Ameriprise Financial Services steered retirement savers into higher cost mutual funds than they needed, allowing it to benefit from higher sales fees while dinging investment returns, the Securities and Exchange Commission said Wednesday. The Minneapolis-based brokerage and investment advisor agreed to settle the agency’s charges that it recommended the higher fee products and didn’t waive
Salesforce stock rose 2 percent shortly after the company reported better-than-expected earnings for the fourth quarter of its 2018 fiscal year, which ended on Jan. 31, after the bell on Wednesday. Here’s how the company did: Earnings: Excluding certain items, 35 cents in earnings per share vs. 33 cents as expected by analysts, according to
Saul Loeb | AFP | Getty Images U.S. Treasury Secretary Steven Mnuchin speaks at a daily press briefing at the White House in Washington, DC, on January 11, 2018. The IRS has launched its new income tax withholding calculator, giving workers guidance on how much they should deduct for these levies under the new law.
Adam Jeffery | CNBC The historic Pony Express cover signed by co-founder William H. Russell estimated to fetch between $75,000 and $100,000 at auction. He also has a block of six of the first U.S. stamps, which were issued in 1847, worth between $500,000 and $750,000. Charles Shreve, director for Robert A. Siegel Auction Galleries
Investors should buy Verizon shares after its drop this year due to tax reform and its attractive valuation, according to one Wall Street firm. MoffettNathanson raised its rating to buy from neutral for Verizon shares, citing the company’s low valuation. “We believe that the stock has sold off enough, and that on balance, the rewards
The renaissance in high-yield bonds looks like it’s over, at least judging by the behavior of short sellers. Demand to borrow ETFs that track junk bonds indexes, a key metric determining short interest, has reached a monetary value of $7 billion, its highest level ever recorded, according to IHS Markit analyst Sam Pierson. “Demand remains
If you’re an entrepreneur, you may qualify for a 20 percent deduction against qualified business income. This break is available to pass-through entities, including S corporations and limited liability companies. In general, to qualify for the full deduction, your taxable income must be below $157,500 if you’re single or $315,000 if you’re married and file
Getty Images A sign is posted in front of a Hertz car sales and rental car office on August 8, 2017 in South San Francisco, California. Shares of Hertz Global sank further after the opening bell on Wednesday, with the car rental company’s post-earnings call failing to settle investors’ nerves after it reported a bigger-than-expected
Porsche plans to equip its 189 U.S. dealerships with 800-volt fast-charging stations in an effort to sell its forthcoming Tesla-fighter, the Mission E electric sedan. The German automaker already has six such EV stations at its Porsche Experience Center in Atlanta, home of its North American headquarters, and plans to add more soon at its
Off-price apparel retailer TJX on Wednesday beat analysts’ estimates forholiday-quarter same-store sales as discounts drew more shoppers to its Marmaxx and TJX Canada stores, sending its shares to a record high. The company’s shares rose as much as 8.6 percent to $83.95 in early trading. TJX, which has succeeded in bucking the larger slowdown in
Valeant Pharmaceuticals on Wednesday gave a weaker-than-expected revenue forecast for 2018, as several of its major drugs face more competition from generics. The Canada-based drugmaker’s revenue will also be pressured as the company continues selling off businesses to free up cash and reduce its debt burden of some $25 billion. Valeant has already divested its
Reporting requirements for foreign accounts have become a high-profile issue. Last week, special counsel Robert Mueller filed a slate of charges against two former Trump campaign officials, Paul Manafort and Rick Gates. Among the allegations were charges of “failure to file reports of foreign bank and financial accounts.” After Gates pleaded guilty to conspiracy and
However, for many people with hefty state and local tax bills, the new federal tax law gives municipal bonds some appeal. The new law caps the state and local tax deduction that can be claimed on federal returns at $10,000. For many households, that cap will outweigh any potential benefits from other changes in the
Mr. Stack said he hoped that conversation would include politicians. As part of its stance, Dick’s is calling on elected officials to enact what it called “common sense gun reform” by passing laws to raise the minimum age to purchase guns to 21, to ban assault-type weapons and so-called bump stocks, and to conduct broader
Lowe’s and Valspar owner Sherwin-Williams are deepening a decades-old relationship, making the home improvement retailer the sole distributor in the home category of popular paint brands including Minwax, Cabot, and Thompson’s WaterSeal. Sherwin-Williams will continue to operate its own retail storefronts, as it skips over other major retailers for outside distribution in this deal. The
At 32, Patrick O’Shaughnessy is becoming CEO of a $6 billion asset management firm, 10 years after starting there as an intern. True, it’s his father’s firm. But the younger O’Shaughnessy has made a name for himself. He hosts a popular investing podcast, has an online book club and he shares thoughtful insight about cryptocurrencies.
Canceling a discount partnership with the National Rifle Association was a “stupid move” on the part of Delta Air Lines, said Georgia state Sen. Michael Williams. But that’s not the reason the Republican legislator is in favor of blocking a jet fuel sales tax exemption, he said. “We do not support crony capitalism and giving
Qilai Shen | Bloomberg | Getty Images A man walks past a sign for Baidu Inc. at the entrance to the Baidu Technology Park in Beijing, China, on Friday, Nov. 25, 2016. Chinese video streaming service provider iQiyi, a unit of Baidu, on Tuesday filed for an initial public offering of up to $1.5 billion
It looks like the Tooth Fairy was strapped for cash in 2017. The average payout for a child’s tooth dropped from $4.66 to $4.13, a decrease of 11%, according to an annual survey by Delta Dental, which asked 1,007 parents of 6- to 12-year-olds about Tooth Fairy spending habits. The poll was conducted in mid-December.
Joshua Roberts | Getty Images Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, November 28, 2017. Federal Reserve Chair Jerome Powell believes exchange traded funds (ETFs) were not the main reason behind the market decline earlier this year.
How do you stack up against the wealthiest Americans? To be a 1 percenter, you need to have an adjusted gross income of at least $480,930, according to the latest data from the Internal Revenue Service, which looked at income statistics for tax year 2015. The top 1 percent accounted for 1.4 million individual income
Shares of Lionsgate popped 4 percent in Tuesday midday trading after a Variety report revealed that toy builder Hasbro was close to acquiring the entertainment company in 2017. Hasbro looked to buy the company for at least $40 per share but Lionsgate’s board chairman Mark Rachesky thought the bid was too low and ended the
As Federal Reserve chairman, Jerome Powell oversees monetary policy and regulates banks. But members of Congress questioned him as if he were an omnipotent politician capable of addressing all sorts of issues that fell beyond the normal duties of central banking. The hot seat questioning reached its apex during grilling from Rep. David Scott, a
Coleman noted the number of insider sales transactions rose 28 percent in the past week versus the previous week, while the number of insider purchases fell by 34 percent in the same time period. The S&P 500 fell officially into correction territory in early February, down more than 10 percent from its record reached in
Shares of Walgreens Boots Alliance and AmerisourceBergen slid after CNBC reported deal talks have cooled and that a takeover looks unlikely. Sources told CNBC that Walgreens Chief Executive Stefano Pessina and Amerisource Chief Executive Steven Collis met to discuss a potential tie-up, but those early-stage explorations ended without an agreement. The sources, who cautioned the
Taxation of stock options depends on what kind you have, and how long you hold those options before selling them. There are incentive stock options (which must meet specific rules under the tax code) and non-qualified stock options (pretty much everything that isn’t an ISO). For non-qualified stock options, generally speaking, you pay taxes when
A period of very calm and quiet trading has lulled investors into a sense of complacency that, by some measures, has not been seen in years, according to some financial advisors. The recent sharp movements in markets have been a wake-up call for complacent investors, experts say. From February 2016-January 2018, volatility in the stock
They say love is blind, but not when it comes to credit card debt. More than 3 in 4 Americans consider too much card debt a relationship deal breaker, according to personal finance site Finder.com. How much is too much? On average, the debt became unacceptable once balances topped $11,525, the site found. Fortunately, that
PeopleImages | Getty Images Whether a variable annuity is a good option depends on all sorts of related financial considerations, including other sources of income in retirement and your individual situation and goals. It isn’t every day that an older client might consult experts to help him become impoverished as he prepares for long-term care.
Simon Dawson | Bloomberg | Getty Images A lock screen from a cyber attack warns that data files have been encrypted on a laptop computer in this arranged photo. Another form of ransomware, called NotPetya, targeted Ukraine later that year and spread globally, affecting businesses as large as Maersk and WPP. The U.S. and Britain