Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to a campaign finance probe of Cohen should be unsealed — and denied a...Politicsread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
The growth in net interest income, a main engine of banking profit, looks to slow to a halt in the back half of this year, Bank of America CFO Paul Donofrio says.Banksread more
Check out the companies making headlines in midday trading:
Johnson & Johnson — Shares of the pharmaceutical and consumer goods company fell more than 5% after Bloomberg News reported that the U.S. Justice Department is launching a criminal investigation into whether or not the company lied to the public about potential cancer risks in its talcum baby powder. The reported probe comes after thousands of cancer patients launched a civil suit claiming that asbestos in J&J's talc was responsible for their disease.
Milacron Holdings — Shares of the plastics-processing equipment maker surged 23% Friday after it agreed to be bought by industrial equipment maker Hillenbrand. The cash and stock deal is valued at roughly $2 billion, according to the companies, and represents a 34% to where Milacron closed on Thursday. Hillenbrand shares meanwhile dropped 10%.
Apellis Pharmaceuticals — The clinical-stage biopharmaceutical company jumped more than 4% after it was upgraded to overweight from neutral by J.P. Morgan Friday. The bank's analyst highlighted opportunities in a later stage blood disease drug and said the asset was underappreciated.
Illumina — Shares of the biotech company dropped more than 16% Friday after reporting disappointing revenue. Illumina said it sees sales coming in around $835 million for the quarter, versus the $887.9 million in revenue analysts polled by Refinitiv were expecting.
Stitch Fix — The online personal styling service's stock jumped 1% after Goldman Sachs upgraded to buy from neutral. According to the analyst, the company is expected to outperform due to "product innovation, operational efﬁciencies, and geographic expansion, combined with the increase in retail store closures (particularly in apparel)." Shares later closed nearly 2% lower.
Merck & Co — The pharmaceutical company closed Friday down 1.6% following an announcement yesterday from the White House that the Trump administration was abandoning a proposal which would have gotten rid of rebates from government drug plans.
Lincoln Electric Holdings — Shares of the manufacturer of welding products rose 3.5% after R.W. Baird upgraded the to outperform from neutral, citing a drop in input costs and low expectations, among other things.
— CNBC's Mallika Mitra contributed to this report and Elizabeth Myong contributed to this report.