Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
The trade war between Beijing and Washington appears to have depressed Chinese property purchases in the United States. China's own actions may also be playing a role.Real Estateread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
The Senate is expected to pass its own version of the border aid legislation, while the Trump administration has threatened to veto both bills.Politicsread more
Markets in Asia fell on Wednesday morning after U.S. Federal Reserve Chairman Jerome Powell tempered expectations for a potential interest rate cut.Asia Marketsread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
NBC is taking the office back from Netflix as it seeks to bolster its own streaming service launching in 2020.Technologyread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
General Electric shares are far overvalued given the pressures facing the company over the next two years, according to J.P. Morgan analyst Stephen Tusa.
Tusa said GE's announcement of more trouble in 2019 was "worse than even we expected."
"As long as this sentiment prevails, we don't think the stock can bottom. Our [price target] remains $6 and looks generous after today's news," Tusa said in a note Tuesday. He is widely regarded as the top GE analyst on Wall Street, gaining a following after his negative call in May 2016.
GE stock fell 4.2 percent on Tuesday when CEO Larry Culp sat down with Tusa at J.P. Morgan conference and said the company's industrial free cash flow "will be negative" in 2019. Shares dropped 7.9 percent Wednesday.
Given the negative free cash flow, Tusa said, GE's 2019 earnings have "now become close to NEGATIVE" 50 cents a share. His firm previously estimated GE's earnings would be near positive 50 cents a share this year. Costs from restructuring GE "will be meaningful for several years," Tusa said, and there "will not be a silver bullet to a fix."
"Unlike prior episodes that were based on next year, this seems to stretch into 2021, a whole new level," Tusa said in his note after the event. Culp told Tusa the company's struggling power business will continue to face challenges for "a couple years."
"We are no longer willing to engage in a debate where the Bull case is that Power is "not that bad," the
stock can be valued on $1+ in [free cash flow], " Tusa added. "We disagree with the view that it's 'not that bad.'"
– CNBC's Michael Bloom contributed to this report,