DocuSign CEO Dan Springer said Tuesday the company has not noticed a decline in activity among its clients in the real estate industry despite the economic shock from the coronavirus. “Real estate is an interesting one because while a lot of people are concerned there is going to be a slowdown, we haven’t yet seen
Month: April 2020
Younger investors have lately been buying shares of cruise lines, two Wall Street strategists told CNBC on Monday. TD Ameritrade‘s JJ Kinahan said Royal Caribbean and Carnival Corp. have been two stocks that the brokerage firm’s millennial clients have added to their portfolio in the month of Month. “At first you might be like, ‘Oh
Oklahoma lawmakers on Monday granted Gov. Kevin Stitt extraordinary power to bypass state laws in responding to the COVID-19 pandemic. Meeting in a special session Stitt called last week, the Legislature enacted the Catastrophic Health Emergency Powers Act that allows Stitt to waive statutory and regulatory requirements and redirect state agency or state employee efforts
Art Cashin David A. Grogan | CNBC Art Cashin, head of floor trading for UBS, has been a beloved market commentator for many decades and a regular commentator on CNBC for more than 20 years. Cashin was in a car accident in early February (he was not driving) and has been recuperating. We spoke to
Kraft and Heinz products Scott Olson | Getty Images Check out the companies making headlines after the bell. Gannett — The media company’s stock climbed 1% in extended trading after the Gannett named Douglas Horne as its new CFO. Horne previously served as global controller for The We Company (WeWork), which saw a failed IPO in 2019.
A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate. The Cares Act mandates that all borrowers with government-backed mortgages—about
Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020. Adam Galica | CNBC Jamie Dimon, CEO of JPMorgan Chase, released his widely-read annual letter on Monday. “We have the resources to emerge from this crisis as a stronger country,”
New York lawmakers approved a state budget Thursday with mechanisms for spending reductions throughout the year because of the economic headwinds caused by the COVID-19 pandemic. The adopted $177 billion budget includes an initial $95.8 billion of state operating spending, $10 billion less than Gov. Andrew Cuomo’s January proposal. New York Gov. Andrew Cuomo is
A restaurant in Washington Heights prepares for new restrictive measures to only offer take-out or delivery in an effort to combat coronavirus. Dan Mangan | CNBC Stocks and bonds had a relatively muted response to the March employment report, which was far worse than forecast but barely reflected the unprecedented collapse of the labor market
One of the advantages of being in the investment business for as long as I have is that, in times of incredible market distress, I get to invoke that wry and somewhat misleading saying, “Well, this isn’t my first rodeo.” Another advantage is that my past was full of so many research assignments that I
Municipal bond yields fell more than 15 basis points Friday, gaining back a portion of the pronounced losses from the past two sessions. The market is settling into what appears to be sustained volatility after more than a month of dramatic swings in yields. In what used to be considered a normally functioning market, a
New York Stock Exchange building is seen at the Financial District in New York City, United States on March 29, 2020. Anadolu Agency The stock market enters a four-day week that is the lull before earnings season, but it’s the headlines on developments around the spread of the coronavirus that may result in the most
Taylor Denchfield has been flipping homes since he was 17. Source: Taylor Denchfield As job losses climb into the millions due to the coronavirus pandemic, laid-off workers increasingly can’t make the rent. That’s also bad news for small landlords. Unlike large real estate companies and REITs that own multiple rental buildings, small, so-called mom and
The stock market could still touch new lows as uncertainty around the coronavirus pandemic persists, Mohamed El-Erian said Friday. “I don’t think we’re forming a bottom yet. I think we’re going down at a slower rate,” the chief economic advisor at Allianz said on CNBC’s “Squawk Box.” “There is a very important distinction there.” Calling a
Rating agencies and investors don’t share Chicago Mayor Lori Lightfoot’s confidence that the city is well-positioned to manage the potentially deep fiscal wounds COVID-19 might inflict. “I think we are very well situated,” Lightfoot has said. “We obviously did modeling and thinking about the potential for an economic downturn but the bottom line is it’s
A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China July 17, 2018. Jason Lee | Reuters Here we go again. It sounds outrageous: The chief operating officer of Luckin Coffee, the largest domestic coffee chain in the China, was accused by his own company of fabricating much of
A view of an empty restaurant is seen at Grand Central Station on March 25, 2020 in New York City. Angela Weiss | AFP | Getty Images Barry O’Donovan opened his Irish pub across from a railroad station used by Wall Street commuters just five days before Lehman failed. His business survived the Great Recession.
Workers at a Bozzuto multifamily job site in Chevy Chase, MD. Diana Olick | CNBC Construction has been deemed essential by the federal government, but a growing number of residential construction workers are pulling back, worried about catching the coronavirus. While overall construction employment fell in March, according to the Bureau of Labor Statistics, residential
Brian Moynihan, CEO, Bank of America Scott Mlyn | CNBC Bank of America says it is capable of accepting online applications for the government’s $350 billion small business relief program, becoming the first major bank to make that announcement. Just minutes earlier on Friday, none of the websites of four of the biggest U.S. banks —
One of the major reasons behind the rapid development of the cryptocurrency space is the presence of crypto exchanges, and Coinbase is one of the most influential exchanges in the world. On Wednesday, the company further strengthened its bets in the decentralized finance (DeFi) applications space by announcing a fresh round of investments. Major Investment
Global law firm Norton Rose Fulbright added two public finance lawyers to its public finance team in Los Angeles. Stepan Haytayan was named senior counsel and Mauricio Salazar has joined its team as an associate. “Stepan and Mauricio are tremendously talented lawyers, and their addition underscores the desire to bolster our public finance presence on
The entrance to a Macy’s department store. Jeffrey Greenberg | Universal Images Group | Getty Images Macy’s is being dropped from the S&P 500, and in a sign of how far the fortunes of the retail space have fallen amid the coronavirus-related shutdowns, it is not being demoted to the mid-cap S&P 400, it’s being
A worker at NorthCape, an outdoor furniture manufacturer, makes personal protective equipment (PPE) on March 30, 2020 in Alsip, Illinois. Scott Olson | Getty Images March’s employment report could show the most monthly job losses in a decade, but it’s only a fraction of the real hit to the workforce that came when many states
Manhattan real estate sales ground to a halt at the end of March, and some industry experts say prices could fall 30% or more once activity resumes. Total sales volume actually increased 14% for the first three months of 2020, boosted by a strong January and February, according to a report from Douglas Elliman and
JPMorgan CEO Jamie Dimon told employees in a memo Thursday he is “happy to be back at work” following emergency heart surgery last month. “I have been recuperating well and getting stronger every day, and I am happy to be back to work this week — albeit working remotely like so many of you,” Dimon
New York City, the hotspot of the COVID-19 crisis in the U.S., received a hit from Wall Street late Wednesday when Moody’s Investors Service revised its rating on the city’s general obligation bonds to negative from stable. “The rapid and widening spread of the outbreak, deteriorating global economic outlook, falling oil prices, and financial market
George Milling-Stanley has sometimes been referred to as the “godfather” of the gold business. While at the World Gold Council, he was one of a small group that helped create the SPDR Gold Trust (GLD) in 2004, now the world’s largest gold exchange-traded fund with over $50 billion in assets. He is now chief gold
Economists expect 4 million to 5 million or more workers filed for unemployment claims last week, but there are still millions of claims expected, and layoffs could easily double those in the financial crisis, economists said. There are two key employment reports Thursday and Friday. One is the government’s weekly report of unemployment benefit claims,
Millions of borrowers may be unable to pay their mortgages as the coronavirus continues to crush the U.S. economy. But there is a government back-up plan. The CARES Act just signed into law allows borrowers to skip payments for up to a year and then have those payments tacked on to the end of their
Analysts have warned that falling oil prices will lead to a wave of consolidation or bankruptcies in the U.S. energy sector, and the Street got its first taste of what could be to come when U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday. “The oil patch is falling apart … This is the other