Morgan Creek Capital’s Mark Yusko is sticking by his October call that stocks must drop nearly 50 percent to reach fair value. On CNBC Wednesday, the firm’s founder and chief investment officer doubled down on his Oct. 11, 2018 prediction that equity prices could lose half of their value. He likened the current market conditions
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Industrial stocks have soared off the December lows, and two experts think the group could be ripe for more gains. The XLI industrials ETF, which tracks the sector, was slightly lower on Wednesday despite strong earnings from United Technologies. As Wall Street gears up for a handful of other earnings over the next week, Andrew
Gary Hershorn | Corbis News | Getty Images Residential buildings Central Park Tower and 220 Central Park South (left) rise above Columbus Circle on December 26, 2018 in New York City. Hedge fund billionaire Ken Griffin closed a deal to buy the most expensive home ever sold in the U.S., paying around $238 million for
Adam Jeffery | CNBC Mario Gabelli, founder, chairman, and CEO of Gabelli Asset Management Company Investors. Billionaire value investor Mario Gabelli said on Wednesday’s CNBC “Halftime Report” that MGM Resorts International stock is “very attractive” and investors should “put a bet on it.” The longtime investor is bullish on MGM because he expects its growing
JOSEPH PREZIOSO | AFP | Getty Images Demonstrator hold signs during a protest rally by government workers and concerned citizens against the government shutdown on Friday, January 11, 2019 at Post Office Square near the Federal building, headquarters for the EPA and IRS in Boston. Employees, including those who had been recalled from furlough at
Daniel Acker | Bloomberg | Getty Images Prospective home buyers tour a house for sale with their realtor in Machinaw, Illinois. So when buying or selling your home, you need to understand the ground rules of your relationship with your realtor first. Here’s what you should consider: Ask “Are you working in my best interest?”
The new year rally now hangs in the balance as the S&P 500 sits right between its all-time high and December low. On Tuesday, all three major stock indexes notched their second-worst daily decline of the year after China, the world’s second largest economy, posted its lowest annual growth rate in nearly three decades. At
Brent Lewin | Bloomberg | Getty Images An attendee looks at an aircraft engine from Pratt & Whitney, a unit of United Technologies, on display during the China International Aviation & Aerospace Exhibition in Zhuhai, China. Industrial conglomerate United Technologies reported a better-than-expected fourth-quarter profit on Wednesday and forecast 2019 earnings above estimates, boosted by
“Toy Story,” “The Incredibles 2” and other Pixar movies are not only commercially successful, having grossed more than $10 billion worldwide. They also ushered in a new generation of computer-generated animation. The Disney-owned animation studio is largely responsible for some of the most significant developments in computer graphics history. The studio just celebrated the 30thanniversary
Check out the companies making headlines before the bell: Comcast – The NBCUniversal and CNBC parent reported adjusted quarterly profit of 64 cents per share, beating consensus estimates by 2 cents a share. Revenue also beat Street forecasts and the company increased its dividend by 10 percent. United Technologies – The maker of Carrier air
Procter & Gamble‘s bet on raising prices amid higher commodity and transportation costs is paying off for the consumer products giant. Shares surged more than 4.7 percent in premarket trading Wednesday after P&G’s fiscal second-quarter earnings and sales report outpaced Wall Street estimates, prompting the company to raise its organic sales forecast. Its beauty products,
Dell Technologies’ return to the public market comes at a good time for the company and for prospective shareholders, CNBC’s Jim Cramer said Tuesday as the rest of the stock market fell on macroeconomic worries. “The new Dell Technologies has a lot going for it,” Cramer said, highlighting its move beyond the personal computer. “Now,
Nvidia Corp.: “I think Nvidia’s trying to bottom here. Remember, 40 percent of it is gaming-related, but wow, that stock’s almost been cut in half. I am willing to say [that] if you want to start a small position in Nvidia, I bless it.” Ligand Pharmaceuticals Inc.: “You’re a bit of a risk-taker there, my
Viacom shares have fallen more than 50 percent over the past five years as many of its signature channels have failed to churn out hit shows that resonate with younger audiences. To stay relevant in an on-demand world, Viacom is offering content in a variety of forms, including free services and several subscription offerings. The
The CEO of Adidas is sounding the alarm about Brexit’s impact on European consumers where the German sportswear maker does nearly a third of its business. In a sit-down with CNBC’s Sara Eisen on Tuesday, Kasper Rorsted said the company’s “biggest concern is really the European impact of a potential Brexit because it’s very often
Things don’t look great for the journalism business. Tech has changed the news business as many wonder what lies ahead for the industry. The internet upended the old advertising and distribution models. Meanwhile, the whole idea of a strong press as a check on the powerful? That’s up in the air, too. Pulitzer Prize winning
Activist hedge fund Elliott Management thinks Walmart, Google or several private equity firms would be interested in acquiring eBay‘s marketplace business if it sheds StubHub and eBay Classifieds Group, according to a person familiar with the matter. Elliott disclosed it owns more than 4 percent of eBay in a letter Tuesday, which also outlined recommendations
Despite the dangers of high-interest loans, more consumers are testing the limits of plastic. To that point, more than 1 in 3 people —or 86 million Americans — said they’re afraid they’ll max out their credit card when making a large purchase, according to a new WalletHub credit cards survey. (Most of those polled considered
The best picture nomination for “Roma” was a first for Netflix. The company has continued to place increasing emphasis on its original content as more and more companies have announced they will enter the streaming market. In its fourth quarter 2018 earnings report, Netflix said it is “becoming less focused on 2nd run programming” due
In Davos, Stephen Schwarzman, the billionaire CEO of private equity giant Blackstone and Republican megadonor, said sarcastically that he is “wildly enthusiastic” about the lawmaker’s proposed tax hike. He added that “the U.S. is the second most progressive tax regime in the world,” meaning that tax rates climb along with higher incomes. The remarks at
For those who have already gotten off track, all hope is not lost. Jan. 1 is not the only — or even the best — time of year to become better versions of ourselves, according to a study from the University of Pennsylvania’s Wharton School. Important dates, such as birthdays and other markers or even
The critically acclaimed Netflix film “Roma” landed a best picture Academy Award nomination and several other nods Tuesday morning as the streaming service continued breaking through old Hollywood barriers. Meanwhile, Disney’s “Black Panther,” a part of the studio’s Marvel Cinematic Universe, scored the first-ever best picture nomination for a superhero movie. The other nominees for
Andrew Harrer | Bloomberg | Getty Images An employee adjusts bottles of Bud Light brand beer at an Anheuser-Busch InBev NV facility in Williamsburg, Virginia, U.S., on Wednesday, Aug. 8, 2018. Investors should buy shares of beer giant AB InBev — the largest beer company in the world — as a recent refinancing will lighten
Check out the companies making headlines before the bell: Johnson & Johnson – Johnson & Johnson earned an adjusted $1.97 per share for the fourth quarter, 2 cents a share above estimates. Revenue also topped forecasts, helped by stronger sales of cancer and psoriasis treatments. Travelers – The insurance company reported adjusted quarterly profit of
Prescription drug sales propelled Johnson & Johnson to another quarterly earnings beat, while sales of its signature baby products and other consumer goods showed slight improvement. The company also gave its financial forecast for this year that was close to what Wall Street is expecting. J&J forecast 2019 earnings of between $8.50 and $8.65 per
Sometimes, no movement is good movement. In the case of the government shutdown, money manager Larry Glazer believes it’s favorable for Wall Street — at least in the short term. His reasoning: It prevents lawmakers from passing policies that could be detrimental to corporate America. “Investors like less Washington, and they realize Washington isn’t always
Al-Benyan isn’t the only CEO with a long-term China vision in mind. Mark Machin, president and chief executive of Canada’s Pension Plan Investment Board (CPPIB), sees the country’s potential to diversify his portfolio as outweighing any shorter-term economic setbacks. “China is today the second-largest economy in the world, the second-largest equity market in the world,
Jeffrey Gundlach is ditching Twitter. The founder of DoubleLine Capital said in a tweet late on Sunday he would be deleting his account “due to suspicious activity.” The tweet did not elaborate on the suspicious activity Gundlach was referring to. Gundlach’s account, which has the handle “@TruthGundlach,” has been online since May 2017. Gundlach has
“It’s been a bumpy year,” said Manley, as he settled into a chair in a small conference room at the back of Fiat Chrysler’s auto show display. And circumstances are forcing him to reexamine a number of elements from the plan Marchionne outlined, including the pace at which Fiat Chrysler migrates from conventional, internal combustion
Alex Flynn | Bloomberg | Getty Images A Boeing Co. T-X trainer aircraft is seen at the Boeing Defense, Space & Security facility in St. Louis, Missouri, U.S., on Monday, July 24, 2018. It’s been two years since Donald Trump was inaugurated as president of the United States. In that time, defense and tech stocks,
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