(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A delivery giant and a social media company were among the stocks being talked about by analysts on Wednesday. Citi initiated UPS with a buy rating, citing an attractive valuation. Meanwhile, Jefferies began coverage of Reddit with a buy rating and a price target of $90. Check out the latest calls and chatter below. All times ET. 6:01 a.m.: Deutsche Bank commences coverage on NYT shares The New York Times stands out among media stocks, according…
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Ola electric scooters are on display ahead of the Initial Public Offer press conference. Sopa Images | Lightrocket | Getty ImagesIndia’s consumer rights agency received unusually high 10,000 complaints against Ola Electric, over a year and has sent a notice seeking explanation from the SoftBank-backed e-scooter maker, a top official at the watchdog said on Tuesday.Following a stellar market debut in August, shares in India’s biggest e-scooter maker have fallen around 40% in recent weeks as sales have dipped with angry customers taking to social media to complain about its after-sales service.Ola has also been in the spotlight this week following…
Big technology companies are betting that a new wave of smaller, more precise AI models will be more effective when it comes to the needs of businesses in sectors like law, finance, and health care. Jaap Arriens | NurPhoto via Getty Images LONDON — Increasingly many financial services firms are touting the benefits of artificial intelligence when it comes to boosting productivity and overall operational efficiency.Despite bold statements, a lot of companies are failing to produce tangible results, according to Edward J Achtner, the head of generative AI for U.K. banking giant HSBC.”Candidly, there’s a lot of success theater out there,” Achtner…
A man works at a construction site of a residential skyscraper in Shanghai on November 29, 2016. Chinese household debt has risen at an “alarming” pace as property values have soared, analysts say, raising the risk that a real estate downturn could send shockwaves through the world’s second largest economy.JOHANNES EISELE/AFP via Getty ImagesChina’s property stimulus measures delivered a modest boost to the market, but they are not enough to turn around the troubled sector, according to analysts.Home sales ticked up in some cities during China’s week-long holiday, as stimulus measures boosted homebuyers’ sentiment, a report by research group China…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets : Stocks are rallying Tuesday after a nearly 1% drop in the S & P 500 in the prior session. A reversal of two recent trends are helping lift the market. First is the drop in the price of oil. Over the past week, we’ve seen the broader market sell-off when oil spiked on Middle East tensions. The opposite is happening Tuesday, although the market came off its highs of…
People walk past Reserve Bank of India signage in front of an installation stall at Global Fintech Fest in Mumbai, India, on Aug. 28, 2024.Indranil Aditya | Nurphoto | Getty ImagesThe Reserve Bank of India (RBI) kept its key interest rate unchanged on Wednesday as widely expected, but changed its policy stance to “neutral”, opening the door for rate cuts amid early signs of a slowdown in the economy.The Monetary Policy Committee (MPC), which consists of three RBI and three external members, kept the repo rate unchanged at 6.50% for a tenth straight policy meeting.The committee, however, changed its policy…
Florida’s sports betting market may be about to get a lot more interesting, with Hard Rock’s chairman opening the door to partnerships with commercial sportsbooks.Hard Rock has the monopoly on sports betting in the state, winning the exclusive tribal gaming compact following a hard-fought battle against Flutter-owned FanDuel, DraftKings and Penn Entertainment. The sportsbooks mounted a massive effort in 2021 to get sports betting legalized in the state, but failed.When asked about comments made by FanDuel CEO Amy Howe on trying again to get into the Florida market, Hard Rock International Chairman and Seminole Gaming CEO Jim Allen said he’s…
The Rio Tinto Ltd. booth on the opening day of the Investing in African Mining Indaba in Cape Town, South Africa, on Monday, Feb. 6, 2023.Dwayne Senior | Bloomberg | Getty ImagesThe world’s second-largest miner Rio Tinto said Wednesday it will acquire U.S. lithium producer Arcadium for $6.7 billion.Rio Tinto said the deal would be an all-cash transaction for $5.85 per share, representing a premium of 90% to Arcadium’s Oct. 4 closing price of $3.08 per share.Arcadium Lithium’s market value currently stands at $4.56 billion, according to LSEG data, with shares rallying 37% so far this week. Rio Tinto’s London-listed…
Passengers line up to check in at Chengdu Tianfu International Airport on October 6, 2024 as China’s week-long National Day holiday draws to a close.China News Service | China News Service | Getty ImagesBEIJING — China’s Golden Week holiday affirmed a trend in more cautious spending, while consumers put greater emphasis on experiences.The seven-day public holiday that ended Monday recorded about 2% less spending per domestic trip than the pre-pandemic level, according to Goldman Sachs analysis published Tuesday.”Low tourism spending per head and subdued services prices highlighted still weak domestic demand and continued consumption downgrading,” the analysts said.The decline was…
French Prime Minister Michel Barnier (C) ahead of his general policy statement to the French National Assembly in Paris on October 1, 2024. Barnier, a right-wing former EU Brexit negotiator, was appointed three weeks ago by French President to bring some stability after the political chaos created by a hung parliament that resulted from snap elections this summer. Alain Jocard | Afp | Getty ImagesFrance’s new and already beleaguered government is set to present its 2025 budget on Thursday amid an ongoing fiscal crisis — and a brewing political one — for the euro zone’s second-largest economy.The budget is being widely…
