Billionaire hedge fund investor Stanley Druckenmiller said Friday that mounting corporate debt puts the U.S. in bad shape in the event of a recession. Druckenmiller believes the Fed should have raised rates more in 2016 when it had the chance. By not raising borrowing costs, it caused corporate debt to balloon to $10 trillion and
Investing
Billionaire hedge fund manager Stanley Druckenmiller said Friday he doesn’t have a problem with a higher capital gains tax. “I don’t really think capital gains promote investment as much as advertised out there. It’s hard for me to believe that Larry Page, Mark Zuckerberg and Jeff Bezos would have said, ‘Oh my God, the capital
Stanley Druckenmiller Katie Kramer | CNBC Billionaire investor Stanley Druckenmiller went after President Donald Trump and lawmakers on Friday for attacking big technology companies. “We are attacking our companies that are the leaders in this stuff. But man, it’s great. We’re supporting our steel industry, our coal industry, [and] our aluminum industry. Way to think about the
Chipotle Mexican Grill food catering. Adam Jeffery | CNBC Here are the biggest calls on Wall Street on Friday: Baird named Chipotle a ‘positive fresh pick’ Baird said it likes the stock for “near and long-term horizons.” “Based on the pullback in the stock relative to the April-May highs, combined with our incrementally positive view
Tech titans or falling knives? FANG — Wall Street’s widely used acronym for Facebook, Amazon, Netflix and Google parent Alphabet — has lost nearly half a trillion dollars in market value since each stock’s 52-week high. Alphabet has been the biggest loser, shedding $173 billion since April. As regulators set their sights on big tech,
May’s overall job growth disappointed, but there were pockets of strength with strong hiring in the health care, computer and digital design and food service industries. The Labor Department’s Friday report on the employment situation also showed a decline in retail positions while manufacturing continued to added to a string of lackluster prints. CNBC studied
President Donald Trump tours the area around the U.S.-Mexico border wall in Calexico, California, U.S., April 5, 2019. Kevin Lemarque | Reuters First, China. Now, Mexico. And Wall Street analysts scrambling to quantify the impact of tariffs on the companies they cover are beginning to feel like its Groundhog day. President Donald Trump opened a
Since last decade, NASA has turned repeatedly to Colorado companies to produce the technology it needs to not only send astronauts on new lunar missions but also to Mars and into the depths of space. Above, the International Space Station. NASA | Getty Images National Aeronautics and Space Administration is opening the International Space Station
A monitor displays Snap Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York. Michael Nagle | Bloomberg | Getty Images Shares of Snap jumped more than 7% on Thursday after Pivotal Research upgraded the stock. Pivotal Research increased its rating on the stock to buy from hold and hikes the
The SEC this week voted to approve a financial investment reform package. Known as “Regulation Best Interest” or “Reg BI,” the package is intended to strengthen protections for investors by requiring financial advisors and in particular broker-dealers to disclose conflicts of interest. Does it provide more protection for investors than previous rules? It depends on
Albert Edwards Rukhsana Hamid | Bloomberg | Getty Images There are contrarian indicators and then there are contrarian indicators — and then there’s Albert Edwards, the pessimistic Societe Generale market analyst who thinks his dethronement as the top-ranked advisor in one survey is a sign that investors ought to watch. In an analysis both cheeky
Workers assemble cars on the line at Tesla’s factory in Fremont. David Butow (Photo by David Butow/Corbis via Getty Images) David Butow | Corbis News | Getty Images A key metric for Tesla’s sales bounced back in the spring after a disappointing first quarter, but the company will need consistent strong performance to return its
Apple CEO Tim Cook speaks during the Time 100 Summit event on April 23, 2019, in New York. Don Emmert | AFP | Getty Images Apple is facing two major threats to its bottom line in the form of tariffs and antitrust regulations and Morgan Stanley on Wednesday broke down what the government-created pressures may cost
Manhattan aerial view, New York, USA PPAMPicture | E+ | Getty Images Goldman Sachs thinks Uber, as the leader among ride-sharing companies, has a key advantage as dense cities increasingly seek alternative transportation to relieve congestion and avoid heavy infrastructure rebuilding costs. “We believe the growing availability of new mobility options has the potential to
A shopper carries a Tiffany & Co. retail bag on Fifth Avenue in New York, May 30, 2019. Victor J. Blue | Bloomberg | Getty Images Luxury jeweler Tiffany & Co. blamed disappointing quarterly results on a steep decline in Chinese tourism, the company said Tuesday. After slashing the company’s full-year profit outlook to low-to-mid-single-digit
The stock market could be in for some more pain if President Donald Trump continues “business-bashing” like his predecessor Barack Obama, CNBC’s Jim Cramer predicts. “It’s telling that the S&P 500 is the same valuation that it had in Obama’s second term. Even though long-term interest rates are a lot lower than they were in
Traders work on the floor of the New York Stock Exchange (NYSE) on February 6, 2018 in New York City. Spencer Platt | Getty Images News | Getty Images While most of the stock market is in turbulence amid the trade chaos, Goldman Sachs has a portfolio that’s crushing the market, returning more than 16%
Getty Images Bank of America cut its 2019 profit outlook for the stock market’s biggest companies on Monday, citing renewed trade tensions between the United States and two key trading partners. The bank’s head of U.S. stock strategy warned clients that the market’s price has yet to reflect the impact the dispute between Washington and
The bad news: The opening of a second trade-war front along the U.S.-Mexico border last week dialed up fear of global economic stagnation and peaking corporate profits, further pressuring stocks and prompting an urgent rush into Treasury bonds. The good news: The surprise tariff threat on Mexico pushed Wall Street toward extremes of pessimism and
The economic relationship between the United States and China needs to change, Tony Ressler, a billionaire veteran of Wall Street, said Friday. “The Trump administration is making some very important points about how we do business with China,” said Ressler, co-founder of private equity giants Apollo Global Management and Ares Management. President Donald Trump, through