Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
Bitcoin topped the $13,000 level Wednesday, rallying to its highest price since January 2018.Bitcoinread more
Wayfair drew backlash and calls from some customers for a boycott after employees protested the company's apparent sale of $200,000 of mattresses and bunk beds destined for a...Retailread more
The president raised $6 million alone at a fundraiser he attended at the Trump International Hotel on Tuesday in Washington.Politicsread more
During the foreclosure crisis, investors transformed the single-family home rental market into a formally managed asset class. Now they want new homes.Real Estateread more
The first debates will give most of the contenders their biggest platform yet to present themselves to the American people.Politicsread more
The shutdown of the fire-damaged Philadelphia Energy Solutions refining complex could send gasoline prices higher across the U.S., but particularly in the mid-Atlantic region...Market Insiderread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Wall Street welcomed the sweeping job cuts announced by Microsoft on Thursday, sending shares to new highs.
Microsoft will cut 18,000 jobs, or 14 percent of its workforce, over the next year, as the technology company trims its newly acquired Nokia phone business and seeks to focus on its cloud computing services and mobile-friendly software.
"That's clearly much higher than what we were expecting. We were, like most people, thinking about 5,000 to 6,000," Kirk Materne, a technology analyst at Evercore Partners, told CNBC after the announcement.
The larger-than-expected cuts are the deepest in the company's 39-year history and come five months into the tenure of CEO Satya Nadella, who outlined plans for a "leaner" business in a public memo to employees last week.
About 12,500 of the layoffs will come from eliminating overlaps with the Nokia unit, which Microsoft acquired in April for $7.2 billion.
"This is a pretty significant cut, and I think it tells you that Satya Nadella is trying to put his own stamp on the company and I think it also tells you that he's not going to let Nokia become a quagmire, in terms of dragging down the potential efficiencies in the business," Materne said on "Squawk Box. "
Technology analyst Richard Sherlund agreed, calling the cuts "a pretty bold move."
"It signals that Microsoft is not going to get kinda on this slippery slope with Nokia. They're actually going to trim the Nokia cost structure very substantially," Sherlund, managing director and head of U.S. technology equity research at Nomura, said on "Squawk on the Street. "
Wall Street had viewed Microsoft as bloated under previous CEO Steve Ballmer, topping 127,000 in head count after absorbing Nokia earlier this year.
"That was something that was worrying investors; that this acquisition could really dilute earnings going forward," Sherlund said. "It'll still have an impact, but this will mitigate that I think."
Though Microsoft shares spiked on the announcement, Sherlund thinks it could continue to climb. He maintains a "buy" rating and $50 price target on the stock.
—By CNBC's Drew Sandholm, with Reuters.