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☆ Stocks making the biggest moves midday: ResMed, Affirm, Nvidia, Anheuser-Busch and more
▼ + stars: | 2024-06-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Affirm — The buy now, pay later stock popped 10% after Goldman Sachs assumed coverage of the name at a buy rating. Roth MKM upgraded Cinemark to a buy from a neutral rating, saying that headwinds should soon shift to "very attractive tailwinds." Anheuser-Busch InBev — The brewing company's shares rose around 3% after UBS upgraded the stock to buy from neutral. Carrier Global — The heating and ventilation stock rose 3% on the heels of a Citi upgrade to buy from neutral. Energy stocks – A slate of energy names rose as crude oil futures jumped to start the last week of June.

Persons: Eli Lilly, tirzepatide, Eli Lilly's, ATTR, Goldman Sachs, Will Nance, Roth MKM, headwinds, Morgan Stanley, Cowen, Ferrari, Brent, SLB, Baker Hughes, — CNBC's Lisa Han, Jesse Pound, Alex Harring, Sean Conlon, Samantha Subin Organizations: Systems, Food and Drug Administration, Coyote Logistics, UPS, Alnylam Pharmaceuticals, Nvidia, Microsoft, Anheuser, Busch InBev, UBS, Busch, IBM, Ryder, Carrier, Citi, Ferrari —, Energy, West Texas Intermediate, APA Locations: U.S

☆ Stocks making the biggest moves midday: Sarepta Therapeutics, Hertz Global, Asana and more
▼ + stars: | 2024-06-21 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Hertz Global — Shares rose more than 10% after the car rental giant upsized a bond offering to $1 billion . Asana — The stock popped 10.5% after the software firm announced a share buyback plan that would cost $150 million. Nvidia — The chipmaker dropped another 1% following a 3.5% decline in the previous session. Gilead Sciences — Shares of the pharmaceutical company popped around 2%, adding to an 8.5% rally from the previous session. Palo Alto Networks — Shares rose 2.4% after D.A.

Persons: Gilead, LendingTree, Davidson, D.A, Boyd Gaming, Boyd, —, Alex Harring, Yun Li, Lisa Kailai Han, Hakyung Kim, Michelle Fox Organizations: Therapeutics, U.S . Food, Drug Administration, FDA, Hertz, Nvidia, Gilead Sciences, Bloomberg, Palo Alto, D.A, Penn Entertainment, Boyd, Reuters, Boeing Locations: U.S, Gilead, Palo, cybersecurity, Thursday's

☆ Bank of America likes this new AI play from the auto sector
▼ + stars: | 2024-06-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Before a multiyear adoption cycle for artificial intelligence -enabled dashcam technology takes hold, investors should watch a key software stock in the automotive industry , according to Bank of America. " Samsara (IOT) is revolutionizing roadway safety," analyst Matt Bullock wrote in a Thursday note. Bullock thinks Samsara's new offerings may move the needle for the company's growth in the long term. "They also have smaller R & D budgets and install-bases from which to collect data and improve AI models," Bullock added. "Because of this, we expect Samsara to remain on the cutting edge of the video-based safety software market."

Persons: Matt Bullock, Bullock, there's Organizations: Bank of America

☆ Nvidia and these other megacap stocks are extremely overbought and could be due for a near-term pullback
▼ + stars: | 2024-06-19 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Now that megacap stocks have lifted the S & P 500 and Nasdaq Composite indexes to all-time highs, some stocks in the group have risen so high, so fast they may actually be due for a pullback. Pharmaceutical developer Eli Lilly , maker of Mounjaro for Type 2 diabetes and Zepbound for obesity, is higher by 53% this year. By contrast, the S & P 500 is up 15% this year, through Tuesday's close. Eli Lilly is also now extremely overbought, Bespoke said, after benefiting from increased demand for its weight loss and diabetes drugs. Other stocks considered extremely overbought are Nvidia, Apple and Microsoft, which have traded more than 33%, 17% and 7%, respectively, above their 50-day moving averages.

Persons: Eli Lilly, Lilly Organizations: Nasdaq, Nvidia, Broadcom, Pharmaceutical, Investment, Microsoft, Apple Locations: Tuesday's, Indiana

☆ Stocks making the biggest moves midday: La-Z-Boy, Rocket Lab USA, NextEra Energy and more
▼ + stars: | 2024-06-18 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

La-Z-Boy – The stock soared more than 19% after the furniture company topped Wall Street expectations for the fiscal fourth quarter. La-Z-Boy reported adjusted earnings of 95 cents per share on revenue of $554 million. This is above earnings estimates of 70 cents per share on revenue of $516 million, according to analysts polled by LSEG. Rocket Lab USA – Shares of the space company jumped around 9% after it signed a ten-launch deal with Japanese Earth observation company Synspective. Analysts polled by FactSet were expecting 82 cents per share in earnings on $1.7 billion of revenue.

Persons: Canaccord Genuity, Piper Sandler, Lennar, FactSet, Warren, Berkshire Hathaway, Buffett, —, Alex Harring, Michelle Fox, Sarah Min, Yun Li Organizations: LSEG, NextEra Energy, Patterson Companies, Occidental Petroleum –, Semiconductor, VanEck Semiconductor, Micron Technology, Qualcomm, Nvidia Locations: Monday's, Houston

☆ Stocks making the biggest moves midday: Autodesk, Broadcom, AMC Networks, Virgin Galactic and more
▼ + stars: | 2024-06-17 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Virgin Galactic — The struggling space company slid 15% as the stock's 1-for-20 reverse stock split took effect. The company also announced that Brenda Morris, who served as interim CEO, will remain on its board of directors. Autodesk — Shares gained more than 6% following activist fund Starboard Value taking a $500 million stake in the software company. The company beat earnings and revenue estimates for the second fiscal quarter last week, and it announced a 10-for-1 stock split. Chipotle — The restaurant chain's stock rose nearly 3% ahead of the company's 50-for-1 stock split , which is how it will begin trading at the market open on June 26.

Persons: Mark King, Brenda Morris, BTIG, Goldman Sachs, Corning, Fox, Chipotle, —, Alex Harring, Yun Li Organizations: Virgin Galactic, AMC Networks, Autodesk —, Broadcom, Shattuck Labs, Louisiana - Pacific, TDK, Apple, UBS, Fox Advisors Locations: Louisiana

☆ Watch out, these stocks are now overvalued after going on a monster run this year
▼ + stars: | 2024-06-13 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Investors may want to be careful when buying tech stocks, as some names in the sector have become overvalued after their recent gains. Additionally, the CNBC Magnificent 7 Index has seen gains nearly twice that of the XLK and Nasdaq year to date, rising about 35%. CNBC Pro screened FactSet data for stocks in the XLK whose forward price-earnings ratio is above the S & P 500's. The stock trades at a forward P/E of 23.4, which is nearly double its five-year average P/E of 12.6. The megacap tech stock's forward P/E of 32.8 is 13.1% above its five-year average.

Persons: Jefferies, Oppenheimer Organizations: Nasdaq, CNBC, Barclays, Broadcom, JPMorgan, Citi, UBS, Microsoft

☆ Stocks making the biggest moves midday: Broadcom, Signet, Dave & Buster's and more
▼ + stars: | 2024-06-13 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

Analysts polled by LSEG expected earnings of $10.84 per share and revenue of $12.03 billion. Signet Jewelers – Shares plummeted more than 13% on the heels of the company reporting mixed earnings results for the first quarter. Analysts polled by FactSet had expected earnings of 85 cents per share and revenue of $1.52 billion. The company reported revenue of $588 million, which is below the $621 million analysts had expected, per LSEG. Analysts had expected earnings of $2.68 per share and revenue of $404.8 million, according to FactSet.

Persons: LSEG, Signet, FactSet, Buster's, Tommy Bahama, Clark, Elon Musk, Oppenheimer, Ulta, Generac, Janney Montgomery Scott, Sean Milligan, Alex Harring, Michelle Fox, Sarah Min, Darla Mercado Organizations: Broadcom –, Computer, Arista Networks, Nvidia, Signet, Company, Galactic, Oxford Industries, Bank of America, Ford, Barclays, Paramount, Amusements, Paramount Global, Warner Bros, –, Liberty Global Locations: Texas

☆ Apple poised to beat Nvidia and rest of Magnificent Seven from here, BTIG says
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

The tide's turning in Apple 's favor, with the iPhone maker poised to outperform AI chipmaker Nvidia , according to a chart analyst at BTIG. So far in 2024, Tim Cook's company is ahead less than 7% while Nvidia has soared 144%. AAPL NVDA 5Y mountain Apple vs Nvidia over past five years. Krinsky, whose note was published before the stock market opened Tuesday but after Apple debuted its latest artificial intelligence plans on Monday, said Apple was poised to break out to a new high. In trading Tuesday, Apple climbed as much as 6.7% to a record $206.03 intraday, scoring its first all-time high since last December.

Persons: Jonathan Krinsky, Tim Cook's, Krinsky, Apple Organizations: Apple, Nvidia

☆ Stocks making the biggest moves midday: Affirm, General Motors, Apple and more
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Affirm Holdings – The stock popped nearly 7% following the announcement that its buy now, pay later loans will be embedded into Apple Pay as an option for purchases. U.S. Apple Pay users on iPhones and iPads will be able to use the option later this year, the company said in a filing. General Motors – The automaker's stock added about 2% after announcing a $6 billion share repurchase program. Apple – The stock jumped around 6% one day after the iPhone maker announced its artificial intelligence strategy at its Worldwide Developers Conference . GameStop – The stock rose about 2%, trimming losses after its recent slide.

Persons: General Motors, Siri, Keith Gill, Pierre Brondeau, Mark Douglas, Ronaldo Pereira, Elliott, Lee Cole, FactSet, —, Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh, Sarah Min, Jesse Pound Organizations: Apple Pay, Apple, General, GM, Worldwide Developers, OpenAI, GameStop, FMC, JPMorgan, Reuters, Apollo, Kyndryl Holdings, Southwest Airlines –, Academy Sports, Bank of America Locations: Southwest

☆ 5 things to know before the stock market opens
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

At Apple's annual Worldwide Developers Conference on Monday, the company unveiled "Apple Intelligence" – its long-awaited AI software. Apple CEO Tim Cook stressed privacy and personalization with the system, moving beyond AI into "personal intelligence." Siri will also be getting some upgrades with Apple Intelligence, and Apple announced that Siri will also be able to tap into ChatGPT when needed through the company's partnership with OpenAI. The activist hedge fund has taken a $1.9 billion stake in Southwest Airlines , which makes it one of the airline's biggest investors. This follows a number of other stakes the firm has built within the past two months, such as a $2.5 billion stake in Texas Instruments, a $2 billion stake in SoftBank and a $1 billion stake in Anglo American.

Persons: Tim Cook, John Giannandrea, Craig Federighi, Nic Coury, Siri, Elliott, Gary Hershorn, it's, Bob Jordan, Gary Kelly, Fred Tanneau, Stephane Bancel, Francis Scott Key, Michael A Organizations: Nasdaq, Dow Jones, Nvidia, Apple, Developers, AFP, Getty, Apple Intelligence, OpenAI, Max, Southwest Airlines, Hollywood International Airport, Corbis, Elliott Management, Texas, Moderna, Afp, Francis Scott Key Bridge, McCoy, Washington Post Locations: Cupertino , California, Fort Lauderdale, Fort Lauderdale , Florida, SoftBank, U.S, Baltimore

☆ Stocks making the biggest moves midday: Southwest Airlines, GameStop, Advanced Micro Devices and more
▼ + stars: | 2024-06-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Southwest Airlines — The stock rose 9% after activist hedge fund Elliott Management amassed a $1.9 billion stake in Southwest Airlines. GameStop — The meme stock slipped nearly 15% in volatile trading after a roller-coaster week. Advanced Micro Devices — The chipmaker fell 3% after Morgan Stanley downgraded shares to equal weight from overweight, saying investors' expectations look elevated. ReNew Energy Global — Shares popped more than 7% after Morgan Stanley upped its price target, saying the narrative for the U.K.-based company remains strong. DraftKings — The sports entertainment stock gained 2% after Morgan Stanley renamed the company as a top pick.

Persons: Bob Jordan, Gary Kelly, Keith Gill, Huntington Bancshares, Huntington, Morgan Stanley, GoDaddy —, Dow, Robert Half, Jefferies, DraftKings, Yun Li, Alex Harring, Michelle Fox, Sarah Min, Pia Singh, Sean Conlon Organizations: Southwest Airlines, Management, Southwest, GameStop, KKR, CrowdStrike, GoDaddy — KKR, Dow Jones, Comerica, Apple, Energy, Jefferies Locations: 2H24, Illumina, Illinois

Eighty years ago, the Allied forces stormed the beaches of Normandy, France, during World War II on what would be known as D-Day. Heads of state from around the world have traveled to France over the past few days to commemorate the 80th anniversary of the landing. Around 150 American veterans who took part in the landings were also expected to attend the ceremony. One American veteran, Robert "Al" Persichitti from New York, died while on his way to the memorial service. Canadian Prime Minister Justin Trudeau and Prince William also attended a separate Canadian commemorative ceremony near the village of Courseulles-sur-Mer, in northwestern France.

Persons: Joe Biden, Emmanuel Macron, Britain's King Charles III, Volodymyr Zelenskyy, Ryan, Tom Hanks, Steven Spielberg, Robert, Al, Persichitti, Justin Trudeau, Prince William Organizations: Allied, American Cemetery and, Canadian Locations: Omaha, Saint, Mer, France, Normandy, Europe, U.S, Colleville, New York, Courseulles

☆ The low-end consumer 'is really being stretched,' says Five Below CEO
▼ + stars: | 2024-06-06 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

"The lower-end customer is really being stretched," Anderson said on an earnings call with analysts Wednesday. "We've got to deliver value, and we've got to really display that in how we go to market, and when you walk in the store, what you see. This, he said, indicates that when consumers see the value of products, the more they have to "stretch their dollar." Though there has been some indication that aspects of the U.S. economy are improving, consumer sentiment has been lagging. In fact, consumer sentiment dropped more than 10% in May, according to the University of Michigan Survey of Consumers.

Persons: Joel Anderson, underperformance, Anderson, We've, we've, — Organizations: Revenue, Consumers, University of Michigan Survey Locations: U.S

☆ Stocks making the biggest moves midday: Five Below, Salesforce, Lululemon, Instacart and more
▼ + stars: | 2024-06-06 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

For the current quarter, Five Below said it expects between $830 million and $850 million in revenue, while analysts polled by LSEG expected $883 million. The move was made earlier this week and comes just days after the company reported its first revenue miss since 2006. Lululemon issued weak guidance for the current quarter, but its full-year earnings per share guidance was above expectations. The company recorded earnings of $2.66 per share, which is better than the LSEG consensus estimate of $2.33 in earnings per share. The bank cited its earnings per share potential and discounted valuation as reasons for the call.

Persons: LSEG, ValueAct, Mason Morfit, Lululemon, Sprinklr, Smartsheet, Smucker, Goldman Sachs, —, Samantha Subin, Michelle Fox, Lisa Han, Alex Harring Organizations: LSEG, Revenue, Old Dominion, Fluence Energy, Guggenheim, Ultragenyx Pharmaceutical, JPMorgan

☆ Hedge fund manager Eric Jackson says Nvidia is still cheap, likes this other AI beneficiary
▼ + stars: | 2024-06-05 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Nvidia is still inexpensive even as it rose to a new record on Wednesday because of the rapid pace of its earnings growth, according to EMG Capital's Eric Jackson. Last month, Nvidia topped Wall Street expectations for the fiscal first quarter and issued strong guidance for the current quarter. While Nvidia is a leader for Jackson, there's also another stock in the AI space that's on his radar. Last week, Dell shares tumbled 18% after the company reported a decline in margins and missed expectations with its AI server backlog. But Jackson believes its incremental AI server revenues of $1.7 billion from its previous quarter has positioned the company to show better margins as the year goes on.

Persons: Eric Jackson, CNBC's, Jackson, Dell, there's Organizations: Nvidia, Bank of America, Dell

☆ Hanesbrands to sell Champion brand to Authentic Brands in $1.2 billion deal
▼ + stars: | 2024-06-05 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Hanesbrands agreed to sell its global Champion business to Authentic Brands Group in a transaction valued at $1.2 billion, including a contingent cash consideration, the company announced on Wednesday. The company expects to receive net proceeds of $900 million from the deal, the release says. As of the end of the first quarter of 2024, Champion generated around $75 million of adjusted EBITDA over the past 12 months. The agreement, which the Hanesbrands' board of directors approved unanimously, comes months after the company said it was considering a sale of Champion. CNBC reported in November 2023 that Authentic Brands Group and fellow brand management firm WHP Global were both interested in buying Champion.

Persons: Hanesbrands, Bill Simon Organizations: Authentic Brands, CNBC, Brands Group, WHP Global, Barington Capital Group

☆ Stocks making the biggest moves midday: CrowdStrike, GameStop, Dollar Tree, Nvidia and more
▼ + stars: | 2024-06-05 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Check out the companies making headlines in midday trading: CrowdStrike — The cybersecurity company popped 9% after posting a strong outlook and a first-quarter results beat. Dollar Tree — Shares of the discount retailer fell more than 4% after second-quarter guidance came in below expectations. Dollar Tree said it expected between $1 and $1.10 in adjusted earnings per share, while analysts surveyed by FactSet had penciled in $1.19 per share. Verint reported adjusted earnings of 59 cents per share on revenue of $221.3 million in the first quarter. Analysts surveyed by LSEG had anticipated just 54 cents in earnings per share and $214.5 million in revenue.

Persons: CrowdStrike, LSEG, FactSet, Kerrisdale, Brown, Forman, Verint, Tommy Hilfiger, PVH, Fadi Chamoun, Goldman Sachs, Goldman, KeyBanc, Lisa Kailai Han, Pia Singh, Yun Li, Sean Conlon, Jesse Pound, Samantha Subin Organizations: Hewlett Packard Enterprise, GameStop, AMC, Kerrisdale, FactSet, SAP, Archer Aviation, Federal Aviation Administration, Systems, Materials, KLA, Barclays, Taiwan Semiconductor Manufacturing, Authentic Brands, Old Dominion, BMO Capital Markets, Nvidia, America's, Jazz Pharmaceuticals Locations: China

☆ Stocks making the biggest moves midday: Bath & Body Works, Carnival, GameStop and more
▼ + stars: | 2024-06-04 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Bath & Body Works — Shares of Bath & Body Works sank nearly 13% and headed for their worst day since 2021. Bath & Body Works expects earnings to range between 31 cents and 36 cents a share, behind a FactSet estimate of 38 cents in earnings per share. Saia — The freight company popped 6.7% after it posted higher less-than-truckload shipments per workday for April and May compared to a year earlier. Shares of BP and Exxon Mobil fell around 2.3% and 1.6%, respectively, while Diamondback Energy and Chevron shares fell nearly 1%. Stanley Black & Decker — The industrials stock fell about 3.7% after Barclays downgraded the stock to equal weight from overweight.

Persons: Keith Gill, Goldman Sachs, TZE, Goldman, Stanley Black, Decker, Julian Mitchell, Oppenheimer, Jed Kelly, —, Samantha Subin, Michelle Fox, Yun Li, Pia Singh, Lisa Han Organizations: Body, O Cruises, Carnival Cruise, GameStop, Street, Trade, Dominion Freight, Technologies, Energy, BP, Exxon Mobil, Diamondback Energy, Chevron, Barclays

☆ Waste Management to acquire Stericycle in $7.2 billion deal
▼ + stars: | 2024-06-03 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

An employee cleans his company vehicle at the Waste Management facility on February 12, 2024 in Austin, Texas. Waste Management will buy Illinois-based waste-disposal company Stericycle in a deal valued at about $7.2 billion, the companies announced Monday. Under the agreement, WM will acquire all outstanding shares of Stericycle for $62 per share in cash. Following the announcement, shares of Stericycle rose more than 16% in premarket trading Monday, while shares of WM fell nearly 2%. The announcement comes one day after The Wall Street Journal reported that WM was nearing a deal to buy Stericycle.

Persons: Stericycle Organizations: Waste Management, WM, Bloomberg, Street Journal Locations: Austin , Texas, Illinois, Stericycle

☆ ‘No quid pro quo’ between Trump and oil execs at Mar-a-Lago, Gov. Burgum says
▼ + stars: | 2024-06-02 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Trump also reportedly told the executives that he would auction off more oil drilling leases in the Gulf of Mexico. "I was at that meeting – that did not happen," Burgum said on CBS' "Face the Nation" on Sunday. "He didn't ask for a billion dollars in donations, and there was no quid pro quo." In January, Burgum endorsed Trump for president. Burgum, who's also a software entrepreneur, announced earlier this year that he won't be seeking a third term as governor.

Persons: Kathryn Burgum aplauds, North Dakota Doug Burgum, Donald Trump, Doug Burgum –, Donald Trump's, –, Trump, Biden, Burgum, he's, who's Organizations: Republican, North Dakota Gov, Washington Post, CBS, Continental Resources, Continental, CNBC Locations: North Dakota, Las Vegas , Nevada, Lago, Palm Beach , Florida, Gulf of Mexico, Williams County , North Dakota

☆ Kohl's stock plummets 20% after massive earnings miss
▼ + stars: | 2024-05-30 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Shoppers walk in front of a Kohl's store in Mount Kisco, New York. Kohl's shares plummeted more than 20% in premarket trading Thursday after the company posted a surprise loss per share, coming in well below Wall Street's expectations for a slight profit. Net sales decreased 5.3% to $3.18 billion compared with the year prior, with comparable sales down 4.4%. Kohl's expects full-year diluted earnings per share in the range of $1.25 to $1.85 — far lower than the $2.34 per share expected, according to LSEG. Kohl's announced in March that it would add similar in-store outposts of Babies R Us to about 200 locations.

Persons: Kohl's, LSEG, Tom Kingsbury, Kingsbury Organizations: LSEG, Wall Street Locations: Mount Kisco , New York

☆ Nissan issues 'do not drive' alert for nearly 84,000 older models with recalled airbags
▼ + stars: | 2024-05-29 | by ( Sean Conlon | ) www.cnbc.com time to read: 1 min

A Nissan Sentra sits on the lot at a dealership in Evanston, Illinois, on Nov. 12, 2010. Nissan has warned owners of older vehicles to drop driving cars equipped with recalled, unrepaired Takata airbags the National Highway Traffic Safety Administration announced Wednesday. The affected cars include 2002-2006 Nissan Sentra, 2002-2004 Nissan Pathfinder and 2002-2003 Infiniti QX4 vehicles that may have Takata airbags that were recalled in 2020. "NHTSA is urging all vehicle owners to immediately check to see if their vehicle has an open Takata airbag recall," the NHTSA said in a statement. "If you have one of these vehicles, do not drive it until the repair is completed and the defective airbag is replaced."

Organizations: Nissan, Traffic Safety Administration, NHTSA, Nissan Pathfinder, Infiniti Locations: Evanston , Illinois

☆ Jim Chanos calls suit accusing him of embezzling funds 'baseless and defamatory'
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Famed short seller Jim Chanos called a lawsuit accusing him of embezzling funds for personal use, "false, baseless and defamatory." "As Mr. Conlon knows, the internal loan was paid off in 2021, and since 2019 I have put over $30 million into my company," Chanos said in the statement. "Indeed, all of my fellow management company partners have lost money over the past few years, none more than me. Mr. Conlon is simply trying to mitigate his losses by this crude shakedown attempt." Meanwhile, the suit said Chanos' girlfriend, Crystal Conners, was the sales agent on the transaction, which would have made $540,000 at standard commission rates, Bloomberg reported.

Persons: Jim Chanos, Chanos, CNBC's Scott Wapner, Sean Conlon, Conlon, Conlon didn't, Tesla, Crystal Conners Organizations: Chanos, Conlon Holdings, Bloomberg News, Enron, Bloomberg Locations: Chicago, New York, Miami

Shares of U.S. Cellular popped more than 12% Tuesday after T-Mobile announced that it plans to acquire most of the company, including the wireless operator's stores, some of its spectrum assets and its customers in a deal worth $4.4 billion. The deal includes cash and up to $2 billion of debt, according to a press release from T-Mobile. T-Mobile will acquire about 30% of U.S. Cellular's wireless spectrum as part of the deal, according to the U.S. Cellular release. The company said it will allow U.S. Cellular customers to keep their current plans or switch to a T-Mobile plan. This will give U.S. Cellular customers a "strong anchor tenant" for at least 15 years after the deal's close, the company said.

Organizations: U.S, Mobile, . Cellular, Cellular, Ka'ena, Mint Mobile, U.S . Federal Communications Commission, Sprint, Street Journal, Verizon Locations: Krakow, Poland, U.S, United States

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