GM 2020 profit drops, but it makes $6.43B despite pandemic
General Motors net profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. (AP Photo/Richard Drew, File)DETROIT – General Motors' profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. GM predicted the shortage will cost it $1.5 billion to $2 billion in earnings before taxes this year due to lost production. Still, GM expects pretax income for the year of $10 billion to $11 billion, or $4.50 to $5.25 per share. Of that, $6 billion would go to electric vehicles and $1 billion would go to autonomous, Chief Financial Officer Paul Jacobson said.
New unemployment numbers and the uproar over GameStop stock
New unemployment numbers and the uproar over GameStop stock Another 847,000 Americans filed for first-time unemployment benefits last week, a decline from the previous week. And retail investors are gambling on GameStop stock. Frances Stacy, director of Portfolio Strategy at Optimal Capital, joins CBSN to discuss the impact.cbsnews.com
Robinhood, TD Ameritrade, other brokerages have tech problems at market open
Robinhood and TD Ameritrade were among the brokerages that reportedly experienced “technical difficulties” at open. Robinhood, TD Ameritrade & other major brokerages experiencing technical difficulties at open, due to record volume. — TD Ameritrade (@TDAmeritrade) January 27, 2021There were reports of login issues on the TD desktop site, too. By 11 a.m. the issue was resolved, TD said:Access to the TD Ameritrade Mobile app has been resolved. AdRead more: Stocks fall sharply on Wall Street, led lower by tech stocksRelated: In GameStop saga unfolding on Wall Street, 2 Goliaths fall
Buy Nike stock on any pullback because record highs are coming, trader says
Nike stock has taken a breather after its record run. Shares have fallen 4% in the past week, retreating further from its highs set in mid-December. "I do think this trend continues," Shay told CNBC's "Trading Nation" on Friday. A move to $150 is nearly 7% from Friday's closing and would mark surpass its record high of $147.95. Noting the recent dip, he added: "It looks like this is a stock that should be bought at this pullback."cnbc.com
After GameStop surge, market analysts share which other stocks could see short squeeze rallies
That rally was sparked by a deal with venture capital firm RC Ventures, which included a board shake-up, though the bulk of the gains have been credited to a short squeeze rally. Investors who are short the stock are forced to cover their positions when it rises, a repeating pattern that then propels the stock even higher. Bed, Bath & Beyond, American Airlines and StitchFix have also climbed this week – three stocks with above-average short interest as a percentage of their float. Matt Maley, chief market strategist at Miller Tabak, is betting on more gains for Bed, Bath & Beyond, a stock with short interest at 64% of its float. It has since moved above a high set in October, which should also give it momentum to the upside, Maley said.cnbc.com
Twitter shares drop in first trading day after Trump ban
Twitter stock cratered as much as 12.3% Monday morning, in the first trading session since the social media company permanently suspended President Donald Trump's account. The stock recouped some of those losses in early afternoon trading, when it was down almost 5%. The move could likely reignite legislation to revoke Section 230, the law that protects internet companies from liability for content users post, according to analyst notes. Trump has loudly voiced his disdain for Section 230, and some politicians in both parties have complained about it. Meanwhile, other social media companies also traded lower after taking actions against Trump.cnbc.com
Another post-earnings disaster for Intel? Options traders are betting on disappointment
It's been a rough period for the chipmaker, which has failed to capture the momentum of the broader semiconductor space. But can the stock embark on a turnaround when it reports after the bell on Thursday? Options traders aren't betting on it. "Right now, the options market is implying a move of about $3 by the end of the week, higher or lower. However, many options traders are betting that the stock will not land on the bullish side of that implied move.cnbc.com
As COVID-19 numbers increase, will Michiganders stockpile goods again?
DETROIT – Officials are concerned about the trend of rising COVID-19 cases in Michigan. Due to the high numbers, some people have already started stocking up on household items the way they did when the pandemic first started. From cleaning products to food items, stores are seeing another increase in customers buying what they can. Online sales continue to boom, but you may notice some cleaning supplies -- specially many Lysol products -- are in limited supply. They can still be ordered but it may take longer to be delivered to your home.
Quicken Loans IPO gets lukewarm reception
DETROIT – The much talked about Rocket Mortgage initial public offering took flight Thursday and the launch was not as bright as initially intended. ORIGINAL STORY: Quicken Loans IPO debuts at $18 a share, below expectationsRocket founder Dan Gilbert and CEO Jay Farner kicked off the trading day before going on CNBC to discuss the merger in Gilbert’s first national television appearance since his stroke. “We think we are a tech company that happens to do loans. “We’re up to 2,500 technologies to build what you experience.”RELATED: What does Quicken Loans plan to go public mean for city of Detroit? The stock started out at $18 a share and investors bid it up to just under $21 by the close.
Quicken Loans IPO debuts at $18 a share, below expectations
DETROIT – Detroit-based Quicken Loans debuted their IPO on the New York Stock Exchange on Thursday with a lower-than-expected opening share price of $18. Rocket Cos., the parent company of Quicken Loans, will offer public shares for the first time this week, but it will be smaller than originally reported. Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.
Quicken Loans files paperwork for initial public offering under name ‘Rocket Companies’
Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. What does its plan to go public mean for the city of Detroit? It appears that’s about to change because in an initial public offering, at some point people will be able to buy partial ownership -- shares of stock in Quicken Loans. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.
Trading halted on Wall Street after stocks plunge 7% at open
Worries are rising that the White House and other authorities around the world can’t or won’t do what’s needed to help soon. The S&P 500 dropped about 7% within the first few minutes of Thursday’s trading, steep enough to trigger an automatic halt to trading on the New York Stock Exchange. European stocks tumbled 8%, even after the European Central Bank pledged to buy more bonds and offer more help for the economy. In Thailand and the Philippines, stocks fell so fast that trading was temporarily halted. Treasury yields, which were one of the first markets to sound the alarm on the economic risks of the virus, fell in morning trading.