David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, April 29, 2019 Mike Blake | Reuters Goldman Sachs is beefing up its technology team with a top Amazon cloud executive. The New York investment bank announced on Thursday it would hire Marco Argenti
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The U.S. government’s red ink for fiscal 2019 swelled past the $1 trillion mark in August, the first time that level has been eclipsed in seven years, the Treasury Department reported Thursday. The total shortfall rose to nearly $1.07 trillion, thanks to a difference between revenue and expenses of more than $214.1 billion in August.
T. Boone Pickens, BP Capital Management Scott Mlyn | CNBC Magnates and friends of prominent wildcatter T. Boone Pickens remembered him fondly in comments to CNBC following his passing. Pickens died Wednesday of natural causes at age 91. Billionaire investor Warren Buffett told CNBC’s Becky Quick on Thursday that “they grow big personalities in Texas,
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer said on Wednesday that Federal Reserve Chairman Jerome Powell should be cutting interest rates further, but should not go to negative rates as President Donald Trump suggested. “Negative rates, no. You don’t want negative rates. That’s just a sign that we’re not a robust economy,” said
Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange (NYSE) on August 6, 2019. Drew Angerer | Getty Images Value is seeing the light of day finally. A huge rotation out of momentum stocks is underway as investors pile on bets on economically sensitive, cheap stocks
Charles Schwab is laying off 600 workers in response to a slowing economy and pressure from slumping interest rates, the company said. The cuts represent about 3% of the bank’s workforce and comes across all sectors amid an effort to streamline expenses as net interest revenue comes under pressure. “This Spring, we initiated a process
CEO of WeWork Adam Neumann Getty Images WeWork is worth just a fraction of where it was raising money in private markets, according to a widely followed valuation expert. Aswath Damodaran, professor of finance at the Stern School of Business at NYU, who is sometimes called the “dean of valuation,” analyzed the start-up’s prospectus filed
The labor market and the broader economy are both better than they look on the surface, and in fact have been mostly defying the continual patter of recession expectations. By multiple measures, the U.S. is staying ahead of the global slowdown, the trade war with China and the bond market’s implication that the decade-long recovery
A selection of Netflix original content sits displayed in the Netflix app on an Apple iPad tablet device in this arranged photograph in London. Jason Alden | Bloomberg | Getty Images Netflix is putting out strong performance data but investors don’t seem to care, according to Credit Suisse. Despite positive numbers coming from app downloads
The Facebook app is displayed on the screen of an iPhone. Fabian Sommer | picture alliance | Getty Images Facebook and Amazon are two of J.P. Morgan’s top picks in the internet sector, despite intensified scrutiny from regulators at home and abroad. The firm likes Facebook, Amazon, Twitter, Netflix and media company IAC in the
An activist investor with a penchant for bold calls about companies losing value spoke to CNBC’s “Squawk Box” on Monday about his latest position, which bets that household products company Church & Dwight will lose half its value. Spruce Point Capital founder Ben Axler published a report last week expressing “significant concerns” about Church &
Marines from 4th Tank Battalion, Twentynine Palms, Calif., roll down a dirt road on their M1A1 Abrams Main Battle Tank during a day of training. U.S. Marine Corps photo Whether or not a recession is just around the corner is a hotly debated topic among U.S. stock market investors, especially as the trade war with
JEWEL SAMAD/AFP/Getty Images For a sector that’s typically not known as a dividend play, technology stocks could be a great place to find yield in this world of tumbling rates. In the past decade, the tech sector has increased its dividend payouts by about 17% to $88 billion, according to Credit Suisse. Apple and Microsoft,
Bank of America financial center manager, center, shows a customer how to use the ATM with Teller Assist station in Cherry Creek. Andy Cross | Denver Post | Getty Images Keefe, Bruyette & Woods (KBW) lowered its rating on Bank of America shares to market perform from outperform, saying the bank is facing earnings pressure
In this photo illustration, packages of Beyond Meat “The Beyond Burger” sit on a table, June 13, 2019 in the Brooklyn borough of New York City. Drew Angerer | Getty Images Investors have overestimated the potential size of the the planet-based meat industry, which could end up smaller than the plant-based milk industry, according to
Beyond Meat CEO Ethan Brown speaks before ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City. Drew Angerer | Getty Images Here are the biggest calls on Wall Street on Friday: D.A. Davidson initiating Beyond Meat as ‘underperform’ D.A. Davidson said its view does not reflect a negative view of
Source: Waste Connections Christopher Warner and Ozo Jaculewicz helped build one of the top-performing funds of 2019 with an unconventional bet: Waste Connections. Waste Connections, a waste management company based in Canada, has the largest weight in the Wells Fargo Asset Management Discovery fund (WFDAX), which is managed by Warner and Jaculewicz. Their bet on
White House economic advisor Larry Kudlow said recent conversations with China “went very well.” “The phone call the night before last with Secretary Mnuchin and Lighthizer and Vice Premier Liu He went very well. That’s important,” Kudlow said Friday on CNBC’s Squawk on the Street. “The phone lines have been open during this period and
Federal Reserve Chairman Jerome Powell said Friday that the ongoing trade war between China and the U.S. is weighing down companies’ investment decisions. “I think it is the case that uncertainty around trade policy is causing some companies to hold back now on investment,” Powell said in Switzerland. ”We’ve been hearing quite a bit about uncertainty. So
CNBC’s Jim Cramer said Friday that Federal Reserve Chairman Jerome Powell should admit he was wrong to increase interest rates so aggressively last year, as the U.S.-China trade dispute was escalating, economic growth was starting to cool and the stock market was tanking. Powell should acknowledge the mistake and change course, Cramer said. “Why can’t