Ex-chairman of the Securities and Exchange Commission Harvey Pitt had an withering take on the current state of the stock market, which has seen average speculators crushed by short-volatility products and speculators gripped by a fervor around blockchain-related assets. Pitt told CNBC during a Friday morning interview that the U.S. has “become a nation of day traders.” The Brooklyn-born, 72-year old legal professional was the 26th SEC head from 2001-2003 during George W. Bush’s first term. ‘The problem we have is our markets have become extremely volatile and as a generalization we’ve become a nation of day traders. People are no longer buying on the fundamentals of companies and holding for
Friday, Feb. 16 marks the first day of the annual Chinese New Year celebrations, initiating the year of the dog and kicking off a 15-day holiday that will be honored by billions of people around the world. Chinese New Year is one of the most prominent festivals in the world, and it typically witnesses the largest annual mass migrations of people on earth.
Walmart (WMT) is looking to purchase more than 40% of Amazon’s India rival Flipkart, according to Reuters. The deal would give Walmart some much needed muscle in India, where Amazon is already investing $5B into ventures like online grocery delivery. Amazon (AMZN) is partnering up with Bank of America (BAC) for business lending.
Wynn, who denied the accusations, remains Wynn Resorts' largest shareholder and owns about 12 percent of the company. Casino mogul Wynn's current healthcare coverage would be terminated at the end of this year, the casino company said in a regulatory filing, adding that his personal residence's lease at Wynn Las Vegas will terminate by June this year. Last week, Wynn Resorts gave the top job to company veteran Matt Maddox.
After a prolonged period where it didn't pay to be short, that it was dangerous to be short, you can see the footprints everywhere, and the footprints are devastating for those in them. You see once again, the hedge funds were too clever by half. One of the first things that happens, psychically speaking, is that hedge fund managers often make one of the most classic mistakes imaginable.
Japan reappointed central bank chief Haruhiko Kuroda for another term on Friday, and chose an advocate of bolder monetary easing as one of his deputies in a strong signal to investors that policymakers are in no rush to turn off a sweeping stimulus programme. The selection of the new BOJ leadership comes amid heightened anxiety in Japanese and global financial markets, fuelled partly by speculation over how quickly major central banks will wind down their crisis-era policies. In a widely expected move, the government nominated Kuroda, a 73-year-old former finance ministry bureaucrat, to serve another five-year term when the current one ends in April.
MacroMavens President Stephanie Pomboy discusses her concerns over current economic conditions and the Fed’s impact on the stock market.
On Thursday, each of the major averages added over 1% with the tech-heavy Nasdaq leading the way, rising 113 points, or 1.6%, while the Dow added 306 points, or 1.2%, and the S&P 500 gained 32 points, or 1.2%. Treasury yields also remained near four-year highs, with the 10-year settling near 2.9% on Thursday while the dollar continued its slide, falling another 0.5% on Thursday. On Friday, earnings reports will highlight the American eater, with Campbell’s Soup (CPB), Kraft Heinz (KHC), Coca-Cola (KO), and J. M. Smucker (SJM) all reporting results, as will agricultural giant Deere & Co. (DE).
A termination agreement released Friday between embattled casino mogul Steve Wynn and the company bearing his name leaves him without any severance or compensation and prohibits his involvement in any competing gambling business for two years. As part of the agreement, he also agreed to cooperate with any investigation or lawsuits involving his time with the company, which experts have said are likely to keep mounting. The allegations surfaced last month, when the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.
The Atari Token is being created specifically for use on a new digital platform that Atari is working with an outside party to build. Forget about "Pong" — Atari's next big move is into an entirely new industry: cryptocurrency.
Iron Mountain Inc. IRM reported fourth-quarter 2017 normalized funds from operations (FFO) of 53 cents per share that missed the Zacks Consensus Estimate of 57 cents. However, the figure increased 6% year over year.Adjusted earnings increased 12% year
The massive Equifax data breach may be partly to blame for the uptick in fraudulent FEMA applications. According to the Economist, 4.7 million FEMA applications were filed in 2017 — a tenfold increase from 2016.
Dear Moneyist, I purchased a duplex 20 years ago and am considering selling it. I paid $150,000 for the duplex, and spent about $55,000 on updates and renovations. A real estate agent has suggested selling it for $565,000, as a duplex, or converting it to condominiums and selling each for $300,000. Each unit currently rents for $1,900 per month. There is no mortgage and the largest annual expenses are taxes and insurance which total about $6,000 per year. The property is in good condition and I do not anticipate any major expenses in the near future. There are minor repairs and maintenance throughout the year which typically cost no more than $1,000. Don’t miss: Advisers say most investors can
U.S. homebuilding rose to more than a one-year high in January, boosted by strong increases in the construction of both single- and multi-family housing units, and further gains are likely with building permits surging to their highest level since 2007. Other data on Friday showed a jump in import prices last month amid solid increases in the costs of petroleum and a range of other goods, bolstering expectations that inflation will accelerate this year. Housing starts jumped 9.7 percent to a seasonally adjusted annual rate of 1.326 million units, the Commerce Department said.
Arista Networks shares plummeted 19 percent on Friday, despite beating earnings and guidance expectations, as it said that it’s ongoing battle with archival Cisco Systems (NASDAQ: CSCO) hurt sales. Arista's (NYSE: ANET) fourth-quarter revenue rose 43 percent to $467.9 million, beating analyst expectations of $463 million. Earnings per share came in at $1.71, beating analysts' predictions of $1.42. The Santa Clara-based company is forecasting current quarter revenue of $450 million to $468 million, compared to an average analyst estimate of $457 million. But, according to Investor's Business Daily, executives said on an earnings call with analysts that revenue growth from its cloud customers,
Firearms companies face declining sales, falling stock prices and tremendous debt. Gunmaker American Outdoor Brands Corp., formerly known as Smith & Wesson, has seen its stock plummet by almost half, compared with 2017. On Monday, Remington Outdoor Co., an iconic, 200-year-old American firearms manufacturer, announced it’s planning to file for bankruptcy. With Republicans in control of Washington, there’s little chance of firearms regulation—even in the face of Wednesday’s massacre in Florida. When Barack Obama was president or Democrats controlled Congress, gun sales would generally rise after a mass shooting for fear of more restrictive laws. The gun lobby pushed these worries despite a lack
Charter Communications Inc must face a lawsuit by New York's attorney general accusing the cable company of providing customers slower-than-advertised internet speeds, a New York state judge ruled. Justice O. Peter Sherwood of the state Supreme Court in Manhattan rejected Charter's claim that Attorney General Eric Schneiderman failed to plausibly allege the company had short-changed and misled customers. Schneiderman accused Charter's Spectrum unit, previously known as Time Warner Cable, of having systematically defrauded customers since 2012, including by creating an impression they would consistently get fast internet speeds.
American consumers are apparently not worried about stock market volatility. According to the University of Michigan’s report on consumer sentiment for the first half of February, worries over the stock market sell-off that rocked markets last week were scarce. “Consumer sentiment rose in early February to its second highest level since 2004 despite lower and much more volatile stock prices,” said Richard Curtin, chief economist for the survey.
It’s safe to say that billionaire Charlie Munger is no fan of bitcoin. ‘I never considered for one second having anything to do with [bitcoin]. I detested it the minute it had been raised. The more popular it got, the more I hated it. . . . Bitcoin is noxious poison.’ The 94-year-old Munger, who is vice chairman of Warren Buffet’s Berkshire Hathaway Inc. BRK.B, -0.05% , made his comments Wednesday in Los Angeles while speaking at the annual shareholders meeting for Daily Journal Corp. DJCO, -1.19% , according to reports by CNBC and Yahoo Finance. “It’s just disgusting that people have been taken in by this,” he said of bitcoin, complaining that “everyone wants easy money.” Read: Warren Buffett’s
Boy oh boy — literally one week from one of the most disastrous weeks of stock market trading, including two quadruple-point drops in the Dow, one of which was the index’s biggest point-drop in history, we now sit atop a week that may be the best performer for the Dow since November 2016. If anything, the initial fears of heavy inflation hitting the market following the January non-farm payroll report two weeks ago have been nothing if not somewhat justified. This week, we saw both the Consumer Price Index (CPI) and Producer Price Index (PPI) reads come in hotter than expected, indicating inflation has already begun to seep into the economy.
American Outdoor Brands (AOBC), the company that manufactured the semiautomatic weapon that Nikolas Cruz is accused of using to kill 17 people at a Florida high school, has been diversifying by making a foray into outdoor products. In 2016, when the company was known as Smith & Wesson, it paid $85 million in cash for Taylor Brands, a designer and distributor of knives and specialty tools. Several months later, the Springfield, Mass., company changed its name to American Outdoor, reflecting a diversified focus.
The U.S. special counsel rejected Paul Manafort’s proposed new bail package, in part because of alleged additional criminal conduct that the U.S. has learned since the initial terms were set. Manafort laundered money from overseas to buy houses, cars, clothes, antiques and landscaping services, the U.S. said. The possible new criminal conduct by Manafort “includes a series of bank frauds and bank fraud conspiracies,” Mueller said in a court filing late Friday in a response to a request from Manafort to reconsider his bail conditions.
Junk bond ETFs have been suffering lately as investors in the United States have been escaping the high-risk segments of the domestic debt markets. Moreover, recent fund flows show the shift in sentiment among investors and how they are adapting to changing
Editor's note: This week and next, it's all about the Winter Olympic Games from PyeongChang on CNBC. But Mad Money will be back soon. In the meantime, we're giving TheStreet readers a chance to enjoy some of the best recaps of Cramer's special Mad Money episodes. Jim Cramer says it's extremely important to buy stocks that are exactly right for you and your level of risk tolerance. Is that stock you're about to buy really right for you? That was the question Jim Cramer posed to his Mad Money viewers, as he dedicated the entire show to the notion of suitability -- finding stocks that aren't right just for this week or this month, but are right for you, given your age and temperament. Suitability