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Minneapolis is the first major metropolitan area to have inflation rates below the Fed's 2% target. According to Bloomberg, Minneapolis hit the goal in May with an inflation rate of 1.8%. The rate is likely due to aggressive legislating to address soaring housing costs in the city. While Minneapolis residents spent 39.9% of their monthly income on housing costs, their co-parts in San Francisco paid 46.7% of their monthly income to housing; residents of Boston shelled out a whopping 60.7% of their income for housing costs, per Bloomberg. People ideally would spend around 30% of their income on housing, senior vice president of the National Low Income Housing Coalition Andrew Aurand, told CNBC.
Persons: Income Housing Coalition Andrew Aurand, Ron Feldman Organizations: Bloomberg, Service, US Bureau of Labor Statistics, Minneapolis, CNBC, Income Housing Coalition, Minneapolis Fed Locations: Minneapolis, Wall, Silicon, San Francisco, Boston, New York City, Itasca
Despite a mixed fiscal third-quarter report, Wall Street analysts are positive on Disney going forward. Morgan Stanley's Benjamin Swinburne maintained an overweight rating with a $105 per share price target, or 20% upside from Wednesday's close. JPMorgan's Philip Cusick similarly reiterated an overweight rating with a $125 per share price target on Disney, which implied upside of 43%. Goldman Sachs' Brett Feldman, meanwhile, has a buy rating on Disney stock with a price target of $128 per share, or 46% upside from Wednesday's close. Citi's Jason Bazinet reiterated a buy rating on Disney stock accompanied by a $125 per share price target.
Persons: Morgan Stanley's Benjamin Swinburne, Swinburne, JPMorgan's Philip Cusick, " Cusick, Goldman Sachs, Brett Feldman, Jessica Reif Ehrlich, Bob Iger's, Ehrlich, Jason Bazinet, Disney's, Michael Bloom Organizations: Wall Street, Disney, DIS, Media, ESPN . Bank of America, ESPN Bet
This summer, unrelenting heat waves have taken a devastating toll in many parts of the world, putting this year on track to be the hottest ever recorded. Coral Davenport, who covers energy and environmental policy for The Times, and Dana Smith, a reporter for the Well section, discuss what it means to live in this new normal, an era in which extreme heat threatens our way of life.
Persons: Coral Davenport, Dana Smith Organizations: The Times
DIS YTD mountain Disney shares' YTD performance Ahead of the company's quarterly release, several Wall Street analysts have lowered their performance forecasts. The new price target suggests shares could rally 45% from Tuesday's close. He cut his price target to $105 from $110. Finally, Deutsche Bank analyst Bryan Kraft lowered his price target, citing lower advertising revenue and underperformance at the box office. His new price target is $120, down from $131.
Persons: Wednesday's, Goldman Sachs, Goldman, Brett Feldman, John Hodulik, Vijay Jayant, Morgan Stanley, Benjamin Swinburne, Bryan Kraft, Kraft, — CNBC's Michael Bloom Organizations: Disney, Investors, Penn Entertainment, ESPN, ESPN Bet, Disney World's, UBS, Hollywood, Deutsche Bank, Kraft Locations: Tuesday's
He maintained his price target for Home Depot Shares at $315 , which implies 4.3% downside from Monday's close. He also kept his price target on Lowe's shares at $225, suggesting less than 1% upside from where shares last closed. He noted that Home Depot and Lowe's shares are up approximately 17% and 12% since May 2023, respectively. While the housing market does show signs of reaching some stability, the bottoming phase could still take some time, according to Feldman. Meanwhile, Lowe's shares also declined 1.4% Tuesday before the bell.
Persons: Joseph Feldman, Feldman, — CNBC's Michael Bloom Organizations: Home, Home Depot
[1/2] People shop for clothes at Target retail chain in Westbury, New York, U.S., May 20, 2021. Walmart (WMT.N) and Target (TGT.N), the two biggest retailers in the United States, have set a cautious tone for the rest of the year. David Klink, senior equity analyst at Huntington Private Bank, said he saw "encouraging" signs in Amazon's results. Walmart, which reports on Aug. 17, had a better-than-expected first quarter and forecast sales to be up about 3.5% for the year. "I think that value-based retailers like Walmart and Target" will hold up better than others, he said.
Persons: Shannon Stapleton, David Klink, Neil Saunders, Joseph Feldman, Siddharth Cavale, Ananya Mariam Rajesh, Rosalba O'Brien Organizations: REUTERS, Walmart, Target, Foods, Huntington Private Bank, Amazon, Apple, Maersk, WPP, Telsey, Thomson Locations: Westbury , New York, U.S, United States, Seattle, New York, Bengaluru
Last year, Giorgia Meloni, an Italian far-right politician, became prime minister on an agenda that many feared would mark a radical turn for the country. Now, her visit to the White House last week has bolstered her credentials on the international stage. Jason Horowitz, the Rome bureau chief for The New York Times, explains how she got here and the path she has carved out for Europe’s far-right parties.
Persons: Giorgia, Jason Horowitz Organizations: The New York Times Locations: Italian, Rome
Seven drugmakers this month launched their own versions, known as biosimilars, of AbbVie's (ABBV.N) flagship arthritis drug Humira, once the world's top-selling prescription medicine. Three have kept their list price within 5%-7% of AbbVie's, two priced at an 85% discount and two have offered both types of prices. For insured patients who are often on the hook for co-pays of 10% to 25% of the list price, the savings have been minimal. Reuters GraphicsThe Biden administration has made lowering drug prices a priority. Amgen offered 5% and 55% discounts to AbbVie's $6,922 per month Humira price tag, and both were included on drug coverage lists at two large PBMs.
Persons: Dado Ruvic, Humira, Ameet Sarpatwari, Biden, PBMs, Cigna, UnitedHealth, Amgen, Robin Feldman, Ron Wyden, Wyden, Chuck Grassley, Grassley, Patrick Wingrove, Moira Warburton, Josephine Walker, Caroline Humer, Bill Berkrot Organizations: REUTERS, Association for Accessible Medicines, Harvard Medical School, Reuters, Lawmakers, Federal Trade Commission, FTC, CVS, Biosimilars, Healthcare, Novartis, Sandoz, Reuters Graphics Reuters, University California College of the, Democratic, Republican, Thomson Locations: U.S, Humira, San Francisco, New York, Washington
But can the same be said for Mattel shares? Mattel stock is up more about 19% on a year to date basis after a mixed start to the year. Into the Barbie release, the stock reflects the growing buzz. Mattel shares moved from $17.59 on June 1 to breaking into the $20 range for the first time since February. Though Barbie is not a typical film in the space given its adult audience, Jefferies analyst Andrew Uerkwitz said, it can still help Mattel sales incrementally.
Persons: Gordon Haskett, Don Bilson, Greta Gerwig, Margot Robbie, Ryan Gosling, Bilson, Goldman Sachs, Stephen Laszczyk, Davidson, Linda Bolton Weiser, Bolton Weiser, Barbie, Brett Feldman, Jefferies, Andrew Uerkwitz, Roth, David Bellinger, Bellinger, Mario, Morgan Stanley, Benjamin Swinburne, ramped, Oppenheimer, Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Mattel, Warner Bros, Lions, Lions Gate, Hasbro, MAT, Analysts, Universal Pictures, Mario Bros, Hollywood, JPMorgan, CNBC, Alliance, Television Producers, Guild of America Locations: 2H23
"We're getting to a point of being very destructive to the entertainment ecosystem," said Rosenblatt Securities analyst Barton Crockett. Bazinet said to expect the walkout to last into the fourth quarter, which would mean a writers' strike lasting between around 150 and 240 days and an actors' strike in a range of 70 and 160 days. The strikes could cost the film and TV industry about $150 million per week, Citigroup's Bazinet wrote, using inflation-adjusted data from the 1980 actors' strike. "The lasting impacts are: [it] makes the streamers stronger and the traditional media companies weaker," Crockett said. JPMorgan analyst David Karnovsky downgraded movie theatre chain Cinemark shares to neutral from overweight earlier this week, citing the strike.
Persons: We're, Barton Crockett, Jason Bazinet, Bazinet, Douglas Mitchelson, Mitchelson, Goldman Sachs, Brett Feldman, Philip Cusick, Cusick, Goldman's Feldman, Citigroup's Bazinet, Rosenblatt's Crockett, Crockett, Feldman, Barbie, Oppenheimer, Stephen Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Screen, – American Federation of Television, Radio Artists, Alliance, Television Producers, Writers Guild of America, Rosenblatt Securities, Media, AMC, Disney, Warner Bros, Discovery, Paramount, Netflix, UFC, Endeavor, WWE, SAG, Credit Suisse, JPMorgan, AMC Networks, WBD, Covid, Comcast, CNBC
But these shortages aren’t just bad for current patients, experts say; their effects on cancer research may be felt for years to come. The National Cancer Institute, the federal government’s main agency for cancer research and training, told CNN that at least 174 of its own trials may be affected by the shortages. Cisplatin and other platinum-based drugs are prescribed for 10% to 20% of all cancer patients, according to the National Cancer Institute. Crucial work on hold“With drug shortages, trials have become almost like an impossible task. “These drug shortages come and go, and there’s no real rhyme or reason, and there seems to be no rhyme or reason in terms of which institutions have shortages.
Persons: Joe Biden, it’s, ’ ”, Shadia Jalal, Indiana University Melvin, Jalal, She’s, they’ve, ” Jalal, , , haven’t, “ We’ve, Mark Fleury, Fleury, you’re, ” Fleury, Dmitry Walker, Merck, We’ve, ” Walker, there’s, Biden, Lawrence Feldman, ” Feldman, Feldman, Dr, Sanjay Gupta, Organizations: CNN, National Cancer Institute, American Society of Health, Cancer, Indiana University, Bren Simon Comprehensive Cancer Center, Hematology, Oncology, IU School of Medicine, Hoosier Cancer Research Network, Veterans Administration, American Cancer Society Cancer Action Network, American Cancer Society, WVU Medicine, US Food, Pharmacists, National Comprehensive Cancer Network, University of Illinois Medical Center, CNN Health Locations: United States, China, Chicago
[1/2] A view of Condor Galaxy supercomputing systems for artificial intelligence work made by Cerebras Systems, in Santa Clara, California, U.S., in this undated handout photo received on July 19, 2023. Courtesy of Rebecca Lewington of Cerebras Systems/Handout via REUTERSJuly 20 (Reuters) - Cerebras Systems on Thursday said that it has signed an approximately $100 million deal to supply the first of three artificial intelligence (AI) supercomputers to the United Arab Emirates-based technology group G42. "Cerebras has what they call a 'white glove' service that made it easy for us" to build AI systems on its machines, G42 Cloud CEO Talal AlKaissi told Reuters. The contract to complete the first of the three systems announced on Thursday is worth about $100 million, Cerebras CEO Andrew Feldman said. "What we're saying is that the $100 million contract takes us through Condor Galaxy 1... That's the unit, the building block."
Persons: Rebecca Lewington, Cerebras, Talal AlKaissi, Andrew Feldman, Stephen Nellis, Krystal Hu, Rashmi Organizations: Condor Galaxy supercomputing, Cerebras Systems, REUTERS, Systems, United Arab, Nvidia Corp, Nvidia, Condor Galaxy, Mudabala, Reuters, Thomson Locations: Santa Clara , California, U.S, United Arab Emirates, Abu Dhabi, Silver, San Francisco, New York
As a historic heat wave grips much of the world and the United States, no city has become more emblematic of the crisis than Phoenix, where temperatures have exceeded 110 degrees for the past three weeks. Today, the city’s chief heat officer, David Hondula, discusses how the city is adjusting to the new reality of chronic extreme heat — and whether we are adapting to it fast enough.
Persons: David Hondula Locations: United States, Phoenix
The supercomputer, which was unveiled on Thursday by Cerebras, a Silicon Valley start-up, was built with the company’s specialized chips, which are designed to power artificial intelligence products. The chips stand out for their size — like that of a dinner plate, or 56 times as large as a chip commonly used for A.I. Cerebras said it had built the supercomputer for G42, an A.I. G42 said it planned to use the supercomputer to create and power A.I. “What we’re showing here is that there is an opportunity to build a very large, dedicated A.I.
Persons: Cerebras, , Andrew Feldman, Organizations: Cerebras Locations: Santa Clara, Calif
[1/2] A view of Condor Galaxy supercomputing systems for artificial intelligence work made by Cerebras Systems, in Santa Clara, California, U.S., in this undated handout photo received on July 19, 2023. Abu Dhabi-based G42, a tech conglomerate with nine operating companies that include datacenter and cloud service businesses, says it plans to use the Cerebras systems to sell AI computing services to health care and energy companies. G42 has raised $800 million from U.S. tech investment firm Silver Lake, which has backing from Mudabala, the UAE's soverign wealth fund. "Cerebras has what they call a 'white glove' service that made it easy for us" to build AI systems on its machines, G42 Cloud CEO Talal AlKaissi told Reuters. G42 Cloud's AlKaissi declined to comment on the terms of the deal.
Persons: Rebecca Lewington, Cerebras, Andrew Feldman, Feldman, Talal AlKaissi, Stephen Nellis, Krystal Hu, Rashmi Organizations: Condor Galaxy supercomputing, Cerebras Systems, REUTERS, Systems, United Arab, Nvidia Corp, Nvidia, Condor Galaxy, Cerebras, UAE, Mudabala, Reuters, Thomson Locations: Santa Clara , California, U.S, United Arab Emirates, Abu Dhabi, Silver, San Francisco, New York
Goldman Sachs sees big gains ahead for Warner Bros. Analyst Brett Feldman said Warner Bros. Companies will likely continue keeping focus on profitability in streaming with subscriber growth likely nonexistent or minimal. He said those execution catalysts are largely within the company's hands, pointing specifically to the fact that Warner Bros. Warner Bros.
Persons: Goldman Sachs, Brett Feldman, Feldman, Barbie, HBO Max, — CNBC's Michael Bloom Organizations: Warner Bros . Discovery, Guild of America, American Federation of Television, Radio Artists, Hollywood, Warner Bros, Discovery, CNN, HBO
Stagwell is a stock that shouldn't be overlooked as digital marketing gains favor, Goldman Sachs said. Stagwell, which focuses on creative and digital marketing, is up about 19% this year. STGW 1D mountain Stagwell stock Stagwell is expected to benefit from long-term growth in digital advertising and marketing spend globally, Feldman said. Digital advertising spending is expected to grow faster than total spending in the space through the end of 2026. "Specifically, we expect STGW will continue to benefit from secular tailwinds to digital advertising spend," he said.
Persons: Goldman Sachs, Brett Feldman, Feldman, Stagwell, — CNBC's Michael Bloom Organizations: Digital Locations: Friday's
Supreme Court Justice Clarence Thomas, the second Black justice to sit on the court after Thurgood Marshall, has spent years opposing affirmative action. When the high court struck down the policy last month, Justice Thomas was one of the most influential figures behind the ruling. Abbie VanSickle, who covers the Supreme Court for The Times, explains the impact affirmative action has had on Justice Thomas’s life and how he helped to bring about its demise.
Persons: Clarence Thomas, Thurgood Marshall, Thomas, Abbie VanSickle Organizations: The Times
Two weeks ago, the United States Supreme Court struck down affirmative action, declaring that the race-conscious admissions programs at Harvard and the University of North Carolina were unlawful. Today, three people whose lives were changed by affirmative action discuss the complicated feelings they have about the policy.
Organizations: United States Supreme, Harvard, University of North Locations: University of North Carolina
Goldman Sachs still loves T-Mobile as the company continues to challenge the top players in telecommunications. The bank called the wireless carrier a top pick and reiterated its buy rating on the stock. Shares of T-Mobile have slipped roughly 1.1% in 2023. TMUS YTD mountain T-Mobile stock has slipped just above 1% this year. T-Mobile is slated to report earnings later this month.
Persons: Goldman Sachs, Goldman, Brett Feldman, Feldman, TMUS, they're, — CNBC's Michael Bloom Organizations: Verizon, AT, Mobile Locations: Monday's
CNN —Four people were killed and two minors – ages 2 and 13 – were injured in a shooting Monday evening in southwestern Philadelphia, police said. A second person – who may have picked up someone’s gun and returned fire – also was in custody, Outlaw said. About 50 spent shell casings litter the shooting scenes, Outlaw said. At least 339 mass shootings have happened in the US so far this year, according to the Gun Violence Archive. The archive, like CNN, defines a mass shooting as one in which four or more people are shot, not including the shooter.
Persons: , Danielle M, Outlaw, don’t Organizations: CNN, Philadelphia Police Locations: Philadelphia
Inside the Shed’s Sonic Sphere
  + stars: | 2023-07-02 | by ( Zachary Woolfe | ) www.nytimes.com   time to read: +2 min
The xx remix did nicely separate the bass, coming up palpably but not too heavily out of the bottom of the sphere, from the voices around and above. For all the souped-up spiffiness of the Sonic Sphere, the programming on Saturday felt like a retread of artists who were more interesting when Alex Poots, the Shed’s artistic director, presented them during his stint at the Park Avenue Armory uptown. Levit, the following year, played Bach as part of an ornate concentration exercise orchestrated by Marina Abramovic. Both of them on Saturday were under 40 minutes, but I found myself getting antsy well before time was up. Perhaps the audiences at Burning Man, the techno-hippie hedonist bonanza in the Nevada desert where a Sonic Sphere was built last year, were more engrossed, experiencing it on harder drugs than the Coke Zero I’d had with dinner.
Persons: Mari ”, Rirkrit Tiravanija, Alex Poots, Bach, Marina Abramovic Organizations: Armory, Perelman Performing Arts Center Locations: Levit, Nevada
In his opinion blocking the student debt program, Roberts insisted he is concerned about criticisms of the court. “Make no mistake: Supreme Court ethics reform must happen whether the Court participates in the process or not,” he warned. In June, the court sided with a cement mixing company that sought to bypass federal labor law and sue a union in state court for the destruction of property caused by striking workers. On Tuesday, when Roberts announced the court’s opinion in Moore v. Harper, liberals and even some conservatives exhaled, relieved that the court was rejecting a controversial Trump-backed election law theory. “Justice Jackson has a different view,” he said at one point.
Persons: John Roberts, Roe, Wade, ” Roberts, Roberts, Samuel Alito, Clarence Thomas, he’d, Joe Biden’s, Roberts –, , It’s, Donald Trump’s, , Gorsuch, Neil Gorsuch, Bostock, Lorie Smith, ” Alito, Alito, Dobbs, Jackson, Brett Kavanaugh’s, hadn’t, Paul Singer, Singer, ProPublica, “ we’d, , ” ProPublica, Thomas, Dick Durbin, Elena Kagan, KBJ, Ketanji Brown Jackson, Dr, Adam Feldman, ” Feldman, Sonia Sotomayor, Kagan, Barrett, Thomas couldn’t, ” Jenny Hunter, ” Jackson, , Harper, exhaled, Barack Obama, Rick Hasen –, Hasen, Moore, Thomas Long, Kevin Merida, Michael Fletcher, “ Justice Jackson, Thomas ’ “, ” Thomas Organizations: CNN, Civil, Creative, Politico, Wall Street Journal, Street, GOP, Illinois Democrat, pounced, University of North, National Labor Relations, Independent, Trump, Federal, , UNC Locations: Colorado, Washington , DC, United States, , Rome, Illinois, American, Moore, North Carolina
The liberal justices, including Biden's appointee Ketanji Brown Jackson, found themselves in the role of the dissenting minority in some of the nine-month term's biggest cases. The conservative justices invoked the "major questions" doctrine, a muscular judicial approach that gives judges broad discretion to invalidate executive agency actions of "vast economic and political significance" unless Congress clearly authorized them. In those cases, the conservative justices were unified in the majority and the liberal justices dissented. In that case, the liberal justices were joined by one conservative justice, Trump appointee Brett Kavanaugh, in dissenting on the new test. The justices on Friday agreed to decide whether a 1994 federal law that bars people under domestic violence restraining orders from possessing firearms violates the Constitution's Second Amendment.
Persons: Amy Coney Barrett, Neil M, Gorsuch, Brett M, Kavanaugh, Ketanji Brown Jackson, Sonia Sotomayor, Clarence Thomas, John G, Roberts, Jr, Samuel A, Alito, Elena Kagan, Read, Joe Biden's, Donald Trump's, Erwin Chemerinsky, Trump's, Chemerinsky, Trump, Brett Kavanaugh, Ruth Bader Ginsburg, Roe, Wade, Jackson, Justice Jackson, Adam Feldman, Biden's, John Kruzel, Andrew Chung, Will Dunham Organizations: Supreme, U.S, Republican, Harvard University, University of North, University of California Berkeley Law School, U.S . Environmental, Alabama, Senate, Consumer, Thomson Locations: Washington , U.S, WASHINGTON, University of North Carolina, U.S, Texas
In a San Francisco courtroom, federal regulators are fighting to block one of the biggest deals in the history of Silicon Valley. David McCabe, who covers technology policy for The New York Times, talks about Lina Khan, the F.T.C. chair who is the architect of the lawsuit, and the growing campaign to finally rein in big tech.
Persons: David McCabe, Lina Khan Organizations: The New York Times Locations: San Francisco, Silicon Valley
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