Fossil Group’s latest financials show the watchmaker is clearly hurting from Apple’s encroachment into the traditional hardware sector. Shares of Fossil were trading down more than 24 percent Wednesday morning, following the company’s dismal first-quarter earnings report. After the bell on Tuesday, Fossil reported a greater-than-expected earnings loss and lower-than-expected revenue. Meanwhile, Apple Watch sales are gaining momentum, as Tim Cook’s company continues to disrupt the traditional har

When the investment arm of Amazon’s Alexa division led a $5.6 million investment in his startup, Nucleus founder and CEO Jonathan Frankel was ecstatic. On Tuesday, Amazon announced its latest voice-controlled device — the Echo Show — which does all the things that other Alexa gadgets do, plus a few important new capabilities. That’s bad news for Frankel, since the Nucleus product is basically the same thing: An Alexa-powered tablet computer designed to be a dead-simple home intercom system and v

Generic drug maker maker Mylan on Wednesday reported a first-quarter profit that edged past expectations, helped by demand for products it gained through the acquisition of Swedish drugmaker Meda. Shares of the EpiPen maker rose 2.3 percent to $38.87 in early trading after Mylan also backed its full-year forecast. So far, Mylan has provided no details of the FDA’s concerns or how long the product might be delayed. Mylan said net income surged to $66.4 million, or 12 cents per share in the first

On the Senate floor, McConnell claimed that a push for a new probe could derail the current ones at the FBI and in the Senate. Many Democrats — and a few Republicans — have questioned the timing of President Donald Trump’s decision to remove Comey amid the Russia probe. Speaking after McConnell, Senate Minority Leader Chuck Schumer again questioned the timing of Comey’s ouster, asking, “why did it happen last night?” He said that Comey’s firing could temporarily slow the Senate Intelligence Comm

Sales of $100 million homes hit a record last year, although a growing number are piling up unsold in 2017, according to a new report. There were 10 homes sold last year for $100 million or more, according to new report from Christie’s International Real Estate. The total value of nine-figure homes sold last year topped $1.4 billion. Granted $100 million homes represent a small market that can move on just a handful of deals. A growing number of the $100 million listings are spec homes, or newly

Vice President Mike Pence said on Wednesday FBI Director James Comey was fired to restoreconfidence in the law enforcement agency and not because of any connection to its probe of possible Russian meddling in the U.S. presidential election. “That was not what this was about,” Pence told reporters at the U.S. Capitol when asked whether President Donald Trump’s decision to fire Comey was related to the Russia investigation. “The president took strong and decisive leadership here to put the safety

Russia’s foreign minister came to Washington on Wednesday amid a political firestorm over the surprise ouster of FBI Director James Comey, and greeted questions about the topic with humor. Democrats, in particular, said the move came as the FBI investigates Russia’s alleged meddling in the election, including possible ties between the Trump campaign and Moscow. You’re kidding,” Lavrov said in a deadpan before shrugging and turning to walk away next to Tillerson. Lavrov will meet with Trump at th

The Trump administration and Republicans suffered a rare loss in their bid to roll back Obama-era energy regulations on Wednesday, as three GOP senators voted against revoking a rule to prevent methane leaks from oil and gas production. Sen. John McCain cast a surprise vote against the measure, joining Democrats and fellow Republicans Lindsey Graham and Susan Collins to defeat the repeal attempt in a 49-51 vote. Industry groups such as the American Petroleum Institute say the BLM methane rule is

In his first public comment since firing James Comey, President Donald Trump said Wednesday that the FBI director “was not doing a good job.” Democrats have decried the firing and increased their calls for a special prosecutor in the Russia investigation. Trump previously praised Comey after he sent the October letter to Congress that shook up the presidential race. Multiple reports Wednesday also said that Comey had recently requested more funding for the Russia probe, which the Justice Departm

Indianapolis drug giant Eli Lilly raised list prices of nine of its medicines last week between 6 and 10 percent, according to data obtained by CNBC. Lilly has come under fire for the price of its insulin drugs in particular, leading Senator Bernie Sanders to call for a federal investigation into collusion. “The net price increase that Lilly recognizes is significantly less,” spokesman Mark Taylor wrote. “In fact, in 2016, the average discount to list price on our U.S. portfolio rose to 50 perce

Cramer on Comey: If this were a constitutional crisis, ‘gold should be flying’ 3 Hours Ago | 01:27President Donald Trump’s firing of FBI Director James Comey seems to be a “sideshow” to the markets, CNBC’s Jim Cramer said Wednesday. “If it is a constitutional crisis, gold should be flying. If it is a constitutional crisis, the S&P should be down a percent and a half,” Cramer said on “Squawk on the Street.” Gold edged off an eight-week low on Wednesday as investors assessed Trump’s decision. Some

Terrell Owens never thought he’d be a football player. So when he first started, he didn’t understand what it took to be successful. Know your stuffPeople know Terrell Owens as a sometimes-trouble-making football player. “I like to be taken seriously,” says Owens about walking into a business meeting. “I go in and I present myself as a business and not just a football player,” he says.

Shares of Five Point, a California real-estate developer backed by the nation’s second-biggest homebuilder, soared on their debut on the New York Stock Exchange on Wednesday. Five Point raised $294 million in its initial public offering of 21 million shares priced at $14 each. The Asian community in Irvine, California, is driving investment, Five Point CEO Emile Haddad told CNBC’s “Squawk on the Street.” And so as a master plan community strategy, we really have a unique position,” Miller said.

The action was not seen as so much a market-moving event, but as another hurdle to tax reform, with Washington more divided than ever and sidetracked by a new politically charged controversy. House Speaker Paul Ryan was scheduled to appear in Ohio on Wednesday to tout tax reform. Clifton said he expects Congress to complete tax reform in the first quarter of next year, not in 2017 as previously expected. Tax reform has been the most important Trump policy for the stock market since he won the el

To help you make the weighty decision, real estate site Trulia and job search site Indeed teamed up to find ideal cities for new grads to jump-start their careers. The 2017 report also highlights the 10 metro areas where recent college grads earn the most money, using data from the U.S. Census Bureau. While these cities may not offer the lowest cost of living, here’s where young graduates are making the big bucks. Note that Trulia and Indeed’s data is for metro areas. Below CNBC highlights the m

Market watcher Sven Henrich, known widely as the “Northman Trader,” returned to CNBC’s “Futures Now” on Tuesday with two more charts that he says point to the “final wave” of the bull market. Henrich’s second source of worry lies with the fact that fewer and fewer stocks are participating in the rally. He believes that the S&P 500 could still run up to 2,500, but the technical levels suggested by the charts are signaling a pullback if that level is ever reached. A year ago, he forecast that the

The oil market is sending signals that it wants OPEC to not only extend production limits when it meets this month, but cut deeper. “I think they had a hard time getting this deal together, and I don’t particularly think that most of the OPEC countries want to cut any more,” said Andrew Lipow, president of Lipow Oil Associates. “Now they’re going to cut another couple thousand [barrels]? The Organization of the Petroleum Exporting Countries agreed to take 1.2 million barrels a day off the market

Sears Holdings CEO Eddie Lampert, known for being more soft-spoken, is speaking up. In an interview with the Chicago Tribune, he acknowledged Sears’ struggles and admitted that the company’s turnaround is taking longer than he anticipated. “I feel like we’re ahead of J.C. Penney, we’re ahead of Macy’s, we’re ahead of Target, in some aspects of where the world is going,” Lampert told the Tribune. Sears has been closing stores, selling off assets like its Craftsman brand and borrowing money from L

In the spirit of full disclosure, more than a few guys pointed out that times have changed on Wall Street. Still, you know they’re spending, right? Here a few indulgent confessions from Wall Street:$300 — Le Burger Extravagant”I don’t always go uptown,” a buy-side trader said. Some people go golfing or get a massage once a month — this guy drops $1,000 on caviar once a month. $15,000 — Ice Rink Birthday Party”We went all out on the little guy’s 10th birthday,” a buy side analyst said.

U.S. President Donald Trump discussed the Syrian civil with Russia’s foreign minister in the Oval Office on Wednesday, at a time when alleged ties to Moscow are overshadowing the Republican’s administration. The meeting with Sergei Lavrov was the highest-level public contact between Trump and the government of Russian President Vladimir Putin since Trump took office on Jan. 20. “We had a very, very good meeting with Mr. Lavrov,” Trump told reporters after the talks. Russia backs Syrian President