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Got a yellow power tie? Why Wall Street is fondly...
Market observers are comparing today's economic backdrop to the one 29 years ago, when oil crashed, corporate profits dipped, the Fed tightened -- and stocks did fine.
GoDaddy valued at up to $5.48 billion
GoDaddy's shares rose as much as 34 percent in their debut, valuing the Web hosting company at up to $5.48 billion, including debt. The company, which sponsors race car driver Danica Patrick, raised $460 million.
GM betting on fuel efficiency despite low oil cost
General Motors is striving to create light but spacious cars with its new Cadillac CT6 and Chevy Malibu, GM's Mark Reuss tells CNBC.
The Job Market May Be Tighter Than It Looks
The fate of millions of unemployed workers hinges on the answer to that question, as does the timing and pace of the Federal Reserve’s interest rate hikes. We’ll get our next reading on the labor market on Friday, and economists on average expect that the unemployment rate will stay at its current 5.5 percent, down from 10 percent at its recent peak in October 2009. An unemployment rate that falls even further would signify a labor market that has potentially tightened to the point that employers must start offering higher wages to recruit and keep workers, eventually leading to higher prices. In a note to clients today, economists at Deutsche Bank pointed out that another, admittedly narrower measure suggests that the job market is even tighter than the headline unemployment rate indicates.
Manufacturing in U.S. Expands at Slowest Pace Since May 2013
A measure of U.S. exports contracted for a second month, indicating a stronger dollar is making it difficult for factories to drum up overseas sales. Less investment by America’s energy producers and slower consumer spending so far this year also represent hurdles for domestic manufacturers. “There’s no question manufacturing has weakened in the past few months,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York, who accurately forecast the ISM reading. Residual effects from a work stoppage at West Coast ports, that has since been resolved, are still affecting supply chains for some manufacturers as dockworkers scramble to work through what was the biggest backlog of ships in a decade.
Fed's Lockhart sticks with June to September liftoff,...
Atlanta Federal Reserve bank president Dennis Lockhart said on Wednesday that the United States remains on track for a likely interest rate hike in the June to September period, with a weak first quarter likely to give way to stronger growth. I still believe the factors are transitory," Lockhart told reporters at a monetary policy conference here. Fed policymakers and many analysts cut their U.S. growth projections after a first-quarter slowdown that stemmed in part from the hit U.S. energy companies are taking from low oil prices, and the hit exporters are taking from a strong dollar. Lockhart said he will be paying particular attention to employment indicators in coming weeks.
U.S. targets overseas cyber attackers with new sanctions...
The Obama administration on Wednesday launched the first-ever sanctions program to financially punish individuals and groups outside the United States that are engaged in malicious cyber attacks. U.S. President Barack, in an executive order, declared such activities a "national emergency" and allowed the U.S. Treasury to freeze the assets and bar other financial transactions of entities engaged in cyber attacks. Under the program, first reported by the Washington Post, cyber attackers or those who conduct commercial espionage in cyberspace can be listed on the official sanctions list of specially designated nationals, a deterrent long-sought by the cyber community. The move, which the paper said has been in development for two years, comes after a string of high-profile cyber attacks ranging from corporate hacks targeting Target, Home Depot and other retailers, to an attack on Sony and other data breaches.
What to watch in Wednesday trading
Three things to watch in Wednesday's trade via Yahoo Finance's Michael Santoli.
Walmart wage hike not enough for critics: 'Company still...
Walmart received a ton of positive attention for announcing it will pay hourly employees a minimum of $9 per hour starting this month and $10 per hour in 2016. But Frank Clemente of Americans for Tax Fairness says the retailer still "has a long way to go."
Brent could lose $5 instantly on Iran deal
Negotiators may have missed Tuesday's deadline, but they could still reach a deal to lift sanctions on Iranian oil exports today, which would send prices further south, analysts say.
World Bank sees protracted recession in Russia
Russia faces a protracted economic recession as the impact of Western sanctions will linger for many years and oil prices will stay low, the World Bank said on Wednesday.
Sears to set up REIT to raise $2.5 billion from shareholders
The REIT is the latest in a series of steps Chief Executive Eddie Lampert has taken to shore up the finances of the retailer, which has posted losses for nearly three years. Sears shares rose 9.4 percent to $45.21 in early trading on Wednesday. The REIT, Seritage Growth Properties, will buy and lease back about 254 Sears and Kmart stores, Sears said on Wednesday. The company owned or leased 1,725 Sears and Kmart stores as of Jan. 31.
Oil jumps on smaller-than-feared U.S. stock build; Iran...
Oil rallied on Wednesday for the first time in four days after weekly U.S. stock builds turned out to be less than some feared, and negotiators missed a deadline on Iranian nuclear talks that might bring more supply to the market. U.S. oil futures were up more than 4 percent after government data showed crude inventories in the United States rose 4.8 million barrels to 471.4 million in the week to March 27, hitting record highs for a 12th straight week. While analysts in a Reuters poll had expected a 4.2-million-barrel build on average last week, some feared a bigger rise after industry group the American Petroleum Institute suggested as much as 5.2 million barrels in a Tuesday report. U.S. gasoline demand has also risen over the past four weeks, up 2 percent from the same period a year ago, government data showed.
Ex-Goldman programmer faces second U.S. trial on code...
A former Goldman Sachs Group Inc (GS.N) computer programmer charged with stealing code from the investment bank is scheduled to go on trial on Wednesday, the second time in five years he will be in front of a jury for essentially the same accusations. The trial for Sergey Aleynikov, 45, is scheduled to take place in Manhattan state court over a 2009 episode in which Goldman says he stole the computer code as he prepared to leave for a high-frequency trading startup. Aleynikov went to prison after his first trial, when a jury in federal court convicted him of violating a corporate espionage law. An appeals court threw out the conviction, saying the anti-espionage law did not apply and setting him free after about a year.
Toyota China car sales weak in first quarter
The results, announced by Toyota on Wednesday, amounted to what a company spokesman called a surprisingly weak showing by Japan's top automaker in the world's biggest auto market. Takanori Yokoi, a Beijing-based Toyota spokesman, said the newly redesigned Corolla and Levin models sold well during March, but sales of both the RAV4 crossover SUV and the Vios compact car were particularly disappointing. Yokoi blamed the big year-on-year slide in March sales mostly on the fierce competition those two car models faced in China. He cited, for example, dealers discounting competitive cars such as the Honda CR-V crossover, creating competition for the Toyota RAV4 and eating into its sales.
Live: Wall Street's April Fools; Go Daddy's IPO;...
Wall Street starts second quarter in the red. Plus, hiring in the private sector hits lowest level in more than year. And Walmart takes the battle over religious freedom laws to its home state's capital.
Gloomy China, Japan data add to pressure for stimulus
China and Japan reported gloomy industrial data Wednesday, adding to pressure on leaders of the world's second- and third-largest economies to launch new stimulus. Two surveys showed Chinese manufacturing ...
GoDaddy Is Said to Price IPO at $20 a Share
(Bloomberg) -- GoDaddy Inc. raised $460 million in an initial public offering after pricing its shares above the marketed range. The 18-year-old company, which provides domain-name registration and hosting ...
Wall Street earnings estimates may not foretell currency...
While companies have issued forecasts mentioning "currency headwinds," most Wall Street analysts are not updating their estimates to reflect those rapidly moving exchange rates. North American public companies could give up more than $25 billion in revenues and 7 cents per share in earnings in the first quarter alone because of currency-related volatility, said Wolfgang Koester, chief executive of FiREapps, a foreign exchange data analytics firm in Phoenix, Arizona. Monsanto Co (MON.N) is one early example in which analysts failed to keep up with currency fluctuations. Yet only five of 25 analysts cut their estimates for Monsanto between the time it closed the books at the end of February and its April 1 report, Thomson Reuters data show.
U.S. private payrolls, factory data point to weak...
U.S. private employers added the smallest number of workers in more than a year in March and factory activity hit a near two-year low, fresh signs that economic growth slowed significantly in the first quarter.
Wall Street falls after data; first quarter's winners weaken
U.S. stocks fell on Wednesday as a pair of weaker-than-expected economic indicators raised concerns that Friday's impending jobs report could also point to worsening conditions. Data due through the week will be studied for indications on whether economic growth is brisk enough to spur the U.S. Federal Reserve to begin raising interest rates sooner than expected.
Simon Property ends pursuit of Macerich
Macerich shares fell 5.5 percent to $79.67 on Wednesday, below what they were trading at before Simon Property made its first offer of $91 per share in March, suggesting Macerich faces an uphill task of convincing investors it did the right thing by walking away. Macerich's management will have to dramatically step up performance to pacify investors, analysts said, calling its targets ambitious and unconvincing. Macerich said it would continue to sell its lower growth properties and set a target to increase operating margins by 4 percent over the next 18-24 months. "We wonder why these initiatives were not adopted prior to Simon Property's takeover attempt," Evercore Partners analyst Steve Sakwa said.
Wal-Mart says looking at suppliers to help lower costs
Speaking at a briefing for analysts and investors, Greg Foran said the company had launched several projects aimed at re-establishing price gaps over its rivals, including looking at how it works with its suppliers. Last month Wal-Mart announced that it was investing $1 billion to raise the wages of half a million store employees. Shares of Wal-Mart were down 1.8 percent at $80.78.
U.S. auto demand begins to thaw in March
Analysts polled by Reuters estimated automakers sold about 1,524,000 cars in March, slightly below last year's 1,537,288. Slowed by ferocious winter weather, sales in February were 1,257,619, with seven of the top eight automakers falling short of analysts' expectations. Only Toyota Motor Corp managed to do both. Ford Motor Co (F.N) and Nissan Motor Co beat expectations, but their sales fell from a year ago.
Automakers profit from luxury models, North America,...
The world's biggest automakers increasingly are making money by producing luxury models and reaping profits in China and North America, management consulting firm McKinsey & Co said in a report issued on Wednesday. They say they are bullish on the luxury business in China and on the U.S. market because of its strong demand for SUVs and trucks. In North America, automakers and suppliers have restructured, reduced production capacity, and cut and consolidated dealer networks since the 2008-2009 financial crisis, McKinsey analyst Hans-Werner Kaas said. About 70 percent of the profit logged in 2014 by the world's 21 biggest automakers came from North America and China, up from 65 percent in 2013.
5 reasons to avoid the GoDaddy IPO
GoDaddy priced its initial public offering at a higher-than-marketed $20 a share late Tuesday. However, the Web services firm can be a particularly perilous investment.
U.S. stock-index futures fall sharply in late trade
The first quarter wrapped on Tuesday with the...
Bulls feed on M&A, buybacks and IPOs
While the first quarter was a volatile one, the market is poised to end it higher than it began. What's behind the rise?
Etsy launches IPO roadshow, to sell 16.6 million shares...
NEW YORK (MarketWatch) -- Online crafts retailer Etsy Inc. said Tuesday it is launching the roadshow for its initial public offering on April 1. The company is planning to offer 16.6 million shares to ...
Ouch! Here's Wall Street's next headache
Banks, looked to as a bright spot for the upcoming earnings season, might not live up to expectations, according to an analysis from Goldman Sachs.
EU regulators query Luxembourg on McDonald's tax deals:...
European Union antitrust regulators have asked Luxembourg for information on its tax rulings for McDonald's after labor unions accused the U.S. fast food chain of avoiding taxes, a person involved in the issue said on Tuesday. The move, which neither the EU nor Luxembourg would immediately confirm, falls well short of the proceedings the EU has instigated against other U.S. multinationals in Luxembourg and elsewhere, where Brussels believes unfairly low taxation may have distorted competition. Unions from the United States and Europe and British-based charity War on Want last month urged the European Commission to investigate what they said involved about 1 billion euros ($1.07 billion) in tax between 2009 and 2013. "The Commission has sent a letter to Luxembourg asking them to clarify the facts," the source told Reuters.
Economist: Sell Your Stocks and Take Six Months Off
Investors should sell any equities bought over the past year, hold the proceeds as cash and take a holiday from the market for six months, according to Steen Jakobsen, Saxo Bank A/S’s chief economist.
1000s of Detroit-area homeowners apply to avoid foreclosure
More than 13,000 Detroit-area property owners have entered into payment plans hoping to avoid losing their homes to tax foreclosure, but another 16,000 living in their homes have yet to take advantage ...
How markets are calling Fed's bluff: Ex-Fed gov
"This is a very dangerous development," with the tail wagging the dog, former Fed Gov. Kevin Warsh tells CNBC.
Appalachia miners wiped out by coal glut they can't reverse
Coal prices have dropped 33% over the past four years to levels that have made most mining companies across the Appalachia mountain region unprofitable.
Germanwings disaster will not affect image of budget air...
The disaster at budget airline Germanwings which killed 150 people will not harm the image of low-cost air travel in Europe, easyJet (EZJ.L) chief executive Carolyn McCall said on Tuesday. Germanwings, founded in 2002 as a budget carrier, was acquired by full-service airline Lufthansa (LHAG.DE) in 2009, and the parent company has expanded it into its main short-haul operator to battle competition from low-cost carriers such as easyJet and Ryanair (RYA.I). McCall, in Amsterdam to open a new base for the airline, said the Germanwings crash was a matter for all airlines. "This is not a budget airline issue.
Oil deepens loss on Iran talks; Brent ends March down 12...
Oil fell for a third straight session on Tuesday, with Brent crude tumbling 12 percent for the month, as world powers entered into intense negotiations with Iran for a nuclear deal that could bring more of its oil to an oversupplied market. In Tuesday's session, prices ended off the day's lows as the United States, Britain, France, Germany, Russia and China faced difficulty in reaching a preliminary nuclear accord with Iran before a Tuesday midnight deadline at the talks in Lausanne, Switzerland. Brent oil (LCOc1) settled down $1.18, or 2.1 percent, at $55.11 a barrel, after falling to $54.72 during the session. In the past three sessions, oil lost more than 7 percent on heightened fears that a nuclear deal for Iran would raise the global glut in crude.
Indiana Gov. wants fix to controversial law, McDonald's...
Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day.
US home prices rise modestly, but affordability an obstacle
U.S. home price increases continued to rise at a steady pace in January, as the housing market deals with affordability problems and few properties listed for sale. The Standard & Poor's/Case-Shiller 20-city ...
IBM says to invest $3 bln in 'Internet of Things' unit
The Armonk, New York-based technology company said its services will be based remotely in the cloud, and offer companies ways to make use of the new and multiplying sources of data such as building sensors, smartphones and home appliances to enhance their own products. For its first major partnership, IBM said a unit of the Weather Co will move its weather data services onto IBM's cloud, so that customers can use the data in tandem with IBM's analytics tools. As a result, IBM is hoping that companies will be able to combine live weather forecasting with a range of business data, so companies can quickly adapt to customer buying patterns or supply chain issues connected to the weather. For example, insurance companies could send messages to policyholders in certain areas when hailstorms are approaching and tell them safe places to park, saving money all round.