Bank of America Merrill Lynch sees a scary good news-bad news scenario unfolding in 2018: A solid push higher in the first half followed by all sorts of potential trouble after. The S&P 500 would peak out around 2,863 in the scenario, or about 11 percent
Bitcoin fell the most in a week after the company behind cryptocurrency tether reported a $31 million theft. The amount was taken from the Tether Treasury wallet on Nov. 19 and sent to an unauthorized bitcoin address, according to an announcement on the company’s website posted on Tuesday. Bitcoin dropped as much as 5.4 percent, the most since Nov. 13.
Toyota Motor Corp. (TM) opened its first U.S. plant in 1988 in Georgetown, Kentucky. Now Toyota is threatening to move Camry production unless the plant quickly cuts costs. The video made the point that Toyota could build a Camry in Japan, ship it to Kentucky, and sell it for a bigger profit than it could by selling a car built in the state.
The Justice Department is citing some surprising authorities in its lawsuit to stop AT&T Inc. from buying Time Warner Inc.—namely the companies themselves. Time and again, the complaint quotes from statements and filings by AT&T and Time Warner to make the government’s case that the $85 billion merger would be bad for customers. The Justice Department strategy puts AT&T and Time Warner in the tricky position of having to explain that while, yes, they did write or say those words, they don’t imply what the government says they imply.
We issued an updated research report on Wells Fargo & Company WFC on Nov 20. The San Francisco-based company has traditionally followed organic and inorganic growth strategies. However, it is struggling with legal issues and escalating costs.Troubles
Kevin Kaiser was on an airplane this summer, staring into his laptop, when he came up with the idea for taking on billionaire pipeline magnate Kelcy Warren. He was scrutinizing a nearly year-old prospectus for Sunoco Logistics Partners LP’s acquisition of Energy Transfer Partners LP, an agreement that merged two parts of Warren’s energy empire. For months, the 30-year-old Hedgeye Risk Management LLC analyst had heard clients complain that the deal -- along with a host of other Energy Transfer moves -- enriched Warren but did little to benefit Energy Transfer Partners unitholders, Kaiser said in an interview. Reading the prospectus, Kaiser realized Energy Transfer Partners investors could band
Rich Ross, Evercore ISI, discusses what stocks to buy at all-time highs.
Advanced Micro Devices Inc. AMD recently announced that Hewlett Packard Enterprise’s HPE new ProLiant DL385 Gen10 server, which is powered by AMD’s EPYC processor has set new records across SPECrate2017_fp_base and SPECfp_rate2006.Notably, HPE Cloudline
TORONTO/SAN FRANCISCO (Reuters) - Struggling ride-hailing firm Uber [UBER.UL] faces a fresh regulatory crackdown after disclosing it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts. Discovery of the U.S. company's cover-up of the incident resulted in the firing of two employees responsible for its response to the hack, said Dara Khosrowshahi, who replaced co-founder Travis Kalanick as chief executive in August. "None of this should have happened, and I will not make excuses for it," Khosrowshahi said in a blog post.
An options behemoth that’s been betting on a modest rise of the Cboe’s VIX index -- and traded 3.15 million contracts so far this year -- may roll over a huge position today or later this week based on trading patterns going back to July, Pravit Chintawongvanich, head of derivatives strategy at Macro Risk Advisors, wrote in a note. Rolling the trade over -- closing the old legs and refreshing the new ones -- would likely include more than 2 million contracts, around three times the average daily volume of VIX options, according to Cboe data of the past 20 sessions. The trader, who Chintawongvanich has dubbed the “VIX Elephant,” has bought 262,500 December VIX puts with a strike price of 12 and is long a VIX call spread that profits if December futures contracts expire between 15 and 25 -- selling 525,000 VIX calls with a strike price of 25 and purchasing 262,500 VIX calls with a strike price of 15.
Kingdom Holding's plan to borrow money to fund new investments has stalled because owner Prince Alwaleed bin Talal has been detained in Saudi Arabia's anti-corruption crackdown, according to four banking sources familiar with the matter. Kingdom had approached banks to obtain the loan, but the financing plan has been held up because the lenders are worried about potential repercussions if they lend to the prince's company, the sources said. One of the sources, who was approached for the loan, said it would have been worth roughly 5 billion riyals ($1.3 billion).
Jim Cramer pushed back against the theory that stocks are overvalued and pinpointed other areas of the market, like bitcoin, that are.
Societe Generale says a 10-year Treasury yield above 2.5% could result in a US equity sell-off. If the yield for the 10-year benchmark note climbs above the crucial threshold of 2.5% that could start working against US stocks that are already close to the most expensive since the dot-com bubble, according to strategists at Societe Generale. Treasurys reaching that level would imply 7% downside for US equities, while an increase to 2.75% could translate to a 15% drop, Societe Generale data shows.
Earlier this month, Boeing's (BA) market cap overtook General Electric's (GE) knocking the conglomerate from the top of the industrials sector for the first time in decades. It's been a tumultuous year for GE for sure, with the stock down more than 40% year to date, following poor earnings and its dividend cut and leaving investors wondering what to do now. Jefferies' Sheila Kahyaoglu reiterated a Buy rating on the stock today and raised her price target by $12 to $312, writing that she's confident that Boeing can grow earnings at a double digit rate, thanks to high demand and productivity. While there is some risk of disruption to commercial production, our analysis highlights the Upside / Downside case remains favorable based on the drivers of FCF.
Elon Musk said last week that Tesla Inc. is designing a new sports car that could go from zero to 60 mph in 1.9 seconds. Over the past 12 months, the electric-car maker has been burning money at a clip of about $8,000 a minute (or $480,000 an hour), Bloomberg data show. To be fair, few Tesla watchers expect the cash burn to continue at quite such a breakneck pace, and the company itself says it’s ramping up output of its all-important Model 3, which will bring money in the door.
Five Wal-Mart Stores Inc. executives took advantage of the stock’s biggest rally in nine years to a record high last week to sell a total of $11 million worth of shares, as soon as they were allowed to trade. The stock WMT, +0.01% had shot up 10.9% on Thursday to a record close of $99.62, after the discount retail behemoth reported fiscal third-quarter earnings, revenue and same-store sales that beat expectations. That was the biggest one-day percentage gain since Oct. 28, 2008. The next day, the stock pulled back by 2.2%, trading in an intraday range of $96.58 to $100.13 before closing at $97.47. Some time Friday morning, President and Chief Executive of Walmart International David Cheesewright
It was a week where both oil and gas prices lost ground. On the news front, sponsor TransCanada TRP won approval to build its controversial Keystone XL Pipeline through the state of Nebraska, while BP Plc BP became the first European oil major to resume share repurchase since the 2014 oil slump. West Texas Intermediate (WTI) crude futures edged down 0.3% to close at $56.55 per barrel, while natural gas prices slumped 3.6% to $3.097 per million Btu (MMBtu).
Electricity generator Luminant is cutting about 600 jobs as it closes three coal-fired power plants and a mine in Texas. The Texas Workforce Commission said Monday that Luminant plans to make the layoffs in January. Luminant previously announced that it would shutter the Monticello, Big Brown and Sandow power plants.
Shares of HPE fell more than 6 percent in after-hours trading. Hewlett Packard Enterprises, known for its computer servers, is still adjusting to a new landscape in which corporate customers are placing more of their digital operations in the cloud and moving away from purchasing their own equipment. Whitman, one of the most powerful women in U.S. business and a former candidate for California governor, split Hewlett Packard Co into HPE and PC-and-printer business HP Inc in 2015 as part of a plan to turn around the large corporation.
Notable earnings reports expected Tuesday include Campbell’s Soup (CPB), Lowe’s (LOW), Dollar Tree (DLTR), and salesforce.com (CRM). All will not be quiet in the nation’s capital, however, as President Donald Trump is set to pardon his first set of turkeys since taking office at 1 p.m. ET. President Donald Trump will pardon two turkeys on Tuesday at the White House.
Goldman Sachs says this holiday quarter is going to account for a bigger percentage of annual sales for retailers than in years past. Everyone knows the holiday season creates loads of good deals for consumers. Before we get into those specific recommendations, let's take a minute to quantify how important Black Friday and the overall holiday season are to the bottom lines of retailers — and explain why this year is particularly compelling.
21st Century Fox Inc. agreed to create a workplace council at its embattled Fox News channel and will receive a $90 million insurance payment as part of a deal settling shareholder litigation over sex-harassment scandals at the network. The conduct of Fox News has become a threat to 21st Century Fox’s efforts to acquire full ownership of Sky Plc, one of Europe’s biggest pay-TV providers. The deal is the latest step in the company’s attempt to address reporting and oversight failures that allowed alleged sexual misconduct by its chief of its news operations, the now-deceased Roger Ailes, and others to continue without the board being aware. Former Fox employees involved in harassment and discrimination lawsuits against the company have been testifying to U.K regulators who are scrutinizing the $15.4 billion offer for British pay-TV company.
Drug company executives were among the many visitors to the White House complex this year, according to visitor logs published Tuesday by ProPublica after a nonprofit transparency group, Property of the People, successfully sued the Trump administration to release the records. From Jan. 20 to Sept. 6, several health executives paid visits. At the Office of Management and Budget, Director Mick Mulvaney was listed as meeting with: Heather Bresch, CEO of Mylan Dan Gallagher, chief legal officer of Mylan (twice) Larry Merlo, CEO of CVS Health Corp. Stephen Hemsley, chairman of UnitedHealth Group Inc. Patrick Soon-Shiong, billionaire health entrepreneur and CEO of NantHealth Inc. The board of directors
It has been more than a month since the last earnings report for The Blackstone Group L.P. BX. Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Blackstone’s third-quarter 2017 economic net income (ENI) of 69 cents per share topped the Zacks Consensus Estimate of 57 cents.
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