Ian Read, chairman and chief executive officer of Pfizer Inc., gestures as he speaks during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 17, 2017.Simon Dawson | Bloomberg | Getty ImagesActivist Starboard Value accused Pfizer of threatening litigation against the company’s former CEO and CFO in order to get them to break ranks with the investor’s nascent turnaround campaign at the pharmaceutical giant.Starboard managing member Jeff Smith said in a Thursday letter to Pfizer’s board that the company or its advisors also “threatened” to claw back former chief executive Ian Read and ex-CFO…
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The S & P 500 hit new highs on Wednesday, but there is more to the story that investors need to be mindful of. While the broad index ventured into uncharted waters, Chris Verrone, head of technical and macro research at Strategas, pointed out that just about 16% of stocks hit 20-day highs in tandem. A lack of breadth by this measure indicates the S & P 500 is susceptible to a correction, he said. “Curiously, the % of stocks trading to a 20-day high remains light for what feels like a potent headline advance,” Verrone wrote to clients in…
A TD bank stands in Brooklyn on June 04, 2024 in New York City. Spencer Platt | Getty ImagesTD Bank pleaded guilty Thursday in a criminal money laundering case and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and federal financial regulators for failing to monitor money laundering by drug cartels.As part of the deal, TD Bank, whose U.S. unit is the 10th-largest American bank by assets, is accepting limits on its growth, the Office of the Comptroller of the Currency announced Thursday. Attorney General Merrick Garland said a monitor will oversee…
Republican presidential nominee and former U.S. President Donald Trump gestures as he speaks during a campaign event at Riverfront Sports in Scranton, Pennsylvania, U.S. October 9, 2024. Brendan McDermid | ReutersDonald Trump on Thursday will support making interest on car loans fully tax deductible, the latest in a suite of tax-cut promises the Republican presidential nominee has made in the weeks before Election Day.Trump, in a speech to the Detroit Economic Club, will compare the plan to an existing tax deduction on mortgage interest, according to excerpts provided beforehand by the Trump campaign.The plan “will stimulate massive domestic auto production, and…
AMD launched a new artificial-intelligence chip on Thursday that is taking direct aim at Nvidia’s data center graphics processors, known as GPUs.The Instinct MI325X, as the chip is called, will start production before the end of 2024, AMD said Thursday during an event announcing the new product. If AMD’s AI chips are seen by developers and cloud giants as a close substitute for Nvidia’s products, it could put pricing pressure on Nvidia, which has enjoyed roughly 75% gross margins while its GPUs have been in high demand over the past year.Advanced generative AI such as OpenAI’s ChatGPT requires massive data…
Jack Nicholson was synonymous with the Showtime Los Angeles Lakers. He sat courtside at their games at the Great Western Forum. He participated in promotional photos. Occasionally, he invited them to parties at his house in Beverly Hills.One summer night, Nicholson tended bar.The Lakers had just defeated the Detroit Pistons in an exhausting Game 7 to win the 1988 NBA championship. The postgame party had spilled from the locker room to On The Rox, a private club on the Sunset Strip in Los Angeles.Lakers forward Mychal Thompson walked to the bar, surprised to see Nicholson, a few months removed from…
This report is from this week’s CNBC’s “Inside India” newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe here.The big storyThe investment world has quickly swapped its insignia over the past couple of weeks. But that’s justifiable when one’s allegiance is entirely geared toward investment returns.China appears to have become the preferred investment destination for market participants after Beijing unveiled its most aggressive monetary stimulus package since the coronavirus pandemic, coupled with support for its flailing property market.China’s CSI 300 index has gained about…
Federal Reserve Board Chairman Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., September 18, 2024. REUTERS/Tom BrennerTom Brenner | ReutersFalling interest rates are usually good news for banks, especially when the cuts aren’t a harbinger of recession.That’s because lower rates will slow the migration of money that’s happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds.When the Federal Reserve cut its benchmark rate by half a percentage point last month,…
Nvidia remains at the forefront of artificial intelligence innovation, with new opportunities to gain market share, Morgan Stanley said. Analyst Joseph Moore reiterated his overweight rating on the chipmaker and said meetings with Nvidia’s CEO and other management reinforced the firm’s view that it is the top pick in semiconductors. Morgan Stanley hosted the company for a three-day nondeal road show this week. “We remain very bullish longer term, but would concede given the rally that shorter-term upside from here raises the bar on earnings somewhat,” Moore said in a Thursday note to clients. His $150 price target implies about…
Check out the companies making headlines in midday trading: First Solar — The solar stock slipped 8%, on pace for its worst day since July 15, after Jefferies cut its price target on the stock and said it expects First Solar’s third-quarter report to disappoint. Jefferies maintained its buy rating on the stock but said near-term challenges such as ongoing supply chain and labor shortages should continue into 2025. Solar systems maker Enphase Energy slid 4%. Toronto-Dominion Bank — Shares of the Canadian bank firm lost 3.8% after The Wall Street Journal reported, citing sources, that TD is expected to…
