Brian Moynihan, CEO, Bank of America Scott Mlyn | CNBC Bank of America says it is capable of accepting online applications for the government’s $350 billion small business relief program, becoming the first major bank to make that announcement. Just minutes earlier on Friday, none of the websites of four of the biggest U.S. banks —
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The stock market could still touch new lows as uncertainty around the coronavirus pandemic persists, Mohamed El-Erian said Friday. “I don’t think we’re forming a bottom yet. I think we’re going down at a slower rate,” the chief economic advisor at Allianz said on CNBC’s “Squawk Box.” “There is a very important distinction there.” Calling a
Kynikos Associates Founder Jim Chanos told CNBC on Thursday that he just closed a bet against Chinese coffee chain Luckin on Thursday after first taking a short position earlier in the year on advice from fellow short-seller Carson Block and his firm, Muddy Waters Research. Luckin Coffee is down more than 70% on Thursday after
This is breaking news. Please check back for updates. Short seller Jim Chanos warned investors about piling into “virus stocks” boosted by the coronavirus lockdown temporarily. “One area I would warn people about for example is the virus stocks,” Chanos said on Thursday on CNBC’s Halftime Report. They are “doing well right now in this enforced lockdown.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. Lucas Jackson | REUTERS Heading into earnings season, investors should expect delayed reports, withdrawn forecasts and confusing results from U.S. businesses grappling with the coronavirus shutdown. There is a general consensus that company earnings are going
Analysts have warned that falling oil prices will lead to a wave of consolidation or bankruptcies in the U.S. energy sector, and the Street got its first taste of what could be to come when U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday. “The oil patch is falling apart … This is the other
A pedestrian wearing a protective mask walks along Wall Street in front of the New York Stock Exchange (NYSE) in New York, U.S. on Monday, March 30, 2020. Michael Nagle Bloomberg | Getty Images Oaktree Capital co-chairman Howard Marks is leaning toward a more negative outlook because of the uncertainty from the coronavirus pandemic, but
PayPal will not layoff any employees due to the coronavirus pandemic, CEO Dan Schulman said Tuesday, making the digital payments provider the latest company to make such a pledge. “We don’t intend to do any layoffs as a result of COVID-19,” Schulman said on CNBC’s “Squawk on the Street.” “This is the right thing to step 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
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer argued Monday that stock market short-sellers are unwisely doubting the ability of scientists to slow the spread of the new coronavirus. “This is a day where you say, if I’m short I’m betting against science, not betting against the lackadaisical attitude of many people in the country, ”
Paul Tudor Jones Kevin Mazur | Getty Images Hedge fund manager Paul Tudor Jones said Thursday investors should commend Washington’s policy response to the economic shock from the coronavirus pandemic. “Investors can take heart that we’ve counteracted this existential shock with the greatest fiscal, monetary bazooka. It’s not even a bazooka. It’s more like a nuclear bomb,”
Morgan Stanley CEO James Gorman told his employees that despite the upheaval caused by the coronavirus pandemic, their jobs will be secure through this year. “I am sure some, if not many, of you are worried about your jobs,” Gorman said Thursday in a staff memo. “While long term we can’t be sure how this
Dell CEO Michael Dell Getty Images Executives are loading up on their company shares as the coronavirus-driven sell-off dents the broader market, signalling the heads of U.S. businesses are confident their companies will rebound. The heads of Dell Technologies and Wells Fargo are purchasing shares while outsiders ditch riskier assets, sucking trillions in value from
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:
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
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
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
Hedge fund manager Paul Tudor Jones told CNBC on Thursday the market could be higher by June despite what he sees as a turbulent month ahead. “My guess is one of the reasons the market’s up right now is because of all the month-end rebalancing. The market’s front-running, it sees the fact that there are going to
Stocks’ swift and steep sell-off is providing the type of buying opportunity that doesn’t come around all that often, and investors should take advantage of the downturn, according to Ariel Investments’ chairman John Rogers. “I think this is a maybe once in a lifetime opportunity to buy stocks at bargain prices,” he said Wednesday night
Amazon may be the ultimate beneficiary in the post-coronavirus world, CNBC’s Jim Cramer said Wednesday, suggesting the company’s cloud unit and e-commerce business are both positioned nicely to thrive. “I think Amazon could go to $3,000 in this market,” Cramer said on “Squawk on the Street.” That would represent a more than 37% increase over last month’s