Wall Street has a new bond trading king. While revenue from fixed income fell during a quiet second quarter, Morgan Stanley still managed to come out looking good. On Wednesday, it said fixed income sales and trading revenue of $1.2 billion fell 4 percent from last year, but that beat the stunning 40 percent drop […]
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A million barrels of oil doesn’t buy much good will these days. Oil markets got a temporary boost on Tuesday on reports that Saudi Arabia could cut its crude exports by a further 1 million barrels. It was the kind of news that could once sustain a session-long surge, but almost as quickly as futures […]
Read moreShares of United Continental fell almost 4 percent Wednesday after the airline gave third-quarter guidance that implied it may miss Wall Street’s earnings estimates for the period. The airline said it expects revenue per available seat mile (RASM) — a key metric for airlines — to range between a 1 percent decline and 1 percent […]
Read moreAnalysts are split on whether investors should buy or avoid Chipotle after its shares dropped on the news that customers fell sick after eating at one of its restaurants. The restaurant chain’s stock has been struggling to recover from outbreaks of food-borne illnesses in 2015. In Wednesday’s premarket, the share price was down 1.2 percent. […]
Read moreAswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies. He said cryptocurrencies have already replaced gold for younger investors. CNBC’s Mike Santoli spoke with Damodaran in an exclusive interview for CNBC PRO. Santoli asked the valuation expert about bitcoin and other cryptocurrencies. “All currency is … based on trust. […]
Read moreAn unflattering profile piece this weekend in Barron’s has generated some online discussion, and the portfolio manager himself published a response. “I just felt the whole thing was kind of bizarre,” Eddy Elfenbein, portfolio manager of the AdvisorShares Focused Equity ETF (CWS), told CNBC in a phone interview Tuesday. “People over the weekend, they felt […]
Read moreA stock trader at one of “pharma bro” Martin Shkreli‘s hedge funds testified Tuesday he did not see Shkreli “buying and selling stock” or doing other things hedge fund operators normally do. “I didn’t see him doing a whole lot,” said the trader, Timothy Pierotti, at Shkreli’s securities fraud trial in Brooklyn, New York, federal […]
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If you think the S&P 500 is set to rise even higher from current, near-record levels, you’re in luck. Bullish options contracts that will increase in value should the market rise a few percentage points over the course of the next month have rarely cost less. “They’re basically giving away call options,” Pravit Chintawongvanich, head […]
Read moreNew stock exchange trying to thwart high-speed traders and offer better prices is apparently working
Last year, a new stock exchange called IEX, or The Investors Exchange, emerged to challenge traditional Wall Street as the champion of the ordinary investor. New analysis says its core mission has been successful so far. In an opinion column in The New York Times on Tuesday, Jonathan Macey of Yale Law School and David […]
Read moreThe Senate’s failure to replace Obamacare raises new worries for markets that Washington dysfunction will prevent the Trump administration from driving through other aspects of its agenda — most importantly tax reform. The dollar fell and Treasury yields slid, after two senators signaled late Monday that they could not support the revised bill, and in […]
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