Morgan Stanley managed to sharply grow its wealth management income as it tries to transform itself into a less risky bank but profits were slammed by a large legal bill and weak fixed income trading. Fred Katayama reports.
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
President Donald Trump signed a $1.3 trillion spending measure Friday, averting a midnight government shutdown just hours after declaring he was considering a veto. Trump said he was "very disappointed" in the package, in part because it did not fully fund his plans for a border wall with Mexico and did not address some 700,000 "Dreamer" immigrants who are now protected from deportation under a program that he has moved to eliminate. The bill signing came a few hours after Trump created last-minute drama by saying in a tweet that he was "considering" a veto.
Now, Kim Cattrall has also taken to Twitter to give her blessing—well, sort of. After being asked what she thinks of Nixon’s foray into the world of politics, the one and only Samantha Jones offered a somewhat ambiguous response. Cattrall’s cryptic reply comes just weeks after an apparent public falling out with Sarah Jessica Parker following the death of the former’s brother.
Charles P. Lazarus, the World War II veteran who founded Toys R Us six decades ago and transformed it into an iconic piece of Americana, died Thursday at age 94, a week after the chain announced it was going out of business. Toys R Us confirmed Lazarus' death in a statement. "There have been many sad moments for Toys R Us in recent weeks, and none more heartbreaking than today's news about the passing of our beloved founder, Charles Lazarus," the company said.
When it comes to saving for the future, Americans aren't doing great. 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. To know if you're on the right track, start by figuring out your savings rate, recommends Eric Roberge, a CFP and founder of Beyond Your Hammock .
Donald Trump has chosen John Bolton to be his new national security advisor, he announced via tweet yesterday. While H.R. McMaster, whom Bolton will replace, has been viewed as a moderating force on the US president, Bolton is a defense hawk who is often, like Trump, dismissive of international diplomacy. He’s called for using military force against Iran and North Korea, and for taking a hard line against Russia. How the appointment will affect international affairs remains to be seen—last year Trump said, “I’m the only one that matters” in setting foreign policy—but in the meantime, we can say one thing for certain about Bolton: The man likes the word “reality.” He likes it a lot. In fact, he
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.
John Bolton, former U.S. ambassador to the U.N., reacts to becoming President Trump’s new national security adviser and responds to Sen. Bernie Sanders’s (I-Vt.) tweet about him.
In one of the biggest combinations, Dow Chemical and DuPont joined forces to create DowDuPont (NYSE: DWDP), but the merged industrial giant is expected to remain in its current form for only a short time. Both Dow and DuPont have done stock splits in the past, but they've tended to be more conventional moves that take their existing shares and simply create more of them. Let's look closely at the stock-split histories for Dow and DuPont, and then turn to what the merged company sees ahead.
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
The departure of John Dowd, president Donald Trump’s lead lawyer in the Russia probe, seems to confirm a shift that started over the weekend: The president is going to keep attacking special counsel Robert Mueller and his investigation into Russian election meddling. Dowd was hired last summer and has backed two key strategies: Cooperating with Mueller’s investigation… …but keeping Trump and his tendency to extemporize out of an FBI interview. Dowd reportedly resigned because he doesn’t feel Trump is listening to his advice any more. As Mueller seems to circle in on Trump’s own actions during the 2016 campaign and on his business dealings (paywall), it seems increasingly unlikely that anyone
By James Pearson and Henning Gloystein HANOI/SINGAPORE (Reuters) - Vietnam has halted an oil drilling project in the "Red Emperor" block off its southeastern coast licensed to Spanish energy firm Repsol following pressure from China, three sources with direct knowledge of the situation told Reuters on Friday. It would be the second time in less than a year that Vietnam has had to suspend a major oil development in the busy South China Sea waterway under pressure from China.
BEIJING/SHANGHAI (Reuters) - China urged the United States on Friday to "pull back from the brink" as President Donald Trump's plans for tariffs on up to $60 billion in Chinese goods moved the world's two largest economies closer to a trade war. Trump is planning to impose the tariffs for what he says is misappropriation of U.S. intellectual property. A probe was launched last year under Section 301 of the 1974 U.S. Trade Act.
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,
Trump had called for $25 billion to build a wall on the border of Mexico, but the bill allocates funds primarily for “pedestrian fencing,” leading Trump to tweet angrily that he had to “waste money” on Democratic “giveaways” to get the bill passed. As of Thursday morning, Congress has just more than 36 hours to pass the $1.3 trillion spending package — a massive, 2,232-page document that lawmakers only first saw on Wednesday night.
Mar.23 -- Bloomberg’s Jason Kelly discusses Steve Wynn selling his remaining shares at Wynn Resorts and what that may mean for Elaine Wynn. He speaks with Julia Chatterley and David Westin on "Bloomberg Daybreak: Americas."
Theater chains such as AMC have derided MoviePass’ business model as unsustainable. It believes it can sell that to theater chains or studios, enabling it to eventually turn a profit. Right now, like Netflix and Amazon before it, MoviePass is more focused on building market share than it is in turning a profit.
(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
It would take only a small market drop on Friday to trigger something big — a sell signal from the famous Dow Theory. The first is that the Dow Theory has been beating the market for an awfully long time. The second reason to be on your guard for the possibility of a Dow Theory sell signal: The timing system is widely followed, so a sell signal could generate an avalanche of selling.
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.
In an amended version of the share prospectus filed last month, the Swedish company said it continues to be impacted by third-party attempts to gain unauthorized access to its premium service. Spotify said it currently does not have the data to adjust previously provided key performance indicators, and as a result certain metrics may be 'overstated' in its prospectus. Spotify had filed this week for a direct listing of its shares, instead of a traditional IPO.
While everyone was looking at Dropbox's debut, Pivotal Software dropped its IPO filing. The enterprise cloud computing company is majority-owned by Dell, which came about after its merger with EMC in 2016. VMWare also helped form Pivotal, which was created
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
Once a Las Vegas titan, Steve Wynn no longer has any stock in Wynn Resorts after selling on Thursday the remainder of his stake in the company he founded in 2002 and with which he built opulent casino-resorts in the nation's gambling mecca and abroad. Wynn Resorts on Thursday announced the billionaire, who resigned last month amid sexual misconduct allegations, sold 8 million shares to two long-term institutional investors. At a price of $175 a share, the value of the sale is $1.4 billion. Wynn Resorts in a statement said the purchase by the two current investors, which were not identified, demonstrates "their confidence in the long-term strength of the company." It added that the sale effectively
Thin distribution coverage and a recent decision to stop increasing distributions every quarter have investors worried that Buckeye Partners, L.P. (NYSE: BPL) can't support its hefty 11% distribution yield. Here are five important takeaways from the partnership's fourth quarter earnings call to help you better understand what's going on. Today the partnership gets 51% of EBITDA from its domestic pipelines and terminals division and 46% from its global marine terminals segment (the remainder comes from merchant services).