It looks like the NBA ownership ranks are adding yet another tech billionaire. Ryan Smith, the 42-year-old CEO and co-founder of online survey software company Qualtrics, has agreed to buy a majority stake in the NBA’s Utah Jazz in a deal worth $1.66 billion, ESPN reported on Wednesday. In doing so, Smith will follow in
Month: October 2020
The coronavirus pandemic is redrawing the flight patterns of America’s private jets, as airports in resort towns see big jumps in traffic while flights near cities decline, according to a new report. Private jet flights at Francis S. Gabreski Airport in Westhampton, New York, surged 172% in October, according to data from Tuvoli, an online
Google parent company Alphabet‘s stock rose as much as 9% in after-hours trading as it crushed expectations for both earnings and revenue in its third-quarter earnings results, showing strong growth in advertising revenue across the board. Here are the results. Earnings per share: $16.40 vs $11.29 expected, according to Refinitiv estimates Revenue: $46.17 billion vs $42.90 billion
A view of the Exxon Mobil refinery in Baytown, Texas. Jessica Rinaldi | Reuters Exxon Mobil on Friday reported its third straight quarter of losses as depressed oil demand sparked by the coronavirus pandemic weighed on the company’s operations. During the third quarter, the company lost $680 million, although Exxon said results improved on a
Michael Wirth, CEO of Chevron. Adam Jeffery | CNBC Chevron on Friday reported its second straight quarter of losses after revenue during the third quarter fell 32% year over year, hammered by Covid-19. Amid declining oil prices Chevron said it implemented aggressive cost-cutting measures. The oil giant lost $207 million during the quarter. On an
Shares of Twitter, Facebook, Apple and Amazon traded lower Friday, a day after the companies released quarterly reports that failed to wow Wall Street. Here’s what’s going on: Twitter Twitter stock plunged nearly 21% Friday after the company reported disappointing user growth but beat analysts’ expectations on profit and revenue. Twitter grew its total monetizable
I started my debt-free journey back in March of 2015 after a series of events led me to realize my husband and I were one emergency away from bankruptcy. We had over $212,000 in debt, not including our mortgage. After pulling myself out of a pit of anxiety and despair, I knew that we had
David Rea in Chobe National Park in Botswana. Source: David Rea For two years in a row, something hasn’t changed on CNBC’s ranking of the top 100 financial advisors in the U.S.: Salem Investment Counselors has come in at No. 1. CNBC spoke recently with Salem’s president, David Rea, about why he believes his firm
Amazon reported better-than-expected third-quarter results after the bell on Thursday, including soaring profits and 37% revenue growth. The stock bounced around in extended trading, falling as much as 2%, after Amazon provided a wide guidance range for the fourth quarter. Earnings: $12.37 vs $7.41 per share expected, according to analysts surveyed by Refinitiv Revenue: $96.15
Facebook stock was down more than 2% on Thursday after the company reported a decrease in users in the U.S. and Canada but moderate revenue growth in its third-quarter earnings. Earnings: $2.71 cents per share, vs $1.91 per share forecast by Refinitiv Revenue: $21.47 billion, vs $19.8 billion forecast by Refinitiv Daily active users (DAUs):
After more than a decade as an investor on ABC’s “Shark Tank,” Kevin O’Leary has bettered his negotiating skills. And with all that experience, he’s found a common thread among some of his “very best” deals. “What I’ve learned over the years, because I’ve negotiated so many different deals, [is that] the very best deals
Shares of Pinterest surged more than 28% Thursday, as investors rallied around the company’s blowout third-quarter earnings that indicated advertising demand revved up after a difficult period due to the Covid-19 pandemic. Shares in tech companies Facebook, Google parent Alphabet, Amazon and Twitter were also up, helping recover some of Wednesday’s losses. Pinterest’s boost from
Traders work on the floor of the New York Stock Exchange in masks right before the market hit its Covid-19 bottom in late March 2020. Lucas Jackson | Reuters The Dow Jones Industrial Average drop of 650 points on Monday was just the first move in what turned out to be a rapid correction. If
Kate Spade handbags Scott Mlyn | CNBC Women are spending more money when they’re shopping for handbags during the coronavirus pandemic, Coach owner Tapestry‘s latest quarterly results show. And it could be, in part, because consumers are buying bigger, pricier bags to stow away bottles of hand sanitizer and Clorox wipes. “I don’t know about
Gilead Sciences reported stronger-than-expected third-quarter earnings on Wednesday as sales of its coronavirus treatment remdesivir touted by President Donald Trump drove revenue up by 17% from last year. Gilead’s antiviral drug remdesivir, selling under the brand name Veklury, last week became the first and only treatment granted full approval by the U.S. Food and Drug
General Electric reported stronger than forecast revenues and a surprise adjusted profit on Wednesday for the third quarter. The results for the company were weaker than for the same quarter a year ago, due in part to the coronavirus pandemic, but were better than Wall Street analysts expected. Shares of GE jumped 4.5% on Wednesday
Tom Merton | OJO Images | Getty Images With the election less than a week away, the phones are ringing off the hook for estate planning attorneys and accountants. That’s because wealthy families fear that an overhaul of the estate and gift tax exemption — the amount of assets they can transfer without a 40%
With mortgage rates reaching historic lows this year, many people are looking to refinance or purchase a home. But should you do an adjustable rate mortgage (ARM), which has an introductory fixed-rate period — usually five, seven or 10 years — and then periodically adjusts based on market conditions, or the more popular 30-year fixed-rate mortgage?
Boeing, which is already shedding 16,000 jobs, said Wednesday it will cut thousands more through the end of next year as the coronavirus pandemic drives down demand for aircraft and travel. Boeing’s third-quarter results, which were better than Wall Street estimates, show the company’s struggles in the pandemic. The plane-maker is looking to further cut
NBA legend Shaquille O’Neal admits he didn’t understand how taxes worked when he first started making a lot of money in the early ’90s. In fact, he learned the hard way. When O’Neal signed his first million-dollar trading card contract, he blew through the check in one day, buying cars and jewelry. Then, he says,
Ariel Skelley | DigitalVision | Getty Images Nearly anyone can hang out a shingle and just call themselves a financial advisor. To be sure, the terminology in the financial services industry can be very confusing to investors. There are advisors, brokers, broker-dealers, certified financial planners, chartered financial analysts and certified investment management analysts, investment advisors,
Digital nomads can now work remotely in the Cayman Islands for up to two years. The catch? Those workers must make at least $100,000 a year — and even more if they want to bring a companion. Launched on Oct. 21, the Global Citizen Concierge Program invites high-earning workers to ride out the next several
A screen shows Alibaba’s sales volume exceeding 100 billion yuan after one hour during 2019 Alibaba 11.11 Global Shopping Festival on November 11, 2019 in Hangzhou, China. VCG | Visual China Group | Getty Images The e-commerce giant Alibaba‘s annual Singles Day shopping event could be a boon for Chinese brands, according to a new
Microsoft shares moved 2% lower in extended trading on Tuesday after the company reported quarterly revenue guidance that fell short of analysts’ expectations. Fiscal first-quarter earnings exceeded estimates, though. Here’s how the company did: Earnings: $1.82 per share, adjusted, vs. $1.54 per share as expected by analysts, according to Refinitiv. Revenue: $37.15 billion, vs. $35.72
China’s young billionaires amassed a combined fortune of more than $223 billion this year as the country enjoyed its fastest year of wealth accumulation, even as the world battles its worst economic crisis in decades. China had 60 billionaires below the age of 40 this year, according to the latest Hurun Rich List released last
Your bank account balance doesn’t have to stop you from being able to hire a financial planner. towfiqu ahamed | iStock | Getty Images There’s a big misconception that financial planning is only for the wealthy. The truth, however, is that financial planning is a path for anyone to actually gain wealth. The objective of
House Ways and Means Committee ChairmanRep. Richard Neal, D-Mass., (left) and ranking member Kevin Brady, R-Texas. Chip Somodevilla | Getty Images News | Getty Images Bipartisanship is not what most of us would expect in a divisive election year. Yet that is what we saw when Democratic and Republican House members came together and introduced
Jeweler Tiffany & Co. and Louis Vuitton-owner LVMH are in indirect talks to settle their ongoing dispute over a $16 billion deal, CNBC’s David Faber reported Tuesday, citing people familiar with the discussions. The two companies could be looking to slightly lower the price of the deal, Faber reported, or potentially move to a tender
Jose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor at the New York Stock Exchange, November 6, 2019. Brendan McDermid | Reuters Restaurant Brands International on Tuesday reported that its quarterly revenue fell 8% as Burger King and Tim Hortons sales struggled to bounce back from the coronavirus
Caterpillar Inc. excavators are displayed for sale at the Whayne Supply Co. dealership in Louisville, Kentucky, U.S., on Monday, Jan. 27, 2020. Luke Sharrett | Bloomberg | Getty Images Industrial machinery manufacturer Caterpillar on Tuesday reported a 54% drop in earnings in the third quarter as equipment sales declined across all regions and segments. The Dow
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