As Los Angeles continues to battle wildfires that have ravaged swaths of the city, insurers exposed to the California homeowners market could face an earnings hit up to 20%. Wall Street firms Goldman Sachs and Wells Fargo have already hiked their original estimates for insured losses as the devastation of the wildfires spread — seeing as much as $30 billion for the insurance industry. Those losses would far surpass the $12.5 billion in insured damages from the 2018 Camp Fire , which was the costliest blaze in the nation’s history, according to data from Aon. The current fires occurred in areas…
Author: usaeverydaylife
Jakub Porzycki | Nurphoto | Getty ImagesBusiness moguls such as Elon Musk should be prepared to spend tens of billions of dollars for TikTok’s U.S. operations should parent company ByteDance decide to sell. TikTok is staring at a potential ban in the U.S. if the Supreme Court decides to uphold a national security law in which service providers such as Apple and Google would be penalized for hosting the app after the Sunday deadline. ByteDance has not indicated that it will sell the app’s U.S. unit, but the Chinese government has considered a plan in which X owner Musk would acquire…
CLEVELAND — To grasp how the Cleveland Browns spiraled into one of the worst teams in the NFL, it’s important to first return to the end of last season.The Browns dismantled their offense this year and rebuilt an inferior version in an attempt to appease Deshaun Watson. All of the changes failed miserably. The Browns bottomed out as one of the worst teams in the league and plummeted to a 3-14 finish. They hold the second pick in the 2025 NFL Draft.For three years, the Browns contorted themselves to match Watson’s strengths and desires. But teammates ultimately grew tired of…
Hamas may claim victory after a cease-fire with Israel that was announced on Wednesday, but 15 months of war have left the militant group severely weakened.Israel’s bombardment and invasion of Gaza, which began weeks after the deadly Oct. 7, 2023, attacks by Hamas, have decimated the 21 battalions that formed the main unit of the group’s military wing, the Qassam Brigades, according to military analysts. The total number of Hamas fighters killed is unclear. In September, a spokesman for the Israeli military put the number at more than 17,000, including a number of senior commanders.Hamas’s ability to mount sustained and…
Wells Fargo shares rallied Wednesday after the bank delivered better-than-expected earnings for the fourth quarter. While the reported numbers were solid, an upbeat outlook for 2025 stole the show. Total revenue for the three months ended Dec. 31 dipped 0.5% year over year to $20.38 billion — missing analysts’ expectations of $20.59 billion, according to market data provider LSEG. Adjusted earnings per share of $1.58 per share exceeded Wall Street’s consensus estimate of $1.35 per share, LSEG data showed. On its release, Wells Fargo only reported generally accepted accounting principles (GAAP) earnings per share. That number was $1.43 per share for…
Some companies reporting earnings next week could disappoint investors, if analysts’ predictions are anything to go by. Roughly 7% of the companies in the S & P 500 index — representing 34 stocks — and seven companies in the Dow Jones Industrial Average are set to report earnings next week. Netflix will headline the week, alongside a handful of airline and financial companies. While analysts have lowered their fourth quarter earnings expectations, FactSet’s sell-side survey still estimates S & P 500 year-over-year earnings will grow 11.7%, which would be the fastest in three years. Against this backdrop, CNBC Pro screened…
President Joe Biden is joined by Education Secretary Miguel Cardona as he announces new actions to protect borrowers after the Supreme Court struck down his student loan forgiveness plan, in the Roosevelt Room at the White House in Washington, D.C., on June 30, 2023.Chip Somodevilla | GettyThis year, for the first time in roughly five years, borrowers who have defaulted on their federal student loan debt will face collection activity, including the garnishment of their wages and retirement benefits.In a new U.S. Department of Education memo obtained by CNBC, a top official lays out for the first time details of…
The NFL playoffs are in full swing. The wild-card round came and went this past weekend, and on tap is the divisional round, which features four games between eight teams.Having lost in recent days, the Los Angeles Chargers, Green Bay Packers, Pittsburgh Steelers, Tampa Bay Buccaneers, Denver Broncos and Minnesota Vikings find themselves in a state of reflection and assessment as their offseasons begin sooner than they would have liked.Another 18 NFL teams didn’t even make the playoffs. Some appear capable of rebounding and rejoining the ranks of the contenders next season — if they make the right moves this…
Saudi Energy Minister Abdulaziz bin Salman speaks during the annual Future Investment Initiative (FII) conference in Riyadh on October 29, 2024.Fayez Nureldine | Afp | Getty ImagesRIYADH, Saudi Arabia — Saudi Arabia is pushing ahead to put itself on the global critical minerals map, announcing a number of deals, investment plans and discoveries at its annual Future Minerals Forum in the capital Riyadh.Saudi Vice Minister of Mining Affairs Khalid al-Mudaifer announced Wednesday the development of a new mineral investment project valued at $100 billion, and that $20 billion of it was already in the final engineering phase or under construction.While…
A major stock market theme in December was sub-par market internals. In fact, more S & P 500 stocks declined vs. advanced every session of the first 14 trading days of the month. That’s an extremely long bearish streak. Despite that, the behemoth growth names continued to advance. And given that the S & P 500 is market-cap weighted, the widely popular and highly influential stocks literally helped the index hang near its all-time highs. In other words, the “average S & P 500 stock” performed a lot worse than the index. The Invesco S & P 500 Equal Weight ETF…
