A Department of Justice witness from cable provider Cox Communications Inc. took shots on Thursday at AT&T Inc.'s (T) merger with Time Warner Inc. (TWX) and a "bullet-proof" arbitration clause the merger partners have proposed. Cox Vice President of Content Acquisition Suzanne Fenwick was the first of several Time Warner customers and DirecTV competitors to testify in U.S. District Court in Washington about the bargaining leverage the AT&T would gain by owning a premier film and TV producer alongside the largest U.S. pay-TV company. AT&T's DirecTV and DirecTV Now are "our toughest competition" Fenwick said, pointing out DirecTV's media platforms, aggressive marketing and its market share. Meanwhile,
When it comes to saving for the future, Americans aren't doing great. Those between the ages of 55 and 64 who have retirement savings have a median of $120,000 socked away, Bankrate reports in a new survey, citing data from the Federal Reserve. That's only 12 percent of the $1 million many experts recommend, and it's worth noting that even $1 million doesn't stretch as far as it used to. So how much should Americans be earmarking for retirement in order to be sufficiently funded in their golden years? Financial services company Fidelity recommends putting away 15 percent of your income per year starting at age 25 and investing more than 50 percent of your savings over your lifetime. "The good
Billionaire markets guru Ken Fisher, Chairman of Fisher Investments, reacts to Thursday's 724 point plunge in the Dow Jones Industrial average The stock selloff was sparked by worried over a trade war with China. President Trump announced some $60 billion worth of fresh tariffs on China Thursday. This comes on top of the steel and aluminum tariffs announced earlier this month. "The day was like a perfect storm, sometimes you get a tornado, sometimes you get a snow storm, sometimes you get both. Sometimes, you get both and an earthquake all at the same time" said Ken Fischer. "And today, you got that, where the magnitude of the damage was confused with the size of what would have tariff's imposed
Here’s what Tesla Inc. shareholders just bought for $2.6 billion: a stronger guarantee that Elon Musk will stick around for at least the next decade. Investors on Wednesday approved what may be the largest compensation deal in history for its chief executive officer, pegged on ambitions to turn Tesla into one of the world’s largest companies as it ventures beyond solar panels and electric cars. If successful, the award could end up being worth more than $50 billion — a sum so large it might just ensure that Musk’s array of other passions and esoteric side projects won’t steal too much time from his work at Tesla.
The potential breakup of General Electric may unlock more value than previously thought, Melius Research analysts wrote in a note Friday. Past looks at the value of GE's individual businesses — also known as a "sum-of-the-parts" analysis — cast doubt on whether a fire sale of GE's assets would even fetch today's price at $13.28 per share. But Melius found that spinoffs from U.S. industrial companies return twice the value of the broader stock market, revealing a more optimistic forecast for GE. "GE's [sum-of-the-parts] as an example … likely undervalues the assets by 25 percent or more," Melius wrote. Former industrial conglomerates are shedding assets due to pressure from both shareholders and
(Note: The author of this fundamental analysis is a financial writer and portfolio manager.) The chip sector has been among the hottest groups in the stock market so far in 2018, with the iShares PHLX Semiconductor ETF (SOXX), a proxy for the industry, up by nearly 10 percent on the year. But the group has fallen on hard times recently, with the ETF down about 5 percent since March 12. But stocks such as Intel Corp. (INTC) and Applied Materials Inc. (AMAT) could be set to decline by a total of 11 percent or more from their intraday highs last week. Both stocks have had big runs along with the sector, with Applied Materials rising by nearly 17 percent, and Intel increasing by almost 11 percent
The House just passed a $1.3 trillion spending bill that protects employee tips. The U.S. House of Representatives and Senate passed a $1.3 trillion spending bill on Thursday, which includes a provision that prevents employers from taking any of their workers’ tips. It all began in December, when the U.S. Department of Labor submitted a rule that would rescind a regulation enacted during the Obama administration that required employers to distribute tips to their tipped employees.
Jim Cramer reveals which stocks you should be eyeing on a down day.
Micron Technology, Inc. (MU) just released its latest quarterly financial results, posting non-GAAP earnings of $2.82 per share and revenues of $7.35 billion. The stock is currently down 2.0% to $57.72 per share in after-hours trading shortly after its earnings report was released. The company posted adjusted earnings of $2.82 per share, beating the Zacks Consensus Estimate of $2.76.
Steve Wynn cut his stake in the $18 billion casino company he founded after settling an acrimonious, six-year court fight with his ex-wife, a move that may move the company closer to becoming an acquisition target. Wynn, 76, sold 4.1 million shares in Wynn Resorts Ltd. at $180 a share, according to a regulatory filing Thursday. The sale brings his stake down to 7.8 percent from 12 percent, lower than his ex-wife’s holding in the company.
Streaming giant Netflix has created its own typeface, just like other tech companies have done. Netflix Sans is the name of the bespoke font, while Apple's is called San Francisco, introduced at its developer conference in 2015. Samsung announced SamsungOne in July 2016. Why? Because it will save Netflix marketing dollars, as using fonts often attracts large licensing fees, according to its brand design lead Noah Nathan. "With the global nature of Netflix's business, font licensing can get quite expensive," he told design website It's Nice That on Wednesday. "Developing this typeface not only created an 'ownable' and unique element for the brand's aesthetic … But saves the company millions of
The stock market's tumble Thursday is leading to panic-like selling in NYSE stocks, according the Arms Index, which is a volume-weighted measure of market breadth used to gauge the intensity of buying and selling. The Arms, which tends to rise above 1.000 when the broader market falls, has climbed to 2.086 in afternoon trade. Many technicians view rises above 2.000 as exhibiting panic-like characteristics. The number of advancing stocks outnumbered decliners 2,119 to 765, a about 2.77 to 1, while volume in declining stocks outpaced advancing volume 394.70 million shares to 68.30 million shares, or about 5.78 to 1. Meanwhile, the Dow Jones Industrial Average DJIA, -2.10% tumbled 492 points, or
The “Fast Money” traders discuss Fed Chair Jerome Powell's FOMC meeting and its potential market impact.
GW Pharmaceuticals: "This is cannabinoid. Cannabis is very hot as a concept to invest in. I think the stock's had too big a run. I'm not recommending it anymore. It got up, we liked it a lot lower, that's all I have to say." American Electric Power Co.: "Look, it yields under 4 [percent] now. I would buy more if it went above 4, which, of course, does mean therefore that the stock is going lower. That's where I would buy it." Applied Materials, Inc.: "We spoke to [CEO] Gary Dickerson last week. We spoke to [Lam Research CEO] Martin Anstice the week before. Business is great. Micron reported a good number, not good enough for some. But I've got to tell you, Applied Materials is in the bullpen.
Back in September, I predicted that Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE:BABA) would make its way above $200. While it’s taken a little longer than I thought, shares of BABA stock are now in touching distance of the $200 mark which begs the question: Can it go even higher? My colleague Tim Biggam said he believes $200 is the top for Alibaba stock, and he may well be right.
U.S. equity markets sank and investors sought out havens in Treasuries and gold futures after reports that President Donald Trump is expected to announce $50 billion of tariffs against China, honing in on more than 100 types of Chinese goods. Here’s how the angst over a trade war is playing out in markets. Boeing Co., Caterpillar Inc. and 3M Co. sank at least 2.7 percent as of 11:38 a.m. in New York, the biggest drops in a Dow Jones Industrial Average that is off 450 points.
Asian stock markets slumped Friday after Beijing responded to the Trump administration's tariff hikes by saying it may order higher import duties on a range of U.S. goods, ratcheting up fears of a trade war. Stocks plunged Thursday on Wall Street after U.S. President Donald Trump imposed sanctions on goods and investment from China. The Dow Jones industrial average dropped more than 700 points as investors feared that trade tensions between the world's largest economies would escalate.
Shares of General Electric GE slumped more than 1.5% in morning trading Thursday, adding to the conglomerate’s recent losses amid a tariff scare that has seen investors ditch major U.S. industrials and importers. Today, you can download 7 Best Stocks for the Next 30 Days.
Donald Trump is on the warpath against China over trade: On Thursday afternoon, he announced plans to impose a range of tariffs against hundreds of lines of Chinese-made goods. The surplus flows right back into U.S. Treasuries, to fund our gigantic and ballooning federal deficits, in addition to providing tons of growth capital to stateside industries—all at bargain rates. Hence, the U.S. is extraordinarily dependent on cheap loans from China.
Six months after unveiling its revamped battery-powered Leaf, Nissan Motor Co. is pressing ahead with plans for an array of electrified vehicles in a bid to boost sales of the cars sixfold in five years. The Japanese carmaker set itself an annual target of selling 1 million new energy vehicles, including those with its e-Power powertrains, by the year ending March 2023, it said in a statement Friday. The plan includes developing eight pure EVs and staging an offensive in China under different brands, it said. The maker of the Leaf, once the world’s best-selling EV, is seeking to regain the lead it had lost to rivals including Tesla Inc. as the rapidly expanding market gets crowded with Chinese startups and other established manufacturers such as Volkswagen AG and General Motors Co. Facing a plateauing market in the U.S. and waning demand at home, Nissan is spending 1 trillion yen ($9.5 billion) over five years in China to help tap buyers.
Volatility has lingered in the equity markets since the beginning of February, as a deluge of negative headlines worry investors. Alibaba Group (NYSE:BABA) corrected almost 20%, but within a month Alibaba stock had recovered most of it. The elevated level of the CBOE Volatility Index (INDEXCBOE:VIX) bring about opportunities to sell downside risk into fear.
Google parent Alphabet's stock was down 3.23% following a broader selloff in tech stocks on Thursday. The stock has been trading lower following news that political research firm Cambridge Analytica, which has ties to President Donald Trump, has reportedly accessed 50 million Facebook user profiles without consent from the users. The Facebook scandal has weighed on other tech stocks, as well as the major indices, over concerns that lawmakers and regulators will clamp down on the use of user data by major tech companies, long seen as the conduit for higher ad revenues.
The Trump administration announced criminal charges and sanctions Friday against Iranians accused in a government-sponsored hacking scheme to pilfer sensitive information from hundreds of universities, private companies and American government agencies. The nine defendants, accused of working at the behest of the Iranian government-tied Islamic Revolutionary Guard Corps, hacked the computer systems of about 320 universities in the United States and abroad to steal expensive science and engineering research that was then used by the government or sold for profit, prosecutors said. The hackers also are accused of breaking into the networks of government organizations, such as the Department of Labor and the Federal Energy Regulatory Commission, the United Nations and companies including law firms and biotechnology corporations.
Bank of America Corp (NYSE:BAC) is at the mercy of the markets right now. BAC stock is down roughly 8% from its March 12 highs, largely due to political uncertainty. Bank of America is scheduled to release its report ahead of the open on April 16.
General Electric Company (GE) stock is nearing strong harmonic support following a brutal 15-month downtrend, suggesting that it will soon enter a long-term bottoming pattern. The stock underperformed badly through 2016, slumping well below the 2000 and 2007 highs while other mega caps reached for the stars, posting record profits in reaction to the weak U.S. dollar and the Fed's quantitative easing program. Donald Trump's election triggered a major sell-off, with market players aggressively dumping General Electric shares and reallocating freed up capital into better performing equities. Weak profits and a tone-deaf management team have added to downside pressure for General Electric in recent months, with the new board of directors including just three new candidates despite an obvious need to clean house.