Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread 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
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The U.S. Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The central bank, however, appeared...Asia Marketsread more
Investors bought bank stocks because there's a chance the Federal Reserve's interest rate cut may "put an end to this artificially inverted yield curve," Jim Cramer says.Mad Money with Jim Cramerread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
Shares of Nike fell more than 1 percent on Monday following a tweet from California-based lawyer Michael Avenatti alleging Nike's involvement in a "major high school/college basketball scandal." But the stock recovered after the celebrity attorney was arrested on accusations he had attempted to extort millions from the athletic apparel company.
Avenatti, who represented porn star Stormy Daniels in her lawsuit against President Donald Trump, tweeted that Nike's "criminal conduct" involved the highest levels of Nike and "some of the biggest names in college basketball."
About 15 minutes after the tweet, Avenatti was arrested in midtown Manhattan for his alleged involvement in a scheme to extort Nike for as much as $25 million. He also faces separate federal charges in a case in Los Angeles where he is accused of wire and bank fraud. In the second case, he allegedly embezzled his own client's money to pay his expenses and debts and used phony tax returns to obtain millions of dollars in loans.
Avenatti's co-conspirator is high profile criminal defense attorney Mark Geragos, people familiar with the matter told NBC News. Geragos is currently defending actor Jussie Smollett, who is being prosecuted by Chicago authorities for faking a racially charged attack on himself. He also represented football player Colin Kapernick in his fight against the National Football League.
"Nike will not be extorted or hide information that is relevant to a government investigation. Nike has been cooperating with the government's investigation into NCAA basketball for over a year. When Nike became aware of this matter, Nike immediately reported it to federal prosecutors. When Mr. Avenatti attempted to extort Nike over this matter, Nike with the assistance of outside counsel at Boies Schiller Flexner, aided the investigation. Nike firmly believes in ethical and fair play, both in business and sports, and will continue to assist the prosecutors," said a spokesperson for Nike.
Nike's stock fell to $80.89, its low for the day, after Avenatti's tweet. The stock, which has a market value of $128.1 billion, has since recovered some of its losses and is trading at about $81.78. Earlier Monday, Nike shares traded as high as $83.22.
The criminal complaint details Avenatti's scheme to threaten economic and reputational harm to Nike if it did not pay him between $15 million and $25 million, and his client, an Amateur Athletic Union coach, $1.5 million. Avenatti said his client had evidence that one or more Nike employees made payments to the families of top high school basketball players.
That complaint added that Avenatti, 48, had threatened to hold a news conference exposing the damaging information on the eve of Nike's earnings release and the NCAA basketball tournament.
Avenatti is due to be presented in Manhattan federal court on Monday.
The athletic apparel company reported a top and bottom line earnings beat on Thursday. Nike shares are up more than 10 percent year to date.