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
Private prison stocks posted their worst quarter in more than a decade, after getting hit by a slew of negative news over the last two months.
Corrections Corporation of America dropped nearly 60.4 percent for the quarter, its worst since 2000, when the stock lost 71 percent in fourth quarter of that year. GEO Group fell more than 30 percent for the quarter, its worst since the third quarter of 1999.
The stocks began to slide in August after the Department of Justice announced it would instruct the Bureau of Prisons to begin phasing out the use of private contractors for federal prisons. Despite this, on Friday GEO Group announced the bureau extended its contract for a GEO correctional facility for another two years.
"Over the longer term, we believe investors will better understand the limited risk to the non-(Bureau of Prison) contracts," Canaccord analyst Ryan Meliker said in a Friday report. He maintains a buy rating on GEO Group and a hold rating on Corrections Corporation, but in August lowered price targets for both stocks.