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<ul class="summary-list"><li>Disney's stock rose 8% Thursday after upbeat earnings and a rare three-year guidance update. </li><li>The company beat estimates for revenue and earnings-per-share. </li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/dis-stock">Disney</a> stock shot up 8% on Thursday after the entertainment giant reported earnings that beat estimates and surprised investors with guidance that gave a strong outlook for the next three years. The stock traded 8.4% higher around 10:45 a.m. ET, at $111.05 a share.The company beat revenue estimates for the third quarter, reporting $22.57 billion, versus estimates of $22.45 billion. Earnings per share came in at $1.14 versus estimates of $1.10.The outlook provided to investors was also a big highlight of the report. The guidance update is rare for Disney, which usually doesn't provide forward earnings forecasts. The three-year timeframe is also significant, since most companies rarely make forecasts further out than one year, and many don't provide guidance at all. The company forecasts high single-digit earnings-per-share growth for the next fiscal year and an $875 million increase in operating income for its streaming division. For the 2026 and 2027 fiscal years, the company projects double-digit earnings growth."Thanks to the significant progress we've made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future," CEO Bob Iger said in a statement.The company's streaming unit—which includes <a target="_blank" href="https://www.businessinsider.com/guides/tech/disney-plus-price">Disney+</a>, ESPN+, and Hulu—saw a quarterly profit of $321 million, far outpacing a loss of $387 the year prior.The profits follow years of heavy investment amid a tense <a target="_blank" href="https://www.businessinsider.com/netflix-earnings-winning-streaming-wars-not-even-close-2024-1">streaming war</a> with competitors like <a target="_blank" href="https://www.businessinsider.com/netflix-wins-streaming-wars-this-chart-shows-why-2024-1">Netflix</a>, Max, and Paramount+.Its TV networks, meanwhile, comprised of ABC and cable channels like the Disney Channel and Freeform, saw profits fall 38% to $498 million, while revenue dropped 6% to $2.5 billion.The company's theme park and cruise profits also slowed, falling 6% from the year before to an operating income of $1.66 billion amid rising costs after launching two <a target="_blank" href="https://www.businessinsider.com/disney-cruise-line-expanding-new-ships-private-destination-2024-8">new cruise ships</a>, plus slowing foot traffic at international parks like Disneyland Paris.Spending and attendance at US parks remained strong, though, the company said.Bank of America analysts maintained their bullish outlook for the stock following the report. They reiterated their "buy" rating and $120 price target, which would represent almost 8% upside from current levels. "DIS has a collection of best-in-class premiere assets (in content/IP as well as Theme Parks). Near term catalysts include: 1) profitability inflection in DTC and 2) reacceleration in parks business," Bank of America analyst Jessica Reif Ehrlich wrote in a note.

Disney stock surges as rare 3-year forecast sees strong profit growth ahead 

<ul class="summary-list"><li>Reddit stock surged 42% Wednesday to trade at a record high after reporting a strong earnings beat.</li><li>Reddit's revenue jumped 68% from a year ago, partly helped by licensing deals with OpenAI and Google.</li></ul>Reddit stock soared 42% to close at an all-time high of $116.03 per share on Wednesday afternoon after the company reported a strong earnings beat.A few months ago, investors appeared wary of Reddit's ability to compete on AI. Now, the platform's AI licensing deals are helping fuel its biggest quarterly revenue growth in two years and driving its stock to new records. On Tuesday, the company reported net income of $29.9 million, flying past expectations of an $8.8 million loss. It marks just the third profitable quarter for the company.Reddit's revenue jumped 68% from a year ago to $348.4 million. Part of that huge jump comes from its strong suite of <a target="_blank" href="https://www.businessinsider.com/google-train-ai-model-crazy-subreddit-posts-reddit-licensing-deal-2024-2">licensing deals</a> with OpenAI and Google, which are reflected in the $33.2 million of "other revenue" for the third quarter.That revenue category grew 547% year over year and now accounts for over 9% of the company's overall revenue, up from less than 1% last year.The company's licensing deals allow AI giants to train their models on the platform, which has become an increasingly competitive landscape. CEO Steve Huffman previously said Reddit is well-positioned amid an intense <a target="_blank" href="https://www.businessinsider.com/reddit-ceo-platform-arms-race-ai-training-steve-huffman-2024-10">"arms race" for AI training</a>.The company is also innovating in AI via language translation, which it's piloting in French, Huffman said during the earnings call. The move has helped drive more users to the site, he said."This quarter, machine translation drove four times more users than last quarter, and based on the success we've seen so far, we plan to expand machine translation to over 30 countries through 2025," Huffman added.The company added over 24 million daily users in the first three quarters of the year, already surging past the 15.6 million added in total last year, which has provided a huge boost to its ad business, too. Advertising revenue is forecast to surpass $1 billion for the year for the first time.Analysts say the company's ad and AI innovation are reasons for continued optimism on the stock."Revenue beat street expectations by 11%, dispelling fears around user growth sustainability, while displaying improved monetization via ad product innovation and AI-driven enhancements," Deutsche Bank analysts said in a Wednesday note."Looking forward, Reddit is expected to re-launch its Search tool in the coming quarters, which given the success of competing Gen AI-driven search tools, could drive another lever in monetization growth," they added, raising their price target on the stock from $85 to $115.Analysts are now expecting $113 million in profits next year, up from previous consensus estimates of just $17.5 million, according to FactSet data.

Reddit skyrockets 42% on strong earnings beat and AI-driven growth

<ul class="summary-list"><li>Tesla closed 22% higher on Thursday, its best day in years after posting strong earnings.</li><li>Analysts at JPMorgan caution that some of the automaker's growth drivers aren't sustainable.</li></ul>Tesla's earnings beat fueled a huge rally for the stock on Thursday, but JPMorgan is urging caution.Analysts at the bank said that while the <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10?_gl=1*1b1iqo9*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTc3NDk1OC4zMDguMS4xNzI5Nzc1Nzk4LjYwLjAuMA..#wedbush-analyst-dan-ives-sticks-with-bullish-view-on-tesla-despite-recent-volatility?utm_medium=ingest&amp;utm_source=markets">strong earnings</a> should boost the stock in the short term, the automaker's growth drivers might not be sustainable in the coming quarters.The analysts correctly called the big reaction in the stock on Thursday post-earnings, with shares rising 22%, but they added that they see some caveats to the company's outlook. "However, we at the same time see several potentially unsustainable drivers of 3Q's better earnings and cash flow performance."The analysts pointed in particular to Tesla's near-record sales of regulatory credits. Tesla can sell credits it receives for producing electric cars to other companies that don't meet government emissions requirements.It's a hugely profitable business, and the credits generated $739 million for Tesla in the most recent quarter, the second-highest amount after the previous quarter's $890 million. While the credits are a huge profit driver in the near term, JPMorgan analysts said that won't last as other automakers introduce their own EVs and buy fewer credits from competitors like Tesla."Investors should be cautious about capitalizing the earnings generated from these (100% margin) credits, given that one of the tenets of the Tesla bull case is the large scale electrification of the automotive industry," the analysts wrote. "As other automakers broaden their electric offerings, they should over time be in a position to generate their own credits, negating and eventually eliminating the flow of competitor payments to Tesla."The analysts also pointed to large working capital benefits, which they say are unsustainable.Tesla saw a large beat on free cash flow in the most recent quarter, but that was in part due to a large increase in the amount due to its suppliers and other accrued liabilities, the analysts say.Tesla has only ever generated more cash from an increase in accounts payable in one other quarter, but at that time, deliveries and production both grew much faster, the analysts said. They wrote in the note that this suggests that this driver of the quarter's strong cash flow is unsustainable and possibly reversing."Automakers are expected to generate cash from working capital as sales rise, given timing differences arising from the favorable trade terms they enjoy with suppliers, but digging more deeply into the benefit, we note only in one quarter has Tesla ever generated more cash from an increase in accounts payable than it did in 3Q24," the analysts said.The automaker reported earnings per share of $0.62 for the third quarter, outpacing analysts' expectations of $0.51. Its operating profit came in at $2.7 billion, exceeding expectations of $2.0 billion and marking a 54% increase from a year ago. The company also announced that its Cybertruck <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">has reached profitability</a>.JPMorgan rates Tesla "Underweight" with a December 2025 price target of $135 a share, 48% lower than its Thursday closing price of $260.48.

Tesla earnings have reinvigorated investors but some growth drivers look 'unsustainable,' JPMorgan says

<ul class="summary-list"><li>Chip stocks tumbled Tuesday, with NVDA and AMD down 5% and ASML plunging 16%.</li><li>The downturn came as ASML lowered its 2025 sales guidance. </li></ul>Semiconductor stocks fell Tuesday after ASML slashed guidance for next year, and as the sector mulled reports that the US was weighing a cap on chip exports from some American companies.ASML, Europe's most valuable tech company, plunged 16% in its biggest single-day drop since 1998. Other chip stocks followed, with NVDA dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday.SMCI, meanwhile, fell as much as 3.4% earlier in the day before paring most losses.The industry's downturn comes after ASML, a Dutch chip machine maker, posted a downbeat earnings report and cut its sales guidance for next year. The report's forward guidance lowered total net sales for 2025 to between €30 billion and €35 billion, the lower half of the previously stated range, citing weak demand from chipmakers for its machinery."It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness," CEO Christophe Fouquet said in a statement.ASML's third quarter bookings were €2.6 billion, coming in under half the average estimate of €5.39 billion, according to a Bloomberg survey.The report was posted a day earlier than expected, adding to the surprise of the results and lower guidance. Flows into AI stocks slowed over the summer as investors <a target="_blank" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7?utm_medium=ingest&amp;utm_source=markets">expressed worries</a> about returns on huge spending on AI. Investment in the sector has rebounded in recent weeks, though, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-tests-record-highs-wall-street-defends-valuation-blackwell-2024-10?utm_medium=ingest&amp;utm_source=markets">propelling Nvidia</a> to a fresh high on Monday to help the S&amp;P 500 hit <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">another record close</a>.Reports that the US is weighing a cap on chip exports from American chipmakers only compounded the industry's tumultuous start to the week.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-15/us-weighs-capping-exports-of-ai-chips-from-nvidia-and-amd-to-some-countries">Bloomberg</a>, the Biden administration has been in talks to cap sales of advanced AI chips from some American chip companies—including Nvidia—to certain countries in order to protect national security.The plans would likely target Persian Gulf countries, which are increasingly interested in AI, sources told the outlet, and would build on existing restrictions that originally set out to curb China's progress in AI. Previously implemented restrictions have regulated chip shipments to over 40 countries in the Middle East, Africa, and Asia to prevent chip technology from flowing to China.

Chipmakers tumble as ASML forecast cut issues a growth warning to the sector

<ul class="summary-list"><li>Semiconductor stocks rose after TSMC's strong sales forecast.</li><li>The bellwether chipmaker expects AI-product revenue to triple this year.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/tsm-stock?_gl=1*178bzfp*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTcyMjk1LjU2LjAuMA..">Taiwan Semiconductor Manufacturing Company</a> has offered something of an antidote to the brief crisis of confidence that hit the chipmaker industry.Two days after a broad semiconductor-stock sell-off driven by a light forecast from the Dutch firm <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">ASML</a>, chipmakers rallied on Thursday on TSMC's strong results. TSMC itself climbed as much as 13% in New York trading, while major industry players <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/avgo-stock">Broadcom</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/mu-stock">Micron</a> each rose roughly 4% at intraday highs.The <a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-semiconductor-etf-us4642875235">iShares Semiconductor ETF</a> also rose as much as 3%.TSMC's third-quarter earnings report saw the company increase its 2024 sales-growth forecast to 30%, up from previous projections of mid-20% expansion. The firm also said AI-product revenue would triple this year, making up 15% of the company's total revenue."The demand is real," CEO C.C. Wei said on the post-earnings conference call. "One of my key customers said, the demand right now is insane. It's just the beginning."The results offer a sigh of relief for an industry that briefly panicked this week after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">ASML</a> offered a far <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*107r563*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTE3MTczMy43MzcuMS4xNzI5MTczOTE0LjYwLjAuMA..">bleaker demand outlook</a>. TSMC is now up more than 100% year-to-date, trailing Nvidia's 182% climb but easily outpacing the iShares Semis ETF (21%) and the benchmark S&amp;P 500 (23%) over the same period.

Chip stocks rally after TSMC's strong sales forecast calms growth worries

28 stocks to buy for up to 162% earnings growth as markets surge another 10%: Goldman Sachs

<ul class="summary-list"><li>An acceleration of US economic growth is a major risk for investors, says economist Steven Blitz.</li><li>Blitz warns a "no landing" scenario could lead to inflation rebound and Fed rate hikes.</li></ul>An acceleration of economic growth in the US might be the stock market's worst-case scenario, according to GlobalData TS Lombard chief economist Steven Blitz. While that may sound counterintuitive, as a recession would also not be great for stocks, Blitz wrote in a note on Tuesday that the "no landing" scenario is a big risk as it could lead to a fresh spike in inflation and an about-face by the Federal Reserve. "What has now become the biggest risk in the Fed's cut and aggressive guidance, and the one markets are not pricing - that there is no landing at all," Blitz said.Blitz is concerned that the Fed will keep interest rates too low for too long, leading to a hot economy and making inflation once again Wall Street's biggest worry."The Fed will not get the funds rate down to 3%, but the terminal rate for this round will nevertheless end up too low and be kept there for too long. Inflation subsequently rebounds and the Fed is back raising rates sooner than anyone expects," Blitz said.That would be a wake-up call for investors, especially as the "Goldilocks" dream of a soft landing in the economy becomes the consensus on Wall Street.According to Blitz, the Fed funds rate should settle at around 4%, a full percentage point above the long-term projections of numerous Fed members, because the economy is still showing remarkable resilience."One cannot ignore that in the face of higher real rates versus pre-Covid, the economy has stayed strong and employment full," Blitz said.The Atlanta Fed's GDPNow estimate for third-quarter GDP growth is 2.9%, imports on a year-over-year basis are seeing an uptick, and more containers are "riding the rails" in a positive sign for economic health, Blitz observed.None of those signals suggests that the Fed needs to follow through with aggressive interest rate cuts <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-dow-record-high-rate-cut-hopes-rise-2024-9">like the futures market is currently projecting,</a> he said.The CME's FedWatch Tool is pricing 75 basis points of interest rate cuts before year-end, in addition to <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">the Fed's 50 basis point rate cut last week.</a>"Running a too-low real funds rate, which this Fed is apt to do, consequently risks a much higher inflation outcome than they are assuming," Blitz warned.The potential Fed policy mistake that Blitz is so worried about would mirror the 1960s, according to the note, which helped fuel a painful decade ahead of high inflation and poor stock market returns.

Why a jump in economic growth could be the stock market's nightmare scenario

<ul class="summary-list"><li>Wall Street was upbeat on the latest jobs report, but one financial historian expressed concerns.</li><li>Mark Higgins is sounding the alarm bell for potential runaway inflation reminiscent of the 1970s.</li></ul>Investors rejoiced at the Federal Reserve's 50 basis-point cut and last Friday's expectation-beating <a target="_blank" href="https://www.businessinsider.com/strong-september-jobs-employment-exceed-expectations-soft-landing-inflation-investing-2024-10">jobs report</a>.But Mark Higgins, a financial historian and senior investment advisor at Index Fund Advisors, doesn't see much reason to celebrate.Higgins believes the Fed made a mistake by cutting rates at all, much less by 50bps. The economy hasn't defeated inflation yet, and cutting rates will only make inflation worse, he said."The Fed is making a mistake because the risks of inflation reigniting and the consequences of that are much higher than if it stayed tight too long," Higgins told Business Insider.<h2 id="7369b9d3-e7fe-40ad-a1ff-2d4c4b069315">The inflation battle isn't finished yet</h2>To Higgins, one warning sign that inflationary pressures remain was the September jobs report, which beat expectations and signaled the labor market may not be cooling off as much as the market initially thought. Then there's rising wages. Hourly wages are up 4% year-over-year, and while that may seem like a positive development initially, it could actually be hinting at runaway wage inflation, Higgins said.The Fed's aggressive signaling of a soft landing is also inflationary, Higgins said. The promise of rate cuts lifts consumer confidence and fuels spending. Lower rates are boosting demand for homes, and people will spend more in other places as well because they're paying less on their mortgages, according to Higgins.Unfortunately, inflation is notoriously hard to quash. If the Fed is serious about extinguishing inflation, it needs to implement stringent tightening policies. In Higgins' view, it's better that the Fed overcorrect with quantitative tightening than the other way around."If you let go too early, it springs back up," Higgins said of inflation. "And that's why you have to go too far in the other direction."It's a tough pill to swallow, but this course of action often leads to an economic downturn. "If you don't extinguish inflation decisively, which often requires a recession, it's going to pop back up at a higher level," Higgins said.<h2 id="8c95a939-6d74-4627-9cc6-44d21bad6b02">History repeats itself</h2>Similar scenarios have happened twice before, according to Higgins — once in the 1920s, and again in the late 1960s.In the 1920s, the economy was coming out of World War I and an influenza pandemic. Pent-up demand from the pandemic and the transition back to a peacetime economy sent inflation surging, and the Fed was only able to get inflation under control after raising rates aggressively and causing a recession.In the 1960s, inflation began creeping upward again due to excessive money supply growth, towering deficits, and external supply shocks. This time, the Fed was more concerned about lowering unemployment instead of taming inflation and didn't tighten as stringently, leading to what became known as the Great Inflation of 1965 to 1982. The 1970s were plagued by slow economic growth, rising prices, and soaring unemployment. Supply chain issues contributed further to soaring prices in the energy sector.This period of stagflation ended only when Paul Volcker initiated a strict rate-hiking campaign by raising interest rates to 20%.There are some unsettling similarities between now and back then. During both the 1920s and 1960s, wages didn't keep up with the cost of living, resulting in a surge in strikes. Supply chain issues also amplified the economic downturn. Higgins points to the recent dockworkers strike as a potential indicator of worsening wage inflation.<h2 id="a5be74d8-dff5-4fb5-9938-be5a4f21a313">Battling inflation</h2>Higgins suspects that the Fed will repeat the same mistakes it made in the 1960s by cutting rates too quickly and causing inflation to spike again.And if history proves correct, then the only way to fix runaway inflation is to double down on tighter monetary policy by keeping rates elevated, even if it causes a recession. Expect a slower pace of rate cuts — or even rate hikes — from here on out, Higgins predicts."I think the most likely outcome is that inflation will reignite, and the Fed is going to need to slow down," Higgins said. "And I think there's a conceivable scenario where they're going to have to reverse course."Failing to address surging inflation could hurt the Fed's credibility and hamper its ability to guide markets going forward, in Higgins' perspective.Higgins is keeping a close eye on wage inflation and CPI readings to see if the patterns exhibited in the September jobs report continue."One month is not conclusive, but that's a concerning employment report," Higgins said.

The Fed is repeating the same mistake that caused a decade of slow growth and high inflation in the 70s, according to one financial historian

<ul class="summary-list"><li>Chinese stocks could climb as much as 15% on the nation's expected fiscal stimulus package, SocGen said.</li><li>The package could be announced in October, potentially reaching 3 trillion yuan, the bank estimated.</li></ul>Chinese stocks could soon surge 15%, with another expected round of stimulus spurring a fresh economic growth spurt for the world's second-largest economy, according to Société Générale.Strategists at the bank pointed to China's recent <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">monetary stimulus package</a>, which included measures like interest rate cuts, lowering reserve requirements for banks, and a $114 billion liquidity injection into China's economy.Those measures boosted investors' optimism, with Chinese stocks notching their <a target="_blank" class="" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9">best week</a> since the Great Financial Crisis after the measures were announced. And there's likely more upside on the way, given that Beijing is likely to supplement the monetary support measures with increased fiscal spending next year, SocGen said. For stocks, that means a 15% jump from current levels in the near term, the bank said. Strategists estimated that the stimulus package could be announced as soon as October, potentially at the next Standing Committee of the National People's Conference at the end of the month. The package could amount to as much as 3 trillion yuan, or $427 billion, and include an "open-ended commitment" for a bigger stimulus package the following year.Those measures could push GDP growth to 5% next year, the strategists said, up from the bank's original estimates of 4.5% growth."The undervaluation of China equities is something that we observe across different benchmark indices and sectors. Most markets are trading well below or within their 10-year history," the bank said, adding that they also expected the policy to boost corporate earnings growth to as much as 15%."The exact magnitude of the boost will be subject to the size and details of the fiscal package … the sustainability of housing stabilization and household wealth recovery."Other experts have noted that China's monetary stimulus measures are <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-monetary-stimulus-package-xi-jinping-beijing-interest-rates-2024-10#:~:text=The%20direct%20effects%20of%20China's,lags%20in%20the%20legislative%20process.">unlikely to be effective</a> without <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-stock-market-consumer-deflation-outlook-real-estate-2024-9">fiscal stimulus</a> to go <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-outlook-stimulus-fiscal-consumer-support-deflation-stephen-roach-2024-10">along with it.</a> That could mean the latest stimulus package won't have any direct effect on Beijing's economy until 2025, the soonest funds will be made available and deployed, one researcher said this week.

Chinese stocks could rally 15% as more stimulus spurs a GDP growth spurt next year, SocGen says

<ul class="summary-list"><li>TD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine.</li><li>The charges involved a scheme by Chinese cartels bribing TD employees at bank branches in New York and New Jersey.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/td-stock">TD Bank</a> dropped as much as 8% on Thursday after it pleaded guilty and agreed to pay a $3 billion fine stemming from charges over its anti-money-laundering practices.The penalty is the largest ever anti-money-laundering fine imposed on a bank by US officials, eclipsing the nearly $2 billion fine HSBC paid in 2014 for transferring billions of dollars on behalf of Mexican drug cartels.Canada-based TD Bank's US unit also accepted an asset limit set by the Office of the Comptroller of the Currency regarding how big its asset size can grow.The bank cannot grow past its current $370 billion in asset size for as long as the asset cap is in place.This is the first time an asset cap has been levied against a bank since 2018 when Wells Fargo accepted an asset limit due to its fake account-opening scandal."The OCC's coordinated and comprehensive action, including the imposition of an asset cap, will ensure that the bank focuses on building proper controls commensurate with its risk profile," acting Comptroller of the Currency <a target="_blank" class="" href="https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-116.html">Michael Hsu said.</a>The charges stem from an investigation that revealed TD Bank didn't have proper anti-money laundering practices in place.The lack of controls enabled a money laundering scheme to take place by Chinese drug cartels that were linked to fentanyl sales.The Chinese criminal operation involved bribing bank employees at TD branches in New York and New Jersey, allowing hundreds of millions of dollars in fentanyl sales to be laundered.TD Bank's settlement includes the Department of Justice, FinCEN, the Federal Reserve, and the OCC.In a statement in August, TD Bank CEO Bharat Masrani said, "We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance to me, our senior leaders, and our boards."Masrani has since said he will retire from the company in April.TD Bank stock has since pared its gains to about 6%, trading at $59.88 at 1:29 p.m. in New York.TD did not immediately respond to a request for comment.

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

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