Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
President Barack Obama spoke at an event in San Francisco on Wednesday hosted by software company Splunk and addressed how tech can help solve problems.Technologyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle, Washington. While there, he's scheduled to meet with Boeing executives and...Airlinesread more
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
Stocks closed little changed after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Former media executive Mel Karmazin said Wednesday he's no longer invested in the stock market, and that he's basically in cash.
In an interview on CNBC's "Squawk Box," Karmazin said the notion that there's no alternative to investing in stocks isn't true. "You don't really need to invest money if you believe the markets aren't right," he added.
Before he was CEO of Sirius XM, Karmazin was president and COO at Viacom and CEO of CBS.
"I believe that the media space is all growing and being valued on the basis of the fact that interest rates are so low. They're borrowing a whole lot of money [and] they're using that money to buy back their stock," he said.
Buying back shares reduces the float and boosts per-share earnings, which often times pushes up the stock price.
"When revenues are growing so modestly, the multiple that these companies are selling at are like all-time-high market multiples," he said. "I don't think the multiples are the right multiples."
At a time of record buybacks, Karmazin said there's not a lot of buying by company executives. "There is a question about whether or not the insiders really believe that it's a great investment to put the cash to buy back their stock [themselves]."