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Pros Say: Bond Market Rally Is Ending

https://www.cnbc.com/2010/09/27/pros-say-bond-market-rally-is-ending.html

2010-09-28T02:47:37+0000

CNBC

What is the best trade on Treasurys? Dan Greenhaus, chief economic strategist at Miller Tabak, and George Goncalves, head of U.S. interest rates strategy in the Americas at Nomura Securities, shared their insights."We're coming toward the end of a bond market rally that has been in motion for over 30 years," Goncalves told CNBC."The question is, how long can rates stay low and does the Fed have the ability to keep them anchored?"Goncalves said investors should lighten up on their bond holdings and wait for yields to pop.Greenhaus' View:In the meantime, Greenhaus said now is not a good time to short bonds."We are shifting from the secular bull market in bonds into the next secular bear...and timing that shift will be very difficult, especially when you have every class of investor increasing their exposure to bonds, and Ben Bernanke with an unlimited paper machine coming in and buying what will be at least $1 to $2 trillion worth of additional Treasurys over the next couple of years."

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

<div class="group"><p>What is the best trade on Treasurys? Dan Greenhaus, chief economic strategist at Miller Tabak, and George Goncalves, head of U.S. interest rates strategy in the Americas at Nomura Securities, shared their insights.</p><p>"We're coming toward the end of a bond market rally that has been in motion for over 30 years," Goncalves told CNBC.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"The question is, how long can rates stay low and does the Fed have the ability to keep them anchored?"</p><p>Goncalves said investors should lighten up on their bond holdings and wait for yields to pop.</p><p>Greenhaus' View:</p><p>In the meantime, Greenhaus said now is not a good time to short bonds.</p><p>"We are shifting from the secular bull market in bonds into the next secular bear...and timing that shift will be very difficult, especially when you have every class of investor increasing their exposure to bonds, and Ben Bernanke with an unlimited paper machine coming in and buying what will be at least $1 to $2 trillion worth of additional Treasurys over the next couple of years."</p></div>

What is the best trade on Treasurys? Dan Greenhaus, chief economic strategist at Miller Tabak, and George Goncalves, head of U.S. interest rates strategy in the Americas at Nomura Securities, shared their insights."We're coming toward the end of a bond market rally that has been in motion for over 30 years," Goncalves told CNBC."The question is, how long can rates stay low and does the Fed have the ability to keep them anchored?"Goncalves said investors should lighten up on their bond holdings and wait for yields to pop.Greenhaus' View:In the meantime, Greenhaus said now is not a good time to short bonds."We are shifting from the secular bull market in bonds into the next secular bear...and timing that shift will be very difficult, especially when you have every class of investor increasing their exposure to bonds, and Ben Bernanke with an unlimited paper machine coming in and buying what will be at least $1 to $2 trillion worth of additional Treasurys over the next couple of years."

2021-10-30 14:12:43.436326

January Barometer

https://www.cnbc.com/2010/01/29/january-barometer.html

2010-01-29T22:34:49+0000

Lee Brodie

CNBC

Forget the thermometer, in January you should check the barometer. According to Gary Kaminsky January sets the tone for the entire year.The phenomenon is known as the January Barometer and it’s only been wrong 5 times since 1950.How does it work?"Traditionally January is a month of inflows into equity funds", explains veteran trader Gary Kaminsky. "That’s something you’ve got to watch." This year you would look at the flows and ask yourself, “Is this the best the equity market can do?”

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

<div class="group"><p>Forget the thermometer, in January you should check the barometer. According to Gary Kaminsky January sets the tone for the entire year.<br><br>The phenomenon is known as the <em>January Barometer</em> and it’s only been wrong 5 times since 1950.</p><p>How does it work?</p><div style="height:100%" class="lazyload-placeholder"></div><p>"Traditionally January is a month of inflows into equity funds", explains veteran trader Gary Kaminsky. "That’s something you’ve got to watch." <br><br>This year you would look at the flows and ask yourself, “Is this the best the equity market can do?” </p></div>,<div class="group"><p>"It does have ramification on the way people think about putting money into stocks for the year," Kaminsky adds.<br><br>The statistics support Kaminsky's thesis.<br><br>If you take a look at the January Barometer for the past 113 years since the Dow started trading it’s been right 64% of the time, says host Melissa Lee.<br><br>Fast Money's Chairwoman Karen Finerman doesn’t buy it. <br><br>She thinks it's a fun fact, but not much more. "We’re in such extraordinary times you can’t extrapolate anything. Flow of funds change on a hair trigger," she counters.<br><br>Joe Terranova finds it tough to get on board, too. "If you played that theory last year you would have missed out on sharp gains in the equity market," he adds.</p><p><strong>What do you think? We want to know!</strong></p><p><br></p><p><br></p><div style="height:100%" class="lazyload-placeholder"></div><p>______________________________________________________<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 website send those e-mails to <!-- -->.<br><br></p><p><em>Trader disclosure: On January 29th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (UNG), (USO); Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (CVS); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (IBM), (KFT), (MSFT), (WMT); Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (PLCE); Seymour Owns (AAPL), (BA), (F), (INTC), (PBR); Terranova Owns (BAC), (JPM), (XOM), (HAL), (OIH), (FCX), (GOOG), (FMC), (AAPL), (DELL), (MSFT), (QCOM); Terranova Is Long March British Pound Futures; Terranova Owns (XLF) Feb. Calls; Terranova Is Short (AAPL) Feb. Calls<br><br>For Tim Seymour<br>Seygem Asset Management Is Short (VALE)<br>Seygem Asset Management Owns (POT)<br>Seygem Asset Management Owns (FCX) Calls<br>Seygem Asset Management Owns (PBR)<br><br>For Joe-Terranova<br>Terranova Works For (VRTS)<br>Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.<br>Virtus Investment Partners Owns More Than 1% Of (CLB)<br>Virtus Investment Partners Owns More Than 1% Of  (DLR)<br>Virtus Investment Partners Owns More Than 1% Of  (EXR)<br>Virtus Investment Partners Owns More Than 1% Of  (IGE)<br>Virtus Investment Partners Owns More Than 1% Of (XLY)<br>Virtus Investment Partners Owns More Than 1% Of  (DBV)<br>Virtus Investment Partners Owns More Than 1% Of  (UA)<br>Virtus Investment Partners Owns More Than 1% Of  (XLB)<br>Virtus Investment Partners Owns More Than 1% Of  (XLI)<br>Virtus Investment Partners Owns More Than 1% Of  (SKT)<br></em><em><br>For Brian Stutland<br>Stutland Owns (XOM)<br>Stutland Is Short (SPY) Directional Position, Long Volatility<br>Stutland Is Long VXX<br>Stutland's Firm Is A Market Maker In VIX And SPX<br>Stutland's Firm Is Short VIX Directional Position, Short Volatility<br>Stutland's Firm Is Short S&amp;P 500 Directional Position, Short Time Spreads<br></em><em><br></em><em>Other Relevant Disclosures:<br></em>Seymour Owned (GOOG) On 1/21/10<br>Terranova Was Short Feb. Crude Oil Futures On 1/11/10<br><em>Finerman's Firm Owned (AXL), (AXL) Calls On 1/8/10<br></em><em>Kaminsky Was Short (QQQ) On 1/7/10<br></em><em>Terranova Was Short Feb. Crude Oil Futures On 1/11/10<br></em><em>Finerman's Firm Owned (TGT), (TJX) On 1/12/10</em></p><p><br><br>CNBC.com with wires</p></div>

Forget the thermometer, in January you should check the barometer. According to Gary Kaminsky January sets the tone for the entire year.The phenomenon is known as the January Barometer and it’s only been wrong 5 times since 1950.How does it work?"Traditionally January is a month of inflows into equity funds", explains veteran trader Gary Kaminsky. "That’s something you’ve got to watch." This year you would look at the flows and ask yourself, “Is this the best the equity market can do?” "It does have ramification on the way people think about putting money into stocks for the year," Kaminsky adds.The statistics support Kaminsky's thesis.If you take a look at the January Barometer for the past 113 years since the Dow started trading it’s been right 64% of the time, says host Melissa Lee.Fast Money's Chairwoman Karen Finerman doesn’t buy it. She thinks it's a fun fact, but not much more. "We’re in such extraordinary times you can’t extrapolate anything. Flow of funds change on a hair trigger," she counters.Joe Terranova finds it tough to get on board, too. "If you played that theory last year you would have missed out on sharp gains in the equity market," he adds.What do you think? We want to know!______________________________________________________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 website send those e-mails to .Trader disclosure: On January 29th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (UNG), (USO); Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (CVS); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (IBM), (KFT), (MSFT), (WMT); Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (PLCE); Seymour Owns (AAPL), (BA), (F), (INTC), (PBR); Terranova Owns (BAC), (JPM), (XOM), (HAL), (OIH), (FCX), (GOOG), (FMC), (AAPL), (DELL), (MSFT), (QCOM); Terranova Is Long March British Pound Futures; Terranova Owns (XLF) Feb. Calls; Terranova Is Short (AAPL) Feb. CallsFor Tim SeymourSeygem Asset Management Is Short (VALE)Seygem Asset Management Owns (POT)Seygem Asset Management Owns (FCX) CallsSeygem Asset Management Owns (PBR)For Joe-TerranovaTerranova Works For (VRTS)Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.Virtus Investment Partners Owns More Than 1% Of (CLB)Virtus Investment Partners Owns More Than 1% Of  (DLR)Virtus Investment Partners Owns More Than 1% Of  (EXR)Virtus Investment Partners Owns More Than 1% Of  (IGE)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of  (DBV)Virtus Investment Partners Owns More Than 1% Of  (UA)Virtus Investment Partners Owns More Than 1% Of  (XLB)Virtus Investment Partners Owns More Than 1% Of  (XLI)Virtus Investment Partners Owns More Than 1% Of  (SKT)For Brian StutlandStutland Owns (XOM)Stutland Is Short (SPY) Directional Position, Long VolatilityStutland Is Long VXXStutland's Firm Is A Market Maker In VIX And SPXStutland's Firm Is Short VIX Directional Position, Short VolatilityStutland's Firm Is Short S&P 500 Directional Position, Short Time SpreadsOther Relevant Disclosures:Seymour Owned (GOOG) On 1/21/10Terranova Was Short Feb. Crude Oil Futures On 1/11/10Finerman's Firm Owned (AXL), (AXL) Calls On 1/8/10Kaminsky Was Short (QQQ) On 1/7/10Terranova Was Short Feb. Crude Oil Futures On 1/11/10Finerman's Firm Owned (TGT), (TJX) On 1/12/10CNBC.com with wires

2021-10-30 14:12:43.532407

Revolving Door at SEC Is Hurdle to Crisis Cleanup

https://www.cnbc.com/2011/08/02/revolving-door-at-sec-is-hurdle-to-crisis-cleanup.html

2011-08-02T14:28:11+0000

CNBC

A senior lawyer for the Securities and Exchange Commission recently took center stage in a major case involving a controversial mortgage security sold by Goldman Sachs.There was just one slight twist in the legal proceedings. The S.E.C. lawyer was not the prosecutor taking the deposition. He was the witness.This summer, Adam Glass — who joined the agency two years ago and is now co-chief counsel in charge of helping write the rules for the complex financial instruments known as derivatives — testified in a deposition about Goldman’s Abacus, a mortgage investment that the government argues was designed to fail.It turns out that Mr. Glass has a unique perspective on Wall Street exotica. Before working on the financial crisis cleanup, he helped create the opaque securities that contributed to the mess.

cnbc, Articles, Goldman Sachs Group Inc, Deutsche Bank AG, American International Group Inc, Politics, source:tagname:The New York Times

<div class="group"><p>A senior lawyer for the Securities and Exchange Commission recently took center stage in a major case involving a controversial mortgage security sold by Goldman Sachs.</p><p>There was just one slight twist in the legal proceedings. The S.E.C. lawyer was not the prosecutor taking the deposition. He was the witness.</p><div style="height:100%" class="lazyload-placeholder"></div><p>This summer, Adam Glass — who joined the agency two years ago and is now co-chief counsel in charge of helping write the rules for the complex financial instruments known as derivatives — testified in a deposition about Goldman’s Abacus, a mortgage investment that the government argues was designed to fail.</p><p>It turns out that Mr. Glass has a unique perspective on Wall Street exotica. Before working on the financial crisis cleanup, he helped create the opaque securities that contributed to the mess.</p></div>,<div class="group"><p>For many years, Mr. Glass served as the outside counsel to Paulson &amp; Company, the giant New York hedge fund firm run by John Paulson, who made billions betting against the housing market. And yes, Mr. Glass, in that role, signed off on Abacus, which was created specifically for the hedge fund to short subprime mortgages. Mr. Paulson handpicked some of the underlying investments in the derivative.</p><p>The government, in its complaint, claimed that Goldman had “misstated and omitted key facts regarding” Abacus, including disclosing Mr. Paulson’s role in its creation. The firm paid $550 million to settle the case, without admitting or denying guilt. Mr. Paulson was never accused of any wrongdoing.</p><p>Mr. Glass’s recent deposition was for a separate S.E.C. case against Fabrice Tourre, the young Goldman trader who had developed and marketed Abacus to investors. Mr. Tourre, 31, has denied the accusations.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The revelation of Mr. Glass’s involvement in the Abacus deal could undermine the S.E.C.’s case — or at least prove to be a distracting embarrassment.</p><p>Perhaps more important, his role once again raises questions about the revolving door between Washington and Wall Street at a time when public distrust about the agency and its lack of enforcement action against the culprits of the crisis is running high.</p><p>“There are a lot of talented people out there you could hire who weren’t necessarily part of the problem,” said Mary Kreiner Ramirez, a professor at Washburn University School of Law. “If he was involved in Abacus, how is he supposed to police it?”</p></div>,<div class="group"><p>It is a common question as the government increasingly looks to fill its ranks with regulatory officials proficient in the language of Wall Street. Robert S. Khuzami, the S.E.C.’s director of enforcement, was previously the general counsel of Deutsche Bank. The agency tapped Eileen Rominger, the former global chief investment officer at Goldman Sachs Asset Management, as its director of investment management.</p><p>“The revolving door is such a dominant fact about the S.E.C.’s culture,” said John C. Coffee Jr., a Columbia Law School professor. “You get people who go to Washington for one to three years and then go back to Wall Street.”</p><p>The pattern has been well documented. According to the Project on Government Oversight, 219 former S.E.C. staff members filed 789 “postemployment statements indicating their intent to represent an outside client before the commission” from 2006 to 2010. In other words, the one-time government officials are representing Wall Street clients with matters before the agency.</p><p>While clearly there are questions about whether the public wants someone in government who just came from industry, the opposite argument can be made, too: It may be better to have the fox in the henhouse.</p><p>President Franklin D. Roosevelt “justified appointing Joe Kennedy as chairman of the S.E.C. with the line: ‘You need to set a thief to catch a thief,’ ” said Professor Coffee. “That is the case for bringing in an industry expert.”</p><p>After all, the best way for the government to stay ahead of financial innovations — or at least not fall too far behind — is to employ people who know them best.</p><p>After the government’s bailout of A.I.G. , some said the insurer should keep paying bonuses to employees, as they were among the few who understood how to unwind some of the company’s complex trades.</p><p>Mr. Glass, who has long advocated more regulation of derivatives in certain instances, came to the S.E.C. with a strong finance pedigree. A graduate of Harvard and of Stanford Law School, Mr. Glass was a partner at <strong>Linklaters</strong>, where he founded the firm’s structured finance and derivatives practice.</p><p>In addition to Paulson &amp; Company, he counted Deutsche Bank and <strong>Lehman Brothers</strong> among his top clients. Mr. Glass was not involved in the controversial opinion that Linklaters issued to Lehman about a practice known as Repo 105 that has come under scrutiny. The tactic allowed Lehman to conceal billions of dollars on its balance sheet.</p><p>Mr. Glass took a big pay cut to become a civil servant. The average Linklaters partner made about $2.3 million in 2008, the year before he left, according to Legal Week, an industry publication. The most Mr. Glass could make at the S.E.C. is $233,000.</p><p>When I asked Mr. Glass about his deposition in the Tourre case and his role as the lawyer for Mr. Paulson in the Abacus transaction, he said, “Yes, that would be true.” He then directed me to the S.E.C.’s spokesman, who quickly issued a “no comment.” Spokesmen for Mr. Tourre and Mr. Paulson also declined to comment.</p><p>Mr. Glass was involved in reviewing the Abacus deal. He reviewed and commented on an “engagement letter” between Goldman and ACA, the firm that insured the deal, said three people with knowledge of his testimony and e-mails. He also received a draft copy of the “offering circular” and term sheet provided to outside investors, but those documents did not include disclosures about how Mr. Paulson’s firm had selected certain mortgage-backed securities for the investment vehicle that he was betting against. The offering circular stated that ACA would select the initial portfolio.</p><p>The potential obfuscation of Mr. Paulson’s role is at the center of the case against Mr. Tourre. Mr. Glass, who testified that he did not recall seeing the offering document, did not ask for additional disclosure about Mr. Paulson’s role or comment on the disclosure language, said the people briefed on his deposition. But Mr. Glass had no legal duty to Goldman’s clients.</p><p>Mr. Glass worked with Mr. Paulson’s firm to help structure similar mortgage deals, and in one instance he pushed for additional disclosures. On a Deutsche Bank derivatives deal, Mr. Glass suggested that the bank might want to include more explicit disclosure language for its clients, according to a person briefed on the deal. Deutsche Bank did not take Mr. Glass’s advice.</p><p>In the end, Mr. Glass is tangential to the S.E.C.’s case against Mr. Tourre. But he is a central example in the age-old debate about the benefits and costs of Washington’s revolving door.</p><p>“I don’t think Mr. Glass has done anything unethical in helping Mr. Paulson structure this product,” Professor Coffee said.</p><p>“But it is a case that will raise further questions about the S.E.C.”</p></div>

A senior lawyer for the Securities and Exchange Commission recently took center stage in a major case involving a controversial mortgage security sold by Goldman Sachs.There was just one slight twist in the legal proceedings. The S.E.C. lawyer was not the prosecutor taking the deposition. He was the witness.This summer, Adam Glass — who joined the agency two years ago and is now co-chief counsel in charge of helping write the rules for the complex financial instruments known as derivatives — testified in a deposition about Goldman’s Abacus, a mortgage investment that the government argues was designed to fail.It turns out that Mr. Glass has a unique perspective on Wall Street exotica. Before working on the financial crisis cleanup, he helped create the opaque securities that contributed to the mess.For many years, Mr. Glass served as the outside counsel to Paulson & Company, the giant New York hedge fund firm run by John Paulson, who made billions betting against the housing market. And yes, Mr. Glass, in that role, signed off on Abacus, which was created specifically for the hedge fund to short subprime mortgages. Mr. Paulson handpicked some of the underlying investments in the derivative.The government, in its complaint, claimed that Goldman had “misstated and omitted key facts regarding” Abacus, including disclosing Mr. Paulson’s role in its creation. The firm paid $550 million to settle the case, without admitting or denying guilt. Mr. Paulson was never accused of any wrongdoing.Mr. Glass’s recent deposition was for a separate S.E.C. case against Fabrice Tourre, the young Goldman trader who had developed and marketed Abacus to investors. Mr. Tourre, 31, has denied the accusations.The revelation of Mr. Glass’s involvement in the Abacus deal could undermine the S.E.C.’s case — or at least prove to be a distracting embarrassment.Perhaps more important, his role once again raises questions about the revolving door between Washington and Wall Street at a time when public distrust about the agency and its lack of enforcement action against the culprits of the crisis is running high.“There are a lot of talented people out there you could hire who weren’t necessarily part of the problem,” said Mary Kreiner Ramirez, a professor at Washburn University School of Law. “If he was involved in Abacus, how is he supposed to police it?”It is a common question as the government increasingly looks to fill its ranks with regulatory officials proficient in the language of Wall Street. Robert S. Khuzami, the S.E.C.’s director of enforcement, was previously the general counsel of Deutsche Bank. The agency tapped Eileen Rominger, the former global chief investment officer at Goldman Sachs Asset Management, as its director of investment management.“The revolving door is such a dominant fact about the S.E.C.’s culture,” said John C. Coffee Jr., a Columbia Law School professor. “You get people who go to Washington for one to three years and then go back to Wall Street.”The pattern has been well documented. According to the Project on Government Oversight, 219 former S.E.C. staff members filed 789 “postemployment statements indicating their intent to represent an outside client before the commission” from 2006 to 2010. In other words, the one-time government officials are representing Wall Street clients with matters before the agency.While clearly there are questions about whether the public wants someone in government who just came from industry, the opposite argument can be made, too: It may be better to have the fox in the henhouse.President Franklin D. Roosevelt “justified appointing Joe Kennedy as chairman of the S.E.C. with the line: ‘You need to set a thief to catch a thief,’ ” said Professor Coffee. “That is the case for bringing in an industry expert.”After all, the best way for the government to stay ahead of financial innovations — or at least not fall too far behind — is to employ people who know them best.After the government’s bailout of A.I.G. , some said the insurer should keep paying bonuses to employees, as they were among the few who understood how to unwind some of the company’s complex trades.Mr. Glass, who has long advocated more regulation of derivatives in certain instances, came to the S.E.C. with a strong finance pedigree. A graduate of Harvard and of Stanford Law School, Mr. Glass was a partner at Linklaters, where he founded the firm’s structured finance and derivatives practice.In addition to Paulson & Company, he counted Deutsche Bank and Lehman Brothers among his top clients. Mr. Glass was not involved in the controversial opinion that Linklaters issued to Lehman about a practice known as Repo 105 that has come under scrutiny. The tactic allowed Lehman to conceal billions of dollars on its balance sheet.Mr. Glass took a big pay cut to become a civil servant. The average Linklaters partner made about $2.3 million in 2008, the year before he left, according to Legal Week, an industry publication. The most Mr. Glass could make at the S.E.C. is $233,000.When I asked Mr. Glass about his deposition in the Tourre case and his role as the lawyer for Mr. Paulson in the Abacus transaction, he said, “Yes, that would be true.” He then directed me to the S.E.C.’s spokesman, who quickly issued a “no comment.” Spokesmen for Mr. Tourre and Mr. Paulson also declined to comment.Mr. Glass was involved in reviewing the Abacus deal. He reviewed and commented on an “engagement letter” between Goldman and ACA, the firm that insured the deal, said three people with knowledge of his testimony and e-mails. He also received a draft copy of the “offering circular” and term sheet provided to outside investors, but those documents did not include disclosures about how Mr. Paulson’s firm had selected certain mortgage-backed securities for the investment vehicle that he was betting against. The offering circular stated that ACA would select the initial portfolio.The potential obfuscation of Mr. Paulson’s role is at the center of the case against Mr. Tourre. Mr. Glass, who testified that he did not recall seeing the offering document, did not ask for additional disclosure about Mr. Paulson’s role or comment on the disclosure language, said the people briefed on his deposition. But Mr. Glass had no legal duty to Goldman’s clients.Mr. Glass worked with Mr. Paulson’s firm to help structure similar mortgage deals, and in one instance he pushed for additional disclosures. On a Deutsche Bank derivatives deal, Mr. Glass suggested that the bank might want to include more explicit disclosure language for its clients, according to a person briefed on the deal. Deutsche Bank did not take Mr. Glass’s advice.In the end, Mr. Glass is tangential to the S.E.C.’s case against Mr. Tourre. But he is a central example in the age-old debate about the benefits and costs of Washington’s revolving door.“I don’t think Mr. Glass has done anything unethical in helping Mr. Paulson structure this product,” Professor Coffee said.“But it is a case that will raise further questions about the S.E.C.”

2021-10-30 14:12:43.682602

Self-driving trucks are here, but they won’t put truck drivers out of work — yet

https://www.cnbc.com/2016/12/20/self-driving-trucks-wont-put-truck-drivers-out-of-work-yet.html

2016-12-20T14:38:49+0000

CNBC

Self-driving trucks are here. Otto, a self-driving truck startup that Uber acquired this summer, shipped a truckload of Anheuser-Busch beer across Colorado. According to Otto's blog post on the trip, "our professional driver was out of the driver's seat for the entire 120-mile journey down I-25, monitoring the self-driving system from the sleeper berth in the back." But this doesn't mean the nation's truck drivers need to start working on their résumés. Technology like this may eventually displace human truck drivers, but the tech is several years away from causing mass unemployment. More from Timothy B. Lee: This is Facebook's plan to fight fake news Interest rate hikes slow the economy. So why did the Fed just announce one? Automationis inevitable. Here's how to make sure we create jobs, not justdestroy them. The key reason is that Otto's self-driving technology is initially limited to highways. When the truck reaches ordinary city streets, it hands control over to a human driver to handle tricky traffic situations. This means that even after a truck is outfitted with Otto's self-driving technology, it will still need a human driver in the truck.

makeit, Articles, Make It, Make It - Entrepreneurs , Make It - Money, Technology, Make It - Work, Make It - Careers, source:tagname:Vox

2021-10-30 14:12:43.756351

Bernanke Speech: Putting the Adults Back in Charge

https://www.cnbc.com/2011/08/26/bernanke-speech-putting-the-adults-back-in-charge.html

2011-08-26T15:09:31+0000

Bob Pisani

CNBC

The Bernanke speech: The consensus is often wrong, but this time they hit it pretty close to the mark. While stocks initially sold off, they have now made a modest comeback. For the first time in a while, there's no real gaming of the Fed, and many traders think that is a good thing. "True equity bulls don't want people buying because of (quantitative easing) in there with them... they want other true bulls and strong hands," one trader wrote to me. Bernanke did not make any new policy pronouncements, as expected. He did say that the meeting in September would be two days instead of one; that may give room for discussion of a larger range of policy responses. Bernanke reiterated that the Fed had "a range of tools that could be used to provide additional monetary stimulus." He kicked the ball into the court of President Obama and the Congress: "Most of the economic policies that support robust economic growth in the long run are outside the province of the central bank..." In other words, he's telling the executive and legislative branches to do their job.European Central Bank President Trichet is also speaking in Jackson Hole Saturday, and Bernanke lobbed a little grenade in his direction as well: ""I have confidence that our European colleagues fully appreciate what is at stake in the difficult issues they are now confronting, and that, over time, they will take all necessary and appropriate steps to address those issues effectively and comprehensively."Some are expecting Trichet to signal a more dovish position on rates. _____________________________Bookmark CNBC Data Pages:_____________________________Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani. Questions?  Comments?  tradertalk@cnbc.com

cnbc, Articles, Commodity markets, U.S. dollar, Futures & Commodities, U.S. Dollar, DOW 30, Markets, U.S. Markets, Market Insider, Trader Talk, source:tagname:CNBC US Source

<div class="group"><p><a href="https://www.cnbc.com/2011/08/26/bernanke-stays-course-says-fed-will-consider-move-in-sept.html">The Bernanke speech:</a> The consensus is often wrong, but this time they hit it pretty close to the mark. </p><p>While stocks initially sold off, <a href="https://www.cnbc.com/2011/08/26/stocks-log-best-weekly-gain-in-8-weeks.html">they have now made a modest comeback</a>. </p><div style="height:100%" class="lazyload-placeholder"></div><p>For the first time in a while, there's no real gaming of the Fed, and many traders think that is a good thing. "True equity bulls don't want people buying because of (<strong>quantitative easing</strong>) in there with them... they want other true bulls and strong hands," one trader wrote to me. </p><p>Bernanke did not make any new policy pronouncements, as expected. </p><p>He did say that the meeting in September would be two days instead of one; that may give room for discussion of a larger range of policy responses. </p><p>Bernanke reiterated that the Fed had "a range of tools that could be used to provide additional monetary stimulus." </p><p>He kicked the ball into the court of President Obama and the Congress: "Most of the economic policies that support robust economic growth in the long run are outside the province of the central bank..." </p><div style="height:100%" class="lazyload-placeholder"></div><p>In other words, he's telling the executive and legislative branches to do their job.</p><p>European Central Bank President Trichet is also speaking in Jackson Hole Saturday, and Bernanke lobbed a little grenade in his direction as well: ""I have confidence that our European colleagues fully appreciate what is at stake in the difficult issues they are now confronting, and that, over time, they will take all necessary and appropriate steps to address those issues effectively and comprehensively."</p><p>Some are expecting Trichet to signal a more dovish position on rates. _____________________________<br><strong><em>Bookmark CNBC Data Pages:</em></strong><br></p><ul><li><a href="https://www.cnbc.com/dow-30/">The Dow 30 — in Real Time</a></li><li><a href="https://www.cnbc.com/futures-and-commodities/">Oil, Gold, Natural Gas Prices Now</a></li><li><a href="https://www.cnbc.com/us-dollar/">US Dollar, Minute by Minute</a></li></ul><p>_____________________________</p><p><em>Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani. </em></p><p><em>Questions?  Comments?  <a href="mailto:tradertalk@cnbc.com" class="webresource" target="_blank">tradertalk@cnbc.com</a></em></p></div>

The Bernanke speech: The consensus is often wrong, but this time they hit it pretty close to the mark. While stocks initially sold off, they have now made a modest comeback. For the first time in a while, there's no real gaming of the Fed, and many traders think that is a good thing. "True equity bulls don't want people buying because of (quantitative easing) in there with them... they want other true bulls and strong hands," one trader wrote to me. Bernanke did not make any new policy pronouncements, as expected. He did say that the meeting in September would be two days instead of one; that may give room for discussion of a larger range of policy responses. Bernanke reiterated that the Fed had "a range of tools that could be used to provide additional monetary stimulus." He kicked the ball into the court of President Obama and the Congress: "Most of the economic policies that support robust economic growth in the long run are outside the province of the central bank..." In other words, he's telling the executive and legislative branches to do their job.European Central Bank President Trichet is also speaking in Jackson Hole Saturday, and Bernanke lobbed a little grenade in his direction as well: ""I have confidence that our European colleagues fully appreciate what is at stake in the difficult issues they are now confronting, and that, over time, they will take all necessary and appropriate steps to address those issues effectively and comprehensively."Some are expecting Trichet to signal a more dovish position on rates. _____________________________Bookmark CNBC Data Pages:The Dow 30 — in Real TimeOil, Gold, Natural Gas Prices NowUS Dollar, Minute by Minute_____________________________Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani. Questions?  Comments?  tradertalk@cnbc.com

2021-10-30 14:12:43.971166

Amazon's PillPack is battling with CVS and Walgreens over getting patient prescriptions

https://www.cnbc.com/2019/08/06/amazons-pillpack-expansion-faces-resistance-from-cvs-and-walgreens.html

2019-08-06T20:15:12+0000

Christina Farr

CNBC

As Amazon bolsters its PillPack business to take on the prescription drug market, industry stalwarts CVS and Walgreens are vigorously defending their turf, setting up a protracted battle between the old guard and the new.Amazon bought internet pharmacy PillPack last year, a deal that sent shares of pharmacy companies tumbling. To get people onto its mail-delivery service, PillPack needs patients to switch from their existing pharmacy, which often means transferring prescriptions from CVS or Walgreens, the two largest chains in the U.S.But PillPack has run into a significant roadblock in getting those transfers approved. CVS and Walgreens are rejecting an increasing number of their requests, claiming that PillPack isn't getting proper consent from patients. PillPack says it always gets patient approval before making transfer requests and blames the pharmacy giants for unfairly refusing to honor them, sometimes hanging up on PillPack's pharmacists or throwing the request forms in the trash."While incumbent pharmacies may be disappointed in the loss of business, it is unacceptable to make unsubstantiated allegations about PillPack's practices while simultaneously creating systemic barriers that make it harder for a customer to switch pharmacies," PillPack spokeswoman Jacquelyn Miller told CNBC.The conflict has continued to escalate, with a source familiar with the matter telling CNBC that Amazon is documenting all cases of refused transfers. The incumbents are unwilling to roll over for Amazon in a market where a single customer, who often has chronic conditions and requires regular refills, can represent thousands of dollars of revenue a year through copayments and insurance coverage.

cnbc, Articles, Rite Aid Corp, Walgreens Boots Alliance Inc, CVS Health Corp, Amazon.com Inc, Technology, Health care industry, Health & Science, US: News, source:tagname:CNBC US Source

<div class="group"><p>As <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> bolsters its PillPack business to take on the prescription drug market, industry stalwarts <a href="//www.cnbc.com/quotes/CVS" target="_blank">CVS</a> and <a href="//www.cnbc.com/quotes/WBA" target="_blank">Walgreens</a> are vigorously defending their turf, setting up a protracted battle between the old guard and the new.</p><p>Amazon bought internet pharmacy PillPack last year, <a href="https://www.cnbc.com/2018/06/28/amazon-to-acquire-online-pharmacy-pillpack.html">a deal</a> that sent shares of <a href="https://www.cnbc.com/2018/06/28/walgreens-cvs-shares-tank-after-amazon-buys-online-pharmacy-pillpack.html">pharmacy companies tumbling</a>. To get people onto its mail-delivery service, PillPack needs patients to switch from their existing pharmacy, which often means transferring prescriptions from CVS or Walgreens, the two <a href="https://www.drugchannels.net/2019/02/the-top-15-us-pharmacies-of-2018-m.html" target="_blank">largest chains</a> in the U.S.</p><div style="height:100%" class="lazyload-placeholder"></div><p>But PillPack has run into a significant roadblock in getting those transfers approved. CVS and Walgreens are rejecting an increasing number of their requests, claiming that PillPack isn't getting proper consent from patients. PillPack says it always gets patient approval before making transfer requests and blames the pharmacy giants for unfairly refusing to honor them, sometimes hanging up on PillPack's pharmacists or throwing the request forms in the trash.</p><p>"While incumbent pharmacies may be disappointed in the loss of business, it is unacceptable to make unsubstantiated allegations about PillPack's practices while simultaneously creating systemic barriers that make it harder for a customer to switch pharmacies,<strong>" </strong>PillPack spokeswoman Jacquelyn Miller told CNBC.</p><p>The conflict has continued to escalate, with a source familiar with the matter telling CNBC that Amazon is documenting all cases of refused transfers. The incumbents are unwilling to roll over for Amazon in a market where a single customer, who often has chronic conditions and requires regular refills, can represent thousands of dollars of revenue a year through copayments and insurance coverage.</p></div>,<div class="group"><p>PillPack, a licensed pharmacy service in 49 of 50 states, launched in 2014 with a service that neatly packages, labels and delivers medications every month with free shipping. CVS <a href="https://www.cvs.com/content/multidose" target="_blank">has followed with its own multi-dose packaging option</a> for patients who need help taking multiple medications. Walgreens also has a <a href="https://www.walgreens.com/topic/s/mail_service_pharmacy_primemail.jsp" target="_blank">home delivery program</a>.</p><p>The intensifying spat over transfers offers a window into the larger challenge Amazon faces as it tries to mimic its e-commerce playbook in the prescription medication world, where spending in the U.S. is approaching $500 billion a year. The company is already battling Surescripts, an e-prescribing network part-owned by CVS and Express Scripts, <a href="https://www.cnbc.com/2019/07/29/surescripts-threatens-to-turn-amazon-pillpack-over-to-the-fbi.html">over a patient data dispute.</a> Last month, Surescripts threatened to cut off a contract with a third party called ReMy Health, which gave PillPack access to data about patient prescription histories, <a href="https://www.cnbc.com/2019/07/29/surescripts-threatens-to-turn-amazon-pillpack-over-to-the-fbi.html">and said it would turn the case over</a> to the FBI.</p><div style="height:100%" class="lazyload-placeholder"></div><p>CVS says it's not indiscriminately rejecting transfer orders, but rather is calling patients when a request is submitted to make sure the customer has asked for it. Many of these patients are older and unfamiliar with the new world of online shopping and mobile apps.</p><p>The pharmacies say they're only denying transfers when patients tell them they never signed up for PillPack or have never even heard of it. The issue can be particularly challenging for people with dementia who may not have intended to sign up or not remembered doing so. Brian Caswell, the owner of Wolkar Drug in Kansas, said he's called patients about PillPack requests only to have them deny ever providing consent.</p><p>"Could they have clicked on something online and forgot about it?" Caswell said. "It's possible."</p><p>There could also be patients who did request a transfer to PillPack but are embarrassed to admit it when their pharmacist calls for confirmation.</p></div>,<div class="group"><p>The fight with the big pharmacies began almost immediately after Amazon announced the PillPack acquisition in June 2018, for $753 million (though the price wasn't disclosed until later). A month after the deal, CVS sent a cease-and-desist letter to PillPack's lawyers, and Walgreens sent a strongly-worded warning in August, according to people familiar with the matter who asked not be named because the letters were confidential.</p><p>Both CVS and Walgreens confirmed that they reached out to PillPack but didn't specify the exact nature of the correspondence.</p><p>"We've communicated our concerns directly to PillPack," a Walgreens spokesperson said. "We respect our patients' privacy rights, and strongly believe that patients are entitled to, and benefit from a personal and trusted relationship with their pharmacist."</p><p>A CVS spokesperson said that while it's "common practice" for pharmacists to legitimately request prescription transfers from its pharmacies, the company "notified PillPack to stop any activity to initiate prescription transfers without the informed consent of our pharmacy patients."</p><p>PillPack responded at the time to both CVS and Walgreens, denying that the company was doing anything wrong.</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>Here's how a transfer works. A CVS or Walgreens customer sees a PillPack ad on television or online and pulls up the PillPack website or calls a company representative. By phone, PillPack says, patients are asked explicitly if they give the company consent to transfer prescriptions from their current pharmacy. From the website, the patient fills out personal information, includes relevant prescriptions and then clicks a blue button to complete the signup.</p><p>Just below the blue button, here's what the fine print says:</p><p>"By clicking the 'Finish Signing Up' button above, you consent to PillPack transferring your prescriptions from your existing pharmacies to PillPack and/or contacting your doctors to request new prescription and refills."</p><p>From there, a PillPack representative calls or faxes the existing pharmacy and requests the transfer. It's a straightforward process that happens all the time when patients move or when they're traveling and need to pick up a refill before returning home. In the U.S., there are federal and state laws that, with some exceptions, require pharmacists to transfer prescription information to another pharmacy.</p><p>However, PillPack said its pharmacists began reporting challenges with patient transfer requests in the weeks after the acquisition was announced. Additionally, the company said it heard reports in July 2018, that CVS hosted a training session for pharmacists, informing them that they should not transfer to PillPack until after they notified patients about the company's rival service.</p><p>CVS told CNBC that, starting last year, it recommended its pharmacists check in with customers following a PillPack transfer request after hearing a series of complaints about the company's practices. CVS also said representatives tell customers about the company's own mail-order service but that its pharmacies will facilitate a transfer to PillPack if the patient still wants it.</p><p>CVS and Walgreens aren't the only pharmacies concerned about PillPack's actions. Douglas Hoey, chief executive officer of the National Community Pharmacists Association, which represents U.S. pharmacy owners and is one of the <a href="https://surescripts.com/support/faqs/" target="_blank">owners of Surescripts</a>, said his team has heard from 20 to 30 pharmacists who said they were concerned after patients told them they never authorized transfers to PillPack. Pharmacists have also been vocal on internet forum Reddit, <a href="https://www.reddit.com/r/pharmacy/comments/90bek8/pillpack_calling_to_request_entire_profile/" target="_blank">where in several threads</a> some have admitted that they automatically throw PillPack faxes "in the shred bin," or call patients to get confirmation.</p><p><em>Update: This story was updated to say that the National Community Pharmacists Association is a part owner of Surescripts.</em></p><p><strong>WATCH:</strong> <a href="https://www.msn.com/en-us/money/videos/how-amazon-could-change-the-pharmacy-business/vi-BBVNDKB" target="_blank">How Amazon could change the pharmacy business</a></p></div>,<div class="group"><p><a href="https://bit.ly/1UqI26M" target="_blank"><em><strong>Follow @CNBC</strong>t<strong>ech on Twitter for the latest tech industry news.</strong></em></a></p></div>

As Amazon bolsters its PillPack business to take on the prescription drug market, industry stalwarts CVS and Walgreens are vigorously defending their turf, setting up a protracted battle between the old guard and the new.Amazon bought internet pharmacy PillPack last year, a deal that sent shares of pharmacy companies tumbling. To get people onto its mail-delivery service, PillPack needs patients to switch from their existing pharmacy, which often means transferring prescriptions from CVS or Walgreens, the two largest chains in the U.S.But PillPack has run into a significant roadblock in getting those transfers approved. CVS and Walgreens are rejecting an increasing number of their requests, claiming that PillPack isn't getting proper consent from patients. PillPack says it always gets patient approval before making transfer requests and blames the pharmacy giants for unfairly refusing to honor them, sometimes hanging up on PillPack's pharmacists or throwing the request forms in the trash."While incumbent pharmacies may be disappointed in the loss of business, it is unacceptable to make unsubstantiated allegations about PillPack's practices while simultaneously creating systemic barriers that make it harder for a customer to switch pharmacies," PillPack spokeswoman Jacquelyn Miller told CNBC.The conflict has continued to escalate, with a source familiar with the matter telling CNBC that Amazon is documenting all cases of refused transfers. The incumbents are unwilling to roll over for Amazon in a market where a single customer, who often has chronic conditions and requires regular refills, can represent thousands of dollars of revenue a year through copayments and insurance coverage.PillPack, a licensed pharmacy service in 49 of 50 states, launched in 2014 with a service that neatly packages, labels and delivers medications every month with free shipping. CVS has followed with its own multi-dose packaging option for patients who need help taking multiple medications. Walgreens also has a home delivery program.The intensifying spat over transfers offers a window into the larger challenge Amazon faces as it tries to mimic its e-commerce playbook in the prescription medication world, where spending in the U.S. is approaching $500 billion a year. The company is already battling Surescripts, an e-prescribing network part-owned by CVS and Express Scripts, over a patient data dispute. Last month, Surescripts threatened to cut off a contract with a third party called ReMy Health, which gave PillPack access to data about patient prescription histories, and said it would turn the case over to the FBI.CVS says it's not indiscriminately rejecting transfer orders, but rather is calling patients when a request is submitted to make sure the customer has asked for it. Many of these patients are older and unfamiliar with the new world of online shopping and mobile apps.The pharmacies say they're only denying transfers when patients tell them they never signed up for PillPack or have never even heard of it. The issue can be particularly challenging for people with dementia who may not have intended to sign up or not remembered doing so. Brian Caswell, the owner of Wolkar Drug in Kansas, said he's called patients about PillPack requests only to have them deny ever providing consent."Could they have clicked on something online and forgot about it?" Caswell said. "It's possible."There could also be patients who did request a transfer to PillPack but are embarrassed to admit it when their pharmacist calls for confirmation.The fight with the big pharmacies began almost immediately after Amazon announced the PillPack acquisition in June 2018, for $753 million (though the price wasn't disclosed until later). A month after the deal, CVS sent a cease-and-desist letter to PillPack's lawyers, and Walgreens sent a strongly-worded warning in August, according to people familiar with the matter who asked not be named because the letters were confidential.Both CVS and Walgreens confirmed that they reached out to PillPack but didn't specify the exact nature of the correspondence."We've communicated our concerns directly to PillPack," a Walgreens spokesperson said. "We respect our patients' privacy rights, and strongly believe that patients are entitled to, and benefit from a personal and trusted relationship with their pharmacist."A CVS spokesperson said that while it's "common practice" for pharmacists to legitimately request prescription transfers from its pharmacies, the company "notified PillPack to stop any activity to initiate prescription transfers without the informed consent of our pharmacy patients."PillPack responded at the time to both CVS and Walgreens, denying that the company was doing anything wrong.Here's how a transfer works. A CVS or Walgreens customer sees a PillPack ad on television or online and pulls up the PillPack website or calls a company representative. By phone, PillPack says, patients are asked explicitly if they give the company consent to transfer prescriptions from their current pharmacy. From the website, the patient fills out personal information, includes relevant prescriptions and then clicks a blue button to complete the signup.Just below the blue button, here's what the fine print says:"By clicking the 'Finish Signing Up' button above, you consent to PillPack transferring your prescriptions from your existing pharmacies to PillPack and/or contacting your doctors to request new prescription and refills."From there, a PillPack representative calls or faxes the existing pharmacy and requests the transfer. It's a straightforward process that happens all the time when patients move or when they're traveling and need to pick up a refill before returning home. In the U.S., there are federal and state laws that, with some exceptions, require pharmacists to transfer prescription information to another pharmacy.However, PillPack said its pharmacists began reporting challenges with patient transfer requests in the weeks after the acquisition was announced. Additionally, the company said it heard reports in July 2018, that CVS hosted a training session for pharmacists, informing them that they should not transfer to PillPack until after they notified patients about the company's rival service.CVS told CNBC that, starting last year, it recommended its pharmacists check in with customers following a PillPack transfer request after hearing a series of complaints about the company's practices. CVS also said representatives tell customers about the company's own mail-order service but that its pharmacies will facilitate a transfer to PillPack if the patient still wants it.CVS and Walgreens aren't the only pharmacies concerned about PillPack's actions. Douglas Hoey, chief executive officer of the National Community Pharmacists Association, which represents U.S. pharmacy owners and is one of the owners of Surescripts, said his team has heard from 20 to 30 pharmacists who said they were concerned after patients told them they never authorized transfers to PillPack. Pharmacists have also been vocal on internet forum Reddit, where in several threads some have admitted that they automatically throw PillPack faxes "in the shred bin," or call patients to get confirmation.Update: This story was updated to say that the National Community Pharmacists Association is a part owner of Surescripts.WATCH: How Amazon could change the pharmacy businessFollow @CNBCtech on Twitter for the latest tech industry news.

2021-10-30 14:12:44.129975

Ebola could reach France and UK by end of October: Scientists

https://www.cnbc.com/2014/10/06/ebola-could-reach-france-and-uk-by-end-of-october-scientists.html

2014-10-06T10:20:19+0000

CNBC

Scientists have used Ebola disease spread patterns and airline traffic data to predict a 75 percent chance the virus could be imported to France by October 24, and a 50 percent chance it could hit Britain by that date. Those numbers are based on air traffic remaining at full capacity. Assuming an 80 percent reduction in travel to reflect that many airlines are halting flights to affected regions, France's risk is still 25 percent, and Britain's is 15 percent. "It's really a lottery," said Derek Gatherer of Britain's Lancaster University, an expert in viruses who has been tracking the epidemic - the worst Ebola outbreak in history. Read MoreEbola patient in Dallas 'fighting for his life' says CDC head The deadly epidemic has killed more than 3,400 people since it began in West Africa in March and has now started to spread faster, infecting almost 7,200 people so far. Nigeria, Senegal and now the United States - where the first case was diagnosed on Tuesday in a man who flew in from Liberia - have all seen people carrying the Ebola haemorrhagic fever virus, apparently unwittingly, arrive on their shores.

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<div class="group"><p> Scientists have used Ebola disease spread patterns and airline traffic data to predict a 75 percent chance the virus could be imported to France by October 24, and a 50 percent chance it could hit Britain by that date. </p><p> Those numbers are based on air traffic remaining at full capacity. Assuming an 80 percent reduction in travel to reflect that many airlines are halting flights to affected regions, France's risk is still 25 percent, and Britain's is 15 percent. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "It's really a lottery," said Derek Gatherer of Britain's Lancaster University, an expert in viruses who has been tracking the epidemic - the worst Ebola outbreak in history. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/10/05/ebola-patient-in-dallas-fighting-for-his-life-says-cdc-head.html">Ebola patient in Dallas 'fighting for his life' says CDC head</a></p><p> The deadly epidemic has killed more than 3,400 people since it began in West Africa in March and has now started to spread faster, infecting almost 7,200 people so far. Nigeria, Senegal and now the United States - where the first case was diagnosed on Tuesday in a man who flew in from Liberia - have all seen people carrying the Ebola haemorrhagic fever virus, apparently unwittingly, arrive on their shores.</p></div>,<div class="group"><p> France is among countries most likely to be hit next because the worst affected countries include Guinea, alongside Sierra Leone and Liberia, which is a French-speaking country and has busy travel links back, while Britain's Heathrow airport is one of the world's biggest travel hubs. </p><p> France and Britain have each treated one national who was brought home with the disease and then cured. The scientists' study suggests that more may bring it to Europe not knowing they are infected. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "If this thing continues to rage on in West Africa and indeed gets worse, as some people have predicted, then it's only a matter of time before one of these cases ends up on a plane to Europe," said Gatherer. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/10/04/no-new-ebola-infections-cdc-says.html">Ebola patient in US takes turn for the worse</a></p><p> Belgium has a 40 percent chance of seeing the disease arrive on its territory, while Spain and Switzerland have lower risks of 14 percent each, according to the study first published in the journal PLoS Current Outbreaks and now being regularly updated at http://www.mobs-lab.org/ebola.html. </p><p> The World Health Organisation (WHO) has not placed any restrictions on travel and has encouraged airlines to keep flying to the worst-hit countries. <!-- --> and Emirates airlines have suspended some flights.</p><p> But the risks change every day the epidemic continues, said Alex Vespignani, a professor at the Laboratory for the Modeling of Biological and Socio-Technical Systems at Northeastern University in Boston who led the research. </p><p> "This is not a deterministic list, it's about probabilities - but those probabilities are growing for everyone," Vespignani said in a telephone interview. "It's just a matter of who gets lucky and who gets unlucky." </p><p> The latest calculations used data from October 1. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/07/15/deadly-ebola-virus-spreads-and-so-do-fears-among-officials.html">Deadly Ebola virus spreads—and so do fears</a></p><p> "Air traffic is the driver," Vespignani said. "But there are also differences in connections with the affected countries (Guinea, Liberia and Sierra Leone), as well as different numbers of cases in these three countries - so depending on that, the probability numbers change." </p><p> <strong>Patients unaware</strong></p><p> Patients are at their most contagious when Ebola is in its terminal stages, inducing both internal and external bleeding, and profuse vomiting and diarrhoea - all of which contain high concentrations of infectious virus. </p><p> But the disease can also have a long incubation period of up to 21 days, meaning that people can be unaware for weeks that they are infected, and not feel or display any symptoms. </p></div>,<div class="group"><p> This, it seems, is what allowed the Liberian visitor Thomas Eric Duncanto to fly to the United States and spend several days there unaware that he was carrying the deadly virus, before being diagnosed and isolated.</p><p> In the European Union, free movement of people means someone unknowingly infected with Ebola could easily drive through several neighbouring countries before feeling ill and seeking help, and spend weeks in contact with friends or strangers before becoming sick enough to show up on airport scanners. </p><p> Jonathan Ball, a professor of molecular virology at Britain's Nottingham University said that even with exit screening at airports of affected countries, the long, silent incubation period meant "cases can slip through the net". </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/10/03/ebola-apt-to-be-decontaminated-50-people-being-monitored.html">US health system will 'stop' Ebola: WH officials</a></p><p> "Whilst the risk of imported Ebola virus remains small, it's still a very real risk, and one that won't go away until this outbreak is stopped," he said. "Ebola virus isn't just an African problem." </p><p> However, the chance of the disease spreading widely or developing into an epidemic in a wealthy, developed country is extremely low, healthcare specialists say. </p><p> According to the latest Ebola risk assessment from the European Centres of Disease Prevention and Control, which monitors health and disease in the region, "the capacity to detect and confirm cases...is considered to be sufficient to interrupt any possible local transmission of the disease early." </p><p> Gatherer cited Nigeria as an example of how Ebola can be halted with swift and detailed action. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/08/07/ebola-a-closer-look-at-this-frightening-disease.html">Ebola: A closer look at this 'frightening disease'</a></p><p> Despite being in West Africa and being home to one of the world's most crowded, chaotic cities, Nigeria has managed to contain Ebola's spread to a total of 20 cases and 8 deaths, and looks likely to be declared free of the virus in coming weeks. </p><p> "Even if we have a worse case scenario where someone doesn't present for medical treatment, or..it's not correctly identified as Ebola, and we get secondary transmission, it's not likely to be a very long secondary transmission chain," he said. </p><p> "People aren't living in very crowded conditions (in Europe), so the disease doesn't have the same environment it has in a shanty town in Monrovia, where the environment is perfect for it to spread. It's a different matter in modern western cities with the very sanitized, sterile lives that we live." </p></div>

Scientists have used Ebola disease spread patterns and airline traffic data to predict a 75 percent chance the virus could be imported to France by October 24, and a 50 percent chance it could hit Britain by that date. Those numbers are based on air traffic remaining at full capacity. Assuming an 80 percent reduction in travel to reflect that many airlines are halting flights to affected regions, France's risk is still 25 percent, and Britain's is 15 percent. "It's really a lottery," said Derek Gatherer of Britain's Lancaster University, an expert in viruses who has been tracking the epidemic - the worst Ebola outbreak in history. Read MoreEbola patient in Dallas 'fighting for his life' says CDC head The deadly epidemic has killed more than 3,400 people since it began in West Africa in March and has now started to spread faster, infecting almost 7,200 people so far. Nigeria, Senegal and now the United States - where the first case was diagnosed on Tuesday in a man who flew in from Liberia - have all seen people carrying the Ebola haemorrhagic fever virus, apparently unwittingly, arrive on their shores. France is among countries most likely to be hit next because the worst affected countries include Guinea, alongside Sierra Leone and Liberia, which is a French-speaking country and has busy travel links back, while Britain's Heathrow airport is one of the world's biggest travel hubs. France and Britain have each treated one national who was brought home with the disease and then cured. The scientists' study suggests that more may bring it to Europe not knowing they are infected. "If this thing continues to rage on in West Africa and indeed gets worse, as some people have predicted, then it's only a matter of time before one of these cases ends up on a plane to Europe," said Gatherer. Read MoreEbola patient in US takes turn for the worse Belgium has a 40 percent chance of seeing the disease arrive on its territory, while Spain and Switzerland have lower risks of 14 percent each, according to the study first published in the journal PLoS Current Outbreaks and now being regularly updated at http://www.mobs-lab.org/ebola.html. The World Health Organisation (WHO) has not placed any restrictions on travel and has encouraged airlines to keep flying to the worst-hit countries. and Emirates airlines have suspended some flights. But the risks change every day the epidemic continues, said Alex Vespignani, a professor at the Laboratory for the Modeling of Biological and Socio-Technical Systems at Northeastern University in Boston who led the research. "This is not a deterministic list, it's about probabilities - but those probabilities are growing for everyone," Vespignani said in a telephone interview. "It's just a matter of who gets lucky and who gets unlucky." The latest calculations used data from October 1. Read MoreDeadly Ebola virus spreads—and so do fears "Air traffic is the driver," Vespignani said. "But there are also differences in connections with the affected countries (Guinea, Liberia and Sierra Leone), as well as different numbers of cases in these three countries - so depending on that, the probability numbers change." Patients unaware Patients are at their most contagious when Ebola is in its terminal stages, inducing both internal and external bleeding, and profuse vomiting and diarrhoea - all of which contain high concentrations of infectious virus. But the disease can also have a long incubation period of up to 21 days, meaning that people can be unaware for weeks that they are infected, and not feel or display any symptoms. This, it seems, is what allowed the Liberian visitor Thomas Eric Duncanto to fly to the United States and spend several days there unaware that he was carrying the deadly virus, before being diagnosed and isolated. In the European Union, free movement of people means someone unknowingly infected with Ebola could easily drive through several neighbouring countries before feeling ill and seeking help, and spend weeks in contact with friends or strangers before becoming sick enough to show up on airport scanners. Jonathan Ball, a professor of molecular virology at Britain's Nottingham University said that even with exit screening at airports of affected countries, the long, silent incubation period meant "cases can slip through the net". Read MoreUS health system will 'stop' Ebola: WH officials "Whilst the risk of imported Ebola virus remains small, it's still a very real risk, and one that won't go away until this outbreak is stopped," he said. "Ebola virus isn't just an African problem." However, the chance of the disease spreading widely or developing into an epidemic in a wealthy, developed country is extremely low, healthcare specialists say. According to the latest Ebola risk assessment from the European Centres of Disease Prevention and Control, which monitors health and disease in the region, "the capacity to detect and confirm cases...is considered to be sufficient to interrupt any possible local transmission of the disease early." Gatherer cited Nigeria as an example of how Ebola can be halted with swift and detailed action. Read MoreEbola: A closer look at this 'frightening disease' Despite being in West Africa and being home to one of the world's most crowded, chaotic cities, Nigeria has managed to contain Ebola's spread to a total of 20 cases and 8 deaths, and looks likely to be declared free of the virus in coming weeks. "Even if we have a worse case scenario where someone doesn't present for medical treatment, or..it's not correctly identified as Ebola, and we get secondary transmission, it's not likely to be a very long secondary transmission chain," he said. "People aren't living in very crowded conditions (in Europe), so the disease doesn't have the same environment it has in a shanty town in Monrovia, where the environment is perfect for it to spread. It's a different matter in modern western cities with the very sanitized, sterile lives that we live."

2021-10-30 14:12:44.165569

Here's a first look at Apple's $549 AirPods Max headphones

https://www.cnbc.com/2020/12/10/apple-airpods-max-hands-on-heres-what-the-549-gets-you.html

2020-12-10T14:00:09+0000

Todd Haselton

CNBC

Apple sent me a pair of its new AirPods Max headphones to check out ahead of their release on Dec. 15. The $549 price tag shocked a lot of people when Apple unveiled them earlier this week. And, yeah, that's a lot of money. But they sure are nice.Apple dominates the Bluetooth headphone business, with more than a 50% share of the market, according to Strategy Analytics. That's thanks to the huge success of the original AirPods and AirPods Pro. With the AirPods Max, Apple built a luxury pair of headphones that borrows some of the features from the AirPods Pro but with larger speakers and more premium materials like steel and aluminum and better sound.The AirPods Max kind of remind me of the original HomePod. It's one of the best sounding smart speakers on the market, but it also costs several times more than competitors from Amazon and Google. Apple may not sell millions and millions of the AirPods Max the way it does the AirPods, but it doesn't need to. I think these are really just a top-tier option for people who want the best headphones Apple makes. Sort of like how Apple sells a $5,999 Mac Pro for people who want the best Mac Apple makes.Here's a look at the AirPods Max:

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<div class="group"><p><a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> sent me a pair of its new <a href="https://www.cnbc.com/2020/12/08/apple-airpods-max-over-ear-headphones-announced-price-release.html">AirPods Max headphones</a> to check out ahead of their release on Dec. 15. The $549 price tag shocked a lot of people when Apple unveiled them earlier this week. And, yeah, that's a lot of money. But they sure are nice.</p><p>Apple dominates the Bluetooth headphone business, with more than a 50% share of the market, according to <a href="https://www.strategyanalytics.com/strategy-analytics/blogs/devices/emerging-devices/emerging-devices/2020/01/09/apple-airpods-and-totally-wireless-bluetooth-headset-sales-volumes-soaring" target="_blank">Strategy Analytics</a>. That's thanks to the huge success of the original AirPods and AirPods Pro. With the AirPods Max, Apple built a luxury pair of headphones that borrows some of the features from the AirPods Pro but with larger speakers and more premium materials like steel and aluminum and better sound.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The AirPods Max kind of remind me of the original HomePod. It's one of the best sounding smart speakers on the market, but it also costs several times more than competitors from <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a>. Apple may not sell millions and millions of the AirPods Max the way it does the AirPods, but it doesn't need to. I think these are really just a top-tier option for people who want the best headphones Apple makes. Sort of like how Apple sells a $5,999 Mac Pro for people who want the best Mac Apple makes.</p><p>Here's a look at the AirPods Max:</p></div>,<div class="group"><p>This case serves a purpose, though. It has magnets inside so that when you put the AirPods Max in it they automatically go into low power mode to help save battery life. I agree with the critics. It looks a little weird.</p></div>,<div class="group"><p>I wore the AirPods Max for several hours Wednesday and they felt super comfortable. There's a breathable mesh band on the top that felt light on my head and didn't get sweaty or hot. I also love the ear cups, which are spacious and fit around my ears instead of sitting on them.</p><p>There are a lot of high-end touches, like aluminum cups and a steel frame, instead of plastic parts you might find in competing headsets. I also dig the Digital Crown that Apple brought over from the Apple Watch. It feels solid and turns easily to adjust the volume. A lot of competing high-end headphones use touch controls for volume, which isn't as accurate as a physical control.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>The AirPods Max are just as easy as other AirPods to set up. That's important, since it's one of the reasons the AirPods are so successful. You just turn the AirPods Max on, bring your iPhone or iPad nearby, and tap a pop-up that says "connect." That's it. There's no need to poke through your Bluetooth settings for the connection.</p><p>I like that it's easy to switch between an iPhone, Mac or iPad, too. But, they don't have a 3.5 mm headphone jack so you'll need to buy an adapter and a cord if you want to use them with non-Bluetooth devices.</p><p>You don't need an Apple gadget to use the AirPods Max. They'll connect to Android phones, Windows PCs and other devices like any other Bluetooth headset.</p></div>,<div class="group"><p>They sound really good to me. I'll revisit more in my full review, but I also don't know that I could stand here right now and pinpoint exactly how much better they sound than a pair of Bose or Sony headphones. The noise cancellation is pretty solid: I didn't hear people talking in the room next to me while I was working. I'm not sure how they'll compare on an airplane to Bose yet, though. And I won't be flying anytime soon for obvious reasons.</p><p>Apple has a few tricks competitors don't have, like Spatial Audio, which makes it sound like noises in a movie are coming from all around you and from the source, like your iPad or iPhone. It's a cool feature Apple recently added to the AirPods Pro.</p><p>There are lots of sensors, so the headphones pause audio when you take them off, or even when you lift an earcup. That works well.</p><p>Finally, I tested the microphones with a quick 10-minute call Wednesday. It seemed like the other side heard me just fine, and I could hear them perfectly.</p></div>,<div class="group"><p>The AirPods Max are also pretty big. One of the reasons I love the AirPods Pro so much is that, back when we could travel, I was able to leave my Bose headphones at home and use the noise cancellation in the much smaller earbuds. They just slip in my pocket and I can carry them with me wherever I go. The AirPods Max don't have that convenience. They're still big enough that you'll need a bag to carry them around. But they're perfect at home right now when I'm mostly sitting at my computer most of the day.</p></div>,<div class="group"><p><em><br></em><a href="https://www.youtube.com/c/CNBC?sub_confirmation=1" target="_blank"><em><strong>Subscribe to CNBC on YouTube.</strong></em></a><em><strong> </strong></em></p></div>

Apple sent me a pair of its new AirPods Max headphones to check out ahead of their release on Dec. 15. The $549 price tag shocked a lot of people when Apple unveiled them earlier this week. And, yeah, that's a lot of money. But they sure are nice.Apple dominates the Bluetooth headphone business, with more than a 50% share of the market, according to Strategy Analytics. That's thanks to the huge success of the original AirPods and AirPods Pro. With the AirPods Max, Apple built a luxury pair of headphones that borrows some of the features from the AirPods Pro but with larger speakers and more premium materials like steel and aluminum and better sound.The AirPods Max kind of remind me of the original HomePod. It's one of the best sounding smart speakers on the market, but it also costs several times more than competitors from Amazon and Google. Apple may not sell millions and millions of the AirPods Max the way it does the AirPods, but it doesn't need to. I think these are really just a top-tier option for people who want the best headphones Apple makes. Sort of like how Apple sells a $5,999 Mac Pro for people who want the best Mac Apple makes.Here's a look at the AirPods Max:This case serves a purpose, though. It has magnets inside so that when you put the AirPods Max in it they automatically go into low power mode to help save battery life. I agree with the critics. It looks a little weird.I wore the AirPods Max for several hours Wednesday and they felt super comfortable. There's a breathable mesh band on the top that felt light on my head and didn't get sweaty or hot. I also love the ear cups, which are spacious and fit around my ears instead of sitting on them.There are a lot of high-end touches, like aluminum cups and a steel frame, instead of plastic parts you might find in competing headsets. I also dig the Digital Crown that Apple brought over from the Apple Watch. It feels solid and turns easily to adjust the volume. A lot of competing high-end headphones use touch controls for volume, which isn't as accurate as a physical control.The AirPods Max are just as easy as other AirPods to set up. That's important, since it's one of the reasons the AirPods are so successful. You just turn the AirPods Max on, bring your iPhone or iPad nearby, and tap a pop-up that says "connect." That's it. There's no need to poke through your Bluetooth settings for the connection.I like that it's easy to switch between an iPhone, Mac or iPad, too. But, they don't have a 3.5 mm headphone jack so you'll need to buy an adapter and a cord if you want to use them with non-Bluetooth devices.You don't need an Apple gadget to use the AirPods Max. They'll connect to Android phones, Windows PCs and other devices like any other Bluetooth headset.They sound really good to me. I'll revisit more in my full review, but I also don't know that I could stand here right now and pinpoint exactly how much better they sound than a pair of Bose or Sony headphones. The noise cancellation is pretty solid: I didn't hear people talking in the room next to me while I was working. I'm not sure how they'll compare on an airplane to Bose yet, though. And I won't be flying anytime soon for obvious reasons.Apple has a few tricks competitors don't have, like Spatial Audio, which makes it sound like noises in a movie are coming from all around you and from the source, like your iPad or iPhone. It's a cool feature Apple recently added to the AirPods Pro.There are lots of sensors, so the headphones pause audio when you take them off, or even when you lift an earcup. That works well.Finally, I tested the microphones with a quick 10-minute call Wednesday. It seemed like the other side heard me just fine, and I could hear them perfectly.The AirPods Max are also pretty big. One of the reasons I love the AirPods Pro so much is that, back when we could travel, I was able to leave my Bose headphones at home and use the noise cancellation in the much smaller earbuds. They just slip in my pocket and I can carry them with me wherever I go. The AirPods Max don't have that convenience. They're still big enough that you'll need a bag to carry them around. But they're perfect at home right now when I'm mostly sitting at my computer most of the day.Subscribe to CNBC on YouTube.

2021-10-30 14:12:44.434652

What's Wrong With Simon Johnson?

https://www.cnbc.com/2011/01/28/whats-wrong-with-simon-johnson.html

2011-01-28T18:32:12+0000

John Carney

CNBC

Simon Johnson, the former chief economist of the IMF who is now a leading financial commentator at Baseline Scenario, is one of the more prominent critics of the view that blame for the financial crisis falls on affordable housing and fair lending policies. The problem is that his critique is extremely misguided.

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<div class="group"><p>Simon Johnson, the former chief economist of the IMF who is now a leading financial commentator at Baseline Scenario, is one of the more prominent critics of the view that blame for the financial crisis falls on affordable housing and fair lending policies. The problem is that his critique is extremely misguided. </p></div>,<div class="group"><p>Let's take this <a href="http://www.project-syndicate.org/commentary/johnson16/English" target="_blank">recent column</a> Johnson wrote for Project Syndicate. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Johnson begins by attempting to summarize the view that, for example, FCIC commissioner Peter Wallison appears to hold. </p><div class="ArticleBody-blockquote"><p>In December, the Republican minority on the Financial Crisis Inquiry Commission (FCIC), weighed in with a preemptive dissenting narrative. According to this group, misguided government policies, aimed at increasing homeownership among relatively poor people, pushed too many into taking out subprime mortgages that they could not afford. </p></div><p>But this isn't quite right. What Wallison argues is that GSEs and banks lowered credit standards and accumulated huge mortgage holdings in an effort to comply with misguided government policies. </p><p>Shortly after making that mistake, Johnson restates what he takes to be Wallison's point in a way that demonstrates that he doesn't really understand it at all. (Emphasis mine.) </p><div class="ArticleBody-blockquote"><p>This narrative has the potential to gain a great deal of support, particularly in the Republican-controlled House of Representatives and in the run-up to the 2012 presidential election. But, while the FCIC Republicans write eloquently, do they have any evidence to back up their assertions? <strong>Are poor people in the US responsible for causing the most severe global crisis in more than a generation? </strong></p></div><p>It is very difficult to see how that last question follows from anything that came before it. The proposition that the financial crisis was brought about by government policies aimed at increasing homeownership among the poor has no logical connection at all to the culpability of the poor for the crisis. </p><p>This is easy to understand if we think of other types of misguided government regulations. Take, for example, the regulation of fishing. For years, it has been common practice for regulations to set minimum sizes for fish that can be taken. The idea is to allow fish a chance to mature enough to breed at least once, in hopes that this will keep the population robust. </p><div style="height:100%" class="lazyload-placeholder"></div><p>For individual fishermen, this usually means just throwing back a fish that is too small. For large commercial fishermen, however, this involves using fishing techniques that allow smaller fish to escape their nets and traps. </p><p>Now the purpose of this kind regulation is to preserve the fish population. <a href="http://www.csiro.au/news/Scientists-offer-new-take-on-selective-fishing.html" target="_blank">A recent study</a>, however, indicates that this kind of selective fishing might have the perverse effect of reducing the biodiversity of the fish population and making it more fragile and prone to collapse in the face of unexpected changes. </p><p>In 2010, a team of researchers wrote: “We believe it is time to critically rethink traditional selective fishing approaches that might not protect ecosystems and fisheries as intended, but may in fact make them more vulnerable to large changes in structure and function.”</p><p><a href="http://www.csiro.au/news/Scientists-offer-new-take-on-selective-fishing.html" target="_blank">Now according to Johnsons logic</a>, if we say that a regulation intended to protect smaller fish from harvesting causes the ecosystem to become more vulnerable we are also claiming that small fish are responsible for harming the ecosystem. Clearly, that's nonsense. </p><p>In the same way, it is simply nonsensical to equate blaming affording housing and fair lending policies for the crisis with blaming the poor. </p><p>Of course the poor are not responsible for the financial crisis. And the small fish aren't responsible for falling biodiversity. In both cases, misguided regulations are to blame. </p><p>_________________________________________________</p><p><strong><em>Questions? Comments? Email us at</em></strong></p><p><strong><em>Follow John on Twitter @ twitter.com/Carney</em></strong></p><p><strong><em>Follow NetNet on Twitter @ twitter.com/CNBCnetnet</em></strong></p><p><strong><em>Facebook us @ </em></strong></p></div>

Simon Johnson, the former chief economist of the IMF who is now a leading financial commentator at Baseline Scenario, is one of the more prominent critics of the view that blame for the financial crisis falls on affordable housing and fair lending policies. The problem is that his critique is extremely misguided. Let's take this recent column Johnson wrote for Project Syndicate. Johnson begins by attempting to summarize the view that, for example, FCIC commissioner Peter Wallison appears to hold. In December, the Republican minority on the Financial Crisis Inquiry Commission (FCIC), weighed in with a preemptive dissenting narrative. According to this group, misguided government policies, aimed at increasing homeownership among relatively poor people, pushed too many into taking out subprime mortgages that they could not afford. But this isn't quite right. What Wallison argues is that GSEs and banks lowered credit standards and accumulated huge mortgage holdings in an effort to comply with misguided government policies. Shortly after making that mistake, Johnson restates what he takes to be Wallison's point in a way that demonstrates that he doesn't really understand it at all. (Emphasis mine.) This narrative has the potential to gain a great deal of support, particularly in the Republican-controlled House of Representatives and in the run-up to the 2012 presidential election. But, while the FCIC Republicans write eloquently, do they have any evidence to back up their assertions? Are poor people in the US responsible for causing the most severe global crisis in more than a generation? It is very difficult to see how that last question follows from anything that came before it. The proposition that the financial crisis was brought about by government policies aimed at increasing homeownership among the poor has no logical connection at all to the culpability of the poor for the crisis. This is easy to understand if we think of other types of misguided government regulations. Take, for example, the regulation of fishing. For years, it has been common practice for regulations to set minimum sizes for fish that can be taken. The idea is to allow fish a chance to mature enough to breed at least once, in hopes that this will keep the population robust. For individual fishermen, this usually means just throwing back a fish that is too small. For large commercial fishermen, however, this involves using fishing techniques that allow smaller fish to escape their nets and traps. Now the purpose of this kind regulation is to preserve the fish population. A recent study, however, indicates that this kind of selective fishing might have the perverse effect of reducing the biodiversity of the fish population and making it more fragile and prone to collapse in the face of unexpected changes. In 2010, a team of researchers wrote: “We believe it is time to critically rethink traditional selective fishing approaches that might not protect ecosystems and fisheries as intended, but may in fact make them more vulnerable to large changes in structure and function.”Now according to Johnsons logic, if we say that a regulation intended to protect smaller fish from harvesting causes the ecosystem to become more vulnerable we are also claiming that small fish are responsible for harming the ecosystem. Clearly, that's nonsense. In the same way, it is simply nonsensical to equate blaming affording housing and fair lending policies for the crisis with blaming the poor. Of course the poor are not responsible for the financial crisis. And the small fish aren't responsible for falling biodiversity. In both cases, misguided regulations are to blame. _________________________________________________Questions? Comments? Email us atFollow John on Twitter @ twitter.com/CarneyFollow NetNet on Twitter @ twitter.com/CNBCnetnetFacebook us @

2021-10-30 14:12:44.623073

D.C. drama could have detrimental impact on the market, some strategists say

https://www.cnbc.com/2017/10/30/d-c-drama-could-have-detrimental-impact-on-the-market-strategists.html

2017-10-30T22:21:45+0000

Rebecca Ungarino

CNBC

As political uncertainty continues to mount, some strategists fear intensifying D.C. drama could further push out a tax reform package and roil markets. Following Monday's disclosure that two former Trump campaign officials were indicted as part of Special Counsel Robert Mueller's investigation, continued political turmoil could have a potential "long-term and very negative impact on capital markets," said strategist Boris Schlossberg. "The critical question going forward is whether this is just a one-and-done, or whether it's just the beginning of a very long and perhaps a very, very tedious judicial process that could really weigh both on Washington and Wall Street as we go forward," Schlossberg, managing director of foreign exchange strategy at BK Asset Management, said Monday on CNBC's "Trading Nation." These questions come as economic data have been "superb," Schlossberg said. Specifically, he pointed to the latest consumer spending data, which reflected the largest monthly gain since 2009 (likely affected by spending related to recent hurricane devastation), and personal income, which also rose month-over-month. Still, "markets are very concerned, because the big catalyst going forward is tax reform. That's what the market is looking for as the next jump-start to get the economy going to the next level," he said.Should the administration's agenda stall further, "that could weigh very badly on the market," he said. According to a Bloomberg News report on Monday, Republicans are considering "gradually" lowering the corporate tax rate, and markets had a relatively muted response. Furthermore, the market is also ripe for some kind of pullback, Schlossberg said, which gives him an overall cautious view heading into the rest of the year. Others are less concerned about the probability that Mueller's investigation into Russian attempts to interfere in the 2016 U.S. presidential election could weigh meaningfully on equities. "There is some trepidation on the Mueller indictments but we are starting to see Trump as teflon, so much so that we think he can 'get away with' firing Mueller and markets would actually take that well as it would remove an overhang. Cries for impeachment remain far fetched whether we like that emotionally or not," Michael Block, chief strategist at Rhino Trading Partners, wrote Monday in a note to clients. Block added: "And the crazy thing is, if Trump does fire Mueller, it's probably bullish for stocks. It would show that this guy can do anything he wants including shove pro business legislation down everyone's throat. I'm not happy about this kind of power even if I like what's good for stocks, but that's my honest read." U.S. markets closed lower on Monday.

cnbc, Articles, Investment strategy, Investing, Trading Nation, Special Reports, source:tagname:CNBC US Source

<div class="group"><p>As political uncertainty continues to mount, some strategists fear intensifying D.C. drama could further push out a tax reform package and roil markets.<br> <br>Following Monday's disclosure that two former Trump campaign officials were <a href="https://www.cnbc.com/2017/10/30/former-trump-campaign-chairman-paul-manafort-indicted-as-part-of-russia-election-probe-nyt.html">indicted</a> as part of Special Counsel Robert Mueller's investigation, continued political turmoil could have a potential "long-term and very negative impact on capital markets," said strategist Boris Schlossberg.<br> <br>"The critical question going forward is whether this is just a one-and-done, or whether it's just the beginning of a very long and perhaps a very, very tedious judicial process that could really weigh both on Washington and Wall Street as we go forward," Schlossberg, managing director of foreign exchange strategy at BK Asset Management, said Monday on CNBC's "<a href="https://www.cnbc.com/trading-nation/">Trading Nation</a>."<br> <br>These questions come as economic data have been "superb," Schlossberg said. Specifically, he pointed to the latest consumer spending <a href="https://www.cnbc.com/2017/10/30/us-personal-income-sept-2017.html">data</a>, which reflected the largest monthly gain since 2009 (likely affected by spending related to recent hurricane devastation), and personal income, which also rose month-over-month.<br> <br>Still, "markets are very concerned, because the big catalyst going forward is tax reform. That's what the market is looking for as the next jump-start to get the economy going to the next level," he said.</p><p>Should the administration's agenda stall further, "that could weigh very badly on the market," he said.<br> <br>According to a Bloomberg News <a href="https://www.cnbc.com/2017/10/30/house-reportedly-considering-phasing-in-corporate-tax-rate-reduction.html">report</a> on Monday, Republicans are considering "gradually" lowering the corporate tax rate, and markets had a relatively muted response.<br> <br>Furthermore, the market is also ripe for some kind of pullback, Schlossberg said, which gives him an overall cautious view heading into the rest of the year.<br> <br>Others are less concerned about the probability that Mueller's investigation into Russian attempts to interfere in the 2016 U.S. presidential election could weigh meaningfully on equities.<br> <br>"There is some trepidation on the Mueller indictments but we are starting to see Trump as teflon, so much so that we think he can 'get away with' firing Mueller and markets would actually take that well as it would remove an overhang. Cries for impeachment remain far fetched whether we like that emotionally or not," Michael Block, chief strategist at Rhino Trading Partners, wrote Monday in a note to clients.<br> <br>Block added: "And the crazy thing is, if Trump does fire Mueller, it's probably bullish for stocks. It would show that this guy can do anything he wants including shove pro business legislation down everyone's throat. I'm not happy about this kind of power even if I like what's good for stocks, but that's my honest read."<br> <br>U.S. markets closed lower on Monday.</p></div>

As political uncertainty continues to mount, some strategists fear intensifying D.C. drama could further push out a tax reform package and roil markets. Following Monday's disclosure that two former Trump campaign officials were indicted as part of Special Counsel Robert Mueller's investigation, continued political turmoil could have a potential "long-term and very negative impact on capital markets," said strategist Boris Schlossberg. "The critical question going forward is whether this is just a one-and-done, or whether it's just the beginning of a very long and perhaps a very, very tedious judicial process that could really weigh both on Washington and Wall Street as we go forward," Schlossberg, managing director of foreign exchange strategy at BK Asset Management, said Monday on CNBC's "Trading Nation." These questions come as economic data have been "superb," Schlossberg said. Specifically, he pointed to the latest consumer spending data, which reflected the largest monthly gain since 2009 (likely affected by spending related to recent hurricane devastation), and personal income, which also rose month-over-month. Still, "markets are very concerned, because the big catalyst going forward is tax reform. That's what the market is looking for as the next jump-start to get the economy going to the next level," he said.Should the administration's agenda stall further, "that could weigh very badly on the market," he said. According to a Bloomberg News report on Monday, Republicans are considering "gradually" lowering the corporate tax rate, and markets had a relatively muted response. Furthermore, the market is also ripe for some kind of pullback, Schlossberg said, which gives him an overall cautious view heading into the rest of the year. Others are less concerned about the probability that Mueller's investigation into Russian attempts to interfere in the 2016 U.S. presidential election could weigh meaningfully on equities. "There is some trepidation on the Mueller indictments but we are starting to see Trump as teflon, so much so that we think he can 'get away with' firing Mueller and markets would actually take that well as it would remove an overhang. Cries for impeachment remain far fetched whether we like that emotionally or not," Michael Block, chief strategist at Rhino Trading Partners, wrote Monday in a note to clients. Block added: "And the crazy thing is, if Trump does fire Mueller, it's probably bullish for stocks. It would show that this guy can do anything he wants including shove pro business legislation down everyone's throat. I'm not happy about this kind of power even if I like what's good for stocks, but that's my honest read." U.S. markets closed lower on Monday.

2021-10-30 14:12:44.714930

Top Ten Cosmetic Surgeries 2011

https://www.cnbc.com/2011/09/12/Top-Ten-Cosmetic-Surgeries-2011.html

2011-09-12T14:40:59+0000

Jessica Naziri

CNBC

Maybe people need a distraction from the bleak economic headlines of the day, or maybe its America's obsession with youth. Either way, business is booming in the business of nips, tucks, and lifts. Cosmetic plastic surgery procedures rose two percent to 1.6 million in 2010, according to a recent study by the American Society of Plastic Surgeons (ASPS), which represents 7,000 board-certified plastic surgeons. "Consumers are willing to spend on themselves again and confidence is up," says Dr. Phil Haeck, president of the ASPS. Although 91 percent of all cosmetic procedures were performed on women, statistics show that more men are going under the knife. Overall cosmetic plastic surgery procedures for men were 2 percent higher in 2010 than the previous year. "The men out there are worrying about how they look compared to the competition, which is much younger," says Haeck. So what are Americans looking to improve? Click ahead to see the most popular cosmetic procedures and the average cost. (Fees do not include anesthesia, operating room facilities, or other related expenses.) By Jessica NaziriPosted 12 September 2011

cnbc, Articles, Special Reports, Healthcare 2011, source:tagname:CNBC US Source

<div class="group"><p>Maybe people need a distraction from the bleak economic headlines of the day, or maybe its America's obsession with youth. Either way, business is booming in the business of nips, tucks, and lifts. <br><br>Cosmetic plastic surgery procedures rose two percent to 1.6 million in 2010, according to a recent study by the American Society of Plastic Surgeons (ASPS), which represents 7,000 board-certified plastic surgeons. <br><br>"Consumers are willing to spend on themselves again and confidence is up," says Dr. Phil Haeck, president of the ASPS. <br><br>Although 91 percent of all cosmetic procedures were performed on women, statistics show that more men are going under the knife. Overall cosmetic plastic surgery procedures for men were 2 percent higher in 2010 than the previous year. <br><br>"The men out there are worrying about how they look compared to the competition, which is much younger," says Haeck. <br><br>So what are Americans looking to improve? Click ahead to see the most popular cosmetic procedures and the average cost. (Fees do not include anesthesia, operating room facilities, or other related expenses.) <br><br><em>By Jessica Naziri<br>Posted 12 September 2011</em></p></div>,<div class="group"><p>No. of surgeries performed: 296,203 (up 2 percent) <br>Surgeon fee: $3,351 <br><br>Breast augmentation, or augmentation mammaplasty, has been the most popular cosmetic procedure since 2006. </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>No. of surgeries performed :252,261 <br>Surgeon fee: $4,306 (down 1 percent) <br><br>Commonly called a nose job, rhinoplasty is the reshaping of the nose to make it bigger or smaller, to narrow the span of the nostrils, or to change the angle between the nose and upper lip. </p></div>,<div class="group"><p>No. of surgeries performed: 208,764 <br>Surgeon fee: $2,828 (up 3 percent) <br><br>In eyelid surgery, or blepharoplasty, drooping upper eyelids and bags below the eyes are corrected by removing extra fat, muscle, and skin. </p></div>,<div class="group"><p>No. of surgeries performed: 203,106 <br>Surgeon fee: $2,828 (up 2 percent) <br><br>Liposuction, technically known as suction lipoplasty, is the removal of fat deposits using a vacuum-like device. The procedure is often performed on the abdomen, buttocks, hips, thighs, and upper arms. </p></div>,<div class="group"><p>No. of surgeries performed: 116,000 <br>Surgeon fee: $2,828 (up 1 percent) <br><br>The tummy tuck is a common cosmetic procedure used to tighten overly stretched abdominal muscles and skin. </p></div>,<div class="group"><p>No. of surgeries performed: 116,000 <br>Surgeon fee: $6,231 (up 9 percent) <br><br>Many factors including exposure to the sun, fluctuations in weight, genetics, and smoking take a toll on the appearance of the human face. A face lift, also known as rhytidectomy, attempts to correct the damage by firming and tightening the skin of the face. <br><br>In 2010, the number of men undergoing rhytidectomy increased by 14 percent. </p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>No. of surgeries performed: 89,931 <br>Surgeon fee: $4,207 (up 3 percent) <br><br>Many women have sought out breast lifts, or mastopexy, to reduce sagging and to achieve firmer and shapelier breasts. The procedure is frequently done in conjunction with breast augmentation and breast reduction. </p></div>,<div class="group"><p>No. of surgeries performed: 68,636 <br>Surgeon fee: $4,207 (up 8 percent) <br><br>Surgeons use dermabrasion for the treatment of scarring related to acne, rosacea, tattoos, chicken pox, scars, skin growths, multiple pigmented birthmarks, blotchy brown or liver spots, keloids, and sun-damaged skin. It produces smoother skin by removing the epidermis, or outer layer of skin, so that new tissue grows back to replace the old. </p></div>,<div class="group"><p>No. of surgeries performed: 42,433 <br>Surgeon fee: $3,161 (up 1 percent) <br><br>This procedure designed to rejuvenate one's appearance by reducing or eliminating lines and creases in the skin on the upper portion of the face. </p></div>,<div class="group"><p>No. of surgeries performed: 21,714 <br>Surgeon fee: $2,288 (up 9 percent) <br><br>Some women who have their breasts surgically enlarged later decide to have the implants removed. This, of course, requires another surgery. Breast implant removal is generally less costly than it is to have the implants inserted. </p></div>

Maybe people need a distraction from the bleak economic headlines of the day, or maybe its America's obsession with youth. Either way, business is booming in the business of nips, tucks, and lifts. Cosmetic plastic surgery procedures rose two percent to 1.6 million in 2010, according to a recent study by the American Society of Plastic Surgeons (ASPS), which represents 7,000 board-certified plastic surgeons. "Consumers are willing to spend on themselves again and confidence is up," says Dr. Phil Haeck, president of the ASPS. Although 91 percent of all cosmetic procedures were performed on women, statistics show that more men are going under the knife. Overall cosmetic plastic surgery procedures for men were 2 percent higher in 2010 than the previous year. "The men out there are worrying about how they look compared to the competition, which is much younger," says Haeck. So what are Americans looking to improve? Click ahead to see the most popular cosmetic procedures and the average cost. (Fees do not include anesthesia, operating room facilities, or other related expenses.) By Jessica NaziriPosted 12 September 2011No. of surgeries performed: 296,203 (up 2 percent) Surgeon fee: $3,351 Breast augmentation, or augmentation mammaplasty, has been the most popular cosmetic procedure since 2006. No. of surgeries performed :252,261 Surgeon fee: $4,306 (down 1 percent) Commonly called a nose job, rhinoplasty is the reshaping of the nose to make it bigger or smaller, to narrow the span of the nostrils, or to change the angle between the nose and upper lip. No. of surgeries performed: 208,764 Surgeon fee: $2,828 (up 3 percent) In eyelid surgery, or blepharoplasty, drooping upper eyelids and bags below the eyes are corrected by removing extra fat, muscle, and skin. No. of surgeries performed: 203,106 Surgeon fee: $2,828 (up 2 percent) Liposuction, technically known as suction lipoplasty, is the removal of fat deposits using a vacuum-like device. The procedure is often performed on the abdomen, buttocks, hips, thighs, and upper arms. No. of surgeries performed: 116,000 Surgeon fee: $2,828 (up 1 percent) The tummy tuck is a common cosmetic procedure used to tighten overly stretched abdominal muscles and skin. No. of surgeries performed: 116,000 Surgeon fee: $6,231 (up 9 percent) Many factors including exposure to the sun, fluctuations in weight, genetics, and smoking take a toll on the appearance of the human face. A face lift, also known as rhytidectomy, attempts to correct the damage by firming and tightening the skin of the face. In 2010, the number of men undergoing rhytidectomy increased by 14 percent. No. of surgeries performed: 89,931 Surgeon fee: $4,207 (up 3 percent) Many women have sought out breast lifts, or mastopexy, to reduce sagging and to achieve firmer and shapelier breasts. The procedure is frequently done in conjunction with breast augmentation and breast reduction. No. of surgeries performed: 68,636 Surgeon fee: $4,207 (up 8 percent) Surgeons use dermabrasion for the treatment of scarring related to acne, rosacea, tattoos, chicken pox, scars, skin growths, multiple pigmented birthmarks, blotchy brown or liver spots, keloids, and sun-damaged skin. It produces smoother skin by removing the epidermis, or outer layer of skin, so that new tissue grows back to replace the old. No. of surgeries performed: 42,433 Surgeon fee: $3,161 (up 1 percent) This procedure designed to rejuvenate one's appearance by reducing or eliminating lines and creases in the skin on the upper portion of the face. No. of surgeries performed: 21,714 Surgeon fee: $2,288 (up 9 percent) Some women who have their breasts surgically enlarged later decide to have the implants removed. This, of course, requires another surgery. Breast implant removal is generally less costly than it is to have the implants inserted.

2021-10-30 14:12:44.758532

US created 211,000 jobs in April, vs 185,000 jobs expected

https://www.cnbc.com/2017/05/05/nonfarm-payrolls-april-2017.html

2017-05-05T12:57:54+0000

Jeff Cox

CNBC

Job creation in April bounced back from a disappointing March, with nonfarm payrolls growing by 211,000 while the unemployment rate fell to 4.4 percent, its lowest since May 2007.Economists surveyed by Reuters had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled the dismal March number.Market experts believe the report likely cements an imminent interest rate hike."The market has sorely needed a shot of unambiguously positive 'hard' data," Quincy Krosby, market strategist at Prudential Financial, said in a statement. "This morning's employment report suggests the Fed will most certainly move in June."Wages grew seven cents an hour to an annualized pace of 2.5 percent.The unemployment rate dropped even as the labor force participation rate edged lower to 62.9 percent. The employment-to-population ratio increased to 60.2 percent, its best showing of 2017 and the highest level since February 2009."This just adds to the perception that it's going to be easier and easier to find a job if you want one these days," said Brian Coulton, chief economist at Fitch Ratings. "It's job security that causes people to ask for wage rises. If it's easier for them to get a job outside their company, they're more likely to push for higher wages."An alternative reading on the unemployment rate that includes those not actively looking for jobs as well as those working part-time for economic reasons dropped to 8.6 percent from 8.9 percent in March, the best reading since November 2007. Those counted as not in the labor force swelled to 94.4 million but that was countered by an increase of 156,000 counted as employed, according to the household survey.

cnbc, Articles, Bitcoin, Economy, Unemployment, Jobs, US Economy, US: News, Business News, source:tagname:CNBC US Source

<div class="group"><p>Job creation in April bounced back from a disappointing March, with nonfarm payrolls growing by 211,000 while the unemployment rate fell to 4.4 percent, its lowest since May 2007.</p><p>Economists surveyed by Reuters had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled the dismal March number.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Market experts believe the report likely cements an imminent interest rate hike.</p><p>"The market has sorely needed a shot of unambiguously positive 'hard' data," Quincy Krosby, market strategist at Prudential Financial, said in a statement. "This morning's employment report suggests the Fed will most certainly move in June."</p><p>Wages grew seven cents an hour to an annualized pace of 2.5 percent.</p><p>The unemployment rate dropped even as the labor force participation rate edged lower to 62.9 percent. The employment-to-population ratio increased to 60.2 percent, its best showing of 2017 and the highest level since February 2009.</p><p>"This just adds to the perception that it's going to be easier and easier to find a job if you want one these days," said Brian Coulton, chief economist at Fitch Ratings. "It's job security that causes people to ask for wage rises. If it's easier for them to get a job outside their company, they're more likely to push for higher wages."</p><div style="height:100%" class="lazyload-placeholder"></div><p>An alternative reading on the unemployment rate that includes those not actively looking for jobs as well as those working part-time for economic reasons dropped to 8.6 percent from 8.9 percent in March, the best reading since November 2007. Those counted as not in the labor force swelled to 94.4 million but that was countered by an increase of 156,000 counted as employed, according to the household survey.</p></div>,<div class="group"><p>Job growth was concentrated in lower-paying areas, with leisure and hospitality adding 55,000 positions. Health care and social assistance rose 37,000, financial activities grew by 19,000 and professional and business services grew by 39,000. Government payrolls increased by 17,000 and mining rose 9,000.</p><p>The report comes a month after a dismal March that saw payrolls grow by just 79,000, a number that was revised lower from 98,000. That number dashed some of the hopes that the economy was poised for a breakout year in 2017. February's reading grew, however, from 219,000 to 232,000.<br><br> The weak March payroll gain also closed out a disappointing quarter for U.S. growth overall, with gross domestic product rising just 0.7 percent.</p><p>Jobs skewed sharply to full-time positions, which grew by 480,000, while the part-time rolls tumbled by 370,000.<br><br>The Federal Reserve, at its two-day meeting earlier this week, projected that the weakness to start the year was likely "transitory" and likely to change as seasonal factors abate. <br><br>The central bank is widely expected to hike its benchmark interest rate a quarter point at its June meeting.</p><p>Chances of a hike rose following the jobs release, with traders now putting a 78.5 percent probability on June for a quarter-point raise. December remains the most likely month for another move with a 57.2 percent chance, up a percentage point from Thursday.</p><p>"The Federal Reserve, while not a religious entity, has indicated that its members have faith that the economy will return to a familiar, steady growth path after a lackluster start to the year," said Mark Hamrick, senior economic analyst at Bankrate.com. "The April jobs report helps them to keep their own brand of faith, meaning that the odds are good that the outlook remains for rising interest rates."</p><p><a href="https://www.cnbc.com/2017/05/05/futures-point-to-lower-open-on-wall-street-ahead-of-jobs-report.html">Get the market reaction here.</a></p><p><strong>This is breaking news. Please check back for further updates.</strong></p><p><em>Correction — A previous version misstated the number of leisure and hospitality positions.</em></p><p><strong>Watch: Headline unemployment rate may not be best jobs measure</strong></p></div>,<div class="group"></div>

Job creation in April bounced back from a disappointing March, with nonfarm payrolls growing by 211,000 while the unemployment rate fell to 4.4 percent, its lowest since May 2007.Economists surveyed by Reuters had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled the dismal March number.Market experts believe the report likely cements an imminent interest rate hike."The market has sorely needed a shot of unambiguously positive 'hard' data," Quincy Krosby, market strategist at Prudential Financial, said in a statement. "This morning's employment report suggests the Fed will most certainly move in June."Wages grew seven cents an hour to an annualized pace of 2.5 percent.The unemployment rate dropped even as the labor force participation rate edged lower to 62.9 percent. The employment-to-population ratio increased to 60.2 percent, its best showing of 2017 and the highest level since February 2009."This just adds to the perception that it's going to be easier and easier to find a job if you want one these days," said Brian Coulton, chief economist at Fitch Ratings. "It's job security that causes people to ask for wage rises. If it's easier for them to get a job outside their company, they're more likely to push for higher wages."An alternative reading on the unemployment rate that includes those not actively looking for jobs as well as those working part-time for economic reasons dropped to 8.6 percent from 8.9 percent in March, the best reading since November 2007. Those counted as not in the labor force swelled to 94.4 million but that was countered by an increase of 156,000 counted as employed, according to the household survey.Job growth was concentrated in lower-paying areas, with leisure and hospitality adding 55,000 positions. Health care and social assistance rose 37,000, financial activities grew by 19,000 and professional and business services grew by 39,000. Government payrolls increased by 17,000 and mining rose 9,000.The report comes a month after a dismal March that saw payrolls grow by just 79,000, a number that was revised lower from 98,000. That number dashed some of the hopes that the economy was poised for a breakout year in 2017. February's reading grew, however, from 219,000 to 232,000. The weak March payroll gain also closed out a disappointing quarter for U.S. growth overall, with gross domestic product rising just 0.7 percent.Jobs skewed sharply to full-time positions, which grew by 480,000, while the part-time rolls tumbled by 370,000.The Federal Reserve, at its two-day meeting earlier this week, projected that the weakness to start the year was likely "transitory" and likely to change as seasonal factors abate. The central bank is widely expected to hike its benchmark interest rate a quarter point at its June meeting.Chances of a hike rose following the jobs release, with traders now putting a 78.5 percent probability on June for a quarter-point raise. December remains the most likely month for another move with a 57.2 percent chance, up a percentage point from Thursday."The Federal Reserve, while not a religious entity, has indicated that its members have faith that the economy will return to a familiar, steady growth path after a lackluster start to the year," said Mark Hamrick, senior economic analyst at Bankrate.com. "The April jobs report helps them to keep their own brand of faith, meaning that the odds are good that the outlook remains for rising interest rates."Get the market reaction here.This is breaking news. Please check back for further updates.Correction — A previous version misstated the number of leisure and hospitality positions.Watch: Headline unemployment rate may not be best jobs measure

2021-10-30 14:12:44.814335

Amazon gives shoppers a glimpse at its Prime Day deals

https://www.cnbc.com/2016/06/29/amazon-gives-shoppers-a-glimpse-at-its-prime-day-deals.html

2016-06-30T05:00:00+0000

Krystina Gustafson

CNBC

Amazon has finally lifted the lid on its second-annual Prime Day sale, which it's touting as the "biggest Amazon event ever." On July 12, the online retailer will offer Prime members new deals as often as every five minutes. That compares with a new deal every 10 minutes during last year's Prime Day. In all, the sale will include more than 100,000 deals spanning "nearly all departments and categories," from televisions to vitamins. Amazon did not provide a comparable number of items for last year's event, but said this is the largest number of deals it's offered in a single day. The U.S. sale will kick off at 3 a.m. Eastern for existing Prime members, as well as those who sign up that day for one of its paid memberships or free 30-day trial. Unlike last year, Amazon will offer a handful deals for Prime members in the week leading up to Prime Day, on items including a 32-inch TV bundled with a Fire TV Stick, which will sell for $119.99. "Following last year's record sales, we have dramatically increased the inventory behind many deals," said Greg Greeley, vice president of Amazon Prime. That includes nearly double the number of TV units in stock as compared with Black Friday and Cyber Monday combined. Last year, some shoppers complained on social media that the deals were selling out too quickly. Amazon's Prime Day playbook is similar to its Black Friday strategy, which also rolled out deals every five minutes. Company spokeswoman Julie Law said some of the discounts will be deeper than last year's event. During its inaugural Prime Day sale, held last July in honor of the company's 20th anniversary, Amazon sold more units than on Black Friday 2014, which at the time was its biggest ever (Amazon's 2015 Black Friday event surpassed that metric). In addition to driving sales, the event led to more new members trying Prime than on any day in its history, Amazon said. Though Amazon does not release information regarding the number of Prime members, Consumer Intelligence Research Partners estimates Amazon has 54 million U.S. members. The firm's data also shows that 73 percent of Amazon's 30-day trial subscribers pay for the first full year of membership. And 91 percent of first-year subscribers renew for a second year, CIRP said. Amazon has not set an explicit goal for this year's event, though the company expects it to be "another record-breaking Prime Day," Law said. She said additional details regarding specific Prime Day deals will be released closer to the event, including "far more" limited-time lightning deals and deals of the day. Shoppers last year also grumbled on social media that the discounts were not as deep as they had expected, and that some of the items on sale seemed strange. One deal, for example, promoted a chef's hat. Law responded to criticism that the Prime Day discounts at times seem random, saying the event is different from Black Friday in that it's not a gifting holiday. Instead, it's the time of year when shoppers are stocking up on such things as seasonal summer goods and back-to-school essentials, she said. "What could be weird to one person may be wonderful to someone else," Law said. "We really stand behind the deals we had last year and the deals we have this year." Amazon's announcement, while widely expected, comes one day after Wal-Mart announced a free 30-day trial for its ShippingPass service, which is positioned as a competitor to Prime. Similar to Amazon Prime, Wal-Mart shoppers can pay an annual fee to receive unlimited two-day shipping. Wal-Mart's version of the service costs $49 a year, compared to $99 for an annual Prime subscription. However, Prime membership includes additional benefits that aren't part of Wal-Mart's program, including unlimited streaming of movies and TV shows. Amazon also boasts a broader array of products, with more than 20 million items eligible for Prime. Walmart's U.S. site has roughly 7 million items up for grabs.

cnbc, Articles, Amazon.com Inc, Retail industry, Retail, US: News, DO NOT USE Consumer, Business News, source:tagname:CNBC US Source

<div class="group"><p> <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> has finally lifted the lid on its second-annual Prime Day sale, which it's touting as the "biggest Amazon event ever."</p><p> On July 12, the online retailer will offer Prime members new deals as often as every five minutes. That compares with a new deal every 10 minutes during last year's Prime Day. In all, the sale will include more than 100,000 deals spanning "nearly all departments and categories," from televisions to vitamins. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Amazon did not provide a comparable number of items for last year's event, but said this is the largest number of deals it's offered in a single day.</p><p> The U.S. sale will kick off at 3 a.m. Eastern for existing Prime members, as well as those who sign up that day for one of its paid memberships or free 30-day trial. Unlike last year, Amazon will offer a handful deals for Prime members in the week leading up to Prime Day, on items including a 32-inch TV bundled with a Fire TV Stick, which will sell for $119.99. </p><p> "Following last year's record sales, we have dramatically increased the inventory behind many deals," said Greg Greeley, vice president of Amazon Prime. </p><p>That includes nearly double the number of TV units in stock as compared with Black Friday and Cyber Monday combined. <span>Last year, some shoppers complained on social media that the deals were selling out too quickly.</span></p><p> Amazon's Prime Day playbook is similar to its Black Friday strategy, which also rolled out deals every five minutes. Company spokeswoman Julie Law said some of the discounts will be deeper than last year's event.</p><div style="height:100%" class="lazyload-placeholder"></div><p> During its inaugural Prime Day sale, held last July in honor of the company's 20th anniversary, Amazon sold more units than on Black Friday 2014, which at the time was its biggest ever (Amazon's 2015 Black Friday event surpassed that metric). In addition to driving sales, the event led to more new members trying Prime than on any day in its history, Amazon said.</p><p> Though Amazon does not release information regarding the number of Prime members, Consumer Intelligence Research Partners estimates Amazon has 54 million U.S. members. The firm's data also shows that 73 percent of Amazon's 30-day trial subscribers pay for the first full year of membership. And 91 percent of first-year subscribers renew for a second year, CIRP said.</p><p> Amazon has not set an explicit goal for this year's event, though the company expects it to be "another record-breaking Prime Day," Law said. She said additional details regarding specific Prime Day deals will be released closer to the event, including "far more" limited-time lightning deals and deals of the day. </p><p>Shoppers last year also grumbled on social media that the discounts were not as deep as they had expected, and that some of the items on sale seemed strange. One deal, for example, promoted a chef's hat.</p><p> Law responded to criticism that the Prime Day discounts at times seem random, saying the event is different from Black Friday in that it's not a gifting holiday. Instead, it's the time of year when shoppers are stocking up on such things as seasonal summer goods and back-to-school essentials, she said.</p><p> "What could be weird to one person may be wonderful to someone else," Law said. "We really stand behind the deals we had last year and the deals we have this year."</p><p> Amazon's announcement, while widely expected, comes one day after <a href="//www.cnbc.com/quotes/WMT" target="_blank">Wal-Mart</a> announced a <a href="https://www.cnbc.com/2016/06/29/wal-mart-takes-aim-at-amazon-as-prime-day-approaches.html">free 30-day trial for its ShippingPass service</a>, which is positioned as a competitor to Prime. Similar to Amazon Prime, Wal-Mart shoppers can pay an annual fee to receive unlimited two-day shipping. </p><p> Wal-Mart's version of the service costs $49 a year, compared to $99 for an annual Prime subscription. However, Prime membership includes additional benefits that aren't part of Wal-Mart's program, including unlimited streaming of movies and TV shows. Amazon also boasts a broader array of products, with more than 20 million items eligible for Prime. Walmart's U.S. site has roughly 7 million items up for grabs.</p></div>

Amazon has finally lifted the lid on its second-annual Prime Day sale, which it's touting as the "biggest Amazon event ever." On July 12, the online retailer will offer Prime members new deals as often as every five minutes. That compares with a new deal every 10 minutes during last year's Prime Day. In all, the sale will include more than 100,000 deals spanning "nearly all departments and categories," from televisions to vitamins. Amazon did not provide a comparable number of items for last year's event, but said this is the largest number of deals it's offered in a single day. The U.S. sale will kick off at 3 a.m. Eastern for existing Prime members, as well as those who sign up that day for one of its paid memberships or free 30-day trial. Unlike last year, Amazon will offer a handful deals for Prime members in the week leading up to Prime Day, on items including a 32-inch TV bundled with a Fire TV Stick, which will sell for $119.99. "Following last year's record sales, we have dramatically increased the inventory behind many deals," said Greg Greeley, vice president of Amazon Prime. That includes nearly double the number of TV units in stock as compared with Black Friday and Cyber Monday combined. Last year, some shoppers complained on social media that the deals were selling out too quickly. Amazon's Prime Day playbook is similar to its Black Friday strategy, which also rolled out deals every five minutes. Company spokeswoman Julie Law said some of the discounts will be deeper than last year's event. During its inaugural Prime Day sale, held last July in honor of the company's 20th anniversary, Amazon sold more units than on Black Friday 2014, which at the time was its biggest ever (Amazon's 2015 Black Friday event surpassed that metric). In addition to driving sales, the event led to more new members trying Prime than on any day in its history, Amazon said. Though Amazon does not release information regarding the number of Prime members, Consumer Intelligence Research Partners estimates Amazon has 54 million U.S. members. The firm's data also shows that 73 percent of Amazon's 30-day trial subscribers pay for the first full year of membership. And 91 percent of first-year subscribers renew for a second year, CIRP said. Amazon has not set an explicit goal for this year's event, though the company expects it to be "another record-breaking Prime Day," Law said. She said additional details regarding specific Prime Day deals will be released closer to the event, including "far more" limited-time lightning deals and deals of the day. Shoppers last year also grumbled on social media that the discounts were not as deep as they had expected, and that some of the items on sale seemed strange. One deal, for example, promoted a chef's hat. Law responded to criticism that the Prime Day discounts at times seem random, saying the event is different from Black Friday in that it's not a gifting holiday. Instead, it's the time of year when shoppers are stocking up on such things as seasonal summer goods and back-to-school essentials, she said. "What could be weird to one person may be wonderful to someone else," Law said. "We really stand behind the deals we had last year and the deals we have this year." Amazon's announcement, while widely expected, comes one day after Wal-Mart announced a free 30-day trial for its ShippingPass service, which is positioned as a competitor to Prime. Similar to Amazon Prime, Wal-Mart shoppers can pay an annual fee to receive unlimited two-day shipping. Wal-Mart's version of the service costs $49 a year, compared to $99 for an annual Prime subscription. However, Prime membership includes additional benefits that aren't part of Wal-Mart's program, including unlimited streaming of movies and TV shows. Amazon also boasts a broader array of products, with more than 20 million items eligible for Prime. Walmart's U.S. site has roughly 7 million items up for grabs.

2021-10-30 14:12:44.902882

Stocks waver on a big earnings day

https://www.cnbc.com/2012/10/25/stocks-waver-on-a-big-earnings-day.html

2012-10-25T19:19:00+0000

CNBC

NEW YORK -- A weak showing in home sales and a mixed batch of earnings reports kept the stock market flipping between minor gains and losses on Wall Street. With an hour left in the trading day, the major market indexes were slightly up.A strong profit report from Procter & Gamble helped indexes start higher early Thursday, but they weakened in late morning trading after a realtor group said that the pace of contracts for new home sales had leveled off.That turned the stocks of builders sharply lower. PulteGroup was off 3 percent, giving up an early gain. D.R. Horton fell 2 percent and Toll Brothers fell 3 percent.In afternoon trading Thursday the Dow Jones industrial average was up five points at 13,082. It had climbed as much as 87 points earlier in the day.The Standard & Poor's 500 rose three points to 1,412 and the Nasdaq gained six points to 2,987."This is a market still working through a difficult earnings season," said Jason Pride, the director of investment strategy for Glenmede, a wealth-management firm.Pride said investors probably celebrated too much after the Federal Reserve pledged more support for the economy in early September. They overlooked shrinking economies in Europe, slower growth in China and other signs that this earnings season would be rough. In the past two weeks, they've paid for it."We had a party and now we're dealing with a hangover," he said. "The market is basically back to where it was at the end of August. I don't think that's unreasonable."The stock market has been in a slump for more than a week because of the weak revenue numbers and lower profit projections that have emerged from the latest round of corporate earnings reports.The Dow gained 127 points Oct. 16 but since then has managed only two daily gains, both of them meager. The average has lost 474 points since that last significant increase.Among companies reporting earnings Thursday, infant formula maker Mead Johnson Nutrition plunged 10 percent after its revenue came in well below what Wall Street analysts were expecting. The company also cut its forecast for full-year earnings and its stocks slumped $6.92 to $62.59.Profits at United Airlines declined with fewer people flying, and the company fell well short of Wall Street expectations. The stock fell 77 cents to $19.50, a loss of 4 percent.Homebuilders fell broadly after the pace of growth in home sales slowed last month. PulteGroup, which returned to profitability in the third quarter, gave up an early gain and was trading down 51 cents at $16.94. Toll Brothers fell 93 to $34.32 and D.R. Horton fell 25 cents to $21.16.Procter & Gamble was the biggest gainer in the Dow after the consumer products company, whose products include Tide, Gillette and Charmin, reported earnings that beat analysts' expectations. P&G rose $1.90 to $69.98.Online game maker Zynga jumped 26 cents to $2.39 after the company reported revenue that was stronger than analysts had anticipated. The company also said it would cut costs and enter the gambling business.Health insurer Aetna rose 38 cents to $44.33 after reporting a 2 percent gain in third-quarter earnings. Higher revenue and lower-than-expected health care claims helped the company beat Wall Street's profit expectations.Apple and Amazon.com report earnings after the market closes.As investors moved into stocks, they sold U.S. government bonds, sending yields higher. The benchmark 10-year U.S. Treasury note yielded 1.83 percent, up from 1.79 percent late Wednesday.

cnbc, Articles, Toll Brothers Inc, D R Horton Inc, Pultegroup Inc, Aetna Inc, United Airlines Holdings Inc, Procter & Gamble Co, Europe, New York City, New York, North America, United States, China, Wires, source:tagname:The Associated Press

<div class="group"><p>NEW YORK -- A weak showing in home sales and a mixed batch of earnings reports kept the stock market flipping between minor gains and losses on Wall Street. With an hour left in the trading day, the major market indexes were slightly up.</p><p>A strong profit report from Procter &amp; Gamble helped indexes start higher early Thursday, but they weakened in late morning trading after a realtor group said that the pace of contracts for new home sales had leveled off.</p><div style="height:100%" class="lazyload-placeholder"></div><p>That turned the stocks of builders sharply lower. PulteGroup was off 3 percent, giving up an early gain. D.R. Horton fell 2 percent and Toll Brothers fell 3 percent.</p><p>In afternoon trading Thursday the Dow Jones industrial average was up five points at 13,082. It had climbed as much as 87 points earlier in the day.</p><p>The Standard &amp; Poor's 500 rose three points to 1,412 and the Nasdaq gained six points to 2,987.</p><p>"This is a market still working through a difficult earnings season," said Jason Pride, the director of investment strategy for Glenmede, a wealth-management firm.</p><p>Pride said investors probably celebrated too much after the Federal Reserve pledged more support for the economy in early September. They overlooked shrinking economies in Europe, slower growth in China and other signs that this earnings season would be rough. In the past two weeks, they've paid for it.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We had a party and now we're dealing with a hangover," he said. "The market is basically back to where it was at the end of August. I don't think that's unreasonable."</p><p>The stock market has been in a slump for more than a week because of the weak revenue numbers and lower profit projections that have emerged from the latest round of corporate earnings reports.</p><p>The Dow gained 127 points Oct. 16 but since then has managed only two daily gains, both of them meager. The average has lost 474 points since that last significant increase.</p><p>Among companies reporting earnings Thursday, infant formula maker Mead Johnson Nutrition plunged 10 percent after its revenue came in well below what Wall Street analysts were expecting. The company also cut its forecast for full-year earnings and its stocks slumped $6.92 to $62.59.</p><p>Profits at United Airlines declined with fewer people flying, and the company fell well short of Wall Street expectations. The stock fell 77 cents to $19.50, a loss of 4 percent.</p><p>Homebuilders fell broadly after the pace of growth in home sales slowed last month. PulteGroup, which returned to profitability in the third quarter, gave up an early gain and was trading down 51 cents at $16.94. Toll Brothers fell 93 to $34.32 and D.R. Horton fell 25 cents to $21.16.</p><p>Procter &amp; Gamble was the biggest gainer in the Dow after the consumer products company, whose products include Tide, Gillette and Charmin, reported earnings that beat analysts' expectations. P&amp;G rose $1.90 to $69.98.</p><p>Online game maker Zynga jumped 26 cents to $2.39 after the company reported revenue that was stronger than analysts had anticipated. The company also said it would cut costs and enter the gambling business.</p><p>Health insurer Aetna rose 38 cents to $44.33 after reporting a 2 percent gain in third-quarter earnings. Higher revenue and lower-than-expected health care claims helped the company beat Wall Street's profit expectations.</p><p>Apple and Amazon.com report earnings after the market closes.</p><p>As investors moved into stocks, they sold U.S. government bonds, sending yields higher. The benchmark 10-year U.S. Treasury note yielded 1.83 percent, up from 1.79 percent late Wednesday.</p></div>

NEW YORK -- A weak showing in home sales and a mixed batch of earnings reports kept the stock market flipping between minor gains and losses on Wall Street. With an hour left in the trading day, the major market indexes were slightly up.A strong profit report from Procter & Gamble helped indexes start higher early Thursday, but they weakened in late morning trading after a realtor group said that the pace of contracts for new home sales had leveled off.That turned the stocks of builders sharply lower. PulteGroup was off 3 percent, giving up an early gain. D.R. Horton fell 2 percent and Toll Brothers fell 3 percent.In afternoon trading Thursday the Dow Jones industrial average was up five points at 13,082. It had climbed as much as 87 points earlier in the day.The Standard & Poor's 500 rose three points to 1,412 and the Nasdaq gained six points to 2,987."This is a market still working through a difficult earnings season," said Jason Pride, the director of investment strategy for Glenmede, a wealth-management firm.Pride said investors probably celebrated too much after the Federal Reserve pledged more support for the economy in early September. They overlooked shrinking economies in Europe, slower growth in China and other signs that this earnings season would be rough. In the past two weeks, they've paid for it."We had a party and now we're dealing with a hangover," he said. "The market is basically back to where it was at the end of August. I don't think that's unreasonable."The stock market has been in a slump for more than a week because of the weak revenue numbers and lower profit projections that have emerged from the latest round of corporate earnings reports.The Dow gained 127 points Oct. 16 but since then has managed only two daily gains, both of them meager. The average has lost 474 points since that last significant increase.Among companies reporting earnings Thursday, infant formula maker Mead Johnson Nutrition plunged 10 percent after its revenue came in well below what Wall Street analysts were expecting. The company also cut its forecast for full-year earnings and its stocks slumped $6.92 to $62.59.Profits at United Airlines declined with fewer people flying, and the company fell well short of Wall Street expectations. The stock fell 77 cents to $19.50, a loss of 4 percent.Homebuilders fell broadly after the pace of growth in home sales slowed last month. PulteGroup, which returned to profitability in the third quarter, gave up an early gain and was trading down 51 cents at $16.94. Toll Brothers fell 93 to $34.32 and D.R. Horton fell 25 cents to $21.16.Procter & Gamble was the biggest gainer in the Dow after the consumer products company, whose products include Tide, Gillette and Charmin, reported earnings that beat analysts' expectations. P&G rose $1.90 to $69.98.Online game maker Zynga jumped 26 cents to $2.39 after the company reported revenue that was stronger than analysts had anticipated. The company also said it would cut costs and enter the gambling business.Health insurer Aetna rose 38 cents to $44.33 after reporting a 2 percent gain in third-quarter earnings. Higher revenue and lower-than-expected health care claims helped the company beat Wall Street's profit expectations.Apple and Amazon.com report earnings after the market closes.As investors moved into stocks, they sold U.S. government bonds, sending yields higher. The benchmark 10-year U.S. Treasury note yielded 1.83 percent, up from 1.79 percent late Wednesday.

2021-10-30 14:12:44.965556

Busch: Official Wrong Thing At the Wrong Time

https://www.cnbc.com/2008/10/23/busch-official-wrong-thing-at-the-wrong-time.html

2008-10-23T13:49:17+0000

Andrew Busch

CNBC

It seems there is a global effort to exacerbate the problems and worries of the world. Let's start in Japan where Prime Minister Taro Aso said today that people should not be over-concerned about daily movements in Japanese share prices, after the benchmark Nikkei average fell to a 5-year low."Stock prices in New York fell yesterday, but they rose the day before. We should not fret over stock moves," Aso told reporters according to MNI. Which begs the question, when's the next election in Japan? I'm thinking they are closer to Italy than we know....BTW, Japanese exports to the US fell 10% and Japan's trade surplus shrunk 94% as a wonderful indication of why stocks in Japan are under pressure.Next up fresh after being forced to testify on Capitol Hill, the ratings agencies are out and about focusing on emerging markets. Standard & Poor's Ratings Services today said it had revised its outlook on the long-term sovereign credit ratings on The Russian Federation to negative from stable according to Reuters. "The outlook revision reflects the likelihood of a downgrade if costs to the Russian government of the bank rescue operations continue to increase, amid rising capital outflows as confidence in the financial system and the monetary regime declines," Standard & Poor's credit analyst Frank Gill said. "It is difficult at present to determine the ultimate impact on the public sector balance sheet of the banking system bail-out, not least due to the uncertain outlook on asset quality." How about looking at lower oil prices as an indication of their problems along with that little foray into a neighboring country? Just for fun, put up a chart of crude vs the Russian Ruble.Yesterday, United States Sen. Charles Schumer, Sen. Jack Reed, and Sen. Robert Menendez asked the US Treasury department to establish guidelines saying that banks receiving government capital injections should use the funds to restore their lending practices to levels prior to the onset of the credit crisis. "Although we are supportive of your efforts to restore stability to the financial system through direct capital injections into financial institutions, we are concerned that if the program is not implemented correctly, it's effectiveness will be limited." According to CNBC's website, the letter tells Treasury officials that they should issue guidelines that specify the type of lending allowed, encourage loan modifications, and provide more oversight of executive legislation. In this same vein, the Michigan congressional delegation has drafted a letter it intends to send to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson later this week, urging the two officials to use their "broad regulatory authority" to "promote liquidity in the U.S. auto industry." (WSJ)This type of government micromanaging of the financial system and government reach into the private sector takes us full circle back to the 1930s. This will accelerate with a potentially strongly Democratic legislative and executive branches next year. Globally, the theme of governments aggressively stepping into the private sector is the short term cure for all that ails from credit crisis. Longer term for the developed countries, it will create sclerotic economies unable to grow faster than 2% due to regulation and programs designed to effect social goals instead of profit targets. For now, all that matters is survival and socialism is embraced. ________________________

cnbc, Articles, Street Signs, Opinion, Blogs, Guest Blog, source:tagname:CNBC US Source

<div class="group"><p>It seems there is a global effort to exacerbate the problems and worries of the world. Let's start in Japan where Prime Minister Taro Aso said today that people should not be over-concerned about daily movements in Japanese share prices, after the benchmark Nikkei average fell to a 5-year low.</p><p>"Stock prices in New York fell yesterday, but they rose the day before. We should not fret over stock moves," Aso told reporters according to MNI. Which begs the question, when's the next election in Japan? I'm thinking they are closer to Italy than we know....BTW, Japanese exports to the US fell 10% and Japan's trade surplus shrunk 94% as a wonderful indication of why stocks in Japan are under pressure.</p><ul><li><strong><em>Andy Busch Will be on <a href="https://www.cnbc.com/street-signs/">"Street Signs"</a> Today To Talk About Dollar</em></strong></li></ul><div style="height:100%" class="lazyload-placeholder"></div><p>Next up fresh after being forced to testify on Capitol Hill, the ratings agencies are out and about focusing on emerging markets. Standard &amp; Poor's Ratings Services today said it had revised its outlook on the long-term sovereign credit ratings on The Russian Federation to negative from stable according to Reuters. "The outlook revision reflects the likelihood of a downgrade if costs to the Russian government of the bank rescue operations continue to increase, amid rising capital outflows as confidence in the financial system and the monetary regime declines," Standard &amp; Poor's credit analyst Frank Gill said. "It is difficult at present to determine the ultimate impact on the public sector balance sheet of the banking system bail-out, not least due to the uncertain outlook on asset quality." How about looking at lower oil prices as an indication of their problems along with that little foray into a neighboring country? Just for fun, put up a chart of crude vs the Russian Ruble.</p><ul><ul><li><strong><em>Jobless Claims Rise More Than Expected</em></strong></li></ul></ul><p>Yesterday, United States Sen. Charles Schumer, Sen. Jack Reed, and Sen. Robert Menendez asked the US Treasury department to establish guidelines saying that banks receiving government capital injections should use the funds to restore their lending practices to levels prior to the onset of the credit crisis. "Although we are supportive of your efforts to restore stability to the financial system through direct capital injections into financial institutions, we are concerned that if the program is not implemented correctly, it's effectiveness will be limited." According to CNBC's website, the letter tells Treasury officials that they should issue guidelines that specify the type of lending allowed, encourage loan modifications, and provide more oversight of executive legislation. In this same vein, the Michigan congressional delegation has drafted a letter it intends to send to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson later this week, urging the two officials to use their "broad regulatory authority" to "promote liquidity in the U.S. auto industry." (WSJ)</p><p>This type of government micromanaging of the financial system and government reach into the private sector takes us full circle back to the 1930s. This will accelerate with a potentially strongly Democratic legislative and executive branches next year. Globally, the theme of governments aggressively stepping into the private sector is the short term cure for all that ails from credit crisis. Longer term for the developed countries, it will create sclerotic economies unable to grow faster than 2% due to regulation and programs designed to effect social goals instead of profit targets. For now, all that matters is survival and socialism is embraced.</p><ul><li>Goldman to Cut 10% of Workforce: Report</li><li>GM Prepares to Layoff Workers</li><li><a href="https://www.cnbc.com/2008/10/22/if-recession-is-now-here-just-how-bad-can-it-get.html">How Bad Can the Recession Get?</a> </li><li><a href="https://www.cnbc.com/2008/10/22/layoffs-keep-growing-merck-yahoo-slash-jobs.html">Layoffs Growing: Merck, Yahoo Slash Jobs</a> </li><li>Govt. Mulling $40 Bn to Avert Foreclosures?</li></ul><p> </p><p>________________________</p><div style="height:100%" class="lazyload-placeholder"></div><component documentid="25331031" type="Image" posted="633498306649000000" updated="633589892654500000" embedded="true" site="14081545"><align>left</align><layout><filename> /CNBC/Sections/News_And_Analysis/_Blogs/Guest_Blog/__COVER/bush_andy.jpg</filename><size id="1"><value>1</value><enumitem id="1" value="Standard"></enumitem></size><width>100</width><height>100</height><verticalmargin>0</verticalmargin><horizontalmargin>0</horizontalmargin><align id="left"><value>left</value><enumitem id="left" value="Left"></enumitem></align><noresize>true</noresize><mediaroot2>http://msnbcmedia.msn.com</mediaroot2></layout><credits><alternatetext><p>Andrew Busch</p></alternatetext><origin><photofeed><sensitiveimage>false</sensitiveimage><action id="1"><value>1</value><enumitem id="1" value="Post"></enumitem></action></photofeed><tracking><orientation id="P"><value>P</value><enumitem id="P" value="Portrait"></enumitem></orientation></tracking><overrides><disablemorephotos>false</disablemorephotos><excludefromrelevanceresults> false</excludefromrelevanceresults><noindexinsunbow>false</noindexinsunbow><removefromsunbow>false</removefromsunbow></overrides></origin></credits></component><a href="https://www.cnbc.com/andrew-busch/">Andrew B. Busch</a> Global FX Strategist atBMO Capital Markets, a recognized expert on the world financial markets and how these markets are impacted by political events, and a frequent CNBC contributor.<a href="http://andrewbusch.com/contact.php" target="_blank"> here</a> </div>

It seems there is a global effort to exacerbate the problems and worries of the world. Let's start in Japan where Prime Minister Taro Aso said today that people should not be over-concerned about daily movements in Japanese share prices, after the benchmark Nikkei average fell to a 5-year low."Stock prices in New York fell yesterday, but they rose the day before. We should not fret over stock moves," Aso told reporters according to MNI. Which begs the question, when's the next election in Japan? I'm thinking they are closer to Italy than we know....BTW, Japanese exports to the US fell 10% and Japan's trade surplus shrunk 94% as a wonderful indication of why stocks in Japan are under pressure.Andy Busch Will be on "Street Signs" Today To Talk About DollarNext up fresh after being forced to testify on Capitol Hill, the ratings agencies are out and about focusing on emerging markets. Standard & Poor's Ratings Services today said it had revised its outlook on the long-term sovereign credit ratings on The Russian Federation to negative from stable according to Reuters. "The outlook revision reflects the likelihood of a downgrade if costs to the Russian government of the bank rescue operations continue to increase, amid rising capital outflows as confidence in the financial system and the monetary regime declines," Standard & Poor's credit analyst Frank Gill said. "It is difficult at present to determine the ultimate impact on the public sector balance sheet of the banking system bail-out, not least due to the uncertain outlook on asset quality." How about looking at lower oil prices as an indication of their problems along with that little foray into a neighboring country? Just for fun, put up a chart of crude vs the Russian Ruble.Jobless Claims Rise More Than ExpectedYesterday, United States Sen. Charles Schumer, Sen. Jack Reed, and Sen. Robert Menendez asked the US Treasury department to establish guidelines saying that banks receiving government capital injections should use the funds to restore their lending practices to levels prior to the onset of the credit crisis. "Although we are supportive of your efforts to restore stability to the financial system through direct capital injections into financial institutions, we are concerned that if the program is not implemented correctly, it's effectiveness will be limited." According to CNBC's website, the letter tells Treasury officials that they should issue guidelines that specify the type of lending allowed, encourage loan modifications, and provide more oversight of executive legislation. In this same vein, the Michigan congressional delegation has drafted a letter it intends to send to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson later this week, urging the two officials to use their "broad regulatory authority" to "promote liquidity in the U.S. auto industry." (WSJ)This type of government micromanaging of the financial system and government reach into the private sector takes us full circle back to the 1930s. This will accelerate with a potentially strongly Democratic legislative and executive branches next year. Globally, the theme of governments aggressively stepping into the private sector is the short term cure for all that ails from credit crisis. Longer term for the developed countries, it will create sclerotic economies unable to grow faster than 2% due to regulation and programs designed to effect social goals instead of profit targets. For now, all that matters is survival and socialism is embraced.Goldman to Cut 10% of Workforce: ReportGM Prepares to Layoff WorkersHow Bad Can the Recession Get? Layoffs Growing: Merck, Yahoo Slash Jobs Govt. Mulling $40 Bn to Avert Foreclosures? ________________________left /CNBC/Sections/News_And_Analysis/_Blogs/Guest_Blog/__COVER/bush_andy.jpg110010000lefttruehttp://msnbcmedia.msn.comAndrew Buschfalse1Pfalse falsefalsefalseAndrew B. Busch Global FX Strategist atBMO Capital Markets, a recognized expert on the world financial markets and how these markets are impacted by political events, and a frequent CNBC contributor. here

2021-10-30 14:12:45.118492

Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Sept. 30, 2012

https://www.cnbc.com/2012/10/01/tortoise-mlp-fund-inc-provides-unaudited-balance-sheet-information-and-asset-coverage-ratio-update-as-of-sept-30-2012.html

2012-10-01T22:40:00+0000

CNBC

LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of Sept. 30, 2012, the company’s unaudited total assets were approximately $1.7 billion and its unaudited net asset value was $1.2 billion, or $25.19 per share. As of Sept. 30, 2012, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 558 percent, and its coverage ratio for preferred shares was 420 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus. The company issued 88,905 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $2.3 million during the month of September 2012. Set forth below is a summary of the company’s unaudited balance sheet at Sept. 30, 2012 and a summary of its top 10 holdings. Unaudited Balance Sheet 46.38 million common shares currently outstanding. Top 10 Holdings (as of Sept. 30, 2012) Name MarketValue(in Millions) % ofInvestmentSecurities(1) (1) Percent of Investments and Cash Equivalents About Tortoise MLP Fund, Inc. Tortoise MLP Fund, Inc. owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s goal is to provide its stockholders a high level of total return with an emphasis on current distributions. About Tortoise Capital Advisors, L.L.C. Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy infrastructure investments. As of Aug. 31, 2012, the adviser had approximately $8.6 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com. Safe Harbor Statement This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. Forward-Looking Statement This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Company and Tortoise Capital Advisors believe the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

cnbc, Articles, Mutual Funds, Kansas, North America, United States, Securities, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

<div class="group"><p> LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of Sept. 30, 2012, the company’s unaudited total assets were approximately $1.7 billion and its unaudited net asset value was $1.2 billion, or $25.19 per share. </p> <p> As of Sept. 30, 2012, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 558 percent, and its coverage ratio for preferred shares was 420 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> The company issued 88,905 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $2.3 million during the month of September 2012. </p> <p> Set forth below is a summary of the company’s unaudited balance sheet at Sept. 30, 2012 and a summary of its top 10 holdings. </p> <p> <b>Unaudited Balance Sheet</b> </p> <p></p><table> <tr> <td> </td> <td>   </td> <td> (in Millions) </td> <td>   </td> <td> Per Share </td> </tr> <tr> <td> Investments </td> <td> </td> <td> $ </td> <td> 1,661.0 </td> <td> </td> <td> $ </td> <td> 35.81 </td> </tr> <tr> <td> Cash and Cash Equivalents </td> <td> </td> <td> </td> <td> 0.3 </td> <td> </td> <td> </td> <td> 0.01 </td> </tr> <tr> <td> Other Assets </td> <td> </td> <td>   </td> <td> 2.8 </td> <td> </td> <td>   </td> <td> 0.06 </td> </tr> <tr> <td> Total Assets </td> <td> </td> <td>   </td> <td> 1,664.1 </td> <td> </td> <td>   </td> <td> 35.88 </td> </tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td>   </td> </tr> <tr> <td> Short-Term Borrowings </td> <td> </td> <td> </td> <td> 19.9 </td> <td> </td> <td> </td> <td> 0.43 </td> </tr> <tr> <td> Senior Notes </td> <td> </td> <td> </td> <td> 255.0 </td> <td> </td> <td> </td> <td> 5.50 </td> </tr> <tr> <td> Preferred Stock </td> <td> </td> <td>   </td> <td> 90.0 </td> <td> </td> <td>   </td> <td> 1.94 </td> </tr> <tr> <td> Total Leverage </td> <td> </td> <td>   </td> <td> 364.9 </td> <td> </td> <td>   </td> <td> 7.87 </td> </tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td>   </td> </tr> <tr> <td> Other Liabilities </td> <td> </td> <td> </td> <td> 5.0 </td> <td> </td> <td> </td> <td> 0.11 </td> </tr> <tr> <td> Deferred Tax Liability </td> <td> </td> <td>   </td> <td> 125.9 </td> <td> </td> <td>   </td> <td> 2.71 </td> </tr> <tr> <td> Net Assets </td> <td> </td> <td> $ </td> <td> 1,168.3 </td> <td> </td> <td> $ </td> <td> 25.19 </td> </tr> </table><p> 46.38 million common shares currently outstanding. </p><div style="height:100%" class="lazyload-placeholder"></div> <p> <b>Top 10 Holdings (as of Sept. 30, 2012)</b> </p> <p></p><table> <tr> <td> </td> <td>   </td> <td> </td> <td>   </td> <td> </td> </tr> <tr> <td> Williams Partners L.P. </td> <td> </td> <td> $ </td> <td> 139.1 </td> <td> </td> <td> 8.4 </td> <td> % </td> </tr> <tr> <td> El Paso Pipeline Partners, L.P. </td> <td> </td> <td> </td> <td> 138.5 </td> <td> </td> <td> 8.3 </td> <td> % </td> </tr> <tr> <td> Enterprise Products Partners L.P. </td> <td> </td> <td> </td> <td> 132.0 </td> <td> </td> <td> 7.9 </td> <td> % </td> </tr> <tr> <td> Energy Transfer Partners, L.P. </td> <td> </td> <td> </td> <td> 123.2 </td> <td> </td> <td> 7.4 </td> <td> % </td> </tr> <tr> <td> Regency Energy Partners LP </td> <td> </td> <td> </td> <td> 105.4 </td> <td> </td> <td> 6.3 </td> <td> % </td> </tr> <tr> <td> Boardwalk Pipeline Partners, LP </td> <td> </td> <td> </td> <td> 98.3 </td> <td> </td> <td> 5.9 </td> <td> % </td> </tr> <tr> <td> Spectra Energy Partners, LP </td> <td> </td> <td> </td> <td> 86.1 </td> <td> </td> <td> 5.2 </td> <td> % </td> </tr> <tr> <td> ONEOK Partners, L.P. </td> <td> </td> <td> </td> <td> 84.4 </td> <td> </td> <td> 5.1 </td> <td> % </td> </tr> <tr> <td> Kinder Morgan Management, LLC </td> <td> </td> <td> </td> <td> 67.6 </td> <td> </td> <td> 4.1 </td> <td> % </td> </tr> <tr> <td> Plains All American Pipeline, L.P. </td> <td> </td> <td>   </td> <td> 66.8 </td> <td> </td> <td> 4.0 </td> <td> % </td> </tr> <tr> <td> Total </td> <td> </td> <td> $ </td> <td> 1,041.4 </td> <td> </td> <td> 62.6 </td> <td> % </td> </tr> </table><p> Name </p> <p> Market<br>Value<br>(in Millions) </p> <p> % of<br>Investment<br>Securities⁽¹⁾ </p> <p> ⁽¹⁾Percent of Investments and Cash Equivalents </p> <p> <b>About Tortoise MLP Fund, Inc.</b> </p> <p> Tortoise MLP Fund, Inc. owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s goal is to provide its stockholders a high level of total return with an emphasis on current distributions. </p> <p> <b>About Tortoise Capital Advisors, L.L.C.</b> </p> <p> Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy infrastructure investments. As of Aug. 31, 2012, the adviser had approximately $8.6 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.tortoiseadvisors.com%2F&amp;amp;esheet=50427093&amp;amp;lan=en-US&amp;amp;anchor=www.tortoiseadvisors.com&amp;amp;index=1&amp;amp;md5=33c5473d105170c805cab415538d3120" target="_blank">www.tortoiseadvisors.com</a>. </p> <p> <b>Safe Harbor Statement</b> </p> <p> This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. </p> <p> <b>Forward-Looking Statement</b> </p> <p> This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Company and Tortoise Capital Advisors believe the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement. </p> <p> </p> </div>

LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of Sept. 30, 2012, the company’s unaudited total assets were approximately $1.7 billion and its unaudited net asset value was $1.2 billion, or $25.19 per share. As of Sept. 30, 2012, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 558 percent, and its coverage ratio for preferred shares was 420 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus. The company issued 88,905 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $2.3 million during the month of September 2012. Set forth below is a summary of the company’s unaudited balance sheet at Sept. 30, 2012 and a summary of its top 10 holdings. Unaudited Balance Sheet   (in Millions)   Per Share Investments $ 1,661.0 $ 35.81 Cash and Cash Equivalents 0.3 0.01 Other Assets   2.8   0.06 Total Assets   1,664.1   35.88   Short-Term Borrowings 19.9 0.43 Senior Notes 255.0 5.50 Preferred Stock   90.0   1.94 Total Leverage   364.9   7.87   Other Liabilities 5.0 0.11 Deferred Tax Liability   125.9   2.71 Net Assets $ 1,168.3 $ 25.19 46.38 million common shares currently outstanding. Top 10 Holdings (as of Sept. 30, 2012)     Williams Partners L.P. $ 139.1 8.4 % El Paso Pipeline Partners, L.P. 138.5 8.3 % Enterprise Products Partners L.P. 132.0 7.9 % Energy Transfer Partners, L.P. 123.2 7.4 % Regency Energy Partners LP 105.4 6.3 % Boardwalk Pipeline Partners, LP 98.3 5.9 % Spectra Energy Partners, LP 86.1 5.2 % ONEOK Partners, L.P. 84.4 5.1 % Kinder Morgan Management, LLC 67.6 4.1 % Plains All American Pipeline, L.P.   66.8 4.0 % Total $ 1,041.4 62.6 % Name MarketValue(in Millions) % ofInvestmentSecurities(1) (1) Percent of Investments and Cash Equivalents About Tortoise MLP Fund, Inc. Tortoise MLP Fund, Inc. owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s goal is to provide its stockholders a high level of total return with an emphasis on current distributions. About Tortoise Capital Advisors, L.L.C. Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy infrastructure investments. As of Aug. 31, 2012, the adviser had approximately $8.6 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com. Safe Harbor Statement This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. Forward-Looking Statement This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Company and Tortoise Capital Advisors believe the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

2021-10-30 14:12:45.347702

E*Trade Ousts Its CEO, Naming Its Chairman to Post

https://www.cnbc.com/2012/08/09/etrade-ousts-its-ceo-naming-its-chairman-to-post.html

2012-08-09T14:22:30+0000

CNBC

E*Trade Financial has ousted its CEO, Citigroupveteran Steven Freiberg, just two years into a four-year contract as the online broker deals with declining trading by customers.

cnbc, Articles, Citigroup Inc, Companies, source:tagname:The Associated Press

<div class="group"><p>E*Trade Financial has ousted its CEO, Citigroupveteran Steven Freiberg, just two years into a four-year contract as the online broker deals with declining trading by customers. </p></div>,<div class="group"><p>The company said Thursday that it's looking for a new chief executive as it adjusts its business strategy, which is focused on strengthening its financial position. It named its chairman to the top spot until a permanent replacement can be found. </p><div style="height:100%" class="lazyload-placeholder"></div><p>E*Trade has been struggling as individual consumers pull money out of the stock market. The New York company's net income dropped 16 percent in the April to June quarter as investors made far fewer trades than a year ago. Faced with less trading activity, E*Trade said it was focusing on managing costs and dialing back on risk to strengthen earnings. </p><p>Freiberg, 55, had been at E*Trade's helm for a little more than two years. He was at Citigroup for 30 years before that, where he most recently led the consumer group that handles individual investments, retail banking, and credit cards. </p><p>Freiberg was paid a base salary of $1 million a year and was eligible for stock incentives worth up to three times that. He will get an undisclosed severance package. </p><p>Shares of E-Trade have lost more than half their value in the past year. Adjusting for a stock split, they are down 97 percent from their peak in 2006. The stock was up more than six percent in pre-market trading Thursday. </p><p>Frank Petrilli, 61, has been E*Trade's chairman since January. He's a long-time financial industry executive. </p></div>

E*Trade Financial has ousted its CEO, Citigroupveteran Steven Freiberg, just two years into a four-year contract as the online broker deals with declining trading by customers. The company said Thursday that it's looking for a new chief executive as it adjusts its business strategy, which is focused on strengthening its financial position. It named its chairman to the top spot until a permanent replacement can be found. E*Trade has been struggling as individual consumers pull money out of the stock market. The New York company's net income dropped 16 percent in the April to June quarter as investors made far fewer trades than a year ago. Faced with less trading activity, E*Trade said it was focusing on managing costs and dialing back on risk to strengthen earnings. Freiberg, 55, had been at E*Trade's helm for a little more than two years. He was at Citigroup for 30 years before that, where he most recently led the consumer group that handles individual investments, retail banking, and credit cards. Freiberg was paid a base salary of $1 million a year and was eligible for stock incentives worth up to three times that. He will get an undisclosed severance package. Shares of E-Trade have lost more than half their value in the past year. Adjusting for a stock split, they are down 97 percent from their peak in 2006. The stock was up more than six percent in pre-market trading Thursday. Frank Petrilli, 61, has been E*Trade's chairman since January. He's a long-time financial industry executive.

2021-10-30 14:12:45.431499

The Problem With Waiting for a Pullback

https://www.cnbc.com/2013/05/06/the-problem-with-waiting-for-a-pullback.html

2013-05-06T16:34:27+0000

Bruno J. Navarro

CNBC

Investors waiting for a cheaper stock market entry point risk missing out, Simon Baker of Baker Avenue Asset Management said Monday. "Here's the problem if you're waiting for that pullback: The move back comes back so, so quickly," he said. On CNBC's "Fast Money," Baker said that at a recent Miami conference of high net-worth investors, about half were waiting for such a dip to buy. The question, he added, was simple: "Where do you want to be in the market?" Cyclical sectors would likely lead the market higher, and it was time to get out defensive positions, Baker said. "I'd go long the ETF in technology and short the staples. It's a good hedge," he said. "It's a pair trade, but I think you need to be long." TheStreet CIO Stephanie Link also said that cyclicals were undervalued. Link's top picks included Eaton, Stanley Black & Decker and Ensco. "I think that the global economic story has changed because you have more liquidity measures being implemented," she said. Trader disclosure: On May 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long HD; Stephanie Link is long GE; Stephanie Link is long ESV; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long WFC; Simon Baker is long SBUX; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long HD; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Jon Najarian is long MBI; Jon Najarian is long BAC; Jon Najarian is long JNPR; Jon Najarian is long FFIV; Jon Najarian is long RDN; Jon Najarian is long UVXY; Jon Najarian is short NFLX; Scott Black is long QCOM; Scott Black is long TCAP; Scott Black is long WLL.

cnbc, Articles, Eaton Corporation PLC, Stanley Black & Decker Inc, Valaris PLC, Fast Money, CNBC TV, Fast Money Halftime Report, source:tagname:CNBC US Source

<div class="group"><p> Investors waiting for a cheaper stock market entry point risk missing out, Simon Baker of Baker Avenue Asset Management said Monday.</p><p> "Here's the problem if you're waiting for that pullback: The move back comes back so, so quickly," he said.</p><div style="height:100%" class="lazyload-placeholder"></div><p> On CNBC's "<a href="https://www.cnbc.com/fast-money/">Fast Money</a>," Baker said that at a recent Miami conference of high net-worth investors, about half were waiting for such a dip to buy.</p><p> The question, he added, was simple: "Where do you want to be in the market?"</p><p> Cyclical sectors would likely lead the market higher, and it was time to get out defensive positions, Baker said.</p><p> "I'd go long the ETF in technology and short the staples. It's a good hedge," he said. "It's a pair trade, but I think you need to be long."</p><p> TheStreet CIO Stephanie Link also said that cyclicals were undervalued.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Link's top picks included <a href="//www.cnbc.com/quotes/ETN" target="_blank">Eaton</a>, <a href="//www.cnbc.com/quotes/SWK" target="_blank">Stanley Black &amp; Decker</a> and <a href="//www.cnbc.com/quotes/E65F-FF" target="_blank">Ensco</a>.</p><p> "I think that the global economic story has changed because you have more liquidity measures being implemented," she said.</p><p> <em>Trader disclosure: On May 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long HD; Stephanie Link is long GE; Stephanie Link is long ESV; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long WFC; Simon Baker is long SBUX; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long HD; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Jon Najarian is long MBI; Jon Najarian is long BAC; Jon Najarian is long JNPR; Jon Najarian is long FFIV; Jon Najarian is long RDN; Jon Najarian is long UVXY; Jon Najarian is short NFLX; Scott Black is long QCOM; Scott Black is long TCAP; Scott Black is long WLL.</em><br></p></div>,<div class="group"></div>

Investors waiting for a cheaper stock market entry point risk missing out, Simon Baker of Baker Avenue Asset Management said Monday. "Here's the problem if you're waiting for that pullback: The move back comes back so, so quickly," he said. On CNBC's "Fast Money," Baker said that at a recent Miami conference of high net-worth investors, about half were waiting for such a dip to buy. The question, he added, was simple: "Where do you want to be in the market?" Cyclical sectors would likely lead the market higher, and it was time to get out defensive positions, Baker said. "I'd go long the ETF in technology and short the staples. It's a good hedge," he said. "It's a pair trade, but I think you need to be long." TheStreet CIO Stephanie Link also said that cyclicals were undervalued. Link's top picks included Eaton, Stanley Black & Decker and Ensco. "I think that the global economic story has changed because you have more liquidity measures being implemented," she said. Trader disclosure: On May 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long HD; Stephanie Link is long GE; Stephanie Link is long ESV; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long WFC; Simon Baker is long SBUX; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long HD; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Jon Najarian is long MBI; Jon Najarian is long BAC; Jon Najarian is long JNPR; Jon Najarian is long FFIV; Jon Najarian is long RDN; Jon Najarian is long UVXY; Jon Najarian is short NFLX; Scott Black is long QCOM; Scott Black is long TCAP; Scott Black is long WLL.

2021-10-30 14:12:45.799342

Sudden Death

https://www.cnbc.com/2007/05/17/sudden-death.html

2007-05-17T15:57:16+0000

Tom Brennan

CNBC

v align="left">General Maritime : Cramer likes the CEO, Peter Georgiopolous, and the 6.7% yield. “Let’s buy some.”BigBand Networks : “Waiting for some results from the Comcast test. You know I like that stock here.”

cnbc, Articles, Comcast Corp, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>v align="left"&gt;</p>&gt;<p>General Maritime : Cramer likes the CEO, Peter Georgiopolous, and the 6.7% yield. “Let’s buy some.”</p><div style="height:100%" class="lazyload-placeholder"></div><p>BigBand Networks : “Waiting for some results from the Comcast test. You know I like that stock here.”</p></div>,<div class="group"><p>Questions? Comments? </p></div>

v align="left">>General Maritime : Cramer likes the CEO, Peter Georgiopolous, and the 6.7% yield. “Let’s buy some.”BigBand Networks : “Waiting for some results from the Comcast test. You know I like that stock here.”Questions? Comments?

2021-10-30 14:12:45.842188

Prepare for an Oil Shock With Currencies

https://www.cnbc.com/2012/03/26/prepare-for-an-oil-shock-with-currencies.html

2012-03-26T14:01:53+0000

Kelley Holland

CNBC

There is a lot of tough talk emanating from the Middle East. Here's a currency-trading plan in case the situation worsens.With all the news about oil output and rumors of possible military action in the Middle East, it's a good idea to have a trading plan in the event of an oil shock. Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional, is looking north for her plan. "If you are trading currencies and you see a headline go across the tape saying something has happened, what's the first thing you should do? If it's a supply shock, I want to go with a current account surplus country. I want to be long the Norwegian krone," she told CNBC's Melissa Lee.To keep the trade liquid, Patterson suggests using the euro as a cross. Also, because "we don't know what levels we'll be at if and when this happens," she says, "we're just going to use where we are now as an example."So for now, Patterson suggests entering the trade right around 7.6200, with a stop at 7.4000 and a target of 7.7000. Todd Gordon, co-head of research and trading at Aspen Trading Group, says the trade measures up nicely in technical terms. And Patterson adds that it's not just the oil issue that could make this trade work.

cnbc, Articles, JPMorgan Alerian MLP Index ETN, Melissa Lee, CNBC TV, Money in Motion, source:tagname:CNBC US Source

<div class="group"><p>There is a lot of tough talk emanating from the Middle East. Here's a currency-trading plan in case the situation worsens.</p><p>With all the news about <a href="http://seekingalpha.com/currents/post/217791" target="_blank">oil output</a> and <a href="http://www.haaretz.com/news/diplomacy-defense/netanyahu-israel-not-planning-military-action-against-syria-1.284915" target="_blank">rumors</a> of possible military action in the Middle East, it's a good idea to have a trading plan in the event of an oil shock. </p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="https://www.cnbc.com/rebecca-patterson/">Rebecca Patterson</a>, chief markets strategist for J.P. Morgan Asset Management, Institutional, is looking north for her plan. </p><p>"If you are trading currencies and you see a headline go across the tape saying something has happened, what's the first thing you should do? If it's a supply shock, I want to go with a current account surplus country. I want to be long the Norwegian krone," she told <a href="https://www.cnbc.com/melissa-lee/">CNBC's Melissa Lee</a>.</p><p>To keep the trade liquid, Patterson suggests using the euro as a cross. Also, because "we don't know what levels we'll be at if and when this happens," she says, "we're just going to use where we are now as an example."</p><p><strong>So for now, Patterson suggests entering the trade right around 7.6200, with a stop at 7.4000 and a target of 7.7000. </strong></p><p><a href="https://www.cnbc.com/todd-gordon/">Todd Gordon</a>, co-head of research and trading at Aspen Trading Group, says the trade measures up nicely in technical terms. And Patterson adds that it's not just the oil issue that could make this trade work. </p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>"Norway has a current account surplus. If equities fall this week and people take risk off, that could also benefit Norway at the margin."</p><p>You can watch the discussion on this video.</p><p>--------------</p><p><strong>CURRENCY FUTURES</strong></p><p><em><strong>Tune In</strong>: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. </em></p><p><em><strong>Learn more</strong>: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class. </em></p><p><em><strong>Talk back</strong>: Tell us what you want to hear about - email us at </em><a href="mailto:moneyinmotion@cnbc.com" class="webresource" target="_blank">moneyinmotion@cnbc.com</a><em>.</em></p></div>

There is a lot of tough talk emanating from the Middle East. Here's a currency-trading plan in case the situation worsens.With all the news about oil output and rumors of possible military action in the Middle East, it's a good idea to have a trading plan in the event of an oil shock. Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional, is looking north for her plan. "If you are trading currencies and you see a headline go across the tape saying something has happened, what's the first thing you should do? If it's a supply shock, I want to go with a current account surplus country. I want to be long the Norwegian krone," she told CNBC's Melissa Lee.To keep the trade liquid, Patterson suggests using the euro as a cross. Also, because "we don't know what levels we'll be at if and when this happens," she says, "we're just going to use where we are now as an example."So for now, Patterson suggests entering the trade right around 7.6200, with a stop at 7.4000 and a target of 7.7000. Todd Gordon, co-head of research and trading at Aspen Trading Group, says the trade measures up nicely in technical terms. And Patterson adds that it's not just the oil issue that could make this trade work. "Norway has a current account surplus. If equities fall this week and people take risk off, that could also benefit Norway at the margin."You can watch the discussion on this video.--------------CURRENCY FUTURESTune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class. Talk back: Tell us what you want to hear about - email us at moneyinmotion@cnbc.com.

2021-10-30 14:12:45.943525

Cash-Hungry States Are Putting Buildings on the Block

https://www.cnbc.com/2010/05/05/cashhungry-states-are-putting-buildings-on-the-block.html

2010-05-05T17:16:33+0000

CNBC

Is it better to rent or to own?The default answer for a long time — when real estate’s horizon seemed limitless — was to own. Lately some individuals and businesses have decided that maybe owning is not always better, especially when you have other pressing needs for cash, like paying off your creditors.

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

<div class="group"><p>Is it better to rent or to own?</p><p>The default answer for a long time — when real estate’s horizon seemed limitless — was to own. Lately some individuals and businesses have decided that maybe owning is not always better, especially when you have other pressing needs for cash, like paying off your creditors.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Now the idea has spread to some states with serious debt problems. In January the state of Arizona concluded a deal to sell to investors ownership stakes worth a total of $735 million in several state-owned office buildings, arenas and other properties — including the buildings housing both chambers of the State Legislature. Arizona will lease back the property from its new landlords, among them the mutual fund giants Fidelity and Vanguard, for 20 years, after which ownership will revert to the state. Arizona is planning another, smaller round of real estate sales in June. For fiscal 2011, which begins in July, the state is estimated to have a deficit of $3 billion.</p><p>Although it has been drowned out by hotter issues, like the uproar over the state’s new immigration law, some Arizona politicians have sought to make an issue of the sale-leaseback. Dean Martin, the state’s treasurer and a candidate for the Republican nomination for governor this fall, has derided the sale as a one-time gimmick used to circumvent the state’s debt limit and avoid the hard choices he contends Arizona needs to make about what he calls “unsupportable spending.”</p><p>“How many times can you sell the state capital?” he said.</p><p>Mr. Martin said he wanted to repackage the state’s debt as bonds and use some of the proceeds to buy back the buildings.</p><p>“Who wants to make a long-term investment in a state that is renting its Capitol buildings?” he has been asking on the campaign trail.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Last month California received sale-leaseback bids on a portfolio of 7.3 million square feet of office space in 11 state-owned buildings. The Golden State Portfolio includes buildings in Los Angeles and Sacramento, as well as the San Francisco Civic Center, where the state Supreme Court sits. The deal had been expected to yield about $660 million in revenue for the state, after $1.1 billion in expected proceeds were used to pay off construction bonds. California’s deficit for 2010-11 is about $20 billion.</p><p>Kevin Shannon, a vice chairman of the commercial real estate firm CB Richard Ellis, which is managing the auction for the state, said he believed the state would take in more than expected once it analyzed the bids and completed a deal, which is expected to happen by the middle of May. Mr. Shannon said the auction had produced more than 300 bids.</p><p>“There’s been a lot of press about this being a fire sale,” he said, “but we’re in a competitive bidding situation.” Mr. Shannon said demand for the properties had been greater than expected.</p><p>As with Arizona’s leaseback, the California auction has become a political football. The state Legislature was almost unanimous in approving the plan a year ago. More recently, however, two members of state real estate boards whose approval was necessary for the sale to proceed say they were abruptly dismissed by Gov. Arnold Schwarzenegger because they opposed the deal. They have told reporters they believe it would cost the state more in rent money than it would raise. A state Assembly committee is reviewing the matter.</p><p>The view that the deal does not make economic sense has been seconded by others, including the state’s independent Legislative Analyst’s Office, which has called the sale “bad budgeting practice.”</p><p>The leaseback continues to enjoy the support of the governor.</p><p>“The governor doesn’t believe the state should be in the real estate business,” said Erin Shaw, a spokeswoman for the California Department of General Services, which manages the state’s property holdings. Governor Schwarzenegger said recently that he would not approve a sale if bids were too low. Previously the state shelved a proposed sale of the Orange County fairgrounds when bids came in lower than expected.</p><p>Besides Arizona and California, only Connecticut is conducting a sale of state office buildings.</p><p>Connecticut, however, is seeking bids for straight-out purchases of buildings it regards as surplus rather than sale-leasebacks. The comparatively modest properties, which include the Litchfield Jail and the Bristol Armory, have attracted little attention.</p><p>Gordon F. DuGan, chief executive of W. P. Carey and Company, a real estate investment company that specializes in corporate sale-leaseback deals, said that if the California sale went well other states might follow. Mr. DuGan said, however, that he had not heard of any great interest in such future deals from either prospective buyers or sellers. W. P. Carey has made a bid for some of the California properties, which Mr. DuGan does not expect will be accepted. (The state has said it prefers bidders for the entire package.)</p><p>Mr. DuGan said bidding for the California property appeared stronger than he had expected, particularly considering that, unlike other sale-leasebacks, the California deal requires buyers to pick up the cost of services like waste hauling and security. He said that structure made the deal more appealing to bidders that, unlike his company, had big operations units.</p><p>The risk of drawing unwanted headlines by selling state property may be one reason the idea has yet to take hold in other states that are short on money. A few years ago a spurt in the sale of state- and city-owned infrastructure, like highways and bridges, ended amid outrage that some of these properties were being sold to foreign investors.</p><p>Another reason for the absence of a rush to such deals may be relatively modest proceeds for states. Dan Fasulo, chief of research at Real Capital Analytics, which tracks commercial real estate markets, said in an e-mail message, “There are many states that look at things like this during a crisis, but at the end of the day the amount of money raised from such activities is a laughable amount when viewed from the context of the overall budget shortfalls.”</p></div>

Is it better to rent or to own?The default answer for a long time — when real estate’s horizon seemed limitless — was to own. Lately some individuals and businesses have decided that maybe owning is not always better, especially when you have other pressing needs for cash, like paying off your creditors.Now the idea has spread to some states with serious debt problems. In January the state of Arizona concluded a deal to sell to investors ownership stakes worth a total of $735 million in several state-owned office buildings, arenas and other properties — including the buildings housing both chambers of the State Legislature. Arizona will lease back the property from its new landlords, among them the mutual fund giants Fidelity and Vanguard, for 20 years, after which ownership will revert to the state. Arizona is planning another, smaller round of real estate sales in June. For fiscal 2011, which begins in July, the state is estimated to have a deficit of $3 billion.Although it has been drowned out by hotter issues, like the uproar over the state’s new immigration law, some Arizona politicians have sought to make an issue of the sale-leaseback. Dean Martin, the state’s treasurer and a candidate for the Republican nomination for governor this fall, has derided the sale as a one-time gimmick used to circumvent the state’s debt limit and avoid the hard choices he contends Arizona needs to make about what he calls “unsupportable spending.”“How many times can you sell the state capital?” he said.Mr. Martin said he wanted to repackage the state’s debt as bonds and use some of the proceeds to buy back the buildings.“Who wants to make a long-term investment in a state that is renting its Capitol buildings?” he has been asking on the campaign trail.Last month California received sale-leaseback bids on a portfolio of 7.3 million square feet of office space in 11 state-owned buildings. The Golden State Portfolio includes buildings in Los Angeles and Sacramento, as well as the San Francisco Civic Center, where the state Supreme Court sits. The deal had been expected to yield about $660 million in revenue for the state, after $1.1 billion in expected proceeds were used to pay off construction bonds. California’s deficit for 2010-11 is about $20 billion.Kevin Shannon, a vice chairman of the commercial real estate firm CB Richard Ellis, which is managing the auction for the state, said he believed the state would take in more than expected once it analyzed the bids and completed a deal, which is expected to happen by the middle of May. Mr. Shannon said the auction had produced more than 300 bids.“There’s been a lot of press about this being a fire sale,” he said, “but we’re in a competitive bidding situation.” Mr. Shannon said demand for the properties had been greater than expected.As with Arizona’s leaseback, the California auction has become a political football. The state Legislature was almost unanimous in approving the plan a year ago. More recently, however, two members of state real estate boards whose approval was necessary for the sale to proceed say they were abruptly dismissed by Gov. Arnold Schwarzenegger because they opposed the deal. They have told reporters they believe it would cost the state more in rent money than it would raise. A state Assembly committee is reviewing the matter.The view that the deal does not make economic sense has been seconded by others, including the state’s independent Legislative Analyst’s Office, which has called the sale “bad budgeting practice.”The leaseback continues to enjoy the support of the governor.“The governor doesn’t believe the state should be in the real estate business,” said Erin Shaw, a spokeswoman for the California Department of General Services, which manages the state’s property holdings. Governor Schwarzenegger said recently that he would not approve a sale if bids were too low. Previously the state shelved a proposed sale of the Orange County fairgrounds when bids came in lower than expected.Besides Arizona and California, only Connecticut is conducting a sale of state office buildings.Connecticut, however, is seeking bids for straight-out purchases of buildings it regards as surplus rather than sale-leasebacks. The comparatively modest properties, which include the Litchfield Jail and the Bristol Armory, have attracted little attention.Gordon F. DuGan, chief executive of W. P. Carey and Company, a real estate investment company that specializes in corporate sale-leaseback deals, said that if the California sale went well other states might follow. Mr. DuGan said, however, that he had not heard of any great interest in such future deals from either prospective buyers or sellers. W. P. Carey has made a bid for some of the California properties, which Mr. DuGan does not expect will be accepted. (The state has said it prefers bidders for the entire package.)Mr. DuGan said bidding for the California property appeared stronger than he had expected, particularly considering that, unlike other sale-leasebacks, the California deal requires buyers to pick up the cost of services like waste hauling and security. He said that structure made the deal more appealing to bidders that, unlike his company, had big operations units.The risk of drawing unwanted headlines by selling state property may be one reason the idea has yet to take hold in other states that are short on money. A few years ago a spurt in the sale of state- and city-owned infrastructure, like highways and bridges, ended amid outrage that some of these properties were being sold to foreign investors.Another reason for the absence of a rush to such deals may be relatively modest proceeds for states. Dan Fasulo, chief of research at Real Capital Analytics, which tracks commercial real estate markets, said in an e-mail message, “There are many states that look at things like this during a crisis, but at the end of the day the amount of money raised from such activities is a laughable amount when viewed from the context of the overall budget shortfalls.”

2021-10-30 14:12:45.991973

Since 2009 every time stocks have 3-week losing streak, the market does this next

https://www.cnbc.com/2019/05/29/every-time-stocks-have-three-week-losing-streak-markets-do-this-next.html

2019-05-29T15:11:51+0000

George Manessis

CNBC

Stocks began the truncated trading week after Memorial Day on a negative note. All three major indices finished Tuesday lower, and concerns about bond yields sent the Dow Jones Industrial Average down again on Wednesday.The bearish action followed three straight weeks of declines for the as the index shed nearly 5% in the past month.But history says current losses could precede future gains.Over the past decade, the has logged three consecutive weeks of losses on 18 other occasions, according to a CNBC analysis of Kensho, a machine learning tool used by Wall Street banks and hedge funds to mine market history for potential trading profits.A month after these declines, stocks tend to bounce back, Kensho finds.The S&P 500 recoups 3.4% on average, trading positively 83% of the time.The top sectors following these episodes: Materials, Tech and Consumer Discretionary, which all gained at least 4% the following month.

cnbc, Articles, Dow Jones Industrial Average, S&P 500 Index, Stock markets, U.S. Economy, Markets, U.S. Markets, US Economy, stocks, Executive Edge, Investing, source:tagname:CNBC US Source

<div class="group"><p>Stocks began the truncated trading week after Memorial Day on a negative note. All three major indices finished Tuesday lower, and concerns about bond yields sent the <a href="https://www.cnbc.com/quotes/.DJI">Dow Jones Industrial Average</a> down again on Wednesday.</p><p>The bearish action followed three straight weeks of declines for the <!-- --> as the index shed nearly 5% in the past month.</p><div style="height:100%" class="lazyload-placeholder"></div><p>But history says current losses could precede future gains.</p><p>Over the past decade, the <!-- --> has logged three consecutive weeks of losses on 18 other occasions, according to a CNBC analysis of Kensho, a machine learning tool used by Wall Street banks and hedge funds to mine market history for potential trading profits.</p><p>A month after these declines, stocks tend to bounce back, Kensho finds.</p><p>The S&amp;P 500 recoups 3.4% on average, trading positively 83% of the time.</p><p>The top sectors following these episodes: Materials, Tech and Consumer Discretionary, which all gained at least 4% the following month.</p></div>,<div class="group"></div>

Stocks began the truncated trading week after Memorial Day on a negative note. All three major indices finished Tuesday lower, and concerns about bond yields sent the Dow Jones Industrial Average down again on Wednesday.The bearish action followed three straight weeks of declines for the as the index shed nearly 5% in the past month.But history says current losses could precede future gains.Over the past decade, the has logged three consecutive weeks of losses on 18 other occasions, according to a CNBC analysis of Kensho, a machine learning tool used by Wall Street banks and hedge funds to mine market history for potential trading profits.A month after these declines, stocks tend to bounce back, Kensho finds.The S&P 500 recoups 3.4% on average, trading positively 83% of the time.The top sectors following these episodes: Materials, Tech and Consumer Discretionary, which all gained at least 4% the following month.

2021-10-30 14:12:46.092219

Noble Energy Announces Conference Call To Discuss New Venture Exploration Opportunities

https://www.cnbc.com/2012/10/05/noble-energy-announces-conference-call-to-discuss-new-venture-exploration-opportunities.html

2012-10-05T14:59:00+0000

CNBC

cnbc, Articles, Noble Energy Inc, Latin America Markets, Latin America, Texas, Nevada, Houston, South America, North America, United States, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:PR Newswire

<div class="group"><div><p>HOUSTON, Oct. 5, 2012 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today that it will host a conference call to discuss its new venture exploration program at 9:00 a.m., Central Time, Thursday, October 11, 2012. The intent of the call is to provide insight into several frontier plays where the company has activities in progress - the deep oil potential of the Eastern Mediterranean, the Falkland Islands, and Northeast Nevada. </p><p>The webcast will be accessible on the 'Investors' page of the Company's website, <a href="http://www.nobleenergyinc.com/" target="_blank">www.nobleenergyinc.com</a>. Conference call numbers for participation are 888-401-4691 and 719-325-4766. The passcode number is 5184314. </p><div style="height:100%" class="lazyload-placeholder"></div><p>A replay will be available at the same web location until January 11, 2013.</p><p>Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at <a href="http://www.nobleenergyinc.com/" target="_blank">www.nobleenergyinc.com</a>.</p><p>SOURCE Noble Energy</p></div></div>

HOUSTON, Oct. 5, 2012 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today that it will host a conference call to discuss its new venture exploration program at 9:00 a.m., Central Time, Thursday, October 11, 2012. The intent of the call is to provide insight into several frontier plays where the company has activities in progress - the deep oil potential of the Eastern Mediterranean, the Falkland Islands, and Northeast Nevada. The webcast will be accessible on the 'Investors' page of the Company's website, www.nobleenergyinc.com. Conference call numbers for participation are 888-401-4691 and 719-325-4766. The passcode number is 5184314. A replay will be available at the same web location until January 11, 2013.Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.SOURCE Noble Energy

2021-10-30 14:12:46.125492

Here are some ways to play the 'stay-at-home' theme using ETFs: Market analysts

https://www.cnbc.com/2020/05/02/best-etfs-for-2020-work-from-home-economy-market-analysts.html

2020-05-02T16:57:58+0000

Lizzy Gurdus

CNBC

With millions working and learning from home, some exchange-traded fund issuers are trying to capitalize on the shift to virtual living.Direxion kicked it off in April by announcing it would file for a work-from-home ETF, ticker WFH, tracking industries at the heart of remote connectivity such as cybersecurity, communications and cloud technologies.Whether others will follow Direxion's lead remains to be seen, but there are already numerous options on the ETF market that investors can use to play the stay-at-home boom, market analysts say."It's amazing how we've been talking about FANG stocks for so long, but they worked right into the whole stay-at-home world – online shopping, home offices, video streaming, ... modern communication," Tom Lydon, the CEO of ETF Trends and ETF Database, told CNBC's "ETF Edge" on Monday.All four FANG companies — Facebook, Amazon, Netflix and Alphabet — reported their first-quarter earnings results within the last two weeks. Shareholders responded well to all but Amazon, which said it would spend the entirety of its second-quarter profits on bolstering its coronavirus response. Netflix's spike in new subscribers was a particular highlight.One of the most popular ways to trade these names using ETFs is via the Invesco QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq 100 Index, Lydon said."The FANG stocks make up 35% of QQQ. If you add in Microsoft, it's 47%," he said. "So, it's a great way to play it as we continue to be quarantined in this stay-at-home world because it doesn't seem that their businesses are going to get weak any time soon. They just continue to pull away from the pack."ETFs that have the biggest position in the FAANG stocks — which is FANG plus Apple — include the Communication Services Select Sector SPDR Fund (XLC) at more than 47%, the Vanguard Communication Services ETF (VOX) at over 44% and the Fidelity MSCI Communication Services Index ETF (FCOM), also at 44%.Other existing products investors could consider include some of Global X's more focused products, Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA Research, said in the same "ETF Edge" interview.He highlighted the Global X Cloud Computing ETF (CLOU) and the Global X Robotics & Artificial Intelligence ETF (BOTZ)."Cloud computing [and] robotics ... [are] themes that I think have been driven home as people need more bandwidth to be able to work from home and as companies realize that they need more of an automation and use robotics when they can to improve the supply chain," Rosenbluth said. "Some of these themes are really going to resonate with investors even more in 2020 than they have in the recent past," he said. "And there's a whole host of these products from First Trust, from ROBO, from other firms that are really in this space for investors that want to dig deeper into how you can play this stay-at-home theme."Jason Bloom, director of global macro ETF strategy at Invesco, suggested Invesco probably won't be getting as granular as some others in the ETF industry anytime soon."We do try to be responsive, clearly, to changes in the structure of the market or fundamentals that would suggest that you have an investment theme that makes sense," he said in the same "ETF Edge" interview."We're probably a little more conservative in that durability of the theme for us is ... a very high priority," Bloom said. "So, if there's a risk that the theme may only have a year or two or so before it runs its course, it's probably not going to make it through our process, but if we think it has five, 10 years or more of durability then it certainly makes sense to us."Disclosure: Invesco is the sponsor for CNBC's "ETF Edge."Disclaimer

cnbc, Articles, Search technology, Streaming media technology, Streaming services, Movies, Entertainment, Media, Social media industry, Social media, Technology, Wireless technology, Cloud computing services, Cloud computing, Defense robotics, Robotics, Global X Robotics & Artificial Intelligence ETF, Global X Cloud Computing ETF Global X Cloud Computing ETF, Fidelity MSCI Telecommunication Services Index ETF, Vanguard Communication Services Index Fund ETF Shares, Communication Services Select Sector SPDR Fund, Apple Inc, PowerShares QQQ Trust, Microsoft Corp, Alphabet Class A, Netflix Inc, Amazon.com Inc, Facebook, Exchange-traded funds, Stock markets, Markets, Investment strategy, Special Reports, Funds and ETFs, US: News, stocks, Investing, US Market, U.S. Markets, ETF Strategist, ETF Edge, Consumer Technology, Technology: Companies, Sector ETFs, Index ETFs, ETF Street, source:tagname:CNBC US Source

<div class="group"><p>With millions working and learning from home, some exchange-traded fund issuers are trying to capitalize on the shift to virtual living.</p><p>Direxion kicked it off in April by announcing it would file for a work-from-home ETF, ticker WFH, tracking industries at the heart of remote connectivity such as cybersecurity, communications and cloud technologies.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Whether others will follow Direxion's lead remains to be seen, but there are already numerous options on the ETF market that investors can use to play the stay-at-home boom, market analysts say.</p><p>"It's amazing how we've been talking about FANG stocks for so long, but they worked right into the whole stay-at-home world – online shopping, home offices, video streaming, ... modern communication," Tom Lydon, the CEO of ETF Trends and ETF Database, told CNBC's <a href="https://www.cnbc.com/etf-edge/">"ETF Edge"</a> on Monday.</p><p>All four FANG companies — <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a>, <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>, <a href="//www.cnbc.com/quotes/NFLX" target="_blank">Netflix</a> and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a> — reported their first-quarter earnings results within the last two weeks. Shareholders responded well to <a href="https://www.cnbc.com/2020/04/30/amazon-amzn-q1-2020-earnings.html">all but Amazon</a>, which said it would spend the entirety of its second-quarter profits on bolstering its coronavirus response. <a href="https://www.cnbc.com/2020/04/21/netflix-nflx-earnings-q1-2020.html">Netflix's spike in new subscribers</a> was a particular highlight.</p><p>One of the most popular ways to trade these names using ETFs is via the <a href="https://www.cnbc.com/quotes/QQQ">Invesco QQQ Trust</a> (QQQ), which tracks the tech-heavy Nasdaq 100 Index, Lydon said.</p><p>"The FANG stocks make up 35% of QQQ. If you add in <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a>, it's 47%," he said. "So, it's a great way to play it as we continue to be quarantined in this stay-at-home world because it doesn't seem that their businesses are going to get weak any time soon. They just continue to pull away from the pack."</p><div style="height:100%" class="lazyload-placeholder"></div><p>ETFs that have the biggest position in the FAANG stocks — which is FANG plus <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> — include the <a href="https://www.cnbc.com/quotes/XLC">Communication Services Select Sector SPDR Fund</a> (XLC) at more than 47%, the <a href="https://www.cnbc.com/quotes/VOX">Vanguard Communication Services ETF</a> (VOX) at over 44% and the <a href="https://www.cnbc.com/quotes/FCOM">Fidelity MSCI Communication Services Index ETF</a> (FCOM), also at 44%.</p><p>Other existing products investors could consider include some of Global X's more focused products, Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA Research, said in the same "ETF Edge" interview.</p><p>He highlighted the <a href="https://www.cnbc.com/quotes/CLOU">Global X Cloud Computing ETF</a> (CLOU) and the <a href="https://www.cnbc.com/quotes/BOTZ">Global X Robotics &amp; Artificial Intelligence ETF</a> (BOTZ).</p><p>"Cloud computing [and] robotics ... [are] themes that I think have been driven home as people need more bandwidth to be able to work from home and as companies realize that they need more of an automation and use robotics when they can to improve the supply chain," Rosenbluth said. </p><p>"Some of these themes are really going to resonate with investors even more in 2020 than they have in the recent past," he said. "And there's a whole host of these products from First Trust, from ROBO, from other firms that are really in this space for investors that want to dig deeper into how you can play this stay-at-home theme."</p><p>Jason Bloom, director of global macro ETF strategy at Invesco, suggested Invesco probably won't be getting as granular as some others in the ETF industry anytime soon.</p><p>"We do try to be responsive, clearly, to changes in the structure of the market or fundamentals that would suggest that you have an investment theme that makes sense," he said in the same "ETF Edge" interview.</p><p>"We're probably a little more conservative in that durability of the theme for us is ... a very high priority," Bloom said. "So, if there's a risk that the theme may only have a year or two or so before it runs its course, it's probably not going to make it through our process, but if we think it has five, 10 years or more of durability then it certainly makes sense to us."</p><p><em>Disclosure: Invesco is the sponsor for CNBC's "ETF Edge."</em></p><p><a href="https://www.cnbc.com/stocks-disclaimer.html"><em>Disclaimer</em></a></p></div>

With millions working and learning from home, some exchange-traded fund issuers are trying to capitalize on the shift to virtual living.Direxion kicked it off in April by announcing it would file for a work-from-home ETF, ticker WFH, tracking industries at the heart of remote connectivity such as cybersecurity, communications and cloud technologies.Whether others will follow Direxion's lead remains to be seen, but there are already numerous options on the ETF market that investors can use to play the stay-at-home boom, market analysts say."It's amazing how we've been talking about FANG stocks for so long, but they worked right into the whole stay-at-home world – online shopping, home offices, video streaming, ... modern communication," Tom Lydon, the CEO of ETF Trends and ETF Database, told CNBC's "ETF Edge" on Monday.All four FANG companies — Facebook, Amazon, Netflix and Alphabet — reported their first-quarter earnings results within the last two weeks. Shareholders responded well to all but Amazon, which said it would spend the entirety of its second-quarter profits on bolstering its coronavirus response. Netflix's spike in new subscribers was a particular highlight.One of the most popular ways to trade these names using ETFs is via the Invesco QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq 100 Index, Lydon said."The FANG stocks make up 35% of QQQ. If you add in Microsoft, it's 47%," he said. "So, it's a great way to play it as we continue to be quarantined in this stay-at-home world because it doesn't seem that their businesses are going to get weak any time soon. They just continue to pull away from the pack."ETFs that have the biggest position in the FAANG stocks — which is FANG plus Apple — include the Communication Services Select Sector SPDR Fund (XLC) at more than 47%, the Vanguard Communication Services ETF (VOX) at over 44% and the Fidelity MSCI Communication Services Index ETF (FCOM), also at 44%.Other existing products investors could consider include some of Global X's more focused products, Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA Research, said in the same "ETF Edge" interview.He highlighted the Global X Cloud Computing ETF (CLOU) and the Global X Robotics & Artificial Intelligence ETF (BOTZ)."Cloud computing [and] robotics ... [are] themes that I think have been driven home as people need more bandwidth to be able to work from home and as companies realize that they need more of an automation and use robotics when they can to improve the supply chain," Rosenbluth said. "Some of these themes are really going to resonate with investors even more in 2020 than they have in the recent past," he said. "And there's a whole host of these products from First Trust, from ROBO, from other firms that are really in this space for investors that want to dig deeper into how you can play this stay-at-home theme."Jason Bloom, director of global macro ETF strategy at Invesco, suggested Invesco probably won't be getting as granular as some others in the ETF industry anytime soon."We do try to be responsive, clearly, to changes in the structure of the market or fundamentals that would suggest that you have an investment theme that makes sense," he said in the same "ETF Edge" interview."We're probably a little more conservative in that durability of the theme for us is ... a very high priority," Bloom said. "So, if there's a risk that the theme may only have a year or two or so before it runs its course, it's probably not going to make it through our process, but if we think it has five, 10 years or more of durability then it certainly makes sense to us."Disclosure: Invesco is the sponsor for CNBC's "ETF Edge."Disclaimer

2021-10-30 14:12:46.337403

Terranova "Gasoline Prices Bottomed"

https://www.cnbc.com/2009/01/15/terranova-gasoline-prices-bottomed.html

2009-01-15T20:58:24+0000

Lee Brodie

CNBC

Do lower crude prices mean lower prices at the pump?Not necessarily, oil prices fell more than 5 percent on Thursday however the average price for a gallon of gasoline in the United States has risen for the first time since early July. The national average for self-serve, regular unleaded gasoline rose to $1.7793 on January 9, up some 11.71 cents.

cnbc, Articles, Sunoco Inc, Valero Energy Corp, Fast Money, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>Do lower crude prices mean lower prices at the pump?</p><p>Not necessarily, oil prices fell more than 5 percent on Thursday however the average price for a gallon of gasoline in the United States has risen for the first time since early July. <br><br>The national average for self-serve, regular unleaded gasoline rose to $1.7793 on January 9, up some 11.71 cents.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>And Fast Money’s Joe Terranova thinks prices at the pump are going higher from here. “The crack spread used to be minus 2 dollars, now it’s 7 bucks,” he says.</p><p><strong>How should you trade it?</strong></p><p>“The trade is to own the refiners,” counsels Terranova. “Own Valero and Sunoco. They have good balance sheets and are not that reliant on credit.”</p><p>And it's worth noting, that although gasoline prices are higher, they are still less than half of what consumers paid in July when the average price reached an all-time high of $4.11 a gallon.</p><p><br></p><div style="height:100%" class="lazyload-placeholder"></div><p><br></p><p>______________________________________________________<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 website send those e-mails to <!-- -->.<br><br>CNBC.com with wires</p></div>

Do lower crude prices mean lower prices at the pump?Not necessarily, oil prices fell more than 5 percent on Thursday however the average price for a gallon of gasoline in the United States has risen for the first time since early July. The national average for self-serve, regular unleaded gasoline rose to $1.7793 on January 9, up some 11.71 cents.And Fast Money’s Joe Terranova thinks prices at the pump are going higher from here. “The crack spread used to be minus 2 dollars, now it’s 7 bucks,” he says.How should you trade it?“The trade is to own the refiners,” counsels Terranova. “Own Valero and Sunoco. They have good balance sheets and are not that reliant on credit.”And it's worth noting, that although gasoline prices are higher, they are still less than half of what consumers paid in July when the average price reached an all-time high of $4.11 a gallon.______________________________________________________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 website send those e-mails to .CNBC.com with wires

2021-10-30 14:12:46.376294