After a difficult, months-long search for a new chief executive, scandal-plagued Wells Fargo & Co named as its next leader Charles Scharf, a one-time Jamie Dimon protégé known on Wall Street as a detail-oriented number cruncher who excels in streamlining operations.
My grandfather was born in 1904. He died 29 years ago, and he was my hero.
His life was the quintessential American Dream. The son of immigrants, he was very poor as a child.
He started working when he was 6 years old, selling newspapers on the corner (although the age always got younger every time he told the story). He went to high school, college and grad school at night so he could help support his family during the day.
My grandmother would tell us how he would come home from night school exhausted, eat a bowl of cornflakes for a late …read more […]
China’s top diplomat said on Friday that tariffs and trade disputes could plunge the world into recession and Beijing was committed to resolving them in a “calm, rational and cooperative manner.”
U.S. stocks fell on Friday after Reuters and others reported that the Trump administration is considering delisting Chinese companies from U.S. stock exchanges, fuelling more worries about the U.S.-China trade war.
In yesterday’s Trade of the Day, I wrote to you about the AbbVie (NSYE: ABBV) trade in The War Room. I recommended members enter a Long-Term Equity Anticipation Securities (LEAPS) option trade that expires in 2021.
It was supposed to be a longer-term hold… but the market was very kind to us. I put out a sell alert for AbbVie yesterday, presenting nice overnight gains of up to 20%!
But it gets even better than that…
If you recall, my original plan was to recommend a spread trade. That’s when you buy or own one position and sell an option against that position. …read more […]
Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank’s September rate cut and thinks the Fed should “hold firm” on interest rates.
President Donald Trump’s administration is considering delisting Chinese companies from U.S. stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of U.S.-China trade tensions.
U.S. stocks fell on Friday after news that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges and limit U.S. investments into China.
Oil prices fell on Friday and posted a weekly loss on a faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth.
Hedge fund D.E. Shaw & Co is building a stake in Emerson Electric Co and is planning to push for changes, including a potential break-up of the U.S. industrial conglomerate, people familiar with the matter said on Friday.
Marathon Petroleum Corp said on Friday the top U.S. refiner’s board supported Gary Heminger staying on as chief executive officer amid calls for his ouster from two top 10 shareholders.
We live in a culture of debt. In fact, many people will tell you that taking on large amounts of debt is completely normal. Overall household debt in the U.S. had taken a downturn for a while, but in 2013 it began to grow again and now stands at more than $13.67 trillion. Mortgages alone are responsible for 71% of household debt. (That being said, in almost all cases, mortgage debt should be the last debt you pay off.) If you are like many Americans, you may be buried under a mountain of debt that can seem insurmountable…but there is …read more […]
Fiat Chrysler Automobiles NV and its U.S. unit will pay $40 million for misleading investors about its monthly sales figures and will resolve a lengthy probe by the U.S. Securities and Exchange Commission (SEC).
Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank’s September rate cut because the economy is strong and said he thinks the Fed should “hold firm” on interest rates.
Precious metals isn’t a topic we discuss much here. But I simply couldn’t resist today. The outlook for gold and silver is just too good, and it’s getting better.
To me, the fundamental bullish case for precious metals is simple. Governments, people and businesses around the world have big piles of unpayable debt. And, unfortunately, most of the borrowed money isn’t being spent productively.
We’ve reached the stage where countries and companies are borrowing at an accelerated rate just to pay the interest on their debt. Look how extreme it’s gotten. This chart shows global debt as a percentage of gross domestic …read more […]
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