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
Wells Fargo CEO John Stumpf endured another round of tough Capitol Hill grilling Thursday, pledging to fix what went wrong and denying there was an "orchestrated effort" to defraud customers.
In an appearance before the Senate nine days ago, the head of the embattled bank faced blistering criticism for a scandal in which bank employees, in an effort to meet sales goals, enrolled millions of customers into programs without their approval.
Stumpf said the company would be terminating all sales goals at the end of this week.
"In fact, we don't even think they're an important requirement for us anymore to continue to grow," he said under questioning.
Stumpf used the House appearance Thursday hearing to again express contrition as his own board seeks to claw back $41 million in stock rewards he has earned. The bank has paid $185 million as a result of multiple investigations.
"I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members, and to the American public," Stumpf said.
"I want to apologize for violating the trust our customers have invested in Wells Fargo," he added. "And I want to apologize for not doing more sooner to address the causes of this unacceptable activity."
Members of Congress, however, have been frustrated with the answers they've received.
"The testimony that we have witnessed in the Senate trying to explain what happened is not satisfactory and we still do not have all the information we need to understand why this happened, when the sales culture turned toxic, who knew about it and when," said Rep. Maxine Waters, D-Calif.
During the Senate hearing, Stumpf faced questioning of varying intensity. Sen. Elizabeth Warren called on him to resign and give back the money he earned while suggesting that he and other Wall Street executives should be jailed for violating the public trust.
Despite Stumpf's apologies, critics have been frustrated over his denials that the behavior went beyond rogue employees and reflected a systematic approach by the bank.
"I do want to make very clear that there was no orchestrated effort, or scheme as some have called it, by the company," he said. "We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need."
Stumpf also detailed the measures to which the bank, which fired 5,300 workers, has gone to remedy the issues and make sure they do not recur.
His efforts, though, have not stopped lawmakers for pushing for more accountability. House Financial Services Chairman Jeb Hensarling told CNBC that Congress will be investigating how much Stumpf knew.
"The bottom line is we want to know how did this take place; why did this take place; who is being held accountable?" Hensarling said on "Squawk Box."