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☆ Investment banking has made a multibillion-dollar rebound, but it's too early to pop the Champagne
▼ + stars: | 2024-10-18 | by ( Hayley Cuccinello | Emmalyse Brownstein | ) www.businessinsider.com time to read: +7 min

Major banks like Goldman Sachs walloped Wall Street expectations thanks to dealmaking fees. Investment banking has made a comeback, and bigger bonuses are in the cards, too. The biggest banks on Wall Street reported a huge boost in dealmaking fees this quarter after a two-year slump. Investment bank revenue surged 30% on average at Goldman Sachs, JPMorgan, Bank of America, Citigroup, and Morgan Stanley, according to Wells Fargo analyst Mike Mayo. Morgan Stanley's investment bank revenue surged 56% year over year to $1.46 billion, beating Wall Street expectations.

Persons: Goldman Sachs, —, Morgan Stanley, Wells, Mike Mayo, Sharon Yeshaya, Morgan, Global's Nathan Stovall, corporates, Stovall, David Ellison's Skydance, JPMorgan's Jamie Dimon, David Solomon, Mayo, Cole Smead, There's, Jon Gray, anecdotally, Gray, David Stowell, Stowell, I'm, it's, Alan Johnson Organizations: Investment, Service, Wall, JPMorgan, Bank of America, Citigroup, Citi, Mars, Paramount, David Ellison's Skydance Media, Wall Street, Smead Capital Management, Blackstone, Kellogg School of Management, Northwestern University, underwriters, Johnson Associates Locations: Wells Fargo, Mayo

☆ 2025 could bring a wave of healthcare IPOs. Here's what startups should know, according to a top banker.
▼ + stars: | 2024-10-18 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +8 min

The healthcare market looks nearly ready for the next wave of IPOs. But the next wave of public healthcare companies looks to be on the horizon. At least two healthcare companies are considering public-market debuts in the not-so-distant future. SVB SecuritiesI spoke with him about what the next wave of healthcare IPOs could bring — and which healthcare startups are in the best position to test the public markets. What models do you expect the healthcare market to favor in this next round of IPOs?

Persons: Jon Swope, —, It's, Health confidentially, haven't, there's, Waystar, healthtech Organizations: Barclays, Service, Health, healthtech, SVB Securities, Accolade, Healthcare, Walmart, Big Tech Locations: IPOs, healthtech, Waystar

☆ Moldova faces a tug of war between Russia and the West in two crucial votes
▼ + stars: | 2024-10-18 | by ( Christian Edwards | ) edition.cnn.com time to read: +9 min

CNN —Voters in Moldova will cast their ballots Sunday in two crucial votes, which have been billed as the most consequential in the country’s post-Soviet history. Alongside a more sophisticated misinformation campaign, Shor has resorted to cruder methods to meddle with Moldovan politics. Home to a Romanian-speaking majority and large Russian-speaking minority, many Moldovans had long viewed Russia as a benign big brother. “It reflects the loss of the national allure of Russia in Moldovan society,” he said. “There’s limits (to what can be achieved).”But even if Sandu prevails in both the presidential vote and the EU referendum, he expects the Kremlin’s campaign to continue.

Persons: Ilan Shor, Shor, ”, Dumitru Doru, Maia Sandu –, –, She’s, ” Vadim Pistrinciuc, Maia Sandu, Ursula von der Leyen, Elena Covalenco, Sandu, Nicu Popescu, Moldova’s, ” Popescu, “ Moldova can’t, ‘, Sandu’s, Daniel Mihailescu, Alexandr Stoianoglo, Stoianoglo, Maksim Samorukov, ” Samorukov, “, Viorel Cernauteanu, ” Cernauteanu, Dmitry Peskov, Pistrinciuc, ” Pistrinciuc, Lenin, Peter Dench, Samorukov Organizations: CNN — Voters, eventual, Union, Kremlin, Authorities, Western, World Bank, Party, Action, Solidarity, Communist, Institute for Strategic Initiatives, CNN, Getty, European Council, Foreign Relations, Gazprom, “, CBS, AXA, Russian Party of Socialists, EU, Carnegie Russia Eurasia Center, Reuters Locations: Moldova, Russian, Moldovan, Russia, Chisinau, Shutterstock Moldova, Romania, Ukraine, Transnistria, Soviet Union, Harvard, Romanian, Odesa, Moldova’s, Europe, AFP, Western Europe, Gazprom, “ Moldova, Bardar, ”, Moscow, Tiraspol

☆ Don't get blinded by the Fed rate cut trade and the signs of life in small cap stocks
▼ + stars: | 2024-10-17 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

With the Federal Reserve now cutting interest rates, investors are looking for stocks that can be super-charged by lower borrowing costs. Small and medium-sized companies tend to be the most closely affected by the direction of the economy and rates. Outflows were seen solely in large caps; small and mid-caps saw inflows." If money does keep flowing into small caps, will it come at the expense of large caps? .SPX mountain 2022-10-01 S & P 500 since Oct. 1, 2022 That said, if the move into the smaller caps stocks continues, we may start to see more competition for capital.

Persons: Russell, that's, it's, Stanley Black, Decker, Jim Cramer, Jensen Huang, Morgan Stanley's, We're, Canaccord Genuity, pare, Jim Cramer's, Jim, Michael Nagle Organizations: Federal Reserve, BMO Capital Markets, Bank of America, Nvidia, CNBC, Blackwell, Taiwan Semiconductor Manufacturing Company, Devices, Broadcom, Apple Intelligence, Apple, Microsoft, Presidential, Jim Cramer's Charitable, New York Stock Exchange, Bloomberg, Getty Locations: U.S

☆ Klarna, the buy-now, pay-later firm, is looking to make a Robinhood-like product for trading stocks, an internal job ad shows
▼ + stars: | 2024-10-17 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Klarna is assembling a team to build a stock-trading tool to compete with Robinhood, according to an internal message seen by BI. AdvertisementSwedish fintech firm Klarna is hiring a team to build a product that would compete with Robinhood's trading platform by letting customers buy and sell stocks through its app. "Our mission is to obliterate the barriers to consumer investing and empower every Klarna user to build their financial future in a single place - the Klarna App," the internal message said. Lombaard said the company is exploring the possibility of "offering customers the opportunity to buy and sell stocks" and exchange-traded funds, or ETFs, in the Klarna app. Related storiesA spokesperson for Klarna told BI: "Klarna continuously explores new product concepts to serve our customers.

Persons: Klarna, —, Ludo Lombaard, Lombaard, Uber, Jyoti Mann Organizations: BI, Service, Business, Apple, Adidas, Klarna, Bloomberg Locations: Swedish, Europe, jyotimann

☆ Archdiocese of Los Angeles agrees to pay $880 million to victims of clergy sexual abuse
▼ + stars: | 2024-10-17 | by ( Associated Press | ) edition.cnn.com time to read: +2 min

Los Angeles, California (AP) – The Archdiocese of Los Angeles has agreed to pay $880 million to victims of clergy sexual abuse dating back decades, in what an attorney said was the largest single child sex abuse settlement with a Catholic archdiocese, it was announced Wednesday. Attorney Morgan Stewart, who led the negotiations, said in a statement that the settlement is the largest single child sex abuse settlement with a Catholic archdiocese. “These survivors have suffered for decades in the aftermath of the abuse. The settlement will be funded by archdiocese investments, accumulated reserves, bank financing, and other assets. According to the archdiocese, certain religious orders and others named in the litigation will also cover some of the cost of the settlement, the Times said.

Persons: José H, Gomez, “, ”, Morgan Stewart, ” Stewart Organizations: –, Catholic, Los Angeles Times, United States, Attorneys, Times Locations: Los Angeles , California, – The, Los Angeles, United, “

Amazon Web Services is investing over $500 million in nuclear power, announcing three projects from Virginia to Washington State. Amazon is the latest large tech company to buy into nuclear power to fuel the growing demands from data centers. An estimated 70% of the world’s internet traffic travels through Data Center Alley each day. “Small modular nuclear reactors will play a critical role in positioning Virginia as a leading nuclear innovation hub,” said Virginia Gov. “Amazon and X-energy are poised to define the future of advanced nuclear energy in the commercial marketplace,” said X-energy CEO J. Clay Sell.

Persons: It’s, there’s, ”, Matthew Garman, Bob Blue, Glenn Youngkin, Youngkin, Garman, Ken Griffin, Clay Organizations: Amazon, Services, Washington State, AWS, Amazon’s, Dominion Energy, Nuclear, Google, Kairos, Constellation Energy, Microsoft, Dominion, Gov, Energy, Fund, Citadel, Ares Management Corporation, NGP, University of Michigan, Talen Energy, Susquehanna Steam Electric Locations: Virginia, Washington, Dominion’s, SMRs, ” Virginia, U.S, Northern Virginia, Loudon County, Washington State, Northwest, Maryland, Salem Township , Pennsylvania, Talen

☆ Biden admin threatens to restrict Israel aid and Tyron McAlpin arrest under scrutiny: Morning Rundown
▼ + stars: | 2024-10-16 | by ( Elizabeth Robinson | Elizabeth Robinson Is A Newsletter Editor For Nbc News | Based In Los Angeles. | ) www.nbcnews.com time to read: +8 min

The Biden administration threatens to restrict military assistance to Israel over conditions in Gaza. The arrest of a deaf Black man with cerebral palsy in Arizona draws national attention. Harris also tried to belittle Trump, which could be an attempt to chip away at his appeal among male voters. She has ramped up efforts this week to appeal to Black male voters in particular. ➡️ “While Biden isn’t on the ballot anymore, voters are certainly feeling his presence,” NBC News chief political analyst Chuck Todd writes.

Persons: Biden, Omar Al, Yaov Gallant, Ron Dermer, Antony Blinken, Lloyd Austin, Israel, ” Harris, Trump, ’, Kamala Harris, Donald Trump, Vladimir Putin, Charlamagne Tha, Harris, ”, Putin, Bob Woodward, belittle Trump, Read, ➡️ Trump, Michelle Obama, Hakeem Jeffries, Republican Sen, Ted Cruz, Colin Allred, ➡️ “, Chuck Todd, ➡️ Harris, Tyron McAlpin, McAlpin, Rachel Mitchell, “, Menendez, Hurricane, Adriana Lima, Tyra Banks, Kate Moss, Khaled Desouki, Ramesses the, — Nick Duffy, Elizabeth Robinson Organizations: Biden, Getty, Israeli Defense, Strategic, U.S . State Department, Department, Americans, Trump, Fox, ➡️, Democratic, Republican, U.S, NBC, Phoenix, Phoenix Police Department, Kroger Locations: Israel, Gaza, Arizona, AFP, U.S, Iran, Lebanon, Georgia, ”, Texas, Oklahoma, Maricopa County, Los Angeles, Asheville, Nashville, Egypt

Here's a rapid-fire update on all the stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Broadcom: Of course, we love the company's AI business — both its custom silicon solutions for companies such as Alphabet and its networking chips that help stitch data centers together. Stanley Black & Decker: Jim said that this stock is the "most significant beneficiary" from lower rates in the entire portfolio. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, there's, Lisa Su, Wells, Salesforce, CrowdStrike, it's, we've, Walt Disney, —, Eaton, we're, Kamala Harris, Harris, Jim's, Linde, Eli Lilly, Lilly isn't, That's, Morgan Stanley, Goldman Sachs, D.A, Satya Nadella's, Palo, cybersecurity, Brian Niccol, We're, Stanley Black, Decker, TJX, Charlie Scharf, Wells Fargo's, Jim Cramer, Angela Weiss Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple Intelligence, Abbott Laboratories, Devices, AMD, Nvidia, Broadcom, Apple, Federal Reserve, Costco Wholesale, Costco, Coterra, DuPont, Disney, ESPN, GE Healthcare, Democratic, Biden, Honeywell, Linde, Adobe, Microsoft, Davidson, Palo Alto Networks, Constellation Brands, Modelo, Corona, TJX, Jim Cramer's Charitable, New York Stock Exchange, AFP, Getty Locations: Wells Fargo, BlackRock, Dover, Eaton, China, U.S, Chipotle, New York City

☆ Israel’s weapons: Where do they come from and who supplies them?
▼ + stars: | 2024-10-16 | by ( Antoinette Radford | ) edition.cnn.com time to read: +7 min

CNN —The United States has warned Israel it may stop supplying the country with weapons unless the humanitarian situation in Gaza improves. This is not the first time Israel’s major ally has threatened to turn off supplies. Here’s a breakdown of who supplies Israel with weapons:The United States:The United States is overwhelmingly the biggest supplier of arms to Israel. In 2023 69% of Israel’s arm imports came from the US, according to a report into international arms transfers by the Stockholm International Peace Research Institute (SIPRI). Germany:While in 2023, Germany contributed 30% of Israel’s weapons, that supply has significantly reduced over the course of 2024.

Persons: Joe Biden, Benjamin Netanyahu, Hassan Nasrallah, Olaf Scholz, Kay Nietfeld, Israel “, Antonio Tajani, SIPRI, David Lammy, Gil Cohen, Pedro Sanchez, “, ”, Emmanuel Macron, Macron, CNN’s Mia Alberti, Christian Edwards, Inke Kappeler Organizations: CNN, United, Stockholm International Peace Research Institute, US State Department, Foreign Military, International Court, Justice, Bundestag, Pagella, Labour, MIM, Magen, Getty, Spanish Ministry of Foreign Affairs, European Union and Cooperation, Israel, Spanish, International Court of Justice Locations: United States, Israel, Gaza, Rafah, Stockholm, Germany, Italy, France, Spain, Beirut, Nicaragua, Nazi, United Kingdom, AFP, Lebanon

☆ Amazon goes nuclear, to invest more than $500 million to develop small module reactors
▼ + stars: | 2024-10-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +5 min

Amazon Web Services is investing over $500 million in nuclear power, announcing three projects from Virginia to Washington State. Amazon is the latest large tech company to buy into nuclear power to fuel the growing demands from data centers. "Amazon and X-energy are poised to define the future of advanced nuclear energy in the commercial marketplace," said X-energy CEO J. Clay Sell. Last spring, AWS invested in a nuclear energy project with Talen Energy , signing an agreement to purchase nuclear power from the company's existing Susquehanna Steam Electric Station, a nuclear power station in Salem Township, Pennsylvania. AWS also purchased the adjacent, nuclear-powered data center campus from Talen for $650 million.

Persons: It's, there's, Matthew Garman, Bob Blue, Glenn Youngkin, Youngkin, Garman, Ken Griffin, Clay Sell Organizations: Amazon, Services, Washington State, AWS, Dominion Energy, Nuclear, Google, Kairos, Constellation Energy, Microsoft, Dominion, Gov, Energy, Fund, Citadel, Ares Management Corporation, NGP, University of Michigan, Talen Energy, Susquehanna Steam Electric Locations: Virginia, Washington, Dominion's, SMRs, U.S, Northern Virginia, Loudon County, Washington State, Northwest, Maryland, Salem Township , Pennsylvania, Talen

☆ Amazon invests in nuclear energy, hot on the heels of Google and Microsoft
▼ + stars: | 2024-10-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The first sites in Washington and Virginia would provide carbon-free energy to meet growing demand. Amazon's announcement follows recent investments in nuclear energy from Microsoft and Google amid the AI boom. Advertisement"We need smart solutions that can help us meet growing energy demands while also addressing climate change," Amazon's vice president of global data centers, Kevin Miller, said in a statement. The first sites in Washington and Virginia would provide carbon-free energy to meet growing demand through partnerships with Energy Northwest and Dominion Energy, respectively. Constellation Energy has struck a deal to provide Microsoft with nuclear power by reopening the Three Mile Island plant.

Persons: —, Ken Griffin, Kevin Miller, – Organizations: Microsoft, Google, Service, Tech, Amazon, AWS, Citadel, Ares Management Corporation, NGP, University of Michigan, Energy Northwest, Dominion Energy, E, Constellation Energy, Susquehanna, Electric, IEEE Spectrum, Dow Locations: Washington, Virginia, Pennsylvania, New Jersey , Ohio, Texas

☆ Billionaire Tom Gores to buy 27% of the LA Chargers for $750 million
▼ + stars: | 2024-10-16 | by ( Michael Ozanian | ) www.cnbc.com time to read: +3 min

Detroit Pistons team owner Tom Gores claps during the press conference on July 30, 2021 at the Pistons Performance Center in Detroit, Michigan. Gores also owns the the National Basketball Association's Detroit Pistons. The private equity founder along with this firm, Platinum Equity, bought the team for $325 million in 2011. The purchase of the Chargers stake is solely by Gores and not affiliated with Platinum Equity. Likewise, the Chargers play in SoFi Stadium, which is also the home of the Los Angeles Rams.

Persons: Tom Gores claps, Tom Gores, Gores, Dea Spanos Berberian, Dean, Alexis, Michael Spanos, Holly, Dean Spanos, Alex G, Berberian, Stan Kroenke Organizations: Detroit Pistons, Pistons, National Football, Los Angeles Chargers, Chargers, Las Vegas Raiders, NFL, National Basketball Association's Detroit Pistons, Platinum Equity, Little Caesars Arena, National Hockey, Detroit Red Wings, Red Wings, NHL, Los Angeles Rams, Rams Locations: Detroit , Michigan, Los Angeles, Oakland , California, SoFi

☆ I'm an Uber and Lyft driver who's worried Tesla's robotaxis will take ride-hailing jobs
▼ + stars: | 2024-10-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +5 min

In cities where those companies operate, drivers are already at risk of losing earnings or seeing an impact on their income. I think drivers in Austin and Atlanta will be in a similar position next year as Waymo has plans to launch there, too. AdvertisementEven though I'm driving for Uber and Lyft full-time, it was never meant to be a full-time gig. One of the main reasons I'm an Uber and Lyft driver is to be debt-free. I think Uber wants to be the central hub for all transportation, even if that means it eventually replaces human drivers entirely.

Persons: Tesla's, Tristan Thomas, Thomas, —, Tesla, Elon Musk, I'm, Waymo, Uber, Lyft, there's, I've, Elon Organizations: Business, Service, Drivers Locations: Cruise, San Francisco , Los Angeles, Phoenix, Austin, Atlanta

☆ Morgan Stanley is about to report earnings — here's what to expect
▼ + stars: | 2024-10-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

In this articleTed Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024. Morgan Stanley is set to report third-quarter earnings before the opening bell Wednesday. Here's what Wall Street expects:Earnings: $1.58 a share, according to LSEGRevenue: $14.41 billion, according to LSEGWealth management: $6.88 billion, according to StreetAccountTrading: Equities of $2.77 billion, Fixed Income of $1.85 billion, according to StreetAccountInvestment Banking: $1.36 billion, according to StreetAccountMorgan Stanley has several tailwinds in its favor. Finally, its Wall Street rivals have posted better-than-expected trading results, making it unlikely that the firm missed out on elevated activity. JPMorgan Chase , Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or investment banking.

Persons: Ted Pick, Morgan Stanley, StreetAccount Morgan Stanley, JPMorgan Chase, Goldman Sachs Organizations: LSEG Revenue, Wealth, Investment, JPMorgan, Citigroup Locations: Davos, Switzerland

☆ Saudi Arabia’s coveted Masters 1000 tennis tournament has stalled as Six Kings arrives in Riyadh
▼ + stars: | 2024-10-16 | by ( Matthew Futterman | ) www.nytimes.com time to read: +11 min

After years of pushing, everything looks ready for Saudi Arabia’s billion-dollar move to become a major force in tennis to take off — with one major hitch. The Ministry of Sport of Saudi Arabia, the Saudi Tennis Federation (STF) and the WTA Tour then announced a three-year deal to host the tour finals. These moves raised Saudi Arabia’s tennis profile, but its potential new tournament at the start of the season was seen as the most important of its tennis investments — and its most divisive. It would cement Saudi Arabia’s place at the center of the sport, bringing with it an extensively criticized human rights record. Saudi Arabia’s moves into tennis have roiled the organisations behind the Grand Slam tournaments.

Persons: Carlos Alcaraz, Rafael Nadal, Daniil Medvedev, Holger Rune, —, Novak Djokovic, Turki Alalshikh, Rome —, ”, Nadal, Sinclair, Chris Evert, Martina Navratilova, “, Jamal Khashoggi, Henry Nicholls, Iga Swiatek, Adam Pretty Organizations: St, Saudi Arabia’s General Entertainment Authority, WTA, Saudi, ATP, Public Investment Fund, SURJ Sports Investment, U.S ., ”, Sport, Saudi Tennis Federation, WTA Tour, Sinclair, Tennis, Rights Watch, Athletic, Wimbledon, Getty, Australia, Tennis Australia, Laver Locations: Hotel, Riyadh, Saudi, Jeddah, Saudi Arabia, U.S, Indian Wells, Madrid, Rome, provisionality, PIF, Istanbul, Turkey, Australia, New Zealand

☆ U.S. warns Israel it may restrict military aid if Gaza humanitarian situation doesn't improve
▼ + stars: | 2024-10-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Abigail-Williams-Circle-Byline-Template.Jpg | Abigail Williams | ) www.nbcnews.com time to read: +3 min

WASHINGTON — The Biden administration has warned Israel that if the humanitarian situation in Gaza doesn't improve within the next 30 days, the U.S. may restrict military assistance to Israel. The Biden Administration sent a similar warning to Israeli officials in April ahead of a required report, and the U.S. ultimately determined the actions taken by Israel to improve the humanitarian situation afterward met the requirements under the law. The ministry says the total death toll in Gaza since the Oct. 7, 2023, Hamas attack on Israel is more than 42,000. Progressive members of the Democratic Party, as well as advocacy organizations like IfNotNow, have been calling on the Biden administration for months to halt arms to Israel. "The administration can and must act now — each day the Biden Administration waits to cut off the flow of bombs, planes, and missiles, the Israeli military uses U.S. weapons to extinguish more Palestinian lives."

Persons: WASHINGTON —, Biden, Yoav Gallant, Ron Dermer, Antony Blinken, Lloyd Austin, Israel, Eyad Baba, Matt Miller, “, ” Miller, ActionAid, —, Eva Borgwardt Organizations: Israeli, Strategic Affairs, Defense, Getty Images State, Biden Administration, Gaza Ministry, Health, U.S, Oxfam, Medical Aid, Democratic Party, Biden Locations: Israel, Gaza, U.S, AFP, Lebanon, Iran

☆ Global government borrowing is set to top $100 trillion — and shows no signs of slowing down
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said. In a report, it warned mushrooming public debt raises the chances of a "broader financial crisis." AdvertisementGlobal public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned. The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty." The debt looks set to grow further with both presidential candidates, Kamala Harris and Donald Trump, pledging to spend big if they enter the White House.

Persons: —, Kamala Harris, Donald Trump, Harris, Trump Organizations: International Monetary Fund, Service, IMF, Treasury, Social Security Locations: China, United States, Israel, Ukraine

☆ Goldman Sachs beats Wall Street forecasts as investment-banking fees surge 20%
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Goldman Sachs reported third-quarter earnings on Tuesday that beat analysts' expectations. The investment bank posted $12.7 billion of revenue and almost $3 billion of net earnings. AdvertisementGoldman Sachs reported third-quarter earnings on Tuesday that beat Wall Street's expectations, sending its stock up as much as 3% in premarket trading. It also cut its operating expenses by 8%, fueling a 45% surge in net income to $2.99 billion. The fee bonanza reflected a sharp increase in net revenues from debt underwriting amid strong leveraged finance and investment-grade activity, and higher net revenues in equity underwriting driven by secondary offerings.

Persons: Goldman Sachs, —, David Solomon, Solomon, Brian Moynihan Organizations: Service, Barclays, General Motors, Bank of America's, Bank of America

☆ Things are looking up for Wall Street, and Goldman's third-quarter results show why
▼ + stars: | 2024-10-15 | by ( Reed Alexander | ) www.businessinsider.com time to read: +2 min

The firm pointed to growth in core businesses like M&A advisory and stock and bond underwriting. 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 . The results beat analysts' expectations and set the stage for Goldman's executives to discuss why Wall Street may be at the cusp of a surge in corporate dealmaking activity. Lower rates could also boost demand for corporate lending, IPOs, stock issuance, and more.

Persons: Goldman Sachs, David Solomon, —, Solomon, Solomon didn't, It's Organizations: Service

The vast majority of analysts surveyed by FactSet hold a strong buy or buy rating on the stock. Despite its recent slowdown, analysts surveyed by FactSet have a consensus buy rating on the dominant e-commerce platform. Bullish voices on the stock include Goldman Sachs analyst Eric Sheridan, who recently reiterated a buy rating and $230 price target. JPMorgan's Anmuth is similarly positive on Amazon ahead of earnings, rating the stock overweight and saying it remains the favorite in the bank's firm's internet sector coverage. The consensus FactSet rating on Meta is buy, with an average price target of $604, suggesting just 2.3% potential upside.

Persons: Roundhill, —, selloff, Goldman Sachs, Kash Rangan, Nvidia's Blackwell, Brad Zelnick, Amit Daryanani, Daryanani, Apple's wearables, qtr, Tim Cook's, you'd, Morgan Stanley, Jensen, Blackwell, Biden, Tesla, enthusiam, Elon, Wells, Colin Langan, Department's, Doug Anmuth, Bank of America's Justin Post, Eric Sheridan, Sheridan, Goldman, Anmuth, Baird, Roth MKM, JPMorgan's Anmuth, Goldman's Sheridan, Meta's, — CNBC's Michael Bloom Organizations: Apple, Microsoft, Nvidia, Tesla, CNBC, Windows, Investment, Deutsche Bank, Justice Department, Blackwell, Bloomberg, Ford, General Motors, EV, Google, FactSet, Bank of America's, ISI, Walmart, Costco, eBay, Meta, Ray, Labs, Facebook, Temu, Goldman Locations: China, FactSet, ., Downside, U.S, Wells Fargo, American, Meta's Asia, Pacific

☆ China property stocks jump after Beijing proposes measures to lift troubled sector
▼ + stars: | 2024-10-14 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China property stocks jumped Monday after Beijing layed out more support measures over the weekend to shore up the troubled sector. While the Hang Seng Index was last down 0.4% in volatile trading Monday, the Hang Seng Mainland Properties Index rose over 2%. Shares of other real estate developers also saw significant gains, including China Overseas Land & Investment and Yuexiu Property gaining nearly 7% and 6%, respectively. Real estate was also the leading gainer in Mainland China's CSI 300, advancing nearly 5%, while the broader index was up 2%. The rally came after China's Ministry of Finance outlined new policy measures focused on stabilizing the beleaguered real estate sector.

Persons: Tommy Xie, Leonard Law Organizations: China Jinmao Holdings Group Ltd, Beijing, Mainland, China Resources, China Overseas Land & Investment, Yuexiu, China's CSI, China's Ministry, Finance, OCBC Bank, Lucror Analytics, CNBC Locations: Jinmao, Shanghai, China, China's, Asia

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ China's car sales snap five-month decline on subsidy boost
▼ + stars: | 2024-10-12 | by ( ) www.cnbc.com time to read: +2 min

China's passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of a broader stimulus package. Sales in the world's biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9% from 2023 levels, according to data from the China Passenger Car Association (CPCA). Sales of electric vehicles and plug-in hybrids jumped 50.9%, accounting for 52.8% of overall sales. It was the third month in a row that battery-powered vehicles including plug-ins outnumbered sales of gasoline-engine cars in China.

Persons: Tesla, Xpeng, China's Organizations: China Passenger Car Association, Global Locations: Chaoyang district, Beijing, China, U.S

☆ 8 of the savviest loopholes wealthy investors use to reduce or avoid capital gains tax
▼ + stars: | 2024-10-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

It could be a bad idea to keep a stock solely to skip out on realizing capital gains. The right advice can buy time, reduce tax burdens, or even avoid them altogether without breaking any laws. "So, a tax-loss-harvesting type of trading will take place and then you are reducing your capital gains taxes." This grants them a tax deduction while skipping out on capital gains tax. Even some of our hedge fund managers who get compensation through carried interests of capital gains can defer those capital gains and even avoid them."

Persons: —, Lapsiwala, John Pantekidis, Pantekidis, It's Organizations: Service, DAF

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