January 20, 2009 was a historic day, as Barack Obama became the first African-American president in United States history. It was also a chilling time in the economy, as major financial institutions were still struggling and the country was bleeding hundreds of thousands of jobs every month. The government’s response was still uncertain, with many
The twin ports in Los Angeles and Long Beach are cited by environmental authorities as some of the worst sources for the region’s endemic air pollution, a problem regulators aim to address with a planned phase-out of the 16,000 smoke-spewing diesel trucks that service the shipping centers. What sort of clean technology will replace them
Tesla’s 13 percent stock slump on Friday was the biggest of the new year, and the seventh-steepest since the company’s public market debut in 2010. The decline followed an announcement by CEO Elon Musk that Tesla is slashing 7 percent of its full-time jobs as it ramps up production of Model 3 sedans. The last
In his last book, “Stay the Course,” Jack Bogle left investors and professionals a warning about a coming battle in investment management. He had been watching closely over the past few years as a growing number of academics raised questions about the size of big passive fund managers, such as Vanguard, BlackRock and State Street
Student loan refinancing companies say they offer borrowers a way to save thousands of dollars on their debt, by allowing them to pay off their loans at a lower interest rate, in less time. The reality can be much different. Recently, the government found that online lender SoFi was misleading consumers on how much they’ll
Stocks have gotten a boost from optimismfor U.S.-China trade talks, but earnings could take a bigger role in the week ahead, when reports roll in from a diverse group of companies in tech, railroads, pharma, airlines and consumer products. Stocks closed higher for a fourth week, amid talk the market may be getting overbought. The
The next wave of earnings reports is so busy and pivotal that it could very well drive investors “crazy,” says CNBC’s Jim Cramer. But the longtime investing guru isn’t just worried about the many earnings reports coming down the pike. “I can’t recall a time when the forecast will be more important, certainly much more
Disney isn’t launching its new streaming service until later this year, but investors are already learning the economic challenges of the business. The media company said in a filing on Friday that its investment in Hulu was the primary contributor to a $580 million loss in equity investments in the fiscal year that ended Sept.
I remember it as if it were yesterday. It was the middle of November 2000. Thanksgiving was still a week in the distance but seemingly closer as the enthusiasm for the long weekend began to build, a waystation into a final push to year-end. I dreaded that time of year because, for me and the
Facebook is making yet another attempt to win back teens to its platform — this time, with memes, TechCrunch reported Friday. Facebook confirmed to TechCrunch it is privately testing a hub for memes on its platform, called LOL. Facebook said a small number of U.S. users are testing the app, which replaces its Watch section
Tesla shares took a big hit to end the week after CEO Elon Musk announced that the company would cut 7 percent of its workforce in order to cut costs as the company prepares to ramp up production and boost margins as they get closer to releasing the long-awaited $35,000 version of the Model 3.
Former Vanguard Group Chairman and CEO F. William McNabb told CNBC that his first meeting with Jack Bogle, and the one that made a lasting impression on him, was his interview for a product manager position at the fund company in 1986. Bogle, the founder of Vanguard who is credited with revolutionizing the investment business,
Compared to the rough ride down, stocks have much more quietly and gently recovered more than 13 percent of their losses from the Christmas Eve low. That’s good news for bullish investors, who expect that the turbulent Christmas lows marked the bottom of the rout that took the S&P 500 down 20 percent on an
The Federal Trade Commission is considering imposing a “record-setting fine” against Facebook for allegedly failing to protect users’ data, The Washington Post reported Friday. Three people familiar with the discussions but unauthorized to speak on the record reportedly told the Post about the fine. Facebook’s stock slid slightly after the Post’s report was published, but
As the earnings season continues to turn up big winners, Morgan Stanley offers a list of its best trading ideas. Earnings season kicked off this week as investors digested the first batch of numbers coming out of a slew of big banks. Fourth-quarter earnings are expected to be strong, with the Wall Street consensus seeing
R. Kelly has been dropped by Sony Music, according to reports in Variety and Billboard. The news comes after Lifetime’s documentary series “Surviving R. Kelly” aired earlier this month. In it, several women accuse the rapper of sexual misconduct. Sony Music did not immediately respond to a request for comment. A protest occurred Wednesday outside
Your employer is worried about your balance sheet. “Financial wellness” — or improving the overall health of their workers’ finances — will be front and center for companies this year, according to a recent survey from Callan. The investment consultancy polled 106 employers in October 2018. “Investing” and “retirement plan contribution levels” round out the
Barring a major decline on Friday, the S&P 500 will record its fourth consecutive weekly gain. The markets are resetting. I have said this countless times: The stock market trades on estimates of a future stream of earnings, usually six months to a year out. At the end of December, the market was acting like
Check out the companies making headlines midday Friday: Netflix — Shares of the video-streaming giant fell more than 2 percent after issuing weaker-than-expected guidance for the first quarter of 2019. The company also posted lighter-than-expected revenue for the fourth quarter of 2018. Schlumberger — Schlumberger’s stock rose more than 6 percent and was on track
China has offered to make up the trade imbalance with the United States, telling U.S. trade negotiators that China will ramp its purchases of U.S. goods, Bloomberg News reported on Friday, citing officials familiar with the talks. Chinese officials made the offer during negotiations in Beijing earlier in January, the report said. This story is
With the government shutdown now in its fourth week, banks and credit unions are ramping up help to federal workers. Some 420,000 employees are considered “essential,” and are working without pay, while an estimated 380,000 others have been ordered to stay home. Colorado’s Alpine Bank has set aside $5 million to help furloughed workers. If
Last month, Adam Baker worked in a lab as a geologist for the U.S. Department of Interior. Now he’s a server at a brewery. He has the government shutdown to thank for that. When two weeks passed and Baker still wasn’t called back to his desk in Albuquerque, New Mexico, he started searching for jobs.
J.P. Morgan Chase CEO Jamie Dimon got a 5 percent bump — $2 million — in his pay last year following record annual earnings for the company. Dimon’s full compensation for 2018 totaled $31 million, up from $29 million, according to an Securities and Exchange Commission filing released Thursday. The compensation includes a base salary
Tiffany same-store sales fell 2 percent during the holiday shopping season as Chinese tourists bought less jewelry, the U.S. luxury jeweler said on Friday while tempering its outlook for annual earnings. During the November-December period, Tiffany’s net sales also fell, about 1 percent to $1.04 billion, and Chief Executive Officer Alessandro Bogliolo blamed softening demand
European stocks are set to open higher Friday morning, after a report of progress in U.S.-China trade talks raised hopes of a breakthrough in their long-running dispute. The FTSE 100 is seen 30 points higher at 6,864, the CAC is expected to open 26 points higher at 4,820, while the DAX is poised to start
The stock market’s positive response to a report that U.S. officials were considering lifting tariffs on China to get a trade deal was telling, but it wasn’t necessarily good, CNBC’s Jim Cramer said Thursday. “Stocks that had been crushed on Chinese worries roared higher like this arrangement was already a done deal” despite the report
Fiat Chrysler Automobiles NV: “That was a CEO situation. It had a great CEO, and after [his death], we just can’t go there. Let it rally a little and then run. I’m sorry. I mean, it was just such a well-run company, but I’m not endorsing it anymore.” Brink’s Co.: “I think this Brink’s went
The “multiplier effect” of the ongoing government shutdown is not to be discounted, CNBC’s Jim Cramer argued Thursday as stocks rose on reports that U.S.-China trade tensions could ease amid negotiations. With 800,000 federal workers missing their paychecks, “you’ve got an uninsured hurricane going on and we don’t know when it will end or how
Jack Bogle was famous for making investing accessible to the everyday person through index funds – funds that match a market barometer like the S&P 500. His message was simple: why waste money on expensive fees and commissions for complex funds when market barometers often outperform them? That message remained remarkably consistent throughout his career.
The presidency of Donald Trump has indirectly helped the real estate market in South Florida, Miami property magnate Gil Dezer told CNBC on Thursday. Dezer, who runs his billionaire family’s real estate empire, said prices of his firm’s Trump-branded properties in Florida have been pumped up by the president’s popularity there. “We shouldn’t forget that