- S&P 5002,776.42-0.35%
- Dow 3025,792.86-0.04%
- Nasdaq7,223.69-0.51%
- Russell 20001,572.97-1.19%
- Crude Oil63.91+0.28%
- Gold1,342.20+0.38%
- Silver17.25+0.33%
- EUR/USD1.23+0.34%
- 10-Yr Bond2.54-0.31%
- Vix11.66+14.76%
- GBP/USD1.38+0.21%
- USD/JPY110.36-0.07%
- BTC-USD11,184.05-0.87%
- FTSE 1007,755.93-0.17%
- Nikkei 22523,756.19-0.82%
- CNBC•14 hours ago
Bitcoin headed to $100,000 in 2018, says analyst who predicted last year's price rise
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 .
Yahoo Finance•2 hours agoGoldman Sachs, Bank of America, and the Fed — What you need to know in markets on Wednesday
The Dow, which was up 283 points at its high to break above 26,000 for the first time, finished the day down fractionally, losing 10 points, or 0.04%. The benchmark S&P 500 lost 9 points or 0.3%, while the tech-heavy Nasdaq led losses with a 37 point decline, good for a percentage loss of 0.5%. On Wednesday, the economics calendar will bring investors the December reading on industrial production from the Fed and the January reading on homebuilder sentiment from the National Association of Homebuilders in the morning.
- Bloomberg•15 hours ago
Pickup Makers Are Betting $45 Billion on Your Infidelity
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.
Reuters•2 hours agoGE reignites break-up talk after $11 billion insurance, tax hit
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.
- CNBC Videos•5 hours ago
Closing Bell Exchange: Huge reversal for stocks
Discussing the current state of the markets with Chris Bertelsen, Aviance Capital Management; Kenny Polcari, O’Neil Securities; and CNBC’s Rick Santelli.
- Business Insider•2 days ago
China is heading toward a debt crisis that will throw into question everything we think we know about it's economy
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.
- CNBC•15 hours ago
Dow gives up 283-point gain, closes lower, in worrying reversal
U.S. stocks closed lower on Tuesday, pulling back from record highs set earlier in the session, as investors weighed the possibility of a government shutdown. The Dow Jones industrial average (Dow Jones Global Indexes: .DJI) ended 10.33 points lower at 25,792.86. The Dow also posted its biggest one-day reversal since Feb. 10, 2016.
- Investopedia•8 hours ago
Why Ripple May Still End Up on Coinbase
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
- barrons.com•8 hours ago
Three Strikes & You’re Out? Why Under Armour Is Slumping
Shares of Under Armour (UAA) had a dismal 2017, and analysts aren't enthusiastic about its prospects for this year either. Count Macquarie's Laurent Vasilescu among the bears after he and his team downgraded the stock to Underperform from Neutral, with an $8 price target. Why did Vasilescu throw in the towel on Under Armour? First, he expects Under Armour to earn a lot less than he previously did, with earnings before interest and taxes estimate to $25 million in 2018. That's a huge cut from his previous estimate for $85 million. That's based on his new gross margin and selling, general and administrative assumptions, as well as his expectation that revenue will fall 1%. Secondly, he expects
- Bloomberg•2 days ago
India to Split Flag Carrier Into Four Parts Ahead of Sale
India will break up its debt-burdened flag carrier into four separate companies and offer to sell at least 51 percent in each of them as part of a disinvestment proposed by Prime Minister Narendra Modi. The core airline business comprising Air India and Air India Express -- the low-cost overseas arm -- will be offered as one company, and the process will be completed by the end of 2018, Junior Aviation Minister Jayant Sinha said in an interview Monday. A successful sale of Air India -- with $7.9 billion in debt, five subsidiaries and a joint venture, and a combined workforce of 27,000 -- is crucial for Modi, who wants to showcase his credentials as a reformist attempting to steer the state away from running businesses. The airline, which is surviving on a taxpayer-funded bailout, has strained government finances for decades, and Finance Minister Arun Jaitley said last year that money spent on Air India could have been used for education.
- Bloomberg•17 hours ago
BP Takes $1.7 Billion Charge on Deepwater Horizon Claims Closure
BP Plc expects to book a post-tax non-operating charge of about $1.7 billion in its fourth-quarter results, reflecting the remaining losses and claims from the 2010 Deepwater Horizon disaster. “With the claims facility’s work very nearly done, we now have better visibility into the remaining liability,” Chief Financial Officer Brian Gilvary said Tuesday in a statement. Cash payments related to Deepwater Horizon in 2018 are now anticipated to be about $3 billion, higher than the company’s third-quarter estimate of just over $2 billion.
- Zacks•yesterday
Raytheon Unit Wins $642M Deal for Ballistic Missile Test
Raytheon Company’s RTN Integrated Defense Systems (IDS) business segment recently secured a contract worth $641.6 million to perform Ballistic Missile Defense System (BMDS) test related activities for multiple radar platforms. Work related to this will
- Fox Business•yesterday
Ford won’t be giving one-time tax related bonuses
Ford CEO Jim Hackett won’t be following his CEO rivals in doling out bonus payments to employees on the heels of tax reform, but says his workers will benefit anyway. “Because some of the tax moves are actually enhancing profits … employees will see a benefit, but there’s not a stand-alone distribution, that doesn’t make sense,” Hackett told FOX Business’ Jeff Flock during an interview at the North American International Auto Show in Detroit. Currently Ford has a profit sharing plan in place.
- CNBC Videos•11 hours ago
GM CEO Mary Barra: Tax reform won’t change profit-sharing...
CNBC’s Phil LeBeau reports on comments from General Motors CEO Mary Barra on what the GOP tax reform bill means for the car-maker.
Reuters•11 hours agoBrent oil falls but demand underpins near $70/barrel
Brent crude oil shed some of its recent gains on Tuesday, falling nearly $1 a barrel but healthy demand underpinned prices near $70, a level not seen since 2014's market slump. Prices have been driven up by oil production curbs in OPEC nations and Russia, as well as strong demand thanks to healthy economic growth. Brent futures fell 90 cents to $69.36 a barrel by 1345 GMT.
Associated Press•59 minutes agoGE to pay $15B for past mistakes amid breakup speculation
General Electric Co. will pay $15 billion to make up for the miscalculations of an insurance subsidiary as a new regime weighs future changes that could culminate in a breakup of a company conceived in the industrial age. The setback announced Tuesday is rooted in North American Life & Health, a part of the company's GE Capital division that helps cover the risks assumed by insurers that sell policies to consumers. To make up for the shortfall, GE Capital will divert $15 billion into North American Life through 2024.
- MarketWatch•2 days ago
Bitcoin steadies above $13,000, as Ripple drifts south
Bitcoin was posting modest gains on Monday, holding above the $13,000 level, while Ripple prices were coming under pressure. The bitcoin spot price BTCUSD, -14.19% was at $13,697.90, up 0.6%, according to research site CoinDesk.com. The cryptocurrency moved above $14,000 on Saturday, but has since pared those gains. On Monday, the spot price has traded between a low of $13,401.24 and a high of $13,792.21. In futures, the January bitcoin contract on the CME BTCF8, -14.92% BTCF8, -14.92% was at $13,580, down 2.6% from Friday’s settlement of $13,945. Bitcoin futures on Cboe Global Markets XBTF8, -11.04% was off 1.6% to $13,570. Across other cryptocurrencies, Ripple dropped 4% to $1.84, while Ether
- MarketWatch•7 hours ago
How to generate the income you need in retirement
You’ve spent your whole life saving for retirement . Now you’re finished working, and it’s time to start spending what you’ve saved. For many investors, the transition can be confusing or even traumatic. How will you tap your portfolio? As investors approach this transition from saving to spending they should take three steps: start with a retirement income plan, keep their portfolio invested and diversified, and then rebalance their portfolio periodically to generate the cash they require. Here we’ll discuss the last step — creating your paycheck when rebalancing. Why is this important? If you’re an investor, you’ve almost certainly heard of having an appropriate asset allocation to stocks and
- Bloomberg•12 hours ago
London Whale's `Minnow' Is Last Hurdle in FCA Identity Fights
The U.K. financial regulator went to a London court to end a final dispute in a years-long battle with about a dozen bankers caught up in trading scandals who complained they had been improperly identified in reports. After the U.K. Supreme Court ruled in the Financial Conduct Authority’s favor on the issue last year, most bankers dropped their cases. For years the FCA used monikers such as “Trader A” in settlement notices with firms to get around a requirement that a person must be given the chance to respond to allegations if they were identified. The regulator returned to court Tuesday to challenge a previous decision won by former JPMorgan trader Julien Grout, who said he was identifiable in the bank’s London Whale penalty notice, which accompanied a 138 million-pound ($189 million) settlement with the bank in 2013.
- Zacks•14 hours ago
AT&T Finalizes Deal With Communications Workers of America
AT&T Inc. T has recently finalized a year-long pending deal with the Communications Workers of America (CWA) in relation with AT&T Mobility Orange unit employees. Following the announcement, shares of AT&T were up 1.15% to $36.90 on Jan 12. Announced on Dec 13, 2017, the four-year contract covers more than 20,000 AT&T Mobility employees (in wireless retail, call center and tech segments) in 36 states and the District of Columbia.
Reuters•15 hours agoEricsson books Q4 goodwill impairment in digial and media arms
Swedish mobile network gear maker Ericsson booked an impairment of 14.2 billion crowns ($1.8 billion) in the fourth quarter, related primarily to goodwill in its digital and media operations, hitting operating income but not cashflow. "The majority of goodwill originates from investments made 10 years ago or more, and has limited relevance for Ericsson's business going forward," Ericsson said in a statement. Once the world's biggest manufacturer of mobile network gear, Ericsson has been hit by competition from Huawei [HWT.UL] and Nokia , while telecom operator spending has slumped ahead of the roll-out of next-generation 5G technology.
- Investopedia•2 days ago
3 Chipmaker Stocks Nearing Breakouts
(Note: The author of this fundamental analysis is a financial writer and portfolio manager.) After a rough finish to 2017, chipmaker stocks have come back to life as measured by the iShares PHLX Semiconductor ETF (SOXX), which has jumped by nearly 5.5%, while the S&P 500 has climbed by 4.2%. The SOXX ETF looks to be nearing a technical breakout, and that could mean big moves lie ahead for companies like Microchip Technology Inc. (MCHP), Maxim Integrated Products Inc. (MXIM) and Applied Materials Inc. (AMAT). The chart below shows how the ETF is nearing its previous peak around $182, and with the ETF trading at roughly $179, a breakout is very near. Should the ETF rise above $182, it would signal
Associated Press•2 days agoThis Week: UnitedHealth, industrial production, housing data
A look at some of the key business events and economic indicators upcoming this week: HEALTHY RUN Wall Street expects the nation's largest health insurer capped 2017 with another strong quarter.
- Bloomberg•3 hours ago
VIX May Have Finally Found Its Floor, Macro Risk Advisors Say
As the market rallies, “volatility isn’t that low anymore,” Pravit Chintawongvanich of Macro Risk Advisors said in a report Tuesday, adding that the Cboe Volatility Index (VIX) curve is flattening. The VIX rose as much as 22 percent on Tuesday to as high as 12.41, the highest level in six weeks.
The Street•3 hours agoThe President Handles Stress Well, Needs Ambien on Long Flighst, WH Doc Says
The leader of the free world is healthy as a horse. Rear Adm. Dr. Ronny Jackson gave President Donald Trump a clean bill of health during a news conference Tuesday. Amid scrutiny of Trump's mental health by political adversaries, the doctor said that the president's mental health is fine. Here are some of the highlights from Jackson's news conference. Trump Takes Ambien The doctor said that Trump takes some the sedative Ambien when he goes on long flights internationally. Normally, the president sleeps between four and five hours per night. Trump Wants to Trim Weight While this may not pass the eye test, Jackson insists that the president is 6'3 and weighs 239 pounds. The doctor also said
