuters) - EU antitrust regulators are set to approve Microsoft Corp's (MSFT.O) $69 billion acquisition of Activision (ATVI.O) next week, with May 15 as the likeliest date, people familiar with the matter said. The European Commission's imminent clearance comes nearly three weeks after the UK competition authority blocked the deal, the biggest-ever deal in gaming, over concerns it would hinder competition in cloud gaming. The Commission, which has set a May 22 deadline for its decision, declined to comment. Japan approved the takeover in March while the U.S. Federal Trade Commission is also seeking to block it. Reporting by Foo Yun Chee; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ EU antitrust regulators seeking more info on Apple Pay
▼ + stars: | 2023-05-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 10 (Reuters) - EU antitrust regulators are seeking more information on Apple's (AAPL.O) mobile payment system, the European Commission said on Wednesday, a sign that the enforcer is looking to close any loopholes and boost its case against the iPhone maker. The EU competition watchdog last year accused Apple of restricting rivals' access to its tap-and-go technology, Near-Field Communication (NFC), used for mobile wallets, making it difficult for them to develop rival services on Apple devices. Norwegian mobile payment app and complainant Vipps said, however, that alternatives to NFC are cumbersome and not competitive. The commission's request for information to rivals and retailers is unusual as it comes three months after Apple defended itself at a Feb. 14 hearing. The regulator, which can fine Apple up to 10% of its global turnover if found guilty of breaching antitrust rules, typically issues decisions after such hearings.

☆ Home prices are falling fastest in these 28 cities as affordability gradually improves following a peak in mortgage rates, according to the National Association of Realtors
▼ + stars: | 2023-05-10 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Slight moderations in mortgage rates have also improved home affordability. Still, homebuyers across the country can celebrate the apparent peak in mortgage rates, which have an outsized influence on home affordability. Thirty-year fixed mortgage rates swung between 6.1% and 6.7% in the first quarter, according to the NAR. Mortgage rates topped out in late 2022 but remain elevated. Below are the 28 metro areas where home prices decreased by over 5% on a year-over-year basis in the first quarter of 2023, according to the NAR.

☆ Carl Icahn's company stock falls as much as 20% after prosecutors seek financial information
▼ + stars: | 2023-05-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Regulators sought information a day after notable short seller Hindenburg Research took a short position against Icahn's company. The shares fell as much as 20% in morning trading, following a near 25% loss last week. Icahn Enterprises , Carl Icahn's conglomerate, saw its stock drop again Wednesday after a disclosure showed regulators are seeking information regarding its corporate governance. Headquartered in Sunny Isles Beach, Florida, Icahn Enterprises is a holding company that invests in a myriad of businesses including energy, automotive, food packaging, metals and real estate. Shares of Icahn Enterprises are now down more than 35% year to date.

☆ Here are stocks that win when inflation slows
▼ + stars: | 2023-05-10 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Inflation moderated a tad in April, and so stocks that win historically when inflation eases could be big winners ahead if that trend continues. The easing in inflation could give a boost to stocks that have historically tracked the opposite direction of rising prices, according to Bank of America analysis. The Wall Street firm created an "Anti-Inflation" screen with S & P 500 companies whose relative performance has a strong negative relationship — or beta — with inflation. Amazon is on the top of the list with the strongest negative relationship to inflation. Consumer staples should also benefit from easing inflation, including Clorox and Kroger , which have historically moved in opposite direction to inflation.

☆ Stocks making the biggest moves before the bell: Rivian, Airbnb, Twilio, Dutch Bros and more
▼ + stars: | 2023-05-10 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. Twilio — Shares of the software company slid 16% in premarket trading after Twilio's revenue forecast came in weaker than expected. Dutch Bros — Shares tumbled 7.6% after the company reported same-store sales and revenue for the first quarter that came in under expectations. The company did break even for the quarter, while analysts polled by StreetAccount expected a loss of 3 cents per share. Akamai Technologies — Shares of the cloud company rose nearly 5% in premarket trading on better-than-expected earnings and revenue for the first quarter.

☆ Stocks making the biggest moves midday: Roblox, Icahn Enterprises, Rivian, Airbnb and more
▼ + stars: | 2023-05-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

On Tuesday, the company reported a smaller-than-expected quarterly loss and said it expects to still meet forward guidance targets. Its revenue of $661 million topped the $652 million expected from analysts polled by Refinitiv. Twilio anticipates between $980 million and $990 million in revenue, while analysts polled by Refinitiv were expecting $1.05 billion in revenue. On Tuesday, the company reported same-store sales and revenue for the first quarter missed analysts' expectations, according to FactSet. On Tuesday, Occidental posted first-quarter adjusted earnings per share of $1.09, which is less than the $1.24 estimate from analysts polled by FactSet.

☆ Ryanair wins court challenge against Lufthansa state bailout
▼ + stars: | 2023-05-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, May 10 (Reuters) - Irish airline Ryanair (RYA.I) on Wednesday won its challenge against Lufthansa's (LHAG.DE) state bailout in 2020 triggered by the coronavirus pandemic as Europe's second-top court cited errors in EU competition regulators' decision to approve the state aid. Ryanair and German peer Condor subsequently challenged the EU decision on Lufthansa. They said the EU competition enforcer also failed to require a mechanism incentivising Lufthansa to buy back Germany’s shareholding as quickly as possible and erred by denying that Lufthansa held significant market power at certain airports. The Commission can appeal to the Court of the Justice of the European Union, Europe's top, on points of law. The joined cases are T-34/21 Ryanair v Commission (Lufthansa; Covid-19) & T-87/21 Condor Flugdienst v Commission (Lufthansa; Covid-19).

☆ Stocks making the biggest moves midday: Palantir, Novavax, Under Armour and more
▼ + stars: | 2023-05-09 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Palantir – Palantir shares popped nearly 20% after the software company beat first-quarter estimates and said it anticipates full-year profitability. The firm also reaffirmed full-year revenue guidance and raised its full-year adjusted EBITDA expectations, while cutting 6% of its workforce. Under Armour — The apparel company slipped 5.3% after the company projected earnings per share and revenue to be short of Wall Street expectations for the full-year. Fisker — Shares shed 4.8% after the automotive company's first quarter earnings came in under Wall Street forecasts. Trex Company — Trex Company jumped 8.1% after the maker of wood-alternative decking and railing topped analysts' first-quarter expectations, and issued stronger-than-expected second-quarter revenue guidance.

☆ EU draft rules propose tougher cybersecurity labelling rules for Amazon, Google, Microsoft
▼ + stars: | 2023-05-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, May 9 (Reuters) - Amazon (AMZN.O), Alphabet's (GOOGL.O) Google, Microsoft (MSFT.O) and other non-European Union cloud service providers looking to secure an EU cybersecurity label to handle sensitive data can only do so via a joint venture with an EU-based company, according to an EU draft document seen by Reuters. The document adds the cloud service must be operated and maintained from the EU, and all cloud service customer data stored and processed in the EU and that EU laws take precedence over non-EU laws regarding the cloud service provider. The latest draft proposal from EU cybersecurity agency ENISA concerns an EU certification scheme (EUCS) that would vouch for the cybersecurity of cloud services and determine how governments and companies in the bloc select a vendor for their business. The latest draft could fragment the EU single market as each country has full discretion to impose the requirements whenever it sees fit, an industry source said. EU countries will review the draft later this month after which the European Commission will adopt a final scheme.

☆ This house just got 25 offers. But, yes, the market is still cooling
▼ + stars: | 2023-05-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Within 48 hours the sellers were in contract with a buyer offering well over the asking price. Even though fewer people are buying homes now than a year ago, “we still have more buyers in the market than we have inventory. But it isn’t 2021, mortgage rates are now over 6%. In Rye, New York, she said, one property sold for $600,000 over the asking price. That home ultimately sold for $75,000 over the asking price.

☆ The housing slump is expanding quickly with home price declines the most widespread in 11 years
▼ + stars: | 2023-05-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

In the first quarter, 31% of US markets saw home price declines, the biggest share in 11 years. Meanwhile, 69% of housing markets saw home prices rise in the first quarter, down from 89% in the fourth quarter. That's the highest in 11 years and up from 11% of markets that saw price declines in the fourth quarter. But price declines could be short lived, he added, as inventory remains 40% below pre-COVID levels. Meanwhile, 69% of housing markets saw home prices rise in the first quarter, down from 89% in the fourth quarter.

☆ Stanley Druckenmiller says A.I. could win big coming out of a recession, and he's bullish on Nvidia
▼ + stars: | 2023-05-09 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

"It could be a beautiful opportunity in a hard landing just like '01, '02 ... a beautiful opportunity when the tech bubble bursts. NVDA YTD mountain Nvidia "My firm has only been able to participate in AI by owning Nvidia and Microsoft," Druckenmiller said. "It's not even clear to me if we had a really bad recession, that Nvidia would even come down." And now we have a big hike in interest rates." The Federal Reserve has hiked interest rates for 10 times since last year, taking the fed funds rate to a target range of 5%-5.25%, the highest since August 2007.

☆ Stocks making the biggest moves premarket: Palantir, Skyworks, Under Armour & more
▼ + stars: | 2023-05-09 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

It also reaffirmed full-year revenue guidance, though it raised its full-year adjusted EBITDA forecast. Western Digital — The chip stock rose about 2% in premarket after the company reported a revenue beat in the latest quarter. Earnings guidance for the full year was more upbeat and the company posted better-than-expected earnings and revenue, according to Refinitiv. The company reported revenue of $149.4 million against Refinitiv analyst expectations of $209.9 million. The company reported adjusted earnings of $7.19 per share, just topping a StreetAccount forecast of $7.18 per share.

☆ Stocks making the biggest premarket moves: PacWest, Berkshire Hathaway, American Airlines, AMC and more
▼ + stars: | 2023-05-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pacific Western Bank signage is displayed outside of bank branch in Beverly Hills, California on May 4, 2023. Check out the companies making the biggest moves in premarket trading:PacWest — The regional bank popped 39% in premarket trading, adding to its nearly 82% gain on Friday. American Airlines — Shares gained about 3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Viatris — Shares added 2.4% after the health-care stock topped earnings expectations and reaffirmed full-year guidance, despite a shortfall in revenue. Fortinet — The cybersecurity company added 3.3% after being upgraded to buy from neutral by Bank of America.

☆ The most important thing Warren Buffett said Saturday, and it isn't good news for the economy
▼ + stars: | 2023-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Investors always look to Buffett for economic insights as his myriad of businesses are closely tied to broader spending and overall demand. If you couldn't sell them one thing, they would put another thing in their backlog," Buffett said. Still, Buffett thinks Berkshire is positioned well in terms of its investment income as higher interest rates are earning the conglomerate a substantial return. Berkshire has fared well so far despite a challenging macro environment with operating earnings jumping 12.6% in the first quarter. "Nothing is sure tomorrow, nothing is sure next year, and nothing is ever sure, either in markets or in business forecasts, or in anything else," Buffett said.

☆ Berkshire Hathaway shares rise as investors cheer earnings beat and Geico's quick turnaround
▼ + stars: | 2023-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska. Berkshire's B shares climbed 1.5% in premarket trading, set to add to their 5% gain so far this year. — Berkshire Hathaway shares rose on Monday as Warren Buffett's conglomerate wooed investors with a strong earnings report and an insightful "Woodstock for Capitalists" over the weekend. The strong performance was driven by a rebound in Berkshire's insurance business, especially auto insurer Geico. Geico's surprise recoveryGeico, the crown jewel of Berkshire's insurance empire and Buffett's favorite child, saw a big turnaround in the quarter, returning to an underwriting profit of $703 million.

☆ Regional banks rebound for a second day as PacWest cuts dividend, says business 'fundamentally sound'
▼ + stars: | 2023-05-08 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

PacWest Bankcorp led a relief rally in regional banks again on Monday, after the struggling lender slashed dividend to build capital amid the banking crisis. PacWest CEO Paul Taylor reassured investors that the bank's businesses remains "fundamentally sound." Other regional banks also rebounded for a second day. The SPDR S&P Regional Banking ETF (KRE) rose by 2.8% in premarket, following a 6.3% rally Friday. Western Alliance jumped 8% in premarket Monday after gaining 49% in the previous session, and Zions Bancorp rose 4% Monday.

☆ Stocks making the biggest moves midday: Berkshire Hathaway, Catalent, Tyson Foods, Zscaler and more
▼ + stars: | 2023-05-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Berkshire Hathaway — The conglomerate's A shares rose more than 1% as investors cheered a strong earnings report from Warren Buffett's company. Tyson Foods — Shares plummeted 15% after the food production company posted an unexpected loss for the recent quarter and cut its revenue outlook for the year. PacWest - The regional bank stock held on to a gain of about 3% on Monday. Six Flags posted a narrower-than-expected loss of 84 cents per share, compared to expectations of a per-share loss of 89 cents, according to FactSet. Six Flags posted revenue of $142.2 million, greater than the expectation of $132.6 million, with CEO Selim Bassoul calling the results "proof points" that its new strategy is working.

☆ Siemens, SAP say EU draft Data Act puts trade secrets at risk
▼ + stars: | 2023-05-07 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

[1/2] A sign with the logo of Siemens company is on display outside its office in Moscow, Russia, May 12, 2022. REUTERS/Evgenia NovozheninaBRUSSELS, May 8 (Reuters) - German business software maker SAP (SAPG.DE) and German engineering company Siemens (SIEGn.DE) have joined U.S. tech giants in criticising draft EU laws on the use of data generated by smart gadgets and other consumer goods. EU countries and EU lawmakers are working on the details of the Data Act, proposed by the European Commission last year before it can be adopted as legislation. U.S. criticisms have included that the proposed law is too restrictive, while the German companies say a provision forcing companies to share data with third parties to provide aftermarket or other data-driven services could endanger trade secrets. "Effectively, this could mean that EU companies will have to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective," they said.

☆ Berkshire's top holdings: Tracking Warren Buffett's latest moves
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBerkshire's top holdings: Tracking Warren Buffett's latest movesBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. CNBC's Yun Li joins the Halftime show to discuss takeaways from the meeting.

☆ Berkshire Hathaway's operating earnings increase 12% in the first quarter, cash hoard tops $130 billion
▼ + stars: | 2023-05-06 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Earnings for Warren Buffett's Berkshire Hathaway jumped in the first quarter, thanks in part to a rebound in the conglomerate's insurance business. Operating earnings, which encompass profits from the conglomerate's fully-owned businesses, totaled $8.065 billion in the first quarter. Profit from insurance underwriting came in at $911 million, up sharply from $167 million a year prior. The auto insurer suffered a $1.9 billion pretax underwriting loss last year as it lost market share to competitor Progressive. Berkshire's cash hoard swelled to $130.616 billion from $128 billion in the fourth quarter of 2022.

☆ Just 5 stocks make up the lion's share of Warren Buffett's equity portfolio. Here’s what they are
▼ + stars: | 2023-05-06 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

More than three-fourths of the equity portfolio for Warren Buffett's Berkshire Hathaway was spread among just five stocks. The same five stocks comprised the list of biggest holding at the end of 2022, though the pecking order changed. Apple's total value in the portfolio came out to $151 billion at the end of the quarter, up from $119 billion at the end of 2022. By comparison, its value in the portfolio was $161.2 billion at the end of 2021. Long-time holdings Coca-Cola , American Express and Bank of America remained among the biggest names in the equity portfolio.

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