Is retirement dead? Before you start worrying too much, the fact that we think retirement as we know it is a thing of the past isn’t necessarily a bad thing. To understand that, just consider where the traditional idea of retirement came from in the first place.
International Business Machines Corp.’s stock had a day that will stand out in history books, as the company formerly known as Big Blue shocked investors with the best earnings report they have seen in nearly nine years. The stock IBM, +8.86% rocketed $12.99, or 8.9%, Wednesday to the highest close in nearly six months, after the information technology company reported third-quarter profit and revenue the beat Wall Street expectations. Beating profit projections wasn’t a surprise, since IBM has now done so for 12 straight quarters, but the stock rallying after results is a relative rarity. And Morgan Stanley analyst Katy Huberty said the latest beat marks “a real inflection point,” as it came
Critical information for the U.S. trading dayBloomberg NewsKyle Bass says this market resembles the 1987 debacle on steriods. The stock market may never go down again. To mark the occasion, Pension Partner’s Charlie Bilello, the originator of that opening comment, went on a bit of a tweetstorm.
If you think that the FAANGs -- Facebook (FB) , Apple (AAPL) , Amazon (AMZN) , Netflix (NFLX) and Google (aka Alphabet Inc. (GOOG) (GOOGL) ) -- are where all the tech sector action has been in 2017, you're sorely mistaken. That's because one gigantic tech stock has eclipsed the performance from all of those other tech sector stalwarts year-to-date. I'm talking about Alibaba Group Holding Ltd. (BABA) . While China hasn't been grabbing U.S. investors' attention in a meaningful way this year, BABA should be. That's because this gigantic e-commerce platform has been expanding its reach into the big data and cloud-computing space in the People's Republic, a market that's rife with opportunities right
Student loan debt in the U.S. has reached a new all-time high of $1.4 trillion. Student loans constitute the fastest-growing type of debt. Just about the only good news from Experian’s findings is that late payments have decreased by 10.1 percent since 2009, the year the Great Recession officially ended.
Apple (APPL) is scheduled to report earnings on Nov. 2, and analysts are already out making their predictions of what its announcement will hold. And with the stock trading near its 52-week high, I'm guessing it better be good. But don't go looking to Mizuho's Abhey Lamba and Parthiv Varadarajan for good news. Sure, they expect Apple's earnings and to come in in-line with consensus expectations, but warn that guidance could be underwhelming, and see no reason to change their Neutral rating: Our thesis remains unchanged – we acknowledge the upgrade cycle opportunity, but we continue to see near-term volatility to shipment estimates as the X ramp is delayed, thereby contributing to supply shortages.
Dong Tao, MD and vice chairman Greater China, Credit Suisse Private Banking Asia Pacific, says Hong Kong has remained too tied to property while Chinese cities such as Shenzhen have expanded into tech.
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.
It took 107 pages for a Kentucky court to explain a ruling that bans any farm-machinery maker except Deere & Co. from using green in combination with yellow for their equipment. The court on Tuesday found in favor of Deere DE, +0.02% in a suit aimed at protecting the company’s trademark coloring and brand. The decision bans Fimco Inc., a South Dakota company that makes agricultural sprayers under the Ag Spray Equipment brand name, from painting them green and yellow. The ruling comes after a one-week trial that took place in June. Deere argued that Fimco’s use of the same hues confused the public about where its products came from and diluted the value of the Deere brand. “The court ruled that
While all seems calm in the U.S. equity markets, with stocks continuing to hit all-time highs, an interesting trend has emerged beneath the surface. Combing through the latest Commitments of Traders report from the Commodity Futures Trading Commission (CFTC), we found that commercial traders (“smart money”) have a record number of short positions in the Dow Jones Industrial Average DJIA, +0.18% At the same time, noncommercial traders (“dumb money”) have a record number of long positions. You may be thinking “one group thinks stocks will go up, and the other thinks stocks will go down. What’s the big deal?” Here’s the big deal. Buy low, sell high — a pro’s game There’s a strong negative correlation
Verizon Communications Inc. VZ has dropped Univision Inc.’s Spanish language TV channels from its fiber-based FiOS TV network. Notably, FiOS TV has approximately 4.7 million subscribers. In a letter to the Federal Communications Commission (FCC), Univision complained that the U.S. telecom behemoth pulled down its TV channels at 4:59 p.m. on Oct 16, two minutes before Univision's carriage deal with Verizon was set to expire, without any prior notice to the company.
Saudi Arabia’s sovereign wealth fund is setting up a mortgage refinancing company as it deepens the role it plays in the Arab world’s biggest economy. Saudi Real Estate Refinance aims to refinance 75 billion riyals ($20 billion) in mortgages in five years and more than double that by 2026, the Public Investment Fund said in an emailed statement. The company plans to acquire mortgage portfolios, issue mortgage-backed securities and offer direct and indirect refinancing as it seeks to boost home ownership, it said. “The new company is designed to stimulate housing sector development in the kingdom by injecting liquidity in the real estate market,” the statement said. The Public Investment Fund,
Philip Morris Inc. shares PM, -0.12% fell 1.3% in premarket trade Thursday, after the cigarette distributor missed profit and revenue estimates for the third quarter. The company said it had net income of $1.97 billion, or $1.27 a share, in the third quarter, up from $1.94 billion, or $1.25 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.27, below the FactSet consensus of $1.38. Revenue excluding excise taxes rose 7% to $7.5 billion, also below the FactSet consensus of $7.7 billion. For the full-year, the company said it expects EPS of $4.75 to $4.80, compared with a FactSet consensus of $4.84. Shares have gained 23% in 2017, while the S&P 500 SPX, +0.07% has
Experts say that workplace bullying is disturbingly common. A big part of the problem is that there are very few places bullied and harassed employees can turn to for help. Bullying bosses and toxic workplaces have dominated the headlines recently. Along with allegations of sexual assault and harassment perpetrated by movie mogul Harvey Weinstein, members of the entertainment industry have described how his brother Bob Weinstein would bully and verbally abuse staff. In a written statement to The Wall Street Journal, Weinstein said: “At times I have a temper, but I would not describe it as volatile, and I’m definitely not a bully.” The Weinstein company did not immediately return a request for
More than 20% of Meredith Corporation's shares are owned by ETFs, with much of that being held in dividend-focused funds. This is among the highest percentages in the US market, and serves as a microcosm for the debate around the effect rapidly-growing ETF investment is having on the stock market. You may not have heard of Meredith Corporation, but its shareholder list highlights a tug-of-war in the stock market.
Billionaire investor Seth Klarman on Wednesday resisted calls for Puerto Rico's debt to be wiped out and said the island's residents will be better off in the long run if obligations are honored. Klarman comments came in an email to investors, offering fresh details about how his $30 billion hedge fund Baupost Group sees its bet on Puerto Rican bonds after Hurricane Maria, which largely destroyed the island's infrastructure. "In the case of Puerto Rico, expunging the debt would almost certainly eliminate any ability the Commonwealth would have to borrow money in the future at reasonable rates, which will be critical to the island's rebuilding efforts," Klarman wrote in the email seen by Reuters.
Is it too soon to talk about breaking up Allergan (AGN)? Bernstein analyst Aaron Gal met with Allergan CEO Brent Saunders yesterday following Monday’s ruling by a federal judge invalidating patents protecting the drug maker’s blockbuster dry-eye therapy Restasis. He published a note detailing his notes from the meeting and highlighting what he called “interesting tidbits” about a range of topics, including about the aftermath of the Restasis ruling, Allergan’s pipeline and plans for capital deployment and the ongoing search for a new chief financial officer. Saunders was also asked about splitting the business. This is how Gal recapped that portion of the conversation. The comment here needs
"Halftime Report" traders Jon and Pete Najarian spot unusual activity in shares of IBM, P&G, Abbvie, and the financials ETF (XLF).
Kenneth Chenault, one of the most prominent black corporate leaders and long-time chairman and CEO of American Express, is stepping down next year, the company announced Wednesday. Chenault, 66, will be replaced on Feb. 1 by Stephen Squeri, who will take over as both American Express' CEO and chairman of the board. Squeri, 58, is currently vice chairman at American Express.
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 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
On the 30th anniversary of the 1987 stock market crash, U.S. stocks are at a record high and investors are concerned that steep valuations may mean a correction is overdue, despite healthy corporate earnings and economic growth. Modern trading technology, changes to the way stock exchanges operate and in the way investor funds are managed should make a repeat of the 1987 crash unlikely. "We have learned a lot from the mistakes of the past in terms of the reaction or over reaction," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.
How quiet is this record-setting stock market? By at least one measure, the S&P 500 index is on pace to register is lengthiest period of quiescence in more than two decades—and perhaps ever. Just eight more trading sessions sans a 3% daily drop—a fairly normal occurrence even in a bull market—and the S&P 500(^GSPC) will mark history, matching the longest streak by Friday and breaking it next week.
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.
The US-based motorcycle company reported better-than-expected third-quarter earnings on Wednesday, but that may not be enough to pull the company out of rough territory, Adam Jonas, a Morgan Stanley analyst, said. Jonas expressed concern over Harley's forward guidance. "Harley does not necessarily have the visibility or control of the variables for us to be convinced that the company is in a position to deliver on this, particularly given challenging industry dynamics," Jonas wrote.