Janet Yellen: Possible next Fed move is a cut if global growth continues to slow

The Federal Reserve’s next move may well be an interest rate cut if weakening growth around the world starts infecting the U.S. economy, former central bank Chair Janet Yellen said Wednesday. Weakening economies in China and Europe are posing danger to an otherwise strong U.S. economy, Yellen told CNBC’s Steve Liesman during a “Power Lunch” interview. The former central bank head cited “slowing global growth” as the biggest threat to the economy she once watched over. “The data from China has be


The Federal Reserve’s next move may well be an interest rate cut if weakening growth around the world starts infecting the U.S. economy, former central bank Chair Janet Yellen said Wednesday. Weakening economies in China and Europe are posing danger to an otherwise strong U.S. economy, Yellen told CNBC’s Steve Liesman during a “Power Lunch” interview. The former central bank head cited “slowing global growth” as the biggest threat to the economy she once watched over. “The data from China has be
Janet Yellen: Possible next Fed move is a cut if global growth continues to slow Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: jeff cox
Keywords: news, cnbc, companies, weakening, continues, janet, yellen, possible, global, zero, fed, economy, slow, rate, cut, rates, growth, central, interest


Janet Yellen: Possible next Fed move is a cut if global growth continues to slow

The Federal Reserve’s next move may well be an interest rate cut if weakening growth around the world starts infecting the U.S. economy, former central bank Chair Janet Yellen said Wednesday.

Weakening economies in China and Europe are posing danger to an otherwise strong U.S. economy, Yellen told CNBC’s Steve Liesman during a “Power Lunch” interview.

“Of course it’s possible. If global growth really weakens and that spills over to the United States where financial conditions tighten more and we do see a weakening in the U.S. economy, it’s certainly possible that the next move is a cut,” she said. “But both outcomes are possible.”

The former central bank head cited “slowing global growth” as the biggest threat to the economy she once watched over.

“The data from China has been recently weak, the European data has also come in weaker than expected,” she said.

Yellen took the Fed’s reins from former Chairman Ben Bernake after the two helped engineer the economy out of its worst downturn since the Great Depression.

Central to their approach was taking the central bank’s benchmark interest rate to near zero and instituting three rounds of bond buying aimed at lowering long-term interest rates and bringing liquidity back to the economy and markets. The program resulted in a balance sheet in excess of $4.5 trillion.

Before she left, the Yellen Fed began raising rates for the first time in a decade after holding to zero rates for seven years.


Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: jeff cox
Keywords: news, cnbc, companies, weakening, continues, janet, yellen, possible, global, zero, fed, economy, slow, rate, cut, rates, growth, central, interest


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Dow rises 150 points as earnings season continues

Nearly half of S&P 500 companies have reported earnings so far, with about 70 percent of those companies topping analyst expectations, according to The Earnings Scout. “However, the beat rates are running below last quarter as the overall year-over-year rates of sales and earnings growth has decelerated,” said Nick Raich, CEO of The Earnings Scout, in a note to clients. “Most importantly, 1Q 2019 through 3Q 2019 S&P 500 EPS growth expectations continue to go lower with some providers already sho


Nearly half of S&P 500 companies have reported earnings so far, with about 70 percent of those companies topping analyst expectations, according to The Earnings Scout. “However, the beat rates are running below last quarter as the overall year-over-year rates of sales and earnings growth has decelerated,” said Nick Raich, CEO of The Earnings Scout, in a note to clients. “Most importantly, 1Q 2019 through 3Q 2019 S&P 500 EPS growth expectations continue to go lower with some providers already sho
Dow rises 150 points as earnings season continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: fred imbert, johannes eisele, afp, getty images
Keywords: news, cnbc, companies, 2019, report, earnings, continues, companies, 150, raich, quarter, dow, rates, negative, note, sp, points, rises, season


Dow rises 150 points as earnings season continues

Nearly half of S&P 500 companies have reported earnings so far, with about 70 percent of those companies topping analyst expectations, according to The Earnings Scout.

“However, the beat rates are running below last quarter as the overall year-over-year rates of sales and earnings growth has decelerated,” said Nick Raich, CEO of The Earnings Scout, in a note to clients. “Most importantly, 1Q 2019 through 3Q 2019 S&P 500 EPS growth expectations continue to go lower with some providers already showing negative growth.”

FactSet data show that corporate earnings for the first quarter are expected to decline by 0.8 percent. Raich said, however, he expects earnings to continue growing in the first half of 2019. He added the negative estimates are mostly a byproduct of “low-balled estimates.”

Disney, Electronic Arts, Snap and Spirit Airlines are among the companies scheduled to report after the bell Tuesday.

Wall Street also looked ahead to the State of the Union, which comes more than a week after the longest government shutdown in U.S. history came to an end. Investors should be looking for clues on a number of matters, including U.S.-China trade talks

“We expect an optimistic tone on President Trump’s desire to strike a deal, but we remain cautious that these headlines are likely to whip around during any verification or enforcement phase,” Ed Mills, public policy analyst at Raymond James, wrote in a note to clients.

—CNBC’s Silvia Amaro contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: fred imbert, johannes eisele, afp, getty images
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Here’s why homeowners are thinking twice about remodeling

Contractor Justin Sullivan is plenty busy this winter, completely gutting a historic Washington, D.C., home and adding on to it. “Generally architects are six months ahead of us in terms of seeing slowdowns, and we’re hearing a little bit that some of the architects, some of the design firms are slowing a little bit, which will probably hit us in six to 12 months.” While the remodeling business is expected to slow, consumer spending on projects is expected to rise slightly because construction c


Contractor Justin Sullivan is plenty busy this winter, completely gutting a historic Washington, D.C., home and adding on to it. “Generally architects are six months ahead of us in terms of seeing slowdowns, and we’re hearing a little bit that some of the architects, some of the design firms are slowing a little bit, which will probably hit us in six to 12 months.” While the remodeling business is expected to slow, consumer spending on projects is expected to rise slightly because construction c
Here’s why homeowners are thinking twice about remodeling Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: diana olick, lisa rizzolo
Keywords: news, cnbc, companies, think, remodeling, continues, thinking, bit, homeowners, taking, thats, little, homes, expected, heres, twice, theyre


Here's why homeowners are thinking twice about remodeling

“Then really in the first two or three years after purchase,” Will added, “that new homeowner typically spends quite a bit more on home improvements, making that home kind of fit their needs, customizing it, maybe doing some work before they even move in.”

New owners spend about 30 percent more on fixing up their new purchases than longtime residents.

That’s just part of why growth in home renovations is expected to fall to the lowest level in three years, according to a new report from HJCH.

Contractor Justin Sullivan is plenty busy this winter, completely gutting a historic Washington, D.C., home and adding on to it. But he is less sure about how his business will be six months from now.

“Generally architects are six months ahead of us in terms of seeing slowdowns, and we’re hearing a little bit that some of the architects, some of the design firms are slowing a little bit, which will probably hit us in six to 12 months.”

While the remodeling business is expected to slow, consumer spending on projects is expected to rise slightly because construction costs are still very high, making renovations more expensive.

“We’re looking to the folks in our industry to bring their prices down as much as possible. That’s a little bit difficult with tariffs being what they are, with the cost of materials being what they are.”

The slowdown in overall projects will hit home improvement retailers like Home Depot, Lowes, Masco and Sherwin-Williams. Sherwin-Williams just reported a disappointing fourth quarter, its CEO saying the weakness was “across the board.”

A big part of that is weaker consumer sentiment in housing overall, driven by rising mortgage rates, which make a renovation project more costly.

“If they’re going to do a cash out refi, or they’re looking at a home equity loan or line of credit, I think the sentiment is that homeowners are taking a pause and wondering if that’s really the right move right now, and then thinking, we don’t have to do this major discretionary project now. We can put that off and see what’s happening with the market,” said Will.

There is also a growing belief that home prices have peaked.

“I think any time that they see the value of their homes either moderating or dropping they’re going to think twice about how much they want to invest in their home,” added Sullivan.

The majority of homeowners use home equity, either through a cash-out refinance or a second line of credit, taking money out of their homes to fund what they put into their homes. While home values are softening, they are unlikely to fall dramatically in most parts of the country.

Still, homeowners are very emotional about their nests, given that it is likely their single largest investment. That means anything and everything will weigh on their decisions — stock market volatility, the government shutdown and the growing fear that the economy will weaken.

“I think for now the thought is that this is short-term, but if it continues, if the shutdown continues, if the economy continues downturn, we’ll see that more broadly in our industry,” said Sullivan.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: diana olick, lisa rizzolo
Keywords: news, cnbc, companies, think, remodeling, continues, thinking, bit, homeowners, taking, thats, little, homes, expected, heres, twice, theyre


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IT salaries in Asia surpass Europe as Singapore, Japan boost pay — but the US continues to dominate

U.S.-based software management firm Puppet surveyed 3,000 IT professionals globally and found that salaries in Asia Pacific outpaced Europe in 2018. IT practitioners and managers in Asia earned an average of $75,000 to $100,000 last year compared to their counterparts in Europe, who took home an average of $50,000 to $75,000. Last year in Japan, fewer than 9 percent of IT professionals earned under $50,000. In 2017, half of respondents in Asia reported making less than $25,000, while in 2018 tha


U.S.-based software management firm Puppet surveyed 3,000 IT professionals globally and found that salaries in Asia Pacific outpaced Europe in 2018. IT practitioners and managers in Asia earned an average of $75,000 to $100,000 last year compared to their counterparts in Europe, who took home an average of $50,000 to $75,000. Last year in Japan, fewer than 9 percent of IT professionals earned under $50,000. In 2017, half of respondents in Asia reported making less than $25,000, while in 2018 tha
IT salaries in Asia surpass Europe as Singapore, Japan boost pay — but the US continues to dominate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: karen gilchrist, cecilie_arcurs, getty images
Keywords: news, cnbc, companies, salaries, figure, japan, asia, 2018, pay, professionals, surpass, dominate, singapore, europe, boost, continues, reported, earned


IT salaries in Asia surpass Europe as Singapore, Japan boost pay — but the US continues to dominate

Information technology professionals in Asia are set for a lucrative future, according to a new report that found tech wages in the region are on the rise.

U.S.-based software management firm Puppet surveyed 3,000 IT professionals globally and found that salaries in Asia Pacific outpaced Europe in 2018. IT practitioners and managers in Asia earned an average of $75,000 to $100,000 last year compared to their counterparts in Europe, who took home an average of $50,000 to $75,000.

The shift was led by a hike in salaries in Singapore and Japan, which, as more developed economies, have been doubling down on their IT competitiveness on the global stage by boosting employee incentives. Last year in Japan, fewer than 9 percent of IT professionals earned under $50,000. In Singapore, that figure was closer to 27 percent.

The two countries reflect a wider regional trend, however. In 2017, half of respondents in Asia reported making less than $25,000, while in 2018 that figure was closer to 20 percent. At the other end of the scale, just 10 percent reported salaries of over $100,000 in 2017 compared to 30 percent in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: karen gilchrist, cecilie_arcurs, getty images
Keywords: news, cnbc, companies, salaries, figure, japan, asia, 2018, pay, professionals, surpass, dominate, singapore, europe, boost, continues, reported, earned


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Fitch warns of possible cut to US triple-A rating if shutdown continues

The U.S. is in danger of losing its triple-A sovereign credit rating later this year, Fitch said on Wednesday, warning an ongoing government shutdown could soon start to impact its ability to pass a budget. A stalemate between President Donald Trump and congressional Democrats over a spending package to fund nine government agencies entered its 19th day on Wednesday. It comes at a time when lawmakers are deeply divided over the president’s demand for money for a border wall. So there is a meanin


The U.S. is in danger of losing its triple-A sovereign credit rating later this year, Fitch said on Wednesday, warning an ongoing government shutdown could soon start to impact its ability to pass a budget. A stalemate between President Donald Trump and congressional Democrats over a spending package to fund nine government agencies entered its 19th day on Wednesday. It comes at a time when lawmakers are deeply divided over the president’s demand for money for a border wall. So there is a meanin
Fitch warns of possible cut to US triple-A rating if shutdown continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: sam meredith
Keywords: news, cnbc, companies, rating, continues, shutdown, moving, debt, pass, warns, money, higher, start, cut, sovereign, triplea, later, fitch, possible


Fitch warns of possible cut to US triple-A rating if shutdown continues

The U.S. is in danger of losing its triple-A sovereign credit rating later this year, Fitch said on Wednesday, warning an ongoing government shutdown could soon start to impact its ability to pass a budget.

A stalemate between President Donald Trump and congressional Democrats over a spending package to fund nine government agencies entered its 19th day on Wednesday. It comes at a time when lawmakers are deeply divided over the president’s demand for money for a border wall.

“I think people are looking at the CBO (Congressional Budget Office) numbers. If people take the time to look at that you can see debt levels moving higher, you can see the interest burden in the U.S. government moving decidedly higher over the next decade,” James McCormack, Fitch’s global head of sovereign ratings told CNBC’s “Squawk Box Europe” on Wednesday.

“There needs to be some kind of fiscal adjustment to offset that or the deficit itself moves higher and you’re essentially borrowing money to pay interest on the debt. So there is a meaningful fiscal deterioration there, going on the United States,” he added.

Speaking later at an event in London, McCormack continued: “If this shutdown continues to March 1 and the debt ceiling becomes a problem several months later, we may need to start thinking about the policy framework, the inability to pass a budget … And whether all of that is consistent with triple-A.”

“From a rating point of view it is the debt ceiling that is problematic,” he added, according to Reuters.


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: sam meredith
Keywords: news, cnbc, companies, rating, continues, shutdown, moving, debt, pass, warns, money, higher, start, cut, sovereign, triplea, later, fitch, possible


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Trump is probably going to get his way with the Federal Reserve this year

Markets see Fed doing nothing over the next two years 17 Hours Ago | 01:03As President Donald Trump continues to muse about the Federal Reserve, the likelihood that he’s going get what he wants this year from the central bank continues to grow. That in turn would decrease the chances that Trump might try to fire Fed Chairman Jerome Powell, a move universally regarded as difficult to achieve and likely disruptive if not disastrous for the market. “Replacing Powell might prompt initial disruptions


Markets see Fed doing nothing over the next two years 17 Hours Ago | 01:03As President Donald Trump continues to muse about the Federal Reserve, the likelihood that he’s going get what he wants this year from the central bank continues to grow. That in turn would decrease the chances that Trump might try to fire Fed Chairman Jerome Powell, a move universally regarded as difficult to achieve and likely disruptive if not disastrous for the market. “Replacing Powell might prompt initial disruptions
Trump is probably going to get his way with the Federal Reserve this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: jeff cox, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, going, president, continues, trump, reserve, way, powell, fed, federal, rates, interest, market, probably, markets, hes


Trump is probably going to get his way with the Federal Reserve this year

Markets see Fed doing nothing over the next two years 17 Hours Ago | 01:03

As President Donald Trump continues to muse about the Federal Reserve, the likelihood that he’s going get what he wants this year from the central bank continues to grow.

Markets currently expect the Fed to hold off on rate hikes and are even anticipating the possibility of a cut over the next year or two, playing into the low-rate environment the president has espoused.

That in turn would decrease the chances that Trump might try to fire Fed Chairman Jerome Powell, a move universally regarded as difficult to achieve and likely disruptive if not disastrous for the market.

“Replacing Powell might prompt initial disruptions in markets. Reduced US central bank independence could lead to longer-term damage to the US economy,” Dana Peterson, North American economist for Citigroup, said in a note that called the threat of Powell getting ousted “deep within the realm of tail risks.”

That chance may have declined even more in recent days as market conditions improved and Powell in a public forum Friday provided assurance that the Fed will be “patient” in how it normalizes monetary policy, attentive to what the market is signaling, and flexible in how it proceeds with interest rates and its balance sheet reduction.

Trump nonetheless made it clear he’s still keeping an eye on things.

“Can you imagine if I had long term ZERO interest rates to play with like the past administration, rather than the rapidly raised normalized rates we have today,” the president said in his latest Fed-related tweet Tuesday.

Conditions indeed have changed.

Whereas the market — and Trump’s predecessor, Barack Obama — enjoyed for seven years the fruits of near-zero interest rates and quantitative easing that helped push the market up more than 300 percent, the current climate is one of rising rates and no Fed money-printing.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: jeff cox, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, going, president, continues, trump, reserve, way, powell, fed, federal, rates, interest, market, probably, markets, hes


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Manufacturing industry posts biggest annual job gain in 20 years

The manufacturing industry posted net job gains of 284,000 over 2018, capping its best calendar year since 1997. A priority for President Donald Trump, manufacturing saw marked hiring in December with an additional 32,000 jobs. Most of the gains occurred in blue-collar durable goods manufacturing, with growth in fabricated metals and computer and electronic products, the Labor Department said in its release. The definition of durable goods is items with a life expectancy of three years or more,


The manufacturing industry posted net job gains of 284,000 over 2018, capping its best calendar year since 1997. A priority for President Donald Trump, manufacturing saw marked hiring in December with an additional 32,000 jobs. Most of the gains occurred in blue-collar durable goods manufacturing, with growth in fabricated metals and computer and electronic products, the Labor Department said in its release. The definition of durable goods is items with a life expectancy of three years or more,
Manufacturing industry posts biggest annual job gain in 20 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: thomas franck
Keywords: news, cnbc, companies, biggest, manufacturers, million, gains, durable, workforce, job, manufacturing, posts, 20, jobs, continues, gain, goods, industry, annual


Manufacturing industry posts biggest annual job gain in 20 years

The manufacturing industry posted net job gains of 284,000 over 2018, capping its best calendar year since 1997.

A priority for President Donald Trump, manufacturing saw marked hiring in December with an additional 32,000 jobs. Most of the gains occurred in blue-collar durable goods manufacturing, with growth in fabricated metals and computer and electronic products, the Labor Department said in its release. The definition of durable goods is items with a life expectancy of three years or more, such as automobiles, furniture and machinery.

Manufacturing added 207,000 jobs in 2017.

“Manufacturers are bringing people back into the workforce, and we need this trend to continue,” said Dr. Chad Moutray, chief economist at the National Association of Manufacturers. “Our industry currently faces a workforce crisis with more than half a million open jobs today, and 2.4 million jobs expected to go unfilled over the next decade. Closing the skills gap continues to be the top challenge facing manufacturers in the United States and is absolutely essential to ensuring that the sector continues to grow.”


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: thomas franck
Keywords: news, cnbc, companies, biggest, manufacturers, million, gains, durable, workforce, job, manufacturing, posts, 20, jobs, continues, gain, goods, industry, annual


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US Treasury yields tick lower as market volatility continues

Market focus is largely attuned to the progress on the U.S.-China trade standoff after hints emerged when President Donald Trump said he had a “very good call” with Chinese President Xi Jinping on Saturday to discuss trade. Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation. However, market sentiment remained on edge after survey data out of China on Monday suggested that China’s manufacturing activity in December contracted even more than


Market focus is largely attuned to the progress on the U.S.-China trade standoff after hints emerged when President Donald Trump said he had a “very good call” with Chinese President Xi Jinping on Saturday to discuss trade. Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation. However, market sentiment remained on edge after survey data out of China on Monday suggested that China’s manufacturing activity in December contracted even more than
US Treasury yields tick lower as market volatility continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: spriha srivastava
Keywords: news, cnbc, companies, progress, xi, volatility, scheduled, lower, tick, survey, trade, president, yields, market, trump, manufacturing, data, treasury, continues


US Treasury yields tick lower as market volatility continues

Market focus is largely attuned to the progress on the U.S.-China trade standoff after hints emerged when President Donald Trump said he had a “very good call” with Chinese President Xi Jinping on Saturday to discuss trade. He also claimed that “big progress” was being made on this front. His statements have brought optimism to stocks worldwide that have been under pressure this year.

Following the tweet, however, the Wall Street Journal reported that Trump “may be overstating how close the two sides are to an agreement,” citing sources “familiar with the state of negotiations.”

Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation.

However, market sentiment remained on edge after survey data out of China on Monday suggested that China’s manufacturing activity in December contracted even more than expected.

On the data front, the Dallas Fed Manufacturing Survey is expected at 10:30 a.m. ET.

On the auctions front, a 3-month, a 6-month, and a 52-week auction is scheduled for Monday. Announcements on 4-week and 8-week bills are scheduled for 11 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: spriha srivastava
Keywords: news, cnbc, companies, progress, xi, volatility, scheduled, lower, tick, survey, trade, president, yields, market, trump, manufacturing, data, treasury, continues


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Mystery foreign company continues court battle over possible Mueller subpoena

A mysterious company owned by an unknown foreign country is continuing a battle over an effort by a prosecutor — who quite possibly is special counsel Robert Mueller — to subpoena information from that corporation. The company on Thursday filed its latest salvo in that battle with a new sealed motion. The appeals court said the company must turn over the information sought by prosecutors. The company, appeals records show, was arguing that it was immune from the subpoena under the Foreign Sovere


A mysterious company owned by an unknown foreign country is continuing a battle over an effort by a prosecutor — who quite possibly is special counsel Robert Mueller — to subpoena information from that corporation. The company on Thursday filed its latest salvo in that battle with a new sealed motion. The appeals court said the company must turn over the information sought by prosecutors. The company, appeals records show, was arguing that it was immune from the subpoena under the Foreign Sovere
Mystery foreign company continues court battle over possible Mueller subpoena Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: dan mangan, saul loeb, afp, getty images
Keywords: news, cnbc, companies, issued, appeals, case, possible, subpoena, foreign, mystery, mueller, company, motion, court, filed, sealed, information, continues, battle


Mystery foreign company continues court battle over possible Mueller subpoena

A mysterious company owned by an unknown foreign country is continuing a battle over an effort by a prosecutor — who quite possibly is special counsel Robert Mueller — to subpoena information from that corporation.

The battle, waged almost completely out of sight from the public, has ignited intense speculation in Washington about what the company does, what country owns it, whether the information sought relates to Mueller’s sprawling criminal probe — and if that information relates to President Donald Trump or people close to him.

The company on Thursday filed its latest salvo in that battle with a new sealed motion. Also sealed was an order by the judges issued soon after the company’s motion was filed.

Two days earlier, a panel of three judges on a federal appeals court revealed for the first time that the entity trying to keep its information secret was a company owned by what was identified only as “Country A.”

The appeals court said the company must turn over the information sought by prosecutors.

Before that ruling, the identity of the appellant in the case was unknown.

The shadowy fight began in mid-August in the U.S. District Court for the District of Columbia, where a grand jury investigating a criminal matter had issued a subpoena for information on the firm.

Almost as a rule, a grand jury would take such an action at the request of a prosecutor who has been presenting evidence to the member jurors.

The company then filed a legal action seeking to quash the subpoena in the same court. The company’s lawsuit appears as “Sealed vs. Sealed” on the federal court system’s computer network.

Judge Beryl Howell rejected the company’s effort. And Howell also imposed a $5,000 per week fine after she said the company was in contempt for still refusing to comply with the subpoena, records indicate.

Then, on Oct. 10, the company filed a notice of appeal with the federal appeals court in Washington, where the case is known as Number 18-3071, “In re: Grand Jury Subpoena.”

The company, appeals records show, was arguing that it was immune from the subpoena under the Foreign Sovereign Immunities Act. The firm also argued that the subpoena was “unreasonable and oppressive” under federal criminal procedure rules because it would require the company to violate the law of the country that owns it.

On Oct. 24, Politico reported that the case may be related to Mueller’s probe. The special counsel is investigating Russian interference in the 2016 presidential election, possible collusion with Russians by Trump’s campaign and possible obstruction of justice by the president. Trump has denied any wrongdoing.

Politico said that one of its reporters earlier in October had been inside the appeals clerk’s office on a day when a filing in the subpoena-related appeals case was due, and overheard a man ask “for a copy of the special counsel’s latest sealed filing so that the man’s law firm could craft its response.” The man declined to identify himself or the client.

“Three hours later, a sealed response in the grand-jury dispute was submitted to the D.C. Circuit,” Politico wrote.

CNN reported that its own reporters in early September saw several prosecutors from Mueller’s office enter Howell’s courtroom not long after the judge issued a ruling upholding the grand jury subpoena. The same prosecutors were spotted entering Howell’s courtroom on Oct. 5, after the appeals court referred the case back to her for a hearing.

Mueller’s spokesman, Peter Carr, told CNBC on Friday that he could not comment on whether the special counsel was involved in the case.

The appeals court on Dec. 14 heard oral arguments on the company’s quash request. Before the arguments began, the entire floor containing the courtroom where the hearing was held was closed to the public.

On Tuesday, the three-judge panel that heard the case issued its ruling, rejecting each of the claims raised by the company.

On Thursday, the company filed a motion that is sealed from public view. The motion is nearly 4,000 words long, according to an entry on the appeals court website.

Two hours after that motion was filed, a judicial order was issued in the case. That order likewise is sealed.

Entities that lose an appeal heard by a panel of three judges can ask for a so-called en banc review of the case.

If that request is granted, a panel comprised of all of the judges of the appeals court would consider the arguments.

If the foreign company in this case is not granted en banc status, or if it loses at that stage, it could ask the U.S. Supreme Court to consider its case.

However, the high court is not required to take the case. And if the Supreme Court rejects the request, the appeals court’s decision would stand.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: dan mangan, saul loeb, afp, getty images
Keywords: news, cnbc, companies, issued, appeals, case, possible, subpoena, foreign, mystery, mueller, company, motion, court, filed, sealed, information, continues, battle


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Cramer: When J&J continues falling on Monday it could be time to buy

Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC’s Jim Cramer said on Friday. “I certainly wouldn’t want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday,” the “Mad Money” host said on “Closing Bell.” “I don’t think you’re going to get hurt that bad, I think it’s going to work for you.” He also points to Costco as another buying opportunity, calling the grocery chain’s monthly numbers


Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC’s Jim Cramer said on Friday. “I certainly wouldn’t want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday,” the “Mad Money” host said on “Closing Bell.” “I don’t think you’re going to get hurt that bad, I think it’s going to work for you.” He also points to Costco as another buying opportunity, calling the grocery chain’s monthly numbers
Cramer: When J&J continues falling on Monday it could be time to buy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: tyler clifford
Keywords: news, cnbc, companies, costco, buying, stock, start, continues, shares, buy, cramer, nearly, falling, company, think, jj


Cramer: When J&J continues falling on Monday it could be time to buy

Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC’s Jim Cramer said on Friday.

The stock plunged 10.4 percent to close at $133 a share on Friday after Reuters reported the company knew for decades that asbestos was in its baby powder.

“I certainly wouldn’t want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday,” the “Mad Money” host said on “Closing Bell.” “I don’t think you’re going to get hurt that bad, I think it’s going to work for you.”

JNJ helped drag the Dow Jones Industrial Average down nearly 500 points on the day, and the stock is now down nearly 5 percent for the year. It was the worst day for JNJ since July 19, 2002.

The company called the Reuters article “one-sided, false and inflammatory” in a statement on Friday.

“Simply put, the Reuters story is an absurd conspiracy theory, in that it apparently has spanned over 40 years, orchestrated among generations of global regulators, the world’s foremost scientists and universities, leading independent labs, and J&J employees themselves,” the company said in a statement.

Reuters reporter Lisa Girion stands by her reporting, telling CNBC Friday the report was based on the company’s own documents.

“I think that the sellers of J&J aren’t done, because they didn’t do any homework and they’re just buying entirely into a Reuters story that I’m not buying into,” Cramer said, “but you have to let the sellers finish.”

He also points to Costco as another buying opportunity, calling the grocery chain’s monthly numbers in its weaker-than-expected earnings report “fine.” Shares of Costco tanked nearly 9 percent, closing at $207.06.

“Get Costco under $200, you start a position. Get J&J under $130 and start a position,” Cramer argued.

Disclaimer

Disclosures: Cramer’s charitable trust owns shares of JNJ.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: tyler clifford
Keywords: news, cnbc, companies, costco, buying, stock, start, continues, shares, buy, cramer, nearly, falling, company, think, jj


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