Trump’s ending of stimulus talks will mean a ‘much slower’ recovery, Fed’s Mester says


President Donald Trump’s announcement that no further stimulus talks will happen until after the November election will put a dent in efforts to bring the economy back from its coronavirus pandemic-induced slide, Cleveland Federal Reserve President Loretta Mester said Tuesday.

“Certainly, you know, the recovery will continue without it, I think, but it’s going to be a much slower recovery and it’s disappointing that we didn’t get a package done,” Mester said on CNBC’s “Closing Bell” just a little while after Trump delivered the stimulus news.

“There’s still a lot of households and a lot of small businesses that really

Read More

Boeing, SeaWorld, Sonos, Costco and more


Trainers have Orca killer whales perform for the crowd during a show at the animal theme park SeaWorld in San Diego. (File photo).

Mike Blake | Reuters

Check out the companies making headlines in midday trading

SeaWorld Entertainment — SeaWorld shares popped more than 7% after a Credit Suisse analyst upgraded them to outperform from neutral. The analyst also hiked his price target on the stock to $30 per share from $13 per share, implying a 46% upside from Monday’s close. The analyst noted three key headwinds for SeaWorld “have either changed or are now fully priced in, making

Read More

Fed Chair Powell calls for more help from Congress, says there’s a low risk of ‘overdoing it’


Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., Oct. 30, 2019.

Al Drago | Bloomberg | Getty Images

Federal Reserve Chairman Jerome Powell called Tuesday for continued aggressive fiscal and monetary stimulus for an economic recovery that he said still has “a long way to go.”

Noting progress made in job creation, goods consumption and business formation, among other areas, Powell said that now would be the wrong time for policymakers to take their foot off the gas.

Doing so, he said, could “lead

Read More

Chamath Palihapitiya to take Clover Health public in another SPAC deal worth $3.7 billion


Chamath Palihapitiya

Olivia Michael | CNBC

Chamath Palihapitiya has found his next SPAC target — Clover Health, a Medicare insurance startup backed by Alphabet.

Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through Palihapitiya’s private investment in the public entity.

(Palihapitiya will be on CNBC’s Squawk Box Tuesday at 8 a.m. ET to discuss the deal)

The move came just three weeks after Palihapitiya unveiled his

Read More