Warren Buffett says Robinhood is catering to the gambling instincts of investors

Warren Buffett at Berkshire Hathaway’s annual meeting in Los Angeles, California. May 1, 2021. Gerard Miller Legendary investor Warren Buffett believes millennial-favored stock trading app Robinhood is contributing to the speculative, casino-like trading activity in the stock market and benefitting from it. Robinhood has “become a very significant part of the casino aspect, the casino … Read more

Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’

Charlie Munger at Berkshire Hathaway’s annual meeting in Los Angeles California. May 1, 2021. Gerard Miller | CNBC Berkshire Hathaway Vice Chairman Charlie Munger’s distain toward bitcoin has only intensified amid the digital asset’s record run this year. “Of course I hate the bitcoin success,” the 97-year-old Munger said during a Q&A session at Berkshire’s annual … Read more

Disinterest driving the SPAC slowdown is misplaced, money manager says

Has the SPAC spigot run dry? New issuances via special purpose acquisition vehicles — blank-check entities that raise capital to merge with private companies and take them public — dropped off in April, with just 10 new SPACs coming to market versus 109 in March, according to SPAC Research. Investors were particularly spooked by new … Read more

More earnings, April’s big jobs report and inflation worries could swing markets in the week ahead

Traders on the floor of the New York Stock Exchange. Source: NYSE April’s jobs report and a barrage of earnings news make for another busy week for markets, as the calendar rolls into May. Stocks notched solid gains in April, as REITs, consumer discretionary names and communications services companies outpaced the broader market, all more … Read more

Eurozone GDP: Germany, Spain, Italy and Portugal shrink, but France returns to growth – business live

As infections surged in the wake of the Christmas holidays, authorities tightened restrictions on movement and limited business opening hours, weighing on output and denting early optimism for a quick recovery from 2020’s record 10.8% slump. Output fell across all sectors in the first quarter, the INE data showed, with construction the worst performer and … Read more

Cramer backs Ford, undrafted in the CNBC Stock Draft, to outperform recovery favorites

CNBC’s Jim Cramer on Thursday endorsed Ford Motor as having the best odds of staging the biggest rally now through early February. As athletes and celebrities in CNBC’s annual Stock Draft picked recovery favorites earlier Tuesday, Cramer, who is not a participant, said he backs the traditional automaker to make significant gains.  “When the expectations … Read more

Here’s a full recap of CNBC’s Stock Draft

Tech names and crypto were among the favorites of big-name investors and celebrities as CNBC’s annual Stock Draft kicked off on Thursday. The CNBC Stock Draft is an annual stock-picking competition pitting market professionals, athletes and celebrities against each other. Each participant makes two picks from a list of 60 stocks and other investments. The … Read more

Hedge funds reversed course on these stocks and are now betting on them

Shopping carts are lined up in front of a Costco store on February 25, 2021 in Inglewood, California. Mario Tama | Getty Images Hedge funds reversed course on a handful of stocks and flipped from shorting the names to buying them long, according to Jefferies. In general, hedge funds got more cyclical in 2021, shifting … Read more

Cramer bemoans lack of earnings momentum in stocks: ‘It’s starting to bother me’

CNBC’s Jim Cramer on Wednesday gave his prognosis on the market as many stocks failed to gain trading traction after positive quarterly reports. “Most stocks simply aren’t getting much pin action now for what they do, in part because, well, the market’s had a miraculous run,” the “Mad Money” host said. “That makes everything seem … Read more

Fed Chair Powell gives stocks the all-clear to keep moving higher

Federal Reserve Chair Jerome Powell speaks during a Senate Banking Committee hearing on Capitol Hill, Washington, December 1, 2020. Al Drago | Pool | Reuters Fed Chairman Jerome Powell signaled that the central bank is not looking to tighten policy any time soon, a bullish sign for stocks and other risk assets. Powell spoke following … Read more