id_
int64 0
4.61k
| links
stringlengths 32
170
| symbol
stringclasses 469
values | company
stringclasses 469
values | Title
stringlengths 8
150
| Text
stringlengths 3
100k
| Publishdate
timestamp[s] |
|---|---|---|---|---|---|---|
703 | https://www.cnbc.com/2019/07/01/cramer-these-top-sp-dow-stocks-can-run-in-the-second-half-of-2019.html | CDNS | Cadence Design Systems | The halfway mark: Cramer maps where the top S&P and Dow stocks are headed | Monday kicked off the start of the end of the year.
Now that the calendar has turned past the halfway mark of 2019, CNBC's Jim Cramer reviewed the top five performers on both the Dow Jones Industrial Average and the broader indexes and projected where those stocks are headed.
"When I look at the top five best performers in the Dow and the S&P, I see a good group of stocks, most of which have more room to run. As we've seen over and over this year, stocks that are in motion tend to stay in motion," the "Mad Money" host said. "Maybe they get knocked down by big-picture worries, but if you've got a high quality story ... the odds are good the stocks going to get right back on track." | 2019-07-01T00:00:00 |
704 | https://www.cnbc.com/2019/07/23/cramer-lightning-round-you-are-not-a-pig-do-not-sell-ebay-here.html | CDNS | Cadence Design Systems | Cramer's lightning round: You're not a pig — 'This is not the level to sell eBay' | eBay : "You're not being a pig. You're going to own eBay. It's going much higher. It's splitting up, bringing out value, doing better — this is not the level to sell eBay."
Cloudera : "They've missed a bunch of quarters. I do not share your enthusiasm for that stock. It could bounce 'cause it's so low, but they're in a no-fly zone for me."
Cadence Design Systems : "I liked the quarter. I mean the stock sold down $4 ... but I liked the quarter."
Crispr Therapeutics : "I like the gene-sequencing. I think that is a very good spec. You have to understand, indeed, it is a spec, but I like it."
Pfizer : "I think that that's just the kind of slow-and-steady-wins-the-race stock. I think everyone should have a 'Pfizer' in their portfolio."
Moderna : "I've been wrong. I sat down with the company in January. I thought that this was a really good biotech. I have been dead wrong, but I am not going to back away, but I liked then [and] I liked now. I can't help it. I think the company makes a lot of sense."
Tandem Diabetes Care : "I like Tandem Diabetes. I like DexCom and I like Abbott Labs ... and Medtronic . That's all four." | 2019-07-23T00:00:00 |
705 | https://www.cnbc.com/2020/08/17/us-to-tighten-restrictions-on-huawei-access-to-technology-chips-sources-say.html | CDNS | Cadence Design Systems | U.S. tightens restrictions on Huawei access to technology and chips | The Trump administration announced on Monday it will further tighten restrictions on Huawei Technologies, aimed at cracking down on the Chinese telecommunications giant access to commercially available chips.
The Commerce Department actions, first reported by Reuters, will expand restrictions announced in May aimed at preventing Huawei from obtaining semiconductors without a special license — including chips made by foreign firms that have been developed or produced with U.S. software or technology.
In a statement Monday, Secretary of State Mike Pompeo said the Commerce Department added 38 Huawei affiliates to the U.S. government's economic blacklist. That raises the total to 152 affiliates since Huawei was first added in May 2019.
"The Trump Administration sees Huawei for what it is — an arm of the Chinese Communist Party's (CCP's) surveillance state — and we have taken action accordingly," Pompeo said in the statement. "We will not tolerate efforts by the CCP to undermine the privacy of our citizens, our businesses' intellectual property, or the integrity of next-generation networks worldwide."
Commerce Secretary Wilbur Ross told Fox Business the restrictions on Huawei-designed chips imposed in May "led them to do some evasive measures. They were going through third parties," Ross said. "The new rule makes it clear that any use of American software or American fabrication equipment is banned and requires a license."
Pompeo said the rule change "will prevent Huawei from circumventing U.S. law through alternative chip production and provision of off-the-shelf chips." He added: "Huawei has continuously tried to evade" U.S. restrictions.
"Expect much more of this president defending this country against China['s] efforts to steal our wealth and prosperity," White House trade advisor Peter Navarro said in an interview Monday on CNBC's "Squawk Box." | 2020-08-17T00:00:00 |
706 | https://www.cnbc.com/2019/06/04/china-ramps-up-own-semiconductor-industry-amid-the-trade-war.html | CDNS | Cadence Design Systems | China is ramping up its own chip industry amid a brewing tech war. That could hurt US firms | A Huawei Technologies Mate20 Pro smartphone displays an image of the company's Kirin 980 chip. Krisztian Bocsi | Bloomberg | Getty Images
Government push
Beijing highlighted semiconductors as a key area of the Made in China 2025 plan, a government initiative that aims to boost the production of higher-value products. China aims to produce 40% of the semiconductors it uses by 2020 and 70% by 2025. That's backed by tens of billions of dollars of investment from Beijing into the country's chip industry.
Last month, the Chinese government also announced tax breaks for homegrown semiconductor companies and software developers. Currently, only 16% of the semiconductors used in China are produced in the country, and only half of those are made by Chinese firms, according to a report by the Center for Strategic and International Studies. In other words, the country is still reliant on foreign, largely American, technology. That fact, along with Beijing's backing, has helped kick China's tech companies into action. Huawei has its own "Kirin" series of processors for its smartphones and even a 5G modem that can allows devices to connect to the newest version of the mobile internet. Huawei's chips are designed by its subsidiary HiSilicon, which has said it's prepared for such a move by the U.S. and can weather the storm. China's other technology giants are considering their own silicon. Smartphone maker Xiaomi told CNBC last year that it was exploring developing a chip that could power artificial intelligence products and Alibaba has begun work on its own AI processor. Design is one part of the puzzle in creating chips. The other is getting the manufacturing right. For example, Huawei's chips are designed by HiSilicon — the largest semiconductor company in China, according to market research firm International Data Corporation — but then they're manufactured by a separate company in Taiwan. There are signs, however, that China is even ramping up manufacturing of semiconductors. "I expect the current tension between the U.S. and China will only invigorate the spending in China on technology including software over the next five years," said Mario Morales, program vice president for enabling technologies and semiconductors at IDC.
The US could feel the heat
The development of China's own chip industry could hurt U.S. companies, according to ICWise's Gu. He said the world's second-largest economy could build closer ties to other countries like Japan and South Korea and create its own semiconductor "ecosystem" — in which America would play only a small part. "At present, the global industrial system is dominated by the United States, and there may be a parallel ecosystem ... where the United States is not dominant. This is very unfavorable for the long-term development of the U.S. industry," Gu told CNBC.
watch now
"If the United States blocks the Chinese industry for a long time, it will inspire China to lead another ecosystem, which in turn will be a long-term disadvantage to the U.S. semiconductor industry," he added. Already some U.S. firms have reported worries about the potential results of Huawei being on the U.S. blacklist. Qorvo , a maker of radio frequency products, said sales to Huawei and its affiliates accounted for $469 million, or 15% of its total revenue, in the fiscal year that ended on March 30, 2019. It lowered its revenue outlook for the year, citing Washington's actions against Huawei. Lumentum , another Huawei supplier, said sales to the Chinese firm accounted for 18% of total revenue for the three months that ended on March 30. Lumentum also revised its revenue guidance lower for the subsequent quarter.
China 'a decade or two' away
Despite all its advances, China's semiconductor industry won't overtake its competitors anytime soon. One of the biggest challenges for China will be finding and developing new suppliers if American firms remain off limits. For one, Huawei's HiSilicon still relies on basic chip design from Softbank-owned Arm. Even though HiSilicon produces processors for its devices, the architecture is from the British firm. The chip designer recently suspended business with Huawei to comply with the U.S. blacklist of the Chinese firm. Huawei will need to find an alternative to Arm, which is the biggest chip design firm by market share. The next biggest companies are Synopsys and Cadence , but both are American and so are likely to be off limits for the Huawei unit, too. For Gu, that all adds up to China only closing the gap with the U.S. on semiconductors "within a decade or two." Other analysts projected that more investment and an expanded talent pool may grow China's semiconductor industry. | 2019-06-04T00:00:00 |
707 | https://www.cnbc.com/2017/11/16/caesars-entertainment-acquires-centaur-holdings-for-1-point-7-billion.html | CZR | Caesars Entertainment | Caesars Entertainment acquires Centaur Holdings for $1.7 billion | Caesars Entertainment said it has a deal to acquire Centaur Holdings for $1.7 billion in cash.
As part of the deal Caesars would be able to add Indiana properties to its rewards network. CEO Mark Frissora said that the proposed acquisition is "an excellent opportunity to enter into a growing region."
Caesars said the deal would add Indiana properties Hoosier Park and Indiana Grand to its rewards portfolio.
The company said in a statement that Indiana is under saturated and "favorable economic fundamentals."
Caesars said that Centaur welcomes more than 6.5 million guests annually and has more than 1.1 million loyalty program members.
Shares of Caesars Entertainment edged slightly higher in extended trade. The stock has gained more than 50 percent so far this year.
This story is developing. Please check back for updates. | 2017-11-16T00:00:00 |
708 | https://www.cnbc.com/2024/02/14/ai-is-changing-the-cybersecurity-industry-why-these-two-stocks-look-best-positioned-to-capitalize.html | CZR | Caesars Entertainment | AI is changing the cybersecurity industry. Why these two stocks look best positioned to capitalize | A cyber breach at Okta , cyberattacks at casino giants MGM Resorts and Caesars Entertainment and an email hack at Microsoft . Cyberattacks may not be new, but experts say some crimes are growing in sophistication as new artificial intelligence tools emerge, and that's forcing companies to reconsider how they approach cybersecurity spending. "This is not your old father's enterprise security threat profile," said Ted Mortonson , technology desk sector strategist at Baird. "As we move to cloud and generative AI, it opens up massive total addressable markets, where security just has to be done a different way." While a headache for companies, an uptick in cyberattacks coupled with emerging AI tools, may prove a boon for some of the world's biggest cybersecurity players, helping providers beef up their offerings on the one hand, and boost revenue as firms hunt for all-in-one solutions on the other. CRWD YTD mountain Crowdstrike shares year to date Key players in the space have already begun reaping the benefits of stronger demand. Palo Alto Networks and CrowdStrike have already surged more than 25% each only six weeks into the new year after proving among the best performers in the Nasdaq-100 in 2023. As this next stage unfolds, portfolio managers and investors view these large players as the best-positioned names to reap rewards thanks to their size, scale and resources. To be sure, opportunities abound across the software space, with Wall Street bullish on several popular names in the sector. But arguably, companies offering all-in-one solutions to mounting cybersecurity threats are viewed as sitting in the most advantageous position. "It's a game of scale," Mortonson explained, noting that data and security solutions and generative AI infrastructures require a tremendous amount of internal free cash flow and research and development spending many smaller companies lack. "That's how you get products to market that are next generation." In a note to clients last month, Bernstein's Peter Weed initiated coverage of both companies with outperform ratings, citing leadership positions within firewall and endpoint markets and "established sticky enterprise customer base for up-/cross-sell." PANW YTD mountain Palo Alto Networks in 2024. And Bernstein isn't the only firm finding cybersecurity stocks attractive lately. Last month, Morgan Stanley analyst Hamza Fodderwala called Palo Alto Networks the investment bank's top pick in the sector, poised to benefit from rising demand for cyber protection and AI-driven security automation solutions. "Cybersecurity remains a top IT priority in 2024 as rising threats, GenAI adoption and new regulatory requirements should bolster spending," he said. "PANW remains the leading security platform consolidator by a wide margin, with share gain across multiple categories." Meanwhile, Crowdstrike's endpoint security leadership puts it in a prime position to prosper from efforts to identify early threats in consumer devices, laptops and phones serving as entry points for hackers, said Hendi Susanto, a portfolio manager at Gamco Investors. This leading position is one reason Deepwater Asset Management's Doug Clinton retains a stake in Crowdstrike, along with Palo Alto Networks, in the core fund that he manages. "Scale matters in this overall fight against AI being a tool used for cyber-attacks," he said. "These companies see the most attacks and can use that data to inform your systems and make them smarter" and better counteract attacks. Although CrowdStrike looks expensive, last trading at a forward price-to-earnings ratio of 85, many on Wall Street view the steep valuation as warranted. In fact, JPMorgan's Brian Essex highlighted in a recent note to clients that CrowdStrike trades roughly in-line with peers when looked at on a growth adjusted basis, adding that "fundamentals could push the stock meaningfully higher over the next few years," past a $100 billion market capitalization, up from today's market cap of $77 billion. "With high incremental gross margins and best in class unit economics, CRWD has some of the best underlying operating and cash flow margin potential within our coverage universe," Essex wrote. "And while we see a favorable setup for growth over the next few years, we think it is the margin story that remains underappreciated ..." — CNBC's Michael Bloom contributed reporting | 2024-02-14T00:00:00 |
709 | https://www.cnbc.com/2024/02/06/exclusive-former-canada-prime-ministers-hedge-fund-pushes-kohls-to-sell-itself-reuters.html | CZR | Caesars Entertainment | Former Canada Prime Minister's hedge fund pushes Kohl's to sell itself: Reuters | Then Prime Minister Stephen Harper addresses supporters after he lost the federal election in Calgary, Alberta, October 19, 2015.
An activist hedge fund chaired by former Canadian Prime Minister Stephen Harper is pushing U.S. department store operator Kohl's to sell itself, according to people familiar with the matter.
Kohl's rejected acquisition offers worth as much as $64 per share in 2022, when it also came under pressure from several activist shareholders to explore a sale.
It held on for a bid worth more than $70 per share that never came, and has since struggled to make its stores more profitable and grow its e-commerce business. Its shares are now hovering at around $26.
Vision One Management Partners, a fund co-founded by Harper and former Carl Icahn protégé Courtney Mather, has built a stake in Kohl's and expressed concerns to the company about its future, the sources said.
Vision One has asked Kohl's to launch a sale process and also give it board representation, the sources added, requesting anonymity because the matter is confidential.
Kohl's was not available for comment and Vision One did not respond to requests for comment.
The development makes Kohl's the second U.S. department store operator to come under investor pressure to sell itself in as many months. Last month, Macy's rejected a $5.8 billion offer to be taken private by investors Arkhouse Management and Brigade Capital Management, on the grounds it was too cheap and may not have the necessary financing. | 2024-02-06T00:00:00 |
710 | https://www.cnbc.com/2022/08/02/stocks-making-the-biggest-moves-after-hours-paypal-airbnb-matchgroup-caesars-and-more.html | CZR | Caesars Entertainment | Stocks making the biggest moves after hours: PayPal, Airbnb, Match Group, Caesars and more | A sign is posted outside of the PayPal headquarters in San Jose, California.
Check out the companies making headlines in extended trading.
Match Group — Shares of the dating app operator tumbled as much as 23% after the company reported revenue of $795 million for the second quarter, compared with FactSet estimates of $803.9 million. Match also issued weak guidance around adjusted operating income and revenue for the current quarter.
SolarEdge Technologies - The solar-power stock tanked nearly 13% in after-hours trading following disappointing quarterly results. Solaredge reported an EPS of 95 cents, on a non-GAAP basis, below analysts' expectations of $1.38 per share, according to FactSet. Revenue also came in shy of estimates.
PayPal — The payments giant's shares soared 11% after hours following stronger-than-expected second-quarter results and an increase in its forecast. PayPal also revealed it has entered into an information-sharing agreement with Elliott Management.
SoFi — Shares climbed more than 7% after the personal finance company reported a beat on the top and bottom lines. "While the political, fiscal, and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business," SoFi CEO Anthony Noto said in a statement.
Airbnb — Shares of Airbnb fell about 10% in extended trading after the vacation home rental company posted weaker-than-expected revenue for the second quarter. The company also reported more than 103 million booked nights and experiences, the largest quarterly number ever for the company but short of StreetAccount estimates of 106.4 million.
Advanced Micro Devices — AMD's shares fell nearly 5% despite reporting strong quarterly earnings and revenue, after the chipmaker issued a weaker-than-anticipated third-quarter forecast. The chipmaker said it expected $6.7 billion in revenue during the current quarter, plus or minus $200 million. Analysts expected $6.83 billion.
Caesars Entertainment — The casino company lost about 2% after it reported a quarterly loss of 57 cents per share, which was 74 cents lower than analysts had expected. It also reported a Caesars Digital loss of $69 million, compared with $2 million for the comparable prior-year period.
Robinhood — Robinhood slid about 2% after reporting it will cut its headcount by some 23%, after previously laying off 9% in April, and posting a decline in monthly active users and assets under custody for the second quarter. The investing app operator released its results a day ahead of schedule.
Starbucks — The coffee chain saw shares edge higher by more than 2% after it reported better-than-expected quarterly results, despite lockdowns in China weighing on its performance. Within the U.S., however, net sales rose 9% to $8.15 billion and same-store sales grew 3%.
— CNBC's Sarah Min and Yun Li contributed reporting.
Correction: Analysts expected SolarEdge Technologies to report earnings of $1.38 per share, according to FactSet. An earlier version of this story misstated the estimate. | 2022-08-02T00:00:00 |
711 | https://www.cnbc.com/2023/11/23/how-formula-one-helped-las-vegas-workers-land-the-best-contract-ever.html | CZR | Caesars Entertainment | How Formula One accidentally helped Las Vegas workers land the 'best contract ever' | Ferrari driver Carlos Sainz of Spain drives past the Sphere during the F1 Las Vegas Grand Prix on Saturday, November 18, 2023 on the Las Vegas Street Circuit in Las Vegas, NV.
When Formula One came to Las Vegas, it brought a level of glitz and glamor rivaled only by Monaco. It also seems to have inadvertently empowered tens of thousands of hospitality workers to secure better wages and benefits with the city's famous casinos.
Five days before the F1's opening ceremony on the Strip last Wednesday, the Culinary and Bartenders Union finished inking five-year contracts with MGM Resorts , Caesars Entertainment and Wynn Resorts , which control 18 casinos in the heart of Sin City.
The pacts ended a months-long standoff and defused the threat of a mass worker strike timed to clash with race weekend, thus avoiding a nightmare scenario for casinos and hotels as thousands of tourists and high-rollers from across the world were arriving. Now, as they aim to ratify the last of the deals on Wednesday, union leaders are hailing it as "the best contract ever" for some 40,000 workers, touting the largest-ever wage hikes, new limits on workloads, recall rights and even labor protections from AI technology.
Ted Pappageorge, the Culinary Union Secretary-Treasurer and chief negotiator for contracts, said the addition of a Formula One race this year gave workers "leverage" in the negotiations.
"That might have had some impact," he said — alongside the unity of his workers in striking if their demands weren't met.
"Las Vegas is now the sporting capital of the world, combined with the entertainment capital of the world. We support Formula One 100%," said Pappageorge. "We think all the largest events in the world belong in Las Vegas. But none of that matters if the company is not completely convinced that you're ready to strike. And when we were able to show that credible threat of a real strike, it worked."
Prior to the deal, union leaders crafted a strike pay plan and picket lines across the Strip. They encouraged Formula One ticket-holders to support workers by avoiding casinos or hotels mired in the labor standoff. They threatened the "largest hospitality worker strike in U.S. history," which risked crippling operations and leaving a bitter taste for the growing American fanbase that traveled to watch the world's fastest cars dash down the Strip at over 200 miles per hour — and throw down at their slot machines, bars and hotels.
One union organizer familiar with the talks told NBC News that the F1 race gave them "a lot of leverage" to extract concessions. | 2023-11-23T00:00:00 |
712 | https://www.cnbc.com/2021/08/09/bet-on-caesars-over-wynn-as-casino-rebound-diverges-in-us-and-china-bank-of-america-says.html | CZR | Caesars Entertainment | Bet on Caesars over Wynn as casino rebound diverges in U.S. and China, Bank of America says | The post-lockdown recovery for Las Vegas casinos should help Caesars Entertainment become a fixture in digital gaming and a winner for investors, according to Bank of America. Analyst Shaun Kelley said in a note to clients on Monday that travel and gaming demand in Las Vegas is bouncing back. Bank of America upgraded Caesars to buy from neutral, saying the recovery at physical casinos puts the company on firm footing to keep expanding in the booming online and sports gambling space. "Today CZR sits at < 3% digital market share, but we think this is poised to rise. ... To fund this transition, CZR now has a strong, cash generative land-based casino business that should deleverage rapidly and throw off meaningful cash flow," the note said. On the other hand, Wynn Resorts ' reliance on Macau appears to be hurting its rebound prospects, said Bank of America, which downgraded the stock to neutral from buy. "Despite China's swift COVID recovery, the Macau gaming market has been derailed by visa restrictions, virus flare ups and new policies that have impaired cross-border travel. Pre-COVID, Macau made up 70% of Wynn's EBITDA mix and is one of the higher China-exposed names in the US stock market," the note said. Caesars' stock has been volatile this year. Shares are up nearly 22% year to date but have tumbled more than 14% over the past three months. Wynn has also fallen sharply over the past three quarters and is now down 12% for the year. BofA kept its price target for Caesar's at $125 per share, 38% above where the stock closed on Friday. For Wynn, Bank of America cut its target to $105 per share from $130, representing 6% upside for the stock. -CNBC's Michael Bloom contributed to this report.
Signage reminds visitors "House Rules...Wear A Mask." outside Caesars Palace hotel and casino in Las Vegas, Nevada, U.S., on Sunday, May 02, 2021. Roger Kisby | Bloomberg | Getty Images | 2021-08-09T00:00:00 |
713 | https://www.cnbc.com/2023/11/16/stock-market-outlook-fed-interest-rates-treasury-yields-bonds-investors.html | CZR | Caesars Entertainment | These stocks have the most to gain if interest rates keep going down | Cooler-than-expected inflation data could push stocks higher, especially those that benefit the most from a decline in the cost of money. The October consumer price index report showed no change for the month, advancing 3.2% year-over-year, the Labor Department said on Tuesday. Core CPI, which excludes volatile food and energy prices, expanded 0.2% last month and 4% year-over-year. Both readings were below Wall Street estimates, underpinning a rally in 10-year Treasurys that drove yields below 4.5% and the Dow Jones Industrial Average up by nearly 500 points. The cooler inflation report brightened investor hopes that the Federal Reserve will soon have ample cause to end its monetary tightening campaign and start cutting benchmark lending rates in 2024, lowering Treasury yields in the process. Some stocks that have heavy debt loads, however, stand to benefit the most when the cost of raising new capital and rolling over old debt declines. CNBC screened both FactSet and LSEG, formerly Refinitiv, for stocks that could advance as a result of meeting the following criteria: Stocks are members of the Russell 1000 Shares have a debt-to-equity ratio of more than 0.82, the median for the Russell 1000 Average analyst price targets imply more than 25% upside Shares have a 50-day correlation to the iShares 7-10 Year Treasury Bond ETF of more than 0.25 Casino operators MGM International and Caesars Entertainment both made the list with 50-day correlations to the IEF of 0.34 each. MGM maintains a 705.4 debt-to-equity ratio, the highest on the list, while Caesars holds a 703.9 rating. Average forecasts from analysts imply about 35% upside for MGM International and more than 38% for Caesars. MGM stock has added more than 21% from the start of the year, while Caesars has climbed about 11%. MGM CZR YTD mountain Both casino stocks have trended higher thanks to a tentative agreement with the Las Vegas hotel workers union earlier in November. Both MGM and Caesars made headlines earlier in November after each company reached a tentative agreement with the Las Vegas hotel workers union to avoid a strike that would apply to about 25,000 employees. Elsewhere, Solar Battery company SunRun also made the cut, and average analysts polled by FactSet/Refinitiv implies nearly 89% upside moving forward. The company has a debt-to-equity reading of 132.2 as well as a 0.256 50-day correlation to the IEF. Shares have pulled back more than 52% from the start of the year as higher interest rates pressure the overall solar sector . RUN YTD mountain SunRun stock. BMO Capital Markets downgraded SunRun stock earlier this month to market perform from outperform, but still noted the company's "cautious approach to residential solar growth compared with its rooftop solar peers" still remains a positive catalyst overall. Other names that made the cut include broadcast satellite provider Dish Network and utilities company AES Corporation . | 2023-11-16T00:00:00 |
714 | https://www.cnbc.com/2024/01/29/fanduel-parent-flutter-lists-on-the-nyse.html | CZR | Caesars Entertainment | FanDuel parent Flutter lists on the NYSE, challenging DraftKings as sports-betting pure play | In this article FLTR-GB
DKNG Follow your favorite stocks CREATE FREE ACCOUNT
watch now
FanDuel parent Flutter listed on the New York Stock Exchange on Monday, offering U.S. investors an alternative to the biggest pure play in sports betting, DraftKings . It's a secondary listing for the international sportsbook, which will retain its primary listing on the London Stock Exchange and inclusion in the FTSE 100 index. But Flutter's most important market for revenue and growth is the United States, where FanDuel is the market share leader. In the fourth quarter, FanDuel had 43% market share based on gross revenue and 51% based on net revenue.
Former NFL tight end Rob Gronkowski celebrates the IPO of Flutter Entertainment, the parent company of FanDuel, on the floor of the New York Stock Exchange (NYSE) on January 29, 2024 in New York City. Spencer Platt | Getty Images News | Getty Images
But while FanDuel outperforms its competitors, its biggest rival, DraftKings, grabs the headlines and spotlight in earned media as the biggest — some might argue, the only — publicly traded pure play in sports betting. Shares of DraftKings have soared more than 150% over the last 12 months and are up 9% year to date. Flutter wants some of the glory and some of the capital for FanDuel. Its shares are trading on the NYSE under the ticker symbol FLUT . Flutter CEO Peter Jackson put it more diplomatically on Jan. 18, saying, "The additional listing will enable us to access deeper capital markets as well as making Flutter more accessible to U.S. investors and marks a new chapter in the history of the Flutter Group."
The New York Stock Exchange welcomes Flutter Entertainment (NYSE: FLUT), on Jan. 29, 2024, in celebration of its listing. NYSE
Jefferies believes the NYSE listing could be a short-term catalyst for Flutter. In a note published Friday, analyst James Wheatcroft assumes a 20% premium to DraftKings' valuation, because of FanDuel's "sustained market share outperformance," and implies a price target of £210. Flutter is currently trading at £163 per share in London. While DraftKings has gathered momentum since its public listing via SPAC in April 2020, hitting an all-time intraday high of $74.38 on March 22, 2021, it has lagged FanDuel in posting profits. Other competitors have become profitable in certain quarters, though they have failed to gain significant market share. BetMGM, jointly owned by MGM Resorts International and Entain, has seen its market leader status in iGaming, or online casino games, slip, as DraftKings and FanDuel have overtaken it.
People walk by a banner outside of the New York Stock Exchange (NYSE) for the IPO of Flutter Entertainment, the parent company of FanDuel, on January 29, 2024 in New York City. Spencer Platt | Getty Images
Caesars Sportsbook, Penn Entertainment's newly relauched ESPN Bet and Michael Rubin's Fanatics Sportsbook, headed up by former FanDuel CEO Matt King, are also intent on taking share from FanDuel and DraftKings. Jefferies now estimates the sports betting industry at $37.5 billion total addressable market in the United States. | 2024-01-29T00:00:00 |
715 | https://www.cnbc.com/2020/09/30/caesars-to-buy-william-hill-for-3point7-billion-in-sports-betting-drive.html | CZR | Caesars Entertainment | Caesars to buy William Hill for $3.7 billion in sports-betting drive | U.S. casino operator Caesars Entertainment agreed on Wednesday to buy British-based gambling group William Hill for 2.9 billion pounds ($3.7 billion) to expand in the fast-growing U.S. sports-betting market.
The U.S. group, owner of Las Vegas's Caesars Palace, intends to sell William Hill's non-U.S. operations, including more than 1,400 U.K. betting shops, and said it would integrate the U.S. business into Caesars with few, if any, job losses.
It could sell the U.K. assets to private-equity group Apollo , sources told Reuters this week, and if that failed, launch an auction process.
Shares in William Hill, which already offers sports betting in Caesars casinos in the United States, hit a two-year high of 312 pence on Friday after the British company said it had received separate takeover offers from Caesars and Apollo.
With the board backing the deal with Caesars, market pricing now indicates investors expect the 272 pence per share takeover by the U.S. company to go through. William Hill shares were last down 0.15% at 273.85 pence.
"This is the best option," William Hill Chairman Roger Devlin said.
The deal, which Caesars will partly fund via a $1.7 billion issue of new stock, is a move to take control of - and expand — the companies' U.S. sports-betting joint venture, currently 80%-owned by William Hill.
Long the preserve of informal bookmakers, sports betting in the United States is growing rapidly after a landmark ruling in 2018 and gambling companies are reaching out for European expertise to back expansion.
In Britain, William Hill has closed more than 700 betting shops after new regulations limited the maximum stake on lucrative gaming machines. Its U.K. rivals include GVC, which owns the Ladbrokes brand, as well as Flutter Entertainment.
Jefferies analysts said the prospect of a bid battle with Apollo had faded due to the threat of Caesars terminating the joint venture if its deal failed. For the bid to go through, it needs 75% support from William Hill shareholders. | 2020-09-30T00:00:00 |
716 | https://www.cnbc.com/2020/09/14/caesars-ceo-tom-reeg-on-future-of-sports-betting-espn-deal.html | CZR | Caesars Entertainment | 'There's a lot of money to be made' — Caesars CEO still bullish about sports betting after ESPN deal | Caesars Entertainment CEO Tom Reeg told CNBC on Monday that the further legalization of sports betting is one of the biggest growth opportunities for the gaming industry in perhaps over two decades.
"This is an enormous opportunity. I'd liken it to when states outside of Nevada and New Jersey started to legalize riverboat casinos in the '90s," he said "Closing Bell."
Reeg's comments came shortly after Disney -owned ESPN announced it had struck an agreement that makes Caesars, through its sports betting partner, William Hill, a co-exclusive a partner for gambling link-outs from ESPN. Shares of Caesars, which have been hurt in 2020 as a result of the coronavirus pandemic, closed higher by more than 10% Monday to $55.39 each.
"We think there's a lot of money to be made here over time, and we're seeing a lot of interest from non-gaming operators," Reeg said of legalized sports betting. "This ESPN agreement being the latest evidence of that."
As part of Monday's multi-year deal, Caesars Sportsbook by William Hill also becomes a sponsor of ESPN's fantasy sports products. Caesars also is the exclusive odds provider for ESPN. The two companies have worked together in the past. Last month, for example, ESPN debuted a studio at Caesar's The LINQ Hotel.
Wall Street has been increasingly interested in sports betting, too. Penn National Gaming's investment in Barstool Sports, and the possibilities it provides around sports betting, has led to a slew of positive notes from analysts in recent weeks. Shares of Penn National are up 156.42% this year, closing at a new 52-week high of $65.54 apiece Monday.
DraftKings, which also on Monday became a co-exclusive partner with ESPN on gambling link-outs, have risen more than 170% since going public through a merger in April. Additionally, DraftKings will now be ESPN's exclusive provider of daily fantasy sports.
Reeg said the fact that legalization of sports betting in additional states is still relatively new may make the gaming industry difficult to evaluate right now. "We have not seen a growth opportunity in this space in quite some time, so it's an adjustment for analysts to look at a hyper-growth piece of a business that has been mature," he said.
In May 2018, the Supreme Court struck down a federal law that effectively made sports betting illegal in most states. There are now 22 states, plus Washington D.C., that have legalized sports betting, according to the American Gaming Association. Another seven have active legislation considering it, as of Aug. 17.
With states facing significant revenue shortfalls due to the Covid-19 pandemic, Reeg said he thinks sports betting may be considered by legislatures across the U.S. as a way to plug some tax holes. In May, Penn National CEO Jay Snowden offered a similar assessment on CNBC.
"We're in the very early stages of legalization of sports betting," Reeg said Monday. "I'd expect to see states that have budget issues related to the post-Covid era that may look to sports and online as a way to raise tax revenue." | 2020-09-14T00:00:00 |
717 | https://www.cnbc.com/id/38919167 | CPT | Camden Property Trust | Dow Falls 100 Points; Banks, Industrials Slide | Stocks continued to selloff Monday amid light volume as confidence about the economy weakened and investors remained cautious ahead of several key reports coming up this week.
The Dow Jones Industrial Averagewas down almost 100 points, led by Bank of America, Home Depot , and Intel. Hewlett-Packard was the only stock trading higher among the blue-chip index.
TheS&P 500 and Nasdaqwere down more than 1 percent each. The CBOE volatility index, widely considered the best gauge of fear in the market, rose more than 7 percent, above 26. All key S&P sectors were lower, led by financials, consumer discretionary stocks and industrials.
The Dow, S&P 500 and Nasdaq ended last week with a rally after the Federal Reserve signaled it would take measures to support the recovery, if necessary. Still, the major indexes are on track to post a loss in August for the first time since 2005.
The S&P 500 is now trading at an earnings-per-share estimate of only 12.5 times the consensus estimate for 2010 earnings, and 10.9 times the consensus estimate for 2011, accrording to Jeff Saut, chief market strategist at Raymond James.
"Finally, if the forward earnings estimates are correct, the SPX is trading at a P/E ratio not seen in a long time," Saut wrote in a note to clients. "For these reasons I just do not see a whole lot of downside."
In an interview, Saut said a key problem is the retail investor has withdrawn from the market.
"Just like we had an optimism bubble 10 years ago, we have a pessimism bubble today," Saut said.
Bank stocks were weak across-the-board, extending a trend evident all month, reflecting deep investor concerns with the sluggish US economy.
Bank giants including Citigroup , WellsFargo and Bank of America fell almost 2 percent each.
Hewlett Packard's shares were up more than 2 percent after the company's board announced plans to buy back $3 billion in stockin the fourth quarter. Also, S&P Equity raised its price target on HP to $49 from $48. HP is the latest among 41 companies to announce stock buybacks, a move that usually inspires wider investor confidence in the stock market.
The computer maker is also in the middle of bidding war with Dell for 3Par , a utility storage provider. On Friday, HP raised its bid to $2 billion or $30 a share. Dell's latest bid was $27 a share.
Genzyme shares rose more than 3 percent after the pharmaceutical company's board unanimously rejected an $18.5 billion offer that translated into $69 per sharefrom Sanofi-Aventis. S&P Equity downgraded its rating on Genzyme to "hold" from "buy."
Elsewhere, Intel shares were lower after news that the tech giant will buy the wireless unit of German chipmakerInfineon for $1.4 billion in cash. The unit will be operated as a stand-alone business. In addition, at least six brokerages cut their price targets on Intel.
3M shares were down after the conglomerate said it would buy biometric identification systems company Cogent in a deal valued at more than $900 million. Cogent shares soared more than 20 percent following the news.
BHP Billiton said it would consider divesting several units of Potash if it is successful at acquiring the company.
And Cisco shares were lower following rumors that the Internet equipment maker has made an offer to acquire Skypebefore the firm completes their IPO process, according to TechCrunch. | 2010-08-30T00:00:00 |
718 | https://www.cnbc.com/id/38972097 | CPT | Camden Property Trust | Dept. Stores Did Better than Discounters | August same-store sales better than expected. Maybe those tax-free sales days made a difference: 17 states had at least one tax-free weekend in August, up from 13 last year, including big states like Florida, Illinois, and Massachusetts, and it looks like they made a difference and offset the very hot weather.
Sales look likely to top a 3 percent year over year, above expectations of a 2.8 percent gain, according to RetailMetrics.
Department stores did well: Nordstrom , JCPenney , and Macy's were all better than expected; Saks up only 1 percent, below expectations.
Limited posted a 10 percent comp (7.3 percent consensus)
Discounters were okay, not great: Costco sales up 7 percent (4.2 percent consensus) ("Inflation in gasoline prices and strengthening foreign currencies had a positive impact on comparable sales") on strong international sales. Target was a bit light but said back to school was strong, BJ's a bit shy.
Not much in the way of guidance: Pier One guided above consensus for the current quarter
Elsewhere:
1) After rising 15 percent yesterday, Burger King jumps another 22 percent to just under $23 after our David Faber reported that a $4 billion all-cash deal for the fast food giant will be announced shortly. His sources tell him that the creator of the Whopper will be sold to 3G Capital, a private equity firm, for $24 per share.
2) Continental Airlines reported a slight 0.4 decline in traffic as a 2.6 percent drop in domestic traffic outweighed a 1.1 percent rise in international traffic. Despite the lower traffic numbers, the airline flew fuller planes (at record levels) as capacity fell. Prices also rose as revenue per available seat mile rose 18 percent from August of last year.
3) In its fight to win over competitor Dollar Thrifty , Avis Budget raised the amount of cash offered in its bid by 3.8 percent for the rental car company. The new offer from Avis Budget pays Dollar Thrifty shareholders $40.75/share in cash and 0.6543 shares of Avis.
Budget Dollar Thrifty had rejected Avis Budget's original $1.4 billion offer since it did not include a reverse breakup fee. Amid Avis' pursuit, Dollar Thrifty has agreed to a $41/share all-cash deal with Hertz .
_____________________________
Bookmark CNBC Data Pages:
_____________________________
_____________________________
Questions? Comments? [email protected] | 2010-09-02T00:00:00 |
719 | https://www.cnbc.com/id/38934949 | CPT | Camden Property Trust | Simulator Training Flaws Tied to Airline Crashes | More than half of the 522 fatalities in U.S. airline accidents since 2000 have been linked to problems with simulators, devices that are used nearly universally to train the nation's airline pilots, the records show.
Simulator training is credited with saving thousands of lives. But the problem, according to National Transportation Safety Board (NTSB) case files and safety experts, is that in rare but critical instances they can trick pilots into habits that lead to catastrophic mistakes.
Last month, the NTSB blamed deficient simulator training in part for the Dec. 20, 2008, crash of a Continental Airlines jet in Denver.
The Boeing 737-500 skidded off a runway at high speed and burst into flames because of the pilot's inability to steer while trying to take off in gusty cross-winds, the NTSB ruled. Six people suffered severe injuries. | 2010-08-31T00:00:00 |
720 | https://www.cnbc.com/id/38758125 | CPT | Camden Property Trust | New Fee From American Air: Sitting in Front Rows | The Fort Worth, Texas, airline said Wednesday it's now charging between $19 and $39 for "Express Seats"—those spots in the first few rows of coach that include bulkhead seats.
The carrier, which is operated by parent AMR , is following in the footsteps of several other airlines who already charge for special seats. UAL's United Airlines, Continental Airlines , US Airways, JetBlue , Frontier, Spirit and AirTran all have some seats that cost extra. (Read: Airlines Made $7.8 Billion in Extra Fees Last Year)
American said the price of the seats includes getting on the plane in the first "general boarding" group of passengers. The seats that will cost extra are in the first two or three rows of the coach cabin, depending on the size of the plane.
The seats can only be bought at airport kiosks between 24 hours to 50 minutes before the flight for travel within the U.S. American, the country's second-largest airline behind Delta Air Lines, still provides its elite frequent fliers those seats for no extra charge. American also charges fees for checked bags, priority boarding, booking on the phone or in person, "sleep sets," unaccompanied minors and pets. | 2010-08-18T00:00:00 |
721 | https://www.cnbc.com/id/38345849 | CPT | Camden Property Trust | Earnings Roundup: July 22 | Capital One
The bank posted earnings of $1.33 a share on revenue of $3.9 billion. | 2010-07-22T00:00:00 |
722 | https://www.cnbc.com/id/38916589 | CPT | Camden Property Trust | Stocks Decline, Led by Financials; HP Rises | Investors shrugged off a positive government report on consumer spending and a raft of mergers and acquisitions news to trade stocks lower, although volume during this last week of August was light.
The Dow Jones Industrial Averageis down more than 60 points, with Intel , Home Depot, and Bank of America , leading the way. Hewlett-Packard was higher.
TheS&P 500 and Nasdaqwere also down. All key S&P sectors were lower, led by financials, consumer discretionary stocks and industrials.
The major indexes ended last week with a rally after the Federal Reserve signaled it would take measures to support the recovery, if necessary. Still, the Dow, S&P 500, and Nasdaq are on track to post a loss in August for the first time since 2005.
Still, not all market pros are pessimistic about the outlook for stocks, particularly given the boost in corporate profits evident in Friday's report on the nation's Gross Domestic Product.
"We think that the year is going to end far better than it is right now," David Katz, chief investment officer at Matrix Asset Management, said on CNBC Monday. Katz said stocks could return 15 percent or better in the last three months of the year.
Earlier Monday, the Commerce Department said consumer spending rose 0.4 percentafter being flat in June. The results were better than the 0.3 percent rise estimated by analysts polled by Reuters. Personal incomes rose 0.2 percent in July.
The big economic news for the week comes on Friday, when the government releases jobs data.
In corporate news, Hewlett Packard's shares are up more than 2 percent as the company's board announced plans to buy back $3 billion in stockin the fourth quarter.
The computer maker is also in the middle of bidding war with Dell for 3Par , a utility storage provider, and on Friday HP raised its bid to $2 billion or $30 a share. Dell's latest bid is $27 a share.
Elsewhere on the merger front, Genzyme shares rose after the pharmaceutical company's board unanimously rejected an $18.5 billion offer that translated into $69 per sharefrom Sanofi-Aventis.
Meanwhile, Intel shares are lower after news it will buy the wireless unit of German chipmakerInfineon for $1.4 billion in cash. The unit will be operated as a stand-alone business.
Also, 3M shares were down more than 1 percent after the company said it would buy biometric identification systems company Cogent in a deal valued at more than $900 million. Cogent shares soared on the news.
Elsewhere on the merger and acquisition front, BHP Billiton told analysts it would consider divesting several units of Potash if it is successful at acquiring the company.
Most airline stocks are rising following news that the Justice Department approved the merger between UAL's United Airlines and Continental Airlines , after the airlines agreed to provide takeoff and landing slots at New Jersey's Newark Liberty Airport to Southwest Airlines . Shareholders are expected to approve the merger in September.
The Justice Department, meanwhile, has some concerns with Comcast's bid to buy control of General Electric's NBC Universal division over how the merger may affect the Internet TV market, according to the Wall Street Journal. (GE is the parent company of CNBC.)
In other news, Walt Disney and Time Warner said they're making progress in a dispute that could result in Disney's ABC-TV and ESPN channels being blacked out on Time Warner cable systems, though the two sides now expect to reach a deal without such an occurrence.
Also in the entertainment arena, the battle to dominate distribution of movies and TV on the Internet is heating up as Google’s YouTube negotiates with major film studios in Hollywood to offer a pay-per-view service this year.
Bank stocks are weaker across-the-board Monday, extending a trend evident all month, and reflecting deep investor concerns with the sluggish U.S. economy. Among the worst performers for the day are Key Corp , US Bancorp , and Principal Financial .
On Tap This Week:
MONDAY: Fed's Bullard speaks; Warren Buffett's 80th birthday
TUESDAY: S&P/Case-Shiller home price index; consumer confidence index, FOMC minutes
WEDNESDAY: August auto sales; weekly mortgage applications; Challenger job-cut report; ADP employment report; ISM mfg index; construction spending; weekly oil inventories; Fed's Fisher speaks; Apple event
THURSDAY: August chain store sales; weekly jobless claims; productivity and costs; factory orders; pending home sales
FRIDAY: August jobs report; Fed's Lockhart speaks; ISM services index
More From CNBC.com: | 2010-08-30T00:00:00 |
723 | https://www.cnbc.com/id/38913613 | CPT | Camden Property Trust | Futures Slip After Consumer Spending Data | U.S. stock index futures are lower after the government reported consumer spending rose at the strongest pace in four months, Hewlett-Packard announced a stock buyback, and as investors digested merger and acquisition news.
The Commerce Department said consumer spending rose 0.4 percentafter being flat in June, and better than a 0.3 percent rise estimated by analysts polled by Reuters. Personal incomes rose 0.2 percent in July.
In corporate news, Hewlett Packard's shares were rising in pre-market trading as the company's board announced plans to buy back $3 billion in stock in the fourth quarter.
In merger news, the board at Genzyme unanimously rejected an $18.5 billion offer that translated into $69 per sharefrom Sanofi-Aventis. U.S.-traded shares of Genzyme rose more than 4 percent in premarket trading, while Sanofi shares were up about 0.7 percent.
The major indexes ended the previous week with a rally after the Federal Reserve signaled it was ready to support the recovery with monetary policy.
Even with Friday's rally, the Dow Jones Industrial Average, S&P 500, and Nasdaq look set to see their first losing month of August since 2005.
Elsewhere on the merger and acquisition front, Intel will buy the wireless unit of German chipmakerInfineon for $1.4 billion in cash. The unit will be operated as a standalone business.
BHP Billiton continues to pursue Potash , with the company telling analysts it would consider divesting several Potash units if its bid succeeds. According to Reuters, the nitrogen and phosphates businesses are the units under consideration for possible sale, valued in total at about $12 billion.
The Justice Department approved the merger between UAL's United Airlines and Continental Airlines , paving the way for the deal to close by Oct. 1. The two won approval by agreeing to less slots at New Jersey's Newark Liberty Airport to Southwest Airlines .
But the department has some concerns with Comast's bid to buy control of General Electric's NBC Universal division over how the merger may affect the Internet TV market, according to the Wall Street Journal. (CNBC.com is a unit of NBC Universal.)
In other news, Walt Disney and Time Warner said they're making progress in a dispute that could result in Disney's ABC-TV and ESPN channels being blacked out on Time Warner cable systems, though the two sides now expect to reach a deal without such an occurrence.
European shares were higher in the wake of the positive Wall Street close, with oil-related shares gaining. Asian markets closer higher, also boosted by the U.S. performance. The Bank of Japan decided to boost its cheap loan program to fight the recent surge in the yen.
- Peter Schacknow, Senior Producer, CNBC Breaking News Desk, contributed to this report. | 2010-08-30T00:00:00 |
724 | https://www.cnbc.com/id/39762071 | CPT | Camden Property Trust | Earnings Roundup: Oct. 21 | McDonald's and Caterpillar are expected to release earnings before the bell.
American Express and Amazon are expected to announce earnings after the bell.
BEFORE THE BELL
AT&T | 2010-10-21T00:00:00 |
725 | https://www.cnbc.com/id/39377848 | CPT | Camden Property Trust | Southwest Airlines to Buy AirTran for $1.4 Billion | The buyout, funded mostly with debt, will also give Southwest a bigger slice of the market in cities like Boston and New York, where it has been expanding.
Southwest , based in Dallas, carries more passengers than any other airline in the U.S. Besides its base in Atlanta, AirTran has hubs in Milwaukee and Orlando.
The announcement continues the airline industry's move to consolidate. Continental Airlines and United Airlines parent UAL will formally combine at the end of this week and become the world's largest, toppling Delta. Delta claimed that spot when it acquired Northwest Airlines two years ago.
Southwest tried unsuccessfully last year to buy Frontier Airlines out of bankruptcy. Republic Airways Holdings won the auction for Frontier last August, buying the Denver-based carrier for almost $108.8 million.
Southwest's acquisition of AirTran is expected to close in the first half of next year. It requires both regulatory and shareholder approval. The airlines expect to fully blend their operations in 2012.
Based on Southwest Airlines' closing share price on Friday, the deal is worth $7.69 per AirTran share. That's a 69 percent premium over it's closing price of $4.55.
Southwest will pay about $670 million with available cash. Southwest will assume $2 billion in AirTran debt.
Southwest and AirTran said the new airline will operate from more than 100 different airports and serve more than 100 million customers.
In April, AirTran Holdings CEO Roberto Fornaro signaled his interest in making a deal, saying the airline would consider a combination with another carrier if approached and if such a deal made sense for the company and shareholders.
But when asked by The Associated Press who might be a potential suitor for AirTran, Fornaro said, "I'm not sure that we're necessarily a natural fit to be gobbled up by somebody else." | 2010-09-27T00:00:00 |
726 | https://www.cnbc.com/select/homeowners-insurance-nonrenewal-what-to-know/ | CPT | Camden Property Trust | How can I get homeowners insurance after nonrenewal? | Find the best homeowners insurance
The difference between nonrenewal and cancellation
A nonrenewal notice is sent shortly before the end of your policy's specified term. Your carrier may decide not to renew your policy for a variety of reasons, from deciding your property is poorly maintained to no longer offering coverage in your area. Cancellation, however, happens while your policy is still active. Depending on the state and the provider, a carrier can cancel your policy for any reason if it's been in force for less than 60 days. After that, there are only a few approved reasons, according to the Insurance Information Institute (III), including nonpayment, fraud or changes to the property that make it uninsurable.
Why your homeowner insurance was nonrenewed
There are several reasons why a provider may decide to issue a nonrenewal notice. You've made too many claims
Your insurance score has dropped
Liability hazards on your property have increased, like an aging roof or HVAC system
Non-covered features have been added, like a trampoline or swimming pool.
You adopted a pet that's excluded from coverage
Your insurer is no longer providing coverage in your area. In states prone to hurricanes and other severe weather, a number of insurance companies have limited or even ceased issuing home insurance: At least a dozen providers have stopped doing business in Florida since 2022, including State Farm. State Farm and Allstate have stopped writing new home insurance policies In California, and other carriers have scaled back in regions plagued by wildfires.
What to do if you get a nonrenewal notice
Carriers must give customers advance notice of a decision not to renew, typically between 30 and 90 days, according to the Consumer Financial Protection Bureau (CFPB). During this period, you can contest the decision or look around for coverage somewhere else. Appeal Most states require an insurer to explain why it's not renewing before it officially drops your policy, according to the Insurance Information Institute (III). If you have addressed the issue or think they made a mistake, reach out to your carrier's consumer affairs division about reconsidering. You may need to present documentation or submit to a home inspection. If that isn't successful, you can also contact your state's insurance department. Shop for another insurer Not being renewed doesn't mean you can't get insurance from another carrier or that you'll have to pay higher premiums. Get quotes from several companies to find the best price and fit. Nationwide is one of the top insurers for customer satisfaction, according to J.D. Power's 2023 Property Claims Satisfaction Study, and it offers numerous discounts, including for bundling, being a first-time homebuyer and installing security, safety or smart-home devices.
Nationwide Homeowners Insurance Learn More Cost The best way to estimate your costs is to request a quote
Maximum coverage Not disclosed
App available Yes
Policy highlights Policy covers home and property damages caused by theft, fire and weather damage. It also covers personal liability, loss of use and unauthorized transactions on your credit card
Does not cover Water damage, earthquakes, flood insurance, identity theft, high-value items, rebuilding home after loss (these can all be purchased as add-ons for extra coverage) Terms apply.
If you prioritize ease of use, Lemonade has a simple online application and claims system. Homeowners can pay their premiums through either an escrow account or credit card and the company claims that 40% of claims are handled instantly.
However, Lemonade is only available in 23 states and Washington, D.C.
Lemonade Homeowners Insurance Learn More Cost Starts at $25/month; can vary by state, age of the home and other factors
Maximum coverage Not disclosed
App available Yes
Policy highlights Policy covers your home and property for damages caused by wildfires, extreme weather, crime, and vandalism. It also covers liability claims for damage you accidentally cause to others
Does not cover Power, water, or heat going out, or bug infestation; some events may not be eligible for coverage, depending on the circumstances — see here for more information Terms apply.
How to get homeowners insurance after being dropped
While your carrier will give you some warning that you're being dropped, you should start looking for new coverage right away. Otherwise, a mortgage provider may assign you force-placed insurance, a policy that protects your lender and can cost twice as much as a traditional policy, according to the CFPB.
If you're facing a cancellation or nonrenewal, find out why. If it's something you can fix, like a roof that needs to be repaired, take the necessary steps to keep your current policy. If it's not something you can fix — for example, if you installed a swimming pool and your insurer doesn't cover them — look for companies that do. If coverage was not renewed because the insurer is no longer offering policies in your state, filter your search for carriers that are. You can look on insurance marketplace sites, get information from your state's insurance department or ask your neighbors what carrier they use. If you've received several rejections on the voluntary market, there are also special programs available to insure risky properties. FAIR Plans Many states have Fair Access to Insurance Requirements (FAIR) Plans, which allow high-risk homeowners to get coverage if they've been rejected by traditional carriers. Coverage with a FAIR plan is typically more expensive and may cover less, according to the III. Some plans also may require upgrades to electrical or heating systems. To see if you are eligible for a FAIR plan, contact your state's insurance department. HO-8 policy Most standard homeowners insurance plans are HO-3 policies, which cover the home's physical structure, as well as your personal belongings, your liability in the event of an injury and additional living expenses if you have to relocate. An HO-8 policy provides similar coverage but only reimburses you for the actual cash value of the damaged or destroyed property or possessions, not their replacement cost. It's intended for older homes (built more than 40 years ago) or ones with historical significance, where the cost of replacing the loss would be more than the house's fair market value HO-8 policies only cover named perils, typically damage from: Fire, smoke and lightning
Hail and windstorms
Explosions
Civil unrest
Vehicles, including airplanes
Theft or vandalism
Volcanic eruptions Other perils not listed, like water damage from a burst pipe, would not be covered. Surplus lines policy Surplus line insurance is another option if your homeowners policy has been canceled or not renewed. Many states allow insurance companies to issue policies within their borders even if they're not licensed in that state. To qualify for surplus line insurance, you must have been rejected by at least three to five carriers, according to the III. Because the risk is higher, policies usually have higher deductibles and more exclusions. Check with your state's insurance department to see what options are available.
FAQ
FAQs Can I dispute a nonrenewal notice? You can dispute the nonrenewal with your insurance company directly or reach out to your state's department of insurance. Does a notice of nonrenewal mean I'll pay more for insurance in the future? Not necessarily. Each carrier has its own formula for determining costs and approvals and being nonrenewed by one doesn't mean you'll be rejected or have to pay more to another company. How much notice is required if my insurance company is not renewing my policy? Requirements vary by state, but typically an insurer is required to give you at least 30 to 60 days' notice before deciding not to renew. Check with your state's insurance department to see how much notice is required in your area. Can getting a dog lead to nonrenewal of my homeowners insurance? Getting a pet can change your status with an insurance company: Some breeds of dogs — including Doberman pinschers, pit bulls and Great Danes — are considered higher risk and could lead to nonrenewal. If you have to file a claim for a dog bite, you could also face nonrenewal or the dog being excluded from coverage.
Subscribe to the CNBC Select Newsletter! Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Bottom line
If you've received a nonrenewal notice from your insurance company, you have the right to ask why and to appeal the decision. You can also shop around for another policy, whether that's on the voluntary market, a FAIR Plan or coverage from a surplus line provider.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2024-04-09T00:00:00 |
727 | https://www.cnbc.com/2018/12/20/campbell-soup-nears-deal-to-name-mark-clouse-ceo-sources-say.html | CPB | Campbell Soup Company | Campbell Soup names industry veteran Mark Clouse CEO | Campbell Soup named Mark Clouse, the former CEO of Pinnacle Foods, as its new chief executive on Thursday, a key step in the U.S. company's efforts to regain market share and boost profits.
Clouse has a reputation as a seasoned food industry operator. Shares in Pinnacle Foods surged 54 percent during his tenure as CEO, widely outperforming packaged food peers, most of which have lost share value in recent years as they struggle to grow sales among increasingly health-conscious shoppers.
Reuters reported the news earlier on Thursday, citing sources familiar with the matter who said Clouse's appointment would be announced imminently.
He has the support of Campbell Soup shareholder and activist hedge fund Third Point, which has been hoping Campbell Soup will eventually be sold, according to the sources. Clouse led Pinnacle as CEO between 2016 and earlier this year, when that company was sold to Conagra Brands for $8.1 billion.
A military veteran who served in the U.S. Army after having graduated from the United States Military Academy at West Point, Clouse began working in the food industry more than two decades ago. He had been chief growth officer at Oreo-maker Mondelez International and previously worked in marketing at Kraft Heinz .
By picking Clouse, Campbell Soup has made good on its promise to name a new CEO before the end of the year. It operated for months with an interim chief, Keith McLoughlin, after former CEO Denise Morrison left in abruptly in May. McLoughlin will remain a director, Campbell said.
The exact details of Clouse's compensation package as Campbell Soup CEO could not be learned. In 2017, Clouse earned $5.22 million as Pinnacle Foods CEO. In 2016, he earned $14.1 million.
Campbell shares were down 1.1 pct aftermarket at $37.27.
The company has been struggling for some time, trailing other food companies, as its stock price tumbled 20 percent in the last 52 weeks. Its foray into fresh foods faltered, its soup sales shrunk and Wall Street questioned the company's aggressive acquisitions, led by former CEO Morrison, that failed to lift profits and saddled the company with fresh debt.
"Mark was the board's top choice due to his success leading organizations through significant transformations," Campbell said in a statement, adding that Third Point provided input into the CEO search process and supported Clouse's appointment.
The news of the new CEO comes just weeks after Campbell and Third Point settled a bitter proxy contest. Third Point initially proposed sweeping out all 12 Campbell's directors and then ended up settling for two board seats.
As part of the settlement, two Third Point nominees, marketing expert Sarah Hofstetter and food industry veteran Kurt Schmidt, were added to the board and a third director will be chosen later. The hedge fund was also given an opportunity to weigh in on who the new CEO would be, according to the settlement.
Campbell's board, including three heirs to John Dorrance, the chemist who invented condensed soup and ran Campbell's a century ago, conducted a strategic review earlier this year and agreed to sell its international and fresh refrigerated-foods units.
The Wall Street Journal had reported last month that Clouse was the leading candidate to be Campbell Soup's next CEO. | 2018-12-20T00:00:00 |
728 | https://www.cnbc.com/2018/11/15/investor-advisory-firm-iss-backs-third-points-battle-against-campbell.html | CPB | Campbell Soup Company | Investor advisory firm ISS supports Third Point in battle for Campbell board seats | In a blow to Campbell , investor advisory firm Institutional Shareholder Services came out in support Wednesday night of activist firm Third Point's efforts to put five of its nominees on the soup company board.
In the ruling, ISS criticized the soup company for poor performance, which it said "appear directly linked to shortcomings in the company's acquisition strategy, poor execution of mergers and a lack of focus on the company's core business."
ISS is typically an influential guide on how institutional shareholders should vote. Still, Campbell remains very much a family company, with descendants of the soup company's founder retaining a significant stake.
Campbell Soup heirs who hold roughly 41 percent of the company's shares have already come out in support of Campbell. Three descendants currently sit on the Campbell board.
Nonetheless, ISS pointed to a number of missteps it said the company made under its current board, underlined by its financial performance. The company delivered a roughly 19 percent total shareholder return over the last two years, while the S&P 500 has nearly tripled in the same period.
"Given the board's subpar oversight of critical issues such as M&A and succession planning, shareholders may wonder whether the incumbent board is capable of steering Campbell back on track in a timely manner," according to the ruling.
Campbell is currently unwinding efforts to diversify into fresh foods, selling brands it spent more than $1 billion on under the leadership of former CEO Denise Morrison. After struggles due to their inexperience with fresh food and an ill-timed drought, its fresh food unit posted an operating loss of $7 million last quarter.
Meantime, Campbell's $6.2 billion acquisition of pretzel and chip company Snyder's-Lance more than tripled the company's debt burden and brought with it a business that will be challenging to integrate.
The soup company, continues to stand by the deal — interim CEO Keith McLoughlin told analysts in August that the company is "even more convinced of the growth prospects and synergies."
ISS also raised questions about Campbell's dedication to its dividend, despite its poor financial performance.
"Maintaining the dividend may prove to be the right decision, though it raises the question of whether the board, which currently includes three members of the founding family, is truly considering all options," the ruling stated.
Third Point — which recently trimmed its board nominees from twelve to five — has nominated Sarah Hofstetter, president of Comscore; Bozoma Saint John, chief marketing officer of entertainment conglomerate Endeavor; Kurt Schmidt, a former director and CEO of Blue Buffalo; William Toler, former CEO of Hostess Brand and Third Point executive Munib Islam.
Campbell spokesman Thomas Hushen said in a statement Wednesday night the company strongly disagrees with ISS's conclusion.
"The Campbell board consists of 12 members, 11 of whom are independent and four of whom have been added since 2016," Hushen said.
The board combines the necessary skills — including a strong mix of industry experience, operating expertise, long-term shareholder perspectives, financial acumen, and global public company experience — needed to provide the proper oversight and strategic guidance on a variety of diverse consumer and business needs amid rapid changes in the food industry.
Interim CEO McLoughlin said last week the company proposed adding two of Third Point's nominees to its board, Kurt Schmidt and Sarah Hofstetter. McLoughlin said Third Point rejected that option. | 2018-11-15T00:00:00 |
729 | https://www.cnbc.com/2018/10/26/third-point-sues-campbell-soup-accusing-it-of-misleading-investors.html | CPB | Campbell Soup Company | Third Point sues Campbell Soup, accusing it of misleading investors | Activist investor Third Point sued Campbell Soup on Thursday, alleging the soup and snack maker's board misled investors about the competence of its directors and the way it carried out a recently completed strategic review.
The lawsuit is the latest move in a bitter proxy contest in which billionaire investor Dan Loeb and his Third Point hedge fund wants to replace Campbell's 12-member board so it can appoint its own directors and try to revitalize the company's growth.
In a lawsuit filed in state superior court in Camden, New Jersey, which is Campbell's home town, Third Point said Campbell and its board "breached their fiduciary duties to Campbell's stockholders by withholding material information critical to stockholders assessing how to vote at the company's annual meeting."
It asked the court to prevent Campbell from holding its annual meeting on Nov. 29 until the board corrects what Third Point called its misstatements.
Three heirs of condensed soup inventor John Dorrance, who ran the company a century ago, sit on the board and are seeking re-election. Together they control 37 percent of Campbell's stock. Third Point has asked the court to postpone shareholders' votes on the board until the company corrects what Third Point described as misinformation by the board.
The lawsuit says the company failed to disclose critical information about its directors, including Dorrance's grandchild Bennett Dorrance. It accused the company of not making adequately clear what Dorrance's business ventures and investments were, among other things.
Dorrance did not immediately respond to a telephone message seeking comment.
Earlier on Thursday, Campbell's board chairman wrote a letter to investors saying that Third Point's proposed directors were not qualified to oversee the company and that Third Point had not presented any new ideas or specific strategic plan.
"Third Point has, at best, a superficial understanding of the food industry and the company, as evidenced by its non-substantive plan filled with platitudes and business school buzzwords," the letter to shareholders said.
Such lawsuits are not uncommon in proxy battles as both sides seek every advantage. Third Point said in the suit that it needs the court's help to wage a "meaningful proxy contest" and for investors to make fully informed decisions.
Third Point says in its lawsuit that shareholders do not have enough information to assess the company's strategic plans, which includes selling some divisions and finding a permanent chief executive to replace Denise Morrison who left in May.
"Without further information about its strategic plan that the board has withheld, and that is unknowable to stockholders without further disclosure, the Nov. 29 director election will be a sham," the lawsuit said.
Third Point also said that investors are in the dark about the new CEO selection process.
WATCH: How Campbell Soup fell off its perch | 2018-10-26T00:00:00 |
730 | https://www.cnbc.com/2018/10/09/third-point-increases-stake-in-campbell-soup-to-nearly-7percent.html | CPB | Campbell Soup Company | Third Point increases Campbell Soup stake to nearly 7% | Daniel Loeb's Third Point Management has increased their stake in Campbell Soup from 5.65 percent to 6.98 percent, according to a filing with the SEC on Tuesday.
As part of the filing, three of Third Point's nominees to Campbell's board revealed stakes in the soup giant: Lawrence Karlson, Michael Silverstein and William Toler.
Shares of Campbell rose 1 percent in after-hours trading following the news.
Third Point announced its intention to try to replace the entire Campbell board earlier this year. Third Point is unhappy with Campbell's performance and claimed it didn't fully evaluate a potential sale as part of the company's three-month critical review.
The review was sparked by Campbell's disappointing earnings and surprise departure of CEO Denise Morrison. While Loeb has pushed for Campbell to sell itself as part of the review, Campbell announced in August that it plans to sell its international and fresh food businesses.
Loeb is now trying to replace all 12 of Campbell's board directors at the company's Nov. 29 shareholder meeting. The company on October 4 reiterated its support for its own band of board nominees, which include three descendants of the company's founder: Archbold van Beuren, Bennett Dorrance and Mary Alice Malone. Dorrance and Malone together hold 33 percent of Campbell and have resisted past pressure to sell the company.
It also took aim at two of Third Point's nominees, both of whom were prior Campbell board members. One of them, George Strawbridge Jr. is a descendant of a founder. Strawbridge has disclosed a 2.7 percent stake in Campbell and has partnered with Third Point in its campaign.
"Despite criticisms of oversight at Campbell, Third Point nominated George Strawbridge, Jr., who retired from Campbell's Board at the age of 72 in 2009, with a tenure that spanned more than 22 years, and Lawrence Karlson, who served on the Board as recently as 2015 and supported many of the acquisitions that Third Point is now criticizing," the company said in the documents.
WATCH: How Campbell Soup fell off its perch | 2018-10-09T00:00:00 |
731 | https://www.cnbc.com/2018/07/03/campbell-soup-complex-family-tree-to-make-life-difficult-for-potential.html | CPB | Campbell Soup Company | Pressure is rising for Campbell Soup sale, but heirs hold the key to any deal | Every few decades the question again returns: Will Campbell Soup 's major shareholders, descendants of John T. Dorrance, relinquish their hold on the soup empire and sell it.
That question has once again come up in the wake of the departure of Campbell CEO Denise Morrison and the soup company's announcement it is doing a review of its portfolio that keeps "everything" on the table." That speculation has been fanned by the stake that activist shareholder Third Point has taken in the company. Third Point has declined to comment to CNBC.
Campbell has declined to comment on this speculation. It plans to announce the results of its review at the end of August.
But any potential buyers or activists who want to agitate for a sale face a long road ahead. The Dorrance family is not a unified voting block. It is a number of different subsets, which have not always been aligned on whether the best option for the soup company is to sell or stay independent. Today, there remains disagreement, CNBC has reported.
Here, CNBC breaks down the lineage behind the Campbell Soup empire and whom an activist investor or potential buyer would need to persuade to make a deal or any other significant strategic change.
All roads start with John T. Dorrance, inventor of the condensed soup formula that served as the basis for the Campbell empire. Dorrance had been sole owner of Campbell when he passed in 1930. In a move that had longstanding impact, be bequeathed to his son Jack double the stake in the soup giant he left his daughters, according to Daniel Sidorick, author of Condensed Capitalism: Campbell Soup and the Pursuit of Cheap Production in the Twentieth Century. | 2018-07-03T00:00:00 |
732 | https://www.cnbc.com/2018/10/17/campbell-soup-heirs-stand-with-company-versus-activist-third-point.html | CPB | Campbell Soup Company | In big blow to activist Third Point, Campbell heirs to stand with company | Campbell Soup heirs who hold roughly 41 percent of the company's shares came out in support of the soup company on Wednesday in its battle with activist investor Dan Loeb.
The descendants include Charlotte C. Weber and current board members Bennett Dorrance, Mary Alice Dorrance Malone and Archbold van Beuren.
Their support represents a significant blow to Loeb's Third Point hedge fund, which has been pushing to oust all 12 of Campbell's directors at its Nov. 29 shareholder meeting. He has also called for a sale of the soup company. Loeb has partnered with George Strawbridge Jr., another descendant of the founder, a likely play to pressure family members.
Strawbridge earlier this year revealed a 2.7 percent stake. Loeb has 6.98 percent stake.
Third Point responded in a statement, saying: "It is hardly news that the entrenched family owners, who have long enriched themselves at the expense of shareholders and the company, seek to preserve their board seats and reign of error."
Descendants of John T. Dorrance, the inventor of condensed soup, have not always been aligned on whether the best option for the soup company is to sell or stay independent.
Among those most loyal to the company are Bennett Dorrance and Mary Alice Dorrance Malone, children of Campbell's former chairman. The two, who hold 33 percent of the company, are considered some of Loeb's toughest family foes by people familiar with the family dynamics.
It has been less clear how their cousin Archbold van Beuren would vote. He is one of the few family members who has held multiple senior roles at Campbell. He is a family trustee in the Campbell Voting Trust, through which other descendants hold a combined 7.9 percent stake.
Charlotte Weber, also a cousin to Mary Alice and Bennett, holds shares outside the Campbell Voting Trust.
Campbell shares were down 3.4 percent Wednesday afternoon. | 2018-10-17T00:00:00 |
733 | https://www.cnbc.com/2018/11/15/proxy-advisory-firm-iss-favors-a-vote-for-third-point-nominees-at-campbell.html | CPB | Campbell Soup Company | Proxy advisory firm ISS favors a vote for Third Point nominees at Campbell | Days ago, investor Daniel Loeb , who runs Third Point, backed off his call to replace the entire 12-person Campbell board. Investors are expected to vote on directors at the Nov. 29 annual meeting. ISS is generally seen as being reluctant to recommend ousting all board members.
"The dissident slate seems well qualified to contribute to the company's turnaround by providing relevant industry expertise, fresh ideas, and a greater sense of urgency," ISS said in a report, adding "As such, votes FOR all dissident nominees are warranted."
Shareholder advisory firm Institutional Shareholder Services on Wednesday recommended that Campbell Soup investors elect all five of Third Point hedge fund's board nominees, giving a boost to the activist firm, which is fighting a high profile proxy battle with the company.
In its report, ISS backed former Blue Buffalo CEO Kurt Schmidt and former Hostess Brands CEO William Toler as well as comScore Inc president Sarah Hofstetter and former Uber Technologies executive Bozoma Saint John. It also recommended support for Third Point partner Munib Islam.
Third Point has said its nominees can provide operational, marketing and branding as well as financial expertise to help turn around Campbell's lagging stock performance. The company has been hurt by falling soup sales plus its fast paced acquisitions spree. In August, it announced plans to sell its fresh foods and international units.
Campbell responded to the ISS report by urging shareholders to support its 12 board members and said again that it had offered to expand the board to include two Third Point nominees, Schmidt and Hofstetter. It again voiced its objection to having a Third Point employee on its board.
ISS said Campbell's underperforming total stock return and weak fundamentals are linked to its acquisition strategy and poor execution on mergers as well as a lack of focus on its core business.
"In light of these factors, the dissident has presented a compelling case that change at the board level is warranted," the report said.
Third Point owns roughly 7 percent of Campbell's stock and it has allied with George Strawbridge, a descendant of John Dorrance who invented condensed soup and ran the company about a century ago. Three Dorrance heirs currently serve on the Campbell board and they plus another family member control roughly 40 percent of the shares, making Loeb's proxy contest all the more difficult.
At the outset, Loeb was pushing for a sale of the company but later backed away from that and more recently recommended splitting the company to make it more attractive to potential buyers. It also warned the company against hastily hiring a new chief executive during the proxy contest.
The company had criticized the hedge fund for not having a concrete plan to turn around the company.
ISS said it may make more sense for the company to improve its operations instead of pursuing a sale right now. "The dissident's seemingly premature focus on a sale may have caused some investors to worry that a dissident-controlled board might not thoroughly explore all strategic options," the report said. | 2018-11-15T00:00:00 |
734 | https://www.cnbc.com/2018/09/17/campbell-soup-and-third-point-urge-shareholders-to-vote-for-two-different-boards.html | CPB | Campbell Soup Company | Campbell Soup and Third Point urge shareholders to vote for two different boards | Campbell Soup and hedge fund Third Point on Friday filed preliminary proxy materials urging the food company's shareholders to vote in favor of two entirely different slates of board nominees.
Third Point, run by billionaire investor Daniel Loeb, launched a proxy fight last week to replace Campbell's 12-member board. Loeb's $18 billion hedge fund, which owns a 5.65 percent stake, said at the time that the soup-maker was in a "mess" and faulted its board for failing to take corrective action.
His move came a week after Campbell announced the results of a broad strategic review and said it would sell its international and fresh refrigerated-foods units.
Third Point's 12-person slate includes William Toler, former chief executive of Hostess Brands, Munib Islam, a partner at Third Point, and George Strawbridge, a grandchild of chemist John Dorrance who invented condensed soup and ran Campbell nearly a century ago.
Campbell, which is pushing for its board to remain intact, said it did not endorse any of Third Point's board nominees. Two other Dorrance grandchildren and a great grandchild currently sit on the board, and own a sizable stake in the company.(https://bit.ly/2NawBER)
The current composition of the board reflects an appropriate mix of experience and qualifications that are relevant to the business and governance of Campbell, the company said. Campbell laid out a detailed analysis of its board members' skill-sets and qualities in its filing, which included details on their experience in leadership, M&A and the consumer goods industry.
Third Point said the Campbell board's failure to have a functioning chief executive succession plan in place following Chief Executive Denise Morrison's exit in May was "a reflection of its inability to conduct one of the most essential duties of any board of directors." (https://bit.ly/2Mu2gM5)
The 149-year-old company, which revolutionized the home-cooking industry with easy-to-prepare soups and low-cost production techniques, has been struggling to attract young consumers to its namesake soups and Pepperidge Farm cookies. | 2018-09-17T00:00:00 |
735 | https://www.cnbc.com/2018/07/28/campbell-soup-at-149-years-old-is-facing-a-crossroads.html | CPB | Campbell Soup Company | Why 149 year-old Campbell Soup is at a crossroads | Campbell Soup was founded shortly after the Civil War, and for the majority of its lifespan has been a family company.
It's uncertain how much longer it will remain one.
The soup company is undergoing an operational review that will assess the entirety of its portfolio. While a "no sacred cows" approach has left industry sources wondering whether the soup giant could put itself up for sale, the company has weathered such speculation before. Every time that speculation has arisen, Campbell — and the family that together comprises its largest shareholders — has opted to keep it a family heirloom.
Times have changed. The descendants of John T. Dorrance — the man who many say invented condensed soup — are now in their fourth generation. Some of his family members have decreased their stake in the soup company. Many have not worked for it for extended periods of time.
Campbell's problems are many, and growing. Retailers like Walmart , which once needed Campbell on its shelves, have lost patience with its declining soup sales. It also faces competition from upstart brands that appeal to the younger generation's focus on health and newness. | 2018-07-28T00:00:00 |
736 | https://www.cnbc.com/2018/08/28/as-campbell-soup-struggles-grubhub-stock-is-blowing-it-away.html | CPB | Campbell Soup Company | As Campbell Soup struggles, another food company is blowing it away | GrubHub has surged 95 percent so far this year in its best performance since its 2015 public debut, pushing its market cap to nearly $13 billion and above Campbell Soup's $12 billion in value.
As Campbell Soup trades at four-year lows, food delivery stock GrubHub just broke through to a record high.
Matt Maley, equity strategist at Miller Tabak, said Campbell could be cooking up a comeback.
"I'm going to stick my neck out here and actually call for Campbell's to do better and it really doesn't have anything to do with the fundamentals," Maley told CNBC's "Trading Nation" on Tuesday. "It's broken above its trend line going back to the beginning of the year. If it can stay above that, that'll be positive."
Maley cautions that the fundamentals outlook for Campbell appears cloudy with the company under the threat of a proxy war. Campbell has reportedly rejected plans to sell itself, which could trigger a fight between activist investor Daniel Loeb and his hedge fund Third Point and the board.
As for GrubHub, Maley believes its rally may have peaked and the stock could see a pullback.
"It is very, very overbought. The stock has basically doubled this year," said Maley. "The stock's trying to make a higher high and if it can't do that, I think a lot of these momentum players will finally take some profits in the name."
GrubHub's relative strength index, a measure of momentum, reached an all-time monthly high of 86 in August. Any reading above 70 indicates overbought conditions.
Chad Morganlander, portfolio manager at Washington Crossing Advisors, is also making a bet on a recovery in Campbell over a continued rally for GrubHub.
"This is a typical example of high-momentum stocks versus low-momentum stocks," Morganlander told "Trading Nation" on Tuesday. "You look at Campbell Soup and all these other staples companies and you see real value there."
Consumer staples stocks such as Campbell are considered defensive stocks for their low valuation and more consistent growth. Campbell trades at 15 times forward earnings, while the XLP consumer staples ETF has a nearly 18 times multiple. GrubHub trades with a far more elevated 56 times multiple.
"I think that you can get hurt with companies that have high momentum, high multiples at this point in time," Morganlander said.
GrubHub has added 15 percent so far this month compared with a 3 percent drop for Campbell.
Disclosure: Chad Morganlander and his firm have no positions in Campbell Soup or GrubHub. | 2018-08-28T00:00:00 |
737 | https://www.cnbc.com/select/capital-one-venture-rewards-card-credit-score/ | COF | Capital One | What credit score do you need to get the Capital One Venture Rewards Credit Card? | For travel enthusiasts, the Capital One Venture Rewards Credit Card (see rates and fees) is a great choice if you're looking to earn rewards on flights and hotel stays. It's one of the best travel rewards credit cards on the market, offering lots of opportunities to earn and redeem Capital One miles, as well as a generous welcome bonus of 75,000 miles after new cardholders spend at least $4,000 within the first three months of account opening. For a modest $95 annual fee (see rates and fees), the card also comes with useful travel benefits such as a $100 statement credit to cover TSA PreCheck® or Global Entry membership and two complimentary entries per year to 100+ Plaza Premium partner lounges through the Partner Lounge Network. It also provides other perks such as extended warranty* and Purchase Assurance*, MasterRental Insurance*, Master RoadAssist®*, trip cancellation and interruption insurance*, 24/7 Travel Assistance Services*, and access to the Capital One Travel portal and Capital One Experiences program. *Benefit available to accounts approved for the World Elite Mastercard product, subject to terms, conditions, and exclusions in the World Elite Mastercard Guide to Benefits. See Account Terms or Application Terms for more details. Terms, conditions and exclusions apply.
Capital One Venture Rewards Credit Card Learn More Rewards 5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening
Annual fee $95
Intro APR N/A for purchases and balance transfers
Regular APR 19.99% - 29.99% variable
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee None
Credit needed Excellent/Good See rates and fees, terms apply. Pros 5 miles per dollar on hotel and rental cars booked through Capital One Travel
Global Entry or TSA PreCheck application fee credit up to $100 every 4 years Cons No introductory APR
There’s a $95 annual fee Learn More View More
When it comes to redeeming rewards, you can use your miles to book flights, hotels, rental cars and other travel activities through Capital One travel or transfer them to any of Capital One's airline or hotel partners. Capital One miles can also be used as statement credits to cover past travel purchases, and while not as lucrative, be redeemed for cash back or gift cards. Remember that in order to qualify for this card, you'll need to make sure you have a decent credit score. Below, Select takes a look at the kind of credit score you'll need to become a Capital One Venture Rewards cardholder.
Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
What credit score do you need to qualify?
The Capital One Venture Rewards Credit Card is one of several travel rewards credit cards offered by the issuer. For this particular card, the application page says you'll need to have an excellent credit score — according to Capital One, that means applicants must meet the following requirements: You have never declared bankruptcy or defaulted on a loan
You have not been 60 days late on any credit card, medical bill, or loan within the last year
You have maintained a loan or credit card with with a credit limit above $5,000 for at least three years If you're wondering what specific credit score you'll need to qualify for this card, Capital One won't officially disclose that information. Additional reporting by personal finance sites such as The Points Guy and NerdWallet suggests, however, that applicants may still qualify with a good or very good credit score. Since FICO counts scores between 670 and 739 as being good credit scores, this likely means applicants will need to have a credit score of at least 670 to qualify. FICO Score ranges: Very poor: 300 to 579
300 to 579 Fair: 580 to 669
580 to 669 Good: 670 to 739
670 to 739 Very good: 740 to 799
740 to 799 Excellent: 800 to 850 Of course, that doesn't mean all applicants with a score above 670 will qualify or that those with a score below it will be rejected, just that in general, this is the score you'll want to aim for to be considered eligible. If you're not sure where you stand, Capital One does offer consumers a pre-qualification tool, so you can see which Capital One credit cards you might be eligible for. Credit card issuers also look at other factors such as your annual income, the length of your credit history and how many credit cards you've applied for recently. FICO score factors: Payment history (35%) — If you've made your previous payments on time
— If you've made your previous payments on time Amounts owed (30%) — Your credit utilization ratio, or the ratio of the amount of credit you're using to the amount that's been extended and owed on your accounts
— Your credit utilization ratio, or the ratio of the amount of credit you're using to the amount that's been extended and owed on your accounts Length of credit history (15%) — The amount of time you've had credit
— The amount of time you've had credit New credit (10%) — How often you open new accounts
— How often you open new accounts Credit mix (10%) — Whether you have different types of credit, such as installment loans or revolving lines of credit To help your chances, you should also limit the number of credit card applications you submit in recent months. While there's nothing specific mentioned on Capital One's website, a number of personal finance sites including Forbes Advisor have reported that applicants won't be approved for more than one Capital Credit Card every six months. Furthermore, Capital One limits the number of personal credit cards consumers can have open to two. In other words, if you already have two Capital One branded credit cards, you likely wont be able qualify for the Venture Rewards Credit Card regardless of how good your credit score is. In case of rejection, cardholders can call Capital One's customer service department and try to negotiate your case for approval, though you may not be successful. Mentioning important details such as extenuating circumstances that caused you to be late on your past payments or pointing to your previous loyalty to Capital One likely wouldn't hurt.
Bottom line
To qualify for the Capital One Venture Rewards Credit Card, you'll likely need to have a good credit score of at least 670, although having a higher credit score would only improve your chances of approval. Additional reporting by various personal finance blogs and websites also suggests that Capital One has strict rules regarding how many Capital One personal credit cards an individual can have — and how many credit card applications you're allowed to submit within a six-month timeframe. Catch up on Select's in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2022-10-08T00:00:00 |
738 | https://www.cnbc.com/select/how-to-get-presale-tickets-taylor-swift-tour/ | COF | Capital One | How to get presale tickets for Taylor Swift's The Eras Tour through Capital One | Editor's note: Capital One has not yet announced whether presale tickets will be available will be available for Taylor Swift's 2024 tour dates as they were for the 2023 tour. Taylor Swift's latest album Midnights already broke Billboard and Spotify records within a week of its release, and on Tuesday Nov. 1, the singer announced her 2023 tour. Tickets for The Eras Tour don't go on sale to the public until Nov. 18, 2022 but Capital One credit and debit cardholders get access to presale tickets days earlier. Capital One is the national presenting partner for Swift's tour, which will be her first tour in over four years and the first tour after debuting her last four albums — Lover, Folklore, Evermore and Midnights — plus the re-recordings of her Fearless and Red albums.
How to get Capital One Presale tickets for Taylor Swift's Eras tour
Capital One debit and credit cardholders will be able to participate in the pre-sale beginning Nov. 15 at 2 p.m. and running through Nov. 17 at 10 p.m. local venue time, or while supplies last. There will be a range of tickets available for presale, including premium options, meaning cardholders can browse seats in a variety of sections. Here's how to get access to presale tickets for Taylor Swift's Eras Tour through Capital One: Visit the ticketing website during the presale period and use the first six digits of your Capital One card number (your promo code) to gain entry to the Capital One Cardholder Presale.
Use an eligible Capital One Visa or Mastercard credit or debit card to complete your purchase. According to Capital One, all Capital One Visa or Mastercard credit and debit card holders will be able to access the presale. So if you have a card like the Capital One Venture Rewards Credit Card (see rates and fees), among others, you should be good to shop the presale from Nov. 15–17. Here are some other Capital One credit cards that are eligible to access this presale.
Compare offers to find the best savings account
Capital One cards to consider
If you want to access to Taylor Swift's concert presale but don't currently have a Capital One card, consider one of the options below. If you apply today, you should receive your card number well before the presale is live. Outside of Taylor Swift presale tickets, Capital One offers a robust number of benefits for cardholders geared towards exclusive events and experiences. Perks include early access to tickets, on-site benefits at music and sports venues and the ability to upgrade experiences at certain events using Capital One miles. Capital One SavorOne Student Credit Card
Capital One SavorOne Student Cash Rewards Credit Card Learn More Rewards Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through Nov. 14, 2024; 8% cash back on Capital One Entertainment purchases; unlimited 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply); 3% cash back on dining and at grocery stores (excluding superstores like Walmart® and Target®); 3% cash back on popular streaming services and entertainment; 1% cash back on all other purchases
Welcome bonus Earn a $50 cash bonus when you spend $100 on purchases in the first three months from account opening.
Annual fee $0
Promo APR None
Regular APR 19.99% - 29.99% variable
Balance transfer fee 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee None
Credit needed Fair
See rates and fees, terms apply. Read our Capital One SavorOne Student Cash Rewards Credit Card review.
The Capital One SavorOne Student Cash Rewards Credit Card (see rates and fees) stands out for offering unlimited 3% cash back on some of the most common spending categories for students, like dining out, entertainment and streaming services (all other purchases earn 1%). The card has no annual fee or foreign transaction fees, and new cardholders can currently earn $50 when you spend $100 in the first three months. Plus, it's easier for those with lower credit scores to get approved (see rates and fees). Capital One SavorOne Cash Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card Learn More Rewards Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024, 8% cash back on Capital One Entertainment purchases, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel; Terms apply, 3% cash back on dining and at grocery stores (excluding superstores like Walmart® and Target®), 3% cash back on popular streaming services and entertainment, and 1% cash back on all other purchases
Welcome bonus Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
Annual fee $0
Intro APR N/A
Regular APR 19.99% - 29.99% variable
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee None
Credit needed Excellent/Good
See rates and fees. Terms apply. Read our Capital One SavorOne Cash Rewards Credit Card review.
Similar to the SavorOne Student Cash Rewards card, the Capital One SavorOne Cash Rewards Credit Card (see rates and fees) offers unlimited 3% cash back on dining, entertainment and streaming services. Cardholders can also earn 3% cash back on grocery store purchases (excluding superstores like Walmart® and Target®) and 1% on all other purchases. However, this card offers a welcome bonus that amounts to a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening. Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card Learn More Rewards 5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening
Annual fee $95
Intro APR N/A for purchases and balance transfers
Regular APR 19.99% - 29.99% variable
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee None
Credit needed Excellent/Good See rates and fees, terms apply.
The Capital One Venture Rewards Credit Card (see rates and fees) lets cardholders earn 5X miles on hotel and rental cars booked through Capital One Travel, and 2X miles per dollar on every other purchase. New cardholders can earn 75,000 bonus miles after spending $4,000 within the first three months from account opening. The welcome bonus is worth at least $750 in travel. The card does have a $95 annual fee, but when compared to other travel credit card annual fees from competitors, this one feels a lot more affordable (see rates and fees). Capital One Venture X Rewards Credit Card
Capital One Venture X Rewards Credit Card Learn More Rewards 10 Miles per dollar on hotels and rental cars, 5 Miles per dollar on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
Annual fee $395
Intro APR None
Regular APR 19.99% - 29.99% variable APR
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fees None
Credit needed Excellent
See rates and fees. Terms apply. Read our Capital One Venture X Rewards Credit Card review.
The Capital One Venture X Card (see rates and fees) has a more robust array of rewards compared to the Venture Rewards credit card, but also comes with a heftier $395 annual fee. Cardholders can earn 10X miles on hotels and rental cars, 5X miles on flights when booked via Capital One Travel and an unlimited 2X miles on all other eligible purchases. New cardholders earn 75,000 bonus miles once they spend $4,000 on purchases within the first 3 months from account opening.
Subscribe to the CNBC Select Newsletter! Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Bottom line
As Harry Styles fans (including myself) experienced while trying to score presale tickets to his most recent tour, tickets can sell out in minutes, so it's important to act fast and be ready to buy. Capital One cardholders will have a leg up on the competition with the presale period for The Eras Tour. Catch up on Select's in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2022-11-01T00:00:00 |
739 | https://www.cnbc.com/select/capital-one-premier-collection/ | COF | Capital One | Capital One's Premier Collection offers cardholders luxury hotel perks like free breakfast, room upgrades and more | Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
Capital One Travel Premier Collection
The Premier Collection provides premium Capital One cardholders a suite of exclusive, elite-like benefits when staying at hundreds of luxury hotels around the globe from brands like Small Luxury Hotels, The Leading Hotels of the World, Six Senses, 1 Hotels, Montage Hotels and Resorts and Proper Hotels. Some participating properties include The Ned NoMad in New York City, the Montage Laguna Beach in California, the 1 Hotel South Beach in Florida, the La Réserve Paris Hotel and Spa in Paris and more. Benefits Customers will enjoy the following benefits when booking through the Premier Collection: A $100 USD experience credit (or the local equivalent) to use on dining, spa, and other activities during their stay
Daily breakfast for two
Complimentary Wi-Fi
Additional premium benefits when available, including early check-in, late checkout and a room upgrade Eligibility The Premier Collection is now live and accessible through the Capital One Travel portal. It is available exclusively to those with the premium Capital One Venture X Rewards Credit Card (see rates and fees) and the Capital One Spark Travel Elite, which is a business credit card currently only available through Capital One Relationship Managers. Authorized users also have access.
Capital One Venture X Rewards Credit Card Learn More Rewards 10 Miles per dollar on hotels and rental cars, 5 Miles per dollar on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
Annual fee $395
Intro APR None
Regular APR 19.99% - 29.99% variable APR
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fees None
Credit needed Excellent
See rates and fees. Terms apply. Read our Capital One Venture X Rewards Credit Card review.
Pricing Premier Collection room rates should be in line with the best publicly available rate. Capital One told CNBC Select that if a customer finds a better price for the same hotel within 24 hours of booking, it will refund the difference per its Price Match Guarantee terms and conditions. There's also no minimum stay requirement so customers can still enjoy the $100 property credit and other perks on one-night stays. As with other Capital One Travel hotel bookings, Venture X cardholders earn a generous 10X miles on Premier Collection bookings and can choose to either redeem their miles or up to $300 annual Capital One Travel credit toward their stays. Better yet, Capital One has confirmed that Premier Collection benefits can be stacked with hotel loyalty program benefits, meaning you can still earn hotel points and get elite benefits, when applicable.
Alternatives to the Premier Collection
Capital One is going head-to-head with American Express and Chase with the launch of the Premier Collection. Both of the other issuers already offer similar programs which offer extra benefits when booking luxury hotels. Premium American Express cardholders, such as those who carry The Platinum Card® from American Express, have access to the Fine Hotels & Resorts program, which offers the following benefits, based on availability: Daily breakfast for two
Complimentary room upgrades and Wi-Fi
12 p.m. check-in and guaranteed 4 p.m. late check-out
A $100 credit to use toward on-property activities, dining or other perks like airport transfers, depending on your hotel
The Platinum Card® from American Express Learn More On the American Express secure site Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases
Welcome bonus Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
Annual fee $695
Intro APR None
Regular APR See Pay Over Time APR
Balance transfer fee N/A
Foreign transaction fee None
Credit Needed Excellent/Good
See rates and fees, terms apply. Read our The Platinum Card® from American Express review.
Meanwhile, those with higher-end Chase cards like the Chase Sapphire Reserve®, receive special benefits through The Luxury Hotel & Resort Collection, such as: Daily breakfast for two
Complimentary room upgrades and Wi-Fi
Early check-in and late check-out
A special benefit worth up to $100 The main difference is that both of these cards carry significantly higher annual fees than the Venture X.
Chase Sapphire Reserve® Learn More On Chase’s secure site Rewards Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025
Welcome bonus Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
Annual fee $550
Intro APR None
Regular APR 22.49% - 29.49% variable
Balance transfer fee 5%, minimum $5
Foreign transaction fee None
Credit needed Excellent
Terms apply. Read our Chase Sapphire Reserve® review.
Bottom line
For rates and fees of The Platinum Card® from American Express, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2022-10-18T00:00:00 |
740 | https://www.cnbc.com/2024/04/05/gold-has-broken-through-2300-and-one-cio-has-a-bullish-call-.html | COF | Capital One | Gold has broken through the $2,300 level, and one market veteran has a bullish call looking ahead | Geopolitical and structural factors have put gold on course to hit $2,600 per ounce within a year, according to one market veteran.
The precious metal has hit successive record highs this year, including another on Thursday when spot gold broke above $2,300 before easing slightly. Early Friday it was trading around $2278 per ounce.
The reasons behind its climb — and how much higher it can go in the near to medium-term — are hot topics among investors, especially as stock market gains remain robust.
Juerg Kiener, chief investment officer at Swiss Asia Capital, told CNBC's "Street Signs Asia" on Wednesday that his forward curve analysis for gold "looks fantastic."
"If you look at your forward curve for a year it's about 26 [$2,600]. I think we might be really fast as we take 23 [$2,300] out, it has a lot of pent-up demand," he said.
He added that an inventory collapse in the gold market is putting "a lot of derivative structures at risk."
"It puts probably a lot of structures which are in the market playing gold at risk too, because [traders] might not be able to cover [their short positions]. And if I say that 26 is for me just a forward curve, in case we get a short squeeze the numbers will go much higher."
A short squeeze is when the price of an asset rises sharply and those with short positions — who were betting on price falls — are forced to buy the asset to prevent more losses, typically driving up the price even further.
Kiener also cited geopolitics, a shift to a "multipolar world," and changing international trade structures as reasons for his bullishness on the gold price. Another was governments "printing money like there's no tomorrow," he added.
Gold is typically viewed as a so-called safe haven asset and also as a potential hedge against inflation.
Geopolitics has been cited by several analysts as the basis of a medium-term bullish case for gold, amid the wars in Gaza and Ukraine, the upcoming U.S. election and the possibility of recession in major economies. Another commonly cited factor is the likelihood of interest rate cuts by the U.S. Federal Reserve, of which three are expected this year. Lower borrowing costs tend to increase the appeal of gold as investors shift away from fixed-income assets like bonds.
"We've got a massive flow of precious metal leaving the West," he said, adding that there was a "real shift" toward precious growing demand in Asia and the BRIC countries more broadly. | 2024-04-05T00:00:00 |
741 | https://www.cnbc.com/select/capital-one-airport-lounges-access/ | COF | Capital One | Here's how to access Capital One's airport lounges, which feature nap pods and Peloton bikes | As airlines deal with record-high flight delays and cancellations, Capital One, along with other major card issuers such as Chase and American Express, is doubling down on its presence at major airports across the country. One thing travelers can look forward to is more Capital One Lounges, known for their high-speed Wi-Fi, relaxation rooms, showers, locally sourced and curated food, craft cocktails and other luxe amenities. The first Capital One Lounge opened at Dallas/Forth Worth International Airport (DFW) in Nov. 2021, followed by a second lounge at Washington Dulles International Airport (IAD) in Sept. 2023 with a third location scheduled to open at Denver International (DEN) in late 2023. Below, CNBC Select details what it takes to access the different Capital One Lounges and which credit cards are best if you want to visit them — or any partner lounges worldwide.
Capital One Lounge locations
Capital One currently has one lounge open, with two more planned to open in 2023. Dallas/Fort Worth International Airport , Terminal D near Gate D22; Open daily from 6 a.m. to 9 p.m.
, Terminal D near Gate D22; Open daily from 6 a.m. to 9 p.m. Denver International Airport , Concourse A on the Mezzanine Level (opening in late 2023)
, Concourse A on the Mezzanine Level (opening in late 2023) Dulles International Airport, in the Main Terminal directly after TSA PreCheck; Open daily from 5:30 a.m. to 9 p.m. All lounges offer complimentary premium food and beverages, grab-and-go refreshments, high-speed Wi-Fi, dedicated work zones and plenty of power outlets. Some locations provide additional amenities like shower suites, a yoga room, relaxation rooms with nap pods and even Peloton bikes.
The espresso bar toward the front of the lounge offers a variety of espresso drinks, cold brew and even a selection of teas, including green tea, Chai, Jasmine and English tea. Jasmin Suknanan / CNBC
How to access Capital One Lounges
There are a few ways to access Capital One Lounges, and you don't necessarily need to be a Capital One cardholder to get in. Note that all visitors must present a boarding pass for a same-day departing or connecting flight, meaning you can't access the lounge upon arrival at your final destination. Additionally, lounge access is based on availability — you're not allowed to make reservations in advance. All children ages two and under get in free with an adult. Free or discounted access Travelers with the Capital One Venture X Rewards Credit Card (see rates and fees), as well as their authorized users and account managers, receive unlimited access and two complimentary guest entries per visit, while additional guests will run you $45 each.
Capital One Venture X Rewards Credit Card Learn More Rewards 10 Miles per dollar on hotels and rental cars, 5 Miles per dollar on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
Annual fee $395
Intro APR None
Regular APR 19.99% - 29.99% variable APR
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fees None
Credit needed Excellent
See rates and fees. Terms apply. Read our Capital One Venture X Rewards Credit Card review.
Capital One Venture Rewards Credit Card (see rates and fees) and Capital One Spark Miles cardholders get two complimentary visits per year, which can also be used by their authorized users, account managers or any guests who are traveling with the cardholder. For more visits, you'll have to pay $45 each.
Capital One Venture Rewards Credit Card Learn More Rewards 5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening
Annual fee $95
Intro APR N/A for purchases and balance transfers
Regular APR 19.99% - 29.99% variable
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee None
Credit needed Excellent/Good See rates and fees, terms apply.
Paid access Anyone else with a boarding pass for a same-day departing or connecting flight can still visit Capital One Lounges regardless of which credit card they have. However, they will have to pay a steep $65 entry fee per person per visit.
Best Capital One credit cards with lounge access
Subscribe to the CNBC Select Newsletter! Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Bottom line
Capital One has made concerted efforts to connect with its cardholders and the general public, whether through its new Capital One Lounges or range of Capital One Cafés, which offer more opportunities to maximize the value of your card on a regular basis. Before applying for a new credit card, be sure to calculate how often you'll be able to use its associated benefits so you can see if the annual fee is worth paying. It's also a good idea to check your credit score since most Capital One credit cards require it to be good to excellent to apply. Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Information about the Capital One Venture X, Capital One Venture, Capital One Spark 2X Miles and Capital One Spark 1.5X Miles Select has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2022-08-09T00:00:00 |
742 | https://www.cnbc.com/select/chase-sapphire-preferred-vs-capital-one-venture-x/ | COF | Capital One | Chase Sapphire Preferred Card vs. Capital One Venture X Rewards Card: Which card is better for travel? | The Chase Sapphire Preferred® Card and the Capital One Venture X Rewards Credit Card (see rates and fees) are two popular credit cards designed for rewarding those who love to spend on travel. They do have big differences in the annual fees they charge — the Chase Sapphire Preferred card has a $95 annual fee while the Venture X card has a $395 annual fee (see rates and fees). But their rewards programs and perks should be enough to offset each respective fee. The two cards are consistently solid contenders for those who want to upgrade to a card that gives them more bang for their buck, especially when booking flights and hotels. Below, CNBC Select compares both cards to help you figure out which one works best with your lifestyle and spending needs.
Chase Sapphire Preferred Card vs. Capital One Venture X Rewards Card
Chase Sapphire Preferred® Card Learn More On Chase's secure site Rewards Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Chase Travel Hotel Credit, plus more.
Welcome bonus Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
Annual fee $95
Intro APR None
Regular APR 21.49% - 28.49% variable on purchases and balance transfers
Balance transfer fee Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee None
Credit needed Excellent/Good
Terms apply. Read our Chase Sapphire Preferred® Card review. Pros Points are worth 25% more when redeemed for travel via Chase Travel℠
Transfer points to leading frequent travel programs at a 1:1 rate, including: IHG® Rewards Club, Marriott Bonvoy™ and World of Hyatt®
Travel protections include: auto rental collision damage waiver, baggage delay insurance and trip delay reimbursement
No fee charged on purchases made outside the U.S. Cons $95 annual fee
No introductory 0% APR Learn More View More
Capital One Venture X Rewards Credit Card Learn More On Capital One's secure site Rewards Unlimited 2X miles on all eligible purchases, and 5 Miles per dollar on flights and 10 Miles per dollar on hotels and rental cars when booked via Capital One Travel portal
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
Annual fee $395
Intro APR None
Regular APR 19.99% - 29.99% (Variable)
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fees $0
Credit needed Excellent
See rates and fees, terms apply. Read our Capital One Venture X Rewards Credit Card review. Pros Large welcome bonus
No foreign transaction fees
Up to $100 statement credits for either Global Entry or TSA PreCheck®
Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network Cons High annual fee
No introductory 0% APR period Learn More View More
Annual fee
The Chase Sapphire Preferred Card and the Capital One Venture X Rewards Card sit at opposite ends of the annual fee spectrum. The Sapphire Preferred card has a $95 annual fee, which makes it among the most affordable. The Venture X card, on the other hand, charges a hefty $395 annual fee (see rates and fees). Granted, the annual fee on the Venture X Card still isn't as high as the Chase Sapphire Reserve® $550 annual fee, or The Platinum Card® from American Express $695 fee (see rates and fees), but it's still a considerable expense. Terms apply. Of course, both cards have perks and benefits that can offset the cost of that fee, so make sure you determine whether or not you can truly make that fee worthwhile. WINNER: The Chase Sapphire Preferred card's annual fee costs $300 less than the Venture X card's. This already makes it appealing to those who want to upgrade to a card with more perks but don't quite have the appetite for a higher annual fee. Again, both cards offer benefits that can offset the costs of those annual fees.
Card rewards
Both credit cards are well known for their earnings for booking travel, but there are many key differences in the way you rack up rewards. Chase Sapphire Preferred Card: Cardholders can earn 5X points on travel purchased through Chase Travel℠, 3X points on dining, 3X points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs), 2X points on all other travel purchases, and 1X points on all other purchases. Capital One Venture X Card: Earn unlimited 2X miles on all eligible purchases, and 5 miles per dollar on flights and 10 miles per dollar on hotels and rental cars when booked via Capital One Travel portal. At first glance, you'll notice that the Chase Sapphire Preferred Card lets you earn points while the Venture X Card lets you earn miles. However, the miles you earn on the Venture X card actually function similarly to transferable points programs since they can be redeemed for more than just travel (below, we break down the different ways cardholders can redeem their rewards for both cards). The Chase Sapphire Preferred impressive offer of 5X points on travel purchases through Chase Travel℠ appears similar to the Venture X Card's offer of 5 miles per dollar on flights. However, the Venture X Card also offers an impressive 10 miles per dollar on hotels and rental cars that get booked through their travel portal. However, the point and mile values can be very different when redeeming them for rewards through each card provider's respective travel portals. For instance, 75,000 miles from the Venture X Card's welcome bonus is worth around $750, while you only need 60,000 bonus points earned through the Chase Sapphire Preferred Card's welcome bonus to achieve the same cash value of $750. Rewards experts like The Points Guy take into account the different transfer options when valuing points. Because of this, they value the points at 1.25 cents per point for the Chase Sapphire Preferred card, making the value of the bonus work out to $1,200. They also value the miles for the Venture X card at 1.85 cents per point (when again, taking into account the various transfer options), making the full value of the bonus work out to be $1,387.50 toward travel. Aside from travel rewards, the Chase Sapphire Preferred Card gives a generous 3X earnings for money spent on dining, streaming services and grocery store purchases, whereas the Venture X Card lets users earn 2X on other eligible purchases. WINNER: The Capital One Venture X Rewards Card comes out on top since the full value of its welcome bonus works out to be higher than that of the Chase Sapphire Preferred Card. On top of that, at the very least, you'll earn 2X miles on other eligible purchases with the Venture X card while the Chase Sapphire Preferred card only lets you earn 1X points on other eligible purchases. So even if you don't spend a ton on travel or dining, you'll still earn more for other types of purchases with the Venture X card.
Redemption options
There are a variety of ways to redeem your rewards for both credit cards. Chase Sapphire Preferred Card: Cardholders can redeem points for cash back or gift cards at a rate of 1 cent per point. If redeeming through Chase Travel℠, though, you'll increase the value of your points to 1.25 cents apiece. If you use this redemption option, the 60,000-point welcome bonus is worth $750. The most valuable option is generally to transfer your points to one of Chase's hotel and airline partners. Transferring your points to partners typically yields a much higher value, especially if you want to redeem them for luxury travel. Chase's 14 transfer partners include: Aer Lingus AerClub
Air Canada Aeroplan
British Airways Executive Club
Emirates Skywards
Flying Blue (KLM and Air France)
Iberia Plus
JetBlue TrueBlue
Singapore Airlines KrisFlyer
Southwest Airlines Rapid Rewards
United MileagePlus
Virgin Atlantic Flying Club
IHG One Rewards
Marriott Bonvoy
World of Hyatt Capital One Venture X Rewards Card: Capital One miles can be redeemed in several ways, including: Booking travel directly through Capital One Travel
Transferring them to 17 different airline and hotel partners (like Air France-KLM Flying Blue and Air Canada Aeroplan)
Using them for recent travel purchases on your credit card statement
Redeeming them for gift cards
Redeeming them for cash back (note: similar to the CSP card, this is the least valuable option) The most valuable way to redeem Capital One miles is to transfer them to the various travel partners and book business or first-class award flights. Capital One's 17 transfer partners include: Aeromexico
Air Canada
Air France-KLM
ALL Accor Live Limitless
Avianca
British Airways
Cathay Pacific
Choice Privileges
Emirates
Etihad
EVA Air
Finnair
Qantas
Singapore Airlines
TAP Air Portugal
Turkish Airlines
Wyndham Hotels
The welcome bonus
Both credit cards come with ambitious welcome bonuses. Chase Sapphire Preferred Card: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. Capital One Venture X Card: Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening. Both credit cards have a fairly short time horizon for earning the welcome bonus; new cardholders will have to spend $4,000 within the first 3 months after opening an account. While it may appear that you earn a larger bonus for spending the same amount on the Venture X card, when you calculate the value of the miles when redeemed for travel through each card's respective rewards portal, it comes out to $750 for both credit cards. Again, though, when you take into consideration the value of rewards when redeeming through transfer partners, the Venture X card comes out on top since the welcome bonus is valued at $1,387.50 toward travel and the Chase Sapphire Preferred bonus is valued at $1,200. WINNER: If you plan to redeem the welcome bonus through each card's respective rewards portal, it's a tie since the value of the welcome bonus works out to be the same. However, if you're redeeming the bonus through transfer partners, the Venture X card provides the best value.
Subscribe to the CNBC Select Newsletter! Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Additional perks
Both cards come with an appealing array of perks that are meant to satisfy different lifestyle needs. Chase Sapphire Preferred cardholders can enjoy these additional perks: Exclusive shopping discounts at select retailers
Up to $50 Annual Chase Travel Hotel Credit
Trip cancellation and interruption insurance
Primary rental car insurance
Baggage delay insurance
Trip delay reimbursement
Each account anniversary, you'll earn bonus points equal to 10% of your total purchases made the previous year. For instance, if you spend $25,000 on purchases, you'll receive 2,500 bonus points
Cardholders can get complimentary access to DashPass, which is a membership that can be used for DoorDash and Caviar. You'll pay $0 delivery fees and lower service fees on eligible orders for a minimum of one year when you activate this perk by December 31, 2024
6 months of complimentary Instacart+ membership if activated by July 31, 2024 (membership auto-renews). Instacart+ members can also earn up to $15 in statement credits quarterly through July 2024 Capital One Venture X cardholders can enjoy these additional perks: Up to $300 in annual statement credits each year for bookings made through Capital One Travel
A 10,000-mile bonus on each account anniversary, starting on your first card anniversary
Up to $100 statement credit for either Global Entry or TSA PreCheck®
Access to over 1,300 Priority Pass lounges, as well as Capital One Lounges. Free entry for up to two guests per visit ($45 per visit for additional guests)
*Complimentary cell phone insurance (terms and conditions apply)
*Baggage delay reimbursement
*Trip delay reimbursement WINNER: As far as travel credit cards go, the Capital One Venture X card comes out on top for its more robust set of travel perks. The Sapphire Preferred card does offer some lifestyle benefits, like the complimentary DashPass and Instacart+ membership, but those perks may not be most valuable to those who are just looking for a travel credit card that'll give them more bang for their buck.
Bottom line
Both the Chase Sapphire Preferred Card and the Capital One Venture X card are such strong travel credit cards that it can be genuinely difficult to go with one over the other. The Venture X card comes with a hefty annual fee of $395 (see rates and fees), though, perks like the $300 annual travel credit and airport lounge access make up for that cost. The Sapphire Preferred $95 annual fee may feel a bit more manageable to more people but still offers valuable benefits like trip delay insurance and monthly credits for popular delivery services. Overall, the Chase Sapphire Preferred card may be best suited for those who value the best of both travel and dining perks. The Capital One Venture X card is best for those serious travelers who want elite perks without elite airline status. Both cards offer a ton of value if used correctly. However, if you still want some to earn towards travel without paying high annual fees, you might consider opting for a low or no-cost credit card like the Capital One VentureOne Rewards Credit Card (see rates and fees).
Capital One VentureOne Rewards Credit Card Learn More On Capital One's secure site Rewards 5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 1.25X miles per dollar on every purchase
Welcome bonus Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel
Annual fee $0
Intro APR 0% intro APR on purchases and balance transfers for 15 months
Regular APR 19.99% - 29.99% variable
Balance transfer fee 3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time
Foreign transaction fee None
Credit needed Excellent/Good
See rates and fees. Terms apply. Read our Capital One VentureOne Rewards Credit Card review.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date. For rates and fees of The Platinum Card® from American Express, click here. *For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2023-06-23T00:00:00 |
743 | https://www.cnbc.com/select/capital-one-cash-back-rewards-redeemed-for-travel/ | COF | Capital One | Capital One Cash-Back Rewards can now be redeemed for travel. Here's how | Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
Using Capital One Rewards to book travel
The cost of travel, just like nearly everything else, has skyrocketed in recent months. Airline tickets are up by 25%, rental cars have gone up by 11% and hotel room prices have increased by 20% — all within the last year. Earning credit card rewards through Capital One — whether it's miles with the Capital One Venture Rewards Credit Card (see rates and fees) or cash-back with the Capital One Quicksilver Credit Card (see rates and fees) — will allow you to save some money on your upcoming summer vacation. Simply visit the Capital One Travel portal to book your trip. As you go through the booking process, you will be given the option to pay with your miles or cash back, depending on the card you're using. The amount you redeem will be deducted from your rewards balance, and you're done. Saving directly on travel at checkout makes Capital One cash-back cards that much more valuable. Depending on the card you select, you could also earn rewards for making the purchase.
The best Capital One credit cards
What's the best credit card? It's a common question among consumers. But the answer really depends on you: Your 'best' credit card is the one that earns you the most rewards based on your purchases and that best aligns with your short- and long-term financial goals. If your goal is to fly first-class next year, for example, choosing a travel rewards credit card would help you achieve this. If your goal is to save money on your monthly expenses to bolster your emergency fund, a cash-back credit card would be a better option. If you want to earn points and miles to put toward a summer vacation and other travels, Capital One offers several rewards cards worth considering. Here's a look at two of the most valuable Capital One credit cards, their welcome bonuses and some of their best perks for cardholders. Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card Learn More Rewards 5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase
Welcome bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening
Annual fee $95
Intro APR N/A for purchases and balance transfers
Regular APR 19.99% - 29.99% variable
Balance transfer fee $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee None
Credit needed Excellent/Good See rates and fees, terms apply. Pros 5 miles per dollar on hotel and rental cars booked through Capital One Travel
Global Entry or TSA PreCheck application fee credit up to $100 every 4 years Cons No introductory APR
There’s a $95 annual fee Learn More View More
The Capital One Venture Rewards Credit Card (see rates and fees) is a solid pick for consumers looking to earn miles for travel. As you spend on the card, you will earn: 5X miles per dollar on hotel and rental car reservations booked via Capital One Travel 2X miles per dollar on all other purchases The card also offers a valuable welcome bonus allowing you to earn 75,000 bonus miles after spending $4,000 within the first three months of card membership — that's a pretty good start if you're looking to redeem miles for flights, hotels, rental cars or other travel expenses this summer. Cardholders receive several travel-related perks, such as a credit up to $100 to put toward TSA PreCheck or Global Entry membership, access to exclusive reservations and experiences through Capital One Dining and Capital One Entertainment, 24-hour Travel Assistance Services*, and extended warranty protection. *Benefit available to accounts approved for the World Elite Mastercard product, subject to terms, conditions, and exclusions in the World Elite Mastercard Guide to Benefits. See Account Terms or Application Terms for more details. Terms, conditions and exclusions apply. The Capital One Venture Rewards card has a modest $95 annual fee but no foreign transaction fees. (see rates and fees) Capital One Savor Cash Rewards Credit Card
Capital One Savor Cash Rewards Credit Card Learn More Information about the Capital One Savor Cash Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. Rewards 4% cash back on dining and entertainment, 4% on eligible streaming services, 3% at grocery stores and 1% on all other purchases
Welcome bonus Earn a one-time $300 cash bonus once you spend $3,000 on purchases within the first three months from account opening
Annual fee $95
Intro APR None
Regular APR 19.99% - 29.99% variable
Balance transfer fee 4% for promotional APR offers; none for balances transferred at regular APR
Foreign transaction fee None
Credit needed Excellent/Good Terms apply. Pros Unlimited 4% cash back on entertainment purchases
Ability to redeem rewards at any amount, unlike some other cards with $25 minimums
No fee charged on purchases made outside the U.S. Cons $95 annual fee
No introductory 0% financing offers for purchases or balance transfers Learn More View More
The Capital One Savor Cash Rewards Credit Card* is a great pick for anyone who spends regularly on dining and entertainment. The card has valuable cash-back categories, including: 4% cash back on dining and entertainment, and when you pay for popular streaming services
3% when you spend at grocery stores (excluding Superstores like Walmart and Target)
1% for all other purchases
5% for all hotel and car rental reservations booked through Capital One Travel Once approved for the card, you can earn an up to $300 cash bonus after spending $3,000 within three months of opening your account. Cardholders also have access to Capital One perks such as extended warranty protection, complimentary concierge services, 24-hour travel assistance and the ability to use rewards to cover your Amazon purchases, among other benefits. The annual fee is $95, which can be easily earned back by completing the welcome offer's conditions. There are no foreign transaction fees.
Bottom line
*Information about the Capital One Savor Cash and Capital One Spark Cash Plus credit cards has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2022-05-18T00:00:00 |
744 | https://www.cnbc.com/2024/04/10/heres-the-inflation-breakdown-for-march-2024-in-one-chart.html | COF | Capital One | Here's the inflation breakdown for March 2024 — in one chart | Eric Thayer/Bloomberg via Getty Images
Inflation jumped in March as prices for consumer staples such as gasoline edged higher and those for housing remained stubbornly high, suggesting inflation may be a bit stickier than it seemed just a few months ago, economists said. The consumer price index, a key inflation gauge, rose 3.5% in March from a year ago, the U.S. Labor Department reported Wednesday. That's up from 3.2% in February. CPI measures how fast prices are changing across the U.S. economy. It measures everything from fruits and vegetables to haircuts, concert tickets and household appliances.
The March inflation reading is down significantly from its 9.1% pandemic-era peak in 2022, which was the highest level since 1981. However, it remains above policymakers' long-term target, around 2%. Progress in the inflation fight has somewhat flatlined in recent months. "The disinflation has stalled out," said Mark Zandi, chief economist at Moody's Analytics. "The big rock in the way here is the cost of shelter," Zandi said. While housing costs have moderated, they account for the largest share of the CPI inflation index and "are still growing strongly," he said.
Despite progress having stalled, broader evidence doesn't suggest a renewed surge in inflation — though it may take longer than expected to bring the rate back to target, economists said. In fact, underlying inflation after stripping out shelter costs is already back to target, Zandi said. "I still hold to the view that inflation is moderating," Zandi said. "It's just taking frustratingly long to get there."
Household paychecks can buy more stuff, though
Higher oil and gas prices take a toll
Gasoline prices increased 1.7% from February to March, the Bureau of Labor Statistics said. This figure is adjusted to account for seasonal buying patterns. Average U.S. pump prices were $3.52 a gallon on April 1, up from $3.35 on March 4, according to weekly data published by the Energy Information Administration.
watch now
The increase is largely attributable to higher oil prices. They've firmed amid a generally positive outlook for the global economy, meaning greater global oil demand, and controlled output among major oil-producing nations, meaning there hasn't been a glut of oil, economists said. Tensions in the Middle East may also be playing a role, Hamrick said.
Higher gas prices may filter through to higher prices elsewhere, since they factor into transportation and distribution costs for goods and even services such as food delivery, he said. Higher energy prices are what worries Zandi most relative to inflation readings. It's likely the upward trend will continue in coming months, and the dynamic negatively impacts consumer buying power and sentiment, he said. "Nothing does more damage to the economy more quickly than rising oil and gasoline prices," he said.
Other 'notable' areas of inflation
The BLS said that motor vehicle insurance, medical care, recreation and personal care, in addition to shelter, were "notable" contributors to "core" inflation, a reading that strips out volatile energy and food prices. Shelter, motor vehicle insurance, medical care, apparel and personal care were notable contributors to monthly inflation from February to March, the agency said.
The overall monthly CPI reading, 0.4%, was much higher than the roughly 0.2% that would be expected on a consistent basis to bring inflation back to normal, economists said. "There is no improvement here; we're moving in the wrong direction," Hamrick said. "The usual trouble spots persist," said Hamrick, who additionally called out costs for electricity and car maintenance and repairs.
Prices have fallen in some categories
Meanwhile, some consumer categories have seen improvement. Prices fell for used cars and trucks, new vehicles and airline tickets between February and March, for example. They're also down over the past year, by 2.2%, 0.1% and 7.1%, respectively, according to CPI data. Lower prices for new and used cars should lead auto insurance and repair costs to fall as well, economists said.
Grocery prices are another bright spot, they said. While some categories, such as eggs and pork chops, have seen recent upward movement, the overall "food at home" index stood at 0% on a monthly basis in both February and March. "Food prices have come to a standstill," Zandi said. "For most Americans, the thing that bothers them the most about inflation is high food prices."
Supply-and-demand dynamics
At a high level, supply-and-demand imbalances are what trigger out-of-whack inflation. For example, the Covid-19 pandemic disrupted supply chains for goods. Americans' buying patterns also simultaneously shifted away from services — such as entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation. Additionally, supply-and-demand dynamics in the labor market pushed wage growth to the highest level in decades, putting upward pressure on prices for services, which are more wage-sensitive. Now that supply-chain issues are "pretty close to fixed," there's "little scope" for goods to contribute to disinflation moving forward, said Sarah House, senior economist at Wells Fargo Economics.
watch now | 2024-04-10T00:00:00 |
745 | https://www.cnbc.com/select/capital-one-student-credit-cards-new-welcome-offers-up-to-100/ | COF | Capital One | Capital One Student Cards have new welcome offers, letting you earn up to $100 quickly | Below, Select breaks down the two welcome bonuses, as well as each card's unique features and how students can use them to their fullest potential.
Student credit cards don't typically come with welcome offers , so it's a great way for students to not only build their credit but also save money on everyday purchases, all while scoring an easy bonus.
Capital One has been making significant upgrades to its credit card perks in the last year or so, and now, for a limited time, current students have the opportunity to earn a simple welcome offer when they sign up for either the Capital One SavorOne Student Cash Rewards Card or the Capital One Quicksilver Student Cash Rewards Credit Card.
The offer mentioned below is no longer available.
Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here .
Each of the two student credit cards below is currently offering a limited, one-time welcome bonus of $100 after new cardholders are approved and spend $100 within the first three months of opening an account.
The $100 welcome bonus can be used in several different ways — as a statement credit on the account, to pay for purchases via PayPal or Amazon or to buy gift cards.
In addition, student cardholders, like all Capital One cardholders, now have access to the Capital One Travel portal to book travel using credit card rewards. Booking travel through the portal with a Capital One Student Credit Card can also earn cardholders unlimited 5% cash back on all hotel and rental car bookings.
If you have friends interested in either one of the student cards, Capital One's refer-a-friend program lets you receive $100 for each successful referral, up to $500 per year.
Here's a breakdown of the benefits you'll receive from each card.
Capital One SavorOne Student Cash Rewards Credit Card
The Capital One SavorOne Student Credit Card is a great choice for students who tend to spend on specific categories. As you spend, you will earn:
3% cash back for all dining and entertainment spending, when you pay for popular streaming services and when you shop at grocery stores
1% cash back for all other types of purchases
5% cash back when you book hotels and rental cars through Capital One Travel
The card also comes with other solid features such as access to special reservations and culinary events through Capital One Dining, discounts through Capital One Shopping, travel accident insurance, extended warranty protection, complimentary concierge services and 24-hour travel assistance, among others.
The SavorOne Student Credit Card has no annual fee and there are no foreign transaction fees. Cardholders also receive access to CreditWise to help monitor their credit score.
Capital One Quicksilver Student Cash Rewards Credit Card
If your spending habits tend to vary across different categories or you don't want to hassle with maximizing your cash back, the Capital One Quicksilver Student Credit Card may be a better option.
It's pretty straightforward: As you spend on the card, you'll earn unlimited 1.5% cash back on all purchases. Cardholders can also score 5% cash back whenever hotels and rental cars are booked through the Capital One Travel portal.
As with the SavorOne Student Credit Card, you'll also have access to Capital One benefits such as extended warranty protection, travel accident insurance, complimentary concierge services and 24-hour travel assistance, as well as to Capital One Dining, Shopping, and Travel.
The Quicksilver Student Credit Card also has no annual fee or foreign transaction fees. | 2022-05-18T00:00:00 |
746 | https://www.cnbc.com/select/how-to-maximize-the-capital-one-venture-x-welcome-bonus/ | COF | Capital One | How to maximize the Capital One Venture X 100,000-mile welcome bonus | The Capital One Venture X Rewards Credit Card welcome offer mentioned below is no longer available. If you're in the market for a new premium travel rewards credit card that really packs a punch, look no further than the Capital One Venture X Rewards Credit Card, which is currently offering an impressive 100,000-Mile welcome bonus. That's enough to cover $1,000 worth of travel when booking flights and hotels through one of its 17 transfer partners or through Capital One Travel. Earning Capital One Miles is easier than ever with the Capital One Venture X card. Not only can you pick up 100,000 Capital One Miles after spending $10,000 within the first six months of opening your account, you'll earn 2X Miles on all purchases, plus 5X Miles on flight and 10X Miles on hotels and cars booked through Capital One Travel. Cardholders also receive an annual up to $300 travel credit, 10,000 bonus Miles on each account anniversary, a $100 statement credit toward Global Entry or TSA PreCheck every four years and the chance to visit more than 1,300 Priority Pass and Capital One Lounges worldwide. While the $395 annual fee may seem intimidating, remember that you'll get $300 back in travel credits when booking through Capital One Travel and for a limited time, an extra $200 back via statement credits when booking vacation rentals through Airbnb, VRBO, Vacasa, or TurnKey. The annual fee really does pay for itself if you use all your perks properly, making the Capital One Venture X a top-tier premium travel rewards credit card. Below, Select breaks down the best ways to maximize 100,000 Capital One Miles.
Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
Transfer Capital One Miles to airline partners
Capital One Rewards is connected to 14 airline partner rewards programs, which extends your redemption options across all three airline alliances: Star Alliance, Oneworld, and SkyTeam. Nearly all of them transfer at a 1:1 ratio — EVA Air converts at a 2:1.5 ratio — so you'll be getting the best value by booking flights through the following carriers and their alliance partners: Aeromexico (Club Premier)
Air Canada (Aeroplan)
Air France KLM (Flying Blue)
Avianca (LifeMiles)
British Airways (Avios)
Cathay Pacific (Asia Miles)
Emirates (Emirates Skywards)
Etihad (Etihad Guest)
EVA Air (Infinity MileageLands) — transfer ratio is 2:1.5, not 1:1
Finnair (Finnair Plus)
Qantas (Qantas Frequent Flyer)
Singapore Airlines (KrisFlyer)
TAP Air Portugal (TAP Miles & Go)
Turkish Airlines (Miles & Smiles) While there aren't any domestic carriers listed as airline partners, that doesn't mean it's not impossible to fly them for free. Thanks to airline alliances, you can convert Capital One Miles to British Airways Avios, then use those to book domestic U.S. flights on American Airlines, its Oneworld alliance partner. You could also transfer Capital One Miles to Turkish Airlines or Avianca, then use those to book flights on Star Alliance partner United Airlines.
Redeem Capital One Miles for free nights at hotels
Capital One Rewards has three hotel transfer partners — Choice Privileges, Wyndham Rewards, and Accor Live Limitless (AccorHotels) — letting cardholders cash in Capital One Miles for free nights at hotels worldwide. Capital One Miles can be transferred to Choice Privileges points at a 1:1 ratio, allowing you to book free nights at more than 7,000 properties in over 40 countries at brands including Quality, Comfort, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites, Clarion, Clarion Pointe, and Surburban Extended Stay Hotel, Cambria Hotels and The Ascend Hotel Collection. Thanks to connections with Penn National Gaming, Inc., Preferred Hotels & Resorts, Nordic Choice Hotels, and AMResorts (all-inclusive resorts in Mexico, Costa Rica, Panama, and the Caribbean by brands like Dreams and Secrets) you can also redeem for stays at casino hotels and independent boutiques. Here's an idea of what you can redeem through Choice Privileges for 100,000 Capital One Miles: Four nights at the Comfort Inn Manhattan – Midtown West in New York City (25,000 points a night)
Five nights at Avenue Hotel, Ascend Hotel Collection, in Los Angeles (20,000 points a night)
Eight nights at Comfort Hotel Nation Pere Lachaise Paris 11 in France (12,000 points a night) Wyndham Rewards also lets you transfer Capital One Miles at a 1:1 ratio, giving you access to free nights at over 9,000 hotels in more than 80 countries at brands including Wyndham, Wyndham Grand, Wyndham Garden, Registry Collection Hotels, AmericInn, Tryp, Dazzler, Esplendor, Wingate, Trademark Collection, Dolce Hotels and Resorts, La Quinta Inn & Suites, Ramada, Baymont, Microtel, Days Inn, Super 8, Howard Johnson, Travelodge and Hawthorn Suites. With redemptions from 7,500, 15,000 or 30,000 Wyndham Rewards points per night, here's what transferring 100,000 Capital One Miles could yield: Three nights at Wyndham Grand Athens in Greece (30,000 points a night)
Six night at Ramada by Wyndham Queenstown Central in New Zealand (15,000 points a night)
13 nights at Ramada by Wyndham Princess Santo Domingo in the Dominican Republic (7,500 points a night) Thanks to a nifty partnership with Vacasa, you can also redeem Capital One Miles for free nights at more than 15,000 hotels, vacation clubs and home rentals, while a separate connection allows for redemptions at Caesars Rewards casino hotels around the U.S. Wyndham Rewards is also linked with Margarita Vacation Club, Club Wyndham, Cottages.com, Shell Vacations Club, Worldmark and Landal Greenparks so you can opt to redeem for vacation rental brands around the world. Another hotel transfer partner of Capital One is ALL Accor Live Limitless, which offers hotel redemption options at a ratio of 2:1 and works a little differently from the last two programs. For starters, you'll need to have at least 2,000 ALL Rewards in your account, which means you'd need to transfer over 4,000 Capital One Miles, and redeem them in increments of 2,000 ALL Rewards points — 2,000 points gets you 40 euros (about $45) off your stay, while 4,000 translates to 80 euros (about $90) and so forth. While you likely won't get the best value for your points this way, the ALL Accor Live Limitless program can still be beneficial depending on your travel plans and style, as award options through it include more than 5,100 hotels in over 100 countries at brands like Fairmont, Raffles, Faena, Delano, Sofitel, SLS, Museum Hotel, Mondrian, Pullman, Swissôtel, Mövenpick, Mantra, Novotel and Ibis, among others. While there are just 100 hotels in North America, Accor brands are seemingly omnipresent throughout Europe, Asia and Oceania, so this is still a valuable points-transfer option.
Book flights, hotels and car rentals through Capital One Travel
If you enjoy having the flexibility to book flights, hotels, and rental cars without having to worry about award availability or blackout dates, consider making your reservations through Capital One Travel, a new travel portal that offers added benefits like cancel-for-any-reason travel insurance (for a small fee), a freeze-your-price feature that helps you lock in lower rates, price drop protection (if you find a lower price, Capital One will refund you the difference), and a nifty price match guarantee (if you happen to find a better price within 24 hours of booking, you could get a refund). While this also allows you to book travel at a fixed redemption rate of 1 cent per mile, it's always worth comparing redemption rates — in other words, seeing how many points and miles are needed for an award redemption directly through the carrier or hotel versus booking through the Capital One travel portal. Depending on your points and miles status goals, you may also want to consider booking travel directly to maintain elite status or double-dipping by reserving tickets or rooms through another third-party website, then simply "erasing" the travel purchase (more on that below).
Use Capital One Miles to "erase" recent travel purchases
One of the most valuable perks of the Capital One Venture X card is the ability to "erase" or redeem Capital One Miles to cover travel purchases made within the last 90 days. Simply use the card to book fights, hotels, car rentals or make other travel-related expenses (like Uber rides or Airbnb stays) then click on "Redeem Travel Purchases" to select which ones you'd like to cover or put your Capital One Miles toward — partial credit is fine, too, as long as you redeem more than 2,500 Miles. Capital One Miles are worth 1 cent per mile when choosing this redemption option, meaning 100,000 miles could erase $1,000 in travel purchases.
Redeem miles for gift cards and online shopping
If you know you won't be traveling for a while, there's always retail therapy. With the Capital One Venture X card, you'll be able to redeem Capital One Miles at a rate of 1 cent per point for gift cards to all your favorite restaurants and retail shops like Apple, Bath & Body Works and Starbucks. Note that if you're redeeming Capital One Miles for Amazon gift cards — or using Capital One Miles to shop online via Amazon or PayPal — the redemption rate drops to 0.8 cents per point (you'd get $0.80 cents in value per 100 Miles) so it won't be the best value among all your other options.
Cash back is a low-value redemption
While this is the least valuable redemption option for your newly earned Capital One Miles, you can still opt to exchange them at a rate of 0.5 cents per mile for cash in the form of an account credit or a check.
Other cards with large welcome bonuses
If you're interested in other cards with large welcome bonuses, consider the following. The value and utility of the rewards from each card varies, but you'll still be able to get plenty of "free" travel with their hefty welcome bonuses.
The Platinum Card® from American Express Learn More On the American Express secure site Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases
Welcome bonus Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
Annual fee $695
Intro APR None
Regular APR See Pay Over Time APR
Balance transfer fee N/A
Foreign transaction fee None
Credit Needed Excellent/Good
See rates and fees, terms apply. Read our The Platinum Card® from American Express review.
British Airways Visa Signature® Card Learn More On Chase's secure site Rewards Earn 3 Avios per $1 spent on purchases with Iberia, British Airways, Aer Lingus, and LEVEL. Earn 2 Avios per $1 spent on hotel accommodations when purchased directly with the hotel. For a limited time, earn 5x on up to $10k in gas, grocery stores and dining purchases in your first year.
Welcome bonus Limited time offer! Earn 75,000 Avios after you spend $5,000 on purchases within the first three months of account opening. 5x Avios on up to $10k in gas, grocery stores, and dining purchases in your first year!
Annual fee $95
Intro APR None
Regular APR 21.49% - 28.49% variable
Balance transfer fee 5%, minimum $5
Foreign transaction fees None
Credit needed Excellent/Good Member FDIC. Terms apply.
Hilton Honors American Express Surpass® Card Learn More On the American Express secure site Rewards Earn 12X Hilton Honors Bonus Points for each dollar of eligible purchases charged on your Card directly with a hotel or resort within the Hilton portfolio; 6X points for eligible purchases at U.S. restaurants, U.S. supermarkets and U.S. gas stations; 4X Points for each dollar on U.S. Online Retail Purchases; 3X points for other eligible purchases
Welcome bonus Earn 130,000 Hilton Honors Bonus Points after you spend $3,000 in purchases on the Hilton Honors American Express Surpass® Card in your first 6 months of Card Membership.
Annual fee $150
Intro APR None
Regular APR 20.99% - 29.99% variable
Balance transfer fee N/A
Foreign transaction fee None
Credit needed Excellent/Good See rates and fees, terms apply.
For rates and fees of the Platinum Card from American Express, click here. For rates and fees of the Hilton Honors Surpass card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. | 2022-03-04T00:00:00 |
747 | https://www.cnbc.com/2019/03/13/what-is-haven-amazon-jpmorgan-berkshire-revamp-health-care.html | CAH | Cardinal Health | Everything we know about Haven, the Amazon joint venture to revamp health care | This image shows Atul Gawande, US writer, surgeon and researcher. South China Morning Post | Getty Images
What happened when Warren Buffett, Jamie Dimon and Jeff Bezos, technology's biggest power player, got together to try to disrupt health care? The market went absolutely bonkers. In January of 2018, three corporate giants -- Amazon , Berkshire Hathaway and J.P. Morgan -- announced that they wanted to do something about the problem of rising health care costs for their employees and a lack of improvement in care. In response to that news, health care stocks shed billions in value. CVS Health, Walmart, Cardinal Health and Express Scripts were among those affected. It's been more than a year since the consortium formed, and it just finally got a name: "Haven." The group has a CEO and a team of about a dozen people. But what will it actually do to fix health care's myriad problems? Here's everything we know, everything we don't, and what we expect to happen:
Analyzing the hires
Haven is building quite a team. Most recently, Haven hired Sandhya Rao, the senior medical director for health care system Partners Population Health, to run clinical strategy, according to an email viewed by CNBC announcing her departure. A Haven spokesperson confirmed the hire to CNBC, and said that Rao's official title is vice president of clinical strategy. She will join: CEO Atul Gawande, a surgeon and writer on health care
Chief Operating Officer Jack Stoddard, a seasoned health-tech executive
Chief Technology Officer Serkan, formerly CTO of ZocDoc, a doctor-booking app.
Dana Gelb Safran from Blue Cross Blue Shield in Massachusetts, who will run run analytics projects.
David Smith, an executive they hired from UnitedHealth's Optum unit, which prompted a lawsuit from Optum over an alleged breach of contract. So what do all these hires point to? After analyzing the team, Trevor Price, founder and CEO of Oxeon Partners, a top health-tech recruiting firm, suggested that Haven will likely build a "risk-based clinically integrated network." That is, he believes the team would first build a curated network of doctors by analyzing data on performance, cost and other factors. Then it would build trust with employees and direct them to the appropriate type of care for their condition -- for instance, an urgent care clinic, medical specialist or telemedicine appointment. It's about "steerage," said Price, which could save these employers on their health costs by preventing workers from seeing doctors that over-charge and under-perform. Price says Stoddard is particularly interesting because he worked at a digital health company called Accolade that specializes in building these relationships with employees and then directing them to the most affordable care. That suggests Haven might also contract directly with hospitals and clinics and agree to pay them based on the quality of care they provide, rather than the quantity of patients they see or tests they order. All in all, said Price, it's an impressive group that spans entrepreneurship, technology and clinical medicine , although it is biased towards people who've worked at large corporations. It suggests Haven has big plans, as these folks would be unlikely to leave their day jobs for an initiative that lacks ambition.
A threat to incumbents?
The group had no official name, so was often referred to by the initials of its partners: ABC or ABJ. Now, the group is called Haven. So what's in a name? The definition of Haven is a place of safety and refuge. It's a port in a storm, a shelter for ships and boats, a retreat. If health care is a scary place for consumers -- particularly the 1.2 million combined workers of Amazon, Berkshire Hathaway and J.P. Morgan -- Gawande's Haven is sending a strong signal that it wants to help. Gawande also made that loud and clear in his statement and responses to a FAQ on the company's new web site. He described being an "ally" and a "partner" to doctors, insurance companies, and patients. He also described meeting with employees in recent months to hear from them about their health care experiences. So Haven is a friend, not a foe, if you work for Amazon, Berkshire Hathaway or J.P. Morgan. But will it be a threat to incumbents, like pharmacy benefits managers and insurers? That's the big question at the center of a recent legal dispute over Haven's hiring of Smith, the former Optum executive. Optum sued Smith, claiming that in the 18 months prior to his resignation, he played a role in defining the company's strategy and had high-level access to confidential information. Optum also claimed that Smith printed off documents including a high-level analysis of the industry, while interviewing with ABC. In response, Haven said it would not compete with Optum, a highly profitable unit of UnitedHealth that provides health care, data services and pharmacy benefits, and stressed that it would not offer products or services to the general market.
Doing a lot by doing nothing
Even if Haven doesn't do very much, that might still light a fire under the health care industry. The fact that three companies have come together to say that they've had enough with the status quo is a big deal, argues Matthew Holt, a managing director who specializes in health at private equity firm New Mountain Capital. "These execs have influence in the market by standing up and talking about inefficiency and cost," he explained. Behind the scenes, it's clear that Bezos, Dimon and Buffett are rallying the industry to do something to improve the $3.5 trillion health care industry. At J.P. Morgan's annual health care conference this January, Dimon hosted a private dinner for top executives from pharmaceutical companies and advocated for lower drug prices. He told the room, "we are not happy with health-care costs and want to help." That kind of talk sounds the alarm to others who feel similarly, suggests Holt. "There are folks out there cheering them on, which in and of itself can drive influence," he said.
watch now | 2019-03-13T00:00:00 |
748 | https://www.cnbc.com/2019/01/03/military-vets-can-use-both-medicare-and-va-health-care.html | CAH | Cardinal Health | Know a military vet turning 65? Here's how Medicare can work with VA health care | If you get health care through the Veterans Health Administration and are nearing your 65th birthday, don't overlook whether Medicare would make sense for you. While not all military veterans rely on VA health care, those who do might not realize they can use Medicare alongside their existing benefits. "Many are in the dark about using both," said certified financial planner Hans "John" Scheil, CEO and owner of Cardinal Advisors in Durham, North Carolina. "But there are a lot of options for veterans when it comes to Medicare."
Pascal Broze | Getty Images
The VA health system provides care for 9 million veterans each year at its 1,250 facilities, including 172 medical centers and more than 1,000 outpatient sites across the country. However, it generally doesn't cover care outside of those locations. "With Medicare, you have much broader options," said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans. "You can have access to doctors and hospitals not near a VA facility, or you might want a second opinion from a doctor outside the system." The program encourages those using VA health care to sign up for Medicare when first eligible. Doing so has no impact on your VA coverage. You get seven months to sign up; the enrollment period starts three months before the month in which you turn 65 and ends three months after your birthday month. For example, if the big day is June 15, your signup window begins March 1 and ends Sept. 30. And remember, signing up for Medicare does not affect your VA health-care benefits. Medicare Part A, which provides hospital coverage, costs nothing. The standard premium for Part B, which is for outpatient care and medical equipment, is $135.50 for 2019. (Those with higher incomes pay more. See chart.)
What your Medicare Part B premium will be in 2019 based on your 2017 yearly income File individual tax return File joint tax return File married & separate tax return You pay each month (in 2019) $85,000 or less $170,000 or less $85,000 or less $135.50 Above $85,000 up to $107,000 Above $170,000 up to $214,000 Not applicable $189.60 Above $107,000 up to $133,500 Above $214,000 up to $267,000 Not applicable $270.90 Above $133,500 up to $160,000 Above $267,000 up to $320,000 Not applicable $352.20 $160,000 and less than $500,000 Above $320,000 and less than $750,000 Above $85,000 and less than $415,000 $433.40 $500,000 or above $750,000 and above $415,000 and above $460.50
Source: Source: Medicare.gov
Like the rest of the population, if you don't sign up for Part B when you're first eligible, you could face a life-lasting penalty if you change your mind later. And the longer you delay, the higher the amount that gets tacked on to your premium. It's worth noting that for veterans who plan to use TriCare for Life — an insurance program administered by the Department of Defense — you must enroll in Medicare Parts A and B. Part D, which is for prescription drug coverage, is optional. Some people using VA health care sign up for it so they can get their medicine from non-VA doctors and have their prescriptions filled at their local pharmacy instead of through the VA mail-order service. However, VA prescription drug coverage generally comes with lower costs than a Part D plan. And, there's no harm in not signing up: If you don't do it when you're first eligible for Medicare and then change your mind later, you won't pay a penalty because it is considered "creditable" by the Centers for Medicare and Medicaid Services.
watch now | 2019-01-03T00:00:00 |
749 | https://www.cnbc.com/2018/02/20/amazon-has-quietly-launched-an-exclusive-line-of-over-the-counter-health-products.html | CAH | Cardinal Health | Amazon has quietly launched an exclusive line of over-the-counter health products | watch now
Amazon has quietly launched an exclusive line of over-the-counter health products in a possible challenge to pharmacy retail chains that could spark a price war and put pressure on store-brand profit margins. Technically, the company doesn't own these products, which are produced by private-label manufacturer Perrigo, but it does put Amazon in a position to squeeze other retailers. The e-commerce giant launched the Basic Care line in August, including 60 products ranging from ibuprofen to hair regrowth treatment. Pharmacies make money when people walk in looking to grab medicine and end up buying cosmetics and other goods. They're already losing traffic as people shop for those products online, including on Amazon. Giving them another possible reason to skip the store could hurt even more.
Source: Amazon.com
"It's a very different world, and having Amazon jump in is not a good sign for existing brands, either branded or private label, because the way Amazon works is its ability to take on unprofitable ventures for a time to see how things go," said Matthew Oster, head of consumer health research at global market research firm Euromonitor International. "And the fact they have a near monopoly in e-commerce gives them a lot of scale that can allow them to undercut price. So that aspect should be concerning for whoever their competitors are in that space," he said. An Amazon spokeswoman said Basic Care does not give it a pathway into selling prescription drugs. However, CNBC has reported on the company's interest in the space, including that Amazon has participated in exploratory talks with generic-drug makers. The company announced a partnership with J.P. Morgan and Berkshire Hathaway in January to create a company aimed at reducing health-care costs. Amazon joined the medical supplies business when it inked a deal with Cardinal Health in 2014, according to a source familiar with the matter. The agreement started with Amazon administering the company store so Cardinal employees could get discounts, and then grew into selling to consumers via Amazon.com, the source said. Cardinal did not immediately respond to CNBC's request for comment. Skeptics say the regulatory hurdles in health care may be too high for even the mighty Amazon to overcome. But selling private-label OTC drugs — though less sexy than some alternatives — could be a much easier way to crack into health care. Private label brands represent 31 percent, or $8.4 billion, of the U.S. OTC medication industry, according to Euromonitor. Still, branded products dominated every category except smoking cessation, according to data from Nielsen, meaning there's plenty of room for private-label drugs to grow.
Following a path of disruption
Amazon already sells branded OTC medications such as Advil, Mucinex and Nicorette, as well as options from Perrigo's generic GoodSense brand. These products are all subject to the fluctuating prices from competitors. But its exclusive brand would not be.
Consumer health private-label brands reap larger margins than their branded peers, and stores can keep them priced relatively close to the name brand as long as they're less expensive. Amazon can apply its classic playbook of taking razor-thin profit margins in order to price products lower than competitors.
Private-label prices of 200 mg ibuprofen, 500 count Perrigo Basic Care Perrigo GoodSense Walmart CVS Walgreens Rite Aid $6.98 $8.49 $6.98 $15.99 $15.49 $14.99
Amazon declined to disclose the margins for Basic Care products, but a spokeswoman said the company "works hard to offer low prices across its entire selection." A 500-pill bottle of 200 mg Basic Care ibuprofen costs $6.98, in line with Walmart's price for its Equate private-label brand but almost half the average of $12.41 across Walmart , CVS Health , Walgreens and Rite Aid . But just because Amazon offers the lowest price doesn't necessarily mean other pharmacy retailers are doomed. Consumers don't typically stock up on cold medicine and antacids ahead of time. Instead, they tend to wait until they really need them and run to a nearby store. Sales of pharmacy products sold directly to Amazon grew by about 55 percent last year, according to One Click Retail. GoodSense, Perrigo's private-label line, was the top-selling brand. Nicorette, Align, Advil, Boiron, Mucinex, Hyland's and Zyrtec were the other most popular names. CVS, Walgreens and Rite Aid have all added walk-in clinics to some locations as part of their efforts to give people reasons to continue walking into stores. And it could take time to change people's buying habits.
Top OTC medicine brands sold to Amazon Brand Categories 2017 Rank GoodSense Variety brand. Primarily allergy medicines/stomach remedies 1 Nicorette Smoking cessation 2 Align Probiotic supplements/stomach remedies 3 Advil Analgesics/pain relief 4 Boiron Homeopathic/all-natural remedies 5 Mucinex Cough/cold 6 Hyland's Homeopathic/all-natural remedies 7 Zyrtec Allergy/sinus 8
Source: Source: One Click Retail
Basic Care could have better luck with items that people stockpile, such as nicotine gums and allergy medicines, said Danny Silverman, chief marketing officer at Clavis Insight, an e-commerce analytics insight provider.
Preparing for Amazon
Health-care executives are often asked about what Amazon's threat means for their business and how they're preparing. The e-commerce giant has already wreaked havoc on multiple industries, and pharmacy retailers are bracing themselves. The three largest chains — CVS, Walgreens Boots Alliance and Rite Aid — are now all pursuing M&A deals possibly in part to protect themselves from Amazon. A CVS spokeswoman declined to comment. A Walgreens spokesman said the company doesn't have any comment on competitor moves in private label, but emphasized it already has a portfolio of highly regarded brands.
watch now
CVS announced in December it planned to acquire Aetna for $69 billion to create an integrated health system that combines pharmacy and health benefits with retail clinics. The Wall Street Journal reported last week that Walgreens Boots Alliance had approached AmerisourceBergen about acquiring the portion of the major drug distributor it doesn't already own. And on Tuesday, grocery chain Albertsons said it plans to acquire the remainder of Rite Aid that isn't being sold to Walgreens. Amazon is probably a material factor in the deal, said Evercore ISI analyst Ross Muken. A Rite Aid spokeswoman told CNBC the company is doing this deal because it makes strategic and financial sense for both companies, and it's about accelerating both companies' existing growth strategies. "The front end [of the store] is clearly under quite a lot of pressure," Muken said. "There's no doubt about it." — CNBC's Christina Farr contributed to this report. Correction: This story has been updated to reflect that private label brands represent 31 percent, or $8.4 billion, of the U.S. OTC medication industry, according to Euromonitor.
WATCH: Bezos building a giant clock inside Texas mountain | 2018-02-20T00:00:00 |
750 | https://www.cnbc.com/2023/09/21/covid-vaccine-boosters-some-appointments-canceled-amid-supply-issues.html | CAH | Cardinal Health | Providers struggle to get latest Covid shots into arms amid early supply issues | It's déjà vu for some Americans looking for the latest Covid-19 vaccines.
Certain people who were lucky enough to snag an appointment for the latest formulation are receiving cancellation notices or showing up to learn there isn't a dose available for them. Some are being told they need to pay more than $100 out of pocket because their insurance provider isn't covering the shots yet.
The majority of CVS locations are able to honor scheduled appointments, but delivery delays to some stores are causing them to reschedule shots, a CVS spokesperson said in a statement. Most Walgreens stores have enough supply for existing appointments and more slots are being made available as the shots come in, a spokesperson said.
Vaccine manufacturers Moderna and Pfizer said they have shipped millions of doses since the new versions were approved last week, and they have plenty more ready to go. Moderna in a statement Thursday specifically said it shipped those vaccines to distributors and that it would work with these middlemen to ensure its shots reach pharmacies and other providers.
A representative for Cencora said the distributor recently began to receive the vaccines and ship them out to customers. Representatives for two other distributors — McKesson and Cardinal Health — did not immediately respond to CNBC's request for comment.
The new round of Covid-19 vaccines is the first where the government is not playing a leading role. Previously, the government purchased the shots and distributed them to pharmacies, doctor's offices and other providers.
Now, those providers are buying the vaccines from distributors or directly from manufacturers.
"This is a whole new territory with these updated Covid vaccines," said Nate Rockers, who owns Rockers Pharmacy in Paola, Kansas.
Providers for the first time have to consider how many people will want the shots. Now that they're buying them, they're on the hook for any unused doses. That could create some delays along the way, said Theresa Tolle, who owns Bay Street Pharmacy in Sebastian, Florida.
Rockers expects the process to become more seamless over time but also recognizes people searching for the shots want them now. That leaves pharmacies like his fielding calls and explaining they can't administer shots yet if they wanted to.
Tolle said the unprecedented nature of the rollout is creating speed bumps.
"The problem is we have spoiled people who have gotten it because it's been so available every other time," Tolle said, adding most people don't realize there's a big difference with distribution this time around.
It appears even harder to find the Covid vaccines for children.
CVS said it expects to start receiving those doses late this week and Walmart anticipates they'll arrive after the adult vaccines come in. A notice on Walgreens' website said appointments for children under 12 years old won't start until Friday, Sept. 29. | 2023-09-21T00:00:00 |
751 | https://www.cnbc.com/2018/06/28/amazon-health-care-plans-after-pillpack-buy.html | CAH | Cardinal Health | Amazon health-care plans: what we know after PillPack buy | Amazon is getting into health care. The company's announcement on Thursday that it's buying online pharmacy PillPack puts any doubt to rest.
The company hasn't spoken much about its plans, as it's still determining the scope through a series of brainstorming sessions with experts in the space, but its acquisitions, hiring trends and recent product development hint strongly at where it could go.
So here's a recap of what we know, what we don't and what the experts think about Amazon's potential to disrupt the $3 trillion sector. | 2018-06-28T00:00:00 |
752 | https://www.cnbc.com/2018/03/27/amazons-moves-into-health-what-we-know.html | CAH | Cardinal Health | As Amazon moves into health care, here's what we know — and what we suspect — about its plans | Amazon is getting into health care. That's not speculation, at this point.
The company hasn't spoken much about its plans, as it's still determining the scope through a series of brainstorming sessions with experts in the space, but its hiring trends and recent product development hint strongly at where it could go. | 2018-03-27T00:00:00 |
753 | https://www.cnbc.com/id/100747418 | CAH | Cardinal Health | Health Care Fat, Silicon Valley Surgery | Want to talk about the obesity epidemic that doesn't get as much press as Mayor Michael Bloomberg's supersized soft drink ban? It's the bloated waistline, and bottom line, of the health care industry itself.
Spending on health care – now running at roughly $3 trillion per year -- is on its way to 34 percent of GDP by 2040, according to the federal government.
Here's a few more eye-opening ways to examine GDP and the health care system: the government contends that cutting into health care costs by just 1.5 percent would increase real GDP by over 2 percent in 2020 and nearly 8 percent in 2030. It also claims that as much as 30 percent of health care costs (or about 5 percent of GDP) could be saved without compromising health outcomes.
(Watch: Health Care Industry Game Changers)
Health care has been a pretty bad investment. All that money into the system isn't improving our health or the patient experience. We may be living longer than ever before, but we aren't getting collectively better at a reasonable price. The percentage of personal bankruptcies with a medical cause? Sixty-two percent, according to a study by Harvard University researchers.
Sounds like disruption is just what the doctor ordered.
The five health care companies on the inaugural CNBC Disruptor 50 List are: 23andMe, Audax Health, Castlight Health, Ginger.io, and ZocDoc.
Ironically, some of the health care companies being disrupted are now prescribing disruption to their own patients. And that's not as unhealthy as it may seem.
As the CEO of Audax Health, Grant Verstandig, told CNBC, health care companies know that between the Affordable Care Act and the pressure from startups like his--whose businesses are being fostered by technological leaps--the competitive landscape is changing, and not in the favor of a wasteful, overpriced health care market. Prices are going to come down, and companies that want to be health care survivor stories will have to do a better job of competing.
That's why companies like Aetna and Cigna have top executives on the board of Audax Health, and why Cardinal Health is a client. These companies want to be the health care sector leaders that eventually get a larger share of the market through more competitive offerings. The lazy incumbents with legacy revenue streams who don't adapt—typical of a disrupted company—will be forced out of the market, as consumers are provided more and better information.
As with many disruptive innovations driven by technology, the biggest force for change in health care is you, the passive health care system participant.
Audax, which makes the bold claim that as much as 75 percent of health care spending is avoidable, and also boasts former Apple CEO John Scully on its board, is trying to change the way you live and think about your own health. The company's CEO said its subscription-based model—insurers and health plan providers offer Audax's service to participants—is "growing like wildfire."
"Self-engagement," also referred to as "self-actuation" of Americans, is the buzzword behind many of the disruptive models targeting the status quo within the corridors of America's hospitals, examination rooms of doctors' offices, marketing arms of drug makers and claims models of the insurers.
Ginger.io is giving you the tools to monitor and modify your behavior before expensive health care remedies are required, by collecting passive patient data from phone sensors and patient-entered information for health care providers. Its CEO, Anmol Madan, remarked, "Disruption is solving a problem from first principles—what should exist, but doesn't. Then being fearless enough to make it so." He began his health care startup quest as an MIT Media Lab experiment, using 70 MIT and Harvard students' phone data to predict flus based on phone usage patterns and survey answers.
Castlight Health, which has raised more money from VCs than any other current health care startup, wants to give power to the people when it comes to a health care pricing environment that is today defined by a lack of transparency. It's working with health providers including Medco Health Solutions, Castlight has raised more money than any other current health care technology startup--$181 million. Though this record VC raise speaks as much to the big opportunity Silicon Valley sees right now in making a new market of health care, as it does to Castlight's model specifically.
(Watch: From Ruptured Eardrum to Million Dollar Business)
Verstandig said that when he looks at companies such as Ginger.io and ZocDoc and Castlight, alongside Audax in the wave of venture-backed attacks on the health care status quo, he has never seen a moment in market history when government reform and entrepreneurship have been so productively aligned.
23and Me, founded by Anne Wojcicki, Google founder Sergey Brin's wife, lets you take a peek at your own DNA—its Personal Genome Service—with a kit you can order online for $99 and have analyzed (a drop of your saliva is required). Its goal is to reach 1 million genotyped customers by the end of 2013—the 1 million threshhold is the key to making larger genetic discoveries more quickly, according to the company, which is at the quarter million mark now.
It all stitches together around a consumer disruption story with the potential to trim a big part of that $3 trillion a year in health care system fat.
"Disruption is a marathon that takes passion, bravery and stamina to solve old problems in new ways," said Giovanni Colella, CEO of Castlight Health.
You could probably run a little more yourself each week. Indeed, between each individual getting a little more exercise and the startup sprint turning into a marathon effort, health care companies are going to have to become more like the disruptors, or end up in the ER, and ultimately, on market life support.
| 2013-05-17T00:00:00 |
754 | https://www.cnbc.com/2022/10/05/drug-companies-in-opioid-crisis-donated-27000-to-ohio-rep-tim-ryan.html | CAH | Cardinal Health | Drug companies in opioid crisis donated $27,000 to Ohio Rep. Tim Ryan | Tim Ryan, US Democrat Senate candidate for Ohio, speaks during an Undecided Voter Town Hall in Lancaster, Ohio, US, on Wednesday, Aug. 3, 2022. Ryan is distancing himself from his party ahead of the November election in order to stand a chance at flipping a US Senate seat currently held by a retiring Republican.
Democratic U.S. Rep. Tim Ryan, who has made his opponent's questionable record fighting the opioid epidemic a central theme of his campaign for Ohio's open U.S. Senate seat, has received campaign donations over the years from drug distributors blamed for key roles in the crisis, an Associated Press review found.
The contributions to Ryan from AmerisourceBergen , McKesson and Dublin, Ohio-based Cardinal Health , the three biggest drug distribution companies in the U.S., came in between 2007 and August of this year.
Earlier this year, the companies finalized a $21 billion settlement with state, local and Native American tribal governments and others over the toll of the opioid crisis. The settlement is the largest over opioid claims and keeps the companies from facing thousands of lawsuits.
The trio's combined giving to Ryan of $27,000 represents a fraction of the $50 million he has collected over the course of his career. Still, contributions from those donors are notable as Ryan hammers the spotty record of the anti-opioid nonprofit started by his Republican opponent, "Hillbilly Elegy" author JD Vance.
Ryan's campaign spokesperson called him "one of Congress' most outspoken fighters against the opioid epidemic." She noted that Cardinal is a major Ohio employer and the companies' donations represent just one-fifth of 1% of the $17 million Ryan raised this quarter alone.
Vance's nonprofit, Our Ohio Renewal, spent far more than that "for political polling and consultant fees to his top political advisor — when it wasn't promoting a Purdue Pharma-linked doctor with a reputation for downplaying the deadly threat of OxyContin," spokesperson Izzi Levy said.
Vance's campaign said accepting the donations represented "shameless hypocrisy" by Ryan. It had not yet reported its latest fundraising figures Wednesday.
Ryan and Vance are locked in a tight contest for the coveted open Senate seat being vacated by retiring Republican Sen. Rob Portman. Republicans see the seat as a critical one to hold if they hope to retake the Senate, while a flip to Democrats would be a major victory in the increasingly conservative-leaning state.
The distributor most generous to Ryan was from Cardinal Health Inc., a multinational health care services company headquartered in his home state. The company's PAC has given him $21,000 since 2007, including $5,000 this August. McKesson Corp. Employees PAC gave Ryan $5,000 in 2012. Amerisource Bergen Corp. PAC gave him $1,000 in 2019. The opioid crisis was ongoing during all those years.
The three companies' PACs have donated nearly $10.8 million combined to a wide range of candidates across the country since 2007, according to campaign finance figures compiled by the nonpartisan Center for Responsive Politics. About $4.5 million of that went to Democrats, and the other roughly $6.2 million went to Republicans. Vance's campaign has not received any donations from the PACs.
Ryan's early ads called Vance's Our Ohio Renewal a "sham" that "didn't fund a single addiction program" to fight the crisis, but rather backed efforts that "made it worse." A second ad featured an August Associated Press article detailing a residency the nonprofit organized for an addiction doctor with links to Purdue Pharma, the manufacturer of OxyContin.
Vance has said that he did not know about the addiction doctor's ties to Purdue Pharma, but that he "remains proud of her work to treat patients, especially those in an area of Ohio who needed it most."
Ryan's campaign said the congressman had helped bring funding to health care providers and law enforcement officials working to fight opioids and had worked to expand access to treatment for residents with substance abuse issues.
"Tim Ryan has a proven record of working across the aisle to combat this epidemic," campaign spokesperson Levy said in a statement.
During the same years that the now-shuttered Our Ohio Renewal was operating in southern Ohio, Ryan was casting votes in Congress on a host of bills aimed at tackling various elements of the opioid crisis — sometimes for, sometimes against.
He voted overwhelmingly in support of such efforts — including co-sponsoring the INTERDICT Act praised by President Donald Trump for allocating $15 million to beef up illegal drug screenings on the southern border.
But Ryan also opposed several measures aimed at addressing opioid enforcement and addiction, the AP review found. Those included funding packages aimed at providing medical care to address the problem and legislation intended to crack down on illegal fentanyl trafficking. Levy said the congressman had policy objections to aspects of those bills.
Ryan also missed a vote in 2020 on legislation extending the Drug Enforcement Administration's temporary order listing fentanyl-related substances as Schedule 1 controlled substances. Levy said he was attending a family funeral on that day. | 2022-10-05T00:00:00 |
755 | https://www.cnbc.com/id/16806892 | CAH | Cardinal Health | Cardinal to Sell Drug Unit for $3.3 Billion; Profit Up | Cardinal's Pharmaceutical Technologies and Services unit (PTS), which develops, manufactures and packages drugs and other products for drug and biotech firms, has been a drag on recent
quarters as it struggled with manufacturing issues.
The company on Nov. 30 said it would divest the segment to focus on its four remaining segments serving health-care provider customers, such as hospitals and pharmacies.
Cardinal's quarterly profit, reported earlier on Thursday, already reflected the impact of the transaction, with profit from continuing operations rising 10% on double-digit growth in
its core businesses, beating analyst expectations.
Earnings from continuing operations rose to $316 million, or 77 cents a share, in the compared with $286 million, or 66 cents a share, a year earlier.
Excluding special items but including options expenses, earnings from continuing operations were 83 cents a share, beating the average analyst estimate for a profit of 78 cents a share, according to Reuters Estimates.
Net profit rose to $739.3 million, or $1.80 a share, compared with a profit of $304 million, or 70 cents a share, a year earlier. The results were boosted by a $425 million tax credit associated with the sale of its PTS unit.
Cardinal also announced a deal to buy SpecialtyScripts Pharmacy for an undisclosed price, signaling its intent to expand its efforts in the fast-growing market for specialty drugs.
Revenue Rises
Revenue rose 13% to $21.8 billion, with the lion's share of that generated in its drug distribution business.
That unit saw revenue rise 13% to $19.2 billion helped by strong generic sales and cost controls. Operating earnings in the distribution segment rose 19% to $328 million. That growth that was offset in part lower prices demanded by several large retail customers to renew their contracts.
"Strong generic sales, expense controls, and acquisition synergies drove a 19% increase in earnings despite pricing pressure in several recent renewals," said Morgan Stanley analyst David Veal in a note to clients.
Cardinal's other units include medical equipment wholesaling, medical products manufacturing and automated drug delivery products like intravenous drug pumps.
Cardinal Health backed its fiscal 2007 outlook in the range $3.25 to $3.40 for non-GAAP diluted EPS from continuing operations, which excludes the impact of proceeds from the planned sale of its PTS business.
Cardinal Health the sale of the PTS unit is expected to generate about $3.1 billion in after-tax proceeds, which the company will use to for share repurchases.
Separately, Equity Office PropertiesTrust said on Thursday it agreed to sweetened takeover offer from a Blackstone-led group of $54 a share in cash, or $38.3 billion. | 2007-01-25T00:00:00 |
756 | https://www.cnbc.com/id/33651904 | CAH | Cardinal Health | Health Care Firms See Bullishness Ahead of Earnings | CareFusion reports earnings this morning before the market opens, and one big investor has positioned for a rally.
OptionMonster's tracking systemsdetected the purchase of 2,000 November 25 calls for $0.25 and $0.30. The trades occurred early in the session against open interest of 828 contracts.
Options Tips from Jon Najarian
Read The CNBC Stock Blog
Options Tips from Pete Najarian
CareFusion rose 2.41 percent to $22.55 yesterday and needs to climb 12 percent by expiration for the calls to turn a profit. The medical equipment company is up 13 percent since being spun off from Cardinal Health on Sept. 1. Today will be its first earnings report as an independent company.
Cardinal , which also reports this morning, saw moderately bullish activity in the purchase of a block of in-the-money calls.
Options volume in CareFusion was 10 times greater than average yesterday, with calls outnumbering puts by 31 to 1. It was 85 percent above average in Cardinal.
___________________________
Options Trading School:
___________________________
___________________________
David Russell is a reporter and writer for OptionMonster.
___________________________
Disclaimer | 2009-11-05T00:00:00 |
757 | https://www.cnbc.com/2021/04/01/carmax-ads-with-wnbas-sue-bird-go-viral-highlight-gender-bias.html | KMX | CarMax | CarMax ads featuring basketball star Sue Bird go viral, call attention to gender bias in sports | Sue Bird of the Seattle Storm celebrates during the game against the Las Vegas Aces in Game Three of the WNBA Finals on October 6, 2020 at Feld Entertainment Center in Palmetto, Florida.
A series of CarMax advertisements featuring WNBA superstar Sue Bird, which recently went viral on social media, uses humor and misdirection to elevate female athletes who have faced decades of underrepresentation in media. Bird's accomplishments on the court put her among the best players to ever play professional basketball.
The ads — part of CarMax's "Call Your Shot" campaign — were released earlier this month but took off on Twitter over the weekend. The spot gaining the most attention starred Bird, NBA standout Steph Curry and an actor portraying a CarMax employee who was overjoyed to sell a vehicle to an athlete of Bird's caliber. It challenges gender bias in sports.
"I think it's setting a new standard because it has resonated so positively with so many people," said Nancy Lough, a professor at the University of Nevada, Las Vegas, who studies sports marketing and gender equity. The commercial understands that "today's consumer is smart," she told CNBC. "They want to be respected. Women want to be respected, but men appreciate that [there] needs to be respect across the board."
In the ad, the CarMax associate tells Curry, "Man, if you'd have told me this morning I'd be working with a four-time champ ..." Before he can finish, he's interrupted by the Golden State Warriors guard, who believes he's correcting the CarMax rep by saying he's only won three league titles.
"No. I sold a car to Sue Bird," the employee says in the ad, pointing across the lot as the camera cuts to Bird, a longtime Seattle Storm guard, who is seen waving and stepping into the vehicle.
"Eleven all-star appearances, can you imagine?" the salesman asks. Curry, a 33-year-old seven-time NBA all-star, responds, "I mean, I'm working on it."
The commercial has resonated on social media; in one Twitter post, the video has 1.7 million views.
"This is the best ad I've ever seen," tweeted Sarah Fuller, the two-sport Vanderbilt University athlete who last year became the first woman to score points in a Power 5 conference college football game.
The viral moment for the CarMax ads comes as Bird's alma mater, the University of Connecticut, plays in the women's NCAA basketball tournament's Final Four on Friday. The women's games this year have enjoyed strong viewership following the rise in popularity of the WNBA in its Covid-shortened season last year. The WNBA's 2021 season, its 25th, is expected to begin later this spring.
Graham Unterberger — a senior copywriter at the Martin Agency, which worked on the CarMax campaign — said he found out that Bird was partnering with the auto retailer in the fall, around the time the Storm won the WNBA title for the fourth time.
"When we saw her name, we were like, 'This is freaking awesome. We have the best basketball player on the planet that we can write spots for,'" Unterberger said in a video call with CNBC. "After writing spots, we saw the potential to pair [Curry and Bird] together."
One reason the commercial starring Bird and Curry strikes a chord is that it places a female athlete's career accolades firmly above those of a male athlete, Lough said.
"Historically, traditionally and very commonplace today, a WNBA athlete being compared to an NBA athlete is always positioned as though the WNBA is lesser than, and, in this case, we actually get to see that flipped in a really fun and clever and novel new way," she said.
The ad is also a testament to the recognizable brand that Bird has built across her nearly two decades in the WNBA, Lough added.
The No. 1 pick in the 2002 draft, Bird has spent her entire WNBA career with the Storm, recording the most assists in league history. The 40-year-old Bird is returning for the upcoming 2021 season.
In the past, companies that wanted to use an athlete to help build their brand have generally just turned to male sports figures, Lough said. However, there has been a shift toward better marketing representation of female athletes, she added, pointing to tennis stars Serena Williams and Naomi Osaka as examples.
Bird's series with CarMax — which recently became the WNBA's first-ever official auto retail partner — serves as the latest chapter of that welcome evolution, Lough said.
Another instance came earlier this month, when Los Angeles Sparks forward Chiney Ogwumike, a two-time WNBA all-star and ESPN commentator, starred in a solo ad campaign for food-delivery service DoorDash . | 2021-04-01T00:00:00 |
758 | https://www.cnbc.com/2024/04/01/here-are-jpmorgans-top-stock-picks-heading-into-april.html | KMX | CarMax | Here are JPMorgan's top stock picks heading into April | JPMorgan added two new names to its list of top stocks as April begins — Bank of America and CarMax . The firm's focus list includes its top equity ideas targeted around growth, income, value and short strategies. JPMorgan has an overweight rating on Bank of America, while used vehicle platform CarMax is rated underweight. Analyst Vivek Juneja added Bank of America as a value idea. However, his price target of $35 implies that shares could fall 8% from their Thursday close. Shares of Bank of America have risen 12% in 2024. Juneja thinks the stock has the potential to rise further due to several factors. "We believe Bank of America's stock has lagged peers partly due to concerns about net interest income — we expect net interest income trends to hold up better than previously expected led by deposits, which should allow its stock performance to catch up," he wrote. The analyst also sees the bank benefiting from a pickup in capital markets activity this year. "Bank of America should benefit relatively more than peers from continued growth in trading and investment banking activity as it continues to invest in those businesses and likely continues to outperform peers in some of these areas," he added. On the other hand, analyst Rajat Gupta views CarMax as a short idea, with his $60 price target suggesting approximately 31% downside from where the stock closed on Thursday. CarMax has popped nearly 12% this year. "After the recent rally, driven more by macro headlines around tax refunds and interest rates rather than fundamentals, which remain choppy, risk-reward is now squarely skewed to the downside, in our view," the analyst wrote. Here are some of the top picks that made JPMorgan's list: Growth stock Danaher is one returning name to the list. Analyst Rachel Vatnsdal's $300 price target suggests that shares of the medical products firm could rally an additional 20% on top of their 7% year-to-date rise. A returning value name is Caterpillar , up 24% this year. Analyst Tami Zakaria's $385 price target corresponds to a further 5% rally from the stock's Thursday close. — CNBC's Michael Bloom contributed to this report. | 2024-04-01T00:00:00 |
759 | https://www.cnbc.com/2022/09/29/stocks-making-the-biggest-moves-midday-apple-carmax-coinbase-peloton-and-more-.html | KMX | CarMax | Stocks making the biggest moves midday: Apple, CarMax, Coinbase, Peloton and more | Check out the companies making headlines in midday trading.
Apple — The big technology stock shed nearly 5% following a rare downgrade by Bank of America. The bank downgraded shares of the iPhone maker to neutral and cut its price target to $160 a share from $185, citing macroeconomic challenges ahead.
CarMax — The used auto dealer's shares plummeted 24.6% after it released second-quarter earnings below analyst expectations before the bell. The company's earnings per share dropped to $0.79, down about 54% from a year ago.
PG&E — Shares of the utility company were down about 2.7% after the company asked California regulators for permission to make its non-nuclear generating assets a separate subsidiary.
Coinbase — Coinbase shares slid 8% after Wells Fargo initiated coverage of the cryptocurrency company with an underweight rating and said a tough economic environment could hurt shares and profitability going forward.
Bed Bath & Beyond — Shares of the home retailer shed more than 4% Thursday after the company reported a wider-than-projected quarterly loss and a 28% decline in sales for its most recent quarter. It also reported a steep drop in sales for Buybuy Baby, which has been a bright spot for Bed Bath, against tough comparisons.
Peloton — Shares of Peloton tumbled about 14.4% after the company announced it will sell its equipment at Dick's Sporting Goods , a deal that marks its first brick-and-mortar partnership. Peloton has been struggling to expand its customer base and stem its losses as people return to life outside their homes, after its share price ballooned in the pandemic.
Occidental Petroleum — The energy stock jumped 1.1%, bucking the downtrend in the broader market after Warren Buffett's Berkshire Hathaway added to its massive stake. The conglomerate added about 6 million shares of the oil giant, worth approximately $350 million, from Monday to Wednesday, paying as much as $61.37 per share, according to a regulatory filing.
Vail Resorts — Shares of Vail gained about 1.6% after the resort operator reported revenue for the fourth quarter that beat analyst estimates. The company said there has been a strong demand for ski season passes, while full-year sales have rebounded past pre-pandemic levels.
Rite Aid — Shares slumped 28% after Rite Aid slashed its earnings guidance for the full year and posted a wider-than-expected loss for the quarter.
MillerKnoll — Shares of the officer furniture maker dropped about 14.7% after revenue missed analysts' expectations in the recent quarter. MillerKnoll cited a difficult macroeconomic outlook and shared plans to improve profits and cash flow in the near-term.
Duckhorn Portfolio — Shares fell nearly 7% a day after the wine company posted 2023 guidance that was lighter than expected. Duckhorn anticipates fiscal year 2023 adjusted per-share earnings of 62 cents to 64 cents, compared to FactSet's expectations of 67 cents per share. The firm also reported fiscal fourth-quarter revenue that beat Wall Street's estimates and per-share earnings that came in line with expectations.
Enerpac Tool Group — The tool manufacturer's shares gained 7% a day after Enerpac posted beats on fiscal fourth-quarter earnings and revenue. CEO Paul Sternlieb said that the company's fiscal 2023 outlook "reflects cautious optimism that our momentum will continue while we navigate the uncertain global macroeconomic environment."
Worthington Industries — Shares of the industrial manufacturing company tumbled 12.4% after it missed earnings estimates for the fiscal first quarter.
— CNBC's Tanaya Macheel, Alex Harring, Yun Li and Michelle Fox contributed reporting. | 2022-09-29T00:00:00 |
760 | https://www.cnbc.com/2024/04/18/buy-stocks-thursday-like-nvidia-tesla.html | KMX | CarMax | Here are Thursday's biggest analyst calls: Tesla, Nvidia, Apple, Amazon, eBay, Zoom, JetBlue, BJ's & more | Here are Thursday's biggest calls on Wall Street: Bank of America adds Cisco Systems and Goldman Sachs to the US1 list Bank of America added both stocks to its top picks list. "We are adding Cisco Systems (CSCO), Goldman Sachs Group (GS), and S & P Global (SPGI) to the US 1 List." JPMorgan upgrades JetBlue to neutral from underperform JPMorgan said it likes the stock's turnaround potential. "That said, we believe JBLU is increasingly well- positioned for a modest potential move to the upside based on improving market sentiment." Loop initiates Samsara as buy Loop said the software company is another way to play the AI and machine learning theme. "We are initiating coverage of Samsara (IOT) with a Buy rating and $42 price target." KBW downgrades US Bancorp to market perform from outperform KBW downgraded US Bancorp following the company's earnings report. "NII [net interest income] Outlook Weighs on the Stock; Downgrading to MP." Oppenheimer initiates Sprout Social as outperform Oppenheimer said the software company is an "attractive vehicle for owning a strong management team and category leader in social media management at a reasonable valuation." "We launch coverage of SPT at Outperform and a $76 PT." JPMorgan reiterates Duolingo as overweight JPMorgan said the online language app company has an attractive risk/reward. "We believe there is potential upside to both DUOLs 1Q guide & 2024 outlook, which aligns with investor expectations based on our conversations." Oppenheimer initiates Oracle as perform Oppenheimer said the company has a "less efficient cash model." "We see Oracle as a long-term beneficiary of the software industry secular trends (including digital transformation, generative AI, etc.) driving revenue growth and operating leverage." Deutsche Bank adds a catalyst call buy on Estee Lauder Deutsche added a short-term buy rating on shares of the beauty giant. "We view the setup into EL's coming FY3Q24 results on May 1 skewing positively." Mizuho upgrades Linde to buy from neutral Mizuho said the chemical company has defensive qualities. "We upgrade LIN to Buy from Neutral with an unchanged price target of $510, which represents ~30x our 2025E EPS of $17.00." TD Cowen reiterates Nvidia as buy TD Cowen said it's "full speed ahead" for Nvidia. "All systems go at the AI juggernaut on the heels of the 'rock concert-like' GTC in March." Bernstein reiterates Apple as market perform Bernstein said it's getting more "constructive" on Apple shares but is sticking with its market perform rating for now. "We see 3 main avenues for Apple to monetize AI, albeit with cannibalization risk: 1) Offering AI-enabled capabilities on iPhone 16, which could drive incremental hardware sales; 2) capturing AI search upside through Advertising; 3) charging a take rate on AI apps." Jefferies initiates Kite Realty Jefferies said the real estate investment trust is undervalued. " KRG is underappreciated given strength in the retail leasing cycle & for having the highest leasing upside potential." Evercore ISI initiates GE Vernova as outperform Evercore says GE Vernova is "well positioned for the energy transition." "The Key Player in the Mission to Electrify and Decarbonize the Power System; Well Positioned for the Energy Transition Supercycle." Loop downgrades BJ's to hold from buy Loop downgraded the stock mainly on valuation. "We spoke with management prior to their quiet period, and we checked a number of BJ's and competitor stores in our Metro NY market. We're lowering our estimates today for merchandise SSS [same-store sales] and gross margin." Deutsche Bank downgrades Tesla to hold from buy Deutsche downgraded the stock due to the possibility of a Model 2 "push-out." "We are downgrading TSLA to Hold from Buy and cutting our price target to $123, in light of the high likelihood of Model 2 push-out and the company's change of strategic priority to Robotaxi." Needham reiterates Amazon as buy Needham said it's sticking by shares of the e-commerce giant. "The catalyst for this note is to raise our FY24 profit ests for AMZN, based on CEO Andy Jassy's shareholder letter promising more cost-cutting at AMZN's inbound fulfillment architecture and inventory placement during FY24." BTIG initiates FTAI Infrastructure as buy BTIG said it's bullish on shares of the infrastructure company "We are initiating coverage of FTAI Infrastructure (FIP) with a Buy rating and a $10 PT." BMO upgrades SL Green to outperform from market perform BMO said commercial real estate in New York City "is back." "We upgrade shares of SLG to Outperform with a $58 target price. New York City office is one of the few REIT subsectors seeing improved demand." JPMorgan adds a negative catalyst watch on CarMax JPMorgan said Carvana's upcoming earnings report is a negative for CarMax shares. "Keeping this in context, we see CVNAs 1Q results, scheduled for 5/1 AMC, as a negative catalyst for peer KMX shares, given volumes at KMX continue to remain weak, and are likely to re-surface more structural and competitive concerns around the LT growth and margin potential." DA Davidson upgrades Barnes to buy from neutral DA said shares of the global industrial tech and aerospace company are attractive. The firm also added the stock to its best-in-class Stampede list. "We are upgrading shares of Barnes Group from Neutral to BUY and are additionally raising our PT from $35 to $45." Mizuho initiates The AES Corporation as buy Mizuho said it's bullish on shares of the utilities company. "We are initiating coverage of AES with a Buy rating and $21PT. AES is an owner and operator of US utilities, renewable developer, and global energy infrastructure pioneer." Morgan Stanley downgrades Match to equal weight from overweight Morgan Stanley said in its downgrade of the stock that it needs more evidence of user growth. "We downgrade MTCH from OW to EW and maintain BMBL at EW as we watch for evidence that product improvements are reaccelerating user growth." Morgan Stanley upgrades eBay to overweight from underweight and downgrades Etsy to underweight from equal weight Morgan Stanley opened a pair trade on Etsy and eBay. "We pair OW EBAY (u/g from UW) and UW ETSY (d/g from EW) on growth convergence." KeyBanc upgrades Zscaler to overweight from sector weight Key upgraded the IT security company following a series of positive channel checks. "We are upgrading shares of ZS in conjunction with our 1Q24 IT VAR survey given: 1) our more constructive view on the competitive landscape; 2) positive channel and survey feedback." Rosenblatt upgrades Zoom to buy from neutral Rosenblatt upgraded the stock after positive channel checks. " Zoom has revitalized its channel strategy with updated programs and incentives, generating positive partner feedback." Loop downgrades Knight-Swift to hold from buy Loop says the transportation company is in a "difficult place." " Knight-Swift is in a very different place, with a profit warning on Wednesday guiding Q1 EPS to a range of $0.19 to $0.20 from the prior guide of $0.37 to $0.41 just 12 weeks ago." Janney initiates Vistra as buy Janney said it's bullish on shares of the energy company. "Near-term cash flow is well hedged. Additionally, VST is unaffected by any newbuild-related trends such as interconnection queue delays, supply-chain headwinds, etc." Morgan Stanley names Comcast a top pick The firm said the cable giant is its new top cable pick. "We remain bullish [on] CMCSA shares given valuation, diversification, and a strong balance sheet." Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. Benchmark initiates Beacon Roofing as buy Benchmark said shares of the roofing company are attractive. "We are initiating coverage on shares of Beacon Roofing Supply (BECN), a leading roofing products distributor in the United States, with a Buy rating and $135 PT." | 2024-04-18T00:00:00 |
761 | https://www.cnbc.com/2021/09/30/stocks-making-the-biggest-moves-midday-bed-bath-beyond-kohls-and-more.html | KMX | CarMax | Stocks making the biggest moves midday: Bed Bath & Beyond, Kohl's, CarMax and more | Check out the companies making headlines in midday trading.
Bed Bath & Beyond – Shares of the big-box retailer plunged 22% after the company slashed its revenue and earnings outlook amid supply chain challenges and inflation. Bed Bath & Beyond cited a steep drop-off in shopper traffic in August. The stock has wiped out its jaw-dropping meme-stock rally in 2021, falling over 4% on the year. Other retail stocks including Gap , Newell Brands and Bath & Body Works declined as well.
Kohl's – Kohl's shares sunk over 12% after Bank of America double-downgraded the stock to an underperform rating from buy, citing persistent supply chain problems. The firm also slashed its price target to $48 per share from $75.
CarMax – Shares of the used vehicle retailer tanked more than 12% after reporting disappointing quarterly earnings. CarMax reported earnings of $1.72 per share, while analysts expected earnings of $1.90 per share, according to Refinitiv. Used car same-store sales rose 6.2%, lower than the 7.3% forecast.
Virgin Galactic – Virgin Galactic shares soared more than 12% a day after the Federal Aviation Administration cleared the space travel company to resume launches after concluding a probe of an incident during a flight July 11. The FAA determined Virgin Galactic's flight deviated from its assigned path and had not communicated the change to the agency as required.
Philip Morris International , Altria – Shares of Philip Morris and Altria fell about 5% and more than 6%, respectively, after the U.S. International Trade Commission ordered the two companies to stop the sales and imports of their Iqos tobacco device. The agency made the ruling due to a claim by rival R.J. Reynolds that the Iqos product infringed on its patents. The case is moving to administrative review.
Lordstown Motors – The electric truck maker's shares jumped about 8% after Bloomberg reported it's close to a deal to sell its Ohio car factory for an undisclosed amount to Taiwan's Foxconn Technology. Lordstown had bought the plant from General Motors less than two years ago.
McCormick – McCormick shares retreated 1.8% even after the spice maker's quarterly earnings report beat Wall Street expectations. The company posted adjusted quarterly earnings of 80 cents per share, topping estimates by 8 cents, with revenue slightly above projections. However, McCormick also cut its full-year earnings forecast due to inflation and logistics issues.
Paychex – Payroll services company Paychex saw its share price increase about 5% after it reported strong quarterly earnings and revenue as clients' employees began returning to in-office work. It also raised its business outlook for the year.
Nvidia , Electronic Arts – Shares of Nvidia and Electronic Arts rallied about 1.2% and 3.9%, respectively after the companies announced Electronic Arts would put more of its video games on Nvidia's cloud gaming service.
Advanced Micro Devices – Shares of AMD gained 2.5% after the semiconductor company announced it would expand its collaboration with Google Cloud.
Starbucks – Shares of Starbucks fell 1.7% after Atlantic Equities downgraded the coffee chain stock to a neutral from outperform. The firm said wage inflation and growth concerns in China could weigh on Starbucks' profit.
— CNBC's Maggie Fitzgerald, Yun Li and Tanaya Macheel contributed reporting | 2021-09-30T00:00:00 |
762 | https://www.cnbc.com/2024/04/11/which-stocks-are-winners-and-losers-now-that-the-reflation-trade-is-back.html | KMX | CarMax | Winners and losers now that the reflation trade is back. Who does well and who struggles | A robust economy, with earnings still strong but inflation sticky, creates a tricky narrative for active investors. To see the impact of higher inflation and higher interest rates on companies, just look at the earnings release for CarMax this morning. Earnings and revenue in its latest February quarter missed estimates and it pushed back its goal of selling 2 million cars by 2026 to sometime between 2026 and 2030. What did CarMax blame? "We believe vehicle affordability challenges continued to impact our fourth-quarter unit sales performance, with ongoing headwinds due to widespread inflationary pressures, higher interest rates, tightened lending standards and low consumer confidence," a statement said. Overall, this is a very tough environment for small cap stocks, speculative technology (think Cathie Wood/ARK), REITs, and utilities. For example, higher rates are generally bad for REITs because REITs rely on debt financing. Rising rates increase borrowing costs, and higher borrowing costs reduce profit margins. But long-term, the effects can be more subtle. For example, if rates go up because economic growth is strong, REITs can benefit long-term. It's usually also bad for utilities, because when rates rise Treasury bonds become more attractive due to higher yields. Higher rates also mean increased borrowing costs for utilities, which carry a lot of debt because they use a lot of capital. If utilities can't pass on the higher costs, their shareholders suffer. Some sectors do well with rising rates The reflation trades means a newfound focus on cyclical stocks that perform best when the economy turns up, such as energy, materials and hospitality. The problem is, energy and materials stocks have already been rising due to higher oil and a still strong economy. Energy is the second-best performer among S & P sectors year to date, up 17%. Communication services, led by a big move in Meta , is the leader, up 18%. Other potential beneficiaries of higher rates with a strong economy are defensive stocks, which tend to be less interest rate-sensitive, such as Kroger or Walmart . Another potential beneficiary is insurance stocks. Life insurance companies, for example, take the premiums they get from customers and invest them in bonds. When rates go up, they get more yield from those bonds, which generates more investment income. Key is strong economy and continued job growth If that changes, in particular if the job market weakens significantly and we still have inflation higher than desirable, that will be stagflation, and that will be a much bigger problem for the markets. The key is that the economy has to stay strong, which will help prop up earnings. Earnings have remained stable on the strong economy. First-quarter estimates have been steady in the past few weeks, with the S & P 500 expected to see gains of 5%, according to LSEG, and full-year growth in 2024 up 9.8%, little changed from the 11% gain expected on Jan. 1. All of this changes if the economy, particularly jobs, turns south. Job growth contracting alongside sticky inflation means "stagflation," and if the market comes to believe that is a likely scenario, forget it. The S & P 500, which closed Wednesday at 5,160, will be in the mid-4,000s very quickly. | 2024-04-11T00:00:00 |
763 | https://www.cnbc.com/2021/06/25/stocks-making-the-biggest-moves-in-the-premarket-nike-carmax-virgin-galactic-more.html | KMX | CarMax | Stocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic & more | Take a look at some of the biggest movers in the premarket:
Nike (NKE) – Nike reported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.
CarMax (KMX) – CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.
Virgin Galactic (SPCE) – Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It's the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.
FedEx (FDX) – FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service's revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.
Tesla (TSLA) – Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.
Netflix (NFLX) – Netflix rose 1.3% in the premarket following an upgrade to "outperform" from "neutral" at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix's strong competitive position.
BlackBerry (BB) – BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry's QNX software.
JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Citigroup (C) – Big bank stocks are on watch today after the Federal Reserve gave passing marks to all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.
Twilio (TWLO), Asana (ASAN) – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.
Credit Suisse (CS) – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bank UBS (UBS), according to people familiar with the bank's thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.
Doximity (DOCS) – The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53. | 2021-06-25T00:00:00 |
764 | https://www.cnbc.com/2021/09/30/stocks-making-the-biggest-moves-premarket-carmax-mccormick-fubotv.html | KMX | CarMax | Stocks making the biggest moves premarket: CarMax, McCormick, fuboTV, Merck and more | Check out the companies making headlines before the bell:
CarMax (KMX) – The auto retailer missed estimates by 18 cents with quarterly earnings of $1.72 per share, although revenue topped analyst projections. Comparable pre-owned car sales rose 6.2%, less than the 7.3% estimate of analysts surveyed by StreetAccount. CarMax tumbled 7.1% in the premarket.
McCormick (MKC) – The spice maker reported adjusted quarterly earnings of 80 cents per share, beating estimates by 8 cents, with revenue slightly above Wall Street forecasts. However, it also cut its full-year earnings forecast as it deals with higher inflation and logistics challenges.
fuboTV (FUBO) – The sports-centered video streaming service's Fubo Gaming unit is partnering with payments platform Paysafe (PSFE) for its interactive wagering operation. Paysafe rose 1.1% in the premarket while fuboTV added 1.4%.
Merck (MRK) – Merck struck a deal to buy drugmaker Acceleron Pharma (XLRN) for $180 per share in cash or $11.5 billion. It had been reported earlier this month that Acceleron was close to a sale agreement, and reports earlier this week had named Merck as the suitor.
Virgin Galactic (SPCE) – Virgin Galactic shares soared 8.9% in the premarket after the FAA concluded a probe of a July 11th flight mishap and allowed the company to resume launches. The investigation determined that the July flight had deviated from its assigned path and that Virgin had not communicated the deviation to the FAA as required.
Diageo (DEO) – Diageo said its new fiscal year is off to a strong start, with the world's largest spirits producer pointing to a strong North American business and a faster-than-expected recovery in European markets. Diageo rose 2.3% in premarket trading.
AstraZeneca (AZN) – The drugmaker's Covid-19 vaccine showed 74% efficacy in a U.S. clinical trial, and 83.5% efficacy in people 65 years and older. The company expects to file for U.S. approval later this year.
Altria (MO), Philip Morris International (PM) – The tobacco producers were ordered by the International Trade Commission to halt the import and sales of their IQOS heated tobacco device. The order stems from a patent case brought by rival tobacco producer R.J. Reynolds, with the case now moving to an administrative review.
Lordstown Motors (RIDE) – Lordstown is near a deal to sell its Ohio car factory to Taiwan's Foxconn Technology for an undisclosed amount, according to people familiar with the matter who spoke to Bloomberg. The electric truck maker had bought the plant from General Motors (GM) less than two years ago. Lordstown rallied 5.6% in the premarket.
Herman Miller (MLHR) – Herman Miller fell a penny shy of Wall Street forecasts with adjusted quarterly earnings of 49 cents per share, but the office furniture maker's sales came in well above estimates and it also gave an upbeat current-quarter earnings forecast. Herman Miller added 2.2% in premarket action.
Perrigo (PRGO) – Perrigo shares surged 14.3% in premarket trading after the drugmaker resolved a tax dispute with Ireland for about $399 million, with no interest or penalties applied. | 2021-09-30T00:00:00 |
765 | https://www.cnbc.com/2022/04/12/stocks-making-the-biggest-moves-midday-chipotle-pge-marathon-oil-and-carmax.html | KMX | CarMax | Stocks making the biggest moves midday: Chipotle, PG&E, Marathon Oil and CarMax | Check out the companies making headlines in midday trading.
CarMax — CarMax shares plummeted 9.5% after reporting a beat on revenue but a miss on earnings for the latest quarter. The auto retailer earned 98 cents per share, below the $1.25 per share consensus estimate.
CrowdStrike — Shares of the cybersecurity company jumped more than 3% after Goldman Sachs upgraded the stock to a "buy" from "neutral." The firm said the strength of CrowdStrike's business has been overlooked recently and that it's "well positioned in the sweet spot of demand."
PG&E — Shares of the utility company rose 3.1% after it reached settlements to pay $55 million for two fires in Northern California. As part of the agreement, PG&E will not face any criminal prosecution.
Cisco Systems — Shares of the network technology company fell 2%, lagging behind the broader market, after Citi downgraded Cisco to sell from neutral. A Citi analyst said in a note to clients that Cisco was losing market share to its rivals.
Hewlett Packard Enterprise — Shares of Hewlett Packard Enterprise dipped 2.5% after Morgan Stanley downgraded the stock to underweight from equal weight and said it expects the stock to underperform over the next year.
Chegg — Shares of Chegg dropped 8.4% following a downgrade by KeyBanc Capital Markets. Analysts downgraded Chegg to sector weight from overweight, saying the company reported lower growth in the U.S. in its first quarter.
Chipotle — Shares of the restaurant chain rose 1.4% after Citi initiated coverage of the stock with a buy rating. The firm said Chipotle is a "best-in-class growth leader."
Albertsons — The food retailer's stock sank 8.1% after reporting earnings for the recent quarter. Albertsons beat on revenue and reported earnings of 75 cents per share, 11 cents above consensus estimates.
Oil stocks — Energy stocks rose on Tuesday as oil prices, which have seesawed in recent weeks, jumped back above $100 a barrel. Marathon Oil , Devon Energy and Occidental Petroleum jumped about 4.2%, 3.7% and 2.1%, respectively.
— CNBC's Jesse Pound, Hannah Miao, Tanaya Macheel and Sarah Min contributed reporting | 2022-04-12T00:00:00 |
766 | https://www.cnbc.com/2021/05/19/stocks-making-the-biggest-moves-in-the-premarket-target-lowes-microstrategy-carmax-more.html | KMX | CarMax | Stocks making the biggest moves in the premarket: Target, Lowe's, MicroStrategy, CarMax & more | Take a look at some of the biggest movers in the premarket:
Target (TGT) – Target earned $3.69 per share for the first quarter, well above the $2.25 a share consensus estimate, with revenue also above analysts' projections. Comparable-store sales surged 22.9%, more than double the forecast of analysts surveyed by FactSet. Target shares jumped 3.8% in premarket trading.
Lowe's (LOW) – The home improvement retailer reported profit of $3.21 per share for the first quarter, beating the $2.62 a share consensus estimate. Revenue also topped Wall Street forecasts, and a same-store sales increase of 24.4% beat the FactSet consensus forecast of a 20.3% rise. Despite the beat, Lowe's shares fell 2% in the premarket.
Take-Two Interactive (TTWO) – Take-Two earned 94 cents per share for its fiscal fourth quarter, beating the consensus estimate of 67 cents a share. The video game maker's revenue also beat forecasts, as it continued to benefit from the pandemic-induced increase in video game activity. Take-Two gave a lighter-than-expected forecast, however, as confidence in vaccinations prompts more people to leave their homes. The company's shares added 2% in premarket action.
JD.com (JD) – The China-based e-commerce company reported better-than-expected profit and revenue for the first quarter, with an expanded product lineup helping expand active customer accounts by 29% compared to a year earlier. JD.com's U.S. shares gained 1% in the premarket.
AstraZeneca (AZN) – AstraZeneca's Covid-19 vaccine works well as a third booster shot, according to a study by co-developer Oxford University reported by the Financial Times.
Macy's (M) – Macy's was upgraded to "tactical outperform" at Evercore, which notes the retailer's outperformance in its first-quarter earnings report and what it calls a "healthier" business structure.
Wells Fargo (WFC) – Wells Fargo was downgraded to "neutral" from "buy" at UBS, which said the bank's risk/reward profile is no longer attractive following a 59% year-to-date rise in the shares year-to-date and a 123% surge since the end of October. Its shares lost 1.3% in premarket trading.
MicroStrategy (MSTR) – MicroStrategy shares tumbled 5.8% in premarket action as the price of bitcoin dipped below $40,000 in overnight trading. The business analytics company has several billion dollars in bitcoin holdings on its books.
Southwest Airlines (LUV) – Southwest said its April revenue increased from March levels due to improvements in leisure travel, and said leisure fare levels are nearing where they were in June 2019. Southwest warned, however, that business travel demand is still significantly lagging leisure travel. Its shares lost 1.5% in premarket trading.
CarMax (KMX) – The automobile retailer's shares fell 2.4% in the premarket after Wedbush Securities downgraded the stock to "neutral" from "outperform." Wedbush said the current valuation already reflects the company's long-term outlook, and it also sees decelerating near-term trends. | 2021-05-19T00:00:00 |
767 | https://www.cnbc.com/2023/06/28/stocks-making-the-biggest-moves-midday-.html | CCL | Carnival | Stocks making the biggest moves midday: Pinterest, Carnival, General Mills, Netflix and more | A banner for the online image board Pinterest Inc. hangs from the New York Stock Exchange on the morning Pinterest made its initial public offering, April 18, 2019.
Check out the companies making the biggest moves midday.
Pinterest — Shares climbed 6.59%. Wells Fargo upgraded Pinterest to overweight due to an Amazon partnership expected to take hold later this year and optimism that Pinterest can continue to boost user engagement.
Cruise stocks — Carnival popped 8.81%, Norwegian Cruise Line gained 7.55% and Royal Caribbean added 1.68%, extending gains from Tuesday after Carnival reported a smaller-than-expected loss for its second quarter and issued strong guidance. The sector has been on a tear this year as it recovers from the Covid-19 pandemic.
General Mills — Shares tumbled 5.17% after the maker of Betty Crocker mixes and Cheerios cereal turned in a mixed earnings report for its fiscal fourth quarter. The company exceeded Wall Street expectations on earnings, posting $1.12 in adjusted earnings per share against a consensus estimate of $1.07 from analysts polled by Refinitiv. But $5.03 billion in revenue missed analysts' forecast of $5.17 billion.
Chip stocks — Shares of Nvidia slipped 1.81% and Advanced Micro Devices was down 0.2%, paring earlier losses, following a Wall Street Journal report that the U.S. is weighing new restrictions on artificial intelligence chip stocks sold to China.
Netflix — The streaming giant jumped 3.06% after Oppenheimer raised its price target to $500 per share from $450. The Wall Street firm said it anticipated more subscribers and the potential discontinuation of its lowest-priced, ad-free plan, which is being tested in Canada.
Joby Aviation — Shares soared 40.22% after the company announced it received a permit to begin flight testing its first electric vertical takeoff and landing vehicle (eVTOL).
AeroVironment — Shares added 4.86% after the military drone maker reported revenue of $186 million after the market close Tuesday, topping analysts' projection of $164 million, according to consensus estimates from Refinitiv. AeroVironment also said it anticipates full-year revenue of $630 million to $660 million, beating the $600 million expected by analysts.
ZoomInfo — The software stock rose 6.09% after Needham initiated coverage of ZoomInfo with a buy rating. Needham said in a note to clients that ZoomInfo has "best in class unit economics." ZoomInfo also received positive coverage from Morgan Stanley, which reiterated an overweight rating on the stock.
Snowflake — Shares added 3.86% after the data cloud company reiterated its full-year guidance during an investor day Tuesday. Goldman Sachs reiterated its buy rating on Snowflake after the event and Morgan Stanley maintained an overweight recommendation.
Circor International — The maker of flow control products for industrial and aerospace and defense markets users rallied 4.25% following a Reuters report that private equity firm Arcline has offered $57 per share, topping a rival bid from KKR.
First Citizens BancShares — The regional bank gained 0.4%. Atlantic Equities initiated coverage of the North Carolina bank Wednesday with an overweight rating and $1,775 per share price target, which suggests nearly 50% upside from Tuesday's close.
— CNBC's Alex Harring, Brian Evans, Jesse Pound and Michael Bloom contributed reporting. | 2023-06-28T00:00:00 |
768 | https://www.cnbc.com/2022/09/30/carnival-shares-fall-on-ballooning-costs-dragging-cruise-stocks-lower.html | CCL | Carnival | Carnival shares shed 23% on ballooning costs, dragging cruise stocks lower | Shares of Carnival fell below their pandemic lows Friday after the cruising company posted third-quarter earnings that revealed higher costs associated with inflation, supply chain disruptions and the maintenance of health and safety protocols.
Shares of Carnival shed 23% during the session. The stock closed at a new 52-week low of $7.03, below its pandemic plunge lows of April 2020, when shares traded around $7.80 intraday.
Friday's losses knock about $2.5 billion off Carnival's market value. Shares of Norwegian and Royal Caribbean also fell Friday, down 18% and 13%, respectively. | 2022-09-30T00:00:00 |
769 | https://www.cnbc.com/2023/06/12/stocks-making-the-biggest-moves-midday.html | CCL | Carnival | Stocks making the biggest moves midday: Carnival, Nasdaq, Oracle, KeyCorp and more | The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022.
Check out the companies making the biggest moves midday.
Carnival — The stock rallied 12.45% after it was upgraded by JPMorgan Chase to overweight from neutral and by Bank of America to buy from neutral. The former cited continued demand momentum in the cruise industry. Other cruise stocks also got a boost, with Norwegian Cruise Line gaining 7.22% and Royal Caribbean adding 2.57%.
Chinook Therapeutics — Shares soared 58.32% after Novartis announced it has agreed to acquire the biotech firm for up to $3.5 billion. Chinook Therapeutics' shareholders will get $40 per share, about 67% higher than where the stock closed Friday. They may also get an additional $4 per share in cash through contingent value rights.
Nasdaq — Shares fell 11.81% after the exchange operator announced it was buying Adenza, the software firm owned by Thoma Bravo. The deal is valued at about $10.5 billion.
SentinelOne — The cybersecurity stock popped 8.18% after Morgan Stanley upgraded shares to overweight and called SentinelOne a "long-term share gainer" despite its recent execution troubles.
Oracle — Shares of the IT cloud software company gained 5.99% ahead of its quarterly earnings announcement scheduled for after the bell. Wolfe Research upgraded shares to outperform from peer perform in a Sunday note, citing the company's early-mover advantage in the artificial intelligence boom.
Catalent — The stock jumped 10.23% after reporting delayed fiscal third-quarter results before the bell. The pharmaceutical company posted a loss of 9 cents per diluted share, excluding items, and revenue of $1.04 billion. It's unclear if these figures are compatible with FactSet's consensus estimates on revenue and EPS. CEO Alessandro Maselli said the fundamentals of the business remain strong.
Nio — The Chinese electric car maker's stock added 8.67% after Nio said it was cutting prices for its vehicles and ending free battery swaps for new buyers. The company is also delaying capital expenditure projects, it said last week. Nomura assumed coverage of Nio with a neutral rating Sunday, after previously rating it a buy.
Illumina — Shares of the biotech company rose 3.79%. Illumina announced a change in leadership Sunday. CEO Francis deSouza resigned, effectively immediately, but will stay on in an advisory capacity through July. The company said it is exploring both internal and external replacement candidates. The change comes after a heated proxy fight with activist investor Carl Icahn.
KeyCorp — The regional bank stock slipped 4.31% after the company said at an investor conference that net interest income is going to come in softer than expected based on funding mix and deposit cost pressures.
— CNBC's Hakyung Kim, Alex Harring, Samantha Subin and Jesse Pound contributed reporting. | 2023-06-12T00:00:00 |
770 | https://www.cnbc.com/2023/06/12/stocks-making-the-biggest-moves-premarket-ndaq-ilmn-orcl-more.html | CCL | Carnival | Stocks making the biggest moves before the bell: Nasdaq, Illumina, Oracle, Carnival and more | Check out the companies making headlines in premarket trading.
Nasdaq — The exchange operator's shares dropped 7.7% following the announcement of its deal to buy Adenza, the software firm owned by Thoma Bravo. The deal, valued at about $10.5 billion, would be Nasdaq's largest acquisition as the company sharpens its focus on financial technology and attempts to diversify.
Illumina — The biotech stock rose 2% in premarket trading after Illumina announced a CEO transition plan Sunday. CEO Francis deSouza resigned, effective immediately, but will stay on as an advisor through July 31. The move follows pressure from activist investor Carl Icahn.
Nio — Shares popped more than 4% after the Chinese electric car maker said it was cutting prices for its vehicles and ending free battery swaps for new buyers. Last week, Nio also said it was delaying its capital expenditure projects. Nomura assumed coverage of Nio with a neutral rating Sunday, after previously rating it a buy.
SentinelOne — Shares rose 5.2% following an upgrade to overweight from equal weight by Morgan Stanley, which said the market hasn't correctly priced the stock's inherent asset value. The cybersecurity stock was hit with a salvo of downgrades after it reported weaker-than-expected first-quarter revenue and disappointing current-quarter and full-year guidance on the metric earlier in June.
Bill.com — Shares shed 4.8% in the premarket after Morgan Stanley downgraded the expense management platform to equal weight from overweight. The firm said Bill.com has limitations to expansion and could see increased competition.
Oracle — The IT stock added 4.7% in Monday's premarket as investors awaited earnings for the fiscal fourth quarter expected after the bell. Wolfe Research upgraded the stock to outperform from peer perform over the weekend, while Evercore ISI said Friday that it anticipated a strong quarterly report and positive commentary around the cloud business. Evercore ISI, Barclays and JPMorgan Chase all raised their respective price targets for the stock in recent days.
Carnival — The cruise stock popped 5.5% following an upgrade from JPMorgan. The Wall Street firm upgraded shares to overweight, citing continued demand momentum in the cruise industry.
— CNBC's Jesse Pound, Samantha Subin and Michelle Fox contributed reporting. | 2023-06-12T00:00:00 |
771 | https://www.cnbc.com/2023/05/25/nvidia-is-wall-streets-biggest-analyst-call.html | CCL | Carnival | Here are Thursday's biggest analyst calls: Tesla, Nvidia, Carnival, Mobileye, Disney, Snowflake & more | Here are Thursday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America raised its price target on the stock to $450 per share from $340 after Nvidia's blowout earnings report on Wednesday and said it's "uniquely positioned to help transform the nearly $1tn of traditional data centers towards accelerated/AI driven computing." "Nvidia's (NVDA) Q1 sales were 10% ahead, with pf-EPS 19% ahead of consensus, and data center $4.3bn vs $3.9bn expected." Read more about this call here. Baird upgrades Nvidia to outperform from neutral Baird upgraded Nvidia after its earnings report Wednesday and says the AI wave is "in formation." "As AI-related order momentum continues into the second half, annualized earnings of $10 are at reach within 2-3 quarters in our view, reflected in the valuation post earnings. Read more about this call here . Citi upgrades Carnival to buy from neutral Citi called the cruise operator a "recovery meets turnaround" story. "Our upgrade is the culmination of: (1) our recent cruise work (pricing, web traffic, virtual fireside chat, earnings read-throughs), (2) our belief that the balance sheet is at a turning point, with the opportunity to become significantly 'less ugly' in the years to come." Wells Fargo initiates Mobileye as overweight Wells said the autonomous driving tech company has upside potential. "We initiate Mobileye at Overweight; $50 price target (34x EV/EBIT on C2025 est.). Put simply, the key tenet of our thesis is Mobileye's platform strategy / positioning, and upside potential, via SuperVision & Chauffeur adoption into 2024+. Wells Fargo upgrades Leidos Holdings to overweight from equal weight Wells said shares of the engineering company are not pricing in enough upside. "We think LDOS' current valuation bakes in too much fear around short-term uncertainty, while not taking into account 2024 sales/margin/cash flow upside." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said Tesla's "20-million unit volume goal cannot be achieved without securing a diverse range of partnerships across global regimes." "We have taken note of Elon Musk's accelerating number of engagements with world leaders on future investment opportunities. Tesla's stated 20-million unit volume goal cannot be achieved without securing a diverse range of partnerships across global regimes." Susquehanna upgrades Caesars to neutral from negative Susquehanna said it sees a more balanced risk/reward for the stock. "We are upgrading our rating on CZR to Neutral (from Negative) following our assessment of a more balanced risk/reward at current levels (LV vs. regional/digital) and increased our price target to $39." Daiwa upgrades Ford to neutral from underperform Daiwa said it's bullish on the Ford Pro line. "The Ford Pro segment stood out in terms of strong market position, diversified end markets and potential to generate recurring revenue. We believe Pro could grow faster as an independent company with flexibility to expand beyond chassis, for instance, in upfitters." Morgan Stanley initiates Teva as equal weight Morgan Stanley said it sees too many execution risks right now for the pharma company. "Teva is emerging from a period of restructuring, deleveraging and litigation management, with the focus now shifting to the pivot to growth." Citi downgrades Dish to neutral from buy Citi said in its downgrade of the stock that it has "substantial capital needs." "We are reducing DISH to a Neutral/High Risk rating as the substantial capital needs combined with the drop in market value of its securities have increased uncertainty and dilution-risk for DISH equity." Citi reiterates Disney as buy Citi said transitioning ESPN to "streaming could add ~$20 per share to Disney's equity value." "We believe ESPN's transition to streaming could add ~$20 per share to Disney's equity value. The lion's share of the upside we see stems from: 1) sports fans that have already cut the cord signing up for ESPN+, and 2) higher ARPU from existing ESPN+ subs." Oppenheimer reiterates Microsoft as outperform Oppenheimer said it has high confidence that Microsoft's revenue growth will accelerate. "Two business positives out of Microsoft Build 2023 developer conference, which we attended in-person: 1)Azure OpenAI customers now top 4500, up 80% from 2500 disclosed on 4/25, 'the fastest growing service in Azure history,' and 2)Bing will be default search engine on ChatGPT starting today for Plus users, with free tier 'soon.'" JPMorgan upgrades Vipshop to overweight from neutral JPMorgan said the China e-commerce company is the "best defensive play in ecommerce space." "We believe Vipshop will be the best defensive play in the China ecommerce space in the next six months on earnings visibility/upside risks and the share price correction over the past week (-13% vs. KWEB -6%) offers an entry point for investors." Read more about this call here. KeyBanc upgrades Six Flags to overweight from sector weight KeyBanc reinstated coverage and upgraded shares of Six Flags saying that things are trending in the right direction. "Following a difficult transition in 2022, we see merit to X' ongoing strategic shift and are encouraged as recent reported results and data (i.e., geolocation; see page 23) support trends moving in the right direction." RBC upgrades Toll Brothers to outperform from sector perform RBC said it sees "demand improvement and margin resiliency" for the homebuilder. "We believe sentiment has been overly negative on a relative basis given TOL's high-end, West Coast, and build-to-order exposures, with recent trends providing evidence that it has experienced improvement similar to peers." Read more about this call here . Redburn downgrades American Express to sell from neutral Redburn said it's concerned about the "rising cost of growth." "For American Express, which seeks to capture growth outside the US, consensus underestimates the level of reward spending that will be needed to convince consumers to use its card. This will weigh on profit margins." Rosenblatt downgrades Snowflake to neutral from buy Rosenblatt downgraded the stock after its earnings report Wednesday and said it sees slowing growth. "Wednesday after the market, Snowflake reported Q1 Product revenue growth of 50%, ~3%above our expectation, with most geographies in-line (except for APJ) and with net revenue retention still a healthy 151%" Barclays downgrades XPeng to underweight from equal weight Barclays downgraded the China electric vehicle company after its disappointing earnings report. " XPEV reported disappointing Q1 results and provided a weaker- than-expected Q2 guide. Amid multiple challenges and with a highly uncertain outlook, we downgrade XPEV to UW." | 2023-05-25T00:00:00 |
772 | https://www.cnbc.com/2022/05/24/saudi-fund-in-early-talks-to-potentially-buy-carnivals-ultra-luxury-seabourn-brand.html | CCL | Carnival | Saudi fund in early talks to potentially buy Carnival's ultra-luxury Seabourn brand | An aerial view of Seabourn Encore cruise ship docked at Bodrum Cruise Port on April 27, 2022, in Mugla, Turkey.
Carnival is in preliminary discussions to sell its Seabourn ultra-luxury cruise brand to the Saudi sovereign wealth fund, people familiar with the situation told CNBC.
Talks between the two parties are still ongoing. A deal of this size would give the Saudis a stronger footprint in the cruise industry, at a time when travel continues to rebound across the Middle East.
It would also give Carnival access to more capital, with shares losing over 40% in the past three months. The price tag for Seabourn wasn't immediately clear.
Carnival said it won't comment on rumor or speculation. The Saudi fund, also known as Public Investment Fund, didn't immediately reply to a request for comment.
Talks to sell Seabourn come less than a week after Carnival raised over $1 billion in the debt market at a yield of 10%.
Seabourn came to market in 1988 and operates six ships. Its destinations span from Antarctica to the Middle East to the Caribbean.
The Saudi sovereign wealth fund, also known as the Public Investment Fund, purchased a stake in Carnival at the height of the pandemic in 2020. It currently has a 5.1% stake in Carnival, according to FactSet.
Private equity firms have also been buyers in the cruise space. In March 2021, Royal Caribbean sold its Azamara cruise brand to Sycamore Partners for $201 million. Both TPG and Apollo Group invested billions in Norwegian Cruise Line in 2008, eventually taking the cruise operator public in 2013. TPG is currently invested in Viking Cruise, while Bain Capital is Virgin Voyage's main investor. | 2022-05-24T00:00:00 |
773 | https://www.cnbc.com/2022/11/15/stocks-making-the-biggest-moves-after-hours-carnival-advance-auto-parts-and-more.html | CCL | Carnival | Stocks making the biggest moves after hours: Carnival, Advance Auto Parts and more | In an aerial view, the Carnival Miracle cruise ship operated by Carnival Cruise Lines sits docked at Pier 27 in San Francisco, California, Sept. 30, 2022.
Check out the companies making headlines after the bell:
Carnival — Shares of the cruise line plummeted more than 13% in extended trading after the company announced plans to raise more debt. Carnival announced a private offering of $1 billion in convertible senior notes due in 2027. Shares of rival cruise operators Royal Caribbean and Norwegian Cruise Line fell about 2% and 3.3%, respectively, on the news.
Advance Auto Parts — Shares of the auto parts provider shed 9.9% after the company missed Wall Street's earning per shares estimates and lowered its adjusted EPS outlooks for the year. Revenue fell in line with analysts' expectations.
Sage Therapeutics — Sage Therapeutics shares added nearly 8% in extended trading on news that CEO Barry Greene upped his stake in the biopharma company, according to SEC filings.
Ginkgo Bioworks — The stock — created during the SPAC boom — slipped 6.4% in extended trading after Gingko announced a $100 million common stock offering. | 2022-11-15T00:00:00 |
774 | https://www.cnbc.com/2022/04/27/carnival-ceo-arnold-donald-steps-down-as-cruise-industry-aims-for-a-refresh.html | CCL | Carnival | Carnival CEO Arnold Donald steps down as cruise industry aims for a refresh | In this article RCL
CCL Follow your favorite stocks CREATE FREE ACCOUNT
watch now
Carnival's announcement Tuesday that Arnold Donald would step down as CEO of the world's biggest cruise line came after some investors pushed back at a shareholders meeting earlier this month on metrics tied to the 67-year-old's 2021 compensation package of $15 million, sources familiar with the situation told CNBC. "End of an era," said one investor who asked not be named. The company was not available to respond to a request for comment. Donald — who will become vice chair, effective Aug. 1 — took the helm as chief executive nine years ago, two of which were spent keeping Carnival afloat during the Covid-19 pandemic by raising billions of dollars in debt and stock. While Donald no doubt played a leading role in resurrecting the cruise industry from the depths of the pandemic, shares of Carnival have struggled to keep pace with rivals like Royal Caribbean , which about four months ago saw industry veteran Richard Fain step down as CEO after more than 33 years. The 72-year-old remains chairman.
Loading chart...
Carnival shares are down nearly 13% in 2022, slightly more than the 11.5% decline for the S&P 500 during the same year-to-date period, and they are off more than 35% over the past 12 months. In contrast, Royal Caribbean shares are up almost 3% on the year and down only roughly 9% over the past 12 months. The leadership changes at both Carnival and Royal Caribbean will see a new guard step in to navigate the cruise giants through their next stages of recovery. At Carnival, current COO Josh Weinstein, 48, has been picked to be the new CEO. At Royal Caribbean, former CFO Jason Liberty, 46, stepped into the top job at the beginning of year. "Change can be a good thing," Stifel analyst Steven Wieczynski wrote in a recent note to clients. In the coming weeks, shareholders will want to hear from Weinstein, who has been at Carnival for 20 years, about his game plan for the cruise line and how it may differ from Donald's approach. "He's younger, he should bring in new energy," Wieczynski told CNBC.
When the Centers for Disease Control and Prevention fought hard to keep its no sail order in place, Carnival CEO Arnold Donald played a leading role in driving discussions with lawmakers, industry leaders and the White House in trying to change the course of that order. Scott Mlyn | CNBC
As the head of the world's largest cruise operator, Donald quickly became the face of the industry at the height of the pandemic when numerous ships with Covid-infected guests and crew were left stranded on board for days on end. When the Centers for Disease Control and Prevention fought hard to keep its no sail order in place, Donald played a leading role in driving discussions with lawmakers, industry leaders and the White House in trying to change the course of that order. As the economy started to rebound in 2021, the outlook for cruising remained bleak. But Donald, one of the few Black CEOs on Wall Street, remained defiantly optimistic about the industry. At CNBC's Evolve Global Summit last summer, Donald was asked if he ever doubted whether Carnival could make it through the storm. He said at the time, "I never doubted that we'd make it through, but … it was excruciating." At the time of Seatrade's annual conference in the fall 2021, Carnival ships were slowly getting back to sea after a 15-month suspension. "We know where the road is headed, and the road is headed toward a very bright future," Donald said during a panel discussion at the event. Fain, then-CEO of Royal Caribbean, was also on the panel and expressed similar optimism. The pandemic wasn't Donald's first crisis. He joined Carnival in 2013, the year a fire knocked out power on the Carnival Triumph's sanitation system, stranding more than 4,200 passengers and crew members at sea for days in miserable conditions. The previous year, one of Carnival's ships, the Costa Concordia, capsized off the coast of Italy, killing 32 people.
Getty Images | 2022-04-27T00:00:00 |
775 | https://www.cnbc.com/2023/03/28/tuesdays-top-calls-on-wall-street-include-apple-tesla.html | CCL | Carnival | Here are Tuesday's biggest analyst calls: Apple, Tesla, Dick's, Ulta, Bowlero, Carnival & more | Here are Tuesday's biggest calls on Wall Street: Barclays reiterates Apple as equal weight Barclays said Apple advertising on its own apps is very underappreciated. "We believe AAPL advertising on its own apps is underappreciated. Most ad revenues are generated on the App Store, with some contribution from News and Stocks." Canaccord initiates Ulta as buy Canaccord said the beauty retailer still has plenty of upside. "With Ulta trading at ~19x FY2 PE vs. its historical 5-yr avg of ~21x and 10-yr of 24x, we believe there is still upside from current valuation as management executes their long-term growth and margin plans, driving FCF, EPS growth, store productivity, and multiple expansion." Bank of America upgrades Paramount to buy from neutral Bank of America said the media company has a "unique collection of assets." "We upgrade shares of PARA to Buy from Neutral and raise our PO to $32 (from $24). It is our view that PARA has a unique collection of assets that would generate significant buyer interest if ever put up for sale — either in pieces or whole." Read more about this call here. Bank of America downgrades Fox to neutral from buy Bank of America said it sees a lack of near-term catalysts for Fox . "While we do not project any significant near-term degradation in the fundamentals (either in advertising or affiliates revenue), we also struggle to find near-term catalysts to drive shares higher from current levels." Wells Fargo upgrades Carnival to equal weight from underweight Wells said it sees a more balanced risk/reward for the cruise operator. "Risk/reward seems balanced here — CCL has minimal NT (near term) maturities/refi needs, Europe is holding up well, and FY23 EBITDA guide is reasonable." Stifel initiates Bowlero as buy Stifel said the bowling company is a compelling growth story. "In our opinion, no better words could be used to describe how we view the long-term growth story of BOWL. " Raymond James upgrades Ciena to strong buy from outperform Raymond James said in its upgrade of the networking systems company that it has an "expanding" total addressable market. "The opportunity to displace Huawei presents a long-term tail wind for Ciena and its Western counterparts. Read more about this call here. Morgan Stanley names Emerson Electric as a top pick Morgan Stanley named the electric-manufacturing company as a top pick and said it sees several positive catalysts head. " EMR is one of the few idiosyncratic stories in Multis and becomes our new Top Pick." Read more about this call here . Cowen upgrades Occidental Petroleum to outperform from market perform Cowen said in its upgrade of the stock that it sees a "favorable free cash yield" and a "superior" risk/reward. "We are upgrading Occidental Petroleum to outperform from market perform as we see a superior risk/reward balance of superior exposure to crude pricing, capital structure shifts, captive buying support from Berkshire Hathaway, a favorable free cash yield, well productivity and a differentiated catalyst rich profile in a world of relatively homogeneity across E & Ps." Oppenheimer initiates Carrier as outperform Oppenheimer said it sees a long runway for growth for the ventilation and security systems services company. "While CARR has executed well since its 2020 spin, we see further runway for multiple levers of value creation under the company's control, including aftermarket/digital solutions growth and productivity gains." Citi upgrades PagSeguro and StoneCo to buy from neutral Citi upgraded several Brazilian payment company's on Tuesday and said they have attractive valuations. "Nonetheless, our preference in the Brazilian acquirers' sector remains CIEL (on stronger short-term earnings momentum), followed by STNE (on possible restructuring and improving sentiment following management change), then PAGS (appealing valuation but still challenging short term)." Read more about this call here . Deutsche Bank reiterates Tesla as buy Deutsche said it's standing by shares of the automaker heading into its delivery numbers report this weekend. " Tesla is slated to report 1Q23 deliveries and production figures this coming weekend, and we trim our 1Q deliveries estimate lower to 416k units reflecting still the uncertain macro environment after the price cuts, as well as competitive pricing responses in China." Morgan Stanley reiterates Dick's as overweight Morgan Stanley said shares of Dick's are undervalued. " DKS and ASO have seen their multiples re-rate moderately in the past few months." Truist upgrades Array Technologies to buy from hold Truist said the solar technology company is "turning the corner." "While 1Q will see seasonal weakness, we ultimately view ARRY as well positioned to deliver notable growth & FCF for FY23, while benefiting from domestic/int'l tail winds for utility-scale solar." | 2023-03-28T00:00:00 |
776 | https://www.cnbc.com/2023/03/29/stocks-making-the-biggest-moves-midday-lulu-mu-ccl-calm.html | CCL | Carnival | Stocks making the biggest moves midday: Lululemon, Micron, Carnival, Foot Locker & more | A view of a Canadian athletic apparel retailer Lululemon logo seen at one of their stores.
Check out the companies making headlines in midday trading Wednesday.
Lululemon - Shares of the athleticwear company soared more than 13% after the firm reported strong holiday-quarter earnings and revenue that beat Wall Street estimates. Lululemon also issued upbeat guidance for its new fiscal year.
Micron Technology — The semiconductor manufacturer added 5.3% after management said it was planning a bigger headcount reduction than previously expected. That helped investors overlook Micron's misses on both the top and bottom lines, according to Refinitiv. The company reported a loss of $1.91 per share, larger than the loss of 86 cents per share anticipated. Revenue came in at $3.69 billion, slightly lower than the $3.71 billion expected.
Carnival — Shares gained 3.6% after being upgraded by Susquehanna to positive from neutral. The Wall Street firm said it sees EBITDA recovery for the cruise operator into 2024. The move comes a day after the stock gained 6.1% following an upgrade by Wells Fargo to equal weight from underweight.
UBS — U.S.-listed shares of the European bank rose 4.2% after UBS announced that former CEO Sergio Ermotti would return to help the bank manage the acquisition of Credit Suisse. Ermotti previously helped restructure UBS in the aftermath of the global financial crisis.
Emergent BioSolutions — Shares of Emergent BioSolutions added 3.8% after the FDA approved over-the-counter sales of the company's Narcan nasal spray, used to treat opioid overdoses.
Lucid — The electric vehicle maker declined 2.5%, a day after a report from Insider detailed news of roughly 1,300 planned layoffs at the company, which equates to roughly 18% of its workforce.
Cal-Maine Foods — The egg producer and distributor's stock jumped more than 10% on the back of a stronger-than-expected report for the company's fiscal third quarter. Cal-Maine Foods' year-over-year profit also jumped more than 700% thanks in part to a surge in egg prices.
Urban Outfitters , Burlington Stores , Foot Locker , Ross Stores — Shares of major retailers declined Wednesday after UBS downgraded the group to sell from neutral. UBS said it sees at least 23% downside to its price targets for each of the companies as a slowdown in consumer spending curbs the industry's earnings prospects. Shares of Urban Outfitters and Burlington were down about 2.7% and 4.5%, respectively. Ross Stores slid 0.9%, and Foot Locker was down 1.3%.
Bath & Body Works — The home care and fragrances retailer fell more than 2% after a UBS downgrade, saying it expects a recessionary environment to weigh on the stock this year and next. UBS said it sees many of the company's products as discretionary and that consumers "will choose to spend less in a challenging macro environment" on them.
Dave & Buster's — The restaurant and arcade operator's stock rose 1.5% after the company's fourth-quarter results beat expectations. Dave & Buster's also announced an up to $100 million share repurchase program.
Petco — Shares of the pet health and wellness company gained 5% after CEO & Chairman Ron Coughlin disclosed a 61,000 share purchase.
Newmark Group — Newmark Group's stock gained 7% amid news that the FDIC hired the commercial real estate services firm to sell roughly $60 billion worth of Signature Bank's loans.
Energy stocks — Energy stocks rose as oil prices gained for a third day. Shares of Devon Energy and SLB were last up more than 1% each, along with Phillips 66 , EOG Resources , Marathon Oil and ConocoPhillips .
— CNBC's Alex Harring, Michelle Fox, Jesse Pound, Yun Li, Brian Evans, Tanaya Macheel and Pia Singh contributed reporting | 2023-03-29T00:00:00 |
777 | https://www.cnbc.com/2023/12/20/budget-airlines-spirit-ryanair-how-they-make-money.html | CARR | Carrier Global | Budget airlines like Spirit and Ryanair make up almost a third of global airline capacity. Here's how they do business | Budget airlines have become common, making a no-frills experience for travelers a core part of their business models.
The carriers have proliferated throughout the world since Pacific Southwest Airlines first implemented the low-cost business model in 1949, and Southwest Airlines perfected it in the early 1970s.
Today, Southwest's service has evolved to more closely resemble a hybrid between conventional and low-budget airlines, but many other players have sprung up in the space. In the U.S., popular low-cost carriers include Spirit Airlines , Allegiant and Frontier, among others. Budget airlines in Europe include EasyJet , Ryanair and Wizz Air, while Asia is served by players such as AirAsia and IndiGo . Some of South America's low budget airlines include JetSmart, GOL and Wingo.
As consumers become more acquainted with the airlines, they may not be as familiar with what exactly makes them budget carriers.
"One of the common misnomers when people think of low-cost carriers, they think low cost means cheap tickets, but actually the low cost refers to low expenses on the airline's part, that they try to really go all out to minimize their expenses so that the money that they bring in is much more profitable," said Scott Keyes, founder of flight-deal company Going.
Budget airlines keep costs down in part by limiting their amenities to the bare minimum. Think no internet or seatback entertainment. They tend to entice travelers with low base fares and then charge for add-ons such as seat selection, food and luggage, all of which will frequently add up to more than the fare itself. Budget airlines try to keep a close eye on their operational costs by maximizing time spent in the air and passenger volume.
"Most U.S. airlines, interestingly, ultra-low-cost carriers, they charge more for a carry-on bag than a checked luggage because with [a] carry-on bag, it takes longer to turn a plane around. So it's more cost savings if you check your luggage for them than if you carry it on," said Savanthi Syth, a managing director at Raymond James who covers airlines.
Unlike conventional airlines, budget carriers also tend to have only one cabin class on board and operate fleets with a single model of airplane, which streamlines pilot training and plane maintenance. Budget airlines also tend to fly out of smaller, less trafficked airports where they can negotiate better rates for using the airport.
Still, fuel and labor are their biggest expenses.
"You typically see pilot pay a little bit lower on Spirit and Frontier and some of the budget airlines compared to the full service airlines," Keyes said. "And so you see lower labor expenses."
To find out more about how budget airlines operate and why airlines in Europe are able to offer even cheaper fares than their U.S. counterparts, CNBC decided to try out Europe's largest low-cost airline: Ryanair. Watch the video here. | 2023-12-20T00:00:00 |
778 | https://www.cnbc.com/2023/12/15/shipping-giants-hapag-lloyd-and-maersk-pause-red-sea-travel.html | CARR | Carrier Global | MSC, the world's largest shipping carrier, joins shipping giants Hapag-Lloyd and Maersk in Red Sea travel pause amid attacks | The Hamburg flag flies in front of Hapag-Lloyd containers on the Hapag-Lloyd containership "Berlin Express" at Burchardkai in the Port of Hamburg.
MSC, the world's largest shipping carrier, said it is no longer traveling through the Suez Canal after its container ship, the MSC PALATIUM III, was attacked Friday while transiting the Red Sea under a subcharter to Messina Line.
"Due to this incident and to protect the lives and safety of our seafarers, until the Red Sea passage is safe, MSC ships will not transit the Suez Canal Eastbound and Westbound. Already now, some services will be rerouted to go via the Cape of Good Hope instead."
MSC explained the new routing will impact the sailing schedules by several days for vessels booked for Suez transit. "We ask for your understanding under these serious circumstances," the advisory continued.
This announcement follows the announcement in the pause of Red Sea and Bab al-Mandeb Straight travel by shipping giants, Hapag-Lloyd and Maersk, following a series of attacks on their vessels by Iranian-backed Houthi militants from Yemen.
Maersk, the world's second-largest container shipping company, moves 14.8% of the world's trade. It said it would divert ships away from the Red Sea. The Houthi group backs Hamas, the Palestinian militant group, and has said it is targeting vessels headed for Israel.
In an email to CNBC, a Maersk spokesman said the Danish company is deeply concerned about the highly escalated security situation in the southern Red Sea and Gulf of Aden. The recent attacks on commercial vessels in the area are alarming and pose a significant threat to the safety and security of seafarers, the spokesman added, saying that employees' safety is the company's top priority.
"Following the near-miss incident involving Maersk Gibraltar yesterday and yet another attack on a container vessel today, we have instructed all Maersk vessels in the area bound to pass through the Bab al-Mandab Strait to pause their journey until further notice," the representative said.
Maersk said it would release more details about potential next steps in the coming days.
Hapag-Lloyd, which controls about 7% of the global container ship fleet, told CNBC in an email, that it will "pause all container ship traffic through the Red Sea until Monday. Then we will decide for the period thereafter."
The Bab el-Mandeb Strait is between the Horn of Africa and the Middle East. It connects the Red Sea to the Gulf of Aden and the Arabian Sea, which feed into the Indian Ocean. This waterway is used by container ships and exports of petroleum and natural gas from the Persian Gulf.
Approximately 12% of the world's trade, which includes 30% of all global containers, move through the Suez Canal. That then feeds through the Red Sea and Bab el-Mandeb. The significance of the Suez Canal was thrust into the spotlight in March 2021, when the container ship Ever Given was stuck for six days. | 2023-12-15T00:00:00 |
779 | https://www.cnbc.com/2024/01/10/us-forces-depend-on-unmanned-sensors-to-detect-red-sea-threats.html | CARR | Carrier Global | A network of sensors is helping U.S.-led forces detect threats in the Red Sea | Children walk near a billboard bearing the image of targeting ships, on the day Yemen's Houthi-run forces targeted an American ship in the Red Sea, on a street in Sana'a, Yemen, on Jan. 10, 2024.
Iranian-backed Houthi militants on Tuesday launched a widespread attack on merchant ships in the Red Sea. It marked the 26th such attack since Nov. 19. About 50 vessels were in the vicinity.
But there were no reports of injuries or ship damage.
In addition to the U.S.-led Operation Prosperity Guardian coalition warships and information-sharing teams, Task Force 59, a network of sensors, is helping protect the passage of commercial ships through the Red Sea.
Launched in 2021, it is the U.S. Navy's first unmanned and artificial intelligence-driven task force. It uses a combination of unmanned systems and AI designed to create a digital horizon to detect any anomalies on the water and the ocean floor.
Over the past two years, the task force has completed more than 30 exercises and 50,000 operating hours at sea with international players.
Defense officials told CNBC that since the beginning of Operation Prosperity Guardian on Dec. 18, U.S. and coalition forces have shot down more than 100 attack drones and missiles, while sinking at least three small boats — this includes Tuesday's Red Sea engagement. Carriers have continued to shift vessels outside of the crucial trade route, although the U.S. aims to help the global supply chain get back to normal.
Task Force 59's operating platforms are equipped with sensors, radars and cameras for many uses, including navigation, data collection, intelligence, surveillance and reconnaissance. The tech allows U.S. forces and partners to counter and deter that threat with disposable, inexpensive weaponry at scale. | 2024-01-10T00:00:00 |
780 | https://www.cnbc.com/2024/01/17/red-sea-attacks-air-freight-rates-to-rise-as-shippers-enter-survival-mode.html | CARR | Carrier Global | Air freight rates could spike as Red Sea attacks disrupt shipments via sea | DHL Cargo planes are unloaded at Halle-Leipzig Airport on February 28, 2014 in Leipzig, Germany. The soon to-be-expanded hub handles 2,000 tons of cargo, or 100,000 parcels and documents every business day. Up to 60 cargo planes land every weeknight.
The Houthi attacks in the Red Sea are not only driving up sea freight — air freights are going to get higher too, as global trade flows get increasingly disrupted.
In the past weeks, ocean freight rates have risen as much as $10,000 per 40-foot container, as container ships seeking to avoid the attacks embarked on long detours around the Cape of Good Hope in South Africa, diverting more than $200 billion of cargo away from the critical trade artery.
The delays to maritime trade may prompt some retailers to switch to air freight, as companies that normally ship their goods by sea want to ensure faster delivery, analysts said.
This means that air cargo is about to play an expanded role in the supply chain ecosystem. Air freight can slash delivery times to just a few days compared to weeks taken by ocean carriers.
"Some shippers are already in survival mode with one goal on their mind: 'Make sure my freight moves by whatever means possible,'" Matthew Burgess, vice president of global ocean services at C.H. Robinson said. | 2024-01-17T00:00:00 |
781 | https://www.cnbc.com/2023/12/08/why-honeywells-big-acquisition-could-bolster-its-stock-.html | CARR | Carrier Global | Why Honeywell's big acquisition could bolster its stock | Honeywell International is putting cash to work with a big acquisition in the security space. And we think the deal could yield a huge pay-off for its stock. The industrial conglomerate said Friday it reached a deal to buy air conditioner maker Carrier 's security business for $4.95 billion. The all-cash deal is Honeywell's largest acquisition in eight years, and one that should bolster its struggling building technologies division . Jim Cramer on Friday called the acquisition a "win, win" for both Honeywell and Carrier. By acquiring Carrier's Global Access Solutions unit — which manufactures products like electronic locks, video monitoring apps and fire alarms — Honeywell is setting itself up to benefit from growing demand for safety and access solutions. "You will never see a roll back in safety and security," Jim said during an interview with Honeywell CEO Vimal Kapur on Friday. "This seems to be an asset that fits right into [the] idea that you are just going to have more security and more safety around the world. Your new company will play a big role in that," he added. Security remains one of the market's most secular trends, meaning its consistent over the long term and largely unaffected by short-term macroeconomic developments. The deal is also a play on the reindustrialization boom in the U.S., as a growing number of American companies look to bring their manufacturing operations closer to home. A host of new data centers, drug manufacturing plants and semiconductor fabrication plants will require digital access solutions and robust security options. HON YTD mountain Honeywell (HON) year-to-date performance Kapur told Jim Friday that the acquisition not only gives Honeywell the opportunity to build a higher-growth business with more margin expansion and better cash generation, but also broadens the company's customer base and end markets. "The penetration into the big companies is pretty strong [for Carrier's business] and I expect that to grow the value Honeywell is going to bring in," Kapur noted. Honeywell, which expects to close the deal before the end of the third quarter of 2024, said the acquisition should be accretive to earnings-per-share in the first full year after the transaction is completed. The news comes on the heels of management's recently announced portfolio restructuring in October, which aims to reorient the company around the mega trends of automation, the future of aviation and the energy transition. Kapur took over as Honeywell's chief executive in early June of this year. This will be the company's first acquisition under new management. Elsewhere, analysts at Jefferies said Friday that the the deal was a "sweet spot in terms of valuation." Global Access Solutions "enhances Honeywell Building Technologies with high-value capabilities under the Automation umbrella of its recent portfolio realignment," Jefferies analysts wrote in a research note. Shares of Honeywell were trading down roughly 1.5% Friday afternoon, at around $194.70 apiece. (Jim Cramer's Charitable Trust is long HON. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Honeywell International Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York. Michael Nagle | Bloomberg | Getty Images | 2023-12-08T00:00:00 |
782 | https://www.cnbc.com/2022/06/13/latest-shanghai-quarantines-add-more-pressure-to-global-supply-chain.html | CARR | Carrier Global | Latest Shanghai quarantines add more pressure to global supply chain | Staff members of China Post unload parcels of daily necessities for residents quarantined at home from a minivan on May 14, 2022 in Shanghai, China. Tian Yuhao | China News Service | Getty Images
The mass quarantine measures imposed this past weekend in Shanghai, including highway closures, severely affected trucks carrying exports bound for the city's port, according to logistics company Orient Star Group. "Trucks loaded with cargoes and containers were unable to enter the Shanghai terminal," said the company, which also contributes to CNBC's Supply Chain Heat Map. The heat map is a new data tool that CNBC created with 13 of the world's top maritime and logistics data providers to give investors better insight into inventory flows in real time. "Many clients have no choice but to change the loading ports to Ningbo or other small ports along the Yangtze River." The Port of Ningbo, which became the alternative port destination, is now showing an increase in congestion since Covid cases keep showing up in certain Shanghai districts.
Zoom In Icon Arrows pointing outwards
"Production and manufacturing are basically resumed in Shanghai, but once there are quarantines, transportation and drayage are affected to a certain extent," Orient Star Group said. DHL Global Forwarding tells CNBC finding truckers in and out of the Shanghai area still presents a challenge. During the lockdown, the slowdown in trucking led to raw material shortages for companies such as Volkswagen and Tesla. Before the latest restrictions, truck drivers were still required to provide a nationally recognized 48-hour negative Covid test result and traffic permit, said Akhil Nair, Seko Logistics' vice president of global carrier management and ocean strategy for Asia-Pacific. In practice, he said many local governments have also demanded that tests be retaken locally and on highways. "Some drivers are cautious about delivering into Shanghai and capacity has yet to fully recover to pre-lockdown volumes," he said. The latest quarantine restrictions come at a time when trucking capacity recovered to around 80%.
watch now
Orient Star Group is also seeing a pickup in West Coast cargo, which had been trending down. This is a forward-looking indicator of the container uptick many logistics experts were predicting. Containers bound for the East Coast remain strong and stable. People in 15 of Shanghai's 16 districts this weekend were ordered to be tested for the fast-spreading omicron variant. Five districts barred residents from leaving their homes. The districts include Pudong, home to Tesla 's gigafactory, Merck , Covestro, L'Oreal, Thermo Fisher, SC Johnson, Siemens, Bosch, SAIC-GM and Advanced Micro-Fabrication Equipment; and the specialty chemical manufacturing district of Xuhui. Apple , Sony , and Volkswagen have all said Shanghai's "zero Covid" restrictions have impacted the supply of materials needed to make their products. The district of Jing'an is home to many semiconductor and electronics manufacturers.
U.S. ports feel the pinch
Zoom In Icon Arrows pointing outwards
The increase in West Coast cargo comes at a time when ports in the West are slowly processing import containers due to a lack of rail options and trucks being used as makeshift warehouses. Congestion at the ports of Los Angeles and Long Beach, California, has affected the Port of Oakland, California, which has been skipped by the ocean carriers that are looking to make up time on their schedules. This is having an impact on the amount of U.S. export containers leaving the port. Logistics managers are also trying to regain some control by moving more containers to the East Coast and Gulf Coast. Now those ports are getting clogged up, too. "Congestion measured in the number of waiting cargo vessels outside major ports is now worse on the East and Gulf coasts than on the West Coast, a major shift compared to the start of 2022," said Mirko Woitzik, director of intelligence solutions at Everstream Analytics. To keep up with growing container volume, the Port of Houston recently announced gate hours on Saturdays for the rest of the year. Warehouses at the Port of Savannah, Georgia, are 99% full and are using their pop-up container storage lots to free up land capacity. "2022 is showing us that East Coast ports are just as susceptible to congestion," said Brian Bourke, chief growth officer of Project44.
Europe labor strife
Last week, a union of port operators in Germany followed through on its "warning strike" that disrupted one of the afternoon shifts at the ports of Emden, Bremen, Bremerhaven and Wilhelmshaven. Negotiations continue between the union ver.di, which represents about 70% of the port workforce, and the Central Association of German Seaport Companies. The system is already under strain and any loss of manpower will only add to the congestion, said Andreas Braun, ocean product director EMEA at Crane Worldwide Logistics. "Feeder operators see up to five days of delays waiting for berth to pick up their containers, and round trips between Rotterdam – Dublin – Rotterdam has increased from six to nine days. More vessels need to be injected by the feeder operators to keep the schedule somehow reliable," Braun said. Rotterdam is in the Netherlands.
Zoom In Icon Arrows pointing outwards | 2022-06-13T00:00:00 |
783 | https://www.cnbc.com/2024/01/09/airbus-nearing-significant-widebody-order-from-delta-reuters-sources-say.html | CARR | Carrier Global | Airbus nearing significant widebody order from Delta, Reuters sources say | An Airbus A330-941 is being delivered to Delta Air Lines, flying from Toulouse Blagnac Airport to Atlanta, in Toulouse, France, on December 8, 2023.
Airbus is nearing an order from Delta Air Lines for dozens of wide-body jets including extra A350-1000 aircraft, industry sources told Reuters.
Depending on last-minute negotiations, a deal could be made public as early as Friday when the U.S. carrier reports its fourth-quarter earnings, they said.
Airbus declined to comment. Delta said it does not comment on industry speculation.
While the Atlanta-based carrier placed an order for 100 Boeing 737 MAX 10 jets in 2022, it has primarily been an Airbus customer.
At the end of September the company had 65 Airbus A330 and 28 A350-900 wide-bodies, with commitments to purchase another 16 each.
The twin-aisle jets are expected to help the company to grow its network in Asia-Pacific, which has lagged behind the U.S. and Europe in global travel demand recovery after the pandemic.
However, U.S. airlines are betting on the region as the next source of high-margin revenue at a time of soaring costs. In the current quarter, Delta, United Airlines and American Airlines are estimated to increase seats on their flights to the region by more than 70% from a year ago.
Airlines are also scrambling to order new planes to renew existing fleets amid fears of a shortage in coming years. Airbus last year set an industry record for gross and net orders. | 2024-01-09T00:00:00 |
784 | https://www.cnbc.com/2022/02/22/david-gitlin-carrier-has-a-very-good-handle-on-managing-inflation.html | CARR | Carrier Global | Carrier CEO says the company has a 'very good handle' on managing inflation | Carrier Global CEO David Gitlin told CNBC on Tuesday that the heating and refrigeration giant has a grasp on inflation that will allow it to pursue growth more aggressively.
"We feel like we have a very good handle on our inflationary issues. We're 70% blocked on some of the things that we care about, like steel, aluminum, copper," Gitlin said in an interview on "Mad Money."
Part of the firm's strategy includes raising prices, the executive said, but there's also a focus on its own operations.
"We're driving cost out of the system, and the key to drive long-term shareholder value is growth," he later added, listing factors including increased automation hours and dual-sourcing as ways Carrier has offset inflationary pressures.
Gitlin's appearance came after Carrier held an investor day event, which the market appeared to take positively. Shares of the Florida-based company rose 2.75% Tuesday in what was a down day for all three major U.S. stock indexes.
The market is currently experiencing intense volatility as Wall Street worries about the impacts of Russian aggression toward Ukraine. In addition, an anticipated interest rate hike in March by the Federal Reserve to control skyrocketing inflation is keeping investors on edge.
In general, Gitlin expressed confidence about Carrier's financial position, including its debt load. He said its net debt now stands at less than $4 billion, down from around $10 billion when it spun off from former parent company United Technologies in 2020.
Carrier's announced acquisition of Toshiba's heating, ventilation and air conditioning segment should close soon, Gitlin said, adding that additional M&A activity could be on the horizon. The company also continues to return capital to shareholders through its dividend and buyback program, he added.
"We have an ability to now use our cash position to play offense, which is exciting," Gitlin said. | 2022-02-22T00:00:00 |
785 | https://www.cnbc.com/2023/11/02/freight-recession-is-at-a-new-tipping-point-says-ubers-shipping-ceo.html | CARR | Carrier Global | Uber Freight CEO says the shipping recession is at a new tipping point | The freight transport sector has faced a volatile year, with a series of bankruptcies as a result of diminished freight rates and a lack of cargo as demand waned, but Lior Ron, CEO of Uber 's logistics subsidiary Uber Freight, says the freight recession may be at a new "tipping point."
The reason is fuel prices.
Ron said Uber Freight is witnessing more carriers giving back lanes after bids, which could be an indicator of carriers unable to afford to run certain shipping routes.
"Low fuel prices earlier this year likely helped many carriers manage through low rates, but increasing fuel costs may be a tipping point for carriers operating with little to no margin," Ron said.
Shipper volumes are still down, and carrier rates are still depressed. And so far in Q4, he said Uber's team has observed carriers being more selective on the volume that they take in bids to remain profitable. Shippers, meanwhile, are being more selective on their carrier mix and have been leaning toward selecting carriers they think are stable and provide good service, Ron said.
Oil prices have come down from their recent peak, and global economic growth is projected to slow next year, but geopolitical risks remain high, from the Russia-Ukraine war to the emerging Israel-Hamas war in the Middle East. The World Bank warned in a report on Tuesday that record high oil prices could be reached if the conflict spreads beyond the Gaza Strip, and the price of crude able to rise as high as $157. Bank of America recently released a similar worst-case scenario forecast.
"Fraught with uncertainty" is how the International Energy Agency recent described the conditions in the oil market.
The World Bank's baseline case assuming there is no oil shock would result in an average price of $90 a barrel in the current quarter before crude heads lower in 2024 to an $81 average amid slower global growth. | 2023-11-02T00:00:00 |
786 | https://www.cnbc.com/2024/01/10/top-stocks-to-watch-on-wall-street-wednesday.html | CARR | Carrier Global | Here are Wednesday's biggest analyst calls: Apple, Alphabet, Nio, Salesforce, Home Depot, Palo Alto and more | Here are the biggest calls on Wall Street on Wednesday: Deutsche Bank initiates American Express at buy Deutsche Bank is bullish on the credit card and financial services company. "Buy on American Express as the company with the strongest sustainable revenue growth and lowest earnings risk." Redburn Atlantic Equities downgrades Apple to neutral from buy Redburn said in its downgrade of the iPad maker that it's concerned about an underwhelming March quarter. "We are downgrading Apple to Neutral while retaining our $200 YE24 price target. While we expect the iPhone to return to growth in CY24, we see little room for upside over the next few years, and an anticipated underwhelming March quarter could impact confidence in this outlook." Jefferies upgrades Anheuser-Busch InBev to buy from hold Jefferies said the brewer is becoming a "consistent compounder." "Repaired balance sheet increases optionality on cash returns, driving DD TSR [double digit total shareholder return] and a re-rating as ABI builds a reputation as a consistent compounder." Baird upgrades Bloom Energy to outperform from neutral Baird sees several positive catalysts ahead for the energy company. "As we look ahead into 2024, we are upgrading BE t o Outperform with potential catalysts ahead in the form of cost reductions, improvements to the manufacturing process, and electrolyzer sales announcements." BMO downgrades Goldman Sachs to market perform from outperform BMO said in its downgrade of the Wall Street investment bank that it's "increasingly exposed to capital markets-driven revenue volatility." "Two-thirds of GS revenues are sourced from Global Banking and Markets businesses." Wells Fargo initiates Mister Car Wash as overweight Wells Fargo says it's getting increasingly bullish on the car wash company. "There's a lot to like w/ MCW' s model (recurring revenue, etc.) & despite the late 2023 rally, we see a solid entry point w/ top-line levers, reasonable FY24 expectations & share gain opportunities." Citi downgrades Charles Schwab to neutral from buy Citi says the risk/reward is more balanced for Schwab shares. "We are downgrading SCHW to Neutral. After recent strength, we see a more balanced risk/reward at current levels and view the current price as a fair valuation." JPMorgan upgrades Raymond James to overweight from neutral JPMorgan sees "diversified earnings strength" for the financial services company. "We are upgrading Raymond James (RJF) to Overweight from a Neutral rating. We believe Raymond James' diversified earnings strength will begin to emerge as the operating backdrop firms." Deutsche Bank downgrades Dow to hold from buy Deutsche Bank sees a slowing recovery in 2024 for the chemical company. "We are downgrading Dow and Lyondell from Buy to Hold." Citi names Lam Research a top pick Citi says Lam is now the bank's top semiconductor equipment pick. "We move LRCX to #1 pick up from prior #2 on memory cycle recovery in 2024." Goldman Sachs downgrades Etsy to neutral from buy Goldman Sachs said in its downgrade of the stock that the risk/reward seems balanced. "Downgrade ETSY to Neutral (from Buy) reflecting a more balanced risk-reward from here (lower PT from $84 to $80) as we still see a wide range of GMS [gross margin sales] outcomes in 2024 and as we believe that Street estimates already fully capture the company's growth potential in the years ahead." Bank of America downgrades Nio to neutral from buy Bank of America said in its downgrade that it sees slowing sales growth ahead. " NIO does not have new models for 1Q-3Q24, therefore its volume sales growth could be lower." Morgan Stanley names Palo Alto Networks a top pick Morgan Stanley said the cybersecurity stock is becoming "increasingly attractive." " PANW remains our top security pick, given our confidence in durability of growth, broader platform adoption and low expectations with valuation increasingly attractive." Oppenheimer names Salesforce a top pick Oppenheimer says the stock is its top large-cap pick in 2024. "Large Cap is CRM (front office demand improvement, EPS growth compounder, valuation)." Bank of America names Wayfair a top pick Bank of America sees revenue growth accelerating for Wayfair in 2024. "We think Wayfair (W) is well positioned to accelerate revenues over the next 2yrs through continued share gains and category improvement." Goldman Sachs reiterates Alphabet as buy Goldman Sachs says the company remains an "AI leader." "[W]e continue to frame GOOGL as an AI leader in the coming computing shifts that might impact consumer and enterprise computing trends." Goldman Sachs upgrades Woodward to buy from neutral Goldman Sachs said it's getting bullish on shares of the aerospace company. " WWD has content gains on next-generation aircraft that will drive its participation in the aerospace OE [original equipment] ramp-up." Bank of America downgrades Zillow to neutral from buy Bank of America says the stock is already pricing in a housing recovery. "We downgrade Zillow to Neutral (from Buy) as we believe the stock is pricing a steady recovery in housing in 2024 [while] near record low home affordability could limit volume upside (even w/ lower rates) and real estate commission lawsuits are an overhang on ZG's buy side agent lead generation segment." Susquehanna upgrades United Airlines to positive from neutral Susquehanna is bullish on the airline in 2024. "To be clear, we're not discounting or under weighting UAL's int'l ops, as we believe that the global shortage of wide-bodies and UAL's int'l network should help support long-haul int'l PRASM, as post-pandemic, pent-up demand matures and/or a cyclical slowdown materializes." Susquehanna downgrades Alaska Air to neutral from positive The firm says it sees too many negative challenges for Alaska Airlines. "With growing U.S. domestic capacity slowing leisure demand, and plateauing business volumes, we see a challenging set-up for U.S., domestic-focused carriers, with operating models that were built for growth either unable to do so (e.g., aircraft delivery delays & certain parts issues) or growing into an increasingly oversupplied U.S. domestic market." Wedbush upgrades Home Depot to outperform from neutral Wedbush said in its upgrade of Home Depot that it sees stronger demand in 2024. "Although home improvement retail demand weakened in 2023 on the back of spiking interest rates, plummeting existing home sales, consumer spending shifting to services and unwinding of pulled forward demand throughout the pandemic, we believe many of these key drivers are bottoming or reversing, which should translate to stronger demand in 2024." Goldman Sachs upgrades Toast to buy from neutral Goldman Sachs said in its upgrade of the restaurant technology company that it's making an out-of-consensus call on Toast. "We believe the market is not accounting for what we expect to be materially better profitability trends in 2024, where our Adj EBITDA estimates are 17% above the Street, and which could put GAAP profitability in 2025 in reach." | 2024-01-10T00:00:00 |
787 | https://www.cnbc.com/2023/08/25/stocks-are-heading-for-a-down-august-as-september-kicks-off-with-jobs-report.html | CTLT | Catalent | Stocks are heading for a down August as market kicks off September with jobs report | With one more week left to go in August, investors will be wrapping up what has been a downbeat month with more jobs data and macroeconomic reports that could illuminate the path forward for monetary policy. Stocks are headed for a mixed close Friday. This week, traders digested hawkish commentary from Federal Reserve Chairman Jerome Powell, who warned in his address at Jackson Hole, Wyoming , that there could be further rate hikes ahead. They also absorbed blowout results from Nvidia , the key beneficiary this year in the surge of interest around artificial intelligence. The tech-heavy Nasdaq Composite snapped three straight weeks of losses on Friday , as did the S & P 500. Meanwhile, the Dow Jones Industrial Average is the only major average that posted a second-straight losing week. In the week ahead, there could be further positive news for markets with the release of personal consumption expenditures data, a key inflation gauge, on Thursday, and the August jobs report that's set to come out Friday. "We think the Fed will continue to or will eventually figure out that we're in a massive decelerating job market, and that will allow them to not raise rates anymore. And that's bullish for the market," said Infrastructure Capital Management CEO Jay Hatfield. "And so we would play next week as mildly bullish." Regardless, the major averages are set to close a losing month as higher yields and Fitch downgrades weighed on equities this month. The Dow Jones Industrial Average lost more than 3% in August. The S & P 500 is lower by nearly 4%. Meanwhile, the Nasdaq Composite suffered the worst of the indexes. The tech-heavy index slid more than 5%. Expectations of easing The August jobs report that's set for release on Friday, Sept. 1 is expected to show U.S. nonfarm payrolls will have expanded by 175,000 this month, according to economists polled by FactSet. That would be a decline from July, when the U.S. economy expanded by a weaker-than-expected 187,000 . Many investors will be especially focused on the services sector. "Further cooling in the labor market and the services sector," said Brian Ellis, portfolio manager at Morgan Stanley Investment Management. "That's really important for continued progress on the inflation front." The labor report will be preceded by the July personal consumption expenditures, or PCE, report on Thursday. The inflation gauge closely followed by the Federal Reserve rose by 0.2% in June . In that month, the rate for headline inflation was the lowest it had been since March 2021. If both reports show easing inflation, it could show that the Fed is that much closer to the end of its tightening cycle. That would be a boon for investors, especially after Powell, in his address at Jackson Hole, Wyoming on Friday, reiterated a tough stance against inflation and indicated further rate hikes could be ahead. "Although inflation has moved down from its peak — a welcome development — it remains too high," Powell said in his address. "We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective." No more hikes? In fact, many investors expect that the Federal Reserve is probably done hiking rates here as policymakers await the effects of higher rates on the real economy. Over the course of the past year, the central bank has raised its funds rate to a target range of 5.25% to 5.5%. "We think the Fed is probably done here," Morgan Stanley's Brian Ellis said. "We think that both growth and inflation will continue to slow as we see monetary policy working its way to the system. I think the Fed knows that there are lags in policy, and I think that is proving to be particularly true for the tightening cycle." "So, you know, there's a higher bar for them to tighten more," Ellis added. He said that he expects a soft landing for the economy. According to the CME Fedwatch Tool, the likelihood that the Federal Reserve will pause in September stands at about 80%. Meanwhile, in November, traders are betting on a roughly 46% chance the central bank will hike rates then. However, some market participants doubt that the Fed will cut any time soon even if they're done — or close to being done — hiking rates. They cited inflation that is still far above the central bank's 2% range. "I don't think the cuts are on the table anytime soon," said Ben Kirby, co-head of investments for Thornburg Investment Management. "Having been burned, having gotten the call wrong in the last couple of years, I think they're likely to err on the side of cautiousness to make sure that inflation really is stamped out before they start to re-stimulate." Higher bond yields Next week will be the last week before the Labor Day weekend, after which traders will return to their desks after spending their summers away. Investors are turning the page on a downbeat month for equities in August, but September is also historically a poor month for stocks. In fact, traders expect that elevated bond yields will continue to compete with equities in the coming month. Increasingly, investors are looking for opportunities in income as they deal with the possibility of higher rates for longer. "August was the month of bond yields going higher, and investors and equity markets pulling back and saying, 'wait a second, if I can get a 5% on cash, that's actually competing with my equity allocation. And so, maybe I need to take my equity allocation down and, and just sort of lock in that 5%,'" said Thornburg's Kirby. "As we go into September, that force of investors continuing to say, 'I want to take my risk-free 5%' instead of a risky 8% or 9% possible in stocks, I think that can definitely continue kind of throughout the month of September," he added. Week ahead calendar Monday, Aug. 28 10:30 a.m. Dallas Fed Index (August) Tuesday, Aug. 29 9 a.m. FHFA Home Price Index (June) 9 a.m. S & P/Case-Shiller comp.20 (June) 10 a.m. Consumer Confidence (August) 10 a.m. JOLTs Job Openings (July) Earnings: Catalent , Best Buy , J.M. Smucker Co. , Hewlett Packard Enterprise , HP Wednesday, Aug. 30 8:15 a.m. ADP Employment Survey (August) 8:30 a.m. GDP Chain Price Second Preliminary (Second Quarter) 8:30 a.m. GDP Second Preliminary (Second Quarter) 8:30 a.m. Wholesale Inventories Preliminary (July) 10 a.m. Pending Home Sales (July) Earnings: Salesforce , Costco Thursday, Aug. 31 8:30 a.m. Continuing Jobless Claims (8/19) 8:30 a.m. Initial Claims (8/26) 8:30 a.m. Core PCE Deflator (July) 8:30 a.m. PCE Deflator (July) 8:30 a.m. Personal Consumption Expenditure (July) 8:30 a.m. Personal Income (July) 9:45 a.m. Chicago PMI (August) Earnings: Hormel Foods , Dollar General , Campbell Soup , Broadcom Friday, Sept. 1 8:30 a.m. August Jobs Report (August) 9:45 a.m. Markit PMI Manufacturing Final (August) 10 a.m. Construction Spending (July) 10 a.m. ISM Manufacturing (August) | 2023-08-25T00:00:00 |
788 | https://www.cnbc.com/2023/08/26/2-major-themes-to-watch-in-the-week-ahead-after-friday-market-rally.html | CTLT | Catalent | Here are 2 major themes to watch in the week ahead after Friday's market rally | The S & P 500 and Nasdaq managed to close higher for the week despite a pretty sharp pullback on Thursday ahead of Federal Reserve Chairman Jerome Powell's speech at the annual central bank summit in Jackson Hole, Wyoming on Friday morning. The Powell address proved to be pretty uneventful but not before completely overshadowing blowout earnings from Nvidia, possibly the most anticipated release of the season. The Dow Jones Industrial Average , on the other hand, closed lower for the second straight week. As August is known to be, it's been a rough month-to-date for all three of those stock market benchmarks so far. This past week, the overall market was oversold, according to Jim Cramer's trusted S & P Oscillator. It prompted us to put some of our large cash pile to work and make strategic buys , per our discipline when the Oscillator flashes oversold. After Friday's strong finish, we'll see if the market's oversold condition abates as two major themes play out in the week ahead: Earnings from two Club names — Salesforce (CRM) and Broadcom (AVGO) — and key economic reports ahead of September's Fed meeting. 1. Next week's economic agenda features the latest reports on jobs and inflation — all of which have the potential to be market movers after Powell said Friday that prices are still "too high" and the Fed is "prepared to raise rates further" if the incoming economic data warrants it. It all starts Tuesday, with the government's Job Openings and Labor Turnover Survey (JOLTS), which provides a look at how tight the labor market is by analyzing the number of open jobs and how much job hopping is going on. More openings implies fewer available workers to fill them, indicating a tighter labor market. The rate of workers leaving their jobs (for various reasons) can speak to how confident people are about finding new jobs that may even pay more. Hot on the heels of JOLTS, It's ADP's monthly look at hiring trends at U.S. companies on Wednesday. The ADP numbers have had a spotty track record of predicting the government's monthly employment report, which comes Friday, Sept. 1. As we've noted previously, the headline nonfarm payrolls number is sure to garner the most attention. But we'll also watch the wage component, which can provide insight into the future path of inflation. The thinking here is the more flush the consumer feels, the better their ability to absorb higher prices — and therefore, the stickier inflation could prove to be. Of course, we can't think of wage inflation in a vacuum. The consumer is only going to feel flush if wage inflation is able to outpace price inflation. After all, if prices are rising faster than wages, then the consumer is going to feel more pressed for cash as things become less affordable in spite of those higher wages. Fortunately, the Fed's preferred measure of inflation is out Thursday: the core personal consumption expenditures (PCE) price index. Any further moderation in July from the 4.1% level we saw in June would be positive, especially with analysts expecting a slight tick higher to 4.2% year-over-year. Remember, the Fed is targeting a 2% inflation rate. Outside of the labor market and inflation, we'll also get a look at the housing market with the pending home sales on Wednesday. As members will recall, shelter prices have been a real thorn in the Fed's side as they represent a huge portion of the basket of goods used to calculate inflation and have proven sticky. While the rate of shelter cost inflation has been trending down slowly, too slowly, since peaking in March, it still remains way too high at 7.7%, according to the July consumer price index (CPI), another key inflation gauge. The problem is that a lack of housing supply is putting upward pressure on list prices that are, in turn, compounded by high interest rates on mortgages. So, we'll be looking for any signs that housing demand is cooling or that more supply is coming to market. Other watch items include the second estimate on second-quarter gross domestic product (GDP), also on Wednesday, and a look at ISM manufacturing data on Friday. The GDP report is important for gauging the health of the overall economy. However, it's very backward-looking – after all, we're already two months into the third quarter. So unless there's a major revision, expect the week's other reports to take priority. Finally, the ISM will provide insight into not only the state of manufacturing but the rate of change. In addition to the numbers, we always like to take a look at the "what respondents are saying" section of the ISM report as this can provide additional, more qualitative insight into the dynamics impacting various manufacturing industries. 2. On the earnings front , the reporting season for the June/July quarter is winding down. The Club names largely performed well against the backdrop of continued elevated inflation and concerns the Fed may go too far with rate hikes to slow those price pressures and cause a recession. As we mentioned, Salesforce's fiscal 2024 second quarter (July quarter) is out after the closing bell on Wednesday, and Broadcom, our newest holding, releases its fiscal 2023 third quarter after the close on Thursday. CRM YTD mountain Salesforce YTD peformance At Salesforce, it's all about management's ability to balance growth with profitability. The team has done a fantastic job so far with their increased focus on expanding profit margins. We'll be looking for that to continue. Outside of the numbers, we'll be listening closely to the post-July quarter earning call for insight into the state of new business activity. As we heard from fellow Club name Palo Alto Networks (PANW) last week, companies are growing more cautious and more closely scrutinizing large sales deals. Fortunately, Salesforce is a mission-critical asset for revenue generation. So, while closing sales may be taking longer, we expect management will figure out a way to work with customers to get them done. As we noted in a commentary about companies with pricing power , Salesforce announced last month price hikes on many of its products for the first time in seven years. The new pricing started in August. AVGO YTD mountain Broadcom YTD performance As for Broadcom, expect artificial intelligence to be the topic du jour. While many companies are, of course, leaning on Nvidia's chips for their AI needs, Broadcom is the partner to many large tech companies when it comes to custom chips. We'll be listening to the call to better understand how Broadcom is helping companies with their internal chip design initiatives. We're also curious to hear management's thoughts on what the age of AI means for the structure of data centers. Recall, AI networking solutions is a material part of our investment thesis , which we laid out this past Thursday when starting a position in the stock. Outside of the quarterly results, though commentary may be limited given efforts are still ongoing, we'll be listening for any updates on the timing of the VMWare (VMW) acquisition to close. China represented a major final regulatory hurdle. For those looking to review the Club holdings' last quarterly performances ahead of these releases, be sure to read our first-quarter earnings report card . Here's the full rundown of all the important domestic data in the week ahead. Monday, Aug. 28 After the bell: HEICO Corporation (HEI) Tuesday, Aug. 29 10 a.m. ET: JOLTS Job Openings Before the bell: NIO (NIO), Best Buy (BBY), Pinduoduo (PDD), Big Lots (BIG), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Catalent (CTLT), J.M. Smucker (SJM) After the bell: Hewlett Packard Enterprise (HPE), HP (HPQ), Box (BOX), PVH Corp (PVH) Wednesday, Aug. 30 8:15 a.m. ET: ADP Employment 8:30 a.m. ET: Gross Domestic Product 10:00 a.m. ET: Pending Home Sales Before the bell: Patterson Companies (PDCO), Brown-Forman (BF) After the bell: Salesforce , CrowdStrike (CRWD), Okta (OKTA), Chewy (CHWY), Veeva Systems (VEEV), Five Below (FIVE), Pure Storage (PSTG), Victoria's Secret (VSCO) Thursday, Aug. 31 8:30 a.m. ET: Initial jobless claims 8:30 a.m. ET: Personal Income & Spending Before the bell: Dollar General (DG), Polestar (PSNY), UBS (UBS), Academy Sports and Outdoor (ASO), Campbell Soup (CPB), Ciena (CIEN), Hormel Foods (HERL), Signet Jewelers (SIG) After the bell: Broadcom , VMWare (VMW), lululemon (LULU), MongoDB (MDB), SentinelOne (S), Dell Technologies (DELL), PagerDuty (PD) Friday, Sept. 1 8:30 a.m. ET: Nonfarm Payrolls 10 a.m. ET ISM Manufacturing (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Traders work on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. Angela Weiss | AFP | Getty Images | 2023-08-26T00:00:00 |
789 | https://www.cnbc.com/2023/08/02/third-points-loeb-reflects-on-a-tough-half-for-his-lagging-hedge-fund.html | CTLT | Catalent | Third Point’s Dan Loeb reflects on tough first half for his hedge fund, which lags the market by 20% | Dan Loeb is having an abysmal year. His flagship Third Point hedge fund is lagging the broad market by 20%. Third Point's flagship offshore fund was up only 1.1% in the second quarter, bringing its 2023 loss to 3%, according to his latest investor letter. That's significantly behind the S & P 500, which rallied more than 8% last quarter and is up nearly 18% year to date. The widely followed manager said the culprit was how underinvested he's been in the "Magnificent 7" mega-cap growth stocks — Microsoft , Nvidia , Apple, Amazon, Meta , Tesla and Google's Alphabet — the group that has led the market rally all year. "Managers who have had less than 25% of their funds in these stocks have found it challenging to keep up with 'the market,'" Loeb told his investors. "Although we had exposure to Microsoft, AMD, Amazon and Google, the positions were undersized and profits offset by losses from market/basket hedges, single name shorts and several poorly performing long equity positions." Loeb said he correctly called the economy's disinflation in the beginning of the year, based on easing apartment rental data. But instead of betting on tech, he chose to double down on cheap, cyclical names he thought would benefit from the stabilizing economy. "Rather than expressing this constructive view by investing heavily in high-quality tech companies with earnings growth (an obvious choice in hindsight), we primarily committed capital to value situations which have since underperformed," Loeb said. The Russell 1000 Growth index is up nearly 30% this year, whereas its value counterpart has gained only 6%. The hedge fund manager revealed his biggest losers this year included Alibaba , Danaher, Catalent and International Flavors & Fragrances . | 2023-08-02T00:00:00 |
790 | https://www.cnbc.com/2023/07/28/us-fda-approves-second-over-the-counter-opioid-overdose-reversal-drug.html | CTLT | Catalent | U.S. FDA approves second over-the-counter opioid overdose reversal drug | Naloxone, packaged with instructions, is one of the items given out by the Baltimore Harm Reduction Coalition outreach workers.
The U.S. Food and Drug Administration has approved the prescription-free sale of the second opioid overdose reversal drug, its manufacturer Harm Reduction Therapeutics said on Friday.
The approval of the drug, called RiVive, will provide patients with another over-the-counter option in the United States, where drug-related overdose deaths surpassed 100,000 in 2021.
Harm Reduction said it anticipates that RiVive will be available early next year, primarily to harm-reduction organizations and state governments. The not-for-profit drugmaker said it would make at least 200,000 doses available for free.
RiVive is a nasal spray version of naloxone, which rapidly reverses or blocks the effects of opioids, restoring normal respiration, especially when given within minutes of the first signs of an overdose.
"If we are able to have partners step forward and help fund our work, we can further lower the cost of RiVive, or increase the amount that we give away for free," the company's co-founder and CEO Michael Hufford said.
Emergent BioSolutions received the health regulator's nod in March for the first OTC version of Narcan, which is also a naloxone-based spray.
Harm Reduction Therapeutics has partnered with contract drug manufacturer Catalent Inc to manufacture RiVive. | 2023-07-28T00:00:00 |
791 | https://www.cnbc.com/2023/07/07/these-stocks-including-tesla-are-this-weeks-top-performers-as-the-sp-500-falls.html | CTLT | Catalent | These stocks, including Tesla, are this week's top performers as the S&P 500 falls | It's been a rocky week for Wall Street, but certain stocks managed to buck the trend and post gains. The S & P 500 is in the red by about 0.3% for the holiday-shortened week, while the Dow Jones Industrial Average is off by more than 1%. The Nasdaq Composite is about flat for the week as of Friday afternoon. The June payrolls report showed that jobs growth was cooler than anticipated, coming in at 209,000 compared to economists' estimate of 240,000. However, wages rose at an annualized pace of 4.4%, slightly higher than expectations. This reignited speculation among investors that the Federal Reserve may resume interest rate hikes later month. CNBC Pro used FactSet data to screen for this week's biggest gainers and analysts' expectations for them going forward. Data is current as of Friday morning. Finance tech company Fidelity National Information Services and Global Payments topped this week's biggest gainers list, rallying 7.9% and 7.7%, respectively. More than half of the analysts covering Fidelity rate it either a strong buy or buy, according to FactSet. The average price target on shares implies upside of about 20%. To be sure, the stock is down 12.3% year to date and has lost more than 36% over the past 12 months. Analysts are similarly bullish on Global Payments. More than 6 out of 10 analysts covering the payments software company have issued a buy or strong buy rating, per FactSet. Shares could surge nearly 29% from their current levels, according to the average price target. Tesla also outperformed the market this week, with gains of 6.6%. Earlier in the week, the electric vehicle giant beat analysts' expectations on vehicle deliveries in the second quarter. Analysts anticipate a potential pullback in shares, with the average price target suggesting downside of more than 21%, FactSet found. Tesla is up 126% in 2023. Automotive supplier BorgWarner also made the list. Shares hit a new 52-week high on Friday and are up 27% in 2023. Analysts estimate shares could rise another 7%, according to FactSet. Other names that had a strong week include Zions Bancorporation , KeyCorp , Truist Financial and Catalent . | 2023-07-07T00:00:00 |
792 | https://www.cnbc.com/2023/06/12/stocks-making-the-biggest-moves-midday.html | CTLT | Catalent | Stocks making the biggest moves midday: Carnival, Nasdaq, Oracle, KeyCorp and more | The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022.
Check out the companies making the biggest moves midday.
Carnival — The stock rallied 12.45% after it was upgraded by JPMorgan Chase to overweight from neutral and by Bank of America to buy from neutral. The former cited continued demand momentum in the cruise industry. Other cruise stocks also got a boost, with Norwegian Cruise Line gaining 7.22% and Royal Caribbean adding 2.57%.
Chinook Therapeutics — Shares soared 58.32% after Novartis announced it has agreed to acquire the biotech firm for up to $3.5 billion. Chinook Therapeutics' shareholders will get $40 per share, about 67% higher than where the stock closed Friday. They may also get an additional $4 per share in cash through contingent value rights.
Nasdaq — Shares fell 11.81% after the exchange operator announced it was buying Adenza, the software firm owned by Thoma Bravo. The deal is valued at about $10.5 billion.
SentinelOne — The cybersecurity stock popped 8.18% after Morgan Stanley upgraded shares to overweight and called SentinelOne a "long-term share gainer" despite its recent execution troubles.
Oracle — Shares of the IT cloud software company gained 5.99% ahead of its quarterly earnings announcement scheduled for after the bell. Wolfe Research upgraded shares to outperform from peer perform in a Sunday note, citing the company's early-mover advantage in the artificial intelligence boom.
Catalent — The stock jumped 10.23% after reporting delayed fiscal third-quarter results before the bell. The pharmaceutical company posted a loss of 9 cents per diluted share, excluding items, and revenue of $1.04 billion. It's unclear if these figures are compatible with FactSet's consensus estimates on revenue and EPS. CEO Alessandro Maselli said the fundamentals of the business remain strong.
Nio — The Chinese electric car maker's stock added 8.67% after Nio said it was cutting prices for its vehicles and ending free battery swaps for new buyers. The company is also delaying capital expenditure projects, it said last week. Nomura assumed coverage of Nio with a neutral rating Sunday, after previously rating it a buy.
Illumina — Shares of the biotech company rose 3.79%. Illumina announced a change in leadership Sunday. CEO Francis deSouza resigned, effectively immediately, but will stay on in an advisory capacity through July. The company said it is exploring both internal and external replacement candidates. The change comes after a heated proxy fight with activist investor Carl Icahn.
KeyCorp — The regional bank stock slipped 4.31% after the company said at an investor conference that net interest income is going to come in softer than expected based on funding mix and deposit cost pressures.
— CNBC's Hakyung Kim, Alex Harring, Samantha Subin and Jesse Pound contributed reporting. | 2023-06-12T00:00:00 |
793 | https://www.cnbc.com/2023/05/22/stocks-moving-big-midday-pacw-dkng-pfe-fl.html | CTLT | Catalent | Stocks making the biggest moves midday: PacWest, DraftKings, Pfizer, Foot Locker and more | Pacific Western Bank signage is displayed outside a bank branch in Beverly Hills, California, May 4, 2023.
Check out the companies making headlines in midday trading.
PacWest Bancorp — Shares rose 19.6%. The closely followed regional bank sold around $2.6 billion worth of construction loans to a subsidiary of Kennedy-Wilson Holdings.
DraftKings — Shares of the sports gambling platform added 4.6% in midday trading. Earlier Monday, UBS upgraded the stock to buy from neutral on strong growth in new states.
Zions Bancorporation — The bank stock jumped 4.9% after Hovde Group initiated coverage of Zions at outperform, with a $40 price target, according to FactSet. That's about 49% upside from where shares closed Friday.
Pfizer — Pfizer shares popped more than 5.4% after a peer-reviewed study said an oral drug from Pfizer for weight loss showed similar and faster results than competitor Novo Nordisk's Ozempic.
Meta Platforms — The social media company rose 1.1% to hit a 52-week high even after news the firm has been fined a record 1.2 billion euros ($1.3 billion) by European privacy regulators over the transfer of EU user data to the U.S. The stock has rallied about 106% this year, buoyed by investor optimism around the artificial intelligence space.
Nike , Foot Locker — Nike shares declined nearly 4% Monday. Citi added a negative catalyst watch on the athletic apparel company in a Monday note. The firm said Foot Locker's worse-than-expected earnings report last week signals difficulties ahead for Nike. Meanwhile, Foot Locker shares dropped 8.5%.
Micron Technology — The chip stock shed about 2.9% after China's Cyberspace Administration barred operators of "critical information infrastructure" in that country from purchasing products from Micron. Beijing said the company poses a "major security risk."
Catalent — Catalent rebounded to trade 0.9% higher. The stock was down in premarket trading Monday. The action comes after JPMorgan Chase on Friday downgraded the pharmaceutical stock to neutral from overweight. The Wall Street firm cited macro headwinds for the rating change.
Norfolk Southern — Norfolk Southern gained 0.2% during midday trading. Citi upgraded the railroad stock to buy from neutral, while Wells Fargo upgraded Norfolk to overweight from equal weight.
Apple — Shares of the tech giant dipped 0.5% after a downgrade from Loop Capital, which warned Apple could miss its revenue forecast for the June quarter. Shares of Apple are up more than 30% year to date.
JetBlue Airways , American Airlines — Shares of JetBlue Airways and American Airlines declined 2.1% and nearly 3%, respectively, after the Department of Justice on Friday won a lawsuit to end their partnership in the Northeast, saying it was anti-competitive.
— CNBC's Brian Evans, Michelle Fox, Alexander Harring, Hakyung Kim, Yun Li and Jesse Pound contributed reporting. | 2023-05-22T00:00:00 |
794 | https://www.cnbc.com/2023/04/18/wall-street-upgrades-emerson-electric-and-danaher-.html | CTLT | Catalent | Wall Street upgrades Emerson and Danaher, while Apple expands in India. Here are the Club stocks making headlines Tuesday | Wall Street on Tuesday upgraded two underperforming Club stocks — Emerson Electric (EMR) and Danaher (DHR) — to the equivalent of buy ratings. Meanwhile, longtime core holding Apple (AAPL) took another step forward in a key global smartphone market. EMR YTD mountain Emerson Electric's year-to-date stock performance. The news: Wolfe Research on Tuesday upgraded Emerson Electric (EMR) to outperform, or buy, from the equivalent of a hold rating, while raising its price target on the stock to $103 per share, from $98. That's a 19% premium on EMR's closing price on Monday. Emerson's stock came under pressure this year after the automation-focused industrial giant launched a hostile bid for National Instruments (NATI) in January. But since Emerson last week announced an agreement to purchase National Instruments for $60 per share — a disappointing price given the initial offer of $53 a share — its stock has climbed by around 5%. The transaction should allow a "new EMR" to emerge "as a higher growth and quality company, and at a significant valuation discount," Wolfe analysts wrote in a note. The Club's take: Over the past few years, Emerson Electric has reshuffled its portfolio, selling non-core assets and using that cash to buy faster-growing, higher-margin businesses to drive shareholder value, while becoming a pureplay automation company. The latest step in the company's plan was the long sought-after acquisition of National Instruments, a test and measurement business. Although we have been vocal about our dissatisfaction with the $60-per-share takeout price, we understand the strategic and financial merits of the deal, which should ultimately be highly accretive. Now that the deal uncertainty is behind the company, management must execute on its cost synergy goals and broader automation strategy. DHR YTD mountain Danaher's year-to-date stock performance. The news: Investors have become too negative about Danaher (DHR), creating a buying opportunity for shares of the life-sciences company, Wells Fargo said in a note to clients Tuesday. The firm upgraded the stock to overweight, or buy, from the equivalent of a hold rating. It also boosted its price target to $285 per share, from $275, which implies 11% upside from the stock's closing price on Monday. Wells Fargo said its reasons for previous caution on Danaher — excess inventory across the bioprocessing industry — haven't completely been resolved, leading to below-trend growth in 2023. But at this point, Wells Fargo argued, the inventory issues are already priced into Danaher's shares, which have fallen more than 3% year-to-date. Wells Fargo's upgrade Tuesday also comes a day after Danaher reportedly ended a potential bid to acquire contract manufacturer Catalent (CTLT), according to Bloomberg, citing people familiar with the matter. The news outlet first reported Danaher's interest in Catalent in early February. The Club's take: Both the Wells Fargo upgrade and the apparent end to Danaher's pursuit of Catalent should help the sentiment around DHR shares. While the inventory issues are known, we're pleased to see the bank offer a relatively favorable view on demand for the company's analytical instruments. It's also worth keeping in mind that after Danaher's core instrument business grew double digits in 2022, management has been clear that it expects a moderation in 2023. Danaher also is wise to scrap any plans it may have had to buy Catalent, which has had some operational stumbles lately. Danaher's rumored interest has been an overhang on the stock since early February. We took advantage of that weakness to add to our position in late February, but are now pleased to see that cloud dissipate. AAPL YTD mountain Apple's year-to-date stock performance. The news: Apple on Tuesday opened its first brick-and-mortar store in India, strengthening its commitment to growing its business in the country of more than 1.4 billion people. The first retail location, known as Apple BKC, is in the country's financial center of Mumbai. A second store is scheduled to open in the capital city of New Delhi on Thursday. Apple CEO Tim Cook, who was in Mumbai for the store's opening Tuesday, has called India a "hugely exciting market" and "major focus" for the iPhone maker. Historically, the iPhone's expensive price tag has hindered its ability to gain meaningful market share in the Indian smartphone market. But progress has been made in recent years, with sales growing double digits year-over-year in the quarter ended Dec. 31. The Club's take: Apple's Mumbai and New Delhi stores are clear signals of India's importance in the company's long-term growth plans. We're confident Apple is gaining traction with Indian consumers , one reason why we continue to see Apple is a long-term investment. We've adopted an own-it, don't-trade-it mantra for Apple because we believe its not maxed out on growth potential. Apple has also diversified its supply chain outside of China in recent years, significantly boosting production in India. The company's two-pronged strategy of growing both its manufacturing- and consumer market share in India should prove fruitful in the coming years. (Jim Cramer's Charitable Trust is long DHR, EMR and AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Workers produce some of the specialized valves at Emerson Electric Co.'s factory in Marshalltown, Iowa, July 26, 2018. Timothy Aeppel | Reuters | 2023-04-18T00:00:00 |
795 | https://www.cnbc.com/2023/05/05/regional-bank-stocks-could-be-a-market-afterthought-in-the-week-ahead.html | CTLT | Catalent | Regional bank stocks could be a market afterthought in the week ahead | For the immediate economic and earnings and growth outlook, it almost seems irrelevant whether regional bank stocks rally, steady or sell off more next week. Regional banks were top of mind for investors this past week, as First Republic failed , the SPDR S & P Regional Banking ETF tumbled more than 10% — twice the five-day loss in the S & P 500 Energy Index, the hardest hit S & P sector — and lenders such as PacWest Bancorp and Western Alliance Bancorp lost billions in market value. And, for all that, the S & P 500 only fell about 0.75% this week. Now the conventional wisdom on Wall Street is that regardless of how the regional bank stocks trade, it's a given that bank lending officers are going to pull in their horns and risk management desks will grow more risk averse. In other words, credit will be harder to come by. Fed Chair Jerome Powell was asked at his press conference Wednesday about the survey of banks' senior loan officers "because the market is focused on how much of a slowdown are we going to see in lending as lending standards climb, and banks are much more careful and restrictive in terms of issuing new loans," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, NC. As a result, Krosby will also scan next Tuesday's National Federation of Independent Business report for April, to see whether small business owners are having trouble getting loans or are reporting the borrowing environment is more restrictive. "Because if yes, we actually do see a more stringent lending environment, it will certainly help the Fed" to slow the economy and tamp demand. What's more, by the start of next week there'll be less than four weeks until the earliest date the Treasury might breach the debt limit, according to Treasury Secretary Janet Yellen's latest letter to Congress . That will lean on the market "heavily" if it coincides "with evidence that tighter bank lending conditions are feeding into higher unemployment and greater recessionary risks," Goldman Sachs chief global equity strategist Peter Oppenheimer said in a note late in the week. There were no signs of higher unemployment Friday, when the April unemployment rate came in at 3.4%, the lowest since 1969, and nonfarm payroll growth was far above Wall Street estimates. Debt ceiling takes focus The debt ceiling deadlock has already begun to focus investors' hive mind. While the capital markets assumed the debate inside the Federal Reserve this week was solely about the trade-off between raising rates to fight inflation versus the pain that's inflicted on U.S. regional banks, "Another story which the Fed would almost certainly have discussed is a potential default if the U.S. government runs out of cash to pay its bills," said Huw Roberts, head of analytics at Quant Insight in London. "The political impasse is getting worse." The Fed wrapped up its two-day meeting on Wednesday by boosting its benchmark fed funds rate a quarter point to a top 5.25%. With only about 30 companies in the S & P 500 reporting earnings next week (most notably Disney , post-market Wednesday), down from about 175 this week, attention instead will center on the April consumer price index that the Bureau of Labor Statistics will release next Wednesday morning. The consensus view among economists is that, excluding volatile food and energy prices, the "core" rate of inflation eased only slightly last month, to 0.3% from 0.4% in April, while the year-over-year annual increase slowed to 5.4% in April from 5.6% in March. Progress, perhaps, but still far above the Federal Reserve's 2% inflation target. Markets in a range Friday's stock market rally notwithstanding, Goldman Sachs sees equity markets continuing to be marked by a "fat and flat" trading range, noting that global stock markets have rallied some 17% since the October low. "The more recent troubles in the banking system generated a brief period of contagion fear but led to expectations of imminent interest rate cuts which have since faded, partially, on the back of more resilient growth data," strategist Oppenheimer wrote. But stocks still face a host of issues, none of which are going away next week. Goldman points to the risk of a slower economy than would have otherwise prevailed in the second half as a result of fall-out from the bank crisis and tightening lending conditions that will combine to slice about 0.4% from 2023 GDP growth. What's more, "inflation, while showing signs of moderating, remains sticky. The labor market remains tight and wage inflation is rising. The tightness of the labor market continues to be a double-edged sword, supporting consumption on the one hand but contributing to a higher-for-longer risk of inflation on the other," in Goldman's view. Meanwhile, the Cboe Volatility Index reading below 17 late Friday suggests a high degree of complacency in the market, a very small number of stocks are contributing the vast amount of strength to the market indexes, and "high cash returns mean that there are now reasonable alternatives (TARA) and that provides a very high bar for equities," Goldman said. Indeed, Barclays Investment Bank said on Friday that money market funds once again attracted more than $50 billion in the most recent week, have risen for nine weeks out of the past 10, and so far this year have drawn almost $700 billion from investors. Flows into fixed income investments have totaled some $130 billion so far in 2023, Barclays said. "What was seen as a pivotal week for markets has not moved the needle much on the conundrum investors are facing," said strategist Emmanuel Cau. "Equities are in late-cycle limbo, torn between peak rates hope and recession fear." Week ahead calendar Monday 10 a.m. Wholesale inventories (March) 2 p.m. Fed Senior Loan Officer Opinion Survey Earnings: Viatris, Tyson Goods, Dish Network, McKesson, Skyworks Solutions, Western Digital, DaVita, Paypal Tuesday 6 a.m. NFIB Small Business Index (April) Earnings : Waters, Catalent, Air Products & Chemicals, Fox Corp., International Flavors & Fragrances, Duke Energy, Henry Schein, Jacobs Solutions, Ventas, Devon Energy, TransDigm, Akamai, Axon Enterprise, Electronic Arts, Occidental Petroleum Wednesday 8:30 a.m. CPI (April) Earnings : Celanese, Lincoln National, Disney Thursday 8:30 a.m. PPI (April) 8:30 a.m. Initial jobless claims (week ended May 6) Earnings : Tapestry, PerkinElmer, Charles River Laboratories, Steris, Gen Digital Friday 8:30 a.m. Import/export price indexes (April) 10 a.m. University of Michigan consumer sentiment index (May preliminary) — CNBC's Hakyung Kim, Fred Imbert and Michael Bloom contributed to this report. | 2023-05-05T00:00:00 |
796 | https://www.cnbc.com/2023/05/06/with-earning-season-winding-down-investors-await-meeting-on-debt-limit.html | CTLT | Catalent | As earnings season winds down, investors turn to Tuesday's debt ceiling meeting | With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Wall Street's heightened focus on the debt ceiling comes after Treasury Secretary Janet Yellen on Monday warned the U.S. may exhaust its ability to meet its borrowing obligations as early as June 1 — at least a month in advance of predictions by many Wall Street economists. On Tuesday, Jim Cramer said "this gauntlet is too hard to get through without some real bumps." What's the hold up on raising the limit? House Republicans maintain that any increase to the debt limit should be tied to spending cuts, while President Joe Biden and the Democrats argue that paying the country's bills should not be dictated by an agreement to reduce the country's deficit. Hopefully, the two sides will come together and make a deal — or make some progress toward a resolution — this Tuesday when House Speaker Kevin McCarthy and Senate Minority Leader Mitch McConnell meet with Biden at the White House to discuss the issue. A failure to raise the debt ceiling before June 1 could lead to a downgrade of U.S. debt by credit rating agencies, higher borrowing costs, lower consumer and investor sentiment and a crash landing into recession. Though it's largely expected that the ceiling will indeed be raised since the U.S. government defaulting on its debt is almost unthinkable, the high-stakes game of chicken being played in Washington has all investors on edge. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. The S & P 500 declined about 17% over a stretch beginning in late July to mid-August, during which Standard & Poor's took the unprecedented step of downgrading the United States' AAA credit rating . On top of the debt ceiling, we also have the ongoing regional bank crisis to contend with, as fears rose again this week as PacWest announced that it was exploring strategic options , including the possibility of a sale. Aside from all this uncertainty, two key pieces of inflationary data are due next week: the consumer price index on Wednesday and the producer price index on Thursday. And of course, more earnings. About 85% of the S & P 500 has now reported quarterly earnings results and of those that have, 75% have reported better-than-expected revenue results while 79% have reported better-than-expected results for earnings per share, according to FactSet. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Here are some other earnings reports and economic numbers to watch in the week ahead: Monday, May 8 Before the bell: Tyson Foods (TSN), BioNTech SE (BNTX), Delek US Holdings (DK), DISH Network Corporation (DISH), Viatris (VTRS), TreeHouse Foods (THS), Alpha Metallurgical Resources, (AMR), KKR & Co. L.P. (KKR), Energizer Holdings, (ENR), GoHealth, (GOCO), Delek Logistics Partners LP (LPDKL), Six Flags (SIX) After the bell: McKesson Corp. (MCK), Suncor Energy, (SU), PayPal Holdings, (PYPL), Western Digital Corp. (WDC), Devon Energy Corp. (DVN), International Flavors & Fragrances, (IFF), AECOM (ACM), DaVita (DVA), Brighthouse Financial, (BHF), ARKO Corp. (ARKO), Pactiv Evergreen (PTVE), Kemper Corporation (KMPR), Skyworks Solutions, (SWKS), JELD-WEN Holding, (JELD), Crossamerica Partners LP (CAPL), Cabot Corporation (CBT), Ventas, (VTR), Hillenbrand, (HI), MRC Global (MRC), Palantir (PLTR) Tuesday, May 9 Before the bell: Duke Energy Corp. (DUK), Aramark Holdings Corp. (ARMK), Jacobs (J), Fox Corporation (FOXA), Henry Schein, (HSIC), Vistra Energy (VST), Air Products & Chemicals, (APD), GlobalFoundries (GFS), Veritiv Corporation (VRTV), Bright Health Group (BHG), LCI Industries (LCII), Warner Music Group Corp. (WMG), TransDigm Group (TDG), Under Armour, (UAA), Catalent, (CTLT), Southwest Gas Corp. (SWX), Tempur Sealy International, (TPX), Elanco Animal Health orporated (ELAN), Nexstar Media Group, (NXST), Coty (COTY), Perrigo Co. (PRGO), International Game Technology (IGT), Atkore International Group (ATKR), Sylvamo Corp (SLVM), Apollo Global Management, LLC (APO), ScanSource, (SCSC), Hawaiian Electric Industries, (HE), WeWork (WE), AdaptHealth Corp. (AHCO), Novavax, (NVAX), Waters Corp. (WAT), Clarivate Plc (CLVT), Kosmos Energy (KOS), Stagwell (STGW), Repros Therapeutics (RPRX), Steven Madden, (SHOO), Edgewell Personal Care Company (EPC), Toast (TOST) After the bell: Occidental Petroleum Corp. (OXY), Coupang, (CPNG), L oln National Corp. (LNC), Jackson Financial (JXN), Celanese Corp. (CE), A-Mark Precious Metals (AMRK), GXO Logistics, (GXO), H & R Block (HRB), Liberty Global (LBTYA), Electronic Arts (EA), Airbnb, (ABNB), Endeavor Group Holdings, (EDR), Compass, (COMP), Darling Ingredients (DAR), IAC/InterActiveCorp (IAC), Oscar Health, (OSCR), Vroom, (VRM), Akamai Technologies, (AKAM), Twilio, (TWLO), Clover Health Investments Corp. (CLOV), Grocery Outlet, (GO), Primoris Services Corporation (PRIM), Rackspace Technology, (RXT) Wednesday, May 10 Before the bell: Brookfield Asset Management (BAM), Performance Food Group Company (PFGC), Teva Pharmaceutical Industries, (TEVA), ODP Corporation (ODP), First Citizens BancShares (FCNCA), Li Auto (LIBMO), Syneos Health, (SYNH), Brink's Company (BCO), Middleby Corp (MIDD), Advantage Solutions, (ADVB), Valvoline (VVV), Vishay Intertechnology, (VSH), Nomad Foods Limited (NOMD), UWM Holdings Corporation (UWMC), Reynolds Consumer Products (REYN), Wolverine World Wide (WWW), New York Times Co (NYT), Roblox Corporation (RBLX), Wendy's International, (WEN), RumbleOn, (RMBL), Coherent (COHR), Taboola (TBLA) After the bell: Nutrien (NTR), Flex (FLEX), Manulife Financial Corp (MFC), STERIS Corp (STE), Amdocs, (DOX), Franchise Group, (FRG), Genpact Limited (G), Tetra Tech (TTEK), Jazz Pharmaceuticals (JAZZ), Crane Co. (CR), Cheesecake Factory (CAKE), AppLovin Corporation (APP), Crescent Energy (CRGY), Copa Holdings S.A. (CPA), Robinhood Markets, (HOOD), Pan American Silver Corp. (PAAS), Sonos, (SONO), Ritchie Bros. Auctioneers (RBAAMC), Corsair Gaming, (CRSR), Fluence Energy, (FLNC), Alta Equipment Group (ALTG), Intercorp Financial Services (IFSAMC), Unity (U), Trade Desk, (TTDAMC), Owl Rock Capital Corporation (ORCC), SunOpta (STKL), Traeger, (COOK) 8:30 a.m. ET: Consumer Price Index Thursday, May 11 Before the bell: JD.com, (JD), US Foods Holding Corp. (USFD), Tapestry, (TPR), Kelly Services (KELYA), PerkinElmer (PKI), Charles River Laboratories International, (CRL), Algonquin Power & Utilities Corp. (AQN), Entegris (ENTG), National Vision Holdings (EYE), NICE (NICE), Aveanna Healthcare Holdings, (AVAHBMO), Himax Technologies (HIMX), Carrols Restaurant Group (TAST), Krispy Kreme, (DNUT), PGT Innovations, (PGTI), Utz Brands, (UTZ), YETI Holdings, (YETI) After the bell: Sanmina (SANM), Sun Life Financial (SLF) 8:30 a.m. ET: Weekly Initial Jobless Claims 8:30 a.m. ET: Producer Price Index Friday, May 12 Before the bell: Spectrum Brands (SPB), AirSculpt Tech (AIRS) Looking back It was another big week of earnings for the Club, plus several key macroeconomic reports and a Federal Open Market Committee meeting. The market's reaction to April jobs report on Friday was the most surprising. Job growth came in better than expected, the Labor Department reported, with nonfarm payrolls increasing 235,000 for the month, beating Wall Street's estimates for growth of 180,000. The unemployment rate was 3.4% against an estimate of 3.6% and tied for the lowest level since 1969, while wage growth — a key barometer of inflation — increased 4.4% compared to the expected 4.2% gain. A few weeks ago, a nonfarm payroll this hot would a major cause for concern, as it would support a more hawkish Federal Reserve and additional interest rate hikes. Until recently, good news (strong job market, rising wages) has meant bad news (stocks falling in anticipation of more rate raises). However, on Friday, stocks rallied, with the Dow gaining 1.65%, the S & P 500 climbing 1.85% and the Nasdaq Composite increasing 2.25%. Why the shift to good news actually being good for stocks? It could be that recession fears are growing so loud that investors are happy with anything that reduces the potential of a hard economic landing — even at the cost of another rate hike and the understanding the Fed was correct in raising rates 25 basis points on Wednesday. On the other hand, it may be that the April report wasn't actually as strong as it first seemed. Though the headline number came in 73,000 payrolls above expectations, the combined revisions for February and March showed the added jobs was lower than previously thought, by 149,000 jobs. Netting that out and one could argue that with the April release the economy is actually 76,000 jobs below expectations. Throw in the hotter wage inflation and unemployment numbers and Friday's release may simply be viewed as a Goldilocks number for a market already looking to next week's consumer price index report on Wednesday. The April ISM manufacturing report on Monday came in at 47.1%, ahead of the expected 46.7%. However, it still indicates a contraction in the manufacturing industry. Factory orders, reported Tuesday, increased 0.9% monthly in March, less than the estimated 1.2% gain. Moreover, February's result was downwardly revised to indicate a 1.1% monthly decline, from a 0.7% decline previously reported. Also Tuesday: earnings results from Advanced Micro Devices (AMD), Ford (F) and Starbucks (SBUX), after the close. On Wednesday, the April ADP Employment report came in well ahead of expectations. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell. Later Wednesday, the April ISM services report was 51.9%, a tick better than the 51.8% expected. The Federal Reserve announced an expected increase of 25 basis points to the federal funds rate. Bausch Health, Apple and Coterra Energy all reported quarterly results, while initial jobless claims for the week ended April 29 increased by 13,000 from the prior week to 242,000, slightly ahead of the 240,000 expected. As of Friday's settle, the U.S. dollar index is trading a little above 101. Gold is trading at around $2,000 per ounce. WTI crude prices are hovering the low-$70s per barrel. The yield on the 10-year Treasury remains around 3.45%. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
U.S. President Joe Biden speaks with members of his "Investing in America Cabinet" in the Roosevelt Room at the White House in Washington, May 5, 2023. Leah Millis | Reuters | 2023-05-06T00:00:00 |
797 | https://www.cnbc.com/2023/02/06/jim-cramers-investing-club-meeting-monday-fed-speech-caterpillar-.html | CAT | Caterpillar Inc. | Jim Cramer's Investing Club meeting Monday: Fed speech, Caterpillar, Cisco | Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. Watching Powell commentary Buying CAT, selling QCOM Mulling next move on CSCO 1. Watching Powell commentary Stocks fell Monday morning ahead of a much-awaited speech Tuesday from Federal Reserve Chairman Jerome Powell at the Economic Club of Washington. Wall Street is likely still digesting the stronger-than-expected January jobs report , with investors now anticipating the Fed could continue to raise interest rates for longer. Powell's speech is expected to be an important market-moving event and could deliver another blow to stocks if his commentary around inflation is hawkish. The major U.S. equities indices were all lower in midmorning trading, with the S & P 500 down 0.52%. 2. Buying CAT, selling QCOM We bought 55 shares of Caterpillar (CAT) Monday morning at roughly $247 a share, and sold 100 shares of Qualcomm (QCOM) at roughly $132.25 apiece. Industrial conglomerate Caterpillar's construction unit is likely to gain significantly from infrastructure investments this year. At the same time, we're reducing our position in Qualcomm after the semiconductor firm on Feb. 2 delivered softer-than-expected guidance and warned weak smartphone demand would keep handset chip inventories elevated through at least the first half of this year. 3. Mulling next move on CSCO We are debating how to handle our position in Cisco Systems (CSCO). The stock hasn't participated in tech's dramatic rebound this year — up only 0.6% year-to-date – and has overall been relatively stagnant. We're also concerned about how the stock will fare as companies scale back their spending on IT in the coming months. We have no concrete plans but continue to assess the right move for this bellwether stock. Shares of Cisco were down more than 1% Monday morning, at $48.09 apiece. (Jim Cramer's Charitable Trust is long CAT, CSCO, QCOM. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. | 2023-02-06T00:00:00 |
798 | https://www.cnbc.com/2023/01/31/jim-cramers-investing-club-meeting-tuesday-caterpillar-jj-humana.html | CAT | Caterpillar Inc. | Jim Cramer's Investing Club meeting Tuesday: Caterpillar, J&J, Humana | Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. Opportunity to buy Caterpillar Confident in decision to buy Johnson & Johnson Why buy ahead of an overhang? 1. Opportunity to buy Caterpillar Shares of Caterpillar (CAT) were down 4.2% mid-morning Tuesday after the company reported earnings before the bell. The industrial firm's results were strong overall, though, considering beats on revenue and margin expansion in all three segments. Caterpillar also expects sales and earnings to grow above 2022 levels in the year ahead. Its strong core numbers tell us that the market's reaction was misguided and represents a buying opportunity for investors. 2. Why we bought more Johnson & Johnson Shares of Johnson & Johnson (JNJ) fell Tuesday after a U.S. appeals court on Monday dismissed the pharmaceutical giant's bankruptcy strategy for tens of thousands of lawsuits concerning the company's talc products. We bought 50 shares of Johnson & Johnson (JNJ) at roughly $161.81 apiece shortly after the bell to take advantage of the market overreaction. While the company lost $16 billion in market capitalization in a single day, it's unlikely that the company will see an incremental $16 billion in losses related to the lawsuit. We continue to like the company's clean balance sheet, and bought the dip so we can enjoy the stock's eventual run up. 3. Why buy ahead of an overhang? An overhang is an uncertain event that keeps investors on the sideline, thus preventing a stock from rallying until there is clarity. Shares of Humana (HUM) rose nearly 5% Tuesday after the U.S. Department of Health and Human Services released the final rule for Medicare Advantage (MA) Risk Adjustment Data Validation audits. The stock's rally is an example of how buying ahead of an overhang can go your way, and the immediate pop in the stock can be significant. Because the long-awaited Medicare decision was not as bad as feared, it removed the cap on HUM's ability to soar higher. However, it's important to understand that sometimes things don't go your way. In this case, it worked. (Jim Cramer's Charitable Trust is long CAT, HUM, JNJ. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. | 2023-01-31T00:00:00 |
799 | https://www.cnbc.com/2024/04/19/cramers-week-ahead-earnings-from-tesla-merck-and-big-tech.html | CAT | Caterpillar Inc. | Cramer’s week ahead: Earnings from Tesla, Merck and Big Tech | CNBC's Jim Cramer on Friday noted that major quarterly results from players like Verizon , Meta , Microsoft and Alphabet will be coming next week, but he zeroed in on the importance of the Personal Consumption Expenditures index because it is the real gauge of inflation.
Cramer said the Federal Reserve prefers to use the PCE index, not the consumer price index, to best evaluate inflation. If the number comes in too hot, Cramer said any market gains may prove to be short-lived. But if the number is cool, it could give most stocks a lift.
He warned that even if the market is oversold next week, the PCE index report on Friday will be where the rubber truly meets the road.
On Monday, Verizon will report its quarterly results before the market opens, and two steel companies, Nucor and Cleveland Cliffs , will report after the close. Cramer said the latter companies could be strong, noting that Nucor in particular has performed well during the aggressive rate tightening.
Companies like GM , GE Aerospace and Spotify report on Tuesday, but Cramer said Tesla is the one to watch that day. He said the electric vehicle maker had a rough quarter and noted concerns about the company's weak sales, as well as the possibility for a substantial decline in cash flow.
The fun doesn't stop there, as the embattled plane-maker Boeing reports results Wednesday morning, and the social media giant Meta will post earnings after the bell. Cramer said analysts largely agree that Meta will report rosy numbers, which means CEO Mark Zuckerberg, unlike Tesla CEO Elon Musk, will not have to pull a rabbit out of a hat.
On Thursday, Caterpillar , Merck and the tech giants Microsoft and Alphabet will release earnings. With Alphabet's business model based on advertising, Cramer warned that the company does have a tendency to perform badly at earnings time, though there could be a bright spot because of its developments in artificial intelligence.
Oil companies Exxon Mobil and Chevron report on Friday.
It's going to be a busy week, and Cramer said to be wary of the market and to especially watch out for the PCE index report. | 2024-04-19T00:00:00 |
800 | https://www.cnbc.com/2023/03/10/jim-cramers-investing-club-meeting-friday-bank-woes-weigh-on-market.html | CAT | Caterpillar Inc. | Jim Cramer's Investing Club meeting Friday: Bank woes weigh on market, Caterpillar, Estee Lauder | Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Friday's key moments. Bank volatility weighs on equities Watch Caterpillar Buy Estee Lauder 1. Bank volatility weighs on equities Equities markets Friday were broadly pulled down by banking sector weakness – a result of the ongoing fallout over troubled bank SVB Financial Group (SIVB). Regulators on Friday closed the bank and took control of its deposits in a still evolving story. However, Jim Cramer noted Friday that the Club's bank holdings – Wells Fargo (WFC) and Morgan Stanley (MS) – have not been impacted by the spiraling situation, given they're high-quality financial institutions with minimal credit risk. SIVB, a bank that caters to venture-backed start-ups, has been squeezed by higher interest rates and declining deposits. At the same time, the market on Friday was absorbing the government's nonfarm payrolls report, which showed the U.S. economy added 311,000 jobs in February. The data is expected to be a crucial factor in the how high the Federal Reserve raises interest rates later this month. 2. Stick with Caterpillar UBS downgraded Club holding Caterpillar (CAT) Friday to sell from neutral, as the bank doesn't see "enough cyclical momentum to justify valuation." They also said the construction equipment manufacturer's backlog growth has been decelerating. We couldn't disagree more. Caterpillar may be the biggest beneficiary of this nascent period of prolonged U.S. infrastructure spending , given it makes the equipment needed for large-scale construction projects. Overtime, we expect to see these new projects appear in the company's backlog. Shares of CAT were down 3.75% Friday, at roughly $232 apiece. We're sticking with the stock and reiterate our 1 rating . 3. Buy Estee Lauder We see Ulta Beauty 's (ULTA) strong fiscal-fourth quarter results Thursday as a positive read-through to Club holding Estee Lauder (EL). Growth at the cosmetics firm is poised to explode in China as the country continues to reopen its economy this year. China accounts for about a third of Estee Lauder's total revenue, meaning the luxury beauty company had been weighed down for roughly three years by Beijing's strict zero-Covid policy. Estee Lauder stock fell more than 2% Friday, to around $238 a share, creating a buying opportunity. (Jim Cramer's Charitable Trust is long WFC, MS, CAT, EL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. | 2023-03-10T00:00:00 |
801 | https://www.cnbc.com/2022/10/28/deutsche-bank-downgrades-caterpillar-sees-little-upside-from-here-with-global-recession-looming.html | CAT | Caterpillar Inc. | Deutsche Bank downgrades Caterpillar, sees little upside from here with global recession looming | Despite Caterpillar 's strong quarterly results, Deutsche Bank says the potential upside for the stock is nearing its top. Analyst Nicole DeBlase downgraded shares of the industrial stock to a hold from a buy rating even after it topped analysts' expectations in its recent quarterly report. She said in a note to clients Thursday that the stock may struggle to offer above-average returns in a global recession, especially after its recent stock performance. "Nothing we learned today has changed our cross-cycle valuation framework, and so although we did raise our PT by 13% to $221, there is simply not enough upside potential left vs. the current stock price to maintain a Buy rating," she wrote. "We also feel that in many ways, recommending CAT after the recent move in the stock is playing with fire." To be sure, the bank expects good earnings per share momentum ahead for the stock as revenues bounce back. Still, the fresh price target reflects a mere 4% upside from Thursday's close following the stock's outperformance and that's too small of a move to support the bank's previous buy rating, DeBlase said. Caterpillar shares have outperformed the market this year, with shares up 2.6%. As of Thursday's close, the stock is set to finish October 29% higher and cap off the week with an 11.5% gain. Shares dipped 1% in premarket trading Friday. — CNBC's Michael Bloom contributed reporting | 2022-10-28T00:00:00 |
802 | https://www.cnbc.com/2024/04/19/investors-are-hoping-big-tech-earnings-next-week-could-revive-a-flagging-bull-market.html | CAT | Caterpillar Inc. | Investors are hoping Big Tech earnings next week could revive a flagging bull market | The Big Tech earnings next week could revive a flagging market, or at least give investors direction into where stocks are going from here. Next week will spotlight the bulk of the Magnificent Seven names, which had a strong start to the year, but have been in a slump as of late. Tesla reports Tuesday, Meta Platforms is out Wednesday. Thursday serves a double whammy with Google-parent Alphabet and Microsoft . But those results are coming at a time when investors are on edge, uncertain where markets are heading after a pushback in rate cut expectations, a recent rise in geopolitical tensions in the Middle East, as well as a spike in Treasury yields. On Friday, the S & P 500 was more than 5% off its 52-week high; it also dipped below 5,000, a level the broader index had only reached for the first time ever in February. Wall Street is hoping next week's megacap tech results will give investors insight into where the artificial intelligence trade is going from here, as a bounce in tech could lift the indexes. They're also hoping a slew consumer commentary will give investors insight into the state of the economy. "Every week of earnings is the most pivotal one, but I really think this one is the most pivotal one," said Kim Forrest, founder at Bokeh Capital, adding, "I think everybody is like me looking to next week thinking, 'This will be the time where we can figure out the direction of the market.'" On Friday, the S & P 500 and tech-heavy Nasdaq Composite registered losing weeks. Further gains, or buying opportunity? As a whole, the bar is high for the Magnificent Seven, even as there are increasing divergences between the names. Tesla, for example, will be in the spotlight next week. Investors are hoping for some positive news out of electric vehicle maker, which is the second-worst performer in the S & P 500 this year as it contends with slowing sales and rising competition from China. This week, Deutsche Bank downgraded the stock to hold from buy following a Reuters report of the possible scrapping of a low-cost car. In response, CEO Elon Musk said Reuters was "lying." Shares were down 14% this week. Investors a sense of how artificial intelligence will be monetized, seeking insight into growing Google's cloud business , as well as Microsoft's Copilot chatbot. "These will give us some of the best indications of AI demand," said Emily Leveille, portfolio manager at Thornburg Investment Management, adding, "We expect earnings, I think, to be pretty good for at least for Microsoft and for Meta, just considering sort of recent momentum in earnings growth." Horizon Investments' Scott Ladner urged caution ahead of the reports given the high expectations swirling around the megacaps. However, he said any pullback in the tech names could give investors an opening to start "nibbling away" at additional exposure. While the investment chief anticipates further volatility over the next several weeks, he said he anticipates stocks can again rise over the intermediate term, and gain another 10% from here. "Especially with the AI trade, those expectations have been ramped up. And so, we would probably be a little bit cautious in terms of getting exposure to those names ahead of earnings releases because that bar is quite high," Ladner said. "But if we do get a sell-off associated with those releases that don't hit up on those raised expectations, it probably is, we think, a better buying opportunity than a selling opportunity at that point," Ladner added. He also advised investors to start adding exposure to other interesting assets such as in Europe, or in small caps, which could jump after the central bank cuts rates later this year. Consumer focus Wall Street is also anticipating commentary from consumer-facing companies next week that could give insight into the state of the economy. Investors are hoping that consumer spending, which has thus far held up the economy in the face of higher prices, remains robust. Earnings results from Visa, for example, will be on deck. "From a sentiment standpoint, consumers don't feel very good, but they haven't acted like that for the better part of years," Horizon's Ladner said. "So, the bigger thing that we've been looking for and look for this quarter, is, are the consumers still acting like they're in good shape? Even if they feel a little bit down in the dumps because they don't like the price that they're paying for things, are they are they still paying those prices? Are they still borrowing? Are they still consuming?" "So long as that is continues to be the case, which we expect it to be, we think this consumer-facing company is probably going to have a pretty good rebound in the second half of the year," Ladner added. On the economic front, next week will also bring the first-quarter gross domestic product number. Economists polled by FactSet are anticipating the U.S. economy will have expanded by 3.1%, in line with the prior reading. Week ahead calendar All times ET. Monday, April 22 8:30 a.m. Chicago Fed National Activity Index (March) Earnings: Verizon Communications, Ameriprise Financial , Truist Financial Tuesday, April 23 8 a.m. Building Permits final (March) 9:45 a.m. PMI Composite preliminary (April) 9:45 a.m. Markit PMI Manufacturing preliminary (April) 9:45 a.m. Markit PMI Services preliminary (April) 10 a.m. New Home Sales (March) 10 a.m. Richmond Fed Index (April) Earnings: Baker Hughes , Visa , Enphase Energy , Tesla , NextEra Energy , Freeport-McMoRan , Philip Morris International , Halliburton , United Parcel Service , PepsiCo , Lockheed Martin , Raytheon Technologies , GE Aerospace Wednesday, April 24 8:30 a.m. Durable Orders preliminary (March) Earnings: Chipotle Mexican Grill , International Business Machines , Lam Research , Ford Motor , Align Technology , Waste Management , Universal Health Services , Raymond James Financial , Meta Platforms , Boeing , Hilton Worldwide Holdings , AT & T Thursday, April 25 8:30 a.m. Continuing Jobless Claims (04/13) 8:30 a.m. GDP (Q1) 8:30 a.m. Initial Claims (04/20) 8:30 a.m. Wholesale Inventories preliminary (March) 10 a.m. Pending Home Sales (March) 11 a.m. Kansas City Fed Manufacturing Index (April) Earnings: T-Mobile US , Capital One Financial Corp, Intel , Western Digital , Microsoft, Alphabet , Comcast , American Airlines Group , Southwest Airlines , Valero Energy , Caterpillar , Tractor Supply , Royal Caribbean Group , PG & E, GE Vernova Friday, April 26 8:30 a.m. PCE Deflator 8:30 a.m. Personal Consumption Expenditure 8:30 a.m. Personal Income 10 a.m. Michigan Sentiment NSA final Earnings: T. Rowe Price Group , Colgate-Palmolive , Exxon Mobil , Chevron , AbbVie , Phillips 66 | 2024-04-19T00:00:00 |
Subsets and Splits