- Business Insider•16 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•11 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.
Business Insider•20 hours agoMORGAN 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.
Reuters•15 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.
- The Street•yesterday
A Major Stock Market Correction Is Coming: Marc Faber
However, he pointed out that there are stark differences in market conditions today compared to how things were 30 years ago. "We have from a purely technical point of view, more favorable conditions than in '87," he said. "The market is not as overbought as it was at that time." But that doesn't mean the contrarian investor is placing his bets on stock markets. "We are less overbought but we have more unfavorable macroeconomic conditions," he explained. "If I look at monetary and economic conditions around the world, the level of debt is much higher now, the level of government debt is much higher." Faber still sees similarities in market conditions with 1987. "A lot of people were accustomed
- CNBC•17 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.
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•14 hours ago
Rally continues, but 'this is kind of how bull markets end,' Bank of America strategist says
As investors get more confident about the latest leg of the stock market rally, one Wall Street strategist is growing more concerned. "This is kind of how bull markets end," Savita Subramanian, equity and quant strategist at Bank of America Merrill Lynch, told CNBC during an interview Tuesday. "What we're in right now is this sort of euphoria around stocks that's been missing for this entire bull market." Indeed, the run that began in March 2009 often has been declared "the most hated bull market in history," due largely to the lack of investor participation.
- CNBC Videos•9 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.
- 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
- CNBC.com•15 hours ago
Tesla employees detail how they were fired, claim dismissals were not performance related
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, which is helping restore electricity to the residents of Puerto
Business Insider•14 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.
Yahoo Finance•17 hours agoEarnings season kicks into high gear
The indices are looking to keep the rally alive as the Dow inches toward 23,000. Meanwhile, traders go through a number of earnings, as Goldman Sachs blows by analysts’ estimates. Yahoo Finance’s Alexis Christoforous, Andy Serwer, Justine Underhill, Sheryl
- Fox Business•19 hours ago
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.
- Yahoo Finance•8 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.
- CNBC Videos•yesterday
Cramer: The action in Apple's stock is a lesson on buying...
Jim Cramer finds that traders tend to give investors buying opportunities when they flee certain stocks, like the battleground that is Apple.
Bloomberg•13 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.
- The Street•14 hours ago
It's Time for a New Broom to Sweep Clean General Electric, Jim Cramer Says
It's time for change at General Electric (GE) , according to TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. "GE, right now, reflects a 15 cent cut in the quarterly dividend," Cramer said, referring to investors' fears that GE may cut its dividend in an effort to turnaround the company. The company reports quarterly earnings on Friday. Watch all of Jim Cramer's latest videos, right here: Jim Cramer Reveals When to Buy Shares of Goldman Sachs Video: Jim Cramer Reacts to Netflix's Earnings Finding the Next Amazon Has Been a Theme of This Market: Jim Cramer
- Bloomberg•17 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.
Reuters•8 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
Reuters•11 hours agoNew cancer drugs help J&J top profit estimates
Shares of J&J, part of the Dow Jones Industrial Average , rose 3.4 percent to $140.79 on Tuesday. Guggenheim Securities analyst Tony Butler said the stock has historically done well when its high-margin pharmaceuticals business is the main driver of growth, rather than its consumer segment. Sales at J&J's pharmaceuticals segment rose 15.4 percent to $9.7 billion in the third quarter.
- The Street•8 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
Business Insider•17 hours agoThere's an under-the-radar business at Goldman Sachs that has been quietly crushing it (GS)
According to Dealogic, Goldman Sachs ranked fourth for US marketed debt capital markets work for the first nine months of the year, behind powerhouse commercial banks Citigroup, Bank of America Merrill Lynch and JPMorgan, but ahead of traditional debt players like Wells Fargo, Barclays and Deutsche Bank.
- The Street•22 hours ago
Airbus, Bombardier and Kobe Steel
European stocks open mixed on Tuesday as investors shift focus to rising commodity prices in the reignited global reflation trade and prepare for a key reading on consumer prices in the United Kingdom. Bank of England Governor Mark Carney is slated to speak to U.K. lawmakers on parliament's Treasury Select Committee later in the morning. Airbus SE ( (EADSY) ) will take a majority stake in Bombardier Inc's ( (BDRBF) ) C-Series jetliner division, the group said late Monday in Paris, as the Canadian group continues to grapple with the United States over accusations of unfair state support from the Canadian government. Kobe Steel Ltd ( (KBSTY) ) said Tuesday that the U.S. Department of Justice has
