Goldman Sachs’ stunning first-quarter profit disappointment immediately set off some serious head-scratching on Wall Street. The fifth-largest bank by assets in the U.S. reported earnings that missed on both top-line revenue and bottom-line profits, a rarity for a bank that historically has beaten Wall Street earnings targets 9 out of 10 times. That was totally unexpected and totally aberrant as to what its competitors are doing,” Bove said. One of the big problems for Wall Street in general and

Larry Fink turned BlackRock into the world’s largest money manager, and he apparently also helped American pop rock band Maroon 5 get its start. “Around 2000 I met a young man, James Diener, who was working at Columbia Records,” Fink told Bloomberg Markets magazine in a recent interview. “[Diener] showed me a business plan for an independent record label and introduced me to his two partners. So, he became the lead investor in a company called Octone Records, and the first artist Octone signed w

Goldman Sachs’ earnings are disappointing, but there is still reason to be bullish, Chris Kotowski, senior analyst at Oppenheimer, told CNBC’s “Power Lunch” on Tuesday. “The comparisons coming off last year are distorted, but if you look at comparisons against 2015, right? Goldman was down 46 percent, so you know there is no sugar coating,” Kotowski said. Goldman Sachs posted first-quarter earnings of $5.15 per share and revenue of $8.026 billion. A consensus of analysts polled by Thomson Reuter

Apple is reportedly building three new iPhones, though the one with the most new features might not launch until a couple of months after the others. The third iPhone, which may be named to help celebrate the 10th anniversary of the original iPhone’s launch, is said to pack a new design with a stainless steel frame and curved glass. The high-end device may be facing a delay of up to two months due to “supply constraints” Bloomberg said. The curves on the display might not be as drastic as they a

“If they have no plan, they can’t negotiate,” said Larry Kudlow, the economist who helped Mr. Trump devise his campaign tax plan. But it is Mr. Trump’s own taxes that have provided the crucial leverage for his opponents. “When they talk about tax reform, are they talking about cutting Donald Trump’s taxes by millions of dollars a year?” Doing so would raise $1 trillion in revenue and reduce the appeal of one of Mr. Trump’s favorite business tools: debt. It remains unclear what impact the emphasi

Opponents of TPP argued that the agreement did not include strong protections for workers and the environment. But Trump also carried key farm states like Iowa and Nebraska, despite his break with the agricultural community over TPP. “My father likes to say we sell everything but the moo,” said Kelley Sullivan, who runs Santa Rosa Ranch in Texas, one of the largest producers in the state. Lower tariffs could mean a big boost in business for the nation’s largest beef producers, such as Tyson Food

Goldman said “significantly” lower net revenues from commodities and currencies offset “significantly” higher net revenues in mortgage products. Goldman said its net interest income fell 42 percent year on year. Bank of America said its net interest income rose 5 percent from the same quarter last year. Goldman Sachs also announced the repurchase of an addition 50 million shares of common stock and raised its quarterly dividend to 75 cents from 65 cents per common share. For the first quarter of

According to a statement by Pennsylvania State Police, Stephens was located by agents in Eerie County and took his own life after a brief pursuit, shortly after 11am . “We are grateful that this has ended,” said Cleveland police chief Calvin Williams. Authorities throughout the US have been searching for Stephens since Sunday, in connection with the murder of 74-year-old Robert Godwin. Stephens disappeared shortly after the killing, but was widely sought by authorities. On Monday, Cleveland Poli

Former Goldman Sachs economist Jim O’Neill shared his market views on CNBC’s “Squawk on the Street” Tuesday. On UK Prime Minister Theresa May’s snap election call: “I think it’s pretty opportunistic politics to be honest. “Arguably the euro was created by Germany and France initially to avoid the horrors of the past of Europe.” O’Neill is a former UK Treasury minister and the former chairman of Goldman Sachs Asset Management. To watch the broadcast interview in its entirety, you must be a CNBC P

Some avoid taking clients in the cannabis industry, fueling the rise of an entire sub-industry of security companies, largely staffed by former military and police, that specialize in hauling huge bags of cash around for the cannabis industry. During tax season, those services are particularly busy delivering a sum total of hundreds of millions of dollars to tax authorities. “At the department of revenue, they have armed guards there waiting for you,” Perryman said. “So they have armed guards, w

It’s possible North Korea’s missile development might be even further along had the secretive state retrieved more of the missiles it tested to glean information from their physical remains. Over the years, debris recovered at sea has revealed secrets of North Korea’s missile development to the West. Many of the North Korean missile tests have fallen in the Sea of Japan, which in some places reaches a depth of more than 2 miles. The rocket recovery last year also confirmed Chinese firms have sup

As tensions mounted between the United States and North Korea, U.S. Pacific Command and members of the Trump administration said that the USS Carl Vinson would head north for the Western Pacific from Singapore, instead of Australia as previously planned. But an image published by the Navy shows the aircraft carrier off the coast of Indonesia on Saturday, south of where the Carl Vinson Carrier Strike Group had departed, not north. The New York Times reported on Tuesday, citing defense officials,

Some benefits, like unemployment insurance and veterans’ benefits, could be delayed or reduced. If you’re applying for a mortgage and the bank wants to verify your tax return, you may be out of luck. Social Security checks would go out, but recent retirees would have to wait to sign up. Some of the more than 2.2 million government workers would be exempt from furlough, including those who provide essential services. And Federal Reserve officials would continue to go to work, because they draw pa

French stocks slumped 1.6 percent Tuesday, after recovering from the worst selloff since the U.K. voted to leave the European Union last June. He said the spread between French and German 10-year bonds continues to widen, a signal of market unease. Le Pen is most likely of those four candidates to make the second round. The candidate favored by markets is Macron, who is expected to beat Le Pen in the final vote. “If it appears Macron is in the race, all of this goes away for the near term,” said

North Korea has surprisingly managed to draw on global resources to develop its nuclear weapons program, despite being a tiny country that’s isolated from most the world. North Korean dictator Kim Jong Un can also use those funds to buy the support of other leaders in North Korea, Manning said. Weapons sales”The North Korean economy is basically being run by its arms deals,” said Anwita Basu, The Economist Intelligence Unit’s lead analyst for Indonesia, the Philippines and North Korea. She point

Last year, Trump got approval to hire 64 foreign workers for his Mar-a-Lago resort in Florida through the government’s H-2B visa program, according to the Palm Beach Post. That business has also said it is difficult to find American workers. Ivanka Trump, who recently took a White House job, has said she no longer has a management role in the brand. He slams trade deals that he says have led companies to abandon American workers. … We will follow two simple rules: Buy American and hire America

A nonprofit watchdog expanded a lawsuit accusing U.S. President Donald Trump of violating the Constitution by letting his hotels and restaurants accept payments from foreign governments. Trump is expected to respond by April 21, and had said the original lawsuit filed on Jan. 23 had no merit. Jill Phaneuf, the other new plaintiff, works for a hospitality company that books events in hotels near Washington’s “Embassy Row,” which house foreign diplomats, and claimed that Trump is costing her commi

Historically, when the VIX spikes while the market is in an uptrend, above-average returns tend to be seen in stocks over the next three to six months, Wald said. “We think you have to use these market pullbacks to add to your exposure; we think the bull market is intact,” Wald said Monday in an interview on CNBC’s “Trading Nation.” The VIX last week went inverted; the front month’s reading of expected volatility is higher than the reading of the next two months’ expected volatility. In other wo

Economist Mark Zandi has changed his mind about the state of the economy under Donald Trump, believing that both the president’s supporters and opponents have it wrong. During the presidential campaign, Zandi, chief economist at Moody’s Analytics, warned that a Trump presidency would cause a “lengthy recession.” In addition to the recession, Zandi and his team figured that the Republican’s policies would result in 3.5 million fewer jobs and an unemployment rate that would zoom to 7 percent. “The

In economic news, housing starts fell 6.8 percent last month, more than the expected 3.9 percent decline. Industrial production rose 0.5 percent last month, in line with expectations. U.S. Vice President Mike Pence reassured Japan of American commitment to reining in North Korea’s nuclear and missile ambitions on Tuesday, after warning that U.S. strikes in Syria and Afghanistan showed the strength of its resolve. Investors also kept an eye on France, as campaigning ramped up ahead of the first r