Business

CANNES, FRANCE - JUNE 19: Elon Musk attends 'Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk' session during the Cannes Lions International Festival Of Creativity 2024 - Day Three on June 19, 2024 in Cannes, France. (Photo by Marc Piasecki/Getty Images)Marc Piasecki | Getty Images Entertainment | Getty ImagesTesla shares soared roughly 19% Thursday morning, putting the stock on pace for its best day in more than three years, following the company's better-than-expected earnings report.The company late Wednesday reported revenue of $25.18 billion, which came in just under analysts' expectations of $25.37 billion, but was up 8% compared to a year earlier. Tesla reported earnings per share of 72 cents adjusted, topping the average analyst estimate of 58 cen...

The CNBC Sport videocast brings you interviews with the biggest names in the business. In episode 1, CNBC's Alex Sherman sits down with NBA Commissioner Adam Silver. They discuss the league's breakup with media rights partner TNT, what key changes could come to the court in the years ahead and how best to grow the WNBA's revenue. Watch the full conversation above, and sign up to receive future editions of the CNBC Sport newsletter straight to your inbox. Source link

Steve Christo - Corbis | Corbis News | Getty ImagesNovo Nordisk's blockbuster diabetes drug Ozempic may reduce the risk of developing Alzheimer's disease, suggesting its potential to delay or prevent the memory-robbing condition, according to a study released Thursday. Semaglutide, the active ingredient in Ozempic, was associated with a 40% to 70% lower risk of a first-time Alzheimer's diagnosis in patients with Type 2 diabetes compared with seven other diabetes medications. That includes insulin and older so-called GLP-1 drugs similar to Ozempic, the research said. Alzheimer's disease is often diagnosed in the mild dementia stage, when a person has significant trouble with memory and thinking. Almost 7 million Americans have the condition, the fifth-leading cause of death for adults over ...

American Airlines posted a third-quarter loss but raised its profit forecast for the year as CEO Robert Isom said the company's sales strategy shift earlier this year is paying off.The carrier said it expects to earn between 25 cents and 50 cents a share on an adjusted basis for the fourth quarter, above the 29 cents analysts polled by LSEG expected. For the full year, the airline expects to earn as much as an adjusted $1.60 a share, ahead of an earlier American forecast for no more than $1.30 a share.American in May fired its chief commercial officer after a sales strategy that aimed to drive direct bookings backfired and quickly reverted much of its sales model."We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which ...

An exterior view of the Kohl's store at the Paxton Town Centre near Harrisburg. A customer walks with a Nike shopping bag.Paul Weaver | SOPA Images | Emily Elconin | Bloomberg | Getty ImagesNike and Kohl's may not be winning on Wall Street, but a wide set of consumers still consider them to be the best in their categories, according to a consumer sentiment survey released Thursday. The Consumer Sentiment Index from consulting firm AlixPartners asked 9,000 fashion shoppers from Gen Z to boomers about the factors that drive their purchasing decisions and how retailers stack up against their competitors. Nike was ranked the No. 1 active footwear retailer among all four generational cohorts polled for the survey: Gen Z, millennials, Gen X and boomers. The legacy sneaker giant beat out Adidas a...

Here are five key things investors need to know to start the trading day:1. S&P losing streak2. EV gainsNew Tesla Cybertruck vehicles parked at a logistics drop zone in Seattle, Washington, US, on Thursday, Aug. 22, 2024. M. Scott Brauer | Bloomberg | Getty ImagesCall it the Tesla 20%. That was CEO Elon Musk's projection for vehicle sales growth next year, boosted by "lower cost vehicles" and the "advent of autonomy." That growth forecast outpaced Wall Street's expectations of 15% growth in deliveries next year to 2.04 million, according to FactSet. Musk's comments came after the U.S. EV leader handily beat profit expectations for the third quarter, despite coming in just shy of revenue estimates, according to LSEG. Shares of Tesla gained more than 10% in extended trading.3. Strike ext...

IBM CEO Arvind Krishna appears at the World Economic Forum in Davos, Switzerland, on Jan. 16, 2024.Stefan Wermuth | Bloomberg | Getty ImagesIBM shares moved 3% lower in extended trading on Wednesday after the hardware, software and consulting provider fell short of Wall Street's revenue expectations for the third quarter.Here's how the company did in comparison with LSEG's consensus:Earnings per share: $2.30 adjusted vs. $2.23 expectedRevenue: $14.97 billion vs. $15.07 billion expectedIBM's overall revenue increased 1.5% year over year, according to a statement. It had a net loss of $330 million, or 36 cents per share, compared with net income of $1.70 billion, or $1.84 per share, in the year-ago quarter. IBM swung to a loss after a one-time pension settlement charge tied to an agreement w...

Robots — or automated devices that can execute tasks without human intervention — are witnessing a "new inflection point" and several global stocks are leading in a corner of the ecosystem, according to research firm Bernstein. These stocks are captured under the arc welding segment or "one of the largest robotic applications," the investment banks' analysts wrote in an Oct. 23 research note. They also noted that such robots account for around 10% to 20% of annual robot shipments. Arc welding involves the fusion of metal pieces with heat generated by an electric arc. This method is utilized in a range of industries including construction, shipbuilding, automotive parts manufacturing, aerospace and railways, Bernstein detailed. "To date, traditional pre-programmed arc welding robots have be...

SK Hynix logo displayed on a phone screen as seen in this illustration photo taken in Krakow, Poland on January 30, 2023.Jakub Porzycki | Nurphoto | Getty ImagesSouth Korea's SK Hynix, one of the world's largest memory chipmakers, on Thursday posted record quarterly profit, boosted by strong demand for its high bandwidth memory (HBM) used in generative AI.Here are SK Hynix's third-quarter results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:Revenue: 17.57 trillion won ($12.7 billion) vs. 18.11 trillion wonOperating profit: 7.03 trillion won ($5.08 billion) vs. 6.8 trillion wonOperating profit in the July-September quarter hit its highest level, rebounding from a loss of 1.8 trillion won during the same period last yea...

LONDON — British bank Barclays on Thursday reported £1.6 billion ($2 billion) net profit attributable to shareholders for the third quarter, beating expectations.The result compared with the £1.17 billion net profit forecast in an LSEG poll of analysts and was 23% higher than the same period in 2023.Revenue for the period came in at £6.5 billion, slightly ahead of a forecast of £6.39 billion.Barclays shares opened 2% higher in London.The lender's return on tangible equity rose to 12.3% from 9.9% in the second quarter, as its CET1 ratio — a measure of solvency — rose to 13.8% from 13.6%.Earlier this year, Barclays announced a strategic overhaul in an effort to cut costs, boost shareholder returns and stabilize its long-term financial performance, placing more focus on domestic lending while...