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Treasury Secretary Steven Mnuchin has concerns about Facebook‘s proposed cryptocurrency and its potential illicit use. In a press conference Monday, Mnuchin said Facebook’s planned digital currency “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.” “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars
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Larry Culp, CEO, General Electric Scott Mlyn | CNBC Here are the biggest calls on Wall Street on Monday: UBS downgraded GE to ‘neutral’ from ‘buy’ UBS downgraded the stock citing valuation, a decline in interest rates, and ongoing power market weakness. “We are downgrading GE to Neutral, as a notable decline in interest rates and
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An employee rings up a customer’s merchandise at The Container Store in Chicago, Illinois. Scott Olson | Getty Images There’s a group of companies whose stock prices tend to rise or fall dramatically following earnings reports. Bespoke Investment Group analyzed the most volatile names on earnings, looking at companies that have been publicly traded for
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James Gorman, chief executive officer of Morgan Stanley. Michael Nagle | Bloomberg | Getty Images Here are the biggest calls on Wall Street on Friday: Citi upgraded Morgan Stanley to ‘buy’ from ‘neutral’ Citi said that Morgan Stanley‘s upcoming earnings may be “difficult,” but it likes the firm’s “limited rate exposure.”  “While 2Q19 is expected
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Christian Sewing, chief executive officer of Deutsche Bank AG, pauses as Germanys biggest bank announces full year earnings in Frankfurt, Germany, on Friday. Feb. 1, 2019. Deutsche Banks revenue contracted for an eighth straight quarter in the final months of last year, complicating Chief Executive Officer Christian Sewings plan to turn around the lender through
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Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on “Monetary Policy and the State of the Economy” in Washington, July 10, 2019. Erin Scott | Reuters All eyes in the financial world turned to Capitol Hill this week as Federal Reserve Chair Jerome Powell gave his semi-annual testimony. In his
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U.S. Rep. Alexandria Ocasio-Cortez (D-NY), speaks at the 2019 National Action Network National Convention in New York, April 5, 2019. Lucas Jackson | Reuters National Economic Council Director Larry Kudlow praised Democratic Rep. Alexandria Ocasio-Cortez on Thursday after the left-wing lawmaker from New York urged Federal Reserve Chair Jerome Powell to keep monetary policy loose
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The stock market is concerned about the economic views of far-left Democratic presidential candidates, Wall Street veteran Byron Wien told CNBC on Thursday. “The market is afraid of the more progressive Democratic candidates” who are promoting higher taxes on the rich and ambitious climate change goals, said Wien, vice chairman of private wealth solutions at
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A top strategist at J.P. Morgan Asset Management said on CNBC Wednesday that the Federal Reserve is “fundamentally making a mistake” with its anticipated rate cut at the end of the month. David Kelly, the chief global strategist at J.P. Morgan Asset Management, said on CNBC’s “Power Lunch” that he doesn’t think rate cuts will
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Silicon Valley venture capitalist Chamath Palihapitiya, an early investor in bitcoin, is still crazy about the cryptocurrency. “It’s the single best hedge against the traditional financial infrastructure,” Palihapitiya said in an interview Tuesday with CNBC’s Squawk Box. “Whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance
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Apple CEO Tim Cook attends the China Development Forum in Beijing, China March 23, 2019. Thomas Peter | Reuters Here are the biggest calls on Wall Street on Monday: Rosenblatt Securities downgraded Apple to ‘sell’ from ‘neutral’ Rosenblatt said it sees Apple’s fundamentals “deteriorating.” “We believe there is less reward for owning Apple stock after
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