The "Squawk on the Street" news team reports on today's top business headlines, including a look at whether individual stocks are expensive here.
Ripple, currently the third-largest digital currency in the world after bitcoin and ethereum, had an extraordinary end to 2017. In the last few days of the year, the price of XRP climbed dramatically. In the process, and with tokens trading for more than $3 each, ripple catapulted past ethereum to become the second-largest cryptocurrency by market cap. (See also: Ripple Briefly Was 2nd Most Valuable Cryptocurrency.) Although it has since fallen by a significant margin, in the first days of 2018, ripple had generated a great deal of excitement. (See also: Bitcoin Price Slides Further; Ripple Builds Lead Over Ethereum.) Perhaps that is why many investors found it odd when Coinbase announced in
Samuel Lincoln Woodward, 20, was arrested and taken into custody Friday on suspicion of homicide after DNA evidence linked him to the death of, Blaze Bernstein, a college sophomore, Orange County Undersheriff Don Barnes said. The Orange County Register reported that Blaze Bernstein was stabbed more than 20 times. Bernstein may have been planning to sexually pursue Woodward, according to a 16-page search warrant affidavit obtained by The Orange County Register.
Abu Dhabi, UAE In 1960, the United Arab of Emirates had about 90,000 people. Today, it has 100 times as many. That wouldn’t have happened purely because someone found oil in the desert. The country’s residents need water, and a lot of it. Oil has helped, of course. It has allowed the country to build large, expensive, and energy-intensive desalination plants. Such is the UAE’s love for water that it now lists among the world’s highest consumers of water, at about 600 liters per day per person. Today (Jan. 15), at the launch of the 2018 International Water Summit in Abu Dhabi, the country took a big, bold step to ensure water security for its residents. The Abu Dhabi Water & Electricity Authority
An attempt to oust President Donald Trump’s hotel business from managing a luxury hotel in Panama has turned bitter, with accusations of financial misconduct. Trump Hotels is contesting its firing, and its staff ran off a team of Marriott executives invited last month to visit the property during a search for a new hotel operator, according to two people familiar with the matter. After the owners’ association accused Trump Hotels of mismanagement and financial misconduct in a $15 million arbitration claim, the company owned by the president fired back with a $200 million counterclaim and refused to turn over the property’s financial records.
CNBC's Eamon Javers reports on a statement from the White House regarding Steve Bannon's testimony to the House Intelligence Committee.
Bitcoin (Exchange: BTC=) could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency's rally at the start of last year told CNBC on Tuesday. Kay Van-Petersen, an analyst at Saxo Bank, added that other rival digital coins could also outperform. Van-Petersen forecast in December 2016 that bitcoin would reach $2,000 in 2017 .
Wal-Mart (NYSE: WMT) made a big announcement yesterday. Wal-Mart had slapped "closed" notices on dozens of Sam's Clubs stores across the country, surprising employees who had shown up for work that morning. While it may have been a public-relations gaffe to mix both a good-news and bad-news story, it's understandable why Wal-Mart is trimming its Sam's Club fleet.
Kentucky becomes the first state to issue work requirements for Medicaid recipients. Eight other states are looking into doing the same. Gov. Matt Bevin (R-KY) discusses with Ali Velshi.
The rule states that if you begin by withdrawing 4% of your nest egg's value during your first year of retirement, and then adjust subsequent withdrawals for inflation, you'll avoid running out of money for 30 years. The 4% rule is designed for portfolios with a relatively equal mix of stocks and bonds -- specifically, 60% stocks and 40% bonds. For example, if you're the risk-averse type and have 80% of your portfolio in bonds, you won't see the same level of growth as someone with a more stock-heavy investment mix.
One of the biggest diamonds in history has been discovered in the mountainous kingdom of Lesotho in southern Africa. Gem Diamonds gmdmf found the 910-carat stone, about the size of two golf balls, at its Letseng mine in the country. “This exceptional top-quality diamond is the largest to be mined to date and highlights the unsurpassed quality of the Letseng mine,” Chief Executive Officer Clifford Elphick said in a statement.
Kinder Morgan (NYSE: KMI) is coming off a down year after its stock dropped 12.7% in 2017. Through the third quarter, Kinder Morgan had generated $3.3 billion, or $1.47 per share, of distributable cash flow (DCF), which is money it could pay out to shareholders. Considering that those results put the pipeline giant on pace to hit its full-year guidance, it implies the company should produce roughly $1.54 billion, or $0.52 per share, of DCF in the fourth quarter.
In the end, Freeport-McMoRan could be a millionaire maker stock, but I don't think it's worth the risk for most investors. Freeport-McMoRan investors were treated to a stock price advance at the end of 2017 that was nothing short of incredible. The rally was driven by a swift increase in copper prices that led investors to push related mining stocks higher.
The Pentagon is developing two new types of nuclear weapons. That’s according to the Wall Street Journal. Yahoo Finance’s Alexis Christoforous and Myles Udland discuss what’s behind the decision.
The country's total non-financial sector debt, which includes household, corporate and government debt, will surge to nearly 300% of GDP by 2022, up from 242% in 2016. By some estimates, China’s true growth rate after taking the bad debt into account could be just half the official 6.9%. China’s worrisome build-up of corporate and household debt is well-documented, but fears of a financial crisis have receded sharply from the turbulent days of 2015 and 2016, when the country’s stock market crashed on fears that an epic two-decade growth streak might come to an abrupt halt.
General Electric Co indicated it is looking closely at breaking itself up on Tuesday as the conglomerate announced more than $11 billion in charges from its long-term care insurance portfolio and new U.S. tax laws. Chief Executive John Flannery has previously raised the idea of selling pieces of the largest U.S. industrial company, but went slightly further on Tuesday, saying GE is "looking aggressively" at a spin-off or other ways to maximize the value of GE's power, aviation and healthcare units.
Few if any industries are growing as consistently quickly as the legal marijuana industry, and that's a big reason marijuana stocks have exploded higher in recent months. Surveys from Gallup, CBS News, and the independent Quinnipiac University all show that a record number of respondents want to see marijuana legalized in the United States. With Attorney General Jeff Sessions recently announcing that he would rescind the Cole memo, which loosely protected states from federal intervention if they adhered to certain guidelines, the U.S. market is nowhere near as friendly to marijuana investors as its neighbor to the north. Canada has quickly risen to become the world's most budding example of a successful marijuana market.
The Duchess of Cambridge may be well into her third pregnancy, but that’s not stopping her from continuing to make public appearances — and remembering to talk about her other kids while she’s at it. On Tuesday, Princess Kate and Prince William stopped by the Coventry Cathedral to tour the historic building, which was rebuilt after it was destroyed during WWII air raids, and speak with well-wishers. Kate promised that the future king would “love” the flowers she was gifted, since they were orange.
The folks who drive pickup trucks are an ardent, consistent lot. This week at the North American International Auto Show in Detroit, each of Detroit’s so-called Big 3—Fiat Chrysler Automobiles NV, Ford Motor Co. and General Motors Co.—is showing off a new pickup truck in the hopes of tempting customers currently wedded to a rival, or at the very least keeping its own drivers from straying. With that kind of black ink at stake, auto executives have been questioning just how loyal the typical pickup truck owner truly is. When it comes to full-size rigs, roughly half of pickup truck owners re-upped last year, trading in a full-size truck and buying another rig from the same brand, according to Edmunds.com.
Bitcoin plunged by 15% on Tuesday morning, and all of the major cryptocurrencies were also in the red. That decline came on the heels of a 17% drop in the price of bitcoin last week; the digital currency is now trading below $12,000 for the first time
The influenza virus that’s sickened millions of Americans is already the most widespread outbreak since public health authorities began keeping track more than a dozen years ago. “Flu is everywhere in the U.S. right now,” said Dan Jernigan, director of the influenza division at the national Center for Immunization and Respiratory Diseases.
The SpaceX Falcon Heavy is one step closer to liftoff. On Tuesday afternoon, the company will test fire the engines on its newest rocket at the Kennedy Space Center in Cape Canaveral, Florida, according to news reports. SpaceX did not immediately return Fortune‘s request for comment on the planned test and last week’s delays.
The grandmother of 13 children who were allegedly kept inside a “house of horrors” is defending the Perris, Calif., couple accused of abuse, including shackling their children to their beds. Betty Turpin said she was in “total shock” to learn her 57-year-old son David Turpin and his 49-year old wife Louise Turpin could face torture and child endangerment charges. Police said they found the couple’s 13 children, between the ages of 2 and 29, living in “dark and foul-smelling” conditions in their Perris, Calif., home Sunday after a 17-year-old girl escaped and called 911, claiming her parents were holding her siblings captive.
With a yield north of 11% and a dirt-cheap valuation, Energy Transfer Partners (NYSE: ETP) offers mouth-watering reward potential. With an enormous debt load and a massive backlog of expansion projects to finance, though, the risk is just as big as the
In a recent note, analyst Laurent Vasilescu lowered his expectations for Under Armour's EBITDA (earnings before interest, taxes, depreciation, and amortization) and his target price for Under Armour stock, to $8. Investors continue running away from Under Armour. In the short term, there's little doubt that Under Armour has its work cut out in North America, which makes up for more than three-fourths of its sales, at present.
Defending tennis champion Roger Federer won against Slovenia’s Aljaz Bedene during Tuesday’s opening round of the Australian Open, but it was Will Ferrell who stole the show. Federer was in the middle of a post-game interview with the legendary John McEnroe in Melbourne when Ferrell showed up in character as the beloved Anchorman newscaster Ron Burgundy to ask Federer a thing or two. “In the immortal words of Ron Burgundy it’s great to be here with two tennis legends Roger Federer and John MacIntosh,” he began, channeling his highly quotable movie character.