Investors grew increasingly concerned about the U.S. economy and the stock market as March wore on, but they also said they aren’t ready to abandon their stocks, according to several surveys. The vast majority of the institutional clients surveyed by Citi expect an economic downturn and earnings estimates to be cut further in 2020, but they
Month: March 2020
A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015. Michael Wayland / CNBC Check out the companies making headlines after the bell. Verint Systems — Shares of the analytics company tumbled 12% in extended trading after Verint Systems missed analysts’ estimates on both earnings and revenue in
Homebuilding stocks had a rough March. The iShares U.S. Home Construction ETF (ITB), which tracks the group, closed out its worst month ever on Tuesday with a more than 33% loss since Mar. 1, adding to a cacophony of gloomy statistics that included the Dow Jones Industrial Average rounding out its worst first quarter in
A single family home is shown for sale and in escrow in San Marcos, California. Mike Blake | Reuters Homebuyer demand was strengthening markedly just before COVID-19 began its spread across the U.S. Pending home sales, which measure signed contracts on existing homes, rose a stronger-than-expected 2.4% in February compared with January. Sales were up
The Virgin Orbit ventilator device. Virgin Orbit Richard Branson’s California-based rocket company Virgin Orbit partnered with medical researchers and developed a ventilator device that the company plans to mass produce and send to hospitals around the United States to fight the coronavirus. “[It is] a very, very simple and robust design that we can get out
Interior Design area of the Restoration Hardware store in the Meatpacking District of New York. Source: RH Check out the companies making headlines after the bell. RH — The home furnishings retailer’s stock fell 11% in extended trading after the company missed analysts’ estimates on revenue during the fourth quarter. RH reported revenue of $665
Newly constructed single family homes are shown for sale in Encinitas, California, July 31, 2019. Mike Blake | Reuters With more than 92,000 coronavirus cases and at least 1,380 deaths in the U.S. that have been linked to COVID-19, the U.S. currently has the most reported cases of coronavirus across the globe, putting life on hold for
Pershing Square Capital manager Bill Ackman defended his emotional CNBC appearance last week after his fund announced a few days later that it made over $2 billion on bets against the markets. The investor warned that “hell is coming” and that hotel stocks could go to zero in the interview. “Shortly after the show, I
The Cboe Volatility Index (VIX), has become one of the most widely watched indicators of market sentiment in the world. In theory, it works on a simple principle: It is a measure of the stock market’s expectation of volatility over the following 30 days based on near-term S&P 500 index options, both puts and calls.
Sanjay Mehrotra, CEO of Micron Technology, appears on CNBC’s Squawk on the Street at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020. Gerry Miller | CNBC Check out the companies making headlines midday Thursday: Micron Technology — Shares of the semiconductor company rose 6.8% Thursday after beating Wall Street expectations on
New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018. Lucas Jackson | Reuters New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday. Lenders will also waive late
American Airlines planes parked in Tulsa, Oklahoma. American Airlines The coronavirus crisis is bringing the United States economy to a screeching halt, with every sector feeling the effects of most of the country’s workforce staying home. Satellite imagery combined with other photographic evidence and alternative data sources give a stark look at the U.S. situation:
Bank of America has sent more than 100 employees to work in a backup office in Connecticut. Tetra Images | Getty Major stock indices, in just a few days, have made back more than half their losses, but technical analysts warn the market is setting up for a retest that will decide whether Monday’s lows
A woman looks at real estate listings outside a Berkshire Hathaway Home Services office in Montclair, N.J. Adam Jeffery | CNBC An increase in interest rates, combined with a massive shutdown of the economy caused homeowners and potential homebuyers to back away from the mortgage market. Total mortgage application volume fell 29.4% last week from
CNBC’s Jim Cramer said Friday he did not think investors were properly factoring in the likelihood a successful antiviral treatment for COVID-19 is developed. “Is anyone even thinking anymore that there is something going on at any drug company that actually may have an antiviral?” Cramer said on “Squawk on the Street.” “I have just been
People make face shields at the Brooklyn Navy Yard where local industrial firms have begun manufacturing Personal Protective Equipment (PPE) on March 26, 2020 in New York City. Eduardo Munoz Alvarez | Getty Images Everything from auto sales to manufacturing surveys and employment data in the coming week will likely paint a bleak picture of
Over the past few years, TRON (TRX) has emerged as one of the more promising cryptocurrencies in the market, and today, there was another landmark announcement regarding the token. According to the announcement today, TRX has partnered with Metal Pay, a cryptocurrency service provider, and the agreement is expected to be beneficial for the cryptocurrency.
WeWork Executive Chairman Marcelo Claure during an interview with Andrew Ross Sorkin at WeWork headquarters in New York City on February 10, 2020. David A. Grogan | CNBC WeWork is telling investors it has enough cash on hand to execute its long-term plans and weather the near-term challenges posed by COVID-19. In a seven-slide deck
Brendan McDermid | Reuters It might be premature to declare the bear market dead, but Thursday’s action sure checked off some important boxes. Conventional Wall Street wisdom is that bear markets, or 20% declines from 52-week highs, die on bad news, and Thursday featured some of the worst the U.S. economy has ever seen. Nearly
A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020. Lucas Jackson | Reuters There was considerable trepidation among trading desks over the weekend as many in California, New York, and Massachusetts were told to
Patrick T. Fallon | Bloomberg | Getty Images Check out the companies making headlines after the bell. GameStop — Shares of the video game retailer surged 14% in extended trading after the company said it had seen a positive impact on its business from the coronavirus. “The COVID-19 outbreak has led to changes in how consumers
Source: Morgan Stanley Morgan Stanley, one of the world’s biggest wealth managers, said its online trading portal for wealthy clients went down on Wednesday. The bank’s message for clients was to call a service representative to place trades, rather than using the company’s website. A spokeswoman for the New York-based firm declined to immediately comment.
Traders, some in medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to
Job seekers stand in line at the employment help center in Miami, Florida. Getty Images About 1 million to 4 million people may have filed for unemployment benefits last week, the largest number ever in such a short time. The filings figure, which will be released Thursday before U.S. markets open, will be the first
Lawmakers are working to reach an agreement on a massive stimulus package to combat the economic impact of coronavirus. Real estate investor Tom Barrack, Colony Capital chairman and CEO, is warning commercial mortgages are on the brink of collapse and that we are seeing the beginning of “a second crisis that will occur in the
The coronavirus crisis has seen Bitcoin price nosedive in one of the greatest Bitcoin price crashes since its inception. With a 52% drop in price in a single week, the coronavirus has left many Bitcoin enthusiasts scratching their heads. Even the legendary crypto trader, Peter Brandt, who predicted Bitcoin’s peak way back in 2017, tweeted
This is a developing story. Check back for updates. President Donald Trump and Vice President Mike Pence held a call to discuss the coronavirus impact on the economy, according to sources. Investors on the call included Third Point’s Dan Loeb, Blackstone’s Stephen Schwarzman, Vista Equity’s Robert Smith, Intercontinental Exchange‘s Jeffrey Sprecher and Paul Tudor Jones, hedge
For everyone trying to figure out what S&P 500 earnings will be in 2020, here’s a sobering comment from Joseph Wolk, Johnson & Johnson’s chief financial officer: “One thing I know for certain is we’re going to be 100% precisely wrong.” Wolk made the comment to The Wall Street Journal in reference to earnings guidance,
People look out from aboard the Grand Princess cruise ship, operated by Princess Cruises, as it maintains a holding pattern about 25 miles off the coast of San Francisco, California on March 8, 2020. Josh Edelson | AFP | Getty Images Check out the companies making headlines in midday trading. Norwegian Cruise Line, Royal Caribbean,
WeWork is offering some of its employees $100 a day if they feel comfortable coming into work amid the coronavirus outbreak. Earlier this week, WeWork’s COO Shyam Gidumal offered members of the company’s community teams a bonus worth $100 a day or up to $500 week through the month of April as an extra reward
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