Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Microsoft founder Bill Gates takes an aggressive approach to investing, despite being the second richest person in the world.Wealthread more
Viacom chief executive officer Bob Bakish is not worried about competition in the streaming space, on the heels of its merger with CBS.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
Hedge-fund manager Dan Niles said on Tuesday that the problem with Alphabet isn't just that it fell way shy of revenue numbers, but that the company didn't give investors enough of an explanation for the miss.
"It's a black box," Niles, founding partner at AlphaOne Capital Partners, told CNBC's Halftime Report. "When something goes wrong, you want an explanation. You're not getting one."
Alphabet shares tumbled 7.5%, the biggest plunge since 2012, after the company said that ad revenue growth slowed to 15% from 24% a year earlier and total sales missed analyst estimates by about $1 billion. Ruth Porat, Alphabet's CFO, attributed the slowdown to a deceleration in click growth at YouTube. But neither she nor CEO Sundar Pichai offered many more details.
Niles said his firm had been reducing its exposure to Alphabet heading into the report and plans to cut it even more. He's frustrated that company executives didn't make clear if this was a one-quarter issue or if it will persist. He noted that in its previous earnings report, investors were skeptical because of the company's capital expenses. Alphabet reeled in its costs and beat on profit in the first quarter, but now revenue growth is causing concern.
Some of his questions for the company relate to the macro online advertising environment, which appears strong. Facebook, Twitter and Snap all reported better-than-expected results in their latest earnings reports, and Amazon's ad growth was impressive, Niles said.
"You look at this and go, well advertising and Google on the internet are obviously synonymous," Niles said. "And when you don't know what's going on, you sit there and go, well I know what's going on at these other names. I'd rather own Facebook, for example."