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☆ A Harvard study shows just how hard it is for renters to buy a home today
▼ + stars: | 2024-06-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The multiple exceeds 9 and approaches 12 in the hottest markets, rendering them "impossibly unaffordable," per a recent study. That's according to "The State of the Nation's Housing 2024" report published by Harvard University this week. Only 6.6 million — fewer than 15% — of the 45 million renter households in the US make enough to afford the median payment. Indeed, the Harvard study found that 23% of homeowner households were "stretched worryingly thin," and more than a quarter of renters were paying at least half their incomes toward housing and utilities in 2022. Many homeowners are seeing their incomes squeezed by steeper prices and interest payments, and many renters have given up on buying a home.

Persons: —, Robert Gauthier Organizations: Service, Business, Harvard University, Survey, Consumer Finances, Harvard Locations: La Habra , California

☆ Tesla is the biggest stock bubble in history and shares are headed to $15, short seller says
▼ + stars: | 2024-06-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Lekander predicted the EV maker's stock would plunge to $15 a share, implying a 91% decline. Tesla stock represents one of the greatest bubbles in history, he said. Earnings are falling off a cliff," he added, estimating Tesla's earnings could fall as much as 50% this year. Lekander, who has been shorting Tesla stock since 2020, echoed other Tesla bears, who have criticized the stock's lofty valuation and predicted a coming correction. AdvertisementIf the company reports losses for two quarters in a row, the stock could easily see losses in the double-digits, Lekander predicted.

Persons: Lekander, —, Tesla Organizations: EV, Service, Energy, Yahoo Finance

☆ Stocks are in a sweet spot but bears still fear a bubble is near bursting. Here's what 5 forecasters are saying about a potential crash.
▼ + stars: | 2024-06-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Here's what five forecasters have to say about the latest rally — and why they think the stock market is headed for a fall. In 2009, he wrote a book predicting a stock market crash and ensuing economic depression, which he said could last for 10 years or more. The research firm is predicting the S&P 500 could see a steep correction following a rally to 6,500. Yet, that could end up being an excellent opportunity for investors who are diversified in other areas of the market, Bernstein said. AdvertisementTypically, there are eight warning signs of a market bubble forming, and six of them have already flashed, the bank said.

Persons: Stocks, —, haven't, Harry Dent Stocks, Harry Dent, Dent, John Higgins, Higgins, John Hussman, Hussman, Richard Bernstein, Bernstein Organizations: Service, Nasdaq, Apple, Nvidia, Fox Business Network, Stocks, Capital Economics, John Hussman Elite, UBS

☆ Boeing sales tumble as the company gets no orders for the 737 Max for the second straight month
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +1 min

Boeing 737 MAX airplanes are pictured outside a Boeing factory on March 25, 2024 in Renton, Washington. The results released Tuesday compared unfavorably with Europe's Airbus, which reported orders for 27 new planes in May. Boeing also saw Aerolineas Argentinas cancel an order for a single Max jet, bringing its net sales for the month to three. The dismal results followed poor figures for April, when Boeing reported seven sales — none of them for the Max. Despite the slow pace of recent sales, Boeing still has a huge backlog of more than 5,600 orders.

Persons: —, Aerolineas, Max Organizations: Boeing, Airbus, Federal Aviation Administration, Alaska Airlines Max, Ryanair, Alaska Airlines Locations: Renton , Washington, Arlington , Virginia

☆ GameStop shares slide 16% following Friday's 40% sell-off
▼ + stars: | 2024-06-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Meanwhile, meme stock champion Keith Gill hosted his first livestream in a few years Friday. He revealed that he didn't have any institutional backers and the GameStop positions he had shared in screenshots were his only bets. The video game company's stock declined to just below $24 apiece on Monday after falling nearly 40% on Friday alone. GameStop shares fell more than 16% on Monday as the meme stock extended Friday's sell-off sparked by a dismal earnings report and a uninspiring livestream from Roaring Kitty. The analyst thinks that any boost GameStop got from Gill could turn out to be short-lived.

Persons: Keith Gill, Gill, Roaring Kitty, Michael Pachter, Pachter, NFTs, Roaring Organizations: New York Stock Exchange, GameStop, Amazon Locations: New York, Roaring

☆ In Germany, Far-Right Party Rises to 2nd Place in E.U. Election
▼ + stars: | 2024-06-10 | by ( Sarah Maslin Nir | Christopher F. Schuetze | ) www.nytimes.com time to read: +1 min

The right-wing Alternative for Germany party won a record number of votes in European Union elections on Sunday, in a sharp rebuke to Chancellor Olaf Scholz’s governing three-party coalition in Germany and a sign of the rightward political shift across the continent. The party, known as AfD, captured 16 percent of the vote, placing second behind Germany’s conservative Christian Democrats, which won 30 percent. It was AfD’s strongest showing in a nationwide election, and it came as Mr. Scholz’s coalition has reached record-low levels of popularity in the country, according to polls. A spokesman for Mr. Scholz has ruled out early elections. Describing her party’s showing a “major success,” Ms. Weidel said at a news conference in Berlin that the government was working against, not for, Germany.

Persons: Chancellor Olaf Scholz’s, Scholz’s, Alice Weidel, Mr, Scholz, Emmanuel Macron, ” Ms, Weidel, ” Organizations: Germany, Christian Democrats, “ Locations: Germany, France, Berlin

☆ The Unabomber and the Poisoned Dream of the American West - The New York Times
▼ + stars: | 2024-06-09 | by ( Maxim Loskutoff | ) www.nytimes.com time to read: +1 min

I was writing a novel about Mr. Kaczynski. I grew up in Missoula, about 80 miles from the Unabomber’s shack in the Montana wilderness and was 11 at the time of his capture. I didn’t know who the Unabomber was or what he had done, but I could tell it was important — and dark. So much so that my home state was suddenly the center of national attention. Western Montana in the 1990s was not a place that made the national news, save for an occasional environmental disaster and the annual Testicle Festival — a days-long debauch of fried steer genitals that attracted seedier press.

Persons: Ted Kaczynski, Kaczynski, I’d Locations: Butner, N.C, Missoula, Montana, Western Montana

GameStop , the video game retailer currently riding another wave of trading enthusiasm spurred on by the meme trader "Roaring Kitty," showed no signs of an operational turnaround in its dismal fiscal first-quarter results. The company on Friday posted net sales of $881.8 million for the period, down 29% from $1.237 billion a year prior. The sales decline was steeper than the two Wall Street analysts who cover the stock expected. GameStop lost $32.3 million during the quarter, a narrower loss than the $50.5 million suffered in the year-earlier period. The company also gave an update on its ongoing stock sales, saying it would sell an additional 75 million shares on top of the 45 million share sale it had announced in May that raised more than $900 million.

Persons: Keith Gill, Roaring Kitty, — Organizations: GameStop

☆ The biggest box-office flop every year since the ‘70s
▼ + stars: | 2024-05-31 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

We've found the biggest box-office flop from every year since 1978. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"Barbie" and "Oppenheimer" made box-office history last summer, but for every hit movie there's a flop or two waiting to happen. This story is available exclusively to Business Insider subscribers.

Persons: We've, —, Oppenheimer, Guy, Max Organizations: Hollywood, Service, Hollywood Reporter, Business

☆ Opinion: It’s hard to applaud billionaires – but these few deserve recognition
▼ + stars: | 2024-05-29 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +7 min

But this is the global system we do have and, within it, some billionaires are behaving much more generously and ethically than others. Melinda French Gates is one of the good ones. French Gates has long been an advocate for family planning and women’s rights abroad, and now she’s dedicating $1 billion through 2026 to those issues. Female billionaires, in other words, are far more likely than male ones to give away substantial portions of their wealth. So yes, we can applaud the good billionaires who give their wealth away, even if we think that they are representative of a bigger inequality problem.

Persons: Jill Filipovic, —, Melinda French Gates, French Gates, it’s, She’s, Gates, MacKenzie Scott, Jeff Bezos, Scott, Forbes, Elon Musk, Larry Ellison, Warren Buffett, Larry Page, Ellison, Page, Buffett, Donald Trump’s, Sam Altman, Bill Gates, Scarlett Johansson, that’s, George Soros, doesn’t Organizations: Twitter, CNN, Gates Foundation, The New York Times, Forbes ’, Forbes, Elon, Facebook Locations: New York, United States, French, The, New Zealand, There’s

☆ Executive Edge: Dismal Memorial Day weekend for movies
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExecutive Edge: Dismal Memorial Day weekend for moviesMatt Belloni, Puck founding partner, joins 'Squawk Box' to discuss the reasons behind the record-low Memorial Day box office weekend, what's happening with AMC, and more.

Persons: Matt Belloni, Puck Organizations: AMC

☆ 2 Yale researchers are pulling back the curtain on Russia's sanctions-stricken economy — and it's landed them on a list of Putin's enemies
▼ + stars: | 2024-05-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewJeffrey Sonnenfeld and Steven Tian, two researchers at the Yale School of Management, have been targeted for their views on Russia's economy since the war in Ukraine began. Soaring prices and ailing consumer sentiment have hit key sectors in Russia's economy, and Moscow is paying a huge cost to keep its war machine running. Steven Tian Courtesy of Steven TianAt that time, Tian and Sonnenfeld began noticing cracks forming in Russia's economy. "Putin has no grand strategy other than to hope Trump wins and cuts a favorable deal with Russia," Tian said. Positive forecasts on Russia's economy are based on a lack of visibility, Sonnenfeld and Tian say.

Persons: —, Jeffrey Sonnenfeld, Steven Tian, they've, Vladimir Putin's, Tian, Putin, he'd, Sonnenfeld, I've, Biden, Steven Organizations: Service, Yale School of Management, Business, Yale, IMF, Trump Locations: Ukraine, Moscow, Russia

☆ From more inventory to lower prices, here are 3 signs the housing market may be getting better for buyers
▼ + stars: | 2024-05-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Read previewThe housing market may be starting to turn a corner, offering frustrated buyers a chance to jump back into the market after a long stretch of dismal prospects. "We think the housing market is going to improve over the next half of a year," Glenn Kelman, the CEO of Redfin, in a recent interview. Inventory is risingMore inventory is finally trickling into the housing market, which could help push prices down. Elevated mortgage rates are a key problem in today's housing market, as they deter both buyers and sellers from making deals. Rates dropping to 5%-6% would make the housing market "explode," but even a 6.5% 30-year mortgage rate would be enough to make the housing market "very strong," Reffkin said.

Persons: —, Glenn Kelman, That's, Robert Reffkin, Reffkin, Freddie Mac, Redfin's Kelman, Kelman, Compass's Reffkin Organizations: Service, Business, National Association of Realtors, CNBC Locations: Reffkin, Texas, Florida

☆ The stock market gets nailed by the Fed, again. Plus, Starbucks' quiet comeback
▼ + stars: | 2024-05-22 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

One Club stock standout Wednesday was off-price retailer TJX after the T.J. Maxx, Marshalls and HomeGoods owner's solid quarter. The recent action in the Club stock has us wondering if a big buyer is lurking out there. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Ralph Lauren, Jim Cramer's, Jim Organizations: CNBC, Federal, Club, Marshalls, Nvidia, Moderna, Tech, Enphase Energy, Corp, BJ's Wholesale, Jim Cramer's Charitable Locations: Maxx

☆ PGA Championship analysis: 10 notes to know on Xander Schauffele’s win
▼ + stars: | 2024-05-19 | by ( Justin Ray | ) www.nytimes.com time to read: +9 min

AdvertisementHere are the top numbers and notes to know from the final round of the 106th PGA Championship. At 20-under, DeChambeau became the first player to shoot minus-20 or lower in a major championship and not win. Morikawa was looking to join Woods as the only men to win the PGA Championship twice in their first five tries in the stroke play era. Tied with Morikawa in fourth place was Thomas Detry, who enjoyed the best finish of his young major championship career. One day after recording his first over-par score since August, Scottie Scheffler finished his chaotic PGA Championship week with a more familiar 65.

Persons: it’s, Xander Schauffele, Schauffele, Bryson DeChambeau, Brooks, he’s, Rory McIlroy, Tiger Woods, Woods, DeChambeau, Brendan Steele, McIlroy, — DeChambeau, Dustin Johnson, Jack Nicklaus, That’s, Viktor Hovland, Henrik Stenson, Johnson, Collin Morikawa, Morikawa, Thomas Detry, Scottie Scheffler’s, Matt Stone, Scottie Scheffler, Scheffler, Tom Watson, Justin Thomas, Thomas, JT, Wanamaker, Jordan Spieth, Spieth, Martin Kaymer, Larry Nelson, Hal Sutton, Ben Crenshaw, Andy Lyons Organizations: Valhalla Golf, PGA, 106th PGA, Bethpage, Valhalla, U.S . Amateur, PGA Championship, Riviera, Mexico, American Express, Puerto Rico, PGA Tour, Amateur, Big, Scheffler, Southern Hills, U.S, U.S ., 124th U.S ., Getty Locations: Valhalla, Vidanta, U.S, Pinehurst, Illinois, USA, Kentucky, Koepka, Shinnecock, Bellerive

☆ Britain faces its 'most dangerous' years in history, PM Rishi Sunak to warn in pre-election bid
▼ + stars: | 2024-05-13 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

"I'm convinced that the next few years will be some of the most dangerous yet most transformational our country has ever known," he will add. Aides told the Guardian that Sunak has wanted to deliver the speech for some time. "I have bold ideas that can change our society for the better, and restore people's confidence and pride in our country." It is unclear exactly when Britons will head to the polls, but Sunak has indicated that a vote could be called in the autumn. By law, the next U.K. general election must be held no later than 28 January 2025.

Persons: Rishi Sunak, Sunak, I'm, Downing Organizations: Conservative Party, Sky News, CNBC, Guardian, Conservatives, Labour Party, Labour, Tories Locations: Britain, London

☆ A key sign of strength in Warner Bros. Discovery's latest earnings report would take a massive hit if TNT loses the NBA
▼ + stars: | 2024-05-10 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

And while WBD's $0.40-per-share loss was 4 cents better than last year, it was still lower than analysts had hoped for. Warners added about 2 million net streaming subscribers globally in the first quarter, bringing its total to 99.6 million. There's a simple explanation for WBD's streaming ad growth despite modest subscriber additions: the advent of live sports on Max. As impressive as WBD's burgeoning streaming ad business looks now, it may be nothing more than a blip if Comcast's NBC outbids TNT for NBA media rights in the league's next TV deal. Suddenly, it seems like Zaslav is taking an even bigger risk by playing hardball with the NBA.

Persons: Discovery's, David Zaslav, Max, Warners, WBD, it's Organizations: Warner Bros, Business, NBA, Warners, Max, MLB, NHL, NBC, TNT, Media, UBS, hardball

☆ Key lines: CNN’s interview with Biden on polls, protests and more
▼ + stars: | 2024-05-08 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

CNN —President Joe Biden sat down with CNN’s Erin Burnett on Wednesday for a rare, one-on-one television interview with a member of the national media. But Biden expanded, suggesting protesters have gone too far:There is a legitimate right to free speech and protest. There’s a legitimate right to do that and they have a right to do that. But there’s not a legitimate right to use hate speech. There is not a legitimate right to block people’s access to class.

Persons: Joe Biden, CNN’s Erin Burnett, Biden, Donald Trump, We’ve, they’re, ” Biden, ”, SSRS, Jennifer Agiesta, He’s, I’ve, Trump, won’t, ’, ►, Joe ”, There’s, there’s, Israel, bin, They’re, “ We’re Organizations: CNN, Biden, Trump, University of Michigan, Microsoft Locations: Wisconsin, Midwest, Israel, Racine , Wisconsin, Scranton, “, Gaza, Afghanistan, Iraq, Rafah

☆ Howard Schultz wants Starbucks to fix its American business
▼ + stars: | 2024-05-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Former Starbucks CEO Howard Schultz might have left the coffee giant several months ago, but he’s still offering critiques of the company he ran for about 25 years over three stints. The answer does not lie in data, but in the stores,” Schultz wrote. Laxman Narasimhan, Starbucks’ current CEO who Schultz helped pick, reported a “disappointing” quarter in its second-quarter earnings last week. The company experienced a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook. Narasimhan vowed to turn the business around by including an update to its app and mobile and payment offerings, improving service times and rolling out revamped menu items to lure customers back.

Persons: Howard Schultz, he’s, Schultz, ”, ” Schultz, “, Laxman Narasimhan, Narasimhan Organizations: New, New York CNN, Starbucks, National Labor Relations Board Locations: New York, United States, China

☆ Howard Schultz says Starbucks needs to revamp its stores after big earnings miss
▼ + stars: | 2024-05-06 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Howard Schultz, former chief executive officer of Starbucks Corp., drinks from a Starbucks mug during a Senate Health, Education, Labor, and Pensions Committee hearing in Washington, DC, US, on Wednesday, March 29, 2023. The answer does not lie in data, but in the stores," Schultz wrote in a letter on Sunday evening posted to LinkedIn. He appeared to offer advice to his successor as he tries to turn the chain's sales around. "Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization," Schultz wrote. A year and a half ago, Schultz told CNBC that he does not plan to come back as Starbucks' chief executive again.

Persons: Howard Schultz, Schultz, Sara Senatore, Laxman Narasimhan, Reckitt Organizations: Starbucks Corp, Health, Education, Labor, Starbucks, LinkedIn, Bank of America Securities, CNBC Locations: Washington , DC, U.S, East

☆ Rishi Sunak’s Dismal Task: Leading U.K. Conservatives to Likely Defeat
▼ + stars: | 2024-05-04 | by ( Mark Landler | ) www.nytimes.com time to read: +1 min

A few days before Britain’s Conservative Party suffered a stinging setback in local elections on Thursday, Prime Minister Rishi Sunak recorded a short video to promote some good news from his government. In the eight-second clip, Mr. Sunak poured milk from a pint bottle into a tall glass, filled with a steaming dark beverage and bearing the scribbled figure of 900 pounds on the side. “Pay day is coming,” Mr. Sunak posted, referring to the savings that an average wage earner would supposedly reap from a cut in mandatory contributions to Britain’s national insurance system. However partisan her jab, loser is a label that Mr. Sunak is finding increasingly hard to shake, even among his members of his own party. In the 18 months since he replaced his failed predecessor, Liz Truss, Mr. Sunak, 43, has lost seven special parliamentary elections and back-to-back local elections.

Persons: Rishi Sunak, ” Mr, Sunak, He’d, Angela Rayner, Liz Truss Organizations: Britain’s Conservative Party, Labour

☆ China's stock market has staged a big rebound that's poised to push on, strategist says
▼ + stars: | 2024-05-03 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

The Chinese stock market has rebounded and analysts said the rally looks set to continue. After six months of outflows, foreign investors are gradually putting money to work in China again. AdvertisementChina's stock market may have shaken its label as "uninvestable," with an economic rebound and a rally that could have plenty more room to run. LPL Financial strategist Adam Turnquist wrote this week that long-held bearish calls on China's property and stock market have shaken investor confidence. China's recent reputation as "uninvestable" has been fueled by mounting real estate troubles, a plummeting stock market and dismal consumer demand that's sparked a deflationary spell for the country.

Persons: —, Adam Turnquist, Turnquist, Ray Dalio Organizations: Service, LPL, Billionaire Locations: China, Hong Kong, Beijing

☆ Iran's economy is a total mess after decades of sanctions — and offers a warning to Putin's Russia
▼ + stars: | 2024-05-01 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Decades of sanctions have driven up inflation, government debt, and poverty rates. Iran's struggles could be a warning for Russia as the war in Ukraine drags on. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . One factor that might avert a regional war is the dismal state of Iran's economy. The country has borne the brunt of Western sanctions for decades, making it tough for Tehran to finance any war effort — and that could be a warning sign for Vladimir Putin as the war in Ukraine drags on.

Persons: —, Vladimir Putin Organizations: Service, Business Locations: Russia, Ukraine, Iran, Israel, Tehran

☆ GM and Ford's gas-powered profits and hybrid successes show how hard it will be for Tesla to weather an EV slowdown
▼ + stars: | 2024-04-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla finally has to deal with the EV slowdown. The EV company can't rely on hybrids and gas cars like competitors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Both Ford and GM exceeded analyst expectations for the first quarter thanks to cost cutting and stronger demand for gas-powered cars. But the tables have turned now as traditional automakers are able to tap into a newly popular segment unoccupied by Tesla: hybrids.

Persons: Tesla, Musk, —, Elon, Mary Barra, Barra, ruffle Musk Organizations: EV, Service, Ford, GM Locations: North America

☆ White-Collar Recession: It's Hard to Find a High-Salary Job
▼ + stars: | 2024-04-30 | by ( Aki Ito | ) www.businessinsider.com time to read: +7 min

Over the past year or so, pretty much everyone who's looked for a job has told me the same thing: The job market is brutal right now. By all the standard measures, the job market is doing just fine. And what the numbers show is a two-tier job market — one divided between a blue-collar boom and a white-collar recession. Now, you could argue that a slowdown in white-collar hiring doesn't really matter in the current economy, even for white-collar workers. And the longer the white-collar hiring lull continues, he warns, the more the resentment will build.

Persons: who's, I've, you'd, it's, Mark Zuckerberg, Fiona Greig, doesn't, Emily Stewart, Guy Berger, Berger, there's, —, Aki Ito Organizations: Vanguard, Glass Institute, Business Locations: America

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