Reported and wrote news features and reports on a variety of industries, from fashion to auto. Anchored market updates for CNBC's broadband news channel.
Luxury accessories are the most profitable segment of the fashion business , which is why retail buyers are scouring the runways during New York Fashion Week looking for the "It" bag and the season's hottest shoes. The top-dollar acquisition of shoemaker Jimmy Choo is just the latest example of how savvy designers and investors trying to cash on consumers' seemingly-insatiable appetite for high-end shoes and handbags.
J.C. Penney is moving forward with a new ambitious plan for growth, despite market-wide concerns over weakening consumer spending and a slowdown in the housing market, CEO Myron Ullman told Erin Burnett on “Street Signs.” “The middle third of the economy essentially is our customer," Ullman said. "She’s employed, she’s finding what she likes and we have a very great style, quality, a smart price. We feel good about the spring season...Our biggest category is our apparel so we feel very good about the prospects going forward.”
Overregulation is driving businesses out of the U.S. and into Europe, Asia and Bermuda, Hank Greenberg told CNBC’s Sue Herrera on “Power Lunch.”“It applies also to why IPOs are going to London or Hong Kong and why private equity is growing as rapidly as it is, because public companies are overregulated,” said the CEO of investment firm C.V. Starr and former chairman and CEO of American International Group. Federal and state lawmakers are partly to blame, he added.
The unprecedented credit environment has fueled a boom in private equity, but it can’t last, Steve Rattner told Sue Herrera on “Power Lunch.”“We are living in a state of a worldwide liquidity glut, or surplus if you will, and that is finding its way through to these kinds of loans,” said Rattner, managing principal of Quadrangle Group, which invests in media and communications companies.
The Federal Reserve will have to cut interest rates in the second half of this year, partly to correct a housing market that’s overvalued by as much as 20%, bond guru Bill Gross told CNBC’s Joe Kernen on “Squawk Box.”
Some of the world’s most popular music artists will perform in an unprecedented, global 24-hour concert event to raise funds and awareness to combat global warning, the event’s executive producer told CNBC’s Bill Griffeth on “Power Lunch.”
Wall Street analysts should hear what Wal-Mart critics have to say, considering the stock’s ongoing lackluster performance, one analyst told Erin Burnett on “Street Signs.” “Every analyst ought to be aware at least of what they’re saying. They’ve done their research and it ought to be heard,” said Mark Husson, a retail analyst with HSBC Securities.
The Federal Reserve should adjust its inflation expectations considering current economic factors, two economists told Liz Claman on “Morning Call.” “My concern in this whole discussion is the whole issue of what is a reasonable range for the Fed,” said Joel Naroff, chief economist at Commerce Bank. “The problem is that we rarely have inflation, a core inflation below 1.5% and almost never have it below 1% so I think the Fed has got a problem here.”
Vonage customers could see service disruptions should the Internet-phone service provider’s patent problems escalate, CNBC’s Jim Goldman reports.Vonage has said in the past that it has a technological “workaround” in place that would continue service while not infringing on Verizon’s patents, Goldman said, but that no longer seems to be the case. The company, which has some three million customers, said it’s still working on its workaround.
The market selloff after Research in Motion’s disappointing guidance presents an excellent buying opportunity, one analyst told Mark Haines and Erin Burnett on “Squawk on the Street.” “They’re investing more in growth, just starting to crack open the consumer opportunity, and we do have some one time events, a bit of a higher tax rate that is pinching some of the earnings outlook,” said Rob Sanderson, media and communications analyst with American Technology Research.