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Big tech earnings reports have put investors on quite the roller coaster. Alphabet , Microsoft and Tesla have all moved higher post earnings, while Meta and IBM had opposite reactions by dropping precipitously. Inside of this recent technology, I think it is time to add to a nearly forgotten Magnificent Seven laggard: Apple . Apple is down 11% year to date, and I want to add exposure in a zero-cost manner ahead of its earnings release next Thursday. Investors are anticipating a year-over-year decline in both earnings and revenue for this former tech favorite, but I believe this is already priced into the stock.
Organizations: Microsoft, Tesla, Meta, IBM, Apple, Big, mojo
And the initial signs are quite positive here too," Zuckerberg told investors in an earnings call. AdvertisementElon Musk had even stronger words for investors on Tuesday after Tesla reported plunging profits. Even so, Musk insisted during an earnings call that Tesla is an AI company and had a specific message to any shareholder who thinks that Tesla won't develop self-driving someday. On Thursday, Microsoft and Alphabet reported profits, which they ascribed in part to their respective AI sectors. Google's parent company reported $23.7 billion in profits for the same period.
Persons: , Apple, Demis Hassabis, Sam Altman, Mark Zuckerberg, Zuckerberg, we've, Elon Musk, Tesla, Musk, Matthew Prince, Sundar Pichai, Pichai Organizations: Service, Meta, OpenAI's, EV, Economic, Reuters, Nvidia, Microsoft Locations: Davos
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets 'spooked' by sticky inflation, says John Hancock's Emily RolandEmily Roland, John Hancock Investment Management co-chief investment strategist, and Greg Daco, chief economist at EY-Parthenon, and CNBC's Steve Liesman join 'The Exchange' to breakdown the latest GDP data.
Persons: John Hancock's Emily Roland Emily Roland, John, Greg Daco, Steve Liesman Organizations: John Hancock Investment Management Locations: EY
Meta stock plunges on ‘aggressive’ AI spending plans
  + stars: | 2024-04-25 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +2 min
London CNN —Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors. The company is competing head-to-head with Microsoft and Google to unlock the enormous potential of AI. Meta (META), which also owns WhatsApp and Instagram, said Wednesday that first-quarter profit more than doubled year-on-year, while revenue was up 27%. Meta said full-year capital expenditure would be in the range of $35-40 billion — up from previous guidance of $30-37 billion — as it continues to accelerate infrastructure investments to support AI. Meta has forecast revenue of $36.5-39 billion, versus analyst expectations of $38.2 billion.
Persons: , ” Sophie Lund, Yates, Hargreaves Lansdown, Meta, Mark Zuckerberg, , Stephen Innes Organizations: London CNN —, Meta, Facebook, Microsoft, Google, , Management
CNN —Two Household Cavalry horses which broke free and ran through the streets of London on Wednesday are in a “serious condition,” a British government minister has said. The army said in an update on X on Thursday that five horses tried to bolt and four broke loose. The two horses are said to be in a "serious condition." Footage emerged on social media on Wednesday of the horses running through central London. Jordan Pettitt/PAStartling footage emerged on social media on Wednesday showing the two horses – one apparently covered with blood – running through Aldwych in central London.
Persons: , we’ll, James Cartlidge, Nick Ferrari, Cartlidge, ” Cartlidge, Jordan, Jordan Pettitt Organizations: CNN, Cavalry, British Army, LBC, Sky News, Britain’s, Media, Mercedes, Household Cavalry Locations: London, Vida, Aldwych, Clermont, Buckingham, Hyde, Buckingham Palace
Snap reported first-quarter results on Thursday that beat analysts' estimates and showed a return to double-digit revenue growth. Adjusted EBITDA for the first quarter was $46 million, far surpassing the $68 million loss expected by analysts, according to StreetAccount. For its second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount. Snap said adjusted EBITDA will fall between $15 million and $45 million, compared to Wall Street's expectations of $15.5 million. The company expects to report around 431 million DAUs in its second quarter, up from the 430 million expected by StreetAccount.
Persons: Snap's, Snap Organizations: LSEG Revenue, LSEG, LSEG Global, Revenue, Snapchat, Meta, StreetAccount
Alphabet is joining its tech peers like Microsoft, Apple, and Meta in the dividend club. Its $0.20 dividend is its first ever, and it also authorized an additional $70 billion in buybacks. The news could ease concerns of some tech investors spooked by Meta's earnings Wednesday. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers.
Persons: , It'll Organizations: Microsoft, Apple, Meta, Service, Business Locations: buybacks
Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Israel also said it was moving forward with plans for an all-out assault on Rafah in the south. Energy Information Administration, or EIA, data on Wednesday indicated U.S. crude oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast. "The data provided a temporary boost to oil prices, but it didn't seem to last long," Fujitomi's Tazawa said.
Persons: Toshitaka Tazawa, Fujitomi's Tazawa Organizations: Brent, U.S . West Texas, Fujitomi Securities Co Ltd, U.S . Federal Reserve, Energy Information Administration, EIA Locations: U.S, East, Iran, Israel, Gaza, Rafah
Bubble tea: ChaPanda shares plunge in Hong Kong IPO
  + stars: | 2024-04-23 | by ( Anna Cooban | ) edition.cnn.com   time to read: +3 min
The company, also known as Chabaidao or ChaPanda, had priced its shares at $17.50 Hong Kong dollars ($2.23) apiece, but they plunged as low as $10.80 Hong Kong dollars ($1.38) in the first two hours of trading on the Hong Kong stock exchange. Bubble tea (also called “black pearl tea” or “boba tea”) originated in Taiwan in the 1980s, but has since found millions of devotees around the world. In January, two of China’s most popular bubble tea brands, Mixue Group and Guming Holdings, applied for IPOs on Hong Kong’s stock exchange. Another Chinese bubble tea maker, Nayuki, has lost 88% of its stock market value since going public in Hong Kong in 2021. “The overall turnover and valuation of the (Hong Kong) stock market, which depend on the market liquidity, i.e.
Persons: Baidao, Frost, Frost & Sullivan, Robert Lui, , , Laura Organizations: London CNN —, Hong, Frost &, China, Franchise Association . Stock, Mixue, Guming Holdings, Deloitte Locations: Sichuan, Hong Kong, Chengdu, Taiwan, China, Hong, Dealogic, Shanghai, Shenzhen
China's consumers and its central bank are snapping up gold, even as a falling yuan makes the metal pricier. AdvertisementChina's central bank has also been buying up gold, in much larger quantities than Gen Z's few grams of beans. Related storiesIn 2023, China's central bank bought 225 tons of gold, per the World Gold Council. The two economies have been jostled in the top spots for years, but China's buying spree last year put India behind. Advertisement"The amount of central bank buying is not justifying gold prices at current levels," she wrote.
Persons: , It's, Georgette Boele Organizations: Service, Bloomberg, People's Bank of China, Gold, World Gold Council, ABN AMRO Locations: China, China's, India, Poland, Singapore, Germany
Elon Musk has been urged to lay out a vision for Tesla as senior staff leave amid layoffs. AdvertisementElon Musk must set out a vision for Tesla after investors were spooked by high-profile departures amid layoffs, an analyst has said. Tesla stock fell 5.6% on Monday after Elon Musk announced over the weekend that more than 10% of its workforce would be laid off. Those departing Tesla worked on critical projectsBoth Baglino and Thurston worked on critical projects at the Texas factory. In an X post earlier this month, Musk said Knight was "going to join OpenAI, so it was either xAI or them."
Persons: Elon Musk, Tesla, Musk, , Elon, Dan Ives, Ives, Drew Baglino, he'd, Rohan Patel, Anthony Thurston, Electrek, Thurston, Fred Lambert, Amir Mirshahi, Zachary Kirkhorn, Tesla's, Ethan Knight, Musk's, Knight Organizations: Service, Elon, Energy, Tesla, Business, OpenAI Locations: Texas
As sales of Teslas drop and demand for electric vehicles cools — even as more models enter the market — an increasing number of automakers are competing for a slice of a shrinking pie. Nearly 269,000 electric vehicles were sold in the United States in the first three months of this year, according to Kelley Blue Book. And amid the quarter-to-quarter slowdown in the industry, Tesla’s market share has fallen from 62 percent at the start of 2023 to 51 percent now. Elon Musk told employees on Monday that Tesla would cut 10 percent of its work force. Investors, in turn, have been spooked: Tesla’s stock price has dropped over 30 percent this year, erasing billions of dollars in market capitalization.
Persons: Kelley, Elon Musk, Tesla Locations: United States
Top Wall Street analysts are calling out their favorite stocks with a focus on their long-term growth prospects. To that end, here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. Ahead of the company's quarterly results, several analysts have been reaffirming their bullish views on the stock. The top line gained from increased sales volumes of golf balls, clubs and golf gear under the company's Titleist brand. Tigress Financial analyst Ivan Feinseth reaffirmed a buy rating on GOLF stock and increased the price target to $74 from $68.
Persons: James Lee, AMZN, Lee, TipRanks, Ivan Feinseth, Feinseth, Acushnet, Goldman Sachs, Kate McShane, McShane, BJ Organizations: Wall, Amazon Web Services, Amazon, Holdings, Acushnet Holdings, Tigress, Acushnet, BJ's, Wholesale
Recent inflation reports spooked investors, sparking a sell-off on Wednesday, but defensive stocks could provide some stability the next time markets get rocky. Those fears have contributed to a pullback in the market, with the S & P 500 slipping around 1% since the start of April. Investors could consider rotating into more defensively focused names to prepare for market volatility. Roper, on the other hand, has struggled this year, with the software stock's shares falling slightly in 2024. He said this week that Coterra was the firm's only buy-rated name in the natural gas exploration and production space.
Persons: technology's, ServiceNow, LSEG . Roper, LSEG, Roper, TJX, Coterra, Josh Silverstein, Silverstein Organizations: Federal Reserve, Investors, CNBC, Beta, CNBC Pro, Roper Technologies, Nasdaq, Coterra Energy
Inflation slowed substantially in 2023 as the Fed lifted rates to nearly a quarter-century high and held them at that level since July. Still, most Fed officials have signaled that they plan to cut rates this year if the economy evolves as expected. And if the inflation situation worsens even further, the Fed may even have to consider raising rates. Like Bowman and Kashkari, New York Fed President John Williams said rate hikes aren’t part of his baseline outlook. The timing of that first rate cut is critical because if the Fed cuts too soon, it risks locking in inflation at a high level.
Persons: hasn’t, Michelle Bowman, Neel Kashkari, Bowman, John Williams, he’s, ” Williams, Williams, Jerome Powell, Susan Collins, ” Collins, Powell, Larry Summers, ” Summers, Summers, Goldman Sachs, Organizations: CNN, Wall, Federal Reserve, ” Minneapolis, Kashkari , New York Fed, Boston, CPI, Bloomberg, UBS, Barclays, Bank of America Locations: Kashkari , New
But a resurgence in the industry could complicate the Federal Reserve’s ongoing inflation fight, either delaying the first interest rate cut or resulting in fewer cuts this year, some economists say. Interest rates have been at a two-decade high since July, after the Fed raised rates aggressively over the prior year and a half. The economy picking up further strength would spook Wall Street because of what it means for interest rates — and some manufacturers say they’re optimistic about the future. The Bank of Canada announces its latest interest rate decision. China’s National Bureau of Statistics releases March inflation data.
Persons: Joe Biden, , Tom Barkin, , Mary Daly, ” Daly, Jerome Powell, Neel Kashkari, ” Kashkari, ” Richard de Chazal, Blair, they’re “, Amazon’s, It’s, Ramishah Maruf, Amazon, haven’t, Read Organizations: Washington CNN, Institute for Supply Management, Congress, Fed, ” Richmond Fed, ” San Francisco Fed, Minneapolis, Dow, Blair Equity Research, Amazon, Fresh, Delta Air Lines, US Labor Department, Index, Bank of Canada, Federal Reserve, National Bureau of Statistics, Constellation Brands, European Central Bank, JPMorgan Chase, Citigroup, State, National Statistics, The University of Michigan Locations: Richmond , Virginia, ” San, Las Vegas, India, Wells Fargo, Progressive, BlackRock
AI startup Inflection raised over $1.5 billion from investors including Bill Gates, Eric Schmidt, and Nvidia. Last month, Microsoft hired Inflection cofounders and most of its staff, leaving the startup a shell of its former self. One exec who was preparing to start in a new role at Inflection had misgivings following the news. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMicrosoft's unusual Inflection deal may have dented the startup's ability to recruit technical talent, according to an internal email obtained by Business Insider.
Persons: Bill Gates, Eric Schmidt, , Greylock, Reid Hoffman, Calvin Lee, Mustafa Suleyman, Lee Organizations: Nvidia, Microsoft, Service, Business, Management, Uber
As for the newsletter, in today's big story, we're breaking down Disney's big proxy fight . Activist investor Nelson Peltz's proxy fight against Disney for two seats on the company's board comes to a head at its annual shareholder meeting today. The total amount spent between Disney and its rivals wrangling votes is estimated to be at least $70 million, a record for a proxy fight. The statue of Walt Disney and Mickey Mouse at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida. 3 things in businessWin McNamee/Getty Images; Chelsea Jia Feng/BIIn other newsAdvertisementWhat's happening todayThe Walt Disney Company's annual meeting will be held today.
Persons: , Congrats, ya, Bob Iger, Nelson Peltz, Neilson Barnard, David A, Grogan, Nelson, Madeline Berg, BI's Peter Kafka, BI's Grace Eliza Goodwin, Walt Disney, Mickey Mouse, Joe Burbank, Rowe Price, Peltz's Trian, Neuberger Berman, Peltz, It's, Trian, they're, Stocks, Ray Dalio, it's, Quincy Krosby, Jeffrey Buchbinder, Alyssa Powell, Win McNamee, Chelsea Jia Feng, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, National, Getty, Disney, Magic, Walt Disney World, Orlando Sentinel, Tribune, Wall, BlackRock, Peltz's Trian Partners, California Public Employees, Financial Times, DuPont, Fed, JPMorgan, Bridgewater Associates, Astera Labs, Arm Holdings, LPL Financial, Apple, Nvidia, BI, Walt Locations: , Virginia, Lake Buena Vista , Florida, China, Haiti's, New York, London
DETROIT (AP) — Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. In its letter to investors in January, Tesla predicted “notably lower” sales growth this year. In March it temporarily knocked $1,000 off the Model Y, its top-selling vehicle. During the quarter, Tesla lost production time in Germany after a suspected arson attack cut its power supply. But sales growth slowed toward the end of the year.
Persons: Tesla, FactSet, Dan Ives, , Elon Musk, ” Ives, Ives, Itay Organizations: DETROIT, Tesla, Citi, U.S, EV Locations: Austin , Texas, Fremont , California, Red, China, Germany
Why streamers are shrinking their content libraries
  + stars: | 2024-04-02 | by ( Sarah Whitten | ) www.cnbc.com   time to read: +6 min
Last year many streaming services began shrinking their once-robust content libraries in order to pay smaller licensing fees. In the face of profit pressures and growing competition for viewers, streamers have taken to removing content to avoid the residual payments and licensing fees. On one side is Netflix , Amazon and Apple — companies that agnostically license content from other studios to bolster their streaming libraries. Disney-owned Hulu, meanwhile, has seen success with "feel good" 30-minute sitcoms and prestige dramas, Fandom's data shows. Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.
Persons: Stephanie Fried, Fried, Hey Arnold, Bell, Severance, Jacob, Jack Ryan, Bel, Universal's, Max, Peacock Organizations: NBC, Netflix, Apple, Universal, Warner Bros . Discovery, Paramount, Hollywood, Nickelodeon, Warner Bros, Disney, Amazon Prime, Hulu, HBO, CNBC Locations: auctioning, Kingstown, NBCUniversal
Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.
Persons: , Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU
CNBC's Jim Cramer on Monday highlighted a group of shoe companies challenging Nike 's position in the market, following positive Wall Street research that pointed to multiple catalysts to propel the brands forward. Cramer discussed Hoka with Deckers then-CEO on "Mad Money" in 2014 , only a few years after Deckers acquired the brand . Still, the day after Nike issued its guidance, Cramer suggested Nike was not a king "anymore." 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 .
Persons: CNBC's Jim Cramer, Cramer, Roger Federer, Hoka, Nike's, Jim Cramer's, Nike, Jim Cramer, Jim Organizations: Nike, Barclays, Skechers, Jim Cramer's Charitable Trust, CNBC Locations: Skechers USA, Switzerland, U.S, China
More than a third of Gen Z and millennial homebuyers anticipate their families to help with the cost, Redfin says. NEW LOOK 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 . AdvertisementNearly half of Gen Zers and millennials say they aren't keen on buying homes soon due to sky-high prices. "The bigger problem is that young Americans who don't have family money are often shut out of homeownership.
Persons: Gen Z, Redfin, , Z, Zers, Daryl Fairweather, they're, " Fairweather Organizations: Service Locations: America
The US government's ballooning interest payments are eating a hole in its budget, they said. "We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week. While the US isn't at imminent risk of that kind of chaos, bond markets could "snap back" if the government's interest payments soar to $1 trillion in 2026 as expected, Swagel said. AdvertisementHowever, she noted that some experts on Wall Street were "incredibly worried" about the national debt and interest payments. DoubleLine Capital CEO Jeffrey Gundlach has also sounded the alarm on debt payments.
Persons: , MacGuineas, Philip Swagel, Liz Truss, Swagel, bitcoin, Jim Rogers, George Soros, He's, Jeffrey Gundlach Organizations: Investors, Service, Federal Budget, Fox Business, Congressional, Office, Financial Times, Bank of, CBO, Wall, DoubleLine
Kevin O'Leary said the threat of Donald Trump losing his New York assets is spooking investors. Speaking on Fox News on Friday, O'Leary said Trump should've been given more time to scrape up his $454 million bond. O'Leary said the idea that Trump's assets can be seized on such short notice has undermined the "American brand." AdvertisementEarlier this month, the former president successfully paid a $92 million bond as part of E. Jean Carroll's defamation case against him. Representatives for O'Leary, James' office, and Trump's campaign did not immediately respond to requests for comment sent outside regular hours by Business Insider.
Persons: Kevin O'Leary, Donald Trump, O'Leary, Trump, , Letitia James, Donald Trump's, Laura Ingraham, Ingraham, " O'Leary, Judge Arthur Engoron, James, Justin Trudeau, who's, Trump's, Jean Carroll's Organizations: New, Fox News, Service, Conservative Party, United, Trump, Twitter, Business Locations: New York, American, York, America, Canadian, Canada, Ireland, United Arab Emirates, Westchester County
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