S&P 500 falls after bank shares drop; Dow decline led by Disney after profit warning

Bank of America, Citigroup and Goldman Sachs were all down more than 1 percent, dragging down the major indexes. Financial sector declines come as rates continue to trickle downward, with the yield on the U.S. 10-year Treasury note falling to 2.06 percent. The 10-year note yield dipped below the critical 2.1 percent threshold Tuesday. Goldman, which reached its highest level since March on Aug. 7, has since fallen off 7.65 percent, mirroring the 20 basis point slip in the 10-year Treasury note y


Bank of America, Citigroup and Goldman Sachs were all down more than 1 percent, dragging down the major indexes. Financial sector declines come as rates continue to trickle downward, with the yield on the U.S. 10-year Treasury note falling to 2.06 percent. The 10-year note yield dipped below the critical 2.1 percent threshold Tuesday. Goldman, which reached its highest level since March on Aug. 7, has since fallen off 7.65 percent, mirroring the 20 basis point slip in the 10-year Treasury note y
S&P 500 falls after bank shares drop; Dow decline led by Disney after profit warning Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: thomas franck, getty images
Keywords: news, games, cnbc, companies, decline, trump, hurricane, yield, shares, note, led, drop, dow, warning, profit, falls, 10year, goldman, agreement, sp, market, disney, youre, treasury


S&P 500 falls after bank shares drop; Dow decline led by Disney after profit warning

Bank of America, Citigroup and Goldman Sachs were all down more than 1 percent, dragging down the major indexes. Financial sector declines come as rates continue to trickle downward, with the yield on the U.S. 10-year Treasury note falling to 2.06 percent. The 10-year note yield dipped below the critical 2.1 percent threshold Tuesday.

Financials are losing their summer gains as interest rates decline. Goldman, which reached its highest level since March on Aug. 7, has since fallen off 7.65 percent, mirroring the 20 basis point slip in the 10-year Treasury note yield.

“We’re walking away from the prospect of a December rate hike,” said Wunderlich Securities chief market strategist Art Hogan. “There certainly is a correlation between banks moving lower and Treasurys moving higher. … You’re seeing an equal but opposite reaction.”

“We have a Fed that will eventually start quantitative tightening. … That’s also certainly part of it,” he added.

Insurance stocks also sank as investors grew more concerned over exposure to Hurricane Irma. Shares of XL Group fell over 5 percent Thursday, while Chubb fell another 2.5 percent to add to its 10 percent monthly decline following Hurricane Harvey.

One-month comparison: Goldman Sachs stock price vs. US 10-year Treasury yield

Source: FactSet

Stocks failed to get a lift out of some bipartisan agreement in Washington.

The Senate on Thursday approved a package that includes Hurricane Harvey recovery funds, a debt ceiling extension and temporary government funding. The package came after President Donald Trump signaled his approval for the Democratic plan on Wednesday. The unexpected agreement between the president and leading Democrats boosted stocks on Wednesday.

In other political news, Trump and Senate Minority Leader Chuck Schumer agreed to seek a plan to get rid of the federal debt ceiling, The Washington Post reported Thursday. The deal was described as a “gentleman’s agreement,” the newspaper reported, citing “three people familiar with the decision.”

“For the most part, there’s nothing new coming out of D.C.,” said Boston Private chief market strategist Robert Pavlik. “What you’re seeing is a market that’s trying to find its level. On Tuesday there was a lot of movement into defensive areas, while yesterday there was movement back into financials and tech. It’s this tug back and forth.”


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: thomas franck, getty images
Keywords: news, games, cnbc, companies, decline, trump, hurricane, yield, shares, note, led, drop, dow, warning, profit, falls, 10year, goldman, agreement, sp, market, disney, youre, treasury


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US Treasury yields slip as investors scrutinize Federal Reserve speeches

The dollar index hit low of 91.405, its lowest level since Jan. 6, 2015, as the euro surged against the greenback. Meanwhile in the States, a number of officials from the Fed delivered remarks on the U.S. economy on Thursday. Cleveland Fed President Loretta Mester said that the gradual increases in the fed-funds rate will be needed to sustain the expansion and mitigate risks. In addition, Kansas City Fed President Esther George will also be expected to comment on the outlook of the U.S. economy


The dollar index hit low of 91.405, its lowest level since Jan. 6, 2015, as the euro surged against the greenback. Meanwhile in the States, a number of officials from the Fed delivered remarks on the U.S. economy on Thursday. Cleveland Fed President Loretta Mester said that the gradual increases in the fed-funds rate will be needed to sustain the expansion and mitigate risks. In addition, Kansas City Fed President Esther George will also be expected to comment on the outlook of the U.S. economy
US Treasury yields slip as investors scrutinize Federal Reserve speeches Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: alexandra gibbs, thomas franck
Keywords: news, games, cnbc, companies, trump, program, fed, washington, reported, investors, federal, speeches, reserve, economy, slip, president, yields, york, set, remarks, scrutinize, treasury


US Treasury yields slip as investors scrutinize Federal Reserve speeches

The dollar index hit low of 91.405, its lowest level since Jan. 6, 2015, as the euro surged against the greenback.

Driving the move were comments from European Central Bank President Mario Draghi, who hinted at starting to reduce its bond-buying program as early as next month and also gave an upbeat forecast on the region’s economy.

The central bank held interest rates at 0.0 percent and kept the door open for even more stimulus, saying that it stands poised to increase its asset purchase program if needed.

Meanwhile in the States, a number of officials from the Fed delivered remarks on the U.S. economy on Thursday.

Cleveland Fed President Loretta Mester said that the gradual increases in the fed-funds rate will be needed to sustain the expansion and mitigate risks.

“The gradual approach to normalization allows for the kind of fluctuations we’ve seen in the data on the economy and inflation without having to change our strategy,” she said. “We’ll need to keep a watch on whether this wait- and-see attitude spreads and begins to weigh more broadly on spending and investment decisions.”

In Georgia, Atlanta Fed President Raphael Bostic is set to participate in a moderated discussion on his views on the economy later on in the day; while at 5:30 p.m. EDT, New York Fed President William Dudley will be in New York, where he is set to deliver remarks at a Money Marketeers of New York University event.

In addition, Kansas City Fed President Esther George will also be expected to comment on the outlook of the U.S. economy outlook when she is at the Omaha Economic Forum in the evening.

Investors will be paying close attention to news coming out of Washington D.C. President Donald Trump and Senate Minority Leader Chuck Schumer have agreed to seek a plan to get rid of the federal debt ceiling, The Washington Post reported Thursday. The deal was described as a “gentleman’s agreement,” the newspaper reported, citing “three people familiar with the decision.”

The latest agreement comes after Trump signaled his approval for a Democratic plan to package hurricane relief money for Hurricane Harvey to a three-month extension of both government funding and the debt ceiling.

Initial claims for state unemployment benefits soared by 62,000 to a seasonally adjusted 298,000 for the week ended Sept. 2, the highest level since April 2015, the Labor Department said on Thursday.

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Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: alexandra gibbs, thomas franck
Keywords: news, games, cnbc, companies, trump, program, fed, washington, reported, investors, federal, speeches, reserve, economy, slip, president, yields, york, set, remarks, scrutinize, treasury


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Hurricane Irma lashes Caribbean islands; Florida braces for hit

As Category 5 Hurricane Irma churns through the Caribbean and Hurricane Jose strengthens, The U.S. National Hurricane Center (NHC) issued hurricane and storm surge watches for parts of southern Florida in a public advisory on Thursday. The NHC put a hurricane watch in effect for the Florida Keys, Lake Okeechobee, Florida Bay and parts of the Florida peninsula. Hurricane Irma killed at least four people on the Caribbean island of St. Martin, French Prime Minister Edouard Philippe said. Power was


As Category 5 Hurricane Irma churns through the Caribbean and Hurricane Jose strengthens, The U.S. National Hurricane Center (NHC) issued hurricane and storm surge watches for parts of southern Florida in a public advisory on Thursday. The NHC put a hurricane watch in effect for the Florida Keys, Lake Okeechobee, Florida Bay and parts of the Florida peninsula. Hurricane Irma killed at least four people on the Caribbean island of St. Martin, French Prime Minister Edouard Philippe said. Power was
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Hurricane Irma lashes Caribbean islands; Florida braces for hit

As Category 5 Hurricane Irma churns through the Caribbean and Hurricane Jose strengthens, The U.S. National Hurricane Center (NHC) issued hurricane and storm surge watches for parts of southern Florida in a public advisory on Thursday.

A “storm surge watch,” meaning there could be life-threatening inundation from rising floods and waves in the next 48 hours, is in effect for parts of the Florida peninsula, including the Florida Keys, the NHC said. A storm surge at high tide could bring water levels between five and 10 feet above ground in the peninsula, including the Keys.

The NHC put a hurricane watch in effect for the Florida Keys, Lake Okeechobee, Florida Bay and parts of the Florida peninsula.

Source: U.S. National Hurricane Center

“Based on what we know now, Florida will have major hurricane impacts with deadly storm surge and life-threatening winds, and we can expect this all on the east coast,” Florida Gov. Rick Scott said in a news conference on Thursday, while stressing that all Floridians should be prepared to evacuate.

“Possessions can be replaced,” Scott said. “Your family cannot.”

The Center also announced that the “extremely dangerous Hurricane Irma” is “moving between the north coast of Hispaniola and the Turks and Caicos islands” in its latest advisory, updated at 2 p.m. ET.

Hurricane Irma killed at least four people on the Caribbean island of St. Martin, French Prime Minister Edouard Philippe said. The storm left the island of Barbuda devastated, killing at least one person, and now has set its sights on Florida.

Television footage of the Franco-Dutch island of St. Martin showed a damaged marina with boats tossed into piles, submerged streets and flooded homes. Power was knocked out on St. Martin, St. Barthelemy and in parts of the U.S. territory of Puerto Rico.

“It is an enormous disaster, 95 percent of the island is destroyed. I am in shock,” Daniel Gibbs, chairman of a local council on St. Martin, told Radio Caribbean International.


Company: cnbc, Activity: cnbc, Date: 2017-09-07
Keywords: news, games, cnbc, companies, hurricane, island, martin, hit, storm, surge, parts, nhc, lashes, islands, braces, florida, irma, st, caribbean


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Trump addresses North Korea, ISIS in news conference with emir of Kuwait

[The stream has ended.] President Donald Trump held a joint press conference with the emir of Kuwait on Thursday during a White House visit. He addressed escalating tensions with North Korea, the so-called Islamic State terror group and Middle East tensions. The event came as Trump contends with the aftermath of Hurricane Harvey, the potential destruction of Hurricane Irma, and reported tension with other Republicans over his dealings with Democratic leaders Chuck Schumer and Nancy Pelosi.


[The stream has ended.] President Donald Trump held a joint press conference with the emir of Kuwait on Thursday during a White House visit. He addressed escalating tensions with North Korea, the so-called Islamic State terror group and Middle East tensions. The event came as Trump contends with the aftermath of Hurricane Harvey, the potential destruction of Hurricane Irma, and reported tension with other Republicans over his dealings with Democratic leaders Chuck Schumer and Nancy Pelosi.
Trump addresses North Korea, ISIS in news conference with emir of Kuwait Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: jacob pramuk
Keywords: news, games, cnbc, companies, trump, isis, conference, addresses, hurricane, terror, tensionsthe, korea, stream, kuwait, north, tensions, visithe, white, state, emir, tension


Trump addresses North Korea, ISIS in news conference with emir of Kuwait

[The stream has ended.]

President Donald Trump held a joint press conference with the emir of Kuwait on Thursday during a White House visit.

He addressed escalating tensions with North Korea, the so-called Islamic State terror group and Middle East tensions.

The event came as Trump contends with the aftermath of Hurricane Harvey, the potential destruction of Hurricane Irma, and reported tension with other Republicans over his dealings with Democratic leaders Chuck Schumer and Nancy Pelosi.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: jacob pramuk
Keywords: news, games, cnbc, companies, trump, isis, conference, addresses, hurricane, terror, tensionsthe, korea, stream, kuwait, north, tensions, visithe, white, state, emir, tension


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Senate passes Trump-Democrats deal on Harvey aid, debt, funding

The Senate on Thursday approved a package that includes disaster aid, a debt ceiling extension and temporary government funding, sending it to the House where it will face opposition from conservatives. The chamber approved more than $15 billion in aid funding for Hurricanes Harvey and Irma, attached to the other traditionally more controversial measures, by a vote of 80-17. The measure would fund the government and extend the debt ceiling through Dec. 8. GOP leaders wanted the debt ceiling exte


The Senate on Thursday approved a package that includes disaster aid, a debt ceiling extension and temporary government funding, sending it to the House where it will face opposition from conservatives. The chamber approved more than $15 billion in aid funding for Hurricanes Harvey and Irma, attached to the other traditionally more controversial measures, by a vote of 80-17. The measure would fund the government and extend the debt ceiling through Dec. 8. GOP leaders wanted the debt ceiling exte
Senate passes Trump-Democrats deal on Harvey aid, debt, funding Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: jacob pramuk
Keywords: news, games, cnbc, companies, senate, harvey, trump, debt, democrats, funding, passes, bill, deal, ceiling, trumpdemocrats, revised, house, aid


Senate passes Trump-Democrats deal on Harvey aid, debt, funding

The Senate on Thursday approved a package that includes disaster aid, a debt ceiling extension and temporary government funding, sending it to the House where it will face opposition from conservatives.

The chamber approved more than $15 billion in aid funding for Hurricanes Harvey and Irma, attached to the other traditionally more controversial measures, by a vote of 80-17. The House, which on Wednesday passed a bill for just the aid funding, is expected to move quickly on the revised measure as the federal government faces a cash crunch while responding to two hurricanes.

If the House passes the bill and President Donald Trump signs it, Congress knocks out end-of-September deadlines to raise the debt limit and avoid risking default on U.S. debt, and funds the government and avoids a shutdown. But they will face the deadlines again in December, and GOP lawmakers have expressed concerns that the minority Democrats will use the votes to get concessions from the GOP.

The measure would fund the government and extend the debt ceiling through Dec. 8.

Trump agreed to the deal with Democratic congressional leaders Chuck Schumer and Nancy Pelosi on Wednesday over the objections of top Republicans. GOP leaders wanted the debt ceiling extended for a longer period of time.

After Trump and the Democrats struck the deal, Senate Majority Leader Mitch McConnell amended a House-passed bill to approve just aid funding to add the other provisions. He supported the revised plan.

Before Trump and the Democrats reached the agreement, House Speaker Paul Ryan called a short-term extension “ridiculous” and “unworkable.”

Pockets of the Republican House membership, including the Republican Study Committee and House Freedom Caucus, have objected to the deal.

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: jacob pramuk
Keywords: news, games, cnbc, companies, senate, harvey, trump, debt, democrats, funding, passes, bill, deal, ceiling, trumpdemocrats, revised, house, aid


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Powerful GOP conservatives push back against Trump’s deal with Democrats

Republican leaders in Congress suffered more setbacks Thursday as they worked to build support for President Donald Trump’s deal with Democrats to tie hurricane relief funding to a short-term debt-ceiling raise. In addition to scattered opposition from Republican senators, the bill suffered a setback when it was rejected by the Republican Study Committee (RSC), a powerful, 155-member group of House conservatives. “While some have advocated for a ‘clean’ debt limit increase, this would simply inc


Republican leaders in Congress suffered more setbacks Thursday as they worked to build support for President Donald Trump’s deal with Democrats to tie hurricane relief funding to a short-term debt-ceiling raise. In addition to scattered opposition from Republican senators, the bill suffered a setback when it was rejected by the Republican Study Committee (RSC), a powerful, 155-member group of House conservatives. “While some have advocated for a ‘clean’ debt limit increase, this would simply inc
Powerful GOP conservatives push back against Trump’s deal with Democrats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: christina wilkie, joshua roberts
Keywords: news, games, cnbc, companies, democrats, trump, hurricane, conservatives, debt, republican, bill, deal, support, powerful, trumps, gop, limit, house, push


Powerful GOP conservatives push back against Trump's deal with Democrats

Republican leaders in Congress suffered more setbacks Thursday as they worked to build support for President Donald Trump’s deal with Democrats to tie hurricane relief funding to a short-term debt-ceiling raise.

In addition to scattered opposition from Republican senators, the bill suffered a setback when it was rejected by the Republican Study Committee (RSC), a powerful, 155-member group of House conservatives. The growing opposition increases the chances that congressional leaders will be forced to pass the bill in the House with more votes from Democrats than from the majority party.

In a letter to House Speaker Paul Ryan, RSC chair Mark Walker (N.C.) objected to two different proposals: a standalone debt-ceiling increase and a multi-part bill like the one Trump favors. But he said a multi-part deal was even worse.

“While some have advocated for a ‘clean’ debt limit increase, this would simply increase the borrowing authority of the government while irresponsibly ignoring the urgency of reforms,” Walker wrote. “Worse yet is attaching the debt limit to legislation that continues the status quo or even worsens the trajectory on spending, such as the deal announced yesterday by the President and Congressional Leadership. The RSC Steering Committee opposes this proposal.”

The deal was struck Wednesday at the White House, during a meeting Trump held with both Democratic and Republican leadership. While his fellow Republicans looked on in disbelief, Trump agreed to a deal proposed by Senate Minority Leader Chuck Schumer (N.Y.) and House Minority Leader Nancy Pelosi (Calif.) to raise the debt limit and fund the government for three months, in addition to funding billions of dollars in hurricane relief.

Few on Capitol Hill were surprised by the RSC’s opposition to the plan, including Ryan, who emphasized in a press conference Thursday morning that his party’s original plans for both a debt ceiling hike and a continuing resolution to fund the government had been upended by Hurricane Harvey and the looming threat of Hurricane Irma.

“People are using their smartphones to apply for aid from FEMA even before the hurricanes land,” Ryan explained, the effect of which has been to deplete emergency aid funds at an unprecedented rate. “The Treasury Secretary is worried about the nation’s borrowing limit and cash flow with a new hurricane coming,” he added, “and those are the concerns that trump everything else.”

Ryan sidestepped a question about whether the deal, struck Wednesday between the president and the top two Democrats in Congress, had enough support to pass in the House. “We haven’t done the whip count on this, so I don’t know about [what] the vote count is,” he said. “We thought we had more time to work on this before the hurricanes hit.”

Nonetheless, there is little doubt that the Trump-Schumer deal would secure the necessary 218 votes to pass, especially with the overwhelming support the bill is expected to receive from House Democrats.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: christina wilkie, joshua roberts
Keywords: news, games, cnbc, companies, democrats, trump, hurricane, conservatives, debt, republican, bill, deal, support, powerful, trumps, gop, limit, house, push


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3 ways the Trump administration seems to be making it harder to save for retirement

“Just this week, the Department of Labor (DOL) published a proposal to delay full implementation of the fiduciary rule for another 18 months,” reports the left-leaning Economic Policy Institute (EPI). The Trump administration already delayed implementation of the rule once earlier this year. The fiduciary rule, which was one of the Labor Department’s achievements under former President Barack Obama, requires financial advisors to act in the best interests of clients when it comes to overseeing r


“Just this week, the Department of Labor (DOL) published a proposal to delay full implementation of the fiduciary rule for another 18 months,” reports the left-leaning Economic Policy Institute (EPI). The Trump administration already delayed implementation of the rule once earlier this year. The fiduciary rule, which was one of the Labor Department’s achievements under former President Barack Obama, requires financial advisors to act in the best interests of clients when it comes to overseeing r
3 ways the Trump administration seems to be making it harder to save for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: kathleen elkins, nicholas kamm, getty images
Keywords: news, games, cnbc, companies, trump, fiduciary, making, requires, obama, rule, ways, delay, administration, harder, labor, save, implementation, clients, retirement, financial


3 ways the Trump administration seems to be making it harder to save for retirement

“Just this week, the Department of Labor (DOL) published a proposal to delay full implementation of the fiduciary rule for another 18 months,” reports the left-leaning Economic Policy Institute (EPI). The Trump administration already delayed implementation of the rule once earlier this year.

The fiduciary rule, which was one of the Labor Department’s achievements under former President Barack Obama, requires financial advisors to act in the best interests of clients when it comes to overseeing retirement accounts.

The Obama administration had estimated that it would save retirement investors about $17 billion a year in hidden fees and lost earning potential.

“Implementing the fiduciary rule sooner rather than later benefits consumers,” certified financial planner Michelle Brownstein tells CNBC Make It, “because it legally requires financial advisors to give advice in the best interest of their clients when advising on retirement accounts. I don’t know anyone who would choose to go to a doctor that hasn’t taken the Hippocratic oath to ‘do no harm,’ so taking financial advice from someone who does not have to act as a fiduciary to you is something I would not condone.”

Opponents of the rule argue that it will limit customers’ investment options and increase costs for the financial advisory industry.

If the delay is approved, financial firms would have until July 2019 to make tweaks.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: kathleen elkins, nicholas kamm, getty images
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Trump did GOP leaders a huge favor by striking debt deal with Democrats

“President Trump essentially let GOP leadership off the hook with this deal. And then there’s the fact that, two times in recent years, McConnell has given away the GOP debt ceiling and shutdown leverage before any of that pressure was even applied. That’s why it’s so clear that President Trump essentially let GOP leadership off the hook with this deal. But the question remains: Has President Trump done himself and the nation a favor with this move? It’s unrealistic to believe President Trump wo


“President Trump essentially let GOP leadership off the hook with this deal. And then there’s the fact that, two times in recent years, McConnell has given away the GOP debt ceiling and shutdown leverage before any of that pressure was even applied. That’s why it’s so clear that President Trump essentially let GOP leadership off the hook with this deal. But the question remains: Has President Trump done himself and the nation a favor with this move? It’s unrealistic to believe President Trump wo
Trump did GOP leaders a huge favor by striking debt deal with Democrats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: jake novak, getty images
Keywords: news, games, cnbc, companies, trump, democrats, hurricane, debt, washington, shutdown, favor, deal, president, huge, isnt, gop, striking, spending, storms, leaders


Trump did GOP leaders a huge favor by striking debt deal with Democrats

“President Trump essentially let GOP leadership off the hook with this deal. Now, they can presumably blame him for caving in even though they surely would have themselves.”

And then there’s the fact that, two times in recent years, McConnell has given away the GOP debt ceiling and shutdown leverage before any of that pressure was even applied. That’s what he did shortly after the Republicans won the Senate in 2014 when he promised there wouldn’t be a government shutdown even before any negotiations over spending began. He caved in pre-emptively again last month when he said there was “zero chance” Congress wouldn’t raise the debt ceiling.

With Republican hardball negotiating tactics like that, who needs Democratic opposition?

McConnell isn’t the only Republican with fortitude issues. Then-House Speaker John Boehner backed down from the GOP budget fight with President Obama after shutting down the government for 16 days in 2013.

And that’s only part of the story. Remember that this debt battle was beginning just as Hurricane Harvey was causing tens of billions of dollars of damage to Texas and the even more powerful Hurricane Irma was threatening to do the same to Florida. Are we really supposed to believe that Ryan and McConnell were going to show stronger backbone on the debt ceiling or a government shutdown even as these storms and their effects were demanding immediate money and manpower from Washington? Anyone who thinks they would should just look at how the congressmen and senators who held up a Hurricane Sandy relief bill over pork concerns are still being skewered and attacked five years later.

That’s why it’s so clear that President Trump essentially let GOP leadership off the hook with this deal. Now, they can presumably blame him for caving in even though they surely would have themselves.

But the question remains: Has President Trump done himself and the nation a favor with this move?

It’s hard to argue this move isn’t a boon for the president. The last 25 years are filled with stark examples of presidents who appeared on the ball in the face of hurricane disasters and those who didn’t. President George H.W. Bush appeared to react to Hurricane Andrew too slowly in 1992, and then-candidate Bill Clinton scored points by criticizing the entire government’s delays. That stance on storm response dictated a lot of the Clinton presidency, as he routinely snapped into action fast in the face of storms. President George W. Bush’s response to Hurricane Katrina remains an oft-noted example of presidential missteps, especially his initial decision to fly over the affected areas on Air Force One instead of visiting victims on the ground. President Barack Obama was especially front and center in New Jersey and other areas hit by Sandy in 2012.

President Trump isn’t going to make the same mistakes the Bushes did, and his approval rating is on the upswing, according to the latest Rasmussen poll, since he responded quickly to Hurricane Harvey on the Gulf Coast.

The more desperate the situation gets in Texas and Florida, the more likely it is that politicians in Washington will find a way to shove added spending measures into bills supposedly only meant for emergency relief. But the spending and debt problems both parties in Washington are responsible for is a more deep-rooted issue. And President Trump was already not a good candidate to fix it with his calls for $1 trillion infrastructure projects and more military spending.

It’s unrealistic to believe President Trump would suddenly get hawkish when two major storms are slamming the country. But, it’s just as inaccurate to portray his deal with Pelosi and Schumer as some kind of destruction of Republican debt purity. That purity never existed, at least at the leadership level.

Now, at least, Ryan and McConnell can look their more conservative colleagues from the Freedom Caucus and the Tea Party voters in the eye and claim this new round of heavy spending isn’t their fault.

Commentary by Jake Novak, CNBC.com senior columnist. Follow him on Twitter @jakejakeny.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: jake novak, getty images
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GE shares sink after JPMorgan says its fundamentals are ‘worse than we think’

The rough year so far for General Electric investors will not end anytime soon, according to a top Wall Street firm. But even with the leadership change, General Electric shares continued to significantly underperform the market. GE shares fell more than 2 percent on Thursday after the JPMorgan report, weighing on the whole Dow Jones industrial average. The analyst cited poor fundamentals in the company’s power business, a meager turnaround in its oil and gas and transportation segment and pensi


The rough year so far for General Electric investors will not end anytime soon, according to a top Wall Street firm. But even with the leadership change, General Electric shares continued to significantly underperform the market. GE shares fell more than 2 percent on Thursday after the JPMorgan report, weighing on the whole Dow Jones industrial average. The analyst cited poor fundamentals in the company’s power business, a meager turnaround in its oil and gas and transportation segment and pensi
GE shares sink after JPMorgan says its fundamentals are ‘worse than we think’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: tae kim
Keywords: news, games, cnbc, companies, general, shares, fundamentals, view, consensus, report, wrote, worse, company, think, cash, electric, sink, ge, jpmorgan


GE shares sink after JPMorgan says its fundamentals are 'worse than we think'

The rough year so far for General Electric investors will not end anytime soon, according to a top Wall Street firm.

JPMorgan reaffirmed its underweight rating on the industrial giant’s shares, saying earnings and business trends continue to deteriorate

“We see a core operating performance that is below plan, and, currently, a consensus expectations curve that we think remains too high, FCF [free cash flow] that is the weakest in the sector, and, with that backdrop, a valuation that is expensive, with limited incremental catalysts to change the narrative. … While visibility is low, we see downside risk to our well below consensus estimates,” analyst Stephen Tusa wrote in a note to clients Thursday entitled “Preparing for the Fall: It’s worse than we think.”

We view $24 “as a ceiling as opposed to a floor prior, with something in the high teens as an ‘investable fair value,'” he added.

The company named John Flannery as its new CEO in June succeeding Jeff Immelt in a long-awaited management shake-up. But even with the leadership change, General Electric shares continued to significantly underperform the market. The stock has declined 21 percent year to date through Wednesday versus the S&P 500’s 10 percent return.

GE shares fell more than 2 percent on Thursday after the JPMorgan report, weighing on the whole Dow Jones industrial average.

The analyst cited poor fundamentals in the company’s power business, a meager turnaround in its oil and gas and transportation segment and pension costs as reasons for his negative outlook for General Electric.

Tusa reiterated his year-end $22 price target for General Electric shares, representing 12 percent downside to Wednesday’s close.

“Ultimately, we expect the company to migrate consensus closer to cash EPS and, importantly, do not view this level of FCF [free cash flow] as depressed,” he wrote. “The mosaic here essentially validates our thesis in direction but the magnitude is worse than we have been assuming.”

The company declined to comment on the research report.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: tae kim
Keywords: news, games, cnbc, companies, general, shares, fundamentals, view, consensus, report, wrote, worse, company, think, cash, electric, sink, ge, jpmorgan


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FDA says there have been hundreds of complaints about EpiPen misfires

The Food and Drug Administration accused a medical company of failing to investigate “hundreds of complaints that” the anti-allergy EpiPen device has misfired “during life-threatening emergencies,” including some cases in which people later died. At the end of that recall, which is mentioned in the FDA letter, there were no public reports of deaths associated with EpiPens. Despite that, the FDA charged, “you failed to thoroughly investigate multiple serious component and product failures for you


The Food and Drug Administration accused a medical company of failing to investigate “hundreds of complaints that” the anti-allergy EpiPen device has misfired “during life-threatening emergencies,” including some cases in which people later died. At the end of that recall, which is mentioned in the FDA letter, there were no public reports of deaths associated with EpiPens. Despite that, the FDA charged, “you failed to thoroughly investigate multiple serious component and product failures for you
FDA says there have been hundreds of complaints about EpiPen misfires Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: dan mangan, meg tirrell, drew angerer, getty images
Keywords: news, games, cnbc, companies, letter, misfires, including, meridian, drug, epipens, company, epipen, fda, hundreds, complaints, products


FDA says there have been hundreds of complaints about EpiPen misfires

The Food and Drug Administration accused a medical company of failing to investigate “hundreds of complaints that” the anti-allergy EpiPen device has misfired “during life-threatening emergencies,” including some cases in which people later died.

That stunning revelation is contained in a damning warning letter the FDA sent to the division of drug giant Pfizer, which makes EpiPens for another pharmaceuticals behemoth, Mylan.

The letter cites multiple “significant” regulatory violations related to the manufacturing of EpiPen discovered during inspections during February and March this year at a Missouri facility operated by Meridian Medical Technologies, the Pfizer-owned company.

It is the same facility that produced EpiPen lots which were subject to a recall earlier this year after two reports of the auto-injector devices misfiring. At the end of that recall, which is mentioned in the FDA letter, there were no public reports of deaths associated with EpiPens.

EpiPens are used to deliver a dose of the drug epinephrine to people who are suffering a potentially fatal allergic reaction known as anaphylaxis.

Mylan is the leading seller, by far, of auto-injectors containing epinephrine.

The FDA’s letter dated Tuesday to Meridian noted that “patients can died or suffer serious illness” if the EpiPen injectors do not operate as expected, or do not deliver the intended dose of epinephrine.

Despite that, the FDA charged, “you failed to thoroughly investigate multiple serious component and product failures for your EpiPen products, including failures associated with patient deaths and severe illness.”

“Your own data show that you received hundreds of complaints that your EpiPen products failed to operate during life-threatening emergencies, including some situations in which patients subsequently died,” the letter said.

Many of those complaints involved failures of EpiPen to activate when a user followed instructions for the device, the FDA said.

There were also complaints that the EpiPens had “spontaneously dispensed epinephrine drug prior to use so that the drug was no longer available when the user attempted to activate the product,” according to the letter.

Between 2014 and 2017, Meridian records show, the company received samples of 171 EpiPens related to complaints that they failed to activate when a patient followed instructions properly.

The FDA noted that Meridian disassembled only a fraction of those 171 samples, and that when asked why that was the case, a quality control official at the company told inspectors it was policy not to disassemble the product unless “approved by management.”

“Not only did Meridian not thoroughly investigate the complaints about EpiPens, the FDA said, but the company also did not remove “potentially defective products from the marketplace” despite the fact that “you had identified a a defect in one of the critical components use to manufacture these products.”

The FDA ordered Pfizer’s unit to correct the violations promptly. The agency’s letter also says failure to do so may result in legal action including seizure and injunction.

When asked for comment, a Pfizer spokeswoman told CNBC, “Patient safety is of primary importance to Pfizer.”

“We stand behind the quality, safety and efficacy of the products we manufacture,” the spokeswoman said. “We will continue to work with the FDA to resolve the points raised in the letter.”

A spokeswoman for Mylan had no immediate comment.


Company: cnbc, Activity: cnbc, Date: 2017-09-07  Authors: dan mangan, meg tirrell, drew angerer, getty images
Keywords: news, games, cnbc, companies, letter, misfires, including, meridian, drug, epipens, company, epipen, fda, hundreds, complaints, products


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