Warren Buffett’s top lieutenant, Charlie Munger, is a bitcoin skeptic. Munger, 93, was asked for his views on cryptocurrencies during a University of Michigan’s Ross School of Business event. “I think it is perfectly asinine to even pause to think about them,” Munger said. “It’s bad people, crazy bubble, bad idea, luring people into the […]
Read moreQualcomm on Friday rejected the 11 director nominees picked by Broadcom and private-equity firm Silver Lake Partners, likely setting the stage for a bitter proxy battle between the chipmakers. Broadcom earlier this month took its first formal step to replace Qualcomm’s board with its slate of nominees. Qualcomm in November rejected Broadcom’s $103 billion cash-and-stock […]
Read moreCheck out which companies are making headlines before the bell: Nike – Nike reported quarterly profit of 46 cents per share, beating estimates by 6 cents a share. The athletic footwear and apparel maker’s revenue also beat forecasts. Investors are also focusing on a drop in gross margins, a by-product of intense price competition. Chubb […]
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Financials have surged 7 percent in the last month, and Todd Gordon of TradingAnalysis.com says they’ll continue to rally into 2018. According to Gordon, the current economic outlook seems to be in favor of bank stocks, thanks to recent moves in one area of the market: bonds. “Bonds are pressing lower, and yields are in […]
Read moreIf the price of bitcoin continues to drop, other markets could begin to feel the heat, according to Ron William, founder and principle market strategist at RW Market Advisory. Bitcoin was seen trading below a psychologically key mark of $13,000 Friday, shaving $3,000 from its value in less than 12 hours. William said that a […]
Read moreIn the Fox & Hound sports bar, next to a shopping mall in suburban Philadelphia, four Democrats are giving speeches to potential voters as they begin their journey to try to unseat Republican congressman Pat Meehan in next year’s elections. Winning this congressional district — Pennsylvania’s 7th — is key to Democrats’ hopes of gaining […]
Read moreCurrency, United States Finance
Spain's political crisis is 'back to square one' after Catalonia election
The outcome of regional elections in Catalonia Thursday have further complicated a Spanish political crisis, according to analysts, with one predicting that there is a high risk of a new vote taking place next year. Given the fragmentation of the result, the ongoing political process will be “far from straightforward,” said Antonio Barroso, managing director […]
Read moreCONSHOHOCKEN, Pa. — At this sprawling steel mill on the outskirts of Philadelphia, the workers have one number in mind. Not how many tons of steel roll off the line, or how many hours they work, but where they fall on the plant’s seniority list. In September, ArcelorMittal, which owns the mill, announced that it […]
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Credit Suisse and Canaccord Genuity joined a growing list of top Wall Street banks that have raised their 2018 outlooks for U.S. equity markets before the year has even started. The two echoed peers in citing the Republican tax bill in adjusting their S&P 500 targets higher, with a reduced corporate tax rate expected to […]
Read moreU.S.-based equity funds posted $22.2 billion of outflows in the week ended Dec. 20, the largest cash withdrawals for 2017, according to Lipper data on Thursday. U.S.-based equity mutual funds posted $12.2 billion of outflows in the week ended Wednesday, extending weekly cash withdrawals for most of 2017. And U.S.-based stock ETFs posted $10 billion […]
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