GE Misses Sales Estimates as Oil Weighs on Immelt's Overhaul
General Electric Co.’s woes in the oil patch persisted in the fourth quarter, denting sales and dragging down shares to their biggest decline in four months.Weakness in the oil and gas unit, which makes drilling equipment and pipes, will probably linger into this year after an “extremely difficult” 2016, Chief Financial Officer Jeff Bornstein said on a conference call. Improvement is unlikely until the second half of 2017, he said after GE announced fourth-quarter revenue that fell short of ana..>> view originalAT&T's DirectTV subscriptions prove Wall Street was wrong
DirecTV Now has picked up 200,000 subscribers since its late November launch, it said on Friday — about half what some Wall Street analysts had predicted. The new service from the AT&T unit carried an introductory price of $35 per month for 100 TV channels. The price is now $60 per month. Cowan & Company had forecast 400,000 subs over the same time span. Cowan is hoping for more info on subs when AT&T reports fourth quarter results on Jan. 25. While the number of subs are relatively small, the ..>> view originalAt Student Loan Giant Navient, Troubled Past Was Prologue
Navient rejected the bureau’s findings and said it would vigorously defend against what it characterized as “false allegations.” It also said the bureau’s complaint was politically motivated, since it was filed just before the presumably friendlier Trump administration took over in Washington. Navient’s chief executive, Jack Remondi, attacked the agency’s conclusions. “Navient leads the industry in income-driven repayment plans and has the lowest level of severely delinquent borrowers and the l..>> view originalMorgan Stanley gives CEO raise, Goldman cuts back
Morgan Stanley gave its chairman and CEO, James Gorman, a 7% raise for 2016, while Goldman Sachs Group Inc. cut stock awards for several executives but didn't disclose compensation for its top executive Lloyd Blankfein. Mr. Gorman received a pay package valued at $22.5 million for his work in 2016, up from $21 million the previous year, according to a spokesman for the New York firm. The 2016 haul included a $5 million stock award disclosed in a filing Friday afternoon and a salary of $1.5 mill..>> view originalUber targeted by anti-Trump protesters on Inauguration Day
CLOSE Anti-Trump protesters in San Francisco impacted some of the city's best-known sites, including the Golden Gate Bridge where thousands formed a human chain and chanted "Love Trumps hate." (Jan. 20) APSAN FRANCISCO — Uber employees arriving to work at the ride-hailing company's headquarters Friday morning found this unusual scene: anti-Donald Trump protesters chained to the entrance doors."We came out today to tell the CEO of Uber that we don't agree with him collaborating with the T..>> view originalApple Sues Qualcomm For $1 Billion, Alleging Extortion
Qualcomm Inc. CEO Steve Mollenkopf speaks during a keynote address at CES 2017 (Photo by Ethan Miller/Getty Images) Just days after the United States Federal Trade Commission sued Qualcomm for antitrust violations, Apple is joining in. On Friday, Apple said it was suing the San Diego-based chipmaker, seeking $1 billion in damages. Apple said Qualcomm "has unfairly insisted on charging royalties for technologies they have nothing to do with." "The more Apple innovates with unique features such..>> view originalTrump Was Taken Seriously by CEOs at Davos, But Not Literally
The word in Davos: Ignore the tweets. Executives gathered in the Swiss resort for the World Economic Forum this week keep repeating, like a soothing mantra, that Donald Trump is at heart a pragmatist who will avoid trade wars and regulations that make it harder to do business.“What somebody’s saying is not necessarily what they’re going to do,” said David Cote, chief executive officer of Honeywell International Inc. He should hope so: Honeywell is a global manufacturing giant with far more empl..>> view originalCalifornia gains 3700 jobs in December, pushing unemployment down to 5.2%
California employers capped off a solid year of job growth in 2016 by adding a net 3,700 jobs during the month of December, the Employment Development Department reported Friday. The unemployment rate was 5.2%, down from 5.3% in November. The national jobless rate was 5% in December. “An unemployment rate in the 5% range is what you see in California when it’s firing on all cylinders,” said Robert Kleinhenz, an economist at Beacon Economics, a Los Angeles-based consulting firm.A rising minimu..>> view originalStock market steadies as Trump gets down to business
When Donald Trump took the presidential oath Friday, the stock market was trading modestly higher with the Dow Jones industrial average up 97 points.Prices then moved in choppy fashion as traders kept glancing at televised views of Trump’s inauguration in Washington. “It certainly was an all-eyes-on event,” said Art Hogan, chief market strategist at Wunderlich Securities.By the closing bell, the Dow had gained 94.85 points to 19,827.25, and that was enough to snap the Dow’s string of five cons..>> view originalHUD suspends FHA mortgage insurance rate cut an hour after Trump takes office
An hour after Donald Trump assumed the presidency Friday, his administration indefinitely suspended a pending rate cut for mortgage insurance required for FHA-backed loans, which are popular with first-time home buyers and those with poor credit.The move by the Department of Housing and Urban Development — one of the first acts of Trump’s administration — reversed a policy announced in the waning days of the Obama presidency that would have trimmed insurance premiums for typical borrowers by hu..>> view original
Wednesday, March 22, 2017
GE Misses Sales Estimates as Oil Weighs on Immelt's Overhaul and other top stories.
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