Datasets:

britneymuller

/

cnbc_newsfeed

like 2

Six Years Before US Jobs Will Come Back: Clinton

https://www.cnbc.com/2011/01/27/six-years-before-us-jobs-will-come-back-clinton.html

2011-01-27T22:45:01+0000

Michelle Lodge

CNBC

It will take six years to bring US employment back from pre-recession levels, President Bill Clinton told CNBC Thursday.

cnbc, Articles, Davos 2011, Business News, Economy, source:tagname:CNBC US Source

<div class="group"><p>It will take six years to bring US employment back from pre-recession levels, President Bill Clinton told CNBC Thursday. </p></div>,<div class="group"><p>“There's a lot of money in America that could be reinvested,” said Clinton, speaking from the <a href="https://www.cnbc.com/id/40683427">World Economic Forum in Davos</a>, Switzerland, about the US job situation. The former president has organized a jobs forum in June in Chicago. He said there are people and companies all over the world who are willing to invest in America. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Clinton had praise for Germany, which has maintained an unemployment rate two points below that of the US, in part because Germany has been successful selling to China and other growth markets.</p><p>The former president also said that the federal government’s stimulus programs, such as TARP and the bailout of automobile companies, have been successful, because companies were saved and taxpayers got their investment back.</p></div>

It will take six years to bring US employment back from pre-recession levels, President Bill Clinton told CNBC Thursday. “There's a lot of money in America that could be reinvested,” said Clinton, speaking from the World Economic Forum in Davos, Switzerland, about the US job situation. The former president has organized a jobs forum in June in Chicago. He said there are people and companies all over the world who are willing to invest in America. Clinton had praise for Germany, which has maintained an unemployment rate two points below that of the US, in part because Germany has been successful selling to China and other growth markets.The former president also said that the federal government’s stimulus programs, such as TARP and the bailout of automobile companies, have been successful, because companies were saved and taxpayers got their investment back.

2021-10-30 14:11:49.862651

How to surf the Web for a mate: eHarmony founder

https://www.cnbc.com/2015/05/08/how-to-surf-the-web-for-a-mate-eharmony-founder.html

2015-05-09T18:00:00+0000

Trent Gillies

CNBC

Which dating match will be more successful? Someone who is similar to you or different? "Opposites do attract," says Dr. Neil Clark Warren, an expert of sorts in dating. "There's something fascinating about finding someone who likes you who is very different from you." But in an interview with CNBC's "On The Money," the founder and CEO of the eHarmony online dating site warns that, over time, "opposites attract, and then they attack." Read MoreTinder not just for singles: Report After 35 years of counseling married couples, Warren says he's learned that "if the right person doesn't marry the right person, you've got real problems ahead. It's tough to bend people after they first get married." Warren is a clinical psychologist and has written eight books on love and marriage. Fifteen years ago, he launched eHarmony, the site that helped pioneer the electronic dating era. The privately held company claims that 600,000 married couples have met on the site, which—if accurate—accounts for nearly 4 percent of all U.S. marriages. The dating service business is a $2.4 billion industry, according to market research firm IBISWorld, while eHarmony has a nearly 14 percent market share among online dating sites. The leader in the category with a 21.8 percent share of the market is IAC/InterActiveCorp, which runs dating sites such as match.com, OKCupid and Tinder. The eHarmony site charges up to $60 a month and requires users to fill out a lengthy questionnaire. Warren says: "We ask every question we can think to ask ... and we match them so carefully on 29 dimensions. We call it broad-based compatibility and it's what you have to have." When asked what the most important characteristic is in successful relationships, Warren tells CNBC that "Intelligence is really important" when it comes to matching people for marriage. The dating guru added that, "We have to ask the questions that get at intelligence so we can pair people up so they won't find themselves feeling hurt because the other person is saying things they don't understand."

cnbc, Articles, Technology, Life, Match Group Inc, On The Money, Consumer Technology, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p> Which dating match will be more successful? Someone who is similar to you or different? </p><p> "Opposites do attract," says Dr. Neil Clark Warren, an expert of sorts in dating. "There's something fascinating about finding someone who likes you who is very different from you."</p><div style="height:100%" class="lazyload-placeholder"></div><p> But in an interview with CNBC's "<a href="https://www.cnbc.com/on-the-money/">On The Money,</a>" the founder and CEO of the eHarmony online dating site warns that, over time, "opposites attract, and then they attack."</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/05/08/tinder-not-just-for-singles-report.html">Tinder not just for singles: Report</a><br></p><p> After 35 years of counseling married couples, Warren says he's learned that "if the right person doesn't marry the right person, you've got real problems ahead. It's tough to bend people after they first get married."</p><p> Warren is a clinical psychologist and has written eight books on love and marriage. Fifteen years ago, he launched eHarmony, the site that helped pioneer the electronic dating era. The privately held company claims that 600,000 married couples have met on the site, which—if accurate—accounts for nearly 4 percent of all U.S. marriages. </p><p> The dating service business is a <a href="http://www.ibisworld.com/industry/default.aspx?indid=1723" target="_blank">$2.4 billion industry</a>, according to market research firm IBISWorld, while eHarmony has a nearly 14 percent market share among online dating sites. The leader in the category with a 21.8 percent share of the market is <a href="//www.cnbc.com/quotes/MTCH" target="_blank">IAC/InterActiveCorp</a>, which runs dating sites such as match.com, OKCupid and Tinder. </p><div style="height:100%" class="lazyload-placeholder"></div><p> The eHarmony site charges up to $60 a month and requires users to fill out a lengthy questionnaire. Warren says: "We ask every question we can think to ask ... and we match them so carefully on 29 dimensions. We call it broad-based compatibility and it's what you have to have."</p><p> When asked what the most important characteristic is in successful relationships, Warren tells CNBC that "Intelligence is really important" when it comes to matching people for marriage. </p><p> The dating guru added that, "We have to ask the questions that get at intelligence so we can pair people up so they won't find themselves feeling hurt because the other person is saying things they don't understand."</p></div>,<div class="group"><p> The Internet has brought many a couple together. More than 1 in 3 couples met through an online dating site, among 19,000 couples that married between 2005 and 2012, according to a 2013 <a href="http://www.pnas.org/content/110/25/10135.full.pdf" target="_blank">National Academy of Sciences study</a>. <br></p><br><p> Yet an undeniable characteristic of the Internet dating age is that scores of potential partners are not out for commitment. Users that flock to eHarmony rival Tinder are <a href="http://www.gq.com/life/relationships/201402/tinder-online-dating-sex-app" target="_blank">notoriously uninterested</a> in marriage—but that may be because they already are married. A recent study found about a third of the users of the fast-growing location-based app are already hitched. </p><p> "Tinder is in a different business than we are," Warren said. "Tinder is a hookup site. EHarmony takes things very seriously. We take a great interest in the fact that so many of our people get married."</p><p> Warren also says that over a 10-year period, the divorce rate of couples who met through eHarmony is 3.86 percent—far lower than <a href="http://www.today.com/health/divorce-rates-are-lower-so-are-marriage-rates-1D80332291" target="_blank">a widely quoted statistic</a> that half of all U.S. marriages end in divorce. </p><br></div>,<div class="group"><p> Within the eHarmony site are subgroups for specific ethnic or age groups. Christian, Jewish, Black, Hispanic or Asian singles have separate demographic groups, along with singles in their 30s and in their golden years. </p><p> However, same-sex singles are directed away from eHarmony to another site it owns called "Compatible Partners." </p><p> Warren called the same-sex marriage debate "the most contentious single subject in America". He told CNBC the company has tried to "weave our way through that in a careful way, and we think we've done a pretty good job."</p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/05/08/lets-not-get-crazy-about-tinders-prospects-diller.html"> 'Let's not get crazy' about Tinder: Diller</a><br></p><p> While the site is separate, Warren says the algorithms used by eHarmony and Compatible Partners are "similar." </p><p>Compatible Partners was launched in 2009 as part of a settlement in a <a href="http://m.cnbc.com/offthecuff/details.php?page=2&amp;amp;sid=100457684" target="_blank">New Jersey discrimination case</a>. Warren says there is a disclaimer at the same-sex site "worked ... out with the attorney general of New Jersey. </p><p> He explains: "I didn't see a lot of same-sex people in therapy. So we don't know that area as well as we know the more conventional area." However, "We take those people very seriously and we want them to be have long-term relationships that are good."</p><p> The eHarmony founder's own marriage has lasted 56 years. He and his wife Marylyn met at Pepperdine University, married in 1959 and have been a match ever since. </p><p> <em>"On the Money" airs on CNBC Sundays at 7:30 p.m. EDT, or check listings for airtimes in local markets. </em><br></p></div>

Which dating match will be more successful? Someone who is similar to you or different? "Opposites do attract," says Dr. Neil Clark Warren, an expert of sorts in dating. "There's something fascinating about finding someone who likes you who is very different from you." But in an interview with CNBC's "On The Money," the founder and CEO of the eHarmony online dating site warns that, over time, "opposites attract, and then they attack." Read MoreTinder not just for singles: Report After 35 years of counseling married couples, Warren says he's learned that "if the right person doesn't marry the right person, you've got real problems ahead. It's tough to bend people after they first get married." Warren is a clinical psychologist and has written eight books on love and marriage. Fifteen years ago, he launched eHarmony, the site that helped pioneer the electronic dating era. The privately held company claims that 600,000 married couples have met on the site, which—if accurate—accounts for nearly 4 percent of all U.S. marriages. The dating service business is a $2.4 billion industry, according to market research firm IBISWorld, while eHarmony has a nearly 14 percent market share among online dating sites. The leader in the category with a 21.8 percent share of the market is IAC/InterActiveCorp, which runs dating sites such as match.com, OKCupid and Tinder. The eHarmony site charges up to $60 a month and requires users to fill out a lengthy questionnaire. Warren says: "We ask every question we can think to ask ... and we match them so carefully on 29 dimensions. We call it broad-based compatibility and it's what you have to have." When asked what the most important characteristic is in successful relationships, Warren tells CNBC that "Intelligence is really important" when it comes to matching people for marriage. The dating guru added that, "We have to ask the questions that get at intelligence so we can pair people up so they won't find themselves feeling hurt because the other person is saying things they don't understand." The Internet has brought many a couple together. More than 1 in 3 couples met through an online dating site, among 19,000 couples that married between 2005 and 2012, according to a 2013 National Academy of Sciences study. Yet an undeniable characteristic of the Internet dating age is that scores of potential partners are not out for commitment. Users that flock to eHarmony rival Tinder are notoriously uninterested in marriage—but that may be because they already are married. A recent study found about a third of the users of the fast-growing location-based app are already hitched. "Tinder is in a different business than we are," Warren said. "Tinder is a hookup site. EHarmony takes things very seriously. We take a great interest in the fact that so many of our people get married." Warren also says that over a 10-year period, the divorce rate of couples who met through eHarmony is 3.86 percent—far lower than a widely quoted statistic that half of all U.S. marriages end in divorce. Within the eHarmony site are subgroups for specific ethnic or age groups. Christian, Jewish, Black, Hispanic or Asian singles have separate demographic groups, along with singles in their 30s and in their golden years. However, same-sex singles are directed away from eHarmony to another site it owns called "Compatible Partners." Warren called the same-sex marriage debate "the most contentious single subject in America". He told CNBC the company has tried to "weave our way through that in a careful way, and we think we've done a pretty good job."Read More 'Let's not get crazy' about Tinder: Diller While the site is separate, Warren says the algorithms used by eHarmony and Compatible Partners are "similar." Compatible Partners was launched in 2009 as part of a settlement in a New Jersey discrimination case. Warren says there is a disclaimer at the same-sex site "worked ... out with the attorney general of New Jersey. He explains: "I didn't see a lot of same-sex people in therapy. So we don't know that area as well as we know the more conventional area." However, "We take those people very seriously and we want them to be have long-term relationships that are good." The eHarmony founder's own marriage has lasted 56 years. He and his wife Marylyn met at Pepperdine University, married in 1959 and have been a match ever since. "On the Money" airs on CNBC Sundays at 7:30 p.m. EDT, or check listings for airtimes in local markets.

2021-10-30 14:11:50.013359

Why this winning sector may be a bad idea

https://www.cnbc.com/2014/08/25/why-this-winning-sector-may-be-a-bad-idea.html

2014-08-25T21:02:12+0000

Lawrence Lewitinn

CNBC

One of the best performing sectors in the market last week may not be the best investing idea. The S&P 500's financial sector showed a 2.3 percent gain last week. But according to Ari Wald, head of technical analysis, only certain types of financial companies are worth buying. That is why he's not keen on the ETF that tracks the financial sector as a whole (trading under the ticker symbol XLF). "I like financials selectively, but I don't think the XLF is the best way to play it," Wald said. Though the XLF broke above a key resistance level last week and made new highs, Wald believes there are some signals the recent rally is not all in the sector as a whole. (Read: ) "Only a net 17 stocks of the 84 that are in the sector made a new 52-week high with it," Waldsaid. "So it's a very selective move, not broadlybased. A little bit of a closer look will show that the capital markets industry and the REITs industry were the big drivers of this trend. These are the industries that we want to buy." Wald, however, is worried about the banks. "I think XLF has too much exposure to the banks," he said. "I would rather be a little more selective and concentrate on the industries rather than the sector." Gina Sanchez, founder of Chantico Global, is on the same page as Wald when it comes to the XLF's exposure to banks. (Read: Citigroup facing restrictions on sales of hedge fund investments: Report) Banks make up about 36 percent of the XLF's holdings. "That's a huge driver of how it will do," said Sanchez, a CNBC contributor. "To the extent that we don't have a constructive view on banks, it's hard to get really excited about the XLF." Though banks have had good earnings results in the second quarter of 2014, Sanchez thinks that already has been priced into the stocks. "Performance has really been bid up over the last several months," Sanchez said. "At this point you're looking for even more performance than they've already given, and I'm not sure that's possible. So if you have a bad view on banks, you probably don't have a great view on XLF." To see the full discussion on the XLF, with Wald on the technicals and Sanchez on the fundamentals, watch the above video. ----- Follow us on Twitter: @CNBCNumbers Like us on Facebook: facebook.com/CNBCNumbers

cnbc, Articles, Talking Numbers, CNBC TV, Video and TV, CNBC Digital Workshop, source:tagname:CNBC US Source

<div class="group"><p><a href="https://www.cnbc.com/video/2014/08/22/why-this-winning-sector-may-be-a-bad-idea.html"> One of the best performing sectors in the market last week may not be the best investing idea.</a></p><p> The S&amp;P 500's financial sector showed a 2.3 percent gain last week. But according to Ari Wald, head of technical analysis, only certain types of financial companies are worth buying. That is why he's not keen on the ETF that tracks the financial sector as a whole (trading under the ticker symbol XLF).</p><div style="height:100%" class="lazyload-placeholder"></div><p> "I like financials selectively, but I don't think the XLF is the best way to play it," Wald said.</p><p> Though the XLF broke above a key resistance level last week and made new highs, Wald believes there are some signals the recent rally is not all in the sector as a whole. </p><p> (<strong>Read</strong>: <!-- -->)</p><p> "Only a net 17 stocks of the 84 that are in the sector made a new 52-week high with it," Waldsaid. "So it's a very selective move, not broadlybased. A little bit of a closer look will show that the capital markets industry and the REITs industry were the big drivers of this trend. These are the industries that we want to buy."</p><p> Wald, however, is worried about the banks. "I think XLF has too much exposure to the banks," he said. "I would rather be a little more selective and concentrate on the industries rather than the sector."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Gina Sanchez, founder of Chantico Global, is on the same page as Wald when it comes to the XLF's exposure to banks.</p><p> (<strong>Read</strong>: <a href="https://www.cnbc.com/2014/08/22/citigroup-facing-restrictions-on-sales-of-hedge-fund-investments-report.html">Citigroup facing restrictions on sales of hedge fund investments: Report</a>)</p><p> Banks make up about 36 percent of the XLF's holdings. "That's a huge driver of how it will do," said Sanchez, a CNBC contributor. "To the extent that we don't have a constructive view on banks, it's hard to get really excited about the XLF."</p><p> Though banks have had good earnings results in the second quarter of 2014, Sanchez thinks that already has been priced into the stocks.</p><p> "Performance has really been bid up over the last several months," Sanchez said. "At this point you're looking for even more performance than they've already given, and I'm not sure that's possible. So if you have a bad view on banks, you probably don't have a great view on XLF."</p><p> <em>To see the full discussion on the XLF, with Wald on the technicals and Sanchez on the fundamentals, watch the above video.</em></p><p> -----<br> Follow us on Twitter: <a href="http://www.twitter.com/cnbcnumbers" target="_blank">@CNBCNumbers</a><br> Like us on Facebook: <a href="http://www.facebook.com/cnbcnumbers" target="_blank">facebook.com/CNBCNumbers</a></p></div>

One of the best performing sectors in the market last week may not be the best investing idea. The S&P 500's financial sector showed a 2.3 percent gain last week. But according to Ari Wald, head of technical analysis, only certain types of financial companies are worth buying. That is why he's not keen on the ETF that tracks the financial sector as a whole (trading under the ticker symbol XLF). "I like financials selectively, but I don't think the XLF is the best way to play it," Wald said. Though the XLF broke above a key resistance level last week and made new highs, Wald believes there are some signals the recent rally is not all in the sector as a whole. (Read: ) "Only a net 17 stocks of the 84 that are in the sector made a new 52-week high with it," Waldsaid. "So it's a very selective move, not broadlybased. A little bit of a closer look will show that the capital markets industry and the REITs industry were the big drivers of this trend. These are the industries that we want to buy." Wald, however, is worried about the banks. "I think XLF has too much exposure to the banks," he said. "I would rather be a little more selective and concentrate on the industries rather than the sector." Gina Sanchez, founder of Chantico Global, is on the same page as Wald when it comes to the XLF's exposure to banks. (Read: Citigroup facing restrictions on sales of hedge fund investments: Report) Banks make up about 36 percent of the XLF's holdings. "That's a huge driver of how it will do," said Sanchez, a CNBC contributor. "To the extent that we don't have a constructive view on banks, it's hard to get really excited about the XLF." Though banks have had good earnings results in the second quarter of 2014, Sanchez thinks that already has been priced into the stocks. "Performance has really been bid up over the last several months," Sanchez said. "At this point you're looking for even more performance than they've already given, and I'm not sure that's possible. So if you have a bad view on banks, you probably don't have a great view on XLF." To see the full discussion on the XLF, with Wald on the technicals and Sanchez on the fundamentals, watch the above video. ----- Follow us on Twitter: @CNBCNumbers Like us on Facebook: facebook.com/CNBCNumbers

2021-10-30 14:11:50.053101

Sudden Death: Murphy Oil, VeriFone and More

https://www.cnbc.com/2008/05/07/sudden-death-murphy-oil-verifone-and-more.html

2008-05-07T22:43:32+0000

Tom Brennan

CNBC

Murphy Oil : “I like Murphy Oil.”VeriFone : “Ever since that accounting debacle, I don’t want to get near that darn thing.”

cnbc, Articles, Murphy Oil Corp, Otter Tail Corp, VeriFone Systems Inc, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>Murphy Oil : “I like Murphy Oil.”</p><p>VeriFone : “Ever since that accounting debacle, I don’t want to get near that darn thing.”</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Otter Tail : “Use the weakness to buy. Wind power’s real.”<br><br></p><p><br><br></p><p><em>Questions for Cramer? </em></p><p><em>Questions, comments, suggestions for the Mad Money website? </em><a href="mailto:madcap@cnbc.com" class="webresource" target="_blank">madcap@cnbc.com</a></p></div>

Murphy Oil : “I like Murphy Oil.”VeriFone : “Ever since that accounting debacle, I don’t want to get near that darn thing.”Otter Tail : “Use the weakness to buy. Wind power’s real.”Questions for Cramer? Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

2021-10-30 14:11:50.159452

Amazon's A.I. camera could help people with memory loss recognize old friends and family

https://www.cnbc.com/2018/06/12/amazon-deeplens-use-case-helping-people-with-memory-loss-alzheimers.html

2018-06-12T12:37:08+0000

Christina Farr

CNBC

Sachin Solkhan, a veteran software engineer who works with Fidelity Investments, has thought a lot about how technology can help people with dementia recognize their loved ones. So when Amazon launched its DeepLens camera in November 2017, he got the idea to use its artificial intelligence software to do just that. Ahead of the device's official launch later this week, he attended a hackathon on his own time to build a system that records a user's experiences and recognizes the person right in front of them. "I wanted to find a way to use the device to help out someone who is struggling," he said. DeepLens is Amazon's equivalent of Google's Clips "smart" camera, but it's targeted to developers instead of consumers. The idea is to use artificial intelligence technology to make it easier for the camera to do things like recognize objects or characters that appear in a video stream.

cnbc, Articles, Alphabet Class A, Apple Inc, Amazon.com Inc, Technology, Health care industry, Health & Science, US: News, source:tagname:CNBC US Source

<div class="group"><p>Sachin Solkhan, a veteran software engineer who works with Fidelity Investments, has thought a lot about how technology can help people with dementia recognize their loved ones. </p><p>So when <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> launched its DeepLens camera in November 2017, he got the idea to use its artificial intelligence software to do just that. Ahead of the device's official launch later this week, he attended a hackathon on his own time to build a system that records a user's experiences and recognizes the person right in front of them. </p><div style="height:100%" class="lazyload-placeholder"></div><p>"I wanted to find a way to use the device to help out someone who is struggling," he said. </p><p><a href="https://www.cnbc.com/2017/11/29/aws-launches-deeplens-artificial-intelligence-camera.html"> DeepLens is Amazon's equivalent of Google's Clips</a> "smart" camera, but it's targeted to developers instead of consumers. The idea is to use artificial intelligence technology to make it easier for the camera to do things like recognize objects or characters that appear in a video stream.</p></div>,<div class="group"><p>Solkhan is hoping that people experiencing memory loss will someday carry around the camera with them wherever they go. </p><p>Here's how it would work: The DeepLens system would store photographs and names of a user's family and friends in Amazon's cloud service. The camera would then record interactions. And if it all goes right, the AI would then recognize the person and issue a verbal prompt. </p><p>Solkhan is testing it out with friends and family members as a side project. </p><div style="height:100%" class="lazyload-placeholder"></div><p>In recent years, Amazon has increasingly been looking for ways to use tools like artificial intelligence in health care for people with complex medical needs. </p><p>The company isn't alone. <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a> also see opportunities in health, a $3 billion sector that <a href="https://www.cnbc.com/2018/02/10/milllennial-doctors-forced-to-use-fax-machines-causing-puzzlement.html">lags far behind other industries</a> in adopting technology.</p><p>"We see a lot of usage for machine learning from primary care to medical screening," Amazon's machine learning and AI general manager, Matt Wood, said in an interview with CNBC. </p><p>Wood said the camera literally put Amazon's advanced technology, like machine learning and artificial intelligence, into the hands of developers. </p><p>He described some of the first applications as "fun," like recognizing species of pet dogs. But others are targeted to helping seniors and people with serious medical problems, like Solkhan's device. </p><p>"We're motivated to use it (machine learning) to improve elder care, and care in general," he said. </p></div>

Sachin Solkhan, a veteran software engineer who works with Fidelity Investments, has thought a lot about how technology can help people with dementia recognize their loved ones. So when Amazon launched its DeepLens camera in November 2017, he got the idea to use its artificial intelligence software to do just that. Ahead of the device's official launch later this week, he attended a hackathon on his own time to build a system that records a user's experiences and recognizes the person right in front of them. "I wanted to find a way to use the device to help out someone who is struggling," he said. DeepLens is Amazon's equivalent of Google's Clips "smart" camera, but it's targeted to developers instead of consumers. The idea is to use artificial intelligence technology to make it easier for the camera to do things like recognize objects or characters that appear in a video stream.Solkhan is hoping that people experiencing memory loss will someday carry around the camera with them wherever they go. Here's how it would work: The DeepLens system would store photographs and names of a user's family and friends in Amazon's cloud service. The camera would then record interactions. And if it all goes right, the AI would then recognize the person and issue a verbal prompt. Solkhan is testing it out with friends and family members as a side project. In recent years, Amazon has increasingly been looking for ways to use tools like artificial intelligence in health care for people with complex medical needs. The company isn't alone. Apple and Alphabet also see opportunities in health, a $3 billion sector that lags far behind other industries in adopting technology."We see a lot of usage for machine learning from primary care to medical screening," Amazon's machine learning and AI general manager, Matt Wood, said in an interview with CNBC. Wood said the camera literally put Amazon's advanced technology, like machine learning and artificial intelligence, into the hands of developers. He described some of the first applications as "fun," like recognizing species of pet dogs. But others are targeted to helping seniors and people with serious medical problems, like Solkhan's device. "We're motivated to use it (machine learning) to improve elder care, and care in general," he said.

2021-10-30 14:11:50.235634

Cramer game plan—My great Fed-pectations in week ahead

https://www.cnbc.com/2015/07/24/cramer-game-plan-my-great-fed-pectations-next-week.html

2015-07-24T22:13:30+0000

Abigail Stevenson

CNBC

Just when Jim Cramer thought the market was done worrying about the drama of foreign lands, suddenly China brought the focus right back to where it was with Greece a few weeks ago. "Yes, the idea that there is big trouble in not-so-little China, based on some very weak Chinese factory orders and a stock market that is being proper up by the Communist party, lay behind today's carnage," the "Mad Money" host. The complete rollover of the commodity sector has investors thinking that something evil lurking in China might take the whole world down with it. This was evident when the breathtaking collapse of raw goods on Friday had things falling apart all over the place. All over the place... except for the United States. In fact, Cramer suspects that the confluence of the robust economy in the U.S. with problems overseas will really hit home next week. (Tweet This) On Wednesday, the Federal Reserve will be making its decision on interest rates. Due to the very robust job growth currently in the U.S., the Fed is widely expected to confirm that it will raise interest rates in September.

cnbc, Articles, China, Greece, Federal Reserve System, Meta Platforms Inc, Exxon Mobil Corp, Gilead Sciences Inc, Twitter Inc, Procter & Gamble Co, The Fed, U.S. Business Day, S&P 500, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p> Just when Jim Cramer thought the market was done worrying about the drama of foreign lands, suddenly <a href="https://www.cnbc.com/china/">China</a> brought the focus right back to where it was with <a href="https://www.cnbc.com/id/10000275">Greece</a> a few weeks ago.</p><p> "Yes, the idea that there is big trouble in not-so-little China, based on some very weak Chinese factory orders and a stock market that is being proper up by the Communist party, lay behind today's carnage," the "Mad Money" host.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The complete rollover of the commodity sector has investors thinking that something evil lurking in China might take the whole world down with it. This was evident when the breathtaking collapse of raw goods on Friday had things falling apart all over the place.</p><p> All over the place... except for the United States. In fact, Cramer suspects that the confluence of the robust economy in the U.S. with problems overseas will really hit home next week. <strong><a href="http://twitter.com/share?url=http://www.cnbc.com/id/102863183&amp;amp;text=Cramer%20suspects%20that%20the%20confluence%20of%20the%20robust%20economy%20in%20the%20U.S.%20with%20problems%20overseas%20will%20really%20hit%20home%20next%20week&amp;amp;via=CNBC" target="_blank">(Tweet This)</a></strong></p><p> On Wednesday, the <a href="https://www.cnbc.com/federal-reserve/">Federal Reserve</a> will be making its decision on interest rates. Due to the very robust job growth currently in the U.S., the Fed is widely expected to confirm that it will raise interest rates in September.</p><br><br><br><br></div>,<div class="group"><p> Cramer gives the Fed some credit, as it held off tightening earlier because it was worried about the impact of a Greek-related disaster in Europe. But now that the Greek drama is over, should the bulls hope that the Fed will hold off again because of China?</p><p> Or will it decide that growth without commodity inflation is a good thing and not do anything? Or will it say that the U.S. has wage inflation, so it is time to raise rates?</p><div style="height:100%" class="lazyload-placeholder"></div><p> The "Mad Money" host does not know the answers to these questions. The one thing he does know, though, is that Friday's selloff was directly correlated to fears that the Fed will be too hawkish. Cramer did not like that the market refused to rally, even after receiving some stunning earnings from companies.</p><p> At this point if the Fed were to raise rates, Cramer thinks it would send the dollar soaring, which would prompt U.S. based international companies to do poorly, which would then result in negative earnings in the future.</p><p> "In short, I think there is a heightened risk of a further rollover, but as I always say, this kind of a selloff will give you an opportunity to buy high-quality stocks at bargain basement prices," Cramer said.</p><p> It doesn't take a genius to realize that the near-term investing world is looking pretty bleak. Cramer can see the combination of lack of market leadership, too few stocks going higher, a general feeling of teetering all add up to the notion that we have topped out for now.</p><p> "Here's how I want you to think about it: China is the new Greece, and the market is not done discounting the possible woes of the most populous country on Earth," Cramer said.</p><p> With this in mind, Cramer geared up for earnings next week. Here is what he will have his eye on:</p><ul><li><strong>Monday: </strong>, Baidu</li><li><strong>Tuesday:</strong> DR Horton, DuPont, <a href="//www.cnbc.com/quotes/GILD" target="_blank">Gilead</a>, Twitter</li><li><strong>Wednesday:</strong> <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a></li><li><strong>Thursday:</strong> <a href="//www.cnbc.com/quotes/PG" target="_blank">Procter &amp; Gamble</a>, Mondelez</li><li><strong>Friday:</strong> <a href="//www.cnbc.com/quotes/XOM" target="_blank">Exxon Mobil</a> &amp; Chevron. "The worst stocks in this market, perhaps the worst I've seen in ages, are the oils. How fitting that Exxon and Chevron both report," Cramer said.</li></ul><p> ----------------------------------------------------------<br> Read more from Mad Money with Jim Cramer<br> <a href="https://www.cnbc.com/2015/07/23/cramer-remix-my-unbelievable-reaction-to-amazon.html">Cramer Remix: My unbelievable reaction to Amazon</a><br> <a href="https://www.cnbc.com/2015/07/23/cramer-smartest-stocks-of-the-sp-riptide.html">Cramer: Smartest stocks of the S&amp;P riptide</a><br> <a href="https://www.cnbc.com/2015/07/23/starbucks-to-cramer-best-quarter-ever-in-history.html">Starbucks tells Cramer: Best quarter in history</a><br> ----------------------------------------------------------</p><p> The "Mad Money" host is looking to hear what both companies say about the long-term view of oil. Will it be a V-shaped recovery? Are things going to get worse before they get better? Oil is in a free-fall, and these two companies can make sense of it.</p><p> At the end of the day, Cramer doesn't like it when good earnings mean so little in the market, like they did on Friday. Right now, the market is all about Chinese pain and Fed worries. Cramer says to keep all eyes on longer term opportunities that could present themselves, that have little to do with the Fed or China.</p></div>,<div class="group"><p> Questions for Cramer?<br> Call Cramer: 1-800-743-CNBC</p><p> Want to take a deep dive into Cramer's world? Hit him up!<br> <a href="https://twitter.com/MadMoneyOnCNBC" target="_blank">Mad Money Twitter</a> - <a href="https://twitter.com/jimcramer" target="_blank">Jim Cramer Twitter</a> - <a href="https://www.facebook.com/madmoney?ref=aymt_homepage_panel" target="_blank">Facebook</a> - <a href="http://instagram.com/jimcramer" target="_blank">Instagram</a> - <a href="https://vine.co/u/984542302087651328" target="_blank">Vine</a><br></p><p> Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com</p></div>

Just when Jim Cramer thought the market was done worrying about the drama of foreign lands, suddenly China brought the focus right back to where it was with Greece a few weeks ago. "Yes, the idea that there is big trouble in not-so-little China, based on some very weak Chinese factory orders and a stock market that is being proper up by the Communist party, lay behind today's carnage," the "Mad Money" host. The complete rollover of the commodity sector has investors thinking that something evil lurking in China might take the whole world down with it. This was evident when the breathtaking collapse of raw goods on Friday had things falling apart all over the place. All over the place... except for the United States. In fact, Cramer suspects that the confluence of the robust economy in the U.S. with problems overseas will really hit home next week. (Tweet This) On Wednesday, the Federal Reserve will be making its decision on interest rates. Due to the very robust job growth currently in the U.S., the Fed is widely expected to confirm that it will raise interest rates in September. Cramer gives the Fed some credit, as it held off tightening earlier because it was worried about the impact of a Greek-related disaster in Europe. But now that the Greek drama is over, should the bulls hope that the Fed will hold off again because of China? Or will it decide that growth without commodity inflation is a good thing and not do anything? Or will it say that the U.S. has wage inflation, so it is time to raise rates? The "Mad Money" host does not know the answers to these questions. The one thing he does know, though, is that Friday's selloff was directly correlated to fears that the Fed will be too hawkish. Cramer did not like that the market refused to rally, even after receiving some stunning earnings from companies. At this point if the Fed were to raise rates, Cramer thinks it would send the dollar soaring, which would prompt U.S. based international companies to do poorly, which would then result in negative earnings in the future. "In short, I think there is a heightened risk of a further rollover, but as I always say, this kind of a selloff will give you an opportunity to buy high-quality stocks at bargain basement prices," Cramer said. It doesn't take a genius to realize that the near-term investing world is looking pretty bleak. Cramer can see the combination of lack of market leadership, too few stocks going higher, a general feeling of teetering all add up to the notion that we have topped out for now. "Here's how I want you to think about it: China is the new Greece, and the market is not done discounting the possible woes of the most populous country on Earth," Cramer said. With this in mind, Cramer geared up for earnings next week. Here is what he will have his eye on:Monday: , BaiduTuesday: DR Horton, DuPont, Gilead, TwitterWednesday: FacebookThursday: Procter & Gamble, MondelezFriday: Exxon Mobil & Chevron. "The worst stocks in this market, perhaps the worst I've seen in ages, are the oils. How fitting that Exxon and Chevron both report," Cramer said. ---------------------------------------------------------- Read more from Mad Money with Jim Cramer Cramer Remix: My unbelievable reaction to Amazon Cramer: Smartest stocks of the S&P riptide Starbucks tells Cramer: Best quarter in history ---------------------------------------------------------- The "Mad Money" host is looking to hear what both companies say about the long-term view of oil. Will it be a V-shaped recovery? Are things going to get worse before they get better? Oil is in a free-fall, and these two companies can make sense of it. At the end of the day, Cramer doesn't like it when good earnings mean so little in the market, like they did on Friday. Right now, the market is all about Chinese pain and Fed worries. Cramer says to keep all eyes on longer term opportunities that could present themselves, that have little to do with the Fed or China. Questions for Cramer? Call Cramer: 1-800-743-CNBC Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

2021-10-30 14:11:50.408787

Week Ahead: Traders look for clarity from China, Fed

https://www.cnbc.com/2015/08/21/week-ahead-traders-look-for-clarity-from-china-fed.html

2015-08-24T01:00:15+0000

Patti Domm

CNBC

Stocks start the week on a nervous footing, with traders looking for signals from both China and the Fed to turn the tide. While stocks could see a reflex pop after last week's nearly six percent decline in the S&P 500, traders see the potential for the first double digit decline in the S&P in four years and a possible rocky period ahead. S&P/Capital IQ strategist Sam Stovall said the S&P 500, in fact, could see its first negative year since 2011, if it does fall into a true correction of 10 percent or more. "Should the S&P slip into a long overdue correction mode, it will likely take longer than year end to get back to break even," said Stovall. In 2011, the S&P was just very slightly lower, down much less than 1 percent. Before that it was last lower in 2008. As of now, it is down 4.3 percent for the year. Markets have been spooked by a slowing China and traders are watching for signs of further stimulus from China as well as clarity from the Fed on whether a September rate hike is still possible.

cnbc, Articles, Market Insider, Walt Disney Co, Wendys Co, Tesla Inc, Mondelez International Inc, Groupon Inc, Booking Holdings Inc, China, Federal Reserve System, Malaysia, Mexico, Wyoming, The Fed, S&P 500, US: News, Market Outlook, Investment Strategy, Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> Stocks start the week on a nervous footing, with traders looking for signals from both China and the Fed to turn the tide.</p><p> While stocks could see a reflex pop after last week's nearly six percent decline in the S&amp;P 500, traders see the potential for the first double digit decline in the S&amp;P in four years and a possible rocky period ahead. </p><div style="height:100%" class="lazyload-placeholder"></div><p>S&amp;P/Capital IQ strategist Sam Stovall said the S&amp;P 500, in fact, could see its first negative year since 2011, if it does fall into a true correction of 10 percent or more.</p><p> <span>"Should the S&amp;P slip into a long overdue correction mode, it will likely take longer than year end to get back to break even," said Stovall. In 2011, the S&amp;P was just very slightly lower, down much less than 1 percent. Before that it was last lower in 2008. As of now, it is down 4.3 percent for the year.</span><br></p><p> Markets have been spooked by a slowing China and traders are watching for signs of further stimulus from China as well as clarity from the <a href="https://www.cnbc.com/federal-reserve/">Fed</a> on whether a September rate hike is still possible. </p><p><br></p></div>,<div class="group"><p> "China's the big one. They've got to step in and do something. I think the Fed is an issue but it's not the biggest deal. They're damned if they do, damned if they don't," said Robert Doll, Nuveen Asset Management chief equity strategist and senior portfolio manager.</p><div style="height:100%" class="lazyload-placeholder"></div><p> China Sunday allowed pension funds managed by local governments to invest in its stock market for the first time. Shanghai stocks were down nearly 12 percent last week. The Wall Street Journal also reported that China is planning to announce more steps to add liquidity to banks in the next several weeks, including cutting the deposits banks are required to keep in reserve.</p><p> Stocks fell Friday in a second day of heavy selling, with the Dow's 530-point drop the biggest one-day decline in four years. That index is now in a 10 percent correction for the first time since October 2011. The S&amp;P 500 also fell sharply, blasting through key support levels to 1970, for a one-week decline of 5.8 percent. It is now 7.7 percent off its May highs. </p><p> Markets have been worried that China's will weaken further, and the ripple effects will continue to spread into other emerging markets and commodities. Emerging market currencies were lower in Asian trading early Monday, after a sharp drop in the past week. The <a href="https://www.cnbc.com/id/10000383">Mexican</a> peso last week was down 3.8 percent, the <a href="https://www.cnbc.com/id/10000179">Malaysian</a> ringgit was down 2.6, and the <a href="https://www.cnbc.com/id/10000179">Russian</a> ruble was down 6.6 percent, to name a few. Those markets have also been hit hard by the prospect of a rising dollar and higher U.S. rates, which would also be a setback for commodities and their currencies.</p><p> U.S. stock futures were lower Sunday. Since Tuesday, the S&amp;P 500 fell about 130 points, with 64 of those points on Friday alone. Selling accelerated Wednesday, after the Fed released the minutes of its last meeting. The markets took those minutes as dovish and immediately began pricing out a rate hike for September, even though the Fed indicated it was still undecided at its July meeting. Traders say the next downside target for the S&amp;P 500 is now around 1950.</p><p>While stocks were slammed in the past week, buyers moved into Treasurys, but the move in bond yields did not keep pace with the sharp sell off in stocks.</p><p> Nomura rate strategist George Goncalves says bonds are not yet exhibiting a big flight to quality trade.</p><p> "I think the bond market into the end of next week is going to operate on its own devices. There are some technical things with the end of the month. It's also the end of the summer…People don't want to get involved at these levels," said Goncalves.</p><p> Goncalves said Nomura expects the Fed to tighten in December but the odds of 2016 are rising, and the odds of September are waning.<br></p><p> "You need another day or two of this volatility for people to throw in the towel," he said. It would take another big swoosh down in stocks for a major flight to quality trade to come into the Treasury market. "If financial conditions continue to worsen, driving equity declines and credit widen, then the market is doing the tightening for the Fed." <br></p><p> Goncalves said market expectations for action by China may be too high. "There are a lot of things the Chinese could do but not in the short run. We're talking about an area of the world that has a slowing economy. Their equities market has been volatile and now they've changed their FX regime. They're doing a lot. We can't fault the Chinese for not trying to arrest these market changes. I think that it has to get worse for them to do more," he said. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/23/sp-strategist-says-possible-negative-year-for-stocks.html">S&amp;P strategist: Possible negative year for stocks</a></p><p>Yields move inversely to prices, and the yield on the 10-year yield was at 2.04 percent late Friday. </p><p>Oil futures were trading lower Sunday night, after eight weeks of declines, the longest weekly losing streak since 1986. West Texas Intermediate futures temporarily fell below $40 per barrel Friday but closed at $40.45 per barrel. WTI was down 4.8 percent for the week. The VIX, the CBOE's fear index based on put and calls in the S&amp;P 500, shot up to 28.03 Friday, a 47 percent jump in one day. <br></p><p> "It's hard to know how much of the (S&amp;P) decline, at the end of the day, was options expiration," said Peter Boockvar, chief market strategist at Lindsey Group. "You have a Friday in the summer where nobody's going to understand what's going to happen Sunday night in China. The market is worried about global growth." Traders speculated the Chinese government would intervene with a liquidity injection or some other stimulus. The Shanghai market, falling for weeks, was down more than 4 percent Friday after a weak Chinese manufacturing report.</p><p> Boockvar said stocks reflect both softer global growth and shrinking U.S. corporate earnings growth. "The market is adjusting to this…. The fundamental story for the U.S. market has changed because of the Fed, the end of QE (quantitative easing) and the potential rise in interest rates. The major tailwinds over the last couple of years has become headwinds. I think this correction is the beginning of something more. Could we have violent rally? Sure, but we could also be on the cusp of a bear market. This bull market has gone on for six years. People should be more worried about playing defense than picking bottoms," said Boockvar.</p><p> But Doll expects the market to come through the downturn and react much like it has after all of the pullbacks since the bull market began. "I think the selloff is more than half way in terms of points, but less than halfway in terms of time," said Doll.</p><p> Jonathan Golub, chief U.S. market strategist at RBC Capital Markets, said the market focus will really be on the markets in the week ahead. "Do I think there will be some government officials around the world who speak and that become news headlines? Yeah, but the market becomes its own story," he said. "What we will be talking about in the absence of a big data week and because we're not in earnings season, is really going to be where the dollar is, oil, volatility and the 10-year and that interaction is going to basically dominate what happens to the market. That's going to be far more important than what happens at the company level," said Golub.</p><p> Economists polled by CNBC mostly still believe the Fed will raise rates in September, even though the market now expects it to be later. There are several Fed speakers in the week ahead and the important Jackson Hole, <a href="https://www.cnbc.com/id/10000616">Wyoming</a>, Fed symposium begins Thursday. Fed Chair Janet Yellen is not attending the conference, but Fed Vice Chairman Stanley Fischer is attending, and he speaks Saturday.</p><p> Ahead of that, New York Fed President William Dudley, viewed as closely allied to Yellen, speaks on the regional economy Wednesday, but he will take questions from the media. Atlanta Fed President Dennis Lockhart speaks Monday, and his recent comments have been viewed as hawkish since he said he saw no reason for the Fed not to raise rates in September.</p><p> There is some important data in the week ahead, with the most important release the personal income and spending data Friday. There is also the revision to second quarter GDP on Thursday and economists expect growth to increase to 3.4 percent.</p></div>,<div class="group"><p> <strong>Monday </strong></p><p> 9:45 a.m.: Manufacturing PMI</p><p> 3:55 p.m.: Atlanta Fed President Dennis Lockhart</p><p> <strong>Tuesday</strong><br></p><p> 9 a.m.: S&amp;P/Case-Shiller home prices, FHFA home prices</p><p> 10 a.m.: New home sales, Consumer confidence</p><p> 1 p.m.: $26 billion 2-year note auction</p><p> <strong>Wednesday</strong><br></p><p> 8:30 a.m.: Durable goods</p><p> 9:45 a.m.: Services PMI</p><p> 10 a.m.: New York Fed President Dudley on regional economy, Q&amp;A</p><p> 1 p.m.: $35 billion 5-year note auction</p><p> <strong>Thursday</strong><br></p><p> Jackson Hole Fed symposium begins</p><p> 8:30 a.m.: Initial claims<br></p><p> 8:30 a.m.: Real GDP Q2 (second)</p><p> 10 a.m.: Pending home sales</p><p> 1 p.m.: $29 billion 7-year note auction</p><p> <strong>Friday</strong><br></p><p> 8:30 a.m.: Personal income</p><p> 10 a.m.: Consumer sentiment</p><p> <strong>Saturday</strong></p><p> 12:25 p.m.: Fed Vice Chairman Stanley Fischer at Jackson Hole; topic U.S. inflation</p></div>,<div class="group"><p><em>--updates with correct name of Jonathan Golub's firm </em></p></div>

Stocks start the week on a nervous footing, with traders looking for signals from both China and the Fed to turn the tide. While stocks could see a reflex pop after last week's nearly six percent decline in the S&P 500, traders see the potential for the first double digit decline in the S&P in four years and a possible rocky period ahead. S&P/Capital IQ strategist Sam Stovall said the S&P 500, in fact, could see its first negative year since 2011, if it does fall into a true correction of 10 percent or more. "Should the S&P slip into a long overdue correction mode, it will likely take longer than year end to get back to break even," said Stovall. In 2011, the S&P was just very slightly lower, down much less than 1 percent. Before that it was last lower in 2008. As of now, it is down 4.3 percent for the year. Markets have been spooked by a slowing China and traders are watching for signs of further stimulus from China as well as clarity from the Fed on whether a September rate hike is still possible. "China's the big one. They've got to step in and do something. I think the Fed is an issue but it's not the biggest deal. They're damned if they do, damned if they don't," said Robert Doll, Nuveen Asset Management chief equity strategist and senior portfolio manager. China Sunday allowed pension funds managed by local governments to invest in its stock market for the first time. Shanghai stocks were down nearly 12 percent last week. The Wall Street Journal also reported that China is planning to announce more steps to add liquidity to banks in the next several weeks, including cutting the deposits banks are required to keep in reserve. Stocks fell Friday in a second day of heavy selling, with the Dow's 530-point drop the biggest one-day decline in four years. That index is now in a 10 percent correction for the first time since October 2011. The S&P 500 also fell sharply, blasting through key support levels to 1970, for a one-week decline of 5.8 percent. It is now 7.7 percent off its May highs. Markets have been worried that China's will weaken further, and the ripple effects will continue to spread into other emerging markets and commodities. Emerging market currencies were lower in Asian trading early Monday, after a sharp drop in the past week. The Mexican peso last week was down 3.8 percent, the Malaysian ringgit was down 2.6, and the Russian ruble was down 6.6 percent, to name a few. Those markets have also been hit hard by the prospect of a rising dollar and higher U.S. rates, which would also be a setback for commodities and their currencies. U.S. stock futures were lower Sunday. Since Tuesday, the S&P 500 fell about 130 points, with 64 of those points on Friday alone. Selling accelerated Wednesday, after the Fed released the minutes of its last meeting. The markets took those minutes as dovish and immediately began pricing out a rate hike for September, even though the Fed indicated it was still undecided at its July meeting. Traders say the next downside target for the S&P 500 is now around 1950.While stocks were slammed in the past week, buyers moved into Treasurys, but the move in bond yields did not keep pace with the sharp sell off in stocks. Nomura rate strategist George Goncalves says bonds are not yet exhibiting a big flight to quality trade. "I think the bond market into the end of next week is going to operate on its own devices. There are some technical things with the end of the month. It's also the end of the summer…People don't want to get involved at these levels," said Goncalves. Goncalves said Nomura expects the Fed to tighten in December but the odds of 2016 are rising, and the odds of September are waning. "You need another day or two of this volatility for people to throw in the towel," he said. It would take another big swoosh down in stocks for a major flight to quality trade to come into the Treasury market. "If financial conditions continue to worsen, driving equity declines and credit widen, then the market is doing the tightening for the Fed." Goncalves said market expectations for action by China may be too high. "There are a lot of things the Chinese could do but not in the short run. We're talking about an area of the world that has a slowing economy. Their equities market has been volatile and now they've changed their FX regime. They're doing a lot. We can't fault the Chinese for not trying to arrest these market changes. I think that it has to get worse for them to do more," he said. Read MoreS&P strategist: Possible negative year for stocksYields move inversely to prices, and the yield on the 10-year yield was at 2.04 percent late Friday. Oil futures were trading lower Sunday night, after eight weeks of declines, the longest weekly losing streak since 1986. West Texas Intermediate futures temporarily fell below $40 per barrel Friday but closed at $40.45 per barrel. WTI was down 4.8 percent for the week. The VIX, the CBOE's fear index based on put and calls in the S&P 500, shot up to 28.03 Friday, a 47 percent jump in one day. "It's hard to know how much of the (S&P) decline, at the end of the day, was options expiration," said Peter Boockvar, chief market strategist at Lindsey Group. "You have a Friday in the summer where nobody's going to understand what's going to happen Sunday night in China. The market is worried about global growth." Traders speculated the Chinese government would intervene with a liquidity injection or some other stimulus. The Shanghai market, falling for weeks, was down more than 4 percent Friday after a weak Chinese manufacturing report. Boockvar said stocks reflect both softer global growth and shrinking U.S. corporate earnings growth. "The market is adjusting to this…. The fundamental story for the U.S. market has changed because of the Fed, the end of QE (quantitative easing) and the potential rise in interest rates. The major tailwinds over the last couple of years has become headwinds. I think this correction is the beginning of something more. Could we have violent rally? Sure, but we could also be on the cusp of a bear market. This bull market has gone on for six years. People should be more worried about playing defense than picking bottoms," said Boockvar. But Doll expects the market to come through the downturn and react much like it has after all of the pullbacks since the bull market began. "I think the selloff is more than half way in terms of points, but less than halfway in terms of time," said Doll. Jonathan Golub, chief U.S. market strategist at RBC Capital Markets, said the market focus will really be on the markets in the week ahead. "Do I think there will be some government officials around the world who speak and that become news headlines? Yeah, but the market becomes its own story," he said. "What we will be talking about in the absence of a big data week and because we're not in earnings season, is really going to be where the dollar is, oil, volatility and the 10-year and that interaction is going to basically dominate what happens to the market. That's going to be far more important than what happens at the company level," said Golub. Economists polled by CNBC mostly still believe the Fed will raise rates in September, even though the market now expects it to be later. There are several Fed speakers in the week ahead and the important Jackson Hole, Wyoming, Fed symposium begins Thursday. Fed Chair Janet Yellen is not attending the conference, but Fed Vice Chairman Stanley Fischer is attending, and he speaks Saturday. Ahead of that, New York Fed President William Dudley, viewed as closely allied to Yellen, speaks on the regional economy Wednesday, but he will take questions from the media. Atlanta Fed President Dennis Lockhart speaks Monday, and his recent comments have been viewed as hawkish since he said he saw no reason for the Fed not to raise rates in September. There is some important data in the week ahead, with the most important release the personal income and spending data Friday. There is also the revision to second quarter GDP on Thursday and economists expect growth to increase to 3.4 percent. Monday 9:45 a.m.: Manufacturing PMI 3:55 p.m.: Atlanta Fed President Dennis Lockhart Tuesday 9 a.m.: S&P/Case-Shiller home prices, FHFA home prices 10 a.m.: New home sales, Consumer confidence 1 p.m.: $26 billion 2-year note auction Wednesday 8:30 a.m.: Durable goods 9:45 a.m.: Services PMI 10 a.m.: New York Fed President Dudley on regional economy, Q&A 1 p.m.: $35 billion 5-year note auction Thursday Jackson Hole Fed symposium begins 8:30 a.m.: Initial claims 8:30 a.m.: Real GDP Q2 (second) 10 a.m.: Pending home sales 1 p.m.: $29 billion 7-year note auction Friday 8:30 a.m.: Personal income 10 a.m.: Consumer sentiment Saturday 12:25 p.m.: Fed Vice Chairman Stanley Fischer at Jackson Hole; topic U.S. inflation--updates with correct name of Jonathan Golub's firm

2021-10-30 14:11:50.688708

The market comeback: Focus on 'economic data' and earnings, says Loop Capital president

https://www.cnbc.com/2017/05/28/the-market-comeback-focus-on-economic-data-and-earnings.html

2017-05-28T19:12:49+0000

CNBC

Despite the gloomy budget headlines from Washington and the tragic events in Manchester, England, new records were set this week by both the Nasdaq and the . Both have posted gains for seven consecutive sessions, matching seven-day win streaks for each that ran through Feb. 15. The Nasdaq last had an eight-day win streak in February 2015, while the S&P's most recent eight-day win streak happened in July 2013.Kourtney Gibson, president of Loop Capital Markets, told CNBC's "On The Money" this week that "I think the market is somewhat desensitized a little bit from some of these things. I think the good news is that we are actually focused on economic data and actually focused on the earnings that we are seeing coming out of the market right now"Recent earnings winners included Wal-Mart and Home Depot, signs of life in the dismal retail sector. Last week, HP, Medtronic and Best Buy all posted better-than-expected earnings. On the data front, a fresh reading on gross domestic product showed a better number than the first estimate. Manufacturing PMI for May also saw better-than-expected numbers with new orders at their best level of the year and employment improving.Looking ahead to next month's two-day Federal Reserve meeting, where a rate rise is expected, Gibson says a hike could ultimately be good news for savers. "For the average American raised interest rates obviously mean higher mortgage rates potentially on the long end of course, auto loan rates will go up. Hopefully we will begin to see some of those savings rates increase for the consumer," Gibson said. "I'd love to see some of the larger bulge-bracket investment banks and commercial banks begin to raise the savings rates for the average consumer as well."Gibson warns this week's big market headlines shouldn't throw a monkey wrench into your investment strategy. Just stay the course."Hopefully you are investing for the long term and your financial advisor or whoever is helping you with determining your asset allocation is positioning you for the time horizon which you currently have, in which you'll actually need the money," she said. "So, changing something based just on this week is probably not advisable for most."Meanwhile, all three major indexes posted gains for the week, breaking two-week losing streaks for the Dow and S&P 500."On the Money" airs on CNBC Saturdays at 5:30 am ET, or check listings for air times in local markets.

cnbc, Articles, Dow Jones Industrial Average, S&P 500 Index, NASDAQ 100 Index, Washington DC, Wall Street, Investment strategy, Investing, U.S. Markets Overview, U.S. Markets, On The Money, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>Despite the gloomy budget headlines from <a href="https://www.cnbc.com/id/10000613">Washington</a> and the tragic events in Manchester, England, new records were set this week by both the <a href="https://www.cnbc.com/quotes/.NDX">Nasdaq</a> and the <!-- -->. <br><br>Both have posted gains for seven consecutive sessions, matching seven-day win streaks for each that ran through Feb. 15. The Nasdaq last had an eight-day win streak in February 2015, while the S&amp;P's most recent eight-day win streak happened in July 2013.</p><p>Kourtney Gibson, president of Loop Capital Markets, told CNBC's "On The Money" this week that "I think the market is somewhat desensitized a little bit from some of these things. I think the good news is that we are actually focused on economic data and actually focused on the earnings that we are seeing coming out of the market right now"</p><div style="height:100%" class="lazyload-placeholder"></div><p>Recent earnings winners included <a href="//www.cnbc.com/quotes/WMT" target="_blank">Wal-Mart</a> and <a href="//www.cnbc.com/quotes/HD" target="_blank">Home Depot</a>, signs of life in the dismal retail sector. Last week, <a href="//www.cnbc.com/quotes/HPQ" target="_blank">HP</a>, <a href="//www.cnbc.com/quotes/MDT" target="_blank">Medtronic</a> and <a href="//www.cnbc.com/quotes/BBY" target="_blank">Best Buy</a> all posted better-than-expected earnings. On the data front, a fresh reading on <a href="https://www.cnbc.com/2011/11/03/gross-domestic-product-cnbc-explains.html">gross domestic product</a> showed a better number than the first estimate. Manufacturing PMI for May also saw better-than-expected numbers with new orders at their best level of the year and employment improving.</p><p>Looking ahead to next month's two-day <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Federal Reserve</a> meeting, where a rate rise is expected, Gibson says a hike could ultimately be good news for savers. </p><p>"For the average American raised interest rates obviously mean higher mortgage rates potentially on the long end of course, auto loan rates will go up. Hopefully we will begin to see some of those savings rates increase for the consumer," Gibson said. "I'd love to see some of the larger bulge-bracket investment banks and commercial banks begin to raise the savings rates for the average consumer as well."</p><p>Gibson warns this week's big market headlines shouldn't throw a monkey wrench into your investment strategy. Just stay the course.</p><p>"Hopefully you are investing for the long term and your financial advisor or whoever is helping you with determining your asset allocation is positioning you for the time horizon which you currently have, in which you'll actually need the money," she said. "So, changing something based just on this week is probably not advisable for most."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Meanwhile, all three major indexes posted gains for the week, breaking two-week losing streaks for the <a href="https://www.cnbc.com/quotes/.DJI">Dow</a> and S&amp;P 500.</p><p><em>"On the Money" airs on CNBC Saturdays at 5:30 am ET, or check listings for air times in local markets. </em></p></div>

Despite the gloomy budget headlines from Washington and the tragic events in Manchester, England, new records were set this week by both the Nasdaq and the . Both have posted gains for seven consecutive sessions, matching seven-day win streaks for each that ran through Feb. 15. The Nasdaq last had an eight-day win streak in February 2015, while the S&P's most recent eight-day win streak happened in July 2013.Kourtney Gibson, president of Loop Capital Markets, told CNBC's "On The Money" this week that "I think the market is somewhat desensitized a little bit from some of these things. I think the good news is that we are actually focused on economic data and actually focused on the earnings that we are seeing coming out of the market right now"Recent earnings winners included Wal-Mart and Home Depot, signs of life in the dismal retail sector. Last week, HP, Medtronic and Best Buy all posted better-than-expected earnings. On the data front, a fresh reading on gross domestic product showed a better number than the first estimate. Manufacturing PMI for May also saw better-than-expected numbers with new orders at their best level of the year and employment improving.Looking ahead to next month's two-day Federal Reserve meeting, where a rate rise is expected, Gibson says a hike could ultimately be good news for savers. "For the average American raised interest rates obviously mean higher mortgage rates potentially on the long end of course, auto loan rates will go up. Hopefully we will begin to see some of those savings rates increase for the consumer," Gibson said. "I'd love to see some of the larger bulge-bracket investment banks and commercial banks begin to raise the savings rates for the average consumer as well."Gibson warns this week's big market headlines shouldn't throw a monkey wrench into your investment strategy. Just stay the course."Hopefully you are investing for the long term and your financial advisor or whoever is helping you with determining your asset allocation is positioning you for the time horizon which you currently have, in which you'll actually need the money," she said. "So, changing something based just on this week is probably not advisable for most."Meanwhile, all three major indexes posted gains for the week, breaking two-week losing streaks for the Dow and S&P 500."On the Money" airs on CNBC Saturdays at 5:30 am ET, or check listings for air times in local markets.

2021-10-30 14:11:50.725753

Slack says it's going to replace email and is as necessary as electricity in its pitch to investors

https://www.cnbc.com/2019/05/13/slack-releases-new-financials-ahead-of-investor-day.html

2019-05-13T13:51:01+0000

Michael Sheetz

CNBC

Business messaging service Slack briefed investors on Monday, as the company expects to go public with a direct listing on the New York Stock Exchange on June 20.Slack provided updated information in an amendment to its initial public offering filing ahead of its pitch to investors. For the quarter ending April 30, Slack brought in revenue estimated between $133.8 to $134.8 million, up from $80.9 million in the same period a year ago. Slack's net loss expanded to about $39 million in the quarter, from $26.3 million.The service, which primarily caters to businesses, said it has more than 10 million users as of January. In its briefing to investors, Slack said it will release first quarter earnings and host a conference call on June 10, as well as give a second quarter forecast.Stewart Butterfield, co-founder and CEO of Slack, made the case that replacing email with Slack changes the way employees of a company communicate."This shift is inevitable. We believe every organization will switch to Slack or something like it," Butterfield said in a presentation.He also pitched Slack as a software-focused company that believes the world is "only at the beginning" of its reliance on software. In that essence, Butterfield likened Slack as eventually becoming a utility, similar to the internet or electricity."The world is going to continue to use more and more software and we deliberately try to put ourselves in a position where Slack the company gets more valuable as the world uses more software because Slack the product becomes more valuable for our customers as that customer uses more software," Butterfield said.Slack is the latest in a string of large technology companies coming to the public markets. But rather than a traditional IPO, the service will list its shares directly on the NYSE. It's the second major tech company over the last year to opt for a direct listing, following Spotify. Slack's ticker symbol will be SK.Slack, similar to the recent IPOs of Lyft and Pinterest, will offer two classes of shares, to consolidate voting power among its top shareholders. Slack's Class A common stock will receive one vote per share, while Class B will be entitled to 10 votes per share.Disclosure: Comcast Ventures, the venture arm of Comcast, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.

cnbc, Articles, Spotify Technology SA, Pinterest Inc, Lyft Inc, Social media, Technology, Breaking News: Economy, Breaking News: Markets, Breaking News: Investing, Breaking News: Business, Breaking news, Business, Economy, Markets, Stock markets, Business News, stocks, CNBC Disruptor 50, Social Media, source:tagname:CNBC US Source

<div class="group"><p>Business messaging service Slack briefed investors on Monday, as the company expects to go public with a direct listing on the New York Stock Exchange on June 20.</p><p>Slack provided updated information in <a href="https://www.sec.gov/Archives/edgar/data/1764925/000162828019006616/slacks-1a1.htm" target="_blank">an amendment</a> to its <a href="https://www.cnbc.com/2019/04/26/slack-releases-s-1-for-ipo.html">initial public offering filing</a> ahead of its pitch to investors. For the quarter ending April 30, Slack brought in revenue estimated between $133.8 to $134.8 million, up from $80.9 million in the same period a year ago. Slack's net loss expanded to about $39 million in the quarter, from $26.3 million.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The service, which primarily caters to businesses, said it has more than 10 million users as of January. In its briefing to investors, Slack said it will release first quarter earnings and host a conference call on June 10, as well as give a second quarter forecast.</p><p>Stewart Butterfield, co-founder and CEO of Slack, made the case that replacing email with Slack changes the way employees of a company communicate.</p><p>"This shift is inevitable. We believe every organization will switch to Slack or something like it," Butterfield said in a presentation.</p><p>He also pitched Slack as a software-focused company that believes the world is "only at the beginning" of its reliance on software. In that essence, Butterfield likened Slack as eventually becoming a utility, similar to the internet or electricity.</p><p>"The world is going to continue to use more and more software and we deliberately try to put ourselves in a position where Slack the company gets more valuable as the world uses more software because Slack the product becomes more valuable for our customers as that customer uses more software," Butterfield said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Slack is the latest in a string of large technology companies coming to the public markets. But rather than a traditional IPO, the service will list its shares directly on the NYSE. It's the second major tech company over the last year to opt for a direct listing, following <a href="//www.cnbc.com/quotes/SPOT" target="_blank">Spotify</a>. Slack's ticker symbol will be SK.</p><p>Slack, similar to the recent IPOs of <a href="//www.cnbc.com/quotes/LYFT" target="_blank">Lyft</a> and <a href="//www.cnbc.com/quotes/PINS" target="_blank">Pinterest</a>, will offer two classes of shares, to consolidate voting power among its top shareholders. Slack's Class A common stock will receive one vote per share, while Class B will be entitled to 10 votes per share.</p><p><em>Disclosure: Comcast Ventures, the venture arm of Comcast, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.</em></p></div>,<div class="group"></div>

Business messaging service Slack briefed investors on Monday, as the company expects to go public with a direct listing on the New York Stock Exchange on June 20.Slack provided updated information in an amendment to its initial public offering filing ahead of its pitch to investors. For the quarter ending April 30, Slack brought in revenue estimated between $133.8 to $134.8 million, up from $80.9 million in the same period a year ago. Slack's net loss expanded to about $39 million in the quarter, from $26.3 million.The service, which primarily caters to businesses, said it has more than 10 million users as of January. In its briefing to investors, Slack said it will release first quarter earnings and host a conference call on June 10, as well as give a second quarter forecast.Stewart Butterfield, co-founder and CEO of Slack, made the case that replacing email with Slack changes the way employees of a company communicate."This shift is inevitable. We believe every organization will switch to Slack or something like it," Butterfield said in a presentation.He also pitched Slack as a software-focused company that believes the world is "only at the beginning" of its reliance on software. In that essence, Butterfield likened Slack as eventually becoming a utility, similar to the internet or electricity."The world is going to continue to use more and more software and we deliberately try to put ourselves in a position where Slack the company gets more valuable as the world uses more software because Slack the product becomes more valuable for our customers as that customer uses more software," Butterfield said.Slack is the latest in a string of large technology companies coming to the public markets. But rather than a traditional IPO, the service will list its shares directly on the NYSE. It's the second major tech company over the last year to opt for a direct listing, following Spotify. Slack's ticker symbol will be SK.Slack, similar to the recent IPOs of Lyft and Pinterest, will offer two classes of shares, to consolidate voting power among its top shareholders. Slack's Class A common stock will receive one vote per share, while Class B will be entitled to 10 votes per share.Disclosure: Comcast Ventures, the venture arm of Comcast, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.

2021-10-30 14:11:50.814272

Did EA Bust the Social Gaming Bubble?

https://www.cnbc.com/2013/04/17/did-ea-bust-the-social-gaming-bubble.html

2013-04-17T16:11:36+0000

Chris Morris

CNBC

When Electronic Arts bought social games maker Playfish for $300 million—plus a $100 million buyout—in 2009, it sent shock waves throughout the videogame industry. Spurred by growing speculation about the value of then-private Zynga, some tech pros say it was the beginning of a bubble for developers who specialize in Facebook games. On Monday, EA once again surprised the tech world – this time by announcing plans to axe several games on the social network, including The Sims Social, SimCity Social and Pet Society. When those titles shut down on June 14, Playfish may not have any active games—thus raising questions about its fate. (EA declined to discuss the future of Playfish, saying it was "not commenting on individual teams.") The Sims Social was once one of the most popular games on Facebook, with daily active users topping 10 million. It has fallen off of those highs, though, in a big way: Today, the game boasts just 500,000 daily players, according to App Data – and may soon fall out of the Top 100 Facebook titles; it's currently ranked 98th. (Read More: EA Puts Faith in 'Next Gen Consoles')

cnbc, Articles, Gaming software, Electronic Arts, Meta Platforms Inc, Zynga Inc, Walt Disney Co, Activision Blizzard Inc, Gaming, Technology, Video Games, source:tagname:CNBC US Source

<div class="group"><p> When <a href="//www.cnbc.com/quotes/EA" target="_blank">Electronic Arts</a> bought social games maker Playfish for $300 million—plus a $100 million buyout—in 2009, it sent shock waves throughout the videogame industry. Spurred by growing speculation about the value of then-private Zynga, some tech pros say it was the beginning of a bubble for developers who specialize in Facebook games.</p><p> On Monday, EA once again surprised the tech world – this time by announcing plans to axe several games on the social network, including The Sims Social, SimCity Social and Pet Society. When those titles shut down on June 14, Playfish may not have any active games—thus raising questions about its fate. (EA declined to discuss the future of Playfish, saying it was "not commenting on individual teams.")</p><div style="height:100%" class="lazyload-placeholder"></div><p> The Sims Social was once one of the most popular games on Facebook, with daily active users topping 10 million. It has fallen off of those highs, though, in a big way: Today, the game boasts just 500,000 daily players, according to App Data – and may soon fall out of the Top 100 Facebook titles; it's currently ranked 98th. <br></p><p rel="8"><em>(Read More</em>:<a href="https://www.cnbc.com/2013/03/28/ea-puts-faith-in-next-gen-consoles.html"> EA Puts Faith in 'Next Gen Consoles'</a>)<br></p></div>,<div class="group"><p> EA is just the latest videogame maker to distance itself from social network (though games from its PopCap division will continue to be playable there). <a href="//www.cnbc.com/quotes/ZNGA" target="_blank">Zynga</a>, once the king of <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> games has been steadily shifting its focus to mobile games and real world gambling to increase revenues.</p><p>(<em>Read More:</em> <a href="https://www.cnbc.com/2013/02/27/gaming-industrys-latest-idea-free-games.html">Gaming Industry's Latest Idea: Free Games</a>) </p><p> While Facebook officials have recently begun talking up games as part of the company's strategy, analysts note the site has failed to find a way to handle notifications without them appearing spam-like, causing players to lose some interest and developers to move elsewhere. A Facebook spokesman has disputed this, recently telling <a href="http://www.gamasutra.com/view/news/190577/As_EA_bows_out_Facebook_says_games_are_strong_as_ever.php" target="_blank">Gamasutra</a> game installs are up 75 percent compared to a year ago. </p><div style="height:100%" class="lazyload-placeholder"></div><p> While EA won't confirm the shutdown, Playfish staffers seemed to hint at the situation on the Playfish forums. The developer encouraged players to use their Playfish cash cards—gift cards bought at retail stores that can be used to purchase in-game items in any of the developer's titles—before The Sims Social sunsets. "After that date, you will need to contact customer service regarding your Playfish cash cards," the developer said—indicating no future games were forthcoming.</p></div>,<div class="group"><p> The apparent end of Playfish games is just the latest in a series of recent misfortunes for EA. In March, CEO John Riccitiello announced his resignation (chairman Larry Probst is filling the position in a temporary basis now). In the weeks leading up to that, the launch of a much anticipated reboot of "SimCity" was marred by online server problems that prevented many players from being able to access the game, which required an Internet connection.</p><p> And just last week, EA laid off an undisclosed number of employees as part of a streamlining movement to become more efficient and sharpen its focus. And that action came days after EA was named the "Worst Company in America" by consumer watchdog website The Consumerist for the second year in a row. (In an open letter to gamers last week, EA chief operating officer Peter Moore said the company could do better, but added the label of "worst company" was undeserved.)</p><p> Analysts say Playfish appears to have been a bet that just didn't work out for the company. "In the final analysis, Riccitiello probably didn't manage the company's cash well enough," says Michael Pachter of Wedbush Securities. "They made a lot of acquisitions that, in 20/20 hindsight, weren't worth it—including Playfish."</p><p> The Playfish acquisition was the spark that led to enormous valuations and takeover prices of social gaming companies. Soon after EA's purchase, <a href="//www.cnbc.com/quotes/DIS" target="_blank">Disney</a> laid out $563 million for Playdom—a company which, at the time, had a much smaller reach than Playfish. And in 2011, EA paid $750 million for PopCap Games.</p><p> Facebook, though, has become a less important platform for games in recent years as mobile games have shown a significantly stronger growth pattern. Playfish never really made that transition. "The perception was Facebook would grow unabated," says Pachter. "There's still money to be made, but it's hard to stand out. The opportunity for growth is much smaller than people thought."</p><p> "There have been a lot of [developers and publishers] pulling out of Facebook," adds Billy Pidgeon, an independent market research analyst. "But I would have like to have heard [EA is] keeping some other aspect of social. Certainly, they can keep it going to some degree with PopCap, but most other people are moving aggressively toward mobile and away from social."</p><p> Despite the recent move, Pachter remains bullish about EA's future. He rates the stock an "outperform," and recently raised his target price on the company from $23 to $25 to reflect improving industry outlook ahead of the launch of next generation consoles. "They will have huge earnings growth next year," he says. "They'll be fine."<br></p><p> Others area bit more cautious, noting the company seems to be at a crossroads. "EA faces a number of crucial decision points regarding resource allocation and franchise planning in the hit-driven video game business," said Baird Equity Research's Colin Sebastian in a note to investors. (Sebastian is neutral on EA.)</p><p rel="7"> And Pidgeon notes that the company needs to become more realistic with its projections. "<a href="//www.cnbc.com/quotes/ATVI" target="_blank">Activision</a> has always done better at maintaining expectations to the point where they were projecting growth for each quarter and they were able to under promised and over-deliver," he says."With EA, it's been the other way around. And that's not the way to keep investors happy."</p></div>

When Electronic Arts bought social games maker Playfish for $300 million—plus a $100 million buyout—in 2009, it sent shock waves throughout the videogame industry. Spurred by growing speculation about the value of then-private Zynga, some tech pros say it was the beginning of a bubble for developers who specialize in Facebook games. On Monday, EA once again surprised the tech world – this time by announcing plans to axe several games on the social network, including The Sims Social, SimCity Social and Pet Society. When those titles shut down on June 14, Playfish may not have any active games—thus raising questions about its fate. (EA declined to discuss the future of Playfish, saying it was "not commenting on individual teams.") The Sims Social was once one of the most popular games on Facebook, with daily active users topping 10 million. It has fallen off of those highs, though, in a big way: Today, the game boasts just 500,000 daily players, according to App Data – and may soon fall out of the Top 100 Facebook titles; it's currently ranked 98th. (Read More: EA Puts Faith in 'Next Gen Consoles') EA is just the latest videogame maker to distance itself from social network (though games from its PopCap division will continue to be playable there). Zynga, once the king of Facebook games has been steadily shifting its focus to mobile games and real world gambling to increase revenues.(Read More: Gaming Industry's Latest Idea: Free Games) While Facebook officials have recently begun talking up games as part of the company's strategy, analysts note the site has failed to find a way to handle notifications without them appearing spam-like, causing players to lose some interest and developers to move elsewhere. A Facebook spokesman has disputed this, recently telling Gamasutra game installs are up 75 percent compared to a year ago. While EA won't confirm the shutdown, Playfish staffers seemed to hint at the situation on the Playfish forums. The developer encouraged players to use their Playfish cash cards—gift cards bought at retail stores that can be used to purchase in-game items in any of the developer's titles—before The Sims Social sunsets. "After that date, you will need to contact customer service regarding your Playfish cash cards," the developer said—indicating no future games were forthcoming. The apparent end of Playfish games is just the latest in a series of recent misfortunes for EA. In March, CEO John Riccitiello announced his resignation (chairman Larry Probst is filling the position in a temporary basis now). In the weeks leading up to that, the launch of a much anticipated reboot of "SimCity" was marred by online server problems that prevented many players from being able to access the game, which required an Internet connection. And just last week, EA laid off an undisclosed number of employees as part of a streamlining movement to become more efficient and sharpen its focus. And that action came days after EA was named the "Worst Company in America" by consumer watchdog website The Consumerist for the second year in a row. (In an open letter to gamers last week, EA chief operating officer Peter Moore said the company could do better, but added the label of "worst company" was undeserved.) Analysts say Playfish appears to have been a bet that just didn't work out for the company. "In the final analysis, Riccitiello probably didn't manage the company's cash well enough," says Michael Pachter of Wedbush Securities. "They made a lot of acquisitions that, in 20/20 hindsight, weren't worth it—including Playfish." The Playfish acquisition was the spark that led to enormous valuations and takeover prices of social gaming companies. Soon after EA's purchase, Disney laid out $563 million for Playdom—a company which, at the time, had a much smaller reach than Playfish. And in 2011, EA paid $750 million for PopCap Games. Facebook, though, has become a less important platform for games in recent years as mobile games have shown a significantly stronger growth pattern. Playfish never really made that transition. "The perception was Facebook would grow unabated," says Pachter. "There's still money to be made, but it's hard to stand out. The opportunity for growth is much smaller than people thought." "There have been a lot of [developers and publishers] pulling out of Facebook," adds Billy Pidgeon, an independent market research analyst. "But I would have like to have heard [EA is] keeping some other aspect of social. Certainly, they can keep it going to some degree with PopCap, but most other people are moving aggressively toward mobile and away from social." Despite the recent move, Pachter remains bullish about EA's future. He rates the stock an "outperform," and recently raised his target price on the company from $23 to $25 to reflect improving industry outlook ahead of the launch of next generation consoles. "They will have huge earnings growth next year," he says. "They'll be fine." Others area bit more cautious, noting the company seems to be at a crossroads. "EA faces a number of crucial decision points regarding resource allocation and franchise planning in the hit-driven video game business," said Baird Equity Research's Colin Sebastian in a note to investors. (Sebastian is neutral on EA.) And Pidgeon notes that the company needs to become more realistic with its projections. "Activision has always done better at maintaining expectations to the point where they were projecting growth for each quarter and they were able to under promised and over-deliver," he says."With EA, it's been the other way around. And that's not the way to keep investors happy."

2021-10-30 14:11:50.958819

Healthcare Market Success: Cave Consulting Group (CCGroup) Affirms Continued Downloads of Free CaveGrouper-Lite™

https://www.cnbc.com/2012/10/02/healthcare-market-success-cave-consulting-group-ccgroup-affirms-continued-downloads-of-free-cavegrouperlite.html

2012-10-02T15:00:00+0000

CNBC

SAN MATEO, Calif.--(BUSINESS WIRE)-- CCGroup announced in April 2012 the release of a free download version of the Cave Grouper™ software known as CaveGrouper-Lite™. This is the first public grouper of medical condition episodes-of-care. CaveGrouper-Lite™ builds longitudinal episodes of care for acute conditions (e.g., upper respiratory infections, sinusitis) and for chronic conditions (e.g., diabetes, asthma). The Cave Grouper™ is the oldest and most established grouper of episodes-of-care in the market today. The first article was published in 1992 based on work formed since 1989. Over the past 22 years, derivations of the Cave Grouper™ have been applied and validated using a wide variety of study populations totaling over 90 million individuals and 705,000 physicians. CCGroup has invested significant time and effort to determine and develop the most appropriate methods to build episodes-of-care and to obtain reliable, stable provider efficiency scores, especially the method on using a predefined set of medical conditions for a specialty type. “CCGroup is proud to be the first company to release a free grouper of medical condition episodes to the public,” stated Dr. Douglas G. Cave, President of CCGroup. “This is a key phase to allow all of CCGroup’s methods and algorithms to be 100% transparent for public use – including health plans, health systems, and the Federal and State governments.” CaveGrouper-Lite™ has been successfully downloaded a significant number of times – and the downloads continue. Dr. John Rootenberg, SVP of Clinical Strategy, affirmed the following percentage breakdown by entity type. “20% of downloads were from health plans; 16% from healthcare consulting firms; 15% from physician groups; 14% from hospital-based health systems; 14% from academic universities and research organizations; 9% from healthcare software vendors; 4% for State and Federal Government agencies (such as the Centers for Medicare and Medicaid Services); 4% from pharmaceutical/biotech companies; 2% from potential competitors to CCGroup; and 2% from all other.” A main reason stated for downloading CaveGrouper-Lite™ continues to be the new Accountable Care Organization (ACO) and Patient Centered Medical Home (PCMH) legislation. “The CaveGrouper-Lite™ is essential for consistent episode-of-care analytics and performance measurement,” stated Dr. Cave. “For resource planning purposes, clinical leaders need to gain a complete view of the medical condition prevalence of their covered population base. In this manner, healthcare resource needs may be adjusted with changes in the condition-specific prevalence rates.” Other common reasons stated for downloading CaveGrouper-Lite™ included the following. Clinical leaders stated they need to track medical condition episodes-of-care to physicians and compare their average costs and utilization patterns to one another and to CCGroup’s national comparative database. Also, under the CMS Bundled Payments initiative, the episodes-of-care may be used by clinical leaders to examine possible bundled payment models. Dr. Cave stated, “A key foundation for accountable performance measurement is the CaveGrouper-Lite™ because the methods and algorithms are 100% transparent, free to the public, and tested and validated on all study populations.” Download the CaveGrouper-Lite™ About Cave Consulting Group, Inc. Cave Consulting Group, Inc. is a software and consulting firm located in San Mateo, California. The company is focused on improving the efficiency (cost-of-care) and effectiveness (quality-of-care) in the healthcare delivery system. Senior management of CCGroup has assessed the performance of physicians and hospitals for over 23 years for health plans, HMOs, TPAs, employers, and the Federal Government.

cnbc, Articles, Biotech and Pharmaceuticals, California, North America, United States, Health & Science, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

<div class="group"><p> SAN MATEO, Calif.--(BUSINESS WIRE)-- <b>CCGroup</b> announced in April 2012 the release of a free download version of the <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.cavegroup.com%2Fmarketbasket_system.html&amp;amp;esheet=50426485&amp;amp;lan=en-US&amp;amp;anchor=Cave+Grouper%E2%84%A2&amp;amp;index=1&amp;amp;md5=cd5986c5e168323b8c30e5401f08d8a1" target="_blank">Cave Grouper™</a> software known as <b>CaveGrouper-Lite™</b>. This is the first public grouper of medical condition episodes-of-care. CaveGrouper-Lite™ builds longitudinal episodes of care for acute conditions (e.g., upper respiratory infections, sinusitis) and for chronic conditions (e.g., diabetes, asthma). </p> <p> The Cave Grouper™ is the oldest and most established grouper of episodes-of-care in the market today. The first article was published in 1992 based on work formed since 1989. Over the past 22 years, derivations of the Cave Grouper™ have been applied and validated using a wide variety of study populations totaling over 90 million individuals and 705,000 physicians. CCGroup has invested significant time and effort to determine and develop the most appropriate methods to build episodes-of-care and to obtain reliable, stable provider efficiency scores, especially the method on using a predefined set of medical conditions for a specialty type. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> <b>“CCGroup is proud to be the first company to release a free grouper of medical condition episodes to the public,”</b> stated <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.cavegroup.com%2Fcompany_leadership1.html&amp;amp;esheet=50426485&amp;amp;lan=en-US&amp;amp;anchor=Dr.+Douglas+G.+Cave&amp;amp;index=2&amp;amp;md5=ea6c8b856452effa6ac28813ce16eaef" target="_blank">Dr. Douglas G. Cave</a>, President of CCGroup. “This is a key phase to allow all of CCGroup’s methods and algorithms to be 100% transparent for public use – including health plans, health systems, and the Federal and State governments.” </p> <p> CaveGrouper-Lite™ has been successfully downloaded a significant number of times – and the downloads continue. <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.cavegroup.com%2Fcompany_leadership1.html&amp;amp;esheet=50426485&amp;amp;lan=en-US&amp;amp;anchor=Dr.+John+Rootenberg&amp;amp;index=3&amp;amp;md5=df656d63f46228351e9a13ed9721a733" target="_blank">Dr. John Rootenberg</a>, SVP of Clinical Strategy, affirmed the following percentage breakdown by entity type. “20% of downloads were from health plans; 16% from healthcare consulting firms; 15% from physician groups; 14% from hospital-based health systems; 14% from academic universities and research organizations; 9% from healthcare software vendors; 4% for State and Federal Government agencies (such as the Centers for Medicare and Medicaid Services); 4% from pharmaceutical/biotech companies; 2% from potential competitors to CCGroup; and 2% from all other.” </p> <p> A main reason stated for downloading CaveGrouper-Lite™ continues to be the new <b>Accountable Care Organization (ACO)</b> and <b>Patient Centered Medical Home (PCMH)</b> legislation. <b>“The CaveGrouper-Lite™ is essential for consistent episode-of-care analytics and performance measurement,”</b> stated Dr. Cave. “For resource planning purposes, clinical leaders need to gain a complete view of the medical condition prevalence of their covered population base. In this manner, healthcare resource needs may be adjusted with changes in the condition-specific prevalence rates.” </p> <p> Other common reasons stated for downloading CaveGrouper-Lite™ included the following. Clinical leaders stated they need to track medical condition episodes-of-care to physicians and compare their average costs and utilization patterns to one another and to CCGroup’s national comparative database. Also, under the CMS Bundled Payments initiative, the episodes-of-care may be used by clinical leaders to examine possible bundled payment models. </p> <p> Dr. Cave stated, “A key foundation for accountable performance measurement is the CaveGrouper-Lite™ because the methods and algorithms are 100% transparent, free to the public, and tested and validated on all study populations.” </p><div style="height:100%" class="lazyload-placeholder"></div> <p> <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.cavegroup.com%2Fcavegrouperlite.html&amp;amp;esheet=50426485&amp;amp;lan=en-US&amp;amp;anchor=Download+the+CaveGrouper-Lite%E2%84%A2&amp;amp;index=4&amp;amp;md5=b80f993a6c72d23368b42ccca655f347" target="_blank">Download the CaveGrouper-Lite™</a> </p> <p> <b>About Cave Consulting Group, Inc.</b> </p> <p> Cave Consulting Group, Inc. is a software and consulting firm located in San Mateo, California. The company is focused on improving the efficiency (cost-of-care) and effectiveness (quality-of-care) in the healthcare delivery system. Senior management of CCGroup has assessed the performance of physicians and hospitals for over 23 years for health plans, HMOs, TPAs, employers, and the Federal Government. </p> <p> </p> </div>

SAN MATEO, Calif.--(BUSINESS WIRE)-- CCGroup announced in April 2012 the release of a free download version of the Cave Grouper™ software known as CaveGrouper-Lite™. This is the first public grouper of medical condition episodes-of-care. CaveGrouper-Lite™ builds longitudinal episodes of care for acute conditions (e.g., upper respiratory infections, sinusitis) and for chronic conditions (e.g., diabetes, asthma). The Cave Grouper™ is the oldest and most established grouper of episodes-of-care in the market today. The first article was published in 1992 based on work formed since 1989. Over the past 22 years, derivations of the Cave Grouper™ have been applied and validated using a wide variety of study populations totaling over 90 million individuals and 705,000 physicians. CCGroup has invested significant time and effort to determine and develop the most appropriate methods to build episodes-of-care and to obtain reliable, stable provider efficiency scores, especially the method on using a predefined set of medical conditions for a specialty type. “CCGroup is proud to be the first company to release a free grouper of medical condition episodes to the public,” stated Dr. Douglas G. Cave, President of CCGroup. “This is a key phase to allow all of CCGroup’s methods and algorithms to be 100% transparent for public use – including health plans, health systems, and the Federal and State governments.” CaveGrouper-Lite™ has been successfully downloaded a significant number of times – and the downloads continue. Dr. John Rootenberg, SVP of Clinical Strategy, affirmed the following percentage breakdown by entity type. “20% of downloads were from health plans; 16% from healthcare consulting firms; 15% from physician groups; 14% from hospital-based health systems; 14% from academic universities and research organizations; 9% from healthcare software vendors; 4% for State and Federal Government agencies (such as the Centers for Medicare and Medicaid Services); 4% from pharmaceutical/biotech companies; 2% from potential competitors to CCGroup; and 2% from all other.” A main reason stated for downloading CaveGrouper-Lite™ continues to be the new Accountable Care Organization (ACO) and Patient Centered Medical Home (PCMH) legislation. “The CaveGrouper-Lite™ is essential for consistent episode-of-care analytics and performance measurement,” stated Dr. Cave. “For resource planning purposes, clinical leaders need to gain a complete view of the medical condition prevalence of their covered population base. In this manner, healthcare resource needs may be adjusted with changes in the condition-specific prevalence rates.” Other common reasons stated for downloading CaveGrouper-Lite™ included the following. Clinical leaders stated they need to track medical condition episodes-of-care to physicians and compare their average costs and utilization patterns to one another and to CCGroup’s national comparative database. Also, under the CMS Bundled Payments initiative, the episodes-of-care may be used by clinical leaders to examine possible bundled payment models. Dr. Cave stated, “A key foundation for accountable performance measurement is the CaveGrouper-Lite™ because the methods and algorithms are 100% transparent, free to the public, and tested and validated on all study populations.” Download the CaveGrouper-Lite™ About Cave Consulting Group, Inc. Cave Consulting Group, Inc. is a software and consulting firm located in San Mateo, California. The company is focused on improving the efficiency (cost-of-care) and effectiveness (quality-of-care) in the healthcare delivery system. Senior management of CCGroup has assessed the performance of physicians and hospitals for over 23 years for health plans, HMOs, TPAs, employers, and the Federal Government.

2021-10-30 14:11:50.996486

IMF's Lagarde warns on 'upbeat' Europe markets

https://www.cnbc.com/2014/07/18/imfs-lagarde-warns-on-upbeat-europe-markets.html

2014-07-18T12:39:41+0000

Matt Clinch

CNBC

Markets might be too optimistic on the euro zone's prospects, according to the Christine Lagarde, the managing director of the International Monetary Fund (IMF), who has warned that large amounts of debt, unemployment and low inflation could hit growth in the region. Speaking at an event in the Robert Schuman Foundation in Paris, she said that Europe continues to face important challenges concerning its long-term future and markets might be at risk of being too complacent. "The good news is that the European economy is recovering from the crisis. Confidence is improving and financial markets are upbeat. Perhaps too upbeat," she said. Read MoreIMF calls on the US to hike its minimum wage rate

cnbc, Articles, Business News, Economy, World Economy, Europe News, source:tagname:CNBC Europe Source

<div class="group"><p> Markets might be too optimistic on the euro zone's prospects, according to the Christine Lagarde, the managing director of the <a href="https://www.cnbc.com/2011/05/16/the-imf-cnbc-explains.html">International Monetary Fund (IMF)</a>, who has warned that large amounts of debt, unemployment and low inflation could hit growth in the region.<br></p><p> <span>Speaking at an event in the Robert Schuman Foundation in Paris, she said that Europe continues to face important challenges concerning its long-term future and markets might be at risk of being too complacent.</span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p> <span>"The good news is that the European economy is recovering from the crisis. Confidence is improving and financial markets are upbeat. Perhaps too upbeat," she said.</span><br></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/06/16/imf-calls-on-the-us-to-hike-its-minimum-wage-rate.html">IMF calls on the US to hike its minimum wage rate</a></p></div>,<div class="group"><p> Following the financial crash of 2008, nations across the globe were forced to restructure and rebalancing their economies. Substantial sovereign and bank debt led the euro zone to fall back into <a href="https://www.cnbc.com/2011/07/21/recession-cnbc-explains.html">recession</a> in 2011. The bloc's economy managed to expand again – just - in the summer of 2013, but has failed to build on that with growth of just 0.2 percent in the last quarter compared to the previous period.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/07/15/draghi-strong-euro-is-a-risk-to-recovery.html">Draghi: Strong euro is a risk to recovery</a><br></p><p> Lagarde added that a "vicious cycle" could hit the flickering signs of recovery in the region and called upon the <a href="https://www.cnbc.com/2011/10/20/european-central-bank-cnbc-explains.html">European Central Bank</a> and euro zone leaders to encourage the perfect economic environment for the euro zone to recover.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Among the measures they should take, Lagarde recommended the region's governments should remove the structural roadblocks that hurt innovation, job creation, and productivity. Monetary policy from the central bank should also be supportive until demand has picked up, she said, also calling upon governments that had the availability to spend more on public investment. She also called for the completion of a banking union in the bloc and the repatriation of bank balance sheets. <br></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/07/14/euro-zone-stalling-barclays-downgrades-growth.html">Euro zone stalling? Barclays downgrades growth</a><br></p><p> "More developed and diversified regional capital markets can support innovation, investment, and long-term growth," she added. "Deeper integration with world markets would improve productivity and plug countries into global supply chains."</p></div>

Markets might be too optimistic on the euro zone's prospects, according to the Christine Lagarde, the managing director of the International Monetary Fund (IMF), who has warned that large amounts of debt, unemployment and low inflation could hit growth in the region. Speaking at an event in the Robert Schuman Foundation in Paris, she said that Europe continues to face important challenges concerning its long-term future and markets might be at risk of being too complacent. "The good news is that the European economy is recovering from the crisis. Confidence is improving and financial markets are upbeat. Perhaps too upbeat," she said. Read MoreIMF calls on the US to hike its minimum wage rate Following the financial crash of 2008, nations across the globe were forced to restructure and rebalancing their economies. Substantial sovereign and bank debt led the euro zone to fall back into recession in 2011. The bloc's economy managed to expand again – just - in the summer of 2013, but has failed to build on that with growth of just 0.2 percent in the last quarter compared to the previous period. Read MoreDraghi: Strong euro is a risk to recovery Lagarde added that a "vicious cycle" could hit the flickering signs of recovery in the region and called upon the European Central Bank and euro zone leaders to encourage the perfect economic environment for the euro zone to recover. Among the measures they should take, Lagarde recommended the region's governments should remove the structural roadblocks that hurt innovation, job creation, and productivity. Monetary policy from the central bank should also be supportive until demand has picked up, she said, also calling upon governments that had the availability to spend more on public investment. She also called for the completion of a banking union in the bloc and the repatriation of bank balance sheets. Read MoreEuro zone stalling? Barclays downgrades growth "More developed and diversified regional capital markets can support innovation, investment, and long-term growth," she added. "Deeper integration with world markets would improve productivity and plug countries into global supply chains."

2021-10-30 14:11:51.039488

A.M. Best Assigns Rating to WellPoint, Inc.’s New Senior Convertible Debentures

https://www.cnbc.com/2012/10/03/am-best-assigns-rating-to-wellpoint-incs-new-senior-convertible-debentures.html

2012-10-03T15:24:00+0000

CNBC

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a debt rating of “bbb+” to the $1.35 billion 2.75% senior convertible debentures due 2042 recently issued by WellPoint, Inc. (WellPoint) (Indianapolis, IN) [NYSE: WLP]. The rating has been placed under review with negative implications, which is consistent with the under review status of the existing ratings of WellPoint and its insurance subsidiaries. (See A.M. Best’s press release dated July 10, 2012 for further information.) The securities are being sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. If the initial purchasers exercise their over-allotment option in full, the net proceeds from the offering would approach $1.5 billion. WellPoint intends to use up to $400 million of the net proceeds for common share repurchase and the remainder for general corporate purposes, including, but not limited to additional share repurchase and debt repayment. Although WellPoint’s pro forma financial leverage—as well as its goodwill and intangibles to equity ratio—is somewhat higher than similarly-rated peers, A.M. Best views somewhat favorably the financial flexibility afforded by the convertible debentures. Additionally, the issuance is consistent with A.M. Best’s expectations with respect to WellPoint’s capital structure incorporating the financing for the previously announced $5.0 billion (approximate) acquisition of AMERIGROUP Corporation (Amerigroup). The Amerigroup acquisition is expected to close by year-end 2012, subject to state and federal regulatory approvals. WellPoint’s ratings are anticipated to remain under review pending the completion of the transaction and A.M. Best’s continuing discussions with management. However, A.M. Best will continue to monitor WellPoint’s operating performance, risk-based capitalization at the operating companies and its capital structure to ensure financial and operating metrics remain within A.M. Best’s expectations. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

cnbc, Articles, Amerigroup Corp, Anthem Inc, Europe, New Jersey, Indiana, North America, United States, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

<div class="group"><p> OLDWICK, N.J.--(BUSINESS WIRE)-- <b>A.M. Best Co.</b> has assigned a debt rating of “bbb+” to the $1.35 billion 2.75% senior convertible debentures due 2042 recently issued by <b>WellPoint, Inc.</b> (WellPoint) (Indianapolis, IN) [NYSE: WLP]. The rating has been placed under review with negative implications, which is consistent with the under review status of the existing ratings of WellPoint and its insurance subsidiaries. (See A.M. Best’s press release dated July 10, 2012 for further information.) </p> <p> The securities are being sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. If the initial purchasers exercise their over-allotment option in full, the net proceeds from the offering would approach $1.5 billion. WellPoint intends to use up to $400 million of the net proceeds for common share repurchase and the remainder for general corporate purposes, including, but not limited to additional share repurchase and debt repayment. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> Although WellPoint’s pro forma financial leverage—as well as its goodwill and intangibles to equity ratio—is somewhat higher than similarly-rated peers, A.M. Best views somewhat favorably the financial flexibility afforded by the convertible debentures. Additionally, the issuance is consistent with A.M. Best’s expectations with respect to WellPoint’s capital structure incorporating the financing for the previously announced $5.0 billion (approximate) acquisition of <b>AMERIGROUP Corporation</b> (Amerigroup). </p> <p> The Amerigroup acquisition is expected to close by year-end 2012, subject to state and federal regulatory approvals. WellPoint’s ratings are anticipated to remain under review pending the completion of the transaction and A.M. Best’s continuing discussions with management. However, A.M. Best will continue to monitor WellPoint’s operating performance, risk-based capitalization at the operating companies and its capital structure to ensure financial and operating metrics remain within A.M. Best’s expectations. </p> <p> The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.ambest.com%2Fratings%2Fmethodology&amp;amp;esheet=50429537&amp;amp;lan=en-US&amp;amp;anchor=www.ambest.com%2Fratings%2Fmethodology&amp;amp;index=1&amp;amp;md5=1a0c99c24d7154a3fdc1096ce6ef040f" target="_blank">www.ambest.com/ratings/methodology</a>. </p> <p> <b>Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit </b><a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;amp;esheet=50429537&amp;amp;lan=en-US&amp;amp;anchor=www.ambest.com&amp;amp;index=2&amp;amp;md5=a75deca8e90e53ce4acdca3292fe2605" target="_blank">www.ambest.com</a>. </p> <p> <b>Copyright © 2012 by A.M. Best Company, Inc.</b> <b>ALL RIGHTS RESERVED.</b> </p><div style="height:100%" class="lazyload-placeholder"></div> <p> </p> </div>

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a debt rating of “bbb+” to the $1.35 billion 2.75% senior convertible debentures due 2042 recently issued by WellPoint, Inc. (WellPoint) (Indianapolis, IN) [NYSE: WLP]. The rating has been placed under review with negative implications, which is consistent with the under review status of the existing ratings of WellPoint and its insurance subsidiaries. (See A.M. Best’s press release dated July 10, 2012 for further information.) The securities are being sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. If the initial purchasers exercise their over-allotment option in full, the net proceeds from the offering would approach $1.5 billion. WellPoint intends to use up to $400 million of the net proceeds for common share repurchase and the remainder for general corporate purposes, including, but not limited to additional share repurchase and debt repayment. Although WellPoint’s pro forma financial leverage—as well as its goodwill and intangibles to equity ratio—is somewhat higher than similarly-rated peers, A.M. Best views somewhat favorably the financial flexibility afforded by the convertible debentures. Additionally, the issuance is consistent with A.M. Best’s expectations with respect to WellPoint’s capital structure incorporating the financing for the previously announced $5.0 billion (approximate) acquisition of AMERIGROUP Corporation (Amerigroup). The Amerigroup acquisition is expected to close by year-end 2012, subject to state and federal regulatory approvals. WellPoint’s ratings are anticipated to remain under review pending the completion of the transaction and A.M. Best’s continuing discussions with management. However, A.M. Best will continue to monitor WellPoint’s operating performance, risk-based capitalization at the operating companies and its capital structure to ensure financial and operating metrics remain within A.M. Best’s expectations. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

2021-10-30 14:11:51.145776

Your First Move For Friday, Oct. 28

https://www.cnbc.com/2011/10/27/your-first-move-for-friday-oct-28.html

2011-10-27T23:36:57+0000

Drew Sandholm

CNBC

As yet another day of trading is behind us, here's how the "Fast Money" traders plan to tackle Friday, Oct. 28:Joe Terranova, chief market strategist at Virtus Investment Partners, recommends using a stop. He didn't elaborate.Metropolitan Capital president Karen Finerman simply said she's selling upside calls against her long positions.

cnbc, Articles, AMETEK Inc, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p>As yet another day of trading is behind us, here's how the "Fast Money" traders plan to tackle Friday, Oct. 28:</p><p>Joe Terranova, chief market strategist at Virtus Investment Partners, recommends using a <a href="http://www.investopedia.com/terms/s/stop-lossorder.asp#axzz1c1qZIPYY" target="_blank">stop</a>. He didn't elaborate.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Metropolitan Capital president Karen Finerman simply said she's selling upside <strong>calls </strong> against her long positions.</p></div>,<div class="group"><p>Check out Ametek's stock, trader Guy Adami said. The Berwyn, Penn.-based company makes electronic instruments.</p><p>Click here to see other Final Trade posts</p><p>______________________________________________________<br>Got something to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap</em>! Prefer to keep it between us? You can still send questions and comments to <!-- -->.</p></div>

As yet another day of trading is behind us, here's how the "Fast Money" traders plan to tackle Friday, Oct. 28:Joe Terranova, chief market strategist at Virtus Investment Partners, recommends using a stop. He didn't elaborate.Metropolitan Capital president Karen Finerman simply said she's selling upside calls against her long positions.Check out Ametek's stock, trader Guy Adami said. The Berwyn, Penn.-based company makes electronic instruments.Click here to see other Final Trade posts______________________________________________________Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to .

2021-10-30 14:11:51.178677

Trader Radar - Tuesday December 2nd

https://www.cnbc.com/2008/12/02/trader-radar-tuesday-december-2nd.html

2008-12-02T23:03:21+0000

CNBC

Q: On Fast Money’s trader radar we look at the stock that was lighting up screens across Wall Street. This firm was founded as a mining company in the small town of Two Harbors, Minnesota in 1902. Now it's a leading maker of more than 50,000 products, including duct tape, optical film for TVs and Post-It notes. But today, the CEO should have made a note to remind him to hedge overseas exposure, as a stronger dollar is eating away at international sales. Who is it?A: On the trader radar tonight we’re watching 3M ! The maker of the Post-It and Scotch tape was among the most active names on the NYSE today.

cnbc, Articles, 3M Co, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p><strong>Q: </strong>On Fast Money’s trader radar we look at the stock that was lighting up screens across Wall Street. This firm was founded as a mining company in the small town of Two Harbors, Minnesota in 1902. Now it's a leading maker of more than 50,000 products, including duct tape, optical film for TVs and Post-It notes. But today, the CEO should have made a note to remind him to hedge overseas exposure, as a stronger dollar is eating away at international sales. Who is it?<br><br>A: On the trader radar tonight we’re watching 3M ! The maker of the Post-It and Scotch tape was among the most active names on the NYSE today.</p></div>

Q: On Fast Money’s trader radar we look at the stock that was lighting up screens across Wall Street. This firm was founded as a mining company in the small town of Two Harbors, Minnesota in 1902. Now it's a leading maker of more than 50,000 products, including duct tape, optical film for TVs and Post-It notes. But today, the CEO should have made a note to remind him to hedge overseas exposure, as a stronger dollar is eating away at international sales. Who is it?A: On the trader radar tonight we’re watching 3M ! The maker of the Post-It and Scotch tape was among the most active names on the NYSE today.

2021-10-30 14:11:51.489782

Hedge fund manager Mark Spitznagel to advise Rand Paul

https://www.cnbc.com/2015/06/20/hedge-fund-manager-mark-spitznagel-to-advise-rand-paul.html

2015-06-20T13:53:30+0000

Lawrence Delevingne

CNBC

Mark Spitznagel, the libertarian hedge fund manager, has a new part-time job: senior economic advisor to campaign for president. Spitznagel is the founder and chief investment officer of Universa Investments, a fund that specializes in protecting investors against sharp market drops, sometimes referred to as Black Swan events. The firm manages about $6 billion in assets, a sizable figure for the hedge fund industry. "I am very grateful to have Mark Spitznagel serve as senior economic advisor to my campaign," Paul, now a U.S. senator from Kentucky, said in a statement. "As I travel across the country, the top concern of the American people is our failing economy. I believe we can revitalize our economy by encouraging opportunity and entrepreneurship with lower taxes, a balanced budget, less Federal Reserve interventionism, and limited government spending," the candidate said."I look forward to working alongside Mark to solve our nation's economic problem and to restore the American Dream," he added. Paul, one of the leading contenders for the Republican party nomination, was elected in the Tea Party wave of 2010. Much like his iconic father Ron Paul, Paul has become a libertarian standard-bearer.

cnbc, Articles, Politics, Hedge Funds, Alternative investing, CNBC's Net/Net, Wall Street, NetNet, Alternative Investing, Finance, Private Equity and Hedge Funds, CNBC EVENTS, source:tagname:CNBC US Source

<div class="group"><p> Mark Spitznagel, the libertarian hedge fund manager, has a new part-time job: senior economic advisor to <!-- --> campaign for president. <br></p><p> <span>Spitznagel is the founder and chief investment officer of Universa Investments, a fund that specializes in protecting investors against sharp market drops, sometimes referred to as Black Swan events. The firm manages about $6 billion in assets, a sizable figure for the hedge fund industry.</span></p><div style="height:100%" class="lazyload-placeholder"></div><p> <span>"I am very grateful to have Mark Spitznagel serve as senior economic advisor to my campaign," Paul, now a U.S. senator from Kentucky, said in a statement. </span></p><p><span>"As I travel across the country, the top concern of the American people is our failing economy. I believe we can revitalize our economy by encouraging opportunity and entrepreneurship with lower taxes, a balanced budget, less Federal Reserve interventionism, and limited government spending," the candidate said.</span></p><p><span>"I look forward to working alongside Mark to solve our nation's economic problem and to restore the American Dream," he added. </span></p><p>Paul, one of the leading contenders for the Republican party nomination, was elected in the Tea Party wave of 2010. Much like his iconic father <a href="https://www.cnbc.com/ron-paul/">Ron Paul</a>, Paul has become a libertarian standard-bearer.</p></div>,<div class="group"><p> <span class="label-read-more">Read More</span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Spitznagel is also the author of an investing book, "The Dao of Capital" and <a href="http://www.worth.com/index.php/component/content/article/2-make/7091-the-goat-whisperer" target="_blank">runs Idyll Farms</a>, an organic goat farm in northern Michigan.<br></p><p> <span>Universa moved its headquarters from Santa Monica, California, to Coconut Grove, Florida last March because of what Spitznagel called a "more hospitable business and tax environment."</span></p></div>,<div class="group"><p> "Rand Paul is the only candidate that really understands the destructive ramifications of current economic policy driven in large part by a reckless Federal Reserve. I lookforward to working with him on his ideas and message to change that policy," Spitznagel said in a statement about his new role.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/05/06/-eye-greenwich-with-palm-trees-miami-and-palm-beach.html">Hedge funds eye Florida's 'New Manhattan'</a><br></p></div>

Mark Spitznagel, the libertarian hedge fund manager, has a new part-time job: senior economic advisor to campaign for president. Spitznagel is the founder and chief investment officer of Universa Investments, a fund that specializes in protecting investors against sharp market drops, sometimes referred to as Black Swan events. The firm manages about $6 billion in assets, a sizable figure for the hedge fund industry. "I am very grateful to have Mark Spitznagel serve as senior economic advisor to my campaign," Paul, now a U.S. senator from Kentucky, said in a statement. "As I travel across the country, the top concern of the American people is our failing economy. I believe we can revitalize our economy by encouraging opportunity and entrepreneurship with lower taxes, a balanced budget, less Federal Reserve interventionism, and limited government spending," the candidate said."I look forward to working alongside Mark to solve our nation's economic problem and to restore the American Dream," he added. Paul, one of the leading contenders for the Republican party nomination, was elected in the Tea Party wave of 2010. Much like his iconic father Ron Paul, Paul has become a libertarian standard-bearer. Read More Spitznagel is also the author of an investing book, "The Dao of Capital" and runs Idyll Farms, an organic goat farm in northern Michigan. Universa moved its headquarters from Santa Monica, California, to Coconut Grove, Florida last March because of what Spitznagel called a "more hospitable business and tax environment." "Rand Paul is the only candidate that really understands the destructive ramifications of current economic policy driven in large part by a reckless Federal Reserve. I lookforward to working with him on his ideas and message to change that policy," Spitznagel said in a statement about his new role. Read MoreHedge funds eye Florida's 'New Manhattan'

2021-10-30 14:11:51.789100

Street to take second look at Fed

https://www.cnbc.com/2016/03/16/street-to-take-second-look-at-fed.html

2016-03-16T23:11:42+0000

Evelyn Cheng

CNBC

The Fed will likely remain in the spotlight Thursday as a handful of secondary data reports are the major events on the calendar. "I think barring any huge surprise in the jobs data tomorrow, I think a lot of tomorrow will be spillover from what the Fed had to say," said Myles Clouston, senior director at Nasdaq Advisory Services. "My sense is a lot of investors feel like they're walking on eggshells right now. They're waiting for the next data point to come out," he said.

cnbc, Articles, Market Insider, Janet Yellen, WTI Crude (Dec'21), Tencent Holdings Ltd, US: News, Market Outlook, Investment Strategy, Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> The <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Fed</a> will likely remain in the spotlight Thursday as a handful of secondary data reports are the major events on the calendar. </p><p> "I think barring any huge surprise in the jobs data tomorrow, I think a lot of tomorrow will be spillover from what the Fed had to say," said Myles Clouston, senior director at Nasdaq Advisory Services. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "My sense is a lot of investors feel like they're walking on eggshells right now. They're waiting for the next data point to come out," he said. </p></div>,<div class="group"><p> The data releases due Thursday include Fed Chair <a href="https://www.cnbc.com/janet-yellen/">Janet Yellen</a>'s preferred indicator on the labor market, the Job Openings and Labor Turnover Survey for January. <br></p><p> "The labor market data now is somewhat secondary to the inflation data because we're near full employment," said Eric Stein, co-director of global fixed income at Eaton Vance Management. </p><p> Recent economic reports have showed signs of inflation picking up. The Labor Department on Wednesday said the consumer price index, ex-food and energy, rose 2.3 percent over the 12 months through February, Reuters reported.</p><p> However, in her news conference Wednesday afternoon, Yellen said, "There may be some transitory factors influencing" the recent rise in inflation.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2016/03/16/live-blog-cnbc-fed-decision.html">Yellen: Negative interest rates not part of an active discussion</a><br></p><p> "I think markets continue to watch inflation. Markets are going to be continually assessing whether this pickup in core inflation is sustained," said Joe Seydl, capital markets economist at JPMorgan Private Bank. "All of the uncertainty right now is on the inflation side of the Fed's mandate." </p><p> "There's also the risk of another shock coming out of China," he said. </p><p> Other U.S. economic reports due Thursday include weekly jobless claims, the Philadelphia Fed survey for March, February leading indicators and fourth-quarter current account data. </p><p> Stocks rallied cautiously Wednesday after the Federal Reserve kept rates unchanged and lowered its projection to two hikes in 2016, down from four. Most analysts had expected a drop to three. </p><p> <a href="https://www.cnbc.com/quotes/@CL.1">U.S. crude oil futures</a> jumped 5.8 percent, or $2.12, to settle at $38.46 a barrel Wednesday, helped by the Fed news, a smaller-than-expected inventory build and the announcement of a meeting to discuss a proposal to freeze output. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2016/03/16/street-explained-do-elections-matter-to-markets.html">Wall Street checks out of coal mines</a><br></p><p> Materials and energy led gains at the close. The <a href="https://www.cnbc.com/quotes/.DJI">Dow Jones industrial average</a> and <!-- --> topped their 200-day moving averages to close at their highest of the year so far, with the Dow up 74 points to 17,325 and the S&amp;P rising 11 points to 2,027. The <a href="https://www.cnbc.com/quotes/.IXIC">Nasdaq composite</a> climbed 35 points to 4,763 for its highest close since Jan. 6. </p><p> With Wednesday's gains, the Dow is down less than 1 percent year to date as is the S&amp;P. </p><p> Krishna Memani, chief investment officer at Oppenheimer Funds, said the Fed made the right move Wednesday. </p><p> "I think the sentiment is still not bullish. I believe the Fed provides a bit of an impetus. The two combined keeps the market down the path of a modest rally," he said. </p><p> "I think this is an extension of the bull market. This is probably going to be one of the longest expansions we have ever experienced and the longest bull market we've ever experienced," Memani said. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2016/03/16/yellen-era-fed-outlook-hasnt-been-good-to-gold-investing.html">The Fed under Yellen and the gold trade</a></p></div>,<div class="group"><p> Treasury yields and the U.S. dollar reversed sharply after the Fed announcement, with <!-- --> falling near 0.85 percent after earlier topping 1 percent. <a href="https://www.cnbc.com/quotes/.DXY">The U.S. dollar index</a> fell to its lowest level in more than a month. </p><p> Gold jumped in post-settle electronic trade, rising more than $30 to $1,261 an ounce, on pace for its largest one-day gain since Feb. 11. </p><p> As traders watch the dollar, gold and yields for any unwind of Wednesday afternoon's sharp moves, options expiration on Friday could also add to volatility. <br></p><p> Companies scheduled to report earnings ahead of the bell Thursday include <a href="//www.cnbc.com/quotes/700-HK" target="_blank">Tencent</a> and Lands' End. <a href="//www.cnbc.com/quotes/ADBE" target="_blank">Adobe Systems</a>is due to report after the close Thursday. <br></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2016/03/16/street-explained-do-elections-matter-to-markets.html">Street Explained: Do elections matter to markets?</a></p></div>

The Fed will likely remain in the spotlight Thursday as a handful of secondary data reports are the major events on the calendar. "I think barring any huge surprise in the jobs data tomorrow, I think a lot of tomorrow will be spillover from what the Fed had to say," said Myles Clouston, senior director at Nasdaq Advisory Services. "My sense is a lot of investors feel like they're walking on eggshells right now. They're waiting for the next data point to come out," he said. The data releases due Thursday include Fed Chair Janet Yellen's preferred indicator on the labor market, the Job Openings and Labor Turnover Survey for January. "The labor market data now is somewhat secondary to the inflation data because we're near full employment," said Eric Stein, co-director of global fixed income at Eaton Vance Management. Recent economic reports have showed signs of inflation picking up. The Labor Department on Wednesday said the consumer price index, ex-food and energy, rose 2.3 percent over the 12 months through February, Reuters reported. However, in her news conference Wednesday afternoon, Yellen said, "There may be some transitory factors influencing" the recent rise in inflation. Read MoreYellen: Negative interest rates not part of an active discussion "I think markets continue to watch inflation. Markets are going to be continually assessing whether this pickup in core inflation is sustained," said Joe Seydl, capital markets economist at JPMorgan Private Bank. "All of the uncertainty right now is on the inflation side of the Fed's mandate." "There's also the risk of another shock coming out of China," he said. Other U.S. economic reports due Thursday include weekly jobless claims, the Philadelphia Fed survey for March, February leading indicators and fourth-quarter current account data. Stocks rallied cautiously Wednesday after the Federal Reserve kept rates unchanged and lowered its projection to two hikes in 2016, down from four. Most analysts had expected a drop to three. U.S. crude oil futures jumped 5.8 percent, or $2.12, to settle at $38.46 a barrel Wednesday, helped by the Fed news, a smaller-than-expected inventory build and the announcement of a meeting to discuss a proposal to freeze output. Read MoreWall Street checks out of coal mines Materials and energy led gains at the close. The Dow Jones industrial average and topped their 200-day moving averages to close at their highest of the year so far, with the Dow up 74 points to 17,325 and the S&P rising 11 points to 2,027. The Nasdaq composite climbed 35 points to 4,763 for its highest close since Jan. 6. With Wednesday's gains, the Dow is down less than 1 percent year to date as is the S&P. Krishna Memani, chief investment officer at Oppenheimer Funds, said the Fed made the right move Wednesday. "I think the sentiment is still not bullish. I believe the Fed provides a bit of an impetus. The two combined keeps the market down the path of a modest rally," he said. "I think this is an extension of the bull market. This is probably going to be one of the longest expansions we have ever experienced and the longest bull market we've ever experienced," Memani said. Read MoreThe Fed under Yellen and the gold trade Treasury yields and the U.S. dollar reversed sharply after the Fed announcement, with falling near 0.85 percent after earlier topping 1 percent. The U.S. dollar index fell to its lowest level in more than a month. Gold jumped in post-settle electronic trade, rising more than $30 to $1,261 an ounce, on pace for its largest one-day gain since Feb. 11. As traders watch the dollar, gold and yields for any unwind of Wednesday afternoon's sharp moves, options expiration on Friday could also add to volatility. Companies scheduled to report earnings ahead of the bell Thursday include Tencent and Lands' End. Adobe Systemsis due to report after the close Thursday. Read MoreStreet Explained: Do elections matter to markets?

2021-10-30 14:11:51.831523

Crypto investor who bought Beeple's NFT for $69 million says he would have paid even more

https://www.cnbc.com/2021/03/30/vignesh-sundaresan-known-as-metakovan-on-paying-69-million-for-beeple-nft.html

2021-03-30T12:27:27+0000

Robert Frank

CNBC

The buyer of the $69 million NFT by the artist Beeple said he was prepared to bid even higher, since it will be seen by history as the starting point of a new age of digital art.In his first television interview, Vignesh Sundaresan, also known as MetaKovan, told CNBC's "Squawk Box" that he has no regrets paying $69 million for what many say is simply a JPEG and an hyperlink. He said the rise of nonfungible tokens, or NFTs, herald a new era where technology has allowed artists and collectors around the world to buy and sell art more easily and democratically."This NFT is a significant piece of art history," Sundaresan said. "Sometimes these things take some time for everyone to recognize and realize. I'm OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries."NFTs have exploded in recent months, as NBA video highlights, memes, digital art and even a tweet sell for six or seven figures. While proponents say NFTs, which assign ownership of any digital asset on the blockchain, will not only change the art world but could be applied to physical goods like homes and property. Sales of NFTs have now topped $500 million, according to many estimates.

cnbc, Articles, Technology, Cryptocurrency, Ethereum/USD Coin Metrics, Bitcoin/USD Coin Metrics, Wealth, Art and Culture, Business News, source:tagname:CNBC US Source

<div class="group"><p>The buyer of the <a href="https://www.cnbc.com/2021/03/11/most-expensive-nft-ever-sold-auctions-for-over-60-million.html">$69 million NFT by the artist Beeple</a> said he was prepared to bid even higher, since it will be seen by history as the starting point of a new age of digital art.</p><p>In his first television interview, Vignesh Sundaresan, also known as MetaKovan, told CNBC's <a href="https://www.cnbc.com/squawk-box-us/">"Squawk Box"</a> that he has no regrets paying $69 million for what many say is simply a JPEG and an hyperlink. He said the rise of nonfungible tokens, or NFTs, herald a new era where technology has allowed artists and collectors around the world to buy and sell art more easily and democratically.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"This NFT is a significant piece of art history," Sundaresan said. "Sometimes these things take some time for everyone to recognize and realize. I'm OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries."</p><p>NFTs have exploded in recent months, as NBA video highlights, memes, digital art and even a tweet sell for six or seven figures. While proponents say NFTs, which assign ownership of any digital asset on the blockchain, will not only change the art world but could be applied to physical goods like homes and property. Sales of NFTs have now topped $500 million, according to many estimates.</p></div>,<div class="group"><p>"There are going to be hundreds of thousands of people from around the world who are going to adopt this medium, a digitally native medium to monetize art," Sundaresan said. "There is going to be an economy around it. "</p><p>He said that while the art world has been the exclusive purview of wealthy, largely white Western collectors and artists for centuries, NFTs have allowed "artists in the Philippines, Thailand, or India now to make their first $1,000 or $500 on the internet."</p><p>Sundaresan declined to say exactly how much he was prepared to pay for the work. He said he knew going into the Christie's auction that "it would be competitive" and had a ceiling price in mind that was higher than the $69.3 million he paid.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We did have a higher limit," he said. "I was very motivated and ready to go beyond even what we paid for it."</p><p>Sundaresan said he has been investing in cryptocurrencies and cryptocompanies since 2013. He said he started "with no money" and began working for cryptocompanies and was able to invest early in fast-growth companies that have grown up around the cryptoeconomy. He declined to say how much he's worth on paper "since it depends on the cryptomarket."</p><p>He said he has invested in not just <a href="https://www.cnbc.com/quotes/BTC.CM=">bitcoin</a> and <a href="https://www.cnbc.com/quotes/ETH.CM=">Ethereum</a>, but also blockchain network Polka Dot and Flow. He said he's doesn't think crypto will face a ban from regulators or central banks.</p><p>"If regulators were tighter in previous years, that would have stifled innovation. I think we're at a point where they see the positive impacts of crypto around the world."</p><p>When asked what his $69 million Beeple could be worth in a year or even 10 years, Sundaresan said he had no plans to sell it. But he hinted he may find ways to "monetize it" by either offering pieces of it or displaying it in a virtual museum.</p><p>"The piece is going to take on a life of its own, that's what makes NFTs really interesting," he said. "It may not just be a piece of art, it can become thousands of other things. But I won't be selling it anytime soon."</p></div>

The buyer of the $69 million NFT by the artist Beeple said he was prepared to bid even higher, since it will be seen by history as the starting point of a new age of digital art.In his first television interview, Vignesh Sundaresan, also known as MetaKovan, told CNBC's "Squawk Box" that he has no regrets paying $69 million for what many say is simply a JPEG and an hyperlink. He said the rise of nonfungible tokens, or NFTs, herald a new era where technology has allowed artists and collectors around the world to buy and sell art more easily and democratically."This NFT is a significant piece of art history," Sundaresan said. "Sometimes these things take some time for everyone to recognize and realize. I'm OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries."NFTs have exploded in recent months, as NBA video highlights, memes, digital art and even a tweet sell for six or seven figures. While proponents say NFTs, which assign ownership of any digital asset on the blockchain, will not only change the art world but could be applied to physical goods like homes and property. Sales of NFTs have now topped $500 million, according to many estimates."There are going to be hundreds of thousands of people from around the world who are going to adopt this medium, a digitally native medium to monetize art," Sundaresan said. "There is going to be an economy around it. "He said that while the art world has been the exclusive purview of wealthy, largely white Western collectors and artists for centuries, NFTs have allowed "artists in the Philippines, Thailand, or India now to make their first $1,000 or $500 on the internet."Sundaresan declined to say exactly how much he was prepared to pay for the work. He said he knew going into the Christie's auction that "it would be competitive" and had a ceiling price in mind that was higher than the $69.3 million he paid."We did have a higher limit," he said. "I was very motivated and ready to go beyond even what we paid for it."Sundaresan said he has been investing in cryptocurrencies and cryptocompanies since 2013. He said he started "with no money" and began working for cryptocompanies and was able to invest early in fast-growth companies that have grown up around the cryptoeconomy. He declined to say how much he's worth on paper "since it depends on the cryptomarket."He said he has invested in not just bitcoin and Ethereum, but also blockchain network Polka Dot and Flow. He said he's doesn't think crypto will face a ban from regulators or central banks."If regulators were tighter in previous years, that would have stifled innovation. I think we're at a point where they see the positive impacts of crypto around the world."When asked what his $69 million Beeple could be worth in a year or even 10 years, Sundaresan said he had no plans to sell it. But he hinted he may find ways to "monetize it" by either offering pieces of it or displaying it in a virtual museum."The piece is going to take on a life of its own, that's what makes NFTs really interesting," he said. "It may not just be a piece of art, it can become thousands of other things. But I won't be selling it anytime soon."

2021-10-30 14:11:51.873910

Yellen says high stock market value does not mean it's overvalued

https://www.cnbc.com/2017/12/13/yellen-says-high-stock-market-value-does-not-mean-its-overvalued.html

2017-12-13T21:31:38+0000

Patti Domm

CNBC

Fed Chair Janet Yellen said current high stock market valuations do not mean the market is overvalued or that a sell-off would pose much risk to the economy or financial system.During her final press briefing on Wednesday, Yellen said when the Fed warns that asset levels are elevated, it means metrics, such as the price-to-earnings ratio for stocks, are on the high end of historical ranges."But economists are not great knowing what appropriate valuations are," she said. "We don't have a terrific record. And the fact that those valuations are high doesn't mean that they are necessarily overvalued."Yellen said the low-rate environment is supportive of higher valuations. "We are enjoying solid economic growth with low inflation. And the risks to the global economy look more balanced than they have in many years," she said.The Fed assesses whether there would be an economic impact or financial stability concerns if the stock market were to sell off. "I think when we look at other indicators of financial stability risks, there is nothing flashing red there or possibly even orange," she said.She said the banking system is more resilient than in the past, and there is not a "worrisome buildup in leverage or credit growth at excessive levels.""This is something that the FOMC pays attention to," she said, referring to the Federal Open Market Committee. "But if you ask me: 'Is this a significant factor shaping monetary policy now?' Well, it's on the list of risks. It's not a major factor."

cnbc, Articles, Markets, Market Insider, U.S. Markets, US: News, Market Outlook, Investment Strategy, source:tagname:CNBC US Source

<div class="group"><p>Fed Chair Janet Yellen said current high stock market valuations do not mean the market is overvalued or that a sell-off would pose much risk to the economy or financial system.</p><p>During her final press briefing on Wednesday, Yellen said when the Fed warns that asset levels are elevated, it means metrics, such as the price-to-earnings ratio for stocks, are on the high end of historical ranges.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"But economists are not great knowing what appropriate valuations are," she said. "We don't have a terrific record. And the fact that those valuations are high doesn't mean that they are necessarily overvalued."</p><p>Yellen said the low-rate environment is supportive of higher valuations. "We are enjoying solid economic growth with low inflation. And the risks to the global economy look more balanced than they have in many years," she said.</p><p>The Fed assesses whether there would be an economic impact or financial stability concerns if the stock market were to sell off. "I think when we look at other indicators of financial stability risks, there is nothing flashing red there or possibly even orange," she said.</p><p>She said the banking system is more resilient than in the past, and there is not a "worrisome buildup in leverage or credit growth at excessive levels."</p><p>"This is something that the FOMC pays attention to," she said, referring to the Federal Open Market Committee. "But if you ask me: 'Is this a significant factor shaping monetary policy now?' Well, it's on the list of risks. It's not a major factor." </p></div>

Fed Chair Janet Yellen said current high stock market valuations do not mean the market is overvalued or that a sell-off would pose much risk to the economy or financial system.During her final press briefing on Wednesday, Yellen said when the Fed warns that asset levels are elevated, it means metrics, such as the price-to-earnings ratio for stocks, are on the high end of historical ranges."But economists are not great knowing what appropriate valuations are," she said. "We don't have a terrific record. And the fact that those valuations are high doesn't mean that they are necessarily overvalued."Yellen said the low-rate environment is supportive of higher valuations. "We are enjoying solid economic growth with low inflation. And the risks to the global economy look more balanced than they have in many years," she said.The Fed assesses whether there would be an economic impact or financial stability concerns if the stock market were to sell off. "I think when we look at other indicators of financial stability risks, there is nothing flashing red there or possibly even orange," she said.She said the banking system is more resilient than in the past, and there is not a "worrisome buildup in leverage or credit growth at excessive levels.""This is something that the FOMC pays attention to," she said, referring to the Federal Open Market Committee. "But if you ask me: 'Is this a significant factor shaping monetary policy now?' Well, it's on the list of risks. It's not a major factor."

2021-10-30 14:11:51.928096

Start Your Engines: Gas Prices Will Rise, Analyst Says

https://www.cnbc.com/2013/05/14/start-your-engines-gas-prices-will-rise-analyst-says.html

2013-05-14T12:02:00+0000

Anthony Grisanti

CNBC

As we head into Memorial Day, drivers are experiencing the lowest gasoline prices since 2008. So what explains the weakness? Refiners are running strong, strong demand for gas has yet to materialize, and supplies outside of the Northeast are good. Couple that with weak numbers out of China on Monday, and you can see why demand for crude will be lagging. I do not foresee low prices all summer long. After all, demand is expected to increase, and refiner problems are always at risk of cropping up. But by the same token, I do not see $4 gas on the horizon. Sure, we might get a few pockets around the country, but overall, it looks like smooth sailing (or driving). So what levels am I looking at? On the downside, I would buy at the $2.75 to $2.70 level. Indeed, gasoline has found solid support here. And as far as the upside goes, I would sell out of my position at $2.90.

cnbc, Articles, Commodity markets, Futures & Commodities, Futures Now, Futures, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p> As we head into Memorial Day, drivers are experiencing the lowest gasoline prices since 2008. So what explains the weakness?</p><p> Refiners are running strong, strong demand for <a href="#">gas</a> has yet to materialize, and supplies outside of the Northeast are good. Couple that with weak numbers out of China on Monday, and you can see why demand for crude will be lagging.</p><div style="height:100%" class="lazyload-placeholder"></div><p> I do not foresee low prices all summer long. After all, demand is expected to increase, and refiner problems are always at risk of cropping up. But by the same token, I do not see $4 gas on the horizon. Sure, we might get a few pockets around the country, but overall, it looks like smooth sailing (or driving).</p><p> So what levels am I looking at?</p><p> On the downside, I would buy at the $2.75 to $2.70 level. Indeed, gasoline has found solid support here. And as far as the upside goes, I would sell out of my position at $2.90.</p></div>,<div class="group"><p><em>Anthony Grisanti is the founder and president of GRZ Energy. Follow him on Twitter: <a href="https://twitter.com/AnthonyGriz" target="_blank">@AnthonyGriz</a></em><br></p><p><em>Watch "<a href="https://www.cnbc.com/futures-now/">Futures Now</a>" Tuesdays &amp; Thursdays 1 p.m. ET exclusively on <a href="https://www.cnbc.com/futures-now/">FuturesNow.CNBC.com</a>!</em><br></p><div style="height:100%" class="lazyload-placeholder"></div><p> <em>Like us on Facebook! <a href="http://www.facebook.com/pages/CNBC-Futures-Now/426646617394319" class="webresource" target="_blank">Facebook.com/CNBCFuturesNow</a></em><br></p><p> <em>Follow us on Twitter! <a href="http://twitter.com/CNBCFuturesNow" class="webresource" target="_blank">@CNBCFuturesNow</a></em></p></div>

As we head into Memorial Day, drivers are experiencing the lowest gasoline prices since 2008. So what explains the weakness? Refiners are running strong, strong demand for gas has yet to materialize, and supplies outside of the Northeast are good. Couple that with weak numbers out of China on Monday, and you can see why demand for crude will be lagging. I do not foresee low prices all summer long. After all, demand is expected to increase, and refiner problems are always at risk of cropping up. But by the same token, I do not see $4 gas on the horizon. Sure, we might get a few pockets around the country, but overall, it looks like smooth sailing (or driving). So what levels am I looking at? On the downside, I would buy at the $2.75 to $2.70 level. Indeed, gasoline has found solid support here. And as far as the upside goes, I would sell out of my position at $2.90.Anthony Grisanti is the founder and president of GRZ Energy. Follow him on Twitter: @AnthonyGrizWatch "Futures Now" Tuesdays & Thursdays 1 p.m. ET exclusively on FuturesNow.CNBC.com! Like us on Facebook! Facebook.com/CNBCFuturesNow Follow us on Twitter! @CNBCFuturesNow

2021-10-30 14:11:51.974713

CNBC To Launch on Entertain, Deutsche Telekom's TV Platform

https://www.cnbc.com/2011/03/31/cnbc-to-launch-on-entertain-deutsche-telekoms-tv-platform.html

2011-03-31T10:00:22+0000

CNBC

LONDON, 31 March 2011 -- CNBC, the leading business and financial news channel, today announced that it will be available on Deutsche Telekom’s leading IPTV platform, Entertain from 1 April.CNBC will join the Entertain package, which is available to 1.6 million subscribers with high-speed DSL lines across Germany.  The agreement with Deutsche Telekom now means that CNBC reaches approximately 33 million households in Germany.Justine Powell, Vice President, Distribution, EMEA at CNBC commented, “Germany is an important market for the channel and this agreement is significant to grow the reach of the channel in Germany on digital platforms.“CNBC is already available via a number of digital satellite and cable providers, but we see IPTV as a key growth platform in Germany,” added Powell.Entertain - Deutsche Telekom’s TV serviceWith around 140 TV channels, 15,000 titles - 2.000 of which available in HD - in the online video store and in the TV archive, around 2,500 national and international radio stations, as well as interactive applications, Entertain is the undisputed leader of the German IPTV market.  Around 20 million households have the option of subscribing to Entertain via a high-speed DSL line. Entertain is available from EUR 27.95 per month (including TV and telephone connection) or EUR 44.95 per month (including TV, telephone and high-speed DSL flat rate.) - Ends -

cnbc, Articles, CNBC TV, Europe: Television, EMEA: Press Releases, source:tagname:CNBC US Source

<div class="group"><p><strong>LONDON, 31 March 2011</strong> -- CNBC, the leading business and financial news channel, today announced that it will be available on Deutsche Telekom’s leading IPTV platform, Entertain from 1 April.</p><p>CNBC will join the Entertain package, which is available to 1.6 million subscribers with high-speed DSL lines across Germany.  The agreement with Deutsche Telekom now means that CNBC reaches approximately 33 million households in Germany.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Justine Powell, Vice President, Distribution, EMEA at CNBC commented, “Germany is an important market for the channel and this agreement is significant to grow the reach of the channel in Germany on digital platforms.</p><p>“CNBC is already available via a number of digital satellite and cable providers, but we see IPTV as a key growth platform in Germany,” added Powell.</p><p><strong>Entertain - Deutsche Telekom’s TV service</strong></p><p>With around 140 TV channels, 15,000 titles - 2.000 of which available in HD - in the online video store and in the TV archive, around 2,500 national and international radio stations, as well as interactive applications, Entertain is the undisputed leader of the German IPTV market.  Around 20 million households have the option of subscribing to Entertain via a high-speed DSL line. Entertain is available from EUR 27.95 per month (including TV and telephone connection) or EUR 44.95 per month (including TV, telephone and high-speed DSL flat rate.) </p><p align="center">- Ends -</p></div>

LONDON, 31 March 2011 -- CNBC, the leading business and financial news channel, today announced that it will be available on Deutsche Telekom’s leading IPTV platform, Entertain from 1 April.CNBC will join the Entertain package, which is available to 1.6 million subscribers with high-speed DSL lines across Germany.  The agreement with Deutsche Telekom now means that CNBC reaches approximately 33 million households in Germany.Justine Powell, Vice President, Distribution, EMEA at CNBC commented, “Germany is an important market for the channel and this agreement is significant to grow the reach of the channel in Germany on digital platforms.“CNBC is already available via a number of digital satellite and cable providers, but we see IPTV as a key growth platform in Germany,” added Powell.Entertain - Deutsche Telekom’s TV serviceWith around 140 TV channels, 15,000 titles - 2.000 of which available in HD - in the online video store and in the TV archive, around 2,500 national and international radio stations, as well as interactive applications, Entertain is the undisputed leader of the German IPTV market.  Around 20 million households have the option of subscribing to Entertain via a high-speed DSL line. Entertain is available from EUR 27.95 per month (including TV and telephone connection) or EUR 44.95 per month (including TV, telephone and high-speed DSL flat rate.) - Ends -

2021-10-30 14:11:52.012462

Musk shakes up SpaceX in race to make satellite launch window: Sources

https://www.cnbc.com/2018/10/31/musk-shakes-up-spacex-in-race-to-make-satellite-launch-window-sources.html

2018-10-31T10:38:22+0000

CNBC

SpaceX Chief Executive Officer Elon Musk flew to the Seattle area in June for meetings with engineers leading a satellite launch project crucial to his space company's growth.Within hours of landing, Musk had fired at least seven members of the program's senior management team at the Redmond, Washington, office, the culmination of disagreements over the pace at which the team was developing and testing its Starlink satellites, according to the two SpaceX employees with direct knowledge of the situation.Known for pushing aggressive deadlines, Musk quickly brought in new managers from SpaceX headquarters in California to replace a number of the managers he fired. Their mandate: Launch SpaceX's first batch of U.S.-made satellites by the middle of next year, the sources said.The management shakeup and the launch timeline, previously unreported, illustrate how quickly Musk wants to bring online SpaceX's Starlink program, which is competing with OneWeb and Canada's Telesat to be first to market with a new satellite-based Internet service.Those services - essentially a constellation of satellites that will bring high-speed Internet to rural and suburban locations globally - are key to generating the cash that privately-held SpaceX needs to fund Musk's real dream of developing a new rocket capable of flying paying customers to the moon and eventually trying to colonize Mars."It would be like rebuilding the Internet in space," Musk told an audience in 2015 when he unveiled Starlink. "The goal would be to have a majority of long-distance Internet traffic go over this network."But the program is struggling to hire and retain staff, the employees said. Currently, about 300 SpaceX employees work on Starlink in Redmond, the sources said. According to GeekWire, Musk said in 2015 the Redmond operation would have "probably several hundred people, maybe a thousand people" after 3-4 years in operation.So far this year, about 50 employees left the company "on their own accord," one of the SpaceX employees said, though the reason for those departures was unclear. Overall, SpaceX employs more than 6,000 staff.As of Tuesday, there were 22 job openings — including a job making espresso drinks — for the Redmond office, according to SpaceX's website.SpaceX spokeswoman Eva Behrend told Reuters the Redmond office remains an essential part of the company's efforts to build a next-generation satellite network."Given the success of our recent Starlink demonstration satellites, we have incorporated lessons learned and re-organized to allow for the next design iteration to be flown in short order," Behrend said.She had no further comment on the reorganization or the launch window, but noted the strategy was similar to the rapid iteration in design and testing which led to the success of its rockets.Among the managers fired from the Redmond office was SpaceX Vice President of Satellites Rajeev Badyal, an engineering and hardware veteran of Microsoft and Hewlett-Packard, and top designer Mark Krebs, who worked in Google's satellite and aircraft division, the employees said. Krebs declined to comment, and Badyal did not respond to requests for comment.The management shakeup followed in-fighting over pressure from Musk to speed up satellite testing schedules, one of the sources said. SpaceX's Behrend offered no comment on the matter.Culture was also a challenge for recent hires, a second source said. A number of the managers had been hired from nearby technology giant Microsoft, where workers were more accustomed to longer development schedules than Musk's famously short deadlines. Another senior manager that left SpaceX was Kim Schulze, who was previously a development manager at Microsoft, one of the people said. Schulze did not respond to a request for comment."Rajeev wanted three more iterations of test satellites," one of the sources said. "Elon thinks we can do the job with cheaper and simpler satellites, sooner."A billionaire and chief executive officer of Tesla, Musk is known for ambitious projects ranging from auto electrification and rocket-building to high-speed transit tunnels.A Musk trust owns 54 percent of the outstanding stock of SpaceX, according to a 2016 U.S. Securities and Exchange Commission filing, SpaceX's most recent.

cnbc, Articles, Business, Space industry, Comcast Corp, Tesla Inc, Hewlett Packard Enterprise Co, Microsoft Corp, California, United States, Seattle, Elon Musk, Technology, US: News, Business News, Transportation, Space, source:tagname:Reuters

<div class="group"><p>SpaceX Chief Executive Officer <a href="https://www.cnbc.com/elon-musk/">Elon Musk</a> flew to the <a href="https://www.cnbc.com/id/10000603">Seattle</a> area in June for meetings with engineers leading a satellite launch project crucial to his space company's growth.</p><p>Within hours of landing, Musk had fired at least seven members of the program's senior management team at the Redmond, Washington, office, the culmination of disagreements over the pace at which the team was developing and testing its Starlink satellites, according to the two SpaceX employees with direct knowledge of the situation.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Known for pushing aggressive deadlines, Musk quickly brought in new managers from SpaceX headquarters in <a href="https://www.cnbc.com/id/10000551">California</a> to replace a number of the managers he fired. Their mandate: Launch SpaceX's first batch of <a href="https://www.cnbc.com/id/10000385">U.S.</a>-made satellites by the middle of next year, the sources said.</p><p>The management shakeup and the launch timeline, previously unreported, illustrate how quickly Musk wants to bring online SpaceX's Starlink program, which is competing with OneWeb and Canada's Telesat to be first to market with a new satellite-based Internet service.</p><p>Those services - essentially a constellation of satellites that will bring high-speed Internet to rural and suburban locations globally - are key to generating the cash that privately-held SpaceX needs to fund Musk's real dream of developing a new rocket capable of flying paying customers to the moon and eventually trying to colonize Mars.</p><p>"It would be like rebuilding the Internet in space," Musk told an audience in 2015 when he unveiled Starlink. "The goal would be to have a majority of long-distance Internet traffic go over this network."</p><p>But the program is struggling to hire and retain staff, the employees said. Currently, about 300 SpaceX employees work on Starlink in Redmond, the sources said. According to GeekWire, Musk said in 2015 the Redmond operation would have "probably several hundred people, maybe a thousand people" after 3-4 years in operation.</p><div style="height:100%" class="lazyload-placeholder"></div><p>So far this year, about 50 employees left the company "on their own accord," one of the SpaceX employees said, though the reason for those departures was unclear. Overall, SpaceX employs more than 6,000 staff.</p><p>As of Tuesday, there were 22 job openings — including a job making espresso drinks — for the Redmond office, according to SpaceX's website.</p><p>SpaceX spokeswoman Eva Behrend told Reuters the Redmond office remains an essential part of the company's efforts to build a next-generation satellite network.</p><p>"Given the success of our recent Starlink demonstration satellites, we have incorporated lessons learned and re-organized to allow for the next design iteration to be flown in short order," Behrend said.</p><p>She had no further comment on the reorganization or the launch window, but noted the strategy was similar to the rapid iteration in design and testing which led to the success of its rockets.</p><p>Among the managers fired from the Redmond office was SpaceX Vice President of Satellites Rajeev Badyal, an engineering and hardware veteran of <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> and <a href="//www.cnbc.com/quotes/HPE" target="_blank">Hewlett-Packard</a>, and top designer Mark Krebs, who worked in Google's satellite and aircraft division, the employees said. Krebs declined to comment, and Badyal did not respond to requests for comment.</p><p>The management shakeup followed in-fighting over pressure from Musk to speed up satellite testing schedules, one of the sources said. SpaceX's Behrend offered no comment on the matter.</p><p>Culture was also a challenge for recent hires, a second source said. A number of the managers had been hired from nearby technology giant Microsoft, where workers were more accustomed to longer development schedules than Musk's famously short deadlines. Another senior manager that left SpaceX was Kim Schulze, who was previously a development manager at Microsoft, one of the people said. Schulze did not respond to a request for comment.</p><p>"Rajeev wanted three more iterations of test satellites," one of the sources said. "Elon thinks we can do the job with cheaper and simpler satellites, sooner."</p><p>A billionaire and chief executive officer of <a href="//www.cnbc.com/quotes/TSLA" target="_blank">Tesla</a>, Musk is known for ambitious projects ranging from auto electrification and rocket-building to high-speed transit tunnels.</p><p>A Musk trust owns 54 percent of the outstanding stock of SpaceX, according to a 2016 U.S. Securities and Exchange Commission filing, SpaceX's most recent.</p></div>,<div class="group"><p>SpaceX has said it would launch its satellites in phases through 2024. It goal of having Internet service available in 2020 is "pretty much on target" with an initial satellite launch by mid-2019, one of the sources said.</p><p>OneWeb aims for a first launch between December and February 2019, while Telesat was targeting 2022 for broadband services.</p><p>SpaceX employees told Reuters that two Starlink test satellites launched in February, dubbed Tintin A and B, were functioning as intended. The company is refining the orbital path of the satellites after the U.S. Federal Communications Commission, which oversees satellites in orbit, approved a request from SpaceX to expand Tintins' altitude range, one of the sources said.</p><p>The FCC confirmed SpaceX's modifications, which have not been reported previously, but declined further comment.</p><p>"We're using the Tintins to explore that modification," one of the SpaceX employee sources said. "They're happy and healthy and we're talking with them every time they pass a ground station, dozens of times a day."</p><p>SpaceX engineers have used the two test satellites to play online video games at SpaceX headquarters in Hawthorne, California and the Redmond office, the source said.</p><p>"We were streaming 4k YouTube and playing 'Counter-Strike: Global Offensive' from Hawthorne to Redmond in the first week," the person added.</p></div>,<div class="group"><p>In March, the FCC approved Musk's plan to beam down Internet signals from 4,425 small satellites launched into standard low-Earth orbit — more than two times the total number of active satellites there presently.</p><p>One SpaceX engineer told Reuters the company has studied plans to add roughly 10,000 additional satellites after its first array is live to meet bandwidth demand in the coming 20 years. Behrend declined to comment on the plans and referred to a previous FCC filing, which states an additional 7,518 satellites are under consideration.</p><p>Such a move would keep it in the race to expand affordable high-speed Internet access to billions of people in rural or suburban areas globally. The Satellite Industry Association, a lobby group, estimates the global market for satellite-based broadband and television services is worth $127.7 billion, dwarfing the roughly $5.5 billion satellite launch services market.</p><p>McLean, Virginia-based OneWeb is working to provide internet service from roughly 900 satellites after raising more than $2 billion from SoftBank, the Coca-Cola Company and others.</p><p>Telesat, backed by Loral Space &amp; Communications Inc, said on Oct. 23 it conducted the first-ever live test of in-flight broadband via a satellite in low-Earth orbit, and was targeting 2022 for broadband services from a constellation of some 300 satellites.</p><p>SpaceX aims to provide Internet service by linking its satellites to ground stations and mountable terminals about the size of a pizza box at homes or businesses, according to the FCC filing. The U.S. market for broadband is already dominated by several incumbent communications companies, including NBCUniversal and CNBC parent <a href="//www.cnbc.com/quotes/CMCSA" target="_blank">Comcast</a>. Comcast declined to comment on the potential new competition.</p><p>While SpaceX's model of reusing rockets has generated cash, it is not enough to cover the roughly $5 billion cost to develop its Big Falcon Rocket that Musk wants one day to fly to Mars.</p><p>"There had to be a much bigger idea for generating cash to basically realize the Mars plans," said one of the SpaceX employees. "What better idea than to put Comcast out of business?"</p><p><a href="https://www.cnbc.com/video/2018/07/29/space-nasa-final-frontier-design-spacesuits.html">WATCH: This Brooklyn startup wants to make spacesuits at a fraction of NASA's cost</a></p></div>

SpaceX Chief Executive Officer Elon Musk flew to the Seattle area in June for meetings with engineers leading a satellite launch project crucial to his space company's growth.Within hours of landing, Musk had fired at least seven members of the program's senior management team at the Redmond, Washington, office, the culmination of disagreements over the pace at which the team was developing and testing its Starlink satellites, according to the two SpaceX employees with direct knowledge of the situation.Known for pushing aggressive deadlines, Musk quickly brought in new managers from SpaceX headquarters in California to replace a number of the managers he fired. Their mandate: Launch SpaceX's first batch of U.S.-made satellites by the middle of next year, the sources said.The management shakeup and the launch timeline, previously unreported, illustrate how quickly Musk wants to bring online SpaceX's Starlink program, which is competing with OneWeb and Canada's Telesat to be first to market with a new satellite-based Internet service.Those services - essentially a constellation of satellites that will bring high-speed Internet to rural and suburban locations globally - are key to generating the cash that privately-held SpaceX needs to fund Musk's real dream of developing a new rocket capable of flying paying customers to the moon and eventually trying to colonize Mars."It would be like rebuilding the Internet in space," Musk told an audience in 2015 when he unveiled Starlink. "The goal would be to have a majority of long-distance Internet traffic go over this network."But the program is struggling to hire and retain staff, the employees said. Currently, about 300 SpaceX employees work on Starlink in Redmond, the sources said. According to GeekWire, Musk said in 2015 the Redmond operation would have "probably several hundred people, maybe a thousand people" after 3-4 years in operation.So far this year, about 50 employees left the company "on their own accord," one of the SpaceX employees said, though the reason for those departures was unclear. Overall, SpaceX employs more than 6,000 staff.As of Tuesday, there were 22 job openings — including a job making espresso drinks — for the Redmond office, according to SpaceX's website.SpaceX spokeswoman Eva Behrend told Reuters the Redmond office remains an essential part of the company's efforts to build a next-generation satellite network."Given the success of our recent Starlink demonstration satellites, we have incorporated lessons learned and re-organized to allow for the next design iteration to be flown in short order," Behrend said.She had no further comment on the reorganization or the launch window, but noted the strategy was similar to the rapid iteration in design and testing which led to the success of its rockets.Among the managers fired from the Redmond office was SpaceX Vice President of Satellites Rajeev Badyal, an engineering and hardware veteran of Microsoft and Hewlett-Packard, and top designer Mark Krebs, who worked in Google's satellite and aircraft division, the employees said. Krebs declined to comment, and Badyal did not respond to requests for comment.The management shakeup followed in-fighting over pressure from Musk to speed up satellite testing schedules, one of the sources said. SpaceX's Behrend offered no comment on the matter.Culture was also a challenge for recent hires, a second source said. A number of the managers had been hired from nearby technology giant Microsoft, where workers were more accustomed to longer development schedules than Musk's famously short deadlines. Another senior manager that left SpaceX was Kim Schulze, who was previously a development manager at Microsoft, one of the people said. Schulze did not respond to a request for comment."Rajeev wanted three more iterations of test satellites," one of the sources said. "Elon thinks we can do the job with cheaper and simpler satellites, sooner."A billionaire and chief executive officer of Tesla, Musk is known for ambitious projects ranging from auto electrification and rocket-building to high-speed transit tunnels.A Musk trust owns 54 percent of the outstanding stock of SpaceX, according to a 2016 U.S. Securities and Exchange Commission filing, SpaceX's most recent.SpaceX has said it would launch its satellites in phases through 2024. It goal of having Internet service available in 2020 is "pretty much on target" with an initial satellite launch by mid-2019, one of the sources said.OneWeb aims for a first launch between December and February 2019, while Telesat was targeting 2022 for broadband services.SpaceX employees told Reuters that two Starlink test satellites launched in February, dubbed Tintin A and B, were functioning as intended. The company is refining the orbital path of the satellites after the U.S. Federal Communications Commission, which oversees satellites in orbit, approved a request from SpaceX to expand Tintins' altitude range, one of the sources said.The FCC confirmed SpaceX's modifications, which have not been reported previously, but declined further comment."We're using the Tintins to explore that modification," one of the SpaceX employee sources said. "They're happy and healthy and we're talking with them every time they pass a ground station, dozens of times a day."SpaceX engineers have used the two test satellites to play online video games at SpaceX headquarters in Hawthorne, California and the Redmond office, the source said."We were streaming 4k YouTube and playing 'Counter-Strike: Global Offensive' from Hawthorne to Redmond in the first week," the person added.In March, the FCC approved Musk's plan to beam down Internet signals from 4,425 small satellites launched into standard low-Earth orbit — more than two times the total number of active satellites there presently.One SpaceX engineer told Reuters the company has studied plans to add roughly 10,000 additional satellites after its first array is live to meet bandwidth demand in the coming 20 years. Behrend declined to comment on the plans and referred to a previous FCC filing, which states an additional 7,518 satellites are under consideration.Such a move would keep it in the race to expand affordable high-speed Internet access to billions of people in rural or suburban areas globally. The Satellite Industry Association, a lobby group, estimates the global market for satellite-based broadband and television services is worth $127.7 billion, dwarfing the roughly $5.5 billion satellite launch services market.McLean, Virginia-based OneWeb is working to provide internet service from roughly 900 satellites after raising more than $2 billion from SoftBank, the Coca-Cola Company and others.Telesat, backed by Loral Space & Communications Inc, said on Oct. 23 it conducted the first-ever live test of in-flight broadband via a satellite in low-Earth orbit, and was targeting 2022 for broadband services from a constellation of some 300 satellites.SpaceX aims to provide Internet service by linking its satellites to ground stations and mountable terminals about the size of a pizza box at homes or businesses, according to the FCC filing. The U.S. market for broadband is already dominated by several incumbent communications companies, including NBCUniversal and CNBC parent Comcast. Comcast declined to comment on the potential new competition.While SpaceX's model of reusing rockets has generated cash, it is not enough to cover the roughly $5 billion cost to develop its Big Falcon Rocket that Musk wants one day to fly to Mars."There had to be a much bigger idea for generating cash to basically realize the Mars plans," said one of the SpaceX employees. "What better idea than to put Comcast out of business?"WATCH: This Brooklyn startup wants to make spacesuits at a fraction of NASA's cost

2021-10-30 14:11:52.052941

Value investor Nygren catching Chesapeake Energy

https://www.cnbc.com/2015/01/16/value-investor-nygren-catching-chesapeake-energy.html

2015-01-16T13:24:27+0000

Katie Young

CNBC

Short-term pain, long-term gain. That's how top fund manager Bill Nygren views investing into the precipitous fall in energy stock prices, telling CNBC.com, "Given the recent selloff, this is the area to be opportunistic in."

cnbc, Premium, Articles, Stock markets, Investment strategy, Oil and Gas, Energy, Chesapeake Energy Corp, Investing, Energy Commodities, stocks, Stock Picks, source:tagname:CNBC US Source

<div class="group"><p>Short-term pain, long-term gain. </p><p> That's how top fund manager Bill Nygren views investing into the precipitous fall in energy stock prices, telling CNBC.com, "Given the recent selloff, this is the area to be opportunistic in."</p></div>

Short-term pain, long-term gain. That's how top fund manager Bill Nygren views investing into the precipitous fall in energy stock prices, telling CNBC.com, "Given the recent selloff, this is the area to be opportunistic in."

2021-10-30 14:11:52.610399

Disney is putting dozens of stores inside Target locations while Target set to open at Walt Disney World Resort

https://www.cnbc.com/2019/08/25/disney-and-target-are-teaming-up-to-open-stores-with-each-others-help.html

2019-08-25T19:04:53+0000

Lauren Thomas

CNBC

Target on Sunday announced it's opening dozens of permanent Disney stores within its own stores over the next year, as it invests in more unique ways to lure customers inside.The announcement comes on the heels of Target's strong quarterly earnings report last week, where it showed it drove more people to stores and got them to spend more money there. Its stock touched a record intraday high of $106.52 on Thursday. Target shares are now up more than 55% year to date.This Oct. 4, ahead of the holiday season, 25 Disney stores will open at certain Target stores across the country, in cities including Philadelphia, Denver and Chicago. (See a full list of those locations below.) Forty additional Disney locations — selling toys, games, apparel and more — are planned to open by October 2020, the big-box retailer said. It will also be launching a Disney-themed experience on its website, beginning Sunday, where shoppers can find products from the Pixar, Marvel and Star Wars brands, among others.

cnbc, Articles, Amazon.com Inc, Kohl's Corp, Walmart Inc, CVS Health Corp, Old Copper Company Inc, Walt Disney Co, Target Corp, Breaking News: Business, Apparel Retail, Breaking News: Major, Retail industry, Business, Business News, Retail, Discounters, Apparel, e-commerce, Food Retail, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/TGT" target="_blank">Target</a> on Sunday announced it's opening dozens of permanent <a href="//www.cnbc.com/quotes/DIS" target="_blank">Disney</a> stores within its own stores over the next year, as it invests in more unique ways to lure customers inside.</p><p>The announcement comes on the heels of Target's <a href="https://www.cnbc.com/2019/08/21/target-reports-fiscal-2019-q2-earnings.html">strong quarterly earnings report</a> last week, where it showed it drove more people to stores and got them to spend more money there. Its stock touched a record intraday high of $106.52 on Thursday. Target shares are now up more than 55% year to date.</p><div style="height:100%" class="lazyload-placeholder"></div><p>This Oct. 4, ahead of the holiday season, 25 Disney stores will open at certain Target stores across the country, in cities including Philadelphia, Denver and Chicago. (See a full list of those locations below.) Forty additional Disney locations — selling toys, games, apparel and more — are planned to open by October 2020, the big-box retailer said. It will also be launching a Disney-themed experience on its website, beginning Sunday, where shoppers can find products from the Pixar, Marvel and Star Wars brands, among others.</p></div>,<div class="group"><p>In expanding its tie-up with Disney, Target will also be opening a small-format store right near the Walt Disney World Resort in Orlando, Florida, in 2021, the companies said.</p><p>"Disney is among our largest and most admired [brand] relationships," Target CEO Brian Cornell said on a call with members of the media. "We have spent a lot of time thinking about how to grow."</p><p>Cornell declined to comment on how much Disney merchandise currently brings Target in terms of sales, or how much of a revenue driver he expects the Disney store expansion to be.</p><p>Meanwhile, the announcement comes as retailers across the U.S., including Target, <a href="//www.cnbc.com/quotes/WMT" target="_blank">Walmart</a>, <a href="//www.cnbc.com/quotes/KSS" target="_blank">Kohl's</a> and <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>, are still vying for the market share Toys R Us left up for grabs after it liquidated last year. Though, <a href="https://www.cnbc.com/2019/07/18/toys-r-us-plots-comeback-with-smaller-stores-in-partnership-with-b8ta.html">the Toys R Us brand is still mapping out a comeback of its own</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Ahead of last holiday season, <a href="https://www.cnbc.com/2018/10/16/hundreds-of-target-stores-are-getting-a-makeover-in-the-toy-aisles-ahead-of-the-holidays.html">Target added a quarter-million square feet of space</a> permanently dedicated to toys across more than 500 stores. About 100 stores received a fuller remodel in the toy aisles. When it reported <a href="https://www.cnbc.com/2019/01/09/target-reports-2018-holiday-sales.html">2018 holiday results,</a> Target said same-store sales were up 5.7%, with the toy category being one of its strongest.</p></div>,<div class="group"><p>Disney said it will be opening the first batch of stores at Target right as a new assortment of merchandise from Disney's "Frozen 2" and "Star Wars: The Rise of Skywalker" hits shelves. It said it will also sell some collectible merchandise there, like dolls and apparel from its Disney Animators' Collection.</p><p>The companies explained the Disney stores within Target will be staffed by Target employees, who are set to receive special training ahead of the openings.</p><p>The mini Disney stores will span about 750 square feet on average, they said, and will be located next to kids clothing and the existing toy aisles in Target stores. Each store is expected to hold more than 450 items, including about 100 products that could previously only be found at Disney retail locations. It has more than 300 such stores globally today.</p><p>Target said many items will be under $20, with most ranging from $2 to $200. There will also be seating areas in the pint-sized shops for families to sit, listen to Disney music and watch Disney movie clips or take photos in front of interactive displays, it said.</p><p>People who own Disney gear or visit Disney theme parks are likely people who also shop at Target, according to Bob Chapek, chairman of Disney Parks, Experiences and Products. He said there's about a 90% overlap between the two company's customers.</p></div>,<div class="group"><p>"This gives us the opportunity to expand our footprint well beyond [malls]," Chapek said on a call with members of the media. "The experiential retail coming to Target is just what today's consumer is looking for."</p><p>Chapek said Disney also has a partnership with <a href="//www.cnbc.com/quotes/CPPRQ" target="_blank">J.C. Penney</a> in some department stores, which it will continue even as it works with Target. "That was something we started at smaller scale than what this was going to be," he said about teaming up with Penney.</p><p>The announcement for Disney also comes as it's been <a href="https://www.cnbc.com/2019/08/23/everything-we-learned-at-d23s-disney-panel.html">revealing new information about its upcoming streaming service's shows and films</a> during its Disney+ panel at D23 Expo this weekend in Anaheim, California.</p><p>Meanwhile, for Target, an expanded partnership with Disney could become just one of many national brand partnerships growing in its stores, hundreds of which are <a href="https://www.cnbc.com/2019/08/23/target-opens-100-mini-stores-remodels-500-bigger-ones.html">being remodeled</a>. <a href="//www.cnbc.com/quotes/CVS" target="_blank">CVS</a> acquired Target's pharmacy business back in <a href="https://corporate.target.com/article/2015/12/cvs-target-acquisition-complete" target="_blank">2015</a>, for example, and now operates that part of Target's stores through a "store-within-a-store" format. Target also recently announced it will be <a href="https://corporate.target.com/article/2019/08/target-levis-expansion" target="_blank">bringing denim maker Levi's to dozens of stores</a>.</p><p><strong>"</strong>Based on the performance of our business, we've had interest from a number of different vendors," Cornell said. But he cautioned Target will be very "selective" in picking the brands it chooses to work with. "I can't think about a better national brand partner than Disney."</p><p><strong>Here are the 25 Target locations where Disney is set to open on Oct. 4:</strong></p><div class="ArticleBody-blockquote"><p>Allen North #2516 (Allen, Texas)</p><p>Austin NW #1797 (Austin, Texas)</p><p>Bozeman #1237 (Bozeman, Mont.)</p><p>Brighton #922 (Brighton, Mich.)</p><p>Chicago Brickyard #1924 (Chicago, Ill.)</p><p>Clearwater #1820 (Clearwater, Fla.)</p><p>Denver Stapleton #2052 (Denver, Colo.)</p><p>Edmond #1398 (Edmond, Okla.)</p><p>Euless #1368 (Euless, Texas)</p><p>Houston North Central #1458 (Spring, Texas)</p><p>Jacksonville Mandarin #1300 (Jacksonville, Fla.)</p><p>Keizer #2110 (Keizer, Ore.)</p><p>Lake Stevens #1331 (Lake Stevens, Wash.)</p><p>Leesburg #1874 (Leesburg, Va.)</p><p>Loveland #1178 (Loveland, Colo.)</p><p>Maple Grove North #2193 (Maple Grove, Minn.)</p><p>Mobile West #1376 (Mobile, Ala.)</p><p>Murrieta #1283 (Murrieta, Calif.)</p><p>New Lenox #2028 (New Lenox, Ill.)</p><p>Pasadena #1396 (Pasadena, Texas)</p><p>Philadelphia West #2124 (Philadelphia, Pa.)</p><p>San Jose College Park #2088 (San Jose, Calif.)</p><p>South Jordan #2123 (South Jordan, Utah)</p><p>Stroudsburg #1260 (Stroudsburg, Pa.)</p><p>Waterford Park #2068 (Clarksville, Ind.)</p></div></div>,<div class="group"></div>

Target on Sunday announced it's opening dozens of permanent Disney stores within its own stores over the next year, as it invests in more unique ways to lure customers inside.The announcement comes on the heels of Target's strong quarterly earnings report last week, where it showed it drove more people to stores and got them to spend more money there. Its stock touched a record intraday high of $106.52 on Thursday. Target shares are now up more than 55% year to date.This Oct. 4, ahead of the holiday season, 25 Disney stores will open at certain Target stores across the country, in cities including Philadelphia, Denver and Chicago. (See a full list of those locations below.) Forty additional Disney locations — selling toys, games, apparel and more — are planned to open by October 2020, the big-box retailer said. It will also be launching a Disney-themed experience on its website, beginning Sunday, where shoppers can find products from the Pixar, Marvel and Star Wars brands, among others.In expanding its tie-up with Disney, Target will also be opening a small-format store right near the Walt Disney World Resort in Orlando, Florida, in 2021, the companies said."Disney is among our largest and most admired [brand] relationships," Target CEO Brian Cornell said on a call with members of the media. "We have spent a lot of time thinking about how to grow."Cornell declined to comment on how much Disney merchandise currently brings Target in terms of sales, or how much of a revenue driver he expects the Disney store expansion to be.Meanwhile, the announcement comes as retailers across the U.S., including Target, Walmart, Kohl's and Amazon, are still vying for the market share Toys R Us left up for grabs after it liquidated last year. Though, the Toys R Us brand is still mapping out a comeback of its own.Ahead of last holiday season, Target added a quarter-million square feet of space permanently dedicated to toys across more than 500 stores. About 100 stores received a fuller remodel in the toy aisles. When it reported 2018 holiday results, Target said same-store sales were up 5.7%, with the toy category being one of its strongest.Disney said it will be opening the first batch of stores at Target right as a new assortment of merchandise from Disney's "Frozen 2" and "Star Wars: The Rise of Skywalker" hits shelves. It said it will also sell some collectible merchandise there, like dolls and apparel from its Disney Animators' Collection.The companies explained the Disney stores within Target will be staffed by Target employees, who are set to receive special training ahead of the openings.The mini Disney stores will span about 750 square feet on average, they said, and will be located next to kids clothing and the existing toy aisles in Target stores. Each store is expected to hold more than 450 items, including about 100 products that could previously only be found at Disney retail locations. It has more than 300 such stores globally today.Target said many items will be under $20, with most ranging from $2 to $200. There will also be seating areas in the pint-sized shops for families to sit, listen to Disney music and watch Disney movie clips or take photos in front of interactive displays, it said.People who own Disney gear or visit Disney theme parks are likely people who also shop at Target, according to Bob Chapek, chairman of Disney Parks, Experiences and Products. He said there's about a 90% overlap between the two company's customers."This gives us the opportunity to expand our footprint well beyond [malls]," Chapek said on a call with members of the media. "The experiential retail coming to Target is just what today's consumer is looking for."Chapek said Disney also has a partnership with J.C. Penney in some department stores, which it will continue even as it works with Target. "That was something we started at smaller scale than what this was going to be," he said about teaming up with Penney.The announcement for Disney also comes as it's been revealing new information about its upcoming streaming service's shows and films during its Disney+ panel at D23 Expo this weekend in Anaheim, California.Meanwhile, for Target, an expanded partnership with Disney could become just one of many national brand partnerships growing in its stores, hundreds of which are being remodeled. CVS acquired Target's pharmacy business back in 2015, for example, and now operates that part of Target's stores through a "store-within-a-store" format. Target also recently announced it will be bringing denim maker Levi's to dozens of stores."Based on the performance of our business, we've had interest from a number of different vendors," Cornell said. But he cautioned Target will be very "selective" in picking the brands it chooses to work with. "I can't think about a better national brand partner than Disney."Here are the 25 Target locations where Disney is set to open on Oct. 4:Allen North #2516 (Allen, Texas)Austin NW #1797 (Austin, Texas)Bozeman #1237 (Bozeman, Mont.)Brighton #922 (Brighton, Mich.)Chicago Brickyard #1924 (Chicago, Ill.)Clearwater #1820 (Clearwater, Fla.)Denver Stapleton #2052 (Denver, Colo.)Edmond #1398 (Edmond, Okla.)Euless #1368 (Euless, Texas)Houston North Central #1458 (Spring, Texas)Jacksonville Mandarin #1300 (Jacksonville, Fla.)Keizer #2110 (Keizer, Ore.)Lake Stevens #1331 (Lake Stevens, Wash.)Leesburg #1874 (Leesburg, Va.)Loveland #1178 (Loveland, Colo.)Maple Grove North #2193 (Maple Grove, Minn.)Mobile West #1376 (Mobile, Ala.)Murrieta #1283 (Murrieta, Calif.)New Lenox #2028 (New Lenox, Ill.)Pasadena #1396 (Pasadena, Texas)Philadelphia West #2124 (Philadelphia, Pa.)San Jose College Park #2088 (San Jose, Calif.)South Jordan #2123 (South Jordan, Utah)Stroudsburg #1260 (Stroudsburg, Pa.)Waterford Park #2068 (Clarksville, Ind.)

2021-10-30 14:11:52.653872

Hillary Clinton to add Jacob Leibenluft, Obama's long-time economic advisor, to campaign team

https://www.cnbc.com/2016/06/20/hillary-clinton-to-add-jacob-leibenluft-obamas-long-time-economic-adviser-to-campaign-team.html

2016-06-20T10:00:00+0000

John Harwood

CNBC

One of President Barack Obama's economic advisors will join Hillary Clinton's campaign in another sign of close coordination between the White House and the presumptive Democratic nominee. Jacob Leibenluft, deputy director of the National Economic Council, will become a senior policy advisor as Clinton prepares to fill out her economic agenda for the general election. On Tuesday, she plans to deliver a speech in Columbus, Ohio, that will contrast her proposals to lift middle-class incomes with Donald Trump's business record, which she will argue is characterized by self-interest at the expense of others. Leibenluft has served on Obama's economic team from the beginning of the president's first term. Among his areas of focus have been policies on job training, apprenticeships and the minimum wage. Jared Bernstein, a former administration colleague, described Leibenluft as a "very strong, fact-based analyst." He joins a Clinton team that includes other ex-White House aides such as campaign chairman John Podesta and communications director Jennifer Palmieri.

cnbc, Articles, White House, United States, Politics, Hillary Clinton, US: News, Elections, source:tagname:CNBC US Source

<div class="group"><p> One of President Barack Obama's economic advisors will join <a href="https://www.cnbc.com/hillary-clinton/">Hillary Clinton</a>'s campaign in another sign of close coordination between the White House and the presumptive Democratic nominee.</p><p> Jacob Leibenluft, deputy director of the National Economic Council, will become a senior policy advisor as Clinton prepares to fill out her economic agenda for the general election.</p><div style="height:100%" class="lazyload-placeholder"></div><p> On Tuesday, she plans to deliver a speech in Columbus, Ohio, that will contrast her proposals to lift middle-class incomes with Donald Trump's business record, which she will argue is characterized by self-interest at the expense of others.</p><p> Leibenluft has served on Obama's economic team from the beginning of the president's first term. Among his areas of focus have been policies on job training, apprenticeships and the minimum wage.</p><p> Jared Bernstein, a former administration colleague, described Leibenluft as a "very strong, fact-based analyst." He joins a Clinton team that includes other ex-White House aides such as campaign chairman John Podesta and communications director Jennifer Palmieri.</p></div>

One of President Barack Obama's economic advisors will join Hillary Clinton's campaign in another sign of close coordination between the White House and the presumptive Democratic nominee. Jacob Leibenluft, deputy director of the National Economic Council, will become a senior policy advisor as Clinton prepares to fill out her economic agenda for the general election. On Tuesday, she plans to deliver a speech in Columbus, Ohio, that will contrast her proposals to lift middle-class incomes with Donald Trump's business record, which she will argue is characterized by self-interest at the expense of others. Leibenluft has served on Obama's economic team from the beginning of the president's first term. Among his areas of focus have been policies on job training, apprenticeships and the minimum wage. Jared Bernstein, a former administration colleague, described Leibenluft as a "very strong, fact-based analyst." He joins a Clinton team that includes other ex-White House aides such as campaign chairman John Podesta and communications director Jennifer Palmieri.

2021-10-30 14:11:52.806354

Why the Cyprus Solution Will Hurt Market Stability

https://www.cnbc.com/2013/03/25/why-the-cyprus-solution-will-hurt-market-stability.html

2013-03-25T16:49:04+0000

John Carney

CNBC

What appears to be the final resolution of the crisis in Cyprus may not be perfect but it does not stray that far from the approach advocated here and on The Wall Street Journal's editorial page last week. But a good resolution of the Cyprus crisis may not be enough to undo the damage from interventions that are not based on clearly stated diagnoses or predictable frameworks for government actions.

cnbc, Articles, Wall Street, Economy, Europe, Cyprus, Euro, Credit Market, CNBC EVENTS, NetNet, source:tagname:CNBC US Source

<div class="group"><p> What appears to be <a href="https://www.cnbc.com/2013/03/25/cyprus-relief-why-the-rally-may-be-short-lived.html">the final resolution of the crisis in Cyprus</a> may not be perfect but it does not stray that far from <a href="https://www.cnbc.com/2013/03/22/just-let-the-troubled-banks-in-cyprus-fail.html">the approach advocated here</a> and on The Wall Street Journal's editorial page last week.</p><p> But a good resolution of the Cyprus crisis may not be enough to undo the damage from interventions that are not based on clearly stated diagnoses or predictable frameworks for government actions. </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> The lesson that policymakers should have learned in 2008 was that massive ad hoc responses with little public explanation undermine market confidence. Such interventions, developed through secret meetings, promote uncertainty and fear. If, as the gentleman once said, the only thing we have to fear is fear itself, this is the perfect recipe for producing that dangerous dish. (See <a href="http://www.businessinsider.com/why-letting-lehman-go-didnt-crush-the-financial-markets-2009-3" target="_blank">this paper by John Taylor</a> on how unpredictable intervention worsened the reaction to Lehman's collapse.)</p><p>The last-minute deal agreed by Cypriot and EU leaders will impose serious losses on the creditors of Laiki Bank, also known as the Cyprus Popular Bank. Some 4.2 billion euros in deposits of more than 100,000 euros will be placed in a "bad bank," meaning they could be wiped out. Smaller deposits will be moved to the Bank of Cyprus, which will see its own deposits in excess of 100,000 euros frozen while the bank is restructured and recapitalized. A good portion of those deposits—it's not clear exactly how much—is likely to get converted into Bank of Cyprus equity as part of the recap.<br></p><p>Imposing losses on the creditors of failed banks—including uninsured depositors when the losses are extensive enough to wipe out bondholders—should have been the first reaction of policymakers. Instead, they sought to spread the burden of propping up Laiki and the Bank of Cyprus by imposing a tax on accounts of all depositors, including those in healthier banks.<br></p><p>As economic historian Anna Schwartz <a href="http://online.wsj.com/article/SB122428279231046053.html" target="_blank">explained five years ago</a>: "Firms that made wrong decisions should fail." <br></p><p>"You shouldn't rescue them. And once that's established as a principle, I think the market recognizes that it makes sense. Everything works much better when wrong decisions are punished and good decisions make you rich," Schwartz told The Wall Street Journal.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p>It's not clear why Laiki has to be wiped out. Perhaps its losses are worse than they have let on. But credible sources I spoke to thought the bail-in recapitalization should have been able to work for Laiki.<br></p><p>It's also unclear why the Bank of Cyprus' bondholders have not yet been wiped out. Depositors should sit on the top of the capital structure. If some deposits are being converted to equity, this should only be a last resort after the wipeout of other creditors. <br></p><p>I suspect the answer to these questions is that both banks were debtors to the European Central Bank. The ECB is unwilling to take losses on its support for banks, so it has arranged a scheme to wipe out Laiki while moving Laiki's ECB debt to the Bank of Cyprus. This isn't necessarily a terrible policy—but it is terrible that we're left speculating rather than being given direct answers by the authorities involved.<br></p><p>It's striking that this level of <a href="https://www.cnbc.com/2013/03/22/europe-cyprus-locked-in-a-multibilliondollar-game-of-chicken.html">public dithering</a> can be combined with <a href="https://www.cnbc.com/2013/03/24/cyprus-question-is-how-small-will-banks-go.html">the extreme lack of transparency</a>. One would think that nothing kept this secretive could possibly look so publicly foolish at the same time. Once again the Eurocrats have outperformed expectations.<br></p><p>It will hardly be surprising if the fallout from this is far more traumatic to markets than the Eurocrats expect. They've revealed that they're still making this stuff up as they go along, that there is no way of predicting (much less quantifying) the risks of unprecedented policy moves being undertaken for unheralded interests. Not exactly the stuff that builds confidence, stability, and trust in a financial system.<br></p></div>,<div class="group"><p><em>Follow me on Twitter <a href="http://www.twitter.com/carney" class="webresource" target="_blank">@Carney</a></em></p></div>

What appears to be the final resolution of the crisis in Cyprus may not be perfect but it does not stray that far from the approach advocated here and on The Wall Street Journal's editorial page last week. But a good resolution of the Cyprus crisis may not be enough to undo the damage from interventions that are not based on clearly stated diagnoses or predictable frameworks for government actions. The lesson that policymakers should have learned in 2008 was that massive ad hoc responses with little public explanation undermine market confidence. Such interventions, developed through secret meetings, promote uncertainty and fear. If, as the gentleman once said, the only thing we have to fear is fear itself, this is the perfect recipe for producing that dangerous dish. (See this paper by John Taylor on how unpredictable intervention worsened the reaction to Lehman's collapse.)The last-minute deal agreed by Cypriot and EU leaders will impose serious losses on the creditors of Laiki Bank, also known as the Cyprus Popular Bank. Some 4.2 billion euros in deposits of more than 100,000 euros will be placed in a "bad bank," meaning they could be wiped out. Smaller deposits will be moved to the Bank of Cyprus, which will see its own deposits in excess of 100,000 euros frozen while the bank is restructured and recapitalized. A good portion of those deposits—it's not clear exactly how much—is likely to get converted into Bank of Cyprus equity as part of the recap.Imposing losses on the creditors of failed banks—including uninsured depositors when the losses are extensive enough to wipe out bondholders—should have been the first reaction of policymakers. Instead, they sought to spread the burden of propping up Laiki and the Bank of Cyprus by imposing a tax on accounts of all depositors, including those in healthier banks.As economic historian Anna Schwartz explained five years ago: "Firms that made wrong decisions should fail." "You shouldn't rescue them. And once that's established as a principle, I think the market recognizes that it makes sense. Everything works much better when wrong decisions are punished and good decisions make you rich," Schwartz told The Wall Street Journal.It's not clear why Laiki has to be wiped out. Perhaps its losses are worse than they have let on. But credible sources I spoke to thought the bail-in recapitalization should have been able to work for Laiki.It's also unclear why the Bank of Cyprus' bondholders have not yet been wiped out. Depositors should sit on the top of the capital structure. If some deposits are being converted to equity, this should only be a last resort after the wipeout of other creditors. I suspect the answer to these questions is that both banks were debtors to the European Central Bank. The ECB is unwilling to take losses on its support for banks, so it has arranged a scheme to wipe out Laiki while moving Laiki's ECB debt to the Bank of Cyprus. This isn't necessarily a terrible policy—but it is terrible that we're left speculating rather than being given direct answers by the authorities involved.It's striking that this level of public dithering can be combined with the extreme lack of transparency. One would think that nothing kept this secretive could possibly look so publicly foolish at the same time. Once again the Eurocrats have outperformed expectations.It will hardly be surprising if the fallout from this is far more traumatic to markets than the Eurocrats expect. They've revealed that they're still making this stuff up as they go along, that there is no way of predicting (much less quantifying) the risks of unprecedented policy moves being undertaken for unheralded interests. Not exactly the stuff that builds confidence, stability, and trust in a financial system.Follow me on Twitter @Carney

2021-10-30 14:11:52.981829

Pick a Direction and Go With It!

https://www.cnbc.com/2007/11/20/pick-a-direction-and-go-with-it.html

2007-11-20T23:20:17+0000

Carlo Dellaverson

CNBC

PICK A DIRECTION AND GO WITH IT: The headline: Stocks Finish Higher After Fed October Minutes Spark Roller-Coaster The price action in the market was indicative of the beginning of a bottom, Jeff Macke said. Tuesday saw the first signs of life from the bulls in some time.

cnbc, Articles, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p><strong>PICK A DIRECTION AND GO WITH IT: </strong></p><p><em>The headline: </em>Stocks Finish Higher After Fed October Minutes Spark Roller-Coaster </p><div style="height:100%" class="lazyload-placeholder"></div><p>The price action in the market was indicative of the beginning of a bottom, Jeff Macke said. Tuesday saw the first signs of life from the bulls in some time. </p></div>,<div class="group"><p>Pete Najarian agreed. Stocks look like they’re starting to find a “smoothing bottom,” he said. As financials fell apart, volatility never spiked, which helped on the rally. <br><br></p><p><strong>OIL RECORD CLOSE: </strong></p><p><em>The headline: </em>Crude Oil Surges 3.6% to $98.03; Up 61% So Far This Year </p><p>The time is right to get long <strong>Chevron (CVX)</strong>, Guy Adami said. It’s cheaper than <strong>ExxonMobil (XOM)</strong>. </p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Investors shouldn’t think $100 is the endgame for oil, either, Pete Najarian said. Look for crude to continue higher after it breaches that level. <br><br></p><p><strong>SANTA’S SLAY: </strong></p></div>,<div class="group"><p><em>The headline:</em><strong>Target (TGT) </strong>Unexpectedly Misses Estimates, Making Holiday Retail Picture Even Bleaker <br><br></p><p>TGT acted terrible on Tuesday, Karen Finerman and Jeff Macke agreed. The fact that its apparel and home furnishings brands – the areas that it has been able to dominate <strong>Wal-Mart (WMT)</strong> – are no longer doing as well is concerning, according to Karen. Over time, she wants to own TGT but she’s still waiting for a good level to jump in. </p></div>,<div class="group"><p>Jeff Macke wouldn’t play Target either way in this market. <br><br></p><p><strong>AFTER HOURS ACTION: WHOLE FOODS:</strong></p><p><em>The headline:</em><strong>(WFMI)</strong> Profit Slides But Sales Climb 25% </p><p>Whole Foods is fighting an uphill battle, Jeff Macke said. The economic conditions aren’t right and the company is about to find itself a real competitor in <strong>Tesco (TESO)</strong>. </p></div>,<div class="group"><p>Pete Najarian said Whole Foods’ increased dividend should be good for a short-term pop. <br><br></p><p><strong>WILL GOOGLE GO TO $900: </strong></p><p><em>The headline: </em><strong>Google (GOOG) </strong>Jumps 4% After Credit Suisse Sets $900 Price Target </p><p>Stocks like GOOG, <strong>Apple (AAPL)</strong> and<strong> Research In Motion (RIMM)</strong> are starting to find comfortable levels at which to get back in, Pete Najarian said. </p><p>Guy Adami would rather stick with<strong> Microsoft (MSFT)</strong>, which has the biggest upside on a percentage-basis, he said. Guy predicted MSFT trades in the $40s next year. </p></div>,<div class="group"><p>Jeff Macke also recommended staying with Microsoft. It’s the “easier way to make money,” he said. <br><br></p></div>,<div class="group"><p>Unfortunately, they are still years away from targeting stem cells to create organs, Pete Najarian said, so its too early to trade on the headline. In the meantime, he recommended <strong>ISIS Pharmaceuticals (ISIS) </strong>and <strong>Sangamo Biosciences (SGMO) </strong>as current plays on cancer treatment. <br><br></p><p><strong>OPRAH’S FAVORITE THINGS: </strong></p><p><em>The headline: </em>Oprah Releases Highly-Anticipated List of Her Favorite Things </p></div>,<div class="group"><p>Shares of <strong>Williams-Sonoma (WSM)</strong> and <strong>Deckers (DECK)</strong>, the makers of some of the items on Oprah’s list, actually moved higher after the list was revealed. Karen Finerman said it wasn’t a “dumb trade,” as Oprah really can move markets. <br><br></p><p><br><br><br></p><p>______________________________________________________<br>Got something to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap</em>! Prefer to keep it between us? You can still send questions and comments to <!-- -->.<br><br><em>Trader disclosure: On Nov. 20, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (YHOO), (EMC); Najarian Owns (AMTD) Options; (GOOG) Options; (YHOO) Options; Finerman's Firm And Finerman Own (GS), (KFT); Finerman's Firm Owns (SKS), (TSO), (WMT), (LTD), (CROX), Finerman's Firm Owns (MSFT) Options; Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (MDY), (LEN); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD); Finerman's Firm Owns S&amp;P 500 Puts; Finerman's Firm Owns Russell 2000 Puts</em></p></div>

PICK A DIRECTION AND GO WITH IT: The headline: Stocks Finish Higher After Fed October Minutes Spark Roller-Coaster The price action in the market was indicative of the beginning of a bottom, Jeff Macke said. Tuesday saw the first signs of life from the bulls in some time. Pete Najarian agreed. Stocks look like they’re starting to find a “smoothing bottom,” he said. As financials fell apart, volatility never spiked, which helped on the rally. OIL RECORD CLOSE: The headline: Crude Oil Surges 3.6% to $98.03; Up 61% So Far This Year The time is right to get long Chevron (CVX), Guy Adami said. It’s cheaper than ExxonMobil (XOM). Investors shouldn’t think $100 is the endgame for oil, either, Pete Najarian said. Look for crude to continue higher after it breaches that level. SANTA’S SLAY: The headline:Target (TGT) Unexpectedly Misses Estimates, Making Holiday Retail Picture Even Bleaker TGT acted terrible on Tuesday, Karen Finerman and Jeff Macke agreed. The fact that its apparel and home furnishings brands – the areas that it has been able to dominate Wal-Mart (WMT) – are no longer doing as well is concerning, according to Karen. Over time, she wants to own TGT but she’s still waiting for a good level to jump in. Jeff Macke wouldn’t play Target either way in this market. AFTER HOURS ACTION: WHOLE FOODS:The headline:(WFMI) Profit Slides But Sales Climb 25% Whole Foods is fighting an uphill battle, Jeff Macke said. The economic conditions aren’t right and the company is about to find itself a real competitor in Tesco (TESO). Pete Najarian said Whole Foods’ increased dividend should be good for a short-term pop. WILL GOOGLE GO TO $900: The headline: Google (GOOG) Jumps 4% After Credit Suisse Sets $900 Price Target Stocks like GOOG, Apple (AAPL) and Research In Motion (RIMM) are starting to find comfortable levels at which to get back in, Pete Najarian said. Guy Adami would rather stick with Microsoft (MSFT), which has the biggest upside on a percentage-basis, he said. Guy predicted MSFT trades in the $40s next year. Jeff Macke also recommended staying with Microsoft. It’s the “easier way to make money,” he said. Unfortunately, they are still years away from targeting stem cells to create organs, Pete Najarian said, so its too early to trade on the headline. In the meantime, he recommended ISIS Pharmaceuticals (ISIS) and Sangamo Biosciences (SGMO) as current plays on cancer treatment. OPRAH’S FAVORITE THINGS: The headline: Oprah Releases Highly-Anticipated List of Her Favorite Things Shares of Williams-Sonoma (WSM) and Deckers (DECK), the makers of some of the items on Oprah’s list, actually moved higher after the list was revealed. Karen Finerman said it wasn’t a “dumb trade,” as Oprah really can move markets. ______________________________________________________Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to .Trader disclosure: On Nov. 20, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (YHOO), (EMC); Najarian Owns (AMTD) Options; (GOOG) Options; (YHOO) Options; Finerman's Firm And Finerman Own (GS), (KFT); Finerman's Firm Owns (SKS), (TSO), (WMT), (LTD), (CROX), Finerman's Firm Owns (MSFT) Options; Finerman's Firm Is Short (SPY), (IWM), (IYR), (IJR), (MDY), (LEN); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts

2021-10-30 14:11:53.026429

Here's how Snap could survive Facebook's endless copying

https://www.cnbc.com/2017/03/28/snap-vs-facebook-markeing-will-help-snap-survive-copying.html

2017-03-28T17:54:40+0000

Harriet Taylor

CNBC

Snap's marketing savvy, creativity and understanding of its users will help it survive Facebook's many efforts to kill it by imitation, tech veteran Rahul Sood told CNBC."Snap understands their audience better than anybody," said Sood, chief executive officer of e-sports betting start-up Unikrn and creator of Microsoft Ventures. For example, over spring break at the Las Vegas MGM Hotel and Casino, the company installed a kiosk selling Snap Spectacles. "These guys are hardcore marketers," Sood said on "Squawk Alley." Facebook launched three new Snap-like features Tuesday morning — the fourth time Facebook has cloned Snapchat features in less than a year — sending Snap shares down more than 4 percent.Facebook's big advantage is that it can reach users outside of Snap's relatively narrow demographic and show off features they may never have tried, Sood said Tuesday. "It gives the an opportunity to play with it and use it," he said.However, he added, what works for Snapchat doesn't always work on Facebook's apps."Instagram tried it with their Stories, and it feels sort of like an after-thought, like a bolt-on feature to Instagram," he said. "I don't get it, to be honest."

cnbc, Articles, Social media, Technology, Meta Platforms Inc, Mobile, Social Media, Squawk Alley, US: News, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/SNAP" target="_blank">Snap</a>'s marketing savvy, creativity and understanding of its users will help it survive Facebook's many efforts to kill it by imitation, tech veteran Rahul Sood told CNBC.</p><p>"Snap understands their audience better than anybody," said Sood, chief executive officer of e-sports betting start-up Unikrn and creator of Microsoft Ventures. </p><div style="height:100%" class="lazyload-placeholder"></div><p>For example, over spring break at the Las Vegas MGM Hotel and Casino, the company installed a <a href="http://www.cnbc.com/2017/01/26/snapchat-nyc-spectacles-store-is-mostly-empty.html">kiosk selling Snap Spectacles</a>. "These guys are hardcore marketers," Sood said on "<a href="https://www.cnbc.com/squawk-alley/">Squawk Alley</a>." </p><p><a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> launched three new <a href="https://www.cnbc.com/2017/03/28/snap-drops-after-facebook-launches-more-copycat-features.html">Snap-like features</a> Tuesday morning — <a href="https://www.cnbc.com/2017/03/28/facebook-stole-these-features-from-snapchat.html">the fourth time Facebook</a> has cloned Snapchat features in less than a year — sending Snap shares down more than 4 percent.</p><p>Facebook's big advantage is that it can reach users outside of Snap's relatively narrow demographic and show off features they may never have tried, Sood said Tuesday. "It gives the an opportunity to play with it and use it," he said.<br></p><p>However, he added, what works for Snapchat doesn't always work on Facebook's apps.</p><p>"Instagram tried it with their Stories, and it feels sort of like an after-thought, like a bolt-on feature to Instagram," he said. "I don't get it, to be honest."</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Wall Street welcomed Facebook's move to incorporate more Snap-like features. "It's a great move and one that we expected," said Cantor Fitzgerald analyst Youssef Squali.</p><p>The last time Facebook did something as important as this — <a href="http://www.cnbc.com/2016/08/02/instagram-launches-stories-a-product-to-take-on-snapchat.html">when Instagram copied Snap</a> last year — the impact was a slowdown in user growth and engagement at Snap, he said.</p><p>"It will be interesting to see what happens over the next couple of quarters, but clearly if you're Snap, you're worried," he said. "It's easy to copy a lot of these functions and the issue is really around engagement and user growth, ultimately." </p><p><em> Disclosure: CNBC parent NBCUniversal <a href="https://www.cnbc.com/2017/03/03/nbc-invests-500-million-in-snapchat-ipo.html">is an investor in Snap</a></em></p></div>

Snap's marketing savvy, creativity and understanding of its users will help it survive Facebook's many efforts to kill it by imitation, tech veteran Rahul Sood told CNBC."Snap understands their audience better than anybody," said Sood, chief executive officer of e-sports betting start-up Unikrn and creator of Microsoft Ventures. For example, over spring break at the Las Vegas MGM Hotel and Casino, the company installed a kiosk selling Snap Spectacles. "These guys are hardcore marketers," Sood said on "Squawk Alley." Facebook launched three new Snap-like features Tuesday morning — the fourth time Facebook has cloned Snapchat features in less than a year — sending Snap shares down more than 4 percent.Facebook's big advantage is that it can reach users outside of Snap's relatively narrow demographic and show off features they may never have tried, Sood said Tuesday. "It gives the an opportunity to play with it and use it," he said.However, he added, what works for Snapchat doesn't always work on Facebook's apps."Instagram tried it with their Stories, and it feels sort of like an after-thought, like a bolt-on feature to Instagram," he said. "I don't get it, to be honest."Wall Street welcomed Facebook's move to incorporate more Snap-like features. "It's a great move and one that we expected," said Cantor Fitzgerald analyst Youssef Squali.The last time Facebook did something as important as this — when Instagram copied Snap last year — the impact was a slowdown in user growth and engagement at Snap, he said."It will be interesting to see what happens over the next couple of quarters, but clearly if you're Snap, you're worried," he said. "It's easy to copy a lot of these functions and the issue is really around engagement and user growth, ultimately." Disclosure: CNBC parent NBCUniversal is an investor in Snap

2021-10-30 14:11:53.177153

Forget New York or San Francisco, Chinese investors are looking at balmy, and cheaper, Miami

https://www.cnbc.com/2017/05/25/forget-new-york-or-san-francisco-chinese-investors-are-looking-at-balmy-and-cheaper-miami.html

2017-05-30T01:02:20+0000

Rohini Samtani

CNBC

Despite tight capital control measures from Beijing, Miami is emerging as a cheaper buying destination in the U.S. for Chinese investors, Peggy Fucci, CEO of real estate broker OneWorld properties told "Squawk Box" on Thursday.The city has remained a hot property for mainland investors even as Chinese regulators fined prominent brokerages Citic Securities, Haitong Securities, and Guosen Securities this week as a part of long-term capital control efforts in the country."I don't think that's going to stop the investment," Fucci said, referring to Beijing's efforts of cleaning up China's financial sector. "I think that the U.S. real estate will continue to be that safe haven and that the Chinese will always look into it."

cnbc, Articles, Investment strategy, China, United States, Investing, Finance, Business News, Real Estate, source:tagname:CNBC Asia Source

<div class="group"><p>Despite tight capital control measures from Beijing, Miami is emerging as a cheaper buying destination in the U.S. for Chinese investors, Peggy Fucci, CEO of real estate broker OneWorld properties told "Squawk Box" on Thursday.</p><p>The city has remained a hot property for mainland investors even as Chinese regulators fined prominent brokerages Citic Securities, Haitong Securities, and Guosen Securities this week as a part of long-term capital control efforts in the country.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I don't think that's going to stop the investment," Fucci said, referring to Beijing's efforts of cleaning up China's financial sector. "I think that the U.S. real estate will continue to be that safe haven and that the Chinese will always look into it."</p></div>,<div class="group"><p>Fucci said lower prices compared to long-standing investment havens like New York, San Francisco and Seattle help keep Miami in the mix for real estate investments from China.</p><p>Upcoming development projects are further attracting Chinese demand. Swire Properties is developing Brickell City Centre, which will include complex of luxury condos, office buildings, hotel and a shopping center.</p><p>Such increased foreign demand has been blamed for pushing property prices higher in the past, and has forced local governments to introduce cooling measures. But Fucci believes Miami's property market is still in the growing stage.</p><p>"I think that Miami has a lot of growing up to do and there's still a lot of room for growth in Miami," she said. "The real estate market is a long-term play not just a short-term."</p><p><em>—CNBC's Sophia Yan contributed to this report.</em></p></div>

Despite tight capital control measures from Beijing, Miami is emerging as a cheaper buying destination in the U.S. for Chinese investors, Peggy Fucci, CEO of real estate broker OneWorld properties told "Squawk Box" on Thursday.The city has remained a hot property for mainland investors even as Chinese regulators fined prominent brokerages Citic Securities, Haitong Securities, and Guosen Securities this week as a part of long-term capital control efforts in the country."I don't think that's going to stop the investment," Fucci said, referring to Beijing's efforts of cleaning up China's financial sector. "I think that the U.S. real estate will continue to be that safe haven and that the Chinese will always look into it."Fucci said lower prices compared to long-standing investment havens like New York, San Francisco and Seattle help keep Miami in the mix for real estate investments from China.Upcoming development projects are further attracting Chinese demand. Swire Properties is developing Brickell City Centre, which will include complex of luxury condos, office buildings, hotel and a shopping center.Such increased foreign demand has been blamed for pushing property prices higher in the past, and has forced local governments to introduce cooling measures. But Fucci believes Miami's property market is still in the growing stage."I think that Miami has a lot of growing up to do and there's still a lot of room for growth in Miami," she said. "The real estate market is a long-term play not just a short-term."—CNBC's Sophia Yan contributed to this report.

2021-10-30 14:11:53.260691

Another Hurdle for the Jobless: Credit Inquiries

https://www.cnbc.com/2009/08/07/another-hurdle-for-the-jobless-credit-inquiries.html

2009-08-07T15:05:40+0000

CNBC

Digging out of debt keeps getting harder for the unemployed as more companies use detailed credit checks to screen job prospects.

cnbc, Articles, Companies, source:tagname:The New York Times

<div class="group"><p>Digging out of debt keeps getting harder for the unemployed as more companies use detailed credit checks to screen job prospects.</p></div>,<div class="group"><p>Out of work since December, Juan Ochoa was delighted when a staffing firm recently responded to his posting on Hotjobs.com with an opening for a data entry clerk. Before he could do much more, though, the firm checked his credit history.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The interest vanished. There were too many collections claims against him, the firm said.</p><p>“I never knew that nowadays they were going to start pulling credit checks on you even before you go for an interview,” said Mr. Ochoa, 46, who lost his job in December tracking inventory at a mining company in Santa Fe Springs, Calif. “Why would they need to pull a credit report? They’d need something like that if you were applying at a bank.”</p><p>Once reserved for government jobs or payroll positions that could involve significant sums of money, credit checks are now fast, cheap and used for all manner of work. Employers, often winnowing a big pool of job applicants in days of nearly 10 percent unemployment, view the credit check as a valuable tool for assessing someone’s judgment.</p><p>But job counselors worry that the practice of shunning those with poor credit may be unfair and trap the unemployed — who may be battling foreclosure, living off credit cards and confronting personal bankruptcy — in a financial death spiral: the worse their debts, the harder it is to get a job to pay them off.</p><p>“How do you get out from under it?” asked Matthew W. Finkin, a law professor at the University of Illinois, who fears that the unemployed and debt-ridden could form a luckless class. “You can’t re-establish your credit if you can’t get a job, and you can’t get a job if you’ve got bad credit.”</p><div style="height:100%" class="lazyload-placeholder"></div><p>Others say that the credit check can be used to provide cover for discriminatory practices. Responding to complaints from constituents, lawmakers in a few states have recently proposed legislation that would restrict employers’ use of credit checks. While some measures languish, Hawaii has just imposed new restraints.</p><p>Business executives say that they have an obligation to be diligent and to protect themselves from employees who may be unreliable, unwise or too susceptible to temptation to steal, and that credit checks are a help.</p><p>“If I see too many negative things coming up on a credit check, it’s one of those things that raises a flag with me,” said Anita Orozco, director of human resources at <strong>Sonneborn</strong>, a petrochemical company based in Mahwah, N.J. She added that while bad credit alone would not be a reason to deny someone a job, it might reveal poor judgment.</p><p>“If you see a history of bad decision-making, you don’t want that decision-making overflowing into your organization,” she said.</p><p>More than 40 percent of employers use credit checks at least sometimes, according to a 2004 survey by the Society for Human Resource Management, up from 25 percent in 1998. The share has almost certainly risen today, say career counselors.</p><p>“It has been an ongoing and increasing issue,” said Mollie de Rojas, district coordinator for the local operations of the Ohio Department of Job and Family Services.</p><p>Credit counselors, worker advocates and the unemployed contend that a credit check is not always relevant to hiring decisions.</p><p>“There’s no relationship between being a personal trainer making $12 an hour” and having a good credit history, said Janet L. Newcomb, a career counselor in Huntington Beach, Calif. “People are being turned down for jobs on the basis of things that really have nothing to do with qualifications.”</p><p>That is the complaint of Kevin Palmer, 49, who for months lived at the same homeless shelter in Santa Ana, Calif., as Mr. Ochoa. After an interview that seemed to go well one day in June at a property management company, a manager walked him around the office the next day, introduced him to other employees and showed him an available desk.</p><p>A credit check later, the offer vanished.</p><p>It was “a glorified clerk’s job, taking homeowners’ complaints,” Mr. Palmer said of the opportunity, which paid about $39,000 and could have gotten him back on his feet after losing his condominium to foreclosure and filing for bankruptcy.</p><p>Last month, he says he found a job at a property management company in San Francisco — a company that did not run a credit check on him. </p></div>,<div class="group"><p>It is generally legal to run credit checks on job applicants, but some states have restrictions. In Washington, which has perhaps the most stringent requirement, a candidate’s credit history must be substantially related to the job under a law that took effect in 2007.</p><p>Last month, lawmakers in Hawaii approved a measure that generally allows an employer to review a credit history only after making an offer and requires the credit check to be “directly related” to job qualifications.</p><p>In California, Gov. Arnold Schwarzenegger vetoed a similar law. (New York law requires a background check’s findings to be related to the job, but it addresses criminal records and does not mention credit checks.)</p><p>Lawmakers in Michigan and Ohio have proposed barring employers from using credit history in making employment decisions.</p><p>“In my opinion, it’s discrimination,” said Representative Jon Switalski, the Democrat who proposed legislation in Michigan. “If you miss a few payments or you have medical debt, your skills as a pipefitter or an electrician don’t diminish.”</p><p>Courts have not been sympathetic to claims that discrimination is being cloaked in credit checks, said Angela Onwuachi-Willig, a law professor at the University of Iowa. “At what point does the fact that someone lives in a particular neighborhood or someone has a bad credit score become a way of eliminating people for illegal grounds?” she asked rhetorically. “Basically, the courts don’t protect against proxy discrimination.”</p><p>Stuart J. Ishimaru, the acting chairman of the federal Equal Employment Opportunity Commission, said the commission would probably issue guidance on the proper use of credit checks. Such guidance, though nonbinding, could offer some reassurance against lawsuits to employers who comply.</p><p>“It’s something that intrigues us and worries us,” Mr. Ishimaru said, adding that some job-related tests had led to discrimination claims in the past. “The question is, why do you use it? How is this a good screening device?”</p><p><strong>CNBC Slideshows</strong></p><ul><li><a href="https://www.cnbc.com/2009/07/21/The-Biggest-US-Welfare-States.html">Biggest Welfare States</a></li><li><a href="https://www.cnbc.com/2009/07/01/Hot-States-For-Green-Jobs.html">Best States for Green Jobs</a></li><li><a href="https://www.cnbc.com/2009/06/22/Americas-15-Most-Recession-Resistant-Cities.html">Recession-Resistant Cities</a></li></ul><p>Federal law requires employers to get the consent of job applicants before running credit checks, said Pamela Q. Devata, a lawyer in the Chicago office of <strong>Seyfarth Shaw</strong>.</p><p>And if they are considering denying someone a job based on a check, she said, “they have to notify the applicant.” That is intended to give someone a chance to explain circumstances or spot erroneous information.</p><p>When the job market improves and fewer people are fighting for slots, credit histories may become less important, said Michael C. Lazarchick, a career counselor in Pleasantville, N.J. “But these are lean and mean times.”</p></div>

Digging out of debt keeps getting harder for the unemployed as more companies use detailed credit checks to screen job prospects.Out of work since December, Juan Ochoa was delighted when a staffing firm recently responded to his posting on Hotjobs.com with an opening for a data entry clerk. Before he could do much more, though, the firm checked his credit history.The interest vanished. There were too many collections claims against him, the firm said.“I never knew that nowadays they were going to start pulling credit checks on you even before you go for an interview,” said Mr. Ochoa, 46, who lost his job in December tracking inventory at a mining company in Santa Fe Springs, Calif. “Why would they need to pull a credit report? They’d need something like that if you were applying at a bank.”Once reserved for government jobs or payroll positions that could involve significant sums of money, credit checks are now fast, cheap and used for all manner of work. Employers, often winnowing a big pool of job applicants in days of nearly 10 percent unemployment, view the credit check as a valuable tool for assessing someone’s judgment.But job counselors worry that the practice of shunning those with poor credit may be unfair and trap the unemployed — who may be battling foreclosure, living off credit cards and confronting personal bankruptcy — in a financial death spiral: the worse their debts, the harder it is to get a job to pay them off.“How do you get out from under it?” asked Matthew W. Finkin, a law professor at the University of Illinois, who fears that the unemployed and debt-ridden could form a luckless class. “You can’t re-establish your credit if you can’t get a job, and you can’t get a job if you’ve got bad credit.”Others say that the credit check can be used to provide cover for discriminatory practices. Responding to complaints from constituents, lawmakers in a few states have recently proposed legislation that would restrict employers’ use of credit checks. While some measures languish, Hawaii has just imposed new restraints.Business executives say that they have an obligation to be diligent and to protect themselves from employees who may be unreliable, unwise or too susceptible to temptation to steal, and that credit checks are a help.“If I see too many negative things coming up on a credit check, it’s one of those things that raises a flag with me,” said Anita Orozco, director of human resources at Sonneborn, a petrochemical company based in Mahwah, N.J. She added that while bad credit alone would not be a reason to deny someone a job, it might reveal poor judgment.“If you see a history of bad decision-making, you don’t want that decision-making overflowing into your organization,” she said.More than 40 percent of employers use credit checks at least sometimes, according to a 2004 survey by the Society for Human Resource Management, up from 25 percent in 1998. The share has almost certainly risen today, say career counselors.“It has been an ongoing and increasing issue,” said Mollie de Rojas, district coordinator for the local operations of the Ohio Department of Job and Family Services.Credit counselors, worker advocates and the unemployed contend that a credit check is not always relevant to hiring decisions.“There’s no relationship between being a personal trainer making $12 an hour” and having a good credit history, said Janet L. Newcomb, a career counselor in Huntington Beach, Calif. “People are being turned down for jobs on the basis of things that really have nothing to do with qualifications.”That is the complaint of Kevin Palmer, 49, who for months lived at the same homeless shelter in Santa Ana, Calif., as Mr. Ochoa. After an interview that seemed to go well one day in June at a property management company, a manager walked him around the office the next day, introduced him to other employees and showed him an available desk.A credit check later, the offer vanished.It was “a glorified clerk’s job, taking homeowners’ complaints,” Mr. Palmer said of the opportunity, which paid about $39,000 and could have gotten him back on his feet after losing his condominium to foreclosure and filing for bankruptcy.Last month, he says he found a job at a property management company in San Francisco — a company that did not run a credit check on him. It is generally legal to run credit checks on job applicants, but some states have restrictions. In Washington, which has perhaps the most stringent requirement, a candidate’s credit history must be substantially related to the job under a law that took effect in 2007.Last month, lawmakers in Hawaii approved a measure that generally allows an employer to review a credit history only after making an offer and requires the credit check to be “directly related” to job qualifications.In California, Gov. Arnold Schwarzenegger vetoed a similar law. (New York law requires a background check’s findings to be related to the job, but it addresses criminal records and does not mention credit checks.)Lawmakers in Michigan and Ohio have proposed barring employers from using credit history in making employment decisions.“In my opinion, it’s discrimination,” said Representative Jon Switalski, the Democrat who proposed legislation in Michigan. “If you miss a few payments or you have medical debt, your skills as a pipefitter or an electrician don’t diminish.”Courts have not been sympathetic to claims that discrimination is being cloaked in credit checks, said Angela Onwuachi-Willig, a law professor at the University of Iowa. “At what point does the fact that someone lives in a particular neighborhood or someone has a bad credit score become a way of eliminating people for illegal grounds?” she asked rhetorically. “Basically, the courts don’t protect against proxy discrimination.”Stuart J. Ishimaru, the acting chairman of the federal Equal Employment Opportunity Commission, said the commission would probably issue guidance on the proper use of credit checks. Such guidance, though nonbinding, could offer some reassurance against lawsuits to employers who comply.“It’s something that intrigues us and worries us,” Mr. Ishimaru said, adding that some job-related tests had led to discrimination claims in the past. “The question is, why do you use it? How is this a good screening device?”CNBC SlideshowsBiggest Welfare StatesBest States for Green JobsRecession-Resistant CitiesFederal law requires employers to get the consent of job applicants before running credit checks, said Pamela Q. Devata, a lawyer in the Chicago office of Seyfarth Shaw.And if they are considering denying someone a job based on a check, she said, “they have to notify the applicant.” That is intended to give someone a chance to explain circumstances or spot erroneous information.When the job market improves and fewer people are fighting for slots, credit histories may become less important, said Michael C. Lazarchick, a career counselor in Pleasantville, N.J. “But these are lean and mean times.”

2021-10-30 14:11:53.296099

Taiyo Pacific Partners has Announced Daniel Ludwig and Jeffrey Cagnina Join as Managing Directors

https://www.cnbc.com/2012/10/24/taiyo-pacific-partners-has-announced-daniel-ludwig-and-jeffrey-cagnina-join-as-managing-directors.html

2012-10-24T12:00:00+0000

CNBC

KIRKLAND, Wash.--(BUSINESS WIRE)-- Taiyo Pacific Partners announced that Daniel Ludwig, CFA and Jeffrey Cagnina, CFA have joined the firm as Managing Directors responsible for marketing and client servicing. Mr. Ludwig has over eighteen years of experience in the investment industry with both start-ups and industry leaders. He started his investment career at C.S. First Boston followed by institutional marketing positions at Fidelity Investments in Denver, CO, Pacific Investment Management Company in Atlanta, GA and Metropolitan West Asset Management also in Atlanta, GA. Mr. Ludwig then assumed leadership positions with Geode Capital Management, a Fidelity spinout with $90B in assets under management, and Mountain Pacific Group, a start-up specializing in emerging market equities and commodities, both in Boston, MA. Mr. Cagnina joins Taiyo with twenty-five years of investment management experience with long-only and hedge fund-of-funds managers. He began his investment career at Lehman Brothers. Following Lehman Brothers, Mr. Cagnina held senior institutional marketing positions with Independence Investment Associates and Putnam Investments, both in Boston, MA. Mr. Cagnina moved on to become Managing Director and Head of US Institutional Sales at Optima Fund Management in New York City and then President of Hunt Financial Ventures in Dallas, TX. Brian Heywood, CEO of Taiyo Pacific Partners, said, “We are excited to have such seasoned veterans as Dan and Jeff join our staff. Both bring years of institutional experience to help us grow our business and continue to be leaders in Asian investing.” Taiyo Pacific Partners, located in Kirkland, Washington, was founded in 2003 by Asia-focused professionals dedicated to friendly shareholder activism in Japan and other Asian countries. The firm currently manages $1.8 billion in assets across three Japan-focused funds. All strategies employ a friendly activist approach. Investors include US, Japanese and European pension plans and endowments and other institutional investors. Taiyo Pacific PartnersBrian K. Heywood, 425-896-5300taiyo_media@tppllc.com Source: Taiyo Pacific Partners

cnbc, Articles, Washington, Texas, New York City, New York, Massachusetts, Georgia, Denver, Colorado, Boston, Atlanta, North America, United States, Press Releases, Japan, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

<div class="group"><p> KIRKLAND, Wash.--(BUSINESS WIRE)-- Taiyo Pacific Partners announced that Daniel Ludwig, CFA and Jeffrey Cagnina, CFA have joined the firm as Managing Directors responsible for marketing and client servicing. </p> <p> Mr. Ludwig has over eighteen years of experience in the investment industry with both start-ups and industry leaders. He started his investment career at C.S. First Boston followed by institutional marketing positions at Fidelity Investments in Denver, CO, Pacific Investment Management Company in Atlanta, GA and Metropolitan West Asset Management also in Atlanta, GA. Mr. Ludwig then assumed leadership positions with Geode Capital Management, a Fidelity spinout with $90B in assets under management, and Mountain Pacific Group, a start-up specializing in emerging market equities and commodities, both in Boston, MA. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> Mr. Cagnina joins Taiyo with twenty-five years of investment management experience with long-only and hedge fund-of-funds managers. He began his investment career at Lehman Brothers. Following Lehman Brothers, Mr. Cagnina held senior institutional marketing positions with Independence Investment Associates and Putnam Investments, both in Boston, MA. Mr. Cagnina moved on to become Managing Director and Head of US Institutional Sales at Optima Fund Management in New York City and then President of Hunt Financial Ventures in Dallas, TX. </p> <p> Brian Heywood, CEO of Taiyo Pacific Partners, said, “We are excited to have such seasoned veterans as Dan and Jeff join our staff. Both bring years of institutional experience to help us grow our business and continue to be leaders in Asian investing.” </p> <p> Taiyo Pacific Partners, located in Kirkland, Washington, was founded in 2003 by Asia-focused professionals dedicated to friendly shareholder activism in Japan and other Asian countries. The firm currently manages $1.8 billion in assets across three Japan-focused funds. All strategies employ a friendly activist approach. Investors include US, Japanese and European pension plans and endowments and other institutional investors. </p> <!-- --> <p> Taiyo Pacific Partners<br>Brian K. Heywood, 425-896-5300<br><a href="mailto:taiyo_media@tppllc.com" target="_blank">taiyo_media@tppllc.com</a> </p><p>Source: Taiyo Pacific Partners</p></div>

KIRKLAND, Wash.--(BUSINESS WIRE)-- Taiyo Pacific Partners announced that Daniel Ludwig, CFA and Jeffrey Cagnina, CFA have joined the firm as Managing Directors responsible for marketing and client servicing. Mr. Ludwig has over eighteen years of experience in the investment industry with both start-ups and industry leaders. He started his investment career at C.S. First Boston followed by institutional marketing positions at Fidelity Investments in Denver, CO, Pacific Investment Management Company in Atlanta, GA and Metropolitan West Asset Management also in Atlanta, GA. Mr. Ludwig then assumed leadership positions with Geode Capital Management, a Fidelity spinout with $90B in assets under management, and Mountain Pacific Group, a start-up specializing in emerging market equities and commodities, both in Boston, MA. Mr. Cagnina joins Taiyo with twenty-five years of investment management experience with long-only and hedge fund-of-funds managers. He began his investment career at Lehman Brothers. Following Lehman Brothers, Mr. Cagnina held senior institutional marketing positions with Independence Investment Associates and Putnam Investments, both in Boston, MA. Mr. Cagnina moved on to become Managing Director and Head of US Institutional Sales at Optima Fund Management in New York City and then President of Hunt Financial Ventures in Dallas, TX. Brian Heywood, CEO of Taiyo Pacific Partners, said, “We are excited to have such seasoned veterans as Dan and Jeff join our staff. Both bring years of institutional experience to help us grow our business and continue to be leaders in Asian investing.” Taiyo Pacific Partners, located in Kirkland, Washington, was founded in 2003 by Asia-focused professionals dedicated to friendly shareholder activism in Japan and other Asian countries. The firm currently manages $1.8 billion in assets across three Japan-focused funds. All strategies employ a friendly activist approach. Investors include US, Japanese and European pension plans and endowments and other institutional investors. Taiyo Pacific PartnersBrian K. Heywood, 425-896-5300taiyo_media@tppllc.com Source: Taiyo Pacific Partners

2021-10-30 14:11:53.591053

Yoshikami: Paulson sold gold? So what!

https://www.cnbc.com/2013/08/16/yoshikami-paulson-sold-gold-so-what.html

2013-08-16T17:03:20+0000

Michael Yoshikami

CNBC

After months of reading headlines that John Paulson's perspective on gold had not changed, we suddenly read that he had cut his holdings significantly. Just three months ago, he was quoted as saying that his thesis remains intact, but then we find that Paulson tactically adjusted his portfolios and reduced his gold position. What gives? While one might be tempted to conjure up scenarios where words do not match actions, we think it's more a function of examining current conditions and making a new decision. And that is the risk associated with reading headlines and making investment decisions based on the latest comments from anyone: Those opinions can change, and they often do. The market is quite irrational. Gold has become the flag bearer for an environment with less predictability. Gold used to be a fairly predictable trade against inflation and volatility. Now gold trades based on Federal Reserve comments, interest rates, fear, hedge fund liquidity needs, etc.

cnbc, Articles, CNBC's Net/Net, Apple Inc, NetNet, CNBC EVENTS, source:tagname:CNBC US Source

<div class="group"><p> After months of reading headlines that John Paulson's perspective on gold had not changed, we suddenly read that he had cut his holdings significantly.</p><p> Just three months ago, he was quoted as saying that his thesis remains intact, but then we find that Paulson tactically adjusted his portfolios and reduced his gold position. What gives?</p><div style="height:100%" class="lazyload-placeholder"></div><p> While one might be tempted to conjure up scenarios where words do not match actions, we think it's more a function of examining current conditions and making a new decision. And that is the risk associated with reading headlines and making investment decisions based on the latest comments from anyone: Those opinions can change, and they often do.<br></p><p> The market is quite irrational. Gold has become the flag bearer for an environment with less predictability. Gold used to be a fairly predictable trade against inflation and volatility. Now gold trades based on <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Federal Reserve</a> comments, interest rates, fear, hedge fund liquidity needs, etc.</p></div>,<div class="group"><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/08/16/with-paulsons-exit-is-the-worst-over-for-gold.html">With Paulson's exit, is the worst over for gold?</a>)</p><p> It's quite a puzzle to figure out and one we as an asset manager have decided not to attempt to decipher.</p><p> In many ways it's no different than the sentiment-based trading around <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a>. </p><div style="height:100%" class="lazyload-placeholder"></div><p> The company still has over $100 billion cash in the bank; the stock in the last 12 months has gone from $700 to $390 to $500, and nothing really has changed on a fundamental basis. This position is trading based on expectations and sentiment, and we expect this to continue in the short term. Long term, Apple will trade based on fundamentals; short-term and trades on mood and feeling; not terribly rational inputs.<br></p><p> The market trades based on data, current perception of that data and future expectations. And institutional as well as individual investors either know that fact and invest accordingly, or they are subject to these rapidly changing trading conditions and are victims. </p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/08/15/breaking-buffett-the-oracle-has-underperformed.html">Breaking Buffett: The Oracle has underperformed</a>)</p><p> This is why it is important to understand the time horizon is key when determining your investment strategy.</p><p> If you are a short-term investor you better have a pretty good handle on mood and sentiment. If you are a long-term investor you better have a pretty good concept of the fundamentals and trends that will affect the asset you are investing in.<br></p><p> And perhaps most importantly, remember that when you read headlines or hear interviews that opinions change and often do. Use interviews, columns, insights and protestations from those in the media as information to consider but not gospel and certainly not permanent ideology.</p><p> This means that in the end your opinion matters as well as well as your interpretation of others' viewpoints.<br></p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/08/14/new-data-shows-stock-pickers-market-ahead.html">This might be when the market returns to normal</a>)</p><p> So the next time you read a headline that a prominent investor has adjusted a strategy after making previous statements about the wisdom of a particular course of action, remember that perspectives change.</p><p> Just because you read it or hear it doesn't mean it's permanent, and you should assume that every opinion that you hear is subject to adjustment prior to relying on that view when you make an investment decision.</p><p> <em>Michael Yoshikami is the CEO and founder of the investment committee of Destination Wealth Management.</em><br></p></div>

After months of reading headlines that John Paulson's perspective on gold had not changed, we suddenly read that he had cut his holdings significantly. Just three months ago, he was quoted as saying that his thesis remains intact, but then we find that Paulson tactically adjusted his portfolios and reduced his gold position. What gives? While one might be tempted to conjure up scenarios where words do not match actions, we think it's more a function of examining current conditions and making a new decision. And that is the risk associated with reading headlines and making investment decisions based on the latest comments from anyone: Those opinions can change, and they often do. The market is quite irrational. Gold has become the flag bearer for an environment with less predictability. Gold used to be a fairly predictable trade against inflation and volatility. Now gold trades based on Federal Reserve comments, interest rates, fear, hedge fund liquidity needs, etc. (Read more: With Paulson's exit, is the worst over for gold?) It's quite a puzzle to figure out and one we as an asset manager have decided not to attempt to decipher. In many ways it's no different than the sentiment-based trading around Apple. The company still has over $100 billion cash in the bank; the stock in the last 12 months has gone from $700 to $390 to $500, and nothing really has changed on a fundamental basis. This position is trading based on expectations and sentiment, and we expect this to continue in the short term. Long term, Apple will trade based on fundamentals; short-term and trades on mood and feeling; not terribly rational inputs. The market trades based on data, current perception of that data and future expectations. And institutional as well as individual investors either know that fact and invest accordingly, or they are subject to these rapidly changing trading conditions and are victims. (Read more: Breaking Buffett: The Oracle has underperformed) This is why it is important to understand the time horizon is key when determining your investment strategy. If you are a short-term investor you better have a pretty good handle on mood and sentiment. If you are a long-term investor you better have a pretty good concept of the fundamentals and trends that will affect the asset you are investing in. And perhaps most importantly, remember that when you read headlines or hear interviews that opinions change and often do. Use interviews, columns, insights and protestations from those in the media as information to consider but not gospel and certainly not permanent ideology. This means that in the end your opinion matters as well as well as your interpretation of others' viewpoints. (Read more: This might be when the market returns to normal) So the next time you read a headline that a prominent investor has adjusted a strategy after making previous statements about the wisdom of a particular course of action, remember that perspectives change. Just because you read it or hear it doesn't mean it's permanent, and you should assume that every opinion that you hear is subject to adjustment prior to relying on that view when you make an investment decision. Michael Yoshikami is the CEO and founder of the investment committee of Destination Wealth Management.

2021-10-30 14:11:53.670707

Top calls: Buy Yelp, Corning and bank stocks

https://www.cnbc.com/2016/06/20/top-calls-buy-yelp-corning-and-bank-stocks.html

2016-06-20T15:20:56+0000

Tae Kim,Giovanny Moreano

CNBC

Here is the best Wall Street research that's moving stocks Monday. 1. Top-ranked analyst: Buy Yelp on better profits One of the best analysts on Wall Street told investors to buy Yelp on an anticipated earnings upside the rest of the year. "Yelp [is] likely to exceed 2016 guidance and Street estimates," Deutsche Bank's Lloyd Walmsley wrote in a note to clients Sunday. 2. Analyst who called oil rebound: $80 is next stop The price of oil is going to rise to $80 in the next year on supply constraints, according to Raymond James' energy analyst J. Marshall Adkins, who correctly predicted a rebound in crude at the start of 2016. 3. Morgan Stanley: Bank stock sell-off is overdone The pullback in financial stocks this year is a buying opportunity, Morgan Stanley told clients Monday, recommending an overweight stance on the group. 4. Bigger TVs equal bigger profits for Corning: Citi Investors should buy Corning as consumers purchase bigger and bigger TVs which are more profitable for the LCD glassmaker than smaller panels, according to Citi Research. 5. CVS downgraded due to competition: Morgan Stanley CVS Health shares could come under pressure due to greater price and market share competition, according to Morgan Stanley, which downgraded the shares of the company to equal weight from overweight

cnbc, Premium, Articles, Stock markets, Investment strategy, Investing, stocks, Pro Analysis and Pro Uncut , PRO Home, CNBC Pro, source:tagname:CNBC US Source

<div class="group"><p> Here is the best Wall Street research that's moving stocks Monday. </p><p> <a href="https://www.cnbc.com/2016/06/20/top-ranked-analyst-buy-yelp-on-better-profits.html">1. Top-ranked analyst: Buy Yelp on better profits</a></p><p> One of the best analysts on Wall Street told investors to buy Yelp on an anticipated earnings upside the rest of the year. "Yelp [is] likely to exceed 2016 guidance and Street estimates," Deutsche Bank's Lloyd Walmsley wrote in a note to clients Sunday.</p><div class="inline-piano-offer"></div><p> <a href="https://www.cnbc.com/2016/06/20/analyst-who-called-oil-rebound-80-is-next-stop.html">2. Analyst who called oil rebound: $80 is next stop</a><br></p><p> The price of oil is going to rise to $80 in the next year on supply constraints, according to Raymond James' energy analyst J. Marshall Adkins, who correctly predicted a rebound in crude at the start of 2016.<br></p><p> <a href="https://www.cnbc.com/2016/06/20/morgan-stanley-bank-stock-sell-off-is-overdone.html">3. Morgan Stanley: Bank stock sell-off is overdone</a><br></p><p> The pullback in financial stocks this year is a buying opportunity, Morgan Stanley told clients Monday, recommending an overweight stance on the group.</p><p> <a href="https://www.cnbc.com/2016/06/20/bigger-tvs-equal-bigger-profits-for-corning-citi.html">4. Bigger TVs equal bigger profits for Corning: Citi</a></p><p> Investors should buy Corning as consumers purchase bigger and bigger TVs which are more profitable for the LCD glassmaker than smaller panels, according to Citi Research.<br></p><p> <a href="https://www.cnbc.com/2016/06/20/cvs-downgraded-due-to-competition-morgan-stanley.html">5. CVS downgraded due to competition: Morgan Stanley</a><br></p><p> CVS Health shares could come under pressure due to greater price and market share competition, according to Morgan Stanley, which downgraded the shares of the company to equal weight from overweight<br></p></div>

Here is the best Wall Street research that's moving stocks Monday. 1. Top-ranked analyst: Buy Yelp on better profits One of the best analysts on Wall Street told investors to buy Yelp on an anticipated earnings upside the rest of the year. "Yelp [is] likely to exceed 2016 guidance and Street estimates," Deutsche Bank's Lloyd Walmsley wrote in a note to clients Sunday. 2. Analyst who called oil rebound: $80 is next stop The price of oil is going to rise to $80 in the next year on supply constraints, according to Raymond James' energy analyst J. Marshall Adkins, who correctly predicted a rebound in crude at the start of 2016. 3. Morgan Stanley: Bank stock sell-off is overdone The pullback in financial stocks this year is a buying opportunity, Morgan Stanley told clients Monday, recommending an overweight stance on the group. 4. Bigger TVs equal bigger profits for Corning: Citi Investors should buy Corning as consumers purchase bigger and bigger TVs which are more profitable for the LCD glassmaker than smaller panels, according to Citi Research. 5. CVS downgraded due to competition: Morgan Stanley CVS Health shares could come under pressure due to greater price and market share competition, according to Morgan Stanley, which downgraded the shares of the company to equal weight from overweight

2021-10-30 14:11:53.735329

Say Goodbye to ATM Fees

https://www.cnbc.com/2008/12/04/say-goodbye-to-atm-fees.html

2008-12-05T02:12:17+0000

Carlo Dellaverson

CNBC

ATM fees have always been one of our pet peeves here at OTM. There aren’t many things in this life more frustrating that being charged for the privilege of taking out money from a machine. Just this past weekend, your web producer found himself in need of a quick $20 without a Chase bank in sight – next thing he knew he’s coughing up $3 in fees at a Citibank machine, not to mention another $2 on top of that from Chase (thanks for that!). The easiest thing you can do to avoid these nasty fees is to only use ATMs from your bank, obviously. But sometimes you’ll be in a pinch and there just won’t be any around. This is when Greg McBridge, senior financial analyst for , suggests ducking in to a store and using your debit card to get cash back at the point of sale. This is tantamount to making an ATM withdrawal, without the fee. Go to your bank's web site to see where their machines are. If they're sparse, pick up the phone and ask if the bank participates in surcharge-free networks like Allpoint, Moneypass or AllianceOne, which allow customers of participating banks to make withdrawals from a large stable of ATMs without fees. Bottom line? If you find yourself paying a fee every once and a while, it won’t bankrupt you. But if you’re being charged fees on the regular, it’s time to figure out a new way to access your cash.

cnbc, Articles, Investing, Personal Finance, Savings, source:tagname:CNBC US Source

<div class="group"><p>ATM fees have always been one of our <a href="https://www.cnbc.com/2008/06/03/surprise-bank-fees.html">pet peeves</a> here at OTM. There aren’t many things in this life more frustrating that being charged for the privilege of taking out money from a machine. Just this past weekend, your web producer found himself in need of a quick $20 without a Chase bank in sight – next thing he knew he’s coughing up $3 in fees at a Citibank machine, not to mention another $2 on top of that from Chase (thanks for that!). <br><br></p><p>The easiest thing you can do to avoid these nasty fees is to only use ATMs from your bank, obviously. But sometimes you’ll be in a pinch and there just won’t be any around. This is when Greg McBridge, senior financial analyst for <!-- -->, suggests ducking in to a store and using your debit card to get cash back at the point of sale. This is tantamount to making an ATM withdrawal, without the fee. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Go to your bank's web site to see where their machines are. If they're sparse, pick up the phone and ask if the bank participates in surcharge-free networks like <strong>Allpoint</strong>, <strong>Moneypass </strong>or <strong>AllianceOne</strong>, which allow customers of participating banks to make withdrawals from a large stable of ATMs without fees. </p><p>Bottom line? If you find yourself paying a fee every once and a while, it won’t bankrupt you. But if you’re being charged fees on the regular, it’s time to figure out a new way to access your cash. <br></p></div>

ATM fees have always been one of our pet peeves here at OTM. There aren’t many things in this life more frustrating that being charged for the privilege of taking out money from a machine. Just this past weekend, your web producer found himself in need of a quick $20 without a Chase bank in sight – next thing he knew he’s coughing up $3 in fees at a Citibank machine, not to mention another $2 on top of that from Chase (thanks for that!). The easiest thing you can do to avoid these nasty fees is to only use ATMs from your bank, obviously. But sometimes you’ll be in a pinch and there just won’t be any around. This is when Greg McBridge, senior financial analyst for , suggests ducking in to a store and using your debit card to get cash back at the point of sale. This is tantamount to making an ATM withdrawal, without the fee. Go to your bank's web site to see where their machines are. If they're sparse, pick up the phone and ask if the bank participates in surcharge-free networks like Allpoint, Moneypass or AllianceOne, which allow customers of participating banks to make withdrawals from a large stable of ATMs without fees. Bottom line? If you find yourself paying a fee every once and a while, it won’t bankrupt you. But if you’re being charged fees on the regular, it’s time to figure out a new way to access your cash.

2021-10-30 14:11:53.770490

Motorola Deal Buys Google Patent Protection: Schmidt

https://www.cnbc.com/2011/09/26/motorola-deal-buys-google-patent-protection-schmidt.html

2011-09-26T22:57:13+0000

Margo Beller

CNBC

Google's $12.5 billion acquisition of Motorola Mobilitygives the Internet search company patent protection while putting it squarely into the smartphone hardware business, Executive Chairman Eric Schmidt told CNBC Monday. But the acquisition won't affect how Google does business with the other phone makers that use its Android operating system, including HTC, he added.

cnbc, Articles, Microsoft Corp, Alphabet Class A, Business News, Economy, US Economy, US: News, source:tagname:CNBC US Source

<div class="group"><p><strong>Google</strong>'s $12.5 billion acquisition of Motorola Mobilitygives the Internet search company patent protection while putting it squarely into the smartphone hardware business, Executive Chairman Eric Schmidt told CNBC Monday. </p><p>But the acquisition won't affect how Google does business with the other phone makers that use its Android operating system, including HTC, he added.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>"We are going into the hardware business, but we’re going to keep it separate and we’re going to treat everybody else on a fair basis," he explained.</p><p>Android has had more than 550,000 activations a day and is succeeding "precisely because there are so many partners," he said. "If we somehow p--- them off ... it would be a disaster to the Android strategy."</p><p>Google is also taking advantage of Motorola Mobility's 17,000+ patents, a portfolio Schmidt called "second to none" at a time when Google faces "significant patent challenges from people who want to stop our products."</p><p>Schmidt said he supports the overhaul to the U.S. patent system President Obama signed into law Friday but said it doesn't go far enough. </p><p>"We still have a problem where too many overbroad patents are used to shut down other companies," stifling the startups that don't have the resources Google has to buy a patent-rich company like Motorola Mobility.</p><div style="height:100%" class="lazyload-placeholder"></div><p>While Google's growth has its advantages, it has also brought scrutiny. Last week Schmidt testified before a Senate subcommittee on antitrust, which he told CNBC Monday gave him an opportunity to "talk about how we made decisions that basically solve user problems."</p><p>However, Google is different from Microsoft , another company that has undergone antitrust scrutiny. </p><p>"Google has not been Microsoft and will never be Microsoft," he said. "It is true because of the role Google plays we really are much more careful now. We have teams of lawyers and product people and so forth at all our conversations."</p><p>He added that "our products are mostly free. So it’s hard to complain about pricing. So I think we’ll be just fine."</p></div>

Google's $12.5 billion acquisition of Motorola Mobilitygives the Internet search company patent protection while putting it squarely into the smartphone hardware business, Executive Chairman Eric Schmidt told CNBC Monday. But the acquisition won't affect how Google does business with the other phone makers that use its Android operating system, including HTC, he added."We are going into the hardware business, but we’re going to keep it separate and we’re going to treat everybody else on a fair basis," he explained.Android has had more than 550,000 activations a day and is succeeding "precisely because there are so many partners," he said. "If we somehow p--- them off ... it would be a disaster to the Android strategy."Google is also taking advantage of Motorola Mobility's 17,000+ patents, a portfolio Schmidt called "second to none" at a time when Google faces "significant patent challenges from people who want to stop our products."Schmidt said he supports the overhaul to the U.S. patent system President Obama signed into law Friday but said it doesn't go far enough. "We still have a problem where too many overbroad patents are used to shut down other companies," stifling the startups that don't have the resources Google has to buy a patent-rich company like Motorola Mobility.While Google's growth has its advantages, it has also brought scrutiny. Last week Schmidt testified before a Senate subcommittee on antitrust, which he told CNBC Monday gave him an opportunity to "talk about how we made decisions that basically solve user problems."However, Google is different from Microsoft , another company that has undergone antitrust scrutiny. "Google has not been Microsoft and will never be Microsoft," he said. "It is true because of the role Google plays we really are much more careful now. We have teams of lawyers and product people and so forth at all our conversations."He added that "our products are mostly free. So it’s hard to complain about pricing. So I think we’ll be just fine."

2021-10-30 14:11:53.965913

No. 3 - Uh-Oh! MOTO

https://www.cnbc.com/2007/04/19/no-3-uhoh-moto.html

2007-04-20T00:45:20+0000

Lee Brodie

CNBC

Nokia (NOK) shares surged Thursday after the company told investors it had grabbed more of the mobile handset market away from rival Motorola (MOT). This comes a day after Motorola announced its first drop in sales in almost 4 years. Can it get any worse?Dylan Ratigan explains that the drop in sales caused barbarian billionaire and Motorola shareholder Carl Icahn to send off a salvo to Motorola Chief Executive Ed Zander which says in part “The performance at our mobile device business in the first quarter was unacceptable."

cnbc, Articles, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p><strong>Nokia (NOK)</strong> shares surged Thursday after the company told investors it had grabbed more of the mobile handset market away from rival <strong>Motorola (MOT).</strong> This comes a day after Motorola announced its first drop in sales in almost 4 years. Can it get any worse?</p><p>Dylan Ratigan explains that the drop in sales caused barbarian billionaire and Motorola shareholder Carl Icahn to send off a salvo to Motorola Chief Executive Ed Zander which says in part<em> “The performance at our mobile device business in the first quarter was unacceptable."</em></p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p><br><br>Dylan says the Fast Money traders could not agree more. He asks, with this well know brand trading near its 2 year low, can pressure from Icahn drive Motorola management to make the right moves?</p><p>Pete Najarian thinks this is the bottom for the stock <em>because </em>of Carl Icahn. He explains Icahn is known for taking dead companies and resurrecting them, and he’s trying to do that with Motorola. Pete adds he’s seeing bullish MOT trading on the options market.</p><p>Eric Bolling doesn’t see much upside in MOT.  He says consumers will wait for the iPhone. </p><p>Jeff Macke says sometimes dead is dead. He says without Ichan this is a $12 stock. Jeff says it’s a trade, but if investors hold it long term the trade will end in tears.</p><p>Questions? Comments? <br><br><em>Trader disclosure: <br>On APR 19, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders  Macke Owns (SWY) Najarian Owns (AXP), (HNZ), (MON), (MOT), (NDAQ), (XLF), (MPEL) Bolling Owns (NMX), (MPEL), Gold, Silver, Natural Gas Corn; Bolling Is Short Soybeans</em></p></div>

Nokia (NOK) shares surged Thursday after the company told investors it had grabbed more of the mobile handset market away from rival Motorola (MOT). This comes a day after Motorola announced its first drop in sales in almost 4 years. Can it get any worse?Dylan Ratigan explains that the drop in sales caused barbarian billionaire and Motorola shareholder Carl Icahn to send off a salvo to Motorola Chief Executive Ed Zander which says in part “The performance at our mobile device business in the first quarter was unacceptable."Dylan says the Fast Money traders could not agree more. He asks, with this well know brand trading near its 2 year low, can pressure from Icahn drive Motorola management to make the right moves?Pete Najarian thinks this is the bottom for the stock because of Carl Icahn. He explains Icahn is known for taking dead companies and resurrecting them, and he’s trying to do that with Motorola. Pete adds he’s seeing bullish MOT trading on the options market.Eric Bolling doesn’t see much upside in MOT.  He says consumers will wait for the iPhone. Jeff Macke says sometimes dead is dead. He says without Ichan this is a $12 stock. Jeff says it’s a trade, but if investors hold it long term the trade will end in tears.Questions? Comments? Trader disclosure: On APR 19, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders  Macke Owns (SWY) Najarian Owns (AXP), (HNZ), (MON), (MOT), (NDAQ), (XLF), (MPEL) Bolling Owns (NMX), (MPEL), Gold, Silver, Natural Gas Corn; Bolling Is Short Soybeans

2021-10-30 14:11:54.000107

Research and Markets: Dissolved Gas Concentration in Water Edition No. 2

https://www.cnbc.com/2012/10/03/research-and-markets-dissolved-gas-concentration-in-water-edition-no-2.html

2012-10-03T12:47:00+0000

CNBC

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas) has announced the addition of Elsevier Science and Technology's new report "Dissolved Gas Concentration in Water. Edition No. 2" to their offering. Aquacultural, oceanographic, and fisheries engineering, as well as other disciplines, require gas solubility data to compute the equilibrium concentration. These calculations, for example, can affect the output of aquacultural production or assist in environmental consulting. Until now, published solubility information has not been available in a consistent and uniform manner in one location. This book presents solubility concentrations of major atmospheric gases (oxygen, nitrogen, argon, carbon dioxide), noble gases (helium, neon, krypton, xenon), and trace gases (hydrogen, methane, nitrous oxide) as a function of temperature, salinity, pressure, and gas composition in a variety of formats. Data, equations, and theory are explained so that the user is able to understand the calculations and problems. Furthermore, data and solubility information are presented in a range of units to make them accessible across disciplines. This book will help the reader to look at a problem from a quantitative viewpoint and better understand carbonate chemistry. Revised from the earlier edition to include more accurate carbon dioxide tables and separate sections on the solubility of noble gases, trace gases, and oxygen in brines to provide a single resource for gas solubility data. This book is essential for all students and practitioners working in aquatic fields. - A single source for highly accurate and comprehensive tables for gas solubility in aquatic systems - Information provided in tables, equations, and computer programmes - Theory is presented to better understand the equations and calculations Key Topics Covered: 1: Solubility of Atmospheric Gases in Fresh Water 2: Solubility of Atmospheric Gases in Brackish and Marine Waters 3: Supersaturation of Gases 4: Solubility of Noble Gases in the Atmosphere 5: Solubility of Trace Gases in the Atmosphere 6: Solubility of Gases in Brines 7: Physical Properties of Water For more information visit http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas Source: Elsevier Science and Technology

cnbc, Articles, Europe, Ireland, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

<div class="group"><p> DUBLIN--(BUSINESS WIRE)-- <strong>Research and Markets</strong> (<a href="http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas" target="_blank">http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas</a>) has announced the addition of Elsevier Science and Technology's new report "Dissolved Gas Concentration in Water. Edition No. 2" to their offering. </p> <p> Aquacultural, oceanographic, and fisheries engineering, as well as other disciplines, require gas solubility data to compute the equilibrium concentration. These calculations, for example, can affect the output of aquacultural production or assist in environmental consulting. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> Until now, published solubility information has not been available in a consistent and uniform manner in one location. This book presents solubility concentrations of major atmospheric gases (oxygen, nitrogen, argon, carbon dioxide), noble gases (helium, neon, krypton, xenon), and trace gases (hydrogen, methane, nitrous oxide) as a function of temperature, salinity, pressure, and gas composition in a variety of formats. </p> <p> Data, equations, and theory are explained so that the user is able to understand the calculations and problems. Furthermore, data and solubility information are presented in a range of units to make them accessible across disciplines. </p> <p> This book will help the reader to look at a problem from a quantitative viewpoint and better understand carbonate chemistry. Revised from the earlier edition to include more accurate carbon dioxide tables and separate sections on the solubility of noble gases, trace gases, and oxygen in brines to provide a single resource for gas solubility data. This book is essential for all students and practitioners working in aquatic fields. </p> <p> - A single source for highly accurate and comprehensive tables for gas solubility in aquatic systems </p> <p> - Information provided in tables, equations, and computer programmes </p><div style="height:100%" class="lazyload-placeholder"></div> <p> - Theory is presented to better understand the equations and calculations </p> <p> <strong>Key Topics Covered:</strong> </p> <p> 1: Solubility of Atmospheric Gases in Fresh Water </p> <p> 2: Solubility of Atmospheric Gases in Brackish and Marine Waters </p> <p> 3: Supersaturation of Gases </p> <p> 4: Solubility of Noble Gases in the Atmosphere </p> <p> 5: Solubility of Trace Gases in the Atmosphere </p> <p> 6: Solubility of Gases in Brines </p> <p> 7: Physical Properties of Water </p> <p> <strong>For more information visit </strong><a href="http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas" target="_blank">http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas</a> </p> <p> Source: Elsevier Science and Technology </p> </div>

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas) has announced the addition of Elsevier Science and Technology's new report "Dissolved Gas Concentration in Water. Edition No. 2" to their offering. Aquacultural, oceanographic, and fisheries engineering, as well as other disciplines, require gas solubility data to compute the equilibrium concentration. These calculations, for example, can affect the output of aquacultural production or assist in environmental consulting. Until now, published solubility information has not been available in a consistent and uniform manner in one location. This book presents solubility concentrations of major atmospheric gases (oxygen, nitrogen, argon, carbon dioxide), noble gases (helium, neon, krypton, xenon), and trace gases (hydrogen, methane, nitrous oxide) as a function of temperature, salinity, pressure, and gas composition in a variety of formats. Data, equations, and theory are explained so that the user is able to understand the calculations and problems. Furthermore, data and solubility information are presented in a range of units to make them accessible across disciplines. This book will help the reader to look at a problem from a quantitative viewpoint and better understand carbonate chemistry. Revised from the earlier edition to include more accurate carbon dioxide tables and separate sections on the solubility of noble gases, trace gases, and oxygen in brines to provide a single resource for gas solubility data. This book is essential for all students and practitioners working in aquatic fields. - A single source for highly accurate and comprehensive tables for gas solubility in aquatic systems - Information provided in tables, equations, and computer programmes - Theory is presented to better understand the equations and calculations Key Topics Covered: 1: Solubility of Atmospheric Gases in Fresh Water 2: Solubility of Atmospheric Gases in Brackish and Marine Waters 3: Supersaturation of Gases 4: Solubility of Noble Gases in the Atmosphere 5: Solubility of Trace Gases in the Atmosphere 6: Solubility of Gases in Brines 7: Physical Properties of Water For more information visit http://www.researchandmarkets.com/research/d7qnd2/dissolved_gas Source: Elsevier Science and Technology

2021-10-30 14:11:54.036030

More Coming from the Real Time Front

https://www.cnbc.com/2008/06/13/more-coming-from-the-real-time-front.html

2008-06-13T15:56:23+0000

Allen Wastler

CNBC

Okay I would like to share some more good news for you stockaholics. Our real-time Nasdaq quotes were so popular with many of you, we decided to turn on the NYSE quotes as well. Now you will get up to the second trading data on blue chip stocks like AT&T, General Motors, and General Electric (my corporate overlord) along with the real-time quotes we're giving on Nasdaq stocks like Microsoft and Google. Now this added NYSE real-time data comes through Nasdaq as well. We figured, since we were already getting the Nasdaq quotes through that exchange, we may as well give you the data on NYSE stocks traded through Nasdaq as well. Since Nasdaq is handling a substantial number of trades for NYSE based stocks, the quotes from the Nasdaq track pretty closely with quotes from the NYSE. And of course the quotes from the NYSE are available, on a delayed basis, as well. We're just trying to give you the best information available. As always, we may be making added tweaks down the road.

cnbc, Articles, Opinion, Blogs, Two Way Street, source:tagname:CNBC US Source

<div class="group"><p>Okay I would like to share some more good news for you stockaholics. Our real-time Nasdaq quotes were so popular with many of you, we decided to turn on the NYSE quotes as well. Now you will get up to the second trading data on blue chip stocks like AT&amp;T, General Motors, and General Electric (my corporate overlord) along with the real-time quotes we're giving on Nasdaq stocks like Microsoft and Google. </p><p>Now this added NYSE real-time data comes through Nasdaq as well. We figured, since we were already getting the Nasdaq quotes through that exchange, we may as well give you the data on NYSE stocks traded through Nasdaq as well. Since Nasdaq is handling a substantial number of trades for NYSE based stocks, the quotes from the Nasdaq track pretty closely with quotes from the NYSE. And of course the quotes from the NYSE are available, on a delayed basis, as well. We're just trying to give you the best information available. As always, we may be making added tweaks down the road. </p></div>

Okay I would like to share some more good news for you stockaholics. Our real-time Nasdaq quotes were so popular with many of you, we decided to turn on the NYSE quotes as well. Now you will get up to the second trading data on blue chip stocks like AT&T, General Motors, and General Electric (my corporate overlord) along with the real-time quotes we're giving on Nasdaq stocks like Microsoft and Google. Now this added NYSE real-time data comes through Nasdaq as well. We figured, since we were already getting the Nasdaq quotes through that exchange, we may as well give you the data on NYSE stocks traded through Nasdaq as well. Since Nasdaq is handling a substantial number of trades for NYSE based stocks, the quotes from the Nasdaq track pretty closely with quotes from the NYSE. And of course the quotes from the NYSE are available, on a delayed basis, as well. We're just trying to give you the best information available. As always, we may be making added tweaks down the road.

2021-10-30 14:11:54.456353

Titan International Announces 87% Acceptance Levels for Titan Europe plc Offer

https://www.cnbc.com/2012/10/05/titan-international-announces-87-acceptance-levels-for-titan-europe-plc-offer.html

2012-10-05T17:37:00+0000

CNBC

QUINCY, Ill.--(BUSINESS WIRE)-- Titan International, Inc. (NYSE: TWI) is pleased to announce it has received valid acceptances for 87.24 percent of the Offer in respect of Titan Europe plc shares. Titan International announces that all remaining conditions to the Offer, as set out in the Offer Document, have been satisfied and that the Offer is now unconditional in all respects. The Offer will remain open for acceptance until October 19, 2012, being 14 days after the date on which the Offer has been declared unconditional as to acceptances. On or around this date, the New Titan International shares issued in consideration of the Offer will begin trading on the New York Stock Exchange. The related Prospectus, Offer documents and Offer Acceptance Declaration are available on our website at www.titan-intl.com. Titan International, Inc., a holding company, owns subsidiaries that primarily supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.

cnbc, Articles, Titan International Inc, Illinois, North America, United States, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

<div class="group"><p> QUINCY, Ill.--(BUSINESS WIRE)-- Titan International, Inc. (NYSE: TWI) is pleased to announce it has received valid acceptances for 87.24 percent of the Offer in respect of Titan Europe plc shares. Titan International announces that all remaining conditions to the Offer, as set out in the Offer Document, have been satisfied and that the Offer is now unconditional in all respects. </p> <p> The Offer will remain open for acceptance until October 19, 2012, being 14 days after the date on which the Offer has been declared unconditional as to acceptances. On or around this date, the New Titan International shares issued in consideration of the Offer will begin trading on the New York Stock Exchange. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> The related Prospectus, Offer documents and Offer Acceptance Declaration are available on our website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.titan-intl.com&amp;amp;esheet=50432613&amp;amp;lan=en-US&amp;amp;anchor=www.titan-intl.com&amp;amp;index=1&amp;amp;md5=0aa34285b72b9cf385a26fec02aa4a50" target="_blank">www.titan-intl.com</a>. </p> <p> Titan International, Inc., a holding company, owns subsidiaries that primarily supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.titan-intl.com&amp;amp;esheet=50432613&amp;amp;lan=en-US&amp;amp;anchor=www.titan-intl.com&amp;amp;index=2&amp;amp;md5=4320c408d4bb616b492a6d5dcf0b6e03" target="_blank">www.titan-intl.com</a>. </p> <p> </p> </div>

QUINCY, Ill.--(BUSINESS WIRE)-- Titan International, Inc. (NYSE: TWI) is pleased to announce it has received valid acceptances for 87.24 percent of the Offer in respect of Titan Europe plc shares. Titan International announces that all remaining conditions to the Offer, as set out in the Offer Document, have been satisfied and that the Offer is now unconditional in all respects. The Offer will remain open for acceptance until October 19, 2012, being 14 days after the date on which the Offer has been declared unconditional as to acceptances. On or around this date, the New Titan International shares issued in consideration of the Offer will begin trading on the New York Stock Exchange. The related Prospectus, Offer documents and Offer Acceptance Declaration are available on our website at www.titan-intl.com. Titan International, Inc., a holding company, owns subsidiaries that primarily supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.

2021-10-30 14:11:54.491657

BNP Paribas gets retail bank boost but trading lags

https://www.cnbc.com/2015/10/30/bnp-paribas-gets-retail-bank-boost-but-trading-lags.html

2015-10-30T06:37:06+0000

CNBC

BNP Paribas, the French bank, became the latest big European bank to report profits fell at its investment bank on Friday, as it was boosted overall by profits in its retail division. Its net profit rose to 1.83 billion euros ($2.01 billion) in the three months to the end of September, up 15 percent from the same time in 2014. However, this reflected a much healthier picture at its retail bank, where increased loan demand helped drive up total pretax profit by 5 percent to 979 million euros.

cnbc, Articles, Banks, Finance, Financials, source:tagname:CNBC Europe Source

<div class="group"><p> BNP Paribas, the French bank, became the latest big European bank to report profits fell at its investment bank on Friday, as it was boosted overall by profits in its retail division.<br></p><p> Its net profit rose to 1.83 billion euros ($2.01 billion) in the three months to the end of September, up 15 percent from the same time in 2014. However, this reflected a much healthier picture at its retail bank, where increased loan demand helped drive up total pretax profit by 5 percent to 979 million euros.</p><br></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Lars Machenil, chief financial officer of the French bank, told CNBC: "European growth levels are not the same as we're seeing in our U.S. business, but for the moment, it's a progressive return to growth."<br></p><p> At its investment bank, which has had to restructure following a record $9 billion fine from U.S. authorities over sanctions violations, there was a 22 percent drop in pretax profit to 624 million euros in the third quarter.</p></div>,<div class="group"><p> The bank said in a statement that it has now finished the downsizing of its energy and commodity business, and also booked additional costs to comply with new regulations.</p><p> BNP Paribas also boosted its core tier-one ratio - a key measure of financial health - to 10.7 percent in September, up from 10.6 percent in June. </p></div>

BNP Paribas, the French bank, became the latest big European bank to report profits fell at its investment bank on Friday, as it was boosted overall by profits in its retail division. Its net profit rose to 1.83 billion euros ($2.01 billion) in the three months to the end of September, up 15 percent from the same time in 2014. However, this reflected a much healthier picture at its retail bank, where increased loan demand helped drive up total pretax profit by 5 percent to 979 million euros.Lars Machenil, chief financial officer of the French bank, told CNBC: "European growth levels are not the same as we're seeing in our U.S. business, but for the moment, it's a progressive return to growth." At its investment bank, which has had to restructure following a record $9 billion fine from U.S. authorities over sanctions violations, there was a 22 percent drop in pretax profit to 624 million euros in the third quarter. The bank said in a statement that it has now finished the downsizing of its energy and commodity business, and also booked additional costs to comply with new regulations. BNP Paribas also boosted its core tier-one ratio - a key measure of financial health - to 10.7 percent in September, up from 10.6 percent in June.

2021-10-30 14:11:54.527667

Buffalo Wild Wings execs have 'not put their money where their mouth is,' activist says

https://www.cnbc.com/2017/03/08/buffalo-wild-wings-execs-have-not-put-their-money-where-their-mouth-is.html

2017-03-08T19:54:28+0000

Sarah Whitten

CNBC

Activist hedge fund manager Mick McGuire is lobbying for changes at popular wing restaurant Buffalo Wild Wings.McGuire, who runs Marcato Capital Management, has been pushing for the company to franchise more of its restaurants since July and even nominated four directors to the company's board in February. On Wednesday, McGuire once again took aim at Buffalo Wild Wings, publishing a presentation for investors that argued the executives' interests were not closely aligned with the wing chain's shareholders."Since its IPO in 2003, Buffalo Wild Wings' Board and Management team have sold the vast majority of all stock ever owned," McGuire said in a statement. "In our view, this lack of long-term ownership has contributed to failures of governance and oversight, poor capital allocation discipline and the severe lack of urgency in navigating the difficult operating environment. Shareholders deserve a Board and management team that is willing to commit its own capital alongside them."McGuire noted that none of the Buffalo Wild Wings executives currently owns shares in the company and only one director has ever executed an open-market purchase of the stock. He also argued that B-Dubs management team has been using equity incentive plans to purchase shares at a lower price and then sell them on the market to make cash."Buffalo Wild Wings leadership has not put their money where their mouth is," McGuire said.Buffalo Wild Wings responded by saying that its directors' interests are "closely aligned" with those of its shareholders, noting that its team owns "significant equity interests" in the company. "Virtually all trading of the company's common stock owned by management — who receive approximately half of their compensation in performance-based stock awards — is executed under preexisting plans that are commonly adopted for personal financial planning purposes," the company said in a statement. Marcato owns 5.6 percent of the company and is hoping to get McGuire and three other nominated directors onto the board.The other nominees are Scott Bergren, former CEO of Yum Brands, Sam Rovit, who has 20 years of experience in the food service industry and Lee Sanders, who held leadership roles at TGI Fridays and Johnny Rockets. In February, when the directors were proposed, Buffalo Wild Wings said it would evaluate the nominees independently.Buffalo Wild Wings also took issue with Marcato's characterization of its stock performance, saying in the last five years, its shares appreciated more than 80 percent and rose more than 470 percent over the last 10 years. "We believe the stock performance is compelling evidence of the effectiveness of the board and management, and their focus on the creation of long-term shareholder value," the company said.

cnbc, Articles, Buffalo Wild Wings Inc, Retail industry, Restaurants, Retail, DO NOT USE Consumer, Business News, source:tagname:CNBC US Source

<div class="group"><p>Activist hedge fund manager Mick McGuire is lobbying for changes at popular wing restaurant <a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">Buffalo Wild Wings.</a><br></p><p>McGuire, who runs Marcato Capital Management, has been pushing for the company to franchise more of its restaurants since July and even nominated four directors to the company's board in February. </p><div style="height:100%" class="lazyload-placeholder"></div><p>On Wednesday, McGuire once again took aim at Buffalo Wild Wings, publishing a presentation for investors that argued the executives' interests were not closely aligned with the wing chain's shareholders.</p><p>"Since its IPO in 2003, Buffalo Wild Wings' Board and Management team have sold the vast majority of all stock ever owned," McGuire said in a statement. "In our view, this lack of long-term ownership has contributed to failures of governance and oversight, poor capital allocation discipline and the severe lack of urgency in navigating the difficult operating environment. Shareholders deserve a Board and management team that is willing to commit its own capital alongside them."</p><p>McGuire noted that none of the Buffalo Wild Wings executives currently owns shares in the company and only one director has ever executed an open-market purchase of the stock. </p><p>He also argued that B-Dubs management team has been using equity incentive plans to purchase shares at a lower price and then sell them on the market to make cash.</p><p>"Buffalo Wild Wings leadership has not put their money where their mouth is," McGuire said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Buffalo Wild Wings responded by saying that its directors' interests are "closely aligned" with those of its shareholders, noting that its team owns "significant equity interests" in the company. </p><p>"Virtually all trading of the company's common stock owned by management — who receive approximately half of their compensation in performance-based stock awards — is executed under preexisting plans that are commonly adopted for personal financial planning purposes," the company said in a statement. </p><p>Marcato owns 5.6 percent of the company and is hoping to get McGuire and three other nominated directors onto the board.</p><p>The other nominees are Scott Bergren, former CEO of <a href="//www.cnbc.com/quotes/YUM" target="_blank">Yum Brands</a>, Sam Rovit, who has 20 years of experience in the food service industry and Lee Sanders, who held leadership roles at TGI Fridays and Johnny Rockets. In February, when the directors were proposed, Buffalo Wild Wings said it would evaluate the nominees independently.</p><p>Buffalo Wild Wings also took issue with Marcato's characterization of its stock performance, saying in the last five years, its shares appreciated more than 80 percent and rose more than 470 percent over the last 10 years. </p><p>"We believe the stock performance is compelling evidence of the effectiveness of the board and management, and their focus on the creation of long-term shareholder value," the company said.</p></div>

Activist hedge fund manager Mick McGuire is lobbying for changes at popular wing restaurant Buffalo Wild Wings.McGuire, who runs Marcato Capital Management, has been pushing for the company to franchise more of its restaurants since July and even nominated four directors to the company's board in February. On Wednesday, McGuire once again took aim at Buffalo Wild Wings, publishing a presentation for investors that argued the executives' interests were not closely aligned with the wing chain's shareholders."Since its IPO in 2003, Buffalo Wild Wings' Board and Management team have sold the vast majority of all stock ever owned," McGuire said in a statement. "In our view, this lack of long-term ownership has contributed to failures of governance and oversight, poor capital allocation discipline and the severe lack of urgency in navigating the difficult operating environment. Shareholders deserve a Board and management team that is willing to commit its own capital alongside them."McGuire noted that none of the Buffalo Wild Wings executives currently owns shares in the company and only one director has ever executed an open-market purchase of the stock. He also argued that B-Dubs management team has been using equity incentive plans to purchase shares at a lower price and then sell them on the market to make cash."Buffalo Wild Wings leadership has not put their money where their mouth is," McGuire said.Buffalo Wild Wings responded by saying that its directors' interests are "closely aligned" with those of its shareholders, noting that its team owns "significant equity interests" in the company. "Virtually all trading of the company's common stock owned by management — who receive approximately half of their compensation in performance-based stock awards — is executed under preexisting plans that are commonly adopted for personal financial planning purposes," the company said in a statement. Marcato owns 5.6 percent of the company and is hoping to get McGuire and three other nominated directors onto the board.The other nominees are Scott Bergren, former CEO of Yum Brands, Sam Rovit, who has 20 years of experience in the food service industry and Lee Sanders, who held leadership roles at TGI Fridays and Johnny Rockets. In February, when the directors were proposed, Buffalo Wild Wings said it would evaluate the nominees independently.Buffalo Wild Wings also took issue with Marcato's characterization of its stock performance, saying in the last five years, its shares appreciated more than 80 percent and rose more than 470 percent over the last 10 years. "We believe the stock performance is compelling evidence of the effectiveness of the board and management, and their focus on the creation of long-term shareholder value," the company said.

2021-10-30 14:11:54.824870

New evacuations near Guatemala volcano set off panic

https://www.cnbc.com/2018/06/06/new-evacuations-near-guatemala-volcano-set-off-panic.html

2018-06-06T09:53:18+0000

CNBC

Frightened people living near the Volcano of Fire fled with their children and few possessions when fresh flows of super-heated debris were announced, taking no chances after authorities gave them little time to evacuate before a deadly eruption over the weekend.Traffic came to a standstill on choked roads Tuesday and those without vehicles walked, even in central Escuintla, which was not under an evacuation order. Businesses shuttered as owners fled, memories still fresh of Sunday's blast, which left at least 75 people dead and 192 missing, and reduced a once verdant area to a moonscape of ash.Mirna Priz, who sells tamales and chiles rellenos, wept as she sat on a rock at a crossroads, with a suitcase in front of her and her 11-year-old son, Allen, and their terrier mix Cara Sucia by her side."You feel powerless," she said. "I don't know where I'm going to go. To leave my things, everything I have."But after seeing what happened Sunday, she was afraid to stay.A column of smoke rose from the mountain Tuesday afternoon and hot volcanic material began descending its south side, prompting new evacuation orders for a half dozen communities and the closure of a national highway. The country's seismology and vulcanology institute said the smoke billowing from the volcano's top could produce a "curtain" of ash that could reach 20,000 feet (6,000 meters) above sea level, posing a danger to air traffic.Rescuers, police and journalists hurried to leave the area as a siren wailed and loudspeakers blared, "Evacuate!"

cnbc, Articles, Natural disasters, Catastrophe, US: News, Business News, Life, Weather & Natural Disasters, source:tagname:The Associated Press

<div class="group"><p>Frightened people living near the Volcano of Fire fled with their children and few possessions when fresh flows of super-heated debris were announced, taking no chances after authorities gave them little time to evacuate before a deadly eruption over the weekend.</p><p>Traffic came to a standstill on choked roads Tuesday and those without vehicles walked, even in central Escuintla, which was not under an evacuation order. Businesses shuttered as owners fled, memories still fresh of Sunday's blast, which left at least 75 people dead and 192 missing, and reduced a once verdant area to a moonscape of ash.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Mirna Priz, who sells tamales and chiles rellenos, wept as she sat on a rock at a crossroads, with a suitcase in front of her and her 11-year-old son, Allen, and their terrier mix Cara Sucia by her side.</p><p>"You feel powerless," she said. "I don't know where I'm going to go. To leave my things, everything I have."</p><p>But after seeing what happened Sunday, she was afraid to stay.</p><p>A column of smoke rose from the mountain Tuesday afternoon and hot volcanic material began descending its south side, prompting new evacuation orders for a half dozen communities and the closure of a national highway. The country's seismology and vulcanology institute said the smoke billowing from the volcano's top could produce a "curtain" of ash that could reach 20,000 feet (6,000 meters) above sea level, posing a danger to air traffic.</p><p>Rescuers, police and journalists hurried to leave the area as a siren wailed and loudspeakers blared, "Evacuate!"</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Among those fleeing was retiree Pantaleon Garcia, who was able to load his grandchildren into the back of a pickup with a jug of water and some food. They were heading to the homes of relatives in another town.</p><p>"You have to be prepared, for the children," he said.</p><p>When the panic set off by the new evacuations became clear, disaster officials called for calm.</p><p>In the community of Magnolia, which was under the new evacuation order, residents fled carrying bundles, bags of clothing and even small dogs in their arms.</p><p>Many walked along the side of the highway because vehicular traffic had stalled on the only road out.</p><p>By Tuesday the images of Sunday's destruction were familiar to everyone. What was once a collection of green canyons, hillsides and farms was reduced to grey devastation by fast-moving avalanches of super-heated muck that roared into the tightly knit villages on the mountain's flanks.</p><p>Two days after the eruption, the terrain was still too hot in many places for rescue crews to search for bodies or — increasingly unlikely with each passing day — survivors.</p><p>Lilian Hernandez wept as she spoke the names of aunts, uncles, cousins, her grandmother and two great-grandchildren — 36 family members in all — missing and presumed dead in the volcano's explosion.</p><p>"My cousins Ingrid, Yomira, Paola, Jennifer, Michael, Andrea and Silvia, who was just 2 years old," the woman said — a litany that brought into sharp relief the scope of a disaster for which the final death toll is far from clear.</p><p>A spokesman for Guatemala's firefighters, said that once it reaches 72 hours after the eruption, there will be little chance of finding anyone alive.</p><p>At a roadblock, Joel Gonzalez complained that police wouldn't let him through to see his family's house in the village of San Juan Alotenango, where his 76-year-old father lay buried in ash along with four other relatives.</p><p>"They say they are going to leave them buried there, and we are not going to know if it's really them," the 39-year-old farmer said. "They are taking away our opportunity to say goodbye."</p></div>

Frightened people living near the Volcano of Fire fled with their children and few possessions when fresh flows of super-heated debris were announced, taking no chances after authorities gave them little time to evacuate before a deadly eruption over the weekend.Traffic came to a standstill on choked roads Tuesday and those without vehicles walked, even in central Escuintla, which was not under an evacuation order. Businesses shuttered as owners fled, memories still fresh of Sunday's blast, which left at least 75 people dead and 192 missing, and reduced a once verdant area to a moonscape of ash.Mirna Priz, who sells tamales and chiles rellenos, wept as she sat on a rock at a crossroads, with a suitcase in front of her and her 11-year-old son, Allen, and their terrier mix Cara Sucia by her side."You feel powerless," she said. "I don't know where I'm going to go. To leave my things, everything I have."But after seeing what happened Sunday, she was afraid to stay.A column of smoke rose from the mountain Tuesday afternoon and hot volcanic material began descending its south side, prompting new evacuation orders for a half dozen communities and the closure of a national highway. The country's seismology and vulcanology institute said the smoke billowing from the volcano's top could produce a "curtain" of ash that could reach 20,000 feet (6,000 meters) above sea level, posing a danger to air traffic.Rescuers, police and journalists hurried to leave the area as a siren wailed and loudspeakers blared, "Evacuate!"Among those fleeing was retiree Pantaleon Garcia, who was able to load his grandchildren into the back of a pickup with a jug of water and some food. They were heading to the homes of relatives in another town."You have to be prepared, for the children," he said.When the panic set off by the new evacuations became clear, disaster officials called for calm.In the community of Magnolia, which was under the new evacuation order, residents fled carrying bundles, bags of clothing and even small dogs in their arms.Many walked along the side of the highway because vehicular traffic had stalled on the only road out.By Tuesday the images of Sunday's destruction were familiar to everyone. What was once a collection of green canyons, hillsides and farms was reduced to grey devastation by fast-moving avalanches of super-heated muck that roared into the tightly knit villages on the mountain's flanks.Two days after the eruption, the terrain was still too hot in many places for rescue crews to search for bodies or — increasingly unlikely with each passing day — survivors.Lilian Hernandez wept as she spoke the names of aunts, uncles, cousins, her grandmother and two great-grandchildren — 36 family members in all — missing and presumed dead in the volcano's explosion."My cousins Ingrid, Yomira, Paola, Jennifer, Michael, Andrea and Silvia, who was just 2 years old," the woman said — a litany that brought into sharp relief the scope of a disaster for which the final death toll is far from clear.A spokesman for Guatemala's firefighters, said that once it reaches 72 hours after the eruption, there will be little chance of finding anyone alive.At a roadblock, Joel Gonzalez complained that police wouldn't let him through to see his family's house in the village of San Juan Alotenango, where his 76-year-old father lay buried in ash along with four other relatives."They say they are going to leave them buried there, and we are not going to know if it's really them," the 39-year-old farmer said. "They are taking away our opportunity to say goodbye."

2021-10-30 14:11:55.289116

Hawkish ECB Official Pushes Euro Up vs. Dollar

https://www.cnbc.com/2008/01/24/hawkish-ecb-official-pushes-euro-up-vs-dollar.html

2008-01-24T16:35:23+0000

CNBC

The dollar fell against the euro on Thursday as strong German business confidence data andtough inflation comments by a European Central Bank policy-maker dashed hopes for a near-term interest rate cut in the euro zone.

cnbc, Articles, Currencies, What Would Warren Buffett Do? - Timeless Strategies, Recession Worries Persist Despite Surprise Rate Cut, Some Basics About Investing In This Kind of Market, Markets, source:tagname:Reuters

<div class="group"><p>The dollar fell against the euro on Thursday as strong German business confidence data and<br>tough inflation comments by a European Central Bank policy-maker dashed hopes for a near-term interest rate cut in the euro zone.</p></div>,<div class="group"><p>An improvement in investors' appetite for risk, following a sharp rebound in European stocks, pushed down the U.S. dollar against high-yielding currencies such as the British pound, the Australian and Canadian dollars.</p><div style="height:100%" class="lazyload-placeholder"></div><p>ECB's governing council member Axel Weber said the Federal Reserve's surprise decision to cut interest rates by 75 basis points on Tuesday had not shifted the ECB focus on euro zone<br>inflation, dampening rising expectations that it too will have to cut rates soon.</p><p>"The fact that there seems to be a bit of calm in the equity markets has in some regard sent the forex market towards selling dollars," said John McCarthy, director of trading at ING Capital Markets in New York.</p><p>"Weber made the usual hawkish comments which underpin the euro and we are just seeing follow through from that." </p><p>The euro jumped to session high of $1.4733, on track for a third consecutive day of gains. </p><p>The dollar was flat versus the yen . Against the Swiss franc, the dollar fell .</p><div style="height:100%" class="lazyload-placeholder"></div><p>The euro had come under selling pressure in recent weeks as signs emerged that weakness in the U.S. economy is having a knock-on effect on the euro zone, fueling the argument for a<br>rate cut by the ECB. </p><p>Some of those concerns eased slightly after German corporate sentiment unexpectedly rose in January, bolstering policymakers' assertion that the euro zone economy can withstand turmoil in financial markets. </p><p>"The numbers out of Germany were good. You are getting a follow through of what we saw overnight," said Brian Taylor, head currency trader ay M&amp;T Bank in Buffalo, New York.</p><p>"They are consistently saying that growth is okay, there is going to be some effect from a U.S. slow down, but in their view they are saying the economy is going to be strong and<br>(inflation) is going to be an issue in terms of their monetary policy."</p><p>The New Zealand and the Australian dollars benefited from the improvement in risk appetite. These currencies are often targets of carry trades, a strategy in which investors borrow<br>in a low-yielding currency such as the yen to buy higher-yielding currencies and assets.</p><p>The Australian dollar rose against the dollar, as did the kiwi .</p><p>There was little reaction to a report showing that the pace of existing home sales in the United States fell by 2.2 percent in December to a slower-than-expected 4.89 million-unit annual rate. That confirmed market perceptions that the housing market turmoil, which is threatening to push the economy into a recession, is far from over.</p></div>

The dollar fell against the euro on Thursday as strong German business confidence data andtough inflation comments by a European Central Bank policy-maker dashed hopes for a near-term interest rate cut in the euro zone.An improvement in investors' appetite for risk, following a sharp rebound in European stocks, pushed down the U.S. dollar against high-yielding currencies such as the British pound, the Australian and Canadian dollars.ECB's governing council member Axel Weber said the Federal Reserve's surprise decision to cut interest rates by 75 basis points on Tuesday had not shifted the ECB focus on euro zoneinflation, dampening rising expectations that it too will have to cut rates soon."The fact that there seems to be a bit of calm in the equity markets has in some regard sent the forex market towards selling dollars," said John McCarthy, director of trading at ING Capital Markets in New York."Weber made the usual hawkish comments which underpin the euro and we are just seeing follow through from that." The euro jumped to session high of $1.4733, on track for a third consecutive day of gains. The dollar was flat versus the yen . Against the Swiss franc, the dollar fell .The euro had come under selling pressure in recent weeks as signs emerged that weakness in the U.S. economy is having a knock-on effect on the euro zone, fueling the argument for arate cut by the ECB. Some of those concerns eased slightly after German corporate sentiment unexpectedly rose in January, bolstering policymakers' assertion that the euro zone economy can withstand turmoil in financial markets. "The numbers out of Germany were good. You are getting a follow through of what we saw overnight," said Brian Taylor, head currency trader ay M&T Bank in Buffalo, New York."They are consistently saying that growth is okay, there is going to be some effect from a U.S. slow down, but in their view they are saying the economy is going to be strong and(inflation) is going to be an issue in terms of their monetary policy."The New Zealand and the Australian dollars benefited from the improvement in risk appetite. These currencies are often targets of carry trades, a strategy in which investors borrowin a low-yielding currency such as the yen to buy higher-yielding currencies and assets.The Australian dollar rose against the dollar, as did the kiwi .There was little reaction to a report showing that the pace of existing home sales in the United States fell by 2.2 percent in December to a slower-than-expected 4.89 million-unit annual rate. That confirmed market perceptions that the housing market turmoil, which is threatening to push the economy into a recession, is far from over.

2021-10-30 14:11:55.434492

Google now wants to get you the best mortgage

https://www.cnbc.com/2015/11/24/google-now-wants-to-get-you-the-best-mortgage.html

2015-11-24T11:25:41+0000

Matt Clinch

CNBC

Technology behemoth Google has expanded its fleet of financial services this week by offering homebuyers in California the opportunity to compare and contrast mortgages. Its online comparison tool has now been expanded to provide information on housing loans after first announcing the idea in May. "Buying a home is a major financial decision — so when it comes to getting a mortgage, people want an easy way to understand and compare their options online," Google said in a blogpost on its news site Monday.

cnbc, Articles, Real estate, Housing, Mortgages, Alphabet Class A, Real Estate, US: News, Foreclosures, Technology, Tech Transformers, source:tagname:CNBC US Source

<div class="group"><p>Technology behemoth <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a> has expanded its fleet of financial services this week by offering homebuyers in California the opportunity to compare and contrast mortgages.<br></p><p> Its online comparison tool has now been expanded to provide information on housing loans after first announcing the idea in May.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "Buying a home is a major financial decision — so when it comes to getting a mortgage, people want an easy way to understand and compare their options online," <a href="http://adwords.blogspot.co.uk/2015/11/introducing-google-compare-for-us.html" target="_blank">Google said in a blogpost on its news site Monday.</a></p></div>,<div class="group"><p> Google predicted that nearly one in two borrowers still don't shop around for their mortgage and set up the tool to help people make "more informed financial decisions." It said that it would be rolled out to more U.S. states after launching in California.</p><p> "Whether you're a national lender or one local to California, people searching for mortgages on their smartphone or desktop computer can now find you, along with a real-time, apples-to-apples comparison of rate quotes from other lenders — all in as little as a minute," it added.</p><p> The move follows on from a mortgage calculator tool that launched in February this year. The new services have actually been available in the U.K. for a number of years, where the property industry - and its regulation - is very different with a surfeit of similar tools all competing in the market. </p></div>,<div class="group"><p> The U.K. version of the general comparison tool - which includes car and travel insurance - states that 51 percent of users could save up to £205.26 ($310) with Google Compare and 80 percent of consumers could save up to £74.54, citing online independent research by analysis group Consumer Intelligence this year.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "Digital channels and digital strategies are of huge interest to the mortgage industry," Sue Anderson, the head of member and external relations at the U.K.'s Council of Mortgage Lenders, told CNBC via email.</p><p> However, she added that the recent direction of travel in terms of regulation in U.K. – specifically, the provision of advice – has not tended to favor these digital strategies.</p><p> "Many lenders are seeking to establish how best to approach the needs of the tech-savvy generation who prefer online purchasing and account management," she added.</p></div>,<div class="group"></div>

Technology behemoth Google has expanded its fleet of financial services this week by offering homebuyers in California the opportunity to compare and contrast mortgages. Its online comparison tool has now been expanded to provide information on housing loans after first announcing the idea in May. "Buying a home is a major financial decision — so when it comes to getting a mortgage, people want an easy way to understand and compare their options online," Google said in a blogpost on its news site Monday. Google predicted that nearly one in two borrowers still don't shop around for their mortgage and set up the tool to help people make "more informed financial decisions." It said that it would be rolled out to more U.S. states after launching in California. "Whether you're a national lender or one local to California, people searching for mortgages on their smartphone or desktop computer can now find you, along with a real-time, apples-to-apples comparison of rate quotes from other lenders — all in as little as a minute," it added. The move follows on from a mortgage calculator tool that launched in February this year. The new services have actually been available in the U.K. for a number of years, where the property industry - and its regulation - is very different with a surfeit of similar tools all competing in the market. The U.K. version of the general comparison tool - which includes car and travel insurance - states that 51 percent of users could save up to £205.26 ($310) with Google Compare and 80 percent of consumers could save up to £74.54, citing online independent research by analysis group Consumer Intelligence this year. "Digital channels and digital strategies are of huge interest to the mortgage industry," Sue Anderson, the head of member and external relations at the U.K.'s Council of Mortgage Lenders, told CNBC via email. However, she added that the recent direction of travel in terms of regulation in U.K. – specifically, the provision of advice – has not tended to favor these digital strategies. "Many lenders are seeking to establish how best to approach the needs of the tech-savvy generation who prefer online purchasing and account management," she added.

2021-10-30 14:11:55.484491

US court upholds Obama-era retirement advice rule

https://www.cnbc.com/2017/02/09/us-court-upholds-obama-era-retirement-advice-rule.html

2017-02-09T10:03:23+0000

CNBC

A U.S. federal judge on Wednesday upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice, in a possible setback for President Donald Trump's efforts to scale back government regulation.The stinging 81-page ruling comes just days after Trump ordered the Labor Department to review the "fiduciary" rule — a move widely interpreted as an effort to delay or kill the regulation.The decision by Chief Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas is a stunning defeat for the business and financial services industry groups that had sought to overturn it.And while it is not expected to stop the Labor Department from delaying the rule's April 10 compliance deadline while it conducts the review, some legal experts say it could make it more difficult for the Labor Department to find a way to justify scrapping or significantly altering the rule.This marks the second time now a federal district court has upheld the fiduciary rule. A third court, meanwhile, rejected an effort to stay the rule's implementation."Three courts have now carefully considered the full range of industry attacks on the DOL's best interest fiduciary rule, and they have firmly rejected all of them," said Stephen Hall, the legal director of Better Markets, a non-profit group that supports the rule."The decision issued today is definitive and sends a message that ought to put a stake through the heart of industry's efforts to destroy this common-sense rule."The Labor Department's "fiduciary" rule requires brokers to put their clients' best interests first when advising them about individual retirement accounts or 401(k) retirement plans.It is championed by consumer advocates and retirement non-profit groups, but has been staunchly opposed by the financial services sector, which argues it will make retirement advice too costly and harm lower-income retirees in particular.The long list of groups that sued the Labor Department in the Dallas federal court include the U.S. Chamber of Commerce, the Financial Services Institute, the Financial Services Roundtable, the Insured Retirement Institute and the Securities Industry and Financial Markets Association.In a joint statement, those groups said they disagreed with the judge's ruling and vowed to "pursue all of our available options to see that this rule is rescinded."The decision in the Labor Department's favor came just a few hours after the Justice Department had petitioned the court to stay issuing a ruling because of the Feb. 3 White House request to review the rule to determine if it should be revised or scrapped.Lynn, who was appointed to the bench by former President Bill Clinton, denied that request shortly after her ruling was filed."The Department of Labor is continuing to follow the president's memorandum and is exploring options to delay the applicability date," Labor Department spokeswoman Jillian Rogers said in a statement.Sweeping legal arguments rejectedWednesday's ruling represents a setback for Gibson Dunn & Crutcher attorney Eugene Scalia, who represented the business groups and has a strong track record for winning legal challenges to kill off unwanted Wall Street regulations.The decision addressed a sweeping series of legal arguments that Gibson Dunn's attorneys made against the rule, including claims that the Labor Department had exceeded its legal authority and that it had violated federal rulemaking procedures by failing to conduct an adequate cost-benefit analysis to help justify the regulation."The court finds the DOL adequately weighed the monetary and non-monetary costs on the industry of complying with the rules, against the benefits to consumers," Lynn wrote."In doing so, the DOL conducted a reasonable cost-benefit analysis."Lynn also rejected other arguments, including claims that the rule violated free speech rights of brokers and that the rule violated federal laws governing arbitration.The case could still be appealed to a higher court.Meanwhile, there are still several other pending legal challenges to the rule.

cnbc, Articles, Personal finance, Donald Trump, Wall Street, Personal Finance, US: News, Law and Regulation, Investing, Retirement, source:tagname:Reuters

<div class="group"><p>A U.S. federal judge on Wednesday upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice, in a possible setback for President <a href="https://www.cnbc.com/donald-trump/">Donald Trump's</a> efforts to scale back government regulation.</p><p>The stinging 81-page ruling comes just days after Trump ordered the Labor Department to review the "fiduciary" rule — a move widely interpreted as an effort to delay or kill the regulation.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The decision by Chief Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas is a stunning defeat for the business and financial services industry groups that had sought to overturn it.</p><p>And while it is not expected to stop the Labor Department from delaying the rule's April 10 compliance deadline while it conducts the review, some legal experts say it could make it more difficult for the Labor Department to find a way to justify scrapping or significantly altering the rule.</p><p>This marks the second time now a federal district court has upheld the fiduciary rule. A third court, meanwhile, rejected an effort to stay the rule's implementation.</p><p>"Three courts have now carefully considered the full range of industry attacks on the DOL's best interest fiduciary rule, and they have firmly rejected all of them," said Stephen Hall, the legal director of Better Markets, a non-profit group that supports the rule.</p><p>"The decision issued today is definitive and sends a message that ought to put a stake through the heart of industry's efforts to destroy this common-sense rule."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Labor Department's "fiduciary" rule requires brokers to put their clients' best interests first when advising them about individual retirement accounts or 401(k) retirement plans.</p><p>It is championed by consumer advocates and retirement non-profit groups, but has been staunchly opposed by the financial services sector, which argues it will make retirement advice too costly and harm lower-income retirees in particular.</p><p>The long list of groups that sued the Labor Department in the Dallas federal court include the U.S. Chamber of Commerce, the Financial Services Institute, the Financial Services Roundtable, the Insured Retirement Institute and the Securities Industry and Financial Markets Association.</p><p>In a joint statement, those groups said they disagreed with the judge's ruling and vowed to "pursue all of our available options to see that this rule is rescinded."</p><p>The decision in the Labor Department's favor came just a few hours after the Justice Department had petitioned the court to stay issuing a ruling because of the Feb. 3 White House request to review the rule to determine if it should be revised or scrapped.</p><p>Lynn, who was appointed to the bench by former President Bill Clinton, denied that request shortly after her ruling was filed.</p><p>"The Department of Labor is continuing to follow the president's memorandum and is exploring options to delay the applicability date," Labor Department spokeswoman Jillian Rogers said in a statement.</p><p><strong>Sweeping legal arguments rejected</strong><br></p><p>Wednesday's ruling represents a setback for Gibson Dunn &amp; Crutcher attorney Eugene Scalia, who represented the business groups and has a strong track record for winning legal challenges to kill off unwanted Wall Street regulations.</p><p>The decision addressed a sweeping series of legal arguments that Gibson Dunn's attorneys made against the rule, including claims that the Labor Department had exceeded its legal authority and that it had violated federal rulemaking procedures by failing to conduct an adequate cost-benefit analysis to help justify the regulation.</p><p>"The court finds the DOL adequately weighed the monetary and non-monetary costs on the industry of complying with the rules, against the benefits to consumers," Lynn wrote.</p><p>"In doing so, the DOL conducted a reasonable cost-benefit analysis."</p><p>Lynn also rejected other arguments, including claims that the rule violated free speech rights of brokers and that the rule violated federal laws governing arbitration.</p><p>The case could still be appealed to a higher court.</p><p>Meanwhile, there are still several other pending legal challenges to the rule.</p></div>

A U.S. federal judge on Wednesday upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice, in a possible setback for President Donald Trump's efforts to scale back government regulation.The stinging 81-page ruling comes just days after Trump ordered the Labor Department to review the "fiduciary" rule — a move widely interpreted as an effort to delay or kill the regulation.The decision by Chief Judge Barbara Lynn for the U.S. District Court for the Northern District of Texas is a stunning defeat for the business and financial services industry groups that had sought to overturn it.And while it is not expected to stop the Labor Department from delaying the rule's April 10 compliance deadline while it conducts the review, some legal experts say it could make it more difficult for the Labor Department to find a way to justify scrapping or significantly altering the rule.This marks the second time now a federal district court has upheld the fiduciary rule. A third court, meanwhile, rejected an effort to stay the rule's implementation."Three courts have now carefully considered the full range of industry attacks on the DOL's best interest fiduciary rule, and they have firmly rejected all of them," said Stephen Hall, the legal director of Better Markets, a non-profit group that supports the rule."The decision issued today is definitive and sends a message that ought to put a stake through the heart of industry's efforts to destroy this common-sense rule."The Labor Department's "fiduciary" rule requires brokers to put their clients' best interests first when advising them about individual retirement accounts or 401(k) retirement plans.It is championed by consumer advocates and retirement non-profit groups, but has been staunchly opposed by the financial services sector, which argues it will make retirement advice too costly and harm lower-income retirees in particular.The long list of groups that sued the Labor Department in the Dallas federal court include the U.S. Chamber of Commerce, the Financial Services Institute, the Financial Services Roundtable, the Insured Retirement Institute and the Securities Industry and Financial Markets Association.In a joint statement, those groups said they disagreed with the judge's ruling and vowed to "pursue all of our available options to see that this rule is rescinded."The decision in the Labor Department's favor came just a few hours after the Justice Department had petitioned the court to stay issuing a ruling because of the Feb. 3 White House request to review the rule to determine if it should be revised or scrapped.Lynn, who was appointed to the bench by former President Bill Clinton, denied that request shortly after her ruling was filed."The Department of Labor is continuing to follow the president's memorandum and is exploring options to delay the applicability date," Labor Department spokeswoman Jillian Rogers said in a statement.Sweeping legal arguments rejectedWednesday's ruling represents a setback for Gibson Dunn & Crutcher attorney Eugene Scalia, who represented the business groups and has a strong track record for winning legal challenges to kill off unwanted Wall Street regulations.The decision addressed a sweeping series of legal arguments that Gibson Dunn's attorneys made against the rule, including claims that the Labor Department had exceeded its legal authority and that it had violated federal rulemaking procedures by failing to conduct an adequate cost-benefit analysis to help justify the regulation."The court finds the DOL adequately weighed the monetary and non-monetary costs on the industry of complying with the rules, against the benefits to consumers," Lynn wrote."In doing so, the DOL conducted a reasonable cost-benefit analysis."Lynn also rejected other arguments, including claims that the rule violated free speech rights of brokers and that the rule violated federal laws governing arbitration.The case could still be appealed to a higher court.Meanwhile, there are still several other pending legal challenges to the rule.

2021-10-30 14:11:55.518805

Why Trump&rsquo;s rigged-election claim is likely to backfire

https://www.cnbc.com/2016/10/21/why-trumps-rigged-election-claim-is-likely-to-backfire-commentary.html

2016-10-21T12:08:24-0400

CNBC

The news cycle has been largely dominated by Republican presidential nominee Donald Trump's assertion that the election process is rigged against him. Trump has repeatedly made this claim since mid-summer, and it was an important topic at the last presidential debate. But will this help his public standing or create ill-will? I've studied and written about excuses and blame, and we know a fair amount about when excuses work and when they will likely backfire. Making excuses is part of human nature. People tend to care deeply about what others think of them, and excuses are a way of managing others' opinions. The "rigged election" claim is a particular type of excuse called self-handicapping. Excuses are generally offered after a problem occurs. In contrast, self-handicaps are excuses offered before an event. The idea is that by shaping expectations, one will be held less accountable in the event that things go poorly. An example is a student telling her mother "Hey, don't expect me to do well on the test today. The teacher is terrible, he hasn't done a good job explaining the material." If the student does poorly on the test, she has deflected blame away from herself and on the teacher and hopefully mom won't be as angry because of the pre-emptive strike. There is another potential benefit to self-handicapping. If one offers a self-handicap and succeeds in spite of the impediment, heroes are born. Think of the famous Michael Jordan flu game in the 1997 NBA finals. Everybody knew that Jordan was very ill and that the chances of a typical Jordan performance were slim because of his health. If he had a bad game, nobody would have changed their opinion of him because after all, he was really sick. But Jordan overcame his illness and had one of his most memorable games, scoring 38 points and cementing his legend. Donald Trump's rigged-election claim is classic self-handicapping. However, it's important to note that successfully self-handicapping hinges on credibility and believability. People will evaluate the sincerity of the person delivering the excuse and the plausibility of the excuse itself. People are uncomfortable when they believe that someone is trying to manipulate them. And, if someone has a pattern of making excuses rather than accepting responsibility, it is more difficult to believe the most recent explanation. Think back to Trump's explanations for his performance in the earlier debates. He blamed his performance at the Sept. 26 debate in part on a bad microphone that was not noticed by anyone other than the candidate. The Oct. 9 debate included several complaints about biased moderators, including remarking that it was one on three. The credibility of the messenger and the message, based in part on the frequency of the rigged-election claim and past excuses, should be concerns for the Trump camp in predicting public reaction to the rigged-election claims. Many have grown weary of the tone of the campaign rhetoric, which will affect how voters interpret future remarks from both major-party candidates. Trump's core followers will no doubt accept the rigged election claim as gospel, believing that if he loses, it is because of an unfair process and therefore not Trump's fault. And if he wins, then he is a hero for overcoming the bias. However, issues with the credibility and frequency of the claims, along with what some may interpret as their self-serving nature, will likely backfire with many voters. It doesn't appear that these remarks are designed to spur a change in the election process as much as to protect future reputation. Self-handicapping can be an effective impression-management strategy, but may also have unintended repercussions. The rigged-election claim was intended to diminish personal blame if he loses the election. Instead, he likely will alienate more voters because they don't like being manipulated. Commentary by J. Michael Crant is Professor of Management and Organization in the University of Notre Dame's Mendoza College of Business. For more insight from CNBC contributors, follow @CNBCopinion on Twitter.

Articles, Politics, Elections, Hillary Clinton, Donald Trump, US: News, Commentary, Economy, source:tagname:CNBC US Source

2021-10-30 14:11:55.552062

China reports 40 new coronavirus cases as Beijing cluster grows, San Francisco moves further into reopening

https://www.cnbc.com/2020/06/15/coronavirus-live-updates.html

2020-06-15T11:48:04+0000

Weizhen Tan,Huileng Tan,Hannah Miller

CNBC

The number of coronavirus cases globally jumped past 8 million on Tuesday during Asia time. China reported 40 new cases as a new cluster in Beijing continued to grow. That new cluster, linked to a wholesale market in Beijing, could impact food shipments into China.New coronavirus cases and hospitalizations continue to rise in a handful of U.S. states, prompting warnings from some health officials that greater precautions might be necessary to keep the health systems from being overwhelmed. As people grow fatigued from social distancing and other precautions, pharmaceutical and biotech companies are racing forward to develop treatments and a vaccine for the virus. The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's U.S. team. The data above was compiled by Johns Hopkins University as at 9:45 a.m. Singapore time.

cnbc, Articles, Italy, Greece, AstraZeneca PLC, Health care industry, Biotechnology, Pharmaceuticals, Business, Asia Economy, Markets, Disease outbreaks, Infectious diseases, Live blog, Breaking News: Business, Politics, United States, Meg Tirrell, Walt Disney Co, Paris, Apple Inc, Delta Air Lines Inc, Shanghai, China, Pfizer Inc, Illumina Inc, JPMorgan Chase & Co, Bank of America Corp, Wells Fargo & Co, Beijing, Singapore, ICE Brent Crude (Jan'22), WTI Crude (Dec'21), CNBC Data Visualizations, Coronavirus, Biotech and Pharmaceuticals, World News, Business News, China Economy, China Politics, Europe Economy, Asia Markets, China Markets, Health & Science, source:tagname:CNBC Asia Source

<div class="group"><p>The number of coronavirus cases globally jumped past 8 million on Tuesday during Asia time. China reported 40 new cases as a new cluster in Beijing continued to grow. That new cluster, linked to a wholesale market in Beijing, <a href="https://www.cnbc.com/2020/06/16/coronavirus-cases-tied-to-beijing-market-could-impact-china-meat-imports.html">could impact food shipments into China</a>.</p><p>New coronavirus cases and hospitalizations continue to rise in a handful of U.S. states, prompting warnings from some health officials that greater precautions might be necessary to keep the health systems from being overwhelmed. As people grow fatigued from social distancing and other precautions, pharmaceutical and biotech companies are racing forward to develop treatments and a vaccine for the virus. </p><div style="height:100%" class="lazyload-placeholder"></div><p><em>The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, </em><a href="https://www.cnbc.com/2020/06/16/coronavirus-live-updates.html"><em>visit the live blog from CNBC's U.S. team.</em></a><em> </em></p><ul><li>Global cases: More than 8.01 million</li><li>Global deaths: At least 436,306</li><li>U.S. cases: More than 2.11 million</li><li>U.S. deaths: At least 116,135</li></ul><p><em>The data above was compiled by Johns Hopkins University as at 9:45 a.m. Singapore time.</em></p></div>,<div class="group"><p>Switzerland's economy could lose more than $100 billion in output due to the fallout from the coronavirus pandemic, the government said on Tuesday, Reuters reported.</p><p>The government expects 2020 gross domestic product (GDP) to be around 652 billion Swiss francs ($687.26 billion), down from a forecast for 712 billion francs made in December. </p><p>"On a per capita basis the downturn is going to be as bad as the mid-1970s, if not worse," said government economist Ronald Indergand said, Reuters reported. "It is going to take years to get over this. The economy is only going to get back to its previous level by 2022."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Earlier Tuesday, <a href="https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-79457.html" target="_blank">government economists forecast a 6.2% fall in GDP in 2020</a> and for unemployment to average 3.8% over the year as a whole. "This would make it the lowest economic slump since 1975," the government report said. — <em>Holly Ellyatt</em></p></div>,<div class="group"><p>09:30 a.m. London time: Oil prices have tumbled around 40% year-to-date, as lockdown measures designed to slow the spread of the coronavirus created an unparalleled demand shock in energy markets.</p><p><a href="https://www.cnbc.com/2020/06/16/oil-prices-iea-sees-largest-drop-of-demand-in-history-this-year.html">The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history</a>, but believes there are signs the market could reach "a more stable footing" over the coming months.</p><p>International benchmark <a href="https://www.cnbc.com/quotes/@LCO.1">Brent</a> crude futures traded at $40.51 on Tuesday morning, up almost 2%, while <a href="https://www.cnbc.com/quotes/@CL.1">U.S. West Texas Intermediate</a> futures stood at $37.72, around 1.6% higher. — <em>Sam Meredith</em></p></div>,<div class="group"><p>2:50 p.m. (Singapore time) — Southeast Asian ride-hailing company Grab <a href="https://www.cnbc.com/2020/06/16/softbank-backed-ride-hailing-firm-grab-announces-layoffs.html">announced that it would be cutting 360 jobs</a>, or about 5% of its headcount.</p><p>The Singapore-based company, which has a presence in eight countries, said the move was due to the impact of the coronavirus.</p><p><a href="https://www.grab.com/sg/blog/grab-ceo-note/" target="_blank">In a note addressed to its employees</a>, Chief Executive Anthony Tan said: "We tried everything possible to avoid this but had to accept that the difficult cuts we are making today are required, because millions depend on us for a living in this new normal." — <em>Weizhen Tan</em></p></div>,<div class="group"><p>2:16 p.m. (Singapore time) — A new cluster linked to a wholesale market in Beijing <a href="https://www.cnbc.com/2020/06/16/coronavirus-cases-tied-to-beijing-market-could-impact-china-meat-imports.html">could impact food shipments into China</a>. <a href="https://www.chinadaily.com.cn/a/202006/15/WS5ee6b33da310834817252ec9.html" target="_blank">According to local media,</a> the virus was found on chopping boards used for imported salmon at the Xinfadi market.</p><p>On Monday, the World Health Organization said that the claim the new cluster might have originated from salmon imports or their packaging was not the "primary hypothesis," <a href="https://www.reuters.com/article/us-health-coronavirus-who/chinas-new-virus-outbreak-needs-further-testing-after-hypothesis-on-cause-who-idUSKBN23M2D3" target="_blank">Reuters reported.</a></p><p>The situation would be "difficult" if the cluster is traced back to imported meat as China needs imports to keep meat inflation under control, Darin Friedrichs, senior Asia commodity analyst at trading house INTL FCStone said in a report on Monday.</p><p>Any additional safety measures in the handling and process of imported meat could also be disruptive to the industry. Even if it is determined that the new cluster was not triggered by imported meat, the reports may have already hit consumer sentiment. If that triggers a shift in preference for domestic pork, that could drive up food inflation. — <em>Huileng Tan</em></p></div>,<div class="group"><p>9:55 a.m. (Singapore time) — Singapore <a href="https://www.cnbc.com/2020/06/16/singapore-to-remove-most-coronavirus-restrictions-from-friday.html">is set to lift most restrictions on Friday</a>. People will be allowed to dine out at restaurants, and social gatherings of up to five people will be permitted. Shops, sports facilities, fitness studios, and parks will also be allowed to reopen.</p><p>However, bars and nightclubs will remain closed, and religious congregations, conferences are still not allowed to take place. — <em>Weizhen Tan</em></p></div>,<div class="group"><p>9:20 a.m. (Singapore time) — China's National Health Commission reported 40 new cases, with 27 of those in Beijing as a new cluster in the city continued to grow.</p><p>Overall, there were 32 locally transmitted cases and 8 imported cases. There were no additional deaths. China's total number of reported cases is now 83,221. Beijing had no new confirmed cases for almost two months until an infection was reported on June 12, according to Reuters.</p><p>The new cluster in Beijing has been linked to a wholesale food market. The city began imposing restrictions again, such as closing schools and sports venues, as well as ordering people to get tested for the coronavirus.</p><p>The first cases of the virus were first reported in December in China's Wuhan city, also at a seafood market. Cases of Covid-19 have now spread globally, with more than 8 million infections according to Johns Hopkins University data. — <em>Weizhen Tan</em></p></div>,<div class="group"><p>7 p.m. ET — Taking hydroxychloroquine along with remdesivir <a href="https://www.cnbc.com/2020/06/15/fda-warns-hydroxychloroquine-may-weaken-effectiveness-of-coronavirus-drug-remdesivir.html">may weaken the effectiveness of the latter drug</a>, the Food and Drug Administration warned, citing a recently completed non-clinical study.</p><p>Remdesivir was granted emergency use authorization by the FDA to treat hospitalized patients sickened with Covid-19 in May. Hydroxychloroquine had also been granted a EUA for the coronavirus, but the designation was revoked earlier in the day after the FDA found it was unlikely to be effective.</p><p>The news by the FDA of the potential drug interaction is likely to further dampen hopes that hydroxychloroquine is helpful against the coronavirus. —<em>Berkeley Lovelace Jr. </em></p></div>,<div class="group"><p>6:20 p.m. ET — <a href="//www.cnbc.com/quotes/JPM" target="_blank">JPMorgan Chase</a> is <a href="https://www.cnbc.com/2020/06/15/wall-street-reopens-jpmorgan-bringing-more-traders-back-to-new-york-headquarters.html">planning to bring more traders back to its headquarters</a> in New York City on June 22, according to someone with knowledge of the bank's plans.</p><p>Around 20% of the division's staff has worked from offices during the pandemic, but that number could rise to 50% by mid-July, CNBC's Hugh Son reports.<br> <br>JPMorgan will institute safety measures like requiring employees to wear masks in common areas and marking desks with colored stickers to indicate where workers can sit. Phasing in the trading division staff will be an early test to see how the company can safely increase in-person attendance. —<em>Hannah Miller</em></p></div>,<div class="group"><p>5:30 p.m. ET — Sacramento Kings owner Vivek Ranadive said his organization is experimenting with a breathalyzer device to detect Covid-19. "You'll be able to blow into a tube and test whether somebody has the virus by looking through a spectroscope," Ranadive told CNBC's "Power Lunch" on Monday.</p><p>Ranadive said the Kings are exploring numerous "elimination of friction efforts" to avoid spreading the virus throughout the more than $500 million Golden 1 Center, including access to temperate gauges. Researchers at UCLA and Ohio State University have been <a href="https://newsroom.ucla.edu/stories/ucla-team-receives-nsf-grant-to-develop-breathalyzer-like-diagnostic-test-for-covid-19" target="_blank">awarded grants to</a> test the Covid-19 breathalyzer concepts, one of which could produce <a href="https://news.osu.edu/ohio-state-researchers-testing-breathalyzer-to-detect-covid-19/" target="_blank">results in 15 seconds</a>.</p><p>The testing system would be able to take certain compounds of an individual breath to detect coronavirus. The National Basketball Association approved plans on June 4 to resume its season after suspending operations due to the pandemic on March 11. — <em>Jabari Young</em></p></div>,<div class="group"><p>5 p.m. ET — The Women's National Basketball Association <a href="https://www.cnbc.com/2020/06/15/wnba-finalizing-plan-to-begin-2020-season-amid-coronavirus-pandemic.html">said it is finalizing a plan</a> to start its 2020 season in July. The league originally delayed its season start date of May 15 because of the pandemic.</p><p>The plan calls for the season to include 22 regular games and a traditional playoff format. They would take place without spectators at IMG Academy, a sports academy in Bradenton, Fla. Players from all 12 WNBA teams would also live and train at the facility.</p><p>The WNBA's announcement follows the National Basketball Association's approval of a plan that would restart its season on July 31 with 22 teams. The Walt Disney World Resort in Orlando, Fla. would host all games and players under the plan. —<em>Hannah Miller</em></p></div>,<div class="group"><p>4:30 p.m. ET — California Gov. Gavin Newsom gave an update on the state's Covid-19 response and said he is continuing to allow counties to tailor their reopenings to their specific needs and that they can decide themselves when to lift restrictions.</p><p>"Those decisions should be made with a local lens," Newsom said at a press briefing.</p><p>He said that as testing has increased in California, the rate of positive results has dropped dramatically from just over 40% in early April to 4.5% by the end of last week. The state has not yet seen a spike in cases after protests in response to the police killing of George Floyd.</p><p>However, Newsom said the state is not yet "out of the woods," and is bracing for a potential increase in coroanvirus cases as California reopens further.</p><p>"This pandemic is not going away," he said. "You're seeing an increase in numbers all across this country." —<em>Hannah Miller</em></p></div>,<div class="group"><p>3:21 p.m. ET — The Chinese government has donated personal protective equipment and free meals to health care workers in struggling communities across the U.S., <a href="https://www.cnbc.com/2020/06/15/chinese-consulates-deploying-mask-diplomacy-in-us-communities.html">NBC News reports</a>, in what some call "mask diplomacy." </p><p>Critics say the donations, while legal and in some cases needed, are an attempt to garner good publicity as tensions between to the U.S. and China escalate.</p><p>Chinese consulates in Chicago, San Francisco and Houston, among others, have donated free meals and face masks numbering in the thousands. Some lawmakers are denouncing the donations. Sen. Marco Rubio, R-Fla., told NBC News that the donations are a way to make people think of China "as a leader on the response to the Covid-19 pandemic they caused." <em>—Alex Harring</em></p></div>,<div class="group"><p>3:06 p.m. ET — The World Health Organization urged scientists around the world to <a href="https://www.cnbc.com/2020/06/15/who-calls-for-more-systematic-thorough-investigation-on-clusters.html">investigate disease clusters to understand the origin and cause of the coronavirus infection</a>.</p><p>The comments come after officials in Beijing reported a total of 79 confirmed cases of Covid-19 originating from Xinfadi, the biggest wholesale food market in Asia, since June 11. The market is more than 20 times larger than the seafood market in Wuhan where the coronavirus outbreak was first identified.</p><p>The WHO said in a statement on Saturday that all confirmed cases are in isolation and under care. Health officials are currently tracking the origin of the new clusters in Beijing and closely monitoring the oubtreak.</p><p>"The answers lie in careful, systematic, exhaustive investigation of disease clusters to really look at what is happening in these situations and what is causing the amplification of the disease in the human context," said Dr. Mike Ryan, executive director of the WHO's emergencies program, during a press conference at the agency's Geneva headquarters.</p><p>"If we get that, we will build up a much better picture of the public health advice we need to give to our communities on what behaviors to avoid, what places to avoid, and what circumstances to avoid," he said. <em>—Jasmine Kim</em></p></div>,<div class="group"><p>2:32 p.m. ET — The Trump administration doesn't want to extend enhanced unemployment benefits past their scheduled July 31 end date, according to White House economic advisor Larry Kudlow.</p><p>Instead, the administration and congressional Republicans want to <a href="https://www.cnbc.com/2020/06/15/trump-wants-back-to-work-bonus-instead-of-600-unemployment-benefit.html">replace the $600 a week in extra jobless benefits with a cash bonus</a> that would pay a temporary, smaller weekly sum to Americans who find a new job.</p><p>Democrats want to extend the $600 payments, arguing that high levels of joblessness will persist past July. <em>—Greg Iacurci</em></p></div>,<div class="group"><p>1:54 p.m. ET — <a href="https://www.cnbc.com/2020/06/15/coronavirus-update-house-democrats-demand-big-bank-ceos-disclose-ppp-documents.html">House Democrats wrote to the chief executives of some of the country's largest banks</a>, including <a href="//www.cnbc.com/quotes/JPM" target="_blank">J.P. Morgan Chase</a>, <a href="//www.cnbc.com/quotes/BAC" target="_blank">Bank of America</a> and <a href="//www.cnbc.com/quotes/WFC" target="_blank">Wells Fargo</a>, demanding documents pertaining to the paycheck protection program.</p><p>The Democrats, led by House Majority Whip James Clyburn said they are investigating whether the program has favored "large, well-funded companies" over the smaller ones the program was intended for.</p><p>Among the documents they want, they asked for "all internal communications" and policies pertaining to the program and correspondence with the Treasury and Small Business Administration. They also wrote to the Treasury, demanding a detailed list of everyone that applied and received loans from the program. They chastised both the Treasury and SBA for not making the need to prioritize loans for underserved communities a part of the program's guidance, despite what they say was the original intent of the CARES Act that established the program. <em>—Lauren Hirsch</em></p></div>,<div class="group"><p>1:28 p.m. ET — San Francisco has moved into Phase 2B of its reopening, joining other Bay Area counties in easing coronavirus restrictions.</p><p>The city now allows outdoor dining, indoor shopping at retailers, non-emergency medical appointments and small gatherings, including religious services and ceremonies. Professional sports can resume for broadcast, but cannot have in-person spectators. Summer camps can also open in San Francisco. —<em>Hannah Miller</em></p></div>,<div class="group"><p>1:04 p.m. ET — The Food and Drug Administration announced it is <a href="https://www.cnbc.com/2020/06/15/fda-revokes-emergency-use-of-hydroxychloroquine.html">ending its emergency use authorization of chloroquine and hydroxychloroquine</a>, the drugs backed by President Donald Trump.</p><p>The move by the agency comes nearly two weeks after a study published in the New England Journal of Medicine found hydroxychloroquine was no better than a placebo in preventing infection of the coronavirus.</p><p>The FDA, in its notice, said the drugs were "unlikely to be effective" in treating Covid-19 for the authorized uses in the EUA. The FDA had warned consumers in April against taking the drugs due to the risk of "serious heart rhythm problems" in some patients.</p><p>Even though hydroxychloroquine is not a proven treatment for the coronavirus, some people across the world took it after a handful of small studies published earlier in the year suggested it could be beneficial and Trump promoted the drug as a potential treatment for the virus. —<em>Berkeley Lovelace Jr.</em></p></div>,<div class="group"><p>12:40 p.m. ET — The number of patients sickened with Covid-19 across Texas' hospitals continues to climb with <a href="https://www.cnbc.com/2020/06/15/texas-reports-record-breaking-coronavirus-hospitalizations.html">the state reporting its sixth new daily high in less than a week</a>.</p><p>Texas was among the first states to relax its statewide stay-at-home order. In the past week, Wednesday was the only day that Texas didn't set a new record for hospitalizations. It's likely to add to scrutiny from some U.S. lawmakers that some states, including Texas, opened businesses too early.</p><p>On Friday, the Centers for Disease Control and Prevention warned that states may need to reimplement the strict social distancing measures that were put in place earlier this year if U.S. coronavirus cases rise "dramatically." —<em>Berkeley Lovelace Jr.</em></p></div>,<div class="group"><p>12:22 p.m. ET — Treasury Secretary Steven Mnuchin revealed that he is planning to discuss small business bailout disclosure with members of the Senate.</p><p>Mnuchin said he and the Senate will speak on a "bipartisan basis" about <a href="https://www.cnbc.com/2020/06/15/mnuchin-says-he-will-talk-to-lawmakers-about-ppp-disclosure.html">reaching a potential deal that protects the privacy of recipients of small business loans</a> while ensuring proper oversight of the funds.</p><p>Mnuchin announced the news in a tweet, saying he will be "having discussions" with the Senate Small Business Committee "to strike the appropriate balance for proper oversight" of the Paycheck Protection Program loans "and appropriate protection of small business information." —<em>Yelena Dzhanova</em></p></div>,<div class="group"><p>10:10 a.m. ET — The Television Academy announced the precursor ceremony to the Primetime Emmy Awards <a href="https://www.cnbc.com/2020/06/15/creative-arts-emmy-awards-to-go-virtual-to-avoid-spread-of-coronavirus.html">will be held virtually this year</a> as a precaution against the spread of the coronavirus.</p><p>The event, which had been scheduled to take place on September 12 and 13, awards those behind-the-scenes working in production, design, set decoration, editing, casting and sound.</p><p>The Governors Ball, the official afterparty for the Emmys, has also been canceled.</p><p>The Television Academy still plans on hosting the Primetime Emmys on September 20, however it is evaluating safety measures for the ceremony. —<em>Sarah Whitten</em></p></div>,<div class="group"><p>9:48 a.m. ET — Without ramped up contact tracing and targeted mitigation strategies, <a href="https://www.cnbc.com/2020/06/15/dr-scott-gottlieb-warns-us-coronavirus-hot-spots-could-quickly-get-out-of-control.html">U.S. hot spots could "quickly get out of control,"</a> former Food and Drug Administration Commissioner Dr. Scott Gottlieb told CNBC.</p><p>Arizona, Texas, Florida, North Carolina, Arkansas and a handful of others have seen an increase in cases in recent weeks. While some attribute the rise in cases to increased testing, hospitalizations, which are not tethered to the availability of testing, has also risen in a number of states.</p><p>"What these states need to do, what these cities need to do is good contact tracing, not to find every individual who's infected, but to find the sources of infection, the activities that lead to the infection and take targeted mitigation steps," Gottlieb said.</p><p>When reached for comment on Friday, Arizona's Maricopa County Public Health spokeswoman Sonia Singh told CNBC that it adjusts staff for "contact tracing up or down as needed in response to case count trends." She added that 90 additional staff are on the way, half of whom have already started.</p><p>Gottlieb added that Arizona could take responsibility for contact tracing efforts away from the counties and centralize the effort under state leadership. <em>—William Feuer</em></p><p><em>Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of </em><a href="//www.cnbc.com/quotes/PFE" target="_blank"><em>Pfizer</em></a><em> and biotech company </em><a href="//www.cnbc.com/quotes/ILMN" target="_blank"><em>Illumina</em></a><em>.</em></p></div>,<div class="group"><p>9:42 a.m. ET — From March through May, the restaurant industry lost $120 billion in revenue, according to the National Restaurant Association.</p><p>The latest sales data from the trade group paint a bleak picture of the industry, which is expected to lose $240 billion by the end of the year. Restaurants across the country are reopening, but capacity limits and new rules to maintain social distancing constrain dining room sales.</p><p>Three-quarters of restaurant operators say that it's unlikely that their restaurant will be profitable within the next six months. The NRA surveyed more than 3,800 U.S. restaurant operators between May 15 and May 25. <em>—Amelia Lucas</em></p></div>,<div class="group"><p>9:36 a.m. ET — <a href="https://www.cnbc.com/2020/06/14/stock-market-futures-open-to-close-news.html">Stocks opened lower</a> as investors grappled with signs of a second wave of coronavirus cases amid the U.S. economy reopening, reports CNBC's Fred Imbert and Yun Li. The Dow Jones Industrial Average fell 608 points at the open, or 2.4%. The S&amp;P 500 slid 1.9% while the Nasdaq Composite traded 1.4% lower. <em>—Melodie Warner </em></p></div>,<div class="group"><p>9:33 a.m. ET — The American Red Cross will test all donated blood, plasma and platelets for Covid-19 antibodies <a href="https://www.redcrossblood.org/donate-blood/dlp/covid-19-antibody-testing.html" target="_blank">for a limited time</a>. The blood bank is not testing for Covid-19 itself and said people who believe they may be ill with Covid-19 should not offer to donate until they are symptom-free for 28 days and are feeling well and healthy.</p><p>Donations given before Monday will not be tested. The organization expects to offer the testing throughout summer months and testing may be extended into the fall. Results will be available around seven to 10 days after donating. <em>—Alex Harring</em></p></div>,<div class="group"><p>9:19 a.m. ET — <a href="//www.cnbc.com/quotes/DAL" target="_blank">Delta Air Lines</a> has received approval from the Shanghai government to resume flights from June 18, according to a Reuters report citing a company spokeswoman. </p><p>The airline is still waiting for the Civil Aviation Administration of China to decide on how many flights it can resume and when it can do so, Reuters reported. </p><p>China's aviation authority <a href="https://www.cnbc.com/2020/06/04/china-to-allow-more-foreign-flights-after-us-bans-chinese-carriers.html">has said it would allow foreign airlines</a> to increase flights between the country and other regions from June 8. <em>—Melodie Warner, Reuters </em></p></div>,<div class="group"><p>8:50 a.m. ET — Germany will launch an app to trace the contacts of coronavirus patients this week, Health Minister Jens Spahn said over the weekend.</p><p>The country's app is being built with the help of Deutsche Telekom and SAP and relies on privacy-focused technology developed by Apple and Google. Italy's government has also launched an app based on the Apple-Google model, called Immuni.</p><p>The U.K., on the other hand, says it will launch its own app "soon," but the timing of its launch remains unclear. There has been a rift in Europe over whether to use Apple and Google's "decentralized" approach, with Britain, France and Norway opting for a more centralized model. Norway announced on Monday that it was pausing work on its app after its data protection regulator flagged privacy concerns. <em>—Ryan Browne</em></p></div>,<div class="group"><p>8:01 a.m. ET — Nationwide, about 21,000 people are infected with the coronavirus in the U.S. every day. But that national figure masks regional trends, which indicate that while the virus is slowing in the Northeast and Midwest, it's rising in the South and the West, CNBC's Meg Tirrell reported, citing data from the Covid Tracking Project.</p><p>While some continue to attribute the rise in cases to increased testing, data on hospitalizations, which is not tethered to the availability of testing, is also on the rise in a number of states, including Arizona, Texas and North Carolina. Some states, such as Florida, do not report hospitalizations. The cities seeing the fastest case-doubling time are Yakima, Washington; Phoenix, Arizona; Austin, Texas; Charlotte, North Carolina; and Tampa, Florida, Tirrell reported, citing data from investment banking firm Evercore ISI.</p><p>State officials have responded to the increase of infections in a variety of ways. Arizona Gov. Doug Ducey has insisted the state's hospitals are well prepared for a surge in patients. Oregon Gov. Kate Brown has paused the state's reopening for seven days while health officials reexamine the data and trends. <em>—Will Feuer</em></p></div>,<div class="group"><p>7:24 a.m. ET — Italy, Germany, the Netherlands and France have agreed to pay an initial 750 million euros ($843.2 million) for 300 million doses of <a href="//www.cnbc.com/quotes/AZN-GB" target="_blank">AstraZeneca's</a> vaccine against Covid-19, a spokesperson for Italy's health ministry said according to a Reuters report.</p><p>The countries will have the option to buy a further 100 million doses, the health ministry said, according to the news agency. Italy itself will pay 185 million euros for 75 million doses of the vaccine, which is being developed by Oxford University.</p><p>AstraZeneca announced on Saturday it had agreed with the four countries to supply up to 400 million doses of the vaccine, with deliveries starting by the end of 2020. The pharmaceutical said it was building a number of supply chains in parallel across the world and is seeking to expand manufacturing capacity further. Total manufacturing capacity currently stands at 2 billion doses, the company said.</p><p>The vaccine is undergoing phase two and three clinical trials with around 10,000 adult volunteers taking part in the late-stage U.K. trial. In a statement Saturday, AstraZeneca said it "recognises that the vaccine may not work but is committed to progressing the clinical programme with speed and scaling up manufacturing at risk." –<em>Holly Ellyatt</em></p></div>,<div class="group"><p>7:16 a.m. ET — In an effort to restart the country's crucial tourism sector, Greece has reopened its main airports to more international flights, Reuters reported.</p><p>Visitors from airports deemed high-risk by the European Union's aviation safety agency will be tested for the coronavirus and quarantined for up to 14 days if they test positive, according to Reuters. Passengers from Britain and Turkey face greater restrictions, and passengers from other airports will be randomly tested. </p><p>Country-wide restrictions on movement imposed in March helped Greece contain the spread of Covid-19 infections to just above 3,000 cases, according to data compiled by Johns Hopkins University.</p><p>"You can come to Greece, you will have a fantastic experience, you can sit on a veranda with this wonderful view, have your nice Assyrtiko wine, enjoy the beach," Prime Minister Kyriakos Mitsotakis said Saturday from the Mediterranean island of Santorini, Reuters reported. "But we don't want you crowded in a beach bar... There are a few things that we won't allow this summer."</p><p>Tourism employs about 700,000 people and accounts for some 20% of Greece's economic output, according to Reuters. <em>—Will Feuer</em></p><p><em>Read CNBC's previous coronavirus live coverage here: </em><a href="https://www.cnbc.com/2020/06/14/coronavirus-live-updates.html"><em>U.S. second wave could stress medical system; India cases spike despite lockdown</em></a></p></div>

The number of coronavirus cases globally jumped past 8 million on Tuesday during Asia time. China reported 40 new cases as a new cluster in Beijing continued to grow. That new cluster, linked to a wholesale market in Beijing, could impact food shipments into China.New coronavirus cases and hospitalizations continue to rise in a handful of U.S. states, prompting warnings from some health officials that greater precautions might be necessary to keep the health systems from being overwhelmed. As people grow fatigued from social distancing and other precautions, pharmaceutical and biotech companies are racing forward to develop treatments and a vaccine for the virus. The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's U.S. team. Global cases: More than 8.01 millionGlobal deaths: At least 436,306U.S. cases: More than 2.11 millionU.S. deaths: At least 116,135The data above was compiled by Johns Hopkins University as at 9:45 a.m. Singapore time.Switzerland's economy could lose more than $100 billion in output due to the fallout from the coronavirus pandemic, the government said on Tuesday, Reuters reported.The government expects 2020 gross domestic product (GDP) to be around 652 billion Swiss francs ($687.26 billion), down from a forecast for 712 billion francs made in December. "On a per capita basis the downturn is going to be as bad as the mid-1970s, if not worse," said government economist Ronald Indergand said, Reuters reported. "It is going to take years to get over this. The economy is only going to get back to its previous level by 2022."Earlier Tuesday, government economists forecast a 6.2% fall in GDP in 2020 and for unemployment to average 3.8% over the year as a whole. "This would make it the lowest economic slump since 1975," the government report said. — Holly Ellyatt09:30 a.m. London time: Oil prices have tumbled around 40% year-to-date, as lockdown measures designed to slow the spread of the coronavirus created an unparalleled demand shock in energy markets.The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach "a more stable footing" over the coming months.International benchmark Brent crude futures traded at $40.51 on Tuesday morning, up almost 2%, while U.S. West Texas Intermediate futures stood at $37.72, around 1.6% higher. — Sam Meredith2:50 p.m. (Singapore time) — Southeast Asian ride-hailing company Grab announced that it would be cutting 360 jobs, or about 5% of its headcount.The Singapore-based company, which has a presence in eight countries, said the move was due to the impact of the coronavirus.In a note addressed to its employees, Chief Executive Anthony Tan said: "We tried everything possible to avoid this but had to accept that the difficult cuts we are making today are required, because millions depend on us for a living in this new normal." — Weizhen Tan2:16 p.m. (Singapore time) — A new cluster linked to a wholesale market in Beijing could impact food shipments into China. According to local media, the virus was found on chopping boards used for imported salmon at the Xinfadi market.On Monday, the World Health Organization said that the claim the new cluster might have originated from salmon imports or their packaging was not the "primary hypothesis," Reuters reported.The situation would be "difficult" if the cluster is traced back to imported meat as China needs imports to keep meat inflation under control, Darin Friedrichs, senior Asia commodity analyst at trading house INTL FCStone said in a report on Monday.Any additional safety measures in the handling and process of imported meat could also be disruptive to the industry. Even if it is determined that the new cluster was not triggered by imported meat, the reports may have already hit consumer sentiment. If that triggers a shift in preference for domestic pork, that could drive up food inflation. — Huileng Tan9:55 a.m. (Singapore time) — Singapore is set to lift most restrictions on Friday. People will be allowed to dine out at restaurants, and social gatherings of up to five people will be permitted. Shops, sports facilities, fitness studios, and parks will also be allowed to reopen.However, bars and nightclubs will remain closed, and religious congregations, conferences are still not allowed to take place. — Weizhen Tan9:20 a.m. (Singapore time) — China's National Health Commission reported 40 new cases, with 27 of those in Beijing as a new cluster in the city continued to grow.Overall, there were 32 locally transmitted cases and 8 imported cases. There were no additional deaths. China's total number of reported cases is now 83,221. Beijing had no new confirmed cases for almost two months until an infection was reported on June 12, according to Reuters.The new cluster in Beijing has been linked to a wholesale food market. The city began imposing restrictions again, such as closing schools and sports venues, as well as ordering people to get tested for the coronavirus.The first cases of the virus were first reported in December in China's Wuhan city, also at a seafood market. Cases of Covid-19 have now spread globally, with more than 8 million infections according to Johns Hopkins University data. — Weizhen Tan7 p.m. ET — Taking hydroxychloroquine along with remdesivir may weaken the effectiveness of the latter drug, the Food and Drug Administration warned, citing a recently completed non-clinical study.Remdesivir was granted emergency use authorization by the FDA to treat hospitalized patients sickened with Covid-19 in May. Hydroxychloroquine had also been granted a EUA for the coronavirus, but the designation was revoked earlier in the day after the FDA found it was unlikely to be effective.The news by the FDA of the potential drug interaction is likely to further dampen hopes that hydroxychloroquine is helpful against the coronavirus. —Berkeley Lovelace Jr. 6:20 p.m. ET — JPMorgan Chase is planning to bring more traders back to its headquarters in New York City on June 22, according to someone with knowledge of the bank's plans.Around 20% of the division's staff has worked from offices during the pandemic, but that number could rise to 50% by mid-July, CNBC's Hugh Son reports. JPMorgan will institute safety measures like requiring employees to wear masks in common areas and marking desks with colored stickers to indicate where workers can sit. Phasing in the trading division staff will be an early test to see how the company can safely increase in-person attendance. —Hannah Miller5:30 p.m. ET — Sacramento Kings owner Vivek Ranadive said his organization is experimenting with a breathalyzer device to detect Covid-19. "You'll be able to blow into a tube and test whether somebody has the virus by looking through a spectroscope," Ranadive told CNBC's "Power Lunch" on Monday.Ranadive said the Kings are exploring numerous "elimination of friction efforts" to avoid spreading the virus throughout the more than $500 million Golden 1 Center, including access to temperate gauges. Researchers at UCLA and Ohio State University have been awarded grants to test the Covid-19 breathalyzer concepts, one of which could produce results in 15 seconds.The testing system would be able to take certain compounds of an individual breath to detect coronavirus. The National Basketball Association approved plans on June 4 to resume its season after suspending operations due to the pandemic on March 11. — Jabari Young5 p.m. ET — The Women's National Basketball Association said it is finalizing a plan to start its 2020 season in July. The league originally delayed its season start date of May 15 because of the pandemic.The plan calls for the season to include 22 regular games and a traditional playoff format. They would take place without spectators at IMG Academy, a sports academy in Bradenton, Fla. Players from all 12 WNBA teams would also live and train at the facility.The WNBA's announcement follows the National Basketball Association's approval of a plan that would restart its season on July 31 with 22 teams. The Walt Disney World Resort in Orlando, Fla. would host all games and players under the plan. —Hannah Miller4:30 p.m. ET — California Gov. Gavin Newsom gave an update on the state's Covid-19 response and said he is continuing to allow counties to tailor their reopenings to their specific needs and that they can decide themselves when to lift restrictions."Those decisions should be made with a local lens," Newsom said at a press briefing.He said that as testing has increased in California, the rate of positive results has dropped dramatically from just over 40% in early April to 4.5% by the end of last week. The state has not yet seen a spike in cases after protests in response to the police killing of George Floyd.However, Newsom said the state is not yet "out of the woods," and is bracing for a potential increase in coroanvirus cases as California reopens further."This pandemic is not going away," he said. "You're seeing an increase in numbers all across this country." —Hannah Miller3:21 p.m. ET — The Chinese government has donated personal protective equipment and free meals to health care workers in struggling communities across the U.S., NBC News reports, in what some call "mask diplomacy." Critics say the donations, while legal and in some cases needed, are an attempt to garner good publicity as tensions between to the U.S. and China escalate.Chinese consulates in Chicago, San Francisco and Houston, among others, have donated free meals and face masks numbering in the thousands. Some lawmakers are denouncing the donations. Sen. Marco Rubio, R-Fla., told NBC News that the donations are a way to make people think of China "as a leader on the response to the Covid-19 pandemic they caused." —Alex Harring3:06 p.m. ET — The World Health Organization urged scientists around the world to investigate disease clusters to understand the origin and cause of the coronavirus infection.The comments come after officials in Beijing reported a total of 79 confirmed cases of Covid-19 originating from Xinfadi, the biggest wholesale food market in Asia, since June 11. The market is more than 20 times larger than the seafood market in Wuhan where the coronavirus outbreak was first identified.The WHO said in a statement on Saturday that all confirmed cases are in isolation and under care. Health officials are currently tracking the origin of the new clusters in Beijing and closely monitoring the oubtreak."The answers lie in careful, systematic, exhaustive investigation of disease clusters to really look at what is happening in these situations and what is causing the amplification of the disease in the human context," said Dr. Mike Ryan, executive director of the WHO's emergencies program, during a press conference at the agency's Geneva headquarters."If we get that, we will build up a much better picture of the public health advice we need to give to our communities on what behaviors to avoid, what places to avoid, and what circumstances to avoid," he said. —Jasmine Kim2:32 p.m. ET — The Trump administration doesn't want to extend enhanced unemployment benefits past their scheduled July 31 end date, according to White House economic advisor Larry Kudlow.Instead, the administration and congressional Republicans want to replace the $600 a week in extra jobless benefits with a cash bonus that would pay a temporary, smaller weekly sum to Americans who find a new job.Democrats want to extend the $600 payments, arguing that high levels of joblessness will persist past July. —Greg Iacurci1:54 p.m. ET — House Democrats wrote to the chief executives of some of the country's largest banks, including J.P. Morgan Chase, Bank of America and Wells Fargo, demanding documents pertaining to the paycheck protection program.The Democrats, led by House Majority Whip James Clyburn said they are investigating whether the program has favored "large, well-funded companies" over the smaller ones the program was intended for.Among the documents they want, they asked for "all internal communications" and policies pertaining to the program and correspondence with the Treasury and Small Business Administration. They also wrote to the Treasury, demanding a detailed list of everyone that applied and received loans from the program. They chastised both the Treasury and SBA for not making the need to prioritize loans for underserved communities a part of the program's guidance, despite what they say was the original intent of the CARES Act that established the program. —Lauren Hirsch1:28 p.m. ET — San Francisco has moved into Phase 2B of its reopening, joining other Bay Area counties in easing coronavirus restrictions.The city now allows outdoor dining, indoor shopping at retailers, non-emergency medical appointments and small gatherings, including religious services and ceremonies. Professional sports can resume for broadcast, but cannot have in-person spectators. Summer camps can also open in San Francisco. —Hannah Miller1:04 p.m. ET — The Food and Drug Administration announced it is ending its emergency use authorization of chloroquine and hydroxychloroquine, the drugs backed by President Donald Trump.The move by the agency comes nearly two weeks after a study published in the New England Journal of Medicine found hydroxychloroquine was no better than a placebo in preventing infection of the coronavirus.The FDA, in its notice, said the drugs were "unlikely to be effective" in treating Covid-19 for the authorized uses in the EUA. The FDA had warned consumers in April against taking the drugs due to the risk of "serious heart rhythm problems" in some patients.Even though hydroxychloroquine is not a proven treatment for the coronavirus, some people across the world took it after a handful of small studies published earlier in the year suggested it could be beneficial and Trump promoted the drug as a potential treatment for the virus. —Berkeley Lovelace Jr.12:40 p.m. ET — The number of patients sickened with Covid-19 across Texas' hospitals continues to climb with the state reporting its sixth new daily high in less than a week.Texas was among the first states to relax its statewide stay-at-home order. In the past week, Wednesday was the only day that Texas didn't set a new record for hospitalizations. It's likely to add to scrutiny from some U.S. lawmakers that some states, including Texas, opened businesses too early.On Friday, the Centers for Disease Control and Prevention warned that states may need to reimplement the strict social distancing measures that were put in place earlier this year if U.S. coronavirus cases rise "dramatically." —Berkeley Lovelace Jr.12:22 p.m. ET — Treasury Secretary Steven Mnuchin revealed that he is planning to discuss small business bailout disclosure with members of the Senate.Mnuchin said he and the Senate will speak on a "bipartisan basis" about reaching a potential deal that protects the privacy of recipients of small business loans while ensuring proper oversight of the funds.Mnuchin announced the news in a tweet, saying he will be "having discussions" with the Senate Small Business Committee "to strike the appropriate balance for proper oversight" of the Paycheck Protection Program loans "and appropriate protection of small business information." —Yelena Dzhanova10:10 a.m. ET — The Television Academy announced the precursor ceremony to the Primetime Emmy Awards will be held virtually this year as a precaution against the spread of the coronavirus.The event, which had been scheduled to take place on September 12 and 13, awards those behind-the-scenes working in production, design, set decoration, editing, casting and sound.The Governors Ball, the official afterparty for the Emmys, has also been canceled.The Television Academy still plans on hosting the Primetime Emmys on September 20, however it is evaluating safety measures for the ceremony. —Sarah Whitten9:48 a.m. ET — Without ramped up contact tracing and targeted mitigation strategies, U.S. hot spots could "quickly get out of control," former Food and Drug Administration Commissioner Dr. Scott Gottlieb told CNBC.Arizona, Texas, Florida, North Carolina, Arkansas and a handful of others have seen an increase in cases in recent weeks. While some attribute the rise in cases to increased testing, hospitalizations, which are not tethered to the availability of testing, has also risen in a number of states."What these states need to do, what these cities need to do is good contact tracing, not to find every individual who's infected, but to find the sources of infection, the activities that lead to the infection and take targeted mitigation steps," Gottlieb said.When reached for comment on Friday, Arizona's Maricopa County Public Health spokeswoman Sonia Singh told CNBC that it adjusts staff for "contact tracing up or down as needed in response to case count trends." She added that 90 additional staff are on the way, half of whom have already started.Gottlieb added that Arizona could take responsibility for contact tracing efforts away from the counties and centralize the effort under state leadership. —William FeuerDisclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.9:42 a.m. ET — From March through May, the restaurant industry lost $120 billion in revenue, according to the National Restaurant Association.The latest sales data from the trade group paint a bleak picture of the industry, which is expected to lose $240 billion by the end of the year. Restaurants across the country are reopening, but capacity limits and new rules to maintain social distancing constrain dining room sales.Three-quarters of restaurant operators say that it's unlikely that their restaurant will be profitable within the next six months. The NRA surveyed more than 3,800 U.S. restaurant operators between May 15 and May 25. —Amelia Lucas9:36 a.m. ET — Stocks opened lower as investors grappled with signs of a second wave of coronavirus cases amid the U.S. economy reopening, reports CNBC's Fred Imbert and Yun Li. The Dow Jones Industrial Average fell 608 points at the open, or 2.4%. The S&P 500 slid 1.9% while the Nasdaq Composite traded 1.4% lower. —Melodie Warner 9:33 a.m. ET — The American Red Cross will test all donated blood, plasma and platelets for Covid-19 antibodies for a limited time. The blood bank is not testing for Covid-19 itself and said people who believe they may be ill with Covid-19 should not offer to donate until they are symptom-free for 28 days and are feeling well and healthy.Donations given before Monday will not be tested. The organization expects to offer the testing throughout summer months and testing may be extended into the fall. Results will be available around seven to 10 days after donating. —Alex Harring9:19 a.m. ET — Delta Air Lines has received approval from the Shanghai government to resume flights from June 18, according to a Reuters report citing a company spokeswoman. The airline is still waiting for the Civil Aviation Administration of China to decide on how many flights it can resume and when it can do so, Reuters reported. China's aviation authority has said it would allow foreign airlines to increase flights between the country and other regions from June 8. —Melodie Warner, Reuters 8:50 a.m. ET — Germany will launch an app to trace the contacts of coronavirus patients this week, Health Minister Jens Spahn said over the weekend.The country's app is being built with the help of Deutsche Telekom and SAP and relies on privacy-focused technology developed by Apple and Google. Italy's government has also launched an app based on the Apple-Google model, called Immuni.The U.K., on the other hand, says it will launch its own app "soon," but the timing of its launch remains unclear. There has been a rift in Europe over whether to use Apple and Google's "decentralized" approach, with Britain, France and Norway opting for a more centralized model. Norway announced on Monday that it was pausing work on its app after its data protection regulator flagged privacy concerns. —Ryan Browne8:01 a.m. ET — Nationwide, about 21,000 people are infected with the coronavirus in the U.S. every day. But that national figure masks regional trends, which indicate that while the virus is slowing in the Northeast and Midwest, it's rising in the South and the West, CNBC's Meg Tirrell reported, citing data from the Covid Tracking Project.While some continue to attribute the rise in cases to increased testing, data on hospitalizations, which is not tethered to the availability of testing, is also on the rise in a number of states, including Arizona, Texas and North Carolina. Some states, such as Florida, do not report hospitalizations. The cities seeing the fastest case-doubling time are Yakima, Washington; Phoenix, Arizona; Austin, Texas; Charlotte, North Carolina; and Tampa, Florida, Tirrell reported, citing data from investment banking firm Evercore ISI.State officials have responded to the increase of infections in a variety of ways. Arizona Gov. Doug Ducey has insisted the state's hospitals are well prepared for a surge in patients. Oregon Gov. Kate Brown has paused the state's reopening for seven days while health officials reexamine the data and trends. —Will Feuer7:24 a.m. ET — Italy, Germany, the Netherlands and France have agreed to pay an initial 750 million euros ($843.2 million) for 300 million doses of AstraZeneca's vaccine against Covid-19, a spokesperson for Italy's health ministry said according to a Reuters report.The countries will have the option to buy a further 100 million doses, the health ministry said, according to the news agency. Italy itself will pay 185 million euros for 75 million doses of the vaccine, which is being developed by Oxford University.AstraZeneca announced on Saturday it had agreed with the four countries to supply up to 400 million doses of the vaccine, with deliveries starting by the end of 2020. The pharmaceutical said it was building a number of supply chains in parallel across the world and is seeking to expand manufacturing capacity further. Total manufacturing capacity currently stands at 2 billion doses, the company said.The vaccine is undergoing phase two and three clinical trials with around 10,000 adult volunteers taking part in the late-stage U.K. trial. In a statement Saturday, AstraZeneca said it "recognises that the vaccine may not work but is committed to progressing the clinical programme with speed and scaling up manufacturing at risk." –Holly Ellyatt7:16 a.m. ET — In an effort to restart the country's crucial tourism sector, Greece has reopened its main airports to more international flights, Reuters reported.Visitors from airports deemed high-risk by the European Union's aviation safety agency will be tested for the coronavirus and quarantined for up to 14 days if they test positive, according to Reuters. Passengers from Britain and Turkey face greater restrictions, and passengers from other airports will be randomly tested. Country-wide restrictions on movement imposed in March helped Greece contain the spread of Covid-19 infections to just above 3,000 cases, according to data compiled by Johns Hopkins University."You can come to Greece, you will have a fantastic experience, you can sit on a veranda with this wonderful view, have your nice Assyrtiko wine, enjoy the beach," Prime Minister Kyriakos Mitsotakis said Saturday from the Mediterranean island of Santorini, Reuters reported. "But we don't want you crowded in a beach bar... There are a few things that we won't allow this summer."Tourism employs about 700,000 people and accounts for some 20% of Greece's economic output, according to Reuters. —Will FeuerRead CNBC's previous coronavirus live coverage here: U.S. second wave could stress medical system; India cases spike despite lockdown

2021-10-30 14:11:55.663887

MerchantCashAdvanceIndustry.org Offers Business Loan Solutions to Those Affected by Hurricane Sandy

https://www.cnbc.com/2012/11/02/merchantcashadvanceindustryorg-offers-business-loan-solutions-to-those-affected-by-hurricane-sandy.html

2012-11-02T18:26:00+0000

CNBC

NEW YORK, Nov. 2, 2012 /PRNewswire/ -- The MerchantCashAdvanceIndustry.org network, a lending portal for small and mid-sized businesses has initiated a recovery campaign with its partners in the wake of Hurricane Sandy. The call to action was driven by witnessing the aftermath firsthand near their office in New York City. A spokesperson for the network was quoted as saying, "We fear that access to traditional forms of financing will be full of red tape, considering that banks today are already highly risk averse. The additional uncertainty brought on by the disaster, whether businesses were directly affected by it or not could very well lead to fewer loans and lines of credit. We feel it more necessary than ever to spread the message that alternatives like merchant cash advances, cash flow loans, and other forms of merchant financing are accessible."A merchant cash advance allows businesses to tap into their projected future revenues today by literally selling a fixed portion of those future sales to a factoring company.Cash flow loans allow businesses to leverage their historical revenues and positive cash flow to get approved for a short-term business loan. Accepting credit cards as a form of payment is not necessary for consideration.Approval and funding is typically completed in less than a week. Applicants operating an existing business in a Hurricane affected area can request an even further expedited application process by checking the designated box on the website's inquiry forms.MerchantCashAdvanceIndustry.org makes no guarantee of loan approval, is not offering grants, and is not involved in any type of governmental assistance program. We are not a lender. Our partners are responsible for all financing terms and decisions. You can follow the industry on Facebook at http://www.facebook.com/MerchantCashAdvanceIndustry, watch our videos on YouTube, and apply at http://merchantcashadvanceindustry.org.SOURCE MerchantCashAdvanceIndustry.org

cnbc, Articles, New York City, New York, North America, United States, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:PR Newswire

<div class="group"><p></p><div class="xn-content"></div> <p>NEW YORK, Nov. 2, 2012 /PRNewswire/ -- The <a href="http://merchantcashadvanceindustry.org/" target="_blank">MerchantCashAdvanceIndustry.org</a> network, a lending portal for small and mid-sized businesses has initiated a recovery campaign with its partners in the wake of Hurricane Sandy. The call to action was driven by witnessing the aftermath firsthand near their office in New York City. </p><div style="height:100%" class="lazyload-placeholder"></div><p>A spokesperson for the network was quoted as saying, "We fear that access to traditional forms of financing will be full of red tape, considering that banks today are already highly risk averse. The additional uncertainty brought on by the disaster, whether businesses were directly affected by it or not could very well lead to fewer loans and lines of credit. We feel it more necessary than ever to spread the message that alternatives like merchant cash advances, cash flow loans, and other forms of <a href="http://merchantcashadvanceindustry.org/who-qualifies.php" target="_blank">merchant financing</a> are accessible."</p><p>A merchant cash advance allows businesses to tap into their projected future revenues today by literally selling a fixed portion of those future sales to a factoring company.</p><p>Cash flow loans allow businesses to leverage their historical revenues and positive cash flow to get approved for a short-term business loan. Accepting credit cards as a form of payment is not necessary for consideration.</p><p>Approval and funding is typically completed in less than a week. Applicants operating an existing business in a Hurricane affected area can request an even further expedited application process by checking the designated box on the website's inquiry forms.</p><p><a href="http://MerchantCashAdvanceIndustry.org" target="_blank">MerchantCashAdvanceIndustry.org</a> makes no guarantee of loan approval, is not offering grants, and is not involved in any type of governmental assistance program. We are not a lender. Our partners are responsible for all financing terms and decisions. You can follow the industry on <a href="http://www.facebook.com/MerchantCashAdvanceIndustry" target="_blank">Facebook</a> at <a href="http://www.facebook.com/MerchantCashAdvanceIndustry" target="_blank">http://www.facebook.com/MerchantCashAdvanceIndustry</a>, watch our videos on <a href="http://www.youtube.com/watch?v=fvpQzrfoYvg" target="_blank">YouTube</a>, and apply at <a href="http://merchantcashadvanceindustry.org/" target="_blank">http://merchantcashadvanceindustry.org</a>.</p><p>SOURCE <a href="http://MerchantCashAdvanceIndustry.org" target="_blank">MerchantCashAdvanceIndustry.org</a></p></div>

NEW YORK, Nov. 2, 2012 /PRNewswire/ -- The MerchantCashAdvanceIndustry.org network, a lending portal for small and mid-sized businesses has initiated a recovery campaign with its partners in the wake of Hurricane Sandy. The call to action was driven by witnessing the aftermath firsthand near their office in New York City. A spokesperson for the network was quoted as saying, "We fear that access to traditional forms of financing will be full of red tape, considering that banks today are already highly risk averse. The additional uncertainty brought on by the disaster, whether businesses were directly affected by it or not could very well lead to fewer loans and lines of credit. We feel it more necessary than ever to spread the message that alternatives like merchant cash advances, cash flow loans, and other forms of merchant financing are accessible."A merchant cash advance allows businesses to tap into their projected future revenues today by literally selling a fixed portion of those future sales to a factoring company.Cash flow loans allow businesses to leverage their historical revenues and positive cash flow to get approved for a short-term business loan. Accepting credit cards as a form of payment is not necessary for consideration.Approval and funding is typically completed in less than a week. Applicants operating an existing business in a Hurricane affected area can request an even further expedited application process by checking the designated box on the website's inquiry forms.MerchantCashAdvanceIndustry.org makes no guarantee of loan approval, is not offering grants, and is not involved in any type of governmental assistance program. We are not a lender. Our partners are responsible for all financing terms and decisions. You can follow the industry on Facebook at http://www.facebook.com/MerchantCashAdvanceIndustry, watch our videos on YouTube, and apply at http://merchantcashadvanceindustry.org.SOURCE MerchantCashAdvanceIndustry.org

2021-10-30 14:11:55.698820

Stocks making the biggest moves premarket: WBA, BB, MO, ACN & more

https://www.cnbc.com/2018/12/20/stocks-making-the-biggest-moves-premarket-wba-bb-mo-acn--more.html

2018-12-20T13:03:48+0000

Peter Schacknow

CNBC

Check out the companies making headlines before the bell:Walgreens Boots Alliance – Walgreens earned an adjusted $1.46 per share for its latest quarter, 3 cents a share above estimates. Revenue also came in above analysts' forecasts and the company announced plans to cut $1 billion in costs. Separately, Walgreens announced a strategic partnership with Alphabet's Verily unit. The two will collaborate on multiple projects aimed at improving health care treatment and lowering the cost of care.Accenture – The consulting firm reported quarterly profit of $1.96 per share, 10 cents a share above estimates. Revenue also topped Street forecasts, boosted by improvements in digital and cloud services.BlackBerry – BlackBerry beat estimates by 3 cents a share, with adjusted quarterly profit of 5 cents per share. Revenue beat estimates, as well. An improvement in automotive services revenue was among the factors helping the bottom line.Conagra Brands – The food producer earned an adjusted 67 cents per share for its fiscal second quarter, 12 cents a share above estimates. Revenue was below Wall Street forecasts, however, but the company reaffirmed its fiscal 2019 guidance for its legacy brands.Altria – The tobacco producer will pay $12.8 billion to take a 35 percent stake in e-cigarette maker Juul. The deal values Juul at $38 billion, well above July's $16 billion valuation.Newell Brands — Investor Carl Icahn increased his stake in the household products maker to 9.89 percent from the previously reported 8.1 percent stake.AB InBev, Tilray – The beer brewer and the cannabis producer announced a partnership to research non-alcohol beverages containing marijuana ingredients THC and CBD. For now, the partnership is limited to Canada.Herman Miller – Herman Miller reported adjusted quarterly profit of 75 cents per share, 3 cents a share above estimates. The office furniture maker's revenue also came in above Wall Street forecasts. The company is also forecasting better-than-expected earnings for the current quarter.Pier 1 Imports — Chief Executive Officer Alasdair James has resigned. The home furnishings retailer has appointed board member and former Popeyes CEO Cheryl Bachelder as interim CEO, and also said it is examining strategic alternatives including a possible sale.Humana – The health insurer's stock was upgraded to "overweight" from "neutral" at JPMorgan Chase, which cites a number of factors including valuation. The health insurer's stock has fallen about 8 percent over the past month.PPG Industries – PPG was upgraded to "outperform" from "sector perform" at RBC Capital Markets, which said the involvement of activist investor Trian in the paint and coatings maker is a positive factor.Celanese – Celanese will replace Express Scripts in the S&P 500, following the completion of Cigna's deal to acquire Express Scripts. The chemical maker will join the benchmark index on December 24.Rite Aid – Rite Aid reported adjusted quarterly profit of a penny a share, beating the Street consensus of a breakeven quarter. The drugstore chain's revenue was in line with estimates and Rite Aid announced an extension of its drug supply agreement with McKesson.

cnbc, Articles, Mckesson Corp, Rite Aid Corp, Cigna Corp, Express Scripts Holding Co, Celanese Corp, PPG Industries Inc, Humana Inc, Pier 1 Imports Inc, Herman Miller Inc, Tilray Inc, Anheuser Busch Inbev SA, Newell Brands Inc, Altria Group Inc, Conagra Brands Inc, BlackBerry, Accenture PLC, Alphabet Class A, Walgreens Boots Alliance Inc, Breaking News: Markets, Stock markets, Business, Economy, Markets, Market Insider, Finance, stocks, US: News, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p><em>Check out the companies making headlines before the bell:</em></p><p><a href="//www.cnbc.com/quotes/WBA" target="_blank"><strong>Walgreens Boots Alliance</strong></a><strong> </strong>– Walgreens earned an <a href="https://www.cnbc.com/2018/12/20/walgreens-boots-alliance-q1-earnings.html">adjusted $1.46 per share for its latest quarter</a>, 3 cents a share above estimates. Revenue also came in above analysts' forecasts and the company announced plans to cut $1 billion in costs. Separately, Walgreens <a href="https://www.cnbc.com/2018/12/19/walgreen-to-tackle-health-care-costs-with-alphabets-verily.html">announced a strategic partnership</a> with <a href="//www.cnbc.com/quotes/GOOGL" target="_blank"><strong>Alphabet'</strong></a><strong>s </strong>Verily unit. The two will collaborate on multiple projects aimed at improving health care treatment and lowering the cost of care.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/ACN" target="_blank"><strong>Accenture</strong></a><strong> </strong>– The consulting firm <a href="https://www.cnbc.com/2018/12/20/accenture-quarterly-revenue-rises-7point4percent.html">reported quarterly profit of $1.96 per share</a>, 10 cents a share above estimates. Revenue also topped Street forecasts, boosted by improvements in digital and cloud services.</p><p><a href="//www.cnbc.com/quotes/BB" target="_blank"><strong>BlackBerry</strong></a><strong> </strong>– BlackBerry beat estimates by 3 cents a share, with adjusted quarterly profit of 5 cents per share. Revenue beat estimates, as well. An improvement in automotive services revenue was among the factors helping the bottom line.</p><p><a href="//www.cnbc.com/quotes/CAG" target="_blank"><strong>Conagra Brands</strong></a><strong> </strong>– The food producer earned an adjusted 67 cents per share for its fiscal second quarter, 12 cents a share above estimates. Revenue was below Wall Street forecasts, however, but the company reaffirmed its fiscal 2019 guidance for its legacy brands.</p><p><a href="//www.cnbc.com/quotes/MO" target="_blank"><strong>Altria</strong></a><strong> </strong>– The tobacco producer will <a href="https://www.cnbc.com/2018/12/19/juul-altria-boards-approve-altrias-13-billion-investment-in-juul.html">pay $12.8 billion to take a 35 percent stake in e-cigarette maker Juul</a>. The deal values Juul at $38 billion, well above July's $16 billion valuation.</p><p><a href="//www.cnbc.com/quotes/NWL" target="_blank"><strong>Newell Brands</strong></a><strong> </strong>— Investor Carl Icahn increased his stake in the household products maker to 9.89 percent from the previously reported 8.1 percent stake.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/ABI-BE" target="_blank"><strong>AB InBev</strong></a><strong>, </strong><a href="//www.cnbc.com/quotes/TLRY-CA" target="_blank"><strong>Tilray</strong></a><strong> </strong>– The beer brewer and the cannabis producer <a href="https://www.cnbc.com/2018/12/19/tilray-enters-deal-with-ab-inbev-to-study-cannabis-based-drinks.html">announced a partnership to research non-alcohol beverages</a> containing marijuana ingredients THC and CBD. For now, the partnership is limited to Canada.</p><p><a href="//www.cnbc.com/quotes/MLHR" target="_blank"><strong>Herman Miller</strong></a><strong> </strong>– Herman Miller reported adjusted quarterly profit of 75 cents per share, 3 cents a share above estimates. The office furniture maker's revenue also came in above Wall Street forecasts. The company is also forecasting better-than-expected earnings for the current quarter.</p><p><a href="//www.cnbc.com/quotes/PIRRQ" target="_blank"><strong>Pier 1 Imports</strong></a><strong> </strong>— Chief Executive Officer Alasdair James has resigned. The home furnishings retailer has appointed board member and former Popeyes CEO Cheryl Bachelder as interim CEO, and also said it is examining strategic alternatives including a possible sale.</p><p><a href="//www.cnbc.com/quotes/HUM" target="_blank"><strong>Humana</strong></a><strong> </strong>– The health insurer's stock was upgraded to "overweight" from "neutral" at JPMorgan Chase, which cites a number of factors including valuation. The health insurer's stock has fallen about 8 percent over the past month.</p><p><a href="//www.cnbc.com/quotes/PPG" target="_blank"><strong>PPG Industries</strong></a><strong> </strong>– PPG was upgraded to "outperform" from "sector perform" at RBC Capital Markets, which said the involvement of activist investor Trian in the paint and coatings maker is a positive factor.</p><p><a href="//www.cnbc.com/quotes/CE" target="_blank"><strong>Celanese</strong></a><strong> –</strong> Celanese will replace <a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank"><strong>Express Scripts</strong></a><strong> </strong>in the S&amp;P 500, following the completion of <a href="//www.cnbc.com/quotes/CI" target="_blank">Cigna'</a>s deal to acquire Express Scripts. The chemical maker will join the benchmark index on December 24.</p><p><a href="//www.cnbc.com/quotes/RAD" target="_blank"><strong>Rite Aid</strong></a><strong> </strong>– Rite Aid reported adjusted quarterly profit of a penny a share, beating the Street consensus of a breakeven quarter. The drugstore chain's revenue was in line with estimates and Rite Aid announced an extension of its drug supply agreement with <a href="//www.cnbc.com/quotes/MCK" target="_blank"><strong>McKesson</strong></a><strong>.</strong></p></div>

Check out the companies making headlines before the bell:Walgreens Boots Alliance – Walgreens earned an adjusted $1.46 per share for its latest quarter, 3 cents a share above estimates. Revenue also came in above analysts' forecasts and the company announced plans to cut $1 billion in costs. Separately, Walgreens announced a strategic partnership with Alphabet's Verily unit. The two will collaborate on multiple projects aimed at improving health care treatment and lowering the cost of care.Accenture – The consulting firm reported quarterly profit of $1.96 per share, 10 cents a share above estimates. Revenue also topped Street forecasts, boosted by improvements in digital and cloud services.BlackBerry – BlackBerry beat estimates by 3 cents a share, with adjusted quarterly profit of 5 cents per share. Revenue beat estimates, as well. An improvement in automotive services revenue was among the factors helping the bottom line.Conagra Brands – The food producer earned an adjusted 67 cents per share for its fiscal second quarter, 12 cents a share above estimates. Revenue was below Wall Street forecasts, however, but the company reaffirmed its fiscal 2019 guidance for its legacy brands.Altria – The tobacco producer will pay $12.8 billion to take a 35 percent stake in e-cigarette maker Juul. The deal values Juul at $38 billion, well above July's $16 billion valuation.Newell Brands — Investor Carl Icahn increased his stake in the household products maker to 9.89 percent from the previously reported 8.1 percent stake.AB InBev, Tilray – The beer brewer and the cannabis producer announced a partnership to research non-alcohol beverages containing marijuana ingredients THC and CBD. For now, the partnership is limited to Canada.Herman Miller – Herman Miller reported adjusted quarterly profit of 75 cents per share, 3 cents a share above estimates. The office furniture maker's revenue also came in above Wall Street forecasts. The company is also forecasting better-than-expected earnings for the current quarter.Pier 1 Imports — Chief Executive Officer Alasdair James has resigned. The home furnishings retailer has appointed board member and former Popeyes CEO Cheryl Bachelder as interim CEO, and also said it is examining strategic alternatives including a possible sale.Humana – The health insurer's stock was upgraded to "overweight" from "neutral" at JPMorgan Chase, which cites a number of factors including valuation. The health insurer's stock has fallen about 8 percent over the past month.PPG Industries – PPG was upgraded to "outperform" from "sector perform" at RBC Capital Markets, which said the involvement of activist investor Trian in the paint and coatings maker is a positive factor.Celanese – Celanese will replace Express Scripts in the S&P 500, following the completion of Cigna's deal to acquire Express Scripts. The chemical maker will join the benchmark index on December 24.Rite Aid – Rite Aid reported adjusted quarterly profit of a penny a share, beating the Street consensus of a breakeven quarter. The drugstore chain's revenue was in line with estimates and Rite Aid announced an extension of its drug supply agreement with McKesson.

2021-10-30 14:11:55.737874

Ads Posted on Facebook Strike Some as Off-Key

https://www.cnbc.com/2010/03/04/ads-posted-on-facebook-strike-some-as-offkey.html

2010-03-04T17:05:29+0000

CNBC

Facebook, the world’s biggest social network, is selling more ad spots to big companies like Wal-Mart Stores, Procter & Gamble and PepsiCo.But the site’s pages are also home to countless ads from smaller companies that can be funny, weird or just plain creepy — those suggesting you are, say, eligible to get a free iPad because you are exactly 26 years old, or entreaties to see what your offspring would look like if you had a child with a celebrity.Odd Web ads, like the dancing women promoting mortgage brokers, are not new. But on social networks like Facebook, where people go to communicate with one another, advertisers seem to be trying especially hard to intrude on the conversation.

cnbc, Articles, Tech Check, Technology, source:tagname:The New York Times

<div class="group"><p>Facebook, the world’s biggest social network, is selling more ad spots to big companies like <strong>Wal-Mart Stores</strong>, <strong>Procter &amp; Gamble</strong> and <strong>PepsiCo</strong>.</p><p>But the site’s pages are also home to countless ads from smaller companies that can be funny, weird or just plain creepy — those suggesting you are, say, eligible to get a free iPad because you are exactly 26 years old, or entreaties to see what your offspring would look like if you had a child with a celebrity.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Odd Web ads, like the dancing women promoting mortgage brokers, are not new. But on social networks like Facebook, where people go to communicate with one another, advertisers seem to be trying especially hard to intrude on the conversation.</p></div>,<div class="group"><p>The so-called self-service ads on the site, from the likes of video game start-ups, herbal supplement makers, sweepstakes companies and wedding photographers, are shown on the right side of most pages. Many advertisers who use the self-service system are tempted to go as far as possible in making ads that attract attention and appear relevant, aided by the information that people give to Facebook.</p><p>“When it works, it’s amazingly impactful, but when it doesn’t work, it’s not only creepy but off-putting,” said Tim Hanlon, a principal at the consulting firm Riverview Lane Associates of Chicago. “What a marketer might think is endearing, by knowing a little bit about you, actually crosses the line pretty easily.”</p><p>One campaign that flooded the site in recent weeks, before Facebook cracked down on it, tries to take advantage of consumer interest in <strong>Apple’s</strong> iPad. “Are you a fan of Eddie Izzard? We need 100 music and movie lovers to test and KEEP the new Apple iPad,” one version of the ad says. Louis Allred Jr., 29, a Facebook user in Los Angeles who saw the ad, said he figured it was shown to him because he or a friend had expressed enthusiasm for Mr. Izzard, a British comedian, on their profiles.</p><p>“It doesn’t seem like they are using the information in sensible ways,” Mr. Allred said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Mr. Allred was also skeptical about the test-an-iPad offer. The ad sends people to Prize-Rewards.net, a site that appears to be based in Vancouver, Canada, and tries to get people to pursue rewards by signing up for memberships in services like <strong>Netflix</strong>. Efforts to reach the company were unsuccessful.</p><p>Dan Rose, vice president for business development at Facebook, compared the company’s self-service ad platform to the early versions of <strong>Google’s</strong> highly profitable AdWords system. He predicted that the quality of the promotional messages on the site would improve as more companies began to use it.</p><p>“A year ago, we had lower-quality ads, and a year from now we will have higher-quality ads,” Mr. Rose said. “It’s early, but we have made a lot of progress.”</p><p>The self-service ad system offers any person or company the opportunity to quickly design an ad and aim it toward finely segmented groups of Facebook’s 400 million members, based on gender, age, location and preferences like favorite movies and activities.</p><p>For example, a promoter can advertise tickets to a band’s concert to the select group of Facebook users who live in the area and have mentioned that band on their profile page or status updates. Or a wedding photographer can show ads only to people in a certain city who have switched their relationship status to “engaged.”</p><p>“I’ve had good success with it on a limited budget,” said Carter Rose, a wedding photographer in Dallas who has paid $1,700 for Facebook ads over the last few months and as a result booked three weddings at $3,500 each.</p><p>Many advertisers view a site like Facebook as a good place for playful messages. Cordarounds, a San Francisco pants company, talks about “pigeon matadors” and “trouserbots” that make pants in a “zero-G environment” to capture attention for its products on Facebook.</p><p>“It’s a conversational medium. If you can be the originator of that conversation, you are fitting in,” said Chris Lindland, the company’s chief executive, who uses Facebook to advertise solely to young men in the 20 largest urban areas.</p><p>From the perspective of many users, the tailored ads can often seem, at best, presumptuous.</p><p>Women who change their status to “engaged” on Facebook to share the news with their friends, for example, report seeing a flood of advertisements for services and products like wedding photographers, skin treatments and weight-loss regimens.</p><p>Then there are the nonsensical ads, which highlight the fact that Facebook does not have employees to review each ad, but relies largely on member feedback to flag inappropriate messages. That allows ads to slip through that run afoul of the company’s policies. “Laws now allow U.S. residents to reduce their credit card debt by more than 50 percent,” reads one ad for a debt-relief Web site, which is accompanied by a surreal image of four tiny babies lying in the palm of a hand.</p><p>“It caught my eye, but it sure didn’t win my trust,” said Paige Kobert, 32, an advertising employee from San Francisco who saw the ad recently. “It just seemed like a scam.”</p><p>A Facebook spokesman, Brandon McCormick, said ads like that one and the Eddie Izzard iPad ad violated a Facebook policy that requires the text and photo in the ad to be related to what is being advertised.</p><p>Mr. McCormick said that in the last few weeks, Facebook had begun enforcing that provision after users complained about the flood of ads aimed at alumni from a certain university or people of a certain age (“Hey, 32-Year-Olds”), with messages that had nothing to do with those characteristics.</p><p>Such ads are the equivalent of a direct mail “special offer for John Smith” that turns out to be not so special.</p><p>Facebook users seem most perplexed when they are left wondering why they have received a customized ad.</p><p>Jess Walker, 22, from central Florida, was recently presented an ad for Plan B, the morning-after pill.</p><p>“What do I have on my Facebook page that would lead them to believe I would need that?” she asked, adding that she did not want her sexual behavior called into question.</p><p>Ms. Walker noted that Facebook allowed her to delete the ad from the page she was viewing. — which would then make Facebook less likely to allow that particular ad to be sent to other people.</p><p>Mr. Rose from Facebook said the ads on the site were becoming more professional and straightforward as the company updated its policies and enforced them.</p><p>“When you have got the platform that we have, you are naturally going to attract people who are going to game it,” Mr. Rose said.</p><ul><li><a href="https://www.cnbc.com/tech-check/">Tech Check with Jim Goldman</a></li></ul></div>

Facebook, the world’s biggest social network, is selling more ad spots to big companies like Wal-Mart Stores, Procter & Gamble and PepsiCo.But the site’s pages are also home to countless ads from smaller companies that can be funny, weird or just plain creepy — those suggesting you are, say, eligible to get a free iPad because you are exactly 26 years old, or entreaties to see what your offspring would look like if you had a child with a celebrity.Odd Web ads, like the dancing women promoting mortgage brokers, are not new. But on social networks like Facebook, where people go to communicate with one another, advertisers seem to be trying especially hard to intrude on the conversation.The so-called self-service ads on the site, from the likes of video game start-ups, herbal supplement makers, sweepstakes companies and wedding photographers, are shown on the right side of most pages. Many advertisers who use the self-service system are tempted to go as far as possible in making ads that attract attention and appear relevant, aided by the information that people give to Facebook.“When it works, it’s amazingly impactful, but when it doesn’t work, it’s not only creepy but off-putting,” said Tim Hanlon, a principal at the consulting firm Riverview Lane Associates of Chicago. “What a marketer might think is endearing, by knowing a little bit about you, actually crosses the line pretty easily.”One campaign that flooded the site in recent weeks, before Facebook cracked down on it, tries to take advantage of consumer interest in Apple’s iPad. “Are you a fan of Eddie Izzard? We need 100 music and movie lovers to test and KEEP the new Apple iPad,” one version of the ad says. Louis Allred Jr., 29, a Facebook user in Los Angeles who saw the ad, said he figured it was shown to him because he or a friend had expressed enthusiasm for Mr. Izzard, a British comedian, on their profiles.“It doesn’t seem like they are using the information in sensible ways,” Mr. Allred said.Mr. Allred was also skeptical about the test-an-iPad offer. The ad sends people to Prize-Rewards.net, a site that appears to be based in Vancouver, Canada, and tries to get people to pursue rewards by signing up for memberships in services like Netflix. Efforts to reach the company were unsuccessful.Dan Rose, vice president for business development at Facebook, compared the company’s self-service ad platform to the early versions of Google’s highly profitable AdWords system. He predicted that the quality of the promotional messages on the site would improve as more companies began to use it.“A year ago, we had lower-quality ads, and a year from now we will have higher-quality ads,” Mr. Rose said. “It’s early, but we have made a lot of progress.”The self-service ad system offers any person or company the opportunity to quickly design an ad and aim it toward finely segmented groups of Facebook’s 400 million members, based on gender, age, location and preferences like favorite movies and activities.For example, a promoter can advertise tickets to a band’s concert to the select group of Facebook users who live in the area and have mentioned that band on their profile page or status updates. Or a wedding photographer can show ads only to people in a certain city who have switched their relationship status to “engaged.”“I’ve had good success with it on a limited budget,” said Carter Rose, a wedding photographer in Dallas who has paid $1,700 for Facebook ads over the last few months and as a result booked three weddings at $3,500 each.Many advertisers view a site like Facebook as a good place for playful messages. Cordarounds, a San Francisco pants company, talks about “pigeon matadors” and “trouserbots” that make pants in a “zero-G environment” to capture attention for its products on Facebook.“It’s a conversational medium. If you can be the originator of that conversation, you are fitting in,” said Chris Lindland, the company’s chief executive, who uses Facebook to advertise solely to young men in the 20 largest urban areas.From the perspective of many users, the tailored ads can often seem, at best, presumptuous.Women who change their status to “engaged” on Facebook to share the news with their friends, for example, report seeing a flood of advertisements for services and products like wedding photographers, skin treatments and weight-loss regimens.Then there are the nonsensical ads, which highlight the fact that Facebook does not have employees to review each ad, but relies largely on member feedback to flag inappropriate messages. That allows ads to slip through that run afoul of the company’s policies. “Laws now allow U.S. residents to reduce their credit card debt by more than 50 percent,” reads one ad for a debt-relief Web site, which is accompanied by a surreal image of four tiny babies lying in the palm of a hand.“It caught my eye, but it sure didn’t win my trust,” said Paige Kobert, 32, an advertising employee from San Francisco who saw the ad recently. “It just seemed like a scam.”A Facebook spokesman, Brandon McCormick, said ads like that one and the Eddie Izzard iPad ad violated a Facebook policy that requires the text and photo in the ad to be related to what is being advertised.Mr. McCormick said that in the last few weeks, Facebook had begun enforcing that provision after users complained about the flood of ads aimed at alumni from a certain university or people of a certain age (“Hey, 32-Year-Olds”), with messages that had nothing to do with those characteristics.Such ads are the equivalent of a direct mail “special offer for John Smith” that turns out to be not so special.Facebook users seem most perplexed when they are left wondering why they have received a customized ad.Jess Walker, 22, from central Florida, was recently presented an ad for Plan B, the morning-after pill.“What do I have on my Facebook page that would lead them to believe I would need that?” she asked, adding that she did not want her sexual behavior called into question.Ms. Walker noted that Facebook allowed her to delete the ad from the page she was viewing. — which would then make Facebook less likely to allow that particular ad to be sent to other people.Mr. Rose from Facebook said the ads on the site were becoming more professional and straightforward as the company updated its policies and enforced them.“When you have got the platform that we have, you are naturally going to attract people who are going to game it,” Mr. Rose said.Tech Check with Jim Goldman

2021-10-30 14:11:56.260146

JPMorgan Discovers Further Cyber Security Issues

https://www.cnbc.com/2014/10/02/jpmorgan-discovers-second-security-breach-nyt.html

2014-10-02T19:56:18+0000

CNBC

For the second time in roughly three months, JPMorgan Chase is scrambling to contain the fallout from a security breach of its vast computer network, according to several people with knowledge of the investigation. JPMorgan, the nation's largest bank, recently found that hackers, with links to Italy or southern Europe, had gained entry to some of the bank's servers, these people said. Read MoreJPMorgan:We are not aware of a new cyberattack The discovery follows an attack that was uncovered in late July and suggests that it was more extensive than first thought. In that attack, hackers obtained entry to dozens of the bank's servers and reviewed information on more than one million customer accounts. Security experts briefed on the matter had said that the full extent of the July attack was not known and that it could take the bank months to discover all of the fallout.

cnbc, Articles, US: News, JPMorgan Chase & Co, Business News, Finance, Banks, source:tagname:The New York Times

<div class="group"><p> <span>For the second time in roughly three months, </span><a href="http://data.cnbc.com/quotes/JPM" target="_blank">JPMorgan Chase</a><span> </span><span>is scrambling to contain the fallout from a security breach of its vast computer network, according to several people with knowledge of the investigation.</span></p><p> <span>JPMorgan, the nation's largest bank, recently found that hackers, with links to Italy or southern Europe, had gained entry to some of the bank's servers, these people said. </span></p><div style="height:100%" class="lazyload-placeholder"></div><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/10/02/jpmorgan-details-breadth-of-march-cyberattack.html">JPMorgan:We are not aware of a new cyberattack</a></p><p> <span>The discovery follows an attack that was uncovered in late July and suggests that it was more extensive than first thought. In that attack, hackers obtained entry to dozens of the bank's servers and reviewed information on more than one million customer accounts. Security experts briefed on the matter had said that the full extent of the July attack was not known and that it could take the bank months to discover all of the fallout.</span></p></div>,<div class="group"><p> "We are not aware of any new attack," Kristin Lemkau, a spokeswoman for JPMorgan, said. Any report that there was a second breach is false, she added.</p><p> It is unclear whether the latest discovery constitutes a second breach or is part of broader fallout from the first incident. The revelation illustrates the challenges for JPMorgan as the bank tries to secure all its systems against another threat.</p><p> <span style="font-size:14.3999996185303px"><strong>More from The New York TImes:</strong><br> <a href="http://dealbook.nytimes.com/2014/10/02/pimco-says-rush-of-money-out-of-its-funds-may-be-slowing/" target="_blank">Pimco says rush of funds may be slowing</a><br> <a href="http://dealbook.nytimes.com/2014/10/01/loan-fraud-inquiry-said-to-focus-on-used-car-dealers/" target="_blank">Loan fraud inquiry said to focus on used-car dealers</a><br> <a href="http://dealbook.nytimes.com/2014/10/01/senior-financial-prosecutor-is-leaving/" target="_blank">Senior Justice Dept. prosecutor to step down</a></span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p> The original hack sent ripples through the financial system and prompted an investigation by the Federal Bureau of Investigation, even as Wall Street, which has been a frequent target for hackers in recent years, worked to guard against the threats.</p><p> The bank was also forced to update its regulators, including the Federal Reserve, on the extent of the breach. The bank said at the time that there was no indication that any customer money was taken and that it believed it had secured all its systems.</p><p> On Thursday, the bank's top executives, including Gordon A. Smith, who heads JPMorgan's community and consumer banking, were working to assess the extent of the latest attack, according to two bank executives.</p><p> <strong><span>NYT Correction: October 2, 2014</span><span> </span></strong></p><p> <span>An earlier version of the headline with this article misstated the extent of the cyber security issues at JPMorgan Chase. While the bank found evidence of previously unknown hacking, it says the latest discovery does not constitute a breach separate from an earlier one.</span><br></p></div>

For the second time in roughly three months, JPMorgan Chase is scrambling to contain the fallout from a security breach of its vast computer network, according to several people with knowledge of the investigation. JPMorgan, the nation's largest bank, recently found that hackers, with links to Italy or southern Europe, had gained entry to some of the bank's servers, these people said. Read MoreJPMorgan:We are not aware of a new cyberattack The discovery follows an attack that was uncovered in late July and suggests that it was more extensive than first thought. In that attack, hackers obtained entry to dozens of the bank's servers and reviewed information on more than one million customer accounts. Security experts briefed on the matter had said that the full extent of the July attack was not known and that it could take the bank months to discover all of the fallout. "We are not aware of any new attack," Kristin Lemkau, a spokeswoman for JPMorgan, said. Any report that there was a second breach is false, she added. It is unclear whether the latest discovery constitutes a second breach or is part of broader fallout from the first incident. The revelation illustrates the challenges for JPMorgan as the bank tries to secure all its systems against another threat. More from The New York TImes: Pimco says rush of funds may be slowing Loan fraud inquiry said to focus on used-car dealers Senior Justice Dept. prosecutor to step down The original hack sent ripples through the financial system and prompted an investigation by the Federal Bureau of Investigation, even as Wall Street, which has been a frequent target for hackers in recent years, worked to guard against the threats. The bank was also forced to update its regulators, including the Federal Reserve, on the extent of the breach. The bank said at the time that there was no indication that any customer money was taken and that it believed it had secured all its systems. On Thursday, the bank's top executives, including Gordon A. Smith, who heads JPMorgan's community and consumer banking, were working to assess the extent of the latest attack, according to two bank executives. NYT Correction: October 2, 2014 An earlier version of the headline with this article misstated the extent of the cyber security issues at JPMorgan Chase. While the bank found evidence of previously unknown hacking, it says the latest discovery does not constitute a breach separate from an earlier one.

2021-10-30 14:11:56.302160

Watch: White House Press Secretary Sean Spicer holds his daily press briefing

https://www.cnbc.com/2017/04/11/watch-white-house-press-secretary-sean-spicer-holds-his-daily-press-briefing.html

2017-04-11T17:15:00+0000

Christine Wang

CNBC

[The stream is slated to start at 1:30 p.m., ET. Please refresh the page if you do not see a player above at that time.]White House Press Secretary Sean Spicer holds his daily press briefing with Capitol Hill reporters.

cnbc, Articles, Sean Spicer, Politics, White House, US: News, source:tagname:

<div class="group"><p>[The stream is slated to start at 1:30 p.m., ET. Please refresh the page if you do not see a player above at that time.]</p><p>White House Press Secretary <a href="https://www.cnbc.com/sean-spicer/">Sean Spicer</a> holds his daily press briefing with Capitol Hill reporters.</p></div>

[The stream is slated to start at 1:30 p.m., ET. Please refresh the page if you do not see a player above at that time.]White House Press Secretary Sean Spicer holds his daily press briefing with Capitol Hill reporters.

2021-10-30 14:11:56.333171

Legere: Why T-Mobile resonates with millennials

https://www.cnbc.com/2015/04/28/legere-why-t-mobile-resonates-with-millennials.html

2015-04-28T16:56:26+0000

Fred Imbert

CNBC

One of the key factors playing a key role in T-Mobile's success is its appeal to millennials because of the "freedom" it provides, the company's CEO, John Legere, said Tuesday. "Overall, we've done nine 'uncarrier moves.' An uncarrier move is a move intended to change a stupid, broken arrogant industry, and it's intended to be permanent, and we want everybody to change [to] no contracts, anytime upgrades and international data roaming," Legere told CNBC's "Squawk Alley." "This freedom resonates with young folks." Legere made his remarks after the company said it added nearly 2 million subscribers in the first quarter of 2015, marking the eighth-consecutive quarter in which the company added over 1 million users. T-Mobile also reported total revenue of $7.8 billion in the quarter, a 13.1 percent rise year-over-year. Legere added that the company will continue growing as awareness of the company's "freedoms" grows. "Between 10 and 28 percent … those are the awareness levels among wireless subscribers of the changes we've made. When somebody goes overseas and sees that international roaming is free, they say, 'You're kidding me. I didn't know that,' " he said.Read More T-Mobile CEO: 'Not afraid' of the competition T-Mobile's stock was up in midday trading. Click here to see where the stock is trading now.

cnbc, Articles, Business, Earnings, Technology, Telecommunications, T-Mobile US Inc, Business News, Telecom, Squawk Alley, US: News, source:tagname:CNBC US Source

<div class="group"><p> One of the key factors playing a key role in T-Mobile's success is its appeal to millennials because of the "freedom" it provides, the company's CEO, John Legere, said Tuesday.</p><p> "Overall, we've done nine 'uncarrier moves.' An uncarrier move is a move intended to change a stupid, broken arrogant industry, and it's intended to be permanent, and we want everybody to change [to] no contracts, anytime upgrades and international data roaming," Legere told CNBC's "<a href="https://www.cnbc.com/squawk-alley/">Squawk Alley</a>." "This freedom resonates with young folks."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Legere made his remarks after the company said it added nearly 2 million subscribers in the first quarter of 2015, marking the eighth-consecutive quarter in which the company added over 1 million users. <a href="//www.cnbc.com/quotes/TMUS" target="_blank">T-Mobile</a> also reported total revenue of $7.8 billion in the quarter, a 13.1 percent rise year-over-year.</p><p> Legere added that the company will continue growing as awareness of the company's "freedoms" grows. "Between 10 and 28 percent … those are the awareness levels among wireless subscribers of the changes we've made. When somebody goes overseas and sees that international roaming is free, they say, 'You're kidding me. I didn't know that,' " he said.</p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/02/19/t-mobile-ceo-not-afraid-of-the-competition.html"> T-Mobile CEO: 'Not afraid' of the competition</a><br></p><p> T-Mobile's stock was up in midday trading. <a href="//www.cnbc.com/quotes/TMUS" target="_blank">Click here to see where the stock is trading now.</a></p></div>,<div class="group"><p><br> </p></div>

One of the key factors playing a key role in T-Mobile's success is its appeal to millennials because of the "freedom" it provides, the company's CEO, John Legere, said Tuesday. "Overall, we've done nine 'uncarrier moves.' An uncarrier move is a move intended to change a stupid, broken arrogant industry, and it's intended to be permanent, and we want everybody to change [to] no contracts, anytime upgrades and international data roaming," Legere told CNBC's "Squawk Alley." "This freedom resonates with young folks." Legere made his remarks after the company said it added nearly 2 million subscribers in the first quarter of 2015, marking the eighth-consecutive quarter in which the company added over 1 million users. T-Mobile also reported total revenue of $7.8 billion in the quarter, a 13.1 percent rise year-over-year. Legere added that the company will continue growing as awareness of the company's "freedoms" grows. "Between 10 and 28 percent … those are the awareness levels among wireless subscribers of the changes we've made. When somebody goes overseas and sees that international roaming is free, they say, 'You're kidding me. I didn't know that,' " he said.Read More T-Mobile CEO: 'Not afraid' of the competition T-Mobile's stock was up in midday trading. Click here to see where the stock is trading now.

2021-10-30 14:11:56.410232

Rep. Tulsi Gabbard sues Hillary Clinton for alleged 'Russian asset' smear in 2020 Democratic presidential contest, claiming $50 million in damages

https://www.cnbc.com/2020/01/22/tulsi-gabbard-sues-hillary-clinton-for-alleged-russian-smear.html

2020-01-22T14:26:48+0000

Dan Mangan

CNBC

Democratic presidential candidate Rep. Tulsi Gabbard sued former Secretary of State Hillary Clinton on Wednesday for allegedly defaming her by suggesting the Hawaii congresswoman is a "Russian asset.""Clinton's false assertions were made in a deliberate attempt to derail Tulsi's campaign," said the lawsuit, filed in U.S. District Court in Manhattan.The suit claims that Gabbard has suffered "actual damages" of "$50 million — and counting" from Clinton's comments. But the suit does not cite a specific amount of damages it is seeking.Clinton, the 2016 Democratic presidential nominee who previously was a senator from New York, said in an October interview that an unnamed Democratic presidential candidate was "the favorite of the Russians."Clinton did not mention Gabbard, a four-term congresswoman, by name in that interview with the podcast "Campaign HQ With David Plouffe."But Clinton's spokesman, Nick Merrill, said after the interview that "If the nesting doll fits," when asked if she had been referring to Gabbard, who is also a major in the Army National Guard and a combat veteran of Iraq.Merrill later said in a tweet that Clinton was referring to the Republican Party grooming Gabbard. But it is Russians, not the GOP, who are known for making nesting, or Matryoshka dolls.Clinton, wife of President Bill Clinton, lost the 2016 election to Republican nominee Donald Trump.The report by special counsel Robert Mueller as well as a probe by the Senate Intelligence Committee have both found that Russian agents tried to damage Clinton's candidacy, and that they tried to promote the third-party candidacy of Green Party nominee Jill Stein in order to harm Clinton's chances of winning the White House.

cnbc, Articles, Jill Stein, David Plouffe, New York, United States House of Representatives, US Senate, Donald Trump, Robert Mueller, Bill Clinton, Voting, Russia, 2020 United States Presidential Election, Court decisions, Tulsi Gabbard, Hillary Clinton, Laws, Breaking News: Politics, Politics, Bernie Sanders, US: News, White House, Law, 2020 Elections, source:tagname:CNBC US Source

<div class="group"><p>Democratic presidential candidate Rep. Tulsi Gabbard sued former Secretary of State <a href="https://www.cnbc.com/hillary-clinton/">Hillary Clinton</a> on Wednesday for allegedly defaming her by suggesting the Hawaii congresswoman is a "Russian asset."</p><p>"Clinton's false assertions were made in a deliberate attempt to derail Tulsi's campaign," said the lawsuit, filed in U.S. District Court in Manhattan.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The suit claims that Gabbard has suffered "actual damages" of "$50 million — and counting" from Clinton's comments. But the suit does not cite a specific amount of damages it is seeking.</p><p><a href="https://www.cnbc.com/2020/01/06/donald-trump-jr-rifle-magazine-shows-hillary-clinton-cross.html">Clinton, the 2016 Democratic presidential nominee</a> who previously was a senator from New York, said in an October interview that an unnamed Democratic presidential candidate was "the favorite of the Russians."</p><p>Clinton did not mention <a href="https://www.cnbc.com/2019/12/18/2020-democratic-candidate-tulsi-gabbard-criticizes-trump-impeachment.html">Gabbard, a four-term congresswoman,</a> by name in that <a href="https://www.nbcnews.com/politics/2020-election/hillary-clinton-says-russia-grooming-3rd-party-candidate-u-s-n1068786" target="_blank">interview with the podcast "Campaign HQ With David Plouffe."</a></p><p>But Clinton's spokesman, Nick Merrill, said after the interview that "If the nesting doll fits," when asked if she had been referring to Gabbard, who is also a major in the Army National Guard and a combat veteran of Iraq.</p><p>Merrill later said in a tweet that Clinton was referring to the Republican Party grooming Gabbard. But it is Russians, not the GOP, who are known for making nesting, or Matryoshka dolls.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Clinton, wife of President <a href="https://www.cnbc.com/bill-clinton/">Bill Clinton</a>, lost the 2016 election to Republican nominee <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a>.</p><p>The report by special counsel <a href="https://www.cnbc.com/robert-mueller/">Robert Mueller</a> as well as a <a href="https://www.cnbc.com/2019/10/09/senate-intel-report-russian-trolls-targeted-african-americans-in-2016.html">probe by the Senate Intelligence Committee</a> have both found that Russian agents tried to damage Clinton's candidacy, and that they tried to promote the third-party candidacy of Green Party nominee <a href="https://www.cnbc.com/jill-stein/">Jill Stein</a> in order to harm Clinton's chances of winning the White House.</p></div>,<div class="group"><p>When asked about the suit, Merrill told NBC News on Wednesday, "That's ridiculous."</p><p>The suit suggests that Clinton smeared Gabbard with a false accusation in "retribution" for Gabbard's endorsement of Vermont independent Sen. <a href="https://www.cnbc.com/bernie-sanders/">Bernie Sanders</a> in his <a href="https://www.cnbc.com/2020/01/21/hillary-clinton-rips-bernie-sanders-nobody-likes-him.html">2016 candidacy for the Democratic presidential nomination.</a></p><p>"Clinton — a cutthroat politician by any account — has never forgotten this perceived slight," said Gabbard's suit, which also names the congresswoman's presidential campaign committee as a plaintiff.</p><p>Clinton "lied about her perceived rival" for reasons that could include "personal animus, political enmity, or fear of real change within a political party Clinton and her allies have long dominated."</p><p>Clinton "did so publicly, unambiguously, and with obvious malicious intent," the suit claimed.</p></div>

Democratic presidential candidate Rep. Tulsi Gabbard sued former Secretary of State Hillary Clinton on Wednesday for allegedly defaming her by suggesting the Hawaii congresswoman is a "Russian asset.""Clinton's false assertions were made in a deliberate attempt to derail Tulsi's campaign," said the lawsuit, filed in U.S. District Court in Manhattan.The suit claims that Gabbard has suffered "actual damages" of "$50 million — and counting" from Clinton's comments. But the suit does not cite a specific amount of damages it is seeking.Clinton, the 2016 Democratic presidential nominee who previously was a senator from New York, said in an October interview that an unnamed Democratic presidential candidate was "the favorite of the Russians."Clinton did not mention Gabbard, a four-term congresswoman, by name in that interview with the podcast "Campaign HQ With David Plouffe."But Clinton's spokesman, Nick Merrill, said after the interview that "If the nesting doll fits," when asked if she had been referring to Gabbard, who is also a major in the Army National Guard and a combat veteran of Iraq.Merrill later said in a tweet that Clinton was referring to the Republican Party grooming Gabbard. But it is Russians, not the GOP, who are known for making nesting, or Matryoshka dolls.Clinton, wife of President Bill Clinton, lost the 2016 election to Republican nominee Donald Trump.The report by special counsel Robert Mueller as well as a probe by the Senate Intelligence Committee have both found that Russian agents tried to damage Clinton's candidacy, and that they tried to promote the third-party candidacy of Green Party nominee Jill Stein in order to harm Clinton's chances of winning the White House.When asked about the suit, Merrill told NBC News on Wednesday, "That's ridiculous."The suit suggests that Clinton smeared Gabbard with a false accusation in "retribution" for Gabbard's endorsement of Vermont independent Sen. Bernie Sanders in his 2016 candidacy for the Democratic presidential nomination."Clinton — a cutthroat politician by any account — has never forgotten this perceived slight," said Gabbard's suit, which also names the congresswoman's presidential campaign committee as a plaintiff.Clinton "lied about her perceived rival" for reasons that could include "personal animus, political enmity, or fear of real change within a political party Clinton and her allies have long dominated."Clinton "did so publicly, unambiguously, and with obvious malicious intent," the suit claimed.

2021-10-30 14:11:56.482881

DigitalOcean emphasizes simplicity in IPO filing as it prepares to battle cloud giants like Amazon

https://www.cnbc.com/2021/03/15/digitalocean-ipo-filing-plays-up-ease-of-use-vs-amazon-microsoft.html

2021-03-15T21:39:14+0000

Jordan Novet

CNBC

The market for cloud-computing infrastructure to power applications has grown immensely since Amazon introduced its first cloud services in 2006, but U.S. investors haven't had a great way of investing exclusively in cloud. That will change in the coming weeks when a company called DigitalOcean starts trading on the New York Stock Exchange under the symbol "DOCN."Buying shares of Amazon -- or Alibaba, Google, IBM, Microsoft or Oracle -- has meant getting a small percentage of exposure to the public cloud. DigitalOcean is different because it doesn't do anything else.The company will start out with a much lower valuation than those other companies. In a Monday update to the prospectus for its initial public offering, DigitalOcean said it expects to sell shares at $44 to $47 per share, which would give it a market cap of about $4.8 billion at the middle of the range. DigitalOcean also said Tiger Global and an entity tied to existing investor Access Industries want to buy up to $175 million in the company's shares at the time of the IPO.Unlike public cloud market leader Amazon Web Services, DigitalOcean is not profitable. It lost almost $44 million in 2020, compared with a $40 million loss in 2019. DigitalOcean is also growing more slowly than AWS, despite that AWS generates 142 times more revenue. AWS revenue in 2020 totaled $45.37 billion, up 29.5%, while DigitalOcean reported 25% revenue growth.That might be okay, because DigitalOcean has a specialty: Simplicity. It isn't overwhelming to new users, who wind up increasing the amount they spend on DigitalOcean services over time.Simplicity is one of the four principles the founders picked when DigitalOcean started in 2012. "We take infrastructure technology and make it simple across all aspects of the product experience," CEO Yancey Spruill, a former operating chief and finance chief at SendGrid, wrote in a letter to investors in the prospectus.

cnbc, Articles, Enterprise, Breaking News: Technology, Technology, Business, Alibaba Group Holding Ltd, Amazon.com Inc, Alphabet Class A, International Business Machines Corp, Microsoft Corp, Oracle Corp, Wix.Com Ltd, Shopify Inc, Apple Inc, US: News, source:tagname:CNBC US Source

<div class="group"><p>The market for cloud-computing infrastructure to power applications has grown immensely since <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> introduced its first cloud services in 2006, but U.S. investors haven't had a great way of investing exclusively in cloud. </p><p>That will change in the coming weeks when a company called DigitalOcean starts trading on the New York Stock Exchange under the symbol "DOCN."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Buying shares of Amazon -- or <a href="//www.cnbc.com/quotes/BABA" target="_blank">Alibaba</a>, <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a>, <a href="//www.cnbc.com/quotes/IBM" target="_blank">IBM</a>, <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> or <a href="//www.cnbc.com/quotes/ORCL" target="_blank">Oracle</a> -- has meant getting a small percentage of exposure to the public cloud. DigitalOcean is different because it doesn't do anything else.</p><p>The company will start out with a much lower valuation than those other companies. In a Monday <a href="https://www.sec.gov/Archives/edgar/data/1582961/000119312521080474/d898181ds1a.htm" target="_blank">update</a> to the prospectus for its initial public offering, DigitalOcean said it expects to sell shares at $44 to $47 per share, which would give it a market cap of about $4.8 billion at the middle of the range. DigitalOcean also said Tiger Global and an entity tied to existing investor Access Industries want to buy up to $175 million in the company's shares at the time of the IPO.</p><p>Unlike public cloud market leader Amazon Web Services, DigitalOcean is not profitable. It lost almost $44 million in 2020, compared with a $40 million loss in 2019. DigitalOcean is also growing more slowly than AWS, despite that AWS generates 142 times more revenue. AWS revenue in 2020 totaled $45.37 billion, up 29.5%, while DigitalOcean reported 25% revenue growth.</p><p>That might be okay, because DigitalOcean has a specialty: Simplicity. It isn't overwhelming to new users, who wind up increasing the amount they spend on DigitalOcean services over time.</p><p>Simplicity is one of the four principles the founders picked when DigitalOcean started in 2012. "We take infrastructure technology and make it simple across all aspects of the product experience," CEO Yancey Spruill, a former operating chief and finance chief at SendGrid, wrote in a letter to investors in the prospectus.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Since 2006 AWS has introduced a wide swath of services for software developers to adopt, and its customer list has gotten long, with big names like <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> paying hundreds of millions per year.</p><p>That's not DigitalOcean's path. It has just a handful of products, including customizable Linux-based virtual machines that it calls droplets, data-storage options, networking tools and three databases. Unlike on Amazon, there are no machine-learning services, deployment tools, database-migration technologies or media-transcoding systems. It maintains 6,000 tutorials designed to help people get going.</p><p>DigitalOcean also tries to stay simple with pricing and the bills it sends each month to its nearly 600,000 customers. </p><p>DigitalOcean took a swipe at the big public-cloud vendors in its prospectus, saying their products aren't intuitive enough for sole developers and small businesses and "suffer from near-infinite feature complexity and have opaque pricing and billing practices that are often accompanied by significant hidden costs." As a result, the company said, small businesses are often unable to enjoy the benefits of cloud computing.</p><p>"Companies frequently need dedicated employees, pricing analytics tools or even specialized consultants to understand how products are priced and how to manage their bills," it wrote. </p><p>If DigitalOcean has found a sweet spot, it's with small businesses, rather than large enterprises, which the big clouds have been fighting over in the past few years. It's a self-service business that doesn't rely heavily on a large group of salespeople. In that way it will be like website-building company <a href="//www.cnbc.com/quotes/WIX" target="_blank">Wix</a> and e-commerce software maker <a href="//www.cnbc.com/quotes/SHOP-CA" target="_blank">Shopify</a>.</p><p>The New York-based company also has foreign reach. Rather than touting S&amp;P 500 clients in its prospectus, DigitalOcean showcases customers such as Bunnyshell of Romania, Cloudways of Malta, Jiji of Nigeria, Vidazoo of Israel and Whatfix of India. In 2020 38% of DigitalOcean's revenue came from North America; by comparison, 68% of Amazon's 2020 revenue came from the U.S.</p><p>DigitalOcean has yet to take major share in the cloud infrastructure market, though, and some of its customers could end up switching to more comprehensive cloud providers as their needs evolve.</p><p>But DigitalOcean is hopeful. In the prospectus the company said it expects more than 14 million small and medium-size businesses to be formed each year, and their founders don't necessarily come with sharp technical skills. "These individuals are able to leverage simple and reliable development tools and the widespread availability and significantly lower upfront cost of cloud computing to start companies," the company said.</p><p><strong>WATCH:</strong> <a href="https://www.cnbc.com/video/2021/03/15/bessemers-byron-deeter-on-the-resurgence-of-cloud-computing-stocks.html">Bessemer's Byron Deeter on the resurgence of cloud computing stocks</a></p></div>

The market for cloud-computing infrastructure to power applications has grown immensely since Amazon introduced its first cloud services in 2006, but U.S. investors haven't had a great way of investing exclusively in cloud. That will change in the coming weeks when a company called DigitalOcean starts trading on the New York Stock Exchange under the symbol "DOCN."Buying shares of Amazon -- or Alibaba, Google, IBM, Microsoft or Oracle -- has meant getting a small percentage of exposure to the public cloud. DigitalOcean is different because it doesn't do anything else.The company will start out with a much lower valuation than those other companies. In a Monday update to the prospectus for its initial public offering, DigitalOcean said it expects to sell shares at $44 to $47 per share, which would give it a market cap of about $4.8 billion at the middle of the range. DigitalOcean also said Tiger Global and an entity tied to existing investor Access Industries want to buy up to $175 million in the company's shares at the time of the IPO.Unlike public cloud market leader Amazon Web Services, DigitalOcean is not profitable. It lost almost $44 million in 2020, compared with a $40 million loss in 2019. DigitalOcean is also growing more slowly than AWS, despite that AWS generates 142 times more revenue. AWS revenue in 2020 totaled $45.37 billion, up 29.5%, while DigitalOcean reported 25% revenue growth.That might be okay, because DigitalOcean has a specialty: Simplicity. It isn't overwhelming to new users, who wind up increasing the amount they spend on DigitalOcean services over time.Simplicity is one of the four principles the founders picked when DigitalOcean started in 2012. "We take infrastructure technology and make it simple across all aspects of the product experience," CEO Yancey Spruill, a former operating chief and finance chief at SendGrid, wrote in a letter to investors in the prospectus.Since 2006 AWS has introduced a wide swath of services for software developers to adopt, and its customer list has gotten long, with big names like Apple paying hundreds of millions per year.That's not DigitalOcean's path. It has just a handful of products, including customizable Linux-based virtual machines that it calls droplets, data-storage options, networking tools and three databases. Unlike on Amazon, there are no machine-learning services, deployment tools, database-migration technologies or media-transcoding systems. It maintains 6,000 tutorials designed to help people get going.DigitalOcean also tries to stay simple with pricing and the bills it sends each month to its nearly 600,000 customers. DigitalOcean took a swipe at the big public-cloud vendors in its prospectus, saying their products aren't intuitive enough for sole developers and small businesses and "suffer from near-infinite feature complexity and have opaque pricing and billing practices that are often accompanied by significant hidden costs." As a result, the company said, small businesses are often unable to enjoy the benefits of cloud computing."Companies frequently need dedicated employees, pricing analytics tools or even specialized consultants to understand how products are priced and how to manage their bills," it wrote. If DigitalOcean has found a sweet spot, it's with small businesses, rather than large enterprises, which the big clouds have been fighting over in the past few years. It's a self-service business that doesn't rely heavily on a large group of salespeople. In that way it will be like website-building company Wix and e-commerce software maker Shopify.The New York-based company also has foreign reach. Rather than touting S&P 500 clients in its prospectus, DigitalOcean showcases customers such as Bunnyshell of Romania, Cloudways of Malta, Jiji of Nigeria, Vidazoo of Israel and Whatfix of India. In 2020 38% of DigitalOcean's revenue came from North America; by comparison, 68% of Amazon's 2020 revenue came from the U.S.DigitalOcean has yet to take major share in the cloud infrastructure market, though, and some of its customers could end up switching to more comprehensive cloud providers as their needs evolve.But DigitalOcean is hopeful. In the prospectus the company said it expects more than 14 million small and medium-size businesses to be formed each year, and their founders don't necessarily come with sharp technical skills. "These individuals are able to leverage simple and reliable development tools and the widespread availability and significantly lower upfront cost of cloud computing to start companies," the company said.WATCH: Bessemer's Byron Deeter on the resurgence of cloud computing stocks

2021-10-30 14:11:56.845922

Ford, Amazon, Subway and History Channel Generate Most Buzz

https://www.cnbc.com/2013/07/15/ford-amazon-subway-and-history-channel-generate-most-buzz.html

2013-07-15T11:54:10+0000

Amy Langfield

CNBC

Ford, Amazon, Subway and the History Channel are the "buzziest" brands in the United States, according to the latest bi-annual list from YouGov's BrandIndex. The U.S. survey is based on interviews with 20,000 people each week and measures a brand's buzz, which includes whether people have heard anything positive or negative about the brand in the media or through word of mouth. The company issues a new list every six months.

cnbc, Articles, Ford Motor Co, Amazon.com Inc, Samsung, Lowe's Companies Inc, Goldman Sachs Group Inc, Bank of America Corp, JPMorgan Chase & Co, BlackBerry, Morgan Stanley, Eastman Kodak Co, Walgreens Boots Alliance Inc, Business News, Retail, Consumer Goods, Consumer Nation, source:tagname:The Today Show

<div class="group"><p> <a href="//www.cnbc.com/quotes/F" target="_blank">Ford</a>, <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>, Subway and the History Channel are the "buzziest" brands in the United States, according to the latest bi-annual <a href="http://www.brandindex.com/ranking/us/2013-mid/top-buzz-rankings" target="_blank">list from YouGov's BrandIndex</a>.</p><p> The U.S. survey is based on interviews with 20,000 people each week and measures a brand's buzz, which includes whether people have heard anything positive or negative about the brand in the media or through word of mouth. The company issues a new list every six months.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p><strong> Buzziest American brands</strong></p><p> 1) Ford</p><p> 2) Amazon</p><p> 3) Subway</p><p> 4) History Channel</p><div style="height:100%" class="lazyload-placeholder"></div><p> 5) <a href="//www.cnbc.com/quotes/LOW" target="_blank">Lowe's</a></p><p> 6) V8</p><p> 7) <a href="//www.cnbc.com/quotes/WBA" target="_blank">Walgreens</a></p><p> 8) YouTube</p><p> 9) Kindle</p><p> 10) Cheerios</p><p> Some of the names are notable in that they can be classified as self-empowerment brands, advertising executive Donny Deutsch <a href="http://www.today.com/video/today/52458760" target="_blank">said on the TODAY show</a>."The consumer has control," when it comes to Kindle, Subway and You Tube, he said. "This is a lot of the trend that is going on."</p><p> (<em>Read More</em>: <a href="https://www.cnbc.com/2013/07/10/apple-pricefixing-verdict-may-not-result-in-cheaper-ebooks.html">Apple Verdict May Not Result in Cheaper E-Books</a>)</p><p> The mid-year BrandIndex survey also compiles a list of brands with the most-improved buzz from six months ago. This time around, <a href="//www.cnbc.com/quotes/GS" target="_blank">Goldman Sachs</a>, <a href="//www.cnbc.com/quotes/BAC" target="_blank">Bank of America</a> and <a href="//www.cnbc.com/quotes/JPM" target="_blank">J.P. Morgan</a> win the awards for making the best rebound. In part, that boost can be tied to the improved economy, according to the survey researchers.</p><p><strong> Most-improved buzz</strong></p><p> 1) Goldman Sachs<br></p><p> 2) Bank of America</p><p> 3) J.P. Morgan</p><p> 4) American Airlines</p><p> 5) <a href="//www.cnbc.com/quotes/BB" target="_blank">BlackBerry</a></p><p> 6) Galaxy</p><p> 7) <a href="//www.cnbc.com/quotes/MS" target="_blank">Morgan Stanley</a></p><p> 8) <a href="//www.cnbc.com/quotes/KODK" target="_blank">Kodak</a></p><p> 9) Bing</p><p> 10) Starbucks DoubleShot Energy Coffee</p><p> BrandIndex also conducts its surveys internationally, examining thousands of brands on a daily basis. "Globally, Samsung is the winner," the company states in its mid-year report. "Samsung is the strongest international performer for the second year running—the technology brand appears in the Top 10 lists for eleven out of fourteen countries monitored."</p><p> (Read More: <a href="https://www.cnbc.com/2013/06/25/us-ad-spending-flat-cable-and-hispanic-tv-up.html">US Ad Spending Flat, Cable and Hispanic TV Up</a>)<br></p><p> —<em>By CNBC's Amy Langfield. Follow her on Twitter </em><a href="https://twitter.com/AmyLangfield" target="_blank">@AmyLangfield</a>.</p></div>

Ford, Amazon, Subway and the History Channel are the "buzziest" brands in the United States, according to the latest bi-annual list from YouGov's BrandIndex. The U.S. survey is based on interviews with 20,000 people each week and measures a brand's buzz, which includes whether people have heard anything positive or negative about the brand in the media or through word of mouth. The company issues a new list every six months. Buzziest American brands 1) Ford 2) Amazon 3) Subway 4) History Channel 5) Lowe's 6) V8 7) Walgreens 8) YouTube 9) Kindle 10) Cheerios Some of the names are notable in that they can be classified as self-empowerment brands, advertising executive Donny Deutsch said on the TODAY show."The consumer has control," when it comes to Kindle, Subway and You Tube, he said. "This is a lot of the trend that is going on." (Read More: Apple Verdict May Not Result in Cheaper E-Books) The mid-year BrandIndex survey also compiles a list of brands with the most-improved buzz from six months ago. This time around, Goldman Sachs, Bank of America and J.P. Morgan win the awards for making the best rebound. In part, that boost can be tied to the improved economy, according to the survey researchers. Most-improved buzz 1) Goldman Sachs 2) Bank of America 3) J.P. Morgan 4) American Airlines 5) BlackBerry 6) Galaxy 7) Morgan Stanley 8) Kodak 9) Bing 10) Starbucks DoubleShot Energy Coffee BrandIndex also conducts its surveys internationally, examining thousands of brands on a daily basis. "Globally, Samsung is the winner," the company states in its mid-year report. "Samsung is the strongest international performer for the second year running—the technology brand appears in the Top 10 lists for eleven out of fourteen countries monitored." (Read More: US Ad Spending Flat, Cable and Hispanic TV Up) —By CNBC's Amy Langfield. Follow her on Twitter @AmyLangfield.

2021-10-30 14:11:57.007528

Trump lawyer Giuliani was paid $500,000 to consult on indicted associate's firm

https://www.cnbc.com/2019/10/15/trump-lawyer-giuliani-was-paid-500000-to-consult-on-indicted-associates-firm.html

2019-10-15T13:32:12+0000

CNBC

President Donald Trump's personal attorney, Rudy Giuliani, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday.The businessman, Lev Parnas, is a close associate of Giuliani and was involved in his effort to investigate Trump's political rival, former Vice President Joe Biden, who is a leading contender for the 2020 Democratic Party nomination.Giuliani said Parnas' company, Boca Raton, Florida-based Fraud Guarantee, whose website says it aims to help clients "reduce and mitigate fraud," engaged Giuliani Partners, a management and security consulting firm, around August 2018. Giuliani said he was hired to consult on Fraud Guarantee's technologies and provide legal advice on regulatory issues.Federal prosecutors are "examining Giuliani's interactions" with Parnas and another Giuliani associate, Igor Fruman, who was also indicted on campaign finance charges, a law enforcement source told Reuters on Sunday.The New York Times reported last week that Parnas had told associates he paid Giuliani hundreds of thousands of dollars for what Giuliani said was business and legal advice. Giuliani said for the first time on Monday that the total amount was $500,000.Giuliani told Reuters the money came in two payments made within weeks of each other. He said he could not recall the dates of the payments. He said most of the work he did for Fraud Guarantee was completed in 2018 but that he had been doing follow-up for over a year.Parnas and Fruman were arrested at Dulles Airport outside Washington last week on charges they funneled foreign money to unnamed U.S. politicians in a bid to influence U.S.-Ukraine relations in violation of U.S. campaign finance laws. The men were preparing to board a plane to Europe.According to an indictment unsealed by U.S. prosecutors, an unidentified Russian businessman arranged for two $500,000 wires to be sent from foreign bank accounts to a U.S. account controlled by Fruman in September and October 2018. The money was used, in part, by Fruman, Parnas and two other men charged in the indictment to gain influence with U.S. politicians and candidates, the indictment said.Foreign nationals are prohibited from making contributions and other expenditures in connection with U.S. elections, and from making contributions in someone else's name.Giuliani said he was confident that the money he received was from "a domestic source," but he would not say where it came from."I know beyond any doubt the source of the money is not any questionable source," he told Reuters in an interview. "The money did not come from foreigners. I can rule that out 100%," he said.He declined to say whether the money had been paid directly to him by Fraud Guarantee or from another source.John Dowd, a lawyer for Parnas and Fruman, also would not discuss the source of the funding that Giuliani said he received for his work for Fraud Guarantee. "What I know is privileged," Dowd said.

cnbc, Articles, White House, Politics, Joe Biden, Rudy Giuliani, Donald Trump, US: News, source:tagname:Reuters

<div class="group"><p>President <a href="https://www.cnbc.com/donald-trump/">Donald Trump's</a> personal attorney, <a href="https://www.cnbc.com/rudy-giuliani/">Rudy Giuliani</a>, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday.</p><p>The businessman, Lev Parnas, is a close associate of Giuliani and was involved in his effort to investigate Trump's political rival, former Vice President <a href="https://www.cnbc.com/joe-biden/">Joe Biden</a>, who is a leading contender for the 2020 Democratic Party nomination.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Giuliani said Parnas' company, Boca Raton, Florida-based Fraud Guarantee, whose website says it aims to help clients "reduce and mitigate fraud," engaged Giuliani Partners, a management and security consulting firm, around August 2018. Giuliani said he was hired to consult on Fraud Guarantee's technologies and provide legal advice on regulatory issues.</p><p>Federal prosecutors are "examining Giuliani's interactions" with Parnas and another Giuliani associate, Igor Fruman, who was also indicted on campaign finance charges, a law enforcement source told Reuters on Sunday.</p><p>The New York Times reported last week that Parnas had told associates he paid Giuliani hundreds of thousands of dollars for what Giuliani said was business and legal advice. Giuliani said for the first time on Monday that the total amount was $500,000.</p><p>Giuliani told Reuters the money came in two payments made within weeks of each other. He said he could not recall the dates of the payments. He said most of the work he did for Fraud Guarantee was completed in 2018 but that he had been doing follow-up for over a year.</p><p>Parnas and Fruman were arrested at Dulles Airport outside Washington last week on charges they funneled foreign money to unnamed U.S. politicians in a bid to influence U.S.-Ukraine relations in violation of U.S. campaign finance laws. The men were preparing to board a plane to Europe.</p><div style="height:100%" class="lazyload-placeholder"></div><p>According to an indictment unsealed by U.S. prosecutors, an unidentified Russian businessman arranged for two $500,000 wires to be sent from foreign bank accounts to a U.S. account controlled by Fruman in September and October 2018. The money was used, in part, by Fruman, Parnas and two other men charged in the indictment to gain influence with U.S. politicians and candidates, the indictment said.</p><p>Foreign nationals are prohibited from making contributions and other expenditures in connection with U.S. elections, and from making contributions in someone else's name.</p><p>Giuliani said he was confident that the money he received was from "a domestic source," but he would not say where it came from.</p><p>"I know beyond any doubt the source of the money is not any questionable source," he told Reuters in an interview. "The money did not come from foreigners. I can rule that out 100%," he said.</p><p>He declined to say whether the money had been paid directly to him by Fraud Guarantee or from another source.</p><p>John Dowd, a lawyer for Parnas and Fruman, also would not discuss the source of the funding that Giuliani said he received for his work for Fraud Guarantee. "What I know is privileged," Dowd said.</p></div>

President Donald Trump's personal attorney, Rudy Giuliani, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday.The businessman, Lev Parnas, is a close associate of Giuliani and was involved in his effort to investigate Trump's political rival, former Vice President Joe Biden, who is a leading contender for the 2020 Democratic Party nomination.Giuliani said Parnas' company, Boca Raton, Florida-based Fraud Guarantee, whose website says it aims to help clients "reduce and mitigate fraud," engaged Giuliani Partners, a management and security consulting firm, around August 2018. Giuliani said he was hired to consult on Fraud Guarantee's technologies and provide legal advice on regulatory issues.Federal prosecutors are "examining Giuliani's interactions" with Parnas and another Giuliani associate, Igor Fruman, who was also indicted on campaign finance charges, a law enforcement source told Reuters on Sunday.The New York Times reported last week that Parnas had told associates he paid Giuliani hundreds of thousands of dollars for what Giuliani said was business and legal advice. Giuliani said for the first time on Monday that the total amount was $500,000.Giuliani told Reuters the money came in two payments made within weeks of each other. He said he could not recall the dates of the payments. He said most of the work he did for Fraud Guarantee was completed in 2018 but that he had been doing follow-up for over a year.Parnas and Fruman were arrested at Dulles Airport outside Washington last week on charges they funneled foreign money to unnamed U.S. politicians in a bid to influence U.S.-Ukraine relations in violation of U.S. campaign finance laws. The men were preparing to board a plane to Europe.According to an indictment unsealed by U.S. prosecutors, an unidentified Russian businessman arranged for two $500,000 wires to be sent from foreign bank accounts to a U.S. account controlled by Fruman in September and October 2018. The money was used, in part, by Fruman, Parnas and two other men charged in the indictment to gain influence with U.S. politicians and candidates, the indictment said.Foreign nationals are prohibited from making contributions and other expenditures in connection with U.S. elections, and from making contributions in someone else's name.Giuliani said he was confident that the money he received was from "a domestic source," but he would not say where it came from."I know beyond any doubt the source of the money is not any questionable source," he told Reuters in an interview. "The money did not come from foreigners. I can rule that out 100%," he said.He declined to say whether the money had been paid directly to him by Fraud Guarantee or from another source.John Dowd, a lawyer for Parnas and Fruman, also would not discuss the source of the funding that Giuliani said he received for his work for Fraud Guarantee. "What I know is privileged," Dowd said.

2021-10-30 14:11:57.081349

Jack Bogle bashes 'FANG' investing, says this trading mentality is a 'loser's game’

https://www.cnbc.com/2017/11/07/jack-bogle-bashes-fang-investing-says-trading-mentality-losers-game.html

2017-11-07T18:52:08+0000

Tae Kim

CNBC

Vanguard founder and former CEO Jack Bogle is not a believer in trading 'FANG' stocks.When asked about Intercontinental Exchange launching a FANG+ index futures contract for traders on Wednesday, Bogle blasted the idea.The product enables investors to trade an index that tracks the performance of Facebook, Apple, Amazon, Netflix, and Google-parent Alphabet, along with Alibaba, Baidu, Nvidia, Tesla and Twitter."If you want to do such a crazy thing, it certainly makes it easy to do. ... I have no doubt it's a liability," Bogle said on CNBC's "Power Lunch" Tuesday. "I think the odds are very bad. It appeals to the trading instincts in investors. ... If you like gambling, if you like casinos, these things are really, really, really good."Instead he recommended investors focus on the long term with a multidecade time horizon by buying index funds that minimize trading transaction costs. "Anything that gets investors into trading is a negative," he said. "Trading is a loser's game. Trading is short term speculation."Bogle founded Vanguard Group in 1975. The firm is widely regarded as the leader of passive index investing. It has approximately $4.7 trillion in assets under management, according to its president.

cnbc, Articles, Alphabet Class A, Netflix Inc, Amazon.com Inc, Apple Inc, Meta Platforms Inc, Power Lunch, Investment Strategy, Investing, source:tagname:CNBC US Source

<div class="group"><p>Vanguard founder and former CEO Jack Bogle is not a believer in trading 'FANG' stocks.</p><p>When asked about Intercontinental Exchange <a href="http://ir.theice.com/press/press-releases/all-categories/2017/09-26-2017-141500193" target="_blank">launching</a> a FANG+ index futures contract for traders on Wednesday, Bogle blasted the idea.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The product enables investors to trade an index that tracks the performance of <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a>, <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a>, <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>, <a href="//www.cnbc.com/quotes/NFLX" target="_blank">Netflix</a>, and Google-parent <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a>, along with <a href="//www.cnbc.com/quotes/BABA" target="_blank">Alibaba</a>, <a href="//www.cnbc.com/quotes/BIDU" target="_blank">Baidu</a>, <a href="//www.cnbc.com/quotes/NVDA" target="_blank">Nvidia</a>, <a href="//www.cnbc.com/quotes/TSLA" target="_blank">Tesla</a> and <a href="//www.cnbc.com/quotes/TWTR" target="_blank">Twitter</a>.</p><p>"If you want to do such a crazy thing, it certainly makes it easy to do. ... I have no doubt it's a liability," Bogle said on CNBC's "<a href="https://www.cnbc.com/power-lunch/">Power Lunch</a>" Tuesday. "I think the odds are very bad. It appeals to the trading instincts in investors. ... If you like gambling, if you like casinos, these things are really, really, really good."</p><p>Instead he recommended investors focus on the long term with a multidecade time horizon by buying index funds that minimize trading transaction costs. </p><p>"Anything that gets investors into trading is a negative," he said. "Trading is a loser's game. Trading is short term speculation."</p><p>Bogle founded Vanguard Group in 1975. The firm is widely regarded as the leader of passive index investing. It has approximately $4.7 trillion in assets under management, according to its <a href="https://www.cnbc.com/2017/11/02/incoming-ceo-of-vanguard-manager-of-nearly-5-trillion-says-cybersecurity-keeps-him-up-at-night.html">president</a>.</p></div>

Vanguard founder and former CEO Jack Bogle is not a believer in trading 'FANG' stocks.When asked about Intercontinental Exchange launching a FANG+ index futures contract for traders on Wednesday, Bogle blasted the idea.The product enables investors to trade an index that tracks the performance of Facebook, Apple, Amazon, Netflix, and Google-parent Alphabet, along with Alibaba, Baidu, Nvidia, Tesla and Twitter."If you want to do such a crazy thing, it certainly makes it easy to do. ... I have no doubt it's a liability," Bogle said on CNBC's "Power Lunch" Tuesday. "I think the odds are very bad. It appeals to the trading instincts in investors. ... If you like gambling, if you like casinos, these things are really, really, really good."Instead he recommended investors focus on the long term with a multidecade time horizon by buying index funds that minimize trading transaction costs. "Anything that gets investors into trading is a negative," he said. "Trading is a loser's game. Trading is short term speculation."Bogle founded Vanguard Group in 1975. The firm is widely regarded as the leader of passive index investing. It has approximately $4.7 trillion in assets under management, according to its president.

2021-10-30 14:11:57.171662

Dow posts 6-day losing streak as media stocks plunge; jobs in focus

https://www.cnbc.com/2015/08/06/us-stocks-open-higher-amid-data-jobs-eyed.html

2015-08-06T20:00:00+0000

Evelyn Cheng

CNBC

U.S. stocks closed lower on Thursday, with the Nasdaq off 1.6 percent, as investors weighed declines in oil and disappointing earnings ahead of Friday's key employment report. (Tweet This) "There's nervousness among momentum investors caused by some of the outperforming names either missing or giving cautious comments in earnings reports," said Robert Pavlik, chief market strategist at Boston Private Wealth. "I don't think much of it is warranted," he said, noting some profit-taking. The major averages came off session lows in the close. The Dow Jones industrial average ended at its lowest level in 6 months and posted its first 6-day losing streak since October. Stocks extended losses in midday trade as the S&P 500 broke through a key level of 2,087 that many analysts were watching. The index closed below that level but held above its 200-day moving average of 2,072. Art Cashin, director of floor operations at UBS, said the next level of support is 2,063 to 2,067. Viacom and 21st Century Fox plunged, joining Disney in a post-earnings stock decline to bring the media sector down about 8 percent for the week so far. At its lows the media sector was off about 11 percent for the week, on track for its worst week since October 2008, when it lost 21.87 percent. The media sector weighed on consumer discretionary, off more than 1 percent as one of the greatest decliners in the S&P 500. Read MoreAmid media carnage, opportunities may abound Health care was the worst sector performer, falling more than 2 percent as biotechs plunged. The declines weighed heavily on the Nasdaq, which closed more than 1.5 percent lower. The iShares Nasdaq biotechnology ETF (IBB) fell 4.3 percent, while Apple reversed recent declines to end mildly higher. The Dow Jones industrial average closed about 120 points lower, after falling as much as 177 points. The greatest weight on the index was Disney, which closed 1.8 percent lower, off an earlier 5.5 percent decline. The stock extended its post-earnings plunge from Wednesday after the firm missed on revenue and disappointed investors with subscriber losses. Year-to-date, the stock is the third-best performer in the Dow. "You've got some nervousness ahead of the jobs report, lack of a bullish impetus, narrowing leadership," said Adam Sarhan, CEO of Sarhan Capital. "The market continues to get weaker, not stronger." He is watching 2,040 on the S&P 500. "Right now there're less and less bullish drivers and concurrently more bearish drivers," Sarhan said. "If support breaks there's no question on my mind (that we get a correction)." "Market participants are really groping for a new catalyst to move stocks higher," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "There's still some questions on the economy, the pace of growth." He noted there were few indications that the market was strongly concerned about an interest rate hike, as bond yields held lower, the dollar was flat, and gold traded a touch higher. "The rise in the Treasury market is a take of two separate things moving in different directions," said Eric Stein, co-director of global fixed income at Eaton Vance Management. He noted hawkish comments from policymakers balanced by "the continued selloff in commodity prices." "It's not all about September, it's obviously about the path of rates (in the next) two to three years," Stein said. Friday's jobs report is one of the few key pieces of data expected before the Federal Reserve meets in September and could potentially find enough impetus for raising short-term interest rates. Economists expect 223,000 nonfarm payrolls on Friday, with unemployment unchanged at 5.3 percent, according to Thomson Reuters. "I think this (jobs) report is what everyone's keying on. We've kind of got mixed messages in the data this week," said Chris Gaffney, president of EverBank World Markets. "I think the key is average hourly earnings and if that comes with a 2 percent increase tomorrow, absolutely September comes into play," Gaffney said. Read MoreEarnings? Who cares. All eyes are on Jobs Friday "I think the market is really getting anxious about nonfarm payrolls," said Doug Cote, chief market strategist at Voya Investment Management. "If it's a moderate number, then (liftoff) could be put off, but if it's a really big number tomorrow—if unemployment is 5.2 percent—the market struggles a little bit, raise the prospect of a September rate increase." Jobs data so far this week was mixed. Initial claims came in Thursday at 270,000, slightly below expectations. The private sector report from ADP showed fewer-than-expected jobs were created. U.S. job cuts in July exceeded 100,000 for the first time in nearly four years as the military announced plans to reduce troop and civilian workforce payrolls, according to Challenger, Gray & Christmas. A year ago, U.S. companies announced plans to cut 46,887 jobs. However, the major jump in job cuts is not expected to significantly affect Friday's key report. "We think this increase in announced job cuts will have no impact on the July BLS report, and only a minimal impact on the employment data over the next few years. The jump in layoffs announced in July was basically entirely due to reductions announced by the US Army that are scheduled to begin in October and be implemented over the next two years," JPMorgan said in a morning note.

cnbc, Articles, Markets, Noodles & Co, Dow Jones Industrial Average, S&P 500 Index, NASDAQ Composite, U.S. 10 Year Treasury, U.S. 2 Year Treasury, Viacom Inc, Twenty-First Century Fox Inc, ViacomCBS Cl B, Green Mountain Coffee Roasters Inc, Fitbit Inc, Herbalife Ltd, Tesla Inc, iShares Biotechnology ETF, Apple Inc, Walt Disney Co, Mondelez International Inc, Chevron Corp, CBOE Volatility Index, Microsoft Corp, Nike Inc, Cisco Systems Inc, US: News, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> U.S. stocks closed lower on Thursday, with the Nasdaq off 1.6 percent, as investors weighed declines in oil and disappointing earnings ahead of Friday's key employment report. (<a href="http://twitter.com/share?url=http://cnb.cx/1KSJWHf&amp;amp;text=Dow%20posts%206-day%20losing%20streak%20as%20media%20stocks%20plunge;%20jobs%20in%20focus&amp;amp;via=CNBC" target="_blank"><strong>Tweet This</strong></a>)</p><p> "There's nervousness among momentum investors caused by some of the outperforming names either missing or giving cautious comments in earnings reports," said Robert Pavlik, chief market strategist at Boston Private Wealth. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "I don't think much of it is warranted," he said, noting some profit-taking. </p><p> The major averages came off session lows in the close. The Dow Jones industrial average ended at its lowest level in 6 months and posted its first 6-day losing streak since October.</p><p> Stocks extended losses in midday trade as the S&amp;P 500 broke through a key level of 2,087 that many analysts were watching. The index closed below that level but held above its 200-day moving average of 2,072. <br></p><p> Art Cashin, director of floor operations at UBS, said the next level of support is 2,063 to 2,067. </p><p> Viacom and 21st Century Fox plunged, joining Disney in a post-earnings stock decline to bring the media sector down about 8 percent for the week so far. At its lows the media sector was off about 11 percent for the week, on track for its <a href="https://www.cnbc.com/2015/08/06/pay-tv-industry-shows-cracks-in-media-earnings.html">worst week since October 2008</a>, when it lost 21.87 percent. </p><div style="height:100%" class="lazyload-placeholder"></div><p> The media sector weighed on consumer discretionary, off more than 1 percent as one of the greatest decliners in the S&amp;P 500. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/06/amid-media-carnage-opportunities-may-abound.html">Amid media carnage, opportunities may abound</a></p><p> Health care was the worst sector performer, falling more than 2 percent as biotechs plunged. The declines weighed heavily on the Nasdaq, which closed more than 1.5 percent lower. The <a href="https://www.cnbc.com/quotes/IBB">iShares Nasdaq biotechnology ETF (IBB)</a> fell 4.3 percent, while <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> reversed recent declines to end mildly higher. </p><p> The Dow Jones industrial average closed about 120 points lower, after falling as much as 177 points. </p><p> The greatest weight on the index was <a href="//www.cnbc.com/quotes/DIS" target="_blank">Disney</a>, which closed 1.8 percent lower, off an earlier 5.5 percent decline. The stock extended its post-earnings plunge from Wednesday after the firm missed on revenue and disappointed investors with subscriber losses. Year-to-date, the stock is the third-best performer in the Dow.</p><p> "You've got some nervousness ahead of the jobs report, lack of a bullish impetus, narrowing leadership," said Adam Sarhan, CEO of Sarhan Capital. "The market continues to get weaker, not stronger." </p><p> He is watching 2,040 on the S&amp;P 500. "Right now there're less and less bullish drivers and concurrently more bearish drivers," Sarhan said. "If support breaks there's no question on my mind (that we get a correction)." </p><p> "Market participants are really groping for a new catalyst to move stocks higher," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "There's still some questions on the economy, the pace of growth." <br></p><p> He noted there were few indications that the market was strongly concerned about an interest rate hike, as bond yields held lower, the dollar was flat, and gold traded a touch higher. </p><p> "The rise in the Treasury market is a take of two separate things moving in different directions," said Eric Stein, co-director of global fixed income at Eaton Vance Management. He noted hawkish comments from policymakers balanced by "the continued selloff in commodity prices." </p><p>"It's not all about September, it's obviously about the path of rates (in the next) two to three years," Stein said. </p><p>Friday's jobs report is one of the few key pieces of data expected before the Federal Reserve meets in September and could potentially find enough impetus for raising short-term interest rates. Economists expect 223,000 nonfarm payrolls on Friday, with unemployment unchanged at 5.3 percent, according to Thomson Reuters.</p><p> "I think this (jobs) report is what everyone's keying on. We've kind of got mixed messages in the data this week," said Chris Gaffney, president of EverBank World Markets. <br></p><p> "I think the key is average hourly earnings and if that comes with a 2 percent increase tomorrow, absolutely September comes into play," Gaffney said. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/05/market-warming-to-september-rate-hike.html">Earnings? Who cares. All eyes are on Jobs Friday</a><br></p><p> "I think the market is really getting anxious about nonfarm payrolls," said Doug Cote, chief market strategist at Voya Investment Management. "If it's a moderate number, then (liftoff) could be put off, but if it's a really big number tomorrow—if unemployment is 5.2 percent—the market struggles a little bit, raise the prospect of a September rate increase."<br></p><p> Jobs data so far this week was mixed. <a href="https://www.cnbc.com/2015/08/06/us-weekly-jobless-claims-total-270000-vs-273000-estimate.html">Initial claims</a> came in Thursday at 270,000, slightly below expectations. The private sector report from ADP showed fewer-than-expected jobs were created.</p><p> <a href="https://www.cnbc.com/2015/08/06/us-layoffs-surge-to-105696-in-july-on-military-cuts-challenger.html">U.S. job cuts in July exceeded 100,000 for the first time in nearly four years as the military announced</a> plans to reduce troop and civilian workforce payrolls, according to Challenger, Gray &amp; Christmas. A year ago, U.S. companies announced plans to cut 46,887 jobs.</p><p> However, the major jump in job cuts is not expected to significantly affect Friday's key report.<br></p><p> "We think this increase in announced job cuts will have no impact on the July BLS report, and only a minimal impact on the employment data over the next few years. The jump in layoffs announced in July was basically entirely due to reductions announced by the US Army that are scheduled to begin in October and be implemented over the next two years," JPMorgan said in a morning note. </p></div>,<div class="group"><p> Oil continued to decline, with WTI crude settling down 49 cents, or 1.09 percent, at $44.66 a barrel. Brent dipped below $48 a barrel.<br></p><p> "I know that a lot of people that are bearish," said Phil Flynn, energy market analyst at Price Futures Group. "As weak as the market feels right now the onus is on the bears to take out $40 a barrel. Really we're following a seasonal pattern."</p><p> </p><div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-undefined" data-test="InlineImage"><div class="InlineImage-wrapper InlineImage-wrapperNoCaption"><div class="InlineImage-imagePlaceholder" style="padding-bottom:55.55555555555556%"><div style="height:100%" class="lazyload-placeholder"></div></div><div><div class="InlineImage-imageEmbedCaption"></div><div class="InlineImage-imageEmbedCredit"></div></div></div></div> <p> <a href="https://www.cnbc.com/2015/08/06/europe-stocks-markets-bank-of-england-interest-rate-decision-inflation-oil-prices.html">In Europe, equities closed lower</a> as crude weighed on sentiment and the Bank of England kept rates unchanged.<br></p><p> Analysts said the central bank's position could be an indication that the U.S. Federal Reserve also holds off on raising rates. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/06/bank-of-england-votes-to-hold-rates-in-8-1-split.html">Doves dominate as Bank of England holds rates</a></p><p> The dollar traded mildly lower, with the euro above $1.09 and the yen little changed against the greenback at 124.7 yen. </p><p> Treasury yields held lower, with the <a href="https://www.cnbc.com/quotes/US10Y">10-year</a> at 2.22 percent and the <!-- --> at 0.70 percent. </p><p> Many stocks saw outsized moves amid the slew of quarterly reports towards the end of earnings season. About 80 percent of names in the S&amp;P 500 have reported.</p><p> There are "tons of stocks reporting earnings. We've had a tough morning because they've been volatile," said Phil Quartuccio, CEO of Illustro Trading. "Earnings (are) surprising on both ends." <br></p><p> <a href="//www.cnbc.com/quotes/VCX-DE" target="_blank">Viacom</a> fell 14 percent and is in a bear market. The firm matched earnings per share estimates but missed on revenue as advertising sales declined and lack of major movie releases from the firm during the quarter.<br></p><p> <a href="//www.cnbc.com/quotes/02P-FF" target="_blank">21st Century Fox</a> declined 6.4 percent after reporting earnings that topped estimates on revenue that missed. The media company also announced a $5 billion stock buyback program.</p><p> <a href="//www.cnbc.com/quotes/VIAC" target="_blank">CBS</a> gained 3.6 percent after the firm reported an adjusted quarterly profit of 74 cents per share, 2 cents above estimates, with revenue essentially in line. CBS benefited from higher subscription fees and increasing revenue from affiliates.</p><p> Art Hogan, chief market strategist at Wunderlich Securities, expects some recovery in media names. <br></p><p> "There's a lot of wreckage after Disney," he said. "I think things got overdone." </p><p> <a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">Keurig Green Mountain</a> plunged nearly 30 percent after the firm missed significantly on revenue and sales of its coffee pods fell for the first time ever. The single-serve coffee company also lowered its sales and earnings forecasts and announced it would cut 5 percent of its workforce.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/06/bad-taste-street-spits-out-keurig-green-mountain.html">Bad taste: Street spits out Keurig Green Mountain</a></p><p> <a href="//www.cnbc.com/quotes/FIT" target="_blank">Fitbit</a> fell 13.6 percent after the firm reported that its profit margins fell during the second quarter and would likely stay at current levels for the rest of the year. That news has put the fitness tracking device maker's shares under pressure, despite seeing revenue more than triple during the second quarter compared to a year earlier.<br></p><p> <a href="//www.cnbc.com/quotes/HLF" target="_blank">Herbalife</a> surged 17.2 percent after the firm reported earnings that beat estimates on both the top and bottom line. The nutritional products company raised its full-year earnings guidance, even as its sales are impacted by a stronger dollar.<br></p><p> <a href="//www.cnbc.com/quotes/TSLA" target="_blank">Tesla</a> closed down about 8.9 percent despite posting a lower-than-expected decline in earnings on revenue that beat. However, the automaker announced its second cut in its sales forecast in the past year.</p></div>,<div class="group"><p>Reports from <a href="http://data.cnbc.com/quotes/ED" target="_blank">Con Ed</a>, <a href="http://data.cnbc.com/quotes/EOG" target="_blank">EOG Resources</a>, <a href="http://data.cnbc.com/quotes/WING" target="_blank">Wingstop</a>, <a href="http://data.cnbc.com/quotes/LGF" target="_blank">Lions Gate</a>, <a href="http://data.cnbc.com/quotes/GXP" target="_blank">Great Plains Energy</a>, <a href="//www.cnbc.com/quotes/NDLS" target="_blank">Noodles and Co</a>., <a href="http://data.cnbc.com/quotes/TRUE" target="_blank">TrueCar</a>, <a href="http://data.cnbc.com/quotes/ZNGA" target="_blank">Zynga</a> and <a href="http://data.cnbc.com/quotes/MNST" target="_blank">Monster Beverage</a> are all due after the bell. <br></p><p> <a href="//www.cnbc.com/quotes/MDLZ" target="_blank">Mondelez</a> closed up 1.12 percent after news that Bill <a href="https://www.cnbc.com/2015/08/05/ackman-invests-55b-in-mondelez.html">Ackman took at $5.5 billion stake</a> in the snack maker and is considering a pushing for a takeover.</p><p> <span class="label-read-more">Read More</span> <a href="https://www.cnbc.com/2015/08/06/early-movers-cf-cce-lb-cost-mdlz-bdx-cost-fit-tsla-jpm-more.html">Early movers: CF, CCE, LB, COST, MDLZ, BDX, COST, FIT, TSLA, JPM &amp; more</a><br></p><p> The <strong><a href="https://www.cnbc.com/quotes/.DJI">Dow Jones Industrial Average</a></strong> closed down 120.72 points, or 0.69 percent, at 17,419.75, with <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> leading decliners and <a href="//www.cnbc.com/quotes/CVX" target="_blank">Chevron</a> the greatest advancer.<br></p><p> The Dow transports fell 0.83 percent and is back in correction territory. </p><p> The <!-- --> closed down 16.28 points, or 0.78 percent, at 2,083.56, with health care leading eight sectors lower and energy and utilities the only advancers.</p><p> The <strong><a href="https://www.cnbc.com/quotes/.IXIC">Nasdaq</a></strong> closed down 83.50 points, or 1.62 percent, at 5,056.44. </p><p> The <strong><a href="https://www.cnbc.com/quotes/.VIX">CBOE Volatility Index (VIX)</a></strong>, widely considered the best gauge of fear in the market, jumped above 14.<br></p><p> About three stocks declined for every two advancers on the New York Stock Exchange, with an exchange volume of 956 million and a composite volume of 4.2 billion in the close.</p><p> Gold futures settled up $4.50 at $1,089.80 an ounce.</p><p> —<em>CNBC's Peter Schacknow and Jenny Cosgrave contributed to this report.</em></p></div>,<div class="group"><p> <em><strong>On tap this week:</strong></em><br></p><p> <strong>Thursday</strong></p><p> Earnings: Con Ed, EOG Resources, Wingstop, Lions Gate, Great Plains Energy, Noodles and Co. TrueCar, Zynga, Monster Beverage</p><p> <strong>Friday</strong></p><p> Earnings: Berkshire Hathaway, Allianz, Hershey, BioCryst Phama, Cablevision, Groupon, Brookfield Asset Management, Sirona<br></p><p> 08:30 a.m.: Employment report<br></p><p> 03:00 p.m.: Consumer sentiment<br></p><p> <strong><strong><em>More From CNBC.com:</em></strong></strong></p><ul> <li> <a href="https://www.cnbc.com/2015/08/05/why-oil-prices-could-stay-lower-for-longer.html">Why oil prices could stay lower for longer</a> </li> <li> <a href="https://www.cnbc.com/2015/08/05/smarter-credit-cards-befuddle-small-businesses.html">Smarter credit cards befuddle small businesses</a> </li> <li> <a href="https://www.cnbc.com/2015/08/06/apple-music-has-11-million-trial-subscribers.html">Apple Music has 11 million trial subscribers</a> </li></ul></div>

U.S. stocks closed lower on Thursday, with the Nasdaq off 1.6 percent, as investors weighed declines in oil and disappointing earnings ahead of Friday's key employment report. (Tweet This) "There's nervousness among momentum investors caused by some of the outperforming names either missing or giving cautious comments in earnings reports," said Robert Pavlik, chief market strategist at Boston Private Wealth. "I don't think much of it is warranted," he said, noting some profit-taking. The major averages came off session lows in the close. The Dow Jones industrial average ended at its lowest level in 6 months and posted its first 6-day losing streak since October. Stocks extended losses in midday trade as the S&P 500 broke through a key level of 2,087 that many analysts were watching. The index closed below that level but held above its 200-day moving average of 2,072. Art Cashin, director of floor operations at UBS, said the next level of support is 2,063 to 2,067. Viacom and 21st Century Fox plunged, joining Disney in a post-earnings stock decline to bring the media sector down about 8 percent for the week so far. At its lows the media sector was off about 11 percent for the week, on track for its worst week since October 2008, when it lost 21.87 percent. The media sector weighed on consumer discretionary, off more than 1 percent as one of the greatest decliners in the S&P 500. Read MoreAmid media carnage, opportunities may abound Health care was the worst sector performer, falling more than 2 percent as biotechs plunged. The declines weighed heavily on the Nasdaq, which closed more than 1.5 percent lower. The iShares Nasdaq biotechnology ETF (IBB) fell 4.3 percent, while Apple reversed recent declines to end mildly higher. The Dow Jones industrial average closed about 120 points lower, after falling as much as 177 points. The greatest weight on the index was Disney, which closed 1.8 percent lower, off an earlier 5.5 percent decline. The stock extended its post-earnings plunge from Wednesday after the firm missed on revenue and disappointed investors with subscriber losses. Year-to-date, the stock is the third-best performer in the Dow. "You've got some nervousness ahead of the jobs report, lack of a bullish impetus, narrowing leadership," said Adam Sarhan, CEO of Sarhan Capital. "The market continues to get weaker, not stronger." He is watching 2,040 on the S&P 500. "Right now there're less and less bullish drivers and concurrently more bearish drivers," Sarhan said. "If support breaks there's no question on my mind (that we get a correction)." "Market participants are really groping for a new catalyst to move stocks higher," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "There's still some questions on the economy, the pace of growth." He noted there were few indications that the market was strongly concerned about an interest rate hike, as bond yields held lower, the dollar was flat, and gold traded a touch higher. "The rise in the Treasury market is a take of two separate things moving in different directions," said Eric Stein, co-director of global fixed income at Eaton Vance Management. He noted hawkish comments from policymakers balanced by "the continued selloff in commodity prices." "It's not all about September, it's obviously about the path of rates (in the next) two to three years," Stein said. Friday's jobs report is one of the few key pieces of data expected before the Federal Reserve meets in September and could potentially find enough impetus for raising short-term interest rates. Economists expect 223,000 nonfarm payrolls on Friday, with unemployment unchanged at 5.3 percent, according to Thomson Reuters. "I think this (jobs) report is what everyone's keying on. We've kind of got mixed messages in the data this week," said Chris Gaffney, president of EverBank World Markets. "I think the key is average hourly earnings and if that comes with a 2 percent increase tomorrow, absolutely September comes into play," Gaffney said. Read MoreEarnings? Who cares. All eyes are on Jobs Friday "I think the market is really getting anxious about nonfarm payrolls," said Doug Cote, chief market strategist at Voya Investment Management. "If it's a moderate number, then (liftoff) could be put off, but if it's a really big number tomorrow—if unemployment is 5.2 percent—the market struggles a little bit, raise the prospect of a September rate increase." Jobs data so far this week was mixed. Initial claims came in Thursday at 270,000, slightly below expectations. The private sector report from ADP showed fewer-than-expected jobs were created. U.S. job cuts in July exceeded 100,000 for the first time in nearly four years as the military announced plans to reduce troop and civilian workforce payrolls, according to Challenger, Gray & Christmas. A year ago, U.S. companies announced plans to cut 46,887 jobs. However, the major jump in job cuts is not expected to significantly affect Friday's key report. "We think this increase in announced job cuts will have no impact on the July BLS report, and only a minimal impact on the employment data over the next few years. The jump in layoffs announced in July was basically entirely due to reductions announced by the US Army that are scheduled to begin in October and be implemented over the next two years," JPMorgan said in a morning note. Oil continued to decline, with WTI crude settling down 49 cents, or 1.09 percent, at $44.66 a barrel. Brent dipped below $48 a barrel. "I know that a lot of people that are bearish," said Phil Flynn, energy market analyst at Price Futures Group. "As weak as the market feels right now the onus is on the bears to take out $40 a barrel. Really we're following a seasonal pattern." In Europe, equities closed lower as crude weighed on sentiment and the Bank of England kept rates unchanged. Analysts said the central bank's position could be an indication that the U.S. Federal Reserve also holds off on raising rates. Read MoreDoves dominate as Bank of England holds rates The dollar traded mildly lower, with the euro above $1.09 and the yen little changed against the greenback at 124.7 yen. Treasury yields held lower, with the 10-year at 2.22 percent and the at 0.70 percent. Many stocks saw outsized moves amid the slew of quarterly reports towards the end of earnings season. About 80 percent of names in the S&P 500 have reported. There are "tons of stocks reporting earnings. We've had a tough morning because they've been volatile," said Phil Quartuccio, CEO of Illustro Trading. "Earnings (are) surprising on both ends." Viacom fell 14 percent and is in a bear market. The firm matched earnings per share estimates but missed on revenue as advertising sales declined and lack of major movie releases from the firm during the quarter. 21st Century Fox declined 6.4 percent after reporting earnings that topped estimates on revenue that missed. The media company also announced a $5 billion stock buyback program. CBS gained 3.6 percent after the firm reported an adjusted quarterly profit of 74 cents per share, 2 cents above estimates, with revenue essentially in line. CBS benefited from higher subscription fees and increasing revenue from affiliates. Art Hogan, chief market strategist at Wunderlich Securities, expects some recovery in media names. "There's a lot of wreckage after Disney," he said. "I think things got overdone." Keurig Green Mountain plunged nearly 30 percent after the firm missed significantly on revenue and sales of its coffee pods fell for the first time ever. The single-serve coffee company also lowered its sales and earnings forecasts and announced it would cut 5 percent of its workforce. Read MoreBad taste: Street spits out Keurig Green Mountain Fitbit fell 13.6 percent after the firm reported that its profit margins fell during the second quarter and would likely stay at current levels for the rest of the year. That news has put the fitness tracking device maker's shares under pressure, despite seeing revenue more than triple during the second quarter compared to a year earlier. Herbalife surged 17.2 percent after the firm reported earnings that beat estimates on both the top and bottom line. The nutritional products company raised its full-year earnings guidance, even as its sales are impacted by a stronger dollar. Tesla closed down about 8.9 percent despite posting a lower-than-expected decline in earnings on revenue that beat. However, the automaker announced its second cut in its sales forecast in the past year.Reports from Con Ed, EOG Resources, Wingstop, Lions Gate, Great Plains Energy, Noodles and Co., TrueCar, Zynga and Monster Beverage are all due after the bell. Mondelez closed up 1.12 percent after news that Bill Ackman took at $5.5 billion stake in the snack maker and is considering a pushing for a takeover. Read More Early movers: CF, CCE, LB, COST, MDLZ, BDX, COST, FIT, TSLA, JPM & more The Dow Jones Industrial Average closed down 120.72 points, or 0.69 percent, at 17,419.75, with Microsoft leading decliners and Chevron the greatest advancer. The Dow transports fell 0.83 percent and is back in correction territory. The closed down 16.28 points, or 0.78 percent, at 2,083.56, with health care leading eight sectors lower and energy and utilities the only advancers. The Nasdaq closed down 83.50 points, or 1.62 percent, at 5,056.44. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 14. About three stocks declined for every two advancers on the New York Stock Exchange, with an exchange volume of 956 million and a composite volume of 4.2 billion in the close. Gold futures settled up $4.50 at $1,089.80 an ounce. —CNBC's Peter Schacknow and Jenny Cosgrave contributed to this report. On tap this week: Thursday Earnings: Con Ed, EOG Resources, Wingstop, Lions Gate, Great Plains Energy, Noodles and Co. TrueCar, Zynga, Monster Beverage Friday Earnings: Berkshire Hathaway, Allianz, Hershey, BioCryst Phama, Cablevision, Groupon, Brookfield Asset Management, Sirona 08:30 a.m.: Employment report 03:00 p.m.: Consumer sentiment More From CNBC.com: Why oil prices could stay lower for longer Smarter credit cards befuddle small businesses Apple Music has 11 million trial subscribers

2021-10-30 14:11:57.240565

Valuations too much, even for Amazon?

https://www.cnbc.com/2013/10/25/valuations-too-much-even-for-amazon.html

2013-10-25T22:51:10+0000

Lee Brodie

CNBC

With shares up more than 40% ytd and a valuation of 131 times 2014 earnings, is the Amazon premium too great – even for Amazon? The stock just made a new all time high!That's the question on the minds of many investors after Amazon shares surged over 8% on better than expected earnings.The numbers were good – but were they that good?Revenue increased 24 percent to $17.09 billion from $13.81 billion a year ago.Meanwhile, the company's net loss dropped to $41 million, or 9 cents per share, from a loss of $274 million, 60 cents per share, the year-earlier period.That's right – this sky high valuation is for a company that posted a loss."I hear people speak of how horrendous this all ends, and how there has to be a moment where shares tumble precipitously," Cramer mused.

cnbc, Articles, Amazon.com Inc, S&P 500, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p> With shares up more than 40% ytd and a valuation of 131 times 2014 earnings, is the Amazon premium too great – even for <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>? The stock just made a new all time high!</p><p><span style="background-color:rgb(255, 255, 255)">That's the question on the minds of many investors after <a href="http://www.amazon.com/" target="_blank">Amazon</a> shares surged over 8% on <a href="https://www.cnbc.com/2013/10/24/amazon-revenue-beats-shares-jump.html">better than expected earnings</a>.</span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p><span style="background-color:rgb(255, 255, 255)">The numbers were good – but were they that good?</span><br></p><p><span style="background-color:rgb(255, 255, 255)">Revenue increased 24 percent to $17.09 billion from $13.81 billion a year ago.</span><br></p><p><span style="background-color:rgb(255, 255, 255)">Meanwhile, the company's net loss dropped to $41 million, or 9 cents per share, from a loss of $274 million, 60 cents per share, the year-earlier period.</span><br></p><p><span style="background-color:rgb(255, 255, 255)">That's right – this sky high valuation is for a company that posted a <em>loss</em>.</span><br></p><p><span style="background-color:rgb(255, 255, 255)">"I hear people speak of how horrendous this all ends, and how there has to be a moment where shares tumble precipitously," Cramer mused.</span></p><div style="height:100%" class="lazyload-placeholder"></div><br><br></div>,<div class="group"><p> However, if you're looking for a sharp decline now, Cramer says don't hold your breath.</p><p> "If you think it's wrong that Amazon is trading where it is – I ask, who made you the judge?"<br></p><p> There is only one judge that matters; Mister Market.<br></p><p> And the market has decided that Amazon should trade at these valuations. Whether you agree or not doesn't really matter.<br></p><p> "This is no short squeeze," Cramer said. "It's the real deal."<br></p><p> That's not to say Amazon may not present more risk than other, more conventional stocks. <br></p><p> If you buy Amazon stock, you should know you're buying a stock with one of the richest valuations in the market, Cramer added. You should know that you're buying a stock where conventional metrics don't always apply.<br></p><p> ------------------------------------------------------<br> Read More from Mad Money with Jim Cramer<br> <a href="https://www.cnbc.com/2013/10/24/cramer-spin-off-details-from-dupont-ceo.html">Rejoice! DuPont just unlocked shareholder value</a><br> <a href="https://www.cnbc.com/2013/10/23/something-has-gone-awry-in-market-cramer.html">Something has gone awry in market: Cramer</a><br> <a href="https://www.cnbc.com/2013/10/24/two-tailor-made-retailers-for-growth-investors.html">2 tailor made retailers for growth investors</a><br> ------------------------------------------------------<br></p><p> However, that won't prevent you from <a href="https://www.cnbc.com/2014/10/07/cramers-golden-rule-for-longterm-market-prosperity.html">making money</a>. And in the end, "The simple truth is that the goal of investing in the stock market is to make money."<br></p><p> "Nowhere does it say that you must hold each stock to the <a href="https://www.cnbc.com/2014/07/08/cramers-single-most-important-investing-rule.html">same set of rules</a>," added Cramer. Amazon plays by its own rules. But when you make the rules, often times you win.</p></div>,<div class="group"><p>Call Cramer: 1-800-743-CNBC<br></p><p> Questions for Cramer? madmoney@cnbc.com </p><p> Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com</p></div>

With shares up more than 40% ytd and a valuation of 131 times 2014 earnings, is the Amazon premium too great – even for Amazon? The stock just made a new all time high!That's the question on the minds of many investors after Amazon shares surged over 8% on better than expected earnings.The numbers were good – but were they that good?Revenue increased 24 percent to $17.09 billion from $13.81 billion a year ago.Meanwhile, the company's net loss dropped to $41 million, or 9 cents per share, from a loss of $274 million, 60 cents per share, the year-earlier period.That's right – this sky high valuation is for a company that posted a loss."I hear people speak of how horrendous this all ends, and how there has to be a moment where shares tumble precipitously," Cramer mused. However, if you're looking for a sharp decline now, Cramer says don't hold your breath. "If you think it's wrong that Amazon is trading where it is – I ask, who made you the judge?" There is only one judge that matters; Mister Market. And the market has decided that Amazon should trade at these valuations. Whether you agree or not doesn't really matter. "This is no short squeeze," Cramer said. "It's the real deal." That's not to say Amazon may not present more risk than other, more conventional stocks. If you buy Amazon stock, you should know you're buying a stock with one of the richest valuations in the market, Cramer added. You should know that you're buying a stock where conventional metrics don't always apply. ------------------------------------------------------ Read More from Mad Money with Jim Cramer Rejoice! DuPont just unlocked shareholder value Something has gone awry in market: Cramer 2 tailor made retailers for growth investors ------------------------------------------------------ However, that won't prevent you from making money. And in the end, "The simple truth is that the goal of investing in the stock market is to make money." "Nowhere does it say that you must hold each stock to the same set of rules," added Cramer. Amazon plays by its own rules. But when you make the rules, often times you win.Call Cramer: 1-800-743-CNBC Questions for Cramer? madmoney@cnbc.com Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

2021-10-30 14:11:57.396375

INDICATORS - Slovakia - Oct 3

https://www.cnbc.com/2012/10/03/indicators-slovakia-oct-3.html

2012-10-03T06:01:00+0000

CNBC

(Updated on Oct 1 with central state budget)NEW LISTINGS OR, AMENDMENTS ARE MARKED*KEY INTEREST RATES ECB'S TWO-WEEK REPOrate (pct) 0.75last changed JULY 5, 2012former rate (pct) 1.00SLOVAK REAL GDP Q2/12 (pct change q/q) (pct change y/y)FLASH ESTIMATE +0.7 +2.7SLOVAK REAL GDP Q2/12 Q1/12 Q2/11 FY/11(pct change yr/yr) +2.8 +3.0 +3.5 +3.3Final consumptionHousehold -0.3 -0.1 -0.1 -0.4Government -2.1 +0.4 -5.1 -3.5Gross fixed capitalformation -1.1 -3.9 +6.4 +5.7Foreign trade balanceexports of goodsand services +8.9 +6.0 +13.1 +10.8imports of goodsand services +3.2 +2.1 +10.9 +4.5SLOVAK REAL GDP (pct change yr/yr)FY/2011 +3.3FY/2010 +4.2 (+4.0)FY/2009 -4.9 (-4.8)FY/2008 +5.9 (+5.8)FY/2007 +10.5 (+10.5)FY/2006 +8.3 (+8.5)FY/2005 +6.7 (+6.7)FY/2004 +5.1 (+5.1)FY/2003 +4.8 (+4.8)FY/2002 +4.6 (+4.6)FY/2001 +3.5 (+3.5)FY/2000 +1.4 (+1.4)C/A BALANCE JUNE 12 MAY 12 JUNE 11(mln euro) +364.0 +449.0 -19.0C/A BALANCE END-2011 END-2010 END-2009(bln euro) +38.0 -1.637 -1.627FOREIGN TRADE JULY 12 JUNE 12 JULY 11 JAN-DEC 11(mln euro)Imports 4,578.9 4,983.0 4,227.5 53,966.1Exports 4,977.9 5,331.9 4,252.6 56,407.9Balance +399.0 +348.8 +25.1 +2,441.9DYNAMICS OF TRADE(pct y/y change)nominal imports +8.3 +8.4 +9.5 +13.6nominal exports +17.1 +11.4 +12.9 +16.9SLOVAK UNEMPLOYMENT AUG 12 JULY 12 AUG 11pct of workforce 13.19 13.27 13.12number available for work 356,423 358,652 349,885SLOVAK EU-NORM INFLATION AUG 12 JULY 12 AUG 11pct change mo/mo 0.0 0.0 0.1pct change yr/yr 3.8 3.8 4.0SLOVAK HEADLINE CPI AUG 12 JULY 12 AUG 11pct change mo/mo 0.1 0.0 0.1pct change yr/yr 3.7 3.7 4.0SLOVAK CORE CPIpct change mo/mo 0.0 0.0 -0.2pct change yr/yr 2.9 2.8 2.3*CENTRAL STATE BUDGET JAN-SEPT/12 JAN-SEPT/11 FY 2012 PLAN(mln euro)revenues 8,202.210 8,279.351 13,624.720expenditure 10,787.841 10,438.259 17,299.980balance -2,585.631 -2,158.908 -3,675.260INDUSTRIAL OUTPUT JULY 12 JUNE 12 JULY 11pct change yr/yr +18.5 +13.0 (+11.3) +3.4INDUSTRIAL ORDERS JULY 12 JUNE 12 JULY 11 FY-2011pct change m/m +5.4 -1.8 -7.2pct change y/y +37.9 +20.0 -2.9 +8.3volume (mln euro) 3,434.6 3,552.8 2,572.7 37,202.7CONSTRUCTION OUTPUT JUNE 12 MAY 12 JUNE 11pct change yr/yr -12.1 -7.9 -1.2SELECTED SECTOR SALES APRIL 12 MARCH 11 APRIL 11 JAN-DEC 11(pct change yr/yr)Retail sales -1.9 +0.1 -0.3 -2.8Vehicle salesand maintenance +6.2 +14.9 +11.4 +11.8SLOVAK AVG WAGES Q2/12 Q1/12 Q2/11 FY/11Real pct change yr/yr -1.9 -0.6 -0.9 +2.2Nominal pct change yr/yr +1.5 +3.2 +3.0 -1.6ECONOMIC FORECASTS: GDP EU-NORM CPI C/A DATE'12 '13 '12 '13 '12 '13FinMin +2.5 +2.1 +3.9 +3.1 +0.9 +1.2 Sept 17NBS +2.7 +2.0 +3.7 +2.4 +2.2 +1.1 Sept 18IMF +2.6 May 29EC +1.8 +2.9 +2.9 +1.9 May 11Notes:FinMin - Finance MinistryNBS - National Bank of SlovakiaIMF - the International Monetary FundEC - the European Commission- GDP - Real gross domestic product growth (pct change yr/yr)- EU-NORM CPI - Annual average consumer price index, calculatedunder the EU methodology (pct)- C/A - Current account deficit (pct of GDP)- DATE - The date of the forecast release(Created by Martin Santa)((martin.santa@thomsonreuters.com)(421 2 3231 0254)(ReutersMessaging: martin.santa.reuters.com@reuters.net))Keywords: SLOVAKIA INDICATORS/

cnbc, Articles, Europe, Eastern Europe, Wires, source:tagname:Thomson Financial News

<div class="group"><p>(Updated on Oct 1 with central state budget)</p><p>NEW LISTINGS OR, AMENDMENTS ARE MARKED*KEY INTEREST RATES ECB'S TWO-WEEK REPOrate (pct) 0.75last changed JULY 5, 2012former rate (pct) 1.00SLOVAK REAL GDP Q2/12 (pct change q/q) (pct change y/y)FLASH ESTIMATE +0.7 +2.7SLOVAK REAL GDP Q2/12 Q1/12 Q2/11 FY/11(pct change yr/yr) +2.8 +3.0 +3.5 +3.3Final consumptionHousehold -0.3 -0.1 -0.1 -0.4Government -2.1 +0.4 -5.1 -3.5Gross fixed capitalformation -1.1 -3.9 +6.4 +5.7Foreign trade balanceexports of goodsand services +8.9 +6.0 +13.1 +10.8imports of goodsand services +3.2 +2.1 +10.9 +4.5SLOVAK REAL GDP (pct change yr/yr)FY/2011 +3.3FY/2010 +4.2 (+4.0)FY/2009 -4.9 (-4.8)FY/2008 +5.9 (+5.8)FY/2007 +10.5 (+10.5)FY/2006 +8.3 (+8.5)FY/2005 +6.7 (+6.7)FY/2004 +5.1 (+5.1)FY/2003 +4.8 (+4.8)FY/2002 +4.6 (+4.6)FY/2001 +3.5 (+3.5)FY/2000 +1.4 (+1.4)C/A BALANCE JUNE 12 MAY 12 JUNE 11(mln euro) +364.0 +449.0 -19.0C/A BALANCE END-2011 END-2010 END-2009(bln euro) +38.0 -1.637 -1.627FOREIGN TRADE JULY 12 JUNE 12 JULY 11 JAN-DEC 11(mln euro)Imports 4,578.9 4,983.0 4,227.5 53,966.1Exports 4,977.9 5,331.9 4,252.6 56,407.9Balance +399.0 +348.8 +25.1 +2,441.9DYNAMICS OF TRADE(pct y/y change)nominal imports +8.3 +8.4 +9.5 +13.6nominal exports +17.1 +11.4 +12.9 +16.9SLOVAK UNEMPLOYMENT AUG 12 JULY 12 AUG 11pct of workforce 13.19 13.27 13.12number available for work 356,423 358,652 349,885</p><div style="height:100%" class="lazyload-placeholder"></div><p>SLOVAK EU-NORM INFLATION AUG 12 JULY 12 AUG 11</p><p>pct change mo/mo 0.0 0.0 0.1pct change yr/yr 3.8 3.8 4.0SLOVAK HEADLINE CPI AUG 12 JULY 12 AUG 11pct change mo/mo 0.1 0.0 0.1pct change yr/yr 3.7 3.7 4.0SLOVAK CORE CPIpct change mo/mo 0.0 0.0 -0.2pct change yr/yr 2.9 2.8 2.3</p><p>*CENTRAL STATE BUDGET JAN-SEPT/12 JAN-SEPT/11 FY 2012 PLAN</p><p>(mln euro)revenues 8,202.210 8,279.351 13,624.720expenditure 10,787.841 10,438.259 17,299.980balance -2,585.631 -2,158.908 -3,675.260INDUSTRIAL OUTPUT JULY 12 JUNE 12 JULY 11pct change yr/yr +18.5 +13.0 (+11.3) +3.4INDUSTRIAL ORDERS JULY 12 JUNE 12 JULY 11 FY-2011pct change m/m +5.4 -1.8 -7.2pct change y/y +37.9 +20.0 -2.9 +8.3volume (mln euro) 3,434.6 3,552.8 2,572.7 37,202.7CONSTRUCTION OUTPUT JUNE 12 MAY 12 JUNE 11pct change yr/yr -12.1 -7.9 -1.2SELECTED SECTOR SALES APRIL 12 MARCH 11 APRIL 11 JAN-DEC 11(pct change yr/yr)Retail sales -1.9 +0.1 -0.3 -2.8Vehicle salesand maintenance +6.2 +14.9 +11.4 +11.8SLOVAK AVG WAGES Q2/12 Q1/12 Q2/11 FY/11Real pct change yr/yr -1.9 -0.6 -0.9 +2.2Nominal pct change yr/yr +1.5 +3.2 +3.0 -1.6ECONOMIC FORECASTS: GDP EU-NORM CPI C/A DATE'12 '13 '12 '13 '12 '13FinMin +2.5 +2.1 +3.9 +3.1 +0.9 +1.2 Sept 17NBS +2.7 +2.0 +3.7 +2.4 +2.2 +1.1 Sept 18IMF +2.6 May 29EC +1.8 +2.9 +2.9 +1.9 May 11Notes:FinMin - Finance MinistryNBS - National Bank of SlovakiaIMF - the International Monetary FundEC - the European Commission- GDP - Real gross domestic product growth (pct change yr/yr)- EU-NORM CPI - Annual average consumer price index, calculatedunder the EU methodology (pct)- C/A - Current account deficit (pct of GDP)- DATE - The date of the forecast release(Created by Martin Santa)</p><p>((<a href="mailto:martin.santa@thomsonreuters.com" target="_blank">martin.santa@thomsonreuters.com</a>)(421 2 3231 0254)(ReutersMessaging: <a href="mailto:martin.santa.reuters.com@reuters.net" target="_blank">martin.santa.reuters.com@reuters.net</a>))</p><p>Keywords: SLOVAKIA INDICATORS/</p></div>

(Updated on Oct 1 with central state budget)NEW LISTINGS OR, AMENDMENTS ARE MARKED*KEY INTEREST RATES ECB'S TWO-WEEK REPOrate (pct) 0.75last changed JULY 5, 2012former rate (pct) 1.00SLOVAK REAL GDP Q2/12 (pct change q/q) (pct change y/y)FLASH ESTIMATE +0.7 +2.7SLOVAK REAL GDP Q2/12 Q1/12 Q2/11 FY/11(pct change yr/yr) +2.8 +3.0 +3.5 +3.3Final consumptionHousehold -0.3 -0.1 -0.1 -0.4Government -2.1 +0.4 -5.1 -3.5Gross fixed capitalformation -1.1 -3.9 +6.4 +5.7Foreign trade balanceexports of goodsand services +8.9 +6.0 +13.1 +10.8imports of goodsand services +3.2 +2.1 +10.9 +4.5SLOVAK REAL GDP (pct change yr/yr)FY/2011 +3.3FY/2010 +4.2 (+4.0)FY/2009 -4.9 (-4.8)FY/2008 +5.9 (+5.8)FY/2007 +10.5 (+10.5)FY/2006 +8.3 (+8.5)FY/2005 +6.7 (+6.7)FY/2004 +5.1 (+5.1)FY/2003 +4.8 (+4.8)FY/2002 +4.6 (+4.6)FY/2001 +3.5 (+3.5)FY/2000 +1.4 (+1.4)C/A BALANCE JUNE 12 MAY 12 JUNE 11(mln euro) +364.0 +449.0 -19.0C/A BALANCE END-2011 END-2010 END-2009(bln euro) +38.0 -1.637 -1.627FOREIGN TRADE JULY 12 JUNE 12 JULY 11 JAN-DEC 11(mln euro)Imports 4,578.9 4,983.0 4,227.5 53,966.1Exports 4,977.9 5,331.9 4,252.6 56,407.9Balance +399.0 +348.8 +25.1 +2,441.9DYNAMICS OF TRADE(pct y/y change)nominal imports +8.3 +8.4 +9.5 +13.6nominal exports +17.1 +11.4 +12.9 +16.9SLOVAK UNEMPLOYMENT AUG 12 JULY 12 AUG 11pct of workforce 13.19 13.27 13.12number available for work 356,423 358,652 349,885SLOVAK EU-NORM INFLATION AUG 12 JULY 12 AUG 11pct change mo/mo 0.0 0.0 0.1pct change yr/yr 3.8 3.8 4.0SLOVAK HEADLINE CPI AUG 12 JULY 12 AUG 11pct change mo/mo 0.1 0.0 0.1pct change yr/yr 3.7 3.7 4.0SLOVAK CORE CPIpct change mo/mo 0.0 0.0 -0.2pct change yr/yr 2.9 2.8 2.3*CENTRAL STATE BUDGET JAN-SEPT/12 JAN-SEPT/11 FY 2012 PLAN(mln euro)revenues 8,202.210 8,279.351 13,624.720expenditure 10,787.841 10,438.259 17,299.980balance -2,585.631 -2,158.908 -3,675.260INDUSTRIAL OUTPUT JULY 12 JUNE 12 JULY 11pct change yr/yr +18.5 +13.0 (+11.3) +3.4INDUSTRIAL ORDERS JULY 12 JUNE 12 JULY 11 FY-2011pct change m/m +5.4 -1.8 -7.2pct change y/y +37.9 +20.0 -2.9 +8.3volume (mln euro) 3,434.6 3,552.8 2,572.7 37,202.7CONSTRUCTION OUTPUT JUNE 12 MAY 12 JUNE 11pct change yr/yr -12.1 -7.9 -1.2SELECTED SECTOR SALES APRIL 12 MARCH 11 APRIL 11 JAN-DEC 11(pct change yr/yr)Retail sales -1.9 +0.1 -0.3 -2.8Vehicle salesand maintenance +6.2 +14.9 +11.4 +11.8SLOVAK AVG WAGES Q2/12 Q1/12 Q2/11 FY/11Real pct change yr/yr -1.9 -0.6 -0.9 +2.2Nominal pct change yr/yr +1.5 +3.2 +3.0 -1.6ECONOMIC FORECASTS: GDP EU-NORM CPI C/A DATE'12 '13 '12 '13 '12 '13FinMin +2.5 +2.1 +3.9 +3.1 +0.9 +1.2 Sept 17NBS +2.7 +2.0 +3.7 +2.4 +2.2 +1.1 Sept 18IMF +2.6 May 29EC +1.8 +2.9 +2.9 +1.9 May 11Notes:FinMin - Finance MinistryNBS - National Bank of SlovakiaIMF - the International Monetary FundEC - the European Commission- GDP - Real gross domestic product growth (pct change yr/yr)- EU-NORM CPI - Annual average consumer price index, calculatedunder the EU methodology (pct)- C/A - Current account deficit (pct of GDP)- DATE - The date of the forecast release(Created by Martin Santa)((martin.santa@thomsonreuters.com)(421 2 3231 0254)(ReutersMessaging: martin.santa.reuters.com@reuters.net))Keywords: SLOVAKIA INDICATORS/

2021-10-30 14:11:57.551467

Stocks making the biggest moves after hours: Nike, Broadcom, HD Supply and more

https://www.cnbc.com/2019/09/24/stocks-making-the-biggest-moves-after-hours-nike-broadcom-hd-supply-and-more.html

2019-09-24T22:23:26+0000

Ganesh Setty

CNBC

Check out the companies making headlines after the bell:Shares of Nike hit an all-time high, surging more than 5.5% during extended trade, following strong first-quarter earnings. CEO Mark Parker credited the earnings beat to product innovation and stronger e-commerce business.The footwear giant posted earnings of 86 cents per share and revenue of $10.66 billion, far exceeding the 70 cents per share increase on revenue of $10.44 billion Wall Street had expected, according to Refinitiv consensus estimates.Broadcom shares dipped 3.5% after the company announced a new offering of $3 billion Series A mandatory preferred stock to the public, to be converted intro common stock in late September of 2022. Each share of preferred stock is expected to have a liquidation preference of $1,000, and the net proceeds from the offering will be spent of repayment of "outstanding borrowings," the chip-maker detailed in a press release. Bank of America Merrill Lynch Citigroup, J.P. Morgan and Morgan Stanley will serve as underwriters and joint-book running managers for the offering.HD Supply Holdings spiked 5% after the industrial distributor filed to separate its facilities maintenance and construction & industrial businesses into two separate publicly traded companies, expected to be completed by the middle of fiscal year 2020. The distribution will be tax-free to HD Supply shareholders, and each company will have its own independent board of directors that will include some of the current members of HD Supply's Board, the company explained in a press release.Shares of Kinder Morgan rose 1.4% after the bell following an announcement that its Gulf Coast Express Pipeline Project will be in full service on Sept. 25, ahead of schedule. The pipeline will provide approximately 2 billion cubic feet of incremental natural gas capacity per day and help lower natural gas flaring, the energy infrastructure company said in a press release. Other equity holders in the pipeline include Altus Midstream, DCP Midstream, and an affiliate of Targa Resources.Shares of SYNNEX soared more than 9% following the IT supply chain company's strong third-quarter earnings. The company reported an increase of $3.30 per share ex-items and revenue of $6.20 billion. Analysts had forecast earnings of $2.86 per share on revenue of $5.69 billion, according to Refinitiv consensus estimates.Cintas shares climbed more than 4% after the company improved its full-year guidance. The business services company reported better-than-expected earnings of $2.32 on $1.81 billion in revenue for its first quarter, compared to the $2.15 per share increase and revenue of $1.79 billion analysts had expected, according to Refinitiv.

cnbc, Articles, HD Supply Holdings Inc, Targa Resources Corp, DCP Midstream Partners LP, Altus Midstream Co, Kinder Morgan, Morgan Stanley, JPMorgan Chase & Co, Citigroup Inc, Bank of America Corp, Broadcom Inc, Amgen Inc, SYNNEX Corp, Cintas Corp, Nike Inc, Markets, Market Insider, Wall Street, Earnings, U.S. Markets, Finance, source:tagname:CNBC US Source

<div class="group"><p><em>Check out the companies making headlines after the bell</em>:</p><p>Shares of <a href="//www.cnbc.com/quotes/NKE" target="_blank">Nike</a> hit an all-time high, surging more than 5.5% during extended trade, following <a href="https://www.cnbc.com/2019/09/24/nike-nke-reports-fiscal-q1-2020-earnings.html">strong first-quarter earnings</a>. CEO Mark Parker credited the earnings beat to product innovation and stronger e-commerce business.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The footwear giant posted earnings of 86 cents per share and revenue of $10.66 billion, far exceeding the 70 cents per share increase on revenue of $10.44 billion Wall Street had expected, according to Refinitiv consensus estimates.</p><p><a href="//www.cnbc.com/quotes/AVGO" target="_blank">Broadcom</a> shares dipped 3.5% after the company announced a new offering of $3 billion Series A mandatory preferred stock to the public, to be converted intro common stock in late September of 2022. Each share of preferred stock is expected to have a liquidation preference of $1,000, and the net proceeds from the offering will be spent of repayment of "outstanding borrowings," the chip-maker detailed in a <a href="https://www.prnewswire.com/news-releases/broadcom-inc-announces-offering-of-mandatory-convertible-preferred-stock-300924599.html" target="_blank">press release</a>. <a href="//www.cnbc.com/quotes/BAC" target="_blank">Bank of America Merrill Lynch</a> <a href="//www.cnbc.com/quotes/C" target="_blank">Citigroup</a>, <a href="//www.cnbc.com/quotes/JPM" target="_blank">J.P. Morgan</a> and <a href="//www.cnbc.com/quotes/MS" target="_blank">Morgan Stanley</a> will serve as underwriters and joint-book running managers for the offering.</p><p><a href="//www.cnbc.com/quotes/HDS" target="_blank">HD Supply Holdings</a> spiked 5% after the industrial distributor filed to separate its facilities maintenance and construction &amp; industrial businesses into two separate publicly traded companies, expected to be completed by the middle of fiscal year 2020. The distribution will be tax-free to HD Supply shareholders, and each company will have its own independent board of directors that will include some of the current members of HD Supply's Board, the company explained in a <a href="https://www.globenewswire.com/news-release/2019/09/24/1920281/0/en/HD-Supply-Holdings-Inc-Announces-Intent-to-Separate-Into-Two-Industry-Leading-Public-Companies.html" target="_blank">press release</a>.</p><p>Shares of <a href="//www.cnbc.com/quotes/KMI" target="_blank">Kinder Morgan</a> rose 1.4% after the bell following an announcement that its Gulf Coast Express Pipeline Project will be in full service on Sept. 25, ahead of schedule. The pipeline will provide approximately 2 billion cubic feet of incremental natural gas capacity per day and help lower natural gas flaring, the energy infrastructure company said in a <a href="https://www.businesswire.com/news/home/20190924006044/en/Gulf-Coast-Express-Pipeline-Service-Schedule" target="_blank">press release</a>. Other equity holders in the pipeline include <a href="//www.cnbc.com/quotes/ALTM" target="_blank">Altus Midstream</a>, <a href="//www.cnbc.com/quotes/DCP" target="_blank">DCP Midstream</a>, and an affiliate of <a href="//www.cnbc.com/quotes/TRGP" target="_blank">Targa Resources</a>.</p><p>Shares of <a href="//www.cnbc.com/quotes/SNX" target="_blank">SYNNEX</a> soared more than 9% following the IT supply chain company's strong third-quarter earnings. The company reported an increase of $3.30 per share ex-items and revenue of $6.20 billion. Analysts had forecast earnings of $2.86 per share on revenue of $5.69 billion, according to Refinitiv consensus estimates.</p><p><a href="//www.cnbc.com/quotes/CTAS" target="_blank">Cintas</a> shares climbed more than 4% after the company improved its full-year guidance. The business services company reported better-than-expected earnings of $2.32 on $1.81 billion in revenue for its first quarter, compared to the $2.15 per share increase and revenue of $1.79 billion analysts had expected, according to Refinitiv.</p></div>

Check out the companies making headlines after the bell:Shares of Nike hit an all-time high, surging more than 5.5% during extended trade, following strong first-quarter earnings. CEO Mark Parker credited the earnings beat to product innovation and stronger e-commerce business.The footwear giant posted earnings of 86 cents per share and revenue of $10.66 billion, far exceeding the 70 cents per share increase on revenue of $10.44 billion Wall Street had expected, according to Refinitiv consensus estimates.Broadcom shares dipped 3.5% after the company announced a new offering of $3 billion Series A mandatory preferred stock to the public, to be converted intro common stock in late September of 2022. Each share of preferred stock is expected to have a liquidation preference of $1,000, and the net proceeds from the offering will be spent of repayment of "outstanding borrowings," the chip-maker detailed in a press release. Bank of America Merrill Lynch Citigroup, J.P. Morgan and Morgan Stanley will serve as underwriters and joint-book running managers for the offering.HD Supply Holdings spiked 5% after the industrial distributor filed to separate its facilities maintenance and construction & industrial businesses into two separate publicly traded companies, expected to be completed by the middle of fiscal year 2020. The distribution will be tax-free to HD Supply shareholders, and each company will have its own independent board of directors that will include some of the current members of HD Supply's Board, the company explained in a press release.Shares of Kinder Morgan rose 1.4% after the bell following an announcement that its Gulf Coast Express Pipeline Project will be in full service on Sept. 25, ahead of schedule. The pipeline will provide approximately 2 billion cubic feet of incremental natural gas capacity per day and help lower natural gas flaring, the energy infrastructure company said in a press release. Other equity holders in the pipeline include Altus Midstream, DCP Midstream, and an affiliate of Targa Resources.Shares of SYNNEX soared more than 9% following the IT supply chain company's strong third-quarter earnings. The company reported an increase of $3.30 per share ex-items and revenue of $6.20 billion. Analysts had forecast earnings of $2.86 per share on revenue of $5.69 billion, according to Refinitiv consensus estimates.Cintas shares climbed more than 4% after the company improved its full-year guidance. The business services company reported better-than-expected earnings of $2.32 on $1.81 billion in revenue for its first quarter, compared to the $2.15 per share increase and revenue of $1.79 billion analysts had expected, according to Refinitiv.

2021-10-30 14:11:57.588718

Dick Grasso: $4T question nobody is asking the Fed

https://www.cnbc.com/2015/05/13/dick-grasso-4t-question-nobody-is-asking-the-fed.html

2015-05-13T14:22:33+0000

Matthew J. Belvedere

CNBC

With all the talk about when the Federal Reserve might increase interest rates, former New York Stock Exchange chief Dick Grasso said Wednesday he's concerned about how the central bank plans to reduce its $4.4 trillion balance sheet. The question nobody seems to be asking the Fed, according to Grasso: "How are you going to do that in the context of everyone else in the world stimulating [and] lowering rates—applying, if you will, the type of stimulus we applied." The total assets of the Fed have increased from about $869 billion in August 2007, during three rounds of quantitative easing bond purchases that started in November 2008 in an effort to support the economy and combat the effects of the financial crisis. Former Fed Chairman Ben Bernanke argued at an event last month the central bank could maintain its balance sheet at somewhat higher amounts than precrisis levels. Read MoreDon't expect 'rate riot': Roubini Some Fed watchers see perhaps $1.2 trillion to $1.3 trillion as a new sweet spot, once the unwinding is complete. "Four trillion is unprecedented, but to shrink it by two-thirds you don't have a comparable period in our history," Grasso said in an interview on CNBC's "Squawk Box."

cnbc, Articles, Federal Reserve System, Economy, Interest Rates, Markets, Jobs, Inflation, The Fed, Squawk Box U.S., Business News, source:tagname:CNBC US Source

<div class="group"><p> With all the talk about when the <a href="https://www.cnbc.com/federal-reserve/">Federal Reserve</a> might increase interest rates, former New York Stock Exchange chief Dick Grasso said Wednesday he's concerned about how the central bank plans to reduce its $4.4 trillion balance sheet.</p><p> The question nobody seems to be asking the <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Fed</a>, according to Grasso: "How are you going to do that in the context of everyone else in the world stimulating [and] lowering rates—applying, if you will, the type of stimulus we applied." </p><div style="height:100%" class="lazyload-placeholder"></div><p> <a href="http://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm" target="_blank">The total assets of the Fed</a> have increased from about $869 billion in August 2007, during three rounds of <a href="https://www.cnbc.com/2012/10/03/quantitative-easing-cnbc-explains.html">quantitative easing</a> bond purchases that started in November 2008 in an effort to support the economy and combat the effects of the financial crisis.</p><p> Former Fed Chairman Ben Bernanke argued at an event last month the central bank could maintain its balance sheet at somewhat higher amounts than precrisis levels.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/05/12/dont-expect-rate-riot-nouriel-roubini.html">Don't expect 'rate riot': <span class="cnbc-nobr">Roubini</span></a><br></p><p> Some Fed watchers see perhaps $1.2 trillion to $1.3 trillion as a new sweet spot, once the unwinding is complete.</p><p> "Four trillion is unprecedented, but to shrink it by two-thirds you don't have a comparable period in our history," Grasso said in an interview on CNBC's "<a href="https://www.cnbc.com/squawk-box-us/">Squawk Box</a>."</p><div style="height:100%" class="lazyload-placeholder"></div><p> <br></p></div>,<div class="group"><p><br></p></div>

With all the talk about when the Federal Reserve might increase interest rates, former New York Stock Exchange chief Dick Grasso said Wednesday he's concerned about how the central bank plans to reduce its $4.4 trillion balance sheet. The question nobody seems to be asking the Fed, according to Grasso: "How are you going to do that in the context of everyone else in the world stimulating [and] lowering rates—applying, if you will, the type of stimulus we applied." The total assets of the Fed have increased from about $869 billion in August 2007, during three rounds of quantitative easing bond purchases that started in November 2008 in an effort to support the economy and combat the effects of the financial crisis. Former Fed Chairman Ben Bernanke argued at an event last month the central bank could maintain its balance sheet at somewhat higher amounts than precrisis levels. Read MoreDon't expect 'rate riot': Roubini Some Fed watchers see perhaps $1.2 trillion to $1.3 trillion as a new sweet spot, once the unwinding is complete. "Four trillion is unprecedented, but to shrink it by two-thirds you don't have a comparable period in our history," Grasso said in an interview on CNBC's "Squawk Box."

2021-10-30 14:11:58.037346

UConn not planning to name center for Calhoun

https://www.cnbc.com/2012/10/03/uconn-not-planning-to-name-center-for-calhoun.html

2012-10-03T18:53:00+0000

CNBC

HARTFORD, Conn. -- Connecticut's athletic director says the university is looking for a sponsor to step forward and secure the naming rights for its planned basketball training center and has no plans to name the building after newly retired basketball coach Jim Calhoun."There's not been one point in the conversation about naming the building for Jim, because we've always, since I got here, been talking about the naming opportunity to raise money," said Ward Manuel, who addressed the speculation Monday after Calhoun spoke at a chamber of commerce breakfast in Cromwell.The facility, which is expected to cost more than $40 million, is being funded entirely by private donations.It would be built adjacent to Gampel Pavilion on the site where the former football stadium was razed earlier this year. Plans call for separate practice courts for the men's and women's basketball teams, locker rooms, weight rooms, classrooms, a sports medicine center and offices for the basketball staff.About $22 million of the $32 million needed to break ground on the center, the school said this week."We're more than halfway toward the total and about 75 percent to what we need to start construction," Manuel said.Calhoun, who retired as coach last month, is raising money for the center as part of his new job as a special assistant to Manuel.He said he will be visiting NBA training camps this fall and plans to ask former UConn players for their help with the center, which he said will also celebrate the history of Husky basketball."Some of the kids have expressed some interest, and those who haven't are going to become more interested," Calhoun said.Calhoun said he's talked to planners about including a locker room just for basketball alumni, who will be able to use the facility."That in turn, in my opinion, will keep, five years, 10 years, 20, down the line, all those guys connected," he said. "And as guys graduate and go on to their careers, obviously they will be able to do more. _ maybe one guy will want a room named after him, etcetera."Earlier this summer, the school announced that Webster Bank had made a significant donation to the building, but would not release the details. Last December, the school announced that a Woodbridge couple, Peter J. and Pamela H. Werth donated $4.5 million for the building, the largest single private gift ever to the Division of Athletics.

cnbc, Articles, Connecticut, North America, United States, Wires, source:tagname:The Associated Press

<div class="group"><p>HARTFORD, Conn. -- Connecticut's athletic director says the university is looking for a sponsor to step forward and secure the naming rights for its planned basketball training center and has no plans to name the building after newly retired basketball coach Jim Calhoun.</p><p>"There's not been one point in the conversation about naming the building for Jim, because we've always, since I got here, been talking about the naming opportunity to raise money," said Ward Manuel, who addressed the speculation Monday after Calhoun spoke at a chamber of commerce breakfast in Cromwell.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The facility, which is expected to cost more than $40 million, is being funded entirely by private donations.</p><p>It would be built adjacent to Gampel Pavilion on the site where the former football stadium was razed earlier this year. Plans call for separate practice courts for the men's and women's basketball teams, locker rooms, weight rooms, classrooms, a sports medicine center and offices for the basketball staff.</p><p>About $22 million of the $32 million needed to break ground on the center, the school said this week.</p><p>"We're more than halfway toward the total and about 75 percent to what we need to start construction," Manuel said.</p><p>Calhoun, who retired as coach last month, is raising money for the center as part of his new job as a special assistant to Manuel.</p><div style="height:100%" class="lazyload-placeholder"></div><p>He said he will be visiting NBA training camps this fall and plans to ask former UConn players for their help with the center, which he said will also celebrate the history of Husky basketball.</p><p>"Some of the kids have expressed some interest, and those who haven't are going to become more interested," Calhoun said.</p><p>Calhoun said he's talked to planners about including a locker room just for basketball alumni, who will be able to use the facility.</p><p>"That in turn, in my opinion, will keep, five years, 10 years, 20, down the line, all those guys connected," he said. "And as guys graduate and go on to their careers, obviously they will be able to do more. _ maybe one guy will want a room named after him, etcetera."</p><p>Earlier this summer, the school announced that Webster Bank had made a significant donation to the building, but would not release the details. Last December, the school announced that a Woodbridge couple, Peter J. and Pamela H. Werth donated $4.5 million for the building, the largest single private gift ever to the Division of Athletics.</p></div>

HARTFORD, Conn. -- Connecticut's athletic director says the university is looking for a sponsor to step forward and secure the naming rights for its planned basketball training center and has no plans to name the building after newly retired basketball coach Jim Calhoun."There's not been one point in the conversation about naming the building for Jim, because we've always, since I got here, been talking about the naming opportunity to raise money," said Ward Manuel, who addressed the speculation Monday after Calhoun spoke at a chamber of commerce breakfast in Cromwell.The facility, which is expected to cost more than $40 million, is being funded entirely by private donations.It would be built adjacent to Gampel Pavilion on the site where the former football stadium was razed earlier this year. Plans call for separate practice courts for the men's and women's basketball teams, locker rooms, weight rooms, classrooms, a sports medicine center and offices for the basketball staff.About $22 million of the $32 million needed to break ground on the center, the school said this week."We're more than halfway toward the total and about 75 percent to what we need to start construction," Manuel said.Calhoun, who retired as coach last month, is raising money for the center as part of his new job as a special assistant to Manuel.He said he will be visiting NBA training camps this fall and plans to ask former UConn players for their help with the center, which he said will also celebrate the history of Husky basketball."Some of the kids have expressed some interest, and those who haven't are going to become more interested," Calhoun said.Calhoun said he's talked to planners about including a locker room just for basketball alumni, who will be able to use the facility."That in turn, in my opinion, will keep, five years, 10 years, 20, down the line, all those guys connected," he said. "And as guys graduate and go on to their careers, obviously they will be able to do more. _ maybe one guy will want a room named after him, etcetera."Earlier this summer, the school announced that Webster Bank had made a significant donation to the building, but would not release the details. Last December, the school announced that a Woodbridge couple, Peter J. and Pamela H. Werth donated $4.5 million for the building, the largest single private gift ever to the Division of Athletics.

2021-10-30 14:11:58.073185

Uber fallout: Here's the level to watch as stock falls on London ban

https://www.cnbc.com/2019/11/25/uber-fallout-heres-the-level-to-watch-as-stock-falls-on-london-ban.html

2019-11-25T15:11:21+0000

Lizzy Gurdus

CNBC

Uber could still make a U-turn.That's according to JC O'Hara, chief market technician at MKM Partners, who told CNBC's "Trading Nation" on Friday that breaching one key level could greatly bolster the stock's bull case.Uber shares have endured a great deal of push-and-pull in recent days, sent higher on Friday by positive analyst notes from Stifel and SunTrust, but tipped into a 1% decline on Monday after the city of London stripped the ride-hailing giant of its license to operate there — Uber's biggest European market. The order is on hold as Uber appeals the decision.Looking at Uber's chart since its IPO — which, as of Monday, displayed a painful 36% decline from the debut price — O'Hara saw some hope for the stock."I can really appreciate this recent short-term positive momentum, especially after we got past the lockup expiration earlier this month," O'Hara said. Since the  on Nov. 6, current and former insiders including ex-CEO Travis Kalanick,have sold large blocks of shares. "But ... if we take a step back and look at the six-month chart, we find that we are still in a defined downtrend," O'Hara said. "We have price trading below a declining 50-day moving average. We have a series of lower highs in place as well as lower lows. So, I think it might be too premature to say the worst is behind us."Still, O'Hara said one level would determine Uber's ability to turn around."If we do manage to push up and break above the October highs in that $34-35 area, I think I would be a little bit more confident at that point in time that the worst is behind us, and the base suggests that we can move higher at that point," the technical analyst said.Uber shares were just above the $29 level in early Monday trading.Steve Chiavarone, equity strategist, vice president and portfolio manager at Federated, wasn't as confident that Uber could find an upward catalyst."I think scalability is the issue," Chiavarone said in Friday's segment. "We focus on incremental margins. You've got insurance costs here that grow as the company expands, and that raises questions about scalability. So, as we evaluate IPOs, particularly through our Kaufmann Growth franchise, what we're looking for is companies that are asset-light, can scale the business and are generating incremental margins. I'm not sure we find that here."Chiavarone added that his firm was not yet exposed to the ride-hailing space, citing its stringent guidelines for investing in newly public names."What we're looking for are those companies where we can see a clear pathway to cash-flow growth because that ultimately is going to be where the value is, and so we have not played this space," he said.Earlier this year, Uber CEO Dara Khosrowshahi told CNBC that he expected the company to be profitable by 2021.Disclaimer

cnbc, Articles, SunTrust Banks Inc, Uber Technologies Inc, IPO, Uber, Transportation, Personal investing, Investment strategy, Stock markets, Markets, US Market, U.S. Markets, Investment Strategy, Investment Strategies, stocks, Stock Picks, Investing, Trading Nation, Special Reports, IPOs, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/UBER" target="_blank">Uber</a> could still make a U-turn.</p><p>That's according to JC O'Hara, chief market technician at MKM Partners, who told CNBC's <a href="https://www.cnbc.com/trading-nation/">"Trading Nation"</a> on Friday that breaching one key level could greatly bolster the stock's bull case.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Uber shares have endured a great deal of push-and-pull in recent days, sent higher on Friday by <a href="https://www.cnbc.com/2019/11/22/analysts-are-starting-to-believe-uber-has-bottomed-and-is-headed-for-a-big-2020.html">positive analyst notes</a> from Stifel and SunTrust, but tipped into a 1% decline on Monday after the <a href="https://www.cnbc.com/2019/11/25/uber-stripped-of-its-london-license-in-huge-blow-dealt-by-tfl.html">city of London stripped the ride-hailing giant</a> of its license to operate there — Uber's biggest European market. The order is on hold as Uber appeals the decision.</p><p>Looking at Uber's chart since its IPO — which, as of Monday, displayed a painful 36% decline from the debut price — O'Hara saw some hope for the stock.</p><p>"I can really appreciate this recent short-term positive momentum, especially after we got past the <a href="https://www.cnbc.com/2019/11/22/ubers-ex-ceo-travis-kalanick-has-sold-almost-1point5-billion.html">lockup expiration</a> earlier this month," O'Hara said. Since the <!-- --> on Nov. 6, current and former insiders including ex-CEO Travis Kalanick,have sold large blocks of shares. </p><p></p><div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-undefined" data-test="InlineImage"><div class="InlineImage-wrapper InlineImage-wrapperNoCaption"><div class="InlineImage-imagePlaceholder" style="padding-bottom:55.55555555555556%"><div style="height:100%" class="lazyload-placeholder"></div></div><div><div class="InlineImage-imageEmbedCaption"></div><div class="InlineImage-imageEmbedCredit"></div></div></div></div><p>"But ... if we take a step back and look at the six-month chart, we find that we are still in a defined downtrend," O'Hara said. "We have price trading below a declining 50-day moving average. We have a series of lower highs in place as well as lower lows. So, I think it might be too premature to say the worst is behind us."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Still, O'Hara said one level would determine Uber's ability to turn around.</p><p>"If we do manage to push up and break above the October highs in that $34-35 area, I think I would be a little bit more confident at that point in time that the worst is behind us, and the base suggests that we can move higher at that point," the technical analyst said.</p><p>Uber shares were just above the $29 level in early Monday trading.</p><p>Steve Chiavarone, equity strategist, vice president and portfolio manager at Federated, wasn't as confident that Uber could find an upward catalyst.</p><p>"I think scalability is the issue," Chiavarone said in Friday's segment. "We focus on incremental margins. You've got insurance costs here that grow as the company expands, and that raises questions about scalability. So, as we evaluate IPOs, particularly through our <a href="https://www.federatedinvestors.com/products/mutual-funds/kaufmann/r.do" target="_blank">Kaufmann Growth franchise</a>, what we're looking for is companies that are asset-light, can scale the business and are generating incremental margins. I'm not sure we find that here."</p><p>Chiavarone added that his firm was not yet exposed to the ride-hailing space, citing its stringent guidelines for investing in newly public names.</p><p>"What we're looking for are those companies where we can see a clear pathway to cash-flow growth because that ultimately is going to be where the value is, and so we have not played this space," he said.</p><p>Earlier this year, <a href="https://www.cnbc.com/2019/11/04/uber-ceo-dara-khosrowshahi-predicts-profitability-by-2021.html">Uber CEO Dara Khosrowshahi told CNBC</a> that he expected the company to be profitable by 2021.</p><p><a href="https://www.cnbc.com/stocks-disclaimer.html"><em>Disclaimer</em></a></p></div>

Uber could still make a U-turn.That's according to JC O'Hara, chief market technician at MKM Partners, who told CNBC's "Trading Nation" on Friday that breaching one key level could greatly bolster the stock's bull case.Uber shares have endured a great deal of push-and-pull in recent days, sent higher on Friday by positive analyst notes from Stifel and SunTrust, but tipped into a 1% decline on Monday after the city of London stripped the ride-hailing giant of its license to operate there — Uber's biggest European market. The order is on hold as Uber appeals the decision.Looking at Uber's chart since its IPO — which, as of Monday, displayed a painful 36% decline from the debut price — O'Hara saw some hope for the stock."I can really appreciate this recent short-term positive momentum, especially after we got past the lockup expiration earlier this month," O'Hara said. Since the  on Nov. 6, current and former insiders including ex-CEO Travis Kalanick,have sold large blocks of shares. "But ... if we take a step back and look at the six-month chart, we find that we are still in a defined downtrend," O'Hara said. "We have price trading below a declining 50-day moving average. We have a series of lower highs in place as well as lower lows. So, I think it might be too premature to say the worst is behind us."Still, O'Hara said one level would determine Uber's ability to turn around."If we do manage to push up and break above the October highs in that $34-35 area, I think I would be a little bit more confident at that point in time that the worst is behind us, and the base suggests that we can move higher at that point," the technical analyst said.Uber shares were just above the $29 level in early Monday trading.Steve Chiavarone, equity strategist, vice president and portfolio manager at Federated, wasn't as confident that Uber could find an upward catalyst."I think scalability is the issue," Chiavarone said in Friday's segment. "We focus on incremental margins. You've got insurance costs here that grow as the company expands, and that raises questions about scalability. So, as we evaluate IPOs, particularly through our Kaufmann Growth franchise, what we're looking for is companies that are asset-light, can scale the business and are generating incremental margins. I'm not sure we find that here."Chiavarone added that his firm was not yet exposed to the ride-hailing space, citing its stringent guidelines for investing in newly public names."What we're looking for are those companies where we can see a clear pathway to cash-flow growth because that ultimately is going to be where the value is, and so we have not played this space," he said.Earlier this year, Uber CEO Dara Khosrowshahi told CNBC that he expected the company to be profitable by 2021.Disclaimer

2021-10-30 14:11:58.252780

China Feb inflation +2.3% on-year, fastest rise since July 2014

https://www.cnbc.com/2016/03/09/china-feb-inflation-up-on-year-beating-expectations-fastest-rise-since-july-2014.html

2016-03-10T01:36:05+0000

Nyshka Chandran

CNBC

Consumer prices in the world's second-largest economy accelerated to a six-month high in February as seasonal distortions caused food prices to spike. Consumer price inflation rose 2.3 percent from a year ago, faster than January's 1.8 percent rise and well above Reuters expectations for 1.9 percent rise. February's expansion was the fastest annual pace of growth since July 2014, Reuters said. February's spike was only a temporary effect, warned Grace Ng, greater China economist at J.P Morgan. "Part of the increase is due to Chinese New Year-related issues. Generally, the inflation picture overall is quite tame. For the whole year, we're still looking for inflation below 2 percent," she told CNBC's "Squawk Box." The week-long Lunar New Year holiday that began on February 7 tends to increase demand for fresh food every year, which pushes up prices. Unusual cold weather this year also caused a tightening in the supply of vegetables, driving prices higher, according to a Societe Generale note. Despite the surge, inflation isn't expected to continue accelerating.

cnbc, Articles, China, Inflation, Asia Economy, Shanghai, Societe Generale SA, Asia: Squawk Box, Food Retail, Food Products, Business News, Economy, source:tagname:CNBC Asia Source

<div class="group"><p> Consumer prices in the world's second-largest economy accelerated to a six-month high in February as seasonal distortions caused food prices to spike.</p><p> Consumer price inflation rose 2.3 percent from a year ago, faster than January's 1.8 percent rise and well above Reuters expectations for 1.9 percent rise. February's expansion was the fastest annual pace of growth since July 2014, Reuters said.</p><div style="height:100%" class="lazyload-placeholder"></div><p> February's spike was only a temporary effect, warned Grace Ng, greater China economist at J.P Morgan.</p><p> "Part of the increase is due to Chinese New Year-related issues. Generally, the inflation picture overall is quite tame. For the whole year, we're still looking for inflation below 2 percent," she told CNBC's <a href="https://www.cnbc.com/asia-squawk-box/">"Squawk Box."</a></p><p> The week-long Lunar New Year holiday that began on February 7 tends to increase demand for fresh food every year, which pushes up prices. Unusual cold weather this year also caused a tightening in the supply of vegetables, driving prices higher, according to a <a href="//www.cnbc.com/quotes/GLE-FR" target="_blank">Societe Generale</a> note.</p><p> Despite the surge, inflation isn't expected to continue accelerating.</p></div>,<div class="group"><p>"We think it would take a big food supply shock or energy price spike for CPI inflation to cross the central bank's 3 percent inflation red line," said Tim Condon, head of Asia research at ING.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Meanwhile, February producer prices tanked 4.9 percent on year, slower than January's 5.3 percent and in line with estimates. This marks the fourth consecutive year of Chinese firms slashing prices of their goods, according to Reuters.</p><p> "What's worrying is the PPI deflation trend as that impacts company profits and sales revenue. Considering the fact that the corporate sector is the most leveraged among economic players in terms of financial risk, it's a difficult situation," Ng said.</p><p><a href="https://www.cnbc.com/2016/03/09/asia-stocks-to-focus-on-higher-oil-prices-gains-in-us-equities-bank-of-korea-decision-and-china-data.html"> Asian markets</a> were mixed following the data, with the <a href="https://www.cnbc.com/quotes/.SSEC">Shanghai Composite</a> down nearly 1 percent and the <a href="https://www.cnbc.com/quotes/">Australian dollar</a>, a proxy for China plays, modesty lower at $0.7470.<br></p><p> "The 18 percent month-on-month drop in global crude prices in January ensured that deep PPI deflation will persist until global oil prices stabilize long enough for a low-base effect to kick in, which would be toward the end of the year," said Condon.</p><p> "Deep PPI deflation squeezes cash flows in China's highly-leveraged corporates and calls for lower interest rates. We expect the PBOC to cut policy interest rates by 25 basis points."</p><p> —<em>Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>.</em></p></div>

Consumer prices in the world's second-largest economy accelerated to a six-month high in February as seasonal distortions caused food prices to spike. Consumer price inflation rose 2.3 percent from a year ago, faster than January's 1.8 percent rise and well above Reuters expectations for 1.9 percent rise. February's expansion was the fastest annual pace of growth since July 2014, Reuters said. February's spike was only a temporary effect, warned Grace Ng, greater China economist at J.P Morgan. "Part of the increase is due to Chinese New Year-related issues. Generally, the inflation picture overall is quite tame. For the whole year, we're still looking for inflation below 2 percent," she told CNBC's "Squawk Box." The week-long Lunar New Year holiday that began on February 7 tends to increase demand for fresh food every year, which pushes up prices. Unusual cold weather this year also caused a tightening in the supply of vegetables, driving prices higher, according to a Societe Generale note. Despite the surge, inflation isn't expected to continue accelerating."We think it would take a big food supply shock or energy price spike for CPI inflation to cross the central bank's 3 percent inflation red line," said Tim Condon, head of Asia research at ING. Meanwhile, February producer prices tanked 4.9 percent on year, slower than January's 5.3 percent and in line with estimates. This marks the fourth consecutive year of Chinese firms slashing prices of their goods, according to Reuters. "What's worrying is the PPI deflation trend as that impacts company profits and sales revenue. Considering the fact that the corporate sector is the most leveraged among economic players in terms of financial risk, it's a difficult situation," Ng said. Asian markets were mixed following the data, with the Shanghai Composite down nearly 1 percent and the Australian dollar, a proxy for China plays, modesty lower at $0.7470. "The 18 percent month-on-month drop in global crude prices in January ensured that deep PPI deflation will persist until global oil prices stabilize long enough for a low-base effect to kick in, which would be toward the end of the year," said Condon. "Deep PPI deflation squeezes cash flows in China's highly-leveraged corporates and calls for lower interest rates. We expect the PBOC to cut policy interest rates by 25 basis points." —Follow CNBC International on Twitter and Facebook.

2021-10-30 14:11:58.454183

Trump renews call for internet tax, making a veiled threat against Amazon

https://www.cnbc.com/2018/01/11/trump-hits-amazon-with-another-internet-tax-threat.html

2018-01-11T13:51:04+0000

Sara Salinas

CNBC

President Donald Trump repeated an earlier call for an internet tax, in a thinly veiled shot at Amazon's Jeff Bezos, who owns The Washington Post. "The internet — they're going to have to start paying sales tax because it's very unfair what's happening to our retailers all over the country that are put out of business," Trump said Wednesday.Trump also reiterated concerns about Amazon's effect on the U.S. Postal Service as it struggles to keep up with online orders. The comments mirror tweets from the president in December that named the e-commerce giant. Dec tweet"There's always been a fear for players like an Amazon or a Google that something like this could actually get through," Daniel Ives, head of technology research at GBH Insights, told CNBC. "We believe it's more noise than a real threat."

cnbc, Articles, Alphabet Class A, White House, Jeff Bezos, Internet, Amazon.com Inc, Government taxation and revenue, Politics, Technology, Taxes, US: News, e-commerce, source:tagname:CNBC US Source

<div class="group"><p>President Donald Trump repeated an earlier call for an internet tax, in a thinly veiled shot at <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>'s Jeff Bezos, who owns The Washington Post. </p><p>"The internet — they're going to have to start paying sales tax because it's very unfair what's happening to our retailers all over the country that are put out of business," Trump said Wednesday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Trump also reiterated concerns about Amazon's effect on the U.S. Postal Service as it struggles to keep up with online orders. </p><p>The comments mirror tweets from the president in December that named the e-commerce giant. </p><p><a href="https://twitter.com/realDonaldTrump/status/946728546633953285" target="_blank">Dec tweet</a></p><p>"There's always been a fear for players like an Amazon or a <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a> that something like this could actually get through," Daniel Ives, head of technology research at GBH Insights, told CNBC. "We believe it's more noise than a real threat."</p></div>,<div class="group"><p>There's been <a href="https://www.wired.com/story/donald-trump-internet-tax-amazon/" target="_blank">speculation</a> that the president's shots at Amazon are aimed at <a href="https://www.cnbc.com/jeff-bezos/">Bezos</a>, whose newspaper has published stories critical of the president.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Amazon <a href="https://www.cnbc.com/2017/03/24/the-holiday-is-over-amazon-will-collect-sales-taxes-nationwide-on-april-1.html">already collects sales tax</a> on products it sells directly to consumers, but has faced challenges from states over its policy of allowing third-party vendors to charge varying levels of sales tax. </p><p>In June <a href="https://www.cnbc.com/2017/08/15/amazon-faces-a-tax-fight-in-south-carolina-that-could-change-how-online-sellers-do-business.html">South Carolina filed a complaint</a> against the online retailer, and Amazon <a href="https://www.cnbc.com/2017/11/15/amazon-marketplace-tax-collection-comes-to-washington-in-2018.html">agreed in November to take on additional third-party tax burden</a> in its home state of Washington. </p><p>The issue has garnered more attention as <a href="https://www.cnbc.com/2018/01/03/amazon-grabbed-4-percent-of-all-us-retail-sales-in-2017-new-study.html">Amazon continues to take a bigger share</a> of overall retail sales. Amazon celebrated its <a href="https://www.cnbc.com/2017/12/26/amazon-celebrates-biggest-holiday-as-prime-members-surge.html">"biggest holiday" shopping season</a> at the end of last year. </p><p>There is an underlying movement among traditional brick-and-mortar retailers to more heavily tax Amazon, Ives said, so the discussion is "something you have to keep an eye on." </p><p>But the likelihood that an internet tax would pass is small, he said.</p><p>"Listen they've [Amazon] significantly changed the retail landscape across the world," Ives said. "I think it's more of the same where they're getting in the crosshairs." </p><p>Trump spoke before media and members of the administration Wednesday evening during the signing of the Interdict Act, which seeks to reduce drug smuggling through the purchase of opioid sensors. </p><p>Amazon did not immediately return a CNBC request for comment. </p><p><em>—CNBC's Kevin Breuninger and Eugene Kim contributed to this report. </em></p></div>,<div class="group"></div>,<div class="group"></div>

President Donald Trump repeated an earlier call for an internet tax, in a thinly veiled shot at Amazon's Jeff Bezos, who owns The Washington Post. "The internet — they're going to have to start paying sales tax because it's very unfair what's happening to our retailers all over the country that are put out of business," Trump said Wednesday.Trump also reiterated concerns about Amazon's effect on the U.S. Postal Service as it struggles to keep up with online orders. The comments mirror tweets from the president in December that named the e-commerce giant. Dec tweet"There's always been a fear for players like an Amazon or a Google that something like this could actually get through," Daniel Ives, head of technology research at GBH Insights, told CNBC. "We believe it's more noise than a real threat."There's been speculation that the president's shots at Amazon are aimed at Bezos, whose newspaper has published stories critical of the president.Amazon already collects sales tax on products it sells directly to consumers, but has faced challenges from states over its policy of allowing third-party vendors to charge varying levels of sales tax. In June South Carolina filed a complaint against the online retailer, and Amazon agreed in November to take on additional third-party tax burden in its home state of Washington. The issue has garnered more attention as Amazon continues to take a bigger share of overall retail sales. Amazon celebrated its "biggest holiday" shopping season at the end of last year. There is an underlying movement among traditional brick-and-mortar retailers to more heavily tax Amazon, Ives said, so the discussion is "something you have to keep an eye on." But the likelihood that an internet tax would pass is small, he said."Listen they've [Amazon] significantly changed the retail landscape across the world," Ives said. "I think it's more of the same where they're getting in the crosshairs." Trump spoke before media and members of the administration Wednesday evening during the signing of the Interdict Act, which seeks to reduce drug smuggling through the purchase of opioid sensors. Amazon did not immediately return a CNBC request for comment. —CNBC's Kevin Breuninger and Eugene Kim contributed to this report.

2021-10-30 14:11:58.582136

Sellers Worried about Europe, or Playing Range Game?

https://www.cnbc.com/2010/09/07/sellers-worried-about-europe-or-playing-range-game.html

2010-09-07T21:44:38+0000

Lee Brodie

CNBC

Stocks closed lower on Tuesday with concerns about the financial health of Europe once again driving losses.A report out of Germanysaid that country's 10 biggest banks may need significantly more capital. Also Wall Street Journal report suggested the recent stress tests results out of Europe weren’t as rosy as they appeared.However overseas woes may not be entirely to blame for the domestic sell-off; the move could be as much about technicals. A large number of investors believe that the S&P is range bound. Considering last week was the best week in the past two months, as stocks approached the top of the range investors may have just locked in profits.How should you position now?Instant Insights with the Fast Money tradersIn August the trading low was 1039 and the high was 1128, explains Steve Grasso on Friday's Fast Money.I don’t see anything that suggests the market is anything but range bound and until the S&P breaks above 1130, I'd buy the dips and sell the rips.I’d trim some of my long positions, says Guy Adami on Monday's broadcast. Action in the Vix gives me pause. It closed above 23.5, that's the 200-day moving average.

cnbc, Articles, S&P 500 Index, Bank of America Corp, BHP Group Ltd, Freeport-McMoRan Inc, HP Inc, Intel Corp, Oracle Corp, US Bancorp, CBOE Volatility Index, United States Steel Corp, Industrial Select Sector SPDR Fund, McDonald's Corp, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p>Stocks closed lower on Tuesday with concerns about the financial health of Europe once again driving losses.</p><p>A report out of Germanysaid that country's 10 biggest banks may need significantly more capital. Also <a href="https://www.cnbc.com/2010/09/07/europe-bank-stress-tests-haunting-markets-again.html">Wall Street Journal report</a> suggested the recent stress tests results out of Europe weren’t as rosy as they appeared.</p><div style="height:100%" class="lazyload-placeholder"></div><p>However overseas woes may not be entirely to blame for the domestic sell-off; the move could be as much about technicals. <br><br>A large number of investors believe that the S&amp;P is range bound. Considering last week was the best week in the past two months, as stocks approached the top of the range investors may have just locked in profits.</p><p>How should you position now?</p><p><strong>Instant Insights with the Fast Money traders</strong><br><br>In August the trading low was 1039 and the high was 1128, explains Steve Grasso on Friday's Fast Money.I don’t see anything that suggests the market is anything but range bound and until the S&amp;P breaks above 1130, I'd buy the dips and sell the rips.<br><br>I’d trim some of my long positions, says Guy Adami on Monday's broadcast. Action in the Vix gives me pause. It closed above 23.5, that's the 200-day moving average. </p></div>,<div class="group"><p>That's what I did on Tuesday; I took profits in names that had a good run such as McDonald's , says Karen Finerman. <br><br>I don’t agree that the market goes sharply lower, counters Tim Seymour. There's not a lot of data that should drag us down and key stocks are trading well. I'd position on the thesis that the market drifts higher into mid-September.<br><br>It seems to me that the big issue right now is the euro-banking problem and the flight to quality it triggers, says Anthony Scaramucci. Until we get a little rise in interest rates I don’t think the market acts much better.<br></p><p>----------<br><br><br><strong>MARKET BUZZKILL:  RESOURCE/INDUSTRIAL STOCKS </strong></p><div style="height:100%" class="lazyload-placeholder"></div><p>Resource and industrial stocks led the way lower on Tuesday due to fears that last week’s euphoria may have been overblown.</p><p><strong>How should you play the dip?</strong><br><br>Copper continues to trade well, muses Tim Seymour. I think there’s real industrial demand and not a lot of supply. I’d play the space long copper.<br><br>Hong Kong rallied sharply on Monday, says Steve Cortes and that suggests to me Asia’s market is strong enough to feel bullish about resources. I’m a buyer of Freeport and BHP on pullbacks. <br><br>I also like FCX, says Joe Terranova. And I’d also suggest long US Steel if it breaks above $51, it’s 200-day.<br><br><br>----------<br><br><strong>MARKET BUZZKILL: FINANCIALS</strong><br><br>As we mentioned above, investors slammed banks across the world due to renewed fears that Europe’s bank crisis might not be contained after all.<br><br><strong>What’s the trade?</strong><br><br>Banks are trading as if they need to have another capital raise, says Guy Adami. I think the space is a little dicey but if you want to be in the space I’d look at <em>long</em>BofA and US Bancorp .<br><br>----------<br><br><strong>STREET FIGHT: H-P STRIKES BACK AT HURD</strong><br><br>Hewlett-Packard sued former Chief Executive Mark Hurd and asked a court to block him from joining Oracle saying his hiring by the rival technology firm puts HP's trade secrets "in peril."</p><p>Oracle, the world's third-largest software maker, named Hurd co-president and director on Monday, a month after he resigned from HP over expense account irregularities related to a female contractor.</p><p>In a civil complaint filed in Superior Court in Santa Clara County on Tuesday, HP said: "In his new positions, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP's trade secrets and confidential information to others."</p></div>,<div class="group"><p>HP said if Hurd is allowed to go to Oracle it would "give Oracle a strategic advantage as to where to allocate or not allocate resources and exploit.<br><br>And on a related note, after hours UBS downgraded HP as well as Intel from 'Buy" to 'Neutral.'<br><br><strong>What does ISI analyst Heather Bellini have to say about these developments? <br></strong><br></p><p>* Watch the video and find out now.</p><p><br><br>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment but not have it published on our Web site send those e-mails to <!-- -->.<br><br><em>Trader disclosure: On September 7th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (INTC), (MON), (POT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Cortes owns (SFD), (BMO), (TD), (FCX), (BHP); Cortes owns the British Pound; Finerman and Finerman’s firm owns (BAC); Finerman owns (GOOG); Finerman’s firm owns (HPQ); Finerman’s firm owns (IBM); Finerman and Finerman’s firm owns (JPM); Finerman owns (ORCL); Finerman owns (POT) options; Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&amp;P 500 puts; Finerman’s firm owns Russell 2000 puts<br><br>For Anthony Scaramucci<br>Scaramucci &amp; SkyBridge Capital own (AAPL)<br>Scaramucci &amp; SkyBridge Capital own (AMZN)<br>Scaramucci &amp; SkyBridge Capital own (C)<br>Scaramucci &amp; SkyBridge Capital own S&amp;P 500<br>Scaramucci &amp; SkyBridge Capital own Gold<br><br>For  Heather Bellini<br>ISI does and seeks to do business with (ORCL) and has received non-investment banking compensation in the past 12 months<br><br>For Dennis Gartman<br>Funds managed by Gartman own Gold<br><br>For Ed Mills <br>***No Disclosures***<br><br>For Scott Nations<br>***No Disclosures***<br></em><br><br></p><p>CNBC.com and wires</p></div>

Stocks closed lower on Tuesday with concerns about the financial health of Europe once again driving losses.A report out of Germanysaid that country's 10 biggest banks may need significantly more capital. Also Wall Street Journal report suggested the recent stress tests results out of Europe weren’t as rosy as they appeared.However overseas woes may not be entirely to blame for the domestic sell-off; the move could be as much about technicals. A large number of investors believe that the S&P is range bound. Considering last week was the best week in the past two months, as stocks approached the top of the range investors may have just locked in profits.How should you position now?Instant Insights with the Fast Money tradersIn August the trading low was 1039 and the high was 1128, explains Steve Grasso on Friday's Fast Money.I don’t see anything that suggests the market is anything but range bound and until the S&P breaks above 1130, I'd buy the dips and sell the rips.I’d trim some of my long positions, says Guy Adami on Monday's broadcast. Action in the Vix gives me pause. It closed above 23.5, that's the 200-day moving average. That's what I did on Tuesday; I took profits in names that had a good run such as McDonald's , says Karen Finerman. I don’t agree that the market goes sharply lower, counters Tim Seymour. There's not a lot of data that should drag us down and key stocks are trading well. I'd position on the thesis that the market drifts higher into mid-September.It seems to me that the big issue right now is the euro-banking problem and the flight to quality it triggers, says Anthony Scaramucci. Until we get a little rise in interest rates I don’t think the market acts much better.----------MARKET BUZZKILL:  RESOURCE/INDUSTRIAL STOCKS Resource and industrial stocks led the way lower on Tuesday due to fears that last week’s euphoria may have been overblown.How should you play the dip?Copper continues to trade well, muses Tim Seymour. I think there’s real industrial demand and not a lot of supply. I’d play the space long copper.Hong Kong rallied sharply on Monday, says Steve Cortes and that suggests to me Asia’s market is strong enough to feel bullish about resources. I’m a buyer of Freeport and BHP on pullbacks. I also like FCX, says Joe Terranova. And I’d also suggest long US Steel if it breaks above $51, it’s 200-day.----------MARKET BUZZKILL: FINANCIALSAs we mentioned above, investors slammed banks across the world due to renewed fears that Europe’s bank crisis might not be contained after all.What’s the trade?Banks are trading as if they need to have another capital raise, says Guy Adami. I think the space is a little dicey but if you want to be in the space I’d look at longBofA and US Bancorp .----------STREET FIGHT: H-P STRIKES BACK AT HURDHewlett-Packard sued former Chief Executive Mark Hurd and asked a court to block him from joining Oracle saying his hiring by the rival technology firm puts HP's trade secrets "in peril."Oracle, the world's third-largest software maker, named Hurd co-president and director on Monday, a month after he resigned from HP over expense account irregularities related to a female contractor.In a civil complaint filed in Superior Court in Santa Clara County on Tuesday, HP said: "In his new positions, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP's trade secrets and confidential information to others."HP said if Hurd is allowed to go to Oracle it would "give Oracle a strategic advantage as to where to allocate or not allocate resources and exploit.And on a related note, after hours UBS downgraded HP as well as Intel from 'Buy" to 'Neutral.'What does ISI analyst Heather Bellini have to say about these developments? * Watch the video and find out now.______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to .Trader disclosure: On September 7th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (INTC), (MON), (POT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Cortes owns (SFD), (BMO), (TD), (FCX), (BHP); Cortes owns the British Pound; Finerman and Finerman’s firm owns (BAC); Finerman owns (GOOG); Finerman’s firm owns (HPQ); Finerman’s firm owns (IBM); Finerman and Finerman’s firm owns (JPM); Finerman owns (ORCL); Finerman owns (POT) options; Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 putsFor Anthony ScaramucciScaramucci & SkyBridge Capital own (AAPL)Scaramucci & SkyBridge Capital own (AMZN)Scaramucci & SkyBridge Capital own (C)Scaramucci & SkyBridge Capital own S&P 500Scaramucci & SkyBridge Capital own GoldFor  Heather BelliniISI does and seeks to do business with (ORCL) and has received non-investment banking compensation in the past 12 monthsFor Dennis GartmanFunds managed by Gartman own GoldFor Ed Mills ***No Disclosures***For Scott Nations***No Disclosures***CNBC.com and wires

2021-10-30 14:11:58.623119

What's In a Name? A Lot If You Are GM

https://www.cnbc.com/2010/10/08/whats-in-a-name-a-lot-if-you-are-gm.html

2010-10-08T14:47:13+0000

Phil LeBeau

CNBC

For a company that has long struggled to re-make its image with American car buyers, GM sure has a lot of issues with names. Remember when it went bankrupt and the folks at GM said they'd stop using the GM name in marketing because of its battered reputation?

cnbc, Articles, Ford Motor Co, Harmonic Inc, Nissan Motor Co Ltd, Toyota Motor Corp, Fall of GM, Dow Transports, Business News, Transportation, Autos, Behind the Wheel, source:tagname:CNBC US Source

<div class="group"><p>For a company that has long struggled to re-make its image with American car buyers, GM sure has a lot of issues with names. </p><p>Remember when it went bankrupt and the folks at GM said they'd stop using the GM name in marketing because of its battered reputation? </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Now comes word GM is planning to change the name of its compact car - the <a href="http://www.chevrolet.com/pages/open/default/family/aveo.do" target="_blank">Chevy Aveo</a>. Apparently, Aveo lacks the connection GM is seeking with buyers.</p><p>Are you kidding me? </p><p>I suspect there is some marketing consultant or some study showing the Aveo lacks oomph. Hmmmmm. Is it possible the Aveo isn't quite the hit GM would like because the car itself lacks pizazz? Just a thought. </p><p>By the way, Aveo sales this year are up 12.1% according to the research firm AutoData. That's better than overall industry sales and more than double the percentage increase in U.S. sales. </p><p><strong>Still, GM fixates on a name.</strong></p><div style="height:100%" class="lazyload-placeholder"></div><p>Do they really think a name will dramatically change things? It reminds me of when the company was thinking of putting the GM logo in green instead blue as it was trying to change its image <a href="https://www.cnbc.com/fall-of-gm/">during bankruptcy</a>. Or a few years back when <strong>Ford</strong> had the idea to kill the Taurus line even though it still had incredible name recognition. </p><p>Folks, this isn't rocket science. You want to sell more of a particular model, make that model the best in its class. I guarantee you that if the Aveo was the most incredible compact car in the world, it would have huge sales, regardless of its name. </p><p><em>Click on Ticker to Track Corporate News:</em><br></p><p>- Ford Motor  </p><p>- Toyota Motor</p><p>- Nissan</p><p>- Honda Motor</p><p><a href="https://www.cnbc.com/dow-transports/">___________________________ Questions?  Comments?  BehindTheWheel@cnbc.com</a></p></div>

For a company that has long struggled to re-make its image with American car buyers, GM sure has a lot of issues with names. Remember when it went bankrupt and the folks at GM said they'd stop using the GM name in marketing because of its battered reputation? Now comes word GM is planning to change the name of its compact car - the Chevy Aveo. Apparently, Aveo lacks the connection GM is seeking with buyers.Are you kidding me? I suspect there is some marketing consultant or some study showing the Aveo lacks oomph. Hmmmmm. Is it possible the Aveo isn't quite the hit GM would like because the car itself lacks pizazz? Just a thought. By the way, Aveo sales this year are up 12.1% according to the research firm AutoData. That's better than overall industry sales and more than double the percentage increase in U.S. sales. Still, GM fixates on a name.Do they really think a name will dramatically change things? It reminds me of when the company was thinking of putting the GM logo in green instead blue as it was trying to change its image during bankruptcy. Or a few years back when Ford had the idea to kill the Taurus line even though it still had incredible name recognition. Folks, this isn't rocket science. You want to sell more of a particular model, make that model the best in its class. I guarantee you that if the Aveo was the most incredible compact car in the world, it would have huge sales, regardless of its name. Click on Ticker to Track Corporate News:- Ford Motor  - Toyota Motor- Nissan- Honda Motor___________________________ Questions?  Comments?  BehindTheWheel@cnbc.com

2021-10-30 14:11:58.657029

Weekly M&A Volume Hits Highest Level Since 2009

https://www.cnbc.com/2010/08/19/weekly-ma-volume-hits-highest-level-since-2009.html

2010-08-19T19:18:53+0000

Abby Schultz

CNBC

Mergers and acquisitions activity kicked into even higher gear this week as Intel’s $7.67 billion all-cash bid for security technology firm McAfee led to biggest week for M&A since mid-December.

cnbc, Articles, BHP Group Ltd, Dell Inc, Intel Corp, PAR Technology Corp, Potash Corporation of Saskatchewan Inc., Xerox Holdings Corp, Exxon Mobil Corp, Business News, Finance, Deals & IPOs, source:tagname:CNBC US Source

<div class="group"><p>Mergers and acquisitions activity kicked into even higher gear this week as <strong>Intel’s</strong> $7.67 billion all-cash bid for security technology firm <strong>McAfee </strong>led to biggest week for M&amp;A since mid-December.</p></div>,<div class="group"><p>The the dealbetween Intel and McAfee brings the total value of global M&amp;A deals for the week to $84.81 billion, according to <strong>Dealogic</strong>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The last time M&amp;A dollar volume was as high was the week Exxon Mobil announced it was buying <strong>XTO Energy</strong>. That week M&amp;A volume reached $88.6 billion, Dealogic said. </p><p>Global M&amp;A has now reached $1.7 trillion for the year, up 23 percent from the same period last year, Dealogic said. The volume of U.S. targeted deals is at $498.1 billion, up 1 percent from the same period a year ago, according to the firm, which specializes in technology, data, analytics and consulting for investment banks. </p><p>The dollar totals don't include spinoffs and repurchases. </p></div>,<div class="group"><p>This week's M&amp;A deals include BHP Billiton's $39 billion hostile bid for Potash , announced earlier this week.BHP is hoping to win over regulators before approaching Potash shareholders, after the board of the Canadian-fertilizer company rejected BHP's bid. </p><p>The Intel acquisition is the largest technology M&amp;A deal since September 2009 when Xerox bid $8.1 billion for <strong>Affiliated Technologies</strong>. </p><p>The other deals this week include New Zealand's Rank Group’s $4.5 billion bid for Pactiv , the maker of Hefty bags, and Dell’s $1.15 billion for data-storage company 3PAR . </p></div>

Mergers and acquisitions activity kicked into even higher gear this week as Intel’s $7.67 billion all-cash bid for security technology firm McAfee led to biggest week for M&A since mid-December.The the dealbetween Intel and McAfee brings the total value of global M&A deals for the week to $84.81 billion, according to Dealogic.The last time M&A dollar volume was as high was the week Exxon Mobil announced it was buying XTO Energy. That week M&A volume reached $88.6 billion, Dealogic said. Global M&A has now reached $1.7 trillion for the year, up 23 percent from the same period last year, Dealogic said. The volume of U.S. targeted deals is at $498.1 billion, up 1 percent from the same period a year ago, according to the firm, which specializes in technology, data, analytics and consulting for investment banks. The dollar totals don't include spinoffs and repurchases. This week's M&A deals include BHP Billiton's $39 billion hostile bid for Potash , announced earlier this week.BHP is hoping to win over regulators before approaching Potash shareholders, after the board of the Canadian-fertilizer company rejected BHP's bid. The Intel acquisition is the largest technology M&A deal since September 2009 when Xerox bid $8.1 billion for Affiliated Technologies. The other deals this week include New Zealand's Rank Group’s $4.5 billion bid for Pactiv , the maker of Hefty bags, and Dell’s $1.15 billion for data-storage company 3PAR .

2021-10-30 14:11:58.844990

Subprime Exposure Hurts Commerzbank's Profit

https://www.cnbc.com/2007/11/06/subprime-exposure-hurts-commerzbanks-profit.html

2007-11-06T14:57:02+0000

CNBC

Commerzbank raised its third-quarter net profit by more than half thanks to a one-off German tax gain but missed expectations after the gain was marred by a big write-down on its subprime investments.

cnbc, Articles, Companies, source:tagname:Reuters

<div class="group"><p><strong>Commerzbank</strong> raised its third-quarter net profit by more than half thanks to a one-off German tax gain but missed expectations after the gain was marred by a big write-down on its subprime investments.</p></div>,<div class="group"><p>Germany's second-biggest bank also confirmed that Chief Executive Klaus-Peter Mueller would step down next May and that board member Martin Blessing would become the new CEO. Sources told Reuters last week Mueller is set to become chairman.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Commerzbank on Tuesday posted net profit of 339 million euros ($493 million) in the third quarter, after writing down 291 million euros on assets exposed to the market for risky mortgages in the United States. </p><p>Its profit was below the average forecast in a Reuters poll for quarterly net profit after minorities of 451 million euros. </p><p>Commerzbank shares rallied on relief that the subprime losses would not be worse, with the share rising more than 4 percent to 28.31 euros by 1330 GMT, outpacing a 0.4 percent gain among European banking peers.</p><p>Commerzbank said in July that it would book 80 million euros to cover expected subprime-related losses but CEO Mueller said last month that this would not be enough.</p><p>Like other European banks, Commerzbank had been hit by investor worries about its exposure to subrime risks, with its share down 6 percent over the last two months, even after Tuesday's sharp gain. </p><p>The shares trade at about 8.6 times estimated 2008 earnings, compared with a multiple of 9.3 for European banking peers, a discount that is not justified by the bank's earnings prospects, research analysts at Equinet said. </p></div>

Commerzbank raised its third-quarter net profit by more than half thanks to a one-off German tax gain but missed expectations after the gain was marred by a big write-down on its subprime investments.Germany's second-biggest bank also confirmed that Chief Executive Klaus-Peter Mueller would step down next May and that board member Martin Blessing would become the new CEO. Sources told Reuters last week Mueller is set to become chairman.Commerzbank on Tuesday posted net profit of 339 million euros ($493 million) in the third quarter, after writing down 291 million euros on assets exposed to the market for risky mortgages in the United States. Its profit was below the average forecast in a Reuters poll for quarterly net profit after minorities of 451 million euros. Commerzbank shares rallied on relief that the subprime losses would not be worse, with the share rising more than 4 percent to 28.31 euros by 1330 GMT, outpacing a 0.4 percent gain among European banking peers.Commerzbank said in July that it would book 80 million euros to cover expected subprime-related losses but CEO Mueller said last month that this would not be enough.Like other European banks, Commerzbank had been hit by investor worries about its exposure to subrime risks, with its share down 6 percent over the last two months, even after Tuesday's sharp gain. The shares trade at about 8.6 times estimated 2008 earnings, compared with a multiple of 9.3 for European banking peers, a discount that is not justified by the bank's earnings prospects, research analysts at Equinet said.

2021-10-30 14:11:58.878415

How to Make a Killing on the Euro Crash

https://www.cnbc.com/2012/05/17/how-to-make-a-killing-on-the-euro-crash.html

2012-05-17T17:04:05+0000

CNBC

It's an axiom of modern capitalism, almost as certain as death and taxes: No matter how bad an economic crisis gets, someone is bound to get rich from it.

cnbc, Articles, Goldman Sachs Group Inc, Buffett Watch, Business News, Economy, World Economy, Europe News, source:tagname:Global Post

<div class="group"><p>It's an axiom of modern capitalism, almost as certain as death and taxes: No matter how bad an economic crisis gets, someone is bound to get rich from it. </p></div>,<div class="group"><p>Very rich.</p><div style="height:100%" class="lazyload-placeholder"></div><p>During the 2008-2009 financial meltdown, Goldman Sachs and hedge fund tycoon John Paulson hauled in billions betting against mortgage-backed securities. Likewise, the financial nerds profiled in <a href="https://www.cnbc.com/video/2012/05/03/liars-poker-author-on-culture-of-wall-street.html">Michael Lewis'</a> "The Big Short" cashed in, big time. </p><p>And this is nothing new. </p><p>Before the UK's 1994 Black Monday crash, financier-philanthropist George Soros, sensing central bankers with their heads in the sand, made billions shorting the pound sterling — essentially borrowing the currency, selling it, and later paying back his creditors when he could buy it cheaper. He successfully repeated this trick as Southeast Asia went into crisis in 1997.</p><p>Now, the euro zone increasingly appears to be in a terminal mess. Growth has stagnated. Debt is out of control. In vulnerable countries like Spain, interest rates are veering toward usury. Governments are bailing out banks. And Greece has imploded, both politically and economically; this week, citizens have been emptying their bank accounts, always a grim sign that economic Armageddon looms. </p><p>It’s time for the average person to worry yet again about his job or her disintegrating retirement account. But for the crafty and courageous, opportunity beckons. </p><div style="height:100%" class="lazyload-placeholder"></div><p>So, what investments are they salivating over? </p><p>One obvious option would be to shop for cheap stocks on European exchanges. This "value" approach is a time-honored strategy. It’s used by moguls such as Warren Buffet, who advised in the bleakest days of the 2008 mortgage meltdown: “Be fearful when others are greedy, and be greedy when others are fearful.” </p><p>Anyone who took <a href="https://www.cnbc.com/warren-buffett-watch/">Buffet’s advice</a>and bought US stocks at the nadir of the financial crisis could have nearly doubled their money by now. Bargain hunting is particularly tempting for individual investors, who could shift 401K allocations into mutual funds or <strong>exchange traded funds (ETFs) </strong>with, say, exposure to Spain or Portugal, whose markets are trading at lows not reached in years. </p><p>But it's not yet time to pursue this strategy, insists David Twibell, president of Denver-based Custom Portfolio Group. "Europe is a slow-motion train wreck ... stuck with an unsustainable fiscal mess," he says. "There’s often a fine line between courage and stupidity, and I would say investing in Europe right now comes dangerously close to the latter." <br><br>One critical risk factor: If the euro zone does indeed break apart, you may end up holding investments in national currencies that could plummet in relation to the dollar, wiping out any gains from stock appreciation.</p></div>

It's an axiom of modern capitalism, almost as certain as death and taxes: No matter how bad an economic crisis gets, someone is bound to get rich from it. Very rich.During the 2008-2009 financial meltdown, Goldman Sachs and hedge fund tycoon John Paulson hauled in billions betting against mortgage-backed securities. Likewise, the financial nerds profiled in Michael Lewis' "The Big Short" cashed in, big time. And this is nothing new. Before the UK's 1994 Black Monday crash, financier-philanthropist George Soros, sensing central bankers with their heads in the sand, made billions shorting the pound sterling — essentially borrowing the currency, selling it, and later paying back his creditors when he could buy it cheaper. He successfully repeated this trick as Southeast Asia went into crisis in 1997.Now, the euro zone increasingly appears to be in a terminal mess. Growth has stagnated. Debt is out of control. In vulnerable countries like Spain, interest rates are veering toward usury. Governments are bailing out banks. And Greece has imploded, both politically and economically; this week, citizens have been emptying their bank accounts, always a grim sign that economic Armageddon looms. It’s time for the average person to worry yet again about his job or her disintegrating retirement account. But for the crafty and courageous, opportunity beckons. So, what investments are they salivating over? One obvious option would be to shop for cheap stocks on European exchanges. This "value" approach is a time-honored strategy. It’s used by moguls such as Warren Buffet, who advised in the bleakest days of the 2008 mortgage meltdown: “Be fearful when others are greedy, and be greedy when others are fearful.” Anyone who took Buffet’s adviceand bought US stocks at the nadir of the financial crisis could have nearly doubled their money by now. Bargain hunting is particularly tempting for individual investors, who could shift 401K allocations into mutual funds or exchange traded funds (ETFs) with, say, exposure to Spain or Portugal, whose markets are trading at lows not reached in years. But it's not yet time to pursue this strategy, insists David Twibell, president of Denver-based Custom Portfolio Group. "Europe is a slow-motion train wreck ... stuck with an unsustainable fiscal mess," he says. "There’s often a fine line between courage and stupidity, and I would say investing in Europe right now comes dangerously close to the latter." One critical risk factor: If the euro zone does indeed break apart, you may end up holding investments in national currencies that could plummet in relation to the dollar, wiping out any gains from stock appreciation.

2021-10-30 14:11:59.053959

CCTV Script 26/01/15

https://www.cnbc.com/2015/01/26/cctv-script-260115.html

2015-01-26T22:47:26+0000

CNBC

— This is the script of CNBC's news report for China's CCTV on January 26, Monday.The risk of a sovereign default in Greece has increased after the anti-austerity Syriza party won Sunday's snap elections, analysts say, noting that anxiety over the possibility that Greece will exit the euro zone will keep global markets nervous. The winning party's leader Alexis Tsipras promised that five years of austerity, "humiliation and suffering" imposed by international creditors were over after his Syriza party swept to victory in a snap election on Sunday. [ALEXIS TSIPRAS / SYRIZA PARTY LEADER] "Greece is turning a page, Greece is leaving behind catastrophic austerity, it is leaving behind the fear and the autocracy, it is leaving behind five years of humiliation and pain." Greece owes more than $350 billion to government institutions and investors. The country also faces a 3.5 billion euro bond coming due this July and another 3 billion in August. Syriza members told CNBC on Sunday that the party's top priority is to win a dramatic easing of its repayment terms. [Jeff Halley / Saxo Capital Markets] "I think they are pretty high right now. They are above 40% now Looking at some of the headlines from new PM this morning he was pretty determined and i think troika era is over for greece. bi-lateral agreement in place for Greece." While Tsipras fell just short of an overall majority, he is set to lead the first euro zone government committed to overturning the kind of budgetary rigor that was imposed on Greece as a condition of the bailout in 2010. [STEFAN AUER / University of Hong Kong] "It's not just about the EU, it's about the european currency right? They're determined to stay in the eurozone and I cannot see how they can stay in the eurozone if they truly deliver on what they promise the people." [TAIMUR BAIG / Chief Economist, Asia, Deutsche Bank] "I think that the eventuality of something like this 2 years ago would have been very disruptive. we;ve had a lot of friewalls built within the eurozone area and we have a very proactive central bank now so I think the abilityof the eurozone to take a hit, he worse case scenario which is a greek -exit, even that is there. So I think that to some extent, the pricing in of an extreme event is there." CNBC Qian Chen, reporting from Singapore.

cnbc, Articles, source:tagname:CNBC Asia Source

<div class="group"><p><em> — This is the script of CNBC's news report for China's CCTV on January 26, Monday.</em></p><p>The risk of a sovereign default in Greece has increased after the anti-austerity Syriza party won Sunday's snap elections, analysts say, noting that anxiety over the possibility that Greece will exit the euro zone will keep global markets nervous. The winning party's leader Alexis Tsipras promised that five years of austerity, "humiliation and suffering" imposed by international creditors were over after his Syriza party swept to victory in a snap election on Sunday. </p><div style="height:100%" class="lazyload-placeholder"></div><p> <em>[ALEXIS TSIPRAS / SYRIZA PARTY LEADER] "Greece is turning a page, Greece is leaving behind catastrophic austerity, it is leaving behind the fear and the autocracy, it is leaving behind five years of humiliation and pain."</em></p><p> Greece owes more than $350 billion to government institutions and investors. The country also faces a 3.5 billion euro bond coming due this July and another 3 billion in August. Syriza members told CNBC on Sunday that the party's top priority is to win a dramatic easing of its repayment terms. </p><p> <em>[Jeff Halley / Saxo Capital Markets] "I think they are pretty high right now. They are above 40% now Looking at some of the headlines from new PM this morning he was pretty determined and i think troika era is over for greece. bi-lateral agreement in place for Greece."</em></p><p> While Tsipras fell just short of an overall majority, he is set to lead the first euro zone government committed to overturning the kind of budgetary rigor that was imposed on Greece as a condition of the bailout in 2010. </p><p> <em>[STEFAN AUER / University of Hong Kong] "It's not just about the EU, it's about the european currency right? They're determined to stay in the eurozone and I cannot see how they can stay in the eurozone if they truly deliver on what they promise the people."</em></p><div style="height:100%" class="lazyload-placeholder"></div><p> <em>[TAIMUR BAIG / Chief Economist, Asia, Deutsche Bank] "I think that the eventuality of something like this 2 years ago would have been very disruptive. we;ve had a lot of friewalls built within the eurozone area and we have a very proactive central bank now so I think the abilityof the eurozone to take a hit, he worse case scenario which is a greek -exit, even that is there. So I think that to some extent, the pricing in of an extreme event is there."</em></p><p> CNBC Qian Chen, reporting from Singapore.</p></div>,<div class="group"><p> Follow us on Twitter: <a href="https://twitter.com/cnbcworld" target="_blank">@CNBCWorld</a></p></div>

— This is the script of CNBC's news report for China's CCTV on January 26, Monday.The risk of a sovereign default in Greece has increased after the anti-austerity Syriza party won Sunday's snap elections, analysts say, noting that anxiety over the possibility that Greece will exit the euro zone will keep global markets nervous. The winning party's leader Alexis Tsipras promised that five years of austerity, "humiliation and suffering" imposed by international creditors were over after his Syriza party swept to victory in a snap election on Sunday. [ALEXIS TSIPRAS / SYRIZA PARTY LEADER] "Greece is turning a page, Greece is leaving behind catastrophic austerity, it is leaving behind the fear and the autocracy, it is leaving behind five years of humiliation and pain." Greece owes more than $350 billion to government institutions and investors. The country also faces a 3.5 billion euro bond coming due this July and another 3 billion in August. Syriza members told CNBC on Sunday that the party's top priority is to win a dramatic easing of its repayment terms. [Jeff Halley / Saxo Capital Markets] "I think they are pretty high right now. They are above 40% now Looking at some of the headlines from new PM this morning he was pretty determined and i think troika era is over for greece. bi-lateral agreement in place for Greece." While Tsipras fell just short of an overall majority, he is set to lead the first euro zone government committed to overturning the kind of budgetary rigor that was imposed on Greece as a condition of the bailout in 2010. [STEFAN AUER / University of Hong Kong] "It's not just about the EU, it's about the european currency right? They're determined to stay in the eurozone and I cannot see how they can stay in the eurozone if they truly deliver on what they promise the people." [TAIMUR BAIG / Chief Economist, Asia, Deutsche Bank] "I think that the eventuality of something like this 2 years ago would have been very disruptive. we;ve had a lot of friewalls built within the eurozone area and we have a very proactive central bank now so I think the abilityof the eurozone to take a hit, he worse case scenario which is a greek -exit, even that is there. So I think that to some extent, the pricing in of an extreme event is there." CNBC Qian Chen, reporting from Singapore. Follow us on Twitter: @CNBCWorld

2021-10-30 14:11:59.198678

One-on-One with Jack Welch

https://www.cnbc.com/2011/10/07/oneonone-with-jack-welch.html

2011-10-07T15:00:51+0000

CNBC

Yesterday I spoke to the legendary Jack Welch, former Chairman and CEO of GE. In addition to his comments on a variety of issues, I began asking Mr. Welch about the very sad passing of Steve Jobs.LARRY KUDLOW, host: We welcome back to THE KUDLOW REPORT an old friend, the great famed CEO Jack Welch. Mr. Welch, thank you for coming back, sir. Mr. JACK WELCH: Larry, it's great to be here. KUDLOW: Let me just begin, as we have all day, luminaries like yourself, the way too soon passing of the brilliantentrepreneur Steve Jobs, what's your thought on that? Mr. WELCH: Absolutely tragic. I mean, his family has certainly had the biggest loss, but America and the world has lost something. He wasn't just a genius entrepreneur, he was an executor. He got—people are not giving him enough credit for getting a million or two million or five million to the customer on time with great quality. That's a real job. KUDLOW: He was a great retailer and a great marketer you got there. Mr. WELCH: Great marketer. Great—a supply chain manager and a great genius of an entrepreneur. He—to show you his impact, though, I had an experience at home. My stepson's grandmother called, 85 years old, upset as could be. KUDLOW: Mm-hmm. Mr. WELCH: The kids called from college, two of them. They don't call when CEOs die. KUDLOW: Yeah. Mr. WELCH: They were so impacted. What this guy did for business, he invented cool. KUDLOW: Yeah. Mr. WELCH: He made cool--most business guys are in suits like you are and I am right now. KUDLOW: Right. Mr. WELCH: This guy, though, delivered products that made business cool. KUDLOW: And he made a better world of it. I think... Mr. WELCH: You know... KUDLOW: ...everybody agrees that his impact was just vastly beyond just being a businessman. Mr. WELCH: Oh. KUDLOW: Just vastly beyond. Mr. WELCH: I mean, he was a true visionary. KUDLOW: Yeah. All right, I appreciate that very much. Let me come back to some of the current events of the day. President Obama had a lengthy news conference today, over an hour. Among the many points he made, I want to get your take on this, he is endorsing the Senate Democrats' idea of a 5.6 percent surtax on millionaires. And the president also indicated, however, that other tax increases would still be necessary to fund the budget. Do we need a millionaires tax? Will it help the economy grow? And the whole tax plan, how do you see it?

cnbc, Articles, General Electric Co, CNBC TV, Top Videos, U.S. Business Day, Kudlow's Corner, Money & Politics, source:tagname:CNBC US Source

<div class="group"><p>Yesterday I spoke to the legendary Jack Welch, former Chairman and CEO of GE. In addition to his comments on a variety of issues, I began asking Mr. Welch about the very sad passing of Steve Jobs.</p><p>LARRY KUDLOW, host: </p><div style="height:100%" class="lazyload-placeholder"></div><p>We welcome back to THE KUDLOW REPORT an old friend, the great famed CEO Jack </p><p>Welch. </p><p>Mr. Welch, thank you for coming back, sir. </p><p>Mr. JACK WELCH: Larry, it's great to be here. </p><p>KUDLOW: Let me just begin, as we have all day, luminaries like yourself, the way too soon passing of the brilliantentrepreneur Steve Jobs, what's your thought on that? </p><div style="height:100%" class="lazyload-placeholder"></div><p>Mr. WELCH: Absolutely tragic. I mean, his family has certainly had the biggest loss, but America and the world has lost something. He wasn't just a genius entrepreneur, he was an executor. He got—people are not giving him enough credit for getting a million or two million or five million to the customer on time with great quality. That's a real job. </p><p>KUDLOW: He was a great retailer and a great marketer you got there. </p><p>Mr. WELCH: Great marketer. Great—a supply chain manager and a great genius of an entrepreneur. He—to show you his impact, though, I had an experience at home. My stepson's grandmother called, 85 years old, upset as could be. </p><p>KUDLOW: Mm-hmm. </p><p>Mr. WELCH: The kids called from college, two of them. They don't call when CEOs die. </p><p>KUDLOW: Yeah. </p><p>Mr. WELCH: They were so impacted. What this guy did for business, he invented cool. </p><p>KUDLOW: Yeah. </p><p>Mr. WELCH: He made cool--most business guys are in suits like you are and I am right now. </p><p>KUDLOW: Right. </p><p>Mr. WELCH: This guy, though, delivered products that made business cool. </p><p>KUDLOW: And he made a better world of it. I think... </p><p>Mr. WELCH: You know... </p><p>KUDLOW: ...everybody agrees that his impact was just vastly beyond just being a businessman. </p><p>Mr. WELCH: Oh. </p><p>KUDLOW: Just vastly beyond. </p><p>Mr. WELCH: I mean, he was a true visionary. </p><p>KUDLOW: Yeah. All right, I appreciate that very much. </p><p>Let me come back to some of the current events of the day. President Obama had a lengthy news conference today, over an hour. Among the many points he made, I want to get your take on this, he is endorsing the Senate Democrats' idea of a 5.6 percent surtax on millionaires. And the president also indicated, however, that other tax increases would still be necessary to fund the budget. Do we need a millionaires tax? Will it help the economy grow? And the whole tax plan, how do you see it? </p></div>,<div class="group"><p>Mr. WELCH: Will this—will this tax be on income or wealth? </p><p>KUDLOW: I think it's going to cover capital gains, dividends and ordinary income, as far as I know, take effect in 2013. </p><p>Mr. WELCH: Well, look, I think we ought to go back and look at what he's done so far, Larry. He put a stimulus bill in, $785 billion, whatever it was. It did nothing. Now, let's look at what he projected. He projected we'd have 6.2 percent unemployment in October 2011. We've got 9! Larry, if you're in a business and you miss by that much, somebody's calling you in for a chat. </p><p>KUDLOW: And, in fact, his whole plan is doubling down. Now... </p><p>Mr. WELCH: Same plan. </p><p>KUDLOW: ...the financing, it's more spending. I don't want to prejudge it, but it's more spending, and it's temporary tax rebates or temporary tax credits. It didn't work for George W. Bush, it didn't work for Barack Obama 1. Why should it work for Obama? 2. Isn't there a better way? We all know the economy is in lousy shape and it's faltering, as Bernanke said. Jack, with your experience, what's the better way to grow this economy? </p><p>Mr. WELCH: I would say you start out with discretionary spending. It's 1.3, </p><p>1.4 billion. Eight hundred and fifty of it's defense, 450 is total discretionary. Take 25 percent of the 450, that's $100 million, 90 or so. Take 5 percent of defense, that's 50... </p><p>KUDLOW: Take it out of the budget? </p><p>Mr. WELCH: Take it out of the budget. </p><p>KUDLOW: Right. </p><p>Mr. WELCH: Take--but reduce it, not from projections, actual take it out. </p><p>KUDLOW: Level. The level. </p><p>Mr. WELCH: The level we're at. </p><p>KUDLOW: Right. </p><p>Mr. WELCH: Take it down. That's a billion-three or a billion-five—a trillion-three or a trillion-five over 10 years. That's one step, OK? Step number two, freeze regulations. </p><p>KUDLOW: Right. </p><p>Mr. WELCH: Freeze them. This Senator Johnson thing... </p><p>KUDLOW: President Obama mocked the Republican freeze on regulations at the press conference today. I just want to put that in. He mocked. </p><p>Mr. WELCH: He's shown no ability to lead. Let's talk about that. But let's just take this point. Let's just take freezing regulations until we get unemployment below 6 percent. So, you know, we--just freeze them. The third thing, entitlements. Go after means testing. Lower the age for those below 50. Increase the age till they can get it. Means test. I shouldn't be getting Social Security. I shouldn't be getting Medicare benefits at the level I'm getting them. I mean... </p><p>KUDLOW: This would provide some confidence, is what you're saying, right? </p><p>Mr. WELCH: Larry... </p><p>KUDLOW: Let me come back to taxes. Is it time to raise the tax rates on the </p><p>upper income? </p><p>Mr. WELCH: There's nothing that says it should. </p><p>KUDLOW: OK. </p><p>Mr. WELCH: All it is a transfer payment. </p><p>KUDLOW: Right. </p><p>Mr. WELCH: Take it from one hand, give it the other hand. Doesn't work. </p><p>KUDLOW: And I think a lot of people are skeptical. So you raise taxes on millionaires, which sounds good. `Hey, get the millionaire. I'll feel better if a millionaire gets hurt.' It'll be spent on spending. It won't be used for debt reduction. Isn't that the possibility here? </p><p>Mr. WELCH: Everything's going to be spend on spending. </p><p>KUDLOW: Yeah. </p><p>Mr. WELCH: I mean, they are spenders. They believe government should do more. They don't believe jobs come from the private sector. They believe government creates jobs. That's just a fundamental difference. </p><p>KUDLOW: So another part of his news conference today, he was asked about the so-called Wall Street Occupiers, the Wall Street protesters, that's going on around the country and predominantly here but not only here. He expressed a lot of sympathy for that group. And I want to ask you, those guys are against the banks, they're against financial institutions, they're against a lot of things to do with capitalism. Are we going to live through a period of kind of left-wing populism where we're bashing millionaires and billionaires, we're bashing banks, we're bashing corporations, we're bashing Wall Street, we're bashing, you know, Bank of America for raising its debit card fees. Is that the way this election period is going to go? And how's it going to affect the economy? </p><p>Mr. WELCH: Well, that's all bad news. But it would be solved if we had jobs. </p><p>KUDLOW: Mm-hmm. </p><p>Mr. WELCH: I mean, these people have a case. Unemployment at 9 percent. The president promised 6 percent, Larry, in October of '11. That's—nobody goes back and looks at the pledge they made. </p><p>KUDLOW: Where did it fail? Where did that plan break down? </p><p>Mr. WELCH: Shovel-ready jobs. People were ready to go, but we had a couple things wrong. Davis-Bacon wages, that changed the class structure. Buy America. A lot of these jobs--and with a penalty if you didn't. So a lot of these jobs, they weren't ready. From the cup to the lip was a much bigger distance. And then to put regulations on top of the stimulus. </p><p>KUDLOW: So how do we stop this demoralization, to use Governor Christie's word? How do we get back to the Steve Jobs optimism, entrepreneurial model of economic growth? It worked for Jobs, it worked for this whole country. How can we preserve that spirit of Steve Jobs? </p><p>Mr. WELCH: Larry, companies--I just had a review of my 12 companies in the last week--they're on fire. They're growing revenues at 7 percent average, the 12 companies. Their EBITDA is up double digits, strong double digits in some cases. This economy doing more with less is not good for jobs because it's not growing fast enough. It's growing at a 1 to 2 percent range. We got to get it to 3 to 4, and that's unshackling this government away from it. When I take out 25 percent of the discretionary spending, the same way we did in GE 20 years ago, guess what it does? You give them a soft landing, you take care of the people who are injured. You--we've got a balance sheet to do that. But when they come to work, they don't come to work and say, `What can I do today?' It's when they come to work they cause problem, not the cost of them. </p><p>KUDLOW: And you're sending a signal. There's a confidence signal... </p><p>Mr. WELCH: Yeah. And we're going to unshackle business. </p><p>KUDLOW: All right. So unshackling business, reforming the corporate tax code, freezing regulations. Some tough spending measures from Jack Welch. Who fits the bill for all this in the Republican presidential primary sweepstakes right now? Who are you backing? Can you tell me? </p><p>Mr. WELCH: Yeah, I'm backing Mitt Romney. Now, whether or not he takes the whole platform, because I want to drill, too. I want to drill on nongovernment land and I want to get royalties from that that are going to help lower the deficit. And I want to have by 2020 total energy independence not from renewables. I want to still support renewables. You don't stop that, but I want to really unleash the energy-driven sector in this economy. </p><p>KUDLOW: I thought Romney was a greenie. He flirted with cap and trade when he was the governor of Massachusetts. </p><p>Mr. WELCH: I said he may not follow my whole platform. </p><p>KUDLOW: What about--what about Governor Perry. Last question, what about Herman Cain, who's actually going to appear on the show later? </p><p>Mr. WELCH: I hope Herman Cain's serious. I don't think he's serious. I think he's got a book tour he's on, OK, and... </p><p>KUDLOW: Well, I'm going to ask him that. </p><p>Mr. WELCH: Yeah. </p><p>KUDLOW: OK, I'm going to ask him if that's the case. </p><p>Mr. WELCH: Well, that's one... </p><p>KUDLOW: But if he were serious, could you back him? </p><p>Mr. WELCH: I'm afraid he's not electable, and I'm afraid--I think--I think Romney, by the way, will have more trouble in the primary than he will in the general. </p><p>KUDLOW: So you're looking for a defeat of Obama? </p><p>Mr. WELCH: I want to take this administration out. They don't understand how to create jobs. They don't understand to grow this—America is on fire. America is still the greatest country in the world. And we have everything going for us except a government that is not supportive of capitalism. </p><p>KUDLOW: All right. I hear you. We'll leave it right there. Mr. Jack Welch, former CEO of General Electric and just a famed businessman and adviser.  </p><p><em>Questions? Comments, send your emails to: <a href="mailto:lkudlow@kudlow.com" class="webresource" target="_blank">lkudlow@kudlow.com</a></em></p></div>

Yesterday I spoke to the legendary Jack Welch, former Chairman and CEO of GE. In addition to his comments on a variety of issues, I began asking Mr. Welch about the very sad passing of Steve Jobs.LARRY KUDLOW, host: We welcome back to THE KUDLOW REPORT an old friend, the great famed CEO Jack Welch. Mr. Welch, thank you for coming back, sir. Mr. JACK WELCH: Larry, it's great to be here. KUDLOW: Let me just begin, as we have all day, luminaries like yourself, the way too soon passing of the brilliantentrepreneur Steve Jobs, what's your thought on that? Mr. WELCH: Absolutely tragic. I mean, his family has certainly had the biggest loss, but America and the world has lost something. He wasn't just a genius entrepreneur, he was an executor. He got—people are not giving him enough credit for getting a million or two million or five million to the customer on time with great quality. That's a real job. KUDLOW: He was a great retailer and a great marketer you got there. Mr. WELCH: Great marketer. Great—a supply chain manager and a great genius of an entrepreneur. He—to show you his impact, though, I had an experience at home. My stepson's grandmother called, 85 years old, upset as could be. KUDLOW: Mm-hmm. Mr. WELCH: The kids called from college, two of them. They don't call when CEOs die. KUDLOW: Yeah. Mr. WELCH: They were so impacted. What this guy did for business, he invented cool. KUDLOW: Yeah. Mr. WELCH: He made cool--most business guys are in suits like you are and I am right now. KUDLOW: Right. Mr. WELCH: This guy, though, delivered products that made business cool. KUDLOW: And he made a better world of it. I think... Mr. WELCH: You know... KUDLOW: ...everybody agrees that his impact was just vastly beyond just being a businessman. Mr. WELCH: Oh. KUDLOW: Just vastly beyond. Mr. WELCH: I mean, he was a true visionary. KUDLOW: Yeah. All right, I appreciate that very much. Let me come back to some of the current events of the day. President Obama had a lengthy news conference today, over an hour. Among the many points he made, I want to get your take on this, he is endorsing the Senate Democrats' idea of a 5.6 percent surtax on millionaires. And the president also indicated, however, that other tax increases would still be necessary to fund the budget. Do we need a millionaires tax? Will it help the economy grow? And the whole tax plan, how do you see it? Mr. WELCH: Will this—will this tax be on income or wealth? KUDLOW: I think it's going to cover capital gains, dividends and ordinary income, as far as I know, take effect in 2013. Mr. WELCH: Well, look, I think we ought to go back and look at what he's done so far, Larry. He put a stimulus bill in, $785 billion, whatever it was. It did nothing. Now, let's look at what he projected. He projected we'd have 6.2 percent unemployment in October 2011. We've got 9! Larry, if you're in a business and you miss by that much, somebody's calling you in for a chat. KUDLOW: And, in fact, his whole plan is doubling down. Now... Mr. WELCH: Same plan. KUDLOW: ...the financing, it's more spending. I don't want to prejudge it, but it's more spending, and it's temporary tax rebates or temporary tax credits. It didn't work for George W. Bush, it didn't work for Barack Obama 1. Why should it work for Obama? 2. Isn't there a better way? We all know the economy is in lousy shape and it's faltering, as Bernanke said. Jack, with your experience, what's the better way to grow this economy? Mr. WELCH: I would say you start out with discretionary spending. It's 1.3, 1.4 billion. Eight hundred and fifty of it's defense, 450 is total discretionary. Take 25 percent of the 450, that's $100 million, 90 or so. Take 5 percent of defense, that's 50... KUDLOW: Take it out of the budget? Mr. WELCH: Take it out of the budget. KUDLOW: Right. Mr. WELCH: Take--but reduce it, not from projections, actual take it out. KUDLOW: Level. The level. Mr. WELCH: The level we're at. KUDLOW: Right. Mr. WELCH: Take it down. That's a billion-three or a billion-five—a trillion-three or a trillion-five over 10 years. That's one step, OK? Step number two, freeze regulations. KUDLOW: Right. Mr. WELCH: Freeze them. This Senator Johnson thing... KUDLOW: President Obama mocked the Republican freeze on regulations at the press conference today. I just want to put that in. He mocked. Mr. WELCH: He's shown no ability to lead. Let's talk about that. But let's just take this point. Let's just take freezing regulations until we get unemployment below 6 percent. So, you know, we--just freeze them. The third thing, entitlements. Go after means testing. Lower the age for those below 50. Increase the age till they can get it. Means test. I shouldn't be getting Social Security. I shouldn't be getting Medicare benefits at the level I'm getting them. I mean... KUDLOW: This would provide some confidence, is what you're saying, right? Mr. WELCH: Larry... KUDLOW: Let me come back to taxes. Is it time to raise the tax rates on the upper income? Mr. WELCH: There's nothing that says it should. KUDLOW: OK. Mr. WELCH: All it is a transfer payment. KUDLOW: Right. Mr. WELCH: Take it from one hand, give it the other hand. Doesn't work. KUDLOW: And I think a lot of people are skeptical. So you raise taxes on millionaires, which sounds good. `Hey, get the millionaire. I'll feel better if a millionaire gets hurt.' It'll be spent on spending. It won't be used for debt reduction. Isn't that the possibility here? Mr. WELCH: Everything's going to be spend on spending. KUDLOW: Yeah. Mr. WELCH: I mean, they are spenders. They believe government should do more. They don't believe jobs come from the private sector. They believe government creates jobs. That's just a fundamental difference. KUDLOW: So another part of his news conference today, he was asked about the so-called Wall Street Occupiers, the Wall Street protesters, that's going on around the country and predominantly here but not only here. He expressed a lot of sympathy for that group. And I want to ask you, those guys are against the banks, they're against financial institutions, they're against a lot of things to do with capitalism. Are we going to live through a period of kind of left-wing populism where we're bashing millionaires and billionaires, we're bashing banks, we're bashing corporations, we're bashing Wall Street, we're bashing, you know, Bank of America for raising its debit card fees. Is that the way this election period is going to go? And how's it going to affect the economy? Mr. WELCH: Well, that's all bad news. But it would be solved if we had jobs. KUDLOW: Mm-hmm. Mr. WELCH: I mean, these people have a case. Unemployment at 9 percent. The president promised 6 percent, Larry, in October of '11. That's—nobody goes back and looks at the pledge they made. KUDLOW: Where did it fail? Where did that plan break down? Mr. WELCH: Shovel-ready jobs. People were ready to go, but we had a couple things wrong. Davis-Bacon wages, that changed the class structure. Buy America. A lot of these jobs--and with a penalty if you didn't. So a lot of these jobs, they weren't ready. From the cup to the lip was a much bigger distance. And then to put regulations on top of the stimulus. KUDLOW: So how do we stop this demoralization, to use Governor Christie's word? How do we get back to the Steve Jobs optimism, entrepreneurial model of economic growth? It worked for Jobs, it worked for this whole country. How can we preserve that spirit of Steve Jobs? Mr. WELCH: Larry, companies--I just had a review of my 12 companies in the last week--they're on fire. They're growing revenues at 7 percent average, the 12 companies. Their EBITDA is up double digits, strong double digits in some cases. This economy doing more with less is not good for jobs because it's not growing fast enough. It's growing at a 1 to 2 percent range. We got to get it to 3 to 4, and that's unshackling this government away from it. When I take out 25 percent of the discretionary spending, the same way we did in GE 20 years ago, guess what it does? You give them a soft landing, you take care of the people who are injured. You--we've got a balance sheet to do that. But when they come to work, they don't come to work and say, `What can I do today?' It's when they come to work they cause problem, not the cost of them. KUDLOW: And you're sending a signal. There's a confidence signal... Mr. WELCH: Yeah. And we're going to unshackle business. KUDLOW: All right. So unshackling business, reforming the corporate tax code, freezing regulations. Some tough spending measures from Jack Welch. Who fits the bill for all this in the Republican presidential primary sweepstakes right now? Who are you backing? Can you tell me? Mr. WELCH: Yeah, I'm backing Mitt Romney. Now, whether or not he takes the whole platform, because I want to drill, too. I want to drill on nongovernment land and I want to get royalties from that that are going to help lower the deficit. And I want to have by 2020 total energy independence not from renewables. I want to still support renewables. You don't stop that, but I want to really unleash the energy-driven sector in this economy. KUDLOW: I thought Romney was a greenie. He flirted with cap and trade when he was the governor of Massachusetts. Mr. WELCH: I said he may not follow my whole platform. KUDLOW: What about--what about Governor Perry. Last question, what about Herman Cain, who's actually going to appear on the show later? Mr. WELCH: I hope Herman Cain's serious. I don't think he's serious. I think he's got a book tour he's on, OK, and... KUDLOW: Well, I'm going to ask him that. Mr. WELCH: Yeah. KUDLOW: OK, I'm going to ask him if that's the case. Mr. WELCH: Well, that's one... KUDLOW: But if he were serious, could you back him? Mr. WELCH: I'm afraid he's not electable, and I'm afraid--I think--I think Romney, by the way, will have more trouble in the primary than he will in the general. KUDLOW: So you're looking for a defeat of Obama? Mr. WELCH: I want to take this administration out. They don't understand how to create jobs. They don't understand to grow this—America is on fire. America is still the greatest country in the world. And we have everything going for us except a government that is not supportive of capitalism. KUDLOW: All right. I hear you. We'll leave it right there. Mr. Jack Welch, former CEO of General Electric and just a famed businessman and adviser.  Questions? Comments, send your emails to: lkudlow@kudlow.com

2021-10-30 14:11:59.352140

Saudi Arabia withdraws overseas funds

https://www.cnbc.com/2015/09/27/saudi-arabia-withdraws-overseas-funds.html

2015-09-28T00:19:46+0000

CNBC

Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices. The Saudi Arabian Monetary Agency's foreign reserves have slumped by nearly $73 billion since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen. The central bank is also turning to domestic banks to finance a bond programme to offset the rapid decline in reserves.

cnbc, Articles, BlackRock Inc, World economy, Economy, World Economy, Business News, World News, source:tagname:Financial Times

<div class="group"><p> Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices.</p><p> The Saudi Arabian Monetary Agency's foreign reserves have slumped by nearly $73 billion since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The central bank is also turning to domestic banks to finance a bond programme to offset the rapid decline in reserves.</p><br></div>,<div class="group"><p> This month, several managers were hit by a new wave of redemptions, which came on top of an initial round of withdrawals this year, people aware of the matter said.</p><p> "It was our Black Monday," said one fund manager, referring to the large number of assets withdrawn by Saudi Arabia last week.</p><p> Institutions benefited from years of rising assets under management from oil-rich Gulf states, but are now feeling the pinch after oil prices collapsed last year.</p><p> Nigel Sillitoe, chief executive of financial services market intelligence company Insight Discovery, said fund managers estimate that Sama has pulled out $50 billion-$70 billion over the past six months.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "The big question is when will they come back, because managers have been really quite reliant on Sama for business in recent years," he said.</p><p> Since the third quarter of 2014, Sama's reserves held in foreign securities have declined by $71 billion, accounting for almost all of the $72.8 billion reduction in overall overseas assets.<br></p><p> Other industry executives estimate that Sama has withdrawn even more than $70 billion from existing managers.</p><p> <strong>More from the Financial Times: </strong></p><p> <a href="http://www.ft.com/intl/cms/s/0/6827cb20-6399-11e5-a28b-50226830d644.html#axzz3mz8lgGbv" target="_blank">Iran blames Saudi Arabia for hajj disaster</a> <br> <a href="http://www.ft.com/intl/cms/s/0/583eaf26-6394-11e5-a28b-50226830d644.html#axzz3mz8lgGbv" target="_blank">Does the hajj have to be so dangerous?</a> <span><br></span><a href="http://www.ft.com/intl/cms/s/0/54b99d96-62ba-11e5-9846-de406ccb37f2.html#axzz3mz8lgGbv" target="_blank">By surging in Syria, Putin goes from pariah to powerbroker</a></p><p> While some of this cash has been used to fund the deficit, these executives say the central bank is also seeking to reinvest into less risky, more liquid products.</p><p> "They are not comfortable with their exposure to global equities," said another manager.</p><p> Fund managers with strong ties to Gulf sovereign wealth funds, such as <a href="//www.cnbc.com/quotes/BLK" target="_blank">BlackRock</a>, Franklin Templeton and <a href="//www.cnbc.com/quotes/LGEN-GB" target="_blank">Legal &amp; General</a>, have received redemption notices, according to people aware of the matter.</p><p> Some fund managers have seen several billions of dollars of withdrawals, or the equivalent of a fifth to a quarter of their Saudi assets under management, the people aware of the matter said.</p><p> Institutions such as <a href="//www.cnbc.com/quotes/STT" target="_blank">State Street</a>, <a href="//www.cnbc.com/quotes/NTRS" target="_blank">Northern Trust</a> and BNY Mellon have large amount of assets under management and are therefore also likely to have been hit hard by the Gulf governments' cash grab, the people added.</p><p> "We are not that surprised," said another fund manager. "Sama has been on high risk for a while and we were prepared for this."</p><p> Sama has over the years built up a broad range of institutions handling its funds, including other names such as <a href="//www.cnbc.com/quotes/01KG-GB" target="_blank">Aberdeen Asset Management</a>, <a href="//www.cnbc.com/quotes/undefined" target="_blank">Fidelity</a>, <a href="//www.cnbc.com/quotes/IVZ" target="_blank">Invesco</a> and <a href="//www.cnbc.com/quotes/GS" target="_blank">Goldman Sachs</a>. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/09/27/iran-leader-demands-saudi-arabia-apologise-for-hajj-deaths.html">Iran leader demands Saudi Arabia apologise for hajj deaths</a></p><p> BlackRock, which bankers describe as the manager handling the largest amount of Gulf funds, has already reported net outflows from Europe, the Middle East and Africa.</p><p> Its second-quarter financial results reported a net outflow of $24.1 billion from Emea, as opposed to an inflow of $17.7 billion in the first quarter.</p><p> Market participants say the outflow is in part explained by redemptions from Saudi Arabia and other Gulf sovereign funds, such as Abu Dhabi.</p><p> BlackRock and other funds declined to comment or did not respond to requests for comment. Sama did not respond to request for comment.</p></div>

Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices. The Saudi Arabian Monetary Agency's foreign reserves have slumped by nearly $73 billion since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen. The central bank is also turning to domestic banks to finance a bond programme to offset the rapid decline in reserves. This month, several managers were hit by a new wave of redemptions, which came on top of an initial round of withdrawals this year, people aware of the matter said. "It was our Black Monday," said one fund manager, referring to the large number of assets withdrawn by Saudi Arabia last week. Institutions benefited from years of rising assets under management from oil-rich Gulf states, but are now feeling the pinch after oil prices collapsed last year. Nigel Sillitoe, chief executive of financial services market intelligence company Insight Discovery, said fund managers estimate that Sama has pulled out $50 billion-$70 billion over the past six months. "The big question is when will they come back, because managers have been really quite reliant on Sama for business in recent years," he said. Since the third quarter of 2014, Sama's reserves held in foreign securities have declined by $71 billion, accounting for almost all of the $72.8 billion reduction in overall overseas assets. Other industry executives estimate that Sama has withdrawn even more than $70 billion from existing managers. More from the Financial Times: Iran blames Saudi Arabia for hajj disaster Does the hajj have to be so dangerous? By surging in Syria, Putin goes from pariah to powerbroker While some of this cash has been used to fund the deficit, these executives say the central bank is also seeking to reinvest into less risky, more liquid products. "They are not comfortable with their exposure to global equities," said another manager. Fund managers with strong ties to Gulf sovereign wealth funds, such as BlackRock, Franklin Templeton and Legal & General, have received redemption notices, according to people aware of the matter. Some fund managers have seen several billions of dollars of withdrawals, or the equivalent of a fifth to a quarter of their Saudi assets under management, the people aware of the matter said. Institutions such as State Street, Northern Trust and BNY Mellon have large amount of assets under management and are therefore also likely to have been hit hard by the Gulf governments' cash grab, the people added. "We are not that surprised," said another fund manager. "Sama has been on high risk for a while and we were prepared for this." Sama has over the years built up a broad range of institutions handling its funds, including other names such as Aberdeen Asset Management, Fidelity, Invesco and Goldman Sachs. Read MoreIran leader demands Saudi Arabia apologise for hajj deaths BlackRock, which bankers describe as the manager handling the largest amount of Gulf funds, has already reported net outflows from Europe, the Middle East and Africa. Its second-quarter financial results reported a net outflow of $24.1 billion from Emea, as opposed to an inflow of $17.7 billion in the first quarter. Market participants say the outflow is in part explained by redemptions from Saudi Arabia and other Gulf sovereign funds, such as Abu Dhabi. BlackRock and other funds declined to comment or did not respond to requests for comment. Sama did not respond to request for comment.

2021-10-30 14:11:59.511317

Obama response to 2016 Russian election meddling had 'many flaws,' Senate report finds

https://www.cnbc.com/2020/02/06/obama-response-to-2016-russian-meddling-had-many-flaws-senate-report.html

2020-02-06T16:28:31+0000

Tucker Higgins

CNBC

The Senate Intelligence Committee on Thursday issued its long-awaited report on how former President Barack Obama handled Russian meddling in the 2016 election.The bipartisan report found that the Obama administration was ill-prepared to handle the novel election interference offensive and recommended that in the future the "public should be informed as soon as possible" if a foreign active measures campaign is detected."After discovering the existence, if not the full scope, of Russia's election interference efforts in late-2016, the Obama Administration struggled to determine the appropriate response," the committee's GOP chairman, Sen. Richard Burr of North Carolina, said in a statement."Frozen by 'paralysis of analysis,' hamstrung by constraints both real and perceived, Obama officials debated courses of action without truly taking one," he said.Virginia Sen. Mark Warner, the committee's top Democrat, said that there were "many flaws" with the Obama administration's response but noted that "many of those were due to problems with our own system – problems that can and should be corrected."The report was released one day after President Donald Trump was acquitted by the Senate of a charge that he abused his power by seeking to pressure the government of Ukraine to open investigations into former Vice President Joe Biden. He was also acquitted of a charge of obstruction of Congress. Trump has denied any wrongdoing.Trump, who spent the first two years of his presidency dogged by a federal investigation into whether he unlawfully conspired with the Russian government in the 2016 election, has criticized Obama for his handling of the situation."He did NOTHING, and had no intention of doing anything!" Trump wrote in a post on Twitter last year.The U.S. intelligence community concluded in 2017 that Russian President Vladimir Putin ordered an influence campaign during the 2016 campaign targeting Democratic nominee Hillary Clinton and that the Russian government had a "clear preference" for Trump.The attacks included the pilfering of data and emails from Democratic National Committee networks which were then released to outlets including WikiLeaks, an anti-secrecy group, in a manner designed to raise doubts about Clinton's viability.The Senate Intelligence Committee also concluded that the Russian government sought to bolster Trump's 2016 election chances.Former special counsel Robert Mueller, who led the investigation into Trump's campaign, concluded that Trump expected to benefit from Russian interference. Mueller, however, did not establish coordination between Trump's associates and the Russian disinformation campaign.Trump tweetThe Senate report released Thursday is the third, out of an expected five, stemming from the committee's probe into the government's handling of Russian meddling efforts. The investigation began in 2017 and has proceeded on a largely bipartisan basis, in contrast with parallel congressional inquiries.

cnbc, Articles, Cybersecurity, Technology, Robert Mueller, Vladimir Putin, Richard Burr, Russia, Voting, Barack Obama, Ukraine, Joe Biden, Donald Trump, Elections, Politics, Hillary Clinton, US: News, Republicans, Democrats, 2020 Elections, source:tagname:CNBC US Source

<div class="group"><p>The Senate Intelligence Committee on Thursday issued its long-awaited report on how former President <a href="https://www.cnbc.com/barack-obama/">Barack Obama</a> handled Russian meddling in the 2016 election.</p><p>The bipartisan report found that the Obama administration was ill-prepared to handle the novel election interference offensive and recommended that in the future the "public should be informed as soon as possible" if a foreign active measures campaign is detected.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"After discovering the existence, if not the full scope, of Russia's election interference efforts in late-2016, the Obama Administration struggled to determine the appropriate response," the committee's GOP chairman, Sen. Richard Burr of North Carolina, said in a statement.</p><p>"Frozen by 'paralysis of analysis,' hamstrung by constraints both real and perceived, Obama officials debated courses of action without truly taking one," he said.</p><p>Virginia Sen. Mark Warner, the committee's top Democrat, said that there were "many flaws" with the Obama administration's response but noted that "many of those were due to problems with our own system – problems that can and should be corrected."</p><p>The report was released one day after President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> was <a href="https://www.cnbc.com/2020/02/06/trump-lashes-out-during-national-prayer-breakfast-speech-after-acquittal.html">acquitted by the Senate</a> of a charge that he abused his power by seeking to pressure the government of Ukraine to open investigations into former Vice President Joe Biden. He was also acquitted of a charge of obstruction of Congress. Trump has denied any wrongdoing.</p><p>Trump, who spent the first two years of his presidency dogged by a federal investigation into whether he unlawfully conspired with the Russian government in the 2016 election, has criticized Obama for his handling of the situation.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"He did NOTHING, and had no intention of doing anything!" Trump wrote in a post on Twitter last year.</p><p>The U.S. intelligence community concluded in 2017 that Russian President Vladimir Putin ordered an influence campaign during the 2016 campaign targeting Democratic nominee <a href="https://www.cnbc.com/hillary-clinton/">Hillary Clinton</a> and that the Russian government had a "clear preference" for Trump.</p><p>The attacks included the pilfering of data and emails from Democratic National Committee networks which were then released to outlets including WikiLeaks, an anti-secrecy group, in a manner designed to raise doubts about Clinton's viability.</p><p>The Senate Intelligence Committee <a href="https://www.intelligence.senate.gov/sites/default/files/documents/Report_Volume2.pdf" target="_blank">also concluded</a> that the Russian government sought to bolster Trump's 2016 election chances.</p><p>Former special counsel Robert Mueller, who led the investigation into Trump's campaign, concluded that Trump expected to benefit from Russian interference. Mueller, however, did not establish coordination between Trump's associates and the Russian disinformation campaign.</p><p><a href="https://twitter.com/realDonaldTrump/status/1123564951203930112?s=20" target="_blank">Trump tweet</a></p><p>The Senate report released Thursday is the third, out of an expected five, stemming from the committee's probe into the government's handling of Russian meddling efforts. The investigation began in 2017 and has proceeded on a largely bipartisan basis, in contrast with parallel congressional inquiries.</p></div>,<div class="group"><p>The committee found that the Obama administration was "not well-postured" to counter the Russian interference campaign and said that while "high-level warnings were delivered to Russian officials, those warnings may or may not have tempered Moscow's activity."</p><p>Obama said in 2016 that he confronted Putin over allegations that the Russian leader ordered the hacking of the Democratic National Committee, telling him to "<a href="https://www.cnbc.com/video/2016/12/16/obama-told-putin-to-cut-it-out-on-hacking.html">cut it out.</a>"</p><p>The committee noted that institutional constraints prevented the administration from acting more aggressively. The report documents members of the administration agonizing over the potential that a public statement about the hacking efforts — while Obama was actively campaigning for Clinton — would be perceived as political.</p><p>"Those factors included the highly politicized environment, concern that public warnings would themselves undermine confidence in the election, and a delay in definitive attribution to Russia, among other issues," the report said.</p><p>It noted that most administration officials first learned about the Russian hacking efforts from a June 2016 article in The Washington Post. In October of that year, the administration released its first public statement saying that the intelligence community was "confident" that the Russian government directed cyberattacks on American political organizations.</p><p>The committee emphasized that in case of future attacks, the public should be notified "as soon as possible with a clear and succinct statement of the threat."</p><p>"If the Administration had informed the public of Russian hacking and dumping earlier than October 7, and had there been bipartisan condemnation of these operations, the public and the press may have reacted differently to the WikiLeaks releases," the committee wrote.</p><p>"At the least, stories about Democratic emails might have mentioned that their release was part of a Russian influence campaign and that Donald Trump's repeated references to the releases, his stated adoration of WikiLeaks, and his solicitation of Russian assistance were taking place in the context of an ongoing influence campaign to assist him," it said.</p><p>The committee will release two more reports on its findings. Those will cover the intelligence community's 2017 assessment of Russian interference and the committee's final counterintelligence findings. The committee did not say when those reports will be released.</p><p>A spokesperson for Obama did not immediately respond to a request for comment.</p></div>,<div class="group"></div>

The Senate Intelligence Committee on Thursday issued its long-awaited report on how former President Barack Obama handled Russian meddling in the 2016 election.The bipartisan report found that the Obama administration was ill-prepared to handle the novel election interference offensive and recommended that in the future the "public should be informed as soon as possible" if a foreign active measures campaign is detected."After discovering the existence, if not the full scope, of Russia's election interference efforts in late-2016, the Obama Administration struggled to determine the appropriate response," the committee's GOP chairman, Sen. Richard Burr of North Carolina, said in a statement."Frozen by 'paralysis of analysis,' hamstrung by constraints both real and perceived, Obama officials debated courses of action without truly taking one," he said.Virginia Sen. Mark Warner, the committee's top Democrat, said that there were "many flaws" with the Obama administration's response but noted that "many of those were due to problems with our own system – problems that can and should be corrected."The report was released one day after President Donald Trump was acquitted by the Senate of a charge that he abused his power by seeking to pressure the government of Ukraine to open investigations into former Vice President Joe Biden. He was also acquitted of a charge of obstruction of Congress. Trump has denied any wrongdoing.Trump, who spent the first two years of his presidency dogged by a federal investigation into whether he unlawfully conspired with the Russian government in the 2016 election, has criticized Obama for his handling of the situation."He did NOTHING, and had no intention of doing anything!" Trump wrote in a post on Twitter last year.The U.S. intelligence community concluded in 2017 that Russian President Vladimir Putin ordered an influence campaign during the 2016 campaign targeting Democratic nominee Hillary Clinton and that the Russian government had a "clear preference" for Trump.The attacks included the pilfering of data and emails from Democratic National Committee networks which were then released to outlets including WikiLeaks, an anti-secrecy group, in a manner designed to raise doubts about Clinton's viability.The Senate Intelligence Committee also concluded that the Russian government sought to bolster Trump's 2016 election chances.Former special counsel Robert Mueller, who led the investigation into Trump's campaign, concluded that Trump expected to benefit from Russian interference. Mueller, however, did not establish coordination between Trump's associates and the Russian disinformation campaign.Trump tweetThe Senate report released Thursday is the third, out of an expected five, stemming from the committee's probe into the government's handling of Russian meddling efforts. The investigation began in 2017 and has proceeded on a largely bipartisan basis, in contrast with parallel congressional inquiries.The committee found that the Obama administration was "not well-postured" to counter the Russian interference campaign and said that while "high-level warnings were delivered to Russian officials, those warnings may or may not have tempered Moscow's activity."Obama said in 2016 that he confronted Putin over allegations that the Russian leader ordered the hacking of the Democratic National Committee, telling him to "cut it out."The committee noted that institutional constraints prevented the administration from acting more aggressively. The report documents members of the administration agonizing over the potential that a public statement about the hacking efforts — while Obama was actively campaigning for Clinton — would be perceived as political."Those factors included the highly politicized environment, concern that public warnings would themselves undermine confidence in the election, and a delay in definitive attribution to Russia, among other issues," the report said.It noted that most administration officials first learned about the Russian hacking efforts from a June 2016 article in The Washington Post. In October of that year, the administration released its first public statement saying that the intelligence community was "confident" that the Russian government directed cyberattacks on American political organizations.The committee emphasized that in case of future attacks, the public should be notified "as soon as possible with a clear and succinct statement of the threat.""If the Administration had informed the public of Russian hacking and dumping earlier than October 7, and had there been bipartisan condemnation of these operations, the public and the press may have reacted differently to the WikiLeaks releases," the committee wrote."At the least, stories about Democratic emails might have mentioned that their release was part of a Russian influence campaign and that Donald Trump's repeated references to the releases, his stated adoration of WikiLeaks, and his solicitation of Russian assistance were taking place in the context of an ongoing influence campaign to assist him," it said.The committee will release two more reports on its findings. Those will cover the intelligence community's 2017 assessment of Russian interference and the committee's final counterintelligence findings. The committee did not say when those reports will be released.A spokesperson for Obama did not immediately respond to a request for comment.

2021-10-30 14:11:59.607269

'Ride Along' rumbles to a second win at US box office

https://www.cnbc.com/2014/01/26/ride-along-rumbles-to-a-second-win-at-us-box-office.html

2014-01-26T18:36:10+0000

CNBC

"Ride Along," a buddy cop comedy starring Kevin Hart and Ice Cube, raced to the top of the weekend box office charts for the second week in a row, collecting $21.2 million in ticket sales. The Afghanistan war tale "Lone Survivor" took the No. 2 spot with ticket sales of $12.6 million. Mark Wahlberg plays the role of the only one of four U.S. SEALs to return from a vicious fire fight with Taliban fighters. The animated film "The Nut Job," featuring the voices of Will Arnett and Katherine Heigl, was third with $12.3 million in sales at U.S. and Canadian theaters, according to studio figures provided by Rentrak. (Read more: The 15 Biggest BoxOffice Bombs) In a week in which the top three films mirrored last week's results, "I, Frankenstein," an action film in which Victor Frankenstein's creation is reimagined as a hero battling gargoyles, was the only major new release. It opened in sixth place with ticket sales of $8.3 million. "Ride Along" received mostly negative reviews, with only 17 percent positive writeups according to aggregator website Rottentomatoes. But the movie opened far stronger than expected a week ago with ticket sales of $41.2 million to easily surpass Hollywood projections. The film has collected sales of just over $75 million since its Jan. 17 release. Universal Pictures, the studio behind both "Ride Along" and "Lone Survivor," said the films' one-two punch marked the first time a single studio's films have grabbed the top two spots for two consecutive weeks in nearly two decades. Warner Bros. last achieved the feat in February 1994, with "On Deadly Ground" and "Ace Ventura." "I, Frankenstein," which fell short of industry forecasts of an opening weekend between $10 million and $15 million, received generally poor reviews, but 57 percent of the audience said they liked it, according to Rotten Tomatoes. (Read more: The 15 most profitable movies of all time)Based on actor Kevin Grevioux's graphic novel, it takes place in a dark, dystopian world. Actor Aaron Eckhart plays the title role, with not much resemblance to the monster in earlier films based on Mary Shelley's 1818 novel. Less gruesome, he is blessed with extraordinary speed and endurance. Lionsgate Films acted chiefly as its distributor, with Lakeshore Entertainment funding most of its reported $65 million production costs. Disney's long-running animated hit "Frozen" claimed the No. 4 spot with $9 million. The musical is nearing $350 million in domestic sales in its 10th week in release. "Jack Ryan: Shadow Recruit," starring Chris Pine as the late author Tom Clancy's fictional CIA analyst, rounded out the top five with ticket sales of $8.8 million. The strongest finisher among major Oscar-nominated films was "American Hustle," which took seventh place selling $7.1 million worth of tickets for a total domestic haul of $127 million. "Ride Along" and "Lone Survivor" were released by Universal Pictures, a unit of Comcast. Lionsgate distributed "I, Frankenstein." "The Nut Job" was released by Open Road Films, a joint venture of U.S. theater chains Regal Entertainment and AMC Theatres. Paramount Pictures, a unit of Viacom, released "Jack Ryan: Shadow Recruit." --By Reuters.

cnbc, Articles, Lions Gate Entertainment Corp, Technology, Media, source:tagname:Reuters

<div class="group"><p> "Ride Along," a buddy cop comedy starring Kevin Hart and Ice Cube, raced to the top of the weekend box office charts for the second week in a row, collecting $21.2 million in ticket sales.</p><p> The Afghanistan war tale "Lone Survivor" took the No. 2 spot with ticket sales of $12.6 million. Mark Wahlberg plays the role of the only one of four U.S. SEALs to return from a vicious fire fight with Taliban fighters.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The animated film "The Nut Job," featuring the voices of Will Arnett and Katherine Heigl, was third with $12.3 million in sales at U.S. and Canadian theaters, according to studio figures provided by Rentrak.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2012/03/20/The-15-Biggest-Box-Office-Bombs.html">The 15 Biggest BoxOffice Bombs</a>)</p><p> In a week in which the top three films mirrored last week's results, "I, Frankenstein," an action film in which Victor Frankenstein's creation is reimagined as a hero battling gargoyles, was the only major new release. It opened in sixth place with ticket sales of $8.3 million.</p><p> "Ride Along" received mostly negative reviews, with only 17 percent positive writeups according to aggregator website Rottentomatoes. But the movie opened far stronger than expected a week ago with ticket sales of $41.2 million to easily surpass Hollywood projections. The film has collected sales of just over $75 million since its Jan. 17 release.</p><p> Universal Pictures, the studio behind both "Ride Along" and "Lone Survivor," said the films' one-two punch marked the first time a single studio's films have grabbed the top two spots for two consecutive weeks in nearly two decades. Warner Bros. last achieved the feat in February 1994, with "On Deadly Ground" and "Ace Ventura."</p><div style="height:100%" class="lazyload-placeholder"></div><p> "I, Frankenstein," which fell short of industry forecasts of an opening weekend between $10 million and $15 million, received generally poor reviews, but 57 percent of the audience said they liked it, according to Rotten Tomatoes.</p><p><em> (Read more</em>: <a href="https://www.cnbc.com/2010/09/10/The-15-Most-Profitable-Movies-of-All-Time.html">The 15 most profitable movies of all time</a>)</p><p><span style="background-color:rgb(255, 255, 255)">Based on actor Kevin Grevioux's graphic novel, it takes place in a dark, dystopian world. Actor Aaron Eckhart plays the title role, with not much resemblance to the monster in earlier films based on Mary Shelley's 1818 novel. Less gruesome, he is blessed with extraordinary speed and endurance.</span></p><p> <a href="//www.cnbc.com/quotes/LGF.A" target="_blank">Lionsgate Films</a> acted chiefly as its distributor, with <strong>Lakeshore Entertainment</strong> funding most of its reported $65 million production costs.</p><p> Disney's long-running animated hit "Frozen" claimed the No. 4 spot with $9 million. The musical is nearing $350 million in domestic sales in its 10th week in release.</p><p> "Jack Ryan: Shadow Recruit," starring Chris Pine as the late author Tom Clancy's fictional CIA analyst, rounded out the top five with ticket sales of $8.8 million.</p><p> The strongest finisher among major Oscar-nominated films was "American Hustle," which took seventh place selling $7.1 million worth of tickets for a total domestic haul of $127 million.</p><p> "Ride Along" and "Lone Survivor" were released by Universal Pictures, a unit of Comcast. Lionsgate distributed "I, Frankenstein." "The Nut Job" was released by Open Road Films, a joint venture of U.S. theater chains Regal Entertainment and AMC Theatres. Paramount Pictures, a unit of Viacom, released "Jack Ryan: Shadow Recruit."</p><p> --<em>By Reuters.</em></p></div>

"Ride Along," a buddy cop comedy starring Kevin Hart and Ice Cube, raced to the top of the weekend box office charts for the second week in a row, collecting $21.2 million in ticket sales. The Afghanistan war tale "Lone Survivor" took the No. 2 spot with ticket sales of $12.6 million. Mark Wahlberg plays the role of the only one of four U.S. SEALs to return from a vicious fire fight with Taliban fighters. The animated film "The Nut Job," featuring the voices of Will Arnett and Katherine Heigl, was third with $12.3 million in sales at U.S. and Canadian theaters, according to studio figures provided by Rentrak. (Read more: The 15 Biggest BoxOffice Bombs) In a week in which the top three films mirrored last week's results, "I, Frankenstein," an action film in which Victor Frankenstein's creation is reimagined as a hero battling gargoyles, was the only major new release. It opened in sixth place with ticket sales of $8.3 million. "Ride Along" received mostly negative reviews, with only 17 percent positive writeups according to aggregator website Rottentomatoes. But the movie opened far stronger than expected a week ago with ticket sales of $41.2 million to easily surpass Hollywood projections. The film has collected sales of just over $75 million since its Jan. 17 release. Universal Pictures, the studio behind both "Ride Along" and "Lone Survivor," said the films' one-two punch marked the first time a single studio's films have grabbed the top two spots for two consecutive weeks in nearly two decades. Warner Bros. last achieved the feat in February 1994, with "On Deadly Ground" and "Ace Ventura." "I, Frankenstein," which fell short of industry forecasts of an opening weekend between $10 million and $15 million, received generally poor reviews, but 57 percent of the audience said they liked it, according to Rotten Tomatoes. (Read more: The 15 most profitable movies of all time)Based on actor Kevin Grevioux's graphic novel, it takes place in a dark, dystopian world. Actor Aaron Eckhart plays the title role, with not much resemblance to the monster in earlier films based on Mary Shelley's 1818 novel. Less gruesome, he is blessed with extraordinary speed and endurance. Lionsgate Films acted chiefly as its distributor, with Lakeshore Entertainment funding most of its reported $65 million production costs. Disney's long-running animated hit "Frozen" claimed the No. 4 spot with $9 million. The musical is nearing $350 million in domestic sales in its 10th week in release. "Jack Ryan: Shadow Recruit," starring Chris Pine as the late author Tom Clancy's fictional CIA analyst, rounded out the top five with ticket sales of $8.8 million. The strongest finisher among major Oscar-nominated films was "American Hustle," which took seventh place selling $7.1 million worth of tickets for a total domestic haul of $127 million. "Ride Along" and "Lone Survivor" were released by Universal Pictures, a unit of Comcast. Lionsgate distributed "I, Frankenstein." "The Nut Job" was released by Open Road Films, a joint venture of U.S. theater chains Regal Entertainment and AMC Theatres. Paramount Pictures, a unit of Viacom, released "Jack Ryan: Shadow Recruit." --By Reuters.

2021-10-30 14:11:59.658491

Introduction: On the Money Thrival Guide for 2009

https://www.cnbc.com/2008/12/29/introduction-on-the-money-thrival-guide-for-2009.html

2008-12-29T17:43:45+0000

Carlo Dellaverson

CNBC

It’s time to put this last year behind us. The market may have thrown a big monkey wrench into our money mix, but with the new year comes new opportunities to take control of our money, learn from past mistakes, recover from a tough economy and build our own personal economies back up. Let’s move away from just surviving, like we did in 2008. Let’s make 2009 all about thriving. For a special On the Money “Thrival Guide,” Carmen and her team of experts help you do just that, from fortifying investments to making it a truly debt-free year. Read on for the advice you need to take control of your money in ’09. >>Make It a Debt-Free New Year>>Buyer Beware: Protect Against Insurance Fraud>>Three Ways to Supercharge Your Savings>>Web Extra: Where to NOT Put Your Money

cnbc, Articles, Investing, Personal Finance, source:tagname:CNBC US Source

<div class="group"><p>It’s time to put this last year behind us. The market may have thrown a big monkey wrench into our money mix, but with the new year comes new opportunities to take control of our money, learn from past mistakes, recover from a tough economy and build our own personal economies back up. </p><p>Let’s move away from just surviving, like we did in 2008. Let’s make 2009 all about thriving. </p><div style="height:100%" class="lazyload-placeholder"></div><p>For a special On the Money “Thrival Guide,” Carmen and her team of experts help you do just that, from fortifying investments to making it a truly debt-free year. Read on for the advice you need to take control of your money in ’09. </p><p><a href="https://www.cnbc.com/2008/12/29/make-it-a-debtfree-new-year.html">&gt;&gt;Make It a Debt-Free New Year</a></p><p><a href="https://www.cnbc.com/2008/12/29/buyer-beware-protect-against-insurance-fraud.html">&gt;&gt;Buyer Beware: Protect Against Insurance Fraud</a></p><p><a href="https://www.cnbc.com/2008/12/29/three-ways-to-supercharge-your-savings.html">&gt;&gt;Three Ways to Supercharge Your Savings</a></p><p><a href="https://www.cnbc.com/2008/12/29/web-extra-where-to-not-put-your-money.html">&gt;&gt;Web Extra: Where to NOT Put Your Money </a></p></div>

It’s time to put this last year behind us. The market may have thrown a big monkey wrench into our money mix, but with the new year comes new opportunities to take control of our money, learn from past mistakes, recover from a tough economy and build our own personal economies back up. Let’s move away from just surviving, like we did in 2008. Let’s make 2009 all about thriving. For a special On the Money “Thrival Guide,” Carmen and her team of experts help you do just that, from fortifying investments to making it a truly debt-free year. Read on for the advice you need to take control of your money in ’09. >>Make It a Debt-Free New Year>>Buyer Beware: Protect Against Insurance Fraud>>Three Ways to Supercharge Your Savings>>Web Extra: Where to NOT Put Your Money

2021-10-30 14:11:59.802765

Funny Business in Social Networking

https://www.cnbc.com/2010/02/23/funny-business-in-social-networking.html

2010-02-23T21:03:25+0000

Jane Wells

CNBC

Earlier this week I discussed the "Dopeler Effect" — "The tendency of stupid ideas to seem smarter when they come at you rapidly."I'm thinking I should rename this blog The Dopeler Effect. Or at least use that title for the occasional post. Like this one. Today's example of the Dopeler Effect involves social networking. Our desire to share every little detail about ourselves can be a really stupid idea that seems smart because everyone else is rapidly doing it all over the internet. Whether it's on , or newer Web sites like foursquare, some of us even reveal our exact locations. Burglars must be thrilled. A new Web site is trying to scare us straight. It's called PleaseRobMe.com. The site was reportedly created by three Dutch developers after one of them was awakened at night by a would-be burglar. Afterwards, he started thinking about what might have happened if he hadn't been home. Then he started thinking about all the people who broadcast such news on the internet. Then they created the Web site. PleaseRobMe.com tracks—and posts for public consumption—announcements by people all over the world notifying the online world that they're not at home. "I'm at Manhattan Beach Farmer's Market" says @captainsean. Gee, bet Captain Sean is pleased that PleaseRobMe.com is distributing the news. Except he already did that himself. "Our intention is not, and never has been, to have people burgled," the site says. "All this site is, is a dressed up Twitter page. Everybody can get this information." Ok, so you're not home and you tweet that. That's not a problem as long as burglars don't know where you live, right? Make sure it stays that way, because sometimes it doesn't. Even if you never post your home address on social networking sites, others might. "It gets even worse if you have 'friends' who want to colonize your house," says the Web site. "That means they have to enter your address, to tell everyone where they are. Your address.. on the internet." The Web site advice? "Now you know what to do when people reach for their phone as soon as they enter your home. That's right, slap them across the face." PleaseRobMe has been funded by a company called For The Hack, which describes itself as a launching pad for "early stage ideas and concepts". They claim the site has gotten so much buzz they're now looking to offer it a foundation or agency which can raise awareness about online privacy issues. I've contacted the owners to see if they've had any takers yet. I've also asked if anyone has threatened to sue them for republishing what was already public.I'll let you know. By the way, I'm home right now. With my ferocious basset hound, er, Doberman. Questions? Comments? Funny Stories? Email

cnbc, Articles, Opinion, Blogs, Funny Business with Jane Wells, source:tagname:CNBC US Source

<div class="group"><p>Earlier this week I <a href="https://www.cnbc.com/2010/02/22/are-your-still-a-victim-of-cashtration.html">discussed the "Dopeler Effect"</a> — "The tendency of stupid ideas to seem smarter when they come at you rapidly."</p><p>I'm thinking I should rename this blog The Dopeler Effect. Or at least use that title for the occasional post. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Like this one. </p><p>Today's example of the Dopeler Effect involves social networking. Our desire to share every little detail about ourselves can be a really stupid idea that seems smart because everyone else is rapidly doing it all over the internet. Whether it's on <!-- -->, or newer Web sites like <a href="http://foursquare.com/" target="_blank">foursquare</a>, some of us even reveal our exact locations. </p><p>Burglars must be thrilled. </p><p>A new Web site is trying to scare us straight. </p><p>It's called <a href="http://pleaserobme.com/" target="_blank">PleaseRobMe.com</a>. The site was reportedly created by three Dutch developers after one of them was awakened at night by a would-be burglar. Afterwards, he started thinking about what might have happened if he hadn't been home. Then he started thinking about all the people who broadcast such news on the internet. Then they <a href="http://articles.sfgate.com/2010-02-18/news/17927135_1_twitter-and-facebook-users-broadcasting" target="_blank">created the Web site</a>. </p><div style="height:100%" class="lazyload-placeholder"></div><p>PleaseRobMe.com tracks—and posts for public consumption—announcements by people all over the world notifying the online world that they're not at home. "I'm at Manhattan Beach Farmer's Market" says @captainsean. Gee, bet Captain Sean is pleased that PleaseRobMe.com is distributing the news. Except he already did that himself. "Our intention is not, and never has been, to have people burgled," the site says. "All this site is, is a dressed up Twitter page. Everybody can get this information." </p><p>Ok, so you're not home and you tweet that. That's not a problem as long as burglars don't know where you live, right? Make sure it stays that way, because sometimes it doesn't. Even if you never post your home address on social networking sites, others might. "It gets even worse if you have 'friends' who want to colonize your house," says the Web site. "That means they have to enter your address, to tell everyone where they are. Your address.. on the internet." The Web site advice? "Now you know what to do when people reach for their phone as soon as they enter your home. That's right, slap them across the face." </p><p>PleaseRobMe has been funded by a company called <a href="http://www.forthehack.com/" target="_blank">For The Hack</a>, which describes itself as a launching pad for "early stage ideas and concepts". They claim the site has gotten so much buzz they're now looking to offer it a foundation or agency which can raise awareness about online privacy issues. I've contacted the owners to see if they've had any takers yet. </p><p>I've also asked if anyone has threatened to sue them for republishing what was already public.</p><p>I'll let you know. </p><p>By the way, I'm home right now. With my ferocious basset hound, er, Doberman. </p><p><em>Questions? Comments? Funny Stories? Email </em></p></div>

Earlier this week I discussed the "Dopeler Effect" — "The tendency of stupid ideas to seem smarter when they come at you rapidly."I'm thinking I should rename this blog The Dopeler Effect. Or at least use that title for the occasional post. Like this one. Today's example of the Dopeler Effect involves social networking. Our desire to share every little detail about ourselves can be a really stupid idea that seems smart because everyone else is rapidly doing it all over the internet. Whether it's on , or newer Web sites like foursquare, some of us even reveal our exact locations. Burglars must be thrilled. A new Web site is trying to scare us straight. It's called PleaseRobMe.com. The site was reportedly created by three Dutch developers after one of them was awakened at night by a would-be burglar. Afterwards, he started thinking about what might have happened if he hadn't been home. Then he started thinking about all the people who broadcast such news on the internet. Then they created the Web site. PleaseRobMe.com tracks—and posts for public consumption—announcements by people all over the world notifying the online world that they're not at home. "I'm at Manhattan Beach Farmer's Market" says @captainsean. Gee, bet Captain Sean is pleased that PleaseRobMe.com is distributing the news. Except he already did that himself. "Our intention is not, and never has been, to have people burgled," the site says. "All this site is, is a dressed up Twitter page. Everybody can get this information." Ok, so you're not home and you tweet that. That's not a problem as long as burglars don't know where you live, right? Make sure it stays that way, because sometimes it doesn't. Even if you never post your home address on social networking sites, others might. "It gets even worse if you have 'friends' who want to colonize your house," says the Web site. "That means they have to enter your address, to tell everyone where they are. Your address.. on the internet." The Web site advice? "Now you know what to do when people reach for their phone as soon as they enter your home. That's right, slap them across the face." PleaseRobMe has been funded by a company called For The Hack, which describes itself as a launching pad for "early stage ideas and concepts". They claim the site has gotten so much buzz they're now looking to offer it a foundation or agency which can raise awareness about online privacy issues. I've contacted the owners to see if they've had any takers yet. I've also asked if anyone has threatened to sue them for republishing what was already public.I'll let you know. By the way, I'm home right now. With my ferocious basset hound, er, Doberman. Questions? Comments? Funny Stories? Email

2021-10-30 14:11:59.838051

US Supreme Court rejects appeal over Merrill broker bias

https://www.cnbc.com/2012/10/01/us-supreme-court-rejects-appeal-over-merrill-broker-bias.html

2012-10-01T13:55:00+0000

CNBC

WASHINGTON, Oct 1 (Reuters) - The U.S. Supreme Court onMonday refused to consider an appeal by Bank of America Corp's Merrill Lynch unit of a ruling that allowed blackbrokers who accused it of bias to pursue their lawsuit as aclass action. Merrill contended that the 7th U.S. Circuit Court of Appealsin Chicago misinterpreted a 2011 Supreme Court decision, in acase known as Wal-Mart Stores Inc v. Dukes, that made itsignificantly harder to pursue class-action cases. The lawsuit accused Merrill of steering blacks into clericalpositions and diverting lucrative accounts to white brokers,resulting in lower pay and fewer career growth opportunities.(Reporting By Jonathan Stempel in Washington, D.C.; Editing byMaureen Bavdek)((jon.stempel@thomsonreuters.com)(646)(223-6317)(ReutersMessaging: jon.stempel.reuters.com@thomsonreuters.net))Keywords: USA COURT/BANKOFAMERICA MERRILL

cnbc, Articles, Bank of America Corp, Walmart Inc, Washington DC, Illinois, Chicago, North America, United States, Wires, source:tagname:Thomson Financial News

<div class="group"><p>WASHINGTON, Oct 1 (Reuters) - The U.S. Supreme Court onMonday refused to consider an appeal by Bank of America Corp's</p><p> Merrill Lynch unit of a ruling that allowed blackbrokers who accused it of bias to pursue their lawsuit as aclass action.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Merrill contended that the 7th U.S. Circuit Court of Appealsin Chicago misinterpreted a 2011 Supreme Court decision, in acase known as Wal-Mart Stores Inc v. Dukes, that made itsignificantly harder to pursue class-action cases.</p><p> The lawsuit accused Merrill of steering blacks into clericalpositions and diverting lucrative accounts to white brokers,resulting in lower pay and fewer career growth opportunities.</p><p>(Reporting By Jonathan Stempel in Washington, D.C.; Editing byMaureen Bavdek)</p><p>((<a href="mailto:jon.stempel@thomsonreuters.com" target="_blank">jon.stempel@thomsonreuters.com</a>)(646)(223-6317)(Reuters</p><p>Messaging: <a href="mailto:jon.stempel.reuters.com@thomsonreuters.net" target="_blank">jon.stempel.reuters.com@thomsonreuters.net</a>))</p><p>Keywords: USA COURT/BANKOFAMERICA MERRILL</p></div>

WASHINGTON, Oct 1 (Reuters) - The U.S. Supreme Court onMonday refused to consider an appeal by Bank of America Corp's Merrill Lynch unit of a ruling that allowed blackbrokers who accused it of bias to pursue their lawsuit as aclass action. Merrill contended that the 7th U.S. Circuit Court of Appealsin Chicago misinterpreted a 2011 Supreme Court decision, in acase known as Wal-Mart Stores Inc v. Dukes, that made itsignificantly harder to pursue class-action cases. The lawsuit accused Merrill of steering blacks into clericalpositions and diverting lucrative accounts to white brokers,resulting in lower pay and fewer career growth opportunities.(Reporting By Jonathan Stempel in Washington, D.C.; Editing byMaureen Bavdek)((jon.stempel@thomsonreuters.com)(646)(223-6317)(ReutersMessaging: jon.stempel.reuters.com@thomsonreuters.net))Keywords: USA COURT/BANKOFAMERICA MERRILL

2021-10-30 14:11:59.897716

There's more than one way to invest in solar power

https://www.cnbc.com/2014/01/20/investing-in-solar-its-getting-cheaper-and-working-better.html

2014-01-20T14:00:00+0000

Javier E. David

CNBC

Solar companies, already benefiting from booming share prices, are turning to increasingly innovative ways to raise capital, including bond issues, bank loans and even crowd-funding. SolarCity—Wall Street's newest renewable energy darling—last week announced that it will offer debt investments backed by pools of solar assets this year. Last year, SolarCity, which is backed by Tesla Motors founder Elon Musk, issued about $54.4 million in the first-ever solar bonds. They secured an investment-grade rating from Standard & Poor's.

cnbc, Articles, Alternative and sustainable energy, Energy, SolarCity Corp, Tesla Inc, Renewable Energy, US: News, Business News, source:tagname:CNBC US Source

<div class="group"><p> Solar companies, already benefiting from booming share prices, are turning to increasingly innovative ways to raise capital, including bond issues, bank loans and even crowd-funding.<br></p><p> <a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">SolarCity</a>—Wall Street's newest renewable energy darling—last week announced that it will offer debt investments backed by pools of solar assets this year. Last year, SolarCity, which is backed by <a href="//www.cnbc.com/quotes/TSLA" target="_blank">Tesla Motors</a> founder Elon Musk, issued about $54.4 million in the first-ever solar bonds. They secured an investment-grade rating from Standard &amp; Poor's.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> <a href="https://www.cnbc.com/2014/01/10/solar-stocks-rise-as-renewable-energy-surges.html">(Read more: A day in the sun: Solar's revival sends stocks on a tear)</a><br></p><p><span style="background-color:rgb(255, 255, 255)">Observers say SolarCity's fortunes are the latest signs of a maturation process that could hasten the day when renewable energy is less dependent on government subsidies. It also comes as demand for solar power is expected to see what research firm NPD calls "explosive growth," with demand expected to surge more than 36 percent in 2014.</span><br></p><p> "As we're seeing costs and price point for solar systems fall, we're seeing concomitant increase in deal structures and investment vehicles available to individual investors and utilities," said Nadav Enbar, senior project manager in power delivery utilization at the Electric Power Research Institute. "As a result of this maturity, investors consider renewable energy/solar as a potential area with less risk for their dollars."</p></div>,<div class="group"><p> Solar securities are still largely unproven, and the relatively short tenure of solar projects–less than 20 years in many instances–may become a barrier to wider adoption of solar financing.<br></p><p> Still, the move toward tapping capital markets means green projects could make the sector less vulnerable to the backlash that often ensues from using public funds. Private investors are starting to warm to the idea: US Bank has a alternative energy arm that has doled out more than $1.7 billion to a spate of renewable projects in the U.S.</p><div style="height:100%" class="lazyload-placeholder"></div><p> A steep drop in solar prices and costs—data from the Solar Energy Industries Association says sun-power is now 60 percent cheaper than it was just a few short years ago—is fueling strong demand. </p><p> According to the Energy Information Administration (EIA), growth in renewable power generation is expected to exceed 858 billion kilowatt hours by 2040, with a bulk of that growth coming from solar. Renewables generated 524 billion kilowatt hours in 2011.<br></p><p> Because solar power can be generated at the local level, and because its infrastructure can be built easily without the politically-tinged problems that accompany crude, it makes for a comparatively attractive investment.<br></p><p> <a href="https://www.cnbc.com/2013/09/14/critics-question-green-loans-but-department-of-energy-defends-program.html">(Read more: Critics question 'green loans,' but US points to the numbers)</a></p><p> Mike Sheppard, senior energy and power analyst with research IHS, says investors "see it as a trend…that opens up new sources of capital investment from people not yet willing to risk money in technology" that may not be proven, he added.</p><p> "Securitization smooths out [risks], diversifying over multiple projects," Sheppard said. "That concept is relatively new…and its a definite trend that a lot of people are looking forward to."</p><p> <em>—By CNBC's Javier E. David. Follow him on Twitter <a href="https://twitter.com/TeflonGeek" target="_blank">@TeflonGeek</a></em><br></p></div>

Solar companies, already benefiting from booming share prices, are turning to increasingly innovative ways to raise capital, including bond issues, bank loans and even crowd-funding. SolarCity—Wall Street's newest renewable energy darling—last week announced that it will offer debt investments backed by pools of solar assets this year. Last year, SolarCity, which is backed by Tesla Motors founder Elon Musk, issued about $54.4 million in the first-ever solar bonds. They secured an investment-grade rating from Standard & Poor's. (Read more: A day in the sun: Solar's revival sends stocks on a tear)Observers say SolarCity's fortunes are the latest signs of a maturation process that could hasten the day when renewable energy is less dependent on government subsidies. It also comes as demand for solar power is expected to see what research firm NPD calls "explosive growth," with demand expected to surge more than 36 percent in 2014. "As we're seeing costs and price point for solar systems fall, we're seeing concomitant increase in deal structures and investment vehicles available to individual investors and utilities," said Nadav Enbar, senior project manager in power delivery utilization at the Electric Power Research Institute. "As a result of this maturity, investors consider renewable energy/solar as a potential area with less risk for their dollars." Solar securities are still largely unproven, and the relatively short tenure of solar projects–less than 20 years in many instances–may become a barrier to wider adoption of solar financing. Still, the move toward tapping capital markets means green projects could make the sector less vulnerable to the backlash that often ensues from using public funds. Private investors are starting to warm to the idea: US Bank has a alternative energy arm that has doled out more than $1.7 billion to a spate of renewable projects in the U.S. A steep drop in solar prices and costs—data from the Solar Energy Industries Association says sun-power is now 60 percent cheaper than it was just a few short years ago—is fueling strong demand. According to the Energy Information Administration (EIA), growth in renewable power generation is expected to exceed 858 billion kilowatt hours by 2040, with a bulk of that growth coming from solar. Renewables generated 524 billion kilowatt hours in 2011. Because solar power can be generated at the local level, and because its infrastructure can be built easily without the politically-tinged problems that accompany crude, it makes for a comparatively attractive investment. (Read more: Critics question 'green loans,' but US points to the numbers) Mike Sheppard, senior energy and power analyst with research IHS, says investors "see it as a trend…that opens up new sources of capital investment from people not yet willing to risk money in technology" that may not be proven, he added. "Securitization smooths out [risks], diversifying over multiple projects," Sheppard said. "That concept is relatively new…and its a definite trend that a lot of people are looking forward to." —By CNBC's Javier E. David. Follow him on Twitter @TeflonGeek

2021-10-30 14:12:00.071059

Farmers & Merchants State Bank Announces New Waterville Office Opening

https://www.cnbc.com/2012/10/01/farmers-merchants-state-bank-announces-new-waterville-office-opening.html

2012-10-01T20:06:00+0000

CNBC

cnbc, Articles, F&M Bancorp, Ohio, Indiana, North America, United States, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:PR Newswire

<div class="group"><div> <p>ARCHBOLD, Ohio, Oct. 1, 2012 /PRNewswire/ -- Paul S. Siebenmorgen, President and CEO of Farmers &amp; Merchants State Bank in Archbold, Ohio, announced that construction will begin in the fall on the bank's twentieth office, in Waterville, Ohio.</p><p>The full-service office will serve the Waterville and Whitehouse markets and include a drive-up ATM and three drive-up lanes staffed with local bankers to serve customers, with decisions made locally. F&amp;M focuses on locally owned and operated businesses and individuals because that is where 'its' own roots are. The Waterville office compliments the existing F&amp;M office network.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The new office is located at the entrance to the new Villages at Waterville Landing, in front of the Kroger at 8720 Waterville-Swanton Road (near the new U.S Highway 24). This is a rapidly growing area with shopping and housing. The opening is scheduled for the first half of 2013.</p><p>Farmers &amp; Merchants State Bank is a $930 million independent community bank that has been serving Northwest Ohio for 115 years. Farmers &amp; Merchants State Bank has 19 offices with locations in Fulton, Williams, Henry, Defiance, Lucas and Wood counties in Ohio and three offices in DeKalb and Steuben counties in Indiana. Farmers &amp; Merchants Bancorp, Inc. is the one bank holding company of the Farmers &amp; Merchants State Bank and is traded under the symbol FMAO.</p><p><a href="http://www.fm-bank.com/" target="_blank">www.fm-bank.com</a></p><p>SOURCE Farmers &amp; Merchants State Bank</p></div></div>

ARCHBOLD, Ohio, Oct. 1, 2012 /PRNewswire/ -- Paul S. Siebenmorgen, President and CEO of Farmers & Merchants State Bank in Archbold, Ohio, announced that construction will begin in the fall on the bank's twentieth office, in Waterville, Ohio.The full-service office will serve the Waterville and Whitehouse markets and include a drive-up ATM and three drive-up lanes staffed with local bankers to serve customers, with decisions made locally. F&M focuses on locally owned and operated businesses and individuals because that is where 'its' own roots are. The Waterville office compliments the existing F&M office network.The new office is located at the entrance to the new Villages at Waterville Landing, in front of the Kroger at 8720 Waterville-Swanton Road (near the new U.S Highway 24). This is a rapidly growing area with shopping and housing. The opening is scheduled for the first half of 2013.Farmers & Merchants State Bank is a $930 million independent community bank that has been serving Northwest Ohio for 115 years. Farmers & Merchants State Bank has 19 offices with locations in Fulton, Williams, Henry, Defiance, Lucas and Wood counties in Ohio and three offices in DeKalb and Steuben counties in Indiana. Farmers & Merchants Bancorp, Inc. is the one bank holding company of the Farmers & Merchants State Bank and is traded under the symbol FMAO.www.fm-bank.comSOURCE Farmers & Merchants State Bank

2021-10-30 14:12:00.118685

US dollar weakens as Fed measure weighs

https://www.cnbc.com/2020/03/31/forex-markets-coronavirus-in-focus.html

2020-03-31T09:50:29+0000

CNBC

The dollar fell against a basket of major currencies on Tuesday modestly pressured by the weight of Federal Reserve measures meant to ensure there was enough liquidity in the global financial system.The dollar earlier in the session benefited from quarterly and fiscal year-end demand from portfolio managers and Japanese firms, but trading was choppy, with the dollar alternating between gains and losses.For the quarter, the dollar was the biggest gainer, rising 2.8%. The Norwegian crown was the biggest loser, falling 18% against the dollar.Analysts said the steep fall in U.S. equity markets during March led to increased buying of dollars for asset managers seeking to rebalance their portfolios at the end of the month.But the U.S. currency pared gains in the aftermath of the latest Fed move on Tuesday to expand the ability of dozens of foreign central banks to access dollars during the coronavirus crisis. Essentially, the Fed is allowing foreign central banks to exchange their holdings of U.S. Treasury securities for overnight dollar loans.It is one of a slew of measures that the Fed unleashed to address liquidity problems caused by the economic fallout from the coronavirus pandemic.That has dented the dollar's luster a bit as the supply of the U.S. currency expands."The dollar will struggle to extend gains significantly at the moment just because of the relative supply of cash coming in from the Fed in dollar terms," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.In afternoon trading, the dollar index was down 0.2% on the day at 99.042.It reached 102.99, its highest in more than three years, earlier this month as a global market sell-off fueled a rush for dollars. Dollar demand has ebbed, but analysts are still forecasting more dollar gains. Against the yen, the dollar slipped 0.2% to 107.57 yen. For the quarter, the dollar was down 1.1%.Tuesday was the last trading day of Japan's fiscal year and the end of the quarter for major investors elsewhere, which has fueled some volatility as big currency market players close their books. The bulk of those positioning changes caused the dollar to strengthen earlier.The dollar also weakened after data showed U.S. consumer confidence dropped to a near three-year low in March as households worried about the economy's near-term outlook amid the coronavirus pandemic.The euro, meanwhile, was down 0.2% against the dollar at $1.1007, falling 1.8% in the first quarter.Some analysts believed that the dollar is likely to remain supported as investors brace for a sharp economic downturn in the coming quarters."The Fed's efforts so far are the closest thing to taming the dollar's strength," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington."But the desire to hold dollars remains elevated ahead of what's expected to be a punishing second quarter for U.S. and global growth."

cnbc, Articles, Currency markets, U.S. dollar, USD/JPY, EUR/USD, US Dollar/Swiss Franc FX Spot Rate, GBP/USD, Euro/UK Pound Sterling FX Cross Rate, New Zealand Dollar/US Dollar FX Spot Rate, Australian Dollar/US Dollar FX Spot Rate, US Dollar/Chinese Renminbi FX Spot Rate, Chesterfield Resources PLC, DXY US Dollar Currency Index, Norwegian Krone/US Dollar FX Cross Rate, Currencies, U.S. Dollar, Chinese Yuan, Euro, Markets, source:tagname:Reuters

<div class="group"><p>The dollar fell against a basket of major currencies on Tuesday modestly pressured by the weight of Federal Reserve measures meant to ensure there was enough liquidity in the global financial system.</p><p>The dollar earlier in the session benefited from quarterly and fiscal year-end demand from portfolio managers and Japanese firms, but trading was choppy, with the dollar alternating between gains and losses.</p><div style="height:100%" class="lazyload-placeholder"></div><p>For the quarter, the dollar was the biggest gainer, rising 2.8%. The Norwegian crown was the biggest loser, falling 18% against the dollar.</p><p>Analysts said the steep fall in U.S. equity markets during March led to increased buying of dollars for asset managers seeking to rebalance their portfolios at the end of the month.</p><p>But the U.S. currency pared gains in the aftermath of the latest Fed move on Tuesday to expand the ability of dozens of foreign central banks to access dollars during the coronavirus crisis. Essentially, the Fed is allowing foreign central banks to exchange their holdings of U.S. Treasury securities for overnight dollar loans.</p><p>It is one of a slew of measures that the Fed unleashed to address liquidity problems caused by the economic fallout from the coronavirus pandemic.</p><p>That has dented the dollar's luster a bit as the supply of the U.S. currency expands.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"The dollar will struggle to extend gains significantly at the moment just because of the relative supply of cash coming in from the Fed in dollar terms," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.</p><p>In afternoon trading, the dollar index was down 0.2% on the day at 99.042.</p><p>It reached 102.99, its highest in more than three years, earlier this month as a global market sell-off fueled a rush for dollars. Dollar demand has ebbed, but analysts are still forecasting more dollar gains. </p><p>Against the yen, the dollar slipped 0.2% to 107.57 yen. For the quarter, the dollar was down 1.1%.</p><p>Tuesday was the last trading day of Japan's fiscal year and the end of the quarter for major investors elsewhere, which has fueled some volatility as big currency market players close their books. The bulk of those positioning changes caused the dollar to strengthen earlier.</p><p>The dollar also weakened after data showed U.S. consumer confidence dropped to a near three-year low in March as households worried about the economy's near-term outlook amid the coronavirus pandemic.<br>The euro, meanwhile, was down 0.2% against the dollar at $1.1007, falling 1.8% in the first quarter.</p><p>Some analysts believed that the dollar is likely to remain supported as investors brace for a sharp economic downturn in the coming quarters.</p><p>"The Fed's efforts so far are the closest thing to taming the dollar's strength," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.</p><p>"But the desire to hold dollars remains elevated ahead of what's expected to be a punishing second quarter for U.S. and global growth."</p></div>

The dollar fell against a basket of major currencies on Tuesday modestly pressured by the weight of Federal Reserve measures meant to ensure there was enough liquidity in the global financial system.The dollar earlier in the session benefited from quarterly and fiscal year-end demand from portfolio managers and Japanese firms, but trading was choppy, with the dollar alternating between gains and losses.For the quarter, the dollar was the biggest gainer, rising 2.8%. The Norwegian crown was the biggest loser, falling 18% against the dollar.Analysts said the steep fall in U.S. equity markets during March led to increased buying of dollars for asset managers seeking to rebalance their portfolios at the end of the month.But the U.S. currency pared gains in the aftermath of the latest Fed move on Tuesday to expand the ability of dozens of foreign central banks to access dollars during the coronavirus crisis. Essentially, the Fed is allowing foreign central banks to exchange their holdings of U.S. Treasury securities for overnight dollar loans.It is one of a slew of measures that the Fed unleashed to address liquidity problems caused by the economic fallout from the coronavirus pandemic.That has dented the dollar's luster a bit as the supply of the U.S. currency expands."The dollar will struggle to extend gains significantly at the moment just because of the relative supply of cash coming in from the Fed in dollar terms," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.In afternoon trading, the dollar index was down 0.2% on the day at 99.042.It reached 102.99, its highest in more than three years, earlier this month as a global market sell-off fueled a rush for dollars. Dollar demand has ebbed, but analysts are still forecasting more dollar gains. Against the yen, the dollar slipped 0.2% to 107.57 yen. For the quarter, the dollar was down 1.1%.Tuesday was the last trading day of Japan's fiscal year and the end of the quarter for major investors elsewhere, which has fueled some volatility as big currency market players close their books. The bulk of those positioning changes caused the dollar to strengthen earlier.The dollar also weakened after data showed U.S. consumer confidence dropped to a near three-year low in March as households worried about the economy's near-term outlook amid the coronavirus pandemic.The euro, meanwhile, was down 0.2% against the dollar at $1.1007, falling 1.8% in the first quarter.Some analysts believed that the dollar is likely to remain supported as investors brace for a sharp economic downturn in the coming quarters."The Fed's efforts so far are the closest thing to taming the dollar's strength," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington."But the desire to hold dollars remains elevated ahead of what's expected to be a punishing second quarter for U.S. and global growth."

2021-10-30 14:12:00.490227

Blackstone, Apax Eye Weather Investments Stake: WSJ

https://www.cnbc.com/2007/10/02/blackstone-apax-eye-weather-investments-stake-wsj.html

2007-10-03T03:48:34+0000

CNBC

Blackstone Group and Apax Partners Worldwide are front-runners to buy a minority stake in Weather Investments SpA, a telecom holding company controlled by Egyptian billionaire Naguib Sawiris, the Wall Street Journal reports. The purchase price could total 1.2 billion euros (US$1.7 billion), the Journal said, citing people close to the talks. Other possible buyers include TPG Capital, the sources said. Sawiris in an interview told the paper he had planned to take his company public, but now was more inclined to sell a 10% to 12% stake. A sale, which could value Weather at more than 10 billion euros, could happen as early as the next few weeks, he said. Proceeds could be used to pay down debt or for new acquisitions, he said in the Journal interview. One business in his sights is France's Bouygues Telecom, part of the Bouygues group, the paper said. Weather owns Italy's Wind Telecomunicazioni, Greek wireless operator Wind Hellas Telecommunications, and a 51% stake in Orascom Telecom Holding, the Middle East and Africa's largest telecom company by customers.

cnbc, Articles, Business News, Finance, Deals & IPOs, source:tagname:Reuters

<div class="group"><p><strong>Blackstone Group </strong>and <strong>Apax Partners Worldwide </strong>are front-runners to buy a minority stake in <strong>Weather Investments SpA</strong>, a telecom holding company controlled by Egyptian billionaire Naguib Sawiris, the Wall Street Journal reports. </p><p>The purchase price could total 1.2 billion euros (US$1.7 billion), the Journal said, citing people close to the talks. Other possible buyers include <strong>TPG Capital</strong>, the sources said. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Sawiris in an interview told the paper he had planned to take his company public, but now was more inclined to sell a 10% to 12% stake. </p><p>A sale, which could value Weather at more than 10 billion euros, could happen as early as the next few weeks, he said. Proceeds could be used to pay down debt or for new acquisitions, he said in the Journal interview. </p><p>One business in his sights is France's <strong>Bouygues Telecom</strong>, part of the <strong>Bouygues </strong>group, the paper said. </p><p>Weather owns Italy's <strong>Wind Telecomunicazioni</strong>, Greek wireless operator <strong>Wind Hellas Telecommunications</strong>, and a 51% stake in <strong>Orascom Telecom Holding</strong>, the Middle East and Africa's largest telecom company by customers. </p></div>

Blackstone Group and Apax Partners Worldwide are front-runners to buy a minority stake in Weather Investments SpA, a telecom holding company controlled by Egyptian billionaire Naguib Sawiris, the Wall Street Journal reports. The purchase price could total 1.2 billion euros (US$1.7 billion), the Journal said, citing people close to the talks. Other possible buyers include TPG Capital, the sources said. Sawiris in an interview told the paper he had planned to take his company public, but now was more inclined to sell a 10% to 12% stake. A sale, which could value Weather at more than 10 billion euros, could happen as early as the next few weeks, he said. Proceeds could be used to pay down debt or for new acquisitions, he said in the Journal interview. One business in his sights is France's Bouygues Telecom, part of the Bouygues group, the paper said. Weather owns Italy's Wind Telecomunicazioni, Greek wireless operator Wind Hellas Telecommunications, and a 51% stake in Orascom Telecom Holding, the Middle East and Africa's largest telecom company by customers.

2021-10-30 14:12:00.525878

Stocks making the biggest moves premarket: Ford, GM, Uber, Gap, Costco, Ulta, Dell & more

https://www.cnbc.com/2019/05/31/stocks-making-the-biggest-moves-premarket-ford-gm-uber-gap-costco-ulta-dell-more.html

2019-05-31T11:55:17+0000

Peter Schacknow

CNBC

Check out the companies making headlines before the bell:Big Lots – The discount retailer reported adjusted quarterly earnings of 92 cents per share, compared to a consensus estimate of 70 cents a share. Revenue was slightly above forecasts, although comparable-store sales were up a less-than-expected 1.5%. Big Lots also raised its full-year profit forecast.Genesco – The apparel and accessories retailer earned an adjusted 33 cents per share for its latest quarter, well above the consensus estimate of 4 cents a share. Revenue beat forecasts as well, and a comparable-store sales increase of 5% beat the 0.6% consensus of analysts polled by Refinitiv.Ford Motor, General Motors – These and other auto stocks are falling this morning following President Donald Trump's threat to impose tariffs on Mexican imports. GM is the largest automaker in Mexico with 14 plants, among the companies taking advantage of proximity to the U.S. border and lower labor costs.Uber Technologies — Uber posted a loss of $1.01 billion in its first quarter as a public company, matching Wall Street's forecasts. Revenue was slightly above expectations and up 20% over a year earlier.Gap Inc. – Gap earned an adjusted 24 cents per share for its latest quarter, 8 cents a share below consensus forecasts. The apparel retailer's revenue was also below forecasts, and a same store sales decline of 4% was larger than the 1.2% drop that analysts had been expecting. The same-store sales decline was most prominent at the Gap flagship brand.Costco – Costco beat estimates by 7 cents a share, with adjusted quarterly profit of $1.89 per share. The warehouse retailer's revenue was also above forecasts. Comparable-store sales rose 5.5%, just under the consensus forecast for a 5.6% increase.Ulta Beauty – Ulta reported quarterly profit of $3.26 per share, compared to a consensus estimate of $3.07 a share. The cosmetics retailer's revenue was slightly below forecasts, with comparable-store sales in line with estimates. Ulta also raised its full-year guidance.Williams-Sonoma – Williams-Sonoma came in 12 cents a share above estimates, with quarterly earnings of 81 cents per share. The housewares retailer's revenue matched Street forecasts. Comparable-store sales were up 3.5%, more than double the 1.7% consensus estimate. Williams-Sonoma also raised its full-year earnings outlook.Dell Technologies – Dell reported adjusted quarterly earnings of $1.45 per share, 24 cents a share above estimates. The computer maker's revenue came in below forecasts on slowing demand in China.Amazon.com – Amazon is interested in buying Boost Mobile from T-Mobile US and Sprint, according to Reuters. T-Mobile and Sprint are planning to sell the prepaid mobile brand in order to get their planned merger approved by regulators.Okta – Okta reported an adjusted quarterly loss of 19 cents per share, 2 cents a share smaller than Wall Street had expected. The maker of identity management software also saw better-than-expected revenue during the quarter, as subscription revenue grew 52% compared to a year earlier.Kraft Heinz – Piper Jaffray upgraded the food maker's stock to "neutral" from "underweight," saying caution about the company's outlook is reflected in its current valuation. The stock has lost more than half its value over the past year.

cnbc, Articles, Kraft Heinz Co, Okta Inc, Sprint Corp, T-Mobile US Inc, Amazon.com Inc, Dell Technologies Inc, Williams-Sonoma Inc, Ulta Beauty Inc, Costco Wholesale Corp, Gap Inc, Uber Technologies Inc, General Motors Co, Ford Motor Co, Genesco Inc, Big Lots Inc, Investment strategy, Breaking News: Markets, Stock markets, Business, Economy, Markets, Market Insider, Finance, stocks, US: News, Investing, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p><em>Check out the companies making headlines before the bell:</em></p><p><a href="//www.cnbc.com/quotes/BIG" target="_blank">Big Lots</a> – The discount retailer reported adjusted quarterly earnings of 92 cents per share, compared to a consensus estimate of 70 cents a share. Revenue was slightly above forecasts, although comparable-store sales were up a less-than-expected 1.5%. Big Lots also raised its full-year profit forecast.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/GCO" target="_blank">Genesco</a> – The apparel and accessories retailer earned an adjusted 33 cents per share for its latest quarter, well above the consensus estimate of 4 cents a share. Revenue beat forecasts as well, and a comparable-store sales increase of 5% beat the 0.6% consensus of analysts polled by Refinitiv.</p><p><a href="//www.cnbc.com/quotes/F" target="_blank">Ford Motor</a>, <a href="//www.cnbc.com/quotes/GM" target="_blank">General Motors</a> – These and other auto stocks <a href="https://www.cnbc.com/2019/05/31/automaker-shares-plunge-after-trumps-surprise-mexico-tariffs-gm-shares-fall-5percent.html">are falling this morning</a> following President Donald Trump's threat to impose tariffs on Mexican imports. GM is the largest automaker in Mexico with 14 plants, among the companies taking advantage of proximity to the U.S. border and lower labor costs.</p><p><a href="//www.cnbc.com/quotes/UBER" target="_blank">Uber Technologies</a> — Uber <a href="https://www.cnbc.com/2019/05/30/uber-earnings-q1-2019.html">posted a loss of $1.01 billion</a> in its first quarter as a public company, matching Wall Street's forecasts. Revenue was slightly above expectations and up 20% over a year earlier.</p><p><a href="//www.cnbc.com/quotes/GPS" target="_blank">Gap Inc.</a> – Gap <a href="https://www.cnbc.com/2019/05/30/gap-reports-first-quarter-fiscal-2019-earnings.html">earned an adjusted 24 cents per share</a> for its latest quarter, 8 cents a share below consensus forecasts. The apparel retailer's revenue was also below forecasts, and a same store sales decline of 4% was larger than the 1.2% drop that analysts had been expecting. The same-store sales decline was most prominent at the Gap flagship brand.</p><p><a href="//www.cnbc.com/quotes/COST" target="_blank">Costco</a> – Costco <a href="https://www.cnbc.com/2019/05/31/costco-is-looking-at-alternative-sourcing-and-price-hikes-as-tariffs-loom.html">beat estimates by 7 cents a share</a>, with adjusted quarterly profit of $1.89 per share. The warehouse retailer's revenue was also above forecasts. Comparable-store sales rose 5.5%, just under the consensus forecast for a 5.6% increase.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/ULTA" target="_blank">Ulta Beauty</a> – Ulta reported quarterly profit of $3.26 per share, compared to a consensus estimate of $3.07 a share. The cosmetics retailer's revenue was slightly below forecasts, with comparable-store sales in line with estimates. Ulta also raised its full-year guidance.</p><p><a href="//www.cnbc.com/quotes/WSM" target="_blank">Williams-Sonoma</a> – Williams-Sonoma came in 12 cents a share above estimates, with quarterly earnings of 81 cents per share. The housewares retailer's revenue matched Street forecasts. Comparable-store sales were up 3.5%, more than double the 1.7% consensus estimate. Williams-Sonoma also raised its full-year earnings outlook.</p><p><a href="//www.cnbc.com/quotes/DELL" target="_blank">Dell Technologies</a> – Dell <a href="https://www.cnbc.com/2019/05/31/costco-is-looking-at-alternative-sourcing-and-price-hikes-as-tariffs-loom.html">reported adjusted quarterly earnings of $1.45 per share</a>, 24 cents a share above estimates. The computer maker's revenue came in below forecasts on slowing demand in China.</p><p><a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon.com</a> – Amazon <a href="https://www.cnbc.com/2019/05/31/amazon-is-interested-in-buying-boost-from-t-mobile-and-sprint-sources.html">is interested in buying Boost Mobile</a> from <a href="//www.cnbc.com/quotes/TMUS" target="_blank">T-Mobile US</a> and <a href="//www.cnbc.com/quotes/S" target="_blank">Sprint</a>, according to Reuters. T-Mobile and Sprint are planning to sell the prepaid mobile brand in order to get their planned merger approved by regulators.</p><p><a href="//www.cnbc.com/quotes/OKTA" target="_blank">Okta</a> – Okta reported an adjusted quarterly loss of 19 cents per share, 2 cents a share smaller than Wall Street had expected. The maker of identity management software also saw better-than-expected revenue during the quarter, as subscription revenue grew 52% compared to a year earlier.</p><p><a href="//www.cnbc.com/quotes/KHC" target="_blank">Kraft Heinz</a> – Piper Jaffray upgraded the food maker's stock to "neutral" from "underweight," saying caution about the company's outlook is reflected in its current valuation. The stock has lost more than half its value over the past year.</p></div>

Check out the companies making headlines before the bell:Big Lots – The discount retailer reported adjusted quarterly earnings of 92 cents per share, compared to a consensus estimate of 70 cents a share. Revenue was slightly above forecasts, although comparable-store sales were up a less-than-expected 1.5%. Big Lots also raised its full-year profit forecast.Genesco – The apparel and accessories retailer earned an adjusted 33 cents per share for its latest quarter, well above the consensus estimate of 4 cents a share. Revenue beat forecasts as well, and a comparable-store sales increase of 5% beat the 0.6% consensus of analysts polled by Refinitiv.Ford Motor, General Motors – These and other auto stocks are falling this morning following President Donald Trump's threat to impose tariffs on Mexican imports. GM is the largest automaker in Mexico with 14 plants, among the companies taking advantage of proximity to the U.S. border and lower labor costs.Uber Technologies — Uber posted a loss of $1.01 billion in its first quarter as a public company, matching Wall Street's forecasts. Revenue was slightly above expectations and up 20% over a year earlier.Gap Inc. – Gap earned an adjusted 24 cents per share for its latest quarter, 8 cents a share below consensus forecasts. The apparel retailer's revenue was also below forecasts, and a same store sales decline of 4% was larger than the 1.2% drop that analysts had been expecting. The same-store sales decline was most prominent at the Gap flagship brand.Costco – Costco beat estimates by 7 cents a share, with adjusted quarterly profit of $1.89 per share. The warehouse retailer's revenue was also above forecasts. Comparable-store sales rose 5.5%, just under the consensus forecast for a 5.6% increase.Ulta Beauty – Ulta reported quarterly profit of $3.26 per share, compared to a consensus estimate of $3.07 a share. The cosmetics retailer's revenue was slightly below forecasts, with comparable-store sales in line with estimates. Ulta also raised its full-year guidance.Williams-Sonoma – Williams-Sonoma came in 12 cents a share above estimates, with quarterly earnings of 81 cents per share. The housewares retailer's revenue matched Street forecasts. Comparable-store sales were up 3.5%, more than double the 1.7% consensus estimate. Williams-Sonoma also raised its full-year earnings outlook.Dell Technologies – Dell reported adjusted quarterly earnings of $1.45 per share, 24 cents a share above estimates. The computer maker's revenue came in below forecasts on slowing demand in China.Amazon.com – Amazon is interested in buying Boost Mobile from T-Mobile US and Sprint, according to Reuters. T-Mobile and Sprint are planning to sell the prepaid mobile brand in order to get their planned merger approved by regulators.Okta – Okta reported an adjusted quarterly loss of 19 cents per share, 2 cents a share smaller than Wall Street had expected. The maker of identity management software also saw better-than-expected revenue during the quarter, as subscription revenue grew 52% compared to a year earlier.Kraft Heinz – Piper Jaffray upgraded the food maker's stock to "neutral" from "underweight," saying caution about the company's outlook is reflected in its current valuation. The stock has lost more than half its value over the past year.

2021-10-30 14:12:00.698882

Fed likely to reassure markets that it is watchful of coronavirus impact

https://www.cnbc.com/2020/01/27/fed-may-soothe-market-fears-about-coronavirus-with-steady-rate-policy.html

2020-01-27T22:17:55+0000

Patti Domm

CNBC

The Fed is not expected to take any action on its benchmark fed funds rate this week, but it is likely to reassure markets that it is watching the outbreak of the coronavirus and other geopolitical uncertainties.Fed Chairman Jerome Powell is slated to brief the press after the Fed releases its statement Wednesday afternoon, and it is in those comments investors will likely get the most insight into the Fed's thinking. The Fed starts its two-day meeting Tuesday."They might say something about paying attention to global developments, but I wouldn't expect them to do anything at this point," said Ed Keon, chief investment strategist at QMA. Strategists expect the Fed has been watching tensions in the Middle East and now the coronavirus."They're looking at the global economy and it doesn't look like it will have much affect at the moment," he said. It is still unclear how serious the virus will become, or how it will impact the Chinese and other economies. By Monday, the virus had affected 2,900 people and killed 82.On the policy side, the Fed is expected to hold rates steady and not signal any other moves."I think the Fed will be silent," said Joseph Quinlan, head of CIO market strategy at Merrill and Bank of America Private Bank. "They've come into 2020 with their work done. This is a political year. They've done their job when it comes to cutting rates. I think they're in wait-and-see mode."The biggest issue for markets is when the Fed will slow and ultimately stop its purchases of Treasury bills, an effort credited by some for a surge in liquidity that has helped boost risk assets, particularly stocks, and tighten credit spreads. The Fed began purchasing $60 billion a month to expand its balance sheet and increases reserves, after problems in the short-term funding market created a temporary snap up in overnight rates.The Fed has calmed the short-term lending market with the purchases and also ongoing repurchase, or repo, operations. It has said it would continue its operations to help the repo market through the tax season, when there could be higher-than-normal demand for short-term cash. The repo market is basically the plumbing for the financial markets and is where financial institutions go for short term cash."It would be nice if they did discuss it, but I don't know if they're going to or not," said John Briggs, head of strategy at NatWest Markets. Briggs said he doesn't expect Powell to reveal much in the way of specifics on how it will wind down its Treasury bill purchases. He expects the Fed to say in March that it is paring back those purchases from $60 billion to $40 billion, and then will taper them down.BlackRock's Rick Rieder said he will be listening for how the Fed describes inflation since it has said it is willing to let it run "hotter" than its 2% target, though the measure it watches has not yet met the target. He, too, is looking for clarification on the Fed's plans for its T-bill buying program.He expects the Fed to discuss it by mid-second quarter. "I think they'll start to taper it down, and I think they'll be very deliberate and prescriptive about how they're going to do that," said Rieder, BlackRock's global CIO of fixed income.He said the Fed is adding a lot of liquidity to the financial system on its own, but it is even more massive when combined with the efforts of the People's Bank of China and the European Central Bank."I think they'll start to taper down the program some time during or toward the middle or the end of the second quarter," he said. "My sense is they're beginning the discussions but those discussions will gather momentum in the next month or two."Rieder said he expects more Fed officials to become concerned about their policy causing too easy financial conditions, boosting stocks and tightening credit spreads. "My sense is that's going to be very slow in incubating that idea.""The one thing I've got my eye on is I think at some point in the next couple of months, assuming what is happening now is a relatively near term risk, I think a lot of the discussion is going to head toward financial conditions," Rieder said. "You've had some of the Fed members talking about financial conditions."The Fed is also expected to boost the interest rate on excess reserves by five basis points. That's a technical tool that it would hope would push its fed funds rate slightly higher. The fed funds rate has been at 1.55%, the low end of its 1.50 to 1.75% range."Historically, the Fed has made these adjustments when the funds rate has been trading within 5 basis points of the borders of the target range, as it has recently," notes JPMorgan chief U.S. economist Michael Feroli. "The markets and the public seem to have understood that these technical adjustments do not represent a change in the stance of monetary policy and we expect that to continue to be the case next week."

cnbc, Articles, Economy, Earnings, Stock markets, Markets, Wall Street, Market Insider, Jerome Powell, stocks, U.S. Markets, The Fed, source:tagname:CNBC US Source

<div class="group"><p>The Fed is not expected to take any action on its benchmark fed funds rate this week, but it is likely to reassure markets that it is watching the outbreak of the coronavirus and other geopolitical uncertainties.</p><p>Fed Chairman <a href="https://www.cnbc.com/jay-powell/">Jerome Powell</a> is slated to brief the press after the Fed releases its statement Wednesday afternoon, and it is in those comments investors will likely get the most insight into the Fed's thinking. The Fed starts its two-day meeting Tuesday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"They might say something about paying attention to global developments, but I wouldn't expect them to do anything at this point," said Ed Keon, chief investment strategist at QMA. Strategists expect the Fed has been watching tensions in the Middle East and now the coronavirus.</p><p>"They're looking at the global economy and it doesn't look like it will have much affect at the moment," he said. </p><p>It is still unclear how serious the virus will become, or how it will impact the Chinese and other economies. By Monday, <a href="https://www.cnbc.com/2020/01/27/china-coronavirus-death-toll-climbs-to-81-with-nearly-2900-cases-worldwide.html">the virus had affected 2,900 people and killed 82.</a></p><p>On the policy side, the Fed is expected to hold rates steady and not signal any other moves.</p><p>"I think the Fed will be silent," said Joseph Quinlan, head of CIO market strategy at Merrill and Bank of America Private Bank. "They've come into 2020 with their work done. This is a political year. They've done their job when it comes to cutting rates. I think they're in wait-and-see mode."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The biggest issue for markets is when the Fed will slow and ultimately stop its purchases of Treasury bills, an effort credited by some for a surge in liquidity that has helped boost risk assets, particularly stocks, and tighten credit spreads. The Fed began purchasing $60 billion a month to expand its balance sheet and increases reserves, after problems in the short-term funding market created a temporary snap up in overnight rates.</p><p>The Fed has calmed the short-term lending market with the purchases and also ongoing repurchase, or repo, operations. It has said it would continue its operations to help the repo market through the tax season, when there could be higher-than-normal demand for short-term cash. The repo market is basically the plumbing for the financial markets and is where financial institutions go for short term cash.</p><p>"It would be nice if they did discuss it, but I don't know if they're going to or not," said John Briggs, head of strategy at NatWest Markets. Briggs said he doesn't expect Powell to reveal much in the way of specifics on how it will wind down its Treasury bill purchases. He expects the Fed to say in March that it is paring back those purchases from $60 billion to $40 billion, and then will taper them down.</p><p>BlackRock's Rick Rieder said he will be listening for how the Fed describes inflation since it has said it is willing to let it run "hotter" than its 2% target, though the measure it watches has not yet met the target. He, too, is looking for clarification on the Fed's plans for its T-bill buying program.</p><p>He expects the Fed to discuss it by mid-second quarter. "I think they'll start to taper it down, and I think they'll be very deliberate and prescriptive about how they're going to do that," said Rieder, BlackRock's global CIO of fixed income.</p><p>He said the Fed is adding a lot of liquidity to the financial system on its own, but it is even more massive when combined with the efforts of the People's Bank of China and the European Central Bank.</p><p>"I think they'll start to taper down the program some time during or toward the middle or the end of the second quarter," he said. "My sense is they're beginning the discussions but those discussions will gather momentum in the next month or two."</p><p>Rieder said he expects more Fed officials to become concerned about their policy causing too easy financial conditions, boosting stocks and tightening credit spreads. "My sense is that's going to be very slow in incubating that idea."</p><p>"The one thing I've got my eye on is I think at some point in the next couple of months, assuming what is happening now is a relatively near term risk, I think a lot of the discussion is going to head toward financial conditions," Rieder said. "You've had some of the Fed members talking about financial conditions."</p><p>The Fed is also expected to boost the interest rate on excess reserves by five basis points. That's a technical tool that it would hope would push its fed funds rate slightly higher. The fed funds rate has been at 1.55%, the low end of its 1.50 to 1.75% range.</p><p>"Historically, the Fed has made these adjustments when the funds rate has been trading within 5 basis points of the borders of the target range, as it has recently," notes JPMorgan chief U.S. economist Michael Feroli. "The markets and the public seem to have understood that these technical adjustments do not represent a change in the stance of monetary policy and we expect that to continue to be the case next week."</p><p> <br></p></div>

The Fed is not expected to take any action on its benchmark fed funds rate this week, but it is likely to reassure markets that it is watching the outbreak of the coronavirus and other geopolitical uncertainties.Fed Chairman Jerome Powell is slated to brief the press after the Fed releases its statement Wednesday afternoon, and it is in those comments investors will likely get the most insight into the Fed's thinking. The Fed starts its two-day meeting Tuesday."They might say something about paying attention to global developments, but I wouldn't expect them to do anything at this point," said Ed Keon, chief investment strategist at QMA. Strategists expect the Fed has been watching tensions in the Middle East and now the coronavirus."They're looking at the global economy and it doesn't look like it will have much affect at the moment," he said. It is still unclear how serious the virus will become, or how it will impact the Chinese and other economies. By Monday, the virus had affected 2,900 people and killed 82.On the policy side, the Fed is expected to hold rates steady and not signal any other moves."I think the Fed will be silent," said Joseph Quinlan, head of CIO market strategy at Merrill and Bank of America Private Bank. "They've come into 2020 with their work done. This is a political year. They've done their job when it comes to cutting rates. I think they're in wait-and-see mode."The biggest issue for markets is when the Fed will slow and ultimately stop its purchases of Treasury bills, an effort credited by some for a surge in liquidity that has helped boost risk assets, particularly stocks, and tighten credit spreads. The Fed began purchasing $60 billion a month to expand its balance sheet and increases reserves, after problems in the short-term funding market created a temporary snap up in overnight rates.The Fed has calmed the short-term lending market with the purchases and also ongoing repurchase, or repo, operations. It has said it would continue its operations to help the repo market through the tax season, when there could be higher-than-normal demand for short-term cash. The repo market is basically the plumbing for the financial markets and is where financial institutions go for short term cash."It would be nice if they did discuss it, but I don't know if they're going to or not," said John Briggs, head of strategy at NatWest Markets. Briggs said he doesn't expect Powell to reveal much in the way of specifics on how it will wind down its Treasury bill purchases. He expects the Fed to say in March that it is paring back those purchases from $60 billion to $40 billion, and then will taper them down.BlackRock's Rick Rieder said he will be listening for how the Fed describes inflation since it has said it is willing to let it run "hotter" than its 2% target, though the measure it watches has not yet met the target. He, too, is looking for clarification on the Fed's plans for its T-bill buying program.He expects the Fed to discuss it by mid-second quarter. "I think they'll start to taper it down, and I think they'll be very deliberate and prescriptive about how they're going to do that," said Rieder, BlackRock's global CIO of fixed income.He said the Fed is adding a lot of liquidity to the financial system on its own, but it is even more massive when combined with the efforts of the People's Bank of China and the European Central Bank."I think they'll start to taper down the program some time during or toward the middle or the end of the second quarter," he said. "My sense is they're beginning the discussions but those discussions will gather momentum in the next month or two."Rieder said he expects more Fed officials to become concerned about their policy causing too easy financial conditions, boosting stocks and tightening credit spreads. "My sense is that's going to be very slow in incubating that idea.""The one thing I've got my eye on is I think at some point in the next couple of months, assuming what is happening now is a relatively near term risk, I think a lot of the discussion is going to head toward financial conditions," Rieder said. "You've had some of the Fed members talking about financial conditions."The Fed is also expected to boost the interest rate on excess reserves by five basis points. That's a technical tool that it would hope would push its fed funds rate slightly higher. The fed funds rate has been at 1.55%, the low end of its 1.50 to 1.75% range."Historically, the Fed has made these adjustments when the funds rate has been trading within 5 basis points of the borders of the target range, as it has recently," notes JPMorgan chief U.S. economist Michael Feroli. "The markets and the public seem to have understood that these technical adjustments do not represent a change in the stance of monetary policy and we expect that to continue to be the case next week."

2021-10-30 14:12:00.847966

Wednesday Look Ahead: Watch the Financials, Euro

https://www.cnbc.com/2010/05/18/wednesday-look-ahead-watch-the-financials-euro.html

2010-05-19T02:19:35+0000

Patti Domm

CNBC

The financial sector will be at the crux of market worries Wednesday, as the U.S. Senate moves closer to a vote on banking reform and German regulators explain their surprise move to ban naked short-selling on a group of bank stocks and sovereign debt.Investors are looking for clarity on Germany's late day move Tuesday to ban naked short selling in the shares of 10 German financial institutions and in euro zone sovereign debt. The ban, which took effect at midnight, would also apply to credit default swaps based on those bonds. German officials hold a press briefing on the ban Wednesday.As news of the rules slipped out during the early afternoon in New York, the euro went into a dive, taking risk assets, like stocks and oil with it. The euro fell to a fresh four-year low against the dollar, touching $1.2161 before finishing at $1.2213. Oil fell nearly 1 percent to $69.41, its lowest close since last September.The Dow finished down 114 points at 10,510, after being up as much as 93 points on the day. The S&P 500 fell 15 points, or 1.4 percent, to 1120.Euro Trashed"The measures today were missing the forest for the trees," said David Gilmore of Foreign Exchange Analytics. "Really all they do is channel more of the market risk takers into expressing their negative view on the euro zone into the currency."

cnbc, Articles, L Brands Inc, Ralph Lauren Corp, Target Corp, European Debt Crisis, Markets, U.S. Markets, Market Insider, source:tagname:CNBC US Source

<div class="group"><p>The financial sector will be at the crux of market worries Wednesday, as the U.S. Senate moves closer to a vote on banking reform and German regulators explain their surprise move to ban naked short-selling on a group of bank stocks and sovereign debt.<br><br>Investors are looking for clarity on Germany's late day move Tuesday to ban naked short selling in the shares of 10 German financial institutions and in euro zone sovereign debt. The ban, which took effect at midnight, would also apply to credit default swaps based on those bonds. German officials hold a press briefing on the ban Wednesday.</p><p>As news of the rules slipped out during the early afternoon in New York, the euro went into a dive, taking risk assets, like stocks and oil with it. The euro fell to a fresh four-year low against the dollar, touching $1.2161 before finishing at $1.2213. Oil fell nearly 1 percent to $69.41, its lowest close since last September.<br><br>The Dow finished down 114 points at 10,510, after being up as much as 93 points on the day. The S&amp;P 500 fell 15 points, or 1.4 percent, to 1120.</p><div style="height:100%" class="lazyload-placeholder"></div><p><strong>Euro Trashed</strong><br><br>"The measures today were missing the forest for the trees," said David Gilmore of Foreign Exchange Analytics. "Really all they do is channel more of the market risk takers into expressing their negative view on the euro zone into the currency."</p></div>,<div class="group"><p>"It says a lot of why the euro went to a new four-year low today, and that was after spending most of the day strengthening and squeezing out short positions. In any crisis, there's always going to be policy mistakes. Some of the mistakes are going to be bigger than others. This has the potential to be quite big. It may not be a Lehman mistake, but it's right up there," he said.<br><br>However, Stephen Stanley, chief economist with Pierpont Securities, said he doesn't believe the moves will make that much of a difference unless other countries join Germany. <br><br>"From what I read, it looks like it's really mostly symbolic. They clearly have the ability and authority to prevent short selling on those German stocks, but I don't think this has much teeth when it comes to euro bonds and CDS... Much more of those trade in London than in Germany," he said.</p></div>,<div class="group"><p>Goldman Sachs' European economists, meanwhile, said they believe the move was made by German officials to make the expected passage of the $440 billion euro bailout package Friday more palatable to the German parliament. They also say they expect other countries to follow Germany's lead.<br><br>The new rules are valid until next March 31, and it appears to have some exemptions for market makers who need to hedge.<br><br>The news leaked out after European markets were closed, but it rattled U.S. investors who remembered U.S. regulators banning short selling in financial stocks during the thick of the financial crisis.<br><br>"What bothers people here, in as much as it smacks of desperation, is when we got to the stage where we were eliminating short selling, we were in deep, deep trouble. I wouldn't have thought the situation was so dire over there to take those actions. It's pretty clear policy makers are out of control, and they're flailing around. That's not going to make the euro stop going down," said Barry Knapp, head of U.S. equities strategy at Barclays Capital.<br><br><strong>Fin Reg</strong><br><br>Congressional efforts to enact financial regulatory reform legislation has been a long process, and now that the Senate moves toward a potential vote later this week, the market is taking more notice. The S&amp;P financial sector was down nearly 2.8 percent Tuesday, giving it a 7.8 percent decline this month.<br><br>"I don't think people had really done the analysis on this, and all of the sudden, we're at the verge of it, and now people are putting pen to paper and they're saying 'wow,' he said. Knapp said if rules similar to Basile III capital standards were applied to U.S. banks, the top 20 banks would need an additional $160 billion in capital.</p><p><strong>More From CNBC.com:</strong></p><ul><li><a href="https://www.cnbc.com/2012/03/27/The-Worlds-Biggest-Debtor-Nations.html">Slideshow: The World's Biggest Debtor Nations</a></li><li><a href="https://www.cnbc.com/2009/12/17/Government-Debt-Issuers-Most-Likely-to-Default.html">Government Debt Issuers Most Likely to Default</a></li></ul></div>,<div class="group"><p><br><br>Even after the Senate approves a bill, the final shape of legislation will still be unclear. The Senate bill will have to be reconciled with a bill passed previously by the House of Representatives.<br><br>"It all adds up to the same thing, which is a pretty big hit to the forward earnings outlook. It is also unclear for what it means for credit creation and the economy," he said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"The problem with fin reg here is if you get a vote on, let's say Thursday night, you've got headline risk the day before an (options) expiration. Just from a market perspective, that's added a level of complexity. That's just not what traders want to deal with," Knapp said. <br><br>Goldman Sachs analysts Monday issued a report saying the proposals so far in the regulatory reform bill present about 20 percent risk to normalized earnings per share for banks. They also said the moves in CDS and options markets imply the stocks of financials may be about 6 percent too expensive.</p><p>Widely followed bank analyst Meredith Whitney also Monday said that she would avoid the group, as regulatory reform will dent their earnings and restrict lending.<br><br>On Tuesday, Sen. Christopher Dodd, D-Conn. made moves to compromise on a key and controversial feature of the Senate bill which would force banks to spin off their swaps desk. Dodd suggested a proposal to delay any ban on bank derivatives operations for two years while federal regulators study the potential impact. But Sen. Blanche Lincoln, D-Ark., who proposed the rule said she would fight any effort to weaken it.<br><br><strong>What Else to Watch</strong><br><br>Consumer price index inflation data is released at 8:30 a.m., and minutes of the Fed's last meeting will be released at 2 p.m. <br></p><p>Stanley said the market more likely than not will brush off the Fed minutes. "The meeting was before the European stuff came to a head...It's pretty clear to me that the Fed reaction in all of this has been pretty cautious and aggressive, opening up swap lines again and the rhetoric..It takes teeth out of any hawkish noise coming out of those minutes. People will dismiss it as old news. If it's dovish, people could say, 'geez, if they were dovish before all this happened, where are they now?'" he said.<br><br>Stanley said he had been expecting the Fed to move toward a tighter monetary policy by September, but now thinks the Fed will wait until next year because of the European situation.<br><br>Hewlett-Packard, meanwhile, may get some focus after it reported better-than-expected earnings and raised its full year outlook after Tuesday's bell. The company earned $2.2 billion on revenues of $30.8 billion. <br><br>Earnings Wednesday include Target ,Limited Brands , and Polo Ralph Lauren .<br><br>Knapp pointed to the decline in consumer discretionary stocks Tuesday, even after some good retail earnings.<br><br>"This is the stage in the economic cycle where you would expect consumer discretionary would have been a big winner, and it's not trading particularly well... Some of it's cyclical rotation..but I'm not so sure I want to say it's a bad sign about the economy. It does tell you there were a lot of people in the trade. <br><br>You put all these things together -- You have fin reg. You have the euro going down and you have retailers not responding to good earnings and that's making for a pretty good drubbing I suppose," said Knapp.<br><br><strong>Who Dunnit?</strong><br><br>The SEC and CFTC still don't know what caused the market plunge May 6, but they will continue to study it and they have six scenarios they are pursuing.  Those include a mismatch in liquidity, disparate trading rules, and linkages between the decline in stock index products such as index ETFs and the e-mini S&amp;P 500 futures.<br><br>They did say they found no evidence of a fat finger trade, computer hacking or terrorist activity but they could not completely rule out those possibilities either.  <br><br>The SEC issued new rules on single stock circuit breakers, where it would require a five minute trading halt if the price declines by 10 percent in a five minute period. </p><p><strong>More From CNBC.com:</strong></p><ul><li><a href="https://www.cnbc.com/2012/03/27/The-Worlds-Biggest-Debtor-Nations.html">Slideshow: The World's Biggest Debtor Nations</a></li><li><a href="https://www.cnbc.com/2009/12/17/Government-Debt-Issuers-Most-Likely-to-Default.html">Government Debt Issuers Most Likely to Default</a></li></ul><p>Questions? Comments? Email us at </p>.</div>

The financial sector will be at the crux of market worries Wednesday, as the U.S. Senate moves closer to a vote on banking reform and German regulators explain their surprise move to ban naked short-selling on a group of bank stocks and sovereign debt.Investors are looking for clarity on Germany's late day move Tuesday to ban naked short selling in the shares of 10 German financial institutions and in euro zone sovereign debt. The ban, which took effect at midnight, would also apply to credit default swaps based on those bonds. German officials hold a press briefing on the ban Wednesday.As news of the rules slipped out during the early afternoon in New York, the euro went into a dive, taking risk assets, like stocks and oil with it. The euro fell to a fresh four-year low against the dollar, touching $1.2161 before finishing at $1.2213. Oil fell nearly 1 percent to $69.41, its lowest close since last September.The Dow finished down 114 points at 10,510, after being up as much as 93 points on the day. The S&P 500 fell 15 points, or 1.4 percent, to 1120.Euro Trashed"The measures today were missing the forest for the trees," said David Gilmore of Foreign Exchange Analytics. "Really all they do is channel more of the market risk takers into expressing their negative view on the euro zone into the currency.""It says a lot of why the euro went to a new four-year low today, and that was after spending most of the day strengthening and squeezing out short positions. In any crisis, there's always going to be policy mistakes. Some of the mistakes are going to be bigger than others. This has the potential to be quite big. It may not be a Lehman mistake, but it's right up there," he said.However, Stephen Stanley, chief economist with Pierpont Securities, said he doesn't believe the moves will make that much of a difference unless other countries join Germany. "From what I read, it looks like it's really mostly symbolic. They clearly have the ability and authority to prevent short selling on those German stocks, but I don't think this has much teeth when it comes to euro bonds and CDS... Much more of those trade in London than in Germany," he said.Goldman Sachs' European economists, meanwhile, said they believe the move was made by German officials to make the expected passage of the $440 billion euro bailout package Friday more palatable to the German parliament. They also say they expect other countries to follow Germany's lead.The new rules are valid until next March 31, and it appears to have some exemptions for market makers who need to hedge.The news leaked out after European markets were closed, but it rattled U.S. investors who remembered U.S. regulators banning short selling in financial stocks during the thick of the financial crisis."What bothers people here, in as much as it smacks of desperation, is when we got to the stage where we were eliminating short selling, we were in deep, deep trouble. I wouldn't have thought the situation was so dire over there to take those actions. It's pretty clear policy makers are out of control, and they're flailing around. That's not going to make the euro stop going down," said Barry Knapp, head of U.S. equities strategy at Barclays Capital.Fin RegCongressional efforts to enact financial regulatory reform legislation has been a long process, and now that the Senate moves toward a potential vote later this week, the market is taking more notice. The S&P financial sector was down nearly 2.8 percent Tuesday, giving it a 7.8 percent decline this month."I don't think people had really done the analysis on this, and all of the sudden, we're at the verge of it, and now people are putting pen to paper and they're saying 'wow,' he said. Knapp said if rules similar to Basile III capital standards were applied to U.S. banks, the top 20 banks would need an additional $160 billion in capital.More From CNBC.com:Slideshow: The World's Biggest Debtor NationsGovernment Debt Issuers Most Likely to DefaultEven after the Senate approves a bill, the final shape of legislation will still be unclear. The Senate bill will have to be reconciled with a bill passed previously by the House of Representatives."It all adds up to the same thing, which is a pretty big hit to the forward earnings outlook. It is also unclear for what it means for credit creation and the economy," he said."The problem with fin reg here is if you get a vote on, let's say Thursday night, you've got headline risk the day before an (options) expiration. Just from a market perspective, that's added a level of complexity. That's just not what traders want to deal with," Knapp said. Goldman Sachs analysts Monday issued a report saying the proposals so far in the regulatory reform bill present about 20 percent risk to normalized earnings per share for banks. They also said the moves in CDS and options markets imply the stocks of financials may be about 6 percent too expensive.Widely followed bank analyst Meredith Whitney also Monday said that she would avoid the group, as regulatory reform will dent their earnings and restrict lending.On Tuesday, Sen. Christopher Dodd, D-Conn. made moves to compromise on a key and controversial feature of the Senate bill which would force banks to spin off their swaps desk. Dodd suggested a proposal to delay any ban on bank derivatives operations for two years while federal regulators study the potential impact. But Sen. Blanche Lincoln, D-Ark., who proposed the rule said she would fight any effort to weaken it.What Else to WatchConsumer price index inflation data is released at 8:30 a.m., and minutes of the Fed's last meeting will be released at 2 p.m. Stanley said the market more likely than not will brush off the Fed minutes. "The meeting was before the European stuff came to a head...It's pretty clear to me that the Fed reaction in all of this has been pretty cautious and aggressive, opening up swap lines again and the rhetoric..It takes teeth out of any hawkish noise coming out of those minutes. People will dismiss it as old news. If it's dovish, people could say, 'geez, if they were dovish before all this happened, where are they now?'" he said.Stanley said he had been expecting the Fed to move toward a tighter monetary policy by September, but now thinks the Fed will wait until next year because of the European situation.Hewlett-Packard, meanwhile, may get some focus after it reported better-than-expected earnings and raised its full year outlook after Tuesday's bell. The company earned $2.2 billion on revenues of $30.8 billion. Earnings Wednesday include Target ,Limited Brands , and Polo Ralph Lauren .Knapp pointed to the decline in consumer discretionary stocks Tuesday, even after some good retail earnings."This is the stage in the economic cycle where you would expect consumer discretionary would have been a big winner, and it's not trading particularly well... Some of it's cyclical rotation..but I'm not so sure I want to say it's a bad sign about the economy. It does tell you there were a lot of people in the trade. You put all these things together -- You have fin reg. You have the euro going down and you have retailers not responding to good earnings and that's making for a pretty good drubbing I suppose," said Knapp.Who Dunnit?The SEC and CFTC still don't know what caused the market plunge May 6, but they will continue to study it and they have six scenarios they are pursuing.  Those include a mismatch in liquidity, disparate trading rules, and linkages between the decline in stock index products such as index ETFs and the e-mini S&P 500 futures.They did say they found no evidence of a fat finger trade, computer hacking or terrorist activity but they could not completely rule out those possibilities either.  The SEC issued new rules on single stock circuit breakers, where it would require a five minute trading halt if the price declines by 10 percent in a five minute period. More From CNBC.com:Slideshow: The World's Biggest Debtor NationsGovernment Debt Issuers Most Likely to DefaultQuestions? Comments? Email us at .

2021-10-30 14:12:00.937508

Greek journalist tried over Swiss bank list

https://www.cnbc.com/2012/11/01/greek-journalist-tried-over-swiss-bank-list.html

2012-11-01T15:59:00+0000

CNBC

* List named Greeks with Swiss bank accounts* Journalist faces up to two years in jail if convicted* Greeks angry over govt's tax evasion* Speed of arrest, trial criticisedATHENS, Nov 1 (Reuters) - Greek lawyers launched their defence of a prominent journalist on Thursday charged with breaking private data rules after he published the names of more than 2,000 wealthy Greeks believed to be holding Swiss bank accounts.The printing of the ``Lagarde List'' by magazine editor Costas Vaxavanis has touched a nerve in almost-bankrupt Greece, where rampant tax evasion is undermining a struggle to cut public costs and raise revenue under an EU/IMF bailout deal.His speedy arrest and trial following publication at the weekend has enraged many here already furious over consecutive governments' failure to crack down on a rich elite, who they blame for years of recession that has wiped out a fifth of economic output and hammered middle-class living standards.Vaxevanis, editor of the ``Hot Doc'' weekly, was surrounded by fellow journalists and other supporters who packed the Athens courtroom as his lawyers began their defence.They argued the prosecution had charged him without any of those on the list having filed a complaint about privacy violation, a rare occurance in a freedom of speech or defamation case in Greece.``He's been accused without reason,'' said Nicos Constantopoulous, his lawyer and a former leftist politician. ``The principles of a fair trial are not being followed.''Under Greek laws covering sensitive data, a defendant must stand trial within 48 hours if arrested within a day of charges being filed in absentia. Vaxevanis faces up to two years in prison if convicted.He has said he received the list, named after International Monetary Fund head Christine Lagarde who gave it to authorities in several EU countries in 2010 when she was French finance minister, from an anonymous source.Another newspaper, daily Ta Nea, also published the 2,059 names, which includes several politicians as well as many businessmen, shippnig magnates, doctors, lawyers and housewives, over 10 pages.It said the accounts had held about 2 billion euros until 2007 but also made clear that there was no evidence any of them had broken tax evasion laws.

cnbc, Articles, Europe, Christine Lagarde, Greece, Wires, source:tagname:Reuters

<div class="group"><p>* List named Greeks with Swiss bank accounts</p><p>* Journalist faces up to two years in jail if convicted</p><div style="height:100%" class="lazyload-placeholder"></div><p>* Greeks angry over govt's tax evasion</p><p>* Speed of arrest, trial criticised</p><p>ATHENS, Nov 1 (Reuters) - Greek lawyers launched their defence of a prominent journalist on Thursday charged with breaking private data rules after he published the names of more than 2,000 wealthy Greeks believed to be holding Swiss bank accounts.</p><p>The printing of the ``Lagarde List'' by magazine editor Costas Vaxavanis has touched a nerve in almost-bankrupt Greece, where rampant tax evasion is undermining a struggle to cut public costs and raise revenue under an EU/IMF bailout deal.</p><p>His speedy arrest and trial following publication at the weekend has enraged many here already furious over consecutive governments' failure to crack down on a rich elite, who they blame for years of recession that has wiped out a fifth of economic output and hammered middle-class living standards.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Vaxevanis, editor of the ``Hot Doc'' weekly, was surrounded by fellow journalists and other supporters who packed the Athens courtroom as his lawyers began their defence.</p><p>They argued the prosecution had charged him without any of those on the list having filed a complaint about privacy violation, a rare occurance in a freedom of speech or defamation case in Greece.</p><p>``He's been accused without reason,'' said Nicos Constantopoulous, his lawyer and a former leftist politician. ``The principles of a fair trial are not being followed.''</p><p>Under Greek laws covering sensitive data, a defendant must stand trial within 48 hours if arrested within a day of charges being filed in absentia. Vaxevanis faces up to two years in prison if convicted.</p><p>He has said he received the list, named after International Monetary Fund head Christine Lagarde who gave it to authorities in several EU countries in 2010 when she was French finance minister, from an anonymous source.</p><p>Another newspaper, daily Ta Nea, also published the 2,059 names, which includes several politicians as well as many businessmen, shippnig magnates, doctors, lawyers and housewives, over 10 pages.</p><p>It said the accounts had held about 2 billion euros until 2007 but also made clear that there was no evidence any of them had broken tax evasion laws.</p></div>

* List named Greeks with Swiss bank accounts* Journalist faces up to two years in jail if convicted* Greeks angry over govt's tax evasion* Speed of arrest, trial criticisedATHENS, Nov 1 (Reuters) - Greek lawyers launched their defence of a prominent journalist on Thursday charged with breaking private data rules after he published the names of more than 2,000 wealthy Greeks believed to be holding Swiss bank accounts.The printing of the ``Lagarde List'' by magazine editor Costas Vaxavanis has touched a nerve in almost-bankrupt Greece, where rampant tax evasion is undermining a struggle to cut public costs and raise revenue under an EU/IMF bailout deal.His speedy arrest and trial following publication at the weekend has enraged many here already furious over consecutive governments' failure to crack down on a rich elite, who they blame for years of recession that has wiped out a fifth of economic output and hammered middle-class living standards.Vaxevanis, editor of the ``Hot Doc'' weekly, was surrounded by fellow journalists and other supporters who packed the Athens courtroom as his lawyers began their defence.They argued the prosecution had charged him without any of those on the list having filed a complaint about privacy violation, a rare occurance in a freedom of speech or defamation case in Greece.``He's been accused without reason,'' said Nicos Constantopoulous, his lawyer and a former leftist politician. ``The principles of a fair trial are not being followed.''Under Greek laws covering sensitive data, a defendant must stand trial within 48 hours if arrested within a day of charges being filed in absentia. Vaxevanis faces up to two years in prison if convicted.He has said he received the list, named after International Monetary Fund head Christine Lagarde who gave it to authorities in several EU countries in 2010 when she was French finance minister, from an anonymous source.Another newspaper, daily Ta Nea, also published the 2,059 names, which includes several politicians as well as many businessmen, shippnig magnates, doctors, lawyers and housewives, over 10 pages.It said the accounts had held about 2 billion euros until 2007 but also made clear that there was no evidence any of them had broken tax evasion laws.

2021-10-30 14:12:01.174265

GoodRx co-CEO says Amazon Pharmacy is 'complementary,' not a competitor

https://www.cnbc.com/2020/11/18/goodrx-co-ceo-says-amazon-pharmacy-not-a-competitor.html

2020-11-18T20:48:46+0000

Jessica Bursztynsky

CNBC

Shares of GoodRx, a company that finds users prescription drugs at a discount, plunged this week after Amazon announced online prescription fulfillment. But GoodRx co-CEO Doug Hirsch said investors' fear was misguided, that the two companies are "complementary," not competitors."The headlines say it's GoodRx versus Amazon, I say no. GoodRx is a marketplace, Amazon is a pharmacy," Hirsch said at CNBC's Disruptor 50 Summit on Wednesday. "People perceive it as going head-to-head with us, but it's not."GoodRx, founded in 2011 by Facebook veteran Hirsch and software entrepreneur Trevor Bezdek, offers users a free list of discount cards and coupons to cut down costs of their prescription medication.Amazon Pharmacy, meanwhile, will allow customers in the United States to order prescription medications for home delivery. The company will also give Amazon Prime members additional perks, such as free delivery and potential discounts."I think they're trying to do what they do best, which is mail order," Hirsch said. "I don't see it as competitive, I see it as complementary."However, Wall Street hasn't been swayed. The company's stock dropped more than 6% Wednesday after JPMorgan downgraded the platform to underweight from neutral, citing the launch of Amazon Pharmacy as a threat.GoodRx ranked No. 20 on this year's CNBC Disruptor 50 list.Subscribe to CNBC on YouTube.

cnbc, Articles, Health care industry, Technology, Social media, Breaking News: Technology, Meta Platforms Inc, Goodrx Holdings Inc, Amazon.com Inc, Walgreens Boots Alliance Inc, CVS Health Corp, Mobile, US: News, Health & Science, CNBC Disruptor 50, source:tagname:CNBC US Source

<div class="group"><p>Shares of <a href="//www.cnbc.com/quotes/GDRX" target="_blank">GoodRx</a>, a company that finds users prescription drugs at a discount, <a href="https://www.cnbc.com/2020/11/17/shares-of-goodrx-plunge-after-amazon-announces-push-into-pharmacy.html">plunged</a> this week after <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> announced <a href="https://www.cnbc.com/2020/11/17/amazon-pharmacy-free-prescription-delivery-for-prime-members.html">online prescription fulfillment</a>. But GoodRx co-CEO Doug Hirsch said investors' fear was misguided, that the two companies are "complementary," not competitors.</p><p>"The headlines say it's GoodRx versus Amazon, I say no. GoodRx is a marketplace, Amazon is a pharmacy," Hirsch said at CNBC's Disruptor 50 Summit on Wednesday. "People perceive it as going head-to-head with us, but it's not."</p><div style="height:100%" class="lazyload-placeholder"></div><p>GoodRx, founded in 2011 by <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> veteran Hirsch and software entrepreneur Trevor Bezdek, offers users a free list of discount cards and coupons to cut down costs of their prescription medication.</p><p><a href="https://www.cnbc.com/2020/11/17/amazon-pharmacy-free-prescription-delivery-for-prime-members.html">Amazon Pharmacy</a>, meanwhile, will allow customers in the United States to order prescription medications for home delivery. The company will also give Amazon Prime members additional perks, such as free delivery and potential discounts.</p><p>"I think they're trying to do what they do best, which is mail order," Hirsch said. "I don't see it as competitive, I see it as complementary."</p><p>However, Wall Street hasn't been swayed. The company's stock dropped more than 6% Wednesday after JPMorgan downgraded the platform to underweight from neutral, citing the launch of Amazon Pharmacy as a threat.</p><p>GoodRx <a href="https://www.cnbc.com/2020/06/16/goodrx-disruptor-50.html">ranked No. 20</a> on this year's CNBC Disruptor 50 list.</p><p><a href="https://www.youtube.com/c/CNBC?sub_confirmation=1" target="_blank"><em><strong>Subscribe to CNBC on YouTube.</strong></em></a></p></div>

Shares of GoodRx, a company that finds users prescription drugs at a discount, plunged this week after Amazon announced online prescription fulfillment. But GoodRx co-CEO Doug Hirsch said investors' fear was misguided, that the two companies are "complementary," not competitors."The headlines say it's GoodRx versus Amazon, I say no. GoodRx is a marketplace, Amazon is a pharmacy," Hirsch said at CNBC's Disruptor 50 Summit on Wednesday. "People perceive it as going head-to-head with us, but it's not."GoodRx, founded in 2011 by Facebook veteran Hirsch and software entrepreneur Trevor Bezdek, offers users a free list of discount cards and coupons to cut down costs of their prescription medication.Amazon Pharmacy, meanwhile, will allow customers in the United States to order prescription medications for home delivery. The company will also give Amazon Prime members additional perks, such as free delivery and potential discounts."I think they're trying to do what they do best, which is mail order," Hirsch said. "I don't see it as competitive, I see it as complementary."However, Wall Street hasn't been swayed. The company's stock dropped more than 6% Wednesday after JPMorgan downgraded the platform to underweight from neutral, citing the launch of Amazon Pharmacy as a threat.GoodRx ranked No. 20 on this year's CNBC Disruptor 50 list.Subscribe to CNBC on YouTube.

2021-10-30 14:12:01.256959

Lightning Round: It's close to hitting rock bottom

https://www.cnbc.com/2016/01/19/lightning-round-its-close-to-hitting-rock-bottom.html

2016-01-20T00:00:00+0000

CNBC

It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:Phillips 66: "I don't like the margins anymore on some of these businesses. You want to be careful — it is not my favorite name."Exelixis: "I like the risk-reward on that one. Now for a $4 stock remember you can lose $4 and people aren't speculating right now, but I like that pipeline very much."Michael Kors: "I finally saw an upgrade today. I think that stock is nearing a bottom. I would now say that and Coach are getting very close to rock bottom valuations. I wouldn't pull the trigger yet, but I'm no longer negative on Kors. And I've been saying sell it for about 100 points." Read more from Mad Money with Jim Cramer Cramer Remix: This group is as bad as oil Cramer: Don't bother buying. It's capital preservation timeCramer's game plan: Cash is king next week: "That deal is over, it's done. You ring the register and you move on."International Paper: "It does have a 5 percent yield. I would start accumulating the stock at around 5.5 percent, which I think would mean it's still got some downside but I do think the yield is safe."BB&T: "As long as you say long-haul ... but BB&T is not one I would throw away down here. It's just too cheap."Intuitive Surgical: "Intuitive Surgical is like Netflix. These things do not need a powerful economy. They are really, really hard to own. But if you want to own one, whether it be a FANG or an Intuitive Surgical, it's fine with me. Don't own too many."

cnbc, Articles, Capri Holdings Ltd, Intuitive Surgical Inc, International Paper Co, Truist Financial Corp, U.S. Business Day, S&P 500, source:tagname:

<div class="group"><p> It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:<br></p><p>Phillips 66: "I don't like the margins anymore on some of these businesses. You want to be careful — it is not my favorite name."</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/EXEL" target="_blank">Exelixis</a>: "I like the risk-reward on that one. Now for a $4 stock remember you can lose $4 and people aren't speculating right now, but I like that pipeline very much."</p><p><a href="//www.cnbc.com/quotes/CPRI" target="_blank">Michael Kors</a>: "I finally saw an upgrade today. I think that stock is nearing a bottom. I would now say that and Coach are getting very close to rock bottom valuations. I wouldn't pull the trigger yet, but I'm no longer negative on Kors. And I've been saying sell it for about 100 points."</p><p> <strong>Read more from Mad Money with Jim Cramer</strong></p><p> <a href="https://www.cnbc.com/2016/01/15/cramer-remix-this-group-is-as-bad-as-oil.html">Cramer Remix: This group is as bad as oil</a><br> <a href="https://www.cnbc.com/2016/01/15/jim-cramer-dont-bother-buying-its-capital-preservation-time.html">Cramer: Don't bother buying. It's capital preservation time</a><br><a href="https://www.cnbc.com/2016/01/15/jim-cramers-game-plan-cash-is-king-next-week.html">Cramer's game plan: Cash is king next week</a></p><p>: "That deal is over, it's done. You ring the register and you move on."</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/IP" target="_blank">International Paper</a>: "It does have a 5 percent yield. I would start accumulating the stock at around 5.5 percent, which I think would mean it's still got some downside but I do think the yield is safe."</p><p><a href="//www.cnbc.com/quotes/TFC" target="_blank">BB&amp;T</a>: "As long as you say long-haul ... but BB&amp;T is not one I would throw away down here. It's just too cheap."</p><p><a href="//www.cnbc.com/quotes/ISRG" target="_blank">Intuitive Surgical</a>: "Intuitive Surgical is like Netflix. These things do not need a powerful economy. They are really, really hard to own. But if you want to own one, whether it be a FANG or an Intuitive Surgical, it's fine with me. Don't own too many."</p></div>,<div class="group"><p> Questions for Cramer?<br> Call Cramer: 1-800-743-CNBC</p><p> Want to take a deep dive into Cramer's world? Hit him up!<br> <a href="https://twitter.com/MadMoneyOnCNBC" target="_blank">Mad Money Twitter</a> - <a href="https://twitter.com/jimcramer" target="_blank">Jim Cramer Twitter</a> - <a href="https://www.facebook.com/madmoney?ref=aymt_homepage_panel" target="_blank">Facebook</a> - <a href="http://instagram.com/jimcramer" target="_blank">Instagram</a> - <a href="https://vine.co/u/984542302087651328" target="_blank">Vine</a><br></p><p> Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com</p></div>

It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:Phillips 66: "I don't like the margins anymore on some of these businesses. You want to be careful — it is not my favorite name."Exelixis: "I like the risk-reward on that one. Now for a $4 stock remember you can lose $4 and people aren't speculating right now, but I like that pipeline very much."Michael Kors: "I finally saw an upgrade today. I think that stock is nearing a bottom. I would now say that and Coach are getting very close to rock bottom valuations. I wouldn't pull the trigger yet, but I'm no longer negative on Kors. And I've been saying sell it for about 100 points." Read more from Mad Money with Jim Cramer Cramer Remix: This group is as bad as oil Cramer: Don't bother buying. It's capital preservation timeCramer's game plan: Cash is king next week: "That deal is over, it's done. You ring the register and you move on."International Paper: "It does have a 5 percent yield. I would start accumulating the stock at around 5.5 percent, which I think would mean it's still got some downside but I do think the yield is safe."BB&T: "As long as you say long-haul ... but BB&T is not one I would throw away down here. It's just too cheap."Intuitive Surgical: "Intuitive Surgical is like Netflix. These things do not need a powerful economy. They are really, really hard to own. But if you want to own one, whether it be a FANG or an Intuitive Surgical, it's fine with me. Don't own too many." Questions for Cramer? Call Cramer: 1-800-743-CNBC Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

2021-10-30 14:12:01.407593

Colombian Oil: Is It Time To Invest?

https://www.cnbc.com/2012/08/30/colombian-oil-is-it-time-to-invest.html

2012-08-30T19:26:04+0000

CNBC

Investors—Canadian ones, in particular—may recall Colombia as one of the hottest oil plays in the world.

cnbc, Articles, Markets, stocks, Stock Blog, source:tagname:OILPRICE

<div class="group"><p>Investors—Canadian ones, in particular—may recall Colombia as one of the hottest oil plays in the world. </p></div>,<div class="group"><p>That was just a few years ago. Huge wells in these plays created huge valuations—and some strong runs for stocks like <strong>Pacific Rubiales</strong> and <strong>Petrominerales</strong>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Today of course is a different story, with stock prices having fallen off the map—despite favorable oil prices. So what happened that caused these sharp share price drops? And are there good reasons for investors to turn back again to Colombia's oil plays? </p><p>We asked Fred Kozak for his insights—He's an independent oil and gas analyst, formerly with the Canadian brokerage firm Canaccord Genuity. </p><p>“Colombia still has FARC issues, environmental permitting is still a big problem and pipeline constraints are all impacting the investment climate,” he said in an interview. </p><p>FARC is the Spanish acronym for the left wing guerrilla movement in Colombia. Former President Alvaro Uribe was able to secure billions of dollars in US aid in the last decade, which was used for the military and other means to reduce the FARC’s impact on the country. </p><p>[ More From Oilprice.com: <a href="http://oilprice.com/Alternative-Energy/Renewable-Energy/Deal-with-the-Devil-Invest-in-Iranian-Renewable-Energy.html" target="_blank">Why It's Time to Invest in Iran's Renewable Energy</a> ]</p><div style="height:100%" class="lazyload-placeholder"></div><p>With the FARC risk down considerably, foreign investors felt secure in investing billions of private capital into the country’s energy sector—especially the upstream oil and gas producers. </p><p>The Canadians were quite active then, led by companies like Frank Giustra’s and Serafino Iacono’s Pacific Rubiales and John Wright’s and Corey Ruttan’s Petrominerales. </p><p>Both companies had great success developing assets in the Llanos Basin in the middle of the country, and both had exceptional stock runs. PRE skyrocketed from $2-$34 in 2009-2010, and PMG rose from $6-$40. </p><p><strong>A Perfect Storm of Oil Exploration </strong></p><p>It all happened at the same time: There was a perfect storm of exploration success, a lower royalty rate, and the sense that this under-explored country could continue its string of high profile discoveries for years. Promoters created new junior exploration companies with bloated share counts—hundreds of millions of shares out—and investors jumped all over these opportunities. </p><p>These days? In what I would refer to as the senior Colombian stocks—Rubiales, <strong>Gran Tierra</strong>—they’re just above 50 percent of their highs, and the rest are anywhere from 20-50 percent of their highs. That second round of bloated share-count juniors quickly lost 80 percent of their value, and have only recently popped their head up. </p><p>Did anybody get the license plate on the truck that ran over these stocks? </p><p>It was actually several trucks, says Kozak. He says one of the big factors hitting these stocks was the Arab Spring of 2011—all international juniors the world over sold off after institutional and retail investors lost their appetite for foreign risk, as dictators got toppled one after the other starting in early 2011. </p><p>And sadly for everyone, FARC violence has increased this year. After several years of declining activity, brokerage firm Raymond James reports in an Aug. 13 report that there has been a “material” increase of security incidents reported since the beginning of the year. Pipeline attacks increased three-fold year-over-year, and five <strong>Ecopetrol</strong> contractors were killed in Putumayo this summer, near the Colombian/Ecuador/Peru border. </p><p>FARC pipeline attacks don't help an already difficult situation—increased oil production in Colombia has strained pipeline capacity. </p><p>“As much as 100,000 barrels a day of oil production (bopd) could be shut in, I'm not exactly sure, but it means that you have to truck oil,” says Kozak. </p><p>This means higher transportation costs, and companies can’t produce new discoveries at full throttle. In a negative market, that's deadly to a company’s share price. </p><p>Colombia’s daily oil production currently exceeds 900,000 bopd, having risen more than 60 percent since 2006, but pipeline constraints have not allowed it to crack the magic 1 million bopd mark. </p></div>,<div class="group"><p><strong>Barriers to Progress </strong></p><p>Producers in Colombia are also experiencing long delays in permitting. Wells are not being drilled as fast as before, with companies being left waiting for up to a year without knowing when they’ll be able to drill. </p><p>That has hurt exploration activities, and several of the leading Colombian juniors are now spending a big chunk of their exploration in Brazil, Ecuador and Peru—and sometimes even farther afield. </p><p>Another factor, Kozak adds, is that the new discoveries in Colombia just aren’t coming as quickly as they did a couple years ago. </p><p>“Colombia had great success at one point—but today look at Petrominerales and GranTierra Energy. PMG is now struggling while GTE is focused on developing discoveries. New discoveries are still limited," he said.</p><p>[ More From Oilprice.com: <a href="http://oilprice.com/Latest-Energy-News/World-News/GM-Temporarily-Halts-Volt-Production-over-Low-Sales.html" target="_blank">GM Temporarily Halts Volt Production Over Low Sales</a> ]</p><p>Colombia reported that 34 percent of all wells were successful in the first half of 2012, compared with a 48 percent average from 2008-2010. </p><p>Canadians formed a big portion of the foreigners who entered into the Colombian oil and gas sector in 2008-2009. I asked Kozak why that was, and he answered: “We in Canada are entrepreneurs. We have so many teams chasing so many opportunities, and recent success with our 'resource plays' here has been technology-related. Then guys say, hey, we can apply that somewhere else. We go apply our best practices and use our technology and turn things around.” </p><p>The Canadians focused on the Llanos Basin, which looks geologically a lot like Alberta’s foothills (light oil) and the Putamayo in the south which is similar to Alberta’s plains (heavy oil). </p><p>Colombia is one of a few countries in South America where you could go into the country and do business a lot like you would do in the west. The country is out of favor right now but Fred believes the question is when do you invest in the country, not if. </p><p>“With $100 Brent oil, you have $60-$70 netbacks—you can make phenomenal money in that country, but there are short term issues" Kozak said, adding that those short-term issues reflect growing pains, as the oil and gas sector continues to mature.</p><p>“Success is responsible for the delays we’re seeing now—Colombia redefined its fiscal regime to attract new investment and kicked FARC out of most of country since President Uribe started his second term in 2006," he said.</p><p>Recently, the army has increased its size and activity in the oil-producing regions, improving security. That may lead to an improved perception regarding security in 3-6 months. </p><p>Permitting times have been slowly improving—the government is adding more people here as well. That should allow several companies to carry their plans of drilling high impact wells in the second half of 2012. </p><p><strong>Catalysts for Colombia's Junior Oil Companies </strong></p><p>A new pipeline starting in the first quarter of 2013 is expected to carry more than 490,000 bopd. As that new capacity becomes imminent, it could be a huge catalyst for Colombian juniors. </p><p>An intriguing potential catalyst will happen sooner, however. The government has a new bid round in October for 115 blocks including 1/3rd for shale exploration in the Magdalena Basin. </p><p>Says Kozak: “There have been a number of wells drilled that have seen shale but nothing like western Canada. Remember that the drilling density in this part of Colombia is a fraction of what North America is used to. Both Exxon and Shell are scheduled to drill a well each on <strong>Canacol</strong> farm-in lands, but depending on the bid round results in October, those results are not likely to be a 2012 catalyst.” </p><p>Kozak concludes that addressing the country-specific risks will help (FARC, permitting delays, pipeline constraints) but the tide that would lift all boats requires the risk on trade to come back. But he says investors should not sit on their hands waiting for the tide to come in: </p><p>“There’s going to be opportunity there especially through mergers &amp; acquisition. These companies are very cheap. At these levels it’s almost cheaper to buy than to drill. The acquisition of <strong>PetroMagdalena</strong> by Pacific Rubiales being an example.” </p><p>So how should investors approach investing in Colombian juniors?  </p><p>“Remember it’s always about the people. When looking at companies to invest in, who are the people involved—and projects—how quickly can they take it to production," Kozak said.</p><p>By Keith Schaefer </p><p><em>—This story originally appeared on <a href="http://oilprice.com/" target="_blank">Oilprice.com</a>. Click <a href="http://oilprice.com/Energy/Crude-Oil/Colombia-Oil-Is-It-Time-To-Invest-in-this-South-American-Comeback-Story.html" target="_blank">here</a> to read the orginal story.</em></p></div>

Investors—Canadian ones, in particular—may recall Colombia as one of the hottest oil plays in the world. That was just a few years ago. Huge wells in these plays created huge valuations—and some strong runs for stocks like Pacific Rubiales and Petrominerales.Today of course is a different story, with stock prices having fallen off the map—despite favorable oil prices. So what happened that caused these sharp share price drops? And are there good reasons for investors to turn back again to Colombia's oil plays? We asked Fred Kozak for his insights—He's an independent oil and gas analyst, formerly with the Canadian brokerage firm Canaccord Genuity. “Colombia still has FARC issues, environmental permitting is still a big problem and pipeline constraints are all impacting the investment climate,” he said in an interview. FARC is the Spanish acronym for the left wing guerrilla movement in Colombia. Former President Alvaro Uribe was able to secure billions of dollars in US aid in the last decade, which was used for the military and other means to reduce the FARC’s impact on the country. [ More From Oilprice.com: Why It's Time to Invest in Iran's Renewable Energy ]With the FARC risk down considerably, foreign investors felt secure in investing billions of private capital into the country’s energy sector—especially the upstream oil and gas producers. The Canadians were quite active then, led by companies like Frank Giustra’s and Serafino Iacono’s Pacific Rubiales and John Wright’s and Corey Ruttan’s Petrominerales. Both companies had great success developing assets in the Llanos Basin in the middle of the country, and both had exceptional stock runs. PRE skyrocketed from $2-$34 in 2009-2010, and PMG rose from $6-$40. A Perfect Storm of Oil Exploration It all happened at the same time: There was a perfect storm of exploration success, a lower royalty rate, and the sense that this under-explored country could continue its string of high profile discoveries for years. Promoters created new junior exploration companies with bloated share counts—hundreds of millions of shares out—and investors jumped all over these opportunities. These days? In what I would refer to as the senior Colombian stocks—Rubiales, Gran Tierra—they’re just above 50 percent of their highs, and the rest are anywhere from 20-50 percent of their highs. That second round of bloated share-count juniors quickly lost 80 percent of their value, and have only recently popped their head up. Did anybody get the license plate on the truck that ran over these stocks? It was actually several trucks, says Kozak. He says one of the big factors hitting these stocks was the Arab Spring of 2011—all international juniors the world over sold off after institutional and retail investors lost their appetite for foreign risk, as dictators got toppled one after the other starting in early 2011. And sadly for everyone, FARC violence has increased this year. After several years of declining activity, brokerage firm Raymond James reports in an Aug. 13 report that there has been a “material” increase of security incidents reported since the beginning of the year. Pipeline attacks increased three-fold year-over-year, and five Ecopetrol contractors were killed in Putumayo this summer, near the Colombian/Ecuador/Peru border. FARC pipeline attacks don't help an already difficult situation—increased oil production in Colombia has strained pipeline capacity. “As much as 100,000 barrels a day of oil production (bopd) could be shut in, I'm not exactly sure, but it means that you have to truck oil,” says Kozak. This means higher transportation costs, and companies can’t produce new discoveries at full throttle. In a negative market, that's deadly to a company’s share price. Colombia’s daily oil production currently exceeds 900,000 bopd, having risen more than 60 percent since 2006, but pipeline constraints have not allowed it to crack the magic 1 million bopd mark. Barriers to Progress Producers in Colombia are also experiencing long delays in permitting. Wells are not being drilled as fast as before, with companies being left waiting for up to a year without knowing when they’ll be able to drill. That has hurt exploration activities, and several of the leading Colombian juniors are now spending a big chunk of their exploration in Brazil, Ecuador and Peru—and sometimes even farther afield. Another factor, Kozak adds, is that the new discoveries in Colombia just aren’t coming as quickly as they did a couple years ago. “Colombia had great success at one point—but today look at Petrominerales and GranTierra Energy. PMG is now struggling while GTE is focused on developing discoveries. New discoveries are still limited," he said.[ More From Oilprice.com: GM Temporarily Halts Volt Production Over Low Sales ]Colombia reported that 34 percent of all wells were successful in the first half of 2012, compared with a 48 percent average from 2008-2010. Canadians formed a big portion of the foreigners who entered into the Colombian oil and gas sector in 2008-2009. I asked Kozak why that was, and he answered: “We in Canada are entrepreneurs. We have so many teams chasing so many opportunities, and recent success with our 'resource plays' here has been technology-related. Then guys say, hey, we can apply that somewhere else. We go apply our best practices and use our technology and turn things around.” The Canadians focused on the Llanos Basin, which looks geologically a lot like Alberta’s foothills (light oil) and the Putamayo in the south which is similar to Alberta’s plains (heavy oil). Colombia is one of a few countries in South America where you could go into the country and do business a lot like you would do in the west. The country is out of favor right now but Fred believes the question is when do you invest in the country, not if. “With $100 Brent oil, you have $60-$70 netbacks—you can make phenomenal money in that country, but there are short term issues" Kozak said, adding that those short-term issues reflect growing pains, as the oil and gas sector continues to mature.“Success is responsible for the delays we’re seeing now—Colombia redefined its fiscal regime to attract new investment and kicked FARC out of most of country since President Uribe started his second term in 2006," he said.Recently, the army has increased its size and activity in the oil-producing regions, improving security. That may lead to an improved perception regarding security in 3-6 months. Permitting times have been slowly improving—the government is adding more people here as well. That should allow several companies to carry their plans of drilling high impact wells in the second half of 2012. Catalysts for Colombia's Junior Oil Companies A new pipeline starting in the first quarter of 2013 is expected to carry more than 490,000 bopd. As that new capacity becomes imminent, it could be a huge catalyst for Colombian juniors. An intriguing potential catalyst will happen sooner, however. The government has a new bid round in October for 115 blocks including 1/3rd for shale exploration in the Magdalena Basin. Says Kozak: “There have been a number of wells drilled that have seen shale but nothing like western Canada. Remember that the drilling density in this part of Colombia is a fraction of what North America is used to. Both Exxon and Shell are scheduled to drill a well each on Canacol farm-in lands, but depending on the bid round results in October, those results are not likely to be a 2012 catalyst.” Kozak concludes that addressing the country-specific risks will help (FARC, permitting delays, pipeline constraints) but the tide that would lift all boats requires the risk on trade to come back. But he says investors should not sit on their hands waiting for the tide to come in: “There’s going to be opportunity there especially through mergers & acquisition. These companies are very cheap. At these levels it’s almost cheaper to buy than to drill. The acquisition of PetroMagdalena by Pacific Rubiales being an example.” So how should investors approach investing in Colombian juniors?  “Remember it’s always about the people. When looking at companies to invest in, who are the people involved—and projects—how quickly can they take it to production," Kozak said.By Keith Schaefer —This story originally appeared on Oilprice.com. Click here to read the orginal story.

2021-10-30 14:12:01.452966

How to rethink your retirement income strategy as more firms cut dividends

https://www.cnbc.com/2020/05/04/time-to-rethink-your-retirement-income-as-more-firms-cut-dividends.html

2020-05-04T17:58:29+0000

Sarah O'Brien

CNBC

The coronavirus-induced economic upheaval is taking a toll on a popular source of investment income for retirees: dividends.As U.S. companies deal with steep revenue drops and are forced to cut expenses, 203 stocks this year have reduced or suspended their dividends, 44 of them on the S&P 500 index. And, with economic uncertainty remaining going forward, that number could grow."I definitely expect this to continue, unfortunately," said Howard Silverblatt, senior index analyst with S&P Dow Jones Indices, which keeps tabs on dividend actions by publicly traded common stock with a market capitalization of $25 million or more.

cnbc, Articles, Coronavirus: Personal Finance, Personal investing, Dividends, Retirement planning, Investment strategy, Personal finance, Personal saving, S&P 500 Index, Personal Finance, Investing, Retirement, Savings, Coronavirus, Companies, source:tagname:CNBC US Source

<div class="group"><p>The coronavirus-induced economic upheaval is taking a toll on a popular source of investment income for retirees: dividends.</p><p>As U.S. companies deal with steep revenue drops and are forced to cut expenses, 203 stocks this year have reduced or suspended their dividends, 44 of them on the <a href="https://www.cnbc.com/quotes/.SPX">S&amp;P 500 index</a>. And, with economic uncertainty remaining going forward, that number could grow.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I definitely expect this to continue, unfortunately," said Howard Silverblatt, senior index analyst with S&amp;P Dow Jones Indices, which keeps tabs on dividend actions by publicly traded common stock with a market capitalization of $25 million or more.</p></div>,<div class="group"><p>Dividend-yielding stocks generally reward long-term investors, typically paying them quarterly from the company's profits. For retirees fearful of depleting their savings, this can offer a regular income stream without having to sell assets. </p><p>While not all stocks have slashed dividends — at least 57 have increased them this year — relying solely on those payments for income may be missing the bigger picture.</p><p>"Investors may have to shift their mindset about what it means to generate income from their portfolios," said certified financial planner Adam Reinert, chief investment officer with Marshall Financial Group in Doylestown, Pennsylvania.</p><p>"If you think about what income means, is it really just dividends and [bond payments], or is it cash flow from the portfolio as a whole?" he said.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>In other words, Reinert said, think of dividends, interest and growth of assets as the building blocks of an income stream. That way, he said, you can reduce some risk that comes with too heavy a focus on those income yields (payments as a share of the asset price).</p><p>"If you just focus on dividends or coupon payments, you might see something with a higher yield, say 6%, but it could be riskier," Reinert said. "Maybe the price is falling, or the dividend hasn't been adjusted yet."</p><p>Retirees also could use the bucket approach — using fixed-income investments, such as U.S. treasury bonds — to plan for income over a multi-year period. </p></div>,<div class="group"><p>"You effectively cover your living expenses for five or seven or 10 years by buying the appropriate fixed-income investments to match that time horizon," said CFP Michael Hennessy, founder and CEO of Harbor Crest Wealth Advisors in Fort Lauderdale, Florida. "Then, the remaining funds in your <a href="https://grow.acorns.com/retirement-calculator/" target="_blank">retirement account</a> can be invested to capture long-term equity growth."</p><p>It also may be worthwhile upgrading your dividend stock holdings by replacing companies with weaker balance sheets — and more at risk of cutting dividends — with those whose financials suggest they are in better shape to continue paying, said Shon Anderson, a CFP and president of Anderson Financial Strategies in Dayton, Ohio. Some companies have consistently paid dividends for 25 years, or even 50 years or more, he said.</p><p>"The company board of directors, and executive management, know that a growing dividend is extremely important to the majority of their shareholders and will protect it at all costs, even if it isn't necessarily the optimum short-term solution," Anderson said.</p><p><strong>More from Personal Finance:</strong><br><a href="https://www.cnbc.com/2020/04/28/how-are-unemployment-benefits-taxed.html">Here's how are unemployment benefits are taxed</a><br><a href="https://www.cnbc.com/2020/04/24/this-is-what-happens-to-unpaid-debts-when-a-person-passes-away.html">This is what happens to your unpaid debt at death</a><br><a href="https://www.cnbc.com/2020/04/23/card-issuers-are-cutting-credit-limits-without-warning.html">Card issuers cutting credit limits without warning</a></p><p>Even if a company cuts its dividend, they may resume or increase them once their finances are stronger.</p><p>"They're likely to bring them back," Anderson said. "But the reason they've had to reduce them is distress in their business, so it probably won't be in the near future."</p><p>Silverblatt, of S&amp;P Dow Jones Indices, anticipates dividend cuts to be more prevalent among smaller and mid-sized public companies as the economy struggles to right itself.</p><p>"I expect those companies to feel it the most," Silverblatt said.</p><p><a href="https://www.youtube.com/c/CNBC?sub_confirmation=1" target="_blank"><em><strong>Subscribe to CNBC on YouTube.</strong></em></a></p></div>

The coronavirus-induced economic upheaval is taking a toll on a popular source of investment income for retirees: dividends.As U.S. companies deal with steep revenue drops and are forced to cut expenses, 203 stocks this year have reduced or suspended their dividends, 44 of them on the S&P 500 index. And, with economic uncertainty remaining going forward, that number could grow."I definitely expect this to continue, unfortunately," said Howard Silverblatt, senior index analyst with S&P Dow Jones Indices, which keeps tabs on dividend actions by publicly traded common stock with a market capitalization of $25 million or more.Dividend-yielding stocks generally reward long-term investors, typically paying them quarterly from the company's profits. For retirees fearful of depleting their savings, this can offer a regular income stream without having to sell assets. While not all stocks have slashed dividends — at least 57 have increased them this year — relying solely on those payments for income may be missing the bigger picture."Investors may have to shift their mindset about what it means to generate income from their portfolios," said certified financial planner Adam Reinert, chief investment officer with Marshall Financial Group in Doylestown, Pennsylvania."If you think about what income means, is it really just dividends and [bond payments], or is it cash flow from the portfolio as a whole?" he said.In other words, Reinert said, think of dividends, interest and growth of assets as the building blocks of an income stream. That way, he said, you can reduce some risk that comes with too heavy a focus on those income yields (payments as a share of the asset price)."If you just focus on dividends or coupon payments, you might see something with a higher yield, say 6%, but it could be riskier," Reinert said. "Maybe the price is falling, or the dividend hasn't been adjusted yet."Retirees also could use the bucket approach — using fixed-income investments, such as U.S. treasury bonds — to plan for income over a multi-year period. "You effectively cover your living expenses for five or seven or 10 years by buying the appropriate fixed-income investments to match that time horizon," said CFP Michael Hennessy, founder and CEO of Harbor Crest Wealth Advisors in Fort Lauderdale, Florida. "Then, the remaining funds in your retirement account can be invested to capture long-term equity growth."It also may be worthwhile upgrading your dividend stock holdings by replacing companies with weaker balance sheets — and more at risk of cutting dividends — with those whose financials suggest they are in better shape to continue paying, said Shon Anderson, a CFP and president of Anderson Financial Strategies in Dayton, Ohio. Some companies have consistently paid dividends for 25 years, or even 50 years or more, he said."The company board of directors, and executive management, know that a growing dividend is extremely important to the majority of their shareholders and will protect it at all costs, even if it isn't necessarily the optimum short-term solution," Anderson said.More from Personal Finance:Here's how are unemployment benefits are taxedThis is what happens to your unpaid debt at deathCard issuers cutting credit limits without warningEven if a company cuts its dividend, they may resume or increase them once their finances are stronger."They're likely to bring them back," Anderson said. "But the reason they've had to reduce them is distress in their business, so it probably won't be in the near future."Silverblatt, of S&P Dow Jones Indices, anticipates dividend cuts to be more prevalent among smaller and mid-sized public companies as the economy struggles to right itself."I expect those companies to feel it the most," Silverblatt said.Subscribe to CNBC on YouTube.

2021-10-30 14:12:01.609697

Farmer Eyes "King" Corn Investments

https://www.cnbc.com/2007/02/16/farmer-eyes-king-corn-investments.html

2007-02-16T15:23:11+0000

Greg Levine

CNBC

"The corn kernel is king right now," declared Ed Williams. He's a fifth-generation Iowa City farmer, and he's determined to seize the day on the ethanol and bio-fuel frenzy that's driven up the golden grain's price nearly 100% over recent months.

cnbc, Articles, CNBC TV, Squawk on the Street, source:tagname:CNBC US Source

<div class="group"><p>"The corn kernel is king right now," declared Ed Williams. He's a fifth-generation Iowa City farmer, and he's determined to seize the day on the ethanol and bio-fuel frenzy that's driven up the golden grain's price nearly 100% over recent months.</p></div>,<div class="group"><p>Williams, a member of the Bio-Development Association, told CNBC's Carl Quintanilla that his fellow agriculturists are watching the markets and demand carefully. He said that previously, the ratio of corn to soybean plantings were generally 50/50; now, most farmers are plotting a 75/25 ratio. The ramification for investors? Corn uses much more fertilizer, so look for those products' prices to rise, too -- and maybe a share boost for fertilizer makers like <strong>Bunge</strong>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>But amid the euphoria, Williams is still the farm pragmatist: he and his peers are protecting themselves against market vagaries via futures and options planning. As to the frenzy over corn-based ethanol, he muses that, "We're taking advantage while it's here -- it's not going to last forever."</p></div>,<div class="group"></div>

"The corn kernel is king right now," declared Ed Williams. He's a fifth-generation Iowa City farmer, and he's determined to seize the day on the ethanol and bio-fuel frenzy that's driven up the golden grain's price nearly 100% over recent months.Williams, a member of the Bio-Development Association, told CNBC's Carl Quintanilla that his fellow agriculturists are watching the markets and demand carefully. He said that previously, the ratio of corn to soybean plantings were generally 50/50; now, most farmers are plotting a 75/25 ratio. The ramification for investors? Corn uses much more fertilizer, so look for those products' prices to rise, too -- and maybe a share boost for fertilizer makers like Bunge.But amid the euphoria, Williams is still the farm pragmatist: he and his peers are protecting themselves against market vagaries via futures and options planning. As to the frenzy over corn-based ethanol, he muses that, "We're taking advantage while it's here -- it's not going to last forever."

2021-10-30 14:12:01.760300

Banks in Europe struggle to find talent with US rivals paying top dollar

https://www.cnbc.com/2019/02/08/banks-in-europe-struggle-to-find-talent-with-us-rivals-paying-top-dollar.html

2019-02-08T08:57:19+0000

Spriha Srivastava

CNBC

European banks are finding it hard to recruit the right people due to new regulations and intense competition from some of their U.S. peers, industry insiders have told CNBC."It is a vicious circle, isn't it?" a senior executive at a European bank told CNBC who preferred to remain anonymous due to the sensitive nature of the topic."You want to hire the right talent because you can see the business is suffering, but you don't get approvals for the headcount and when you finally do, you aren't able to match the salaries," they told CNBC.Pay in the banking sector is generally higher compared to other industries. A junior-level analyst in a trading role at a European bank can start at anything between $50,000 to $60,000 for a base salary. On top of this they would receive allowances and a bonus, which can sometimes be given in the form of company shares.This is where U.S. banks differ as they tend to stick to cash bonuses, taking the overall compensation of a junior analyst to somewhere between $80,000 to $100,000. This gap starts to widen more as employees go up the ladder.

cnbc, Articles, UBS Group AG, Deutsche Bank AG, Barclays PLC, Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs Group Inc, World economy, U.S. Economy, Europe News, Central banking, Banks, Central Banks, Europe Economy, US Economy, World News, World Economy, Business News, Finance, source:tagname:CNBC Europe Source

<div class="group"><p>European banks are finding it hard to recruit the right people due to new regulations and intense competition from some of their U.S. peers, industry insiders have told CNBC.</p><p>"It is a vicious circle, isn't it?" a senior executive at a European bank told CNBC who preferred to remain anonymous due to the sensitive nature of the topic.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"You want to hire the right talent because you can see the business is suffering, but you don't get approvals for the headcount and when you finally do, you aren't able to match the salaries," they told CNBC.</p><p>Pay in the banking sector is generally higher compared to other industries. A junior-level analyst in a trading role at a European bank can start at anything between $50,000 to $60,000 for a base salary. On top of this they would receive allowances and a bonus, which can sometimes be given in the form of company shares.</p><p>This is where U.S. banks differ as they tend to stick to cash bonuses, taking the overall compensation of a junior analyst to somewhere between $80,000 to $100,000. This gap starts to widen more as employees go up the ladder.</p></div>,<div class="group"><p>People outside the industry have often found these figures to be shocking, especially as the world economy is undergoing uncertainty and still reeling from the effects of the financial crisis of 2008. Banks are often criticized for big payouts and new rules on salary caps in Europe hasn't stopped that.</p><p>"I think we are seeing some incentive systems in some corners of the financial sector, yet again, moving in the direction that I find not exactly aligned with the sense of purpose that I hope banks actually have," Christine Lagarde, the managing director of International Monetary Fund, said at a CNBC-moderated panel at the World Economic Forum in Davos last month. She also advised the financial sector to work with a sense of purpose and not "single-mindedly" for the pursuit of profits.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>European banks have to adhere to an EU-wide bonus cap that was put in practice in early 2014. The regulation limits bonuses paid to senior managers and other "material risk takers" to no more than 100 percent of their fixed pay generally, or 200 percent of their fixed pay with shareholders' approval.</p><p>While this limit may have calmed an uproar over the large sums of money that executives take home, it has also led to banks increasing basic salaries as a way to compensate for the bonus restrictions.</p><p>"One consequence of the regulation of remuneration, particularly the introduction in the EU of the bonus cap, has been an increase in fixed remuneration as a proportion of total remuneration," a Bank of England report published in December 2015 found.</p><p>In 2015, the Bank of England and the Prudential Regulation Authority, also made changes around bonus buyouts, where banks compensate new employees for any remuneration foregone when they change jobs. As part of the new rules, banks can claw back some or all of the bonus already paid to an employee for up to seven years, if the employee is found to have committed wrongdoing in their previous job.</p></div>,<div class="group"><p>The EU-wide bonus cap saw an impact not just on employee morale but also on hiring. Big European banks found it difficult to hire executives, especially when compared to U.S. banks where bonuses and fixed salaries can be higher.</p><p>European banks are suffering from years of weak profits, massive fines, ultra-low monetary policy and uncertainty surrounding the U.K.'s exit from the European Union. The U.S. banks, on the other hand, especially the big ones like J.P. Morgan and <a href="//www.cnbc.com/quotes/C" target="_blank">Citi</a> have very strong retail operations that have kept these banks resilient in the face of economic headwinds. This makes them better paymasters and a more conducive place to work.</p><p>One recruitment consultant told CNBC, on condition of anonymity due to their relationship with large banks, that lenders like <a href="//www.cnbc.com/quotes/GS" target="_blank">Goldman Sachs</a> and <a href="//www.cnbc.com/quotes/JPM" target="_blank">J.P. Morgan</a> see strong bonus payouts for front of office roles executives — such as in the trading room — and were up to 30 to 40 percent better when compared to European banks such as <a href="//www.cnbc.com/quotes/BARC-GB" target="_blank">Barclays</a>, <a href="//www.cnbc.com/quotes/.BBKA" target="_blank">Deutsche Bank</a> and <a href="//www.cnbc.com/quotes/UBSG-CH" target="_blank">UBS</a>. Spokespersons for Goldman Sachs, Barclays and Deutsche Bank were not immediately available for comment when contacted by CNBC. Meanwhile, J.P. Morgan and UBS declined to comment.</p><p>"There is no comparison. A vice-president or a director level executive in a trading function at a U.S. bank will easily see a 100 percent cash bonus component as compared to a European bank where these are generally given as deferred, or in stocks," the consultant said.</p></div>,<div class="group"><p>Banks pay out bonuses in various ways. While some banks, especially the U.S. banks, pay out a 100 percent cash bonus, several European banks pay out bonuses as a mix of cash and stocks. The cash component of the bonus, in many cases, is deferred and is paid out over a longer period — an incentive for the employee to stay with the company and a way for the institution to deal with costs.</p><p>"I think that was the case three or four years ago, but we started to see the stronger European banks catch up last year to pay market levels," Joseph Leung, the founder and managing partner at recruitment firm Aubreck Leung, told CNBC last week.</p><p>"Keep in mind many of them exited unprofitable businesses a few years ago and redistributed their capital to performing areas enabling them to pay their good people," Leung added.</p><p>He, however, warned that this could change in 2019 since none of the European banks have announced their compensations yet.</p></div>,<div class="group"><p>Amid all the uncertainty currently surrounding the banking sector, it is the new talent that is bearing the brunt. Young people joining banks often find themselves witnessing a massive income divide when compared with their senior peers who have climbed up the ladder pre-crisis and bonus-cap era.</p></div>,<div class="group"><p>While some employees at European banks may feel disappointed with low pay and non-existent bonuses, others may feel comfortable with a steady flow of income — that is comparatively higher than what several other sectors pay.</p><p>"Banks have been paying like this for years so don't think its affected morale in any way," Leung said.</p><p>"Because of the bonus cap most people have seen their fixed compensation gone up — whether it's in a higher basic salary or in allowances ... So in a warped way some are actually getting more cash than they did before because they are getting less deferred stock."</p></div>

European banks are finding it hard to recruit the right people due to new regulations and intense competition from some of their U.S. peers, industry insiders have told CNBC."It is a vicious circle, isn't it?" a senior executive at a European bank told CNBC who preferred to remain anonymous due to the sensitive nature of the topic."You want to hire the right talent because you can see the business is suffering, but you don't get approvals for the headcount and when you finally do, you aren't able to match the salaries," they told CNBC.Pay in the banking sector is generally higher compared to other industries. A junior-level analyst in a trading role at a European bank can start at anything between $50,000 to $60,000 for a base salary. On top of this they would receive allowances and a bonus, which can sometimes be given in the form of company shares.This is where U.S. banks differ as they tend to stick to cash bonuses, taking the overall compensation of a junior analyst to somewhere between $80,000 to $100,000. This gap starts to widen more as employees go up the ladder.People outside the industry have often found these figures to be shocking, especially as the world economy is undergoing uncertainty and still reeling from the effects of the financial crisis of 2008. Banks are often criticized for big payouts and new rules on salary caps in Europe hasn't stopped that."I think we are seeing some incentive systems in some corners of the financial sector, yet again, moving in the direction that I find not exactly aligned with the sense of purpose that I hope banks actually have," Christine Lagarde, the managing director of International Monetary Fund, said at a CNBC-moderated panel at the World Economic Forum in Davos last month. She also advised the financial sector to work with a sense of purpose and not "single-mindedly" for the pursuit of profits.European banks have to adhere to an EU-wide bonus cap that was put in practice in early 2014. The regulation limits bonuses paid to senior managers and other "material risk takers" to no more than 100 percent of their fixed pay generally, or 200 percent of their fixed pay with shareholders' approval.While this limit may have calmed an uproar over the large sums of money that executives take home, it has also led to banks increasing basic salaries as a way to compensate for the bonus restrictions."One consequence of the regulation of remuneration, particularly the introduction in the EU of the bonus cap, has been an increase in fixed remuneration as a proportion of total remuneration," a Bank of England report published in December 2015 found.In 2015, the Bank of England and the Prudential Regulation Authority, also made changes around bonus buyouts, where banks compensate new employees for any remuneration foregone when they change jobs. As part of the new rules, banks can claw back some or all of the bonus already paid to an employee for up to seven years, if the employee is found to have committed wrongdoing in their previous job.The EU-wide bonus cap saw an impact not just on employee morale but also on hiring. Big European banks found it difficult to hire executives, especially when compared to U.S. banks where bonuses and fixed salaries can be higher.European banks are suffering from years of weak profits, massive fines, ultra-low monetary policy and uncertainty surrounding the U.K.'s exit from the European Union. The U.S. banks, on the other hand, especially the big ones like J.P. Morgan and Citi have very strong retail operations that have kept these banks resilient in the face of economic headwinds. This makes them better paymasters and a more conducive place to work.One recruitment consultant told CNBC, on condition of anonymity due to their relationship with large banks, that lenders like Goldman Sachs and J.P. Morgan see strong bonus payouts for front of office roles executives — such as in the trading room — and were up to 30 to 40 percent better when compared to European banks such as Barclays, Deutsche Bank and UBS. Spokespersons for Goldman Sachs, Barclays and Deutsche Bank were not immediately available for comment when contacted by CNBC. Meanwhile, J.P. Morgan and UBS declined to comment."There is no comparison. A vice-president or a director level executive in a trading function at a U.S. bank will easily see a 100 percent cash bonus component as compared to a European bank where these are generally given as deferred, or in stocks," the consultant said.Banks pay out bonuses in various ways. While some banks, especially the U.S. banks, pay out a 100 percent cash bonus, several European banks pay out bonuses as a mix of cash and stocks. The cash component of the bonus, in many cases, is deferred and is paid out over a longer period — an incentive for the employee to stay with the company and a way for the institution to deal with costs."I think that was the case three or four years ago, but we started to see the stronger European banks catch up last year to pay market levels," Joseph Leung, the founder and managing partner at recruitment firm Aubreck Leung, told CNBC last week."Keep in mind many of them exited unprofitable businesses a few years ago and redistributed their capital to performing areas enabling them to pay their good people," Leung added.He, however, warned that this could change in 2019 since none of the European banks have announced their compensations yet.Amid all the uncertainty currently surrounding the banking sector, it is the new talent that is bearing the brunt. Young people joining banks often find themselves witnessing a massive income divide when compared with their senior peers who have climbed up the ladder pre-crisis and bonus-cap era.While some employees at European banks may feel disappointed with low pay and non-existent bonuses, others may feel comfortable with a steady flow of income — that is comparatively higher than what several other sectors pay."Banks have been paying like this for years so don't think its affected morale in any way," Leung said."Because of the bonus cap most people have seen their fixed compensation gone up — whether it's in a higher basic salary or in allowances ... So in a warped way some are actually getting more cash than they did before because they are getting less deferred stock."

2021-10-30 14:12:01.814094

Japanese e-commerce giant Rakuten aims for an 'ecosystem'

https://www.cnbc.com/2018/04/11/japanese-e-commerce-giant-rakuten-aims-for-an-ecosystem.html

2018-04-11T08:43:15+0000

Eustance Huang

CNBC

Japanese e-commerce firm Rakuten is branching out.Following an announcement of a new partnership with Walmart to launch an online grocery delivery service, the company announced this week it had received approval from the Japanese government to enter the mobile network operator business.Speaking to CNBC's Akiko Fujita on Wednesday, Rakuten CEO Hiroshi Mikitani said the mobile business is a "very, very important" platform for services from e-commerce to content.That's why there's a trend of mergers between content and networks in deals such as Verizon buying Yahoo, Mikitani said."In the future, we're going to see the conversion of network platforms and content and transactions."

cnbc, Articles, Asia News, Rakuten Group Inc, Tencent Holdings Ltd, e-commerce, Technology, source:tagname:CNBC Asia Source

<div class="group"><p>Japanese e-commerce firm <a href="//www.cnbc.com/quotes/4755.T-JP" target="_blank">Rakuten</a> is branching out.</p><p>Following an announcement of a new <a href="#"> partnership with Walmart to launch an online grocery delivery service</a>, the company announced this week it had received <a href="https://global.rakuten.com/corp/news/press/2018/0409_02.html?year=2018&amp;amp;month=4&amp;amp;category=corp%20ir" target="_blank">approval from the Japanese government to enter the mobile network operator business</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Speaking to CNBC's Akiko Fujita on Wednesday, Rakuten CEO Hiroshi Mikitani said the mobile business is a "very, very important" platform for services from e-commerce to content.</p><p>That's why there's a trend of mergers between content and networks in deals such as <a href="https://www.cnbc.com/2017/06/13/verizon-completes-yahoo-acquisition-marissa-mayer-resigns.html"> Verizon buying Yahoo</a>, Mikitani said.</p><p>"In the future, we're going to see the conversion of network platforms and content and transactions."</p></div>,<div class="group"><p>As for Rakuten's ambitions in Japan's crowded telecommunications space, Mikitani said lower capital costs from new technologies and his company's proven track record in other businesses make him optimistic.</p><p>At present, Rakuten sees about $120 billion in global transactions, and Mikitani said the goal is not just to have a shopping platform.</p><div style="height:100%" class="lazyload-placeholder"></div><p>With the inclusion of the telecommunications business, the Walmart partnership, and the <a href="https://www.reuters.com/article/us-japan-rakuten/rakuten-seeks-to-boost-financial-services-with-415-million-asahi-fire-marine-deal-idUSKBN1FH0ZX" target="_blank">acquisition of Asahi's insurance business</a>, the company is seeking to build out a full lineup of services, he said.</p><p>"It's all about ecosystem," he told CNBC.</p><p>Using China's <a href="//www.cnbc.com/quotes/700-HK" target="_blank">Tencent</a> as an example of a company "going everywhere" in consumer services, Mikitani said his firm is attempting to follow a similar trajectory. Partnerships such as the one with Walmart, he said, are likely to become more common in the future.</p></div>

Japanese e-commerce firm Rakuten is branching out.Following an announcement of a new partnership with Walmart to launch an online grocery delivery service, the company announced this week it had received approval from the Japanese government to enter the mobile network operator business.Speaking to CNBC's Akiko Fujita on Wednesday, Rakuten CEO Hiroshi Mikitani said the mobile business is a "very, very important" platform for services from e-commerce to content.That's why there's a trend of mergers between content and networks in deals such as Verizon buying Yahoo, Mikitani said."In the future, we're going to see the conversion of network platforms and content and transactions."As for Rakuten's ambitions in Japan's crowded telecommunications space, Mikitani said lower capital costs from new technologies and his company's proven track record in other businesses make him optimistic.At present, Rakuten sees about $120 billion in global transactions, and Mikitani said the goal is not just to have a shopping platform.With the inclusion of the telecommunications business, the Walmart partnership, and the acquisition of Asahi's insurance business, the company is seeking to build out a full lineup of services, he said."It's all about ecosystem," he told CNBC.Using China's Tencent as an example of a company "going everywhere" in consumer services, Mikitani said his firm is attempting to follow a similar trajectory. Partnerships such as the one with Walmart, he said, are likely to become more common in the future.

2021-10-30 14:12:01.858123

Jamie Dimon: CEOs Already Cutting Back Due to ‘Fiscal Cliff’

https://www.cnbc.com/2012/10/26/jamie-dimon-ceos-already-cutting-back-due-to-fiscal-cliff.html

2012-10-26T10:24:05+0000

Deepanshu Bagchee

CNBC

The U.S. economy is on the mend and has been getting better, but JPMorgan Chase CEO Jamie Dimon said chief executives he has spoken to have told him they are already making decisions to protect their companies from a looming "fiscal cliff."

cnbc, Articles, Business News, Economy, World Economy, Europe News, source:tagname:CNBC US Source

<div class="group"><p>The U.S. economy is on the mend and has been getting better, but <a href="http://data.cnbc.com/quotes/JPM,%20" target="_blank">JPMorgan Chase</a> CEO Jamie Dimon said chief executives he has spoken to have told him they are already making decisions to protect their companies from a looming "fiscal cliff."</p></div>,<div class="group"><p>The mix of automatic spending cuts and the expiration of Bush-era tax cuts at the end of the year could cut U.S. growth in 2013 and send the economy back into a <a href="https://www.cnbc.com/2011/07/21/recession-cnbc-explains.html">recession</a>, according to economists.</p><div style="height:100%" class="lazyload-placeholder"></div><p>, including Dimon, have been lobbying for a deal to avert such an outcome.</p><p>"I've spoken to CEOs who say, you know, absolutely, we are making decisions to protect ourselves from the 'fiscal cliff' and those are like investment decisions and hiring decisions," Dimon told CNBC-TV18 in India, during a visit to the country.</p><p>(<em>Read More:</em> <!-- -->)</p><p>Dimon said the so-called fiscal cliff could end up being worse than a 3 percent contraction that economists have so far predicted.</p><p>"[The fiscal cliff] alone would take 3 percent or so out of (<a href="https://www.cnbc.com/2011/11/03/gross-domestic-product-cnbc-explains.html">gross domestic product</a>), that is a recession," he said. "The problem is that's kind of a static analysis, people's reaction could actually make it worse."</p><div style="height:100%" class="lazyload-placeholder"></div><p>According to Dimon, the outcome of the election isn't as important as good fiscal policy to deal with the country's rising debt.</p> </div>

The U.S. economy is on the mend and has been getting better, but JPMorgan Chase CEO Jamie Dimon said chief executives he has spoken to have told him they are already making decisions to protect their companies from a looming "fiscal cliff."The mix of automatic spending cuts and the expiration of Bush-era tax cuts at the end of the year could cut U.S. growth in 2013 and send the economy back into a recession, according to economists., including Dimon, have been lobbying for a deal to avert such an outcome."I've spoken to CEOs who say, you know, absolutely, we are making decisions to protect ourselves from the 'fiscal cliff' and those are like investment decisions and hiring decisions," Dimon told CNBC-TV18 in India, during a visit to the country.(Read More: )Dimon said the so-called fiscal cliff could end up being worse than a 3 percent contraction that economists have so far predicted."[The fiscal cliff] alone would take 3 percent or so out of (gross domestic product), that is a recession," he said. "The problem is that's kind of a static analysis, people's reaction could actually make it worse."According to Dimon, the outcome of the election isn't as important as good fiscal policy to deal with the country's rising debt.

2021-10-30 14:12:02.244271

Economy Difficult, but Signs of Firming Seen: GE CEO

https://www.cnbc.com/2009/04/20/economy-difficult-but-signs-of-firming-seen-ge-ceo.html

2009-04-20T13:19:42+0000

JeeYeon Park

CNBC

The economy is still difficult, but we’re seeing some signs of firming, General Electric CEO Jeff Immelt told CNBC in an interview.

cnbc, Articles, Cisco Systems Inc, General Electric Co, Business News, Economy, source:tagname:CNBC US Source

<div class="group"><p>The economy is still difficult, but we’re seeing some signs of firming, <strong>General Electric</strong> CEO Jeff Immelt told CNBC in an interview. </p></div>,<div class="group"><p>"I think that while the economy is still difficult, we’re starting to firm," said Immelt. "We’re starting to see that the sequential appliance orders are firming, we’re starting to see some signs that businesses are ready to invest again. I think in certain ways, companies have to make their own rallies right now…I think as we get more confidence in the system, we have to pull our ways out of this.” </p><div style="height:100%" class="lazyload-placeholder"></div><p>GE is the parent company of CNBC and CNBC.com. </p><p>GE posted better-than-expected quarterly profit last Friday, as a strong performance at its large energy operation offset declines at the GE Capital finance and NBC Universal units.</p><p>“Financial services was tough as expected, but we still made money,” said Immelt. “Some of the shorter cycles like advertising on NBC are still in a difficult phase. [But] I was quite encouraged in our infrastructure orders and how our infrastructure businesses did</p><p>Cisco's CEO John Chambers agreed and explained his position on the economy. </p><p>“You’re beginning to see governments and companies realize that [technology] is going be an area that is going to grow really well,” said Chambers. “Both technology will play a key role in the recovery, also the smart use of electricity…Recoveries don’t happen unless businesses take good business risks.” </p><ul><li><a href="https://www.cnbc.com/2009/04/08/What-Does-%241-Trillion-Look-Like.html">Slideshow: What Does $1 Trillion Look Like?</a></li></ul></div>

The economy is still difficult, but we’re seeing some signs of firming, General Electric CEO Jeff Immelt told CNBC in an interview. "I think that while the economy is still difficult, we’re starting to firm," said Immelt. "We’re starting to see that the sequential appliance orders are firming, we’re starting to see some signs that businesses are ready to invest again. I think in certain ways, companies have to make their own rallies right now…I think as we get more confidence in the system, we have to pull our ways out of this.” GE is the parent company of CNBC and CNBC.com. GE posted better-than-expected quarterly profit last Friday, as a strong performance at its large energy operation offset declines at the GE Capital finance and NBC Universal units.“Financial services was tough as expected, but we still made money,” said Immelt. “Some of the shorter cycles like advertising on NBC are still in a difficult phase. [But] I was quite encouraged in our infrastructure orders and how our infrastructure businesses didCisco's CEO John Chambers agreed and explained his position on the economy. “You’re beginning to see governments and companies realize that [technology] is going be an area that is going to grow really well,” said Chambers. “Both technology will play a key role in the recovery, also the smart use of electricity…Recoveries don’t happen unless businesses take good business risks.” Slideshow: What Does $1 Trillion Look Like?

2021-10-30 14:12:02.398686

Amazon announces three new renewable energy projects, including its first in Scotland

https://www.cnbc.com/2019/10/24/amazon-announces-three-new-renewable-energy-projects.html

2019-10-24T11:48:02+0000

Anmar Frangoul

CNBC

Amazon announced three renewable energy projects on Thursday, saying it was committed to minimizing carbon emissions following criticism earlier this year.The tech giant said the facilities would provide energy to its Amazon Web Services data centers. A wind farm, with a max capacity of 50 megawatts (MW), will be situated on Scotland's Kintyre Peninsula and is expected to produce 168,000 megawatt hours (MWh) of energy each year. Amazon said the facility could power the equivalent of 46,000 U.K. homes and would be the U.K.'s "largest corporate wind power purchase agreement." Additionally, two solar projects in North Carolina and Virginia will amount to 215 MW of total capacity, with Amazon expecting them to produce 500,997 MWh per year. The projects announced Thursday are expected to start generating energy in 2021. They are not owned by the company, but it says its commitment to purchase their output enables the projects to be built. In a statement issued Thursday, Amazon's Director of Sustainability Kara Hurst said the firm was "committed to minimizing our carbon emissions and reaching 80% renewable energy use across the company by 2024."In June, Amazon was one of more than 700 firms targeted by 88 investors "for not reporting environmental information." The aim of the investors was to push businesses such as Amazon to disclose information via the CDP, a not-for-profit platform which enables companies to divulge environmental performance data.A few months earlier, in April, thousands of Amazon employees signed an open letter to CEO Jeff Bezos and the firm's board of directors, imploring them to take action on climate change.In September, Amazon co-founded an initiative called The Climate Pledge, which asks signatories to become "net zero carbon across their businesses" by the year 2040.It has also launched what it calls a "transparency website" which it uses to report on what it describes as its "sustainability commitments, initiatives, and performance." The site also has information on the firm's carbon footprint, which it reports as being 44.40 million metric tons of carbon dioxide equivalent for the 2018 fiscal year.Amazon is just one of many global technology firms looking to power operations using renewable sources of energy. In March 2019, for example, Microsoft signed a 15-year power purchase agreement for the energy produced by a 74-megawatt solar power facility in North Carolina, while in April 2018 Apple announced its global facilities were powered using "100 percent clean energy."Making sure that its facilities are powered by clean energy is a multi-faceted process for Apple.In its Environmental Responsibility Report covering the 2018 fiscal year the California-headquartered firm said that, where feasible, it sourced renewable energy by building its own projects. In addition, it invests capital to become a part owner in wind and solar projects and signs "long-term renewable energy contracts."

cnbc, Articles, Wind power generation, Solar power, Amazon.com Inc, Jeff Bezos, Renewable power generation, Wind power, Business, Environment, Alternative and sustainable energy, Energy, Renewable Energy, Microsoft Corp, Apple Inc, United Kingdom, Europe News, Green, Economic Development, Business News, Europe: Top News And Analysis, Sustainable Energy, source:tagname:CNBC Europe Source

<div class="group"><p><a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> announced three renewable energy projects on Thursday, saying it was committed to minimizing carbon emissions following criticism earlier this year.</p><p>The tech giant said the facilities would provide energy to its Amazon Web Services data centers. </p><div style="height:100%" class="lazyload-placeholder"></div><p>A wind farm, with a max capacity of 50 megawatts (MW), will be situated on Scotland's Kintyre Peninsula and is expected to produce 168,000 megawatt hours (MWh) of energy each year. Amazon said the facility could power the equivalent of 46,000 U.K. homes and would be the U.K.'s "largest corporate wind power purchase agreement." <br><br>Additionally, two solar projects in North Carolina and Virginia will amount to 215 MW of total capacity, with Amazon expecting them to produce 500,997 MWh per year. The projects announced Thursday are expected to start generating energy in 2021. They are not owned by the company, but it says its commitment to purchase their output enables the projects to be built. <br><br>In a statement issued Thursday, Amazon's Director of Sustainability Kara Hurst said the firm was "committed to minimizing our carbon emissions and reaching 80% renewable energy use across the company by 2024."</p><p>In June, Amazon was one of more than 700 firms targeted by 88 investors "for not reporting environmental information." The aim of the investors was to push businesses such as Amazon to disclose information via the CDP, a not-for-profit platform which enables companies to divulge environmental performance data.</p><p>A few months earlier, in April, thousands of Amazon employees signed an open letter to CEO Jeff Bezos and the firm's board of directors, <a href="https://www.cnbc.com/2019/04/10/more-than-3500-amazon-employees-push-for-action-on-climate-change.html">imploring them to take action on climate change.</a></p><p>In September, Amazon co-founded an initiative called The Climate Pledge, which asks signatories to become "net zero carbon across their businesses" by the year 2040.</p><p>It has also launched what it calls a "transparency website" which it uses to report on what it describes as its "sustainability commitments, initiatives, and performance." The site also has information on the firm's carbon footprint, which it reports as being 44.40 million metric tons of carbon dioxide equivalent for the 2018 fiscal year.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Amazon is just one of many global technology firms looking to power operations using renewable sources of energy. </p><p>In March 2019, for example, <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> signed a 15-year power purchase agreement for the energy produced by a 74-megawatt solar power facility in North Carolina, while in April 2018 <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> announced its global facilities were powered using "100 percent clean energy."</p><p>Making sure that its facilities are powered by clean energy is a multi-faceted process for Apple.</p><p>In its Environmental Responsibility Report covering the 2018 fiscal year the California-headquartered firm said that, where feasible, it sourced renewable energy by building its own projects. <br><br>In addition, it invests capital to become a part owner in wind and solar projects and signs "long-term renewable energy contracts."</p></div>

Amazon announced three renewable energy projects on Thursday, saying it was committed to minimizing carbon emissions following criticism earlier this year.The tech giant said the facilities would provide energy to its Amazon Web Services data centers. A wind farm, with a max capacity of 50 megawatts (MW), will be situated on Scotland's Kintyre Peninsula and is expected to produce 168,000 megawatt hours (MWh) of energy each year. Amazon said the facility could power the equivalent of 46,000 U.K. homes and would be the U.K.'s "largest corporate wind power purchase agreement." Additionally, two solar projects in North Carolina and Virginia will amount to 215 MW of total capacity, with Amazon expecting them to produce 500,997 MWh per year. The projects announced Thursday are expected to start generating energy in 2021. They are not owned by the company, but it says its commitment to purchase their output enables the projects to be built. In a statement issued Thursday, Amazon's Director of Sustainability Kara Hurst said the firm was "committed to minimizing our carbon emissions and reaching 80% renewable energy use across the company by 2024."In June, Amazon was one of more than 700 firms targeted by 88 investors "for not reporting environmental information." The aim of the investors was to push businesses such as Amazon to disclose information via the CDP, a not-for-profit platform which enables companies to divulge environmental performance data.A few months earlier, in April, thousands of Amazon employees signed an open letter to CEO Jeff Bezos and the firm's board of directors, imploring them to take action on climate change.In September, Amazon co-founded an initiative called The Climate Pledge, which asks signatories to become "net zero carbon across their businesses" by the year 2040.It has also launched what it calls a "transparency website" which it uses to report on what it describes as its "sustainability commitments, initiatives, and performance." The site also has information on the firm's carbon footprint, which it reports as being 44.40 million metric tons of carbon dioxide equivalent for the 2018 fiscal year.Amazon is just one of many global technology firms looking to power operations using renewable sources of energy. In March 2019, for example, Microsoft signed a 15-year power purchase agreement for the energy produced by a 74-megawatt solar power facility in North Carolina, while in April 2018 Apple announced its global facilities were powered using "100 percent clean energy."Making sure that its facilities are powered by clean energy is a multi-faceted process for Apple.In its Environmental Responsibility Report covering the 2018 fiscal year the California-headquartered firm said that, where feasible, it sourced renewable energy by building its own projects. In addition, it invests capital to become a part owner in wind and solar projects and signs "long-term renewable energy contracts."

2021-10-30 14:12:02.452928

Ready or not, New York commuters to get taste of 'summer of hell'

https://www.cnbc.com/2017/07/10/ready-or-not-new-york-commuters-to-get-taste-of-summer-of-hell.html

2017-07-10T12:01:16+0000

CNBC

With two months of urgent repairs beginning at New York's Pennsylvania Station, commuters on Monday may get their first taste of the havoc the track work is expected to bring to the challenge of getting into and out of the largest U.S. city.New York Governor Andrew Cuomo has predicted a "summer of hell" for commuters as scheduled repairs force a partial shutdown of the busiest passenger train hub in the country from July 10 through Sept. 1, or longer if work falls behind schedule.Track closures mean some people find other ways into the city, including ferries, buses and PATH trains, a subway line running between lower Manhattan and New Jersey.One harried New Jersey commuter suggested that finding a way to work every day was a task best suited for members of a club for geniuses.

cnbc, Articles, Transportation, New York, New Jersey, New York City, Travel, Squawk Box U.S., US: News, Business News, source:tagname:Reuters

<div class="group"><p>With two months of urgent repairs beginning at New York's Pennsylvania Station, commuters on Monday may get their first taste of the havoc the track work is expected to bring to the challenge of getting into and out of the largest U.S. city.</p><p>New York Governor Andrew Cuomo has predicted a "summer of hell" for commuters as scheduled repairs force a partial shutdown of the busiest passenger train hub in the country from July 10 through Sept. 1, or longer if work falls behind schedule.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Track closures mean some people find other ways into the city, including ferries, buses and PATH trains, a subway line running between lower Manhattan and New Jersey.</p><p>One harried New Jersey commuter suggested that finding a way to work every day was a task best suited for members of a club for geniuses.</p></div>,<div class="group"><p>"It's like some Mensa test, just trying to figure out how to get there," David Weinstock, 51, said, referring to the Mensa International, a club for people with high IQ's.</p><p>Weinstock, a public relations executive, moved to Maplewood, New Jersey, five years ago, lured by the convenient 35-minute commute by rail directly into Penn Station. But with nearly all trains on his line rerouted to Hoboken, New Jersey, he has had to piece together a makeshift plan to cross the Hudson River to Manhattan.</p><p>"It's going to become an almost two-hour commute each way, on top of 10-hour work days," said Weinstock, a married father of two young children.</p><div style="height:100%" class="lazyload-placeholder"></div><p>With fewer platforms available, the repair work will complicate schedules for the three rail operators that use Penn Station: the national rail corporation Amtrak and the regional commuter train operators New Jersey Transit and the Long Island Rail Road.</p><p>All three have canceled some routes into Penn, rerouted others and warned commuters to expect delays on remaining trains until all tracks are up and running again. The terminal serves 600,000 riders a day.Deb Wilson, 53, a human resources executive from Montclair, New Jersey, 15 miles west of Penn Station, said she is worried about the overflow of rerouted commuters in the small Hoboken terminal during the evening commute home from New York.</p><p>"It's going to be mass pandemonium in Hoboken," Wilson said. "They should have planned better. This is pretty dramatic."</p></div>,<div class="group"><p>Delays at Penn Station have become routine after a series of derailments, highlighting the urgency of the track repairs. The most recent incident occurred on Thursday evening when 180 people had to be rescued from a NJ Transit train that derailed as it emerged on the New York side of a tunnel under the Hudson River.</p><p>New Jersey Governor Chris Christie on Friday demanded a "full investigation into all potential causes" of the derailment.</p><p>Deteriorating transit conditions have led to renewed criticism of Christie for canceling a new Hudson River rail tunnel project soon after taking office in 2010, saying the cost to his state was too high.</p><p>Cuomo, touted as a potential Democratic challenger to President Donald Trump in 2020, has also come under pressure to fix New York's problem-plagued subways. As governor, he controls the Metropolitan Transportation Authority, which runs the subway system as well as LIRR and Metro-North, a commuter rail line serving the city's northern suburbs that use Grand Central Terminal.</p><p>Still, the New York governor has no direct oversight over repairs at Penn Station, which is owned and operated by Amtrak.</p><p>The national rail corporation is undertaking the massive repair program and rents track and station space to NJ Transit and the MTA's LIRR.</p><p>Each railroad has devised separate contingency plans to work around the repairs, including reduced fares and alternate routes into New York.</p></div>,<div class="group"><p>Amtrak CEO Charles Moorman told CNBC on Monday no one person is at fault for Penn Station's recurring infrastructure problems.</p><p>Moorman, whose company took over Penn Station in the 1970s, said the transit hub went without major investments for a significant period of time and now it's time for an expedited update.</p><p>"We like to think of it as the summer of renewal," Moorman said on "<a href="https://www.cnbc.com/squawk-box-us/">Squawk Box.</a>" "The summer is generally a better time to this kind of work. Traffic patterns are down a little big because of vacation. And we just need to keep going and get this work done." </p><p>The CEO admitted that there had been an ongoing tension between Amtrak and New York's MTA. But the two groups have to coexist and work together, he said.</p><p>"We have a good relationship with the Long Island Railroad and Metro North. ... A good working relationship at the operating level. I have a good working relationship with the MTA executive team," Moorman said.</p><p><em>—CNBC's <a href="https://www.cnbc.com/berkeley-lovelace-jr/">Berkeley Lovelace Jr.</a> contributed to this report.</em></p></div>

With two months of urgent repairs beginning at New York's Pennsylvania Station, commuters on Monday may get their first taste of the havoc the track work is expected to bring to the challenge of getting into and out of the largest U.S. city.New York Governor Andrew Cuomo has predicted a "summer of hell" for commuters as scheduled repairs force a partial shutdown of the busiest passenger train hub in the country from July 10 through Sept. 1, or longer if work falls behind schedule.Track closures mean some people find other ways into the city, including ferries, buses and PATH trains, a subway line running between lower Manhattan and New Jersey.One harried New Jersey commuter suggested that finding a way to work every day was a task best suited for members of a club for geniuses."It's like some Mensa test, just trying to figure out how to get there," David Weinstock, 51, said, referring to the Mensa International, a club for people with high IQ's.Weinstock, a public relations executive, moved to Maplewood, New Jersey, five years ago, lured by the convenient 35-minute commute by rail directly into Penn Station. But with nearly all trains on his line rerouted to Hoboken, New Jersey, he has had to piece together a makeshift plan to cross the Hudson River to Manhattan."It's going to become an almost two-hour commute each way, on top of 10-hour work days," said Weinstock, a married father of two young children.With fewer platforms available, the repair work will complicate schedules for the three rail operators that use Penn Station: the national rail corporation Amtrak and the regional commuter train operators New Jersey Transit and the Long Island Rail Road.All three have canceled some routes into Penn, rerouted others and warned commuters to expect delays on remaining trains until all tracks are up and running again. The terminal serves 600,000 riders a day.Deb Wilson, 53, a human resources executive from Montclair, New Jersey, 15 miles west of Penn Station, said she is worried about the overflow of rerouted commuters in the small Hoboken terminal during the evening commute home from New York."It's going to be mass pandemonium in Hoboken," Wilson said. "They should have planned better. This is pretty dramatic."Delays at Penn Station have become routine after a series of derailments, highlighting the urgency of the track repairs. The most recent incident occurred on Thursday evening when 180 people had to be rescued from a NJ Transit train that derailed as it emerged on the New York side of a tunnel under the Hudson River.New Jersey Governor Chris Christie on Friday demanded a "full investigation into all potential causes" of the derailment.Deteriorating transit conditions have led to renewed criticism of Christie for canceling a new Hudson River rail tunnel project soon after taking office in 2010, saying the cost to his state was too high.Cuomo, touted as a potential Democratic challenger to President Donald Trump in 2020, has also come under pressure to fix New York's problem-plagued subways. As governor, he controls the Metropolitan Transportation Authority, which runs the subway system as well as LIRR and Metro-North, a commuter rail line serving the city's northern suburbs that use Grand Central Terminal.Still, the New York governor has no direct oversight over repairs at Penn Station, which is owned and operated by Amtrak.The national rail corporation is undertaking the massive repair program and rents track and station space to NJ Transit and the MTA's LIRR.Each railroad has devised separate contingency plans to work around the repairs, including reduced fares and alternate routes into New York.Amtrak CEO Charles Moorman told CNBC on Monday no one person is at fault for Penn Station's recurring infrastructure problems.Moorman, whose company took over Penn Station in the 1970s, said the transit hub went without major investments for a significant period of time and now it's time for an expedited update."We like to think of it as the summer of renewal," Moorman said on "Squawk Box." "The summer is generally a better time to this kind of work. Traffic patterns are down a little big because of vacation. And we just need to keep going and get this work done." The CEO admitted that there had been an ongoing tension between Amtrak and New York's MTA. But the two groups have to coexist and work together, he said."We have a good relationship with the Long Island Railroad and Metro North. ... A good working relationship at the operating level. I have a good working relationship with the MTA executive team," Moorman said.—CNBC's Berkeley Lovelace Jr. contributed to this report.

2021-10-30 14:12:02.491048

UPDATE 1-EADS, BAE in last-ditch struggle to save merger

https://www.cnbc.com/2012/10/10/update-1eads-bae-in-lastditch-struggle-to-save-merger.html

2012-10-10T09:45:00+0000

CNBC

(Adds defence analyst comment, share movement) * Doubts over German backing for $45 bln aerospace merger * UK Takeover Panel deadline at 1600 GMT * BAE shares down 1.6 pct By Sophie Sassard and Jason Neely LONDON, Oct 10 (Reuters) - EADS and BAE Systems are engaged in a final push to rescue their $45 billionaerospace merger from the political jockeying that threatens tosink it, as doubts grow over German backing for the deal. The European companies have until 1600 GMT on Wednesday todeclare their intentions and either scrap their merger or ask UKregulators for more time or finalise their plans to create theworld's largest aerospace and arms group. "We will keep going until 5 (pm London time)," a personinvolved in the negotiations said. Several sources close to the negotiations said GermanChancellor Angela Merkel had opposed the proposal to combineAirbus passenger airplanes with UK defence contractor BAE. "Merkel is against the deal but has not given reasons," asource involved in the negotiations said. A spokesman for the German government declined to comment. Early on Wednesday EADS said it had no plans to issue astatement in the morning. At 0925 GMT shares in BAE were down 1.6 percent at 320.2pence in London, while EADS shares were down 0.15 percent at26.065 euros in Paris. Brinkmanship is common in European negotiations, andFranco-German-led EADS was itself only created after talks aboutits structure collapsed and were resurrected weeks later. But with the current negotiations taking place in a glare ofpublicity, the margin for manoeuvre is rapidly dwindling. On Tuesday, French Defence Minister Jean-Yves le Drian saidnegotiations on the merger had moved forward. "We had made a lot of progress, I think, but have weprogressed enough? That is up to those who initiated the projectto say," the minister said. But by late that evening it appeared that there were threelines drawn in the sand, each of which excluded one of theBritish, French and German governments, leaving the highlypolitical European merger in danger of collapse.<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic on EADS/BAE market cap and share prices: Factbox on the two companies:^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> THREE-WAY TUSSLE France and Germany want to keep a strong say in the combinedcompany, while Britain wants to protect BAE from stateownership, which could affect its contracts in the UnitedStates. Germany and Britain could accept lower state shareholdingsthan is the case at EADS, which is more than half controlled byFrance, Germany and Spain, but France rejects that. France and Britain, meanwhile, could accept unequal stakesbetween France and Germany, but Berlin demands parity. Sourcesinvolved in the deal said Germany also wanted to ensure therewas a major headquarters in Munich to counter corporate centresin Toulouse, France, and Farnborough, Britain. Under rules set by the UK Takeover Panel, EADS and BAE canask for an extension to their negotiations, but only if EADS"has every reason to believe that it can and will continue to beable to implement the offer". "Extending the deadline will not change the dynamics of thenegotiation and would almost certainly weaken the positions ofKing and Enders going forward, as it would signal they felt theyhad no other acceptable options," said David Reeths, Directorfor consulting at defence analysts IHS Jane's. Negotiators described the atmosphere as tense and frustratedas bickering immediately broke out behind the scenes to lay theblame elsewhere in case the talks officially break down. The merger has faced growing unease from investors in bothcompanies who complained they were ill-prepared and lackinginformation. Many people bought shares in EADS on the strengthof its Airbus civil unit, rather than its defence ambitions,while BAE investors were attracted by its dividend yield.(Additional reporting by Matthias Blamont, Arno Schuetze, PaulTaylor, Andrea Shalal-Esa and Tim Hepher; Writing by Tim Hepherand Jane Barrett; Editing by Will Waterman)((tim.hepher@thomsonreuters.com)(+33 1 49 49 54 52)(ReutersMessaging: tim.hepher.thomsonreuters@reuters.net))Keywords: EADS BAE/

cnbc, Articles, BAE Systems PLC, Ukraine, Europe, Angela Merkel, North America, United States, Western Europe, United Kingdom, London, Spain, Germany, France, Wires, source:tagname:Thomson Financial News

<div class="group"><p>(Adds defence analyst comment, share movement)</p><p> * Doubts over German backing for $45 bln aerospace merger * UK Takeover Panel deadline at 1600 GMT * BAE shares down 1.6 pct By Sophie Sassard and Jason Neely LONDON, Oct 10 (Reuters) - EADS and BAE Systems</p><div style="height:100%" class="lazyload-placeholder"></div><p> are engaged in a final push to rescue their $45 billionaerospace merger from the political jockeying that threatens tosink it, as doubts grow over German backing for the deal.</p><p> The European companies have until 1600 GMT on Wednesday todeclare their intentions and either scrap their merger or ask UKregulators for more time or finalise their plans to create theworld's largest aerospace and arms group.</p><p> "We will keep going until 5 (pm London time)," a personinvolved in the negotiations said.</p><p> Several sources close to the negotiations said GermanChancellor Angela Merkel had opposed the proposal to combineAirbus passenger airplanes with UK defence contractor BAE.</p><p> "Merkel is against the deal but has not given reasons," asource involved in the negotiations said.</p><div style="height:100%" class="lazyload-placeholder"></div><p> A spokesman for the German government declined to comment.</p><p> Early on Wednesday EADS said it had no plans to issue astatement in the morning.</p><p> At 0925 GMT shares in BAE were down 1.6 percent at 320.2pence in London, while EADS shares were down 0.15 percent at26.065 euros in Paris.</p><p> Brinkmanship is common in European negotiations, andFranco-German-led EADS was itself only created after talks aboutits structure collapsed and were resurrected weeks later.</p><p> But with the current negotiations taking place in a glare ofpublicity, the margin for manoeuvre is rapidly dwindling.</p><p> On Tuesday, French Defence Minister Jean-Yves le Drian saidnegotiations on the merger had moved forward.</p><p> "We had made a lot of progress, I think, but have weprogressed enough? That is up to those who initiated the projectto say," the minister said.</p><p> But by late that evening it appeared that there were threelines drawn in the sand, each of which excluded one of theBritish, French and German governments, leaving the highlypolitical European merger in danger of collapse.</p><p>&lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^</p><p> Graphic on EADS/BAE market cap and share prices:</p><p> Factbox on the two companies:</p><p>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p> THREE-WAY TUSSLE</p><p> France and Germany want to keep a strong say in the combinedcompany, while Britain wants to protect BAE from stateownership, which could affect its contracts in the UnitedStates.</p><p> Germany and Britain could accept lower state shareholdingsthan is the case at EADS, which is more than half controlled byFrance, Germany and Spain, but France rejects that.</p><p> France and Britain, meanwhile, could accept unequal stakesbetween France and Germany, but Berlin demands parity. Sourcesinvolved in the deal said Germany also wanted to ensure therewas a major headquarters in Munich to counter corporate centresin Toulouse, France, and Farnborough, Britain.</p><p> Under rules set by the UK Takeover Panel, EADS and BAE canask for an extension to their negotiations, but only if EADS"has every reason to believe that it can and will continue to beable to implement the offer".</p><p> "Extending the deadline will not change the dynamics of thenegotiation and would almost certainly weaken the positions ofKing and Enders going forward, as it would signal they felt theyhad no other acceptable options," said David Reeths, Directorfor consulting at defence analysts IHS Jane's.</p><p> Negotiators described the atmosphere as tense and frustratedas bickering immediately broke out behind the scenes to lay theblame elsewhere in case the talks officially break down.</p><p> The merger has faced growing unease from investors in bothcompanies who complained they were ill-prepared and lackinginformation. Many people bought shares in EADS on the strengthof its Airbus civil unit, rather than its defence ambitions,while BAE investors were attracted by its dividend yield.</p><p>(Additional reporting by Matthias Blamont, Arno Schuetze, PaulTaylor, Andrea Shalal-Esa and Tim Hepher; Writing by Tim Hepherand Jane Barrett; Editing by Will Waterman)</p><p>((<a href="mailto:tim.hepher@thomsonreuters.com" target="_blank">tim.hepher@thomsonreuters.com</a>)(+33 1 49 49 54 52)(ReutersMessaging: <a href="mailto:tim.hepher.thomsonreuters@reuters.net" target="_blank">tim.hepher.thomsonreuters@reuters.net</a>))</p><p>Keywords: EADS BAE/</p></div>

(Adds defence analyst comment, share movement) * Doubts over German backing for $45 bln aerospace merger * UK Takeover Panel deadline at 1600 GMT * BAE shares down 1.6 pct By Sophie Sassard and Jason Neely LONDON, Oct 10 (Reuters) - EADS and BAE Systems are engaged in a final push to rescue their $45 billionaerospace merger from the political jockeying that threatens tosink it, as doubts grow over German backing for the deal. The European companies have until 1600 GMT on Wednesday todeclare their intentions and either scrap their merger or ask UKregulators for more time or finalise their plans to create theworld's largest aerospace and arms group. "We will keep going until 5 (pm London time)," a personinvolved in the negotiations said. Several sources close to the negotiations said GermanChancellor Angela Merkel had opposed the proposal to combineAirbus passenger airplanes with UK defence contractor BAE. "Merkel is against the deal but has not given reasons," asource involved in the negotiations said. A spokesman for the German government declined to comment. Early on Wednesday EADS said it had no plans to issue astatement in the morning. At 0925 GMT shares in BAE were down 1.6 percent at 320.2pence in London, while EADS shares were down 0.15 percent at26.065 euros in Paris. Brinkmanship is common in European negotiations, andFranco-German-led EADS was itself only created after talks aboutits structure collapsed and were resurrected weeks later. But with the current negotiations taking place in a glare ofpublicity, the margin for manoeuvre is rapidly dwindling. On Tuesday, French Defence Minister Jean-Yves le Drian saidnegotiations on the merger had moved forward. "We had made a lot of progress, I think, but have weprogressed enough? That is up to those who initiated the projectto say," the minister said. But by late that evening it appeared that there were threelines drawn in the sand, each of which excluded one of theBritish, French and German governments, leaving the highlypolitical European merger in danger of collapse.<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic on EADS/BAE market cap and share prices: Factbox on the two companies:^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> THREE-WAY TUSSLE France and Germany want to keep a strong say in the combinedcompany, while Britain wants to protect BAE from stateownership, which could affect its contracts in the UnitedStates. Germany and Britain could accept lower state shareholdingsthan is the case at EADS, which is more than half controlled byFrance, Germany and Spain, but France rejects that. France and Britain, meanwhile, could accept unequal stakesbetween France and Germany, but Berlin demands parity. Sourcesinvolved in the deal said Germany also wanted to ensure therewas a major headquarters in Munich to counter corporate centresin Toulouse, France, and Farnborough, Britain. Under rules set by the UK Takeover Panel, EADS and BAE canask for an extension to their negotiations, but only if EADS"has every reason to believe that it can and will continue to beable to implement the offer". "Extending the deadline will not change the dynamics of thenegotiation and would almost certainly weaken the positions ofKing and Enders going forward, as it would signal they felt theyhad no other acceptable options," said David Reeths, Directorfor consulting at defence analysts IHS Jane's. Negotiators described the atmosphere as tense and frustratedas bickering immediately broke out behind the scenes to lay theblame elsewhere in case the talks officially break down. The merger has faced growing unease from investors in bothcompanies who complained they were ill-prepared and lackinginformation. Many people bought shares in EADS on the strengthof its Airbus civil unit, rather than its defence ambitions,while BAE investors were attracted by its dividend yield.(Additional reporting by Matthias Blamont, Arno Schuetze, PaulTaylor, Andrea Shalal-Esa and Tim Hepher; Writing by Tim Hepherand Jane Barrett; Editing by Will Waterman)((tim.hepher@thomsonreuters.com)(+33 1 49 49 54 52)(ReutersMessaging: tim.hepher.thomsonreuters@reuters.net))Keywords: EADS BAE/

2021-10-30 14:12:02.639945