Strong fundamentals and the potential for robust returns make Chinese online lending platform Qifu Technology an attractive buy, according to JPMorgan. The bank initiated the stock with an overweight rating and a $65 per share price target. JPMorgan’s forecast implies more than 51% upside from Tuesday’s close. Analyst Katherine Lei said Qifu’s return on equity — a widely followed profitability measure — will grow at a 9% clip from 2024 to 2027, while its earnings expand at a compounded annual growth rate of 24%. That’s the highest growth rate among Chinese lenders covered by JPMorgan, Lei said. She also pointed…
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A customer shops for a purse in a Macy’s store on March 25, 2025 in Austin, Texas. Brandon Bell | Getty Images News | Getty ImagesThe impact of President Trump’s tariffs on prices throughout the economy is expected to increase over the summer. At U.S. department store chains including Macy’s, Nordstrom, and Dillard’s, the evidence of more sticker price inflation is starting to show up across more items.Recent price increases in apparel, footwear, and bags across major U.S. department-store websites tracked by DataWeave indicate a turning point in May, when prices started their ascent.DataWeave analyzes nearly 15,000 SKUs (stock keeping…
The X logo appears on a phone, and the xAI logo is displayed on a laptop in Krakow, Poland, on April 1, 2025. (Photo by Klaudia Radecka/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty ImagesElon Musk’s social media platform X was hit with an outage on Wednesday, leaving some users unable to load the site.More than 15,000 users reported issues with the platform at around 9:53 a.m. ET, according to analytics firm Downdetector, which gathers data from users who spot glitches and report them to service.The issues appeared to be largely resolved by 10:30 a.m., though some users continue to…
Steven Alexopoulos, TD Cowen U.S. large cap bank analyst, believes artificial intelligence has created a huge buying opportunity in his favorite bank picks like JPMorgan — one last seen in the aftermath of the Global Financial Crisis — even with some of the shares trading at record highs. The analyst said the focus of AI will widen out from the builders like Nvidia to companies that use the technology to unlock massive economic value. Banks, for example, are going to apply AI to every corner of their businesses from credit decisions to portfolio management to customer experience. “The number two…
A worker stitches apparels at a garment factory in Vietnam’s Thai Nguyen Province on July 2, 2025. Nhac Nguyen | Afp | Getty ImagesPresident Donald Trump said Wednesday that the United States has struck a trade deal with Vietnam.Trump’s Truth Social post announcing that deal provided no additional information, but assured that more details were forthcoming.This is breaking news. Please refresh for updates. Source link
Speaker of the House Mike Johnson (R-LA) speaks with reporters as he returns to his office after going to the House Rules Committee as it holds a hearing to consider the One, Big, Beautiful Bill Act at the U.S. Capitol on July 01, 2025 in Washington, DC. House Republicans began their work on the legislation less than two hours after the Senate passed its version. Chip Somodevilla | Getty Images News | Getty ImagesRepublican leaders in the U.S. House are racing to hold a vote Wednesday on President Donald Trump’s marquee domestic policy package, but weather woes and persistent GOP…
Tesla reported around 384,000 vehicle deliveries in the second quarter, a 14% decline from a year ago, and the second straight quarterly drop. The stock rose about 2% Wednesday.The electric vehicle maker reported 443,956 deliveries and production of 410,831 vehicles during the same period last year.Here are the key numbers:Total deliveries Q2 2025: 384,122 vehiclesTotal production Q2 2025: 410,244 vehiclesWall Street analysts were expecting Tesla to report deliveries of around 387,000 according to FactSet.Deliveries in the first quarter of 2025 dropped 13% from a year earlier to 336,681. Deliveries are the closest approximation of vehicle sales reported by Tesla but are…
Employees at a coal mine in China’s Shaanxi province sit in an office to use digital systems for mining work, according to a photo taken on April 26, 2023, during a media tour organized by Chinese telecoms giant Huawei.Wang Zhao | Afp | Getty ImagesThis report is from this week’s CNBC’s The China Connection newsletter, which brings you insights and analysis on what’s driving the world’s second-largest economy. Each week, we’ll explore the biggest business stories in China, give a lowdown on market moves and help you set up for the week ahead. Like what you see? You can subscribe here.The…
Here are the biggest calls from Wall Street on Wednesday: Compass Point initiates Block as buy Compass says the “fundamentals are set to re-accelerate.” “We are initiating coverage of Block, with a BUY rating and $80 price target.” Jefferies upgrades Apple to hold from underperform Jefferies says it sees the potential for an “upside surprise” when Apple reports earnings in late July. “Jun Q results could be a positive surprise, but Sep Q guidance would likely still be subdued.” Jefferies upgrades Ross to buy from neutral Jefferies says it sees “margin opportunity” for the discount retailer. “We upgrade ROST to…
Microsoft CEO Satya Nadella speaks at Microsoft Build AI Day in Jakarta, Indonesia, on April 30, 2024.Adek Berry | AFP | Getty ImagesMicrosoft said Wednesday that it will lay off about 9,000 employees. The move will affect less than 4% of its global workforce across different teams, geographies and levels of experience, a person familiar with the matter told CNBC.The announcement comes on the second day of Microsoft’s 2026 fiscal year. Executives at the Redmond, Washington-based company typically unveil reorganizations at the time of the new fiscal year.”We continue to implement organizational changes necessary to best position the company and…