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    Rupert Murdoch deposition in Dominion-Fox lawsuit delayed until next week

    Fox Chairman Rupert Murdoch’s deposition in the Dominion-Fox lawsuit is now scheduled for next week.
    Dominion sued Fox for $1.6 billion, arguing that Fox News and Fox Business made false claims that its voting machines were rigged in the 2020 election between Joe Biden and Donald Trump.
    Fox hosts Maria Bartiromo, Sean Hannity and Tucker Carlson have already appeared for depositions.

    Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.
    Drew Angerer | Getty Images

    Fox Corp. Chairman Rupert Murdoch is now slated to appear for a deposition later in January as part of Dominion Voting’s defamation lawsuit against the company and its cable news networks.
    The deposition is set to occur Thursday and Friday next week, according to court filings. Murdoch had initially been scheduled to appear for a deposition in December via video call, but he’s now set for an in-person questioning on the Fox Studio lot in Los Angeles, according to a person familiar with the matter. The person declined to be named because they are not authorized to discuss the matter publicly.

    Most recently, his son and Fox CEO Lachlan Murdoch faced questioning as part of the lawsuit.
    Dominion has brought a $1.6 billion lawsuit against Fox, arguing that Fox News and Fox Business made false claims that its voting machines were rigged in the 2020 presidential election between Donald Trump and Joe Biden.
    A representative for Dominion didn’t immediately respond to comment on Fridat. Fox didn’t comment beyond the court filing, and has vigorously denied the claims.
    The Murdochs are the highest-ranking Fox officials to face questioning. Last June, a Delaware judge overseeing the case ruled that Dominion’s lawsuit could be expanded beyond the cable TV networks to include their parent company, meaning Fox Corp.’s highest executives could be called for depositions. Dominion has argued the parent company and its top executives played a role in the spread of misinformation about voter fraud by Fox’s hosts.
    Last year, Fox’s TV personalities such as Maria Bartiromo, Sean Hannity and Tucker Carlson appeared for depositions.

    Hannity admitted he didn’t believe Dominion cheated Trump in the presidential election, according to statements that emerged during a Delaware Superior Court hearing and were reported by NPR in December. The reported statement differs from the claims made on Hannity’s show following the election.
    Otherwise, the depositions and documents collected during the discovery process remain private.
    Dominion is on the hook to prove to a jury that Fox and its TV hosts acted with actual malice, meaning they knew they were reporting false information but did it anyway, or purposely disregarded information that proved their reporting was inaccurate.
    The lawsuit is being closely followed by First Amendment experts and advocates. While libel lawsuits are usually centered around one falsehood, Dominion cites a lengthy list of examples of Fox TV hosts making false claims even after they were shown to be untrue. Media companies are often broadly protected by the First Amendment.
    The court has denied Fox’s requests to dismiss the case. The trial is set to begin on April 17, with pre-trial conferences in the days prior, according to court filings. Neither side has shown signs of entering settlement talks.

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    Wells Fargo shares fall as bank’s profits cut in half by higher reserves, settlement costs

    Wells Fargo earnings were cut in half, hurt by a recent settlement and the need to build-up reserves amid a deteriorating economy.
    In the latest period, the bank set aside $957 million for credit losses after reducing its provisions by $452 billion a year ago.
    The disappointing earnings report came after the bank announced earlier this week that it would retrench from the U.S. mortgage market.

    People walk past a Wells Fargo bank on 14th Street on December 20, 2022 in New York City. 
    Michael M. Santiago | Getty Images

    Wells Fargo shares came under pressure Friday after the bank reported shrinking profits, weighed down by a recent settlement and the need to build-up reserves amid a deteriorating economy.
    The stock fell more than 4% in premarket trading.

    Here’s how the bank did:

    Earnings: 67 cents a share, compared with $1.38 a share a year ago
    Revenue: $19.66 billion, 5.7% lower than a year earlier and lower than the $19.98 billion expected, according to Refinitiv

    Wells Fargo’s net income tumbled 50% to $2.86 billion, or 67 cents a share, from $5.75 billion, or $1.38 per share, a year ago. The big decrease was driven in part by lower mortgage banking on fewer originations, the bank said.
    In the latest period, the bank set aside $957 million for credit losses after reducing its provisions by $452 billion a year ago. The provision included a $397 million increase in the allowance for credit losses reflecting loan growth and a less favorable economic environment, the bank said.
    The disappointing earnings report came after the bank announced earlier this week that it would retrench from the U.S. mortgage market. Meanwhile, Wells Fargo also said last month that it would have a $2.8 billion after-tax operating loss tied to legal and regulatory costs.
    The combined impact of the legal, regulatory and customer remediation efforts lowered Well Fargo’s earnings by 70 cents per share.

    “Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns,” CEO Charlie Scharf said in a statement. “Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.”
    As the most mortgage-dependent of the six biggest U.S. banks, Wells Fargo has faced pressure as sales and refinancing activity has fallen steeply amid mortgage rates that have topped 6%. The bank said its home lending revenue was down 57% this quarter.
    Shares of Wells fell nearly 14% in 2022, faring better than the S&P 500 as the bank’s retail and commercial banking benefited from rising rates. The stock is up about 3.7% year to date.
    “As we look forward, we are carefully watching the impact of higher rates on our customers and expect to see deposit balances and credit quality continue to return toward pre-pandemic levels,” Scharf said.
    — CNBC’s Hugh Son contributed reporting.

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    WWE’s smaller rival AEW interested in merger, sources say

    All Elite Wrestling has interest in merging with WWE, which has formally started a sale process, sources say.
    AEW is owned by the Khan family, which also owns the NFL’s Jacksonville Jaguars.
    The idea that Vince McMahon would merge WWE with the much smaller AEW is a long shot.

    WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES in Las Vegas.
    Getty Images

    All Elite Wrestling, a professional wrestling league owned by the Khan family, is interested in merging with World Wrestling Entertainment, according to people familiar with the matter.
    The Khans, who also own the National Football League’s Jacksonville Jaguars and the Premier League’s Fulham F.C., could partner with a strategic media company to share the intellectual property while merging the wrestling leagues, said the people, who asked not to be named because the discussions are private. AEW has a TV carriage rights agreement with Warner Bros. Discovery’s TNT and TBS.

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    15 hours ago

    The idea that Vince McMahon, the controlling shareholder of WWE, would merge his company with the much smaller AEW is a long shot. AEW hasn’t had talks with McMahon or Nick Khan, the company’s chief executive, said the people. McMahon may view selling to the Khans as a non-starter. Nick Khan is not related to AEW’s Khans.
    The Khans are open to discussing a potential role for McMahon, 77, after a sale but haven’t yet had those talks, one of the people said. It’s unclear what type of job McMahon would want with WWE after a sale, but WWE is a much larger and more established organization than AEW. McMahon, who was worth more than $3 billion as of July, is also known as the primary creative force behind WWE’s storylines.
    Sports tycoon Shahid Khan, 72, is ranked 292 on the Bloomberg Billionaires Index with a net worth of $7.56 billion. He also owns auto parts manufacturer Flex-N-Gate.

    Shahid Khan, the new owner of the Jacksonville Jaguars.
    Getty Images

    WWE’s sale process

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    JPMorgan tops estimates for fourth-quarter revenue, but says mild recession is now ‘central case’

    Here’s what the company reported: Earnings of $3.57 per share, which doesn’t compare with the $3.07 estimate, according to Refinitiv.
    Revenue of $35.57 billion vs. $34.3 billion estimate

    Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022.
    Ting Shen | Bloomberg | Getty Images

    JPMorgan Chase on Friday posted fourth-quarter revenue that topped expectations as interest income at the bank surged 48% on higher rates and loan growth.
    Here’s what the company reported:

    related investing news

    Earnings of $3.57 per share, which doesn’t compare with the $3.07 estimate, according to Refinitiv.
    Revenue of $35.57 billion vs. $34.3 billion estimate

    The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share, while revenue rose 17% to $35.57 billion. Those gains were fueled by the rise in net interest income to $20.3 billion, topping the StreetAccount estimate by $1 billion, as the bank saw average loans rise 6%.
    But the bank posted a $2.3 billion provision for credit losses in the quarter, a 49% increase from the third quarter that exceeded the $1.96 billion StreetAccount estimate, as it set aside money for expected defaults. Shares dipped 3% in premarket trading.
    The move was driven by a “modest deterioration in the Firm’s macroeconomic outlook, now reflecting a mild recession in the central case” as well as loan growth from customers using their Chase credit cards, the bank said.
    The company’s jump in credit provisioning topped that of rival giants Bank of America and Wells Fargo, which each saw smaller increases in the quarter.
    While JPMorgan CEO Jamie Dimon said Friday that the U.S. economy “currently remains strong” thanks to well-financed consumers and businesses, he pointed to a series of risks to that outlook.

    “We still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening,” Dimon said.
    Quantitative tightening refers to central banks’ moves to shrink their balance sheets by halting or reversing previous bond-buying programs.
    JPMorgan, the biggest U.S. bank by assets, is closely watched for clues on how the industry is navigating an economy at a crossroads.
    Analysts expected a mixed bag of conflicting trends from banks. Higher rates help lenders earn more interest income, but some of that boost was offset by larger provisions for expected loan losses as the economy slows.
    Dimon rattled markets last year when he said an economic “hurricane” caused by the Federal Reserve was headed for the U.S.
    Shares of JPMorgan have climbed 4% this year, compared with the 6% rise of the KBW Bank Index.
    The other large retail banks, including Bank of America, Wells Fargo and Citigroup, also released results Friday, while Goldman Sachs and Morgan Stanley report Tuesday.
    This story is developing. Please check back for updates.

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    Bank of America tops expectations as higher rates help offset declines in investment banking

    Bank of America reported better-than-expected fourth-quarter earnings on Friday morning.
    Revenue also topped Wall Street estimates.
    CEO Brian Moynihan described the economic environment as “increasingly slowing.”

    Brian Moynihan, CEO, Bank of America
    Scott Mlyn | CNBC

    Bank of America reported fourth-quarter results on Friday that showed higher interest rates helped the Wall Street giant make up for a sharp slowdown in investment banking.
    Here are the key metrics compared with what Wall Street expected:

    Earnings: 85 cents per share versus 77 cents a share, according to Refinitiv
    Revenue: $24.66 billion versus $24.33 billion, according to Refinitiv

    Shares of Bank of America fell nearly 3% in premarket trading.
    Expectations were running high that Bank of America would post gains in interest income thanks to higher rates and loan growth in the fourth quarter. The bank reported $14.7 billion of net interest income, up 29% year over year but slightly below Wall Street expectations of $14.8 billion, according to StreetAccount.
    That gain helped offset a decline in investment banking fees, which fell more than 50% to $1.1 billion. That result was largely in line with expectations, according to StreetAccount.
    Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve’s rate-boosting campaign. But bank stocks got hammered last year amid concerns a recession was on the way.
    “The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise. That coupled with expense management helped drive operating leverage for the sixth consecutive quarter,” Moynihan said in a statement.

    Investors will be eager to see how Moynihan describes the state of the bank’s retail and business customers. The bank implemented a $1.1 billion provision for credit losses, up $1.6 billion compared with the same quarter in 2021, but said net charge-offs remain below pre-pandemic levels.
    Notably, that was below the $2.3 billion provision for credit losses from rival JPMorgan Chase, which warned that a “mild recession” is now its central case for the U.S. economic outlook. In the earnings release, Moynihan described the economic environment as “increasingly slowing.”
    On the consumer banking front, Bank of America reported that balances were roughly flat, while credit card and debit spending rose 5% year over year. Average outstanding balance on credit cards climbed by 14%.
    Average loans and leases for the whole bank rose 10% year over year, while the same metric for consumer banking rose 6%.
    The global wealth and investment management business saw total revenue increase marginally even as average deposits declined. Net income for the segment was down 2% year over year.
    Prior to the report, Bank of America’s stock was up 4% in the first few days of 2023.
    This is a breaking news story. Please check back for updates.

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    Higher labor costs dent Delta’s profit forecast but travel demand is still strong

    Delta Air Lines’ fourth-quarter profit topped analysts’ expectations.
    Its first-quarter forecast projected higher labor costs.
    Delta pilots’ union is reviewing a contract proposal this week.

    Delta Air Lines Airbus A330neo or A330-900 aircraft with neo engine option of the European plane manufacturer, as seen departing from Amsterdam Schiphol AMS EHAM International airport.
    Nicolas Economou | NurPhoto | Getty Images

    Delta Air Lines fourth-quarter profit and revenue topped expectations on Friday, but shares fell on the carrier’s outlook for the first quarter.
    Delta expects to earn 15 cents to 40 cents a share on an adjusted basis in the first quarter of 2023 and for its sales to increase 14% to 17% over the same quarter of 2019, with capacity down 1% from four years earlier.

    But it said unit costs, stripping out fuel, will likely increase 3% to 4% from 2022, including for labor and rebuilding its network. Delta pilots’ union are reviewing a contract proposal this week that includes raises topping 30% over four years.
    Delta reiterated its full-year 2023 earnings estimate of $5 to $6 a share.
    The company’s shares were down roughly 4% in premarket trading Friday.
    Here’s how Delta performed in the fourth quarter, compared with Wall Street expectations based on Refinitiv consensus estimates:

    Adjusted earnings per share: $1.48 vs. $1.33 expected.
    Adjusted revenue: $12.29 billion, excluding refinery sales, vs. $12.23 billion expected.

    The airline generated $13.44 billion in total sales for the final three months of 2022, 17% higher than the $11.44 billion it brought in three years earlier.

    High costs ate away at some of Delta’s profits, but its net income still totaled $828 million, down from $1.1 billion in the same three-month period of 2019, but on 9% less flying than three years earlier. It was a sign of travelers’ willingness to continue booking, even at high fares, which more than made up for the higher expenses.
    Delta’s operating costs rose 19% in the fourth quarter from 2019, including a $2.8 billion fuel bill, up 42% from a year ago.
    Delta CEO Ed Bastian said in a news release the carrier “rose to the challenges of 2022, delivering industry-leading operational reliability and financial performance.”
    Bastian told CNBC that demand for premium products has remained robust. In the airline’s release, it said that premium revenue, which includes seats in first class, rose 13% in the last quarter, 8 points above sales growth from the main cabin.
    Delta has been cracking down on crowding in its luxury airport lounges, the result of strong demand for rewards credit cards and travelers with elite status. Next month it will raise the requirements for entry, and this week, said it is curbing employee access to Sky Clubs.
    Airlines have largely been upbeat about the fourth quarter, despite concerns about a recession and weakness from some retailers and other businesses. On Thursday, American Airlines hiked its revenue and profit forecast for the period, sparking a broad rally in the sector.
    That was even after severe winter weather disrupted flights coast to coast over the year-end holidays, prompting mass cancellations. Southwest Airlines in particular struggled to recover and said its meltdown could cost it more than $800 million. American and Southwest report on Jan. 26.
    “There was a lot of customers looking for airlines given some of the Southwest challenges, and we got a benefit from that,” Bastian said in an interview with CNBC’s “Squawk Box.”

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    Stocks making the biggest moves in the premarket: JPMorgan, Virgin Galactic, Tesla and more

    A person enters the JPMorgan Chase headquarters in New York, June 30, 2022.
    Andrew Kelly | Reuters

    Check out the companies making the biggest moves in the premarket:
    JPMorgan — The bank reported fourth-quarter earnings and revenue before the bell that topped Wall Street expectations. However, it said a mild recession is now the “central case.” JPMorgan slid nearly 3% in permarket trading.

    Lockheed Martin — Goldman Sachs downgraded the defense contractor to sell from neutral and cut its price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to any changes in government budgets. Lockheed Martin tumbled more than 3% in the premarket.
    Virgin Galactic Holdings — The space tourism company surged nearly 16% after it said it was on track for a commercial launch in the second quarter of 2023.
    Wells Fargo — The bank slid nearly 4% after reporting shrinking profits, weighted down by a recent settlement and the need to build-up reserves.
    Delta Air Lines — The airline reported fourth quarter profit and revenue before the bell that beat expectations. Its adjusted earnings per share came in at $1.48 versus a Refinitiv estimate of $1.33. Delta was down 4.5% in premarket trading.
    American Airlines — A day after gaining nearly 10% on an earnings beat, the airline was down about 2% in the premarket.

    Tesla — The electric-vehicle maker slid nearly 6% in the premarket after it was downgraded by Guggenheim to sell from neutral over concerns with Tesla’s fourth-quarter estimates. Tesla also cut prices in the U.S. and Europe again, according to listings on the company’s website Thursday night. The stock lost 65% in 2022.
    Bank of America – The bank reported earnings per share of 85 cents last quarter, above the 77 cents a share expected by analysts, per Refinitiv. Revenue also beat expectations. However the bank’s net interest income fell slightly below expectations despite jumping interest rates. Bank of America was down 2.8% early trading.
    Salesforce — The software company slid 1.4% in the premarket after being downgraded by Atlantic Equities to neutral from overweight. The Wall Street firm cited execution concerns, management exodus and slower-than-expected revenue growth.
    Caterpillar — Bank of America upgraded Caterpillar to buy from neutral, saying the company has an underappreciated roadmap that can drive outperformance. Caterpillar was relatively flat in the premarket.
    Logitech International — The keyboard and mouse maker continued to slide in the premarket, down nearly 5%. The move comes a day after Logitech lost 16% on the announcement that preliminary results showed declining sales and earnings. Deutsche Bank downgraded the shares Friday.
    —CNBC’s Alex Harring, Yun Li and Michael Bloom contributed reporting.

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    Despite falling inflation, nearly one-third of Americans will rely on tax refunds, survey finds. Here’s how to get your refund faster

    Despite falling inflation, many Americans will rely on their tax refund to make ends meet, according to a survey from Credit Karma.
    You may avoid tax refund delays by filing an error-free, electronic return with direct deposit, financial experts say.

    Bill Oxford | E+ | Getty Images

    Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. 
    Some 30% of Americans overall say they will rely on their tax refund to make ends meet, according to a survey released Wednesday by Credit Karma, which polled roughly 1,000 U.S. adults in early December. The percentages were even higher for Gen Zers and millennials, 40% and 46% of whom, respectively, say they will depend on the payment.

    “Nearly three-quarters of Americans are expecting a tax refund this year and for many it will be the most significant financial windfall of their year,” said Courtney Alev, consumer financial advocate at Credit Karma.
    More from Personal Finance:Here’s the inflation breakdown for December 2022 — in one chartIRS to start 2023 tax season stronger, taxpayer advocate saysSocial Security checks to include 8.7% cost-of-living adjustment this month
    While many Americans count on yearly tax refunds, financial difficulties may be greater this season after a year of soaring costs.
    Annual inflation fell to 6.5% in December, the U.S. Bureau of Labor Statistics announced on Thursday. While prices are dropping, annual inflation remains at the highest level in decades.  
    Meanwhile, the IRS has warned taxpayers that refunds may be smaller in 2023 now that many pandemic-era tax breaks, such as bigger child tax credits or more generous charitable deductions, have expired. In 2022, the average refund was $3,176 as of Oct. 28, according to the IRS, up nearly 14% from $2,791 in 2021.

    How to get a faster tax refund

    If you’re banking on getting a tax refund, financial experts say there are a few ways to avoid issues that may delay the process. 
    John Loyd, a certified financial planner and owner at The Wealth Planner in Fort Worth, Texas, urges taxpayers to file electronic returns. “There’s a saying in the tax world,” he said. “Any time you mail something to the IRS, you want to assume that it’s going to get lost.”
    While the agency typically issues tax refunds within 21 days, paper-filed returns may take longer to process. “Taxpayers should prepare to file electronically and choose direct deposit for their tax refund,” the IRS said in a news release.  
    Loyd said tax return errors are another reason for processing delays. Incorrect personal information, such as your Social Security number or mismatching data from tax forms, may take extra time to resolve. 
    The tax season opens for individual filers on Jan. 23, the IRS announced Thursday.

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