At the height of the 2007-2009 financial crisis, the S&P 500 Index plummeted as much as 58 percent. It happened in March 2009. “This market at 24 times GAAP earnings, 21 times operating earnings, 100 months into a business expansion with the kind of troubles you have in Washington, central banks [are] going to the
Month: September 2017
But researchers here also try out new ideas. Looking to build a new system for searching with images instead of words, a team in Bangalore turned to Watson to index 600,000 photos from the world’s top fashion shows and Bollywood movies. Last spring, a major Indian fashion house, Falguni Shane Peacock, tried the tool, which
It’s been a wild couple of weeks for Bass Pro Shops founder Johnny Morris, who just last week completed a $4.5 billion acquisition of rival outdoor retailer Cabela’s. Around the same time, former U.S. presidents Jimmy Carter and George W. Bush, along with a boatload of actors, country western stars and outdoor enthusiasts, helped Morris
The divisions between Uber and its former chief executive, Travis Kalanick, are widening. For the past few weeks, Mr. Kalanick, who had resigned as chief executive in June, kept a low profile. Last month, Uber installed a new chief executive, Dara Khosrowshahi, and the company appeared to be trying to get past a turbulent period
In his decades of investing, CNBC’s Jim Cramer has never liked the month of September. But this one turned out to be different. The “Mad Money” host expected waves of hedge fund selling, politically-charged stock declines and negative earnings pre-announcements from companies experiencing a summer slowdown. But none of those happened. So, with the market’s
Shares of streaming platform Roku surged after its Thursday initial public offering, so CNBC’s Jim Cramer decided to find out if the company was fit for your portfolio. “Judging by the strength of its IPO, there’s a lot to like here. Roku’s been growing at a solid clip, and [as] the maker of the No.
Many may think that artificial intelligence will eventually make human capabilities obsolete, but CNBC’s Jim Cramer wanted to refine that theory. “I get the sense that when it comes to the power of artificial intelligence, we’re thinking way too small,” the “Mad Money” host said. “We don’t understand that AI might hold the key to
September saw the reflation trade come roaring back, and it’s likely to have legs in the fourth quarter. By “reflation” I mean expansion, as in expanding economies, not necessarily inflation. Bulls are betting that the combination of slow but persistent global growth and prospects for tax cuts in the U.S. will keep the markets at
An announcement on who will lead Federal Reserve in 2018 and beyond could come in the next few weeks, President Donald Trump said Friday. The announcement comes amid reports that the president has interviewed former Fed Governor Kevin Warsh and current Governor Jerome “Jay” Powell in recent days. “We’ve had four meetings for Fed chairman,
The GOP tax reform plan unveiled Wednesday would lead to broad reinvestment in manufacturing, according to a survey of American producers released Friday. “Two-thirds of manufacturers said, specifically, that if we get this tax plan through, they’ll invest in new plants and equipment, and hire new workers,” Jay Timmons, CEO of the National Association of
Equifax‘s board has hired the law firm WilmerHale to do an independent review of the data breach and the company’s response to it and to review early August stock trades by some of its top executives, the company said Friday. An Equifax spokeswoman said the board’s special committee investigating the matter is “conducting a thorough
President Donald Trump apparently is getting more serious about determining who he will pick for the next Federal Reserve chairman. In addition to interviewing former Fed Governor Kevin Warsh this week for the position, Trump also has spoken to Governor Jerome “Jay” Powell in recent days, according to a report Friday afternoon from the Wall
Blaring sirens from a public warning system for incoming earthquakes in Mexico City may have helped save lives this month but the U.S. West Coast lacks a similar system and funding has been a challenge. President Donald Trump didn’t provide funding for the seismic warning system known as ShakeAlert in his 2018 budget proposal. But
Of course, financial aid calculations are Byzantine and case-specific. If you’re going to try to shuffle assets, you should first be sure you understand all the applicable rules and trade-offs. Furthermore, shifting parental assets won’t make a big difference unless you’re looking at large sums, said Mark Kantrowitz, publisher and vice president of strategy for
The world’s wealthiest look poised to get even richer. A new report by global consultancy Capgemini found wealth among millionaires grew by a record 8 percent last year to $63.5 trillion. Much of that growth was driven by ultra-high net worth individuals, those with $30 million or more in investable assets. The report is the
Andrey Rudakov | Bloomberg | Getty Images Superyachts and other smaller luxury vessels sit moored in the Port de Fontvieille in Monaco, on Monday, May 18, 2015. But that does not mean that the sector will be fully automated, he said. While technology can help meet the demand for quality financial advice, high net-worth clients
The war over who will create the framework for next-generation artificial intelligence will likely be the biggest corporate battle in the near future, Applied Materials President and CEO Gary Dickerson told CNBC on Thursday. In an interview with “Mad Money” host Jim Cramer, Dickerson said that waiting for operating system upgrades and new mobile phone
Today Southwest Airlines and Sherwin-Williams both said revenue would be lower because of Hurricanes Harvey, Irma and Maria. They join a growing list of companies affected in one way or another by the storms: Hurricane Impact on Earnings Southwest Airlines: lowered Q3 revs.Sherwin-Williams: cut Q3 guidanceCarnival Cruise Line: cut Q4 EPS DR Horton: cut Q4
Andrew Harrer | Bloomberg | Getty Images Senator Elizabeth Warren, during a Senate Banking Committee nomination hearing in Washington, D.C. Equifax‘s ex-CEO is bracing for what is expected to be a brutal couple of days on Capitol Hill next week, and already he is getting a taste of what is to come. In Fortune opinion
After just 10 minutes of scrolling through anyone using #TaxReform, I concluded that a majority of people really have no idea what tax reform actually means for them and their personal financial situation. Unfortunately, the sad reality is that most Americans are financially illiterate, and not just about taxes. To that point, about 66 percent
It is not just the iPhone that is supporting Apple‘s almost $800bn valuation. The company has hundreds of billions of dollars of cash and other investments, eclipsing that of many established asset managers. However, in contrast to the disclosure by investment firms, Apple offers investors only the broadest brush strokes of what the money is
Who uses the mortgage interest deduction, by income 0 to $50,000 2.32 million $1.11 billion $50,000 to $100,000 9.77 million $9.19 billion $100,000 to $200,000 14.6 million $24.85 billion $200,000 & up 7.18 million $29.78 billion Totals: 33.87 million $64.93 billion Source: 2016 data from Joint Committee on Taxation report. *Income ranges include AGI plus
“I’m doing the right thing, and it’s not good for me, believe me,” — President Donald Trump on proposed tax cuts (Sept. 27, 2017) The president might have been better off, or least more accurate in his characterization of his proposed tax cut, by paraphrasing the poet Elizabeth Barrett Browning (1806 – 1861): Oh, tax
Term life insurance is much less expensive than that other breed of coverage: permanent life insurance, which comes in a variety of flavors such as whole life and universal life. As its name implies, there is no end date on a permanent policy. The added cost is in part to pay for an investment component
Most of the wealth was in Asia-Pacific, but North America came just 0.8 percent short with 18 percent of the global wealth. Europe placed third with 14.7 percent. Similarly, most millionaires resided in the Asia-Pacific region, 5.5 percent of them in total. North America followed suit, hosting 5.2 percent of the world’s millionaires and Europe
Carlos Ghosn, the chairman and chief executive of one of the world’s largest automotive groups, told CNBC he doesn’t expect the U.S. market to grow over the next few years. When asked whether the U.S. car market can still grow, Ghosn – a mogul of the auto industry – was unsure. “I’m not planning on
The performance of ZhongAn Online’s listing could potentially influence sentiment for IPO markets in the region ahead, one expert said. “[T]he IPO market right now is really hot, with some large deals that will give the catalyst for some other good companies to come over to Hong Kong,” Ringo Choi, Asia-Pacific IPO leader at EY,
Finally, Cramer drew a comparison between two seemingly disconnected companies: sneaker giant Nike and semiconductor manufacturer Micron. The “Mad Money” host said they both rely on supply and demand, or, in more basic terms, inventory, to succeed in their respective sectors. Micron is currently seeing low supply and a surge of demand, which contributed to
A majority of Americans haven’t checked to see if their information was compromised in the Equifax data breach, according to a new survey by LendEDU. While more than 84 percent of respondents said they had heard of the hack, 55 percent still don’t know if they were one of the 143 million affected. LendEDU polled
America’s top 1% now control 38.6% of the nation’s wealth, a historic high, according to a new Federal Reserve Report. The Federal Reserve’s Surveys of Consumer Finance shows that Americans throughout the income and wealth ladder posted gains between 2013 and 2016. But the wealthy gained the most, driven largely by gains in the stock
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