- Business Insider•22 hours ago
Tesla fired hundreds of workers after bad performance reviews — here's how common that really is
A former Tesla employee told Reuters "about 400 people" in a range of positions were shown the door. As Business Insider's Bryan Logan reported, Tesla declined to confirm how many people were fired. Business Insider spoke to experts who said the firings at Tesla are hardly indicative of a trend in the workplace.
Associated Press•17 hours agoTrump's wealth, ranking fall in latest Forbes 400 list
President Donald Trump's ranking in the Forbes list of wealthiest Americans has dropped, as the magazine said the value of some of his Manhattan real estate holdings has declined recently. Forbes ranked the first billionaire president as the 248th-wealthiest person in America and put his wealth at $3.1 billion . The year before, he was ranked 156th and Forbes said he was worth $3.7 billion.
Reuters•20 hours agoVolvo unveils Polestar model in China, looks to rival Tesla 3
Volvo Cars and its Chinese parent have unveiled their first Polestar high performance electric car and pledged to invest 5 billion yuan ($760 million) in the brand, gearing up for intense competition to sell greener cars in the world's biggest auto market. The Swedish car maker took the wraps off the "Polestar 1", a luxury four-seater hybrid coupe in a ceremony in Shanghai - its first salvo as it positions the brand as a competitor to Tesla Inc and Mercedes's AMG division. China has said it wants electric and plug-in hybrid cars to make up at least a fifth of Chinese auto sales by 2025, spurring a raft of investment plans from global automakers in electric vehicles, particularly new joint ventures with Chinese firms.
- CNBC Videos•14 hours ago
One of Wall Street's biggest bulls says this is what you ...
Jonathan Golub, Credit Suisse chief US equity strategist, discusses what to buy at record highs as well as his S&P 500 price target.
Business Insider•yesterdayMORGAN STANLEY: A stock market correction is 'looking more likely'
Earnings season can be a euphoric time for stocks. A big part of that has to do with how investors approach earnings season. When investors anticipate strong results, stocks tend to rally heading into the season only to fade as results are actually reported, the firm says.
- CNBC.com•22 hours ago
Goldman: Bet against GE, dividend cut is coming
General Electric may likely cut its dividend soon as it looks to simplify its businesses and streamline its accounting under a new CEO after years of "financial engineering," according to Goldman Sachs on Tuesday. "Our fresh look at GE's fundamentals leaves us incrementally bearish, as we see a significant EPS/FCF reset and a potential dividend cut to come," wrote analyst Joe Ritchie in the report. Ritchie kept his neutral rating, but dropped his 12-month price target to $23 from $26. GE closed Tuesday at $23.19, down nearly 27 percent for the year and near its lowest level in two years. New CEO John Flannery took over for Jeff Immelt in August and has been aggressively shoring up his executive
Reuters•yesterdayAirbus to take majority stake in Bombardier C-Series jet programme
MONTREAL/PARIS (Reuters) - Airbus SE said on Monday it would acquire a majority stake in Bombardier Inc's CSeries programme in a deal that the Canadian plane-and-train-maker said would boost sales and position the company strategically against a potentially costly U.S. trade dispute with Boeing Co . The deal, which would come at no cost for Airbus, would give the European planemaker a 50.01 percent interest in CSeries Aircraft Limited Partnership (CSALP), which manufactures and sells the jets, the companies said. Airbus Chief Executive Tom Enders said the company has offered to assemble some of the narrowbody jets at its U.S. plant in Alabama for orders by American carriers.
- CNBC.com•2 days ago
Why Medicaid is the biggest winner in Trump's Obamacare subsidy cuts
In my home state of Oregon, we have focused on improving and transforming our Medicaid benefit system over the last five years. Medicaid is government-supported health insurance for economically disadvantaged individuals. Under the Affordable Care Act, Oregon increased the number of Medicaid beneficiaries from 600,000 to nearly 1 million in just a short time. Oregon's uniquely successful Coordinated Care Organizations developed as a new transformative way to deliver Medicaid benefits to all recipients and has demonstrated both financial and clinical success in serving its population. Annual cost increases have been held to under 3.4 percent for five years in a row for Medicaid. Additionally,
- Bloomberg•2 days ago
Sears Sinks After Key Investor Berkowitz Plans to Leave Board
Bruce Berkowitz, Sears Holdings Corp.’s largest outside shareholder, is stepping down from the board, a move that sent the stock tumbling on Monday. Berkowitz, the chief investment officer and founder of Fairholme Capital Management, will depart at the end of this month -- less than two years after he joined the board. Long a passive investor in Sears, Berkowitz became a director in February 2016 after saying he wanted to take a more active role at the company. His exit from the board follows the liquidation of a Fairholme hedge fund that included Sears shares. The firm redistributed the stock to Berkowitz and clients who previously invested in the fund. Fairholme said on Monday that Berkowitz
- Bloomberg•13 hours ago
What China's Party Congress Means for Global Markets
The 19th National Congress of the Communist Party of China begins Wednesday. The conclave, which happens every five years, will mark an important political transition, and discussions are expected to continue, and new officials named, through the first quarter of 2018. Several members of the top policy-making body are expected to retire, though President Xi Jinping is likely to be renominated to his position. The change in the leadership will strengthen his hold on power and elevate his supporters to national office. Yet, rather than just view the congress as a political development, investors need to examine the impending changes for their implications for global markets. These may result from
- Fox Business•yesterday
PG&E could be at fault for California wildfires
Pacific Oil and Gas (NYSE:PCG) shares were moving higher during Tuesday’s session, following a 7% drop Monday. The stock has seen a recent string of losses on the possibility that the company may be responsible for starting the California wildfires. PG&E said in an SEC filing Friday it has "$800 million in liability insurance for potential losses," while also noting in the same filing, "that the fires are being investigated by the California Department of Forestry and Fire Protection (Cal Fire), including the possible role of power lines and other facilities of Pacific Gas and Electric Company, a subsidiary of PG&E Corporation. When we reached out for comment, PG&E told FOX Business: “We’ve received the Commission’s request and will comply with the request.
- CNBC.com•12 hours ago
Cramer Remix: The big problem that triggered Netflix’s decline
Cramer Remix: The big problem that triggered Netflix’s decline 9 Hours Ago | 01:06 Frankly, CNBC's Jim Cramer was nervous before Netflix reported its quarterly earnings after the bell on Monday because he knew expectations were very high. That's why the "Mad Money" host was not all that surprised when the stock closed down over $1 on Tuesday, falling to $199.48 from its post-earnings high of $207. "Here's the issue in a nutshell: when everyone expects the numbers to be phenomenal, it's very difficult to blow people away, no matter how excellent the quarter really is," Cramer said. "And make no mistake, this was an absolutely fabulous quarter. Not perfect, but really, really great with even
- CNBC Videos•12 hours ago
More downside for consumer goods stocks?
Jim Cramer says the market's bearishness on consumer staples stocks like Kraft Heinz suggests that Wall Street is confident about the future.
Business Insider•20 hours ago3 former Tesla factory workers are suing the company over claims of 'racially motivated abuse' (TSLA)
Former Tesla factory workers have filed two separate lawsuits claiming they experienced racial harassment and discrimination. Tesla said the workers didn't file official complaints of racial discrimination during their employment. Three former workers at Tesla's Fremont, California, factory have filed a lawsuit against the company over claims they experienced racial discrimination and harassment on the job.
- CNBC.com•20 hours ago
Tesla employees detail how they were fired, claim dismissals were not performance related
Tesla employees detail how they were fired 12 Hours Ago | 00:51 Tesla is trying to disguise layoffs by calling the widespread terminations performance related, allege several current and former employees. On Friday, the San Jose Mercury News first reported that Tesla had dismissed an estimated 400 to 700 employees. That number represents between 1 and 2 percent of its entire workforce. But one former employee, citing internal information shared by a manager, said the total number fired is higher than 700 at this point. Most of the people let go from Tesla so far have been from its motors business, said people familiar with the matter. They were not from other initiatives like Tesla Powerwall,
- Yahoo Finance•13 hours ago
Beige Book, AmEx, and eBay — What you need to know on Wednesday
Boosted by a 5% post-earnings rally from UnitedHealth (UNH), the Dow led the major indexes on Tuesday as the tech-heavy Nasdaq was a laggard, finishing marginally in the red. On Wednesday, earnings will remain the market’s big focus with Abbott Labs (ABT), United Airlines (UAL), American Express (AXP), and eBay (EBAY) all set to report results. Wall Street will keep a close eye on American Express and eBay’s results for any signs about the health of the U.S. consumer.
Reuters•13 hours agoOil steady as U.S. output gains offset Middle East tensions
By Scott DiSavino NEW YORK (Reuters) - Oil prices ended little changed on Tuesday, steadying after earlier gains and losses, as expectations of high U.S. production and exports offset concerns that fighting between Iraqi and Kurdish forces
- The Street•13 hours ago
How to Live Just Like Billionaire Warren Buffett
Billionaire Warren Buffett is known for his smart investments, timely commentary and offbeat lifestyle not at all expected of an 87-year-old mega-rich investor and CEO. Buffett is much more Midwest than he is Midtown Manhattan, living well below his means in the nation's heartland. Here's a look at what makes the Buffett wheels turn, with everything from diet choice to real estate, and how you can live just like the Oracle of Omaha. Eat Whatever You Want. Buffett's diet is a far cry from farm-raised salmon and microgreens that populate the plates of many of the world's wealthiest. The Berkshire Hathaway (BRK.A) (BRK.B) CEO stands at about 5'10" and has said he consumes 2,500 calories per day
Bloomberg•19 hours agoWatch These Stocks as Nafta Negotiations Teeter on U.S. Proposal
Concern the Trump administration will carry through on its threat to torpedo Nafta is showing up in U.S. equities. While the president’s talk on protectionism has done nothing to slow the stock market as a whole, air pockets have developed in a smattering of transport and consumer companies that rely on the free trade agreement for large swaths of their business. The fourth round of negotiations is nearing an end amid rising tensions over U.S. proposals, with statements from the delegations expected later Tuesday.
- MarketWatch•14 hours ago
Amazon, Apple, Google and Facebook will all go away within 50 years, says author
Scott Galloway, a professor and former entrepreneur, sees an uncertain future for Amazon.com, Apple Inc., Facebook and Alphabet Inc.’s Google in his new book on the powerful tech giants, “The Four.” See full story. The U.S. stock market has entered a ‘topping’ zone The S&P 500 probably will start a multi-month pullback as 2018 approaches, writes Avi Gilburt. See full story. The death of the gas-powered car, in one chart A global tipping point for electric cars could come as early as 2022, analysts at Bank of America Merrill Lynch said in a note. See full story. In California’s Weed Country, wildfires burn both cash and crops As federal laws force California’s cannabis industry to deal in all
- Bloomberg•22 hours ago
Blackstone Goes After Morgan Stanley's Gold Pot
Big Wall Street banks have come to rely on their money-management units as pots of gold in uncertain times for trading revenues. Morgan Stanley is a perfect example; it reported earnings on Tuesday that highlighted its wealth management as a bright spot, posting its third straight quarter of record pre-tax earnings. The Blackstone Group LP, for example, is relying on wealthy individuals with up to $5 million in assets for its next phase of growth, according to a recent Wall Street Journal article. The Carlyle Group, meanwhile, is teaming up with OppenheimerFunds on a joint venture marrying Carlyle’s asset-management reach with the other firm’s distribution network, according to a press release Monday.
- Fox Business•15 hours ago
Dow zooms to 23,000 for first time
The Dow soared past 23,000 on Tuesday, hitting its fourth milestone of the year amid higher economic optimism and strong corporate earnings. The Nasdaq Composite edged 0.4 points lower, or 0.01%, to 6,623.66. Blue-chip companies such as Apple (NASDAQ:AAPL), Boeing (NYSE:BA) and Caterpillar (NYSE:CAT), three of the Dow’s 30 members, have posted substantial gains that reflect robust financial results.
- CNBC.com•23 hours ago
Delta stands firm: It wants disputed jets, says it won't pay 300% tariff
Delta Air Lines says it will still take delivery of a disputed Canadian passenger jet after European giant Airbus took a stake in the program. The airline has been in the crosshairs in a trade conflict in which U.S. aerospace giant Boeing accused Canadian rival Bombardier of selling its new C Series planes to Delta below the cost of production. The U.S. Commerce Department sided with Boeing and recommended a duty of 300 percent on the some 100-seat C Series planes. Airbus late Monday announced it agreed to take a majority stake in the imperiled Bombardier jet program. Delta told investors on an earnings call last week that it "would not pay those tariffs" and after the Airbus deal said it still
The Street•18 hours agoHow to Fire People Like Former General Electric CEO Jack Welch
Former General Electric Co. (GE) CEO Jack Welch is known as one of the most famous and highly regarded managers of all time. His whip-it-into-shape attitude led to widespread change at GE, trademarked by spartan cost-cutting and wholesale reorganization. Welch earned the nickname "Neutron Jack" for his attitude -- and for increasing GE's value by a massive $300 billion during his 20 years at the helm from 1981 to 2001. He's known as the manager who turned a struggling company into a global leader through sheer force of will. He's also known for firing people. Here, take some tips from old "Neutron Jack" on how to effectively streamline your workforce. Rank and Yank This has become a hallmark
- CNBC.com•22 hours ago
The middle class will take the biggest hit from Obamacare subsidy cuts
The Obamacare statute requires health plans to provide cost sharing reduction subsidies to reduce the deductibles and co-pays in the Obamacare compliant individual health insurance market for those who make less than 250 percent of the federal poverty level. It is a mandate. Funding a mandate is not a bailout. In Washington, DC we call failing to fund a mandate an unfunded mandate. The low income people eligible for these subsidies won't be hurt by Trump's action. The law still requires those people to get their cost sharing benefits even though Trump is refusing to pay for them. That means insurers will have to provide the subsidies out of their own pockets. Hence the hefty premium increases
