An assistant U.S. attorney told jurors Wednesday a Burlington woman facing federal embezzlement charges was a “malevolent” bank employee who manipulated the Central National Bank to steal more than $700,000 while her defense attorney attempted to cast doubt on the notion a single person could take such a large amount over several years without being noticed. Closing arguments were made Wednesday morning at the Frank Carlson Federal Building in the federal case of Denise Christy, a former employee of the Central National Bank in Burlington, who faces charges that include embezzlement and money laundering.
Fitbit Off to Slow Start in 2017 as Devices Pile Up, Report Says
The maker of wearable fitness trackers halted production in mid-December because the devices were piling up at retailers and suppliers amid disappointing sales, according to a report by the firm published Tuesday. Demand so far this year is “characterized as weak,” Cleveland Research said, suggesting analysts’ estimates for 2016 fourth-quarter earnings may be too high.
Ex-Barclays Director Gets Five Months for Tips to Plumber Pal
A former Barclays Plc director was sentenced to five months in prison for passing merger tips to a plumber friend and getting cash and free tiling in return as a judge rejected his request for probation. Steven McClatchey pleaded guilty in July after prosecutors said he passed information that Gary Pusey used to make 10 illegal trades in companies including Questcor Pharmaceuticals Inc., PetSmart Inc., Emulex Corp. and Omnicare Inc. Pusey, who pleaded guilty and agreed to cooperate with prosecutors against his former friend, made about $75,000 on the trades, prosecutors said.
You’ll probably get to keep watching free video on your phone -…
The Federal Communications Commission staff has finally determined that AT&T and Verizon are likely violating net neutrality rules by offering their own video services without data charges. However, in taking more than a year to weigh in, the agency has likely lost its chance to rein in the practice.
SAPVoice: Brooks Brothers Innovation Elevates Customer Experience
Every retailer is fighting to win customers. Competition comes from all places in all sizes and consumer loyalty is hard won.
Game on: Scout Media Can Pursue Discovery Against Jim Heckman
The college sports website network operator has accused its former chief executive of sabotaging its relationships with its team site publishers. College sports website network operator Scout Media has secured approval to pursue discovery against its founder and former chairman and chief executive, Jim Heckman.
Mylan’s Troubles Just Won’t Stop as Key Insurer Drops EpiPen
Cigna will no longer cover Mylan’s EpiPen and EpiPen Jr. autoinjectors, instead encouraging patients to use Impax ‘s generic device for treatment of severe allergic reactions. The move was effective as of Jan. 7, when Cigna released a list of changes to coverage for 2017.
Facebook Launches ‘Journalism Project’ to Help Address Fake News Problem
The social network has launched a new initiative intended to foster deeper relationships with media organizations and promote news literacy. Facebook on Wednesday announced the Journalism Project, a new effort that aims to create a healthier “news ecosystem” on the social media site by forming closer ties with media organizations.
The Market Is a ‘Tightly Coiled Spring’
The Nasdaq Composite closed at a record high on Wednesday for the third time this week, while the Dow Jones Industrial Average , S&P 500 and Russell 2000 rose as well, though not as impressively, all finishing in the green. Despite the health care bump evoked by President-elect Donald Trump during his midday press conference, one of the leaders during Wednesday’s session proved to be the transports.
Amazon Announces A Card That’s Almost Too Good To Be True
Earlier today Amazon announced its new Prime card, a credit card with no fee, ordinary interest and a whopping 5% cash back on Amazon purchases. For Amazon Prime shoppers, life has just gotten a little cheaper.
Try These 3 Under-the-Radar Trump Stocks: U.S. Concrete, Forterra and Volaris
Shares of U.S. Concrete have surged 22% since Election Day, but there is more to the bullish story than having a former builder in the White House. Shares of U.S. Concrete have surged 22% since Election Day, but there is more to the bullish story than having a former builder in the White House, said Craig Hodges, portfolio manager of the Hodges Fund .
AT&T Keeps Getting Its Profit Estimates Slashed by One Wall Street Firm
Shares of AT&T fell by about 1% on Wednesday after the stock’s rating was downgraded to “hold” from “buy” at Deutsche Bank because of weaker margins and slower earnings growth, according to the firm’s note. Deutsche also lowered its price target on the stock to $43 from $44.
SoFi: A Financial Services Provider That Is So Not Wall Street
In the old days, banks were imposing granite buildings housing massive vaults and offering 3% on savings and 6% mortgages. Later they morphed into unassuming suburban branches distinguished from fast-food outlets primarily by having multiple drive-through lanes.
‘Sell the Trump Presser’ Can’t Hold; Dow 20K on Thursday?
The “sell the Trump press conference” trade worked for about two hours but it was probably too crowded. It was an obvious setup and when that is the case there are always dip buyers lurking.
Tom Wheeler accuses AT&T and Verizon of violating net neutrality
With just over a week left as chairman of the Federal Communications Commission, Tom Wheeler today accused AT&T and Verizon Wireless of violating net neutrality rules with paid data cap exemptions. But with the FCC about to switch to Republican control after next week’s inauguration of President-elect Donald Trump, AT&T and Verizon can likely keep doing what they’re doing without any chance of punishment.
Will Goldman Sachs Raise Its Dividend in 2017?
With the highest share price among the Dow 30, Goldman is responsible for more than 8% of the value of the price-weighted index, and that gives it more power over the movements of the Dow than the six cheapest Dow stocks combined. That said, dividend investors aren’t all that happy with Goldman Sachs, because its current dividend yield is puny, resting just above the 1% mark.
REIT ETFs Are Making a Comeback
Real estate investment trusts weakened since the summer months on prospects of a rising interest rate environment, but sector-related exchange traded funds are clawing back after Donald Trump won the elections. The Vanguard REIT ETF , the largest REIT ETF, has gained 2.3% over the past month.
The Recovery in Chipotle’s Stock Price Has Officially Begun
That time, I believe, has now arrived. On Monday, Chipotle took the unusual step of pre-reporting its fourth-quarter results.
Mexico ETF Takes Another Hit from Trump
Mexico country-specific exchange traded fund continued to weaken Wednesday as the peso currency depreciated to a historic low shortly following President-elect Donald Trump’s new conference. The iShares MSCI Mexico Capped ETF fell 0.7% Wednesday, breaking down to new all-time lows as the peso currency weakened to MXN21.9381 against the U.S. dollar.
Airbus Talks Up Its U.S. Credentials Ahead of Trump Presidency
Airbus Group SE, the chief rival of America’s biggest exporter Boeing Co., asserted its bona fides as a U.S. manufacturer a week before Donald Trump assumes the presidency after a campaign spent complaining about unfair trade. Having a factory in Mobile, Alabama, that employs more than 1,000 people making A320 single-aisle jets shows Airbus’s commitment to the U.S., one of the biggest markets for its aircraft, Fabrice Bregier, who runs the European planemaker’s jetliner arm, said in an interview Wednesday.
Flying River Taxis Eye Customers From the Seine to San Francisco
SeaBubbles, a French startup vowing to build flying river taxis, is seeking to close a third round of funding in less than a year and cement interest from the city of Paris, companies in the San Francisco Bay and other potential customers. To build the first battery-powered bubble-shaped ships that hover a few inches above the water and transport as many as six people at a time, founders Alain Thebault and Anders Bringdal last month raised 3.45 million euros from French insurer Maif and venture-capital fund Partech Ventures.
Saudis Said to Cut Oil to China, South Asia as Others Spared
Saudi Arabia was said to cut February crude sales to China and southern Asian nations while largely sparing countries including Japan and South Korea, as it curbs supply as part of a deal between OPEC and other producers. Two Southeast Asian refiners received cuts of about 30 percent from the world’s biggest crude exporter, according to two people with knowledge of the matter who asked not to be identified because the information is confidential.
Instagram Puts Ads on Stories Feature as Users Reach 150 Million
Instagram will start to introduce advertising to its stories feature as it becomes more popular, stepping up competition with Snap Inc. Facebook Inc.’s Instagram said it now has 150 million daily users on the stories feature of its photo-sharing site that was inspired by a popular Snapchat product, which broadcasts short videos that disappear after they’re viewed, or after 24 hours. Instagram’s number for stories matches the statistic Snapchat gives for its total daily global audience.
Oil Rises as Record U.S. Refinery Runs Outweigh Stockpile Gain
Refineries nationwide used 17.1 million barrels a day of crude last week, according to the Energy Information Administration, the most in weekly data going back to 1989. Refineries operated at the highest utilization rate since September before they perform planned seasonal maintenance.
Trump’s Transportation Pick Backs – Bold New’ Rebuilding Plan
President-elect Donald Trump’s nominee to head transportation policy delivered a strong endorsement at her confirmation hearing of his proposal to seek private investment funding for a massive infrastructure building program based on a “bold new vision.” Elaine Chao, the immigrant who rose to become a cabinet secretary in a previous Republican administration and is now being considered for secretary of transportation, said deteriorating roads and other networks are jeopardizing the economy.
Long-Short Hedge Funds Are Ditching the Shorts to Focus on Longs
What happens when you take the “short” out of a long-short trading strategy? Some hedge funds are about to find out. Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG show.
EU Drug Oversight May Become – Mission Impossible’ After Brexit
The European Medicines Agency, based in London, is likely to be relocated after the U.K. voted to leave the European Union, spelling uncertainty for its almost 900 employees. Even as the workload swells, some staff have left and the regulator faces the possibility of more departures, said Guido Rasi, its executive director.
Cooperman Case Poses Question of When Inside Tips Become Illicit
Regulators pursuing an insider-trading case against billionaire Leon Cooperman say he is using an “astounding theory” to justify trading on non-public information he obtained from a company insider. The U.S. Securities and Exchange Commission said Cooperman is seeking to use a “loophole” in insider-trading law that would “reward deception.”
Video-Game Tech Digging Real Dirt for Caterpillar, Komatsu
In Chicago, not far from Lake Michigan, the driver of a Caterpillar Inc. bulldozer looked left, right and forward to maneuver the 230,000-pound machine through a desert obstacle course of sand mounds and old tires. But for all his effort, he didn’t go anywhere.
Why Jim Cramer Remains Cautious on Delta
While the airline sector may look attractive, not all the stocks are the same. That’s one reason Cramer remains cautious on Delta.
Senators Split Over Tillerson and His Ties to Putin
President-Elect Trump’s pick to be Secretary of State suggested that Russia “poses a danger,” responding to concerns that he is overly cozy with the Russian President. Lawmakers on Wednesday were deeply divided over whether President-elect Trump’s pick for Secretary of State, Exxon Mobil CEO Rex Tillerson would be right for the job, with many senators raising concerns about his overly cozy ties with Russian President Vladimir Putin.
Why Rite Aid, Ford, Merck Are Wednesday’s Most Active Movers
Put down the 10-K filings and the stock screeners. It’s time to take a break from the traditional methods of generating investment ideas.
Barclays Cuts Price Target on Hasbro, Mattel
Price targets on toy companies Hasbro and Mattel were each slashed by $2 at Barclays on Wednesday morning, despite a rise in toy sales this holiday season. “With Christmas in the rearview mirror and [fourth quarter] earnings season rapidly approaching, we are updating our estimates for Hasbro and Mattel,” Barclays analyst Felicia Hendrix said in a research note today.
Oil Prices Rise Despite Larger-Than-Expected Build in U.S. Crude Inventories
Domestic crude stockpiles increased by 4.1 million barrels less than two weeks after OPEC initiated production cuts to rebalance the global oil market. U.S. oil is back with a vengeance to start off 2017, but oil prices were rising even though U.S. crude stockpiles increased for the first time since OPEC implemented production cuts with the intent to rebalance the global oil market.
AT&T Stock Is ‘Worth Watching’: More Squawk From Jim Cramer
Shares of AT&T were trading lower in mid-morning trading on Wednesday after the stock’s rating was downgraded to hold from buy at Deutsche Bank earlier today. The call reflects weaker margins and slower EPS growth, the firm wrote in the note.
Airbus Retains Order Lead Over Boeing With Late Sales Surge
Airbus Group SE booked 320 jetliner orders in December alone to rack up 731 sales for the year, extending its backlog and beating Boeing Co. In the last month of 2016 Airbus sold 98 new planes to Iran Air and 72 to Go Airlines India Pvt., while two other transactions saw 132 narrow-bodies purchased by buyers whose identities weren’t disclosed, according to figures released by the Toulouse, France-based company Wednesday.
Etihad Airways Said to Seek $2.6 Billion for Boeing, Airbus Jets
Abu Dhabi-based carrier Etihad Airways PJSC is in talks with banks to raise about $2.6 billion in loans to finance aircraft deliveries, according to three people familiar with the matter. The airline is seeking to raise $2 billion in 12-year loans for 10 Boeing Co.
Big Oil Hits Sweet Spot as Projects Reap Rewards of Recovery
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies will together boost oil and natural gas output by 398,000 barrels a day, the most since since 2010, according to data from Oslo-based consultant Rystad Energy AS.
Wall Street’s Most Famous Quants Fed Up With JPMorgan Soothsayer
Or anybody else who tells you quant managers regularly whip up bouts of pain and suffering for stock investors. Funds with programs that follow trends and sell like robots are getting smaller and simply aren’t big enough to overwhelm the $24 trillion U.S. equity market.
Scientology Anti-Drug Program Found Active in London Schools
A report has found that tens of thousands of children have been exposed to Narconon, which says it utilizes techniques developed by L. Ron Hubbard. Narconon, an anti-drugs program funded and run by the Church of Scientology, has been found to be active in U.K. schools.