Showing posts with the label Breaking News.

Private companies add 213,000 jobs in January, easily topping expectations: ADP/Moody's Analytics

Fred Imbert 2 minutes Private payrolls grew at a much faster pace than expected in January as the labor market shrugged off the longest U.S. government shutdown in history, according to data released Wednesday by ADP and Moody’s Analytics. Companies added 213,000 jobs this month, the data show. Economists polled by Refinitiv expected payrolls to grow by 178,000. The strong jobs growth comes even as the U.S. government was shut down for 35 days as the Trump administration and congressional leaders could not agree on funding for a wall along the U.S.-Mexico border. “The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls,” said Mark Zandi, chief economist at Moody’s Analytics, in a statement. “As long as businesses hire strongly the economic expansion will continue on.” Medium-sized businesses, those that employ between 50 and 499 people, led the charge by

Wells Fargo reports earnings per share of $1.21, vs expected EPS of $1.16

Liz Moyer 2 minutes Wells Fargo  beat expectations for fourth quarter profit, reporting $1.21 earnings per share before the market open on Tuesday. But the San Francisco bank fell short of expectations on revenue, reporting $20.98 billion for the quarter. Shares of Wells Fargo fell 0.5 percent in premarket trading. Here’s what Wall Street expected: Earnings: $1.16 cents per share, forecast by Refinitiv. Revenue: $21.73 billion, forecast by Refinitiv. Wells Fargo is still working through its regulatory issues after the Federal Reserve reportedly rejected its plan to prevent more consumer abuses at the bank. It is also in the midst of a cost cutting plan, including the elimination of up to 10 percent of its headcount. On Tuesday it said it was on track to meet its 2019 expense target. Investors are listening for what bank executives say about the direction of interest rates this year after four Federal Reserve rate hikes in 2018. They are also likely looking for

Supreme Court declines to intervene in mysterious Mueller subpoena fight

By Derek Robertson 2 minutes An unknown firm had asked the high court to block a federal judge’s contempt order and financial penalties for refusing to comply with a subpoena. | Eric Baradat/AFP/Getty Images The Supreme Court on Tuesday declined to intervene in a mysterious subpoena fight apparently involving a foreign-government-owned company and special counsel Robert Mueller. The unknown firm had asked the high court to block a federal judge’s contempt order and financial penalties for refusing to comply with the subpoena, arguing that the company is immune from U.S. grand jury subpoenas. The company also insisted that complying with the subpoena would violate the law in the firm’s home country. Source: Politico

Bristol-Myers to buy Celgene in a $74 billion deal.

Berkeley Lovelace Jr. Top Stories Why Apple rival Samsung likely wouldn’t be hurt by an economic... Daniel Yoo, head of global strategy and research at Kiwoom Securities, told CNBC the world’s largest chipmaker and smartphone maker had a very limited market share for mobile... Technologyread more Top Stories Companies from Apple to Ford flash warning signs about the... The trade war between the world’s two largest economies is starting to slow their pace of growth, especially in China, even as the two countries temporarily suspend plans to... China Economyread more Apple’s China struggles highlight US companies’ trade war... Apple slashed its revenue guidance on Wednesday, highlighting just how vulnerable large American companies are to the ongoing U.S.-China trade war. China Economyread more Other tech giants may have it easier than Apple amid a slowing... Apple stands out for its relatively large exposure to China, unlike other America

Trump puts new tariffs on China as trade war escalates: CNBC I Breaking News

Image Jacob Pramuk Alex Wong | Getty Images News | Getty Images U.S. President Donald Trump delivers remarks during a Congressional Medal of Honor Society reception at the East Room of the White House September 12, 2018 in Washington, DC. President hosted a reception to honor Medal of Honor recipients. (Photo by Alex Wong/Getty Images) President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year. The action, announced by the Trump administration Monday, escalates a trade conflict between the