The federal judge in a suit against more than 160 parties, many connected to the Puerto Rico bankruptcy, put the complaint under seal and called for it to be resubmitted without certain confidential information. Virginia Phillips, chief U.S. District Judge of the California Central District U.S. District Court, made the order Friday. On Feb. 18
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
The municipal market weakened Tuesday with AAA benchmark yields rising by as much as 15 basis points on the long end of the curve, signaling that the massive rally that began a week prior was overdone. Treasuries were also on the rise as stocks sold off near the close. The primary market remained mostly on
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
The NCAA, after canceling winter and spring championships that include its lucrative “March Madness” men’s basketball tournament, was hit with a negative outlook. Moody’s Investors Service lowered its outlook on the organization’s Aa2 rating to negative from stable March 23.. S&P Global Ratings rates the Indianapolis-based organization AA, outlook stable. The organization has roughly $9.6
The growth in the cryptocurrency industry has been made possible by the presence of crypto exchanges, and in that regard, Binance has been one of the most influential. In a new development that should come as a major boost to the crypto sphere, the crypto exchange announced that it is all set to launch its
The Milwaukee comptroller’s office is highlighting what it describes as the city’s tax revenue insulation from the economic turbulence caused by COVID-19 as the city prepares to wade into the market. The city — hit with two new negative rating outlooks — plans Thursday to competitively sell five series of bonds and notes. City officials
Consumer confidence dropped in March as the economy shut down to prevent the spread of the coronavirus, but economists expected a larger decline. The consumer confidence index fell to 120.0 in March (1985=100) from 132.6 a month earlier, the Conference Board said Tuesday. The reading was the lowest since July 2017 The present situation index
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
Getty Images April 1 is here. Meeting routine financial obligations, such as rent and student loans bills, will be a challenge for the millions of Americans who find themselves without a paycheck thanks to the coronavirus outbreak. Overwhelmed? Scared? Begin by making a list of all your bills, experts say. At the top should be the things
March municipal volume plummeted in March. There was just $16.99 billion of issuance spanning 522 deals, a 39.2% decrease from the $27.93 billion in 711 transactions there was in March of 2019. Municipal bond issuance was at $67.88 billion after the first two months of 2020 and was on pace to easily eclipse the $400
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,
Check out the companies making headlines in midday trading. Dollar Tree — Shares of the discount retailer fell more than 7% after Dollar Tree withdrew its guidance for the year due to uncertainty around the fast-spreading coronavirus. Amarin — Shares of Amarin tanked 70% after the pharmaceutical company received an unfavorable ruling from a Nevada court in
Federal Reserve Chairman Jerome Powell received a letter late Monday from 23 organizations that are members of the Public Finance Network asking for an expedited start to the purchase of municipal securities on the secondary market.Bloomberg News Members of the Public Finance Network are asking the Federal Reserve to expedite its purchase of municipal securities
A financial trader monitors data on computer screens inside the Frankfurt Stock Exchange in Frankfurt. Krisztian Bocsi | Bloomberg | Getty Images Coronavirus COVID-19 has kept us indoors and, as a result, there’s been a surge in sales of computer accessories like keyboards, mice, monitors and laptops, NPD said on Tuesday. People are outfitting their
Two longtime transportation leaders are looking to spearhead major infrastructure needs facing the New York City region amid an uncertain federal funding climate. AECOM, a Los Angeles-based engineering firm, tapped Tom Prendergast and Denise Berger to head its New York City leadership team. Prendergast spent more than 25 years at the Metropolitan Transportation Authority most
A New York Supreme Court judge has dismissed the joint motion of several major banks to dismiss a whistleblower lawsuit accusing them of wrongdoing in the variable-rate market, keeping the high-stakes legal proceeding moving toward a future trial. Justice Andrew Borrok issued his ruling late last week and it was filed Monday. Borrok found that
An ‘Open House’ sign is displayed in the front yard of a home for sale in Columbus, Ohio. Ty Wright | Bloomberg | Getty Images Home prices were seeing even bigger gains in January than all of last year, but that was before the coronavirus hit the U.S., shutting down much of the economy and
The Federal Reserve has opened a temporary repurchase agreement facility for foreign central banks to support the smooth functioning of financial markets. The program will allow participants to temporarily exchange U.S. Treasuries for dollars, which can then be made available to institutions in their jurisdictions. Bloomberg News “This facility should help support the smooth functioning
Investors who are seeking to capitalize on the stock market’s recent steep declines must be disciplined, Bank of America Vice Chairman Keith Banks said Tuesday. “I think a lot of people are trying to get clever and time the market,” Banks said on “Squawk Box.” “The reality is, it’s time in the market, not timing the market.”
Take a look at some of the biggest movers in the premarket: Conagra (CAG) – The food producer missed estimates by 2 cents a share, with fiscal third-quarter profit of 47 cents per share. Revenue also came in slightly short, however Conagra said it has seen significantly elevated demand for its food products over the
Larry Fink Olivia Michael | CNBC Larry Fink, CEO of the world’s biggest asset manager BlackRock, told shareholders that the economy will recover from the coronavirus pandemic, and when it does, there will be “tremendous opportunities” to be had. “In my 44 years in finance, I have never experienced anything like this,” Fink said in
A man walks by the Wall Street subway sign on March 23, 2020 in New York City. Angela Weiss | AFP | Getty Images Some traders are looking for a surge in stock buying on Tuesday as fund managers rebuild their stock holdings in the final hours of the worst quarter for the Dow since
A multiyear boom in mergers and acquisitions activity came to a halt by the end of March, as the fallout from the coronavirus pandemic ravaged corporate share prices and redirected the focus of executives towards saving their own companies instead of trying to buy others. Deal activity last week totalled just $12.5bn, the lowest weekly total
A very important piece of resulting legislation, the Glass-Steagall Act, established the FDIC as one of many comprehensive safeguards against the financial calamities of the time. Many of these safeguards have come to rescue the economy, or at least mitigate damage, during times of financial crisis. The FDIC insures bank deposits owned by corporations, partnerships,
There are some key differences between ETFs and ETNs that investors should be aware of.
As world markets, especially U.S. markets, tremble on surging cases of the coronavirus, there’s one market seeing investors return: China. The infection rate of coronavirus has slowed in China, and there appears to be a growing appetite among fund managers to start buying Chinese assets again. Pinebridge Investments, a New York-based firm, is going “all
Henry Chin from real estate services and investment firm CBRE says there are some bargain hunting opportunities in the market right now due to the coronavirus outbreak. He shares who the top investors are and some of their most favorite investments in the commercial sector at the moment. 00:52 28 minutes ago
Thirteen municipal market participants, including ex-regulators and well-known analysts, will have a say on the future of EMMA as members of the Municipal Securities Rulemaking Board’s new transparency advisory group. The MSRB announced the members of its new Market Transparency Advisory Group Monday. Its members will advise the MSRB’s board of directors on ways to
The Federal Reserve’s first foray to the zero lower bound lasted from 2008 until 2015. Now again, the unprecedented shutdown of the U.S. economy to try to slow the spread of the coronavirus led the Fed to cut rates to near zero in mid-March. While no one knows how long the virus will keep the