CNBC's Jim Cramer raised concerns Friday about a major part of the U.S. economy. The "Mad Money" host said he's feeling a new level of "anxiety about industrial" companies. "Small- and medium-sized businesses [are] doing well; big industrial just not doing well." Smaller companies are faring OK because U.S. consumer activity, which accounts for two-thirds of the American economy, is holding up. However, he emphasized industrials are not OK, calling FedEx earlier this week a "wake-up call." Shares of FedEx plunged nearly 13% on Wednesday after the company late Tuesday blamed the U.S.-China trade war and the loss of Amazon as a customer for its quarterly earnings and revenue misses. FedEx also lowered full-year guidance for fiscal 2020. In addition, CEO Fred Smith on Tuesday's post-earnings conference call with analysts said, "There is a lot of whistling past the graveyard about the U.S. consumer and the United States economy versus what's going on globally." "This is..
European stocks closed slightly higher Friday, as stimulus measures by global central banks eased fears about slowing economic growth. The pan-European Stoxx 600 closed provisionally up around 0.3%, with most sectors and major bourses in positive territory. European Markets: FTSE, GDAXI, FCHI, IBEXLooking at individual stocks, Denmark's third-largest bank Jyske Bank soared to the top of the European benchmark after announcing it would lower negative interest rates even further for clients depositing over $111,100 in their bank accounts. The move follows interest rate cuts from both the European and Danish central banks. Shares of the firm rose over 5%. France's Alten was another standout gainer. The IT services and consulting company reported a better-than-expected operating margin in the first six months of the year, prompting SocGen to raise its stock recommendation to "buy" from "hold." Shares of the Paris-listed stock jumped 4% on the news. Meanwhile, Investec slumped to ..
Ukraine's President Volodymyr Zelensky looks on during his inauguration ceremony at the parliament in Kiev on May 20, 2019.GENYA SAVILOV | AFP | Getty ImagesUkrainian President Volodymyr Zelensky is under pressure over how he will resolve a long-running dispute regarding a nationalized bank and its former oligarch owner. How he proceeds could be a "deal-breaker" as to whether Ukraine's international creditor, the International Monetary Fund (IMF), gives the country a further much-needed aid program, experts say. The dispute centers on a bank called Privatbank that was nationalized in 2016. It was the country's largest commercial bank but became state-owned after being declared insolvent. The government backed the nationalization — which was seen as vital to protect its 20 million customers and to preserve Ukraine's already fragile financial stability. A stress test of Privatbank had noted "imprudent lending policies" and Ukraine's central bank initially said th..
For investors taking a breather from the chaos in August, buckle up as the market is about to go crazy again, Goldman Sachs warned. Wall Street is now inches away from reclaiming its record highs, but a rockier ride could be around the corner as stock volatility has been 25% higher in October on average since 1928, according to Goldman. Big price swings have been seen in each major stock benchmark and sector in October over the past 30 years, with technology and health care being the most volatile groups, Goldman said. "We believe high October volatility is more than just a coincidence," John Marshall, equity derivatives strategist at Goldman, said in a note Friday. "We believe it is a critical period for many investors and companies that manage performance to calendar year-end." The Cboe Volatility Index, a measure of the 30-day implied volatility of U.S. stocks also known as the VIX or "fear gauge," has been tame this month as trade tensions between the U.S. and China eased and Treas..
VIDEO3:5603:56Tim Cook opens the door at an NYC Apple Store as new iPhone goes on saleSquawk BoxApple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit shelves Friday. At the Apple flagship store on Regent Street, a handful of diehard iPhone fans started waiting in line to purchase the new smartphones Thursday evening. As of 6 a.m. Friday, roughly 40 customers were waiting for the doors to open. The number started rising as Apple opened its doors. There were also lines outside of Apple's Fifth Avenue store in New York on Friday morning. The store officially reopens at 8 a.m. ET after more than two years of renovations. CEO Tim Cook greeted the crowd as he made his way inside. Among the features customers were most excited about: the triple-camera system on the iPhone 11 Pro and iPhone 11 Pro Max. "Instead of buying a new camera, I prefer to upgrade my phone," said T..
Finland's Prime Minister Antti Rinne (R) and Google CEO Sundar Pichai address a joint press conference in Helsinki, Finland, on September 20, 2019.Jussi Nukari | AFP | Getty ImagesGoogle will invest 3 billion euros ($3.3 billion) to expand its data centers across Europe over the next two years, the company said Friday. The company's CEO Sundar Pichai said in a blog post that Google would invest an additional 600 million euros into its Hamina, Finland data center next year, bringing total investment in that site to 2 billion euros. "Our Hamina data center is a significant driver of economic growth and opportunity," Pichai said. "It also serves as a model of sustainability and energy efficiency for all of our data centers." Data centers are an important component of cloud computing, where things like data storage and processing are made available over the internet instead of on a local hard drive. They typically use a huge amount of energy, but Google's Pichai said the com..