The Food and Drug Administration is overhauling the most common way medical device manufacturers bring their products to market in an attempt to advance new technologies. Since 1976, manufacturers have been able to pursue an expedited approval process if they could prove new products were substantially equivalent to those that were grandfathered in when Congress
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How General Electric (GE) resolves its debt problem will be “critical” to the wider Investment Grade (IG) market, an analyst said Monday. The General Electric Company has witnessed an exodus of investment from both its equity stock and corporate debt as its future has been called into question. The U.S. behemoth has piled on the
After a search that’s lasted nearly 10 months, Airbnb finally has a CFO. The home-sharing start-up announced Monday that Dave Stephenson will join Airbnb as chief financial officer. He spent 17 years at Amazon, most recently as VP and CFO of Amazon’s Worldwide Consumer Organization, responsible for all global website sales. His time at Amazon
When you get married, the tax system can be either friend or foe. Many couples see their tax burden go down when they tie the knot. Yet some end up paying more than if they had remained unmarried and filed as single taxpayers. “It’s more typical for people to have a marriage bonus, but there
Parents often open savings accounts for their children. Few think of starting a retirement account for a 10-year-old. The idea isn’t so farfetched. Any parent, grandparent, aunt, uncle or family friend can open a Roth individual retirement account to help a child invest for the future. Think money from tutoring, babysitting, mowing lawns or even
Bitcoin had a rough weekend. Coming off a week of heavy losses, bitcoin fell 10 percent and set a fresh low at $3,447.58 on Sunday, according to data from CoinDesk. This is the cryptocurrency’s lowest level since September 2017. Over seven days, bitcoin has now lost more than 35 percent of its value, according to
Traffic might appear lighter at some malls this holiday season, but that’s because people are shopping on their smartphones. Mobile spending during the holidays is expected to continue to climb this year, as retailers have been investing to improve their apps, and shoppers are growing more comfortable with ringing purchases up in just a few
Bill Gates said it would be unfortunate to see the U.S. miss out on the economic opportunity related to cutting greenhouse gas emissions. Gates, a cofounder of Microsoft, is among the world’s most prominent climate advocates, in addition to his work around preventing infectious diseases and other causes. On Sunday he shared some of his
Tesla almost died earlier this year, CEO Elon Musk said Sunday night in an interview with Axios that aired on HBO. Musk said the company was “bleeding money like crazy” as it worked through the Model 3 production ramp in the spring and summer. He said the company “came within single-digit” weeks of death before
Campbell Soup is working towards a deal with Third Point that would add two of the activist fund’s nominees to its board, former Blue Buffalo CEO Kurt Schmidt and Comscore President Sarah Hofstetter, a person familiar with the situation told CNBC on Sunday. As part of the deal, Campbell would expand the size of its
Whether you’d like to give away several thousand bushels of soybeans or a prehistoric fossil, there just might be a charity that’s willing to receive it. Year-end tends to be a busy time for individuals who are in a giving mood. Donors seeking a break on their 2018 taxes must make their charitable contributions before
The CEO of Guggenheim Partners and his business associates are pledging more than $20 billion of their personal wealth to backstop insurers associated with the firm should they experience financial troubles, according to a Wall Street Journal report. The highly unusual arrangement, detailed by The Journal in a published report on Saturday, comes six years
Black Friday pulled in a record $6.22 billion in online sales, up 23.6 percent from a year ago, according to a new report. The Friday after Thanksgiving this year was also the first day in history to see more than $2 billion in sales stemming from smartphones, said Adobe Analytics, which tracks transactions for 80
Foot traffic at malls and stores across the U.S. this past holiday weekend wasn’t as strong as last year, a retail tracking firm said Saturday, while a separate report suggested more consumers opted to shop online. Preliminary data tracking shoppers’ visits to physical stores Thanksgiving Day and Black Friday showed a year-over-year decline of 1
There’s something about that smell, that new car smell, said Jeff Diesing a sales consultant at Chelsea Chevrolet Buick outside of Ann Arbor, Michigan. To people shopping for a new car, it’s almost like they’re sniffing the turkey as it cooks in the oven on Thanksgiving Day, he said. “It’s very distinctive and, in general,
Corporate scandals can be costly to investors in the immediate term, but employees who blow the whistle on wrongdoing help their companies become more profitable in the long run, according to a new study. In a detailed analysis written by Kyle Welch of George Washington University and Stephen Stubben of the University of Utah, companies
It’s an offer hard to refuse: a reprieve from your student loan bill. Yet when your payments resume, they’re often higher because your debt has swelled, thanks to interest. The Associated Press, citing a 2017 Department of Education audit, reported this week that Navient, one of the country’s largest student loan servicing companies, steered tens
As volatility rocks the market, one group of stocks is sizzling — fast food. Stocks like Starbucks, Jack in the Box, Chipotle and McDonald’s are outperforming in the past month. Of that selection, Chipotle shares look best positioned, according to Craig Johnson, chief market technician at Piper Jaffray. The firm’s analyst covering Chipotle, Nicole Miller
Things look pretty good. The economy is strong, and unemployment is low. Yet in some locales, people are finding it tougher to afford the basics, according to GOBankingRates. The personal finance site surveyed 5,000 people online in August and found that the cost of living in the U.S. has shot up by 14 percent in
Oil prices have “dropped like a rock” over the past seven weeks but are finally approaching a bottom, Wells Fargo strategist Scott Wren told CNBC on Friday. “It’s caught the falling knife,” the senior global equity strategist at Wells Fargo Investment Institute said in a “Squawk on the Street” interview. However, “from our perspective oil,
As “Small Business Saturday” becomes a worldwide phenomenon, lenders are becoming aware of the investment opportunities on Main Street, former Small Business Administration chief Karen Mills told CNBC on Friday. Online technology companies including Amazon, PayPal and Square are now issuing near-instant loans to small businesses so they can bulk up their inventory ahead of
Social Security is one of the most important factors in older people’s financial lives. Yet the available information on the system is often contradictory or incorrect. Even the Social Security Administration, the government agency that administers the benefit, can mislead people, experts say. “Half of the answers Social Security is giving people are wrong or
Big-box retailers such as Target and Walmart are capitalizing on the demise of Toys R Us this holiday season, and it’s paying off, according to industry leaders. The well-known toy retailer, which shuttered its U.S. stores in June, accounted for 15 to 20 percent of the country’s total toy sales in 2017, based on estimates
Check out the companies making headlines before the bell: Facebook – The head of George Soros’s philanthropic foundation called for oversight of Facebook by lawmakers, following revelations that it had hired an opposition research firm to scrutinize the billionaire investor. Patrick Gaspard made his feelings known in a tweet, in which he accused Facebook of
Overstock plans to sell its decades-old retail business in the next few months to make way for a full-blown bet on blockchain. The previously announced sale plans could go through as soon as February, the company’s CEO told the Wall Street Journal in a report published Friday. Overstock founder and CEO Patrick Byrne — an
The cryptocurrency market is facing an intense sell-off as investors are rattled by heightened talk of regulatory scrutiny and infighting over a schism in bitcoin’s most notable spin-off, bitcoin cash. At around 1:50 p.m. London time (8:50 a.m. ET), the total market capitalization of all cryptocurrencies — which is worked out by multiplying prices by
Bitcoin continued its move lower Friday, struggling to find footing after a week of pain for the world’s largest cryptocurrency. The digital asset hit a low of $4,119 Friday, according to data from CoinDesk, bringing its seven-day losses to more than 25 percent. In dollar terms, bitcoin‘s value dropped by about $1,400 over that time
There is a good chance stocks stall out next year as credit conditions tighten and earnings growth slows, according to Bank of America Merrill Lynch. “We believe the peak in equities is likely before the end of 2019,” wrote Savita Subramanian, equity and quantitative strategist at Bank of America Merrill Lynch, in a note this
President Donald Trump is rooting for oil prices to fall even further after a stunning plunge over the last seven weeks. The U.S. oil and gas industry, a pillar of Trump’s political base, is likely less enthusiastic. This year’s oil prices rally has swiftly collapsed as fears of potential oil shortages give way to forecasts
Shoppers pulled out their phones and shopped on Thanksgiving Day to spend more than they ever have before, potentially stealing some of Black Friday’s thunder. Consumers in the U.S. had spent $1.75 billion online by 5 p.m. ET Thursday, up more than 28 percent from a year ago, according to Adobe Analytics, which tracks transactions