Suze Orman broke the internet earlier this month when she told the “Afford Anything” podcast that those buying into the FIRE movement (financial independence, retire early) better save at least $5 million to achieve that goal. “Her views ruffled a lot of feathers, but after crunching the numbers, I have to agree — $5 million sounds about right if you want to retire before the age of 60,” the Financial Samurai blog’s Sam Dogen said. Dogen says 40 is the absolute earliest he’d recommend anybody retire, although even then, that’s asking a lot out of your investments.
Bank of America (BAC) closed the most recent trading day at $27.76, moving +0.04% from the previous trading session. This has lagged the Finance sector's gain of 0.5% and was narrower than the S&P 500's loss of 1.27% in that time.
GE will sell as many as 166.2 million shares in the oilfield-services provider through a secondary offering and a stock repurchase by Baker Hughes, the companies said in statements Tuesday. Culp’s decision punctuates GE’s pivot away from the oilfield businesses that had been championed by former CEO Jeffrey Immelt, who spent $10 billion on deals in the decade through 2013 and agreed in 2016 to merge GE’s crude-related assets with Baker Hughes. “We like seeing GE’s new CEO Larry Culp hasten the pace of the company’s portfolio breakup to generate sale proceeds to de-lever the balance sheet,” Deane Dray, an analyst at RBC Capital Markets, said in a note to clients.
Tilray (TLRY) reported solid revenue but a decline in average selling prices in the third quarter as the Canadian cannabis producer works to address a growing medical and adult-use market. Although Tilray more than doubled the amount of cannabis sold in the third quarter of 2018 over last year, average selling prices fell by $1.32 per gram, putting pressure on margins. Gross margins were about 30% in the third-quarter versus 55% in the same period last year.
Jim Cramer reviews the negative coverage of Apple, Facebook, Amazon, Netflix and Alphabet's stocks. CNBC's Jim Cramer is tired of seeing negative Wall Street coverage suffocate the stocks of Apple AAPL and FANG, his acronym for Facebook FB , Amazon AMZN , Netflix NFLX and Google, now Alphabet GOOGL .
L Brands Inc. could bring back the Victoria’s Secret swimsuit line now that the company has signaled no strategy is off limits if it improves profitability, Wells Fargo analysts say. L Brands’ (LB) portfolio includes Victoria’s Secret and Bath & Body Works. Wells Fargo upgraded L Brands to outperform from market weight, with analysts seeing a turnaround on the horizon as the company takes an “‘all options on the table’ mentality.” Analysts don’t expect a turnaround in the near future, but shuttering Henri Bendel and considering options, including a sale, of the La Senza business shows that the company has taken on a new focus.
The Dow drops 600 points as stocks get slammed. Should investors still be buying the dip? With CNBC's Joe Kernen and the Fast Money traders, Pete Najarian, Steve Grasso, Brian Kelly and Tim Seymour.
Dalio’s Bridgewater Associates maintained its holdings in SPDR Gold Shares, the largest bullion-backed ETF, at 3.9 million shares, and its stake in iShares Gold Trust, the second-largest, at 11.3 million shares in the third quarter, according to a regulatory filing Tuesday. Bridgewater stayed loyal to bullion even amid an investor sell-off that sent assets in bullion-backed ETFs tracked by Bloomberg tumbling by 2.79 million ounces in the third quarter, the first such decline since the end of 2016. The hedge fund also added to its holdings in Barrick Gold Corp., Franco-Nevada Corp., Newmont Mining Corp. and Kinross Gold Corp. in the third quarter.
Republicans are losing their hold on upper-middle-class suburbs, and the tax reform bill may be to blame. Although a number of races are still too close to call, Democrats have taken 30 seats so far — more than the 23 GOP districts they needed to seize control of the House of Representatives. In swing districts across the country, new Democratic challengers vowed to defy the Trump administration while Republican incumbents touted the benefits of tax reform and a booming economy.
Shares of Nvidia NVDA have plummeted over 30% since they hit their all-time high at the start of October. Amid broader market uncertainty, concerns remain that historically cyclical chip stocks will continue to decline. Nvidia’s chips help power everything from gaming to datacenters.
Binny Bansal, 37, stepped down immediately following an independent probe into the allegations, which the executive denies, Walmart said. “While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation,” Walmart said in a statement.
3M Co. (mmm) said late Tuesday its board of directors has authorized the buyback of up to $10 billion of 3M's shares, replacing the company's existing repurchase program. In the same statement, the company said its board declared a dividend of $1.36 a share for the fourth quarter of 2018. The dividend is payable Dec. 12 to shareholders of record on Nov. 23.
A senior U.S. Food and Drug Administration official said last week that the agency is looking at restricting menthol in traditional cigarettes. Doing so would be a step toward eliminating or tightly limiting use of the popular cigarette flavor, something the FDA has been considering for some time. An Altria spokesman said Monday it was premature to comment absent an FDA announcement.
“An increasing chunk of the investor base is of the view that one has to be already positioned for the next downturn,” strategists Mislav Matejka, Prabhav Bhadani and Nitya Saidanha wrote in a note Monday. A panoply of negatives has hit the U.S., and global, stocks since the start of October, starting with a rebound in benchmark Treasury yields, which has enhanced the appeal of risk-free investments.
Advanced Micro Devices (NASDAQ:AMD) consistently squares off against the world’s toughest competitors in the most lucrative markets. What makes this accomplishment so impressive is that Advanced Micro Devices stock has been a different animal since the end of September. On the positive end of the scale, AMD has gained market share against long-time archnemesis Intel (NASDAQ:INTC).
Semiconductor stocks have been battered by recent market-wide volatility and concerns that the industry’s strong cycle is nearing its end. The aforementioned emerging tech trends have created new consumer demand, and the semiconductor makers are delivering. Mellanox Technologies is a leading supplier of semiconductor-based computer networking products to world-class server, storage, and infrastructure OEMs.
The Swiss bank is working on the loan to Louis-Dreyfus and her family trust Akira, said the people, who asked not to be named because the details are confidential. Louis-Dreyfus announced she had secured funds last week, but didn’t disclose the terms of the loan or who would be financing it. Representatives for Louis Dreyfus and Credit Suisse declined to comment.
Bad news coming out of Apple’s AAPL supply chain has driven some investors to panic, sending shares swooning. Specifically, Lumentum, which makes Face ID technology for its latest generation of iPhones, slashed its adjusted EPS guidance range to $1.15 - $1.34 (previous $1.60 - $1.75) and its revenue outlook to $335 million - $355 million (previous $405 million - $430 million) citing notably softer demand at a key customer (this could be Apple, since the iPhone maker accounted for 30% of its annual revenue). Analysts turned negative following Apple’s announcement that it would no longer provide details about the number of devices it sells, or even how that breaks down between iPhones, iPads, Macs, etc.
West Texas Intermediate crude for December delivery on the New York Mercantile Exchange (CLZ8) settled lower on Monday, marking its 11th consecutive decline, surpassing a 10-day skid for the contract from July 18-July 31 1984, according to Dow Jones Market Data. It’s 11th straight decline is now the longest series of losses for oil since WTI started trading in 1983, according to Dow Jones Market Data. Rising production and a softening in U.S. oil sanctions on Iran, that included waivers for big crude importers like China, which helped to contribute to a whipsaw lower for oil prices.
After Democrats obtained a narrow majority in the House of Representatives in the midterm elections, both House Democrats and President Trump will likely be looking to make at least some deals. To retain their majority, House Democrats will have to convince moderate voters in the swing districts that Democrats narrowly won that they are moderate and can be productive. For his part, President Trump will likely have to convince at least some moderate voters, i.e., centrist suburban women and independents that he can make deals that will make the country and their lives better.
Shares of General Electric Co. shot higher Tuesday, as the struggling industrial giant’s planned sale of its stake in Baker Hughes gave investors reason to cheer after a bruising period. The rally comes after the GE shares closed Monday below the $8 mark for the first time since the depths of the financial crisis. Baker Hughes’s stock (BHGE)rose 0.5% Monday, after falling 18% the previous 14 sessions.
Echoes of that last bit can be found in our call of the day, from Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch, who advises a cautious approach because he doesn’t think stocks have touched bottom. “We remain bearish, as investor positioning does not yet signal ‘The Big Low’ in asset markets,” says Hartnett, in the bank’s closely watched November fund manager survey (the capitalization isn’t lost on us, nor Wall Street, we presume).
NEW YORK/HOUSTON (Reuters) - General Electric Co (GE.N) plans to raise $4 billion in needed cash by year end, the company said on Tuesday, speeding its planned sale of a stake in oilfield services unit Baker Hughes (BHGE.N). Before the announcement, prices on a number of its bonds had fallen far below par value, after new Chief Executive Officer Larry Culp noted the "urgency" of shoring up the conglomerate's weak finances. GE said it will sell up to 101.2 million Baker Hughes shares on the open market and that Baker Hughes will buy 65 million of its own shares from GE, using a $1.5 billion repurchase arsenal Baker Huges already has authorized.
J. C. Penney Company, Inc. JCP is slated to release third-quarter fiscal 2018 results on Nov 15, before the market opens. The Zacks Consensus Estimate for revenues is $2.83 billion, up marginally by 0.7% from the year-ago quarter. J. C. Penney has been in troubled waters for quite some time, losing customers to cheap sellers.