People look at iPhones at the Apple Fifth Avenue store in New York City on May 23, 2025.Adam Gray | ReutersApple and miner MP Materials announced a $500 million deal Tuesday for rare earth magnets and the development of a recycling facility that will reinforce the iPhone maker’s U.S. supply chain.MP Materials stock climbed 17%. Shares of Apple were marginally higher.As part of the agreement, Apple will buy rare earth magnets created at the company’s facility in Fort Worth, Texas. Both companies will combine on a new rare earth recycling line in Mountain Pass, California. MP Materials plans to start…
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U.S. stocks open higher after Nvidia gains, CPI comes in as expectedThe S&P 500 gained 0.5% in early deals, while the tech-heavy Nasdaq Composite jumped 0.8%.Stocks were boosted by gains in chip giant Nvidia, which said it hopes to resume deliveries of its H20 GPU sales to China.Traders were also poring through the latest U.S. inflation data. The consumer price index in June increased 2.7% annually, matching a consensus poll from Dow Jones. So-called core CPI, which excludes food and energy prices, grew 0.2% month over month, slightly less than expected. — Pia SinghEricsson CEO says European regulation and investment around AI is ‘concerning’Speaking to CNBC’s “Europe Early…
GameStop chief Ryan Cohen said Tuesday his video game retailer is using crypto as an inflation protection, and not trying to mimic others in becoming a large holder of digital tokens. “I look at it as a hedge against inflation and global money printing and and we’ll see what happens,” Cohen said on CNBC’s ” Squawk Box .” In late May, GameStop bought 4,710 bitcoins , worth more than half a billion dollars. The world’s largest cryptocurrency has been on a tear, hitting a record high and topping $120,000. Software company MicroStrategy, now known as Strategy , bought billions of…
Jane Fraser, CEO, Citigroup, speaks at the 28th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 5, 2025.Patrick T. Fallon | AFP | Getty ImagesCitigroup reported second-quarter results on Tuesday that topped analyst expectations after a three-month period that saw the bank’s stock dramatically outperform the market.Citigroup’s net income of $4.02 billion climbed 25% from the same quarter last year. Here’s how the bank’s results compared to Wall Street expectations:Earnings: $1.96 per share vs $1.60 per estimate from LSEGRevenue: $21.67 billion vs $20.98 billion estimateShares of Citigroup rose more than 3% after the…
Otis Worldwide may be poised to rally after a tariff-induced pullback in April and May, according to JPMorgan. The Wall Street investment bank upgraded shares of the elevator and escalator manufacturer to overweight from neutral and raised its yearend price target 8%, to $109 from $101. That implies about 9% upside from Monday’s close. While Otis shares have outperformed the S & P 500 this year, rising 8% year to date, they came under pressure in recent months after the Trump administration announced sweeping reciprocal tariffs in early April. The stock slumped 7% in April and was down another 1%…
People shop at a grocery store in Brooklyn on May 13, 2025 in New York City.Spencer Platt | Getty ImagesConsumer prices rose in June as President Donald Trump’s tariffs began to slowly work their way through the U.S. economy.The consumer price index, a broad-based measure of goods and services costs, increased 0.3% on the month, putting the 12-month inflation rate at 2.7%, the Bureau of Labor Statistics reported Tuesday. The numbers were right in line with the Dow Jones consensus, though the annual rate is the highest since February.Excluding volatile food and energy prices, core inflation picked up 0.2% on…
A passenger walks near Uber signage after arriving at Los Angeles International Airport in Los Angeles, California, on July 10, 2022.David Swanson | ReutersBaidu has struck a partnership with Uber to deploy its autonomous cars on the ride-hailing giant’s platform outside the U.S. and mainland China.The first deployments are expected to happen in Asia and the Middle East later this year. The two companies said the multi-year partnership will see “thousands” of Baidu’s Apollo Go autonomous vehicles on Uber globally.Baidu shares jumped 4.5% in premarket trade in the U.S. following the news, while Uber stock was more than 1% higher.For…
Here are Tuesday’s biggest calls on Wall Street: Goldman Sachs initiates Revolution Medicine as buy Goldman said the oncology company is well positioned. “We initiate coverage on Revolution Medicines (RVMD) with a Buy rating and 12-month price target of $65.” Goldman Sachs initiates Alkermes as buy Goldman said it likes the biopharma company’s pipeline of products. “We initiate coverage on Alkermes (ALKS) with a Buy rating and 12-month PT of $43. ALKS is an established commercial company whose mature portfolio of neuropsych assets.” Barclays initiates Ralliant as overweight Barclays said the precision tech company has an “undemanding” valuation. “RAL in…
Check out the companies making headlines before the bell. JPMorgan Chase — Shares fell less than 1% in the premarket after the bank posted second-quarter earnings that beat analyst expectations. Investment banking and trading revenue drove the stronger-than-expected numbers. Wells Fargo — Shares were down 3% in the premarket after the company lowered its 2025 net income guidance to roughly in line with 2024 levels. The bank previously expected an increase of 1% to 3%. The forecast reduction overshadowed better-than-expected second-quarter profits. Citigroup — Shares added less than 1% after the bank posted second-quarter results that exceeded analyst expectations. Citigroup…
SolarEdge Technologies may have moved too high, too fast, according to JPMorgan. The firm downgraded shares of the company to neutral from overweight but upped its price target to $23 from $18. That updated target still calls for about 14% downside from Monday’s close. The stock has been on a monster rally as of late, gaining more than 110% in the past three months and more than 96% year to date. This month alone, SolarEdge is up about 31%. “Given SEDG’s outperformance since May 1 (up 109% vs coverage average up 33%), we are downgrading to Neutral and look for…
