GO
Loading...

Heard in Davos 2010: Dispatches from the Conference

More

  Friday, 29 Jan 2010 | 9:40 AM ET

Roubini Wants a New Nickname

Posted By: Kim Khan

“Dr. Doom” isn’t cutting it anymore for Nouriel Roubini.

»Read more
  Friday, 29 Jan 2010 | 8:42 AM ET

Futures Add to Gains on GDP Growth

Posted By: CNBC.com

Stocks were pointing decidedly higher Friday after the government said the economy grew at an even faster pace than expected.

Gross domestic product growth came in at 5.7 percent for the fourth quarter of 2009, exceeding already-optimistic estimates of 4.6 percent. While much of the growth was attributed it to inventory rebuilds, the number impressed investors enough to have futures pointing to an increase of about 0.5 percent at the open.

But barring an outsized rally Friday, Wall Street's major averages will conclude their third-consecutive losing month of January, though the losses will pale in comparison to 2009 when both the Dow and the S&P 500 lost almost 9 percent for the month.

Stock index futures were higher earlier on upbeat earnings from two tech heavyweights.

Both Microsoft and Amazon.com exceeded expectations with their latest reports — Microsoft on the strength of the Windows 7 introduction and Amazon doing so thanks in large part to a dominant holiday shopping season.

Microsoft gained 1.4 percent while Amazon rose nearly 3 percent in premarket trading.

There's more economic news after the bell: At 9:45 am the Chicago Purchasing Managers Index arrives. It is forecast to come in at 57.2 for January compared to December's 58.7 reading. At 9:55 am, the University of Michigan's consumer sentiment index is likely to have edged higher to 73.0 for this month compared to December's final reading of 72.5.

Elsewhere, Nokia shares were nearly 1 percent higher after Goldman Sachs raised the company's price target after Thursday's earning surprise. Goldman kept Nokia at a "neutral" rating.

In early earnings news, former Dow component Honeywell reported profit of 81 cents a share, a penny ahead of expectations, but its shares edged lower. Mattel beat analyst estimates on strong sales from its Fashionista Barbie and Hot Wheels lines.

The pace of earnings reports undergoes its usual Friday slowdown, but there also will be reports from Avery Dennison, Chevron, Fortune Brands, and Newell Rubbermaid .

»Read more
  Friday, 29 Jan 2010 | 5:42 AM ET

'Bank of America Is Not too Big': Moynihan

Posted By: Robin Knight

Bank of America and other Wall Street banking giants do not need to be broken up to protect the global economy from another financial crisis, Brian Moynihan, CEO of Bank of America, told CNBC Friday.

»Read more
  Friday, 29 Jan 2010 | 5:07 AM ET

Banker Outrage at the WEF Party Scene

Posted By: Kim Khan

Take Davos, add banking and there is well-argued debate about the need to balance new regulation that can prevent another meltdown without stifling innovation in banking and free markets.

»Read more
  Thursday, 28 Jan 2010 | 5:09 PM ET

Dow Down 1% as Techs Take a Hit

Posted By: Cindy Perman

Stocks tumbled Thursday as the dollar's gains and some disappointing economic numbers offset positive earnings momentum. Technology and energy stocks were some of the biggest decliners.

The Dow Jones Industrial Average lost 115.70, or 1.1 percent, to close at 10,120.46, while the S&P 500 shed 1.2 percent. The tech-heavy Nasdaq was hardest hit, tumbling 1.9 percent.

The Dow is down 3 percent so far for January. If it holds through tomorrow's session, that would be the biggest monthly loss since last February.

Bernanke was confirmed by the Senate, lifting one of the clouds hanging over the market, which helped financials pare losses by the closing bell but had little impact on the broader market.

Worries about debt in Greece weighed heavily on the market, curbing interest in riskier investments.

The dollar hit a 6 1/2-year highagainst the euro, pushing oil and gold lower, amid nagging worries about some euro-zone countries including Greece and Portugal.

In the morning's economic news: Jobless claims dropped by 8,000 last week, while orders for durable goods, big-ticket items like refrigerators and cars, rose 0.3 percent in December. Both numbers showed an improvement in the economy but fell short of expectations.

Apple and Qualcomm led the decline in technology.

Qualcomm was the biggest decliner in the Nasdaq 100, tumbling more than 14 percent, after the chip maker delivered a cautious outlookand at least two analysts slashed their price targets on the stock, citing lower prices from competitors among the reasons. Think Equity even cut its rating on the stock, to "hold" from "buy."

Motorola wasn't far behind, down more than 12 percent, after the handset maker posted a profit but missed on revenue.

The Philadelphia Stock Exchange seminconductor index fell 3 percent.

Apple also weighed heavily on the Nasdaq. The stock skidded more than 4 percent a day after introducing its iPad tablet computer.

The early reviews coming in suggest that the iPad is slightly less than "magical," as Steve Jobs put it, despite its attractive low starting price of $499. SeekingAlpha did a pretty good job of summing up some of the iPad's flaws , which include no multitasking capabilities, no USB ports, no Adobe Flash, motion blurs in video and low battery life. And PC World adds — no iPants .

Ford shares gave up earlier gains after the auto maker delivered its first full-year profit since 2005and said it expects 2010 to be another profitable year as it gains market share.

Good reports overall from consumer-products makers: Procter & Gamble beat expectations and said sales should rise this year. 3M, which makes everything from Post-Its to Scotch tape, raised its full-year outlook amid strong demand across the board, and Nokia hit it out of the park amid strong sales in China.

And Eastman Kodak — remember them? Their shares shot up 24 percent today after the company topped earnings expectations, helped by licensing revenue from camera and phone makers and strong sales of consumer inkjet printers.

Netflix shares also jumped 24 percent after the movie-rental service delivered solid earnings as it added more than a million subscribersduring the quarter and raised its forecast.

The only significant disappointment on the earnings front came from AT&T , which met expectations but saw a mixed bag on the revenue front.

The market was also digesting President Obama's State of the Union address, which focused heavily on jobs and the economy. Investors seemed to like the president's call for tax cuts and tax credits for small businesses as well as his statement that he is "not interested in punishing banks."

»Read more
  Thursday, 28 Jan 2010 | 1:49 PM ET

Dow Drops Nearly 1%; Techs Get Slammed

Posted By: Cindy Perman|CNBC.com

Stocks tumbled Thursday as the dollar's gains and some disappointing economic numbers offset the positive earnings momentum this morning.

Technology and energy stocks were some of the biggest decliners.

The dollar hit a 6 1/2-year highagainst the euro, pushing oil and gold lower, amid nagging worries about some euro-zone countries including Greece and Portugal.

In the morning's economic news: Jobless claims dropped by 8,000 last week, while orders for durable goods, big-ticket items like refrigerators and cars, rose 0.3 percent in December. Both numbers showed an improvement in the economy but fell short of expectations.

Apple and Qualcomm led the decline in technology.

Qualcomm tumbled more than 10 percent this morning after the chip maker delivered a cautious outlookand at least two analysts slashed their price targets on the stock, citing lower prices from competitors among the reasons. Think Equity even slashed its rating on the stock, to "hold" from "buy."

And Apple skidded more than 3 percent a day after introducing its iPad tablet computer.

The early reviews coming in suggest that the iPad is slightly less than "magical," as Steve Jobs put it, despite its attractive low starting price of $499. SeekingAlpha did a pretty good job of summing up some of the iPad's flaws , which include no multitasking capabilities, no USB ports, no Adobe Flash, motion blurs in video and low battery life. And PC World adds — no iPants .

Earnings were the big buzz today: Ford shares rose after the auto maker delivered its first full-year profit since 2005and said it expects 2010 to be another profitable year as it gains market share.

Good reports overall from consumer-products makers: Procter & Gamble beat expectations and said sales should rise this year. Diversified manufacturer 3M also raised its full-year outlook amid strong demand across the board, and Nokia hit it out of the park amid strong sales in China.

And Eastman Kodak — remember them? Their shares shot up 18 percent today after the company topped earnings expectations, helped by licensing revenue from camera and phone makers and strong sales of consumer inkjet printers.

Netflix shares jumped 20 percent after the movie-rental service delivered solid earnings as it added more than a million subscribersduring the quarter and raised its forecast.

The only significant disappointment for the morning came from AT&T , which met expectations but saw a mixed bag on the revenue front.

The market was also digesting President Obama's State of the Union address, which focused heavily on jobs and the economy. Investors seemed to like the president's call for tax cuts and tax credits for small businesses as well as his statement that he is "not interested in punishing banks."

»Read more
  Thursday, 28 Jan 2010 | 11:46 AM ET

Everyone's Talking About China

Posted By: Kim Khan

“China is here, Mr. Burton.”

That’s my favorite quote from the vastly underrated “Big Trouble in Little China.” (Just because of Kurt Russell’s response: “China is here … you, know I don’t even know what the hell that means.”)

»Read more
  Thursday, 28 Jan 2010 | 11:39 AM ET

Stocks Slide; Apple, Qualcomm Fall

Posted By: CNBC.com

Stocks were mostly lower Thursday as worries about a tighter grip from Washington and some disappointing economic numbers offset the positive earnings momentum this morning.

Technology and energy stocks were some of the biggest decliners.

In the morning's economic news: Jobless claims dropped by 8,000 last week, while orders for durable goods, big-ticket items like refrigerators and cars, rose 0.3 percent in December. Both numbers showed an improvement in the economy but fell short of expectations.

Apple and Qualcomm led the decline in technology.

Qualcomm tumbled more than 10 percent this morning after the chip maker delivered a cautious outlookand at least two analysts slashed their price targets on the stock, citing lower prices from competitors among the reasons. Think Equity even slashed its rating on the stock, to "hold" from "buy."

And Apple skidded more than 3 percent a day after introducing its iPad tablet computer.

The early reviews coming in suggest that the iPad is slightly less than "magical," as Steve Jobs put it, despite its attractive low starting price of $499. SeekingAlpha did a pretty good job of summing up some of the iPad's flaws , which include no multitasking capabilities, no USB ports, no Adobe Flash, motion blurs in video and low battery life. And PC World adds — no iPants .

Earnings were the big buzz today: Ford shares rose after the auto maker delivered its first full-year profit since 2005and said it expects 2010 to be another profitable year as it gains market share.

Good reports overall from consumer-products makers: Procter & Gamble beat expectations and said sales should rise this year. Diversified manufacturer 3M also raised its full-year outlook amid strong demand across the board, and Nokia hit it out of the park amid strong sales in China.

And Eastman Kodak — remember them? Their shares shot up 18 percent today after the company topped earnings expectations, helped by licensing revenue from camera and phone makers and strong sales of consumer inkjet printers.

Netflix shares jumped 20 percent after the movie-rental service delivered solid earnings as it added more than a million subscribersduring the quarter and raised its forecast.

The only significant disappointment for the morning came from AT&T , which met expectations but saw a mixed bag on the revenue front.

The market was also digesting President Obama's State of the Union address, which focused heavily on jobs and the economy. Investors seemed to like the president's call for tax cuts and tax credits for small businesses as well as his statement that he is "not interested in punishing banks."

»Read more
  Thursday, 28 Jan 2010 | 10:59 AM ET

Applied Materials CEO 'Optimistic' On Business, Hiring

Posted By: April Lee

Applied Materials CEO Michael Splinter cited strong demand in Asia and in the semiconductor business, offering an “optimistic” outlook on business conditions.

Splinter said the Santa Clara, California-based tech company has begun rehiring as demand in the semiconductor sector "has picked up quite a bit." He emphasized that the firm is "still quite cautious” and thus hiring will “go step by step to see how our customers continue to invest.”

Referring to solid sales of PCs, cell phones and flat-panel TVs and demand moving to next-generation technology, Splinter called the pickup across the industry “real” growth, rather than replenishing depleted inventory.

»Read more
  Thursday, 28 Jan 2010 | 10:12 AM ET

Quick: Bernanke Backers in Davos

Posted By: Becky Quick

There's no shortage of items on the agenda here at the World Economic Forum: Haiti, the gender gap, cap and trade, rebuilding long-term economic growth.

»Read more

Most Popular Video

Wednesday, 16 Apr 2014 | 10:41 AM ET

CNBC's Dominic Chu digs into the year-to-date S&P performance of the airlines and explains why it has been the lone bright spot for the industrial sector.

Wednesday, 16 Apr 2014 | 4:03 PM ET

Providing instant analysis to Google's quarterly numbers, with Victor Anthony, Topeka Capital Markets; Andrew Stoltmann of Stoltmann Law Offices; CNBC contributor Michael Yoshikami; "Fast Money" trader Tim Seymour; CNBC's Michelle Caruso-Cabrera and Dominic Chu.

Wednesday, 16 Apr 2014 | 12:35 PM ET

Intel CEO Brian Krzanich discusses some signs of stability in enterprise in the mature markets, and whether the emerging markets area steadying as well.