Kevin Hassett, economic advisor to President Donald Trump, said Thursday that the slowing Chinese economy could hurt the earnings and revenue of U.S. corporations doing business there. “There are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be
Month: January 2019
The good news on 2019 earnings is that a lot of bad news is already priced into the market, as seen by the very modest drop of 1.5 percent in Samsung shares on Tuesday after terrible guidance. The flip side is a lot of damage has already been done, and other companies will be similarly
Shares of Constellation Brands dropped 7 percent in premarket trading Wednesday morning after the brewer released a disappointing outlook for the fiscal year. Here’s what the company reported for its fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Earnings per share: $2.37, adjusted, vs. $2.06
When U.S. stocks posted their worst December since the Great Depression, traders put plenty of the blame on actions by the Federal Reserve and that other favorite scapegoat, computerized trading. But it now seems clear that the market was mostly anticipating what has actually happened in recent days: companies are cutting profit forecasts and trying
Bed Bath & Beyond said it is ahead of its long-term financial goals in its quarterly earnings released on Wednesday. The stock soared more than 20 percent after hours. The company said it is ahead of schedule in terms of slowing down the declines in operating profit and net earnings per share, plus increasing net
Earnings season may not be the club for stocks it could have been had the market not gotten so beaten down. But it could be a period when the stock market is put to the test, as companies discuss trade, slowing global growth and other issues that have shaken investor confidence. There have been some
Target saw a surge of shoppers head to its stores and website this past holiday season, a sign that its investments in store remodels and delivery services are paying off, and an early sign that consumers across the U.S. spent more on gifts this year. The retailer said in a Thursday press release sales at
Kohl’s on Thursday reported holiday sales growth that paled in comparison to its results in 2017, sending shares tumbling. The retailer said sales at its stores and website operating for at least 12 months, on a shifted basis, rose 1.2 percent over the 2018 holiday shopping season. That’s compared with growth of nearly 7 percent
General Motors CEO Mary Barra said the automaker’s full-year 2018 earnings exceeded its previous expectations and that 2019 is looking even better, citing strong sales in China and high demand for its truck and utility vehicles in the U.S. “From a 2018 perspective, it is not only a focus on really capitalizing on the new
Between the stock market’s extreme volatility of late and the three-week-old government shutdown, the IPO market faces plenty of uncertainty in 2019. But for Uber, there’s another complicating aspect — the company’s biggest investor is still waiting for its board seats. When Uber sold a 15 percent stake to SoftBank last January, the ride-hailing company
It was another bad week for Huawei: A public relations executive was arrested on spying charges in Poland Thursday, and the U.S. Commerce Department blocked shipment of the company’s equipment back to Hong Kong this week. This is on top of the continuing saga of the December arrest of the company’s top finance executive. The
Amid the government shutdown, restaurants are starting to feel the pinch. The partial shutdown entered its 21st day Friday, tying it with the 1995-1996 shutdown as the longest in U.S. history. And it doesn’t look like there is an end in sight, with Democrats refusing to capitulate to President Donald Trump‘s demands for a $5.7
YETI shares jumped 10 percent after it raised its full-year guidance and released preliminary results. The company said it now expects to report full-year earnings per share between 67 cents to 69 cents. Previously, Yeti had projected earnings per share between 60 cents and 64 cents. Last year, the company earned 19 cents per share.
Even though the stock market has recovered from its late 2018 lows, Wall Street might not be in the clear as it enters its next earnings season, CNBC’s Jim Cramer warned on Friday as stocks ended the week higher. “Next week, we find out if this move’s been warranted based on earnings, not merely hope,”
Chinese consumers are starting to “take sides” as the U.S.-China trade dispute rages on, and that could hamper the success of some U.S. companies, CNBC’s Jim Cramer said Friday. Perhaps it already is: U.S. tech giant Apple recently warned that its fiscal first-quarter results would miss expectations due to weaker-than-anticipated iPhone sales in China. Then,
Investors concerned about the Federal Reserve’s interest rate policy and the U.S.-China trade dispute should take a stake in gold here, CNBC’s Jim Cramer said Friday as stocks slid for the first time in six days. “If you’re looking for an insurance policy against volatility and economic uncertainty, gold is a great way to go,”
The good news for General Motors should continue for a while, its former vice chair, Bob Lutz, told CNBC on Friday. The largest U.S. automaker said Friday its full-year 2018 earnings will exceed previous expectations and that 2019 is looking even better. GM shares closed up 7 percent on the news. “The product pipeline is
Lockheed Martin Corp.: “That’s not a growth stock. That is not a growth stock, not with Democrats taking over control of the House. I am not going to steer you toward Lockheed Martin. If you want growth, I suggest you do not look at the defense stocks.” J.M. Smucker Co.: “They keep missing the quarter,
Part of the reason stocks have returned to normalcy after the market’s end-of-2018 carnage is a revival of the data center, CNBC’s Jim Cramer said Friday. After spending a week in San Francisco interviewing executives in the technology and health-care industries, Cramer, host of “Mad Money,” left the so-called Golden City with some key takeaways.
Someone in New York is kicking off the new year a whole lot richer. A single ticket sold on Long Island in the town of Glen Head matched all six numbers in Mega Millions’ Tuesday night drawing, nabbing the $425 million jackpot. Of course, the winner won’t actually end up with the advertised amount, thanks
Billionaire hedge fund manager David Einhorn just ended his worst year ever. His hedge fund firm Greenlight Capital’s main fund lost 9 percent in December, bringing its decline for 2018 to 34 percent, the worst performance since Einhorn started the firm in 1996, according to figures obtained by CNBC’s Scott Wapner. This collapse came in
Tesla is cutting the prices on all of its models by $2,000 to help offset a reduction in federal tax credits for drivers who buy electric vehicles. The fourth quarter marked an end to a $7,500 federal tax credit that Tesla was able to use to lure buyers in the past. That was cut in
The stock market needs the so-called FAANG stocks to be “unified and consistent” for it to head higher into the new year, veteran trader Art Cashin told CNBC on Monday. FAANG stands for Facebook, Amazon, Apple, Netflix and Google parent company Alphabet. The group, which led the market higher earlier this year, helped pull equities
Looking back on a tumultuous year where the majority of asset classes were deep in the red, cocoa futures turned out to be one sweet spot. In fact, a look at the top year-to-date performers among major futures markets reveals that cocoa has returned a whopping 28 percent this year. (This was lower only than
Results of a private survey on China’s manufacturing activity for the month of December will be released at 9:45 a.m. SIN/HK on Wednesday, shedding more light on the state of the world’s second-largest economy amid a trade dispute with the U.S. The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI), a private survey, is expected to show
2018 is coming to a close on Monday, ending a tough year for stock pickers. Many of the year’s big winners took a beating in the final quarter of the year. The S&P 500 is set to end the year down nearly 6 percent. Stocks lost much of this year’s gains beginning in early October
2018 may have been the worst year for the Dow Jones Industrial Average in a decade, but Merck managed to easily buck that trend. Shares of the pharmaceutical giant are up more than 30 percent for the year, on pace for their biggest annual gain since 2006. Merck is also one of six Dow stocks
In any competition, there are winners and losers. And among retailers competing for customers, the winners of 2018 beat their rivals by providing faster delivery, better online and mobile shopping options, and the trendiest products. Those who failed or were slow to adapt — Bon-Ton, Sears, Mattress Firm and David’s Bridal were among the slew
How much are you willing to shell out in the hopes of making your New Year’s resolution stick? New survey data from software maker Quicken found that 56 percent of people who make New Year’s resolutions spend money to stay on track – often hundreds or even thousands of dollars. (See chart below.) The company
Saving more for retirement is a common New Year’s resolution. This year, the pledge comes in at the number five resolution in Principal Financial Group’s annual survey of 1,008 American consumers wishes for next year, with 21 percent of respondents stating a desire to sock away more for their golden years. “The new year is