Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City. Eduardo Munoz Alvarez | Getty Images Check out the companies making headlines in midday trading: FedEx — Shares of the shipping giant dropped more than 14% on the back of weak quarterly earnings. FedEx reported
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Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, an economist told CNBC after the European Central Bank cut rates last week. “I think there are big questions to banking sector profitability,” global chief economist of the Economist Intelligence Unit, Simon Baptist, said Friday. The ECB on
Jeffrey Gundlach speaking at the 2019 SOHN Conference in New York on May 6th, 2019. Adam Jeffery | CNBC DoubleLine CEO Jeffrey Gundlach believes the bottom for interest rates is in for 2019. Growing fears about a possible global economic slowdown prompted Treasury yields to hit their historic lows a few weeks ago. The so-called
Robert Bakish, chief executive officer of Viacom International Media Networks, speaks during a Bloomberg Television interview at the Mobile World Congress in Barcelona, Spain, on Tuesday, March 3, 2015. The event, which generates several hundred million euros in revenue for the city of Barcelona each year, also means the world for a week turns its
Marko Kolanovic Crystal Mercedes | CNBC J.P. Morgan’s chief quant says oil prices won’t hurt stock prices until they hit the $80 to $85 per barrel range. Marko Kolanovic, global head of macro quantitative and derivatives strategy, said when oil prices are stable, oil correlates positively with the S&P 500, but when there are large
Michael Wirth, CEO of Chevron. Adam Jeffery | CNBC The attack against Saudi Arabia’s oil facilities is a wake-up call to dangers in the oil market, according to Chevron CEO Michael Wirth. “Perhaps the market had grown a little bit comfortable with risks that we never became comfortable with,” Wirth told CNBC’s “Closing Bell” Monday. “These
Brendan McDermid | Reuters Check out the companies making headlines midday Monday: Devon Energy, Marathon Oil, Exxon Mobil, Chevron — Energy stocks surged after a drone strike attack wiped out about half of Saudi Arabia’s daily crude production. The attack sent oil prices skyrocketing more than 11% while the broader stock market fell. Devon and
Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia, September 14, 2019. Stringer | Reuters Oil prices jumped more than 10% after a coordinated drone attack hit the heart of Saudi Arabia’s oil industry on Saturday, forcing the kingdom to cut its oil output in half. U.S.
Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange. Drew Angerer | Getty Images U.S. stock futures dropped on Sunday night amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth. Dow Jones Industrial Average
Bank of America Merrill Lynch is changing the way it looks at small caps. The firm’s senior U.S. equity strategist Jill Carey Hall is turning bullish on the troubled group. But her new call comes with a catch: Investors need a ten year time horizon to see solid profits. “If you look at the valuation
The “Fast Money” traders shared their first moves for the market open. Tim Seymour was a buyer of Boeing. Chris Verrone was a buyer of JPMorgan. Brian Kelly was a buyer of the Gold Miners ETF. Guy Adami was a buyer of Exxon Mobil. Disclosure Trader disclosure: Chris Verrone is long BAC, DBX, GILD, QD, SMAR,
A trader wipes his eyes as he watches stock prices at the New York Stock Exchange in New York. Don Emmert | AFP | Getty Images Oil prices could jump as much as $10 per barrel after a number of drone strikes hit the center of Saudi Arabia’s oil industry, reportedly forcing the kingdom to
Traders work at the Bolsa de Mercadorias e Futuros, Brazilian Mercantile and Futures Exchange (BM&F), in Sao Paulo, Brazil. Marcos Issas | Bloomberg | Getty Images Investing in Latin America’s equity markets can be scary, but Luiz Maria Ribiero has cracked a winning formula. Ribiero manages the DWS Latin America Equity fund (SLARX), which has
Shares of flooring company Lumber Liquidators plunged Friday after founder and former CEO Thomas Sullivan decided to opt out of his bid to find a buyer for the company, a week after he announced the buyout plan. Sullivan also sold the majority of his stake in the company. The founder had upped his ownership of
Federal Reserve Chair Jerome Powell holds a news conference following the Federal Reserve’s two-day Federal Open Market Committee Meeting in Washington, July 31, 2019. Sarah Silbiger | Reuters The Federal Reserve is expected to cut interest rates by a quarter point on Wednesday, but what it says about its future plans will determine whether stocks
A man enter the doors of the ‘WeWork’ co-operative co-working space in Washington, DC. Mandel Ngan | AFP | Getty Images WeWork has become a cautionary tale for private equity and venture capital executives who are learning that growth at all costs doesn’t always cut it in public markets. The real estate start-up has seen
U.S. Housing and Urban Development Secretary Ben Carson testifies during a Senate Banking, Housing, and Urban Affairs Committee hearing on September 10, 2019 in Washington, DC. Zach Gibson | Getty Images The Department of Housing and Urban Development’s internal watchdog cleared Secretary Ben Carson of wrongdoing after investigating a planned purchase of more than $31,000
andresr | E+ | Getty Images Friday’s August retail sales report is the last big economic report before the Fed begins its two-day meeting Tuesday, and it could be muddied by the Amazon Prime Day promotions that sent July sales sharply higher. Economists expect a gain of just 0.2%, after a much better than expected
Once again President Trump berated the Federal Reserve via Twitter on Wednesday, this time calling for the central bank to immediately cut interest rates to zero. The president said this would offset the effects of the monetary stimulus being pursued by other central banks and allow the federal government to refinance its outstanding debt at
Mark Hurd, CEO of Oracle. Adam Jeffery | CNBC Check out the companies making headlines after the bell: Shares of Oracle dipped as much as 5% during extended trading after the company’s CEO, Mark Hurd, announced a medical leave of absence and $15 billion stock buy back. Founder and Executive Chairman Larry Ellison said in