How Trump's tariffs could impact the Swiss watch industry
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CNBC
29 minutes ago
- CNBC
Jim Cramer rebuffs Wall Street's 'knee-jerk negativity' after Tuesday's pullback
CNBC's Jim Cramer on Tuesday pushed back against a downbeat sentiment he has felt on Wall Street, saying "knee-jerk negativity" is making investors lose money. "In this business we're supposed to care about companies and their profits, and the profits are, indeed, bountiful," he said. "Yet the investing class is so scared and so negative because they buy into the narrative that everything's about to roll over." The averages pulled back on Tuesday as investors worried about weaker-than-expected economic data and President Donald Trump's imminent plans to announce more tariffs. The S&P 500 dipped 0.49%, the Nasdaq Composite lost 0.65% and the Dow Jones Industrial Average fell 0.14%. The market has traded unevenly over the past few sessions. Stocks fell on Friday after the latest jobs report showed weakness in the labor market, but they largely managed to rebound on Monday. Cramer gave a few reasons he's feeling more optimistic about market opportunities, first saying he thinks that many companies are managing to mitigate the impact of tariffs. He pointed to Wayfair in particular, saying the furniture seller has a good strategy to keep prices down. He also suggested that Wall Street should be more favorable towards Apple and Amazon, which he said reported great quarters. He conceded that the former needs a better artificial intelligence strategy and the latter needs better semiconductor chips. However, he said both of these problems are "money issues" that can be easily remedied by both companies. Cramer also said there are too many people who believe Trump will hurt the market the way he did during "Liberation Day" back in April. But Cramer noted that the market managed to recover from those losses. "I can still point out that the companies themselves are doing a bang up job in spite of all these negatives," he said. "Or, more likely, perceived negatives. And that's all that matters." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest the CNBC Investing Club Charitable Trust owns shares of Apple and Amazon.
Los Angeles Times
an hour ago
- Los Angeles Times
Former CNBC pundit and fugitive sentenced to prison for bilking investors out of millions
James Arthur McDonald Jr., an investor and financial analyst who frequently appeared on CNBC, was sentenced to five years in prison for defrauding investors in a multimillion-dollar scheme, the United States Attorney's Office said on Monday. McDonald, 53, a former San Gabriel Valley resident, was the CEO and chief investment officer of two Los Angeles-based companies: Hercules Investments LLC and Index Strategy Advisors Inc. In late 2020, McDonald adopted a 'risky short position' betting against the U.S. economy following the presidential election, with the idea that the combination of the COVID-19 pandemic and the election would trigger a major sell-off in the stock market, according to the Justice Department. However, when the expected market drop did not happen, Hercules' clients lost between $30 million and $40 million. McDonald 'solicited millions of dollars' worth of funds from investors' for the purposes of raising capital for Hercules at the start of 2021 after clients complained to the firm's employees about their losses. However, in doing so, McDonald 'misrepresented how the funds would be used' and failed to disclose the firm's massive losses. According to the Justice Department, McDonald obtained $675,000 from 'one victim group' and then misappropriated most of the money including spending $174,610 at a Porsche dealership and transferring an additional $109,512 to the landlord of a home he was renting in Arcadia. McDonald also defrauded clients at Index Strategy Advisors, his other firm, said the Justice Department, using less than half of $3.6 million he raised for trading purposes on personal and other expenditures. McDonald commingled clients' funds with his personal bank account and used the money to buy luxury cars, pay his rent, make credit card payments, pay off Hercules operating expenses and 'to make Ponzi-like payments' to Index Strategy clients — including paying some of those clients using funds from other clients. Prosecutors claimed that McDonald caused his victims more than $3 million in losses. 'To his victims, [McDonald] seemed to embody the American Dream,' prosecutors argued in a sentencing memorandum. 'But looks can be deceiving, and as [McDonald's] victims learned, their trust had been betrayed.' In November 2021, McDonald failed to appear before the Securities and Exchange Commission to testify about the allegations he had defrauded investors, and remained a fugitive until last June when he was found at a residence in Port Orchard, Wash. At the time of his arrest, law enforcement found a fake Washington, D.C., driver's license with his photograph and the name 'Brian Thomas.' In April 2024, a U.S. District judge found McDonald and Hercules liable for violating federal securities law and ordered them to pay millions in disgorgement and civil penalties. McDonald pleaded guilty to one count of securities fraud in February. He will be ordered to pay restitution in this case before a United States district judge at a later date.
Business Insider
an hour ago
- Business Insider
Palantir reports Q2 beat, Caterpillar posts mixed results: Morning Buzz
Stocks wiped out gains as a disappointing reading on U.S. services raised concern about the outlook for corporate America. Following its biggest rally since May, the S&P 500 fell as investors are currently responding to the U.S. July ISM services index, which fell 1.2 points to 50.1 versus a consensus of 51.5, suggesting higher inflation and lower unemployment. Chipmakers are leading losses after President Donald Trump said while being interviewed on CNBC that separate tariff announcements are coming within the next week or so on semiconductor chips and pharmaceuticals. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Looking to commodities, gold inched higher again amid further market volatility, while energy shares have joined a slide in oil prices. Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: Palantir (PLTR) provided a 'beat and raise' report for Q2 Caterpillar (CAT) reported mixed Q2 results but increased its FY25 revenue outlook Pfizer (PFE) also provided a 'beat and raise' report for Q2, with CEO Albert Bourla saying the company is in 'productive' talks with the U.S. government Zoetis (ZTS) reported upbeat Q2 results and raised its FY25 earnings and revenue outlook Yum! Brands (YUM) reported downbeat Q2 earnings and revenue 2. WALL STREET CALLS: Citi upgrades Wayfair (W) with tariff impact less than expected Block (XYZ) downgraded at Morgan Stanley on valuation Akamai (AKAM) assumed with Underweight from Equal Weight at Morgan Stanley Inspire Medical (INSP) downgraded at KeyBanc, JPMorgan and Truist after significant cut to 2025 guidance Stifel starts 'pioneering' quantum computing company' D-Wave Quantum (QBTS) with a Buy 3. AROUND THE WEB: This fall, credit scores are set to begin incorporating 'buy now, pay later,' BNPL, loans, but Klarna (KLAR) recently said it won't share data about the bulk of its loans until it gets assurances its customers won't be unfairly penalized for using its payment options, WSJ says After detecting unauthorized activities during a routine monitoring, TSMC (TSM) launched legal proceedings and took disciplinary action against employees involved in potential trade secret leaks, Reuters reports Tractor Supply (TSCO) is expanding its final-mile delivery to grow digital and business-to-business sales, hiring drivers and renting vehicles, WSJ says Rivian (RIVN) is suing Ohio's department of motor vehicles, calling the state's recent ban on car makers bypassing dealerships to sell vehicles directly to consumers 'irrational in the extreme,' contending that it harms competition and limits consumer choice, The Verge reports Amazon (AMZN) is denying that it is shuttering podcast studio Wondery after Bloomberg reported that the e-commerce giant was shutting it down and slashing 110 jobs, TechCrunch says 5. EARNINGS/GUIDANCE: Molson Coors (TAP) reported Q2 results and provided guidance for Q2, with CEO Gavin Hattersley commenting, 'We continue to believe in Molson Coors' ability to achieve its long-term growth objectives' Leidos (LDOS) reported Q2 results and raised its guidance for FY25 LCI Industries (LCII) reported Q2 results, with EPS and revenue beating consensus Portillo's (PTLO) reported Q2 results and lowered its guidance for FY25 Fox Corp. (FOX) reported Q4 results, with CEO Lachlan Murdoch commenting, 'Fiscal 2025 was another outstanding year for FOX' INDEXES: Near midday, the Dow was down 0.28%, or 124.08, to 44,049.56, the Nasdaq was down 0.69%, or 138.85, to 20,914.73, and the S&P 500 was down 0.55%, or 34.87, to 6,295.07.
