Bloomberg•17 hours agoWells Fargo Is the Go-To Bank for Gunmakers and the NRA
Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry. The bank has helped two of the biggest U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the gun control debate gained steam after the school shooting in Newtown, Connecticut, according to data compiled by Bloomberg. Wells Fargo also has a long relationship with the National Rifle Association, inherited from banks that Wells took over.
- Bloomberg•10 hours ago
Bitcoin Dives After SEC Says Crypto Platforms Must Be Registered
Bitcoin slumped back below $10,000 after the U.S. Securities and Exchange Commission reiterated that many online trading platforms for digital assets should register with the agency as exchanges. The largest cryptocurrency dropped as much as 13 percent to $9,416 after the SEC statement boosted concern that tightening regulation may limit trading. Bitcoin is down about 50 percent from its high of almost $20,000 in December in part because regulators worldwide have clamped down on trading, mining and initial coin offerings.
Bloomberg•17 hours agoBitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet
The Tokyo attorney and bankruptcy trustee for the now-defunct Mt. Gox exchange disclosed on Wednesday that he sold about $400 million of Bitcoin and Bitcoin Cash since late September. Kobayashi, who’s liquidating the tokens on behalf of Mt. Gox creditors, has another $1.9 billion to offload. Once the world’s biggest Bitcoin exchange, Mt. Gox filed for bankruptcy protection four years ago after disclosing that it lost 850,000 Bitcoins, then worth about $500 million.
- Zacks•10 hours ago
Why Did AMD Stock Pop on Wednesday Morning?
After starting the day relatively flat, shares of Advanced Micro Devices AMD suddenly popped more than 8% in morning trading Wednesday. The sudden spike seems to be linked to an unsubstantiated rumor that the trendy chipmaker could be the subject of a takeover.
- InvestorPlace•10 hours ago
10 High-Dividend Stocks to Buy When the Market Is Blue
President Donald Trump ran on a ticket of making America great again. With enthusiasm overshooting rationality, however, high-dividend stocks are suddenly looking very attractive to investors. Throughout President Trump’s administration, the U.S. dollar index has veritably tanked, losing nearly 12% since his inauguration.
- Bloomberg•yesterday
Boeing Faces Airline Tug of War Over Proposed ‘797’ Jet Design
Boeing Co. may need to rethink one of the most distinctive features of its proposed new mid-range jet -- a small cargo hold -- to win over customers in Asia, potentially the plane’s largest market. The manufacturer faces a “cargo conundrum,” for the jetliner dubbed the 797 by industry observers, said Domhnal Slattery, founder and chief executive officer of Avolon Holdings Ltd., the world’s third-largest aircraft leasing firm. The big three U.S. carriers and their counterparts across the Pacific have very different views on how much baggage and freight the airliners should haul, with Asian airlines pressing for greater below-deck capacity, Slattery said. The disagreement potentially calls into
- Bloomberg Video•2 days ago
Metlife's Matus Says Markets Still in 'Expansion' Mode
Mar.06 -- Metlife Investment Management Chief Market Strategist Drew Matus discusses the impact of potential U.S. tariffs on the stock market. He is joined by JP Morgan Securities Chief U.S. Economist Michael Feroli and Bloomberg Intelligence's Gina Martin Adams on "Bloomberg Markets: The Open."
- InvestorPlace•13 hours ago
Chesapeake Energy Corporation Stock Isn’t Even Speculation Worthy
Chesapeake Energy stock has been on a wild ride, hitting a low of $2 in 2016 when oil prices hit $25 per barrel, but then surged up to $7, before landing back near $2.50 before earnings. When it comes to Chesapeake Energy, earnings seemed to deliver encouraging news until you break them down.
Reuters•6 hours agoExxon tries to sell Wall Street on growth plan, but shares drop
Exxon Mobil Corp on Wednesday laid out a goal to double annual earnings by 2025 through heavier investments in a bid to allay investor fears that the world's largest publicly traded oil producer has seen its best days. Exxon was once the industry's profit and cash-flow leader, but sagging output and a sliding share price have pushed total return, or share appreciation plus dividends, into negative territory over the last five years, according to Thomson Reuters data. By comparison, total returns are up 16 percent for Chevron Corp and 40 percent for Royal Dutch Shell Plc .
- Yahoo Finance•9 hours ago
What Trump is missing on jobs
You’re not likely to hear President Trump say much about lab technicians, car mechanics, veterinarians, nurses, social workers or security consultants. Trump, of course, glorifies manly, industrial-era jobs. “From Bush 1 to present, our Country has lost more than 55,000 factories [and] 6,000,000 manufacturing jobs,” Trump tweeted on March 7.
InvestorPlace•14 hours agoWhy JD.Com Inc(ADR) Will Struggle to Compete
Just ask owners of China’s e-commerce outfit JD.Com Inc(ADR) (NASDAQ:JD), who’ve watched JD stock lose 12% its value since late February. Its ongoing rivalry with behemoth Alibaba Group Holding Ltd (NYSE:BABA) is taking a toll on the bottom line, and investors aren’t sure when — or even if — that headwind will stop blowing. The bad news: Earnings of 5-cents-per-share of JD stock fell short of the 9-cents-per-share analysts had modeled, and overall net income was down nearly 17% from the comparable quarter a year earlier.
- CNBC Videos•6 hours ago
Two Wynn board members to resign
CNBC's Leslie Picker reports that two board members are leaving Steve Wynn's casino company.
Associated Press•yesterdayManicurist accuses Steve Wynn of sexual misconduct suit
A woman who says she regularly performed manicures on embattled casino mogul Steve Wynn on Tuesday filed a lawsuit accusing him of sexual misconduct and the company he founded of endorsing his behavior. The unnamed manicurist is the latest woman to level accusations against the billionaire who resigned as chairman and CEO of Wynn Resorts last month. Women in lawsuits, police reports and news reports have described what amounts to a longstanding pattern of sexual misconduct on the part of Wynn.
- Investopedia•17 hours ago
Social Security Retirement Benefits Basics
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- Associated Press•4 hours ago
Costco 2Q profit jumps 36 percent with help from tax cuts
Costco Wholesale Corp. reported a 36 percent jump in its fiscal second-quarter profit thanks partly to a $74 million boost from tax cuts, but the results fell short of expectations. The results fell short of the $1.45 per share that the Wall Street analysts surveyed by Zacks Investment Research expected. Costco said its comparable sales, which exclude the impact from brand-new stores, rose 8.4 percent overall with slower growth in Costco's U.S. stores of 7.1 percent.
- Bloomberg•2 days ago
Saudi Aramco Says Fears of `Peak Oil Demand' Are Overblown
Saudi Arabia’s oil company isn’t afraid of electric vehicles. As it prepares to sell a stake in the company to investors, the CEO reassured a Houston audience that the need for petroleum isn’t going away any time soon. “I am not losing any sleep over ‘peak oil demand’ or ‘stranded resources,”’ Saudi Aramco Chief Executive Officer Amin Nasser said at the CERAWeek by IHS Markit conference on Tuesday. “We must push back on the idea that the world can do without proven and reliable sources” of energy, he told the gathering. “Oil and gas will continue to play a major role in a world where all energy sources will be required for the foreseeable future.” Aramco, with an estimated 260 billion barrels
- barrons.com•yesterday
After All This, Does Broadcom Really Want to Buy Qualcomm?
If you want drama, look no further than Broadcom's (AVGO) hostile takeover attempt of Qualcomm (QCOM): Qualcomm has accused Broadcom of “trivializing” U.S. national security, citing Broadcom’s historical approach of cutting funding for businesses it buys. Government officials are already involved, Broadcom has had harsh words for Qualcomm as well, as both companies have traded plenty of barbs, although analysts see a winner no matter what happens in the end. And where there's drama, there's acting. At least, that's what some have said: As SunTrust Robinson Humphrey's William Stein writes, a number of investors, including hedge funds and arbitrage players, think that Broadcom's only feigning
- U.S.News & World Report•15 hours ago
Amazon Banking Targets Low-Income Shoppers
Bank investors may have gotten a little bit uneasy this week after the Wall Street Journal reported that Amazon.com, Inc. (Nasdaq: AMZN) is exploring the possibility of launching Amazon-branded checking accounts for customers. On the surface, it may appear that Amazon is directing its famous disruption power at the banking industry, but Amazon checking may actually be about growing Amazon Prime's footprint. According to Bank of America analyst Justin Post, Amazon checking is likely targeted at expanding Amazon Prime's penetration rate among lower income customers.
Reuters•11 hours agoAirbus says 3,700 jobs hit by slower A380, A400M deliveries
Airbus on Wednesday confirmed lower production rates of its A380 superjumbo and A400M military aircraft and said up to 3,700 jobs would be hit in France, Germany, Britain and Spain. Dubai's Emirates saved the A380, the world's largest passenger jet, from death row in January with an order worth $16 billion at list prices.
- Zacks•2 days ago
Bet on 4 High-Flying Stocks With Increasing Cash Flows
If achieving profit is a company’s goal then having healthy cash flow is most essential to its existence, development and success. Admittedly, investors flock to companies that earn profits, but even a profitable business can succumb to failure if its cash flow is irregular and eventually file for bankruptcy. To figure out this efficiency, one needs to consider a company’s net cash flow.
- InvestorPlace•11 hours ago
Plug Power Inc Stock Falls on Earnings Miss
Plug Power Inc (NASDAQ:PLUG) stock was down on Wednesday after reporting an earnings miss for the fourth quarter of 2017. Plug Power Inc reported losses per share of 8 cents for the fourth quarter of the year. Unfortunately for PLUG stock, this puts it one cent below Wall Street’s losses per share estimate of 7 cents for the period.
Reuters•yesterdayWinds of trade war spook Wall Street as Trump adviser quits
U.S. stock futures fell more than 1 percent late Tuesday after the resignation of U.S. President Donald Trump's top economic adviser, Gary Cohn, fueled fears that the administration would follow through with plans to impose steel and aluminum tariffs, possibly triggering a trade war. White House officials said the dispute over tariffs contributed to Cohn's decision to resign but was not the only reason. The markets don't like tariffs ... Gary Cohn was one of Wall Street's guys and an endorser of conventional economic policy," said Michael Purves, chief global strategist at Weeden & Co in New York.
InvestorPlace•9 hours agoWhy Alphabet Inc Stock Is Still Worth a Look
Like Facebook Inc (NASDAQ:FB), Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) has struggled to rally in 2018. While shares are still up a respectable 4.3% just nine weeks into 2018 — good for an annualized return of more than 23% — GOOG stock is severely lacking the returns of other FANG stocks like Amazon.com, Inc. (NASDAQ:AMZN) and Netflix, Inc. (NASDAQ:NFLX), which are up 30% and a ridiculous 63% so far in 2018. Google stock is trading more like Apple Inc. (NASDAQ:AAPL), which is up about 4.6% in 2018.
Reuters•22 hours agoExxon CEO struggles to reverse Tillerson's legacy of failed bets
Exxon Mobil Corp's $200 million write-down last month on abandoned ventures in Russia - once its next big frontier - points to challenges facing Chief Executive Darren Woods in his second year leading the world's largest publicly traded oil producer. Some of the biggest bets taken by his predecessor Rex Tillerson, now the U.S. secretary of state, have resulted in billions of dollars in write-downs amid falling production and a stock price that has long lagged peers. In 2018, the company plans capital spending of about $24 billion - up about a quarter since 2016 - suggesting return on capital will get worse before it gets better as the firm waits for a payoff from new exploration under Woods.
- InvestorPlace•13 hours ago
Netflix, Inc. Stock Has Binged a Little Too Much
Shares of Netflix, Inc. (NASDAQ:NFLX) have been on an absolute monster rally so far this year, rising 69% year to date. This makes Netflix stock the best performer in the S&P 500 by a wide margin. While subscriber growth certainly was impressive in the latest earnings report, cash burn remains an issue.
