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Shares of Super Micro Computer closed down 19% on Wednesday, after the company announced it would not file its annual report for the fiscal year with the U.S. Securities and Exchange Commission on time. "SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense," the company said in a release. Super Micro makes computers that companies use as servers for websites, data storage and other applications, including artificial intelligence algorithms. CNBC could not independently verify Hindenburg's claims. It is unclear if the delay in Super Micro's annual report is related to Hindenburg's findings.
Persons: SMCI, Hindenburg, — CNBC's Michael Bloom Organizations: Micro, U.S . Securities, Exchange Commission, Nvidia, AMD, Intel, Hindenburg Research, CNBC, JPMorgan, SEC
JMP Securities upgraded Warby Parker to market outperform, calling for more than 40% upside. The financial firm upgraded shares of the streaming technology provider to buy from neutral. Analyst Michael Morris also established a 12-month price target of $75, which is approximately 21% higher than where shares closed on Thursday. Peloton stock is down 25% on the year. His price target of $20 implies upside of 44% from Thursday's close.
Persons: Warby Parker, Michael Morris, Morris, — Lisa Kailai Han, Wells, Wells Fargo, Edward Kelly, Kelly, BJ's, BJ, Lisa Kailai Han, Piper Sandler, Anna Andreeva, Andreeva, it's, Piper, Doug Anmuth, Anmuth, Nicholas Jones, Jones, Fred Imbert Organizations: CNBC, JMP Securities, JPMorgan, Guggenheim, BJ's, BJ's Wholesale, LT, Costco, CF Subs, Revenue, Warby, Warby Parker Inc Locations: ROKU, Chewy, Thursday's
JPMorgan downgrades Peloton to neutral from overweight "Following Thursday's +35% appreciation (vs. SPX -1%) we are moving from Overweight to Neutral rated as PTON's return to growth in CF Subs & Revenue remains challenging, & visibility is limited given secular & macro pressures." Wells Fargo reiterates Burlington Stores as top pick "We reiterate BURL as our "Top Pick" and see a highly visible growth/margin bull case unfolding in real time. The combination of 1) comp acceleration and 2) margin unlocks should be powerful, and we raise 2Q/FY numbers above Street. Wells Fargo upgrades BJ's Wholesale Club to overweight from equal weight "Margin investment is the right strategic shift despite n/t pain, and supplements robust member gains. Valuation is tricky, but comp ramp/return to algo in '25 point to upside."
Persons: Piper Sandler, Warby Parker, Uber, Nomura, Wells, BURL, Goldman Sachs, Bill.com, Guggenheim Organizations: Nvidia, RBC, Westlake, JPMorgan, CF Subs, Revenue, Bank of America, Waymo, Tesla, Burlington Stores, Wholesale
Chewy — The pet retailer stock advanced more than 2% on an upgrade from Piper Sandler to outperform from neutral. The company also announced a $300 million stock buyback plan. The company topped earnings estimates by 9 cents a share and matched revenue estimates of $5.25 billion. Workday posted adjusted earnings per share of $1.75 on $2.09 billion in revenue. Analysts polled by LSEG had forecasted $1.65 earnings per share and revenue of $2.07 billion.
Persons: Piper Sandler, Warby Parker, Warby, Wells, Bill.com, LSEG, , Samantha Subin, Jesse Pound, Pia Singh Organizations: , JPMorgan, JMP Securities, UBS, BJ's Wholesale, Ross Locations: Vegas, Macau, Wells Fargo
The doc includes more than 500 submissions from people who identified themselves as Microsoft employees in the US. The move came in response to a growing number of its workers feeling underpaid compared to Microsoft's tech peers like Amazon . AdvertisementAs a reminder, this pay data is based on Microsoft employees' self-reporting, so it's not a complete picture. However, the pay gap between Microsoft AI and the rest of the company is undeniable. These are the 100 most-used AI apps, according to a top VC.
Persons: , Chelsea Jia Feng, Insider's Ashley Stewart, Ashley, Satya Nadella, Drew Angerer, Mustafa Suleyman, it's, they're, Tyler Le, Jerome, Jerome Powell's, Goldman Sachs, Jamie Dimon's, Dimon, Ned Davis, Justin Sullivan, Andreessen Horowitz, Jenny Chang, Rodriguez, Jack, Jerome Powell, Sabrina Carpenter, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Microsoft, Business, Microsoft Microsoft, Getty, Bloomberg Creative, JPMorgan, Treasury, Ned Davis Research, Big Tech, RBC Capital Markets, Consumer, Engineers, BI Locations: Washington, New York, London
Wall Street's enthusiastic reaction Tuesday to solid earnings from Palo Alto Networks reinforced our belief that the cybersecurity stock is getting overextended. However, that doesn't mean he's any less bullish on Palo Alto in the long run. PANW YTD mountain Palo Alto Networks YTD Wall Street analysts echoed our bullish sentiments. At least two dozen research firms — including Wells Fargo, Morgan Stanley, JPMorgan, and Goldman Sachs — raised their price targets on Palo Alto, according to FactSet data. To be sure, not everyone on Wall Street is convinced that Palo Alto has significant growth ahead.
Persons: clawing, Jim Cramer, Jim, management's, billings, Wells Fargo, Morgan Stanley, Goldman Sachs —, Palo, Nikesh Arora, Arora, Morgan Staley, Jim Cramer's, Alfred Dunhill, David Cannon Organizations: Palo Alto Networks, Palo Alto, Club, JPMorgan, Management, Palo, UBS, CNBC, Getty Locations: Palo Alto, Palo, Wells, Wells Fargo, United States, St Andrews, Scotland
Read previewIn addition to its suite of consumer-facing AI offerings like Meta AI, Facebook's parent company also has its an internal tool for employees. She said she uses the tool "all the time for efficiency gains," — and companies that don't have their own internal AI tool are "already behind the curve." Any sizable company operating without an internal AI tool is already behind the curve. The company's internal AI tool, which is called VaultBot, answers "around 32% of all engineering questions," according to a company announcement from January. Other big tech giants are also developing internal AI tools alongside consumer-facing products.
Persons: , Alex Heath, Mark Zuckerberg's, Heath, Esther Crawford, that’s, Esther Crawford ✨, Crawford, Kaz Nejatian, EY, PwC, Banks, Goldman Sachs Organizations: Service, Business, Elon, Twitter, Meta, KPMG, McKinsey, QuantumBlack, JPMorgan, OpenAI, Bain & Company Locations: Meta
Goldman Sachs went big in the quarter, while rival Morgan Stanley trimmed its crypto holdings. In the period from March through June, Goldman Sachs made its debut in the crypto ETF market, purchasing $418 million worth of bitcoin funds. Up to this point, wealth management businesses have only facilitated trades if customers requested exposure to the new spot crypto funds. The vast majority of the bank's spot bitcoin holdings are now through the iShares trust. HSBC has nearly $3.6 million worth of spot bitcoin holdings, all from the fund issued by Ark 21Shares, UBS has around $300,000 worth of spot bitcoin ETF holdings, and Bank of America has collective holdings of around $5.3 million, mostly from BlackRock and Fidelity.
Persons: Goldman Sachs, Morgan Stanley, Morgan, JP Morgan, Ark 21Shares Organizations: SEC, Wall, JPMorgan, Securities and Exchange Commission, Fidelity, BlackRock, HSBC, UBS, Bank of America Locations: BlackRock's, Grayscale's, BlackRock
This is the second day in a row that stocks have reacted with relief to an inflation report. The S & P 500 is now back to where it was just before the disappointing jobs report on Aug. 2. The S & P technology sector ETF (XLK) is also back to levels before the jobs report. The Cboe Volatility Index (VIX) has collapsed to 17 — also where it was just before the jobs report. Despite the growth scare that followed the jobs report, there are no signs of an imminent recession.
Persons: Organizations: Federal, Treasury, Bloomberg News, Tech, Nvidia, Atlanta Fed Locations: Treasurys
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed looks set to 'get going' on rate cuts, JPMorgan Asset Management's John Bilton saysJohn Bilton, head of global multi-asset strategy at JPMorgan, says the Federal Reserve looks poised to "get going" on interest rate cuts.
Persons: John Bilton Organizations: JPMorgan
Stifel upgrades Starbucks to buy from hold Stifel upgraded the coffee chain following the management shakeup that included a new CEO. Jefferies upgrades Sportradar to buy from hold Jefferies upgraded the Swiss global sports tech company, saying it's becoming "increasingly attractive." Morgan Stanley reiterates Target as overweight Morgan Stanley said it's sticking with its overweight rating heading into Target 's earnings next week. Berenberg reiterates Eli Lilly as buy Berenberg raised its price target on the drugmaker to $1,050 per share from $1,000. TD Cowen upgrades Ilumina to buy from hold TD Cowen sees revenue growth ahead for the biotech company.
Persons: Wolfe, PulteGroup, rais, Brian Niccol, Baird, Tesla, it's bullish, Goldman Sachs, Goldman, Elliott, Wells, Equitrans, ETRN, Jefferies, it's, SRAD, Bernstein, Chipotle, Morgan Stanley, Berenberg, Eli Lilly, Lilly, circumspection, Ross, BURL, ROST, Oppenheimer, TD Cowen, mgmt Organizations: Stifel, RBC, Johnson, underperform RBC, Elliott Management, Barclays, Nvidia, JPMorgan downgrades Emerson, JPMorgan, Deutsche Bank, Deutsche, Ball Corp, Ball Corporation, Montrose Environmental, Stock, Intuit, Citi, Palo Alto, Bank of America, TJX Companies, Argus Locations: Florida, Underperform, Swiss, Montrose, QuickBooks, Burlington, Coinbase, China, Hershey
CNBC Daily Open: Wall Street soars; Starbucks ousts CEO
  + stars: | 2024-08-14 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street soarsWall Street rose after producer prices came in softer than expected, raising hopes of a rate cut. Starbucks ousts CEOStarbucks surprised investors by replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, driving Starbucks' stock up more than 24% while Chipotle fell as much as 10%. Under Narasimhan's tenure, Starbucks' performance has struggled, marked by weak sales in the U.S. and China, its two largest markets. The latest inflation data strengthens the market's expectations of an interest rate cut at the Fed's September meeting.
Persons: Laxman Narasimhan, Brian Niccol, Chipotle, Niccol, Richard McPhail Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Nvidia, Microsoft, Apple, Treasury, Starbucks, Google, Gemini, Federal Reserve, PPI Locations: New York City, U.S, China
Here are the biggest calls on Wall Street on Tuesday: Wells Fargo initiates Rollins as overweight Wells says it's bullish on shares of the pest control company. Goldman Sachs reiterates Disney as buy Goldman said it's sticking with its buy rating following Disney's biennial D23 fan event in California. " Wells Fargo initiates ITeos Therapeutics at overweight Wells said in its initiation of coverage into ITeos that the biotech company has multiple catalysts ahead. Bank of America reiterates Lyft as buy The bank said the ride sharing company is trading at a "significant discount." Wells Fargo reiterates Home Depot as overweight Wells says investors should buy the dip in Home Depot shares following earnings Tuesday morning.
Persons: Wells, Rollins, it's bullish, Goldman Sachs, Goldman, Bernstein, WBD, BTIG, Eli Lilly, Stifel, Lyft Organizations: Wells Fargo, Disney, UBS, JPMorgan, Netflix, Mizuho, Palo Alto, Barclays, Dell, DELL, Citi, Sales, Warner Brothers Discovery, ITeos, " Bank of America, Bank of America, Co, McCormick &, Depot, Amazon Locations: California, Turkey
Even among rich heirs, passing on real estate without proper planning can lead to sibling strife. What if one sibling wants to renovate the Aspen chalet and the others don't want to split the cost? Instead of leaving these thorny questions up to the kids, parents can control how the property will be managed after they die. Related storiesWhen equal isn't equitableParents often assume that their adult children will share the property equally after they pass, according to Ludman. Perhaps two of three adult heirs are wealthier than the third, who doesn't want to share the burden of property tax and other costs.
Persons: haven't, Adam Ludman, Will, Ludman Organizations: Service, Hamptons, Aspen, JPMorgan Private Bank Locations: Ludman
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe consumer 'paused' in July, low-end consumer is weakening, says JPMorgan's Chris HorversChris Horvers, JPMorgan analyst, joins 'Closing Bell Overtime' to talk what to expect from Walmart earnings and other retail trades.
Persons: Chris Horvers Chris Horvers Organizations: JPMorgan, Walmart
Is Netflix recession resistant? JPMorgan thinks so
  + stars: | 2024-08-13 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com   time to read: +2 min
Netflix is one of the few bright spots among media names in the case of an economic slowdown, according to JPMorgan. Netflix shares are trading just 2% lower following its second-quarter earnings announcement on July 18, whereas the S & P 500 is currently down 4% over the same period. In the second quarter, Netflix reported a 34% yearly increase in its ad-supported memberships, and total memberships topped analysts' forecasts. Anmuth added, "We generally view subscription services like NFLX (and SPOT ) as being more resilient during periods of macro pressure." A potential weak spot for Netflix may be a softening digital ad market.
Persons: Doug Anmuth, NFLX, Anmuth, — CNBC's Michael Bloom Organizations: Netflix, JPMorgan, Big Tech, Spotify
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow's the time for investors to add duration, says JPMorgan's Gabriela SantosGabriela Santos, JPMorgan Asset Management chief markets strategist for the Americas, joins 'Squawk Box' to discuss the latest market trends, what to expect from key inflation data this week, impact on the Fed's rate decision, state of the economy, and more.
Persons: JPMorgan's Gabriela Santos Gabriela Santos Organizations: JPMorgan Asset Management
To start, the major funds that are marketed as "low volatility" or "minimum volatility" have been living up to the label. JPMorgan Asset Management has been a leader in this area, with Equity Premium Income ETF (JEPI) and Nasdaq Equity Premium Income ETF (JEPQ) now holding more than $48 billion in combined assets, according to FactSet. Another area is preferred stock funds. The biggest preferred stock ETF, the iShares Preferred & Income Securities ETF (PFF) , has gained 0.5% in the third quarter, though it has dipped 1.4% over the past month. "And those call features of a growing part of the preferred market has also helped in terms of the rate volatility and the impact."
Persons: Robert Hum, It's, it's, Hum, Yang Tang, John Burrello, Gary Kessler, Dodd Frank, Kessler Organizations: Trust, JPMorgan Asset Management, Nasdaq Equity, Nasdaq, Income Securities ETF, Goldman Sachs Asset Management, Preferred, Hybrid Securities, Federal Reserve Locations: BlackRock
Dollar tenses for data verdict on rate cut risks
  + stars: | 2024-08-13 | by ( ) www.cnbc.com   time to read: +2 min
The greenback was idling at 147.17 yen , having briefly touched a one-week high of 148.23 overnight before profit-taking emerged. More important will be the consumer price report and retail sales for July which could have a material impact on whether the Fed eases by 25 basis points or 50 basis points in September. The former outcome would likely lift Treasury yields and support the dollar, while the latter would have the opposite effect. The futures market clearly still sees recession as a risk with 101 basis points of Fed easing priced in by Christmas, and more than 120 basis points for next year. "Although the trend is moderating, inflation is too high for the Fed to justify the market pricing 100bp of rate cuts between September and year-end."
Organizations: Federal Reserve, JPMorgan, Swiss, Atlanta Fed, ANZ
On Thursday, traders get the latest reading on the state of the consumer with retail sales data for July. Hot CPI and inline retail sales (up 0.1% to 0.5%) — JPM believes that a hot CPI print and retail sales matching expectations could fuel "stagflation risks." Expect the S & P 500 to gain and Nasdaq and Russell to perform similarly. Inline CPI and cool retail sales — How much equities move in this outcome depends on the magnitude of the downside surprise in retail sales. In this scenario, traders expect a broadening in the market that includes the S & P 500 gaining.
Persons: Dow Jones, Jerome Powell, Jackson, — JPM, Russell, JPM Organizations: Federal, JPMorgan, CPI, Wall, Federal Reserve, Bank of, Nasdaq, Russell
BTIG's chief market technician warned Sunday that, while the pullback seen early last week generated some "tactical buy signals," he thinks the "bulk of the bounce has likely run its course and [we] would use strength … to lighten exposure." However, the broad market index clawed back most of that decline by Friday, posting a weekly loss of just 0.04%. .SPX 1M mountain SPX 1-month chart "A final durable low is likely still ahead of us," Krinksy said. The big event this week will be the release of the consumer price index reading for July, due Wednesday. "We see LLY stock outperforming for its high growth outlook and low beta," the Deutsche analyst added, while calling the drugmaker a "low beta/high growth unicorn."
Persons: Jonathan Krinsky doesn't, Krinsky, Krinksy, Eric Johnston, Cantor Fitzgerald, Lori Calvasina, Scott Rubner, Goldman Sachs, Eli Lilly Organizations: JPMorgan, RBC Capital Markets, Deutsche Bank, Deutsche
Officially, the National Bureau of Economic Research defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months." The last time that happened was early in 2020, when the economy came to an abrupt halt. Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing. We're in a 'vibecession'We're in a "vibecession," Joyce Chang, JPMorgan's chair of global research, said at the CNBC Financial Advisor Summit in May. "Everything looks great but when you look beneath the surface, the disparity between the wealthy and nonwealthy is widening dramatically."
Persons: Gene Goldman, Vishal Kapoor, Joyce Chang, JPMorgan's, that's, Chang, Goldman Organizations: Cetera Financial, National Bureau of Economic Research, CNBC, Summit Locations: El Segundo , California
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In my final summer before graduation, I managed to land three internship offers — from a consulting company, a consumer goods company, and JPMorgan. When I got that phone call that I got the JPMorgan internship, it was so exciting and I felt really grateful. I wanted desperately to be in a place where I feel stimulated and I'm interested in the work I'm doing. The alternative was job hunting from scratch, not knowing what I would land and whether the offer would even come close to what JPMorgan was paying.
Persons: , Nick Rutherford Organizations: Service, of Pennsylvania, JPMorgan Private Bank, Unilever, Business, University of Pennsylvania's Wharton School of Business, JPMorgan, company's Locations: Seattle, Jersey
On Monday, stocks struggled ahead of this week's inflation data, which will likely set the tone for short term market action. The S & P 500 was little changed, the Nasdaq Composite made a small advance while the Dow Jones Industrial Average pulled back about a third of a percent. The first trade is a so-called tail hedge against a hotter-than-expected CPI print, i.e. buying S & P 500 put options. The value of the put contracts will increase if the S & P 500 falls on a surprising resurgence of inflation.
Persons: Dow Jones Organizations: JPMorgan, Nasdaq, Dow Jones, Investors, Federal Reserve
Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI’s LLM, said the people. ChatGPT banThe bank is giving employees what is essentially OpenAI’s ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT. The number of uses for generative AI are “exponentially bigger” than previous technology because of how flexible LLMs are, Heitsenrether said. Ultimately, the generative AI field may develop into “five or six big foundational models” that dominate the market, she said. Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.
Persons: ” Teresa Heitsenrether, , ChatGPT, Morgan Stanley, Jamie Dimon, Dimon, JPMorgan didn’t, Heitsenrether, , “ We’ve, ” Heitsenrether, it’s, — CNBC’s Leslie Picker Organizations: JPMorgan Chase, CNBC, JPMorgan, Apple, Accenture, Citigroup Locations: U.S
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