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GameStop — GameStop shed nearly 15% after the video game retailer reported lower fourth-quarter revenue from a year ago. Merck — Merck jumped 4% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung condition. However, Carnival reported an adjusted loss per share of 14 cents, better than the 18 cent loss analysts had expected. Cintas raised its full-year earnings and revenue guidance. Reddit — The social media stock slumped 13%.
Persons: Merck — Merck, Cintas, Reddit, Morgan Stanley, Wells, Concentrix, Coinbase, Donald Trump's, nCino, , Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Macheel, Jesse Pound, Brian Evans, Sarah Min Organizations: GameStop, Merck, U.S . Food, Drug Administration, LSEG, New York Stock Exchange, Marvell Technology, Citi, Deutsche Bank, General, , Electric, U.S . Securities, Exchange, SEC, Moderna, Trump Media & Technology, Truth Social Locations: U.S, Wells Fargo
President Biden said on Tuesday that the federal government would “pay the entire cost of reconstructing” the collapsed Francis Scott Key Bridge in Baltimore, adding that he hoped it would be rebuilt and reopened “as soon as humanly possible.”Mr. Biden’s midday remarks from the White House came as he sought to demonstrate a robust federal government response to the bridge disaster, the second on a major interstate highway in the nation’s Northeast Corridor in 10 months. The president’s optimism about rebuilding Baltimore’s bridge follows the successful effort last summer to put back together an Interstate 95 overpass in Philadelphia that collapsed after a fire. Mr. Biden visited six days later and stood alongside Pennsylvania’s governor for an announcement that the overpass would be repaired and reopened within two weeks. Baltimore’s bridge collapse is a far larger infrastructure project that is all but certain to take much longer to repair. Mr. Biden said at the White House that he expected to visit “as soon as I can.” No trip has yet been arranged, officials said.
Persons: Biden, Francis Scott Key, Mr, Pennsylvania’s, Organizations: White Locations: Baltimore, , Philadelphia
This 'hidden AI gem' can surge 80%, Baird says
  + stars: | 2024-03-26 | by ( Michelle Fox | ) www.cnbc.com   time to read: +1 min
Semtech is a "hidden AI gem" that is not being appreciated by Wall Street, according to Baird. The firm added the semiconductor manufacturer to its "fresh pick" list and reiterated its outperform rating on Tuesday. Its $40 price target suggests nearly 80% upside from Monday's close. Semtech is "firmly entrenched as the leader" in that space due to its time to market, product performance and depth of customer relationships, Gerra noted. Shares of Semtech were up nearly 7% during midday trading but have fallen 25% over the past 12 months.
Persons: Wall, Baird, Tristan Gerra, Gerra
Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.
Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating
Krispy Kreme — Krispy Kreme popped nearly 30% and headed for its best day on record. Trump Media & Technology Group — Shares of former President Donald Trump's social media company surged 35% after it began trading on the Nasdaq . Trump Media completed its merger with shell company Digital World Acquisition Corp . McCormick — The stock jumped 10% after the spice maker topped earnings and revenue expectations for its fiscal first quarter. Reddit — Reddit popped about 15% as investors continued buying up the social media stock following its Thursday debut on the New York Stock Exchange .
Persons: Kreme, McDonald's, Donald Trump's, McCormick, Morgan Stanley, Alex Harring, Michelle Fox, Jesse Pound, Pia Singh Organizations: Trump Media & Technology, Nasdaq, Trump Media, Revenue, New York Stock Exchange, Viking Therapeutics, Seagate Technology, Micron Technology, Mizuho Securities, UPS —, UPS, JPMorgan Locations: FactSet
Masimo — The medical technology company climbed nearly 5%. Wells Fargo upgraded the stock to overweight from equal weight in light of the news. Super Micro Computer — The chip stock jumped nearly 10% after JPMorgan initiated coverage of the high-flying name. Foot Locker — Shares jumped 7% after Evercore upgraded shares to outperform from in line. Digital World Acquisition Corp. — The special purpose acquisition company leapt 26% after shareholders approved a merger with former President Donald Trump's social media company Trump Media & Technology Group, which owns Truth Social.
Persons: David Calhoun, Larry Kellner, Masimo, Wells Fargo, Samik Chatterjee, Chipmakers, Nelson Peltz's, Bob Iger, Evercore, Foot, Wedbush, GameStop's, Donald Trump's, Alex Harring, Jesse Pound, Hakyung Kim, Pia Singh, Sarah Min Organizations: Boeing, JPMorgan, Department of Energy, Semiconductor, Micron Technology, Nvidia, VanEck Semiconductor, Disney, Barclays, Fund Management, Mizuho, GameStop, Trump Media & Technology Group, Trump Media, United Airlines —, Reuters, U.S . Federal Aviation Administration, United Airlines Locations: Wells, Cleveland, Department of Energy . Cleveland, Ohio, Pennsylvania
But a viral TikTok shows that some people aren't happy about what the giant structures are replacing in Northern Virginia. Related storiesOthers pointed out the irony of posting about the issue on a social media platform powered by data centers. Data centers are popping up thanks to billions of dollars of investment and the AI boom. In Loudon County, roughly a 45-minute drive from DC, some residents say they can hear a constant hum from all the data centers in the area. AdvertisementDo you live or work in Northern Virginia or another part of the US where data centers have altered life?
Persons: , @claireecowles, suara, commenter, they're Organizations: Service, Business, Northern, Northern Virginia Technology Locations: Northern Virginia, Shenandoah, Washington, Virginia, NoVa, Loudon County
The Pre-Market Rundown 2: March 25, 2024
  + stars: | 2024-03-25 | 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 EmailNews Update – MiddayCNBC brings you fast, accurate, and actionable business news and market updates.
Organizations: CNBC
The appalling attack on the vast Crocus City Hall concert venue and shopping complex near Moscow, which has been claimed by ISIS, has left hundreds of innocents killed or injured. The four men suspected of carrying out the attack were arrested near Russia’s border with Ukraine, Russian authorities said. For years, the Kremlin strongman has been cast as a leader able to guarantee order in this vast, turbulent country. In the same way, the recent death of Alexey Navalny, Russian most prominent opposition leader, has permanently silenced a vocal Kremlin critic. But for a leader who has promised security and stability to Russians, a major attack on Russian soil is yet another powerful blow.
Persons: Vladimir Putin, Putin, Yevgeny Prigozhin, Wagner, Alexey Navalny Organizations: CNN, Crocus City Hall, ISIS, Ukraine – Kyiv, Kremlin, intel Locations: Russia, Crocus, Moscow, Russia’s, Ukraine, Putin’s, Ukrainian
GE stock has been on a tear, outperforming the market over the past year, as investors bet that the company's break-up will unlock still more value. Since the health-care spinoff, GE shares have risen above $170 from the $60s. He expects anyone buying GE Vernova shares in April will get "a 50% move over the next fourteen months." GE's aerospace business benefits from a dominant market position where it leads in both widebody and narrowbody jet engines. Still, GE Vernova was a weak spot for the company since 2015, according to analysts.
Persons: haven't, FactSet, Gordon Haskett, Don Bilson, GE's, Andrew Obin, Obin, I've, Tony Bancroft, Scott Deuschle, Deuschle, Bancroft, Larry Culp, Culp, GE Vernova, Michael Bloom Organizations: GE Vernova, New York Stock Exchange, GE, GE Healthcare Technologies, General Electric, GE Healthcare, Bank of America, GE Aerospace, Gabelli, Aerospace & Defense ETF, Deutsche Bank, Bank, America's
Investors see the event as a bellwether for artificial intelligence, as Nvidia is expected to unveil new products and updates. Alphabet , Apple — Shares of the Google parent company gained nearly 7% following a Bloomberg report that said Apple was discussing licensing Alphabet's Gemini artificial intelligence engine into the iPhone. Apple climbed roughly 2%. PepsiCo — The beverage stock rose nearly 4% after an upgrade to overweight from equal weight by Morgan Stanley . PepsiCo's business fundamentals should bottom out early this year and then rebound in the second half, according to Morgan Stanley.
Persons: Apple, Tesla, Morgan Stanley, Uber, — CNBC's Pia Singh, Jesse Pound Organizations: Nvidia —, Conference, Investors, Nvidia, National Association of Realtors, realtors ., , Google, Bloomberg, Apple, Taiwan Semiconductor Manufacturing, Reuters, Bank of America, PepsiCo, Technologies Locations: San Francisco, Japan
The Pre-Market Rundown 2: March 18, 2024
  + stars: | 2024-03-18 | 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 EmailNews Update – MiddayCNBC brings you fast, accurate, and actionable business news and market updates.
Organizations: CNBC
The Israeli military said that Hamas fighters had shot at its soldiers from within the complex and soldiers had returned fire. The Gazan Health Ministry said Israeli forces had launched missiles at the complex and fired into surgery rooms. The Israeli military also said one of its soldiers had been killed in the fighting at Al-Shifa. Israel has said that the hospital complex doubled as a secret Hamas military command center, calling it one of many examples of civilian facilities that Hamas uses to shield its activities. But the Israeli military has struggled to prove that Hamas maintained a command-and-control center under the facility.
Persons: Daniel Hagari, , , Israel, Mabhouh, Shifa, Alaa Abu, Kaas, Al Tatar, ” Mr, Hagari, Myra Noveck, Abu Bakr Bashir Organizations: Shifa, Hamas, Gazan Health Ministry, Al, , The New York Times Locations: Al, Gaza, Israel
Bloomberg reported Monday Apple and Google are in talks for iPhones to integrate Gemini AI. "The potential deal is a validation moment for Google's generative AI positioning," Wedbush said. AdvertisementBloomberg reported Monday that Google and Apple are in talks to potentially integrate Gemini's generative AI technology with iPhones, and shares of both companies soared on the news. "The potential deal is a validation moment for Google's generative AI positioning," Wedbush analyst Scott Devitt said in a note Monday. AdvertisementSources told Bloomberg that Apple could license Gemini to support new software coming to iPhones this year, adding that Apple has held similar discussions with OpenAI.
Persons: Wedbush, , Scott Devitt, Elon Musk, Apple, Devitt Organizations: Bloomberg, Apple, Google, iPhones, Gemini, Service, Bank of America, Al Locations: New York, Cupertino
Minutes after polls closed on Sunday, the head of the Russian Central Election Commission (CEC) said Putin was in the lead with 87.9% of the vote, with 24.4% of the count in. More constitutional changes in 2020 removed presidential term limits, potentially allowing Putin to stay in power until 2036. Russia also held the presidential election in four Ukrainian regions it annexed during its full-scaled invasion. APThe election comes after more than two years of war which have exacted huge costs on the Russian population. After the election, Russia is set to continue to press home its growing advantage in Ukraine.
Persons: Vladimir Putin, Putin, Russia’s, Joseph Stalin, – Putin, , Wagner, Yevgeny Prigozhin, Alexey Navalny, Navalny, Novichok, , Navalny’s, Yulia Navalnaya, Molotov, Ella Pamfilova, Dmitri Lovetsky, Levada Organizations: CNN, Kremlin, Russian, Election Commission, Russian Security Service, Sunday, CEC, West Locations: Soviet, Russia, Ukraine, Moscow, St . Petersburg, Germany, China, North Korea, Iran, Avdiivka, United States, Europe
Fed officials have said they will begin to cut rates whenever they have “gained enough confidence” that inflation is under control. The Bank of Japan announces its latest interest rate decision. The Reserve Bank of Australia announces its latest interest rate decision. The Federal Reserve announces its latest interest rate decision and releases a fresh set of economic projections, followed by a news conference featuring Chair Jerome Powell. The Bank of England announces its latest interest rate decision.
Persons: Wall Street’s, , ” Kathy Bostjancic, , Jerome Powell, ” Powell, Fed hasn’t, Nathaniel Beck, Elizabeth Warren of, Powell, lambasting, Donald Trump, reappoint Powell, ” Kayla Bruun, David Goldman, Anna Bahney, Cowen, Lennar, Mills Organizations: CNN Business, Bell, Washington CNN, Federal Reserve, Fed, Nationwide, CNN, Elizabeth Warren of Massachusetts, Democratic, Republican, Morning, National Association of Realtors, NAR, Realtors, Toll Brothers, National Association of Home Builders, Bank of Japan, Reserve Bank of Australia, US Commerce Department, Micron Technology, Prudential, Accenture, Nike, FedEx, lululemon, Darden, Academy Sports, Bank of England, US Labor Department, Global Locations: Washington, Wells Fargo
“All of us decent people are hostages here.” Like other voters interviewed, she declined to provide her last name, for fear of reprisal. “It is so important to see people who think like you, who don’t agree with what is happening,” she said. More broadly, the muted, purely symbolic form of civil disobedience envisioned by the initiative underscores just how little the Russian opposition can do to influence events in the country amid the pervasive repression. Noon Against Putin has been expected to be particularly large-scale abroad, because dissident voters faced lower risks outside Russia. Ms. Navalnaya was seen standing in a long line outside the Russian Embassy in Berlin on Sunday afternoon.
Persons: Vladimir V, Putin, Aleksei A, Navalny, Mr, Navalny’s, , Lena, Noon, Yulia Navalnaya, , ” Leonid Volkov, Nanna Heitmann, Volkov, Kristina, Navalnaya, Valerie Hopkins, Tomas Dapkus, Anton Troianovski Organizations: Sunday, The New York Times, YouTube, Russian Embassy Locations: Russian, Ukraine, Moscow, Russia, Lithuania, Lane, Berlin, Riga, Latvia
Long lines of voters formed outside polling stations in major Russian cities during the presidential election on Sunday, in what opposition figures portrayed as a striking protest against a rubber-stamp process that is certain to keep Vladimir V. Putin in power. Before he died last month, the Russian opposition leader Aleksei A. Navalny had called on supporters to go to polling stations at midday on Sunday, the last day of the three-day vote, to express dissatisfaction with Mr. Putin, who is set to win his fifth presidential term in a vote that lacks real competition. Mr. Navalny’s team, which is continuing his work, and other opposition movements reiterated calls for the protest in the weeks leading up to the vote. Simply appearing at the polling station, for an initiative known as Noon Against Putin, they said, was the only safe way to express discontent in a country that has drastically escalated repression since its full-scale invasion of Ukraine two years ago. The opposition leaders said showing solidarity with like-minded citizens by mere presence was more important than what the voters chose to do with their ballots, because the election lacked real choice.
Persons: Vladimir V, Putin, Aleksei A, Navalny, Mr, Navalny’s Locations: Russian, Ukraine
Adobe — Shares slipped 15% after the software company issued weak revenue guidance for its current quarter. Revenue guidance came out in the range between $110.5 million and $112.5 million, also below the $113.4 million expectation from analysts. Smartsheet — The business software provider retreated by 3.2% after posting revenue guidance that was worse than analysts expected. Ulta Beauty — Shares edged lower by 5.3% after the beauty products retailer posted disappointing full-year earnings guidance. Steel Dynamics — Shares of the Indiana-based steelmaker rose more than 2% after strong earnings guidance for the first quarter.
Persons: Geron, Piper Sandler, Jabil, PagerDuty, Smartsheet, Ulta, Stocks, cryptocurrencies, bitcoin, MicroStrategy, Cardlytics, , Alex Harring, Jesse Pound, Lisa Kailai Han, Michelle Fox Theobald Organizations: Geron, U.S, Food, Drug Administration, Micron Technology, Citi, Micron, Adobe, FactSet, Marathon, Steel, Steel Dynamics, Wall Street Locations: Indiana
The S&P 500 declined 0.7% and the Nasdaq Composite fell 1%. Turbulence for airline stocksAirline stocks have also been pummeled this week, as years of safety issues at Boeing continue to plague the industry. The NYSE Arca Global Airline index, which tracks the performance of major American and overseas airlines, is on track to end the week 2.2% lower. But Liz Young, head of investment strategy at SoFi, notes that the S&P 500 hasn’t seen a one-day decline of 2% or more since last February. AI up-and-comer Super Micro Computer will join the benchmark S&P 500 index on Monday.
Persons: New York CNN — Stocks, shrugged, Gold, Bitcoin, Dow, Price, , Ken Tjonasam, Max, Robert Jordan, Liz Young, Young, “ It’s, What’s, Jensen Huang Organizations: New, New York CNN —, Federal Reserve, Nasdaq, Dow, Global, Airline, Boeing, Latam, Wall, Southwest Airlines, Airbus, “ Boeing, , JPMorgan Chase, NYSE Arca, Nvidia, Computer, Investors, Federal, Market Committee, Fed, National Association of Home Builders, Census Bureau, National Association of Realtors Locations: New York, Australia, New Zealand, Wells Fargo
Mikhail Svetlov/Getty ImagesThere are no surprises over who will win Russia's presidential election this coming weekend with incumbent, Vladimir Putin, set to win a fifth term in office, keeping him in power until at least 2030. The heavily stage-managed vote taking place from Friday to Sunday is not expected to throw up any nasty surprises for the Kremlin which told CNBC months ago that it was confident Putin would win the vote comfortably. That's particularly the case in a country where Russian opposition figures are not represented on the ballot paper or in mainstream politics, with most activists having fled the country. "According to official data, Putin received 77.5% of valid votes in the 2018 presidential election that saw a turnout of 67.5%. Russian opposition activists, most in self-imposed exile in order to evade arrest, imprisonment or attack, have also condemned the election.
Persons: Vladimir Putin, Mikhail Svetlov, Putin, That's, Alexei Navalny, there's, Vladislav Davankov, Leonid Slutsky, Nikolay Kharitonov, Russia's, Yekaterina Duntsova, Boris Nadezhdin, Andrei Kolesnikov, , Diego Herrera Carcedo, Andreas Tursa, Russian Federation's, Yulia Navalnaya, Dmitrii, we're Organizations: Kremlin, CNBC, New People, Liberal Democratic Party, Communist Party, Russia's, Commission, Levada, Carnegie Russia Eurasia Center, Anadolu Agency, Getty, Putin, Teneo, Russian Democratic Society, Festival Locations: Kremlin, Ukraine, Russia, Klishchiivka, Donetsk Oblast, Europe, Kyiv, Crimea, Zaporizhzhia, Kherson, Donetsk, Luhansk, Russian, London, Sirius, Sochi, Stavropolsky Krai, Krasnodar Krai
Dick's Sporting Goods — Shares jumped 14% after the sporting goods retailer posted fourth-quarter results that exceeded expectations. Dick's Sporting Goods reported earnings of $3.85 per share on revenue of $3.88 billion. Analysts surveyed by LSEG, formerly Refinitiv, had expected earnings per share of $3.35 on revenue of $3.80 billion. In its first quarter, Lennar reported revenue of $7.31 billion, weaker than the $7.39 billion expected by analysts polled by LSEG. UiPath — Shares tumbled 7.4% after the enterprise automation company posted revenue guidance that was weaker than expected.
Persons: LSEG ., SentinelOne, LSEG, Robinhood, Wells, Joe Biden, Armour, Kevin Plank, Plank's, Evercore, MicroStrategy, Oprah Winfrey, , Lisa Kailai Han, Alex Harring, Pia Singh Organizations: Dick's, Dick's Sporting Goods, LSEG, . Steel, U.S, Steel, Nippon Steel Locations: Japanese
Japan's Canon Electronics shares fell as much as 12.7% on Wednesday after Tokyo-based Space One's small rocket exploded just moments after its maiden launch. If successful, Space One would have been Japan's first company to put a satellite in orbit, according to Reuters. Space One was set up in 2018 by a consortium of Japanese companies including Canon Electronics, IHI Aerospace and construction firm Shimizu , along with the government-owned Development Bank of Japan. Space One's shareholder companies fell after the failed launch. IHI and Shimizu fell about 1%, while the banks edged lower.
Persons: Shimizu Organizations: Canon Electronics, Reuters, IHI Aerospace, Development Bank of Japan, Mitsubishi, Mizuho Financial Group Locations: Tokyo, Japan, Shimizu
Crypto stocks — Stocks whose performance is tied to the price of bitcoin rose as the cryptocurrency pushed to another record for the third day in a row. Dollar Tree posted adjusted earnings of $2.55 per share on $8.64 billion of revenue for the fourth quarter. Analysts surveyed by LSEG, formerly known as Refinitiv, had penciled in $2.65 per share on $8.67 billion in revenue. GE HealthCare — Shares dropped 3% after the medtech company announced a secondary offering of 13 million shares. Analysts had expected earnings of 2 cents per share on revenue of $1.62 billion, per LSEG.
Persons: Coinbase, MicroStrategy, CleanSpark, Baird, Goldman Sachs, Wells, Raymond James, , Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Marathon, Iris Energy, Texas, Nvidia, Devices, Micron Technology —, Micron, AMD, LSEG, GE, , GE HealthCare Technologies, General Electric, Royal, Petco, Wellness Locations: Kentucky, Royal Caribbean
Oracle shares surge 12% and head for record close
  + stars: | 2024-03-12 | by ( Alex Koller | ) www.cnbc.com   time to read: +2 min
Safra Catz, CEO of Oracle Corporation, rings the opening bell at the New York Stock Exchange, July 12, 2023. Oracle stock spiked more than 12% during intraday trading on Tuesday and is on pace for a record close, a day after the company reported fiscal third-quarter earnings that beat analysts' expectations. They're also on pace for the biggest gain since Dec. 10, 2021, when Oracle stock closed up 15.6%. Deutsche Bank lifted its price target on Oracle shares to $150 from $135, noting CEO Safra Catz reiterated fiscal 2026 guidance and strong cloud infrastructure results. Analysts at Bernstein Research, who have the equivalent of a buy rating on Oracle stock, bumped up their price target to $159 from $147.
Persons: Safra Catz, They're, Leswing, Jordan Novet Organizations: Oracle Corporation, New York Stock Exchange, Oracle, Deutsche Bank, UBS, Bernstein Research
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