JPMorgan kicks off earnings season on Tuesday. The bad news: Short-term guidance will be very ugly. But there’s some good news: 1) The Securities and Exchange Commission has told corporations that this earnings season is not routine and has encouraged companies to provide forward-looking guidance, and not be concerned that the information may change rapidly.
Take a look at some of the biggest movers in the premarket: Caterpillar (CAT) – The heavy equipment maker’s stock was downgraded to “underperform” from “neutral” at Bank of America Securities, which points to a severe capital spending downturn in key Caterpillar markets. Dunkin’ Brands (DNKN) – Credit Suisse gave the restaurant chain’s stock a
Retail and housing. Those two consumer-driven sectors could be key to determining the market’s next move, Miller Tabak chief market strategist Matt Maley told CNBC’s “Trading Nation” on Thursday. “Of course, both are very, very important to the economy,” Maley said, referencing the charts of the SPDR S&P Retail ETF (XRT) and the iShares U.S.
The municipal market rallied Thursday, with yields declining at least 10 basis points across the curve against a backdrop of the Federal Reserve’s announcement that it would purchase up to $500 billion of short-term municipal notes. While the announcement signaled the Fed would prop up short-term munis, long-term bonds are not going to be a
Carson Block Anjali Sundaram | CNBC Carson Block’s Muddy Waters Research announced Wednesday it has taken a short position in eHealth Inc., which owns a digital health insurance exchange. Block, the firm’s founder, disclosed the position on CNBC’s “Squawk Box.“ Muddy Waters argues eHealth, with a stock market value of $3 billion as of Tuesday’s close,
A man buys water, food and toilet paper at a store, as people begin to stockpile essentials over fear that supplies will be affected by the spread of the COVID-19, coronavirus, outbreak across the country, in Los Angeles on Feb. 29, 2020. Mark Ralston | AFP | Getty Images Consumer prices fell 0.4% in March,
The coronavirus pandemic continues to take a rating toll on Illinois as Moody’s Investors Service Thursday revised its outlook to negative from stable. The revision affects Baa3-rated Illinois general obligation debt and sales tax backed Build Illinois bonds, which are already on the lowest investment-grade rating. Also shifted to negative are the junk-level Ba1 ratings
Steven Mnuchin, U.S. Treasury secretary, right, speaks beside U.S. President Donald Trump during a Coronavirus Task Force news conference in the briefing room of the White House in Washington, D.C., U.S., on Tuesday, March 17, 2020. Kevin Dietsch | Bloomberg | Getty Images Banks are scrambling to process a growing backlog of applications for the
People wearing masks and gloves wait to checkout at Walmart on April 03, 2020 in Uniondale, New York. Al Bello | Getty Images The economy is already in what will be a short, deep recession and even with a spike in unemployment, consumers are expected to continue to spend, according to a National Association for
Thomas Barrack, Executive Chairman and CEO, Colony Capital, participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 28, 2019 in Beverly Hills, California. Michael Kovac | Getty Images One of President Donald Trump’s closest allies hired a top lobbying firm to advise on challenges related
Nuveen Investments unlawfully waged a campaign to pressure banks and broker-dealers to boycott Preston Hollow Capital LLC’s direct lending business as the two competed for high-yield deals, a judge concluded Thursday. The long-awaited decision in Dallas-based PHC’s 2019 lawsuit accusing the Chicago-based investment powerhouse of defamation, anti-trust, and unlawful business interference sided with PHC in
CNBC’s Jim Cramer on Thursday praised the Federal Reserve‘s latest moves to help keep afloat a U.S. economy that’s been battered by the coronavirus pandemic. Before the stock market opened, the Federal unveiled details of its much-anticipated Main Street lending program and other initiatives, a total of $2.3 trillion in loans to help businesses and municipalities.
Eddie Rodriguez (R) and other City of Hialeah employees hand out unemployment applications to people in their vehicles in front of the John F. Kennedy Library on April 08, 2020 in Hialeah, Florida. Joe Raedle | Getty Images JPMorgan economists issued an even more dire forecast, now foreseeing a 40% decline in the nation’s gross
DocuSign CEO Dan Springer said Tuesday the company has not noticed a decline in activity among its clients in the real estate industry despite the economic shock from the coronavirus. “Real estate is an interesting one because while a lot of people are concerned there is going to be a slowdown, we haven’t yet seen
Chicago won’t dip into asset reserves or push off a pension funding ramp to compensate for the COVID-19 economic hit, Mayor Lori Lightfoot said Thursday. “We want to make sure we come out of this experience as strong as possible. What we don’t want to do is something that shrinks government” or undercuts “the city’s
One of the most crucial events in the lifetime of most cryptocurrencies is its halving event. Bitcoin Cash (BCH) had its much-anticipated halving on Wednesday. BCH had its first block reward halving yesterday, and the event resulted in a rally in the cryptocurrency. After the halving, BCH soared by 15% over the past 24 hours,
James Gorman, chief executive officer of Morgan Stanley Qilai Shen | Bloomberg | Getty Images Morgan Stanley CEO James Gorman fell ill with the coronavirus about three weeks ago and has since recovered and been cleared by physicians, according to a company spokesman. The executive remained in charge of Morgan Stanley the entire time he
Take a look at some of the biggest movers in the premarket: Starbucks (SBUX) – Starbucks said its fiscal second-quarter profit would likely drop by 47% due to the coronavirus impact, and that it was abandoning its full-year forecast. The coffee chain is also suspending its share buyback program, although it will continue to pay
Loan servicers are being slammed by requests from homeowners to delay their monthly mortgage payments as the coronavirus forces millions of people out of work. Yet one of the industry’s top regulators vehemently denies that those servicers need any help. Top industry leaders are fighting back in an escalating war of words that could have a
Detroit is projecting a $100 million deficit in its current budget and painful cuts loom once the public health crisis caused by COVID-19 eases, Mayor Mike Duggan said. “We are going to run a deficit of more than $100 million in this fiscal year that ends June 30. We’ve run balanced budgets year in and
Mark Cuban, chairman and chief executive officer of Axs TV, speaks during the Skybridge Alternatives (SALT) conference in Las Vegas, Nevada, U.S., on Thursday, May 9, 2019. SALT brings together investors, policy experts, politicians and business leaders to network and share ideas to unlock growth opportunities in finance, economics, entrepreneurship, public policy, technology and philanthropy.
Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020. Tayfun Coskun | Anadolu Agency | Getty Images The week started with a roar. At the open Tuesday, the S&P 500 was up almost 10% for the week. Investors were positively giddy about three events: 1)
A pedestrian wearing a protective mask walks along Wall Street in front of the New York Stock Exchange (NYSE) in New York, U.S. on Monday, March 30, 2020. Michael Nagle Bloomberg | Getty Images This week’s reprieve from gut wrenching stock market losses has investors giving some companies and sectors a fresh look, but strategists
An “Open House” sign is displayed in the front yard of a home for sale in Columbus, Ohio. Ty Wright | Bloomberg via Getty Images Consumers are fast losing confidence in this spring housing market, given the economic upheaval from the coronavirus. Higher mortgage rates aren’t helping either. Both combined to cause a 17.9% drop
Rest of the best Swap Financial Group LLC moved up six spots to sixth place with $2.68 billion; Kaufman Hall & Associates Inc., improved four spots with $2.17 billion; RBC Capital Markets moved up one place with $1.57 billion; Municipal Capital Markets Group Inc., was outside the top 30 a year ago and this year
The crypto space has been quite volatile over the past weeks, but holders of Ethereum (ETH) are, no doubt, quite pleased with the latest turn of events. Ether, the actual cryptocurrency of the network, has recorded its biggest jump in 20 days, and it seems likely that there is going to be a lot of
Younger investors have lately been buying shares of cruise lines, two Wall Street strategists told CNBC on Monday. TD Ameritrade‘s JJ Kinahan said Royal Caribbean and Carnival Corp. have been two stocks that the brokerage firm’s millennial clients have added to their portfolio in the month of Month. “At first you might be like, ‘Oh
Take a look at some of the biggest stocks moving before the market opens: Exxon Mobil – Exxon Mobil said it was cutting 2020 capital expenditures by 30% and cash operating expenses by 15%, with the moves designed to put it in the strongest possible position when the energy markets improve. Slack Technologies – The
A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate. The Cares Act mandates that all borrowers with government-backed mortgages—about
Oklahoma lawmakers on Monday granted Gov. Kevin Stitt extraordinary power to bypass state laws in responding to the COVID-19 pandemic. Meeting in a special session Stitt called last week, the Legislature enacted the Catastrophic Health Emergency Powers Act that allows Stitt to waive statutory and regulatory requirements and redirect state agency or state employee efforts