RT @CNNBusiness: Stocks spike after a report that the US may ease tariffs on ...

RT @CNNBusiness: Stocks spike after a report that the US may ease tariffs on ...
RT @CNNBusiness: Stocks spike after a report that the US may ease tariffs on ...
3 hr 18 min ago Midday market update: Stocks recover from early slide

From CNN Business' Jill Disis

US stocks improve after a poor showing at market open.

The Dow was about flat at midday after losing as much as 118 points earlier in the morning. The Nasdaq rose 0.2% The S&P 500 increased 0.2%

The Nasdaq recovered early losses, fueled by gains in tech. Netflix (NFLX), which reports earnings after the bell, was up on the day. Amazon (AMZN) and Facebook (FB) also made slight gains.

4 hr 14 min ago Les Moonves demands his $120 million severance

From CNN Business' Jordan Valinsky

Ousted CBS chief executive Les Moonves is fighting the company after it refused to give him a $120 million severance last month.

CBS said that Moonves is disputing the decision in arbitration, according to a filing made with the Securities and Exchange Commission on Wednesday.

Moonves was fired in September 2018 after several sexual misconduct allegations were made against him. The former executive denies "any non-consensual sexual relations," according to his lawyer.

In December, CBS said they had ample reason to fire Moonves — thus denying him severance.

The company said in Wednesday's government filing that it "does not intend to comment further on this matter during the pendency of the arbitration proceedings."

3 hr 52 min ago Nobody's buying jewelry at the mall anymore

From CNN Business' Paul R. La Monica

Every kiss apparently doesn't begin with Kay. And it looks like he didn't go to Jared. Or Zales for that matter. Signet, the retailer that owns all three of these mall-based jewelry chains as well as Piercing Pagoda, reported a 1.3% drop in same-store sales during the holidays and lowered its fourth-quarter outlook.

Signet's stock (SIG) plunged 20% following the less than glittering guidance Thursday. Shares have now lost more than half their value in the past year.

If it's any consolation, it looks like more affluent customers aren't spending as much on diamonds and pearls either. Tiffany (TIF) shares fell about 2% in early trading Thursday and have fallen about 25% in the past twelve months.

But Signet's bad news comes a day after it agreed to pay $11 million in penalties to the Consumer Financial Protection Bureau and state of New York to settle allegations that it set up customers with store credit cards without their permission.

5 hr 39 min ago Stocks start in the red on trade, earnings

From CNN Business' Matt Egan

US stocks retreated at Thursday’s opening bell on renewed trade worries and disappointing earnings. 

The Dow lost as much as 118 points, or 0.4%, before more than halving its losses The S&P 500 declined 0.1% The Nasdaq fell 0.2%

Morgan Stanley (MS) slumped 5% on an earnings miss and tumbling trading revenue. Signet Jewelers (SIG) plunged 20% after reporting a drop in holiday sales, slashing outlook.

Energy stocks (XLE) fell as US oil prices lost 1.4% to $51.58 a barrel.

6 hr 27 min ago Morgan Stanley drops after earnings miss

From CNN Business' Julia Horowitz

Morgan Stanley’s stock is sliding after it posted disappointing earnings from the last three months of 2018.

The investment bank reported $1.5 billion in profit from the fourth quarter, which was below analyst expectations. Trading revenue and income from its wealth management unit both fell.

Morgan Stanley (MS) shares were down more than 5% before market open, but recovered slightly.

The trading divisions at US banks struggled last quarter as market volatility encouraged some investors to stay on the sidelines. But the problem at most major banks was limited to bond trading. Morgan Stanley had issues trading both equities and bonds.

7 hr 32 min ago The world vs. Huawei: Here's the latest

The backlash against Huawei is building. The Chinese company is the world's biggest maker of telecom equipment and a global leader in 5G technology. Its critics say it spies for the Chinese government. Huawei strongly denies those claims.

US lawmakers introduced legislation Wednesday that would tighten the rules for Chinese telecommunications companies. The proposed law would ban the sale of American parts to any Chinese telecom firm that has violated US export control laws or sanctions. The Chinese Foreign Ministry on Thursday described the legislation as "hysteria." A spokeswoman said: "This is not a normal country's normal action."  Federal prosecutors in the United States are looking into whether the company stole trade secrets from American business partners, The Wall Street Journal reported Wednesday. Several US lawmakers warned in a letter to Energy Secretary Rick Perry that Huawei's sale of solar panels in the United States threatens the electric grid, the FT reported Thursday. Germany is looking into whether it can ban the use of Huawei products in 5G networks, the WSJ reported Thursday.
8 hr 12 min ago Tim Cook again attacks Silicon Valley over privacy

From CNN Business' Jordan Valinsky

Apple CEO Tim Cook is pushing the US government to pass comprehensive privacy legislation for consumers.

In an essay for Time, he said the Federal Trade Commission should create a "data-broker clearinghouse" requiring companies that obtain people's data to register and let consumers track their personal information. His article was part of a Time cover package on Big Tech and privacy.

He wants people to have the ability to "delete their data on demand, freely, easily and online, once and for all." He said:

Consumers shouldn’t have to tolerate another year of companies irresponsibly amassing huge user profiles, data breaches that seem out of control and the vanishing ability to control our own digital lives.

Smart take: Cook is a vocal critic of the data practices of his Silicon Valley rivals, notably Facebook and Google. The two companies collect users' data to make tons of money off of targeted advertising, while Apple garners revenue from hardware and software. Cook previously told CNN Business' Laurie Segall that user privacy is a "fundamental human right."

Media note: Time is now owned by fellow Silicon Valley leader Marc Benioff, an outspoken privacy advocate who urges regulation. Our colleague Brian Stelter says in his latest Reliable Sources newsletter: "But let's be honest, I could have easily seen the editors running this cover if Meredith still owned the mag..."

8 hr 45 min ago Markets check before the bell

From CNN Business' Charles Riley

US stock futures are trading lower this morning.

On Wednesday, the Dow closed up 0.6%, while the S&P 500 added 0.2% and the Nasdaq increased 0.2%.

Some stocks to watch right now: BB&T Corp (BBT) and Morgan Stanley (MS), who will release earnings before the open.

And later today, American Express (AXP) and Netflix (NFLX) will follow after the close.

8 hr 46 min ago What's going on with European banks?

From CNN Business' Charles Riley

Shares in Societe Generale (SCGLY) have dropped 3% after the French bank warned investors that its fourth-quarter performance had been affected by the "challenging environment in global capital markets."

Investors are also keeping an eye on Deutsche Bank (DB), after a series of media reports speculated about its future.

According to the Financial Times, Germany's Finance Ministry has asked banking regulators to share analysis on a potential merger of Deutsche Bank and Commerzbank (CRZBY), another large German bank.

This adds to long-held speculation that the lenders may someday be pushed together as part of a wave of bank consolidation in Europe.

Meanwhile, Bloomberg reported that Deutsche Bank's regulators at the European Central Bank would prefer it to find a partner in another European country in order to better integrate the region's financial markets.

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