People walk through the Cornell University campus on Nov. 3, 2023 in Ithaca, New York. Matt Burkhartt | Getty ImagesCornell University has agreed to pay $60 million and accept the Trump administration’s interpretation of civil rights laws in order to restore federal funding and end investigations into the Ivy League school.Cornell President Michael Kotlikoff announced the agreement on Friday, saying it upholds the university’s academic freedom while restoring more than $250 million in research funding that the government withheld amid investigations into alleged civil rights violations.The university agreed to pay $30 million directly to the U.S. government along with another $30 million toward research that will support U.S. farmers.Kotlikoff said the agreement revives the campus’ partnership with the federal government “while…
Author: usaeverydaylife
In this Club Check-in, CNBC’s Paulina Likos and Zev Fima break down big tech’s massive artificial intelligence spending spree — debating whether these billion-dollar bets will drive long-term cost savings or weigh on near-term returns.Mega-cap tech companies are shelling out billions of dollars to build out AI infrastructure. The big question we’re asking is whether all this heavy spending will eventually pay off in efficiency or if Wall Street is right to worry about how much they’re burning through in the short term.Concerns about AI-stock valuations seeped into the market this week and slammed stocks.Many major tech companies —including the…
What the charts are saying about Oracle, according to Carter Worth. Source link
Check out the companies making the biggest moves midday: XYZ —The financial services provider plunged 10% after reporting third-quarter earnings of 54 cents per share, while analysts polled by LSEG were expecting 67 cents. Block’s $6.11 billion revenue also came IN below the forecast $6.31 billion. Globus Medical — The medical device maker soared 32% after third-quarter earnings, excluding one-time items, and revenue topped analysts’ highest estimates. Globus also raised fourth-quarter earnings per share and revenue forecasts, and Truist and Bank of America increased raised their ratings to buy from hold in reaction, FactSet said. Constellation Energy — The Baltimore-based…
Altimeter Capital founder and CEO Brad Gerstner said Friday the recent pullback in technology shares is a healthy correction after a monthslong surge. “The Nasdaq’s gone up 40% off the bottom in April. The market was kind of looking for a reason for a breather,” Gerstner said on CNBC’s ” Money Movers .” “This week, what you saw across the market is everybody looking for an excuse to sell the trade. I think it’s healthy. We’re taking some of the air out of the bubble. There’s a wall of worry that stands in front of us.” The broader market sold…
Several prominent artificial intelligence companies could be at risk if OpenAI does not get a “handout” from the federal government, according to D.A. Davidson analyst Gil Luria. OpenAI’s sprawling tech deals have helped power the S & P 500’s blockbuster rally this year. But the complex web of financial agreements signed by OpenAI, the owner of the ChatGPT bot, with other technology and chipmaking companies has led some investors to question vendor financing arrangements and the connected nature of the AI ecosystem . Investors are keeping an especially close eye on companies that could be exposed to any weaknesses in…
Affirm CEO Max Levchin said Friday that while the buy now, pay later firm isn’t seeing credit stress among federally employed borrowers due to the government shutdown, there are signs of a change in shopping habits.”We are seeing a very subtle loss of interest in shopping just for that group, and a couple of basis points,” Levchin told CNBC’s “Squawk on the Street.”At least 670,000 federal employees have been furloughed in the shutdown, and about 730,000 are working without pay, the Bipartisan Policy Center said this week.Levchin said he’s closely watching employment data for signs of major disruptions, but the company…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailAir travelers across the U.S. are facing chaos at airports after the Transportation Department reduced flight capacity at 40 airports nationwide this morning amid the government shutdown. U.S. airlines canceled hundreds of flights on Friday, and some are waiving cancellation fees to ease the impact on travelers. As the shutdown drags on, CNBC’s Sharon Epperson explains what travelers need to know to protect their travel plans. Source link
Block shares fell 10% Friday after weak third-quarter earnings fell short of Wall Street expectations and showed slowing profit growth for the company’s Square service.Here is how the company did compared with LSEG estimates:Earnings per share: 54 cents adjusted vs. 67 cents expectedRevenue: $6.11 billion vs. $6.31 billion expectedRevenue for the quarter was up 2% over last year. The Jack Dorsey-founded firm’s shares have fallen 24% year to date.Square’s gross payment volume was up 12% year over year, but gross profit growth for the point-of-sale service was only up 9% over a year ago, slowing from last quarter’s 11%.The company attributed the…
Tesla (TSLA) shareholders approved CEO Elon Musk’s potential $1 trillion pay package Thursday, with more than three-quarters of all stock holders approving this historic package. This plan has high hurdles for Musk and the $1 trillion payday only fully kicks in when TSLA achieves a market cap of roughly $8.5 trillion. I want to use put options to create an income as volatility is heightened in this feverishly debated “Magnificent Seven” member. Tesla’s current market cap is slightly under $1.5 trillion. Year-to-date, the AI-focused stock that is covertly cloaked as a car company is up more than 7%. This high…
