U.S. stock futures were modestly higher on Thursday, Jan. 24, and global shares were mixed as investors retreated largely to defensive positions amid ongoing concerns over the strength of the world economy, the fate of trade talks between the U.S. and China and the potential for a change in tack from key central banks. Donald Trump told reporters in Washington on Wednesday that "I like where we are right now," in terms of trade talks, which are set to resume next week, adding that China "very much wants to make a deal. The European Central Bank meets later Thursday in Frankfurt, and while no change is anticipated in any of its three key policy rates, investors will be looking for any suggestion that a slowing European economy, which the International Monetary Fund flagged as a key global risk earlier this week, will lead to a change in tack from ECB President Mario Draghi.
The Huntsville, Alabama-based company said it had a loss of 18 cents per share. Losses, adjusted for stock option expense and amortization costs, came to 12 cents per share. The results did not meet Wall Street expectations.
Jardine, the flagship investment firm of a 186-year-old conglomerate, soon recovered from the $41 billion wipeout and ended up closing 0.5 percent higher. Sell orders overwhelmed bids during the pre-opening phase, Singapore Exchange Ltd. said in an emailed statement, adding that the orders weren't due to a fat finger error or a malfunctioning brokerage system, and the exchange won't be canceling the trades. “Trading was orderly and there was no sign of manipulation," SGX said in its statement.
Apple Inc (AAPL.O) has dismissed more than 200 employees from its autonomous vehicle group, Project Titan, CNBC reported on Thursday, citing people familiar with the matter. The dismissals are seen, internally, as anticipated restructuring under the relatively new leadership of Project Titan, CNBC said. Last year, the iPhone maker hired Doug Field, an Apple veteran and a Tesla engineering vice president, to lead the Project Titan team alongside Bob Mansfield.
Instead, Jes Staley said he sees potential shocks from a seize-up in credit markets, given where risk in the system has gone since banks shrank their balance sheets. “This time, there's a chance the banks will be the buffer, as opposed to the cause” of the crisis, Staley, who has been the British bank's chief executive officer since 2015, said in a Bloomberg Television interview with Francine Lacqua from the World Economic Forum in Davos, Switzerland.
I mention this because, if my editor at the Houston Business Journal had asked me for a list of the best stocks to own forever in 1978, it would have been heavy on oils, industrials and consumer staples, names like British Petroleum, General Electric and Campbell's Soup. I might have added a strong local bank there, like Texas Commerce. But what I called long-term thinking turned out to be short-term thinking.
I mean, anyone who thinks that they know what's going to happen, I think, is dreaming, so I'm going to say stay away." Nio Inc. NIO : "That is a total dice roll.
You'll likely get your refund on time even if the Internal Revenue is short-staffed of the government shutdown and no-shows among unpaid workers who are financially strained. Almost nine in 10 tax returns were filed electronically last year, according to IRS statistics, while eight in 10 refunds were distributed to taxpayers by direct deposit. Nearly all tax professionals and tax preparation software will file your returns electronically.
"Once GE sells off its strong cash generating businesses ... these assets will be gone forever," Gordon Haskett's John Inch said in a note to investors Wednesday. GE "could still end up in a precarious position" even after an influx of cash from multiple spinoffs, Inch said. General Electric GE has spun off several businesses to generate cash and shrink its footprint, but one Wall Street analyst thinks its divestitures may have gone too far.
Chris Verrone, Strategas Technician, on the breakout stocks to buy. With CNBC's Bob Pisani and Melissa Lee, and the Fast Money traders, Tim Seymour, Karen Finerman, Steve Grasso and Guy Adami.
If the U.S. decides to deploy a slate of sanctions that it's said to have drafted against the Latin American nation, American refiners -- the No. 1 consumer of Venezuelan crude exports -- would be forced to cease purchases. The opportunity to soak up the extra supplies from Venezuela at potentially cheap prices would be a boon for the Asian countries, where the governments are trying to support slowing economic growth. In China, Xi's administration is trying to implement stimulus measures to shield the public from the effects of its ongoing trade war with the U.S. Meanwhile, Modi's party is being weighed down by populist pressures before national elections due by May.
CNBC's Julia Boorstin reports on Hulu's decision to lower the price of its ad-supported subscription, while raising its other tiers.
Stocks could still lose 50 percent of valuation this year, Morgan Creek Capital's Mark Yusko warns. "Remember the tech bubble popped, there was this return-to-normal rally ... and then it was downhill from there," he says, calling current conditions "tech bubble 2.0."
Investing in global health organizations aimed at increasing access to vaccines creates a 20-to-1 return, the Microsoft co-founder and philanthropist says. Investing in global health organizations aimed at increasing access to vaccines creates a 20-to-1 return in economic benefit, billionaire Microsoft MSFT co-founder and philanthropist Bill Gates told CNBC on Wednesday. Over the past two decades, the Bill and Melinda Gates Foundation has donated "a bit more than $10 billion" into mainly three groups: The Global Alliance for Vaccines and Immunization, the Global Fund to Fight AIDS, Tuberculosis and Malaria, and the Global Polio Eradication Initiative.
In the Monte Carlo, the simulation could assume a 7 percent return in the first year, an 8 percent loss in the second year and a 19 percent gain in the final year, still equal to an return of 6 percent. The sequence in which these returns occur and the disparity from the mean in any given year can dramatically impact an investor's retirement portfolio. Here's how it works: After a baseline plan is developed to define various assumptions, such as average rate of return, annual inflation, desired annual withdrawals, life expectancy, assets at retirement, and so forth, a Monte Carlo simulation can be utilized to test the viability of the strategy with hundreds of trials to mimic different marke...
"There is a feeling that the stock market might be due for some deflating now because it's been a long time, and we've seen some hints of it and we haven't seen the real deflation yet," he told CNBC at the World Economic Forum (WEF) in Davos, Switzerland. U.S. stock markets may have recovered slightly from sharp falls at the end of last year, but there's still a risk of a significant downward trend, Robert Shiller, a professor of economics at Yale University and a Nobel laureate, told CNBC Wednesday.
Billionaire Michael Dell, chief executive officer of the eponymous technology giant, rejected a suggestion by U.S. Representative Alexandria Ocasio-Cortez of a 70-percent marginal tax rate on the wealthiest Americans. “No, I'm not supportive of that,” Dell said at a Davos panel on making digital globalization inclusive. Three weeks after Ocasio-Cortez floated the idea in an interview on “60 Minutes” to raise the top marginal tax rate on Americans' income of more than $10 million to 70 percent, it was a hot topic at the gathering of the global financial and political elite.
The price of bitcoin could nosedive to zero, Jeff Schumacher, founder of BCG Digital Ventures, said during a CNBC-hosted panel at the Sanctuary in Davos. The other panelists including Ripple CEO Brad Garlinghouse, 500 Startups Partner Edith Yeung and Silver Lake Partners Co-Founder Glenn Hutchins, discussed the future of blockchain technology. The price of bitcoin could nosedive to zero, a top investor in the crypto space told CNBC during a debate, which focused on the future of the underlying technology known as blockchain.
Zynga (ZNGA) ZNGA Stock Price: $4.32 I'm not a huge fan of the mobile gaming sector. It's a tough space plagued with competition and low margins. Plus, competition is only building thanks to social media apps becoming increasingly multi-purpose.
Ford Motor Co. is trying to drive past a difficult 2018 with a slate of new vehicles and an aggressive overhaul of its operations, but with the problems that plagued the iconic carmaker last year poised to remain in 2019, analysts are skeptical of the company's promise to improve earnings. Ford is in the midst of an $11 billion global restructuring effort that includes thousands of job cuts across Europe. As concerns grow, Ford CEO Jim Hackett downplayed the threat of U.S. job cuts. “I'm confirming that there's no blue collar cuts in the offing,” Hackett told FOX Business' at the North American International Auto Show in Detroit earlier this month.
Billionaire hedge fund manager Seth Klarman is dominating headlines at the World Economic Forum after writing in a letter that the global economy can not continue "business as usual." Klarman oversees the $27-billion hedge fund Baupost Group and said in a letter seen by New York Times' Andrew Ross Sorkin that the growing political and social divide worldwide could usher in an economic disaster. The world simply cannot continue "business as usual" amid worldwide protests, riots, government shutdowns and other trends that are resulting in a "world increasingly adrift," the letter reportedly said.
BEIJING/HONG KONG, Jan 24 (Reuters) - China's Huawei Technologies Co Ltd on Thursday said it could become the world's biggest-selling smartphone vendor this year even without the U.S. market and as global scrutiny of the firm intensifies. The bullish forecast contrasts with those of market-leader Samsung and other rivals such as Apple Inc, both of which have flagged weakening sales in China - the largest smartphone market where demand has long been slowing, and where economic growth is at its lowest pace in nearly three decades. It comes as the United States and its allies restrict market access for Huawei, alleging its products could be used by China for espionage.
Bristol-Myers Squibb (NYSE: BMY) releases its next round of earnings this Thursday, Jan. 24. Here's Benzinga's essential guide to Bristol-Myers Squibb's Q4 earnings report. Wall Street analysts see Bristol-Myers Squibb reporting earnings of 85 cents per share on sales of $5.99 billion.
Texas Instruments Inc (TXN.O), Xilinx Inc (XLNX.O) and Lam Research Corp (LRCX.O) posted quarterly results on Wednesday that reassured investors concerned about U.S.-China trade tensions, sparking a microchip industry stock rally after hours. Dallas-based Texas Instruments TI missed Wall Street's estimates for quarterly revenue but beat on profit. Investors were fearing worse performance amid warnings of a slowing smartphone market from Apple Inc (AAPL.O).
At the World Economic Forum in Davos, Switzerland, on Wednesday, Michael Dell says his move to take Dell Technologies private has transformed the once-struggling company. Dell, which has a market cap of about $32 billion, has invested more than $21 billion in R&D over the last five years and paid down $14.4 billion in debt. After spending half a decade as a private company, Dell Technologies is back in the hands of the public, and Chairman and CEO Michael Dell says he's "very much ready to be so," claiming that over the last five years, he has transformed the company.