(L-R) Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, chief executive officer of Bank of America Corp., Ron O’Hanley, president and chief executive officer of State Street Corp., Charles Scharf, chief executive officer of Bank
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Lululemon is acquiring the in-home fitness company Mirror for $500 million, the retailer announced Monday, marking its first acquisition with a bet that more people are going to be pivoting to exercise at their homes. Lululemon shares were up almost 4% in after-hours trading. Following the closing of the deal, Mirror will run as a standalone
The next three months may be anything but calm. CFRA’s Sam Stovall warns the market is entering one of the toughest periods of the year. “The third quarter is by far the weakest of the four quarters of the year — gaining only 0.5% on average,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on
Getty Yes, the GROW Act — the best new retirement innovation you’ve never heard of (regular readers of this site excluded). For quite some time, I’ve been insisting that Congress must come to a compromise with respect to a rescue and reform of multi-employer union pensions, with a combination of federal fund infusion plus changes
Getty Winston Churchill once said in a speech, “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” While Churchill was referring the Allied defeat of Rommel in November of 1942, he could just as easily have been talking about the Covid-19 crisis. While lockdown restrictions have been
Mezzanine loans are often the riskiest piece of the real estate capital stack. These lenders will suffer the first loss if the value of the collateral goes down. If the loan defaults, they also have the fastest enforcement tool in the foreclosure tool shed: the ability to hold a Uniform Commercial Code foreclosure sale, a
Klaus Vedfelt If you took a mandatory distribution from an inherited retirement account this year, the IRS will let you put the money back. The CARES Act, which became law on March 27, allowed individuals to skip required minimum distributions for 2020. This is the annual withdrawal you must take from your individual retirement account and
People walk by a Wells Fargo bank branch on October 13, 2017 in New York City. Spencer Platt | Getty Images Wells Fargo warned on Monday that it will likely cut its dividend after the Federal Reserve announced it would cap dividends for banks based on earnings. Wall Street analysts pointed to Wells Fargo as
Texas Governor Greg Abbott ordered bars to be closed by noon on June 26 and for restaurants to be reduced to 50% occupancy. Sergio Flores | AFP | Getty Images Governors in Washington, California, Florida and Texas are walking back some of their reopening plans as coronavirus cases rise in more than 30 states across
U.S. stock futures were flat in overnight trading ahead of the last trading day of a volatile month for stocks on Tuesday. Dow futures fell 16 points. The S&P 500 and Nasdaq-100 were set to open higher, with gains of 0.14% and 0.34%, respectively. Shares of Wells Fargo ticked nearly 2% lower in after hours
By Bob Blancato, Next Avenue Contributor and Elder Advocate Getty As the national coordinator of the national and grassroots advocacy group, the Elder Justice Coalition, I believe the need to address elder justice has become even more urgent recently. Congress appears to think so, too. Elder justice is the holistic approach of preventing and handling
A person holding a remote control pointing at the TV. Getty Lawrence A. Zelenak, the Pamela B. Gann Professor of Law at Duke University School of Law, shares his findings from watching dozens of hours of tax-related sitcom episodes. This post has been edited for length and clarity. David Stewart: Larry, welcome to the podcast. Lawrence
Pending home sales staged a historic rebound in May. Los Angeles Times via Getty Images Pending home sales across the nation made a major comeback in May, seeing encouraging record-breaking contract activity after two previous months of declines brought on by the increasing impact of the coronavirus pandemic. The National Association of Realtors reported that
Rep. Bobby Rush, D-Ill. Ralf-Finn Hestoft | Corbis | Getty Image The bill, called the Student Recovery Eligibility for Low-Income Individuals to Exact Funds (RELIEF) Act of 2020, would make students receiving Pell Grants eligible to receive $1,200 stimulus checks. Federal Pell Grants are need-based funds given to low-income students to help them complete their
Jacy and Seth Boyack reopened their Arizona massage spa earlier this month from pandemic-driven closures. But they shut Citrus Massage back down after four days, citing safety concerns from the Covid-19 outbreak. In an interview Monday on CNBC’s “The Exchange,” Jacy Boyack said that even working the front desk, she felt concerned. “I’m not a massage
The average consumer answered just 4 out of 10 questions correctly on a recent investing quiz from MagnifyMoney that asked 1,025 American adults about topics from dividends to the meaning of a price-to-earnings ratio. Younger generations performed more poorly on the quiz compared to older generations, with both millennials and Gen Z averaging scores under
Fracking giant Chesapeake Energy’s bankruptcy filing comes following a financial mess at the company that included no budgets, a massive wine collection and a nine-figure bill for parking garages, sources told CNBC’s David Faber. CEO Robert D. “Doug” Lawler found in examining the company’s books a $110 million bill for two parking garages, Faber reported
miodrag ignjatovic The economic crisis caused by the coronavirus outbreak is anything the world has ever experienced. Unlike the recession in the 1980s, the bond collapse of 1994, the Asian currency crisis or the 2008 subprime mortgage disaster, this is not a financial crisis. It is an economic crisis. And, although financial crises occur with
A woman wearing a face mask and a plastic bag pulls a cart loaded with bags of recyclables through the streets of Lower Manhattan during the outbreak of the novel coronavirus (which causes COVID-19) on April 16, 2020 in New York City. Johannes Eisele | AFP | Getty Images As the country re-opens after months
A Burger King sign outside a restaurant in Glendale, California. Robyn Beck | AFP | Getty Images Burger King’s U.S. same-store sales are trending flat as customers return to its locations for Whoppers and french fries. The Restaurant Brands International chain saw its same-store sales plunge by mid-30s in March as the coronavirus pandemic led consumers