Author: Press Room
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. Comeback continues: The S & P 500 is rallying for the fifth session in a row, up nearly 4% this week and almost completely erasing all of last week’s brutal sell-off to start September. Tech stocks are the big winner, with semiconductor companies such as Nvidia , Broadcom and Advanced Micro Devices all posting double-digit percent gains this week. All three chipmakers are Club holdings. Jim Cramer said earlier Friday that…
Lawyers for Sam Bankman-Fried, the convicted former CEO of crypto exchange FTX, filed an appeal Friday, claiming he was denied a fair trial last fall and seeking new proceedings under a different judge. Bankman-Fried, 32, was sentenced to 25 years in prison after a jury convicted him on multiple federal counts of fraud and conspiracy in November. The charges stem from what prosecutors described as a yearslong scheme to siphon money from FTX customers’ accounts without their knowledge while lying to investors and lenders and spending lavishly on real estate, private jet trips and political donations. Two years after FTX…
IBEX Limited (NASDAQ:IBEX) Q4 2024 Earnings Conference Call September 12, 2024 4:30 PM ET Company Participants Michael Darwal – Head of Investor RelationsRobert Dechant – Chief Executive OfficerTaylor Greenwald – Chief Financial Officer Conference Call Participants David Koning – Baird Operator Welcome to the IBEX Fourth Quarter Full-Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question and answer session. [Operator Instructions] To note, there is an accompanying earnings deck presentation available on the IBEX investor relations website at investors.ibex.co. I will now turn this conference…
Regulators have identified lapses in Wells Fargo’s anti-money laundering and financial crimes risk management practices, the latest compliance issue for the US bank. The Office of the Comptroller of the Currency, one of the main US banking regulators, said on Thursday that Wells, the country’s fourth-largest lender by assets, had agreed to take remedial steps. “We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments,” Wells said in a statement. Shares in the bank, which remains under…
Former President Donald Trump on Thursday said he would push for legislation that would end taxes on overtime pay if he wins a second term. “Today, I’m also announcing that as part of our additional tax cuts, we will end all taxes on overtime. You know what that means? Think of that,” Trump said at a campaign rally in Tucson, Arizona. “That gives people more of an incentive to work. It gives the companies a lot, it’s a lot easier to get the people,” Trump said in his first rally since his debate with Vice President Kamala Harris earlier this…
It’s that time of year when many of those who have Part D prescription drug coverage experience sticker shock. Here is a sample of what’s happening with my clients. Can this be right? The $141 copay for my expensive eye drops just shot up to $520 and the costs for my other drugs dropped to between $0.75 and $4. Did I pick the wrong plan? After meeting the plan’s deductible, I have been paying $11 for one medication. This month, I got a bill for $201. Yes, unfortunately, these costs are likely correct and no, you probably didn’t pick the…
Mortgage rates fell this week to the lowest levels in over a year and a half, but elevated rates and high home prices are still keeping would-be buyers and sellers out of the housing market. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.20%, down from the 6.35% reading of the past two weeks. The average rate on a 30-year loan was 7.18% a year ago. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since…
Adobe reported third-quarter results on Thursday that beat Wall Street expectations for sales and earnings, but the stock slid 10% in extended trading on fourth-quarter guidance that came up short.Here’s how Adobe did for the quarter ending in August versus LSEG consensus estimates:Revenue: $5.41 billion, vs. $5.37 billion expectedEarnings per share: $4.65, adjusted, vs. $4.53 estimatedAdobe said it expected earnings per share between $4.63 and $4.68 on revenue in the fourth quarter of between $5.5 billion and $5.55 billion. Analysts polled by LSEG were expecting a forecast of $4.67 of earnings on $5.61 billion of sales.Adobe said it recorded $1.68…
Here’s a rapid-fire update on all 32 stocks in Jim Cramer’s Charitable Trust, the portfolio we use for the CNBC Investing Club. Jim broke down the portfolio Thursday during the September Monthly Meeting . Apple : This company is the real winner when it comes to the artificial intelligence boom, according to Jim. Apple gets to be the “ultimate free rider,” utilizing OpenAI’s well-regarded large language models for free in its forthcoming software update for newer devices. Jim also told members not to worry about hardware sales after recent mixed Wall Street commentary regarding the new iPhone 16 models. Abbott…
Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data. The data, released Thursday as part of the US Census Bureau’s 2023 American Community Survey, underscores the gravity of America’s home-affordability crisis: Not only has buying a home become prohibitively expensive for many Americans, but so too has renting one. “Housing costs rose between 2022 and 2023 for both homeowners and renters,” Molly Ross, a survey statistician at the Census Bureau, said in a statement. “The median cost of housing…
