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The company wants Nasdaq's help to investigate the alleged "naked" short selling. AdvertisementDonald Trump's media company is doubling down on claims there's something fishy with its stock — and it wants the Nasdaq's help investigating. In another letter to Nasdaq CEO Adena Friedman on Tuesday, Devin Nunes — the president of Trump Media and Technology Group — raised concerns about potential "manipulation." Nunes wants to investigate whether "Wall Street insiders" are engaged in naked short selling the stock, which trades under the DJT ticker. As of Wednesday, Trump Media had a market capitalization of roughly $8 billion.
Persons: Trump, Devin Nunes, , Donald Trump's, Adena Friedman, Devin Nunes —, Nunes, who've, Friedman, DJT, FTDs, he's, Donald Trump Organizations: Service, Trump Media, Technology, Truth, Nasdaq, Business, Citadel Securities
Wolfe Research has a list of stocks that are big targets for short sellers, including some of the market's most well-known names. Wolfe's short screens look at valuation, earnings quality, capital allocation and sentiment to find stocks that are most at risk. Here are 10 that showed up most commonly on Wolfe's screens: Tesla , the leading domestic maker of electric vehicles, was one of the best-known stocks on the list. Unlike Tesla, the solar stock has soared more than 60% this year. Rideshare platform Lyft popped up on four of Wolfe's short screens, down from six the month before.
Persons: Wolfe, Tesla, Elon, Morgan Stanley's Andrew Percoco, Morgan Stanley Organizations: Wolfe Research, Tesla Locations: Tuesday's
People are exiting the stock market in droves
  + stars: | 2024-06-05 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
The US stock market is shrinking, and investors are pulling their money out at a near-record pace as storm clouds gather over the US economy. A shrinking market: The stock market isn’t the economy (for the most part). Fear is currently driving the US market, according to CNN’s Fear and Greed Index. “We really need to consider: Is this the outcome we want?”CEOs are making almost 200 times what workers areCEOs raked in fat pay packages last year as the US stock market boomed, reports my colleague Matt Egan. Economists were expecting job openings to register 8.36 million, according to FactSet estimates.
Persons: , Morgan Stanley, Lisa Shatlett, We’ve, Torsten Slok, Jamie Dimon, Dimon, , Matt Egan, Bosses, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, titans, Bank of America, Morgan Stanley Wealth Management, Federal, Dow, Apollo Global Management, Privately, JPMorgan, Associated Press, Workers, Bureau of Labor Statistics ’, Labor, Federal Reserve Locations: New York, Nantucket, That’s
The result is that class A units account for more than half the apartment market, compared with one-third in the early 2000s, according to Moody's Analytics. High-end apartments that offer amenities up the wazoo — and rent breaks, to boot — represent a tantalizing alternative to the for-sale market right now. But as with all good things, the golden age for America's wealthy renters must also come to an end. Nations told me she still hoped to buy a home one day. "I know how challenging it is to rent in Nashville, especially on your own," Nations told me.
Persons: Emily Nations, she's, Nicole Bachaud, Rich, Joel Sanders, Sanders, Doug Ressler, David Brasington, Ressler, they're, Organizations: Trinity, cabana, Nations, Analytics, University of Cincinnati, Census Locations: Nashville, downtown, Nations, New York, Salt Lake City, Atlanta, America, Houston, Austin, Phoenix, Charlotte, North Carolina, Raleigh , North Carolina, Tampa , Florida
Read previewWhen Richard S. started selling electronics on eBay in 2008, he didn't have much cash. Advertisement"I started buying T-Mobile Sidekicks on Craigslist for 35, selling them on eBay for 70, and I was doing that like a madman. Selling on eBay looks a lot different today than it did when Richard started in 2008. Thanks to smartphones, you can look up what an item is selling for on eBay before you source it. If you found an item for $5 at a thrift store but it's selling on eBay for $4, pass.
Persons: , Richard S, iPhones, Richard, he's, It's Organizations: Service, eBay, Craigslist, Business, Mobile Sidekicks, BI, Buffalo Bills, Salvation Army
Data analytics software maker Databricks said in a statement on Tuesday that it's acquiring Tabular, a startup that helps optimize data stored in the cloud. The gesture could help Databricks more quickly bring out products as it faces competition from Snowflake and other entities. Databricks is paying over $1 billion to buy Tabular, Databricks CEO Ali Ghodsi said in an interview. Snowflake was also bidding on Tabular, as was Confluent , a person familiar with the matter told CNBC. Focusing more on Iceberg tables might allow Databricks to take business from Snowflake clients that embrace the format.
Persons: Ali Ghodsi, Databricks, Snowflake, Ryan Blue, Dan Weeks, Okta, Mike Scarpelli, Morgan Stanley, Ghodsi, Andreessen Horowitz, Frank Slootman's, Jefferies, Brent Thill Organizations: Databricks, Summit, Street Journal, CNBC, Developers, Netflix, Salesforce, Amazon, Services, Monday, Zetta Venture Partners Locations: San Francisco, Snowflake, Delta
Read previewWhile doing back-to-school shopping for my kids in August 2022, I purchased a black JanSport backpack on Amazon. Many Amazon sales come from third-party sellers, which can be hard to vetOver 60% of Amazon's sales come from independent third-party sellers. AdvertisementAn Amazon representative told Business Insider the company has "proactive measures in place to prevent counterfeit products from being listed and continuously monitor[s] our store." When I realized my JanSport was counterfeit, I contacted the seller through Amazon to request a refund. Lastly, buyers can also report counterfeit products to Amazon Customer Service.
Persons: , I've, they've, Sellers Organizations: Service, Business, Amazon, Amazon Customer Service
Home prices are dropping thanks to high mortgage rates weighing on demand. The 30-year fixed mortgage rate edged up last week, hovering above 7%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHome prices are falling at the fastest pace in over a year, thanks to demand plunging amid stubbornly high mortgage rates, according to Redfin. That's the highest percentage of sellers that have slashed prices since November 2022, when the 30-year fixed mortgage rate spiked past 7% for the first time in more than 20 years.
Persons: Organizations: Service, Business
Perhaps the last thing the market needs is another shady financial product that pushes low-income Americans into homes they can’t afford, under terms that could bankrupt them. The zero-down mortgage is making a comeback, my colleague Matt Egan reports. And honestly, when has the value of the housing market ever gone anywhere but up up up up? The housing market, as we all remember from “The Big Short,” does not always go up. One way for motivated buyers to hunt for a lower mortgage rate is buy someone else’s.
Persons: America’s, aren’t, Matt Egan, you’re, let’s, didn’t, you’d, you’ll, , Patricia McCoy, ” Alex Elezaj, ” Adams, , Samantha Delouya, Ellen Harper, Samantha, ” Harper Organizations: New, New York CNN, Wall, United Wholesale Mortgage, Boston College Law School, CNN, Locations: New York, Georgia
Rainier...)," Larsen wrote in the email, referring to a snowcapped peak near Seattle, where Amazon is headquartered. Months later, Amazon struck a deal with Shopify that put Buy with Prime on the Shopify merchant marketplace, extending the tool's reach with sellers. Advertisement"When merchants push that metric to >75%, it'll be a good indication that we've found product-market fit," Larsen wrote. To use Buy with Prime, Amazon charges merchants a 3% Prime service fee in addition to fulfillment fees and payment processing fees. However, Piiparinen said the 3% service fee is less than the referral fees merchants pay when selling on Amazon.com.
Persons: , Craig Leslie, Leslie, It's, Peter Larsen, Andy Jassy, Larsen, Santos, Anders Piiparinen, who's, doesn't, Piiparinen, Amazon's, Smart, ZOA, GreatCircleUS.com, Madeline Stone Organizations: Service, Amazon, Business, Bean Coffee Company, Shoppers, Ekrin Athletics, BI, Prime Locations: . Rainier, ., Seattle, Piiparinen, mstone@businessinsider.com
In today's big story, we're looking at China's strict approach to overseeing its AI development and the threat it poses to the world. The country's history of censorship and surveillance is extending to its approach to AI , writes Business Insider's Linette Lopez. AdvertisementThe CCP's plan for AI is about shaping reality and enforcing its power, according to internal documents. What to do ahead of May's jobs report. Permabull Tom Lee said it's a great time to buy stocks — shocking — with a new jobs report set to drop on Friday.
Persons: , Kiran Ridley, Stringer, Getty, Tyler Le, Insider's Linette Lopez, Linette, chatbots, Jinping, Xie Huanchi, we've, Ken Griffin's, Permabull Tom Lee, it's, Stocks, Keith Gill, It's, Amazon's, Alyssa Powell, boomer, Gen, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett, Annie Smith Organizations: Service, Harvard, Business, Chinese Communist Party, of, People, Getty, Citadel Securities, BI, GameStop, Cloud, Prime, Apple, American Express, Research, Boomers Locations: China, Beijing, Xinhua, New York, London, Chicago
London CNN —Shares in GameStop shot up almost 73% in pre-market trade Monday as the renewed frenzy around meme stocks shows little sign of abating. The video game retailer’s stock soared hours after a Reddit post by stocks influencer Keith Gill — also known as “Roaring Kitty” — revealed that he had bought nearly $116 million worth of the stock. The post was the first on Gill’s Reddit account in more than three years, when social media-fueled hype around GameStop (GME) shares was in full swing. Meme stocks are shares that swing wildly in value based on their popularity among trader communities on social media rather than the companies’ fundamental characteristics. He also said he did not set out to help stoke the GameStop frenzy and instead believed the stock offered an attractive opportunity for investors.
Persons: Keith Gill —, ” —, Gill Organizations: London CNN —, GameStop, AMC Entertainment, stoke
Insider Today: Amazon's AI problem
  + stars: | 2024-06-02 | by ( Matt Turner | ) www.businessinsider.com   time to read: +4 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Also read:AdvertisementGetty Images; Alyssa Powell/BIThe best investments everBI asked seven heavyweight investors, including Rob Arnott and Bob Elliott, to identify the best trades of their careers. Each shared the top investments they've made, and explained how the lessons from those decisions still apply today. Getty Images; Alyssa Powell/BIAmerica's ridiculous hiring hurdleFewer American men than ever are working right now, and unemployment insurance may be at least partially to blame. Getty Images; Alyssa Powell/BIA better way to sell homesFixed-rate mortgages guarantee homeowners will pay the same amount each month for decades.
Persons: , You'll, Kitty, Flopsy, Jenny Chang, Rodriguez, Andrej Sokolow, Carter Smith, Alyssa Powell, Amazon, Rob Arnott, Bob Elliott, Andrea Mac Organizations: Service, Business, Google, Getty, Bloomberg Locations: Denmark, America
Stuck in a Starter Home
  + stars: | 2024-06-02 | by ( Rukmini Callimachi | ) www.nytimes.com   time to read: 1 min
If buying a home is an inexorable part of the American dream, so is the next step: eventually selling that home and using the equity to trade up to something bigger. But over the past two years, this upward mobility has stalled as buyers and sellers have been pummeled by three colliding forces: the highest borrowing rates in nearly two decades, a crippling shortage of inventory, and a surge in home prices to a median of $434,000, the highest on record, according to Redfin. People who bought their starter home a few years ago are finding themselves frozen in place by what is known as the “rate-lock effect” — they bought when interest rates were historically low, and trading up would mean a doubling or tripling of their monthly interest payments.
Read previewA Tesla investor accused Elon Musk of using insider information on his company to sell $7.5 billion worth of Tesla stock in 2022, according to a lawsuit filed Thursday in Delaware Chancery Court. "Musk's insider profits for his November and December sales were approximately $3 billion based on the January 3, 2023 closing price of $108.10 per share," the lawsuit alleged. AdvertisementPerry also accused Musk of misleading shareholders about what to expect in the fourth quarter of that year in an October 2022 earnings call. "So, Q4 is looking extremely good," Musk said in the call, according to a transcript published by The Motley Fool. AdvertisementMcCormick's ruling has caused Musk to sour on Delaware and has been pitching a move for Tesla to be incorporated in Texas.
Persons: , Elon Musk, Michael Perry, Tesla, Perry, Musk, Larry Ellison, Ellison, James Park, Kathaleen McCormick, McCormick Organizations: Service, Business, Oracle, New York Times, University of California, Investors Locations: Delaware Chancery, Los Angeles, Delaware, Texas
Gold bars and silver coins continue to show strong sales for Costco. The company sells an estimated $200 million per month of the metals. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGold bars and silver coins had another quarter of strong sales for Costco. Analysts estimate the company sells around $200 million of gold and silver each month, and former CFO Richard Galanti has said the supply usually sells out "within hours."
Persons: , Richard Galanti Organizations: Costco, Service, Business
Want a low mortgage rate? Take someone else’s
  + stars: | 2024-05-31 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +6 min
This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Securing that ultra-low mortgage rate means that Harper will save thousands of dollars in monthly payments. “I just decided I wanted to see how low I could pay on the interest rate,” Harper said. And while the mortgage rate on the second loan may be high, the total monthly payment could still be lower — if the assumed mortgage rate is low enough. Snagging a low mortgage rate like Harper’s in today’s high interest rate environment may seem like a dream come true to some prospective homebuyers, but the process is not always smooth sailing.
Persons: , Ted Tozer, Ginnie Mae —, Tozer, Ellen Harper, Harper, , ” Harper, ” Tozer, homebuyers, he’d, Raunaq Singh Organizations: CNN, of Housing, Urban, Urban Institute, Intercontinental Exchange, Federal Housing Administration, US Department of Veterans Affairs, Realtors Locations: Georgia, Georgia , Arizona , Colorado , Texas, Florida
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAn ultra-luxe "Billionaire's Row" residential tower has been mired in a lengthy legal dispute, and some owners are now fleeing the building, according to a report in The Wall Street Journal. The condominium board at 432 Park Avenue in midtown Manhattan — once the tallest residential building in the Western Hemisphere — first sued the building's developers in 2021. In the three years since the initial lawsuit, the battle has intensified, with more than 4 million pages of documents filed in court, according to The Wall Street Journal. AdvertisementEighteen units in 432 Park, totaling 14% of the building's units, were listed for sale as of mid-May, the Wall Street Journal analysis found, citing data from StreetEasy.
Persons: Organizations: Service, Street, Hemisphere, Business, Wall Street, Wall Locations: midtown Manhattan —, New York City, StreetEasy
According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. These so-called pending sales are a forward-looking indicator of closed sales one-to-two months later. Pending sales were 7.4% lower than in April of last year. Because the count is based on signed contracts, it shows how buyers are reacting to mortgage rates in real time. With home prices still climbing and supply very low, leading to increased competition, that jump in rates had a huge effect on sales.
Persons: Justin Sullivan, Lawrence Yun, Yun, Hannah Jones Organizations: National Association of Realtors, Mortgage News, NAR, West, Realtor.com Locations: CALIFORNIA, San Anselmo , California, Midwest, Redfin
Read previewCitadel Securities announced Thursday that Jim Esposito, a former cohead of the global banking and capital markets group at Goldman Sachs, is set to join the company as president in September. He will report to Peng Zhao, Citadel Securities' CEO, a spokesperson for the firm confirmed to Business Insider. "We are thrilled to welcome Jim to Citadel Securities during a period of significant expansion and opportunity for our firm." Bloomberg News earlier reported Esposito's appointment to Citadel Securities on Thursday. Ken Griffin, the billionaire hedge fund founder of both the asset manager Citadel as well as Citadel Securities, relocated his companies' headquarters to the Magic City in 2022.
Persons: , Jim Esposito, Goldman Sachs, Peng Zhao, Esposito, Goldman, Jim, Ken Griffin, Zhao Organizations: Service, Citadel Securities, Business, Citadel, Apple, Goldman, . Citadel, BI, Bloomberg, Sunshine State, Magic City, Elliott Management Locations: South Florida, London, Miami, Chicago . Miami
AdvertisementIn addition to his eBay store, Richard owns a vintage clothing store, The Spot, in Coral Springs, Florida. Advertisement"The customer for a Tommy Bahama shirt is totally different from a customer that wants a Nike skateboard shirt," he said. For example, if you're selling a Tommy Bahama shirt, don't just title your listing "Tommy Bahama shirt," he said. "If your title says 'Tommy Bahama Shirt Purple Monkey Dishwasher,' nobody is ever going to search that," he said. So every single time a customer searches 'Tommy Bahama Hawaiian Shirt,' I show up; 'Tommy Bahama Camp Shirt,' I show up.
Persons: , Richard, he's, Richard S, It's, Tommy Bahama, Bahama, Tommy Bahama Camp, that's, I'm, I've Organizations: Service, CVS, Circuit, Business, eBay, BI, Nike Locations: Coral Springs , Florida, South Florida
Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Below $200 a share is the level we'd get interested in buying more Salesforce stock, Jim said. The industrial name will continue to be a beneficiary of the AI trade due to Eaton's booming data center business. Alphabet : If this mega-cap name experiences a move lower, investors should scoop up shares, Jim said. Nvidia : There's not much more to say about Nvidia in light of another blowout earnings report and the strong guidance accompanying it.
Persons: Jim Cramer's, Jim, Apple's, Goldman Sachs, Salesforce, We've, Danaher, he'd, Walt Disney, We're, Estee Lauder, Eaton, Ford, Motors, Mary Dillon's, It's, Linde, Eli Lilly, Mark Zuckerberg's, Morgan Stanley, we're, Stanley Black, we've, Wynn, Jim Cramer, Michael M Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Abbott Labs, Amazon Web Services, Broadcom, Dell, Samsung, Costco Wholesale, Coterra Energy, DuPont De Nemours, DuPont, The, Eaton, Ford, GE Healthcare, Honeywell, Jim, Linde, Microsoft, Nvidia, Palo Alto Networks, Palo Alto, Change, Procter & Gamble, Constellation Brands, Constellation, Modelo, Corona, Federal Reserve, TJX, Marshalls, Wynn Resorts, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: China, Dover, Eaton, U.S, Maxx, HomeGoods, Wells Fargo, Macau, New York City
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWhile growth has normalized, prices still remain elevated, with median prices of existing and new homes both near all-time highs. In fact, the Housing Affordability Index fell to its all-time low last year, but Schwab noted that it seems to be pushing back up from the bottom. AdvertisementThe bank added that mortgage rates are likely to keep drifting higher, as federal interest rates normalize at around current levels. "Yet, a stabilization in activity, price growth, and interest rate volatility will likely provide a more stable foundation for the sector."
Persons: , Charles Schwab, Schwab, That's, homebuilders, it's Organizations: Service, Business Locations: Redfin
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAn ultra-luxe "Billionaire's Row" residential tower has been mired in a lengthy legal dispute, and some owners are now looking to sell building, according to a report in The Wall Street Journal. The condominium board at 432 Park Avenue in midtown Manhattan — once the tallest residential building in the Western Hemisphere — first sued the building's developers in 2021. In the three years since the initial lawsuit, the battle has intensified, with more than 4 million pages of documents filed in court, according to The Wall Street Journal. Eighteen units in 432 Park, totaling 14% of the building's units, were listed for sale as of mid-May, the Wall Street Journal analysis found, citing data from StreetEasy.
Persons: Organizations: Service, Street, Hemisphere, Business, Wall Street, Wall, WSJ Locations: midtown Manhattan —, New York City, StreetEasy
A seller specializing in Target products has amassed a considerable following on eBay and Poshmark. Bullseye Deals sources salvage merch from Target, including from the company's private label brands. 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 . AdvertisementA seller has amassed a considerable following, offering huge deals on Target products to buyers on eBay, Poshmark, and Facebook Marketplace.
Persons: Organizations: eBay, Target, Service, Facebook, Business Locations: Poshmark
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