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
Apple and Qualcomm finally made peace, settling all their patent disputes after two years of bitter legal battles. The news came Tuesday around 3 p.m. ET, sending Qualcomm's stock skyrocketing instantly. The shares finished the day more than 23% higher and gained another 12% on Wednesday.
A sudden move that dramatic is one for the Wall Street history books. CNBC parsed through the FactSet database and located all the stocks with one-day surges of more than 20% in the past two years. The tally came to 18.
However, four of the jumps were driven by mergers and acquisitions announcements and the majority of the surges came after blowout earnings results.
On May 25, 2017, shares of Best Buy rallied more than 21% after the company posted unexpected sales growth in same-store locations. The jump in sales was attributed to an unexpected surge of shoppers spending their tax refunds on electronics in the first quarter of 2017.
Biotech company Vertex Pharmaceuticals jumped more than 21% on July 19, 2017, after the drugmaker reported an improved response in patients suffering from cystic fibrosis. Vertex said its three-drug cocktails boosted a measure of lung function in patients with cystic fibrosis by 9.6 percentage points or more, which crushed Wall Street expectations for the drug combination.
Power producer NRG Energy on July 12, 2017, announced a transformation plan to raise $2.5 billion to $4 billion by divesting 50% to 100% of its renewable energy business, aiming to remove $13 billion in debt from its balance sheet. The news sent the company stock soaring a whopping 29% that day.
On Oct. 30, 2018, Under Armour shares rallied nearly 28% after it reported blowout quarterly earnings due to a spike in sales overseas. The athletic apparel company had been undergoing changes to trim excess inventory and cut costs amid fierce competition in the space. The strong results came as a relief that Under Armour's turnaround efforts were paying off after years of patchy sales.