Netflix can sustain its lofty valuation only if global subscriber growth can support increasing content spending and debt.Technologyread more
The company blamed its Q2 content slate and price increases for the subscriber miss.Technologyread more
IBM's year-over-year revenue has now declined for four quarters in a row. Impact from Red Hat is not yet factored into the company's guidance.Technologyread more
The House voted to table a resolution to start impeachment proceedings against President Donald Trump introduced by Rep. Al Green.Politicsread more
See which stocks are posting big moves after the bell on July 17.Market Insiderread more
Silicon Valley workers say they gravitate toward Yang, who is running for president as a Democrat, because of his approach to research and understanding of tech's moral...Technologyread more
Prosecutors in Masschusetts have dropped a criminal case against actor Kevin Spacey, who had been accused of groping an 18-year-old man.Entertainmentread more
"The passport contains numerous ingress and egress stamps, including stamps that reflect use of the passport to enter France, Spain, the United Kingdom, and Saudi Arabia in...Politicsread more
Loup Ventures founder Gene Munster told CNBC's "Fast Money" on Wednesday that Netflix's disappointing second quarter results are a turning point for the company, saying the...Technologyread more
Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
Enterprise Products Partners is shelving a proposed pipeline that would have transported crude from North Dakota to Oklahoma, the company announced on Friday.
The news came in the midst of a brutal slide in global oil prices that have raised concerns about whether U.S. companies will continue to build on the expansion of oil production. Middle East oil producers have yet to announce a cut in production to offset the drop in crude, in what some analysts say is a slow-bleed strategy designed to make pumping crude as uneconomic as possible for the world's fastest growing non-OPEC oil producer.
Enterprise Products—a publicly traded partnership designed to provide financing on oil and gas infrastructure projects — said in a terse statement that investors had "decided not to move forward with development of its proposed Bakken to Cushing crude oil pipeline."
Commitments from potential partners "were not sufficient to support the project," Enterprise Products added. The company did not immediately respond to an inquiry from CNBC on whether the project's closure was related to the drop in oil prices and other factors.
"Enterprise Products Partners management has been consistent in communicating this was a low probability project," said Adam Karpf, a portfolio manager for Atlantic Trust's master limited partnership strategies.
Karpf said that the firm appeared to lose a competitive battle with a different partnership, Energy Transfer Partners, which was also bidding for contracts on a Bakken pipeline. Those commitments left Enterprise the odd man out, he added. Atlantic Trust owns shares of Enterprise in its investment portfolio.
However, oversupply of crude has led to fears that oil's sharp decline could claim U.S. shale production as a victim, as smaller operators may be forced to scale back expansion plans. In recent weeks, oil prices have been in free fall, with U.S. crude settling at its lowest level since May 2009 under $58 per barrel.
North Dakota's Bakken region and Oklahoma's Cushing are two of the most prolific oil hubs in the U.S. energy revolution. Pipeline construction projects have taken on increasing prominence as the crude boom picks up speed, sending domestic oil production skyrocketing to more than 9 million barrels per day.
Infrastructure partnerships such as Enterprise Products' have raised billions in private capital, in expectation that the U.S.' growing energy independence would create more opportunities to transport domestically produced oil and gas. With Enterprise's actions, that assumption appears in some doubt.
"It's a clear indication that the lowering of oil prices and the dialing down of crude demand for 2015 is taking its toll," said Vincent DeVito, partner at the law firm of Bowditch & Dewey.