U.S. Defense Secretary Mark Esper has removed himself from reviewing a disputed $10 billion cloud computing deal because of a possible conflict of interest, a move that could further delay the contract-award process. Esper has delegated decision-making on the Joint Enterprise Defense Infrastructure Cloud (JEDI) program to Deputy Secretary David Norquist, the Pentagon said on Tuesday. "Although not legally required to, he (Esper) has removed himself from participating in any decision making ... due to his adult son's employment with one of the original contract applicants," chief Pentagon spokesman Jonathan Rath Hoffman said in a statement.
Asian markets retreated in early trading Wednesday amid new uncertainty involving Brexit and Hong Kong. On Tuesday, British Prime Minister Boris Johnson won Parliament's backing for the substance of his exit deal but lost a key vote on its timing, a result that inches him closer to his goal of leading his country out of the European Union — but effectively guarantees it won't happen on the scheduled date of Oct. 31. The votes plunge the tortuous Brexit process back into grimly familiar territory: acrimonious uncertainty.
Boeing on Tuesday fired Kevin McAllister as president and CEO of Boeing Commercial Airplanes, the jet maker's unit that produces the 737 Max. McAllister was immediately replaced by longtime Boeing executive Stan Deal, who's led the launch of the Boeing General Services unit over the past two years. "Stan brings extensive operational experience at commercial airplanes and trusted relationships with our airline customers and industry partners," Boeing President and CEO Dennis Muilenburg said in a statement. McAllister's ouster as the head of the Renton-headquartered Boeing Commercial Airplanes (BCA) unit comes after less than three years on the job and a day after Boeing's board of directors met in Texas.
A happy, healthy retirement is most everyone's dream. According to Northwestern Mutual's Planning & Progress Study 2019, only 16% of the adults surveyed had saved $200,000 or more for retirement. Add to those sobering statistics of under-saving is the fact that most Americans have unrealistic expectations about their standard of living in retirement.
Not so with a recently discovered application from Samsung, which includes a 3D render of an augmented reality (AR) headset. According to Galaxy Club, which was the first to spot the patent, the headset features projection screens in each lens. While the fact Samsung included a 3D render is unusual, it doesn't mean the company is any more likely to release the pictured device than with any other patent application we've seen in the past.
In a stunning reversal, Biogen stock rocketed Tuesday after the company announced it will ask U.S. regulators to approve an Alzheimer's treatment previously thought to have failed in Phase 3 studies. A broader analysis of the Phase 3 study dubbed Emerge showed Biogen's experimental drug, aducanumab, slowed the clinical decline in patients with early Alzheimer's disease, the company said. Analysis of patients on the high dose of aducanumab in another Phase 3 study called Engage backs this up.
Buy and hold has been an investment strategy used for centuries. Unfortunately, the rise of high-frequency trading (HFT), greater volatility in the markets and the recession of 2008 seem to have stripped buy and hold of its allure. While the market's new normal does not favor those who do not keep close tabs on their investments, strategic buy and hold is still a viable strategy that can be used with success.
The solar energy industry has been on fire this year, with that group gaining a collective 30% year to date as measured by the Invesco Solar ETF, TAN. Jason Bloom, Senior Director of Global Macro Strategy at Invesco, discusses the ins and outs of the hot group and why solar stocks could be positioned for an even bigger move.
Shares of Fannie Mae (FNMA) and Freddie Mac (FMCC) have tripled in value this year as shareholders eagerly welcomed the Trump administration's interest in ending the two mortgage firms' conservatorship. But a side comment made by a regulator during a congressional hearing Tuesday shows how little is settled when it comes to the fates of the two companies that underpin much of the housing finance market in the United States. If the circumstances present itself to where we have to wipe out the shareholders, we will,” Federal Housing Finance Agency director Mark Calabria said during a hearing before the House Financial Service Committee, referring to Fannie Mae and Freddie Mac's shareholders.
When a whole market knows something is overvalued, when the shorts AND the longs agree that a stock is too high, recognize that when a lock-up is cracked before its expiration, run, don't walk, away from that stock. Have you seen the stock of Beyond Meat since the pricing of its secondary announced back on July 29 when the stock was at $222? The company, especially the CEO, wanted everyone to win on the impromptu insider sale -- and that's a big reason why the secondary was priced at $160, about $60 below where the stock was trading.
Dozens of employees expressed indignation in interviews and messages to colleagues on company Slack channels that were relayed to Bloomberg. WeWork's board agreed Tuesday to take a bailout from SoftBank Group Corp., which will receive a majority stake. SoftBank will also buy as much as $3 billion in stock from shareholders at the lowest price since 2015.
Kevin Plank, Under Armour Inc. founder and outgoing chief executive officer, and Patrick Frisk, president, chief operating officer and incoming chief executive officer, discuss the changing of the guard at the company with Bloomberg's Caroline Hyde on "Bloomberg Markets."
The low prices have pushed down stock prices in the energy sector, which has paradoxically opened an opportunity for income investors. The energy sector's production companies benefit from dealing in commodities – oil and gas – that are always in demand. Low share prices are attractive to investors, and the companies have been following two strategies to boost their shares.
Texas Instruments Inc. (TXN) gave a forecast that was much worse than expected in a Tuesday earnings report, with a new revenue estimate range that fell as much as a half-billion dollars lower than Wall Street's consensus revenue estimate. Shares of TI tumbled nearly 10% in after-hours trading Tuesday, and other semi stocks fell as well, as TI executives blamed broad-based weakness among its customers, plus ongoing trade issues. In addition, the stocks of Intel Corp. (INTC) and Advanced Micro Devices Inc. (AMD) lost 1.6%, Nvidia Corp. (NVDA) fell 2.1% and Xilinx Inc. (XLNX) sank 1.7% in the after-hours trading session Tuesday.
Dividends offer the steady income stream that investors want, while the top dividend stocks are available at a relative discount to market prices. According to Cole Hunter, a top strategist with Goldman Sachs, “The Dividend Growth basket … now trades at nearly the largest discount to the median S&P 500 stock since 2006. He has assembled a list of stocks which he expects to both beat the S&P's average dividend yield by a wide margin, and extend that margin through sustained dividend growth in the coming three years.
U.S. stock futures and Asian shares slipped on Wednesday as revenue warnings from Texas Instruments raised worries about the global tech sector and after British lawmakers forced the government to hit the pause button on the latest Brexit deal. S&P500 mini futures dropped 0.3% while Japan's Nikkei last stood almost flat after having fallen as much as 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%.
AutoZone will lose two members from its board of directors this December. The auto parts giant announced Oct. 16 that W. Andrew McKenna and Luis P. Nieto would not stand for reelection and will retire from the AutoZone board, effective in December. “In his nearly 20 years on the AutoZone Board, Andy has provided insightful guidance, tutelage, and served in leadership roles as both lead director and audit committee chair,” Bill Rhodes, chairman, president, and CEO of AutoZone, said in a release.
Shares of Halliburton are starting the week off with a bang, rallying about 8% in recent Monday trading. The rally caught some investors off guard, given that Halliburton reported in-line earnings results and a revenue miss. A similar development occurred on Friday with Schlumberger , causing us to ask whether the stock had bottomed.
In the family of financial planning products, the Roth IRA or 401(k) sometimes looks like the cool younger brother of traditional retirement accounts. Indeed, the Roth version, first introduced in 1998, offers a number of attractive features that its standard siblings lack: the absence of required minimum distributions (RMDs), the flexibility to withdraw money prior to retirement without penalties, and the ability to make contributions past the age of 70½. A Roth indeed makes sense at certain points in your life.
The first and third-largest oilfield service companies in the world saw their earnings hit in the third quarter due to the slowdown in U.S. shale drilling. Schlumberger took a $12.7 billion impairment charge related to its North American business, a rather dramatic write-down. Halliburton also saw its earnings hit by the slowdown in shale drilling and the oilfield services giant shifted its focus to international markets as the signs of a shale rebound do not appear to be imminent.
Jim Cramer said on CNBC's "Mad Money Lightning Round" he would be careful with Cloudflare Inc (NYSE: NET) because it traded sharply lower, but he likes the idea. Cramer likes Advanced Micro Devices, Inc. NASDAQ: AMD).
In a traditional IRA, however, your contributions are made with pretax income, meaning that the money isn't taxed at that point but will be taxed when you eventually take distributions from the account. That includes both your original contributions and their earnings. Both types of IRAs allow you to avoid paying taxes each year on the capital gains or other income your account generates.
Chipotle stock and Snap stock fell overnight. Texas Instruments stock plunged after dipping below a buy point. Nike stock edged higher.
Earnings season continues to rage on with industrial heavyweights Caterpillar (CAT) and Boeing (BA) reporting quarterly results ahead of the opening bell, and tech behemoth Microsoft (MSFT) and electric carmaker Tesla (TSLA) rounding things out after the market close Wednesday. Analysts are anticipating continued trouble in Caterpillar's construction business and more pressure from the U.S.-China trade war when it reports earnings. Caterpillar is expected to report adjusted earnings of $2.87 per share on $13.41 billion in revenue during its third quarter, according to analysts surveyed by Bloomberg.
GlaxoSmithKline said Monday it has sold the rights to two vaccines to Bavarian Nordic of Denmark in a deal valued at up to more than $1.1 billion. Bavarian Nordic acquired the rights to Rabipur, a vaccine used to prevent rabies, and Encepur, a vaccine used to prevent tick-born encephalitis. Under the terms of the agreement, GSK (NYSE: GSK) will receive an upfront payment of about $336 million and potential milestone payments of $552.6 million plus additional proceeds from the sale of inventory over the course of the supply arrangements — giving the deal a total value of up to $1.11 billion.