Third Point’s Dan Loeb sold out of Snap shares in the second quarter, one quarter after buying the social media stock, according to a regulatory filing Friday. Snap’s shares have lost half their value since the initial public offering in March but they did get a temporary 21.5 percent bump up in May after first
Starboard Value made a quick buck on medical information site WebMD. The activist hedge fund run by Jeffrey Smith reported a new 425,000 share stake in WebMD for the second quarter ended in June. The stake was valued at around $24.9 million, according to Starboard’s quarterly regulatory filing, which is due about six weeks after
Tesla raised $1.8 billion, $300 million more than expected, in its first high-yield junk bond offering Friday. The yield of 5.30 percent was slightly higher than the original guidance of 5.25 percent. Earlier in the week, Elon Musk’s luxury electric car maker was expected to raise at least $1.5 billion to accelerate production of its
In an attempt to revive sales, J.C. Penney is focused on growing one category that many retailers are seen fleeing today: apparel. Penney’s reported on Friday that same-store sales in its apparel business underperformed during the second quarter, largely because of a “tough” environment for kid’s clothing. But Penney’s is forging ahead in rolling out
Biotech stocks are tracking for their worst month of the year, and one trader is betting on more misery. The iShares Nasdaq Biotech ETF, IBB, fell more than 3 percent in the past week, and if history is any indication, it could get a lot worse. Over the past 10 years, August has been the
Watch out, parents: Back-to-school season can easily put a four-figure dent in your budget. Parents of high school students can expect to pay an average $1,489 per child for school supplies and activity fees, according to the annual Huntington Bank Backpack Index. That’s a drop of $9, or less than 1 percent, from 2016. Parents
Corporate leaders are openly questioning what, if anything, the Trump administration will be able to do for business, given a lack of major action on his promises of corporate tax reform, new health-care policies and a tax on goods coming across the border. CNBC analyzed the latest round of earnings calls and found that while
Daniel Acker | Bloomberg | Getty Images Robert Kaplan, president of the U.S. Federal Reserve Bank of Dallas. The Federal Reserve’s key interest rate is getting close to a “neutral” level so the Fed should patiently wait for further evidence that inflation will rise before tightening policy again, Dallas Fed President Rob Kaplan said on
A British real estate agent that drew up a map of where to live in the U.K. to avoid “any nuclear impact from World War Three” has apologized for the stunt. Its publication comes as President Donald Trump ramps up rhetoric against North Korea, today saying that the U.S. military is “locked and loaded” should
Call it eclipse economics. When a large swath of America is bathed in midday darkness for a couple of minutes on Aug. 21, hundreds of cities in the path of the eclipse are hoping it will be a once-in-a-generation boost to local economies. Or it could be a dud, and a costly one at that.
J.C. Penney‘s stock was in free fall Friday after the besieged retailer turned in a mixed report for the second quarter. With earnings and same-store sales falling short of Wall Street estimates, Penney’s shares sank more than 16 percent shortly in early trading, at one point hitting a low not seen since at least 1972.
The NACS survey found that as students progress throughout their academic careers, they become savvier shoppers and are more likely to comparison shop at multiple sources to find the best deal. Sites like CampusBooks.com, BigWords.com and BookFinder.com, among others, track books for new, used and rental texts. When you’re comparing prices, make sure you’re looking
President Donald Trump‘s Washington hotel turned an unexpected profit in the first four months of the year, helped by charging higher rates than initially planned, according to reports in The Wall Street Journal and The Washington Post. The Trump International Hotel had a “nearly $2 million” profit in that period and recorded $18 million in
Engaged couples aren’t the only ones facing big wedding bills. Even as brides and grooms pick up more of the tab for their nuptials, parents are often still on the hook for a big part of the budget. In 2016, just 1 in 10 couples paid for their wedding entirely by themselves, according to The
“I’m supportive of this,” said certified financial planner Hans “John” Scheil, CEO and owner of Cardinal Retirement Planning in Cary, North Carolina. “The reality is that most people don’t have their 401(k)s properly allocated. And most don’t ever reassess where they stand.” Most companies (62.1 percent) in the Callan study have done a re-enrollment when
But there are more challenges ahead. Chief financial officer Drew Vollero said on a conference call that the company would continue at a slower pace of hiring in the third quarter, noting that the third quarter of last year saw revenue boosts from tentpole events like the Summer Olympics and election. Plus, Vollero said, new
Video game developer Nintendo is being sued by a U.S. mobile gaming accessory company that claims the controllers for the Nintendo Switch console infringes on a patent it owns. Gamevice, which makes video game controllers to attach to tablets and smartphones, is demanding that Nintendo stops making and selling the Switch and wants to be
Graphics chipmaker Nvidia saw its stock fall more than 7 percent on Thursday after it reported stronger-than-expected earnings for the second quarter of its 2018 fiscal year, which ended on July 31. EPS: Excluding certain items, $1.01 in earnings per share vs. $0.70 in earnings per share as expected by analysts, according to Thomson Reuters.
Nordstrom reported second-quarter earnings and sales on Thursday that topped analysts’ expectations, sending shares of the stock higher after market close. Same-store sales — a metric monitored closely by Wall Street — for the company were also positive, a rare outcome among department stores of late. Nordstrom said its results this period were fueled by
Getty Images (L to R) Rupert Murdoch, executive chairman of News Corp and chairman of Fox News, and Lachlan Murdoch, co-chairman of 21st Century Fox, walk together as they arrive on the third day of the annual Allen & Company Sun Valley Conference, July 13, 2017 in Sun Valley, Idaho. News Corp reported quarterly earnings
The 18-month postponement request was outlined in a court brief filed Wednesday in Minnesota related to a lawsuit the Labor Department is a party to. If the delay is approved by the Office of Management and Budget, the effective date for complying with the rule’s remaining provisions would be pushed out to July 1, 2019,
It’s tough to save up for a home. It’s a whole lot tougher after poker, cigars and a few dozen jello shots. Millennials spend an average of $1,532 on a single bachelor party, according to a new Zillow analysis of wedding data from The Knot. Without travel and lodging, that number shrinks to $738. Bachelorette
Shares of Blue Apron plunged Thursday after the meal-kit delivery company said during its earnings call that it was encountering unexpected costs tied to starting up a new facility. These costs, as well as further cuts in marketing spending, will likely result in more losses in the second half of the year. Blue Apron now
Department store operator Kohl’s on Thursday reported quarterly earnings and sales that topped Wall Street estimates, as the retailer rung up more purchases than expected in July, the final month of the period. Kohl’s reported a narrower, 0.4 decline in same-store sales, compared to a drop of 1.8 percent during the same quarter last year.
Shares of Blue Apron plummeted Thursday after the company said it was encountering unexpected costs tied to the start up of a new plant in New Jersey. The stock opened trading Thursday down 17 percent. As a result, the meal kit-delivery company said it plans to offset these expenses by reining in marketing spending. Blue
With new CEO Jeff Gennette at the helm, Macy’s showed some signs Thursday of attaining his goal of returning to growth in same-store sales. Macy’s reported that second-quarter sales comps — including those made in departments licensed to third parties — fell 2.5 percent, but that was better than the 3.2 percent decline expected by
The most recent big Mega Millions win — $536 million in July 2016 — was the third largest in the game’s history, and the seventh largest in any U.S. lottery. It was the most ever awarded to a single Mega Millions winner, and the highest cash-value jackpot awarded to a single winner in a U.S.
Animal rights group PETA U.K. swiftly condemned the decision by the central bank to continue using polymer, and advocated a boycott of the banknotes by consumers. “There’s no need for tallow, and the Bank of England has failed to balance the books by investing in a non-animal bank note component that would please everyone,” Elisa
21st Century Fox announced fourth-quarter earnings that beat expectations and revenue that narrowly missed. Here’s how the company did compared with what Wall Street expected: EPS: 36 cents vs. 35 cents, according to Thomson Reuters Revenue: $6.75 billion vs. $6.77 billion, according to Thomson Reuters The company’s earnings fell to 36 cents per share from
Mylan’s stock bounced back in midday trading Wednesday from lower-than-expected second quarter earnings after the company’s management said its generic drug Advair is not being delayed by further FDA-required studies. After shares of the drug-maker dropped as far as 8 percent in premarket trading, Mylan’s CEO Heather Bresch clarified on a call with investors that