The skyline of the Lujiazui financial district in Shanghai, China. Hector Retamal | AFP | Getty Images Chinese banks have so far emerged relatively unscathed as the coronavirus pandemic hit economies around the world — but that could change in the coming months. Rising bad loans are set to squeeze margins and reduce profits, said analysts. China’s
Month: July 2020
A sign for BlackRock Inc hangs above their building in New York. Lucas Jackson | Reuters BlackRock, the world’s largest asset manager, reported a 21% jump in quarterly profit on Friday, as investors poured money into its fixed-income funds and cash management services. The New York-based company’s net income rose to $1.21 billion, or $7.85
A man navigates his boat next to Cruise Ships docked at the port of Long Beach during the COVID-19 Coronavirus pandemic on April 11, 2020 in Long Beach, California. Apu Gomes | Getty Images The Centers for Disease Control and Prevention on Thursday extended its ban on cruising in U.S. waters through Sept. 30, citing
Yellow Dog Productions | Getty Images Medicare might become a bit easier to navigate. A congressional measure that would help prevent costly enrollment mistakes cleared a House committee on Wednesday as part of a group of bipartisan-backed health-care bills. The next step would be a vote by the full chamber, although it’s uncertain when that
Warren Buffett. Gerald Miller | CNBC An off-brand move to pile into Apple shares might have been Warren Buffett’s greatest trade ever. Berkshire Hathaway‘s Apple stake — which has claimed 40% of its equity portfolio — is up a whopping $40 billion since the market bottom in March. The investment in the tech giant played a crucial role
Christie’s gamechangers sale includes rare Michael Jordan sneakers. The 1984’s game worn Air Ship sneakers are expected to fetch between $330,000 – $550,000. Source: Christie’s Michael Jordan game-worn collectibles continue to reach new heights, nearly two decades after the Chicago Bulls icon hung up his laces for good. On Thursday, Christie’s Auction House and Stadium
A Tesla Model S is displayed during the London Motor and Tech Show at ExCel on May 16, 2019 in London, England. John Keeble | Getty Images Check out the companies making headlines after the bell: Netflix — Shares of the streaming service plummeted 10% in extended trading after releasing its second-quarter financial results. Netflix reported
An employee moves a pizza to an oven at a Domino’s Pizza Inc. restaurant in Chantilly, Virginia. Andrew Harrer | Bloomberg | Getty Images Domino’s Pizza on Thursday reported that its quarterly U.S. same-store sales soared 16.1% as more consumers ordered pizza delivery and takeout during the coronavirus pandemic. Shares were down 1.5% in morning
A button for launching the Netflix application is seen on a remote control in this photo illustration in Warsaw, Poland on April 25, 2019. Jaap Arriens | NurPhoto | Getty Images While streamers have benefited from the influx of consumers stuck at home, platforms like Netflix are not immune to the woes of film and
ljubaphoto “This year’s July 15 filing date is considered a disaster-related postponement of the filing deadline,” said IRS spokesman Eric Smith. “Where a disaster-related postponement exists, the IRS is required by law to pay interest, calculated from the original April 15 filing deadline, as long as an individual income taxpayer files a 2019 tax return
Travelers itching for a change of scenery amid months of lockdowns and stay-at-home orders brought on by the coronavirus pandemic now have a new option. The Maldives reopened to international visitors this week, after being closed to visitors since March 27. While much of the world has shut its borders or enacted strict measures on
James Gorman, chairman and chief executive officer of Morgan Stanley, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020. Adam Galici | Getty Images Morgan Stanley is set to report second-quarter earnings before the opening bell on Thursday. Here’s what Wall Street expects: Earnings: $1.12 a
Brian Moynihan, Bank of America, speaking at the WEF at Davos, January 21, 2020 CNBC Bank of America is scheduled to report second-quarter earnings before the opening bell on Thursday. Here’s what Wall Street expects: Earnings: 27 cents a share, a 64% drop from a year earlier, according to Refinitiv. Revenue: $22 billion, a 5.3%
Johnson & Johnson products on a shelf in a store in New York. Lucas Jackson | Reuters Johnson & Johnson’s second-quarter profit slid 35% from the same time last year as the coronavirus pandemic forced hospitals to postpone elective surgeries, hitting the company’s medical device business hard. This is a developing story. Please check back for
The Covid-19 unit at United Memorial Medical Center in Houston. MARK FELIX Medicare is often referred to as a maze. The various deadlines for signing up may have something to do with that. While turning 65 makes you eligible for Medicare, not everyone will follow the same path to enrollment. Some beneficiaries are automatically signed
Tax season is much later than usual this year. In March, the IRS announced that the federal tax filing deadline, which is typically in mid-April, would be pushed to July 15, 2020. The move, made in response to the coronavirus pandemic, gave Americans an extra three months to file their 2019 returns without incurring interest or penalties.
One of the ultimate stay-at-home plays is getting ready to report second-quarter earnings after Thursday’s market close: Netflix. According to longtime tech analyst Gene Munster, it may signal a reality check for some investors. “It can meet some high expectations, but ultimately, I think shares are going to get top heavy here in the next
Customers get information from a reception desk at a UnitedHealthcare store in Queens, New York. Michael Nagle | Bloomberg | Getty Images UnitedHealth said on Wednesday its second-quarter profit more than doubled, helped by lower medical costs due to a fall in healthcare utilization following coronavirus-fueled lockdowns and social distancing. Net earnings attributable to shareholders jumped
Moderna‘s positive vaccine news gave a boost to the travel and restaurant stocks, but the federal government must step in again to shore up the economy, CNBC’s Jim Cramer said Wednesday. “We can finally see the light at the end of the tunnel, but, unfortunately, we’re separated from that light by a big chasm, and
Medical staff work outside the Covid-19 intensive care unit at United Memorial Medical Center in Houston on June 30. Go Nakamura | Getty Images Amid one of the worst public-health crises in history, a record number of Americans are without health insurance. More than 5.4 million people who were laid off from their jobs are
Charles Scharf Michael Nagle | Bloomberg | Getty Images Wells Fargo on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic. The bank had a net loss of $2.4 billion in the second quarter, or a loss of $0.66
Abigail Disney, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, April 30, 2019. Patrick T. Fallon | Bloomberg | Getty Images Disney heiress Abigail Disney is among the millionaires calling for governments to impose higher taxes on the wealthy to help fund the recovery from the coronavirus pandemic. “Tax
People wearing face masks move packs of vegetables at a wholesale market for agricultural products, as the country is hit by an outbreak of the novel coronavirus, in Beijing, China February 19, 2020. Tingshu Wang | Reuters Elevated food prices are just one of many new challenges China needs to face in the wake of
David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020. Adam Galacia | CNBC Goldman Sachs is scheduled to report second-quarter earnings before the opening bell Wednesday. Here’s what Wall Street expects: Earnings: $3.78 per share, a 35% decline from a year earlier, according to Refinitiv. Revenue: $9.75
A drive-in movie theater is set up in the parking lot of Brookfield’s Park Meadows mall in Lone Tree, Colorado, right outside of Denver. Source: Kilburn Parking lots, of all places, are turning into bigger sources of revenue for some mall owners during the coronavirus pandemic. Brookfield Properties has signed a deal with entertainment company
SoftBank CEO Masayoshi Son’s Vision Fund has been impossible to ignore since its inception, pumping billions upon billions of dollars into tech companies like WeWork and Uber. Now, a string of high-profile losses and the coronavirus pandemic have put the fund deeply in the red. Bloomberg journalists Pavel Alpeyev, Sarah McBride and Tim Culpan break
More and more schools are joining the fight against the Trump Administration over a new rule that may bar international students from studying in the U.S. Now, 59 public and private colleges — including Johns Hopkins University, Stanford University, Duke University and Emory University, as well as every member of the Ivy League — have
Jamie Dimon, CEO of JP Morgan Chase, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019. Adam Galica | CNBC JPMorgan Chase managed to throw off the most quarterly revenue in its history at the same time that the U.S. economy was in the throes of a sharp recession. The bank posted
Investor Kevin O’Leary started his first business out of his basement in 1986. In 1999, O’Leary and his co-founders sold the company to the Mattel Toy Company for $4.2 billion. But even if the business had failed, O’Leary says he would have persisted as an entrepreneur. “If starting my first company hadn’t worked out, I would
Wharton finance professor Jeremy Siegel expects a game changer. He predicts a coronavirus vaccine is closer than the market thinks. “We’ve had almost no setbacks in the schedule developing the vaccine, and I think that’s where upside surprises can occur,” Siegel told CNBC’s ”Trading Nation” on Tuesday. ”We may find ourselves with a workable vaccine for high
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