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India is ramping up stake sales in state-owned companies to keep the growth engine running amid growing fiscal constraints View More

In this articleBHARTIARTL-INRELIANCE-INETERNAL-INSWIGGY-INTRENT-INSBIFUNDS-INFLYCOCHINSHIP-INNHPC-INCOALINDIA-INIRFC-INLICI-INFollow your favorite stocksCREATE FREE ACCOUNT Hello, this is Priyanka Salve, writing to you from Singapore. Welcome to the latest edition of "Inside India" — your one-stop destination for stories and developments from the world's fastest-growing large economy.The Indian government has been rushing to sell stakes in state-owned companies this year. So far, it has pared its stake in 10 public sector companies, raising more than 620 billion rupees ($6.5 billion) this year. This week, I unpack what's driving India to meet its often-missed disinvestment target.Any thoughts on today's newsletter? Share them with the team. The big story It can be difficult to be the world's fastest-growing large economy when inflationary pressures and fiscal constraints threaten to put the brakes on government spending. But India cannot afford to lose its growth edge as it competes for the attention of global investors who have already put the country on the back burner as they focus on artificial intelligence-driven plays — something the South Asian country's growth story has been missing.So, to keep its growth engine running amid a widening fiscal deficit, the country is ramping up stake sales in state-owned companies, with the government offloading shares in 10 firms since the start of the year, despite dull market conditions. The government has sold shares in several companies including Cochin Shipyard, Indian Railways Finance Corp, NHPC, and Coal India this year and, on Wednesday, it completed one of its biggest stake sale.It raked in $3.3 billion by selling a 6.5% stake in the country's top life insurer, Life Insurance Corporation of India. The share sale was priced at a 10% discount to attract buyers — unsurprisingly, it was oversubscribed.While the government does have an obligation to reduce its stake in these businesses to comply with listing regulations, there has been a sudden and sharp rise in transactions this year. The last time the Indian government met its disinvestment goal — target for stake sales in state-owned firms — was in the financial year ending March 2019. The disinvestment rush Excluding LIC, India has sold stakes in 9 state-owned firms in 2026 and raised nearly 270 billion rupees ($2.8 billion), its highest in more than 10 years, according to Indian market intelligence provider Prime Database. And LIC alone surpasses that number by a good margin, signaling the state's increasing proclivity toward raising funds without widening the fiscal deficit. The government is well on its way to achieving its annual target of raising 800 billion rupees ($8.4 billion) through stake sales in state-owned enterprises, experts said, adding that these funds will be crucial for India as it faces deepening macroeconomic headwinds. The country has now met over 65% of its annual disinvestment target. Buildings in Lower Parel area in Mumbai, India, on Tuesday, Sept. 9, 2025. Bloomberg | Bloomberg | Getty Images "Tapping into the divestment proceeds is a very good strategy," Anubhuti Sahay, head of India economic research at Standard Chartered Bank, told CNBC, adding that the government is facing a downside revenue risk and an upside expenditure risk due to a higher subsidy burden.India did not meet its disinvestment targets for years as it was in a "comfortable fiscal situation," she said, adding that right now the stake sale is akin to tapping into "family silver" in times of need.For the quarter ending June, the country's goods and services trade deficit was $37.4 billion. Its fiscal deficit at the end of June was 3.1 trillion rupees, or 18.2% of the budget estimate for the financial year ending March 2027.While this is not unusual for India, the country has also seen strong capital outflows from foreign investors, which limits its ability to cover the rising import expenses. The capital outflows have led to currency weakness and tighter domestic financial conditions, experts said.The acceleration of government stake sales reflects "greater fiscal pressure," Alexandra Hermann Prasad, lead economist at Oxford Economics, told CNBC, adding that these funds will "provide useful non-debt revenue as strong expenditure growth makes the deficit target harder to achieve."Non-debt revenue is the income earned by a government that does not have future repayment liabilities.Global brokerage Citi, in a report on Monday, called it a "favorable" trend, adding that during the quarter ended June, India's fuel, food and fertilizer subsidies had increased 37% on year but the South Asian country has not scaled back its capex spending.Higher-than-expected proceeds from disinvestment are likely to ease the fiscal pressures arising from GST rationalization in September 2025, as well as costs associated with the policy response to the Middle East shock, Christian de Guzman, SVP, Sovereign Risk Group at Moody's Ratings, told CNBC.  Need to know An exam leak in India exposed a Gen Z jobs crisis that goes much deeperIndia's youth unemployment crisis has become one of the biggest vulnerabilities for Prime Minister Narendra Modi's government, exposing the gap between the country's economic ambitions and the reality facing millions of young graduates.J.P. Morgan expects India IPO activity to pick up in the second half of 2026India's IPO market is entering a stronger second half of 2026, supported by improving market conditions, lower volatility and a more stable macroeconomic backdrop, J.P. Morgan's Abhinav Bharti told CNBC's Inside India on Tuesday.Coming up Aug. 10: IPO of Bain Capital-backed Dhoot Transmission opens.Aug. 12: CPI Inflation data for July. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

CNBC’s Jim Cramer said investors should view SpaceX as a multigenerational investment, whose biggest opportunities may take decades to fully materialize. View More

In this articleSPCXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO1:2301:23If Elon Musk wasn't involved, I wouldn't recommend SpaceX, says Jim CramerMad Money with Jim Cramer CNBC's Jim Cramer said Wednesday investors looking at Elon Musk's SpaceX should stop thinking in quarters and start thinking in decades."SpaceX could be a 100-year piece of paper," the "Mad Money" host said, arguing that SpaceX should be viewed much like the century-long railroad bonds that ultimately rewarded patient investors. "Maybe you put some away for the next generation or even the one after that."Shares of SpaceX fell 13.6% on Wednesday as Wall Street digested the rocket-and-AI company's first earnings report since its historic June IPO. While revenue in the quarter topped expectations, the company disclosed sharply higher capital expenditures. Cramer acknowledged the stock could face additional near-term pressure with roughly 911 million previously locked-up shares becoming eligible for trading Thursday.Still, he argued investors focused on the next few quarters are missing the bigger picture. Instead, he thinks SpaceX's long-term value rests on Musk's ability to repeatedly build transformative businesses.While SpaceX's ambitions will require enormous amounts of capital, Cramer said Musk has consistently proven he can raise money for projects many initially dismissed as unrealistic."I would never recommend SpaceX if Musk weren't involved," he said. "I'm confident that Musk can raise all of the money he needs."Cramer also pointed to several long-term growth opportunities across the company, including Starship, Musk's fully reusable rocket program; Starlink's expanding satellite internet business; and SpaceX's growing compute footprint, which could eventually be used internally or rented to more outside customers. Currently, SpaceX has compute-rental agreements with Claude creator Anthropic and Alphabet's Google. While Cramer acknowledged those businesses may take years — or even decades — to reach their full potential, he said that's precisely why investors should evaluate SpaceX differently from a typical stock."One day this stock could be a huge winner," he said. "I just don't know when that day will come." VIDEO9:0409:04Jim Cramer shares his take on SpaceX after Wednesday's 14% decline Jim Cramer's Guide to InvestingClick here to read Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Etsy announced the layoffs along with second-quarter earnings. View More

In this articleETSYFollow your favorite stocksCREATE FREE ACCOUNT The Etsy Inc. headquarters in the Brooklyn borough of New York, US, on Tuesday, June 25, 2024.Victor J. Blue | Bloomberg | Getty Images Etsy said Wednesday it's laying off about 220 employees, or roughly 12% of its workforce, as the online marketplace looks to simplify its organizational structure and innovate faster in an increasingly competitive e-commerce industry.Etsy CEO Kruti Patel Goyal, who took over the helm at the beginning of this year, told staffers in a memo that the job cuts will position the company for "building the organization we believe Etsy needs for the future." Most of the cuts will impact Etsy's product and engineering teams, the company said. The layoffs, which were announced alongside Etsy's second-quarter earnings results, aren't a cost-cutting effort, but are intended to help the company "lean in during a period of strong momentum so that we can move faster and execute with even greater focus," Etsy wrote in its letter to shareholders. The cuts also weren't driven by artificial intelligence, an Etsy spokesperson said."You've heard me say that our first priority was to get the business growing again," Patel Goyal wrote in the staff memo. "Our ultimate goal, though, has always been to take Etsy to the next level of growth so we can fully deliver on our mission and our potential. We are now at the point where we need to make that shift - to build the team, culture, and organization that will make that possible." Read more CNBC tech newsSpaceX revenue jumps 92% and AI costs soar in first earnings report since IPONJ files antitrust suit against Amazon, alleging it unlawfully wielded power over delivery contractorsPalantir stock skyrockets on 'otherworldly' commercial revenue — here's what's driving the demandHow the 'Baby iPhone' and an Apple supplier leak explain China's recent supply chain moves Etsy runs a digital marketplace that's known for its assortment of handcrafted and artisanal wares. The company's business boomed during the Covid-19 pandemic, as shoppers flocked to online retailers in droves, but it struggled to keep that momentum going once lockdowns eased and consumers returned to physical stores.The company has also faced growing pressure to compete with rivals like Amazon and Walmart, along with newer e-commerce entrants TikTok Shop and Temu. Under Patel Goyal and her predecessor, Josh Silverman, the company has looked to double down on its reputation as a marketplace for unique products, while weeding out mass-produced, generic items from resellers. In a warning shot to Amazon, the company in June launched a "Shop Other Jeffs" advertising campaign during the retail giant's Prime Day promotion that featured "non-billionaire makers" named Jeff. It's also made improvements to search capabilities on its website to show more personalized results to shoppers and help them discover items faster. So far, the changes appear to be bearing fruit. For the second quarter, sales came in at $668.3 million, while analysts surveyed by LSEG expected $649.1 million. Sales on its core marketplace grew 9.3%. The company boosted its full year guidance for gross merchandise sales, or the dollar value of items sold, projecting they'll grow in the mid-single-digit range, up from low-single-digit growth. For the third quarter, the company expects GMS to be between $2.53 billion and $2.58 billion, beating consensus estimates of $2.49 billion, according to FactSet. Etsy has been facing year over year declines in the number of buyers on its platform. The company had 87 million active buyers in the second quarter, down 0.4% from one year ago. But for the second quarter in a row, it added more merchants year over year to the Etsy marketplace, hosting 5.7 million sellers, up 5.9%. Etsy posted a net loss of $46.65 million during the quarter, a loss of 36 cents per share, compared to a year-ago net income of $28.84 million, or 25 cents per share.The net loss included discontinued operations, which included last month's completed sale of Depop to eBay for $1.4 billion in cash. The sale came five years after it acquired the secondhand marketplace for $1.6 billion. Etsy has been offloading other brands in its portfolio as part of its effort to focus on the core marketplace business.Diluted net income from continuing operations per share was 98 cents per share, versus 39 cents per share a year ago. FactSet was expecting that metric to come in at 75 cents per share. VIDEO7:0307:03Watch CNBC's full interview with Etsy CEO Josh Silverman Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Since taking office in May, Warsh has implemented several measures that reverse decades of Fed culture. View More

Federal Reserve Chairman Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, July 29, 2026.Brendan Smialowski | Afp | Getty Images Add the possibility of fewer meetings into the mix of how Federal Reserve Chairman Kevin Warsh wants to reduce the central bank's footprint on financial markets, a move that some experts say could introduce both volatility and opportunity for investors.Since taking office in May, Warsh has implemented several measures that reverse decades of Fed culture in which policymakers have been aggressively transparent — some say overly so — about where they think monetary policy is headed. Thus far, he has curtailed so-called forward guidance, or how the Fed signals its future rate moves, dramatically shortened the postmeeting statement and provided cryptic and often evasive answers when questioned about his views during the two news conferences he's held so far.Now comes the possibility, discussed in what one Fed source described as mostly hypothetical terms, of reducing the long-held schedule of eight meetings each year for the rate-setting Federal Open Market Committee.Such a move would further curtail the communications output from the Warsh Fed — and lead to some uncertain outcomes for the stock and bond markets."Certainly, it's going to increase volatility," said George Catrambone, head of fixed income for the Americas at DWS Group. "Having less transparency forces market participants to hedge or have a wider dispersion of outcomes." 'Nothing magical' about schedule The Fed has used various meeting strategies over the decades. Until the early 1980s, it met nearly monthly before changing to eight a year under former Chairman Paul Volcker. Moreover, the Fed is free at any time to call a meeting, though the market implications could be substantial given that such a move would be considered an emergency.Minneapolis Fed President Neel Kashkari told CNBC on Wednesday that he is fine with reexamining the meeting schedule."I don't think there's any magic number about eight or 10 or six. You know, we always have the ability to call emergency meetings if things happen, but that's a big event," he said. "When the FOMC calls an emergency meeting, it really sends a signal that we're concerned about something. And so, you know, I think I'm open-minded. I don't have a strong view."Philadelphia Fed President Anna Paulson on Tuesday expressed similar sentiments, telling CNBC, "It's healthy to have a good discussion about that." Other Fed experts take a similar tack that having a fewer meetings a year might not be a big deal to markets."There's nothing magical about eight meetings," said Bill English, the Fed's former head of monetary affairs during Warsh's first stint there and now a Yale professor. "There are costs associated with having a lot of meetings, but on the other hand, you don't want to have so few meetings that you end up not acting in a timely way."English said he once proposed six meetings a year, but with each including a news conference as well as an update to the Fed's Summary of Economic Projections. Overall, he sees eight as "close to the right number" and instead is more concerned about other aspects of Warsh's strategy."I really don't like this effort to communicate much less," he said. "Explaining more about why you're doing what you're doing helps the public to understand it. It helps the public to anticipate it. It makes monetary policy more effective, and also it just seems like it's appropriate to make the Fed accountable." Muted market reaction So far, markets either have been willing to give Warsh the benefit of the doubt, or simply have been too focused on geopolitics to care about the Fed rumblings.The Dow Jones Industrial Average has added about 3,500 points, or 7%, since Warsh took over from now-Governor Jerome Powell on May 22. Bond yields on net have risen, though not dramatically, with the policy-sensitive 2-year Treasury up about 8 basis points, or 0.08 percentage points, while the benchmark 10-year yield has risen about the same. Stock Chart IconStock chart iconDow since May 22 Those moves have come despite Warsh defying a tradition of open communication that dates back into the latter part of the 20th century while also establishing five task forces aimed at a top-to-bottom rethinking of the Fed's approach to policy, communications strategy and data utilization, among other things."He's kind of getting away with it," said Mark Hackett, chief market strategist at Nationwide. "Warsh is really the first Fed official that I've seen explicitly say he wants the Fed to have less direct impact on market movement."Indeed, Warsh has told market participants explicitly that they should be reacting to data, not the vagaries of Fedspeak. "Market participants are learning to play the ball, not the referee — and market prices will continue to respond in the direction and magnitude they see fit," Warsh said during last week's news conference. "This is, in my view, a change for the better — and we are just getting started."Still, some investors think Warsh's strategy is risky."The main takeaway is more volatility," Dario Perkins, head of global macroeconomics at TS Lombard, said in a note in which he deemed the result of Warsh's approach "a regime of continuous market repricing.""Investors have to get used to FOMC meetings at which they don't know the outcome ahead of time," he said. "That will also provide new trading opportunities. It goes without saying that this may well be what Warsh has wanted all along." Potential ramifications Concerns already have been raised about the chairman's feelings over forward guidance, and that has been exacerbated by a loosely defined reaction function — a delineation of the economic conditions that would cause the Fed to react. Warsh also has spoken critically about the Fed's "dot plot" of individual officials' rate expectations and declined to submit his own dot when the Federal Open Market Committee last updated the grid in June.Adding to the information vacuum by only meeting, say, four or six times a year raises further concerns that a market that has for decades looked for cues from the Fed now will have to guess at policy."Obviously, if the the dot plot changes or if guidance changes, I don't think that's the end of the world," Hackett said. "If you stop start having less meetings, that's a different level, and that could be seen as disruptive."One potential consequence would be longer-term yields rising faster than shorter-term rates, what the market refers to as a bear steepener, said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. The implication is that fixed income investors would see the Fed holding short-term rates low and causing inflation expectations to rise. Stock Chart IconStock chart icon10-year Treasury yield in 2026 "Bondholders are not babies trying to have their hands held," Sri-Kumar said. "The bondholders are saying, 'Please don't make my life more difficult by introducing even more uncertainty.'"The federal government literally can't afford a spike in yields as it struggles with financing costs for the $31.1 trillion in outstanding Treasury debt held by the public. If investors sour further on government debt, it will make Treasury Secretary Scott Bessent's job tougher at a time when interest on the debt is second only to Social Security in government outlays. The Treasury Department estimates it will spend $1.3 trillion this year on debt financing costs.In a CNBC appearance Tuesday, Bessent described the Warsh approach as a "detox" for markets. There are plausible benefits and plausible drawbacks, and after such a short time, nobody really knows if the new approach will work. In the meantime, Warsh has a very important speech coming up when the Fed holds its annual gathering in Jackson Hole, Wyoming. at the end of August, a time that prior chairmen used to lay out new agendas."Warsh is trying to undertake a very large change in terms of how to communicate the data and how to interpret it," said Catrambone, the DWS bond strategist. "I would say we should also provide a little bit of grace." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Box office analysts say the resurgence of billion-dollar releases bodes well for a film industry that's still chasing pre-Covid levels, even with higher prices. View More

In this articleSONYLIONDISCMCSAWBDFollow your favorite stocksCREATE FREE ACCOUNT "Toy Story 5," "The Super Mario Galaxy Movie" and "Spider-Man Brand New Day."Disney | Universal Pictures | Sony Billion-dollar films are back in Hollywood.The theatrical industry welcomed its fourth billion-dollar film of 2026 this week as Sony and Marvel's "Spider-Man: Brand New Day" surpassed the coveted benchmark. It joins the three-comma ranks alongside Universal's "The Super Mario Galaxy Movie," Lionsgate's "Michael" and Disney and Pixar's "Toy Story 5." The group should soon be joined by Universal's "The Odyssey," which has tallied $912 million globally through Sunday and is set to play in theaters through at least mid-September.Box office analysts expect Warner Bros.' "Dune: Part Three" and Disney and Marvel's "Avengers: Doomsday" to also reach the billion-dollar figure later this year.As it stands, this is the highest number of billion-dollar film releases in a single year since the Covid pandemic shuttered movie theaters and halted production six years ago. (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})(); In 2019, nine films pulled in at least $1 billion at the box office. Seven of those films were Disney titles. Its co-production of "Spider-Man: Far From Home," in partnership with Sony, and Warner Bros.' "Joker" completed the list.On Wednesday, Disney touted the success of "Toy Story 5" as helping to propel its studios division during its most recent quarter even as the live-action "Moana" and "Star Wars: The Mandalorian and Grogu" films fell short of expectations.Of course, modern blockbusters are benefitting more from higher-priced tickets both for standard screenings and premium large format showings. Imax, Dolby Cinemas, ScreenX and 4DX have all reported record ticket sales because of films like "The Odyssey" and "Spider-Man: Brand New Day." In 2025, more than 16% of tickets sold for domestic showtimes were for these PLFs, according to data from EntTelligence. That's up from 15% in 2024 and 13.8% in 2023. These premium tickets can cost upward of $25 or more in places like New York City or Los Angeles, but average around $18.22 a piece nationally, EntTelligence reports. That's up 8% from 2023.Standard movie tickets, too, are getting pricier. In 2019, the average movie ticket cost a little more than $9, according to data from Cinema United. Now, the average is closer to $13.50, EntTelligence reports.Still, the hauls are a promising signal for a film industry that's still chasing 2019 levels, even with the benefit of higher prices. The domestic annual box office is currently on pace to cross $10 billion for the first time in seven years. Through Monday, the year-to-date haul stands at $6.2 billion, down 11% from 2019."The billion-dollar club has always been treated as a special box office milestone," said Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory. "It's also one that's become more challenging to achieve since the pandemic.""The sheer number of films crossing this threshold can be a good indicator of a banner year," he added.Unlike 2019, the 2026 class of billion-dollar films are spread across multiple studios and include not just sequels and franchise films but a musical biopic and a cinematic retelling of a 2,700-year-old epic poem. The broad success signals to Hollywood that it can take more risks on genre films and spread the wealth among more players.The resurgence in the number of billion-dollar films has been fueled in part by younger demographics that Hollywood and Wall Street previously worried would abandon cinemas in favor of their phones. "The demise of the theatrical experience has once again been greatly exaggerated," said Mike Polydoros, CEO at cinema marketing firm PaperAirplane Media. "Driving much of this resurgence is the growing influence of Gen Z, which accounted for 49% of 'Spider-Man: Brand New Day''s opening-day audience and 30% of 'The Odyssey''s opening-day crowd." watch nowVIDEO4:3504:35Gen Z is fueling the box office comebackCNBC Digital Original Video Generation Z, whose members range from around 14 to 29 years old, is one of the most active moviegoing demographics, and Gen Zers attend more films per year than some of their older peers. It also accounted for nearly 40% of all movie audiences in North America in 2025, Rentrak reported.And the return to movie theaters isn't just happening domestically, but internationally, too. The foreign market is vitally important to Hollywood. Among the the four films that have generated at least $1 billion globally this year, more than 50% of box office receipts have come from outside the U.S. and Canada."Notably, there has never been a film released domestically that has ever earned over a billion dollars in North America alone," Paul Dergarabedian, head of marketplace trends for Rentrak, told CNBC. "Only 'Star Wars: The Force Awakens' has even come close, with $936.7 million."Disclosure: Versant is the parent company of CNBC and Fandango. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Disney reported growth at its domestic theme parks and cruises despite mounting macroeconomic uncertainty for consumers. View More

In this articleDISFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO6:4106:41Disney tops earnings estimates as parks and streaming offer a boostSquawk Box Disney posted mixed quarterly results on Wednesday, far surpassing Wall Street expectations for earnings while slightly missing estimates for revenue. The company's quarterly results were once again lifted by its parks and streaming divisions. Revenue for Disney's experiences segment, which includes global theme parks and cruises, was up 10% year over year to $9.97 billion. That growth came even as macroeconomic uncertainty continues to mount for consumers and appears to weigh on Disney's parks peers."Domestically we're doing extremely well right now," CFO Hugh Johnston told CNBC, noting that park attendance in the U.S. was up 3% and per capita spending increased 4%. Johnston also called out the "very strong attendance" at Walt Disney World in Orlando, Florida. "Those numbers are somewhat different than what you would have seen from our competitor down there, as well as some of the reported traffic coming through Orlando [International] Airport," he added. Last month, Comcast's NBCUniversal reported that its Orlando theme parks saw lower attendance during its fiscal quarter, with executives pointing to "weakness in consumer sentiment and higher travel costs affecting demand." The effects of the U.S.-Israel conflict with Iran and related jump in oil prices have weighed on consumers.  Merchandise is displayed on a shelf at the Times Square Disney store on May 6, 2026 in New York City. Michael M. Santiago | Getty Images Meanwhile Disney's entertainment streaming business – primarily made up of Disney+ and Hulu – once again posted gains. Revenue for the segment increased 11% to $5.53 billion during the quarter. The growth was particularly propelled by an increase in streaming customers and price hikes as well as an increase in advertising revenue. The overall entertainment segment, which also includes traditional TV and theatrical releases in addition to streaming, saw revenue rise 6% to $11.35 billion. The success of "Toy Story 5" in theaters provided a boost, with Disney noting the animated film has surpassed $1 billion at the global box office. Disney has recently stopped reporting some metrics for the segment, such as a breakdown of revenue and operating income for its linear TV networks. It also no longer reports quarterly streaming subscriber numbers.Here's how Disney performed for its fiscal third quarter, ended June 27, compared to Wall Street's estimates, according to LSEG:Earnings per share: $2.06 vs. $1.86 expectedRevenue: $25.25 billion vs. $25.4 billion expectedOverall, Disney's revenue rose 7% year over year to $25.25 billion during the quarter. Net income for Disney's fiscal third quarter was $2.64 billion, or $1.51 per share, compared with $5.26 billion, or $2.92 per share during the same period last year. Disney's fiscal third quarter of 2025 included one-time items primarily related to tax benefits associated with Disney's purchase of Comcast's Hulu stake. Adjusting for one-time items, including costs associated with restructuring, Disney reported earnings of $2.06 per share for its fiscal third quarter, up from adjusted EPS of $1.61 in the same quarter last year. Shares of Disney gained more than 3% Wednesday. Revenue in Disney's sports segment, which is made up primarily of ESPN, jumped 4% to $4.5 billion, largely driven by subscription and affiliate fees as well as advertising. ESPN launched its own direct-to-consumer streaming service nearly a year ago. While sports rights fees have become a hefty cost for media companies like Disney, the company noted soaring TV ratings from the NBA and NHL postseasons on both its broadcast network ABC as well as pay TV channel ESPN. "The NBA and NHL Finals were super strong, over 100% growth in terms of viewership," Johnston told CNBC. "The last time I think we saw these types of numbers was about 25 or 30 years ago." Wednesday's report marks the second quarterly release with CEO Josh D'Amaro at the helm after he took over for Bob Iger. Last quarter D'Amaro outlined his strategy for growth and opportunities at Disney, with a focus on investing in intellectual property to propel its theme parks and entertainment. In the release, Disney said it received a roughly $100 million tariff refund related to the Trump administration's levies on trade partners and subsequent reversal. Disney also said it was now targeting at least $9 billion in share repurchases in fiscal 2026, an increase from $8 billion previously and fueled by the sale of Disney's 50% stake in A+E Global Media to Hearst. That deal amounts to roughly $1.2 billion in cash for Disney, it said. On Wednesday, Disney also said it planned to shift much of its consumer products business from the experiences segment to the entertainment unit beginning in its fiscal first quarter of 2027. The company said it sees "strategic and operational benefits" of putting the consumer products with its entertainment business, as it combines the studios that create the IP with the merchandise that monetizes it. Disney separately announced on Wednesday a global deal with TikTok that it said would bring "an expansive collection of thoughtfully curated Disney-centric fan-created content from TikTok to Disney." The move comes as media companies increasingly vie for more viewers for streaming services – particularly among younger generations of consumers who spend time on YouTube and TikTok. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The chip giant has been a big beneficiary of the AI boom, with stock trading 132% up so far in 2026. View More

In this articleAMDNVDASPCXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO5:0105:01AMD CEO Lisa Su on Q2 results: We're in an extraordinary time for AI compute right nowSquawk on the Street Advanced Micro Devices CEO Lisa Su on Wednesday brushed off comments from Elon Musk that SpaceX was committing to exclusively use Nvidia artificial intelligence chips."I have tremendous respect for Elon and everything that he has done, and so we look forward to continuing to partner over the longer term," Su told CNBC's "Squawk on the Street."Musk said Tuesday on the company's earnings call that AMD's AI chip rival had "the best architecture" and touted the close cooperation and partnership with Nvidia. In May 2025, Musk told CNBC's David Faber that his AI company would buy chips from both companies, and possibly others.Nvidia shares closed 3.4% higher on Wednesday.Su called SpaceX "an incredibly important technology company" and said she's proud of the work AMD has done with them in several areas. She noted the company still has business with many tech companies, including those in the space market.AMD's stock closed 7% lower on Wednesday despite posting strong second-quarter earnings and guiding for Data Center segment growth "well over 100%." watch nowVIDEO4:2504:25AMD slumps despite record quarterSquawk on the Street Su reinforced that outlook to CNBC on Wednesday, and explained how the company is planning into 2027 and beyond."We have much, much stronger customer visibility in this time frame," Su said. "And what customers are telling us is, you know, they want a lot more compute."AMD revenue climbed 50% to $11.54 billion in the second quarter, ahead of analyst expectations of $11.28 billion, in a sign of the company's central position in the market for AI chips.Data center sales drove much of the company's growth, up 107% on an annual basis to $6.7 billion, which the company attributed to central processing unit and graphics processing unit sales.Su told analysts on the earnings call Tuesday that the company expects server revenue to grow 80% year-over-year in the second half of 2026 and more than 70% for 2027.Su told CNBC on Wednesday that its customers are giving the company "much more opportunity to plan" with server supply."As a result, we're making investments across the supply chain," she said. "We're working with our partners. We're making backend investments. We're making the investments in the entire ecosystem, such that we'll be able to supply at the much higher rate that our customers are asking for."But while second-quarter earnings came in "slightly ahead" of consensus, they fell below "more optimistic estimates," Deutsche Bank analysts said in a Wednesday note. Stock Chart IconStock chart iconAMD shares year-to-date. AMD has been a big beneficiary of the AI boom, with the stock trading up 132% so far this year. Confidence has been buoyed by the company's GPU and CPU products."AI is driving a significant expansion in demand for compute across all of our markets," Su said in a Tuesday statement. "Our leadership portfolio and growing customer visibility position us exceptionally well to capture this expanding opportunity and deliver substantial revenue and earnings growth in the years ahead."Earnings failed to impress investors who've consistently been skittish this year of some AI stocks.In July, AMD raised its expectations for the size of the semiconductor industry, saying it could be worth $2 trillion per year by 2028. The chipmaker sees $1.4 trillion of that coming from AI accelerators, or GPUs, up from a previous estimate of $500 billion by 2028."It's simply a case of market expectations being too high," Michael Field, chief equity strategist at Morningstar, told CNBC. "The stock has trebled in the last 12 months and now trades on a P/E multiple of 170, meaning expectations are commensurately high," he added. "We view the dip as a potential buying opportunity, and investors may take a similar view in the coming weeks."— CNBC's Kif Leswing helped contribute to this report. Read more CNBC tech newsSpaceX revenue jumps 92% and AI costs soar in first earnings report since IPONJ files antitrust suit against Amazon, alleging it unlawfully wielded power over delivery contractorsPalantir stock skyrockets on 'otherworldly' commercial revenue — here's what's driving the demandHow the 'Baby iPhone' and an Apple supplier leak explain China's recent supply chain moves Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The strength of its GLP-1 business suggests the stock still has more room to run. View More

Eli Lilly on Wednesday reported better-than-expected quarterly results and raised its full-year guidance as the company's portfolio of GLP-1 drugs continues to power growth, strengthening our desire to stick with the stock. Revenue in the three months ended in June increased 48% from a year ago to $22.97 billion, crushing the LSEG consensus of $20.7 billion. Adjusted earnings per share (EPS) totaled $8.38, a 33% year-over-year increase and well ahead of the $6.01 consensus, according to LSEG. Shares are up nearly 4% in afternoon trading. While they've moved off their highs of the day, we don't see that as anything more than short-term profit taking. Eli Lilly remains the leader in the GLP-1 space over main rival Novo Nordisk , the maker of Ozempic and Wegovy, and a cadre of aspiring competitors with drugs still in clinical trials. With the overall GLP-1 market growing 31% year over year in the U.S. and 74% internationally, we believe Lilly's results, pace of growth, and addressable-market opportunity more than justify staying the course as long-term investors. Therefore, we are increasing our price target to $1,300 from $1,200. We are maintaining our hold-equivalent 2 rating for the time being as we look for a better opportunity to upgrade the name. LLY YTD mountain Eli Lilly's stock performance so far in 2026. Bottom line This was another very strong quarter from Eli Lilly, powered by its crucial GLP-1 portfolio. Sales of both Zepbound and Mounjaro — its two injectable GLP-1 brands — exceeded expectations in the quarter. While Zepbound and Mounjaro both saw declining prices in the quarter, this was more than offset by strong volume growth. Both drugs share the active ingredient of tirzepatide. In the U.S., it's sold as Mounjaro for diabetes and Zepbound for obesity. In most international markets, tirzepatide is marketed as Mounjaro for both diabetes and obesity. In addition to broader availability globally, CEO David Ricks noted on the earnings call that GLP-1 access has expanded in the U.S. thanks to Medicare reimbursing obesity drugs for the first time. On July 1, the Centers for Medicare & Medicaid Services launched the so-called Medicare GLP-1 Bridge — a temporary program that gives some 20 million Americans coverage for GLP-1s to treat obesity for only $50 per month out of pocket. To put the number in context, Ricks said this represents a 35% increase for GLP-1 coverage in the United States. Though the impact of this is not in the numbers reported Wednesday, it is certainly a positive sign for demand in the ongoing third quarter and a couple beyond that. The GLP-1 Bridge expires at the end of 2027. Adoption of GLP-1 drugs is also growing thanks to new oral alternatives that hit the market this year — Lilly has Foundayo, while rival Novo has the Wegovy pill. Novo was first to the market in January. Foundayo was approved by the Food and Drug Administration on April 1 and launched shortly thereafter. So, the results reported Wednesday represented our first look at Foundayo revenue. Unfortunately, revenue of $98 million was a bit below expectations. Although we never like to see a miss, Ricks' comments on the early trends leave us with the view that this is a case of nothing more than new launch growing pains. Speaking on CNBC, Ricks said while oral Wegovy is ahead of Foundayo in terms of prescriptions, adoption is growing rapidly. Ricks also offered up some important points of consideration that may explain the slower start. In addition to launching first, Novo was able to keep the name Wegovy for its pill because it's the same active ingredient, just in an oral formulation. Foundayo, on the other hand, is a different molecule than Zepbound and required a new brand. With Foundayo being an entirely new medicine, doctors are less familiar with it and still in the process of better understanding who it may be appropriate for. As Eli Lilly has built more awareness with physicians, Ricks said adoption has increased. More access to formularies — meaning getting Foundayo added to the list of covered drugs for various health insurance plans — is also helping adoption, with CVS only adding the drug on June 1 . Aside from educating and gaining access within the industry, Eli Lilly has also stepped up its efforts on the consumer awareness front. In other words, it's promoting the drug with ads on TV and other places. While this marketing has only just started to ramp up, Ricks said that "just in a month, we've basically doubled consumer awareness." He continued, "Prescriptions have basically doubled in a month for Foundayo. So, we're pleased right now. About one out of four new starts on an oral, for patients who want an oral, are starting on our medicine, and that's growing each week." Foundayo is also making its way into international markets, where Lilly has seen impressive growth for its injectable GLP-1s recently, including again in the second quarter. On the earnings call, Ricks said Foundayo was launched for obesity in the United Arab Emirates and recently approved in Saudi Arabia and Mexico. Foundayo is under regulatory review in "over 40 additional countries and we look forward to additional approvals later this year," Ricks said. Importantly, Ricks also said Lilly still does not see any cannibalization of Zepbound following the launch of the oral alternatives. Rather, these new oral medications are simply serving to expand the addressable market. In fact, Ricks commented that "Zepbound [new patient starts] actually accelerated during these oral launches". With one in eight Americans on a branded GLP-1 drug and only one in 50 on one outside the U.S. — according to Ricks — it's clear that the booming category still has a ton of room to grow. Lilly remains first and foremost a GLP-1 story in the eyes of investors, but the company does sell drugs to treat a range of other diseases including immunology and cancer. And we like what we saw on this front. CFO Lucas Montarce said that within immunology, worldwide sales of eczema treatment Ebglyss more than doubled versus the year ago period, with market share gains realized in the U.S. The FDA approved Ebglyss in September 2024 . In oncology, blood-cancer therapy Jaypirca sales increased 56% worldwide. "We believe Jaypirca has the potential to be a foundational therapy across multiple settings and regimens within CCL," he said, referencing to chronic lymphocytic leukemia, the most common type of blood cancer in adults, according to the Cleveland Clinic. As for Inluriyo, which was approved in September 2025 for the treatment of certain forms of breast cancer, Montarce said that "after only two full quarters Inluriyo in the U.S. is [the] leader in new prescriptions, with more than 50% share." In neuroscience, Lilly's Alzheimer's treatment, known as Kisunla, saw sales more than triple year over year. Diagnostic testing momentum is increasing, Montarce said, resulting in more people being diagnosed with Alzheimer's and, in turn, seeking out treatment. In Neuroscience, Kisunla, designed for the treatment of Alzheimer's, sales more than tripled year over year. On the call, Montarce highlighted that diagnostic testing momentum is increasing, resulting in more people being diagnosed with Alzheimer's and, in turn, seeking out treatment. All in, Lilly's so-called key products portfolio grew 76% year over year. If we were to look only at the immunology, oncology and neuroscience portions of the portfolio, the growth rate jumps 121% year over year, as these drugs are all growing off of a much smaller base versus Mounjaro and Zepbound. Pipeline updates In the pharmaceutical industry, there's always a focus on what's coming down the pike because patents don't last forever. Dr. Daniel Skovronsky, Lilly's chief scientific and product officer, spent some time on the call talking about retatrutide, which is the company's next-generation obesity injectable. This drug is sometimes called "Triple G" because it targets three different hormones related to appetite: GLP-1, GIP, and glucagon. That is one more than the active ingredient behind Mounjaro and Zepbound, which targets just GLP-1 and GIP. Lilly has conducted a variety of trials under the Triumph name for retatrutide, looking at how the drug works in various patient populations to treat obesity and type 2 diabetes, and its ability to lower the risk of cardiovascular disease. "Across the Triumph program, we've seen profound levels of weight loss and improvements in A1C, cardiovascular risk factors, osteoarthritis, pain, and sleep apnea," Skovronsky said. Lilly said in late July that it plans to submit retatrutide for FDA approval in the first quarter of 2027. Management said Wednesday they remain in talks with the FDA on the process. Additionally, orforglipron, the active ingredient in Foundayo, is also under review for an expanded label, with Skovronsky noting that Lilly has completed its U.S. submission in type 2 diabetes. He referenced that Lilly's pill demonstrated superiority to Novo's in a head-to-head trial on both blood sugar control and weight reduction. "For the many people with type 2 diabetes who prefer an oral option and have delayed reaching their glycemic targets, we believe orforglipron has the potential to be a foundational daily oral treatment," he said. Guidance Here's an updated look at Lilly's full-year 2026 guidance: Revenue in the range of $85 to $87 billion (up from $82 to $85 billion). The new midpoint of $86 billion is ahead of the LSEG consensus of $85.45 billion. Performance margin, a Lilly-defined measure of operating profitability, in the range of 49% to 50.5% (up from 47% to 48.5%). Earnings per share in the range of $35.50 to $36.50 (compared with a prior range of $35.50 to $37 a piece). While that looks like a trim at the higher end, the team noted that the new guide actually represents a $2.78 per share increase at the midpoint, reflecting the stronger revenue forecast, after accounting for a $3.03 per share headwind resulting from Q2 2026 acquired In-Process Research and Development charges. (Jim Cramer's Charitable Trust is long LLY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Stocks and the Cboe Volatility Index move together only about 20% of the time. View More

In this article.VIX.SPX.NDXFollow your favorite stocksCREATE FREE ACCOUNT Traders work on the floor of the New York Stock Exchange. NYSE Tuesday's rally was so intense that it's shaking up some of the usual assumptions around volatility pricing.The Cboe Volatility Index (VIX) – sometimes referred to as the stock market's "fear gauge" – rose a full point in the midst of Tuesday's breakout 1.8% rally in the S&P 500. As stocks extended gains in the first hour of trading Wednesday, the volatility gauge was up alongside equities again. As the market softened and reversed, the VIX fell. Stock Chart IconStock chart iconThe VIX index and the S&P 500 in the past five trading days It's a clear-cut example of something that happens about 20% of the time: Stocks and the VIX move together about 20% of the time. This tends to occur when the VIX is low and a large amount of call buying occurs in a rapidly rising market. That call buying forces the VIX to rise even as stocks are going up, which has occurred this week.More than 4 million S&P 500 index calls traded on Cboe Tuesday, a new all-time record volume, according to the exchange. At the same time, at Nasdaq, the price for call options betting on a one-standard deviation move in the Nasdaq 100 surged 42% — the biggest single-day jump in five years, according to Nations Indexes data. That extreme demand – while entirely bullish in sentiment – lifts the prices of options and implied volatility, which in turns keeps the VIX bid alongside stocks. In other words, exuberant call buying is driving the VIX higher. On Tuesday, the put-to-call ratio fell to 0.83, the second lowest reading on record.It also creates some unique setups for both bullish and bearish traders.The first implication is that bulls should be wary of owning far out-of-the-money call options. Generally, when the price of something goes up 42% overnight, it's not exactly a discount bargain anymore. In the case of options, where implied volatility is a key contributor to a contract's value, it creates a potential double-whammy scenario for call buyers when both the price of the underlying asset and its volatility drops. This is precisely what happened midday Wednesday as stocks and the VIX declined.On the flipside, with the VIX still sitting at or near long-term averages, it creates a potential win-win scenario for investors who don't want to sell stocks but are worried about big swings. If days like Tuesday repeat, stocks and hedges can work together. If the market falls sharply, VIX will likely also rise, so long-vol hedges will work. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Trump's latest remarks signaling again that a deal with Iran to reopen the Hormuz Strait is close at hand drove oil prices lower and sent stocks soaring. View More

This frame grab taken from AFPTV video footage on July 12, 2026 shows cargo ships anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan.AFPTV | Getty Images Iran and Oman are in the final stages of drafting an agreement on how to handle commercial shipping in the Strait of Hormuz, Tehran's Foreign Ministry spokesman, Esmail Baghaei, said Wednesday.That proposed deal would give Tehran more control over vessels passing through the vital oil shipping route, Reuters later reported, citing a senior Iranian source and two regional officials.Baghaei's remarks at a news conference came hours after President Donald Trump claimed a U.S. deal with Iran to reopen the strait "could happen" as soon as Wednesday or Thursday."A lot of progress has been made," Trump told reporters late Tuesday while traveling to Las Vegas. He again claimed Iran is in negotiations with the U.S., despite Tehran's denials.Trump's predicted time frame for a deal slightly extended the one floated earlier Tuesday by Treasury Scott Bessent, who told CNBC's "Squawk Box" that an agreement could be reached Tuesday or Wednesday.But Reuters' sources pushed back on Trump's assertions. And Baghaei, in a joint statement with Oman, said Wednesday that the Persian Gulf neighbors have been engaged in their own talks for the past two months "with the aim of determining a safe traffic route for commercial shipping in this strait.""If some third parties do not obstruct work in this regard, the joint statement of the two countries, including the main considerations and agreed points, is also in the final review and drafting stage," the spokesman said, according to a translation of his remarks.Baghaei added that Iran and Oman do not have plans to travel to Qatar or Pakistan, where prior attempts at negotiations with the U.S. took place.The statement appeared to cut against Trump's claims, while raising the prospect that Iran, whose ability to throttle traffic in the strait has been a key source of leverage in its war against the U.S., could forge a deal that further cements its control.But the Trump administration's latest signals of a forthcoming deal nevertheless drove oil prices sharply lower and sent stocks soaring to record levels as investors anticipated a breakthrough in the five-month war.In other remarks Tuesday night, Trump once again threatened that Iran will "get hit really hard" if the purported talks fall through. Map of the Strait of Hormuz showing the shipping corridor coordinated by Oman, the Iran-designated corridor, and the location of Iranian attacks on boats on July 6 and 7 (Graphic by AFP via Getty Images)Nicholas Shearman,sherine Elsayary,luca Matteucci | Afp Infographics | Getty Images Crossings through the strait, the pathway for 20% of the world's oil before the U.S.-Iran war's start in February, remain sharply constrained, according to ship-tracking firm Kpler and other sources. But U.S. Central Command insisted in an X post Tuesday that the "southern route through the Strait of Hormuz remains free and open for all commercial vessels seeking to transit the international waterway." The southern route passes through Omani territorial waters, rather than the part closer to Iran. Stock Chart IconStock chart icon After Bessent's remarks to CNBC, a senior Middle East diplomat with direct knowledge of the talks between Iran and Oman told MS NOW that a great deal of pressure is being brought to bear on Oman by the U.S. and European countries to accept a temporary agreement with Iran to reopen the Strait of Hormuz.MS NOW also reported that a senior Pakistan government official said a document on reopening the strait is "close to being finalized."The source, who didn't want to be identified because of the sensitive nature of the topic, added that the talks were being held between Iran and Oman and being mediated by Pakistan — with the U.S involved "indirectly." U.S. missile shortage The White House and Pentagon also continue to insist U.S. forces have "more than enough" munitions, after reports that the U.S. military had used "virtually all" of its long-range precision missiles during the Iran war.Reuters reported the Army has depleted most of its stockpile of Army Tactical Missile Systems and Precision Strike Missiles, and CNN reported that the the U.S. military has exhausted nearly 80% of its interceptors for its THAAD missile defense system, used to defend against ballistic missile strikes. Read more U.S.-Iran war newsTrump insists Iran talks are underway despite Tehran’s ‘duplicitous’ denialsInvestors scored on Iran war’s oil market boom. Staying long the trade will get trickierWhat is Pickaxe Mountain, the Iranian nuclear facility Trump is threatening to strike?Ukraine strikes Iranian vessels in Caspian Sea, Tehran accuses Kyiv of ‘hostile and criminal act’Saudi military strikes Houthi targets in Yemen after Iran-backed militia attacked Red Sea shippingTehran’s Hormuz threat risks global fallout, Rubio warns as U.S. strikes Iran for 11th straight nightIran says it attacked Amazon infrastructure in BahrainU.S. strikes Iran and Houthis threaten Saudi Arabia shipping as mediators push 10-day ceasefireOil exports through the Strait of Hormuz might not return to levels seen before the Iran warStrait of Hormuz shutdown: A visual guide to the world's most critical oil chokepointOil markets are betting on a swift end to the Iran war. Investors may regret itThe Middle East war is testing the Gulf’s ambitions to become an AI hubAnalysis: An end to the Iran war may be just the beginning of a new era of U.S. inequalityWhy the confusion around the Iran situation could get worse. How to profit anywayStrait of Hormuz: Ships attacked as Trump extends Iran ceasefireTrump tells CNBC he expects U.S. to make 'great deal' with IranMore from CNBC Politics The White House responded to Reuters with a statement from Trump, claiming the U.S. has "far more munitions than anyone in the world" and "far more than we need.""Our defense companies were making more munitions than they have ever made before, in addition to expanding their plants and equipment at record levels," Trump said in that statement. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.