Qilai Shen | Bloomberg | Getty Images James Gorman, chief executive officer of Morgan Stanley Morgan Stanley posted fourth-quarter earnings and revenue on Thursday that beat analyst expectations, excluding a charge related to the tax bill, as strong results in wealth management offset a big drop in fixed income trading revenue. Here’s how the banking
South Korean policymakers joined the global chorus of virtual-coin critics on Thursday, saying Seoul is considering shutting down domestic virtual currency exchanges as the new breed of market exposes users to speculative frenzy and crime. The country’s tough stance comes as policymakers from the United States to Germany struggle to come up with stricter regulation
CNBC’s Jim Cramer firmly believes that the financial stocks are the most important leadership group in the market, so he wanted to check in with some of its biggest players after earnings. When Cramer told viewers what to look for from the banks’ earnings reports last week, he anticipated the hefty, one-time charges many of
Among those with detailed announcements: AT&T last month said it plans to invest an additional $1 billion in the United States this year and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees. Walmart will raise its starting minimum wage to $11 an hour and award worker bonuses of between $200 and
Saul Loeb | AFP | Getty Images US President Donald Trump and Chinese President Xi Jinping at the G20 Summit in Hamburg, Germany, July 8, 2017. Trump said the damages could be high, without elaborating on how the numbers were reached or how the costs would be imposed. “We’re talking about big damages. We’re talking
Stock prices could soon be outrunning the herd. The S&P 500 has risen so quickly this month that it has already topped or matched many of Wall Street analysts’ freshly minted 2018 full-year forecasts, collected in CNBC’s strategist survey. The median target for year-end is currently 2,975, about a 6 percent gain from current levels.
The digital currency plunge has wiped billions from the paper fortune of a cryptocurrency billionaire in just a few weeks. Ripple’s XRP coin has fallen 74 percent from an all-time high of $3.84 hit on Jan. 4, erasing $44 billion from the holdings of Chris Larsen, co-founder and executive chairman of Ripple. With XRP trading
Equity markets bounced back Wednesday after a wild ride in the previous session, and one top technical strategist sees a more pronounced decline ahead as we near the latter half of the month. The S&P 500 will likely see a loss of momentum in the coming sessions with a potential 4 to 5 percent pullback
Looking after an elderly parent could cost you more than you expect: Your retirement security. Those were the findings from a study of caregivers by the Transamerica Institute, a foundation that specializes in retirement and healthcare issues. Last March and April, the institute polled 3,074 individuals who provided nonprofessional or unpaid care for friends or
We don’t know if we’ve just seen the moment of maximum upside energy for this bull market. But even if we have, history says there’s likely a fair slug of further gains left in this run before it finally ends. A market’s “momentum peak” is measured by various tools that capture the angle and persistence
Anthony Wallace | AFP | Getty Images A woman touches an ATM machine for digital currency Bitcoin in Hong Kong on December 18, 2017. Back in 2013, Tyson Cross, a tax attorney in Reno, Nevada, helped a few dozen of his clients report cryptocurrencies on their tax returns. Today, that business has mushroomed. “I did
Britain’s Rolls-Royce said on Wednesday it was considering the sale of its commercial marine business, which has been hit by weak demand in offshore oil and gas markets, as part of a restructuring of the company into three core units. Shares in the company jumped after it said the loss-making unit could be sold. They
“Ask, ‘Has my portfolio become unbalanced, because my equities have completely taken over the garden?'” Ballou said. “It’s time to do some pruning and take some money off the table.” Gauging your risk tolerance is especially key. For more risk-averse investors, forgoing some gains now might be preferable to the pain and panic of a
While employees of companies also are subject to these taxes, their employer pays half. A self-employed person — as both the employer and employee — pays both shares. However, half of that tax generally can be deducted, which lowers your adjusted gross income. As for the 20 percent deduction on qualifying income, the new law
When it comes to choosing a graduate school, nearly 9 in 10 students place a priority on quality and convenience rather than cost. Those were the findings from a recent report by student loan provider Sallie Mae. The company performed an online poll of 1,597 graduate students from May to July. Eighty-six percent selected their
Goldman Sachs reported fourth-quarter earnings of $5.68 a share that topped Wall Street estimates, but shares edged lower in premarket trading. The company posted a net loss when factoring in a tax hit. The investment bank titan also beat on revenue, reporting $7.83 billion against estimates of $7.61 billion. However, trading revenues in the critical
Tiffany & Co. on Wednesday reported an 8 percent increase in net revenue during the holiday season, fueled by higher sales of fine jewelry, watches, and a new home and accessories collection. Total same-store sales were up 5 percent during the November and December months, the company said. In the U.S. alone, same-store sales rose
Although financial advisors using the platform may outsource their investment management, they still retain control over other aspects, including when to implement the model and how often clients’ assets should be rebalanced. “This is a hybrid approach where the advisor doesn’t have to do it themselves anymore, but they also don’t have to give up
Moynihan had announced the bonus in late December, citing the tax bill that President Donald Trump signed cutting the corporate tax rate to 21 percent from 35 percent. CFO Paul M. Donofrio added Wednesday on a call with media that the bank expects its effective tax rate for 2018 to fall to 20 percent from
Bitcoin briefly plunged below $10,000 late Tuesday afternoon on Coinbase, after first topping the psychologically key level in late November. Other major digital currencies also sold off sharply. Digital currency ethereum plunged 30 percent Tuesday, to below $1,000, while ripple fell below $1. In fact, nearly every major cryptocurrency suffered massive losses during the day.
The worst intra-day market reversal in nearly a year might’ve spooked investors, but CNBC’s Jim Cramer argued that the market still has a major driver in its metaphorical back pocket. “I’m talking about the ongoing stock shortage,” the “Mad Money” host said. “The shortage is so real, so palpable, that I think it could become
As the bank- and health-care-led market rally pushed the Dow Jones industrial average above the 26,000 level for the first time ever, CNBC’s Jim Cramer wanted to check in with tech. “You always need to be thinking about when it might be time to do a little register-ringing,” the “Mad Money” host said. “I don’t
Amid widespread store closures in the retail sphere, some companies have reason to be optimistic. For one, fundamentals in the sector are improving, Wells Fargo retail analyst Ike Boruchow told CNBC on Tuesday. “We are talking about baby steps,” he said in an interview with “Power Lunch.” “Comps for the space have gotten gradually better.
Ford said Tuesday it expects to turn in 2017 earnings that are below Wall Street estimates, and provided a forecast for 2018, that will be hit by higher commodity costs and exchange rates, which will offset gains from its cost-cutting efforts. Ford shares fell about 2 percent Tuesday in after-hours trading. The second-largest U.S. automaker
Boeing and Adient have agreed to form a joint venture to develop and manufacture airplane seats, the companies said Tuesday, a deal that could give the aerospace giant a greater footprint in outfitting record numbers of airplanes its selling. Boeing, the largest aerospace company in the world, is teaming up with Adient, which is better
After stealing the spotlight from bitcoin in 2017, ripple has fallen more than 40 percent in the first few weeks of 2018. Ripple, or XRP, traded near $1.22 Tuesday afternoon, down nearly 47 percent for the year so far, according to CoinMarketCap. The digital currency had soared more than 35,500 percent in 2017 to end
When it comes to college, most families assume public schools are far more affordable. That’s only partly true. At public, four-year institutions, costs for the 2017-18 school year hit $20,770, according to the College Board. Tuition plus room and board at four-year private universities was much higher: $47,000, on average, in the current academic year.
“It appears that in 2018 the banking industry and JP Morgan Chase will enter a new financial world which will provide this company with further opportunities to grow,” he said. “In the new era, it is very possible that the valuation of JP Morgan and its industry will expand, a process that is already well
For technology companies, specifically those offering services and software, the new tax bill could end up raising their tax rates this year. Bernstein warned of this effect on IBM in a note to clients Tuesday. The enterprise tech company’s normalized tax rate could rise from 15 percent to “perhaps closer to 20 percent or more,”
In retirement, just like in real estate, it’s “location, location, location.” With more and more retirees responsible for their own financial security, choosing the right retirement destination can make or breakany lazy-day fantasies. To that end, WalletHub compared the retirement-friendliness of all 50 states using criteria such as cost of living, crime rate, tax-friendliness on