The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Tilman Fertitta told CNBC on Monday that he is doing things in a "very conservative way" amid fears of a recession.Marketsread more
Saudi Aramco sent a request for proposal to several banks, people familiar with the matter told CNBC on Monday.Marketsread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Check out the companies making headlines midday Wednesday:
Qualcomm — Qualcomm surged 12.3%, adding to Tuesday's gains after news broke that the chipmaker reached a settlement with Apple over their royalty dispute, dropping all legal action between the two companies worldwide. The settlement included a payment from Apple to Qualcomm as well as a chipset supply agreement. The news sent Qualcomm stocks soaring 23% on Tuesday. This pushed analysts at Stifel, J.P. Morgan and Evercore ISI to upgrade Qualcomm.
Morgan Stanley — Morgan Stanley rose 2.6% after the bank reported better-than-expected first-quarter earnings, driven by its wealth management and fixed-income trading businesses. The company reported earnings of $1.33 per share, 16 cents above a Refinitiv estimate.
CSX — Shares of the rail transportation company rose 4% after the company reported strong first-quarter earnings. CSX earned $1.02 per share, topping a 91 cent estimate from Refinitiv. CSX's revenue also beat expectations.
Netflix —Netflix fell as much as 1.9% on Wednesday afternoon after the streaming service posted first-quarter revenue that beat analysts' estimates, but also warned that it expected light second-quarter guidance. The stock closed down 1.3% on the day.
Bank of New York Mellon — The bank's stock tumbled more than 9% on quarterly numbers that disappointed investors. Bank of New York Mellon reported a profit of 94 cents per share, 2 cents below a Refinitiv estimate. The company's revenue also missed expectations. Net interest margin, a key metric watched by investors, came in at 1.2%. Analysts polled by FactSet expected a print of 1.26%.
Abbott Laboratories — Shares of Abbott Laboratories were down 4.6% on Wednesday afternoon despite posting first-quarter earnings that beat analysts' expectations. The pharmaceutical posted adjusted earnings of 63 cents per share on revenue of $7.54 billion, surpassing analyst expectations of 61 cents per share on revenue of $7.47 billion.
PepsiCo — Shares of the beverage and snack company rose 3.8% after it beat Wall Street's estimates in its first-quarter financial report. Pepsi reported earnings per share of 97 cents, while analysts polled by Refinitiv expected a profit of 92 cents.
IBM — IBM fell 4.2% after the company's first-quarter revenue came in short of analyst expectations. IBM reported revenue of $18.18 billion, $280 million lower below a Refinitiv estimate. IBM's revenue was also down nearly 5% year over year.
Interactive Brokers — Interactive Brokers Group rose as much as 2.1% on the back of stronger-than-expected quarterly results. The company posted a profit of 64 cents per share, well above a Refinitiv estimate of 53 cents per share. The stock later closed down 2.1%, however.