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
Wells Fargo investors have learned a lot about the bank’s worsening issues recently, but they should be watching carefully over the next couple of weeks for possibly more bad news — from the bank’s auditors, KPMG. KPMG must opine on Wells Fargo’s WFC, -0.12% internal controls by around March 1, and investors might not like the answer: the very real possibility of an adverse opinion from the auditors identifying material weaknesses in the bank’s controls. On Feb. 2, the Federal Reserve Board released a consent cease-and-desist order that requires the bank to improve its governance and risk-management processes, including strengthening the effectiveness of oversight by its board of directors. The
The OPEC Monthly Oil Market Report is out production data for January 2018. All data, unless otherwise noted, is through January 2018 and is in thousand barrels per day. OPEC crude only production has held steady for three months.
Shares of AmerisourceBergen soared Tuesday on reports that Walgreens is pursuing a complete takeover of the huge drug distributor. The Wall Street Journal reported late Monday that Walgreens Boots Alliance Inc. reached out to AmerisourceBergen Corp. about a potential deal several weeks ago. Walgreens already owns about 26 percent of the company, according to data provider FactSet.
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.
MacroMavens President Stephanie Pomboy discusses her concerns over current economic conditions and the Fed’s impact on the stock market.
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.
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
Thanks to the new tax law there are new lower tax rates - that means there also need to be different withholding rates -- and THAT could that your paycheck is going to change. But give us 60 seconds and you'll tell you why you shouldn't get too excited yet. The withholding tables tell your employer how much to withhold from your paycheck each pay period so that you pay in enough tax throughout the year. Come February, many of you will have less money withheld and watch your paychecks go up. Or not. So watch our video to see if you are one of the lucky ones. (Fingers crossed for your sake.) For more 60 second tips, subscribe to our YouTube channel here:
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.
Coinbase, the largest U.S. cryptocurrency exchange, risks seeing its burgeoning business choked if it doesn’t work smoothly with the traditional finance industry. The troubles began snowballing early this month when several U.S. banks said they would block credit-card purchases of Bitcoin and other digital currencies on venues around the world. Soon, Coinbase users whose banks still supported sales were flocking to online forums to complain that hefty “cash advance” fees were appearing on card statements. Coinbase, which has said its business won’t work without public confidence, has been firing off accusations on Twitter, blaming banks and card networks such as Visa Inc. for the troubles.
Qualcomm has been seeking to walk a fine line between resisting Broadcom's acquisition approach, which it says undervalues it and is fraught with regulatory risks, and demonstrating to shareholders and proxy advisory firms such as ISS that it is willing to engage to secure a better deal if possible. In a report published late on Friday, ISS recommended to Qualcomm shareholders that they vote for four out of the six board director nominees that Broadcom has put forward for election at Qualcomm's shareholder meeting on March 6.
The head of Airbus's defense unit criticized Germany on Friday for not spending more on defense and said the new coalition agreement's call for a tougher approach to arms exports could prompt the weapons maker to re-examine its business plans. A coalition deal between German Chancellor Angela Merkel and the center-left Social Democrats (SPD), which must still be ratified by the SPD, has pledged an immediate ban on arms sales to countries involved in the war in Yemen and a tougher approach to arms sales in general. "A unilateral restriction on European arms exports by Germany not only hurts domestic industry, but also reduces the room for maneuver of a strategic European security and defense policy," said Hoke, who is German.
Forget vacations, new wardrobes or money toward a new car — when people get their tax refunds, health care spending rises 60% immediately in the week following, according to a recent study. Health care continues to be the top expenditure with these tax refund payments over the next 100 days, according to the report “Deferred Care: How Tax Refunds Enable Healthcare Spending” by J.P. Morgan Chase Institute. Cash-strapped families are more likely to use the money towards health care — out-of-pocket medical expenses on debit cards increased 83% following a tax refund check, instead of no real change to credit card spending, suggesting the people who needed the money were the ones making the transactions
Stocks could continue to rebound as long as the bond market doesn't get spooked about the Fed in the week ahead and send interest rates higher. After the best week in five years, the stock market has regained about half the 10 percent it lost in a swift February correction due to rising inflation and fears of higher interest rates. The stock market has become more tolerant of rising bond yields, which contributed to its violent sell-off. The bond market has been the stock market's nemesis, with new signs of inflation in wage data and January CPI driving interest rates higher. Now the markets are waiting to hear what the dozen or so upcoming Fed speakers may have to say about inflation. The fear
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
The initial coin offering market is off to a red-hot start in 2018, according to new data from Autonomous NEXT. The law, which suggests the value of a telecommunications network is equal to the square of the number of users connected in the system, can be used in three ways to value an ICO's network, according to Steves.
Cisco Systems Inc. has turned the corner in a painful transition, with the first quarter of revenue growth since 2016 showing success in the networking giant’s quest to become a subscription-based business. Cisco CSCO, +0.57% reported better-than-expected fiscal second-quarter revenue and adjusted earnings Wednesday, excluding the impact of a charge related to the changes in the U.S. tax law, and its shares rose 7% in premarket trading Thursday. Cisco shares jumped to levels not seen since the dot-com boom went bust, and were already up nearly 10% this year, while the Dow Jones Industrial Average DJIA, +0.08% , which counts Cisco as a component, is up less than 1% early in 2018. Since taking
The Dow extended its winning streak Friday, though stocks ended the day mixed after authorities revealed indictments of Russians who allegedly interfered in U.S. elections. The Nasdaq Composite fell 16.96 points, or 0.23%, to 7,239.47. The S&P 500 and Dow industrials have mounted a six-day rally in the wake of last week’s broad sell-off, bringing all three major indexes back into positive territory on the year.
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
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.
The Dow Jones Industrial Average DJIA, +0.08% is crawling back after last week’s roller coaster of returns and losses. What does market volatility like that even do to a 401(k) plan? The answer isn’t so simple. There’s a very good chance every retirement account will be affected by the volatility, since some portion of even the best diversified plans will be tied to equities. To be more precise, how much of an impact the volatility has depends on what funds employees are invested in, how much of their portfolios are allocated to those investments, and when they plan to retire. “Next month’s statement probably won’t look so good for people,” said Eric Reich, an adviser at Reich Asset Management
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
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,