SocGen reports 64% slide in annual profits but beats market expectations

SocGen reported its latest results Wednesday. SAMEER AL-DOUMY | AFP | Getty Images General Society on Wednesday reported a 64% drop in annual net profits for 2022, weighed on by lower activity in its domestic banking unit, currency effects and increased operating expenses. The French bank said net income came in at 1.16 billion euros … Read more

Five key economic points in Biden’s 2023 State of the Union address to Congress

President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington, as Vice President Kamala Harris and House Speaker Kevin McCarthy of Calif., applaud. Pool | Via Reuters President Joe Biden delivered his second State of the Union address to … Read more

World’s largest drone maker is unfazed — even if it’s blacklisted by the U.S.

The world’s biggest drone maker DJI found itself embroiled in the Russia-Ukraine conflict last year. In March, three weeks after Russia’s invasion began, a Ukrainian minister called out DJI on Twitter for being complicit in the war. DJI is just one of many tech companies that has found its products used on the battlefield. The … Read more

Luxury brand Six Senses is opening its first hotel in Australia

The luxury hotel brand Six Senses is planning to open its first hotel in Australia — inside an old family mansion. The heritage house and its 22-hectare estate, named Burnham Beeches, are 25 miles from Melbourne in the forested Dandenong Ranges. The house was designed in 1933 for an Australian family, according to a website … Read more

Jim Cramer says Activision Blizzard is a buy, but wait on Take-Two Interactive

CNBC’s Jim Cramer on Tuesday said Activision Blizzard is better positioned in the short term than rival Take-Two Interactive. Both video game companies reported earnings this week. Activision Blizzard Shares of Activision Blizzard rose about 5.6% Tuesday after the company reported a revenue beat in its most recent quarter. Cramer said that while all eyes … Read more

Cramer’s lightning round: Parker-Hannifin is a buy

Parker-Hannifin Corp: “It’s just the kind of industrial I’ve been recommending. … I would buy it here.” Conocophillips: “That thing is like a fine Merlot, my friend. I would buy all you can right here.” Snowflake Inc: “I like Snowflake. I will go with [CEO Frank] Slootman. He is a money maker.” Zscaler Inc: “The … Read more

Jim Cramer says to not lose sight of investing fundamentals despite the bull market

CNBC’s Jim Cramer on Tuesday told investors to stay selective with stocks despite the market’s strong run. “I just want you to have a real earnings cushion with real buybacks or real dividends — ideally both — and I can’t feel comfortable recommending anything without them,” he said. The market rose on Tuesday after Fed … Read more

Microsoft will let companies create their own custom versions of ChatGPT, source says

Microsoft plans to release software to help large companies create their own chatbots similar to ChatGPT later this year, CNBC has learned. In the two months since startup OpenAI released ChatGPT to the public, it has become a hitimpressing people with its ability to spit out comments on a wide variety of topics and in … Read more

Wholesale egg prices have ‘collapsed.’ Why consumers may soon see relief

Egg shelves in New York on Jan. 21, 2023 with a note apologizing to customers for the price increase. Fatih Aktas/Anadolu Agency via Getty Images Wholesale egg prices have cratered in recent weeks from record highs, meaning consumers may soon see relief at the grocery store. But the dynamics of egg pricing from the wholesale … Read more

Stocks making the biggest moves after hours: Chipotle, Enphase Energy, Fortinet and more

A Chipotle restaurant in Miami, Florida. Joe Raedle | Getty Images News | Getty Images Check out the companies making headlines after hours. Chipotle Mexican Grill — Shares fell more than 4% in extended trading after Chipotle Mexican Grill missed analysts’ expectations on the top and bottom lines. The burrito chain reported earnings of $8.29 … Read more

Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales

A Chipotle restaurant and signage is seen on February 09, 2022 in Miami, Florida. Joe Raedle | Getty Images Chipotle Mexican Grill on Tuesday reported weaker-than-expected quarterly earnings and revenue, signaling that its price hikes may finally be alienating customers. In October, CEO Brian Niccol said the company saw “minimal resistance” to higher prices for … Read more

Microsoft CEO Nadella calls AI-powered search biggest thing for company since cloud 15 years ago

Microsoft CEO Satya Nadella said on Tuesday that search powered by artificial intelligence is the biggest thing to happen to his company in the nine years he’s been at the helm. “I have not seen something like this since I would say 2007-2008, when the cloud was just first coming out,” Nadella told CNBC’s Jon … Read more

Delta raises employee pay 5%, second increase in a year

Nurphoto | Nurphoto | Getty Images Delta Air Lines is raising employee pay 5%, the second time its lifted staff pay in less than a year as a sharp rebound in travel boosts the carrier’s profits and the U.S. labor market remains tight. Delta raised employee pay 4% in May, the first increases since before … Read more

Biden to revisit ‘billionaire minimum tax’ in State of the Union address

President Joe Biden delivers the State of the Union address on March 1, 2022. Win Mcnamee | Getty Images President Joe Biden will again call for a “billionaire minimum tax” during his State of the Union address on Tuesday. While details haven’t been released, Biden previously proposed a billionaire minimum tax in his 2023 federal … Read more

Inflation Reduction Act has spurred 100,000 new green jobs so far: Here’s where they are

A quality control worker checks a solar panel at the Hanwha Q Cells solar cell and module manufacturing facility in Dalton, Georgia, on Thursday, Oct. 6, 2022. Elijah Nouvelage | Bloomberg | Getty Images Since President Joe Biden signed the historic Inflation Reduction Act into law last August, companies have announced more than 100,000 clean … Read more

New photos show the Navy recovering downed China spy balloon off U.S. coast

Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Photo: U.S. Navy The U.S. Navy on Tuesday released photos showing the recovery of the remnants of a Chinese spy balloon that was shot down over the weekend on the orders … Read more

Biden Labor Secretary Marty Walsh to become head of NHL players union

Labor Secretary Marty Walsh listens as U.S. President Joe Biden speaks during an event in the Rose Garden of the White House September 15, 2022 in Washington, DC. Anna Moneymaker | Getty Images Labor Secretary Marty Walsh will leave his post in the Biden administration to become head of the NHL players’ union, sources confirmed … Read more

Zoom to lay off 1,300 employees, or about 15% of its workforce

Zoom on Tuesday announced plans to cut about 1,300 workers, or 15% of its workforce, according to a blog post on the company’s website. Shares of Zoom were up 7% in afternoon trading. CEO Eric Yuan wrote in the blog post that as the world continues to adjust to life after the Covid pandemicthe company … Read more

Auto insurance is up by more than 15% this year in some states. Here’s how to keep your premium down

Miniseries | E+ | Getty Images As with many line items in your household budgetyour auto insurance probably costs more this year than in 2022. How much more? It depends on a variety of factors, including where you live. Nationally, the average for full coverage — generally defined as liability, collision and comprehensive — is … Read more

Fed Chief Powell says the disinflationary process has begun, but has a long way to go

Federal Reserve Chairman Jerome Powell said Wednesday that inflation is beginning to ease though he expects it to be a long process. “The disinflationary process, the process of getting inflation down, has begun and it’s begun in the goods sector, which is about a quarter of our economy,” the central bank chief said during an … Read more

Plant-based salmon startup capitalizes on rising interest in fake seafood

While the plant-based burger wars have been waging for several years now, plant-based fish is just in its infancy. But that is about to change, as new contestants enter the mix with various types of faux fish offerings, and investors rush in to fund them. In the U.S. alone, investment in plant-based, fermented or cell-based … Read more

Watch Federal Reserve Chair Jerome Powell discuss inflation, interest rates and the economy

[The stream is slated to start at 12:40 a.m.ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell speaks Tuesday afternoon in a question-and-answer session with Carlyle Group Chairman David Rubenstein. The event is being held at the Economic Club in Washington, D.C. The … Read more

Turkey’s Ceyhan oil port disrupted by weather as earthquake damage assessed

A satellite image showing the port of Ceyhan centred on August 18, 2015 in Turkey. Gallo Images | Gallo Images | Getty Images Adverse weather conditions are obstructing loading operations at Turkey’s Ceyhan port, where the impact of Monday’s immense twin earthquakes is still being assessed, according to oil traders and shipping sources. Operations were … Read more

Used vehicle prices swing higher amid unseasonably high demand in January

A man shops for used vehicles at the Toyota of Deerfield dealership in Deerfield Beach, Florida. Getty Images DETROIT – Stronger-than-expected demand for used vehicles last month led to the largest increase in wholesale values since late 2021, according to new data Tuesday from Cox Automotive. The automotive data firm’s Manheim Used Vehicle Value Index … Read more

Biden plans to go after social media and kids’ mental health in SOTU speech

U.S. President Joe Biden speaks as he attends the DNC 2023 Winter Meeting in Philadelphia, Pennsylvania, U.S., February 3, 2023. Elizabeth Frantz | Reuters U.S. President Joe Biden will take aim at tech companies and discuss data privacy and online safety when he delivers the annual State of the Union address Tuesday night, the White … Read more