12 minutes ago
These are the stocks making big moves in premarket trading
Check out the companies making headlines before the bell:
- Tesla – Electric vehicle inventory rose 1.5% after a Portal report said Tesla plans to build and produce electric vehicles at a factory near Berlin that will sell for 25,000 euros ($26,859). The move has long been expected as Tesla seeks to produce more affordable electric vehicles.
- Bluegreen Vacations – The vacation stock provider soared more than 100% after agreeing to sell to Hilton Grand Vacations for $75 per share in cash. The deal is expected to close in the first half of 2024.
- Paramount Global – Shares of the owners of CBS TV and Simon & Schuster fell 3.7% after Bank of America downgraded the stock to underperform from buy. The investment firm warned that Paramount would be worth less if it did not consider selling some of its assets.
The full list can be found here.
—Pia Singh
42 minutes ago
Citigroup is considering job cuts
Citigroup is considering job cuts of at least 10% at several of its major companies, CNBC reported Monday, citing people familiar with the matter.
There could be cuts of more than 10% in senior roles as CEO Jane Fraser seeks to eliminate regional manager and co-head roles.
The talks and revision, known internally as “Project Bora Bora,” are in early stages, CNBC reported. Shares were slightly higher before trading began.
—Hugh Son, Samantha Subin
An hour ago
Tesla shares are rising on plans to build 25,000 euro electric vehicles in Europe
Tesla plans to build a 25,000 euro ($26,838) electric vehicle at a factory near Berlin, Portal reported on Monday. The move is the electric giant’s latest attempt to further reduce prices on its vehicles and bring a long-awaited affordable model to market. Musk originally announced plans to produce a $25,000 electric vehicle in 2020, with production scheduled to run through 2023.
Shares of the Elon Musk-led electric vehicle company rose about 2% on the news. A source cited by Portal did not give a timeline for when production of the vehicle would begin.
—Brian Evans
3 hours ago
The Fed is tired of raising interest rates, says BCA Research
Don’t expect any more interest rate hikes from the Federal Reserve from here, according to BCA Research.
“Although the interest rate outlook remains uncertain, we maintain our expectation that the Fed is done raising rates,” wrote Doug Peta, the firm’s chief U.S. investment strategist. “However, we believe a recession is almost inevitable and we expect it to begin in the first half of next year, so we are preparing to go on the defensive.”
“We are already underweight equities and overweight fixed income over a 12-month period and look forward to aligning our tactical and cyclical recommendations shortly,” Peta said.
—Fred Imbert
9 hours ago
Singapore’s largest bank DBS beats forecast, quarterly profit rises 17%
Southeast Asia’s largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high interest rate environment.
Shares of the lender rose 0.45% in early afternoon trading.
Net profit rose to 2.63 billion Singapore dollars (US$1.94 billion) in the quarter. 2.24 billion Singapore dollars a year ago.
It was higher than analyst estimates at LSEG, which forecast a quarterly profit of 2.5 billion Singapore dollars for the July-September quarter.
The Bank of Singapore In addition, a dividend of 48 Singapore cents for each ordinary share was declared for the third quarter.
Click here to read the full story.
—Shreyashi Sanyal
11 hours ago
South Korean stocks rise after temporary short-selling ban
South Korean stocks jumped after financial authorities said they would reimpose a ban on short selling until the end of June 2024. Short selling is when a trader sells borrowed shares to buy them back at a lower price and pocket the difference.
The ban restricts short selling of all stocks listed on Kospi, Kosdaq and Konex. In May 2021, restrictions on trading stocks of large-cap companies, most of which are included in the Kospi, were lifted.
“We seek to fundamentally eliminate the ‘distorted playing field’ between organizations and individuals,” Financial Services Commission Chairman Kim Joo-hyun said in a press release.
The Kospi rose 3.93% while the Kosdaq gained 5.88%.
This came after a report in mid-October said that South Korea’s securities regulator had found that two Hong Kong-based investment banks had engaged in naked short selling, which was expected to result in record fines. Naked short selling is when an investor sells a stock or other security short without first taking out a loan.
—Shreyashi Sanyal
14 hours ago
CNBC Pro: Citi is bullish on part of the semiconductor industry. Here are the top stock picks
A recovery began in one corner of the semiconductor industry in the second half of this year, according to Citi.
The rise in monthly semiconductor sales in September beat Citi’s estimates. It rose 13% from the previous month to $49.6 billion, above the bank’s estimates of $46.9 billion, the bank said.
CNBC takes a look at five of its top stock picks.
Subscribers can read more here.
– Weizhen Tan
14 hours ago
CNBC Pro: Growth investor underweight the Magnificent Seven but likes a tech giant
The “Magnificent Seven” stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – have proven popular this year, but one growth investor says he is underweight the group.
“The Magnificent has done well and is poised to continue to do well because they did.” [a] They have fortress-like balance sheets and are highly profitable. “They’ve used the last two years post-Covid to become more efficient, but they also have tremendous opportunities ahead of them in terms of artificial intelligence,” Jonathan Curtis told CNBC on Friday.
However, he said investors need to be “a little more curious and cautious” about tech mega-caps – citing his favorite as having “tremendous growth potential.”
CNBC Pro subscribers can read more here.
—Amala Balakrishner
14 hours ago
Berkshire Hathaway reports a surge in operating profits and record cash levels
On Saturday, Berkshire Hathaway reported a big jump in third-quarter operating profits and a record level of cash on hand.
Berkshire’s operating profits totaled $10.761 billion in the most recent quarter, up 40.6% from the same quarter last year.
The Omaha-based conglomerate also had a record cash balance at the end of September – $157.2 billion.
—Yun Li, Tanaya Macheel
15 hours ago