MORE TECH COMPANIES TAKE ON TRANSGENDER RULING: Major technology companies including Apple, Amazon, Twitter and Intel on Thursday officially signed an amicus brief in support of a Supreme Court case regarding protections for transgender students. The brief, organized by the Human Rights Campaign , is in favor of a suit brought by transgender student Gavin Grimm.
Category: Business News
The Economy’s Visible Hands
The Fed is dominated by stodgy economists without business experience. But would we like it any better if it was staffed by CNBC junkies? Peter Conti-Brown reviews “Fed Up: An Insider’s Take on Why the Federal Reserve Is Bad for America” by Danielle DiMartino Booth.
Whoa s heading for space on Muska s mysterious mission?
SpaceX’s Dragon cargo ship is captured by astronauts at the International Space Station on Thursday, Feb. 23, 2017, a day after a GPS problem prevented the capsule from coming too close. The other day, we took a wild guess and came up with some names of possible ticket-buyers who want to circle the Moon on Elon Musk’s rocket.
Hedge Fund Prologue to Close After Political Bets Misfire
Prologue Capital, the $775 million macro hedge fund run by David Lofthouse and Graham Walsh, is closing after more than a decade as clients pulled their money amid poor performance. “Last year we started well but we got the big political events wrong, it’s as simple as that,” Walsh said in an emailed statement Wednesday.
Poll: A Majority Says ‘Move On’ From Protesting Trump
But a majority of voters would tell protesters: “it’s time to move on.” That’s according to a Fox News Poll of registered voters released Thursday.
Snap Juices IPO Market, More Deals Coming: NYSE’s Tom Farley
Snap Inc. , the parent company of messaging app Snapchat, made its debut on the New York Stock Exchange Thursday, surging 44 percent on its first day of trading. The stock opened at $24 a share, above the IPO price of $17, and is the biggest U.S. listed tech debut since China’s Alibaba Group Holding in 2004.
NYSE President Farley on Snap’s IPO
Mar. 02, 2017 – 4:05 – NYSE President Tom Farley on tech IPOs and how to convince more companies to list on the NYSE.
Is Snap overhyped?
Mar. 02, 2017 – 3:22 – Amish Shah, managing partner at Sierramaya360, Lance Ulanoff of Mashable, and FBN’s Lori Rothman on Snap’s IPO and whether it’s a good investment.
Snap Leaps in Debut Even as Concerns Over Growth Threaten Rally
Snap Inc. surged 44 percent in its stock market debut, valuing the disappearing-photo app maker at more than $28 billion. That’s a vote of confidence in the company’s ability to grow quickly and fulfill its promise of new products to change how people communicate.
Goldman Irks Staff With Rules on Mobile Perks, $10 for Data
Goldman Sachs Group Inc.’s dealmakers endured job cuts and a tough bonus season. Then the penny pinchers turned to their beloved phones.
Caterpillar, a Trump Darling, Lands in Government Crosshairs
Caterpillar Inc., the bellwether U.S. equipment maker praised just last week by President Donald Trump, now finds itself a government target as federal tax and banking authorities raided its Illinois offices. The investigation comes as new Chief Executive Officer Jim Umpleby shifts its global headquarters to Chicago to bolster the machinery maker’s push into foreign markets.
Chaebol’s `Grim Reaper’ Prosecutor Takes Aim at Samsung’s Lee
Special prosecutor Park Young-soo is going after South Korea’s most powerful business leaders and politicians, but he’s faced tougher opponents before. In 2015, Park was slashed in the neck with a box cutter by a man he defeated years earlier.
What Falling Fed Funds Chatter Really Means
Not that long ago, market analysts and commentators spent most of their time combing over comments made by Federal Reserve members in hopes of gaining an edge in regard to the next change in monetary policy. Nearly a decade of talking, writing and fawning over the Fed resulted in a mere two interest rate hikes, and at the precise moment the Fed appears to be poised to begin taking meaningful action, market participants simply don’t care anymore.
Is This The Best Biotech Play for 2017?
Last year, a political spotlight on drug pricing policies threatened the entire industry. Scandals at Mylan and Valeant Therapeutics did damage to the entire sector, sending the share prices of many biotech companies down.
Costco Reports Net Sales Up 6% in Q2 and Membership Fee Increase
Costo’s hiking the price of yearly individual memberships by $5 to $60, and executive memberships are going up to $120. As expected, warehouse-club membership company Costco didn’t disappoint investors with its latest earnings, which it reported after the bell on Thursday.
You’ll soon be able to get a Big Mac delivered to your door. But will you want to?
After a two-month test run in Florida, McDonald’s said this week it is preparing to roll out meal delivery in the United States. The hope, the fast-food giant said, was to make up for years of slipping sales by making one of the world’s most ubiquitous chains even more inescapable.
FCC halts regulations to protect data security
The Federal Communications Commission is delaying new data security rules that were supposed to take effect today. Those regulations, approved by the Obama administration last year, were part of a package of rules that limit how internet providers use and sell customer data.
Can’t pay your taxes? Here are 6 ways to cope
In this Jan. 14, 2017, photo, an online tax form is displayed on a computer at the offices of tax preparation firm Infinite Tax Solutions, in Boulder, Colo. Finding the cash to pay a larger-than-expected tax bill can be tricky, but tax pros say there are ways to deal with the surprise without having to pawn the family heirlooms.
Wall St Slips After Record Rally; Caterpillar Drags Dow
U.S. stocks retreated on Thursday as investors booked profits after a record run a day earlier, with Caterpillar’s slump dragging down the Dow Jones Industrial Average. The S&P 500 and the Nasdaq on Wednesday had their best day since the November election, boosted by President Donald Trump’s more measured tone in a speech to Congress and as bank stocks surged on increased chances of an interest rate hike this month.
Trump, Pence Keep Focus on Economy Despite Sessions Controversy
President Trump and Vice President Pence are staying focused on the administration’s top priority: the U.S. economy. This, as new reports emerge that Attorney General Jeff Sessions met with the Russian ambassador , despite stating that he did not have conversations with Moscow during his confirmation hearing.
Uber CEO Travis Kalanick’s Leadership Problem
Uber CEO Travis Kalanick has taken a lot of heat for his combative leadership style. And lately, he’s been under fire for creating a culture of brazen meritocracy at the hyper-growth company he co-founded in 2009.
Thursday 3/2 Insider Buying Report: GLDD, TILE
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
Caterpillar Office Raid Fuels Biggest Slump in Eight Months
Caterpillar Inc. shares headed for the steepest decline in eight months as the world’s biggest maker of machinery for mining and construction had its offices raided by law enforcement officials. Searches were conducted Thursday in Peoria, East Peoria and Morton by the Internal Revenue Service, the Federal Deposit Insurance Corp. and the Commerce Department, Sharon Paul, a spokeswoman for the U.S. attorney’s office for the Central District of Illinois, said in by telephone.
Apple’s U.K. Patent Suit Against Qualcomm Adds to Global Battle
Apple Inc. sued Qualcomm Inc. in a U.K. patent court, adding to lawsuits across the globe in a sprawling battle over patents and licensing fees between the iPhone maker and the largest maker of mobile phone chips. The lawsuit was filed Thursday and cites a claim on patents and registered designs.
Snap Jumps in Trading Debut After Year’s First U.S. Tech IPO
Snap Inc., maker of the disappearing photo app that relies upon the fickle favor of millennials, jumped in its trading debut after pricing its initial public offering above the marketed range. Shares opened at $24 and traded as high as $25.42 apiece Thursday, giving the company a market valuation of about $29 billion, based on the total number of shares outstanding after the offering in the deal prospectus.
Boeing Targets 1,500 Layoffs
Boeing will target a little over 1,500 voluntary job cuts as part of its layoff program announced in December, the company stated on Thursday. The layoffs are intended to cut costs aimed at the commercial jetliner area of the company.
Bank of America CEO Moynihan Wants Changes to the Volcker Rule
Bank of America CEO Brain Moynihan believes it is the right time to introduce changes to the Volcker rule of the Dodd-Frank Act. Moynihan was speaking with Handelsblatt Global , a German language business newspaper published in Dusseldorf.
Shake Shack Stock Slips on Weak Growth Rate
During the fourth quarter, Shake Shack’s same-store-sales rose 1.6%, falling below analysts’ projections for 3.2%. Shares of Shake Shack were falling nearly 3% on heavy trading volume during early afternoon trading on Thursday, after the company issued a slower than expected growth rate in its fourth quarter earnings report, following Wednesday’s close.
No Changes Coming to Apple Charging Cable for iPhone 8
Apple is set to release the latest version of its popular smartphone, the iPhone 8, this fall and the latest rumors swirling around the device suggest there will be no changes made to the phone’s Lightening port connector. A recent Wall Street Journal report noted that Apple was moving away from the Lightning port in favor of the USB Type-C connector used on the company’s MacBooks.
BTIG’s Greenfield: Pandora Investors Are Sick and Tired and Want a Sale
Pandora CEO Tim Westergren has made too many errors of strategy and execution, says BTIG media analyst Rich Greenfield. The time has come to sell the company.
These 5 Stocks Under $10 Could Explode Up Soon
There isn’t a day that goes by on Wall Street when certain stocks trading for under $10 a share don’t experience massive spikes higher. Traders savvy enough to follow the low-priced names and trade them with discipline and sod risk management are banking ridiculous coin on a regular basis.
6 Super Luxury Cars Selling Like Crazy Because of Trump’s Stock Market Surge
Thanks to investors anticipating a business-friendly administration , the Dow Jones Industrial Average is setting new records . As a result, high net worth buyers seem to be celebrating by purchasing super luxury items such as real estate, art, and you guessed it – six-figure cars.
Daily Dividend Report: GD, TD, CNQ, CVS, HES
The board of directors of General Dynamics today declared a regular quarterly dividend of 84 cents per share on the company’s common stock, payable May 5, 2017, to shareholders of record on April 7. The dividend represents a 10.5 percent increase from the previous quarterly dividend of 76 cents per share, and it is the 20th consecutive annual dividend increase authorized by the General Dynamics board. The Toronto-Dominion Bank today announced that a dividend in an amount of sixty cents per fully paid common share in the capital stock of the Bank has been declared for the quarter ending April 30, 2017, payable on and after May 1, 2017, to shareholders of record at the close of business on April 10, 2017.
Deutsche Telekom Lowers Value of Its BT Stake by $2.3 Billion
Deutsche Telekom AG wrote down its stake in British phone carrier BT Group Plc by 2.2 billion euros and placed it in a new unit for actively managed investments led by the company’s top M&A executive. The holding, now valued at about 5.1 billion euros, is part of a group of assets that also includes the company’s Dutch unit and its German tower business.
Transocean Delays 10-K Filing
Shares of Transocean are lower by 2.35% to $13.72 in pre-market trading on Thursday morning, after the international offshore contract drilling provider announced it is delaying the filing of its form 10-K. The company said it needs additional time to complete the form, which includes the evaluation of disclosure controls and procedures.
Toronto Dominion Tops First-Quarter Expectations
Toronto Dominion Bank earned C$1.32 in the first quarter on revenue of C$9.12 billion. Analysts on average were expecting the company to report earnings of C$1.24 per share on revenue of C$8.14 billion.
Acceleron Pharma Price Target Raised by Leerink
Acceleron Pharma had its price target raised to $55 from $50 by analysts at Leerink a day after the company reported a fourth quarter net loss of 51 cents per share that was narrower than analysts’ expectations of a 57 cent per share loss. There’s little to substantiate the president-elect’s claim that he will bring drug prices down, but biotech investors are trading anyway.
Dow Chemical Subsidiary Must Pay $456 Million Award to Bayer
A federal appeals court ruled that a Dow Chemical subsidiary must pay $456 million for violating a patent licensing agreement with Bayer AG , affirming a lower court ruling. Jim Cramer ponders what motivates someone to call a market top, and talks about how the market could be playing ‘The Price Is Wrong.’
AmEx Boosts Platinum Card Rewards, Takes on JPMorgan’s Sapphire
American Express shares were up 0.37% premarket after the company announced that it will be boosting the benefits on its Platinum charge card for the second time since October.
Two Big Reasons Wall Street Is Ignoring Abercrombie’s Earnings Whiff
Abercrombie & Fitch just took the wraps off weak fourth-quarter and full-year 2016 results, but Wall Street, if not millennials, seem to be buying into what the company’s value-oriented Hollister division is selling. On Thursday, Abercrombie reported fourth quarter earnings of 71 cents a share on $1.04 billion in revenue, lower than estimates for earnings of 75 cents a share on $1.05 billion, according to analysts surveyed at Factset.