Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
A federal judge in California has blocked President Donald Trump from building sections of his long-sought border wall with money secured under his declaration of a national...Politicsread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The race is underway to find a vaccine that can control African swine fever, a highly contagious and deadly viral infection ravaging China's hog population. There is currently...Agricultureread more
(Read more: Pimco CEO El-Erian resigns)
El-Erian, CEO and co-chief investment officer, will leave Pimco in March. Gross will become the lone CIO.
"I'm disappointed. We're disappointed. When he came back [to Pimco] six years ago ... we thought he would be my successor and would be in place for 10 to 15 years. That's not going to be the case," Gross said on "Street Signs. "
"We're disappointed that he won't be with Pimco; that he didn't, you know, continue in the successor role for me as chief investment officer," Gross said. "But that is the way it is and we're going to move forward."
(Read more: Pimco's problem: Who can succeed the 'Bond King'?)
Though published reports suggested there was a clash of strategy and some tense moments between the two executives, Gross said that had nothing to do with El-Erian's decision to leave Pimco. Gross noted the two are personal friends, who live nearby and enjoy chatting about professional football.
"I hired him twice, so that couldn't have happened unless we got along," Gross said. "There's no clash of personalities here. we got along real well."
Gross said he doesn't know where El-Erian will land, except to point out that he doesn't plan to take another job in the financial industry. Nevertheless, Gross thinks El-Erian will be tapped for a role "in elevated circles of influence."
Meantime, Gross doesn't think El-Erian's decision was related to fund performance either. Though bonds have taken a hit in the wake of the Federal Reserve's bond-buying program, Gross noted Pimco's total return fund outperformed the market last year, even despite outflows.
(Read more: )
"Like an architect, Mohamed basically, you know, put in place a structure that will carry us forward over the next five and 10 years, and perhaps like an architect, he is moving on to another house."
—By CNBC's Drew Sandholm with Reuters. Follow him on Twitter .