United Technologies announced late Monday that it intends to separate into three companies: United Technologies, Otis and Carrier. The industrial giant has scheduled an investor call for Tuesday at 8 a.m., ET. Shares of United Technologies gained more than 2 percent in after-hours trading. Activist investor Dan Loeb had pushed for United Technologies to split
Finance
U.S. government debt prices were slightly lower Monday as volatility in equity markets began to fade. The yield on the benchmark 10-year Treasury note was seen trading higher at around 3.061 percent, while the yield on the 30-year Treasury bond was barely moved at 3.311 percent. Bond yields move inversely to prices. Bond markets typically
Even if the market sell-off worsens, one of Wall Street’s biggest bulls says now is not the time to turn negative. Canaccord Genuity’s Tony Dwyer considers it his most important investment advice in this wild market. “I’ve been one of the biggest bulls during throughout this entire cycle,” he said last week on CNBC’s “Trading
Bitcoin and other notable cryptocurrencies rose in value on Monday after a brutal week for the nascent market. The world’s best-known and most-valuable digital currency climbed back above the $4,000 mark late Sunday, according to CoinMarketCap data. Its price fell as low as $3,447.58 on Sunday, as investor angst over the cryptocurrency’s plunge worsened. However,
Investors looking for a year-end strategy may want to consider some beaten-down sectors. Historically, those that have lagged the broader market in first 11 months of a year tend to turn around in the subsequent trading year, according to analysis from Jefferies. “Lagging groups in one year do not tend to lag in the next,”
Stocks have been getting pummeled lately but they could recover some of those losses over the next month, if market history is any indication. The Dow Jones Industrial Average, S&P 500, Nasdaq 100 and Russell 2000 indexes all typically climb between Thanksgiving and Christmas Eve, according to data from Kensho. The Dow has averaged a
Check out the companies making headlines before the bell: Amazon.com, Walmart, Macy’s, Target – These and other retailers are on watch as shopping results from the holiday weekend – including Black Friday – roll in. Preliminary reports show strong sales with a greater emphasis than ever on online shopping and less on in-store traffic. General
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
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
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
China‘s massive consumer base is feeling a chill that could have ripple effects throughout an economy that’s already under pressure. While analysts say individuals are generally financially healthy, many are holding off on spending due to uncertainty about the future. “A decline in consumption is the biggest risk, because everyone already knows about the decline
The old advice to keep politics and elbows off the dinner table may need to be updated to include bitcoin this year. Last year at this time, the cryptocurrency was just entering its hot streak, soaring in price because retail investors were buying. But it’s likely to be a sore subject for people who bragged
Losing cellphone service is inconvenient. But in some cases, it also might mean you’re getting hacked. San Francisco resident Robert Ross, a father of two, noticed his phone suddenly lose its signal on Oct. 26. Confused, he went to a nearby Apple store and later contacted his service provider, AT&T. But he wasn’t quick enough
Check out the companies making headlines before the bell: Deere – The heavy equipment maker earned an adjusted $2.30 per share for its fiscal fourth quarter, 15 cents a share shy of estimates. Revenue also came in short of Street forecasts. Deere said sales improved from a year ago, thanks to strength in the farm
Goldman Sachs’s stock won’t see meaningful gains until the Malaysian government investment fund scandal is resolved, according to Morgan Stanley, which downgraded its rival investment bank on Wednesday. “It is unclear how long the issue will take to resolve, what the fines and penalties could be, and what costs Goldman Sachs will subsequently incur to
One of Wall Street’s biggest bulls predicts a sharp Santa Claus rally will revive the stock market, which has erased its gains for the year. According to Blackstone investment strategist Joe Zidle, a sentiment problem is behind the latest downturn — not warning signals from U.S. businesses or the economy. “I’m a stubborn bull, and
The equity markets are under stress. By some measures stock prices today are lower than they were at the beginning of the year. To me, the reason for this is relatively clear. The financial system in the United States is undergoing a dramatic shift. It is going from decades of easy money at low- to
Volatile commodity markets often lead to colossal failures, as the founder of a Tampa, Florida-based options firm acknowledged in a bizarre, 10-minute YouTube confession in recent days. In the video, a money manager named James Cordier tells his 290 clients that he couldn’t navigate a “rogue wave” that hit as oil and natural gas markets
A collection of hedge funds’ favorite stock picks — including Facebook, Alibaba and Amazon — are underperforming the broader equity market badly in the second half of 2018. After beating the market in the first half of the year, a basket of the most popular long positions at 823 hedge funds has lagged the S&P
October saw hedge funds notch their worst collective monthly performance since January 2016, according to Preqin a research firm on the industry. Hedge funds lost 2.35 percent on average in October, according to Preqin’s index, while investors withdrew $4.6 billion of hedge fund capital in the third quarter of this year. The hedge fund industry’s
The Federal Reserve won’t end up raising interest rates as aggressively as projected, said Jim Grant, editor and founder of the venerable Grant’s Interest Rate Observer newsletter. “I think the Fed will definitely blink,” Grant told CNBC on Tuesday. “I don’t know when it will reverse course; I suspect sooner rather than later.” Grant said
The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets. The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015
President Donald Trump once again took a shot at the Federal Reserve on Tuesday, saying he would like to see lower rates from the U.S. central bank in answering a question on the state of the economy and financial markets. “I’d like to see the Fed with a lower interest rate. I think the rate’s
Check out the companies making headlines after the bell: Shares of Autodesk rose over 9 percent during the extended session Tuesday. The software design company reported earnings of 29 cents a share, slightly above analysts’ expectations of 27 cents a share. Autodesk reported $661 million in revenue, versus an estimate of $640 million. Foot Locker
The Federal Reserve will likely ease up on its plans for multiple interest rate hikes next year, Wharton School finance professor Jeremy Siegel told CNBC on Tuesday. In addition to an anticipated rate rise in December, the central bank has indicated it plans three more in 2019. “The market is clearly worried about over-tightening of