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Trump supporters spread videos on Tuesday of long lines in Buck County, Pennsylvania, where voters were waiting to request a mail-ballot in person. Election officials allow voters to request, fill out and return their mail ballots in person at the county elections office, casting a mail ballot early. Trump and his supporters have pointed to other incidents in Pennsylvania in recent days to advance a narrative of election fraud. Trump claimed on Monday night that there were thousands of fake ballots and fraudulent mail ballot applications in two Pennsylvania counties, Lancaster and York. Whatley, the RNC chairman, also posted a photo Monday of a woman being arrested at a voting service center in Delaware County, Pennsylvania.
Persons: Donald Trump, Trump, James Blair, ” Blair, Elon Musk, James O’Malley, Michael Whatley, “ I’m, Vance, , Nate Persily, Kamala Harris, “ It’s, ” Persily, ” Trump, Whatley, Val Biancaniello, Donald J, Josh Shapiro, Shapiro Organizations: Trump, Republican National, Bucks, NBC News, Stanford Law School, RNC, Pennsylvania, Democrat Locations: Pennsylvania, Buck County , Pennsylvania, Bucks County, Allentown, Bucks, Lancaster, York, PENNSYLVANIA, Delaware County , Pennsylvania, Delaware, Delaware County, “ Pennsylvania
The U.S. economy posted another solid though slightly disappointing period of growth in the third quarter, propelled higher by strong consumer spending that has defied expectations for a slowdown. The economy accelerated at a 3% pace in the second quarter. Personal consumption expenditures, the proxy for consumer activity, increased 3.7% for the quarter, the strongest performance since Q1 of 2023. The release comes with the Federal Reserve poised to lower inflation rates further despite the seemingly strong economy and inflation that remains above target, though far from its peak in mid-2022. Markets widely expect the Fed to cut another quarter percentage point off its benchmark short-term borrowing rate when policymakers conclude their two-day meeting on Nov. 7.
Persons: Dow Jones Organizations: Gross, Commerce Department, Federal Reserve Locations: U.S
Don't let the after-hours stock action fool you, Meta Platforms delivered one heck of a strong third quarter and a current quarter revenue guide above expectations. Ok, now that the "bad" is out of the way, let's look at what investors should really be focused on as they consider what to do with Meta stock. Meta Platforms Why we own it : We value Meta Platforms for its targeted advertising dominance. Notably, Meta AI, the company's version of a ChatGPT-type generative artificial intelligence search/answer engine, now has over 500 million monthly active users. Looking ahead to 2025, the team noted on the release, "We continue to expect significant capital expenditures growth in 2025.
Persons: biggie, that's, China's ByteDance, Mark Zuckerberg, Jensen Huang, Zuckerberg, we're, Meta, it's, haven't, Jim Cramer's, Jim Cramer, Jim, Andrej Sokolow Organizations: LSEG, Meta, People, Management, China's, Reality Labs, Nvidia, ., Facebook, CNBC, Getty Locations: Ray, capex
The economy accelerated at a 3% pace in the second quarter. The U.S. economy posted another solid though slightly disappointing period of growth in the third quarter, propelled higher by strong consumer spending that has defied expectations for a slowdown. Personal consumption expenditures, the proxy for consumer activity, increased 3.7% for the quarter, the strongest performance since Q1 of 2023. "You've got the perfect combination of strong growth and slowing inflation. The personal savings rate decelerated in the third quarter to 4.8%, down from a 5.2% level that had been revised up sharply.
Persons: Dow Jones, You've, Dan North, Kamala Harris, Republican Donald Trump, Harris, — Trump Organizations: Gross, Commerce Department, Treasury, Allianz Trade North America, Federal Reserve, Fed, Republican Locations: U.S
Apple on Wednesday introduced new MacBook Pro laptops with updated processors, in what is likely the company's last major hardware announcement of the year. Apple says the new chips are 1.8 times faster than the M1, which powered Apple's 2021 MacBook Pro. Additionally, all of the new MacBook Pro models come with at least 16GB of RAM. The more memory a computer has, the more it is capable of handling larger and more sophisticated AI models. Doubling the RAM on its laptops represents the most significant change Apple has made to its lineup of computers to better support Apple Intelligence.
Persons: Tim Cook, Apple Organizations: Apple Inc, Apple Worldwide, Apple, M4, Apple Intelligence, MacBook Locations: Cupertino , California
Detailed below is what Harris and Trump have proposed in order to address these worries. Vice President Kamala Harris and former President Donald Trump have both pledged to address high prices by boosting the supply of homes. Related storiesThe Democratic candidate also said she plans to expand the existing low-income housing tax credit, which incentivizes the rehabilitation or building of housing targeted at lower-income households. As president, Trump proposed major cuts to the federal Department of Housing and Urban Development's budget, including slashing housing assistance and community development aid. AdvertisementWhile in office in 2017, Trump proposed a budget for the 2018 fiscal year that would have significantly cut rural housing subsidies.
Persons: Harris, Trump, , Kamala Harris, Donald Trump, Daryl Fairweather, Redfin, Fairweather, Jessica Lautz, multifamily Organizations: Service, Business, Democratic, Peterson Institute for International Economics, Builders, of Housing, Urban, National Association of Realtors, Democratic Party Locations: America
Standard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management business. After its second quarter earnings report, Standard Chartered in July announced its largest-ever share buyback of $1.5 billion. Standard Chartered said its operating expenses rose 3% to $2.9 billion caused by inflation and business expansion efforts, although efficiency savings did offset some costs. The London-headquartered bank also lifted its 2024 income guidance on Wednesday with operating income to increase towards 10% in 2024. In July, the bank had upgraded the operating income projection to more than 7%, from 5% to 7%.
Persons: LSEG, Bill Winters, that's Organizations: Chartered, HSBC Locations: Asia, London
Major Wall Street banks remain bullish on Alphabet following the tech titan's strong third-quarter results . On Tuesday, Google's parent company reported earnings of $2.12 per share, while analysts polled by LSEG had predicted $1.85 per share. The company's revenue grew 15% year over year to $88.27 billion, more than the same quarter last year and the $86.30 billion analysts had anticipated. "We think shares could remain choppy as we work through the Search remedies, given the large impact zone, but performance in 3Q was solid." Meanwhile, Goldman Sachs' Eric Sheridan also commended the firm for its strong investment cycle, which includes investments into Google's Cloud infrastructure and more AI deployment through its application ecosystem.
Persons: LSEG, Goldman Sachs, Morgan Stanley, Ross Sandler, Doug Anmuth, Eric Sheridan Organizations: Barclays, Citi, JPMorgan, Bank of America, of America, Google, DOJ
Germany's inflation surged to 2.4% in October, back above the European Central Bank's 2% target, even as the country narrowly avoided a technical recession in the third quarter. The preliminary print, announced by German statistics office Destatis, is harmonized across the euro area for comparability. Harmonized inflation had dropped to 1.8% in September, after coming in at the European Central Bank's 2% target in August. So-called core inflation, which strips out more volatile food and energy costs, came in at 2.9% in October, the German statistics office said Wednesday, an increase from the 2.7% reading of September. In a note translated by CNBC, Deutsche Bank economist Sebastian Becker said that the renewed rise in core inflation showed that the problem of growth in price increases was not resolved, and that further patience was needed.
Persons: Sebastian Becker, Carsten Brzeski, meanwhile, Destatis Organizations: Central, German, comparability, Reuters, CNBC, Deutsche Bank, ING Locations: Bavarian, Germany
The startup offers marketing analytics tools to help brands boost their SEO on LLMs like ChatGPT. Check out the 17-slide pitch deck Evertune used to raise its $4 million seed funding round. The startup, Evertune, launched from stealth today with $4 million in seed funding, it confirmed exclusively to Business Insider. AdvertisementAt Evertune, Stempeck said that he and his co-founders, Ed Chater and Poul Costinsky, are focusing on being the leader in intersection between advertising and AI. Check out the 17-slide pitch deck Evertune used to raise its $4 million seed funding round.
Persons: Evertune, Roger Ehrenberg, , OpenAI's ChatGPT, Google's, Anthropic's Claude, Brian Stempeck, Evertune's, Stempeck —, LLMs, Stempeck, Ed Chater, Poul Costinsky Organizations: Eniac Ventures, Nextview, Service, Business, New York VC, NextView Ventures, Aperiam Ventures
Organic revenue growth of 1% matched expectations. Management raised the midpoint of full-year earnings guidance despite the continued in weakness in China that has been hampering top-line organic growth. Bottom Line Results were mixed, but it comes as no surprise that the quarter was negatively impacted by weakness in China. The team continues to deliver for customers and we've seen PDx reports seven quarters of high-single-digit or double-digit organic revenue growth." Pharmaceutical Diagnostics (PDx) segment — used in radiology and nuclear medicine to deliver more precise diagnoses — was particularly strong, delivering segment revenue growth of 7% organically.
Persons: Peter Arduini, Arduini, We're, James Saccaro, Saccaro, GEHC, Jim Cramer's, Jim Cramer, Jim, Martin Schutt Organizations: GE Healthcare, Revenue, LSEG, Management, Pharmaceutical Diagnostics, General Electric, Philips, Siemens, U.S . Food, Drug Administration, GE Healthcare's, Care Solutions, CNBC, Getty Locations: China, U.S, Jena , Germany
Microsoft is still spending massively on AI
  + stars: | 2024-10-30 | by ( Tim Paradis | ) www.businessinsider.com   time to read: +4 min
Investors have been focused on Big Tech AI spending and returns. That's a worry at Microsoft partly because feedback on the company's Copilot AI has been mixed. Others have been concerned that Big Tech spending on artificial intelligence is outpacing results. Goldman said Microsoft has been counting on its AI Copilot and other generative AI efforts at Windows, Edge, and Microsoft 365 to draw enterprise clients. AdvertisementMuch of Microsoft's spending has been going toward data centers, graphics processing units, and other AI projects.
Persons: , Jeremy Goldman, Goldman, it's, Satya Nadella, Francine McKenna Organizations: Investors, Big Tech, Service, Microsoft, Apple, Windows, Bloomberg Locations: Redmond, Washington, OpenAI
The Nasdaq Composite rose to a fresh record on Tuesday as investors readied for key corporate earnings releases, including reports from notable tech names. The tech-heavy Nasdaq advanced 0.78% to a record close of 18,712.75. Ahead of their earnings releases, shares of Meta jumped 2.6%, and Alphabet advanced 1.8% on Tuesday. This will mark the busiest week of the earnings season with more than 150 S&P 500 companies scheduled to have reported by Friday’s close. Notably, the blue-chip Dow broke a five-day losing streak, while the tech-heavy Nasdaq notched its eighth positive session of the last nine.
Persons: “ It’s, Sam Stovall, Friday’s, Jonathan Krinsky, , Dow Organizations: Nasdaq, Dow Jones, Microsoft, Apple, Meta, Research, Traders, Treasury, U.S
Several analysts maintained their buy ratings ahead of the results and expect AI-driven gains to appear in its search and YouTube segments. Still, the consensus revenue estimate implies Alphabet could post its slowest year-over-year growth since the third quarter of 2023 . Analysts polled by LSEG expect Alphabet to earn $1.85 per share on $86.3 billion in revenue, implying year-over-year earnings and revenue growth of 19.1% and 12.5%, respectively. Like Sheridan, Black expects Alphabet's AI enhancements to support search and YouTube growth, as AI drives efficiency for advertisers. "While advertisers may express some concerns around consumer sentiment, GOOG Search remains a 'utility-like' component of advertiser budgets," he said.
Persons: Brent Thill, Thill, Goldman Sachs, Eric Sheridan, Sheridan, Benjamin Black, Black Organizations: Google, LSEG, FactSet, Citi Research, Jefferies, CNBC, Deutsche Bank Locations: Monday's
Angelo was paid by a Democratic political action committee for the post, a fact that’s clearly noted in the caption. Campaigning moves to social mediaIn 2024, political content posted by social media creators has become just as important as traditional celebrity endorsements — if not more. Together, the two organizations paid 15 social media creators to produce content encouraging Latinos to vote. Election advertisements are overseen by a different agency, the Federal Elections Commission, which lacks a similar disclosure rule for individuals who are paid to make endorsements on social media. Meta, the parent company of Facebook and Instagram, has since 2020 allowed paid political content from influencers, so long as the organization paying for it is registered in its ad library.
Persons: ” influencer Mikey Angelo, who’s, Angelo, they’ve, , they’re, , , Krysten Stein, Jake Paul, Donald Trump, Trump, ” Paul, Tim Walz, Matt Nelson, Walz, Nelson, Paul, Kamala Harris ’, Harris, “ It’s, Danielle Butterfield, Butterfield, ” Butterfield, Influencers, Trump’s, Axios, Jack Posobiec, Riley Gaines, Tana Mongeau, Mongeau, she’d, ” Mongeau, they’d, Mitchell Katz, Ellen Weintraub, Shana Broussard, George W, Bush, aren’t, TikTok, Somos, Ari Cohn, ” Cohn, Robert Weissman, ” Weissman, Cate Domino, Domino Organizations: New, New York CNN, Democratic, influencers, Commission, Pew Research Center, University of Cincinnati Blue Ash College, YouTube, Convention, USA, Somos, CNN, NCAA, Democratic National Committee, Republican National Committee, Federal Trade Commission, Federal Elections Commission, FEC, Facebook, Public Citizen Locations: New York, Trump
PayPal drops more than 6% premarket on revenue miss
  + stars: | 2024-10-29 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +2 min
A PayPal sign is seen at its headquarters in San Jose, California, Jan. 30, 2024. PayPal reported better-than-expected third-quarter earnings on Tuesday, but revenue came in a bit light of expectations. PayPal reported net income of $1.01 billion, or 99 cents per share, compared to $1.02 billion, or 93 cents per share, a year earlier. "PayPal delivered strong financial and operating results during a highly productive third quarter," Chriss said in the earnings release. PayPal reported total active accounts of 432 million, up 1% from a year earlier, and beating the average estimate of 430.5 million.
Persons: Alex Chriss, Chriss Organizations: PayPal, LSEG, Meta Locations: San Jose , California, Braintree
The first burst on Tuesday — a critical read on activity within the jobs market — showed that the once too-tight labor market is starting to look more like its pre-pandemic days. Economists were expecting the number of job openings to land at around 7.9 million, declining from the prior month’s initial estimate of 8.04 million, according to FactSet estimates. The decline in job openings reflects a labor market that has slowed back to a pre-pandemic pace after experiencing years of blockbuster growth. “Decreasing or subdued job openings, quits and hiring rates last month all point to a cooler labor market compared to one year ago,” Elizabeth Renter, senior economist for NerdWallet, wrote in commentary issued Tuesday. It’s also likely the last clean piece of labor market data: The ongoing Boeing strike and Hurricanes Helene and Milton are expected to heavily distort jobs data starting with the month of October.
Persons: ” Elizabeth Renter, NerdWallet, aren’t, It’s, Hurricanes Helene, Milton, Organizations: CNN, Federal Reserve, Bureau of Labor Statistics, “ Employers, Labor, Boeing, Hurricanes
Bottom line The main part of our AMD thesis — fast-growing sales of its MI300 AI chips — is still on track, so we view the post-earnings pullback as a buying opportunity. Given how integral these AI chips are to AMD's growth, we were pleased management on Tuesday night raised its full-year sales projections to exceeding $5 billion. Another factor: AMD's chips passed some performance milestones with customers, Su said. We believe Su's AI roadmap — outlined at its AI event earlier this month — will lead to significant sales growth in 2025 and thereafter. Quarterly commentary Sales in AMD's all-important data-center segment came in $3.55 billion, exceeding estimates and more than doubling year over year.
Persons: We're, Lisa Su, Su, couldn't pare, Jim Cramer, , Jim Cramer's, Jim Organizations: AMD, Nvidia, Intel, Club, Broadcom, ZT Systems, CNBC, Dell Technologies, Microsoft, Meta, Revenue, Visitors, Congress, Nurphoto, Getty Locations: AMD's, , Shanghai, China
The outcome of this snap election signals that Ishiba may face difficulties in getting his party's policies passed in parliament. These include "more fiscal stimulus measures," and a cut in tax rates, Okamura added. His comments come amid expectations of the Bank of Japan leaving its rates unchanged at its meeting on Oct. 31. 'High-quality companies' Okamura is now betting on "higher quality companies with good pricing power." The five are also among the top holdings in the 19.1 billion yen (124.6 million) Japan Equity Engagement Fund .
Persons: Shigeru Ishiba's, Komeito, Izumi Devalier, CNBC's, Neuberger Berman's Kei Okamura, Okamura —, , Okamura, bode Organizations: Liberal Democratic Party, Bank of America, Nikkei, Tokyo Stock Exchange, Bank of Japan's, U.S . Federal Reserve, Fed, Bank of Japan, Hitachi, Mitsubishi Logistics, Tokyo Marine Holdings, Japan Equity, Tokyo Marine Locations: Japan, Tokyo, shareholdings
Alphabet to report Q3 earnings after the bell
  + stars: | 2024-10-29 | by ( Jennifer Elias | ) www.cnbc.com   time to read: +3 min
Google parent Alphabet is set to report its third-quarter earnings Tuesday after the market closes. During the quarter, the company also faced the advancement of several antitrust lawsuits related to its search and ads business. That would include Google's search position agreements with Apple's iPhone as well as Samsung devices. With the slow-moving legal process, the company is still likely years away from being forced to make any changes to businesses. In August, the company announced its new Android software update and its latest line of Pixel smartphones that utilize Google's Gemini AI assistant.
Persons: Sundar Pichai, Emily Chang, StreetAccount, Prabhakar Raghavan, Nick Fox, Demis Organizations: APEC, Summit, Moscone Center West, Google, TAC, DOJ, Samsung, Gemini Locations: San Francisco, U.S
The company beat on revenue, EPS, its ads business, and Google Cloud revenue, which grew 35% year over year. Revenue from Google Cloud grew 35% year over year to $11.4 billion, bolstered by "accelerated growth" in the company's AI products, the company said. Here are the key numbers for the third quarter compared to analysts' estimates:AdvertisementEarnings per share : $2.12 vs. $1.83 expected: $2.12 vs. $1.83 expected Revenue : $88.27 billion vs. $86.44 billion expected: $88.27 billion vs. $86.44 billion expected Google Advertising : $65.9 billion vs. $65.5 billion: $65.9 billion vs. $65.5 billion YouTube advertising revenue : $8.92 billion vs. $8.89 billion expected: $8.92 billion vs. $8.89 billion expected Google Cloud revenue: $11.35 billion vs. $10.79 billion expectedSource for analyst expectations: BloombergAlphabet and Google CEO Sundar Pichai said the company's AI investments were "paying off." The AI results will now reach over 1 billion users on a monthly basis, he said, and ads in AI Overview are "performing well." Related stories"Today, more than a quarter of all new code at Google is generated by AI then reviewed and accepted by engineers," Pichai said.
Persons: Sundar Pichai, , Pichai, Demis Hassabis, Evelyn Mitchell, Wolf, Mitchell Organizations: Google, Service, Google Cloud, Bloomberg, Apple, DOJ, Business
However, on "Mad Money" following the release, Jim said Alphabet delivered an "unambiguously great quarter." Alphabet Why we own it : Alphabet's Google Search is an invaluable tool for advertisers. Revenue for the Google Search, YouTube ads, and Google Network line items totaled $65.85 billion. That was up more than 10% from the year-ago quarter, though it was a slower growth rate than in the second quarter. The company exited the quarter with $93.23 billion in cash, cash equivalents, and marketable securities on its balance sheet.
Persons: It's, Jim Cramer, Jim, it's, Sundar Pichai, We're, Waymo, Anat Ashkenazi, Pichai, Jim Cramer's, Justin Sullivan Organizations: Google, U.S, European, Justice Department, Big Tech, Nvidia, YouTube, Microsoft, Revenue, Google Services, Walmart, Dallas Fort, CNBC Locations: U.S, Dallas, Dallas Fort Worth, Mountain View , California
Chipotle reported adjusted earnings of 27 cents per share, exceeding expectations of 25 cents a share from analysts polled by LSEG. Alphabet posted earnings of $2.12 per share on revenue of $88.27 billion, while analysts polled by LSEG expected earnings of $1.85 per share on $86.30 billion in revenue. Visa — The global payments company beat earnings and revenue expectations for the fiscal fourth quarter, driving shares up about 1.5%. First Solar also missed Wall Street's expectations in the third quarter, posting earnings of $2.91 per share on revenue of $888 million. Analysts sought $3.14 per share in earnings and revenue of $1.08 billion, per LSEG.
Persons: Chipotle, LSEG, Qorvo, Reddit Organizations: LSEG . Revenue, Google, Visa, AMD
Boeing is looking for a $19 billion boost
  + stars: | 2024-10-28 | by ( Aditi Bharade | Pete Syme | ) www.businessinsider.com   time to read: +3 min
Boeing is looking to raise nearly $19 billion to combat its lack of cash. It comes after Boeing reported a net loss of $6.1 billion in the third quarter. AdvertisementBoeing needs cash, and it's trying to raise almost $19 billion as the company looks to boost its liquidity. The planemaker announced Monday that it is offering 90 million common shares and about $5 billion of depositary shares for sale. Last Wednesday, Boeing reported a net loss of $6.1 billion in its third-quarter earnings.
Persons: , Goldman Sachs, Max, Dave Calhoun, Ron Epstein Organizations: Boeing, Alaska Airlines, Service, planemaker, Bank of America, Citibank, JPMorgan Chase, Alaska Airlines Boeing
Ad views per household For presidential and non-presidential TV ads, Aug. 1 to Oct. 25 Ads for Harris Ads for Trump Other Dem. Ads for Harris Ads for Trump Alaska Fla. Other Dem. Hawaii Ad views per household For presidential and non-presidential TV ads, Aug. 1 to Oct. 25 Other Rep. ads Ads for Harris Ads for Trump Other Dem. Alaska Fla. Hawaii Ad views per household For presidential and non-presidential TV ads, Aug. 1 to Oct. 25 Ads for Harris Ads for Trump Other Dem. TV ad views Ads for Harris Ads for Trump Other Dem.
Persons: Harris, Idaho Conn, Mo ., Kamala Harris, Donald Trump, outspending Mr, Trump, , Lynn Vavreck, Ruben Gallego, Republican Kari Lake, Ted Cruz, Colin Allred, , Erika Franklin Fowler, ” Fowler, FiveThirtyEight, Vavreck, John Sides, Christopher Warshaw, David Broockman, Ms, Willie Horton, George H.W, Bush, Hillary Clinton Organizations: Won, Harris Ads, Trump Other, ., Ind, Delaware ., W.Va, Trump Alaska Fla, AdImpact, Comscore, Democratic, Republican, Google, Wesleyan Media, Democrat, Democrat Independent, Neb . Ohio Texas Ariz, Democrats ’, Senate, Wesleyan University, Democrat Republican, Pa, Colo ., Colo, Iowa, Health, Harris Trump Immigration, Security, , Republicans, Mr Locations: Maine, . Vt, Minn, N.Y, Conn, Mich, Wis . Iowa Ohio, . Pa, R.I . Ill, Del, Mo, Ky . Va . Md, N.C, Tenn, Ark, New Jersey, Delaware, S.C . Miss ., La, Fla, Georgia, Trump . Montana, Mont, N.D, Ore . Idaho, Neb, Nev . Utah Colo, Calif, Kan, Ariz . Texas Alaska Hawaii Montana, N.H . Vt, Ore, Idaho, S.D, Wis, Wyo, R.I . Iowa Ohio, Delaware . Ind, Ill . Utah Colo, Mo . Kan . Va . Ky . Md, N.M, Okla . Tenn, . Ala, Texas, Trump . Hawaii, Mass, S.D . Mich, Wyo . Iowa Ohio, Nev . Ill, Ind . Utah Colo, Mo . Kan, Texas La, Alaska Fla, Hawaii, Ala, Ariz . Texas Alaska Hawaii, Trump’s, Philadelphia, Pennsylvania, — Montana , Ohio, Pa . Wis . Ohio, . Texas, Nev, Neb . Ohio, Pa, Arizona, Alaska, Iowa, Va, Berkeley, Siena
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