Executives at most of the major retailers were confident in recent third-quarter earnings calls that shoppers will show up at stores and online in full force this holiday season. But skeptical investors were unconvinced and sold off their shares en masse Tuesday. Shares of Target tanked more than 10.5 percent Tuesday on the heels of
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Facebook shares finished Tuesday at $132.43, up slightly from $131.55 on Monday, the company’s lowest closing share price in nearly 22 months. The decline comes after yet another major scandal for Facebook in what has been a tumultuous year for the company. After peaking in July, shares of the tech company are down almost 40
NASA will conduct a safety review of Boeing and SpaceX, months after the latter company’s founder and CEO Elon Musk smoked marijuana during a videotaped podcast, according to the Washington Post on Tuesday. The agency’s review of the companies will begin next year, the report says. Musk’s pot-smoking upset high level NASA officials, the Post
Federal Reserve Chair Jerome Powell is now equipped to pause the central bank’s interest rate hike agenda after December thanks to this debilitating sell-off, CNBC’s Jim Cramer said Tuesday. “Today’s sell-off gives Fed Chief Jay Powell the cover he needs to raise interest rates one more time next month and then put the next few
Siri may not be living out its full potential under Apple’s wing, but voice-enabled assistants are nevertheless the future of digital technology, Siri’s co-founder and former CEO Dag Kittlaus told CNBC on Tuesday. Since Apple acquired Siri in 2010, “on the positive side, it’s a lot faster, the speech recognition’s gotten a lot better, but
Five Below Inc.: “We almost pulled the trigger and told the ActionAlertsPlus.com club that it was the right level to buy. I mean, this thing’s all the way down to $103. It is incredibly oversold. I like it here, just like I like some of the techs. I like that one.” Splunk Inc.: “This is
Mark Zuckerberg said he will keep his role as chairman of Facebook’s board in an interview with CNN that aired Tuesday night. The New York Times reported last week how Facebook made attempts to deflect the controversies plaguing the company, ranging from the Cambridge Analytica scandal to how Russians attempted to use Facebook to influence
In a week, shareholders will vote on whether Campbell Soup‘s board will face its most significant disruption in 64 years as a public company. Activist firm Third Point has been waging a proxy battle against Campbell, demanding that it put five of its nominees on its board. In this contest for Campbell, it is no
We’re all living longer. Advisors commonly tell people to plan on 20 or 30 years in retirement, and an often-mentioned target sum for savings is $1 million. More than two-thirds of people over age 21 say living that long would actually be a financial hardship, according to a Wells Fargo study on retirement attitudes. Wells
Student loan borrowers with cancer can now pause their payments. Under the rule, included in a recent bipartisan congressional spending package, borrowers are exempt from student loan payments throughout their treatment for cancer and then for six months afterward. Additionally, interest will not accrue during the postponement. Some cancer patients can rack up an extra
The biggest wealth transfer in history is about to happen — and it’s now expected to be more than double what many thought it was. It’s estimated that 45 million U.S. households will transfer $68 trillion in wealth over the next 25 years, according to Asher Cheses, a research analyst and lead author of a
With the holidays quickly approaching, there’s one gift most people forget to give themselves: a break. In fact, 1 in 4 working Americans have nine or more days of paid time off remaining this year, according to a recent work-life balance report by vacation and travel website Priceline. That’s more than most workers can, or
For some people, opening up a credit card statement is like a visit from the Ghost of Christmas Past. Holiday shoppers are expected to spend generously this year, with the National Retail Federation estimating the average consumer’s outlay at $1,007 for everything from gifts to food to holiday attire — a 4.1 percent increase from
We’ve all heard of voodoo economics, but voodoo investing? Noted Washington, D.C.-area radio personality and former financial advisor Dawn Bennett was convicted earlier this week of fraud, found to have bilked 46 listeners, advisory clients and friends who trusted her out of some $20 million in a Ponzi scheme. Prosecutors say she used voodoo in
The Dow Jones Industrial Average shed more than 1,300 points earlier this month in the most dramatic drop since February. If you are a client of Morgan Stanley Wealth Management, you may have received a message from your financial advisor. The purpose of the message would be to tell you exactly what happened in the
It’s that time of year again for the municipal bond market. The fall months are typically weak for muni bonds and although this year has generally bucked seasonal trends, it looks that way again this year. “There’s been a lot of unevenness in a usually more predictable market,” said Peter Hayes, head of the Municipal
When investors sit down with their financial advisor to prepare their tax returns next year, they’ll be confronted with new rules that for many mean an increase in the cost of having an advisor. The new tax law passed by Congress last year ends deductions on some types of advisory fees, including those based on
If you want to start your own business, you need two things: conviction that you’re solving a problem and the belief that you are going to solve it better than anyone else. That is according to Elliot Weissbluth, who founded wealth management firm HighTower Advisors in 2008. Beyond that, there are a couple of other
Mark McCarron, chief investment officer for Wescott Financial Advisory Group, believes in global diversification when it comes to investing in stocks. But not when it comes to bonds. The reason: currency risk. “Our fixed income exposure is almost exclusively in U.S. dollars,” said McCarron, whose firm manages more than $2 billion in assets. “Currencies are
The many big companies disrupted by blockchain have now made it a priority to harness this technology. As is typically the case when faced with disruption, large companies are seeking to defend their territory by adopting the very tool that threatens them. With blockchain there’s a lot at stake. The global market for blockchain-related products
Gyrating markets, rising rates and significant market volatility will always create anxiety for investors and leave them with a bad, sinking feeling. Those big swings typically cause investors great concern, no matter the rise or fall. But what is the root of the anxiety? Behavioral science suggests that humans are “uncertainty reduction” machines. That’s one
Shares of Navient sank more than 9.5 percent Tuesday after a report said that an ongoing government audit points to deceptive practices at the company that may have resulted in tens of thousands of borrowers opting into higher-cost plans. The results of the audit, reported by The Associated Press, suggest that the nation’s third-largest student
Wall Street strategist Tom Lee told CNBC he remains bullish on bitcoin and bets on a recovery soon despite prices of the world’s largest cryptocurrency falling to their lowest levels in more than year on Tuesday. Last week, Lee cut his year-end bitcoin target to $15,000 from $25,000. In Tuesday’s CNBC interview, he stood by
If you’re thinking the long holiday weekend would be a great time to shop for a new car, here’s a tip: Do your homework before heading out. While Black Friday and holiday sales events come with special deals, they can vary greatly among automakers and individual dealerships. And with cash incentives slowing and zero-percent financing
Facebook and Google parent company Alphabet are both down for the year. While Facebook turned negative a few months ago, Alphabet became the second major tech company to go negative on Monday. Tech stocks overall were hit hard Tuesday as the Nasdaq Composite Index slid another 0.6 percent. Facebook and Alphabet are just two of
Let’s keep this correction and big down days in perspective. Sure, it is painful when big-cap stocks move down. They are more like planets, with much stronger gravitational pulls versus smaller-cap stocks. In that same analogy, the small-cap stocks are more like asteroids, and thus don’t pull markets down as much or as fast. Often,
Americans leave college today with more debt than ever before. Some schools are trying to reverse the trend by instituting a no-loans policy. Most recently, Michael Bloomberg, the former mayor of New York City, announced he would give $1.8 billion to his alma mater, John Hopkins University, so that the college can substitute loans for
Gains in the U.S. stock market will be hard to find in 2019 as one-time boosts like tax cuts and government spending will fade and the U.S.-China trade conflict continues, according to Barclays. Maneesh Deshpande, head of U.S. equity strategy at Barclays, said in a note Monday he expects the S&P 500 to end next
Morgan Stanley is ramping up its fight to distinguish its wealth management business in one key area: technology. The firm on Monday launched WealthDesk, a new platform for its army of 15,000-plus financial advisors. The idea of the platform is that it will provide financial advisors with one dashboard where they can go for all
Amazon CEO Jeff Bezos may have given Disney CEO Bob Iger an early Christmas present this year. But if Iger accepts it, he could be paving the way for the demise of traditional cable TV networks, including Disney’s own ESPN. Amazon has placed a first-round bid for Disney’s 22 regional sports networks, sources familiar with