An alleged $1.2 billion Ponzi scheme that collapsed more than two years ago has resulted in some advisors losing their jobs. In the latest monthly rundown of disciplinary actions taken by the Financial Industry Regulatory Authority, or FINRA, four cases involve brokers who put clients’ money in the Woodbridge Group of Companies, which regulators claim
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A few well-known stocks — and some not quite so well known — are just a few of the names analysts say have “upside” potential. They see companies like Snap, Estee Lauder, and Pinnacle West as just a few worth looking at as earnings season rolls on. CNBC did a deep dive through company research
The revenue Robinhood gets from a controversial practice of selling customer trades to high frequency trading firms is skyrocketing, according to new research. The popular millennial stock-trading app brought in $69 million in order routing revenue in 2018, according to a new estimate from Alphacution Research, three times what the company brought in a year
American Express on Thursday reported lower earnings in the first quarter but earnings per share beat estimates. The New York-based company said it had net income of $1.55 billion, or $1.80 per share. Earnings, adjusted for non-recurring costs, came to $2.01 per share. The results surpassed Wall Street expectations. The average estimate of eight analysts
South Korean automaker Hyundai Motor on Thursday named former Nissan executive Jose Munoz as its global chief operating officer. Munoz, who will take charge on May 1, has also been named president and chief executive officer of Hyundai Motor North America and Hyundai Motor America. Previously, Munoz, 53, was Nissan Motor‘s chief performance officer and
Step aside, Florida. New Mexico is the new top retirement destination. Those were the findings from a survey by United Van Lines. The relocation company polled 26,998 of its customers who moved last year, through Nov. 30, 2018. Among those who moved to New Mexico, 42% said they did so because of retirement, making the
CNBC’s Jim Cramer on Wednesday said that business in the construction industry seems to be picking up and it could make an interesting play for Waste Management. “Jim Fish, CEO of Waste Management who comes on all the time on the show, often commented that his best source of revenue is construction,” the “Mad Money”
President Donald Trump has called for a sweeping look at regulation of the energy industry — and that includes investments in retirement plans. In an executive order issued last week, Trump called for the Department of Labor to complete a review of energy investment trends and the fiduciary responsibilities tied to proxy voting to determine
Some of China’s automobile industry watchers are putting their hopes on a new growth trend, driven by consumer demand for more intelligent cars. Electric-powered cars were a clear focus for start-ups and foreign auto giants alike at this week’s Shanghai Auto Show. For some in the industry, they say it will be the smartphone-like interface
The fossil of a baby T-Rex is being sold on eBay for almost $3 million, sparking outrage among the scientific community. The 68-million years old fossil, reportedly listed by professional fossil hunter Alan Detrich, has a “buy it now” asking price of $2.95 million. The listing, last updated on Tuesday, claims the artefact is “most
Schneider Electric reported on Thursday its first quarter results with revenue growth of 9 percent at 6.31 billion euros, above consensus of 6.13 billion euros. The company, which markets products ranging from electrical car chargers and lighting control to transformers and software, reiterated its 2019 outlook, with an adjusted EBITA margin up 20 to 50
Morgan Stanley posted profit and revenue that exceeded analysts’ expectations on better-than-expected results in wealth management and fixed-income trading. The bank generated $2.4 billion in first-quarter profit, or $1.39 per share, according to a Wednesday release, compared with the $1.17 estimate of analysts surveyed by Refinitiv. Morgan Stanley’s revenues of $10.3 billion beat the $9.94
Political feuding in Washington is keeping Americans up at night. In all, 44% of participants in a recent survey by Bankrate.com said the biggest threat facing the economy over the next six months is the political environment in the nation’s capital. The personal finance site polled 1,000 people over the phone from April 2 to
Federal Reserve Chairman Jerome Powell isn’t the only market player who may be guilty of a little capitulation. Millionaire investors began 2019 with major reservations about the stock market, but as the Federal Reserve‘s abrupt December about-face on interest rates takes hold as the new normal in monetary policy, the wealthy have decided that the
The two biggest U.S. banks each just posted record first-quarter profit, the result of years of work building coast-to-coast franchises that have attracted billions in customer deposits. On Friday, J.P. Morgan Chase said it made $9.2 billion in the first three months of the year. Bank of America said Tuesday that it generated $7.3 billion.
It was a tale of two stories for Netflix according to Wall Street analysts. While the company posted first-quarter revenue that beat estimates, it also warned that it expected light second-quarter guidance. Shares of the streaming giant plunged 9 percent in extended hours trading after the report but by Wednesday morning had pared those losses
Check out the companies making headlines midday Wednesday: Qualcomm — Qualcomm surged 10.8%, adding to Tuesday’s gains after news broke that the chipmaker reached a settlement with Apple over their royalty dispute, dropping all legal action between the two companies worldwide. The settlement included a payment from Apple to Qualcomm as well as a chipset
Facebook is working on a voice assistant to rival the likes of Amazon’s Alexa, Apple’s Siri and the Google Assistant, according to several people familiar with the matter. The tech company has been working on this new initiative since early 2018. The effort is coming out of the company’s augmented reality and virtual reality group,
We all know that low- and middle-income workers generally don’t have enough saved for retirement. Richer folks, it turns out, might be in the same boat. That’s the takeaway from a new study by economists at the Schwartz Center for Economic Policy Analysis at the New School for Social Research. “We always knew the bottom
J.B. Hunt Transport Services‘ downbeat earnings call on Monday should put to rest any ideas that the economy is too strong and that the Federal Reserve should tighten interest rates again, CNBC’s Jim Cramer said Tuesday. The trucking and transportation company’s stock sank nearly 5% after missing Wall Street’s expectations and blaming low volume on
Johnson & Johnson‘s mounting legal costs ate into its first-quarter profits, which dropped 14% as it fights thousands of lawsuits over its talc baby powder and shelled out almost $400 million to settle 25,000 cases over its blockbuster blood thinner Xarelto. Still, the health company on Tuesday reported better-than-expected earnings, and its shares rose 2%.
Goldman Sachs Chief Executive David Solomon said Wednesday that the chances of the U.S. economy soon entering a recession are lower now than they were earlier this year. “I don’t see any data in any way, shape or form that leads me to believe that that chance is accelerating at the moment,” Solomon told CNBC’s
ABB Chairman Peter Voser has taken over as temporary chief executive at the Swiss engineering group, the company said on Wednesday, after CEO Ulrich Spiesshofer resigned. In a surprise move Spiesshofer, CEO since 2013, agreed with the board to step down and a search has begun for a successor, ABB said. The company, in the
Tax season has come and gone — at least for the more than 103 million filers who submitted their returns before April 15. This spring marked the first time taxpayers and their accountants submitted tax returns under the Tax Cuts and Jobs Act. The overhaul of the tax code, which went into effect in 2018,
Activist investor Praesidium Investment Management said Tuesday that it’s taken a new stake in cloud-based education software company Instructure. Praesidium manager Kevin Oram, who filed a 13D with the Securities and Exchange Commission on Monday, said that despite big investments in new business, the company’s stock looks cheap. Oram detailed the investment from 13D Monitor’s
You’ve probably heard of the Nissan Leaf, Chevrolet Bolt and Tesla Model 3. And most car companies, if they are not selling an electric vehicle, are working on bringing one to market. But consumers in the market for new cars have a right to ask “are we there yet?” when it comes to whether it
ValueAct Capital founder and CEO Jeff Ubben is betting on electricity with his private investment in hydrogen-fueled truck company Nikola Motor. “The electricity grid is the crown jewel in the clean economy,” Ubben said on Tuesday in an interview with CNBC’s David Faber at 13D Monitor’s Active-Passive Investor Summit in New York. The companies that
Bank of America beat analysts’ estimates for profit as it cut expenses more than expected and posted a 25% surge in earnings at its consumer banking division. The bank said first quarter profit rose 6% to $7.3 billion, or 70 cents a share, according to a Tuesday release, exceeding analysts’ estimate of 66 cents a
Boeing’s troubles with its 737 Max jets, which have been grounded since mid-March, are expected to sap growth out of the broader U.S. economy during the second quarter, according to a new Wells Fargo forecast. The airplane maker recently halted deliveries and cut production by 20% of its popular 737 Max jets following crashes in
It probably comes as no surprise that your parents helped shape your financial habits. And a new survey from TD Ameritrade shows that the way your parents handled money is likely the biggest influence on how you manage your own finances now. That tops other events from your early years, including your household’s financial situation,