Get ready for a 'tale of two markets,' says oil expect Tom Kloza 5:57 PM ET Thu, 19 Oct 2017 | 01:31 The United States has started doing something unprecedented when it comes to oil, and the impact is expected to grow into next year. Tom Kloza of the Oil Price Information Service is alluding to the U.S. ramping up exports. It follows the 40-year ban that was lifted two years ago. "The highlight you need to watch for the next few months is going to be more record breaking exports of crude oil. Our view is that it's going to soften the price for Brent," the firm's global head of energy analysis said recently on CNBC's "Futures Now." According to Kloza, it's possible the U.S. will export 15 million
General Electric Co. (GE) shares posted a swing back into the green Friday, Oct. 20, after tumbling as much as 6% in early trading following disappointing third-quarter results. But if history is any indicator, shares could continue to decline in price under the tenure of a new CEO. Friday's report was the first under new chairman and CEO, John Flannery. He took over for Jeff Immelt, who had been head of the company since 2001. Following Immelt's first quarterly report Oct. 11, 2001, GE stock rose 2.7% on the day earnings were released, according to Bloomberg data. But after that 2.7% increase that day, GE stock tumbled as much as 45% during the next 16 months, according to the data. From his
International markets are becoming more important for U.S. oil companies, as industry executives brace for the North American fracking frenzy to slow, or "tap the brakes," as Halliburton had put it in July. "Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment," Chief Executive Jeff Miller said Monday after Halliburton posted its third quarter results.
Big money managers, already on guard to protect one of their richest sources of assets, are on alert as more details emerge on how prized 401(k) contributions could fall victim to President Donald Trump’s tax overhaul plan. The New York Times reported Friday that the administration may seek to limit pretax contributions to 401(k) plans to as little as $2,400 annually, down from the current maximum of $18,000 for most workers and $24,000 for those 50 years or older. The measure, rumored for months as a way to help offset the individual and corporate tax cuts that the Trump administration hopes to enact by year end, would essentially pull future tax revenues forward by requiring Americans to pay taxes on retirement savings now instead of when they tap their nest eggs.
Large swings in ETF flows make it hard to forecast valuations and are likely introducing new risks into the market, says Vanguard founder Jack Bogle.
The economy is growing at a healthy clip, which has helped propel the stock market to record highs. “Although economic data are extremely strong now, an ISM reading above 60 typically marks the peak of growth and presages economic and equity deceleration,” he said. An ISM above 60 is very strong, but is it signaling peak growth?
U.S. telecom behemoth AT&T Inc T and U.S. national wireless carrier Sprint Corp S — two of the four major wireless carriers — are expected to release earnings results on Oct 24. While AT&T will report third-quarter 2017 results, after market close, Sprint is expected to release its second-quarter 2017 results. The company’s top line beat the Zacks Consensus Estimate, while the bottom line met the same.
Roth individual retirement accounts, in which after-tax deposits — and subsequent earnings — grow tax free, may be one of the best ways to save up for your golden years. But certified financial planner Sophia Bera, founder of financial advisory firm Gen Y Planning, says Roth IRAs can also come in handy long before account holders settle down into retirement. Because tax has already been paid on monies deposited in a Roth IRA, contributions — but not the interest earned on them — can always be tapped for other purposes. For example, "if an emergency comes up, you can actually take out the money from your Roth IRA and use it for any purpose," Bera said. (One caveat: There are income limits on who
Private equity firms are killing it. Money typically follows performance, and so investors have been pouring funds into the private equity asset class in recent years. Nowhere is this more clear than at Blackstone, the largest publicly-traded private equity firm, which said Thursday that assets under management had hit a record high of $387 billion.
A trial is set to begin in a lawsuit against Philip Morris in connection with the lung cancer death of a Connecticut woman who smoked the company's Marlboro cigarettes. The trial over Vernon resident Jeanette Bifolck's death in 2000 is scheduled to begin Monday in federal court in Bridgeport. Bifolck's husband, Vincent Bifolck, filed a wrongful death lawsuit in 2006 against Philip Morris, a subsidiary of Richmond, Virginia-based Altria Group Inc.
Pharmacy-benefit managers, the secretive, opaque middleman in the pharmaceutical supply chain, have never been more powerful. They’ve also never been more threatened. A wave of consolidation in the last decade has lent the few PBMs that remain market dominance and muscle to leverage in drug price negotiations. Express Scripts Holding Co. ESRX, +1.29% , the largest stand-alone PBM, is chief among those players. But PBMs also aren’t flying under the radar anymore. Scrutiny of high drug prices has left critics pointing fingers at them, arguing they add complexity and cost to the U.S. drug price system. Express Scripts looks particularly vulnerable, with a stock slide of 17.5% in the past year,
There may soon be three more letters in your employer’s alphabet soup of benefit plans. Those letters are HSA, which stands for health savings account, and they can bring tax advantages at a time when you could use them the most. Financial planners get all googly-eyed when talking about these accounts, though not because they’re a way to save pre-tax money to pay current medical costs. Instead, they rave about them as a way to save money to use for future medical costs—after you’ve retired. The key to that appeal comes from three magic words: Triple tax-free. The number of HSA accounts grew 16 percent year over year as of June 30, surpassing 21 million, according to a survey by consulting firm Devenir.
Prince Alwaleed Bin Talal, Kingdom Holding Company chairman speaks with CNBC's Andrew Ross Sorkin about global investing, Saudi Arabia's turnaround plan for the economy, implementing social change and Saudi Aramco's IPO.
Colombia oil reserves at the end of 2016 were 1.66 Gb (down 16.8 percent from 2 Gb in 2015 which followed a drop from 2.31 Gb in 2014). Ecoptrol, which accounts for more than three quarters of Colombia’s crude and natural gas reserves and output, estimated about 45 percent of their decline was due to the “pronounced fall in oil prices”.
GLENVIEW, Ill. (AP) _ Illinois Tool Works Inc. (ITW) on Monday reported third-quarter profit of $640 million. The Glenview, Illinois-based company said it had profit of $1.85 per share. Earnings, adjusted for non-
As a result, there are only two big moves that activists often call for which HPE hasn't yet commenced: Overhauling the company's leadership, and pursuing a sale. The first action seems unlikely given the strength of CEO Meg Whitman's reputation -- at least provided Whitman doesn't choose to leave HPE, as some reports indicate she's open to doing. Editor's note: This article was originally published by The Deal, a sister publication of TheStreet that offers sophisticated insight and analysis on all types of deals, from inception to integration. Click here for a free trial. The second action feels more plausible, however, particularly following the disappointing guidance HPE shared at its analyst
Cisco Systems Inc said on Monday it will buy software company BroadSoft Inc for $1.71 billion, as the world's largest networking gear producer moves away from a stagnating business in switches and routers. Shares in BroadSoft, which specializes in software used by major cable and telecom networks, rose 1.5 percent after Cisco offered $55 per share for the company, giving shareholders a premium of 2 percent. Analysts said the purchase gives Cisco a stronger foothold in selling the software big telecoms use to provide integrated mobile, video, voice and other forms of electronic communications.
Electric-car maker Tesla Inc. has reached an agreement to set up its own manufacturing facility in Shanghai, according to people briefed on the plan, a move that could help the company gain traction in China’s fast-growing EV market. The deal with Shanghai’s government will allow the Silicon Valley auto maker to build a wholly owned factory in the city’s free-trade zone, these people said.
Hedge fund manager Bill Ackman’s proxy fight against the largest payroll processor in the world, Automatic Data Processing (ADP), has challenged the company to answer criticisms about its operational performance and particularly inflated costs. ADP CEO Carlos Rodriguez told Yahoo Finance that the battle has focused a lot of talk on cost cutting when it should be about growing the top line. ADP’s margins stand significantly below its closest peer, Paychex (PAYX), but Rodriguez emphasized it’s not an apples-to-apples comparison.
Singapore is experiencing a surge in venture capital fundraising, reflecting growing interest in Southeast Asia’s startups. This month, Vertex Ventures and two other venture-capital firms completed fundraising efforts in the city, each with their largest fund yet. In September, East Ventures, which made early bets on successful startups like Tokopedia and Traveloka, raised $30 million that will go toward seed capital and early-stage financing. Investors are putting money into the region’s venture firms as they seek opportunities beyond the U.S. and China, the primary focus for Asia deals in recent years. Singapore’s government is providing incentives to attract entrepreneurs and venture capitalists
Intel Corp INTC is set to report third-quarter 2017 results on Oct 26.Notably, the company has a positive record of earnings surprises in the trailing four quarters, with an average surprise of 5.59%. Last quarter, the company delivered a positive earnings
President Donald Trump tweeted Monday there will be no change to a popular retirement savings plan under the new GOP tax bill. "There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!" Trump said in a tweet.
The earnings season is in full swing with about 180 S&P 500 companies reporting this week. About 87 S&P 500 companies have already released their results till Oct 20. Total earnings for these companies (accounting for 24.7% of the index’s total market capitalization) are up 9.4% year over year on 7.3% higher revenues, with 71.3% beating earnings estimates and 70.1% surpassing top-line expectations.
Markets are look to start the week off with new record highs. Traders are preparing for critical news on tax reform and a number of tech company earnings. Yahoo Finance’s Alexis Christoforous, Nicole Sinclair, Myles Udland, Melody Hahm, and Seana Smith