Business

David Einhorn speaking at the 2024 SOHN Conference in New York City on April 3rd, 2024. Adam Jeffery | CNBCShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned. Einhorn made the pitch to investors while he was riding a Peloton bike, a person familiar with his remarks said. It was not immediately clear what Einhorn believed Peloton shares should trade at.Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30. Peloton's stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday's close. Einhorn's comments come one day after the company announced that it w...

BMO Capital Markets dropped its 2024 election guide last week. The firm found stocks in different sectors that stand to gain or lose depending on which party wins the White House. BMO looked mainly at potential impacts tied to tariffs, regulation, immigration, taxation and socially conscious business frameworks. "We are not taking a view on the election outcome but rather sharing our views from a policy perspective," the firm said. CNBC Pro compiled some names BMO sees as winning in both scenarios: Kamala Harris victory Brookfield Renewable is one name that could be a winner if Harris prevails. That's because it's seen as a beneficiary of support for renewable energy. Shares have underperformed the broader market this year with a gain of 8%. Despite that, Wall Street is bullish on the stoc...

British Prime Minister Sir Keir Starmer speaks with leaders from across the UK during the International Investment Summit on October 13, 2024 in London, England. Wpa Pool | Getty Images News | Getty ImagesThe U.K.'s ruling Labour Party has rejected accusations by former U.S. president Donald Trump's campaign team that the British party's members have interfered in the upcoming U.S. election.Republican presidential nominee Donald Trump's campaign team on Monday accused the Labour Party of "blatant foreign interference" in the vote, after party volunteers travelled to several battleground states in the U.S. to help campaign for Democratic nominee and current Vice President Kamala Harris."It is common practice for campaigners of all political persuasions from around the world to volunteer in ...

Nina Jankowicz, a disinformation expert and vice president at the Centre for Information Resilience, gestures during an interview with AFP in Washington, DC, on March 23, 2023.Bastien Inzaurralde | AFP | Getty ImagesNina Jankowicz's dream job has turned into a nightmare.For the past 10 years, she's been a disinformation researcher, studying and analyzing the spread of Russian propaganda and internet conspiracy theories. In 2022, she was appointed to the White House's Disinformation Governance Board, which was created to help the Department of Homeland Security fend off online threats.  Now, Jankowicz's life is filled with government inquiries, lawsuits and a barrage of harassment, all the result of an extreme level of hostility directed at people whose mission is to safeguard the internet,...

Policymakers at the European Central Bank are split on the need to consider a jumbo half-point interest rate cut in December, even as downside risks dominate on both economic growth and inflation.The comments come shortly after the ECB delivered back-to-back interest rate cuts for the first time in 13 years at its October meeting.The move, which marked the central bank's third quarter-point cut this year, had been fully priced in by markets after decision-makers flagged reduced inflation risks and a weakening growth outlook."The truth is that the print of inflation in September was very low, way lower than what we were expecting," Portuguese central bank chief Mario Centeno told CNBC's Karen Tso on Wednesday."We need to take that into our story," Centeno said. "After that, we need to look ...

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE), January 19, 2022.Brendan McDermid | ReutersMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could...

Stocks are experiencing some turbulence of late, but the longer-term outlook points to sharp gains ahead, according to Piper Sandler. Craig Johnson, the firm's chief market technician, sees the S & P 500 soaring to 6,600 in 2025. That's 12.8% above where the benchmark closed Tuesday. "The old Wall Street adage 'Bull Markets Climb a Wall of Worry' sums up the narrative of this market well," Johnson wrote in a note. "For the past two years, equity markets managed to maintain a steady upward trajectory despite a series of pullbacks/corrections, economic concerns, geopolitical tensions, fears of inflation, rising interest rates and pessimistic headlines." "As this Bull Market enters its third year, the combination of a well-telegraphed shift in Fed policy, normalization of the yield curve ...

Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Costco as overweight The firm says membership card scanner rollouts is a "Netflix moment" for Costco. " Costco's ongoing roll-out of membership card scanners at its U.S. clubs could soon deliver a Netflix moment. Our channel checks suggest membership counts at selected Costco locations, following implementation of the scanners, is rising by double digits." Morgan Stanley reiterates Spotify as overweight Morgan Stanley raised its price target on Spotify to $430 from $400, calling it a top pick. "We remain bullish due to cont'd conviction in 1) Spotify's best-in-class product offering and related pricing power, 2) cont'd runway for user growth, and 3) mgmt's commitment to financial discipline and driving profit...

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.David A. Grogen | CNBCWarren Buffett is worried about a rise in impersonators looking to capitalize on his name by purporting to be him recommending an investment product or political candidate on social media. So much so that Berkshire Hathaway made the rare move of adding a statement on the matter to the front page of its website.The statement reads:"In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett's endorsement of investment products as well as his endorsement and support of political candidates. Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and supp...

Vintage Coca-Cola bottles are seen in a shop window in Manhattan, New York City, on July 15, 2024.Beata Zawrzel | Nurphoto | Getty ImagesCoca-Cola is about to report third-quarter earnings before the bell on Wednesday.Here is what Wall Street analysts surveyed by LSEG are expecting:Earnings per share: 74 centsRevenue: $11.60 billionIn recent quarters, Coke has been besting rival PepsiCo, which has been hurt by the fallout from the Quaker foods recalls, a slowdown in snacking and lagging energy drink sales.Coke has reported strong demand in its international markets, helping offset weaker demand in the U.S. In its home market, consumers have been dining out less, denting the company's off-premise sales and prompting Coke to partner with chains to offer combo meals.Despite domestic challenge...