Datasets:

britneymuller

/

cnbc_newsfeed

like 2

Standish Names Raman Srivastava Co-Deputy CIO and Head of Global Fixed Income

https://www.cnbc.com/2012/10/01/standish-names-raman-srivastava-codeputy-cio-and-head-of-global-fixed-income.html

2012-10-01T12:30:00+0000

CNBC

cnbc, Articles, Bank of New York Mellon Corp, Ukraine, Europe, New York City, New York, Massachusetts, Boston, North America, United States, Canada, United Kingdom, London, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:PR Newswire

<div class="group"><div> <!-- --> <!-- --> <p>NEW YORK and LONDON, Oct. 1, 2012 /PRNewswire/ -- Standish Mellon Asset Management Company LLC, the Boston-based fixed income specialist for BNY Mellon, has hired Raman Srivastava as co-deputy chief investment officer and managing director of global fixed income, with responsibility for overseeing all global and non-U.S. fixed income strategies.</p><p>In this newly created position, Srivastava will report to David Leduc, Standish's chief investment officer.  Srivastava, Leduc and David Horsfall, co-deputy chief investment officer will be responsible for managing Standish's multi-sector and absolute return fixed income strategies.  </p><div style="height:100%" class="lazyload-placeholder"></div><p>Brendan Murphy, director of global fixed income, and Rebecca Braeu, head of global sovereign research, will report to Srivastava.</p><p>"Raman Srivastava brings a wealth of global, absolute return and leadership experience to Standish and will be an important addition to our senior investment team," said Leduc.  "We are experiencing strong growth across a number of key strategies and Raman's addition will enhance our already strong team."</p><p>Srivastava has spent his entire investment career focused on fixed income.  He most recently was a senior investment professional and portfolio manager for Putnam's core plus, global fixed income and absolute returns teams.  Earlier in his career, Srivastava was a fixed income analyst with Bank of Nova Scotia in Toronto.   In May 2008, he was named one of the top 20 rising stars of fixed income by Institutional Investor magazine.  He received his master's degree from Carnegie Mellon.</p><p>"Raman and the team will focus on developing innovative ways to meet the evolving needs of our clients," said Desmond MacIntyre, chairman and chief executive officer of Standish.  "They will build on the strength of our multi-sector capabilities, which account for nearly 50 percent of Standish's assets under management today."</p><p>MacIntyre noted that Srivastava is one of several key hires underway to support the business' growth.</p><div style="height:100%" class="lazyload-placeholder"></div><p><b>Notes to Editors:</b></p><p><b>Standish Mellon Asset Management Company LLC, </b>with approximately $97.5 billion of assets under management, provides investment management services across a broad spectrum of fixed income asset classes. These include: Absolute Return (Opportunistic), Total Return (Global Core Plus, Core Plus, Core), Credit (Investment Grade, High Yield), Emerging Market Debt (Sovereign, Corporate), LDI Solutions, Insurance Client Strategies, Tax Sensitive and Crossover Strategies. The firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon.</p><p><b>BNY Mellon Investment Management</b> is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.3 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at <a href="http://www.bnymellon.com/" target="_blank">www.bnymellon.com</a>.</p><p><b>BNY Mellon</b> is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.1 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.5 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on <a href="http://www.bnymellon.com/" target="_blank">www.bnymellon.com</a> or follow us on Twitter@BNYMellon.</p><p>All information source BNY Mellon as of June 30, 2012. This press release is qualified for issuance in the UK and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Asset Management International Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance.  The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements.  When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company</p><p>SOURCE BNY Mellon; Standish Mellon Asset Management Company LLC</p></div></div>

NEW YORK and LONDON, Oct. 1, 2012 /PRNewswire/ -- Standish Mellon Asset Management Company LLC, the Boston-based fixed income specialist for BNY Mellon, has hired Raman Srivastava as co-deputy chief investment officer and managing director of global fixed income, with responsibility for overseeing all global and non-U.S. fixed income strategies.In this newly created position, Srivastava will report to David Leduc, Standish's chief investment officer.  Srivastava, Leduc and David Horsfall, co-deputy chief investment officer will be responsible for managing Standish's multi-sector and absolute return fixed income strategies.  Brendan Murphy, director of global fixed income, and Rebecca Braeu, head of global sovereign research, will report to Srivastava."Raman Srivastava brings a wealth of global, absolute return and leadership experience to Standish and will be an important addition to our senior investment team," said Leduc.  "We are experiencing strong growth across a number of key strategies and Raman's addition will enhance our already strong team."Srivastava has spent his entire investment career focused on fixed income.  He most recently was a senior investment professional and portfolio manager for Putnam's core plus, global fixed income and absolute returns teams.  Earlier in his career, Srivastava was a fixed income analyst with Bank of Nova Scotia in Toronto.   In May 2008, he was named one of the top 20 rising stars of fixed income by Institutional Investor magazine.  He received his master's degree from Carnegie Mellon."Raman and the team will focus on developing innovative ways to meet the evolving needs of our clients," said Desmond MacIntyre, chairman and chief executive officer of Standish.  "They will build on the strength of our multi-sector capabilities, which account for nearly 50 percent of Standish's assets under management today."MacIntyre noted that Srivastava is one of several key hires underway to support the business' growth.Notes to Editors:Standish Mellon Asset Management Company LLC, with approximately $97.5 billion of assets under management, provides investment management services across a broad spectrum of fixed income asset classes. These include: Absolute Return (Opportunistic), Total Return (Global Core Plus, Core Plus, Core), Credit (Investment Grade, High Yield), Emerging Market Debt (Sovereign, Corporate), LDI Solutions, Insurance Client Strategies, Tax Sensitive and Crossover Strategies. The firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon.BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.3 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.1 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.5 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on [email protected] information source BNY Mellon as of June 30, 2012. This press release is qualified for issuance in the UK and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Asset Management International Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance.  The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements.  When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon CompanySOURCE BNY Mellon; Standish Mellon Asset Management Company LLC

2021-10-30 14:12:30.634328

What to make of the Fed minutes: El-Erian

https://www.cnbc.com/2013/11/20/what-to-make-of-the-fed-minutes-el-erian.html

2013-11-20T17:45:52-0500

CNBC

The minutes released Wednesday by the Federal Reserve are a must-read for those interested in the complexity of modern central banking—if only for the striking contrast between the milquetoast discussion of the economy and the many policy and market complexities. There is little that is new or noteworthy in the sections on economic developments and prospects. The bottom line is also a repeat of what has characterized many post-global financial crisis minutes: a more muted immediate economic outlook (growth and inflation) coupled with somewhat greater optimism for the longer term—all on a baseline characterized by the usual references to "modest," "moderate" and "cautious." By continuing the practice of compensating for a somewhat softer short-term outlook with upward adjustments thereafter, the FOMC is sidestepping an issue that has now entered the mainstream lexicon with a bang because of recent remarks by Larry Summers and Paul Krugman. It's what's being called "secular stagnation" and what Pimco in 2009 labeled the "new normal"—namely, a prolonged period of low growth and persistently slow job creation. The minutes' rather subdued economic discussion contrasts with the large number of open policy (and therefore market) questions. (Read more: Fickle Fed: Taper could arrive in 'coming months') From the interaction between the two main tools (asset purchases and forward policy guidance) to the consideration of new ones (lowering IOER), and from how and when to taper to the best way to communicate with markets, the minutes paint a truly complicated policy mosaic. Further, it is one that is still in the making and whose ultimate shape—and therefore impact—is subject to considerable uncertainty. The complexity also extends to the specification of the intermediate policy targets that are so crucial for fine-tuning the policy response and thus delivering desired outcomes. Specifically, Fed officials posed the legitimate question of whether the commonly followed unemployment rate overstates the improvement in the labor market and, probably more controversial, whether it makes sense to add an inflation floor. Finally, the minutes suggest that this is a Fed that is contemplating not only what could go right if it continues on the current policy path but also what could go badly wrong. For this reason, officials "considered scenarios under which it might, at some stage, be appropriate to begin to wind down the program before an unambiguous further improvement in the economic outlook was apparent." Why? Because of "concerns about the efficacy or costs of further asset prices." Such complexity can paralyze market participants at a time when the Fed in particular and central banks in general continue to play an important role in asset price determination. Yet some aspects are less ambiguous. (Read more: Good news: Bubble concern is at a five-year high) Taken in their entirety, the minutes provide further support for a consequential hypothesis: As part of a forthcoming policy evolution, the Fed wishes to encourage markets to delink their assessment of the two main policy tools—thereby enabling Fed officials to strengthen forward policy guidance, reduce (very gradually and carefully) heavy reliance on balance sheet operations and avoid a repeat of the May-June disruptions to the functioning of markets. Fed officials may even be tempted into cutting IOER as a way to help manage this tricky and uncertain policy pivot. (Read more: Yellen must promote strong recovery) This is the reason why Pimco stresses greater differentiation in portfolio positioning. We have been favoring the front end of interest rate curves while shying away from the long end—a point that my colleague, Bill Gross, has stressed repeatedly in his writings and tweets. It is also why, given current price levels, we feel that risk assets are becoming consequentially more dependent on a proper recovery in fundamentals and not just continued policy support. And it is why we believe that greater attention should be devoted to recent disparities in performance among and within some major asset classes. (Read more: Op-ed: Taper or not, expect higher rates) — By Mohamed El-Erian Mohamed El-Erian is the CEO & co-CIO of Pimco. Follow him on Twitter @pimco.

Articles, Opinion, Commentary, Federal Reserve System, US: News, The Fed, US Economy, source:tagname:CNBC US Source

2021-10-30 14:12:30.673501

Fragmented UK would be bad for debt ratings, says Fitch

https://www.cnbc.com/2017/03/15/fragmented-uk-would-be-bad-for-debt-ratings-says-fitch.html

2017-03-15T07:30:00+0000

Gemma Acton

CNBC

Britain's impending exit from the European Union (EU) as well as the potential breakaway of Scotland would be "a bad scenario", according to the global head of sovereigns at Fitch Ratings."A fragmented U.K. is a bad scenario from a ratings perspective because it would raise the debt-to-GDP (gross domestic product) of the remaining U.K. government by somewhere around 8 to 10 percentage points of GDP," warned James McCormack, speaking to CNBC on Wednesday from the IIF G20 summit in Frankfurt."Last time there was a referendum we talked a lot about this, said there were potential negative ratings implications, the same would be true this time," added McCormack, the executive with chief responsibility for countries' debt ratings.The Fitch executive highlighted that following the triggering of Article 50 to initiate the Brexit process - widely signaled to happen before the end of this month - all parties involved will be facing "the great unknown" in terms of how the decoupling of the U.K. from the trading bloc plays out."I think from the U.K.'s perspective they want to get as many things started as possible. From the European perspective, they want to go nice and slow and do things in the proper order," he opined.This week's confirmation that Scotland's First Minister, Nicola Sturgeon, would seek to hold another referendum before the spring of 2019 asking her compatriots whether they would like to split off from the rest of the U.K., simply added a further twist to the complicated path ahead for the U.K. government, McCormack said.While a lack of clarity over when exactly such a vote would be held was additionally unhelpful, the reality is that it would be difficult for the U.K. government no matter what the timing."A lot of political capital is going to be required on both fronts," he added.

cnbc, Articles, Donald Trump, Brexit, EU, European Union, Europe Economy, Business News, Economy, World Economy, Europe News, source:tagname:CNBC Europe Source

<div class="group"><p>Britain's impending <a href="https://www.cnbc.com/brexit/">exit</a> from the European Union (EU) as well as the potential breakaway of Scotland would be "a bad scenario", according to the global head of sovereigns at Fitch Ratings.</p><p>"A fragmented U.K. is a bad scenario from a ratings perspective because it would raise the debt-to-GDP (gross domestic product) of the remaining U.K. government by somewhere around 8 to 10 percentage points of GDP," warned James McCormack, speaking to CNBC on Wednesday from the IIF G20 summit in Frankfurt.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"Last time there was a referendum we talked a lot about this, said there were potential negative ratings implications, the same would be true this time," added McCormack, the executive with chief responsibility for countries' debt ratings.</p><p>The Fitch executive highlighted that following the triggering of Article 50 to initiate the Brexit process - widely signaled to happen before the end of this month - all parties involved will be facing "the great unknown" in terms of how the decoupling of the U.K. from the trading bloc plays out.</p><p>"I think from the U.K.'s perspective they want to get as many things started as possible. From the European perspective, they want to go nice and slow and do things in the proper order," he opined.</p><p>This week's confirmation that Scotland's First Minister, Nicola Sturgeon, would seek to hold another referendum before the spring of 2019 asking her compatriots whether they would like to split off from the rest of the U.K., simply added a further twist to the complicated path ahead for the U.K. government, McCormack said.</p><p>While a lack of clarity over when exactly such a vote would be held was additionally unhelpful, the reality is that it would be difficult for the U.K. government no matter what the timing.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"A lot of political capital is going to be required on both fronts," he added.</p></div>,<div class="group"><p>Addressing the debt situation in the U.S., McCormack painted a mixed picture.</p><p>"There's really no denying the short-term growth impulse looks pretty positive. People are enthusiastic about regulatory reform and tax reform even though we don't have a lot of details," he began before cautioning on certain other proposals made by the current <a href="https://www.cnbc.com/donald-trump/">administration</a>.</p><p>"The trade reforms may be positive for growth, maybe not, certainly not in the longer term we don't think," McCormack posited.</p><p>Nonetheless, although the Fitch team does expect U.S. debt balance to rise even without the implementation of any proposed changes and, indeed, more quickly with them, they are reasonably sanguine on the implications for U.S. ratings.</p><p>"It's not necessarily a rating issue because the U.S.'s AAA [rating] is supported by a number of very fundamental strengths: the role of the dollar, the US capital markets etc," McCormack outlined.</p><p>"So it's still in our view still a relatively strong AAA credit but some of these policies could lead to debt-to-GDP accelerating faster than we expect," he concluded.</p><p>Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>. <br></p></div>

Britain's impending exit from the European Union (EU) as well as the potential breakaway of Scotland would be "a bad scenario", according to the global head of sovereigns at Fitch Ratings."A fragmented U.K. is a bad scenario from a ratings perspective because it would raise the debt-to-GDP (gross domestic product) of the remaining U.K. government by somewhere around 8 to 10 percentage points of GDP," warned James McCormack, speaking to CNBC on Wednesday from the IIF G20 summit in Frankfurt."Last time there was a referendum we talked a lot about this, said there were potential negative ratings implications, the same would be true this time," added McCormack, the executive with chief responsibility for countries' debt ratings.The Fitch executive highlighted that following the triggering of Article 50 to initiate the Brexit process - widely signaled to happen before the end of this month - all parties involved will be facing "the great unknown" in terms of how the decoupling of the U.K. from the trading bloc plays out."I think from the U.K.'s perspective they want to get as many things started as possible. From the European perspective, they want to go nice and slow and do things in the proper order," he opined.This week's confirmation that Scotland's First Minister, Nicola Sturgeon, would seek to hold another referendum before the spring of 2019 asking her compatriots whether they would like to split off from the rest of the U.K., simply added a further twist to the complicated path ahead for the U.K. government, McCormack said.While a lack of clarity over when exactly such a vote would be held was additionally unhelpful, the reality is that it would be difficult for the U.K. government no matter what the timing."A lot of political capital is going to be required on both fronts," he added.Addressing the debt situation in the U.S., McCormack painted a mixed picture."There's really no denying the short-term growth impulse looks pretty positive. People are enthusiastic about regulatory reform and tax reform even though we don't have a lot of details," he began before cautioning on certain other proposals made by the current administration."The trade reforms may be positive for growth, maybe not, certainly not in the longer term we don't think," McCormack posited.Nonetheless, although the Fitch team does expect U.S. debt balance to rise even without the implementation of any proposed changes and, indeed, more quickly with them, they are reasonably sanguine on the implications for U.S. ratings."It's not necessarily a rating issue because the U.S.'s AAA [rating] is supported by a number of very fundamental strengths: the role of the dollar, the US capital markets etc," McCormack outlined."So it's still in our view still a relatively strong AAA credit but some of these policies could lead to debt-to-GDP accelerating faster than we expect," he concluded.Follow CNBC International on Twitter and Facebook.

2021-10-30 14:12:30.744123

Britain's May sets out Brexit vision for trade deal deeper than any other

https://www.cnbc.com/2018/03/02/britains-theresa-may-sets-out-brexit-vision-for-trade-deal-deeper-than-any-other.html

2018-03-02T15:08:06+0000

Holly Ellyatt

CNBC

British Prime Minister Theresa May set out her vision on Friday for a Brexit deal deeper and wider than any free trade agreement in the world, telling the European Union it is in their "shared interest". Below are the highlights from her speech and a follow-up question-and-answer session with reporters:

cnbc, Articles, Brexit, Trade, United Kingdom, World economy, Markets, Business, Politics, Europe, Europe News, World Economy, Business News, DO NOT USE Consumer, source:tagname:Reuters

<div class="group"><p>British Prime Minister Theresa May set out her vision on Friday for a Brexit deal deeper and wider than any free trade agreement in the world, telling the European Union it is in their "shared<br> interest". </p><p>Below are the highlights from her speech and a follow-up question-and-answer session with reporters: </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>"We are close to agreement on the terms of the implementation period which was a key element in the December deal." </p><p>"Both the UK and EU are clear this implementation period must be time limited and cannot become a permanent solution." </p></div>,<div class="group"></div>,<div class="group"><p>"We are now approaching a crucial moment. There is no escaping the complexity of the task ahead of us. We must not only negotiate our exit from an organisation that touches so many important parts of our national life, we must also build a new and lasting relationship while, given the uncertainty inherent in this negotiation, preparing for every scenario."</p></div>,<div class="group"><p>"We will need an arbitration mechanism that is completely independent, something which again is common to free trade agreements. This will ensure that any disagreements about the purpose or scope of the agreement can be resolved fairly and promptly."</p></div>,<div class="group"><p>"We will also want to explore with the EU how the UK could remain part of the EU agencies, such as the chemicals, medicines and aerospace industries. </p><div style="height:100%" class="lazyload-placeholder"></div><p>"We would of course accept that this would mean abiding by the rules of those organisations and making an appropriate financial contribution."</p></div>,<div class="group"></div>,<div class="group"><p>"Yes there will be ups and downs in the months ahead. As in any negotiation no-one will get everything they want, we will not be buffeted by the demands to talk tough or threaten a walkout, just as we will not accept the counsels of despair that this simply cannot be done. </p><p>"We will move forward by calm patient discussion of each other's positions."</p><p>"We have a shared interest in getting this right so let's get on with it."</p></div>,<div class="group"><p>"No we won't think again on Brexit. The British people voted for Brexit and I think it is incumbent on their politicians to deliver on the decision that we asked them to take. Parliament overwhelmingly voted for this to be a decision of the British people and I think it's right that parliament and politicians now deliver on that." </p></div>,<div class="group"><p>"Successive British governments have worked tirelessly together with all the parties in Northern Ireland and with the Irish government to bring about the historic achievement of peace. This is an agreement that we have all worked hard to protect. That is why I have consistently put holding up the Belfast agreement at the heart of our approach. </p></div>,<div class="group"><p>"Our departure poses particular challenges for Northern Ireland and for Ireland. We joined the EU together 45 years ago and it's not surprising that our decision to leave has caused anxiety and a desire for concrete solutions. </p><p>"We have been clear all along that we don't want to go back to a hard border in Northern Ireland. We have ruled out any physical infrastructure at the border and related checks and controls, but it's not good enough to say "we won't enforce it if the EU forces Ireland to do it, that's down to them". </p><p>We chose to leave and we have a responsibility to help find a solution. But we can't do it on our own, it is for all of us to work together. And the Taoiseach and I agreed our teams should now do just that. </p><p>"Just as it would be unacceptable to go back to a hard border between Ireland and Northern Ireland, it would also be unacceptable to break up the United Kingdom's own common market by making a customs and regulatory border down the Irish sea."</p></div>,<div class="group"><p>"People voted to take back control of our money, our laws and our borders and that's exactly what we will be doing. Yes there are some areas where, and ultimately parliament will always be sovereign, and it will be parliament that will make these decisions. There are some areas, as I've set out in the goods, er descriptions of goods, where from an economic point of view, businesses say it makes sense for us to operate on very much the same basis so that we can continue that good trading relationship, but the decision on those rules of course will be for parliament."</p></div>

British Prime Minister Theresa May set out her vision on Friday for a Brexit deal deeper and wider than any free trade agreement in the world, telling the European Union it is in their "shared interest". Below are the highlights from her speech and a follow-up question-and-answer session with reporters: "We are close to agreement on the terms of the implementation period which was a key element in the December deal." "Both the UK and EU are clear this implementation period must be time limited and cannot become a permanent solution." "We are now approaching a crucial moment. There is no escaping the complexity of the task ahead of us. We must not only negotiate our exit from an organisation that touches so many important parts of our national life, we must also build a new and lasting relationship while, given the uncertainty inherent in this negotiation, preparing for every scenario.""We will need an arbitration mechanism that is completely independent, something which again is common to free trade agreements. This will ensure that any disagreements about the purpose or scope of the agreement can be resolved fairly and promptly.""We will also want to explore with the EU how the UK could remain part of the EU agencies, such as the chemicals, medicines and aerospace industries. "We would of course accept that this would mean abiding by the rules of those organisations and making an appropriate financial contribution.""Yes there will be ups and downs in the months ahead. As in any negotiation no-one will get everything they want, we will not be buffeted by the demands to talk tough or threaten a walkout, just as we will not accept the counsels of despair that this simply cannot be done. "We will move forward by calm patient discussion of each other's positions.""We have a shared interest in getting this right so let's get on with it.""No we won't think again on Brexit. The British people voted for Brexit and I think it is incumbent on their politicians to deliver on the decision that we asked them to take. Parliament overwhelmingly voted for this to be a decision of the British people and I think it's right that parliament and politicians now deliver on that." "Successive British governments have worked tirelessly together with all the parties in Northern Ireland and with the Irish government to bring about the historic achievement of peace. This is an agreement that we have all worked hard to protect. That is why I have consistently put holding up the Belfast agreement at the heart of our approach. "Our departure poses particular challenges for Northern Ireland and for Ireland. We joined the EU together 45 years ago and it's not surprising that our decision to leave has caused anxiety and a desire for concrete solutions. "We have been clear all along that we don't want to go back to a hard border in Northern Ireland. We have ruled out any physical infrastructure at the border and related checks and controls, but it's not good enough to say "we won't enforce it if the EU forces Ireland to do it, that's down to them". We chose to leave and we have a responsibility to help find a solution. But we can't do it on our own, it is for all of us to work together. And the Taoiseach and I agreed our teams should now do just that. "Just as it would be unacceptable to go back to a hard border between Ireland and Northern Ireland, it would also be unacceptable to break up the United Kingdom's own common market by making a customs and regulatory border down the Irish sea.""People voted to take back control of our money, our laws and our borders and that's exactly what we will be doing. Yes there are some areas where, and ultimately parliament will always be sovereign, and it will be parliament that will make these decisions. There are some areas, as I've set out in the goods, er descriptions of goods, where from an economic point of view, businesses say it makes sense for us to operate on very much the same basis so that we can continue that good trading relationship, but the decision on those rules of course will be for parliament."

2021-10-30 14:12:30.822078

Morgan Stanley earnings, revenue top expectations

https://www.cnbc.com/2013/10/18/morgan-stanley-posts-earnings-of-44-cents-a-share-vs-40-cents-estimate.html

2013-10-18T11:16:50+0000

CNBC

Morgan Stanley's third-quarter revenue jumped 50 percent, helping adjusted earnings beat expectations, as higher income from equities sales and trading made up for a drop in the Wall Street bank and brokerage's fixed-income business. Morgan Stanley reported net income of $888 million, or 44 cents per share, from continuing operations in the quarter. That compared with a loss of $1 billion, or 55 cents per share, a year earlier. The year-earlier figure included a charge of $2.3 billion to reflect a rise in the value of Morgan Stanley's debt.

cnbc, Articles, Earnings, Goldman Sachs Group Inc, Earnings Announcements, Banks, Morgan Stanley, Financials, Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, US: News, Investing, source:tagname:Reuters

<div class="group"><p> <a href="//www.cnbc.com/quotes/MS" target="_blank">Morgan Stanley's</a> third-quarter revenue jumped 50 percent, helping adjusted earnings beat expectations, as higher income from equities sales and trading made up for a drop in the Wall Street bank and brokerage's fixed-income business.</p><p> Morgan Stanley reported net income of $888 million, or 44 cents per share, from continuing operations in the quarter. That compared with a loss of $1 billion, or 55 cents per share, a year earlier.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The year-earlier figure included a charge of $2.3 billion to reflect a rise in the value of Morgan Stanley's debt.</p></div>,<div class="group"><p><span style="background-color:rgb(255, 255, 255)">Excluding items, Morgan Stanley earned 50 cents per share, beating the average analyst estimate of 40 cents per share, according to Thomson Reuters I/B/E/S.</span><br></p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/10/17/cashin-tech-valuations-remind-me-of-dot-com-bubble.html">Cashin: This reminds me of the dot-com bubble</a>)</p><p> Overall revenue rose to $7.93 billion, from $5.28 billion in the same quarter last year, driven by equities trading and the company's fast-growing wealth management business.</p><p> Adjusted revenue from equities trading rose 31 percent to $1.7 billion, while revenue from fixed income, currency and commodities (FICC) trading fell 44 percent to $835 million.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "Our strategy to combine a world class investment bank with the stability of the largest U.S. wealth management franchise and strong investment management is enabling us to deliver exceptional advice and execution for our clients as well as stronger returns for our shareholders," Chairman and Chief Executive James Gorman said in a statement on Friday.</p><p>Gorman is scheduled to appear on CNBC to discuss the quarterly results at 11:30 a.m. ET. </p></div>,<div class="group"><p> Morgan Stanley has had difficulty with fixed-income trading for years, but the issues that affected the business in the latest quarter also shook most of its competitors.</p><p> Trading activity in the bond market slowed markedly during the period amid expectations the Federal Reserve would soon start to wind down its stimulative bond-buying program.</p><p> Goldman Sachs reported on Thursday that its revenue from FICC trading fell 44 percent in the quarter. <a href="//www.cnbc.com/quotes/C" target="_blank">Citigroup's</a> fell 26 percent, <a href="//www.cnbc.com/quotes/BAC" target="_blank">Bank of America's</a> 20 percent and <a href="//www.cnbc.com/quotes/JPM" target="_blank">JPMorgan Chase's</a> 8 percent.</p><p> Revenue in Morgan Stanley's wealth management business increased 8 percent to $3.48 billion, while the business's pretax profit margin edged up to 19 percent, getting closer to Gorman's target of a minimum 20 percent.<br></p><p> Morgan Stanley completed its acquisition of brokerage Smith Barney from Citigroup in June. It now collects all of the earnings from the former joint venture but must wait until 2015 to accrue all of Smith Barney's client deposits.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/10/18/did-wall-street-make-the-next-budget-crisis-worse.html">Did Wall Street make the next budget crisis worse?</a>)</p><p><span style="background-color:rgb(255, 255, 255)">Shares of Morgan Stanley moved higher in pre-market trading immediately following the report. </span><a href="//www.cnbc.com/quotes/MS" target="_blank">(Click here to get the latest quote.)</a><br></p><p> —<em>By Reuters. CNBC contributed to this report.</em></p></div>

Morgan Stanley's third-quarter revenue jumped 50 percent, helping adjusted earnings beat expectations, as higher income from equities sales and trading made up for a drop in the Wall Street bank and brokerage's fixed-income business. Morgan Stanley reported net income of $888 million, or 44 cents per share, from continuing operations in the quarter. That compared with a loss of $1 billion, or 55 cents per share, a year earlier. The year-earlier figure included a charge of $2.3 billion to reflect a rise in the value of Morgan Stanley's debt.Excluding items, Morgan Stanley earned 50 cents per share, beating the average analyst estimate of 40 cents per share, according to Thomson Reuters I/B/E/S. (Read more: Cashin: This reminds me of the dot-com bubble) Overall revenue rose to $7.93 billion, from $5.28 billion in the same quarter last year, driven by equities trading and the company's fast-growing wealth management business. Adjusted revenue from equities trading rose 31 percent to $1.7 billion, while revenue from fixed income, currency and commodities (FICC) trading fell 44 percent to $835 million. "Our strategy to combine a world class investment bank with the stability of the largest U.S. wealth management franchise and strong investment management is enabling us to deliver exceptional advice and execution for our clients as well as stronger returns for our shareholders," Chairman and Chief Executive James Gorman said in a statement on Friday.Gorman is scheduled to appear on CNBC to discuss the quarterly results at 11:30 a.m. ET. Morgan Stanley has had difficulty with fixed-income trading for years, but the issues that affected the business in the latest quarter also shook most of its competitors. Trading activity in the bond market slowed markedly during the period amid expectations the Federal Reserve would soon start to wind down its stimulative bond-buying program. Goldman Sachs reported on Thursday that its revenue from FICC trading fell 44 percent in the quarter. Citigroup's fell 26 percent, Bank of America's 20 percent and JPMorgan Chase's 8 percent. Revenue in Morgan Stanley's wealth management business increased 8 percent to $3.48 billion, while the business's pretax profit margin edged up to 19 percent, getting closer to Gorman's target of a minimum 20 percent. Morgan Stanley completed its acquisition of brokerage Smith Barney from Citigroup in June. It now collects all of the earnings from the former joint venture but must wait until 2015 to accrue all of Smith Barney's client deposits. (Read more: Did Wall Street make the next budget crisis worse?)Shares of Morgan Stanley moved higher in pre-market trading immediately following the report. (Click here to get the latest quote.) —By Reuters. CNBC contributed to this report.

2021-10-30 14:12:31.446947

Moody's lowers outlook on Amazon to negative

https://www.cnbc.com/2014/12/01/moodys-lowers-outlook-on-amazon-to-negative.html

2014-12-01T17:19:38+0000

Hailey Lee

CNBC

Moody's Investors Service cut its outlook on Amazon.com from "stable" to "negative" on Monday, prompted by the online retailer's announcement that it was issuing new debt. The credit rating agency also affirmed the company's Baa1 senior unsecured rating.Following the news, Amazon stock dropped more than 3 percent.

cnbc, Articles, Investment strategy, Personal loans, Amazon.com Inc, Moody's Corp, Investing, Debt, Credit and Debt, US: News, Credit Ratings, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/MCO" target="_blank"> Moody's Investors Service</a> cut its outlook on <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon.com</a> from "stable" to "negative" on Monday, prompted by the online retailer's announcement that it was issuing new debt. </p><p> The credit rating agency also affirmed the company's Baa1 senior unsecured rating.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Following the news, Amazon stock dropped more than 3 percent. </p></div>,<div class="group"><p> <span class="label-read-more">Read More</span> <a href="https://www.cnbc.com/2014/12/01/moodys-downgrades-japan-as-concerns-grow.html">Moody's downgrades Japan as concerns grow</a><br></p><p> The size of Amazon's new senior unsecured notes is yet to be determined, said Moody's Vice President Charlie O'Shea in a release. It is the agency's expectation that the funds will be used for corporate purposes that will support growth initiatives, rather than for shareholder returns.</p><p> "The negative outlook reflects the impact the new debt will have on interest coverage that is already weak at 1.2 times for the LTM September 2014, as well as debt/EBITDA, which will increase meaningfully as well," Moody's said.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/11/26/christmas-came-early-for-amazon-sell-before-black-friday.html">Christmas came early for Amazon, time to sell?</a><br></p><p> "While the new debt will further exacerbate Amazon's already weak interest coverage due to, among other things, the lack of visibility surrounding the cadence for deployment of proceeds, potential areas of future growth and investment utilizing these proceeds, and the timing of potential positive returns, Moody's believes that the company's excellent liquidity provides sufficient cushion to affirm the Baa1 rating."</p></div>

Moody's Investors Service cut its outlook on Amazon.com from "stable" to "negative" on Monday, prompted by the online retailer's announcement that it was issuing new debt. The credit rating agency also affirmed the company's Baa1 senior unsecured rating.Following the news, Amazon stock dropped more than 3 percent. Read More Moody's downgrades Japan as concerns grow The size of Amazon's new senior unsecured notes is yet to be determined, said Moody's Vice President Charlie O'Shea in a release. It is the agency's expectation that the funds will be used for corporate purposes that will support growth initiatives, rather than for shareholder returns. "The negative outlook reflects the impact the new debt will have on interest coverage that is already weak at 1.2 times for the LTM September 2014, as well as debt/EBITDA, which will increase meaningfully as well," Moody's said. Read MoreChristmas came early for Amazon, time to sell? "While the new debt will further exacerbate Amazon's already weak interest coverage due to, among other things, the lack of visibility surrounding the cadence for deployment of proceeds, potential areas of future growth and investment utilizing these proceeds, and the timing of potential positive returns, Moody's believes that the company's excellent liquidity provides sufficient cushion to affirm the Baa1 rating."

2021-10-30 14:12:31.505061

Halftime Report: Technical Break Could Signal S&P 950

https://www.cnbc.com/2009/10/30/halftime-report-technical-break-could-signal-sp-950.html

2009-10-30T17:26:09+0000

Lee Brodie

CNBC

On the last trading day of the month, the Dow and S&P turned sharply lower around lunchtime with investors eager to move to the sidelines.Negative sentiment seemed to prevail after a Labor Department report showed personal spending dipped 0.5 percent in September, while personal income was flat.Those figures again turned attention to the fragile state of the consumer – which is considered vital to a recovery because consumer spending accounts for more than two-thirds of all U.S. economic activity.Also the dollar turned higher. Lately the greenback has had an inverse impact on equities.On the final trading day of the month, the S&P 500 was down 0.99 percent for October. If the index is unable to hold onto the month's gains, it will snap a seven-month winning streakWhat should you be watching?I think we’re looking at more of a psychological phenomenon in the market than anything else, says Steve Grasso of Stuart Frankel. This is the last day of the fiscal year for most mutual funds. Usually we see losses in October and this time we’ve had gains. So money managers are locking in profits on the last day of the month. But that doesn’t change the fact stocks are selling off. I’m watching 1042 on the S&P, he adds. If we close below that level, technically we open the door to S&P 1000.I think the action is absolutely horrible, adds Joe Terranova. Technically it looks awful. If the E-Mini S&P futures break below 3700 I think we may have an ugly close.Warren Buffett often says be fearful when other are greedy and greedy when other are fearful. I ‘do’ think you can dip your toe into best of breed names, especially in commodities, he adds. But only do it knowing that declines are coming from professional investors who are moving to the sidelines because they are fearful of what they’re seeing in the market.

cnbc, Articles, Dow Jones Industrial Average, S&P 500 Index, Bank of America Corp, Goldman Sachs Group Inc, CBOE Volatility Index, Financial Select Sector SPDR Fund, CNBC TV, Fast Money Halftime Report, source:tagname:CNBC US Source

<div class="group"><p>On the last trading day of the month, the Dow and S&amp;P turned sharply lower around lunchtime with investors eager to move to the sidelines.</p><p>Negative sentiment seemed to prevail after a Labor Department report showed personal spending dipped 0.5 percent in September, while personal income was flat.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Those figures again turned attention to the fragile state of the consumer – which is considered vital to a recovery because consumer spending accounts for more than two-thirds of all U.S. economic activity.</p><p>Also the dollar turned higher. Lately the greenback has had an inverse impact on equities.</p><p>On the final trading day of the month, the S&amp;P 500 was down 0.99 percent for October. If the index is unable to hold onto the month's gains, it will snap a seven-month winning streak</p><p><strong>What should you be watching?</strong></p><p>I think we’re looking at more of a psychological phenomenon in the market than anything else, says Steve Grasso of Stuart Frankel. This is the last day of the fiscal year for most mutual funds. Usually we see losses in October and this time we’ve had gains. So money managers are locking in profits on the last day of the month. <br><br>But that doesn’t change the fact stocks are selling off. I’m watching 1042 on the S&amp;P, he adds. If we close below that level, technically we open the door to S&amp;P 1000.</p><div style="height:100%" class="lazyload-placeholder"></div><p>I think the action is absolutely horrible, adds Joe Terranova. Technically it looks awful. If the E-Mini S&amp;P futures break below 3700 I think we may have an ugly close.</p><p>Warren Buffett often says be fearful when other are greedy and greedy when other are fearful. I ‘do’ think you can dip your toe into best of breed names, especially in commodities, he adds. But <em>only</em> do it knowing that declines are coming from professional investors who are moving to the sidelines because they are fearful of what they’re seeing in the market.</p></div>,<div class="group"><p>The S&amp;P hit my big upside target of 1100, adds Bill Strazzullo of Bell Curve. I think we could be putting in an intermediate top. If you’re long I’d be talking profits. <br><br>And if you’re a speculator, I also think you can be aggressive on the short side. Patterns in the S&amp;P suggest to me that 1030 is a critical level. If we break that then I think we move down to 1000. And the move down could be as steep as 950 after that.</p><p>I watch volatility and it’s clearly returning to the market, adds Brian Stutland of Stutland Equities. If the Vix closes above 28 I’d be a buyer of volatility and prepare for swings in the market.<br><br>-------</p><p><strong>FINANCIALS LEADING MARKET LOWER</strong></p><p>Financials led the market lower on Friday after the economic data mentioned above renewed concerns about the public’s ability to make mortgages and credit card payments.</p><p><strong>What’s the trade?</strong><br><br>Since JPMorgan released earnings, the financials haven’t done much, explains Joe Terranova. The only stock in the space I’d consider is Goldman. Around $170, I’d consider buying. But I have to admit I'm long Goldman and I’m nervous.<br><br>I’m watching BofA, says Brian Stutland. I’m a buyer of the November 6/17.5 call spread.</p><p><br>-------</p><p><strong>DOLLAR REBOUNDING</strong></p><p>The U.S. dollar made gains on Friday after steep losses in the previous session as investors turned to the greenback as a safe-haven amid Friday’s sharp sell-off.</p><p>"We're seeing some weakness in equities probably due to some month-end selling and that pushed the dollar higher," explains Shaun Osborne, chief currency strategist at TD Securities.</p><p>Also, since the dollar sold off most of the month, fund managers may need to buy back the dolar to maintain hedge ratios at the end of the month.</p><p>Meanwhile, the stronger dollar dragged down the price of crude with investors also growing concerned that the recent pop may be ahead of supply and demand fundamentals.</p><p><strong>What’s the trade?</strong><br><br>I think the correlation between stronger dollar and weaker market is overdone, says Dennis Gartman. Germany has a stronger currency<em> and</em> a stronger market. <br><br>I think dollar weakness is probably presenting an opportunity for dipping a toe into best of breed names, especially in commodities, says Joe Terranova. But do it knowing that declines are coming from professional investors moving to the sidelines because they are fearful of what they’re seeing in the market.</p><p>-------</p><p><strong>CALL THE CLOSE</strong></p><p>Joe Terranova: I’d move the sidelines</p><p>Steve Grasso: I’m a seller. I don’t like the feel</p><p>Bill Strazzullo: I’m short and staying short.</p><p><br></p><p>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</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><em>Trader disclosure: On Oct. 30th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns Puts (BAC); Finerman Owns (PDE), (FLS), (RIG), (WMT); Finerman's Firm Owns (MSFT), (NOK), (PDE), (RIG) (TGT), (WMT); Finerman's Firm  Is Long Puts (AMZN); Finerman's Firm  Is Long Puts (BAC); Finerman's Firm  Is Long Call Spreads (BAC); Finerman's Firm  Is Long (FLS); Finerman's Firm  Is Short Calls (FLS); Finerman's Firm  Is Short (IJR), (MDY), (SPY), (IWM), (UNG), (USO, Terranova Owns(GS); Seymour Is Short Puts (AA); Seymour Is Long Puts (BAC); Seymour Is Long Puts (BX); Seymour Is Long Puts (EEM); Seymour Is Long Puts (F); Seymour Is Short Puts (FXI); Seymour Is Long Puts (LVS); Seymour Is Long Puts (MSFT); Seymour Is  Short F (PBR); Seymour Is Long Puts (SBUX)</em><br><br><br>CNBC.com with wires</p></div>

On the last trading day of the month, the Dow and S&P turned sharply lower around lunchtime with investors eager to move to the sidelines.Negative sentiment seemed to prevail after a Labor Department report showed personal spending dipped 0.5 percent in September, while personal income was flat.Those figures again turned attention to the fragile state of the consumer – which is considered vital to a recovery because consumer spending accounts for more than two-thirds of all U.S. economic activity.Also the dollar turned higher. Lately the greenback has had an inverse impact on equities.On the final trading day of the month, the S&P 500 was down 0.99 percent for October. If the index is unable to hold onto the month's gains, it will snap a seven-month winning streakWhat should you be watching?I think we’re looking at more of a psychological phenomenon in the market than anything else, says Steve Grasso of Stuart Frankel. This is the last day of the fiscal year for most mutual funds. Usually we see losses in October and this time we’ve had gains. So money managers are locking in profits on the last day of the month. But that doesn’t change the fact stocks are selling off. I’m watching 1042 on the S&P, he adds. If we close below that level, technically we open the door to S&P 1000.I think the action is absolutely horrible, adds Joe Terranova. Technically it looks awful. If the E-Mini S&P futures break below 3700 I think we may have an ugly close.Warren Buffett often says be fearful when other are greedy and greedy when other are fearful. I ‘do’ think you can dip your toe into best of breed names, especially in commodities, he adds. But only do it knowing that declines are coming from professional investors who are moving to the sidelines because they are fearful of what they’re seeing in the market.The S&P hit my big upside target of 1100, adds Bill Strazzullo of Bell Curve. I think we could be putting in an intermediate top. If you’re long I’d be talking profits. And if you’re a speculator, I also think you can be aggressive on the short side. Patterns in the S&P suggest to me that 1030 is a critical level. If we break that then I think we move down to 1000. And the move down could be as steep as 950 after that.I watch volatility and it’s clearly returning to the market, adds Brian Stutland of Stutland Equities. If the Vix closes above 28 I’d be a buyer of volatility and prepare for swings in the market.-------FINANCIALS LEADING MARKET LOWERFinancials led the market lower on Friday after the economic data mentioned above renewed concerns about the public’s ability to make mortgages and credit card payments.What’s the trade?Since JPMorgan released earnings, the financials haven’t done much, explains Joe Terranova. The only stock in the space I’d consider is Goldman. Around $170, I’d consider buying. But I have to admit I'm long Goldman and I’m nervous.I’m watching BofA, says Brian Stutland. I’m a buyer of the November 6/17.5 call spread.-------DOLLAR REBOUNDINGThe U.S. dollar made gains on Friday after steep losses in the previous session as investors turned to the greenback as a safe-haven amid Friday’s sharp sell-off."We're seeing some weakness in equities probably due to some month-end selling and that pushed the dollar higher," explains Shaun Osborne, chief currency strategist at TD Securities.Also, since the dollar sold off most of the month, fund managers may need to buy back the dolar to maintain hedge ratios at the end of the month.Meanwhile, the stronger dollar dragged down the price of crude with investors also growing concerned that the recent pop may be ahead of supply and demand fundamentals.What’s the trade?I think the correlation between stronger dollar and weaker market is overdone, says Dennis Gartman. Germany has a stronger currency and a stronger market. I think dollar weakness is probably presenting an opportunity for dipping a toe into best of breed names, especially in commodities, says Joe Terranova. But do it knowing that declines are coming from professional investors moving to the sidelines because they are fearful of what they’re seeing in the market.-------CALL THE CLOSEJoe Terranova: I’d move the sidelinesSteve Grasso: I’m a seller. I don’t like the feelBill Strazzullo: I’m short and staying short.______________________________________________________Got something to to say? Send us an e-mail at [email protected] 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 Oct. 30th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns Puts (BAC); Finerman Owns (PDE), (FLS), (RIG), (WMT); Finerman's Firm Owns (MSFT), (NOK), (PDE), (RIG) (TGT), (WMT); Finerman's Firm  Is Long Puts (AMZN); Finerman's Firm  Is Long Puts (BAC); Finerman's Firm  Is Long Call Spreads (BAC); Finerman's Firm  Is Long (FLS); Finerman's Firm  Is Short Calls (FLS); Finerman's Firm  Is Short (IJR), (MDY), (SPY), (IWM), (UNG), (USO, Terranova Owns(GS); Seymour Is Short Puts (AA); Seymour Is Long Puts (BAC); Seymour Is Long Puts (BX); Seymour Is Long Puts (EEM); Seymour Is Long Puts (F); Seymour Is Short Puts (FXI); Seymour Is Long Puts (LVS); Seymour Is Long Puts (MSFT); Seymour Is  Short F (PBR); Seymour Is Long Puts (SBUX)CNBC.com with wires

2021-10-30 14:12:31.543999

Here are the 10 most important stories for investors Friday morning

https://www.cnbc.com/2017/02/10/morning-top-10.html

2017-02-10T13:25:43+0000

Jake Novak

CNBC

A daily morning look at the financial stories you need to know to start the day.STOCKS/ ECONOMY-Stock futures are a bit higher after Thursday's rally. Consumer sentiment numbers come out at 10 AM Eastern Time. OIL/ ENERGY-U.S. crude prices are up to the $53 a barrel level on news that OPEC has been complying with its production cut targets. But natural gas prices are close to falling back below the $3-level.TRUMP FIRST 100 DAYS-The Ninth Circuit Court of Appeals unanimously ruled against the Trump administration's new immigration and travel ban policy. The administration may now take this fight to the Supreme Court.

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

<div class="group"><p><br></p><p><em style="font-size:1.1em;line-height:1.3em" dataset="[object Object]">A daily morning look at the financial stories you need to know to start the day.</em><br></p><p><strong><span dataset="[object Object]">STOCKS/ ECONOMY</span></strong></p><div class="inline-piano-offer"></div><p>-Stock futures <a href="https://www.cnbc.com/2017/02/10/wall-street-expected-to-open-higher-as-investors-eye-healthy-earnings.html">are a bit higher</a> after Thursday's rally. Consumer sentiment numbers come out at 10 AM Eastern Time. <br></p><p><strong>OIL/ ENERGY<br></strong></p><p>-U.S. crude prices <a href="https://www.cnbc.com/2017/02/09/oil-prices-stable-on-opec-led-production-cuts-but-bloated-inventories-weigh.html">are up to the $53 a barrel level</a> on news that OPEC has been complying with its production cut targets. But natural gas prices are <a href="http://data.cnbc.com/quotes/%40NG.1" target="_blank">close to falling back below the $3-level.</a><br></p><p><strong>TRUMP FIRST 100 DAYS</strong></p><p>-The Ninth Circuit Court of Appeals unanimously<a href="https://www.cnbc.com/2017/02/09/see-you-in-court-trump-tweets-after-court-deals-president-a-setback-on-immigration-order.html"> ruled against </a>the Trump administration's new immigration and travel ban policy. The administration may now take this fight to the Supreme Court.</p></div>

A daily morning look at the financial stories you need to know to start the day.STOCKS/ ECONOMY-Stock futures are a bit higher after Thursday's rally. Consumer sentiment numbers come out at 10 AM Eastern Time. OIL/ ENERGY-U.S. crude prices are up to the $53 a barrel level on news that OPEC has been complying with its production cut targets. But natural gas prices are close to falling back below the $3-level.TRUMP FIRST 100 DAYS-The Ninth Circuit Court of Appeals unanimously ruled against the Trump administration's new immigration and travel ban policy. The administration may now take this fight to the Supreme Court.

2021-10-30 14:12:31.592143

Here's what major analysts think of Apple's stock after announcements on new software and chips

https://www.cnbc.com/2020/06/23/heres-what-major-analysts-think-of-apples-stock-after-announcements-on-new-software-and-chips.html

2020-06-23T12:13:25+0000

Yun Li

CNBC

(This story is for CNBC Pro subscribers only.)Apple's announcements from the WWDC conference — from its new software to a shift to in-house chips — are garnering praise from Wall Street analysts. Many of them hiked their forecast for the tech giant's stock.During the remote event Monday, Apple introduced new software for its iPhones, iPads, Macs, Apple TV and Apple Watch. It also announced that future Macs will use chips made by Apple instead of Intel, a move that it said will mean faster laptops and desktops.UBS said it's bullish on Apple's transition to its own chips, calling it "a continuation of its strategy of vertical integration following years of convergence" in its mobile and Macs. The bank increased it 12- month price target to $400 from $325, representing a near 12% upside from here.

cnbc, Premium, Articles, Investment strategy, Stock markets, Intel Corp, Apple Inc, Michael Bloom, stocks, Investing, PRO Home, CNBC Pro, source:tagname:CNBC US Source

<div class="group"><p><em>(This story is for </em><a href="https://www.cnbc.com/pro/"><em>CNBC Pro subscribers</em></a><em> only.)</em></p><p><a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a>'s announcements <a href="https://www.cnbc.com/2020/06/22/apple-wwdc-2020-new-ios-macos-ipados-software.html">from the WWDC conference</a> — from its new software to a shift to in-house chips — are garnering praise from Wall Street analysts. Many of them hiked their forecast for the tech giant's stock.</p><p>During the remote event Monday, Apple introduced new software for its iPhones, iPads, Macs, Apple TV and Apple Watch. It also announced that future Macs will use chips made by Apple instead of <a href="//www.cnbc.com/quotes/INTC" target="_blank">Intel</a>, a move that it said will mean faster laptops and desktops.</p><div class="inline-piano-offer"></div><p>UBS said it's bullish on Apple's transition to its own chips, calling it "a continuation of its strategy of vertical integration following years of convergence" in its mobile and Macs. The bank increased it 12- month price target to $400 from $325, representing a near 12% upside from here.</p></div>

(This story is for CNBC Pro subscribers only.)Apple's announcements from the WWDC conference — from its new software to a shift to in-house chips — are garnering praise from Wall Street analysts. Many of them hiked their forecast for the tech giant's stock.During the remote event Monday, Apple introduced new software for its iPhones, iPads, Macs, Apple TV and Apple Watch. It also announced that future Macs will use chips made by Apple instead of Intel, a move that it said will mean faster laptops and desktops.UBS said it's bullish on Apple's transition to its own chips, calling it "a continuation of its strategy of vertical integration following years of convergence" in its mobile and Macs. The bank increased it 12- month price target to $400 from $325, representing a near 12% upside from here.

2021-10-30 14:12:31.746837

Why Apple shareholders shouldn't be too worried after the earnings selloff

https://www.cnbc.com/2021/08/01/why-apple-shareholders-after-earnings-selloff-shouldnt-be-too-worried.html

2021-08-01T16:02:49+0000

Eric Rosenbaum

CNBC

If you are an Apple shareholder who wondered after last week's stellar earnings report why the value of your stock holding was going down rather than up, the reason given — that chip shortages will weigh on the short-term outlook — may not seem good enough. For a trader looking at every short-term opportunity to move portfolio money to where the next quick buck is likely to be, it doesn't take more than that "sell on the news" headline. Longer-term investors, though, might want to consider a recent fact about the company and negative headlines: Apple has overcome pretty much every short-term "sell" headline in recent years on its way to being a $2-trillion-plus company.Trump's trade war with China? No problem. The surprise decision to stop offering iPhone unit guidance? Much ado about nothing as the iPhone super-cycle came along anyway. As for the global semiconductor chip shortage now being cited by Apple, it might be wise to keep in mind that Apple has a long history of being pretty conservative with its outlook — formal earnings guidance still has not returned. And one more thing: Tim Cook was elevated to the CEO post after Steve Jobs based on his mastery of global logistics."Let's face it, if Apple has any trouble getting chips, then every other company on the planet will have 10x those problems," said Nick Colas, co-founder of DataTrek Research. "If you're really worried about chip supply, you want to own Apple because it is first in line at every chip fab."But there is a bigger question relevant to Apple and the rest of the market: Just how strong is the next leg of growth for the market going to be?

cnbc, Articles, Earnings, Amazon.com Inc, Microsoft Corp, Meta Platforms Inc, Apple Inc, Business, Stock markets, Investment strategy, VIX Index (Mar'21), S&P 500 Index, Russell 2000 Index, Alphabet Class A, Business News, Executive Edge, Special Reports, Squawk Box U.S., stocks, Investing, source:tagname:CNBC US Source

<div class="group"><p>If you are an <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> shareholder who wondered after last week's stellar earnings report why the value of your stock holding was going down rather than up, the reason given — that chip shortages will weigh on the short-term outlook — may not seem good enough. For a trader looking at every short-term opportunity to move portfolio money to where the next quick buck is likely to be, it doesn't take more than that "sell on the news" headline. Longer-term investors, though, might want to consider a recent fact about the company and negative headlines: Apple has overcome pretty much every short-term "sell" headline in recent years on its way to being a $2-trillion-plus company.</p><p>Trump's trade war with China? No problem. The surprise decision to stop offering iPhone unit guidance? Much ado about nothing as the iPhone super-cycle came along anyway. As for the global semiconductor chip shortage now <a href="https://www.cnbc.com/2021/07/27/apples-iphone-hot-streak-will-run-into-global-chip-shortage.html">being cited by Apple</a>, it might be wise to keep in mind that Apple has a long history of being pretty conservative with its outlook — formal earnings guidance still has not returned. And one more thing: Tim Cook was elevated to the CEO post after Steve Jobs based on his mastery of global logistics.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"Let's face it, if Apple has any trouble getting chips, then every other company on the planet will have 10x those problems," said Nick Colas, co-founder of <a href="https://www.datatrekresearch.com/" target="_blank">DataTrek Research</a>. "If you're really worried about chip supply, you want to own Apple because it is first in line at every chip fab."</p><p>But there is a bigger question relevant to Apple and the rest of the market: Just how strong is the next leg of growth for the market going to be?</p></div>,<div class="group"><p>The immediate outlook for the market doesn't necessarily scream buy-on-the-dip after the big tech sell-on-the-news, according to Colas. Seasonality is an immediate risk, with market history showing the early August period to be a volatile one for the <a href="https://www.cnbc.com/quotes/@VX.1">VIX</a> volatility index.</p><p>"It's a valid trading question, where to go for the trading dollar in August," Colas said.</p></div>,<div class="group"><p>Since 1990, the early August period has been one into which the VIX peaks. Part of the reason is the lighter volumes in the market during the summer. "It's a trough for liquidity, when people are on vacation ... a lower number of people trading and more volatility any news item will carry. I am telling clients to be careful," he said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>On Wednesday through Friday of last week, the <a href="https://www.cnbc.com/quotes/.SPX">S&amp;P 500</a> trading volume was below its 30-day average.</p><p>For the short-term trader, a rotation away from the large-cap leaders into small-cap represented by the <a href="https://www.cnbc.com/quotes/.RUT">Russell 2000</a>, which Colas described as being "way oversold" since its torrid hot streak in early 2021, could make sense. "Small-caps went parabolic through March and April and have not worked since because they got so far ahead," he said.</p><p>That makes them, at least statistically, based on 100-day trailing returns, cheap right now.</p><p>But for investors not playing the market for a quick trade, Colas says the post-earnings disappointing trades from Apple, <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> and <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> shouldn't weigh too heavily. <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> was the outlier in actually <a href="https://www.cnbc.com/2021/07/29/amazon-amzn-earnings-q2-2021.html">missing revenue expectations</a> rather than posting a big beat, making a selloff on the news a "fair" reaction, according to Colas.</p></div>,<div class="group"><p>It's also important to remember that the big beats from the rest of big tech were already embedded in most of the stocks as they had a strong June and July based on the market guessing right — that Q2 earnings would be stellar. "The market was bidding up the names into the quarter. The market sniffed out the surprise and they all occurred, and when you see stocks all rally into a quarterly earnings, it's just hard to sustain that. That is 'sell on the news' unless there is a tremendous amount of good news and guidance," Colas said. "That's normal capital markets behavior."</p><p>He goes back to one important data point in assessing the strength of these companies: they have doubled their earnings power in the past two years. "Which is astounding," he said. And that gives him more comfort in the longer-term picture. "I don't see any change. Big tech is still the place to be."</p><p>He cited two reasons.</p><p>Even as these companies have doubled earnings growth, he doesn't think they are anywhere near peak earnings. "It's just a much higher base to build on."</p><p>Second, these companies have definitive advantages in industries and don't directly compete against each other in a zero-sum game i many areas of strength.</p><p>These companies have grown earnings so much because the pandemic changed consumption patterns, made us all even more tech-centric, and the market made a lot of money betting on that playing out exactly as it did. But now the big question for big tech isn't about its dominance being threatened — though multiple antitrust battles loom — it is just figuring out how much more room they have to keep the earnings growth rate going higher.</p><p>"Tell me what you would pay for a company with a 30% return on investment and structural growth of 10% to 15%, and can do it for a decade? What is the multiple? Is it 30 times or 40 times? I have no idea," Colas said, "but I know it's not 20 times."</p></div>,<div class="group"><p>Apple was an example from this group of concerns about price-to-earnings multiples. It lagged the rest of the tech giants for years, seen as a hardware vendor and weighed down by that market view until the services business soared through the pandemic and the $2 trillion market cap was given to the company. And again this year, it was "the one oddball laggard," in Colas's words, as its year-to-date return into earnings was roughly 10% versus roughly 30% for Facebook and Microsoft.</p><p>Apple trailed the S&amp;P 500, too, ahead of the earnings. One reason: it sucked so much demand forward investors are rightly concerned posting good earnings comps will get harder. But, Colas said, that might also mean it has the most room left to go up, even in the short-term as a new iPhone launches in the fall and back-to-school boosts spending on consumer tech.</p><p>The broader global growth story the entire stock market is tied to isn't a lock. In fact, amid the panic over inflation earlier this year and expectations that the 10-year Treasury yield would go higher, it did the opposite. "The market totally understood growth had peaked in Q1 and started trending down at the end of the quarter," Colas said.</p><p>The rate story was wrong, but slower economic growth is now higher up on the list of investor concerns for a U.S. market where P/E ratios are high. Big tech represents 23% of S&amp;P 500 and that means whatever the market next decides about its lofty valuations will weigh on U.S. stocks overall.</p></div>,<div class="group"><p>But investors don't have that many great choices globally. With <a href="https://www.cnbc.com/2021/07/26/asia-markets-wall-street-friday-closing-highs-covid-currencies-oil.html">the situation in China</a> between the government and its leading companies resulting in massive losses in recent weeks, there <a href="https://www.cnbc.com/2021/07/30/investors-bought-chinese-stocks-despite-regulatory-concerns.html">might be trading opportunities</a>, but emerging markets are no place to be for anything but a trade. And even if there is potential opportunity in other international plays like European financials, it is going to take time for rates to move in a direction that benefits those stocks.</p><p>"What's left? It's U.S. and the top of the cap table," Colas said. "That's what you need to own. Still back to the same names."</p><p>Looking at sector weightings back to the 1970s and through the 1990s, he says there has never been a time when five companies had more weighting. "It's just 5 names, and it's not like when Exxon was at its peak in the S&amp;P. That was a commodity play. These companies have huge barriers to entry and very high structural returns."</p><p>Even with those advantages, trying to figure out what their earnings power will be post-pandemic, or at least as the world transitions from the worst of the pandemic to the lingering effects, is the bigger issue for big tech.</p><p>"What is a fair growth rate for 2022? That is hard," Colas said.</p><p>For <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a> — the only among the big tech names to report last week <a href="https://www.cnbc.com/2021/07/27/alphabet-googl-earnings-q2-2021.html">which rose after its earnings</a> — and for Facebook, which reiterated <a href="https://www.cnbc.com/2021/07/28/facebook-fb-earnings-q2-2021.html">a prior warning of slowing revenue growth</a>, there is the cyclical nature of advertising market to rely on, and that has not changed all that much in recent decades. Apple, though, is a harder one, because even as it has made progress moving past the iPhone story and building its services business into a huge driver of growth, so much hardware demand was pulled forward.</p><p>For Amazon, Colas noted that e-commerce's share of demand when from 17% to 24% in Q2 2020, and then back down to 20%. And every percentage point in that band has huge leverage over Amazon's business model — in fact, he pointed to it as a reason why Amazon had been "stuck in that band" for nine months before it rallied into earnings. From October 2020 to June of this year Amazon had bounced around but didn't get bid up like the other names until the pre-earnings run. Year-to-date after its earnings fall, the stock is barely holding onto a gain, just under 3%.</p><p>What just occurred in all of these stocks was a peaking into earnings, but it's nowhere near peak earnings for these companies, Colas said. The concept of peak earnings, which has been a concern for investors, implies there is a point in the cycle when a company shows its highest earnings growth in absolute terms. "That's what peak earnings are about, and no big tech company is near peak earnings on an absolute basis," Colas said. "Because they continue to grow and their amount of earnings leverage is massive."</p><p>That is more likely to be a buy on the future after the sell on the news has worn off.<br></p></div>

If you are an Apple shareholder who wondered after last week's stellar earnings report why the value of your stock holding was going down rather than up, the reason given — that chip shortages will weigh on the short-term outlook — may not seem good enough. For a trader looking at every short-term opportunity to move portfolio money to where the next quick buck is likely to be, it doesn't take more than that "sell on the news" headline. Longer-term investors, though, might want to consider a recent fact about the company and negative headlines: Apple has overcome pretty much every short-term "sell" headline in recent years on its way to being a $2-trillion-plus company.Trump's trade war with China? No problem. The surprise decision to stop offering iPhone unit guidance? Much ado about nothing as the iPhone super-cycle came along anyway. As for the global semiconductor chip shortage now being cited by Apple, it might be wise to keep in mind that Apple has a long history of being pretty conservative with its outlook — formal earnings guidance still has not returned. And one more thing: Tim Cook was elevated to the CEO post after Steve Jobs based on his mastery of global logistics."Let's face it, if Apple has any trouble getting chips, then every other company on the planet will have 10x those problems," said Nick Colas, co-founder of DataTrek Research. "If you're really worried about chip supply, you want to own Apple because it is first in line at every chip fab."But there is a bigger question relevant to Apple and the rest of the market: Just how strong is the next leg of growth for the market going to be?The immediate outlook for the market doesn't necessarily scream buy-on-the-dip after the big tech sell-on-the-news, according to Colas. Seasonality is an immediate risk, with market history showing the early August period to be a volatile one for the VIX volatility index."It's a valid trading question, where to go for the trading dollar in August," Colas said.Since 1990, the early August period has been one into which the VIX peaks. Part of the reason is the lighter volumes in the market during the summer. "It's a trough for liquidity, when people are on vacation ... a lower number of people trading and more volatility any news item will carry. I am telling clients to be careful," he said.On Wednesday through Friday of last week, the S&P 500 trading volume was below its 30-day average.For the short-term trader, a rotation away from the large-cap leaders into small-cap represented by the Russell 2000, which Colas described as being "way oversold" since its torrid hot streak in early 2021, could make sense. "Small-caps went parabolic through March and April and have not worked since because they got so far ahead," he said.That makes them, at least statistically, based on 100-day trailing returns, cheap right now.But for investors not playing the market for a quick trade, Colas says the post-earnings disappointing trades from Apple, Facebook and Microsoft shouldn't weigh too heavily. Amazon was the outlier in actually missing revenue expectations rather than posting a big beat, making a selloff on the news a "fair" reaction, according to Colas.It's also important to remember that the big beats from the rest of big tech were already embedded in most of the stocks as they had a strong June and July based on the market guessing right — that Q2 earnings would be stellar. "The market was bidding up the names into the quarter. The market sniffed out the surprise and they all occurred, and when you see stocks all rally into a quarterly earnings, it's just hard to sustain that. That is 'sell on the news' unless there is a tremendous amount of good news and guidance," Colas said. "That's normal capital markets behavior."He goes back to one important data point in assessing the strength of these companies: they have doubled their earnings power in the past two years. "Which is astounding," he said. And that gives him more comfort in the longer-term picture. "I don't see any change. Big tech is still the place to be."He cited two reasons.Even as these companies have doubled earnings growth, he doesn't think they are anywhere near peak earnings. "It's just a much higher base to build on."Second, these companies have definitive advantages in industries and don't directly compete against each other in a zero-sum game i many areas of strength.These companies have grown earnings so much because the pandemic changed consumption patterns, made us all even more tech-centric, and the market made a lot of money betting on that playing out exactly as it did. But now the big question for big tech isn't about its dominance being threatened — though multiple antitrust battles loom — it is just figuring out how much more room they have to keep the earnings growth rate going higher."Tell me what you would pay for a company with a 30% return on investment and structural growth of 10% to 15%, and can do it for a decade? What is the multiple? Is it 30 times or 40 times? I have no idea," Colas said, "but I know it's not 20 times."Apple was an example from this group of concerns about price-to-earnings multiples. It lagged the rest of the tech giants for years, seen as a hardware vendor and weighed down by that market view until the services business soared through the pandemic and the $2 trillion market cap was given to the company. And again this year, it was "the one oddball laggard," in Colas's words, as its year-to-date return into earnings was roughly 10% versus roughly 30% for Facebook and Microsoft.Apple trailed the S&P 500, too, ahead of the earnings. One reason: it sucked so much demand forward investors are rightly concerned posting good earnings comps will get harder. But, Colas said, that might also mean it has the most room left to go up, even in the short-term as a new iPhone launches in the fall and back-to-school boosts spending on consumer tech.The broader global growth story the entire stock market is tied to isn't a lock. In fact, amid the panic over inflation earlier this year and expectations that the 10-year Treasury yield would go higher, it did the opposite. "The market totally understood growth had peaked in Q1 and started trending down at the end of the quarter," Colas said.The rate story was wrong, but slower economic growth is now higher up on the list of investor concerns for a U.S. market where P/E ratios are high. Big tech represents 23% of S&P 500 and that means whatever the market next decides about its lofty valuations will weigh on U.S. stocks overall.But investors don't have that many great choices globally. With the situation in China between the government and its leading companies resulting in massive losses in recent weeks, there might be trading opportunities, but emerging markets are no place to be for anything but a trade. And even if there is potential opportunity in other international plays like European financials, it is going to take time for rates to move in a direction that benefits those stocks."What's left? It's U.S. and the top of the cap table," Colas said. "That's what you need to own. Still back to the same names."Looking at sector weightings back to the 1970s and through the 1990s, he says there has never been a time when five companies had more weighting. "It's just 5 names, and it's not like when Exxon was at its peak in the S&P. That was a commodity play. These companies have huge barriers to entry and very high structural returns."Even with those advantages, trying to figure out what their earnings power will be post-pandemic, or at least as the world transitions from the worst of the pandemic to the lingering effects, is the bigger issue for big tech."What is a fair growth rate for 2022? That is hard," Colas said.For Alphabet — the only among the big tech names to report last week which rose after its earnings — and for Facebook, which reiterated a prior warning of slowing revenue growth, there is the cyclical nature of advertising market to rely on, and that has not changed all that much in recent decades. Apple, though, is a harder one, because even as it has made progress moving past the iPhone story and building its services business into a huge driver of growth, so much hardware demand was pulled forward.For Amazon, Colas noted that e-commerce's share of demand when from 17% to 24% in Q2 2020, and then back down to 20%. And every percentage point in that band has huge leverage over Amazon's business model — in fact, he pointed to it as a reason why Amazon had been "stuck in that band" for nine months before it rallied into earnings. From October 2020 to June of this year Amazon had bounced around but didn't get bid up like the other names until the pre-earnings run. Year-to-date after its earnings fall, the stock is barely holding onto a gain, just under 3%.What just occurred in all of these stocks was a peaking into earnings, but it's nowhere near peak earnings for these companies, Colas said. The concept of peak earnings, which has been a concern for investors, implies there is a point in the cycle when a company shows its highest earnings growth in absolute terms. "That's what peak earnings are about, and no big tech company is near peak earnings on an absolute basis," Colas said. "Because they continue to grow and their amount of earnings leverage is massive."That is more likely to be a buy on the future after the sell on the news has worn off.

2021-10-30 14:12:31.910230

Stocks Pare Losses After Housing-Induced Slide

https://www.cnbc.com/2010/08/24/stocks-pare-losses-after-housinginduced-slide.html

2010-08-24T15:11:41+0000

CNBC

Stocks pared their losses Tuesday as homebuilder, telecom and some consumer stocks recovered after a sharp drop triggered by a dismal report on home sales.

cnbc, Articles, Dow Jones Industrial Average, Dell Inc, HP Inc, Medtronic PLC, PAR Technology Corp, Pfizer Inc, Potash Corporation of Saskatchewan Inc., Scripps Networks Interactive Inc, CBOE Volatility Index, BHP Group Ltd, WPP PLC, Big Lots Inc, Apple Inc, U.S. Markets Top News, source:tagname:CNBC US Source

<div class="group"><p>Stocks pared their losses Tuesday as homebuilder, telecom and some consumer stocks recovered after a sharp drop triggered by a dismal report on home sales.</p></div>,<div class="group"><p>The Dow Jones Industrial Average was down about 90 points, led by <strong>Boeing</strong>, <strong>Caterpillar</strong> and <strong>GE</strong>, after being down nearly 200 earlier.</p><div style="height:100%" class="lazyload-placeholder"></div><p>If it holds, this would be the fourth straight decline for the Dow, which has <a href="https://www.cnbc.com/2010/08/23/stocks-drop-led-by-industrials-techs.html">lost 2.3 percent in the past three sessions</a>.</p><p>The CBOE volatility index, widely considered the best gauge of fear in the market, popped above 27.</p><p>Existing-home sales fell 27.2 percentin July to an annual rate of 3.83 million units, their lowest pace in 15 years. The prior month was revised lower to show a 5.26 million-unit pace.</p><p>This came a day after Kansas City Fed President Thomas Hoenig said housing prices are likely to stay low for some timeand Moody’s Analytics chief economist Mark Zandi said the U.S. housing market is <a href="https://www.cnbc.com/2010/08/23/housing-in-doubledip-economist-zandi.html">already in a double-dip recession</a>.</p><p>David Rosenberg, chief economist at Gluskin Sheff, went even further, using the "D" word in reference to the entire economy — not just the housing sector.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"[W]e are finally exiting the denial stage and heading towards acceptance," Rosenberg said in a note to clients. "[T]his is a depression, and not just some garden-variety recession." He argues that the Obama administration's stimulus measures aren't working and when the U.S. moves away from them, then they "will likely have much more reason to turn optimistic."</p><p>Of course, doom is a two-sided coin: Nobel-prize winning economist Joseph Stiglitz said Europe is at risk for a double-dip recession <em>because of</em> all the austerity measures there, in an interview with a radio station in Ireland.</p><p>The market's decline had initially accelerated after the housing report but soon snapped back as some pockets of gains began to emerge, most notably, in housing stocks. <strong>DR Horton</strong>, <strong>Pulte</strong> and <strong>Beazer</strong> were among the biggest gainers in the sector.</p><p>Among other notable gainers were <strong>Verizon </strong>and <strong>AT&amp;T</strong>, <strong>Walmart</strong> and <strong>Transocean</strong>.</p><p>Medtronic skidded after the medical-device maker reported its earnings rose but sales fell amid softness in the global health-care market.</p></div>,<div class="group"><p>On the M&amp;A front, Dell may raise its $18-a-share bid for 3Par to match or exceed Hewlett-Packard's $24-a-share counter offer, according to reports. </p><p>Technology, along with financials and industrials, has been leading the market lower in its August slump. </p><p>Market pros are getting increasingly worried about tech as even sector darling Apple has struggled. Apple shares are down over 1 percent today and have underperformed in the past month.</p><p>Analyst Dennis Gartman, in his daily Gartman Letter, noted Tuesday that "since mid-June Apple has not only failed to make new highs, it has made lower highs and now lower lows. Having closed at $246 last evening, more than 10% below its all time high, the chart looks ominous."</p><p>The latest news on the Potash front is that Rio Tinto may bid for fertilizer maker, along with a Chinese partner. Potash is talking with other potential suitors in a bid to get a better price than the nearly $39 billion being offered by Australia's BHP Billiton.</p><p>Genzyme and Sanofi-Aventis are continuing discussions about a <strong>Sanofi</strong> takeover of Genzyme, though they still haven't agreed on a price, according to the Wall Street Journal.</p><p>Pfizer shares slipped after the company said its lung cancer treatment Sutent failed to meet its goal for longer overall survival in a late-stage trial.</p><p>And Borders Group's chief financial officer Mark Bierley resigned to take another job, shortly after the book retailer named a new chief executive officer.</p><p><strong><em>This Week:</em></strong><br>TUESDAY: 2-year Treasury note auction; Earnings from Burger King<br>WEDNESDAY: MBA mortgage applications, advance report on durable sales, new home sales, weekly oil inventories, 5-year Treasury note auction; Earnings from BHP Billiton, Toll Brothers<br>THURSDAY: Weekly jobless claims, 7-year Treasury note auction.<br>FRIDAY: GDP, corporate profits, consumer sentiment; Earnings from Tiffany</p><p><strong><em>More From CNBC.com:</em></strong></p><ul><li><a href="https://www.cnbc.com/2012/03/20/The-15-Biggest-Box-Office-Bombs.html">15 Biggest Box Office Bombs of All Time</a></li><li><a href="https://www.cnbc.com/2010/08/19/Americas-Deadliest-Jobs-2010.html">America's Deadliest Jobs 2010</a></li><li><a href="https://www.cnbc.com/2010/08/19/The-10-Best-Books-for-Business.html">Summer Reading: The 10 Best Books for Business</a></li></ul></div>

Stocks pared their losses Tuesday as homebuilder, telecom and some consumer stocks recovered after a sharp drop triggered by a dismal report on home sales.The Dow Jones Industrial Average was down about 90 points, led by Boeing, Caterpillar and GE, after being down nearly 200 earlier.If it holds, this would be the fourth straight decline for the Dow, which has lost 2.3 percent in the past three sessions.The CBOE volatility index, widely considered the best gauge of fear in the market, popped above 27.Existing-home sales fell 27.2 percentin July to an annual rate of 3.83 million units, their lowest pace in 15 years. The prior month was revised lower to show a 5.26 million-unit pace.This came a day after Kansas City Fed President Thomas Hoenig said housing prices are likely to stay low for some timeand Moody’s Analytics chief economist Mark Zandi said the U.S. housing market is already in a double-dip recession.David Rosenberg, chief economist at Gluskin Sheff, went even further, using the "D" word in reference to the entire economy — not just the housing sector."[W]e are finally exiting the denial stage and heading towards acceptance," Rosenberg said in a note to clients. "[T]his is a depression, and not just some garden-variety recession." He argues that the Obama administration's stimulus measures aren't working and when the U.S. moves away from them, then they "will likely have much more reason to turn optimistic."Of course, doom is a two-sided coin: Nobel-prize winning economist Joseph Stiglitz said Europe is at risk for a double-dip recession because of all the austerity measures there, in an interview with a radio station in Ireland.The market's decline had initially accelerated after the housing report but soon snapped back as some pockets of gains began to emerge, most notably, in housing stocks. DR Horton, Pulte and Beazer were among the biggest gainers in the sector.Among other notable gainers were Verizon and AT&T, Walmart and Transocean.Medtronic skidded after the medical-device maker reported its earnings rose but sales fell amid softness in the global health-care market.On the M&A front, Dell may raise its $18-a-share bid for 3Par to match or exceed Hewlett-Packard's $24-a-share counter offer, according to reports. Technology, along with financials and industrials, has been leading the market lower in its August slump. Market pros are getting increasingly worried about tech as even sector darling Apple has struggled. Apple shares are down over 1 percent today and have underperformed in the past month.Analyst Dennis Gartman, in his daily Gartman Letter, noted Tuesday that "since mid-June Apple has not only failed to make new highs, it has made lower highs and now lower lows. Having closed at $246 last evening, more than 10% below its all time high, the chart looks ominous."The latest news on the Potash front is that Rio Tinto may bid for fertilizer maker, along with a Chinese partner. Potash is talking with other potential suitors in a bid to get a better price than the nearly $39 billion being offered by Australia's BHP Billiton.Genzyme and Sanofi-Aventis are continuing discussions about a Sanofi takeover of Genzyme, though they still haven't agreed on a price, according to the Wall Street Journal.Pfizer shares slipped after the company said its lung cancer treatment Sutent failed to meet its goal for longer overall survival in a late-stage trial.And Borders Group's chief financial officer Mark Bierley resigned to take another job, shortly after the book retailer named a new chief executive officer.This Week:TUESDAY: 2-year Treasury note auction; Earnings from Burger KingWEDNESDAY: MBA mortgage applications, advance report on durable sales, new home sales, weekly oil inventories, 5-year Treasury note auction; Earnings from BHP Billiton, Toll BrothersTHURSDAY: Weekly jobless claims, 7-year Treasury note auction.FRIDAY: GDP, corporate profits, consumer sentiment; Earnings from TiffanyMore From CNBC.com:15 Biggest Box Office Bombs of All TimeAmerica's Deadliest Jobs 2010Summer Reading: The 10 Best Books for Business

2021-10-30 14:12:31.971427

Jim Cramer breaks down how to discover overlooked stock picks in this bull market

https://www.cnbc.com/2019/12/19/jim-cramer-how-to-discover-overlooked-stock-picks-in-this-bull-market.html

2019-12-19T23:16:19+0000

Kevin Stankiewicz

CNBC

At-home investors may be wondering how to find overlooked companies in which to buy shares at a time when a historic bull market enters another decade and concerns about valuations are present.The way to start, according to CNBC's Jim Cramer, is a process called a "read-through.""So much of successful investing is about read-throughs, dissecting the less obvious pin action when a company reports earnings," the "Mad Money" host said.To illustrate the process, Cramer took a look at two of the best read-throughs of Thursday's session, which saw all three major averages again close at record highs.Those companies are Micron, which rose almost 3%, and Darden Restaurants, the parent of Olive Garden, which closed down around 6% after a light quarter.Successful read-throughs of a company start at the top, Cramer said. To make money, you have to be able to believe the CEO, he said."Otherwise it's all just blather," he said.With Micron, President and CEO Sanjay Mehrotra has been a straight shooter about both the good and bad facing the company, Cramer said.So when Mehrotra says the current quarter is the "trough" for the business, you can believe him, Cramer said.And if Micron is expecting a pickup in business, Cramer said, other companies related to it in the semiconductor space could present attractive investing opportunities.Western Digital is a name to look at, Cramer said. Mehrotra mentioned tightness in the flash memory category, and Western Digital is a competitor there.While not all aspects of its business are winners, such as disk drives, Cramer said he thinks it can continue marching higher; it's up nearly 60% year to date."In the past, when the cycle's turned ... this $58 stock has rallied through $100 — it's hit those lofty levels twice in the last five years," he said. "I think Western Digital can do it again."Micron also indicated softness around PCs, attributing it to Intel having trouble making chips, Cramer said.What does that mean for those doing a read-through? Look to AMD, Intel's main competitor."Another reason to buy AMD," Cramer said.Cramer said executing a read-through on Darden follows the same process, starting with credibility of management and analyzing what was said on the conference call.Darden pointed to Olive Garden as the main culprit for its revenue coming in slightly below estimates."The stock got slammed [and] looked like it would take the whole restaurant cohort with it, given the pervasive presence of the bargain Italian chain," Cramer said.It wouldn't have been a far-fetched assumption to attribute it to the consumer reining in its spending, Cramer said. But on the conference call, Darden CEO Gene Lee pointed to poor execution and promotion of Olive Garden.Lee is trustworthy, though, Cramer said, and his clear-eyed assessment of the situation was valuable insight. It meant the casual dining segment remained strong. And what to do with that information?You should buy Chipotle, Cramer said.Cramer emphasized that the read-through process is just a starting point, and "you never just buy any of these stocks."It's easier for professional analysts to spend more time assessing stocks, he said, and "I know that's hard for people at home.""But the bottom line? Now you know at least what a read-through means, and if you've got the time, you can do this same analysis yourself to identify overlooked ugly ducklings that, down the road, turn into beautiful swans," he said.

cnbc, Articles, Business, Investment strategy, Jim Cramer, Personal investing, Stock markets, Markets, Applied Materials Inc, Advanced Micro Devices Inc, Intel Corp, Marvell Technology Inc, Qorvo Inc, Skyworks Solutions Inc, Darden Restaurants Inc, Lam Research Corp, Western Digital Corp, United Parcel Service Inc, FedEx Corp, Micron Technology Inc, Chipotle Mexican Grill Inc, Investing, Business News, U.S. Business Day, U.S. Markets, S&P 500, stocks, Stock Picks, Investment Strategy, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>At-home investors may be wondering how to find overlooked companies in which to buy shares at a time when a historic bull market enters another decade and concerns about valuations are present.</p><p>The way to start, according to CNBC's <a href="https://www.cnbc.com/jim-cramer-bio/">Jim Cramer</a>, is a process called a "read-through."</p><div style="height:100%" class="lazyload-placeholder"></div><p>"So much of successful investing is about read-throughs, dissecting the less obvious pin action when a company reports earnings," the "<a href="https://www.cnbc.com/mad-money/">Mad Money</a>" host said.</p><p>To illustrate the process, Cramer took a look at two of the best read-throughs of Thursday's session, which saw <a href="https://www.cnbc.com/2019/12/19/stock-market-wall-street-in-focus-after-trump-impeached-by-us-house.html">all three major averages again close at record highs</a>.</p><p>Those companies are <a href="//www.cnbc.com/quotes/MU" target="_blank">Micron</a>, which rose almost 3%, and <a href="//www.cnbc.com/quotes/DRI" target="_blank">Darden Restaurants</a>, the parent of Olive Garden, which closed down around 6% after a light quarter.</p><p>Successful read-throughs of a company start at the top, Cramer said. To make money, you have to be able to believe the CEO, he said.</p><p>"Otherwise it's all just blather," he said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>With Micron, President and CEO Sanjay Mehrotra has been a straight shooter about both the good and bad facing the company, Cramer said.</p><p>So when Mehrotra says the current quarter is the "trough" for the business, you can believe him, Cramer said.</p><p>And if Micron is expecting a pickup in business, Cramer said, other companies related to it in the semiconductor space could present attractive investing opportunities.</p><p><a href="//www.cnbc.com/quotes/WDC" target="_blank">Western Digital</a> is a name to look at, Cramer said. Mehrotra mentioned tightness in the flash memory category, and Western Digital is a competitor there.</p><p>While not all aspects of its business are winners, such as disk drives, Cramer said he thinks it can continue marching higher; it's up nearly 60% year to date.</p><p>"In the past, when the cycle's turned ... this $58 stock has rallied through $100 — it's hit those lofty levels twice in the last five years," he said. "I think Western Digital can do it again."</p><p>Micron also indicated softness around PCs, attributing it to <a href="//www.cnbc.com/quotes/INTC" target="_blank">Intel</a> having trouble making chips, Cramer said.</p><p>What does that mean for those doing a read-through? Look to <a href="//www.cnbc.com/quotes/AMD" target="_blank">AMD</a>, Intel's main competitor.</p><p>"Another reason to buy AMD," Cramer said.</p><p>Cramer said executing a read-through on Darden follows the same process, starting with credibility of management and analyzing what was said on the conference call.</p><p>Darden pointed to Olive Garden as the main culprit for its revenue coming in slightly below estimates.</p><p>"The stock got slammed [and] looked like it would take the whole restaurant cohort with it, given the pervasive presence of the bargain Italian chain," Cramer said.</p><p>It wouldn't have been a far-fetched assumption to attribute it to the consumer reining in its spending, Cramer said. But on the conference call, Darden CEO Gene Lee pointed to poor execution and promotion of Olive Garden.</p><p>Lee is trustworthy, though, Cramer said, and his clear-eyed assessment of the situation was valuable insight. It meant the casual dining segment remained strong. And what to do with that information?</p><p>You should buy <a href="//www.cnbc.com/quotes/CMG" target="_blank">Chipotle</a>, Cramer said.</p><p>Cramer emphasized that the read-through process is just a starting point, and "you never just buy any of these stocks."</p><p>It's easier for professional analysts to spend more time assessing stocks, he said, and "I know that's hard for people at home."</p><p>"But the bottom line? Now you know at least what a read-through means, and if you've got the time, you can do this same analysis yourself to identify overlooked ugly ducklings that, down the road, turn into beautiful swans," he said.</p></div>,<div class="group"><p><a href="https://www.cnbc.com/mad-money-disclaimer/">Disclaimer</a></p><div class="ArticleBody-blockquote"><p>Questions for Cramer?<br> Call Cramer: 1-800-743-CNBC</p><p>Want to take a deep dive into Cramer's world? Hit him up!<br> <a href="https://twitter.com/MadMoneyOnCNBC" target="_blank">Mad Money Twitter</a> - <a href="https://twitter.com/jimcramer" target="_blank">Jim Cramer Twitter</a> - <a href="https://www.facebook.com/madmoney?ref=aymt_homepage_panel" target="_blank">Facebook</a> - <a href="http://instagram.com/jimcramer" target="_blank">Instagram</a></p><p>Questions, comments, suggestions for the "Mad Money" website? [email protected]</p></div></div>

At-home investors may be wondering how to find overlooked companies in which to buy shares at a time when a historic bull market enters another decade and concerns about valuations are present.The way to start, according to CNBC's Jim Cramer, is a process called a "read-through.""So much of successful investing is about read-throughs, dissecting the less obvious pin action when a company reports earnings," the "Mad Money" host said.To illustrate the process, Cramer took a look at two of the best read-throughs of Thursday's session, which saw all three major averages again close at record highs.Those companies are Micron, which rose almost 3%, and Darden Restaurants, the parent of Olive Garden, which closed down around 6% after a light quarter.Successful read-throughs of a company start at the top, Cramer said. To make money, you have to be able to believe the CEO, he said."Otherwise it's all just blather," he said.With Micron, President and CEO Sanjay Mehrotra has been a straight shooter about both the good and bad facing the company, Cramer said.So when Mehrotra says the current quarter is the "trough" for the business, you can believe him, Cramer said.And if Micron is expecting a pickup in business, Cramer said, other companies related to it in the semiconductor space could present attractive investing opportunities.Western Digital is a name to look at, Cramer said. Mehrotra mentioned tightness in the flash memory category, and Western Digital is a competitor there.While not all aspects of its business are winners, such as disk drives, Cramer said he thinks it can continue marching higher; it's up nearly 60% year to date."In the past, when the cycle's turned ... this $58 stock has rallied through $100 — it's hit those lofty levels twice in the last five years," he said. "I think Western Digital can do it again."Micron also indicated softness around PCs, attributing it to Intel having trouble making chips, Cramer said.What does that mean for those doing a read-through? Look to AMD, Intel's main competitor."Another reason to buy AMD," Cramer said.Cramer said executing a read-through on Darden follows the same process, starting with credibility of management and analyzing what was said on the conference call.Darden pointed to Olive Garden as the main culprit for its revenue coming in slightly below estimates."The stock got slammed [and] looked like it would take the whole restaurant cohort with it, given the pervasive presence of the bargain Italian chain," Cramer said.It wouldn't have been a far-fetched assumption to attribute it to the consumer reining in its spending, Cramer said. But on the conference call, Darden CEO Gene Lee pointed to poor execution and promotion of Olive Garden.Lee is trustworthy, though, Cramer said, and his clear-eyed assessment of the situation was valuable insight. It meant the casual dining segment remained strong. And what to do with that information?You should buy Chipotle, Cramer said.Cramer emphasized that the read-through process is just a starting point, and "you never just buy any of these stocks."It's easier for professional analysts to spend more time assessing stocks, he said, and "I know that's hard for people at home.""But the bottom line? Now you know at least what a read-through means, and if you've got the time, you can do this same analysis yourself to identify overlooked ugly ducklings that, down the road, turn into beautiful swans," he said.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? [email protected]

2021-10-30 14:12:32.082140

UPDATE 2-Serb central bank raises key rate to 10.75 pct

https://www.cnbc.com/2012/10/09/update-2serb-central-bank-raises-key-rate-to-1075-pct.html

2012-10-09T13:32:00+0000

CNBC

* Rate rise of 25 basis points tied to inflation, retailprices hike * Future policy moves hinge on inflation, fiscalconsolidation(Updates with IMF report, background) By Aleksandar Vasovic BELGRADE, Oct 9 (Reuters) - Serbia's central bank raised itsbenchmark interest, already the region's highest, by 25 basispoints to 10.75 percent on Tuesday, reflecting rising inflationand debt concerns. Other central banks in Central and Eastern Europe have cutrates over the past two weeks, as growth slows across theregion, although Poland bucked the trend last week by keepingrates flat due to concerns over inflation. Serbia stands out as an exception because of a cocktail ofrising inflation and debt and an economy sliding into recessionamidst crisis in the euro-zone, its main trading partner. "Considering that the increase of food prices andstate-controlled prices is higher than expected and thatinflationary expectations are on the rise, the Executive Boardhas decided to increase the benchmark rate toprevent the spillover... to other prices," the Serbian bank saidin a statement. Serbian inflation in August rose to 7.9 percent, up from 6.1percent in July, due to a poor harvest and the government's bidto finance its 2012 budget gap amounting to 6.2 percent of GDPthrough a rise in value-added tax. The central bank estimates that inflation should continue torise until mid-2013 and then slide back to its target band offour percent, give or take 1.5 percentage points, the same asfor 2012. However, some analysts voiced caution. "That inflation is not driven by demand ... in that sense,the monetary policy is powerless," said Miladin Kovacevic, ananalyst with the Belgarde-based Economics Institute. Djordje Djukic, a lecturer of economics with BelgradeUniversity, said Tuesday's rate hike was beneficial forportfolio investors, "who will make profits on short-termmaturities, but bad for budget and debt". "The effects (of the rate hike) on inflation are veryuncertain as the Serbian economy is highly monopolised andplagued by high production costs, low productivity andcompetitiveness," Djukic said. RISING DEBT The deficit, inflation and rising social discontent haveprompted the coalition government of nationalists andSocialists, which came to power in July, to borrow more. Thatincluded a Sept. 27 issue of a $1 billion Eurobond and a $1billion loan from Russia, planned for this year and next. Serbia's total public debt this year is expected to reach 60percent of GDP and the country wants a new stand-by loan dealwith the International Monetary Fund to reassure investors. The Fund froze a 1-billion euro ($1.30 billion) loan dealwith Belgrade in February over inflated spending and debt andtold Serbia last month to restore the autonomy of the centralbank and rein in spending before any new loan talks. In its October World Economic Outlook, the lender saidSerbia's economy was expected to contract by 0.5 percent thisyear and grow 2 percent in 2013. In the statement, the central bank said its future policymoves would depend on inflationary expectations, externalinfluences and the effects of fiscal consolidation. The dinar rallied versus the European commoncurrency last month after domestic banks started issuinggovernment-subsidised loans to aid exporters hit by the crisisin the euro zone, Serbia's main trade partner. The dinar has been trading at an average of 115 dinars to oneeuro since, as opposed to an average 117.5 in the days beforeits recovery. By midday on Tuesday, following the rateannouncement, it firmed against the euro and was trading atbetween 114.56 and 114.76 to one euro. ($1 = 0.7711 euros)(Reporting by Aleksandar Vasovic; Editing by ZoranRadosavljevic and Ron Askew)(([email protected])(+381113044930))Keywords: SERBIA RATES/

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

<div class="group"><p>* Rate rise of 25 basis points tied to inflation, retailprices hike</p><p> * Future policy moves hinge on inflation, fiscalconsolidation</p><div style="height:100%" class="lazyload-placeholder"></div><p>(Updates with IMF report, background)</p><p> By Aleksandar Vasovic</p><p> BELGRADE, Oct 9 (Reuters) - Serbia's central bank raised itsbenchmark interest, already the region's highest, by 25 basispoints to 10.75 percent on Tuesday, reflecting rising inflationand debt concerns.</p><p> Other central banks in Central and Eastern Europe have cutrates over the past two weeks, as growth slows across theregion, although Poland bucked the trend last week by keepingrates flat due to concerns over inflation.</p><p> Serbia stands out as an exception because of a cocktail ofrising inflation and debt and an economy sliding into recessionamidst crisis in the euro-zone, its main trading partner.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "Considering that the increase of food prices andstate-controlled prices is higher than expected and thatinflationary expectations are on the rise, the Executive Boardhas decided to increase the benchmark rate toprevent the spillover... to other prices," the Serbian bank saidin a statement.</p><p> Serbian inflation in August rose to 7.9 percent, up from 6.1percent in July, due to a poor harvest and the government's bidto finance its 2012 budget gap amounting to 6.2 percent of GDPthrough a rise in value-added tax.</p><p> The central bank estimates that inflation should continue torise until mid-2013 and then slide back to its target band offour percent, give or take 1.5 percentage points, the same asfor 2012. However, some analysts voiced caution.</p><p> "That inflation is not driven by demand ... in that sense,the monetary policy is powerless," said Miladin Kovacevic, ananalyst with the Belgarde-based Economics Institute.</p><p> Djordje Djukic, a lecturer of economics with BelgradeUniversity, said Tuesday's rate hike was beneficial forportfolio investors, "who will make profits on short-termmaturities, but bad for budget and debt".</p><p> "The effects (of the rate hike) on inflation are veryuncertain as the Serbian economy is highly monopolised andplagued by high production costs, low productivity andcompetitiveness," Djukic said.</p><p> RISING DEBT</p><p> The deficit, inflation and rising social discontent haveprompted the coalition government of nationalists andSocialists, which came to power in July, to borrow more. Thatincluded a Sept. 27 issue of a $1 billion Eurobond and a $1billion loan from Russia, planned for this year and next.</p><p> Serbia's total public debt this year is expected to reach 60percent of GDP and the country wants a new stand-by loan dealwith the International Monetary Fund to reassure investors.</p><p> The Fund froze a 1-billion euro ($1.30 billion) loan dealwith Belgrade in February over inflated spending and debt andtold Serbia last month to restore the autonomy of the centralbank and rein in spending before any new loan talks.</p><p> In its October World Economic Outlook, the lender saidSerbia's economy was expected to contract by 0.5 percent thisyear and grow 2 percent in 2013.</p><p> In the statement, the central bank said its future policymoves would depend on inflationary expectations, externalinfluences and the effects of fiscal consolidation.</p><p> The dinar rallied versus the European commoncurrency last month after domestic banks started issuinggovernment-subsidised loans to aid exporters hit by the crisisin the euro zone, Serbia's main trade partner.</p><p> The dinar has been trading at an average of 115 dinars to oneeuro since, as opposed to an average 117.5 in the days beforeits recovery. By midday on Tuesday, following the rateannouncement, it firmed against the euro and was trading atbetween 114.56 and 114.76 to one euro.</p><p> ($1 = 0.7711 euros)</p><p>(Reporting by Aleksandar Vasovic; Editing by ZoranRadosavljevic and Ron Askew)</p><p>((<a href="mailto:[email protected]" target="_blank">[email protected]</a>)(+381113044930))</p><p>Keywords: SERBIA RATES/</p></div>

* Rate rise of 25 basis points tied to inflation, retailprices hike * Future policy moves hinge on inflation, fiscalconsolidation(Updates with IMF report, background) By Aleksandar Vasovic BELGRADE, Oct 9 (Reuters) - Serbia's central bank raised itsbenchmark interest, already the region's highest, by 25 basispoints to 10.75 percent on Tuesday, reflecting rising inflationand debt concerns. Other central banks in Central and Eastern Europe have cutrates over the past two weeks, as growth slows across theregion, although Poland bucked the trend last week by keepingrates flat due to concerns over inflation. Serbia stands out as an exception because of a cocktail ofrising inflation and debt and an economy sliding into recessionamidst crisis in the euro-zone, its main trading partner. "Considering that the increase of food prices andstate-controlled prices is higher than expected and thatinflationary expectations are on the rise, the Executive Boardhas decided to increase the benchmark rate toprevent the spillover... to other prices," the Serbian bank saidin a statement. Serbian inflation in August rose to 7.9 percent, up from 6.1percent in July, due to a poor harvest and the government's bidto finance its 2012 budget gap amounting to 6.2 percent of GDPthrough a rise in value-added tax. The central bank estimates that inflation should continue torise until mid-2013 and then slide back to its target band offour percent, give or take 1.5 percentage points, the same asfor 2012. However, some analysts voiced caution. "That inflation is not driven by demand ... in that sense,the monetary policy is powerless," said Miladin Kovacevic, ananalyst with the Belgarde-based Economics Institute. Djordje Djukic, a lecturer of economics with BelgradeUniversity, said Tuesday's rate hike was beneficial forportfolio investors, "who will make profits on short-termmaturities, but bad for budget and debt". "The effects (of the rate hike) on inflation are veryuncertain as the Serbian economy is highly monopolised andplagued by high production costs, low productivity andcompetitiveness," Djukic said. RISING DEBT The deficit, inflation and rising social discontent haveprompted the coalition government of nationalists andSocialists, which came to power in July, to borrow more. Thatincluded a Sept. 27 issue of a $1 billion Eurobond and a $1billion loan from Russia, planned for this year and next. Serbia's total public debt this year is expected to reach 60percent of GDP and the country wants a new stand-by loan dealwith the International Monetary Fund to reassure investors. The Fund froze a 1-billion euro ($1.30 billion) loan dealwith Belgrade in February over inflated spending and debt andtold Serbia last month to restore the autonomy of the centralbank and rein in spending before any new loan talks. In its October World Economic Outlook, the lender saidSerbia's economy was expected to contract by 0.5 percent thisyear and grow 2 percent in 2013. In the statement, the central bank said its future policymoves would depend on inflationary expectations, externalinfluences and the effects of fiscal consolidation. The dinar rallied versus the European commoncurrency last month after domestic banks started issuinggovernment-subsidised loans to aid exporters hit by the crisisin the euro zone, Serbia's main trade partner. The dinar has been trading at an average of 115 dinars to oneeuro since, as opposed to an average 117.5 in the days beforeits recovery. By midday on Tuesday, following the rateannouncement, it firmed against the euro and was trading atbetween 114.56 and 114.76 to one euro. ($1 = 0.7711 euros)(Reporting by Aleksandar Vasovic; Editing by ZoranRadosavljevic and Ron Askew)(([email protected])(+381113044930))Keywords: SERBIA RATES/

2021-10-30 14:12:32.280763

What an Earthquake Can Teach You About Problem Solving

https://www.cnbc.com/2012/10/19/what-an-earthquake-can-teach-you-about-problem-solving.html

2012-10-19T13:55:41+0000

Paul Hellman

CNBC

On a 1-10 scale: how do you respond to problems? Try this technique. Whenever there's an earthquake——the first thing you wonder is, "How bad was it on the Richter scale?" I'm a big fan of the Richter scale, even though I don't really understand it. The scale goes from 1-10, but the smallest earthquake "that can be felt" (Webster's), only gets a 2. If I were in an earthquake that could be felt and it only got a 2, I'd be extremely disappointed.

cnbc, Articles, Jobs, Careers, Executive Careers, source:tagname:CNBC US Source

<div class="group"><p>On a 1-10 scale: how do you respond to problems? Try this technique. </p><p>Whenever there's an earthquake—<!-- -->—the first thing you wonder is, "How bad was it on the Richter scale?" </p><div style="height:100%" class="lazyload-placeholder"></div><p>I'm a big fan of the Richter scale, even though I don't really understand it. The scale goes from 1-10, but the smallest earthquake "that can be felt" (Webster's), only gets a 2. </p><p>If I were in an earthquake that could be felt and it only got a 2, I'd be extremely disappointed. </p> </div>,<div class="group"><p>"Obviously," I'd say, "whoever gave this thing a 2 is nowhere near the epicenter." (I'd definitely say the word "epicenter" to indicate that I know a thing or two about earthquakes.) </p><p>But most earthquakes aren't 10's. This week's tremor was a 4.0. Our house shook for 10 seconds, then nothing. </p><p>Most problems aren't 10's either. That's why we ought to use a 1-10 scale for everything. Let's say you're stuck in traffic on the way to work. It may feel like a big deal at the time, but it probably isn't. In terms of problems, traffic is a 1. </p><div style="height:100%" class="lazyload-placeholder"></div><p>The rational part of our brain knows that. The rational part is like a calm seismologist, unimpressed by most emotional tremors. We need to cultivate this part. </p><p>Stuck in a long meeting? "WHEN WILL THIS END?" you want to shout. </p><p>"Hold on a minute," the calm seismologist says, "There are only a few thousand PowerPoint slides left. Therefore, we should be out of here, at the very latest, by next Wednesday. On a 1-10 scale, this meeting is a 1.2." </p><p>Sometimes, our response to a problem is worse than the problem. </p><p>Tip: As soon as you feel triggered by a problem, score it on a 1-10 scale. And if you're going to imagine the worst, exaggerate. Then, realize how improbable the worst really is. </p><p><em>Consultant, author, speaker, and founder of express potential® (<a href="http://www.expresspotential.com/" target="_blank">www.expresspotential.com),</a> Paul Hellman has worked with CEOs, executives, and managers at leading companies for over 25 years to improve performance and productivity at work. His latest book is "Naked at Work: How to Stay Sane When Your Job Drives You Crazy," and his columns have appeared in the Wall Street Journal, New York Times, Washington Post and other leading papers. </em></p><p><em>Comments? Send them to <a href="mailto:[email protected]">[email protected]</a></em> </p></div>

On a 1-10 scale: how do you respond to problems? Try this technique. Whenever there's an earthquake——the first thing you wonder is, "How bad was it on the Richter scale?" I'm a big fan of the Richter scale, even though I don't really understand it. The scale goes from 1-10, but the smallest earthquake "that can be felt" (Webster's), only gets a 2. If I were in an earthquake that could be felt and it only got a 2, I'd be extremely disappointed. "Obviously," I'd say, "whoever gave this thing a 2 is nowhere near the epicenter." (I'd definitely say the word "epicenter" to indicate that I know a thing or two about earthquakes.) But most earthquakes aren't 10's. This week's tremor was a 4.0. Our house shook for 10 seconds, then nothing. Most problems aren't 10's either. That's why we ought to use a 1-10 scale for everything. Let's say you're stuck in traffic on the way to work. It may feel like a big deal at the time, but it probably isn't. In terms of problems, traffic is a 1. The rational part of our brain knows that. The rational part is like a calm seismologist, unimpressed by most emotional tremors. We need to cultivate this part. Stuck in a long meeting? "WHEN WILL THIS END?" you want to shout. "Hold on a minute," the calm seismologist says, "There are only a few thousand PowerPoint slides left. Therefore, we should be out of here, at the very latest, by next Wednesday. On a 1-10 scale, this meeting is a 1.2." Sometimes, our response to a problem is worse than the problem. Tip: As soon as you feel triggered by a problem, score it on a 1-10 scale. And if you're going to imagine the worst, exaggerate. Then, realize how improbable the worst really is. Consultant, author, speaker, and founder of express potential® (www.expresspotential.com), Paul Hellman has worked with CEOs, executives, and managers at leading companies for over 25 years to improve performance and productivity at work. His latest book is "Naked at Work: How to Stay Sane When Your Job Drives You Crazy," and his columns have appeared in the Wall Street Journal, New York Times, Washington Post and other leading papers. Comments? Send them to [email protected]

2021-10-30 14:12:32.533416

Review: Google Nest Hub's new smart display can read your face, but some may find that too creepy

https://www.cnbc.com/2019/09/09/google-nest-hub-max-review.html

2019-09-09T12:00:15+0000

Todd Haselton

CNBC

Google's Nest Hub Max, a larger version of the Nest Hub that was announced during Google I/O in June, is now available for purchase. I've been using it for the past several days, so I wanted to let you know what it's like.It's similar to the Nest Hub, which launched last year and serves as a smart display that lets you watch YouTube TV ($50 a month), stream music and speak to Google Assistant. It also helps you learn more about your day, with information on your commute to work, reminders and more.The Nest Hub Max represents yet another way Google is getting into our homes, and this time with a camera. It's similar to the Facebook Portal+, but it has a smaller display and can do a lot more. It's also Google's answer to Amazon's line of Echo Show products, which range in size, price and capability.While the $129 Nest Hub is best served in places like the bedroom, given its small 7-inch screen, Google wants the $229 Nest Hub Max and its larger 10-inch screen to take over your kitchen or living room. It has a camera for video chats with family or for monitoring your house while you're away. That camera can also recognize each member of your family's face, so it can display unique information for each person it sees.Here's what you need to know.

cnbc, Articles, Sonos Inc, Amazon.com Inc, Alphabet Class A, Consumer electronics, Technology, Breaking News: Technology, Mobile, Social media, Tech Guide, US: News, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Googl</a>e's Nest Hub Max, a larger version of the Nest Hub that was announced during Google I/O in June, is now available for purchase. I've been using it for the past several days, so I wanted to let you know what it's like.</p><p>It's similar to the Nest Hub, which launched last year and serves as a smart display that lets you watch YouTube TV ($50 a month), stream music and speak to Google Assistant. It also helps you learn more about your day, with information on your commute to work, reminders and more.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Nest Hub Max represents yet another way Google is getting into our homes, and this time with a camera. It's similar to the <a href="https://www.cnbc.com/2018/11/08/facebook-portal-review.html">Facebook Portal+</a>, but it has a smaller display and can do a lot more. It's also Google's answer to <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon'</a>s line of Echo Show products, which range in size, price and capability.</p><p>While the $129 Nest Hub is best served in places like the bedroom, given its small 7-inch screen, Google wants the $229 Nest Hub Max and its larger 10-inch screen to take over your kitchen or living room. It has a camera for video chats with family or for monitoring your house while you're away. That camera can also recognize each member of your family's face, so it can display unique information for each person it sees.</p><p>Here's what you need to know.</p></div>,<div class="group"><p>I like the big screen on the Nest Hub Max, since I was able to watch a football game in the kitchen and still see the score. The bigger screen makes it easier to see menus, too, if you use the Hub Max for recipes (I'm a terrible cook, so I didn't try this) and for viewing photos.</p></div>,<div class="group"><p>That's one of the best parts of the Hub and Hub Max: It serves as a great digital photo frame for displaying any albums you want from Google Photos. My wife and I love seeing old memories pop up on the regular Hub when we walk into the kitchen, and now they're even bigger.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>There's a built-in wide-angle camera that lets other people easily see you during a Google Duo video call. It follows you around the room, too, so you can walk and talk at the same time, much like the video chat feature on the Facebook Portal.</p><p>You can call people who have Duo installed on either an iPhone or an Android phone, and it's free. One problem, though. I tried calling someone on Duo who was using a phone rather than another Nest Hub Max, and the video on my end wasn't good, even with the big display.</p></div>,<div class="group"><p>They were able to see me and my entire kitchen, though, which means they benefited from my better camera. I think video chats would be most appealing between two Nest Hub Max owners, so I want to get a couple for my family over the holidays.</p></div>,<div class="group"><p>The camera can be added to your Nest account to double as a security device when you're away. I set it so it turned off when I was home, but it automatically switched on when I was away to let me check in on the kitchen from my smartphone. You can get alerts if someone walks into the room, and it synced well with my existing in-home and outdoor Nest cameras. If you're worried about the camera, you can turn it off. There's a switch on the back of the Hub Max to turn the camera and the microphones off. Google says it's a hardware switch, so, in theory, someone can't hack in and turn it back on.</p></div>,<div class="group"><p>Google Assistant is built in, so you can ask it to play music on Spotify, launch YouTube videos, play TV channels from YouTube TV, check the weather, call people and more. It understood me really well, even when I was across the room. And when you're blaring music, you can pause it by simply holding your hand in the air, or resume it doing the same gesture. This also works for timers, if you don't want to talk to Google but have a bunch of cake batter on your hands.</p><p>One of the most unique features is also a bit worrying, though.</p></div>,<div class="group"><p>The Nest Hub Max's camera can be used to recognize anyone who walks in the room. One morning, it showed me how long it was going to take me to get to work, recommended YouTube videos and Google News catered to me. It could do the same for my wife, switching up all of that information when it recognized her face.</p><p>Except my wife won't register her face. Even though Google says it keeps your facial recognition data locked down to the device and doesn't use it for anything else, I'm a bit skeptical. For one, you need to register your face on a phone, so it has to travel to Google's servers first before it lands on the Hub Max. My wife told me she thinks it's "creepy." Maybe your family will feel differently, but Google hasn't gained everyone's trust yet.</p></div>,<div class="group"><p>The speakers sound just OK. For $229, I expected something better, but they get irritating at high volumes. They're fine for just playing casual music in the kitchen, but you won't want to replace your <a href="//www.cnbc.com/quotes/SONO" target="_blank">Sonos</a> speakers for this. That's kind of annoying, since I now have to keep a Sonos speaker in the kitchen in addition to a smart display, just to make sure I have good music in the room everyone hangs out in.</p></div>,<div class="group"><p>I like it a lot. The Nest Hub Max is a big screen for viewing photos, recipes, TV shows, your schedule and more, all wherever you decide to plug it in. It works well at what Google says it can do: The cameras are solid, it connects to Nest just fine, it's good at recognizing my face (even if it's creepy to my wife) and it's priced well for what you get. I like the information more than what the Echo Show can provide, but you should stick with that if you're already an Echo household. If that appeals to you, then yes it's a good buy.</p></div>,<div class="group"><p>If you're not wild about the $229 price and don't care about the camera features, then give the regular Nest Hub a try. It has a smaller 7-inch screen, costs $129 and is often on sale for about $99 but does most of the same things that the Hub Max can do.</p></div>,<div class="group"><p><a href="https://bit.ly/1UqI26M" target="_blank">Follow @CNBCtech on Twitter for the latest tech product news.</a></p></div>

Google's Nest Hub Max, a larger version of the Nest Hub that was announced during Google I/O in June, is now available for purchase. I've been using it for the past several days, so I wanted to let you know what it's like.It's similar to the Nest Hub, which launched last year and serves as a smart display that lets you watch YouTube TV ($50 a month), stream music and speak to Google Assistant. It also helps you learn more about your day, with information on your commute to work, reminders and more.The Nest Hub Max represents yet another way Google is getting into our homes, and this time with a camera. It's similar to the Facebook Portal+, but it has a smaller display and can do a lot more. It's also Google's answer to Amazon's line of Echo Show products, which range in size, price and capability.While the $129 Nest Hub is best served in places like the bedroom, given its small 7-inch screen, Google wants the $229 Nest Hub Max and its larger 10-inch screen to take over your kitchen or living room. It has a camera for video chats with family or for monitoring your house while you're away. That camera can also recognize each member of your family's face, so it can display unique information for each person it sees.Here's what you need to know.I like the big screen on the Nest Hub Max, since I was able to watch a football game in the kitchen and still see the score. The bigger screen makes it easier to see menus, too, if you use the Hub Max for recipes (I'm a terrible cook, so I didn't try this) and for viewing photos.That's one of the best parts of the Hub and Hub Max: It serves as a great digital photo frame for displaying any albums you want from Google Photos. My wife and I love seeing old memories pop up on the regular Hub when we walk into the kitchen, and now they're even bigger.There's a built-in wide-angle camera that lets other people easily see you during a Google Duo video call. It follows you around the room, too, so you can walk and talk at the same time, much like the video chat feature on the Facebook Portal.You can call people who have Duo installed on either an iPhone or an Android phone, and it's free. One problem, though. I tried calling someone on Duo who was using a phone rather than another Nest Hub Max, and the video on my end wasn't good, even with the big display.They were able to see me and my entire kitchen, though, which means they benefited from my better camera. I think video chats would be most appealing between two Nest Hub Max owners, so I want to get a couple for my family over the holidays.The camera can be added to your Nest account to double as a security device when you're away. I set it so it turned off when I was home, but it automatically switched on when I was away to let me check in on the kitchen from my smartphone. You can get alerts if someone walks into the room, and it synced well with my existing in-home and outdoor Nest cameras. If you're worried about the camera, you can turn it off. There's a switch on the back of the Hub Max to turn the camera and the microphones off. Google says it's a hardware switch, so, in theory, someone can't hack in and turn it back on.Google Assistant is built in, so you can ask it to play music on Spotify, launch YouTube videos, play TV channels from YouTube TV, check the weather, call people and more. It understood me really well, even when I was across the room. And when you're blaring music, you can pause it by simply holding your hand in the air, or resume it doing the same gesture. This also works for timers, if you don't want to talk to Google but have a bunch of cake batter on your hands.One of the most unique features is also a bit worrying, though.The Nest Hub Max's camera can be used to recognize anyone who walks in the room. One morning, it showed me how long it was going to take me to get to work, recommended YouTube videos and Google News catered to me. It could do the same for my wife, switching up all of that information when it recognized her face.Except my wife won't register her face. Even though Google says it keeps your facial recognition data locked down to the device and doesn't use it for anything else, I'm a bit skeptical. For one, you need to register your face on a phone, so it has to travel to Google's servers first before it lands on the Hub Max. My wife told me she thinks it's "creepy." Maybe your family will feel differently, but Google hasn't gained everyone's trust yet.The speakers sound just OK. For $229, I expected something better, but they get irritating at high volumes. They're fine for just playing casual music in the kitchen, but you won't want to replace your Sonos speakers for this. That's kind of annoying, since I now have to keep a Sonos speaker in the kitchen in addition to a smart display, just to make sure I have good music in the room everyone hangs out in.I like it a lot. The Nest Hub Max is a big screen for viewing photos, recipes, TV shows, your schedule and more, all wherever you decide to plug it in. It works well at what Google says it can do: The cameras are solid, it connects to Nest just fine, it's good at recognizing my face (even if it's creepy to my wife) and it's priced well for what you get. I like the information more than what the Echo Show can provide, but you should stick with that if you're already an Echo household. If that appeals to you, then yes it's a good buy.If you're not wild about the $229 price and don't care about the camera features, then give the regular Nest Hub a try. It has a smaller 7-inch screen, costs $129 and is often on sale for about $99 but does most of the same things that the Hub Max can do.Follow @CNBCtech on Twitter for the latest tech product news.

2021-10-30 14:12:32.579049

It's Time for the Lightning Round!

https://www.cnbc.com/2007/07/27/its-time-for-the-lightning-round.html

2007-07-27T14:09:37+0000

Carlo Dellaverson

CNBC

Pride International : This is a contract driller and a stock that Cramer likes in this market. “Let’s buy it.” American Software : It’s a fine tech company, Cramer said, but he’d rather go with names like Riverbed Technology , Cisco , Hewlett-Packard or Dell . Peabody Energy : Even though oil is up, the government is not helping coal companies like Peabody, Cramer said. He has liked coal, but it’s not at the right level right now. Foundry Networks : “This happens to be another stock in the sweet spot,” Cramer said. He believes stocks like FDRY, which didn’t go down at all today, are going to work in this environment because they don’t need debt, they don’t have to do a leveraged buyout and they don’t need the domestic consumer.RPM International : “It’s not going to work, but it’s not going to hurt you either,” Cramer said. Anadigics : If you look, you’ll see that most tech stocks, including ANAD are at or close to a 52-week high. “I can hold on to that,” Cramer said. Applied Materials : A company with low valuation and a lot of cash, and it’s moving into solar. Cramer predicts one down and three up for AMAT, which to him says “buy, buy, buy.” Immersion : Immersion has never made anyone money, Cramer said. Sell it. Cumulus Media : It’s been straight down since it announced it would be bought out on Monday, Cramer said. “I need you out of Cumulus.” Intel : Intel is one of the reasons why Cramer is so bullish on Dell and Hewlett-Packard, as they are big buyers of Intel chips. That being said, Cramer would “rather see you out of Intel and into Hewlett-Packard.” Pfizer : “Pfizer doesn’t have it,” Cramer said. He would swap out of PFE and buy some Schering-Plough . IHOP : It was a buy on the merger with Applebee’s , Cramer said, but now he’d take the gain. “It’s in the wrong group.” Jim’s charitable trust owns Hewlett-Packard.Questions for Cramer? Questions, comments, suggestions for the Mad Money website? [email protected]

cnbc, Articles, Applied Materials Inc, American Software Inc, ANADIGICS Inc, Peabody Energy Corp, Cumulus Media Inc, Cisco Systems Inc, Dell Inc, HP Inc, Immersion Corp, Intel Corp, Pfizer Inc, RPM International Inc, Riverbed Technology Inc, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>Pride International <strong>: </strong>This is a contract driller and a stock that Cramer likes in this market. “Let’s buy it.” </p><p>American Software <strong>:</strong> It’s a fine tech company, Cramer said, but he’d rather go with names like Riverbed Technology , Cisco , Hewlett-Packard or Dell . </p><div style="height:100%" class="lazyload-placeholder"></div><p>Peabody Energy <strong>:</strong> Even though oil is up, the government is not helping coal companies like Peabody, Cramer said. He has liked coal, but it’s not at the right level right now. </p><p>Foundry Networks <strong>:</strong> “This happens to be another stock in the sweet spot,” Cramer said. He believes stocks like FDRY, which didn’t go down at all today, are going to work in this environment because they don’t need debt, they don’t have to do a leveraged buyout and they don’t need the domestic consumer.</p><p>RPM International <strong>:</strong> “It’s not going to work, but it’s not going to hurt you either,” Cramer said. </p><p>Anadigics <strong>:</strong> If you look, you’ll see that most tech stocks, including ANAD are at or close to a 52-week high. “I can hold on to that,” Cramer said. </p><p>Applied Materials <strong>: </strong>A company with low valuation and a lot of cash, and it’s moving into solar. Cramer predicts one down and three up for AMAT, which to him says “buy, buy, buy.” </p><div style="height:100%" class="lazyload-placeholder"></div><p>Immersion <strong>: </strong>Immersion has never made anyone money, Cramer said. Sell it. </p><p>Cumulus Media <strong>: </strong>It’s been straight down since it announced it would be bought out on Monday, Cramer said. “I need you out of Cumulus.” </p><p>Intel <strong>:</strong> Intel is one of the reasons why Cramer is so bullish on <strong>Dell</strong> and <strong>Hewlett-Packard</strong>, as they are big buyers of Intel chips. That being said, Cramer would “rather see you out of Intel and into Hewlett-Packard.” </p><p>Pfizer <strong>: </strong>“Pfizer doesn’t have it,” Cramer said. He would swap out of PFE and buy some Schering-Plough . </p><p>IHOP <strong>: </strong>It was a buy on the merger with Applebee’s , Cramer said, but now he’d take the gain. “It’s in the wrong group.” <br></p><p><em>Jim’s charitable trust owns Hewlett-Packard.</em><br><br><em>Questions for Cramer? </em></p><p>Questions, comments, suggestions for the Mad Money website? <a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a></p></div>

Pride International : This is a contract driller and a stock that Cramer likes in this market. “Let’s buy it.” American Software : It’s a fine tech company, Cramer said, but he’d rather go with names like Riverbed Technology , Cisco , Hewlett-Packard or Dell . Peabody Energy : Even though oil is up, the government is not helping coal companies like Peabody, Cramer said. He has liked coal, but it’s not at the right level right now. Foundry Networks : “This happens to be another stock in the sweet spot,” Cramer said. He believes stocks like FDRY, which didn’t go down at all today, are going to work in this environment because they don’t need debt, they don’t have to do a leveraged buyout and they don’t need the domestic consumer.RPM International : “It’s not going to work, but it’s not going to hurt you either,” Cramer said. Anadigics : If you look, you’ll see that most tech stocks, including ANAD are at or close to a 52-week high. “I can hold on to that,” Cramer said. Applied Materials : A company with low valuation and a lot of cash, and it’s moving into solar. Cramer predicts one down and three up for AMAT, which to him says “buy, buy, buy.” Immersion : Immersion has never made anyone money, Cramer said. Sell it. Cumulus Media : It’s been straight down since it announced it would be bought out on Monday, Cramer said. “I need you out of Cumulus.” Intel : Intel is one of the reasons why Cramer is so bullish on Dell and Hewlett-Packard, as they are big buyers of Intel chips. That being said, Cramer would “rather see you out of Intel and into Hewlett-Packard.” Pfizer : “Pfizer doesn’t have it,” Cramer said. He would swap out of PFE and buy some Schering-Plough . IHOP : It was a buy on the merger with Applebee’s , Cramer said, but now he’d take the gain. “It’s in the wrong group.” Jim’s charitable trust owns Hewlett-Packard.Questions for Cramer? Questions, comments, suggestions for the Mad Money website? [email protected]

2021-10-30 14:12:32.682670

White House will hire two high-profile aides to run impeachment messaging

https://www.cnbc.com/2019/11/06/white-house-hires-pam-bondi-to-do-impeachment-messaging.html

2019-11-06T20:51:53+0000

Christina Wilkie

CNBC

As the House impeachment inquiry enters a new, public phase, the White House communications office is expected to add two longtime Trump allies to its staff, where they will be tasked with running a proactive impeachment messaging operation, CNBC confirmed Tuesday.Former Florida Attorney General Pam Bondi, a longtime Trump supporter, and Tony Sayegh, a former Treasury Department spokesman, are both expected to join the White House shortly to work specifically on impeachment related communications, in addition to other special projects as necessary, a senior administration official told CNBC. Bondi and Sayegh's jobs would be temporary,.Acting White House chief of staff Mick Mulvaney is "very pleased" with the Bondi and Sayegh hires, a senior administration official told CNBC. Mulvaney believes they will "help round things out" as good communicators with strong political skills.The hiring of Bondi and Sayegh, both high-profile political veterans, represents a new, more offensive posture from the White House, which has struggled to devise a cohesive strategy in response to the growing House impeachment inquiry.Trump has so far been resistant to the idea of a special team of staffers who would focus solely on the impeachment, reportedly because he was concerned such an approach was passe in the age of Twitter and social media."Here's the thing: I don't have teams," Trump told reporters at the White House recently. "Everyone is talking about teams. I'm the team. I did nothing wrong."The choices of Bondi and Sayegh come as little surprise to those in Trump's inner circle. Bondi's term as attorney general in Florida ended earlier this year, and in the ensuing months, her name has come up repeatedly as a potential Trump hire, either at the Justice Department or the White House.Bondi made headlines during Trump's presidential campaign for accepting a $25,000 contribution to her political action committee from the Donald J. Trump Foundation, an apparent violation of rules prohibiting donations from nonprofits to PACs.The money was donated in 2013, when the Florida Attorney General's office was considering whether to join a lawsuit against Trump's now-defunct Trump University. The donation came a few days after Bondi announced that Florida might join the suit. Bondi ultimately decided the state would not take part in the lawsuit.Sayegh is a well-known Republican communications guru, having worked on several high-profile races and most recently as the most visible frontman for the GOP's 2017 Tax Cuts and Jobs Act, Trump's massive tax reform package. Within the White House, Sayegh is considered an ally of Jared Kushner, Trump's son-in-law and senior advisor.Politico recently reported that Sayegh's potential hiring had set off a turf war inside the West Wing, with some factions strongly backing the choice and others fearful it would give Kushner and his allies too much power over the impeachment communications strategy.— CNBC's Eamon Javers contributed to this report.

cnbc, Articles, Donald Trump, Impeachments, Politics, White House, Congress, Economy, US: News, source:tagname:CNBC US Source

<div class="group"><p>As the House impeachment inquiry enters a new, public phase, the White House communications office is expected to add two longtime Trump allies to its staff, where they will be tasked with running a proactive impeachment messaging operation, CNBC confirmed Tuesday.</p><p>Former Florida Attorney General Pam Bondi, a longtime Trump supporter, and Tony Sayegh, a former Treasury Department spokesman, are both expected to join the White House shortly to work specifically on impeachment related communications, in addition to other special projects as necessary, a senior administration official told CNBC. Bondi and Sayegh's jobs would be temporary,.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Acting White House chief of staff Mick Mulvaney is "very pleased" with the Bondi and Sayegh hires, a senior administration official told CNBC. Mulvaney believes they will "help round things out" as good communicators with strong political skills.</p><p>The hiring of Bondi and Sayegh, both high-profile political veterans, represents a new, more offensive posture from the White House, which has struggled to devise a cohesive strategy in response to the growing House impeachment inquiry.</p><p>Trump has so far been resistant to the idea of a special team of staffers who would focus solely on the impeachment, reportedly because he was concerned such an approach was passe in the age of Twitter and social media.</p><p>"Here's the thing: I don't have teams," Trump told reporters at the White House recently. "Everyone is talking about teams. I'm the team. I did nothing wrong."</p><p>The choices of Bondi and Sayegh come as little surprise to those in Trump's inner circle. Bondi's term as attorney general in Florida ended earlier this year, and in the ensuing months, her name has come up repeatedly as a potential Trump hire, either at the Justice Department or the White House.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Bondi made headlines during Trump's presidential campaign for accepting a $25,000 contribution to her political action committee from the Donald J. Trump Foundation, an apparent violation of rules prohibiting donations from nonprofits to PACs.</p><p>The money was donated in 2013, when the Florida Attorney General's office was considering whether to join a lawsuit against Trump's now-defunct Trump University. The donation came a few days after Bondi announced that Florida might join the suit. Bondi ultimately decided the state would not take part in the lawsuit.</p><p>Sayegh is a well-known Republican communications guru, having worked on several high-profile races and most recently as the most visible frontman for the GOP's 2017 Tax Cuts and Jobs Act, Trump's massive tax reform package. Within the White House, Sayegh is considered an ally of Jared Kushner, Trump's son-in-law and senior advisor.</p><p>Politico <a href="https://www.politico.com/news/2019/11/05/inside-trump-fight-impeachment-communicator-066177" target="_blank">recently reported</a> that Sayegh's potential hiring had set off a turf war inside the West Wing, with some factions strongly backing the choice and others fearful it would give Kushner and his allies too much power over the impeachment communications strategy.</p><p><em>— CNBC's Eamon Javers contributed to this report.</em></p></div>

As the House impeachment inquiry enters a new, public phase, the White House communications office is expected to add two longtime Trump allies to its staff, where they will be tasked with running a proactive impeachment messaging operation, CNBC confirmed Tuesday.Former Florida Attorney General Pam Bondi, a longtime Trump supporter, and Tony Sayegh, a former Treasury Department spokesman, are both expected to join the White House shortly to work specifically on impeachment related communications, in addition to other special projects as necessary, a senior administration official told CNBC. Bondi and Sayegh's jobs would be temporary,.Acting White House chief of staff Mick Mulvaney is "very pleased" with the Bondi and Sayegh hires, a senior administration official told CNBC. Mulvaney believes they will "help round things out" as good communicators with strong political skills.The hiring of Bondi and Sayegh, both high-profile political veterans, represents a new, more offensive posture from the White House, which has struggled to devise a cohesive strategy in response to the growing House impeachment inquiry.Trump has so far been resistant to the idea of a special team of staffers who would focus solely on the impeachment, reportedly because he was concerned such an approach was passe in the age of Twitter and social media."Here's the thing: I don't have teams," Trump told reporters at the White House recently. "Everyone is talking about teams. I'm the team. I did nothing wrong."The choices of Bondi and Sayegh come as little surprise to those in Trump's inner circle. Bondi's term as attorney general in Florida ended earlier this year, and in the ensuing months, her name has come up repeatedly as a potential Trump hire, either at the Justice Department or the White House.Bondi made headlines during Trump's presidential campaign for accepting a $25,000 contribution to her political action committee from the Donald J. Trump Foundation, an apparent violation of rules prohibiting donations from nonprofits to PACs.The money was donated in 2013, when the Florida Attorney General's office was considering whether to join a lawsuit against Trump's now-defunct Trump University. The donation came a few days after Bondi announced that Florida might join the suit. Bondi ultimately decided the state would not take part in the lawsuit.Sayegh is a well-known Republican communications guru, having worked on several high-profile races and most recently as the most visible frontman for the GOP's 2017 Tax Cuts and Jobs Act, Trump's massive tax reform package. Within the White House, Sayegh is considered an ally of Jared Kushner, Trump's son-in-law and senior advisor.Politico recently reported that Sayegh's potential hiring had set off a turf war inside the West Wing, with some factions strongly backing the choice and others fearful it would give Kushner and his allies too much power over the impeachment communications strategy.— CNBC's Eamon Javers contributed to this report.

2021-10-30 14:12:32.717966

Better Than Ramen Noodles

https://www.cnbc.com/2009/03/13/better-than-ramen-noodles.html

2009-03-14T01:41:48+0000

Tom Brennan

CNBC

Add American Italian Pasta to Cramer’s list of trade-down plays. The company’s a leader in both the private-label and brand-name markets, he said, and the stock “has the potential to explode higher.”

cnbc, Articles, Walmart Inc, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>Add <strong>American Italian Pasta</strong> to Cramer’s list of trade-down plays. The company’s a leader in both the private-label and brand-name markets, he said, and the stock “has the potential to explode higher.”</p></div>,<div class="group"><p>American Italian Pasta is North America’s largest dry pasta maker and the largest private-label pasta maker in the U.S. The company’s name brands include Heartland, Golden Grain and Muellers among others, but also provide private label Great Value Pasta to Wal-Mart. In fact, AIPC is Wal-Mart’s sole supplier of pasta, which accounts for 22% of the discount giant’s sales, and that’s a huge boost to business.<br><br></p><div style="height:100%" class="lazyload-placeholder"></div><p>The company gets 50% of its total volume from private-label sales and 67% of retail-sales volume. AIPC commands between two-thirds and three-quarters of the retail private-label past market. And management is putting its focus on developing its private-label products. As Cramer called it, AIPC is king of cheap pasta.</p><p>Declining raw costs will also be a boon to American Italian Pasta. Cramer expects the benefits from lower wheat prices to kick in by the second half of this year. Investors who like AIPC’s story should be in ahead of that.</p><p>The stock makes sense because pasta’s a cheap, easy dish for those who want to save money by eating at home. That’s why AIPC is up to $30 from $4 in the past year. But this is a small company with a market cap of only about $600 million. Only four analysts cover American Italian Pasta. And because of the big run, investors should at least wait for a pullback before buying. The stock’s cheap on a price-to-earnings basis, but that doesn’t always matter with these smaller names. </p><p>So use limit orders, Cramer said, and never buy all at once.<br><br><br><br><br><em>Cramer's charitable trust owns Wal-Mart.</em></p><p><em>Questions for Cramer? </em></p><p><em>Questions, comments, suggestions for the Mad Money website? </em><a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a></p></div>

Add American Italian Pasta to Cramer’s list of trade-down plays. The company’s a leader in both the private-label and brand-name markets, he said, and the stock “has the potential to explode higher.”American Italian Pasta is North America’s largest dry pasta maker and the largest private-label pasta maker in the U.S. The company’s name brands include Heartland, Golden Grain and Muellers among others, but also provide private label Great Value Pasta to Wal-Mart. In fact, AIPC is Wal-Mart’s sole supplier of pasta, which accounts for 22% of the discount giant’s sales, and that’s a huge boost to business.The company gets 50% of its total volume from private-label sales and 67% of retail-sales volume. AIPC commands between two-thirds and three-quarters of the retail private-label past market. And management is putting its focus on developing its private-label products. As Cramer called it, AIPC is king of cheap pasta.Declining raw costs will also be a boon to American Italian Pasta. Cramer expects the benefits from lower wheat prices to kick in by the second half of this year. Investors who like AIPC’s story should be in ahead of that.The stock makes sense because pasta’s a cheap, easy dish for those who want to save money by eating at home. That’s why AIPC is up to $30 from $4 in the past year. But this is a small company with a market cap of only about $600 million. Only four analysts cover American Italian Pasta. And because of the big run, investors should at least wait for a pullback before buying. The stock’s cheap on a price-to-earnings basis, but that doesn’t always matter with these smaller names. So use limit orders, Cramer said, and never buy all at once.Cramer's charitable trust owns Wal-Mart.Questions for Cramer? Questions, comments, suggestions for the Mad Money website? [email protected]

2021-10-30 14:12:32.753725

Dow Closes Up After 700-Point Swing

https://www.cnbc.com/2008/10/16/dow-closes-up-after-700point-swing.html

2008-10-16T20:46:41+0000

Cindy Perman

CNBC

A late-day rally gave the Dow industrials a triple-digit boost after a volatile session in which the blue-chip index swung within a 700-point range."I think this is bargain hunting and there are some bargains out there. Some of these stocks are at historic lows," Warren Simpson, managing director at Stephens Capital Management in Little Rock, Ark., told Reuters.Traders said another cause for the day's wild swings was unwinding of hedged options on the S&P 500 ahead of October options expirations on Friday. The expirations triggered several big buys at the end of the day.The day was book-ended with rallies. Stocks lurched out of the gate following some not-horrible economic reports: Consumer prices came in flatwhile weekly jobless claims fell. But that rally fizzled after mid-morning reports showed the Philadelphia Fed's index of mid-Atlantic factory activity fell much more than expected and industrial output hit a nearly 34-year low. The Dow Jones Industrial Average retested Friday's closing low around 8450, then fell through to a five-and-a-half year low. "Looking at inflation right now is like looking in the rearview mirror while ignoring the train wreck dead ahead," said Chris Rupkey, an economist at Bank of Tokyo-Mitsubishi. "Even Fed policy makers are saying the economy appears to be in a recession, and that is why the stock market has fallen more than 40% from the highs last year, it is discounting a recession if not outright depression."The Dow finished up 401.35, or 4.7 percent, to close at 8979.26. That makes 21 out of the past 24 sessions the Dow has made a triple-digit move.As of today's close, the Dow is up about 530 points for the week. (Of course, at the rate we're going, that doesn't mean anything. Tune in tomorrow!)The S&P 500 gained 4.3 percent, while the tech-heavyNasdaq advanced 5.5 percent.The CBOE volatility index, widely considered the best gauge of fear in the market, soared to a new record above 80 before pulling back to 67.61. With record levels of fear in the market, where do we go from here? History might offer some clues as to when the volatility will subside.The price of a barrel of oil settled below $70for the first time since last Augustafter a report showed crude inventories rose by 5.6 million barrels, more than double the 2.2-million-increase expected.The top three gainers on the Dow were: ExxonMobil , Wal-Mart and Alcoa .Dow component Citigroup was one of the biggest decliners on the Dow, falling 2 percent, after the bank posted its fourth straight quarterly loss amid credit costs and writedowns totaling $13 billion. Citigroup said it's making good progress on shedding assets and cutting costs but warned that tight credit conditions and the potential global recession could cut into other businesses.Merrill Lynch shares ended up 0.6 percent after the bank reported its fifth straight quarterly loss and missed analysts' target amid writedowns of $9 billion, most of which occurred in September.Bank of New York Mellon gained 6.3 percent after the bank reported its profit was cut in halffrom a year earlier but still managed to beat expectations.In the tech sector, the world's largest handset maker Nokia missed expectations as handset makers have taken the global slowdown on the chin. Its shares rose nearly 10 percent, however, after the company soothed concerns about the fourth quarter, saying it wouldn't be as bad as expected.  Yahoo jumped more than 10 percent amid buzz that a Microsoft deal — try to hold your sigh to the end of this song — is still a possibility. Apparently, Microsoft CEO Steve Ballmer said at an IT conference in Orlando that an acquisition of Yahoo would still "make sense economically" for both companies.And, exhale ...Diversified manufacturer United Tech reported a 6 percent rise in profit, boosted by continued strong demand for helicopters and products used in commercial construction. Its shares rose 7.4 percent.Retailers recovered after an earlier selloff over concerns that this could be the toughest holiday for retailers in more than five years.Consumers are expected to spend an average of $832.36 on holiday shopping this year, up just 1.9 percent from a year earlier, according to the National Retail Federation. That would be the smallest rise since 2002, when the NRF began conducting the survey. (Check out our Holiday Central blogfor the latest on how the holiday season is shaping up for retailers.)Shares of discount and wholesale chains such as Wal-Mart , Target and Costco were some of the sector's biggest gainers — all three rose more than 6 percent — as that's where consumers shop during tough times.Macy's was one of the sector's biggest gainers, climbing 16 percent.Elsewhere, U.S. and European leaders agreed to meet this weekend to prepare for a summit to overhaul the global-financial system. Speculation is growing that the Fed will be forced to cut rates again as consumers struggle through the financial malaise.-- Albert Bozzo contributed to this article.Still to Come:FRIDAY: Housing starts; consumer sentiment; Earnings from Gannett, Honeywell and Sony EricssonSend comments to [email protected].

cnbc, Articles, Holiday shopping, Dow Jones Industrial Average, S&P 500 Index, Howmet Aerospace Inc, Bank of New York Mellon Corp, Citigroup Inc, NASDAQ Composite, Costco Wholesale Corp, Macy's Inc, Microsoft Corp, Nokia Oyj, Target Corp, Raytheon Technologies Corp, CBOE Volatility Index, Walmart Inc, Altaba Inc, Wells Fargo & Co, JPMorgan Alerian MLP Index ETN, Exxon Mobil Corp, Holiday Central, U.S. Markets Top News, source:tagname:CNBC US Source

<div class="group"><p>A late-day rally gave the Dow industrials a triple-digit boost after a volatile session in which the blue-chip index swung within a 700-point range.</p><p>"I think this is bargain hunting and there are some bargains out there. Some of these stocks are at historic lows," Warren Simpson, managing director at Stephens Capital Management in Little Rock, Ark., told Reuters.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Traders said another cause for the day's wild swings was unwinding of hedged options on the S&amp;P 500 ahead of October options expirations on Friday. The expirations triggered several big buys at the end of the day.</p><p>The day was book-ended with rallies. Stocks lurched out of the gate following some not-horrible economic reports: <a href="https://www.cnbc.com/2008/10/16/us-economy-continues-to-give-off-mixed-signals.html">Consumer prices came in flat</a>while weekly jobless claims fell. But that rally fizzled after mid-morning reports showed the Philadelphia Fed's index of mid-Atlantic factory activity fell much more than expected and industrial output hit a nearly 34-year low. The Dow Jones Industrial Average retested Friday's closing low around 8450, then fell through to a five-and-a-half year low. </p><p>"Looking at inflation right now is like looking in the rearview mirror while ignoring the train wreck dead ahead," said Chris Rupkey, an economist at Bank of Tokyo-Mitsubishi. "Even Fed policy makers are saying the economy appears to be in a recession, and that is why the stock market has fallen more than 40% from the highs last year, it is discounting a recession if not outright depression."</p><p>The Dow finished up 401.35, or 4.7 percent, to close at 8979.26. That makes 21 out of the past 24 sessions the Dow has made a triple-digit move.</p><p>As of today's close, the Dow is up about 530 points for the week. (Of course, at the rate we're going, that doesn't mean anything. Tune in tomorrow!)</p><div style="height:100%" class="lazyload-placeholder"></div><p>The S&amp;P 500 gained 4.3 percent, while the tech-heavyNasdaq advanced 5.5 percent.</p><p>The CBOE volatility index, widely considered the best gauge of fear in the market, soared to a new record above 80 before pulling back to 67.61. </p><p>With record levels of fear in the market, where do we go from here? History might offer some clues as to <a href="https://www.cnbc.com/2008/10/16/historical-vix-patterns.html">when the volatility will subside</a>.</p><p>The price of a barrel of oil settled below $70for the first time since last Augustafter a report showed crude inventories rose by 5.6 million barrels, more than double the 2.2-million-increase expected.</p><p>The top three gainers on the Dow were: ExxonMobil , Wal-Mart and Alcoa .</p><p>Dow component Citigroup was one of the biggest decliners on the Dow, falling 2 percent, after the bank posted its fourth straight quarterly loss amid credit costs and writedowns totaling $13 billion. Citigroup said it's making good progress on shedding assets and cutting costs but warned that tight credit conditions and the potential global recession could cut into other businesses.</p><p>Merrill Lynch shares ended up 0.6 percent after the bank reported its fifth straight quarterly loss and missed analysts' target amid writedowns of $9 billion, most of which occurred in September.</p><p>Bank of New York Mellon gained 6.3 percent after the bank reported its <a href="https://www.cnbc.com/2008/10/16/bank-of-new-york-mellon-profit-halved-in-third-quarter.html">profit was cut in half</a>from a year earlier but still managed to beat expectations.</p><p>In the tech sector, the world's largest handset maker Nokia missed expectations as handset makers have taken the global slowdown on the chin. Its shares rose nearly 10 percent, however, after the company soothed concerns about the fourth quarter, saying it wouldn't be as bad as expected.</p><p>  </p><p>Yahoo jumped more than 10 percent amid buzz that a Microsoft deal — try to hold your sigh to the end of this song — is still a possibility. Apparently, Microsoft CEO Steve Ballmer said at an IT conference in Orlando that an acquisition of Yahoo would still "make sense economically" for both companies.</p><p>And, exhale ...</p><p>Diversified manufacturer United Tech reported a 6 percent rise in profit, boosted by continued strong demand for helicopters and products used in commercial construction. Its shares rose 7.4 percent.</p><p>Retailers recovered after an earlier selloff over concerns that this could be the toughest holiday for retailers in more than five years.</p><p>Consumers are expected to spend an average of $832.36 on holiday shopping this year, up just 1.9 percent from a year earlier, according to the National Retail Federation. That would be the smallest rise since 2002, when the NRF began conducting the survey. (Check out our <a href="https://www.cnbc.com/holiday-central/">Holiday Central blog</a>for the latest on how the holiday season is shaping up for retailers.)</p><p>Shares of discount and wholesale chains such as Wal-Mart , Target and Costco were some of the sector's biggest gainers — all three rose more than 6 percent — as that's where consumers shop during tough times.</p><p>Macy's was one of the sector's biggest gainers, climbing 16 percent.</p><p>Elsewhere, U.S. and European leaders agreed to meet this weekend to prepare for a summit to overhaul the global-financial system. Speculation is growing that the <a href="https://www.cnbc.com/2008/10/15/as-recession-looms-fed-faces-pressure-to-cut-more.html">Fed will be forced to cut rates again</a> as consumers struggle through the financial malaise.</p><p><em>-- Albert Bozzo contributed to this article.</em></p><p><strong>Still to Come:</strong></p><p>FRIDAY: Housing starts; consumer sentiment; Earnings from Gannett, Honeywell and Sony Ericsson</p><p><em>Send comments to </em><a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a><em>.</em></p></div>

A late-day rally gave the Dow industrials a triple-digit boost after a volatile session in which the blue-chip index swung within a 700-point range."I think this is bargain hunting and there are some bargains out there. Some of these stocks are at historic lows," Warren Simpson, managing director at Stephens Capital Management in Little Rock, Ark., told Reuters.Traders said another cause for the day's wild swings was unwinding of hedged options on the S&P 500 ahead of October options expirations on Friday. The expirations triggered several big buys at the end of the day.The day was book-ended with rallies. Stocks lurched out of the gate following some not-horrible economic reports: Consumer prices came in flatwhile weekly jobless claims fell. But that rally fizzled after mid-morning reports showed the Philadelphia Fed's index of mid-Atlantic factory activity fell much more than expected and industrial output hit a nearly 34-year low. The Dow Jones Industrial Average retested Friday's closing low around 8450, then fell through to a five-and-a-half year low. "Looking at inflation right now is like looking in the rearview mirror while ignoring the train wreck dead ahead," said Chris Rupkey, an economist at Bank of Tokyo-Mitsubishi. "Even Fed policy makers are saying the economy appears to be in a recession, and that is why the stock market has fallen more than 40% from the highs last year, it is discounting a recession if not outright depression."The Dow finished up 401.35, or 4.7 percent, to close at 8979.26. That makes 21 out of the past 24 sessions the Dow has made a triple-digit move.As of today's close, the Dow is up about 530 points for the week. (Of course, at the rate we're going, that doesn't mean anything. Tune in tomorrow!)The S&P 500 gained 4.3 percent, while the tech-heavyNasdaq advanced 5.5 percent.The CBOE volatility index, widely considered the best gauge of fear in the market, soared to a new record above 80 before pulling back to 67.61. With record levels of fear in the market, where do we go from here? History might offer some clues as to when the volatility will subside.The price of a barrel of oil settled below $70for the first time since last Augustafter a report showed crude inventories rose by 5.6 million barrels, more than double the 2.2-million-increase expected.The top three gainers on the Dow were: ExxonMobil , Wal-Mart and Alcoa .Dow component Citigroup was one of the biggest decliners on the Dow, falling 2 percent, after the bank posted its fourth straight quarterly loss amid credit costs and writedowns totaling $13 billion. Citigroup said it's making good progress on shedding assets and cutting costs but warned that tight credit conditions and the potential global recession could cut into other businesses.Merrill Lynch shares ended up 0.6 percent after the bank reported its fifth straight quarterly loss and missed analysts' target amid writedowns of $9 billion, most of which occurred in September.Bank of New York Mellon gained 6.3 percent after the bank reported its profit was cut in halffrom a year earlier but still managed to beat expectations.In the tech sector, the world's largest handset maker Nokia missed expectations as handset makers have taken the global slowdown on the chin. Its shares rose nearly 10 percent, however, after the company soothed concerns about the fourth quarter, saying it wouldn't be as bad as expected.  Yahoo jumped more than 10 percent amid buzz that a Microsoft deal — try to hold your sigh to the end of this song — is still a possibility. Apparently, Microsoft CEO Steve Ballmer said at an IT conference in Orlando that an acquisition of Yahoo would still "make sense economically" for both companies.And, exhale ...Diversified manufacturer United Tech reported a 6 percent rise in profit, boosted by continued strong demand for helicopters and products used in commercial construction. Its shares rose 7.4 percent.Retailers recovered after an earlier selloff over concerns that this could be the toughest holiday for retailers in more than five years.Consumers are expected to spend an average of $832.36 on holiday shopping this year, up just 1.9 percent from a year earlier, according to the National Retail Federation. That would be the smallest rise since 2002, when the NRF began conducting the survey. (Check out our Holiday Central blogfor the latest on how the holiday season is shaping up for retailers.)Shares of discount and wholesale chains such as Wal-Mart , Target and Costco were some of the sector's biggest gainers — all three rose more than 6 percent — as that's where consumers shop during tough times.Macy's was one of the sector's biggest gainers, climbing 16 percent.Elsewhere, U.S. and European leaders agreed to meet this weekend to prepare for a summit to overhaul the global-financial system. Speculation is growing that the Fed will be forced to cut rates again as consumers struggle through the financial malaise.-- Albert Bozzo contributed to this article.Still to Come:FRIDAY: Housing starts; consumer sentiment; Earnings from Gannett, Honeywell and Sony EricssonSend comments to [email protected].

2021-10-30 14:12:32.917665

Saudi Aramco says full oil production capacity will return by end of November

https://www.cnbc.com/2019/10/09/saudi-aramco-says-full-oil-production-capacity-will-return-by-end-nov.html

2019-10-09T08:04:31+0000

Natasha Turak

CNBC

DUBAI ⁠— Saudi Arabia's full oil production capacity will be recovered by the end of November, Saudi Aramco CEO Amin Nasser told CNBC on Wednesday."By September we will be, in terms of production capacity, at 11.3 (million barrels per day), by end of November we will be at 12 million barrels per day (bdp), which is our maximum sustained capacity," Nasser told CNBC's Steve Sedgwick during the Oil & Money Conference in London. Saudi Arabia is the world's largest exporter of oil.The OPEC kingpin has been pumping significantly below that 12 million bpd level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices.Aramco's revenues were not reduced in the wake of the attacks, Nasser noted, and put its October production figure at 9.9 million bpd.The CEO of the world's largest oil company expressed his concern over an "absence of international resolve" against the perpetrators of September 14 drone and missile attacks on Aramco facilities that forced the company to shut down half of its production and sent crude prices up nearly 20%."An absence of international resolve to take concrete action may embolden the attackers and indeed put the world's energy security at greater risk," Nasser said.

cnbc, Articles, ICE Brent Crude (Jan'22), Middle East, Saudi Arabia, Oil and Gas, Economy, Politics, Energy, Business News, source:tagname:CNBC Europe Source

<div class="group"><p>DUBAI ⁠— Saudi Arabia's full oil production capacity will be recovered by the end of November, Saudi Aramco CEO Amin Nasser told CNBC on Wednesday.</p><p>"By September we will be, in terms of production capacity, at 11.3 (million barrels per day), by end of November we will be at 12 million barrels per day (bdp), which is our maximum sustained capacity," Nasser told CNBC's Steve Sedgwick during the Oil &amp; Money Conference in London. Saudi Arabia is the world's largest exporter of oil.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The OPEC kingpin has been pumping significantly below that 12 million bpd level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices.</p><p>Aramco's revenues were not reduced in the wake of the attacks, Nasser noted, and put its October production figure at 9.9 million bpd.</p><p>The CEO of the world's largest oil company expressed his concern over an "absence of international resolve" against the perpetrators of <a href="https://www.cnbc.com/2019/09/15/saudi-stock-market-dives-crude-to-jump-after-attack-on-oil-plants.html">September 14 drone and missile attacks on Aramco facilities</a> that forced the company to shut down half of its production and <a href="https://www.cnbc.com/2019/09/15/us-crude-oil-jumps-15percent-after-drone-strikes-disrupt-saudi-crude-production.html">sent crude prices up nearly 20%</a>.</p><p>"An absence of international resolve to take concrete action may embolden the attackers and indeed put the world's energy security at greater risk," Nasser said.</p></div>,<div class="group"><p>The attacks had "no impact" on the planned public listing of the state oil giant, the CEO added, saying that if anything, they strengthened the company's position with regard to the offering. The Saudi Aramco initial public offering (IPO), which has seen multiple delays since it was first suggested in 2016, would be the world's largest.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We are ready whenever the shareholders decide it is the time to list," Nasser said.</p><p><a href="https://www.cnbc.com/2019/10/08/aramco-ipo-prospectus-expected-to-be-filed-by-end-of-the-month-report-says.html">Aramco is expected to file its IPO prospectus by the end of this month</a>, according to reports.</p><p>The kingdom reportedly plans to list 1% of Aramco on its local stock exchange, the Tadawul, before the end of this year and another 1% in 2020 as first steps ahead of a public sale of roughly 5% of the company. Saudi Crown Prince Mohammed bin Salman has estimated the firm's value at $2 trillion, while analysts put the figure closer to $1.5 trillion.</p></div>,<div class="group"><p>The success of the IPO depends in part on the oil price, which is down some 30% in the last year, despite heightened geopolitical tensions in the Gulf region.</p><p><a href="https://www.cnbc.com/quotes/[email protected]">Brent crude futures</a> were trading at $58.78 a barrel on Wednesday morning at 11:15 a.m. London time, up nearly 1% from the previous day. Still, the international oil benchmark's price is now lower than it was the day before the Aramco attacks, which Riyadh and Washington have blamed on Iran, a charge Tehran denies.</p></div>,<div class="group"><p>There are "many factors" impacting the oil price today, Nasser told CNBC's Sedgwick, noting that the global economic situation as a whole was affecting crude prices. "I think market was very satisfied with Saudi Aramco's response (to the attacks), but also... there is a tariffs dispute ongoing between two super global economies. All of these things are impacting price of crude."</p><p>The CEO added that there is ample oil supply on the market, and that he expects demand to average at 1 million bpd.</p><p>In earlier comments Wednesday, Nasser said that there was "no doubt" Iran was behind attacks on Saudi Arabia, which struck multiple points at two of Aramco's largest facilities: Abqaiq, the largest crude oil processing and stabilization plant in the world, and Khurais, the kingdom's second-largest oil field.</p><p>Yemen's Houthi rebels, who have been at war with the Saudis since 2015 and are backed by Iran, claimed responsibility for the strike, but numerous Western governments and security experts say the rebels could not have carried out <a href="https://www.cnbc.com/2019/09/17/satellite-photos-show-extent-of-damage-to-saudi-aramco-plants.html">such a sophisticated attack</a>.</p></div>,<div class="group"><p>In late September, ratings agency <a href="https://www.cnbc.com/2019/09/30/fitch-downgrades-saudi-arabias-credit-rating-to-a-over-attack-risks.html">Fitch downgraded Saudi Arabia's long-term foreign currency issuer default rating</a> from A+ to A, citing the "vulnerability of its economic infrastructure" and "deterioration in Saudi Arabia's fiscal and external balance sheets." Riyadh was quick to reject the downgrade, calling it "somewhat speculative."</p><p>The Aramco IPO is part of the kingdom's Vision 2030, an initiative spearheaded by the 34-year-old crown prince to diversify the country's economy and reduce its reliance on hydrocarbon revenues.</p></div>

DUBAI ⁠— Saudi Arabia's full oil production capacity will be recovered by the end of November, Saudi Aramco CEO Amin Nasser told CNBC on Wednesday."By September we will be, in terms of production capacity, at 11.3 (million barrels per day), by end of November we will be at 12 million barrels per day (bdp), which is our maximum sustained capacity," Nasser told CNBC's Steve Sedgwick during the Oil & Money Conference in London. Saudi Arabia is the world's largest exporter of oil.The OPEC kingpin has been pumping significantly below that 12 million bpd level as part of a coordinated agreement OPEC and non-OPEC producers to lower output and keep a floor under falling oil prices.Aramco's revenues were not reduced in the wake of the attacks, Nasser noted, and put its October production figure at 9.9 million bpd.The CEO of the world's largest oil company expressed his concern over an "absence of international resolve" against the perpetrators of September 14 drone and missile attacks on Aramco facilities that forced the company to shut down half of its production and sent crude prices up nearly 20%."An absence of international resolve to take concrete action may embolden the attackers and indeed put the world's energy security at greater risk," Nasser said.The attacks had "no impact" on the planned public listing of the state oil giant, the CEO added, saying that if anything, they strengthened the company's position with regard to the offering. The Saudi Aramco initial public offering (IPO), which has seen multiple delays since it was first suggested in 2016, would be the world's largest."We are ready whenever the shareholders decide it is the time to list," Nasser said.Aramco is expected to file its IPO prospectus by the end of this month, according to reports.The kingdom reportedly plans to list 1% of Aramco on its local stock exchange, the Tadawul, before the end of this year and another 1% in 2020 as first steps ahead of a public sale of roughly 5% of the company. Saudi Crown Prince Mohammed bin Salman has estimated the firm's value at $2 trillion, while analysts put the figure closer to $1.5 trillion.The success of the IPO depends in part on the oil price, which is down some 30% in the last year, despite heightened geopolitical tensions in the Gulf region.Brent crude futures were trading at $58.78 a barrel on Wednesday morning at 11:15 a.m. London time, up nearly 1% from the previous day. Still, the international oil benchmark's price is now lower than it was the day before the Aramco attacks, which Riyadh and Washington have blamed on Iran, a charge Tehran denies.There are "many factors" impacting the oil price today, Nasser told CNBC's Sedgwick, noting that the global economic situation as a whole was affecting crude prices. "I think market was very satisfied with Saudi Aramco's response (to the attacks), but also... there is a tariffs dispute ongoing between two super global economies. All of these things are impacting price of crude."The CEO added that there is ample oil supply on the market, and that he expects demand to average at 1 million bpd.In earlier comments Wednesday, Nasser said that there was "no doubt" Iran was behind attacks on Saudi Arabia, which struck multiple points at two of Aramco's largest facilities: Abqaiq, the largest crude oil processing and stabilization plant in the world, and Khurais, the kingdom's second-largest oil field.Yemen's Houthi rebels, who have been at war with the Saudis since 2015 and are backed by Iran, claimed responsibility for the strike, but numerous Western governments and security experts say the rebels could not have carried out such a sophisticated attack.In late September, ratings agency Fitch downgraded Saudi Arabia's long-term foreign currency issuer default rating from A+ to A, citing the "vulnerability of its economic infrastructure" and "deterioration in Saudi Arabia's fiscal and external balance sheets." Riyadh was quick to reject the downgrade, calling it "somewhat speculative."The Aramco IPO is part of the kingdom's Vision 2030, an initiative spearheaded by the 34-year-old crown prince to diversify the country's economy and reduce its reliance on hydrocarbon revenues.

2021-10-30 14:12:33.203865

Donald Trump Tells Final 2016 Rally: 'This Is Our Independence Day'

https://www.cnbc.com/2016/11/08/donald-trump-tells-final-2016-rally-this-is-our-independence-day.html

2016-11-08T11:44:01+0000

CNBC

GRAND RAPIDS, Michigan — The Trump Train's final stop was not a heartfelt appeal to voters in a crucial state on the GOP nominee's path to the White House. Instead, it was a winding road of his greatest hits — the same riffs that earned him notoriety through the primaries and were pillars of his general election message, despite the efforts of advisers. Assuming the stage for his fifth appearance of the day, Trump seemed worn but kept his usual confidence including the classic call-and-response: "Who's going to pay for the wall? MEXICO!"More from NBC News:Chance the Rapper Leads Voters on 'Parade to the Polls'As Election Day Arrives, Plenty of Blame to Go AroundTrump on Clinton's Celebs: 'We Don't Need Lady Gaga'Trump declared Tuesday "our Independence Day" and looked forward to closing "the history books on the Clintons and their lies and schemes and corruption." "We are hours away from a once in a lifetime change," he said. Trump swore an end to Syrian refugees being let into the U.S. and laid the groundwork for "a lot" more visits to the Mitten state as he works to bring jobs and factories back here. A woman walking by the press pen apologized for fellow Americans who have lashed out over the course of the campaign. "You don't deserve it," she said, before admitting she was attending as a Hillary supporter simply to confirm her choice. After her, a man passed and pointed to the press: "You're terrible. Terrible." A reporter wished him a good night in response. Ali Vitali tweet 1 Ali Vitali tweet 2 As he closed, Trump trod a well-worn rhetorical path of asking his people to get out and vote. "God bless you, everybody. Go to bed, go to bed right now," he said to those dedicated enough to wait an hour and a half beyond scheduled start time for their nominee to take the stage. Ali Vitali tweet 3

cnbc, Articles, Hillary Clinton, Donald Trump, Politics, Elections, US: News, source:tagname:NBC News

<div class="group"><p> GRAND RAPIDS, Michigan — The Trump Train's final stop was not a heartfelt appeal to voters in a crucial state on the GOP nominee's path to the White House.</p><p> Instead, it was a winding road of his greatest hits — the same riffs that earned him notoriety through the primaries and were pillars of his general election message, despite the efforts of advisers.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Assuming the stage for his fifth appearance of the day, <a href="https://www.cnbc.com/donald-trump/">Trump</a> seemed worn but kept his usual confidence including the classic call-and-response: "Who's going to pay for the wall? MEXICO!"</p><p><strong>More from NBC News:<br></strong><a href="http://www.nbcnews.com/card/chance-rapper-leads-massive-parade-early-voting-sites-n679521" target="_blank">Chance the Rapper Leads Voters on 'Parade to the Polls'</a><br><a href="http://www.nbcnews.com/storyline/2016-election-day/analysis-election-day-arrives-plenty-blame-go-around-n679356" target="_blank">As Election Day Arrives, Plenty of Blame to Go Around</a><br><a href="http://www.nbcnews.com/card/trump-disses-clintons-star-studded-line-we-dont-need-lady-n679491" target="_blank">Trump on Clinton's Celebs: 'We Don't Need Lady Gaga'</a></p><p>Trump declared Tuesday "our Independence Day" and looked forward to closing "the history books on the <a href="https://www.cnbc.com/hillary-clinton/">Clintons</a> and their lies and schemes and corruption."<br></p><p> "We are hours away from a once in a lifetime change," he said.</p><p> Trump swore an end to Syrian refugees being let into the U.S. and laid the groundwork for "a lot" more visits to the Mitten state as he works to bring jobs and factories back here.</p><div style="height:100%" class="lazyload-placeholder"></div><p> A woman walking by the press pen apologized for fellow Americans who have lashed out over the course of the campaign. "You don't deserve it," she said, before admitting she was attending as a Hillary supporter simply to confirm her choice. After her, a man passed and pointed to the press: "You're terrible. Terrible." A reporter wished him a good night in response.</p><p> <a href="https://twitter.com/alivitali/status/795863606122397696" target="_blank">Ali Vitali tweet 1</a></p><p> <a href="https://twitter.com/alivitali/status/795862044230631424" target="_blank">Ali Vitali tweet 2</a></p><p> <span>As he closed, Trump trod a well-worn rhetorical path of asking his people to get out and vote. "God bless you, everybody. Go to bed, go to bed right now," he said to those dedicated enough to wait an hour and a half beyond scheduled start time for their nominee to take the stage.</span><br></p><p> <span><a href="https://twitter.com/alivitali/status/795856443748585472" target="_blank">Ali Vitali tweet 3</a></span></p><br></div>

GRAND RAPIDS, Michigan — The Trump Train's final stop was not a heartfelt appeal to voters in a crucial state on the GOP nominee's path to the White House. Instead, it was a winding road of his greatest hits — the same riffs that earned him notoriety through the primaries and were pillars of his general election message, despite the efforts of advisers. Assuming the stage for his fifth appearance of the day, Trump seemed worn but kept his usual confidence including the classic call-and-response: "Who's going to pay for the wall? MEXICO!"More from NBC News:Chance the Rapper Leads Voters on 'Parade to the Polls'As Election Day Arrives, Plenty of Blame to Go AroundTrump on Clinton's Celebs: 'We Don't Need Lady Gaga'Trump declared Tuesday "our Independence Day" and looked forward to closing "the history books on the Clintons and their lies and schemes and corruption." "We are hours away from a once in a lifetime change," he said. Trump swore an end to Syrian refugees being let into the U.S. and laid the groundwork for "a lot" more visits to the Mitten state as he works to bring jobs and factories back here. A woman walking by the press pen apologized for fellow Americans who have lashed out over the course of the campaign. "You don't deserve it," she said, before admitting she was attending as a Hillary supporter simply to confirm her choice. After her, a man passed and pointed to the press: "You're terrible. Terrible." A reporter wished him a good night in response. Ali Vitali tweet 1 Ali Vitali tweet 2 As he closed, Trump trod a well-worn rhetorical path of asking his people to get out and vote. "God bless you, everybody. Go to bed, go to bed right now," he said to those dedicated enough to wait an hour and a half beyond scheduled start time for their nominee to take the stage. Ali Vitali tweet 3

2021-10-30 14:12:33.238724

Billionaire Warren Buffett: 'This $100 college course gave me the most important degree I have'—and it's why I'm successful today

https://www.cnbc.com/2019/03/21/billionaire-warren-buffett-says-a-100-dollar-course-had-the-biggest-impact-on-his-success.html

2019-03-21T14:06:00+0000

Gillian Zoe Segal

CNBC

To say that Warren Buffett is a wealth of wisdom is an understatement.A few years ago, I got the once-in-a-lifetime opportunity to interview him for my book, "Getting There: A Book of Mentors," which features essays and interviews from the some of the world's most successful people, as well as their indispensable career and life lessons.In getting to know "The Oracle of Omaha," I learned something incredibly surprising: Up until the age of 20, he had a fear of public speaking. "Just the thought of it made me physically ill," the billionaire shares in his "Getting There" essay. "I would literally throw up."Who would have thought that one of the most successful investors in the world once had a fear of public speaking?The Berkshire Hathaway CEO divulges that he purposely selected courses in college where he didn't have to stand up in front of the class and arranged his life so that he would never find himself in front of a crowd. If he somehow found himself in that situation, he admits that he could 'hardly even say' his own name.During Buffett's time at Columbia Business School, he saw an ad in the paper for a Dale Carnegie public speaking course for college students. "I figured it would serve me well," he recalls. "I went to Midtown, signed up and gave them a check. But after I left, I swiftly stopped payment. I just couldn't do it. I was that terrified."After he graduated, Buffett returned to Omaha and got a job as a salesman of securities. But the problem still lingered: "I knew that I had to be able to speak in front of people," he writes. "So again, I saw the ad in the paper and went down to sign up; but this time, I handed the instructor $100 in cash. I knew if I gave him the cash I'd show up."And he did show up.

makeit, Articles, Education, Colleges and universities, Leadership, Wealth, Berkshire Hathaway, Warren Buffett, Make It, Make It - Success, Make It - Get Ahead, Make It - Science of Success, Make It - Power Players, source:tagname:CNBC US Source

2021-10-30 14:12:33.272802

IBM Earnings Exceed Forecasts; Revenue Is Light

https://www.cnbc.com/2012/04/17/ibm-earnings-exceed-forecasts-revenue-is-light.html

2012-04-17T21:30:42+0000

CNBC

IBM reported quarterly earnings thatbeat analysts' expectations, but missed slightly on revenue, sending its shares lower in after-hours trading on Tuesday.

cnbc, Articles, Accenture PLC, HP Inc, International Business Machines Corp, Oracle Corp, SAP AG, Technology, source:tagname:CNBC US Source

<div class="group"><p>IBM reported quarterly earnings thatbeat analysts' expectations, but missed slightly on revenue, sending its shares lower in after-hours trading on Tuesday. </p></div>,<div class="group"><p>The information technology company delivered first-quarter earnings excluding items of $2.78 per share, up from $2.41 per share in the year-earlier period. </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Revenue was $24.70 billion, an increase from $24.61 billion a year ago.</p><p>Analysts had expected the company to report earnings excluding items of $2.65 per share on revenue of $24.78 billion, according to Thomson Reuters.</p><p>First-quarter net income was $3.1 billion compared with $2.9 billion in the first quarter of 2011, an increase of 7 percent, according to a company statement. <br><br>IBM has been shifting its focus from hardware to higher-margin services and software over the past decade, and has just raised its full year outlook. They expect at least $15 in adjusted earnings per share, up from its previous forecast of $14.85.</p><p>Sterne Agee analyst Shaw Wu wrote in a recent note that there was a "fair likelihood" IBM would "modestly raise" its outlook. <br><br>The blue chip company is closely watched as an indicator of enterprise IT spending, and competes with business software makers Oracle and SAP AG as well as outsourcing company Accentureand computing giant Hewlett Packard .</p><p>After the announcement, shares of IBM fell in after-hours trading.(Click here for after-hours quote) </p></div>

IBM reported quarterly earnings thatbeat analysts' expectations, but missed slightly on revenue, sending its shares lower in after-hours trading on Tuesday. The information technology company delivered first-quarter earnings excluding items of $2.78 per share, up from $2.41 per share in the year-earlier period. Revenue was $24.70 billion, an increase from $24.61 billion a year ago.Analysts had expected the company to report earnings excluding items of $2.65 per share on revenue of $24.78 billion, according to Thomson Reuters.First-quarter net income was $3.1 billion compared with $2.9 billion in the first quarter of 2011, an increase of 7 percent, according to a company statement. IBM has been shifting its focus from hardware to higher-margin services and software over the past decade, and has just raised its full year outlook. They expect at least $15 in adjusted earnings per share, up from its previous forecast of $14.85.Sterne Agee analyst Shaw Wu wrote in a recent note that there was a "fair likelihood" IBM would "modestly raise" its outlook. The blue chip company is closely watched as an indicator of enterprise IT spending, and competes with business software makers Oracle and SAP AG as well as outsourcing company Accentureand computing giant Hewlett Packard .After the announcement, shares of IBM fell in after-hours trading.(Click here for after-hours quote)

2021-10-30 14:12:33.565161

European stocks close higher; Oil prices surge on Gulf of Oman tanker attack reports

https://www.cnbc.com/2019/06/13/european-stocks-lower-as-brexit-uncertainty-deepens.html

2019-06-13T05:59:13+0000

Elliot Smith

CNBC

European stocks rebounded Thursday as Germany's 5G auction drove the telecoms index higher, while a tanker incident caused oil prices to surge.The pan-European Stoxx 600 recovered from a 0.2% fall after the opening bell to climb 0.1% during the afternoon session. Basic Resources led gains with a 1.6% rise, while media stocks traded down around 0.7%.

cnbc, Articles, Ferguson PLC 15, Aurubis AG, United Internet AG, 1&1 AG, STOXX 600, World economy, Central banking, World Markets, Pre-markets, Markets, Hang Seng Index, CAC 40 Index, FTSE 100, DAX, Pre-Markets, U.S. Markets, China Markets, Asia Markets, Europe Economy, Central Banks, World Economy, Europe Markets, source:tagname:CNBC Europe Source

<div class="group"><p>European stocks rebounded Thursday as Germany's 5G auction drove the telecoms index higher, while a tanker incident caused oil prices to surge.</p><p>The pan-European <a href="https://www.cnbc.com/quotes/.STOXX">Stoxx 600</a> recovered from a 0.2% fall after the opening bell to climb 0.1% during the afternoon session. Basic Resources led gains with a 1.6% rise, while media stocks traded down around 0.7%.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Oil prices rebounded nearly 3% Thursday amid reports of a <a href="https://www.cnbc.com/2019/06/13/oil-jumps-more-than-3percent-on-reports-of-tanker-incident-in-the-gulf-of-oman.html">tanker incident in the Gulf of Oman</a>.</p><p>International benchmark Brent crude traded at around $61.65 during afternoon deals, up 2.8%, while U.S. West Texas Intermediate (WTI) stood at $52.76, up 3.2%.</p><p>U.S. President Donald Trump struck a slightly more positive tone on the U.S.-China trade war Wednesday, but again threatened to increase tariffs on Chinese goods if no deal is agreed, deeming relations between the world's two largest economies "testy" and doing little to assuage global trade fears.</p><p>In Asia, stocks mostly fell Thursday afternoon after a second straight day of declines on Wall Street. Hong Kong's <a href="https://www.cnbc.com/quotes/.HSI">Hang Seng</a> index closed 1.73% lower amid violent clashes between protesters and riot police <a href="https://www.cnbc.com/2019/06/13/hong-kong-extradition-bill-a-new-day-of-anti-government-protests.html">over a controversial extradition bill</a>.</p><p>Back in Europe, Luxembourg Prime Minister Xavier Bettel told CNBC's Silvia Amaro on Thursday that there would be <a href="https://www.cnbc.com/2019/06/13/no-door-for-renegotiations-of-brexit-deal-whoever-wins-uk-leadership-race-luxembourg-pm.html">no renegotiation of the U.K.'s departure deal</a> with the European Union. The reminder came as Conservative party candidates vying to replace Prime Minister Theresa May, each with their own lofty Brexit plan, faced a <a href="https://www.cnbc.com/2019/06/13/uk-leadership-contest-steps-up-a-gear-ahead-of-first-round-of-voting.html">first vote among the party's MPs</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Eurosceptic former Foreign Secretary Boris Johnson, who launched his campaign with a promise to take Britain out of the EU on October 31 with or without a deal, secured the most secret ballots with 114, while his successor Jeremy Hunt came a distant second with 43 votes.</p><p>The Swiss National Bank (SNB) stuck to its ultra-loose monetary policy on Thursday and blamed rising trade tensions between the United States and China for a spike in the safe-haven Swiss franc.</p><p>In corporate news, Germany raised 6.55 billion euros ($7.4 billion) in its auction of spectrum for 5G mobile services, the Federal Network Regulator (BNetzA) said after a contest lasting nearly three months that will see a fourth operator enter the market.</p><p>That fourth operator was German telecommunications provider <a href="//www.cnbc.com/quotes/1U1-DE" target="_blank">1&amp;1 Drillisch</a>, which saw its share price climb 5% in afternoon trade as investors reacted to the news. Shares of <a href="//www.cnbc.com/quotes/UTDI-DE" target="_blank">United Internet</a>, 1&amp;1 Drillisch's parent company, also rose by 3.6%.</p><p>British plumbing company <a href="https://www.cnbc.com/quotes/">Ferguson</a> topped the Stoxx 600 in afternoon deals, jumping 6.1% after activist fund Trian Fund Management announced it had built a 6% stake.</p><p>At the other end of Europe's blue chip index, British copper producer <a href="//www.cnbc.com/quotes/NDA-DE" target="_blank">Aurubis</a> was down 7.5% after its CEO was dismissed early amid rising project costs.</p></div>

European stocks rebounded Thursday as Germany's 5G auction drove the telecoms index higher, while a tanker incident caused oil prices to surge.The pan-European Stoxx 600 recovered from a 0.2% fall after the opening bell to climb 0.1% during the afternoon session. Basic Resources led gains with a 1.6% rise, while media stocks traded down around 0.7%.Oil prices rebounded nearly 3% Thursday amid reports of a tanker incident in the Gulf of Oman.International benchmark Brent crude traded at around $61.65 during afternoon deals, up 2.8%, while U.S. West Texas Intermediate (WTI) stood at $52.76, up 3.2%.U.S. President Donald Trump struck a slightly more positive tone on the U.S.-China trade war Wednesday, but again threatened to increase tariffs on Chinese goods if no deal is agreed, deeming relations between the world's two largest economies "testy" and doing little to assuage global trade fears.In Asia, stocks mostly fell Thursday afternoon after a second straight day of declines on Wall Street. Hong Kong's Hang Seng index closed 1.73% lower amid violent clashes between protesters and riot police over a controversial extradition bill.Back in Europe, Luxembourg Prime Minister Xavier Bettel told CNBC's Silvia Amaro on Thursday that there would be no renegotiation of the U.K.'s departure deal with the European Union. The reminder came as Conservative party candidates vying to replace Prime Minister Theresa May, each with their own lofty Brexit plan, faced a first vote among the party's MPs.Eurosceptic former Foreign Secretary Boris Johnson, who launched his campaign with a promise to take Britain out of the EU on October 31 with or without a deal, secured the most secret ballots with 114, while his successor Jeremy Hunt came a distant second with 43 votes.The Swiss National Bank (SNB) stuck to its ultra-loose monetary policy on Thursday and blamed rising trade tensions between the United States and China for a spike in the safe-haven Swiss franc.In corporate news, Germany raised 6.55 billion euros ($7.4 billion) in its auction of spectrum for 5G mobile services, the Federal Network Regulator (BNetzA) said after a contest lasting nearly three months that will see a fourth operator enter the market.That fourth operator was German telecommunications provider 1&1 Drillisch, which saw its share price climb 5% in afternoon trade as investors reacted to the news. Shares of United Internet, 1&1 Drillisch's parent company, also rose by 3.6%.British plumbing company Ferguson topped the Stoxx 600 in afternoon deals, jumping 6.1% after activist fund Trian Fund Management announced it had built a 6% stake.At the other end of Europe's blue chip index, British copper producer Aurubis was down 7.5% after its CEO was dismissed early amid rising project costs.

2021-10-30 14:12:33.608565

SnapChat Sees Big Future in Erasable Media

https://www.cnbc.com/2013/02/25/snapchat-sees-big-future-in-erasable-media.html

2013-02-25T18:44:43+0000

Cadie Thompson

CNBC

The photo-messaging app SnapChat is just getting started in erasable media, the company CEO Evan Spiegel said Monday on CNBC's Squawk on the Street. "We really think this is a big idea...it's just the very, very beginning of something we call ephemeral media, media you share that disappears. So it's hard to say right now, but it's a really big space and we look forward to exploring it," Spiegel said. For only being in the beginning stages, SnapChat certainly has a large base of users.

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

<div class="group"><p> The photo-messaging app SnapChat is just getting started in erasable media, the company CEO Evan Spiegel said Monday on CNBC's <a href="https://www.cnbc.com/squawk-on-the-street/">Squawk on the Street</a>. </p><p> "We really think this is a big idea...it's just the very, very beginning of something we call ephemeral media, media you share that disappears. So it's hard to say right now, but it's a really big space and we look forward to exploring it," Spiegel said. <br></p><div style="height:100%" class="lazyload-placeholder"></div><p> For only being in the beginning stages, SnapChat certainly has a large base of users.</p></div>,<div class="group"><p> The app, which enables users to send photos, videos or messages that disappear 10 seconds after being viewed, has 1.7 million monthly Facebook users with over 60 million 'Snaps' sent daily. </p><p> (<em>Read More</em>: <a href="https://www.cnbc.com/2013/02/25/facebook-is-giving-away-free-mobile-data-to-some-users.html">Facebook Is Giving Away Free Mobile Data to Some Users</a> )</p><p> SnapChat is working to tap into its growing reach and is developing ways for companies to advertise on its picture-sharing platform, said Spiegel. <br></p><p> "There's a couple of things we are really excited about right now. There are a lot of businesses experimenting with SnapChat," Spiegel said. "What I'm really excited about is this really awesome new ad format we've been experimenting with. We think it's really engaging. We think when ads are done right, they can be informative and delightful and we are really excited about that."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Spiegel said that SnapChat is different from traditional social media because its a medium people can use to show more human moments.</p><p> (<em>Read More</em>:<a href="https://www.cnbc.com/2013/02/22/facebook-is-tossing-your-old-pics-into-cold-storage.html"> Facebook Is Tossing Your Old Pics Into 'Cold Storage'</a> )</p><p> "Traditional social media is a place where people want to look very cool," he said. "SnapChat is really a place where our users can send funny, interesting embarrassing photos."</p><p> The app has gained a lot of attention recently for being a popular way for youths to sext, or send inappropriate pictures of themselves. </p><p> (<em>Read More</em>: <a href="https://www.cnbc.com/2012/05/10/regretting-that-sext-you-just-sent-theres-an-app-for-that.html">Regretting That Sext You Just Sent? There's an App for That</a> )</p><p> Spiegel, however, said he discourages any user of SnapChat from sending inappropriate image on the app. </p><p> "SnapChat is not a great way to send inappropriate content because any photo that I send to you can be saved by taking a screenshot or by taking a photo with another camera. So it's not a great way to send inappropriate photos," he said. </p></div>

The photo-messaging app SnapChat is just getting started in erasable media, the company CEO Evan Spiegel said Monday on CNBC's Squawk on the Street. "We really think this is a big idea...it's just the very, very beginning of something we call ephemeral media, media you share that disappears. So it's hard to say right now, but it's a really big space and we look forward to exploring it," Spiegel said. For only being in the beginning stages, SnapChat certainly has a large base of users. The app, which enables users to send photos, videos or messages that disappear 10 seconds after being viewed, has 1.7 million monthly Facebook users with over 60 million 'Snaps' sent daily. (Read More: Facebook Is Giving Away Free Mobile Data to Some Users ) SnapChat is working to tap into its growing reach and is developing ways for companies to advertise on its picture-sharing platform, said Spiegel. "There's a couple of things we are really excited about right now. There are a lot of businesses experimenting with SnapChat," Spiegel said. "What I'm really excited about is this really awesome new ad format we've been experimenting with. We think it's really engaging. We think when ads are done right, they can be informative and delightful and we are really excited about that." Spiegel said that SnapChat is different from traditional social media because its a medium people can use to show more human moments. (Read More: Facebook Is Tossing Your Old Pics Into 'Cold Storage' ) "Traditional social media is a place where people want to look very cool," he said. "SnapChat is really a place where our users can send funny, interesting embarrassing photos." The app has gained a lot of attention recently for being a popular way for youths to sext, or send inappropriate pictures of themselves. (Read More: Regretting That Sext You Just Sent? There's an App for That ) Spiegel, however, said he discourages any user of SnapChat from sending inappropriate image on the app. "SnapChat is not a great way to send inappropriate content because any photo that I send to you can be saved by taking a screenshot or by taking a photo with another camera. So it's not a great way to send inappropriate photos," he said.

2021-10-30 14:12:33.715737

Your Amazon Echo can now guard your home and listen for glass breaking. Here's how to set it up

https://www.cnbc.com/2019/05/14/how-to-set-up-alexa-guard-on-an-amazon-echo.html

2019-05-14T14:33:00+0000

Todd Haselton

CNBC

Amazon on Tuesday began rolling out Alexa Guard to all Echo devices, including older models that didn't originally get the feature when it was launched late last year.Alexa Guard automatically listens for things like breaking glass and can alert you if it suspects someone is breaking into your home. If you have an ADT or Ring alarm system, it can also automatically set off the alarm. The feature was announced during Amazon's big Alexa event last September.Alexa Guard is free but still needs to be manually activated by you. It requires you to first speak "Alexa, I'm leaving" to activate Guard on your Echo and to force Alexa to begin listening for more than just the "Alexa" wake word.If an Echo hears a window break, it can send you an alert to your phone along with a live video feed if you have an Echo with a camera on it, like the Echo Show. An alert includes a 10-second audio recording of the glass breaking and anything else the Echo heard, but it otherwise doesn't listen unless you speak Alexa again.It will also send alerts if a smart smoke alarm or carbon monoxide alarm goes off. If you configure it, Guard can also automatically turn on smart lights at certain times while you're away, and it will automatically turn them on and off on a schedule as if you're home."Alexa uses machine learning to determine the right lighting activity for your home based on lighting usage across customers," Amazon said.Amazon said it "hired licensed contractors to break real glass in a testing lab," to help prevent false positives and to detect the actual sound of breaking glass. "This team broke hundreds of different windows, in different sizes, including single pane and double pane, with a variety of instruments including crow bars, hammers, bricks, baseball bats, and more," the company explained in an email to CNBC.If you subscribe to ADT or use Amazon's Ring alarm system, Guard can automatically send alerts to professionals so that authorities arrive if a break-in is detected. If you don't have these systems, Alexa Guard won't call the police, it'll just notify you of a potential break-in.Here's how to set it up:Now just speak "Alexa, I'm leaving" to activate Guard when you leave the house.

cnbc, Articles, ADT Inc, Consumer electronics, Amazon.com Inc, Technology, Breaking News: Technology, Mobile, Social media, Social Media, US: News, Tech Guide, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> on Tuesday began rolling out Alexa Guard to all Echo devices, including older models that didn't originally get the feature when it was launched late last year.</p><p>Alexa Guard automatically listens for things like breaking glass and can alert you if it suspects someone is breaking into your home. If you have an <a href="//www.cnbc.com/quotes/ADT" target="_blank">ADT</a> or Ring alarm system, it can also automatically set off the alarm. The feature was announced during <a href="https://www.cnbc.com/2018/09/20/amazon-announcing-alexa-enabled-hardware-products.html">Amazon's big Alexa event last September</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Alexa Guard is free but still needs to be manually activated by you. It requires you to first speak "Alexa, I'm leaving" to activate Guard on your Echo and to force Alexa to begin listening for more than just the "Alexa" wake word.</p><p>If an Echo hears a window break, it can send you an alert to your phone along with a live video feed if you have an Echo with a camera on it, like the Echo Show. An alert includes a 10-second audio recording of the glass breaking and anything else the Echo heard, but it otherwise doesn't listen unless you speak Alexa again.</p><p>It will also send alerts if a smart smoke alarm or carbon monoxide alarm goes off. If you configure it, Guard can also automatically turn on smart lights at certain times while you're away, and it will automatically turn them on and off on a schedule as if you're home.</p><p>"Alexa uses machine learning to determine the right lighting activity for your home based on lighting usage across customers," Amazon said.</p><p>Amazon said it "hired licensed contractors to break real glass in a testing lab," to help prevent false positives and to detect the actual sound of breaking glass. "This team broke hundreds of different windows, in different sizes, including single pane and double pane, with a variety of instruments including crow bars, hammers, bricks, baseball bats, and more," the company explained in an email to CNBC.</p><div style="height:100%" class="lazyload-placeholder"></div><p>If you subscribe to ADT or use Amazon's Ring alarm system, Guard can automatically send alerts to professionals so that authorities arrive if a break-in is detected. If you don't have these systems, Alexa Guard won't call the police, it'll just notify you of a potential break-in.</p><p>Here's how to set it up:</p><ul><li>Open the Alexa app on your phone.</li><li>Tap the menu button on the top left.</li><li>Choose "Settings."</li><li>Choose "Guard."</li><li>Tap "Set up Guard."</li><li>Tap "Add" to detect smart smoke alarms and carbon monoxide detectors in your home.</li><li>Tap "Add" to activate smart alerts for detecting the sound of broken glass.</li><li>Choose "Add" again to activate smart lighting.</li><li>Enter your zip code, so smart lighting knows when to turn on.</li><li>Choose "Confirm."</li></ul><p>Now just speak "Alexa, I'm leaving" to activate Guard when you leave the house.</p></div>,<div class="group"><p><a href="https://www.youtube.com/c/CNBC?sub_confirmation=1" target="_blank"><em><strong>Subscribe to CNBC on YouTube.</strong></em></a></p></div>

Amazon on Tuesday began rolling out Alexa Guard to all Echo devices, including older models that didn't originally get the feature when it was launched late last year.Alexa Guard automatically listens for things like breaking glass and can alert you if it suspects someone is breaking into your home. If you have an ADT or Ring alarm system, it can also automatically set off the alarm. The feature was announced during Amazon's big Alexa event last September.Alexa Guard is free but still needs to be manually activated by you. It requires you to first speak "Alexa, I'm leaving" to activate Guard on your Echo and to force Alexa to begin listening for more than just the "Alexa" wake word.If an Echo hears a window break, it can send you an alert to your phone along with a live video feed if you have an Echo with a camera on it, like the Echo Show. An alert includes a 10-second audio recording of the glass breaking and anything else the Echo heard, but it otherwise doesn't listen unless you speak Alexa again.It will also send alerts if a smart smoke alarm or carbon monoxide alarm goes off. If you configure it, Guard can also automatically turn on smart lights at certain times while you're away, and it will automatically turn them on and off on a schedule as if you're home."Alexa uses machine learning to determine the right lighting activity for your home based on lighting usage across customers," Amazon said.Amazon said it "hired licensed contractors to break real glass in a testing lab," to help prevent false positives and to detect the actual sound of breaking glass. "This team broke hundreds of different windows, in different sizes, including single pane and double pane, with a variety of instruments including crow bars, hammers, bricks, baseball bats, and more," the company explained in an email to CNBC.If you subscribe to ADT or use Amazon's Ring alarm system, Guard can automatically send alerts to professionals so that authorities arrive if a break-in is detected. If you don't have these systems, Alexa Guard won't call the police, it'll just notify you of a potential break-in.Here's how to set it up:Open the Alexa app on your phone.Tap the menu button on the top left.Choose "Settings."Choose "Guard."Tap "Set up Guard."Tap "Add" to detect smart smoke alarms and carbon monoxide detectors in your home.Tap "Add" to activate smart alerts for detecting the sound of broken glass.Choose "Add" again to activate smart lighting.Enter your zip code, so smart lighting knows when to turn on.Choose "Confirm."Now just speak "Alexa, I'm leaving" to activate Guard when you leave the house.Subscribe to CNBC on YouTube.

2021-10-30 14:12:33.888713

Uber Funding Talks Highlight the Speedy Pace of Investments

https://www.cnbc.com/2015/05/11/uber-funding-talks-highlight-the-speedy-pace-of-investments.html

2015-05-11T10:17:42+0000

CNBC

Uber raised a total of more than $2 billion from investors in June and December last year — and is now back for another round. The anonymous messaging start-up Yik Yak collected $73.5 million in three financing rounds in seven months, and Zenefits, a human resources start-up, raised more than $580 million in less than two years, with the latest deal done last week. The pace of technological change has long been happening at the lightning-fast speed of the Internet. Now, start-up financing is increasingly taking place at that speed as well.Read MoreUber's valuation may top $50B with new funding: WSJ Uber is just one example of the quickening tempo. The ride-hailing company is in discussions to raise around $1.5 billion in financing, which could value it at $50 billion. Just five months ago the company collected$1.2 billion for its war chest, an amount that later swelled with the addition of a strategic investor. And the rate of fund-raising by Uber — and across the start-up landscape — has little precedent, driven by money pouring in from hedge funds, strategic investors and more, and by the willingness of entrepreneurs to embrace the cash.

cnbc, Articles, Finance, US: News, Transportation, Technology, Investing, Private Equity and Hedge Funds, Business News, source:tagname:The New York Times

<div class="group"><p> Uber raised a total of more than $2 billion from investors in June and December last year — and is now back for another round. The anonymous messaging start-up Yik Yak collected $73.5 million in three financing rounds in seven months, and Zenefits, a human resources start-up, raised more than $580 million in less than two years, with the latest deal done last week.</p><p> The pace of technological change has long been happening at the lightning-fast speed of the Internet. Now, start-up financing is increasingly taking place at that speed as well.</p><div style="height:100%" class="lazyload-placeholder"></div><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/05/09/uber-rich-ride-share-phenoms-valuation-may-top-50b-with-new-funding-wsj.html">Uber's valuation may top $50B with new funding: WSJ</a></p><p> Uber is just one example of the quickening tempo. The ride-hailing company is in discussions to raise around $1.5 billion in financing, which could value it at <a href="http://www.nytimes.com/2015/05/09/technology/uber-fund-raising-points-to-50-billion-valuation.html?hpw&amp;amp;rref=business&amp;amp;action=click&amp;amp;pgtype=Homepage&amp;amp;module=well-region&amp;amp;region=bottom-well&amp;amp;WT.nav=bottom-well&amp;amp;_r=0" target="_blank">$50 billion</a>. Just five months ago the company collected<a href="http://dealbook.nytimes.com/2014/12/04/uber-files-to-sell-1-8-billion-in-new-shares/" target="_blank">$1.2 billion</a> for its war chest, an amount that later swelled with the addition of a strategic investor.</p><p> <span>And the rate of fund-raising by Uber — and across the start-up landscape — has little precedent, driven by money pouring in from hedge funds, strategic investors and more, and by the willingness of entrepreneurs to embrace the cash.</span></p></div>,<div class="group"><p> "When capital markets are this loose, people tap them, whether it's right to or not," said Mark Suster, a partner at the venture capital firm Upfront Ventures. "Companies are raising rapid rounds of capital for only one reason: They can."</p><p> The frequency of the fund-raising by many start-ups — now multiple rounds in months rather than years — is "otherwise unheard-of," said Anand Sanwal, chief executive of CB Insights, a research firm that studies venture capital.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <strong>More from The New York Times</strong>:<span><br></span><a href="http://www.nytimes.com/2015/05/10/technology/a-dashboard-management-consultant.html?ref=technology" target="_blank">An App That Helps Drivers Earn the Most From Their Trips</a><br> <a href="http://www.nytimes.com/2015/05/09/technology/uber-fund-raising-points-to-50-billion-valuation.html?ref=technology" target="_blank">Uber Fund-Raising Points to $50 Billion Valuation</a><br> <a href="http://www.nytimes.com/2015/05/08/business/uber-joins-the-bidding-for-here-nokias-digital-mapping-service.html?ref=technology" target="_blank">UberJoins the Bidding for Here, Nokia's Digital Mapping Service</a></p><p> The shrinking time between funding rounds shows how Silicon Valley's current boom is not just about start-ups reaching a high valuation but also about how fast they can pull that off. The tempo is in marked contrast to the pace of start-up fund-raising last decade, when many companies would typically leave a year or two between financing rounds. When LinkedIn, the professional social networking company, raised money as a start-up in the mid-2000s, it took more than three years for its first three rounds of financing.</p><p> Since the beginning of 2013, however, more than 20 tech start-ups have held three rounds of funding within a year and a half, according to CB Insights, which called the group the <a href="https://www.cbinsights.com/blog/startup-funding-speed-ludicrous/" target="_blank">"18-month sprint"</a> companies. Last year, <a href="https://www.cbinsights.com/blog/burn-rates-startups-fundraising/" target="_blank">nearly 500 tech start-ups</a> did financing rounds less than one year apart, CB Insights estimated, more than any other year since at least 2011.</p><p> Among the companies that completed numerous financings in tight time frames was the fitness membership start-up ClassPass, which completed three rounds in nine and a half months, CB Insights said. Slack, the collaboration software start-up, last month <a href="http://bits.blogs.nytimes.com/2015/04/16/is-slack-really-worth-2-8-billion-a-conversation-with-stewart-butterfield/" target="_blank">took in $160 million</a>; just six months earlier, it had received <a href="http://bits.blogs.nytimes.com/2014/10/31/slack-a-start-up-with-an-app-to-foster-business-collaboration-is-valued-at-1-1-billion/" target="_blank">$120 million</a> from investors. Snapchat in December raised nearly half a billion dollars from a bevy of financiers. Just three months later, the Chinese e-commerce company Alibaba poured $200 million into the messaging start-up.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/05/08/planes-trains-and-apple-watches-travel-hops-on-app-bandwagon.html">Travel hubs hitch a ride on Apple Watch bandwagon</a></p><p> Spurring the more frequent fund-raising is the desire of investors — including hedge funds, mutual funds and strategic investors — to put up money more often for fear of missing out on the next big thing. One reason Uber is in talks to raise money again just a few months after a prior round is because of an overwhelming amount of investor interest, said a person with knowledge of the company who spoke on the condition of anonymity because the process is confidential.</p></div>,<div class="group"><p> Uber did not immediately respond to a request for comment.</p><p> Many institutional funds and international companies have leapt into start-up investing as the number of initial public offerings has slowed, prompting investors to wade into private companies to find growth, according to Mark A. Siegel, managing director at the venture capital firm Menlo Ventures, which has <a href="http://www.menlovc.com/portfolio/uber" target="_blank">invested in Uber</a>.</p><p> "I don't blame entrepreneurs," Mr. Siegel said. "This is something where investors are absolutely complicit in this, and in some ways are driving this."</p><p> He added that the phenomenon of fast fund-raising appears largely limited to the club of "unicorns," or the elite companies that are worth at least $1 billion. Investments in the later financing rounds for companies jumped to $4.2 billion in the first quarter, up 50 percent from a year ago, according to data from the National Venture Capital Association, making it the biggest quarter for such investments since late 2000.</p><p> Entrepreneurs are often happy to take up eager investors on their offers. Stewart Butterfield, chief executive of Slack, recently said that his <a href="http://bits.blogs.nytimes.com/2015/04/16/is-slack-really-worth-2-8-billion-a-conversation-with-stewart-butterfield/" target="_blank">start-up had more than enough money</a> in the bank — just before collecting $160 million more.</p><p> "This is the best time to raise money ever," he said last month. "It might be the best time for any kind of business, in any industry, to raise money for all of history, like since the time of the ancient Egyptians."</p><p> Mr. Butterfield said Slack had "no immediate use" for the new money it had just raised. Still, the capital "reinforces the perception for our larger customers that we'll be around for the long haul," he said.</p><p> Parker Conrad, chief executive of Zenefits, said rapid-fire fund-raising is necessary to quickly build up a company so it is large enough to take on competitors. With the money, Zenefits has been able to persuade more than 10,000 small and midsize businesses to use its service.</p></div>,<div class="group"><p> "We want to grow really big, really fast," Mr. Conrad said in an interview last week for the company's <a href="http://bits.blogs.nytimes.com/2015/05/06/zenefits-raises-money-again-landing-4-billion-valuation/" target="_blank">third round of fund-raising</a> since early 2014. "That requires a lot of capital."</p><p> Even if the numerous rounds of new cash are not put to immediate use, the money may come in handy one day if — or when — the free-flowing capital faucets are shut off. Investors like Bill Gurley, a partner at the venture capital firm Benchmark, have <a href="http://bits.blogs.nytimes.com/2015/03/15/silicon-valley-investor-says-the-end-is-near/" target="_blank">warned of an eventual reckoning</a>, a time when money is not as easy to come by, which will cause some companies to sputter out when their bank accounts empty.</p><p> <span class="label-read-more">Read More</span></p><p> It is to protect against this inflection point that some companies may be raising as frequently as they can, while they can, said Mr. Suster of Upfront Ventures.</p><p> "Some companies view these as war chests being raised to weather the inevitable corrections," he said. "For now, the tide is high and nobody knows who's naked."</p></div>

Uber raised a total of more than $2 billion from investors in June and December last year — and is now back for another round. The anonymous messaging start-up Yik Yak collected $73.5 million in three financing rounds in seven months, and Zenefits, a human resources start-up, raised more than $580 million in less than two years, with the latest deal done last week. The pace of technological change has long been happening at the lightning-fast speed of the Internet. Now, start-up financing is increasingly taking place at that speed as well.Read MoreUber's valuation may top $50B with new funding: WSJ Uber is just one example of the quickening tempo. The ride-hailing company is in discussions to raise around $1.5 billion in financing, which could value it at $50 billion. Just five months ago the company collected$1.2 billion for its war chest, an amount that later swelled with the addition of a strategic investor. And the rate of fund-raising by Uber — and across the start-up landscape — has little precedent, driven by money pouring in from hedge funds, strategic investors and more, and by the willingness of entrepreneurs to embrace the cash. "When capital markets are this loose, people tap them, whether it's right to or not," said Mark Suster, a partner at the venture capital firm Upfront Ventures. "Companies are raising rapid rounds of capital for only one reason: They can." The frequency of the fund-raising by many start-ups — now multiple rounds in months rather than years — is "otherwise unheard-of," said Anand Sanwal, chief executive of CB Insights, a research firm that studies venture capital. More from The New York Times:An App That Helps Drivers Earn the Most From Their Trips Uber Fund-Raising Points to $50 Billion Valuation UberJoins the Bidding for Here, Nokia's Digital Mapping Service The shrinking time between funding rounds shows how Silicon Valley's current boom is not just about start-ups reaching a high valuation but also about how fast they can pull that off. The tempo is in marked contrast to the pace of start-up fund-raising last decade, when many companies would typically leave a year or two between financing rounds. When LinkedIn, the professional social networking company, raised money as a start-up in the mid-2000s, it took more than three years for its first three rounds of financing. Since the beginning of 2013, however, more than 20 tech start-ups have held three rounds of funding within a year and a half, according to CB Insights, which called the group the "18-month sprint" companies. Last year, nearly 500 tech start-ups did financing rounds less than one year apart, CB Insights estimated, more than any other year since at least 2011. Among the companies that completed numerous financings in tight time frames was the fitness membership start-up ClassPass, which completed three rounds in nine and a half months, CB Insights said. Slack, the collaboration software start-up, last month took in $160 million; just six months earlier, it had received $120 million from investors. Snapchat in December raised nearly half a billion dollars from a bevy of financiers. Just three months later, the Chinese e-commerce company Alibaba poured $200 million into the messaging start-up. Read MoreTravel hubs hitch a ride on Apple Watch bandwagon Spurring the more frequent fund-raising is the desire of investors — including hedge funds, mutual funds and strategic investors — to put up money more often for fear of missing out on the next big thing. One reason Uber is in talks to raise money again just a few months after a prior round is because of an overwhelming amount of investor interest, said a person with knowledge of the company who spoke on the condition of anonymity because the process is confidential. Uber did not immediately respond to a request for comment. Many institutional funds and international companies have leapt into start-up investing as the number of initial public offerings has slowed, prompting investors to wade into private companies to find growth, according to Mark A. Siegel, managing director at the venture capital firm Menlo Ventures, which has invested in Uber. "I don't blame entrepreneurs," Mr. Siegel said. "This is something where investors are absolutely complicit in this, and in some ways are driving this." He added that the phenomenon of fast fund-raising appears largely limited to the club of "unicorns," or the elite companies that are worth at least $1 billion. Investments in the later financing rounds for companies jumped to $4.2 billion in the first quarter, up 50 percent from a year ago, according to data from the National Venture Capital Association, making it the biggest quarter for such investments since late 2000. Entrepreneurs are often happy to take up eager investors on their offers. Stewart Butterfield, chief executive of Slack, recently said that his start-up had more than enough money in the bank — just before collecting $160 million more. "This is the best time to raise money ever," he said last month. "It might be the best time for any kind of business, in any industry, to raise money for all of history, like since the time of the ancient Egyptians." Mr. Butterfield said Slack had "no immediate use" for the new money it had just raised. Still, the capital "reinforces the perception for our larger customers that we'll be around for the long haul," he said. Parker Conrad, chief executive of Zenefits, said rapid-fire fund-raising is necessary to quickly build up a company so it is large enough to take on competitors. With the money, Zenefits has been able to persuade more than 10,000 small and midsize businesses to use its service. "We want to grow really big, really fast," Mr. Conrad said in an interview last week for the company's third round of fund-raising since early 2014. "That requires a lot of capital." Even if the numerous rounds of new cash are not put to immediate use, the money may come in handy one day if — or when — the free-flowing capital faucets are shut off. Investors like Bill Gurley, a partner at the venture capital firm Benchmark, have warned of an eventual reckoning, a time when money is not as easy to come by, which will cause some companies to sputter out when their bank accounts empty. Read More It is to protect against this inflection point that some companies may be raising as frequently as they can, while they can, said Mr. Suster of Upfront Ventures. "Some companies view these as war chests being raised to weather the inevitable corrections," he said. "For now, the tide is high and nobody knows who's naked."

2021-10-30 14:12:33.952587

Wealthy investors expect to earn average annual returns of 17.5%—here's why that may be too optimistic

https://www.cnbc.com/2021/06/23/wealthy-investors-expect-to-earn-average-annual-returns-of-17point5percent.html

2021-06-23T16:02:14+0000

Megan Leonhardt

CNBC

Wealthy Americans are pretty optimistic about their long-term investment returns, expecting to earn average annual returns of 17.5% above inflation from their portfolios.That's according to a new survey from Natixis that surveyed households that have over $100,000 in investable assets in March and April of 2021. Those same investors report they expect to earn 17.3% above inflation in 2021, which, while high, may be understandable. The S&P 500 price index returned 15.76% last year and the market was up 5.24% already when the survey was fielded.But longer term, earning an annual return that averages out to 17.5% above inflation year after year is an "exceptionally high" expectation, says Dave Goodsell, executive director of the Natixis Center for Investor Insight. These estimates are much higher than historical averages. For instance, U.S. stocks average 10-year returns of 9.2%, according to Goldman Sachs data.Financial advisors' estimates are also much lower. Advisors surveyed by Natixis are calling for more realistic expectations of 6.7% average annual returns above inflation. In fact, the gap between investors' expectations and advisors predictions has been widening dramatically over the years.

makeit, Articles, Personal investing, Investment strategy, Natixis SA, Personal finance, Make It, Make It - Money, Personal Finance, Investing, Make It - Save and Invest, source:tagname:CNBC US Source

2021-10-30 14:12:34.024721

Is Google overbought?

https://www.cnbc.com/2013/08/21/is-google-overbought.html

2013-08-21T17:42:34+0000

Lawrence Lewitinn

CNBC

Today marks Google's ninth anniversary as a public company. Since it first hit on the market, shares in the tech giant are up more than 760%. Only nine of the other 500 stocks in the S&P 500 index have outperformed Google. That's good for those who owned Google over the last nine years. But will it be good to investors going forward? On CNBC's Closing Bell's Talking Numbers segment, two traders have a look at Google. Carter Worth, Chief Market Technician at Oppenheimer, looks at the fundamentals while David Lutz, Managing Director and Head of ETF Trading at Stifel Nicolaus, looks at the fundamentals. Watch Worth and Lutz analyze Google in the video above. ----- Follow us on Twitter: @CNBCNumbers Like us on Facebook: facebook.com/CNBCNumbers

cnbc, Articles, Talking Numbers, CNBC TV, Top Videos, CNBC Digital Workshop, source:tagname:CNBC US Source

<div class="group"><p><a href="https://www.cnbc.com/video/2013/08/19/is-google-overbought.html"> Today marks Google's ninth anniversary as a public company. Since it first hit on the market, shares in the tech giant are up more than 760%. Only nine of the other 500 stocks in the S&amp;P 500 index have outperformed Google.</a></p><p> That's good for those who owned Google over the last nine years. But will it be good to investors going forward?</p><div style="height:100%" class="lazyload-placeholder"></div><p> On CNBC's Closing Bell's Talking Numbers segment, two traders have a look at Google. Carter Worth, Chief Market Technician at Oppenheimer, looks at the fundamentals while David Lutz, Managing Director and Head of ETF Trading at Stifel Nicolaus, looks at the fundamentals.</p><p> <em>Watch Worth and Lutz analyze Google in the video above.</em></p><p> -----<br> Follow us on Twitter: <a href="http://www.twitter.com/cnbcnumbers" target="_blank">@CNBCNumbers</a><br> Like us on Facebook: <a href="http://www.facebook.com/cnbcnumbers" target="_blank">facebook.com/CNBCNumbers</a></p></div>

Today marks Google's ninth anniversary as a public company. Since it first hit on the market, shares in the tech giant are up more than 760%. Only nine of the other 500 stocks in the S&P 500 index have outperformed Google. That's good for those who owned Google over the last nine years. But will it be good to investors going forward? On CNBC's Closing Bell's Talking Numbers segment, two traders have a look at Google. Carter Worth, Chief Market Technician at Oppenheimer, looks at the fundamentals while David Lutz, Managing Director and Head of ETF Trading at Stifel Nicolaus, looks at the fundamentals. Watch Worth and Lutz analyze Google in the video above. ----- Follow us on Twitter: @CNBCNumbers Like us on Facebook: facebook.com/CNBCNumbers

2021-10-30 14:12:34.057753

Pending home sales fell 2.5 pct in January

https://www.cnbc.com/2016/02/29/pending-home-sales-fell-in-january.html

2016-02-29T15:00:01+0000

Diana Olick

CNBC

The winter wallop may have chilled housing activity in some parts of the country, but overheated home prices are really what are slowing sales nationwide. Home buyers signed 2.5 percent fewer contracts in January to buy existing homes compared to December. The expectation had been for a slight gain. The so-called pending home sales index from the National Association of Realtors, an indicator of future closed sales, is now just 1.4 percent higher than it was in January of 2015. Pending sales have been higher annually for 17 straight months, but this is the second smallest gain in that time.

cnbc, Articles, Mortgages, Housing, US: News, Foreclosures, Business News, Real Estate, source:tagname:CNBC US Source

<div class="group"><p> The winter wallop may have chilled housing activity in some parts of the country, but overheated home prices are really what are slowing sales nationwide.</p><p> Home buyers signed 2.5 percent fewer contracts in January to buy existing homes compared to December. The expectation had been for a slight gain. The so-called pending home sales index from the National Association of Realtors, an indicator of future closed sales, is now just 1.4 percent higher than it was in January of 2015. Pending sales have been higher annually for 17 straight months, but this is the second smallest gain in that time.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> "While January's blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would-be buyers," said Lawrence Yun, chief economist for the Realtors. "Additionally, some buyers could be waiting for a hike in listings come springtime." <br></p><p> Pending home sales in the Northeast declined 3.2 percent in January, compared to December, but were 10.9 percent above a year ago. In the Midwest sales fell 4.9 percent monthly and are 1.4 percent above January, 2015. Sales in the South rose 0.3 percent for the month and are 1.3 percent lower than last January. In the West pending sales fell 4.5 percent in January and are just 0.4 percent above a year ago. <br></p><p> Tight supply has been plaguing the housing market for much of the past year. Inventory is lower now than a year ago, even as the spring housing market begins and more new listing come on. It is still not enough to meet demand.<br></p><p> An early read on February finds new listings that do come on the market are moving quickly. Housing inventory is moving six days faster than last year and four days faster than January, according to Realtor.com. Median listing prices are also up eight percent compared to a year ago. </p></div>,<div class="group"><p> "We don't usually see this type of acceleration until March or April. On a local level, the acceleration is really dramatic with nine of the top ten hottest markets shaving three weeks or more from their median age in January," said Jonathan Smoke, chief economist of Realtor.com<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> California markets continue to dominate Realtor.com's list of the hottest real estate markets, where homes for sale are selling fastest, but Dallas and Denver came in at numbers three and four. These cities are seeing new listings sell 44-78 days more quickly than the rest of the U.S. <br></p><p> The latest read on home prices nationally show them up 5.5 percent in December year-over-year, according to Black Knight Financial Services. As of the end of 2015, home prices were 27 percent above where they were at the bottom of the market in January, 2012, but still 5.3 percent off their peak of 2006. </p></div>

The winter wallop may have chilled housing activity in some parts of the country, but overheated home prices are really what are slowing sales nationwide. Home buyers signed 2.5 percent fewer contracts in January to buy existing homes compared to December. The expectation had been for a slight gain. The so-called pending home sales index from the National Association of Realtors, an indicator of future closed sales, is now just 1.4 percent higher than it was in January of 2015. Pending sales have been higher annually for 17 straight months, but this is the second smallest gain in that time. "While January's blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would-be buyers," said Lawrence Yun, chief economist for the Realtors. "Additionally, some buyers could be waiting for a hike in listings come springtime." Pending home sales in the Northeast declined 3.2 percent in January, compared to December, but were 10.9 percent above a year ago. In the Midwest sales fell 4.9 percent monthly and are 1.4 percent above January, 2015. Sales in the South rose 0.3 percent for the month and are 1.3 percent lower than last January. In the West pending sales fell 4.5 percent in January and are just 0.4 percent above a year ago. Tight supply has been plaguing the housing market for much of the past year. Inventory is lower now than a year ago, even as the spring housing market begins and more new listing come on. It is still not enough to meet demand. An early read on February finds new listings that do come on the market are moving quickly. Housing inventory is moving six days faster than last year and four days faster than January, according to Realtor.com. Median listing prices are also up eight percent compared to a year ago. "We don't usually see this type of acceleration until March or April. On a local level, the acceleration is really dramatic with nine of the top ten hottest markets shaving three weeks or more from their median age in January," said Jonathan Smoke, chief economist of Realtor.com California markets continue to dominate Realtor.com's list of the hottest real estate markets, where homes for sale are selling fastest, but Dallas and Denver came in at numbers three and four. These cities are seeing new listings sell 44-78 days more quickly than the rest of the U.S. The latest read on home prices nationally show them up 5.5 percent in December year-over-year, according to Black Knight Financial Services. As of the end of 2015, home prices were 27 percent above where they were at the bottom of the market in January, 2012, but still 5.3 percent off their peak of 2006.

2021-10-30 14:12:34.119005

Will the US Debt Ceiling be Raised by Aug 2?

https://www.cnbc.com/2011/07/01/will-the-us-debt-ceiling-be-raised-by-aug-2.html

2011-07-01T08:15:16+0000

CNBC

Republicans and Democrats have until August 2nd to reach a deal on raising the $14.3 trillion debt ceiling. The Senate canceled its planned July 4 recess and lawmakers are racing against the clock to avert a debt default. Lawmakers have been unable to reach a consensus, with Republicans and Democrats sharply divided over spending cuts and tax hikes. Republicans want Democrats to agree to $2 trillion in spending cuts and not to hike taxes. They've walked out on talks led by Vice President Joe Biden. Meanwhile Democrats are looking at a scaled-back deal, which would raise the debt ceiling and buy enough time until after the 2012 Presidential election. Some analysts are worried that the game of brinkmanship between the two sides could lead to a default, even if it is for a few hours. Ratings agencies have warned that such a 'technical default' would hurt the U.S.'s Triple-A rating.Time is running out and we want to know whether you think there's enough political will for a deal to be done in time.

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

<div class="group"><p>Republicans and Democrats have until August 2nd to reach a deal on raising the $14.3 trillion debt ceiling. The Senate canceled its planned July 4 recess and lawmakers are racing against the clock to avert a debt default. </p><p>Lawmakers have been unable to reach a consensus, with Republicans and Democrats sharply divided over spending cuts and tax hikes. Republicans want Democrats to agree to $2 trillion in spending cuts and not to hike taxes. They've walked out on talks led by Vice President Joe Biden. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Meanwhile Democrats are looking at a scaled-back deal, which would raise the debt ceiling and buy enough time until after the 2012 Presidential election. Some analysts are worried that the game of brinkmanship between the two sides could lead to a default, even if it is for a few hours. Ratings agencies have warned that such a 'technical default' would hurt the U.S.'s Triple-A rating.</p><p>Time is running out and we want to know whether you think there's enough political will for a deal to be done in time.</p></div>,<div class="group"></div>

Republicans and Democrats have until August 2nd to reach a deal on raising the $14.3 trillion debt ceiling. The Senate canceled its planned July 4 recess and lawmakers are racing against the clock to avert a debt default. Lawmakers have been unable to reach a consensus, with Republicans and Democrats sharply divided over spending cuts and tax hikes. Republicans want Democrats to agree to $2 trillion in spending cuts and not to hike taxes. They've walked out on talks led by Vice President Joe Biden. Meanwhile Democrats are looking at a scaled-back deal, which would raise the debt ceiling and buy enough time until after the 2012 Presidential election. Some analysts are worried that the game of brinkmanship between the two sides could lead to a default, even if it is for a few hours. Ratings agencies have warned that such a 'technical default' would hurt the U.S.'s Triple-A rating.Time is running out and we want to know whether you think there's enough political will for a deal to be done in time.

2021-10-30 14:12:34.337336

Elon Musk testifies in defamation trial that his net worth is around $20 billion, not much in cash

https://www.cnbc.com/2019/12/04/elon-musk-estimated-worth-is-around-20-billion-not-much-in-cash.html

2019-12-05T02:05:44+0000

Lora Kolodny

CNBC

Elon Musk testified under oath he's not sure know how much he's worth.The Tesla and SpaceX CEO made the comment Wednesday in his second day of testimony in a defamation lawsuit filed by Vernon Unsworth, the British caver whom Musk called a "pedo guy" on Twitter.Musk apologized for the tweet during his first day of testimony in U.S. District Court in Los Angeles on Tuesday. He also argued then, and reiterated on Wednesday, that when he wrote "pedo guy" he meant "creepy old man." Musk also argued that, essentially, Unsworth picked a fight with him.

cnbc, Articles, Space industry, Los Angeles, Thailand, Asia News, Lawsuits, Wealth, Tesla Inc, Europe News, Elon Musk, Technology, Autos, Venture capital, US: News, Space, source:tagname:CNBC US Source

<div class="group"><p><a href="https://www.cnbc.com/elon-musk/">Elon Musk</a> testified under oath he's not sure know how much he's worth.</p><p>The <a href="//www.cnbc.com/quotes/TSLA" target="_blank">Tesla</a> and SpaceX CEO made the comment Wednesday in his second day of testimony in a defamation lawsuit filed by Vernon Unsworth, the British caver whom Musk called a "pedo guy" on Twitter.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Musk apologized for the tweet during his first day of testimony in U.S. District Court in Los Angeles on Tuesday. He also argued then, and reiterated on Wednesday, that when he wrote "pedo guy" he meant "creepy old man." Musk also argued that, essentially, Unsworth picked a fight with him.</p></div>,<div class="group"><p>Unsworth's attorney L. Lin Wood asked Musk on Wednesday whether Musk believed his "pedo guy" comment impacted Tesla shares. Musk said he had "received concerned notes from shareholders." The testimony ended with Wood asking about Musk's net worth. Over the objections of defense Alex Spiro, the judge allowed the question, saying "Let's give everyone a headline."</p><p>Musk testified that he didn't know his precise net worth, and the value fluctuates on a daily basis. He said he owns stock in Tesla and SpaceX and has debt against his stock but he does not have a lot of cash. Asked if $20 billion was a reasonable estimate, Musk said he didn't know, but "I think SpaceX and Tesla stock probably amount to that."</p><p>The dispute between Musk and Unsworth began in the summer of 2018, when Unsworth, a spelunker and expert diver, led the rescue of 12 boys and their soccer coach from a flooded cave in Thailand.</p><p>Before the rescue was completed, Musk had endeavored to involve himself, and employees from his companies SpaceX and Tesla, in the rescue. They created a rescue pod, or miniature submersible, that ultimately proved of no use in the rescue effort.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Musk and his team <a href="https://www.cnbc.com/2019/10/08/tesla-ceo-elon-musk-pressured-thai-officials-for-positive-pr.html">pressured Thai officials</a> to make favorable public statements about their involvement, while the rescue was still in progress and the boys' lives were at risk.</p><p>Once the boys and their coach were safe, Unsworth was asked in an interview on CNN what he thought of Musk. He characterized Musk's efforts as a publicity stunt and said the Tesla CEO should "stick his submarine where it hurts."</p><p>In court this week, Musk contended that when he called the cave rescue hero a "pedo guy" on Twitter, he was just responding to Unsworth's "unprovoked attack," with similarly heated rhetoric, not meant as a literal accusation of pedophilia.</p><p>At one point in his testimony, Musk said: "I assume he literally didn't mean to sodomize me with a submarine. I literally didn't mean he was a pedophile."</p></div>,<div class="group"><p>Judge Stephen Wilson emphasized that the outcome of the defamation case hinges on whether or not a reasonable person, given context, would interpret the "pedo guy" tweet as Musk labeling Unsworth an actual pedophile.</p><p>Unsworth will also have to prove that he suffered damages as a result of the alleged defamation.</p><p>In court on Tuesday and Wednesday, Musk clashed frequently with Wood, to the point where the judge warned "Let's cut the repartee. ... That's an order, not an invitation to a dance."</p><p>—<em>CNBC's </em><a href="https://www.cnbc.com/funny-business-with-jane-wells/"><em>Jane Wells</em></a><em> and Paul McNamara and Reuters contributed to this report.</em></p><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><p><em>Editor's Note<br></em></p></div>

Elon Musk testified under oath he's not sure know how much he's worth.The Tesla and SpaceX CEO made the comment Wednesday in his second day of testimony in a defamation lawsuit filed by Vernon Unsworth, the British caver whom Musk called a "pedo guy" on Twitter.Musk apologized for the tweet during his first day of testimony in U.S. District Court in Los Angeles on Tuesday. He also argued then, and reiterated on Wednesday, that when he wrote "pedo guy" he meant "creepy old man." Musk also argued that, essentially, Unsworth picked a fight with him.Unsworth's attorney L. Lin Wood asked Musk on Wednesday whether Musk believed his "pedo guy" comment impacted Tesla shares. Musk said he had "received concerned notes from shareholders." The testimony ended with Wood asking about Musk's net worth. Over the objections of defense Alex Spiro, the judge allowed the question, saying "Let's give everyone a headline."Musk testified that he didn't know his precise net worth, and the value fluctuates on a daily basis. He said he owns stock in Tesla and SpaceX and has debt against his stock but he does not have a lot of cash. Asked if $20 billion was a reasonable estimate, Musk said he didn't know, but "I think SpaceX and Tesla stock probably amount to that."The dispute between Musk and Unsworth began in the summer of 2018, when Unsworth, a spelunker and expert diver, led the rescue of 12 boys and their soccer coach from a flooded cave in Thailand.Before the rescue was completed, Musk had endeavored to involve himself, and employees from his companies SpaceX and Tesla, in the rescue. They created a rescue pod, or miniature submersible, that ultimately proved of no use in the rescue effort.Musk and his team pressured Thai officials to make favorable public statements about their involvement, while the rescue was still in progress and the boys' lives were at risk.Once the boys and their coach were safe, Unsworth was asked in an interview on CNN what he thought of Musk. He characterized Musk's efforts as a publicity stunt and said the Tesla CEO should "stick his submarine where it hurts."In court this week, Musk contended that when he called the cave rescue hero a "pedo guy" on Twitter, he was just responding to Unsworth's "unprovoked attack," with similarly heated rhetoric, not meant as a literal accusation of pedophilia.At one point in his testimony, Musk said: "I assume he literally didn't mean to sodomize me with a submarine. I literally didn't mean he was a pedophile."Judge Stephen Wilson emphasized that the outcome of the defamation case hinges on whether or not a reasonable person, given context, would interpret the "pedo guy" tweet as Musk labeling Unsworth an actual pedophile.Unsworth will also have to prove that he suffered damages as a result of the alleged defamation.In court on Tuesday and Wednesday, Musk clashed frequently with Wood, to the point where the judge warned "Let's cut the repartee. ... That's an order, not an invitation to a dance."—CNBC's Jane Wells and Paul McNamara and Reuters contributed to this report.Follow @CNBCtech on Twitter for the latest tech industry news.Editor's Note

2021-10-30 14:12:34.406310

Fliers Beware: More Fees for What Used to Be Free

https://www.cnbc.com/2010/04/07/fliers-beware-more-fees-for-what-used-to-be-free.html

2010-04-07T18:18:38+0000

CNBC

Airlines are now touting their summer fares to lure travelers. But they are also introducing a slate of fees for items and services that used to be free, including SpiritAirlines’ new policy of charging up to $45 for one oversize carry-on bag.

cnbc, Articles, Howmet Aerospace Inc, Alaska Air Group Inc, American Airlines Group Inc, Delta Air Lines Inc, JetBlue Airways Corp, Southwest Airlines Co, Ryanair Holdings PLC, Camden Property Trust, Inside American Airlines, Business News, Economy, US Economy, US: News, source:tagname:CNBC US Source

<div class="group"><p>Airlines are now touting their summer fares to lure travelers. But they are also introducing a slate of fees for items and services that used to be free, including <strong>Spirit</strong><strong>Airlines’ </strong>new policy of charging up to $45 for one oversize carry-on bag.</p></div>,<div class="group"><p>Ben Baldanza, president and CEO of Spirit told CNBC Wednesday that at the same time the company insituted the carry-on bag fee, it also lowered fares and checked-bag costs. As a result, he said, “Sales are up 50 percent.”  </p><div style="height:100%" class="lazyload-placeholder"></div><p>Spirit passengers are still allowed one carry-on for free, as long as the luggage fits under the seat in front of them. It's when the bag must go into the overhead bin that the fee is charged. The $45 fee applies at the gate; passengers are charged $15 less for the carry-on if they pay online or at the airport check-in counter.</p><p>Most airlines charge between $20 and $30 for checked bags and allow two free carry-ons. As Reuters reported Wednesday, the airlines been shoring up their nearly bare coffers by introducing auxiliary sources of revenue by charging customers for items and services, while also cutting capacity and adjusting their business models; in the last few years, the industry has been hammered by the combination of unpredictable fuel prices, a poor economy that has hindered travel and competition from budget carriers.</p></div>,<div class="group"><p>Spirit isn't the only airline getting more money from passengers: Travelers on other airlines now pay for in-flight blankets and pillows and even as much as $75 for an extra-legroom seat on a cross-country flight. </p><p>As outrageous as it sounds, <strong>Ryanair</strong>, a budget European carrier, has revived its much-debated plan to charge for a trip to the restroom by using coin-operated toilets. </p><p>JetBlue still gives you a free bag of blue potato chips, but it now charges for other perks, including, for April only at this point, whopping fees for extra-legroom seats. For a San Francisco to New York flight, for instance, more legroom will cost you $75 each way. </p><div style="height:100%" class="lazyload-placeholder"></div><p>According to JetBlue, the airline is trying the fee structure to gauge demand and determine whether to replace the longstanding fees of between $10 and $40 per flight. </p><p>Here’s a sampling of other fees charged by airlines: </p><ul><li>Pillow and blanket, American, $8 <br></li><li>Wi-Fi, through gogoinflight.com, $4.99 for 1.5 hours to $39.95 for a 30-day unlimited pass good for multiple airlines that include AirTran , American, Delta and <strong>Virgin America</strong>. <br></li><li>“Deluxe” sandwich, $10, JetBlue<br></li><li>Headsets, $2, JetBlue</li></ul><p>For a list of domestic baggage fees, check out airfarewatchdog.com’s chart <a href="http://www.airfarewatchdog.com/blog/3801089/airline-baggage-fees-chart-updated/" target="_blank">(you can see it here).</a> The site’s founder, George Hobica, recommended in a February post that heavy packers may want to fly Airtran, Alaska , <strong>Frontier</strong> and Southwest , due to their lower baggage fees, even if there’s a cheaper fare on another airline.</p><ul><li><strong><em><a href="https://www.cnbc.com/2009/10/22/Which-Country-Gets-the-Most-Vacation-Days.html">Slideshow: Which Country Gets Most Vacation Days?</a></em></strong></li><li><strong><em><a href="https://www.cnbc.com/inside-american-airlines/">Inside American Airlines: A Week in the Life</a></em></strong></li></ul></div>

Airlines are now touting their summer fares to lure travelers. But they are also introducing a slate of fees for items and services that used to be free, including SpiritAirlines’ new policy of charging up to $45 for one oversize carry-on bag.Ben Baldanza, president and CEO of Spirit told CNBC Wednesday that at the same time the company insituted the carry-on bag fee, it also lowered fares and checked-bag costs. As a result, he said, “Sales are up 50 percent.”  Spirit passengers are still allowed one carry-on for free, as long as the luggage fits under the seat in front of them. It's when the bag must go into the overhead bin that the fee is charged. The $45 fee applies at the gate; passengers are charged $15 less for the carry-on if they pay online or at the airport check-in counter.Most airlines charge between $20 and $30 for checked bags and allow two free carry-ons. As Reuters reported Wednesday, the airlines been shoring up their nearly bare coffers by introducing auxiliary sources of revenue by charging customers for items and services, while also cutting capacity and adjusting their business models; in the last few years, the industry has been hammered by the combination of unpredictable fuel prices, a poor economy that has hindered travel and competition from budget carriers.Spirit isn't the only airline getting more money from passengers: Travelers on other airlines now pay for in-flight blankets and pillows and even as much as $75 for an extra-legroom seat on a cross-country flight. As outrageous as it sounds, Ryanair, a budget European carrier, has revived its much-debated plan to charge for a trip to the restroom by using coin-operated toilets. JetBlue still gives you a free bag of blue potato chips, but it now charges for other perks, including, for April only at this point, whopping fees for extra-legroom seats. For a San Francisco to New York flight, for instance, more legroom will cost you $75 each way. According to JetBlue, the airline is trying the fee structure to gauge demand and determine whether to replace the longstanding fees of between $10 and $40 per flight. Here’s a sampling of other fees charged by airlines: Pillow and blanket, American, $8 Wi-Fi, through gogoinflight.com, $4.99 for 1.5 hours to $39.95 for a 30-day unlimited pass good for multiple airlines that include AirTran , American, Delta and Virgin America. “Deluxe” sandwich, $10, JetBlueHeadsets, $2, JetBlueFor a list of domestic baggage fees, check out airfarewatchdog.com’s chart (you can see it here). The site’s founder, George Hobica, recommended in a February post that heavy packers may want to fly Airtran, Alaska , Frontier and Southwest , due to their lower baggage fees, even if there’s a cheaper fare on another airline.Slideshow: Which Country Gets Most Vacation Days?Inside American Airlines: A Week in the Life

2021-10-30 14:12:34.498307

Wanting Work, but Stuck in Part-Time Purgatory

https://www.cnbc.com/2012/12/10/wanting-work-but-stuck-in-parttime-purgatory.html

2012-12-10T16:03:48+0000

CNBC

Bonnie Gray knows there are people out there who are worse off than she is. After all, at least she has a job. It's just not a full-time gig.Like many other Americans, she works part time and it's barely enough to pay for food, fuel and shelter. Millions of Americans were working part time in November but they would like to have been working full time. These so-called "involuntary part-time workers" are an example of some of the stubborn pockets of weakness that remain in the labor market even as the jobs picture improves very slowly. The Bureau of Labor Statistics reported Friday that nearly 8.2 million people classified themselves as involuntary part-time workers in November, meaning that they settled for less work because they couldn't get more. That's around double the number of involuntary part-timers in 2006, before the nation went into recession and entered a prolonged period of weak recovery. A separate group of more than 18 million people were working part-time in November for non-economic reasons, either because they are in school or they want to spend more time with their children, for example. The number of people who are involuntarily underemployed has gone down since it hit 9 million in the depths of the recession, but progress has been slow and rocky. 'A Demand Problem' For people like Gray, 63, improvement can't come soon enough. Gray, who lives in Cary, Ill., for years worked two jobs: a full-time administrative job and, for extra money, a part-time cashier job at a major home retailer. She was laid off from her full-time position, which paid close to $16 an hour, in January of 2012. She was left with a part-time job that pays $12.40 an hour. That plus some unemployment compensation she receives is barely enough to cover her mortgage and other expenses. She sometimes relies on her church for food, and worries what will happen when the unemployment runs out at the end of the year. She's spent nearly a year looking for another receptionist or administrative position. "I'm on the computer, it seems, 24/7. I am networking. I've walked out my resume to 83 companies," she said. She's also taken classes on how to interview and on invoicing, and she plans to take another one on PowerPoint. She's had many job interviews in the past 12 months, but no full-time job offer. Gray said she can't work any more hours as a cashier because a tumor on her foot makes it difficult to stand for a long time. According to her doctor, the mass isn't cancerous, she said, but she can't afford to have it removed. Her insurance as a part-time worker wouldn't be enough to cover the procedure and rehabilitation. Gray will turn 64 in February, which means she won't qualify for Medicare for another year. Until then, she said, she needs a job that offers health insurance. She's hoping to avoid dipping into Social Security for as long as possible because the longer she waits, the more she stands to collect. "I was actually hoping to hang on until 70," she said. She may still be in for a tough slog. Heidi Shierholz, a labor economist with the liberal-leaning Economic Policy Institute, said the basic issue plaguing involuntary part-time workers like Gray is the same one plaguing the overall labor market: There's just not enough demand to compel employers to add to their labor costs substantially. Shierholz said she expects involuntary part-time workers to gradually see improvements but "it is a going to take a long time." "I think by far the dominant reason that we aren't seeing employment in both dimensions — full (time) people or ramping up hours for workers that already are there — is just a demand problem," she said. Once employers have more work that needs to be done, they'll add more hours for people to do it. 'Now I Have to Watch Everything' Debbie Fiore doesn't see that happening any time soon at the small company where she works. Fiore, who lives in Nottingham, Md., lost her full-time job with a long-term care company nearly two years ago, and has struggled for more than a year to find another job. A friend connected her with a small company that hired and trained her for an accounts payable and receivable job. She works about 25 hours a week and makes about half what she used to. Fiore, who turns 57 this week, and her husband struggle to pay their bills. It's not the situation she envisioned they would be in heading into their golden years. "We're basically living paycheck to paycheck. We're not able to save anything for the future at this point. There's hardly any emergency money if an emergency comes up," she said. She's immensely grateful for the job she has, and said she loves the work. But financial worries weigh heavily on her. "I think my attitude, my demeanor has changed," she said. "I used to be a very carefree, fun person, and now I have to watch everything."

cnbc, Articles, Guest Blog Morici November Jobs 121207 EC, Why Women Don't Save for Retirement O'Donnell 121210, How the Web Made Price Meaningless for Car Buyers USAT 121207, Nov Unemployment Report Cox 121207 EC, Investing, Personal Finance, source:tagname:NBC News

<div class="group"><p> Bonnie Gray knows there are people out there who are worse off than she is. After all, at least she has a job.<br></p><p> It's just not a full-time gig.Like many other Americans, she works part time and it's barely enough to pay for food, fuel and shelter. Millions of Americans were working part time in November but they would like to have been working full time. These so-called "involuntary part-time workers" are an example of some of the stubborn pockets of weakness that remain in the labor market even as the jobs picture improves very slowly.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> The <strong><a href="https://www.cnbc.com/2012/12/07/job-creation-hits-146000-rate-at-77.html">Bureau of Labor Statistics reported Friday</a></strong> that nearly 8.2 million people classified themselves as involuntary part-time workers in November, meaning that they settled for less work because they couldn't get more. That's around double the number of involuntary part-timers in 2006, before the nation went into recession and entered a prolonged period of weak recovery.<br></p><p> A separate group of more than 18 million people were working part-time in November for non-economic reasons, either because they are in school or they want to spend more time with their children, for example.<br></p><p> The number of people who are involuntarily underemployed has gone down since it hit 9 million in the depths of the recession, but progress has been slow and rocky.<br></p><p> <strong>'A Demand Problem'</strong><br></p><p> For people like Gray, 63, improvement can't come soon enough.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Gray, who lives in Cary, Ill., for years worked two jobs: a full-time administrative job and, for extra money, a part-time cashier job at a major home retailer. She was laid off from her full-time position, which paid close to $16 an hour, in January of 2012.<br></p><p> She was left with a part-time job that pays $12.40 an hour. That plus some unemployment compensation she receives is barely enough to cover her mortgage and other expenses. She sometimes relies on her church for food, and worries what will happen when the unemployment runs out at the end of the year.<br></p><p> She's spent nearly a year looking for another receptionist or administrative position.</p><p> "I'm on the computer, it seems, 24/7. I am networking. I've walked out my resume to 83 companies," she said. She's also taken classes on how to interview and on invoicing, and she plans to take another one on PowerPoint.</p><p> She's had many job interviews in the past 12 months, but no full-time job offer.<br></p><p> Gray said she can't work any more hours as a cashier because a tumor on her foot makes it difficult to stand for a long time.<br></p><p> According to her doctor, the mass isn't cancerous, she said, but she can't afford to have it removed. Her insurance as a part-time worker wouldn't be enough to cover the procedure and rehabilitation.<br></p><p> Gray will turn 64 in February, which means she won't qualify for Medicare for another year. Until then, she said, she needs a job that offers health insurance.<br></p><p> She's hoping to avoid dipping into Social Security for as long as possible because the longer she waits, the more she stands to collect.<br></p><p> "I was actually hoping to hang on until 70," she said.<br></p><p> She may still be in for a tough slog. Heidi Shierholz, a labor economist with the liberal-leaning Economic Policy Institute, said the basic issue plaguing involuntary part-time workers like Gray is the same one plaguing the overall labor market: There's just not enough demand to compel employers to add to their labor costs substantially.<br></p><p> Shierholz said she expects involuntary part-time workers to gradually see improvements but "it is a going to take a long time."<br></p><p> "I think by far the dominant reason that we aren't seeing employment in both dimensions — full (time) people or ramping up hours for workers that already are there — is just a demand problem," she said.</p><p> Once employers have more work that needs to be done, they'll add more hours for people to do it.</p><p> <strong>'Now I Have to Watch Everything'</strong><br></p><p> Debbie Fiore doesn't see that happening any time soon at the small company where she works.</p><p> Fiore, who lives in Nottingham, Md., lost her full-time job with a long-term care company nearly two years ago, and has struggled for more than a year to find another job.<br></p><p> A friend connected her with a small company that hired and trained her for an accounts payable and receivable job. She works about 25 hours a week and makes about half what she used to.<br></p><p> Fiore, who turns 57 this week, and her husband struggle to pay their bills. It's not the situation she envisioned they would be in heading into their golden years.<br></p><p> "We're basically living paycheck to paycheck. We're not able to save anything for the future at this point. There's hardly any emergency money if an emergency comes up," she said.<br></p><p> She's immensely grateful for the job she has, and said she loves the work. But financial worries weigh heavily on her.<br></p><p> "I think my attitude, my demeanor has changed," she said. "I used to be a very carefree, fun person, and now I have to watch everything."<br></p></div>

Bonnie Gray knows there are people out there who are worse off than she is. After all, at least she has a job. It's just not a full-time gig.Like many other Americans, she works part time and it's barely enough to pay for food, fuel and shelter. Millions of Americans were working part time in November but they would like to have been working full time. These so-called "involuntary part-time workers" are an example of some of the stubborn pockets of weakness that remain in the labor market even as the jobs picture improves very slowly. The Bureau of Labor Statistics reported Friday that nearly 8.2 million people classified themselves as involuntary part-time workers in November, meaning that they settled for less work because they couldn't get more. That's around double the number of involuntary part-timers in 2006, before the nation went into recession and entered a prolonged period of weak recovery. A separate group of more than 18 million people were working part-time in November for non-economic reasons, either because they are in school or they want to spend more time with their children, for example. The number of people who are involuntarily underemployed has gone down since it hit 9 million in the depths of the recession, but progress has been slow and rocky. 'A Demand Problem' For people like Gray, 63, improvement can't come soon enough. Gray, who lives in Cary, Ill., for years worked two jobs: a full-time administrative job and, for extra money, a part-time cashier job at a major home retailer. She was laid off from her full-time position, which paid close to $16 an hour, in January of 2012. She was left with a part-time job that pays $12.40 an hour. That plus some unemployment compensation she receives is barely enough to cover her mortgage and other expenses. She sometimes relies on her church for food, and worries what will happen when the unemployment runs out at the end of the year. She's spent nearly a year looking for another receptionist or administrative position. "I'm on the computer, it seems, 24/7. I am networking. I've walked out my resume to 83 companies," she said. She's also taken classes on how to interview and on invoicing, and she plans to take another one on PowerPoint. She's had many job interviews in the past 12 months, but no full-time job offer. Gray said she can't work any more hours as a cashier because a tumor on her foot makes it difficult to stand for a long time. According to her doctor, the mass isn't cancerous, she said, but she can't afford to have it removed. Her insurance as a part-time worker wouldn't be enough to cover the procedure and rehabilitation. Gray will turn 64 in February, which means she won't qualify for Medicare for another year. Until then, she said, she needs a job that offers health insurance. She's hoping to avoid dipping into Social Security for as long as possible because the longer she waits, the more she stands to collect. "I was actually hoping to hang on until 70," she said. She may still be in for a tough slog. Heidi Shierholz, a labor economist with the liberal-leaning Economic Policy Institute, said the basic issue plaguing involuntary part-time workers like Gray is the same one plaguing the overall labor market: There's just not enough demand to compel employers to add to their labor costs substantially. Shierholz said she expects involuntary part-time workers to gradually see improvements but "it is a going to take a long time." "I think by far the dominant reason that we aren't seeing employment in both dimensions — full (time) people or ramping up hours for workers that already are there — is just a demand problem," she said. Once employers have more work that needs to be done, they'll add more hours for people to do it. 'Now I Have to Watch Everything' Debbie Fiore doesn't see that happening any time soon at the small company where she works. Fiore, who lives in Nottingham, Md., lost her full-time job with a long-term care company nearly two years ago, and has struggled for more than a year to find another job. A friend connected her with a small company that hired and trained her for an accounts payable and receivable job. She works about 25 hours a week and makes about half what she used to. Fiore, who turns 57 this week, and her husband struggle to pay their bills. It's not the situation she envisioned they would be in heading into their golden years. "We're basically living paycheck to paycheck. We're not able to save anything for the future at this point. There's hardly any emergency money if an emergency comes up," she said. She's immensely grateful for the job she has, and said she loves the work. But financial worries weigh heavily on her. "I think my attitude, my demeanor has changed," she said. "I used to be a very carefree, fun person, and now I have to watch everything."

2021-10-30 14:12:34.911800

Your first trade for Tuesday, January 5

https://www.cnbc.com/2016/01/04/your-first-trade-for-tuesday-january-5.html

2016-01-04T23:17:56+0000

Stephanie Landsman

CNBC

The "Fast Money" traders delivered their final trades of the day.Tim Seymour was a buyer of Wal-Mart.Dan Nathan was a buyer of Verizon.Karen Finerman was a buyer of Apple.Guy Adami was a buyer of Macy's.

cnbc, Articles, Stock markets, Apple Inc, stocks, Fast Money, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p> The "<a href="https://www.cnbc.com/fast-money/">Fast Money</a>" traders delivered their final trades of the day.<br></p><p>Tim Seymour was a buyer of <a href="//www.cnbc.com/quotes/WMT" target="_blank">Wal-Mart</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Dan Nathan was a buyer of <a href="//www.cnbc.com/quotes/VZ" target="_blank">Verizon.</a></p><p>Karen Finerman was a buyer of <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a>.</p><p>Guy Adami was a buyer of <a href="//www.cnbc.com/quotes/M" target="_blank">Macy's</a>.</p></div>,<div class="group"><p> <em>Trader disclosure: On January 4, 2016 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: </em><em>Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JCP, JPM, KO, LGF, RL, T, TWTR, VRX. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO. Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, Long TWTR March Risk Reversal, Long UUP March call, Long XLU Feb Call spread, Long PYPL Jan Risk Reversal, Long M Jan16 call spread, Long NTAP Jan risk reversal, Long Len Jan Put Fly, Long QCOM feb calls, Short SPY, Long UUP. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, FL, FL calls, GOOG, GOOGL, JPM, KORS, LYV, M, MA, MOH, PLCE, URI, URI long puts, WFM, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.</em></p></div>

The "Fast Money" traders delivered their final trades of the day.Tim Seymour was a buyer of Wal-Mart.Dan Nathan was a buyer of Verizon.Karen Finerman was a buyer of Apple.Guy Adami was a buyer of Macy's. Trader disclosure: On January 4, 2016 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JCP, JPM, KO, LGF, RL, T, TWTR, VRX. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO. Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, Long TWTR March Risk Reversal, Long UUP March call, Long XLU Feb Call spread, Long PYPL Jan Risk Reversal, Long M Jan16 call spread, Long NTAP Jan risk reversal, Long Len Jan Put Fly, Long QCOM feb calls, Short SPY, Long UUP. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, FL, FL calls, GOOG, GOOGL, JPM, KORS, LYV, M, MA, MOH, PLCE, URI, URI long puts, WFM, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.

2021-10-30 14:12:34.954095

CNBC Exclusive: CNBC’s Steve Liesman Interviews Treasury Secretary Jack Lew from CNBC Institutional Investor Delivering Alpha Conference in NYC Today

https://www.cnbc.com/2016/09/13/cnbc-exclusive-cnbcs-steve-liesman-interviews-treasury-secretary-jack-lew-from-cnbc-institutional-investor-delivering-alpha-conference-in-nyc-today.html

2016-09-13T16:26:54+0000

CNBC

WHEN: Today, Tuesday, September 13th WHERE: CNBC's "Squawk Box" Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Treasury Secretary Jack Lew live from the CNBC Institutional Investor Delivering Alpha conference in New York City on Tuesday, September 13th. Following are links to the video of the interview on CNBC.com:http://video.cnbc.com/gallery/?video=3000550691, http://video.cnbc.com/gallery/?video=3000550692 and http://video.cnbc.com/gallery/?video=3000550696. Additional clips are available at CNBC.com. Mandatory credit: CNBC Institutional Investor Delivering Alpha conference. TYLER MATHISEN: Thank you, Mark. So this is Delivering Alpha Number 6. We're going to start using Roman numerals, so it's VI. We've had the privilege on five of -- this will be the fifth time -- save one of our Delivering Alphas, each time we've had the privilege of Treasury Secretary of the United States being with us, back to Mr. Geithner's term and now, for the third time, the 76th Treasury Secretary of the United States, please welcome to the stage, Jacob Lew and his interviewer, Steve Liesman, chief economics correspondent for CNBC. Got to get the title right. STEVE LIESMAN: Mr. Secretary, thank you for continuing this tradition of kicking off Delivering Alpha with us. JACOB LEW: Great to be with you this morning. STEVE LIESMAN: Am I right that you were just a little late because you were meeting with the lyricist for the musical that's going to be made with your tenureship? Is that right? JACOB LEW: Just like every other New Yorker, I was stuck in traffic. STEVE LIESMAN: Will it be rap? I want to start off with some of the headlines. I mean, it's been a series of headlines from your brief, so to speak, over the last several days. This morning there's a story that an executive who oversaw some of the places where there was alleged phony accounts created at Wells Fargo made $125 million. Do you feel this is money that should be clawed back or there should be systems in place to claw this money back? JACOB LEW: The consumer protection agency that took action against Wells Fargo is an important new addition to our protections for individuals and for the financial system. It didn't exist before financial reform. I think they uncovered practices that they have taken action against. I don't comment on specific regulatory matters. But what I can tell you is what I've seen from what they've done is bad behavior they were correct to take action against. And how that flows through in terms of next consequences is going to depend on the facts of the case. What I can tell you is there's a lot of talk in Washington these days about rolling back Dodd-Frank, about rolling back the law, changing the law that created the agency that uncovered and took action against this. This ought to be a moment when people stop and remember how dangerous the system is when you don't have the proper protections in place. This is something that our watchdogs found. If they were not there, they would still be going on. This is a wake-up call. It should remind all of us, and firms, that culture and compensation make a difference. How you reward people, how you motivate people, and what values you hold people to matter. There's a public responsibility, and I think the CFCB took action reflecting the public responsibility, and there's a private responsibility. And we each have to do our part. STEVE LIESMAN: But if culture and compensation make a difference, then why wouldn't you support a clawback of this? JACOB LEW: I'm not commenting one way or the other on the clawback. I really am not going to comment on the facts of the specific case. It's being reviewed by an independent regulator. It wouldn't be appropriate for me to speculate on something that I don't know all the facts of. I think I'm addressing the issue in a pretty conclusive way. This is unacceptable behavior. And it's the kind of behavior that we need to be able to catch and stop. STEVE LIESMAN: We've had billions of dollars of fines levied on financial institutions. And still this behavior is still being uncovered. Is Justice going far enough here? Do we need to be in a situation where, for example, companies are not allowed to plead that they didn't commit the alleged act and that there are individual indictments brought? We haven't seen that in any of these financial crimes, or very few of them. JACOB LEW: We have, I think, taken action on a pretty dramatic basis to put fines, penalties in place for firms that have acted badly. The question of whether or not to pursue criminal prosecution is a decision that prosecutors ultimately make. We have made clear we don't believe that anyone is too big to jail. It's up to prosecutors to decide how you pursue the criminal charges. It's not up to regulators or the policymakers. What I can say is that the pattern of behavior that we've seen here is something that needs to stop. It is not acceptable to do things that are designed to increase either an individual or a firm bottom line by deceiving consumers and passing along charges that are either invisible or they don't know about. And this is not the same as a financial crisis issue. This is really a consumer protection issue. I don't think this is a moment where we have to ask the kinds of questions that we did in 2008 about what it means about the underpinnings of the financial system. But when I hear people say we want to roll back the statute that created the consumer protection bureau, this is yet another proof point that it was the right thing to create, it's the right thing to have an independent director, and it's the right thing to make sure that there's somebody, and an entity watching over our system, to make sure that individuals get clear information about their financial products and, when firms or individuals behave badly, that somebody finds out about it and takes action. STEVE LIESMAN: Moving to another company story which is in the headlines, and you're doing specifically with this issue of Apple, an attempt by the European Union to get 14 1/2 billion dollars of back taxes. Beyond the company-specific story, is this an attempt by the E.U. to essentially grab unpaid American taxes? JACOB LEW: You know, Steve, I have an op-ed this morning in the "Wall Street Journal" where I went into some length describing our views on this. But let me briefly reprieve what I've said on this. We have for some time told the European Commission that we believe that this is an inappropriate approach. Why is it inappropriate? We agree with them that it's wrong for companies to avoid paying their fair share of taxes to get to zero or very low tax rates by taking advantage of tax havens. But the action that the European Commission took is out of the framework of normal tax policy, a retroactive tax that reaches into another country, another jurisdiction's tax base, in order to make sure that a firm pays its taxes. We agree with them that firms should pay their taxes. But when it's U.S. income, we think that that tax should be paid in the United States. We've done a lot of work over the last two years to work on an international basis to make sure that -- to share information better. And we have an ability to close several loopholes that have contributed to the erosion of tax bases around the world. We need to take action in the United States to decisively change and pushing firms to take their income overseas. We have a broken corporate tax code. We have the highest statutory tax rate in the developed world. It's riddled with deductions and loopholes that give advantages that we don't really need or would design for for today's economy. And the result is we see U.S. companies trying to impart income in lower tax jurisdictions. Now, those lower tax jurisdictions are for doing some things that aren't right also. The race to the bottom with low tax rates to be a magnet for those companies, that has to change too. But what action do we need to take in the United States? We need to fix our tax system. We need to close the loopholes. We need to lower the statutory tax rate. And one of the things that we've proposed, which I believe is an idea that will still have resonance in the year to come is that the revenue that we get by putting a one-time tax on income that's parked overseas will produce one-time revenue that ought to be used to fund an investment in infrastructure in this country. So we can do two things at the same time. We can fix a broken tax code. We can make it so that our companies don't feel they have to leave the United States to put their income overseas. And we can fix our broken infrastructure. What I don't think is right is for tax authorities and other jurisdictions to reach into our tax base and to remove the ability for us to execute what I just described. STEVE LIESMAN: So if they're reaching in on Apple, are there other company cases yet to come? JACOB LEW: There are a number of pending matters -- STEVE LIESMAN: Pending, but what about ones that you think there's going to be more of a grab at this point? JACOB LEW: I can't speak to the European Commission, but we have spoken on the policy. We don't address individual cases. As I mentioned before, I'm not addressing the individual case that they choose to act on. STEVE LIESMAN: So does that mean you won't join as a party to the case in Europe, to join as an amicus, so to speak? JACOB LEW: Well, the European procedure is a little bit different than ours. They are very aware of our views. We've submitted our views in a pretty formal way. The parties here are the government involved and the company involved. They've both indicated their intention to appeal. And we've made our views known to the authorities in Europe. And we've done it in a way that our views will be before the commission on future matters as well. STEVE LIESMAN: Let's talk about the tax rate, the right corporate tax rate. 35% is the current top rate, just the federal part. There's another six points or so according to the OECD that would be added on some level. You proposed 28. It seems like the House Republicans wanted 25, and Donald Trump wants 15. 15 would be toward the lower end of the OECD. 12 1/2 is Ireland. Germany is around 15. Why wouldn't we want a rate that low that would make America very competitive? JACOB LEW: The principle that's driven our work on tax reform is that it has to be revenue neutral. We are -- I don't think -- it would not be right for us to have individuals pay more taxes for us to lower the corporate tax rate. What we've proposed doing is eliminating loopholes and deductions and using the revenues that we get by doing that to reduce the tax rate on the business side as much as we can. We got to 28% essentially because that was the amount of loopholes that we could close. STEVE LIESMAN: I get what you're saying, and that makes perfect sense on one side of the ledger. But the other side of the ledger, at 28, you're still not competitive and there's still a 13-point incentive for companies to go overseas. JACOB LEW: In the 25-28% range, we're getting pretty close to the average. And a few minutes ago, I talked about the race to the bottom. Some of the pressures on countries that cut their tax rates to low rates in order to be a magnet, if we, as we have discussed in the G20 and the OECD and other international bodies, truly believe that we need to close down the pathways to tax avoidance, we're going to need to conform to some norms. And having countries go to very low tax rates is part of the problem. We have our problem. We have a very high rate and a broken system. We need to fix our system and take a look at theirs as well. STEVE LIESMAN: Is this a failure of the administration for corporate tax reform here? JACOB LEW: I actually think that if you look at the history of tax reform, it often takes many years for it to kind of take hold. And it's not unusual for it to begin in one administration and finish in another. I feel we've made actually a great deal of progress working through bipartisan conversations to build a growing consensus around the kind of approach that I've described. I think that there's an environment now where the political environment is not one where it has been ripe to take up something like this. But the ideas that we've been promoting will be the foundation for action in the future. So I actually feel we've moved significantly toward tax reform. You know, it takes a desire on the part of Congress to do something hard. Hard things don't happen unless there's a real, real desire to do it. And you need a partner. We have had individual partners, but, as a whole, we have not had that commitment. STEVE LIESMAN: But if you look at this issue from outside the Beltway, one guy is at 28, the other guy is at 25. Let's get in the room, spend 7 minutes, and we'll make a deal. It seems like you were impossibly close almost the entire time and didn't make it down there. JACOB LEW: You and I have discussed this a number of times, Steve. STEVE LIESMAN: And I still don't have a good -- not from you, but in general. JACOB LEW: I do believe that the people that we've engaged with, who have been leaders on the Republican side, now Speaker Paul Ryan, some senators who have been engaged in it, we've had a lot of conversations that lead me to believe there is the basis for an agreement. I just think the time for that agreement is probably not the next four months. STEVE LIESMAN: Do you look back -- JACOB LEW: In terms of need to do it, you look at the infrastructure component of this, I think there's an urgency right now to dealing with infrastructure. You look at the action taken by the European Commission, that's an urgency that we need to act if we want to protect our tax base. You have an alignment of forces right now that I think create a real opportunity. And I certainly think that's an opportunity the American people would be well served if Congress takes advantage of. STEVE LIESMAN: Let's talk about the Trans-Pacific Partnership. Again, that's another program or effort by the administration, worked hard on it, seemed to get agreement, and now can't get it through Congress. Do you regret that? Is that a failure of the administration? JACOB LEW: Well, first, I wouldn't draw conclusions about what we can and can't get through. STEVE LIESMAN: I'm watching my clock here. JACOB LEW: There's still time for the TPP, Trans-Pacific Partnership, to be approved. Let's start with the substance. TPP is a good economic deal for the United States. It's good for American workers. And it's good for U.S. security interests in the world. It means that they will have a more level playing field. American products and services, which are best in the world, will be able to compete on stronger ground. And it retains the U.S. leadership in the world on important strategic issues. So I think it's vitally important that we get it approved. I believe there's still support for TPP. There's clearly opponents of TPP. I can't question that. We've passed through the Congress, about a year ago, the underlying legislation, Trade Promotion Authority, which provides the procedural basis to approve TPP. TPA, I believe, was a harder vote than TPP. It was an abstraction; it wasn't a specific agreement. I can point in TPP to how it strengthens labor standards, how it strengthens environmental standards, how it raises business practices closer to our own. I can point around the world to countries that are already taking policy actions, whether it's Mexico or Vietnam, to meet some of those standards. I think we have the substance profoundly on our side. What I think the challenge we have -- and this is a big challenge. We can make the case that it will improve growth in the United States, and more GDP should be good for everyone. Where we're running into a problem right now is the sense that is not just in the United States, but it's in other parts of the world, that more growth does not necessarily mean better wages or better opportunity for working people. I think the issue that is the real issue that we're going to have to deal with is to show how the benefit gets to individuals. And that's bigger than TPP. I think we saw that in the United Kingdom in the vote recently on the referendum. STEVE LIESMAN: And that's a failure at every level of leadership, when it comes to economic issues, the issue of trade and its benefits. The support of the American people has eroded almost across the board. JACOB LEW: Right. But the point I just made, Steve, is it's broader than trade. I think it gets to the question of a social compact. I think it gets to the question of how free market capitalism and liberal democracy thrives. We have to ask some serious questions about what is it that's holding wages back? What is it that's preventing individuals from feeling that they have a share in growth? I know what we can do at a public policy level. At a public policy level, talking about infrastructure, and we talk about skills. If you want to have working people feel that they have a stake in the future, they have to have the skills to get jobs in the economy of the future, and they have to have the ability to get to and from home and work. And they have to see a growing economy that's going to grow the kinds of jobs that they can take advantage of. That's bigger than trade. I think we have a confluence of things that have been going on between technology and trade and the changing structure of our economy that are making it a challenging moment. But TPP on its face should be a clear plus. And we're going to continue to make that case. And I think we're going to have to demonstrate the commitment to working families. STEVE LIESMAN: But, I mean, in that equation, you have to address the omnibus criticism of the Obama administration, which was one of regulation that tamped down on private enterprise, and too much government intrusion into the private sector that really kept some of the gains getting to individuals. JACOB LEW: I think if you look at where the economy was when we took office just under eight years ago, it was in the middle of the greatest recession since the Great Depression. We were seeing unemployment at 10%. There was no bottom. We put in place an economic program that's lifted the United States out of that recession. We've seen sustained growth. We've seen 15 million new jobs. We're seeing wage growth. And some of these things that you're just labeling regulation are also why we're able to be in a place to meet our commitments to reduce our emissions and to meet the standards to make this a safer world by having our climate problems not engulf our future. There's a lot of things going on inside the package that you call just more regulation. This economy is a stronger economy because of the policies we've pursued. It's not as strong an economy as we would like to see. A lot of what I see as having held back the U.S. economy is the headwinds internationally. We've seen probably a half a percentage point of GDP shaved off the U.S. economy because demand globally has been weak. That's one of the reasons we put so much time into trying to help move the global debate towards using more policy tools to grow demand and grow the economy. And we've made progress there. I think we've made real progress. You are seeing a number of countries around the world put in place more aggressive policy using fiscal tools as well as monetary tools. So I think there's a lot of things going on. And I think right now the United States is looked to in the world as being a resilient economy that's bounced back. What I tell my colleagues around the world is we can't be the only engine in the world economy. There need to be multiple engines. STEVE LIESMAN: I want to get to the overall economy. But one of the things you've talked about is this need to invest in infrastructure. The Republican nominee has accomplished something like half a trillion dollars for spending on infrastructure. Do you think that's a good number? JACOB LEW: I have to tell you, Steve, I haven't dissected any of the campaign proposals. I'm not doing politics in my current life. I'm happy to talk about our policies, but I haven't actually taken apart the campaign proposals. STEVE LIESMAN: Well, what's the right number for infrastructure investment? I assume you're talking over a 10-year period. JACOB LEW: Yeah, the right number is a very, very big one. We have trillions of dollars that need to be invested. It's not all public money. What we did a year ago, a little over a year ago, is we extended our surface transportation funding for five years, basically at level funding, a little bit of an increase. Enough to maintain what we're doing now, not enough to build the new facilities that we need to compete in the 21st century. I think putting several hundred billion dollars of federal money into a commitment on a multiyear basis to build infrastructure would have an effect on state and local planning that would bring more state and local resources to bear and, just as importantly, would be a foundation for public-private partnerships, which is what gives you the ability to leverage the amount of resource you are putting in. This is not all a question of just federal funding. But federal funding has been the foundation. One of the things that we do is we create a kind of certainty out there that there's steady flow to get projects off the drawing board. Without that, the whole system slows down. And I think we have taken some time off from driving that process forward, not to the point that it's irreparable, but we can't take another decade off. STEVE LIESMAN: At the same time, when we look at overall economic growth, we're doing just around 1% the last three quarters. How much concern has this caused you that we can't even get to the new lower new normal of 2%? JACOB LEW: I think when you go quarter to quarter, sometimes you can overexplain an individual quarter. We've seen growth in the low 2% for a number of years now. We're continuing to see strong labor markets. We're continuing to see improvements in wage growth. Consumers in the U.S. are very strong. Housing is doing better. Autos have been doing very well. The weak spot on the economic picture is investment. And I think that if we could figure out what it is that's going on in investment and productivity to drive the investment numbers forward, that would be very important. I mean, I think that there is a lingering lack of confidence in the global economy coming out of the economic crisis. It was a deep, deep economic crisis. It left concern. How do you know we're not snapping back? I think in the United States we've demonstrated pretty decisively that we're not slipping back. There are other parts of the world where every three to six months you wonder, is it going one way or the other? There's a lot of geopolitical risks. I think we have to stabilize those risks. One of the things we do when we meet in the G20 is focus on that. And just last week we met in China at the G20 leaders meeting. And I think you heard a few things at that meeting that were important and different. One is what I just talked about in terms of inclusive growth, in terms of everybody sharing in it. We used to be a chorus of maybe one talking about inclusive growth. All the leaders were talking about inclusive growth. I think there's a clear understanding that we have to show that the benefits of growth get to working people globally right now. Secondly, there was a commitment to using all policy tools that is much stronger than its been in the past, where heads of state are talking about using the fiscal space they have more vigorously. And I think on the exchange rate issues that have been so vexing for a long time, we have a clear agreement to refrain from competitive devaluation and to coordinate together so that, at moments of volatility, we don't see unilateral actions that destabilize the global economy. STEVE LIESMAN: I just want to come back to one of the things you just talked about, which is using the fiscal side. Is the fiscal side getting a message from the monetary side that there's only so far they're willing to go? Mario Draghi last week suggested, you know, we're at a negative place. We don't want to go more negative. Possibility of the feds discussing raising interest rates. Is the fiscal side getting a new message from the monetary side? JACOB LEW: As you know, Steve, I don't comment on monetary policy, particularly not fed policy. STEVE LIESMAN: We're talking about fiscal policy. JACOB LEW: I don't think that fiscal authorities needed messages from anyone that the fiscal tools are important. We've been delivering that message consistently since 2009. I've been doing it as treasury secretary for the last three and a half years. What we've seen over the last three years is a shift in the debate. When I became treasury secretary, there was a global debate about austerity versus growth. We went to G7 and G20 meetings and there would be debates about austerity versus growth. Those debates are over. There is no more focus on austerity qua austerity. There is a focus on making sure there are sustainable fiscal plans, but in terms of short-term programs, the global community has embraced the idea that we need to use all policy tools. Now, if you look around the world, even in the last six months, you've seen from China to Canada, from South Korea to Japan, more use of fiscal tools in a responsible way. It doesn't mean build up debt that's unsustainable. But it does mean don't try to hit deficit targets and debt targets in the short term when you need to get your economic engine moving. I think fiscal authorities during this recession put more pressure on monetary authorities than they should have. I've said that all along. Here in the United States, we went too fast in the terms of some of the fiscal consolidation. There was a big debate in the United States in 2011 and 2012 about this. We've done okay. We could have done better. We could have had a little more growth if we had put some of the savings a few years out and less of the savings in the front end. Other countries didn't do as much as we did. They didn't have the recovery. They didn't do a payroll tax. You know they didn't come back repeatedly and put more fiscal power to deal with economies that needed it. It wasn't always pretty in the United States, but we used all of our policy tools. Our fed was aggressive, our fiscal program was big, and our reform to the financial system was a structural reform that we needed here in the United States. There are still challenges in the future, but our call internationally is for all the tools to be used. STEVE LIESMAN: I want to talk about the challenges in the future. Could you give us an idea -- maybe you've thought about this. What goes in the letter that you leave for your successor? JACOB LEW: Well, this may surprise you, Steve, but that's something you think about when you get to the last day, in my experience. You don't write it four months in advance. I think that we're still focused on the work we have to finish in these next four months. I think that the economy that we are working through now and that we will leave behind is much, much stronger in almost every dimension than the economy we inherited. I'm proud of that. That's something the American people are well served by. That doesn't mean that all of the challenges of the future are addressed. I think these questions of income inequality are deep economic and social issues. And we've put proposals forward that we believe deal with that in a sensible way to pay for things like education, starting with preschool, community college education, and pay for infrastructure and to have an equitable distribution of tax burden to pay for it. Those debates aren't over. I think that if we take a long break from dealing with all of those issues, we pay a price. It starts to stress both the economy and the social fabric. I think we've done enormously important work. I don't think any administration finishes the job. You pass the baton, and you give some advice, and then you try from the sidelines to help move things in the right direction. STEVE LIESMAN: So I wonder if, four months in advance, you think about what you'd do personally. Have you thought about going back to Wall Street or academia? What have you thought about? JACOB LEW: I have made one key decision: To live in the same city as my wife for the next four years. STEVE LIESMAN: I'm looking forward to Lew the Musical. And thank you very much for joining us. JACOB LEW: Thanks, Steve. About CNBC: With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 386 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries. CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV. Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc. For more information about NBCUniversal, please visit http://www.NBCUniversal.com.

cnbc, Articles, CNBC Information and Policies, CNBC: News Releases, source:tagname:CNBC US Source

<div class="group"><p> WHEN: Today, Tuesday, September 13th</p><p> WHERE: CNBC's <a href="http://www.cnbc.com/squawk-box-us/">"Squawk Box"</a></p><div style="height:100%" class="lazyload-placeholder"></div><p> Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Treasury Secretary Jack Lew live from the CNBC Institutional Investor Delivering Alpha conference in New York City on Tuesday, September 13th.</p><p> Following are links to the video of the interview on CNBC.com:<a href="https://www.cnbc.com/video/2016/09/13/wells-fargo-is-a-wake-up-call-jack-lew.html">http://video.cnbc.com/gallery/?video=3000550691</a>, <a href="https://www.cnbc.com/video/2016/09/13/no-one-is-too-big-to-jail-jack-lew.html">http://video.cnbc.com/gallery/?video=3000550692</a> and <a href="https://www.cnbc.com/video/2016/09/13/jack-lew-tax-reform-must-be-revenue-neutral.html">http://video.cnbc.com/gallery/?video=3000550696</a>. Additional clips are available at CNBC.com.</p><p> Mandatory credit: CNBC Institutional Investor Delivering Alpha conference.</p><p> TYLER MATHISEN: Thank you, Mark. So this is Delivering Alpha Number 6. We're going to start using Roman numerals, so it's VI. We've had the privilege on five of -- this will be the fifth time -- save one of our Delivering Alphas, each time we've had the privilege of Treasury Secretary of the United States being with us, back to Mr. Geithner's term and now, for the third time, the 76th Treasury Secretary of the United States, please welcome to the stage, Jacob Lew and his interviewer, Steve Liesman, chief economics correspondent for CNBC. Got to get the title right.</p><p> STEVE LIESMAN: Mr. Secretary, thank you for continuing this tradition of kicking off Delivering Alpha with us.</p><div style="height:100%" class="lazyload-placeholder"></div><p> JACOB LEW: Great to be with you this morning.</p><p> STEVE LIESMAN: Am I right that you were just a little late because you were meeting with the lyricist for the musical that's going to be made with your tenureship? Is that right?</p><p> JACOB LEW: Just like every other New Yorker, I was stuck in traffic.</p><p> STEVE LIESMAN: Will it be rap?</p><p> I want to start off with some of the headlines. I mean, it's been a series of headlines from your brief, so to speak, over the last several days.</p><p> This morning there's a story that an executive who oversaw some of the places where there was alleged phony accounts created at Wells Fargo made $125 million. Do you feel this is money that should be clawed back or there should be systems in place to claw this money back?</p><p> JACOB LEW: The consumer protection agency that took action against Wells Fargo is an important new addition to our protections for individuals and for the financial system. It didn't exist before financial reform. I think they uncovered practices that they have taken action against. I don't comment on specific regulatory matters. But what I can tell you is what I've seen from what they've done is bad behavior they were correct to take action against. And how that flows through in terms of next consequences is going to depend on the facts of the case.</p><p> What I can tell you is there's a lot of talk in Washington these days about rolling back Dodd-Frank, about rolling back the law, changing the law that created the agency that uncovered and took action against this. This ought to be a moment when people stop and remember how dangerous the system is when you don't have the proper protections in place.</p><p> This is something that our watchdogs found. If they were not there, they would still be going on. This is a wake-up call. It should remind all of us, and firms, that culture and compensation make a difference. How you reward people, how you motivate people, and what values you hold people to matter.</p><p> There's a public responsibility, and I think the CFCB took action reflecting the public responsibility, and there's a private responsibility. And we each have to do our part.</p><p> STEVE LIESMAN: But if culture and compensation make a difference, then why wouldn't you support a clawback of this?</p><p> JACOB LEW: I'm not commenting one way or the other on the clawback. I really am not going to comment on the facts of the specific case. It's being reviewed by an independent regulator. It wouldn't be appropriate for me to speculate on something that I don't know all the facts of. I think I'm addressing the issue in a pretty conclusive way. This is unacceptable behavior. And it's the kind of behavior that we need to be able to catch and stop.</p><p> STEVE LIESMAN: We've had billions of dollars of fines levied on financial institutions. And still this behavior is still being uncovered. Is Justice going far enough here? Do we need to be in a situation where, for example, companies are not allowed to plead that they didn't commit the alleged act and that there are individual indictments brought? We haven't seen that in any of these financial crimes, or very few of them.</p><p> JACOB LEW: We have, I think, taken action on a pretty dramatic basis to put fines, penalties in place for firms that have acted badly. The question of whether or not to pursue criminal prosecution is a decision that prosecutors ultimately make. We have made clear we don't believe that anyone is too big to jail. It's up to prosecutors to decide how you pursue the criminal charges. It's not up to regulators or the policymakers.</p><p> What I can say is that the pattern of behavior that we've seen here is something that needs to stop. It is not acceptable to do things that are designed to increase either an individual or a firm bottom line by deceiving consumers and passing along charges that are either invisible or they don't know about.</p><p> And this is not the same as a financial crisis issue. This is really a consumer protection issue. I don't think this is a moment where we have to ask the kinds of questions that we did in 2008 about what it means about the underpinnings of the financial system. But when I hear people say we want to roll back the statute that created the consumer protection bureau, this is yet another proof point that it was the right thing to create, it's the right thing to have an independent director, and it's the right thing to make sure that there's somebody, and an entity watching over our system, to make sure that individuals get clear information about their financial products and, when firms or individuals behave badly, that somebody finds out about it and takes action.</p><p> STEVE LIESMAN: Moving to another company story which is in the headlines, and you're doing specifically with this issue of Apple, an attempt by the European Union to get 14 1/2 billion dollars of back taxes.</p><p> Beyond the company-specific story, is this an attempt by the E.U. to essentially grab unpaid American taxes?</p><p> JACOB LEW: You know, Steve, I have an op-ed this morning in the "Wall Street Journal" where I went into some length describing our views on this. But let me briefly reprieve what I've said on this. We have for some time told the European Commission that we believe that this is an inappropriate approach. Why is it inappropriate? We agree with them that it's wrong for companies to avoid paying their fair share of taxes to get to zero or very low tax rates by taking advantage of tax havens.</p><p> But the action that the European Commission took is out of the framework of normal tax policy, a retroactive tax that reaches into another country, another jurisdiction's tax base, in order to make sure that a firm pays its taxes. We agree with them that firms should pay their taxes. But when it's U.S. income, we think that that tax should be paid in the United States.</p><p> We've done a lot of work over the last two years to work on an international basis to make sure that -- to share information better. And we have an ability to close several loopholes that have contributed to the erosion of tax bases around the world. We need to take action in the United States to decisively change and pushing firms to take their income overseas. We have a broken corporate tax code.</p><p> We have the highest statutory tax rate in the developed world. It's riddled with deductions and loopholes that give advantages that we don't really need or would design for for today's economy. And the result is we see U.S. companies trying to impart income in lower tax jurisdictions.</p><p> Now, those lower tax jurisdictions are for doing some things that aren't right also. The race to the bottom with low tax rates to be a magnet for those companies, that has to change too.</p><p> But what action do we need to take in the United States? We need to fix our tax system. We need to close the loopholes. We need to lower the statutory tax rate. And one of the things that we've proposed, which I believe is an idea that will still have resonance in the year to come is that the revenue that we get by putting a one-time tax on income that's parked overseas will produce one-time revenue that ought to be used to fund an investment in infrastructure in this country.</p><p> So we can do two things at the same time. We can fix a broken tax code. We can make it so that our companies don't feel they have to leave the United States to put their income overseas. And we can fix our broken infrastructure.</p><p> What I don't think is right is for tax authorities and other jurisdictions to reach into our tax base and to remove the ability for us to execute what I just described.</p><p> STEVE LIESMAN: So if they're reaching in on Apple, are there other company cases yet to come?</p><p> JACOB LEW: There are a number of pending matters --</p><p> STEVE LIESMAN: Pending, but what about ones that you think there's going to be more of a grab at this point?</p><p> JACOB LEW: I can't speak to the European Commission, but we have spoken on the policy. We don't address individual cases. As I mentioned before, I'm not addressing the individual case that they choose to act on.</p><p> STEVE LIESMAN: So does that mean you won't join as a party to the case in Europe, to join as an amicus, so to speak?</p><p> JACOB LEW: Well, the European procedure is a little bit different than ours. They are very aware of our views. We've submitted our views in a pretty formal way. The parties here are the government involved and the company involved. They've both indicated their intention to appeal. And we've made our views known to the authorities in Europe. And we've done it in a way that our views will be before the commission on future matters as well.</p><p> STEVE LIESMAN: Let's talk about the tax rate, the right corporate tax rate. 35% is the current top rate, just the federal part. There's another six points or so according to the OECD that would be added on some level. You proposed 28. It seems like the House Republicans wanted 25, and Donald Trump wants 15.</p><p> 15 would be toward the lower end of the OECD. 12 1/2 is Ireland. Germany is around 15. Why wouldn't we want a rate that low that would make America very competitive?</p><p> JACOB LEW: The principle that's driven our work on tax reform is that it has to be revenue neutral. We are -- I don't think -- it would not be right for us to have individuals pay more taxes for us to lower the corporate tax rate.</p><p> What we've proposed doing is eliminating loopholes and deductions and using the revenues that we get by doing that to reduce the tax rate on the business side as much as we can. We got to 28% essentially because that was the amount of loopholes that we could close.</p><p> STEVE LIESMAN: I get what you're saying, and that makes perfect sense on one side of the ledger. But the other side of the ledger, at 28, you're still not competitive and there's still a 13-point incentive for companies to go overseas.</p><p> JACOB LEW: In the 25-28% range, we're getting pretty close to the average. And a few minutes ago, I talked about the race to the bottom. Some of the pressures on countries that cut their tax rates to low rates in order to be a magnet, if we, as we have discussed in the G20 and the OECD and other international bodies, truly believe that we need to close down the pathways to tax avoidance, we're going to need to conform to some norms. And having countries go to very low tax rates is part of the problem. We have our problem. We have a very high rate and a broken system. We need to fix our system and take a look at theirs as well.</p><p> STEVE LIESMAN: Is this a failure of the administration for corporate tax reform here?</p><p> JACOB LEW: I actually think that if you look at the history of tax reform, it often takes many years for it to kind of take hold. And it's not unusual for it to begin in one administration and finish in another. I feel we've made actually a great deal of progress working through bipartisan conversations to build a growing consensus around the kind of approach that I've described.</p><p> I think that there's an environment now where the political environment is not one where it has been ripe to take up something like this. But the ideas that we've been promoting will be the foundation for action in the future.</p><p> So I actually feel we've moved significantly toward tax reform. You know, it takes a desire on the part of Congress to do something hard. Hard things don't happen unless there's a real, real desire to do it. And you need a partner. We have had individual partners, but, as a whole, we have not had that commitment.</p><p> STEVE LIESMAN: But if you look at this issue from outside the Beltway, one guy is at 28, the other guy is at 25. Let's get in the room, spend 7 minutes, and we'll make a deal. It seems like you were impossibly close almost the entire time and didn't make it down there.</p><p> JACOB LEW: You and I have discussed this a number of times, Steve.</p><p> STEVE LIESMAN: And I still don't have a good -- not from you, but in general.</p><p> JACOB LEW: I do believe that the people that we've engaged with, who have been leaders on the Republican side, now Speaker Paul Ryan, some senators who have been engaged in it, we've had a lot of conversations that lead me to believe there is the basis for an agreement. I just think the time for that agreement is probably not the next four months.</p><p> STEVE LIESMAN: Do you look back --</p><p> JACOB LEW: In terms of need to do it, you look at the infrastructure component of this, I think there's an urgency right now to dealing with infrastructure. You look at the action taken by the European Commission, that's an urgency that we need to act if we want to protect our tax base.</p><p> You have an alignment of forces right now that I think create a real opportunity. And I certainly think that's an opportunity the American people would be well served if Congress takes advantage of.</p><p> STEVE LIESMAN: Let's talk about the Trans-Pacific Partnership. Again, that's another program or effort by the administration, worked hard on it, seemed to get agreement, and now can't get it through Congress. Do you regret that? Is that a failure of the administration?</p><p> JACOB LEW: Well, first, I wouldn't draw conclusions about what we can and can't get through.</p><p> STEVE LIESMAN: I'm watching my clock here.</p><p> JACOB LEW: There's still time for the TPP, Trans-Pacific Partnership, to be approved.</p><p> Let's start with the substance. TPP is a good economic deal for the United States. It's good for American workers. And it's good for U.S. security interests in the world. It means that they will have a more level playing field. American products and services, which are best in the world, will be able to compete on stronger ground. And it retains the U.S. leadership in the world on important strategic issues.</p><p> So I think it's vitally important that we get it approved. I believe there's still support for TPP. There's clearly opponents of TPP. I can't question that. We've passed through the Congress, about a year ago, the underlying legislation, Trade Promotion Authority, which provides the procedural basis to approve TPP. TPA, I believe, was a harder vote than TPP. It was an abstraction; it wasn't a specific agreement.</p><p> I can point in TPP to how it strengthens labor standards, how it strengthens environmental standards, how it raises business practices closer to our own. I can point around the world to countries that are already taking policy actions, whether it's Mexico or Vietnam, to meet some of those standards.</p><p> I think we have the substance profoundly on our side. What I think the challenge we have -- and this is a big challenge. We can make the case that it will improve growth in the United States, and more GDP should be good for everyone. Where we're running into a problem right now is the sense that is not just in the United States, but it's in other parts of the world, that more growth does not necessarily mean better wages or better opportunity for working people.</p><p> I think the issue that is the real issue that we're going to have to deal with is to show how the benefit gets to individuals. And that's bigger than TPP. I think we saw that in the United Kingdom in the vote recently on the referendum.</p><p> STEVE LIESMAN: And that's a failure at every level of leadership, when it comes to economic issues, the issue of trade and its benefits. The support of the American people has eroded almost across the board.</p><p> JACOB LEW: Right. But the point I just made, Steve, is it's broader than trade. I think it gets to the question of a social compact. I think it gets to the question of how free market capitalism and liberal democracy thrives. We have to ask some serious questions about what is it that's holding wages back? What is it that's preventing individuals from feeling that they have a share in growth?</p><p> I know what we can do at a public policy level. At a public policy level, talking about infrastructure, and we talk about skills. If you want to have working people feel that they have a stake in the future, they have to have the skills to get jobs in the economy of the future, and they have to have the ability to get to and from home and work. And they have to see a growing economy that's going to grow the kinds of jobs that they can take advantage of. That's bigger than trade.</p><p> I think we have a confluence of things that have been going on between technology and trade and the changing structure of our economy that are making it a challenging moment. But TPP on its face should be a clear plus. And we're going to continue to make that case. And I think we're going to have to demonstrate the commitment to working families.</p><p> STEVE LIESMAN: But, I mean, in that equation, you have to address the omnibus criticism of the Obama administration, which was one of regulation that tamped down on private enterprise, and too much government intrusion into the private sector that really kept some of the gains getting to individuals.</p><p> JACOB LEW: I think if you look at where the economy was when we took office just under eight years ago, it was in the middle of the greatest recession since the Great Depression. We were seeing unemployment at 10%. There was no bottom. We put in place an economic program that's lifted the United States out of that recession. We've seen sustained growth. We've seen 15 million new jobs. We're seeing wage growth. And some of these things that you're just labeling regulation are also why we're able to be in a place to meet our commitments to reduce our emissions and to meet the standards to make this a safer world by having our climate problems not engulf our future.</p><p> There's a lot of things going on inside the package that you call just more regulation. This economy is a stronger economy because of the policies we've pursued. It's not as strong an economy as we would like to see. A lot of what I see as having held back the U.S. economy is the headwinds internationally. We've seen probably a half a percentage point of GDP shaved off the U.S. economy because demand globally has been weak.</p><p> That's one of the reasons we put so much time into trying to help move the global debate towards using more policy tools to grow demand and grow the economy. And we've made progress there. I think we've made real progress. You are seeing a number of countries around the world put in place more aggressive policy using fiscal tools as well as monetary tools.</p><p> So I think there's a lot of things going on. And I think right now the United States is looked to in the world as being a resilient economy that's bounced back. What I tell my colleagues around the world is we can't be the only engine in the world economy. There need to be multiple engines.</p><p> STEVE LIESMAN: I want to get to the overall economy. But one of the things you've talked about is this need to invest in infrastructure. The Republican nominee has accomplished something like half a trillion dollars for spending on infrastructure. Do you think that's a good number?</p><p> JACOB LEW: I have to tell you, Steve, I haven't dissected any of the campaign proposals. I'm not doing politics in my current life. I'm happy to talk about our policies, but I haven't actually taken apart the campaign proposals.</p><p> STEVE LIESMAN: Well, what's the right number for infrastructure investment? I assume you're talking over a 10-year period.</p><p> JACOB LEW: Yeah, the right number is a very, very big one. We have trillions of dollars that need to be invested. It's not all public money. What we did a year ago, a little over a year ago, is we extended our surface transportation funding for five years, basically at level funding, a little bit of an increase. Enough to maintain what we're doing now, not enough to build the new facilities that we need to compete in the 21st century.</p><p> I think putting several hundred billion dollars of federal money into a commitment on a multiyear basis to build infrastructure would have an effect on state and local planning that would bring more state and local resources to bear and, just as importantly, would be a foundation for public-private partnerships, which is what gives you the ability to leverage the amount of resource you are putting in.</p><p> This is not all a question of just federal funding. But federal funding has been the foundation. One of the things that we do is we create a kind of certainty out there that there's steady flow to get projects off the drawing board. Without that, the whole system slows down. And I think we have taken some time off from driving that process forward, not to the point that it's irreparable, but we can't take another decade off.</p><p> STEVE LIESMAN: At the same time, when we look at overall economic growth, we're doing just around 1% the last three quarters. How much concern has this caused you that we can't even get to the new lower new normal of 2%?</p><p> JACOB LEW: I think when you go quarter to quarter, sometimes you can overexplain an individual quarter.</p><p> We've seen growth in the low 2% for a number of years now. We're continuing to see strong labor markets. We're continuing to see improvements in wage growth. Consumers in the U.S. are very strong. Housing is doing better. Autos have been doing very well.</p><p> The weak spot on the economic picture is investment. And I think that if we could figure out what it is that's going on in investment and productivity to drive the investment numbers forward, that would be very important. I mean, I think that there is a lingering lack of confidence in the global economy coming out of the economic crisis. It was a deep, deep economic crisis. It left concern. How do you know we're not snapping back?</p><p> I think in the United States we've demonstrated pretty decisively that we're not slipping back. There are other parts of the world where every three to six months you wonder, is it going one way or the other? There's a lot of geopolitical risks. I think we have to stabilize those risks.</p><p> One of the things we do when we meet in the G20 is focus on that. And just last week we met in China at the G20 leaders meeting. And I think you heard a few things at that meeting that were important and different.</p><p> One is what I just talked about in terms of inclusive growth, in terms of everybody sharing in it. We used to be a chorus of maybe one talking about inclusive growth. All the leaders were talking about inclusive growth. I think there's a clear understanding that we have to show that the benefits of growth get to working people globally right now.</p><p> Secondly, there was a commitment to using all policy tools that is much stronger than its been in the past, where heads of state are talking about using the fiscal space they have more vigorously. And I think on the exchange rate issues that have been so vexing for a long time, we have a clear agreement to refrain from competitive devaluation and to coordinate together so that, at moments of volatility, we don't see unilateral actions that destabilize the global economy.</p><p> STEVE LIESMAN: I just want to come back to one of the things you just talked about, which is using the fiscal side.</p><p> Is the fiscal side getting a message from the monetary side that there's only so far they're willing to go? Mario Draghi last week suggested, you know, we're at a negative place. We don't want to go more negative. Possibility of the feds discussing raising interest rates. Is the fiscal side getting a new message from the monetary side?</p><p> JACOB LEW: As you know, Steve, I don't comment on monetary policy, particularly not fed policy.</p><p> STEVE LIESMAN: We're talking about fiscal policy.</p><p> JACOB LEW: I don't think that fiscal authorities needed messages from anyone that the fiscal tools are important. We've been delivering that message consistently since 2009. I've been doing it as treasury secretary for the last three and a half years. What we've seen over the last three years is a shift in the debate.</p><p> When I became treasury secretary, there was a global debate about austerity versus growth. We went to G7 and G20 meetings and there would be debates about austerity versus growth. Those debates are over. There is no more focus on austerity qua austerity. There is a focus on making sure there are sustainable fiscal plans, but in terms of short-term programs, the global community has embraced the idea that we need to use all policy tools.</p><p> Now, if you look around the world, even in the last six months, you've seen from China to Canada, from South Korea to Japan, more use of fiscal tools in a responsible way. It doesn't mean build up debt that's unsustainable. But it does mean don't try to hit deficit targets and debt targets in the short term when you need to get your economic engine moving.</p><p> I think fiscal authorities during this recession put more pressure on monetary authorities than they should have. I've said that all along. Here in the United States, we went too fast in the terms of some of the fiscal consolidation. There was a big debate in the United States in 2011 and 2012 about this. We've done okay. We could have done better. We could have had a little more growth if we had put some of the savings a few years out and less of the savings in the front end. Other countries didn't do as much as we did. They didn't have the recovery. They didn't do a payroll tax. You know they didn't come back repeatedly and put more fiscal power to deal with economies that needed it.</p><p> It wasn't always pretty in the United States, but we used all of our policy tools. Our fed was aggressive, our fiscal program was big, and our reform to the financial system was a structural reform that we needed here in the United States.</p><p> There are still challenges in the future, but our call internationally is for all the tools to be used.</p><p> STEVE LIESMAN: I want to talk about the challenges in the future. Could you give us an idea -- maybe you've thought about this. What goes in the letter that you leave for your successor?</p><p> JACOB LEW: Well, this may surprise you, Steve, but that's something you think about when you get to the last day, in my experience. You don't write it four months in advance.</p><p> I think that we're still focused on the work we have to finish in these next four months. I think that the economy that we are working through now and that we will leave behind is much, much stronger in almost every dimension than the economy we inherited. I'm proud of that. That's something the American people are well served by.</p><p> That doesn't mean that all of the challenges of the future are addressed. I think these questions of income inequality are deep economic and social issues. And we've put proposals forward that we believe deal with that in a sensible way to pay for things like education, starting with preschool, community college education, and pay for infrastructure and to have an equitable distribution of tax burden to pay for it. Those debates aren't over.</p><p> I think that if we take a long break from dealing with all of those issues, we pay a price. It starts to stress both the economy and the social fabric.</p><p> I think we've done enormously important work. I don't think any administration finishes the job. You pass the baton, and you give some advice, and then you try from the sidelines to help move things in the right direction.</p><p> STEVE LIESMAN: So I wonder if, four months in advance, you think about what you'd do personally. Have you thought about going back to Wall Street or academia? What have you thought about?</p><p> JACOB LEW: I have made one key decision: To live in the same city as my wife for the next four years.</p><p> STEVE LIESMAN: I'm looking forward to Lew the Musical. And thank you very much for joining us.</p><p> JACOB LEW: Thanks, Steve.</p><p> <strong>About CNBC:</strong></p><p> With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 386 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.</p><p> CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.</p><p> Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at <a href="http://www.nbcumv.com/programming/cnbc" target="_blank">http://www.nbcumv.com/programming/cnbc</a>. </p><p> For more information about NBCUniversal, please visit <a href="http://www.nbcuniversal.com/" target="_blank">http://www.NBCUniversal.com</a>.</p></div>

WHEN: Today, Tuesday, September 13th WHERE: CNBC's "Squawk Box" Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Treasury Secretary Jack Lew live from the CNBC Institutional Investor Delivering Alpha conference in New York City on Tuesday, September 13th. Following are links to the video of the interview on CNBC.com:http://video.cnbc.com/gallery/?video=3000550691, http://video.cnbc.com/gallery/?video=3000550692 and http://video.cnbc.com/gallery/?video=3000550696. Additional clips are available at CNBC.com. Mandatory credit: CNBC Institutional Investor Delivering Alpha conference. TYLER MATHISEN: Thank you, Mark. So this is Delivering Alpha Number 6. We're going to start using Roman numerals, so it's VI. We've had the privilege on five of -- this will be the fifth time -- save one of our Delivering Alphas, each time we've had the privilege of Treasury Secretary of the United States being with us, back to Mr. Geithner's term and now, for the third time, the 76th Treasury Secretary of the United States, please welcome to the stage, Jacob Lew and his interviewer, Steve Liesman, chief economics correspondent for CNBC. Got to get the title right. STEVE LIESMAN: Mr. Secretary, thank you for continuing this tradition of kicking off Delivering Alpha with us. JACOB LEW: Great to be with you this morning. STEVE LIESMAN: Am I right that you were just a little late because you were meeting with the lyricist for the musical that's going to be made with your tenureship? Is that right? JACOB LEW: Just like every other New Yorker, I was stuck in traffic. STEVE LIESMAN: Will it be rap? I want to start off with some of the headlines. I mean, it's been a series of headlines from your brief, so to speak, over the last several days. This morning there's a story that an executive who oversaw some of the places where there was alleged phony accounts created at Wells Fargo made $125 million. Do you feel this is money that should be clawed back or there should be systems in place to claw this money back? JACOB LEW: The consumer protection agency that took action against Wells Fargo is an important new addition to our protections for individuals and for the financial system. It didn't exist before financial reform. I think they uncovered practices that they have taken action against. I don't comment on specific regulatory matters. But what I can tell you is what I've seen from what they've done is bad behavior they were correct to take action against. And how that flows through in terms of next consequences is going to depend on the facts of the case. What I can tell you is there's a lot of talk in Washington these days about rolling back Dodd-Frank, about rolling back the law, changing the law that created the agency that uncovered and took action against this. This ought to be a moment when people stop and remember how dangerous the system is when you don't have the proper protections in place. This is something that our watchdogs found. If they were not there, they would still be going on. This is a wake-up call. It should remind all of us, and firms, that culture and compensation make a difference. How you reward people, how you motivate people, and what values you hold people to matter. There's a public responsibility, and I think the CFCB took action reflecting the public responsibility, and there's a private responsibility. And we each have to do our part. STEVE LIESMAN: But if culture and compensation make a difference, then why wouldn't you support a clawback of this? JACOB LEW: I'm not commenting one way or the other on the clawback. I really am not going to comment on the facts of the specific case. It's being reviewed by an independent regulator. It wouldn't be appropriate for me to speculate on something that I don't know all the facts of. I think I'm addressing the issue in a pretty conclusive way. This is unacceptable behavior. And it's the kind of behavior that we need to be able to catch and stop. STEVE LIESMAN: We've had billions of dollars of fines levied on financial institutions. And still this behavior is still being uncovered. Is Justice going far enough here? Do we need to be in a situation where, for example, companies are not allowed to plead that they didn't commit the alleged act and that there are individual indictments brought? We haven't seen that in any of these financial crimes, or very few of them. JACOB LEW: We have, I think, taken action on a pretty dramatic basis to put fines, penalties in place for firms that have acted badly. The question of whether or not to pursue criminal prosecution is a decision that prosecutors ultimately make. We have made clear we don't believe that anyone is too big to jail. It's up to prosecutors to decide how you pursue the criminal charges. It's not up to regulators or the policymakers. What I can say is that the pattern of behavior that we've seen here is something that needs to stop. It is not acceptable to do things that are designed to increase either an individual or a firm bottom line by deceiving consumers and passing along charges that are either invisible or they don't know about. And this is not the same as a financial crisis issue. This is really a consumer protection issue. I don't think this is a moment where we have to ask the kinds of questions that we did in 2008 about what it means about the underpinnings of the financial system. But when I hear people say we want to roll back the statute that created the consumer protection bureau, this is yet another proof point that it was the right thing to create, it's the right thing to have an independent director, and it's the right thing to make sure that there's somebody, and an entity watching over our system, to make sure that individuals get clear information about their financial products and, when firms or individuals behave badly, that somebody finds out about it and takes action. STEVE LIESMAN: Moving to another company story which is in the headlines, and you're doing specifically with this issue of Apple, an attempt by the European Union to get 14 1/2 billion dollars of back taxes. Beyond the company-specific story, is this an attempt by the E.U. to essentially grab unpaid American taxes? JACOB LEW: You know, Steve, I have an op-ed this morning in the "Wall Street Journal" where I went into some length describing our views on this. But let me briefly reprieve what I've said on this. We have for some time told the European Commission that we believe that this is an inappropriate approach. Why is it inappropriate? We agree with them that it's wrong for companies to avoid paying their fair share of taxes to get to zero or very low tax rates by taking advantage of tax havens. But the action that the European Commission took is out of the framework of normal tax policy, a retroactive tax that reaches into another country, another jurisdiction's tax base, in order to make sure that a firm pays its taxes. We agree with them that firms should pay their taxes. But when it's U.S. income, we think that that tax should be paid in the United States. We've done a lot of work over the last two years to work on an international basis to make sure that -- to share information better. And we have an ability to close several loopholes that have contributed to the erosion of tax bases around the world. We need to take action in the United States to decisively change and pushing firms to take their income overseas. We have a broken corporate tax code. We have the highest statutory tax rate in the developed world. It's riddled with deductions and loopholes that give advantages that we don't really need or would design for for today's economy. And the result is we see U.S. companies trying to impart income in lower tax jurisdictions. Now, those lower tax jurisdictions are for doing some things that aren't right also. The race to the bottom with low tax rates to be a magnet for those companies, that has to change too. But what action do we need to take in the United States? We need to fix our tax system. We need to close the loopholes. We need to lower the statutory tax rate. And one of the things that we've proposed, which I believe is an idea that will still have resonance in the year to come is that the revenue that we get by putting a one-time tax on income that's parked overseas will produce one-time revenue that ought to be used to fund an investment in infrastructure in this country. So we can do two things at the same time. We can fix a broken tax code. We can make it so that our companies don't feel they have to leave the United States to put their income overseas. And we can fix our broken infrastructure. What I don't think is right is for tax authorities and other jurisdictions to reach into our tax base and to remove the ability for us to execute what I just described. STEVE LIESMAN: So if they're reaching in on Apple, are there other company cases yet to come? JACOB LEW: There are a number of pending matters -- STEVE LIESMAN: Pending, but what about ones that you think there's going to be more of a grab at this point? JACOB LEW: I can't speak to the European Commission, but we have spoken on the policy. We don't address individual cases. As I mentioned before, I'm not addressing the individual case that they choose to act on. STEVE LIESMAN: So does that mean you won't join as a party to the case in Europe, to join as an amicus, so to speak? JACOB LEW: Well, the European procedure is a little bit different than ours. They are very aware of our views. We've submitted our views in a pretty formal way. The parties here are the government involved and the company involved. They've both indicated their intention to appeal. And we've made our views known to the authorities in Europe. And we've done it in a way that our views will be before the commission on future matters as well. STEVE LIESMAN: Let's talk about the tax rate, the right corporate tax rate. 35% is the current top rate, just the federal part. There's another six points or so according to the OECD that would be added on some level. You proposed 28. It seems like the House Republicans wanted 25, and Donald Trump wants 15. 15 would be toward the lower end of the OECD. 12 1/2 is Ireland. Germany is around 15. Why wouldn't we want a rate that low that would make America very competitive? JACOB LEW: The principle that's driven our work on tax reform is that it has to be revenue neutral. We are -- I don't think -- it would not be right for us to have individuals pay more taxes for us to lower the corporate tax rate. What we've proposed doing is eliminating loopholes and deductions and using the revenues that we get by doing that to reduce the tax rate on the business side as much as we can. We got to 28% essentially because that was the amount of loopholes that we could close. STEVE LIESMAN: I get what you're saying, and that makes perfect sense on one side of the ledger. But the other side of the ledger, at 28, you're still not competitive and there's still a 13-point incentive for companies to go overseas. JACOB LEW: In the 25-28% range, we're getting pretty close to the average. And a few minutes ago, I talked about the race to the bottom. Some of the pressures on countries that cut their tax rates to low rates in order to be a magnet, if we, as we have discussed in the G20 and the OECD and other international bodies, truly believe that we need to close down the pathways to tax avoidance, we're going to need to conform to some norms. And having countries go to very low tax rates is part of the problem. We have our problem. We have a very high rate and a broken system. We need to fix our system and take a look at theirs as well. STEVE LIESMAN: Is this a failure of the administration for corporate tax reform here? JACOB LEW: I actually think that if you look at the history of tax reform, it often takes many years for it to kind of take hold. And it's not unusual for it to begin in one administration and finish in another. I feel we've made actually a great deal of progress working through bipartisan conversations to build a growing consensus around the kind of approach that I've described. I think that there's an environment now where the political environment is not one where it has been ripe to take up something like this. But the ideas that we've been promoting will be the foundation for action in the future. So I actually feel we've moved significantly toward tax reform. You know, it takes a desire on the part of Congress to do something hard. Hard things don't happen unless there's a real, real desire to do it. And you need a partner. We have had individual partners, but, as a whole, we have not had that commitment. STEVE LIESMAN: But if you look at this issue from outside the Beltway, one guy is at 28, the other guy is at 25. Let's get in the room, spend 7 minutes, and we'll make a deal. It seems like you were impossibly close almost the entire time and didn't make it down there. JACOB LEW: You and I have discussed this a number of times, Steve. STEVE LIESMAN: And I still don't have a good -- not from you, but in general. JACOB LEW: I do believe that the people that we've engaged with, who have been leaders on the Republican side, now Speaker Paul Ryan, some senators who have been engaged in it, we've had a lot of conversations that lead me to believe there is the basis for an agreement. I just think the time for that agreement is probably not the next four months. STEVE LIESMAN: Do you look back -- JACOB LEW: In terms of need to do it, you look at the infrastructure component of this, I think there's an urgency right now to dealing with infrastructure. You look at the action taken by the European Commission, that's an urgency that we need to act if we want to protect our tax base. You have an alignment of forces right now that I think create a real opportunity. And I certainly think that's an opportunity the American people would be well served if Congress takes advantage of. STEVE LIESMAN: Let's talk about the Trans-Pacific Partnership. Again, that's another program or effort by the administration, worked hard on it, seemed to get agreement, and now can't get it through Congress. Do you regret that? Is that a failure of the administration? JACOB LEW: Well, first, I wouldn't draw conclusions about what we can and can't get through. STEVE LIESMAN: I'm watching my clock here. JACOB LEW: There's still time for the TPP, Trans-Pacific Partnership, to be approved. Let's start with the substance. TPP is a good economic deal for the United States. It's good for American workers. And it's good for U.S. security interests in the world. It means that they will have a more level playing field. American products and services, which are best in the world, will be able to compete on stronger ground. And it retains the U.S. leadership in the world on important strategic issues. So I think it's vitally important that we get it approved. I believe there's still support for TPP. There's clearly opponents of TPP. I can't question that. We've passed through the Congress, about a year ago, the underlying legislation, Trade Promotion Authority, which provides the procedural basis to approve TPP. TPA, I believe, was a harder vote than TPP. It was an abstraction; it wasn't a specific agreement. I can point in TPP to how it strengthens labor standards, how it strengthens environmental standards, how it raises business practices closer to our own. I can point around the world to countries that are already taking policy actions, whether it's Mexico or Vietnam, to meet some of those standards. I think we have the substance profoundly on our side. What I think the challenge we have -- and this is a big challenge. We can make the case that it will improve growth in the United States, and more GDP should be good for everyone. Where we're running into a problem right now is the sense that is not just in the United States, but it's in other parts of the world, that more growth does not necessarily mean better wages or better opportunity for working people. I think the issue that is the real issue that we're going to have to deal with is to show how the benefit gets to individuals. And that's bigger than TPP. I think we saw that in the United Kingdom in the vote recently on the referendum. STEVE LIESMAN: And that's a failure at every level of leadership, when it comes to economic issues, the issue of trade and its benefits. The support of the American people has eroded almost across the board. JACOB LEW: Right. But the point I just made, Steve, is it's broader than trade. I think it gets to the question of a social compact. I think it gets to the question of how free market capitalism and liberal democracy thrives. We have to ask some serious questions about what is it that's holding wages back? What is it that's preventing individuals from feeling that they have a share in growth? I know what we can do at a public policy level. At a public policy level, talking about infrastructure, and we talk about skills. If you want to have working people feel that they have a stake in the future, they have to have the skills to get jobs in the economy of the future, and they have to have the ability to get to and from home and work. And they have to see a growing economy that's going to grow the kinds of jobs that they can take advantage of. That's bigger than trade. I think we have a confluence of things that have been going on between technology and trade and the changing structure of our economy that are making it a challenging moment. But TPP on its face should be a clear plus. And we're going to continue to make that case. And I think we're going to have to demonstrate the commitment to working families. STEVE LIESMAN: But, I mean, in that equation, you have to address the omnibus criticism of the Obama administration, which was one of regulation that tamped down on private enterprise, and too much government intrusion into the private sector that really kept some of the gains getting to individuals. JACOB LEW: I think if you look at where the economy was when we took office just under eight years ago, it was in the middle of the greatest recession since the Great Depression. We were seeing unemployment at 10%. There was no bottom. We put in place an economic program that's lifted the United States out of that recession. We've seen sustained growth. We've seen 15 million new jobs. We're seeing wage growth. And some of these things that you're just labeling regulation are also why we're able to be in a place to meet our commitments to reduce our emissions and to meet the standards to make this a safer world by having our climate problems not engulf our future. There's a lot of things going on inside the package that you call just more regulation. This economy is a stronger economy because of the policies we've pursued. It's not as strong an economy as we would like to see. A lot of what I see as having held back the U.S. economy is the headwinds internationally. We've seen probably a half a percentage point of GDP shaved off the U.S. economy because demand globally has been weak. That's one of the reasons we put so much time into trying to help move the global debate towards using more policy tools to grow demand and grow the economy. And we've made progress there. I think we've made real progress. You are seeing a number of countries around the world put in place more aggressive policy using fiscal tools as well as monetary tools. So I think there's a lot of things going on. And I think right now the United States is looked to in the world as being a resilient economy that's bounced back. What I tell my colleagues around the world is we can't be the only engine in the world economy. There need to be multiple engines. STEVE LIESMAN: I want to get to the overall economy. But one of the things you've talked about is this need to invest in infrastructure. The Republican nominee has accomplished something like half a trillion dollars for spending on infrastructure. Do you think that's a good number? JACOB LEW: I have to tell you, Steve, I haven't dissected any of the campaign proposals. I'm not doing politics in my current life. I'm happy to talk about our policies, but I haven't actually taken apart the campaign proposals. STEVE LIESMAN: Well, what's the right number for infrastructure investment? I assume you're talking over a 10-year period. JACOB LEW: Yeah, the right number is a very, very big one. We have trillions of dollars that need to be invested. It's not all public money. What we did a year ago, a little over a year ago, is we extended our surface transportation funding for five years, basically at level funding, a little bit of an increase. Enough to maintain what we're doing now, not enough to build the new facilities that we need to compete in the 21st century. I think putting several hundred billion dollars of federal money into a commitment on a multiyear basis to build infrastructure would have an effect on state and local planning that would bring more state and local resources to bear and, just as importantly, would be a foundation for public-private partnerships, which is what gives you the ability to leverage the amount of resource you are putting in. This is not all a question of just federal funding. But federal funding has been the foundation. One of the things that we do is we create a kind of certainty out there that there's steady flow to get projects off the drawing board. Without that, the whole system slows down. And I think we have taken some time off from driving that process forward, not to the point that it's irreparable, but we can't take another decade off. STEVE LIESMAN: At the same time, when we look at overall economic growth, we're doing just around 1% the last three quarters. How much concern has this caused you that we can't even get to the new lower new normal of 2%? JACOB LEW: I think when you go quarter to quarter, sometimes you can overexplain an individual quarter. We've seen growth in the low 2% for a number of years now. We're continuing to see strong labor markets. We're continuing to see improvements in wage growth. Consumers in the U.S. are very strong. Housing is doing better. Autos have been doing very well. The weak spot on the economic picture is investment. And I think that if we could figure out what it is that's going on in investment and productivity to drive the investment numbers forward, that would be very important. I mean, I think that there is a lingering lack of confidence in the global economy coming out of the economic crisis. It was a deep, deep economic crisis. It left concern. How do you know we're not snapping back? I think in the United States we've demonstrated pretty decisively that we're not slipping back. There are other parts of the world where every three to six months you wonder, is it going one way or the other? There's a lot of geopolitical risks. I think we have to stabilize those risks. One of the things we do when we meet in the G20 is focus on that. And just last week we met in China at the G20 leaders meeting. And I think you heard a few things at that meeting that were important and different. One is what I just talked about in terms of inclusive growth, in terms of everybody sharing in it. We used to be a chorus of maybe one talking about inclusive growth. All the leaders were talking about inclusive growth. I think there's a clear understanding that we have to show that the benefits of growth get to working people globally right now. Secondly, there was a commitment to using all policy tools that is much stronger than its been in the past, where heads of state are talking about using the fiscal space they have more vigorously. And I think on the exchange rate issues that have been so vexing for a long time, we have a clear agreement to refrain from competitive devaluation and to coordinate together so that, at moments of volatility, we don't see unilateral actions that destabilize the global economy. STEVE LIESMAN: I just want to come back to one of the things you just talked about, which is using the fiscal side. Is the fiscal side getting a message from the monetary side that there's only so far they're willing to go? Mario Draghi last week suggested, you know, we're at a negative place. We don't want to go more negative. Possibility of the feds discussing raising interest rates. Is the fiscal side getting a new message from the monetary side? JACOB LEW: As you know, Steve, I don't comment on monetary policy, particularly not fed policy. STEVE LIESMAN: We're talking about fiscal policy. JACOB LEW: I don't think that fiscal authorities needed messages from anyone that the fiscal tools are important. We've been delivering that message consistently since 2009. I've been doing it as treasury secretary for the last three and a half years. What we've seen over the last three years is a shift in the debate. When I became treasury secretary, there was a global debate about austerity versus growth. We went to G7 and G20 meetings and there would be debates about austerity versus growth. Those debates are over. There is no more focus on austerity qua austerity. There is a focus on making sure there are sustainable fiscal plans, but in terms of short-term programs, the global community has embraced the idea that we need to use all policy tools. Now, if you look around the world, even in the last six months, you've seen from China to Canada, from South Korea to Japan, more use of fiscal tools in a responsible way. It doesn't mean build up debt that's unsustainable. But it does mean don't try to hit deficit targets and debt targets in the short term when you need to get your economic engine moving. I think fiscal authorities during this recession put more pressure on monetary authorities than they should have. I've said that all along. Here in the United States, we went too fast in the terms of some of the fiscal consolidation. There was a big debate in the United States in 2011 and 2012 about this. We've done okay. We could have done better. We could have had a little more growth if we had put some of the savings a few years out and less of the savings in the front end. Other countries didn't do as much as we did. They didn't have the recovery. They didn't do a payroll tax. You know they didn't come back repeatedly and put more fiscal power to deal with economies that needed it. It wasn't always pretty in the United States, but we used all of our policy tools. Our fed was aggressive, our fiscal program was big, and our reform to the financial system was a structural reform that we needed here in the United States. There are still challenges in the future, but our call internationally is for all the tools to be used. STEVE LIESMAN: I want to talk about the challenges in the future. Could you give us an idea -- maybe you've thought about this. What goes in the letter that you leave for your successor? JACOB LEW: Well, this may surprise you, Steve, but that's something you think about when you get to the last day, in my experience. You don't write it four months in advance. I think that we're still focused on the work we have to finish in these next four months. I think that the economy that we are working through now and that we will leave behind is much, much stronger in almost every dimension than the economy we inherited. I'm proud of that. That's something the American people are well served by. That doesn't mean that all of the challenges of the future are addressed. I think these questions of income inequality are deep economic and social issues. And we've put proposals forward that we believe deal with that in a sensible way to pay for things like education, starting with preschool, community college education, and pay for infrastructure and to have an equitable distribution of tax burden to pay for it. Those debates aren't over. I think that if we take a long break from dealing with all of those issues, we pay a price. It starts to stress both the economy and the social fabric. I think we've done enormously important work. I don't think any administration finishes the job. You pass the baton, and you give some advice, and then you try from the sidelines to help move things in the right direction. STEVE LIESMAN: So I wonder if, four months in advance, you think about what you'd do personally. Have you thought about going back to Wall Street or academia? What have you thought about? JACOB LEW: I have made one key decision: To live in the same city as my wife for the next four years. STEVE LIESMAN: I'm looking forward to Lew the Musical. And thank you very much for joining us. JACOB LEW: Thanks, Steve. About CNBC: With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 386 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries. CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV. Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc. For more information about NBCUniversal, please visit http://www.NBCUniversal.com.

2021-10-30 14:12:35.001838

Ukraine-Russia prisoner swap is opportunity to resolve crisis: French minister

https://www.cnbc.com/2019/09/08/ukraine-russia-prisoner-swap-is-chance-to-fix-crisis-french-minister.html

2019-09-08T15:38:21+0000

CNBC

France's foreign minister said on Sunday a prisoner swap between Ukraine and Russia was an opportunity to find a solution to the crisis."There is an opportunity, a door opened to start making progress towards settling this conflict," Le Drian told Europe 1 radio,Russia and Ukraine swapped dozens of prisoners on Saturday in a carefully-negotiated rapprochement that brought Western praise and could thaw a freeze in relations since Moscow's annexation of the Crimea region in 2014.

cnbc, Articles, France, Ukraine, Russia, Europe News, Politics, World News, World Politics, source:tagname:Reuters

<div class="group"><p>France's foreign minister said on Sunday a prisoner swap between Ukraine and Russia was an opportunity to find a solution to the crisis.</p><p>"There is an opportunity, a door opened to start making progress towards settling this conflict," Le Drian told Europe 1 radio,</p><div style="height:100%" class="lazyload-placeholder"></div><p>Russia and Ukraine swapped dozens of prisoners on Saturday in a carefully-negotiated rapprochement that brought Western praise and could thaw a freeze in relations since Moscow's annexation of the Crimea region in 2014.</p></div>

France's foreign minister said on Sunday a prisoner swap between Ukraine and Russia was an opportunity to find a solution to the crisis."There is an opportunity, a door opened to start making progress towards settling this conflict," Le Drian told Europe 1 radio,Russia and Ukraine swapped dozens of prisoners on Saturday in a carefully-negotiated rapprochement that brought Western praise and could thaw a freeze in relations since Moscow's annexation of the Crimea region in 2014.

2021-10-30 14:12:35.038930

Starbucks espresso goes 'blonde' to lure in new coffee drinkers

https://www.cnbc.com/2018/01/08/starbucks-espresso-goes-blonde-to-lure-in-new-coffee-drinkers.html

2018-01-09T08:00:00+0000

Sarah Whitten

CNBC

Starbucks' coffee isn't the only menu item to go blonde.The coffee giant is now offering "blonde espresso" at all U.S. locations, marking the first time the company has given its consumers a chance to pick the espresso in their cup.This new espresso, made with beans from Latin America, packs 10 more milligrams of caffeine per shot and has a distinctively crisp, citrus flavor and a creamy texture.The company said it hopes offering customers a little more choice will make espresso more approachable to new coffee drinkers. This gateway espresso will be a permanent fixture on Starbucks' menu for the same price as Starbucks' Signature espresso shot.The company introduced blonde espresso in Canada before testing it in Austin, Texas, and Tampa, Florida. Starbucks said that it was well-received by customers and its baristas.Starbucks has worked hard to define itself as a go-to premium coffee destination, especially with its newer Roastery and Reserve Bar locations. Adding blonde espresso allows the company to appeal to consumers who haven't acquired a taste for strong and bold coffee flavors. Because of this, Starbucks said that it isn't worried about sales cannibalization.This product launch, which started Tuesday, comes at a time when Starbucks is faced with increasing competition from coffee companies like Dunkin' Donuts, which has increased its number and variety of premium coffee items, and even fast-food chains like McDonald's, which has gained a foothold in the market with its $2 McCafe drinks.Starbucks is also under pressure to revitalize its U.S. sales growth. In November, Starbucks reset its long-term financial targets, and now expects global same-store sales growth of 3 percent to 5 percent, down from a prior goal of mid-single digit growth.

cnbc, Articles, McDonald's Corp, Dunkin' Brands Group Inc, Starbucks Corp, Retail industry, Restaurants, Retail, US: News, DO NOT USE Consumer, Business News, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/SBUX" target="_blank">Starbucks</a>' coffee isn't the only menu item to go blonde.</p><p>The coffee giant is now offering "blonde espresso" at all U.S. locations, marking the first time the company has given its consumers a chance to pick the espresso in their cup.</p><div style="height:100%" class="lazyload-placeholder"></div><p>This new espresso, made with beans from Latin America, packs 10 more milligrams of caffeine per shot and has a distinctively crisp, citrus flavor and a creamy texture.</p><p>The company said it hopes offering customers a little more choice will make espresso more approachable to new coffee drinkers. This gateway espresso will be a permanent fixture on Starbucks' menu for the same price as Starbucks' Signature espresso shot.</p><p>The company introduced blonde espresso in Canada before testing it in Austin, Texas, and Tampa, Florida. Starbucks said that it was well-received by customers and its baristas.</p><p>Starbucks has worked hard to define itself as a go-to premium coffee destination, especially with its newer Roastery and Reserve Bar locations. Adding blonde espresso allows the company to appeal to consumers who haven't acquired a taste for strong and bold coffee flavors. Because of this, Starbucks said that it isn't worried about sales cannibalization.</p><p>This product launch, which started Tuesday, comes at a time when Starbucks is faced with increasing competition from coffee companies like <a href="//www.cnbc.com/quotes/DNKN" target="_blank">Dunkin' Donuts</a>, which has increased its number and variety of premium coffee items, and even fast-food chains like <a href="//www.cnbc.com/quotes/MCD" target="_blank">McDonald's</a>, which has gained a foothold in the market with its $2 McCafe drinks.</p><p>Starbucks is also under pressure to revitalize its U.S. sales growth. In November, Starbucks reset its long-term financial targets, and now expects global same-store sales growth of 3 percent to 5 percent, down from a prior goal of mid-single digit growth. </p></div>

Starbucks' coffee isn't the only menu item to go blonde.The coffee giant is now offering "blonde espresso" at all U.S. locations, marking the first time the company has given its consumers a chance to pick the espresso in their cup.This new espresso, made with beans from Latin America, packs 10 more milligrams of caffeine per shot and has a distinctively crisp, citrus flavor and a creamy texture.The company said it hopes offering customers a little more choice will make espresso more approachable to new coffee drinkers. This gateway espresso will be a permanent fixture on Starbucks' menu for the same price as Starbucks' Signature espresso shot.The company introduced blonde espresso in Canada before testing it in Austin, Texas, and Tampa, Florida. Starbucks said that it was well-received by customers and its baristas.Starbucks has worked hard to define itself as a go-to premium coffee destination, especially with its newer Roastery and Reserve Bar locations. Adding blonde espresso allows the company to appeal to consumers who haven't acquired a taste for strong and bold coffee flavors. Because of this, Starbucks said that it isn't worried about sales cannibalization.This product launch, which started Tuesday, comes at a time when Starbucks is faced with increasing competition from coffee companies like Dunkin' Donuts, which has increased its number and variety of premium coffee items, and even fast-food chains like McDonald's, which has gained a foothold in the market with its $2 McCafe drinks.Starbucks is also under pressure to revitalize its U.S. sales growth. In November, Starbucks reset its long-term financial targets, and now expects global same-store sales growth of 3 percent to 5 percent, down from a prior goal of mid-single digit growth.

2021-10-30 14:12:35.076185

What you should do if you or someone you know is fully vaccinated but tests positive for Covid anyway

https://www.cnbc.com/2021/07/22/what-to-do-if-fully-vaccinated-person-test-positive-covid-breakthrough.html

2021-07-22T17:55:50+0000

Cory Stieg

CNBC

High-profile "breakthrough" Covid cases, from an aide to House Speaker Nancy Pelosi to U.S. gymnast Kara Eaker to several Yankees, are raising questions about what a positive test means for those who are fully vaccinated.The Centers for Disease Control and Prevention only counts breakthrough cases that lead to hospitalizations and deaths: Since July 12, it's documented 5,492 such patients (the majority of whom are over the age of 65) out of the more than 160 million people in the U.S. who have been fully vaccinated.Still, breakthrough cases are not something to ignore, especially with the more transmissible and dangerous delta variant now accounting for 83% of all sequenced Covid cases in the U.S."We are concerned that we are seeing more so-called breakthrough infections," Dr. Anthony Fauci, White House chief medical advisor told CNBC's Sara Eisen on "Closing Bell" Wednesday. "That's something we obviously don't want to see we're dealing with a highly transmissible virus."That's because any case of Covid can continue the spread of Covid and its variants, says Dr. Iahn Gonsenhauser, chief quality and patient safety officer at The Ohio State University Wexner Medical Center."If you're vaccinated and have a breakthrough positive case, you want to limit your exposure to others so that we can limit the capacity that the viral variants have both to spread and to continue to mutate," Gonsenhauser says.Here's what you need to know:

makeit, Articles, Entrepreneurship, Nancy Pelosi, United States, Make It, Make It - Life, Health Tips and Wellness Advice, source:tagname:CNBC US Source

2021-10-30 14:12:35.107603

Lower Output, Higher Costs Hit Statoil Operating Profit

https://www.cnbc.com/2007/10/29/lower-output-higher-costs-hit-statoil-operating-profit.html

2007-10-29T12:54:58+0000

CNBC

Norway's StatoilHydro said currency gains boosted its third-quarter net profit, but lower oil and gas output and higher costs hit operating results and made the $110 billion group cautious on 2007 production targets.Output fell 2 percent year-on-year to just over 1 million barrels of oil equivalent per day, a touch below forecasts and echoing industry trends seen at both Shell and BP, where production fell 4 percent.Shares in StatoilHydro rose 1.6 percent to 185.7 crowns after a slow start to outpace the DJ Stoxx Oil and Gas Index, up 1.2 percent on the back of record oil prices.Earnings before interest and tax fell to 24.4 billion crowns ($4.54 billion) in July-September from 30.2 billion a year ago, worse than all forecasts by 18 analysts in a Reuters poll, which ranged from 24.8 billion to 30.3 billion crowns."The decrease is mainly caused by lower downstream results, a 15 percent decrease in gas prices, as well as higher operational costs and exploration activity," Chief Executive Helge Lund told a news conference on Monday.Net profit rose 26 percent to 10.7 billion crowns, beating an average forecast of 9.9 billion in the Reuters survey, "mainly due to an increase in net financial items from currency gains," StatoilHydro said.The third-quarter results are the last without the oil and gas assets of industrial group Norsk Hydro, which Statoil officially took over on Oct. 1 to become StatoilHydro."The numbers were worse than expected, and adjusted for one-off effects, they were even worse," said analyst Martin Moelsaeter at First Securities.Foggy GuidanceLund said he expected Statoil's production to be at the lower end of its 2007 target of 1.15-1.2 million boed, but offered little vision for beyond this year.The group will give figures including output from the acquired Norsk Hydro assets on Nov. 12, and its production targets for 2008 are due out early next year.Mark Bloomfield, analyst at Citigroup Global Markets, said StatoilHydro did not have a "confidence-building quarter" in terms of production, but he expected combined StatoilHydro production to grow by 8 percent in 2008."(StatoilHydro's investment) story may be hurt by near-term uncertainty over volume guidance, but this is presently outweighed by $90 a barrel plus oil price," Bloomfield said."StatoilHydro remains our top pick (in Europe's integrated oil and gas segment), reflecting attractive fundamental valuation and a 10 percent ... discount to the peer group."StatoilHydro's oil and gas production in the third quarter fell to 1.056 million barrels of oil equivalent per day, below the 1.08 million boed average forecast. Its production costs per barrel rose to 31.3 crowns for the 12 months ended Sept. 30, from 26.2 crowns for all of 2006.Russian HopesLast week StatoilHydro agreed with Russia's Gazprom to become a partner in the giant Shtokman gas field in the Russian part of the Barents Sea.Lund said costs stemming from the deal will come later. "We have not paid one crown at this stage," Lund told Reuters, rejecting Russian newspaper reports that his group had paid hundreds of millions to participate in the project.StatoilHydro has said project expenses are limited initially to the costs of planning and studies, until a final investment decision is made, probably in the second half of 2009.In a research note on Friday, HSBC said if the Shtokman deal went ahead it could be worth an additional 2.5-5 crowns per StatoilHydro share.StatoilHydro gets 24 percent of the company that will develop the Arctic field, by far the biggest in Europe, and will probably be able to book reserves from it despite not being a direct owner of the field. It joins France's Total as a second western partner in Shtokman.Shares in StatoilHydro have surged by 22 percent since mid-August lows, outpacing an 18 percent rise by the DJ Stoxx Oil and Gas Index. According to Reuters Knowledge, StatoilHydro trades at around 11.5 times forecast 2008 earnings, below the 12.9 times average in the Integrated Oil and Gas sector.

cnbc, Articles, Companies, source:tagname:Reuters

<div class="group"><p>Norway's StatoilHydro said currency gains boosted its third-quarter net profit, but lower oil and gas output and higher costs hit operating results and made the $110 billion group cautious on 2007 production targets.</p><p>Output fell 2 percent year-on-year to just over 1 million barrels of oil equivalent per day, a touch below forecasts and echoing industry trends seen at both Shell and BP, where production fell 4 percent.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Shares in StatoilHydro rose 1.6 percent to 185.7 crowns after a slow start to outpace the DJ Stoxx Oil and Gas Index, up 1.2 percent on the back of record oil prices.</p><p>Earnings before interest and tax fell to 24.4 billion crowns ($4.54 billion) in July-September from 30.2 billion a year ago, worse than all forecasts by 18 analysts in a Reuters poll, which ranged from 24.8 billion to 30.3 billion crowns.</p><p>"The decrease is mainly caused by lower downstream results, a 15 percent decrease in gas prices, as well as higher operational costs and exploration activity," Chief Executive Helge Lund told a news conference on Monday.</p><p>Net profit rose 26 percent to 10.7 billion crowns, beating an average forecast of 9.9 billion in the Reuters survey, "mainly due to an increase in net financial items from currency gains," StatoilHydro said.</p><p>The third-quarter results are the last without the oil and gas assets of industrial group Norsk Hydro, which Statoil officially took over on Oct. 1 to become StatoilHydro.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"The numbers were worse than expected, and adjusted for one-off effects, they were even worse," said analyst Martin Moelsaeter at First Securities.</p><p><strong>Foggy Guidance</strong></p><p>Lund said he expected Statoil's production to be at the lower end of its 2007 target of 1.15-1.2 million boed, but offered little vision for beyond this year.</p><p>The group will give figures including output from the acquired Norsk Hydro assets on Nov. 12, and its production targets for 2008 are due out early next year.</p><p>Mark Bloomfield, analyst at Citigroup Global Markets, said StatoilHydro did not have a "confidence-building quarter" in terms of production, but he expected combined StatoilHydro production to grow by 8 percent in 2008.</p><p>"(StatoilHydro's investment) story may be hurt by near-term uncertainty over volume guidance, but this is presently outweighed by $90 a barrel plus oil price," Bloomfield said.</p><p>"StatoilHydro remains our top pick (in Europe's integrated oil and gas segment), reflecting attractive fundamental valuation and a 10 percent ... discount to the peer group."</p><p>StatoilHydro's oil and gas production in the third quarter fell to 1.056 million barrels of oil equivalent per day, below the 1.08 million boed average forecast. Its production costs per barrel rose to 31.3 crowns for the 12 months ended Sept. 30, from 26.2 crowns for all of 2006.</p><p><strong>Russian Hopes</strong></p><p>Last week StatoilHydro agreed with Russia's Gazprom to become a partner in the giant Shtokman gas field in the Russian part of the Barents Sea.</p><p>Lund said costs stemming from the deal will come later. "We have not paid one crown at this stage," Lund told Reuters, rejecting Russian newspaper reports that his group had paid hundreds of millions to participate in the project.</p><p>StatoilHydro has said project expenses are limited initially to the costs of planning and studies, until a final investment decision is made, probably in the second half of 2009.</p><p>In a research note on Friday, HSBC said if the Shtokman deal went ahead it could be worth an additional 2.5-5 crowns per StatoilHydro share.</p><p>StatoilHydro gets 24 percent of the company that will develop the Arctic field, by far the biggest in Europe, and will probably be able to book reserves from it despite not being a direct owner of the field. It joins France's Total as a second western partner in Shtokman.</p><p>Shares in StatoilHydro have surged by 22 percent since mid-August lows, outpacing an 18 percent rise by the DJ Stoxx Oil and Gas Index. </p><p>According to Reuters Knowledge, StatoilHydro trades at around 11.5 times forecast 2008 earnings, below the 12.9 times average in the Integrated Oil and Gas sector.</p></div>

Norway's StatoilHydro said currency gains boosted its third-quarter net profit, but lower oil and gas output and higher costs hit operating results and made the $110 billion group cautious on 2007 production targets.Output fell 2 percent year-on-year to just over 1 million barrels of oil equivalent per day, a touch below forecasts and echoing industry trends seen at both Shell and BP, where production fell 4 percent.Shares in StatoilHydro rose 1.6 percent to 185.7 crowns after a slow start to outpace the DJ Stoxx Oil and Gas Index, up 1.2 percent on the back of record oil prices.Earnings before interest and tax fell to 24.4 billion crowns ($4.54 billion) in July-September from 30.2 billion a year ago, worse than all forecasts by 18 analysts in a Reuters poll, which ranged from 24.8 billion to 30.3 billion crowns."The decrease is mainly caused by lower downstream results, a 15 percent decrease in gas prices, as well as higher operational costs and exploration activity," Chief Executive Helge Lund told a news conference on Monday.Net profit rose 26 percent to 10.7 billion crowns, beating an average forecast of 9.9 billion in the Reuters survey, "mainly due to an increase in net financial items from currency gains," StatoilHydro said.The third-quarter results are the last without the oil and gas assets of industrial group Norsk Hydro, which Statoil officially took over on Oct. 1 to become StatoilHydro."The numbers were worse than expected, and adjusted for one-off effects, they were even worse," said analyst Martin Moelsaeter at First Securities.Foggy GuidanceLund said he expected Statoil's production to be at the lower end of its 2007 target of 1.15-1.2 million boed, but offered little vision for beyond this year.The group will give figures including output from the acquired Norsk Hydro assets on Nov. 12, and its production targets for 2008 are due out early next year.Mark Bloomfield, analyst at Citigroup Global Markets, said StatoilHydro did not have a "confidence-building quarter" in terms of production, but he expected combined StatoilHydro production to grow by 8 percent in 2008."(StatoilHydro's investment) story may be hurt by near-term uncertainty over volume guidance, but this is presently outweighed by $90 a barrel plus oil price," Bloomfield said."StatoilHydro remains our top pick (in Europe's integrated oil and gas segment), reflecting attractive fundamental valuation and a 10 percent ... discount to the peer group."StatoilHydro's oil and gas production in the third quarter fell to 1.056 million barrels of oil equivalent per day, below the 1.08 million boed average forecast. Its production costs per barrel rose to 31.3 crowns for the 12 months ended Sept. 30, from 26.2 crowns for all of 2006.Russian HopesLast week StatoilHydro agreed with Russia's Gazprom to become a partner in the giant Shtokman gas field in the Russian part of the Barents Sea.Lund said costs stemming from the deal will come later. "We have not paid one crown at this stage," Lund told Reuters, rejecting Russian newspaper reports that his group had paid hundreds of millions to participate in the project.StatoilHydro has said project expenses are limited initially to the costs of planning and studies, until a final investment decision is made, probably in the second half of 2009.In a research note on Friday, HSBC said if the Shtokman deal went ahead it could be worth an additional 2.5-5 crowns per StatoilHydro share.StatoilHydro gets 24 percent of the company that will develop the Arctic field, by far the biggest in Europe, and will probably be able to book reserves from it despite not being a direct owner of the field. It joins France's Total as a second western partner in Shtokman.Shares in StatoilHydro have surged by 22 percent since mid-August lows, outpacing an 18 percent rise by the DJ Stoxx Oil and Gas Index. According to Reuters Knowledge, StatoilHydro trades at around 11.5 times forecast 2008 earnings, below the 12.9 times average in the Integrated Oil and Gas sector.

2021-10-30 14:12:35.292338

Cramer: 'I'd Love It' If Microsoft Spun Off Xbox

https://www.cnbc.com/2013/05/06/cramer-id-love-it-if-microsoft-spun-off-xbox.html

2013-05-06T14:07:28+0000

Paul Toscano

CNBC

Microsoft owns a number of under-appreciated businesses in the under-appreciated tech sector, and the stock is cheap right now, CNBC's Jim Cramer said Monday. "What's so interesting is that the cheapest stocks are tech. They are cheap and people want to have cheap," Cramer said on "Squawk on the Street.""I see value in tech. The difficult thing is that if you want to sell in May, there are other people who are hoping you'll sell in May in order to get that performance."

cnbc, Articles, Microsoft Corp, Technology, Netflix Inc, HP Inc, Xilinx Inc, Texas Instruments Inc, BMC Software Inc, Adobe Inc., General Mills Inc, Kellogg Co, Stock Blog, Squawk on the Street, Markets, stocks, source:tagname:CNBC US Source

<div class="group"><p> <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> owns a number of under-appreciated businesses in the under-appreciated <a href="https://www.cnbc.com/technology/">tech sector</a>, and the stock is cheap right now, CNBC's Jim Cramer said Monday.</p><p> "What's so interesting is that the cheapest stocks are tech. They are cheap and people want to have cheap," Cramer said <span>on </span><a href="https://www.cnbc.com/squawk-on-the-street/">"Squawk on the Street."</a></p><div style="height:100%" class="lazyload-placeholder"></div><p>"I see value in tech. The difficult thing is that if you want to sell in May, there are other people who are hoping you'll sell in May in order to get that performance."</p></div>,<div class="group"><p> With several Wall Street firms <a href="https://www.cnbc.com/2013/04/25/cramer-what-you-absolutely-must-know-about-street-analysis.html">downgrading Microsoft shares</a> because of expected weakness in earnings, Cramer said "it was just the opposite. They were strong. The entertainment and device business is terrific. ... I thought that the quarter was excellent."</p><p> With a new Xbox on the way, Cramer said Microsoft CEO Steve Ballmer "has changed the way that people look at that company. It's maybe late in the game for him, but I like the fact that the company has, to me, been proving the doubters wrong." </p><p> (<em>Related:</em> <a href="https://www.cnbc.com/2013/04/25/cramer-what-you-absolutely-must-know-about-street-analysis.html">Cramer: What You Absolutely Must Know about Street Analysis</a>)</p><p> "I like the idea that there's a 'sum of the parts' here that is much bigger than people realize," he said. With the company's cloud business and entertainment business surfacing as multibillion dollar brands, "suddenly you have to look at this company as a different animal." <br></p><div style="height:100%" class="lazyload-placeholder"></div><p> "I would love, love, love a piece, if they were to spin out Xbox," he said. "Xbox plus <a href="//www.cnbc.com/quotes/NFLX" target="_blank">Netflix</a>, if they bought Netflix then you would see that this company has a lot of weapons. It's certainly better than <a href="//www.cnbc.com/quotes/HPQ" target="_blank">Hewlett-Packard</a>." <br></p><p> Although many still see Microsoft as a "PC company," Cramer also likes the cash position and the component businesses. <br></p><p> (<em>Read More</em>: <a href="https://www.cnbc.com/2013/05/06/bill-gates-on-microsofts-apple-attack-plan.html">Bill Gates on Microsoft's Apple Attack Plan</a>)</p><p> Cramer said he sees this as an execution story, which has also helped companies like <a href="//www.cnbc.com/quotes/XLNX" target="_blank">Xilinx</a>, <a href="//www.cnbc.com/quotes/TXN" target="_blank">Texas Instruments</a>, <a href="//www.cnbc.com/quotes/02P-FF" target="_blank">BMC Software</a> and <a href="//www.cnbc.com/quotes/ADBE" target="_blank">Adobe</a>. "This is an undervalued sector," he said, comparing the group to consumer products names that are relatively much more expensive. <br></p><p> With earnings around 12 times earnings in tech, Cramer pointed to multiples in consumer names like <a href="//www.cnbc.com/quotes/K" target="_blank">Kellogg</a> and <a href="//www.cnbc.com/quotes/GIS" target="_blank">General Mills</a> at around 19 times earnings. He said that he would be more comfortable owning Microsoft at these levels than consumer companies at more expensive levels. </p></div>,<div class="group"><p> <em>— By CNBC's Paul Toscano. <a href="https://twitter.com/ToscanoPaul" class="webresource" target="_blank">Follow him on Twitter</a> and get the latest stories from "Squawk on the Street" <a href="https://twitter.com/ToscanoPaul" class="webresource" target="_blank">@ToscanoPaul</a></em><br></p><p> <br></p></div>

Microsoft owns a number of under-appreciated businesses in the under-appreciated tech sector, and the stock is cheap right now, CNBC's Jim Cramer said Monday. "What's so interesting is that the cheapest stocks are tech. They are cheap and people want to have cheap," Cramer said on "Squawk on the Street.""I see value in tech. The difficult thing is that if you want to sell in May, there are other people who are hoping you'll sell in May in order to get that performance." With several Wall Street firms downgrading Microsoft shares because of expected weakness in earnings, Cramer said "it was just the opposite. They were strong. The entertainment and device business is terrific. ... I thought that the quarter was excellent." With a new Xbox on the way, Cramer said Microsoft CEO Steve Ballmer "has changed the way that people look at that company. It's maybe late in the game for him, but I like the fact that the company has, to me, been proving the doubters wrong." (Related: Cramer: What You Absolutely Must Know about Street Analysis) "I like the idea that there's a 'sum of the parts' here that is much bigger than people realize," he said. With the company's cloud business and entertainment business surfacing as multibillion dollar brands, "suddenly you have to look at this company as a different animal." "I would love, love, love a piece, if they were to spin out Xbox," he said. "Xbox plus Netflix, if they bought Netflix then you would see that this company has a lot of weapons. It's certainly better than Hewlett-Packard." Although many still see Microsoft as a "PC company," Cramer also likes the cash position and the component businesses. (Read More: Bill Gates on Microsoft's Apple Attack Plan) Cramer said he sees this as an execution story, which has also helped companies like Xilinx, Texas Instruments, BMC Software and Adobe. "This is an undervalued sector," he said, comparing the group to consumer products names that are relatively much more expensive. With earnings around 12 times earnings in tech, Cramer pointed to multiples in consumer names like Kellogg and General Mills at around 19 times earnings. He said that he would be more comfortable owning Microsoft at these levels than consumer companies at more expensive levels. — By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from "Squawk on the Street" @ToscanoPaul

2021-10-30 14:12:35.365360

Greece Aid Suspension Talk 'Premature': Senior IMF Official

https://www.cnbc.com/2013/06/21/greece-aid-suspension-talk-premature-senior-imf-official.html

2013-06-21T06:49:10+0000

Matt Clinch

CNBC

Talk of a suspension of bailout money to struggling euro zone country Greece is "premature", according to a senior International Monetary Fund (IMF) official.

cnbc, Articles, Business News, Economy, World Economy, SPIEF 2018, source:tagname:CNBC US Source

<div class="group"><p><span>Talk of a suspension of bailout money to struggling euro zone country Greece is "premature", according to a senior International Monetary Fund (IMF) official.</span></p></div>,<div class="group"><p> "The story is premature. We are still having discussions with Greece. Provided that we can reach agreement with them before the end of July , there's financing for the subsequent year," David Lipton, the deputy managing director of the IMF told CNBC at the St. Petersburg International Economic Forum.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> (<em>Read More</em>: <!-- -->)<br></p><p> Officials involved in the Greek bailout told the Financial Times on Thursday that the IMF is preparing to withdraw its monetary support from the end of July unless euro zone leaders plug a 3 - 4 billion euro funding gap that has opened up in Greece's 172 billion bailout program.<br></p><p> According to reports, the gap has emerged because euro zone central banks have refused to roll over Greek debt that they hold - refusing to buy new bonds when older bonds mature. Reuters reported Wednesday that foot-dragging could leave Greece some 2 billion euros ($2.7 billion) short this year.<br></p><p> "The central banks will make their own decisions. They've made pledges in the way in which they are going to help Greece and we're pretty sure that they are going to carry out those pledges," Lipton said.</p></div>,<div class="group"><p> (<em>Read More</em>: <a href="https://www.cnbc.com/2013/06/21/eu-to-decide-who-pays-when-banks-fail.html">EU to Decide Who Pays When Banks Fail</a>)<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> The Financial Times article is a story of European provision of finance and not specially about the Greek bailout, he said, adding that he doubted that the suggestion was purposely leaked to journalists to place pressure on Greece to deliver its reforms.<br></p><p> "We have to count on the fact that markets are generally deep enough, that if some participants have a game and they want to get out and get yields back up, there will be somebody else willing to come in and buy who realizes that prices have gotten out of line," he said.<br></p><p> (<em>Read More</em>: <a href="https://www.cnbc.com/2013/06/06/for-hardhit-greeks-imf-mea-culpa-comes-too-late.html">For Hard-Hit Greeks, IMF Culpa Comes Too Late</a>)<br></p><p> Greece is making progress but there are still some issues to be resolved, Lipton said, adding that Greece's measures to privatize certain sectors were one issue but numerous steps still needed to be taken.<br></p><p> "Our job is to go out and fight the crisis of the day. We know crises always throw you curve balls...so we have to kind of do a ruthless re-examination of everything we do. We do it periodically. We're not trying to criticize anyone," he said.</p><p> —<em>By CNBC.com's Matt Clinch. Follow him on Twitter</em> <a href="https://twitter.com/mattclinch81" target="_blank">@mattclinch81</a>.</p></div>

Talk of a suspension of bailout money to struggling euro zone country Greece is "premature", according to a senior International Monetary Fund (IMF) official. "The story is premature. We are still having discussions with Greece. Provided that we can reach agreement with them before the end of July , there's financing for the subsequent year," David Lipton, the deputy managing director of the IMF told CNBC at the St. Petersburg International Economic Forum. (Read More: ) Officials involved in the Greek bailout told the Financial Times on Thursday that the IMF is preparing to withdraw its monetary support from the end of July unless euro zone leaders plug a 3 - 4 billion euro funding gap that has opened up in Greece's 172 billion bailout program. According to reports, the gap has emerged because euro zone central banks have refused to roll over Greek debt that they hold - refusing to buy new bonds when older bonds mature. Reuters reported Wednesday that foot-dragging could leave Greece some 2 billion euros ($2.7 billion) short this year. "The central banks will make their own decisions. They've made pledges in the way in which they are going to help Greece and we're pretty sure that they are going to carry out those pledges," Lipton said. (Read More: EU to Decide Who Pays When Banks Fail) The Financial Times article is a story of European provision of finance and not specially about the Greek bailout, he said, adding that he doubted that the suggestion was purposely leaked to journalists to place pressure on Greece to deliver its reforms. "We have to count on the fact that markets are generally deep enough, that if some participants have a game and they want to get out and get yields back up, there will be somebody else willing to come in and buy who realizes that prices have gotten out of line," he said. (Read More: For Hard-Hit Greeks, IMF Culpa Comes Too Late) Greece is making progress but there are still some issues to be resolved, Lipton said, adding that Greece's measures to privatize certain sectors were one issue but numerous steps still needed to be taken. "Our job is to go out and fight the crisis of the day. We know crises always throw you curve balls...so we have to kind of do a ruthless re-examination of everything we do. We do it periodically. We're not trying to criticize anyone," he said. —By CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81.

2021-10-30 14:12:35.570501

Fir Tree's Stern says German utility E.ON could double in value over two years

https://www.cnbc.com/2018/10/03/fir-trees-stern-says-german-utility-eon-could-double-in-value-over-two-years.html

2018-10-03T14:54:53+0000

Tae Kim

CNBC

Hedge-fund investor Aaron Stern is a big believer in the German utility E.ON's turnaround.E.ON's "management team has [been] engulfed in a multiyear transformation, which has been nothing short of spectacular but has yet to be rewarded by the market," he said on CNBC's "Worldwide Exchange" Wednesday.The investor said the company has sold off its legacy coal business, spun out its noncore assets and trades at a "significant discount" to its industry peers."Yes we do believe [E.ON shares] could double over the next two years," he said.He recommended the investment at Sohn Tel Aviv conference Wednesday.Stern is a managing director and partner at Fir Tree Partners. He manages the firm's international and emerging markets investments. Fir Tree has $8 billion of assets under management.Sohn is a series of widely anticipated hedge-fund conferences, where managers volunteer their time and best investment ideas to raise money in the fight against childhood cancer.

cnbc, Articles, E.ON SE, Utilities, Hedge Funds, Stock markets, stocks, Finance, Business News, source:tagname:CNBC US Source

<div class="group"><p>Hedge-fund investor Aaron Stern is a big believer in the German utility <a href="//www.cnbc.com/quotes/EOAN-DE" target="_blank">E.ON</a>'s turnaround.</p><p>E.ON's "management team has [been] engulfed in a multiyear transformation, which has been nothing short of spectacular but has yet to be rewarded by the market," he said on CNBC's "<a href="https://www.cnbc.com/worldwide-exchange/">Worldwide Exchange</a>" Wednesday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The investor said the company has sold off its legacy coal business, spun out its noncore assets and trades at a "significant discount" to its industry peers.</p><p>"Yes we do believe [E.ON shares] could double over the next two years," he said.</p><p>He recommended the investment at Sohn Tel Aviv conference Wednesday.</p><p>Stern is a managing director and partner at Fir Tree Partners. He manages the firm's international and emerging markets investments. Fir Tree has $8 billion of assets under management.</p><p>Sohn is a series of widely anticipated hedge-fund conferences, where managers volunteer their time and best investment ideas to raise money in the fight against childhood cancer.</p></div>

Hedge-fund investor Aaron Stern is a big believer in the German utility E.ON's turnaround.E.ON's "management team has [been] engulfed in a multiyear transformation, which has been nothing short of spectacular but has yet to be rewarded by the market," he said on CNBC's "Worldwide Exchange" Wednesday.The investor said the company has sold off its legacy coal business, spun out its noncore assets and trades at a "significant discount" to its industry peers."Yes we do believe [E.ON shares] could double over the next two years," he said.He recommended the investment at Sohn Tel Aviv conference Wednesday.Stern is a managing director and partner at Fir Tree Partners. He manages the firm's international and emerging markets investments. Fir Tree has $8 billion of assets under management.Sohn is a series of widely anticipated hedge-fund conferences, where managers volunteer their time and best investment ideas to raise money in the fight against childhood cancer.

2021-10-30 14:12:35.989620

Your First Move For Thursday September 29th

https://www.cnbc.com/2011/09/28/your-first-move-for-thursday-september-29th.html

2011-09-28T22:34:50+0000

Lee Brodie

CNBC

Here’s our Fast Money Final Trade. Our gang gives you tomorrow’s best trades, right now.Guy Adami thinks the market is going lower. “Trade that,” he says.Steve Grasso is equally bearish. He’s concerned that the S&P is weak into the end of month and the end of quarter. “Not a good sign.”Joe Terranova says if you’re worried about a sharp decline in the market, “Get defensive with long positions in MUB or LQD.”

cnbc, Articles, S&P 500 Index, iShares Latin America 40 ETF, iShares National Muni Bond ETF, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p>Here’s our Fast Money Final Trade. Our gang gives you tomorrow’s best trades, right now.</p><p>Guy Adami thinks the market is going lower. “Trade that,” he says.<br><br>Steve Grasso is equally bearish. He’s concerned that the S&amp;P is weak into the end of month and the end of quarter. “Not a good sign.”<br><br>Joe Terranova says if you’re worried about a sharp decline in the market, “Get defensive with long positions in MUB or LQD.”</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Click here to see other Final Trade posts.</p><p>______________________________________________________<br>Got something to say? Send us an e-mail at <a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a> and your comment might be posted on the <em>Rapid Recap</em>! Prefer to keep it between us? You can still send questions and comments to <!-- -->.</p><p><br></p><p><em>Trader disclosure: On Sep 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; </em><em>Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); </em><em>Terranova is long VRTS; Terranova is long OXY; Terranova is long HOS; Terranova is long OIH; Terranova is long CVI; Terranova is long AXP; Terranova is long EMC; Terranova is long F; Terranova is long AMZN; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM; Terranova is long Silver puts; Terranova is long PCP; Terranova is long MS; Terranova is long GS; Terranova is long WFM; </em><em>Grasso owns AKS; Grasso owns AMD; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns C; Grasso owns D; Grasso owns JPM; Grasso owns LIT; Grasso owns LPX; Grasso owns MAR; Grasso owns MHY; Grasso owns NDAQ; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XHB; Grasso owns XLB; Grasso owns XLI</em></p><p><em>For Steve Grasso<br>Stuart Frankel &amp; Co and it’s partners own CSCO<br>Stuart Frankel &amp; Co and it’s partners own CUBA<br>Stuart Frankel &amp; Co and it’s partners own FDX<br>Stuart Frankel &amp; Co and it’s partners own GERN<br>Stuart Frankel &amp; Co and it’s partners own HPQ<br>Stuart Frankel &amp; Co and it’s partners own HSPO<br>Stuart Frankel &amp; Co and it’s partners own JPM<br>Stuart Frankel &amp; Co and it’s partners own MET<br>Stuart Frankel &amp; Co and it’s partners own MSFT<br>Stuart Frankel &amp; Co and it’s partners own MU<br>Stuart Frankel &amp; Co and it’s partners own NYX<br>Stuart Frankel &amp; Co and it’s partners own PFE<br>Stuart Frankel &amp; Co and it’s partners own PRST<br>Stuart Frankel &amp; Co and it’s partners own RHT<br>Stuart Frankel &amp; Co and it’s partners own SDS<br>Stuart Frankel &amp; Co and it’s partners own UAL<br>Stuart Frankel &amp; Co and it’s partners own XRX<br>Stuart Frankel &amp; Co and it’s partners are short QQQQ</em></p><div style="height:100%" class="lazyload-placeholder"></div><p><em>For Kevin Kerr<br>Kerr is long XLB ETF Options<br>Kerr is long GLD ETF Options</em></p><p><em>For Jim Iuorio<br>Iuorio is long TBT<br>Iuorio is long TBT (calls)</em></p><p><em>For Larry Mcdonald<br>No disclosures</em></p><p><em>For Anthony Scaramucci <br>No disclosures</em></p><p><em>For Gene Munster<br>No disclosures<br><br></em></p></div>

Here’s our Fast Money Final Trade. Our gang gives you tomorrow’s best trades, right now.Guy Adami thinks the market is going lower. “Trade that,” he says.Steve Grasso is equally bearish. He’s concerned that the S&P is weak into the end of month and the end of quarter. “Not a good sign.”Joe Terranova says if you’re worried about a sharp decline in the market, “Get defensive with long positions in MUB or LQD.”Click here to see other Final Trade posts.______________________________________________________Got something to say? Send us an e-mail at [email protected] and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to .Trader disclosure: On Sep 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova is long VRTS; Terranova is long OXY; Terranova is long HOS; Terranova is long OIH; Terranova is long CVI; Terranova is long AXP; Terranova is long EMC; Terranova is long F; Terranova is long AMZN; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM; Terranova is long Silver puts; Terranova is long PCP; Terranova is long MS; Terranova is long GS; Terranova is long WFM; Grasso owns AKS; Grasso owns AMD; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns C; Grasso owns D; Grasso owns JPM; Grasso owns LIT; Grasso owns LPX; Grasso owns MAR; Grasso owns MHY; Grasso owns NDAQ; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XHB; Grasso owns XLB; Grasso owns XLIFor Steve GrassoStuart Frankel & Co and it’s partners own CSCOStuart Frankel & Co and it’s partners own CUBAStuart Frankel & Co and it’s partners own FDXStuart Frankel & Co and it’s partners own GERNStuart Frankel & Co and it’s partners own HPQStuart Frankel & Co and it’s partners own HSPOStuart Frankel & Co and it’s partners own JPMStuart Frankel & Co and it’s partners own METStuart Frankel & Co and it’s partners own MSFTStuart Frankel & Co and it’s partners own MUStuart Frankel & Co and it’s partners own NYXStuart Frankel & Co and it’s partners own PFEStuart Frankel & Co and it’s partners own PRSTStuart Frankel & Co and it’s partners own RHTStuart Frankel & Co and it’s partners own SDSStuart Frankel & Co and it’s partners own UALStuart Frankel & Co and it’s partners own XRXStuart Frankel & Co and it’s partners are short QQQQFor Kevin KerrKerr is long XLB ETF OptionsKerr is long GLD ETF OptionsFor Jim IuorioIuorio is long TBTIuorio is long TBT (calls)For Larry McdonaldNo disclosuresFor Anthony Scaramucci No disclosuresFor Gene MunsterNo disclosures

2021-10-30 14:12:36.033869

Put blind spots in the rearview with this high-tech car

https://www.cnbc.com/2014/12/18/cadillac-ct6-aims-to-eliminate-the-blind-spot.html

2014-12-18T20:00:00+0000

Phil LeBeau

CNBC

The engineers at Cadillac say they've found the key to further eliminating a driver's blind spot. Starting with its newest model, the 2016 CT6, the automaker will incorporate streaming video into the vehicle's rearview mirror, which will be fed by a high-definition camera embedded in the center of the trunk. The technology will give CT6 drivers an immediate view of what's behind them in all lanes, and improve their field of vision by 300 percent, according to Cadillac. Read MoreBig 3 dominance slips amid competition "The closest comparison to this kind of rear vision would be driving a convertible with the top down," said Travis Hester, the vehicle's executive chief engineer.

cnbc, Articles, Autos, General Motors Co, US: News, Automobiles and Components, Business News, Transportation, source:tagname:CNBC US Source

<div class="group"><p>The engineers at <a href="//www.cnbc.com/quotes/GM" target="_blank">Cadillac</a> say they've found the key to further eliminating a driver's blind spot. </p><p> Starting with its newest model, the 2016 CT6, the automaker will incorporate streaming video into the vehicle's rearview mirror, which will be fed by a high-definition camera embedded in the center of the trunk.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The technology will give CT6 drivers an immediate view of what's behind them in all lanes, and improve their field of vision by 300 percent, according to Cadillac.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/12/18/big-3-dominance-slipping-as-competition-heats-up.html">Big 3 dominance slips amid competition</a><br></p><p> "The closest comparison to this kind of rear vision would be driving a convertible with the top down," said Travis Hester, the vehicle's executive chief engineer.</p></div>,<div class="group"><p>Cadillac and industry experts said this will be one of the first models to stream video to eliminate the blind spot. In recent years, cameras mounted just above or below the license plate have shown drivers what's behind them when they're backing up. <br></p><p> "The technology eliminates any rear-seat, rear-pillar or passenger obstructions, allowing the driver an unimpeded view of the lanes behind and traditional blind spots," Hester said.</p><div style="height:100%" class="lazyload-placeholder"></div><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/12/16/bmw-unveils-self-parking-car-system.html">The BMW you can park with a smart watch</a></p><p> If drivers don't want to see the streaming video, they can flip a switch to return to their traditional rearview mirror.</p><p> Cadillac will debut the CT6, its new high-end model, at the New York Auto Show in 2015. Pricing on the vehicle won't be released until a few weeks before it hits showrooms late next year.</p><p> <em>Questions? Comments? <a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a>.</em><br></p></div>

The engineers at Cadillac say they've found the key to further eliminating a driver's blind spot. Starting with its newest model, the 2016 CT6, the automaker will incorporate streaming video into the vehicle's rearview mirror, which will be fed by a high-definition camera embedded in the center of the trunk. The technology will give CT6 drivers an immediate view of what's behind them in all lanes, and improve their field of vision by 300 percent, according to Cadillac. Read MoreBig 3 dominance slips amid competition "The closest comparison to this kind of rear vision would be driving a convertible with the top down," said Travis Hester, the vehicle's executive chief engineer.Cadillac and industry experts said this will be one of the first models to stream video to eliminate the blind spot. In recent years, cameras mounted just above or below the license plate have shown drivers what's behind them when they're backing up. "The technology eliminates any rear-seat, rear-pillar or passenger obstructions, allowing the driver an unimpeded view of the lanes behind and traditional blind spots," Hester said.Read MoreThe BMW you can park with a smart watch If drivers don't want to see the streaming video, they can flip a switch to return to their traditional rearview mirror. Cadillac will debut the CT6, its new high-end model, at the New York Auto Show in 2015. Pricing on the vehicle won't be released until a few weeks before it hits showrooms late next year. Questions? Comments? [email protected].

2021-10-30 14:12:36.068785

Teva & Barr Get Super-Sized

https://www.cnbc.com/2008/07/18/teva-barr-get-supersized.html

2008-07-18T17:59:33+0000

Mike Huckman

CNBC

Israel's Teva Pharmaceuticals, the biggest generic drug company in the world, in what became one of the world's worst-kept secrets this week is buying the American Barr Pharmaceuticals.The price is $66.50 a share, which really isn't much a premium based on Thursday's closing price. But it's a huge markup from where BRL'sstock was sitting earlier this week before the rumors and media reports started swirling about a deal being in the works. Barr's Chairman and CEO Bruce Downey told me Teva's CEO Schlomo Yanai made the first move. But it didn't happen in a long-distance phone call from Tel Aviv to New Jersey. They say they were at an industry conference in Palm Beach outside some burger joint when the subject came up. On the conference call this morning during the question and answer period, one analyst (I'd like to give him credit for his sense of humor, but I can't remember who it was and because I'm under deadline I don't have time to go back and listen to the replay) joked to Mr. Downey, "You got reimbursed for lunch in this deal." The CEO shot back, "And I can afford the next one, too." I got to know Mr. Downey when he was fighting to win Food and Drug Administration approval of over-the-counter sales for the somewhat controversial Plan B or so-called "Morning After Pill". The social implications of its eventual behind-the-counter approval were much bigger than the financial implications for BRL. But Mr. Downey maintained he personally believed the drug should be more easily accessible and that he was on a mission to make it happen. In the first quarter of this year, BRL took in nearly 600 million bucks. Less than a hundred million of that was from a number of proprietary products, which includes Plan B. He also volunteered during his interview with me on CNBC this morning that during his tenure he'd been approached 12 times about doing a deal like this one. A dozen offers! Wow. Both Downey and Yanai said they think the generic drug sector will continue to consolidate. Among the American players still out there are Mylan Labs,Watson Pharmaceuticalsand King Pharmaceuticals, just to name a few.

cnbc, Articles, Mylan NV, Actavis Inc, CVS Health Corp, Walmart Inc, Pharmas Market, source:tagname:CNBC US Source

<div class="group"><p>Israel's Teva Pharmaceuticals, the biggest generic drug company in the world, in what became one of the world's worst-kept secrets this week is buying the American Barr Pharmaceuticals.</p><p>The price is $66.50 a share, which really isn't much a premium based on Thursday's closing price. </p><div style="height:100%" class="lazyload-placeholder"></div><p>But it's a huge markup from where BRL'sstock was sitting earlier this week before the rumors and media reports started swirling about a deal being in the works. </p><p>Barr's Chairman and CEO Bruce Downey told me Teva's CEO Schlomo Yanai made the first move. But it didn't happen in a long-distance phone call from Tel Aviv to New Jersey. They say they were at an industry conference in Palm Beach outside some burger joint when the subject came up. </p><p>On the conference call this morning during the question and answer period, one analyst (I'd like to give him credit for his sense of humor, but I can't remember who it was and because I'm under deadline I don't have time to go back and listen to the replay) joked to Mr. Downey, "You got reimbursed for lunch in this deal." The CEO shot back, "And I can afford the next one, too." </p><p>I got to know Mr. Downey when he was fighting to win Food and Drug Administration approval of over-the-counter sales for the somewhat controversial Plan B or so-called "Morning After Pill". The social implications of its eventual <em>behind-the-counter</em> approval were much bigger than the financial implications for BRL. </p><p>But Mr. Downey maintained he personally believed the drug should be more easily accessible and that he was on a mission to make it happen. In the first quarter of this year, BRL took in nearly 600 million bucks. Less than a hundred million of that was from a number of proprietary products, which includes Plan B. </p><div style="height:100%" class="lazyload-placeholder"></div><p>He also volunteered during his interview with me on CNBC this morning that during his tenure he'd been approached 12 times about doing a deal like this one. A dozen offers! Wow. Both Downey and Yanai said they think the generic drug sector will continue to consolidate. Among the American players still out there are Mylan Labs,Watson Pharmaceuticalsand King Pharmaceuticals, just to name a few. </p></div>,<div class="group"><p>What's pushing the companies together? Yes, tens of billions of dollars worth of brand-name drugs are going generic. But there are so many generic drug companies around the world that start making the same plain-wrap version of a former blockbuster, prices and profit margins fall even more. And David Maris, who used to cover the sector at Bank of America but now works for a hedge fund, told me over the phone this morning that something new is at work, too. </p><p>The likes of Wal-Mart with its $4 generic drug prescriptions and CVS Caremark, which Maris said is now responsible for 20 percent of the drugs purchased in the U.S., are driving hard bargains. </p></div>,<div class="group"><p><em>Questions?  Comments?  </em><em><a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a></em></p></div>

Israel's Teva Pharmaceuticals, the biggest generic drug company in the world, in what became one of the world's worst-kept secrets this week is buying the American Barr Pharmaceuticals.The price is $66.50 a share, which really isn't much a premium based on Thursday's closing price. But it's a huge markup from where BRL'sstock was sitting earlier this week before the rumors and media reports started swirling about a deal being in the works. Barr's Chairman and CEO Bruce Downey told me Teva's CEO Schlomo Yanai made the first move. But it didn't happen in a long-distance phone call from Tel Aviv to New Jersey. They say they were at an industry conference in Palm Beach outside some burger joint when the subject came up. On the conference call this morning during the question and answer period, one analyst (I'd like to give him credit for his sense of humor, but I can't remember who it was and because I'm under deadline I don't have time to go back and listen to the replay) joked to Mr. Downey, "You got reimbursed for lunch in this deal." The CEO shot back, "And I can afford the next one, too." I got to know Mr. Downey when he was fighting to win Food and Drug Administration approval of over-the-counter sales for the somewhat controversial Plan B or so-called "Morning After Pill". The social implications of its eventual behind-the-counter approval were much bigger than the financial implications for BRL. But Mr. Downey maintained he personally believed the drug should be more easily accessible and that he was on a mission to make it happen. In the first quarter of this year, BRL took in nearly 600 million bucks. Less than a hundred million of that was from a number of proprietary products, which includes Plan B. He also volunteered during his interview with me on CNBC this morning that during his tenure he'd been approached 12 times about doing a deal like this one. A dozen offers! Wow. Both Downey and Yanai said they think the generic drug sector will continue to consolidate. Among the American players still out there are Mylan Labs,Watson Pharmaceuticalsand King Pharmaceuticals, just to name a few. What's pushing the companies together? Yes, tens of billions of dollars worth of brand-name drugs are going generic. But there are so many generic drug companies around the world that start making the same plain-wrap version of a former blockbuster, prices and profit margins fall even more. And David Maris, who used to cover the sector at Bank of America but now works for a hedge fund, told me over the phone this morning that something new is at work, too. The likes of Wal-Mart with its $4 generic drug prescriptions and CVS Caremark, which Maris said is now responsible for 20 percent of the drugs purchased in the U.S., are driving hard bargains. Questions?  Comments?  [email protected]

2021-10-30 14:12:36.141621

Gold steadies after hitting 5-month peak as political tensions simmer

https://www.cnbc.com/2017/04/11/gold-hits-5-month-high-geopolitical-worries-drive-flight-to-safety.html

2017-04-12T18:01:42+0000

CNBC

Gold steadied on Wednesday after hitting a five-month peak as political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact.Tarnishing an otherwise brightening outlook for global growth, tensions continued to boil in the Korean peninsula and the Middle East, while worries over the upcoming French presidential election persisted.Spot gold inched down 0.11 percent to $1,272.71 per ounce after hitting its strongest since Nov. 10 at 1,279.80 earlier in the session. U.S. gold futures for June delivery rose $3.90 to settle at $1,278.31 after hitting $1,281.80 earlier in the session, the highest level since Nov. 10."The short term geopolitical impact will likely fade but( gold) was oversold on expectations of rate hikes and the reality of muted rate hikes sets up the potential for (further) upside," said Hamza Khan, head of commodities strategy at ING.Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion.The dollar was flat versus a currency basket after falling on Tuesday, though a general risk-off mood that has prompted investors to sell the greenback prevailed. Chinese President Xi Jinping on Wednesday stressed the need for a peaceful solution for the Korean peninsula on a call with U.S President Donald Trump.

cnbc, Articles, Vladimir Putin, Donald Trump, Xi Jinping, Commodity markets, SPDR Gold Shares, iShares Silver Trust, iShares Gold Trust, Futures & Commodities, Gold, Gold Overview, Markets, Metal Commodities, source:tagname:Reuters

<div class="group"><p>Gold steadied on Wednesday after hitting a five-month peak as political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact.<br><br>Tarnishing an otherwise brightening outlook for global growth, tensions continued to boil in the Korean peninsula and the Middle East, while worries over the upcoming French presidential election persisted.</p><p><a href="http://data.cnbc.com/quotes/xau%3D" class="webresource" target="_blank">Spot gold</a> inched down 0.11 percent to $1,272.71 per ounce after hitting its strongest since Nov. 10 at 1,279.80 earlier in the session. </p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="https://www.cnbc.com/quotes/@GC.5">U.S. gold</a> futures for June delivery rose $3.90 to settle at $1,278.31 after hitting $1,281.80 earlier in the session, the highest level since Nov. 10.</p><p>"The <g class="gr_ gr_45 gr-alert gr_spell gr_run_anim gr_inline_cards ContextualSpelling ins-del multiReplace" id="45" dataset="[object Object]">short term</g> geopolitical impact will likely fade but( gold) was oversold on expectations of rate hikes and the reality of muted rate hikes sets up the potential for (further) upside," said Hamza Khan, head of commodities strategy at ING.<br><br>Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion.<br><br>The <a href="https://www.cnbc.com/quotes/.DXY">dollar</a> was flat versus a currency basket after falling on Tuesday, though a general risk-off mood that has prompted investors to sell the greenback prevailed. Chinese President <a href="https://www.cnbc.com/xi-jinping/">Xi Jinping</a> on Wednesday stressed the need for a peaceful solution for the Korean peninsula on a call with U.S President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a>.</p></div>,<div class="group"><p>On Tuesday North Korea warned of a nuclear attack on the United States at any sign of American aggression, as a U.S. Navy strike group steamed towards the western Pacific.<br><br>Elsewhere, <a href="https://www.cnbc.com/vladimir-putin/">Vladimir Putin</a> said on Wednesday trust had eroded between the United States and Russia, as Moscow delivered an unusually hostile reception to U.S. Secretary of State <a href="https://www.cnbc.com/rex-tillerson/">Rex Tillerson</a> in a face-off over Syria.<br><br>In France's presidential race, centrist Emmanuel Macron and far-right leader Marine Le Pen clung on as frontrunners, but a far-left veteran has surged into the top four, pushing some pollsters to calculate the most extreme run-off scenarios.<br> <br>Gold could resume its rise ahead of the Easter long-weekend, Jeffrey Halley, senior market analyst at OANDA, said.</p></div>,<div class="group"><p>"Gold has finally broken and closed above its 200-day moving average at $1,257.50, which now becomes a support. From a technical perspective, the way is now clear for a run at $1,300 and possibly higher," Halley said.</p><p>Holdings of <a href="https://www.cnbc.com/quotes/GLDIV.P">SPDR Gold Trust</a>, the world's largest gold-backed <g class="gr_ gr_44 gr-alert gr_spell gr_run_anim gr_inline_cards ContextualSpelling" id="44" dataset="[object Object]">exchange-traded</g> fund (ETF), rose 0.50 percent to 842.41 tons on Tuesday. The ETF has seen about six tons of inflows this week.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Among other precious metals, <!-- --> dipped 0.22 at $18.26 an ounce.</p><p> fell 0.48 percent to $962.40 per ounce after rising over 3 percent in the previous session, while <!-- --> dropped 0.69 percent to $796.50.</p></div>

Gold steadied on Wednesday after hitting a five-month peak as political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact.Tarnishing an otherwise brightening outlook for global growth, tensions continued to boil in the Korean peninsula and the Middle East, while worries over the upcoming French presidential election persisted.Spot gold inched down 0.11 percent to $1,272.71 per ounce after hitting its strongest since Nov. 10 at 1,279.80 earlier in the session. U.S. gold futures for June delivery rose $3.90 to settle at $1,278.31 after hitting $1,281.80 earlier in the session, the highest level since Nov. 10."The short term geopolitical impact will likely fade but( gold) was oversold on expectations of rate hikes and the reality of muted rate hikes sets up the potential for (further) upside," said Hamza Khan, head of commodities strategy at ING.Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion.The dollar was flat versus a currency basket after falling on Tuesday, though a general risk-off mood that has prompted investors to sell the greenback prevailed. Chinese President Xi Jinping on Wednesday stressed the need for a peaceful solution for the Korean peninsula on a call with U.S President Donald Trump.On Tuesday North Korea warned of a nuclear attack on the United States at any sign of American aggression, as a U.S. Navy strike group steamed towards the western Pacific.Elsewhere, Vladimir Putin said on Wednesday trust had eroded between the United States and Russia, as Moscow delivered an unusually hostile reception to U.S. Secretary of State Rex Tillerson in a face-off over Syria.In France's presidential race, centrist Emmanuel Macron and far-right leader Marine Le Pen clung on as frontrunners, but a far-left veteran has surged into the top four, pushing some pollsters to calculate the most extreme run-off scenarios. Gold could resume its rise ahead of the Easter long-weekend, Jeffrey Halley, senior market analyst at OANDA, said."Gold has finally broken and closed above its 200-day moving average at $1,257.50, which now becomes a support. From a technical perspective, the way is now clear for a run at $1,300 and possibly higher," Halley said.Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund (ETF), rose 0.50 percent to 842.41 tons on Tuesday. The ETF has seen about six tons of inflows this week.Among other precious metals, dipped 0.22 at $18.26 an ounce. fell 0.48 percent to $962.40 per ounce after rising over 3 percent in the previous session, while dropped 0.69 percent to $796.50.

2021-10-30 14:12:36.218395

Elizabeth Sherwood-Randall

https://www.cnbc.com/2017/09/19/elizabeth-sherwood-randall.html

2017-09-19T15:39:06+0000

CNBC.com staff

CNBC

Prior to returning to Harvard and the Belfer Center, Sherwood-Randall served as Deputy Secretary at the U.S. Department of Energy from October 10, 2014, to January 20, 2017. In her capacity as Deputy Secretary, she was the department's chief operating officer, overseeing a budget of nearly $30 billion and a workforce of more than 113,000 people. She provided strategic direction for DOE's broad missions in nuclear deterrence and proliferation prevention, science and energy, environmental management, emergency response and grid security. While at DOE, she developed and implemented a new approach to fulfilling the agency's growing responsibilities for grid resilience and emergency response to meet growing natural, physical and cyber threats.Earlier, in the Obama administration, she was the White House Coordinator for Defense Policy, Countering Weapons of Mass Destruction, and Arms Control in 2013–2014, with responsibility for U.S. defense strategy, policy and budget planning. She served from 2009–2013 as Special Assistant to the President and senior director for European Affairs at the National Security Council, where she led the revitalization of America's alliances and partnerships in Europe.In the Clinton administration, Sherwood-Randall served as Deputy Assistant Secretary of Defense for Russia, Ukraine and Eurasia from 1994–1996. She led the effort to denuclearize three former Soviet states, for which she was awarded the Department of Defense Medal for Distinguished Public Service and the Nunn-Lugar Trailblazer Award.Sherwood-Randall worked at the Kennedy School on two prior projects. She was a founding principal of the Harvard-Stanford Preventive Defense Project, where she worked with current Belfer Center Director Ash Carter from 1997–2008. Between 1990 and 1993, she was associate director of the Belfer Center's Strengthening Democratic Institutions Project, which she co-founded with former center director Graham Allison.Sherwood-Randall attended college at Harvard and then earned a graduate degree at Oxford University, where she was among the early ranks of female Rhodes Scholars. After finishing her education, she began her career working for then-Sen. Joe Biden as his chief advisor on foreign and defense policy. She has also worked at Stanford University, the Council on Foreign Relations and The Brookings Institution.Born and raised in California, she is married to Jeff Randall, a neurosurgeon. They have two sons.

cnbc, Articles, Securing Our Future, Special Reports, Technology, Cybersecurity, source:tagname:CNBC US Source

<div class="group"><p>Prior to returning to Harvard and the Belfer Center, Sherwood-Randall served as Deputy Secretary at the U.S. Department of Energy from October 10, 2014, to January 20, 2017. In her capacity as Deputy Secretary, she was the department's chief operating officer, overseeing a budget of nearly $30 billion and a workforce of more than 113,000 people. She provided strategic direction for DOE's broad missions in nuclear deterrence and proliferation prevention, science and energy, environmental management, emergency response and grid security. While at DOE, she developed and implemented a new approach to fulfilling the agency's growing responsibilities for grid resilience and emergency response to meet growing natural, physical and cyber threats.</p><p>Earlier, in the Obama administration, she was the White House Coordinator for Defense Policy, Countering Weapons of Mass Destruction, and Arms Control in 2013–2014, with responsibility for U.S. defense strategy, policy and budget planning. She served from 2009–2013 as Special Assistant to the President and senior director for European Affairs at the National Security Council, where she led the revitalization of America's alliances and partnerships in Europe.</p><div style="height:100%" class="lazyload-placeholder"></div><p>In the Clinton administration, Sherwood-Randall served as Deputy Assistant Secretary of Defense for Russia, Ukraine and Eurasia from 1994–1996. She led the effort to denuclearize three former Soviet states, for which she was awarded the Department of Defense Medal for Distinguished Public Service and the Nunn-Lugar Trailblazer Award.</p><p>Sherwood-Randall worked at the Kennedy School on two prior projects. She was a founding principal of the Harvard-Stanford Preventive Defense Project, where she worked with current Belfer Center Director Ash Carter from 1997–2008. Between 1990 and 1993, she was associate director of the Belfer Center's Strengthening Democratic Institutions Project, which she co-founded with former center director Graham Allison.</p><p>Sherwood-Randall attended college at Harvard and then earned a graduate degree at Oxford University, where she was among the early ranks of female Rhodes Scholars. After finishing her education, she began her career working for then-Sen. Joe Biden as his chief advisor on foreign and defense policy. She has also worked at Stanford University, the Council on Foreign Relations and The Brookings Institution.</p><p>Born and raised in California, she is married to Jeff Randall, a neurosurgeon. They have two sons.</p></div>

Prior to returning to Harvard and the Belfer Center, Sherwood-Randall served as Deputy Secretary at the U.S. Department of Energy from October 10, 2014, to January 20, 2017. In her capacity as Deputy Secretary, she was the department's chief operating officer, overseeing a budget of nearly $30 billion and a workforce of more than 113,000 people. She provided strategic direction for DOE's broad missions in nuclear deterrence and proliferation prevention, science and energy, environmental management, emergency response and grid security. While at DOE, she developed and implemented a new approach to fulfilling the agency's growing responsibilities for grid resilience and emergency response to meet growing natural, physical and cyber threats.Earlier, in the Obama administration, she was the White House Coordinator for Defense Policy, Countering Weapons of Mass Destruction, and Arms Control in 2013–2014, with responsibility for U.S. defense strategy, policy and budget planning. She served from 2009–2013 as Special Assistant to the President and senior director for European Affairs at the National Security Council, where she led the revitalization of America's alliances and partnerships in Europe.In the Clinton administration, Sherwood-Randall served as Deputy Assistant Secretary of Defense for Russia, Ukraine and Eurasia from 1994–1996. She led the effort to denuclearize three former Soviet states, for which she was awarded the Department of Defense Medal for Distinguished Public Service and the Nunn-Lugar Trailblazer Award.Sherwood-Randall worked at the Kennedy School on two prior projects. She was a founding principal of the Harvard-Stanford Preventive Defense Project, where she worked with current Belfer Center Director Ash Carter from 1997–2008. Between 1990 and 1993, she was associate director of the Belfer Center's Strengthening Democratic Institutions Project, which she co-founded with former center director Graham Allison.Sherwood-Randall attended college at Harvard and then earned a graduate degree at Oxford University, where she was among the early ranks of female Rhodes Scholars. After finishing her education, she began her career working for then-Sen. Joe Biden as his chief advisor on foreign and defense policy. She has also worked at Stanford University, the Council on Foreign Relations and The Brookings Institution.Born and raised in California, she is married to Jeff Randall, a neurosurgeon. They have two sons.

2021-10-30 14:12:36.307628

There won’t be a summer rate hike, so I’ll focus here: Trader

https://www.cnbc.com/2016/06/06/there-wont-be-a-summer-rate-hike-so-ill-focus-here-trader.html

2016-06-06T16:44:27+0000

Annie Pei

CNBC

Despite all signs from Fed Chair Janet Yellen that there will be an interest rate hike this summer, one trader insists the U.S. central bank is on hold, and that means good news for the commodities sector. "You'll notice that after that disastrous 38,000 jobs added [in May], you saw big moves up in the commodities space and a move down in the dollar," Todd Gordon of TradingAnalysis.com told CNBC's "Trading Nation" on Monday. "That's reflecting the Fed sitting on the beach on their hands for the summer." Gordon took a look at the market overall and identified the lead sectors kicking off the week on Monday. While the S&P 500 is up, he noted that the leading sectors in the marketplace appear to be industrials, materials and energy, with oil leading the way. Crude was up more than one percent midday. The trend has Gordon willing to bet on the oil and gas production ETF (XOP) breaking through to new highs. More specifically, Gordon believes that the XOP is actually set to break above the $37 mark and has set $36.50 as the key level to watch for in the next coming days. If the XOP does move to $36.50, Gordon predicts that oil will keep moving up. "If we can get up to the $36.50 mark, it looks like XOP, along with crude oil, should be able to move up through the next several days," Gordon said.

cnbc, Articles, SPDR S&P Oil & Gas Exploration & Production ETF, Investment strategy, Investing, Trading Nation, source:tagname:CNBC US Source

<div class="group"><p> Despite all signs from Fed Chair Janet Yellen that there will be an interest rate hike this summer, one trader insists the U.S. central bank is on hold, and that means good news for the commodities sector. </p><p> "You'll notice that after that disastrous 38,000 jobs added [in May], you saw big moves up in the commodities space and a move down in the dollar," Todd Gordon of TradingAnalysis.com told <a href="https://www.cnbc.com/trading-nation/">CNBC's "Trading Nation"</a> on Monday. "That's reflecting the Fed sitting on the beach on their hands for the summer."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Gordon took a look at the market overall and identified the lead sectors kicking off the week on Monday. While the S&amp;P 500 is up, he noted that the leading sectors in the marketplace appear to be industrials, materials and energy, with oil leading the way. Crude was up more than one percent midday. </p><p> The trend has Gordon willing to bet on the <a href="https://www.cnbc.com/quotes/XOP">oil and gas production ETF (XOP)</a> breaking through to new highs. More specifically, Gordon believes that the XOP is actually set to break above the $37 mark and has set $36.50 as the key level to watch for in the next coming days.</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><br><p> If the XOP does move to $36.50, Gordon predicts that oil will keep moving up.</p><p> "If we can get up to the $36.50 mark, it looks like XOP, along with crude oil, should be able to move up through the next several days," Gordon said.</p></div>

Despite all signs from Fed Chair Janet Yellen that there will be an interest rate hike this summer, one trader insists the U.S. central bank is on hold, and that means good news for the commodities sector. "You'll notice that after that disastrous 38,000 jobs added [in May], you saw big moves up in the commodities space and a move down in the dollar," Todd Gordon of TradingAnalysis.com told CNBC's "Trading Nation" on Monday. "That's reflecting the Fed sitting on the beach on their hands for the summer." Gordon took a look at the market overall and identified the lead sectors kicking off the week on Monday. While the S&P 500 is up, he noted that the leading sectors in the marketplace appear to be industrials, materials and energy, with oil leading the way. Crude was up more than one percent midday. The trend has Gordon willing to bet on the oil and gas production ETF (XOP) breaking through to new highs. More specifically, Gordon believes that the XOP is actually set to break above the $37 mark and has set $36.50 as the key level to watch for in the next coming days. If the XOP does move to $36.50, Gordon predicts that oil will keep moving up. "If we can get up to the $36.50 mark, it looks like XOP, along with crude oil, should be able to move up through the next several days," Gordon said.

2021-10-30 14:12:36.619382

Don't be shocked by Trump's moves, he's just keeping his promises, ex-Bush aide argues

https://www.cnbc.com/2016/12/12/dont-be-shocked-by-trumps-moves-hes-just-keeping-his-promises-ex-bush-aide-argues.html

2016-12-12T17:03:20+0000

Matthew J. Belvedere

CNBC

From picking perceived outsiders for Cabinet positions to calling out certain American companies, nothing Donald Trump has done as president-elect should come as a surprise, former Commerce Secretary Carlos Gutierrez told CNBC on Monday.Agree with Trump or not, he's making moves based on promises he made during the campaign, said Gutierrez, who headed Commerce for President George W. Bush. "[Trump] is behaving like an executive. This is like executive basics. You have a strategy and you put the right skills in a job to implement your strategy," Gutierrez, formerly CEO of Kellogg, said on "Squawk Box."For example, he pointed to Trump's decision to chose Tom Price to head the Health and Human Services Department due to the Georgia congressman's intimate knowledge of Obamacare and how to dismantle it.While Price was also a doctor, "conventional wisdom" might have pointed to retired neurosurgeon and former GOP rival Ben Carson for HHS, Gutierrez said. But Carson was selected for secretary of Housing and Urban Development.Gutierrez also spoke highly of Exxon Mobil Chairman and CEO Rex Tillerson, who's said to be Trump's choice for secretary of State. He called "unfair" aspersions about the oilman being a friend of Russian President Vladimir Putin just because he's negotiated business contracts with Moscow."A lot of what's happening, whether it's happening in an orderly fashion or now, are things he ran on," argued Gutierrez, who said he did not support Trump during the campaign but aims to be objective."During the campaign, he said he's going to go after companies that outsource and export back in. That's what he's doing," Gutierrez said, referring to the deal Trump helped craft earlier this month with United Technologies to keep the firm's Carrier unit from closing a plant in Indianapolis. Trump has also called out other American companies that have big government contracts. In a Monday morning tweet, Trump took a swipe at Lockheed Martin's F-35 program, saying the cost was "out of control." Last week, Trump tweeted a shot at Boeing, threatening to cancel its 747 Air Force One program.

cnbc, Articles, Patient Protection and Affordable Care Act, Vladimir Putin, Ben Carson, Tom Price, George W. Bush, Donald Trump, Politics, Obamacare, Squawk Box U.S., source:tagname:CNBC US Source

<div class="group"><p>From picking perceived outsiders for Cabinet positions to calling out certain American companies, nothing <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> has done as president-elect should come as a surprise, former Commerce Secretary Carlos Gutierrez told CNBC on Monday.<br></p><p>Agree with Trump or not, he's making moves based on promises he made during the campaign, said Gutierrez, who headed Commerce for President <a href="https://www.cnbc.com/george-w-bush/">George W. Bush</a>. <br></p><div style="height:100%" class="lazyload-placeholder"></div><p>"[Trump] is behaving like an executive. This is like executive basics. You have a strategy and you put the right skills in a job to implement your strategy," Gutierrez, formerly CEO of <a href="//www.cnbc.com/quotes/K" target="_blank">Kellogg</a>, said on <a href="https://www.cnbc.com/squawk-box-us/">"Squawk Box."</a><br></p><p>For example, he pointed to Trump's decision to chose <a href="https://www.cnbc.com/tom-price/">Tom Price</a> to head the Health and Human Services Department due to the Georgia congressman's intimate knowledge of <a href="https://www.cnbc.com/obamacare/">Obamacare</a> and how to dismantle it.<br></p><p>While Price was also a doctor, "conventional wisdom" might have pointed to retired neurosurgeon and former GOP rival <a href="https://www.cnbc.com/ben-carson/">Ben Carson</a> for HHS, Gutierrez said. But Carson was selected for secretary of Housing and Urban Development.<br></p><p>Gutierrez also spoke highly of <a href="//www.cnbc.com/quotes/XOM" target="_blank">Exxon Mobil</a> Chairman and CEO Rex Tillerson, who's said to be Trump's choice for secretary of State. He called "unfair" aspersions about the oilman being a friend of Russian President <a href="https://www.cnbc.com/vladimir-putin/">Vladimir Putin</a> just because he's negotiated business contracts with Moscow.<br></p><p>"A lot of what's happening, whether it's happening in an orderly fashion or now, are things he ran on," argued Gutierrez, who said he did not support Trump during the campaign but aims to be objective.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p>"During the campaign, he said he's going to go after companies that outsource and export back in. That's what he's doing," Gutierrez said, referring to the deal Trump helped craft earlier this month with <a href="//www.cnbc.com/quotes/RTX" target="_blank">United Technologies</a> to keep the firm's Carrier unit from closing a plant in Indianapolis.<br></p><p> Trump has also called out other American companies that have big government contracts. In a Monday morning tweet, Trump took a swipe at <a href="//www.cnbc.com/quotes/LMT" target="_blank">Lockheed Martin</a>'s F-35 program, saying the cost was "out of control." Last week, Trump tweeted a shot at <a href="//www.cnbc.com/quotes/BA" target="_blank">Boeing</a>, threatening to cancel its 747 Air Force One program.</p><br></div>,<div class="group"><p><br></p></div>

From picking perceived outsiders for Cabinet positions to calling out certain American companies, nothing Donald Trump has done as president-elect should come as a surprise, former Commerce Secretary Carlos Gutierrez told CNBC on Monday.Agree with Trump or not, he's making moves based on promises he made during the campaign, said Gutierrez, who headed Commerce for President George W. Bush. "[Trump] is behaving like an executive. This is like executive basics. You have a strategy and you put the right skills in a job to implement your strategy," Gutierrez, formerly CEO of Kellogg, said on "Squawk Box."For example, he pointed to Trump's decision to chose Tom Price to head the Health and Human Services Department due to the Georgia congressman's intimate knowledge of Obamacare and how to dismantle it.While Price was also a doctor, "conventional wisdom" might have pointed to retired neurosurgeon and former GOP rival Ben Carson for HHS, Gutierrez said. But Carson was selected for secretary of Housing and Urban Development.Gutierrez also spoke highly of Exxon Mobil Chairman and CEO Rex Tillerson, who's said to be Trump's choice for secretary of State. He called "unfair" aspersions about the oilman being a friend of Russian President Vladimir Putin just because he's negotiated business contracts with Moscow."A lot of what's happening, whether it's happening in an orderly fashion or now, are things he ran on," argued Gutierrez, who said he did not support Trump during the campaign but aims to be objective."During the campaign, he said he's going to go after companies that outsource and export back in. That's what he's doing," Gutierrez said, referring to the deal Trump helped craft earlier this month with United Technologies to keep the firm's Carrier unit from closing a plant in Indianapolis. Trump has also called out other American companies that have big government contracts. In a Monday morning tweet, Trump took a swipe at Lockheed Martin's F-35 program, saying the cost was "out of control." Last week, Trump tweeted a shot at Boeing, threatening to cancel its 747 Air Force One program.

2021-10-30 14:12:36.656561

Early movers: LO, RAI, PG, AMZN, FAST, GPS & more

https://www.cnbc.com/2014/07/11/early-movers-before-the-bell.html

2014-07-11T11:35:53+0000

Peter Schacknow

CNBC

Check out which companies are making headlines before the bell: Lorillard, Reynolds American–The two U.S. tobacco companies issued a statement confirming merger talks, and that they are also talking to Britain's Imperial Tobacco about selling various assets and brands. CNBC had reported the talks last Friday and that a deal was likely to emerge within weeks. Imperial also issued a statement acknowledging the negotiations. Procter & Gamble–Wells Fargo downgraded the stock to "market perform" from "outperform", citing a lack of progress in improvement for P & G's fundamentals. Qualcomm–Goldman Sachs removed the chip maker's stock from its "conviction buy" list, noting that the catalysts for an improved stock price laid out in a November report have largely played out.

cnbc, Articles, Market Insider, Earnings, Lorillard Inc, Reynolds American Inc, Procter & Gamble Co, Qualcomm Inc, Fastenal Co, Amazon.com Inc, Chevron Corp, Gap Inc, Rent-A-Center Inc, Darden Restaurants Inc, Whirlpool Corp, Indesit Company SpA, Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> <em>Check out which companies are making headlines before the bell</em>: </p><p><a href="//www.cnbc.com/quotes/A" target="_blank"> Lorillard</a>, <a href="//www.cnbc.com/quotes/A" target="_blank">Reynolds American</a>–The two U.S. tobacco companies issued a statement <a href="https://www.cnbc.com/2014/07/11/reynolds-lorillard-to-reshape-big-tobacco-with-merger.html">confirming merger talks</a>, and that they are also talking to Britain's Imperial Tobacco about selling various assets and brands. CNBC had reported the talks last Friday and that a deal was likely to emerge within weeks. Imperial also issued a statement acknowledging the negotiations.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/PG" target="_blank"> Procter &amp; Gamble</a>–Wells Fargo downgraded the stock to "market perform" from "outperform", citing a lack of progress in improvement for P &amp; G's fundamentals.</p><p><a href="//www.cnbc.com/quotes/QCOM" target="_blank"> Qualcomm</a>–Goldman Sachs removed the chip maker's stock from its "conviction buy" list, noting that the catalysts for an improved stock price laid out in a November report have largely played out.</p></div>,<div class="group"><p> <a href="//www.cnbc.com/quotes/FAST" target="_blank">Fastenal</a>–The industrial supplier reported second quarter profit of 44 cents per share, matching estimates, though revenue fell short of consensus. </p><p> <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon.com</a>–The online retailer responded to an FTC suit involving <a href="https://www.cnbc.com/2014/07/10/ftc-suing-amazon-over-childrens-in-app-purchases.html">allegedly unauthorized purchases by children</a> on their parents' credit cards. Amazon said it had refunded such purchases, and called the FTC's action "deeply disappointing."</p><p> <a href="//www.cnbc.com/quotes/CVX" target="_blank">Chevron</a>–Chevron expects second quarter profit to be higher than it was during the first quarter, with downstream profits comparable to last quarter. Chevron is scheduled to report its full second quarter results on August 1.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <a href="//www.cnbc.com/quotes/GPS" target="_blank">Gap</a><span>–</span><span>The retailer reported same-store sales fell two percent in June, shy of estimates for a 0.7 percent gain. Gap chief executive Glenn Murphy did call sales at the company's Old Navy chain "stellar" and that the momentum is continuing into July. </span></p><p> <a href="//www.cnbc.com/quotes/RCII" target="_blank">Rent-A-Center</a> – The company is forecasting second quarter profit of 36 to 38 cents per share, short of the consensus estimate of 48 cents. The rent-to-own chain also predicts second quarter sales below forecasts, saying macroeconomic pressures are hurting its customers. CEO Robert Davis said the company is not satisfied with its results and holds itself accountable.</p><p><a href="//www.cnbc.com/quotes/DRI" target="_blank"> Darden Restaurants</a>– Darden won dismissal of a New York lawsuit involving automatic tips on customer checks. The parent of Olive Garden and Red Lobster had been accused of violating New York consumer protection laws.</p><p><a href="//www.cnbc.com/quotes/WHR" target="_blank"> Whirlpool</a>– Whirlpool will buy a 66.8 percent stake in Italy's <a href="//www.cnbc.com/quotes/4AIM-IT" target="_blank">Indesit Company</a> for a little over $1 billion. Whirlpool said the deal is intended to strengthen its European manufacturing operation.</p><p> <em>—</em><em>By CNBC's Peter Schacknow</em></p><p> <em>Questions? Comments? Email us at [email protected]</em></p></div>

Check out which companies are making headlines before the bell: Lorillard, Reynolds American–The two U.S. tobacco companies issued a statement confirming merger talks, and that they are also talking to Britain's Imperial Tobacco about selling various assets and brands. CNBC had reported the talks last Friday and that a deal was likely to emerge within weeks. Imperial also issued a statement acknowledging the negotiations. Procter & Gamble–Wells Fargo downgraded the stock to "market perform" from "outperform", citing a lack of progress in improvement for P & G's fundamentals. Qualcomm–Goldman Sachs removed the chip maker's stock from its "conviction buy" list, noting that the catalysts for an improved stock price laid out in a November report have largely played out. Fastenal–The industrial supplier reported second quarter profit of 44 cents per share, matching estimates, though revenue fell short of consensus. Amazon.com–The online retailer responded to an FTC suit involving allegedly unauthorized purchases by children on their parents' credit cards. Amazon said it had refunded such purchases, and called the FTC's action "deeply disappointing." Chevron–Chevron expects second quarter profit to be higher than it was during the first quarter, with downstream profits comparable to last quarter. Chevron is scheduled to report its full second quarter results on August 1. Gap–The retailer reported same-store sales fell two percent in June, shy of estimates for a 0.7 percent gain. Gap chief executive Glenn Murphy did call sales at the company's Old Navy chain "stellar" and that the momentum is continuing into July. Rent-A-Center – The company is forecasting second quarter profit of 36 to 38 cents per share, short of the consensus estimate of 48 cents. The rent-to-own chain also predicts second quarter sales below forecasts, saying macroeconomic pressures are hurting its customers. CEO Robert Davis said the company is not satisfied with its results and holds itself accountable. Darden Restaurants– Darden won dismissal of a New York lawsuit involving automatic tips on customer checks. The parent of Olive Garden and Red Lobster had been accused of violating New York consumer protection laws. Whirlpool– Whirlpool will buy a 66.8 percent stake in Italy's Indesit Company for a little over $1 billion. Whirlpool said the deal is intended to strengthen its European manufacturing operation. —By CNBC's Peter Schacknow Questions? Comments? Email us at [email protected]

2021-10-30 14:12:36.910834

Small Radiation Found in Washington State Milk: FDA

https://www.cnbc.com/2011/03/30/small-radiation-found-in-washington-state-milk-fda.html

2011-03-30T22:28:14+0000

CNBC

The Environmental Protection Agency and the Food and Drug Administration say that very low levels of radiation have turned up in a sample of milk from Washington state. But federal officials say consumers should not worry.The FDA said such findings are to be expected in the coming days because of the nuclear crisis in Japan, and that the levels are expected to drop relatively quickly.Results from a March 25 milk sample taken from Spokane, Wash., show levels of radioactive Iodine-131 that are still 5,000 times below levels of concern set by the FDA, including levels set for infants and children.The EPA said it is increasing the level of nationwide monitoring of milk, precipitation and drinking water following the crisis at the Japanese nuclear power plant.

cnbc, Articles, Business News, Economy, US Economy, US: News, source:tagname:The Associated Press

<div class="group"><p>The Environmental Protection Agency and the Food and Drug Administration say that very low levels of radiation have turned up in a sample of milk from Washington state. But federal officials say consumers should not worry.</p><p>The FDA said such findings are to be expected in the coming days because of the nuclear crisis in Japan, and that the levels are expected to drop relatively quickly.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Results from a March 25 milk sample taken from Spokane, Wash., show levels of radioactive Iodine-131 that are still 5,000 times below levels of concern set by the FDA, including levels set for infants and children.</p><p>The EPA said it is increasing the level of nationwide monitoring of milk, precipitation and drinking water following the crisis at the Japanese nuclear power plant.</p></div>

The Environmental Protection Agency and the Food and Drug Administration say that very low levels of radiation have turned up in a sample of milk from Washington state. But federal officials say consumers should not worry.The FDA said such findings are to be expected in the coming days because of the nuclear crisis in Japan, and that the levels are expected to drop relatively quickly.Results from a March 25 milk sample taken from Spokane, Wash., show levels of radioactive Iodine-131 that are still 5,000 times below levels of concern set by the FDA, including levels set for infants and children.The EPA said it is increasing the level of nationwide monitoring of milk, precipitation and drinking water following the crisis at the Japanese nuclear power plant.

2021-10-30 14:12:36.947911

Dollar Down but Pares Losses

https://www.cnbc.com/2006/12/27/dollar-down-but-pares-losses.html

2006-12-27T19:04:26+0000

CNBC

The dollar was largely down against other major currencies, although a surprisingly strong rise in new home sales helped the dollar reverse some of its losses.The government reported that new home sales beat expectations and rose 3.4 percent in November to an annual pace of 1.047 million units, which eased concerns about the extent of the housing market's slowdown and tempered expectations that the Federal Reserve could cut interest rates early next year to stimulate growth."The new home sales report did beat the consensus forecast, and that, I think, provides further evidence to support the view that the worst of the housing downturn may have passed," said Alex Beuzelin, senior market analyst for Ruesch International in Washington, D.C.With the European Central Bank widely expected to keep raising rates and the Bank of Japan possibly discussing tighter monetary policy at its meeting in January, the dollar slipped as investors returned from the Christmas holiday with more conviction that the U.S. currency's yield advantage will fade next year.Data showing weaker-than-expected Japan retail sales was overshadowed by a media report that the Bank of Japan will probably discuss raising interest rates at next month's policy meeting.Currency trading in Asia was disrupted after strong earthquakes near Taiwan damaged undersea telecommunications cables, restricting international telephone traffic and Internet speeds, but trade in the North American markets was not affected.U.S. benchmark Treasury note prices, meanwhile, were off almost a full point on the day at 99 27/32, bringing yields up to 4.64%, taking their lead from a fall in European government bond prices and the stronger housing data.

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

<div class="group"><p>The dollar was largely down against other major currencies, although a surprisingly strong rise in new home sales helped the dollar reverse some of its losses.</p><p>The government reported that new home sales beat expectations and rose 3.4 percent in November to an annual pace of 1.047 million units, which eased concerns about the extent of the housing market's slowdown and tempered expectations that the Federal Reserve could cut interest rates early next year to stimulate growth.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"The new home sales report did beat the consensus forecast, and that, I think, provides further evidence to support the view that the worst of the housing downturn may have passed," said Alex Beuzelin, senior market analyst for Ruesch International in Washington, D.C.</p><p>With the European Central Bank widely expected to keep raising rates and the Bank of Japan possibly discussing tighter monetary policy at its meeting in January, the dollar slipped as investors returned from the Christmas holiday with more conviction that the U.S. currency's yield advantage will fade next year.</p><p>Data showing weaker-than-expected Japan retail sales was overshadowed by a media report that the Bank of Japan will probably discuss raising interest rates at next month's policy meeting.</p><p>Currency trading in Asia was disrupted after strong earthquakes near Taiwan damaged undersea telecommunications cables, restricting international telephone traffic and Internet speeds, but trade in the North American markets was not affected.</p><p>U.S. benchmark Treasury note prices, meanwhile, were off almost a full point on the day at 99 27/32, bringing yields up to 4.64%, taking their lead from a fall in European government bond prices and the stronger housing data.</p></div>

The dollar was largely down against other major currencies, although a surprisingly strong rise in new home sales helped the dollar reverse some of its losses.The government reported that new home sales beat expectations and rose 3.4 percent in November to an annual pace of 1.047 million units, which eased concerns about the extent of the housing market's slowdown and tempered expectations that the Federal Reserve could cut interest rates early next year to stimulate growth."The new home sales report did beat the consensus forecast, and that, I think, provides further evidence to support the view that the worst of the housing downturn may have passed," said Alex Beuzelin, senior market analyst for Ruesch International in Washington, D.C.With the European Central Bank widely expected to keep raising rates and the Bank of Japan possibly discussing tighter monetary policy at its meeting in January, the dollar slipped as investors returned from the Christmas holiday with more conviction that the U.S. currency's yield advantage will fade next year.Data showing weaker-than-expected Japan retail sales was overshadowed by a media report that the Bank of Japan will probably discuss raising interest rates at next month's policy meeting.Currency trading in Asia was disrupted after strong earthquakes near Taiwan damaged undersea telecommunications cables, restricting international telephone traffic and Internet speeds, but trade in the North American markets was not affected.U.S. benchmark Treasury note prices, meanwhile, were off almost a full point on the day at 99 27/32, bringing yields up to 4.64%, taking their lead from a fall in European government bond prices and the stronger housing data.

2021-10-30 14:12:37.107316

Los Angeles Port Workers Avert Strike With 11th Hour Deal

https://www.cnbc.com/2007/07/26/los-angeles-port-workers-avert-strike-with-11th-hour-deal.html

2007-07-26T21:45:46+0000

CNBC

Port clerks and their employers at the nation's largest port complex tentatively agreed on a new contract Thursday, preventing a strike that could have crippled shipping and cost billions of dollars, a negotiator said."The employers are pleased that the union recognized the substantial investment that (employers) have made and agreed to their last wage proposal," said Steve Berry, a negotiator for the shippers.John Fageaux Jr., president of the union local, said he was satisfied with the tentative agreement.The 15,000-member International Longshore and Warehouse Union had indicated that longshoremen would honor picket lines if the 750 clerical workers went on strike. Such a move would have effectively stopped the loading and unloading of cargo at the ports of Long Beach and Los Angeles.If that happened, it could have effectively stopped the loading and unloading of cargo at the ports of Long Beach and Los Angeles, a complex that accounts for more than 40 percent of all the cargo container traffic coming into the United States."We think it's in everyone's interest -- the consumers, the city -- that we don't have a work stoppage," Berry said.The Office Clerical Unit, Local 63, of the ILWU represents workers for 17 shipping companies and other cargo firms at the twin ports. Its clerks work at marine terminals and handle bookings for the export of cargo and other transport documents.Their last contract, which expired June 30, gave full-time clerical workers about $37.50 an hour, or $78,000 a year, plus a pension, health care benefits free of premiums, and 20 paid holidays a year.Under the tentative deal reached Thursday, the workers will receive a wage increase of 7 percent over the three-year contract. That includes a 50-cents-per-hour increase in the first year and $1-per-hour increase in each subsequent year. The employers also agreed to pay $3.4 million to establish a trust fund to manage employees' health and welfare and pensions plans.Fageaux said he expects the union membership to vote on the tentative deal some time next week."Both sides negotiated hard for their positions, and both sides recognized what the other side needed," he said.

cnbc, Articles, Business News, Economy, US Economy, US: News, source:tagname:The Associated Press

<div class="group"><p>Port clerks and their employers at the nation's largest port complex tentatively agreed on a new contract Thursday, preventing a strike that could have crippled shipping and cost billions of dollars, a negotiator said.</p><p>"The employers are pleased that the union recognized the substantial investment that (employers) have made and agreed to their last wage proposal," said Steve Berry, a negotiator for the shippers.</p><div style="height:100%" class="lazyload-placeholder"></div><p>John Fageaux Jr., president of the union local, said he was satisfied with the tentative agreement.</p><p>The 15,000-member <a href="http://www.ilwu.org/" target="_blank">International Longshore and Warehouse Union</a> had indicated that longshoremen would honor picket lines if the 750 clerical workers went on strike. Such a move would have effectively stopped the loading and unloading of cargo at the ports of Long Beach and Los Angeles.</p><p>If that happened, it could have effectively stopped the loading and unloading of cargo at the ports of Long Beach and Los Angeles, a complex that accounts for more than 40 percent of all the cargo container traffic coming into the United States.</p><p>"We think it's in everyone's interest -- the consumers, the city -- that we don't have a work stoppage," Berry said.</p><p>The Office Clerical Unit, Local 63, of the ILWU represents workers for 17 shipping companies and other cargo firms at the twin ports. Its clerks work at marine terminals and handle bookings for the export of cargo and other transport documents.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Their last contract, which expired June 30, gave full-time clerical workers about $37.50 an hour, or $78,000 a year, plus a pension, health care benefits free of premiums, and 20 paid holidays a year.</p><p>Under the tentative deal reached Thursday, the workers will receive a wage increase of 7 percent over the three-year contract. That includes a 50-cents-per-hour increase in the first year and $1-per-hour increase in each subsequent year. The employers also agreed to pay $3.4 million to establish a trust fund to manage employees' health and welfare and pensions plans.</p><p>Fageaux said he expects the union membership to vote on the tentative deal some time next week.</p><p>"Both sides negotiated hard for their positions, and both sides recognized what the other side needed," he said.</p></div>

Port clerks and their employers at the nation's largest port complex tentatively agreed on a new contract Thursday, preventing a strike that could have crippled shipping and cost billions of dollars, a negotiator said."The employers are pleased that the union recognized the substantial investment that (employers) have made and agreed to their last wage proposal," said Steve Berry, a negotiator for the shippers.John Fageaux Jr., president of the union local, said he was satisfied with the tentative agreement.The 15,000-member International Longshore and Warehouse Union had indicated that longshoremen would honor picket lines if the 750 clerical workers went on strike. Such a move would have effectively stopped the loading and unloading of cargo at the ports of Long Beach and Los Angeles.If that happened, it could have effectively stopped the loading and unloading of cargo at the ports of Long Beach and Los Angeles, a complex that accounts for more than 40 percent of all the cargo container traffic coming into the United States."We think it's in everyone's interest -- the consumers, the city -- that we don't have a work stoppage," Berry said.The Office Clerical Unit, Local 63, of the ILWU represents workers for 17 shipping companies and other cargo firms at the twin ports. Its clerks work at marine terminals and handle bookings for the export of cargo and other transport documents.Their last contract, which expired June 30, gave full-time clerical workers about $37.50 an hour, or $78,000 a year, plus a pension, health care benefits free of premiums, and 20 paid holidays a year.Under the tentative deal reached Thursday, the workers will receive a wage increase of 7 percent over the three-year contract. That includes a 50-cents-per-hour increase in the first year and $1-per-hour increase in each subsequent year. The employers also agreed to pay $3.4 million to establish a trust fund to manage employees' health and welfare and pensions plans.Fageaux said he expects the union membership to vote on the tentative deal some time next week."Both sides negotiated hard for their positions, and both sides recognized what the other side needed," he said.

2021-10-30 14:12:37.144180

Coronavirus mortgage bailout: 'There is going to be complete chaos,' says industry CEO

https://www.cnbc.com/2020/04/06/coronavirus-bailout-there-is-going-to-be-complete-chaos-mortgage-ceo.html

2020-04-06T15:05:17+0000

Diana Olick

CNBC

A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running during the coronavirus pandemic, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate.The Cares Act, which seeks to limit the economic damage from COVID-19, mandates that all borrowers with government-backed mortgages — about 62% of all first lien mortgages according to Urban Institute — be allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.Those payments would then have to be made at a later time through a payment plan. Servicers are granting the payment deferrals to borrowers with no questions asked, as is required by the law, but the servicers still have to pay mortgage bond holders.In normal times, they have enough to cover these payments, and, in fact, at the end of last year the mortgage delinquency rate was near a record low, according to CoreLogic. Now that rate is skyrocketing, and servicers do not have nearly enough cash to cover those payments to bondholders.The coalition, which includes the Mortgage Bankers Association, the National Association of Home Builders, the National Association of Realtors, the Independent Community Bankers of America, U.S. Mortgage Insurers and the National Apartment Association, issued a press release Saturday saying, "The scale of this forbearance program could not have been foreseen by mortgage servicers, or fully anticipated by regulators ... it is therefore incumbent upon the government to provide a liquidity facility for single-family and multifamily servicers ... any further delay could lead to greater uncertainty and volatility in the market."

cnbc, Articles, Economy, Economic events, Housing, Real estate, Mortgages, Real Estate, US: News, Coronavirus, Foreclosures, Congress, Business News, source:tagname:CNBC US Source

<div class="group"><p>A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running during <a href="https://www.cnbc.com/2020/04/06/coronavirus-live-updates.html">the coronavirus pandemic</a>, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate.</p><p>The Cares Act, which seeks to limit the economic damage from <a href="https://www.cnbc.com/coronavirus/">COVID-19</a>, mandates that all borrowers with government-backed mortgages — about 62% of all first lien mortgages according to Urban Institute — be allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Those payments would then have to be made at a later time through a payment plan. Servicers are granting the payment deferrals to borrowers with no questions asked, as is required by the law, but the servicers still have to pay mortgage bond holders.</p><p>In normal times, they have enough to cover these payments, and, in fact, at the end of last year the mortgage delinquency rate was near a record low, according to CoreLogic. Now that rate is skyrocketing, and servicers do not have nearly enough cash to cover those payments to bondholders.</p><p>The coalition, which includes the Mortgage Bankers Association, the National Association of Home Builders, the National Association of Realtors, the Independent Community Bankers of America, U.S. Mortgage Insurers and the National Apartment Association, issued a press release Saturday saying, "The scale of this forbearance program could not have been foreseen by mortgage servicers, or fully anticipated by regulators ... it is therefore incumbent upon the government to provide a liquidity facility for single-family and multifamily servicers ... any further delay could lead to greater uncertainty and volatility in the market."</p></div>,<div class="group"><p>Mr. Cooper, the largest nonbank servicer in the nation, with close to 4 million mostly government-backed loans has already granted more than 80,000 forbearances, and the requests keep flooding in. Jay Bray, Mr. Cooper's CEO, helped federal regulators set up the plan. He said he was told there would be federal cash for servicers, but that part of the deal never made it to the final act.</p><p>"It's frankly frustrating and ridiculous that we do not have a solution in place," said Bray. "There is going to be complete chaos. We're the largest nonbank. We have a strong balance sheet, but for the industry as a whole you're going to start seeing problems soon."</p><div style="height:100%" class="lazyload-placeholder"></div><p>In an interview Wednesday on CNBC, Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said he estimated about 2 million borrowers would seek forbearance by May. He did not agree that servicers need liquidity now, only later.</p><p>"If this goes beyond two or three months, and we start to get worse than that, then that's going to be a lot of strain, and certainly we're going to start to see some firms get into a lot of liquidity trouble," Calabria said.</p><p>Others, however, have much higher estimates for the forbearance program. Laurie Goodman, co-director of the Housing Finance Policy Center at Urban Institute, predicted a worst-case scenario of nearly 12 million borrowers receiving some kind of forbearance at a cost of $66 billion for six months. Mark Zandi, chief economist at Moody's Analytics, predicted about 15 million households would receive some forbearance on their home loans.</p><p>"We had a tremendous surge in April, you're going to see another massive surge in the middle of the month when they [borrowers] are considered late, and another massive surge in May," said Bray. "They're going to need these forbearance plans, and it's going to continue to grow at a pace that, frankly, some people don't understand and are dismissing how big a problem it's going to be."</p><p>Even as Americans begin to receive checks from the government, there is no guarantee they will use that money to pay their mortgages. The forbearance program forbids servicers from asking for any proof of hardship. Bray said that was the right course.</p><p>"I do not believe it is a moral hazard. It's not a payment forgiveness plan. Let's say it's three month, at the end of that time they can repay, go onto partial payment, or go into some type of modification, and then there will be some kind of documentation required," said Bray.</p><p> But others disagree.</p><p>"Throwing this out there without showing evidence of hardship was an outrageous move, outrageous," said David Stevens, who headed the Federal Housing Administration during the subprime mortgage crisis and is a former CEO of the Mortgage Bankers Association. "The administration made a huge mistake bringing moral hazard in and thrust extraordinary risk into the private sector that could collapse the mortgage market."</p><p>Stevens said borrowers should have been required to show at least some proof of hardship, which they had to do during subprime mortgage bailout. Moral hazard aside, he, too, contended a liquidity facility for servicers is essential.</p><p>"This is a crisis so easily correctable," he said. "The GSEs [Fannie Mae and Freddie Mac] for years have always assured the servicing community that in the event of a major credit event, they'll be there to make sure they provide the liquidity. From what we are hearing, and we can't verify it, the FHFA director instructed the GSEs not to set up a liquidity or advance facility."</p><p>When asked for a response to the industry plea, Calabria on Monday declined to comment.</p><p>Both Stevens and Bray said that because of this new and momentous risk in the mortgage market, it is suddenly much harder for borrowers to get new loans or refinance current mortgages. Wells Fargo is already placing restrictions on jumbo lending to its customers.</p><p>"It's just going to create more fear within the nonbank servicing sector. The banks that service them are going to start to not lend," said Bray. "Ultimately that impacts homeowners. They won't be able to be served because these companies will be in the middle of a crisis. We've seen a lot of businesses close their doors, and if you start closing the doors of servicers you're impacting people's lives much more than other sectors. You're talking about their homes. It's the largest asset they have."</p></div>

A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running during the coronavirus pandemic, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate.The Cares Act, which seeks to limit the economic damage from COVID-19, mandates that all borrowers with government-backed mortgages — about 62% of all first lien mortgages according to Urban Institute — be allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.Those payments would then have to be made at a later time through a payment plan. Servicers are granting the payment deferrals to borrowers with no questions asked, as is required by the law, but the servicers still have to pay mortgage bond holders.In normal times, they have enough to cover these payments, and, in fact, at the end of last year the mortgage delinquency rate was near a record low, according to CoreLogic. Now that rate is skyrocketing, and servicers do not have nearly enough cash to cover those payments to bondholders.The coalition, which includes the Mortgage Bankers Association, the National Association of Home Builders, the National Association of Realtors, the Independent Community Bankers of America, U.S. Mortgage Insurers and the National Apartment Association, issued a press release Saturday saying, "The scale of this forbearance program could not have been foreseen by mortgage servicers, or fully anticipated by regulators ... it is therefore incumbent upon the government to provide a liquidity facility for single-family and multifamily servicers ... any further delay could lead to greater uncertainty and volatility in the market."Mr. Cooper, the largest nonbank servicer in the nation, with close to 4 million mostly government-backed loans has already granted more than 80,000 forbearances, and the requests keep flooding in. Jay Bray, Mr. Cooper's CEO, helped federal regulators set up the plan. He said he was told there would be federal cash for servicers, but that part of the deal never made it to the final act."It's frankly frustrating and ridiculous that we do not have a solution in place," said Bray. "There is going to be complete chaos. We're the largest nonbank. We have a strong balance sheet, but for the industry as a whole you're going to start seeing problems soon."In an interview Wednesday on CNBC, Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said he estimated about 2 million borrowers would seek forbearance by May. He did not agree that servicers need liquidity now, only later."If this goes beyond two or three months, and we start to get worse than that, then that's going to be a lot of strain, and certainly we're going to start to see some firms get into a lot of liquidity trouble," Calabria said.Others, however, have much higher estimates for the forbearance program. Laurie Goodman, co-director of the Housing Finance Policy Center at Urban Institute, predicted a worst-case scenario of nearly 12 million borrowers receiving some kind of forbearance at a cost of $66 billion for six months. Mark Zandi, chief economist at Moody's Analytics, predicted about 15 million households would receive some forbearance on their home loans."We had a tremendous surge in April, you're going to see another massive surge in the middle of the month when they [borrowers] are considered late, and another massive surge in May," said Bray. "They're going to need these forbearance plans, and it's going to continue to grow at a pace that, frankly, some people don't understand and are dismissing how big a problem it's going to be."Even as Americans begin to receive checks from the government, there is no guarantee they will use that money to pay their mortgages. The forbearance program forbids servicers from asking for any proof of hardship. Bray said that was the right course."I do not believe it is a moral hazard. It's not a payment forgiveness plan. Let's say it's three month, at the end of that time they can repay, go onto partial payment, or go into some type of modification, and then there will be some kind of documentation required," said Bray. But others disagree."Throwing this out there without showing evidence of hardship was an outrageous move, outrageous," said David Stevens, who headed the Federal Housing Administration during the subprime mortgage crisis and is a former CEO of the Mortgage Bankers Association. "The administration made a huge mistake bringing moral hazard in and thrust extraordinary risk into the private sector that could collapse the mortgage market."Stevens said borrowers should have been required to show at least some proof of hardship, which they had to do during subprime mortgage bailout. Moral hazard aside, he, too, contended a liquidity facility for servicers is essential."This is a crisis so easily correctable," he said. "The GSEs [Fannie Mae and Freddie Mac] for years have always assured the servicing community that in the event of a major credit event, they'll be there to make sure they provide the liquidity. From what we are hearing, and we can't verify it, the FHFA director instructed the GSEs not to set up a liquidity or advance facility."When asked for a response to the industry plea, Calabria on Monday declined to comment.Both Stevens and Bray said that because of this new and momentous risk in the mortgage market, it is suddenly much harder for borrowers to get new loans or refinance current mortgages. Wells Fargo is already placing restrictions on jumbo lending to its customers."It's just going to create more fear within the nonbank servicing sector. The banks that service them are going to start to not lend," said Bray. "Ultimately that impacts homeowners. They won't be able to be served because these companies will be in the middle of a crisis. We've seen a lot of businesses close their doors, and if you start closing the doors of servicers you're impacting people's lives much more than other sectors. You're talking about their homes. It's the largest asset they have."

2021-10-30 14:12:37.254508

Google bought $750 million Lenovo stake on January 30

https://www.cnbc.com/2014/02/06/google-bought-750-million-lenovo-stake-on-january-30.html

2014-02-07T04:14:11+0000

CNBC

Internet search company Google Inc bought a 5.94 percent stake in China's Lenovo Group last month for $750 million, according to a disclosure on the Hong Kong stock exchange.Google acquired 618.3 million Lenovo shares at $1.213 per share on Jan. 30, the stock exchange said late on Thursday.Lenovo agreed to buy Google's Motorola handset division last week for $2.91 billion in a cash and stock deal.

cnbc, Articles, Alphabet Class A, Lenovo Group Ltd, Technology, source:tagname:Reuters

<div class="group"><p>Internet search company <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google Inc</a> bought a 5.94 percent stake in China's<a href="//www.cnbc.com/quotes/992-HK" target="_blank"> Lenovo Group</a> last month for $750 million, according to a disclosure on the Hong Kong stock exchange.</p><p>Google acquired 618.3 million Lenovo shares at $1.213 per share on Jan. 30, the stock exchange said late on Thursday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Lenovo agreed to buy Google's Motorola handset division last week for $2.91 billion in a cash and stock deal.</p></div>

Internet search company Google Inc bought a 5.94 percent stake in China's Lenovo Group last month for $750 million, according to a disclosure on the Hong Kong stock exchange.Google acquired 618.3 million Lenovo shares at $1.213 per share on Jan. 30, the stock exchange said late on Thursday.Lenovo agreed to buy Google's Motorola handset division last week for $2.91 billion in a cash and stock deal.

2021-10-30 14:12:37.333137

US opens taps slightly on oil exports to Europe

https://www.cnbc.com/2014/02/04/us-opens-taps-slightly-on-oil-exports-to-europe.html

2014-02-04T13:47:06+0000

CNBC

The U.S. government has authorized limited crude oil exports to Europe for the first time in years, raising new questions about how companies are testing the limits of a controversial, decades-old exports ban.

cnbc, Articles, Energy, Oil and Gas, Energy Commodities, Oil, Law and Regulation, Business News, source:tagname:Reuters

<div class="group"><p> The U.S. government has authorized limited crude oil exports to Europe for the first time in years, raising new questions about how companies are testing the limits of a controversial, decades-old exports ban.<br></p></div>,<div class="group"><p><span style="background-color:rgb(255, 255, 255)">The Commerce Department has granted two licenses to export U.S. crude to the U.K. since last year and another two to Italy, according to data Reuters obtained through a Freedom of Information Act request.</span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p> One application for German exports was filed in January and is awaiting a decision by the Bureau of Industry and Security (BIS), which is responsible for reviewing requests to export crude under a 1975 law that bans most shipments with a few exceptions, including sales to Canada and re-export of foreign oil.</p><p> (<em>Read more</em>: <!-- -->)</p><p><span style="background-color:rgb(255, 255, 255)">These are the first permits for shipments to Britain since at least 2000 and the first to any European country since 2008, according to data from the BIS. The bureau has approved 120 licenses since January 2013, nearly 90 percent of which were for sales to Canada, the data show.</span><br></p><p> It was not immediately clear under which provisions BIS granted the European export licenses. The current regulation allows foreign crude to be re-exported from the United States if it is not commingled with U.S. crude, an option that some Canadian producers are said to be using.</p><p> In rare cases, the regulation permits the exchange of U.S. oil for foreign crude or refined products of higher value, which has become an attractive option with the growing surplus of light, sweet shale oil.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Whatever the case, the licenses could add to the growing debate in Washington on the benefits and pitfalls of lifting the ban, among the year's most urgent energy policy questions, as the relentless rise in shale oil production threatens to saturate domestic refiners as soon as this year.</p><p> They may add to expectations that the Obama administration will allow companies to use provisions in the existing regulation to slowly increase exports, while stalling on a decision on whether to scrap the ban.</p><p> With U.S. oil production at a 25-year high, many oil producers are eyeing other markets and have called for an end to the ban on exports, which they consider a relic of the 1970s, when the Arab oil embargo led to steep prices at the pump.</p><p> Alaskan Republican Lisa Murkowski, the Senate Energy and Natural Resource Committee's top Republican, has backed that position.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2014/02/03/all-50-states-have-gas-prices-above-3-per-gallon.html">All 50 states have gas prices above $3 per gallon</a>)</p><p> On the other side, independent U.S. refiners, which stand to benefit from cheaper domestic crude, have argued against easing restrictions.</p><p> Sen. Ron Wyden, chairman of the Energy and Natural Resources Committee and an Oregon Democrat, warned at a hearing last week that "a number of influential voices" that want to export oil could drown out the risks for the average consumer.</p><p> If more exports to Europe are allowed, refiners across the Atlantic may have cause to celebrate since access to cheap, high-quality U.S. shale oil would help revive their margins.</p><p> The BIS did not respond to frequent requests for information on the nature of the licenses. It declined to comment on the identity of the exporting companies, citing exceptions in the Export Administration Act.</p><p> The bureau's data do not show which permits were used, and the Energy Department's oil export data do not show any crude shipments to Europe through November 2013.</p><p> <strong>European exports a rarity</strong></p><p> Exports of crude to Canada were initially approved by President Ronald Reagan in the 1980s, and have picked up rapidly in recent years. The United States sent about 200,000 barrels of oil a day to Canada in November, the highest volume since 1999, data from the Department of Energy shows.</p><p> A handful of licenses have also been regularly approved over the past decade for countries in Central America or Asia, either for the export of heavy California crude or the re-export of foreign-origin oil, according to a BIS statement released last year.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2014/01/31/keystone-xl-oil-pipeline-clears-significant-hurdle.html">Keystone XL oil pipeline clears significant hurdle</a>)</p><p> But European countries have rarely appeared on the list. Two permit applications filed in 2011 for exports to Switzerland and one for exports to the Netherlands were not approved.</p><p> The two approved U.K. permits were for shipments with a total maximum value of $1.8 billion, while those to Italy were valued at $3.12 billion. The application for German exports was worth $2.6 billion, the data show.</p></div>,<div class="group"><p> Theodore Kassinger, a partner with the law firm O'Melveny and Myers in Washington who previously served as the deputy secretary and general counsel of the Department of Commerce, said the bureau likely stuck to existing provisions to allow exports to Europe.</p><p> "The licenses were likely within the confines of the current law and so they may have involved re-exports of foreign-origin oil," he said.</p><p> Without established trade routes or tanker rates, it is difficult to compare the economics of exporting Canadian heavy oil sands versus shipments of U.S. light-sweet oil to Europe. Few traders have examined the value of such unprecedented shipments.</p><p> While Canadian crude trades at deep discounts to the U.S. benchmark futures contract, most European refiners are not configured to process the heavy oil.</p><p> Ultra light, low-sulfur Bakken, on the other hand, would be welcome in Europe, but trades at relatively higher prices in the United States where local refiners are still eager to replace imported crude with the domestic grade.</p><p> <strong>Export expansion suggests oil swaps </strong></p><p> Others said oil volume swaps—whereby companies can export U.S. light oil for a higher quality or volume of crude or refined fuels—may be behind the recent expansion in export licenses to Europe.</p><p> "The implication is that we are not exchanging a higher value item for a lower value," said Ed Morse, global head of commodity research at Citi, while noting that re-exports of Canadian heavy oil from U.S. shores are on the rise.</p><p> Applicants for such licenses have to demonstrate that the trade is part of an overall transaction in the nation's interest and the oil cannot be sold for a reasonable price in the United States.</p><p> Sellers also have to prove that exports will be terminated if U.S. supplies are seriously threatened.</p><p> "I am skeptical that it was a swap because tests for such exports are very complicated," Kassinger said, referring to sellers' onus to prove that they can't sell the oil at a profit within the country.</p><p> "But the time will not be very far when it will not be commercially viable to market the crude in the country," he said.</p><p> <em>—By Reuters </em></p></div>

The U.S. government has authorized limited crude oil exports to Europe for the first time in years, raising new questions about how companies are testing the limits of a controversial, decades-old exports ban.The Commerce Department has granted two licenses to export U.S. crude to the U.K. since last year and another two to Italy, according to data Reuters obtained through a Freedom of Information Act request. One application for German exports was filed in January and is awaiting a decision by the Bureau of Industry and Security (BIS), which is responsible for reviewing requests to export crude under a 1975 law that bans most shipments with a few exceptions, including sales to Canada and re-export of foreign oil. (Read more: )These are the first permits for shipments to Britain since at least 2000 and the first to any European country since 2008, according to data from the BIS. The bureau has approved 120 licenses since January 2013, nearly 90 percent of which were for sales to Canada, the data show. It was not immediately clear under which provisions BIS granted the European export licenses. The current regulation allows foreign crude to be re-exported from the United States if it is not commingled with U.S. crude, an option that some Canadian producers are said to be using. In rare cases, the regulation permits the exchange of U.S. oil for foreign crude or refined products of higher value, which has become an attractive option with the growing surplus of light, sweet shale oil. Whatever the case, the licenses could add to the growing debate in Washington on the benefits and pitfalls of lifting the ban, among the year's most urgent energy policy questions, as the relentless rise in shale oil production threatens to saturate domestic refiners as soon as this year. They may add to expectations that the Obama administration will allow companies to use provisions in the existing regulation to slowly increase exports, while stalling on a decision on whether to scrap the ban. With U.S. oil production at a 25-year high, many oil producers are eyeing other markets and have called for an end to the ban on exports, which they consider a relic of the 1970s, when the Arab oil embargo led to steep prices at the pump. Alaskan Republican Lisa Murkowski, the Senate Energy and Natural Resource Committee's top Republican, has backed that position. (Read more: All 50 states have gas prices above $3 per gallon) On the other side, independent U.S. refiners, which stand to benefit from cheaper domestic crude, have argued against easing restrictions. Sen. Ron Wyden, chairman of the Energy and Natural Resources Committee and an Oregon Democrat, warned at a hearing last week that "a number of influential voices" that want to export oil could drown out the risks for the average consumer. If more exports to Europe are allowed, refiners across the Atlantic may have cause to celebrate since access to cheap, high-quality U.S. shale oil would help revive their margins. The BIS did not respond to frequent requests for information on the nature of the licenses. It declined to comment on the identity of the exporting companies, citing exceptions in the Export Administration Act. The bureau's data do not show which permits were used, and the Energy Department's oil export data do not show any crude shipments to Europe through November 2013. European exports a rarity Exports of crude to Canada were initially approved by President Ronald Reagan in the 1980s, and have picked up rapidly in recent years. The United States sent about 200,000 barrels of oil a day to Canada in November, the highest volume since 1999, data from the Department of Energy shows. A handful of licenses have also been regularly approved over the past decade for countries in Central America or Asia, either for the export of heavy California crude or the re-export of foreign-origin oil, according to a BIS statement released last year. (Read more: Keystone XL oil pipeline clears significant hurdle) But European countries have rarely appeared on the list. Two permit applications filed in 2011 for exports to Switzerland and one for exports to the Netherlands were not approved. The two approved U.K. permits were for shipments with a total maximum value of $1.8 billion, while those to Italy were valued at $3.12 billion. The application for German exports was worth $2.6 billion, the data show. Theodore Kassinger, a partner with the law firm O'Melveny and Myers in Washington who previously served as the deputy secretary and general counsel of the Department of Commerce, said the bureau likely stuck to existing provisions to allow exports to Europe. "The licenses were likely within the confines of the current law and so they may have involved re-exports of foreign-origin oil," he said. Without established trade routes or tanker rates, it is difficult to compare the economics of exporting Canadian heavy oil sands versus shipments of U.S. light-sweet oil to Europe. Few traders have examined the value of such unprecedented shipments. While Canadian crude trades at deep discounts to the U.S. benchmark futures contract, most European refiners are not configured to process the heavy oil. Ultra light, low-sulfur Bakken, on the other hand, would be welcome in Europe, but trades at relatively higher prices in the United States where local refiners are still eager to replace imported crude with the domestic grade. Export expansion suggests oil swaps Others said oil volume swaps—whereby companies can export U.S. light oil for a higher quality or volume of crude or refined fuels—may be behind the recent expansion in export licenses to Europe. "The implication is that we are not exchanging a higher value item for a lower value," said Ed Morse, global head of commodity research at Citi, while noting that re-exports of Canadian heavy oil from U.S. shores are on the rise. Applicants for such licenses have to demonstrate that the trade is part of an overall transaction in the nation's interest and the oil cannot be sold for a reasonable price in the United States. Sellers also have to prove that exports will be terminated if U.S. supplies are seriously threatened. "I am skeptical that it was a swap because tests for such exports are very complicated," Kassinger said, referring to sellers' onus to prove that they can't sell the oil at a profit within the country. "But the time will not be very far when it will not be commercially viable to market the crude in the country," he said. —By Reuters

2021-10-30 14:12:37.564953

European markets eke out gains at close as ECB holds interest rates; Akzo Nobel up 12.9%

https://www.cnbc.com/2017/03/09/european-markets-seen-lower-after-oil-plunge-ecb-rate-decision-eyed.html

2017-03-09T16:52:28+0000

Silvia Amaro,Sam Meredith

CNBC

European markets closed slightly higher on Thursday after the European Central Bank said it was keeping its rates unchanged and vowed to carry on with its asset-purchasing program.

cnbc, Articles, Linde AG (Pre-merger), FTSE 100, DAX, CAC 40 Index, Vanguard FTSE Europe Index Fund ETF Shares, iShares Europe ETF, iShares MSCI Germany ETF, iShares MSCI France ETF, Europe News, Politics, Markets, Europe Markets, source:tagname:CNBC Europe Source

<div class="group"><p>European markets closed slightly higher on Thursday after the <a href="https://www.cnbc.com/2011/10/20/european-central-bank-cnbc-explains.html">European Central Bank</a> said it was keeping its rates unchanged and vowed to carry on with its asset-purchasing program.<br></p></div>,<div class="group"><p>The pan-European <a href="https://www.cnbc.com/quotes/.STOXX">Stoxx 600</a><strong> </strong>ended 0.08 percent higher with most sectors in positive territory and major bourses mixed. Insurance stocks were among the best performers on earnings news. <a href="//www.cnbc.com/quotes/AV.-GB" target="_blank">Aviva</a> ended close to the top of the STOXX 600, up by 6.4 percent, after announcing a strong full-year operating profit.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="https://www.cnbc.com/quotes/.SXPP">Basic resources</a>, by contrast, slumped more than 3 percent by Thursday's close, on soft consumer price data in China and a weakening of the yuan.</p><p>The oil and gas sector was also down by 1.5 percent after another drop in oil prices. This came after data from the Energy Information Administration showed inventories rose by 8.2 million barrels last week. Brent crude dropped 2.2 percent to $51.91 a barrel and WTI fell 2.41 percent to $49.07 a barrel.<strong> </strong></p><p>At the top of the European benchmark was <a href="//www.cnbc.com/quotes/AKZA-NL" target="_blank">Akzo Nobel</a>, the Dutch paints and chemicals maker rejected a $22 billion offer from a U.S. firm on Thursday. Its shares ended 12.9 percent higher on the news. The French publisher <a href="//www.cnbc.com/quotes/.C4CD" target="_blank">Lagardere</a> jumped 10.25 percent after posting a 13.5 percent increase in earning before interest and tax. </p><p><a href="//www.cnbc.com/quotes/DOM-GB" target="_blank">Domino's</a> <strong>sank 13.1 percent</strong> with the pizza group announcing an expansion in the Norwegian market and an intention to open 80 new stores in the U.K. It also stated Thursday that its full-year profit rose 17 percent in 2016.<br><br>Meanwhile, in the U.S., the Dow Jones industrial average and broader S&amp;P 500 continued slightly higher ahead of a probable interest rate hike next week.</p></div>,<div class="group"><p>After solid U.S. jobs figures released Wednesday, expectations of a rate hike by the <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">U.S. Federal Reserve</a> next week have become even stronger.</p><div style="height:100%" class="lazyload-placeholder"></div><p>However, the main focus in Europe was on the European Central Bank. The bank <a href="http://www.cnbc.com/2017/03/09/ecb-holds-interest-rates-at-00-percent.html">kept rates unchanged</a> on Thursday and promised to keep its massive stimulus program. </p><p>The bank also revised its inflation forecasts upwards. It sees headline inflation at 1.6 percent at the end of 2018 compared to the 1.5 percent projected last December. In terms of growth, the bank has also revised its forecasts upwards for this year from 1.7 percent to 1.8 percent. However, it called on all euro area countries to step up reforms to ensure stable growth. <br><br>European Central Bank President Mario Draghi declared the euro "irrevocable" at Thursday's press conference ahead of key elections this summer. As a consequence, German 10-year bond yields spiked to hit a one-month high of 0.43 percent and the euro hit session high of $1.0605.</p><p>In corporate news, the Danish firm <a href="//www.cnbc.com/quotes/NOVO.B-DK" target="_blank">Novo Nordisk</a> has begun talks with Global Blood Therapeutics, a U.S. company, for a potential acquisition, Reuters reported. <a href="//www.cnbc.com/quotes/RIO-GB" target="_blank">Rio Tinto'</a>s chairman Jan du Plessis has said he will step down in the coming year after more than eight years in the job. </p><p>On the data front, Greece's unemployment rate fell to 23.1 percent in December from 24.1 percent for the same time in 2015. Elsewhere, European leaders are gathering in Brussels for a two-day summit.<br></p></div>,<div class="group"><p>Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>.</p></div>

European markets closed slightly higher on Thursday after the European Central Bank said it was keeping its rates unchanged and vowed to carry on with its asset-purchasing program.The pan-European Stoxx 600 ended 0.08 percent higher with most sectors in positive territory and major bourses mixed. Insurance stocks were among the best performers on earnings news. Aviva ended close to the top of the STOXX 600, up by 6.4 percent, after announcing a strong full-year operating profit.Basic resources, by contrast, slumped more than 3 percent by Thursday's close, on soft consumer price data in China and a weakening of the yuan.The oil and gas sector was also down by 1.5 percent after another drop in oil prices. This came after data from the Energy Information Administration showed inventories rose by 8.2 million barrels last week. Brent crude dropped 2.2 percent to $51.91 a barrel and WTI fell 2.41 percent to $49.07 a barrel. At the top of the European benchmark was Akzo Nobel, the Dutch paints and chemicals maker rejected a $22 billion offer from a U.S. firm on Thursday. Its shares ended 12.9 percent higher on the news. The French publisher Lagardere jumped 10.25 percent after posting a 13.5 percent increase in earning before interest and tax. Domino's sank 13.1 percent with the pizza group announcing an expansion in the Norwegian market and an intention to open 80 new stores in the U.K. It also stated Thursday that its full-year profit rose 17 percent in 2016.Meanwhile, in the U.S., the Dow Jones industrial average and broader S&P 500 continued slightly higher ahead of a probable interest rate hike next week.After solid U.S. jobs figures released Wednesday, expectations of a rate hike by the U.S. Federal Reserve next week have become even stronger.However, the main focus in Europe was on the European Central Bank. The bank kept rates unchanged on Thursday and promised to keep its massive stimulus program. The bank also revised its inflation forecasts upwards. It sees headline inflation at 1.6 percent at the end of 2018 compared to the 1.5 percent projected last December. In terms of growth, the bank has also revised its forecasts upwards for this year from 1.7 percent to 1.8 percent. However, it called on all euro area countries to step up reforms to ensure stable growth. European Central Bank President Mario Draghi declared the euro "irrevocable" at Thursday's press conference ahead of key elections this summer. As a consequence, German 10-year bond yields spiked to hit a one-month high of 0.43 percent and the euro hit session high of $1.0605.In corporate news, the Danish firm Novo Nordisk has begun talks with Global Blood Therapeutics, a U.S. company, for a potential acquisition, Reuters reported. Rio Tinto's chairman Jan du Plessis has said he will step down in the coming year after more than eight years in the job. On the data front, Greece's unemployment rate fell to 23.1 percent in December from 24.1 percent for the same time in 2015. Elsewhere, European leaders are gathering in Brussels for a two-day summit.Follow CNBC International on Twitter and Facebook.

2021-10-30 14:12:37.604356

'Shark Tank': This fighter-jet salesman quit 6-figure job to sell razors with 'aerospace-grade engineering'

https://www.cnbc.com/2019/11/05/shark-tank-herjavec-invests-in-razor-with-aerospace-grade-engineering.html

2019-11-05T16:12:55+0000

Taylor Locke

CNBC

Patrick Coddou seemed to have an enviable life: A great wife, a great job with an impressive salary. But that's not how he felt. "I spent about a decade climbing the corporate ladder. I had a six-figure job. I literally sold stealth-fighter jets for a living," Patrick told the "Shark Tank" investors on Sunday's episode. "On the outside, it looked like I had everything, but I hated waking up in the morning. I hated going to work. I went in and out of depression. It affected our marriage, and I became a person that I didn't recognize anymore. I saw my life 30 years in the future, and I saw myself still doing the same thing. So I finally decided to do something about it.""Something" was founding, with his wife Jennifer, Supply, a company that sells high end, patented single blade razors."[We] use aerospace-grade engineering and a single, American-made blade that is supremely close [when shaving] and comfortable," Patrick said during the episode.The Coddous said they put their life-savings into Supply and quit their jobs to focus on the business.

makeit, Articles, Taylor Locke, Robert Herjavec, Entrepreneurship, Make It, Make It - Success, Make It - Start-ups, source:tagname:CNBC US Source

2021-10-30 14:12:38.028634

The US jet fighter that can do it all—maybe

https://www.cnbc.com/2014/05/13/f-35-the-future-for-the-worlds-most-advanced-aircraft.html

2014-05-13T18:17:33+0000

Jane Wells

CNBC

On a mile-long assembly line in Ft. Worth, Texas, Lockheed Martin is putting together a jet fighter that no one can match. The F-35 Joint Strike Fighter will be stealthier, smarter, more capable, and more flexible than any aircraft ever built. It better be. It's costing American taxpayers close to $1 billion. A month.

cnbc, Articles, Aerospace and defense industry, Defense, Lockheed Martin Corp, Apple Inc, International Business Machines Corp, Aerospace & Defense, CNBC 25, Special Reports, source:tagname:CNBC US Source

<div class="group"><p> On a mile-long assembly line in Ft. Worth, Texas, <a href="//www.cnbc.com/quotes/LMT" target="_blank">Lockheed Martin</a> is putting together a jet fighter that no one can match. The F-35 Joint Strike Fighter will be stealthier, smarter, more capable, and more flexible than any aircraft ever built. </p><p> It better be. It's costing American taxpayers close to $1 billion. A month.</p><br></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>"It is a flying computer," said Steve O'Bryan, vice president of the F-35's integration and business development at Lockheed Martin. "Where technology goes, where software goes, the F-35 will be flexible with it."</p><p> That's important for an aircraft which the U.S. military and its allies are counting on to be the backbone of air defenses for the next half-century. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/12/air-traffic-system-failure-caused-by-computer-memory-shortage.html">This is what caused the LA air traffic system crash</a></p><p>For example, the F-35 currently isn't configured to control another aircraft, such as an unmanned plane that may fly in formation with it, since no UAV—unmanned aerial vehicle—has yet been created that can keep pace with the F-35. That will probably change over the next quarter century, and, conceivably, the software could be easily added. </p><p>"The future would bring you an F-35 operating UAVs," said O'Bryan.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p> A lot is riding on the Joint Strike Fighter's success. A hundred jets have been built so far, and they are being tested by the military. The first combat-ready airplane is slated to be delivered next year. Eventually there will be more than 2,400 flying for the U.S. military, with allies buying hundreds more. </p><p>However, the non-partisan Government Accountability Office found that issues remain with some of the jet's software, a problem that could again delay the rollout of an aircraft that has already dealt with an array of problems and seen its original price tag double. Developing, buying, and maintaining the F-35 program over the next half century will cost about $1 trillion, with a "T."</p></div>,<div class="group"><p>Still, the military remains committed to the plane. "They're still working on the software," said Lt. Col. Matt Renbarger, who is test-flying the aircraft at Eglin Air Force Base in Florida. </p><p>"<a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> and <a href="//www.cnbc.com/quotes/IBM" target="_blank">IBM</a>, when they build new computers, have to work through software things when they start things up—we're working through the same issues on our end, too," he said. "I'm confident the entire team is going to be able to put together a very good airplane." </p><p> There are many firsts with the F-35. It will be the first fighter jet made of composite material. It consolidates a seemingly endless amount of information onto a couple of screens inside the cockpit...or onto the pilot's visor inside a custom-fitted helmet. In addition, external cameras around the jet can transmit pictures onto the visor so that when a pilot looks down, it will be as if he or she is looking right through the bottom of the plane.</p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/12/odessa-the-city-that-may-be-ukraines-line-in-the-sand.html">The city that may be Ukraine's line in the sand</a></p><p>"If the radar sees something, the electronic warfare system sees something, your wingman sees something in his airplane, all of that stuff gets poured in, and you look on your display, and you just have one picture of the battlespace," said former F-35 test pilot Art Tomassetti, who now helps manage the program at Lockheed. </p></div>,<div class="group"><p> That's a lot of information for one pilot to process, and as much as the aircraft of the future is changing, so are the skills needed in pilots. </p><p> "The stick and rudder skills that used to be so important, we've minimized, because we've made the airplane easy to fly," said Tomassetti. "What if we could teach anybody to fly the airplane? Think about the spectrum (of pilots) that might open up for us." The best pilots in 25 years, he said, will be the best tacticians.</p><p> "We've trained 50 pilots here over the last year, and everyone has said it's the easiest airplane they've ever flown," said Lt. Col. Renbarger, who used to fly F-16s. </p><p><span class="label-read-more">Read More</span></p><p>With so much data streaming in from so many sources, what's the risk of information overload? </p><p> "We did have some concerns about that when we first started flying the jet, but once we got into it and saw how much human factors engineering had been put into the airplane, those concerns have been allayed." He added, "All I have to worry about is putting the cursors on something I want to shoot a missile at or drop a bomb on...and it works."</p></div>,<div class="group"><p>Perhaps that's why the biggest threat to the best jet fighter ever conceived isn't a Chinese warplane or a Russian missile—the biggest threat could be far more potent: the budget ax. </p><p>The Pentagon is insisting Lockheed bring down the F-35's costs. and there has been some progress on that front. For example, all three variations of the jet are being built along the same assembly line in Ft. Worth, which saves money. </p><p><span class="label-read-more">Read More</span></p><p>"We also shrink the amount of time it takes to build an F-35," said Steve O'Bryan. "We only use about 15 percent of the labor force it took to build that same number of F-16s." <br></p><p> The F-35 has also created another trend we may see more of in 25 years: Bringing in international partners from the beginning to help share the costs. Ten countries have invested in and/or plan to buy the fighter. </p></div>,<div class="group"><p> Other trends include the ability of planes like the F-35 to carry more bombs, but smaller, lighter bombs, which allow planes to fly further and hit more targets. The entire military is also pushing defense companies to build products that can operate on a single software platform. </p><p> O'Bryan said the air defense system of the future will include fewer single-mission aircraft—planes that really only have one job—in favor of aircraft with multiple roles. "Ninety percent of every aircraft's lifetime is peacetime, and it also has to contribute in that time as well, whether it be intelligence-gathering or surveillance." </p><p> It's a big shift from when he started flying F-18s a quarter century ago. </p><p> <span class="label-read-more">Read More</span></p><p> "When I flew, it was 'speed is life,'" said O'Bryan. "In today's fifth generation (aircraft), it's 'information is life.'" </p><p> He said the old days of aerial dogfighting are over. If an F-35 pilot is ever actually seen by an enemy, he or she has done something wrong. There's no need to ever get that close. </p><p> "It's probably less romantic," O'Bryan said, "but I never met a fighter pilot who wanted a fair fight."</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/13/ll-the-man-who-procures-weapons-for-the-pentagon.html">Meet the man with the Pentagon checkbook</a><br></p><p><em> Correction: An earlier version of this story incorrectly stated that the F-35 is the only active fighter line in production in the United States. In fact, Boeing still produces F/A-18s and F-15 fighters in St. Louis, Missouri.</em></p></div>

On a mile-long assembly line in Ft. Worth, Texas, Lockheed Martin is putting together a jet fighter that no one can match. The F-35 Joint Strike Fighter will be stealthier, smarter, more capable, and more flexible than any aircraft ever built. It better be. It's costing American taxpayers close to $1 billion. A month."It is a flying computer," said Steve O'Bryan, vice president of the F-35's integration and business development at Lockheed Martin. "Where technology goes, where software goes, the F-35 will be flexible with it." That's important for an aircraft which the U.S. military and its allies are counting on to be the backbone of air defenses for the next half-century. Read MoreThis is what caused the LA air traffic system crashFor example, the F-35 currently isn't configured to control another aircraft, such as an unmanned plane that may fly in formation with it, since no UAV—unmanned aerial vehicle—has yet been created that can keep pace with the F-35. That will probably change over the next quarter century, and, conceivably, the software could be easily added. "The future would bring you an F-35 operating UAVs," said O'Bryan. A lot is riding on the Joint Strike Fighter's success. A hundred jets have been built so far, and they are being tested by the military. The first combat-ready airplane is slated to be delivered next year. Eventually there will be more than 2,400 flying for the U.S. military, with allies buying hundreds more. However, the non-partisan Government Accountability Office found that issues remain with some of the jet's software, a problem that could again delay the rollout of an aircraft that has already dealt with an array of problems and seen its original price tag double. Developing, buying, and maintaining the F-35 program over the next half century will cost about $1 trillion, with a "T."Still, the military remains committed to the plane. "They're still working on the software," said Lt. Col. Matt Renbarger, who is test-flying the aircraft at Eglin Air Force Base in Florida. "Apple and IBM, when they build new computers, have to work through software things when they start things up—we're working through the same issues on our end, too," he said. "I'm confident the entire team is going to be able to put together a very good airplane." There are many firsts with the F-35. It will be the first fighter jet made of composite material. It consolidates a seemingly endless amount of information onto a couple of screens inside the cockpit...or onto the pilot's visor inside a custom-fitted helmet. In addition, external cameras around the jet can transmit pictures onto the visor so that when a pilot looks down, it will be as if he or she is looking right through the bottom of the plane.Read MoreThe city that may be Ukraine's line in the sand"If the radar sees something, the electronic warfare system sees something, your wingman sees something in his airplane, all of that stuff gets poured in, and you look on your display, and you just have one picture of the battlespace," said former F-35 test pilot Art Tomassetti, who now helps manage the program at Lockheed. That's a lot of information for one pilot to process, and as much as the aircraft of the future is changing, so are the skills needed in pilots. "The stick and rudder skills that used to be so important, we've minimized, because we've made the airplane easy to fly," said Tomassetti. "What if we could teach anybody to fly the airplane? Think about the spectrum (of pilots) that might open up for us." The best pilots in 25 years, he said, will be the best tacticians. "We've trained 50 pilots here over the last year, and everyone has said it's the easiest airplane they've ever flown," said Lt. Col. Renbarger, who used to fly F-16s. Read MoreWith so much data streaming in from so many sources, what's the risk of information overload? "We did have some concerns about that when we first started flying the jet, but once we got into it and saw how much human factors engineering had been put into the airplane, those concerns have been allayed." He added, "All I have to worry about is putting the cursors on something I want to shoot a missile at or drop a bomb on...and it works."Perhaps that's why the biggest threat to the best jet fighter ever conceived isn't a Chinese warplane or a Russian missile—the biggest threat could be far more potent: the budget ax. The Pentagon is insisting Lockheed bring down the F-35's costs. and there has been some progress on that front. For example, all three variations of the jet are being built along the same assembly line in Ft. Worth, which saves money. Read More"We also shrink the amount of time it takes to build an F-35," said Steve O'Bryan. "We only use about 15 percent of the labor force it took to build that same number of F-16s." The F-35 has also created another trend we may see more of in 25 years: Bringing in international partners from the beginning to help share the costs. Ten countries have invested in and/or plan to buy the fighter. Other trends include the ability of planes like the F-35 to carry more bombs, but smaller, lighter bombs, which allow planes to fly further and hit more targets. The entire military is also pushing defense companies to build products that can operate on a single software platform. O'Bryan said the air defense system of the future will include fewer single-mission aircraft—planes that really only have one job—in favor of aircraft with multiple roles. "Ninety percent of every aircraft's lifetime is peacetime, and it also has to contribute in that time as well, whether it be intelligence-gathering or surveillance." It's a big shift from when he started flying F-18s a quarter century ago. Read More "When I flew, it was 'speed is life,'" said O'Bryan. "In today's fifth generation (aircraft), it's 'information is life.'" He said the old days of aerial dogfighting are over. If an F-35 pilot is ever actually seen by an enemy, he or she has done something wrong. There's no need to ever get that close. "It's probably less romantic," O'Bryan said, "but I never met a fighter pilot who wanted a fair fight." Read MoreMeet the man with the Pentagon checkbook Correction: An earlier version of this story incorrectly stated that the F-35 is the only active fighter line in production in the United States. In fact, Boeing still produces F/A-18s and F-15 fighters in St. Louis, Missouri.

2021-10-30 14:12:38.074939

WikiLeaks' Assange promises leaks on US election, Google

https://www.cnbc.com/2016/10/04/wikileaks-assange-promises-leaks-on-us-election-google.html

2016-10-04T10:38:19+0000

CNBC

WikiLeaks founder Julian Assange is promising "significant" disclosures on subjects including the U.S. election and Google in the coming weeks as the organization marks its 10th anniversary.Assange, speaking by video link to an anniversary news conference in Berlin, said Tuesday that WikiLeaks plans to start a series of publications this week, but wouldn't specify the timing and subject. He says the group hopes "to be publishing every week for the next 10 weeks" and the leaks include "significant material" on war, arms, oil, Google and the U.S. election.Sweden is seeking Assange's extradition in a rape investigation. He hasn't left the Ecuadorean Embassy in London since 2012. Assange denies the rape allegation and says he fears being extradited to the U.S. to face espionage charges if he leaves.

cnbc, Articles, Alphabet Class A, Elections, Politics, US: News, source:tagname:The Associated Press

<div class="group"><p> WikiLeaks founder Julian Assange is promising "significant" disclosures on subjects including the U.S. election and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a> in the coming weeks as the organization marks its 10th anniversary.</p><p>Assange, speaking by video link to an anniversary news conference in Berlin, said Tuesday that WikiLeaks plans to start a series of publications this week, but wouldn't specify the timing and subject. He says the group hopes "to be publishing every week for the next 10 weeks" and the leaks include "significant material" on war, arms, oil, Google and the U.S. election.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Sweden is seeking Assange's extradition in a rape investigation. He hasn't left the Ecuadorean Embassy in London since 2012. Assange denies the rape allegation and says he fears being extradited to the U.S. to face espionage charges if he leaves.</p></div>

WikiLeaks founder Julian Assange is promising "significant" disclosures on subjects including the U.S. election and Google in the coming weeks as the organization marks its 10th anniversary.Assange, speaking by video link to an anniversary news conference in Berlin, said Tuesday that WikiLeaks plans to start a series of publications this week, but wouldn't specify the timing and subject. He says the group hopes "to be publishing every week for the next 10 weeks" and the leaks include "significant material" on war, arms, oil, Google and the U.S. election.Sweden is seeking Assange's extradition in a rape investigation. He hasn't left the Ecuadorean Embassy in London since 2012. Assange denies the rape allegation and says he fears being extradited to the U.S. to face espionage charges if he leaves.

2021-10-30 14:12:38.109537

The Blogger response to Bug Labs

https://www.cnbc.com/2008/01/11/the-blogger-response-to-bug-labs.html

2008-01-11T20:32:18+0000

CNBC

See what the CES bloggers thought about Bug LabsQuestions? Comments? [email protected]

cnbc, Articles, Big Idea: Road to CES, source:tagname:CNBC US Source

<div class="group"><p>See what the CES bloggers thought about Bug Labs<br><br></p><p><br><br><em>Questions? Comments? </em><a href="mailto:[email protected]" class="webresource" target="_blank">[email protected]</a></p></div>

See what the CES bloggers thought about Bug LabsQuestions? Comments? [email protected]

2021-10-30 14:12:38.377531

Coca-Cola CEO: Consumer spending is 'robust' heading into 2020

https://www.cnbc.com/2020/01/22/davos-2020-coke-ceo-james-quincey-says-consumer-spending-is-robust.html

2020-01-22T14:44:20+0000

Amelia Lucas

CNBC

Coca-Cola CEO James Quincey said he is feeling confident about the state of the consumer in 2020, even as trade tensions and concerns about sluggish economic growth continue."You walk around Davos and there are some sectors that are feeling the pressure coming out of 2019 and into 2020 — more on the manufacturing side, some of the big trade sectors," Quincey said on CNBC's "Squawk Box" on Wednesday. "But the consumer seems to be robust around the world — yes, ups and downs, but they're doing pretty well."The International Monetary Fund on Monday revised its forecasts downward for 2019 and 2020, mostly due to slowing growth in India. The IMF also warned about uncertainty related to trade, which would weigh on the global economy.At the World Economic Forum in Davos, Switzerland, business leaders have expressed doubts that China and the United States will reach phase two of a trade deal before the end of President Donald Trump's first term.Still, Quincey said that the company is confident about consumer spending in 2019 and sees momentum heading into 2020. In October, Coke's third-quarter revenue beat analyst estimates as consumers spent money on healthier options, like Zero Sugar soda and smaller size cans.The beverage giant will report its fourth-quarter earnings on Jan. 30.

cnbc, Articles, Food and drink, Retail industry, Restaurants, Business, Breaking News: Business, Coca-Cola Co, James Quincey, International Monetary Fund, Business News, Retail, US: News, Food and Beverage, Special Reports, Davos WEF, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/KO" target="_blank">Coca-Cola</a> CEO <a href="https://www.cnbc.com/james-quincey/">James Quincey</a> said he is feeling confident about the state of the consumer in 2020, even as trade tensions and concerns about sluggish economic growth continue.</p><p>"You walk around Davos and there are some sectors that are feeling the pressure coming out of 2019 and into 2020 — more on the manufacturing side, some of the big trade sectors," Quincey said on CNBC's <a href="https://www.cnbc.com/squawk-box-us/">"Squawk Box"</a> on Wednesday. "But the consumer seems to be robust around the world — yes, ups and downs, but they're doing pretty well."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The <a href="https://www.cnbc.com/id/10000936">International Monetary Fund</a> on Monday <a href="https://www.cnbc.com/2020/01/20/davos-imf-world-economic-outlook-january-2020.html">revised its forecasts downward for 2019 and 2020</a>, mostly due to slowing growth in India. The IMF also warned about uncertainty related to trade, which would weigh on the global economy.</p><p>At the World Economic Forum in Davos, Switzerland, <a href="https://www.cnbc.com/2020/01/21/davos-2020-leaders-doubt-trump-reaches-phase-2-china-deal-by-end-of-term.html">business leaders have expressed doubts that China and the United States will reach phase two</a> of a trade deal before the end of President Donald Trump's first term.</p><p>Still, Quincey said that the company is confident about consumer spending in 2019 and sees momentum heading into 2020. In October, <a href="https://www.cnbc.com/2019/10/18/coca-cola-ko-earnings-q3-2019.html">Coke's third-quarter revenue beat analyst estimates</a> as consumers spent money on healthier options, like Zero Sugar soda and smaller size cans.</p><p>The beverage giant will report its fourth-quarter earnings on Jan. 30.</p></div>

Coca-Cola CEO James Quincey said he is feeling confident about the state of the consumer in 2020, even as trade tensions and concerns about sluggish economic growth continue."You walk around Davos and there are some sectors that are feeling the pressure coming out of 2019 and into 2020 — more on the manufacturing side, some of the big trade sectors," Quincey said on CNBC's "Squawk Box" on Wednesday. "But the consumer seems to be robust around the world — yes, ups and downs, but they're doing pretty well."The International Monetary Fund on Monday revised its forecasts downward for 2019 and 2020, mostly due to slowing growth in India. The IMF also warned about uncertainty related to trade, which would weigh on the global economy.At the World Economic Forum in Davos, Switzerland, business leaders have expressed doubts that China and the United States will reach phase two of a trade deal before the end of President Donald Trump's first term.Still, Quincey said that the company is confident about consumer spending in 2019 and sees momentum heading into 2020. In October, Coke's third-quarter revenue beat analyst estimates as consumers spent money on healthier options, like Zero Sugar soda and smaller size cans.The beverage giant will report its fourth-quarter earnings on Jan. 30.

2021-10-30 14:12:38.448120

Gerber: Don't miss out on this huge opportunity in oil

https://www.cnbc.com/2016/03/16/the-enormous-opportunity-you-may-be-missing.html

2016-03-16T11:16:26+0000

Stephanie Landsman

CNBC

If you're an investor avoiding the oil space, you could be missing out on the best opportunity in years. That's what one veteran investment manager is arguing — comparing the oil glut to the opportunity presented to investors during the depths of the housing crisis. "There is enormous opportunity in the oil area. We are doing a lot of research there. We look at it kind of like housing in 2010," Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management , said Tuesday on CNBC's "Futures Now." In the past six years, the SPDR S&P Homebuilders ETF has rallied by more than 100 percent. Gerber believes the oil sector could be positioning itself for similar gains. "The market has been totally beholden to oil over the last three to six months. ... We're exiting a period where we feared total devastation in the oil patch leading to bankruptcies and defaults," he said, even as volatility continues to grip the area. "It's only the beginning of the fixing of this process." Crude oil, which has surged by nearly 25 percent in the past eight weeks, has been under pressure again this week due to oversupply concerns. But it's not discouraging Gerber from sticking to his bullish case. "The supply and demand imbalance still exists currently. But we've seen some supply come off the market, and we've seen an increase in demand, which has created a little more of a perception of stability," he said. "We think oil will probably sit around the $40 to $45 which we're fine with. It's the best benefit to the economy and the oil producers can continue to exist."

cnbc, Articles, Commodity markets, WTI Crude (Dec'21), Tesla Inc, Oil and Gas, Housing, Futures & Commodities, Oil, Futures Now, Oil and Gas Drilling, Futures, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p> If you're an investor avoiding the oil space, you could be missing out on the best opportunity in years.<br></p><p> That's what one veteran investment manager is arguing — comparing the <a href="https://www.cnbc.com/quotes/@CL.1">oil</a> glut to the opportunity presented to investors during the depths of the housing crisis. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "There is enormous opportunity in the oil area. We are doing a lot of research there. We look at it kind of like housing in 2010," Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management , said Tuesday on CNBC's "<a href="https://www.cnbc.com/futures-now/">Futures Now</a>." </p><p> In the past six years, the <a href="https://www.cnbc.com/quotes/XHB">SPDR S&amp;P Homebuilders ETF</a> has rallied by more than 100 percent. Gerber believes the oil sector could be positioning itself for similar gains.</p><p> "The market has been totally beholden to oil over the last three to six months. ... We're exiting a period where we feared total devastation in the oil patch leading to bankruptcies and defaults," he said, even as volatility continues to grip the area. "It's only the beginning of the fixing of this process."</p><p> Crude oil, which has surged by nearly 25 percent in the past eight weeks, has been under pressure again this week due to oversupply concerns. But it's not discouraging Gerber from sticking to his bullish case.<br></p><p> "The supply and demand imbalance still exists currently. But we've seen some supply come off the market, and we've seen an increase in demand, which has created a little more of a perception of stability," he said. "We think oil will probably sit around the $40 to $45 which we're fine with. It's the best benefit to the economy and the oil producers can continue to exist."</p></div>

If you're an investor avoiding the oil space, you could be missing out on the best opportunity in years. That's what one veteran investment manager is arguing — comparing the oil glut to the opportunity presented to investors during the depths of the housing crisis. "There is enormous opportunity in the oil area. We are doing a lot of research there. We look at it kind of like housing in 2010," Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management , said Tuesday on CNBC's "Futures Now." In the past six years, the SPDR S&P Homebuilders ETF has rallied by more than 100 percent. Gerber believes the oil sector could be positioning itself for similar gains. "The market has been totally beholden to oil over the last three to six months. ... We're exiting a period where we feared total devastation in the oil patch leading to bankruptcies and defaults," he said, even as volatility continues to grip the area. "It's only the beginning of the fixing of this process." Crude oil, which has surged by nearly 25 percent in the past eight weeks, has been under pressure again this week due to oversupply concerns. But it's not discouraging Gerber from sticking to his bullish case. "The supply and demand imbalance still exists currently. But we've seen some supply come off the market, and we've seen an increase in demand, which has created a little more of a perception of stability," he said. "We think oil will probably sit around the $40 to $45 which we're fine with. It's the best benefit to the economy and the oil producers can continue to exist."

2021-10-30 14:12:38.522978

Video game maker to open theme park in Malaysia

https://www.cnbc.com/2015/09/08/video-game-maker-to-open-theme-park-in-malaysia.html

2015-09-08T17:05:32+0000

CNBC

Ubisoft, the maker of video games including "Assassin's Creed" and "Just Dance," plans to build a games-themed amusement park in Malaysia, the company announced this week.The 10,000-square meter park will be based in Malaysia's capital city of Kuala Lumpur and will open in 2020, according to Ubisoft. It will feature rides based on the French company's popular franchises, such as Rayman Raving Rabbids.

cnbc, Articles, Life, Gaming software, Technology, Ubisoft Entertainment SA, Asia News, Comcast Corp, Nintendo Co Ltd, Gaming, Media Money, Business News, Entertainment, source:tagname:CNBC Europe Source

<div class="group"><p><a href="//www.cnbc.com/quotes/UBI-FR" target="_blank"> Ubisoft</a>, the maker of video games including "Assassin's Creed" and "Just Dance," plans to build a games-themed amusement park in Malaysia, the company announced this week.</p><p>The 10,000-square meter park will be based in Malaysia's capital city of Kuala Lumpur and will open in 2020, according to Ubisoft. It will feature rides based on the French company's popular franchises, such as Rayman Raving Rabbids.</p><br></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> The project is being led by Ubisoft Motion Pictures, the company's film and TV division, which has partnered with Malaysian theme park developer RSG.<br></p><p> "Together, we are creating a place where every guest is a player, every ride is a playground, every visit is a game," Jean de Rivieres, senior vice-president of Ubisoft Motion Pictures, said in a press release on Monday. <br></p><p> RSG has already co-developed another theme park in Malaysia, called Movie Animation Park Studios.<br></p><p> "In RSG, we've found a partner with a successful track record in working with international brands, a shared ambition to design the family destination of the future and a wealth of expertise in theme park development," said de Rivieres. <br></p><p> Ubisoft's park will not be the first video game-based theme park. Angry Birds Land (based on the popular mobile game developed by Finnish company Rovio Entertainment) opened in 2012 in Finland and the U.K. also hosts an Angry Birds Activity Park. <br></p><div style="height:100%" class="lazyload-placeholder"></div><p> In addition, long-standing Japanese video game developer <a href="//www.cnbc.com/quotes/7974.T-JP" target="_blank">Nintendo</a> announced in May that it was developing rides with <a href="//www.cnbc.com/quotes/CMCSA" target="_blank">Comcast</a>-owned Universal Parks &amp; Resorts. </p></div>,<div class="group"><p><em> —Disclosure: Universal Parks &amp; Resorts is a division of NBCUniversal, the parent company of CNBC. and CNBC.com.</em></p></div>

Ubisoft, the maker of video games including "Assassin's Creed" and "Just Dance," plans to build a games-themed amusement park in Malaysia, the company announced this week.The 10,000-square meter park will be based in Malaysia's capital city of Kuala Lumpur and will open in 2020, according to Ubisoft. It will feature rides based on the French company's popular franchises, such as Rayman Raving Rabbids. The project is being led by Ubisoft Motion Pictures, the company's film and TV division, which has partnered with Malaysian theme park developer RSG. "Together, we are creating a place where every guest is a player, every ride is a playground, every visit is a game," Jean de Rivieres, senior vice-president of Ubisoft Motion Pictures, said in a press release on Monday. RSG has already co-developed another theme park in Malaysia, called Movie Animation Park Studios. "In RSG, we've found a partner with a successful track record in working with international brands, a shared ambition to design the family destination of the future and a wealth of expertise in theme park development," said de Rivieres. Ubisoft's park will not be the first video game-based theme park. Angry Birds Land (based on the popular mobile game developed by Finnish company Rovio Entertainment) opened in 2012 in Finland and the U.K. also hosts an Angry Birds Activity Park. In addition, long-standing Japanese video game developer Nintendo announced in May that it was developing rides with Comcast-owned Universal Parks & Resorts. —Disclosure: Universal Parks & Resorts is a division of NBCUniversal, the parent company of CNBC. and CNBC.com.

2021-10-30 14:12:38.802256

Imminent Greek Deal Helps Stocks, but Earnings Coming

https://www.cnbc.com/2011/06/27/imminent-greek-deal-helps-stocks-but-earnings-coming.html

2011-06-27T19:57:23+0000

Bob Pisani

CNBC

A stronger euro, weaker dollar has helped equities all day as the markets believe a Greek deal is imminent. At 2 PM ET the Greek Prime Minister spoke, appealing for passage of the unpopular austerity act, and markets rose to the high of the day. The big picture soon will turn to earnings....there has been no appreciable change in earnings expectations for the S&P 500 in the past two months, either for Q2 or the full year...but the S&P 500 is down 6% from the highs at the end of April...the market is telling us earnings expectations seem too high. We are expecting fairly robust Q2 numbers: revenue growth of 10 percent for the S&P 500, earnings growth of 16 percent. Sixteen percent is definitely robust earnings growth...and to top it off companies are consistently beating the estimates. In Q1, for example, analysts were looking for 13 percent earnings growth, we got close to 20 percent. Can that trend continue in Q2 and the rest of the year? Traders are very skeptical it can. One complaint: much of the earnings growth in Q2 is coming from energy and materials sector—thanks to higher commodity prices! Those prices, it appear, are moderating. That's good news for consumers, but it will likely keep guidance from commodity producers on the conservative side. _____________________________Bookmark CNBC Data Pages:_____________________________Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani. Questions?  Comments?  [email protected]

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 stronger euro, weaker dollar has helped equities all day as the markets believe a Greek deal is imminent. At 2 PM ET the Greek Prime Minister spoke, appealing for passage of the unpopular austerity act, and <a href="https://www.cnbc.com/2011/06/27/stocks-climb-ahead-of-close-led-by-banks.html">markets rose to the high of the day</a>. </p><p>The big picture soon will turn to earnings....there has been no appreciable change in earnings expectations for the S&amp;P 500 in the past two months, either for Q2 or the full year...but the S&amp;P 500 is down 6% from the highs at the end of April...the market is telling us earnings expectations seem too high. </p><div style="height:100%" class="lazyload-placeholder"></div><p>We are expecting fairly robust Q2 numbers: revenue growth of 10 percent for the S&amp;P 500, earnings growth of 16 percent. </p><p>Sixteen percent is definitely robust earnings growth...and to top it off companies are consistently beating the estimates. In Q1, for example, analysts were looking for 13 percent earnings growth, we got close to 20 percent. </p><p>Can that trend continue in Q2 and the rest of the year? </p><p>Traders are very skeptical it can. One complaint: much of the earnings growth in Q2 is coming from energy and materials sector—thanks to <a href="https://www.cnbc.com/futures-and-commodities/">higher commodity prices</a>! </p><p>Those prices, it appear, are moderating. That's good news for consumers, but it will likely keep guidance from commodity producers on the conservative side. </p><div style="height:100%" class="lazyload-placeholder"></div><p>_____________________________<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:[email protected]" class="webresource" target="_blank">[email protected]</a></em></p></div>

A stronger euro, weaker dollar has helped equities all day as the markets believe a Greek deal is imminent. At 2 PM ET the Greek Prime Minister spoke, appealing for passage of the unpopular austerity act, and markets rose to the high of the day. The big picture soon will turn to earnings....there has been no appreciable change in earnings expectations for the S&P 500 in the past two months, either for Q2 or the full year...but the S&P 500 is down 6% from the highs at the end of April...the market is telling us earnings expectations seem too high. We are expecting fairly robust Q2 numbers: revenue growth of 10 percent for the S&P 500, earnings growth of 16 percent. Sixteen percent is definitely robust earnings growth...and to top it off companies are consistently beating the estimates. In Q1, for example, analysts were looking for 13 percent earnings growth, we got close to 20 percent. Can that trend continue in Q2 and the rest of the year? Traders are very skeptical it can. One complaint: much of the earnings growth in Q2 is coming from energy and materials sector—thanks to higher commodity prices! Those prices, it appear, are moderating. That's good news for consumers, but it will likely keep guidance from commodity producers on the conservative side. _____________________________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?  [email protected]

2021-10-30 14:12:38.871536

Fed's Evans sees fiscal boost to US growth, wants slow rate hikes

https://www.cnbc.com/2017/02/03/feds-evans-says-us-should-move-gradually-on-rate-hikes.html

2017-02-03T14:17:29+0000

CNBC

The U.S. Federal Reserve should raise interest rates slowly even as fiscal policies under President Donald Trump are likely to help push economic growth beyond sustainable levels, Chicago Federal Reserve Bank President Charles Evans said on Friday."Appropriate policy calls for a slow pace of normalization in order to give the real economy an adequate growth buffer to withstand downside shocks," Evans said in remarks prepared for delivery at Prairie State College in Olympia Fields, south of Chicago. "I favor taking a gradual path for the adjustment of the funds rate back toward its long-run level."The Fed in December raised rates for only the second time since the financial crisis, and this week held them steady to give labor markets and inflation a chance to strengthen further.Most Fed officials see three rate hikes this year, a pace considerably faster than in 2016 and 2015 but much slower than in past rate-hike cycles. Evans, who votes this year on Fed policy, did not specify a preferred number of rate hikes for this year in his prepared remarks, though a few weeks ago said three is not "implausible."Evans said he expects the economy to grow at a 2 percent to 2.5 percent annual pace for the next couple of years, faster than its long-run sustainable pace of about 1.75 percent. Evans said he raised his estimate for growth because of expected tax cuts and other stimulus under Trump and the new Congress.Unemployment will fall to 4.25 percent over the next couple years, he predicted, well below its long-run sustainable rate of 4.7 percent. And that will help push inflation, now at about 1.7 percent, back up towards the Fed's 2 percent goal by 2019.Some analysts have speculated that the expansionary fiscal policies Trump has promised would light such a fire under an economy essentially already at full employment that the Fed would have no choice but to hike rates faster to brake growth.Evans on Friday did not seem too concerned about such a prospect. He warned, as he has before, that if the economy is pushed to grow at 4 percent for more than a couple years without structural reforms that boost productivity and labor force growth, inflationary pressures would build and would ultimately force the Fed to tighten financial conditions.But he also said his estimates are for a much more moderate fiscal boost, though he added it is early in the legislative process and "there certainly is a possibility of larger temporary stimulus, as well as some policies that might influence longer-run growth."A government report early Friday showing U.S. employers added more jobs than expected last month was "very good" news, Evans said.The unemployment rate moved up to 4.8 percent from 4.7 percent, but that was likely because of more people entering the workforce, a good sign for labor market health, Evans said at an event to benefit Prairie State College in Olympia Fields, south of Chicago.

cnbc, Articles, Donald Trump, Bitcoin, Economy, Federal Reserve System, The Fed, US Economy, US: News, Business News, source:tagname:Reuters

<div class="group"><p>The U.S. <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Federal Reserve</a> should raise interest rates slowly even as fiscal policies under President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> are likely to help push economic growth beyond sustainable levels, Chicago Federal Reserve Bank President Charles Evans said on Friday.</p><p>"Appropriate policy calls for a slow pace of normalization in order to give the real economy an adequate growth buffer to withstand downside shocks," Evans said in remarks prepared for delivery at Prairie State College in Olympia Fields, south of Chicago. "I favor taking a gradual path for the adjustment of the funds rate back toward its long-run level."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Fed in December raised rates for only the second time since the financial crisis, and this week held them steady to give labor markets and inflation a chance to strengthen further.</p><p>Most Fed officials see three rate hikes this year, a pace considerably faster than in 2016 and 2015 but much slower than in past rate-hike cycles. Evans, who votes this year on Fed policy, did not specify a preferred number of rate hikes for this year in his prepared remarks, though a few weeks ago said three is not "implausible."</p><p>Evans said he expects the economy to grow at a 2 percent to 2.5 percent annual pace for the next couple of years, faster than its long-run sustainable pace of about 1.75 percent. Evans said he raised his estimate for growth because of expected tax cuts and other stimulus under Trump and the new Congress.</p><p>Unemployment will fall to 4.25 percent over the next couple years, he predicted, well below its long-run sustainable rate of 4.7 percent. And that will help push inflation, now at about 1.7 percent, back up towards the Fed's 2 percent goal by 2019.</p><p>Some analysts have speculated that the expansionary fiscal policies Trump has promised would light such a fire under an economy essentially already at full employment that the Fed would have no choice but to hike rates faster to brake growth.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Evans on Friday did not seem too concerned about such a prospect. He warned, as he has before, that if the economy is pushed to grow at 4 percent for more than a couple years without structural reforms that boost productivity and labor force growth, inflationary pressures would build and would ultimately force the Fed to tighten financial conditions.</p><p>But he also said his estimates are for a much more moderate fiscal boost, though he added it is early in the legislative process and "there certainly is a possibility of larger temporary stimulus, as well as some policies that might influence longer-run growth."</p><p>A government report early Friday showing U.S. employers added more jobs than expected last month was "very good" news, Evans said.<br></p><p>The unemployment rate moved up to 4.8 percent from 4.7 percent, but that was likely because of more people entering the workforce, a good sign for labor market health, Evans said at an event to benefit Prairie State College in Olympia Fields, south of Chicago.</p><br></div>

The U.S. Federal Reserve should raise interest rates slowly even as fiscal policies under President Donald Trump are likely to help push economic growth beyond sustainable levels, Chicago Federal Reserve Bank President Charles Evans said on Friday."Appropriate policy calls for a slow pace of normalization in order to give the real economy an adequate growth buffer to withstand downside shocks," Evans said in remarks prepared for delivery at Prairie State College in Olympia Fields, south of Chicago. "I favor taking a gradual path for the adjustment of the funds rate back toward its long-run level."The Fed in December raised rates for only the second time since the financial crisis, and this week held them steady to give labor markets and inflation a chance to strengthen further.Most Fed officials see three rate hikes this year, a pace considerably faster than in 2016 and 2015 but much slower than in past rate-hike cycles. Evans, who votes this year on Fed policy, did not specify a preferred number of rate hikes for this year in his prepared remarks, though a few weeks ago said three is not "implausible."Evans said he expects the economy to grow at a 2 percent to 2.5 percent annual pace for the next couple of years, faster than its long-run sustainable pace of about 1.75 percent. Evans said he raised his estimate for growth because of expected tax cuts and other stimulus under Trump and the new Congress.Unemployment will fall to 4.25 percent over the next couple years, he predicted, well below its long-run sustainable rate of 4.7 percent. And that will help push inflation, now at about 1.7 percent, back up towards the Fed's 2 percent goal by 2019.Some analysts have speculated that the expansionary fiscal policies Trump has promised would light such a fire under an economy essentially already at full employment that the Fed would have no choice but to hike rates faster to brake growth.Evans on Friday did not seem too concerned about such a prospect. He warned, as he has before, that if the economy is pushed to grow at 4 percent for more than a couple years without structural reforms that boost productivity and labor force growth, inflationary pressures would build and would ultimately force the Fed to tighten financial conditions.But he also said his estimates are for a much more moderate fiscal boost, though he added it is early in the legislative process and "there certainly is a possibility of larger temporary stimulus, as well as some policies that might influence longer-run growth."A government report early Friday showing U.S. employers added more jobs than expected last month was "very good" news, Evans said.The unemployment rate moved up to 4.8 percent from 4.7 percent, but that was likely because of more people entering the workforce, a good sign for labor market health, Evans said at an event to benefit Prairie State College in Olympia Fields, south of Chicago.

2021-10-30 14:12:39.063907

Top Investor Whitney Tilson’s Latest Real Estate Plays

https://www.cnbc.com/2011/05/03/top-investor-whitney-tilsons-latest-real-estate-plays.html

2011-05-03T22:16:39+0000

Lee Brodie

CNBC

He made a pretty penny shorting real estate ahead of the housing bubble. Find out where top investor Whitney Tilson of T2 Partners sees opportunity in real estate, now!In a live interview on CNBC’s Fast Money Tilson presents the desk with two trading ideas.Long Howard HughesOn the bullish side, Tilson is very enthusiastic about Howard Hughes Corp. “It’s a collection of more than 30 assets that were part of General Growth Properties,” he says.”We think there’s a lot of potential to develop many of these properties. We’re not quite sure what it’s worth on the upside but we don’t think there’s much downside."And he adds top hedge fund manager Bill Ackman is the chairman, which makes him confident that management is aligned with shareholder interest.   Short St. JoeMeanwhile on the bearish side, Tilson doesn’t like St. Joe.“We are short St. Joe. It’s our largest short position,” Tilson says. “We think David Einhorn’s thesis is correct and the stock is worth a half to a third it’s current price.”As you may remember David Einhorn made headlines last year with his negative thesis on St. Joe and his criticism of St. Joe’s largest investor, Bruce Berkowitz.Tilson tells Fast Money he’s done additional research and has found even more reasons to be bearish.”If you go visit these developments many of them are literally ghost towns. Information we’re presenting shows the sale prices of lots and homes are being done at 10 or 20% of the peak valuation. St. Joe hasn’t taken any impairment on these assets and we think they’re going to have to.”Click here for a complimentary look at Tilson's presentation at the 7th annual Value Investing Congress.Click here to learn more about the Value Investing Congress

cnbc, Articles, Howard Hughes Corp, St Joe Co, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p>He made a pretty penny shorting real estate ahead of the housing bubble. Find out where top investor Whitney Tilson of T2 Partners sees opportunity in real estate, now!<br><br>In a live interview on CNBC’s Fast Money Tilson presents the desk with two trading ideas.<br><br><strong><em>Long</em> Howard Hughes</strong></p><p>On the bullish side, Tilson is very enthusiastic about Howard Hughes Corp. “It’s a collection of more than 30 assets that were part of General Growth Properties,” he says.<br><br>”We think there’s a lot of potential to develop many of these properties. We’re not quite sure what it’s worth on the upside but we don’t think there’s much downside."<br><br>And he adds top hedge fund manager Bill Ackman is the chairman, which makes him confident that management is aligned with shareholder interest.   <br><br><strong><em>Short</em> St. Joe</strong></p><div style="height:100%" class="lazyload-placeholder"></div><p>Meanwhile on the bearish side, Tilson doesn’t like St. Joe.</p><p>“We are short St. Joe. It’s our largest short position,” Tilson says. “We think David Einhorn’s thesis is correct and the stock is worth a half to a third it’s current price.”<br><br>As you may remember David Einhorn made headlines last year with his negative thesis on St. Joe and his criticism of St. Joe’s largest investor, Bruce Berkowitz.</p><p>Tilson tells Fast Money <a href="http://www.valueinvestingletter.com/vic-downloads/T2-Partners-Presentation-Value-Investing-Congress-5-3-11-new.pdf" target="_blank">he’s done additional research and has found even more reasons to be bearish.</a>”If you go visit these developments many of them are literally ghost towns. Information we’re presenting shows the sale prices of lots and homes are being done at 10 or 20% of the peak valuation. St. Joe hasn’t taken any impairment on these assets and we think they’re going to have to.”<br><br><a href="http://www.valueinvestingletter.com/vic-downloads/T2-Partners-Presentation-Value-Investing-Congress-5-3-11-new.pdf" target="_blank">Click here for a complimentary look at Tilson's presentation at the 7th annual Value Investing Congress.</a></p><p>Click here to learn more about the Value Investing Congress</p></div>,<div class="group"><p><br><br><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:[email protected]" class="webresource" target="_blank">[email protected]</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to </p><p><br></p><p><em>Trader disclosure: On May 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Finerman and Finerman's firm own (AAPL); Finerman and Finerman's firm own (BP); Finerman owns (C); Finreman and Finerman's firm own (CVS); Finerman's firm owns (IBM); Finerman's firm owns (JPM) and is long (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm own (MSFT); Finerman's firm owns (TGT); Finerman owns (UNG); Finerman owns (USO); Finerman's firm is short (IWM), (SPY), (MDY); Finerman's firm owns s&amp;p puts; Finerman's firm owns Russel 200 puts; Terranova owns (XOM); Terranova owns (BAX); Terranova owns (SLV); Terranova owns (TCK); Terranova owns (APA); Terranova owns (HOC); Terranova owns (OXY); Terranova owns (UPL); Terranova owns (FCX); Terranova owns (BX); Terranova owns (V); Terranova owns (VRTS); Terranova owns (JPM); Terranova is short (NFLX); Terranova is short S&amp;P Futures; Terranova is Chief Market Strategist of Virtus Investment Partners, LTD; Karabell owns (AAPL); Karabell owns (EMC); Karabell owns (GS); Karabell owns (IBM); Karabell owns (GOOG); Karabell owns (GE); Karabell owns (POT)</em></p><p><em>For Brian Kelly<br>Accounts Managed by Brian Kelly Capital own (EBAY)<br>Accounts Managed by Brian Kelly Capital own (GLD)<br>Accounts Managed by Brian Kelly Capital own (SLV)<br>Accounts Managed by Brian Kelly Capital own (DIA)<br>Accounts Managed by Brian Kelly Capital are long gold, natural gas</em></p><p><em>For Zachary Karabell<br>River Twice Capital owns (EMC), (GS), (IBM), (JCI), (SBUX), (POT), (QCOM)<br></em><em>River Twice Capital is short (AA) calls in fund<br>River Twice Capital is short (XLF), (SPY), (SMH)</em></p><p><em>For Joe Terranova<br>Virtus Investment Partners Owns More Than 1% Of (ABAX)<br>Virtus Investment Partners Owns More Than 1% Of  (AMKR)<br>Virtus Investment Partners Owns More Than 1% Of (CCG)<br>Virtus Investment Partners Owns More Than 1% Of (CASS)<br>Virtus Investment Partners Owns More Than 1% Of (CSVI)<br>Virtus Investment Partners Owns More Than 1% Of (EXR)<br>Virtus Investment Partners Owns More Than 1% Of (FCFS)<br>Virtus Investment Partners Owns More Than 1% Of (IGE)<br>Virtus Investment Partners Owns More Than 1% Of (KRC)<br>Virtus Investment Partners Owns More Than 1% Of (LDR)<br>Virtus Investment Partners Owns More Than 1% Of (NRCI)<br>Virtus Investment Partners Owns More Than 1% Of (DBV)<br>Virtus Investment Partners Owns More Than 1% Of (XLB)<br>Virtus Investment Partners Owns More Than 1% Of (XLV)<br>Virtus Investment Partners Owns More Than 1% Of (XLP)<br>Virtus Investment Partners Owns More Than 1% Of (XLY)<br>Virtus Investment Partners Owns More Than 1% Of (XLE)<br>Virtus Investment Partners Owns More Than 1% Of (XLF)<br>Virtus Investment Partners Owns More Than 1% Of (XLI)<br>Virtus Investment Partners Owns More Than 1% Of (XLK)<br>Virtus Investment Partners Owns More Than 1% Of (XLU)<br>Virtus Investment Partners Owns More Than 1% Of (SUBK)<br>Virtus Investment Partners Owns More Than 1% Of (WDFC)<br>Virtus Investment Partners Owns More Than 1% Of (YDNT)<br>Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK &amp;<br>URL PLC<br>Virtus Investment Partners Owns More Than 1% Of (DRYS)</em></p><p><em>For Peter Shiff<br>Schiff Owns Gold<br>Schiff Owns Silver</em></p><p><em>For Colin Langan<br>(GM) Is Or In Past 12 Months Has Been An Investment Banking Client Of UBS Securities LLC<br>(GM) Is Or In Past 12 Months Has Been A Non-Investment Banking Client Of UBS Securities LLC (Securities-Related Services, Non-Securities Services)<br>UBS Securities LLC Has Received Compensation From (GM) In Past 12 Months</em></p><p><em>For John Stephenson <br>**No Disclosures</em></p><p><em>For Whitney Tilson<br>Funds Managed by Whitney Tilson are Short St. Joe (JOE)<br>Funds Managed by Whitney Tilson own Berkshire Hathaway Shares<br>Funds Managed by Whitney Tilson are long Howard Hughes Corporation (HHC)<br><br></em></p><p>CNBC.com with wires. </p></div>

He made a pretty penny shorting real estate ahead of the housing bubble. Find out where top investor Whitney Tilson of T2 Partners sees opportunity in real estate, now!In a live interview on CNBC’s Fast Money Tilson presents the desk with two trading ideas.Long Howard HughesOn the bullish side, Tilson is very enthusiastic about Howard Hughes Corp. “It’s a collection of more than 30 assets that were part of General Growth Properties,” he says.”We think there’s a lot of potential to develop many of these properties. We’re not quite sure what it’s worth on the upside but we don’t think there’s much downside."And he adds top hedge fund manager Bill Ackman is the chairman, which makes him confident that management is aligned with shareholder interest.   Short St. JoeMeanwhile on the bearish side, Tilson doesn’t like St. Joe.“We are short St. Joe. It’s our largest short position,” Tilson says. “We think David Einhorn’s thesis is correct and the stock is worth a half to a third it’s current price.”As you may remember David Einhorn made headlines last year with his negative thesis on St. Joe and his criticism of St. Joe’s largest investor, Bruce Berkowitz.Tilson tells Fast Money he’s done additional research and has found even more reasons to be bearish.”If you go visit these developments many of them are literally ghost towns. Information we’re presenting shows the sale prices of lots and homes are being done at 10 or 20% of the peak valuation. St. Joe hasn’t taken any impairment on these assets and we think they’re going to have to.”Click here for a complimentary look at Tilson's presentation at the 7th annual Value Investing Congress.Click here to learn more about the Value Investing Congress______________________________________________________Got something to to say? Send us an e-mail at [email protected] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to Trader disclosure: On May 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Finerman and Finerman's firm own (AAPL); Finerman and Finerman's firm own (BP); Finerman owns (C); Finreman and Finerman's firm own (CVS); Finerman's firm owns (IBM); Finerman's firm owns (JPM) and is long (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm own (MSFT); Finerman's firm owns (TGT); Finerman owns (UNG); Finerman owns (USO); Finerman's firm is short (IWM), (SPY), (MDY); Finerman's firm owns s&p puts; Finerman's firm owns Russel 200 puts; Terranova owns (XOM); Terranova owns (BAX); Terranova owns (SLV); Terranova owns (TCK); Terranova owns (APA); Terranova owns (HOC); Terranova owns (OXY); Terranova owns (UPL); Terranova owns (FCX); Terranova owns (BX); Terranova owns (V); Terranova owns (VRTS); Terranova owns (JPM); Terranova is short (NFLX); Terranova is short S&P Futures; Terranova is Chief Market Strategist of Virtus Investment Partners, LTD; Karabell owns (AAPL); Karabell owns (EMC); Karabell owns (GS); Karabell owns (IBM); Karabell owns (GOOG); Karabell owns (GE); Karabell owns (POT)For Brian KellyAccounts Managed by Brian Kelly Capital own (EBAY)Accounts Managed by Brian Kelly Capital own (GLD)Accounts Managed by Brian Kelly Capital own (SLV)Accounts Managed by Brian Kelly Capital own (DIA)Accounts Managed by Brian Kelly Capital are long gold, natural gasFor Zachary KarabellRiver Twice Capital owns (EMC), (GS), (IBM), (JCI), (SBUX), (POT), (QCOM)River Twice Capital is short (AA) calls in fundRiver Twice Capital is short (XLF), (SPY), (SMH)For Joe TerranovaVirtus Investment Partners Owns More Than 1% Of (ABAX)Virtus Investment Partners Owns More Than 1% Of  (AMKR)Virtus Investment Partners Owns More Than 1% Of (CCG)Virtus Investment Partners Owns More Than 1% Of (CASS)Virtus Investment Partners Owns More Than 1% Of (CSVI)Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (FCFS)Virtus Investment Partners Owns More Than 1% Of (IGE)Virtus Investment Partners Owns More Than 1% Of (KRC)Virtus Investment Partners Owns More Than 1% Of (LDR)Virtus Investment Partners Owns More Than 1% Of (NRCI)Virtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of (XLE)Virtus Investment Partners Owns More Than 1% Of (XLF)Virtus Investment Partners Owns More Than 1% Of (XLI)Virtus Investment Partners Owns More Than 1% Of (XLK)Virtus Investment Partners Owns More Than 1% Of (XLU)Virtus Investment Partners Owns More Than 1% Of (SUBK)Virtus Investment Partners Owns More Than 1% Of (WDFC)Virtus Investment Partners Owns More Than 1% Of (YDNT)Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK &URL PLCVirtus Investment Partners Owns More Than 1% Of (DRYS)For Peter ShiffSchiff Owns GoldSchiff Owns SilverFor Colin Langan(GM) Is Or In Past 12 Months Has Been An Investment Banking Client Of UBS Securities LLC(GM) Is Or In Past 12 Months Has Been A Non-Investment Banking Client Of UBS Securities LLC (Securities-Related Services, Non-Securities Services)UBS Securities LLC Has Received Compensation From (GM) In Past 12 MonthsFor John Stephenson **No DisclosuresFor Whitney TilsonFunds Managed by Whitney Tilson are Short St. Joe (JOE)Funds Managed by Whitney Tilson own Berkshire Hathaway SharesFunds Managed by Whitney Tilson are long Howard Hughes Corporation (HHC)CNBC.com with wires.

2021-10-30 14:12:39.337145

3 research-backed strategies to win any negotiation

https://www.cnbc.com/2016/10/18/3-research-backed-strategies-to-win-any-negotiation.html

2016-10-18T20:55:26+0000

Marguerite Ward

CNBC

Whether you're asking for a raise or going back and forth on a business deal, negotiating is one of the most crucial — and stressful — parts of the job. CNBC talked with negotiation and behavior economics strategist Keld Jensen to find out how to master the art and science of getting what you want.Jensen has written more than 20 books on the subject, including "The Trust Factor" and "Negotiating Partnerships," and is an adjunct professor at Arizona State University's Thunderbird School of Global Management. Here are three strategies he recommends to approach any negotiation with confidence.

makeit, Articles, Small business, Career advice, Leadership, Entrepreneurship, Business, Make It - Definitive Guide to Business, Small Business, Make It - Careers, Make It - Entrepreneurs , Make It - Leadership, Make It In Depth, Make It, The Profit, Special Reports, Make It - Success, Make It - Power Players, source:tagname:CNBC US Source

2021-10-30 14:12:39.376126

Mario Gabelli: These Trump stocks will be fine even without Trump

https://www.cnbc.com/2017/05/18/mario-gabelli-these-trump-stocks-will-be-fine-even-without-trump.html

2017-05-18T18:17:43+0000

Berkeley Lovelace Jr.

CNBC

Billionaire Mario Gabelli told CNBC on Thursday that he is making a bet on infrastructure even if the Trump administration doesn't deliver on its $1 trillion plan to improve roads, tunnels and bridges.In an appearance on CNBC's "Halftime Report," the CEO, founder and chairman of Gamco Investors said the U.S. has to make investments in its crumbling infrastructure. He said President Donald Trump's proposed infrastructure plan will act as "extra tail wind" to the sector that is already likely to succeed."I think housing is going to do well. I think industrial construction is going to do OK, independent" of Trump's plan, Gabelli said.Gabelli specifically likes Atlanta-based company Mueller Water, a major manufacturer and distributor of fire hydrants, gate valves and other water-related infrastructure products in North America. He said the company has recently come under new leadership and is responsible for providing at least half of the hydrants in the U.S.He has previously spoken favorably of infrastructure saying, "Infrastructure is important because it helps fiscal stimulation, it offsets monetary policy, it helps the jobs in the middle of the country, it helps everyone."Gabelli comments came after Trump, who has struggled to get certain policy proposals off the ground, has vowed to cut red tape to speed up approval of infrastructure projects.

cnbc, Articles, Mueller Water Products Inc, Donald Trump, Markets, Stock markets, Investment strategy, Investing, stocks, Fast Money Halftime Report, Infrastructure, source:tagname:CNBC US Source

<div class="group"><p>Billionaire Mario Gabelli told CNBC on Thursday that he is making a bet on infrastructure even if the Trump administration doesn't deliver on its $1 trillion plan to improve roads, tunnels and bridges.</p><p>In an appearance on CNBC's "<a href="https://www.cnbc.com/halftime/">Halftime Report</a>," the CEO, founder and chairman of Gamco Investors said the U.S. has to make investments in its crumbling infrastructure. He said President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a>'s proposed infrastructure plan will act as "extra tail wind" to the sector that is already likely to succeed.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I think housing is going to do well. I think industrial construction is going to do OK, independent" of Trump's plan, Gabelli said.</p><p>Gabelli specifically likes Atlanta-based company <a href="//www.cnbc.com/quotes/MWA" target="_blank">Mueller Water</a>, a major manufacturer and distributor of fire hydrants, gate valves and other water-related infrastructure products in North America. He said the company has recently come under new leadership and is responsible for providing at least half of the hydrants in the U.S.</p><p>He has previously spoken favorably of infrastructure saying, "Infrastructure is important because it helps fiscal stimulation, it offsets monetary policy, it helps the jobs in the middle of the country, it helps everyone."</p><p>Gabelli comments came after Trump, who has struggled to get certain policy proposals off the ground, has vowed to cut red tape to speed up approval of infrastructure projects.</p></div>,<div class="group"><p><em>Disclosures: Gabelli owns <em>Mueller Water Products in his funds.</em> </em></p><p><strong>Watch: Gabelli &amp; O'Leary on stocks</strong></p></div>,<div class="group"></div>

Billionaire Mario Gabelli told CNBC on Thursday that he is making a bet on infrastructure even if the Trump administration doesn't deliver on its $1 trillion plan to improve roads, tunnels and bridges.In an appearance on CNBC's "Halftime Report," the CEO, founder and chairman of Gamco Investors said the U.S. has to make investments in its crumbling infrastructure. He said President Donald Trump's proposed infrastructure plan will act as "extra tail wind" to the sector that is already likely to succeed."I think housing is going to do well. I think industrial construction is going to do OK, independent" of Trump's plan, Gabelli said.Gabelli specifically likes Atlanta-based company Mueller Water, a major manufacturer and distributor of fire hydrants, gate valves and other water-related infrastructure products in North America. He said the company has recently come under new leadership and is responsible for providing at least half of the hydrants in the U.S.He has previously spoken favorably of infrastructure saying, "Infrastructure is important because it helps fiscal stimulation, it offsets monetary policy, it helps the jobs in the middle of the country, it helps everyone."Gabelli comments came after Trump, who has struggled to get certain policy proposals off the ground, has vowed to cut red tape to speed up approval of infrastructure projects.Disclosures: Gabelli owns Mueller Water Products in his funds. Watch: Gabelli & O'Leary on stocks

2021-10-30 14:12:39.589333

ECB Eyes September for Bank Stress Tests

https://www.cnbc.com/2013/01/24/ecb-eyes-september-for-bank-stress-tests.html

2013-01-24T06:43:16+0000

CNBC

The European Central Bank (ECB) and European Banking Authority (EBA) are aiming to carry out a joint stress test on Europe's major banks in September, sources told Reuters. Austria's FMA markets watchdog said on Wednesday that the EBA plans stress tests this year even as the European Central Bank prepares to take on supervision of top lenders from 2014. Sources told Reuters that the ECB, which was involved in the background of the last round of EBA stress tests, was set to take a more central role before it assumes supervisory powers over the euro zone's banks. "The preference is to have the EBA and ECB run together, rather than have the reputational damage of having two (different) ones," said a central bank source. The tests are "likely to be in September", he added. Other sources said they also expected the tests in September, though the date has not yet been finalized. The EBA's predecessor the Committee of European Banking Supervisors (CEBS) started conducting stress tests on major lenders such as Deutsche Bank, Santander and Unicredit in 2010. But the shortcomings of the probes were laid bare when Ireland's banking system came close to collapse only four months after being given a clean bill of health. "As we said last year, we expect a new round of stress tests in 2013 and discussions are on-going," an EBA spokeswoman said. ECB Governing Council member Ewald Nowotny said last month that Europe wanted the ECB and the EBA to conduct coordinated stress tests. EBA Chairman Andrea Enria has said that a key addition to the next test willbe an examination of the quality of assets held by banks to ensure they canabsorb losses properly in a crisis and leave taxpayers off the hook. The discussions between the ECB and EBA partly focus on working out how tomeasure the quality of banks' loans. "There will be a stress test this year from the EBA. That is the current status of the decision," Financial Markets Authority co-head Helmut Ettl told a news conference on Wednesday, adding details were still under discussion. He said Austrian lenders Raiffeisen Zentralbank - the unlisted parent of Raiffeisen Bank International -and Erste Group Bank would be tested. Europe agreed a deal last month to give the ECB new powers to supervise euro zone banks from 2014, embarking on the first step in a new phase of closer integration to help underpin the euro. The EBA monitors banks in all 27 EU member states.

cnbc, Articles, London, UniCredit SpA, Santander Asset Management SA Administradora General de Fondos, Polls, Wires, source:tagname:Reuters

<div class="group"><p><span>The European Central Bank (ECB) and </span><span>European Banking Authority (EBA) are aiming to carry out a joint stress test on </span><span>Europe's major banks in September, sources told Reuters. </span></p><p>Austria's FMA markets watchdog said on Wednesday that the EBA plans stress <span>tests this year even as the European Central Bank prepares to take on </span><span>supervision of top lenders from 2014. </span></p><div style="height:100%" class="lazyload-placeholder"></div><p>Sources told Reuters that the ECB, which was involved in the background of <span>the last round of EBA stress tests, was set to take a more central role before </span><span>it assumes <strong><a href="https://www.cnbc.com/2012/08/31/sweeping-ecb-powers-may-be-next-europe-battleground.html">supervisory powers</a></strong> over the euro zone's banks. </span></p><p>"The preference is to have the EBA and ECB run <!-- --> together, rather <span>than have the reputational damage of having two (different) ones," said a </span><span>central bank source. </span></p><p>The tests are "likely to be in September", he added. Other sources said they <span>also expected the tests in September, though the date has not yet been </span><span>finalized. </span></p><p>The EBA's predecessor the Committee of European Banking Supervisors (CEBS) <span>started conducting stress tests on major lenders such as <strong>Deutsche Bank</strong></span><span>, <strong><a href="//www.cnbc.com/quotes/undefined" target="_blank">Santander</a></strong> and <strong><a href="//www.cnbc.com/quotes/UCG-IT" target="_blank">Unicredit</a></strong> in 2010. </span></p><p>But the shortcomings of the probes were laid bare when <strong><a href="https://www.cnbc.com/2011/06/21/Banking-Systems-Most-Exposed-to-PIIGS-Nations.html">Ireland's banking </a></strong><span><strong><a href="https://www.cnbc.com/2011/06/21/Banking-Systems-Most-Exposed-to-PIIGS-Nations.html">system</a></strong> came close to collapse only four months after being given a clean bill of </span><span>health. </span></p><div style="height:100%" class="lazyload-placeholder"></div><p>"As we said last year, we expect a new round of stress tests in 2013 and <span>discussions are on-going," an EBA spokeswoman said. </span></p><p>ECB Governing Council member Ewald Nowotny said last month that Europe <span>wanted the ECB and the EBA to conduct coordinated stress tests. </span></p><p>EBA Chairman Andrea Enria has said that a key addition to the next test will<span>be an examination of the quality of assets held by banks to ensure they can</span><span>absorb losses properly in a crisis and leave taxpayers off the hook. </span></p><p>The discussions between the ECB and EBA partly focus on working out how to<span>measure the quality of banks' loans. </span></p><p>"There will be a stress test this year from the EBA. That is the current <span>status of the decision," Financial Markets Authority co-head Helmut Ettl told a </span><span>news conference on Wednesday, adding details were still under discussion. </span></p><p>He said Austrian lenders Raiffeisen Zentralbank - the unlisted <span>parent of Raiffeisen Bank International -and Erste Group Bank</span><span> would be tested. </span></p><p>Europe agreed a deal last month to give the ECB new powers to supervise euro <span>zone banks from 2014, embarking on the first step in a new phase of closer </span><span>integration to help underpin the euro. </span></p><p>The EBA monitors banks in all 27 EU member states. </p><br></div>

The European Central Bank (ECB) and European Banking Authority (EBA) are aiming to carry out a joint stress test on Europe's major banks in September, sources told Reuters. Austria's FMA markets watchdog said on Wednesday that the EBA plans stress tests this year even as the European Central Bank prepares to take on supervision of top lenders from 2014. Sources told Reuters that the ECB, which was involved in the background of the last round of EBA stress tests, was set to take a more central role before it assumes supervisory powers over the euro zone's banks. "The preference is to have the EBA and ECB run together, rather than have the reputational damage of having two (different) ones," said a central bank source. The tests are "likely to be in September", he added. Other sources said they also expected the tests in September, though the date has not yet been finalized. The EBA's predecessor the Committee of European Banking Supervisors (CEBS) started conducting stress tests on major lenders such as Deutsche Bank, Santander and Unicredit in 2010. But the shortcomings of the probes were laid bare when Ireland's banking system came close to collapse only four months after being given a clean bill of health. "As we said last year, we expect a new round of stress tests in 2013 and discussions are on-going," an EBA spokeswoman said. ECB Governing Council member Ewald Nowotny said last month that Europe wanted the ECB and the EBA to conduct coordinated stress tests. EBA Chairman Andrea Enria has said that a key addition to the next test willbe an examination of the quality of assets held by banks to ensure they canabsorb losses properly in a crisis and leave taxpayers off the hook. The discussions between the ECB and EBA partly focus on working out how tomeasure the quality of banks' loans. "There will be a stress test this year from the EBA. That is the current status of the decision," Financial Markets Authority co-head Helmut Ettl told a news conference on Wednesday, adding details were still under discussion. He said Austrian lenders Raiffeisen Zentralbank - the unlisted parent of Raiffeisen Bank International -and Erste Group Bank would be tested. Europe agreed a deal last month to give the ECB new powers to supervise euro zone banks from 2014, embarking on the first step in a new phase of closer integration to help underpin the euro. The EBA monitors banks in all 27 EU member states.

2021-10-30 14:12:39.861693

TEXT-S&P revises Crown Castle outlook to stable from positive

https://www.cnbc.com/2012/10/02/textsp-revises-crown-castle-outlook-to-stable-from-positive.html

2012-10-02T18:17:00+0000

CNBC

(The following statement was released by the rating agency)Overview-- U.S. tower operator Crown Castle has agreed to acquire rights to about7,200 T-Mobile USA towers for $2.4 billion in cash.-- We expect leverage to increase to nearly 8x at the end of 2012, proforma for the transaction, and decline modestly to the mid-7x area in 2013.-- We are revising our outlook on the company to stable from positivesince we no longer expect it to achieve leverage of 7x within our two-yearrating horizon.-- We are affirming all ratings on the company, including our 'B+'corporate credit rating;-- Issue and recovery ratings for Crown and its related entities remainunchanged at present, but will be re-evaluated when the company outlines adefinitive financing plan for the T-Mobile transaction.Rating ActionOn Oct. 2, 2012, Standard & Poor's Ratings Services revised its outlook onCrown Castle International Corp.to stable from positive as a result ofthe company's announced agreement to acquire rights to T-Mobile's 7,200 towersin a debt-financed transaction valued at about $2.4 billion. At the same time,we affirmed all of Crown's ratings, including the 'B+' corporate credit rating.RationaleThe outlook revision reflects our view that there is no longer a one-thirdprobability of an upgrade given the additional debt associated with theacquisition. We now expect leverage, including our adjustments for operatingleases, to be nearly 8x as of the end of 2012, pro forma for the EBITDAcontribution from the T-Mobile towers. While we believe that the combinationof contractual rent increases, additional tenant colocation revenues on itsexisting towers, and somewhat faster revenue growth on the T-Mobile towerswill contribute to a low- to mid-teen percent increase in EBITDA in 2013, wedon't expect leverage to drop to 7x or below before 2014 at the earliest. Ourpositive outlook had incorporated the possibility that Crown's leverage wouldimprove to 7x or less within our two-year rating horizon, which we no longerbelieve is achievable.The ratings on Crown reflect the company's aggressive financial policy, givenits historical use of debt and excess cash flow to fund large stockrepurchases. As a result, adjusted leverage is high, at about 7x for the 12months ended June 30, 2012. We anticipate that the company will benefit fromtower leasing revenue growth over the next year due to price increases in itscontracts and the addition of new tenants on its tower sites, which shouldcontribute to an increase in EBITDA in the mid- to high-single-digit area for2012 and 2013. The T-Mobile towers, which have a lower tenancy per tower thanCrown's own business, have somewhat higher growth potential, although ourassumption for the addition of tenants on these towers is fairly conservative.Moreover, given the company's aggressive financial policy, we believe it mayuse excess cash flow to repurchase stock rather than repay debt, especiallysince it has no near-term maturities.Crown is one of the largest independent tower operators in the U.S., with atotal portfolio of approximately 24,000 towers, in addition to variousdistributed antennae systems. Pro forma for the T-Mobile transaction, thecompany will operate a portfolio of over 30,000 towers.We view the business risk profile as "strong."The business generates cashflows with a high degree of stability, given the long-term nature of thewireless carrier contracts and high renewal rates. In addition, there has beena trend toward longer term contracts in this business and carriers have littleto no flexibility to terminate early without fully honoring the contract.Typical of the tower leasing industry, the high operating leverage of thebusiness also contributes to extremely healthy tower gross profit and overallunadjusted EBITDA margins, which were 74.6% and 62.6%, respectively, for thesecond quarter of 2012. A high percentage of the business' EBITDA cantranslate into discretionary free cash flow, given very modest maintenancecapital expenditures. However, we expect Crown to use a significant amount ofits discretionary cash flows to continue to repurchase its common stock.Crown benefits from continued subscriber growth in the wireless communicationsindustry, which has expanded both in terms of absolute subscribers andper-subscriber minutes of use. These trends and the need for more coverage andcapacity to accommodate demand have translated into additional tenants leasingspace on existing towers, a trend known as colocation. Moreover, the majorcarriers have upgraded their networks to provide higher speed wireless datacapabilities, which in many cases, has required additional tower equipment.The regional carriers also have increasingly added to their coverage areas tooffer plans competitive with the national players, which, in turn, haveboosted tower leasing revenues.Crown also benefits from stable monthly cash flows from carriers withsubstantial financial resources, including Verizon Wireless and AT&T Mobility.These long-term contracts have very high renewal rates and average annual rentincreases of 3%. Moreover, the towers have the capacity to support multipletenants, providing additional upside to cash flows per tower, particularlybecause adding tenants to existing towers involves minimal incrementaloperating expense.LiquidityWe consider Crown's liquidity "adequate." Sources of liquidity includeavailability of $1 billion under the revolving credit facility, coupled withthe expectation that the company will generate about $960 million of fundsfrom operations in 2012. We note that the company has not yet identified aspecific financing plan to fund the T-Mobile acquisition, although our"adequate" liquidity assessment assumes it will be able to access the capitalmarkets for the transaction. We may revisit this assessment if the companydelays a financing plan or has difficulty in accessing the market.We expect that sources of liquidity will provide at least 1.2x coverage ofuses. We also expect Crown will continue to repurchase common stock, as wellas incur capital expenditures for land purchases, tower improvements, and newtower builds. The company is likely to maintain at least 15% minimum EBITDAcushion under its 6x total leverage covenant, which does not step down untilMarch 2014.Recovery analysisFor the complete recovery analysis, seethe recovery report on Crown, publishedAug. 2, 2012, on RatingsDirect.OutlookThe outlook is stable. As a result of Crown's acquisition of the leasingrights to the T-Mobile towers, we expect that its debt to EBITDA will benearly 8x for 2012, pro forma for the T-Mobile transaction. We expect thisleverage to decline to the mid-7x area by the end of 2013.The rating could be raised if we came to expect a leverage reduction to 7x orlower on a sustained basis, which could occur if EBITDA increases at around a13% rate in 2013 rather than the low- to mid-teen percent area we currentlyassume in our base-case scenario. Conversely, and less likely, in our view, wecould lower the rating if Crown were to become more aggressive in itsfinancial policy such that it used debt to repurchase stock for in excess of$5 billion, since this would increase leverage to the 10x area.Related Criteria And Research-- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012-- U.S. Telecom And Cable Companies' Maturities Are Manageable, ButLower-Rated Issuers Face Some Liquidity Challenges, July 23, 2012-- U.S. Telecom And Cable Companies, Strongest To Weakest, July 13, 2012-- U.S. Telecom And Cable Ratings Should Be Stable Overall During WeakEconomic Recovery, July 13, 2012-- A Matter of Policy: U.S. Telecom Companies Maintain High DividendPayouts, But For How Long?, May 30, 2012-- A Matter of Policy: U.S. Cable And Satellite-TV Companies Ratchet UpShareholder Payouts, May 16, 2012-- Top 10 Investor Questions: U.S. Telecom and Cable Industries, May 10,2012-- Assessing The Four-Notch Rating Gap Between The Two U.S.Direct-To-Home Satellite Video Operators, May 9, 2012-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011Ratings ListRatings Affirmed; Outlook ActionTo FromCrown Castle International Corp.Corporate Credit Rating B+/Stable/-- B+/Positive/--Ratings Affirmed; Recovery Ratings UnchangedCrown Castle International Corp.Senior Unsecured B-Recovery Rating 6CC Holdings GS V LLCCrown Castle GS III Corp.Senior Secured BBRecovery Rating 1Crown Castle Operating Co.Senior Secured B+Recovery Rating 4Complete ratings information is available to subscribers of RatingsDirect onthe Global Credit Portal at. All ratings affectedby this rating action can be found on Standard & Poor's public Web site at. Use the Ratings search box located in the leftcolumn.(New York Ratings Team)((e-mail: [email protected]; Reuters Messaging:[email protected]; Tel:1-646-223-6330;))

cnbc, Articles, Crown Castle International Corp, Wires, source:tagname:Thomson Financial News

<div class="group"><p>(The following statement was released by the rating agency)Overview</p><p>-- U.S. tower operator Crown Castle has agreed to acquire rights to about7,200 T-Mobile USA towers for $2.4 billion in cash.</p><div style="height:100%" class="lazyload-placeholder"></div><p>-- We expect leverage to increase to nearly 8x at the end of 2012, proforma for the transaction, and decline modestly to the mid-7x area in 2013.</p><p>-- We are revising our outlook on the company to stable from positivesince we no longer expect it to achieve leverage of 7x within our two-yearrating horizon.</p><p>-- We are affirming all ratings on the company, including our 'B+'corporate credit rating;</p><p>-- Issue and recovery ratings for Crown and its related entities remainunchanged at present, but will be re-evaluated when the company outlines adefinitive financing plan for the T-Mobile transaction.</p><p>Rating ActionOn Oct. 2, 2012, Standard &amp; Poor's Ratings Services revised its outlook onCrown Castle International Corp.</p><div style="height:100%" class="lazyload-placeholder"></div><p>to stable from positive as a result ofthe company's announced agreement to acquire rights to T-Mobile's 7,200 towersin a debt-financed transaction valued at about $2.4 billion. At the same time,we affirmed all of Crown's ratings, including the 'B+' corporate credit rating.</p><p>Rationale</p><p>The outlook revision reflects our view that there is no longer a one-thirdprobability of an upgrade given the additional debt associated with theacquisition. We now expect leverage, including our adjustments for operatingleases, to be nearly 8x as of the end of 2012, pro forma for the EBITDAcontribution from the T-Mobile towers. While we believe that the combinationof contractual rent increases, additional tenant colocation revenues on itsexisting towers, and somewhat faster revenue growth on the T-Mobile towerswill contribute to a low- to mid-teen percent increase in EBITDA in 2013, wedon't expect leverage to drop to 7x or below before 2014 at the earliest. Ourpositive outlook had incorporated the possibility that Crown's leverage wouldimprove to 7x or less within our two-year rating horizon, which we no longerbelieve is achievable.</p><p>The ratings on Crown reflect the company's aggressive financial policy, givenits historical use of debt and excess cash flow to fund large stockrepurchases. As a result, adjusted leverage is high, at about 7x for the 12months ended June 30, 2012. We anticipate that the company will benefit fromtower leasing revenue growth over the next year due to price increases in itscontracts and the addition of new tenants on its tower sites, which shouldcontribute to an increase in EBITDA in the mid- to high-single-digit area for2012 and 2013. The T-Mobile towers, which have a lower tenancy per tower thanCrown's own business, have somewhat higher growth potential, although ourassumption for the addition of tenants on these towers is fairly conservative.Moreover, given the company's aggressive financial policy, we believe it mayuse excess cash flow to repurchase stock rather than repay debt, especiallysince it has no near-term maturities.</p><p>Crown is one of the largest independent tower operators in the U.S., with atotal portfolio of approximately 24,000 towers, in addition to variousdistributed antennae systems. Pro forma for the T-Mobile transaction, thecompany will operate a portfolio of over 30,000 towers.</p><p>We view the business risk profile as "strong."The business generates cashflows with a high degree of stability, given the long-term nature of thewireless carrier contracts and high renewal rates. In addition, there has beena trend toward longer term contracts in this business and carriers have littleto no flexibility to terminate early without fully honoring the contract.Typical of the tower leasing industry, the high operating leverage of thebusiness also contributes to extremely healthy tower gross profit and overallunadjusted EBITDA margins, which were 74.6% and 62.6%, respectively, for thesecond quarter of 2012. A high percentage of the business' EBITDA cantranslate into discretionary free cash flow, given very modest maintenancecapital expenditures. However, we expect Crown to use a significant amount ofits discretionary cash flows to continue to repurchase its common stock.</p><p>Crown benefits from continued subscriber growth in the wireless communicationsindustry, which has expanded both in terms of absolute subscribers andper-subscriber minutes of use. These trends and the need for more coverage andcapacity to accommodate demand have translated into additional tenants leasingspace on existing towers, a trend known as colocation. Moreover, the majorcarriers have upgraded their networks to provide higher speed wireless datacapabilities, which in many cases, has required additional tower equipment.The regional carriers also have increasingly added to their coverage areas tooffer plans competitive with the national players, which, in turn, haveboosted tower leasing revenues.</p><p>Crown also benefits from stable monthly cash flows from carriers withsubstantial financial resources, including Verizon Wireless and AT&amp;T Mobility.These long-term contracts have very high renewal rates and average annual rentincreases of 3%. Moreover, the towers have the capacity to support multipletenants, providing additional upside to cash flows per tower, particularlybecause adding tenants to existing towers involves minimal incrementaloperating expense.</p><p>Liquidity</p><p>We consider Crown's liquidity "adequate." Sources of liquidity includeavailability of $1 billion under the revolving credit facility, coupled withthe expectation that the company will generate about $960 million of fundsfrom operations in 2012. We note that the company has not yet identified aspecific financing plan to fund the T-Mobile acquisition, although our"adequate" liquidity assessment assumes it will be able to access the capitalmarkets for the transaction. We may revisit this assessment if the companydelays a financing plan or has difficulty in accessing the market.</p><p>We expect that sources of liquidity will provide at least 1.2x coverage ofuses. We also expect Crown will continue to repurchase common stock, as wellas incur capital expenditures for land purchases, tower improvements, and newtower builds. The company is likely to maintain at least 15% minimum EBITDAcushion under its 6x total leverage covenant, which does not step down untilMarch 2014.</p><p>Recovery analysisFor the complete recovery analysis, seethe recovery report on Crown, publishedAug. 2, 2012, on RatingsDirect.</p><p>Outlook</p><p>The outlook is stable. As a result of Crown's acquisition of the leasingrights to the T-Mobile towers, we expect that its debt to EBITDA will benearly 8x for 2012, pro forma for the T-Mobile transaction. We expect thisleverage to decline to the mid-7x area by the end of 2013.</p><p>The rating could be raised if we came to expect a leverage reduction to 7x orlower on a sustained basis, which could occur if EBITDA increases at around a13% rate in 2013 rather than the low- to mid-teen percent area we currentlyassume in our base-case scenario. Conversely, and less likely, in our view, wecould lower the rating if Crown were to become more aggressive in itsfinancial policy such that it used debt to repurchase stock for in excess of$5 billion, since this would increase leverage to the 10x area.</p><p>Related Criteria And Research</p><p>-- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012</p><p>-- U.S. Telecom And Cable Companies' Maturities Are Manageable, ButLower-Rated Issuers Face Some Liquidity Challenges, July 23, 2012</p><p>-- U.S. Telecom And Cable Companies, Strongest To Weakest, July 13, 2012</p><p>-- U.S. Telecom And Cable Ratings Should Be Stable Overall During WeakEconomic Recovery, July 13, 2012</p><p>-- A Matter of Policy: U.S. Telecom Companies Maintain High DividendPayouts, But For How Long?, May 30, 2012</p><p>-- A Matter of Policy: U.S. Cable And Satellite-TV Companies Ratchet UpShareholder Payouts, May 16, 2012</p><p>-- Top 10 Investor Questions: U.S. Telecom and Cable Industries, May 10,2012</p><p>-- Assessing The Four-Notch Rating Gap Between The Two U.S.Direct-To-Home Satellite Video Operators, May 9, 2012</p><p>-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011</p><p>Ratings List</p><p>Ratings Affirmed; Outlook Action</p><p>To From</p><p>Crown Castle International Corp.</p><p>Corporate Credit Rating B+/Stable/-- B+/Positive/--</p><p>Ratings Affirmed; Recovery Ratings Unchanged</p><p>Crown Castle International Corp.</p><p>Senior Unsecured B-Recovery Rating 6CC Holdings GS V LLCCrown Castle GS III Corp.Senior Secured BBRecovery Rating 1Crown Castle Operating Co.Senior Secured B+Recovery Rating 4</p><p>Complete ratings information is available to subscribers of RatingsDirect onthe Global Credit Portal at</p><p>. All ratings affectedby this rating action can be found on Standard &amp; Poor's public Web site at. Use the Ratings search box located in the leftcolumn.(New York Ratings Team)</p><p>((e-mail: <a href="mailto:[email protected]" target="_blank">[email protected]</a>; Reuters Messaging:<a href="mailto:[email protected]" target="_blank">[email protected]</a>; Tel:1-646-223-6330;))</p></div>

(The following statement was released by the rating agency)Overview-- U.S. tower operator Crown Castle has agreed to acquire rights to about7,200 T-Mobile USA towers for $2.4 billion in cash.-- We expect leverage to increase to nearly 8x at the end of 2012, proforma for the transaction, and decline modestly to the mid-7x area in 2013.-- We are revising our outlook on the company to stable from positivesince we no longer expect it to achieve leverage of 7x within our two-yearrating horizon.-- We are affirming all ratings on the company, including our 'B+'corporate credit rating;-- Issue and recovery ratings for Crown and its related entities remainunchanged at present, but will be re-evaluated when the company outlines adefinitive financing plan for the T-Mobile transaction.Rating ActionOn Oct. 2, 2012, Standard & Poor's Ratings Services revised its outlook onCrown Castle International Corp.to stable from positive as a result ofthe company's announced agreement to acquire rights to T-Mobile's 7,200 towersin a debt-financed transaction valued at about $2.4 billion. At the same time,we affirmed all of Crown's ratings, including the 'B+' corporate credit rating.RationaleThe outlook revision reflects our view that there is no longer a one-thirdprobability of an upgrade given the additional debt associated with theacquisition. We now expect leverage, including our adjustments for operatingleases, to be nearly 8x as of the end of 2012, pro forma for the EBITDAcontribution from the T-Mobile towers. While we believe that the combinationof contractual rent increases, additional tenant colocation revenues on itsexisting towers, and somewhat faster revenue growth on the T-Mobile towerswill contribute to a low- to mid-teen percent increase in EBITDA in 2013, wedon't expect leverage to drop to 7x or below before 2014 at the earliest. Ourpositive outlook had incorporated the possibility that Crown's leverage wouldimprove to 7x or less within our two-year rating horizon, which we no longerbelieve is achievable.The ratings on Crown reflect the company's aggressive financial policy, givenits historical use of debt and excess cash flow to fund large stockrepurchases. As a result, adjusted leverage is high, at about 7x for the 12months ended June 30, 2012. We anticipate that the company will benefit fromtower leasing revenue growth over the next year due to price increases in itscontracts and the addition of new tenants on its tower sites, which shouldcontribute to an increase in EBITDA in the mid- to high-single-digit area for2012 and 2013. The T-Mobile towers, which have a lower tenancy per tower thanCrown's own business, have somewhat higher growth potential, although ourassumption for the addition of tenants on these towers is fairly conservative.Moreover, given the company's aggressive financial policy, we believe it mayuse excess cash flow to repurchase stock rather than repay debt, especiallysince it has no near-term maturities.Crown is one of the largest independent tower operators in the U.S., with atotal portfolio of approximately 24,000 towers, in addition to variousdistributed antennae systems. Pro forma for the T-Mobile transaction, thecompany will operate a portfolio of over 30,000 towers.We view the business risk profile as "strong."The business generates cashflows with a high degree of stability, given the long-term nature of thewireless carrier contracts and high renewal rates. In addition, there has beena trend toward longer term contracts in this business and carriers have littleto no flexibility to terminate early without fully honoring the contract.Typical of the tower leasing industry, the high operating leverage of thebusiness also contributes to extremely healthy tower gross profit and overallunadjusted EBITDA margins, which were 74.6% and 62.6%, respectively, for thesecond quarter of 2012. A high percentage of the business' EBITDA cantranslate into discretionary free cash flow, given very modest maintenancecapital expenditures. However, we expect Crown to use a significant amount ofits discretionary cash flows to continue to repurchase its common stock.Crown benefits from continued subscriber growth in the wireless communicationsindustry, which has expanded both in terms of absolute subscribers andper-subscriber minutes of use. These trends and the need for more coverage andcapacity to accommodate demand have translated into additional tenants leasingspace on existing towers, a trend known as colocation. Moreover, the majorcarriers have upgraded their networks to provide higher speed wireless datacapabilities, which in many cases, has required additional tower equipment.The regional carriers also have increasingly added to their coverage areas tooffer plans competitive with the national players, which, in turn, haveboosted tower leasing revenues.Crown also benefits from stable monthly cash flows from carriers withsubstantial financial resources, including Verizon Wireless and AT&T Mobility.These long-term contracts have very high renewal rates and average annual rentincreases of 3%. Moreover, the towers have the capacity to support multipletenants, providing additional upside to cash flows per tower, particularlybecause adding tenants to existing towers involves minimal incrementaloperating expense.LiquidityWe consider Crown's liquidity "adequate." Sources of liquidity includeavailability of $1 billion under the revolving credit facility, coupled withthe expectation that the company will generate about $960 million of fundsfrom operations in 2012. We note that the company has not yet identified aspecific financing plan to fund the T-Mobile acquisition, although our"adequate" liquidity assessment assumes it will be able to access the capitalmarkets for the transaction. We may revisit this assessment if the companydelays a financing plan or has difficulty in accessing the market.We expect that sources of liquidity will provide at least 1.2x coverage ofuses. We also expect Crown will continue to repurchase common stock, as wellas incur capital expenditures for land purchases, tower improvements, and newtower builds. The company is likely to maintain at least 15% minimum EBITDAcushion under its 6x total leverage covenant, which does not step down untilMarch 2014.Recovery analysisFor the complete recovery analysis, seethe recovery report on Crown, publishedAug. 2, 2012, on RatingsDirect.OutlookThe outlook is stable. As a result of Crown's acquisition of the leasingrights to the T-Mobile towers, we expect that its debt to EBITDA will benearly 8x for 2012, pro forma for the T-Mobile transaction. We expect thisleverage to decline to the mid-7x area by the end of 2013.The rating could be raised if we came to expect a leverage reduction to 7x orlower on a sustained basis, which could occur if EBITDA increases at around a13% rate in 2013 rather than the low- to mid-teen percent area we currentlyassume in our base-case scenario. Conversely, and less likely, in our view, wecould lower the rating if Crown were to become more aggressive in itsfinancial policy such that it used debt to repurchase stock for in excess of$5 billion, since this would increase leverage to the 10x area.Related Criteria And Research-- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012-- U.S. Telecom And Cable Companies' Maturities Are Manageable, ButLower-Rated Issuers Face Some Liquidity Challenges, July 23, 2012-- U.S. Telecom And Cable Companies, Strongest To Weakest, July 13, 2012-- U.S. Telecom And Cable Ratings Should Be Stable Overall During WeakEconomic Recovery, July 13, 2012-- A Matter of Policy: U.S. Telecom Companies Maintain High DividendPayouts, But For How Long?, May 30, 2012-- A Matter of Policy: U.S. Cable And Satellite-TV Companies Ratchet UpShareholder Payouts, May 16, 2012-- Top 10 Investor Questions: U.S. Telecom and Cable Industries, May 10,2012-- Assessing The Four-Notch Rating Gap Between The Two U.S.Direct-To-Home Satellite Video Operators, May 9, 2012-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011Ratings ListRatings Affirmed; Outlook ActionTo FromCrown Castle International Corp.Corporate Credit Rating B+/Stable/-- B+/Positive/--Ratings Affirmed; Recovery Ratings UnchangedCrown Castle International Corp.Senior Unsecured B-Recovery Rating 6CC Holdings GS V LLCCrown Castle GS III Corp.Senior Secured BBRecovery Rating 1Crown Castle Operating Co.Senior Secured B+Recovery Rating 4Complete ratings information is available to subscribers of RatingsDirect onthe Global Credit Portal at. All ratings affectedby this rating action can be found on Standard & Poor's public Web site at. Use the Ratings search box located in the leftcolumn.(New York Ratings Team)((e-mail: [email protected]; Reuters Messaging:[email protected]; Tel:1-646-223-6330;))

2021-10-30 14:12:39.902630

Cramer's lightning round: GoPro's stock could go higher on a 'good holiday season'

https://www.cnbc.com/2018/10/19/cramers-lightning-round-gopros-stock-could-go-higher-after-holidays.html

2018-10-19T22:49:46+0000

Lizzy Gurdus

CNBC

GoPro Inc.: "I think that GoPro's going to have a good holiday season. They've got all new stuff. I think it could trade to $8, but I don't think it's getting more than that because it's pretty darn speculative."Eli Lilly and Co.: "I think Eli Lilly is very good, but it has had such a run that I can no longer countenance buying it up at these levels."HealthEquity Inc.: "I think it's interesting. I mean, look, I think that if Paychex decided they wanted to get into that business, exactly in that niche, I think that they could do great and they could actually do it pretty well through corporations, so I don't know if there's a big enough moat there."General Mills Inc.: "They bought this Blue Buffalo. Here's the problem: I don't like the stock because they took down too much money to pay for Blue Buffalo. They overpaid. They've bought a lot of stock much higher and then they're selling lower. That is not my kind of company."Marriott Intl.: "This is just people just saying the business cycle's reaching a conclusion. It's all about the Fed, otherwise Marriott would be higher because [CEO] Arne [Sorenson]'s doing a great job."

cnbc, Articles, Marriott International Inc, General Mills Inc, Paychex Inc, Healthequity Inc, Eli Lilly and Co, GoPro Inc, Business, Investment strategy, Jim Cramer, Personal investing, Stock markets, Markets, Investing, Business News, U.S. Business Day, S&P 500, stocks, Stock Picks, U.S. Markets, Market Outlook, Investment Strategy, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/GPRO" target="_blank">GoPro Inc.</a>: "I think that GoPro's going to have a good holiday season. They've got all new stuff. I think it could trade to $8, but I don't think it's getting more than that because it's pretty darn speculative."</p><p><a href="//www.cnbc.com/quotes/LLY" target="_blank">Eli Lilly and Co.</a>: "I think Eli Lilly is very good, but it has had such a run that I can no longer countenance buying it up at these levels."</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/HQY" target="_blank">HealthEquity Inc.</a>: "I think it's interesting. I mean, look, I think that if <a href="//www.cnbc.com/quotes/PAYX" target="_blank">Paychex</a> decided they wanted to get into that business, exactly in that niche, I think that they could do great and they could actually do it pretty well through corporations, so I don't know if there's a big enough moat there."</p><p><a href="//www.cnbc.com/quotes/GIS" target="_blank">General Mills Inc.</a>: "They <a href="https://www.cnbc.com/2018/02/23/general-mills-to-buy-natural-pet-food-company-blue-buffalo-for-about-8-billion-in-cash-sources.html">bought this Blue Buffalo</a>. Here's the problem: I don't like the stock because they took down too much money to pay for Blue Buffalo. They overpaid. They've bought a lot of stock much higher and then they're selling lower. That is not my kind of company."</p><p><a href="//www.cnbc.com/quotes/MAR" target="_blank">Marriott Intl.</a>: "This is just people just saying the business cycle's reaching a conclusion. It's all about <a href="https://www.cnbc.com/federal-reserve/">the Fed</a>, otherwise Marriott would be higher because [CEO] Arne [Sorenson]'s doing a great job."</p></div>,<div class="group"><div class="ArticleBody-blockquote"><p>Questions for Cramer?<br> Call Cramer: 1-800-743-CNBC</p><p>Want to take a deep dive into Cramer's world? Hit him up!<br> <a href="https://twitter.com/MadMoneyOnCNBC" target="_blank">Mad Money Twitter</a> - <a href="https://twitter.com/jimcramer" target="_blank">Jim Cramer Twitter</a> - <a href="https://www.facebook.com/madmoney?ref=aymt_homepage_panel" target="_blank">Facebook</a> - <a href="http://instagram.com/jimcramer" target="_blank">Instagram</a> - <a href="https://vine.co/u/984542302087651328" target="_blank">Vine</a></p><p>Questions, comments, suggestions for the "Mad Money" website? [email protected]</p></div></div>

GoPro Inc.: "I think that GoPro's going to have a good holiday season. They've got all new stuff. I think it could trade to $8, but I don't think it's getting more than that because it's pretty darn speculative."Eli Lilly and Co.: "I think Eli Lilly is very good, but it has had such a run that I can no longer countenance buying it up at these levels."HealthEquity Inc.: "I think it's interesting. I mean, look, I think that if Paychex decided they wanted to get into that business, exactly in that niche, I think that they could do great and they could actually do it pretty well through corporations, so I don't know if there's a big enough moat there."General Mills Inc.: "They bought this Blue Buffalo. Here's the problem: I don't like the stock because they took down too much money to pay for Blue Buffalo. They overpaid. They've bought a lot of stock much higher and then they're selling lower. That is not my kind of company."Marriott Intl.: "This is just people just saying the business cycle's reaching a conclusion. It's all about the Fed, otherwise Marriott would be higher because [CEO] Arne [Sorenson]'s doing a great job."Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - VineQuestions, comments, suggestions for the "Mad Money" website? [email protected]

2021-10-30 14:12:40.056828

Midday movers: Carnival, Netflix, Pfizer & More

https://www.cnbc.com/2014/03/25/midday-movers-carnival-pfizer-more.html

2014-03-25T16:10:14+0000

Rich Fisherman

CNBC

Take a look at some of Tuesday's midday movers: Carnival - The cruise operator declined after projecting a full-year profit beneath estimates. United States Steel and AK Steel Holding - Both rose after Goldman Sachs repeated buy ratings.Chipotle Mexican Grill - The momentum stock continued to fall, after rising more than 80 percent over the past year.

cnbc, Articles, Market Insider, Carnival Corp, United States Steel Corp, AK Steel Holding Corp, Chipotle Mexican Grill Inc, Netflix Inc, SolarCity Corp, eBay Inc, Pfizer Inc, Carlyle Group Inc, JPMorgan Chase & Co, Paccar Inc, Navistar International Corp, NPS Pharmaceuticals Inc, G-III Apparel Group Ltd, Himax Technologies Inc, KBR Inc, Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> <em>Take a look at some of Tuesday's midday movers:</em></p><p><a href="//www.cnbc.com/quotes/CCL" target="_blank"> Carnival</a> - The cruise operator declined after projecting a full-year profit beneath estimates.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/X" target="_blank"> United States Steel</a> and <a href="//www.cnbc.com/quotes/AKS" target="_blank">AK Steel Holding</a> - Both rose after Goldman Sachs repeated buy ratings.</p><p><span><a href="//www.cnbc.com/quotes/CMG" target="_blank">Chipotle Mexican Grill</a> - The momentum stock continued to fall, after rising more than 80 percent over the past year.</span></p></div>,<div class="group"><p><a href="//www.cnbc.com/quotes/NFLX" target="_blank"> Netflix</a> - Shares of the momentum stock fell, after rising more than 100 percent over the past year.</p><p><span><a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">SolarCity </a> - Shares climbed on news it received a $250 million loan from a group of lenders to help finance solar projects for homeowners and businesses.</span><br></p><p><span><a href="//www.cnbc.com/quotes/EBAY" target="_blank">EBay</a> - Shares fell. The company urged shareholders to vote against Carl Icahn's proposal to spin off the company's PayPal unit.</span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p><span><a href="//www.cnbc.com/quotes/PFE" target="_blank">Pfizer</a> - Shares gained after the company said its cancer drug was superior to chemotherapy as a first-line treatment for a certain type of lung cancer in a late-stage study.</span><br></p><p><span><a href="//www.cnbc.com/quotes/CG" target="_blank">The Carlyle Group</a> - Shares rose after the company said Michael Cavanagh would join the company this summer. At <a href="//www.cnbc.com/quotes/JPM" target="_blank">JPMorgan</a> until Tuesday, Cavanagh was considered a possible successor to JPMorgan CEO Jamie Dimon.</span></p><p><a href="//www.cnbc.com/quotes/PCAR" target="_blank"> Paccar </a> - Shares rose after Goldman Sachs upgraded the semi-truck maker to buy from neutral.</p><p><span><a href="//www.cnbc.com/quotes/NAV" target="_blank">Navistar International </a>- Shares fell after UBS downgraded the truck maker to neutral from buy.</span><br></p><p><span><a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">NPS Pharmaceuticals </a>- Shares rose after Goldman Sachs began coverage with a buy rating.</span></p><p><a href="//www.cnbc.com/quotes/GIII" target="_blank"> G-III Apparel Group</a> - Shares fell after the women's sportswear company said it could report a loss in the current quarter and forecast full-year results below expectations.</p><p><span><a href="//www.cnbc.com/quotes/HIMX" target="_blank">Himax Technologies</a> - Shares slid after Bank of America/Merrill Lynch downgraded the stock to underperform from buy.</span><br></p><p><span><a href="//www.cnbc.com/quotes/KBR" target="_blank">KBR</a> - Shares fell after Goldman Sachs downgraded the engineering and construction firm to neutral from buy.</span><br></p><p><span>(</span><em style="font-size:14px">Read More</em><span>: </span><span>)</span><br></p><p> <em>—By CNBC's Rich Fisherman.</em></p><p> <em>Questions? Comments? Email us at [email protected]</em></p></div>

Take a look at some of Tuesday's midday movers: Carnival - The cruise operator declined after projecting a full-year profit beneath estimates. United States Steel and AK Steel Holding - Both rose after Goldman Sachs repeated buy ratings.Chipotle Mexican Grill - The momentum stock continued to fall, after rising more than 80 percent over the past year. Netflix - Shares of the momentum stock fell, after rising more than 100 percent over the past year.SolarCity - Shares climbed on news it received a $250 million loan from a group of lenders to help finance solar projects for homeowners and businesses.EBay - Shares fell. The company urged shareholders to vote against Carl Icahn's proposal to spin off the company's PayPal unit.Pfizer - Shares gained after the company said its cancer drug was superior to chemotherapy as a first-line treatment for a certain type of lung cancer in a late-stage study.The Carlyle Group - Shares rose after the company said Michael Cavanagh would join the company this summer. At JPMorgan until Tuesday, Cavanagh was considered a possible successor to JPMorgan CEO Jamie Dimon. Paccar - Shares rose after Goldman Sachs upgraded the semi-truck maker to buy from neutral.Navistar International - Shares fell after UBS downgraded the truck maker to neutral from buy.NPS Pharmaceuticals - Shares rose after Goldman Sachs began coverage with a buy rating. G-III Apparel Group - Shares fell after the women's sportswear company said it could report a loss in the current quarter and forecast full-year results below expectations.Himax Technologies - Shares slid after Bank of America/Merrill Lynch downgraded the stock to underperform from buy.KBR - Shares fell after Goldman Sachs downgraded the engineering and construction firm to neutral from buy.(Read More: ) —By CNBC's Rich Fisherman. Questions? Comments? Email us at [email protected]

2021-10-30 14:12:40.094010

Bonds Regain Favor After Fannie & Freddie Takeover

https://www.cnbc.com/2008/09/09/bonds-regain-favor-after-fannie-freddie-takeover.html

2008-09-09T16:06:02+0000

CNBC

While the impact of the Fannie Mae-Freddie Mac bailout on stocks is less than certain, the rescue plan has created a new enthusiasm for bonds.

cnbc, Articles, Citigroup Inc, iShares Barclays Credit Bond Fund, General Electric Co, Goldman Sachs Group Inc, Hartford Financial Services Group Inc, Hatteras Financial Corp, Federal National Mortgage Association, Markets, source:tagname:CNBC US Source

<div class="group"><p>While the impact of the <strong>Fannie Mae</strong>-<strong>Freddie Mac</strong> bailout on stocks is less than certain, the rescue plan has created a new enthusiasm for bonds.</p></div>,<div class="group"><p>In particular, mortgage-backed securities have regained favor with investors after the government seized the two mortgage giants, effectively taking over their $5 trillion in debt and pledging $200 billion in capital to cover expected losses.</p><div style="height:100%" class="lazyload-placeholder"></div><p>At the same time, investors are also preparing to step up buying of corporate bonds as well as Treasurys after the government intervention assuaged uncertainty about the security of the debt instruments.</p><p>"I was a big buyer of (mortgage-backed) bonds until a couple months ago. I took a six- to nine-week vacation from buying just in case," says Dennis J. Barba, managing partner of the Oxford Group of Raymond James Associates in Cleveland. "With what just happened we'll start purchasing those bonds again for our clients. I think it's a little safer to go in the water than it was a few weeks ago."</p><p>Barba is not alone in his enthusiasm for mortgage debt.</p><p>The $4.5 trillion industry had what some analysts believed to be its biggest day Monday, the first trading day after the bailout announcement.</p><p>Banks made about $20 billion selling the holdings as risk premiums over Treasurys fell by 40 basis points. The trade surged in part after two of the nation's leading bond traders, Pimco's Bill Gross and The Vanguard Group's Kenneth Volpert, said on CNBC that they would be buyers.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>"Stick with the partner that brought you to the dance," Gross said. "Basically mortgage securities are attractive here because the Treasury announced that they were going to be buying them in the future. You want to buy them now and sell them back to the Treasury in the future at a higher price."</p><p><strong><em>Watch video at left for analysis from Gross and Volpert.</em></strong></p><p>But Barba advises caution in the trade and said he is buying mostly short maturities and not going into the long end of the market, on the belief that there's more trouble ahead for mortgages that will send risk premiums higher.</p><p>"What the Treasury announced doesn't end this mess," he says. "It just takes a little bit of the gray out of the equation."</p><p>Mortgage-backed debt can be purchased through brokerages and comes mostly from Fannie and Freddie.</p><p><strong>Corporate Bonds Also Attractive</strong></p></div>,<div class="group"><p>A newfound appetite for debt also is helping corporate bonds prosper.</p></div>,<div class="group"><p>The average corporate bond yield of nearly 6 percent is an attractive enticement for investors amid a wobbly stock market, and some money managers have been parking their assets there until the equity storm and the credit crunch blow over. The bailout news helped sweeten the pot.</p><p>"At this point we're still staying away from financial service corporate bonds, but we do like those of industrial companies and other industries that aren't really tied into the financial crisis at the moment," says Emily Sanders, president and CEO at Sanders Financial Management in Atlanta. </p><p>Barba also likes corporate debt, and said he has bought short-term notes for his clients in companies including Goldman Sachs, Merrill Lynch, Citigroup, CNBC.com owner General Electric and <strong>Hartford Financial Services</strong>Group.</p><p>One obstacle to investing in such debt, though, is you generally need pretty deep pockets. Most corporate debt is bought in increments of $5,000 or $10,000, and the cost can get much higher for mortgage securities. </p><p>The difficulty in making investments in smaller denominations comes in part because of the markup, or the price that a dealer charges compared to the actual price of the bond. High markups for corporate debt make the investment profitable only in considerable volume.</p><p>To make the trade, Sanders says smaller investors can buy exchange-traded funds that don't have all the cost, risks and restrictions of the various debt types but track their movements.</p><p>One such ETF is the iShares Lehman Credit Bond fund that reflects the U.S. investment-grade credit sector of the bond market as defined by the Lehman Brothers U.S. Credit index. Sanders Financial has purchased the ETF for its clients.</p><p>"Particularly for retail investors that are either on fixed incomes or fully retired or nearing retirement, corporate bonds can be a good way to bring in some steady interest income without taking on as much volatility in the equity markets," Sanders says. "There's a lot of solid companies that issue corporate debt."</p><p><strong>Benefits For Banks</strong></p><p>Financial institutions that had been taking a beating over their mortgage losses have been the primary beneficiaries of the Fannie-Freddie bailout, <a href="https://www.cnbc.com/2008/09/09/stocks-pare-gains-as-housing-stats-disappoint.html">although their shares were mostly lower in Tuesday trading after huge gains the day before.</a></p><p>Lenders have posted more than $500 billion in credit losses and writedowns during the credit crunch as foreclosures have hit record levels in some areas and property values have tumbled.</p><p>"Banks had been a little over $40 billion under water relative to their book costs for securities overall, and with (Monday's) move and the tightening in mortgages, we estimate that helps bring that to only about $20 billion under water," says Matthew Jozoff, head of mortgage strategy at JP Morgan.</p><p>Real estate investment trusts also have benefited as the veil of uncertainty was removed from the market. The handful of REITs that invest in Fannie and Freddie debt had "outperform" ratings reaffirmed by a KBW analyst after the bailout took hold.</p><p>"There has been a lot of demand on the sidelines, and this brings clarity to bring those buyers off the sidelines," says Michael Hough, chairman and CEO of Hatteras Financial .</p><p>Hatteras shattered quarterly earnings expectations and on Monday posted its highest single-day gain in nearly three months. </p><p><em>-- Reuters contributed to this report.</em></p></div>

While the impact of the Fannie Mae-Freddie Mac bailout on stocks is less than certain, the rescue plan has created a new enthusiasm for bonds.In particular, mortgage-backed securities have regained favor with investors after the government seized the two mortgage giants, effectively taking over their $5 trillion in debt and pledging $200 billion in capital to cover expected losses.At the same time, investors are also preparing to step up buying of corporate bonds as well as Treasurys after the government intervention assuaged uncertainty about the security of the debt instruments."I was a big buyer of (mortgage-backed) bonds until a couple months ago. I took a six- to nine-week vacation from buying just in case," says Dennis J. Barba, managing partner of the Oxford Group of Raymond James Associates in Cleveland. "With what just happened we'll start purchasing those bonds again for our clients. I think it's a little safer to go in the water than it was a few weeks ago."Barba is not alone in his enthusiasm for mortgage debt.The $4.5 trillion industry had what some analysts believed to be its biggest day Monday, the first trading day after the bailout announcement.Banks made about $20 billion selling the holdings as risk premiums over Treasurys fell by 40 basis points. The trade surged in part after two of the nation's leading bond traders, Pimco's Bill Gross and The Vanguard Group's Kenneth Volpert, said on CNBC that they would be buyers."Stick with the partner that brought you to the dance," Gross said. "Basically mortgage securities are attractive here because the Treasury announced that they were going to be buying them in the future. You want to buy them now and sell them back to the Treasury in the future at a higher price."Watch video at left for analysis from Gross and Volpert.But Barba advises caution in the trade and said he is buying mostly short maturities and not going into the long end of the market, on the belief that there's more trouble ahead for mortgages that will send risk premiums higher."What the Treasury announced doesn't end this mess," he says. "It just takes a little bit of the gray out of the equation."Mortgage-backed debt can be purchased through brokerages and comes mostly from Fannie and Freddie.Corporate Bonds Also AttractiveA newfound appetite for debt also is helping corporate bonds prosper.The average corporate bond yield of nearly 6 percent is an attractive enticement for investors amid a wobbly stock market, and some money managers have been parking their assets there until the equity storm and the credit crunch blow over. The bailout news helped sweeten the pot."At this point we're still staying away from financial service corporate bonds, but we do like those of industrial companies and other industries that aren't really tied into the financial crisis at the moment," says Emily Sanders, president and CEO at Sanders Financial Management in Atlanta. Barba also likes corporate debt, and said he has bought short-term notes for his clients in companies including Goldman Sachs, Merrill Lynch, Citigroup, CNBC.com owner General Electric and Hartford Financial ServicesGroup.One obstacle to investing in such debt, though, is you generally need pretty deep pockets. Most corporate debt is bought in increments of $5,000 or $10,000, and the cost can get much higher for mortgage securities. The difficulty in making investments in smaller denominations comes in part because of the markup, or the price that a dealer charges compared to the actual price of the bond. High markups for corporate debt make the investment profitable only in considerable volume.To make the trade, Sanders says smaller investors can buy exchange-traded funds that don't have all the cost, risks and restrictions of the various debt types but track their movements.One such ETF is the iShares Lehman Credit Bond fund that reflects the U.S. investment-grade credit sector of the bond market as defined by the Lehman Brothers U.S. Credit index. Sanders Financial has purchased the ETF for its clients."Particularly for retail investors that are either on fixed incomes or fully retired or nearing retirement, corporate bonds can be a good way to bring in some steady interest income without taking on as much volatility in the equity markets," Sanders says. "There's a lot of solid companies that issue corporate debt."Benefits For BanksFinancial institutions that had been taking a beating over their mortgage losses have been the primary beneficiaries of the Fannie-Freddie bailout, although their shares were mostly lower in Tuesday trading after huge gains the day before.Lenders have posted more than $500 billion in credit losses and writedowns during the credit crunch as foreclosures have hit record levels in some areas and property values have tumbled."Banks had been a little over $40 billion under water relative to their book costs for securities overall, and with (Monday's) move and the tightening in mortgages, we estimate that helps bring that to only about $20 billion under water," says Matthew Jozoff, head of mortgage strategy at JP Morgan.Real estate investment trusts also have benefited as the veil of uncertainty was removed from the market. The handful of REITs that invest in Fannie and Freddie debt had "outperform" ratings reaffirmed by a KBW analyst after the bailout took hold."There has been a lot of demand on the sidelines, and this brings clarity to bring those buyers off the sidelines," says Michael Hough, chairman and CEO of Hatteras Financial .Hatteras shattered quarterly earnings expectations and on Monday posted its highest single-day gain in nearly three months. -- Reuters contributed to this report.

2021-10-30 14:12:40.518308

Parents are sacrificing their own financial wellness to support their adult children, survey finds

https://www.cnbc.com/2021/05/05/parents-are-sacrificing-their-own-financial-wellness-to-support-their-adult-children.html

2021-05-05T12:00:01+0000

Michelle Fox

CNBC

Many American parents are financially supporting their adult children at the expense of their own financial wellness.Almost half, or 45%, of parents with adult offspring have given their children money during the coronavirus pandemic and of those 79% said the funds would have otherwise gone towards their own personal finances, a survey from CreditCards.com found.It wasn't just chump change, either. Those with an annual household income of less than $40,000 gave an average of $1,403, while those with a household income of $40,000 to $80,000 gave $2,170 on average. Parents who had an annual household income of more than $80,000 gave their kids an average $8,530."This is holding them back from paying off their own credit card debt," said Ted Rossman, senior industry analyst at CreditCards.com. "It is impacting their ability to save for the future."

cnbc, Articles, Coronavirus: Personal Finance, Coronavirus, COVID-19, Millennials, Generation Z, Parents, Personal loans, Investment strategy, Personal saving, Personal finance, Retirement planning, New York, Hauppauge Digital Inc, Special Reports, Savings, Personal Finance, Retirement, Debt, Credit Cards, Credit, Loans, Investing, Invest in You: Ready Set Grow, source:tagname:CNBC US Source

<div class="group"><p>Many American parents are financially supporting their adult children at the expense of their own financial wellness.</p><p>Almost half, or 45%, of parents with adult offspring have given their children money during the <a href="https://www.cnbc.com/coronavirus/">coronavirus pandemic</a> and of those 79% said the funds would have otherwise gone towards their own personal finances, a <a href="https://www.creditcards.com/credit-card-news/pay-adult-childrens-debt-poll/" target="_blank">survey from CreditCards.com</a> found.</p><div style="height:100%" class="lazyload-placeholder"></div><p>It wasn't just chump change, either. Those with an annual household income of less than $40,000 gave an average of $1,403, while those with a household income of $40,000 to $80,000 gave $2,170 on average. Parents who had an annual household income of more than $80,000 gave their kids an average $8,530.</p><p>"This is holding them back from paying off their own credit card debt," said Ted Rossman, senior industry analyst at CreditCards.com. "It is impacting their ability to save for the future."</p></div>,<div class="group"><p>In fact, parents who gave money that would have normally been used for their own finances said they would have otherwise used the money to pay down their own debt, for day-to-day expenses and to boost their emergency savings, as well as put <a href="https://www.cnbc.com/guide/retirement-planning/">money towards retirement.</a></p><p>Most of the money parents gave their children was used for food and housing, and also included a cell phone or wireless plan, a car, paying off debt and entertainment.</p></div>,<div class="group"><p>It's only natural that parents want to <a href="https://www.cnbc.com/2020/06/08/how-to-support-your-adult-children-without-breaking-your-nest-egg.html">help their children</a>, especially during a pandemic, said certified financial planner Lawrence Sprung, president of Hauppauge, New York-based Mitlin Financial. However, they should be careful about setting a precedent, especially with your younger adult kids.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We want to ultimately help our children to become self-sustaining members of society and not rely on mom and dad every time they make a misstep," Sprung said.</p><p><strong>More from Invest in You:</strong><br><a href="https://www.cnbc.com/2021/05/03/leon-cooperman-3-things-rich-people-shouldnt-do-and-1-they-should.html">Cooperman: 3 things wealthy people shouldn't do and 1 thing they should</a><br><a href="https://www.cnbc.com/2021/05/02/8-books-to-change-the-way-you-think-about-money-and-life.html">8 books that will change the way you think about money and life</a><br><a href="https://www.cnbc.com/2021/04/30/how-to-boost-credit-score-low-mortgage-rate.html">To get a low mortgage rate, your credit score matters. Here's how to boost it</a></p><p>He suggests having an agreement, particularly with older adult children, on how the help will be repaid. Also include some educational guidance so your children can prepare themselves for the future and avoid finding themselves in a similar position again, he said.</p><p>However, a loan may not always be the wisest idea, Rossman said. He suggests making it a gift, if you can afford it, to avoid <a href="https://www.cnbc.com/2019/09/26/lending-money-to-friends-or-family-is-a-recipe-for-disaster-study.html">damaging your relationship</a> in the future.</p><p>A <a href="https://www.bankrate.com/finance/credit-cards/lending-money-survey-2019/" target="_blank">2019 Bankrate survey</a> found that of the 60% of Americans who lent a loved one cash, 46% lost money and/or saw their relationship with the borrower harmed.</p></div>,<div class="group"><p>"It would be a sad outcome if your relationship was hurt over this," Rossman said.</p><p>Most important, make sure you don't hinder your ability to retire or reach your own goals, Sprung said.</p><p>"Financial wellness is something that needs to be planned for and monitored, ultimately your children need to learn this, too," he said.</p><p><strong>SIGN UP:</strong> <a href="https://www.cnbc.com/money101/">Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox</a>.</p><p><strong>CHECK OUT: </strong><a href="https://grow.acorns.com/net-worth-advice-from-parent-portfolios-jonathan-sanchez/" target="_blank">We paid off $250,000 in debt and grew our net worth to $800,000: Here's our best advice</a> via<strong> </strong><a href="https://grow.acorns.com/?gsi=55e11w" target="_blank">Grow with Acorns+CNBC</a> via<strong> </strong><a href="https://grow.acorns.com/?gsi=55e11w" target="_blank">Grow with Acorns+CNBC</a>.</p><p><em>Disclosure: NBCUniversal and Comcast Ventures are investors in </em><a href="https://www.acorns.com/?s1=cnbc_invest_in_you" target="_blank"><em>Acorns</em></a><em>.</em></p></div>

Many American parents are financially supporting their adult children at the expense of their own financial wellness.Almost half, or 45%, of parents with adult offspring have given their children money during the coronavirus pandemic and of those 79% said the funds would have otherwise gone towards their own personal finances, a survey from CreditCards.com found.It wasn't just chump change, either. Those with an annual household income of less than $40,000 gave an average of $1,403, while those with a household income of $40,000 to $80,000 gave $2,170 on average. Parents who had an annual household income of more than $80,000 gave their kids an average $8,530."This is holding them back from paying off their own credit card debt," said Ted Rossman, senior industry analyst at CreditCards.com. "It is impacting their ability to save for the future."In fact, parents who gave money that would have normally been used for their own finances said they would have otherwise used the money to pay down their own debt, for day-to-day expenses and to boost their emergency savings, as well as put money towards retirement.Most of the money parents gave their children was used for food and housing, and also included a cell phone or wireless plan, a car, paying off debt and entertainment.It's only natural that parents want to help their children, especially during a pandemic, said certified financial planner Lawrence Sprung, president of Hauppauge, New York-based Mitlin Financial. However, they should be careful about setting a precedent, especially with your younger adult kids."We want to ultimately help our children to become self-sustaining members of society and not rely on mom and dad every time they make a misstep," Sprung said.More from Invest in You:Cooperman: 3 things wealthy people shouldn't do and 1 thing they should8 books that will change the way you think about money and lifeTo get a low mortgage rate, your credit score matters. Here's how to boost itHe suggests having an agreement, particularly with older adult children, on how the help will be repaid. Also include some educational guidance so your children can prepare themselves for the future and avoid finding themselves in a similar position again, he said.However, a loan may not always be the wisest idea, Rossman said. He suggests making it a gift, if you can afford it, to avoid damaging your relationship in the future.A 2019 Bankrate survey found that of the 60% of Americans who lent a loved one cash, 46% lost money and/or saw their relationship with the borrower harmed."It would be a sad outcome if your relationship was hurt over this," Rossman said.Most important, make sure you don't hinder your ability to retire or reach your own goals, Sprung said."Financial wellness is something that needs to be planned for and monitored, ultimately your children need to learn this, too," he said.SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.CHECK OUT: We paid off $250,000 in debt and grew our net worth to $800,000: Here's our best advice via Grow with Acorns+CNBC via Grow with Acorns+CNBC.Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

2021-10-30 14:12:40.565553

Most important 2020 election misinformation threat is not coming from overseas: Facebook former security chief Alex Stamos

https://www.cnbc.com/2020/10/30/most-important-2020-election-misinformation-threat-not-from-overseas.html

2020-10-30T14:59:22+0000

Eric Rosenbaum

CNBC

As 2020 Election Day nears, technology companies like Facebook are doing a better job than they did in 2016 in fighting the social media misinformation campaigns of foreign adversaries like Russia and Iran, according to Alex Stamos. He should know — Stamos was a former security chief for the world's largest social media platform.But the cybersecurity expert, who now is director of the Stanford Internet Observatory, says the toughest misinformation threat technology companies face, and can't solve, is from within the U.S. — disinformation sowed by U.S. politicians, and one figure, in particular."What's changed in 2020 versus 2016 is the massive amount of cooperation between large and small technology platforms and the government. In 2016, it was really no one's job to think about how Russia or others might use online to cause chaos in the election," Stamos said at the CNBC Technology Executive Council virtual summit on Thursday."Now there is a dedicated group between the government and tech and massive takedowns of Russian assets and also Iran. A huge difference," he said.

cnbc, Articles, Joe Biden, Homeland Security, Internet, Cybersecurity, Social media, Elections, Technology, Meta Platforms Inc, Twitter Inc, Alphabet Class A, Donald Trump, Politics, Special Reports, 2020 Elections, Social Media, Technology: Trends, Technology: Companies, US Top News and Analysis, Technology Executive Council, source:tagname:CNBC US Source

<div class="group"><p>As <a href="https://www.cnbc.com/2020/10/30/election-2020-live-updates.html">2020 Election</a> Day nears, technology companies like <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> are doing a better job than they did in 2016 in fighting the social media misinformation campaigns of foreign adversaries like Russia and Iran, according to Alex Stamos. He should know — Stamos was a former security chief for the world's largest social media platform.</p><p>But the cybersecurity expert, who now is director of the Stanford Internet Observatory, says the toughest misinformation threat technology companies face, and can't solve, is from within the U.S. — disinformation sowed by U.S. politicians, and one figure, in particular.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"What's changed in 2020 versus 2016 is the massive amount of cooperation between large and small technology platforms and the government. In 2016, it was really no one's job to think about how Russia or others might use online to cause chaos in the election," Stamos said at the <a href="https://www.cnbc.com/tec/">CNBC Technology Executive Council</a> virtual summit on Thursday.</p><p>"Now there is a dedicated group between the government and tech and massive takedowns of Russian assets and also Iran. A huge difference," he said.</p></div>,<div class="group"><p>Stamos also pointed to efforts like the election integrity site <a href="http://eipartnership.net" target="_blank">EI Partnership</a>, with which he works. But making sure voters get the <a href="https://www.cnbc.com/2020-elections/">elections information</a> they need to make informed decisions is being made harder by the threat from within our own borders.</p><p>"The most important disinformation this cycle is coming from domestic sources, and that is huge problem for technology companies," Stamos said. "They are loathe to wade into democratic processes in the U.S."</p><p><strong>"</strong>It's wonderful tech companies have war rooms and counter disinformation efforts, but we also need to see leadership from the federal government, but we're seeing the federal government sowing misinformation, spreading misinformation, and it's very significant in terms of causing nervousness and lack of confidence in the voting process," said Alexis Wichowski, Deputy CTO for Innovation, New York City Mayor's Office of the CTO, who spoke on the CNBC TEC virtual summit with Stamos.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>The former Facebook security chief said the collaboration between tech platforms and units within the federal government, such as the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA), which didn't exist in 2016, as well as offensive operations from the military's Cyber Command, are working against the foreign disinformation.</p><p>"But at the same time, there is election disinformation out of the White House, out of the Twitter account of the president himself and then also from theses influencers around him trying to amplify election disinformation," Stamos said. "I'm not sure we have a good solution between now and Election Day."</p><p>He used an early claim of victory in the president election as an example of why censorship won't work.</p><p>Claims made online can be labeled or taken down, but if <a href="https://www.cnbc.com/donald-trump/">President Trump</a> goes to a White House podium and declares victory, it will be covered by every major news organization.</p><p>"There is only so much they can do if the president gets on a podium of the White House. ... that is newsworthy and will be run on TV and everywhere and they can't censor it."</p><p>This week, the top executives from the biggest tech companies including Facebook, <a href="//www.cnbc.com/quotes/TWTR" target="_blank">Twitter</a> and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a>, <a href="https://www.cnbc.com/2020/10/27/twitter-google-facebook-ceos-prepared-statements-defend-section-230.html">were grilled by Senate Republicans over claims of bias.</a></p><p>President Trump has railed against technology companies and <a href="https://www.cnbc.com/2020/05/28/trump-targets-social-media-with-executive-order-after-twitter-fact-checks-him.html">signed an executive order</a> last May targeting Twitter and others after the social media company fact-checked some of his tweeted claims, which he called "censorship."</p><p>The Senate hearing was focused on Section 230 of the Communications Decency Act, and threats to alter the Act as a response to social media company actions. Facebook and Twitter recently <a href="https://www.cnbc.com/2020/10/14/facebook-makes-editorial-decision-to-limit-nypost-biden-story.html">limited access to a New York Post story</a> claiming corrupt actions involving Democratic Party candidate Joe Biden and his son Hunter, which Twitter CEO Jack Dorsey later said <a href="https://www.cnbc.com/2020/10/16/twitter-ceo-jack-dorsey-says-blocking-post-story-was-wrong.html">was the wrong move.</a></p><p>"Section 230 is one of the most understood laws about the internet and cited by everyone as too important, and cause of lots of behavior. But the truth is the vast majority of stuff people don't like online is protected under the First Amendment," Stamos said.</p><p>What technology companies can do, Stamos said, is add context, like news organizations would, and he said that makes more sense than trying to block claims entirely.</p><p>In the end, Stamos said individuals need to make sure they are very careful about what they look at, and where they get information online, and rely on state and local election officials and authorities, of which there are roughly 8,000 in the U.S., and get information on voting directly from them.</p><p>They may even turn to non-traditional sources of information online, and given the situation, Wichowski said that is a reasonable option. "In the absence of leadership from the White House or confusing leadership messaging from all levels of government, people look to whomever they can trust," Wichowski said.</p><p>That can even include celebrities and social media influencers, she added, "if they don't trust elected officials. ... can't just rely on traditional sources of power."</p><p>The New York City technology officer said one thing citizens should not worry about is the processing of ballots. "From an election perspective, decentralization is a strength. It may take more time to process ballots, but we want to protect system integrity from outside actors and each region and district have a solid handle on their own slice of the pie, and decentralization is the way to go about it."<br><br>Stamos said after Election Day, one major issue a new Congress should take up is how to structure more federal support for local agencies to make sure disinformation is not promulgated by politicians.</p></div>

As 2020 Election Day nears, technology companies like Facebook are doing a better job than they did in 2016 in fighting the social media misinformation campaigns of foreign adversaries like Russia and Iran, according to Alex Stamos. He should know — Stamos was a former security chief for the world's largest social media platform.But the cybersecurity expert, who now is director of the Stanford Internet Observatory, says the toughest misinformation threat technology companies face, and can't solve, is from within the U.S. — disinformation sowed by U.S. politicians, and one figure, in particular."What's changed in 2020 versus 2016 is the massive amount of cooperation between large and small technology platforms and the government. In 2016, it was really no one's job to think about how Russia or others might use online to cause chaos in the election," Stamos said at the CNBC Technology Executive Council virtual summit on Thursday."Now there is a dedicated group between the government and tech and massive takedowns of Russian assets and also Iran. A huge difference," he said.Stamos also pointed to efforts like the election integrity site EI Partnership, with which he works. But making sure voters get the elections information they need to make informed decisions is being made harder by the threat from within our own borders."The most important disinformation this cycle is coming from domestic sources, and that is huge problem for technology companies," Stamos said. "They are loathe to wade into democratic processes in the U.S.""It's wonderful tech companies have war rooms and counter disinformation efforts, but we also need to see leadership from the federal government, but we're seeing the federal government sowing misinformation, spreading misinformation, and it's very significant in terms of causing nervousness and lack of confidence in the voting process," said Alexis Wichowski, Deputy CTO for Innovation, New York City Mayor's Office of the CTO, who spoke on the CNBC TEC virtual summit with Stamos.The former Facebook security chief said the collaboration between tech platforms and units within the federal government, such as the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA), which didn't exist in 2016, as well as offensive operations from the military's Cyber Command, are working against the foreign disinformation."But at the same time, there is election disinformation out of the White House, out of the Twitter account of the president himself and then also from theses influencers around him trying to amplify election disinformation," Stamos said. "I'm not sure we have a good solution between now and Election Day."He used an early claim of victory in the president election as an example of why censorship won't work.Claims made online can be labeled or taken down, but if President Trump goes to a White House podium and declares victory, it will be covered by every major news organization."There is only so much they can do if the president gets on a podium of the White House. ... that is newsworthy and will be run on TV and everywhere and they can't censor it."This week, the top executives from the biggest tech companies including Facebook, Twitter and Alphabet, were grilled by Senate Republicans over claims of bias.President Trump has railed against technology companies and signed an executive order last May targeting Twitter and others after the social media company fact-checked some of his tweeted claims, which he called "censorship."The Senate hearing was focused on Section 230 of the Communications Decency Act, and threats to alter the Act as a response to social media company actions. Facebook and Twitter recently limited access to a New York Post story claiming corrupt actions involving Democratic Party candidate Joe Biden and his son Hunter, which Twitter CEO Jack Dorsey later said was the wrong move."Section 230 is one of the most understood laws about the internet and cited by everyone as too important, and cause of lots of behavior. But the truth is the vast majority of stuff people don't like online is protected under the First Amendment," Stamos said.What technology companies can do, Stamos said, is add context, like news organizations would, and he said that makes more sense than trying to block claims entirely.In the end, Stamos said individuals need to make sure they are very careful about what they look at, and where they get information online, and rely on state and local election officials and authorities, of which there are roughly 8,000 in the U.S., and get information on voting directly from them.They may even turn to non-traditional sources of information online, and given the situation, Wichowski said that is a reasonable option. "In the absence of leadership from the White House or confusing leadership messaging from all levels of government, people look to whomever they can trust," Wichowski said.That can even include celebrities and social media influencers, she added, "if they don't trust elected officials. ... can't just rely on traditional sources of power."The New York City technology officer said one thing citizens should not worry about is the processing of ballots. "From an election perspective, decentralization is a strength. It may take more time to process ballots, but we want to protect system integrity from outside actors and each region and district have a solid handle on their own slice of the pie, and decentralization is the way to go about it."Stamos said after Election Day, one major issue a new Congress should take up is how to structure more federal support for local agencies to make sure disinformation is not promulgated by politicians.

2021-10-30 14:12:40.608150

Why one analyst thinks Netflix will rise another 67% in the next few years

https://www.cnbc.com/2017/05/25/why-one-analyst-thinks-netflix-will-rise-another-67-percent-in-the-next-few-years.html

2017-05-26T11:00:00+0000

Alex Rosenberg

CNBC

Soaring shares of are set to stream even higher, according to Rob Sanderson, a research analyst who covers the stock for MKM Partners.Ahead of Thursday's bell, Sanderson raised his 12-month price target on the then-$158 stock to $195. His bullish report appeared to put a bit more wind in Netflix's sails, as the tech giant rose a bit more than 3 percent in the session to close at $163. But if the analyst is right in his long-term call, the stock has even more substantial gains ahead than his current price target implies.To be sure, his target change did not rest on any massive reworking of expectations. Actually, the methodology that leads to his $195 price is almost pleasantly clinical.More from CNBC:Chart points to another 19% rally for Netflix, says top technicianAnalyst predicts a 50 percent crash for Netflix - but admits: 'It is likely that we will be wrong for a while'How one trader plans to make a 300% profit on NetflixSanderson continues to expects the stock to earn $12.12 per share in 2021, and to trade at a forward price target of 22.5 in 2020 — leading to an expectation that the stock will trade at $273 in two and a half years' time. He expects investors to "discount" this price by 25 percent for every year in the future it is (as a way to be compensated for the risk of Netflix not achieving those earnings and/or multiple).At the end of January, when Sanderson slapped his prior one-year price target on the stock, one year from then was about two years away from 2020 — so $273 was divided by 1 plus 25 percent, raised to the second power. Now, a year from now is about a year and a half from 2020, so $273 is divided by 1 plus 25 percent, raised to the 1.5st power. Hence the price target moves from $175 to $195.This simple arithmetic can cause one to forget the fact Sanderson is forecasting that Netflix's earnings will explode from about $0.50 in 2016 to more than $12 in five years' time. And to further forecast that even after the stock does so, investors will still be sufficiently optimistic about future profits to slap a high earnings multiple on the company.Sanderson said in an interview Thursday on CNBC's "Power Lunch" that the company has "more than ample opportunity to continue to scale up [its] content investment on a global basis," and that "the subscriber opportunity is sufficiently large."While some might be tempted to bet against such heady expectations, Dennis Davitt of Harvest Volatility Management uses the harshest language to warn against doing so."I've seen a lot of really good investors lose a great amount of money on stocks like Netflix, and that usually comes from when they short them," Davitt said Thursday on "Power Lunch." "It's a momentum stock."However, Davitt says it would be prudent for Netflix investors to buy a downside put on the stock, in order to maintain their upside while protecting themselves from the potential for great downside."I think Rob's right, personally," he said. "But if Rob's not right, it costs you 5 percent to own the 'insurance policy' on the stock."Netflix is up more than 30 percent year-to-date.

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

<div class="group"><p>Soaring shares of <!-- --> are set to stream even higher, according to Rob Sanderson, a research analyst who covers the stock for MKM Partners.</p><p>Ahead of Thursday's bell, Sanderson raised his 12-month price target on the then-$158 stock to $195. His bullish report appeared to put a bit more wind in Netflix's <g class="gr_ gr_40 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling" id="40" dataset="[object Object]">sails</g>, as the tech giant rose a bit more than 3 percent in the session to close at $163. But if the analyst is right in his long-term call, the stock has even more substantial gains ahead than his current price target implies.</p><div style="height:100%" class="lazyload-placeholder"></div><p>To be sure, his target change did not rest on any massive reworking of expectations. Actually, the methodology that leads to his $195 price is almost pleasantly clinical.</p><p>More from CNBC:</p><p><a href="https://www.cnbc.com/2017/04/26/chart-points-to-another-19-rally-for-netflix-says-top-technician.html">Chart points to another 19% rally for Netflix, says top technician</a></p><p><a href="https://www.cnbc.com/2017/01/20/analyst-predicts-a-50-percent-crash-for-netflix-but-admits-it-is-likely-that-we-will-be-wrong-for-a-while.html">Analyst predicts a 50 percent crash for Netflix - but admits: 'It is likely that we will be wrong for a while'</a></p><p><a href="https://www.cnbc.com/2016/08/19/how-one-trader-plans-to-make-a-300-profit-on-netflix.html">How one trader plans to make a 300% profit on Netflix</a></p><div style="height:100%" class="lazyload-placeholder"></div><p>Sanderson continues to <g class="gr_ gr_48 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace" id="48" dataset="[object Object]">expects</g> the stock to earn $12.12 per share in 2021, and to trade at a forward price target of 22.5 in 2020 — leading to an expectation that the stock will trade at $273 in two and a half years' time. He expects investors to "discount" this price by 25 percent for every year in the future it is (as a way to be compensated for the risk of Netflix not achieving those earnings and/or multiple).</p><p>At the end of January, when Sanderson slapped his prior one-year price target on the stock, one year from then was about two years away from 2020 — so $273 was divided by 1 plus 25 percent, raised to the second power. Now, a year from now is about a year and a half from 2020, so $273 is divided by 1 plus 25 percent, raised to the <g class="gr_ gr_45 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace" id="45" dataset="[object Object]">1.5st</g> power. Hence the price target moves from $175 to $195.</p><p>This simple arithmetic can cause one to forget the fact Sanderson is <a href="https://www.cnbc.com/2017/05/25/wall-street-is-underestimating-netflixs-future-earnings.html">forecasting that Netflix's earnings will explode</a> from about $0.50 in 2016 to more than $12 in five years' time. And to further forecast that even after the stock does so, investors will still be sufficiently optimistic about future profits to slap a high earnings multiple on the company.</p><p>Sanderson said in an interview Thursday on CNBC's "Power Lunch" that the company has "more than ample opportunity to continue to scale up [its] content investment on a global basis," and that "the subscriber opportunity is sufficiently large."</p><p>While some might be tempted to bet against such heady expectations, Dennis Davitt of Harvest Volatility Management uses the harshest language to warn against doing so.</p><p>"I've seen a lot of really good investors lose a great amount of money on stocks like Netflix, and that usually comes from when they short them," Davitt said Thursday on "Power Lunch." "It's a momentum stock."</p><p>However, Davitt says it would be prudent for Netflix investors to buy a downside put on the stock, in order to maintain their upside while protecting themselves from the potential for great downside.</p><p>"I think Rob's right, personally," he said. "But if Rob's not right, it costs you 5 percent to own the 'insurance policy' on the stock."</p><p>Netflix is up more than 30 percent year-to-date.</p></div>

Soaring shares of are set to stream even higher, according to Rob Sanderson, a research analyst who covers the stock for MKM Partners.Ahead of Thursday's bell, Sanderson raised his 12-month price target on the then-$158 stock to $195. His bullish report appeared to put a bit more wind in Netflix's sails, as the tech giant rose a bit more than 3 percent in the session to close at $163. But if the analyst is right in his long-term call, the stock has even more substantial gains ahead than his current price target implies.To be sure, his target change did not rest on any massive reworking of expectations. Actually, the methodology that leads to his $195 price is almost pleasantly clinical.More from CNBC:Chart points to another 19% rally for Netflix, says top technicianAnalyst predicts a 50 percent crash for Netflix - but admits: 'It is likely that we will be wrong for a while'How one trader plans to make a 300% profit on NetflixSanderson continues to expects the stock to earn $12.12 per share in 2021, and to trade at a forward price target of 22.5 in 2020 — leading to an expectation that the stock will trade at $273 in two and a half years' time. He expects investors to "discount" this price by 25 percent for every year in the future it is (as a way to be compensated for the risk of Netflix not achieving those earnings and/or multiple).At the end of January, when Sanderson slapped his prior one-year price target on the stock, one year from then was about two years away from 2020 — so $273 was divided by 1 plus 25 percent, raised to the second power. Now, a year from now is about a year and a half from 2020, so $273 is divided by 1 plus 25 percent, raised to the 1.5st power. Hence the price target moves from $175 to $195.This simple arithmetic can cause one to forget the fact Sanderson is forecasting that Netflix's earnings will explode from about $0.50 in 2016 to more than $12 in five years' time. And to further forecast that even after the stock does so, investors will still be sufficiently optimistic about future profits to slap a high earnings multiple on the company.Sanderson said in an interview Thursday on CNBC's "Power Lunch" that the company has "more than ample opportunity to continue to scale up [its] content investment on a global basis," and that "the subscriber opportunity is sufficiently large."While some might be tempted to bet against such heady expectations, Dennis Davitt of Harvest Volatility Management uses the harshest language to warn against doing so."I've seen a lot of really good investors lose a great amount of money on stocks like Netflix, and that usually comes from when they short them," Davitt said Thursday on "Power Lunch." "It's a momentum stock."However, Davitt says it would be prudent for Netflix investors to buy a downside put on the stock, in order to maintain their upside while protecting themselves from the potential for great downside."I think Rob's right, personally," he said. "But if Rob's not right, it costs you 5 percent to own the 'insurance policy' on the stock."Netflix is up more than 30 percent year-to-date.

2021-10-30 14:12:40.763936

22. SimpliVity

https://www.cnbc.com/2016/06/06/simplivity-2016-disruptor-50.html

2016-06-07T06:03:56-0400

CNBC

Founder: Doron Kempel Launched: 2009 Funding: $276 million Valuation: $1 billion Disrupting: IT infrastructure Rival: NutanixIt's always a vote of confidence when a big customer decides it believes so strongly in your company that it wants to become an investor as well. That's the position SimpliVity is in. The Westborough, Massachusetts-based company is a leader in what's known as hyperconverged infrastructure for IT. Read MoreFULL LIST: 2016 DISRUPTOR 50In this case, the customer was Waypoint Capital, who, after using SimpliVity's infrastructure solution at five of its global sites — and being impressed with the results — decided to lead a $175 million round of financing last year. This brings the total amount of funding for the company to $276 million. Other investors include Accel Partners, Charles River Ventures and Meritech.Basically, the company's technology brings the virtual aspects of infrastructure together with the physical, resulting in a single solution for the customer. Simply put, it makes an all-in-one hardware box that combines server, storage and networking into one device. It's not unique, but the company claims it is cheaper and easier to install than competitors.Nearly half of SimpliVity's customers — Major League Baseball, cement maker Humboldt Wedag and Swisscom, among them — come from outside the United States. The company, founded by CEO Doron Kempel, a former Israeli Special Forces operative who earned an MBA from Harvard, has 750 employees in 24 countries and claims it grew its customer base 2.5 times in the past year.

Articles, Technology, CNBC Disruptor 50, Disruptor 50 2016, Special Reports, Investing, source:tagname:CNBC US Source

2021-10-30 14:12:40.835990

The Brexit deal leaves the future uncertain for financial services — here’s what is at stake

https://www.cnbc.com/2021/01/05/brexit-deal-leaves-the-future-uncertain-for-uks-financial-services.html

2021-01-05T07:45:24+0000

Joumanna Bercetche

CNBC

Britain formally left the European Union's trade bloc on Dec. 31, marking a new era for the U.K.-EU relationship.  After months of wrangling, new rules for trade were finally agreed just days before the year-end deadline. But in a document spanning over 1,200 pages, there was very little mention of financial services: a sector which accounts for 7% of the U.K.'s economy and 10% of its tax receipts.  One particular issue that arises is the clearing of euro-denominated derivatives. The size of the European derivatives market topped 680 trillion euros ($834 trillion) in 2019, and the majority of European clearing activity takes place on London-based exchanges such as LCH.So far, the European Securities and Markets Authority has agreed to roll over current clearing arrangements for these derivatives until June 22, giving more time for EU-based institutions to decrease their reliance on the British-based clearers. It has previously said it wants euro-denominated derivative trading to only take place within the EU, or somewhere with "equivalent" regulations.

cnbc, Articles, Banks, Brexit, Financials, Europe News, Derivatives, Politics, source:tagname:CNBC Europe Source

<div class="group"><p>Britain formally left the European Union's trade bloc on Dec. 31, marking a new era for the U.K.-EU relationship.  </p><p>After months of wrangling, <a href="https://www.cnbc.com/2020/12/24/brexit-uk-eu-strike-historic-trade-deal.html">new rules for trade were finally agreed just days before the year-end deadline.</a> But in a document spanning over 1,200 pages, there was very little mention of financial services: a sector which accounts for 7% of the U.K.'s economy and 10% of its tax receipts.  </p><div style="height:100%" class="lazyload-placeholder"></div><p>One particular issue that arises is the clearing of euro-denominated derivatives. </p><p>The size of the European derivatives market topped 680 trillion euros ($834 trillion) in 2019, and the majority of European clearing activity takes place on London-based exchanges such as LCH.</p><p>So far, the European Securities and Markets Authority has agreed to roll over current clearing arrangements for these derivatives until June 22, giving more time for EU-based institutions to decrease their reliance on the British-based clearers. It has previously said it wants euro-denominated derivative trading to only take place within the EU, or somewhere with "equivalent" regulations.</p></div>,<div class="group"><p>The two sides have committed to releasing a memo of understanding within twelve weeks that will give further clarity on these equivalence rules. They are especially important for the financial industry as they enable U.K.-based companies to sell services into Europe, as long as the regulations don't diverge substantially from Brussels.   </p><p>Douglas Flint, chairman of Standard Life Aberdeen, told CNBC's Squawk Box that there does appear to be "a general recognition that financial stability is too important to risk by having a clumsy exit."</p><div style="height:100%" class="lazyload-placeholder"></div><p>"There has been a discussion of mutual recognition or equivalence for the last four and a half years, so it would take a fresh approach between the U.K.and EU to agree what is important and how the infrastructure can continue to operate," he said on Monday. </p><p>The current arrangement allows for the EU to withdraw equivalence rights for U.K. institutions with only 30 days' notice, a decision that the U.K. has no right to contest. </p><p>"Europe has always been very defensive against external providers, so when the U.K. counts as an external provider it will have to take what it's given," Simon Gleeson, partner at Clifford Chance, told CNBC. "The regulatory response therefore needs to be a cooperative response between national regulators."  </p><p>The approach so far has been piecemeal and on a temporary bilateral basis. For instance, Italy on Sunday announced that it is allowing U.K. financial companies to keep operating as they are in the country for another six months.  </p><p>Leaving it up to each individual regulator to make arrangements has also complicated the setup on the ground. Many U.K-based banks have moved personnel covering the Dutch, French, Spanish and German markets to the continent, while those covering Italian and Scandinavian markets have been able to remain in the U.K.  </p></div>,<div class="group"><p>The loss of "passporting" — or the ability to trade freely — post-Brexit also means that the days of financial advisors being able to fly in and out of Europe to operate have come to an end. This has prompted many senior staff to relocate to other European hubs such Frankfurt and Paris, the latter being attractive because of the prospect of lower income taxes. </p><p>In October, EY estimated that the total number of financial services jobs to have left the country since the Brexit referendum was just over 7,500, an estimate that falls short of the gloomy scenario of hundreds of thousands that was forecast by some think tanks in 2016.  </p><p>As for bank preparedness, NatWest Chairman Howard Davies told CNBC's Street Signs on Monday that while U.K.-focused banks were largely prepared for a "hard" Brexit by setting up subsidiaries on the continent, "what we can't prepare for is the uncertainty which persists." </p><p>"At the moment we don't know what the future arrangement or the regulation of cross border entities in Europe will be. So there is a limit to what financial institutions can do when there are still very significant moving parts here," he added. </p></div>,<div class="group"><p>Long term, industry players are still positive on London's fortunes as a global financial hub, with one hedge fund manager telling CNBC that he would still be willing to back the U.K. as "our business is largely immune to the changes and most aspects of the City are very reliant on talent, knowledge and relationships and for a lot of reasons this is embedded in the U.K." </p><p>Natwest's Davies echoes this view, saying London will remain the largest financial center in Europe for the foreseeable future, but the extent that it can "retain intra-EU business will depend on the new arrangements on regulatory cooperation and equivalence." </p><p>Former trade minister and Senior Advisor at Covington, Francis Maude, agreed. "London is not just a European financial center but a global center. I hope this will be dealt with in a pragmatic way with regulators operating in a non-political", he told CNBC last week, concluding that, "this is not the end of a story, it's the beginning of a different story." </p></div>

Britain formally left the European Union's trade bloc on Dec. 31, marking a new era for the U.K.-EU relationship.  After months of wrangling, new rules for trade were finally agreed just days before the year-end deadline. But in a document spanning over 1,200 pages, there was very little mention of financial services: a sector which accounts for 7% of the U.K.'s economy and 10% of its tax receipts.  One particular issue that arises is the clearing of euro-denominated derivatives. The size of the European derivatives market topped 680 trillion euros ($834 trillion) in 2019, and the majority of European clearing activity takes place on London-based exchanges such as LCH.So far, the European Securities and Markets Authority has agreed to roll over current clearing arrangements for these derivatives until June 22, giving more time for EU-based institutions to decrease their reliance on the British-based clearers. It has previously said it wants euro-denominated derivative trading to only take place within the EU, or somewhere with "equivalent" regulations.The two sides have committed to releasing a memo of understanding within twelve weeks that will give further clarity on these equivalence rules. They are especially important for the financial industry as they enable U.K.-based companies to sell services into Europe, as long as the regulations don't diverge substantially from Brussels.   Douglas Flint, chairman of Standard Life Aberdeen, told CNBC's Squawk Box that there does appear to be "a general recognition that financial stability is too important to risk by having a clumsy exit.""There has been a discussion of mutual recognition or equivalence for the last four and a half years, so it would take a fresh approach between the U.K.and EU to agree what is important and how the infrastructure can continue to operate," he said on Monday. The current arrangement allows for the EU to withdraw equivalence rights for U.K. institutions with only 30 days' notice, a decision that the U.K. has no right to contest. "Europe has always been very defensive against external providers, so when the U.K. counts as an external provider it will have to take what it's given," Simon Gleeson, partner at Clifford Chance, told CNBC. "The regulatory response therefore needs to be a cooperative response between national regulators."  The approach so far has been piecemeal and on a temporary bilateral basis. For instance, Italy on Sunday announced that it is allowing U.K. financial companies to keep operating as they are in the country for another six months.  Leaving it up to each individual regulator to make arrangements has also complicated the setup on the ground. Many U.K-based banks have moved personnel covering the Dutch, French, Spanish and German markets to the continent, while those covering Italian and Scandinavian markets have been able to remain in the U.K.  The loss of "passporting" — or the ability to trade freely — post-Brexit also means that the days of financial advisors being able to fly in and out of Europe to operate have come to an end. This has prompted many senior staff to relocate to other European hubs such Frankfurt and Paris, the latter being attractive because of the prospect of lower income taxes. In October, EY estimated that the total number of financial services jobs to have left the country since the Brexit referendum was just over 7,500, an estimate that falls short of the gloomy scenario of hundreds of thousands that was forecast by some think tanks in 2016.  As for bank preparedness, NatWest Chairman Howard Davies told CNBC's Street Signs on Monday that while U.K.-focused banks were largely prepared for a "hard" Brexit by setting up subsidiaries on the continent, "what we can't prepare for is the uncertainty which persists." "At the moment we don't know what the future arrangement or the regulation of cross border entities in Europe will be. So there is a limit to what financial institutions can do when there are still very significant moving parts here," he added. Long term, industry players are still positive on London's fortunes as a global financial hub, with one hedge fund manager telling CNBC that he would still be willing to back the U.K. as "our business is largely immune to the changes and most aspects of the City are very reliant on talent, knowledge and relationships and for a lot of reasons this is embedded in the U.K." Natwest's Davies echoes this view, saying London will remain the largest financial center in Europe for the foreseeable future, but the extent that it can "retain intra-EU business will depend on the new arrangements on regulatory cooperation and equivalence." Former trade minister and Senior Advisor at Covington, Francis Maude, agreed. "London is not just a European financial center but a global center. I hope this will be dealt with in a pragmatic way with regulators operating in a non-political", he told CNBC last week, concluding that, "this is not the end of a story, it's the beginning of a different story."

2021-10-30 14:12:40.879075

Women speak of pervasive harassment in DC lobbying culture

https://www.cnbc.com/2018/06/22/women-speak-of-pervasive-harassment-in-dc-lobbying-culture.html

2018-06-22T17:12:18+0000

CNBC

She wanted a job, but it seemed the hiring partner wanted more.Olivia, a young consultant, was searching for a job in Washington when a firm expressed interest.But she remembers that the man interviewing her for the job, a senior partner, quickly veered into different territory. He insisted on taking her out for meals, with dinners accompanied by several bottles of wine.More from The Hill:'Fox & Friends' host on detained children: 'These aren't our kids'Planned Parenthood sues over Trump's changes to teen pregnancy prevention programSlavery apologies are empty rhetoric, not a real way forward"Every time I wanted to talk about work, or the position, or the job, he'd grab my hand and tell me, 'I just want to tell you how beautiful you are,' " she said."I was contemplating it as an opportunity, as a viable opportunity. It's ridiculous that I would consider something that would subject me to sexual harassment for higher title and higher pay," she said.On K Street — the term for Washington's cadre of lobbyists, political operatives and people working in public relations — deals are often done over dinner or drinks, on business travel or retreats.Much like Capitol Hill, the influence industry remains dominated by men, creating an environment where women say they are often subject to harassment and worse. Unlike in other industries, however, few women have been willing to come forward to talk about it.The Hill began reaching out to women on K Street last year, asking whether they had similar stories to those surfacing as part of the "Me Too" movement.More than a dozen women spoke about instances of sexual harassment or assault they say they have faced while working in the influence industry.Everyone interviewed by The Hill asked to talk anonymously in order to speak freely about their experiences, fearing they will be blacklisted in Washington. Their names have been changed to protect them.The employers are not named, nor are the men who they allege acted inappropriately.In addition to being apprehensive of hurting their future career prospects, some of the women are also worried about retaliation from the men themselves."Everything in this town is predicated on relationships," said one woman who works in public relations (PR). "Why make waves? That could be the next person to hire you."Several of the women said working on K Street requires them to routinely deal with unwanted touching, inappropriate comments or text messages, and suggestive remarks about their bodies and appearances.All of them said they hoped sharing their experiences, however, would start a much-needed discussion about behavior by men in the influence industry and hopefully begin, as one woman described it, "a course correction."A lobbyist's job routinely involves travel around the country for fundraisers, advocacy and events. Women recounted experiences where, on occasion, alcohol-fueled socializing led to unwanted advances from colleagues, bosses and public officials."When they are away from their district or on the road, they think it's a free-for-all, and their manners or morality is gone. It's out the window," said Allison, a lobbyist in her early 30s who said she has been harassed or assaulted by almost a dozen men, including other lobbyists and public officials, mostly when outside of Washington.During one trip to a political conference, Allison recalled how she and about 10 others decided to hang out poolside after a dinner and people went up to their hotel rooms to change.As she was getting ready with a friend, there was a knock at the door; it was another lobbyist attending the trip. Thinking he was there to walk down to the pool as a group, she opened the door to find him wearing an open robe with nothing underneath."Let's go skinny dipping," Allison recounts him saying.When she recoiled, saying "What the f---?," the lobbyist laughed and said the whole thing was a joke."Harassment is sometimes about power," said Lisa Banks, a partner at Katz, Marshall & Banks who specializes in workplace harassment. "There's a power differential in Washington, and most of those people are men. It's certainly an environment that's ripe for this, but it's also a horrible scenario."Banks says her firm has recently seen an influx of complaints from women about experiences of harassment, but about half of the accusations have gone beyond the statute of limitations. Some women, she says, call to report things that happened decades ago.(Disclosure: Katz, Marshall & Banks recently represented a woman who accused D.C. celebrity chef Mike Isabella and other higher-ups in the restaurant group of harassment. This writer formerly worked at Kapnos, an Isabella-owned restaurant, but left before the suit began and was not involved.)Whether working in Washington or elsewhere, all the women who spoke with The Hill say that it is common for their colleagues to laugh off bad behavior, blaming it on alcohol or a "boys will be boys" attitude.Though some of the unsavory conduct described to The Hill occurred when alcohol was involved, other incidents did not.One month into a new trade association job, a board member invited Olivia to his hometown, a cross-country trip that was purportedly for work, where they were supposed to be setting the association's goals and strategizing for the next year. He asked her to pick out some things to do and shows to see while she was there.Once she arrived, the two began working in the hotel suite, and when it came time to go out for the evening, he asked to change in the bathroom.The executive, who was married, emerged from the bathroom shortly after that with his pants undone, according to Olivia."He didn't solicit anything, but the innuendo was there," she added.While she managed to fend off his advances, she said his inappropriate behavior continued even after she returned home. He eventually "got the hint," she says, though the two still had to work together."It was one of the more horrifying experiences, because you just don't know how to rectify it," she said. "I did tell colleagues and my immediate boss about it, and they laughed it off and said, 'That's how he is.' ""I feel fortunate that I had the confidence and the voice" to push back, Olivia added. "Not everyone has that luxury."When women are harassed by board members or elected officials — those not employed by their own organization — coming forward about abuse can be complicated.After two receptions one night, a trade association lobbyist named Leslie recalled heading to another event in a group. A board member sat next to her and, despite being surrounded by others, tried to get her to kiss him."He kept saying things like 'Why won't you just kiss me?' and 'Seriously, just kiss me right now,' " she said. "I climbed literally all the way over to the other side of the Uber. I was screaming 'I have a boyfriend! I have a boyfriend!' ""Not that [having a boyfriend] means anything," Leslie added.Employers are legally obligated to protect employees from abuse, regardless of whether the harasser is part of an organization, said Debra Katz, of Katz Marshall & Banks."If they become aware that a board member, an elected official or even a [client] has acted inappropriately or sexually harassed an employee, the employer has the obligation to take corrective measures," Katz said. The employee must also agree on whatever actions are taken by the employer.In the corporate world, employers are seeking out answers on how to deal with harassment and make sure policies around it are "state of the art," said Jason Schwartz, a lawyer specializing in employment law at Gibson Dunn."A lot of lobbying and PR shops may not have a sophisticated, built-out [human resources] HR operation. A lot of this is unfamiliar territory to them," he said. "People are struggling to figure out how to respond."Rather than relying on a HR or legal department, Schwartz said some employers have opted to have an anonymous reporting system or designate a rotating employee as a safe person to confide in. Punishments are also important, he says.Some of Schwartz's clients have implemented a clause that employees' bonuses could be taken away should a negative report be made against them."These kinds of concerns are being taken far more seriously now than they ever were," Schwartz said.But punishments become all the more complicated when it's the men in senior roles who are accused of misconduct, which makes reporting their behavior difficult.Some K Street offices, women say, have a hypermasculine culture that makes it hard to come forward.Human resources is there "to protect management, they're not here to protect the people who report to them," said Liz, who worked for a trade association at the time. Her sentiment was echoed by nearly every woman who spoke to The Hill."Anything you said to HR went immediately back to the manager, and you'd get called into the manager's office and get screamed at for going to HR."Several women told The Hill that they've worked at firms where the men leading it talk repeatedly and openly about the women in the office, commenting on their bodies and their clothing in ways that go beyond innocent compliments.During presentations led by a woman at a large trade group, the men in the room would allegedly send each other explicit and vulgar text messages, according to a woman shown those messages by one of the men.Male members of the association allegedly passed a list ranking how much they wanted to sleep with women from the Washington office. It was called the "f---ability factor" list.They would "love to come up and tell you if you've dropped off the list" or if you've been relegated to a lower ranking by, for example, getting married, Liz recalled.Three other women told The Hill that men, including high-ranking government officials and executives, would send them explicit text messages — occasionally with graphic photos — talking about their bodies and what it would be like to have sex with them.In a trade association's Washington office, a man would habitually engage in phone sex during work hours, according to another man in the office who witnessed it."Every afternoon, like clockwork, I would hear panting, heavy breathing," said Brandon, whose desk was near the executive's office. "There were these conversations that registered above a whisper. ... When I listened closer, they were phone sex conversations."A second person who worked in that office at the time described to The Hill similar conduct by this person. Allegedly, once a complaint had been filed, the man was made to reimburse the group for the cost of the calls.Margaret, a woman who then worked at a consulting firm, recalled that high-ranking executives would come to her office and talk about sexual conquests and whom they found attractive, sometimes giving unsolicited shoulder rubs.She called it "harassment creep," where actions start small and escalate into increasingly inappropriate behavior.One "would put his leg up on my desk and 'it' would be directly eye level with me," Margaret said. "They want to see your reaction, to see how far they can take it with you."Two women described a tactic utilized during greetings or staged photo ops with clients and association members — each pointing to elected officials as the worst offenders."Rather than putting a hand here [while posing for a photo]," said Margaret, grabbing her waist, "it'll be up here." She put her hand much higher, discreetly cupping the side of her breast.Another woman said one particular K Street executive would hug her in a similar way."I call it the side-boob hug," she said. "It is a pro trick. … I think they teach this when they get inaugurated. It has happened a bunch with elected officials. Or they find a way to grab your ass. It's amazing how often it happens."One of the biggest issues surrounding the debate over sexual harassment in every industry is that women have different interpretations of what crosses the line.In an occupation where the job description involves being nice in order to push a cause or raise money, one lobbyist named Jennifer said that men often get the wrong impression. She said that other lobbyists she knows have propositioned her for sex."I think it's terrible, but I feel less harassed and more like they are testing the waters because it must have worked for them before. As soon as I'm like, 'Uh, no,' they apologize," Jennifer said, adding, "That's happened quite often, actually."Legally, in most cases, unwanted comments or inappropriate touching must be continuous for an individual to file a lawsuit. The accusers must also show that the harmful environment was "severe and pervasive," Katz said.One woman who worked at trade associations before joining a large K Street firm says she faced retaliation after coming forward about being harassed by a fellow lobbyist.An outside lobbyist hired by the organization where she worked pushed her against the wall of an elevator and tried to kiss her. Although he pulled back when she told him to stop, he began to send her a stream of text messages talking about how he wanted to be with her and how he was unhappy in his marriage.The lobbyist was close with other men in her office, and after she complained, her boss began to schedule lobbying outings involving things she hated and wouldn't do: golf and cigar smoking."You don't have to terminate someone, but you can make their workplace a living hell," she said.

cnbc, Articles, Careers, Jobs, MeToo movement, Lobbying, US Senate, Congress, Politics, US: News, Employment, source:tagname:The Hill

<div class="group"><p>She wanted a job, but it seemed the hiring partner wanted more.</p><p>Olivia, a young consultant, was searching for a job in Washington when a firm expressed interest.</p><div style="height:100%" class="lazyload-placeholder"></div><p>But she remembers that the man interviewing her for the job, a senior partner, quickly veered into different territory. He insisted on taking her out for meals, with dinners accompanied by several bottles of wine.</p><p><strong>More from The Hill:</strong><br><a href="http://thehill.com/latino/393616-fox-friends-host-on-separated-children-these-arent-our-kids" target="_blank">'Fox &amp; Friends' host on detained children: 'These aren't our kids'<br></a><a href="http://thehill.com/regulation/healthcare/393639-planned-parenthood-sues-over-trumps-changes-to-teen-pregnancy" target="_blank">Planned Parenthood sues over Trump's changes to teen pregnancy prevention program<br></a><a href="http://thehill.com/opinion/civil-rights/393467-Slavery-apologies-are-empty-rhetoric-not-a-real-way-forward" target="_blank">Slavery apologies are empty rhetoric, not a real way forward</a></p><p><span>"Every time I wanted to talk about work, or the position, or the job, he'd grab my hand and tell me, 'I just want to tell you how beautiful you are,' " she said.</span></p><p>"I was contemplating it as an opportunity, as a viable opportunity. It's ridiculous that I would consider something that would subject me to sexual harassment for higher title and higher pay," she said.</p><p>On K Street — the term for Washington's cadre of lobbyists, political operatives and people working in public relations — deals are often done over dinner or drinks, on business travel or retreats.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Much like Capitol Hill, the influence industry remains dominated by men, creating an environment where women say they are often subject to harassment and worse. Unlike in other industries, however, few women have been willing to come forward to talk about it.</p><p>The Hill began reaching out to women on K Street last year, asking whether they had similar stories to those surfacing as part of the "Me Too" movement.</p><p>More than a dozen women spoke about instances of sexual harassment or assault they say they have faced while working in the influence industry.</p><p>Everyone interviewed by The Hill asked to talk anonymously in order to speak freely about their experiences, fearing they will be blacklisted in Washington. Their names have been changed to protect them.</p><p>The employers are not named, nor are the men who they allege acted inappropriately.</p><p>In addition to being apprehensive of hurting their future career prospects, some of the women are also worried about retaliation from the men themselves.</p><p>"Everything in this town is predicated on relationships," said one woman who works in public relations (PR). "Why make waves? That could be the next person to hire you."</p><p>Several of the women said working on K Street requires them to routinely deal with unwanted touching, inappropriate comments or text messages, and suggestive remarks about their bodies and appearances.</p><p>All of them said they hoped sharing their experiences, however, would start a much-needed discussion about behavior by men in the influence industry and hopefully begin, as one woman described it, "a course correction."</p><p>A lobbyist's job routinely involves travel around the country for fundraisers, advocacy and events. Women recounted experiences where, on occasion, alcohol-fueled socializing led to unwanted advances from colleagues, bosses and public officials.</p><p>"When they are away from their district or on the road, they think it's a free-for-all, and their manners or morality is gone. It's out the window," said Allison, a lobbyist in her early 30s who said she has been harassed or assaulted by almost a dozen men, including other lobbyists and public officials, mostly when outside of Washington.</p><p>During one trip to a political conference, Allison recalled how she and about 10 others decided to hang out poolside after a dinner and people went up to their hotel rooms to change.</p><p>As she was getting ready with a friend, there was a knock at the door; it was another lobbyist attending the trip. Thinking he was there to walk down to the pool as a group, she opened the door to find him wearing an open robe with nothing underneath.</p><p>"Let's go skinny dipping," Allison recounts him saying.</p><p>When she recoiled, saying "What the f---?," the lobbyist laughed and said the whole thing was a joke.</p><p>"Harassment is sometimes about power," said Lisa Banks, a partner at Katz, Marshall &amp; Banks who specializes in workplace harassment. "There's a power differential in Washington, and most of those people are men. It's certainly an environment that's ripe for this, but it's also a horrible scenario."</p><p>Banks says her firm has recently seen an influx of complaints from women about experiences of harassment, but about half of the accusations have gone beyond the statute of limitations. Some women, she says, call to report things that happened decades ago.</p><p>(Disclosure: Katz, Marshall &amp; Banks recently represented a woman who accused D.C. celebrity chef Mike Isabella and other higher-ups in the restaurant group of harassment. This writer formerly worked at Kapnos, an Isabella-owned restaurant, but left before the suit began and was not involved.)</p><p>Whether working in Washington or elsewhere, all the women who spoke with The Hill say that it is common for their colleagues to laugh off bad behavior, blaming it on alcohol or a "boys will be boys" attitude.</p><p>Though some of the unsavory conduct described to The Hill occurred when alcohol was involved, other incidents did not.</p><p>One month into a new trade association job, a board member invited Olivia to his hometown, a cross-country trip that was purportedly for work, where they were supposed to be setting the association's goals and strategizing for the next year. He asked her to pick out some things to do and shows to see while she was there.</p><p>Once she arrived, the two began working in the hotel suite, and when it came time to go out for the evening, he asked to change in the bathroom.</p><p>The executive, who was married, emerged from the bathroom shortly after that with his pants undone, according to Olivia.</p><p>"He didn't solicit anything, but the innuendo was there," she added.</p><p>While she managed to fend off his advances, she said his inappropriate behavior continued even after she returned home. He eventually "got the hint," she says, though the two still had to work together.</p><p>"It was one of the more horrifying experiences, because you just don't know how to rectify it," she said. "I did tell colleagues and my immediate boss about it, and they laughed it off and said, 'That's how he is.' "</p><p>"I feel fortunate that I had the confidence and the voice" to push back, Olivia added. "Not everyone has that luxury."</p><p>When women are harassed by board members or elected officials — those not employed by their own organization — coming forward about abuse can be complicated.</p><p>After two receptions one night, a trade association lobbyist named Leslie recalled heading to another event in a group. A board member sat next to her and, despite being surrounded by others, tried to get her to kiss him.</p><p>"He kept saying things like 'Why won't you just kiss me?' and 'Seriously, just kiss me right now,' " she said. "I climbed literally all the way over to the other side of the Uber. I was screaming 'I have a boyfriend! I have a boyfriend!' "</p><p>"Not that [having a boyfriend] means anything," Leslie added.</p><p>Employers are legally obligated to protect employees from abuse, regardless of whether the harasser is part of an organization, said Debra Katz, of Katz Marshall &amp; Banks.</p><p>"If they become aware that a board member, an elected official or even a [client] has acted inappropriately or sexually harassed an employee, the employer has the obligation to take corrective measures," Katz said. The employee must also agree on whatever actions are taken by the employer.</p><p>In the corporate world, employers are seeking out answers on how to deal with harassment and make sure policies around it are "state of the art," said Jason Schwartz, a lawyer specializing in employment law at Gibson Dunn.</p><p>"A lot of lobbying and PR shops may not have a sophisticated, built-out [human resources] HR operation. A lot of this is unfamiliar territory to them," he said. "People are struggling to figure out how to respond."</p><p>Rather than relying on a HR or legal department, Schwartz said some employers have opted to have an anonymous reporting system or designate a rotating employee as a safe person to confide in. Punishments are also important, he says.</p><p>Some of Schwartz's clients have implemented a clause that employees' bonuses could be taken away should a negative report be made against them.</p><p>"These kinds of concerns are being taken far more seriously now than they ever were," Schwartz said.</p><p>But punishments become all the more complicated when it's the men in senior roles who are accused of misconduct, which makes reporting their behavior difficult.</p><p>Some K Street offices, women say, have a hypermasculine culture that makes it hard to come forward.</p><p>Human resources is there "to protect management, they're not here to protect the people who report to them," said Liz, who worked for a trade association at the time. Her sentiment was echoed by nearly every woman who spoke to The Hill.</p><p>"Anything you said to HR went immediately back to the manager, and you'd get called into the manager's office and get screamed at for going to HR."</p><p>Several women told The Hill that they've worked at firms where the men leading it talk repeatedly and openly about the women in the office, commenting on their bodies and their clothing in ways that go beyond innocent compliments.</p><p>During presentations led by a woman at a large trade group, the men in the room would allegedly send each other explicit and vulgar text messages, according to a woman shown those messages by one of the men.</p><p>Male members of the association allegedly passed a list ranking how much they wanted to sleep with women from the Washington office. It was called the "f---ability factor" list.</p><p>They would "love to come up and tell you if you've dropped off the list" or if you've been relegated to a lower ranking by, for example, getting married, Liz recalled.</p><p>Three other women told The Hill that men, including high-ranking government officials and executives, would send them explicit text messages — occasionally with graphic photos — talking about their bodies and what it would be like to have sex with them.</p><p>In a trade association's Washington office, a man would habitually engage in phone sex during work hours, according to another man in the office who witnessed it.</p><p>"Every afternoon, like clockwork, I would hear panting, heavy breathing," said Brandon, whose desk was near the executive's office. "There were these conversations that registered above a whisper. ... When I listened closer, they were phone sex conversations."</p><p>A second person who worked in that office at the time described to The Hill similar conduct by this person. Allegedly, once a complaint had been filed, the man was made to reimburse the group for the cost of the calls.</p><p>Margaret, a woman who then worked at a consulting firm, recalled that high-ranking executives would come to her office and talk about sexual conquests and whom they found attractive, sometimes giving unsolicited shoulder rubs.</p><p>She called it "harassment creep," where actions start small and escalate into increasingly inappropriate behavior.</p><p>One "would put his leg up on my desk and 'it' would be directly eye level with me," Margaret said. "They want to see your reaction, to see how far they can take it with you."</p><p>Two women described a tactic utilized during greetings or staged photo ops with clients and association members — each pointing to elected officials as the worst offenders.</p><p>"Rather than putting a hand here [while posing for a photo]," said Margaret, grabbing her waist, "it'll be up here." She put her hand much higher, discreetly cupping the side of her breast.</p><p>Another woman said one particular K Street executive would hug her in a similar way.</p><p>"I call it the side-boob hug," she said. "It is a pro trick. … I think they teach this when they get inaugurated. It has happened a bunch with elected officials. Or they find a way to grab your ass. It's amazing how often it happens."</p><p>One of the biggest issues surrounding the debate over sexual harassment in every industry is that women have different interpretations of what crosses the line.</p><p>In an occupation where the job description involves being nice in order to push a cause or raise money, one lobbyist named Jennifer said that men often get the wrong impression. She said that other lobbyists she knows have propositioned her for sex.</p><p>"I think it's terrible, but I feel less harassed and more like they are testing the waters because it must have worked for them before. As soon as I'm like, 'Uh, no,' they apologize," Jennifer said, adding, "That's happened quite often, actually."</p><p>Legally, in most cases, unwanted comments or inappropriate touching must be continuous for an individual to file a lawsuit. The accusers must also show that the harmful environment was "severe and pervasive," Katz said.</p><p>One woman who worked at trade associations before joining a large K Street firm says she faced retaliation after coming forward about being harassed by a fellow lobbyist.</p><p>An outside lobbyist hired by the organization where she worked pushed her against the wall of an elevator and tried to kiss her. Although he pulled back when she told him to stop, he began to send her a stream of text messages talking about how he wanted to be with her and how he was unhappy in his marriage.</p><p>The lobbyist was close with other men in her office, and after she complained, her boss began to schedule lobbying outings involving things she hated and wouldn't do: golf and cigar smoking.</p><p>"You don't have to terminate someone, but you can make their workplace a living hell," she said.</p></div>

She wanted a job, but it seemed the hiring partner wanted more.Olivia, a young consultant, was searching for a job in Washington when a firm expressed interest.But she remembers that the man interviewing her for the job, a senior partner, quickly veered into different territory. He insisted on taking her out for meals, with dinners accompanied by several bottles of wine.More from The Hill:'Fox & Friends' host on detained children: 'These aren't our kids'Planned Parenthood sues over Trump's changes to teen pregnancy prevention programSlavery apologies are empty rhetoric, not a real way forward"Every time I wanted to talk about work, or the position, or the job, he'd grab my hand and tell me, 'I just want to tell you how beautiful you are,' " she said."I was contemplating it as an opportunity, as a viable opportunity. It's ridiculous that I would consider something that would subject me to sexual harassment for higher title and higher pay," she said.On K Street — the term for Washington's cadre of lobbyists, political operatives and people working in public relations — deals are often done over dinner or drinks, on business travel or retreats.Much like Capitol Hill, the influence industry remains dominated by men, creating an environment where women say they are often subject to harassment and worse. Unlike in other industries, however, few women have been willing to come forward to talk about it.The Hill began reaching out to women on K Street last year, asking whether they had similar stories to those surfacing as part of the "Me Too" movement.More than a dozen women spoke about instances of sexual harassment or assault they say they have faced while working in the influence industry.Everyone interviewed by The Hill asked to talk anonymously in order to speak freely about their experiences, fearing they will be blacklisted in Washington. Their names have been changed to protect them.The employers are not named, nor are the men who they allege acted inappropriately.In addition to being apprehensive of hurting their future career prospects, some of the women are also worried about retaliation from the men themselves."Everything in this town is predicated on relationships," said one woman who works in public relations (PR). "Why make waves? That could be the next person to hire you."Several of the women said working on K Street requires them to routinely deal with unwanted touching, inappropriate comments or text messages, and suggestive remarks about their bodies and appearances.All of them said they hoped sharing their experiences, however, would start a much-needed discussion about behavior by men in the influence industry and hopefully begin, as one woman described it, "a course correction."A lobbyist's job routinely involves travel around the country for fundraisers, advocacy and events. Women recounted experiences where, on occasion, alcohol-fueled socializing led to unwanted advances from colleagues, bosses and public officials."When they are away from their district or on the road, they think it's a free-for-all, and their manners or morality is gone. It's out the window," said Allison, a lobbyist in her early 30s who said she has been harassed or assaulted by almost a dozen men, including other lobbyists and public officials, mostly when outside of Washington.During one trip to a political conference, Allison recalled how she and about 10 others decided to hang out poolside after a dinner and people went up to their hotel rooms to change.As she was getting ready with a friend, there was a knock at the door; it was another lobbyist attending the trip. Thinking he was there to walk down to the pool as a group, she opened the door to find him wearing an open robe with nothing underneath."Let's go skinny dipping," Allison recounts him saying.When she recoiled, saying "What the f---?," the lobbyist laughed and said the whole thing was a joke."Harassment is sometimes about power," said Lisa Banks, a partner at Katz, Marshall & Banks who specializes in workplace harassment. "There's a power differential in Washington, and most of those people are men. It's certainly an environment that's ripe for this, but it's also a horrible scenario."Banks says her firm has recently seen an influx of complaints from women about experiences of harassment, but about half of the accusations have gone beyond the statute of limitations. Some women, she says, call to report things that happened decades ago.(Disclosure: Katz, Marshall & Banks recently represented a woman who accused D.C. celebrity chef Mike Isabella and other higher-ups in the restaurant group of harassment. This writer formerly worked at Kapnos, an Isabella-owned restaurant, but left before the suit began and was not involved.)Whether working in Washington or elsewhere, all the women who spoke with The Hill say that it is common for their colleagues to laugh off bad behavior, blaming it on alcohol or a "boys will be boys" attitude.Though some of the unsavory conduct described to The Hill occurred when alcohol was involved, other incidents did not.One month into a new trade association job, a board member invited Olivia to his hometown, a cross-country trip that was purportedly for work, where they were supposed to be setting the association's goals and strategizing for the next year. He asked her to pick out some things to do and shows to see while she was there.Once she arrived, the two began working in the hotel suite, and when it came time to go out for the evening, he asked to change in the bathroom.The executive, who was married, emerged from the bathroom shortly after that with his pants undone, according to Olivia."He didn't solicit anything, but the innuendo was there," she added.While she managed to fend off his advances, she said his inappropriate behavior continued even after she returned home. He eventually "got the hint," she says, though the two still had to work together."It was one of the more horrifying experiences, because you just don't know how to rectify it," she said. "I did tell colleagues and my immediate boss about it, and they laughed it off and said, 'That's how he is.' ""I feel fortunate that I had the confidence and the voice" to push back, Olivia added. "Not everyone has that luxury."When women are harassed by board members or elected officials — those not employed by their own organization — coming forward about abuse can be complicated.After two receptions one night, a trade association lobbyist named Leslie recalled heading to another event in a group. A board member sat next to her and, despite being surrounded by others, tried to get her to kiss him."He kept saying things like 'Why won't you just kiss me?' and 'Seriously, just kiss me right now,' " she said. "I climbed literally all the way over to the other side of the Uber. I was screaming 'I have a boyfriend! I have a boyfriend!' ""Not that [having a boyfriend] means anything," Leslie added.Employers are legally obligated to protect employees from abuse, regardless of whether the harasser is part of an organization, said Debra Katz, of Katz Marshall & Banks."If they become aware that a board member, an elected official or even a [client] has acted inappropriately or sexually harassed an employee, the employer has the obligation to take corrective measures," Katz said. The employee must also agree on whatever actions are taken by the employer.In the corporate world, employers are seeking out answers on how to deal with harassment and make sure policies around it are "state of the art," said Jason Schwartz, a lawyer specializing in employment law at Gibson Dunn."A lot of lobbying and PR shops may not have a sophisticated, built-out [human resources] HR operation. A lot of this is unfamiliar territory to them," he said. "People are struggling to figure out how to respond."Rather than relying on a HR or legal department, Schwartz said some employers have opted to have an anonymous reporting system or designate a rotating employee as a safe person to confide in. Punishments are also important, he says.Some of Schwartz's clients have implemented a clause that employees' bonuses could be taken away should a negative report be made against them."These kinds of concerns are being taken far more seriously now than they ever were," Schwartz said.But punishments become all the more complicated when it's the men in senior roles who are accused of misconduct, which makes reporting their behavior difficult.Some K Street offices, women say, have a hypermasculine culture that makes it hard to come forward.Human resources is there "to protect management, they're not here to protect the people who report to them," said Liz, who worked for a trade association at the time. Her sentiment was echoed by nearly every woman who spoke to The Hill."Anything you said to HR went immediately back to the manager, and you'd get called into the manager's office and get screamed at for going to HR."Several women told The Hill that they've worked at firms where the men leading it talk repeatedly and openly about the women in the office, commenting on their bodies and their clothing in ways that go beyond innocent compliments.During presentations led by a woman at a large trade group, the men in the room would allegedly send each other explicit and vulgar text messages, according to a woman shown those messages by one of the men.Male members of the association allegedly passed a list ranking how much they wanted to sleep with women from the Washington office. It was called the "f---ability factor" list.They would "love to come up and tell you if you've dropped off the list" or if you've been relegated to a lower ranking by, for example, getting married, Liz recalled.Three other women told The Hill that men, including high-ranking government officials and executives, would send them explicit text messages — occasionally with graphic photos — talking about their bodies and what it would be like to have sex with them.In a trade association's Washington office, a man would habitually engage in phone sex during work hours, according to another man in the office who witnessed it."Every afternoon, like clockwork, I would hear panting, heavy breathing," said Brandon, whose desk was near the executive's office. "There were these conversations that registered above a whisper. ... When I listened closer, they were phone sex conversations."A second person who worked in that office at the time described to The Hill similar conduct by this person. Allegedly, once a complaint had been filed, the man was made to reimburse the group for the cost of the calls.Margaret, a woman who then worked at a consulting firm, recalled that high-ranking executives would come to her office and talk about sexual conquests and whom they found attractive, sometimes giving unsolicited shoulder rubs.She called it "harassment creep," where actions start small and escalate into increasingly inappropriate behavior.One "would put his leg up on my desk and 'it' would be directly eye level with me," Margaret said. "They want to see your reaction, to see how far they can take it with you."Two women described a tactic utilized during greetings or staged photo ops with clients and association members — each pointing to elected officials as the worst offenders."Rather than putting a hand here [while posing for a photo]," said Margaret, grabbing her waist, "it'll be up here." She put her hand much higher, discreetly cupping the side of her breast.Another woman said one particular K Street executive would hug her in a similar way."I call it the side-boob hug," she said. "It is a pro trick. … I think they teach this when they get inaugurated. It has happened a bunch with elected officials. Or they find a way to grab your ass. It's amazing how often it happens."One of the biggest issues surrounding the debate over sexual harassment in every industry is that women have different interpretations of what crosses the line.In an occupation where the job description involves being nice in order to push a cause or raise money, one lobbyist named Jennifer said that men often get the wrong impression. She said that other lobbyists she knows have propositioned her for sex."I think it's terrible, but I feel less harassed and more like they are testing the waters because it must have worked for them before. As soon as I'm like, 'Uh, no,' they apologize," Jennifer said, adding, "That's happened quite often, actually."Legally, in most cases, unwanted comments or inappropriate touching must be continuous for an individual to file a lawsuit. The accusers must also show that the harmful environment was "severe and pervasive," Katz said.One woman who worked at trade associations before joining a large K Street firm says she faced retaliation after coming forward about being harassed by a fellow lobbyist.An outside lobbyist hired by the organization where she worked pushed her against the wall of an elevator and tried to kiss her. Although he pulled back when she told him to stop, he began to send her a stream of text messages talking about how he wanted to be with her and how he was unhappy in his marriage.The lobbyist was close with other men in her office, and after she complained, her boss began to schedule lobbying outings involving things she hated and wouldn't do: golf and cigar smoking."You don't have to terminate someone, but you can make their workplace a living hell," she said.

2021-10-30 14:12:40.989603

Trump sued by Democratic lawmakers over foreign state payments to his businesses

https://www.cnbc.com/2017/06/14/trump-sued-by-democratic-lawmakers-over-foreign-state-payments-to-his-businesses.html

2017-06-14T04:21:58+0000

CNBC

More than 190 Democratic lawmakers sued President Donald Trump in federal court on Wednesday, saying he had accepted funds from foreign governments through his businesses without congressional consent in violation of the U.S. Constitution. The complaint said Trump had not sought congressional approval for any of the payments his hundreds of businesses had received from foreign governments since he took office in January, even though the Constitution requires him to do so. The White House did not immediately respond to requests for comment but has said Trump's business interests do not violate the Constitution. The Trump Organization has said it will donate profits from customers representing foreign governments to the U.S. Treasury but will not require such customers to identify themselves. At least 30 U.S. senators and 166 representatives are plaintiffs in Wednesday's lawsuit, representing the largest number of legislators ever to sue a U.S. president, according to two lawmakers who are among the plaintiffs. The Constitution's "foreign emoluments" clause bars U.S. officeholders from accepting payments and various other gifts from foreign governments without congressional approval. "The president's failure to tell us about these emoluments, to disclose the payments and benefits that he is receiving, mean that we cannot do our job. We cannot consent to what we don't know," said Senator Richard Blumenthal, one of the lawmakers bringing the lawsuit, in a conference call on Tuesday. Representative John Conyers, another plaintiff, added: "President Trump has conflicts of interest in at least 25 countries, and it appears he's using his presidency to maximize his profits." The Justice Department declined to comment. Similar lawsuits have been filed in recent months by parties including a nonprofit ethics group, a restaurant trade group, and the attorneys general of Maryland and the District of Columbia. They allege that Trump's acceptance of payments from foreign and U.S. governments through his hospitality empire puts other hotel and restaurant owners at an unfair disadvantage and provides governments an incentive to give Trump-owned businesses special treatment. Rare to sue president In a motion to dismiss one such lawsuit on Friday, the Justice Department argued that the plaintiffs had not shown any specific harm to their businesses, and that Trump was only banned from receiving foreign government gifts if they arose from his service as president. On Monday, White House press secretary Sean Spicer said "partisan politics" was behind the lawsuit by the Maryland and District of Columbia officials. Lawmakers rarely sue the president, so there are few federal court decisions the legislators can cite to prove their legal standing to bring Wednesday's case, said Leah Litman, an assistant professor specializing in constitutional law at the University of California, Irvine. "But the constitutional provision they're suing to enforce gives them a role in how it's carried out, and that gives them a powerful standing argument," Litman said. The lawmakers in Wednesday's lawsuit will be represented in court by the Constitutional Accountability Center, a public interest law firm in Washington.Each lawmaker is paying a share of the legal fees from personal or campaign accounts.Follow CNBC International on Twitter and Facebook.

cnbc, Articles, Sean Spicer, United States, Laws, Russia, Asia News, Crime, White House, Congress, Washington DC, Donald Trump, Law, Law and Regulation, Politics, source:tagname:Reuters

<div class="group"><p>More than 190 Democratic lawmakers sued President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> in federal court on Wednesday, saying he had accepted funds from foreign governments through his businesses without congressional consent in violation of the U.S. Constitution.<br> <br> The complaint said Trump had not sought congressional approval for any of the payments his hundreds of businesses had received from foreign governments since he took office in January, even though the Constitution requires him to do so.<br> <br> The White House did not immediately respond to requests for comment but has said Trump's business interests do not violate the Constitution. The Trump Organization has said it will donate profits from customers representing foreign governments to the U.S. Treasury but will not require such customers to identify themselves.<br> <br> At least 30 U.S. senators and 166 representatives are plaintiffs in Wednesday's lawsuit, representing the largest number of legislators ever to sue a U.S. president, according to two lawmakers who are among the plaintiffs.<br> <br> The Constitution's "foreign emoluments" clause bars U.S. officeholders from accepting payments and various other gifts from foreign governments without congressional approval.<br> <br> "The president's failure to tell us about these emoluments, to disclose the payments and benefits that he is receiving, mean that we cannot do our job. We cannot consent to what we don't know," said Senator Richard Blumenthal, one of the lawmakers bringing the lawsuit, in a conference call on Tuesday.<br> <br> Representative John Conyers, another plaintiff, added: "President Trump has conflicts of interest in at least 25 countries, and it appears he's using his presidency to maximize his profits."<br> <br> The Justice Department declined to comment.<br> <br> Similar lawsuits have been filed in recent months by parties including a nonprofit ethics group, a restaurant trade group, and <a href="https://www.cnbc.com/2017/06/12/emoluments-clause-trump-sued-by-maryland-and-dc-attorneys-general.html">the attorneys general of Maryland and the District of Columbia</a>.<br> <br> They allege that Trump's acceptance of payments from foreign and U.S. governments through his hospitality empire puts other hotel and restaurant owners at an unfair disadvantage and provides governments an incentive to give Trump-owned businesses special treatment.<br> <br> <strong>Rare to sue president</strong><br> <br> In a motion to dismiss one such lawsuit on Friday, the Justice Department argued that the plaintiffs had not shown any specific harm to their businesses, and that Trump was only banned from receiving foreign government gifts if they arose from his service as president.<br> <br> On Monday, White House press secretary <a href="https://www.cnbc.com/sean-spicer/">Sean Spicer</a> said "partisan politics" was behind the lawsuit by the Maryland and District of Columbia officials.<br> <br> Lawmakers rarely sue the president, so there are few federal court decisions the legislators can cite to prove their legal standing to bring Wednesday's case, said Leah Litman, an assistant professor specializing in constitutional law at the University of California, Irvine.<br> <br> "But the constitutional provision they're suing to enforce gives them a role in how it's carried out, and that gives them a powerful standing argument," Litman said.<br> <br> The lawmakers in Wednesday's lawsuit will be represented in court by the Constitutional Accountability Center, a public interest law firm in Washington.</p><p>Each lawmaker is paying a share of the legal fees from personal or campaign accounts.</p><div style="height:100%" class="lazyload-placeholder"></div><p><em>Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>. </em></p></div>

More than 190 Democratic lawmakers sued President Donald Trump in federal court on Wednesday, saying he had accepted funds from foreign governments through his businesses without congressional consent in violation of the U.S. Constitution. The complaint said Trump had not sought congressional approval for any of the payments his hundreds of businesses had received from foreign governments since he took office in January, even though the Constitution requires him to do so. The White House did not immediately respond to requests for comment but has said Trump's business interests do not violate the Constitution. The Trump Organization has said it will donate profits from customers representing foreign governments to the U.S. Treasury but will not require such customers to identify themselves. At least 30 U.S. senators and 166 representatives are plaintiffs in Wednesday's lawsuit, representing the largest number of legislators ever to sue a U.S. president, according to two lawmakers who are among the plaintiffs. The Constitution's "foreign emoluments" clause bars U.S. officeholders from accepting payments and various other gifts from foreign governments without congressional approval. "The president's failure to tell us about these emoluments, to disclose the payments and benefits that he is receiving, mean that we cannot do our job. We cannot consent to what we don't know," said Senator Richard Blumenthal, one of the lawmakers bringing the lawsuit, in a conference call on Tuesday. Representative John Conyers, another plaintiff, added: "President Trump has conflicts of interest in at least 25 countries, and it appears he's using his presidency to maximize his profits." The Justice Department declined to comment. Similar lawsuits have been filed in recent months by parties including a nonprofit ethics group, a restaurant trade group, and the attorneys general of Maryland and the District of Columbia. They allege that Trump's acceptance of payments from foreign and U.S. governments through his hospitality empire puts other hotel and restaurant owners at an unfair disadvantage and provides governments an incentive to give Trump-owned businesses special treatment. Rare to sue president In a motion to dismiss one such lawsuit on Friday, the Justice Department argued that the plaintiffs had not shown any specific harm to their businesses, and that Trump was only banned from receiving foreign government gifts if they arose from his service as president. On Monday, White House press secretary Sean Spicer said "partisan politics" was behind the lawsuit by the Maryland and District of Columbia officials. Lawmakers rarely sue the president, so there are few federal court decisions the legislators can cite to prove their legal standing to bring Wednesday's case, said Leah Litman, an assistant professor specializing in constitutional law at the University of California, Irvine. "But the constitutional provision they're suing to enforce gives them a role in how it's carried out, and that gives them a powerful standing argument," Litman said. The lawmakers in Wednesday's lawsuit will be represented in court by the Constitutional Accountability Center, a public interest law firm in Washington.Each lawmaker is paying a share of the legal fees from personal or campaign accounts.Follow CNBC International on Twitter and Facebook.

2021-10-30 14:12:41.028783

Opening Calls for Europe's Major Indexes

https://www.cnbc.com/2008/12/17/opening-calls-for-europes-major-indexes.html

2008-12-17T07:29:56+0000

CNBC

More from CNBC.com

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

<div class="group"><p><strong><em>More from CNBC.com</em></strong></p><ul><li><strong>European Futures Rise after Fed Cut</strong></li><li><a href="https://www.cnbc.com/europe-news/">Latest European Business News</a></li></ul></div>

More from CNBC.comEuropean Futures Rise after Fed CutLatest European Business News

2021-10-30 14:12:41.396484

Cost Cuts Help Blockbuster First-Quarter Profit

https://www.cnbc.com/2008/05/15/cost-cuts-help-blockbuster-firstquarter-profit.html

2008-05-15T13:36:35+0000

CNBC

Blockbuster, the largest U.S. movie rental chain, posted a higher-than-expected quarterly profit as it cut costs by closing stores, reducing advertising and overhead expenses.Blockbuster's shares rose 33 cents, or nearly 11 percent, to $3.40 in premarket trading Thursday.Blockbuster, which has offered to buy Circuit City Stores for up to $1.3 billion, said sales at domestic stores open at least a year improved for the first time in five years due to a better line-up of new movies, improved in-store merchandising and more effective pricing.Net profit was $45.4 million, or 20 cents per share, for its fiscal first quarter that ended April 6, compared with a year-earlier loss of $49 million or 27 cents per share.Adjusted earnings from continuing operations were 21 cents in the quarter, beating the average Wall Street forecast of 16 cents, according to Reuters Estimates.While quarterly revenue missed expectations, Blockbuster managed to cut selling, general and administrative expenses by $100.5 million on reduced advertising and lower overheads.Blockbuster is repositioning itself to compete with new video distribution models provided by companies like Netflix and Apple.Chairman and Chief Executive Jim Keyes said in a statement that the company's Total Access program, which lets subscribers swap DVDs at Blockbuster stores for unlimited free rentals, was now profitable.Domestic same-store sales rose 2.9 percent, driven by a 19.7 percent rise in merchandise sales and a 0.4 increase in rental revenue, the company said.Overall quarterly revenue fell 5.4 percent to $1.39 billion as Blockbuster closed stores, compared to the average analyst forecast of $1.44 billion, according to Reuters Estimates.Blockbuster said its gross margin rose 1.5 percentage points to 53.2 percent in the quarter.After resisting requests for months, Circuit City last week finally said it would open its books to Blockbuster and its largest shareholder, billionaire investor Carl Icahn.But Blockbuster's bid continues to draw skepticism from some analysts who question the strategic fit of the two struggling companies just as Blockbuster is staging a turnaround.

cnbc, Articles, Apple Inc, Netflix Inc, Investing, Earnings, source:tagname:Reuters

<div class="group"><p><strong>Blockbuster</strong>, the largest U.S. movie rental chain, posted a higher-than-expected quarterly profit as it cut costs by closing stores, reducing advertising and overhead expenses.</p><p>Blockbuster's shares rose 33 cents, or nearly 11 percent, to $3.40 in premarket trading Thursday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Blockbuster, which has offered to buy Circuit City Stores for up to $1.3 billion, said sales at domestic stores open at least a year improved for the first time in five years due to a better line-up of new movies, improved in-store merchandising and more effective pricing.</p><p>Net profit was $45.4 million, or 20 cents per share, for its fiscal first quarter that ended April 6, compared with a year-earlier loss of $49 million or 27 cents per share.</p><p>Adjusted earnings from continuing operations were 21 cents in the quarter, beating the average Wall Street forecast of 16 cents, according to Reuters Estimates.</p><p>While quarterly revenue missed expectations, Blockbuster managed to cut selling, general and administrative expenses by $100.5 million on reduced advertising and lower overheads.</p><p>Blockbuster is repositioning itself to compete with new video distribution models provided by companies like Netflix and Apple.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Chairman and Chief Executive Jim Keyes said in a statement that the company's Total Access program, which lets subscribers swap DVDs at Blockbuster stores for unlimited free rentals, was now profitable.</p><p>Domestic same-store sales rose 2.9 percent, driven by a 19.7 percent rise in merchandise sales and a 0.4 increase in rental revenue, the company said.</p><p>Overall quarterly revenue fell 5.4 percent to $1.39 billion as Blockbuster closed stores, compared to the average analyst forecast of $1.44 billion, according to Reuters Estimates.</p><p>Blockbuster said its gross margin rose 1.5 percentage points to 53.2 percent in the quarter.</p><p>After resisting requests for months, Circuit City last week finally said it would open its books to Blockbuster and its largest shareholder, billionaire investor Carl Icahn.</p><p>But Blockbuster's bid continues to draw skepticism from some analysts who question the strategic fit of the two struggling companies just as Blockbuster is staging a turnaround.</p></div>

Blockbuster, the largest U.S. movie rental chain, posted a higher-than-expected quarterly profit as it cut costs by closing stores, reducing advertising and overhead expenses.Blockbuster's shares rose 33 cents, or nearly 11 percent, to $3.40 in premarket trading Thursday.Blockbuster, which has offered to buy Circuit City Stores for up to $1.3 billion, said sales at domestic stores open at least a year improved for the first time in five years due to a better line-up of new movies, improved in-store merchandising and more effective pricing.Net profit was $45.4 million, or 20 cents per share, for its fiscal first quarter that ended April 6, compared with a year-earlier loss of $49 million or 27 cents per share.Adjusted earnings from continuing operations were 21 cents in the quarter, beating the average Wall Street forecast of 16 cents, according to Reuters Estimates.While quarterly revenue missed expectations, Blockbuster managed to cut selling, general and administrative expenses by $100.5 million on reduced advertising and lower overheads.Blockbuster is repositioning itself to compete with new video distribution models provided by companies like Netflix and Apple.Chairman and Chief Executive Jim Keyes said in a statement that the company's Total Access program, which lets subscribers swap DVDs at Blockbuster stores for unlimited free rentals, was now profitable.Domestic same-store sales rose 2.9 percent, driven by a 19.7 percent rise in merchandise sales and a 0.4 increase in rental revenue, the company said.Overall quarterly revenue fell 5.4 percent to $1.39 billion as Blockbuster closed stores, compared to the average analyst forecast of $1.44 billion, according to Reuters Estimates.Blockbuster said its gross margin rose 1.5 percentage points to 53.2 percent in the quarter.After resisting requests for months, Circuit City last week finally said it would open its books to Blockbuster and its largest shareholder, billionaire investor Carl Icahn.But Blockbuster's bid continues to draw skepticism from some analysts who question the strategic fit of the two struggling companies just as Blockbuster is staging a turnaround.

2021-10-30 14:12:41.471716

BRIEF-Denison Mines offers private placement of flow-through shares

https://www.cnbc.com/2012/10/05/briefdenison-mines-offers-private-placement-of-flowthrough-shares.html

2012-10-05T04:20:00+0000

CNBC

Oct 5 (Reuters) - Denison Mines Corp :* Announces bought deal private placement of flow-through shares* Offer and sale of 4.14 million flow through shares of Denison on a private placement basis* Flow-through shares shall be offered at a price of $1.69 per share for aggregate gross proceeds of about $7.0 million* Proceeds will also be used to explore, advance the wheeler river project in the athabasca region of Saskatchewan* Says proceeds will be used to incur eligible Canadian exploration expenses for purposes of income tax act(Canada)((Bangalore Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))((For more news, please click here ))

cnbc, Articles, Denison Mines Corp, North America, Canada, Wires, source:tagname:Thomson Financial News

<div class="group"><p>Oct 5 (Reuters) - Denison Mines Corp :</p><p>* Announces bought deal private placement of flow-through shares</p><div style="height:100%" class="lazyload-placeholder"></div><p>* Offer and sale of 4.14 million flow through shares of Denison on a private</p><p> placement basis</p><p>* Flow-through shares shall be offered at a price of $1.69 per share for</p><p> aggregate gross proceeds of about $7.0 million</p><p>* Proceeds will also be used to explore, advance the wheeler river project in</p><div style="height:100%" class="lazyload-placeholder"></div><p> the athabasca region of Saskatchewan</p><p>* Says proceeds will be used to incur eligible Canadian exploration expenses</p><p> for purposes of income tax act(Canada)</p><p>((Bangalore Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))</p><p>((For more news, please click here ))</p></div>

Oct 5 (Reuters) - Denison Mines Corp :* Announces bought deal private placement of flow-through shares* Offer and sale of 4.14 million flow through shares of Denison on a private placement basis* Flow-through shares shall be offered at a price of $1.69 per share for aggregate gross proceeds of about $7.0 million* Proceeds will also be used to explore, advance the wheeler river project in the athabasca region of Saskatchewan* Says proceeds will be used to incur eligible Canadian exploration expenses for purposes of income tax act(Canada)((Bangalore Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))((For more news, please click here ))

2021-10-30 14:12:41.537348

Trump: If I lose, I'll have a 'nice long vacation'

https://www.cnbc.com/2016/08/11/trump-if-i-lose-ill-have-a-nice-long-vacation.html

2016-08-11T12:50:53+0000

Ivan Levingston

CNBC

Donald Trump made a rare allowance on CNBC on Thursday that he may lose the presidential election, but he said he will not back away from his uncensored style. "I'm a truth teller. All I do is tell the truth," Trump said on "Squawk Box" in a phone interview. "And if at the end of 90 days, I've fallen short ... it's OK. I go back to a very good way of life." Trump has previously questioned the integrity of the electoral system, which had some outsiders wondering if he was preparing an explanation for a potential loss. "I'm afraid the election's going to be rigged, I have to be honest," Trump recently told an Ohio crowd. However, in his comments Thursday he seemed to be preparing for a loss with a more conciliatory tone. "I think we're going to have victory, but we'll see," Trump said. "At the end its either going to work or I'm going to, you know, I'm going to have a very, very nice long vacation."

cnbc, Articles, Donald Trump, Elections, Politics, Squawk Box U.S., US: News, Republicans, source:tagname:CNBC US Source

<div class="group"><p> <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> made a rare allowance on CNBC on Thursday that he may lose the presidential election, but he said he will not back away from his uncensored style.</p><p> "I'm a truth teller. All I do is tell the truth," Trump said on "<a href="https://www.cnbc.com/squawk-box-us/">Squawk Box</a>" in a phone interview. "And if at the end of 90 days, I've fallen short ... it's OK. I go back to a very good way of life."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Trump has previously questioned the integrity of the electoral system, which had some outsiders wondering if he was preparing an explanation for a potential loss.</p><p> "I'm afraid the election's going to be rigged, I have to be honest," Trump <a href="http://www.cnbc.com/id/103834966">recently told</a> an Ohio crowd.<br></p><p> <span>However, in his comments Thursday he seemed to be preparing for a loss with a more conciliatory tone. </span></p><p> <span>"I think we're going to have victory, but we'll see," Trump said. </span><span>"</span>At the end its either going to work or I'm going to, you know, I'm going to have a very, very nice long vacation<span>."</span></p></div>

Donald Trump made a rare allowance on CNBC on Thursday that he may lose the presidential election, but he said he will not back away from his uncensored style. "I'm a truth teller. All I do is tell the truth," Trump said on "Squawk Box" in a phone interview. "And if at the end of 90 days, I've fallen short ... it's OK. I go back to a very good way of life." Trump has previously questioned the integrity of the electoral system, which had some outsiders wondering if he was preparing an explanation for a potential loss. "I'm afraid the election's going to be rigged, I have to be honest," Trump recently told an Ohio crowd. However, in his comments Thursday he seemed to be preparing for a loss with a more conciliatory tone. "I think we're going to have victory, but we'll see," Trump said. "At the end its either going to work or I'm going to, you know, I'm going to have a very, very nice long vacation."

2021-10-30 14:12:41.679727

Trump policies to boost S&P 500 by 15% to 2,500 in 2018, Deutsche Bank says

https://www.cnbc.com/2016/11/21/trumps-policies-to-boost-sp-500-15-percent-by-2018-deutsche-bank-says.html

2016-11-21T16:59:28+0000

Tae Kim

CNBC

Deutsche Bank strategist David Bianco told investors the market will rally over the next two years on optimism about President-elect Donald Trump's economic agenda. "We think the market is under appreciating the likely big boost to S&P EPS from a lower corporate tax rate and the boost to bank profits from rising yields (and lower pension expense) and the much higher chance now of a long-lasting economic expansion that rivals the 10-year U.S. record," Bianco wrote in a note to clients Friday. "We're more confident now that the S&P will reach 2,500 in 2018 before suffering its next bear market."

cnbc, Premium, Articles, Donald Trump, Stock markets, S&P 500 Index, Investment strategy, Trumponomics, Utilities, stocks, Investing, Pro Analysis and Pro Uncut , PRO Home, CNBC Pro, source:tagname:CNBC US Source

<div class="group"><p>Deutsche Bank strategist David Bianco told investors the market will rally over the next two years on optimism about President-elect <a href="https://www.cnbc.com/donald-trump/">Donald Trump's</a> economic agenda.<br></p><p> "We think the market is under appreciating the likely big boost to S&amp;P EPS from a lower corporate tax rate and the boost to bank profits from rising yields (and lower pension expense) and the much higher chance now of a long-lasting economic expansion that rivals the 10-year U.S. record," Bianco wrote in a note to clients Friday.</p><p> "We're more confident now that the S&amp;P will reach 2,500 in 2018 before suffering its next bear market."</p><div class="inline-piano-offer"></div><br><br><br></div>

Deutsche Bank strategist David Bianco told investors the market will rally over the next two years on optimism about President-elect Donald Trump's economic agenda. "We think the market is under appreciating the likely big boost to S&P EPS from a lower corporate tax rate and the boost to bank profits from rising yields (and lower pension expense) and the much higher chance now of a long-lasting economic expansion that rivals the 10-year U.S. record," Bianco wrote in a note to clients Friday. "We're more confident now that the S&P will reach 2,500 in 2018 before suffering its next bear market."

2021-10-30 14:12:41.739215

Oil slides more than 3% as virus cases mount

https://www.cnbc.com/2020/09/29/oil-markets-coronavirus.html

2020-09-29T02:52:01+0000

CNBC

Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday.The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA) on Wednesday.Analysts polled by Reuters forecast U.S. crude inventories increased 1.6 million barrels last week.On its second to last day as the front-month, Brent futures for November delivery fell $1.60, or 3.8%, to $40.83 a barrel, while the more active Brent contract for December fell 3.6% to $41.33.West Texas Intermediate crude fell $1.31, or 3.2%, to settle at $39.29 per barrel.More than a million people worldwide have died from COVID-19, according to a Reuters tally, a bleak milestone in a pandemic that has devastated the global economy and demand for fuel.New York City will impose fines on people who refuse to wear a face covering as the rate of positive coronavirus tests climbed above 3% for the first time in months, Mayor Bill de Blasio said on Tuesday."The evolving COVID landscape is a massive downside risk for crude prices," said Craig Erlam, senior analyst at OANDA.The heads of the world's largest trading houses predicted tepid oil demand recovery and flat prices in the coming months and possibly even years.Clashes between Armenia and Azerbaijan over the Nagorno-Karabakh region have also kept markets on edge. If the conflict escalates, it could affect oil and gas exports from Azerbaijan.In Libya, meanwhile, the Sarir oilfield has restarted production, the head of the company that operates it said on Tuesday, after eastern forces lifted an eight-month blockade on energy facilities.

cnbc, Articles, Coronavirus, COVID-19, Nancy Pelosi, ICE Brent Crude (Jan'22), Economy, Markets, WTI Crude (Dec'21), United States Oil Fund, LP, United States Brent Oil Fund, LP, Energy Select Sector SPDR Fund, Commodity markets, Oil and Gas, Energy, U.S. dollar, Brent Crude Oil (Jun'18), Energy Commodities, Oil, Futures & Commodities, Supply and Demand, U.S. Dollar, source:tagname:Reuters

<div class="group"><p>Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.</p><p>Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA) on Wednesday.</p><p>Analysts polled by Reuters forecast U.S. crude inventories increased 1.6 million barrels last week.</p><p>On its second to last day as the front-month, <a href="https://www.cnbc.com/quotes/@LCO.1">Brent futures</a> for November delivery fell $1.60, or 3.8%, to $40.83 a barrel, while the more active Brent contract for December fell 3.6% to $41.33.</p><p><a href="https://www.cnbc.com/quotes/@CL.1">West Texas Intermediate crude</a> fell $1.31, or 3.2%, to settle at $39.29 per barrel.</p><p>More than a million people worldwide have died from COVID-19, according to a Reuters tally, a bleak milestone in a pandemic that has devastated the global economy and demand for fuel.</p><div style="height:100%" class="lazyload-placeholder"></div><p>New York City will impose fines on people who refuse to wear a face covering as the rate of positive coronavirus tests climbed above 3% for the first time in months, Mayor Bill de Blasio said on Tuesday.</p><p>"The evolving COVID landscape is a massive downside risk for crude prices," said Craig Erlam, senior analyst at OANDA.</p><p>The heads of the world's largest trading houses predicted tepid oil demand recovery and flat prices in the coming months and possibly even years.</p><p>Clashes between Armenia and Azerbaijan over the Nagorno-Karabakh region have also kept markets on edge. If the conflict escalates, it could affect oil and gas exports from Azerbaijan.</p><p>In Libya, meanwhile, the Sarir oilfield has restarted production, the head of the company that operates it said on Tuesday, after eastern forces lifted an eight-month blockade on energy facilities.</p></div>

Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday.The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA) on Wednesday.Analysts polled by Reuters forecast U.S. crude inventories increased 1.6 million barrels last week.On its second to last day as the front-month, Brent futures for November delivery fell $1.60, or 3.8%, to $40.83 a barrel, while the more active Brent contract for December fell 3.6% to $41.33.West Texas Intermediate crude fell $1.31, or 3.2%, to settle at $39.29 per barrel.More than a million people worldwide have died from COVID-19, according to a Reuters tally, a bleak milestone in a pandemic that has devastated the global economy and demand for fuel.New York City will impose fines on people who refuse to wear a face covering as the rate of positive coronavirus tests climbed above 3% for the first time in months, Mayor Bill de Blasio said on Tuesday."The evolving COVID landscape is a massive downside risk for crude prices," said Craig Erlam, senior analyst at OANDA.The heads of the world's largest trading houses predicted tepid oil demand recovery and flat prices in the coming months and possibly even years.Clashes between Armenia and Azerbaijan over the Nagorno-Karabakh region have also kept markets on edge. If the conflict escalates, it could affect oil and gas exports from Azerbaijan.In Libya, meanwhile, the Sarir oilfield has restarted production, the head of the company that operates it said on Tuesday, after eastern forces lifted an eight-month blockade on energy facilities.

2021-10-30 14:12:41.820169

As Trump readies for inauguration, environmental, climate organizations express concern

https://www.cnbc.com/2017/01/20/as-trump-readies-for-inauguration-environmental-climate-organizations-express-concern.html

2017-01-20T12:27:44+0000

Anmar Frangoul

CNBC

Later on today, Donald Trump will become the 45th President of the United States. With his inauguration now just hours away, CNBC's Sustainable Energy is taking a look at how environmental and climate organizations are assessing his potential impact on the planet.

cnbc, Articles, Environment, Alternative and sustainable energy, Energy, Renewable Energy, Green, Economic Development, Business News, Sustainable Energy , source:tagname:CNBC Europe Source

<div class="group"><p>Later on today, Donald Trump will become the 45th President of the United States. <br></p><p> With his inauguration now just hours away, CNBC's Sustainable Energy is taking a look at how environmental and climate organizations are assessing his potential impact on the planet. </p><br><br></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Trump's previous statements on the environment and climate change – many of them via Twitter – have not sat well with many. <br></p><p> To give just one example, in 2012 he famously described the concept of global warming as having been "created by and for the Chinese in order to make U.S. manufacturing non-competitive." </p><p> Trump has also threatened to pull the U.S. out of the historic Paris Agreement, reached at the COP21 summit in Paris back in 2015, although he told the New York Times in November that he was "going to take a look at it." </p><p> For Ottmar Edenhofer, chief economist at the Potsdam Institute for Climate Impact Research, there could well be issues ahead. </p><p> "Trump will have substantial potential to cause trouble on climate policy," Edenhofer said in a statement released on Thursday, before going on to state that Trump could attempt to "drive the export of coal." </p><div style="height:100%" class="lazyload-placeholder"></div><p> "The economic policy of the new president could also lead to rising interest rates, which would compromise the competitiveness of renewable energies," he added. </p><p> The profitability of climate-friendly technologies was primarily determined by investment costs, which are dependent on the interest rate, Edenhofer added. </p></div>,<div class="group"><p>The actions Trump takes in office with regards to the environment will impact people living both in the United States and the rest of the world. <br></p><p> On Friday, the chief executive of Friends of the Earth in England, Wales and Northern Ireland, was forthright in his opinion. </p><p> "The battle to prevent the world spinning towards catastrophic climate change is going to be a tough challenge – and, with a cheer-leader for the fossil fuel industry sitting in the Whitehouse, it's going to be tougher still," Craig Bennett said in a statement. </p><p> "Donald Trump won't 'make America great again' if he ditches action on climate change and boosts his nation's addiction to dirty gas, coal and oil," Bennett added. </p></div>

Later on today, Donald Trump will become the 45th President of the United States. With his inauguration now just hours away, CNBC's Sustainable Energy is taking a look at how environmental and climate organizations are assessing his potential impact on the planet. Trump's previous statements on the environment and climate change – many of them via Twitter – have not sat well with many. To give just one example, in 2012 he famously described the concept of global warming as having been "created by and for the Chinese in order to make U.S. manufacturing non-competitive." Trump has also threatened to pull the U.S. out of the historic Paris Agreement, reached at the COP21 summit in Paris back in 2015, although he told the New York Times in November that he was "going to take a look at it." For Ottmar Edenhofer, chief economist at the Potsdam Institute for Climate Impact Research, there could well be issues ahead. "Trump will have substantial potential to cause trouble on climate policy," Edenhofer said in a statement released on Thursday, before going on to state that Trump could attempt to "drive the export of coal." "The economic policy of the new president could also lead to rising interest rates, which would compromise the competitiveness of renewable energies," he added. The profitability of climate-friendly technologies was primarily determined by investment costs, which are dependent on the interest rate, Edenhofer added. The actions Trump takes in office with regards to the environment will impact people living both in the United States and the rest of the world. On Friday, the chief executive of Friends of the Earth in England, Wales and Northern Ireland, was forthright in his opinion. "The battle to prevent the world spinning towards catastrophic climate change is going to be a tough challenge – and, with a cheer-leader for the fossil fuel industry sitting in the Whitehouse, it's going to be tougher still," Craig Bennett said in a statement. "Donald Trump won't 'make America great again' if he ditches action on climate change and boosts his nation's addiction to dirty gas, coal and oil," Bennett added.

2021-10-30 14:12:41.969707

Expert Advice: More Danger Likely in Financials

https://www.cnbc.com/2007/11/19/expert-advice-more-danger-likely-in-financials.html

2007-11-19T13:33:13+0000

CNBC

Investors should stay away from financial stocks and be cautious about commodity and material investments as well, according to one money manager."This credit unwinding has a lot further to go," Jack De Gan, chief investment officer of Boston-based Harbor Advisory told CNBC.  He recalled Goldman CEO Lloyd Blankfein's observation that the low point in financial securities won't be reached with the markdowns, but with the liquidations, which he thinks are still to come.    He made an exception for Berkshire Hathaway , his firm's largest holding, which is 25 percent higher than it was in August, when news of the credit crunch started to break.    De Gan is also reluctant to venture into larger industrials.  "If credit does contract the way we think it will, the financials will have to contract their balance sheets, and that will slow the general economy," he said.

cnbc, Articles, Clorox Co, Business News, Finance, Banks, Financials, source:tagname:CNBC US Source

<div class="group"><p>Investors should stay away from financial stocks and be cautious about commodity and material investments as well, according to one money manager.</p><p>"This credit unwinding has a lot further to go," Jack De Gan, chief investment officer of Boston-based Harbor Advisory told CNBC.  He recalled <a href="https://www.cnbc.com/2007/11/19/citigroup-gets-sell-rating-may-face-15-billion-hit.html">Goldman CEO Lloyd Blankfein's observation </a>that the low point in financial securities won't be reached with the markdowns, but with the liquidations, which he thinks are still to come.    </p><div style="height:100%" class="lazyload-placeholder"></div><p>He made an exception for Berkshire Hathaway , his firm's largest holding, which is 25 percent higher than it was in August, when news of the credit crunch started to break.    </p><p>De Gan is also reluctant to venture into larger industrials.  "If credit does contract the way we think it will, the financials will have to contract their balance sheets, and that will slow the general economy," he said.    </p></div>,<div class="group"><p>So where's an investor to go?   </p><p>"I'd want to buy the technology stocks which are smaller, more 'nichey,' focused in an area where they can take market share and grow, even if the overall market is stagnant," De Gan said.    </p><p>He suggested that investors who bought consumer products stocks like Clorox several months ago stay with those stocks, even though they have become quite pricey.    </p><div style="height:100%" class="lazyload-placeholder"></div><p>"They're a safe haven," he said.  "There are going to be very good buying opportunities, for instance in the financials, in the next six to 12 months, so I think the consumer staples are a safe place to hide.  They are not credit sensitive.  Their business is very durable.  You can stay there and watch for other opportunities."</p><p>He also cautioned against going into basic material or commodity investments, noting that they are showing signs of overinvestment similar to the housing and technology bubbles of years past.</p></div>

Investors should stay away from financial stocks and be cautious about commodity and material investments as well, according to one money manager."This credit unwinding has a lot further to go," Jack De Gan, chief investment officer of Boston-based Harbor Advisory told CNBC.  He recalled Goldman CEO Lloyd Blankfein's observation that the low point in financial securities won't be reached with the markdowns, but with the liquidations, which he thinks are still to come.    He made an exception for Berkshire Hathaway , his firm's largest holding, which is 25 percent higher than it was in August, when news of the credit crunch started to break.    De Gan is also reluctant to venture into larger industrials.  "If credit does contract the way we think it will, the financials will have to contract their balance sheets, and that will slow the general economy," he said.    So where's an investor to go?   "I'd want to buy the technology stocks which are smaller, more 'nichey,' focused in an area where they can take market share and grow, even if the overall market is stagnant," De Gan said.    He suggested that investors who bought consumer products stocks like Clorox several months ago stay with those stocks, even though they have become quite pricey.    "They're a safe haven," he said.  "There are going to be very good buying opportunities, for instance in the financials, in the next six to 12 months, so I think the consumer staples are a safe place to hide.  They are not credit sensitive.  Their business is very durable.  You can stay there and watch for other opportunities."He also cautioned against going into basic material or commodity investments, noting that they are showing signs of overinvestment similar to the housing and technology bubbles of years past.

2021-10-30 14:12:42.005517

BP says Azeri gas flows to Turkey stopped after incident

https://www.cnbc.com/2012/10/04/bp-says-azeri-gas-flows-to-turkey-stopped-after-incident.html

2012-10-04T07:15:00+0000

CNBC

BAKU, Oct 4 (Reuters) - BP-Azerbajan said on Thursdaythe gas flows from Azeri Shah Deniz fields to Turkey were haltedlast night due to an "an incident" after reports of a pipelineblast. "Last night we stopped gas supplies to the system of(Turkish company) Botas, on request of this company, due to anincident. But gas flows to Georgia, Azerbaijan as well as topumping stations of Baku-Tbilici-Ceyhan oil pipeline continue,"BP-Azerbaijan's spokeswoman Tamam Bayatly told Reuters. She declined to say whether a blast in Turkey caused the gasflows stoppage. Earlier on Thursday Turkish energy officialssaid the gas supplies were stopped due to an explosion inTurkey. BP-Azerbaijan is the operator of Shah Deniz, which producesabout 25 million cubic metres of gas per day.(Reporting by Lada Yevgrashina; writing by Vladimir Soldatkin)(([email protected])(+7 495 775 1242)(Reuters Messaging:[email protected]))Keywords: AZERBAIJAN GAS/BLAST

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

<div class="group"><p>BAKU, Oct 4 (Reuters) - BP-Azerbajan said on Thursdaythe gas flows from Azeri Shah Deniz fields to Turkey were haltedlast night due to an "an incident" after reports of a pipelineblast.</p><p> "Last night we stopped gas supplies to the system of(Turkish company) Botas, on request of this company, due to anincident. But gas flows to Georgia, Azerbaijan as well as topumping stations of Baku-Tbilici-Ceyhan oil pipeline continue,"BP-Azerbaijan's spokeswoman Tamam Bayatly told Reuters.</p><div style="height:100%" class="lazyload-placeholder"></div><p> She declined to say whether a blast in Turkey caused the gasflows stoppage. Earlier on Thursday Turkish energy officialssaid the gas supplies were stopped due to an explosion inTurkey.</p><p> BP-Azerbaijan is the operator of Shah Deniz, which producesabout 25 million cubic metres of gas per day.</p><p>(Reporting by Lada Yevgrashina; writing by Vladimir Soldatkin)</p><p>((<a href="mailto:[email protected]" target="_blank">[email protected]</a>)(+7 495 775 1242)(Reuters Messaging:<a href="mailto:[email protected]" target="_blank">[email protected]</a>))</p><p>Keywords: AZERBAIJAN GAS/BLAST</p></div>

BAKU, Oct 4 (Reuters) - BP-Azerbajan said on Thursdaythe gas flows from Azeri Shah Deniz fields to Turkey were haltedlast night due to an "an incident" after reports of a pipelineblast. "Last night we stopped gas supplies to the system of(Turkish company) Botas, on request of this company, due to anincident. But gas flows to Georgia, Azerbaijan as well as topumping stations of Baku-Tbilici-Ceyhan oil pipeline continue,"BP-Azerbaijan's spokeswoman Tamam Bayatly told Reuters. She declined to say whether a blast in Turkey caused the gasflows stoppage. Earlier on Thursday Turkish energy officialssaid the gas supplies were stopped due to an explosion inTurkey. BP-Azerbaijan is the operator of Shah Deniz, which producesabout 25 million cubic metres of gas per day.(Reporting by Lada Yevgrashina; writing by Vladimir Soldatkin)(([email protected])(+7 495 775 1242)(Reuters Messaging:[email protected]))Keywords: AZERBAIJAN GAS/BLAST

2021-10-30 14:12:42.220366

Yuan Outlook is no Yawn: Strategist

https://www.cnbc.com/2011/12/16/yuan-outlook-is-no-yawn-strategist.html

2011-12-16T20:35:04+0000

Kelley Holland

CNBC

The yuan has had a big move against the dollar, and this strategist says there is more to come. It's not every day the yuan rises to a record high against the dollar, but itposted its biggest gain in two months today - possibly thanks to central bank intervention. Greg Salvaggio, senior vice president of capital markets at Tempest Consulting, thinks the move is only logical."We think what the Chinese are doing is really what they've always done - a gradual, managed appreciation of their currency," he says. "What they did is come in overnight and really demonstrate to people 'Hey, we're committed to this appreciation.'" Salvaggio told CNBC's Scott Wapner he thinks the yuan could rise five to seven percent against the dollar in 2012.

cnbc, Articles, CNBC TV, Money in Motion, source:tagname:CNBC US Source

<div class="group"><p>The yuan has had a big move against the dollar, and this strategist says there is more to come. </p><p>It's not every day the yuan rises to a record high against the dollar, but it<a href="http://www.reuters.com/article/2011/12/16/markets-china-yuan-jump-idUSL3E7NG08B20111216" target="_blank">posted its biggest gain in two months today </a>- possibly thanks to central bank intervention. Greg Salvaggio, senior vice president of capital markets at Tempest Consulting, thinks the move is only logical.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We think what the Chinese are doing is really what they've always done - a gradual, managed appreciation of their currency," he says. "What they did is come in overnight and really demonstrate to people 'Hey, we're committed to this appreciation.'" </p><p><strong>Salvaggio told CNBC's Scott Wapner he thinks the yuan could rise five to seven percent against the dollar in 2012. </strong></p></div>,<div class="group"><p>The euro is a more complicated story, Salvaggio says. In the long term, Tempest is bearish on the single currency, but for now, "in the short run, buying the euro at levels near 1.3050 is an excellent trade," he says, pointing to improved risk appetite, some <a href="http://www.reuters.com/article/2011/12/16/italy-idUSL6E7NG3UC20111216" target="_blank">positive developments in Europe</a>, and the possibility that traders will have to cover short euro positions. </p><p>Salvaggio recommends buying the euro at 1.3050 with a stop at 1.2950 and a target of 1.3230. </p><p><strong>Step lively, though - Salvaggio expects the euro be be at 1.17 in six months. "We think there's a high probability that we will not see the same numbers in the euro zone next year that are in it right now."</strong></p><div style="height:100%" class="lazyload-placeholder"></div><p>You can watch the whole discussion on the videotape, starting at 1:01.</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:[email protected]" class="webresource" target="_blank">[email protected]</a><em>.</em></p></div>

The yuan has had a big move against the dollar, and this strategist says there is more to come. It's not every day the yuan rises to a record high against the dollar, but itposted its biggest gain in two months today - possibly thanks to central bank intervention. Greg Salvaggio, senior vice president of capital markets at Tempest Consulting, thinks the move is only logical."We think what the Chinese are doing is really what they've always done - a gradual, managed appreciation of their currency," he says. "What they did is come in overnight and really demonstrate to people 'Hey, we're committed to this appreciation.'" Salvaggio told CNBC's Scott Wapner he thinks the yuan could rise five to seven percent against the dollar in 2012. The euro is a more complicated story, Salvaggio says. In the long term, Tempest is bearish on the single currency, but for now, "in the short run, buying the euro at levels near 1.3050 is an excellent trade," he says, pointing to improved risk appetite, some positive developments in Europe, and the possibility that traders will have to cover short euro positions. Salvaggio recommends buying the euro at 1.3050 with a stop at 1.2950 and a target of 1.3230. Step lively, though - Salvaggio expects the euro be be at 1.17 in six months. "We think there's a high probability that we will not see the same numbers in the euro zone next year that are in it right now."You can watch the whole discussion on the videotape, starting at 1:01.Tune 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 [email protected].

2021-10-30 14:12:42.515766

Now that taxes aren’t such a big worry, here’s what’s keeping investors up at night

https://www.cnbc.com/2018/08/01/now-that-taxes-arent-a-big-worry-heres-whats-keeping-investors-up-.html

2018-08-01T18:56:45+0000

Darla Mercado, CFP®

CNBC

With individual tax rates down, a new boogeyman is haunting investors: inflation worries.Those were the findings from the American Institute of CPAs' Personal Financial Satisfaction Index, which measures investors' "financial pleasure" or "financial pain" based on a range of economic factors, including personal taxes, inflation, job openings and real home equity.Overall, the Personal Financial Satisfaction Index has crept up to 27.7 in the second quarter, from 27.0 in the first three months of the year. This reflects increased job openings and strong stock market performance.However, inflation took the lead as a source of financial "pain," edging out worries about taxes. The AICPA's blended inflation measure in the second quarter was 2.3 percent, up 0.6 percent from the first quarter.Up until the second quarter, taxes were the leading cause of "pain" for the prior eight quarters."Even though inflation has gone up, it's still pretty darn low, relatively speaking," said Michael Eisenberg, a CPA, personal financial specialist and member of the American Institute of CPAs Consumer Financial Education Advocates."People get nervous when they see or hear about inflation," he said. "It eats away your purchasing power over time."Here's what rising inflation means for your finances.

cnbc, Articles, Tax planning, Health care industry, Retirement planning, Personal finance, Retirement, Health & Science, Disruptor 50 Industries: EDUCATION 2013, Tax Planning, Personal Finance, Investing, source:tagname:CNBC US Source

<div class="group"><p>With individual tax rates down, a new boogeyman is haunting investors: inflation worries.</p><p>Those were the findings from the American Institute of CPAs' Personal Financial Satisfaction Index, which measures investors' "financial pleasure" or "financial pain" based on a range of economic factors, including personal taxes, inflation, job openings and real home equity.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Overall, the Personal Financial Satisfaction Index has crept up to 27.7 in the second quarter, from 27.0 in the first three months of the year. This reflects increased job openings and strong stock market performance.</p><p>However, inflation took the lead as a source of financial "pain," edging out worries about taxes. The AICPA's blended inflation measure in the second quarter was 2.3 percent, up 0.6 percent from the first quarter.</p><p>Up until the second quarter, taxes were the leading cause of "pain" for the prior eight quarters.</p><p>"Even though inflation has gone up, it's still pretty darn low, relatively speaking," said Michael Eisenberg, a CPA, personal financial specialist and member of the American Institute of CPAs Consumer Financial Education Advocates.</p><p>"People get nervous when they see or hear about inflation," he said. "It eats away your purchasing power over time."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Here's what rising inflation means for your finances.</p></div>,<div class="group"><p>Though inflation rises incrementally from one year to the next, the real concern is what it means, long-term, for your ability to pay for goods and services.</p><p>It's one of the reasons why a pound of ground beef was $1.80 in June 1998 and why it's now $3.82 as of this June, according to the <a href="https://www.bls.gov/charts/consumer-price-index/consumer-price-index-average-price-data.htm" target="_blank">Bureau of Labor Statistics</a>.</p><p>From a financial planning perspective, savers approaching retirement ought to identify the three biggest inflation threats facing them and prepare accordingly, said Thomas Scanlon, a CPA with Borgida &amp; Co. in Manchester, Connecticut.</p><p>"My big three are housing, <a href="https://trends.collegeboard.org/college-pricing/figures-tables/average-rates-growth-published-charges-decade" target="_blank">education</a> and medical," he said. "<a href="https://www.cnbc.com/2018/01/30/chart-of-surging-us-health-care-costs-explains-why-buffett-getting-involved.html">Medical expenses</a> are the runaway train and will affect everyone."</p><p>In order to safeguard against inflation in retirement, investors should work with their advisors to reevaluate their allocation toward equities so that they can keep up with rising expenses – particularly the cost of health care.</p><p>"You could be in retirement for 30 years if you think about it, so even with benign inflation, you have to invest to protect yourself those last 15 years," said Scanlon.</p></div>,<div class="group"><p>Incremental jumps in inflation may not be worth panicking over now, but investors should still be aware of what this might mean for other costs — credit-card debt, rent and the purchase of goods — particularly if paired with increases in the interest rate, said Eisenberg.</p><p>Home in on those rising expenses by building a budget with your financial advisor and sticking to it. This will put the rising cost of living in context with <a href="https://www.cnbc.com/2018/07/31/worker-pay-rate-hits-highest-level-since-2008.html">your wages</a>.</p><p>"Budgeting is a great way to get people to be more knowledgeable about the expenses they have now and be aware of how they're saving or investing the surplus," said Eisenberg.</p><p><strong>More from Personal Finance</strong><br> <a href="https://www.cnbc.com/2018/08/01/checking-your-credit-score-will-not-lower-it.html">Checking your credit score will not lower it</a><br> <a href="https://www.cnbc.com/2018/08/01/30-million-americans-are-not-withholding-enough-pay-for-taxes.htmld">30 million Americans are not withholding enough tax. How to tell if you're one of them</a><br> <a href="https://www.cnbc.com/2018/08/01/mainly-wealthy-investors-would-benefit-from-lower-capital-gains-taxes-on-investments.html">Mainly wealthy investors would benefit from lower capital gains taxes on investments</a></p></div>

With individual tax rates down, a new boogeyman is haunting investors: inflation worries.Those were the findings from the American Institute of CPAs' Personal Financial Satisfaction Index, which measures investors' "financial pleasure" or "financial pain" based on a range of economic factors, including personal taxes, inflation, job openings and real home equity.Overall, the Personal Financial Satisfaction Index has crept up to 27.7 in the second quarter, from 27.0 in the first three months of the year. This reflects increased job openings and strong stock market performance.However, inflation took the lead as a source of financial "pain," edging out worries about taxes. The AICPA's blended inflation measure in the second quarter was 2.3 percent, up 0.6 percent from the first quarter.Up until the second quarter, taxes were the leading cause of "pain" for the prior eight quarters."Even though inflation has gone up, it's still pretty darn low, relatively speaking," said Michael Eisenberg, a CPA, personal financial specialist and member of the American Institute of CPAs Consumer Financial Education Advocates."People get nervous when they see or hear about inflation," he said. "It eats away your purchasing power over time."Here's what rising inflation means for your finances.Though inflation rises incrementally from one year to the next, the real concern is what it means, long-term, for your ability to pay for goods and services.It's one of the reasons why a pound of ground beef was $1.80 in June 1998 and why it's now $3.82 as of this June, according to the Bureau of Labor Statistics.From a financial planning perspective, savers approaching retirement ought to identify the three biggest inflation threats facing them and prepare accordingly, said Thomas Scanlon, a CPA with Borgida & Co. in Manchester, Connecticut."My big three are housing, education and medical," he said. "Medical expenses are the runaway train and will affect everyone."In order to safeguard against inflation in retirement, investors should work with their advisors to reevaluate their allocation toward equities so that they can keep up with rising expenses – particularly the cost of health care."You could be in retirement for 30 years if you think about it, so even with benign inflation, you have to invest to protect yourself those last 15 years," said Scanlon.Incremental jumps in inflation may not be worth panicking over now, but investors should still be aware of what this might mean for other costs — credit-card debt, rent and the purchase of goods — particularly if paired with increases in the interest rate, said Eisenberg.Home in on those rising expenses by building a budget with your financial advisor and sticking to it. This will put the rising cost of living in context with your wages."Budgeting is a great way to get people to be more knowledgeable about the expenses they have now and be aware of how they're saving or investing the surplus," said Eisenberg.More from Personal Finance Checking your credit score will not lower it 30 million Americans are not withholding enough tax. How to tell if you're one of them Mainly wealthy investors would benefit from lower capital gains taxes on investments

2021-10-30 14:12:42.674288

Stellantis jumps 11% in NYSE debut. Here's what you need to know about the world's fourth-largest automaker

https://www.cnbc.com/2021/01/19/what-to-know-about-stellantis-as-it-makes-its-nyse-debut.html

2021-01-19T14:19:12+0000

Michael Wayland

CNBC

Shares of Stellantis – the merged automaker of Fiat Chrysler and France-based Groupe PSA – jumped by more than 11% in their trading debut on the New York Stock Exchange on Tuesday.The $52 billion merger was finalized Saturday, and the combined company's shares started trading Monday under STLA on Euronext in Paris and the Borsa Italiana in Milan. Trading of U.S.-based shares, under the same ticker symbol, were delayed a day because the U.S. markets were closed Monday for the Martin Luther King Jr. holiday.Stellantis is the world's fourth-largest automaker by volume. The company's operations, including its 400,000 employees, will largely be in North America and Europe.

cnbc, Articles, Breaking News: Business, Autos, Transportation, Business, Fidelity Advisor International Capital Appreciation Fund, Stellantis NV, Microsoft Corp, Elliot Smith, US: News, Automobiles and Components, Manufacturing, Business News, source:tagname:CNBC US Source

https://image.cnbcfm.com/api/v1/image/106826268-1611071449371PRESS-STLA-OB-Photo-20210119-1-jpg?v=1611071534

<div class="group"><p>Shares of <a href="//www.cnbc.com/quotes/8TI-FF" target="_blank">Stellantis</a> – the merged automaker of Fiat Chrysler and France-based Groupe PSA – jumped by more than 11% in their trading debut on the New York Stock Exchange on Tuesday.</p><p>The <a href="https://www.cnbc.com/2019/12/18/fiat-chrysler-peugeot-owner-reach-binding-50-billion-merger-deal.html">$52 billion merger</a> was finalized Saturday, and the combined company's shares started trading Monday under STLA on Euronext in Paris and the Borsa Italiana in Milan. Trading of U.S.-based shares, under the same ticker symbol, were delayed a day because the U.S. markets were closed Monday for the Martin Luther King Jr. holiday.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Stellantis is the world's fourth-largest automaker by volume. The company's operations, including its 400,000 employees, will largely be in North America and Europe.</p></div>,<div class="group"><p>Here's what else you should know about the company:</p><p><strong>Shares</strong></p><p>After the completion of the merger, Groupe PSA shareholders received about 1.7 shares of Stellantis for each PSA share, while Fiat Chrysler shareholders received one share of Stellantis for each of their shares.</p><p>In a virtual launch on the Borsa Italiana website, Stellantis CEO Carlos Tavares, former chief executive of Groupe PSA, said the merger <a href="https://www.cnbc.com/2021/01/18/stellantis-rallies-on-first-day-of-trade-after-52-billion-merger.html">would add 25 billion euros</a> ($30.3 billion) in value to shareholders over the coming years due to projected cost cuts.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>"All of our employees and our management teams are totally focused on the value creation that is embedded on the merger of FCA-PSA and the creation of Stellantis," he said.</p><p><strong>Cost-cutting</strong></p><p>The merger is expected to provide about 5 billion euros, or $6.1 billion, in annual cost savings, according to officials.</p><p><strong>Stellantis</strong></p><p>The company's name is <a href="https://www.cnbc.com/2020/07/15/fiat-chrysler-and-psa-group-rename-newly-merged-automaker-stellantis.html">rooted in the Latin verb</a> "stello" meaning "to brighten with stars," the companies have said.</p><p>The name Stellantis will be used for the umbrella corporation, but not for its vehicles. The company's 14 individual auto brands such as Alfa Romeo, Chrysler, Fiat, Jeep and Peugeot – all which have historical significance in their respective countries – will remain unchanged.</p><p><strong>Board of directors</strong></p><p>The Stellantis board of directors is composed of two executive directors, Tavares and former Fiat Chrysler Chairman John Elkann.</p></div>,<div class="group"><p>The companies nonexecutive directors are:</p><ul><li>Robert Peugeot, of the French automaker's Peugeot family</li><li>Henri de Castries, former CEO of insurer Axa SA.</li><li>Andrea Agnelli, Elkann's cousin and a member of the family that controls Fiat Chrysler</li><li>Fiona Clare Cicconi, chief human resources officer at AstraZeneca PLC</li><li>Nicolas Dufourcq, CEO of French investment bank Bpifrance SA.</li><li>Ann Frances Godbehere, director at Royal Dutch Shell PLC</li><li>Wan Ling Martello, partner and co-founder of private equity firm BayPine</li><li>Jacques de Saint-Exupery, head of the workers' council at PSA</li><li>Kevin Scott, chief technology officer at <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a></li></ul><p><em>– CNBC's </em><a href="https://www.cnbc.com/elliot-smith/"><em>Elliot Smith</em></a><em> contributed to this report.</em></p></div>

Shares of Stellantis – the merged automaker of Fiat Chrysler and France-based Groupe PSA – jumped by more than 11% in their trading debut on the New York Stock Exchange on Tuesday.The $52 billion merger was finalized Saturday, and the combined company's shares started trading Monday under STLA on Euronext in Paris and the Borsa Italiana in Milan. Trading of U.S.-based shares, under the same ticker symbol, were delayed a day because the U.S. markets were closed Monday for the Martin Luther King Jr. holiday.Stellantis is the world's fourth-largest automaker by volume. The company's operations, including its 400,000 employees, will largely be in North America and Europe.Here's what else you should know about the company:SharesAfter the completion of the merger, Groupe PSA shareholders received about 1.7 shares of Stellantis for each PSA share, while Fiat Chrysler shareholders received one share of Stellantis for each of their shares.In a virtual launch on the Borsa Italiana website, Stellantis CEO Carlos Tavares, former chief executive of Groupe PSA, said the merger would add 25 billion euros ($30.3 billion) in value to shareholders over the coming years due to projected cost cuts."All of our employees and our management teams are totally focused on the value creation that is embedded on the merger of FCA-PSA and the creation of Stellantis," he said.Cost-cuttingThe merger is expected to provide about 5 billion euros, or $6.1 billion, in annual cost savings, according to officials.StellantisThe company's name is rooted in the Latin verb "stello" meaning "to brighten with stars," the companies have said.The name Stellantis will be used for the umbrella corporation, but not for its vehicles. The company's 14 individual auto brands such as Alfa Romeo, Chrysler, Fiat, Jeep and Peugeot – all which have historical significance in their respective countries – will remain unchanged.Board of directorsThe Stellantis board of directors is composed of two executive directors, Tavares and former Fiat Chrysler Chairman John Elkann.The companies nonexecutive directors are:Robert Peugeot, of the French automaker's Peugeot familyHenri de Castries, former CEO of insurer Axa SA.Andrea Agnelli, Elkann's cousin and a member of the family that controls Fiat ChryslerFiona Clare Cicconi, chief human resources officer at AstraZeneca PLCNicolas Dufourcq, CEO of French investment bank Bpifrance SA.Ann Frances Godbehere, director at Royal Dutch Shell PLCWan Ling Martello, partner and co-founder of private equity firm BayPineJacques de Saint-Exupery, head of the workers' council at PSAKevin Scott, chief technology officer at Microsoft– CNBC's Elliot Smith contributed to this report.

2021-10-30 14:12:42.712090

Strides in space farming may boost plan to build human colony on Mars

https://www.cnbc.com/2016/09/29/strides-in-space-farming-may-boost-plan-to-build-human-colony-on-mars.html

2016-09-29T15:06:17+0000

Jeff Daniels

CNBC

Scientists are making strides in growing food in space, and their efforts could be critical to eventually supporting a permanent human colony on Mars."We can grow plants on Mars just by compressing the atmosphere," SpaceX founder and CEO Elon Musk said Tuesday in a long-awaited speech detailing his vision for sending humans to Mars by 2025. The billionaire engineer said the Red Planet is "resource rich" with water ice and compounds necessary to support plants, such as nitrogen. Experts say astronauts could pack enough packaged or freeze-dried food to get to Mars and back, although living on the planet for extended periods would get increasingly difficult without regular food-supply missions. Mars would require a six-month journey to the planet, an 18-month stay and a six-month trip back.

cnbc, Articles, Food and drink, Business, Agriculture, Life, Orbital Sciences Corp, Elon Musk, Food and Beverage, Business News, US: News, Science, Health & Science, source:tagname:CNBC US Source

<div class="group"><p>Scientists are making strides in growing food in space, and their efforts could be critical to eventually supporting a permanent human colony on Mars.</p><p>"We can grow plants on Mars just by compressing the atmosphere," SpaceX founder and CEO <a href="https://www.cnbc.com/elon-musk/">Elon Musk</a> said Tuesday in <a href="https://www.cnbc.com/2016/09/27/elon-musk-discusses-his-vision-for-how-he-plans-to-colonize-mars.html">a long-awaited speech</a> detailing his vision for sending humans to Mars by 2025. The billionaire engineer said the Red Planet is "resource rich" with water ice and compounds necessary to support plants, such as nitrogen.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Experts say astronauts could pack enough packaged or freeze-dried food to get to Mars and back, although living on the planet for extended periods would get increasingly difficult without regular food-supply missions. Mars would require a six-month journey to the planet, an 18-month stay and a six-month trip back.<br></p><br></div>,<div class="group"><p> NASA has a stated goal for a manned Mars mission in the 2030s. The agency is studying the effects of long-duration space exploration on astronauts as well as learning how to best grow vegetables or other plants aboard a spacecraft or on Mars. The tests on plants, part of NASA's "Veggie" program, have been conducted in a pressurized space garden aboard the International Space Station as well as in terrestrial laboratories.<br></p><p> At present, red romaine lettuce is the only food grown in space that NASA has approved for astronaut consumption. The lettuce's antioxidant properties could reduce the consequences of humans getting radiation exposure in space. Researchers also are testing cabbage and peppers.<br></p><p>"For the astronauts to grow a portion of their food to augment their diet with fresh, nutritious food, I think would be a tremendous benefit and savings overall," said Trent Smith, Veggie project manager at NASA's Kennedy Space Center in Florida. He said the cost and weight to deliver food to Mars "is pretty significant" and indicated that plants could also grow aboard the spacecraft on the long journey to Mars.<br></p></div>,<div class="group"><p> In recent years, NASA has relied on private companies such as SpaceX, <a href="//www.cnbc.com/quotes/A" target="_blank">Orbital Sciences</a> and others to resupply the Space Station with a cargo load of supplies, including freeze-dried food that has a long shelf life. These cargo deliveries have taken place roughly around every three months, but when astronauts go outside of low Earth orbit in long duration missions on Mars, it will not be practical to resupply missions every few months.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Musk this week estimated that a one-way trip to Mars for one person would cost about $10 billion and indicated there were ways to reduce that cost drastically by refilling the spaceship tanks in orbit. He also talked about the need to build a methane-based propellant production plant on Mars for the spaceships.</p><p> The methane could be created through the extraction of ice water on Mars and combining it with the planet's abundant carbon dioxide. Having the local propellant source and fresh food production could go a long way to creating a self-sustaining colony on the Red Planet located 33.9 million miles from Earth.<br></p><br></div>,<div class="group"><p> Moreover, chemical plants could use some of the compounds found on Mars to create plastics that might be used to build shelters, greenhouses, vehicles and high-tech potting systems for growing food.</p><p> "On Mars it will be easier to grow plants, and we can use a lot of advanced hydroponics and aeroponics systems that we currently have on Earth and grow plants in lava tubes or any other place where we can keep an atmosphere," said Robert Ferl, a professor of Horticultural Sciences at the University of Florida in Gainesville. Both hydroponic and aeroponic gardening can be done without any soil.<br></p><p> The surface gravity on Mars is about one-third of that on Earth, but that is not a major concern when it comes to growing plants. The same cannot be said for growing plants aboard the Space Station in microgravity, where it's a challenge getting the air and water mixture just right for the plant's roots.</p></div>,<div class="group"><p>Plants under zero gravity conditions can suffer from either flood or droughts since there's no natural convection and the water can stick around the roots or edges of the pot.</p><p>One way around the microgravity is to use a pillow-like technology developed by NASA. Seed and soil-like particles are put into the pillow chamber where they can be more efficiently controlled in zero gravity conditions to support plant growth.</p><p> "Turns out that managing water and managing fluids, especially around the roots of plants, is fairly tricky stuff in the absence of gravity," said Ferl, who has conducted NASA-funded experiments on plants.</p></div>,<div class="group"><p> Space agriculture, whether aboard the space station or in an extraterrestrial habitat, can provide food and recycling benefits for crews. The plants recycle the astronaut's exhaled carbon dioxide and also can use the excreted water. LED lights are used for sunlight to increase the photosynthetic activity by the plants.</p><p> The public's awareness of the possibilities of space farming may be limited to what they saw in the 2015 Hollywood blockbuster movie "The Martian," starring Matt Damon. His character is a botanist who gets stranded on the planet and grows food to survive using Martian soil mixed with a fertilizer made of human manure.<br></p><p> Experts say there's some truth in the movie but suggest using untreated human excrement as a fertilizer on Mars would be dangerous. They also suggest that the Martian soil contains toxic elements that also would need to be removed.</p><p> "Matt Damon would have had to clean the soil a little bit and remove all these toxic things before using it to grow plants," said Lucie Poulet, who has conducted research simulating Martian soil. She recently published a space agriculture research paper in Botany Letters with colleagues from France's University Blaise Pascal.</p></div>,<div class="group"><p>Astronaut Mark Watney, Damon's character in the movie, harvested Martian potatoes. Turns out potatoes and sweet potatoes are on the list of vegetables that could be grown in space, according to NASA. Tomatoes, wheat and soybeans also have been mentioned by plant researchers as a crop that offers the potential for space gardens in the future.<br></p><p> Tomato seeds were tested aboard space shuttle missions but didn't produce fruit as it would have required pollination. Some have raised the possibility of sending bees or other insects into space to pollinate plants in space gardens, although there are other solutions.</p><p> "The astronauts are going to have to become the bees for the testing," said NASA's plant expert Smith. "My hope is we'll be able to do some of this robotically. There's no reason why you can't have a robotic system with sensors to cross-pollinate the plants." </p><p> For deep space travelers, growing plants isn't just a source of food but could have less obvious benefits, too. Caring for plants could offer a psychological boost as astronauts go to Mars and see the Earth getting smaller and smaller.</p><p> "Having that little piece of Earth while they're on the journey to Mars to remind them of the smells and the sights of home will be very important," said Smith.</p></div>

Scientists are making strides in growing food in space, and their efforts could be critical to eventually supporting a permanent human colony on Mars."We can grow plants on Mars just by compressing the atmosphere," SpaceX founder and CEO Elon Musk said Tuesday in a long-awaited speech detailing his vision for sending humans to Mars by 2025. The billionaire engineer said the Red Planet is "resource rich" with water ice and compounds necessary to support plants, such as nitrogen. Experts say astronauts could pack enough packaged or freeze-dried food to get to Mars and back, although living on the planet for extended periods would get increasingly difficult without regular food-supply missions. Mars would require a six-month journey to the planet, an 18-month stay and a six-month trip back. NASA has a stated goal for a manned Mars mission in the 2030s. The agency is studying the effects of long-duration space exploration on astronauts as well as learning how to best grow vegetables or other plants aboard a spacecraft or on Mars. The tests on plants, part of NASA's "Veggie" program, have been conducted in a pressurized space garden aboard the International Space Station as well as in terrestrial laboratories. At present, red romaine lettuce is the only food grown in space that NASA has approved for astronaut consumption. The lettuce's antioxidant properties could reduce the consequences of humans getting radiation exposure in space. Researchers also are testing cabbage and peppers."For the astronauts to grow a portion of their food to augment their diet with fresh, nutritious food, I think would be a tremendous benefit and savings overall," said Trent Smith, Veggie project manager at NASA's Kennedy Space Center in Florida. He said the cost and weight to deliver food to Mars "is pretty significant" and indicated that plants could also grow aboard the spacecraft on the long journey to Mars. In recent years, NASA has relied on private companies such as SpaceX, Orbital Sciences and others to resupply the Space Station with a cargo load of supplies, including freeze-dried food that has a long shelf life. These cargo deliveries have taken place roughly around every three months, but when astronauts go outside of low Earth orbit in long duration missions on Mars, it will not be practical to resupply missions every few months. Musk this week estimated that a one-way trip to Mars for one person would cost about $10 billion and indicated there were ways to reduce that cost drastically by refilling the spaceship tanks in orbit. He also talked about the need to build a methane-based propellant production plant on Mars for the spaceships. The methane could be created through the extraction of ice water on Mars and combining it with the planet's abundant carbon dioxide. Having the local propellant source and fresh food production could go a long way to creating a self-sustaining colony on the Red Planet located 33.9 million miles from Earth. Moreover, chemical plants could use some of the compounds found on Mars to create plastics that might be used to build shelters, greenhouses, vehicles and high-tech potting systems for growing food. "On Mars it will be easier to grow plants, and we can use a lot of advanced hydroponics and aeroponics systems that we currently have on Earth and grow plants in lava tubes or any other place where we can keep an atmosphere," said Robert Ferl, a professor of Horticultural Sciences at the University of Florida in Gainesville. Both hydroponic and aeroponic gardening can be done without any soil. The surface gravity on Mars is about one-third of that on Earth, but that is not a major concern when it comes to growing plants. The same cannot be said for growing plants aboard the Space Station in microgravity, where it's a challenge getting the air and water mixture just right for the plant's roots.Plants under zero gravity conditions can suffer from either flood or droughts since there's no natural convection and the water can stick around the roots or edges of the pot.One way around the microgravity is to use a pillow-like technology developed by NASA. Seed and soil-like particles are put into the pillow chamber where they can be more efficiently controlled in zero gravity conditions to support plant growth. "Turns out that managing water and managing fluids, especially around the roots of plants, is fairly tricky stuff in the absence of gravity," said Ferl, who has conducted NASA-funded experiments on plants. Space agriculture, whether aboard the space station or in an extraterrestrial habitat, can provide food and recycling benefits for crews. The plants recycle the astronaut's exhaled carbon dioxide and also can use the excreted water. LED lights are used for sunlight to increase the photosynthetic activity by the plants. The public's awareness of the possibilities of space farming may be limited to what they saw in the 2015 Hollywood blockbuster movie "The Martian," starring Matt Damon. His character is a botanist who gets stranded on the planet and grows food to survive using Martian soil mixed with a fertilizer made of human manure. Experts say there's some truth in the movie but suggest using untreated human excrement as a fertilizer on Mars would be dangerous. They also suggest that the Martian soil contains toxic elements that also would need to be removed. "Matt Damon would have had to clean the soil a little bit and remove all these toxic things before using it to grow plants," said Lucie Poulet, who has conducted research simulating Martian soil. She recently published a space agriculture research paper in Botany Letters with colleagues from France's University Blaise Pascal.Astronaut Mark Watney, Damon's character in the movie, harvested Martian potatoes. Turns out potatoes and sweet potatoes are on the list of vegetables that could be grown in space, according to NASA. Tomatoes, wheat and soybeans also have been mentioned by plant researchers as a crop that offers the potential for space gardens in the future. Tomato seeds were tested aboard space shuttle missions but didn't produce fruit as it would have required pollination. Some have raised the possibility of sending bees or other insects into space to pollinate plants in space gardens, although there are other solutions. "The astronauts are going to have to become the bees for the testing," said NASA's plant expert Smith. "My hope is we'll be able to do some of this robotically. There's no reason why you can't have a robotic system with sensors to cross-pollinate the plants." For deep space travelers, growing plants isn't just a source of food but could have less obvious benefits, too. Caring for plants could offer a psychological boost as astronauts go to Mars and see the Earth getting smaller and smaller. "Having that little piece of Earth while they're on the journey to Mars to remind them of the smells and the sights of home will be very important," said Smith.

2021-10-30 14:12:42.873283

Beer Choice Matters for Seattle Mariners' Fans

https://www.cnbc.com/2013/04/22/beer-choice-matters-for-seattle-mariners-fans.html

2013-04-22T17:40:04+0000

Tom Rotunno

CNBC

The Seattle Mariners may not win Major League Baseball's Western Division this year but there is one category where they can challenge any team in baseball: beer variety at the ball park. Thanks to the efforts of Safeco Field stadium concessionaire Centerplate, fans attending a Mariners game can choose from more than 50 different varieties of beer sold on draft, in bottles and even limited-release, 22-ounce "bomber" bottles. — The beer list at Safeco is simply a reflection of the culture of the Pacific Northwest, Centerplate said. The Mariners play in Seattle, and Washington State has more than 150 different breweries. "We have a unique demographic that's very highly educated about beer," said Steve Dominguez, Centerplate general manager. "They tell us what they are looking for and we seek to meet that demand with the right variety of flavors." While a beer list boasting more than 50 options for any one game is impressive, dig a little deeper and it's clear just how serious the Mariners and Centerplate take their beer offerings. As the weather changes during the months-long Major League seball season, so too do the beer offerings.

cnbc, Articles, Food and drink, Molson Coors Beverage Co, Food and Beverage, Beer, Wine & Spirits, Business News, Retail, Consumer Goods, Consumer Nation, source:tagname:CNBC US Source

<div class="group"><p> The Seattle Mariners may not win Major League Baseball's Western Division this year but there is one category where they can challenge any team in baseball: beer variety at the ball park.</p><p> Thanks to the efforts of Safeco Field stadium concessionaire Centerplate, fans attending a Mariners game can choose from more than 50 different varieties of beer sold on draft, in bottles and even limited-release, 22-ounce "bomber" bottles. —</p><div style="height:100%" class="lazyload-placeholder"></div><p> The beer list at Safeco is simply a reflection of the culture of the Pacific Northwest, Centerplate said. The Mariners play in Seattle, and Washington State has more than 150 different breweries.<br></p><p> "We have a unique demographic that's very highly educated about beer," said Steve Dominguez, Centerplate general manager. "They tell us what they are looking for and we seek to meet that demand with the right variety of flavors."<br></p><p> While a beer list boasting more than 50 options for any one game is impressive, dig a little deeper and it's clear just how serious the Mariners and Centerplate take their beer offerings. As the weather changes during the months-long Major League seball season, so too do the beer offerings. </p></div>,<div class="group"><p> "Attend a game in April or May when the weather is still cold and damp and the list will be full of IPA's," said <span style="background-color:rgb(255, 255, 255);font-size:14px">Adrian Dishington, Centerplate regional vice president, referring to India Pale Ales, which tend to have a stronger hops flavor</span><span>. "As the season moves into the warmer months, we'll be offering more Hefeweizens (wheat-based beers) and lighter beers. </span><span>Toward the end of the season, as the weather turns colder again, we'll be more focused on heavy and heartier beers, more Oktoberfest's, things like that."</span></p><p><span>The Safeco beer list is mix of big national brands like MillerCoors and small local favorites like Fremont Brewery and Skagit River Brewery. </span><br></p><div style="height:100%" class="lazyload-placeholder"></div><p><span>(<em>Read More:</em> <a href="https://www.cnbc.com/2012/02/15/The-Worlds-Best-Beers.html">The World's Best Beers</a>) </span></p><p><span>While <a href="//www.cnbc.com/quotes/TAP" target="_blank">MillerCoors</a> is the main beer sponsor at Safeco, Centerplate officials said the conglomerate has no problem sharing the stage with the region's smaller brewers. </span><br></p><p><span>In fact, Dominguez said MillerCoors uses Safeco to showcase the variety in its beer portfolio by offering the usual ballpark staples like Miller Lite and Coors Light, as well as beers from its craft beer division, which includes Blue Moon, Leinenkugel and Batch 19. </span><br></p><p><span>While MillerCoors may have deep pockets, that's not the case with a majority of the brewers found at the stadium. </span><br></p><p><span>"Ninety-nine percent of the beers on our list don't pay to play," said Dishington.</span><br></p><p><span>While breweries like <strong>Elysian Brewing </strong>and <strong>Silver City</strong> may be smaller in size, they are not small in impact. Centerplate officials said craft beer brands outsell the larger domestic brands by a four-to-one ratio.</span><br></p><p><span>(<em>Read More: </em><a href="https://www.cnbc.com/2013/04/15/cnbc-beer-label-madness-champion-crowned.html">CNBC Beer Label Madness Champion Crowned</a>) </span></p><p><span>Fans can expect to pay the typical ballpark premium when buying a craft beer: a 12-ounce craft draft costs $7.75, a 20-ounce craft draft $9.75 and a 22- to 24-ounce bomber bottle costs $11.50.</span><br></p><p><span>Much of the beer in the ball park is sold via "craft carts," the 25 beer carts located throughout the stadium, which sell these specialty brews. </span><br></p><p><span><strong>Pyramid Brewing</strong>, located across the street from the Safeco, even goes so far as to use its craft cart as a laboratory of sorts, brewing 25-barrel test batches of beer and selling it at its craft cart to gauge customer reaction.</span><br></p><p><span>While that type of attention is enough to win over most beer fans, Dishington joked not every fan is convinced the Safeco beer selection is a home run.</span><br></p><p><span>"You look at our list and it seems massive, but because there so many local options in this market, we still have people complaining we don't have their particular favorite!" he laughed.</span><br></p></div>,<div class="group"><p><em> -By CNBC's Tom Rotunno; Follow him on Twitter <strong><a href="http://twitter.com/tomrotunno" class="webresource" target="_blank">@TomRotunno</a></strong></em></p><p> <em>Questions? Comments? Email us at [email protected].</em><br></p></div>

The Seattle Mariners may not win Major League Baseball's Western Division this year but there is one category where they can challenge any team in baseball: beer variety at the ball park. Thanks to the efforts of Safeco Field stadium concessionaire Centerplate, fans attending a Mariners game can choose from more than 50 different varieties of beer sold on draft, in bottles and even limited-release, 22-ounce "bomber" bottles. — The beer list at Safeco is simply a reflection of the culture of the Pacific Northwest, Centerplate said. The Mariners play in Seattle, and Washington State has more than 150 different breweries. "We have a unique demographic that's very highly educated about beer," said Steve Dominguez, Centerplate general manager. "They tell us what they are looking for and we seek to meet that demand with the right variety of flavors." While a beer list boasting more than 50 options for any one game is impressive, dig a little deeper and it's clear just how serious the Mariners and Centerplate take their beer offerings. As the weather changes during the months-long Major League seball season, so too do the beer offerings. "Attend a game in April or May when the weather is still cold and damp and the list will be full of IPA's," said Adrian Dishington, Centerplate regional vice president, referring to India Pale Ales, which tend to have a stronger hops flavor. "As the season moves into the warmer months, we'll be offering more Hefeweizens (wheat-based beers) and lighter beers. Toward the end of the season, as the weather turns colder again, we'll be more focused on heavy and heartier beers, more Oktoberfest's, things like that."The Safeco beer list is mix of big national brands like MillerCoors and small local favorites like Fremont Brewery and Skagit River Brewery. (Read More: The World's Best Beers) While MillerCoors is the main beer sponsor at Safeco, Centerplate officials said the conglomerate has no problem sharing the stage with the region's smaller brewers. In fact, Dominguez said MillerCoors uses Safeco to showcase the variety in its beer portfolio by offering the usual ballpark staples like Miller Lite and Coors Light, as well as beers from its craft beer division, which includes Blue Moon, Leinenkugel and Batch 19. While MillerCoors may have deep pockets, that's not the case with a majority of the brewers found at the stadium. "Ninety-nine percent of the beers on our list don't pay to play," said Dishington.While breweries like Elysian Brewing and Silver City may be smaller in size, they are not small in impact. Centerplate officials said craft beer brands outsell the larger domestic brands by a four-to-one ratio.(Read More: CNBC Beer Label Madness Champion Crowned) Fans can expect to pay the typical ballpark premium when buying a craft beer: a 12-ounce craft draft costs $7.75, a 20-ounce craft draft $9.75 and a 22- to 24-ounce bomber bottle costs $11.50.Much of the beer in the ball park is sold via "craft carts," the 25 beer carts located throughout the stadium, which sell these specialty brews. Pyramid Brewing, located across the street from the Safeco, even goes so far as to use its craft cart as a laboratory of sorts, brewing 25-barrel test batches of beer and selling it at its craft cart to gauge customer reaction.While that type of attention is enough to win over most beer fans, Dishington joked not every fan is convinced the Safeco beer selection is a home run."You look at our list and it seems massive, but because there so many local options in this market, we still have people complaining we don't have their particular favorite!" he laughed. -By CNBC's Tom Rotunno; Follow him on Twitter @TomRotunno Questions? Comments? Email us at [email protected].

2021-10-30 14:12:42.914953

Free Trade Critical to Expanding Trade Opportunities for Both United States and Illinois - BMO Economics

https://www.cnbc.com/2012/10/04/free-trade-critical-to-expanding-trade-opportunities-for-both-united-states-and-illinois-bmo-economics.html

2012-10-04T04:42:00+0000

CNBC

cnbc, Articles, Bank of Montreal, Wyoming, Wisconsin, West Virginia, Washington DC, Virginia, Vermont, Utah, Texas, Tennessee, South Dakota, South Carolina, Rhode Island, Pennsylvania, Oregon, Ohio, North Dakota, North Carolina, New York City, New York, New Mexico, New Jersey, New Hampshire, Nevada, Montana, Missouri, Mississippi, Minnesota, Michigan, Massachusetts, Maryland, Maine, Louisiana, Kentucky, Kansas, Iowa, Indiana, Illinois, Idaho, Hawaii, Georgia, Florida, Delaware, Connecticut, Colorado, Chicago, California, Arkansas, Arizona, Alaska, Alabama, North America, United States, Canada, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:PR Newswire

<div class="group"><div> <p>CHICAGO, Oct. 4, 2012 /PRNewswire/ -- The Canada-U.S. Free Trade Agreement (FTA), signed 25 years ago, has played a critical role in the expansion of trade with our northern neighbors, both for Illinois and the United States as a whole, according to BMO Economics.</p><p>"Trade between Canada and the United States has grown at an annualized rate of 5 percent since 1990," said Doug Porter, Deputy Chief Economist, BMO Capital Markets.  "Despite currency fluctuations, global commodity prices, and two deep downturns, trade between the two countries has strengthened considerably since the start of the FTA."</p><div style="height:100%" class="lazyload-placeholder"></div><p>"Trade between Canada and Illinois has increased at an annualized rate of 8 percent since the FTA came into effect," said Chris McComish, Executive Vice President, Personal Banking, BMO Harris Bank.  "Free trade has clearly been a success for Illinois businesses, placing them in a strong position for future growth."</p><p>Mr. Porter also noted that foreign direct investment between the two countries has grown considerably since the signing of the FTA.  "U.S. direct investment in Canada has jumped from $63 billion at the end of 1988 to $319 billion by the end of 2011.  As well, the stock of Canadian FDI in the U.S. has risen from $42 billion to $270 billion."</p><p><b>Canadian Trade <br>Value With U.S. <br>States </b>(1990-2011)</p><p> </p><p><b>% chng a.r.</b></p><div style="height:100%" class="lazyload-placeholder"></div><p> </p><p> </p><p>WYOMING</p><p>18.3</p><p>NEW HAMPSHIRE</p><p>13.1</p><p>NEW MEXICO</p><p>12.2</p><p>OKLAHOMA</p><p>11.6</p><p>MONTANA</p><p>10.6</p><p>NEVADA</p><p>9.7</p><p>LOUISIANA</p><p>9.0</p><p>NEBRASKA</p><p>8.8</p><p>IDAHO</p><p>8.6</p><p>KENTUCKY</p><p>8.3</p><p>MINNESOTA</p><p>8.2</p><p>TEXAS</p><p>8.1</p><p><b>ILLINOIS</b></p><p><b>8.0</b></p><p>WEST VIRGINIA</p><p>7.9</p><p>NORTH DAKOTA</p><p>7.9</p><p>SOUTH DAKOTA</p><p>7.9</p><p>TENNESSEE</p><p>7.8</p><p>IOWA</p><p>7.7</p><p>ALABAMA</p><p>7.7</p><p>ARKANSAS</p><p>7.5</p><p>UTAH</p><p>7.3</p><p>INDIANA</p><p>7.1</p><p>RHODE ISLAND</p><p>6.8</p><p>MISSOURI</p><p>6.8</p><p>GEORGIA</p><p>6.7</p><p>SOUTH CAROLINA</p><p>6.6</p><p>ALASKA</p><p>6.4</p><p>MISSISSIPPI</p><p>6.3</p><p>ARIZONA</p><p>6.1</p><p>NORTH CAROLINA</p><p>5.9</p><p>WASHINGTON</p><p>5.8</p><p>CALIFORNIA</p><p>5.6</p><p>NEW JERSEY</p><p>5.5</p><p>MARYLAND</p><p>5.4</p><p>OHIO</p><p>5.3</p><p>HAWAII</p><p>5.2</p><p>FLORIDA</p><p>5.2</p><p>OREGON</p><p>5.1</p><p>PENNSYLVANIA</p><p>4.9</p><p>WISCONSIN</p><p>4.9</p><p>VIRGINIA</p><p>4.2</p><p>VERMONT</p><p>4.0</p><p>NEW YORK</p><p>3.7</p><p>MASSACHUSETTS</p><p>3.3</p><p>MAINE</p><p>3.0</p><p>CONNECTICUT</p><p>2.4</p><p>KANSAS</p><p>2.3</p><p>MICHIGAN</p><p>2.1</p><p>DELAWARE</p><p>1.4</p><p>COLORADO</p><p>0.7</p><p><b>About BMO Harris Bank <br></b>Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.</p><p>SOURCE BMO Harris Bank</p></div></div>

CHICAGO, Oct. 4, 2012 /PRNewswire/ -- The Canada-U.S. Free Trade Agreement (FTA), signed 25 years ago, has played a critical role in the expansion of trade with our northern neighbors, both for Illinois and the United States as a whole, according to BMO Economics."Trade between Canada and the United States has grown at an annualized rate of 5 percent since 1990," said Doug Porter, Deputy Chief Economist, BMO Capital Markets.  "Despite currency fluctuations, global commodity prices, and two deep downturns, trade between the two countries has strengthened considerably since the start of the FTA.""Trade between Canada and Illinois has increased at an annualized rate of 8 percent since the FTA came into effect," said Chris McComish, Executive Vice President, Personal Banking, BMO Harris Bank.  "Free trade has clearly been a success for Illinois businesses, placing them in a strong position for future growth."Mr. Porter also noted that foreign direct investment between the two countries has grown considerably since the signing of the FTA.  "U.S. direct investment in Canada has jumped from $63 billion at the end of 1988 to $319 billion by the end of 2011.  As well, the stock of Canadian FDI in the U.S. has risen from $42 billion to $270 billion."Canadian Trade Value With U.S. States (1990-2011) % chng a.r.  WYOMING18.3NEW HAMPSHIRE13.1NEW MEXICO12.2OKLAHOMA11.6MONTANA10.6NEVADA9.7LOUISIANA9.0NEBRASKA8.8IDAHO8.6KENTUCKY8.3MINNESOTA8.2TEXAS8.1ILLINOIS8.0WEST VIRGINIA7.9NORTH DAKOTA7.9SOUTH DAKOTA7.9TENNESSEE7.8IOWA7.7ALABAMA7.7ARKANSAS7.5UTAH7.3INDIANA7.1RHODE ISLAND6.8MISSOURI6.8GEORGIA6.7SOUTH CAROLINA6.6ALASKA6.4MISSISSIPPI6.3ARIZONA6.1NORTH CAROLINA5.9WASHINGTON5.8CALIFORNIA5.6NEW JERSEY5.5MARYLAND5.4OHIO5.3HAWAII5.2FLORIDA5.2OREGON5.1PENNSYLVANIA4.9WISCONSIN4.9VIRGINIA4.2VERMONT4.0NEW YORK3.7MASSACHUSETTS3.3MAINE3.0CONNECTICUT2.4KANSAS2.3MICHIGAN2.1DELAWARE1.4COLORADO0.7About BMO Harris Bank Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.SOURCE BMO Harris Bank

2021-10-30 14:12:43.068785

Gundlach: Gold is going to $1,500

https://www.cnbc.com/2014/06/12/gundlach-gold-is-going-to-1500.html

2014-06-12T22:09:19+0000

Lawrence Lewitinn

CNBC

It's one thing to say gold is going higher. But, when Jeffrey Gundlach, manager of the $49 billion DoubleLine, says he thinks gold will hit $1,500 per ounce by the end of this year, that's something people pay attention to. In a webcasted presentation called "Penny For Your Thoughts", Gundalch noted the 96 percent reduction in the U.S. dollar's purchasing power since the Federal Reserve Bank was established a century ago, likening the end of the gold standard to the silver debasement of the Roman denarius from 64 to 270 AD. During the question and answer period, Gundlach said he thought gold could move to $1,500 this year. The last time gold was at $1,500 was in April, 2013. Gold traded at $1,260 per ounce on Wednesday. (Watch: Stocks slide; worst hit in 3 weeks for Dow, S&P 500) "Of course, there's a chance [Gundlach] could be right and gold could go higher," said Richard Ross, global technical strategist at Auerbach Grayson. "But, there's very little in the short-term technicals to suggest that move has begun in earnest." Gold has been trading in a range between $1,180 and $1,400 for much of the past year, notes Ross. For the short-term, he is keeping an eye on the $1,270 line, which is close to the current 150-day moving average. "A break back above that level could set us up for a retest of that resistance around 1,400," said Ross. However, that range should be seen in the context of the longer-term chart, according to Ross, a "Talking Numbers" contributor. "We're still in a downtrend from the highs that we established back around 1,900," he said. Ross sees gold's break below its 150-week moving average as technically significant. Since the start of 2013, the 150-week moving average has been relatively flat, near the $1,525 level. "You've got to get through 1,400 before you can trade 1,500, clearly," said Ross. "And, in the shorter term, you've got through 1,270 before you can trade 1,400. So, there's a lot of ifs and buts here in that argument. We really need to see a base breakout before we can call this a base." Gina Sanchez, founder of Chantico Global, said that while there's a possibility that gold could go higher, she thinks the chances are low. The World Bank's reduction of global growth from 3.2 percent to 2.8 percent may cause some flight-to-safety buying of bullion. And, global interest rates are low, which traditionally augurs well for the yellow metal. But, Sanchez believes that won't last. (Watch: World Bank: 'Now is the time to prepare for next crisis') "Even though we're in a benign interest rate environment in the U.S. – and certainly within Europe and Japan – I do think that in the U.S., rates will likely start to trend higher by the end of the year or into 2015," said Sanchez, a CNBC contributor. "That's not great for gold. We don't see a ton of inflation. If anything, maybe there's some deflationary pressures, particularly in Europe." Gold needs to feed on something, said Sanchez, but she doesn't see a lot of major economic pessimism or inflation worries. "I'm not sure that I see why gold, except for some short-term reasons, might pop a little," added Sanchez. To see the full discussion on gold, with Ross on the technicals and Sanchez on the fundamentals, watch the above video. ----- Follow us on Twitter: @CNBCNumbers Like us on Facebook: facebook.com/CNBCNumbers

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

<div class="group"><p><a href="https://www.cnbc.com/video/2014/06/11/gundlach-gold-going-to-1500.html"> It's one thing to say gold is going higher. But, when Jeffrey Gundlach, manager of the $49 billion DoubleLine, says he thinks gold will hit $1,500 per ounce by the end of this year, that's something people pay attention to.</a></p><p> In a webcasted presentation called "Penny For Your Thoughts", Gundalch noted the 96 percent reduction in the U.S. dollar's purchasing power since the Federal Reserve Bank was established a century ago, likening the end of the gold standard to the silver debasement of the Roman denarius from 64 to 270 AD. During the question and answer period, Gundlach said he thought gold could move to $1,500 this year.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The last time gold was at $1,500 was in April, 2013. Gold traded at $1,260 per ounce on Wednesday.</p><p> (<strong>Watch</strong>: <a href="https://www.cnbc.com/2014/06/11/stocks-open-lower-as-world-bank-cuts-growth-forecast.html">Stocks slide; worst hit in 3 weeks for Dow, S&amp;P 500</a>)</p><p> "Of course, there's a chance [Gundlach] could be right and gold could go higher," said Richard Ross, global technical strategist at Auerbach Grayson. "But, there's very little in the short-term technicals to suggest that move has begun in earnest."</p><p> Gold has been trading in a range between $1,180 and $1,400 for much of the past year, notes Ross. For the short-term, he is keeping an eye on the $1,270 line, which is close to the current 150-day moving average. "A break back above that level could set us up for a retest of that resistance around 1,400," said Ross.</p><p> However, that range should be seen in the context of the longer-term chart, according to Ross, a "Talking Numbers" contributor. "We're still in a downtrend from the highs that we established back around 1,900," he said.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Ross sees gold's break below its 150-week moving average as technically significant. Since the start of 2013, the 150-week moving average has been relatively flat, near the $1,525 level.</p><p> "You've got to get through 1,400 before you can trade 1,500, clearly," said Ross. "And, in the shorter term, you've got through 1,270 before you can trade 1,400. So, there's a lot of ifs and buts here in that argument. We really need to see a base breakout before we can call this a base."</p><p> Gina Sanchez, founder of Chantico Global, said that while there's a possibility that gold could go higher, she thinks the chances are low. The World Bank's reduction of global growth from 3.2 percent to 2.8 percent may cause some flight-to-safety buying of bullion. And, global interest rates are low, which traditionally augurs well for the yellow metal. But, Sanchez believes that won't last.</p><p> (<strong>Watch</strong>: <a href="https://www.cnbc.com/2014/06/11/world-bank-now-is-the-time-to-prepare-for-next-crisis.html">World Bank: 'Now is the time to prepare for next crisis'</a>)</p><p> "Even though we're in a benign interest rate environment in the U.S. – and certainly within Europe and Japan – I do think that in the U.S., rates will likely start to trend higher by the end of the year or into 2015," said Sanchez, a CNBC contributor. "That's not great for gold. We don't see a ton of inflation. If anything, maybe there's some deflationary pressures, particularly in Europe."</p><p> Gold needs to feed on something, said Sanchez, but she doesn't see a lot of major economic pessimism or inflation worries.</p><p> "I'm not sure that I see why gold, except for some short-term reasons, might pop a little," added Sanchez.</p><p> To see the full discussion on gold, with Ross on the technicals and Sanchez on the fundamentals, watch the above video.</p><p> -----<br> Follow us on Twitter: <a href="http://www.twitter.com/cnbcnumbers" target="_blank">@CNBCNumbers</a><br> Like us on Facebook: <a href="http://www.facebook.com/cnbcnumbers" target="_blank">facebook.com/CNBCNumbers</a></p></div>

It's one thing to say gold is going higher. But, when Jeffrey Gundlach, manager of the $49 billion DoubleLine, says he thinks gold will hit $1,500 per ounce by the end of this year, that's something people pay attention to. In a webcasted presentation called "Penny For Your Thoughts", Gundalch noted the 96 percent reduction in the U.S. dollar's purchasing power since the Federal Reserve Bank was established a century ago, likening the end of the gold standard to the silver debasement of the Roman denarius from 64 to 270 AD. During the question and answer period, Gundlach said he thought gold could move to $1,500 this year. The last time gold was at $1,500 was in April, 2013. Gold traded at $1,260 per ounce on Wednesday. (Watch: Stocks slide; worst hit in 3 weeks for Dow, S&P 500) "Of course, there's a chance [Gundlach] could be right and gold could go higher," said Richard Ross, global technical strategist at Auerbach Grayson. "But, there's very little in the short-term technicals to suggest that move has begun in earnest." Gold has been trading in a range between $1,180 and $1,400 for much of the past year, notes Ross. For the short-term, he is keeping an eye on the $1,270 line, which is close to the current 150-day moving average. "A break back above that level could set us up for a retest of that resistance around 1,400," said Ross. However, that range should be seen in the context of the longer-term chart, according to Ross, a "Talking Numbers" contributor. "We're still in a downtrend from the highs that we established back around 1,900," he said. Ross sees gold's break below its 150-week moving average as technically significant. Since the start of 2013, the 150-week moving average has been relatively flat, near the $1,525 level. "You've got to get through 1,400 before you can trade 1,500, clearly," said Ross. "And, in the shorter term, you've got through 1,270 before you can trade 1,400. So, there's a lot of ifs and buts here in that argument. We really need to see a base breakout before we can call this a base." Gina Sanchez, founder of Chantico Global, said that while there's a possibility that gold could go higher, she thinks the chances are low. The World Bank's reduction of global growth from 3.2 percent to 2.8 percent may cause some flight-to-safety buying of bullion. And, global interest rates are low, which traditionally augurs well for the yellow metal. But, Sanchez believes that won't last. (Watch: World Bank: 'Now is the time to prepare for next crisis') "Even though we're in a benign interest rate environment in the U.S. – and certainly within Europe and Japan – I do think that in the U.S., rates will likely start to trend higher by the end of the year or into 2015," said Sanchez, a CNBC contributor. "That's not great for gold. We don't see a ton of inflation. If anything, maybe there's some deflationary pressures, particularly in Europe." Gold needs to feed on something, said Sanchez, but she doesn't see a lot of major economic pessimism or inflation worries. "I'm not sure that I see why gold, except for some short-term reasons, might pop a little," added Sanchez. To see the full discussion on gold, with Ross on the technicals and Sanchez on the fundamentals, watch the above video. ----- Follow us on Twitter: @CNBCNumbers Like us on Facebook: facebook.com/CNBCNumbers

2021-10-30 14:12:43.108271

Lowe's sales top Street expectations, boosted by hurricane-related purchases

https://www.cnbc.com/2017/11/21/lowes-q3-earnings-2017.html

2017-11-21T11:00:34+0000

Lauren Thomas

CNBC

Lowe's on Thursday reported third-quarter earnings and sales that outpaced analysts' expectations, as more shoppers turned up for emergency supplies and repairs following devastating hurricanes and wildfires.Here's what Lowe's reported, compared with what Wall Street was expecting, based on a Thomson Reuters survey of analysts:Net income climbed to $872 million, or $1.05 a share, in the fiscal third quarter, from $379 million, or 43 cents, a year earlier. The year-ago period included $462 million of noncash pretax charges.The home improvement retailer's sales rose 6.5 percent, to $16.8 billion from $15.7 billion in the period last year. Hurricane-related sales totaled roughly $200 million in the third quarter, Lowe's said.Sales at Lowe's stores open at least a year climbed 5.7 percent, also topping Street expectations. Lumber, appliances and plumbing and electrical materials were top sellers."Repairs resulting from the hurricanes have blown Lowe's sales into much firmer growth territory," GlobalData Retail Managing Director Neil Saunders wrote in a note to clients."It is not just natural disasters that are keeping Lowe's numbers aloft, solid levels of activity in the housing market and a willingness among consumers to invest in the home also continue to drive the DIY market," Saunders added. "This is benefiting Lowe's, although not quite as much as it is Home Depot — which remains the destination of choice for many casual improvers and professionals."After initially rising following the earnings report, Lowe's shares fell less than 1 percent Tuesday morning.Looking to the full year, Lowe's still expects revenue to increase roughly 5 percent by the end of fiscal 2017, with sales at its established stores rising 3.5 percent. Lowe's is also on track to have added about 25 home improvement and hardware stores before the year is over.The current fourth quarter brings "tough comps," unknown impacts from weather and heavy holiday promotions in certain categories, CEO Robert Niblock told CNBC. Considering those factors, it made sense for the company to reaffirm its prior financial outlook, he added.Management also said on a call with analysts and investors that it expects some incremental hurricane-related sales in the fourth quarter."Looking at Lowe's in isolation, this is a good report today," Oppenheimer & Co. analyst Brian Nagel told CNBC's "Squawk Box."The one "negative," according to Nagel, would be rival Home Depot reporting even better same-store sales growth of 7.9 percent last week.Lowe's also announced that Chief Operating Officer Rick Damron will retire and be replaced by the president of the company's international business, Richard Maltsbarger, effective Feb. 3.In his new role, Maltsbarger will lead Lowe's push into creating more ways to reach customers whether they are buying online or in stores.In an attempt to lure younger shoppers, Lowe's has been experimenting with technology and opened up "smart home centers" at some locations ahead of the holidays.Earlier this year, Lowe's rolled out a virtual reality experience that offers do-it-yourself assistance through tutorials inside Lowe's Holoroom. Then, in September, Lowe's launched two new augmented reality apps — one for measuring an object, or distance, within the phone's camera view, and one for viewing images of furnishings, at scale, within a user's own home."We drove traffic in-store and online with compelling messaging," Niblock said in a statement Tuesday. He added the company continues to invest in these efforts.Lowe's also said Tuesday it bought back $500 million in stock during the third quarter.Lowe's shares have climbed a little more than 14 percent in 2017.

cnbc, Articles, Lowe's Companies Inc, Home Depot Inc, Sears Holdings Corp, Stanley Black & Decker Inc, Retail industry, Earnings, Retail, Squawk Box U.S., US: News, DO NOT USE Consumer, e-commerce, quotes, Business News, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/LOW" target="_blank">Lowe's</a> on Thursday reported third-quarter earnings and sales that outpaced analysts' expectations, as more shoppers turned up for emergency supplies and repairs following devastating hurricanes and wildfires.</p><p>Here's what Lowe's reported, compared with what Wall Street was expecting, based on a Thomson Reuters survey of analysts:</p><ul><li>Earnings of $1.05 a share, excluding items, compared with $1.02 per share.</li><li>Revenue was $16.77 billion, versus $16.59 billion.</li><li>Same-store sales climbed 5.7 percent, compared with an anticipated increase of 4.6 percent.</li></ul><div style="height:100%" class="lazyload-placeholder"></div><p>Net income climbed to $872 million, or $1.05 a share, in the fiscal third quarter, from $379 million, or 43 cents, a year earlier. The year-ago period included $462 million of noncash pretax charges.</p><p>The home improvement retailer's sales rose 6.5 percent, to $16.8 billion from $15.7 billion in the period last year. Hurricane-related sales totaled roughly $200 million in the third quarter, Lowe's said.</p><p>Sales at Lowe's stores open at least a year climbed 5.7 percent, also topping Street expectations. Lumber, appliances and plumbing and electrical materials were top sellers.</p><p>"Repairs resulting from the hurricanes have blown Lowe's sales into much firmer growth territory," GlobalData Retail Managing Director Neil Saunders wrote in a note to clients.</p><p>"It is not just natural disasters that are keeping Lowe's numbers aloft, solid levels of activity in the housing market and a willingness among consumers to invest in the home also continue to drive the DIY market," Saunders added. "This is benefiting Lowe's, although not quite as much as it is <a href="//www.cnbc.com/quotes/HD" target="_blank">Home Depot</a> — which remains the destination of choice for many casual improvers and professionals."</p><div style="height:100%" class="lazyload-placeholder"></div><p>After initially rising following the earnings report, Lowe's shares fell less than 1 percent Tuesday morning.</p><p>Looking to the full year, Lowe's still expects revenue to increase roughly 5 percent by the end of fiscal 2017, with sales at its established stores rising 3.5 percent. Lowe's is also on track to have added about 25 home improvement and hardware stores before the year is over.</p><p>The current fourth quarter brings "tough comps," unknown impacts from weather and heavy holiday promotions in certain categories, CEO Robert Niblock told CNBC. Considering those factors, it made sense for the company to reaffirm its prior financial outlook, he added.</p><p>Management also said on a call with analysts and investors that it expects some incremental hurricane-related sales in the fourth quarter.</p><p>"Looking at Lowe's in isolation, this is a good report today," Oppenheimer &amp; Co. analyst Brian Nagel told CNBC's "<a href="https://www.cnbc.com/squawk-box-us/">Squawk Box</a>."</p><p>The one "negative," according to Nagel, would be rival Home Depot <a href="//www.cnbc.com/quotes/HD" target="_blank">reporting even better same-store sales growth</a> of 7.9 percent last week.</p><p><a href="http://phx.corporate-ir.net/phoenix.zhtml?c=95223&amp;amp;p=irol-newsArticle&amp;amp;ID=2318066" target="_blank">Lowe's also announced</a> that Chief Operating Officer Rick Damron will retire and be replaced by the president of the company's international business, Richard Maltsbarger, effective Feb. 3.</p><p>In his new role, Maltsbarger will lead Lowe's push into creating more ways to reach customers whether they are buying online or in stores.</p><p>In an attempt to lure younger shoppers, Lowe's has been experimenting with technology and <a href="https://www.cnbc.com/2017/11/07/lowes-is-bringing-smart-home-centers-to-its-stores.html">opened up "smart home centers"</a> at some locations ahead of the holidays.</p><p><a href="https://newsroom.lowes.com/news-releases/holoroom-how-to/" target="_blank">Earlier this year</a>, Lowe's rolled out a virtual reality experience that offers do-it-yourself assistance through tutorials inside Lowe's Holoroom. Then, in September, Lowe's launched two new augmented reality apps — one for measuring an object, or distance, within the phone's camera view, and one for viewing images of furnishings, at scale, within a user's own home.</p><p>"We drove traffic in-store and online with compelling messaging," Niblock said in a statement Tuesday. He added the company continues to invest in these efforts.</p><p>Lowe's also said Tuesday it bought back $500 million in stock during the third quarter.</p><p>Lowe's shares have climbed a little more than 14 percent in 2017.</p></div>,<div class="group"></div>,<div class="group"></div>

Lowe's on Thursday reported third-quarter earnings and sales that outpaced analysts' expectations, as more shoppers turned up for emergency supplies and repairs following devastating hurricanes and wildfires.Here's what Lowe's reported, compared with what Wall Street was expecting, based on a Thomson Reuters survey of analysts:Earnings of $1.05 a share, excluding items, compared with $1.02 per share.Revenue was $16.77 billion, versus $16.59 billion.Same-store sales climbed 5.7 percent, compared with an anticipated increase of 4.6 percent.Net income climbed to $872 million, or $1.05 a share, in the fiscal third quarter, from $379 million, or 43 cents, a year earlier. The year-ago period included $462 million of noncash pretax charges.The home improvement retailer's sales rose 6.5 percent, to $16.8 billion from $15.7 billion in the period last year. Hurricane-related sales totaled roughly $200 million in the third quarter, Lowe's said.Sales at Lowe's stores open at least a year climbed 5.7 percent, also topping Street expectations. Lumber, appliances and plumbing and electrical materials were top sellers."Repairs resulting from the hurricanes have blown Lowe's sales into much firmer growth territory," GlobalData Retail Managing Director Neil Saunders wrote in a note to clients."It is not just natural disasters that are keeping Lowe's numbers aloft, solid levels of activity in the housing market and a willingness among consumers to invest in the home also continue to drive the DIY market," Saunders added. "This is benefiting Lowe's, although not quite as much as it is Home Depot — which remains the destination of choice for many casual improvers and professionals."After initially rising following the earnings report, Lowe's shares fell less than 1 percent Tuesday morning.Looking to the full year, Lowe's still expects revenue to increase roughly 5 percent by the end of fiscal 2017, with sales at its established stores rising 3.5 percent. Lowe's is also on track to have added about 25 home improvement and hardware stores before the year is over.The current fourth quarter brings "tough comps," unknown impacts from weather and heavy holiday promotions in certain categories, CEO Robert Niblock told CNBC. Considering those factors, it made sense for the company to reaffirm its prior financial outlook, he added.Management also said on a call with analysts and investors that it expects some incremental hurricane-related sales in the fourth quarter."Looking at Lowe's in isolation, this is a good report today," Oppenheimer & Co. analyst Brian Nagel told CNBC's "Squawk Box."The one "negative," according to Nagel, would be rival Home Depot reporting even better same-store sales growth of 7.9 percent last week.Lowe's also announced that Chief Operating Officer Rick Damron will retire and be replaced by the president of the company's international business, Richard Maltsbarger, effective Feb. 3.In his new role, Maltsbarger will lead Lowe's push into creating more ways to reach customers whether they are buying online or in stores.In an attempt to lure younger shoppers, Lowe's has been experimenting with technology and opened up "smart home centers" at some locations ahead of the holidays.Earlier this year, Lowe's rolled out a virtual reality experience that offers do-it-yourself assistance through tutorials inside Lowe's Holoroom. Then, in September, Lowe's launched two new augmented reality apps — one for measuring an object, or distance, within the phone's camera view, and one for viewing images of furnishings, at scale, within a user's own home."We drove traffic in-store and online with compelling messaging," Niblock said in a statement Tuesday. He added the company continues to invest in these efforts.Lowe's also said Tuesday it bought back $500 million in stock during the third quarter.Lowe's shares have climbed a little more than 14 percent in 2017.

2021-10-30 14:12:43.218720

A Chat With GSI Commerce’s Rubin

https://www.cnbc.com/2007/02/26/a-chat-with-gsi-commerces-rubin.html

2007-02-27T00:21:45+0000

Tom Brennan

CNBC

Cramer recommended e-commerce company GSI Commerce as a Christmas play. Now that the stock is up 17% since then, the Mad Money maven is wondering if it’s time to take profits. He got Chairman, CEO and President Michael Rubin on the phone to figure it out.Rubin notes that GSI is barely eight years old – and e-commerce, for that matter, is only 10. For that reason, “There’s so much growth ahead of us,” he says. The CEO predicts comp-store sales will more than double the business over the next five years. Also, an increase in new partners, marketing services and internationalization are all contributing to the growth spurt. Cramer liked what he heard. He recommends holding on to the stock – and buying it if it dips below $20. Questions? Comments?

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

<div class="group"><p>Cramer recommended e-commerce company GSI Commerce as a Christmas play. Now that the stock is up 17% since then, the Mad Money maven is wondering if it’s time to take profits. He got Chairman, CEO and President Michael Rubin on the phone to figure it out.</p><p>Rubin notes that GSI is barely eight years old – and e-commerce, for that matter, is only 10. For that reason, “There’s so much growth ahead of us,” he says. The CEO predicts comp-store sales will more than double the business over the next five years. Also, an increase in new partners, marketing services and internationalization are all contributing to the growth spurt. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Cramer liked what he heard. He recommends holding on to the stock – and buying it if it dips below $20. </p><p><em>Questions? Comments? </em></p></div>

Cramer recommended e-commerce company GSI Commerce as a Christmas play. Now that the stock is up 17% since then, the Mad Money maven is wondering if it’s time to take profits. He got Chairman, CEO and President Michael Rubin on the phone to figure it out.Rubin notes that GSI is barely eight years old – and e-commerce, for that matter, is only 10. For that reason, “There’s so much growth ahead of us,” he says. The CEO predicts comp-store sales will more than double the business over the next five years. Also, an increase in new partners, marketing services and internationalization are all contributing to the growth spurt. Cramer liked what he heard. He recommends holding on to the stock – and buying it if it dips below $20. Questions? Comments?

2021-10-30 14:12:43.268502