Editor’s Pick

Pelosi vows to get Trump’s tax returns from Treasury if Biden wins: ‘The world will see what the president has been hiding’

House Speaker Nancy Pelosi vowed that Congress will get President Donald Trump’s income tax returns from the next Treasury Department secretary if Democratic nominee Joe Biden is elected to the White House.
Trump, who is seeking reelection, has refused to release his income tax returns to the public, despite other presidents having done so for the past four-plus decades.

Digital loan start-up Blend jumps to $1.7 billion valuation as mortgage demand surges

Digital lending start-up Blend raised $75 million in fresh funding at a valuation of almost $1.7 billion, a jump of more than 70% from its previous round a year earlier, CNBC has learned.
Refinance application volumes jolted more than 1,000% higher in March, and purchase applications climbed by more than 100% every month since May, according to company figures.
The Series F funding round was led by Canapi Ventures, a fintech VC fund that is backed by the banking industry and led in part by Gene Ludwig, a former U.S. regulator who founded the Promontory Financial Group.

‘Shark Tank’ investor Kevin O’Leary: When it’s time to close your business and call it quits

Shark Tank’ investor Kevin O’Leary gives advice on when it’s time to close your business and call it quits at CNBC’s Small Business Playbook virtual summit on Wednesday.
Consumer behaviors have shifted and now may be the time to pivot your business in the digital economy, he said.
Never use more than one-third of your company’s free cash flow to service debt or you will never be able to reinvest and grow your business.

Stocks making the biggest moves after hours: Lyft, Cisco, Vroom & more

Cisco shares fell more than 6% in after-hours trading despite reporting fiscal fourth-quarter profit and revenues that topped analysts’ expectations. The results, though better than what analysts polled by Refinitiv had anticipated, marked the first annual sales decline in three years. Investors may have positioned to sell the Dow component after Cisco said that it sees first-quarter revenues down 9% to 11% and associated per-share earnings between 41 and 47 cents.

The UK is in ‘pole position’ for market recovery despite gloomy economic outlook, UBS says

U.K. GDP saw its sharpest contraction since 1979 in the first quarter, and the balance-of-trade deficit widened to £21.1 billion ($26.4 billion).
U.K. stocks currently trade at a 19% discount to the MSCI World index, versus an average of 7% since 2002, UBS strategists pointed out in a research note Wednesday.
S&P Global has cut its forecast for U.K. GDP in 2020 to an 8.1% contraction, warning of a “perfect storm” if Britain suffers a second wave of coronavirus infections and fails to negotiate a post-Brexit free trade agreement.

Coronavirus vaccine is closer than the market thinks, Wharton’s Jeremy Siegel predicts

Wharton finance professor Jeremy Siegel expects a game changer.

He predicts a coronavirus vaccine is closer than the market thinks.

“We’ve had almost no setbacks in the schedule developing the vaccine, and I think that’s where upside surprises can occur,” Siegel told CNBC’s “Trading Nation” on Tuesday. “We may find ourselves with a workable vaccine for high risk individuals by the end of the fall, early winter.”