Month: July 2018

Economists say expectations for strong second quarter growth may have gotten slightly higher due to exports and inventory building that appears to have been done ahead of the onset of trade tariffs. Second quarter growth is expected to be the best since 2014, with Thomson Reuters consensus forecast at 4.1 percent though some economists see
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The Marlboro man has taken the reins of the Prancing Horse. Ferrari on Saturday announced Louis Camilleri, the former chairman and CEO of Philip Morris International and a current Ferrari board member, will be the company’s new CEO. The news followed the surprise announcement that current CEO and chairman Sergio Marchionne was “unable to return
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Senators Elizabeth Warren (D-Mass) and Bernie Sanders (I-VT) have introduced a new bill that would essentially wipe out tens of billions of dollars of Puerto Rico’s $73 billion in outstanding debt. The proposed legislation entitled the “U.S. Territorial Relief Act of 2018,” which counts Sen. Kirsten Gillibrand (D-NY), Edward J. Markey (D-Mass.), and Kamala Harris
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Christie’s auction house reported its highest-ever sales total for the first-half, topping $4 billion during the first six months of this year and highlighting the continued strength of the global art market. Total sales were up 35 percent in the first six months of 2018, according to Christie’s, which is privately held. More than three-quarters
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The battle between Pepsi and Coke continues, and this time PepsiCo is winning. The iconic food company announced Tuesday that, starting Sept. 1, PepsiCo would become the exclusive nonalcoholic beverage and snack partner across all Madison Square Garden Company properties. The deal upends a contract MSG held with Coca-Cola dating back to 1910. Scott Rothbort,
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Shares of Whirlpool, the U.S. based washing machine giant who was once in favor of stricter trade controls for its own industry, plummeted after executives blamed rising steel and aluminum costs for diminished quarterly earnings. “Global steel cost has risen substantially and, particularly in the US, they have reached unexplainable levels,” Whirlpool CEO Marc Bitzer
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The idea of a computer program learning by itself, growing in knowledge and becoming increasingly sophisticated may be a scary one. It’s even scarier when it’s learning to attack things. It’s easy to dismiss artificial intelligence as yet another tech buzzword, but it’s already being used in everyday applications via algorithmic processes known as machine
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Harley-Davidson expects to incur about $45 million to $55 million in increased costs because of the ongoing trade conflict. The company expects that steel and aluminum tariffs will add between $15 million and $20 million to its costs and European tariffs an additional $30 million to $35 million, CFO John Olin said during the motorcycle
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CNBC’s Jim Cramer on Tuesday praised Alphabet‘s earnings results, saying Google’s parent company was “crushing it” in the second quarter. “What I loved about this quarter is you finally got the rationale of why you like this stock,” said Cramer, whose charitable trust owns shares of Alphabet. “They basically explained that we … make a
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The Food and Drug Administration has approved the key ingredient in the vegetarian-friendly Impossible Burger. It’s a big win for Silicon Valley-based Impossible Foods as it expands its distribution. The ingredient, soy leghemoglobin, releases a protein called heme that gives the meat substitute its distinctive blood-like color and taste. Just as the Impossible Burger was
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Sarissa Capital Management chief investment officer Alex Denner spoke with CNBC Pro for an exclusive interview from the Delivering Alpha Conference in New York, and detailed his case for investing in Biogen. Like other shareholder activists, Denner’s approach focuses on improving the strategies of companies to unlock otherwise trapped equity value. Having previously served as
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Check out the companies making headlines after the bell: Shares of Google’s parent company Alphabet shot up more than 3 percent in extended-hours trading. The company beat analysts’ earnings estimates for its second quarter, posting $11.75 per share versus the $9.59 that was expected. Alphabet also beat analysts’ revenue expectations, generating $32.66 billion versus the
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