'Spoiled' Bulls or Fed Red Flags?

Jeremy Siegel, Wharton School finance professor, shares his views on what's prompting the sell-off as interest rates return to more normal levels.

  • Oil went through the roof after a report that OPEC reached a deal to limit production
    Business
    Business Insider

    Oil went through the roof after a report that OPEC reached a deal to limit production

    Oil is going through the roof following a Reuters report citing sources that say OPEC has reached a deal to limit oil production, with the deal going into effect in November. Prices for Brent crude oil, the international benchmark, surged by as much 6.3%, to $49.44 per barrel, around 2:33 p.m. ET. "OPEC agreed on Wednesday to reduce its oil output to 32.5 million [barrels per day] from the current production levels of around 33.24 million bpd, two OPEC sources told Reuters.

  • Let's fill a toilet with 240 pounds of mercury and then flush it
    Science
    CNET

    Let's fill a toilet with 240 pounds of mercury and then flush it

    Mercury, both beautiful and potentially dangerous, is a heavy metal that's liquid at normal ambient temperatures. It can be poisonous and should be treated with care. So what do you do with several large flasks of the shimmery stuff? You flush it down a toilet, of course. YouTube channel Cody's Lab filmed that exact experiment for us all to watch with wonder. Related stories Flush a functional solid-gold toilet at the Guggenheim Museum Iron Throne toilet lets you rule the bathroom The Cody's Lab video, posted on Tuesday, kicks off by discussing just how hard it is to flush a dense lead bullet down a toilet. You need a super-sucker of a loo to get the job done. The bullet test prompted Cody to

  • Andrea Tantaros Refuses ‘Seven Figure’ Settlement Offer from Fox News to Drop Harassment Case
    Entertainment
    Variety

    Andrea Tantaros Refuses ‘Seven Figure’ Settlement Offer from Fox News to Drop Harassment Case

    The attorney for former Fox News Channel personality Andrea Tantaros said Wednesday the host had turned down a settlement offer in the  “seven figures” and would continue to press her case alleging harassment by senior executives at the 21st Century Fox-owned cable-news outlet. The legal development threatens to fan the flames of a controversy that the network and its parent hope to extinguish: Roger Ailes, the leader of the network and architect of its popular and influential programming, was ousted in July in the wake of a lawsuit filed by former Fox News anchor Gretchen Carlson alleging sexual harassment by the executive. “As has been widely reported, Fox News previously offered Ms. Tantaros seven figures to renounce her harassment claims against Ailes (and others) in exchange for her eternal silence,” said Judd Burstein, a lawyer representing Tantaros in the matter, in a statement.

  • Unhappy Target customers send strong message on pill bottles
    TGT
    Associated Press

    Unhappy Target customers send strong message on pill bottles

    Longtime customers of Target's pharmacies are finding a change in pill bottle design hard to swallow. After CVS began operating Target's drugstores earlier this year, distraught customers have been asking — in some cases begging — the drugstore chain to bring back the retailer's red prescription bottles, which came with color-coded rings, labeling on the top and prescription information that was easier to read. Vivian Ruth Sawyer went fishing through her trash to rescue the old Target bottles soon after opening her stapled prescription bag to find the dowdy, white-capped amber vials that are common in most medicine cabinets.

  • News
    CNBC Videos

    Cramer's Stop Trading: Apple

    CNBC's Jim Cramer explains why he is watching Apple.

  • 4 in 10 Parents Saving for College Are Making This Really Expensive Mistake
    Business
    Money

    4 in 10 Parents Saving for College Are Making This Really Expensive Mistake

    Four in 10 parents say they’re using a checking account to hold their college savings, and six in 10 report using a plain old savings account, in Sallie Mae’s annual How America Saves for College report. In fact, more than 40% of all college-savings dollars are held in low- or no-return vehicles such as checking accounts, savings accounts, or certificates of deposit. Interest rates in those accounts are negligible—less than 0.1% for most checking accounts and less than 1% for savings accounts.

  • Here’s Who the Betting Markets Are Saying Will Win the Election
    Politics
    The Fiscal Times

    Here’s Who the Betting Markets Are Saying Will Win the Election

    Anyone who missed last night’s presidential debate and turned to social media to try to determine how it went might have a difficult time figuring out whether Hillary Clinton or Donald Trump came away on top. Trump supporters and the candidate himself are busy declaring victory and promoting internet polls in which as many as 80 percent of respondents claimed that Trump won. Team Clinton, meanwhile, has also declared victory and is citing multiple analysts in the media who insist that Clinton won, either by virtue of Trump self-destructing or her superior preparation.

  • Report: DirecTV parent AT&T to phase out satellites in 3 to 5 years
    Technology
    Denver Business Journal

    Report: DirecTV parent AT&T to phase out satellites in 3 to 5 years

    AT&T Inc. – which is expected to premier its streaming service DirecTV Now later this year – reportedly will work to make streaming its primary TV platform by 2020. AT&T last year acquired satellite-TV service DirecTV, which has a large Colorado footprint. Under the timeline, as reported by Bloomberg, DirecTV set-top boxes and satellite dishes could be obsolete in three to five years. Bloomberg cites people familiar with the plans. Dallas-based AT&T (NYSE: T) has claimed no allegiance to satellite TV technology from day one of its $48.5 billion acquisition of DirecTV, but it hasn’t publicly provided any definitive answers or a timeline on a migration of its 25 million video subscribers toward

  • Here's what Mylan makes per EpiPen
    Business
    Pittsburgh Business Times

    Here's what Mylan makes per EpiPen

    How much profit does Mylan NV derive from sales of the anti-allergy drug EpiPen? Last week, Mylan CEO Heather Bresch told the House Government Oversight Committee that its profit was about $100 per two-pack that lists for just over $600. Mylan (Nasdaq: MYL) provided more detail late Monday in an SEC filing that showed that Mylan’s $100 profit includes a tax rate of 37.5 percent. The Wall Street Journal noted that Mylan paid five times less than its overall tax rate of 7.4 percent; the Los Angeles Times last month reported that Mylan’s effective tax rate was 16.2 percent in 2013. According to the data Mylan provided in the SEC filing — and including the 37.5 percent tax — Mylan makes $52 per pen.

  • This OPEC deal shows that Saudi Arabia's oil strategy has 'backfired on them'
    Business
    CNBC

    This OPEC deal shows that Saudi Arabia's oil strategy has 'backfired on them'

    The concessions offered by Saudi Arabia in its bid to lock down a deal to limit the globe's oil supply show the world's largest crude exporter is getting pinched by its own policy, Again Capital founding partner John Kilduff said Wednesday. Sources told Reuters that OPEC hammered out a deal on Wednesday to reduce the cartel's production to 32.5 million barrels per day from around 33.24 million, with output levels for each member to be determined in November. The Saudis decided in November 2014 to allow an oversupplied oil market to balance on its own, rather than coordinating an oil output cut among OPEC members.

  • Tyson Foods recalls chicken nuggets sold at Costco stores
    Business
    Reuters

    Tyson Foods recalls chicken nuggets sold at Costco stores

    Tyson said it got complaints from consumers saying they had found small pieces of hard, white plastic in the nuggets, prompting the recall. The plastic may have originated from a rod used to connect a plastic transfer belt, the U.S. Department of Agriculture's Food Safety and Inspection Service said, and classified it as a Class I recall. There have been no injuries associated with this recall, Tyson said.

  • 5 Times When You Shouldn’t Refinance Your Mortgage
    Business
    Money

    5 Times When You Shouldn’t Refinance Your Mortgage

    Refinancing your mortgage can drastically lower your monthly payments, especially since rates are still very low. Here are five times you should hold off on refinancing your mortgage. If you plan on selling your home in the next five years, then hold off on refinancing it.

  • VW CEO hopeful of deal with U.S. authorities by year-end
    News
    Reuters

    VW CEO hopeful of deal with U.S. authorities by year-end

    Volkswagen AG (VOWG_p.DE) Chief Executive Matthias Mueller said on Wednesday he is hopeful the German automaker can reach agreement by the end of the year with the U.S. government on the size of a fine to settle a criminal investigation of the company's alleged violations of U.S. clean air laws. Mueller, speaking on the sidelines of the Paris auto show, said he also sees “good progress” toward an agreement with U.S. regulators that could allow Volkswagen to repair certain 3.0 liter diesel engines that emit more pollutants than U.S. law allows. Speculation that the U.S. Justice Department will demand a multibillion-dollar fine to settle a criminal investigation of the automaker's use of illegal software to deceive U.S. environmental regulators sent Volkswagen shares into a tailspin earlier this week.

  • What Happens to Your Credit Score When You Buy a House?
    Business
    Realtor.com

    What Happens to Your Credit Score When You Buy a House?

    If you’ve just bought a new home, chances are you spent quite some time worrying about your credit score. After all, your credit score affects your ability to get a mortgage, and the interest rate you’ll pay on that mortgage. You’ll likely start seeing minor dings in your credit score as soon as you begin applying for mortgages.

  • Deutsche Post to buy UK Mail in boost to European network
    Business
    AFP

    Deutsche Post to buy UK Mail in boost to European network

    Germany's Deutsche Post, owner of express delivery service DHL, on Wednesday said it had agreed to buy UK Mail in a push to strengthen its European foothold, while taking advantage of a post-Brexit vote slump in the pound. The German logistics giant said it would pay 440 pence a share for UK Mail, valuing the company at 242.7 million pounds (281 million euros, $316 million). "With this acquisition, we will further extend our network and have a strong foothold in Europe's three largest e-commerce markets, the UK, Germany and France," Deutsche Post DHL group board member Juergen Gerdes said.

  • Business
    Reuters

    Draghi says ECB not to blame for problems Deutsche Bank is facing

    European Central Bank President Mario Draghi said on Wednesday the bank's low interest rate policies were not responsible for the problems that Deutsche Bank is facing (DBKGn.DE). Michael Kemmer, the head of Germany's BdB banking association, earlier on Wednesday told Deutschlandfunk radio that the ECB's low interest rate policy was partly responsible for the current problems that Deutsche Bank and Commerzbank (CBKG.DE) are facing. "No I don't share this view," Draghi told reporters when asked about Kemmer's remarks on Deutsche Bank and whether the bank posed a systemic risk.

  • News
    CNBC Videos

    Why investors should look at listed real estate

    The return and risk characteristics of listed real estate are exactly the same as real estate assets, says AMP capital's Charles Wong.

  • Business
    Reuters

    European turboprop maker ATR to get new CEO - source

    A senior Airbus Group (AIR.PA) executive, Christian Scherer, is to be named as chief executive of Franco-Italian turboprop aircraft maker ATR, a person familiar with the matter said on Wednesday. Scherer, who currently heads Airbus Group International, will replace Patrick de Castelbajac, who is leaving half way through his four-year mandate to return to Airbus, one of ATR's two shareholders, the source said, asking not to be named. Scherer is expected to serve the full four-year term at the world's largest regional turboprop maker, whose top post usually alternates every four years between joint shareholders Airbus Group and Italy's Leonardo Finmeccanica (LDOF.MI).

  • Ex-Fox anchor's doctor backs sexual harassment claims against Ailes
    Business
    Reuters

    Ex-Fox anchor's doctor backs sexual harassment claims against Ailes

    An ex-Fox News anchor told her therapist that former network chairman Roger Ailes sexually harassed her, two years before she went public with the allegations that the company said she made up, a document filed in court on Wednesday said. Lawyers for Andrea Tantaros filed a statement in New York state court in Manhattan from the therapist, who said Tantaros spoke to her about the harassment in 2014. Tantaros sued Ailes and Fox News, a unit of Twenty-First Century Fox Inc in August.

  • Why Time Off From Work Is Better Than a Pay Bump
    Business
    Money

    Why Time Off From Work Is Better Than a Pay Bump

    Workers’ values are changing. These days, millennials are the largest generation in the workforce, and that’s shifting work culture. This generation cares about things like flexibility, inspiration, and purpose as much as, or even more than, they care

  • California suspends business relationships with Wells Fargo
    WFC
    Reuters

    California suspends business relationships with Wells Fargo

    California State Treasurer John Chiang on Wednesday announced a sweeping suspension of business relationships with Wells Fargo & Co as punishment for the company's defrauding of customers. In addition, Chiang vowed to work with the state's two giant public pension funds to change the management structure at the bank, which is California's oldest financial institution. California is the nation's largest issuer of municipal debt.

  • Entertainment
    Benzinga

    The Market In 5 Minutes: Nike, BlackBerry And A Flurry Of Downgrades

    Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email minutes@benzinga.com. Macro Focus Futures for the Dow Jones

  • Business
    Reuters

    AIG's ex-CEO Greenberg cites lawyers, accountants in fraud defense

    Maurice "Hank" Greenberg, the 91-year-old former chairman of former American International Group Inc , said at his fraud trial that he never would have considered doing a transaction that failed to pass muster with the insurer’s lawyers and accountants. Greenberg defended himself during his second day of testimony over two allegedly sham transactions. "The concept of converting underwriting losses to investment losses was intriguing," Greenberg said in the Manhattan courtroom on Wednesday.

  • SABMiller investors cheer $100 billion-plus AB InBev takeover
    Business
    Reuters

    SABMiller investors cheer $100 billion-plus AB InBev takeover

    LONDON/BRUSSELS (Reuters) - SABMiller (SAB.L) shareholders overwhelmingly backed the brewer's $100 billion-plus takeover by Anheuser-Busch InBev (ABI.BR) on Wednesday, clearing the last big hurdle for one of the largest corporate mergers in history. AB InBev's 79 billion pound bid passed in a meeting at a London Park Lane hotel lasting less than half an hour, overseen by Chairman Jan du Plessis, who fielded only two questions from shareholders. It secured support representing 95.5 percent of SABMiller share value, having needed at least 75 percent to succeed.

  • Credit Suisse CEO says bank relatively well positioned for Brexit
    Business
    Reuters

    Credit Suisse CEO says bank relatively well positioned for Brexit

    Credit Suisse Chief Executive Tidjane Thiam said on Wednesday that his bank was relatively well placed to deal with the impact of Britain's vote to leave the European Union. Credit Suisse's EU investment banking business is run out of London but Thiam said the Swiss lender had already been scaling back its presence in the city. "We had, since last year, announced a plan to reduce our footprint in London.