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☆ Analysis: An elite Wall Street bank gets a $35 million lesson: Just call tech support
▼ + stars: | 2022-09-20 | by ( Analysis Allison Morrow | Cnn Business | ) edition.cnn.com time to read: +5 min

Here's the deal: Morgan Stanley just got slapped with a $35 million fine for "astonishing" failures that led to the mishandling of sensitive data on some 15 million customers, my colleague Matt Egan writes. Eventually, the devices, still loaded up with sensitive data, wound up on an auction site. "If not properly safeguarded, this sensitive information can end up in the wrong hands and have disastrous consequences for investors." Morgan Stanley agreed to pay the fine without admitting or denying the findings in the settlement. "We have previously notified applicable clients regarding these matters, which occurred several years ago, and have not detected any unauthorized access to, or misuse of, personal client information," Morgan Stanley said in a statement.

☆ Time for someone else to ride the Peloton bike?
▼ + stars: | 2022-09-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Peloton also announced job cuts at the time of McCarthy’s hiring and revealed more layoffs in August. Peloton is one of several pandemic era winners that are now finding it difficult to keep the boom times going. With that in mind, Nike (NKE) or Adidas (ADDDF) could work out as potential Peloton buyers. Amazon (AMZN) is also compelling as a potential Peloton owner. Nike and Amazon were both mentioned in various media reports as potential acquirers for Peloton in February, just before McCarthy was hired.

☆ Stocks sink as investors wait for the Fed’s rate hike
▼ + stars: | 2022-09-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. There were no earnings reports of note on Tuesday and not much economic data for investors to focus on other than a new housing report, which was mixed. The housing numbers are unlikely to change the minds of Fed policy makers, who will announce another rate hike on Wednesday. Stocks surged at the end of the trading session Monday after hovering near break-even levels for most of the day. “Transportation stocks are a canary in the coal mine when it comes to the economy.”

☆ Wonder where the economy is heading? Pay close attention to earnings
▼ + stars: | 2022-09-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

Economic bellwether FedEx (FDX) stunned Wall Street last week with a massive earnings warning and tepid outlook for the global economy. Still, investors remain nervous about the health of the railroad business, a sign of the jitters about the overall economy. Most of Corporate America operates on a calendar year schedule for earnings, which means they will report third quarter results in October. That would be the worst quarter for earnings since a 5.7% decrease in the third quarter of 2020, when the economy was reeling from Covid-imposed lockdowns. That adds to the risk that a global spike in rates will lead to a further slowdown in earnings, consumer spending and the overall economy.

☆ Wall Street is on a knife's edge until Jay Powell speaks
▼ + stars: | 2022-09-19 | by ( Analysis Allison Morrow | Cnn Business | ) edition.cnn.com time to read: +7 min

Financial markets are on a knife's edge, and have been for weeks, as they await word from the central bank on how much monetary tightening to expect. On Monday, Wall Street vacillated between slight gains and losses , effectively in a holding pattern while investors awaited word from the Silver Fox himself, Mr. Federal Reserve Chairman Jerome Hayden Powell. Fed Chair Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee in July. Of course, emoticons became emoji (style note: the plural of emoji is emoji), and our text conversations added a new layer of meaning. Like, check this out:OK, fine 😂OK, fine 😔OK, fine 🙃OK, fine 🙄...You get the idea.

☆ Wall Street is on a knife’s edge until Jay Powell speaks
▼ + stars: | 2022-09-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Financial markets are on a knife’s edge, and have been for weeks, as they await word from the central bank on how much monetary tightening to expect. On Monday, Wall Street vacillated between slight gains and losses, effectively in a holding pattern while investors awaited word from the Silver Fox himself, Mr. Federal Reserve Chairman Jerome Hayden Powell. Fed Chair Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee in July. Of course, emoticons became emoji (style note: the plural of emoji is emoji), and our text conversations added a new layer of meaning. Like, check this out:OK, fine 😂OK, fine 😔OK, fine 🙃OK, fine 🙄…You get the idea.

☆ Another big rate hike is coming. Lather. Rinse. Repeat
▼ + stars: | 2022-09-18 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: +6 min

As such, experts' forecasts for the Fed's key short-term rate after the November meeting range from 3.5% to 4%. In other words, the Fed's rate hikes could ultimately lead to the economy cooling off more than the central bank would like. Too many big rate hikes risk "sending the economy into a mild recession," Chubb said. What's more, other central banks, mainly the European Central Bank, are likely to step up the pace and size of rate increases as well. "Major central banks still have work to do on inflation, including the Fed and the ECB.

☆ Manchester United: Winning on Wall Street despite struggling on the field
▼ + stars: | 2022-09-15 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: 1 min

New York (CNN Business) Fans of the Manchester United Football Club are not thrilled to see their squad in the middle of the pack of the English Premier League so far this season, especially after a disappointing run in 2021. The once mighty Man United's last significant championship was a UEFA Europa League win in 2017 and its last Premier League crown came way back in 2013. Manchester United MANU But despite the Red Devils' lack of recent success on the pitch,stock, which trades on the New York Stock Exchange, is up 3% this year — no easy feat in this tough market. So why is Manchester United stock doing so well? Tesla TSLA On reason for the pop is an August tweet fromand SpaceX CEO Elon Musk joking that he was buying the team.

☆ Buy the stocks that pay you back
▼ + stars: | 2022-09-14 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: +1 min

New York (CNN Business) Tuesday's massive stock market meltdown should serve as a reminder to investors that in times of turmoil, it pays to own shares of companies that also pay you. Dividend paying stocks are in vogue again, even as long-term government bond yields have surged dramatically this year. And for those playing the longer game, dividends can be reinvested to buy even more shares in those same companies. Exxon Mobil XOM Chevron CVX The high dividend fund, as its name implies, has exposure to companies that offer big yields, such as energy giantsand. Both stocks have soared this year as oil prices have skyrocketed.

☆ Activist investor changes mind about Disney spinning off ESPN
▼ + stars: | 2022-09-12 | by ( Frank Pallotta | ) edition.cnn.com time to read: +2 min

New York CNN Business —Dan Loeb is fine with Disney keeping ESPN after all. The activist investor and Third Point CEO, who made headlines last month when he proposed that the media giant spin off ESPN, had a change of heart over the weekend. https://t.co/Gobvf8KS2w — Daniel S. Loeb (@DanielSLoeb1) September 11, 2022However, Loeb also wanted to see five changes at Disney, which he said would “unlock further value in the near-term.”One change, which got the most attention, was for Disney to ditch ESPN. Loeb noted that “a strong case can be made that the ESPN business should be spun off to shareholders with an appropriate debt load” to reduce Disney’s debt. “ESPN would have greater flexibility to pursue business initiatives that may be more difficult as part of Disney, such as sports betting,” Loeb added.

☆ Live updates: Berkshire Hathaway's annual meeting, earnings, stock price info and more
▼ + stars: | 2022-04-30 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: +2 min

See's Candies President and CEO Pat Egan, speaks to Fox Business reporter Liz Claman about Warren Buffett's favorite See's product, Peanut Brittle, during the Berkshire Hathaway shareholders meeting, on Friday, April 29. Berkshire-owned See's Candies and Dairy Queen both had popular booths on the exhibit floor. "People need their candy," said See's Candies president and CEO Pat Egan. He added that higher labor and equipment costs are a challenge for Dairy Queen franchisees too. But Bader said Dairy Queen franchise operators have to "thread the needle" because the chain doesn't want to lose customers.

Persons: Pat Egan, Liz Claman, Warren Buffett's, John Peterson, Berkshire Hathaway, Egan, See's, Troy Bader, Bader Organizations: Fox Business, Berkshire Hathaway, Berkshire, Dairy, Dairy Queen Locations: America

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