Wall Street churned around the flatline for much of the day with investors reluctant to commit to any one direction until the release of Friday’s highly anticipated jobs report. Wall Street churned around the flatline for much of the day with investors reluctant to commit to any one direction until the release of Friday’s highly-anticipated jobs report.
Category: Business News
Happy 58th Birthday Barbie! Here’s Why It May Be Time for You to Head to the Retirement Home
American businesswoman Ruth Handler launched Barbie–named after her daughter Barbara–on March 9, 1959 at the American Toy Fair in New York City. Handler was inspired by a German doll called Bild Lilli.
Meredith Buying Time May Be Its Safest Route to Really Going Digital
Time has begun to show signs that legacy print publishers can transition to digital from print, but merging with Meredith may be the best way to get there. Experience matters, and reports that Time is no longer being pursued by an investor group led by Edgar Bronfman Jr. should come as a welcome sign for a company that would probably be best served if its new owners have first-hand knowledge of the digital magazine business.
Amidst Fierce Competition, Target Is Unlikely to Recover Soon
Bricks-and-mortar, retail giant Target Corp has seen its shares plummet about 24% year to date year-to-date, under-performing rivals like Wal-Mart and Costco , and even minnows such as Dollar Tree and Dollar General . Despite the company’s intent to focus more on digital commerce , doubts remain surrounding the company’s strategy for reviving earnings .
Trump’s Run of Dumb Luck
How quickly Washington forgets. It was only two weeks ago that the biggest story in the nation’s capital was how President Donald Trump’s aides were pressuring the FBI and allies in Congress to shoot down the stories whirling around about his associates’ ties to Russia.
The Market Is Suddenly Having Second Thoughts on Reflation
Global stocks have stalled, with the MSCI Emerging Market Index, a benchmark gauge for developing-country equities, down about 3 percent from the more than one-year high reached last month. U.S. stocks are down for a fourth day.
Airbnb Closes $1 Billion Funding Round With War Chest for Growth
Airbnb Inc. closed a funding round of more than $1 billion, valuing the home-sharing startup at about $31 billion, according to three people familiar with the company. In December, Bloomberg first reported the company’s plans to increase the funding it was seeking by authorizing the sale of an additional $153 million in equity.
FCC probing AT&T’s Wednesday night 911 outage
The Federal Communications Commission says it is investigating why AT&T cellphone customers were unable to call 911 in several states on Wednesday night. Law enforcement and government agencies in Texas, Florida, Tennessee and other states reported the problem and provided alternate numbers for people to call during emergencies.
AT&T Outage Takes Down 911 Emergency Lines across the US
Millions of AT&T customers were left without 911 service for several hours last night. The outage appeared to have affected wireless customers across the country, with reports that customers were unable to reach emergency services in New York, Los Angeles, Washington D.C., Chicago, Miami, San Francisco and Seattle, among other areas.
Trump Says Community Banks Help ‘Create Jobs’
U.S. President Donald Trump met with small community bankers on Thursday to learn more about their difficulties in complying with the tougher Dodd-Frank financial regulations enacted after the 2007-2009 financial crisis. The listening session was aimed at helping the Trump administration craft a legislative plan to ease the regulatory burdens on small banks to try to unlock more small business lending and fuel economic growth, a senior White House official told Reuters.
Yes, President Trump Really can Boost Bank ETFs
The Financial Select Sector SPDR , the largest financial services exchange traded fund, is up 6.3% year-to-date, bringing its one-year gain to almost 40%. As has been widely noted, politics are playing a part in lifting the financial services sector, the second-largest sector weight in the S&P 500.
Wall St Fights to Hold on to Gains as Oil Slips Again
U.S. stocks were little changed on Thursday as gains in bank stocks were countered by the second day of losses in energy shares, a day before the crucial monthly jobs report that would bolster already sky-high odds of a rate hike next week. Fueling the rise in bank stocks was a report that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, but remained below 300,000 for the 105th week.
Roads, Airports Fare Worst in Civil Engineers’ Infrastructure Report Card
The American Society of Civil Engineers issued poor grades for America’s roads, airports and public transportation in its latest infrastructure report card released Thursday, at the same time President Donald Trump is accelerating his push for $1 trillion in investments. The group, which has long advocated for increased spending on infrastructure projects, gave U.S. infrastructure an overall grade of D+, the same grade given in the ASCE’s last report in 2013.
Fed: U.S. Household Net Worth Rose to $92.8T in 4Q
A continued rise in U.S. equities pushed the net worth of U.S. households to $92.8 trillion in the fourth quarter of last year, a report by the Federal Reserve showed on Thursday. Household net worth rose $2 trillion over the quarter, up from a slightly revised $90.7 trillion in the previous period.
The Uber Amex Platinum Card: How Does It Compare to the Chase Sapphire Reserve?
For years, the American Express Platinum Card has provided a wide range of travel benefits and luxury perks to its cardholders. But recently, there’s been increased competition from travel-centric credit cards entering the game or increasing their benefits to take some of American Express’ market share.
Tom Ridge: White House leaks coming from the government
Mar. 09, 2017 – 5:01 – Former Homeland Security Secretary Tom Ridge weighs in on the WikiLeaks hacking document and the White House leaks.
Outgoing Coke CEO given pay package worth $16 million
Coca-Cola CEO Muhtar Kent , who is stepping down in May, received a compensation package worth $16 million last year, according to a regulatory filing. That included a salary of $1.6 million, stock and options worth $9.5 million and incentive pay of $4.1 million.
Industry tracker: Bottled water overtakes soda in US
An industry tracker says bottled water overtook soda as the No. 1 drink in the U.S. by sales volume last year.
FCC probing AT&T’s Wednesday night 911 outage7 minutes ago
The Federal Communications Commission says it is investigating why AT&T cellphone customers were unable to call 911 in several states on Wednesday night. Law enforcement and government agencies in Texas, Florida, Tennessee and other states reported the problem and provided alternate numbers for people to call during emergencies.
Chicago Pension Rating Ranks as Worst Among 15 Major Cities
If you are looking for a city to retire happily in, Chicago may not be the best choice, the Illinois city is ranked as the worst for underfunded pension funds, the Associated Press reports. The results come from a Standard & Poor’s survey that ranked 15 major U.S. cities.
Amazon’s AWS Outages Could Negatively Impact Echo Initiatives
Amazon.com wants to bring its Echo devices mainstream by integrating the technology with crucial aspects of users’ daily lives including phone calls and scheduling. However, setbacks have thrown a wrench into this plan.
This Is Why J.Jill’s CEO Is So Optimistic About IPO Despite the Declining Retail Industry
J.Jill CEO Paula Bennet discussed what it’s like taking a women’s apparel retail company public in the struggling environment. J.Jill launched its initial public offering of 11.67 million shares priced at $13 Thursday morning and although the stock is down, company CEO Paula Bennet is optimistic.
New York, London Fighting For Saudi Aramco IPO
Executives from both the New York Stock Exchange and London Stock Exchange are fighting to be the primary international listing for the IPO of Saudi Aramco , Saudi Arabia’s state oil company, according to the Financial Times . The two are in a race to house the world’s biggest flotation ever.
European Stocks End Mixed as Hawkish ECB Help Lift
The European Central Bank boosted markets when it sounded a hawkish tone Thursday, but it wasn’t enough to offset earlier losses for some benchmarks. European stocks were mixed on Thursday after a more upbeat European Central Bank helped to boost markets in the afternoon, but this was not enough to lift all benchmarks out of the red.
REITs Will Be All Right With Rising Rates
Real estate investment trusts have been a favorite instrument for many investors during recent years. Not only do they provide a way to play the real estate market without buying and selling physical properties, but they pay out hefty and healthy dividends .
Valeant Launches Loan Offering Days After Paying Down $1.1 Billion in Debt
Just days after paying down $1.1 billion in debt, embattled biotech Valeant is taking out $2.5 billion more in senior secured notes. The company’s shares were trading at heavy volume just after opening bell Thursday.
AT&T’s Flashing Yellow Light
Time Warner Inc. investors are becoming convinced the company’s sale to AT&T Inc. will get done, even though President Donald Trump at one point seemed intent on stopping it. But don’t get too excited.
WeWork Is Giving Away $20 Million in Cash to Other Startups
Unlike most startups, WeWork Cos. doesn’t seem to struggle with raising money. Soon it’ll start spreading some of its cash around to smaller startups, partly in the hopes of luring them to become WeWork customers.
AIG Says CEO Hancock to Quit as Swelling Losses Hurt Icahn
Peter Hancock will resign as American International Group Inc.’s chief executive officer after the insurer suffered losses four of the past six quarters and faces pressure from activist investors including Carl Icahn and John Paulson. Hancock, 58, will remain CEO until a successor is named, the New York-based insurer said Thursday in a statement.
Emirates Chief Warns of `Gathering Storm’ From Discount Rivals
Emirates President Tim Clark said he’s bracing for a “gathering storm” as low-cost airlines encroach on the inter-continental routes around which the biggest long-haul carrier has built its business. Dubai-based Emirates sees threats across all markets from rivals spanning Norwegian Air Shuttle ASA to the Scoot unit of Singapore Airlines Ltd., Clark said Thursday in Berlin.
BMW’s Profitability Hits Lowest Since 2010 Amid Tech Rivalry
BMW AG reported its weakest profitability since 2010, capping a negative year for Chief Executive Officer Harald Krueger after the luxury-car marque lost its crown to arch-rival Mercedes-Benz. Amid higher spending on battery-powered and autonomous-driving technologies, BMW’s automotive profit margin narrowed to 8.9 percent in 2016 from 9.2 percent a year earlier, according to a statement on Thursday.
Albert Edwards: The Fed is about to cause a bond market ‘bloodbath’
Markets are pricing in a 100% probability that the Fed will raise its benchmark rate when it meets from March 14-15. The Fed’s most recent projection for the fed funds rate , which will be updated at the meeting, showed that it could hike as many as three times this year.
FCC says it will investigate AT&T wireless 911 outage
The Federal Communications Commission said Wednesday night it will investigate “the root cause” of an outage that prevented AT&T wireless customers in several states from connecting to 911. FCC chairman Ajit Pai tweeted, “.@FCC AT&T has reported to me that 911 service is now restored.
Samsung head Jay Y Lee denies bribery, embezzlement charges in Seoul trial
Jay Y. Lee, co-vice chairman of Samsung Electronics, is at the centre of a growing bribery, perjury and embezzlement scandal in South Korea. The head of South Korea’s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the “trial of the century” amid a political scandal that has rocked the country.
Futures Slip as U.S. Crude Falls Below $50
U.S. stock index futures dipped slightly on Thursday as U.S. crude prices fell below $50 and investors remained cautious ahead of Friday’s nonfarm payrolls data that could move the needle on an interest rate hike next week. Also on investors’ minds is a policy announcement from the European Central Bank on Thursday.
European Central Bank Leaves Interest Rates Unchanged
The European Central Bank left its policy stance unchanged as expected on Thursday, keeping unprecedented stimulus in place and maintaining its dovish guidance even though inflation and growth have rebounded more quickly than expected. Facing low inflation and weak growth, the ECB has kept interest rates in negative territory and bonds purchases at 80 billion euros a month, promising substantial accommodation and an extended market presence to aid the euro zone’s recovery.
Bill Gross: Don’t be Allured by ‘Trump Bull Market’
Bond investor Bill Gross warned on Thursday that investors should not be tempted into buying high-flying equities and corporate bonds, given the possibility that U.S. President Donald Trump might fail to enact policies that fuel economic growth. Wall Street’s main indexes have rallied since Trump was elected president and remain close to all-time highs, driven by optimism that his policies may stimulate growth in various industries and push share prices even higher.
Aig Ceo Peter Hancock to Resign
Hancock will remain CEO until a successor has been named, the company said. (Reporting by Nikhil Subba in Bengaluru; Editing by Saumyadeb Chakrabarty)
Why we’re unlikely to find any Russian connection in Trump’s tax returns
Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Donald Trump is the first U.S. president since Richard Nixon to shield his tax returns from public view, despite initially saying he would release them. Every week seems to bring yet another revelation about possible relationships between Russia and people close to Donald Trump.
Companies courting lawsuits with worker Twitter crackdown?
On the local scene lately, it seems one of the best ways to disrupt a career is to let your fingers do the talking and tweet remarks that get you in trouble with the boss. Already this year, ABC -7 sportscaster Mark Giangreco was hit with a multiweek suspension without pay for chiding the country’s best known Twitter user, President Donald Trump .