Want to know why the Dow Jones Industrial Average is doing what it's doing? The S&P 500 has fallen 1.1% to 2808.55, while the Dow Jones Industrial Average has dropped 282.50 points, or 1.1%, to 25,017.42. The Nasdaq Composite has slumped 1.4% to 7761.37.
The company that owns MoviePass lost a ton of money last quarter. Unsurprising, I realize, but in context, it’s actually a bit of a mind boggling. The more austerely named Helios and Matheson Analytics had one heck of a tough quarter, posting a $126.6 million operating loss, as compared to a loss of $2.7 million a year prior.
The FBI just warned banks that their customers’ accounts could be targeted by a worldwide ATM hacking scheme. The attack, known as an “ATM cash-out” or “unlimited operation,” is expected in the coming days, and will likely take place on a weekend or after banks have closed, according to information obtained by the FBI. The warning was issued only to banks, not the general public, but was publicized by Brian Krebs on his cybersecurity blog, Krebs on Security.
Foods Co., a unit of Kroger, the largest supermarket chain in the U.S., will no longer accept payment from customers using credit cards issued by Visa, the largest credit card company in the U.S. The ban on Visa credit cards – but not debit cards – was set to go into effect Tuesday. The grocery store chain announced the policy change last week, saying it was due to Visa’s interchange rates, which merchants pay to banks whenever a customer uses a corresponding card at the store.
Canopy Growth, the world's largest marijuana company, is set to report earnings after the closing bell Tuesday. The stock has long been popular among millennials on Robinhood, and Tuesday was no exception. Canopy Growth — the world's largest marijuana company and the first to trade on the New York Stock Exchange — has been a wildly popular stock among millennial investors, and heading into the Canadian company's firs- quarter earnings report, that enthusiasm was only growing.
(JAG IMAGES / Getty Images) Tech and healthcare jobs dominated the list of highest-paying jobs in America, according to a new report by Glassdoor. Looking at the top-paying jobs across U.S.-based companies, the job search firm pulled salary reports for
Derek Scissors, the American Enterprise Institute Asia economist, discusses why China and the U.S. should give up on negotiating trade and go back to a time when China wasn't such an important part of U.S. supply chains.
Just as the U.S. shale patch is starting to look a little crowded, deepwater drilling could see a comeback. Royal Dutch Shell says that offshore drilling is now more competitive than onshore shale drilling, upending what has become conventional wisdom since the 2014 oil market meltdown. The downturn was thought to place a premium on short-cycle shale drilling, dramatically reducing the risk companies face by allowing them to quickly earn their money back in a matter of months or even weeks on individual shale wells.
The Dow shrugged off the crisis in Turkey on Tuesday, but adding a slumping China to the mix on Wednesday has stocks falling again. If that weren't enough, Turkey placed tariffs on U.S. goods, while Indonesia was forced to raise interest rates to support its currency. Yesterday's rally is a distant memory as stocks are once again under pressure this morning...and it's not just Turkey that's causing the problem.
Wells Fargo Securities raises its rating two notches to outperform from underperform for Nvidia shares, citing the strength of its artificial intelligence and cloud computing markets. "NVIDIA is well positioned to continue to leverage / expand its platform story," analyst Aaron Rakers says. Wells Fargo Securities is now a big believer in Nvidia's NVDA prospects.
Ray Wang, principal analyst at Constellation Research, predicted that the Baidu, Alibaba and Tencent — the so-called BAT stocks — will go up by between 15 and 20 percent by the end of the year. Wang said those top Chinese technology conglomerates will be resilient against any trade war escalations.
On Aug 13, President Trump gave the final nod for the colossal fiscal 2019 National Defense Authorization Act (NDAA), thus sanctioning a spending allowance of $717 billion for United States’ national security. Notably, the budget proposed in February got approval from the U.S. Senate last month. The NDAA outlines $616.9 billion as Pentagon's base budget, $69 billion for overseas contingency operations funding and $21.9 billion for nuclear weapons programs under the Energy Department.
Chinese internet streaming giant iQiyi (NASDAQ:IQ) went public at $18 per share in late March 2018. By mid-June 2018, IQ stock was trading above $40. Why the huge rally in IQ stock? iQiyi was being called the Netflix (NASDAQ:NFLX) of China, a label which
FBN’s Kristina Partsinevelos on how Tesla’s board created a committee of independent directors to asses CEO Elon Musk’s proposal to take the company private and how rapper Azealia Banks claimed that she overheard that Musk was “scrounging for investors.”
During the second quarter ended June 30, Berkshire Hathaway added nearly 12.4 million shares of Apple (AAPL), bringing its already massive stake in the iPhone maker to nearly 251.96 million shares, a position valued at over $52.8 billion when using Tuesday’s market close of $209.75. The iPhone maker has been a great investment for Berkshire, though Buffett has historically shied away from tech companies. The “Oracle of Omaha” has hinted, however, that his investment deputies— Ted Weschler and Todd Combs— were responsible for buying Apple.
Carl Icahn took new positions in two stocks affiliated with Michael Dell in the second quarter: VMWare Inc. and its tracking stock known as DVMT. The billionaire investor reported a 2.1 percent stake in VMWare at the end of June worth about about $334 million, according to a regulatory filing Tuesday. Dell Technologies Inc. has announced its plans to return to the public markets by buying out the tracking stock in a deal valued at about $21.7 billion.
Cisco Systems, Inc. ( CSCO) has been a component of the Dow Jones Industrial Average since June 8, 2009. Before being a Dow component, Cisco was an $82.00 stock back in March 2000 and traded as low as $8.12 in October 2002. Analysts expect Cisco Systems to post earnings per share of 69 to 70 cents when the company reports results after the close on Wednesday, Aug. 15.
Wall Street says Ford Motor Co. must cut its dividend. The debate erupting over Ford’s quarterly payout to shareholders -- including the founding family that derives millions from the disbursements -- is exposing a growing and contentious divide over what needs to be done to fix the ailing automaker. Analysts at Morgan Stanley and Berenberg say Ford can no longer afford to pay the 15-cent dividend -- the most generous among its automotive peers -- as earnings evaporate overseas and the company initiates an $11 billion restructuring that it’s said will take as much as five years.
By Stephen Culp NEW YORK (Reuters) - U.S. stocks dropped on Monday as global jitters from Turkey's plummeting currency spread to Wall Street, with the S&P 500 and the Dow falling for the fourth session in a row. Financial
Elon Musk may soon be tweeting at President Donald Trump, again. Trump signed the National Defense Authorization Act for Fiscal Year 2019 on Monday, hours after Musk said he has been in talks with the Saudi Arabia sovereign wealth fund to take Tesla private. Musk has complained about China’s auto tariffs in a tweet at Trump.
Chinese technology giant Tencent Holdings Ltd on Wednesday reported a surprise 2 percent fall in second-quarter net profit, the first decline in nearly 13 years, due to slower than expected gaming growth and weak investment gains. China's largest social media and gaming firm said April-June profit fell to 17.87 billion yuan ($2.59 billion), lagging the 19.67 billion yuan average of 12 analyst estimates compiled by Thomson Reuters. The outlook for the most valuable company listed in Asia has been overshadowed by a slowdown in mobile gaming and concerns over regulatory setbacks as the Chinese regulator this week blocked Tencent's sale of the blockbuster game "Monster Hunter: World" upon debut.
The Wall Street Journal recently reported that India is drafting new China-like policies in the technology space that have the ultimate goal of leveling the playing field between U.S. tech giants and India’s home-grown technology businesses. Between Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and Google (NASDAQ:GOOG), none of them have a significant presence in China, the world’s largest consumer market, because of protectionist policies. As a result, each of them has been been making a big push in India, the world’s second-largest consumer market.
Overstock.com Inc. shares have forfeited almost 50 percent of their value this year, and nearly half of that plunge occurred in the last two days.The stock has plummeted 21 percent so far this week, a reversal from Friday’s surge, which came after the
Nvidia NVDA saw its stock price surge over 1.7% Tuesday after the chipmaker officially unveiled its much-anticipated, eighth-generation GPU architecture. Nvidia’s new Turing line of graphics chips is the company’s “most important innovation in computer graphics in more than a decade,” according to CEO Jensen Huang. Nvidia showed off its Turing GPU’s at a conference in Vancouver on Monday after a nearly two-year wait.
Berkshire Hathaway Inc. filed an update on its U.S. stock portfolio with the Securities and Exchange Commission on Tuesday. Berkshire held nearly 252 million Apple shares at the end of June, up from 239.57 million in March. The Teva investment was just disclosed earlier this year and has grown to 43.2 million shares from 40.5 million in the first quarter.