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Search resuls for: "Paul R. La Monica"


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☆ The Fed will raise rates again. But it’s playing with fire
  + stars: | 2022-12-11 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +5 min
New York CNN —The Federal Reserve is all but guaranteed to announce Wednesday that it will once again raise interest rates. The Fed bumped up rates by three-quarters of a percentage point in the past four meetings (June, July, September and November). The more widely watched Consumer Price Index data for November comes out Tuesday, just a day before the Fed announcement. Jones still thinks the Fed will raise rates by only half a point this week and may look to hike them just a quarter point in early 2023. It seems likely that the Fed will cut its GDP target and raise its expectations for the jobless rate and consumer prices.
☆ Rent the Runway rebounds as consumers shop for bargains
  + stars: | 2022-12-08 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: 1 min
How relevant is this ad to you? Video player was slow to load content Video content never loaded Ad froze or did not finish loading Video content did not start after ad Audio on ad was too loud Other issues
☆ Premarket stocks: The corporate world has a succession problem
  + stars: | 2022-12-07 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
It’s been a nasty year for Fortune 500 companies and top executives are paying for it: CEOs are exiting in droves. CEO exits eased in the third-quarter, but the C-suite door seems to be revolving again as a slew of Fortune 500 CEOs have said their goodbyes this month. Looking back: One way to avoid the succession problem is to recycle an old CEO. On average, the annual stock performance of companies led by boomerang CEOs was 10.1% lower those with a first-stint leader, he found. Shares of movie theater chain AMC (AMC) have also plummeted 55% this year.
☆ The media business is in turmoil — but its stocks may be close to bottoming
  + stars: | 2022-12-07 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
Wall Street, for what it’s worth, seems to think the worst is over for the streaming leader after it finally decided to cave and launch an ad-supported service. And what’s more, many media companies are in the midst of layoffs and other cost-cutting measures, including CNN and its parent Warner Bros. But Wall Street is certainly more bullish about the prospects for media stocks. Wall Street is predicting that Warner Bros. So even though it feels like there’s still more bad news to come, media stocks may have already hit the bottom.
☆ Stocks sink again as CEOs sound alarm bells about economy
  + stars: | 2022-12-06 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +2 min
New York CNN Business —Some top CEOs appear to be worried that the economy could be the Grinch that steals Christmas this year. Stocks sank Tuesday, the second straight day of losses on Wall Street. The Dow fell more than 500 points, or 1.5% in midday trading. Four of America’s leading chief executives gave cautious comments about the economy in interviews Tuesday, and that seems to have spooked the market. Shares of JPMorgan Chase, Walmart and Goldman Sachs, which are all Dow components, fell 0.6%, 1.3% and 2.6% respectively.
☆ Meme stock mania may finally be over
  + stars: | 2022-12-06 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
Meme stocks, that is. Shares of movie theater chain AMC (AMC) have plummeted 55% this year. But investors may also be realizing that companies like GameStop, AMC and Bed Bath & Beyond face legitimate challenges. But mostly, investors are aware of the fact that in uncertain times like this, it may make more sense to play it safe instead of taking a huge gamble on a meme stock. Add all that up and it’s a miserable time for investors to be considering speculative meme stocks.
☆ Is the worst over for bitcoin and the rest of crypto?
  + stars: | 2022-12-04 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +6 min
This is not the first crypto winter, as long-term fans of bitcoin can attest. “It is very clear that we as an industry need to build better products,” said Hany Rashwan, CEO of 21.co, a crypto investment firm. That’s about triple where prices were during the depths of the crypto bear market in the early pandemic days of 2020. Others point out that the underlying blockchain technology behind bitcoin and crypto remains solid. Pride and Reynolds added that it’s erroneous to think that bitcoin can hold up well during stock market volatility.
☆ What the heck happened to Salesforce?
  + stars: | 2022-11-29 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
Exhibit A: software giant Salesforce. Salesforce (CRM) has lagged the performance of top cloud software rivals such as Microsoft (MSFT), Germany’s SAP (SAP) and Oracle (ORCL). Salesforce said it now expects earnings per share of about $1.20 to $1.21 for this quarter and sales of $7.82 billion to $7.83 billion. So is Salesforce, led by co-CEOs Marc Benioff and Bret Taylor, due for a comeback in 2023? Salesforce has spent nearly $50 billion since 2018 to buy application software company MuleSoft, data visualization software leader Tableau and workplace productivity suite Slack.
☆ Bank of America CEO predicts two years of pain ahead in the housing market
  + stars: | 2022-11-29 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +2 min
New York CNN Business —The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But Moynihan told Harlow that the worst-case fears for the economy may not materialize — thanks to the continued resilience of American shoppers. Still, Moynihan is concerned that there could be more tough times ahead for the housing market. And the way you do that is raising interest rates,” Moynihan said. “The intended outcome of [the Fed’s] policies doesn’t feel good when you are trying to buy a home.”Moynihan told Harlow that there could be two years of pain in the housing market before activity returns to normal.
☆ Dow tumbles 500 points but could actually end the year in the green
  + stars: | 2022-11-28 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
New York CNN Business —Most of 2022 has been pretty dismal for investors, and Monday was no exception: The Dow fell about 500 points, or 1.5%, Monday. The Dow enjoyed its best month in nearly a half-century in October and it’s up nearly another 3% in November. It would be a stunning comeback if the Dow reclaims all its lost ground and finishes the year in positive territory. Top industrial stocks in the Dow such as Boeing (BA), Caterpillar (CAT) and Honeywell (HON) have surged. The S&P 500 and Nasdaq are still pretty deep in the red for 2022, off 17% and almost 30% respectively.
☆ The Dow could actually end the year in the green
  + stars: | 2022-11-28 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
It would be a stunning comeback if the Dow reclaims all its lost ground and finishes the year in positive territory. As recently as mid-October the Dow was in bear-market territory for 2022, down more than 21%. Top industrial stocks in the Dow such as Boeing (BA), Caterpillar (CAT) and Honeywell (HON) have surged. (owner of The North Face and Vans), IBM (IBM) and 3M (MMM), is actually up 1% this year. There were several times when the stock market came back and then went back down,” said John Duffy, co-founder of Trending Stocks.
☆ Hasbro CEO says inflation won't ruin Christmas but Wall Street is worried
  + stars: | 2022-11-23 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +8 min
New York CNN Business —The holidays are rapidly approaching, and for the toy company Hasbro, a slowing economy could be a proverbial Grinch that steals Christmas. Before joining Hasbro, Cocks was an executive at Microsoft (MSFT) from 1999 through 2006 and 2008 through 2016. Cocks said Hasbro is investing “significantly” in digital toys, particularly digital versions of classic Hasbro board games like “Monopoly” and “Scrabble” as well as D&D and the company’s “Magic: The Gathering” game. It’s definitely been a boon for the game,” Cocks said. “If there’s a couple of truisms in life, there’s death, there’s taxes, and there’s parents wanting to have a great holiday for their kids.”
☆ Fed offers more rate hike clues
  + stars: | 2022-11-23 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
At its November 2 meeting the Fed raised rates by three-quarters of a percentage point — its fourth straight hike of such a large magnitude. But Fed chair Jerome Powell suggested at a press conference that the Fed may soon begin to slow the pace of hikes. The minutes from that meeting showed that several other Fed policymakers agreed with Powell’s assessment. The job market remains relatively healthy as well, although the most recent jobless claims figures ticked up from a week ago. But as long as the labor market remains firm and inflation pressures continue to ebb, the Fed will likely pull back on the magnitude of its rate hikes.
☆ Investors have very little to be thankful for in 2022
  + stars: | 2022-11-20 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +7 min
Oil stocks have been huge winners this year, thanks to the spike in crude prices…which boosted sales and profits. For now, at least, energy investors are reaping the rewards. And there are also opportunities for investors looking for a little more risk…and potential reward. Finally, investors who’ve bet against the stock market also can give thanks for this year’s volatility. PC giants Dell (DELL) and HP (HPQ) also report results this week.
☆ Stocks fall as fears of more big Fed rate hikes resurface
  + stars: | 2022-11-17 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
The Dow was off about 30 points, or 0.1%, in midday trading following comments from St. Louis Fed President James Bullard about the possibility of much bigger interest rate hikes. Jefferson didn’t comment specifically about how much higher he thinks rates need to go though in order to get inflation in check. In addition, Bullard has a vote on rate hikes at the Fed’s next meeting in December, but he does not have a say on interest rates in 2023. The seven Fed governors and the New York Fed president are always on the FOMC. The St. Louis Fed president doesn’t get a vote again until 2025.
☆ China's consumers still wary. Alibaba's sales miss forecasts
  + stars: | 2022-11-17 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +2 min
E-commerce giant Alibaba reported third quarter sales Thursday that rose just 3% from a year ago, slightly missing analysts’ forecasts. Alibaba has been hit hard this year due to a slowdown in China’s economy. That appeared to soothe hard hit Alibaba investors somewhat. Shares of Alibaba (BABA) rose more than 6% in mid-morning trading but they have still plunged about 30% in 2022. Chinese consumers apparently didn’t splurge too heavily during last week’s Singles Day shopping extravaganza either.
☆ Greed is back with a vengeance on Wall Street
  + stars: | 2022-11-16 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
Wall Street is now, dare we say, almost giddy. The Dow has surged 17% since the end of September, following the best month for the closely watched market barometer since 1976. The CNN Business Fear & Greed Index, which looks at seven indicators of market sentiment, is even showing signs of Greed and is not far from Extreme Greed levels. Clearly, investors are banking on smaller rate hikes. George Young, a portfolio manager with Villere & Co. said he’s bullish right now on smaller companies, since they aren’t as widely held as the mega cap blue chip market leaders.
☆ Inflation is cooling, and Wall Street loves it
  + stars: | 2022-11-15 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
Investors are hoping that the cooling inflation pressures will lead the Federal Reserve to raise interest rates by smaller amounts in the next few months, following four consecutive historically large hikes. But it’s the good news on the inflation front that is giving investors the biggest cause for jubilation. Those comments soothed investors, who were spooked by remarks from another Fed official about inflation and interest rates. The Fed is clearly still more concerned about inflation than it is the possibility its aggressive rate hikes will slow the economy. That means the market should get used to the notion that interest rates are going to keep climbing and may stay elevated for some time.
☆ Home Depot customers are spending more, but that’s mainly due to inflation
  + stars: | 2022-11-15 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
Now for the bad news: Home Depot lost customers again. The DIY leader said in its third quarter earnings report that the number of customer transactions fell more than 4% from a year ago. Home Depot noted that the average customer ticket was nearly $90, up about 9% from a year ago. “Home Depot is not immune to a tightening economy,” Neil Saunders, managing director of GlobalData, said in a report. “Moving into 2023, the picture becomes more complicated and much depends on the trajectory of the economy,” Saunders said.
☆ Tech stocks have been crushed. What’s next for the FAANGs?
  + stars: | 2022-11-14 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
New York CNN Business —The great bull run for tech stocks may finally be over. The tech sector has been a market leader for years, but there are growing concerns about the future. Todd Sohn, director and technical strategist at Strategas, noted in a report late last week that when tech stocks imploded in 2000 as the dot-com bubble burst, it wasn’t until after the 2008 financial crisis before tech resumed a role as a market leader. But cybersecurity stocks such as Palo Alto Networks (PANW), as well as semiconductors, are more reasonable. In other words, tech investors should be looking tor more boring parts of the sector, not assets like crypto that are more about hype than substance.
☆ All eyes on the consumer ahead of Black Friday and the holidays
  + stars: | 2022-11-13 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +6 min
Beyond a slew of retail earnings reports, the government will report retail sales figures for October on Wednesday. But the most recent Consumer Price Index figures for October provided some relief for shoppers…and Wall Street. Consumer spending rose 1.4% during the third quarter, according to the government’s most recent gross domestic product (GDP) report. A report on housing starts and building permits data for October will come out towards the end of this week. When Home Depot reported its most recent earnings in August, it noted that customers didn’t make as many purchases as they did a year ago.
☆ Premarket stocks: Wall Street picks hope over reality after inflation report
  + stars: | 2022-11-11 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN Business —Stocks surged on Thursday in their best day since 2020 after a key inflation indicator came in softer than expected. Investors broke out their party hats as they interpreted the report to mean that peak inflation may finally be behind us. Crypto-advocates were hoping that rising interest and inflation rates would drive investors away from the dollar and into alternative assets like gold and Bitcoin. Then, central banks started raising rates to fight inflation, and the dollar strengthened significantly, seducing investors as the ultimate safe haven. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s regime of interest rate hikes.
☆ Crypto crash and gold sell-off show there’s no place for investors to hide
  + stars: | 2022-11-10 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +5 min
Bitcoin prices are currently hovering around $16,500, down from a level of $20,000 just a week ago. Gold, like bitcoin, then surged in the latter part of 2020 as a sort of safe haven trade. Why buy gold or digital assets when the greenback is proving to be the king of currencies? Bitcoin prices have been notoriously volatile over the past few years, but they have still done better than many major stock market indexes. One venture capitalist who focuses on bitcoin and crypto assets agreed that FTX’s problems won’t derail the entire digital assets universe.
☆ This is the moment Wall Street has been waiting for
  + stars: | 2022-11-10 | by ( Paul R. La Monica Nicole Goodkind | Paul R. La Monica | Nicole Goodkind | ) edition.cnn.com   time to read: +1 min
New York CNN —Stocks soared Thursday after new economic data showed that price increases eased in October. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. Meanwhile, the 10-year Treasury yield tumbled below the threshold of 4%, to about 3.85%, its lowest level since mid-October. And the 10-year itself is influenced by short-term interest rates set by the Fed. Wall Street is hoping that the data will help convince the Fed to pull back on the size and pace of its interest rate increases, which investors worry could send the economy into a recession.
☆ Stocks slip as control of Congress remains unclear
  + stars: | 2022-11-09 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
Stocks dipped, with the Dow sliding nearly 300 points, or 0.9%, in late morning trading. One stock in particular that had been surging in anticipation of a sweeping victory for the GOP got hit hard Wednesday. The market rallied sharply during the past three days following a historic surge for stocks in October. Still, as the midterm dust settles, investors may now shift their attention back to inflation and the economy. “Markets have performed remarkably similar during periods of a Republican or Democratic controlled Congress.”
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