Stocks making the biggest moves premarket: Warner Bros. Discovery, Tesla, Robinhood, IonQ and more
Check out the companies making headlines before the bell. Warner Bros. Discovery – Shares jumped nearly 9% after Warner said it will split into two publicly traded companies by next year. One company will host WBD's streaming services and movie properties, while the other will include its cable networks such as CNN and TNT Sports. Tesla – Shares of the electric vehicle maker dropped about 2% after Baird downgraded the stock to neutral from buy. The firm said that CEO Elon Musk's comments on robotaxi plans are "a bit too optimistic" and that Musk's relationship to President Donald Trump adds "considerable uncertainty." EchoStar – Shares tumbled 11% after the Wall Street Journal, citing people familiar, said the telecommunications company is considering filing for bankruptcy under chapter 11 . The company is trying to protect its wireless spectrum licenses that are under review by the Federal Communications Commission, the report said. Robinhood , Applovin – Shares of Robinhood and Applovin each fell about 4% after neither name was added to the S & P 500 on Friday, as both names were considered possible candidates for inclusion in the index . Robinhood soared more than 13% last week leading up to the rebalance announcement, while Applovin advanced more than 6%. IonQ – The quantum computing stock gained more than 7% after the company announced that it's agreed to acquire Oxford Ionics in a deal valued at $1.075 billion in cash and stock. The deal is expected to close in 2025. McDonald's – The fast-food chain's stock slipped nearly 1% on the heels of a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said the company hasn't been insulated from pressures on the fast food sector. Moelis & Co. – Shares were marginally lower. On Monday, The Wall Street Journal reported that CEO Ken Moelis is planning to step down from the role at the investment bank. He said in an interview that he's expected to become executive chairman, effective Oct. 1. Co-president Navid Mahmoodzadegan is slated to become CEO, the report said. — CNBC's Alex Harring, Fred Imbert and Sarah Min contributed reporting.
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Yahoo
27 minutes ago
- Yahoo
What the business world has to like (and not) in the Senate version of Trump's 'big, beautiful bill'
The business community has some clear wins in a Senate version of President Trump's "big, beautiful bill" but it isn't getting everything it wants. The Senate's Finance Committee's 549-page blueprint contains significant changes, especially on taxes, Medicaid funding, and clean energy. One proposal was quickly embraced by the business community: a Senate-side push to make corporate tax deductions permanent around things like interest payments and new capital investments. But a less popular idea is the survival of the so-called revenge tax that would allow the government to levy new duties on foreign nations and their businesses. That idea was introduced in the House version and sparked fears of reduced foreign investment. The version released last Monday pares back the tax but doesn't eliminate it entirely, as corporate lobbyists had asked. Specific industries also have plenty at stake from Senate changes if they make it into law. Businesses that work in clean energy will have more time to adjust to the phase-out of Biden-era credits. Restaurants and gig economy companies have more limited tax breaks for tips and overtime. Healthcare providers will also have to adjust to even steeper cuts to Medicaid's provider tax structure — perhaps the most surprising and significant overall change in the Senate version. What the Senate version of the bill doesn't appear to have — as Elon Musk and others had pushed for — is a significant change in the final price tag. Both versions are expected to add trillions of dollars to the debt. The Senate version also raises the debt ceiling by $5 trillion, compared with $4 trillion in the House version. The bill does have one clear cost-saving measure: slashing the annual deduction for individual state and local taxes (SALT) from $40,000 to $10,000. But that provision is described even in the bill's official summary as "the subject of continuing negotiations," with defenders of the deduction pledging to restore the full credit forthwith. The Senate version earned a quick flurry of Republican pledges — from fiscal hawks to defenders of those SALT deductions to those who object to the Medicaid cuts — to vote no if the final version isn't changed to their liking. "We're not seriously addressing our long-term deficit and debt," Sen. Ron Johnson of Wisconsin told reporters soon after the unveiling, reiterating that he remains a no. The back and forth comes just weeks ahead of Republicans' self-imposed deadline to get the bill to the president's desk by July 4. Senate Majority Leader John Thune has said sticking to that timeline means Senate passage by the end of this coming week. Ed Mills of Raymond James offered in a note that "we continue to view the July 4 target as ambitious" — suggesting that SALT and Medicaid provisions in particular could be under continued debate in the days ahead. Here is a closer look at some of the major business world changes being proposed by the Senate: A key focus for business owners is a series of tax deductions that will reinstate credits for corporations around things like property depreciation, capital investments, new factory construction, interest expenses, and research and development costs. These provisions were present in the House version but only temporarily. Permanency was a key Senate priority once they took over, even as it is expected to increase the price tag. The bill "powers the economy by permanently extending critical pro-growth provisions and introduces new incentives for domestic investment, providing certainty for American job creators to spur domestic economic activity and invest in their workers," offered Senate Finance Committee Chairman Mike Crapo as he unveiled these provisions. The Senate version also enhances credits for "opportunity zones," which provide tax relief in rural and distressed communities. The bill also includes Trump's campaign promises of no taxes on tips and overtime, but in a more limited form. Employees would be able to deduct up to $25,000 annually for tips and overtime, in contrast to the House's approach of 100% deductibility under certain income limits. The Senate blueprint also includes a rollback of clean energy credits for things like solar panels and electric vehicles. The changes in the Senate would make that phaseout slower — zeroing out some key credits by 2028 — but with a bottom line that Republicans across the spectrum are united in eliminating these benefits entirely. Amy Hanauer, executive director of the left-leaning Institute on Taxation and Economic Policy, reacted to the released proposal by saying that "the emerging clean energy economy will be curtailed and for what?" "Our communities will be worse off as a result of this legislation,' she added. On the fossil fuel side, the Senate bill continues to include changes to make permitting less laborious, open up new lease sales, and reverse a fee on excess methane emissions. The Senate bill also includes a controversial plan to limit the ability of states to regulate artificial intelligence. The Senate's provisions are less airtight, stopping short of the outright ban proposed by the House, but are expected to remain a point of contention and potentially an issue for the Senate parliamentarian, given the Senate's complex reconciliation rules. Other changes in the bill appear to cut against business interests at least slightly. The Senate bill makes permanent the so-called pass-through deduction — formally called a 199A deduction for small businesses — but at the current rate of 20%. The House version also had permanency, but at a higher rate of 23%. Meanwhile, a clear focus of business lobbyist ire has remained in the bill, but in a slightly diminished form: the so-called revenge tax. This idea would allow a president to punish companies and countries if they adhere to foreign laws that policymakers find objectionable. In Trump's case, things like the digital services taxes that often hit tech companies overseas. The Senate version, in a nod to the flurry of concerns, set a maximum rate of 15% and delayed implementation until 2027 but kept the concept intact. In addition to that tax, the SALT and Medicaid changes are likely to be most in focus in the days and weeks ahead. Tobin Marcus of Wolfe Research noted Tuesday morning that "SALT changes underscore the reality that this is another step forward in negotiations, not the final answer." He added that "we still view late July as the real deadline." This story has been updated. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Check Out the Homes of 8 Famous Money Experts, From Bezos to Buffett
One of the perks of being a famous money expert (or simply one of the wealthiest people on Earth) is having the ability to live large — literally. Having amassed an incredible amount of wealth, folks such as Jeff Bezos also have acquired some fascinating real estate portfolios that reflect not only their personal tastes, but also their financial philosophies. Also See: Learn More: Whether it's a 1,400-acre hyper-secret Hawaiian compound or a 400-square-foot, four-bedroom home in Texas, the houses, mansions and compounds of eight of the world's most famous money experts might fascinate you. As the world's third-wealthiest human being (after Elon Musk and Mark Zuckerberg, who will both pop up later), Amazon founder Jeff Bezos has a staggering real estate portfolio of over 10 homes valued at approximately $700 million, per the Robb Report. Estimated Cost: $165 million Bezos owns a 14,000-square-foot mansion with two houses, a golf course, a tennis court, a parking structure, a nursery and a swimming pool. Estimated cost: $78 million The secretive Bezos compound in Maui consists of 14 acres and multiple houses. Estimated cost: $234 million In 2023, Bezos began purchasing great deals of Florida real estate, making the state his primary residence. Estimated cost: $132 million Bezos has owned property in New York City since 1999, owning multiple massive units in multiple buildings throughout the city. Estimated cost: $120.5 million Bezos set himself up with a gargantuan compound in Medina, Washington in 1998, a great deal of which he has since sold and made Florida his primary residence. Estimated Cost: $28 million In addition to buying The Washington Post, Bezos has also purchased a building formerly used as the Textile Museum and transformed it into a private residence. Find More: Read More: Estimated cost: $31,500 Warren Buffett is currently the sixth-richest man in the world with a net worth of $154 billion, and yet the famously frugal investor owns only one home — in Omaha, Nebraska. Purchased in 1958 for approximately $31,500, Buffett has lived in the five-bedroom, 2.5-bathroom home for 67 years. See More: Bestselling author and business expert Grant Cardone has an estimated net worth of $600 million. While that doesn't make him the wealthiest person in the world, it certainly has afforded him the ability to own some pricey real estate. Estimated cost: $40 million Cardone spent $40 million in January 2022 on a Malibu beachfront home that houses six bedrooms across 10,000 square feet. He is reportedly trying to sell the home for $65 million, and has noted he would prefer payment in bitcoin. Estimated cost: $28 million Cardone is also selling his Miami home for $42 million, after spending $28 million on it in 2021 in a purchase from Tommy Hilfiger. Billionaire and entrepreneur Mark Cuban has gone from splitting $600 rent with five friends in a single apartment in 1982 to owning an incredibly expensive series of properties throughout America. Estimated cost: $22 million Cuban makes his main home in the ritzy Preston Hollow neighborhood of Dallas. In addition to such extravagances as a tennis court and pool, the house also has 10 bathrooms and eight bedrooms. Estimated cost: $19 million to $26 million Cuban's West Coast home comes loaded with a walk-in wine cellar, an infinity pool and a gorgeous view of the Pacific Ocean. Estimated cost: $13.5 million Cuban owns a condo in the Trump International Hotel & Tower. Cuban bought it in 2000 and has yet to sell it because it has lost value. Estimated cost: $50,000 Perhaps befitting his mercurial, somewhat unusual nature, Elon Musk is the richest human being on Earth, and yet lives a tiny home that is only 400 square feet. Designed to be the height of functionality and efficiency, it is worth only $50,000 and is comprised of a living room, kitchen, bedroom and bathroom. It is located near Musk's SpaceX Starbase that is based out of Boca Chica, Texas. Explore More: Financial expert and author Suze Orman has a varied and pricey real estate portfolio, albeit one without many public details. Estimated cost: $3.6 million Since 2007, Orman has owned a 1,275-foot apartment in the ritzy Plaza Hotel along New York City's Central Park. Estimated cost: N/A While details on Orman's other properties are scant, she is known to also own a condo in South Florida, a condo in Johannesburg, South Africa, and property in the Bahamas, per her own website. Estimated cost: $10.2 million Financial advisor Dave Ramsey is known for his somewhat loud, larger-than-life personality, so it's only fitting that he would have had an enormous six-bedroom, nine-bathroom home of his own, one that stretches across 13,545 square feet, as reported by Taste of Country. The home is stacked with an elevator, a pool and spa, three garages and five fireplaces. All that said, Ramsey chose to sell the property in 2021. With a net worth of $216 billion, Facebook founder and entrepreneur Mark Zuckerberg is the world's second-wealthiest person, and he has a real estate portfolio that definitely matches his stature as one of the world's richest men. Estimated cost: $270 million Zuckerberg owns an enormous estate in Kauai that stretches beyond a whopping 1,400 acres. Multiple mansions are housed across the properties, along with a number of swimming pools, a tennis court, gyms and saunas, multiple treehouses connected by rope bridges, and even a 5,000-square-foot underground shelter, according to the Robb Report. Little else is known about this very mysterious — and very large –property holding. Estimated cost: $59 million Zuckerberg has purchased two properties along Lake Tahoe and has been at work grouping them into a seven-building joint compound that will feature additional guesthouses, offices and a spa. Estimated cost: $43 million Zuckerberg primarily hangs his hat in Palo Alto, in a series of neighboring homes, pools and offices. Estimated cost: $23 million Like Bezos, Zuckerberg has set himself up with a strikingly expensive home in Washington, D.C., following the most recent presidential election. At 15,400 square feet, the mansion is practically a compound unto itself, one that serves as a home base for Zuckerberg as his interests become increasingly political. More From GOBankingRates Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on Check Out the Homes of 8 Famous Money Experts, From Bezos to Buffett
USA Today
an hour ago
- USA Today
Investors brace for oil price spike, rush to havens after US bombs Iran nuclear sites
The U.S. attack on Iranian nuclear sites is expected to cause market reactions, potentially increasing oil prices and strengthening the U.S. dollar. Increased oil prices could lead to higher inflation and reduced consumer confidence, potentially impacting interest rate cuts. Market uncertainty remains high due to limited information regarding the extent of damage and future developments in the conflict. NEW YORK - A U.S. attack on Iranian nuclear sites on Saturday could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy. The attack, which was announced by President Donald Trump on social media site Truth Social, deepens U.S. involvement in the Middle East conflict. That was the question going into the weekend, when investors were mulling a host of different market scenarios. In the immediate aftermath of the announcement, they expected the U.S. involvement was likely to cause a selloff in equities and a possible bid for the dollar and other safe-haven assets when trading begins, but also said much uncertainty about the course of the conflict remained. While Trump called the attack "successful", few details were known. He was expected to address the nation later on Saturday. "I think the markets are going to be initially alarmed, and I think oil will open higher," said Mark Spindel, chief investment officer at Potomac River Capital. "We don't have any damage assessment and that will take some time. Even though he has described this as 'done', we're engaged. What comes next?" Spindel said. "I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil," he added. Spindel, however, said there was time to digest the news before markets open and said he was making arrangements to talk to other market participants. How will oil prices and inflation be affected? A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts. "This adds a complicated new layer of risk that we'll have to consider and pay attention to," said Jack Ablin, chief investment officer of Cresset Capital. "This is definitely going to have an impact on energy prices and potentially on inflation as well." While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13. Before the U.S. attack on Saturday, analysts at Oxford Economics modeled three scenarios, including a de-escalation of the conflict, a complete shutdown in Iranian oil production and a closure of the Strait of Hormuz, "each with increasingly large impacts on global oil prices." In the most severe case, global oil prices jump to around $130 per barrel, driving U.S. inflation near 6% by the end of this year, Oxford said in the note. "Although the price shock inevitably dampens consumer spending because of the hit to real incomes, the scale of the rise in inflation and concerns about the potential for second-round inflation effects likely ruin any chance of rate cuts in the U.S. this year," Oxford said in the note, which was published before the U.S. strikes. In comments after the announcement on Saturday, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level in a few days as the attacks could lead Iran to seek a peace deal with Israel and the United States. "With this demonstration of force and total annihilation of its nuclear capabilities, they've lost all of their leverage and will likely hit the escape button to a peace deal," Cox said. Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump's tariffs. Still, any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead. On average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro. What will this mean for the US dollar? An escalation in the conflict could have mixed implications for the U.S. dollar, which has tumbled this year amid worries over diminished U.S. exceptionalism. In the event of U.S. direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said. "Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger," said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. "It's hard to imagine stocks not reacting negatively and the question is how much. It will depend on Iranian reaction and whether oil prices spike."
