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☆ Americans are piling into a hot new type of ETF investing
▼ + stars: | 2024-09-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Read previewThe popularity of exchange-traded funds has skyrocketed over the past decade as more Americans have opted for them over mutual funds. Further, between 2014 and 2024, assets under management in ETFs were at 16%, versus 84% for mutual funds. Related storiesAn increased number of money managers are choosing to offer so-called model portfolios using ETFs as the main vehicles. This means managers opting for the ETF model portfolios have a range of active funds and expertise to choose from. It's a combination of ETFs, mutual funds, and separate accounts that are merged into a strategy.

Persons: —, Matt Barry, Jon Maier, It's, Maier, Barry, Merrill Lynch's Organizations: Service, JPMorgan, Business, Touchstone Investments, Morgan, Management

☆ Drugmakers bet billions that targeted radiation could become the next cancer breakthrough
▼ + stars: | 2024-09-16 | by ( Angelica Peebles | In Angelicapeebles | ) www.cnbc.com time to read: +9 min

watch nowDrugmakers are betting that delivering radiation directly to tumors will become the next big cancer breakthrough. That can allow the treatment to deliver radiation to cancer cells and spare the rest of the body from the level of damage that comes with many cancer drugs. For Pluvicto, patients come in once every six weeks for up to six treatments. One opportunity Bristol Myers Squibb sees is combining radiopharmaceuticals with existing cancer drugs like immunotherapy, said Robert Plenge, Bristol's chief research officer. But she thinks the technology will become an important part of cancer drugs in the next decade.

Persons: Eli Lilly, They've, Michael Schmidt, Schmidt, Franco Origlia, Jacob Van Naarden, Eli Lilly's, Lilly, Biopharma, Van Naarden, Radiopharmaceuticals, Bristol Myers, Ben Hickey, RayzeBio, Hickey, Victor Bulto, Bulto, Timothy Korytko, Ronald Coy, Sharon, Ronald Coy Ronald Coy, Coy, who's, Coy hasn't, she's, we've, Eli Lilly's Van Naarden, Bristol Myers Squibb, Robert Plenge, Susan Galbraith, Galbraith Organizations: Bristol Myers Squibb, AstraZeneca, Guggenheim Securities, Novartis, NSA, Pharmaceutical, Bassett Healthcare Network, Bristol, Fusion Pharmaceuticals, Guggenheim Locations: Aedea Rome, Italy, radiopharmaceuticals, Swiss, FactSet, Bristol, Indiana, U.S, New York, Bassett

☆ Apple shares are breaking down and could be under pressure for months, according to the charts
▼ + stars: | 2024-09-16 | by ( Katie Stockton | ) www.cnbc.com time to read: +7 min

—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.

Persons: AAPL, Headwind, — Katie Stockton Organizations: Apple, AAPL, CNBC, NBC UNIVERSAL, Fairlead, CNBC Pro, Securities Locations: AAPL

☆ I got my green card after working at Microsoft on an H-1B visa. The process was very painful, but I love the US and don't plan to leave.
▼ + stars: | 2024-09-16 | by ( Elle Hardy | ) www.businessinsider.com time to read: +7 min

I applied for a green card after working on my H-1B visa for a year. By this point, I had lived in the US for about six years and created a whole life here, but the green card process was very painful. The process makes life pretty horribleHaving a work visa and going through the green card process are privileges, but it is very hard to separate the emotional component. Luckily, Microsoft paid for the attorneys in the green card process, and no cost came out of my pocket. In 2022, I finally received my green card after three years.

Persons: —, Andres Pico, I'm, Lauryn Haas Organizations: Service, Business, ACT, University of South, of Hispanic Professional Engineers, Virginia Tech, Microsoft, Verizon, Deutsche Bank, Disney, Starbucks, lhaas Locations: Seattle, Manta, Ecuador, University of South Florida, Tampa

☆ Bank of America sees rate cuts propelling gold to $3,000, and this stock is a way to play it
▼ + stars: | 2024-09-16 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

Bank of America doesn't see gold's rally ending soon and thinks producer Gold Fields could benefit. A key asset for the metal producer is Chilean mine Salares Norte, which could increase growth through near-term gold production. "Salares Norte should be a highly cash generative asset and we think it could account for [about]. BofA also thinks lower Federal Reserve rates can drive gold to $3,000 by 2025. A longer-term catalyst includes Gold Fields' acquisition of Osisko Mining in August.

Persons: Gold, Jason Fairclough, Fairclough, BofA Organizations: America, Osisko Mining Locations: Chilean, Norte, Quebec

☆ I Joined New York City's Rat Czar to Fight the City's Rodent Invasion
▼ + stars: | 2024-09-15 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

In reality, the Rat Pack offers regular citizens a crash course in rodent mitigation in hopes of inspiring them to take more active roles in what often feels like an unwinnable battle. AdvertisementThose who join the Rat Pack must complete three activities: a "rat walk" that promises to "uncover the world of urban rats," a two-hour "rat academy" on rodent-prevention methods, and a service project, like a park cleanup. If you seek to understand this rat, Corradi told our group, "you can kind of just hold up a mirror and look at yourself." Related storiesCorradi, recognizable from various press appearances and her navy Rat Pack hat, is supposed to offer New Yorkers additional peace of mind. And yet I secured my precious Rat Pack merch by doing exactly that.

Persons: Andrew Barrett, He's, Barrett, Eric Adams, Kathleen Corradi, Brooklyn's Herbert Von King, wouldn't, Corradi, haven't, Adams, Michael Parsons, we've, doesn't, there's, We've, —, I'd, shrugged, You'll Organizations: NYC, Cub Scouts, Anadolu Agency, Washington DC, Anadolu Locations: Brooklyn, Yorkers, New York, New York City, Chicago, Brooklyn's Chinatown, West Harlem

☆ 57% of Gen Zers want to be influencers—but 'it's constant, Monday through Sunday,' says creator
▼ + stars: | 2024-09-14 | by ( Gili Malinsky | ) www.cnbc.com time to read: +7 min

There are 4.2 billion social media users around the world, according to linking tool company Linktree's 2022 Creator Report. Williams has been a full-time creator since quitting her previous job as a data analyst in 2022. Williams usually starts working around 8 a.m., including emails, video editing and planning content. Their Facebook page has 5.7 million followers, their TikTok has 6.1 million followers and their YouTube page has 634,000 followers. There's not a single content creator I've ever talked to that hasn't dealt with online abuse."

Persons: they're, Victoria Bachan, Taylor Lorenz, it's, Hannah Williams, Williams, Caroline Lasher, Lasher, She'll, videographer, she'll, Leslie Mosier, Doug, Pug, Lorenz, There's, I've, hasn't, She's, she's Organizations: Whalar, NeoReach

Lower interest rates may impact your investment portfolio following the Fed's first rate cut. "They get spooked by something like policy changes and sell out of a diversified investment portfolio. "Generally, lower interest rates boost the economy as lending gets cheaper for consumers and businesses, " says Eckles. However, as interest rates fall, the attractiveness of these cash investments declines. The inverse relationship between bond prices and interest rates means that as rates fall, bond prices rise, providing another return component.

Persons: Banks, Goldman Sachs, JP Morgan, Bakkum, Pam Krueger, annualized, Jaime Eckles, Plante Moran, doesn't, We've, Krueger, Cash Organizations: Federal Reserve

☆ Here's what the Boeing strike might mean for flyers
▼ + stars: | 2024-09-13 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

Boeing workers went on strike Friday, the latest disturbance in what has proven a devastating year for the American aircraft manufacturer. Southwest had sharply brought down its delivery target for Boeing aircraft earlier this year. A United spokesperson said the carrier was working with Boeing to understand what the impact to the airline's delivery schedule might be. "There will probably be very little direct impact on consumers as a result of the Boeing strike," Harteveldt told NBC News. The previous Boeing machinists strike, in 2008, lasted nearly two months; however, in a note to clients, Bank of America analyst Ronald Epstein said the latest one could prove as short as a week.

Persons: Jon Holden, Henry Harteveldt, Harteveldt, Ronald Epstein, Boeing's Organizations: Aerospace Machinists, Boeing, Alaska Airlines, Southwest Airlines, International Association of Machinists, Aerospace Workers, Southwest, United, Atmosphere Research, NBC, Bank of America, FAA, Dow Locations: Seattle , Washington, U.S, Southwest, United, Renton , Washington

☆ Harris' rise in polls sparks wave of wealth transfers to kids
▼ + stars: | 2024-09-13 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

If it expires, the estate and gift tax exemption will fall by about half. The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys. With Harris and Trump essentially tied in the polls, the odds have increased that the estate tax benefits will expire — either through gridlock or tax hikes. The biggest question facing wealthy families is how much to give, and when, in advance of any estate tax change. If they do nothing, and the estate exemption drops, they risk owing taxes on estates over $14 million if they die.

Persons: Robert Frank, Donald Trump, Kamala Harris, Harris, Trump, Pam Lucina, Lucina, Mark Parthemer, it's, Parthemer Organizations: Democratic, Republican, Northern Trust Locations: Florida, Glenmede

☆ How the New Hampshire National Guard failed to protect women
▼ + stars: | 2024-09-13 | by ( Haley Britzky | ) edition.cnn.com time to read: +19 min

His attorney told CNN Patterson is expected to retire as a major, one rank below lieutenant colonel, by November 1. His case is perhaps the most high-profile example of a problem women say has plagued the New Hampshire National Guard for years: A toxic, sexist work environment. The New Hampshire National Guard told CNN in a statement that 2023 was an anomalous year for sexual assault reports. “There’s way too much of ‘foxes guarding the henhouse’ in every angle of the [National Guard Bureau],” the IRC member said. “The National Guard belongs to the governors, and so they can do what they want.”The office of New Hampshire Gov.

Persons: Mark Patterson, Patterson, ”, he’d, CNN Patterson, “, Kennith Kruger, Patterson “, ’, Katrina Dupuis, Dupuis, weren’t, ’ ” Dupuis, ” Dupuis, she’d, “ aren’t, David Mikolaities, didn’t, Emily Paige Kamal, ” Kamal, Kate Kuzminski, ” Kuzminski, Maj, Charles Johnston, Chris Sununu, Sununu, Jaleesa Ackerman, Ackerman, ’ ”, Keri Wareing, Wareing, ” Wareing, Jeanne Shaheen, they’ve, Shaheen, OCI, Shaheen “, They’re Organizations: CNN, New Hampshire National Guard, Army, National Guard, Guard, New Hampshire National, New Hampshire National Guard’s Army, Department of, New, New Hampshire Department of Military Affairs, Veterans Services, The New Hampshire National Guard, ‘, Pentagon, Military, Veterans, Center, New American Security, Pembroke , New Hampshire . Tech, Defense, Independent Review Commission, National Guard Bureau, New Hampshire Gov, Services, Manchester Police Department, Mikolaities, Criminal, Organization, Independent, Capitol, Senate Armed Services Committee, Senate National Guard Caucus Locations: New Hampshire, Wyoming, NH, The, New American, Pembroke , New Hampshire, New

☆ New high yield funds are hitting the market as Fed prepares to cut interest rates
▼ + stars: | 2024-09-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The firm launched two high yield ETFs on Thursday, aimed at different sections of the high yield market: the Columbia U.S. High Yield ETF (NJNK) and Columbia Short Duration High Yield ETF (HYSD) . The state of high yield So far this year, high yield debt is outperforming the bond market as a whole. The biggest high yield index ETF, the iShares Broad USD High Yield Corporate Bond ETF (USHY) , has returned 7.2% year to date, compared with 4.9% for the firm's Core U.S. High yield when rates fall When market interest rates go down, the price of long-term bonds tends to rise. Some other recent examples include the BlackRock High Yield ETF (BRHY) and the AB Short Duration High Yield ETF (SYFI) .

Persons: Marc Zeitoun, Zeitoun, Dan DeYoung, Columbia Threadneedle, That's, DeYoung, NJNK, Kris Keller, Keller Organizations: Columbia, Columbia U.S, Federal Reserve, firm's, Aggregate Bond, Morningstar Locations: America, Treasurys, BlackRock

☆ Boeing should be kicked out of the Dow
▼ + stars: | 2024-09-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The United States is no longer primarily an industrial economy, and the changes in the index over the last 126 years reflect that evolution. Beyond that, there are two other major issues indicating that Boeing no longer belongs in the Dow. Trying to stay relevantBoeing obviously wasn’t an early component of the Dow — the index started seven years before the first plane flew at Kitty Hawk, and 20 years before Boeing was incorporated. In 2020, the Dow dropped ExxonMobil, then struggling with low oil prices during the pandemic, and added tech company Salesforce, then on a tear. Boeing declined to comment when asked about its membership in the Dow.

Persons: ”, Ron Epstein, Dow, Max, That’s, Sam Stovall, Kitty Hawk, “, ” Stovall, Stovall, — Organizations: New, New York CNN, Dow Jones, New York Stock Exchange, Nasdaq, Boeing, Bank of America, Steel, Disney, Dow, Alaska Airlines, Federal Aviation Administration, CFRA Research, Electric, Lockheed, GE, GE Aerospace, ExxonMobil, Airbus Locations: New York, United States, Alaska, Ukraine

☆ Britain's Rightmove rejects $7.3 billion takeover offer from Murdoch's REA Group
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: +2 min

Australian property listing firm REA Group said on Wednesday that Britain's largest real estate portal Rightmove had rejected its 5.6 billion pounds ($7.32 billion) cash-and-stock takeover offer. REA shares dropped 1.25% in early trade on Wednesday. The offer consisted of 305 pence in cash and 0.0381 new REA shares and was non-binding and subject to due diligence. REA said had a deal been completed, Rightmove shareholders would have owned about 18.6% of the combined group. The cash component of the deal was due to be funded by debt and existing cash, REA said.

Persons: REA, Rightmove, Entcho Raykovski, Raykovski Organizations: Rupert Murdoch's News Corp, Reuters, Jefferies, Australian, REA Locations: London

☆ The US accused China of helping Russia's military in a deal that gets it secret submarine and missile tech
▼ + stars: | 2024-09-11 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

The US accused China of providing "very substantial" support for Russia's defense industry. US Deputy Secretary of State Kurt Campbell said China's support includes non-dual-use technologies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US said China is providing "very substantial" support for Russia's "war machine" in exchange for secret Russian military tech. In a meeting with reporters in Brussels on Tuesday, US Deputy Secretary of State Kurt Campbell accused China of supplying equipment that advances Russia's military.

Persons: Kurt Campbell, —, Campbell Organizations: Service, Financial Times, Business Locations: China, Russia, Brussels

The partnership and potential future deals could boost both retailers taking a hit as consumers pull back discretionary spending, and legacy media companies that have tried to maintain profits in a challenging landscape. Paramount's partnership with Shopsense was a key component of its Upfront presentation in May, a time when media companies make their annual pitch to advertisers. The agreement comes as legacy media companies look to generate new revenue streams and find different ways to monetize their content. While media companies have relied on ad revenue for some time, it's become more important as they look to make their streaming businesses profitable. Legacy meets AIAdvertisers and media companies have been leaning into generative AI tools, such as shoppable advertising.

Persons: MTV VMAs, they'll, Shopsense, Everyone's, Bryan Quinn, Shopsense's, it's, Natalie Bastian, Bastian, Laura Taylor, John Halley, Halley, Glenn Fishback, Quinn Organizations: MTV, Paramount Global, CNBC, Paramount, Amazon, Skydance Media, Disney, Gateway, Goodway Group, Paramount Advertising

☆ Wall Street likes what Nvidia CEO said about the future and new AI chip rollout. So did we
▼ + stars: | 2024-09-11 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Investors returned to Nvidia stock Wednesday after CEO Jensen Huang made a compelling case at a major tech gathering for the innovation he strives for and the competitive moat he's built. There have been a lot of doubters on Wall Street since Nvidia reported quarterly results on Aug. 28 . NVDA YTD mountain Nvidia YTD On stage with Goldman Sachs CEO David Solomon, Huang was asked how he views the competition. The way that computers are built today, if you look at our new Blackwell system, we design seven different types of chips to create the system. While ducking a question about Nvidia stock, Solomon did tell CNBC that Nvidia is a "super company" that's well-positioned to keep succeeding.

Persons: Jensen Huang, Goldman Sachs, That's, David Solomon, Huang, Blackwell, Nvidia's, it's, ramping Blackwell, that's, It's, Solomon, Communacopia, Jim Cramer's, Jim Cramer, Jim, Sam Yeh Organizations: Nvidia, Technology Conference, CNBC, Goldman, Blackwell, AFP, Getty Locations: San Francisco, Communacopia, Taipei

The collection's existence on your credit report can severely lower your credit score and impact future loans. Here's what you need to know about the impact of collections and how to get them removed from your credit report. As it ages on your credit report, its effect on your credit score will decrease until it falls off entirely. How can you remove collections from a credit report? There are a few different — and completely legal — ways you can try to remove it from your credit report to fix your credit score.

Persons: it's, there's, you've, Markia Brown, John Owens, Brown, Owens, Rick Eicheldinger, Zarrad, Eicheldinger, Jennifer, Read Organizations: Monterey Financial Services, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: America, TheGrio, New York City

☆ Here’s the inflation breakdown for August 2024 — in one chart
▼ + stars: | 2024-09-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"We'd expect inflation to continue to subside," though with "some ups and downs" in the data from month to month, House said. Housing inflation is falling but still highInflation for physical goods spiked as the U.S. economy reopened in 2021. Shelter is largest component of the CPI, and therefore has an outsized effect on inflation readings. Such data quirks mask positive news in the real-time rental market, which has seen minimal inflation for about two years, economists said. However, shelter CPI inflation has appeared to defy gravity lately: It increased on a monthly basis for two consecutive months, from 0.2% in June to 0.4% in July, and then to 0.5% in August.

Persons: Grace Cary, Sarah House, It's, hasn't, Paul Ashworth, Ashworth, — Organizations: Wells, Wells Fargo Economics, U.S . Department of Labor, North, Capital Economics, U.S . Federal, Finance, CPI, BLS Locations: U.S, Wells Fargo, North America

☆ BMW trims 2024 profit margin on technical issues, weak China demand
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: +1 min

BMW trimmed its profitability guidance for 2024 on Tuesday, pointing to technical problems that led to delivery stops for cars as well as persistently sluggish demand in the key Chinese market. The German carmaker said it expects its margin of earnings before interest and taxes (EBIT) to be between 6% and 7% for 2024, having previously guided for a figure between 8% and 10%. In a statement, Continental said that only a "small proportion" of the braking systems it produces and supplies to BMW will be partially replaced because of an electronic component that may be impaired. The company also forecasts a slight decrease in deliveries, it said, without providing a specific figure, after having previously expected an increase. The technical actions related to the integrated braking systems impact over 1.5 million vehicles and will result in additional warranty costs in a high three-digit million amount in the third quarter, the company added.

Persons: carmaker, Continental Organizations: BMW, Benz, Volkswagen, Porsche Holding, Renault, Continental Locations: China

☆ MLB is aiming for a more national strategy, commissioner says
▼ + stars: | 2024-09-10 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +3 min

As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred. "We need a more national strategy," Manfred told CNBC's Scott Wapner. Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national." But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically. It's star pitchers, it's starting pitchers."

Persons: Aaron Judge, Rob Manfred, Manfred, Albert Pujols, Elly De La Cruz, CNBC's Scott Wapner, Sabathia, Aaron, Juan, Soto, It's Organizations: New York Yankees, Texas Rangers, Globe, Major League Baseball, MLB, CNBC, Sabathia, Cincinnati Reds, Diamond Sports, ESPN, Negro Leagues Locations: Arlington , Texas

☆ Investors are 'dramatically overestimating' an oil glut, Carlyle's Jeff Currie says
▼ + stars: | 2024-09-10 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

SINGAPORE — Global markets are severely overplaying an oil supply glut, said Jeff Currie, chief strategy officer of energy pathways at private equity giant Carlyle. China's crude oil imports in 2023 had notched a record high. China's oil demand has been declining on the back of a slump in industrial inputs, according the International Energy Agency. On the supply side, black oil production in the U.S., one of the world's top crude oil producers, has been "flat" this year, Currie said. Black oils include crude oil, fuel oil, furnace oil, asphalt and tar.

Persons: Currie, Jeff Currie, Carlyle, I've, Energean Organizations: Asia Pacific Petroleum Conference, SINGAPORE —, International Energy Agency, Reuters Locations: Stanton , Texas, Singapore, SINGAPORE, APPEC, U.S, Egypt, Italy, Croatia

☆ Heavy metals found in tampons prompt FDA investigation
▼ + stars: | 2024-09-10 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +6 min

CNN —The US Food and Drug Administration announced Tuesday that it will examine the potential harm to women of heavy metals such as lead and arsenic found in tampons. The FDA’s action follows the July publication of a small pilot study that found arsenic and lead in organic and nonorganic tampons. The July study discovered only the presence of the metals and “did not test whether metals are released from tampons when used,” the FDA said in a statement Tuesday. “However, there is no reason for people to be afraid to use menstrual products at this time,” Pollack added. That advice also applies to anyone concerned about heavy metals or chemicals in their menstrual products, experts say.

Persons: “, Kathrin Schilling, ” Schilling, nonorganic tampons, hasn’t, ”, Anna Pollack, Pollack, ” Pollack Organizations: CNN, Food and Drug Administration, US Environmental Protection Agency, FDA, Consumer Healthcare, Association, Columbia University’s Mailman, of Public Health, American Chemistry Council, “, for Disease Control, Prevention, George Mason University Locations: tampons, U.S, United States, United Kingdom, Greece, New York City, Fairfax , Virginia

☆ Small caps are outperforming large caps. How to use charts to find buy candidates in the group
▼ + stars: | 2024-09-10 | by ( Todd Gordon | ) www.cnbc.com time to read: +5 min

Then on July 11, things really got started as June CPI came in below expectations and the outlook for the first Fed rate cut became significantly more likely. Let's drill down into the sectors that makeup the Russell 2000 to see who's leading and lagging since that July 5th turning point. Let's find out who is actually profitable and could maintain the rally after the initial shine of a fresh rate cut wears off. Where to look in small caps A big component of the Russell 2000 based on market capitalization representation is health care at 18.7%. Should the Fed strike a dovish tone after the first rate cut I will be shopping for quality names.

Persons: Russell, Piper Sandler, Hamilton Lane, Jefferies, JEF, Todd Gordon, Gordon, ARES Organizations: Nasdaq, Inside Edge, CNBC PRO, Ares Management, Fed, CNBC, NBC UNIVERSAL Locations: financials

☆ BMW downgrades 2024 outlook over brake issues and weak demand in China
▼ + stars: | 2024-09-10 | by ( ) edition.cnn.com time to read: +1 min

BMW cut its profit margin forecast for the year Tuesday due to sluggish demand in China, its key market, and problems related to a braking system supplied by Continental, sending the carmaker’s shares close to a two-year low. The German luxury carmaker said delivery hold-ups linked to the braking system would have a negative effect on sales in the second half of the year, adding that more than 1.5 million cars were affected. Overall, BMW said, it will incur “a high three-digit-million amount” in warranty costs in the third quarter as a result. BMW also flagged ongoing muted demand in China affecting sales in the country, joining the automakers facing difficulties in the world’s second-biggest economy, which is also the world’s largest auto market. “Despite stimulus measures from the government, consumer sentiment remains weak,” BMW said.

Persons: ” Organizations: BMW, Continental, ” BMW Locations: China

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