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It's a good time to increase exposure to bitcoin as stocks continue hitting new records and as the U.S. presidential election draws nearer, according to Bernstein. Bitcoin is again testing $70,000, something it's done several times this year after reaching a new record above $73,000 in March. Bitcoin ETF inflows, crypto equity markets and retail trading sentiment [are] screaming 'risk-on.'" Earlier attempts led to brief forays above $70,000, but over the weekend bitcoin rose as high as $69,480, according to Coin Metrics. Their outperformance "reflects underlying bullish sentiment for the bitcoin asset class vs. the compute/energy thesis, which investors have favored so far."

Persons: Bernstein, Bitcoin, Gautam Chhugani, Harris, Trump, bitcoin, Chhugani, Mara, — CNBC's Michael Bloom Organizations: U.S, bitcoin, Metrics, Mara Holdings Locations: U.S

☆ Stocks making the biggest moves premarket: Boeing, Kenvue, Humana, Warby Parker and more
▼ + stars: | 2024-10-21 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Humana , Cigna – Shares of both companies moved in opposite directions after Bloomberg, citing people familiar with the matter, reported that Cigna resumed merger talks with Humana. Humana gained more than 4% while Cigna fell a similar amount. UPS – Shares fell nearly 2% after a downgrade to underweight from equal weight at Barclays. Southwest Airlines – Shares dipped more than 1% before the market open. ASML – Shares fell more than 1% after Bernstein lowered its price target on the Dutch semiconductor equipment stock.

Persons: Johnson, Warby Parker, Goldman Sachs, Goldman, Cigna, Humana, Bernstein, —, Alex Harring, Samantha Subin, Jesse Pound, Hakyung Kim, Michelle Fox Theobald Organizations: Wall Street Journal, Johnson, Boeing, Bloomberg, Humana, –, Barclays, Amazon, Southwest Airlines, Elliott Investment Management, CNBC Locations: –

☆ Knicks fans are starting to believe again in a team built by ‘smart dorks’
▼ + stars: | 2024-10-21 | by ( James L. Edwards Iii | ) www.nytimes.com time to read: +16 min

AdvertisementNew York fans love their basketball team, especially their rookies. Knicks fans have spent the last 20-plus years loving something that hasn’t always loved them back. Even in the most exciting stretches of D’Angelo’s life as a Knicks fan, nothing ever quite felt like this. “Everyone who is a Knicks fan with gray hairs remembers that Charles Smith was fouled in that game against the Bulls,” Converse said. No matter what happens this season, Converse and his boys are ready for this ride.

Persons: Jalen Brunson, Patrick Ewing, LaMelo, Kemba Walker, Tyler Kolek, they’ve, hasn’t, Mike Breen, Jason D’Angelo, Barry Dworkin, Breen, ” D’Angelo, ” Jason D’Angelo, D’Angelo, he’d, Michael Jordan, ”, …, Scottie Pippen, Hubert Davis, Jordan, Charles Oakley, Marcus Camby, John Starks, Pat Riley, “ Camby, P.J, Carlesimo, Ewing, James Dolan, “, Dolan, Isiah Thomas, Phil Jackson, Frank Ntilikina, he’s, Leon Rose, Brock Aller, Karl, Anthony Towns, Barry, “ It’s, Ray McConville, ” McConville, McConville, ” Ray McConville, Larry Brown, —, LeBron James, James, Amar’e Stoudemire, Stoudemire, Carmelo Anthony —, James ’, They’ve, don’t, Floyd Converse, Converse, it’s, ” Converse, Matthew, James Harden, “ I’m, Donte DiVincenzo, I’m, Charles Smith, Yorkers, He’s, Meech Robinson, Andrew D, Bernstein Nathaniel S, Butler, Jeyhoun Allebaugh, Jeff Zelevansky, Nathaniel S, Sarah Stier, Theo Wargo Organizations: Charlotte Hornets, Eighth, City’s Spectrum, NBA, Knicks, Eastern Conference, WFAN, Nissan Pulsar, TLC, Bulls, of Famer, Chicago, Toronto Raptors, Golden State Warriors, Latrell, San Antonio Spurs, Eastern, Staten, “, Yorker, Spurs, Indiana Pacers, “ Knicks, New York, Yorkers, Miami Heat, York, Denver Nuggets, Celtics, New York Yankees, Madison, Garden, Houston Rockets, Rockets, Converse, Donte Locations: Manhattan, York, New York, New, Seattle, Madison, Mecca, ”, Westchester County, Converse, Chicago

☆ Netflix earnings beat expectations. Here's what analysts are saying
▼ + stars: | 2024-10-18 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

Analysts are getting even more bullish on Netflix following its earnings beat for the third quarter . Here is what other firms are saying: Pivotal Research keeps buy rating on stock The firm raised its price target to $925, a Street high. Bernstein reiterates its market perform rating The firm increased its price target to $780 from $625. Bank of America reiterates its buy rating The bank increased its price target to $800 from $740. 3Q results were generally ahead (OI 5% higher) while commentary pointed to sustained double-digit revenue growth and margin expansion in 2025."

Persons: Doug Anmuth, Anmuth, Morgan Stanley, Benjamin Swinburne, Bernstein, Goldman Sachs, NFLX Organizations: Netflix, JPMorgan, WWE, NFL, of America, Gaming, UBS, 3Q

☆ Tim Cook is having a great week as Apple stock hovers within reach of record high
▼ + stars: | 2024-10-17 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Analysts are optimistic about Apple's iPhone 16 sales going into the holiday season. Apple shares hit a record intraday high earlier this week. AdvertisementFall is shaping up to be good for Tim Cook as Apple rounds the corner into the holiday quarter. Analysts expect the rollout of Apple's AI features to drive iPhone demand into the holiday season. Apple Intelligence is expected to officially launch by the end of the month, and new Macs are reportedly on the way.

Persons: —, Tim Cook, Nabila Popal, Morgan Stanley, Bernstein, Cook, Jacob Bourne, Bourne, Erik Woodring, William Kerwin, Kerwin, TSMC Organizations: IDC, Apple, Service, Apple Intelligence, Wall Street, ISI, Forbes, Business, Morningstar Locations: China, Xiaomi, Indonesia

☆ Bitcoin is on a tear as 'crypto president' Trump's betting-market odds climb
▼ + stars: | 2024-10-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Bitcoin has surged 12% as Trump's election odds in betting markets began rising in mid-September. Trump's crypto-friendly stance has boosted investor enthusiasm for bitcoin as his betting odds rise. According to the betting website Polymarket, Trump's odds of winning the Presidential election in November bottomed on September 18. Bernstein analyst Gautam Chhugani said last month that a Trump win could be monumental for the crypto industry. Bitcoin might be ultimately front-running a potential Trump win in November, with the cryptocurrency up 59% year-to-date.

Persons: Bitcoin, bitcoin, —, Donald Trump, Trump, Kamala Harris, bettors, Stanley Druckenmiller, Bernstein, Gautam Chhugani, Chhugani, He's, he'd Organizations: Trump, Service, Billionaire, Bloomberg, Conference, Bitcoin Conference, Liberty Locations: United States

☆ Richard Bernstein Advisors’ Dan Suzuki lays out why he’s optimistic this earnings season
▼ + stars: | 2024-10-16 | 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 EmailRichard Bernstein Advisors’ Dan Suzuki lays out why he’s optimistic this earnings seasonDan Suzuki, Richard Bernstein advisor, joins 'Fast Money' to talk the market through the end of 2024 and why he's optimistic.

Persons: Richard Bernstein, ’ Dan Suzuki, Dan Suzuki

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Starbucks, Disney, Microsoft, Cisco, Coinbase & more
▼ + stars: | 2024-10-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Wells Fargo reiterates Citi as overweight The firm said Citi remains a number one pick following earnings on Tuesday. Citi reiterates JB Hunt as a top pick Citi said the shipping giant remains a top pick following earnings on Tuesday. Citi upgrades Cisco to buy from neutral Citi says AI will play a bigger role in Cisco's future than investors assume. Bank of America upgrades Corteva to buy from neutral The firm said the ag chemical company has numerous tailwinds ahead. Citi reiterates Coinbase as buy The firm lowered its price target on the stock to $275 per share from $345.

Persons: Fargo, Goldman Sachs, Wells, Baird, Grainger, Jefferies, Rapid7, GTM, JB Hunt, JBHT, it's bullish, Bernstein, Tesla, it's, GOOG, TD Cowen, Yum, Cowen, Taco Bell, Morgan Stanley, Piper Sandler, Walt Disney, Guggenheim, HSBC downgrades Estee Lauder, Estee Lauder, Coinbase Organizations: Citi, FAST, BMO, Microsoft, Netflix, Autodesk, Nvidia, Barclays, Apple, DoJ, UBS, California Resources, CRC, Chord Energy, Yum Brands, Taco, Taco Bell, Disney, Walt, Cisco, HSBC downgrades, HSBC, Bank of America, Qualcomm Locations: China, Greater China

☆ AI demand is still strong, it will probably exceed expectations, says Bernstein's Stacy Rasgon
▼ + stars: | 2024-10-16 | 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 EmailAI demand is still strong, it will probably exceed expectations, says Bernstein's Stacy RasgonStacy Rasgon, Bernstein, joins 'Closing Bell' to discuss the semiconductor rebound and ASML's impact on the sector.

Persons: Bernstein's Stacy Rasgon Stacy Rasgon, Bernstein

☆ The Trump trade is back on as betting markets swing in favor of a win for the former president
▼ + stars: | 2024-10-16 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Betting odds favor Trump winning the November election, with Polymarket odds at 59.5%. The Trump trade is back on, with Trump Media stock, bitcoin, and bank stocks rising. AdvertisementThe Trump trade has been regaining momentum as betting odds rise in favor of the former President winning the election in November. The Trump trade in markets weakened after the mid-September debate between Kamala Harris and Trump, as Harris was largely viewed as the winner of their one-and-only meeting. Here's what's moving in markets that suggest the Trump trade is back on as investors bet on a victory for the former president.

Persons: Trump, —, Harris, Kamala Harris, Donald Trump's, Bernstein, Gautam Chhugani, Chhugani Organizations: Trump, Trump Media, Service, House, Bank, Washington DC, Biden White, P Bank ETF, Regional Banking Locations: Polymarket, Trump, United States

The S&P 500 and the Dow Jones Industrial Average rose to fresh records Monday as investors awaited the next batch of key corporate earnings. The broad market index climbed 0.77% to 5,859.85, while the 30-stock Dow advanced 201.36 points to 43,065.22. Both averages hit all-time highs and closed at records, with the Dow ending the session above the 43,000 mark for the first time. The early signs of a recovery in banking profits helped push the broader market to all-time highs at the end of last week. The S&P 500 closed above 5,800 for the first time on Friday, while the blue-chip Dow also reached an all-time high.

Persons: Goldman Sachs, Johnson, Morgan Stanley, Wells Fargo, Dow, Bernstein, ”, Baird, Ross Mayfield Organizations: Dow Jones, Dow, Nasdaq, UnitedHealth, Apple, Technology, Bank of America, Johnson, United Airlines, Walgreens Boots Alliance, Netflix, Procter, Gamble, JPMorgan Chase, Federal, Treasury, Columbus Day

☆ How Saudi Arabia could create a crisis for Russia's economy
▼ + stars: | 2024-10-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

One analyst suggests the market could see a repeat of the 2020 oil price war. AdvertisementRussia's wartime economy could face a tougher time securing needed oil revenue if Saudi Arabia tanks global crude prices. "Saudi Arabia is fed up," Simon Henderson, director of the Bernstein Program on Gulf and Energy Policy at The Washington Institute, told Business Insider. However, some kind of confrontation with Saudi Arabia may be stirring. "Unlike Saudi Arabia, its oil is not cheap to extract, making it poorly equipped to deal with low-price conditions.

Persons: —, Luke Cooper, hasn't, Simon Henderson, Bernstein, it's, Henderson, Vladimir Putin, Alexander Novak, Cooper Organizations: Service, Organization of Petroleum, Russia, London School of Economics, Financial Times, Gulf and Energy, The Washington Institute, OPEC Locations: Saudi Arabia, Russia, Riyadh, Ukraine, Gulf, Moscow, Iran, Kazakhstan

☆ Google's share of the search ad market could drop below 50% for the first time in a decade as AI search engines boom
▼ + stars: | 2024-10-13 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

Google's search ad market share in the US could fall below 50% for the first time in a decade. Perplexity AI, meanwhile, says it is attracting "top-tier" advertisers. It launched Gemini, its own large language model that now presents Google search results in natural language at the top of the page, in March 2023. Google is also leveraging AI to better present ads in its search results. AdvertisementGoogle and Perplexity AI did not immediately return requests for comment for this story.

Persons: —, Axel Springer, Alpha, Mark Shmulik, ChatGPT, Brendon Kraham, We've, Dmitry Shevelenko, Jeff Bezos, Forbes, Perplexity, Shevelenko Organizations: Google, Service, Business Insider, Bernstein Research, Wall Street, Nvidia

Fed rate cuts are likely to help push bitcoin and other risk assets higher, but some stablecoin issuers could suffer a hit to their revenue. Tether (USDT) and USD Coin (USDC) dominate the market, making up 70% and 21%, respectively, according to CryptoQuant. "As rates begin to fall, that has a giant impact on their [profit and loss] and their bottom line." Stablecoins – cryptocurrencies that promise a fixed value peg to another asset, usually the U.S. dollar – are widely seen as crypto's killer app. Jeremy Allaire, CEO of USDC issuer Circle, told CNBC lower interest rates are "a very good thing" for the company because lower interest rates will likely increase investment and economic activity – which would benefit the company.

Persons: Bernstein, Kevin Lehtiniitty, they're, Wainwright, Kevin Dede, Jeremy Allaire, Allaire Organizations: U.S ., CNBC

☆ Tesla stock drops 10% after Wall Street sees robotaxi event 'stunningly absent on detail'
▼ + stars: | 2024-10-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Tesla stock fell as much as 10% after its robotaxi reveal underwhelmed Wall Street analysts. Tesla's vision drew skepticism from Wall Street over execution and potential profit challenges. AdvertisementTesla stock dropped as much as 10% on Friday after the automaker's robotaxi reveal event underwhelmed Wall Street. "We found Tesla's Robotaxi event to be underwhelming and stunningly absent on detail," Sacconaghi said. There was at least one Wall Street analyst who struck a positive tone after Tesla's robotaxi event: Wedbush analyst Dan Ives.

Persons: —, Elon Musk, wasn't, Wells, Colin Langan, Bernstein, Toni Sacconaghi, Tesla, Sacconaghi, Dan Ives, Ives Organizations: Street, Service

☆ Why the Tesla robotaxi event left investors 'underwhelmed'
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the Tesla robotaxi event left investors 'underwhelmed'Toni Sacconaghi, senior research analyst at Bernstein, joins CNBC's 'Money Movers' to discuss Wall Street's reaction to Tesla's robotaxi event, how Tesla compares in the race to full self-driving, and more.

Persons: underwhelmed, Toni Sacconaghi, Bernstein, Tesla

☆ AMD just launched its new AI chip, but analysts say it's still a year behind Nvidia
▼ + stars: | 2024-10-11 | by ( Helen Li | ) www.businessinsider.com time to read: +3 min

AMD launched the Instinct MI325X accelerator on Thursday, and shipping starts later this fall. The new chip offers better performance than Nvidia's H200 yet lags behind Blackwell, analysts say. While the GPU significantly improved over AMD's previous offerings, Bernstein Research analysts wrote that it faces "zero challenge" against Nvidia's upcoming Blackwell chip. Nvidia announced in March the Blackwell series, which is set to ship in the fourth quarter of this year. Related stories"Training performance seems 1 year behind Blackwell (on par with H200) while inferencing is only slightly better," Arya wrote.

Persons: Blackwell, —, Lisa Su, it's, Vivek Arya, Arya, Bernstein, Su, EPYC, Intel's Organizations: AMD, Service, Nvidia, Industry, Bernstein Research, Nvidia's, Blackwell, Bank of America Securities, Intel Locations: Turin, Emerald Rapids

☆ Here are the best and worst-case scenarios for Google in its battle with the DOJ
▼ + stars: | 2024-10-10 | by ( Hugh Langley | ) www.businessinsider.com time to read: +6 min

AdvertisementFor years, the US Justice Department's lawsuit against Google's Search business has been largely ignored by Wall Street and even many of Google's employees. They also include sharing some of Google's search data with rivals. The DOJ is also considering cracking open Google's search index and forcing it to share data, including the nitty-gritty of how Google ranks website quality. The DOJ said this could include the models used for Google's AI Search features. AdvertisementThe DOJ has said it's also weighing a proposal that websites can opt out of Google's AI training and from appearing in AI search results altogether.

Persons: —, Department's, Bernstein, Amit Mehta, Dan Morgan, monetization, Max, Morgan, Dan Ives, Liz Reid, Marissa Mayer, it's, It's Organizations: US Justice Department, Google, Analysts, Service, Google's, Wall, DOJ, Apple, European Union, Chrome, Wedbush, Tech, Media, Finance, Sunshine Locations: European, Europe

☆ Stellantis is struggling. Here's why
▼ + stars: | 2024-10-10 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

American car brands Jeep, Ram, Dodge and Chrysler are struggling under their new owner. The European-American giant Stellantis is the world's fifth-largest automaker by volume, according to S&P Global Mobility. But Stellantis did better than that. 2023 was a banner year: record sales, record profits, record free cash flow. Out of all brands in the U.S., Stellantis vehicles have some of the highest inventories of vehicles on dealer lots, according to Cox Automotive.

Persons: Daniel Roeska, Bernstein, Stellantis, Stephanie Brinley, Carlos Taveres, Roeska Organizations: Dodge, Chrysler, P Global Mobility, Groupe PSA, Italian Fiat Chrysler, Products, Jeep, RBC Capital, Cox Automotive, United Auto Workers Locations: Italian, North America, U.S, America, China

The financial firm upgraded the athletic apparel stock to a buy rating from hold and raised its price target to $97 from $83. — Lisa Kailai Han 6:48 a.m.: Goldman Sachs trims Microsoft price target Goldman Sachs is still bullish shares of Microsoft , despite a minor price target adjustment. However, she accompanied the move by lifting her price target to $80 from $75. Analyst Andrew Mok accompanied the rating change by lifting his price target to $82 from $63. To be sure, he did raise his price target by $10 to $235, implying upside of nearly 10%.

Persons: Joseph Civello, Civello, Caitlin Clark, Lisa Kailai Han, Goldman Sachs, Kash Rangan, Rangan, Bernstein, Harshita Rawat, Venmo, Cash, Rawat, — Lisa Kailai Han, Shagun Singh, Singh, Medtronic, Andrew Mok, Mok, Stephen Tusa, Tusa, divestitures, YTD, Fred Imbert Organizations: CNBC, Barclays, JPMorgan, Honeywell International, Nike, Microsoft, PayPal, RBC, RBC Capital Markets, CVS, Aetna, Honeywell, Dow Jones Industrial Locations: buybacks, Wednesday's

☆ Europe's richest person is about to buy a soccer club with Paris FC deal
▼ + stars: | 2024-10-10 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

Bernard Arnault's family is set to become a majority shareholder in Paris FC. AdvertisementBernard Arnault's family is set to invest in Paris FC football club alongside Red Bull as the billionaire LVMH CEO further embraces the world of sport and its lucrative sponsorship opportunities. Red Bull will acquire a 15% stake. "LVMH operates a global business and needs to find global audiences and global languages," Luca Solca, a senior analyst at Bernstein covering global luxury goods, told Business Insider. LVMH and Red Bull did not immediately respond to a request for comment from Business Insider.

Persons: Bernard Arnault's, LVMH, —, Red Bull, Pierre Ferracci's, Arnault, Louis Vuitton, Moët Hennessy, Luca Solca, Bernstein Organizations: Paris FC, Rolex, Service, Paris FC football, Bloomberg, Ligue, TAG, Olympic, Paralympic Games, Business Locations: Paris, LVMH, Swiss

☆ Here are Thursday's biggest analyst calls: Nvidia, Microsoft, Netflix, CVS, Honeywell, Nike, AIG, Sunnova & more
▼ + stars: | 2024-10-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +14 min

Barclays upgrades CVS to overweight from equal weight Barclays said the stock is a "new margin story." JPMorgan downgrades Honeywell to neutral from overweight JPMorgan said it's downgrading the stock after 15 years with an overweight rating. UBS upgrades Tronox to buy from neutral UBS said it's bullish on the chemical manufacturer. "We upgrade shares of EVGO from Neutral to Buy, following the $1.05bn DOE loan conditional commitment announced last week. "Our bullish view of AIG reflects its outsized EPS growth, lower exposure to risks facing commercial lines carriers (casualty reserves and higher cat loads), high capital flexibility, and attractive valuation."

Persons: Morgan Stanley, Goldman Sachs, Goldman, it's bullish, Jefferies, TD Cowen downgrades, Cowen, Bernstein, Brinker, Kevin Hochman, Truist, it's, BIRK, Cantor Fitzgerald, Mara, Cantor, MARA, Wolfe, Google's, Satya Nadella, Lucas Jackson Organizations: Nvidia, Netflix, Barclays, JPMorgan, Honeywell, Microsoft, UBS, TD Cowen downgrades Pepsi, U.S, Department of Energy, DOE, RBC, PayPal, Cirrus, Bank of America, underperform Bank of America, Nike, Mara Holdings, AIG, DOJ, Google, Reuters Locations: EVGO, EAT's, LHX, New York City

☆ Stocks making the biggest moves midday: First Solar, Tesla, CVS, TD Bank and more
▼ + stars: | 2024-10-10 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: First Solar — The solar stock slipped 8%, on pace for its worst day since July 15, after Jefferies cut its price target on the stock and said it expects First Solar's third-quarter report to disappoint. Tesla — The stock was little changed ahead of the electric vehicle maker's robotaxi event Thursday after the bell. Investors expect Tesla to announce a Cybercab robotaxi prototype alongside advancements in driver assistance features and artificial intelligence capabilities. CVS Health — The pharmacy chain's stock rose 1.8% following an upgrade at Barclays to overweight from equal weight. PayPal — The payments platform stock slipped 2.9% following a Bernstein downgrade to a market perform rating from outperform.

Persons: Jefferies, Stifel, Piper Sandler, Tesla, Bernstein, Harshita Rawat, Venmo, — CNBC's Lisa Han, Sean Conlon, Sarah Min, Hakyung Kim, Michelle Fox Organizations: Enphase Energy, Dominion Bank, Street Journal, GXO Logistics —, Bloomberg, Logistics, American, JPMorgan, CVS Health, Barclays, CVS, Genomics, PayPal Locations: Toronto, Canadian

☆ Stocks making the biggest moves premarket: Delta Air Lines, CVS Health, Nike and more
▼ + stars: | 2024-10-10 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Delta Air Lines – Shares fell nearly 5% after the airliner provided disappointing fourth-quarter revenue guidance . Delta anticipates revenue will rise between 2% and 4% from a year earlier, less than the 4.1% estimate, per LSEG. CVS Health – Shares of the pharmacy chain added 1.9% on the back on an upgrade to overweight from equal weight by Barclays. Specifically, the investment firm noted that the brand's share of mentions as a favorite is about 35% more than its overall market share. PayPal – The payments company fell 1.7% after Bernstein downgraded the stock to market perform from outperform.

Persons: Serge Saxonov, there's, Piper Sandler, Tesla, Bernstein, —, Alex Harring, Jesse Pound, Sarah Min, Pia Singh, Michelle Fox Theobald Organizations: Delta Air Lines, CVS, Barclays, GXO Logistics, Bloomberg, Logistics, Nike –, RBC Capital Markets, American, Group, JPMorgan, PayPal Locations: Americas

☆ Stellantis CEO Carlos Tavares to retire in 2026 as automaker struggles in North America
▼ + stars: | 2024-10-10 | by ( ) edition.cnn.com time to read: +3 min

Detroit Reuters —Chrysler parent Stellantis confirmed on Thursday that CEO Carlos Tavares would retire at the end of his contract in early 2026 and announced major senior management changes as it struggles to turn around its lagging North American operations. The world’s fourth-largest automaker by sales said it now planned to name his successor by the fourth quarter of 2025. The automaker also appointed Antonio Filosa as its North America chief operating officer in addition to his role as Jeep brand CEO, succeeding Carlos Zarlenga, whose future role has not been announced. Stellantis last week lowered its forecast from positive cash flow to negative cash flow of between 5 billion and 10 billion euros ($5.5 billion and $10.9 billion) this year. The broad management shakeup was meant to address these concerns, Tavares said in a statement Thursday.

Persons: Carlos Tavares, Tavares ’, Stellantis, Doug Ostermann, Natalie Knight, Antonio Filosa, Carlos Zarlenga, Tavares, “, ” Bernstein, ” Organizations: Detroit Reuters, Chrysler, Analysts, North America, Fiat, Peugeot, PSA, Maserati, Jeep, United Auto Workers Locations: North America, China, Detroit

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