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That's how it worked out for Matthew Parkhurst, co-founder and CEO of New York-based tech startup Antimetal. The company was ready to emerge from its beta phase, and Parkhurst wanted to make potential clients aware that Antimetal even existed. Antimetal spent roughly $15,000 on pizzas, packaging and targeted delivery to potential clients, venture capital firms and even tech influencers with large social media followings. It worked: Roughly 75 of the companies that received pizza have become Antimetal clients, Parkhurst says — creating a bump of more than $1 million in annualized net revenue, according to documents reviewed by CNBC Make It. "Obviously, the ROI [return on investment] is insane on the revenue side, compared to what we spent," Parkhurst says.
Persons: Matthew Parkhurst, Parkhurst, Antimetal Organizations: San, CNBC Locations: New York, San Francisco
GameStop — The meme stock dipped 1.1% after Keith Gill, known as "Roaring Kitty," seemingly increased his ownership in GameStop. He appears to be holding 9.001 million GameStop shares and over $6 million in cash, according to a screenshot he posted to Reddit. JPMorgan upgraded shares to overweight from neutral on Friday, saying Adobe is poised for "smoother sailing ahead" after its strong quarterly print. Hasbro — Bank of America upgraded the toymaker to buy from neutral, sending shares 1.7% higher. On the other hand, the company saw $727 million in revenue, topping the $725 million estimate from analysts.
Persons: Keith Gill, Adobe, RH, LSEG, ZScaler, Alex Harring, Michelle Fox Theobald Organizations: GameStop, Adobe, JPMorgan, Hasbro — Bank of America, Wall, Boeing, New York Times, Federal Aviation Administration, Zero Trust Network Security
Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 20, 2024. Adobe shares surged 15% on Friday, the biggest gain since March 2020, after the software maker reported earnings and revenue that beat analysts' estimates. Salesforce shares suffered their worst plunge since 2004 late last month after the cloud software vendor posted weaker-than-expected revenue and issued disappointing guidance. Even after Friday's rally, Adobe shares remain down 12% for the year. WATCH: CNBC's interview with Adobe CEO Shantanu Narayen
Persons: Shantanu Narayen, Narayen, Salesforce, CrowdStrike, Piper Sandler Organizations: CNBC, New York Stock Exchange, Adobe, Creative, Digital Media, Oracle, Google Locations: New York City, U.S
High interest rates have been a boon to Americans holding cash, but many on Wall Street are cautioning investors to start thinking ahead. People have been piling into cash vehicles like money market funds and certificates of deposit since the Federal Reserve started hiking interest rates. Interest rates appear to be staying higher for longer, with the Federal Reserve on Wednesday projecting only one rate cut this year. Agency MBS have a duration of about six years, per the Bloomberg US MBS Index as of June 3, Jones noted. Right now, the residential mortgage-backed securities sector looks attractive because of its relative value compared to investment-grade corporate bonds, he said.
Persons: Jones, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Wells Fargo, Luis Alvarado, Alvarado, Falconio Organizations: Federal Reserve, Investment Company Institute, Schwab Center, Financial Research, Agency MBS, Bloomberg, MBS, UBS, Wells, Wells Fargo Investment Institute, Investors, corporates, UBS America's, AAA Locations: UBS Americas, Wells, Wells Fargo
Despite all the good news, there’s one giant, inescapable reason why people don’t feel like the economy is as good as it actually is. Shelter costs — which include rent and an estimated cost of homeownership — were up 5.4% from a year ago. There are some early signs that the housing market is becoming a bit less stuck. At the same time, the one-two punch of inflation and high borrowing costs have discouraged first-time buyers, reducing competition for houses. Of course, as Powell noted in his speech Wednesday, it may take “years” for housing inflation to normalize.
Persons: CNN Business ’, We’re, supercore, doesn’t, , , , Jay Parsons, Jerome Powell, It’s, Orphe Divounguy, Zillow, ” Divounguy, Powell, There’s, Douglas Duncan, Fannie Mae Organizations: CNN Business, New York CNN, Locations: New York, Madera, Texas
While challenges are mounting for consumers, Goldman Sachs still has some names that it sees as smart picks. The latest indicator of how shoppers are faring came Wednesday morning with the May consumer price index reading. The majority of analysts surveyed by LSEG also have a buy rating and price target suggesting the stock can gain another 6%. Their price target reflects the potential for almost 5% in upside. Goldman is not the only firm that sees the stock as a wise idea given the current backdrop.
Persons: Goldman Sachs, Kate McShane, McShane, LSEG, JPMorgan's Christopher Horvers, Horvers, Goldman, Jefferies Organizations: Federal, Walmart, Royal, Consumer, Colgate, Palmolive, Wednesday Locations: Royal Caribbean
Ali Ghodsi, co-founder and CEO of Databricks, speaks at a press conference at Databricks' Data and AI Summit in San Francisco on June 12, 2024. Databricks, the data analytics software vendor that's among the most richly valued private U.S. tech companies, told investors on Wednesday that annualized revenue will reach $2.4 billion by the midpoint of this year. In April, security software company Rubrik debuted on the New York Stock Exchange. In March, the company told media outlets outlets that it generated $1.6 billion in revenue for the year ending Jan. 31, up more than 50% year over year. Last week Databricks said it was paying over $1 billion to buy Tabular, a startup whose founders created Iceberg.
Persons: Ali Ghodsi, Dave Conte, I've, Conte, Rubrik, Conte didn't, Databricks, Ghodsi, Snowflake Organizations: Databricks, Summit, New York Stock Exchange, NYSE, CNBC Locations: San Francisco
We view Broadcom as one of the biggest AI beneficiaries through its networking and custom chip businesses. And it's a good thing that Broadcom wants to make its stock more accessible to investors and employees. Broadcom said the spending run rate at VMware was $1.6 billion in the quarter, down from $2.3 billion per quarter pre-acquisition. Outlook Following the strong first half of its fiscal year 2024, Broadcom raised both its revenue and adjusted EBITDA outlook. The positively revised update is above FactSet estimates of $50.58 billion in revenue and $30 billion of adjusted EBITDA.
Persons: Hock Tan, we've, Tan, Jim Cramer's, Jim Cramer, Jim, Broadcom Lucas Jackson Organizations: Broadcom, VMware, Revenue, Club, LSEG, VMWare, Wall Street, Marvell Technology, Devices, Nvidia, Lam, Chipotle, Walmart, Apple, Infrastructure Software, CNBC Locations: Hock
Bank of America predicts large-cap value stocks will start to outperform growth stocks. AdvertisementThe most boring area of the stock market is poised for a "renaissance" of outperformance, according to Bank of America. AdvertisementA hard landingAnother scenario in which value stocks should outperform is if the economy experiences a hard landing. That would likely lead to a sharp sell-off in growth-oriented stocks and the relative outperformance of value stocks. A world of structurally higher rates and inflation should bolster value stocks," Bank of America said.
Persons: , Savita Subramanian, corporates, Banks, Ebrahim Poonawala, Consumer Staples, Staples, Subramanian Organizations: of America, Bank of America, Service, Equity, " Utilities, Energy, Banks, Consumer
That’s why it is crucial for central bankers to insist on 2%. “By communicating an explicit inflation target — and then delivering inflation consistent with that target — central banks earn credibility with the public,” New York Fed President John Williams said in a recent speech. Stripping away highly volatile categories such as food and energy — a measure referred to as “core” inflation — won’t quell central bankers’ concerns. The Fed can’t ignore CPIAlthough CPI isn’t the inflation gauge the Fed targets, central bankers don’t write it off. It was, however, welcome news to Fed officials that Consumer Price Index-measured inflation fell to 3.4% in April from 3.5% in March.
Persons: Frank Robinson, , they’re, Jerome Powell, ” Powell, Ben Bernanke, they’ll, John Williams, hasn’t, , Tom Barkin, don’t, Christopher Waller Organizations: New, New York CNN —, Federal, Fed, New York Fed, ” New York Fed, ” Richmond Fed, CPI Locations: New York
When it comes to dividend funds, the Schwab U.S. Dividend Equity ETF is “the gold standard,” according to Morningstar. The exchange-traded fund seeks to track the total return of the Dow Jones U.S. Dividend 100 Index. Therefore, it is not like its peers that track a broad market index, Jackson pointed out. It also looks at return on equity, dividend yield and the dividend growth rate over the past five years. After the stocks are selected, the index market cap weighs them, with a maximum position around 4%.
Persons: Morningstar, Ryan Jackson, , Russell, Jackson, Schwab, D.J, Tierney, Morningstar's Jackson Organizations: Schwab, SEC, Morningstar, Dow Jones U.S, Schwab Asset Management
CNN —At a time when Americans and the Federal Reserve are clamoring for clear-cut data about the state of the economy, Friday’s jobs report was much more opaque than everyone had hoped. Unemployment roseThe unemployment rate rose to 4% from 3.9%. The rise in unemployment can be traced to the findings of the household survey (one of two surveys that feed into the monthly jobs report). Compared to the establishment survey that showed the robust 272,000 net gain in jobs, the household survey faltered. That’s in the service sector, everything from personal care services, dry cleaning, cleaning and home maintenance and vehicle maintenance, she said.
Persons: Dean Baker, ” Diane Swonk, Gus Faucher, “ Jobs, , ” Julia Pollak, ZipRecruiter, ” Pollak, ” Swonk, That’s, ” Andrew Challenger, hirings, Wells, Sarah House, Mike Pugliese, it’s Organizations: CNN, Federal Reserve, KPMG, PNC, “ Employers, Challenger
Just two exchange-traded funds invest in the space — iShares Fallen Angels USD Bond ETF (FALN) and VanEck Fallen Angel High Yield Bond ETF (ANGL). FALN 1Y mountain iShares Fallen Angels USD Bond ETF one-year performance The iShares Fallen Angels USD Bond ETF and VanEck Fallen Angel High Yield Bond ETF track two different indexes. ANGL seeks to replicate the ICE US Fallen Angel High Yield 10% Constrained Index, while FALN tracks the Bloomberg Barclays U.S. High Yield Fallen Angel 3% Capped Index. In comparison, the Bloomberg U.S. High Yield Index has a 4.64% annualized return over the past 10 years, the firm said. Be aware of risks Fallen angel portfolios are generally much higher quality than their high-yield peers, said Morningstar's Evens.
Persons: , Zachary Evens, Evens, Jared Woodard, Stephen Laipply, Morningstar's, Laipply, FALN Organizations: Angels, Bond, SEC, Morningstar, Chartered Alternative Investment, Association, Bloomberg Barclays, Bank of, Bank of America, U.S, ICE, Bloomberg Barclays U.S ., Bloomberg U.S, Corporate, Broad Locations: Bank, BlackRock
Hundreds of mutual funds and hedge funds overlap in their investments, creating some shared favorites between the two different investment vehicles, according to Goldman Sachs. This basket of stocks—which includes Danaher , Mastercard , Vertiv and Uber —are constituents of both Goldman's Hedge Fund VIP and Mutual Fund Overweight baskets. "Hedge funds and mutual funds have boosted exposures to equities this year, with hedge fund net leverage rising near its highest level over the past year and mutual fund cash balances dropping to record lows. Visa shares are up about 4.6% for the year, lifted by stronger-than-expected earnings in the fiscal second quarter. Both stocks have had a tough quarter, however, with Visa falling 2.4% since the end of March, while Mastercard shares have lost 7.6%.
Persons: Goldman Sachs, Vertiv, Uber, David Kostin, Kostin, Goldman, Alexander Blostein Organizations: Mastercard, VIP, Mutual Fund, FactSet, KKR, Visa, Tuesday's Locations: FRE
New York CNN —US stocks tumbled Monday after fresh data stoked concerns about the economy’s health. Investors have in recent weeks grappled with data that suggests inflation is continuing to run hot while the economy cools. The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, showed Friday that inflation stayed stubbornly high in March. New gross domestic product data released last Thursday showed that the US economy expanded at a weaker pace earlier this year than initially reported. Elsewhere, the New York Stock Exchange said Monday that a technical issue that halted trading for some stocks and caused Berkshire Hathaway shares to be down 99.97% has been resolved.
Persons: Dow, , José Torres, cinched, Keith Lerner, Berkshire Hathaway Organizations: New, New York CNN, Nasdaq, Institute for Supply Management, Interactive Brokers, Federal Reserve, PCE, Commerce Department, Commerce, New York Stock Exchange, Berkshire Locations: New York
US indices rallied after a promising PCE report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As projected, core PCE rose 0.2% in April. ""The equity market wants to see a slowdown in economic growth and today's PCE data provided a soft-landing report," David Donabedian said, chief investment officer of CIBC Private Wealth US. Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:
Persons: , Friday's, David Donabedian, Eric Sterner Organizations: Dow, Nasdaq, Service, Dow Jones, Nvidia, Microsoft, PCE, CIBC Private Wealth, Federal Reserve, Apollon Wealth Management
But both inflation and economic growth have upside and downside risks relative to consensus. AdvertisementOn inflation, Arnott believes it's far more likely that it surprises to the upside. AdvertisementTo take advantage of these asymmetries in the market, Arnott said that value stocks and TIPS are two investments that would perform well in a higher-inflation environment. One way investors can gain exposure to these assets is through funds like the iShares Core S&P U.S. Value ETF (IUSV), the Schwab U.S. More specifically, value stocks within both developed and emerging markets are trading in their "cheapest decile ever" compared to growth stocks, Arnott said.
Persons: , Rob Arnott, Arnott, it's, there's, I've, I'm Organizations: Service, Treasury, Securities, Business, Research Affiliates, Federal Reserve, Value, Schwab, MLP, Funds, Equity Locations: Schwab U.S
Interest rate cuts are also more likely, after the first-quarter GDP figures were revised lower. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The lack of surprises in the Personal Consumption Expenditures index was welcomed by investors, as it reinforced the odds of an interest rate cut this year. Earlier this week, first quarter GDP data was revised down on softer consumer spending, adding more reason for why the Fed may eventually have to cut interest rates down. Futures markets indicate at least one rate cut to occur as soon as September.
Persons: Stocks, , Chris Zaccarelli Organizations: Federal Reserve, Service, Federal, Treasury, Independent
Dollar steadies before inflation test; yen brushes off Tokyo CPI
  + stars: | 2024-05-31 | by ( ) www.cnbc.com   time to read: +4 min
The dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data. The dollar index , which measures the currency against six major peers, consolidated around 104.82 after dipping as low as 104.63 overnight. Softer U.S. consumer price inflation data earlier in May rekindled rate cut expectations for this year, weakening the dollar across the board and setting it on track to post its first monthly losses in 2024. "All told, the Tokyo CPI leaves us confident that nationwide underlying inflation will fall below 2% as soon as July." Price data for the euro zone is due on Friday, following a stronger-than-expected April inflation reading for Germany on Wednesday.
Persons: John Williams, Matt Simpson, Index's Simpson, Marcel Thieliant, Sterling, bitcoin Organizations: Treasury, greenback, New York Fed, Index, PCE, Capital Economics, Japan's Ministry of Finance, Germany Locations: U.S, Tokyo, Asia
The American shopping spree is losing steam
  + stars: | 2024-05-30 | by ( Bryan Mena | Nathaniel Meyersohn | ) edition.cnn.com   time to read: +5 min
CNN —It’s becoming tougher and tougher for Americans to carry on with their spending spree. Years of elevated inflation and the highest interest rates in almost a quarter century are wearing out the US consumer. Savings accumulated during the Covid-19 pandemic are drying up, borrowers continue to rack up debt and delinquencies are marching higher. A second estimate of gross domestic product, released Thursday, showed that consumer spending was weaker in the first three months of the year than initially reported. Economists polled by FactSet are expecting data to be released Friday to show that consumer spending slowed notably in April from March.
Persons: CNN —, they’ll, ” Carol Schleif, FactSet, Thomas Kingsbury, TJ Maxx Organizations: CNN, Savings, BMO Family Office, Employers, Walmart, Dollar, Goods, Abercrombie, Fitch
Washington CNN —US economic data released Thursday was broadly disappointing. And mortgage rates inched higher this week, thrusting the average rate back above the psychological 7% threshold. HousingHousing data released Thursday mostly showed that the market remains tough, especially for first-time buyers. The Fed doesn’t directly set mortgage rates, but its actions, which influence yields, do. There were 219,000 first-time claims filed during the week ended May 25, according to Labor Department data released Thursday.
Persons: ” Oren Klachkin, it’s, Freddie Mac, They’re, ” Lawrence Yun, hasn’t Organizations: Washington CNN, Treasury, Federal, Nationwide, Commerce, Housing, Fed, National Association of Realtors, ” Jobs, Labor Department, Dow, Nasdaq Locations: American
Cadence Design Systems is well ahead of its artificial intelligence peers when it comes to delivering steady returns, according to Bank of America. The electronic systems design company is a "high-quality growth compounder" that's "well levered to AI," analyst Vivek Arya said in a Wednesday note to clients. Cadence develops software, hardware and intellectual property that is used to design chips and printed circuit boards, among other related products. "Over the past decade CDNS has delivered 33% annualized returns, 300bps ahead of rival SNPS , and among top 5 across our coverage, well-ahead of SOX index up 25%. Importantly, CDNS stock has outperformed the SOX index each of the 18 times the SOX index declined by over 10% since 2010."
Persons: Vivek Arya, Arya, CDNS Organizations: Cadence Design Systems, Bank of America, Cadence, PHLX Semiconductor, SOX, Nvidia, AMD, Samsung Locations: SOX
However, the average millennial reported roughly $63,000 in retirement savings so far. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings. How to figure out how much retirement savings you needTiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously. How millennials can get their retirement savings back on trackWhile some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.
Persons: Nathaniel Hudson, Hartman, millennials, Tiffany Bell, didn't, Bell, she's, they're, Chris Chen, Chen, Judi Leahy, it's, Leahy, NerdWallet, Bell —, , X, What's, Nilay Gandhi, Roth, Rita Assaf, Assaf, Gandhi Organizations: Business, Northwestern Mutual, Pew, US Social Security, Fidelity, Financial, Citi, Wealth Management, Vanguard, Big, CFP, Roth IRA, Fidelity Investments, Savings, Hudson Locations: Portland, Houston, New York, Montana
Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer's announcement on Friday that it made about $933 million from a stock sale. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. T-Mobile was up less than 1%, while Telephone and Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight.
Persons: Agios, vorasidenib, , Duolingo Max, Semler, Elon, Zscaler, Airbnb, Eli Lilly, Macheel, Pia Singh, Hakyung Kim, Jesse Pound Organizations: GameStop, . Illinois, U.S, Cellular, Mobile, Telephone, Data Systems, U.S . Cellular, . Food, Drug, Pharmaceuticals, Royalty Pharma, Nvidia, Cruise, Mizuho, Sarepta Therapeutics, RBC Capital Markets, RBC, Sea, Reuters, , Energy Capital Partners, Wedbush, FDA Locations: U.S, Norwegian, Wells
"It's very early days in generative AI," said Jassy, who succeeded Jeff Bezos as CEO in 2021. Davidson, told CNBC that Amazon was "caught flat-footed" by the generative AI boom. During a Q&A session on Wednesday, Jassy was asked twice about the status of Amazon's generative AI efforts. He said the company is "seeing a lot of momentum" in generative AI within AWS to where it's now a multibillion-dollar business based on annualized revenue. Amazon has previously said it intends to use generative AI to make Alexa more conversational.
Persons: Noah Berger, Andy Jassy, OpenAI's ChatGPT, Adam Selipsky, Jassy, Jeff Bezos, Matt Garman, Gil Luria, Davidson, Luria, Bezos, Selipsky, Casey McGee, McGee, Anthropic, Dario Amodei, OpenAI, it's, Garman, Amazon, wasn't, Dilip Kumar, Kumar, Swami Sivasubramanian, Jamie Meyers, Meyers, Matt, Jordan Novet, Kate Rooney Organizations: Web Services, Getty, Amazon, Microsoft, Google, D.A, CNBC, Amazon Web, Alexa, AWS, Nvidia, ChatGPT, Accenture, Toyota, Nasdaq, Investments Locations: Las Vegas, Vegas, Bezos, Anthropic
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