U.S. industrial manufacturer Crane Co said on Tuesday it had offered to buy smaller rival Circor International Inc for about $894 million, seeking to expand its pumps and valves portfolio. Crane's cash offer of $45 per share represents a premium of about 47% to Circor's closing price on Monday. On April 30, Crane said it sent a letter to Circor offering to buy the company, but was rejected by its board with no offer of further discussions.
J.C. Penney Co Inc reported a steeper-than-expected drop in quarterly comparable-store sales on Tuesday, hit by the exit from selling major appliances and in-store furniture categories, sending its shares down 10% in early trading. The Plano, Texas-based company said sales at stores open for at least 12 months fell 5.5% in the first quarter, bigger than analysts' average estimate of a 4.21% fall, according to IBES data from Refinitiv. The company's net loss nearly doubled to $154 million, or 48 cents per share, in the three months ended May 4.
Trade tensions between the U.S. and China will intensify with fresh tariff increases from both sides set to take effect on June 1, a cause of growing concern on Wall Street. While U.S. corporations are exposed to China, Goldman says the exposure is not enough to warrant any serious dent to profits. The very trade imbalance between the U.S. and China that the Trump administration is hoping to rectify highlights the exposures to China that U.S. companies face.
New York, in fact, saw revenue rise $3.7 billion in April from a year earlier, thanks to a shift in timing of taxpayer payments, a stock market that rallied through much of 2018 and a decade-long economic expansion that's pushed national unemployment to a 50-year low. Similar windfalls arrived in New Jersey, California and Illinois -- states that, like New York, had warned of dire consequences from the law. In all, about 64% of American households paid less in individual income tax for 2018 than they would have had the Tax Cut and Jobs Act not become law, according to the Urban-Brookings Tax Policy Center.
“Demand is at the heart of the problem,” analysts led by Adam Jonas said in a note. Jonas lowered his “bear case” for Tesla shares from a previous estimate of $97, which assumes Tesla misses its current sales forecast in China by about half, and kept a price target of $230. The stock fell 2.6% to $200 a share in pre-market trading.
Cornerstone Macro's Carter Worth on whether stocks are running out of steam. With CNBC's Bob Pisani and Melissa Lee, and the Fast Money traders, Tim Seymour, Mark Tepper, Dan Nathan and Guy Adami.
How much you pay in property taxes often comes down to which side of a county, city or district line you're on. And if you're a homebuyer this spring, it's another important factor to consider while you house hunt. Property taxes largely fund public schools but also other local services like roads and police.
The recent escalation of trade tensions between the U.S. and China has caused stocks to retreat as investors worry that the trade war between the world's two largest economies will be longer than expected. After hitting a high just above $60 a year ago, shares of Charles Schwab have fallen nearly 28% and are now trading at a forward P/E ratio of 15.2 compared to a five-year average of 22.1. Regeneron shares hit a high of more than $600 almost four years ago and are currently trading 50% lower at a forward multiple of 13.6 even though earnings per share (EPS) have doubled over that period.
NEW YORK/SHANGHAI (Reuters) - The United States has temporarily eased trade restrictions on China's Huawei to minimize disruption for its customers, a move the founder of the world's largest telecoms equipment maker said meant little because it was already prepared for U.S. action. The U.S. Commerce Department blocked Huawei Technologies Co Ltd from buying U.S. goods last week, saying the firm was involved in activities contrary to national security. The move came amid an escalating dispute over trade practices between the United States and China.
A silver certificate dollar bill is representative of a unique piece of history. It no longer carries any monetary value as an exchange for silver, yet collectors still seek out the print. Its history dates back to the 1860s, and the certificate is a unique historical artifact representing a time period when the monetary structure of the United States was changing.
Billionaire Robert F. Smith made the 2019 class of Morehouse College graduates very happy over the weekend when he pledged to pay off their student debt burdens. Smith told nearly 400 graduates of the historically black, all-male college in Atlanta that he would pay off those loan obligations so they were free to pursue their next chapters – a gift estimated to be worth $40 million. “The lender did not forgive the debt, so there is no cancellation of indebtedness income,” Bill Smith, Managing Director at CBIZ MHM's National Tax Office, told FOX Business.
The 401(k) is considered the cornerstone of retirement, but when times get tough, some people treat it like a piggy bank. “We needed to connect a separate in-law suite to the main house to make room for our newborn before her birth,” says Ashley, 34, a financial coach who runs budgetsmadeeasy.com. To pay for the home improvements, the Patricks took out a $25,000 loan from Tyler's 401(k) account.
An individual with a winning ticket is faced with two options – either take the money in the form of a lump sum or an annuity payment – which would be paid out over the course of about 30 years. In the case of the annuity payment – the less common option – a winner would receive one immediate payment and 29 consecutive ones. The amount paid increases by 5 percent each year, according to K. Eli Akhavan, partner and chair of the Private Client and Wealth Preservation Group at CKR Law.
From submitting their fingerprints to giving up their tax records, Wells Fargo & Co's next chief executive will go through a vetting process that could rival that of top U.S. government officials. Comptroller of the Currency Joseph Otting said last week he would invoke a little-known law to review Wells Fargo's board pick to replace Tim Sloan, who in March became the second CEO to leave the bank amid a series of customer abuse scandals. Created during the savings-and-loan crisis, the 1989 law allows regulators to vet and veto candidates for senior roles at banks, but that power is typically reserved for financially troubled firms.
Ahead of the event, Barron's called JWN stock a "bargain," but it looks like recent options buyers are expecting more downside for the beat-up shares. Nordstrom stock was last seen 0.5% higher at $37.27. The security touched a nearly three-year low of $36.37 last Friday, May 17, and has already lost more than 9% so far in May -- pacing for its worst month since December's 11.8% slide, and a steeper loss than the equity typically averages in May.
Lawmakers and observers are voicing optimism that closely linked private retirement reform bills, one from the House Ways and Means Committee, and one from the Senate Finance Committee, will soon be merged and sent to President Trump's desk. If passed, it would be the first major retirement legislation since 2006. Richard Neal, chairman of the House Ways and Means Committee, noted that the bill “represents a major bipartisan accomplishment” when it was passed out of his committee.
On a per-share basis, the Menomonee Falls, Wisconsin-based company said it had profit of 38 cents. Earnings, adjusted for asset impairment costs, came to 61 cents per share. The results missed Wall Street expectations.
EPS officially missed a consensus of negative $0.11, but it's worth noting Pinterest's non-GAAP net loss ($40.4 million) was smaller than analyst estimates, and that its GAAP operating loss of $44.8 million was actually below a guidance range (issued in its IPO filing) of $47.5 million to $50.5 million. Regardless, Pinterest's full-year guidance appears to be the main culprit behind its selloff. The social image-sharing platform is guiding for 2019 revenue of $1.055 billion to $1.08 billion (up 40% to 43% annually) and an adjusted EBITDA loss of $45 million to $70 million.
The Center for Retirement Research at Boston College hasn't updated its figures recently, but back in 2010 estimated a typical couple could spend $260,000 for medical and long-term care, with a 5% risk that costs will exceed $570,000. No wonder 45% of people in their 50s and early 60s have little or no confidence that they'll be able to afford their health care costs once they retire, according to a survey by the University of Michigan. MEDICAL COSTS MAY BE MORE PREDICTABLE THAN YOU THINK The approach of presenting people with a huge, perhaps unattainable, figure has long bothered Jean Young, senior research associate with the Vanguard Center for Investor Research.
The race to snap up Campbell Soup Company's international cookie brands is still on. The Camden, N.J.-based company is reportedly working with two companies bidding for its international division — Mondelez International and private equity firm KKR & Co. — according to The Australian Financial Review. Campbell's international division includes Arnott's, the largest biscuit producer in Australia, and Kelsen Group, whose brands include Royal Dansk and Kjeldsens.
Most everyone has financial regrets (if they're being honest), though 15% of respondents in a survey by Bankrate.com said they have no such concerns. Maybe these people put all their money into the stock market at the start of the bull rally in 2009, bought their dream homes with little cash down and adequately funded their retirement accounts and children's college education. At any rate, here are five issues related to retirement and Social Security that can cause second-guessing years from now.
Tesla (TSLA) CEO Elon Musk should keep the phone line open with his banker buddies. “We believe Tesla will have to raise another $1 billion in capital,” Wedbush analyst Dan Ives told Yahoo Finance's “On the Move.” The former Tesla super bull slashed his price target on the stock again on Monday to $230 from $275, which sent shares of the money-losing auto outfit down as much as 5%. The analyst only a month ago cut his rating on Tesla's stock to Neutral from Outperform.
The headlines currently surrounding Ford Motor Company (NYSE:F) are more than a little alarming. Although Ford stock price regained some lost ground on word that new tariffs on imported auto parts wouldn't be imposed for six months, those tariffs are still on the table. In the meantime, Ford's automobile dealer receipts fell 1.1% last month.
Huawei, the Chinese telecom giant caught in the center of the U.S.-China trade war, has scrambled to keep its business running after President Donald Trump moved to ban U.S. companies from supplying components to it last week. Many U.S. companies, which are Huawei's suppliers, are also feeling the heat. Chipmakers including Intel (INTC), Qualcomm (QCOM), Xilinx (XLNX), and Broadcom (AVGO) have stopped supplying Huawei until further notice, according to Bloomberg.