Month: August 2019

International Monetary Fund chief economist Gita Gopinath speaks during a press conference in Washington D.C., on April 9, 2019. Liu Jie | Xinhua News Agency | Getty Images The outlook for the global economy keeps getting bleaker, the chief economist at the International Monetary Fund said Friday. “As the year is progressing, it’s getting harder
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Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month. “Obviously, the global economy has worsened since our July meeting,” Clarida told CNBC’s Steve Liesman on Friday from the Fed’s economic policy symposium in Jackson Hole, Wyoming. “The global economy is slowing and there’s powerful disinflationary pressures.”
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Lowe’s reported second-quarter earnings that beat Wall Street’s estimates, sending its share surging by more than 7% in premarket trading. Here’s how the company did, compared with what Wall Street was expecting, according to Refinitiv consensus estimates: Adjusted earnings per share: $2.15, vs. $2.01 estimated Revenue: $20.99 billion, vs. $20.94 billion estimated Same store sales:
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Back-to-school shopping at a Target store in West Hollywood, California. Joe Scarnici | Getty Images Target‘s second-quarter profit jumped 17%, beating Wall Street estimates and propelling the company to raise its outlook for the rest of the year, the company said Wednesday. CEO Brian Cornell said the company had “outstanding performance” during the first half
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If you’ve been considering a mortgage with an adjustable rate, your reasons for going that route might be disappearing. As recessionary fears cause longer-term interest rates to hover near or below short-term rates, the advantage that typically comes with adjustable rate mortgages has shrunk — or entirely disappeared — at some lenders. ARMs, as they
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In this photo illustration, a visual representation of a cryptocurrency sits on display in front of a Facebook logo. Chesnot | Getty Images Some original investors in Facebook’s digital currency project are considering leaving, the Financial Times reported Friday. Two Libra founders told the Financial Times they were worried about the regulatory spotlight that the
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The Volkswagen T-Cross model stands on a lifting platform in a car tower on the Volkswagen factory premises. picture alliance | picture alliance | Getty Images Volkswagen said Friday it’s recalling 679,000 U.S. vehicles sold since 2011 with an electrical issue that could cause the car to roll away. The automaker said drivers could remove
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David Koch, the billionaire, industrialist, philanthropist, political activist and onetime vice presidential candidate for the Libertarian Party, died Friday. He was 79. “It is with a heavy heart that I announce the passing of my brother David,” Charles Koch announced in a statement. “Anyone who worked with David surely experienced his giant personality and passion
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Federal Reserve Chairman Jerome Powell repeated his pledge Friday to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow. In his annual remarks at the central bank’s Jackson Hole symposium, Powell, while not saying specifically where thought rates should go, pledged that the Fed “will act as
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Signage is displayed outside of the Cardinal Health Inc. headquarters in Dublin, Ohio. Ty Wright | Bloomberg | Getty Images Drug distributor Cardinal Health warned on Tuesday that its business could be hurt as it defends itself against several opioid-related lawsuits. Several pharmaceutical wholesale distributors, including Cardinal, have been named as defendants in about 2,500
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Traders work on the floor of the New York Stock Exchange. Brendan McDermid | Reuters Arturo Estrella, the economist who first discovered the predictive power of the yield curve, has a message for recession naysayers: It could hit sooner than you think. “It’s been 50 years and 7 recessions with a perfect record,” Estrella told
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VMware reported a top-and-bottom line beat in its quarterly report Thursday, but it’s stock tanked as much as 7% in after-market trading. Investors frowned on the cloud software company’s move to acquire both Carbon Black and Pivotal Software at a grand enterprise value of $4.8 billion, but CNBC’s Jim Cramer took a contrarian. “I like the cloud security space
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Google had its IPO 15 years ago, and it was a big deal for a couple of reasons. First of all, Google’s IPO was a glimmer of hope after the dotcom bust. And Google was trying to reinvent the IPO by making it more transparent, using a process called a Dutch Auction. Today, the IPO
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Pedestrians walk past a Nordstrom Inc. store. Ben Nelms | Bloomberg | Getty Images Nordstrom‘s stock soared by more than 17% after the company released a mixed earnings report that showed weakening sales, but handily beat Wall Street profit estimates.  Here’s how the company did, compared with what Wall Street was expecting, according to Refinitiv
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Philadelphia Fed President Patrick Harker said Thursday that while he reluctantly supported the central bank’s rate cut in July, he doesn’t see the case for additional stimulus. “We’re roughly where neutral is. It’s hard to know exactly where neutral is, but I think we’re roughly where neutral is right now. And I think we should
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President Donald Trump, center, speaks while Mary Barra, chief executive officer of General Motors Co. (GM), from right, Stephen Schwarzman, co-founder and chief executive officer of Blackstone Group LP, Indra Nooyi, chairman and chief executive officer of PepsiCo Inc., and Ginni Rometty, president and chief executive officer of International Business Machine Corp. (IBM), listen during
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Michael Burry attends the “The Big Short” New York premiere at Ziegfeld Theater on November 23, 2015 in New York City. Jim Spellman | WireImage | Getty Images GameStop shares jumped after Barron’s reported that investor Michael Burry, one of the main money managers depicted in Michael Lewis’ book “The Big Short,” is long the
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