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Morgan Stanley cut its price target on Tesla after trimming its profitability forecasts. The analyst has a price target of $500, which implies upside of more than 20% over the next 12 months. — Hakyung Kim 6:51 a.m.: JPMorgan raises CrowdStrike price target after earnings beat CrowdStrike is managing to grow quickly while delivering strong results, says JPMorgan. The bank upgraded the retailer to buy from hold, increasing its price target to $195 from $140. — Fred Imbert 5:40 a.m.: Morgan Stanley cuts Tesla price target 2024 will be for electric vehicles, said Morgan Stanley's Adam Jonas, who warns that Tesla could lose money this year.

Persons: Morgan Stanley, Wells, Andrew Nowinski, MongoDB, Hakyung Kim, CrowdStrike, Brian Essex, Essex, — Hakyung Kim, UnitedHealth, Andrew Mok, Mok, Berenberg, Philip Buller, Buller, Bob Jian Huang, Huang, Daniela Bretthauer, Krisztina Katai, — Fred Imbert, Morgan Stanley's Adam Jonas, Tesla, Jonas Organizations: CNBC, HSBC, Target, JPMorgan, Barclays, Medicare, Honeywell, Berenberg, Morgan Stanley Insurance, Progressive, Target . Deutsche Bank Locations: Andrew Mok ., Honeywell's, U.S, Tuesday's

☆ Kentucky lottery winner: Louisville man uses prize money to get out of debt
▼ + stars: | 2024-03-05 | by ( Kara Nelson | ) edition.cnn.com time to read: +2 min

Stallard scratched off the $5 ticket in his truck, revealing a “50x” symbol – meaning the listed winning prize on his ticket would get multiplied by 50. “I figured it was going to be $5,” he said, according to a news release from the Kentucky Lottery. “I couldn’t believe it!”He had won the lottery game’s grand prize. Stallard won $150,000 that Friday afternoon, and held onto the winning ticket for the next three days. There are still two $150,000 winning tickets remaining for 50x The Cash lottery game, according to the Kentucky Lottery.

Persons: Charles Stallard, Stallard, “, ”, ” Stallard, I’m Organizations: CNN, Kentucky Lottery, Federal Reserve Bank of New, Federal Reserve, US Locations: Kentucky, Louisville, Federal Reserve Bank of New York, York

☆ It’s Me, Hi, I’m the Problem. I’m 33.
▼ + stars: | 2024-03-02 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

I have covered economics for 11 years now, and in that time, I have come to the realization that I am a statistic. Every time I make a major life choice, I promptly watch it become the thing that everyone is doing that year. When I moved to a big coastal city after graduation, so did a huge crowd of people: It was the age of millennial urbanization. My partner and I bought a house in 2021, along with (seemingly and actually) a huge chunk of the rest of the country. What I am is 32, about to be 33 in a few weeks.

Organizations: Craigslist Locations: America

☆ Premarket stocks: Why you can feel good about your job prospects for a while longer
▼ + stars: | 2024-02-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

A cyclical slowdown has to come unless you’re in the camp that thinks structural growth of the economy has risen dramatically. We don’t think that’s the case. Do you think that’s the case? The jobs market is a byproduct of GDP growth. I think that this should make people feel a little bit better about the prospects for the year.

Persons: Bell, Satyam Panday, It’s, we’ve, that’s, Warren Buffett, Charlie Munger, Warren Buffett’s, Buffett, Munger, ”, Charlie, Berkshire Hathaway, Brian Fung Organizations: CNN Business, Bell, New York CNN, Satyam, Federal Reserve, Berkshire Hathaway, Investors, Oracle, “, Berkshire, US, Facebook, YouTube Locations: New York, Real, Berkshire, Omaha, “ Berkshire, The Omaha , Nebraska, Texas, Florida

☆ I've lent people more than $63 million to buy homes and start businesses: 'If you see a problem, fix the problem'
▼ + stars: | 2024-02-24 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +11 min

Today, I'm the owner of a barber shop and the founder of the Washington Barber College. Courtesy of Story SyndicateI took $500 from the check and put it down on a rental space for a barber shop. I later purchased another barber shop, and with the profits from that business, bought an additional shop that was going out of business. AdvertisementThe People Trust Community Loan Fund. We would also pick up homeless individuals and bring them to the barber shop to provide haircuts.

Persons: Arlo Washington, —, Oscar, Barber, it's, Syndicate I'm, we've, We've, Mr, We're, Little, I've, It's Organizations: Service, Washington, Washington Barber College, Syndicate, People Trust Loan Fund, People Trust, Federal Credit Union, University of Arkansas, Little, Trust Community Loan Fund, Winthrop Rockefeller Foundation, The Treasury Department, Trust Loan, People Trust Loan, Depository Institution Locations: Little Rock , Arkansas, Local, Washington, Arkansas, Little, Central Arkansas, Little Rock, Rock, Wrightsville , Arkansas

☆ Raising your credit score can help you save $92 per month, report finds. Here are some expert tips
▼ + stars: | 2024-02-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

With consumer prices still rising due to higher inflation, there is one way to save money that you may be overlooking: raising your credit score. Increasing your score from fair (580 to 669) to very good (740 to 799) may help you save $22,263 over the life of your credit and loans, according to a new LendingTree study. Overall, consumers stand to save an extra $92 per month, LendingTree estimates, based on four common debt types: auto loans, credit cards, mortgages and personal loans. "There is little in life that's more expensive than crummy credit," said Matt Schulz, chief credit analyst at LendingTree. "It's a big deal, especially when you consider what else you could do with that extra money," Schulz said.

Persons: LendingTree, Matt Schulz, Schulz, Bruce McClary, McClary Organizations: LendingTree, Finance, Social Security, National Foundation, Credit

☆ A millennial is using side hustles to help meet financial goals and partially retire at 45. Here are a few of the gigs he's had success with.
▼ + stars: | 2024-02-18 | by ( Madison Hoff | ) www.businessinsider.com time to read: +9 min

Scott said he's currently using side-hustle money to pay off his truck and aims to pay off his house. Scott is interested in reducing his hours by the time he's 50 years old — but his dream age for this would be 45. For now, he's working on paying off some current financial obligations with the help of passive income and side hustles . AdvertisementAccording to the FAQ section of the site , pay for this work can start at $20 per hour or $40 per hour depending on the work. AdvertisementScott also has found the work is consistent, which he said is important if you're looking to earn from side hustles.

Persons: Scott, he's, —, Scott's, it's, DataAnnotation Scott, DataAnnotation, didn't Organizations: Service, Amazon, YouTube, Business, YouTube YouTube, Connect, Influencer Locations: hustles

☆ You can put a price tag on the value of a personal finance education: $100,000
▼ + stars: | 2024-02-17 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Taking a financial education class in high school does pay off. In fact, there is a lifetime benefit of roughly $100,000 per student from completing a one-semester course in personal finance, according to a recent report by consulting firm Tyton Partners and Next Gen Personal Finance, a nonprofit focused on providing financial education to middle and high school students. Much of that financial value comes from learning how to avoid high-interest credit card debt and leveraging better credit scores to secure preferential borrowing rates for key expenses, such as insurance, auto loans and home mortgages, according to Tim Ranzetta, co-founder and CEO of Next Gen. "Students bring these lessons home," Ranzetta said. "When you take that $100,000 in savings and multiply it across families and communities, it's an incredible economic engine."

Persons: Tim Ranzetta, Ranzetta, isn't, Kerri Herrild Organizations: Tyton Partners, Finance, Biden, De Pere High School Locations: Wisconsin

☆ Wells Fargo says regulator has lifted a key penalty tied to its 2016 fake accounts scandal
▼ + stars: | 2024-02-15 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

NEW YORK, NEW YORK - MAY 17: President and CEO of Wells Fargo Charlie Scharf attends The Future of Everything presented by the Wall Street Journal at Spring Studios on May 17, 2022 in New York City. (Photo by Steven Ferdman/Getty Images)Wells Fargo said Thursday one of its primary regulators has lifted a key penalty tied to its 2016 fake accounts scandal. Wells Fargo, one of the country's largest retail banks, has retired six consent orders since 2019, the year that CEO Charlie Scharf took over. The 2016 fake accounts scandal and related consent order ignited a wave of scrutiny on the bank that revealed problems related to the servicing of mortgages, auto loans and other consumer accounts. The attention tarnished the bank's reputation and forced the retirement of both ex-CEO John Stumpf in 2016 and successor Tim Sloan in 2019.

Persons: Wells, Charlie Scharf, Steven Ferdman, Wells Fargo, Scharf, John Stumpf, Tim Sloan, —, Leslie Picker Organizations: NEW, Wall, Spring Studios, Currency, Federal Reserve Locations: New York City, Wells Fargo

Up to 8/10 cardholders who asked for a lower interest rate in the past have reported success. Negotiating with Your LendersRequest a Lower Interest RateContact your lenders or credit card issuers to request a lower interest rate, especially if you have a history of on-time payments or an improved credit score. Consolidating DebtDebt consolidation can simplify your finances and potentially lower your overall interest rate if you can secure a consolidation loan at a lower rate than your existing debts. FAQsWill refinancing my loan always result in a lower interest rate? While your existing loans' rates are typically fixed, improving your credit score can position you better for refinancing at a lower rate or negotiating lower rates on future loans or credit lines.

Persons: cardholders, you've Organizations: Chevron Locations: autopay

Excluding volatile food and energy costs, so-called “core” inflation could look stickier. Core inflation is watched closely because it typically provides a better read of where inflation is likely headed. One factor that probably kept core prices up last month is that January is when many businesses impose price increases. While the government seeks to adjust its inflation data for such seasonal factors, it doesn't always do so perfectly. Core services prices, which exclude energy, jumped 5.3% last year.

Persons: Biden, Joe Biden, —, doesn't, Goldman Sachs, Jerome Powell Organizations: WASHINGTON, Federal Reserve, Fed

WASHINGTON (AP) — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Why, with inflation nearly conquered and interest rates at a 22-year high, isn't now the time to cut? High rates could also compound the struggles of banks that are saddled with bad commercial real estate loans, which would be harder to refinance at higher rates. “We need the government to address the interest rates ... and understand that they’ve accomplished their goal of lowering inflation," Kelleher said. If so, that might not just delay the Fed's rate cuts, but result in fewer of them.

Persons: isn't, ”, Steven Blitz, “ They’re, ” Loretta Mester, Mester, “, David Kelleher's Chrysler, Kelleher, ” Kelleher, Powell, ” Powell, we’re, Andrea Kugler, Eric Swanson Organizations: WASHINGTON, Federal Reserve, GlobalData, Lombard, Federal Reserve Bank of Cleveland, Jeep, Fed, University of California Locations: Wall, Philadelphia, Irvine

Credit expanded by just 0.4% in the month, according to the Federal Reserve’s monthly credit report released Wednesday. And it still leaves consumers with record levels of credit card debt. Of that, credit card balances grew by $212 billion to $1.13 trillion, while mortgage balances rose by $112 billion to $12.25 trillion. “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. Average card balances rose by 10% from a year ago to $6,360, a record.

Persons: ”, Wilbert van der, TransUnion, Michele Raneri, Scott Haymore, “ Deleveraging, Wells Fargo Organizations: Federal, Federal Reserve Bank of New, Auto, New York Fed, millennials, TransUnion, TD Bank Locations: Federal Reserve Bank of New York, Wells Fargo

☆ Premarket stocks: US companies are still worried about an economic shock
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. But America’s publicly traded companies are flashing a key sign of economic uncertainty — they’ve been hoarding cash. And companies with existing and expensive debt in a high-interest rate environment would likely want to use their cash to pay it down. “We interpret this correlation as evidence that cash reserves act like insurance against sudden economic shocks,” wrote the researchers. The missing bolts are apparently not the only problem.

Persons: America’s, ” Vijay Govindarajan, ”, Dartmouth’s Govindarajan, Anup Srivastava, Chandrani Chatterjee, Max, Jennifer Homendy, Homendy, Evan Spiegel, Tuesday’s, Read Organizations: CNN Business, Bell, New York CNN, CNN, Moody’s Investors, Dartmouth’s Tuck School of Business, University of Calgary’s Haskayne School of Business, University of Texas, JPMorgan, NTSB, Boeing, National Transportation Safety, Max, Alaska Airlines, United Airlines, Wall Street, Meta Locations: New York, Ukraine, Arlington, Alaska, Oregon, ”

☆ Younger Americans are falling behind on credit card and car payments, New York Fed says
▼ + stars: | 2024-02-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Delinquencies are rising among younger borrowers in particular, the New York Fed said. Younger borrowers have surpassed pre-pandemic levels of credit card delinquencies. AdvertisementYounger Americans are falling behind on paying credit card and auto loans, with the rate of late payments rising above pre-pandemic levels in the last quarter, the New York Federal Reserve said in a report. Total credit card balances hit $1.13 trillion and auto loans outstanding increased to $1.61 trillion. Advertisement"Serious credit card delinquencies increased across all age groups, notably with younger borrowers surpassing pre-pandemic levels," New York Fed researchers wrote.

Persons: — Organizations: New York Fed, Service, New York Federal Reserve, NY Fed, Fed

☆ Credit card delinquencies surged in 2023, indicating 'financial stress,' New York Fed says
▼ + stars: | 2024-02-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday. The quarterly increase at an annualized pace was around 8.5%, New York Fed researchers said. Credit card debt, however, jumped 14.5% from the same period in 2022. Credit card debt as a share of income is still below pre-pandemic levels. Mortgage debt increased 2.8% in 2023, while the delinquency rate increased to 0.82%, up a quarter percentage point from the previous year.

Persons: Delinquencies, delinquencies, Wilbert van der, Joe Biden Organizations: New York Federal Reserve, New York Fed, Auto, Federal Reserve, Washington

☆ Credit card and auto loan delinquencies are the highest in more than a decade
▼ + stars: | 2024-02-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —Americans — particularly Millennials and those with lower incomes — are becoming increasingly overextended financially: Credit card and auto loan delinquencies have not only surpassed pre-pandemic levels, they’re the highest they’ve been in more than a decade. Debt balances increased across the board, with credit card balances rising $50 billion to hit a new nominal high of $1.13 trillion (when adjusting for inflation, balances have yet to surpass the levels seen in 2008). “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” Wilbert van der Klaauw, economic research adviser at the New York Fed, said in a statement. “The delinquency numbers are pretty eye-opening, especially when it comes to credit cards,” Matt Schulz, chief credit analyst at LendingTree, told CNN via email. Student loan delinquencies will not be reported to the credit bureaus until later this year.

Persons: ” Wilbert van der, Matt Schulz, “, delinquencies Organizations: New, New York CNN, Federal Reserve Bank of New, York Fed, New York Fed, CNN Locations: New York

The Fed chair also reiterated that the central bank's next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June. As gauged by the Fed’s preferred measure, inflation fell to just 2.6% in December compared with 12 months earlier. At the same time, Powell acknowledged in the interview, the Fed misjudged the duration of the resulting inflation, which it repeatedly suggested would prove short-lived. “We’ve got six months of good inflation data and an expectation that there’s more to come,” Powell said Wednesday.

Persons: —, Jerome Powell, Powell, ”, “, COVID, would’ve, ” Powell, “ It’s, we’ve, “ We’ve, Michelle Bowman Organizations: WASHINGTON, Federal, CBS, Fed, year's, Fed’s, of Governors Locations: U.S

☆ Connecticut says it will become first state to cancel medical debt for many residents
▼ + stars: | 2024-02-02 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

CNN —Connecticut will cancel roughly $650 million in medical debt for an estimated 250,000 residents this year, Gov. More than 1 in 10 Connecticut residents have medical debt in collections. New Jersey included $10 million in its most recent budget to fund a pilot program to cancel residents’ medical debt, and Gov. Medical debt is now the largest source of debt in collections, totaling more than credit cards, utilities and auto loans combined, according to the White House. And the Consumer Financial Protection Bureau and the Biden administration are also considering ways to minimize the burden of medical debt.

Persons: Ned Lamont, Lamont, ” Lamont, “ It’s, Phil Murphy, ” Murphy, Jessica Hill, Allison Sesso, Biden Organizations: CNN, Gov, Connecticut Gov, New, New York City, Black, Third, Financial Protection Bureau Locations: Connecticut, Covid, New Jersey, New York

☆ Federal Reserve holds interest rates steady, sets the stage for cuts. What that means for your money
▼ + stars: | 2024-01-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Greg McBride chief financial analyst at Bankrate"Below the surface, 60% of households are living paycheck to paycheck," McBride said. Now, with rate cuts on the horizon, consumers will see some of their borrowing costs come down as well, although deposit rates will also follow suit. From credit cards and mortgage rates to auto loans and savings accounts, here's a look at where those rates could go in the year ahead. Going forward, annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. Mortgage ratesDue to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin.

Persons: Greg McBride, McBride, Doug Duncan, Fannie Mae, It's, Jessica Caldwell, Edmunds Organizations: Treasury, Fed Locations: Edmunds

☆ How interest rates have changed over the last 12 months for mortgages, car loans, credit cards and more
▼ + stars: | 2024-01-30 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +5 min

"Interest rates took the elevator going up; they're going to take the stairs coming down," McBride said. As the Fed goes into its first Federal Open Market Committee meeting of 2024, here's what that elevator ride up has looked like over the last 12 months in five major consumer categories: credit cards, savings accounts, certificates of deposit, auto loans and mortgages. Credit cardsNowhere has that express rate elevator been more obvious than with credit cards. Even as the Fed slowed the pace of increases over the last 12 months, the average APR for credit cards rose more than a full percentage point. He cautions, however, that buying a car is still a major expense, regardless of what interest rates are.

Persons: Greg McBride, McBride, they've, " McBride, They've, you've Organizations: U.S . Federal Reserve, Federal Reserve, Finance Locations: U.S

☆ Forget a soft landing, there may be ‘no landing,’ economist says. Here's what that would mean for you
▼ + stars: | 2024-01-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"In many ways, we already have a soft landing," said Columbia Business School economics professor Brett House. What a 'no landing' scenario means"No landing means above-trend growth, and also above-trend inflation," Grindal said, describing an economy that is "overheating." As of the latest reading, the current annual inflation rate is 3.4%, still above the 2% target that the central bank considers a healthy annual rate. A "no landing" scenario also means more strain on household budgets and those with variable-rate debt, such as credit cards. "That looks like the soft landing has been more or less achieved and is likely to be sustained," House said.

Persons: Brett House, Alejandra Grindal, Ned Davis, Grindal Organizations: Federal, Columbia Business School, Gross, Ned, Ned Davis Research, Finance

☆ 'A lot of ifs and leaps of faith': 7 investment chiefs and strategists break down earnings trends in what may be a make-or-break Q4, and 3 sectors to watch
▼ + stars: | 2024-01-19 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

Markets are closely monitoring Q4 earnings results, which began rolling out in mid-January, since they give much-needed clarity on the prior year while setting the tone for the year ahead. AdvertisementWhat to expect during the Q4 earnings seasonEarnings seasons often bring surprises, but there are also bankable bets. But we're going to be driven more by the macro, if we're excluding these mega-cap tech stocks." 3 sectors with boom-or-bust potentialWhile the strategists Business Insider spoke with didn't provide investing recommendations, several shared which sectors they're watching in Q4. Bianco believes the tech sector's earnings will rise over 20% this year.

Persons: —, Matt Stucky, Stucky, David Kelly, UBS Josh Jamner, That's, Jamner, Carol Schleif, Schleif, there's, Anthony Saglimbene, David Bianco, Saglimbene, Bianco, Brad Klapmeyer, Klapmeyer, " Bianco, Ameriprise's Saglimbene, BMO's Schleif, Indrani De, De, she's, he'd, that's Organizations: Service, Business, Northwestern Mutual Wealth Management, Asset Management, UBS, ClearBridge Investments, BMO Family Office, DWS, Macquarie Asset Management, FTSE Russell Locations: Americas

☆ A famed economist who called the 2008 recession warns stocks look 'eerily similar' to how they did before their 25% drop in 2022 — and says the US economy is still heading for a downturn
▼ + stars: | 2024-01-13 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He is the founder of Rosenberg Research and the former chief economist at Merrill Lynch — and he called the 2008 recession. Rosenberg ResearchRosenberg's model takes into account stock valuations, investor sentiment, market technicals, investor positioning, and macro fundamentals. Here's The Conference Board's Leading Economic Index, which bundles together manufacturing data, bond and stock market performance, housing market activity, and consumer sentiment data. The economy doesn't jump from a tight labor market to layoffs," Rosenberg said in a note on Friday. Labor market and inflation data in the months ahead will tell the story for the US economy.

Persons: David Rosenberg, Merrill Lynch —, Rosenberg, It's, —, Louis, GMO's Jeremy Grantham, Societe Generale's Albert Edwards Organizations: Rosenberg Research, Business, Research, Federal Reserve Bank of St, CNN, National Federation of Independent Businesses, Rosenberg, Societe Generale's, Federal, Labor, CPI

☆ Wells Fargo posts higher fourth-quarter profit, helped by higher interest rates and cost cutting
▼ + stars: | 2024-01-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Wells Fargo shares fell Friday even after fourth-quarter profit rose from a year ago, as the bank warned that net interest income for 2024 could come in significantly lower year over year. Wells Fargo also recorded a $621 million, or 17 cents per share, tax benefit. That's a 2% increase from the fourth quarter of 2022 when Wells Fargo posted $20.30 billion in revenue. The decline in net interest income was due to lower deposit and loan balances, but offset slightly by higher interest rates, the bank said. Wells Fargo shares are virtually flat this year after rallying more than 19% in 2023.

Persons: Wells, Charlie Scharf, Scharf, Wells Fargo Organizations: LSEG, Revenue, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Wells, Treasury, CNBC PRO Locations: U.S, Wells Fargo

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