Tag: Wall Street

Jamie Dimon says Ukraine war shows we still need cheap, secure energy from oil and gas

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Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

One key lesson of the past year is that the world is not ready to move away from oil and gas as the dominant source of fuel, according to JPMorgan Chase CEO Jamie Dimon.

The bank leader said on CNBC’s “Squawk Box” on Tuesday that the ongoing war in Europe highlighted that fossil fuels are still a key component of the global economy and would remain so for the foreseeable future.

“If the lesson was learned from Ukraine, we need cheap, reliable, safe, secure energy, of which 80% comes from oil and gas. And that number’s going to be very high for 10 or 20 years,” Dimon said.

Russia’s invasion of Ukraine earlier this year sent commodity prices soaring, including oil and natural gas. U.S. oil benchmark West Texas Intermediate crude traded above $100 per barrel for much of the spring and summer, though it has since eased back toward pre-war levels.

The rising price of natural gas has been a particular pain point in Europe, which previously relied on heavily on Russian gas for home heating.

Dimon said that world leaders while pursuing renewable alternatives need to focus on an “all of the above” energy strategy to maintain fuel for economies and reduce carbon emissions, not neglecting oil and gas production in the near term.

“Higher oil and gas prices are leading to more CO2. Having it cheaper has the virtue of reducing CO2, because all that’s happening around the world is that poorer nations and richer nations are turning back on their coal plants,” Dimon said.

The JPMorgan leader had previously declined a pledge to stop doing business with fossil fuels, saying in a Congressional hearing that the move would be a “road to hell for America.”

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December 6, 2022
Morgan Stanley double upgrades JPMorgan Chase, sees positive operating leverage for the bank in 2023

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December 6, 2022
GoodRx is a buy that can surge 60% from here, Citi says

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December 1, 2022
Sell Ally Financial as shares could fall nearly 30% from here, Morgan Stanley says in downgrade

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December 1, 2022
Stocks, oil skid as China’s COVID protests roil sentiment

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Stocks and oil weakened on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID policy raised worries about the management of the virus in the world’s second-largest economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.6% after US stocks ended the previous session with mild losses.

Australian shares lost 0.47% while Japan’s Nikkei stock index was down 0.37%.

South Korea’s KOSPI 200 index retreated 1.35% in early trade and New Zealand’s S&P/NZX50 Index was off 0.4%.

In China, demonstrators and police clashed in Shanghai on Sunday night as protests over the country’s stringent COVID restrictions flared for the third day.

There were also protests in Wuhan, Chengdu, and parts of the capital Beijing late Sunday as COVID restrictions were put in place in an attempt to quell fresh outbreaks.

The dollar extended gains against the offshore yuan, rising 0.74%, and the focus shifts to the opening of China’s markets later in the Asian morning.

The COVID rules and resulting protests are creating fears the economic hit for China will be greater than expected.

“A growing list of cities, including those with large populations, have imposed strong restrictions on movement because of a surge in infections, there will inevitably be a negative impact on economic activity from the restrictions on movement,” CBA analysts said on Monday.

“Even if China is on a path to eventually move away from its zero-COVID approach, the low level of vaccination among the elderly means the exit is likely to be slow and possibly disorderly. The economic impacts are unlikely to be small.”

China’s case numbers have hit record highs, with nearly 40,000 new infections on Saturday.

Fears about Chinese economic growth also hit commodities in Asia trade.

S&P 500 and Nasdaq futures both fell, pointing to possible declines in Wall Street later in the day.

US crude CLc1 dipped 0.25% to $76.08 a barrel. Brent crude LCOc1 fell 0.16 to $83.48 per barrel.

Both benchmarks slid to 10-month lows last week and declined for a third consecutive week

“Mobility data in China is showing the impact of a resurgence in COVID-19 cases,” ANZ analysts wrote in a research note Monday. “This remains a headwind for oil demand that, combined with weakness in the US dollar, is creating a negative backdrop for oil prices.”

Yields on benchmark 10-year Treasury notes rose to 3.6905% from its US close of 3.702% on Friday. The two-year yield, which tracks traders’ expectations of Fed fund rates, touched 4.467% compared with a US close of 4.479%.

The dollar rose 0.22% against the yen to 139.4 JPY. It remains well off its high this year of 151.94 on Oct. 21.

The euro was down 0.2% on the day at $1.0371, having gained 4.94% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up at 106.3.

In the United States, a speech by Federal Reserve Chair Jerome Powell in Washington on Wednesday to the Brookings Institute on the economic outlook and the labour market will be closely watched by investors.

Gold was slightly lower. Spot gold was traded at $1750.49 per ounce.

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November 27, 2022
Warren Buffett explains his $750 million charitable donation on Thanksgiving eve

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Warren Buffett

Gerard Miller | CNBC

Warren Buffett donated more than $750 million in Berkshire Hathaway stock to four foundations associated with his family on Thanksgiving eve, and the legendary investor said the timing was no coincidence as this is his way of giving thanks to his children for their charitable work.

“I’ve got a personal pride in how my kids turned out,” Buffett told CNBC’s Becky Quick. “I feel good about the fact that they know I feel good about them. This is the ultimate endorsement in my kids, and it’s the ultimate statement that my kids don’t want to be dynastically wealthy.”

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The 92-year-old investor donated 1.5 million Class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named for his first wife. He also gave 300,000 Class B shares apiece to the three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.

The recipients this time didn’t include the Bill & Melinda Gates Foundation. The “Oracle of Omaha” has vowed to give away his fortune over time and has been making annual donations to the same five charities since 2006.

In June, he gave 11 million Class B shares to the Gates Foundation, 1.1 million B shares to the Susan Thompson Buffett Foundation and 770,218 shares apiece to his children’s three foundations.

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November 25, 2022
U.S. Stocks Wobble Ahead of Fed Minutes

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U.S. Stocks Wobble Ahead of Fed Minutes

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November 23, 2022
Credit Suisse shareholders greenlight $4.2 billion capital raise

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The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.

Arnd Wiegmann | Reuters

Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender’s massive strategic overhaul.

Credit Suisse’s capital raising plans are split into two parts. The first, which was backed by 92% of shareholders, grants shares to new investors including the Saudi National Bank via a private placement. The new share offering will see the SNB take a 9.9% stake in Credit Suisse, making it the bank’s largest shareholder.

SNB Chairman Ammar AlKhudairy told CNBC in late October that the stake in Credit Suisse had been acquired at “floor price” and urged the Swiss lender “not to blink” on its radical restructuring plans.

The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote.

Credit Suisse Chairman Axel Lehmann said the vote marked an “important step” in the building of “the new Credit Suisse.”

“This vote confirms confidence in the strategy, as we presented it in October, and we are fully focused on delivering our strategic priorities to lay the foundation for future profitable growth,” Lehmann said.

Credit Suisse on Wednesday projected a 1.5 billion Swiss franc ($1.6 billion) loss for the fourth quarter as it begins its second strategic overhaul in less than a year, aimed at simplifying its business model to focus on its wealth management division and Swiss domestic market.

The restructuring plans include the sale of part of the bank’s securitized products group (SPG) to U.S. investment houses PIMCO and Apollo Global Management, as well as a downsizing of its struggling investment bank through a spin-off of the capital markets and advisory unit, which will be rebranded as CS First Boston.

The multi-year transformation aims to shift billions of dollars of risk-weighted assets from the persistently underperforming investment bank to the wealth management and domestic divisions, and to reduce the group’s cost base by 2.5 billion, or 15%, by 2025.

‘Too big to fail’ but more transparency needed

Vincent Kaufman, CEO of the Ethos Foundation, which represents hundreds of Swiss pension funds that are active shareholders in Credit Suisse, voiced disappointment ahead of Wednesday’s vote that the group was no longer considering a partial IPO of the Swiss domestic bank, which he said would have “sent a stronger message to the market.”

Despite the dilution of shares, Kaufman said the Ethos Foundation would support the issuance of new shares to existing shareholders as part of the capital raise, but opposed the private placement for new investors, primarily the SNB.

“The capital increase without pre-emptive rights in favor of new investors exceed our dilution limits set in our voting guidelines. I discussed with several of our members, and they all agree that the dilution there is too high,” he said.

“We do favor the part of the capital increase with preemptive rights, still believing that the potential partial IPO of the Swiss division would have also been a possibility to raise capital without having to dilute at such a level existing shareholders, so we are not favoring this first part of the capital increase without pre-emptive rights.”

At Credit Suisse’s annual general meeting in April, the Ethos Foundation tabled a shareholder resolution on climate strategy, and Kaufman said he was concerned about the direction this would take under the bank’s new major shareholders.

“Credit Suisse remains one of the largest lenders to the fossil fuel industry, we want the bank to reduce its exposure, so I’m not sure this new shareholder will favor such a strategy. I’m a little bit afraid that our message for a more sustainable bank will be diluted among these new shareholders,” he said.

Wednesday’s meeting was not broadcast, and Kaufman lambasted the Credit Suisse board for proposing a capital raise and entering in new external investors “without considering existing shareholders” or inviting them to the meeting.

He also raised questions about “conflict of interest” among board members, with board member Blythe Masters also serving as a consultant to Apollo Global Management, which is buying a portion of Credit Suisse’s SPG, and board member Michael Klein slated to head up the new dealmaking and advisory unit, CS First Boston. Klein will step down from the board to launch the new business.

“If you want to restore trust, you need to do it clean and that’s why we’re still not convinced. Again, a stronger message with an IPO of the Swiss domestic bank would have reassured at least the pension funds that we are advising,” he said.

However, Kaufman stressed that he was not concerned about Credit Suisse’s long-term viability, categorizing it as “too big to fail” and highlighting the bank’s strong capital buffers and shrinking outflows.

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November 23, 2022
Credit Suisse projects $1.6 billion fourth-quarter loss as it embarks on strategy overhaul

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Switzerland’s second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva.

Fabrice Coffrini | AFP | Getty Images

Credit Suisse on Wednesday projected a 1.5 billion Swiss franc ($1.6 billion) fourth-quarter loss as it undertakes a massive strategic overhaul.

The embattled lender last month announced a raft of measures to address persistent underperformance in its investment bank and a series of risk and compliance failures that have saddled it with consistently high litigation costs.

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“These decisive measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, each of which are progressing at pace,” the bank said in a market update on Wednesday.

Credit Suisse revealed that it had continued to experience net asset outflows, and said these flows were approximately 6% of assets under management at the end of the third quarter. The Zurich-based bank flagged last month that this trend continued in the first two weeks of October, after reports cast doubt over its liquidity position and credit default swaps spiked. Credit default swaps are a type of financial derivative that provide the buyer with protection against default.

“In wealth management, these outflows have reduced substantially from the elevated levels of the first two weeks of October 2022 although have not yet reversed,” Credit Suisse said Wednesday.

The group expects to record a 75 million Swiss franc loss related to the sale of its shareholding in British wealth tech platform Allfunds group, while lower deposits and reduced assets under management are expected to lead to a fall in net interest income, recurring commissions and fees, which the bank said is likely to lead to a loss for its wealth management division in the fourth quarter.

“Together with the adverse revenue impact from the previously disclosed exit from the non-core businesses and exposures, and as previously announced on October 27, 2022, Credit Suisse would expect the Investment Bank and the Group to report a substantial loss before taxes in the fourth quarter 2022, of up to CHF ~1.5 billion for the Group,” the bank said.

“The Group’s actual results will depend on a number of factors including the Investment Bank’s performance for the remainder of the quarter, the continued exit of non-core positions, any goodwill impairments, and the outcome of certain other actions, including potential real estate sales.”

Credit Suisse confirmed that it has begun working toward the targeted 15%, or 2.5 billion Swiss francs, reduction of its cost base by 2025 with a targeted reduction of 1.2 billion Swiss francs in 2023. Layoffs of 5% of the bank’s workforce are underway alongside reductions to “other non-compensation related costs.”

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The bank announced last week that it would accelerate the restructure of its investment bank by selling a significant portion of its securitized products group (SPG) to Apollo Global Management, reducing SPG assets from $75 billion to approximately $20 billion by the middle of 2023.

“These actions and other deleveraging measures including, but not limited to, in the non-core businesses, are expected to strengthen liquidity ratios and reduce the funding requirements of the Group,” it said Wednesday.

Credit Suisse holds an extraordinary general meeting on Wednesday, at which shareholders will vote on the group’s restructuring plans and capital raising proposals.

Credit Suisse shares fell more than 5% in early trade.

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November 22, 2022
Bank stock Comerica can jump more than 20% from current levels, Raymond James says in upgrade

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November 21, 2022
Pro Picks: Watch all of Friday’s big stock calls on CNBC

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November 18, 2022
There’s no evidence that U.S. aid money sent to Ukraine was then used to invest in FTX as a money laundering scheme

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The news that FTX, the cryptocurrency company, filed for bankruptcy protection amid news it was short billions of dollars has spawned many conspiracy theories being shared on social media. Viral tweets like this one posted on November 13th claim that U.S. aid to Ukraine was laundered back to the Democratic Party through the failed cryptocurrency exchange firm FTX. An article in the conservative site The Gateway Pundit with the headline “Tens of Billions of US Dollars Were Transferred to Ukraine and then Using FTX Crypto Currency the Funds Were Laundered Back to Democrats in US” was shared widely on social media. There is no evidence to support this claim. The Ukrainian government has not invested nor stored money in FTX, according to the country’s Ministry of Digital Transformation. The claim has been rated False.

Dr. Nigel Williams, a Reader in Project Management at the University of Portsmouth has this to say…

The collapse of FTX was catalyzed by a tweet on Sunday, November 6th, by the CEO of Binance, Changpeng Zhao:

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4

Before this date, however, FTX’s actions were heavily scrutinized by conservative commentators on Twitter despite the fact that FTX donated to both political parties. Even before the collapse, efforts were made to link FTX’s actions to the Democratic Party. For example, on November 4th, Wayne Vaughan, CEO of Tieron tweeted, “Sam [Sam Bankman-Fried. former CEO of FTX] is one of the largest Democrat donors. It’s logical that he’d want to get the bill done before Republicans take control of Congress.”

On November 8, when it became clear that FTX was floundering, commentators attempted to blame the company’s troubles on their political involvement (example here). While the results were being tallied, early conspiracy theories emerged (example here). These theories later evolved into the story that now links FTX, the Democrats, and the ongoing conflict in Ukraine when it became clear that the Democratic party performed better than the previous media narrative would suggest.

While FTX’s bankruptcy has begun to offer insights into possible gaps in financial controls that resulted in their collapse, the full story will not be known until detailed audits are completed. To date, the promoters of the FTX/Ukraine/Democrat narrative have not offered any supporting evidence for their theory. This is, of course easily explained by these promoters who claim that there is a cover-up and no evidence would be available.

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November 18, 2022
Morgan Stanley downgrades Rent the Runway, cites ‘volatile’ business growth

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November 18, 2022
20% housing correction is coming, says Peter Boockvar

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Bleakley Advisors’ Peter Boockvar agrees with the Dallas Fed’s warning about the state of the housing market and warns that a 20 percent correction is coming. With CNBC’s Melissa Lee and the Fast Money traders, Karen Finerman, Dan Nathan, Guy Adami and Julie Biel.

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November 16, 2022
Wall Street gains on inflation data, but rocky on geopolitics, Walmart shares up over 6%

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Wall Street’s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the US Federal Reserve.

Equities were boosted by Tuesday’s inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.

The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices.

“The market has been driven by the inflation number that came out a little bit lower than expected and confirmed last week’s number to some degree that we may have rounded the corner on inflation,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

The market was “a little bit more volatile this afternoon as news stories came out about the Russian missile landing in Poland,” Tuz said.

The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.

Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.

The Associated Press earlier cited a senior US intelligence official as saying the blast was due to Russian missiles crossing into Poland. But the Pentagon said it could not confirm that account.

Stocks pulled back around mid-day after the report, with the Dow turning negative before they steadied.

“The decline was triggered by reports of a Russian missile landing in Poland,” said Steve Sosnick, chief strategist at Interactive Brokers. “This could develop into something far worse, but right now markets are nervous, not panicked.”

Shares of Walmart Inc jumped 6.5% after the top US retailer lifted its annual sales and profit forecasts, benefiting from steady demand for groceries despite higher prices.

Shares of other retailers, including Target Corp and Costco, also rose following Walmart’s report. Target, which is due to report on Wednesday, rose 3.9%, while Costco gained 3.3%.

Home Depot shares rose 1.6% after the home improvement chain’s results showed it tapped higher prices to override a drop in customer transactions for the third quarter.

Advancing issues outnumbered declining ones on the NYSE by a 3.25-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favored advancers.

The S&P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 76 new lows.

About 13.1 billion shares changed hands in US exchanges, compared with the 12.2 billion daily average over the last 20 sessions.

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November 15, 2022
Credit Suisse sells most of its securitized products business to Apollo as it speeds up restructure

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Credit Suisse on Tuesday announced that it would accelerate the restructure of its investment bank by selling a significant portion of its securitized products group (SPG) to Apollo Global Management.

Credit Suisse said the transaction, along with the potential sale of other assets to third-party investors, is expected to reduce SPG assets from around $75 billion to $20 billion.

The bank said the move represented an “important step towards a managed exit from the Securitized Products business, which is expected to significantly de-risk the investment bank and release capital to invest in Credit Suisse’s core business.”

Credit Suisse announced a massive strategic overhaul at the end of October alongside a huge quarterly loss, after battling sluggish investment banking revenues and litigation costs relating to a slew of legacy compliance and risk management failures.

Central to the restructure plan was an offload of risk-weighted assets (RWAs), with around $10 billion of these accounted for by Tuesday’s transactions, the bank said.

“The approximately USD 20 billion of remaining assets, which will generate income to support the exit from the SPG business, will be managed by Apollo under an investment management relationship with an expected term of five years to be entered into at the first closing,” Credit Suisse added in a statement.

“Under the terms of the transactions contemplated with Apollo, Credit Suisse’s CET1 capital ratio is expected to be strengthened by the release of RWAs and the recognition, upon closing, of the premium paid by Apollo, whereby the final amount will depend on discount rates and other transaction-related factors.”

The SPG is a substantial player in the public U.S. securitization market, particularly in the area of residential mortgage-backed securities.

Credit Suisse will hold an extraordinary general meeting next week to seek the green light from shareholders on several key elements of the restructure. These include the planned 1.5 billion Swiss franc ($1.6 billion) investment from the Saudi National Bank in exchange for a 9.9% shareholding, part of a 4 billion Swiss franc capital raise.

This is a developing news story and will be updated shortly.

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November 14, 2022
Wall Street ends lower as investors gauge Fed’s policy path; Nasdaq loses over 1%

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Wall Street’s main indexes ended lower on Monday, with real estate and discretionary sectors leading broad declines, as investors digested comments from US Federal Reserve officials about plans for interest rate hikes and looked for next catalysts after last week’s big stock market rally.

Losses accelerated toward the end of the up-and-down session, with the focus turning to Tuesday’s producer price index report and markets highly sensitive to inflation data.

Earlier on Monday, Fed Vice Chair Lael Brainard signaled that the central bank would will likely soon slow its interest rates hikes. Her comments somewhat buoyed sentiment for equities that had been dampened after Federal Reserve Gov. Christopher Waller on Sunday said the Fed may consider slowing the pace of increases at its next meeting but that should not be seen as a “softening” in its commitment to lower inflation.

A massive equity rally late last week was set off by a softer-than-expected inflation report that boosted investor hopes the Fed could dial back on its monetary tightening that has punished markets this year.

“There is still a sensitivity to Fed speak… One was a little hawkish, one was a little dovish,” said Eric Kuby, chief investment officer at North Star Investment Management Corp.

The Dow Jones Industrial Average fell 211.16 points, or 0.63%, to 33,536.7, the S&P 500 lost 35.68 points, or 0.89%, to 3,957.25 and the Nasdaq Composite dropped 127.11 points, or 1.12%, to 11,196.22.

The S&P 500 last week posted its biggest weekly percentage gain since late June, while the tech-heavy Nasdaq notched its best week since March.

More Fed officials are due to speak later this week along with a slew of data, including on retail sales and housing, and earnings reports from major retailers.

“It just makes sense the market wants to pause and really both try to make sense of the trajectory (of Fed policy) and what the next drivers are going to be,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

Among S&P 500 sectors, real estate fell 2.7%, consumer discretionary dropped 1.7% and financials declined 1.5%.

In company news, Amazon shares fell 2.3% as The New York Times on Monday reported the company was planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week.

Shares of Biogen Inc and Eli Lilly gained 3.3% and 1.3%, respectively, after the failure of Swiss rival Roche’s Alzheimer’s disease drug candidate.

Declining issues outnumbered advancing ones on the NYSE by a 2.23-to-1 ratio; on Nasdaq, a 1.61-to-1 ratio favored decliners.

The S&P 500 posted 15 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 72 new highs and 74 new lows.

About 11.5 billion shares changed hands in US exchanges, compared with the 12.1 billion daily average over the last 20 sessions.

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November 14, 2022
Berkshire Hathaway’s operating earnings jump 20%, conglomerate buys back another $1 billion in stock

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Berkshire Hathaway Chairman and CEO Warren Buffett.

Andrew Harnik | AP

Berkshire Hathaway on Saturday posted a solid gain in operating profits during the third quarter despite rising recession fears, while Warren Buffett kept buying back his stock at a modest pace.

The Omaha-based conglomerate’s operating earnings — which encompass profits made from the myriad of businesses owned by the conglomerate like insurance, railroads and utilities — totaled $7.761 billion in the third quarter, up 20% from year-earlier period.

Berkshire spent $1.05 billion in share repurchases during the quarter, bringing the nine-month total to $5.25 billion. The pace of buyback was in line with the $1 billion purchased in the second quarter.

However, Berkshire did post a net loss of $2.69 billion in the third quarter, versus a $10.34 billion gain a year before. The quarterly loss was largely due to a drop in Berkshire’s equity investments amid the market’s rollercoaster ride.

Berkshire suffered a $10.1 billion loss on its investments during the quarter, bringing its 2022 decline to $63.9 billion. The legendary investor told investors again that the amount of investment losses in any given quarter is “usually meaningless.”

Shares of Buffett’s conglomerate have been outperforming the broader market this year, with Class A shares dipping about 4% versus the S&P 500‘s 20% decline. The stock dipped 0.6% in the third quarter.

Buffett continued to buy the dip in Occidental Petroleum in the third quarter, as Berkshire’s stake in the oil giant has reached 20.8%. In August, Berkshire received regulatory approval to purchase up to 50%, spurring speculation that it may eventually buy all of Houston-based Occidental.

The conglomerate amassed a cash pile of nearly $109 billion at the end of September, compared to a total of $105.4 billion at the end of June.

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November 5, 2022
Tenbagger stocks that Wall Street believes can keep the big returns going

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November 3, 2022
Pro Picks: Watch all of Friday’s big stock calls on CNBC

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October 21, 2022