General Electric Co. trimmed its pension deficit by $2.4 billion as the manufacturer tackles the worst shortfall in corporate America. The company closed 2017 with $100.3 billion in obligations across its pension plans and $71.6 billion in assets. Pension funding has become a central issue for GE stakeholders concerned about how the beleaguered company will meet its obligations while dealing with severe cash-flow and earnings challenges.
A call to boycott the National Rifle Association became the top trend on Twitter as users of the global social media platform demanded that a variety of companies sever ties with the lobbying group. The online furor comes a day after the NRA’s leaders attacked the media and Democrats, claiming the fallout from last week’s Florida high school massacre was being politicized. One user, with almost a quarter of a million followers, tagged a slew of brands in his post, including NRA partners Hertz Corp. and LifeLock Inc. “There are only 5 million NRA members but over 300 million of us! On Friday, LifeLock owner Symantec, Hertz, Avis Budget, North American and Allied Van Lines, and insurer MetLife announced they would break off from the NRA.
It is no secret that Nvidia NVDA is one of Wall Street’s most popular stocks. The graphics chip maker is a dominant force in the global gaming industry, and its tireless investments in self-driving cars, machine learning, and artificial intelligence all but guarantee the company a spot among the tech industry’s leaders for years to come. Nvidia’s leadership and innovation have also led to a massive surge in the company’s stock.
Martin Shkreli, clad in prison fatigues and sporting a scruffy beard, returned to court for the first time since his jailing in September, hoping to convince a judge that he shouldn’t have to forfeit money to the U.S. government. For 90 minutes in federal court in Brooklyn, New York, on Friday, Shkreli fidgeted and smirked only occasionally as his legal team assailed the prosecutor’s request that he surrender $7.4 million he allegedly reaped from his frauds. Now with prison-issued glasses instead of the wireless spectacles or contacts he wore at the trial, Shkreli listened closely as his lawyer argued that he generated "robust returns" for his hedge fund investors, didn’t steal their money, and shouldn’t have to pay a cent. "At the end of the day, investors made substantial amounts of money," defense lawyer Benjamin Brafman told the judge.
Warren Buffett's firm Berkshire Hathaway is sitting on a record amount of cash. Berkshire Hathaway has never had this much cash, so naturally people have wide-ranging ideas for how the Warren Buffett-led juggernaut may use it. The bank arrives at that figure by factoring in the record $109 billion of cash Berkshire had on hand at the start of February, and combining it with the company's strong free cash flow.
Snap Inc.’s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan. Shares of the Snapchat parent company sank 6.1 percent on Thursday, wiping out $1.3 billion in market value, on the heels of a tweet on Wednesday from Kylie Jenner, who said she doesn’t open the app anymore. Whether it’s the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too have begun to notice, citing recent user engagement trends noticed since the platform’s redesign. Jenner’s tweet was followed late Thursday by one from Maybelline New York, asking its followers
Storage-drive makers Western Digital (WDC) and Seagate Technology (STX) are gaining on Friday, although Stifel's Kevin Cassidy says only one is a buy. Cassidy resumed coverage on both stocks today, with a Buy rating and $105 price target on Western Digital and a Hold rating and $49 target on Seagate. Together, he writes that the two have an 83% share of the $23.9 billion hard-disk-drive (HDD) market, and that HDDs will continue to play an important role in storage, especially in enterprise applications. He likes that both companies are innovative, though of the two, he prefers Western Digital. Cassidy highlights the company's vertically integrated supply in the NAND Flash market, which will benefit
Carlos Soto, owner of a floral service called Flowers From Our Heart, had an unexpected problem on the busiest day of the year: He had to turn down business on Valentine’s Day because he couldn’t find enough workers to field all the orders he could have taken. “A year or two ago, I’d put an ad on Craigslist and get 100 or 150 resumes for a few positions,” says Soto, whose Los Angeles-based service delivers flowers through a network of 30,000 local shops. With the U.S. economy in its ninth year of expansion, employers are fretting about a problem that seemed unimaginable just a few years ago, in the aftermath of mass layoffs and the Great Recession: a shortage of workers, from unskilled laborers needed to hammer nails to programmers and developers able to build complex software.
Credit scores have the power to impact your financial well-being. Credit card companies, banks and credit unions are making it easy for customers to view their credit scores on demand, and often for free. Here are 10 things you need to know about your credit score, according to experts.
The nation's largest privately-owned bank holding company and a major car rental chain said Thursday they will stop promotions aimed at National Rifle Association members. The Nebraska-based First National Bank of Omaha will not renew its contract to issue the group's NRA Visa Card, spokesman Kevin Langin said in a statement. "Customer feedback has caused us to review our relationship with the NRA," Langin said.
What do you do with your money when you're one of the world's wealthiest individuals? Bill Gates has amassed a net worth upwards of $91 billion as of 2018. Gates earned the majority of his vast fortune as one of the founders of Microsoft Corporation (MSFT) , where he served as CEO, chairman, and chief software architect. Gates was the largest individual shareholder of Microsoft as well, until May, 2014 when he stepped down from the chairmanship. Here is where this billionaire stashes some of his money. Investments in Corporations While Gates can credit Microsoft for the bulk of his current wealth, his shares in the companyin MSFT make up just around 20% of his holdings today. The majority of
In the wake of the mass shooting in a Florida high school last week, companies are dropping their partnerships with the National Rifle Association (NRA), which touts 5 million members. According to a list compiled by ThinkProgress, an advocacy organization, there are at least 22 corporations, including car-rental companies and financial institutions that have been offering discounts to NRA members. –First National Bank of Omaha: The largest privately held bank announced to stop issuing the NRA Visa Card due to “customer feedback” on Thursday.
Planning on retiring soon? These are the five ways you can tweak your retirement plans based on the new tax laws.
Will Wall Street ever let go of guns? That question has come up before -- after the shootings in Newtown, in Orlando, in Las Vegas, and on and on. Now, with the nation’s emotions raw over the killings in Florida last week, evidence is mounting that investors may be rethinking their long, fraught relationship with the firearms industry. On Thursday, the day the head of the National Rifle Association issued a searing rebuttal to calls for stricter gun control, the nation’s largest privately owned bank announced it would stop issuing NRA-sponsored credit cards. Insurance giant MetLife Inc. followed Friday by saying it’d stop offering NRA discounts. The investment giant BlackRock Inc. said it was
Art Cashin: 3-percent level on 10-Year is like touching the third rail 10:34 AM ET Thu, 22 Feb 2018 | 02:07 It could be a bad day for the markets once the yield on the benchmark 10-year Treasury hits 3 percent, closely followed trader Art Cashin told CNBC on Thursday. "That 3 percent level is both a target and a kind of resistance. Everybody knows it's like touching the third rail," said Cashin, UBS director of floor operations at the New York Stock Exchange. "The assumption is once they do it, all hell will break loose. So we'll wait and see." As of early Thursday, the 10-year yield was slightly lower, around 2.91 percent, down from Wednesday's four-year high of 2.95 percent. Wall Street
It has been about a month since the last earnings report for Verizon Communications Inc. VZ. Shares have lost about 11.6% in the past month, underperforming the market.Will the recent negative trend continue leading up to its next earnings release, or
Depending on our need for cash and risk appetite, we may try to make the most of daily market movements, or hold on in the hopes that the overall financial health/stability of a company will yield higher value in the form of dividends or share price appreciation.
The technology sector has dominated Wall Street recently, and despite the sudden return of volatility in global stock markets, that trend should continue well into 2018. While many will feel that they have already missed their chance to win big on tech stocks, there are still plenty of opportunities to cash in as we head further into the calendar year. The cloud of the dot-com bubble still lingers over this sector, and plenty on Wall Street remain hesitant to load up on tech stocks because of it.
California's agriculture industry already faces a farm labor shortage, but now it's facing added pressure due to a wave of employee audits ordered for large farms throughout the state's Central Valley. Up to 10 agribusiness employers in the state's San Joaquin Valley were recently contacted by the U.S. Immigration and Customs Enforcement about notices of inspection, said Manuel Cunha, president of the Nisei Farmers League, a Fresno-based agriculture advocacy group. "These ICE audits have had nothing but a chilling, damaging effect," Cunha said Thursday. Some have suggested that California businesses are being unfairly targeted in the Trump administration's immigration enforcement efforts due
A German court might not reach a decision on Thursday after all on whether major cities can ban heavily polluting diesel cars, a ruling being closely watched by automakers and drivers of 15 million vehicles in Europe's largest car market. Judge Andreas Korbmacher told the court he was not sure whether the country's highest federal administrative court would rule on Thursday after German states had appealed against bans imposed by local courts in Stuttgart and Duesseldorf. Korbmacher suggested that the European Court of Justice might have to consider the issue of whether driving bans are permissible despite the lack of a national enabling framework.
Trading bitcoin, the world’s largest cryptocurrency by market capitalization, could become cheaper and faster, thanks to new software employed by two major exchanges for buying and selling the digital currency. (See also: Be Wary of Cryptocurrencies: Ethereum Founder.) This week, both Coinbase and Bitfinex announced plans to adopt a software called Segregated Witness, or SegWit, which bitcoin enthusiasts and the later exchange says should reduce fees by as much as 20% and reduce transaction wait times. Bitcoin bears have often pointed to the cryptocurrency’s long transaction times, often more than 24 hours, as barring it from becoming a viable means of means of payment for goods and services.
On Friday, Dropbox filed its S-1, making it the first among Silicon Valley incubator Y Combinator's companies to ever file for an IPO. Y Combinator accepted Dropbox founder Drew Houston's application for Dropbox in 2007. On Friday, file hosting service Dropbox filed its S-1, making it the first Y Combinator company to ever file for an IPO.
Shares of Roku (ROKU), the streaming video pioneer that went public in September, continue to plunge following a disappointing Q1 revenue forecast last night. The stock is down $8.36, or over 16%, at $42.74, falling farther since the open of trading, though a little bit better than the 22% decline at the worst point last night. Although Roku's chief financial officer, Steve Louden, told Barron’s the company feels just fine about the way things are going, and although many are impressed with growth—especially the 129% leap in revenue from the company’s “platform” business—there are those who are picking apart individual metrics and see less desirable trends. There are no ratings changes today
Companies may be starting to rethink their ties to the National Rifle Association in the wake of last week’s massacre at a Florida high school, with a major bank, insurer and car-rental giant announcing they were dropping partnership programs with the NRA. First National Bank of Omaha, the nation’s largest privately owned bank, said Thursday it will not renew its contract with the NRA for a branded Visa card. “Customer feedback has caused us to review our relationship with the NRA,” a bank spokesman said in a statement. “As a result, First National Bank of Omaha will not renew its contract with the National Rifle Association to issue the NRA Visa Card.” The bank had a relationship with the NRA