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Fiat Chrysler CEO says Ram will offer electric pickup
Get ready for an electric Ram pickup. Fiat Chrysler Automobiles CEO Mike Manley confirmed on Wednesday that Ram will join the rush to produce an electric truck, an area that promises robust competition with Ford, General Motors, Tesla, Rivian and Lordstown Motors already planning to launch their own models. The news from Manley came in the same week GM announced a more than $100,000 price tag for its GMC Hummer electric pickup. Industry expert Rebecca Lindland said planning to make an electric truck is understandable for FCA. She noted that even though electric vehicle demand "wallows in the single digits, we could start to see pull-demand from millennial buyers as EV models penetrate into larger segments like pickup trucks and crossovers, so an electrified Ram pickup makes a lot of sense."
Tiffany agrees to $15.8 billion revised sale price, merger with LVMH, owner of Louis Vuitton, Sephora and Hennessy
Luxury goods giant LVMH has officially landed its gem. The Paris-based conglomerate, which has a portfolio including Louis Vuitton, Christian Dior, Bulgari and Hennessy, will acquire New York's famed jeweler Tiffany for $15.8 billion, the companies said. The sale price is slightly lower than the $16.2 billion the two companies announced in November 2019. The buyout has been approved by the boards of both companies, and it's expected to close early next year. Tiffany had sued LVMH asking the court to make the luxury goods company abide by the merger agreement.
Two men, company that ran Pennsylvania hotels convicted of sex, drug trafficking
Faizal Bhimani, 43, and Nazim Hassam, 64; Om Sri Sai, Inc., a Pennsylvania corporation; and the Pocono Plaza Inn hotel, formerly known as the Quality Inn in Stroudsburg, were convicted Friday of sex trafficking and drug trafficking charges after a two-week jury trial. The investigation expanded after Stroud Area Regional Police and the Monroe County District Attorney’s Office uncovered more widespread sex and drug trafficking in Monroe County, the U.S. Attorney’s Office said. Bhimani also traded discounted and free rooms for sex, prosecutors said. “This was a novel prosecution, and the first time a hotel or its manager or owner have been charged with and convicted of sex trafficking in Pennsylvania,” said U. S. Attorney David J. Freed said sex trafficking cases are among the most serious his office prosecutes.
Tiffany, LVMH agree to end bitter legal battle in new merger deal
Tiffany & Co. and LVMH are heading back to the altar. The ritzy retailers said they will end their bitter legal battle as they announced a revised merger deal announced Thursday — less than two months after LVMH moved to cancel the blockbuster wedding. The revised deal — now worth about $15.9 billion based on Tiffany’s number of outstanding shares — is expected to close early next year if the blue-box jeweler’s shareholders approve it. The deal has already received regulatory clearance, and both companies’ boards have approved the terms, according to a news release. The two companies’ Delaware court battle was slated to go to trial in January had they not agreed to drop the dispute.
Record Economic Growth Expected, but Problems Remain: Live Updates
ET Record Economic Growth Expected, but Problems Remain: Live Updates RIGHT NOW Here come the last big economic numbers before the election. The Commerce Department will release its preliminary estimate of economic growth in the third quarter. France is expected to report on Friday a jump in growth during the third quarter, when summer vacations helped fuel a temporary economic revival. The government has calculated that 60 billion euros is lopped off economic activity for every month in which a total lockdown is active. Factories, farms and construction sites will stay open, along with some public services, to limit potentially wider economic damage.
Bank programs seek to widen the path to Black homeownership
ADThey’re rolling out ambitious initiatives aimed at tackling the consistently lower homeownership rates for African Americans and other minorities in the United States. Studies by the Consumer Financial Protection Bureau have consistently shown that Black mortgage applicants are denied conventional home loans at higher rates than Whites. Even today, decades after redlining was outlawed, Massachusetts Institute of Technology data shows Black Americans still pay more than any other group to own a home. The homeownership gap between Black and White Americans has widened since the Great Recession, from 28.1 percentage points in 2010 to almost 30 percentage points this year. The reasons for the lower rates of Black homeownership are varied and complex, experts say.
Classic toys are making a comeback during the pandemic
Classic toys also have strong appeal for adults who want their children engaged in open-ended play for long periods of time. Analysts expect toy sales to be a bright spot in a holiday season mired by recession and high unemployment. Among the season’s most popular toys, according to NPD: Little Tikes, Barbies and Hot Wheels. ADBut the pandemic has created its share of challenges: unpredictable demand, supply chain hiccups and a trucking shortage that is keeping some toys from making it to stores. “It has been a tale of two anxieties: The pandemic hit and we panicked that people would stop buying toys.
Senators grilled Big Tech CEOs on Wednesday. Here's what you need to know
Senators grilled Big Tech CEOs on Wednesday. Here's what you need to knowCEO's from Twitter, Facebook and Google parent company Alphabet testifyed before a Senate panel and the exchanges became heated. CNBC's Ylan Mui joins CNBC's "Squawk Box" with the details.
Southern Company CEO on earnings, the economy and the future of the energy sector
Southern Company CEO on earnings, the economy and the future of the energy sectorSouthern Company reported mixed quarterly earning results. The utility posted an adjusted profit of $1.22 per share, which beat estimates by $0.01, but revenue was below Wall Street forecasts. Southern Company CEO Tom Fanning joins "Squawk Box" to discuss the company's results as well as what he's seeing in the broader economy and the direction the energy sector is headed.
Southern Co. CEO Tom Fanning on the utility company's mixed quarterly earnings results
Southern Co. CEO Tom Fanning on the utility company's mixed quarterly earnings results"I think America is learning to live with the Covid virus," Southern Company CEO Tom Fanning told CNBC's "Squawk Box" on Thursday. "My sense is, as customers and as businesses are prone to do, we will adapt to these changing."
Markets have been a bit too complacent, says Citi Private Bank investment strategist
Markets have been a bit too complacent, says Citi Private Bank investment strategistKen Peng from Citi Private Bank goes through the latest market sell-off, and what to expect from markets after the U.S. elections.
Former U.S. chief technology officer analyzes Senate hearing with Big Tech CEOs
Former U.S. chief technology officer analyzes Senate hearing with Big Tech CEOsCEOs from Twitter, Facebook and Google parent company Alphabet testified before a Senate panel and the exchanges became heated. Aneesh Chopra, president of CareJourney who served as the first U.S. Chief Technology Officer under President Obama, joins "Squawk Box" to discuss the implications of the hearing and what may come next for social media regulation.
Economists expect the largest ever increase in GDP—Here's what it means
Economists expect the largest ever increase in GDP—Here's what it meansThe government is set to report a massive 33% gain in GDP, and it will quickly become part of the political debate about the recovery. CNBC's Steve Liesman joins CNBC's "Squawk Box" to explain what the number really says about the rebound.
Yum Brands quarterly revenue rises 8%, fueled by higher Taco Bell demand
Yum Brands on Thursday reported that its quarterly revenue rose 8%, fueled by Taco Bell's return to positive same-store sales growth. Taco Bell reported same-store sales growth of 3%. Last quarter, the chain saw its same-store sales fall 8%, hurt by lower demand from early morning and late-night customers. KFC's global same-store sales fell 4%, despite U.S. same-store sales growth of 9%. The pizza chain's quarterly same-store sales rose 6% in the United States.
Tapestry shares surge after Coach owner's sales fall less than expected, boosted by China, e-commerce
Coach owner Tapestry reported Thursday quarterly results that topped its own estimates, driven by triple-digit e-commerce growth and a strong rebound in China. For its fiscal second quarter, Tapestry is calling for a low-double-digit sales decline. Excluding one-time charges during the latest quarter, Tapestry earned 58 cents per share, outpacing analyst expectations for 23 cents per share, from Refinitiv. Coach sales fell 9% from a year earlier to $875.4 million, while Kate Spade sales fell 21% to $240.4 million, and Stuart Weitzman sales dropped 35% to $56.4 million. And this holiday season, it expects e-commerce sales will make up nearly 50% of all North American holiday sales.
Reopening trade is faltering, but one group should hold up better than others, two traders say
However, one area of the recovery trade could rebound better than the others, two traders said Wednesday. Stocks pegged to the reopening of the economy — particularly airlines, hotels and cruise lines — have been hit hard this week as rising coronavirus case counts take the wind out of the recovery. "I do think people are starting to get a little antsy here, are starting to look to travel. And the second is how much debt did they have to take on in order to deal with the initial cratering of demand that happened, and are they going to be able to service that debt going forward?" "So, I think debt is the big problem here."
Europe gears up for more economic pain as Germany and France impose national lockdowns
"Scarring will occur with each iteration," analysts at High Frequency Economics said in note on Wednesday about the new lockdowns. French President Emmanuel Macron announced Wednesday a second nationwide lockdown starting Friday, with only schools and factories remaining open — in contrast to March, when these were also shut. Germany has weathered the economic crisis relatively well to date, in comparison with its European peers. "Rising infections rates in Europe and the U.S. could dampen demand for German export goods," Deutsche Bank said. Michele Tantussi | Getty Images News | Getty Images
What to watch today: Stock futures mixed after Wednesday's steep sell-off on Covid worries
That's down from the original $135 per share deal the two sides had agreed to last November, prior to the pandemic. Pinterest (PINS) earned an adjusted 13 cents per share for its latest quarter, 10 cents above estimates, with revenue also above forecasts. Visa (V) came in 3 cents above estimates with adjusted quarterly profit of $1.12 per share. EBay (EBAY) earned an adjusted 85 cents per share for its latest quarter, 8 cents above estimates, with revenue also beating consensus. Etsy (ETSY) beat estimates by 10 cents, reporting quarterly profit of 70 cents per share, while revenue also topped Wall Street forecasts.
Halfway through earnings season, the coronavirus resurgence is overshadowing great results
That's the story of earnings season so far. "Lockdown light" still has a bad ring to it. We are now halfway through a spectacular third quarter earnings season. The S&P 500 is 8% below where it started on the day earnings season began Oct. 13. It's simple: Wall Street doesn't live on past earnings reports, however good they may be.
Stocks making the biggest moves in the premarket: Comcast, Spotify, Pinterest, Tapestry & more
The shares rose 2.4% in premarket trading as of 7:33 a.m. Spotify fell 3.9% in premarket trading as of 7:33 a.m. Pinterest (PINS) – Pinterest earned 13 cents per share for its latest quarter, 10 cents a share above estimates. EBay (EBAY) – EBay earned 85 cents per share for its latest quarter, 8 cents a share above estimates. Etsy (ETSY) – Etsy beat estimates by 10 cents a share, reporting quarterly profit of 70 cents per share.
Something big will be missing from Apple's earnings tonight
New York (CNN Business) Apple's quarterly earnings announcement Thursday afternoon will look different than in past years: The report won't include the new iPhone 12, Apple's ( AAPL ) highly anticipated, first ever 5G smartphone . (iPhone sales during that quarter fell 9%, a narrower rate of decline than in previous quarters, in line with analysts' expectations of strong early iPhone 11 demand.) This year, however, the iPhone 12 release was delayed by several weeks because of the pandemic. "It will not be apples to apples with a typical September quarter with no iPhone launch until October," Wedbush analyst Dan Ives told CNN Business. Though early sales of the iPhone 12 won't be included in Thursday's quarterly revenue report, analysts have indicated that early demand for the new smartphone is strong.
Strong earnings help stocks regain poise
BusinessStrong earnings help stocks regain poisePostedAfter a big slide the day before, European stocks opened with gains on Thursday, helped by stronger than expected results from firms including VW, Shell and Sanofi. Julian Satterthwaite reports.
LVMH, Tiffany patch up differences, agree deal
BusinessLVMH, Tiffany patch up differences, agree dealPostedU.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price of its acquisition by the French luxury goods group, ending a bitter legal dispute between the two, the companies said on Thursday. Francis Maguire reports.
Gold holds steady, tracks dollar as election caution kicks in
FILE PHOTO: Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File PhotoSpot gold was flat at $1,877.01 per ounce by 1028 GMT. “No one really wants to take any aggressive positions ahead of the election,” said StoneX analyst Rhona O’Connell. But gold, considered an inflation-hedge, was still up 24% this year, helped by near-zero interest rates globally and unprecedented stimulus measures. On the physical front, the World Gold Council expected gold demand to improve into year-end in traditional top buyers China and India after slumping for most of this year.
Ralph Lauren misses revenue estimates, sees more pandemic pain ahead
FILE PHOTO: A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario Anzuoni(Reuters) - Ralph Lauren Corp RL.N missed revenue estimates for the second quarter on Thursday, as fewer customers spent on its high-end apparel and accessories during the COVID-19 pandemic. The luxury apparel retailer said it expects third quarter and full year earnings to continue to be adversely affected by the pandemic that has dulled consumer demand. Net revenue fell about 30% to $1.19 billion in the quarter ended Sept. 26, missing analysts’ average estimate of $1.21 billion, according to IBES data from Refinitiv. The company reported a net loss of $39.1 million, or 53 cents per share, compared with a profit of $182.1 million, or $2.34 per share, a year earlier.
Rise in at-home cooking helps Kraft Heinz beat sales expectations
(Reuters) - Kraft Heinz Co KHC.O beat third-quarter revenue expectations on Thursday, as consumers bought more of its packaged foods and condiments for at-home cooking, sending its shares up about 4% in premarket trading. The company, known for brands from Philadelphia cream cheese to Heinz ketchup, said quarterly sales grew 6% to $6.44 billion, beating analysts’ average estimate of $6.32 billion, according to Refinitiv data. Compared to its peers, Kraft generated the highest increase in sales over the past 12 weeks at U.S. retail stores. It rose 9.8% for Kraft, 5% for Kellogg and 8.7% for General Mills GIS.N, according to data provided to Guggenheim by Nielsen. For the full year, Kraft raised its forecast for adjusted core earnings to high single digits from mid single digits.
ConocoPhillips posts smaller-than-expected loss as oil prices recover
FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File Photo(Reuters) - Oil producer ConocoPhillips COP.N, which is buying Concho Resources Inc CXO.N for $8.3 billion, posted a smaller-than-expected quarterly loss on Thursday as it benefited from a recovery in crude oil prices from pandemic-driven lows. Excluding curtailments and other items, ConocoPhillips’ third-quarter production came in at 1.2 million barrels of oil equivalent per day (boepd), 4% below last year’s levels. Concho Resources had earlier this week reported a small decline in its third-quarter production. ConocoPhillips’ adjusted net loss of 31 cents per share in the third quarter was 1 cent below analysts’ average expectations, according to Refinitiv IBES data.
Column: Coronavirus and the great workplace debate
Remote working has become a necessity for some and highly desirable for many others, accelerating a trend already in motion. But what makes the coronavirus crisis different is that communications technology now enables them to stay there after the epidemic is brought under control. POPULAR COMPROMISEBlended working, where employees split their time between working remotely and from a central office has emerged as a popular compromise for a post-pandemic workplace solution. Among these, employees and employers both have to maintain workspace, paying for space used only part of the time. But the need to continue travelling to a central location suggests the need to remain within easy commuting distance.
European stocks rebound as earnings support; focus on ECB meet
(Reuters) - European stocks recovered slightly on Thursday on the back of strong earnings from oil major Royal Dutch Shell and chip equipment supplier ASM, but sentiment remained fragile a day after lockdown fears sparked a sharp selloff. The pan-European STOXX 600 index .STOXX rose 0.3% after closing at a five-month low in the previous session, while the German DAX .GDAXI advanced 0.6% and UK's FTSE 100 .FTSE and France's CAC 40 .FCHI rebounded from multi-month lows. Real estate .SX86P, oil & gas .SXEP and technology stocks .SX8P rose more than 1%, leading sectoral gains. UK's Royal Dutch Shell RDSa.L rose 2.5% as the company lifted its dividend after easily beating third-quarter profit forecasts. In the busiest day for European reporting season, telecom stocks took a beating as Finnish telecom network equipment maker Nokia NOKIA.HE slumped 17.2% after it cut its full-year profit forecast.
Ant Group's Shanghai retail book for $34.4 billion listing 872 times oversubscribed
FILE PHOTO: The logo of Ant Group, an affiliate of Alibaba, is pictured at its headquarters in Hangzhou, Zhejiang province, China October 26, 2020. REUTERS/Aly Song/File PhotoHONG KONG (Reuters) - The domestic retail book of Ant Group Co Ltd’s $34.4 billion dual listing was 872 times oversubscribed as individual investors in China scrambled for a slice of the world’s largest initial public offering (IPO), a company filing showed. The oversubcription equates to investment interest of about 4 trillion yuan ($596.76 billion). Hangzhou-based Ant, backed by e-commerce behemoth Alibaba BABA.N, is selling 1.67 billion shares on the Nasdaq-style STAR Market before a so-called greenshoe option for a 15% overallotment of shares. The remaining 16% of the Shanghai leg had been allotted to non-strategic institutional investors who subscribed for about 76 billion shares, roughly 284 times the initial tranche, according to Ant’s filing on Monday.
TC Energy sees higher costs for Coastal Gaslink pipeline
(Reuters) - TC Energy Corp TRP.TO said it expects costs for its Coastal Gaslink pipeline in British Columbia to rise compared to the previously disclosed estimate due to increased scope, permit delays and COVID-19 impacts. The Coastal Gaslink pipeline, which will deliver natural gas from Montney to LNG Canada’s liquefaction facility under construction near Kitimat, British Columbia, has faced opposition from environmentalists. The construction of Coastal Gaslink was expected to cost over $6.6 billion, and once the pipeline was in operation, an additional $42 million was forecast to be spent each year. The project is targeted to be brought in service in the second half of 2022. TC Energy’s comparable earnings fell to C$893 million ($677.23 million), or 95 Canadian cents per share, in the third quarter ended Sept. 30, from C$970 million, or C$1.04 per share, a year earlier.
Shopify revenue beats estimates as online boom pulls in more merchants
FILE PHOTO: The logo of Shopify is seen outside its headquarters in Ottawa, Ontario, Canada, September 28, 2018. REUTERS/Chris Wattie(Reuters) - Canadian e-commerce firm Shopify Inc beat Wall Street estimates for third-quarter revenue on Thursday, as more brick-and-mortar businesses listed on its platform to tap the pandemic-driven surge in online shopping. Boom in online orders from consumers sheltering at home during the outbreak boosted sales across e-commerce firms, encouraging small- to medium-sized businesses to create an online presence. Shopify generates revenue by selling subscription to merchants looking to join its e-commerce platform and by charging them payment processing and transaction fees along with other paid logistics services. Revenue, for the quarter ended Sept. 30, came in at $767.4 million, a 96% surge on-year, and above analysts’ estimate of $663.4 million, according to IBES data from Refinitiv.
Contract worker killed at Canada's Trans Mountain Expansion Project site
(Reuters) - A contract worker was fatally injured at a construction site that is part of the government-owned Trans Mountain Expansion Project in Edmonton, Alberta on Oct. 27, the Canada Energy Regulator (CER) said. Work at the site has been halted and two CER safety specialists are overseeing Trans Mountain’s investigation of the incident, the regulator said in a statement dated Wednesday. The Trans Mountain Expansion (TMX) project will twin the existing 1,150-kilometre pipeline between Strathcona County, Alberta and Burnaby, BC, creating a pipeline system with the nominal capacity going from about 300,000 barrels per day (bpd) to 890,000 bpd.
Factbox: Key details from fifth plenum of China's Communist Party
Below are some key details from the communique of the plenum, the fifth meeting of the Central Committee since the once-in-five years Communist Party congress in 2017, as released by state media on Thursday. GDP GOALSParty leadership said in the communique that the value of China’s gross domestic product is expected to exceed 100 trillion yuan ($14.92 trillion) this year. In the communique, the party said the model would be promoted, combining efforts to expand domestic demand with supply-side reforms. REFORMSThe party said in the communique that China would deepen reforms in all aspects, but gave few details. (This story corrects to say this year’s GDP is expected to exceed 100 trillion yuan, not reach 100 trillion yuan)
TSX futures rebounds from sharp selloffs in prior session
(Reuters) - Futures for Canada’s main stock index were set to join a global recovery on Thursday, a day after TSX posted its worst day in over four months over worries about surging coronavirus cases in Europe and the United States. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris HelgrenDecember futures on the S&P/TSX index were up 0.57% at 7:00 a.m. ETThe Toronto Stock Exchange’s S&P/TSX composite index ended 2.71% lower at 15,586.57 on Wednesday. ET, while S&P 500 e-mini futures were up 0.59% and Nasdaq 100 e-mini futures were up 0.96%.
Tougher new rules for tech giants, more power to enforcers: EU's Vestager
FILE PHOTO: Executive Vice President of the European Commission Margrethe Vestager addresses the media at the German Economy Ministry in Berlin, Germany September 7, 2020. Michael Sohn/Pool via REUTERS/European Competition Commissioner Margrethe Vestager also proposed new powers for enforcers to tackle market failures in digital markets and to stop new ones from emerging. Under the proposed Digital Services Act, online platforms will have to check sellers’ identities before they can use their services in a move aimed at countering illegal and dangerous content. The second set of rules called the Digital Markets Act is targeted at online gatekeepers. Vestager said the second pillar of the Digital Markets Act was to set up a harmonised market investigation framework across the 27-country bloc.
India's September infrastructure output contracts 0.8%
FILE PHOTO: Women carry firewood on iron beams laid over a canal next to the construction site of a metro rail station in Kolkata, India, March 29, 2019. REUTERS/Rupak De ChowdhuriNEW DELHI (Reuters) - India’s infrastructure output in September contracted 0.8% from a year earlier, government data released on Thursday showed. Infrastructure output, which comprises eight sectors including coal, crude oil and electricity and accounts for nearly 40% of industrial output, contracted 14.9% in the six months through September from a year earlier, the data showed
If Biden wins, what would a U.S. climate change pledge look like?
BRUSSELS/WASHINGON (Reuters) - If he wins next Tuesday’s U.S. presidential election, Joe Biden has pledged to give the country a leading role in global efforts to curb climate change. REUTERS/Leah Millis/File PhotoPresident Donald Trump, who has rejected mainstream science on climate change, does not have a plan to address global warming. That is because under the Paris Agreement progress towards curbing climate change is measured by countries’ pledges to rein in emissons this decade. The Biden campaign has not yet set an economy-wide emissions target for 2030, but his climate plan features a goal to eliminate carbon emissions from the power sector by 2035. A Biden administration could get a boost from climate policies already in place in many states, cities and businesses.
Airbus to stop burning cash, defends higher output plan
FILE PHOTO: The logo of Airbus is pictured at the entrance of the Airbus facility in Bouguenais, near Nantes, France, July 2, 2020. Chief Executive Guillaume Faury said Airbus had learned much about how to adapt during the seven-month-old crisis. But suppliers worry in case Airbus is unable to meet the new goal, leaving them with bills for investing in new capacity. Some analysts expect Airbus to cut wide-body rates again after halving A350 output to five a month. Faury said Airbus had reactivated planning for a worst-case no-deal Brexit, though he did not expect this to be needed.
Oil extends losses with 4% slump on renewed lockdowns
LONDON (Reuters) - Oil prices fell 4% on Thursday to their lowest since mid-June, extending the previous day’s sharp decline on the potential impact renewed coronavirus lockdowns will have on oil demand. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. “[We] believe it is increasingly unlikely that oil production will be stepped up from January,” Commerzbank said. Rising Libyan oil production is also weighing on sentiment. Oil had initially rebounded slightly from overnight losses in Asian morning trade on technical support and the prospect of tighter short-term supply as Hurricane Zeta slams Louisiana.
Tiffany agrees to revised terms on LVMH takeover deal
FILE - In this Nov. 25, 2019 file photo, people walk past a Tiffany jeweler shop on the Champs Elysees avenue in Paris. LVMH and Tiffany have worked through their differences, with the famous jewelry company agreeing to be purchased by the luxury goods company for slightly less than what they initially agreed on. (AP Photo/Michel Euler, File)FILE - In this Nov. 25, 2019 file photo, people walk past a Tiffany jeweler shop on the Champs Elysees avenue in Paris. LVMH and Tiffany have worked through their differences, with the famous jewelry company agreeing to be purchased by the luxury goods company for slightly less than what they initially agreed on. “We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany,” LVMH CEO Bernard Arnault said in a prepared statement Thursday.
China’s leaders vow to become self-reliant technology power
China's leaders vowed Thursday, Oct. 29, 2020, to speed up its development as a self-reliant "technology power" amid a feud with Washington that is cutting access to U.S. components and hampering Beijing's industrial ambitions. China's leaders vowed Thursday, Oct. 29, 2020, to speed up its development as a self-reliant "technology power" amid a feud with Washington that is cutting access to U.S. components and hampering Beijing's industrial ambitions. (AP Photo/Mark Schiefelbein)BEIJING (AP) — China’s leaders are vowing to make their country a self-reliant “technology power” as a feud with Washington cuts access to U.S. computer chips and other high-tech components, hampering Beijing’s industrial ambitions. ADVERTISEMENT“Science and technology should be self-reliant as a strategic support for national development,” said a party statement. It promised to “accelerate the building of a science and technology power” but gave no details.
Biden Tax Plan: Six Ways It Might Affect You
Biden Tax Plan: Assembling The Jigsaw PuzzleTo flesh out Biden's tax plan, the Tax Policy Center (TPC) — which is a nonpartisan joint venture of two prominent think tanks, the Urban Institute and the Brookings Institution — put the jigsaw puzzle together. The overall result is a written analysis of the Biden tax plan by Mermin and five other TPC tax experts. The Biden tax plan would replace the current tax deductions for contributions to traditional 401(k)s and IRAs with a new across-the-board 26% tax credit. Known widely as the Trump tax cuts, the Biden tax plan would repeal the TCJA tax cuts for taxpayers with incomes topping $400,000. The Biden tax plan would restore the estate tax rules of 2009.
Comcast Earnings, Revenue Fall Amid Weak NBCU Results But Top Expectations
Comcast stock rose as revenue also topped estimates, despite weak results at NBCUniversal amid the coronavirus pandemic. Analysts expected Comcast earnings of 50 cents a share on revenue of $24.73 billion for the period ended Sept. 30. Comcast Earnings: NBCUniversal Results WeakNBCUniversal revenue fell nearly 19% to $6.72 billion as theme park and movie studio sales plummeted, the company said. Comcast stock climbed 2.5% to near 43 before the market open on the stock market today. Heading into the Comcast earnings report, the cable TV firm had a Relative Strength Rating of only 55 out of a possible 99.
12 Winning Stocks Completely Shield You From The Market Sell-Off
S&P 500 stocks are crumbling right and left as fear heats up. But the S&P 500 has run into serious trouble after the Oct. 12 high. That's what makes S&P 500 stocks shielded from the sell-off worth paying attention to. Can these S&P 500 leaders maintain their shield as the market suffers? S&P 500 Companies Deflect Sell-OffStocks up 30% or more from Jan. 1 through Oct. 12, that are up from the October peakCompany Symbol % Gain YTD To Oct. 12 Ch.
Shopify Earnings Top Views, Stock Rises As Beat Smaller Vs. June Quarter
Shopify stock rose on the news even as the size of its third quarter beat came in a bit smaller vs. the June quarter. Shopify stock rose 4.3% to near 1,071 before the market open on the stock market today. Heading into the earnings report, Shopify stock traded about 9% below an entry point of 1,130.10. Shopify Earnings: GMV Growth Tops EstimatesGross merchandise volume from merchant customers jumped 109% to $30.9 billion, vs. estimates of $27.46 billion. Ahead of the Shopify earnings report, the company had a Relative Strength Rating of 96 out of a possible 99, according to IBD Stock Checkup.
ALXN Stock: Alexion Pharmaceuticals Earnings Beat, Biotech Hikes 2020 Guidance, As Promised
Before Thursday's market open, Alexion Pharmaceuticals (ALXN) reported adjusted earnings of $3.24 per share on $1.59 billion in sales for the third quarter. In response, ALXN stock rose . Alexion stock rose 4.4% to 119.94 in premarket trading in the stock market today. Shares of ALXN stock have fallen out a buy zone since breaking out of a cup-with-handle base at a 120.91 buy point on Oct. 7. On Oct. 9, ALXN stock touched a 15-month high of 128.57.
Calix Stock Pops As Coronavirus Drives Push To End Rural Digital Divide
This year's rally in Calix stock owes much to closing the digital divide and bringing high-speed internet services to rural America amid the coronavirus pandemic. The company went public in 2010, but Calix stock had underperformed until Covid-19 came along. Analysts expect Calix stock to get a boost from RDOF spending in late 2021 or most likely 2022. Calix Stock: A Shift To Cloud Software ModelNew software offerings include "Calix Cloud," an analytics platform that leverages network data and subscriber behavioral data. One near-term worry among analysts following Calix stock is that the coronavirus-driven spending hike to bridge the digital divide could suddenly evaporate.
Spotify Beats Targets For New Subscribers In Q3, But Sales, Earnings Miss
Streaming music leader Spotify Technology (SPOT) added more subscribers than expected in the third quarter but came up short on sales and earnings. The Spotify earnings news pushed SPOT stock lower in early trading on Thursday. In the year-earlier quarter, Spotify earnings were 40 cents a share on sales of $1.93 billion. Spotify added 6 million new paying subscribers in the third quarter, ending the period with 144 million premium subscribers. On Wednesday, ahead of the Spotify earnings report, SPOT stock dropped 3.9% to 276.14.
Why COVID-19 whiplash won’t last and the S&P 500 will be 13% higher by June, from UBS
“We continue to see upside over the medium term, and target 3,700 on the S&P 500 by June 2021, around 13% higher than today’s levels,” Haefele and the team said, in a note to clients. Third-quarter U.S. gross domestic product probably surged 30%-plus, but won’t tell us much about what is going on now. Drugmaker Regeneron REGN, -2.65% said its experimental antibody cocktail “significantly reduced” COVID-19 levels and the need for more hospitalizations and emergency-room visits. Join Barron’s, MarketWatch, and special guests for a live discussion on how the 2020 election results will affect investors, business, and policy on Nov. 10 at 12 p.m. Random readsU.K. soccer star’s petition for free school meals for children from poor families during the holidays reaches 1 million signatures.
Oil prices extend selloff as rising coronavirus cases underline demand fears
Oil futures fell sharply on Thursday, extending this week’s slide as rising COVID-19 cases sparked tighter restrictions on activity in Europe and underlined worries about the outlook for the U.S. and global economic recovery. Oil fell sharply Thursday as France and Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana Wednesday as a Category 2 storm. The Bureau of Safety and Environmental Enforcement on Wednesday night estimated that two-thirds of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production. January natural gas NGF21, -2.16% was down 1.6% at $3.355 per million British thermal units.
U.S. stock futures rise ahead of GDP data after worst day since June
Futures on the Dow Jones Industrial Average YM00, -0.38% rose 54 points, or 0.2%, to 26,463, while S&P 500 futures ES00, -0.10% were up 11.75 points, or 0.4%, at 3,275.25. The Dow DJIA, -3.43% on Wednesday dropped 943.24 points, or 3.4%, to close at 26,519.95 for its fourth straight loss. The Dow and S&P 500 saw their worst one-day percentage drop since June 11, while the Nasdaq suffered its biggest decline since Sept. 8. The S&P 500 and Nasdaq erased their October gains with Wednesday’s selloff, joining the Dow, which had turned lower for the month earlier in the week. Read: Why the Nasdaq, with its ‘work from home’ giants, saw its worst day in 7 weeksWhat’s driving the market?
Oil prices extend selloff as rising coronavirus cases underline demand fears
Oil futures fell sharply on Thursday, extending this week’s slide as rising COVID-19 cases sparked tighter restrictions on activity in Europe and underlined worries about the outlook for the U.S. and global economic recovery. Oil fell sharply Thursday as France and Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana Wednesday as a Category 2 storm. The Bureau of Safety and Environmental Enforcement on Wednesday night estimated that two-thirds of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production. January natural gas NGF21, -2.08% was down 1.6% at $3.355 per million British thermal units.
Why COVID-19 whiplash won’t last and the S&P 500 will be 13% higher by June, from UBS
“We continue to see upside over the medium term, and target 3,700 on the S&P 500 by June 2021, around 13% higher than today’s levels,” Haefele and the team said, in a note to clients. Third-quarter U.S. gross domestic product probably surged 30%-plus, but won’t tell us much about what is going on now. Drugmaker Regeneron REGN, -2.65% said its experimental antibody cocktail “significantly reduced” COVID-19 levels and the need for more hospitalizations and emergency-room visits. Join Barron’s, MarketWatch, and special guests for a live discussion on how the 2020 election results will affect investors, business, and policy on Nov. 10 at 12 p.m. Random readsU.K. soccer star’s petition for free school meals for children from poor families during the holidays reaches 1 million signatures.
Oil prices extend selloff as rising coronavirus cases underline demand fears
Oil futures fell sharply on Thursday, extending this week’s slide as rising COVID-19 cases sparked tighter restrictions on activity in Europe and underlined worries about the outlook for the U.S. and global economic recovery. Oil fell sharply Thursday as France and Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana Wednesday as a Category 2 storm. The Bureau of Safety and Environmental Enforcement on Wednesday night estimated that two-thirds of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production. January natural gas NGF21, -2.08% was down 1.6% at $3.355 per million British thermal units.
Shopify revenue nearly doubles as company benefits from e-commerce wave amid pandemic
Shopify Inc. delivered third-quarter results Thursday that crushed expectations as the company continued to benefit from an e-commerce surge during the COVID-19 crisis. The company, which runs a platform for merchants who want to set up online shops, posted third-quarter net income of $191.1 million, or $1.54 a share. On an adjusted basis, Shopify earned $1.13 a share, whereas it posted a 29-cent adjusted loss per share a year prior. Shopify’s revenue for the quarter nearly doubled to $767.4 million from $390.6 million, while analysts had been expecting $663.1 million. This buy-now-pay-later option has helped merchants “boost sales through increased cart size and higher conversion,” Shopify said in its release.
U.S. Treasury yields edge lower ahead of third-quarter economic scorecard
U.S. Treasury yields were down slightly in early Thursday’s trade as wait for GDP data showing a sharp rebound in economic activity during the third-quarter. The 10-year Treasury note yield TMUBMUSD10Y, 0.775% fell 0.7 basis point to 0.774%, while the 30-year bond yield TMUBMUSD30Y, 1.557% ticked 1.2 basis point lower to 1.559%. The 2-year note rate TMUBMUSD02Y, 0.144% was down 0.5 basis point to 0.145%. The first reading of the U.S.’s economic growth in the months between July and September is due at at 8:30 a.m. The economic data, however, may not offer much impetus for new trading as market participants wait for the presidential Nov. 3 election.
Moderna Inc. Stock Quote (U.S.: Nasdaq)
Moderna Inc.Moderna, Inc. engages in the development of transformative medicines based on messenger ribonucleic acid (mRNA). Its product pipeline includes the following modalities: prophylactic vaccines, cancer vaccines, intratumoral immuno-oncology, localized regenerative therapeutics, systemic secreted therapeutics, and systemic intracellular therapeutics. The company was founded by Noubar B. Afeyan, Robert S. Langer, Jr., Derrick J. Rose and Kenneth R. Chien in 2010 and is headquartered in Cambridge, MA.
Shares of Taco Bell parent Yum Brands rise after earnings beat expectations.
Yum Brands Inc. YUM, -2.99% stock rose 1.5% in Thursday premarket trading after the restaurant company reported third-quarter earnings and revenue that beat expectations. Revenue of $1.45 billion was up from $1.34 billion and also beat the FactSet consensus for $1.42 billion. Systemwide global same-store sales fell 2%, ahead of the FactSet consensus for a 4.1% decline. KFC same-store sales fell 4%, Pizza Hut was down 3% and Taco Bell increased 3%. Yum is now also the owner of Habit Burger Grill, which saw a 3% same-store sales decline for the quarter.
Comcast stock rises after earnings top expectations
Shares of Comcast Corp. headed higher in premarket trading Thursday after the media giant topped revenue expectations across all three of its business segments for the third quarter. Adjusted earnings per share fell to 65 cents from 79 cents, while analysts surveyed by FactSet had been modeling 52 cents. Comcast saw its revenue for the quarter decrease to $25.53 billion from $26.82 billion. Comcast posted 633,000 net additions for high-speed internet, while it saw a net loss of 273,000 total video subscribers. In cable, Comcast saw advertising revenue grow by 11.8% driven mainly by increased political advertising revenue.
Kellogg Co. Stock Quote (U.S.: NYSE)
Kellogg Co.Kellogg Co. engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. It operates through the following seven segments: North America, Europe, Latin America, and AMEA. The North America segment includes U.S. The Europe segment consists of European countries. The Latin America segment comprises of Central America and Mexico.
Oil prices extend selloff as rising coronavirus cases underline demand fears
Oil futures fell sharply on Thursday, extending this week’s slide as rising COVID-19 cases sparked tighter restrictions on activity in Europe and underlined worries about the outlook for the U.S. and global economic recovery. Oil fell sharply Thursday as France and Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana Wednesday as a Category 2 storm. The Bureau of Safety and Environmental Enforcement on Wednesday night estimated that two-thirds of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production. January natural gas NGF21, -2.08% was down 1.6% at $3.355 per million British thermal units.
U.S. stock futures rise ahead of GDP data after worst day since June
Futures on the Dow Jones Industrial Average YM00, -0.38% rose 54 points, or 0.2%, to 26,463, while S&P 500 futures ES00, -0.09% were up 11.75 points, or 0.4%, at 3,275.25. The Dow DJIA, -3.43% on Wednesday dropped 943.24 points, or 3.4%, to close at 26,519.95 for its fourth straight loss. The Dow and S&P 500 saw their worst one-day percentage drop since June 11, while the Nasdaq suffered its biggest decline since Sept. 8. The S&P 500 and Nasdaq erased their October gains with Wednesday’s selloff, joining the Dow, which had turned lower for the month earlier in the week. Read: Why the Nasdaq, with its ‘work from home’ giants, saw its worst day in 7 weeksWhat’s driving the market?
Apple, Amazon, Facebook, and Alphabet Report Earnings Today. Get Ready for Disappointment?
It’s an absolutely enormous day for earnings reports, as Apple, Amazon.com, Alphabet, and Facebook release their earnings following the close of trading. That’s down from the nearly 10.2 percentage point lead he had as recently as Oct. 12. And in a third tight race, Michigan, new polls show Biden with an 8 and 7 percentage point lead, respectively. And in a third tight race, Michigan, new polls show Biden with an 8 and 7 percentage point lead, respectively. In Wisconsin, an ABC News/Washington Post poll showed Biden with a whopping 17 percentage point lead, while a Marquette University poll showed Biden with a 5 percentage point lead.
Marvell Agrees to Buy Data Center Chip Maker Inphi for $10 Billion
Early Thursday, Marvell Technology Group said it had reached a deal to acquire data center component chip maker Inphi for $10 billion. Combining the two businesses further sets up Marvell as a more formidable competitor in the infrastructure and data center markets. The deal marks the second major semiconductor acquisition announcement this week following Advanced Micro Devices’s deal (ticker: AMD ) to buy Xilinx (XLNX) for $35 billion. Marvell and Inphi executives say that the combined business can service more aspects of cloud data centers, and position the business to tackle data infrastructure too. In addition to the acquisition, Marvell reported preliminary fiscal third-quarter revenue of $735 million to $765 million.
Kellogg tops earnings estimates and raises guidance as demand for at-home food is high during pandemic
Kellogg Co. K, -2.21% posted stronger-than-expected earnings for its third quarter and raised its guidance, as it continued to benefit from demand for at-home food during the pandemic. Kellogg posted net income of $348 million, or $1.01 a share, in the quarter, up from $248 million, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, ahead of the 86 cents FactSet consensus. Sales rose to $3.429 billion from $3.372 billion, topping the $3.403 billion FactSet consensus. Shares rose 2% premarket, but have fallen 8% in the year to date, while the S&P 500 SPX, -3.52% has gained 1.3%.
Global Stocks Stabilize After Pounding Over Europe’s Second Lockdown
U.S. stock-index futures are sagging again as investors await earnings from some of the biggest technology companies and digest news of tighter restrictions in Europe’s largest economies. Futures on the Dow Jones Industrial Average were down 46 points, or 0.2%, after the index slid 943 points on Wednesday. The Nikkei 225 slipped 0.4% in Tokyo, the Hang Seng lost 0.5%, and the S&P/ASX 100 dropped 1.6% in Sydney. Germany and France separately introduced new one-month restrictions to counter a wave of coronavirus cases in Europe. Royal Dutch Shell rose in London, as the oil major’s third-quarter earnings came in well ahead of estimates.
Oil prices extend selloff as rising coronavirus cases underline demand fears
Oil futures fell sharply on Thursday, extending this week’s slide as rising COVID-19 cases sparked tighter restrictions on activity in Europe and underlined worries about the outlook for the U.S. and global economic recovery. Oil fell sharply Thursday as France and Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana Wednesday as a Category 2 storm. The Bureau of Safety and Environmental Enforcement on Wednesday night estimated that two-thirds of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production. January natural gas NGF21, -2.08% was down 1.6% at $3.355 per million British thermal units.
U.S. stock futures rise ahead of GDP data after worst day since June
Futures on the Dow Jones Industrial Average YM00, -0.39% rose 54 points, or 0.2%, to 26,463, while S&P 500 futures ES00, -0.10% were up 11.75 points, or 0.4%, at 3,275.25. The Dow DJIA, -3.43% on Wednesday dropped 943.24 points, or 3.4%, to close at 26,519.95 for its fourth straight loss. The Dow and S&P 500 saw their worst one-day percentage drop since June 11, while the Nasdaq suffered its biggest decline since Sept. 8. The S&P 500 and Nasdaq erased their October gains with Wednesday’s selloff, joining the Dow, which had turned lower for the month earlier in the week. Read: Why the Nasdaq, with its ‘work from home’ giants, saw its worst day in 7 weeksWhat’s driving the market?
France and Germany order lockdowns — but is France too late and facing another economic shock?
German Chancellor Angela Merkel said that the lack of action could cause “an acute national health emergency” without prompt action. Both countries avoided a return to the strictest measures of the first lockdown earlier this year. Macron said the aim of the new restrictions is to take the number of daily new infections in France to around 5,000. The outlook: France is one of Europe’s worst-hit countries by the coronavirus pandemic, and Germany the country that best dealt with it. Read: Second COVID wave brings the European economic recovery to an end
Oil prices extend selloff as rising coronavirus cases underline demand fears
Oil futures fell sharply on Thursday, extending this week’s slide as rising COVID-19 cases sparked tighter restrictions on activity in Europe and underlined worries about the outlook for the U.S. and global economic recovery. Oil fell sharply Thursday as France and Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana Wednesday as a Category 2 storm. The Bureau of Safety and Environmental Enforcement on Wednesday night estimated that two-thirds of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production. January natural gas NGF21, -2.05% was down 1.6% at $3.355 per million British thermal units.
U.S. Treasury yields edge lower ahead of third-quarter economic scorecard
U.S. Treasury yields were down slightly in early Thursday’s trade as wait for GDP data showing a sharp rebound in economic activity during the third-quarter. The 10-year Treasury note yield TMUBMUSD10Y, 0.775% fell 0.7 basis point to 0.774%, while the 30-year bond yield TMUBMUSD30Y, 1.557% ticked 1.2 basis point lower to 1.559%. The 2-year note rate TMUBMUSD02Y, 0.148% was down 0.5 basis point to 0.145%. The first reading of the U.S.’s economic growth in the months between July and September is due at at 8:30 a.m. The economic data, however, may not offer much impetus for new trading as market participants wait for the presidential Nov. 3 election.
Here’s How Home Builder Stocks Might Fare Under a Biden or Trump Presidency
More than any specific housing policy, that run largely has to do with mortgage rates. The 10-year Treasury yield increased following President Trump’s election on the assumption that the economy would expand, which pushed mortgage rates higher. The credit would build off a similar credit for first-time buyers enacted amid the 2008-09 financial crisis. Unlike the previous tax credit, home buyers would receive the new credit at the time of purchase, instead of receiving a tax credit the following year, according to the Biden campaign. Susquehanna analyst Jack Micenko writes that new home sales experienced an uptick under that tax credit.
Royal Dutch Shell Surprises With Dividend Hike After Earnings Beat. The Stock Is Rising.
Text sizeRoyal Dutch Shell stock climbed on Thursday, as the oil major surprised investors with a dividend hike after beating expectations in the third quarter. Shell slashed its dividend in April—from $0.47 per share to $0.16—for the first time since World War II, as coronavirus lockdowns caused a global collapse in oil demand. After a stronger-than-expected third quarter, the company said it has decided to increase its dividend by around 4% to 16.65 U.S. cents. Shell reported an $18.1 billion second-quarter loss as it lowered long-term oil price forecasts, reflecting weaker energy demand. That is a fairly big ‘if’ at this stage, and oil prices and demand are likely to remain low for now.
Twitter Reports Earnings Thursday. Here’s What To Expect.
Unlike several of its rivals, such as Facebook (FB), Pinterest (PINS), and Snap (SNAP), Twitter revenue hasn’t proven as resilient, shrinking 19% during the second quarter, and is expected by sell-side analysts to shrink again by 6.2% in the third quarter. Estimates have become more bullish in the past four weeks: the consensus for adjusted earnings rose by 4.5%, and revenue models advanced 1.1%. Wall Street expects adjusted earnings of 5 cents a share, on revenue of $778.2 million, which suggests sales will fall 5.5% compared with a year ago. Analysts expect Twitter’s daily user count to hit 195 million for the quarter, compared with 145 million in the year-ago period. Executives from Alphabet, Facebook, and Twitter are set to testify before the U.S. Senate Committee on Commerce, Science, and Transportation Wednesday.
Amazon Reports Earnings Today. Here’s What to Expect.
Amazon (ticker: AMZN) projected third-quarter revenue of $87 billion to $93 billion, with operating income of $2 billion to $5 billion. While Amazon shares have rallied 76% year to date, the Street sees more gains ahead. Deutsche Bank analyst Lloyd Walmsley on Tuesday repeated his Buy rating on Amazon shares, while boosting his target price to $4,050 from $4,000. Susquehanna Investment Group analyst Shyam Patil repeats his Positive rating and $4,000 price target on Amazon shares. Amazon shares were up 1.3%, at $3,249.05, in recent trading.
Spotify is adding users faster than it thought it would
The service now counts 320 million active and 144 million paid users, up from 299 million and 138 million last quarter, beating its own estimates. The company chalked that up to more users listening in both their cars and homes, even above its pre-pandemic peak. However, it still lost €101 million ($118 million), where last year at the same time it actually made a €241 million ($282 million) profit. That’s because it’s been discounting family plans in some regions to attract new users, which significantly lowered the revenue per user. At the same time, Spotify said it would increase prices in certain regions where it’s well positioned against the competition.
Global Stocks Are Sliding Again After Wednesday’s Plunge
Futures on the Dow Jones Industrial Average were down 46 points, or 0.2%, after the index slid 943 points on Wednesday. The Nikkei 225 slipped 0.4% in Tokyo, the Hang Seng lost 0.5%, and the S&P/ASX 100 dropped 1.6% in Sydney. Germany and France separately introduced new one-month restrictions to counter a wave of coronavirus cases in Europe. A wave of corporate earnings are due on Thursday, with tech giants Alphabet, Amazon, Apple, and Facebook each reporting after the close of trade. Royal Dutch Shell rose in London, as the oil major’s third-quarter earnings came in well ahead of estimates.
Marvell Agrees to Buy Chip Maker Inphi for $10 Billion
Text sizeEarly Thursday, Marvell Technology Group said it had reached a deal to acquire data center component chip maker Inphi for $10 billion. Combining the two businesses further sets up Marvell as a more formidable competitor in the infrastructure and data center markets. The deal marks the second major semiconductor acquisition announcement this week following Advanced Micro Devices’s deal (ticker: AMD ) to buy Xilinx (XLNX) for $35 billion. Marvell and Inphi executives say that the combined business can service more aspects of cloud data centers, and position the business to tackle data infrastructure too. In addition to the acquisition, Marvell reported preliminary fiscal third-quarter revenue of $735 million to $765 million.
Stock market news live updates: Stock futures recover some losses after selloff
Stock futures looked to recover some losses Thursday morning after the three major indices endured a deep rout a day earlier. The biggest sales jump came in the U.S. – the company’s largest market by far – where net sales increased by 7.4%. Kraft Heinz also raised its full-year outlook and sees mid-single-digit 2020 organic net sales growth and high-single digit 2020 adjusted EBITDA growth. ET Thursday: Stock futures hold onto overnight gainsHere were the main moves in markets, as of 7:23 a.m. ET Wednesday: Stock futures open higher, steadying after selloffHere were the main moves in markets, as of 6:05 p.m.
Jim Cramer's Bullish Themes Of 'Covid-Proof' Stocks
Buying and selling on big decline days should not be emotionally-driven, CNBC "Mad Money" host Jim Cramer said Wednesday. "If you're worried stocks will keep getting hammered, be ready to pounce on some of these Covid-proof bull markets," Cramer said. Cramer likes Procter & Gamble Co (NYSE: PG), Clorox Co (NYSE: CLX), and L Brands Inc (NYSE: LB). Cramer likes Masco Corp (NYSE: MAS), Home Depot Inc (NYSE: HD), Lowe's Companies Inc (NYSE: LOW), and Walmart Inc (NYSE: WMT). Cramer likes Ford Motor Company (NYSE: F), Tesla Inc (NASDAQ: TSLA), and Lithia Motors Inc (NYSE: LAD).
Jobless claims: Nearly 800,000 workers expected to seek new benefits as COVID-19 surges
The ranks of America’s jobless workers are expected to swell yet again, with new data forecasting nearly 800,000 workers filing for new unemployment benefits in the latest week, as the U.S. grapples with a surge in coronavirus cases that’s rattling investors and jeopardizing an economic rebound. The U.S. Department of Labor will release its weekly unemployment insurance claims report at 8:30 a.m. Here were the main metrics from the report, compared to Bloomberg estimates:Initial jobless claims, week ended Oct. 24: 770,00 expected, compared to the prior week’s 787,000Continuing jobless claims, week ended Oct. 17: 7.775 million expected, compared to the previous week’s 8.373 millionThursday’s data represented the ninth continuous week that jobless claims have remained below 1 million, a key bulwark that’s characterized the COVID-19 labor market. And in an encouraging sign, continuing claims have remained below 10 million. In the U.S. Wall Street has been rocked by a record number of daily cases, which has supplanted optimism about the rapid development of a COVID-19 vaccine.
FOREX-Dollar extends gains, commodity currencies slump, euro falls ahead of ECB meeting
But even as equity markets recovered, currency markets showed signs of investor caution. Against the yen, the euro fell to new three-month lows, down 0.5% on the day at 122 yen at 1150 GMT. The Norwegian crown hit one-month lows versus both the dollar and euro . The Russian rouble also came under pressure, touching its lowest versus the euro since early 2016 . The onshore yuan has appreciated 7% against the dollar since the depths it hit in May.
Top retirement planning tips everyone can follow to save more money, even in a pandemic
At a time when our country’s workforce is more mobile than ever before, workers need to keep track of multiple 401(k) savings accounts. According to a study conducted by Boston College’s Center for Retirement Research, premature withdrawals reduce your total 401(k) savings by 25% on average. Your plan should allow it—according to the Plan Sponsor Council of America’s 61st annual survey of retirement plans, 95.6% of 401(k) plans accept rollovers from other 401(k) plans. You don’t have to be a mathematician to figure out what could happen to retirement savings rolled into safe-harbor IRAs. This is why, if at all possible, retirement-savers should avoid tapping their 401(k) savings as a source of short-term liquidity.
Bed Bath & Beyond Needs to Form a New Base Pattern
Tritton said Bed Bath & Beyond is forging ahead with its strategy to provide everyday value with an omni-channel, but digital-first strategy. In the daily bar chart of BBBY, below, we can see that prices gapped to the downside Wednesday. In the weekly bar chart of BBBY, below, we can see a dramatic improvement in the chart over the past six weeks or so. In this daily Point and Figure chart of BBBY, below, we can see that prices reached and exceeded a downside price target. In this weekly Point and Figure chart of BBBY, below, we used close-only data and a traditional even-dollar scaling.
Comcast Tops Q3 Earnings Forecast On Record Broadband Additions
Comcast added a record number of broadband subscribers over the three months ending in September, and said its new Peacock streaming service has reached nearly 22 million paying customers. Comcast Corp. (CMCSA) - Get Report posted stronger-than-expected third quarter earnings Thursday as the cable provider added a record number of broadband subscribers and saw ad revenues steady thanks to the sport and political spending. Group revenues, Comcast said, fell 5% to $25.5 billion but topped analysts' estimates of a $24.73 billion tally. Comcast said it added a net 556,000 broadband subscribers over the three-month period, a firmer-than-expected total, with cable revenues rising modestly to $15 billion. Comcast shares were marked 2.17% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $42.89 each.
Pinterest Shares Surge to Record High After Q3 Earnings Beat, Robust Revenue Projections
Pinterest Inc. (PINS) - Get Report shares surged to an all-time high Thursday after the image-sharing social media platform smashed third quarter earnings estimates and forecast another surge in ad revenues heading into the final months of the year. Monthly active users on the platform, Pinterest said, rose 37% to 442 million, with around 98 million of that total coming from the United States. Average revenue per user was tabbed at $1.03, Pinterest said, topping the FactSet estimate of 90 cents. Younger users were also attracted to the Pinterest platform thanks to upgraded Apple (AAPL) - Get Report iPhones, the company said, who used Pinterest for customized background filters. "We believe it is early innings for monetization, and anticipate further investments in content and AdTech tools can sustain >30% annual revenue growth through 2022E," he added.
Shopify Earnings Blow Past Forecasts as e-Commerce Demand Surges
Shopify posts third-quarter earnings that blow past analysts' forecasts as the pandemic and surge in online shopping drives demand for its software and services. Shopify (SHOP) - Get Report posted third-quarter earnings and sales that blew past analysts' forecasts as the coronavirus pandemic and surge in online shopping drove demand for the company's e-commerce software platform and services. Revenue was $767.4 million in the quarter, up 96% from a year ago and well above analysts' forecasts of $657.8 million. “The accelerated shift to digital commerce triggered by Covid-19 is continuing, as more consumers shop online and entrepreneurs step up to meet demand,” Shopify CEO Harley Finkelstein said in a statement. Subscription solutions revenue jumped 48% to $245.3 million, primarily due to more merchants joining the platform, Shopify said.
Moderna Posts Wider-Than-Expected Loss but Jump in Revenue
Moderna posts a wider-than-expected quarterly loss but sales almost double forecasts thanks to government deals to distribute its vaccine when ready and approved. The Cambridge, Mass.-based company posted a net loss of $233.6 million, or 59 cents a share, vs. a loss of $123.2 million, or 37 cents a share, in the comparable year-earlier period. Sales, however, totaled $157.9 million, up from just $17 million a year ago and well above analysts' forecasts of $80.6 million. Total operating expenses rose to $393 million from $147.8 million, Moderna said. Separately, Moderna on Thursday said it has cut a deal with Takeda and the government of Japan to supply 50 million doses of its mRNA-1273 Covid-19 vaccine candidate to Japan.
Sometimes the Path of the Most Resistance Is the Best One
CNC, CR, AMG, UNFI Stocks quotes in this article: PBCTDays like Wednesday make people very nervousAs of mid-morning, all three major indexes were down bigEurope was speaking about new economic lockdownsOur presidential election is just days awayNew riots and looting were taking place in Philadelphia
Earnings News Will Provide a Respite From Covid and Election Uncertainty
The thing that has made trading more difficult is that the Covid news is hitting at the same time that the market is dealing with the uncertainty of next week's election. The big issue right now is how well stocks will hold up as we wait for the election uncertainty to resolve and watch Covid cases continue to rise. Will they be able to resume some upside momentum on good reports or will the election and Covid uncertainty trigger a reduction in risk exposure? It is largely a waiting game right now as we won't have any better clarity about the election or Covid until at least next week. This is not a market that is overheated and there are some good values as long as Covid worries don't crush economic expectations.
Adaptation, determination, luck: How four small businesses are surviving the pandemic
Anakwenze, Abacus’ principal and business manager, has taken appropriately distanced client meetings in the driveway, and so far none of the neighbors in her gated community have complained. For them and their closely held companies, Abacus handles the day-to-day financial affairs as well as helps them plan and invest. It’s a risk, she knows: Profits are down 10% to 15% so far this year, although a small loan from the federal Paycheck Protection Program, designed to help businesses during the pandemic, helped. “I have an employee working at midnight, because it’s the quiet time; the kids are finally asleep,” Anakwenze said. So, we’re just trying to buy time and stay as nimble as we possibly can,” Anakwenze said.
Marvell to Buy Rival Chip Company Inphi in Cash-and-Stock Deal
Marvell agrees to pay $66 a share in cash and 2.323 shares of stock for each share of Inphi. Marvell Technology (MRVL) - Get Report reached an agreement to acquire rival semiconductor company Inphi (IPHI) - Get Report in a cash-and-stock deal. Marvell said in a statement Thursday it intends to reorganize so that the combined company will be domiciled in the United States. The combined company will have an enterprise value of about $40 billion. Once the deal closes, Marvell shareholders will own about 83% of the combined company and Inphi stockholders will own the rest.
COVID-19 devastated California’s small businesses. Here are three that didn’t survive
The Awesome Playground was in the first wave of Los Angeles businesses to close as a result of the pandemic, shutting its doors in March. Owner Kay Osorio opened the Awesome Playground in Highland Park 10 years ago, after becoming a mother and looking for a way to balance her personal and professional lives. The Awesome Playground “was never super profitable,” she said. She says she’ll miss Awesome Playground clientele. “I feel like Awesome Playground was a big giant second home to people.”
60 charged in $300 million telemarketing scam that ensnared over 150,000 elderly victims
MINNEAPOLIS — Sixty people have been charged in a widespread magazine telemarketing scam that authorities say netted $300 million from more than 150,000 elderly and vulnerable people nationwide, the U.S. attorney’s office in Minnesota announced Wednesday. The indictments and other court documents say that over the last 20 years, the defendants used a network of dozens of fraudulent magazine sales companies and telemarketing call centers to carry out the scam. In reality, the callers had no existing relationship with victims and signed them up for expensive, new magazine subscriptions. As a result, consumers ended up having multiple subscriptions with fraudulent magazine companies. Some of the defendants are also accused of using a “cancellation” script that targeted people who had been previous victims.
Gang member who says he beat up R. Kelly in jail sentenced in 2 deaths
HAMMOND, Ind. — A convicted gang member who said he beat up jailed R&B singer R. Kelly in a Chicago cell in August has been sentenced to life in prison for a racketeering conviction that involved two 1999 murders. A federal judge in Hammond, Indiana, sentenced Jeremiah Farmer, 39, on Tuesday during a hearing in which Farmer represented himself and appeared combative, at times raising his voice and frequently interrupting the judge. Farmer was able to slip away from an employee at the center, enter a cell and repeatedly hit Kelly in the head, according to a U.S. Bureau of Prisons report. Kelly, 53, faces several dozen counts of state and federal sexual misconduct charges in Illinois, Minnesota and New York, from sexual assault to heading a racketeering scheme aimed at supplying him with girls.
Coronavirus fallout: Some who struggled early in crisis are on brink, others find hope
A couple can’t pay their bills after the $600 unemployment bonus ran out. But Antoine hopes her unemployment benefits and food stamps start flowing again before her bills are due at the end of the month. Fernandez used a portion of her $1,200 stimulus check to pay bills and shore up savings. It took months for the couple to receive unemployment benefits, but the aid, including the extra $600 a week, briefly helped cover their expenses. She started work in early August, just after the $600 unemployment bonus ended.
He helped create Lollapalooza. Now he wants to buy 51% equity in music clubs around America to save them
His plan for SaveLive is to invest in dozens of clubs around the country — buying at least 51% of the equity in those businesses — and help them expand into regional forces once concerts return at full steam, which he does not expect until 2022 or later. SaveLive has secured $75 million in available capital from an initial investment round, Geiger said, and is already negotiating with a number of venues around the country.
Alliance Data: 3Q Earnings Snapshot
COLUMBUS, Ohio (AP) _ Alliance Data Systems Corp. (ADS) on Thursday reported third-quarter net income of $133.3 million, after reporting a loss in the same period a year earlier. The Columbus, Ohio-based company said it had net income of $2.79 per share. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.28 per share. The manager of loyalty and rewards programs for retailers and others posted revenue of $1.05 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $1.03 billion.
Emcor Group: 3Q Earnings Snapshot
NORWALK, Conn. (AP) _ Emcor Group Inc. (EME) on Thursday reported third-quarter earnings of $61.2 million. On a per-share basis, the Norwalk, Connecticut-based company said it had net income of $1.11. Earnings, adjusted for non-recurring costs, came to $1.76 per share. The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
T. Rowe: 3Q Earnings Snapshot
BALTIMORE (AP) _ T. Rowe Price Group Inc. (TROW) on Thursday reported third-quarter earnings of $643.2 million. Earnings, adjusted for non-recurring gains, came to $2.55 per share. The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.53 per share. Three analysts surveyed by Zacks expected $1.61 billion.
Lawson Products: 3Q Earnings Snapshot
CHICAGO (AP) _ Lawson Products Inc. (LAWS) on Thursday reported third-quarter earnings of $1.7 million. The Chicago-based company said it had net income of 19 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share. The industrial products and tools maker posted revenue of $90.3 million in the period. Lawson Products shares have decreased 21% since the beginning of the year.
CMS Energy: 3Q Earnings Snapshot
JACKSON, Mich. (AP) _ CMS Energy Corp. (CMS) on Thursday reported third-quarter profit of $218 million. On a per-share basis, the Jackson, Michigan-based company said it had profit of 76 cents. Earnings, adjusted for non-recurring costs, came to 77 cents per share. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share. The energy company posted revenue of $1.58 billion in the period.
NetScout: Fiscal 2Q Earnings Snapshot
(AP) _ NetScout Systems Inc. (NTCT) on Thursday reported a loss of $3.7 million in its fiscal second quarter. The Westford, Massachusetts-based company said it had a loss of 5 cents per share. Earnings, adjusted for one-time gains and costs, came to 38 cents per share. The provider of products that gauge network performance posted revenue of $205.3 million in the period. NetScout shares have declined 12% since the beginning of the year.
Bridgewater Bancshares: 3Q Earnings Snapshot
BLOOMINGTON, Minn. (AP) _ Bridgewater Bancshares, Inc. (BWB) on Thursday reported third-quarter earnings of $7.2 million. The bank, based in Bloomington, Minnesota, said it had earnings of 25 cents per share. The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share. Its revenue net of interest expense was $22.8 million, which missed Street forecasts.
Realogy Holdings: 3Q Earnings Snapshot
MADISON, N.J. (AP) _ Realogy Holdings Corp. (RLGY) on Thursday reported third-quarter net income of $98 million, after reporting a loss in the same period a year earlier. The Madison, New Jersey-based company said it had profit of 84 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.36 per share. Realogy Holdings shares have increased 2% since the beginning of the year. The stock has increased 9% in the last 12 months.
Kellogg: 3Q Earnings Snapshot
BATTLE CREEK, Mich. (AP) _ Kellogg Co. (K) on Thursday reported third-quarter net income of $348 million. On a per-share basis, the Battle Creek, Michigan-based company said it had profit of $1.01. Earnings, adjusted for pretax gains and non-recurring gains, were 91 cents per share. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share. Seven analysts surveyed by Zacks expected $3.42 billion.
Pacira: 3Q Earnings Snapshot
PARSIPPANY, N.J. (AP) _ Pacira Pharmaceuticals Inc. (PCRX) on Thursday reported third-quarter net income of $130.1 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Parsippany, New Jersey-based company said it had net income of $2.94. Earnings, adjusted for one-time gains and costs, came to 68 cents per share. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share. Eight analysts surveyed by Zacks expected $115.3 million.
NexPoint Real Estate: 3Q Earnings Snapshot
DALLAS (AP) _ NexPoint Real Estate Finance, Inc. (NREF) on Thursday reported profit of $11.5 million in its third quarter. The Dallas-based company said it had profit of 52 cents per share. The company posted revenue of $10.5 million in the period. Its adjusted revenue was $4.4 million.
China's leaders vow to become self-reliant technology power
BEIJING (AP) — China’s leaders are vowing to make their country a self-reliant “technology power” as a feud with Washington cuts access to U.S. computer chips and other high-tech components, hampering Beijing’s industrial ambitions. Leaders of the ruling Communist Party made the announcement Thursday after a meeting to draft a development blueprint for the state-dominated economy over the next five years. Those threaten to disrupt plans to create Chinese companies able to compete in telecoms, biotech and other fields, which communist leaders see as a path to prosperity and global influence. “Science and technology should be self-reliant as a strategic support for national development,” said a party statement. It promised to “accelerate the building of a science and technology power” but gave no details.
Penn National Gaming: 3Q Earnings Snapshot
WYOMISSING, Pa. (AP) _ Penn National Gaming Inc. (PENN) on Thursday reported third-quarter earnings of $141.9 million. The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share. The casino operator posted revenue of $1.13 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.11 billion.
Biden stance on energy plays against U.S. strength
Proven reserves of natural gas in the U.S. are higher than ever before, thanks to American-made technological innovations. Fossil fuels are a tremendously useful source of energy, and no hype about renewables can obscure that reality. In 2019, petroleum, natural gas and coal accounted for 80% of overall energy consumption in the United States, according to U.S. Energy Information Administration. Its renewable energy program has doubled the cost of energy, while fossil fuels still account for about 80% of its energy supply. If we think eschewing fossil fuels is going to convince other countries to do the same, we are fooling ourselves.
How to help underachieving kids be the best they can be
My fourth-grader is really, really smart but he’s something of an underachiever. Before we get to how to help you help your child with his underachievement problem, let’s take a minute to seriously consider whether there’s a problem at all. Maybe instead of being “really, really smart,” your son is average. But for the sake of discussion, let’s assume that your child really is working below his potential and try to figure out why. If your child needs a little help with organization, help.
Ticker: Home, condo sale prices set September records; Stocks take hit on virus concerns
Home and condo sales and prices skyrocketed across Massachusetts in September, with the median single-family home price surging to $472,000. The Warren Group on Wednesday reported that nearly 6,400 single-family homes were sold last month, up from just over 5,000 during September 2019. The 27% increase in home sales was coupled with an 18% increase in the median sale price. The median year-to-date sale price of $440,000 is up 10%. However, nearly 2,500 condos sold last month in Massachusetts, a 26% increase over September 2019, and the median condo sale price increased 11.5% on a year-over-year basis to $418,000.
Social Security's 2021 Raise Will Be the Lowest Since 2017
Prior to March, shoppers would go to the mall or grocery store and scout out the latest sales. Now, shopping looks much different.
Ford Motor Co. reports $2.4 billion net income in third quarter
Ford Motor Co., fresh with new leadership and touting an upcoming lineup of hot new vehicles, reported a $2.4 billion net income Wednesday for the third quarter of the year, an improvement of $2 billion from the same quarter last year. Ford reported that earnings in the quarter before interest and taxes — adjusted EBIT — was $3.6 billion, up from the $1.8 billion reported for the same period in 2019 and $1.7 billion a year earlier. Ford ends the quarter with $30 billion in cash on hand and more than $45 billion in liquidity. A year ago, Ford had $22 billion in cash on hand and $35 billion in liquidity. Ford Credit saw earnings of $1.1 billion, compared to $0.7 billion in 2019.
How Biden’s retirement plans could save small business workers
The 401(K) retirement plan has proved an extremely popular – and cost-effective – retirement benefit that’s provided by millions of small business owners around the country to their employees. Small business owners benefit from these plans because not only can their employees put away money for themselves for retirement but the more they save, the more the owners can save. That’s a problem for small business owners too. “You’re disincentivizing those small business owners from having that plan any more,” Brian Graff, the CEO of the American Retirement Association, told FOX Business. “Not only is it unfair to those small business owners, it’s going to reduce the likelihood that they’re going to offer those benefits to their employees.
Spotify bounces back after lull caused by lockdowns
Spotify has surged past 320 million monthly active users, an increase of 29pc year-on-year, as more consumers listened to music and podcasts following a lull brought on by lockdowns. The world’s largest streaming audio service added 21 million monthly active users in the third quarter. Paid subscribers grew to 144 million, a 27pc increase on last year, following marketng campaigns in India and Russia. That compares to Amazon Music, which has 55 million customers and Apple, with 60 million paying subscribers. Spotify said listening has recovered “to normal usage.” including in-car listening hours that are now above pre-pandemic levels.
G4S tells investors to reject ‘desperate’ GardaWorld bid
G4S bosses have told investors to ignore GardaWorld’s £3bn hostile bid, saying the Canadian suitor “desperately needs G4S” and is seeking to remedy its own weaknesses at their expense. The response comes after GardaWorld’s offer document almost a fortnight ago set out terms of its 190p-a-share hostile offer. G4S chairman John Connolly told investors that GardaWorld, which is backed by BC Partners, “desperately needs access to G4S’s balance sheet and strong cash flows in order to finance this acquisition, and their acquisition-fuelled growth strategy”. He also warned investors that GardaWorld “lacks global scale and coverage and acquiring G4S at a discount to fair value would allow them to own a clear leader in global security - at your expense”. Mr Connolly took a swipe at GardaWorld by questioning whether it could handle a takeover.
Why Tiffany is still the world's most iconic jewellery brand
Rumours that the merger might not go ahead began in March, as the luxury market began to feel the effects of the Covid-19 pandemic. The merger will offer LVMH, whose stable of fine jewellery brands also includes Bulgari, Chaumet and Fred, a strong foothold in the US market. And while Tiffany has reported lacklustre annual sales and profits for a few years, its brand power has never been in doubt. When LVMH agreed to buy Tiffany last year, its chairman Bernard Arnault called the jeweller an “iconic, emblematic brand of America, with a great history”. Its name, logo and distinctive blue branding is recognised the world over; alongside Cartier, it’s one of the two fine jewellery brands to consistently make the top 100 in Interbrand’s annual Best Global Brands rankings.
Nitori to launch rival takeover bid for Shimachu in November
Japanese home furnishings retailer Nitori Holdings Co. said Thursday it will launch a rival takeover bid in mid-November to make do-it-yourself and hardware store operator Shimachu Co. a wholly owned subsidiary, triggering a fierce acquisition battle with a major DIY store operator. Nitori plans to spend a total of ¥214.3 billion on the takeover bid. Given Nitori’s higher bid price and Shimachu’s recent share price rises, DCM could be forced to raise its offer before its tender offer period ends on Nov. 16. Nitori Chairman Akio Nitori said in a press conference he will start holding talks with Shimachu’s management to gain their support for the planned tender offer. For DCM, a successful acquisition of Shimachu will make it the biggest DIY store operator in the country with annual sales of around ¥500 billion, surpassing the current leader Cainz Co.
South Korea expresses 'serious concern' over any radioactive water dump
South Korea expressed alarm on Thursday about the possibility that Japan will dump more than one million tonnes of contaminated water from the tsunami-damaged Fukushima nuclear power plant into the sea. South Korea’s “serious concern” about the contaminated water was conveyed when senior officials from the uneasy neighbors met for talks in Seoul for the first time since Japan’s new prime minister, Yoshihide Suga, took office last month. “Director-general Kim highlighted our grave awareness and serious concern about the issue of the Fukushima reactor contaminated water,” the South Korean foreign ministry said in a statement, referring to Kim Jung-han, director-general for Asia and Pacific affairs, who led the South Korean team. The Japanese government has said no decision has been made on the disposal of the water from the damaged plant. Kim said Japan needed to show a “more sincere attitude” to resolve the row, urging it to lift trade restrictions imposed on South Korea, the South Korean ministry said.
Domestic output for eight automakers down 30% in April-Sept.
At Mitsubishi Motors Corp., production dived 58.6% to 124,423 units, reflecting sluggish sales of the new eK Wagon minivehicle, launched last year. All eight makers logged year-on-year falls in overseas production in the first half of fiscal 2020, with their combined output sagging 28.5% to 6,597,003 units. Suzuki Motor Corp. saw its output plummet 45.4% to 555,376 units due to sluggish production in India and other areas. Mazda Motor Corp. posted production drops for both passenger cars and commercial vehicles. In September alone, the eight automakers’ combined domestic output grew 0.3% from a year before to 791,256 units, up for the first time in 12 months, thanks to their efforts to recover from the production suspension forced by the coronavirus crisis.
Coronavirus UK: Prankster, 27, sets up limited company for £6 so he can dodge 'rule of six'
The Government's Rule of Six stops groups larger than the six-person limit gathering to limit the spread of coronavirus. Northumbria Police and Crime Commissioner Kim McGuinness said the Prime Minister needed to tell families what restrictions to expect over Christmas. TIER ONE Tier one restrictions mirror those already in place across England. Mr Eustice was speaking after a police chief warned that Christmas family celebrations could be broken up by police officers entering homes if they flout lockdown rules. The West Midlands is currently under Tier 2 restrictions, meaning people cannot mix with any other households or bubbles inside.
Where's next for Tier Three? 6MILLION in the West Midlands, North East and West Yorkshire
Residents in the West Midlands, North East and West Yorkshire look set to be the next dragged into the toughest bracket of measures, which bans people from socialising with family or friends and sees pubs forced to shut completely unless they are serving 'substantial meals'. Leaders in West Yorkshire have denied they are in a 'stand-off' with Number 10 over plans to plunge 1.8million people in the region into a Tier Three lockdown. Ms Hinchcliffe, who is also the chairwoman of the West Yorkshire Combined Authority, told the BBC Radio 4 Today programme this morning she would not describe it as a 'stand-off'. She said: 'It is clear from our conversations so far that Government are unflinching in their resolve to put Bradford and West Yorkshire into Tier 3. We are absolutely committed to implementing the most effective measures to protect the people and economy of West Yorkshire.'
Consumer confidence down, business up in Oct - English
(ANSA) - ROME, OCT 29 - Italian consumer confidence fell while business confidence rose in October, ISTAT said Thursday. The consumer confidence index fell from 103.3 to 102.0 while the business confidence index rose from 91.3 to 92.8, the statistics agency said. Consumer confidence was marked by "a widespread and marked worsening in opinions relating to the general economic situation and the unemployment trend, while assessments of personal situations were less negative," ISTAT said. All the components of consumer confidence were down, said the stats agency. The economic climate and future climate showed the most marked fall dropping from 94.5 to 87.8 and from 109.3 to 104.5 respectively.
Govt COVID 'relief decree' comes into force - English
(ANSA) - ROME, OCT 29 - A government 'relief decree' offering aid to sectors hit by new restrictions imposed for the COVID crisis came into force on Thursday. Discotheques will receive 400% of their previous aid while taxis and NCC services will receive compensation of 100% of what they got in the previous 'relaunch decree'. Some 38 categories will get a 200% contribution including restaurants, gyms and swimming pools. The relief decree also include an extension of norms on remote working and leave from work. Premier Giuseppe Conte said "these relief measures have been passed to avert an economic and social crisis".
State lottery staff stole winning scratch cards - English
(ANSA) - ROME, OCT 29 - Twelve staff and former staff of the Italian State gambling company managed to "intercept" and cash in four scratch cards worth a total of 27 million euros between 2015 and 2019, police said after placing them under investigation Thursday. They are under investigation, variously, for aggravated fraud, illegal access to computer systems, receiving stolen goods and laundering illicit gains. In particular, the allegedly crooked employees intercepted two Super Cash tickets worth seven million euros each, with a probability of winning of one in 15.84 million tickets. They also, police said, cashed in the first prize of two tickets in the Maxi Miliardario lottery, worth five million euros each, with a win probability of one in 9.36 million tickets. They used relatives and friends to actually cash in the cards, and then had them put the proceeds in their own bank accounts police said.
Turkey, the place where idled cruise ships go to die
“Those ships were giving us a bad drain,” Carnival CEO Arnold Donald said during a recent webinar with the Society of American Travel Writers. Going, going, goneWithout much of a market for second-hand tonnage, the main worth of the ships is the steel that makes up the superstructure. Either way, steel and metal scraps will travel to a smelter to make rebar for construction projects around the world. Steel from some other dismantled ships can find its way to Turkey’s large car manufacturing industry, where it might become parts for a Toyota or a Ford. Photo by Chris McGrath/Getty ImagesAluminum, copper, and stainless steel are also salvaged and resold, along with other valuable commodities that mostly remain in Turkey.
Debt at China’s state-owned firms in question after BMW partner fails to repay billion-yuan bond
A car is assembled at a factory of Brilliance Auto in Shenyang, Liaoning province. The state-owned company has defaulted on a 1 billion yuan bond. Photo: Reuters
Man threatened to burn down flats after paying £20 for oral sex he didn't get
The 53-year-old has "numerous previous convictions" including one for robbing a man with learning difficulties who was visiting Swansea for the day. Swansea Crown Court heard that on September 3 this year people living in flats in the city's St Helen's Road were disturbed by someone in the street below "shouting aggressively". The court heard the threats of arson went on for some time with the defendant trying to gain entry to the block through the communal front door. Ley, of Vincent Street, Sandfields, Swansea, admitted charges of making threats to damage property by fire and burglary. The court heard he has "numerous previous convictions" for a range of offending including 15 non-dwelling burglaries, house burglary, possession of bladed articles, robbery, common assault, and criminal damage.
Lawsuit from B.C. man who thought Canada Dry ginger ale had medicinal properties settled for $200K
VANCOUVER -- A class-action lawsuit launched by a B.C. man who said he was misled into believing Canada Dry ginger ale has medicinal properties has been settled for $200,000. Victor Cardoso spent years buying the sugary beverage for his family based on the label's promise that Canada Dry is "Natural" and "Made from Real Ginger," according to his B.C. While there was no evidence presented that Canada Dry Mott's Inc. ever made explicit claims about ginger ale having health benefits, Cardoso's lawsuit argued the labelling was still an attempt to "capitalize" on public perceptions about ginger. CTV News has reached out to Canada Dry Mott's.
Investing for another income stream? Here are 3 dividend tips that could earn you thousands
Dollar-cost averaging:Warren Buffett has this advice for investing in a volatile marketBond talk:Is it time to forget what you learned about investing in bonds? The Motley Fool recommends NextEra Energy. The Motley Fool has a disclosure policy. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.
Is the business lunch dead? In the days of COVID-19, lunch breaks can mean biking, hiking meetings
Now Jeremy Welt, a marketing consultant, takes his meetings on bike rides or canyon hikes. But on a bike, wearing a mask and cruising on the paved beach bike or open mountain trail, no such issues to worry about. He hasn't picked up new business on the business rides, "but I've learned a lot. And beyond the hiking and cycling, in Beaverton, Oregon, Andrew Funderburg has come up with a novel way to meet his clients. "You would build a relationship in a very unique way that you couldn't do over a business lunch," she says.
A Biden Win Could Renew a Democratic Split on Trade
Mr. Biden has papered over other difficult divisions within the Democratic Party by declining to state a position. Mr. Biden has released more extensive plans for expanding Buy American programs and proposed tax penalties for companies that send jobs overseas. It’s unclear if a Biden administration would ultimately move to rejoin the Trans-Pacific Partnership, or continue existing trade talks with the United Kingdom and Kenya. Mr. Biden’s advisers tend to be more unified on China, but there is still a split, people familiar with the conversations say. The path of Mr. Biden’s trade policy will depend largely on personnel decisions, including who become the Treasury Secretary, the United States Trade Representative and commerce secretary.
Young and Jobless in Europe: ‘It’s Been Desperate’
BritainTaking ControlWhen Tariro Madzingira’s marketing job wound down during the pandemic, she knew that landing new work would be a struggle. Instead of panicking, Ms. Madzingira, 24, took matters into her own hands. She returned from London to her parents’ home in Birmingham and enrolled in an eight-week career coaching course. “A lot of graduates that I’ve spoken to are doing so many applications and feeling really flustered,” Ms. Madzingira said. But when she logs off from her internship, she pivots back to working with young people in similar straits.
As the world awaits a coronavirus vaccine, some Chinese students get early doses
The vaccine would at least provide better protection.”ADADBeijing has taken an immense gamble in rolling out coronavirus vaccines before they are confirmed safe and effective. Cai said she is relieved to have gotten the vaccine before traveling to Italy, which is experiencing a renewed surge in coronavirus cases. In Beijing, Wang Ying, a 42-year-old employee of a state-run bank, says she received the vaccine free of charge in a Sinopharm clinical trial, which required her to send daily health updates. Cai, who got the vaccine for urgent use, had to pay about $68 for the two shots and service fees. Wang said even though she got the vaccine, she might wait for more trial results before vaccinating her 10-year-old daughter.
Watch CNBC's full interview with Credit Suisse CEO Thomas Gottstein on third-quarter earnings
Watch CNBC's full interview with Credit Suisse CEO Thomas Gottstein on third-quarter earningsCredit Suisse CEO Thomas Gottstein discusses third-quarter earnings, the impact of the coronavirus pandemic on the banking sector, and industry consolidation.
Sandy Villere on the markets: "Take this opportunity and buy"
Sandy Villere on the markets: "Take this opportunity and buy"Sandy Villere, Co-Portfolio Manager of the Villere Balanced Fund at Villere & Co., joins Worldwide Exchange with his thoughts on market uncertainty during peak earnings week.
Standard Chartered to reconsider shareholder returns at the end of the year, says CEO
Standard Chartered to reconsider shareholder returns at the end of the year, says CEOAndy Halford, CFO of Standard Chartered, discusses third-quarter earnings and the impact of the coronavirus on the business.
Charles Schwab's Jeffrey Kleintop: The obvious conclusions with virus restrictions "are not that simple"
Charles Schwab's Jeffrey Kleintop: The obvious conclusions with virus restrictions "are not that simple"Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab, joins Worldwide Exchange with his thoughts on the global market impact of new coronavirus restrictions.
Wall Street will look to recover from Wednesday's massive sell-off
Wall Street will look to recover from Wednesday's massive sell-offWall Street will look to recovery from Wednesday's massive sell-off, which was sparked in part by growing fears in rising coronavirus cases around the world. CNBC's Bertha Coombs reports.
Treasury yields tick lower ahead of third-quarter growth figures
The yield on the benchmark 10-year Treasury note ticked lower to around 0.777% at 06:25 a.m. While the yield on the 30-year Treasury bond fell to 1.5625%. Treasury yields moved slightly lower on Thursday ahead of economic data due to be released later in the day, which is expected to show record-breaking growth in the U.S. economy. ET, which is expected to show historic growth of 30% or more in the third quarter. In addition, $30 billion worth of four-week bills go up for auction today, along with $35 billion of eight-week bills.
Why this investor says economic recovery will be split
Why this investor says economic recovery will be splitMichael Arougheti, co-founder and CEO of Ares Management who oversees about $180 million in assets under management, joins "Squawk Box" to discuss the volatility in the markets following Wednesday's massive sell-off.
Comcast reports record high-speed internet net adds, has nearly 22 million Peacock sign-ups
Comcast also beat estimates for high-speed internet customer net adds and reported further growth to its new streaming service. Here are the key numbers:Earnings per share: 65 cents, adjusted vs. 52 cents expected, according to Refinitiv survey of analysts65 cents, adjusted vs. 52 cents expected, according to Refinitiv survey of analysts Revenue: $25.53 billion vs. $24.74 billion expected, according to Refinitiv$25.53 billion vs. $24.74 billion expected, according to Refinitiv High-speed internet customers: 633,000 net adds vs. 534,000 net adds expected, according to FactSetNBCUniversal's Peacock now has nearly 22 million sign-ups. The service, which has both a free, ad-supported tier and paid tiers, had 10 million sign-ups when Comcast last reported earnings in July. The company had its best quarterly customer results in its history for broadband in the quarter, adding more than 633,000 high-speed internet customers, according to the report. Theme park revenue fell nearly 81% to $311 million, according to the report.
Sharp third-quarter growth will show the economy regaining ground, but it's still in a hole
Third quarter GDP is expected to grow at a sharp double digit pace, but the economy is still behind where it was earlier in the year and may be challenged by a lack of fiscal stimulus. "We will have recovered about 2/3 of the GDP we lost in the recession," said Mark Zandi, chief economist at Moody's Analytics. Zandi expects growth of an above consensus 35% for the third quarter. "I think most of that growth came at the end of the second quarter, coming into the third quarter. That's an opportunity to pass a package," Zandi said.
The US economy probably grew at record speed in the third quarter. But the crisis isn't over
New York (CNN Business) The US economy started bouncing back from the pandemic lockdowns over the summer months. That would be a sharp gain from the second quarter, when the economy shrunk a seasonally-adjusted 9%. And it comes after huge losses in the second quarter, when GDP collapsed at an annualized and seasonally-adjusted rate of 31.4% — the biggest drop on record. Either way, the economic crisis is not over, even if Thursday's data shows a jump in economic activity. "The huge GDP growth it will indicate is growth off a level severely depressed by a first-ever lockdown of much of the US economy.
LVMH snags $400 million discount on Tiffany deal after legal spat
The move now values Tiffany at $15.8 billion, $400 million less than the $16.2 billion originally agreed upon. LVMH announced in September that it would abandon its planned acquisition of Tiffany, which was expected to be the biggest luxury goods deal in history. The deal is expected to help LVMH better compete with rival Swiss jewelry seller Richemont by cementing its position in watches and jewelry. The deal, which must be approved by Tiffany shareholders, is expected to close early next year. "The LVMH and Tiffany saga seems to have finally come to an end," he added.
UK mortgage approvals hit 13-year high, consumer lending slides
Mortgage approvals for house purchase jumped to 91,454 in September from August’s already-high reading of 85,530, exceeding all forecasts in a Reuters poll of economists that had instead pointed to a decline. Activity in Britain’s housing market has rebounded sharply since the end of lockdown restrictions and was further fuelled when finance minister Rishi Sunak temporarily suspended property purchase taxes in July. Earlier this month, mortgage lender Halifax reported a 7.3% annual rise in house prices for September, the biggest increase since 2016. The rapid rebound in the property market contrasts with a gloomier picture for many other parts of Britain’s economy, which shrank by 20% in the three months to June. The housing market pick-up is likely to fade, Andrew Montlake, managing director of mortgage broker Coreco, said.
Factbox: On climate, it's Biden's green revolution versus Trump's war on regulations
Biden supports research on high-tech nuclear energy that would be virtually emissions-free but could still have proliferation risks. Trump does not have a climate plan on his campaign website. In September he refused to acknowledge any role climate change has played in deadly wildfires that swept through the U.S. West. Like Biden, Trump supports advanced nuclear technology. Biden has said he will return the United States to a leadership role on climate change, assertively restoring a U.S. role in future climate negotiations to advance the goals of the Paris Climate Agreement.
Upbeat earnings lift FTSE 100 after three-day selloff
(Reuters) - London’s FTSE 100 inched higher on Thursday as a clutch of positive earnings offered some respite after a three-day selloff due to concerns over surging global coronavirus cases. REUTERS/Neil Hall/File PhotoThe export-heavy FTSE 100 index .FTSE rose 0.3%, with oil major Royal Dutch Shell Plc RDSa.L jumping 2.1% after it posted a higher-than-expected quarterly profit and increased its dividend. Lloyds Banking Group Plc LLOY.L added 2.2% after the domestic lender posted a forecast-beating quarterly profit, boosted by a home-loan lending boom. Both the FTSE 100 and FTSE 250 are set for their biggest weekly declines since early June. In company news, BT Group Plc BT.L jumped 6% to the top of the FTSE 100 after Britain's biggest fixed-line and mobile operator raised the lower end of its annual profit forecast.
TikTok owner ByteDance launches education technology brand Dali for China
BEIJING (Reuters) - Beijing-based ByteDance announced a standalone education technology (edtech) brand Dali for the Chinese market on Thursday, becoming another major tech player looking to capitalise on the sector’s boom driven by the COVID-19 pandemic. FILE PHOTO: The logo of Bytedance, the China-based company which owns the short video app TikTok, is seen at its office in Beijing, China July 7, 2020. The brand independence of Dali Education is just the beginning of a long journey.”Demand for education technology grew during the coronavirus pandemic as widespread lockdowns in China and school closures forced students to take online classes from home for many months. ByteDance entered into the education sector in 2016 by investing in edtech startups and also developing education products on its own. Eight-year-old ByteDance’s revenue mainly comes from its Chinese short video app Douyin and news aggregator Jinri Toutiao.
Uber and HSBC wins help trading improve at ad group WPP
LONDON (Reuters) - Client wins with Uber, Alibaba and HSBC helped the world's biggest advertising company WPP WPP.L deliver an improvement in third-quarter underlying trading, particularly in Britain and the United States. FILE PHOTO: Branding signage is seen for WPP, the world's biggest advertising and marketing company, at their offices in London, Britain, July 17, 2019. Underlying net sales were down by 5.1% in North America, compared with a 10.2% drop in the second quarter, and down 6.5% in Britain, after a 23.3% plunge in the previous quarter. As a result, the company expects to deliver a full-year result within analyst forecasts of a drop between 8.5% and 10.7% in like-for-like net sales, with a midpoint of down 9.6%. Analysts said the results were ahead of expectations, but traders said the shares fell to a month low, down 3.5%, on the cautious outlook.
Five-month recovery of euro zone sentiment ends in October
BRUSSELS (Reuters) - A five month recovery of sentiment in the euro zone stalled in October as consumers and the services sector became more downcast about economic prospects with the increase in COVID-19 cases and restrictions, data showed on Thursday. The European Commission’s monthly survey showed sentiment in the 19 countries sharing the euro unchanged at 90.9 points this month, beating market expectations of a drop to 89.5 points. However, sentiment in services, the euro zone economy’s biggest sector producing some two thirds of gross domestic product, slipped to -11.8 from -11.2. Sentiment among consumers fell to -15.5 in October from -13.9 points in September, in line with the flash estimate released last week. Inflation expectations in industry improved to 0.6 from -1.3 and also rose among consumers, to 13.3 from 12.5 points in September.
Oil extends losses with 4% slump on renewed lockdowns
LONDON (Reuters) - Oil prices fell 4% on Thursday to their lowest since mid-June, extending the previous day’s sharp decline on the potential impact renewed coronavirus lockdowns will have on oil demand. FILE PHOTO: An oil refinery and storage facility is pictured south of downtown Houston January 30, 2012. “[We] believe it is increasingly unlikely that oil production will be stepped up from January,” Commerzbank said. Rising Libyan oil production is also weighing on sentiment. Oil had initially rebounded slightly from overnight losses in Asian morning trade on technical support and the prospect of tighter short-term supply as Hurricane Zeta slams Louisiana.
Election 2020
Wall Street could see sharp swings in trading after the Nov. 3 U.S. presidential election. But there are safeguards in place to keep the stock market or equity futures from sliding out of control. Here is a guide to what exchanges do to halt trading if shares fall sharply.
Spotify adds more subscribers as music streaming gets back on track
Premium subscribers, which account for most of its revenue, were up 27% to 144 million from a year earlier. Analysts on average were expecting the company to have 142.5 million paid subscribers, according to IBES data from Refinitiv. The company expects total premium subscribers in the range of 150 million to 154 million for the fourth quarter. Analysts were expecting revenue of 2 billion euros, according to IBES data from Refinitiv. Excluding the impact of foreign exchange, Spotify said its quarterly revenue was “slightly better than expected”.
Canada dry? Cannabis-infused drinks fizzle due to production, distribution challenges
Canada at the start of this year allowed sales of so-called Cannabis 2.0 products, which include edibles, vapes and drinks. GETTING IT RIGHTTechnical issues involving basic chemistry have also slowed bringing some of these THC-infused beverages to market. It now controls more than 70% of the cannabis-infused drinks market, a company spokeswoman said. The company has sold close to 2 million cans of its THC-infused beverages in Canada since March. The top three cannabis beverages in Canada are all Canopy products, the spokeswoman added.
Cenovus Energy posts third straight quarterly loss on virus-induced oil crash
FILE PHOTO: Rows of steam generators line a road at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, Canada, August 15, 2013. REUTERS/Todd Korol/File Photo(Reuters) - Canadian oil and gas producer Cenovus Energy Inc CVE.TOCVE.N reported its third straight quarterly loss on Thursday, hurt by a slump in crude prices and crash in fuel demand caused by the COVID-19 pandemic. Cenovus said total quarterly production rose 5.2% to 471,799 barrels of oil equivalent per day (boepd). The Calgary, Alberta-based company recorded a net loss of C$194 million ($147.13 million) or 16 Canadian cents per share, for the third quarter ended Sept. 30, compared with a year-ago profit of C$187 million, or 15 Canadian cents per share. ($1 = 1.3186 Canadian dollars)
Global stocks steady after second-wave turmoil
LONDON (Reuters) - European stocks and commodity markets struggled to stabilise on Thursday, after a return to national lockdowns in some of the region’s biggest economies triggered the most brutal global selloff in months. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 27, 2020. The common currency hit a 10-day low on the dollar and a hundred-day low on the yen on Wednesday, before recovering slightly. In the currency markets, the U.S. dollar edged up slightly and riskier currencies remained subdued. Japan’s yen was broadly steady after the Bank of Japan’s subdued message on the economy.
Spotify adds more subscribers as music streaming gets back on track
REUTERS/Brendan McDermidSTOCKHOLM/NEW YORK (Reuters) - Spotify Technology SA on Thursday added more subscribers in the third quarter than Wall Street had expected and forecast strong growth in the current quarter as more users tuned in to its streaming music service. Premium subscribers, which account for most of its revenue, were up 27% to 144 million from a year earlier. Analysts on average were expecting the company to have 142.5 million paid subscribers, according to IBES data from Refinitiv. The company expects total premium subscribers in the range of 150 million to 154 million for the fourth quarter. Analysts were expecting revenue of 2 billion euros, according to IBES data from Refinitiv.
UK mortgage approvals hit 13-year high, consumer lending slides
Mortgage approvals for house purchase jumped to 91,454 in September from August’s already-high reading of 85,530, exceeding all forecasts in a Reuters poll of economists that had instead pointed to a decline. Activity in Britain’s housing market has rebounded sharply since the end of lockdown restrictions and was further fuelled when finance minister Rishi Sunak temporarily suspended property purchase taxes in July. Earlier this month, mortgage lender Halifax reported a 7.3% annual rise in house prices for September, the biggest increase since 2016. The rapid rebound in the property market contrasts with a gloomier picture for many other parts of Britain’s economy, which shrank by 20% in the three months to June. The housing market pick-up is likely to fade, Andrew Montlake, managing director of mortgage broker Coreco, said.
Canada dry? Cannabis-infused drinks fizzle due to production, distribution challenges
Canada at the start of this year allowed sales of so-called Cannabis 2.0 products, which include edibles, vapes and drinks. GETTING IT RIGHTTechnical issues involving basic chemistry have also slowed bringing some of these THC-infused beverages to market. It now controls more than 70% of the cannabis-infused drinks market, a company spokeswoman said. The company has sold close to 2 million cans of its THC-infused beverages in Canada since March. The top three cannabis beverages in Canada are all Canopy products, the spokeswoman added.
Uber and HSBC wins help trading improve at ad group WPP
LONDON (Reuters) - Client wins with Uber, Alibaba and HSBC helped the world’s biggest advertising company WPP deliver an improvement in third-quarter underlying trading, particularly in Britain and the United States. FILE PHOTO: A logo hangs on the wall outside the WPP offices in London, Britain April 30, 2018. Underlying net sales were down by 5.1% in North America, compared with a 10.2% drop in the second quarter, and down 6.5% in Britain, after a 23.3% plunge in the previous quarter. As a result, the company expects to deliver a full-year result within analyst forecasts of a drop between 8.5% and 10.7% in like-for-like net sales, with a midpoint of down 9.6%. Analysts said the results were ahead of expectations, but traders said the shares fell to a month low, down 3.5%, on the cautious outlook.
Oil extends losses with 4% slump on renewed lockdowns
LONDON (Reuters) - Oil prices fell 4% on Thursday to their lowest since mid-June, extending the previous day’s sharp decline on the potential impact renewed coronavirus lockdowns will have on oil demand. FILE PHOTO: Shell's Brent Delta oil platform is towed into Hartlepool, Britain May 2, 2017. “[We] believe it is increasingly unlikely that oil production will be stepped up from January,” Commerzbank said. Rising Libyan oil production is also weighing on sentiment. Oil had initially rebounded slightly from overnight losses in Asian morning trade on technical support and the prospect of tighter short-term supply as Hurricane Zeta slams Louisiana.
Sensex, Nifty fall on weak earnings, virus-led global pessimism
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas/FilesAhead of the October derivatives expiry, the Nifty closed down 0.5% at 11,670.8 and the Sensex ended 0.43% lower at 39,749.85. The Nifty financials index closed 0.7% lower and the Nifty consumer goods index declined 0.96%. Watchmaker Titan Co slid 2.6% after the company reported a drop in quarterly profit on Wednesday. Telecom company Vodafone Idea is among the companies reporting earnings later in the day.
DuPont de Nemours Inc. Stock Quote (U.S.: NYSE)
DuPont de Nemours Inc.DuPont de Nemours, Inc. operates as a holding company, which engages in the development of specialty materials, chemicals, and agricultural products. It operates through the following segments: Electronics & Imaging; Nutrition & Biosciences; Transportation & Industrial; Safety & Construction, and Non-Core. The Nutrition & Biosciences segment provides solutions for the global food and beverage, dietary supplements, pharma, home and personal care, energy and animal nutrition markets. The Transportation & Industrial segment engineering resins, adhesives, silicones, lubricants and parts to engineers and designers in the transportation, electronics, healthcare, industrial and consumer end-markets to enable systems solutions for demanding applications and environments. The Safety & Construction segment provides engineering products and integrated systems for a number of industries including, worker safety, water purification and separation, aerospace, energy, medical packaging and building materials.
I filed for bankruptcy after rehabbing my husband’s home. Now he wants an open marriage and says I own nothing. I feel trapped and bamboozled
Once the bankruptcies were done, my spouse asked me for an open marriage! Can I force him to pay for the car even if the loan is in my name? To that end, I’m stuck on the word “rehab.” If you paid money toward the mortgage or financially helped to renovate the house itself, it’s likely that the property moved from being separate property to marital property. In some states, debts acquired during the marriage are considered marital property and a court may take that total figure into account when dividing your assets. “This is especially true if your spouse was the one who filed for divorce in the first place.
Blue Apron Holdings Inc. Stock Quote (U.S.: NYSE)
Blue Apron Holdings Inc.Blue Apron Holdings, Inc. operates as an ingredient-and-recipe meal kit service company. It engages in making home cooking accessible. The firm involves in demand planning, recipe creation, recipe merchandising, and marketing. Its products include meals and wine. The company was founded by Matthew J. Wadiak, Ilia M. Papas, and Matthew B. Salzberg in 2012 and is headquartered in New York, NY.
UPS stock suffers worst day in nearly 6 years after a big profit beat was offset by margin concerns
The stock UPS, -8.81% tumbled 8.8% to $155.78, the lowest close since Aug. 6, and the biggest one-day plunge since it lost 9.9% on Jan. 23, 2015. Don’t miss: UPS stock rises after UBS analyst turns bullish a day before earnings. Revenue grew 15.9% to $21.24 billion, which was about $1 billion above the FactSet consensus. However, operating profit for that segment actually fell, by 9.7% to $1.10 billion. What also hurt the bottom line was that productivity was below expectations, which resulted from having 40,000 new employees and increased employee turnover.
Dunkin Brands tops earnings estimates as same-store sales rise 0.9%
Dunkin Brands Group Inc. DNKN, -2.58% posted third-quarter earnings that topped estimates as it achieved positive same-store sales during the pandemic. Adjusted per-share earnings came to 93 cents, ahead of the 80 cents FactSet consensus. Revenue rose to $361.5 million from $355.9 million, also ahead of the $345.0 million FactSet consensus. U.S. same-store sales rose 0.9%, while the FactSet consensus was for a decline of 3.8%. Same-store sales rose as average ticket increased and offset a drop in traffic caused by the pandemic.
DuPont beats adjusted profit, revenue expectations and provides upbeat outlook
DuPont de Nemours Inc. DD, -2.51% swung to a third-quarter net loss, but reported an adjusted profit that beat and revenue that fell less than expectation and provided an upbeat full-year outlook. The net loss was $79 million, or 11 cents a share, after net income of $372 million, or 50 cents a share, in the year-ago period. Excluding non-recurring items, such as impairment charges, adjusted earnings per share fell to 88 cents from 96 cents, but was above the FactSet consensus of 75 cents. Sales fell 6.1% to $5.10 billion, with the COVID-19 pandemic negatively impacting key industrial markets, but was above the FactSet consensus of $5.01 billion. Among DuPont's business segments, electronics and imaging sales rose 7%, while nutrition and biosciences sales fell 4%, transportation and industrial sales declined 14% and safety and construction sales dropped 6%.
GE stock jumps as investors cheer surprise adjusted profit and positive free cash flow
Shares of General Electric Co. charged higher Wednesday, as the industrial conglomerate pleasantly surprised investors by reporting a third-quarter adjusted profit and positive free cash flow. The stock GE, +4.50% rallied 4.5% to $7.42 on very heavy volume of 251.5 million shares. GE shares have now run up 19.1% in October, enough to make it the best month-to-date performer in the SPDR Industrial Select Sector exchange-traded fund XLI, -3.28% , which is down 2.7% this month. Don’t miss: GE stock has been on a tear ahead of earnings, as analysts tout it as a COVID-19 vaccine play. And Culp said he expected fourth-quarter FCF of positive $2.5 billion and expects positive FCF in 2021.
My father left me money for a house — and my husband put his name on the deed. How do I ensure it goes to our kids?
My husband never told me about this money, and he spent all of it before I found out he even received his inheritance. Within 30 days of receiving my inheritance, I purchased a home with the proceeds, and my husband talked me into putting his name on the deed. How would I go about making sure that my kids will have this home as an inheritance, assuming I predecease my husband? Inheritance is usually separate property. But if you use marital funds to improve the property, it becomes community or marital property.
Global Stocks Stabilize After Pounding Over Europe’s Second Lockdown
Asian stocks dropped while European equities edged higher on Thursday, as traders awaited earnings from technology titans while a new wave of Covid-19 cases leads to tighter restrictions in Europe’s largest economies. The Nikkei 225 slipped 0.4% in Tokyo, the Hang Seng lost 0.5%, and the S&P/ASX 100 dropped 1.6% in Sydney. Germany and France separately introduced new one-month restrictions to counter a wave of coronavirus cases in Europe. Another surge in new users boosted Pinterest, which is set to rally after reporting better-than-expected profit and sales numbers. Royal Dutch Shell rose in London, as the oil major’s third-quarter earnings came in well ahead of estimates.
Blue Apron posts narrower-than-expected loss but offers tepid guidance
Meal-kit provider Blue Apron Holdings Inc. APRN, +4.45% posted slightly-better-than-expected results for the third-quarter but offered tepid guidance for the fourth quarter, despite rising demand for its products during the pandemic. Blue Apron posted a loss of $15.3 million, or 96 cents a share, in the quarter, narrower than the loss of $26.2 million, or $1.99 a share, posted in the year-earlier period. Revenue rose to $112.3 million from $99.5 million. The FactSet consensus was for a loss per share of $1.25 and revenue of $112.0 million. Blue Apron is now expecting fourth-quarter sales to range from $108 million to $112 million, below the FactSet consensus of $116 million.
Tempur Sealy International Inc. Stock Quote (U.S.: NYSE)
Tempur Sealy International Inc.Tempur Sealy International, Inc. develops, manufactures, markets and distributes bedding products. It operates through North America and International segments. The North America segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the U.S. and Canada. The International segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. Its brands include Tempur, Tempur-Pedic, Sealy featuring Posturepedic Technology and Stearns & Foster.
Macron Puts France Under Full Lockdown. What You Need to Know.
Warning that the second wave of the coronavirus pandemic engulfing France might be “harder and deadlier” than its initial outbreak, President Emmanuel Macron announced on Wednesday that the country would be subjected to a full lockdown from Friday until the end of November. France has been one the European nations worst hit by the unexpected strength of the second wave. The French president noted that the official number of daily new infections, currently at between 40,000 and 50,000, probably underestimates the real situation by half. Still, Macron encouraged the French to work from home, albeit with more “intensity” than during the first lockdown. The French president also said that France’s borders would be closed to foreign travelers from Friday, but would remain open to visitors from those European countries belonging to the Schengen free-travel area.
Tapestry Inc. Stock Quote (U.S.: NYSE)
Tapestry Inc.Tapestry, Inc. engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade, Stuart Weitzman, and Corporate. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors. The Kate Spade segment focuses on Kate Spade New York brand products to customers through Kate Spade operated stores, including the Internet, sales to wholesale customers, through concession shop-in-shops and through independent third party distributors. The Stuart Weitzman segment comprises Stuart Weitzman brand products primarily through Stuart Weitzman operated stores.
Tempur Sealy's stock set to rally after stock split, dividend plans and big profit beat
The stock split will go into effect in the fourth quarter of 2020 to make the shares "more accessible to new investors" and improve liquidity; the stock closed Wednesday at $86.90. The company said it also boosted its stock repurchase program by $170 million to $300 million. Separately, net income rose to $121.4 million, or $2.29 a share, from $73.3 million, or $1.31 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $2.94, above the FactSet consensus of $2.20. Sales rose 37.9% to $1.13 billion to beat expectations of $1.07 billion.
So good they hired him twice: Basger rejoins Brevan Howard
Hedge fund Brevan Howard has hired Louis Basger – again. Basger, who is the founder and chief investment officer of Geneva-based hedge fund Cove Capital, will start his new role at the $11bn hedge fund on 1 November. Cove Capital Macro Funds, which will be managed by Basger internally, will be rebranded as BHLB Macro Funds, Brevan Howard said...
Global Stocks Stabilize After Pounding Over Europe’s Second Lockdown
Text sizeAsian stocks dropped while European equities edged higher on Thursday, as traders awaited earnings from technology titans while a new wave of Covid-19 cases leads to tighter restrictions in Europe’s largest economies. The Nikkei 225 slipped 0.4% in Tokyo, the Hang Seng lost 0.5%, and the S&P/ASX 100 dropped 1.6% in Sydney. Germany and France separately introduced new one-month restrictions to counter a wave of coronavirus cases in Europe. Another surge in new users boosted Pinterest, which is set to rally after reporting better-than-expected profit and sales numbers. Royal Dutch Shell rose in London, as the oil major’s third-quarter earnings came in well ahead of estimates.
Tesla's $500 'Radio Upgrade' restores FM and Sirius XM access
While it won’t affect users’ access to internet radio and music streaming, it removes their access to AM, FM and Sirius XM radio. In its upgrade page, Tesla said the new infotainment system “is not compatible with the original radio tuner that came equipped on” the older vehicles. Starting in the fourth quarter of 2020, the company will offer customers a $500 “Radio Upgrade” option to restore FM radio and Sirius XM radio on their vehicles if they had previously bought the $2,500 infotainment upgrade. Tesla recommends having both upgrade installations done at the same time to make things easier, but those who already got the new infotainment system can still get the radio upgrade on its own. As for why Tesla didn’t just include radio capabilities with the infotainment upgrade, it explains in the FAQ page that not all owners use their FM radios.
What Macron Putting France Under Full Lockdown Will Mean for Its Economy
Text sizeWarning that the second wave of the coronavirus pandemic engulfing France might be “harder and deadlier” than its initial outbreak, President Emmanuel Macron announced on Wednesday that the country would be subjected to a full lockdown from Friday until the end of November. France has been one the European nations worst hit by the unexpected strength of the second wave. The French president noted that the official number of daily new infections, currently at between 40,000 and 50,000, probably underestimates the real situation by half. Still, Macron encouraged the French to work from home, albeit with more “intensity” than during the first lockdown. The French president also said that France’s borders would be closed to foreign travelers from Friday, but would remain open to visitors from those European countries belonging to the Schengen free-travel area.
Nokia cuts profit forecast and revamps strategy, shares slump 13%
Nokia lowered its full-year profit outlook range by 0.02 euros to a midpoint of 0.23 euros per share, having reported third-quarter results broadly in line with analysts' expectations. The company also cut its 2020 operating margin forecast to 9% from 9.5% and for 2021 expects operating margin of 7-10%. "Nokia is likely to find raising operating margins challenging due to its relatively low market share, Liberum analysts said in a note. Unlike Ericsson, Nokia has not won any 5G radio contracts in the highly competitive Chinese market. Nokia said its July-September underlying earnings were flat year-on-year at 0.05 euros per share, meeting the 0.05 euros consensus in a Refinitiv poll.
Spotify adds more subscribers as music streaming gets back on track
Premium subscribers, which account for most of its revenue, were up 27% to 144 million from a year earlier. Analysts on average were expecting the company to have 142.5 million paid subscribers, according to IBES data from Refinitiv. The company expects total premium subscribers in the range of 150 million to 154 million for the fourth quarter. Analysts were expecting revenue of 2 billion euros, according to IBES data from Refinitiv. Excluding the impact of foreign exchange, Spotify said its quarterly revenue was "slightly better than expected".
The Stimulus Deal Is On Pause Until After Election Day — Now What?
Congressional lawmakers appear to have thrown in the towel on efforts to help boost the ailing United States economy through a second stimulus package — that is, until after Election Day. That left coronavirus-related relief as the only major legislative goal on Congress’ plate ahead of the election. Both parties have said that they favor providing another round of direct payments to individuals and families, as well as continuing additional unemployment benefits, though they have differed significantly on amounts. The Senate is scheduled to be back in session on Nov. 9 — a week after the election — while House members are not slated to return until Nov. 16. Separately, any stimulus proposal would likely get a vote during a lame-duck session, as some members who return to their chambers following the election will not be in the next Congress.
China Pledges Quality Growth, Tech Powerhouse in Five-Year Plan
(Bloomberg) -- China unveiled the first glimpses of its economic plans for the next five years, promising to build the nation into a technological powerhouse as it emphasized quality growth over speed. Initial details released by the Communist Party’s Central Committee Thursday stressed the need for sustainable growth and also pledged to develop a robust domestic market. The communique released by state media following a four-day closed-door meeting didn’t specify the pace of growth policy makers would target. Even though the plan doesn’t mention a specific rate of growth for gross domestic product, analysts said the government remains ambitious in its outlook. The nation needs to “smooth the domestic circulation, facilitate dual circulation at home and abroad, comprehensively promote consumption and expand room for investment,” according to the statement.
Here comes the best GDP report on record*: Morning Brief
ET: Tapestry ( TPR ) is expected to report adjusted earnings of 22 cents per share on revenue of $1.07 billion7:00 a.m. ET: Shopify ( SHOP ) is expected to report adjusted earnings of 52 cents per share on revenue of $663.5 million7:00 a.m. ET: Amazon ( AMZN ) is expected to report adjusted earnings of $11.32 per share on revenue of $92.71 billion4:15 p.m. ET: Mohawk Industries ( MHK ) is expected to report adjusted earnings of $2.10 per share on revenue of $2.49 billion4:15 p.m. ET: Apple ( AAPL ) i s expected to report adjusted earnings of 70 cents per share on revenue of $63.48 billion4:50 p.m.
Q3 GDP preview: Economic activity likely rose at a record pace after pandemic-induced slump
U.S. economic activity likely surged at a record clip for the July through September period, as an initial easing of virus-related lockdowns allowed business activity to return after a historic slump. The rise in third quarter 2020 economic activity is expected to be nearly twice that, with a record jump set to follow the record 31.4% slide earlier this year. “A substitution in favor of goods spending helped offset lingering weakness in services,” Paul Ashworth, chief U.S. economist for Capital Economics, said in a recent note. Other areas of the economy will be more mixed as contributors to third-quarter GDP, Ashworth noted. (Photo by Andrew Lichtenstein/Corbis via Getty Images)Still, even the record increase in GDP expected will likely not go far enough to bring U.S. output to pre-pandemic levels.
Jim Cramer: Health Care Stocks, the Election and the Perfect Setup
MRK, LLY, DXCM, ABT Stocks quotes in this article: UNHSomething's happening here and what it is is exactly clearFor what it's worth -- thanks Buffalo Springfield -- let me spell it outRight now the market is furiously trying to price in a Blue Wave, a total landslide, and the area that's perceived as most vulnerable, the health care sector, is getting socked with sellers who, at this point, don't eve...
Spotify Broadcasts Third-Quarter Loss and Soft Fourth Quarter
The company also said it sees a softer fourth quarter as the Covid-19 pandemic continues to weigh on ad revenue. Luxembourg-based Spotify on Thursday posted a net loss of €356 million ($417.3 million), or €$1.91 a share, more than triple the €101 million, or €58-cent loss it posted a year earlier and much wider than analysts’ forecasts of a €53-cent loss. Operating expenses totaled €529 million, Spotify said, an increase of 37%. For the fourth quarter, Spotify said it expects to post an operating loss between €112 million and €32 million and total revenue of between €2 billion and €2.2 billion. It expects total MAUs of between 340 million and 345 million and total premium subscribers of between 150 million and 154 million.
The Problem With Home Buyer 'Love Letters'
Here are some reasons to steer clear of buyer love letters and focus on making — or choosing — the best offer instead. Here are reasons to steer clear of buyer love letters and focus on making — or choosing — the best offer instead. But some buyer love letters can invite sellers to unwittingly violate fair housing laws. Although home buyer love letters are a discrimination concern, they haven’t been the focus of testing programs, says Morgan Williams, general counsel for the National Fair Housing Alliance in Washington, D.C.Goodman knows of no fair housing cases that have arisen from or rested on a buyer love letter. Goodman says sellers who are concerned about being swayed by buyer love letters should ask their real estate agents not to share the personal letters or the names of buyers with them.
How a Crisis Can Help You Build Good Savings Habits
From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons. Take that extra money and apply it toward the needs or savings and debt buckets instead. If you have money left over, consider applying it toward student loan payments, says Lloyd. Federal student loan borrowers are in an automatic interest-free payment pause until January 2021. Talking about money and asking for help is a habit you can take with you long after a crisis is over.
As With Politics, a Lot Can Happen by Election Day in the Market
The question of the day is this: If we keep sliding into the election, how can this not be a repeat of 2016? We have not had three solid months of selling, we have had three weeks of selling (which is what makes us short term oversold). The put/call ratio was 1.12 on Wednesday, so that's the second time this week we've seen a high reading. We'd need a lot more readings, as we've seen this week, to get that moving average to a reading over 1.0. So let's say we slide through Friday; we can expect this will be down when next week's reading comes out.
Dow Futures Rebound As Earnings, GDP Data Distract From COVID Woes; Apple, Amazon and Google in Focus
Wall Street suffered its biggest one-day decline in four months yesterday as COVID infections swept across Europe and the United States, but earnings and GDP data could provide modest relief in a busy Thursday session. The Thursday Market MinuteGlobal stocks rebound from biggest decline in four months as earnings distract from surging coronavirus infections. The busiest day of the earnings season sees three major tech giants reporting after the bell, including Apple, Amazon and Facebook, with Wall Street readying for a first reading of third quarter GDP before the start of trading. Wall Street futures suggest a firmer open ahead of earnings from Twitter, Comcast, ConcoPhillips and Kraft Heinz as well as third quarter GDP data at 8:30 am Eastern time. Neither moves, however, are likely to keep the benchmarks from recording their biggest monthly declines since March.
Ford Surges to 8-Month High on Margin-Driven Earnings Beat
Ford's profit margins for the third quarter were the highest in four years as north American demand for pickups and SUVs helped the carmaker smash Wall Street's earnings forecasts. Ford Motor Co. (F) - Get Report shares surged to an eight-month high Thursday after the carmaker smashed Wall Street forecasts for its third quarter earnings thanks in part to the strongest north American profit margins in four years. Ford said adjusted earnings for the three months ending in September were pegged at 65 cents per share, nearly double the same period last year and firmly ahead of the Street consensus forecast of 19 cents per share. "Together, these factors, plus the strongest performance from Ford Credit in 15 years, led to a total company adjusted EBIT margin of 9.7%. "We believe Jim Farley will drive incremental urgency and accountability at Ford, and this could spark incremental investor interest."
Sexual, racist misconduct trial against Contra Costa County assessor opens today
MARTINEZ — Six days before the election in which Contra Costa County Assessor Gus Kramer is running for a county supervisor’s seat, a misconduct trial against him started Wednesday with his defense attorney claiming his alleged sexual and racist comments to staff were either misinterpreted or simply fabricated by employees with a political agenda. Kramer told two employees in the assessor’s office that he gave his niece a vibrator as a Christmas present, Walpole said. After the assistant assessor relayed the complaint, Kramer said he would no longer talk to the employees about anything other than business, Rains said. The only repercussion would be Kramer’s removal from his position as county assessor if the jury delivers a unanimous verdict. “His written statement has changed,” Rains said of the testimony the former employee gave to the grand jury.
Tech firm growing with Allen office move
A tech company is boosting its North Texas footprint with a move to a new Allen building. Micron Technology Inc. is taking two floors in the just-completed One Bethany West office near U.S. Highway 75 in Allen. The company, which provides memory and storage components is growing its design engineering operations with the move. “As a burgeoning tech hub, the city of Allen is a prime location for our design engineering teams working on advanced computing architectures,” Jeff Koelling, senior director of design engineering at Micron, said in a statement. “Going into 2021 I think there is a flood of leases and office activity that has been held back.”
Reopening Lake Avenue lifts 'huge burden' in St. James
An $8 million rebuild of St. James’ Lake Avenue, the town’s biggest road project in more than 40 years, has largely finished, ending months of disruption for area merchants, town officials said this week. A groundbreaking for the park, which will be funded and named for a civic group, Celebrate St. James, has been scheduled for Nov. 4. "This is progress," said Natalie Weinstein, Celebrate’s president, a designer whose firm is on Lake Avenue. Guy Caligiuri of Patio Pizza, a longtime presence on Lake Avenue, likened the work to a needed investment. Reopening Lake Avenue lifted a "huge burden," he said.
Glen Cove City Council inks $63.9M budget with 6.8% tax-levy hike, job cuts
The Glen Cove City Council has approved a $63.9 million 2021 budget that hikes the tax levy by 6.8% and eliminates eight city jobs. "I know that this is a very difficult time," Tenke said at the Tuesday night council meeting where members approved the budget. The City Council passed the budget 4-2, with the mayor abstaining as required under the city charter. Glen Cove also expects to lose $769,378 in state and county aid due to the pandemic, according to a city budget presentation. "This is the step in the right direction for the city," Tenke said at the meeting, which was streamed live.
Ford to reveal all-new electric Transit van Nov. 12
"We're developing all-new electric versions of the F-150 and the Transit, the two most important, highest volume commercial vehicles in our industry," Farley told Wall Street analysts Wednesday. "These leading vehicles really drive the commercial vehicle business at Ford, and we're electrifying them." The reveal of the electric Transit comes as auto industry experts and insiders report a surge in pandemic-driven deliveries. Ford has committed to spending more than $11 billion on electric vehicle development by 2022. It is a linchpin in Ford's robust, highly profitable global commercial vehicle business.
Podcast | No signal: Where is the internet in Appalachia Ohio?
Why do so many rural Ohioans live without internet access? We explore Appalachia's digital divide and how the state could resolve this issue. During this podcast we hear from Dispatch reporter Ceili Doyle, Amesville resident Heather Mitchell, Executive Director for the Buckeye Hills Regional Council Misty Crosby, Congressman Bill Johnson, and Lt. Governor of Ohio Jon Husted.
Carrier Global: 3Q Earnings Snapshot
PALM BEACH GARDENS, Fla. (AP) _ Carrier Global Corporation (CARR) on Thursday reported third-quarter earnings of $741 million. The Palm Beach Gardens, Florida-based company said it had net income of 84 cents per share. Earnings, adjusted for one-time gains and costs, were 67 cents per share. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share. Four analysts surveyed by Zacks expected $4.35 billion.
Brink's: 3Q Earnings Snapshot
RICHMOND, Va. (AP) _ Brink's Co. (BCO) on Thursday reported a third-quarter loss of $23.8 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Richmond, Virginia-based company said it had a loss of 47 cents. Earnings, adjusted for pretax expenses and costs related to mergers and acquisitions, came to 86 cents per share. The armored car company posted revenue of $970.5 million in the period. Brink's expects full-year revenue in the range of $3.63 billion to $3.7 billion.
Myers: 3Q Earnings Snapshot
AKRON, Ohio (AP) _ Myers Industries Inc. (MYE) on Thursday reported third-quarter earnings of $8.7 million. On a per-share basis, the Akron, Ohio-based company said it had profit of 24 cents. Earnings, adjusted for one-time gains and costs, were 30 cents per share. The maker of plastic products posted revenue of $132.3 million in the period. Myers shares have decreased 18% since the beginning of the year.
Wabtec: 3Q Earnings Snapshot
PITTSBURGH (AP) _ Westinghouse Air Brake Technologies Corp. (WAB) on Thursday reported third-quarter earnings of $128.1 million. Earnings, adjusted for one-time gains and costs, came to 95 cents per share. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share. The maker of parts for locomotives, subways and buses posted revenue of $1.87 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.83 billion.
Eagle Materials: Fiscal 2Q Earnings Snapshot
DALLAS (AP) _ Eagle Materials Inc. (EXP) on Thursday reported fiscal second-quarter profit of $96 million. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.86 per share. The maker of gypsum wallboard and cement posted revenue of $447.7 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $456.5 million.
CoreSite: 3Q Earnings Snapshot
DENVER (AP) _ CoreSite Realty Corp. (COR) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations. The Denver-based real estate investment trust said it had funds from operations of $64.3 million, or $1.33 per share, in the period. The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.29 per share. Funds from operations is a closely watched measure in the REIT industry.
Magellan Health: 3Q Earnings Snapshot
PHOENIX (AP) _ Magellan Health Inc. (MGLN) on Thursday reported third-quarter net income of $21.3 million. The Phoenix-based company said it had net income of 86 cents per share. Earnings, adjusted for one-time gains and costs, came to 40 cents per share. The healthcare management business posted revenue of $1.16 billion in the period. Magellan Health expects full-year earnings in the range of 63 cents to $1.10 per share, with revenue in the range of $4.4 billion to $4.6 billion.
Alexion: 3Q Earnings Snapshot
BOSTON (AP) _ Alexion Pharmaceuticals Inc. (ALXN) on Thursday reported third-quarter net income of $578.1 million. The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.59 per share. The drugmaker posted revenue of $1.59 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $1.42 billion.
Volkswagen returns to profit as global auto markets recover
FILE - In this Monday, April 20, 2020 file photo, cars are lined up at a Volkswagen car dealer in Essen, Germany. German automaker Volkswagen says it returned to profit in the third quarter thanks to cost discipline and a rebound in global sales markets led by China after the lifting of the severe restrictions on activity in the early phase of the pandemic.
'Biggest thing to happen to renters since WWII': why Matthew Desmond is optimistic about housing
“What the pandemic did is reveal just how many American renters are living incredibly close to an eviction notice,” Desmond told the Guardian. “I would argue it’s the biggest thing to happen to renters since the rent freezes in World War II,” Desmond said. Desmond said that the affordable housing crisis has never been as acute as it is today. Literally public housing and rent control came out of that,” Desmond said. “There are reasons to be optimistic and there are places to find real inspiration, and I think that for me to see the building organization on the ground with tenant movements is a place for real inspiration.
Lloyds profits surge as mortgage applications hit 12-year high
Lloyds Banking Group has returned to profit after demand for mortgages rocketed to its highest level since 2008. Britain's biggest high-street bank said pre-tax profits reached £1bn for the three months to September, almost double City estimates of £588m, following a boom in home lending and a much smaller than expected provision for soured loans. It said mortgage lending was up by £3.5bn over the period, marking the highest period for mortgage applications from both first-time buyers and home movers since 2008. Property sales have soared since lockdown as buyers are rushing to complete before the March stamp duty deadline. Property website Zoopla said this week that the post-lockdown property “mini-boom”, combined with the temporary tax break, means there are an extra 140,000 sales in the pipeline compared to a year ago.
Dollar holds firm mostly around ¥104.40 in Tokyo trading
The dollar moved on a firm note mostly around ¥104.40 in Tokyo on Thursday before shedding some gains in late trading. At 5 p.m., the dollar stood at ¥104.28, up from ¥104.21 at the same time Wednesday. After hovering in the ¥104.30 zone early in the morning, the dollar climbed to around ¥104.50 toward noon, thanks to buying by Japanese importers for settlement purposes, the 225-issue Nikkei average’s resilience and Chinese stocks’ solid performance. The dollar slipped through ¥104.30 in late afternoon trading on selling prompted by the euro’s slide against other major currencies “amid swelling concerns over the negative effects of the coronavirus resurgence on the European economy,” a currency broker said. “But market sentiment was somewhat stabilized” by the Nikkei’s rebound after a tumble in the morning and a rise in U.S. stock index futures on off-hours trading, the broker added.
To retire rich, don’t leave too much to your kids
Yet, after you throw in the bequest motive, the avocado toast is truly toast. So why should our approach to money be any different, and why, for instance, should it be a surprise that 51% of Indians don’t have a retirement plan? Don’t be surprised if those retiring in 2035 need an extra five years or more of future income because of longevity alone. Asians naturally don’t want to die working, and many societies have some form of nonfamily safety net. For $3,999, WhiteHat promises kids younger than 14 exposure to “full commercial-ready utility apps.”So this is a form of early bequest.
Tokyo stocks bleed for fourth day on mounting pandemic fears
Tokyo stocks lost ground for the fourth straight session Thursday, beaten by spiraling fears over the second wave of the coronavirus pandemic. The Nikkei average of 225 selected issues listed on the first section of the Tokyo Stock Exchange dropped 86.57 points, or 0.37%, to close at 23,331.94, after shedding 67.29 points Wednesday. The Topix index of all first-section issues closed down 1.62 points, or 0.10%, at 1,610.93, following a 4.98-point fall the previous day. Stocks met with selling almost across the board as soon as the market opened, forcing the benchmark Nikkei to give up some 250 points. In index futures trading on the Osaka Exchange, the key December contract on the Nikkei average lost 100 points to end at 23,320.
Can China’s COVID-19 recovery continue?
In China’s post-COVID economy, there may be hope for the struggling private sector made up of millions of small businesses. Sure, there’s the risk that repeated outbreaks and lockdowns will once again derail small companies. If demand can’t be maintained and the private sector recovery fades, it won’t work. Many people and small firms have already been displaced by the uneven recovery, and they won’t be able to drive demand. Longer-term measures in the form of tax incentives and credits for small companies will be needed to drive a prolonged recovery.
Designing a vision for Japan's green recovery
Nuclear power, which does not produce carbon dioxide when generating electricity, has very important implications for Japan’s efforts to decarbonize. 1 nuclear disaster, and use of nuclear power plants has plummeted. While Japan’s position on nuclear power has remained unclear following the 2011 Fukushima disaster, construction of a new nuclear plant in Oma, Aomori Prefecture, has progressed. In addition, it is worth considering introducing a system to strengthen the price competitiveness of nuclear power by giving nuclear power plant operators credit for producing low-carbon energy. Japan can envision a long-term strategy for green recovery only after clarifying its position on nuclear power.
'I could go bankrupt': French businesses react to new lockdown
'I could go bankrupt': French businesses react to new lockdownBUSINESS DAILY © FRANCE 24By: Stephen Carroll Follow 7 minFrench business organisations have warned that a wave of bankruptcies may result from the second national lockdown, which begins on Friday. With all non-essential shops shut, many retailers will be closed for part of the key pre-Christmas trading period. Also today, French luxury giant LMVH's deal to buy the jeweller Tiffany is back on after the American company's board reduced the sale price for the firm's shares.
SK hynix CEO says $9 bln Intel deal 'not expensive'
(Yonhap)Lee Seok-hee, the CEO of SK hynix, said Thursday he believes the company's 10.3 trillion won ($9 billion) acquisition of Intel's NAND memory business is not an expensive deal. If completed, it will be the largest-ever acquisition by a South Korean firm, far exceeding Samsung Electronics's $8 billion deal in 2016 to buy Harman International Industries. The deal will make SK hynix the world's second-largest NAND flash chip producer. Under the deal, SK hynix will first have to pay $7 billion to Intel by late 2021 and give the remaining $2 billion by March 2025. To prepare funds for the deal, analysts here have been predicting that SK hynix might sell its stake in Kioxia.
Trump paints apocalyptic portrait of life in US under Biden
This is the apocalyptic version of American life that President Donald Trump argues would be the dire consequence of turning over the White House to Democrat Joe Biden. “This election is a choice between a TRUMP RECOVERY or a BIDEN DEPRESSION,“ the president tweeted, echoing what he tells supporters at rallies. In July, Biden said Trump was the country’s first racist president, which glossed over the presidents before Trump who had held slaves. Loading... Loading... Loading... Loading... Loading... Loading...“We’ve had racists, and they’ve existed. They’ve tried to get elected president,” Biden said.
Armenia, Azerbaijan Accuse Each Other Of Targeting Civilians
Nagorno-Karabakh’s ethnic Armenian Defense Army said that Azerbaijan has used Smerch multiple launch rocket systems in shelling the towns overnight. The Azerbaijani Defense Ministry in its turn claimed that Armenian forces shelled the Azerbaijani districts of Barda and Goranboy located north of Nagorno-Karabakh. Azerbaijan does not disclose its military losses, but authorities in Baku say the fighting has killed 69 civilians and wounded 322. The reports of fresh fighting and targeting of civilians came three days after another ceasefire agreed by the warring sides collapsed. The United States, France, and Russia are the co-chairs of the Minsk Group, which has been the main mediator in the conflict.
Bankrolling Extinction: The Top 10 Banks Financing Biodiversity Loss
In 2019, 50 global banks provided loans and underwriting of more than USD 2.6 trillion (>GDP of Canada) to economic sectors scientists and governments agree are primary drivers of biodiversity loss. On average, each of the 50 banks was linked to finance with biodiversity loss risk of USD 52 billion. Governments to stop protecting banks’ role in biodiversity destruction and rewrite the rules of finance to hold banks liable for the damage caused by their lending. Removing these legal protections would force banks to more systematically address the biodiversity impacts of their financing, and transform activities across major supply chains. We need to reset the financial system so it is held fully accountable for its impacts.
'Grotesquely Fitting' Say Climate Campaigners as Trump Mulls Pro-Fracking Executive Order Ahead of Election
There is no doubt that fracking poisons our air and water, and that drilling is driving us towards climate crisis. There is something grotesquely fitting that an administration that has sacrificed climate action for the sake of the fossil fuel industry thinks fracking is a winner." Trump weighs issuing a not-so-subtle executive order on fracking as he seeks to shore up the oil-and-gas vote in battleground states. "In Pennsylvania fracking does make a difference at the margins. However, in 2016, then-Democratic presidential candidate Hillary Clinton lost all three states to Trump, and some polling in those states and others still suggest a second Trump victory in next week's election.
'Bankrolling Extinction': Report Shows Big Banks Lent Over $2.6 Trillion to Fund Global Biodiversity Destruction in 2019
The world's largest banks in 2019 provided more than $2.6 trillion in loans and underwriting to economic sectors linked to the global biodiversity crisis while doing little to monitor, let alone curb, damage to life-sustaining ecosystems. Did you know that in 2019 banks pumped more than $2.6 trillion into sectors that are driving the destruction of nature? Please select a donation method:The report argues that "to prevent extinction, banks have to stop funding it." "The current legal system protects banks from responsibility and liability, and therefore reduces their business incentive to help address damaging activities. Robin Smale, director of Vivid Economics, pointed out that "the current legal system protects banks from responsibility and liability, and therefore reduces their business incentive to help address damaging activities."
'Don't Be Fooled': Economists Warn Against Deceptive Trump Spin on New GDP Figures
Even though the numbers have not yet officially been released, the Trump reelection campaign is already running Facebook ads touting the "fastest GDP growth in history" and celebrating the "Great American Comeback" that the figures supposedly show. "One reason 30 percent growth doesn't mean the economy is healed stems from how percentage changes work when going down and then up. since @Facebook won't allow new political ads after tomorrow, team Trump went ahead & ran a bunch of ads today about record-setting GDP growth from the Q3 report that won't be released until 10/29. "However, even record-breaking third quarter real GDP growth of 30%-35% will leave the U.S. economy substantially smaller than when the year began." Forecasters predict that tomorrow's Q3 GDP release may reach 30% or higher, by far the largest rise on record.
Rounding the Corner
President Trump keeps saying that we're rounding the corner with respect to the COVID-19 pandemic. Exactly what corner are we rounding? One morning it was seriously cold and there'd been freezing rain the night before, so the street was a sheet of glass-like ice. The Jeep did round the corner after a fashion. Is that what President Trump meant?
Tried to sign in to ActBlue.com They could not find my email address... dirty work?
Made numerous donations via ActBlue.com in the past month. Tried to log in just now at 9:05pm EST 10/28/2020 supplying my usual email address and got a response saying “We couldn't find an ActBlue account with that email, please create an account to continue.”I triple checked the email address I supplied and found that it is right. So… is this dirty work by GOPeratives or is it just a glitch ?
Pandemic Observations -- October 28, Top 40+ Nations (Israel Revisited Edition):
It was just a month ago when Israel, foreshadowing the latest resurgence of the coronavirus that was about to sweep across Europe and North America, crossed the previously unheard of threshold of 5,000 new Covid-19 cases per Million population per week (i.e. a weekly infection rate of 0.5%). a weekly C/1M of 1,000+). Nonetheless, just over a week before reaching its peak infection rate, Israel reinstated the same sort of draconian lockdown measures that had enabled it to crush the initial phase of the pandemic back in March and April. And despite all the grumbling and “Covid fatigue” from a significant portion of the population, they are now one of only two countries (Australia being the other) to have substantially defeated a significantly worse second surge of the coronavirus — reducing their weekly infection rate by nearly an order of magnitude to their pre-surge levels over the past month.
Judge Sergio Moro Directed Car Wash Prosecutors on Lula Case
Last weekend, The Intercept published explosive group chats between Car Wash prosecutors and conversations between task force coordinator Deltan Dallagnol and Moro, showing that the then-judge and the prosecutors were unethically and inappropriately collaborating in secret. The Car Wash task force refused to comment on the contents of this story. “I thought it went really well,” Santos Lima, the prosecutor, responded. Press Aide 2 – 22:29:13 – What’s the need, actually.. Santos Lima – 22:30:50 – Just something I need taken care of. However, in this case, Car Wash prosecutors spent hours crafting a communications strategy at the judge’s suggestion in order to, in the words of their leader, “comfort the judge.” Prosecutors Deliver on Moro’s Suggestion The following afternoon, the Car Wash prosecutors put out a statement attacking Lula’s arguments and using the exact word Moro had suggested: contradictions.
Are these Weird Symptoms Indications of McConnell's Declining Health?
RT @CNNPolitics: Senate Majority Leader Mitch McConnell did not answer questions about his health, only saying there were "no concerns" des… at — Janet Wagner (@JanetWagner1) October 24, 2020Mitch McConnell held a news conference this week and it has sparked a whole conversation about his health. While he is insists he is just fine, photographs of bandages and what appeared to be severe bruising on his hands seem to indicate something larger might be going on with his health. Yellow patches and bruising on his face appeared somewhat visible in spite of the heavily applied makeup. Internet doctors, real and imagined, have noted this type of bruising is common for certain types of blood thinners, although this would appear to be a more severe case. For comparison, just two weeks ago, at a debate on October 12 with Democratic challenger Amy McGrath, McConnell’s hands and face looked quite different.
Bloomberg is Funding Late $15 Million Push to Help Biden in Texas, Ohio
Billionaire Michael Bloomberg is planning to spend around $15 million on television advertising in Texas and Ohio during the final week of the presidential campaign to help Democratic candidate Joe Biden defeat President Donald Trump, a Bloomberg spokesperson said on Tuesday. Statewide ads in Texas and Ohio will run from Wednesday through Election Day next Tuesday.
An Overview of The Kimberley Process and How It Has Helped Reduced War Crime Funding
The Kimberley Process, or also known as the KPCS, strives to destroy the illegal trade of African conflict diamonds which are also known as blood diamonds. The idea is to also maintain peace and region stability while being an international scheme that conserves the order and balance of rough diamonds trade. Following Resolution 55/56 of the UN General Assembly, the Kimberley Process Certification Scheme was approved in November 2002 in Switzerland. diamond(Image by pixabay) Details DMCAWhat does the Kimberley Process mean for the countries dealing with diamonds? By restraining diamond revenues around government-approved origins, the Kimberley Process remains neutral towards any government out there.
Prop 22 is Dirty Politics at its Worst
If Prop 22 were to actually pass, the result could be a frightening new normal for California politics. Money has long distorted electoral politics---but Prop 22 is turning out to be "the most expensive ballot race in California history." One of the biggest has been a collection of lies about what would happen if Prop 22 were to fail. According to one survey, 40% of those who had voted Yes on Prop 22 said they did so to ensure a living wage for workers---when the sad truth is that Prop 22 will undermine their chance for a living wage! And it is because of this vitriolic, selfish, law-disregarding, toxic behavior that a vote for Prop 22 is essentially a vote for Trump.
The Pandemic Has Been A Bonanza For The Rich
From Other WordsBillionaires are letting their money make money for them, while CEOs slash jobs and reward themselves with bonuses. (Image by Video Screenshot) Details DMCALet's say you're a millionaire. Now let's say you're a billionaire. Rich is nice, but billionaire-rich is over the moon and the wealth of billionaires is now zooming out of this world. They didn't work harder, didn't get one-digit smarter, didn't create some new breakthrough product to benefit humankind.
Nearly 10,000 eviction actions filed across the US since September despite CDC moratorium
According to a recent report by NBC News, some 10,000 families face eviction from their homes due to a surge in filings by big residential landlord companies since the beginning of September. Her landlord, Progress Residential, she says was unsympathetic and uncooperative in working with her considering her economic situation. For their part, the landlord companies carrying out these evictions have told reporters that they are doing everything according to the law and the rules of the CDC moratorium. Progress Residential has filed 97 evictions since the beginning of the CDC moratorium. According to renters’ advocacy groups, most judges accept the terms of an eviction even if it technically falls within the stipulations for protection.
WSWS coverage of political economy is scientific and therefore partisan
I have been privileged to have been involved, from the very initiation of the WSWS, in writing on issues of political economy. Nick BeamsLet me begin by noting that our coverage is not about so-called “economics” but political economy. They are an historical phase in the ongoing development of human society, destined to be overthrown by the working class. When the WSWS was launched in February 1998, the world capitalist economy was passing through the effects of the so-called Asian financial crisis that had erupted in July 1997. This is the alpha and omega of the analysis of political economy by the WSWS.
The World Socialist Web Site and the defense of historical truth
I am pleased to be able to join with the other speakers in this rally in celebrating the relaunch of the World Socialist Web Site. The World Socialist Web Site places extraordinary value on the careful study of history. That perspective today is defended and advanced by the World Socialist Web Site. Ang World Socialist Web Site ay naglalagay ng pambihirang halaga sa pag-aaral ng kasaysayan. Ang pananaw na ito ay ipinagtanggol at isinusulong ngayon ng World Socialist Web Site.
As COVID-19 surges in Europe, governments protect profits over lives
The resurgence of the virus had made clear that European governments’ ending of lockdowns this spring was disastrously premature. Imposing a genuine shelter-at-home policy to protect the population from the global pandemic requires an independent, international mobilization of the working class against the European governments. While claiming to pursue lockdowns, European governments are thus essentially continuing their murderous strategy of “herd immunity,” letting the virus keep spreading through the population. As COVID-19 ripped through the population, European governments, shocked by the movement from below, suddenly changed course and implemented lockdowns. It requires a conscious political mobilization of the working class across Europe against capitalism, on a socialist program.
U.S. economic growth expected to be impressive from July to September, but the data is complicated
But it has not shed the coronavirus crisis altogether, and the ongoing health crisis continues to jeopardize the recovery’s strength. Apart from housing-related spending, economists also expect strong gains in manufacturing, which has more than made up for pandemic-era losses. Health-care spending is also expected to rise as people felt safer rescheduling routine appointments or surgeries. ADADConstance Hunter, chief economist at KPMG, said the rebound reflects a shift away from spending on services to spending on goods. Recessions are traditionally defined by a significant decline in economic activity spread across the whole economy for two consecutive quarters.
Asia business has been resilient throughout pandemic, Clariant CFO says
Asia business has been resilient throughout pandemic, Clariant CFO saysClariant CFO Stephan Lynen discusses third-quarter earnings and the impact of the coronavirus on the specialty chemical-maker's business.
Volatility to remain until election day: CIO
Volatility to remain until election day: CIOKirk Hartman of Wells Fargo Asset Management says the current dip in the markets is due to the volatility in the lead up to the U.S. presidential elections. He adds that markets will rally if there's a clear winner on election day.
6 money-saving tips that will make you feel smart
But it's not actually too difficult to start making smart money decisions that will set you up for a successful future. Below, CNBC Make It has rounded up some of the best lessons we've learned from real people who've saved thousands. Follow their tips and not only will you be on your way to building wealth, but you'll feel good about making smart choices. You're not Jay Leno or making the kind of money Leno makes. His gig money became his spending money and his late night money went to the bank.
Morgan Stanley upgrades Nio, says electric car stock could jump another 15%
The NIO Inc. ES6 electric sport utility vehicle (SUV) stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Tuesday, April 16, 2019. (This story is for CNBC Pro subscribers only). Morgan Stanley is growing increasingly bullish on Chinese electric vehicle company Nio, upgrading the stock to overweight from neutral and saying it could rise another 15%. Morgan Stanley was already bullish about the company's partnership with Chinese city Hefei, announced in April, but other parts of the business are showing progress quicker than expected. The stock climbed 4% in premarket trading on the new note and finished the day up more than 14%.
Credit Suisse CEO says Asia outperforming rest of the world
Credit Suisse CEO says Asia outperforming rest of the worldCredit Suisse CEO Thomas Gottstein discusses the highlights from the bank's third-quarter earnings.
LVMH and Tiffany end luxury battle, cut price on $16 billion takeover
France's LVMH will pay slightly less to acquire U.S. jeweler Tiffany after the two companies agreed to end a bitter dispute triggered by the Covid-19 pandemic and salvage the luxury sector's biggest-ever deal. The new takeover price was set at $131.5 a share, down from $135 in the original deal, the companies said in a statement on Thursday, bringing the total price tag to about $15.8 billion. The transaction, which has received regulatory clearance, is expected to close in early 2021, subject to Tiffany shareholder approval. Under the revised deal, Tiffany will pay its regular quarterly dividend of $0.58 per share on Nov. 19. "Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court," the statement from the companies said.
Third quarter 'a relief' after painful first half, VW CFO says
Third quarter 'a relief' after painful first half, VW CFO saysVolkswagen CFO Frank Witter discusses the carmaker's third-quarter earnings and the impact of the coronavirus pandemic on the auto industry.
Gold firms as dollar stalls, uncertainties loom ahead of U.S. polls
FILE PHOTO: Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File PhotoSpot gold rose 0.1% to $1,879.71 per ounce by 0805 GMT, with some investors also taking advantage of Wednesday’s slide to a one-month low to buy gold. The U.S. elections and expectation of a pause in the dollar index are propping up gold, said Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade. Also, “in giant economies like France and Germany, COVID-19 cases are increasing and again they are going for lockdowns. The dollar index rally took a breather as it steadied off a one-week peak scaled on Wednesday.
Oil extends losses on renewed coronavirus lockdowns, over-supply worries
SINGAPORE/MELBOURNE (Reuters) - Oil prices fell on Thursday, extending a 5% slump in the previous session, as governments’ renewed restrictions to curb a second wave of coronavirus infections and signs of a growing global oil supply glut send prices tumbling. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. “The demand outlook is deteriorating as a second viral wave swept the U.S. and most part of the Europe. Stricter social distancing measures and more lockdowns may bring a larger-than-expected impact on global energy demand,” said Margaret Yang, a strategist at DailyFX. Oil had initially rebounded slightly from overnight losses in Asian morning trade on technical support and the prospect of tighter short-term supply as Hurricane Zeta slammed Louisiana.
Exclusive: Chinese banks seen swapping dollars for yuan in forwards to curb gains - traders
SHANGHAI (Reuters) - China’s major state-owned banks have been swapping U.S. dollars for yuan this week, traders said on Thursday, suggesting monetary authorities are trying to rein in the sharply appreciating currency. Two other traders told Reuters they saw big state banks buying dollars in the onshore spot market during late night trading sessions to effectively prevent the yuan from strengthening too fast. Traders took the state banks’ action as an official sign that the authorities might not want the Chinese currency to strengthen too much in a short period of time, hurting exports. This is not the first time that big state banks are using swaps to affect yuan expectations. They were active in yuan forwards multiple times in the previous two years, using swaps to curb dollar supply as authorities sought to slow the currency’s depreciation.
LVMH and Tiffany end luxury battle, cut price on $16 billion takeover
REUTERS/Charles Platiau/File PhotoThe new takeover price was set at $131.5 a share, down from $135 in the original deal, the companies said in a statement on Thursday, bringing the total price tag to about $15.8 billion. Under the revised deal, Tiffany will pay its regular quarterly dividend of $0.58 per share on Nov. 19. “Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court,” the statement from the companies said. Tiffany in return sued LVMH in a Delaware court, seeking to force it to honour the original deal. However, a source close to the matter told Reuters on Wednesday that Tiffany had recently approached LVMH with a more conciliatory tone.
European stocks rebound slightly as earnings support
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 27, 2020. REUTERS/Staff(Reuters) - European stocks edged higher on Thursday after strong earnings reports from companies including oil major Royal Dutch Shell and chip equipment supplier ASM, but sentiment remained fragile a day after a broad selloff on lockdown fears. In a busy day for earnings, Royal Dutch Shell RDSa.L rose 2.0% as it lifted its dividend after easily beating third-quarter profit forecasts. Dutch firm ASM International ASMI.AS gained 4.4% as it raised its guidance for the fourth quarter. Nokia NOKIA.HE slumped 14.2% to the bottom of STOXX 600 after it cut its full-year profit forecast.
Nokia cuts full-year profit forecast, sets new strategy
STOCKHOLM/HELSINKI (Reuters) - Nokia NOKIA.HE cut its full-year profit forecast on Thursday even as the telecom network equipment maker's quarterly underlying profit met expectations in its first earnings under new CEO Pekka Lundmark. It lowered its full-year profit outlook range by 0.02 euros to a midpoint of 0.23 euros per share. The company cut its 2020 operating margin forecast to 9% from 9.5% and for 2021 expects operating margin of 7-10%. Unlike Ericsson, Nokia has not won any radio contracts in the highly competitive Chinese markets. Nokia said its July-September underlying earnings were flat year-over-year at 0.05 euros per share, meeting the 0.05 euros consensus in a Refinitiv poll.
LVMH and Tiffany agree on lower price for $16 billion takeover
The new takeover price was set at $131.5 a share from $135 in the original deal, the companies said in a statement, bringing the total price tag to about $15.8 billion (12.12 billion pounds). They added that other key terms of the deal agreed last November remain unchanged. “Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court,” the statement said. The new price means a discount of $425 million for LVMH, which is led by billionaire businessman Bernard Arnault. Under the revised deal, Tiffany will pay its regular quarterly dividend of $0.58 per share on Nov. 19.
Repsol edges back to net profit in third quarter but cuts spending further
The logo of Spanish energy giant Repsol SA is seen during the opening ceremony of its first gas station in Mexico City, Mexico March 12, 2018. REUTERS/Carlos Jasso/FilesMADRID (Reuters) - Spanish oil and gas group Repsol reported a 7 million euro ($8.27 million) adjusted net profit for the third quarter on Thursday as crude prices recovered, edging back into positive territory after a deep loss in the second quarter. Repsol shares initially rose more than 1%, outperforming Madrid’s stock exchange, but tracked lower to trade down 0.4% at 0812 GMT. Benchmark Brent crude oil prices picked up in the July-September period from lows in the previous quarter when the hit to demand was exacerbated by curbs on movement to stem the virus. Repsol said on Thursday it would cut its new capital expenditure plans by a further 200 million euros, adding to a previous target to reduce that by 1 billion euros.
LVMH and Tiffany end luxury battle, cut price on $16 billion takeover
FILE PHOTO: A Tiffany & Co. store is pictured in the Manhattan borough of New York City, New York, U.S., September 10, 2020. Under the revised deal, Tiffany will pay its regular quarterly dividend of $0.58 per share on Nov. 19. “Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court,” the statement from the companies said. Tiffany in return sued LVMH in a Delaware court, seeking to force it to honour the original deal. However, a source close to the matter told Reuters on Wednesday that Tiffany had recently approached LVMH with a more conciliatory tone.
What the blowout GDP report really means for Trump
The surge in new virus cases is already leading to more restrictions on activity that could further dent the economy. Trump, who has repeatedly mentioned that he would get this big GDP number right before the election, will almost certainly brag about how it is the best in history. And they are, in fact, record numbers. We need to regain almost 40 percent of the $1.85 trillion lost to get back to pre-crisis GDP levels.”Democrats are already preparing to rebut any Trump bragging over Thursday’s GDP number. “Current forecasts estimate that GDP will be substantially smaller than would have been the case if growth had continued at pre-pandemic rates.”
France braces for monthlong lockdown as virus deaths mount
France is bracing for a potential new lockdown as the president prepares a televised address Wednesday aimed at stopping a fast-rising tide of virus patients filling French hospitals and a growing daily death toll. French markets opened lower on expectations that President Emmanuel Macron will announce some kind of lockdown Wednesday. France is bracing for a potential new lockdown as the president prepares a televised address Wednesday aimed at stopping a fast-rising tide of virus patients filling French hospitals and a growing daily death toll. French markets opened lower on expectations that President Emmanuel Macron will announce some kind of lockdown Wednesday. Shoppers at a Paris farmers’ market said Thursday they were ready to restrict their freedoms given the rising number of virus-related deaths and COVID-19 patients filling French hospitals.
Airbus reports new pandemic losses, but stops bleeding cash
PARIS (AP) — Struggling plane maker Airbus says new European virus lockdown measures are making its life “a bit more difficult,” as it announced 1 billion euros ($1.16 billion) in pandemic-related losses for the third quarter Thursday amid a slower-than-expected recovery in air travel. “We will have to live with the circulation of the virus for long period of time,” he said. It maintained its forecast that air traffic won’t return to 2019 levels until 2023-2025. Faury said the company — one of Europe’s leading manufacturers — isn’t currently planning further job losses on top of 15,000 already announced as a result of the pandemic, but said, “there is so much uncertainty we have to remain very humble.”And he expressed concern about struggling Airbus suppliers. Airbus announced 1 billion euros in “COVID-related charges” and posted a loss of 767 million euros for the third quarter, compared with a profit of 989 million euros a year earlier.
European stocks crawl off five-month lows as traders await ECB, U.S. GDP and earnings wave
European stocks stabilized Thursday after ending the previous session at a five-month low, with investors awaiting the latest European Central Bank decision, a flood of corporate earnings and a reading on how the world’s largest economy performed in the third quarter. France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic. Economists at Berenberg say the French economy could contract as much as 4% in the fourth quarter, and the German economy could shrink by 1%. philippe lopez/Agence France-Presse/Getty ImagesThe European Central Bank is meeting Thursday, with expectations the central bank will suggest it’s open to more stimulus but wait until December to deliver it. Royal Dutch Shell RDSA, +2.33% RDS.A, -4.50% jumped 4% as the oil giant’s adjusted earnings of $955 million came in well ahead of the $146 million expectation.
Nokia shares slump on weaker-than-expected margin view
(FILES) This file photo taken on March 2, 2020 shows the logo of telecommunications giant Nokia in Espoo, Finland. markku ulander/Agence France-Presse/Getty ImagesShares of Nokia NOKIA, -17.34% NOK, -4.48% slumped 13% in Helsinki after the telecom equipment maker lowered its 2020 guidance and introduced 2021 margin guidance below market expectations. Nokia said its third-quarter profit more than doubled to 203 million euros, while sales fell 7% to 5.29 billion euros. On an adjusted basis, Nokia’s earnings per share was steady at 5 eurocents.
European stocks crawl off five-month lows as traders await ECB, U.S. GDP and earnings wave
European stocks stabilized Thursday after ending the previous session at a five-month low, with investors awaiting the latest European Central Bank decision, a flood of corporate earnings and a reading on how the world’s largest economy performed in the third quarter. France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic. Economists at Berenberg say the French economy could contract as much as 4% in the fourth quarter, and the German economy could shrink by 1%. philippe lopez/Agence France-Presse/Getty ImagesThe European Central Bank is meeting Thursday, with expectations the central bank will suggest it’s open to more stimulus but wait until December to deliver it. Royal Dutch Shell RDSA, +2.33% RDS.A, -4.50% jumped 4% as the oil giant’s adjusted earnings of $955 million came in well ahead of the $146 million expectation.
The best 5G pure-play investment is in cellphone-tower operators
As a result, governments, private industry and investors are lining up to make the necessary investments to advance the infrastructure needed for 5G. What was once seen as a longer-term play, 5G is blossoming in a period when it is needed most. As the momentum around 5G grows, here are several ways investors can take advantage now:Communications towersMuch of the current investment interest in 5G is centered on cellular communications towers. We believe cell towers are the most attractive pure play to take advantage of 5G. Equipment makersMoving past cell tower companies and further down the supply chain, equipment operators and manufacturers are also poised to take advantage of the 5G boom.
The best 5G pure-play investment is in cellphone-tower operators
As a result, governments, private industry and investors are lining up to make the necessary investments to advance the infrastructure needed for 5G. What was once seen as a longer-term play, 5G is blossoming in a period when it is needed most. As the momentum around 5G grows, here are several ways investors can take advantage now:Communications towersMuch of the current investment interest in 5G is centered on cellular communications towers. We believe cell towers are the most attractive pure play to take advantage of 5G. Equipment makersMoving past cell tower companies and further down the supply chain, equipment operators and manufacturers are also poised to take advantage of the 5G boom.
Amgen Inc. Stock Quote (U.S.: Nasdaq)
Amgen Inc.Amgen, Inc. is a biotechnology company, which engages in the discovery, development, manufacture and marketing of human therapeutics. Its products include the following brands: Aranesp, BLINCYTO, Corlanor, ENBREL, EPOGEN, IMLYGIC, KYPROLIS, Neulasta, NEUPOGEN, Nplate, Parsabiv, Prolia, Repatha, Sensipar, Vectibix, and XGEVA. The company was founded by William K. Bowes, Jr., Franklin Pitcher Johnson, Jr., George B. Rathmann and Joseph Rubinfeld on April 8, 1980 and is headquartered in Thousand Oaks, CA.
European stocks crawl off five-month lows as traders await ECB, U.S. GDP and earnings wave
European stocks stabilized Thursday after ending the previous session at a five-month low, with investors awaiting the latest European Central Bank decision, a flood of corporate earnings and a reading on how the world’s largest economy performed in the third quarter. France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic. Economists at Berenberg say the French economy could contract as much as 4% in the fourth quarter, and the German economy could shrink by 1%. philippe lopez/Agence France-Presse/Getty ImagesThe European Central Bank is meeting Thursday, with expectations the central bank will suggest it’s open to more stimulus but wait until December to deliver it. Royal Dutch Shell RDSA, +2.33% RDS.A, -4.50% jumped 4% as the oil giant’s adjusted earnings of $955 million came in well ahead of the $146 million expectation.
The best 5G pure-play investment is in cellphone-tower operators
As a result, governments, private industry and investors are lining up to make the necessary investments to advance the infrastructure needed for 5G. What was once seen as a longer-term play, 5G is blossoming in a period when it is needed most. As the momentum around 5G grows, here are several ways investors can take advantage now:Communications towersMuch of the current investment interest in 5G is centered on cellular communications towers. We believe cell towers are the most attractive pure play to take advantage of 5G. Equipment makersMoving past cell tower companies and further down the supply chain, equipment operators and manufacturers are also poised to take advantage of the 5G boom.
The best 5G pure-play investment is in cellphone-tower operators
As a result, governments, private industry and investors are lining up to make the necessary investments to advance the infrastructure needed for 5G. What was once seen as a longer-term play, 5G is blossoming in a period when it is needed most. As the momentum around 5G grows, here are several ways investors can take advantage now:Communications towersMuch of the current investment interest in 5G is centered on cellular communications towers. We believe cell towers are the most attractive pure play to take advantage of 5G. Equipment makersMoving past cell tower companies and further down the supply chain, equipment operators and manufacturers are also poised to take advantage of the 5G boom.
How much should you help your adult kids in their job search?
The applicants feel they’re being judged on their credentials, not getting special treatment because their parents know someone at the employer. How to properly help your adult childBut Katherine Akbar, the Alexandria, Va. founder and president of YES Career Coaching & Resumé Writing Services, says many parents are intimately involved in helping their young adult children find employment. Getting a job solely on familial relationships and not at all on talent or expertise ultimately sets a young adult up for failure. We have actually heard of some parents going to interviews with their young adult and sitting in the waiting room. When speaking with young job seekers, remember they can be nervous.
General Electric Rallies 4.5% After Surprise Profit
Three numbers to start your day:It was the stock’s worst day since March, back at the start of the pandemic. That was partly because the pandemic is still weighing down cross-border credit-card transactions, a major driver of profit for Mastercard. General Electric Stock Rallies 4.5% WednesdayThat was after the industrial conglomerate reported a surprise profit. earned an adjusted 6 cents a share in the third quarter, while Wall Street analysts had expected a loss. It generated $500 million of cash from its industrial businesses, while analysts had expected it to burn through about $1 billion in cash.
What is the S&P 500 and how do I invest in it?
But what is the S&P 500 SPX, -3.52% , and how do you invest in one of its funds? Here’s an intro to how S&P 500 funds work, and whether one might be a good fit for your portfolio. The S&P 500, or S&P, is a stock market index comprising shares of 500 large, industry-leading U.S. companies. As of Oct. 22, 2020, these are the top 10 companies by index weight in the S&P 500:How do you invest in the S&P 500? “As passive investing increases, investors are continually investing in S&P 500 funds, which has contributed to a ‘rich get richer’ problem, where the largest stocks are getting larger due to S&P 500 investing, rather than individual stock investing,” Koehler says.
Comcast Reports Earnings Today. Here’s What to Expect.
Investors will continue to weigh Comcast’s broadband internet success against the weakness of its media segment when the company reports earnings on Thursday. Overall, Wall Street analysts expect Comcast to report 51 cents in adjusted earnings per share, which would be down 35% from a year earlier. • For the third quarter, Wall Street expects a 22% year-over-year decline in NBCUniversal’s revenue, to $6.5 billion. In the latest quarter, revenue is expected to have fallen 7%, to $4.2 billion, while adjusted Ebitda is seen dropping 51%, to $444 million. • Wall Street analysts are overall bullish on Comcast stock: 75% have a Buy or equivalent rating, while 25% recommend a Hold.
Investing in Tech
Companies across sectors are moving faster and taking bigger risks than could have been imagined just a few months ago. And while many trends brought about by the pandemic appear to have staying power, the question looms: Is the innovation brought about by the pandemic an anomaly? Will established companies revert to cumbersome, risk-averse legacy practices? Or will the Covid-19 winners lead the way to a new future where innovation is the norm? This is a sponsored session and not part of the Barron's News Department's program.
General Electric Rallies 4.5% After Surprise Profit, and Two More Numbers to Know
Text sizeThree numbers to start your day:It was the stock’s worst day since March, back at the start of the pandemic. That was partly because the pandemic is still weighing down cross-border credit-card transactions, a major driver of profit for Mastercard. General Electric Stock Rallies 4.5% WednesdayThat was after the industrial conglomerate reported a surprise profit. earned an adjusted 6 cents a share in the third quarter, while Wall Street analysts had expected a loss. It generated $500 million of cash from its industrial businesses, while analysts had expected it to burn through about $1 billion in cash.
European stocks crawl off five-month lows as traders await ECB, U.S. GDP and earnings wave
European stocks stabilized Thursday after ending the previous session at a five-month low, with investors awaiting the latest European Central Bank decision, a flood of corporate earnings and a reading on how the world’s largest economy performed in the third quarter. France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic. Economists at Berenberg say the French economy could contract as much as 4% in the fourth quarter, and the German economy could shrink by 1%. philippe lopez/Agence France-Presse/Getty ImagesThe European Central Bank is meeting Thursday, with expectations the central bank will suggest it’s open to more stimulus but wait until December to deliver it. Royal Dutch Shell RDSA, +2.38% RDS.A, -4.50% jumped 4% as the oil giant’s adjusted earnings of $955 million came in well ahead of the $146 million expectation.
China's Kangtai starts mid-stage trial of its COVID-19 vaccine candidate
Bloomberg(Bloomberg) -- Royal Dutch Shell Plc set out to woo disgruntled investors by raising its dividend and pledging to grow it steadily, just six months after slashing the payout.Amid a painful year for Big Oil, the Anglo-Dutch energy giant offered investors some good news. Earnings were hit by lower prices for oil and liquefied natural gas, and weaker refining, but that was partly offset by reduced operating expenses and better marketing margins.The company’s other financial measures also offered some comfort to investors. Gearing, a measure of debt to equity, dropped to 31.4% from 32.7% in the second quarter. (Updates with peer comparison in sixth paragraph. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shell raises dividend as retail boost drives confidence
The Anglo-Dutch company hit record earnings from its vast retail division, despite the impact on demand of the COVID-19 pandemic, which it said continued to generate "significant uncertainty". In a sign of renewed confidence, Shell said it would boost its dividend on an annual basis after it cut the payout in April for the first time since the 1940s. "We are starting a new era of dividend growth," CEO Ben van Beurden told reporters in a call. Shell is planning a major restructuring as part of "a complete overhaul" to reduce greenhouse gas emissions to net zero by 2050. Shell also plans to shed up to 9,000 jobs, or more than 10% of its workforce.
Shell raises dividend despite plunging profits
ShellShell's profits plunged by 80pc in the third quarter to $955m (£734m) but beat analyst estimates as the oil major raised its dividend slightly. Europe's largest oil company blamed the fall in profits on lower oil prices and production margins compared to last year, but outperformed the average analyst estimate of a $146m adjusted profit. The hit was partly offset by lower operating expenses, well write-offs, depreciation and strong marketing margins, Shell said. "We must continue to strengthen the financial resilience of our portfolio as we make the transition to become a net-zero emissions energy business. Biraj Borkhataria, an analyst at RBC, said Shell has delivered a strong set of results that puts the company “back on the front foot” with investors.
FOREX-Dollar stabilises as Europe's new lockdowns keep risk appetite subdued; ECB in focus
France and Germany ordered their countries back into lockdown, after Europe's death rate jumped 37% last week. The ECB is expected to hold off with new stimulus measures this week, but is likely to signal more action in December. "At some point the ECB has to deliver on the rate cut front for the euro to remain capped on a sustainable basis. Against the yen, the euro held near a three-month low, down 0.2% on the day at 122.29 yen at 0836 GMT. China's offshore yuan was up 0.3% on the day at 6.7111 to the dollar at 0838 GMT.
WeWork’s New CEO Is Eyeing an IPO Again — After He Turns Profit
The office-sharing startup renegotiated leases, laid off staff and replaced management after Japan’s SoftBank Group Corp. took control. “Nazar na lag jaye,” he added, a Hindi expression to convey he didn’t want an evil eye cast on WeWork’s turnaround strategy. WeWork’s New CEO Says He Has ‘Plenty of Luck.’ He’ll Need ItWhen the IPO happens, all of WeWork’s units and franchisees around the world will roll into the parent as per existing agreements, Mathrani said. Last week, Fitch Ratings lowered WeWork’s credit rating and warned the once high-flying startup could default on its obligations. Story continues“We chitchat twice a month and the conversation is about the business,” the CEO said.
European markets recover as governments struggle to contain COVID-19
Photo: Han Yan/Xinhua via GettyUnease continues to spread across Asian markets but European markets showed a modest recovery despite COVID-19 containment efforts struggling to reap results, and a lack of a US stimulus deal adds further pressure. European markets opened higher. In London, the FTSE (^FTSE) also rose by 0.3%. “Investors do know that they will see another stimulus package as the US economy is in desperate need of another stimulus package” said Aslam. “The delay in the stimulus package could mean that we may actually see a bigger stimulus package.
Shell hikes dividend despite falling profits and mass job cuts
Shell said both lower demand and lower oil and gas prices were to blame for lower earnings. Photo: PAThe energy giant Royal Dutch Shell (RDSB.L) has announced plans to hike payouts to shareholders, despite profits nosediving and mass job cuts as the coronavirus crisis hammers the industry. It follows the company’s first dividend cut since the Second World War in April, when it also announced a cost-cutting drive. Shell also emphasised plans to become a net-zero energy firm by 2050 “or sooner,” including commercialising hydrogen and biofuels. It said both lower demand and lower oil and gas prices were to blame for lower earnings.
Stock futures rise following the biggest drop since June
U.S. equity futures are trading higher the day after the biggest plunge in stocks since June. Continue Reading BelowThe major futures indexes suggest a gain of 0.6% when the Thursday Wall Street session begins. In the U.S., cases are increasing in just about every state and the number of deaths and hospitalizations due to COVID-19 are on the rise. The U.S. economy could lose momentum just as prospects for more economic support from Washington have dwindled as Tuesday's Election Day nears. Thursday will be a very busy day for economic news.Investors will get the first look at 3Q GDP.
Inside Ant Group's IPO: Investors Scramble For Entry Into Golden Ticket Event
The retail tranche in Hong Kong was more than 90 times oversubscribed as of Thursday morning. Ant Group set to score world's largest IPO, pegging its value higher than JPMorgan Chase, the world's biggest bank. Ant and its advisers were having tough conversations with other investors, preparing them for smaller allocations of Hong Kong shares than they had requested. The level of demand for Ant Group shares in Hong Kong triggered a mechanism to make more shares available for retail investors. CICC, Citigroup, JPMorgan and Morgan Stanley are sponsors and book runners of Ant's Hong Kong share sale.
Tiffany agrees to new deal terms with LVMH
Continue Reading BelowThe companies have come to an agreement on new deal terms calling for LVMH to pay $131.50 a share for the iconic U.S. jewelry maker, according to people familiar with the matter. That’s down from an original price of $135 a share, equating to savings of roughly $430 million for LVMH. Tiffany agreed to sell itself to the European consumer conglomerate late last year in a roughly $16.2 billion deal. LVMH, whose roughly 75 brands include Louis Vuitton and Bulgari, saw an opportunity to revamp the jeweler, which had struggled with weak demand. TIFFANY AND LVMH DISCUSS PRICE CUT TO SETTLE DEAL DISPUTEBut the Tiffany acquisition represented the biggest bet yet by LVMH under Bernard Arnault, the French billionaire who has been its chief executive and controlling shareholder for three decades.
He got a coronavirus vaccine in China, but had to keep it secret. Why?
The oil company worker wondered why he had to keep his vaccination a secret. In September, a China National Biotec executive said 350,000 people outside clinical trials had already received the vaccine. The lab is working on a potential coronavirus vaccine. Workers package rabies vaccine at a lab at the Yisheng Biopharma company, where researchers are trying to develop a vaccine for the coronavirus, in Shenyang, China, on June 9, 2020. “We like to talk about China exercising vaccine diplomacy, but the U.S. is not even part of the game.”
Amazon, Apple, Tiffany, Marvell, Ford - 5 Things You Must Know Thursday
Stock futures rebound modestly following the S&P 500's 3.5% drop; Amazon, Apple, Alphabet and Facebook report earnings; Tiffany accepts a lower offer from LVMH. Contracts linked to the Dow Jones Industrial Average were up 170 points, S&P 500 futures gained 25 points and Nasdaq futures rose 114 points. The Dow declined 943 points, or 3.43%, to 26,519, the S&P 500 declined 3.53% and the Nasdaq slumped 3.73%. Amazon, Apple, Facebook, Alphabet, DuPont and Starbucks are holdings in Jim Cramer's Action Alerts PLUS member club. The French luxury goods retailer will save $425 million off the original purchase price of $16 billion for Tiffany, the U.S. jeweler.
Tesla Giga Berlin Ahead of Schedule?
Tesla has a lot on their slate for the year, particularly for Model Y, targeting the start of production in Shanghai, Berlin, and Austin for the vehicle over the course of the year. Tesla expects more localized production to lower logistics costs alongside scale of production, and investors are eager to start seeing the results. Twitter user @tobilindh has been tracking construction milestones and comparing them with the buildout of Tesla's Giga Shanghai. So far, Tesla has outpaced Shanghai milestones in Berlin. In that conversation, the Tesla employee told me that they expect to deliver my Berlin build model Y in Q1 or Q2 of 2021.
A Pair Trade in Home Improvement Stocks
With mortgage rates near their all-time lows, and with the work-from-home movement in full swing, the U.S. housing market is heating up right now. What about the other side of the housing market? Whirlpool chart via TradeStationMy favorite chart in this sector right now belongs to Whirlpool Corp. (WHR). Mohawk Industries chart via TradeStationCompare Whirlpool with Mohawk Industries (MHK), the world's largest flooring company. These two stocks would comprise an interesting pair trade, consisting of a long position in Whirlpool and a short position in Mohawk in equal dollar amounts.
Video: Heather Mitchell discusses impact of no internet access in Appalachian Ohio
Video: Heather Mitchell discusses impact of no internet access in Appalachian OhioMom Heather Mitchell discusses the challenges of having no internet access in rural Ohio, but also the positives of a life semi-unplugged.
'Every day, we're falling behind in Appalachian Ohio': Lack of broadband hurts rural areas
The Mitchells are among hundreds of thousands of families challenged by modern economic, education and health-care systems while living without internet access in rural Ohio. “A lot of reports were being filed to the FCC, saying areas (in rural Ohio) were covered,” she said. And what will it take (to achieve that)?”Future of rural broadband in OhioOhio has 25 electric co-ops that serve 77 mostly rural counties under Ohio’s Electric Cooperatives (OEC). He said the state is considering a variety of options including bidding on federal grant money to provide rural residents subsidies. Mitchell wishes central Ohioans understood the constraints the lack of internet access puts on otherwise hardworking Appalachians.
Vista Gold: 3Q Earnings Snapshot
LITTLETON, Colo. (AP) _ Vista Gold Corp. (VGZ) on Wednesday reported third-quarter net income of $4.2 million, after reporting a loss in the same period a year earlier. The Littleton, Colorado-based company said it had profit of 5 cents per share. The company's shares closed at 96 cents. A year ago, they were trading at 78 cents.
IBC Advanced Alloys: Fiscal 4Q Earnings Snapshot
(AP) _ IBC Advanced Alloys Corp. (IAALF) on Wednesday reported fiscal fourth-quarter net income of $27,000, after reporting a loss in the same period a year earlier. The Franklin, Indiana-based company said it had profit of less than 1 cent on a per-share basis. The maker of rare metal-based alloys posted revenue of $5.1 million in the period. For the year, the company reported that its loss narrowed to $1.1 million, or 2 cents per share. Revenue was reported as $21.1 million.
World shares mixed, US futures up after S&P 500 sinks 3.5%
World shares mixed, US futures up after S&P 500 sinks 3.5%European shares opened higher Thursday after Asian shares logged moderate losses following a sell-off on Wall Street sparked by surging coronavirus counts and fresh pandemic shutdown measures. Shares gained in Paris, London and Shanghai but fell in Tokyo, Hong Kong and Sydney on Thursday. U.S. futures were higher. Oil prices extended their losses on expectations that the pandemic may cause further disruptions that would crimp demand for energy. Investors were awaiting U.S. economic growth numbers and the release by China’s communist leadership of a five-year plan expected to focus on building advanced technologies.
Equinor: 3Q Earnings Snapshot
STAVANGER, Norway (AP) _ Equinor ASA (EQNR) on Thursday reported a loss of $2.13 billion in its third quarter. The Stavanger, Norway-based company said it had a loss of 65 cents per share. Earnings, adjusted for non-recurring costs, came to 9 cents per share. The oil and gas company posted revenue of $11.34 billion in the period. Equinor shares have declined 35% since the beginning of the year.
Nokia: 3Q Earnings Snapshot
ESPOO, Finland (AP) _ Nokia Corp. (NOK) on Thursday reported third-quarter earnings of $225.6 million. On a per-share basis, the Espoo, Finland-based company said it had net income of 4 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 6 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share. The technology company posted revenue of $6.19 billion in the period.
Kyocera: Fiscal 2Q Earnings Snapshot
KYOTO, Japan (AP) _ Kyocera Corp. (KYOCY) on Thursday reported fiscal second-quarter profit of $112.9 million. On a per-share basis, the Kyoto, Japan-based company said it had net income of 31 cents. The industrial components supplier posted revenue of $3.57 billion in the period. Kyocera shares have decreased 13% since the beginning of the year. The stock has decreased 9% in the last 12 months.
Shell Oil: 3Q Earnings Snapshot
THE HAGUE, Netherlands (AP) _ Royal Dutch Shell PLC (RDS.A) on Thursday reported third-quarter net income of $489 million. The The Hague, Netherlands-based company said it had profit of 12 cents per share. The oil and gas company posted revenue of $44.72 billion in the period. Shell Oil shares have fallen 61% since the beginning of the year. The stock has decreased 61% in the last 12 months.
France braces for monthlong lockdown as virus deaths mount
PARIS (AP) — French doctors expressed relief but business owners were in despair as France prepared Thursday to shut down again for a month to try to put the brakes on a fast-moving fall coronavirus outbreak. Shoppers at a Paris farmers’ market said Thursday they were ready to restrict their freedoms given the rising number of virus-related deaths and COVID-19 patients filling French hospitals. The new lockdown is gentler than what France saw in the spring, but still a shock to restaurants and other non-essential businesses that have been ordered to close their doors in one of the world’s biggest economies. French schools will stay open this time, to reduce learning gaps and allow parents to keep working. Farmer’ markets, parks and factories can also continue operating, officials said.
European markets trade flat after Wednesday’s rout – live updates
WPP has warned it expected sales level to drop over the full year as the pandemic batters the industry. The FTSE 100 company said it expected like-for-like revenues for the full year, less pass-through-costs, to be “within the range of analyst expectations”, indicating a fall of 8.5pc to 10.7pc. Its revenues were down 9.8pc in the third quarter, or 5.5pc on a like-for-like basis. The strongest declines were in China and India, with comparatively mild drops in the US and UK. Shore Capital’s Roddy Davidson said WPP’s update showed “a improving trend” compared to the second quarter, but noted management’s outlook remained cautious.
Tech Hot 100: Britain should cheer on its billion pound start-up crowd
Once a valuation is agreed, the founders’ remaining share of the company has a price on it, and often they appear to be wealthy. This is why these entrepreneurs’ wealth is known as “paper” wealth – the majority of the time they can’t access it. The crowdfunding platform Seedrs operates an exchange, allowing crowd investors to sell shares to other crowd investors. But it could soon allow founders to sell some of their shares too. But as they remain private longer, so founders have to wait longer to harvest the fruits of their labours, even as those fruits grow ever larger.
Pandemic blow to live sport hits BT profits
Profits at BT have sunk as upheaval from the pandemic dealt a blow to its sports TV and enterprise arms. The declines were driven by sliding sales at BT Sport in response to the widespread suspension of live events during lockdown, including delaying Premier League matches. Its consumer division, which includes its raft of BT Sport channels, was down 6pc to £4.8bn over the period. BT Enterprise, the unit selling telecoms service to businesses, was struck by waning demand, causing revenues to slip 9pc to £2.7bn. Despite pressure from the pandemic, BT said its resilience meant it could raise annual profit outlook to between £7.3bn and £7.5bn.
Lockdown boredom helps Hornby return to profit
Lockdown boredom has accelerated Hornby’s turnaround with the company famed for its model trains, Airfix aeroplanes and Scalectrix racing cars returning to profit. At a statutory level, the Margate-based company made pre-tax profit of £17,000 in the six months to the end of September, against a £2.5m loss last time. The period is traditionally the quieter half of the year for Hornby as it does not cover the crucial Christmas period. Chief executive Lyndon Davies took control of Hornby three years ago after previous management endured a series of boardroom bust-ups and rows with investors. As lockdown started Mr Davies said the company had experienced demand levels of the kind “we normally see at Christmas” as people with time on their hands looked for ways to fill it.
Europe's richest man shaves $425m off Tiffany price tag
LVMH has agreed to buy US jeweller Tiffany at a slightly reduced price of almost $16bn (£12.3bn), ending a bitter legal dispute over the purchase. The owner of brands including Louis Vuitton handbags and Hennessy whiskey will pay $131.50 a share, down from the original price of $135, they companies said. The new price means a discount of $425m for LVMH, but other key terms of the deal agreed last November remain unchanged. LVMH, which is run by Europe's richest man Bernard Arnault, previously said it would abandon the purchase, blaming French political intervention and Tiffany's "dismal" performance during the pandemic for its withdrawal. The two companies were set to face off in a Delaware court, with Tiffany seeking to force LVMH to honour the deal.
What a Biden win means for a UK-US trade deal
A UK-US trade deal was meant to be the crowning achievement of post-Brexit Global Britain’s new freedom. But while Donald Trump is a vocal supporter of Brexit who has promised a “great” UK-US deal, Joe Biden’s election could kick it into the long grass. Last year, the Democrat candidate said he “would not sign any new trade deal until we have made major investments in our workers and infrastructure”. His senior foreign policy adviser Antony Blinken has pledged to end the "artificial trade war" with the EU, waged by Trump, even if a swift EU-US deal is unlikely. By extension, Biden and the Democrats will not welcome Britain leaving the EU without a trade deal.
Shell raises dividend despite plunging profits
Shell's profits plunged by 80pc in the third quarter to $955m (£734m) but beat analyst estimates as the oil major raised its dividend slightly. After slashing its payout for the first time since the Second World War in April, the oil major increased its third quarter dividend to 16.65 US cents – still two-thirds lower than this time last year. Europe's largest oil company blamed the fall in profits on lower oil prices and production margins compared to last year, but outperformed the average analyst estimate of a $146m adjusted profit. The hit was partly offset by lower operating expenses, well write-offs, depreciation and strong marketing margins, Shell said.
'The Government doesn't know if it pays to tax the wealthy'
A squeeze on non-doms was meant to raise hundreds of millions of pounds but the Government does not know the true cost of its policies, experts have said. The former chancellor George Osborne introduced a series of tax changes in 2015, including shrinking the amount of time it takes for a non-dom to start paying tax in Britain at standard rates from 17 years to 15. Some wealthy non-doms may now be paying tax in the country on their worldwide income and gains, however, others may simply have left the country. HM Revenue & Customs has confessed it would be too much work for it to cross reference non-dom and standard tax returns to track the crossover. There were 120,000 non-doms – those not legally domiciled in the UK but who obtain tax advantages here – in Britain in 2015.
There are now 1 billion iPhones being used in the world, analyst says
There are now more than a billion active iPhones around the world, according to an analysis published by leading Apple expert Neil Cybart. Apple said it reached a billion iPhones sold back in July 2016 – but that didn’t account for the large number that would have been destroyed, recycled or fallen out of use. In a new blog post, Mr Cybart wrote that “according to my estimate, Apple surpassed the billion iPhone users milestone last month". The company touched the milestone of selling one billion iPhones shortly after it hit its peak in terms of the rate of sales, in 2015. Since then, iPhone sales have fluctuated significantly.
Japan's specialist cleaners find new purpose and demand in pandemic
“I was all game.”The Diamond Princess saga marked just the beginning of a surge in demand for COVID-19 disinfection that has since swamped Japan’s special cleaning businesses. | REUTERSThe Diamond Princess saga marked just the beginning of a surge in demand for disinfection services that has since swamped Japan’s so-called tokushu seis? (special cleaning) businesses. Then the pandemic came along, further fueling demand for their services. | TOMOHIRO OSAKIBut Koremura from Riskbenefit says the spike in demand caused by the pandemic hasn’t all been good for the industry. The way Koremura sees it, the pandemic has shed renewed light on a darker side of the industry.
S. Korean subsidiaries of foreign banks, online giants make top 10 list for gender equality
The evaluation was based on industry data and a survey of related female and male employees.Citibank Korea, the Korean subsidiary of Citigroup, received perfect scores in two categories -- executive positions and senior posts. Naver’s female employees were found to have worked 6.4 years on average as of this year, longer than men at 5.7 years. Meanwhile, Kakao received the highest scores in executive positions and registered executive positions, respectively. The number of its female executives came to 17, some 32.7 percent compared to its 52 male executives. Yongone Corp. got perfect scores in employment, executive positions, registered executive positions and senior posts.
Naver posts record revenue in Q3
BUSINESSNaver‘s headquarters in Seongnam, Gyeonggi Province (Yonhap)Naver posted all-time high quarterly sales in the third quarter this year, the company announced Thursday in its regulatory filing.The sales of Naver in the third quarter reached 1.36 trillion won ($1.2 billion), up by 24.2 percent on-year. After Japan’s antitrust regulator‘s approval of merger of Yahoo Japan and Line, Naver decided to exclude Line from its regulatory filing. The volume of transactions through its online shopping platforms increased by 72 percent on-year, the company added. Naver explained the e-commerce unit grew at a fast rate particularly after the outbreak of the COVID-19 pandemic.According to industry sources, the recent growth of the company‘s commerce unit might allow Naver to spin it off. Demands for cloud services increased as more firms and institutions here began using remote working solutions.Content sales increased by 31.8 percent on-year to mark 115 billion won, backed by the increasing number of online cartoon service users.
[Advertising Awards] Shinhan’s “Sobi Mama” campaign finds wit in wise spending
(Shinhan Card)MARKETING AWARDS / GOLD PRIZESHINHAN CARDBy Yoon Seung-wonGeneral manager of planning teamI would like to extend my gratitude to customers for giving steadfast love to Shinhan Card. I am also honored that Shinhan Card’s Shinhan Pay Fan “Sobi Mama” winning the Gold Prize at the Korea Herald Marketing Awards. Customers’ lifestyles have advanced with various services launched in use of data analysis as well. As a result, Shinhan Card has set a market standard for digitalization of sustainable services. With Shinhan’s innovative DNA, Shinhan Card will continuously put efforts into managing customers’ consumption with the specialized financial technology designed to provide new services and benefits suitable for every individual customer.
[Herald Interview] ‘Our model is to continue to invest in journalism’
“Seoul will become our de facto Asian headquarters.”Dunbar-Johnson considers this a permanent move.“We think Seoul is a great place to cover the whole region,” said Dunbar-Johnson. We are investing a lot in our journalism,” said Dunbar-Johnson. “Our model is to continue to invest in journalism. … I think what’s really important is that you find ways of doing it because the old one doesn’t work. As long as there is a viable economic model for print, it will exist.”By Lim Jang-won ( ljw@heraldcorp.com
China’s digital yuan aims to halt US ‘dollarisation’, boost retail payments, ex-central bank governor says
China’s central bank is inching closer to the launch of its sovereign digital currency. Photo: Reuters
Private investigator hired by Adani secretly photographed activist's daughter on way to school
Exclusive: investigator’s affidavit shows he surveilled and followed anti-Adani activist Ben Pennings’ wife and daughterPrivate investigator hired by Adani secretly photographed activist's daughter on way to schoolA private investigator working for Adani took covert photographs of an environmental activist walking his nine-year-old daughter to primary school, court documents have revealed. Adani would not confirm whether it has ordered the surveillance of other people, or for what purpose. I followed Mr Pennings in my vehicle and saw him … leave the child at … school.”Photographs of the encounter show Pennings walking with his daughter. I saw [Pennings’ wife] walk inside the premises at this location.”Attachments to the affidavit include photographs of Pennings, his wife and children, obtained from her Facebook account. Pennings’ wife, Rachel, said it was “creepy and unsettling not knowing if Adani will follow me and my child again, whether they will try to raid our home again”.
Body camera turned on after fatal shooting of unarmed Black couple in Illinois, footage shows
Body camera turned on after fatal shooting of unarmed Black couple in Illinois, footage shows Police released six videos Wednesday involving the deadly Oct. 20 confrontation. In body camera footage taken before the shooting, an officer not involved in the shooting approaches the car and tells Stinnette he is under arrest. The officer who shot Stinnette and Williams did not turn his body camera on until after the shooting, his body camera footage shows. The officer who is wearing the body camera says, "I did," and the other officer responds, "You did?" In one of the dash camera videos, several shots can be heard fired, followed by the sound of a crash.
Philadelphia Protests Continue After Fatal Shooting by Police
PHILADELPHIA — Protesters looted stores and scuffled with police late Tuesday in a second night of street protests over the fatal police shooting of Walter Wallace Jr., a 27-year-old Black man, during a confrontation more than 24 hours earlier. Local television and news websites showed looters entering stores in the Port Richmond neighborhood, northeast of the city center, while officers struggled with protesters in the heart of West Philadelphia, where Mr. Wallace was killed on Monday afternoon after approaching police officers with a knife. The victim’s father, Walter Wallace Sr., urged looters to stop. “It will leave a bad scar on my son, with all this looting and chaos,” Mr. Wallace said in an interview on CNN. “This is where we live, and it’s the only community resource we have, and if we take all the resource and burn it down, we don’t have anything.”
Hurricane floods casino parking garage
Hurricane floods casino parking garageFloodwaters from Hurricane Zeta engulfed the parking garage of a hotel-casino in Biloxi, Mississippi on Wednesday, as Hurricane Zeta moved through the low-lying coastal area after coming ashore in Louisiana.
France and Germany Lock Down as Second Coronavirus Wave Grows
Ms. Merkel, who has overseen a broad set of stimulus measures to support struggling businesses and workers, said the government would compensate small- and medium-sized businesses affected by closures for up to 75 percent of losses. Ms. Merkel was laughed at when she predicted last month that if people didn’t change their behavior, the country would face 19,000 infections per day by Christmas. “Within weeks we will reach the limits of our health system,” Ms. Merkel said at a news conference, after agreeing with Germany’s 16 governors on the nationwide measures. “The selection was carefully made, knowing that it will be hard and knowing that many people have developed ways to stay safe and acted responsibly,” she said. More people have been protesting against restrictions, and Ms. Merkel acknowledged that introducing new measures two weeks earlier would have helped, but the political acceptance for such a move wasn’t there.
California fraud suspects used unemployment cards to make purchases, access cash: authorities
A crackdown on an alleged fraud operation in California involving unemployment benefits has resulted in the arrests of 27 suspects, authorities said Wednesday. Under the investigation in Torrance – about 21 miles south of downtown Los Angeles – authorities confiscated 130 debit cards issued by the state Employment Development Department (EDD) as well as $150,000 in cash and four handguns, KCBS-TV of Los Angeles reported. “The suspects possessed numerous cards and would often use the cards to make high-end purchases and make cash withdrawals from ATMs.”CLICK HERE TO GET THE FOX NEWS APPThe arrests have occurred since Sept. 10, the report said. Authorties asked that anyone who received a letter from the EDD despite not applying for benefits call their local police department, KCBS-TV reported. Financial losses were suffered by the state, not individuals, the Daily Breeze of Hermosa Beach reported.
Volkswagen returns to profit as pandemic recovery continues
Volkswagen said on Thursday it had returned to profitability in the third quarter, helped by a surge in demand for premium cars, despite an overall drop in global vehicle deliveries during the COVID-19 pandemic. The German multi-brand car and truck maker said that excluding one-time items, its third-quarter operating profit came in at 3.2 billion euros ($3.78 billion), compared with 4.8 billion euros in the year-ago period.
European markets set to open flat with new lockdowns, ECB in focus
LONDON — European markets are set to open mixed on Thursday as investors digest new lockdown measures in France and Germany and await the European Central Bank's latest monetary policy decision. The British government is also under pressure to tighten restrictions with cases doubling every nine days, according to a new study by Imperial College London. Markets are also skittish ahead of the U.S. election on Nov. 3, soaring coronavirus cases stateside and diminishing hopes of imminent fiscal stimulus. Wall Street suffered its worst sell-off for several months on Wednesday with the Dow dropping 934 points. Net income attributable to shareholders came in at 546 million Swiss francs ($600 million), significantly below the 679 million Swiss francs that analysts had expected, according to Reuters Eikon.
Oil major Shell increases dividend as third-quarter earnings beat forecasts
LONDON — Oil giant Royal Dutch Shell on Thursday reported better-than-expected third-quarter earnings and announced plans to increase its dividend to shareholders. The Anglo-Dutch company reported adjusted earnings of $955 million for the three months through to the end of September. Analysts at Refinitiv had expected third-quarter net profit to come in at $594 million for the third quarter. Shell said it would raise its dividend to shareholders by around 4% to 16.65 U.S. cents for the third quarter of 2020 and on annual basis going forward. It comes around six months after the oil major reduced its dividend for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis.
Analysis: As COVID persists and U.S. election nears, China growth lifts Asia
FILE PHOTO: A farmer works on a farm in front of a construction site of new residential buildings in Shanghai, China, March 21, 2016. Exports soared 15.6% in the third quarter, the biggest rise since 1986 and largely reversing a 16.1% contraction in the second quarter. “Exports rapidly improved on the back of recovery in China and other major economies, which spearheaded our third quarter growth,” Finance minister Hong Nam-ki said on Tuesday. That is giving the Bank of Japan some optimism over the domestic outlook, with industry feedback pointing to improving demand from China. RISKS REMAINChina’s renewed growth has been spread across several sectors, including manufacturing, construction, investment and domestic demand.
Lloyds Bank third-quarter profit boosted by home loan lending boom
FILE PHOTO: Customers use ATMs at a branch of Lloyds Bank in London, Britain, February 21, 2017. Britain’s biggest domestic lender reported pre-tax profits of 1 billion pounds for the July-September period, compared to the 588 million pounds average of analysts’ forecasts. The bank booked new mortgage lending of 3.5 billion pounds over the quarter, after receiving the biggest surge in quarterly applications since 2008. Lloyds set aside a further 301 million pounds to cover expected customer loan defaults, less than half the 721 million pounds analysts had expected. Like its rivals, Lloyds’ profits have been squeezed this year by provisions for expected bad debts due to the coronavirus crisis and rock-bottom interest rates.
Business & Financial News, U.S & International Breaking News
Asia's COVID-19 control tempers global stock selloff, U.S. futures jumpAsia's stock markets fell on Thursday, but without the panic selling seen in Europe and the United States, while U.S. futures jumped as investors tried to get a grip on fears that fresh lockdowns could derail a recovery from the COVID-19 pandemic.
Repsol edges back to net profit with 7 million euros in third quarter
The logo of Spanish energy giant Repsol SA is seen during the opening ceremony of its first gas station in Mexico City, Mexico March 12, 2018. REUTERS/Carlos Jasso/FilesMADRID (Reuters) - Spanish oil and gas group Repsol posted a 7 million euro ($8.27 million) adjusted net profit for the third quarter on Thursday, edging back into positive territory after a deep loss in the second quarter. The figure came in much better than an average analyst forecast provided by the company, which had pointed to a 15 million euro loss. Benchmark Brent crude oil prices picked up in the July-September period from historic lows in the previous quarter, exacerbated by curbs on movement to stem the virus. Nevertheless, adjusted net income came in 515 million euros lower than in the same period a year earlier, underlining the scale of demand destruction wrought by the pandemic.
Russia's Sberbank posts 74% jump in third-quarter net profit
A man takes a picture of the logo of Russian bank Sberbank on a screen during a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov/FilesMOSCOW (Reuters) - Russia’s largest bank, Sberbank, on Thursday reported third-quarter net profit rose 73.9% year on year to 271.4 billion roubles ($3.44 billion). The bank’s net interest income rose 16.2% to 411.3 billion roubles for the July-September period. ($1 = 78.87 roubles)
Smith+Nephew quarterly revenue gets boost as elective surgeries recover
(Reuters) - Smith+Nephew said on Thursday revenue recovered strongly in the third quarter from the second, as hospitals managed to carry out more elective surgeries after the initial wave of coronavirus infections. The company, which makes orthopaedic implants and prosthetics, said sales fell nearly 4% to $1.2 billion in the three months ended Sept. 26, recovering from a near 30% slump in the second quarter.
Anheuser-Busch profit misses views; sees better 2H
Anheuser-Busch InBev SA on Thursday reported a 36% fall in third-quarter net profit--missing market forecasts--on revenue that also fell, and said that while it expects the second half performance to be better than the first markets remain volatile and uncertain. The world's largest brewer--with brands such as Budweiser, Stella Artois and Corona--said volumes rose 1.9% in the second quarter. North America rose 1.5%, South America rose 15% while in Asia Pacific rose 0.5%.
OMV swings to net loss
OMV AG said it swung to a loss in the third quarter as results were hit by weaker global commodity prices. The Austrian oil-and-gas company Thursday posted a quarterly net loss of 487 million euros ($572.5 million) from a net profit of EUR425 million a year earlier. On an adjusted basis, net profit dropped to EUR80 million from EUR457 million.
Takeda Pharmaceutical Co. Ltd. ADR Stock Quote (U.S.: NYSE)
Takeda Pharmaceutical Co. Ltd. ADRTakeda Pharmaceutical Co., Ltd. engages in the research and development, manufacture, import and export sale, and marketing of pharmaceutical drugs. The Prescription Drugs segment includes the manufacture and sale of pharmaceutical products. The Consumer Healthcare segment includes the manufacture and sale of OTC drugs and quasi-drugs. The Other segment includes manufacture and sale of reagents, clinical diagnostics, and chemical products. The company was founded by Takeda Chobei on June 12, 1781 and is headquartered in Osaka, Japan.
Credit Suisse to restart buybacks next year
Credit Suisse Group AG will restart buying back its own shares next year and plans to pay a higher dividend for this year. The Swiss bank said Thursday that it will launch a 1.5 billion-Swiss franc ($1.65 billion) buyback next year, and at least two thirds of it is expected to be completed within the year.
Orange increases dividend as revenue rises
Orange said Thursday that revenue for the third quarter increased as growth in France and Africa and the Middle East offset a decline in the other segments, and it raised its interim dividend to be paid out in December. The French telecommunications company said revenue rose to 10.58 billion euros ($12.43 billion) on a comparable basis from EUR10.50 billion a year earlier.
WPP remains cautious as comparable sales fall 7.6%
WPP PLC said Thursday that it remains cuatious about the pace of recovery in light of tightening coronavirus restrictions around the world, and said third-quarter comparable net sales fell less than in the previous quarter. The world's largest advertising group said like-for-like net sales--a closely-watched measurement of its underlying performance--fell 7.6% for the July-September period. This followed a 15% decline in the second quarter.
Repsol swings to loss on pandemic, oil-price drop
Repsol SA said Thursday that it swung to a loss in the third quarter of the year as its results were hit by a steep drop in commodity prices and demand caused by the pandemic. The Spanish oil-and-gas company said it registered a quarterly net loss of 94 million euros ($110.4 million) compared with a profit of EUR333 million in the previous-year period, mainly due to provisions and indemnities.
Smith & Nephew revenue improve after virus hit
Smith & Nephew PLC said Thursday that third-quarter underlying revenue strongly recovered from the previous quarter's steep decline caused by the coronavirus pandemic, although it remained down year-on-year. The FTSE-100 medical-technology group said quarterly underlying revenue, which strips out exceptional and other one-off items, fell 4.2% on the year, compared with 4% growth posted in the year-earlier period. This compares with a 29% underlying revenue fall in the second quarter.
Volkswagen earnings decline, backs 2020 view
Volkswagen AG on Thursday posted lower third-quarter earnings and revenue but said that it noticed a clear recovery in the period, and backed its guidance for the full year. The German car maker posted a net profit of 2.58 billion euros ($3.03 billion), compared with EUR3.79 billion for the same period last year.
Lloyds beats views on profit, income, impairments
Lloyds Banking Group PLC reported Thursday a significant rise in profit for the third quarter of the year, beating market views for pretax profit, net income and impairments for the period. The U.K.'s largest retail bank posted a pretax profit of 1.04 billion pounds ($1.35 billion) for the third quarter compared with GBP50 million for the same period a year earlier, when it had booked a GBP1.80 billion provision for expected payment-protection insurance expenses. The lender posted a pretax loss of GBP676 million in the second quarter of the year.
BT lifts lower end of guidance as earnings fall
BT Group PLC said Thursday that adjusted earnings for the second quarter of fiscal 2021 fell less than analysts expected even though its revenue was weaker than anticipated, and raised the lower end of its full-year profit guidance. The U.K. telecommunications company said adjusted earnings before interest, taxes, depreciation and amortization--the company's preferred profit metric, which strips out exceptional and other one-off items--were 1.91 billion pounds ($2.48 billion) for the quarter to Sept. 30, down from GBP1.97 billion for the same period a year earlier.
Shell pledges to cut debt as profit narrows
Royal Dutch Shell PLC on Thursday reported significantly narrowed profit for the third quarter and unveiled a new cash allocation framework which includes a target to reduce net debt to $65 billion. The Anglo-Dutch oil major made a net profit of $489 million in the three months to Sept. 30, narrowing from $5.88 billion profit a year earlier. It beat the market consensus of $146 million taken from Vara Research and based on 26 analysts' forecasts, and improved on quarter from $638 profit reported in the previous quarter. Alongside the quarterly earnings, Shell announced a new cash allocation strategy to reduce debt, increase shareholders' distributions and allow for disciplined growth. As part of this framework, Shell said it will cut net debt to $65 billion from $73.5 billion as at Sept. 30, and afterward distribute 20%-30% of operating cash flows via dividends and share buybacks.
Evraz steel output falls on quarter
Evraz PLC said Thursday said that total steel-product sales fell in the third-quarter compared with the prior three-month period, with a fall in the sales of semi-finished products offsetting a rise in finished products. The London-based steel-making and mining company, which mainly operates in Russia, said that third-quarter crude steel production slipped to 3.2 million metric tons from 3.4 million tons in the second quarter. The company said this was mainly due to the planned shutdown of blast furnace number five and the launch of blast furnace number six after the completion of a major overhaul.
Cash is king until the election -market analyst
So it turns out that when you're afraid to go outside for any or every reason, you're going to sit at home. And for a lot of people, you're going to kind of do your escapist stuff. You're going to stream a bunch of videos, you're going to watch some movies, you're going to lie low, you're going to be nervous about the future. Last thing I'd say is everybody hit out in Big Tech, and Big Tech looks expensive. And everybody who could fog a mirror wants to sue Big Tech now.
Shell Raises Dividend as Profit Beats Expectations
(Bloomberg) --Royal Dutch Shell Plc raised its dividend and pledged to grow the payout steadily, just six months after slashing it for the first time since the Second World War. It also reported a larger-than-expected profit for the third quarter, lower net debt and strong cash flow, even as most of its divisions continued to be battered by the coronavirus pandemic. Shell’s dividend for the quarter will increase by 4% to 16.65 cents a share and increase annually thereafter, the company said in a statement on Thursday. Gearing, a measure of debt to equity, dropped to 31.4% from 32.7% in the second quarter. Net debt fell to $73.5 billion, and Shell pledged to further increase shareholder distributions once that figure reaches $65 billion.
Nokia cuts full-year profit forecast, sets new strategy
STOCKHOLM/HELSINKI (Reuters) - Nokia cut its full-year profit forecast on Thursday even as the telecom network equipment maker's quarterly underlying profit met expectations in its first earnings under new CEO Pekka Lundmark. It lowered its full-year profit outlook range by 0.02 euros to a midpoint of 0.23 euros per share. The company cut its 2020 operating margin forecast to 9% from 9.5% and for 2021 expects operating margin of 7-10%. Unlike Ericsson, Nokia has not won any radio contracts in the highly competitive Chinese markets. Nokia said its July-September underlying earnings were flat year-over-year at 0.05 euros per share, meeting the 0.05 euros consensus in a Refinitiv poll.
Standard Chartered May Restart 'shareholder Returns' Next Year As Third-quarter Profit Beats Estimates
"Our transformation is allowing us to weather the macroeconomic storm in good shape," Bill Winters, the Standard Chartered CEO, said in a statement. Hong Kong investors punished shares of Standard Chartered and HSBC this year after the banks suspended their dividends in April. The bank's underlying pre-tax profit, which excludes certain items, fell 40 per cent from US$1.24 billion a year earlier. Standard Chartered expects lower impairment costs for potential soured loans in the second half of the year. In its Hong Kong business, Standard Chartered reported an underlying pre-tax profit of US$332 million, a 27 per cent decline from US$453 million a year earlier.
Stock futures rise following the biggest drop since June
U.S. equity futures are trading higher the day after the biggest plunge in stocks since June. Continue Reading BelowThe major futures indexes suggest a gain of 0.8%, or more than 200 Dow points when the Thursday Wall Street session begins. In the U.S., cases are increasing in just about every state and the number of deaths and hospitalizations due to COVID-19 are on the rise. The U.S. economy could lose momentum just as prospects for more economic support from Washington have dwindled as Tuesday's Election Day nears. The Dow lost 943.24 points, or 3.4%, to 26,519.95.
America’s immigration failure
Two months before the 2016 election, Donald Trump gave his first major speech on immigration in Phoenix. Indeed, according to the Pew Research Center, between 2007 and 2017, the number in the U.S. declined by 14%. Tragically, although the policy ended after public outcry in June 2018, 545 children remain separated from their deported parents. This followed the administration’s ban on H-1B1 visa holders entering the country until the end of the year due to the coronavirus pandemic. In light of other immigration changes, this revision underscores that the strategy is to reduce legal immigration as well as illegal immigration.
Summer’s blowout economic growth in US is quickly weakening as fall settles in
Summer’s blowout economic growth in US is quickly weakening as fall settles inWASHINGTON — Americans may feel whiplashed by a report Thursday on the economy’s growth this summer, when an explosive rebound followed an epic collapse. The government will likely estimate that the economy grew faster on an annualized basis last quarter than in any such period since record-keeping began in 1947. The economy is weakening and facing renewed threats. Confirmed viral cases are surging. And even last quarter’s outsize growth will leave the economy far below its level before the pandemic struck in March.
Oklahoma oil prices and drilling report for Oct. 29, 2020
Oklahoma oil prices and drilling report for Oct. 29, 2020Oklahoma crude oil prices as of 5 p.m. Wednesday:Natural Gas (Henry Hub) as of 4 p.m. EST Wednesday:COMPLETIONMajor: Interstate Explorations LLC; Hot Saw 21N-9W No. 12-1H Well; SW1/4 SW1/4 SE1/4 SW1/4 (SL) of 12-21N-09W; 499,000 cu-ft gas per day, 467 barrels oil per day, TD 12,730. Interstate Explorations LLC; Livin Large 21N-9W No. 11-1H Well; NE1/4 SE1/4 SW1/4 SW1/4 (SL) of 11-21N-09W; 233 barrels oil per day, 243,000 cu-ft gas per day, TD 12,190. 11-1 Well; NE1/4 SE1/4 SW1/4 SW1/4 (SL) of 11-21N-09W; 92 barrels oil per day, 97,000 cu-ft gas per day, TD 12,177.
S. Korea's top court upholds 17-year jail term on ex-leader
SEOUL, South Korea (AP) — South Korea’s top court upheld a 17-year sentence on former President Lee Myung-bak for a range of corruption crimes in a final ruling Thursday that will send him back to prison soon. Lee has been convicted of taking bribes worth millions of dollars from big companies including Samsung, embezzling corporate funds of a company that he owned and taking bribes from South Korea’s spy agency. The Supreme Court also confirmed a lower court ruling that ordered Lee to pay 13 billion won ($10.9 million) in fines and forfeit another 5.78 billion won ($4.6 million) for his crimes, court officials said. He was bailed out of jail several months later but was taken back into custody in February this year, after an appellate court handed down a 17-year term and canceled his bail. He was released again six days later after he appealed that ruling on his bail cancellation.
The man who wants to help you out of debt – at any cost
Dave Ramsey, America’s most influential personal finance guru, drives a pickup truck that, he says, will eat your electric car. Ramsey believes that as long as you have one red cent of debt – credit card debt, student loans, car payments, mortgages, medical bills – you can never be free. People who have successfully paid off their debt using Ramsey’s program come in person to be interviewed on air. I have more than $80,000 in student debt, most of it from a master’s degree in journalism. So, on a recent Friday, a few minutes before the Dave Ramsey Show goes on air, I decide to call in.
Lloyds profits surge as mortgage applications hit 12-year high
Lloyds Banking Group has returned to profit after demand for mortgages rocketed to its highest level since 2008. Britain's biggest high-street bank said pre-tax profits reached £1bn for the three months to September, almost double City estimates of £588m, following a boom in home lending and a much smaller than expected provision for soured loans. It said mortgage lending was up by £3.5bn over the period, marking the highest period for mortgage applications from both first-time buyers and home movers since 2008. Property sales have soared since lockdown as buyers are rushing to complete before the March stamp duty deadline. Property website Zoopla said this week that the post-lockdown property “mini-boom”, combined with the temporary tax break, means there are an extra 140,000 sales in the pipeline compared to a year ago.
Will England go into a 'circuit breaker' lockdown?
Pressure continues to grow on the Government to impose a short-term circuit-breaker lockdown in England in a bid to get rising coronavirus infections under control. Labour Party leader Sir Keir Starmer has called on the Government to impose a two to three-week circuit breaker to prevent a "sleepwalk into a long and bleak winter". What will this mean for our daily lives, how long could a circuit-breaker lockdown last, and where is the proof it will work? A circuit-breaker lockdown would therefore see Britons sever almost all contact with people outside their own household by shutting non-essential businesses and stopping social interactions. Read more: What would a 'circuit breaker' lockdown look like?
Confusion and anger as beauty salons forced to close in Nottinghamshire in new Tier 3 rules
The whole county of Nottinghamshire will go into Tier 3 lockdown tomorrow, in what will be the most extensive restrictions in any area of England since the second wave of rising infection rates. In all other Tier 3 areas including Liverpool and Manchester, beauty salons and close contact services have been deemed safe and have been allowed to remain open. Beauty industry groups have called for urgent clarification on this decision, as well as test and trace data that shows closing beauty businesses is a valid response to an increase in infection rates. "Last night's news that saunas, steam rooms, nails and beauty services must close in Nottinghamshire from tomorrow is devastating," says Millie Kendall MBE, chief executive of the British Beauty Council. "We are an industry that has had little government support since March in terms of sector specific stimulus packages.
How British watch and clock makers are taking on the global industry leaders
When revered independent watchmaker Roger W. Smith OBE and Mike France, co-founder of watch manufacturer Christopher Ward, had a chance meeting in 2018, the two men quickly connected over their mutual disappointment in how the British watch industry was being presented globally. Now, after two years of research and preparation, this has led to the announcement of a new trade body, to promote the industry internationally. Despite attempts in the past to bring British watchmakers together, divergent personal agendas have prevented anything meaningful and long-term from taking hold. But the main objectives of The Alliance of British Watch and Clock Makers, spearheaded by Smith and France, is to unite all businesses involved in the profession, regardless of target audience, the only requirement for membership being that the companies must be registered as British. “The government is obviously keen to promote all areas of British industry, but they had no idea that there was a viable watch industry in the UK.
BOJ sees volatile recovery path as virus piles on uncertainty
The Bank of Japan sees a more volatile recovery path ahead as rising waves of the coronavirus abroad cloud the recovery outlook and spark renewed nerves in markets. The BOJ cut its growth forecast for the current year while keeping its key interest rates and asset purchases unchanged, according to a statement from the central bank Thursday. Amid the heightened uncertainty over the outlook the central bank said it was ready to take further action if needed. The bank now sees the economy shrinking 5.5% in the year to March from a 4.7% drop forecast previously, citing a delayed recovery in the services sector. The 225-issue Nikkei average was down around 0.3% on Thursday afternoon, with the improved growth forecast for next year possibly helping support sentiment.
Shedding virus slump, Toyota's global output rose 11.7% in September to hit record high
Toyota Motor Corp. said Thursday its global production in September hit a record high amid strong demand from China, indicating a recovery from the sales slump caused by the coronavirus pandemic. The global output of 841,915 vehicles for September, up 11.7% from a year earlier, also marked the first year-on-year increase in nine months. The company’s global output has been gradually trending towards a recovery after tumbling 54.4% in May amid the COVID-19 crisis. In September, the carmaker’s overseas output increased 16.3% to 536,287 units, with production up 19.9% in Europe and 8.3% in North America. In the April to September period, Toyota logged a 23.1% decline in global production from a year earlier to 3,501,041 units due to the pandemic.
Last major Aussie bank ditches coal, in fresh blow to sector
The bank said that from 2030 it would no longer finance thermal coal mines or coal-fired power stations, joining Australia's other "big four" banks who have already made similar commitments. In the last few months major customers -- most notably China, Japan and South Korea -- have all vowed to reach net-zero carbon emissions by the middle of this century. That is likely to mean reduced dependence on fossil fuels, particularly coal, which accounts for almost half of global carbon dioxide emissions. The coal industry has publicly shrugged off upheaval in the sector and predicts strong demand in Asia for thermal coal over the next 10 years -- particularly from India and Vietnam. - Covid hangover -ANZ Bank also announced Thursday that its post-tax profit had plunged 40 percent after setting aside billions to cover loans unlikely to be repaid because of the coronavirus pandemic.
France braces for new Covid-19 lockdown rules to be detailed by PM Castex
French Prime Minister Jean Castex in a photo taken on October 7, 2020, was to announce the details of the new Covid-19 lockdown measures on October 29, 2020. Advertising Read moreCastex was set to address the National Assembly, France’s lower house, and then the Senate, where the measures will be put to a vote, before unveiling the new lockdown measures in a televised address Thursday evening. France goes into a second nationwide lockdown this year starting midnight Thursday, amid a surge in Covid-19 cases that has threatened to overwhelm French hospitals. "As elsewhere in Europe, we are overwhelmed by a second wave that will probably be more difficult and deadly than the first," Macron said. But unlike during the two-month lockdown imposed last spring, students up to high-school level will continue to go to school.
Samsung's Q3 revenue surges to W67tr
BUSINESS(Yonhap)Samsung Electronics posted a record-breaking quarterly revenue in the July-September period, buoyed by the strong performance of its device solutions and consumer electronics businesses, according to a regulatory filing Thursday.The South Korean information technology giant enjoyed a quarterly revenue of 66.9 trillion won ($59 billion), up 8 percent on-year and breaking the previous record of 65.9 trillion won set in 2017. The company’s operating profit spiked 58.8 percent to 12.3 trillion won from a year prior, the best figure since the third quarter of 2018. Meanwhile, its net profit surged 48.8 percent to 9.3 trillion won in the same period.In terms of profitability, Samsung Electronics yielded meaningful results, as the operating profit margin improved significantly to 18.4 percent compared to 15.4 percent in the previous quarter. Though chip demand from cloud and server companies weakened as they have already stocked up supplies to prepare for expansion amid the COVID-19 outbreak, the low demand was compensated by new releases of smartphones and game consoles, which also need chips. The staggering performance was possible as sales of the company’s strategic smartphones models -- the Galaxy Note20 and Galaxy Z Fold2 -- jumped nearly 50 percent.
Seoul stocks fall on global virus surge
(Yonhap)South Korean stocks closed lower Thursday on foreign and institutional selling as new coronavirus outbreaks in major global economies continued to surge at an alarming rate. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.59 points, or 0.79 percent, to close at 2,326.67. Retail investors purchased a net 980 billion won, while institutions offloaded a net 476 billion won. Most large caps closed lower in Seoul.
[Advertising Awards] GS Caltex gives energy to public amid COVID-19 outbreak
PRINCIPAL AWARDS/ GOLD PRIZEGS CALTEXBy Lee Sang-hunVice president of Public RelationsFirst, I feel grateful to receive the gold prize for this year’s The Korea Herald Advertising Awards and there is no doubt that this would become a great energy for GS Caltex to carry out its communication activities in the future. In 2009, GS Caltex set its corporate brand image as “Energy for sustainable life” and developed “I am your Energy” as a brand slogan to facilitate better communication with customers. Based on the positive response, GS Caltex has since continuously delivered messages to customers, drawing out natural empathy from viewers. Lee Sang-hun, Vice president of Public Relations of GS CaltexTo this year, GS Caltex’s “I am your Energy” campaign still continues, under the theme of “Everything in this world is someone’s energy.”At this difficult time of coronavirus outbreak, GS Caltex ran the “Everything in this world is someone’s energy” advertisement in the first half of this year which depicted heart-warming scenes of people putting others before themselves. Once again, let me express my gratitude for this award and GS Caltex will continue and improve its campaign to uphold the reputation of this award.
[Advertising Awards] SK Innovation pursues green strategy for sustainable growth
CREATIVE AWARDS/ GRAND PRIZESK INNOVATIONBy Lim Su-kilHead of PR OfficeSK Innovation is pursuing its “Green Balance 2030” initiative with full force to seek growth through an eco-friendly business management strategy. To portray SK Innovation’s earnest efforts to become an eco-friendly company, for this year, it has initiated “Hi !nnovation -- Save Ink” advertisement campaign. According to an experiment conducted by a certified institution, SK Innovation’s advertisement reduced the amount of ink 90 percent compared to a typical printed advertisement. Lim Su-kil, head of PR Office of SK Innovation (SK Innovation)To call for real actions, not words, to protect the environment, SK Innovation inserted an ad copy “It’s time to Act.”SK Innovation plans to launch a series of communication activities and we ask for your continued support and interest. Last but not least, I would like to express my deepest gratitude to the readers and officials of The Korea Herald who gave SK Innovation the honor to receive this award.
Justice ministry begins inspection of Seoul prosecution office over financial scam probe
The ministry's inspection team on Wednesday secured the Seoul Central District Prosecutors Office's internal document regarding its 2018 probe into Optimus Asset Management, according to the sources. The move came a day after Justice Minister Choo Mi-ae ordered the ministry to examine the decision-making process at the office, which was headed by Prosecutor General Yoon Seok-youl at that time. But the prosecution cleared Optimus executives of the charges after a seven-month investigation. The next day, Choo instructed the ministry to look into whether the prosecutors properly handled the case. She also ordered inspectors to look into allegations that former senior prosecution officials may have lobbied the investigation team on behalf of the suspects.
Major Korean banking groups post stronger-than-expected Q3 earnings
Four major South Korean banking groups posted better-than-expected third quarter net profit, bolstered by nonbanking businesses amid coronavirus woes, data provided by the firms as of Thursday showed.In terms of quarterly net profit, KB Financial Group maintained the top spot for two consecutive quarters, having gained 24.1 percent on-year to 1.16 trillion won ($1 billion).Shinhan Financial Group, which relinquished the crown to KB last quarter, still posted an impressive net profit of 1.14 trillion won in the July-September period and gained 16.6 percent on-year. But in terms of accumulated net profit so far this year, Shinhan surpassed KB with 2.95 trillion won. KB posted 2.87 trillion won in accumulated net profit for the January-September period.This is the first time both Shinhan and KB saw their quarterly net profit surpass the 1 trillion won mark.Their industry rival Hana Financial Group saw its third quarter net profit decline 9.15 percent on-year to 760.1 billion won, but its accumulated net profit for the January-September period gained 3.2 percent from the previous year to 2.1 trillion won.Despite the quarterly loss, Kim Soo-hyun, analyst at Shinhan Financial Investment, said Hana’s net profit was still noteworthy, as “it seems to have given the best performance after the third quarter last year, when it was bolstered by the sale of the former Korea Exchange Bank headquarters.”Woori Financial Group shed 1.13 percent on-year to 479.8 billion won in the third quarter, but posted above market expectations.Banking groups cited the stock market rally this year -- highlighted by a healthy pipeline of initial public offerings such as SK Biopharmaceuticals and Big Hit Entertainment -- as the deciding factor that made their brokerage businesses profitable.Their flagship banking units, meanwhile, are struggling with record-low borrowing costs prompted by the Bank of Korea’s decision to slash its benchmark interest rate to a record low of 0.5 percent this year to co
Naver posts record revenue in Q3
Naver posted all-time high quarterly sales in the third quarter this year, the company announced Thursday in its regulatory filing.The sales of Naver in the third quarter reached 1.36 trillion won ($1.2 billion), up by 24.2 percent on-year. After Japan’s antitrust regulator‘s approval of merger of Yahoo Japan and Line, Naver decided to exclude Line from its regulatory filing. The volume of transactions through its online shopping platforms increased by 72 percent on-year, the company added. Naver explained the e-commerce unit grew at a fast rate particularly after the outbreak of the COVID-19 pandemic.According to industry sources, the recent growth of the company‘s commerce unit might allow Naver to spin it off. Demands for cloud services increased as more firms and institutions here began using remote working solutions.Content sales increased by 31.8 percent on-year to mark 115 billion won, backed by the increasing number of online cartoon service users.
TikTok owner ByteDance’s China head debuts on Fortune’s list of most powerful women in business
ByteDance CEO Kelly Zhang is responsible for ByteDance’s products in the domestic market, leading product management and operations, marketing, and partnerships. Photo: Handout
60 Charged In Scam That Took $300 Million From Elderly Victims
60 people have been charged in connection with a phone scam that stole $300 million from more than 150,000 elderly and vulnerable people across the country, the Associated Press reported. According to the indictment, scammers used a network of fake magazine companies and convinced victims to pay large amounts of money for subscription services, the Associated Press reported. Employees allegedly called victims on the phone and used deceptive tactics to trick them, such as pretending to be a representative from the victim’s existing magazine subscription offering a lower price. The operation was the largest elder fraud scheme in the country, U.S. Attorney Erica MacDonald said. According to the indictment, the scam went on for 20 years.
Michigan Couple Reportedly Caught Red Handed Stealing More Than $2 Million In Unemployment Money After Posting Instagram Photos
A couple in Michigan was reportedly caught redhanded stealing unemployment money after posting photos to Instagram of the things that they were buying with the money, according to Fox11. Detroit couple charged with stealing unemployment money after conspiring with worker https://t.co/hohl95r1GU — Michigan Business (@michiganbiz) October 28, 2020The couple from Detroit, Michigan would reportedly post photos of a brand new car, new jewelry, and Louis Vuitton accessories that they had purchased, according to Fox11. Brandi Hawkins, a former state contractor who worked at the Michigan Unemployment Agency would reportedly push the couples fraudulent unemployment claims through the system. Back in July, Hawkins was charged for stealing $2 million in unemployment fraud, according to ABC 12. (RELATED: New Unemployment Claims Decrease To 860,000, Beating Predictions)If the couple ends up convicted, they could be looking at serving time for several years in prison.
Chick-fil-A Stops Giving to Salvation Army, FCA Amid LGBT Protests
Chick-fil-A has announced plans to end charitable giving to Christian organizations—including the Salvation Army and the Fellowship of Christian Athletes (FCA)—amid concern over LGBT backlash as the popular Christian-owned business expands beyond the US. The strategic shift has disappointed evangelicals who admired the chain’s stance and leaders at Salvation Army, who say its outreach supports members of the LGBT population facing homelessness and poverty. Officers in the Salvation Army, who are ordained as ministers, are asked to comply with its theological teachings on sexuality. “We serve more than 23 million individuals a year, including those in the LGBTQ+ community,” the Salvation Army stated. Conservative politician and commentator Mike Huckabee, who organized a campaign to support Chick-Fil-A amid pushback from LGBT advocates in 2012, said “Today, @Chickfila betrayed loyal customers for $$.
Wall Street Banks, Their Employees, Now Officially Lean Democrat
You’d think that voting Republican would be an easy decision if you work on Wall Street, especially given the lower taxes and the removal of burdensome regulations. But Democrats have entangled themselves so deeply in the web of Wall Street, that the industry is now leaning to the left, according to a new report from Reuters. Biden’s campaign has been the beneficiary of $3 million from commercial banks, compared to the $1.4 million Trump has raised. In 2012, Wall Street banks were among the top five contributors to Romney’ campaign. In 2020, campaign contributions to congressional races from Wall Street banks are about even.
Trump Goes on Defense After NY Times Reports He Had Over $280 Million in Debt Forgiven
President Donald Trump is going on defense following a report by The New York Times that claims the president had over $270 million in debt forgiven since 2010. The debt forgiven came after he failed to pay back his lenders, the Times reports. “As a developer long ago, and continuing to this day, the politicians ran Chicago into the ground,” Trump tweeted on Wednesday morning. Much of the debt that was forgiven was related to a project in Chicago, where a 92-floor skyscraper in the city was nearly-completed in 2008 but “became another disappointment,” the Times reports. “How Mr. Trump found trouble in Chicago, and maneuvered his way out of it, is a case study in doing business the Trump way,” the Times reports.
SPEECH POLICE: Fiery Ted Cruz Asks Smug Twitter CEO Jack Dorsey, 'Who the Hell Elected You?'
Ted Cruz came out swinging, calling Twitter “the biggest threat to free and fair elections” facing America today. “The New York Post was founded by Alexander Hamilton,” said Cruz. In fact, while testifying, the New York Post fact-checked him on the spot and found him to be lying. “Jack Dorsey of Twitter just told Senator Cruz that anyone could now share the NY Post’s bombshell stories on Twitter. https://t.co/M2zvIQYeEO — jack (@jack) August 20, 2020America works best when we are all allowed free expression of ideas, no matter how abhorrent.
Putin Imposes Mask Mandate as Russian Vaccine Gets Stuck in Neutral
In August, Russian President Vladimir Putin ballyhooed the world’s very first coronavirus vaccine. Instead, vaccine distribution appears to be stuck in neutral while the secretive institute where the vaccine was developed remains tight-lipped about its progress. The Russian vaccine was barely tested in Guinea only after the Ebola outbreak there had subsided. So the Russian vaccine is a sham? “I don’t think that this institute has developed a vaccine in the last, you know, 30 years.
Markets Signal Strong Dollar Here To Stay
As a citizen, I think Silicon Valley’s anti-conservative actions have been very harmful and unfair and must be dealt with. After the close, Microsoft (MSFT) posted strong results that outpaced Wall Street’s consensus in their three main business sectors. Handicapping the KeepersTomorrow, the biggest publicly traded companies report their financial results amid a backdrop that has become increasingly hostile toward earnings results. Today’s SessionThe market is becoming more defensive and strong earnings and guidance are not enough to stop it at this very moment. The turning points for the market yesterday, which was mostly trading sideways, was the release of the latest Consumer Confidence from the Conference Board.
Report: Biden would kill upwards of 159K Jobs in Mich.
OAN NewsroomUPDATED 8:45 AM PT – Wednesday, October 28, 2020An analysis by ‘Breitbart News‘ has raised the alarm over Joe Biden’s position on fracking and phasing out fossil fuels and natural gas. According to a recent study, Michigan supports around 159,000 jobs in the oil and gas industry, all of which would be eliminated under Biden’s plan to achieve zero emissions by 2035. According to the Mackinac Center for Public Policy, Michigan’s energy sector has contributed nearly $14.6 billion dollars to the state’s economy. The state has also been number one in terms of its capacity to store energy, housing 1.1 trillion cubic feet in underground storage space.
Asia’s COVID-19 control tempers global stock selloff, U.S. futures jump
FILE PHOTO: People wearing protective face masks, following an outbreak of the coronavirus disease (COVID-19), look at a stock quotation board outside a brokerage in Tokyo, Japan, March 10, 2020. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, with the heaviest drops in Australia, down 1.6%, and South Korea, down 1%. Traders lifted S&P 500 futures 1% with the mood, and on hopes that spiking volatility might mean a swift rebound. European futures rose half a percent and FTSE futures rose 0.3%. Oil also steadied on Thursday, with Brent futures up 0.2% at $39.20 a barrel, after dropping 5% on Wednesday.
Ant Group curbs support for overseas partners in strategy rethink ahead of listing
It would have also likely made Ant, best known for its Alipay service that serves mainly Chinese customers, a global payments leader. It also said in May it was investing $73.5 million in Myanmar e-wallet firm Wave Money and has applied for a digital wholesale banking license in Singapore. But further aggressive investments in overseas e-wallet firms are unlikely, sources say. A person familiar with Ant’s thinking said its current plan is to offer initial support to overseas e-wallet firms and then see them succeed on their own terms. In other parts of the world, Ant’s new leadership believed the company was spreading its resources too thinly, several company sources said.
N.y. Police Union calls suspension of Pro-Trump officer unnecessary
OAN NewsroomUPDATED 9:45 AM PT – Wednesday, October 28, 2020A New York Police Union defends a police officer who was suspended for supporting the President. One America’s Christina Howitson has more.
Wall to Wall: Former Congressman on China Trade Pt. 1
OAN NewsroomUPDATED 1:50 PM PT – Wednesday, October 28, 2020President Trump made reforming the trade relationship with China a key focus of his first term. On Wall to Wall, Greta spoke with former Virginia congressman, Dave Brat, to compare Joe Biden and President Trump’s policies when it comes to China.
Dow sinks more than 900 points for its worst drop since June
(CNBC) -- U.S. stocks fell sharply on Wednesday amid concerns over the latest increase in coronavirus infections and its potential impact on the global economy. The Dow Jones Industrial Average dropped 800 points, or 2.9%. The S&P 500 slid 2.9% and the Nasdaq Composite traded 3% lower. The U.S. indexes took their cues from the European market benchmarks. The German Dax index fell 4.2% to its lowest level since late May.
Highest-rated cable show in history: Tucker Carlson crushes competition
“Tucker Carlson Tonight” surpassed “CBS Evening News with Norah O’Donnell,” with more than 5.3 million viewers, according to Fox News’ press release. Katz (@ajkatztv) October 27, 2020“Tucker Carlson had the highest-rated show on cable TV this month. He is averaging 5.36 million viewers a night-a huge number by modern standards,” Michael M. Grynbaum, media correspondent for The New York Times said in a tweet. 99% (647 Votes) 1% (6 Votes)Tucker Carlson had the highest-rated show on cable TV this month. He is averaging 5.36 million viewers a night – a huge number by modern standards.
Tariffs didn't fuel revival for American steel – HotAir
“Once you put a tariff on a raw material, companies have to deal with price distortion,” said Katheryn Russ, associate professor of economics at the University of California, Davis. “The tariff squeezes their profits, and that can cause them to produce less, hire fewer people or make inefficient substitutions in their production process.”Steel producers including United States Steel Corp. X 4.79% remain supportive of the tariffs, saying they helped secure the U.S. manufacturing base. But domestic steel producers that turn mattress-size slabs of imported steel into finished sheet steel said they are hurting. Pittsburgh-based Allegheny Technologies Inc. ATI -3.59% abandoned its stainless-steel business this summer, and NLMK USA, a division of a Russia-based steelmaker, has laid off one-quarter of the 600 employees at its Farrell, Pa., rolling mill after failing to receive Commerce Department tariff relief on slabs. “The government picked winners and losers here,” said Bob Miller, chief executive of NLMK USA.
China’s Next ‘5-Year Plan’ Likely to Increase Animosity Between Washington and Beijing
This will be the 14th “five-year plan” created by the Communist Party Congress, and is likely be adopted early next year. Like previous plans, the 14th five-year plan will draw criticism from world leaders and continue to drive a wedge between Washington and Beijing. China’s five-year plans provide observers with a sense of priorities and focus for key strategic missions. Chinese military commenters have said that the “initial phase” of Chinese military reform will be completed by 2020, therefore, we would expect a new set of reforms and shifts to occur in the 2021-2025 timeframe. China’s consumer base isn’t exactly positioned to take a leading role in China’s economic growth model.
Email reveals deal planned between Hunter Biden and Mark Zuckerberg
A recently revealed email from a business associate of Hunter Biden's reveals plans of a potential deal between the two of them and Facebook CEO Mark Zuckerberg. SCOOP: Hunter Biden associate emails show deal they were working on that included Facebook CEO Mark Zuckerberg - @OANN pic.twitter.com/an1iBsLBmi — Jack Posobiec ?? (@JackPosobiec) October 27, 2020The email in question is from well-known Hunter business associate Devon Archer to a certain Jason Galanis. In the text of the email thread, Archer mentions, in response to something Galanis sends him:"This is great. Galanis responds, "Facebook zuckerberg [sic]???"
Will Germany Repatriate its Gold From New York If Trump Wins the Election?
Submitted by The Gold ObserverDuring the Trump administration political ties between the U.S. and Germany have critically deteriorated. In 2013, when Germany repatriated gold from the U.S., the Germans communicated: we will not be threatened. The more of its gold reserves Germany stores at the Federal Reserve Bank of New York, the more leverage the U.S. has over Germany. It wouldn’t be the first time the U.S. freezes gold assets in New York to pressure foreign nations. If Trump wins, and trans-Atlantic alliances further deteriorate, I wouldn’t be surprised if Germany brings more gold home.
WTI Extends Plunge After Big Crude Build, Production Rebound
Oil prices were hammered overnight, accelerating after API reported an unexpectedly large crude build. European lockdown fears has ignited demand concerns and inventory data is suggesting that is already funneling into physical stores. APICrude +4.557mm (+1.2mm) - biggest build since MayCushing +136kGasoline +2.252mmDistillates -5.333mmDOECrude +4.32mm (+1.2mm) - biggest build since MayCushing -422kGasoline -892k (-400k exp)Distillates -4.491mm (-2mm exp)Official DoE data confirmed API's reported larger than expected crude build but Gasoline saw a draw... Source: BloombergA busy storm season has left production-monitoring a thankless task and Zeta may make next week's data even worse... WTI was trading just above $37 ahead of the official EIA data and extended losses on the weak data...
Nasdaq Tumbles Into Red For October After Massive Opening Sell Program
Overnight losses are accelerating as the cash market opens. There was a massive sell program at the open (4th biggest of the year)... Which pushed Nasdaq down 7% from mid-October's bounce highs...And into the red for the month, along with S&P and Dow as Small Caps are holding gains for now... Meanwhile, the 'bond rout' appears to be over...
Liquidation? Gold, Silver, Bonds, & Bitcoin Dumped As Dollar & VIX Spike
If we didn't know better we would suggest that today's stock market puke was reflexively driving a desperate rush for liquidity as the dollar spikes higher as bonds (barely moving despite the massive puke), bullion (gold and silver slammed), Bitcoin (a recent favorite hiding place) are all exhibiting signs of liquidation... Since the open, stocks are being dumped...VIX topped 40...Bitcoin is back below $13000...Bullion is puking (gold <$1900)......and silver < $24...And bonds are also being sold along with stocks...And all of that is driving the dollar higher..."I love the smell of liquidation and margin calls in the morning"
Rabobank: Half The Election Is Already Over By The Usual Standards
Or rather seven days if you expect that we could see a US election result the day after voting, as per usual. That had looked a long shot a month ago, when the meme was of a flood of vote-by-mail (VBM) ballots arriving days and days after Election Day and taking weeks to contentiously count. Moreover, the election narrative above is already changing in that much of the VBM wave appears to have already arrived, unless there is going to be a sudden flood of fresh ballots sent out. (The press suggests 70m this morning, which would suggest over half the election is already over by the usual standards.) With perhaps half the vote in, why not do so rather than just looking at the Real Clear Politics average to try to guess the other half?
VIX, VVIX Explode Higher As "Folks Are Grabbing At Tails Again"
As the liquidation across asset-classes accelerates, equity protection costs are exploding. VIX topped 40 for the first time since June...And, as Nomura's Charlie McElligott notes, vol-of-vol (VVIX) is going absolutely BONKERS, as folks are grabbing at “tails” again into atrocious market illiquidity, election scenario freakouts (folks getting arms around tax implications of “Blue Sweep” yet again?! - or the massive downsizing of prior fiscal stimulus expectations with Republican Senate) and COVID shutting Europe back down as the “European Renaissance” trade again false-starts...And in “flight to liquidity” fashion with a “short squeeze” positioning kicker, US Dollar is ripping higher, while SPX term structure btwn now and election is exploding higher as well in major cringe-fashion:Additionally, as McElligott warns, making matters worse for the 60/40 and Risk Parity set is that USTs aren’t hedging on the risk-off move and actually SELLING-OFF......as the missing overseas “real money” buyers wait for event-risk to clear before backing up the truck into duration buying (esp with fx-adjusted yields at or near 5 year bests, and a Fed who won’t be able to risk tighter financial conditions into the super fragile pandemic recovery—just as Europe is re-entering “lockdown”—thus likely to “up” QE purchases amounts and / or extend the weighted avg maturity of the asset portfolio through duration purchases). Perhaps most notably, the "Large Lot" sellers are back...And professionals are starting to position for an imminent systemic risk event as implied correlation signals macro overlay buying is dominating any single-name protection buying...Not pretty.
Bill Dudley Pretends To Care About Savers, Says Only Congress Can Fix Mess Fed Has Created
It can promise to keep short-term interest rates lower for longer, or until inflation and the unemployment rate reach their targets. It can put a specified ceiling on long-term interest rates (a maneuver that economists call yield-curve control). It can even take interest rates negative (a move that Fed officials have so far rejected). The only way to keep things going is to lower interest rates further — until, that is, they hit their lower bound, which in the U.S. is zero. No doubt, Fed officials should still commit to using all their tools to the fullest.
Record Large 5Y Auction Sees Solid Demand As Stocks Plunge
One day after the Treasury sold a record amount of 2Y paper at the second lowest yield on record, moments ago it repeated this exercise when a record $55 billion in 5Y notes were just auctioned off, pricing at a yield of just 0.33% (0.5bps below the 0.335% When Issued) and which was just 5.5bps above the record auction low hit last month at 0.275%. Considering the slide in yields today on the back of the rout in risk assets, one may have expected an even lower yield. And in keeping with yesterday's 2Y auction, the size of the auction rose from $53 billion to an all time high of $55 billion. The other metrics of the auction were forgettable: the Bid to Cover sliding from 2.52 to 2.38, below the six-auction average of 2.53%. The internals were almost identical to last month, with the Indirects unchanged at 61.9% (above the 61.1% recent average), and with Directs taking down 14.0% or just below the 15.4% recent average, Dealers were left holding 24.1%, above the 20.7% in September and the 23.5% six month average.
David Stockman On The Mother Of All Stock Market Manias
Authored by David Stockman via InternationalMan.com,It seems that only 0.1% of the time during the last 70 years has the S&P 500 traded at a higher forward PE (price-to-earnings) multiple than it does today. The recent S&P index value implies a PE multiple of 36.8X - a place the S&P 500 has never been before. PE multiples at these levels imply double-digit earnings growth rates in the year ahead; it is relevant to start with the trend now in place. Corporate earnings peaked in Q4 2019, which was 12.5 years after the prior peak in June 2007. It’s the PE multiple, stupid!
NBA Braces For Record 40% Drop In Revenue In 2020-2021 Season
Among the biggest reasons for the revenue loss were an $800 million loss in gate receipts and a $400 million loss in sponsorships and merchandise, and in a "surprise" twist, the NBA's losses also included $200 million "net negative impact" from the loss of a partnership with China following Daryl Morey tweet promoting Hong Kong freedom a year ago. This would have devastating financial consequences for the league and certainly NBA players: if the 2020-21 season advances without fans and accompanying gate-night receipts, the league expects a projected 40% loss in overall revenue, or approximately $4 billion. Had the league and players' union followed the normal formula to determine this season's salary cap - linking it to overall league revenue - sources told ESPN that it would have fallen to around $90 million - down from about $109 million in 2019-20. The sudden hit to NBA players' bank accounts is not expected to last: the league anticipates a revenue rebound in 2021-22 (at the earliest). Oh, and China not being angered by NBA players criticizing Beijing again of course.
Americans Plan To Significantly Scale Back Holiday Spending This Year
The sharp decline in Americans' spending intentions since 2019 points to weak holiday sales for retailers. ImplicationsGallup's annual question asking Americans to predict what their holiday spending will be has been a reliable harbinger of annual retail sales in most years. Should Americans' predictions for their holiday spending hold up over the next month, retailers may see gains of just over 2% in sales, on average, this year. Gallup trends show Americans' spending intentions have declined between October and November in 10 out of 13 years when the question was asked in both months. But it's also possible that their spending estimate could increase significantly as occurred once, in 2011, thus portending a better situation for retailers.
2021: A Year Of Mass Bankruptcy
Via Greg Hunter’s USAWatchdog.com,Financial writer John Rubino says, “2021 is going to be a pivotal year” in the debt markets. Rubino says lots of debt will either be bailed out or defaulted on in some way. but now they are all retiring, and these states and cities are heading for some version of bankruptcy at an accelerated rate. It was always going to happen in the next 10 years, but with the pandemic, the time frame has been moved way up. If it can’t happen, it won’t happen...""So, you get effective bankruptcy via defaults for a lot of these places.
Wall Street Banks, And Their Employees, Now Officially Lean Democrat
You'd think that voting Republican would be an easy decision if you work on Wall Street, especially given the lower taxes and the removal of burdensome regulations. But Democrats have entangled themselves so deeply in the web of Wall Street, that the industry is now leaning to the left, according to a new report from Reuters. Biden's campaign has been the beneficiary of $3 million from commercial banks, compared to the $1.4 million Trump has raised. In 2012, Wall Street banks were among the top five contributors to Romney' campaign. In 2020, campaign contributions to congressional races from Wall Street banks are about even.
Gundlach: Trump Will Win Next Week, And By 2027 "There Will Be Some Sort Of Revolution"
"The polls right now say he isn’t going to win, but they said that four years ago," said Gundlach referring to the following chart. This one is much more murky, but in my eyes, it favors a Trump win." "Markets don’t like certainty, and with Trump, I think you have more certainty,” said Gundlach. "When I said that I think Trump is going to win in 2016, I also said that if you think 2016 is weird, just wait for 2020,” said Gundlach. "Well, if you think 2020 is weird, just wait until 2024.
NY Gov. Cuomo Reaped $6.2 Million In Campaign Cash From 347 State Vendors Who Pocketed $7 Billion Since 2014
Our auditors at OpenTheBooks.com found 347 state vendors that gave $6.2 million in political donations to Cuomo over a six-year period (2014-2019). Here are some of the big winners who gave campaign cash to Gov. (Dowling is also the CEO of Northwell Health – which received $10 million in state payments in 2019.) Separately, state records show the firm received 47 state contracts for $134.7 million with $63.1 million already spent. However, since 2014, BofA gave $81,600 in campaign cash to Cuomo and reaped $11.5 million in state payments.
Tsunami Of Empty College Dorms Risks Student Housing Market Implosion
Bloomberg outlines the increase of virtual education in a virus pandemic has resulted in an abundance of empty dorms at colleges and universities, creating a $14 billion headache for the student housing debt market. A community college in Ohio is using part of a $1.5 million donation for a financially-strapped student housing project. "Typically, privatized student housing debt is paid off by the revenue generated by the dorms -- meaning there's little recourse for bondholders if things go south," Bloomberg said. Other privatized student housing projects, like two on Howard University's campus, are virtually empty due to online-only instruction there," Bloomberg said. At New Jersey City University, a student housing project financed though a separate entity will likely miss a required debt service coverage ratio.
Russia's Top Arms Dealer Reveals New Multi-Caliber Sniper Rifle
Russia's armed forces have benefited from a decade of investment, resulting in widespread modernization efforts and an increased defense-industrial base. Some of these new weapons were displayed at an international military-technical forum "Army-2020" outside Moscow in August. Russia's state arms seller Rosoboronexport recently unveiled a new multi-caliber sniper rifle developed by Lobaev Arms at the "Interpolitex 2020" defense show held in Moscow last week, reported TASS News. "The new sniper rifle is more compact in its dimensions compared to the guns earlier developed by Lobaev Arms," said Rosoboronexport Senior Expert Alexander Slobodyanyuk, in the company's video presentation on its YouTube channel. The gun's effective firing range is up to 1 km," the Rosoboronexport senior expert said.
USPTO: One Deep State Swamp Backwater That Is Getting Drained
President Trump has acknowledged that the Swamp is much deeper – and its Creatures much nastier – than he anticipated. Let us briefly examine the incredibly damaged-by-the-Obama-Era system Trump and Iancu inherited. Iancu Says Congress May Be Up for Patent Eligibility ReformThankfully, Iancu hasn’t been fiddling while Congress and the US patent system burn. Oh: Obama and the Republican Congress also had judicial help in undermining the US patent system. (T)he case was widely considered as a decision on software patents or patents on software for business methods….
Is the stock market rooting for Trump or Biden? The answer may surprise you
Since 1950, the average annual stock return for the broad S&P 500 stock index was 17.2% under a split Congress, according to LPL Financial. And the odds of Biden defeating Trump are rising, and Democrats may sweep Congress. A Democratic sweep could raise the risk for more regulations and potential tax increases, some experts argue. And investors selling just prior to President Trump taking office would have missed out on a 22% return in 2017, the figures showed. The top two best-performing sectors and the worst two have been the same under both President Obama and President Trump.
Karl Rove: Promised Biden 'transition' from oil, fossil fuels would be death blow to Texas economy
Joe Biden's promise to "transition" from the oil industry and fossil fuel exploration will kill the economy in Texas and other states while increasing energy costs and causing massive job losses, Fox News contributor Karl Rove told "The Ingraham Angle" Wednesday. "Houston’s economy is driven by the fact that all of the exploration in the Gulf of Mexico is directed, funded, staffed and executed out of the city of Houston," Rove told host Laura Ingraham. "You take that business and the Houston economy will get hit hard," he said,Rove added that "downstream" businesses, such as refineries, would have to shut down under a Biden presidency. The former George W. Bush adviser also noted that while Democrats claim to be champions of public schools, the Texas oil industry is the second-largest source of tax revenue that benefits the state university system. Rove then turned to Biden's promise to get the nation to "zero" carbon emissions by 2035, which he said would destroy the livelihoods of many Americans.
Chinese markets, yuan will benefit from a Biden win: Strategist
Chinese markets, yuan will benefit from a Biden win: StrategistBank of Singapore's Eli Lee says that while the Sino-U.S. relationship would remain adversarial under a Joe Biden presidency, Chinese markets will likely benefit.
JPMorgan says it's optimistic of Asia markets despite near-term risks
JPMorgan says it's optimistic of Asia markets despite near-term risksImportant risks for the Asian markets include the outcome of the U.S. Presidential and Senate elections, says Alex Wolf of JPMorgan Private Bank.
Find out why this investor thinks markets are at 'maximum uncertainty'
Find out why this investor thinks markets are at 'maximum uncertainty'Peter Andersen of Andersen Capital Management shares his thoughts on the nervousness afflicting markets in the run up to the U.S. election.
Here's how China's five-year plan may affect foreign investors: EIU
Here's how China's five-year plan may affect foreign investors: EIUForeign executives will need to consider how they will be contributing to China's domestic goals to get approvals for foreign direct investment, says Simon Baptist of the Economist Intelligence Unit.
Dollar holds gains as Covid-19 surge boosts safe-haven demand
The safe-haven greenback steadied against a basket of six currencies at 93.41, taking a pause after its 0.3% gains in early trade. It also steadied against the Japanese yen, last fetching 122.63 yen after hitting its weakest levels since July overnight. The greenback steadied against the Japanese yen at 104.33 yen, having dropped to a more than one-month low on Wednesday. Across the Tasman Sea, the New Zealand dollar edged higher against its U.S. counterpart, last up 0.27% to 0.6652. Elsewhere, the Canadian dollar held steady, last trading at 1.3308 against the greenback, after it fell to a three-week low overnight.
Gold lingers near one-month low as dollar strength weighs
Gold was little changed on Thursday, trading near a one-month low hit in the previous session, as fears of the economic impact from a fresh wave of the novel coronavirus in Europe kept the dollar around a one-week high it hit on Wednesday. Spot gold was little changed at $1,877.83 per ounce by 0050 GMT, after falling as much as 2% on Wednesday. The European Central Bank is expected to resist pressure to unveil fresh stimulus measures on Thursday but it will likely pave the way for action in December. The Bank of Japan is set to maintain its massive stimulus program on Thursday and vow to take further action if the virus-led economic fallout threatens a return to deflation. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.67% to 1,258.25 tonnes on Wednesday.
A Biden win will be 'more positive' for Asia: UBS
A Biden win will be 'more positive' for Asia: UBSHowever, a Biden administration may also see some loss in momentum for financials, says Kelvin Tay of UBS Global Wealth Management.
Watch CNBC's full interview with the CEO of ANZ on the coronavirus crisis and staying competitive
Watch CNBC's full interview with the CEO of ANZ on the coronavirus crisis and staying competitiveShayne Elliott, CEO of Australia and New Zealand Banking Group, discusses how the bank is staying competitive amid the coronavirus pandemic, as well as its outlook risks and presence in Asia.
Oil climbs as hurricane shuts U.S. output, bouncing back from 5% slide overnight
Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.8%, to $37.68 a barrel at 0120 GMT, while Brent crude futures rose 25 cents, or 0.6%, to $39.37 a barrel. That proximity to the $37 support is one of the factors at play today," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking. WTI in the $36.45 to $36.95 range has proven to be a "buy zone" since the beginning of September, Axi chief market strategist Stephen Innes said. "The pandemic's resurgence is putting pressure on OPEC to delay its planned production hike in January," ANZ Research said in a note.
'Asia isn't just China': CEO of Australia's ANZ says more companies looking beyond China as tensions flare
Australia's recent tensions with China have led more companies to consider diversifying to other parts of Asia – rather than just focusing on China alone, said the CEO of Australia and New Zealand Banking Group, Shayne Elliott. ANZ — one of Australia's largest banks — has been talking to companies in Australia and New Zealand about opportunities in Asia, he told CNBC's Will Koulouris on Thursday. "One of our messages has been: Asia isn't just China. Geopolitically, it's opening people's minds to be a bit more thoughtful about a diversified strategy in Asia, rather than just you know, picking one place to do business. Elliott said the recent developments have opened up people's minds to think more about their strategy in Asia.
StanChart third-quarter profit slides, but beats estimates on improving loan loss outlook
FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. StanChart said the results reinforced its view that credit impairments would be lower in the second half of the year than the first, as lenders worldwide report loan losses stabilising. The lower provisions helped it post underlying pretax profit of $745 million, above the $502 million average of analysts’ forecasts compiled by the bank. StanChart's Hong Kong-listed shares 2888.HK were down 1% after the results, underperforming the broader market. StanChart, which is focused on Asia, Africa and the Middle East, announced last month it would merge several businesses and cut its number of senior executives.
Dollar holds ground as rising COVID-19 cases boost safe-haven demand
“Back then, there was a shift to dollar-buying to prevent risks in case of emergency, leading to a higher dollar. The euro changed hands at $1.1753 after sliding to a one-week low of $1.1718 overnight. Offshore, the yuan traded at 6.7095 per dollar, with one-week yuan implied volatility hitting a more than five-year high as the U.S. elections neared. The greenback firmed against the Japanese yen at 104.45 yen, having dropped to a more than one-month low on Wednesday. The Aussie drifted away from its near one-week low of $0.7038 marked overnight.
Record U.S. third-quarter growth expected; healing from COVID-19 still a long way
The expected surge in GDP growth would recoup a little over half of the 10.6% plunge in output in the first half of the year. DEEP HOLE“There is still a long way to go before we get back to where we were before the pandemic, probably the end of 2021,” said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania. But spending on services likely remained weak, which would leave consumer spending at least 3.5% below its fourth quarter level. But government spending was probably a drag as transfers largely happened in the second quarter. Government spending was also likely pressured by cuts at state and local governments, whose finances have been squeezed by the coronavirus.
Oil inches up after 5% slide overnight as hurricane shuts U.S. output
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoMarket watchers said technical support was a factor as well, after signs of a growing global oil supply glut and a second wave of coronavirus infections sent prices tumbling on Wednesday. Hurricane Zeta’s impact is expected to be short-lived and the return of U.S. production will add to existing oversupply, as Libya rapidly ramps up output after an eight-month blockade. Zeta is forecast to weaken into a non-tropical gale-force low by Thursday morning in the United States, the Florida-based National Hurricane Center said. Surging COVID-19 cases in Europe, which have led to new restrictions keeping people off the roads, cast a shadow over the market.
Gold demand fell to its lowest in 11 years in the third quarter - WGC
LONDON (Reuters) - Global demand for gold in the third quarter of 2020 was the lowest in 11 years, as a rush by investors to stockpile bullion slowed and central banks sold metal for the first time in a decade, the World Gold Council (WGC) said on Thursday. Global gold demand was 892.3 tonnes over the July-September quarter, down 19% from the third quarter of 2019 and the lowest since Q3 2009, during the financial crisis, according to the WGC. (GRAPHIC: Global gold demand - )Investor demand pushed gold prices XAU= from around $1,500 an ounce in January to a record high of $2,072.50 in August, putting off price-sensitive jewellery buyers. But reduced purchases since then by ETFs, which store gold for investors, have seen prices fall to around $1,900. Jewellery demand in China and India is likely to rise in the final quarter and central banks should again be buyers, said the WGC’s Krishan Gopaul.
Equinor in $2.9 billion asset write-off as oil price hit
FILE PHOTO: A logo of Equinor is seen at the company's headquarters in Fornebu, Norway May 21, 2018. REUTERS/Nerijus AdomaitisOSLO (Reuters) - Norway's Equinor EQNR.OL wrote off $2.93 billion from the value of its assets after cutting its long-term oil price forecast on Thursday, betting the pandemic and a shift away from fossil fuels will have a lasting impact on markets. Including the asset write-off, Equinor posted a net loss of $2.12 billion in the third quarter. The energy major’s adjusted earnings before interest and tax (EBIT) fell to $780 million in July-September from $2.59 billion in the same period of 2019, lagging the $1.03 billion predicted in a poll of 24 analysts compiled by Equinor. Equinor said it expected the price of the Brent global crude benchmark to average $64 a barrel for the period of 2021-2050, higher than the $50 predicted by BP in June and also above Shell’s long-term price forecast of $60 from 2023.
Standard Chartered third-quarter profit slides, but beats estimates on improving loan loss outlook
HONG KONG/LONDON (Reuters) - Standard Chartered STAN.L booked a smaller-than-expected 40% slide in quarterly profit as the lender lowered its loan loss expectations linked to the coronavirus pandemic, also saying client demand was likely to increase next year. FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. The lower provisions helped it post underlying pretax profit of $745 million, above the $502 million average of analysts’ forecasts compiled by the bank. StanChart's Hong Kong-listed shares 2888.HK were down 1% after the results, underperforming the broader market. StanChart, which is focused on Asia, Africa and the Middle East, announced last month it would merge several businesses and cut its number of senior executives.
Asia's COVID-19 control tempers global stock selloff, U.S. futures jump
Japan’s Nikkei fell just 0.3%, Chinese blue chips rose 0.5% and the yuan led a gentle bounce in Asian currencies against the greenback. Traders lifted S&P 500 futures 1% with the mood, and on hopes that spiking volatility might mean a swift rebound. European futures rose half a percent and FTSE futures rose 0.3%. Oil also steadied on Thursday, with Brent futures up 0.2% at $39.20 a barrel, after dropping 5% on Wednesday. The Bank of Japan made no changes to monetary policy settings, as expected, though trimmed its growth forecasts to reflect sluggish service spending during summer.
Breakingviews - Chinese lender IPO mess holds rules up to ridicule
REUTERS/Aly Song - RC2Y9F9NSHR6HONG KONG (Reuters Breakingviews) - A Chinese lender’s farcically volatile initial public offering is holding archaic market rules up to public ridicule. Xiamen Bank shares surged by the maximum allowable 44% in their Shanghai debut this week. Constituents of the CSI Chinese bank index on average trade at about 80%, according to Refinitiv data. This one-way bet has acquired a circular logic: Xiamen Bank’s shares gained 44% because all Chinese IPOs rise 44%. This produces an absurdity; everyone can see that investors discount Chinese banks in secondary trading, but they know the price will initially rise anyway.
Analysis: As COVID persists and U.S. election nears, China growth lifts Asia
FILE PHOTO: China Zun Tower under construction is seen through a window in Beijing's central business area, China November 21, 2018. Exports soared 15.6% in the third quarter, the biggest rise since 1986 and largely reversing a 16.1% contraction in the second quarter. “Exports rapidly improved on the back of recovery in China and other major economies, which spearheaded our third quarter growth,” Finance minister Hong Nam-ki said on Tuesday. That is giving the Bank of Japan some optimism over the domestic outlook, with industry feedback pointing to improving demand from China. RISKS REMAINChina’s renewed growth has been spread across several sectors, including manufacturing, construction, investment and domestic demand.
Japan's retail sales fall for seventh straight month hurt by coronavirus
REUTERS/Issei Kato/FilesTOKYO (Reuters) - Japanese retail sales fell for the seventh straight month in September as the coronavirus pandemic kept a lid on consumers’ shopping appetite, underscoring the fragile economic recovery from this year’s slump. Retail sales fell 8.7% in September from a year earlier, government data showed on Thursday, a bigger fall than a median market forecast for a 7.7% drop. “Consumer spending remains weak. “External demand will likely recover faster, led by China’s economic growth rather than domestic demand, which is forecast to stay subdued.”Spending on items such as cars, consumer appliances and clothing declined last month, causing a big fall in the retail sales, the data showed. Compared with the previous month, retail sales slipped 0.1 % on a seasonally adjusted basis, reversing from a 4.6% gain in August.
China's factory growth likely cooled slightly in October: Reuters poll
BEIJING (Reuters) - China’s factory activity likely expanded at a slightly slower pace in October, a Reuters poll showed on Thursday, as the economy extends a steady recovery from the coronavirus crisis. REUTERS/StringerThe official manufacturing Purchasing Manager’s Index (PMI) is expected to fall slightly to 51.3 in October from September’s 51.5, according to the median forecast of 23 economists polled by Reuters. The official PMI, which largely focuses on big and state-owned firms, and its sister survey on the services sector, will both be released on Oct. 31. The private Caixin manufacturing PMI will be published on Nov. 2. The Caixin services PMI survey will be out on Nov. 4.
Oil inches up after 5% slide overnight as hurricane shuts U.S. output
FILE PHOTO: Shell's Brent Delta oil platform is towed into Hartlepool, Britain May 2, 2017. REUTERS/Darren StaplesMarket watchers said technical support was a factor as well, after signs of a growing global oil supply glut and a second wave of coronavirus infections sent prices tumbling on Wednesday. Hurricane Zeta’s impact is expected to be short-lived and the return of U.S. production will add to existing oversupply, as Libya rapidly ramps up output after an eight-month blockade. Zeta is forecast to weaken into a non-tropical gale-force low by Thursday morning in the United States, the Florida-based National Hurricane Center said. Meanwhile, the prospects of the bitter trade dispute between China and the United States, whose relations have sunk to the lowest point in decades over a range of issues, remains unclear.
Analysis: As COVID persists and U.S. election nears, China growth lifts Asia
“China remains the only major commodity consumer where industrial production is now higher than pre-COVID levels,” Commonwealth Bank of Australia analysts said. Exports soared 15.6% in the third quarter, the biggest rise since 1986 and largely reversing a 16.1% contraction in the second quarter. “Exports rapidly improved on the back of recovery in China and other major economies, which spearheaded our third quarter growth,” Finance minister Hong Nam-ki said on Tuesday. That is giving the Bank of Japan some optimism over the domestic outlook, with industry feedback pointing to improving demand from China. RISKS REMAINChina’s renewed growth has been spread across several sectors, including manufacturing, construction, investment and domestic demand.
Analysis: As COVID persists and U.S. election nears, China growth lifts Asia
“China remains the only major commodity consumer where industrial production is now higher than pre-COVID levels,” Commonwealth Bank of Australia analysts said. Exports soared 15.6% in the third quarter, the biggest rise since 1986 and largely reversing a 16.1% contraction in the second quarter. “Exports rapidly improved on the back of recovery in China and other major economies, which spearheaded our third quarter growth,” Finance minister Hong Nam-ki said on Tuesday. That is giving the Bank of Japan some optimism over the domestic outlook, with industry feedback pointing to improving demand from China. RISKS REMAINChina’s renewed growth has been spread across several sectors, including manufacturing, construction, investment and domestic demand.
Global Markets: Asia's COVID-19 control tempers global stock selloff, U.S. futures jump
FILE PHOTO: A man works at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. Japan’s Nikkei fell just 0.3%, Chinese blue chips rose 0.5% and the yuan led a gentle bounce in Asian currencies against the greenback. Traders lifted S&P 500 futures 1% with the mood, and on hopes that spiking volatility might mean a swift rebound. European futures rose half a percent and FTSE futures rose 0.3%. Oil also steadied on Thursday, with Brent futures up 0.2% at $39.20 a barrel, after dropping 5% on Wednesday.
Pompeo, in Indonesia, renews China attacks as US vote looms
U.S. Secretary of State Mike Pompeo walks to board an aircraft to leave for Maldives, in Colombo, Sri Lanka, Wednesday, Oct. 28, 2020. (AP Photo/Eranga Jayawardena, Pool)U.S. Secretary of State Mike Pompeo walks to board an aircraft to leave for Maldives, in Colombo, Sri Lanka, Wednesday, Oct. 28, 2020. Pompeo plans to press Sri Lanka to push back against Chinese assertiveness, which U.S. officials complain is highlighted by predatory lending and development projects that benefit China more than the presumed recipients. (AP Photo/Eranga Jayawardena, Pool)JAKARTA, Indonesia (AP) — U.S. Secretary of State Mike Pompeo renewed the Trump administration’s rhetorical onslaught against China in Indonesia on Thursday as the American presidential election looms. China has pressed ahead with attempts to enforce its disputed claims in the South China Sea, leading to serious spats with Vietnam, the Philippines and Malaysia in recent years.
Asian shares lower, US futures up after S&P 500 sinks 3.5%
Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. (AP Photo/Lee Jin-man)Asian shares declined Thursday and U.S. futures were higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. The S&P 500 lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell.
Trump paints apocalyptic portrait of life in US under Biden
In this Oct. 28, 2020, photo, supporters of President Donald Trump listen to him speak during a campaign rally at Phoenix Goodyear Airport in Goodyear, Ariz. Trump is painting an apocalyptic portrait of American life if Democrat Joe Biden gets elected. (AP Photo/Evan Vucci)In this Oct. 28, 2020, photo, supporters of President Donald Trump listen to him speak during a campaign rally at Phoenix Goodyear Airport in Goodyear, Ariz. Trump is painting an apocalyptic portrait of American life if Democrat Joe Biden gets elected. (AP Photo/Evan Vucci)WASHINGTON (AP) — The suburbs wouldn’t be the suburbs anymore, the economy would sink into its worst depression ever and police departments would cease to exist. This is the apocalyptic version of American life that President Donald Trump argues would be the dire consequence of turning over the White House to Democrat Joe Biden. In July, Biden said Trump was the country’s first “racist” president, which glossed over the presidents before Trump who had held slaves.
Asian markets fall, but U.S. futures rise after Wall Street’s sharpest drop since June
Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. Futures for the S&P 500 ES00, +1.16% rebounded, gaining 0.9% to 3,294.20 while the futures contract for the Dow industrials YM00, +1.12% added 1% to 26,669.00. The S&P 500 SPX, -3.52% lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8% Wednesday.
Asian markets fall, but U.S. futures rise after Wall Street’s sharpest drop since June
Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. Futures for the S&P 500 ES00, +1.16% rebounded, gaining 0.9% to 3,294.20 while the futures contract for the Dow industrials YM00, +1.12% added 1% to 26,669.00. The S&P 500 SPX, -3.52% lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8% Wednesday.
Asian markets fall, but U.S. futures rise after Wall Street’s sharpest drop since June
Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. Futures for the S&P 500 ES00, +1.16% rebounded, gaining 0.9% to 3,294.20 while the futures contract for the Dow industrials YM00, +1.12% added 1% to 26,669.00. The S&P 500 SPX, -3.52% lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8% Wednesday.
Want to retire rich on bitcoin?
I have a surefire way of using bitcoin BTCUSD, +0.48% , ethereum ETHUSD, +1.42% and other digital currencies to finance your retirement—but I can’t recommend it. Go out and buy a bunch of bitcoin (or other digital currencies), get a receipt, and then immediately sell them. The IRS considers these digital currencies as property or investments, and taxes them as such. And anyway, since when has “what’s legal” mattered to investors in bitcoin or other digital currencies? Yet digital currencies are now becoming so popular as investments that you can hold them in a variety of individual retirement accounts.
Pinterest Stock Soars on Sharp Rise in Revenue
Pinterest posted a 58% increased in revenue in the third quarter. Courtesy of PinterestPinterest beat expectations for revenue on a rebound in advertising spending, boosting its shares 22% in after-hours trading on Wednesday. Revenue jumped 58% in the third quarter, to $443 million, and the company said it expects fourth-quarter revenue to be 60% higher than the comparable period in 2019.
Ford’s Q3 profit rises by $2 billion as bet on SUVs, pickups pays off
Ford F, -2.77% said it earned $2.4 billion, or 60 cents a share, in the third quarter, compared with $400 million, or 11 cents a share, in the year-ago quarter. Adjusted for one-time items, the auto maker earned 65 cents a share, compared with 34 cents a share a year ago. Revenue rose to $37.5 billion from $37 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 20 cents a share on sales of $35.7 billion. “Ford had a very strong quarter, with North America driving results,” said Jeff Landau, an analyst with Edward Jones.
Ford Motor Co. Stock Quote (U.S.: NYSE)
Ford Motor Co.Ford Motor Co. engages in the manufacture, distribution, and sale of automobiles. It operates through the following three segments: Automotive, Mobility, and Ford Credit. The Automotive segment engages in developing, manufacturing, marketing and servicing of Ford cars, Lincoln vehicles. The Mobility segment includes Ford Smart Mobility LLC and autonomous vehicles business. The Ford Credit segment comprises Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities.
I offered my son $30K for a down payment on a home. His fiancée wants a written agreement for my gift to be split 50/50
Their lease ends in January 2021, and winter is generally a good time to purchase a house. However, because they are not married, I said that money would at first go to my son. I have no problem with what my son wants to do, but find it hard to believe she wants a written agreement that she is entitled to 50% of the gift if they divorce. If she wants to sign a prenuptial agreement or any kind of contract, she should ask her future husband to do it. You only need to be comfortable with the knowledge that this $30,000 will enable your son to buy a home he wants.
America’s racial wealth gap hits home—what can be done about it
Kearse is a prime example of the racial wealth gap in America, which is having a staggering impact on the retirement readiness of African-Americans. Examples of America’s racial wealth gapThe nation’s racial wealth gap is evident in numerous ways:Home ownership is the chief source of wealth for many Americans, but only 43% of Black people own homes, compared with 72% of white people. Ideas to close the racial wealth gapWhat could be done to help close America’s racial wealth gap? “Baby bonds would not be a panacea, but they hold promise for addressing the racial wealth gap,” Morningstar’s Aron Szapiro recently wrote. “As long as you stay away from wealth-building components, the wealth gap will never close,” Daniels said.
Asian markets fall, but U.S. futures rise after Wall Street’s sharpest drop since June
Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. Futures for the S&P 500 ES00, +1.17% rebounded, gaining 0.9% to 3,294.20 while the futures contract for the Dow industrials YM00, +1.13% added 1% to 26,669.00. The S&P 500 SPX, -3.52% lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8% Wednesday.
This billionaire protégé of George Soros has returned 30% a year for decades — here’s his gloomy take on what’s next in the stock market
His comments, cited by Bloomberg News, were made on Tuesday at the virtual Robin Hood Investors Conference. One way Druckenmiller, with a net worth of $5.8 billion, is reportedly playing the prospect of higher taxes and inflation is that he’s short the U.S. dollar DXY, -0.04% , sources at the conference told Bloomberg. He predicted that, in four years, inflation will top 4%, gold prices GOLD, -4.31% and bond yields will be higher, and the unemployment rate will be about 7%. The technology high-fliers that have been leading this market, in turn, could see some selling, after their strong run, he warned. Druckenmiller, who once served as chief strategist for George Soros, is one of the world’s top money managers, boasting returns of about 30% a year over the past three decades, Bloomberg reported.
Stanley Druckenmiller says stock market is in ‘an absolute raging mania’ and fears Fed raised risk of inflation and deflation
A day after the highflying Nasdaq Composite index tumbled to its fastest correction from a record in history, Stanley Druckenmiller has some thoughts to share. Read: Why Stanley Druckenmiller says the risk-reward of investing in stocks has never been worseSome semblance of a rebound was taking shape early Wednesday but Druckenmiller says that the Fed may have set the stage for the possibility of surging inflation or deflation as it changes its policy framework to allow for average-inflation targeting. “Look what they’re risking in terms of financial stability to get that 2% mark … and my own sort of central case, for the first time in a long long time, I’m actually worried about inflation,” Druckenmiller said. “I think it’s dangerous. I think we could easily see 5 to 10% inflation in the next four or five years.
Why the Nasdaq, with its ‘work-from-home’ tech giants, just posted its worst day in 7 weeks
The “work-from-home” trade didn’t work on Wednesday, as shares of high-flying technology companies swooned along with all three major U.S. stock indexes. It was rebuke of a broader eight-month trend, when rising COVID-19 cases often would spur buying in shares of tech giants that could benefit from prolonged periods of remote work. The S&P 500 index SPX, -3.52% ended 3.5% lower, while the Dow Jones Industrial Average DJIA, -3.43% finished down 3.4%. “Recently, during down market days, some work-from-home stocks rose in value, as a so-called safe-haven play,” he said. So far this week, the Dow was off 6.4% as of Wednesday’s close, the S&P 500 was 5.6% lower and the Nasdaq shed 4.7% over the same stretch.
Stock-market rout: How did rising coronavirus cases catch investors by surprise?
The S&P 500 SPX, -3.52% shed 3.5% and the Nasdaq Composite COMP, -3.73% dropped 3.7% — with all three benchmarks erasing October gains. The drop comes as COVID-19 cases in the U.S. and Europe rise, prompting renewed shutdowns by Europe and sparking fears of a slowdown in activity that could derail the economic recovery from the earlier shutdown. But the pandemic never went away, and the threat of an autumn rebound in cases as cooler weather returned was long identified as a potential risk. Not everyone agrees, however, that investors have had a tough time getting a grip on the pandemic — or that the rise in cases is even the main reason for this week’s stock-market slide. Instead, it’s more important to look at how rising cases translate into consumer behavior — and therefore affect business activity.
Tiffany accepts new takeover terms from LVMH
That's down from an original price of $135 a share, equating to savings of roughly $430 million for LVMH. Tiffany agreed to sell itself to the European consumer conglomerate late last year in a roughly $16.2 billion deal. LVMH, whose roughly 75 brands include Louis Vuitton and Bulgari, saw an opportunity to revamp the jeweler, which had struggled with weak demand. Tiffany sued LVMH in Delaware Chancery Court to enforce the agreement or obtain damages. That prompted LVMH to countersue, arguing the U.S. jeweler's business had been so deeply damaged during the pandemic that their takeover agreement was no longer valid.
Just sold your home? Here’s how to take advantage of one of the most valuable personal income tax breaks on the books
If you sell your main home for a healthy profit, the federal income tax home-sale gain exclusion can be one of the most valuable breaks on the books. Gain exclusion qualification rulesSingles can exclude home-sale gains up to $250,000 and married joint-filing couples can exclude up to $500,000. Use testYou must have used the property as your principal residence for at least two years during the same five-year period. In other words, the gain exclusion privilege generally cannot be “recycled” until two years have passed since you used it last. The bottom lineAs I said at the beginning, the federal home-sale gain exclusion deal can be one of the most valuable personal income tax breaks on the books.
Asian markets fall, but U.S. futures rise after Wall Street’s sharpest drop since June
Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. Futures for the S&P 500 ES00, +1.16% rebounded, gaining 0.9% to 3,294.20 while the futures contract for the Dow industrials YM00, +1.13% added 1% to 26,669.00. The S&P 500 SPX, -3.52% lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8% Wednesday.
Standard Chartered underlying profit drops 40%
Standard Chartered PLC's third-quarter pretax underlying profit slumped 40%, as credit impairments continued to rise sharply due to the pandemic, albeit at a slower pace than in previous quarters. Underlying profit before tax fell to $745 million from $1.24 billion a year earlier, the Asia-focused lender said Thursday. Operating income fell 12% to $3.52 billion. Net interest income declined 16% to $1.62 billion, mainly dragged by margin compression. Net interest margin was 1.23%, down 0.38 percentage point.
Unum Group Stock Quote (U.S.: NYSE)
It operates through the following segments: Unum U.S., Unum UK, Colonial Life, Closed Block and Corporate. The Unum U.S. segment comprises of group long-term and short-term disability insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business. The Unum UK segment offers insurance for group long-term disability, group life, and supplemental lines of business which include dental, individual disability, and critical illness products. The Colonial Life segment includes insurance for accident, sickness, disability products, life products, and cancer and critical illness products. The Closed Block segment consists of individual disability, group and individual long-term care, and other insurance products no longer actively marketed.
A Biden Win Could Boost European Equities. These Stocks Will Benefit the Most.
A win for Joe Biden in the presidential election is likely to be beneficial for European stocks, strategists said, with a number of sectors set to stand out. Strategists have begun outlining how various outcomes may impact European equities, with particular focus on what Biden’s policies might mean, as a Trump win would likely maintain the status quo. Biden boost for EuropeBarclays strategists, led by Emmanuel Cau, said a Biden win and a Democratic sweep could be seen as more beneficial to Europe than a second Trump term. Three main areas of Democratic policy, in particular, will have an impact on European equities, the Barclays team said. Barclays analyst Lydia Rainforth said Finland-based Neste was the most exposed European energy name to the election result, given its sales of renewable diesel into the U.S. biofuels market.
Rollins Inc. Stock Quote (U.S.: NYSE)
Rollins Inc.Rollins, Inc. engages in the provision of pest and termite control services through its wholly-owned subsidiaries to both residential and commercial customers in United States, Canada, Central America, South America, the Caribbean, the Middle East, Asia, the Mediterranean, Europe, Africa, Mexico, and Australia. The company was founded by John W. Rollins Jr. and O. Wayne Rollins Sr. in 1948 and is headquartered in Atlanta, GA.
Airbus books net loss amid coronavirus woes
Airbus SE on Thursday reported a net loss in its third quarter and booked a restructuring provision in the face of a persistent coronavirus pandemic that has been particularly hard on the aviation industry. The European plane maker had a loss of 767 million euros ($901 million) in the quarter, compared with a net profit of EUR989 million a year earlier, while revenue fell 27% to EUR11.21 billion.
Deutsche Boerse third-quarter profit falls
Deutsche Boerse AG said late Wednesday that its third-quarter profit fell, but it confirmed its profit guidance for the year. The German stock-exchange operator said quarterly net profit fell 9% to 227.1 million euros ($266.8 million). Total revenue fell 2% to EUR813.6 million.
C.H. Robinson Worldwide Inc. Stock Quote (U.S.: Nasdaq)
Robinson Worldwide Inc.C.H. Robinson Worldwide, Inc. engages in the provision of freight transportation services and logistics solutions. It operates through the following three segments: North American Surface Transportation and Global Forwarding. The North American Surface Transportation segment provides freight transportation services across North America through a network of offices in the United States, Canada, and Mexico. The Global Forwarding segment provides global logistics services through an international network of offices in North America, Europe, Asia, Australia, New Zealand, and South America.
Trane Technologies PLC Stock Quote (U.S.: NYSE)
Trane Technologies PLCTrane Technologies Plc engages in the provision of products, services, and solutions to enhance the quality, energy efficiency and comfort of air in homes and buildings, transport and protect food and perishables and increase industrial productivity and efficiency. The Climate segment delivers energy-efficient products and innovative energy services. The Industrial segment delivers products and services that enhance energy efficiency, productivity and operations. It distributes its products under the following brand names: Ingersoll-Rand, Trane, Thermo King, American Standard, ARO, and Club Car. The company was founded in 1871 and is headquartered in Swords, Ireland.
A Biden Win Could Boost European Equities. These Stocks Will Benefit the Most.
Text sizeA win for Joe Biden in the presidential election is likely to be beneficial for European stocks, strategists said, with a number of sectors set to stand out. Strategists have begun outlining how various outcomes may impact European equities, with particular focus on what Biden’s policies might mean, as a Trump win would likely maintain the status quo. Biden boost for EuropeBarclays strategists, led by Emmanuel Cau, said a Biden win and a Democratic sweep could be seen as more beneficial to Europe than a second Trump term. Three main areas of Democratic policy, in particular, will have an impact on European equities, the Barclays team said. Barclays analyst Lydia Rainforth said Finland-based Neste was the most exposed European energy name to the election result, given its sales of renewable diesel into the U.S. biofuels market.
A Biden win could be good news for Europe, and these stocks will benefit the most, say strategists
A win for Joe Biden in the presidential election is likely to be beneficial for European stocks, strategists say, with a number of sectors set to stand out. Strategists have begun outlining how various outcomes may impact European equities, with particular focus on what Biden’s policies might mean, as a Trump win would likely maintain the status quo. Biden boost for EuropeBarclays strategists, led by Emmanuel Cau, said a Biden win and a Democratic sweep could be seen as more beneficial to Europe than a second Trump term. Read: Biden win could spur deal making rush ahead of tax hikesThree main areas of Democratic policy, in particular, will have an impact on European equities, the Barclays team said. In the other sectors — financials, utilities, and real estate — European companies have very low exposure to the U.S., they added.
'Bar Rescue' host Jon Taffer says he was 'surprised' by Trump's plan to save the hospitality industry in their podcast interview
Jon Taffer attends AOL Build Presents: "Bar Rescue" at AOL Studios In New York on March 2, 2016 in New York City. Robin Marchant/Getty ImagesJon Taffer, host of the hit show "Bar Rescue" on Paramount, scored a sit-down interview in Las Vegas with President Donald Trump on Wednesday morning for "The Jon Taffer Podcast." Jon Taffer: It's very regional: New Jersey is tracking ahead of last year in the restaurant industry because of the closure of Manhattan. I'm a business advocate, and I'm talking to you, Jake, trying to protect and support small businesses across America. Now with President Trump, he's been there for four years, so I know.
What Sector Strength Rankings say About the Overall Market
The sectors that right now are at the bottom of the relative strength rankings are the same as those that have regularly lagged prior to past bull market tops. Consider the sectors that, on average, performed the worst over the three months prior to every bull market top since 1970. The sectors that on average performed the best prior to past bull market tops are consumer discretionary, healthcare, and information technology. To measure how similar current sector relative strength is to the pattern prior to past bull market peaks, we can turn to something known as the correlation coefficient. It’s always possible that this indicator, after walking up to the edge of the cliff, decides to turn back, giving the bull market a lease on life.
China Aims To Launch National Carbon Trading Scheme In Next Five Years
The ministry would speed up the process of reviewing the regulations, system building and data checking to prepare for the launch of the national system, Li said. The carbon trading platform aims to encourage polluters to reduce emissions through a market mechanism. A plan was released in late 2017, setting out a gradual transition from pilot markets to a national carbon trading scheme in three phases. China plans to gradually extend the carbon trading platform to seven other industries that are heavy emitters - oil, chemicals, construction materials, steel, non-ferrous metals, paper and aviation. "Without the carbon trading market or a tax on carbon, no one will care about [reducing] emissions because there's no price on it."
Tencent-backed Short Video App Kuaishou Technology To File For Hong Kong IPO Within Two Weeks, Say People Familiar
Tencent-backed Kuaishou Technology presses on with a Hong Kong listing, gearing up to file its listing application in the next two weeks, sources say Valued at over US$30 billion, the company is targeting a listing early next yearChinese TikTok competitor Kuaishou Technology is preparing to file for an initial public offering on the Hong Kong stock exchange within the next two weeks, according to people familiar with its plans. The Tencent-backed short video-sharing app is targeting a Hong Kong listing early next year. The souring of US-China relations has also prompted 10 US-listed Chinese tech companies to seek a secondary listing in Hong Kong so far this year. More from South China Morning Post:Read the original article on South China Morning Post. For the latest news from the South China Morning Post download our mobile app.
Ninebot Depositary Receipts, China's First Kind In Market Reform, More Than Double In Shanghai Trading Debut
Ninebot's Chinese depositary receipts (CDR) surged 137 per cent to 44.80 yuan on the Star Market at the lunch break. Beijing-based Ninebot, raised 1.33 billion yuan from selling 70.4 million CDRs at 18.94 yuan apiece. Ninebot is partly-owned by smartphone maker Xiaomi Corp. Its annual loss was 454.8 million yuan last year. The company may have posted a loss of as much as 75 million yuan in the first nine months this year, according to its prospectus.
Pilot in fatal Hawaii plane crash had risk-taking history, report says
The charred remains of a skydiving plane that crash on Oahu's North Shore are shown near Waialua, Hawaii, in June 2019. (Dennis Oda/Honolulu Star-Advertiser via AP)NTSB investigator Elliott Simpson, right, briefs NTSB Board Member Jennifer Homendy at the scene of a skydiving plane crash at Dillingham Airfield in Waialua, Hawaii, in June 2019. The docket released Wednesday contains reports from a National Transportation Safety Board investigation into the 2019 plane crash that became one of the deadliest civil aviation accidents in the United States over the past decade. “He said he liked flying with Jerome since he seemed to fly consistent and predictable each flight, which he liked in a pilot,” the report said. Crash detailsThe plane, which crashed on Oahu’s north shore on June 21, 2019, was the fourth of five scheduled skydiving trips that day for the plane and pilot.
LETTER: Electric vehicles are still polluters
The electricity comes from wires bringing electricity to the plug. A generator that can be powered by a variety of fuels: coal, natural gas, atomic, water, wind (unreliable) and solar (somewhat unreliable and available only during the day). The power produced by wind and solar in the United States today remains below 5 percent. That emission-free EV is using polluting power, not from itself but from a power plant — but polluting, nonetheless. In the future, when power may be available that is not polluting, electric cars may have some validity.
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l ter Associates Auctioneers &Appraisers since 1979 LIVE ONLINE AUCTION Monday, Nov. 2nd, 6:30 pm **Heavy Snow Date: Nov. 3rd, call to confirm** PREVIEWS: Friday, Oct. 30th, 10 AM - 4 PM Sun., Nov. 1st, 2 PM - 4 PM Mon., Nov. 2nd, 11 AM - 6 PM, or by scheduled appt. Jewelry, Silver, Fine Art, Garden, Asian, Coins, Fine Furnishings, & Oriental Rugs W. Chadwick oil, 20" h. W. Ehrig oil; Chipp Style 18K DiamCond, 14K Opal Trova, Manscape, 9" h. Granite pelican 23"; Urns Due to our concern for the safety of our clients and staff, this auction will be online only, bidding will be available on Invaluable.com and Liveauctioneers.com, and the gallery will also accept absentee and phone bids. See fully-illustrated catalog, terms and directions online www.AuctionsAppraisers.com 21 Cooke St., Plainville, CT 860-793-0288 l ter Associates Auctioneers &Appraisers since 1979 LIVE ONLINE AUCTION Monday, Nov. 2nd, 6:30 pm **Heavy Snow Date: Nov. 3rd, call to confirm** PREVIEWS: Friday, Oct. 30th, 10 AM - 4 PM Sun., Nov. 1st, 2 PM - 4 PM Mon., Nov. 2nd, 11 AM - 6 PM, or by scheduled appt. Jewelry, Silver, Fine Art, Garden, Asian, Coins, Fine Furnishings, & Oriental Rugs W. Chadwick oil, 20" h. W. Ehrig oil; Chipp Style 18K DiamCond, 14K Opal Trova, Manscape, 9" h. Granite pelican 23"; Urns Due to our concern for the safety of our clients and staff, this auction will be online only, bidding will be available on Invaluable.com and Liveauctioneers.com, and the gallery will also accept absentee and phone bids. See fully-illustrated catalog, terms and directions online www.AuctionsAppraisers.com 21 Cooke St., Plainville, CT 860-793-0288
Portland City Council delays vote on proposed $18 million cut to police budget
But Hardesty and Eudaly spearheaded a drive to divert a sizable $18 million from the police budget to other community needs. It comes four months after the City Council approved rerouting $15 million from the police budget to other city programs and initiatives. He called for no additional cuts to the police budget, which council members in June set at $229.3 million. Hardesty and Eudaly, in calling for the $18 million cut to the police budget, proposed spending $7.5 million on food assistance for city residents, another $7.5 million for legal defense for Portlanders facing eviction and continued funding for city sanctioned outdoor tent camps and portable toilets and other non-police services. Several people made personal pleas to Ryan, seen as the possible swing vote, to side with Hardesty and Eudaly on the $18 million police cut.
Rust in peace: These cars aren't returning for 2021
So, let's remember the departed before they go on to rust in peace. Chevrolet Impala: While car buyers think nothing of buying an enormous SUV, they think twice about buying a large car, even one as good as the Impala. Ford Fusion: Ford may blame lack of buyer interest with killing the Fusion, the absence of any meaningful update for years has much more to do with it. Lincoln MKZ: This gussied-up Ford Fusion with a crummy name was bound to exit once the Fusion did. So even though this disguised rendition of the Mazda2 is fun to drive, downsized cars are DOA.
Gender gap among Latino voters seen in some families
PHOENIX (AP) — Paul Gonzales promised his wife he wouldn’t vote for Donald Trump in 2016. But the 60-year-old salesman in the Phoenix suburb of Mesa voted for him anyway and said he plans to do it again next week. Gonzales said he’s drawn to what he sees as Trump’s alignment with Christian values and his economic record prior to the pandemic. “He’s made it possible for a lot of minorities to … in some cases even better themselves,” Gonzales said. As Trump held two rallies in Arizona on Wednesday his campaign released what it called the American Dream Plan for Hispanic Americans.
Judge upholds nepotism rulings against Edgewood mayor
Copyright © 2020 Albuquerque JournalSANTA FE – First Judicial District Judge Maria Sanchez-Gagne declined to set aside previously held judgments against Edgewood Mayor John Bassett for violating the town’s nepotism ordinance during a hearing Tuesday. Shortly after he was elected mayor in March 2016, Bassett appointed his first cousin, Cheryl Huppertz, to the commission. He reappointed her again in 2018 but she resigned after concerns were raised about a nepotism violation last year. According to them, Bassett is no longer the mayor of Edgewood. Bassett also said Huppertz was serving on the commission under the previous mayor and he just continued with her approval.
AP Explains: Trump pushes questions about Joe Biden's son
Tyson also said she could not confirm or deny the existence of any investigation, in keeping with Justice Department practice. The suggestion that Joe Biden might have met with a Burisma representative is consequential, because he has repeatedly insisted that he never discussed his son’s business with him. But the emails provide no details on whether Pozharskyi and Biden actually met and, if so, what they discussed. If Biden did meet with Pozharskyi, he was not the only U.S. official who may have done so. The Trump campaign also organized a press event featuring Tony Bobulinski, a man who said he was Hunter Biden’s former business partner.
Asian shares lower, US futures up after S&P 500 sinks 3.5%
Asian shares declined Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. In Asia, some countries appear to be keeping the pandemic in check, while caseloads surge in others. India is on track to surpass 8 million confirmed COVID-19 cases, Indonesia and the Philippines are struggling to keep outbreaks in check, and fresh clusters of cases are being reported in Japan. “When it rains, it pours, particularly if you are following today’s COVID-19 headlines," Edward Moya of Oanda said in a commentary. “An overvalued stock market was ripe for a pullback, but when you focus on COVID-19 headlines, it looks more like panic-selling."
US election 2020: Can America's oil and gas workers be persuaded to vote for Joe Biden's green dream?
Driving down Taft’s main street, lifetime oil advocate Les Clark, 77 gestures to a parade of blank shop windows and “For Sale” signs. “Closed, closed… that’s closed, there used to be a bank there. Taft is in Kern County, part of California’s central valley and one of the top ten oil producers in the US. Taft's vast oil fields, swathed in choking smoke from forest fires and baking in 40C heat, lie silent and empty. The oil industry has been hit by a double blow, cutting workers due to the Covid-19 risk as well as dealing with plummeting demand as the world stops driving and flying.
Late-stage funding gap placing 'golden age' of European tech at risk
European start-ups will struggle to grow at the same rate as their US rivals unless more later-stage funding becomes available in the continent, a report has warned. They attract 38pc of earlier global seed stage funding. Around two million people are employed in tech start-ups across Europe, a 43pc jump compared to 2016. Index Ventures co-founder Neil Rimer said: "The ambition of Europe’s founders and the promise of European startups has never been greater. Dealroom found that European venture capitalists had last year raised almost double the amount they raised in 2013, at €6.6bn.
Britain's most successful tech startups are thriving, but we must not be complacent
Overall, it shows the combined estimated wealth of Britain’s top 100 start-up founders swelled to £8.5bn this year, almost double the total recorded last year. At the top of the heap, the Telegraph can for the first time reveal that Nikolay Storonsky, the 36-year-old founder of fintech player Revolut, has emerged as Britain’s first technology start-up billionaire. Nevertheless, taken together the success of Britain’s privately-owned start-ups over the past decade represents a significant economic shift. Last year 24 UK companies were able to raise that sum privately - and often far more. While the continued success of Britain’s technology start-up scene is encouraging, complacency would be dangerous.
Revolut's billionaire founder has a plan to transform banking
It’s 9am on a Monday morning and Nikolay Storonsky, the chief executive of digital bank Revolut, is sipping a takeaway coffee inside his start-up’s Canary Wharf headquarters. “I just have my certain rhythm.”Storonsky, 36, is sitting in a small conference known at Revolut as “The Quiet Room”. The webcam he’s using is so high on the wall that it makes the video feed resemble CCTV footage from a police interview room. Both men are on our Tech Hot 100 list of the UK's richest tech start-up founders. But Storonsky’s larger stake in Revolut means he is now worth just over £1bn - the only boss of a British tech start-up to have amassed a ten-figure paper fortune - and has hit Number 1.
End of furlough: new jobs scheme disproportionately benefits higher earners
Only employees earning more than £50,000 will be better off by returning to work under the new job support scheme than they had been under the furlough scheme. The job support scheme, which will replace furlough from November, allows people to return to work for just part of their usual hours and have their lost wages topped up by both the state and employer. However someone earning £30,000 per year and returning to work for 20pc of their usual hours would earn just £1,833 per month before tax, compared with £2,500 while on furlough. Employees who are brought back for at least 20pc of their usual hours under the job support scheme will be paid in full for the hours they work. However someone earning £60,000 and also working 20pc of their usual hours would receive a state top-up of £1,541.75 – the maximum available.
Tech Hot 100: Winners and losers from the year of Covid
Yet Levene says the gloom was short-lived, with “a lot of subsections in fintech having since performed exceptionally well”. Even before Covid struck, the boss of Yoti, Robin Tombs (No 39), and the founder of iProov, Andrew Bud (No 86), had already seen their paper wealth surge due to significant funding rounds in their companies. And of course, since the virus hit, appetite for secure ID-verification systems which do not require face-to-face contact has really taken off. He completed two funding rounds between March and June to turn his firm into “Europe’s best funded start-up”. The company secured yet another funding round last month, taking the total this year to £365m and, the company claimed, valuing it at more than £2bn.
Pandemic leaves poorer families £170 a month worse off
Britain’s poorest families have borne the brunt of the economic pain from the pandemic recession, with steep falls in income this year far outstripping any savings from cuts to spending on going out or commuting. On average the lowest-earning 20pc of households have seen their bank balances shrink by £174 a month during the pandemic relative to their finances in 2019, equivalent to about 14pc of their pre-Covid incomes. It means that after seven months of the lockdowns and restrictions, the poorest households’ bank balances were down £1,220 compared with what would have been expected in a more normal year. By contrast families in every other income bracket have built up more savings, with upper-middle earners adding an extra £364 per month on average. This is due to a combination of steady incomes and vastly reduced costs.
Britons to spend £1bn more than last year in run up to Christmas
Britons are expected to spend £1bn more than last year in the run up to Christmas as shoppers make the most of lockdown savings, a new Centre for Retail Research (CRR) report says. The report predicts spending among British consumers in the six weeks prior to Christmas will increase by 1.6 per cent on last year to a total spend of £84.46bn. Online sales are expected to total £27.87bn, driven by an ongoing trend towards internet retail that was exacerbated by coronavirus. As of last month internet sales made up 26.1 per cent of total retail, a rise of eight per cent from the same point in 2019. The report notes that a “significant proportion of households” will have “more money than usual to spend at Christmas” due to travel bans and pub curfews.
Financial advisers are targeting Rolls-Royce's 'final salary' pension scheme, City watchdog warns
The Pension Regulator, the Financial Conduct Authority and advice body the Money and Pensions Service have jointly written to financial advisers to request data on pension transfers made out of the engineering firm's workplace scheme. There has since been a rise in the number of savers pulling their money out of the pension scheme in favour of more flexible options. Those transferring DB pensions worth more than £30,000 must seek financial advice. On its website Rolls-Royce told financial advisers it is dealing with a “very high” number of transfer payment requests. Billions of pounds have been taken out of Britain's DB schemes in recent years as people have transferred into more flexible defined contribution pension schemes, following the April 2015 pension freedom reforms.
Questor: if Britain really is about to see inflation of close to 10pc, this is the trust to buy
Inflation: the very word strikes fear into savers of a certain age. Memories of the Seventies are strong if you lived through the chaos of prices and wages fighting to keep up with each other and your money losing its purchasing power before your eyes. A small group of investment trusts are run by people who are convinced that they will – and who make sure their portfolios are equipped to withstand an inflationary onslaught. One such fund is Ruffer Investment Company. Questor asked Hamish Baillie, one of its managers, why he was so worried about inflation when prices had been docile for decades and how he was protecting his investors from the threat he saw.
How will the economic fallout from the pandemic affect house prices? Look to oil-dependent Aberdeen
Rising unemployment will lead to a slowdown in transactions and house price falls. Aberdeen, with its dependency on the oil industry, offers an insight into how big economic shocks affect house prices in the long term. When oil prices started to nosedive from September 2014, the impact on house prices was not immediate. It wasn’t until December 2015 that house prices began to fall. By the end of 2016, house prices were falling at a rate of nearly 9pc.
How to spend it: the ultimate drawdown plan for a £100k pension
It will be published at 6am on ThursdaysThe way you choose to spend your pension is one of (if not the) most important financial decisions in your lifetime. Those who retire with £100,000 must draw up a careful plan to avoid running the pot dry within the first decade. Take the 25pc tax-free lump sumOne way to maximise your pot’s potential is to make use of the 25pc tax-free allowance, according to Pete Glancy of pension provider Scottish Widows. The first 25pc of your overall pension saving can be withdrawn tax free, while the rest is taxed at your marginal rate of income tax when you withdraw it. If you were to access your pension savings, the maximum amount you could put into your pension in future years would drop from £40,000 a year to £4,000.
Extend stamp duty deadline or risk a property market 'breakdown', industry warns Chancellor
The property sector is urging Chancellor Rishi Sunak to extend the stamp duty holiday by six months to prevent a “breakdown” of thousands of home sales and “detriment” as buyers miss the tax cut. In July, Mr Sunak raised the nil-rate stamp duty band on homes in England and Northern Ireland to £500,000, meaning that purchasers who complete before the deadline can save up to £15,000. TwentyCi, a data agency, estimated that 325,000 buyers could miss out on the tax break if the deadline is not extended. These operational constraints mean that the time needed for a property transaction has jumped from 12 to 20 weeks, according to the letter. It warns that the property industry “does not have sufficient capacity” to deal with the surge in the time window.
Cupra Formentor review: fast, good value and much greater than the sum of its parts
Ultimately the Formentor feels like a well-engineered, front-wheel drive car, not the supremely balanced four-wheel drive monster that I’d been led to expect. Quick, quite good to drive, spacious and reasonably comfortable, the Cupra is much more than a parts-bin special. TELEGRAPH RATING Four stars out of fiveTHE RIVALSSeat Ateca Cupra 2.0 TSI NR DSG 4Drive, from £35,915One of the best SUV crossovers in standard form and the Cupra version is just better. This is just about the same 4x4 drivetrain as the full Cupra version, but the Ateca rides higher and is more on an SUV. Designed as a competitor to Tesla’s Model Y and Volkswagen’s ID.4 SUV, it’s not really a rival for the Cupra Formentor, but the styling is remarkably close.
Philippines paves way to ending oil exploration row with China
The Philippines has removed a major hurdle in advancing oil exploration with Beijing in the South China Sea, its top diplomat has said, but the two nations will have to navigate their overlapping claims in the area to reach a deal. While the moratorium was imposed to “stop activities that might annoy China,” Locsin said that Duterte’s decision will not just benefit Beijing. In 2013, the U.S. Energy Information Administration estimated that 4 trillion cubic feet of gas reserves worth billions of dollars could be found in South China Sea areas claimed by the Philippines and disputed by China. He added that China will block any new exploration in contested waters, as shown in recent disputes with Vietnam and Malaysia. Opposition Sen. Risa Hontiveros said Duterte should not negotiate with China unless it recognizes the Philippines’ sovereign rights.
JICA aid agency to launch group to help foreign workers in Japan
The Japan International Cooperation Agency (JICA) said Wednesday it will establish an organization next month to provide comprehensive support for foreign workers in Japan to improve their working and living environments. The organization will be established on Nov. 16 by JICA jointly with the Global Alliance for Sustainable Supply Chain — a nongovernmental body that focuses on human rights issues — to address issues faced by foreign workers, JICA said in an online news briefing. The body, called the Japan Platform for Migrant Workers toward Responsible and Inclusive Society, will seek to make Japan a more attractive choice for foreign workers amid the country’s acute labor shortage by strengthening communication, proposing initiatives for reform, and conveying information within Japan and abroad. JICA hopes the new organization will help create a model that will not only attract more foreign labor, but also contribute to developing the countries from which the workers hail. More than half of the approximately 1.66 million foreign workers in Japan come from developing countries, and the organization expects that they will be able to put the skills they learn to use when they return home in the future.
As COVID-19 persists and U.S. poll nears, China's growth lifts Asia
And come 2021, a key support for world growth of around 6% will be near-10% growth in China.”For China’s neighbors, that growth is increasing demand for their exports and supporting activity in their own economies. Exports soared 15.6% in the third quarter, the biggest rise since 1986 and largely reversing a 16.1% contraction in the second quarter. “Exports rapidly improved on the back of recovery in China and other major economies, which spearheaded our third quarter growth,” finance minister Hong Nam-ki said Tuesday. That is giving the Bank of Japan some optimism over the domestic outlook, with industry feedback pointing to improving demand from China. China’s renewed growth has been spread across several sectors, including manufacturing, construction, investment and domestic demand.
Judge urges Phil Collins and his ex-wife to come to an agreement over his palatial Miami Beach home
A judge has urged Phil Collins and his ex-wife to come to an agreement on Zoom. The musician sought an injunction this month to have Cevey and her husband kicked out of his palatial waterfront home in Miami Beach, Florida. But Judge Spencer Eig urged the former flames – who have two children together - to and try sort the ugly dispute behind closed doors. 'Our position is we have just as much right to own this house and possess this house by virtue of an oral agreement.' Collins' attorney Jeff Fisher agreed to talks but cautioned that he had struggled to negotiate successfully with Orianne's previous lawyers.
US Election 2020: Trump says Thursday's GDP will be 'off the charts'
'You’re going to have a very big number. You know what, before that happens, and I don’t know what it is, but the Atlanta Fed just predicted a very big number. That’s our big number right?' President Donald Trump speaks during a campaign rally at Laughlin/Bullhead International Airport in Bullhead City, Arizona, U.S., October 28, 2020. 'We are substantially up in a state known as Arizona,' said Trump, despite public polls showing him trailing.
Hong Kong teen activist charged with secession
File photo: Tony Chung, 19, is a former member of Student Localism, a small group that advocated Hong Kong's independence from China. A former leader of Hong Kong pro-independence group Studentlocalism was charged on Thursday with secession, money laundering and conspiracy to publish seditious material, the latest person to be targeted under a new national security law. Like other anti-government organisations, Studentlocalism disbanded before Beijing imposed the national security law on China’s most free city on June 30. Chung had been free on bail after being initially arrested under the new legislation in July on suspicion of being involved in an organisation that vowed to fight for an independent Hong Kong. Beijing said the national security law was necessary to bring stability to the former British colony after a year of sometimes violent anti-government protests.
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Temperatures nationwide drop to lowest this fall
NATIONAL(Yonhap)Cold weather hit the nation on Thursday as most areas recorded the lowest morning temperature of this fall and Suwon saw its first ice of the season, weather authorities said.According to the Korea Meteorological Administration, most areas posted a morning temperature of below 5 C while some parts of the central region, North Jeolla Province and North Gyeongsang Province saw the mercury drop below zero.In Suwon, just south of Seoul, the morning low at 7 a.m. was 2.2 C, the city's lowest temperature this fall, accompanied by its first ice of the season.The record came 10 days earlier than last year and one day later than the average year, the KMA said.Seoul's morning low was 5.6 C, which was 6.8 C lower than on Wednesday and 1.6 C lower than in an average year.Even within the capital city, temperatures ranged from minus 1 C in the northern ward of Eunpyeong to 8.7 C in the western ward of Yeongdeungpo.Meanwhile, other areas that posted record lows of the season included the northeastern mountain pass of Daegwallyeong (minus 4.6 C), Geumsan, South Chungcheong Province (0.6 C), and Jangsu, North Jeolla Province (minus 1.1 C).The KMA said temperatures are expected to rise past the morning.
Temperatures nationwide drop to lowest this fall
(Yonhap)Cold weather hit the nation on Thursday as most areas recorded the lowest morning temperature of this fall and Suwon saw its first ice of the season, weather authorities said. According to the Korea Meteorological Administration, most areas posted a morning temperature of below 5 C while some parts of the central region, North Jeolla Province and North Gyeongsang Province saw the mercury drop below zero. In Suwon, just south of Seoul, the morning low at 7 a.m. was 2.2 C, the city's lowest temperature this fall, accompanied by its first ice of the season. Seoul's morning low was 5.6 C, which was 6.8 C lower than on Wednesday and 1.6 C lower than in an average year. Even within the capital city, temperatures ranged from minus 1 C in the northern ward of Eunpyeong to 8.7 C in the western ward of Yeongdeungpo.
Debt of self-employed rises 4.7% in 2018
(Statistics Korea)SEJONG -- Debt held by the self-employed grew 4.7 percent in 2018, as their income fell amid the economic slowdown, raising concerns about their capacity to service debt, data showed Thursday. The self-employed saw their debt gain in 2018, but their sales declined, worsening income growth. Growing debt, coupled with declines in income, is feared to hamper their capacity to service debt, analysts said. Meanwhile, the debt per person among wage workers reached 42.4 million won in 2019, up 7.1 percent from a year ago, Statistics Korea said. The delinquency rate for wage workers remained unchanged at 0.56 percent in 2019.
Hyundai Mobis Q3 net dips 33% on virus impact
(Hyundai Mobis Co.)Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday its third-quarter net profit fell 33 percent from a year earlier as the COVID-19 pandemic affected vehicle sales. But sales rose 5.8 percent to 9.99 trillion won from 9.44 trillion won during the same period. Hyundai Mobis is a key affiliate of Hyundai Motor Group, which has Hyundai Motor Co. and Kia Motors Corp. under its wing. Operating profit fell 35 percent to 1.13 trillion won from 1.72 trillion won. Sales were down 6.1 percent to 25.95 trillion won from 27.65 trillion won.
Smaller firms' business confidence gains for Nov.: poll
(Yonhap)South Korean smaller firms' business outlook rose for the second consecutive month for November on loosened coronavirus curbs and a recovery in exports, a poll showed Thursday. The survey of 3,150 small and medium enterprises (SMEs) showed that the small business health index (SBHI) stood at 74 for the coming month, up 2.8 points from October. The survey was taken by the Korea Federation of SMEs from Oct. 15-22. The federation said the November SBHI got a boost from relaxed social distancing measures and an improvement in South Korea's exports. Smaller firms' capacity utilization rate averaged 68.9 percent in September, up 1.3 percentage points from the previous month.
Influencer overstays lease at Hamptons house, refuses to pay $14,000 rent: report
An Instagram influencer has been accused of refusing to pay rent on a house in the Hamptons -- even while she reportedly stayed at the house for several months after her short-term lease had ended. CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTERAccording to The Times, Hochberg stayed at the house until Oct. 12. Even in the days leading up to her move out, Hochberg reportedly posted pictures on Instagram of herself in the house. Though she eventually returned the key to the house, Hochberg has reportedly still not paid the second half of her rent, The Times reported. Hochberg reportedly told The Times that the story was “fake news.”
Boeing is likely to see free cash flow in 2022: Analyst
Boeing is likely to see free cash flow in 2022: AnalystCarter Copeland of Melius Research says Boeing's cash flow will remain pressured but thinks it's bound to look better next year compared with 2020. He adds that getting the 737 MAX aircraft in service is pivotal for the turn.
Mark Zuckerberg just gave Facebook employees all of Thanksgiving week off
Facebook's founder and CEO Mark Zuckerberg speaks to participants during the Viva Technologie show at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. Facebook CEO Mark Zuckerberg is giving all U.S. employees the entire week of Thanksgiving off, according to an internal message he sent on Wednesday night. The move is meant to reward employees for the work they've done during "unprecedented challenges," and could help bolster morale after the company's moderation policies have come under fire from some employees. I hope you can disconnect and take the time to rest and recharge before the final push of the year," Zuckerberg wrote. Facebook later restricted how and where employees could express political views on internal message boards.
Oil climbs as hurricane shuts U.S. output, bouncing back from 5% slide overnight
MELBOURNE (Reuters) - Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. That proximity to the $37 support is one of the factors at play today,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking. WTI in the $36.45 to $36.95 range has proven to be a “buy zone” since the beginning of September, Axi chief market strategist Stephen Innes said. “The pandemic’s resurgence is putting pressure on OPEC to delay its planned production hike in January,” ANZ Research said in a note.
Ant Group curbs support for overseas partners in strategy rethink ahead of listing
It would have also likely made Ant, best known for its Alipay service that serves mainly Chinese customers, a global payments leader. It also said in May it was investing $73.5 million in Myanmar e-wallet firm Wave Money and has applied for a digital wholesale banking license in Singapore. But further aggressive investments in overseas e-wallet firms are unlikely, sources say. A person familiar with Ant’s thinking said its current plan is to offer initial support to overseas e-wallet firms and then see them succeed on their own terms. In other parts of the world, Ant’s new leadership believed the company was spreading its resources too thinly, several company sources said.
Dollar holds gains as COVID-19 surge boosts safe-haven demand
FILE PHOTO: U.S. dollar notes are seen in this picture illustration taken at the Bank of Taiwan in Taipei November 11, 2010. REUTERS/Nicky LohThe safe-haven greenback steadied against a basket of six currencies at 93.41, taking a pause after its 0.3% gains in early trade. It also steadied against the Japanese yen, last fetching 122.63 yen after hitting its weakest levels since July overnight. The greenback steadied against the Japanese yen at 104.33 yen, having dropped to a more than one-month low on Wednesday. Elsewhere, the Canadian dollar held steady, last trading at 1.3308 against the greenback, after it fell to a three-week low overnight.
Factbox: Ant Group's investments overseas
(Reuters) - China’s Ant Group Co Ltd has invested far and wide overseas, both to expand its own Alipay payments service and in local e-wallet companies. Kakao Pay (Korea) :Ant invested $200 million in Kakao Pay, the mobile payment subsidiary of South Korea tech giant Kakao Corp, in February 2017. bKash (Bangladesh):Ant acquired a 20% stake in bKash, Bangladesh’s largest mobile payments firm, also in 2018. WorldFirst (UK):In February 2019, Ant announced it had purchased British currency exchange and payments group WorldFirst. eMonkey (Vietnam):According to sources, Ant took a sizeable stake in Vietnamese e-wallet eMonkey in 2019, which is operated by Vietnamese fintech firm M-Pay Trade.
Exclusive: Biden, if elected, would consult allies on future of U.S. tariffs on China - advisers
WASHINGTON/NEW YORK (Reuters) - Democrat Joe Biden would immediately consult with America’s main allies before deciding on the future of U.S. tariffs on China, seeking “collective leverage” to strengthen his hand against Beijing if he is elected president, Biden top advisers said on Wednesday. And that has given China an escape hatch,” said Jeffrey Prescott, a former senior foreign policy in the Obama administration. In political rallies, Trump has often claimed that Biden would take a softer approach to China. Immediate consultation would be needed “to identify areas where we can bring collective leverage on China,” Prescott said. “But they’ve been alienated, they’ve been insulted by President Trump, and that’s made our hand with China even weaker than it should be.”
Oil climbs as hurricane shuts U.S. output, bouncing back from 5% slide overnight
MELBOURNE (Reuters) - Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana. FILE PHOTO: An oil refinery and storage facility is pictured south of downtown Houston January 30, 2012. That proximity to the $37 support is one of the factors at play today,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking. WTI in the $36.45 to $36.95 range has proven to be a “buy zone” since the beginning of September, Axi chief market strategist Stephen Innes said. “The pandemic’s resurgence is putting pressure on OPEC to delay its planned production hike in January,” ANZ Research said in a note.
J.C. Penney enters asset purchase agreement with Brookfield, Simon
FILE PHOTO: A J.C. Penney Company Inc. store is pictured at a mall in Langhorne, Pennsylvania, U.S. November 17, 2018. REUTERS/Suzanne Barlyn(Reuters) - J.C. Penney Co Inc said on Wednesday it has entered an asset purchase agreement with Brookfield Asset Management Inc BAMa.TO, Simon Property Group SPG.N and a majority of the company's first lien lenders. Under the agreement, Brookfield and Simon, which are the retailer’s two biggest landlords, will buy substantially all of J.C. Penney’s retail and operating assets through a combination of cash and new term loan debt. “Signing a definitive APA (asset purchase agreement) with Brookfield, Simon and our Majority First Lien Lenders allows us to move forward towards the completion of our financial restructuring,” J.C. Penney said in a statement. Earlier this month, Bloomberg reported that talks between J.C. Penney’s lenders and the would-be buyers, Simon and Brookfield, had broken down after the lenders missed several deadlines.
Ant Group curbs support for overseas partners in strategy rethink ahead of listing
It would have also likely made Ant, best known for its Alipay service that serves mainly Chinese customers, a global payments leader. It also said in May it was investing $73.5 million in Myanmar e-wallet firm Wave Money and has applied for a digital wholesale banking license in Singapore. But further aggressive investments in overseas e-wallet firms are unlikely, sources say. A person familiar with Ant’s thinking said its current plan is to offer initial support to overseas e-wallet firms and then see them succeed on their own terms. In other parts of the world, Ant’s new leadership believed the company was spreading its resources too thinly, several company sources said.
Dollar holds gains as COVID-19 surge boosts safe-haven demand
REUTERS/Dado Ruvic/IllustrationThe safe-haven greenback steadied against a basket of six currencies =USD at 93.41, taking a pause after its 0.3% gains in early trade. It also steadied against the Japanese yen EURJPY=, last fetching 122.63 yen after hitting its weakest levels since July overnight. The greenback steadied against the Japanese yen at 104.33 yen JPY=EBS, having dropped to a more than one-month low on Wednesday. Across the Tasman Sea, the New Zealand dollar NZD=D3 edged higher against its U.S. counterpart, last up 0.27% to 0.6652. Elsewhere, the Canadian dollar CAD=D3 held steady, last trading at 1.3308 against the greenback, after it fell to a three-week low overnight.
Asian buyers boost physical oil as pandemic punishes futures
MOSCOW/LONDON (Reuters) - Robust demand from China and India has bolstered physical crude oil prices from around the world, traders said, in contrast to the futures market that is wrestling with over-supply and demand uncertainty wrought by COVID-19. FILE PHOTO: A crude oil tanker is seen at Qingdao Port, Shandong province, China, April 21, 2019. “China has been nearly absent from the Mediterranean oil market,” a trading source told Reuters. But the pandemic gloom could mean the uptick is brief and the physical strength may fail to make its way into futures prices. Benchmarks for Oman and Dubai crude, which are traditionally bound for Asian markets, slipped on Wednesday, in a sign of cooling demand.
Ant Group curbs support for overseas partners in strategy rethink ahead of listing
It would have also likely made Ant, best known for its Alipay service that serves mainly Chinese customers, a global payments leader. It also said in May it was investing $73.5 million in Myanmar e-wallet firm Wave Money and has applied for a digital wholesale banking license in Singapore. But further aggressive investments in overseas e-wallet firms are unlikely, sources say. A person familiar with Ant’s thinking said its current plan is to offer initial support to overseas e-wallet firms and then see them succeed on their own terms. In other parts of the world, Ant’s new leadership believed the company was spreading its resources too thinly, several company sources said.
Oil plunges over 5% as pandemic surges, U.S. crude stockpiles, output soar
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. “Certainly the increase in oil production led to a unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” said Andy Lipow, president of consultants Lipow Oil Associates. Brent futures fell $2.33, or 5.7%, to $38.87 a barrel by 1:10 p.m. EDT (1710 GMT), while U.S. West Texas Intermediate (WTI) crude fell $2.45, or 6.2%, to $37.12. The stronger dollar .DXY makes oil more expensive for holders of foreign currencies, which traders said weighed on crude prices. Traders said crude prices were also hit by fading prospects for a quick deal on a new U.S. stimulus, and increasing oil output from Libya.
Factbox: Ant Group's investments overseas
(Reuters) - China's Ant Group Co Ltd 688688.SS6688.HK has invested far and wide overseas, both to expand its own Alipay payments service and in local e-wallet companies. FILE PHOTO: The logo of Ant Group, an affiliate of Alibaba, is pictured at its headquarters in Hangzhou, Zhejiang province, China October 26, 2020. Kakao Pay (Korea) :Ant invested $200 million in Kakao Pay, the mobile payment subsidiary of South Korea tech giant Kakao Corp 035720.KS, in February 2017. WorldFirst (UK):In February 2019, Ant announced it had purchased British currency exchange and payments group WorldFirst. eMonkey (Vietnam):According to sources, Ant took a sizeable stake in Vietnamese e-wallet eMonkey in 2019, which is operated by Vietnamese fintech firm M-Pay Trade.
Oil climbs as hurricane shuts U.S. output, bouncing back from 5% slide overnight
FILE PHOTO: Shell's Brent Delta oil platform is towed into Hartlepool, Britain May 2, 2017. REUTERS/Darren StaplesU.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.8%, to $37.68 a barrel at 0120 GMT, while Brent crude futures rose 25 cents, or 0.6%, to $39.37 a barrel. That proximity to the $37 support is one of the factors at play today,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking. WTI in the $36.45 to $36.95 range has proven to be a “buy zone” since the beginning of September, Axi chief market strategist Stephen Innes said. “The pandemic’s resurgence is putting pressure on OPEC to delay its planned production hike in January,” ANZ Research said in a note.
Global economic rebound at risk from rising coronavirus cases: Reuters poll
BENGALURU (Reuters) - There is a high risk the resurgence in coronavirus cases halts the global economic recovery by year-end, according to Reuters polls of around 500 economists, a majority of whom expected the rebound next year to be weaker than previously thought. REUTERS/Dado Ruvic/IllustrationGovernments and central banks around the world have pledged trillions of dollars of stimulus, helping most economies out of deep recessions. Nearly three-quarters of 150 analysts who responded to an additional question said the resurgence in coronavirus cases posed a high risk of halting the current global economic recovery as early as this year. But nearly 80% of economists, or 119 of 150, said a weaker global recovery than previously thought was the greater risk in 2021, rather than a vigorous rebound or a renewed downturn. But some economists outside China expected a much lower figure and said many forecasts do not capture the real extent of the economic hit.
Baltimore Museum Pulls Paintings from Sotheby’s Auction
Sotheby’s also announced the withdrawal of three unrelated works that carried combined presale estimates between US$14.5 million and US$21 million. The works the Baltimore Museum intended to sell would have raised funds for the museum to expand its diversity and equity programmatic initiatives, as well as to take care of the collection. Highlights of the Sotheby’s auction included the sale of three Alfa Romeo concept cars, B.A.T. DuBuffet’s Le Messager, achieved a hammer price of US$2.7 million, also near the low end of the presale estimate range. The auction houses, as well, have introduced several digital initiatives to bring the paintings to life for buyers who can’t visit the works in person.
Stocks swoon, Dow ends 942 points lower as COVID cases and election concerns rise
Investors also have begun to take precautions ahead of the Nov. 3 U.S. election while digesting third quarter corporate earnings reports. The Nasdaq Composite COMP, -3.73% fell 426.48 points, or 3.7%, finishing at 11,004.87. The Nasdaq Composite bucked the weaker trend to rise 72.41 points, or 0.6%, to close at 11,431.35. The Dow has now suffered its longest losing streak since February 28, 2020 when the market fell for seven straight trading days, according Dow Jones Market Data. Stocks came under heavy selling pressure Wednesday as Germany and France announced further restrictions on business activity in an effort to contain the rise in COVID-19 cases and the U.S. saw the number of new cases hit records.
Berkshire Hathaway Inc. Cl A stock falls Thursday, still outperforms market
Shares of Berkshire Hathaway Inc. Cl A BRK.A, -2.83% slid 2.83% to $301,740.00 Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Berkshire Hathaway Inc. Cl A closed $45,660.00 below its 52-week high ($347,400.00), which the company reached on January 17th. Trading volume (503) eclipsed its 50-day average volume of 361. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Amazon.com Inc. stock falls Thursday, underperforms market
Shares of Amazon.com Inc. AMZN, -3.76% shed 3.76% to $3,162.78 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. The stock's fall snapped a three-day winning streak. Amazon.com Inc. closed $389.47 short of its 52-week high ($3,552.25), which the company reached on September 2nd. Trading volume (5.6 M) eclipsed its 50-day average volume of 5.1 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Alphabet Inc. Cl A stock falls Thursday, underperforms market
Shares of Alphabet Inc. Cl A GOOGL, -5.50% slipped 5.51% to $1,510.80 Thursday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Alphabet Inc. Cl A closed $215.30 short of its 52-week high ($1,726.10), which the company reached on September 2nd. The stock demonstrated a mixed performance when compared to some of its competitors Thursday, as Apple Inc. AAPL, -4.63% fell 4.63% to $111.20, Microsoft Corp. MSFT, -4.95% fell 4.96% to $202.68, and Facebook Inc. Cl A FB, -5.51% fell 5.51% to $267.67. Trading volume (2.3 M) eclipsed its 50-day average volume of 1.8 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Netflix Inc. stock outperforms competitors despite losses on the day
Shares of Netflix Inc. NFLX, -0.55% slipped 0.55% to $486.24 Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Netflix Inc. closed $89.13 short of its 52-week high ($575.37), which the company reached on July 13th. Despite its losses, the stock outperformed some of its competitors Thursday, as Amazon.com Inc. AMZN, -3.76% fell 3.76% to $3,162.78, Walt Disney Co. DIS, -3.92% fell 3.93% to $118.47, and Comcast Corp. Cl A CMCSA, -3.36% fell 3.36% to $41.98. Trading volume (6.0 M) remained 319,973 below its 50-day average volume of 6.3 M.
Johnson & Johnson stock falls Thursday, still outperforms market
Shares of Johnson & Johnson JNJ, -3.34% shed 3.35% to $138.36 Thursday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Johnson & Johnson closed $18.64 short of its 52-week high ($157.00), which the company reached on April 23rd. The stock demonstrated a mixed performance when compared to some of its competitors Thursday, as Roche Holding AG Part. Trading volume (8.4 M) eclipsed its 50-day average volume of 6.3 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Tesla Inc. stock falls Thursday, underperforms market
Shares of Tesla Inc. TSLA, -4.39% slid 4.39% to $406.02 Thursday, on what proved to be an all-around rough trading session for the stock market, with the NASDAQ Composite Index COMP, -3.73% falling 3.73% to 11,004.87 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Tesla Inc. closed $96.47 below its 52-week high ($502.49), which the company reached on September 1st. The stock underperformed when compared to some of its competitors Thursday, as Toyota Motor Corp. ADR TM, -1.80% fell 1.80% to $130.07, General Motors Co. GM, -2.29% fell 2.29% to $34.09, and Honda Motor Co. Ltd. ADR HMC, -3.56% fell 3.57% to $23.26. Trading volume (25.5 M) remained 41.3 million below its 50-day average volume of 66.8 M.
Bank of America Corp. stock outperforms competitors despite losses on the day
Shares of Bank of America Corp. BAC, -1.59% shed 1.59% to $23.47 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Bank of America Corp. closed $12.25 below its 52-week high ($35.72), which the company reached on December 27th. Despite its losses, the stock outperformed some of its competitors Thursday, as JPMorgan Chase & Co. JPM, -2.80% fell 2.81% to $96.54, Citigroup Inc. C, -1.79% fell 1.79% to $41.13, and Wells Fargo & Co. WFC, -2.93% fell 2.93% to $21.18. Trading volume (81.9 M) eclipsed its 50-day average volume of 58.6 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Baltimore Museum Pulls Paintings from Sotheby’s Auction
Sotheby’s also announced the withdrawal of three unrelated works that carried combined presale estimates between US$14.5 million and US$21 million. The works the Baltimore Museum intended to sell would have raised funds for the museum to expand its diversity and equity programmatic initiatives, as well as to take care of the collection. Highlights of the Sotheby’s auction included the sale of three Alfa Romeo concept cars, B.A.T. DuBuffet’s Le Messager, achieved a hammer price of US$2.7 million, also near the low end of the presale estimate range. The auction houses, as well, have introduced several digital initiatives to bring the paintings to life for buyers who can’t visit the works in person.
Utah Jazz sold to Qualtrics founder for $1.6B: reports
Technology entrepreneur Ryan Smith is buying the majority interest of the Utah Jazz, and once it’s approved by the league, it will end the 35-year run of the Miller family as owners of the NBA franchise. Part of those agreements call for the Jazz to remain in Utah. The Miller family will retain a stake in the franchise. “The Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run,” Smith said. The team has made the NBA Finals twice, after moving from New Orleans to Utah in 1979, but has never won an NBA championship.
Ford sees full-year pretax profit, posts stronger than expected quarterly earnings
DETROIT (Reuters) - Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading. Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected. The company said it now anticipates better-than-expected fourth-quarter results, as well as a full-year pretax profit of between $600 million and $1.1 billion. Ford said in July that it expected a pretax profit of between $500 million and $1.5 billion in the third quarter and a loss for the fourth quarter as well as for the full year. Ford’s net margin in the period was 6.4%.
UPS stock falls over rising costs during pandemic
United Parcel Service shares tumbled more than 8 percent as investors looked past surging sales to focus on rising costs. UPS’s sales have soared as consumers turn to online shopping rather than risk going to stores during the pandemic. But, the package courier’s costs have climbed from efforts to protect workers and because of the jump in residential deliveries. It foresees online retail sales accounting for as much as 70 percent of its total, compared with 40 percent before COVID-19 struck. The company said Wednesday the recall is part of a broader action it first announced in January and expanded in March involving 1.82 million vehicles.
Italian chef opens Cucina Lab Torino, an intimate kitchen in Troy with no set menu
Italian chef and caterer Elisabetta Balzola has a few cooking philosophies that she's excited to bring to her new Troy restaurant, Cucina Lab Torino. Instead, she'll use the freshest ingredients possible and serve multi-course, easy-to-digest meals from her open kitchen plan. With COVID-safe social distancing, Cucina Lab Torino will seat only 20 people at a time for now, with a few chairs around a counter facing the open kitchen. Soon after the move, she started a catering company that became the seed for Cucina Lab Torino, which translates roughly to kitchen laboratory. Cucina Lab Torino is opening Thursday at 3960 Crooks in Troy.
Columbus schools and union agree on return to class for career and technical students
The Columbus City Schools administration and the Columbus Education Association reached agreement Wednesday on how classes will be conducted through the first semester for career and technical students. Starting Monday November 2, more than 1,400 students in the Career and Technical Education programs at Columbus Downtown High School and the Fort Hayes Career Center will begin a blended learning plan. Those students will report to class two days a week and learn remotely on the other three days. Career and technical students are required to have in-person learning for their certification, particularly juniors and seniors so they can graduate on time. "The MOU (Memorandum of Understanding) reached today with the Columbus Education Association does just that.
General Electric, First Solar rise; Callaway, Carnival fall
General Electric, First Solar rise; Callaway, Carnival fall shares emailNEW YORK (AP) — Stocks that moved heavily or traded substantially Wednesday: First Solar Inc., up $10.92 to $93.31. The largest U.S. solar company reported surprisingly strong third-quarter profits and revenue. The payroll and human resources company beat analysts’ fiscal first-quarter earnings and revenue forecasts. The industrial conglomerate's third-quarter earnings beat Wall Street forecasts. The parent company of the Chicago Board of Trade and other exchanges reported disappointing third-quarter earnings.
Democrats' suit over Arizona redistricting nominees lacks merit, other side argues
Democratic leaders are going to court, accusing a nominating panel of trying to pass off partisan Republicans for what is supposed to be a nonpartisan slot on the Independent Redistricting Commission.
Judge allows John Hinckley to publicly display his artwork
Wednesday's order was agreed upon by Hinckley's lawyer and federal prosecutors after a new risk assessment of Hinckley's mental health was recently completed. Barry Levine, who represents Hinckley, said at a September court hearing that Hinckley should eventually be granted unconditional release. Levine said that doctors have found that Hinckley “has sufficiently recovered his sanity and will not, in the reasonable future, be a danger to himself or others.”But Wednesday's order left many restrictions in place. There was also a question at last month's court hearing about whether Hinckley can make money from his art. Prosecutors had cited a 1995 civil settlement that involved Hinckley and any financial benefits from his name or story.
Tucker Carlson reveals documents implicating Joe Biden in dodgy deals went MISSING in the post
'I met with Joe Biden the morning of May 3rd at that conference, and then was taken backstage after Joe had spoken,' he recalled. 'And I remember looking at Jim Biden and saying: "how are you guys getting away with this? Carlson said: 'The Biden family knew that you were going public with this and you spoke to Rob Walker about it, the self-described Biden family representative. 'I did reach out to Hunter Biden in October 2017 asking him if they haven't funded the $10 million to have you done something that I am no,' he said, suggesting that Hunter Biden received money but used it for other purposes. 'And we also know that Putin is trying very hard to spread disinformation about Joe Biden.
In land of 'manana,' pandemic sparks rush for wills
"We Mexicans often leave things until 'manana' (tomorrow) and don't like to talk about wills. Only five percent of Mexicans with assets to bequeath have drawn up a will, according to the Mexico City notaries association. The pandemic invariably comes up in his conversations with clients, one of whom was bedridden due to the virus. Mexico City authorities have created a special inheritance unit to deal with the issue, including cases of coronavirus victims who left no will. "There's been a reaction of panic during the pandemic by people wanting to do everything now," said the unit's head, Antonio Ramirez.
BOK again extends special lending program amid pandemic
FINANCE(Yonhap)The Bank of Korea (BOK) said Thursday it will again extend a special loan scheme for financial institutions by three months to help them stem a possible funding squeeze amid the coronavirus pandemic.The central bank said its decision-making monetary policy board decided to extend the special loan facility, originally set to expire on Nov. 3, until Feb. 3.It marks the second extension since the program's inception in May. In August, the BOK extended the special loan program by three months.The BOK launched the 10 trillion-won ($8.82 billion) lending program to permit banks, brokerages and insurers to take out loans from the central bank against collateral.It represents the first time that, excluding banks, the BOK has decided to directly provide loans to brokerages and insurers.In order to borrow from the central bank, those financial institutions should put up as collateral gilt-edged corporate bonds, including ones rated AA-, which mature within five years.The special lending facility is part of South Korea's measures to minimize the economic fallout of the COVID-19 pandemic on the local financial system.
Hyundai unveils design of Genesis GV70 SUV
(Hyundai Motor)Hyundai Motor Co. on Thursday unveiled the design of the GV70 SUV under its independent Genesis brand as it strives to gain a share in the high-end vehicle market. The midsized GV70 is the second SUV model with the Genesis badge following the launch of the GV80 SUV in January. Hyundai applied its "athletic elegance" design language to the GV70 following the similar aesthetic of the GV80 SUV and G80 sedan. Hyundai plans to launch the second Genesis SUV model in the domestic market during the fourth quarter. The current Genesis lineup is composed of the G70, G80 and G90 sedans and the GV80 SUV.
Daewoo E&C Q3 net up 17.9% on decreased costs
(Daewoo E&C)Daewoo Engineering & Construction Co., a major South Korean construction company, said Thursday its third-quarter net profit rose 17.9 percent from a year earlier due to decreased costs. In the three months ending Sept. 30, Daewoo E&C posted a net profit of 56 billion won ($49 million), compared with a profit of 47.5 billion won a year earlier, the company said in a regulatory filing. The company said selling, general and administrative costs fell in the third quarter from a year earlier, which in turn improved its bottom line. The builder's operating profit declined 13.5 percent to 102.9 billion won in the third quarter. Sales fell 8.9 percent to 1.89 trillion won from 2.08 trillion won during the same period, it said.
[Newsmaker] Supreme Court confirms 17-year prison term for ex-President Lee Myung-bak in corruption case
NATIONALFormer South Korean President Lee Myung-bak (Yonhap)The Supreme Court on Thursday upheld a lower court ruling that sentenced former President Lee Myung-bak to 17 years in prison on embezzlement and bribery charges.In February, the appeals court sentenced him to 17 years in prison, a fine of 13 billion won ($10.9 million) and a forfeit of 5.7 billion won.The 78-year-old former president, who governed the country from 2008-2013, was charged in April 2018 with 16 counts of criminal allegations, including embezzlement in connection with the auto parts company DAS and receiving bribes.Lee will be imprisoned upon the highest court's ruling, after spending about eight months out of jail since he filed an injunction in February against the appeals court's decision to reject his bail request.
[Graphic News] S. Korea ranks highest in government digital capability among OECD countries
1 among 33 countries surveyed on the “Digital Government Index (DGI): 2019,” the first-ever report published by the OECD that measures the level of digitalization, efficiency and transparency of public sectors of 29 member countries and four non-member countries. A total of 33 countries were surveyed from 2018 to 2019 and data were not available for a few countries, including the United States, Australia, Switzerland, Hungary and Mexico. South Korea topped the list of overall results DGI 2019, with a composite score of 0.742 on a 1.0 point scale, followed by Britain at 0.736. The average composite score of 33 countries stood at 0.501. The overall score combines the results of six different dimensions - digital by design, data-driven public sector, government as a platform, open by default, user-driven and proactiveness.
BOK again extends special lending program amid pandemic
(Yonhap)The Bank of Korea (BOK) said Thursday it will again extend a special loan scheme for financial institutions by three months to help them stem a possible funding squeeze amid the coronavirus pandemic. The central bank said its decision-making monetary policy board decided to extend the special loan facility, originally set to expire on Nov. 3, until Feb. 3. In August, the BOK extended the special loan program by three months. The BOK launched the 10 trillion-won ($8.82 billion) lending program to permit banks, brokerages and insurers to take out loans from the central bank against collateral. The special lending facility is part of South Korea's measures to minimize the economic fallout of the COVID-19 pandemic on the local financial system.
[Monitor] Business sentiment improves on eased restrictions
Businesses in South Korea gave a slightly more optimistic outlook for November amid the COVID-19 pandemic as local consumption appeared to increase on eased social distancing measures, the Korea Economic Research Institute said.The business survey index came to 99.5 for next month, up from 84.6 for October. Figures below 100 mean pessimists outnumber optimists.The think tank said, however, that this doesn’t mean the economy is showing signs of recovering. Uncertainties remain ahead of the US presidential election and as COVID-19 infections continue to be reported, it said.
[Newsmaker] Supreme Court confirms 17-year prison term for ex-President Lee Myung-bak in corruption case
Former South Korean President Lee Myung-bak (Yonhap)The Supreme Court on Thursday upheld a lower court ruling that sentenced former President Lee Myung-bak to 17 years in prison on embezzlement and bribery charges. In February, the appeals court sentenced him to 17 years in prison, a fine of 13 billion won ($10.9 million) and a forfeit of 5.7 billion won. The 78-year-old former president, who governed the country from 2008-2013, was charged in April 2018 with 16 counts of criminal allegations, including embezzlement in connection with the auto parts company DAS and receiving bribes. Lee will be imprisoned upon the highest court's ruling, after spending about eight months out of jail since he filed an injunction in February against the appeals court's decision to reject his bail request.
Hong Kong’s role in annual Central Committee meeting has varied over the years, but much could hinge on what emerges from 2020 edition
A key Central Committee meeting that wraps on Thursday could lay out details of central government’s expectations for the city. Photo: Sun Yeung
Around 200 slum dwellings at Rangpuri in Mahipalpur razed by Delhi Police
By Manish GuptaNew Delhi [India], October 29 (ANI): Delhi Police demolished about 200 slum dwellings in the Israeli camp area of Rangpuri in Mahipalpur with a bulldozer on Wednesday night. About 800 to 1,000 people who lived in these slum dwellings became homeless today and now have to spend the winter in the streets. They said they have a letter given by Delhi chief minister Arvind Kejriwal under the Mukhymantri Aawas Yojana. A local leader from the slum, Ramlal said the police gave only 10 minutes' time before demolishing the dwellings. A woman named Rajni said there is no one else in her family to earn a livelihood.
Hy-Vee CEO tells employees he’s concerned about the tax policies of ‘some of the candidates’ this election cycle
2.2K SharesHy-Vee CEO Randy Edeker sent a video about the upcoming election to his company’s more than 245 stores, Iowa Capital Dispatch reported. I have some of the concerns about some of the policies that are being discussed by some of the candidates. Some of the tax policies would be very impactful to Hy-Vee. That’s just good business.”Potthoff suggested the video shouldn’t be viewed in relation to the election, but as a broader statement about public policies. The Hy-Vee Inc Employees Political Action Committee, which is largely funded by Edeker and other Hy-Vee executives, has contributed $30,000 to the Iowa Republican Party during this election cycle, and $10,000 to the Iowa Democratic Party.
IBD/TIPP Presidential Election Tracking Poll 2020
Until the 2020 election on Nov. 3, the IBD/TIPP Presidential Tracking Poll is posting daily results of the race for the White House between President Trump and former Vice President Joe Biden. Each day, the IBD/TIPP Presidential Tracking Poll data reflects a survey of 800-1,000 likely voters conducted over the prior five days. See the final results of 2016 election tracking poll, which was one of just two polls to predict Trump's surprise victory. Trump Vs. Biden: IBD/TIPP Daily Tracking Poll ResultsView Prior Day Results: Oct. 27 | Oct. 26 | Oct. 25 | Oct. 24 | Oct. 23 | Oct. 22 | Oct. 21 | Oct. 20 | Oct. 19 | Oct. 18 | Oct. 17 | Oct. 16 | Oct. 15 | Oct. 14 | Oct. 13 | Oct. 12IBD/TIPP Tracking Poll MethodologyOut of about 200 daily interviews, TIPP will conduct 80 via cellphone, 45 via landline and 75 online. YOU MIGHT ALSO LIKE:Trump Vs. Biden: The IBD/TIPP 2020 Election Presidential Tracking PollClinton Vs. Trump 2016 Election Tracking Poll: Final ResultsIBD/TIPP Presidential Leadership IndexIBD/TIPP Economic Optimism Index
More Than 20 Countries Are Reopening Schools. The US Should Take Note.
As Science magazine reports, over 20 countries reopened schools in June, and some, like Taiwan, Nicaragua, and Sweden, never closed them to begin with. That is why many countries, particularly in Europe, have at least partially reopened schools. Schools have reopened, and masks are no longer required because “officials observed little spread within schools.” Canada. Denmark was the first country in Europe to reopen schools, doing so on April 15. Finland reopened schools in May and have retained their standard class size, but have kept classes separated from each other and staggered reopening by age.
Florida took thousands of kids from families, then failed to keep them safe.
In 2016, two preschool girls said their Sarasota County foster father molested them. As caseloads rose, child welfare workers skipped home visits and parent training sessions because they could not keep up with required safety checks. About the series This is an ongoing investigative series about Florida’s child welfare system, which has taken an increasing number of kids into foster care without enough safe places to put them. Tasked with raising troubled kids, dealing with difficult relatives and navigating red tape, the majority of foster families in Florida have the best interests of children in mind. Florida’s child welfare system repeatedly risked children’s safety on foster parents with criminal records and abuse allegations, USA TODAY Network found.
John C. Calhoun: The Case for His Civic Damnation
A portrait of John C. Calhoun by George Peter Alexander Healy (1813–1894) (Wikimedia Commons)Another piece is published in defense of John C. Calhoun. Leary’s piece is the third that The American Conservative has published in defense of John C. Calhoun over the past few weeks. Doesn’t all of this mean that by the standards with which I’ve judged Calhoun, Buckley must also be written out of the conservative movement? Their excoriating rebuke of executive power provided the colonists with a frame of political reference and with recyclable moral rhetoric when the time for revolution came. The Founders’ thoughts on executive power were shaped far more by the dispute between Walpole and Bolingbroke than by Hanoverian kings.
Recording Could Be Hunter Biden Talking About Chinese Business Dealings
Recording purports to capture candidate’s son rambling about big Chinese business, disappearing partner, and a criminal trial. NRPLUS MEMBER ARTICLE I n a newly released recording, a man purported to be Hunter Biden is heard rambling about (a) his legal representation of Patrick Ho, a convicted former Hong Kong official he refers to as “the f***ing spy chief of China”; (b) his business dealings with Ye Jianming, the corrupt Chinese high roller, whom Hunter describes as “my partner, who is worth $323 billion … and is now missing”; and (c) his complaints about his “best friend in business, Devon” — presumably, Devon Archer, the now-convicted fraudster who was Hunter’s business partner — who had “named me as a witness without telling …
United Parcel Service: Growth and Dividends
Average daily volume growth of 13.5% fueled UPS’ growth last quarter, as did price increases. Shipping Dividends to ShareholdersUPS shareholders have benefited from the company’s impressive growth in recent years, both in terms of a rising share price, as well as dividends and regular dividend growth. Such strong cash generation allows the company to return cash to shareholders, through a combination of buybacks and dividends. And, UPS is a strong dividend growth stock. With a 2.5% yield and regular dividend increases each year, UPS stock is an attractive buy for dividend growth.
GE Posts Adjusted Profit, Surprising Wall Street
General Electric narrowed its losses in its third quarter as it trimmed expenses and managed to post an adjusted profit that surprised Wall Street. GE lost $1.19 billion, or 13 cents per share, for the three months ended Sept.30. A year earlier the Boston-based company lost $9.47 billion, or 15 cents per share. Earnings, adjusted for one-time costs and asset impairment costs, were 6 cents per share. For the year to date, it has reduced debt by $11.7 billion, including $8.1 billion in GE Industrial debt and $3.6 billion in GE Capital debt.
UPS Shares Sink Despite Healthy 3rd Quarter Profit
United Parcel Service Inc beat profit expectations on Wednesday, but shares sank 5.7% as investors fretted over a margin squeeze from pandemic-fueled e-commerce deliveries. Third-quarter average daily volume jumped 13.8% the key UPS domestic segment, which has been inundated with residential deliveries of everything from exercise equipment to snacks. Net income increased 11.8% to $1.96 billion, or $2.24 per share, during the quarter. Excluding items, UPS earned $2.28 per share, beating analysts' average estimate of $1.90 per share, according to Refinitiv data. Last month, UPS said it would hire more than 100,000 workers for the winter holiday season, which retailers started more than a month ahead of time to avoid overwhelming the delivery network.
US Auto Sales Surge as Demand Stays High
The pace of U.S. auto sales is expected to rise 3% in October, helped by a strong recovery in consumer demand and tighter inventories at dealerships, industry consultants J.D. Retail sales of new vehicles are estimated to reach about 1.2 million units in October, a 3% increase from a year ago when adjusted for selling days, the consultancies said. "Two consecutive months of year-over-year retail sales increases demonstrates that consumer demand is showing remarkable strength," said Thomas King, president of the data and analytics division at J.D. The consultancies also estimate the seasonally adjusted annualized sales pace for new vehicles in October to be about 15.9 million vehicles, down just 0.8 million units from 2019. LMC Automotive also expects total global light-vehicle sales for the year to be about 77 million units, a decline of 15% from 2019.
Virus Lockdown Fears Strike Global Markets, Euro
Global stocks and the euro tumbled on Wednesday as coronavirus infections rose in Europe and the United States, igniting fears of strict lockdowns that would damage already fragile economic recoveries. Investors were rattled by a media report that France might impose a national lockdown from midnight on Thursday. Concerns over a second wave of infections played out in currency and bond markets, too, with the euro slumping 0.6% against the dollar to $1.1736. Investors cautiously bet on his victory and possibly a "blue wave" outcome, where Democrats take back the Senate as well. The uncertainty was apparent in currency markets, too: One-week implied volatility indicators for the euro and the yen rose to their highest in nearly seven months.
New York Post Has Been Locked Out of Twitter for 2 Weeks
The New York Post is still locked out of its Twitter account for a second week, according to the Washington Examiner. Twitter has revoked NY Post account access for 2 weeks over it," Morris tweeted. "Today, right now, the New York Post is still blocked from tweeting, two weeks later," Cruz said. The New York Post has the fourth-highest circulation of any newspaper in America. The New York Post is over 200 years old.
Zimbabwe Cabinet Approves Proposal to Criminalize Protests
HARARE, Zimbabwe (AP) — Zimbabwe’s cabinet has approved proposed legislation that would make it a crime for activists to make “unsubstantiated claims” of human rights abuses, hold anti-government protests that could draw international attention or speak with foreign governments without state approval. The proposed changes to the law are expected to be approved by Zimbabwe's parliament, which is dominated by Mnangagwa's ruling ZANU-PF party. "NGOs have been instrumental in exposing human rights abuses and the government’s response is to criminalize their work,” said Vava. Mnangagwa and his officials recently accused non-governmental organizations of working with Zimbabwe's political opposition and foreign governments to try to topple his administration. He said anti-government protests and international sanctions are threats to his government.
Merkel: German Officials Agree to 4-week Partial Shutdown Closing Restaurants, Bars, Theaters, among Other Restrictions
BERLIN (AP) — Merkel: German officials agree to 4-week partial shutdown closing restaurants, bars, theaters, among other restrictions. © Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Fake Heiress Pleads With Strangers to Stop Visiting Her in Prison
Fake heiress Anna Sorokin is demanding that strangers stop visiting her in prison. "I am not making the same mistake of not checking the visitor’s identity again, and I won’t be accepting visits from names I don’t recognize." Sorokin added that visitors are wasting their time and "interfering with my sleeping schedule." she continued, urging her followers to send an email, letter, or DM on Instagram rather than show up unannounced. Sorokin was sentenced last year after she used the identity of German heiress Anna Delvey to scam boutique New York hotels and fashionable friends.
The Pandemic's Devastating Toll on Women
History shows that pandemics affect women more than men in several ways. According to TIME, two-thirds of restaurant workers who depend on tips for income are women and most do not have paid leave. This exodus from the workforce has set women back at least a generation, say experts, with the number working women down to levels not seen since 1988. Although more women than men are enrolled in medical and law schools, the gender pay gap still exists. These factors reverse years of gains women have made in the workplace and reduce the chances of “women breaking the glass ceiling and becoming future leaders in society,” according to NPR.
Boeing to Cut 30,000 Jobs by End of 2021
Boeing will cut more jobs as it continues to bleed money and lose revenue during a pandemic that has smothered demand for new airline planes. The company said Wednesday that it expects to cut its workforce to about 130,000 employees by the end of next year, down 30,000 from the start of this year. The company recently lowered its forecast of demand for new planes over the next decade by 11% because of the coronavirus pandemic. In the first nine months of the year, Boeing has delivered only 98 airline planes, compared with 301 during the same stretch of 2019. The company continues to forecast that regulators will let it resume deliveries of new Max jets before the year ends.
DOJ May Sue to Block Visa-Plaid Deal Over Antitrust Worries
Lawyers at the Justice Department's antitrust division who are investigating the takeover are worried the deal could allow Visa to acquire a potential competitor, said the people. With Plaid, Visa would gain access to 200 million consumer bank accounts and 2,600 financial technology apps. The department said the project's documents are an important part of its investigation to determine whether the Plaid deal will tend to increase Visa's market power. The Justice Department, Visa and Plaid declined to comment. The Wall Street Journal reported earlier on the department's concerns about the dealIn July, Visa acknowledged it needed more time to satisfy regulators' concerns.
Wall Street Has Given Biden $74 Million
Wall Street workers have given more than $74 million to support Democrat Joe Biden for president. CNBC cited data from the nonpartisan Center for Responsive Politics that showed Biden has deep-pocketed backers on Wall Street. Starting in 2019, Wall Street workers have spent big on Biden but have given President Donald Trump around $18 million for this election. Renaissance Technologies founder Jim Simons ($7 million). With the election less than a week away, Wall Street markets have plummeted over uncertainty fears.
S&P 500 Tumbles in Worst Stock Rout in Four Months
The Dow shed more than 900 points, while the S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in COVID-19 hospitalizations, especially in the Midwest. Energy shares sank with oil prices, and technology stocks were also among the worst performers, with Microsoft Corp. down after a disappointing forecast. The VIX Index, a measure of expected U.S. equity volatility, climbed to the highest level since June. Elsewhere, oil fell sharply on concern raging infections will sap demand. In China, indicators tracked by Bloomberg showed the recovery continued to display mixed signals while remaining broadly steady in October.
Gottlieb Warns US on Same Path as Europe With COVID
The United States is on the same path as Europe with its latest surge in coronavirus cases, and matters are just going to get worse as winter approaches, Dr. Scott Gottlieb said Wednesday. "We're about maybe three weeks behind Europe, maybe a month at the most," the former Food and Drug Administration commissioner under President Donald Trump said on CNBC's "Squawk Box." In the United States, the disease's spread is more diffuse, said Gottlieb. "For the most part, it's a little bad everywhere in the United States. It's not really, really bad anywhere with the exception of maybe Wisconsin, the Dakotas, Utah."
The Founders Believed in a National Economic Strategy
It also fails to appreciate higher realities of statecraft and one of America’s oldest strategies for political economy in the national interest. In fact, America has adapted trade to the national interest, and protectionism was the first and eventually dominant strategy of building economic power and independence. Ironically, the American economic strategy of rebuilding allies and opening our home market to their exports succeeded so well that West Germany and Japan by the 1970s were outcompeting American industry. But any foreign strategy must rest on a political coalition durable enough to provide statesmen a stable interpretation of the national interest. The ends of this strategy would be protection of economic sectors vital to the national interest, for the purpose of reshoring and rebuilding productive powers for national safety and independence when the next emergency or war comes.
Thursday's GDP report is expected to show record growth for a quarter — what it means
That figure might make growth seem stronger than it really was to many readers because of the way it expresses growth. The 30% to 35% growth rate represents not the quarter-to-quarter growth in economic output but rather the growth in economic activity that took place last quarter as occurring for a full year. The same growth, expressed as a month-over-month growth rate, would be about 7%. Economic growth in the third quarter would have to increase 53.3% at an annual rate to return to activity experienced in the fourth quarter of 2019. It would have to skyrocket 63.7% at an annual rate to return economic growth to levels seen this year before the pandemic hit the country.
Fauci says US may not return to 'normal' until end of 2021
Dr. Anthony Fauci predicts the United States will not make a return to normalcy for at least another year. “I think it will be easily by the end of 2021 and perhaps even into the next year before we start having some semblances of normality," Fauci said. "I think one of the things that will be clear is that our sensitivity to the potential, devastating effects of a pandemic will be extraordinarily heightened," Fauci continued. Fauci told the public that if they want to go to the theater to watch a movie in 2021, they should expect to wear a mask. More than 8,781,000 million in the U.S. have contracted the coronavirus, according to the latest reading from Johns Hopkins University.
France reimposes nationwide restrictions to stem surge of pandemic
France will impose sweeping restrictions for a second time to stem the coronavirus pandemic. All nonessential businesses, such as retail stores and restaurants, will close with financial assistance from the government. The newly enacted restrictions are part of the government’s plan to avoid hospital overflow. France has so far confirmed more than 1.1 million cases and 35,400 deaths. German Chancellor Angela Merkel reinstated coronavirus restrictions earlier Wednesday, which will shut down bars and restaurants and ban large events.
New bipartisan bill would have workers automatically enrolled in 401(k)s
The leading tax writers in the House introduced legislation Tuesday that would require that workers are automatically enrolled in retirement investment plans offered by their employers. The bill will "enable more workers to begin saving earlier — and saving more — for their futures," said Neal. Under the legislation, workers would be automatically enrolled in retirement plans, like 401(k)s, that are established after 2021. The bill’s introduction comes as 40% of retired Americans rely solely on Social Security in retirement, according to a January report by the National Institute of Retirement Security. The report concludes that without a retirement plan beyond Social Security, many retirees would fall into poverty.
Consumer confidence fell in October as outlook for jobs recovery worsens
Consumer confidence decreased in October, the Conference Board announced on Tuesday, as households saw the jobs recovery from the pandemic slowing. The consumer confidence numbers are indexed to 1985, and a number at 100 or above signals that confidence is strong. “Expectations declined, driven primarily by a softening in the short-term outlook for jobs,” Franco said. Franco’s assessment is based on consumers’ short-term outlook for income, business, and labor market conditions. Over 780,000 workers claimed unemployment benefits for the week ending Oct. 17, about four times the pre-pandemic level.
Weekly coronavirus infections reach an all-time high
The United States has reported record-high cases over the past week, while hospitalization rates climbed. The rolling average of new cases confirmed each day hit an all-time high at more than 70,000, according to Johns Hopkins University data . All nonessential businesses, such as retail stores and restaurants, will close with financial assistance from the government. German Chancellor Angela Merkel reinstated coronavirus restrictions to last through November as new coronavirus cases grow by the thousands each day. Next year’s Boston Marathon, scheduled for the third Monday in April, has been postponed due to concerns about the coronavirus.
The Spectator Australia
It was only an hour or so after last week’s Senate Estimates heard of Australia Post’s Cartier watches rewards to four executives for pulling-off a $66-million revenue-boosting deal. But they deviously ignored Holgate’s response to Senate Estimates that ‘We have not used taxpayers’ money; we do not receive government funding’. To pretend that $20,000 of Australia Post’s $7 billion commercial operating costs in the pursuit of profit (including rewarding employees) can be separated out as involving ‘the use of taxpayers’ money’ is farcical. In Senate Estimates Australia Post revealed there were about 4.6 million parcels that it ‘could not otherwise have delivered’ without the temporary relaxation of service standards, which do not expire until June 30 next year. And the hypocrisy of the attack on rewards for outstanding performance is demonstrated by their existence within the government’s bureaucracy – and that really is taxpayers’ money.
The eurozone is in deep trouble
In France, the benchmark CAC-40 is down by 3.3 per cent – heading toward the low points seen in the spring. Europe is at the epicentre of the second wave, and winter has only just started. France, the zone’s second largest economy, is going the same way, while Spain, its fourth largest, is already there. But the eurozone is going to take the hardest hit of all. They are simply reflecting the grim reality – the eurozone is in deep trouble.
The property hot spots worth leaving London for
OxfordOxford has long been a big draw for London exiles, with house prices rising almost as quickly as the capital. And that’s before we get to the nearby beauty spots of the Cotswolds, Chiltern Hills and North Wessex Down. Prices start from £305,000 with Help to Buy available. Prices start from £220,000 with Help to Buy available. Apartments start from £180,000 with Help to Buy available.
The eurozone is in deep trouble
In France, the benchmark CAC-40 is down by 3.3 per cent – heading toward the low points seen in the spring. Europe is at the epicentre of the second wave, and winter has only just started. France, the zone’s second largest economy, is going the same way, while Spain, its fourth largest, is already there. But the eurozone is going to take the hardest hit of all. They are simply reflecting the grim reality – the eurozone is in deep trouble.
Toyota Recalling 5.84 Million Vehicles for Fuel Pump Issue
(Jorge Silva/Reuters)Toyota Recalling 5.84 Million Vehicles for Fuel Pump IssueToyota Motor Corp said Wednesday it has expanded a worldwide fuel pump recall to a total of 5.84 million vehicles for a defect that could cause the part to fail. The largest Japanese automaker said Wednesday it was adding another 1.52 million U.S. vehicles to the recall that was first announced in January and covers numerous models built between July 2017 through September. Toyota said the vehicles have a fuel pump that may stop operating and could result in a vehicle stall, and the vehicle may be unable to be restarted. Dealers will replace the fuel pump with an improved version. The recall covers vehicles including the 2013-2015 Lexus LS 460 and GS 350, 2017-2019 Toyota Highlander and 2017-2020 Toyota Sienna and Lexus RX 350 and 2018-2020 Toyota Avalon, Camry, Corolla, Sequoia, Tacoma, Tundra as well as the 2019-2020 Toyota RAV4.
Australia Post Licensees Throw Support Behind Troubled CEO
A woman posts mail via an Express Post box located on Oxford st outside the Darlinghurst Post Office on May 7, 2014 in Sydney, Australia. In 2018, Commonwealth Bank, National Australia Bank, and Westpac agreed to pay Australia Post millions of dollars to allow customers to do their banking at post offices (the Bank@Post service). An express post envelope displayed inside Darlinghurst post office on May 7, 2014 in Sydney, Australia. Cramp said the deal with the banks generated $50 million in profit for Australia Post. “We are the shareholders of Australia Post on behalf of the Australian people,” he continued.
Innovation Minister Defends ‘Superclusters’ Following Critical Report
Minister of Innovation, Science and Economic Development Navdeep Bains leaves on the third and final day of the Liberal cabinet retreat in Ottawa, on Sept. 16, 2020. (The Canadian Press/Sean Kilpatrick)Innovation Minister Defends ‘Superclusters’ Following Critical ReportOTTAWA—Innovation Minister Navdeep Bains is seeking to pump enthusiasm back into the government’s “supercluster” program following a report from the parliamentary spending watchdog that says the effort is falling short on its promise. Bains says Canada’s superclusters, which fuse public and private money to promote innovation, are succeeding in commercializing ideas and creating middle-class jobs. But Bains is also stressing the program’s potential over a 5-to-10-year timeline following a performance that has failed to to live up to expectations so far. The watchdog’s concerns come on top of criticism from the Council of Canadian Innovators, which argues the superclusters fail to retain intellectual property developed through public funding.
RBA Expects GDP Rebound in September Quarter, yet an Unpredictable Recovery
The RBA is expecting Australia’s economy for the September quarter to get back to positive track after entering into the first recession in 29 years in the June quarter. (Torsten Blackwood/AFP/Getty Images)RBA Expects GDP Rebound in September Quarter, yet an Unpredictable RecoveryThe Reserve Bank of Australia (RBA) expects the national economy to get back on track, following its contractions in the March and June quarters. Economic Recovery to be UnpredictableDespite the optimistic estimate for growth in the Sept. quarter, Debelle revealed that challenges in forecasting at the moment were enormous. RBA assistant governor Michele Bullock also tempered the outlook of recovery in her Oct. 27 speech entitled ‘Financial Stability in Uncertain Time’, in which she explained that the economic recovery would be unpredictable and uneven. “With a very uncertain economic recovery, this raises issues about the resilience of businesses and households and ultimately about the credit quality of banks’ assets,” she said.
Republican Senators Question College Board Over Alleged Ties With Chinese Government
Republican Senators Question College Board Over Alleged Ties With Chinese GovernmentA group of seven Republican senators are demanding that the College Board explain its role in the Chinese Communist Party’s (CCP) propaganda campaign aimed at the United States’ primary education system. According to the NAS report, the College Board has worked with Hanban since at least 2003 to develop the Advanced Placement (AP) Chinese Language and Culture exam, which remains one of the most popular AP programs in foreign languages. The NAS report further alleged that College Board also helped Hanban set up 15 CI classrooms and place some 1,650 government-approved Chinese language teachers in high schools across the country, in exchange for $700,000 funding from the Chinese government. “We are concerned that the PRC exploits its partnership with College Board to stifle conversation that might undermine the reputation of the CCP,” the senators wrote, requesting more information about the Chinese government’s alleged involvement in the AP Chinese exams, the “oversight practices” the College Board implemented under foreign influence, and the alleged financial ties between the College Board and Chinese government-backed entities. Most of them also sponsored the Transparency for Confucius Institutes Act, a proposed legislation that would require program participation agreements between Confucius Institutes and U.S. schools that house them to address the ways that Beijing exerts inappropriate influence.
Coffee Shop That Never Closed In 50 Years
Coffee Shop That Never Closed In 50 YearsWhat is the secret behind this unique coffee shop that they have never closed even a single day?
The Case of the Frugal Florist
The Case of the Frugal FloristDear Mary: I offered to do flower arrangements for a very small family wedding. I do not know how to say my wedding gift is completed but the cost of flowers is not. I suggest that you open a savings account as soon as possible to put some space between you and the stash. An online savings account is a great idea, because you will earn the highest rate of interest without any minimum deposits or balance requirements. As her son, am I now responsible for this credit card debt because she has passed away?
Loose US Monetary Policy ‘Undermines the Value of Money,’ GOP Congressman Says
He added that easy money policies effectively lock “mainstream, everyday Americans out of that access, unless they happen to have their net worth tied up in marketable securities in large funds. “The bottom line is that the Federal Reserve, enabled by Congress, is printing money and it undermines the value of your money,” he said. “If you’ve got your wealth in cash, that cash is being destroyed by printed money,” which he called a “hidden tax.”Davidson said the solution is to “work toward sound money,” by way of a monetary system that addresses current deficits. “You can’t inflate your way out of this,” he said, referring to the notion that the effects of massive deficits and public debt can be overcome by printing money. Besides undermining the value of money as a store of wealth, loose monetary policies also put pressure on profits for banks and other institutions.
Pompeo Says China Has Brought Bad Deals and Lawlessness to Sri Lanka
U.S. Secretary of State Mike Pompeo and Sri Lankan Foreign Minister Dinesh Gunawardena stand for photographs before their meeting in Colombo, Sri Lanka, Oct. 28, 2020. Gunawardena said at the joint press conference, ”Sri Lanka is a neutral, non-aligned country committed to peace. U.S. Secretary of State Mike Pompeo greets Sri Lankan President Gotabaya Rajapksa before their meeting in Colombo, Sri Lanka, Wednesday, Oct. 28, 2020. A general view of the port facility at Hambantota, Sri Lanka, on Feb. 10, 2015. “The United States is Sri Lanka’s single largest export market and Sri Lanka’s largest trading partner,” the statement said.
Pompeo Says AES of US, PetroVietnam to Sign $2.8 Billion LNG Deal
(Eranga Jayawardena)Pompeo Says AES of US, PetroVietnam to Sign $2.8 Billion LNG DealHANOI—The U.S. energy firm AES and PetroVietnam plan to soon sign an agreement on a $2.8 billion liquefied natural gas project, U.S. Secretary of State Mike Pompeo said Wednesday. Arlington, Virginia-based AES Corp. and its Vietnamese partners have been gradually ramping up efforts to develop a hub for importing LNG from the United States over the past several years. The United States, its biggest trading partner, is keen to increase exports to the country to help rebalance its trade deficit, which was nearly $55 billion in 2019. The United States has been seeking to increase American investments in Asian energy, infrastructure, and telecoms and has nearly 60 potential projects worth $185 billion, Pompeo said without giving details. Delta Offshore Energy and a consortium that includes Bechtel Infrastructure, GE Power, and other companies also recently announced plans for a $4 billion LNG to power project in southern Vietnam’s Bac Lieu province.
Nationwide lockdown imposed in France as second coronavirus wave hits
French President Emmanuel Macron announced Wednesday that the country would move into another nationwide lockdown to prevent the spread of coronavirus as a second wave of the virus has cut rapidly across the nation, a report said. The lockdown, which will go into effect Friday, will last until at least the end of November, the BBC reported. Non-essential businesses will all be shuttered, but schools, and factories will remain open, according to the report. Macron said in a televised appearance that the country needed to “brutally apply the brakes” to stop the spread of the virus. In Germany, Chancellor Angela Merkel announced a partial lockdown Wednesday that would allow shops and schools to remain open, but force other non-essential businesses to close.
World Series champion Dodgers lost nearly $125M this season
The Los Angeles Dodgers just won the World Series — but they also just lost a bunch of dough. In a Tuesday interview with CNBC, Dodgers chief executive Stan Kasten admitted that the team’s revenue plunged by more than $100 million this season. The source added that if MLB had canceled the 2020 season, the Dodgers would have lost a lot less. The Dodgers average ticket price was $43 compared with the Yankees price of $65, Forbes said. That’s in line with the average MLB team, which takes in another 40 percent from media rights (national and local), and the rest from sponsorship and suite deals, a sports banker said.
Michigan couple swiped millions in COVID aid, splurged on jewelry and clothes
A Michigan couple conspired in an unemployment scheme worth $2.5 million in COVID-19 aid and bragged about buying fancy cars, jewelry and designer clothes on Instagram, prosecutors said Tuesday. The couple filed the fraudulent unemployment claims online and let Hawkins, 39, know so she could use her “insider access” to release the payments, prosecutors allege. In one Instagram post, Richardson bragged about how he bought Taylor a Mercedes for her birthday. “BABY YOU DESERVE EVERYTHING I GOT THE BIG HOUSE YOU WANTED AND THE CAR AND THE JEWELRY,” Richardson wrote in the Instagram post. The couple has been charged with wire fraud and each face up to 20 years in prison.
ABC News taps Galen Gordon to replace ousted Barbara Fedida
Click to email this to a friend (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)ABC News has named the replacement for ousted exec Barbara Fedida. Fedida was dramatically booted from her role as senior vice president for talent and development in July after an investigation showed that she made racially insensitive comments on the job, including some about “Good Morning America’s” Robin Roberts. On Wednesday, ABC News president James Goldston said in a memo, seen by Page Six, that Galen Gordon will take the job starting in November. He said Gordon would help to “build a truly representative and inclusive culture” at the network.
Joe Rogan, Spotify slammed for Alex Jones interview after Infowars publisher appears on podcast
Joe Rogan faced backlash for having Alex Jones on his podcast Tuesday and providing the controversial Infowars publisher with access to audiences he is otherwise denied by online platforms. The latest episode of the wildly popular “Joe Rogan Experience” includes a lengthy discussion with Mr. Jones, a conservative media personality notorious for promoting bogus conspiracy theories. The audio streaming giant accordingly faced criticism from Spotify users for providing a platform for Mr. Jones in the form of the more than three-hour-long discussion released by Mr. Rogan. “Alex Jones posted death threats against me,” she tweeted. Both of those interviews were among dozens omitted from Spotify when the “Joe Rogan Experience” began migrating to the streaming service in September, however, while the latest has been posted.
Stocks tumble amid virus fears, new lockdowns in Europe
Stocks are sinking as coronavirus cases rise, with airlines and cruise lines hit by fears of a resurgence and new restrictions on how people travel, shop and live in U.S. cities and in Europe, where France and Germany announced sweeping closures Wednesday. Wednesday’s drop also reflected trends in Europe, where French President Emmanuel Macron announced another nationwide lockdown. “We are at another critical point in the pandemic response,” Adm. Brett Giroir, an assistant health secretary and coronavirus testing czar, said Wednesday on NBC’s “Today” show. He also said the rise in coronavirus cases is “not just a function of testing,” diverting from President Trump’s campaign rhetoric. “Next year, it will be the greatest economic year in the history of our country,” he told supporters in Arizona.
General Motors returns to battlefield with new Army infantry vehicle
GM Defense, a subsidiary of General Motors, this week delivered its first Infantry Squad Vehicle (ISV) to the U.S. Army, marking a major milestone for the company in its revived partnership with the Pentagon. It’s the first major vehicle delivery since GM Defense was reestablished in 2017, the company said. It is able to transport nine soldiers and their equipment, and about 90% of the vehicle is made of commercial off-the-shelf parts. “The value we bring to our Army customer is our willingness to listen and adapt,” Mark Dickens, GM Defense chief engineer, said in a statement. The company’s GM Defense brand was sold to leading Pentagon contractor General Dynamics in 2003 for about $1.1 billion.
White House adviser Stephen Miller says Biden would be child smugglers' 'best friend'
One of President Trump’s top advisers on immigration said Wednesday that Democrat Joseph R. Biden would be the “best friend” of child smugglers if he’s elected president, predicting that Mr. Biden would reverse the president’s crackdown on human trafficking. “Joe Biden would be the best friend that child smugglers and child traffickers have ever had in the White House,” said Stephen Miller, a top White House aide who said he was speaking in his capacity as a campaign adviser. “It would be the largest gift to traffickers, smugglers and coyotes that you could ever possibly conceive.”The Biden campaign did not immediately return a request for comment. Mr. Miller said border towns in Arizona, where the president is campaigning on Wednesday, and other border states would be “overwhelmed by the unprecedented influx of people” under the Democrat’s policies. “None of those people will ever be removed from the country,” Mr. Miller said.
U.S. Auto Sales Jump 3% Higher as Demand Soars
Americans are buying cars and trucks at much faster pace than a year ago, suggesting that the surge in single-family home buying is spilling over into auto sales. Power and LMC Automotive said Wednesday that their estimate was for sales in October to be three percent higher than a year ago. “Two consecutive months of year-over-year retail sales increases demonstrates that consumer demand is showing remarkable strength,” Thomas King, president of the data and analytics division at J.D. These factors have more than offset those that might depress demand, such as an increase in working from home. “Looking ahead to November, progress in relieving inventory constraints, coupled with the strong underlying consumer demand means that the strong sales pace will persist,” J.D.
Dow Falls Over 900 Points as Coronavirus Cases Surge and Lockdowns Loom
U.S. stocks sold off for a third consecutive day on Wednesday, as surging coronavirus cases gave rise to new lockdowns in the U.S. and Europe. The Dow Jones Industrial Average fell 943 points, a 3.43 percent Decline. The S&P 500 declined 3.53 percent. The Russell 2000 index of smaller companies fell 2.97 percent. All 11 sectors of the S&P 500 fell by 2 percent or more.
Brazil's Jair Bolsonaro Rejects Mandatory Vaccination
The governor of Sao Paulo, Joao Doria — a Bolsonaro rival — ordered the importing of Chinese vaccine candidates made by the firm Sinovac this month, prompting Bolsonaro to interject and cancel the orders. Bolsonaro affirmed that, so long as he is president, Brazil will not administer experimental Chinese vaccine candidates. Bolsonaro’s comments on Monday echoed sentiments shared over the weekend, following his declarations on the Sinovac vaccine candidate specifically. The newspaper noted also that Bolsonaro’s executive order on the Chinese coronavirus, signed in February, allows for mandatory vaccinations. The poll also found that supporters of the Bolsonaro administration were much more likely not to accept a Chinese vaccine.
Pompeo brings anti-China roadshow to Indian Ocean islands
U.S. Secretary of State Mike Pompeo is bringing the Trump administration’s anti-China campaign to Indian Ocean islands considered particularly at risk for what American officials allege is Chinese exploitationPompeo brings anti-China roadshow to Indian Ocean islandsBy MATTHEW LEEAP Diplomatic WriterThe Associated PressMALE, MaldivesMALE, Maldives (AP) — U.S. Secretary of State Mike Pompeo on Wednesday brought the Trump administration’s anti-China campaign to two Indian Ocean island nations considered particularly at risk for what American officials allege is Chinese exploitation. Pompeo visited Sri Lanka and the Maldives to press the two countries to be on guard against potential predatory lending and investment by China. Even before Pompeo arrived, China had fired back at the U.S. message, accusing Washington of bullying smaller nations. Pompeo, who will also visit Indonesia, will press each country to push back against increasing Chinese assertiveness in the Indo-Pacific. “Sri Lanka is a neutral, non-aligned country committed to peace,” he said.
Mansour: Biden’s Energy Policies Could Kill 160,000 Michigan Jobs, Decimate Auto Manufacturing, and Create California-Style Rolling Blackouts
In fact, Michigan’s burgeoning natural gas industry has become a vitally important sector of the state’s economy. Biden’s “transition” from natural gas could give Michigan California-style rolling blackouts at California prices. Banning or phasing out fracking would decimate natural gas production and increase energy costs for Michigan households. Nearly 75 percent of homes in Michigan are heated with natural gas, and the cold weather state is among the top five in the U.S. for natural gas usage. That’s why auto workers earn such good wages: It’s not easy to engineer a controlled explosion under the hood of a car.
CNBC’s Cramer Decries No Stimulus Deal — Future COVID Lockdown Has Everyone ‘Fearful’ of Investing
Wednesday on CNBC’s “Squawk Box,” network anchor Jim Cramer voiced his concern over potential lockdowns in response to a recent uptick in coronavirus cases. Cramer said it is a “shame” Congress has not reached a deal on additional stimulus because lockdowns could provide a major blow to the market. “I just think that there’s going to be a call for lockdowns the likes of which we’ve seen in Chicago,” Cramer said. And it’s a shame, too, because I think that with stimulus, we’d be very tempted to own some of these stocks,” he added. “But right now, I think everyone’s just fearful.”Cramer went on to predict Congress will be forced to act on additional stimulus by Inauguration Day.
The Biden 5: Breakdown of One of America's Most Corrupt Families
The Biden Five is composed of Joe Biden’s son, Hunter Biden; his younger brothers Frank Biden and James Biden, his sister Valerie Biden, and his daughter Ashley Biden. Schweizer explained, “Before Joe Biden becomes vice president of the United States, Hunter is a lobbyist for online gambling companies in Europe. A recent report from the Daily Mail suggests the procurement of political favors from Joe Biden via Hunter Biden by Yelena Baturina, a Russian oligarch who wired $3.5 million to Rosemont Seneca, a private investment firm co-owned by Hunter Biden. “[Hunter Biden] was getting a million dollars a year from a corrupt Ukrainian energy company,” Schweizer stated. Hillstone International’s company profile of James Biden touted his familial connection to Joe Biden as a professional attribute.
Brazil Becomes Third-Largest Provider of Oil to China
September saw Brazil become the third-largest provider of oil to communist China for 2020 so far, according to data the Chinese Customs Administration revealed this week. The data show total exports from Brazil to China last month were 4.49 million tonnes, equivalent to an average of 1.1 million barrels per day (BPD). This is a more than 30-percent increase compared with September 2019, when the figure was around 2.96 million tonnes and 723,000 BPD. The total exports from January to September this year amounted to 33.69 million, equivalent to around 915,000 BPD. The rise in shipments means that China now represents more than 70 percent of Brazil’s total oil exports, which remain a vital part of the country’s economy.
Media Fail to Ask Joe Biden About Secret Family Business Deal with Chinese Company
Journalists failed to ask Vice President Joe Biden Wednesday about the latest revelations that he met with businessman Tony Bobulinksi to discuss a business deal between a Chinese energy company and members of his family, including his son, Hunter Biden. In a brief press availability in Wilmington, Delaware, Biden took questions from a gaggle of reporters. It happened… Joe Biden actually took questions from reporters… and not a single one asked him about the allegations of criminal activity against his family. Bobulinski confirmed that Joe Biden was to have received a 10% stake in the new joint venture, to be held by Hunter Biden. The deal fell through — but $5 million still found its way to an account controlled by Hunter Biden, Bobulinski confirmed.
Pompeo in Sri Lanka: China Operating as a Regional ‘Predator’
U.S. Secretary of State Mike Pompeo slammed China for operating as a regional “predator” during an official visit to the Indian Ocean island of Sri Lanka on Wednesday. pic.twitter.com/9Od8xsUphb — Chinese Embassy in Sri Lanka (@ChinaEmbSL) October 28, 2020Sri Lankan President Gotabaya Rajapaksa met with Pompeo during his visit to Colombo on Wednesday. President Rajapaksa said he welcomed more U.S. investment in Sri Lanka during the meeting, according to an official press release from Rajapaksa’s office. After defaulting on BRI loans to Chinese firms, Sri Lanka formally surrendered Hambantota Port to Beijing on a 99-year lease; observers say the deal seriously threatens the island nation’s sovereignty. The top U.S. diplomat is scheduled to visit India, Sri Lanka, the Maldives, and Indonesia.
Small biz owners, take advantage of targeted marketing to reach your audience
And what he didn’t know, Facebook did (no surprise there.) The Facebook and Google advertising platforms helped my chiropractor friend refine his target market even more. Your audience can be as specific or as broad as you prefer, but just remember – the more people you reach, the more you pay. And as an added benefit, you won't be just any revolutionary, you'll be a revolutionary that breaks the bank. Steve Strauss is an attorney, speaker and the author of 17 books, including "The Small Business Bible."
The Problems with Prop 24 and California's Internet Privacy Law - The New York Times
Adding to the intrigue, two members of the team who helped write the privacy law are now on opposing sides of the Prop 24 fight. Prop 24 helps solve the enforcement piece of the privacy law with the creation of a stand-alone agency, initially funded with $10 million, to issue fines or citations to companies that abuse consumers’ data and pursue penalties over violations. City and district attorneys also would also be newly enabled to sue companies over violations under Prop 24, said Jim Steyer, head of Common Sense Media. Current law entitles Californians to demand companies turn over the personal data they collect about them and to halt the sale of that information. Prop 24 would broaden what data can be and how it could be used, particularly sensitive details such as race, sexual orientation and location.
China’s US patsies, from Antifa to the NBA
Regrettably, far too many of the American media outlets are helping to advance this toxic narrative. In doing so, they serve as what Soviet leader Vladimir Lenin called “useful idiots,” only for the CCP. Yet increasingly, it is likewise taken as a given that highly partisan American media are likewise propagandists. The American media aren’t the only useful idiots promoting Communist China’s agenda, of course. The most dangerous useful idiots for the CCP may well be the anarchists, agitators and looters now regularly crossing state lines to invade our Democratic-run cities.
Court rejects Uber drivers’ bid to bar app from pushing political message on employment status
Uber, Lyft and delivery companies such as DoorDash and Instacart have vigorously fought against the law, mounting a $200 million Prop 22 campaign to maintain drivers’ status. The plaintiffs had argued that Uber’s in-app messaging urging drivers to support Prop 22 constituted illegal political coercion. The plaintiffs had also taken issue with the validity of Uber’s survey data claiming the vast majority of drivers support Prop 22. Another minor win, he said, was Uber’s pledge to the court that it would not retaliate against drivers who do not support Prop 22. ADBut Uber argued successfully in court that it could not be forced to pass that message on to drivers directly.
Cadillac Super Cruise beats Tesla Autopilot in Consumer Reports test
Cadillac has topped Tesla for the second time running in a Consumer Reports test of highway driving assistance systems. The organization evaluated the highway lane-keeping and adaptive cruise control capabilities of 17 different systems and Cadillac’s Super Cruise was the clear winner with 69 points to Tesla Autopilot’s 57, with the Ford/Lincoln Co-Pilot360 system finishing third with 52. Cadillac had previously finished first in a 2018 test of six systems. Cadillac explicitly advertises Super Cruise as a hands-off feature while others note that a driver must keep their hands on the wheel. Consumer Reports tested Super Cruise in the discontinued CT6 sedan, but it will be rolled out to 22 General Motors products in the next three years, including the 2021 Cadillac Escalade, 2022 Chevrolet Bolt EUV and 2022 GMC HUMMER EV.
Cramer's lightning round: Start a position in DexCom
Cramer's lightning round: Start a position in DexCom"Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.
UPS CEO on strategies to improve customer experience, returns on investments
UPS CEO on strategies to improve customer experience, returns on investmentsUPS CEO Carol Tomé joined Jim Cramer on "Mad Money" to discuss her vision for the shipping giant and to give her outlook for the fourth quarter.
SoFi CEO on investing patterns, crypto assets and plans to offer a new credit card
SoFi CEO on investing patterns, crypto assets and plans to offer a new credit cardOnline personal finance company SoFi CEO Anthony Noto reports an large uptick in fractional trading, says cryptocurrency is a risky asset worth considering and explains plans to launch a new credit card in a "Mad Money" interview.
Wall St. is freaking out over the word 'lockdown': Pisani
Wall St. is freaking out over the word 'lockdown': PisaniCNBC's Bob Pisani reports on coronavirus fears hitting Wall Street and why the market is reacting to the word lockdown, which is being discussed in some European countries.
SoFi CEO discusses debt-paydown feature of soon-to-launch credit card
SoFi CEO discusses debt-paydown feature of soon-to-launch credit card"We're trying to help people get their money right," private online personal finance company SoFi CEO Anthony Noto told CNBC's Jim Cramer about the new endeavor.
Shares in Australia lead losses as Asia-Pacific markets slip following overnight Wall Street plunge
Covid-19 spread in the WestJapan retail sales falls on-year in SeptemberJapan's retail sales fell 8.7% in September as compared to a year earlier, according to the Ministry of Economy, Trade and Industry's Preliminary Report on the Current Survey of Commerce released Thursday. That compared against a median market forecast for a 7.7% decline, according to Reuters. Following the data release, the Japanese yen traded at 104.32 per dollar, having strengthened from levels above 104.8 against the greenback earlier this week. The Bank of Japan is also set to announce its interest rate decision and release its outlook report on Thursday. Currencies and oil
Exxon Mobil to keep dividend flat for first time since 1982
HOUSTON (Reuters) - Exxon Mobil Corp XOM.N on Wednesday kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that the U.S. oil producer has not raised its shareholder payout. REUTERS/Toru Hanai/File PhotoThe largest U.S. oil producer by volume was caught off guard by the sharp decline in energy prices and demand this year. The decision to retain the quarterly dividend could indicate it expects margin improvements from cost-cutting will allow it to continue making the hefty payout. Even with U.S. oil prices trading around $45 per barrel, the dividend would deplete the company’s cash balance by the end of 2021, he said. Four years ago, Exxon stopped buying back its own shares, giving greater prominence to the dividend, which reached $14.7 billion last year.
Exxon Mobil keeps quarterly dividend flat for first time since 1982
REUTERS/Toru Hanai/File PhotoHOUSTON (Reuters) - Exxon Mobil Corp XOM.N on Wednesday kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that the U.S. oil producer has not raised its shareholder payout. At $3.48 per share, the annual dividend is equal to 10.6% of its share price. Any dividend yield above 10% is considered onerous for a company’s finances. Four years ago, the oil producer stopped buying back its own shares, giving greater prominence to the dividend, which reached $14.7 billion last year. Exxon shares traded at $31.57 on Wednesday, down 3.8%, and at the lowest point in more than two decades.
United Microelectronics to pay $60 million fine for trade secret theft: U.S. Justice Department
WASHINGTON (Reuters) - United Microelectronics Corp pleaded guilty to criminal trade secret theft charges and will pay a $60 million fine in exchange for cooperating with the U.S. government’s prosecution of China’s Fujian Jinhua Integrated Circuit Co., Ltd., the Justice Department said on Wednesday. More than two years ago, the company, along with Fujian and three individuals, was indicted for conspiracy to steal, convey, and possess stolen trade secrets of U.S. semiconductor company Micron Technology Inc, according to the Justice Department. The United States alleges Fujian, a state-owned enterprise, used those secrets to adjust designs for memory chips.
Pandemic prompts tumult in UK commercial property - RICS
LONDON (Reuters) - Demand for British retail and office space contracted sharply during the third quarter and the outlook for the year ahead has worsened as working and shopping patterns change during the COVID-19 pandemic, a survey showed on Thursday. FILE PHOTO: A person on a bicycle rides past houses on a street early in the morning in Islington, London, Britain, June 22, 2020. REUTERS/Simon NewmanThe Royal Institution of Chartered Surveyors said 78% of chartered surveyors viewed the commercial property market as being in a downturn, up a little from 76% in the second quarter. Firms in the real estate, hospitality, retail and construction sectors were struggling, Begbies Traynor said. RICS said expectations of a fall in rents for prime office and retail space were the most widespread since records started in 2014, and demand for hotels and student housing was also weak.
Suncor Energy posts quarterly loss as oil prices slump on lower demand
FILE PHOTO: Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott(Reuters) - Canadian oil and gas producer Suncor Energy Inc SU.TO posted a quarterly loss on Wednesday, hammered by a steep decline in oil prices as pandemic-led travel restrictions crushed fuel demand. Canada’s second-biggest oil company also said it would accelerate previously announced workforce reductions of up to 15% over the next 18 months, as it looks to reign in spending. The pandemic-driven crash in global crude prices has heavily impacted North American oil and gas companies, forcing them to undertake extensive measures, including costs and production cuts, dividend suspensions and some projects deferral, to stay afloat. Suncor said it produced 616,200 barrels of oil equivalent per day (boepd) in the quarter, down from 762,300 boepd in the year-ago quarter.
Surge in coronavirus cases set to shake Asian markets
(Reuters) - Asian stocks were set to join a global sell-off on Thursday as worries about surging coronavirus cases in Europe and the United States sent investors scrambling for safe-haven assets. REUTERS/Stoyan NenovAustralia’s ASX 200 fell 1.73% in early trade, while Hong Kong’s Hang Seng index futures were off 0.8%. Surging coronavirus cases in the United States and Europe were a growing concern as French and German leaders announced new lockdown measures to combat rising infections. Wall Street’s “fear gauge” is on pace for its biggest weekly jump since March, when the pandemic took off in the United States. Brent futures fell $2.08, or 5.1%, to settle at $39.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.18, or 5.5%, to $37.39.
Surge in coronavirus cases set to shake Asian markets
(Reuters) - Asian stocks were set to join a global sell-off on Thursday as worries about surging coronavirus cases in Europe and the United States sent investors scrambling for safe-haven assets. REUTERS/Stoyan NenovAustralia's ASX 200 .AXJO fell 1.73% in early trade, while Hong Kong's Hang Seng index futures .HSI.HSIc1 were off 0.8%. Surging coronavirus cases in the United States and Europe were a growing concern as French and German leaders announced new lockdown measures to combat rising infections. Wall Street's "fear gauge" is on pace for its biggest weekly jump since March, when the pandemic took off in the United States. Brent LCOc1 futures fell $2.08, or 5.1%, to settle at $39.12 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.18, or 5.5%, to $37.39.
Global economic rebound at risk from rising coronavirus cases: Reuters poll
BENGALURU (Reuters) - There is a high risk the resurgence in coronavirus cases halts the global economic recovery by year-end, according to Reuters polls of around 500 economists, a majority of whom expected the rebound next year to be weaker than previously thought. REUTERS/Dado Ruvic/Illustration/File PhotoGovernments and central banks around the world have pledged trillions of dollars of stimulus, helping most economies out of deep recessions. Nearly three-quarters of 150 analysts who responded to an additional question said the resurgence in coronavirus cases posed a high risk of halting the current global economic recovery as early as this year. But nearly 80% of economists, or 119 of 150, said a weaker global recovery than previously thought was the greater risk in 2021, rather than a vigorous rebound or a renewed downturn. But some economists outside China expected a much lower figure and said many forecasts do not capture the real extent of the economic hit.
Citing 'Devastating' Pandemic Impact, Boeing To Lay Off 7,000 More Workers
Citing 'Devastating' Pandemic Impact, Boeing To Lay Off 7,000 More WorkersEnlarge this image toggle caption Elaine Thompson/AP Elaine Thompson/APBoeing will be laying off thousands of additional employees as the airplane manufacturer continues to lose money due to the coronavirus pandemic and the prolonged grounding of its 737 Max jet. A global collapse in air travel has all but eliminated airlines' need to buy new commercial jets. Boeing has had to slow airplane production because it has hundreds of finished yet undelivered commercial jets piling up. About 450 of the planes are 737 Max jets. A Lion Air 737 Max crashed into the Java Sea in Indonesia two years ago Thursday, killing all 189 people on board.
Etsy Beat Earnings Estimates. Its Gearing Up for the Holiday Season.
Sales of $451 million also beat estimates for $413 million. Gross merchandise sales—the amount of sales on the platform—were up 119% year-over year to $2.6 billion. Etsy said 11% of overall gross merchandise sales were from face masks. For the fourth quarter, Etsy expects year-over-year gross merchandise sales growth between 65% and 85%, and year-over-year revenue growth between 70% and 90%. Etsy stock has soared 215% in 2020, as Covid-19 pushed consumers online.
Why the Nasdaq, with its ‘work-from-home’ tech giants, just posted its worst day in 7 weeks
The “work-from-home” trade didn’t work on Wednesday, as shares of high-flying technology companies swooned along with all three major U.S. stock indexes. It was rebuke of a broader eight-month trend, when rising COVID-19 cases often would spur buying in shares of tech giants that could benefit from prolonged periods of remote work. The S&P 500 index SPX, -3.52% ended 3.5% lower, while the Dow Jones Industrial Average DJIA, -3.43% finished down 3.4%. “Recently, during down market days, some work-from-home stocks rose in value, as a so-called safe-haven play,” he said. So far this week, the Dow was off 6.4% as of Wednesday’s close, the S&P 500 was 5.6% lower and the Nasdaq shed 4.7% over the same stretch.
ServiceNow Stock Is Rallying. Its Third Quarter Earnings Beat Guidance.
ServiceNow shares gained ground in late trading Wednesday on better-than-expected third quarter financial results. Billings were $1.14 billion, up 25% year over year, and ahead of guidance at $995 billion to $1.015 billion. For the fourth quarter, ServiceNow (ticker: NOW) sees subscription revenue of $1.155 billion to $1.16 billion, up 28% to 29% year over year, with billings of $1.625 billion to $1.645 billion, up 25% to 27% year over year. “Our outstanding Q3 performance beat expectations across the board and we are raising our full-year guidance,” ServiceNow CEO Bill McDermott said in a statement. ServiceNow shares in late trading have rallied 2.5%, to $496.
ServiceNow Stock Is Rallying. Its Earnings Beat ‘Every Expectation,’ CEO Says.
Text sizeServiceNow shares gained ground in late trading Wednesday on better-than-expected third quarter financial results. Billings were $1.14 billion, up 25% year over year, and ahead of guidance at $995 billion to $1.015 billion. “Our outstanding Q3 performance beat expectations across the board and we are raising our full-year guidance,” ServiceNow CEO Bill McDermott said in a statement. In the current environment, “expectations are that everything can be done digitally and remotely at a world-class level,” he added. ServiceNow shares in late trading have rallied 2.5%, to $496.
Etsy Beat Earnings Estimates. Its Gearing Up for the Holiday Season.
Sales of $451 million also beat estimates for $413 million. Gross merchandise sales—the amount of sales on the platform—were up 119% year-over year to $2.6 billion. Etsy said 11% of overall gross merchandise sales were from face masks. For the fourth quarter, Etsy expects year-over-year gross merchandise sales growth between 65% and 85%, and year-over-year revenue growth between 70% and 90%. Etsy stock has soared 215% in 2020, as Covid-19 pushed consumers online.
Amazon argues Prime Video customers don't own purchased content
According to Amazon, Prime Video customers do not actually own the content that they purchase on the streaming service. Her suit notes that Prime Video content is sold at a premium price at an average of $14.99 per movie, compared to only $5.99 to rent that same content. "The Complaint points vaguely to online commentary about this alleged potential harm but does not identify any Prime Video purchase unavailable to Plaintiff herself. In fact, all of the Prime Video content that Plaintiff has ever purchased remains available." "The most relevant agreement here — the Prime Video Terms of Use — is presented to consumers every time they buy digital content on Amazon Prime Video," Amazon's lawyers added.
Trump’s Tax Revolution: Maria Bartiromo, James Freeman 'The Cost'
Continue Reading BelowOne of his first sweeping overhauls was cutting the U.S. corporate income tax rate from 35% to 15%. Chapter 4: Trump’s Tax Revolution“Is Donald Trump Serious?” asked a New York Times headline on September 29, 2015. Even the economic team at the Obama White House had acknowledged the benefits to workers of a lower corporate tax rate. If a higher corporate tax reduces the return to capital, then capital may move abroad. Yet in the U.S. we continue to undermine wage growth with the highest corporate tax rate in the developed world.”Not for long.
Pinterest pops as stay-at-home projects fuel user, revenue growth
Pinterest shares are surging nearly 30% in after-hours trading Wednesday as the company reported strong revenue and user growth fueled by stay-at-home projects. Continue Reading BelowPINTEREST IS PROHIBITING CULTURALLY INAPPROPRIATE HALLOWEEN COSTUMESDespite posting a third-quarter loss of $94.2 million, or 16 cents a share, the image-sharing company reported a 58% year-over-year revenue increase to $442.6 million compared to $280 million in 2019. Pinterest reported a 46% year-over-year increase in its international monthly active users to 343 million compared to 235 million in 2019. Meanwhile, domestic monthly active users increased by 13% year-over-year to 98 million from 87 million a year ago. It also expects fourth-quarter engagement to dip as people celebrate the holidays and during both the U.S. presidential election and its aftermath.
Pinterest, Snap and Microsoft's Reports Point to a Online Advertising Rebound
Like Snap (SNAP) and to an extent Microsoft's (MSFT) recent reports, Pinterest's (PINS) Q3 report suggests online ad spend has been rebounding in a big way lately. And Pinterest's report arrives a day after Microsoft reported stronger-than-expected LinkedIn revenue growth thanks to a 40% increase in LinkedIn's Marketing Solutions (ad) revenue. But both companies also noted that an improved demand environment is a tailwind as well, as brand ad spend rebounds and e-commerce ad spend remains elevated. Merkle's client Instagram ad spend growth rose to 34% from Q2's 30%, while spending growth for Facebook proper improved to 12% from 4%. Google Search ad spending growth only improved to 11% from 9%, but this had much to do with a 40% drop in travel ad spend.
Boston officials urge more residents to get COVID-19 tests. Experts say that message applies to the whole state
Boston has seen 19,986 confirmed cases over the course of the pandemic and 778 deaths, the city’s public health commission reported. AdvertisementBut at the same time that risk is rising, testing in Boston seems to be slipping. Still, half of Boston residents have never been tested for COVID-19, Martinez said. Boston lists 22 testing sites on its website, with additional mobile sites available in some neighborhoods on a rotating basis. Epidemiologists said that keeping close watch of cases is important to controlling COVID-19 throughout the state, not just in Boston.
In Boston, Dunkin' and McDonald’s are winning the pandemic coffee wars
At the onset of the pandemic, in March, coffee shops took a big hit. In March, coffee brands in the metro area saw sales drop 27 percent, compared to the previous year. McDonald’s and Dunkin' have been leading the pack of national chains that are trying to crawl out from under sales deficits. The data collected by Second Measure are on par with what Dunkin' Brands has been reporting throughout the pandemic. There are about 1,100 Dunkin' shops across the state.
Downtown brawl, COVID-19 violations prompt Danville to lift street closure
DANVILLE, CA – OCTOBER 28: People dine outside at Locanda Ravello on East Prospect Avenue in downtown Danville, Calif., on Wednesday, Oct. 28, 2020. (Jane Tyska/Bay Area News Group)DANVILLE, CA – OCTOBER 28: A mandatory mask sign is seen on Hartz Avenue in downtown Danville, Calif., on Wednesday, Oct. 28, 2020. (Jane Tyska/Bay Area News Group)DANVILLE, CA – OCTOBER 28: People dine outside at Norm’s Place on Hartz Avenue in downtown Danville, Calif., on Wednesday, Oct. 28, 2020. (Jane Tyska/Bay Area News Group)DANVILLE, CA – OCTOBER 28: People dine outside at Revel Kitchen & Bar on Hartz Avenue in downtown Danville, Calif., on Wednesday, Oct. 28, 2020. (Jane Tyska/Bay Area News Group)DANVILLE, CA – OCTOBER 28: Empty tables are seen along Hartz Avenue in downtown Danville, Calif., on Wednesday, Oct. 28, 2020.
Millions more in renter aid announced as Arizona eviction ban ends; federal protection still available
On Oct. 31, Arizona’s rental moratorium for tenants hurt by COVID-19 will end, according to the Governor’s Office. CDC eviction moratoriumMany Arizona renters struggling due to COVID-19 can still avoid eviction for the next two months through the Centers For Disease Control and Prevention’s eviction moratorium that expires Dec. 31. Davis said the CDC eviction moratorium “is not automatic” for renters currently staying in their homes under Arizona’s eviction moratorium. After the CDC eviction ban ends Dec. 31, tenants protected under it will owe landlords all of their missed rent payments, too. Help for renters and landlordsHere's more information for renters and landlords to apply for assistance in Arizona:State rental aid: https://housing.az.gov/general-public/eviction-prevention-assistanceArizona aid for property owners: https://arizonatogether.org/grantsMaricopa County rental aid: https://www.maricopa.gov/5583/COVID-Crisis-Rental-AssistancePhoenix rental, mortgage or utility help: https://wildfireaz.org/phxcares/Mesa utility aid: https://www.turnanewleaf.org/services/financial-empowerment/immediate-financial-assistance.htmlGlendale rental aid: https://glendaleaz.com/live/city_services/citizen_assistance_programs/popAll the funds pay landlords and utilities directly.
For a second night, Philly businesses faced scattered vandalism. ‘It’s terrible for the business climate,’ a councilman says.
“It’s terrible for the business climate. It happened once. Now it’s happened twice and in this case it’s far less clear than the George Floyd situation,” said David Oh, a councilman-at-large. “Right or wrong, some business owners believe the city is not going to protect them. So do they close their business and leave?"
CEO’s fraud charges push Las Vegas tech firm into bankruptcy
Adam Rogas, cybersecurity and fraud prevention company NS8’s co-founder, was arrested in mid-September and is facing federal charges. An exterior view of the offices of cybersecurity company NS8 in downtown Las Vegas on Friday, Sept. 11, 2020. (Chase Stevens/Las Vegas Review-Journal) @csstevensphotoAn exterior view of the offices of cybersecurity company NS8 in downtown Las Vegas on Friday, Sept. 11, 2020. (Chase Stevens/Las Vegas Review-Journal) @csstevensphotoAn exterior view of the offices of cybersecurity company NS8 in downtown Las Vegas on Friday, Sept. 11, 2020. According to the company, NS8 had employed 215 employees across the world as of May 2020.
NIC: 3Q Earnings Snapshot
OLATHE, Kan. (AP) _ NIC Inc. (EGOV) on Wednesday reported third-quarter net income of $25.1 million. On a per-share basis, the Olathe, Kansas-based company said it had net income of 37 cents. The developer of government online services, websites and mobile applications posted revenue of $134.6 million in the period. NIC shares have fallen almost 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.06, an increase of slightly more than 3% in the last 12 months.
Northfield: 3Q Earnings Snapshot
WOODBRIDGE, N.J. (AP) _ Northfield Bancorp Inc. (NFBK) on Wednesday reported third-quarter profit of $8.6 million. The Woodbridge, New Jersey-based company said it had profit of 17 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share. The holding company for Northfield Bank posted revenue of $44.5 million in the period. Its adjusted revenue was $35.6 million.
BankFinancial: 3Q Earnings Snapshot
BURR RIDGE, Ill. (AP) _ BankFinancial Corp. (BFIN) on Wednesday reported third-quarter earnings of $1.9 million. The Burr Ridge, Illinois-based company said it had profit of 13 cents per share. The bank holding company posted revenue of $13.7 million in the period. BankFinancial shares have dropped 44% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.27, a decrease of 42% in the last 12 months.
Tucson police officers involved in shooting on southeast side
The attack happened at the door of the Peter Piper Pizza restaurant near South 12th Avenue and West Ajo Way in the afternoon of April 21.
Cate Blanchett: 'Covid-19 has ravaged the whole idea of small government'
The fragility of social space and the robustness of our need to share. No, short of nostalgia and regret, Covid-19 has ravaged the whole idea of small government, and highlighted the importance of social and economic justice. Like life, art can be a business. But like life, art is not all business – and it is that endangered space where life and art are not just about money that government is there to help safeguard. • This is an edited extract from the chapter Australian Stories by Cate Blanchett and Kim Williams in Upturn: A Better Normal After Covid-19, edited by Tanya Plibersek, NewSouth, November 2020, $32.99 RRP
Planners will be able to build estates of 50 homes without setting aside any for affordable housing, charities warn
Developers will be able to build estates of 50 homes without setting any aside for affordable housing under the Government’s controversial planning reforms, a coalition of charities has warned. In a letter to the Telegraph, the chief executives of Shelter and CPRE, the countryside charity, argue that the plans should be scrapped because they do not deliver the type of housing that “communities are crying out for". Research has shown that in rural and affluent areas, affordable housing could fall by half under the proposals put forward by ministers last month. Co-authors CPRE’s Crispin Truman and Shelter’s Polly Neate said: "As a coalition of organisations, we share an ambition for a planning system that is empowered to deliver high quality and genuinely affordable homes, including homes for social rent. “However, we fear the Government’s planning proposals simply cannot deliver the affordable homes communities are crying out for.
Duty-free sales inch up in Sept. on brisk foreign spending
BUSINESS(Yonhap)Duty-free sales in South Korea edged up in September on increased purchases by Chinese vendors, industry data showed Thursday.Combined sales at duty-free shops in Asia's fourth-largest economy came to 1.48 trillion won ($1.31 billion) last month, up about 40 billion won from the previous month, according to the Korea Duty Free Shops Association.It marked the fifth straight month of gains since April when sales fell below the 1 trillion-won threshold for the first time in four years.Despite the slight gain, duty-free sales remained at two-thirds of pre-pandemic figures. In September last year, duty-free revenue reached 2.24 trillion won.Spending by foreigners, especially Chinese vendors, accounted for the bulk of September's duty-free sales at 1.44 trillion won.Foreigners' spending has been brisk despite a fall in the number of visitors to duty-free shops. Foreigners' per-capita spending hit a new high of some 21 million won last month, surpassing the 20 million-won mark for the first time.The number of visitors to local duty-free shops came to 424,000 in September, down from 592,000 the previous month, according to the data.Foreign shoppers numbered 66,000, down from about 75,000 in August. The number of foreign visitors has been on the decline since reaching 1.72 million in September last year.Local duty-free shops have been struggling in the face of the COVID-19 pandemic that has resulted in a tumble in air travel. To tide over the pandemic fallout, they have come up with belt-tightening measures, including increasing the number of days that some outlets in major local cities close and cutting their overseas operations.
Samsung logs robust Q3 earnings on chips, mobile recovery
BUSINESS(Yonhap)Samsung Electronics Co. on Thursday reported strong third-quarter earnings as its chip business apparently got a boost from US sanctions on Huawei Technologies Co. while its mobile sales bounced back on pent-up demand amid the pandemic.Its net profit stood at 9.36 trillion won ($8.3 billion) in the July-September period, up 48.9 percent from a year earlier, the world's largest memory chip and smartphone vendor said in a regulatory filing.Its operating profit jumped 58.8 percent on-year to 12.35 trillion won in the third quarter of the year, marking its best quarterly performance since the third quarter of 2018, when it logged an operating profit of 17.5 trillion won.Sales rose 8 percent on-year to 66.96 trillion won over the cited period, its largest-ever quarterly sales.The figures were in line with the earnings guidance announced earlier this month that beat the market consensus.Samsung said its upbeat performance came as its smartphone sales soared on the back of pent-up demand, while its chip business posted better-than-expected results despite a decline in memory prices.
S. Korean candidate behind Nigerian rival in global trade-chief race
"That delegation was (the) United States of America," Rockwell was quoted as telling reporters, according to a report by Reuters. "The chairman of the WTO General Council said the council plans to endorse the candidate who emerges from the process of securing the consensus of all member states as the next WTO director-general at a special council meeting to be held Nov. 9," South Korea's Foreign Ministry said in a press release.It added the WTO did not release how many votes each candidate garnered.Diplomatic sources earlier said the United States is rooting for the South Korean candidate, although Japan is supporting her rival. She served as the Nigerian finance minister two times and as a foreign minister.The looming protectionism amid the COVID-19 pandemic, along with the growing trade row between the United States and China, are among the tasks for the new head of the WTO.Yoo, meanwhile, is the third South Korean to run for the top post of the Geneva-based trade body. Two South Koreans made unsuccessful bids in 1994 and 2012.Her candidacy came amid a growing trade row between South Korea and Japan. Seoul reopened its complaint at the WTO recently, as Japan has remained unresponsive to its repeated requests to lift the regulations.
Naver's Q3 net triples on record sales amid pandemic
Net profit reached 235.3 billion won ($207.5 million) in the July-September period, up 176 percent from 85.3 billion won a year earlier, the company said in a regulatory filing. Operating income reached 291.7 billion won in the third quarter, up 1.8 percent from the previous year. Sales reached the highest ever of 1.36 trillion won, up 24.2 percent over the same period, according to Naver. Naver said revenue from its search platform business also rose 8.2 percent on-year to 710.1 billion won during the same period. Content sales rose 31.8 percent to 115 billion won over the same period due to increased global demand for its webtoons.
Duty-free sales inch up in Sept. on brisk foreign spending
Despite the slight gain, duty-free sales remained at two-thirds of pre-pandemic figures. Spending by foreigners, especially Chinese vendors, accounted for the bulk of September's duty-free sales at 1.44 trillion won. Foreigners' spending has been brisk despite a fall in the number of visitors to duty-free shops. The number of visitors to local duty-free shops came to 424,000 in September, down from 592,000 the previous month, according to the data. Local duty-free shops have been struggling in the face of the COVID-19 pandemic that has resulted in a tumble in air travel.
Samsung logs robust Q3 earnings on chips, mobile recovery
(Yonhap)Samsung Electronics Co. on Thursday reported strong third-quarter earnings as its chip business apparently got a boost from US sanctions on Huawei Technologies Co. while its mobile sales bounced back on pent-up demand amid the pandemic. Its operating profit jumped 58.8 percent on-year to 12.35 trillion won in the third quarter of the year, marking its best quarterly performance since the third quarter of 2018, when it logged an operating profit of 17.5 trillion won. Sales rose 8 percent on-year to 66.96 trillion won over the cited period, its largest-ever quarterly sales. The figures were in line with the earnings guidance announced earlier this month that beat the market consensus. Samsung said its upbeat performance came as its smartphone sales soared on the back of pent-up demand, while its chip business posted better-than-expected results despite a decline in memory prices.
S. Korean candidate behind Nigerian rival in global trade-chief race
The WTO said Ngozi Okonjo-Iweala of Nigeria has garnered more support from the WTO's 164 member states than South Korea's Yoo Myung-hee. "That delegation was (the) United States of America," Rockwell was quoted as telling reporters, according to a report by Reuters. Diplomatic sources earlier said the United States is rooting for the South Korean candidate, although Japan is supporting her rival. President Moon Jae-in requested a slew of member countries to support Yoo during his phone talks with their leaders as well. Yoo, meanwhile, is the third South Korean to run for the top post of the Geneva-based trade body.
As Local News Dies, a Pay-for-Play Network Rises in Its Place
Employees of the network shared emails and the editing history in the site’s publishing software that revealed who requested dozens of articles and how. The network is one of a proliferation of partisan local-news sites funded by political groups associated with both parties. Liberal donors have poured millions of dollars into operations like Courier, a network of eight sites that began covering local news in swing states last year. But those operations run just several sites each, while Mr. Timpone’s network has more than twice as many sites as the nation’s largest newspaper chain, Gannett. And while political groups have helped finance networks like Courier, investors in news operations typically don’t weigh in on specific articles.
S&P 500 sinks as virus leads to more shutdowns
S&P 500 sinks as virus leads to more shutdownsThe Dow Jones Industrial Average sank 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the U.S.(Oct. 28)
Stocks Post Worst Day in 4 Months as Infections Rise Around the Globe
Coronavirus flare-ups across the United States and new lockdown measures in major European economies sent stocks sliding to their worst performance in months on Wednesday. The S&P 500 ended the day 3.5 percent lower, notching the market’s third straight decline and the worst drop for Wall Street since June 11. All 11 sectors fell as traders jettisoned stocks in economically sensitive sectors like energy. Even tech was squeezed — the tech giants were once thought to be almost immune to the economic effects of the virus. Treasury yields fell as investors sought the safety of government bonds, and economic nervousness pushed oil prices down: Benchmark West Texas Intermediate crude oil fell 5.5 percent to $37.39 a barrel.
De Blasio finds $164M in NYC labor ‘savings’ by pushing union payouts to 2022
Mayor Bill de Blasio is kicking the city’s coronavirus-induced budget crisis down the road to the next administration by deferring $164 million in union payments until next summer. The agreement with District Council 37, the city’s second-largest municipal union, allows de Blasio to skip payments due to the union’s employees and retirees from this October through April 2021. Instead, two installments will be made at unspecified dates in fiscal year 2022, according to a City Hall press release. De Blasio has found other so-called savings for this year’s budget by punting on $450 million due to the United Federation of Teachers until 2021. While the mayor also touted the postponed DC37 payouts as “labor savings,” budget experts said that characterization is misleading.
Beekman penthouse sells to ad exec for $12.5M
The penthouse of the iconic Beekman building in FiDi has sold for $10.4 million — down from its $12.49 million asking price, according to city records. The buyer is LA-based veteran ad exec David Angelo, who founded David&Goliath. He bought the 51st-floor, three-bedroom, 3½-bathroom unit via an LLC, Scrappy 51, which was set up last August. The 3,554-square-foot unit features wide oak floors, a 155-square-foot terrace and a 16-foot-high marble fireplace. There’s also an 11th-floor lounge, private dining room, media room and rooftop terrace for residents only.
You can already dine outside, now de Blasio wants you to shop there amid COVID
New York City could soon look like a giant street fair under a new plan to let 40,000 small businesses hawk their wares outside their storefronts to increase commerce during the ongoing coronavirus crisis. “Today we announce our Open Storefronts program, modeled on what worked with Open Restaurants and Open Streets,” Mayor de Blasio said Wednesday during a City Hall press briefing. The Big Apple’s well-regarded program has allowed 10,000 restaurants to use sidewalks, parking spaces and closed streets for outdoor dining. The mayor said the small businesses can apply for outdoor permits through a simple online process. A recent study found that the economic fallout for the coronavirus may cause one-third of city’s small businesses to close their doors for good.
Ex-Trump advisor Gary Cohn silent on Goldman’s 1MBD clawback efforts
When the jaw-dropping settlement was announced last week, Goldman said it was “in active discussion with another of these retired senior executives” about returning cash. Sources have confirmed to The Post that this person is Cohn — who remains out of the bank’s reach because of his 2017 move from Wall Street to DC. Cohn, meanwhile, is back on Wall Street and recently launched a $600 million blank-check company with investor Cliff Robbins. “There is no actual leverage to claw back fully-vested money.”“He’s going to be asked about 1MDB all the time,” a Wall Street insider familiar with Cohn added. “If this goes ends up in court or even arbitration, that likely ends in a pyrrhic victory for Goldman or Cohn,” he said.
Real estate heir Jane Goldman unloads UES digs on William Zeckendorf
The NYPD released an image Wednesday of the thieves who...Jane Goldman, the only female billionaire/heiress running a real estate firm, has sold her Upper East Side digs for $11 million, sources tell Gimme exclusively. The buyer is fellow real estate honcho/heir William Zeckendorf. The third-floor, six-bedroom, 5½-bath spread at 960 Park Ave. first went on the market last year for $12.75 million. Zeckendorf — who co-developed top buildings like 15 Central Park West, 520 Park Ave., 50 United Nations Plaza and 18 Gramercy Park — comes from a third-generation real estate dynasty. He is co-founder and co-chairman of Zeckendorf Development, LLC, and co-chairman of Terra Holdings, LLC, the parent company of Brown Harris Stevens and Halstead Property.
Options Action: The major tech stocks
Options Action: The major tech stocksTrader Mike Khouw looks at the implied vs average moves of the major technology stocks.
CNBC Markets Now: October 28, 2020
CNBC Markets Now: October 28, 2020CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
Buckle up because volatility is just beginning, Wells Fargo's Mike Schumacher suggests
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Richard Bernstein's Dan Suzuki reacts to today's big stock sell-off
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Jim Cramer: Five bull markets to buy on the sell-off
Jim Cramer: Five bull markets to buy on the sell-offThe "Mad Money" host reveals a shopping list for stocks investors can look to buy into weakness.
Race affects home values even more now than it did in 1980, study finds
The disparity in home values between houses in White neighborhoods compared to houses in non-White neighborhoods is much larger than it used to be, according to a new study published in the Oxford University Press. Racial makeup of a neighborhood was a stronger determinant of a home's appraisal value in 2015 than it was in 1980, the study found. The difference in average home appraisals between neighborhoods that are majority White and those that are predominantly Black and Latinx was $164,000 in 2015. Bryan Greene the National Association of Realtors' director of fair housing policyOften, White homebuyers will not say they are looking for a majority White neighborhood. However, because homes in majority Black or majority Latinx neighborhoods are being priced lower than homes in majority White neighborhoods, those who own homes in majority White neighborhoods have gained more wealth in the last 50 years than those who own homes in majority Black or majority Latinx neighborhoods.
This is not a sell everything moment, Jim Cramer says
This is not a sell everything moment, Jim Cramer says"If you're worried that stocks will keep getting hammered, be ready to pounce on some of these COVID-proof bull markets," the "Mad Money" host said.
Ford has nearly 190,000 reservations for upcoming Bronco SUV
Ford Motor is approaching 190,000 reservations for its long-awaited Bronco SUV, which is expected to arrive in U.S. dealerships next spring. The automaker added roughly 30,000-40,000 reservations for the vehicle during the third quarter, bringing total reservations to "nearly 190,000" vehicles, according to Ford CFO John Lawler. "We continue to see strong demand for the Bronco," he said during a media briefing Wednesday to discuss the company's third-quarter earnings. "We continue to see interest, strong interest, around the Bronco." They exclude a smaller, more domesticated vehicle called the Bronco Sport that's built more like a car than a truck.
Cramer sees positives for investors after sell-off on Covid fears: 'The carnage is reversible'
CNBC's Jim Cramer said he sees positives for investors after steep market declines Wednesday as Wall Street grew further concerned about the coronavirus pandemic. Cramer said the coronavirus case count in the United States is sure to rise in the coming days. "[Investors] know, and we have to build in the Covid case load," Cramer said. Wednesday's sell-off was broad, with all 11 S&P 500 sectors finishing in the red, led by technology's 4.33% decline. However, Cramer said that type of market movement lays the foundation for opportunities.
Stocks making the biggest moves after hours: Pinterest, Ford, eBay & more
The company reported 13 cents adjusted earnings per share and $443 million of revenue. Analysts surveyed by Refinitiv were looking for 3 cents in earnings per share and $383.5 million of revenue. The company reported 65 cents in adjusted earnings per share on $34.71 billion of revenue. The company reported adjusted earnings of 85 cents per share compared with 77 cents expected by analysts surveyed by Refinitiv. The company reported 183 million active buyers during the quarter, about 3 million below projections.
Jim Cramer reveals five 'Covid-proof bull markets' to find stock opportunities
That's the message CNBC's Jim Cramer had for investors after the stock market suffered a major drop off for the second time this week. Cramer, however, said it is not a "sell everything" moment and advised investors to assemble a buying program in five key areas on the market. Across the pond in Europe, Germany and France initiated fresh coronavirus restrictions on businesses intended to slow the transmission rate of Covid-19, the disease caused by the novel coronavirus that can prove deadly. Cramer said it "feels a little like March" when the market cratered as investors panicked, but suggested viewers be prepared to find buying opportunities in the following bull markets. "If you're worried stocks will keep getting hammered, be ready to pounce on some of these Covid-proof bull markets," he said.
Brace for a ‘fairly scary time' on Wall Street, Wells Fargo warns
Wells Fargo Securities' Michael Schumacher has a message for investors: Buckle up. The firm's head of macro strategy warns Wednesday's market turbulence may just be a preview of what's ahead. While jitters over rising virus cases drove the latest sell-off, Schumacher warns election uncertainty has the potential to pummel stocks even more. "One thing we pointed to for a while at Wells Fargo is the chance the election results are delayed. Besides the impact on stocks, the worsening pandemic and election uncertainty have also been putting pressure on U.S. Treasury yields.
Russia's central bank remains cautious on interest rate moves as growth forecast is lowered
Russia's monetary policy decision-makers are preparing for continued uncertainty and a new wave of coronavirus cases sweeping much of the world, urging caution even as its central bank says there is some wiggle room for further interest rate reductions. It is limited, it's not so much as it was before, but we will decide how and when to use this room according to incoming data," Russian central bank chief Elvira Nabiullina told CNBC's Geoff Cutmore on Wednesday, referring to the country's interest rates. In both its September and October meetings, Russia's central bank chose to keep its key rate steady at 4.25%, a total reduction of 350 basis points since June of the previous year. We think that instead of decisions of cutting rates that we have made before, it will last through the end of this year at least." That figure is still not as bad as that of the World Bank, which says that Russia's economy could contract by 6% for 2020.
Dow futures rise 100 points after Wall Street's worst sell-off in months
A trader takes a break outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., October 28, 2020. U.S. stock futures opened modestly higher on Wednesday night after the worst day for the market in several months. The move in futures comes after a sharp sell-off during Wednesday's session that extended Wall Street's losing streak. The Dow lost 934 points, or 3.4%, for its fourth-straight negative day and worst loss since June 11. The S&P 500 also saw its worst day since June 11, falling 3.5% for its third-straight negative session.
UPS CEO on holiday peak season: 'We've been planning for this for months'
United Parcel Service has stepped up its game plan to take on the holiday season rush, Carol Tomé, who joined the shipping company as chief executive in June, told CNBC Wednesday. "We're planning a pretty peaky peak, and peak is so important to our customers that we've been planning for this for months," she said in a "Mad Money" interview. In the Wednesday interview, Cramer noted that UPS has a reputation of missing revenue estimates in the fourth quarter. The company has missed Wall Street's revenue expectations in seven holiday quarters dating back to 2011, according to Factset. UPS shares plunged almost 9% to $155.78 as the broader market sold off in Wednesday's session.
Ford sees full-year pretax profit, posts stronger than expected quarterly earnings
DETROIT (Reuters) - Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading. Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected. The company said it now anticipates better-than-expected fourth-quarter results, as well as a full-year pretax profit of between $600 million and $1.1 billion. Ford said in July that it expected a pretax profit of between $500 million and $1.5 billion in the third quarter and a loss for the fourth quarter as well as for the full year. Ford’s net margin in the period was 6.4%.
Ford sees full-year pretax profit, posts stronger than expected quarterly earnings
DETROIT (Reuters) - Ford Motor Co F.N on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading. Slideshow ( 2 images )Ford CEO Jim Farley, who took over on Oct. 1, is tasked with completing the No. Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected. The company said it now anticipates better-than-expected fourth-quarter results, as well as a full-year pretax profit of between $600 million and $1.1 billion. Ford’s net margin in the period was 6.4%.
U.S. fourth-quarter growth could be even weaker than projected, likely to hit Canadian exports: BoC governor
Bank of Canada Governor Tiff Macklem looks on during a news conference in Ottawa, Ontario, Canada October 28, 2020. REUTERS/Blair GableOTTAWA (Reuters) - If U.S. growth in the fourth quarter is even weaker than the Bank of Canada is predicting, Canadian exports will most likely be hit, Governor Tiff Macklem told Reuters in an interview on Wednesday. Macklem spoke hours after the Canadian central bank released quarterly economic forecasts which predicted U.S. fourth quarter growth would slow markedly. “We do expect the fourth quarter to be a lot slower, to be relatively modest growth in the U.S.” he said. This, he said, could affect the competitiveness of Canadian exports.
ECB to pave way for more stimulus as recession fears grow
FRANKFURT (Reuters) - The European Central Bank is expected to resist pressure to unveil fresh stimulus measures on Thursday but it will likely pave the way for action in December as fresh restrictions aimed at containing the coronavirus pandemic fuel fears over a new recession. FILE PHOTO: The headquarter of the European Central Bank (ECB) is photographed during sunset, as the spread of the coronavirus disease (COVID-19) continues in Frankfurt, Germany, April 28, 2020. Spain, one of the euro zone’s weakest performers, may already be back in recession while momentum in Germany also appears to be running out of steam. The gloom is only likely to spread in the coming days as the EU’s biggest nations, including Germany and France, debate imposing new lockdown measures. Still, once the ECB has unveiled fresh economic projections after its Dec. 10 meeting, it will likely extend and expand its 1.35 trillion euro Pandemic Emergency Purchase Programme and improve funding conditions for banks.
U.S. corporate spending plans could stumble as risks rise
It could be very negative going forward.”One silver lining for capital spending has been technology as companies in the industry grow and others invest in better equipment and software. The only S&P 500 sectors forecast to see increases in capex spending in 2020 are information technology .SPLRCT and communication services .SPLRCL, Refinitiv's data shows. Capital spending by the industrials sector .SPLRCI is estimated to drop 20.8% this year, while materials .SPLRCM spending is expected to fall by 27% and energy .SPNY by 35%. Many companies are still reluctant to post guidance, a sign that they may be hesitant to decide on more capital spending. “That has to affect the company’s plans as far as capital spending well into next year,” Tuz said.
Visa 4Q profits plunge as pandemic slows payments worldwide
Visa Inc. said Wednesday, Oct. 28, 2020, that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake payment network while the world was in the grips of a pandemic-caused recession. Visa recognizes revenue from the quarter before, so the payments activity that ended June 30 is reflected in the profits that the company reported Wednesday. ADVERTISEMENTDuring the period, Visa had $2.493 trillion in payments on its network, down 11.9% from same period a year earlier. Visa earns a fee off of every transaction that runs on its network, be it credit cards or debit cards. Visa declined to give a fiscal 2021 profit outlook, saying the pandemic has made forecasting next year’s business conditions effectively impossible.
SunPower, SunNova Revenue Top Views As No. 1 Solar Group Stands Out
Solar energy stocks are catching the attention of investors anew as they sense the renewable energy sector is poised for expansion. SunPower EarningsSolar panel maker SunPower reported a per-share loss of 4 cents for the third quarter as revenue sank 9% to $274.8 million. SunPower StockAfter initially rising after hours, SunPower stock reversed lower, down about 2%. Sunnova Energy EarningsMeanwhile, Sunnova Energy International said it had a loss of 73 cents. SunPower and Sunnova are the latest in a series of solar energy stocks with earnings this week.
Berry Plastics Stock, 6 Others Make The Cut On IBD Watchlists After Tough Session
Best Growth Stocks To Buy And Watch: See Updates To IBD Watchlists11:24 AM ET Find the best stocks to buy and watch by seeing which top growth stocks were just added to the IBD...11:24 AM ET Find the best stocks to buy and watch by seeing...
Billions In COVID-19 Relief Loans May Have Been Handed Out To Scammers, Report Says
Billions In COVID-19 Relief Loans May Have Been Handed Out To Scammers, Report SaysEnlarge this image toggle caption Olivier Douliery/AFP via Getty Images Olivier Douliery/AFP via Getty ImagesThe Small Business Administration may have handed out billions of dollars in loans to businesses that falsely claimed to have been damaged by the coronavirus lockdowns, a report from the agency said on Wednesday. By April 10, more than 4.5 million loan applications had come in. "[The] SBA has now approved and disbursed more loans for COVID-19 relief than for all other disasters combined in the agency's history," the report said. The fact that some amount of fraud took place is not a surprise. Many of the examples of shared IP and e-mail addresses involved loan applications by people who relied on certified public accountants, law firms, loan packagers, or religious and cultural centers to submit their loan applications, she said.
Fastly Lost TikTok, but CEO Says ‘I’ve Never Been More Bullish’
Fastly shares were trading modestly higher late Wednesday after the company posted third-quarter results that were in line with a recent pre-announcement from the company. On a non-GAAP basis, Fastly lost 4 cents a share in the quarter; Street consensus had called for a break-even quarter. “Under the cover, we have an incredibly strong, resilient business,” CEO Joshua Bixby told Barron’s Wednesday afternoon. “I’ve never been more bullish on our business than I am right now.”Fastly said its customer count increased to 2,047, up from 1,951 one quarter earlier. For the full year, the company projects revenue of $288.2 million to $292.2 million, with a loss of 17 to 21 cents a share.
The U.S.’s Single-Family Housing Market Expected to Rebound Next Year
While uncertainties, related to the coronavirus pandemic and the presidential election, remain, “as of now, leading real estate economists are signaling that resilience and underlying strength will likely win out over uncertainty and risk,” he said. The Urban Land Institute conducts semi-annual surveys—one in the spring and one in the fall—on real estate and macroeconomic fundamentals. Other real estate sectors will lag behind single-family housing in the coming two years but will hold up much better than economists had expected in the spring. Retail vacancy, meanwhile, is expected to be 11.3% in 2021 and 2022, up from the 10.6% in 2020 and above the 20-year average of 9.7%. Office vacancy rates are expected to rise to 14.8% in 2022, above the 20-year average of 14%, according to economists’ forecast.
Former U.K. Family Home of Richard Branson Lists in Surrey Village
In the sleepy Surrey village of Shamley Green, the former family home of British billionaire and Virgin tycoon Sir Richard Branson has come to the market. Known as Tanyard Farm, the red-brick manor house listed last week with a £4 million (US$5.2 million) price tag. “Currently, with tall, beamed ceilings and a warren of characterful rooms, they could work equally well opened up to create larger spaces. Tanyard Farm has proved newsworthy in the past, beyond its connection to Mr. Branson, 70. Officials had reportedly stated the structure had been built larger than what had been approved.
The Stock Market Plunged Today. Why Home-Builder Stocks Held Their Ground.
Taylor Morrison Home released earnings at an ideal time—and all home-builder stocks are getting a boost. In its 8-K filing, Taylor Morrison credits the net sales increase to both the William Lyon acquisition and strong demand trends in the larger housing market. The home builder’s stock—and shares of others in the industry—were resilient on Wednesday, remaining flat or posting modest gains instead of falling with the broader stock market as they did earlier this week. Taylor Morrison stock closed about 1.4% higher. Barron’s previously highlighted Taylor Morrison as a stock that had been overlooked by investors during the summer’s builder boom.
Gilead Sciences Benefits From Its Initial Quarter of Remdesivir Sales
Thanks to its first sales of the product, Gilead on Wednesday reported 18% sales growth for its September quarter. Without the Covid-19 drug, sales would have risen just 2%. September sales totaled $6.5 billion, with $873 million in brand new revenue from the just-approved remdesivir, which Gilead markets under the brand name Veklury. Overall, September quarter sales slightly exceeded the consensus forecast of analysts surveyed by FactSet. ““The recent acquisition of Immunomedics has effectively transformed Gilead’s growth story,” he said, in the release.
GrubHub orders keep piling up — but so do its losses
Shares of GrubHub GRUB, -2.44% rose 1.3% in after-hours trading after closing the regular session down nearly 2.5% to $75.49. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $437.8 million. As he did in the last quarter when his company posted a loss, GrubHub Chief Executive Matt Maloney cited his company’s help of its partners. Revenue rose to $493.9 million from $322 million in the year-ago quarter, a 53% increase. Chicago-based GrubHub is being bought by European company Just Eat Takeaway.com.
ServiceNow shares are up nearly 5% after revenue tops estimates
ServiceNow Inc. NOW, -3.15% shares were up nearly 5% in after-hours trading Wednesday after the collaborative-software company reported fiscal third-quarter revenue that edged Wall Street estimates. ServiceNow reported net income of $12.9 million, or 7 cents a share, compared with net income of $40.6 million, or 22 cents a share, in the year-ago quarter. ServiceNow raised full-year guidance after disclosing it has 1,012 customers with more than $1 million in annual contract value, up 25% year-over-year. Analysts surveyed by FactSet had expected net income of $1.03 a share on revenue of $1.1 billion. ServiceNow shares are up nearly 72% this year as it continues to feel the effects of the pandemic.
Amgen Sales Show How a Biotech Can Thrive on Biosimilars
Amgen posted better-than-expected earnings results on Wednesday. Patrick T. Fallon/BloombergAmgen’s sales and earnings beat Wall Street forecasts for the biotech’s September quarter. A driver of the sales beat was the company’s success with its biosimilar versions of other biotech firms’ blockbusters. Total revenue grew 12% to $6.4 billon, the company said late Wednesday, while earnings per share grew 19% to $4.37 (adjusted for noncash charges).
The Stock Market Just Got Creamed. Here’s What to Do Now.
It’s been a bad week for the stock market—real bad. Almost no one was spared, as just 15 stocks in the S&P 500 managed to finish higher on the day. The S&P 500 is off 8.7% from its all-time high, and even the Nasdaq Composite has fallen 8.7% from its record high. If the S&P 500, for instance, drops through 3200, it could fall to 3000, which would be a 16% drop from the high. He also points to a strong consumer confidence reading for October as another sign that the market may be able to bounce back.
Technology
The disk-drive and flash-memory company posted revenue of $3.9 billion for the quarter, ahead of the Street consensus at $3.83 billion. Non-GAAP profits of 65 cents a share were nicely ahead of the Street at 54 cents.
Western Digital Stock Rallies as Earnings Top Estimates, Driven by PC Growth
Western Digital (ticker: WDC) said revenue in the client-devices segment was $1.95 billion, up 20% from a year ago, driven by growth in demand for solid-state drives used with laptops, desktop PCs, and Chromebooks. For the December quarter, Western Digital sees revenue of $3.75 billion to $3.95 billion, with non-GAAP profits of 40 to 60 cents a share; previous consensus was $3.86 billion and 64 cents a share. A few weeks ago, Western Digital announced a corporate reorganization, creating separate product development teams for hard drives and flash-memory products. He notes that Western together with its flash manufacturing joint-venture partner Kioxia together are the single largest NAND producer. In late trading, Western Digital shares have rallied 3.3%, to $40.10.
The Stock Market Plunged Today. Why Home-Builder Stocks Held Their Ground.
Text sizeTaylor Morrison Home released earnings at an ideal time—and all home-builder stocks are getting a boost. In its 8-K filing, Taylor Morrison credits the net sales increase to both the William Lyon acquisition and strong demand trends in the larger housing market. The home builder’s stock—and shares of others in the industry—were resilient on Wednesday, remaining flat or posting modest gains instead of falling with the broader stock market as they did earlier this week. Taylor Morrison stock closed about 1.4% higher. Barron’s previously highlighted Taylor Morrison as a stock that had been overlooked by investors during the summer’s builder boom.
Fastly Lost TikTok, but Its CEO Says ‘I’ve Never Been More Bullish’
On a non-GAAP basis, Fastly lost 4 cents a share in the quarter; Street consensus had called for a break-even quarter. “Under the cover, we have an incredibly strong, resilient business,” CEO Joshua Bixby told Barron’s Wednesday afternoon. “I’ve never been more bullish on our business than I am right now.”Fastly said its customer count increased to 2,047, up from 1,951 one quarter earlier. Fastly noted that enterprise customers accounted for 88% of trailing 12 months revenue. For the full year, the company projects revenue of $288.2 million to $292.2 million, with a loss of 17 to 21 cents a share.
Gilead Sciences Benefits From Its Initial Quarter of Remdesivir Sales
Thanks to its first sales of the product, Gilead on Wednesday reported 18% sales growth for its September quarter. Without the Covid-19 drug, sales would have risen just 2%. September sales totaled $6.5 billion, with $873 million in brand new revenue from the just-approved remdesivir, which Gilead markets under the brand name Veklury. Overall, September quarter sales slightly exceeded the consensus forecast of analysts surveyed by FactSet. ““The recent acquisition of Immunomedics has effectively transformed Gilead’s growth story,” he said, in the release.
The Stock Market Just Got Creamed. Here’s What to Do Now.
Text sizeIt’s been a bad week for the stock market—real bad. Almost no one was spared, as just 15 stocks in the S&P 500 managed to finish higher on the day. The S&P 500 is off 8.7% from its all-time high, and even the Nasdaq Composite has fallen 8.7% from its record high. If the S&P 500, for instance, drops through 3200, it could fall to 3000, which would be a 16% drop from the high. He also points to a strong consumer confidence reading for October as another sign that the market may be able to bounce back.
Amgen’s Earnings and Sales Climb, Driven by Its Biosimilars
Text sizeAmgen posted better-than-expected earnings results on Wednesday. Patrick T. Fallon/BloombergAmgen’s sales and earnings beat Wall Street forecasts for the biotech’s September quarter. A driver of the sales beat was the company’s success with its biosimilar versions of other biotech firms’ blockbusters. Total revenue grew 12% to $6.4 billon, the company said late Wednesday, while earnings per share grew 19% to $4.37 (adjusted for noncash charges).
S&P 500, Dow slip on earnings worries, stimulus uncertainty
Caterpillar Inc fell 3.1% and 3M Co slipped 1.8% after both the industrial companies reported a fall in quarterly earnings. The S&P 500 banks index and the S&P energy sector shed about 1% each. ET the Dow Jones Industrial Average fell 122.58 points, or 0.46% to 27,562.80, the S&P 500 index lost 3.57 points, or 0.10% to 3,397.40 and the Nasdaq Composite gained 54.87 points or 0.48% to 11,413.81. Story continuesAnalysts expect the tech sector to post a 0.4% increase in third-quarter earnings from a year earlier, while overall S&P 500 profit is forecast to fall 16.2%, according to Refinitiv data. The S&P index recorded 11 new 52-week highs and one new low, while the Nasdaq recorded 23 new highs and 48 new lows.
US STOCKS-S&P 500, Dow sink 3% to late-Sept lows on virus, election worry
The Big Tech companies - Apple, Alphabet, Amazon and Facebook - which are due to report results on Thursday, fell between 3% and 4.7%, weighing the most on the S&P 500. The S&P 500 lost 96.32 points, or 2.84%, to 3,294.36 and the Nasdaq Composite dropped 339.66 points, or 2.97%, to 11,091.70. Of the 206 S&P 500 companies that have reported third-quarter earnings so far, about 83% have topped expectations, according to Refinitiv data. GE was the largest percentage gainer on the S&P 500. The S&P 500 posted one new 52-week highs and eight new lows; the Nasdaq Composite recorded 13 new highs and 101 new lows.
The Dow Jones and the S&P 500 just experienced their worst day since June
As COVID-19 cases climb in the United States, the Dow Jones Industrial Average and the S&P 500 just took a dive during their worst day in several months. The Dow on Wednesday fell 943 points as the S&P 500 dropped 3.5 percent, the worst day for each since June 11, CNBC reports. The Nasdaq Composite also had its worst day since early September, dropping 3.7 percent, according to CNN. Less than a week ahead of the 2020 presidential election, the Dow is "down nearly 9 percent since Sept. 2.," The Washington Post writes. This comes as the U.S. has been seeing an uptick in COVID-19 cases, recently setting a record for most new infections reported in one day with over 83,000.
Here's how former Vice President Joe Biden went from 'Middle-Class Joe' to millionaire
Democratic presidential candidate, former Vice President Joe Biden. President Donald Trump continues to trail former Vice President Joe Biden in the polls, just one week out from the presidential election. Democratic presidential candidate Joe Biden addresses a crowd at the Hyatt Park community center on May 4, 2019 in Columbia, South Carolina. Democratic presidential candidate former Vice President Joe Biden arrives at a stop on his bus tour, in Emmetsburg, Iowa on December 2, 2019. Democratic presidential candidate former Vice President Joe Biden speaks during a town hall meeting, Friday, Nov. 22, 2019, in Winterset, Iowa.
Lawyer for China exec accuses RCMP of lying about her arrest
“My view is that’s not an honest answer,? Peck told Yep. Meng’s lawyers have alleged there was a “coordinated strategy” to have the RCMP delay her arrest so border officials could question Meng for three hours under the pretense of a routine immigration exam. In apparent retaliation for Meng’s arrest, China detained former Canadian diplomat Michael Kovrig and Canadian entrepreneur Michael Spavor. China has also placed restrictions on various Canadian exports to China, including canola oil seed and meat. China also handed a death sentence to a convicted Canadian drug smuggler in a sudden retrial.
Chief Market Strategist on why markets are in an 'early stage of the economic recovery' in spite of the sell-off
Keith Lerner, Truist / SunTrust Advisory Services Chief Market Strategist, joins The Final Round to discuss Wednesday's sell-off ahead of next week's election. So we're not overweight there, but I would say that's the area that's trying to act better in our work. That's-- you know, that's a good sign because those are very economically sensitive. KEITH LERNER: Yeah, as you mentioned, we have had a great earnings season as far as the numbers but the reaction's been less so. MYLES UDLAND: All right, Keith Lerner, Chief Market Strategist with Truist SunTrust Advisory Services.
The house that McDonald’s built seeks $29 million in Santa Ynez
A piece of fast food history was just served up in Santa Ynez, where a 554-acre ranch once owned by late McDonald’s owner Ray Kroc has listed for $29 million. Gone are the golden arches that once framed the entry to the property, but many of the structures still remain. 1 / 22 The great room. (PreviewFirst) 8 / 22 The two-story great room. (PreviewFirst) 22 / 22 The landscape.
Don't Cut and Run: Cramer's 'Mad Money' Recap (Wednesday 10/28/20)
When the market throws a sale, like it did Wednesday, investors needs to be ready to pounce, Jim Cramer told his Mad Money viewers. On Real Money, Cramer keys in on the companies and CEOs he knows best. Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. To sign up for Jim Cramer's free Booyah!
Deeper job cuts at Boeing as pandemic throttles air travel
Boeing said Wednesday that it will cut 7,000 more jobs as it continues to bleed money during a pandemic that has smothered demand for new airline planes. Thursday marks the second anniversary of the crash of a Lion Air 737 Max off the coast of Indonesia. With customers in no mood to buy expensive new planes, Boeing expects to keep burning cash. The Max was Boeing’s best-selling plane, but now the company has 450 in storage that it can’t deliver. Southwest’s fleet consists entirely of Boeing 737s, and the airline was forced to cancel thousands of flights last year because of the Max grounding.
LogMeIn, too, will cut Boston office space
On Wednesday, chief executive Bill Wagner said LogMeIn will need only half of the space at corporate headquarters on Summer Street in Boston. The cutback, he said, is part of a broader plan to trim about one-third of the software company’s office space around the world. Bill Wagner, LogMeIn's CEO, plans to reduce the amount of office space at the company's Boston headquarters by half. “What it means is you will not go to the same desk every day" in the office, Wagner said. Before the pandemic, more than 90 percent of LogMeIn’s Boston employees went into the office full time.
Dow slides more than 900 points as rising coronavirus counts threaten recovery
AdvertisementInvestors have signaled increasing concern as the pandemic enters this newest phase, which coincides with flu season. AdvertisementUncertainty over the timing of coronavirus relief is further complicated by the election, which may change the power dynamics in Washington. Senate Republicans have rejected provisions for a larger stimulus package even as President Trump has called for greater spending. Republicans still say it’s too high, but the House passed the $2.2 trillion version earlier this month, over the GOP’s opposition. But a weaker performance might underscore the fragility of the economic recovery and the uncertainty facing even the most well-positioned US businesses.
What’s a successful lawyer from Dover doing in a long-shot bid for US Senate?
Similar scenes have played out throughout his campaign; O’Connor said he has visited dozens of police stations throughout Massachusetts. He finds himself doing a strange dance: voicing support for President Trump while simultaneously trying to frame himself as an independent thinker. He said that he is different temperamentally than Trump, and calls himself a “Kevin O’Connor Republican." “He says he ain’t a Baker Republican, and he says he ain’t a Donald Trump Republican,” said Parisi. At the Gloucester pier, O’Connor passed on joining the Trump-supporting car parade.
Editorial: Reject Piedmont property tax hike for pool repairs
Piedmont residents tax themselves to ensure that they have the best schools and premier city government. Measure TT, which we have previously recommended voters reject, would increase the city’s tax on property sales to state record-high levels. Now we look at Measure UU, a $19.5 million bond proposal to pay for replacing three old community pools with two new ones. The firmer number is that city taxpayers would collectively pay about $1.3 million annually to retire the bonds needed to finance the construction. Rather than throwing multiple tax measures at voters, city leaders need to prioritize and look for savings elsewhere.
Texas apartment markets are rebounding from the worst of COVID-19
Total employment in North Texas is off by about 131,000 from September of 2019, the latest federal job numbers show. (RealPage)Along with the 'burbs, of the strongest D-FW apartment rentals have been in downtown adjacent areas, he said. That’s better than in Austin, where rents are down 5% percent, or Houston with its 3% decline in apartment rents. Willett predicts North Texas apartment rents will hold steady in the coming year. North Texas has seen the smallest overall apartment occupancy decline of any of the state’s major markets during the pandemic, according to RealPage.
Mesquite has more than $1.5 million to help residents pay their bills during the pandemic
The city of Mesquite is reminding residents it still has more than $1.5 million in funds available for people who need help paying their rent, their mortgage or utility bills, with some residents eligible for up to $1,500 a month for six months. To request help, residents who have been economically affected by the COVID-19 pandemic should reach out to Catholic Charities by emailing CCDdisaster@ccdallas.org or calling 214-257-0674. These funds can be used to make a mortgage payment or pay rent. They can also be used to pay utility bills such as electric, gas and internet,” Maria Martinez, the city’s director of neighborhood services, said in the news release. The city also reminded residents they have access to a bilingual caseworker who can help navigate the paperwork process or any other hurdles.
COVID-19 response director: ‘We are trending upward’
“We’re the 22nd highest state reporting more than 100 new cases per 100,000 residents,” the governor said on Twitter. (Chase Stevens/Las Vegas Review-Journal) @csstevensphotoNevada is in the “Red Zone” for COVID-19 cases, according to a White House report, Gov. Steve Sisolak said during Wednesday’s response update. “We’re the 22nd highest state reporting more than 100 new cases per 100,000 residents,” the governor said on Twitter. COVID-19 Response Director Caleb Cage said, “We are in an upward trend.”Julia Peek, the deputy administrator in the Nevada Department of Health and Human Services, is also providing information.
MGM says about half of pre-pandemic workforce has returned
About half of MGM Resorts International’s national pre-pandemic workforce is back. Cannon/Las Vegas Review-Journal) @KMCannonPhotoPosters in an employee area at the Bellagio are part of a safety reinforcement campaign by parent company MGM Resorts International. Cannon/Las Vegas Review-Journal) @KMCannonPhotoAbout half of MGM Resorts International’s national pre-pandemic workforce is back. It remained unclear how many of those employees are in Nevada, where MGM has historically been the state’s largest private-sector employer. Chopra, the MGM executive, was noncommittal when asked Wednesday whether the company has or has discussed similar plans at its own Strip properties.
As state halts indoor dining in Chicago, a Pilsen restaurant tests out sidewalk enclosure. Its designer wants to build more, but needs financial backing.
“This is going to help me a lot,” Cruz said, noting that indoor dining was shutting down Friday, per the governor’s orders. “We’re a small business; we’ve been here in Pilsen for six years already, and we (have) 10 employees total. The last time the virus started, I had to lay off almost all of them and only had three people working. With this patio, I don’t think I’m going to lay off as many as before."
Portland police budget again takes center stage as 2 commissioners seek another $18 million cut, mayor wants none
Four months after the Portland City Council approved rerouting $15 million from the Police Bureau budget to other city programs and initiatives, the panel could greenlight diverting millions more from the law enforcement agency. Commissioner Jo Ann Hardesty and Commissioner Chloe Eudaly have called for redirecting another $18 million from the current Portland Police budget. Wheeler has said he wants the Police Bureau budget, which members in June set at $229.3 million, to remain at that level. City Budget Director Jessica Kinard said during a City Council work session last week that the programs aren’t eligible expenses for reimbursement from the Federal Emergency Management Agency. Hardesty spearheaded the first responder alternative that the City Council first approved last November.
West Linn detective assigned to investigate sex abuse allegations against longtime family physician
West Linn police said Wednesday they’re investigating criminal allegations against former West Linn Dr. David Farley, whose Oregon medical license was revoked this month amid complaints of alleged sexual abuse from former patients. West Linn Detective Tony Christensen has been assigned to the case. West Linn police asked anyone with information about alleged “inappropriate contact or behavior” by Farley to contact Christensen at 503-742-6134. He announced his sudden retirement in August, citing “personal reasons,” and no longer is affiliated with the West Linn medical center, police said. Farley also had worked at Legacy Meridian Park Medical Center in Tualatin and Willamette Falls Medical Center in Oregon City.
Oregon may recoup the $300 weekly unemployment bonus from up to 40,000 people
Here’s a rundown on the latest foul-up:President Donald Trump diverted federal emergency funds to pay the $300 weekly unemployment bonus in August, after a prior $600 congressional bonus expired. However, employment department Director David Gerstenfeld said Wednesday that the state erroneously sent the money to as many as 40,000 people who hadn’t certified their eligibility. He said the employment department is calling people who received the erroneous payments to encourage them to certify their eligibility. Scroll down to “Lost Wages Assistance.”)If people don’t certify, though, Gerstenfeld said the state is legally obliged to attempt to recoup that money. It also had some of the longest delays in benefits paid last spring and summer.
Raytheon Technologies discloses US criminal probe over financial accounting in defense business
Raytheon Co., as it was known before its merger earlier this year with United Technologies Corp., received a subpoena last year from the SEC seeking information in connection with an investigation into possibly improper payments by Thales-Raytheon Systems “or anyone acting on their behalf” in connection with Thales-Raytheon or Raytheon contracts in “certain Middle East countries since 2014,” the company said.
Bloomberg schedules $850K worth of pro-Biden TV ads in Ohio; possibly many more to come
Ohioans will soon start seeing about $850,000 worth of TV ads for Democrat Joe Biden bankrolled by billionaire Michael Bloomberg. Spokesman Howard Wolfson told the New York Times that Bloomberg's super-PAC, Independence USA, will air nearly $15 million worth of Biden ads in all television markets across both Ohio and Texas. Ohio Democratic Chairman David Pepper said Bloomberg's investment in Ohio proves that the race is a toss-up and still winnable by Biden. Texas and Ohio present the best opportunities to do that, in our view.”Recent polls have showed a tight race in Ohio. Biden campaign ads already have been airing on local Ohio stations since Labor Day, while the only ones for President Donald Trump come from purchases on national cable-TV networks.
CTO Realty: 3Q Earnings Snapshot
DAYTONA BEACH, Fla. (AP) _ CTO Realty Growth, Inc. (CTO) on Wednesday reported a third-quarter loss of $1.5 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Daytona Beach, Florida-based company said it had a loss of 33 cents. The real estate company posted revenue of $14.6 million in the period. CTO Realty shares have declined 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $41.51, a fall of 34% in the last 12 months.
Virus surge wipes out months of progress in US, Europe. Here's where new cases are the highest
A new wave of lockdowns and business closings swept across France, Germany and other places in Europe on Wednesday as surging coronavirus infections there and in the U.S. wipe out months of progress against the scourge on two continents. Get the latest updatesMore developments today:The Dow Jones Industrial Average dropped 943 points Wednesday as surging coronavirus cases in the U.S. and Europe threaten more business shutdowns and pain for the economy. France announced a full nationwide lockdown for the second time this year and German officials imposed a partial four-week lockdown Wednesday, as governments across Europe sought to stop a fast-rising tide of coronavirus cases. With many of its live entertainment shows gone dark, Walt Disney World on Wednesday laid off 720 actors and singers, according Actors' Equity Association, the labor union representing the performers. Click or tap headlines below for more details on today's top stories:A closer look at virus spread, its financial impact and how to protect yourself:
Virus surge wipes out months of progress in US, Europe. Here's where new cases are the highest
A new wave of lockdowns and business closings swept across France, Germany and other places in Europe on Wednesday as surging coronavirus infections there and in the U.S. wipe out months of progress against the scourge on two continents.
Father indicted in connection with death of his toddler daughter
A Richmond father has been indicted for first-degree murder and rape in connection with the 2019 death of his daughter. Officers found the child unresponsive, police said. Anyone with further information about this homicide is asked to call Major Crimes Detective J. Pittman at (804) 646-3869 or Crime Stoppers at 780-1000. The P3 Tips Crime Stoppers app for smartphones also may be used. All Crime Stoppers reporting methods are anonymous.
Worried about a utility shutoff? Here's what Louisville Water, LG&E and MSD are doing
The water company will not be enforcing shutoffs or charging late payments until Jan. 1, 2021, Executive Vice President Dave Vogel said. Vogel encouraged customers behind on their payments to reach out to the company to set up a payment plan. Customers who don't call to set up a plan will default to one-year payment plans, with equal payment across the term, he said. For example, if you owe $60 to the water company and $40 to MSD, the majority of the amount you decide to pay will go to water company and the rest to MSD. On the payment plans, customers will be charged in addition to current usage fees.
Markets tumble in another day of Covid turmoil
Panicking traders wiped almost £40bn off the value of Britain's blue chip companies and markets plunged around the world as a second wave of Covid sent Europe careening back towards lockdown. The FTSE 100 closed 2.5pc or almost 150 points lower at 5,582, its lowest level since early April. Shares fell in 98 of the index's 100 firms as all industries were swept up in the sell-off. France’s Cac 40 fell 3.4pc and the German Dax sank 4.2pc - the worst declines for Paris and Frankfurt since late September. The US dollar rallied as fear once again gripped traders, prompting a widespread rout that hit mining and financial firms particularly hard.
Markets report: Kaz exit could see rival miner move in
Copper miner Kaz Minerals’ shares jumped after it recommended a $2.4bn deal masterminded by its chairman and top shareholder, which would take the group private after its expansion plans drew the ire of investors. Shares closed up 57.2p at 628p, falling short of the offered takeover price and suggesting it will pass. He added Kaz’s likely exit from London’s markets could create space for a competitor. “However, it does further reduce the number of FTSE copper miners from two [Antofagasta and Kaz] to just one. Just four blue-chips closed in the green, with lockdown winners Ocado and B & M European retail scraping the narrowest of gains.
BBC stars made to declare outside earnings as part of crackdown on 'bias'
BBC stars will be forced to disclose outside earnings on a public database as part of a crackdown on alleged bias within the corporation. He has expressed concern that presenters and journalists risk questions about their impartiality by earning five-figure sums for corporate work. It comes as the BBC published new rules on the use of social media by its employees. Mr Davie is expected to say impartiality is the "bedrock" of the corporation and must be observed both on and off air. Writing in Wednesday's Telegraph, Sir Robbie Gibb, a former BBC executive and Downing Street communications chief, said the new rules will "ensure BBC staff are not creating conflicts of interest as they cash in on their profile".
Double-dip lockdowns threaten to overwhelm Europe's economic defences
He has been caught off-guard by the ferocity of the second wave. Officials say the system will reach saturation by November 11 without drastic measures, yet there is no longer social consent for such measures. The economic damage from a second wave lasting deep into 2021 may cause the downturn to metastasize and turn into a stagnation trap. The EU’s Recovery Fund cannot play that role even if it has taken on totemic significance for EU insiders and media alike. The South will not touch the loan component because of Troika conditions unless they are in serious trouble.
Britain's death toll 'could hit 85,000 in second Covid wave'
Britain's death toll from the second coronavirus wave could reach 85,000 – almost double the total so far – according to leaked documents from the Scientific Advisory Group for Emergencies (Sage). The modelling, leaked to The Spectator, comes as the UK's total deaths rose by a further 310, bringing the toll to 45,365. It comes amid suggestions that the whole of England could be placed under Tier 3 Covid restrictions by Christmas if infections continue to rise. The modelling, drawn up in late July, outlines a situation in which deaths remain above 500 a day for at least three months, peaking at 800 a day. During the first wave, deaths remained at over 500 a day for five weeks, peaking at 1,100 a day.
Revolut boss named as UK's first tech start-up billionaire
The 36-year-old boss of banking business Revolut has been revealed as Britain’s first technology start-up billionaire in The Telegraph’s new Tech Hot 100 ranking of the industry's richest leaders. Nikolay Storonsky, who co-founded the business in 2014, has a net worth of £1.06bn based on his holding in the company. The Tech Hot 100 ranking reveals that the total wealth of Britain's most successful start-up chiefs rose from £4.5bn last year to £8.5bn. Half of the 10 richest start-up founders in the UK were born abroad. Both co-founders of currency exchange business TransferWise are also included in the top 10 of the list, with a combined net worth of £1.2bn.
France goes into second Covid lockdown
France will be plunged into a second lockdown on Friday after Emmanuel Macron said Europe was being "overrun" by a second wave of coronavirus that would be "harder, more deadly than the first." Britons will be banned from entering the country unless they have a signed certificate saying why they need to travel. "The virus is circulating at a speed that not even the most pessimistic forecasts had anticipated," Mr Macron said. Germany also announced new national lockdowns despite both it and France recording fewer daily Covid deaths than Britain. On Wednesday, Boris Johnson toughened the restrictions in the highest of England's three tiers in the hope he can avoid national restrictions and save the traditional family Christmas.
Coronavirus: Lockdown returns to France and Germany - here's what you need to know
France and Germany have become the latest countries to announce second lockdowns as Europe struggles to bring the latest wave of coronavirus under control. The second French lockdown, however, will look a little different to Germany in its approach. Unlike the first lockdown, however, schools and creches will remain open. Under the rules, bars and pubs will close, while restaurants will remain open for takeaways only. Shops will remain open with restrictions on space - meaning a maximum of one person per 10 square metres of shop floor will be permitted.
Harley-Davidson's first electric bicycle is modeled after the company's original 1903 motorcycle
Harley-Davidson is known for its high-powered hogs, but the motorcycle company is getting into the electronic bicycle business with a new division named after it's first bike. The 117-year-old company unveiled the Serial 1 Cycle Company, borrowing from the nickname of the very first motorcycle it sold back in 1903, 'Serial Number One.' The e-bike's design includes a sleek black frame, leather saddle and grips, and white tires, which are also a nod to the early design. Scroll down for videoHarley Davidson's original 1903 motorcycle (in background) and new Serial 1 bicycle. E-bike sales increased 190 percent in June 2020 compared to June 2019, according to market research company the NDP Group.
US Election 2020: Trump says Thursday's GDP will be 'off the charts'
'You’re going to have a very big number. You know what, before that happens, and I don’t know what it is, but the Atlanta Fed just predicted a very big number. That’s our big number right?' President Donald Trump speaks during a campaign rally at Laughlin/Bullhead International Airport in Bullhead City, Arizona, U.S., October 28, 2020. 'We are substantially up in a state known as Arizona,' said Trump, despite public polls showing him trailing.
Gilead Sciences reports almost $900 mn in Q3 remdesivir sales
Gilead reported a jump in third-quarter sales in part due to nearly $900 million in revenues from Remdesivir, a treatment for Covid-19Advertising Read moreNew York (AFP)Remdesivir, a therapeutic to treat Covid-19, boosted third-quarter sales for pharmaceutical company Gilead Sciences by nearly $900 million, according to results released Wednesday by the drugmaker. Gilead reported a 17 percent jump in third-quarter revenues to $6.6 billion. The company reported a profit of $360 million, compared with a loss of $1.2 billion in the year-ago period. The US Food and Drug Administration last Thursday granted full approval to the antiviral drug remdesivir as a treatment for patients hospitalized with Covid-19, after conditional authorization was given in May. President Donald Trump, who tested positive for the coronavirus early in October, was treated with remdesivir -- among other drugs -- at a military hospital outside Washington.
Finance minister says government will turn off financial taps, but not before pandemic ends
The government has also promised a fiscal update this fall, but no date has been set for that. She said with interest rates so low, even this massive amount of debt doesn’t weigh heavily on the country’s balance sheet. The Liberals have previously set so called “fiscal anchors” to guide their spending. Freeland made it clear the government would return to a more measured approach after the pandemic. “We will resume the long standing time-tested Canadian approach with fiscal guardrails and fiscal anchors that preceded this pandemic.”She did not specify what those guardrails or anchors would be.
Putin Forever? And Russia's Economy Rocked by Coronavirus Fallout
This week on the podcast:— In a televised statement to Russia’s parliament, Vladimir Putin backed a constitutional shake-up that could see him remain president for another two full terms. — Last week, Russia rejected a proposal from Saudi Arabia to cut oil production in response to the economic fallout of the coronavirus, kicking off an “oil price war” and sending global energy prices tumbling. In the studio to weigh up those claims and assess the real damage is Natasha Doff, economy and government editor at Bloomberg News here in Moscow. From Russia With News is hosted by Jake Cordell and produced by Pjotr Sauer. The episode was recorded and edited at CM Records Studio in central Moscow.
John Ivison: Freeland needs to reset her compass when it comes to Liberal fiscal strategy
Try refreshing your browser, or John Ivison: Freeland needs to reset her compass when it comes to Liberal fiscal strategy Back to videoNobody believes Ottawa should have watched families and businesses go broke during the pandemic. But it was the rest of her speech – and what was missing – that is more problematic. She said the “terror and triumph” of the debt crisis in the mid-1990s was formative for a generation of Canadians. Freeland said not one of the factors that drove the fiscal crisis in the 1990s holds true today. “Doing too little is more dangerous and potentially more costly than doing too much.”That is arguable; the fact that budgetary constraints remain an intrinsic foundation of economics is not.
Thieves steal 355,000 pesos after man conned into sharing bank code
A 91-year-old man has lost 355,000 pesos (US $16,760) after being duped into providing a bank account login code to fraudsters posing as bank employees. The supposed bank employees already had Roberto’s account username and password, El Universal said without explaining how they obtained them. After realizing that he had been robbed, Roberto reported the theft at a Scotiabank branch in Querétaro where he was told that his funds would be returned within two months. The protection of bank account details are the responsibility of the customer, Scotiabank said. El Universal reported that several other Scotiabank customers have been victims of telephone scams and are considering filing a collective lawsuit against the bank.
US tries to block Ngozi Okonjo-Iweala as first African WTO head
It added: "This is a very difficult time for the WTO and international trade. There have been no multilateral tariff negotiations in 25 years, the dispute settlement system has gotten out of control, and too few members fulfill basic transparency obligations. The WTO is badly in need of major reform."
Virtual brawl: United States senators grill social media CEOs
The chiefs of Twitter, Facebook and Google parent Alphabet were taken to task by Republican senators over how content is policed on their platforms. A United States Senate hearing turned into a literal virtual brawl on Wednesday as the most powerful CEOs in social media were taken to task by Republican lawmakers over how content is policed on their platforms. Section 230 shields companies from liability over content posted by users but also lets the firms shape political discourse. Twitter’s Dorsey warned the committee that eroding the foundation of Section 230 could significantly hurt how people communicate online. All three CEOs agreed the companies should be held liable if the platforms act as a publisher.
Tupperware profits soar as pandemic shut-ins store leftovers
FILE - In this Oct. 30, 2019 file photo, the logo for Tupperware Brands appears above a trading post on the floor of the New York Stock Exchange. Tupperware Brands, on Wednesday, Oct. 28, 2020, posted third quarter profit of $34.4 million, more than quadruple the $7.8 million from the same quarter a year ago. Tupperware Brands, on Wednesday, Oct. 28, 2020, posted third quarter profit of $34.4 million, more than quadruple the $7.8 million from the same quarter a year ago. (AP) — Tupperware relied on social gatherings for explosive growth in the mid 20th century. Profit during the most recent quarter quadrupled to $34.4 million, Tupperware reported Wednesday.
Toyota, Lexus recall list: Company adds 1.5M US vehicles for engine stalling
Associated PressDETROIT — Toyota is adding 1.5 million U.S. vehicles to recalls from early this year to fix fuel pumps that can fail and cause engines to stall. The company says the latest recall brings the total to 5.8 million Toyota and Lexus brand vehicles that need to be repaired worldwide. The recall affects more than 40 vehicles in the U.S. dating to the 2013 model year, covering much of the Toyota and Lexus model lineup. Toyota said in a statement Wednesday that the fuel pumps can suddenly stop operating, and that can cause the vehicles to stall. Toyota began recalling the vehicles in January with about 700,000, and added 1.2 million in March.
Ole Henriksen takes extra 40 percent off all sale products
Ole Henriksen is known for its amazing skincare products. And now, the popular beauty brand is taking an extra 40% off sale products for its latest Sale on Sale event. You can get your hands on a variety of moisturizers, gels, cleansers and more Ole Henriksen faves. And whether you’re looking for a boost of hydration or want to spoil yourself with a spa-quality facial, you’re sure to find some new beauty must-haves. Sale price: $30.00Sale price: $23.00Sale price: $51.80Sale price: $21.00Sale price: $28.00
Amazon takes up to 30 percent off Anker chargers, power banks and more
Your search for the perfect charger will be over now that Amazon is rolling out some major Anker deals. For the sale, Amazon is taking up to 30% of a variety of Anker accessories — including charger cables and power banks. Plus, with prices starting at just $12.49, the quality chargers and accessories are quite budget-friendly. So take a look at our roundup of some of the sale’s best picks and enjoy all of these exciting Anker deals. Sale price: $18.99Original price: $27.99Sale price: $15.99Original price: $23.99Sale price: $44.99Original price: $69.99Sale price: $20.99Original price: $29.99Sale price: $15.99Original price: $23.99
Private eye busted in Chinese government plot is an ex-NYPD sergeant
A former NYPD sergeant is the private eye busted in a Chinese government plot known as “Operation Fox Hunt,” according to his online resume. Michael McMahon, 53, is accused of participating in a multi-year scheme to “threaten, harass, surveil and intimidate” a former Chinese government official living in New Jersey into returning to China to face unspecified criminal charges there. In 2018, Neary helped Ruiz score an acquittal on allegations he ordered city mechanics to work on his motorcycle, 1964 Mustang and a friend’s Buick. McMahon is scheduled to appear in Brooklyn federal court Wednesday afternoon on a charge of conspiring to act as an illegal agent of a foreign government. If convicted, he would face a maximum of five years in prison.
Manhattan buildings for super rich hire armed guards for possible Election Day unrest
New York’s ultra rich are quietly preparing for civil unrest on Election Day — by hiring armed guards to stand watch over their luxury Manhattan buildings. Added another luxury building board member said high-end residents have been warned to take precautions by the NYPD. “The NYPD is advising buildings to get the extra security,” the source said. Even “B” level buildings like Manhattan House, at 200 E. 66th St., on the Upper East Side are hiring extra security. She is one of many New York residents who plan on being out of Manhattan on Election Day.
Gilead's Remdesivir brought in $873 million during the third quarter
Gilead's Remdesivir brought in $873 million during the third quarterMeg Tirrell joins 'Closing Bell' to talk about Gilead's quarterly earnings.
'It feels a bit like groundhog day': AlphaOmega's Cecchini on markets
'It feels a bit like groundhog day': AlphaOmega's Cecchini on marketsAlphaOmega Advisors CEO Peter Cecchini joins 'Closing Bell' to talk about the state of the markets and his thoughts on European equities.
There’s so much anxiety over vaccines and the election: Tusk Ventures CEO on sell-off
There’s so much anxiety over vaccines and the election: Tusk Ventures CEO on sell-offBradley Tusk, Tusk Ventures CEO, joins 'Closing Bell' to weigh in on the market plunge. He talks about what might have caused today's scale of market sell-off.
Post-Market Wrap: October 28, 2020
News Update – Market CloseCNBC brings you fast, accurate, and actionable business news and market updates.
Anxiety over elections is no-surprise, but stocks got crushed: BlackRock's Koesterich
Anxiety over elections is no-surprise, but stocks got crushed: BlackRock's KoesterichRuss Koesterich, BlackRock Global Allocation Fund Portfolio Manager, joins 'Closing Bell' to give his take on the massive market plunge as daily coronavirus cases continue to surge in the U.S. and the country faces a possibly contested election result.
'This is not a secular, systematic decline': Jim Cramer on the sell-off
'This is not a secular, systematic decline': Jim Cramer on the sell-offStocks fell sharply Wednesday amid concerns over the latest increase in coronavirus cases and the impact on the global economy. The Dow dropped more than 900 points for its worst drop since June. Jim Cramer, host of Mad Money, joins 'Closing Bell' to talk about the sell-off.
Russian central bank governor: We expect a lower growth rate going forward
Russian central bank governor: We expect a lower growth rate going forwardElvira Nabiullina, governor of the Russian central bank, discusses Russia's economic outlook, the second wave of Covid-19 and the U.S. general election.
Callaway CEO says the merger with Topgolf will more than 'double' growth prospects
Callaway CEO says the merger with Topgolf will more than 'double' growth prospectsShares of Callaway Gold plunged after news that Callaway and Topgolf has agreed on an all-stock merger. Callaway CEO Chip Brewer joins 'Closing Bell' to talk about what the merger would do for its golf entertainment business.
Markets are tired and just need a rest, expect the churn to continue: Nuveen's Bob Doll
Markets are tired and just need a rest, expect the churn to continue: Nuveen's Bob DollBob Doll, Nuveen chief equity strategist and Russ Koesterich, BlackRock Global Allocation Fund portfolio manager, join 'Closing Bell' to talk about what they're telling investors to minimize short-term risk due to the massive market sell-off. Part of the market's fear is a contested election, says Doll. It adds uncertainty that markets don't like. This market actually started misbehaving as the fade on the stimulus package occurred, he adds.
Senate adjourns without a coronavirus bill, and Covid aid deadlines approach: Here's how the headlines could affect your money
Senate Majority Leader Mitch McConnell, a Republican from Kentucky, wears a protective mask while walking to Senate Republican policy luncheons at Hart Senate Office Building in Washington, D.C., Oct. 26, 2020. Markets are down as the Senate adjourns without passing a coronavirus bill, and important Covid-19 assistance deadlines are coming up. The deadline is December 31, 2020. Enhanced unemployment benefits, lasting up to 39 weeks instead of the usual 26, end December 31, 2020. The CDC-imposed eviction ban is still valid through December 31, 2020.
Avoid trading based on election coverage, experts say: Here's why
Among the biggest question marks perplexing investors: the 2020 election. Depending on the result, it could affect everything from the nation's tax policies to its treatment of recreational cannabis use. For investors looking to get a handle on how stocks might behave following Election Day, market history can be a useful guide. But experts warn against making wholesale changes to your portfolio in anticipation of one election outcome or another. The reasons for this are intuitive, says Ryan Detrick, chief market strategist at LPL.
Ford returns to profitability as it blows past estimates
New York (CNN Business) Ford returned to profitability in a big way Wednesday, as strong demand for its trucks led to a much larger profit than Wall Street was forecasting. The company earned $2.6 billion excluding special items, nearly double the $1.4 billion it earned on that basis a year earlier. And it was far above the $932 million profit that analysts had forecast for the quarter. Ford's net loss excluding items stood at $2.3 billion for the first six months of 2020. But automotive revenue at the company still managed to increase 2% to $37 billion, due to strong pricing for the vehicles it did sell.
We don’t need mandated shutdowns to see significant impact on the economy: Schwab's Sonders
We don’t need mandated shutdowns to see significant impact on the economy: Schwab's SondersLiz Ann Sonders, Charles Schwab chief investment strategist, joins 'Closing Bell' to talk about why we're seeing the markets plunge shortly before the election. Sonders says there are many catalysts causing this downturn, one of which would be the lack of fiscal stimulus from Congress.
Gilead's revenue rises 17% driven by sales of coronavirus treatment remdesivir
Gilead Sciences reported stronger-than-expected third-quarter earnings on Wednesday as sales of its coronavirus treatment remdesivir touted by President Donald Trump drove revenue up by 17% from last year. Gilead's antiviral drug remdesivir, selling under the brand name Veklury, last week became the first and only treatment granted full approval by the U.S. Food and Drug Administration for treating Covid-19 patients. The coronavirus treatment generated $873 million in sales during the third quarter, mostly in the U.S., the company said. Gilead's total sales were $6.5 billion in the third quarter, up from $5.5 billion a year ago and more than the $6.3 billion analysts expected. Gilead also cut the top end of its full-year outlook, now expecting revenue between $23 billion and $23.5 billion.
Stock market news today: Dow sinks as Covid-19 cases soar
Stocks sell off sharply on fears that Covid-19 infections are spiraling out of control again and government leaders could have no choice but to enact another wave of lockdowns. Source: CNNBusiness
Negotiate rent: Renegotiate your rent with this 3-step plan
Rental concessions, discounts or perks like free parking or rent, are almost twice as common as they were in February, according to Zillow. You can’t really negotiate your expenses down if you don’t know what they should be — so find out. Most likely your landlord would rather have a smaller rent payment from you than no rent payment at all, so bring it up stat. You can also ask for some of those rental concessions, like a month’s rent free or another perk. “If you’re a responsible and good-standing tenant, they’re going to want to preserve you as a tenant,” Riefflin said.
Vote and virus: volatile markets bring reminder of March turmoil
FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto, Ontario, Canada June 13, 2018. The euro also came under pressure in cash markets, falling 0.42% against the greenback EUR=EBS, while U.S. and European stocks fell by 3% or more .STOXX. The election outcome has particularly strong resonance for China, which has endured higher trade tariffs and a hostile backdrop for its tech firms under U.S. President Donald Trump. A win for Democrat challenger Joe Biden, who is currently ahead in opinion polls, would mean more predictable trade policies. While a Biden win is widely viewed as dollar-negative, dollar swap markets, where traders outside the United States source the currency, suggest some investors are starting to hedge their bets.
Lockdown anxiety drags stocks sharply lower; dollar rises
REUTERS/Issei KatoCrude prices fell almost 5% and gold was under pressure from the rising dollar. MSCI’s gauge of stocks across the globe shed 2.89%, the most for any day since June 11. Emerging market stocks lost 1.17%. Concerns over a rising wave of COVID-19 infections played out in currency and bond markets, too, with the euro slumping against the dollar. The dollar index rose 0.344%, with the euro down 0.43% to $1.1744.
Visa profit falls 23% as payment volumes plunge
(Reuters) - Visa Inc V.N missed Wall Street estimates for fourth quarter profit on Wednesday, as high unemployment due to the coronavirus-induced recession continued to weigh on consumer spending. Earlier on Wednesday, Mastercard Inc MA.N missed profit expectations and warned that travel-related spending will likely be a major headwind for the industry until COVID-19 vaccines are widely available. Net revenue fell 17% to $4.8 billion as consumer spending was limited due to the health crisis, which has triggered the worst economic downturn in decades and prompted massive layoffs. This is only the second time the company’s quarterly revenue declined year-over-year since it went public in 2008. Analysts polled by Refinitiv had been expecting an 18.5% slide in revenue and earnings of $1.09 per share.
Vote and virus: volatile markets bring reminder of March turmoil
Ulrich Leuchtmann, head of FX and commodity research at Commerzbank said a double-whammy of the pandemic accelerating and an unclear election result could push volatility significantly higher. The euro also came under pressure in cash markets, falling 0.42% against the greenback EUR=EBS, while U.S. and European stocks fell by 3% or more .STOXX. The election outcome has particularly strong resonance for China, which has endured higher trade tariffs and a hostile backdrop for its tech firms under U.S. President Donald Trump. A win for Democrat challenger Joe Biden, who is currently ahead in opinion polls, would mean more predictable trade policies. While a Biden win is widely viewed as dollar-negative, dollar swap markets, where traders outside the United States source the currency, suggest some investors are starting to hedge their bets.
Ford posts stronger-than-expected quarterly profit, expects full-year pretax profit
DETROIT (Reuters) - Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, sending shares up nearly 6% in after-hours trading. FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected. The company’s adjusted EBIT margin in the quarter was 9.7%, with a full-year target of 8%. “We saw much higher demand than we expected,” Chief Financial Officer John Lawler told reporters on a conference call.
Pandemic's latest spread triggers surge in VIX 'fear gauge' for U.S. stocks
Slideshow ( 2 images )The Cboe Volatility Index .VIX surged on Wednesday to its highest level since June, ending at 40.28. The VIX had climbed on Monday amid concerns about a tightening U.S. presidential race. Along with the pandemic, concerns about stalled efforts in Washington toward further fiscal stimulus measures and the outcome of Tuesday’s U.S. presidential election have helped maintain high volatility in U.S. stocks. VIX futures, which have long reflected expectations for higher volatility toward year-end, have also risen. “Surprises are the thing that really get volatility going,” said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group.
Vote and virus: volatile markets bring reminder of March turmoil
FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto, Ontario, Canada June 13, 2018. The election outcome has particularly strong resonance for China, which has endured higher trade tariffs and a hostile backdrop for its tech firms under U.S. President Donald Trump. A win for Democrat challenger Joe Biden, who is currently ahead in opinion polls, would mean more predictable trade policies. GRAPHIC: Currency swaps -LIQUIDITY SQUEEZE? Three-month euro-dollar swaps EURCBS3M=ICAP rose to 18.5 basis points, close to a one-month high, reflecting investors' willingness to pay a greater premium for dollars.
S&P financials index may be bruised but not without bright spots
(Reuters) - Financial stocks have lagged the broader equity market since the start of the year and since the late March crisis-low. But not all stocks are created equal in the S&P index that tracks the industry, which is down 23% year-to-date. FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., October 28, 2020. In all, eight stocks in the index, which has more than 60 stocks, have shown double-digit percentage gains so far in 2020. Like MSCI, stock index company S&P Global Inc SPGI.N has also been in favor.
Lockdown anxiety drags stocks sharply lower; dollar rises
REUTERS/Lucas Jackson/File PhotoCrude prices fell almost 5% and gold was under pressure from the rising dollar. MSCI’s gauge of stocks across the globe shed 2.89%, the most for any day since June 11. Emerging market stocks lost 1.17%. Slideshow ( 2 images )Concerns over a rising wave of COVID-19 infections played out in currency and bond markets, too, with the euro slumping against the dollar. The dollar index rose 0.344%, with the euro down 0.43% to $1.1744.
Discord over next global trade chief threatens to blow up WTO
The next global trade chief was supposed to save the World Trade Organization. Instead, the fractious race to appoint a WTO director general has itself now delivered a further blow to an organization on life support. She was presented as the consensus candidate to WTO members after a long process of consultations with all members in Geneva. The decision stunned many in Washington's trade community, even after four years of the U.S. administration's disruptive trade policies. If such a consensus cannot be reached, the WTO could theoretically shift to a vote, which would overrule Washington's veto.
Senior French MEP goes on hunger strike to protest EU budget deal
A senior French MEP has gone on hunger strike to demand the EU introduce a tax on financial markets and to protest against budget plans that downgraded programs on health, research and climate change. But the European Parliament is unhappy with several aspects of the deal, notably the lack of a strong mechanism to punish rule of law breaches by national capitals and cuts to some programs. AdvertisementMEPs also want a definitive timetable for the introduction of a financial transaction tax — something the European Commission first proposed in 2011. EU capitals have consistently resisted the introduction of such EU-wide revenue raising mechanisms to keep direct control over taxation. The MEP also warned that a financial transaction tax would help countries avoid a tough recession in 2024 because “the landing will be brutal.”“Those countries who say 'no' to the [financial transaction tax] — it means they prefer to help traders and tax voters,” he added.
S&P 500 sinks 3.5% as surging virus cases lead to shutdowns
”I did not expect this level of volatility or this degree of a sell-off.”The S&P 500 lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8% Wednesday. Microsoft, the second-biggest company in the S&P 500, reported stronger profit and revenue for its latest quarter than expected. Analysts say that suggests good news on profits has already been built into stock prices and that the market’s focus is elsewhere.
Ford posts better than expected 3Q profit as sales recover
(AP Photo/David Zalubowski, File)DETROIT (AP) — Ford Motor Co. posted a stronger-than-expected third-quarter net profit as demand for cars and trucks recovered from coronavirus shutdowns and the company sold more high-margin trucks. ADVERTISEMENTNew Chief Financial Officer John Lawler said Ford expects fourth-quarter pretax income to run from break even to a $500 million loss. The company reported an outsized pretax profit margin of 9.7% for the quarter, with North America’s margin at 12.5%. But Ford saw its U.S. sales down only 5% for the period, with much of the decline from slower sales to large fleet buyers. At the same time, Ford had its best quarter for pickup truck sales since 2005, and those carry a higher price tag than other vehicles.
Demand for delivery boosts UPS revenue, but costs rise too
UPS, whose brown delivery trucks have become omnipresent on neighborhood streets during the pandemic, is reporting strong profits and revenue in its most recent quarter. UPS, whose brown delivery trucks have become omnipresent on neighborhood streets during the pandemic, is reporting strong profits and revenue in its most recent quarter. (AP Photo/Wilfredo Lee, File)Profit and revenue are rising at UPS, whose brown delivery trucks have become omnipresent on neighborhood streets during the pandemic, but so are costs. Unlike the domestic package business, profit rose in the company’s international package and freight units. UPS shares have nearly doubled since May, reflecting the pickup in the delivery business.
S&P 500 sinks 3.5% as surging virus cases lead to shutdowns
(Courtney Crow/New York Stock Exchange via AP)In this photo provided by the New York Stock Exchange, specialist Gregg Maloney works at his post on the trading floor, Wednesday Oct. 28, 2020. The S&P 500 slid 3.5%, its third straight loss and its biggest drop since June. ”I did not expect this level of volatility or this degree of a sell-off.”The S&P 500 lost 119.65 points to 3,271.03. The selling was widespread, and 96% of stocks in the S&P 500 fell. Microsoft, the second-biggest company in the S&P 500, reported stronger profit and revenue for its latest quarter than expected.
Etsy Stock Dips Despite Big Earnings Beat
Etsy (ETSY) reported third-quarter results late Wednesday that came in well above Wall Streets estimates. But Etsy stock fell. Etsy stock was up about 1,7% near 142 during after-hours trading on the stock market today. Etsy Stock IPO In April 2015The company held its initial public offering in April 2015, pricing Etsy stock at 16 and raising $267 million. Etsy stock is up more than 200% this year.
ServiceNow Earnings Top Views, Software Stock Climbs Following Market Sell-Off
ServiceNow stock climbed in extended trading following a broad market sell-off. ServiceNow stock rose 3.3% to near 500 in after-hours trading on the stock market today. ServiceNow Earnings: Billings Guidance Meets ViewsThe company's software tracks and manages services provided by information-technology departments. Heading into the earnings report, ServiceNow stock had jumped 74% in 2020. Further, ServiceNow stock belongs to the IBD Leaderboard, with a Relative Strength Rating of 93 out of a possible 99.
Pinterest Stock Jumps On Big Quarterly Earnings Beat
Pinterest stock jumped. In addition, Pinterest stock hit a new high. Pinterest stock is up 148% this year. To find the other best stocks to buy or watch, check out IBD Stock Lists and other IBD research. YOU MAY ALSO LIKE:Make Investing Simpler And Profit From LeaderboardProfit From Short-Term In A Swing Trading EnvironmentCatch The Next Big Winning Stock With MarketSmithUnlock Premium Stock Lists, Investing Tools And AnalysisBest Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists
MediaAlpha Stock Rockets 64% as Root Insurance and Other IPOs Fall Flat
With all eyes on the Root Inc. IPO, another insurance technology company posted a strong first day. Biodesix collected $72 million after selling 4 million shares at $18 each, according to a statement. That was down from the 4.16 million shares Biodesix had planned to offer at $17 to $19 each. Gatos Silver (GATO) also went public Wednesday and abruptly fell below the $7 IPO price. After the IPO, Gatos is expected to own 70% of the Los Gatos District.
Microsoft Corp. stock falls Wednesday, underperforms market
Shares of Microsoft Corp. MSFT, -4.95% slid 4.96% to $202.68 Wednesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -3.52% falling 3.53% to 3,271.03 and Dow Jones Industrial Average DJIA, -3.43% falling 3.43% to 26,519.95. Microsoft Corp. closed $30.18 below its 52-week high ($232.86), which the company reached on September 2nd. The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Apple Inc. AAPL, -4.63% fell 4.63% to $111.20, Alphabet Inc. Cl A GOOGL, -5.50% fell 5.51% to $1,510.80, and SAP SE ADR SAP, -5.58% fell 5.58% to $108.11. Trading volume (50.5 M) eclipsed its 50-day average volume of 31.4 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Rent-A-Center's Q3 profit up on home-goods demand
Rent-A-Center Inc. said earnings rose in the third quarter as strong demand for home-related goods during the coronavirus pandemic helped push revenues higher. The rent-to-own retailer's net profit climbed to $64 million, or $1.15 a share, from $31.3 million, or 56 cents a share, in the comparable period a year earlier. Adjusted earnings were $1.04 a share. Analysts polled by FactSet expected adjusted earnings of $1.02 a share.
Pilgrim's Pride's 3Q profit falls on higher costs
Pilgrim's Pride Corp. said profit fell in the third quarter, weighed by higher costs and expenses and a fine paid to the U.S. Justice Department to resolve price-fixing charges, as the company saw a rebound in demand from the U.S. and Mexico and improvement in its European business from challenges presented by the Covid-19 pandemic. The chicken processor said net profit was $33.4 million, or 14 cents a share, down from $109.8 million, or 44 cents a share, in the comparable quarter a year ago. Excluding the fine, adjusting earnings were 66 cents a share, the company said. Analysts surveyed by FactSet expected an adjusted profit of 34 cents a share.
U.K. Sales Facing a Backlog
U.K. homebuyers who have been snapping up homes post lockdown and rushing to beat next year's stamp duty holiday deadline have created a pileup of pending home sales that is straining the system, according to a report Wednesday from Zoopla. The huge number of sales that were agreed to over the summer has created a sales pipeline that is 50% larger than this time last year, with an estimated 418,000 sales worth more than £110 billion (US$142.8 billion), in the system that have yet to complete. The result on prices has been a rise to a two-and-a-half year high of 3% in the 12 months to September, Zoopla said. However, the fevered intensity of demand is beginning to temper and returning to pre-Covid-19 levels, according to the report. “This market polarization is set to become a growing feature of the market as we move into 2021."
ServiceNow shares are up nearly 5% after revenue tops estimates
ServiceNow Inc. NOW, -3.15% shares were up nearly 5% in after-hours trading Wednesday after the collaborative-software company reported fiscal third-quarter revenue that edged Wall Street estimates. ServiceNow reported net income of $12.9 million, or 7 cents a share, compared with net income of $40.6 million, or 22 cents a share, in the year-ago quarter. Revenue soared 30% to $1.15 billion from $885.8 million a year ago. Analysts surveyed by FactSet had expected net income of $1.03 a share on revenue of $1.1 billion. ServiceNow shares are up nearly 72% this year as it continues to feel the effects of the pandemic.
Teladoc tops Q3 views, but calls for steeper loss in the next quarter
Shares of Teladoc Health Inc. TDOC, +1.73% fell more than 8% in the extended session Wednesday after the telemedicine company narrowed its quarterly loss and reported sales above expectations but called for steeper losses in the next quarter. Teladoc said it lost $26 million, or 43 cents a share, in the third quarter, compared with a loss of $20 million, or 28 cents a share, in the year-ago quarter. Analysts polled by FactSet had expected Teladoc to report an adjusted loss of 30 cents a share on sales of $282 million. Teladoc guided for fourth-quarter revenue between $294 million and $304 million, above analyst expectations around $288 million. It guided for a fourth-quarter adjusted per-share loss between 36 cents and 33 cents, however, compared with FactSet consensus around an adjusted per-share loss of 31 cents for the quarter.
Western Digital stock rises as results top Street view
Western Digital Corp. WDC, -3.74% shares ticked higher in the extended session Wednesday after the data storage device company’s results topped Wall Street estimates but its outlook was more conservative. Western Digital shares rose 2% after hours, following a 3.8% decline in the regular session to close at $38.81. Adjusted earnings were 65 cents a share, compared with 34 cents a share in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 55 cents a share on revenue of $3.83 billion. Western Digital expects adjusted fiscal second-quarter earnings of 40 cents to 60 cents a share on revenue of $3.75 billion to $3.95 billion, while analysts had forecast earnings of 59 cents a share on revenue of $3.83 billion.
Wayne Gretzky is selling his $22.9 million Sherwood Country Club mansion
NHL legend Wayne Gretzky and his wife, Janet, have a soft spot for the sparkling estate they built with the help of architect Richard Landry back in 2002. After construction on the estate in the prestigious Sherwood Country Club community was completed, the couple enjoyed the Colonial Revival–style mansion for about five years. Sherwood Country Club manor realtor.comThe estate realtor.comWhy were the Gretzkys so enamored with the property? From almost every room in the home, you can soak in vistas of the Santa Monica Mountains and placid Lake Sherwood. Kitchen realtor.com“The Sherwood Country Club is known for its privacy, security, and top-notch facilities,” explains Haddad, who also stars on CNBC’s “Listing Impossible.”“The grass is from Wimbledon, the clay is from Roland-Garros, the golf course was designed by Jack Nicklaus,” Haddad continues.
Macron Puts France Under Full Lockdown. What You Need to Know.
Warning that the second wave of the coronavirus pandemic engulfing France might be “harder and deadlier” than its initial outbreak, President Emmanuel Macron announced Wednesday that the country would be subjected to a full lockdown from Friday until the end of November. France has been one the European nations worst hit by the unexpected strength of the second wave. The French president noted that the official number of daily new infections, currently at between 40,000 and 50,000, probably underestimates the real situation by half. Still, Macron encouraged the French to work from home, albeit with more “intensity” than during the first lockdown. The French president also said that France’s borders would be closed to foreign travelers from Friday, but would remain open to visitors from those European countries belonging to the Schengen free-travel area.
Etsy blows past expectations with mask sales and more
Etsy Inc. handily beat Wall Street’s earnings expectations Wednesday, which the online marketplace attributed to its unique offerings. Etsy ETSY, -4.21% shares fell 1% in after-hours trading after closing at $139.64, down 4.21%, in the regular session. Etsy provides a platform for sellers and buyers, and the company said it saw 14.8 million new and reactivated buyers in the third quarter. In a sign of our pandemic times, face-mask sales constituted 11% of Etsy’s gross merchandise sales, although the company pointed out that its GMS excluding mask sales was $2.2 billion, up 93% from the year-ago period. Revenue more than doubled to $451.5 million from $197.9 million in the year-ago quarter.
EBay gives upbeat earnings outlook, but stock dips in late trading
Online marketplace eBay Inc. rode the e-commerce wave to better-than-expected third-quarter results Wednesday, but its shares were off 2.4% in after-market trading. The company reported income from continuing operations of $621 million, or 88 cents a share, up from $210 million, or 25 cents a share, a year earlier. EBay EBAY, -0.56% counts its classifieds business as a discontinued operation, with its deal to sell that business on track to close in the first quarter of 2021. EBay saw $186 million in revenue for its Promoted Listings feature, up 79% from a year earlier. For the fourth quarter, eBay anticipates $2.64 billion to $2.71 billion in revenue and 78 cents to 84 cents in adjusted EPS.
France will go back into a nationwide lockdown until December, Macron says
France will enter another nationwide lockdown until 1 December, President Emmanuel Macron told the French public on 28 October — as markets plunged across Europe and the US in response to the escalating second wave of Covid-19. The nationwide lockdown will see bars and restaurants close once more across the country. “Stay at home as much as you can and follow the rules”, the French president urged. In the UK, Prime Minister Boris Johnson has faced intensified calls for a second lockdown. European stocks plunged after the first reports of the likely French lockdown emerged.
Amgen stock rises after earnings beat
Amgen Inc. AMGN, -3.16% shares rose in the extended session Wednesday after the biotech drug maker topped Wall Street estimates for the quarter. Amgen shares advanced 1.2% after hours, following a 3.2% decline in the regular session to close at $216.38. Revenue rose to $6.42 billion from $5.74 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $3.80 a share on revenue of $6.38 billion. Amgen expects adjusted 2020 earnings of $15.80 to $16.15 a share on revenue of $25.1 billion to $25.5 billion, while analysts had forecast $15.78 a share on revenue of $25.38 billion.
Visa tops earnings expectations but feels the sting from travel slowdown
Visa Inc. saw its overall payment volume grow for its fiscal fourth quarter, but the company continued to be weighed down by the pandemic’s impact on international travel. Like Mastercard Inc. MA, -8.11% a few hours before, Visa V, -4.83% reported September-quarter results that showed persistent weakness in travel-related spending despite more improvements in domestic categories. Payment volume for the period rose 4% on a constant-dollar basis, while cross-border volume, excluding intra-Europe transactions, declined 41%. On an adjusted basis, Visa earned $1.12 a share, down from $1.47 a year earlier and above the $1.09 FactSet consensus. It’s likely Visa saw a similar bump from Prime Day.
Stocks swoon, Dow ends 942 points lower as COVID cases and election concerns rise
Investors also have begun to take precautions ahead of the Nov. 3 U.S. election while digesting third quarter corporate earnings reports. The Nasdaq Composite COMP, -3.73% fell 426.48 points, or 3.7%, finishing at 11,004.87. The Nasdaq Composite bucked the weaker trend to rise 72.41 points, or 0.6%, to close at 11,431.35. The Dow has now suffered its longest losing streak since February 28, 2020 when the market fell for seven straight trading days, according Dow Jones Market Data. Stocks came under heavy selling pressure Wednesday as Germany and France announced further restrictions on business activity in an effort to contain the rise in COVID-19 cases and the U.S. saw the number of new cases hit records.
Ford’s Q3 profit rises by $2 billion as bet on SUVs, pickups pays off
Ford F, -2.77% said it earned $2.4 billion, or 60 cents a share, in the third quarter, compared with $400 million, or 11 cents a share, in the year-ago quarter. Adjusted for one-time items, the auto maker earned 65 cents a share, compared with 34 cents a share a year ago. Revenue rose to $37.5 billion from $37 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 20 cents a share on sales of $35.7 billion. It was Ford’s first quarterly results under Chief Executive Jim Farley, who became the company’s top executive on Oct. 1.
ESG Indexes Grew by 40% Last Year as Investor Interest Surges
As cheaper, passive index funds became more popular over the past decade, the number of indexes has exploded—and this year, indexes measuring environmental, social, and governance, or ESG, criteria are growing the most. The number of ESG indexes worldwide grew by 40% in the 12 months ended in September, according to the annual benchmark survey by the Index Industry Association. Investors, too, are showing unprecedented enthusiasm this year for ESG funds amid spreading social unrest, natural disasters, and a global pandemic. The Index Industry Association, or IIA, is a New York-based trade body representing the global index industry, with members spanning across leading index providers like FTSE Russell, S&P Dow Jones, MSCI, and Nasdaq Global Indexes. The lack of general agreement on what factors matter in ESG and how to measure them is helping spur the growth of ESG indexes.
Ford Stock Is Climbing After Earnings Crush Expectations. Cars Are Recovering.
Iconic American auto maker Ford Motor reported third-quarter earnings on Wednesday that improved dramatically off pandemic-induced lows. Wall Street was looking for 20 cents in per-share earnings from $35.7 billion in sales. Operating profit came in $3.6 billion, far better than the $1.4 billion analyst projected. With the after-hours move, Ford stock remains down about 13%, worse than the comparable drop for the Dow Jones Industrial Average. Wall Street is looking for $1.38 in per-share earnings from $35.4 billion in sales.
Sturm Ruger stock rises as unrest drives sales
Sturm, Ruger & Co. RGR, +0.42% shares rose in the extended session Wednesday after the gun maker reported a surge in sales due to police defunding protests, civil unrest, and the ongoing COVID-19 pandemic. Sturm shares rose 3.7% after hours, following a 0.4% rise in the regular session to close at $65.48. The company reported third-quarter net income of $24.6 million, or $1.39 a share, compared with $4.8 million, or 27 cents a share, in the year-ago period. Revenue rose to $145.7 million from $95 million in the year-ago quarter. “As a result of this unprecedented demand, inventories remained significantly reduced at all levels in the channel during the third quarter.” Sturm shares are up 39% for the year, compared with a 1.3% rise in the S&P 500 index SPX, -3.52% .
Fast start for coronavirus drug boosts Gilead earnings, but stock sinks on forecast
Gilead GILD, -2.15% reported third-quarter earnings of $360 million, or 29 cents a share, on revenue of $6.58 billion, up from $5.6 billion a year ago. After adjusting for acquisition-related expenses, the company reported earnings of $2.11 a share, up from $1.75 a share in the same quarter a year ago. Analysts on average expected adjusted earnings of $1.90 a share on sales of $6.3 billion, according to FactSet. Gilead reported sales of $873 million for Veklury, its COVID-19 treatment previously known as remdesivir, beating expectations. Those products produced sales of $4.55 billion in the quarter, according to Gilead, up from $4.2 billion a year ago.
EBay’s Earnings Were Stronger Than They Might Seem
For the third quarter, eBay (ticker: EBAY) posted revenue of $2.6 billion, up 25% a share, with non-GAAP profits of 85 cents a share, up from 62 cents in the year-earlier quarter. The company reported 183 million annual active buyers, up 5%, with gross merchandise value of $25 billion, up 22%. (The company’s original guidance called for revenue of $2.64 billion to $2.71 billion and non-GAAP profits of 81 to 87 cents a share.) For the fourth quarter, eBay sees revenue of $2.64 billion to $2.71 billion, and non-GAAP profits of 78 to 84 cents a share. In the quarter, the company bought back $700 million of its common stock, or about 18 million shares.
Biogen Bet on Alzheimer’s Drug Faces Poor Odds, Says UBS
In the biotech casino, Biogen has become the high-roller drawing an awed crowd, as it bets on its controversial treatment for Alzheimer’s disease, aducanumab. On Tuesday, UBS analyst Colin Bristow joined the crowd that thinks aducanumab is headed for rejection. “The FDA’s approval decision on aducanumab will likely be the most prominent biotech event in 2021,” wrote Bristow. A survey of regulatory experts by UBS concludes that FDA approval is unlikely, however, after two clinical trials of the drug reached two different results. Without sales from the Alzheimer’s drug, UBS fears that Biogen’s revenue will decline about 10% in each of the next five years, as generics and new treatments from rivals compete with the multiple- sclerosis drugs that have constituted nearly 60% of its sales.
Macron Puts France Under Full Lockdown. What to Know.
Text sizeWarning that the second wave of the coronavirus pandemic engulfing France might be “harder and deadlier” than its initial outbreak, President Emmanuel Macron announced Wednesday that the country would be subjected to a full lockdown from Friday until the end of November. France has been one the European nations worst hit by the unexpected strength of the second wave. The French president noted that the official number of daily new infections, currently at between 40,000 and 50,000, probably underestimates the real situation by half. The only difference with the nearly three-month, stringent lockdown France lived through in the spring is that schools will remain open, and normal work can continue. Still, Macron encouraged the French to work from home, albeit with more “intensity” than during the first lockdown.
ESG Indexes Grew by 40% Last Year as Investor Interest Surges
Text sizeAs cheaper, passive index funds became more popular over the past decade, the number of indexes has exploded—and this year, indexes measuring environmental, social, and governance, or ESG, criteria are growing the most. The number of ESG indexes worldwide grew by 40% in the 12 months ended in September, according to the annual benchmark survey by the Index Industry Association. Investors, too, are showing unprecedented enthusiasm this year for ESG funds amid spreading social unrest, natural disasters, and a global pandemic. The Index Industry Association, or IIA, is a New York-based trade body representing the global index industry, with members spanning across leading index providers like FTSE Russell, S&P Dow Jones, MSCI, and Nasdaq Global Indexes. PREVIEWThe lack of general agreement on what factors matter in ESG and how to measure them is helping spur the growth of ESG indexes.
Here are Wednesday’s biggest losers in the stock market as 97% of S&P 500 companies dropped
Pre-election jitters and an elevated number of new COVID-19 infections helped send the S&P 500 Index of the largest U.S. stocks down for a third straight session Monday. In the S&P 500, three cruise-line companies were among the 15 worst performers. • The S&P 500 SPX, -3.52% was down 3.5%, but was still up 1.2% for 2020. S&P 500On Wednesday, 97% of S&P 500 component stocks ended lower. Here are the day’s 15 worst performers in the benchmark index:Nasdaq-100All components of the Nasdq-100 Index NDX, -3.93% declined on Wednesday except for one: Automatic Data Processing Inc. ADP, +6.19% .
MediaAlpha Stock Rockets 64% as Root Insurance and Other IPOs Fall Flat
Text sizeWith all eyes on the Root Inc. IPO, another insurance technology company posted a strong first day. Biodesix collected $72 million after selling 4 million shares at $18 each, according to a statement. That was down from the 4.16 million shares Biodesix had planned to offer at $17 to $19 each. Gatos Silver (GATO) also went public Wednesday and abruptly fell below the $7 IPO price. After the IPO, Gatos is expected to own 70% of the Los Gatos District.
Microsoft Stock Is Falling After the Forecast for Windows Revenue Fell Short
Microsoft (ticker: MSFT) provides revenue guidance for each of its three business segments, and the outlook for its “More Personal Computing” segment—which includes Windows and Xbox—was a little below Wall Street expectations, leading to overall revenue expectations just a bit below previous forecasts. That is a little above previous Street estimates on Productivity and Business Processes, but a little below consensus for More Personal Computing. For the quarter ended Sept. 30, Microsoft posted revenue of $37.2 billion, up 12% from a year earlier, and well ahead of the Wall Street consensus of $35.7 billion. Microsoft reported profit for the quarter of $1.82 a share, beating the Street consensus of $1.54 a share by 28 cents. While the overall tone of analyst coverage was positive, the mixed revenue outlook was weighing on the shares.
Auto-Insurance Disrupter Root Jumps 9% in Market Debut Before Closing Flat
Text sizeA broad market selloff appeared to weigh on the public markets debut of Root Insurance. Shares of the insurance technology company rose 9% in its first day of trading before closing flat. Root’s stock (ticker: ROOT) opened at $26, below its $27 IPO price, and hit a high of $29.48. Late Tuesday, Root raised $724.4 million after selling 26,830,845 shares at $27 each, according to a company statement. Root is using a mobile app, along with telematics and data science, as it aims to disrupt the auto-insurance sector.
Barron's
These 35 stocks have trailed the S&P 500 index by about 10% over the past month and about 48% this year. They should benefit from an economic reopening.
How to Use Options to Play a Decline in Zoom Video’s Stock
The company has a market value of $147 billion—more than that of former stock market leader Exxon Mobil (XOM) at $135 billion. One investor tells Barron’s that he is long the out-of-the-money Zoom 450 puts and short the Zoom 350 puts with a January expiration. The maximum profit is $100 a contract—or about four times the cost—if Zoom stock falls to $350 or lower by the January expiration. One caveat is that Zoom options are expensive given the high volatility of its stock. The implied volatility of Zoom options is around 70%, against a recent 27% for the S&P 500 index.
Mutual Funds
Investing in Chinese bonds certainly poses some risks, but many fears are overblown. Global bond fund managers are increasingly looking to China for not just yield, but safety as well.
Ford Stock Is Climbing After Earnings Crush Expectations. Cars Are Recovering.
Text sizeIconic American auto maker Ford Motor reported third-quarter earnings on Wednesday that improved dramatically off pandemic-induced lows. Wall Street was looking for 20 cents in per-share earnings from $35.7 billion in sales. Operating profit came in $3.6 billion, far better than the $1.4 billion analyst projected. With the after-hours move, Ford stock remains down about 13%, worse than the comparable drop for the Dow Jones Industrial Average. Wall Street is looking for $1.38 in per-share earnings from $35.4 billion in sales.
Boeing Cutting More Jobs in Response to Pandemic
Text sizeBoeing Co. said it will cut more jobs and review jetliner production rates in an effort to stop bleeding cash as the coronavirus pandemic roils global air travel. Boeing said it still expects to gradually increase MAX production through next year. However, Boeing executives said it could reduce production further if airlines are unable to take delivery because of a lack of demand or financing. “We will monitor as we prudently manage supply and demand,” said Boeing Chief Executive David Calhoun on the investor call. Boeing handed over 28 planes to customers in the September quarter compared with 62 a year earlier.
EBay’s Earnings Were Stronger Than They Might Seem
For the third quarter, eBay (ticker: EBAY) posted revenue of $2.6 billion, up 25% a share, with non-GAAP profits of 85 cents a share, up from 62 cents in the year-earlier quarter. The company reported 183 million annual active buyers, up 5%, with gross merchandise value of $25 billion, up 22%. (The company’s original guidance called for revenue of $2.64 billion to $2.71 billion and non-GAAP profits of 81 to 87 cents a share.) For the fourth quarter, eBay sees revenue of $2.64 billion to $2.71 billion, and non-GAAP profits of 78 to 84 cents a share. In the quarter, the company bought back $700 million of its common stock, or about 18 million shares.
Tupperware's stock soars thanks to more people staying home and cooking
In a continuation of its 2,500% rally from mid-March, Tupperware Brands Corp.'s stock skyrocketed Wednesday, up as much as 41%. Continue Reading BelowThe lift came after the food storage products company reported a third-quarter profit and sales that were much greater than expected against the backdrop of the coronavirus pandemic. Sales in North America spiked to 42%, sales in Europe grew 23%, and sales in South America increased by 4%. CLICK HERE TO READ MORE ON FOX BUSINESSOver the past three months, the company's stock has more than doubled and the S&P 500 has gained 5.4%. As Business Insider reported, the firm is targeting a continuous turnaround into next year to help refinance its debt obligations.
Toyota recalls additional 1.5M U.S. vehicles for fuel pump issue
An additional 1.52 million Toyota and Lexus cars, trucks and SUVs produced from July 2017 through Sept. 2020 are being recalled because of a pump issue announced back in January, bringing the total number of autos that need repair to approximately 3.34 million nationwide. The issue can lead to a vehicle stall that could increase the risk of a crash while driving at high speeds, according to the company. CLICK HERE TO GET THE FOX BUSINESS APPThe automaker noted that Toyota and Lexus dealers will replace the involved fuel pump at no cost to customers. Ticker Security Last Change Change % TM TOYOTA MOTOR 130.07 -2.39 -1.80%New owners that were not included in the recall as of April 9, 2020, will receive a notification from the company by late December. CLICK HERE TO READ MORE ON FOX BUSINESS
Kroger Health to roll out rapid coronavirus antibody testing at all pharmacy, clinic locations by November
Kroger Health said Wednesday that rapid antibody testing for the coronavirus will roll out at its 2,200 pharmacy locations and 220 clinic locations nationwide by the end of November. Ticker Security Last Change Change % KR KROGER 32.16 -0.18 -0.56%The rapid antibody tests will cost Kroger customers $25 and can typically provide results within 15 minutes. The tests are currently available at the grocery retailer's pharmacy locations in Michigan and at Ralph's in California. CLICK HERE TO GET THE FOX BUSINESS APPThe rapid antibody testing was authorized by the Food and Drug Administration for point-of-care use in September and supplied by medical device company Whitmire Medical. Kroger's rapid antibody testing is conducted by a licensed health professional using a finger-prick blood sample and rapid lateral flow technology to detect antibodies for SARS-CoV-2.
KIND Executive Chairman: Success Starts With 'Best-in-Class' Supply Chain
"The pandemic has clearly accelerated the trend towards an ever-increasing focus on health and wellness. Daniel Lubetzky, executive chairman and founder of KIND, joined TheStreet to discuss how consumer habits have changed since the beginning of the COVID-19 pandemic. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. Latest Videos From TheStreet and Jim Cramer:
6 Retail Stocks to Watch Ahead of Election
Time to put a retail stock in your shopping bag? Joining TheStreet’s panel of investment experts, Bob Lang, a Real Money contributor and co-portfolio manager of Trifecta Stocks said he is keeping an eye on retail stocks ahead of the election. With such a large and diverse selection of stocks, how should the average investor prioritize? Lang said to focus on the companies that have the best online strategies, naming Walmart (WMT) - Get Report and Target (TGT) - Get Report. For more stock picks and advice heading into the election, WATCH: 2020 Election and Market Volatility, TheStreet's Experts Weigh InLatest Videos From TheStreet and Jim Cramer:
Ford Motor Stock Higher After Profit and Revenue Beat Estimates
Ford Motor shares were higher after the auto maker reported that third-quarter net income leaped on 1.4% higher revenue. Ford Motor (F) - Get Report shares were higher after the auto maker reported that third-quarter net income leaped on 1.4% higher revenue. The Dearborn, Mich., auto giant earned 60 cents a share in the third quarter, compared with 11 cents a share in the year-earlier quarter. A survey of analysts by FactSet produced consensus estimates of net income of 18 cents a share, or an adjusted 20 cents, on revenue of $35.72 billion. At last check Ford shares were trading up 5.8% at $8.15.
This Isn't March All Over Again, but It Feels Familiar
Back in January and February, the market was moving along quite well and hit new all-time highs as the Covid crisis raged in China. There are some parallels to the current market action, but also some major differences. This is occurring at the same time we are dealing with tremendous uncertainty due to the election on Tuesday. It will be particularly interesting to see how those stocks handle earnings as we head into the uncertainty of the election. (Amazon, Apple, Google and Facebook are holdings in Jim Cramer's Action Alerts PLUS member club.
Seeking to expand their influence, China and Russia market coronavirus vaccines around the world
Mexico has long looked to its most important ally — the United States — in times of crisis, and its diplomatic campaign for a coronavirus vaccine is no exception. AdvertisementBoth China and Russia have plans to supply vaccines to Mexico. After the antiviral drug Remdesivir showed promise, the United States bought 90% of the global supply. AdvertisementThe United States pre-purchased 800 million doses of various experimental vaccines in a bet that at least one candidate will prove safe and effective. For the moment, the United States — its biggest trading partner — remains a smaller player in the vaccine strategy of Mexico.
Trump to strip protections from Tongass National Forest, one of the biggest intact temperate rain forests
WASHINGTON — President Trump will open up more than half of Alaska’s Tongass National Forest to logging and other forms of development, according to a notice posted Wednesday, stripping protections that had safeguarded one of the world’s largest intact temperate rain forests for nearly two decades. AdvertisementThe new rule states that it will make ''an additional 188,000 forested acres available for timber harvest,'' mainly ''old growth timber.'' According to a Taxpayer for Common Sense analysis of the Forest Service’s accounts, the Tongass timber program has lost roughly $1.7 billion over the last 40 years. Ninety-six percent of the comments during the US Forest Service’s environmental review opposed lifting the existing safeguards, while 1 percent supported it. Advertisement''We refuse to allow legitimacy upon a process that has disregarded our input at every turn,'' the tribal leaders wrote.
How Trump maneuvered his way out of trouble in Chicago
How Trump found trouble in Chicago, and maneuvered his way out of it, is a case study in doing business the Trump way. In the spring of 2008, Trump asked Deutsche Bank to delay the loan’s due date. On July 28, 2010, lawyers for Trump, Deutsche Bank and Fortress notified the court that they had reached a private settlement. The funds were used to immediately repay the $99 million that Trump still owed on the original Chicago loan, the people said. In other words, one wing of Deutsche Bank was providing Trump the money to repay another division of the same bank.
Dow sheds more than 900 points as surging virus cases lead to shutdowns
The S&P 500 slid 3.5 percent, its third straight loss and its biggest drop since June. “I did not expect this level of volatility or this degree of a sell-off.”The S&P 500 lost 119.65 points to 3,271.03. The selling was widespread, and 96 percent of stocks in the S&P 500 fell. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 20.8 percent Wednesday. Microsoft, the second-biggest company in the S&P 500, reported stronger profit and revenue for its latest quarter than expected.
Berkeley passes ‘Operation Ceasefire’ to curb recent uptick in gun violence
BERKELEY — The city of Berkeley, reeling after an increase in shootings — including one that left an expecting mother dead — has agreed to an “Operation Ceasefire” to try to help curb the violence. The emergency legislation, also called the Group Violence Intervention program, was passed Tuesday night by the Berkeley City Council unanimously. Bartlett said Tuesday’s vote means the operation ceasefire program will be included in that reform. He said although the clock can’t be turned back on Henderson’s death, he hopes the ceasefire will help ensure no one else dies of gun violence in the community. The ceasefire program will be centered in Berkeley, but Bartlett hopes it will be connected and work in concert with neighboring jurisdictions such as Oakland, Richmond, Antioch and San Francisco.
Brentwood takes step toward adding more fire services
BRENTWOOD — Brentwood took a first step toward beefing up fire services on Tuesday by tentatively agreeing to spend $1.5 million annually — but only if fire district partners Oakley and Contra Costa County put in their fair share. He added that East Contra Costa was in emergency mode, with average response times slower than national standards. “We need the city of Brentwood to be leaders and say we are willing to do our piece of this. Another $1.5 million will be needed to pay the $3 million price tag of funding a fourth engine crew. He will return soon to the council with suggested areas to cut or adjust to meet the $1.5 million expense, he said.
Landlord fixes leak, Mesa renter gets running water after Republic investigation
HERE TO HELP: Arizona scammers used threats, fake numbers to collect $1.6MArizona law requires landlords to maintain plumbing systems and provide running water to tenants. The landlord sent a plumber to fix the pipe the next day, Jones said. Exception: For some services, the landlord can make a good-faith written agreement for you to be responsible for specific repairs and maintenance duties. For example, if you have to buy water because there is no running water, save your receipts and subtract the cost of the water from the next rent payment. Sue the landlord to demand restoration of the services and reimbursement of the rental value during the time you waited for repairs.
Cannabis, no longer so divisive, draws more conservative support
The act has a good chance of passing in the first year of a new administration. If it does, it would pave the way to get rid of the industry’s biggest albatross — tax code 280E. Without the measure, which bars cannabis companies from deducting their operating expenses for tax purposes, many companies would suddenly have better cash flow, Cowen analyst Vivien Azer said in a Sept. 24 research note. Three multistate operators that she rates outperform — Green Thumb Industries Inc., Curaleaf Holdings Inc,. and Cresco Labs Inc. — would immediately have positive earnings.
Toyota adds 1.5M U.S. vehicles to recalls for engine stalling
The additions announced Wednesday cover the 2019 and 2020 RAV4, the top-selling vehicle in the U.S. that isn’t a pickup truck. Also included are the 2013 to 2015 Lexus LS 460 and GS 350; the 2014 Toyota FJ Cruiser and Lexus IS-F; the 2014 and 2015 Toyota 4Runner and Land Cruiser; the 2014 and 2015 Lexus GX 460, IS 350, LX 570; the 2015 Lexus NX 200t and RC 350; the 2017 Lexus IS 200t, RC 200t and GS 200t; the 2017 to 2019 Toyota Highlander and Lexus GS 350; the 2017 through 2020 Toyota Sienna and Lexus RX 350; the 2018 and 2019 Toyota 4Runner, Land Cruiser, Lexus GS 300, GX 460, IS 300, IS 350, LS 500h, LX 570, NX 300, RC 300, RC 350; the 2018 through 2020 Toyota Avalon, Camry, Corolla, Sequoia, Tacoma, Tundra and Lexus ES 350, LC 500, LC 500h, LS 500, RX 350L; and the 2019 Toyota Corolla Hatchback and Lexus UX 200.
New business park in South Fort Worth will have more than 1.2 million square feet
Developer VanTrust Real Estate has broken ground for a more than 1.2 million-square-foot business park in South Fort Worth. Construction is under way on the first phase of the 75-acre Fort Worth Logistics Hub, which will be south of Interstate 20 near Interstate 35W. “South Fort Worth will continue to be an area we target for additional developments based upon the great fundamentals,” said Josh Meredith, director of development at VanTrust. Three months ago, VanTrust broke ground for a more than 1-million-square-foot speculative industrial building south of Interstate 20 in southern Dallas County. Dallas-Fort Worth is one of the country’s fastest-growing distribution and warehouse markets, with more than 30 million square feet under construction.
Gov. Jared Polis announces $375 payments for Coloradans making under $52,000
Hundreds of thousands of Coloradans will receive $375 each in one-time, direct payments that come out of untapped funds, Gov. The Polis administration estimates that more than 400,000 Coloradans will receive payments, for a total of $168 million to be distributed statewide. Polis told The Denver Post the money would hit bank accounts by Dec. 1, and that people will not have to apply for the money. “These direct payments are the best way to get hard-working folks through a very difficult period and get our economy back on track,” Polis told The Denver Post. First came the $600 per week program authorized under the CARES Act, which ended July 25.
Dow sheds 900 points, suffers worst day since June as coronavirus cases surge
The Dow Jones industrial average tumbled 943.24 points, or 3.4%, to 26,519.95, adding to recent declines after the blue-chip average shed 650 points on Monday and lost more than 200 points Tuesday. For the first time since the pandemic began, the United States added more than half a million coronavirus cases in a week, according to a USA TODAY analysis of Johns Hopkins University data. This is the third day in a row the U.S. set a record for how many coronavirus cases it reported over the previous seven days. Declines in the U.S. were led by losses in companies that would benefit from the economy reopening, including airline and cruise liners. Investors are clamoring for Congress to deliver more virus relief for the U.S. economy, but they’re increasingly acknowledging it won’t happen anytime soon.
Stocks tumble as surging virus cases threaten shutdowns
The Dow Jones Industrial Average dropped 943 points Wednesday as surging coronvirus cases in the U.S. and Europe threaten more business shutdowns and pain for the economy. Crude oil prices fell sharply as investors anticipated that demand for energy will weaken along with the economy. In European stock markets, Germany’s DAX lost 4.2%, and France’s CAC 40 dropped 3.4%. Stocks of companies that most need the virus to abate for their businesses to get back to normal were slumping to some of the sharpest losses. “There’s plenty of desire to get money out to people so I think it will happen one way or another in November.”In Asian stock markets, trading was mixed.
Is Boeing’s Chicago headquarters headed for the chopping block?
The company also has endured backlash from airlines and regulators over a software flaw in its 737 Max. Calhoun said he expects regulators to approve the 737 Max to fly again by the end of the year. Transportation analyst Joseph Schwieterman, a professor at DePaul University, said Boeing’s activities in Chicago have never grown the way some boosters imagined years ago. “They’ve always had the aura of a two-headquarters company.”He said financial pressures and management issues raised by the 737 Max may force Boeing to trim or move the headquarters. A 2019 article in The Atlantic by financial writer Jerry Useem linked Boeing’s debacle with the 737 Max to the corporate realignment that moved the headquarters 1,700 miles from its largest installation.
Lightfoot won’t challenge governor’s indoor dining ban
Mayor Lori Lightfoot said Wednesday she is not asking for “special favors” for Chicago restaurants and has no plans to challenge Gov. J.B. Pritzker’s order banning indoor dining in the city. One day after voicing her concern about the devastating impact on Chicago restaurants, Lightfoot held an hour-long meeting with the governor and came away resigned to the rollback. But even though Chicago restaurants are not the primary cause, they will pay the price when the governor’s ban on indoor dining takes effect, as scheduled, on Friday. What about restaurants that defy the governor’s order?
Allegiant reports ‘modest, yet consistent’ improvements in 3rd quarter
Allegiant Air’s parent company posted another quarterly loss Wednesday amid the still-raging coronavirus pandemic but cited “modest, yet consistent” improvements. Las Vegas-based Allegiant Air airplanes are sitting on the tarmac at McCarran International Airport on Tuesday, May 7, 2019, in Las Vegas. Baskow/Las Vegas Review-Journal) @Left_Eye_ImagesAllegiant Air’s parent company posted another quarterly loss Wednesday amid the still-raging coronavirus pandemic but cited “modest, yet consistent” improvements. Las Vegas-based Allegiant Travel Co. reported a $29.1 million loss for the three months ended Sept. 30, compared with a $43.9 million profit during the same period last year. Allegiant is known for flying from small, underserved cities to warm-weather vacation spots, usually without competition on its routes.
Democratic group files second complaint against Willie Wilson’s third-party bid to unseat U.S. Sen. Dick Durbin
The Democratic group said Wilson reported no contributions or spending in his original year-end report filed with the Federal Election Commission covering 2019. His FEC report covering January through March of this year showed he gave his campaign $45,000 and records no spending, the group said, while his report covering April through June showed he gave his campaign another $15,000 and spent $15,002 on TV advertising.
St. Paul woman pleads guilty to nearly $100,000 in tax fraud
A St. Paul woman on Tuesday admitted to defrauding the IRS while she was working as a tax preparer in Columbus, Ohio. Odessey Cherrell Curry, 34, pleaded guilty to one count of filing a false claim in U.S. District Court in Columbus, according to a news release issued by the IRS criminal division. Curry, who was arrested last year in Minnesota, was charged in 2012 with filing 16 fraudulent tax returns on behalf of her clients and arranging to have the refunds split between their bank accounts and hers, the news release said. The charges against Curry amounted to $93,789 in fraudulent returns. Curry faces a maximum sentence of five years in prison and a $250,000 fine.
Boeing to cut 7,000 more jobs as pandemic kills demand for new planes
Boeing said Wednesday that it will cut 7,000 more jobs as it continues to bleed money during a pandemic that has smothered demand for new airline planes. Thursday marks the second anniversary of the crash of a Lion Air 737 Max off the coast of Indonesia. With customers in no mood to buy expensive new planes, Boeing expects to keep burning cash. The Max was Boeing’s best-selling plane, but now the company has 450 in storage that it can’t deliver. Southwest’s fleet consists entirely of Boeing 737s, and the airline was forced to cancel thousands of flights last year because of the Max grounding.
Connecticut woman charged with DUI after slamming into stopped state police cruiser, injuring trooper
The trooper was entering information about that crash inside the vehicle with its light bar and emergency lights activated when Clinton failed to move her 2019 Kia Forte into the left lane and crashed into the cruiser, police said. The Kia seriously damaged the back left corner of the cruiser and spun into the left lane, where the Kia hit another passing car.
Dissenting UAW caucus member wants answers on legal fees, misappropriated funds
The United Auto Workers says it is preparing a response to a member of the dissenting caucus inside the union who is requesting financial information concerning misappropriated funds by and legal fees for union leaders and staff amid a years-long federal corruption probe into the UAW. Additionally, the UAW has spent more than $2.3 million on legal fees related to the scandal, including defending the convicted presidents, according to an annual filing with the U.S. Labor Department. "A member of UAW Local 551, recently requested information from the International Union," UAW spokesman Brian Rothenberg said in a statement. Houldieson, however, says he is seeking clarity on exactly how much money was misappropriated and what measures the union is taking to recover the legal fees and stolen union funds. "Steps have been taken to get repayment on legal fees incurred on behalf of Dennis Williams and Gary Jones."
Pelosi hopes market rout pushes Trump into a stimulus deal
Erik WassonBloombergHouse Speaker Nancy Pelosi said she hopes the current selloff in U.S. stocks will prompt President Donald Trump to agree to Democratic demands in stalled stimulus talks and end a three-month stalemate. “What the president cares a lot about is the stock market,” Pelosi said on MSNBC. Equity indexes tumbled this week as it became clear that no pre-election deal is in the offing and coronavirus infections are rising again. Trump increased his offer in the talks to $1.9 trillion from $1 trillion over the course of October, closer to Pelosi’s demand of $2.4 trillion. Look how great our stock market – had a little blip yesterday because Nancy Pelosi will not approve stimulus, that’s all,” Trump said at a Michigan rally on Tuesday, before the latest turmoil in the stock market.
Mets decline options on Ramos, Chirinos and Frazier
NEW YORK (AP) — The Mets declined 2021 options Wednesday on catchers Wilson Ramos and Robinson Chirinos and on infielder Todd Frazier, allowing all three to become eligible for free agency. Ramos gets a $1.5 million buyout rather than a $10 million salary for next year, completing a contract that guaranteed him $19 million for two seasons. Chirinos gets a $1 million buyout rather than a $6.5 million salary for next year, completing contract he originally signed with Texas that guaranteed him $6.75 million. Frazier gets a $1.5 million buyout rather than a $5.75 million salary for next year, completing a contract he originally signed with Texas that guaranteed him $5 million.
First Quantum Minerals: 3Q Earnings Snapshot
VANCOUVER, British Columbia (AP) _ First Quantum Minerals Ltd. (FQVLF) on Wednesday reported third-quarter net income of $29 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Vancouver, British Columbia-based company said it had profit of 4 cents. The metal and minerals mining company posted revenue of $1.4 billion in the period. First Quantum Minerals shares have increased nearly 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.51, an increase of 23% in the last 12 months.
Avid: 3Q Earnings Snapshot
(AP) _ Avid Technology Inc. (AVID) on Wednesday reported third-quarter net income of $8 million. On a per-share basis, the Burlington, Massachusetts-based company said it had profit of 18 cents. Earnings, adjusted for stock option expense and restructuring costs, came to 27 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share. The audio and video technology company posted revenue of $90.4 million in the period, also exceeding Street forecasts.
Paramount Group: 3Q Earnings Snapshot
NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its third quarter. The real estate investment trust, based in New York, said it had funds from operations of $49.6 million, or 22 cents per share, in the period. The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 23 cents per share. Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
Merchants Bancorp: 3Q Earnings Snapshot
(AP) _ Merchants Bancorp (MBIN) on Wednesday reported third-quarter net income of $55 million. The Carmel, Indiana-based bank said it had earnings of $1.79 per share. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share. Its revenue net of interest expense was $104 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $72.3 million.
Valvoline: Fiscal 4Q Earnings Snapshot
LEXINGTON, Ky. (AP) _ Valvoline Inc. (VVV) on Wednesday reported fiscal fourth-quarter net income of $122 million. The Lexington, Kentucky-based company said it had net income of 66 cents per share. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share. The automotive and industrial lubricants maker posted revenue of $652 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $620.6 million.
Alimera Sciences: 3Q Earnings Snapshot
ALPHARETTA, Ga. (AP) _ Alimera Sciences Inc. (ALIM) on Wednesday reported a loss of $618,000 in its third quarter. On a per-share basis, the Alpharetta, Georgia-based company said it had a loss of 12 cents. The eye drug developer posted revenue of $12.5 million in the period. In the final minutes of trading on Wednesday, the company's shares hit $4.20. A year ago, they were trading at $5.40.
Kite Realty Group: 3Q Earnings Snapshot
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Wednesday reported a key measure of profitability in its third quarter. The real estate investment trust, based in Indianapolis, said it had funds from operations of $26.3 million, or 30 cents per share, in the period. The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share. Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
Howard Bancorp: 3Q Earnings Snapshot
BALTIMORE (AP) _ Howard Bancorp Inc. (HBMD) on Wednesday reported third-quarter net income of $4.6 million. The bank, based in Baltimore, said it had earnings of 25 cents per share. Its revenue net of interest expense was $20.4 million, falling short of Street forecasts. Howard Bancorp shares have decreased 43% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.58, a fall of 43% in the last 12 months.
MYR: 3Q Earnings Snapshot
ROLLING MEADOWS, Ill. (AP) _ MYR Group Inc. (MYRG) on Wednesday reported third-quarter profit of $17.3 million. The Rolling Meadows, Illinois-based company said it had profit of $1.02 per share. The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share. Three analysts surveyed by Zacks expected $560.6 million.
S&P 500 sinks 3.5% as surging virus cases lead to shutdowns
The resurgence and the resulting clampdown sent a shudder through financial markets, and stocks slumped.
Veteran entrepreneur tapped to lead NM investor group
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ALBUQUERQUE, N.M. — The New Mexico Angels have named veteran investor and entrepreneur Drew Tulchin as its new president, the group announced Wednesday. Former Angels president John Chavez stepped down last spring to pursue other opportunities, paving the way for new leadership. ADVERTISEMENTSkip................................................................“Drew is the third president to take the reins since the NM Angels’ inception 20 years ago,” McCorkle said. The NM Angels went on hiatus after the coronavirus broke out last spring. “The NM Angels are open for business again,” Tulchin said.
Gemini Rosemont’s Santa Fe building up for sale
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........SANTA FE, N.M. — Real estate investing company Gemini Rosemont Commercial Real Estate has announced it is listing its original headquarters building in Santa Fe for sale. The near 20,000 square-foot-building, at 330 Garfield near the Railyard District, has served as the company’s headquarters since 1991, according to a news release announcing the sale. Gemini Rosemont CEO Ian Brownlow said the greater access to industry partners in the United States and abroad informed the relocation. Since the shift to Los Angeles, the company has relocated its Santa Fe employees to the new headquarters and there are plans for additional Santa Fe employees to transfer at the beginning of 2021, Brownlow said. Gemini Rosemont has nearly eight million square feet of commercial office space with an asset value of $1.6 billion.
S&P 500 sinks 3.5% as surging virus cases lead to shutdowns
The Dow Jones Industrial Average sank 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the U.S. The S&P 500 slid 3.5%, its third straight loss and its biggest drop since June. ”I did not expect this level of volatility or this degree of a sell-off.”The S&P 500 lost 119.65 points to 3,271.03. The Dow lost 943.24 points, or 3.4%, to 26,519.95. The selling was widespread, and 96% of stocks in the S&P 500 fell.
Kroger pharmacies to offer $25 rapid COVID-19 antibody tests
Ed PayneFOX19Kroger will soon have rapid COVID-19 antibody tests at all its pharmacies across the country, the grocery chain announced Wednesday. The FDA-authorized tests are already available at Kroger pharmacies in Michigan and California but will be at all locations by the end of November. They will check to see if a person has previously had coronavirus. The tests cost $25 and typically provide results within 15 minutes. The tests will be done by a licensed health professional and involve a fingerstick blood sample.
We can’t let dodgy accounting lead us into a disastrous second lockdown
So an honest, competent number-cruncher seeking to work out the upside of a lockdown would compile estimates of the number of Qalies it would save, and the monetary value. My own guesstimates suggest a benefit of £15 billion from a winter lockdown, given the age of those affected. We need to promote the greatest satisfaction of the greatest number, and minimise overall unhappiness. If Tory MPs and lockdown sceptics want to make a difference, they should demand that the Government come clean on the costs of current and future restrictions. They should force Matt Hancock to publish a properly researched, comprehensive cost-benefit analysis of all proposals, updated every two weeks.
Whitehall scrambles private sector to avoid second wave disaster
Ministers are scrambling to hire consultants who can offer emergency help to their central Covid-19 Task Force amid fears Whitehall will be overwhelmed by a winter coronavirus surge, according to documents seen by The Telegraph. The Cabinet Office has issued a request for consultants to help it respond “rapidly to any worsening Covid crisis” until at least March 2021. Whitehall is rushing to secure private sector help after its own models predicted that a second wave in winter will be even more deadly than the initial peak in March. The documents raise concerns that coupled with the strain of Brexit preparations, a second wave of Covid could mean workers at the heart of the system will be unable to swing into action fast enough unless the private sector steps in to help. Bidders for the contract are expected to provide groups of up to 10 consultants to support “teams under particular pressure as a result of the development of the pandemic”.
France's new coronavirus lockdown in summary: What is allowed and what is banned?
French President Emmanuel Macron addressed the nation on Wednesday announcing a second nationwide lockdown in the country. Schools and creches, as well as factories, farms and construction sites, will remain open. France's international borders will remain mostly closed and mandatory, rapid COVID-19 tests will be given to arrivals. EU borders will stay open and French citizens can come back into the country. Most public services will stay open.
France announces second national lockdown as Macron warns second wave will be more lethal
Macron told the country: 'I decided that it was necessary to insist on a lockdown throughout the country from Friday'. Macron said he would take 'full responsibility for the reactions this [the lockdown] will cause', perhaps preempting that the violent lockdown protests seen by Italy and Spain are to follow in France. Pictured: Rome, Italy, tonightThe virus is blamed for more than 250,000 deaths in Europe. Virtually every major European country has reported a record one-day total of coronavirus cases either in the last 24 hours, or within the last seven days. The World Health Organization said more than 2 million confirmed coronavirus cases were reported last week - the shortest time ever for such an exponential increase.
French economy braces for second lockdown
French economy braces for second lockdownbusiness © France 24By: Kate MOODY 7 minFrench President Emmanuel Macron has announced a second national lockdown, to curb the spread of the coronavirus pandemic. Construction projects and factory activity will be allowed to continue, but restaurants and non-essential shops will close, and businesses are bracing for a difficult month. Also in the show - LCG's Jasper Lawler explains what's behind the stock market sell-off, and Boeing confirms it will cut thousands more jobs.
Venezuela's Maduro claims refinery blast was 'terrorist' attack
This handout file photo shows Amuay oil refinery, which the government says was attackedAdvertising Read moreCaracas (AFP)Venezuela President Nicolas Maduro claimed on Wednesday the country's largest oil refinery had come under armed "terrorist" attack and blamed opposition leader Juan Guaido. His claims came a day after opposition leaders revealed there had been an explosion at the refinery in northwestern Falcon state, without anyone being hurt. The Amuay refinery "was attacked by a powerful weapon, a huge weapon," Maduro told international media in the capital Caracas. Maduro said authorities were investigating what type of weapon was used but blamed "Juan Guaido's terrorist groups." Maduro has even had to seek help from ally Iran, which has sent fuel and other products to reactivate the refinery.
FCA boss confirms electric Ram pickup is definitely coming
For a while there it looked like Ram might remain a spectator in the rush to electric pickup truck dominance in North America. The new mysterious pony will saddle up alongside the Tesla Cybertruck, the electric Ford F-150, the Rivian R1T, and the Lordstown Motors truck, the Detroit Free Press reports. The announcement of an electric Ram pickup signals a change in attitude for Fiat Chrysler Automobiles, which has not exactly been a leading proponent of electric cars. “I do see that there will be an electrified Ram pickup in the marketplace, and I would ask you just to stay tuned for a little while, and we’ll tell you exactly when that will be,” Manley said during the company’s third-quarter earnings conference call. FCA would probably prefer we ogle the all-powerful Jeep Wrangler 4xe PHEV, but it can’t crabwalk, so—Your move, Ram.
Driving.ca stories nab several awards at Canadian auto journalists' ceremony
Jil McIntosh earned three awards for her writing, including one in the category of Vehicle Testing for this excellent review of the 2019 Infiniti Q60 I-Line Red Sport. Brian Harper made it a one-two podium finish for Driving.ca contributors in the Vehicle Testing category, taking home hardware for this review of the 2020 Lexus RX 350. Derek McNaughton, whose name also appears on this site, was recognized for his photography skills. The award has been presented by JLR Canada for the past 37 years. This time around, the event was held online thanks to the global pandemic.
Ontario gas station mixes up diesel and premium, ruining some drivers' cars
Accidentally putting diesel fuel into your gas engine just might be one of the few things scarier than watching Scooby and the gang descending into a dark basement. Some customers of a Hamilton, Ontario gas station, were, spookily enough, faced with both such fears this week, just before Hallowe’en. “Immediately when I left the gas station, the car started sputtering and making squealing noises, acting crazy,” she told the Hamilton Spectator. If you put diesel in your gas engine, it will chug along until any gas is burned and then stop: your car won’t fire the diesel. when a consumer has unwittingly been provided the wrong fuel, it makes for a worst case.
Bugatti's Bolide is a one-off 499-km/h-top-speed lightweight race car
When Bugatti announced it was going to build a “track-focused hyper-sports car,” we were immediately intrigued. Meet the Bolide – it basically means “racing car” in French – a 2,734-pound monster built for the track. We’re imagining three-quarters that weight is the massive quad-turbocharged 16-cylinder engine, which displaces 8.0 litres and produces 1,824 horsepower, with 1,364 lb-ft of torque. Those are the figures when it’s running 110-octane race fuel, but the engine still produces 1,600 horsepower on 98-octane, which can be purchased easily at pumps in Europe. For now, the Bolide is just a one-off concept that hasn’t been approved for production, but given the vehicles Bugatti has built in the past, there’s no question this monster could become a reality.
[Jon Healey] No, Mr. President, China is still not paying tariffs
President Donald Trump seems perpetually confused about who pays the tariffs of 10 percent to 25 percent that he’s imposed on imported goods. ... President Trump has said that they should pay for not being fully transparent in regards to the coronavirus. If you were president, would you make China pay? And please be specific, what would that look like?”Biden responded by laying out his multilateral approach toward China trade. There are other factors at work here too, including retaliatory tariffs and exclusions that China has slapped on US goods.
[Lee Kyong-hee] Overlooked front-line heroes amid the pandemic
Deaths of overworked delivery service workers -- 13 this year alone -- have exposed the reality of South Korea’s gig economy in this Year of the Pandemic. The explanation was our efficient delivery service systems. Of course, speedy and efficient home deliveries were already a hallmark of Korean consumer culture before the pandemic. But the working conditions of most delivery service providers, as we find out, are far from ideal. “They all struggled desperately to make ends meet from day to day, each with their own story,” Lee says.
Wealthy Congressman Repeatedly Squeezes Small-Business Tenants
McCaul’s commercial real estate companies have pursued at least two dozen lawsuits over breaches of lease agreements. Even during the COVID-19 pandemic, one of McCaul’s real estate companies is suing a tenant for back rent. M2G Fossil Creek is one of several commercial real estate companies connected to the McCaul family. The issues were brought to M2G Real Estate’s attention—at that time, it was operating under the name B&M Real Estate Ltd.—but repairs weren’t made. These issues were unknown to Gutierrez when he signed on to his lease with M2G Real Estate, and the problems were not addressed.
Coronavirus: Macron declares second national lockdown in France
After the economy picked up in the third quarter, it now looks inevitable that it'll contract again between now and the end of the year, and for the whole of 2020 the government's predicting a 10% fall in GDP.
North Dakota Redirects Covid Funds to Cut DUCs, Stimulate Oilfield Work
The $16 million was part of a $66.4 million allocation for plugging and reclamation of 380 abandoned wells, which will be completed next year. That would support 500-1,000 completion jobs and 150-200 permanent jobs to operate the completed wells. “It’s an enormous job-creation engine, and everything involved in the completions will be taxable for state and local jurisdictions. In addition, he said industry representatives have assured the state they will not seek legislation next year to make the incentives permanent. “We should see production begin to decline in November without these incentives,” Helms said.
UConn suspends free tuition program for low-income students
STORRS, Conn (AP) — The University of Connecticut is suspending a new free-tuition program for lower-income students as it struggles to raise private funds during the pandemic. The university is halting scholarships through its Connecticut Commitment program, meant for students from families who make less than $50,000 a year, University President Thomas Katsouleas told the UConn Board of Trustees on Wednesday. “Pausing the program is the hardest decision I’ve had to make since arriving here,” said Katsouleas, who announced the Connecticut Commitment program at his inauguration in 2019. The students currently in the program receive an average grant of about $2,600 per year. The pandemic is expected to increase the number of students who would qualify for the program.
Report: Donald Trump, Grifter Incarnate, Charges Taxpayers for Water He Drinks at Mar-a-Lago
Still, in other ways, being the most powerful person in America has been absolutely tremendous for Trump’s family business, which he refused to divest from after being inaugurated and still profits from to this day. For another, he’s able to use trips abroad to peddle his money-losing golf clubs, where he can also “suggest” the vice president spend the night despite non-Trump properties making more sense. And then, of course, there are the trips to Mar-a-Lago and his club in Bedminster, New Jersey. What the government needed from Trump’s properties, it had to buy from Trump’s company. So the more he went, the more he got.
Rebag Dives Into Fine Jewelry and Watches
It’s been six years since the launch of Rebag, a digital, luxury handbag-resale platform. As of today, the company will further dig its heels into the luxury sector by adding fine jewelry and watches to its business. “Our ambition is to offer customers a relevant platform to execute resale services on a large scale,” says CEO of Rebag, Charles Gorra. “Our entry into watches and jewelry was the logical next step. Cartier 18k-gold Love bracelet $5,735 REBAG Shop Now Rolex Oyster Perpetual GMT-Master II Pepsi dial watch $12,120 REBAG Shop Now
My startup has the chance to hire a heavy hitter. Should I scrape together the cash?
A consultant I hired as an independent contractor wants to join my team as the COO. This would be a huge win for the company, but the candidate is looking for a 6-figure salary (straight cash, not combined with equity). We don’t have that kind of money so I would be fundraising with the intention of allocating that capital towards the COO salary. -Founder of an East Coast startupDear Founder,It is awesome that this candidate wants to join your team. That said, in a world of constrained cash, a six-figure salary in cash is a lot of money.
5 ways to land a promotion (besides showing you’re a hard worker)
Throughout my career, I have seen my colleagues get angry when they aren’t chosen for a promotion. It’s important to remind yourself it’s not your fault, as workers have repeatedly been taught that seniority and putting in good work are the main factors for getting promoted. Get the ball rolling earlyBegin a conversation around a promotion with your manager at least 6-12 months in advance. By letting him know that’s what I wanted—and by doing good work, receiving regular feedback, and reminding him about my goal of getting promoted—I ended up getting that promotion in half a year. Bring additional ideas to the tableJust doing what you are told will make you a good worker, but higher-ups expect more from their leaders.
How to prepare your business for a post-COVID-19 recovery. Top CEOs weigh in
The COVID-19 pandemic has been raging for more than seven months now, but astute business leaders are thinking about how to rapidly recover. Now is the time to make sure your team and your clients have the digital tools needed to thrive. ASU, for example, added a third platform for classes, so students could learn and professors could teach the way that suits them best. This revolution means companies need to have the tech—and the people—in place in order to tackle the challenges that have emerged since March. “This pandemic has shown the haves and the have-nots,” says Andersen.
Yes, the stock market is tanking, but read this before you panic
But before you start stress eating chocolate, here’s what you need to know about what’s happening on Wall Street, in Washington, D.C., and beyond. At this point, what’s happening to the markets is a wait-and-see game. As of late this morning, the Dow Jones Industrial Average was down about 740 points, or 2.7%. Black Friday, as October 19, 1987, is known, saw the Dow Jones Industrial Average plummet 22.6% in one day. To this day, that’s still the biggest single-day market decline ever by percentage.
Agile Talent: How to Source and Manage Outside Experts
Increasingly, as an alternative to hiring full-time employees, organizations are turning to freelancers and other outside experts to meet their strategic talent needs. But the increased use of external talent comes with a unique set of challenges. Internal employees can be suspicious and distrustful of external talent, worrying about the future of their jobs. In this webinar he will share five best practices for fostering trust, building collaboration, and creating successful work environments that involve both internal employees and external contributors. If your organization wants to know the most effective ways to leverage external talent while maintaining a strong culture and high employee trust, join Jon Younger and HBR on October 15.
Marketers Underuse Ad Experiments. That’s a Big Mistake.
I started the session with a brief survey: Who had run experiments with their website and app — for example, testing different layouts, colors, designs, or onboarding experiences? Then I asked who had run experiments with their digital advertising, such as evaluating different audience targeting, frequency, or optimization regimes for their campaigns? Given the powerful impact of ad experiments, why are they so underused? But as noted, our study shows that advertisers who run experiments experience better performance than those who do not. Additionally, many firms may lack the required culture of collaboration between marketing and other functions needed to execute ad experimentation.
Successful Remote Teams Communicate in Bursts
For remote teams, remote communication is both a challenge and a priority — and it will remain so long after the present pandemic has ended. But, as many organizations are learning, managing the flow of communication among remote teams is tricky. Our research suggests that such bursts of rapid-fire communications, with longer periods of silence in between, are hallmarks of successful teams. At these times, teams can synchronize through facial expression and voice to convey such fundamental human qualities as shared attention and empathy. Such practices will help drive remote teams’ performance in our emerging new normal.
Every Company Needs an Entrepreneur in the C-Suite
And entrepreneurial CEO is one who is actively involved in developing and managing a portfolio of new ventures. This allows the chief entrepreneur to be able to make decisions to allocate resources that drive innovative ventures. In these situations, the company should consider appointing a Chief Entrepreneur instead. The major disadvantage of this arrangement, of course, is the likelihood of tension between the CEO and the chief entrepreneur. This arrangement works well when the CEO doesn’t see the chief entrepreneur as an enemy but as an ally.
Cadillac's Super Cruise Outperforms Other Driving Assistance Systems
Other automakers close in on Tesla's Autopilot, now a distant second, in Consumer Reports' new ratings of 17 systems
No Need to Wait Until Black Friday: AirPods Pros Are on Sale for $200
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Here Are Today's Best Mortgage & Refinance Rates for October 28, 2020
Money’s current mortgage rates include data from over 8,000 lenders across the United States and are updated daily. On Tuesday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.26%. Refinance rates todayMoney’s survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.773% on Tuesday. Last October, the average mortgage rate (including fees) was 3.859%. Ads by Ad Practitioners Quicken Loans - #1 Best Mortgage & Refinance Lender on Money.com Rates Near Historic Lows.
How Presidential Elections Affect the Stock Market
A look back at history shows that presidential election cycles indeed correlate with stock market returns – although not in the same, clockwork way that, say, the moon pulls on tides. But over the past century, the stock market has mostly run briskly across most of the presidential cycle before losing momentum during election years. However, stocks do better in the lead-up to elections when America is signaling a Republican presidential win. "Today, many are warning of how a Biden presidency might negatively impact the stock market or the economy," he says, but adds there were similar warnings about Trump in the previous election cycle. YCharts has looked at stock returns going back to 1930 under three separate scenarios.
15 Dividend-Paying Stocks to Sell or Avoid
In this volatile market, many investors are looking to dividend-paying stocks to hedge their bets in equity markets. Here are 15 dividend-paying stocks to sell or at least avoid right now. Income hunters looking for bargains in dividend-paying stocks might be sniffing around Kraft shares, which trade at roughly one-third of their peak post-merger pricing in 2017. Despite all that, Wells Fargo doesn't even offer up a yield that's competitive with similarly battered dividend-paying stocks. Also, like some of the other dividend-paying stocks on this list, Invesco was forced to cut payouts earlier this year.
Tax Tip: How to Deduct Property Damage Caused by Hurricane Zeta
But once the hurricane has passed, your primary concern might be dealing with property damage from high winds or flooding. Personal casualty losses of individuals are deductible to the extent that they are attributable to a federally declared disaster area. Generally, only taxpayers who itemize deductions can take a tax write-off for damage to personal property. Let's say your AGI is $100,000 and you have $30,000 in unreimbursed losses from damage to your house caused by Zeta. Find a list of federally declared disasters and the declaration numbers at fema.gov/disasters.
Stock Market Today: Dow Drops 943 Points as Investors Storm the Exits
Oct. 28, on average the S&P 500's best-performing day over the past 70 years, was instead one of 2020's worst as COVID-19 concerns continued to flare up in the U.S. and Europe. The S&P 500 did not come close to meeting its average 0.54% gain on Oct. 28, instead plunging 3.5% to 3,271. Other action in the stock market today:The Dow Jones Industrial Average declined 3.4% to 26,519.declined 3.4% to 26,519. "We believe that if the S&P 500 breaks below 3,200 before the election, its next move may be down another 12% to 2,890." Even if the market as a whole doesn't plunge that much in the uncertain days, weeks and months to come, many weaker stocks might drop calamitously.
Kochava Rolls Out Identity Tool for Publishers Focused on CTV and Mobile
Kochava, a mobile attribution company, wants to woo these media owners with an omnichannel measurement and attribution tool that would connect what happens on their properties with an advertiser’s first-party data. The tool, Kochava for Publishers, is especially focused on connected TV and mobile advertising, two areas that don’t support the third-party cookies that Google is phasing out of its Chrome browser by 2022, but have shaky identity signals. Kochava for Publishers is essentially an in-house tool that can attribute ad exposure to a certain action, while also integrating advertisers’ first-party data. Manning said three major companies in CTV, including Roku, are signed on to use Kochava for Publishers. The tool is based on Kochava’s identity graph of over 90 million households and 220 million mobile devices.
7 Essentials to Sell Part of Your Business Now
He created a studio to conduct the largest Zoom call in the world and in doing so reimagined his business. There is a seed of equivalent advantage in your business. And when you do, articulate it clearly and quickly to whomever you are approaching to buy into your business. Define your sustainable competitive advantage nowYou and your team must be able to articulate, illustrate, and demonstrate your sustainable competitive advantage quickly. You can choose to market your business on your own, but their insight about challenges you will face and potential valuation matters.
TikTok Makes Moves in Social Commerce With Shopify Integration
“As social commerce proliferates, retailers are recognizing that TikTok’s creative and highly engaged community sets it apart from other platforms,” TikTok ad sales chief Blake Chandlee said. He said in a statement that the TikTok channel lets merchants create and connect their TikTok for Business account and deploy in-feed shoppable video ads, from Shopify. Shopify’s new TikTok channel will let merchants use the “core functions” of the TikTok for Business Ads Manager on the Shopify dashboard, including the TikTok one-click pixel for tracking conversions and creative tools. TikTok and Shopify are also jumpstarting this partnership with a co-branded #ShopBlack hashtag challenge, which will run from Nov. 10-15 and will feature products from 40 Shopify merchants. Most social platforms have been moving toward shoppable ads in recent months, Jess Richards, evp and managing director of commerce at Havas Media Group, said.
Panera Aims to Satisfy Changing Diner Habits With New Pizza Offering
When diners think of Panera, they usually associate the brand with its staple menu items: soups, salads, sandwiches, baked goods and coffee. Beginning today, the fast-casual chain hopes to entice customers with an entirely new category: flatbread pizza, the latest addition to its menu. To make way for pizza, Panera was already in the process of simplifying its menu, so it expects to be able to keep pace with the volume of orders, Luz said. Panera has doubled its delivery business, said Luz, with more than half of its sales generated from off-premise channels. Luz declined to comment either on marketing spend for the campaign or on pizza sales projections.
Responding to Crises With Speed and Agility
Academic research and experience show that Etsy’s experience is not unique; organizational speed and agility strongly influence company performance. During a crisis, companies must also demonstrate agility, a capability that allows the organization to pivot to adjacent or entirely new product domains. Organizational Speed Is a CapabilityOrganizational speed depends on three interconnected capabilities: recognition speed (how quickly external stimuli are recognized as an opportunity/threat), decision speed (how quickly decisions for action are made), and execution speed (how quickly resources, people, and/or processes are mobilized to support the action). Linking Organizational Speed and AgilityConnecting speed and agility has multiple implications for managers. Both speed and agility helped Etsy gain 4 million new customers in April, 32% of whom made a subsequent purchase after buying a mask.
How Companies Are Winning on Culture During COVID-19
At first glance, you might expect COVID-19 to be a disaster for corporate culture. To examine how the pandemic has influenced employees’ perceptions of corporate culture, we looked month by month at how workers at Culture 500 companies rated their employer for the five years through August 2020. (See “Employees Gave Companies High Marks for Communication and Integrity During COVID-19.”) Companies on our Culture Champions list, including HubSpot, Hilton, Ultimate Software, Nordstrom, and HP Inc., scored particularly well on transparent communication during COVID-19. Culture 500 companies also received positive reviews regarding leaders treating employees fairly and embodying corporate values in the midst of the pandemic. Culture During COVID-19: Companies With the Biggest Gains Excelled at Communication, Employee Welfare, and AgilityCommunication again emerges as the most important differentiator between companies that saw a significant boost in their culture values score and those that suffered a sharp decline.
Do Founder CEOs Tune Out Their Teams?
We then examined whether and to what extent founder CEOs tune out their leadership team when making important strategic decisions. Indeed, several of the best-known founder CEOs maintain unsavory reputations for disregarding the advice of their leadership team, instead relying on their own intuition. Given founder CEOs’ tendencies to tune out their team members, a primary factor may be how potential team members mesh with the founder. Founder CEOs who insist on maintaining a tight grip on decision-making may prevent rather than propel progress. Leading a complex organization generally requires a joint effort; founder CEOs unable or unwilling to share collective responsibility for the organization’s success may be advised to consider stepping down.
The Four Competencies Every IT Workforce Needs
(See “The Research.”) The research revealed that digital business demands four behavioral competencies — qualities that transcend technical proficiency to embrace interpersonal skills and a drive for continuous learning — that enable IT talent to meet current and future business needs. Based on these discussions and current literature, we identified four key IT competencies for further investigation. We conducted interviews with three senior IT and HR leaders directly responsible for overseeing the IT workforce reskilling programs. We then sent a detailed questionnaire to the company’s IT workforce and received full responses from 309 IT professionals. Our research found that learning opportunities are more effective when the IT workforce has some leeway in managing individual learning and progress.
Great frauds in history: Carlton Cushnie’s befuddling Ponzi scheme
Carlton Cushnie was born in Kingston, Jamaica, in 1950 and moved to London when he was 16. After studying maths at the University of London, Cushnie started up his own computer software business. His experience led him to start up Versailles Group in 1989, a finance company supposedly acting as middleman between lenders and small firms. By 1995 Versailles had floated on the junior Aim market, and within two years it had reached the main market, later breaking into the FTSE 250. As Cushnie later admitted, the firm made only one trade finance loan in its existence, which lost money.
Too embarrassed to ask: what is a share?
When people talk about investing, they often refer to putting money into “shares”, or buying “stocks and shares”. When a company sells shares in itself on the stock exchange for the first time, this is known as “going public”. If you own shares in a company, you are entitled to a share of the profits that the company makes, often in the form of dividend payments. So when people say “stocks and shares” it means the same thing as saying plain old “shares”. For more on investing in shares and how to decide which ones to buy, subscribe to MoneyWeek magazine.
How Biden’s war chest has eclipsed Trump’s — in one chart
But a Trump campaign spokesman has said that as the White House race hits its final stretch, the president’s team has the “strength, resources, record & huge ground game needed” to win. Biden’s cash advantage looks particularly pronounced when it comes to the money remaining for just the principal campaign committees. The Democratic challenger’s main campaign committee began this month with $177 million in cash on hand, almost three times as much as Trump’s principal committee, which reported $63.1 million in cash remaining. What’s more, disclosures filed last Thursday revealing cash on hand as of Oct. 14 have Biden’s main committee with $162 million, close to four times as much as Trump’s $43.6 million. But more recently, the former vice president managed to outpace Trump’s fundraising in August and September, though Trump scored more donations in July.
The Stock Market Is Tanking Here’s How Low It Could Go.
Text sizeGetty ImagesA resurgent Covid-19 virus, the upcoming election, and the lack of stimulus have all conspired to put the Dow Jones Industrial Average on pace for its worst weekly drop since March. The question now: How much lower can the stock market go? When in doubt, we turn to the charts, which can be useful for spotting the next support level. If the benchmark is able to close above that level today, great. If not, the next support might not come until 25,000, down 6.1% from the current level.
Covid-19 Vaccine Rollout Calls for Supply-Chain Collaboration, Logistics Chief Says
Capacity-strained shipping networks should be able to manage the rush to distribute Covid-19 vaccines if governments, logistics providers and pharmaceutical companies coordinate their efforts, the head of a top global logistics operator says. The company, which is the world’s second-largest global logistics provider by 2019 revenue, according to research firm Armstrong & Associates Inc., is also working with manufacturers of vials and syringes to build inventories ahead of the expected surge. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. Mr. Trefzger said freighter and “freighter-like” air transport capacity might have increased by between 25% and 50% over the last six months as a result. Logistics operators and pharmaceutical companies are hustling to expand refrigeration capabilities, assembling “freezer farms” near global air hubs.
Why Fiat Chrysler Just Reported Record Profit in a Pandemic
This is a very unusual downturn. The latest exhibit: record quarterly results from Fiat Chrysler. On Wednesday, the Italian-American car maker posted adjusted profit of €2.3 billion, equivalent to $2.71 billion, for the three months through September, driven by an unprecedented 13.8% operating margin in the all-important North American division. The former Chrysler business, which Fiat bought out of bankruptcy in 2009, sold 8% fewer cars than in the third quarter of 2019 but made 26% more adjusted profit.
Tiffany, LVMH Near Agreement on New Deal Terms
Tiffany & Co. is nearing an agreement to accept a lower price in its takeover by LVMH Moët Hennessy Louis Vuitton SE that would end a bitter dispute between the luxury-goods companies. The companies have come to a preliminary agreement on new deal terms that would call for LVMH to pay $131.50 for the iconic U.S. jewelry maker, according to people familiar with the matter. Tiffany’s board plans to consider the revised terms at a meeting later Wednesday, and there is no guarantee they will accept them, the people said. Tiffany agreed to sell itself to LVMH late last year in a roughly $16.2 billion deal. But LVMH said in September it was backing out of the deal, blaming trade disputes between France and the Trump administration.
Boeing Cutting More Jobs in Response to Pandemic
Boeing Co. said it will cut more jobs and review jetliner production rates in an effort to stop bleeding cash as the coronavirus pandemic roils global air travel. Faced with a pileup of undelivered aircraft, the company said it would review its commercial aircraft production levels as airlines are either unable or unwilling to accept its newly produced jets amid a prolonged slump in passenger demand for flights. Executives said Wednesday Boeing wouldn’t likely generate cash in 2021, when the plane maker expects to hand over half of its some 450 undelivered 737 MAX jets that have been grounded for nearly two years. The company expects to reduce its headcount by another 11,000, including 7,000 layoffs, on top of almost 20,000 already announced and end next year with around 130,000 employees, about 40% less than when it merged with McDonnell Douglas in 1997. The collapse in airline traffic and reduced aircraft production have already cost the U.S. aviation industry around 100,000 jobs so far this year and another 220,000 are at risk, according to the Aerospace Industries Association, a trade group.
Boeing Cutting More Jobs in Response to Pandemic
Boeing Co. said it will cut more jobs and review jetliner production rates in an effort to stop bleeding cash as the coronavirus pandemic roils global air travel. Faced with a pileup of undelivered aircraft, the company said it would review its commercial aircraft production levels as airlines are either unable or unwilling to accept its newly produced jets amid a prolonged slump in passenger demand for flights. Executives...
It's not a coincidence Big Tech stocks are lower amid hearing: Expert
It's not a coincidence Big Tech stocks are lower amid hearing: ExpertCNBC's Kelly Evans discusses the highlights from the Big Tech hearing in Washington D.C. with Nilay Patel, editor-in-chief of The Verge.
The length of the sell-off matters as much as the extent of the sell-off: Mohamed El-Erian
The length of the sell-off matters as much as the extent of the sell-off: Mohamed El-ErianMohamed El-Erian, Allianz chief economic advisor, joins 'Closing Bell' to discuss what the spike in coronavirus cases in Europe and United States means for markets and the economic recovery. There's a 50/50 chance of Europe going into a recession, says El-Erian. The reason it isn't higher is because of Germany and its manufacturing sector. But Italy, France, the U.K. and Spain are going to see a double-dip recession, and that's bad news.
Insana: Likelihood growing for an L-shaped economy with no growth
The US Capitol Building is seen on Capitol Hill on October 26, 2020 in Washington, DC. For many months now, economists and financial analysts have been debating what the shape and composition of an economic recovery will look in the U.S. as the country battles the Corona virus pandemic. Will it be a V, a U, W, an L or a square root? Will it also be a K, in terms of composition, with those doing well, be they individuals or companies, continuing to thrive, while those doing poorly, fare even worse? Further, now that the Senate has adjourned there is no chance of a quick compromise on relief and stimulus.
Look to industrials, financials as they've been more attractive: Michael Farr
Look to industrials, financials as they've been more attractive: Michael FarrCNBC's Kelly Evans discusses where there may still be market value with Michael Farr, CEO of Farr, Miller and Washington.
We believe we could see the economy slowing, but not a stall: Riverfront Investment Group's Felton
We believe we could see the economy slowing, but not a stall: Riverfront Investment Group's FeltonRebecca Felton, Riverfront Investment Group senior portfolio manager, and Laura Kane, UBS Global Wealth Management, join 'Power Lunch' to discuss why they think the market is lower this week and the future of the U.S. economy.
Rebound in stocks has been narrow, next leg will be driven by laggards: Laura Kane
Rebound in stocks has been narrow, next leg will be driven by laggards: Laura KaneRebecca Felton, Riverfront Investment Group senior portfolio manager, and Laura Kane, UBS Global Wealth Management, join 'Power Lunch' to discuss the market sell-off and the investment strategy investors should take during the uncertainty. The uncertainty factor, when you think about the fact that polls have tightened, virus cases are up and we don't know when we're going to get a stimulus — regardless of how we feel about those things, the economy has been on a positive trend, Felton says.
Here are the IPOs setting their prices amid the market sell-off
Here are the IPOs setting their prices amid the market sell-offCompanies carefully plan their IPOs, hoping to pick the best time to go public. Sometimes you go public during a major market sell-off. CNBC's Leslie Picker reports.
Ford earnings are out – here are the numbers
Incoming Ford CEO Jim Farley (left) and Ford Executive Chairman Bill Ford Jr. pose with a 2021 F-150 during an event Sept. 17, 2020 at the company's Michigan plant that produces the pickup. Ford Motor reported earnings after the bell Wednesday. Stone said the decline reflects the economic impact of the coronavirus pandemic, lower profit from Ford Credit, and weaker global demand for new vehicles, parts and services. In July, Ford repaid $7.7 billion of an outstanding $15.4 billion on its revolving credit facilities, and also extended $4.8 billion of its three-year revolving credit lines. Ford's shares remain down by 17% so far this year, despite an almost 15% increase in the stock price in October.
Wall Street drops on virus fears
BusinessWall Street drops on virus fearsPostedU.S. stocks crumbled on Wednesday as rising COVID-19 cases in the U.S. and Europe stoked fears of slower global economic activity. Conway G. Gittens has more.
Venezuela's Maduro says Amuay refinery was hit by a 'terrorist attack'
Slideshow ( 2 images )CARACAS (Reuters) - Venezuelan President Nicolas Maduro on Wednesday said the country’s Amuay oil refinery was victim of a terrorist attack on Tuesday that involved a “powerful weapon”, but said the country had gasoline reserves equivalent to 20 days of consumption. An explosion hit a distillation unit at the 645,000 barrel-per-day (bpd) plant on Tuesday, people familiar with the matter said, though there were no reports of injuries. Maduro said the country’s refineries were producing around 30% more fuel than internal demand levels, without providing details of which plants were operating. He added that Venezuela had imported fuel both from Iran and other countries, without specifying which others. The opposition dismisses those accusations as excuses for the failure of Venezuela’s public services.
Huawei lawyer alleges delay in CFO arrest was intentional in U.S. extradition case
Peck alleged that the order of events was to take advantage of the extended leeway CBSA officers have in questioning and investigating individuals crossing into Canada. From the moment Meng was detained by CBSA, “she was effectively in the joint custody of you and the CBSA,” Peck said to Yep. “No, she was in the custody of the CBSA,” Yep said. Meng’s arrest triggered an ongoing chill in diplomatic relations between Ottawa and Beijing. Meng’s case is scheduled to wrap up in April 2021, although the potential for appeals mean the case could drag on for years.
Oil plunges over 5% to four-month low as pandemic surges, U.S. crude output soars
NEW YORK (Reuters) - Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. [EIA/S] [API/S]“The increase in oil production led to an unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” said Andy Lipow, president of consultants Lipow Oil Associates. The stronger dollar makes oil more expensive for holders of foreign currencies, which traders said weighed on crude prices. Traders said crude prices were also hit by fading prospects for a quick deal on a new U.S. stimulus and increasing oil output from Libya.
Oil plunges over 5% to four-month low as pandemic surges, U.S. crude output soars
NEW YORK (Reuters) - Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. [EIA/S] [API/S] ENERGYUSAENERGYAPI“The increase in oil production led to an unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” said Andy Lipow, president of consultants Lipow Oil Associates. The stronger dollar .DXY makes oil more expensive for holders of foreign currencies, which traders said weighed on crude prices. Traders said crude prices were also hit by fading prospects for a quick deal on a new U.S. stimulus and increasing oil output from Libya.
Stocks tumble as coronavirus lockdowns loom; dollar rises
REUTERS/Lucas Jackson/File PhotoBenchmark Treasury yields fell alongside the price of oil and gold was under pressure from the rising dollar. Concerns over a rising wave of COVID-19 infections played out in currency and bond markets, too, with the euro slumping against the dollar. The dollar index rose 0.291%, with the euro down 0.37% to $1.1751. Escalating coronavirus infections weighed on oil prices by stoking fears of a supply glut and weaker fuel demand. U.S. crude recently fell 5.74% to $37.30 per barrel and Brent was at $39.04, down 5.24% on the day.
S&P 500, Dow sink 3% to late-September lows on virus, election worry
NEW YORK (Reuters) - The S&P 500 and the Dow slumped on Wednesday to their lowest levels since late September, as coronavirus cases climbed globally and investors also worried about the possiblity of a contested U.S. presidential election next week. ET (1827 GMT), the Dow Jones Industrial Average .DJI fell 792.7 points, or 2.89%, to 26,670.49. The S&P 500 .SPX lost 96.32 points, or 2.84%, to 3,294.36 and the Nasdaq Composite .IXIC dropped 339.66 points, or 2.97%, to 11,091.70.Of the 206 S&P 500 companies that have reported third-quarter earnings so far, about 83% have topped expectations, according to Refinitiv data. GE was the largest percentage gainer on the S&P 500. The S&P 500 posted one new 52-week highs and eight new lows; the Nasdaq Composite recorded 13 new highs and 101 new lows.
Instant View: U.S. stocks tumble again as election looms, virus spread balloons
People are just assuming that whether it is a blue wave, a red wave, a blue tide, whatever it is, that markets are going to go up. From our standpoint, we’re not reacting to it.”“With the pandemic and the election being a week away, this type of volatility is anticipated. If it does turn out we have a blue wave and we eventually get stimulus that’s all well and good but that’s not immediate. There was stimulus in the past, there will be stimulus in the future, but it’s just not coming today. And so the expectation that it’s coming quickly has been ill-founded.”“And then obviously the virus is out of control.
Can Liberty Oil maverick's corporate culture survive the U.S. shale bust?
Chris Wright poses for a photo in Liberty Oilfield Services's office in Denver, Colorado, U.S., in this 2019 handout photo. The challenge will be to maintain its free-wheeling style while grappling with a major acquisition and the oil industry's worst bust. U.S. shale oil companies have cut budgets up to 30%, halting most new drilling and pushing several oilfield firms out of the business. HIGH ENERGY BOSSWright combines tech savvy and a wildcatter’s passion for the oil business, said employees and executives familiar with the company. Chad Crofford, who lost his job in April after about three years as a Liberty employee, said he harbors no ill will and believes Wright’s values made his stay worthwhile.
Oil plunges over 5% to four-month low as pandemic surges, U.S. crude output soars
NEW YORK (Reuters) - Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. “The increase in oil production led to an unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” said Andy Lipow, president of consultants Lipow Oil Associates. The stronger dollar .DXY makes oil more expensive for holders of foreign currencies, which traders said weighed on crude prices. Traders said crude prices were also hit by fading prospects for a quick deal on a new U.S. stimulus and increasing oil output from Libya.
U.S. dollar gains on surge in COVID-19 cases, lockdowns in Europe
FILE PHOTO: U.S. Dollar and Euro notes are seen in this June 22, 2017 illustration photo. “When things get scary everybody rushes to the dollar,” said John Payne, senior futures and options broker, at Daniels Trading, in Chicago. In afternoon trading, the euro EUR=EBS was down 0.4% against the dollar at $1.1754, after sliding to a one-week low. The euro also fell 0.5% against yen to 122.60 yen EURJPY=, after earlier sinking to its weakest since July. The dollar index =USD, which tracks the greenback against a basket of six currencies, was up 0.3% at 93.39.
Scott opens wallet for Trump in Florida
Joe Biden may not even be aware of it, but Kamala Harris is,” Scott says in the new Florida ad, subtly raising the Republican criticism that Biden is a clueless “Trojan horse” for the left. Scott then goes on to mention “Medicare for all,” a position that Biden doesn’t support but Harris did at one point. Throughout, Scott spent historic sums of his own money — about $150 million — most of it on TV ads that blanked Florida’s 10 media markets. He also spent at least $1 million more on TV ads while serving as governor to influence lawmakers to adopt his agenda at times. With both Trump and Biden coming Thursday to Florida, state political insiders are already speculating about the dynamics of the 2022 election cycle.
USDA issued billions in subsidies this year. Black farmers are still waiting for their share.
Black farmers say this level of aid has passed them by, not just in 2020, but also historically. Even though a majority of farmers voted for Trump, Boyd said "I didn't, and I won't, and I don't think many other Black farmers will." After other farmers stepped forth with similar stories, Boyd founded the National Black Farmers Association in 1995. Two years later, he and 400 other Black farmers sued the USDA in the landmark lawsuit Pigford v. Glickman, which alleged that USDA officials ignored Black farmers' complaints and denied them loans and other support because of rampant discrimination. He said he and his staff tried to work as fast as possible to process old claims by Black farmers.
Whatever happened to Trump's 'Opening Up America Again' task force?
Some executives only became aware that they were part of the task force a few hours before receiving a request to join a phone conference with the White House. Less than 24 hours after that call — and without the knowledge of some key participants — the White House released a set of guidelines for easing lockdown restrictions. The fast burn of the reopening task force marked the beginning of Trump’s varied approach to public health policy. “The most important economic policy is a public health policy to suppress the virus,” Stock said. — Donald J. Trump (@realDonaldTrump) October 27, 2020White House deputy press secretary Judd Deere said the Opening Up America Again industry group is "an ongoing dialogue."
Utility: Winds too weak to cut power before California fire
(AP Photo/Jae C. Hong)LOS ANGELES (AP) — Facing extreme wildfire conditions this week that included hurricane-level winds, the main utility in Northern California cut power to nearly 1 million people while its counterpart in Southern California pulled the plug on just 30 customers to prevent power lines and other electrical equipment from sparking a blaze. Red flag warnings of extreme fire danger expired and easing winds allowed PG&E to begin restoring power after the largest of five safety shutoffs this year. At its peak, PG&E cut power to about 345,000 customers — nearly 1 million people — in 34 counties. As of Tuesday night, only about 2,000 of Edison’s 5 million customers were without power, according to an outage website. Full Coverage: Wildfires“Obviously, you can say in retrospect that it would have been better if SCE cut power where the line was.
One Good Thing: Wickedly creative pandemic trick-or-treating
And in San Francisco, a haunted house has become a haunted drive-thru. And people are rising to the challenge for trick-or-treating that’s both safe and fun during a pandemic. “I wish there were a handbook, but you know, I love Halloween and have always made it a thing,” she explained. Full Coverage: One Good ThingWhile some haunted attractions aren’t open this year, others have tried new approaches. “It’s a great way to have the Halloween spirit in 2020 when we really need it,” said cast member Shi Tuck.
Stock rout deepens as S&P 500 drops 2.7%, Dow falls 770
A pedestrian pass the New York Stock Exchange, Friday, Oct. 2, 2020, in New York. (AP Photo/John Minchillo)A pedestrian pass the New York Stock Exchange, Friday, Oct. 2, 2020, in New York. The S&P 500 was down 2.7% in afternoon trading on Wall Street and is headed for a third straight loss. In European stock markets, Germany’s DAX lost 4.2%, and France’s CAC 40 dropped 3.4%. “There’s plenty of desire to get money out to people so I think it will happen one way or another in November.”In Asian stock markets, trading was mixed.
Dow Jones Trampled 909 Points As This Top Tech Stock Tests Key 50-Day Line
ET, the S&P 500 dropped more than 2.8%, while iShares Russell 2000 (IWM) matched that sell-off. As seen in the Tuesday Big Picture column, distribution days have already reached four on the S&P 500, an elevated level. For now, the S&P 500 has fallen more than 7% below its short-term peak of 3,549. Please read more detail on the member of IBD's internet retail industry group in this new IBD Stock Of The Day feature. See IBD Stock Lists & Get Pass/Fail Ratings For All Your Stocks With IBD Digital
Biden’s Painful Transition From Oil and Gas
In your editorial “Mr. Biden Will ‘Transition’ You Now” (Oct. 24), you observe the number of oil and gas jobs in Texas, Alabama and New Mexico which would be threatened by Mr. Biden’s proposed ban on “drilling leases and development on federal land.”In my state, Louisiana, economist Loren Scott reports that the oil-and-gas industry supports 260,000 jobs in the state, and each industry job generates 3.4 Louisiana jobs in other sectors, accounting for almost 11% of the state’s population—a huge portion of the economy. Regardless...
It’s a Close Race for CEO Support, Too
If CEOs’ dollars were votes, Joe Biden would just squeak into the White House. Through Oct. 14, Mr. Biden’s presidential bid received $79.5 million from his top 100 donors describing themselves as CEOs. Mr. Trump’s effort received $75 million.
Why Companies Are Expanding Recruitment at Historically Black Colleges
Companies seeking to diversify their talent pipelines are recruiting more business students at historically Black colleges and universities this year. The business school at Howard University, a historically Black college, usually has 50 or so companies at its on-campus fall career fair, but this year hosted about 140 firms virtually, the school said. McKinsey & Co. is recruiting at about 30 historically Black schools, up from only a handful most years, the consulting firm said. In the summer McKinsey pledged to double its Black leadership and hiring of Black employees over the next four years. Accounting firm KPMG said it has reached out to double the number of historically Black colleges and universities.
Dow's 812-point drop led by losses for Nike, Visa stocks
Shares of Nike and Visa are trading lower Wednesday afternoon, leading the Dow Jones Industrial Average slump. The Dow DJIA, -3.43% was most recently trading 812 points, or 3.0%, lower, as shares of Nike NKE, -4.59% and Visa V, -4.62% have contributed to the blue-chip gauge's intraday decline. Nike's shares are down $6.01 (4.7%) while those of Visa have declined $8.91, or 4.7%, combining for a roughly 98-point drag on the Dow. A $1 move in any one of the 30 components of the Dow results in a 6.58-point swing. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Oil futures finish lower on rise in U.S. crude supplies and weak energy demand
Oil futures finished lower Wednesday, pressured after the Energy Information Administration reported a 4.3 million-barrel increase in last week's U.S. crude supplies, marking the first weekly rise in three weeks. Meanwhile, rising cases of COVID-19 continued to raise concerns over weak energy demand. Oil demand is "awful" right now, with rising cases of COVID-19 globally and the world awaiting the results of the U.S. presidential election, said James Hatzigiannis, chief market strategist at Ploutus Capital Advisors. Declines in energy output in the Gulf of Mexico, as Hurricane Zeta headed for landfall at the Gulf Coast, failed to provide support for oil prices. On Wednesday, 66.6% of Gulf oil production and 44.5% of natural-gas production in the region was shut in, according to the Bureau of Safety and Environmental Enforcement.
Homebuilder ETF outperforms on ugly day for the market
The iShares U.S. Home Construction ETF ITB, -0.67% was up 0.2% in the early afternoon, even as the broader stock market SPX, -3.52% is down more than 3%. It's not a sweep for homebuilder funds, however: ITB's competitor, the SPDR S&P Homebuilders ETF XHB, -1.46% is down 0.8%. ITB has a much heavier weighting of builders, and less of the ancillary companies that make up XHB's holdings, however. Horton Inc DHI, -0.28% , Lennar Corp. LEN, -0.23% and NVR Inc. NVR, -0.29% , all of which were up solidly on Wednesday. In contrast, XHB's top holdings include Carrier Global Corp CARR, -0.74% and Whirlpool Corp WHR, -3.90% , which fell more than 3% Wednesday.
Tupperware sales in North America jump 42% as consumers increasingly eat at home
Tupperware Brands Corp. TUP, +35.08% stock catapulted more than 33% in Wednesday trading after third-quarter earnings got a bump from the surge in consumers eating at home during the COVID-19 pandemic. Sales in North America jumped 42% year-over-year, reaching $146.3 million, according to the earnings release. Tupperware reported third-quarter profit and sales beat consensus and increased year-over-year. On Wednesday, the company also announced that its charitable foundation has made a $1 million donation to the National Park Foundation. Sales in other parts of the world grew as well, with Europe up 23% to $121.2 million, and South America up 4%to $69.6 million.
Aston Martin Announces New £1.3 Billion Refinancing and Enhanced Mercedes Partnership. But Shares Fall.
At the end of January, Aston Martin was granted a lifeline when billionaire Lawrence Stroll led a rescue package of £500 million ($649 million). 30, saw Stroll’s Yew Tree Consortium take a £171 million equity stake in the firm, equal to about 25% of the shares. Aston Martin has secured £1.3 billion in refinancing including new debt, a £125 million investment in new shares, and Mercedes providing electric and hybrid vehicle parts as part of an enhanced partnership. Aston Martin separately provided a market update setting a fresh target of around 10,000 vehicles and £2 billion revenue by its 2024/25 financial year. On top of that, Sanjay Jha, an analyst at broker Panmure Gordon, warns that the Daimler deal means Aston Martin is now more dependent on Mercedes.
Smaller companies aren’t necessarily being hurt more than larger ones because of the pandemic
The data show — perhaps surprisingly — that smaller companies are not necessarily being hurt more than larger companies. Only 36% of small companies reduced their workforce; the remaining 64% increased it. A larger fraction of medium-sized and large companies reduced their workforce. The good news so far is that smaller public companies are in a good shape — in fact, better than larger ones. That’s comforting because in the long run small companies have been shown to create the vast majority of jobs.
UPS stock suffers worst day in nearly 6 years after a big profit beat was offset by margin concerns
Don’t miss: UPS stock rises after UBS analyst turns bullish a day before earnings. Revenue rose 15.9% to $21.24 billion, which was about $1 billion above the FactSet consensus. However, operating profit for that segment actually fell, by 9.7% to $1.10 billion. That knocked operating margin for U.S. domestic to 8.3% from 10.6%. What also hurt the bottom line was that productivity was below expectations, which resulted from having 40,000 new employees and increased employee turnover.
Trane Stock Is Rising Because Sales Boomed. Air Quality Is a Big Deal.
Trane Technologies reported better-than-expected third-quarter numbers. Trane stock (ticker: TT) stock was up 4.2% to $128.85 Wednesday afternoon. Trane, in its HVAC business, makes products that control humidity along with outdoor/indoor air exchange. Trane stock is up about 25% year to date, better than comparable gains of the S&P and Dow Jones Industrial Average. Lennox International (LII), another HVAC stock, trades for about 26 times earnings.
First Solar’s Political Skies Could Get Cloudy. What That Might Mean for the Stock.
The Trump administration hasn’t exactly embraced the solar-power industry. After exempting imported panels known as “bifacial modules” that compete against First Solar’s panels, the administration recently reversed itself. Trump’s solar tariff is set to expire in February 2022, and there is no guarantee he would extend it if he is re-elected. Morgan Stanley analyst Stephen Byrd thinks that a Biden administration might eliminate the tariff or modify it considerably. First Solar’s valuation doesn’t give it much wiggle room if policies change.
RMDs at Age 75? New Retirement Bill Proposes Host of Changes to Expand and Boost Savings.
The Securing a Strong Retirement Act of 2020, proposed by Rep. Richard E. Neal (D., Mass.) and Rep. Kevin Brady (R., Texas), aims to expand access to workplace retirement plans and give those closest to retirement more flexibility to bolster savings. • Increase incentives for small businesses to start retirement plans, and increase and streamline the Saver’s Credit to encourage individual savers to boost contributions. • Repeal the 25% limit on contributions from retirement accounts to qualifying longevity annuity contracts, or QLACs, and raise the limit to $200,000 from $135,000. It also comes less than a year after the Secure Act raised the RMD age to 72 from 70½.
Aston Martin Announces New £1.3 Billion Refinancing and Enhanced Mercedes Partnership. But Shares Fall.
At the end of January, Aston Martin was granted a lifeline when billionaire Lawrence Stroll led a rescue package of £500 million ($649 million). 30, saw Stroll’s Yew Tree Consortium take a £171 million equity stake in the firm, equal to about 25% of the shares. Aston Martin has secured £1.3 billion in refinancing including new debt, a £125 million investment in new shares, and Mercedes providing electric and hybrid vehicle parts as part of an enhanced partnership. Aston Martin separately provided a market update setting a fresh target of around 10,000 vehicles and £2 billion revenue by its 2024/25 financial year. On top of that, Sanjay Jha, an analyst at broker Panmure Gordon, warns that the Daimler deal means Aston Martin is now more dependent on Mercedes.
Trane Stock Is Rising Because Sales Boomed. Air Quality Is a Big Deal.
Trane stock (ticker: TT) stock was up 4.2% to $128.85 Wednesday afternoon. Trane, in its HVAC business, makes products that control humidity along with outdoor/indoor air exchange. Another Trane business, Thermo King, is a leader in transport refrigeration. Trane stock is up about 25% year to date, better than comparable gains of the S&P and Dow Jones Industrial Average. Lennox International (LII), another HVAC stock, trades for about 26 times earnings.
JPMorgan Chase Rebrands Its Wealth Business
JPMorgan Chase is making branding changes in its wealth management business as part of a reorganization the big U.S. bank embarked upon late last year. The company also plans to recruit “the best” 50 advisors each year as it seeks to grow its wealth management business, according to a pair of internal memos this week that were viewed by Barron’s Advisor.
Auto-Insurance Disrupter Root Jumps 9% in Market Debut Before Falling Below IPO Price
Text sizeA broad market selloff appeared to weigh on the public markets debut of Root Insurance. Root’s stock (ticker: ROOT) opened at $26, below its $27 IPO price, and hit a high of $29.48. Late Tuesday, Root raised $724.4 million after selling 26,830,845 shares at $27 each, according to a company statement. With roughly 250 million class A and Class B shares outstanding, Root’s market capitalization is roughly $6.8 billion. Root is using a mobile app, along with telematics and data science, as it aims to disrupt the auto-insurance sector.
First Solar’s Political Skies Could Get Cloudy. What That Might Mean for the Stock.
The Trump administration hasn’t exactly embraced the solar-power industry. After exempting imported panels known as “bifacial modules” that compete against First Solar’s panels, the administration recently reversed itself. Trump’s solar tariff is set to expire in February 2022, and there is no guarantee he would extend it if he is re-elected. PREVIEWMorgan Stanley analyst Stephen Byrd thinks that a Biden administration might eliminate the tariff or modify it considerably. First Solar’s valuation doesn’t give it much wiggle room if policies change.
Transportation
Parcel shipping stocks are on fire because the pandemic has boosted online shipping. Both prices and the volume of packages being shipped are up across the industry.
Spain tries to reverse economic slump as unemployment rises
The country is grappling with a resurgence of the virus that has claimed at least 35,000 lives. The budget proposal for 2021 is set to be approved Tuesday by ministers in the ruling left-wing coalition and submitted to the European Commission. The 2021 spending plan includes the first 27 billion euro from the EU’s fund expected to arrive in Spain. The proposal is based on the expectation that Spain’s economy will grow 7.2% next year. The International Monetary Fund expects GDP to sink more than 12.8% this year, more than any other developed economy.
Jim Cramer: Shopify Is Up Too Much
Shopify (SHOP) - Get Report and TikTok are partnering in a move that could help over one million and run campaigns on the short-video platform. They will also be able to install or connect their TikTok Pixel with a click of a button. TikTok said it will start testing new commerce features that make it easier for users to discover Shopify merchants and shop their products within the app. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Latest Videos From TheStreet and Jim Cramer:
Stock Market Today With Jim Cramer: Microsoft Earnings Reaction
Cramer spoke about the earnings of Microsoft, GM and Boeing. "Everyone decided it was a must-have stock and then the narrative became that it was multiple lines that they were forecasting. If you approve the Max their stock could go dramatically higher." Microsoft and Boeing are key holdings in Jim Cramer's Action Alerts PLUS charitable trust. Want to be alerted before Jim Cramer buys or sells any stock?
Jim Cramer Says U.S. Won't Follow in Germany's Footsteps Under Trump
Jim Cramer wrote about his thoughts on what investors should do at this point. Of course, we have no policy anyway so maybe it's all an abstraction," wrote Cramer. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. Latest Videos From TheStreet and Jim Cramer:
Jim Cramer Outlines GE's Biggest Challenge Ahead
Group revenues, GE said, fell 17.1% to $19.4 billion, a figure that topped analysts' estimates of an $18.7 billion tally. Industrial organic sales were down 12%, GE said, while organic orders slumped 28%. Industrial free cash flow for the third quarter was tabbed at $513 million. While our work continues, GE’s transformation is accelerating, and we expect Industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021," he added. "We remain focused on unlocking upside potential for the long term.”Jim Cramer said GE has a big challenge ahead and it has a lot to do with Boeing (BA) - Get Report.
Jim Cramer: Panic Doesn't Pay, but These Bull Markets Will
AVGO, QCOM, MSFT, PG, CLX, LB, MAS, HD, LOW, F, TSLA, LAD Stocks quotes in this article: MRVLDon't you just feel like cutting and running on a real bad day like this? Don't you think it would be liberating just to dump the whole shooting match, cash in your IRA, take down your stock exposure in your 401(k)? Maybe you want to dump that S&P index fund to preserve cash, a perfectly sensible emotion? Sure, but that's the problem isn't it?
Director Sean Anders lists La Crescenta home that inspired his movie ‘Instant Family’
The experience served as the inspiration behind his movie “Instant Family,” which he wrote in his office in the garage. (Blake Worthington) 2 / 12 The great room. (Blake Worthington) 4 / 12 The kitchen. (Blake Worthington) 8 / 12 The yard. (Blake Worthington) 12 / 12 The exterior.
Nowhere to Hide: Investors Are Shaving Risk Ahead of the Election
Traders and investors are taking the opportunity to shave risk from their holdings ahead of the election and there is nowhere to hideStocks and commodities are both under pressure -- even the seemingly never-ending grain market rally is taking a pauseFurther, assets that are often beneficiaries of stock market turmoil such as gold and silver are s...Read the full story and get access to the Real Money Pro trading floor. There's no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert. READ ARTICLE NOW Already a subscriber?
Stocks slide on COVID-19 worries: S&P 500 drops 3%
Stocks around the world are tumbling Wednesday on worries the worsening pandemic will mean more restrictions on businesses and drag down the economy. That’s when the market was selling off as strict lockdowns around the world choked the economy into recession. The VIX measures how much volatility investors expect from the S&P 500, and it climbed 16.3% Wednesday. Microsoft, the second-biggest company in the S&P 500, reported stronger profit and revenue for its latest quarter than expected. “There’s plenty of desire to get money out to people, so I think it will happen one way or another in November.”In Asian stock markets, trading was mixed.
Homes evacuated by Silverado, Blue Ridge fires worth $6.4 billion
Firefighters are working to protect Orange County homes with average market values adding up to $6.4 billion, according to Realtor.com. The Silverado and Blue Ridge wildfires this week have forced evacuations from some pricey real estate. Realtor.com analysts used county evacuation maps to find 7,152 owned homes — with an average value of $900,000 — in the neighborhoods with mandatory exits as of Wednesday morning. The Silverado fire, putting homes primarily around Irvine and Lake Forest at risk, forced evacuations of 4,122 homes with a combined market value of $3.3 billion — an average of $800,000 each. As of Wednesday morning, 25% of the Silverado fire’s 13,354 acres had been contained; and 16% percent of the Blue Ridge fire’s 14,334 acres.
Huge increase in jobs, homes, offices eyed in downtown San Jose’s Diridon Station area: city report
SAN JOSE — Downtown San Jose is in line for a huge increase in jobs, office space, housing, retail, entertainment, activity hubs, and hotels, according to a dramatic vision for the area near the Diridon train station and SAP Center that city officials released Wednesday. “The city of San Jose and the greater Bay Area region have the unique opportunity to build an internationally prominent transportation hub and to develop a world-class destination within the area around the Diridon Station,” city officials stated in the draft report for the Diridon Station Area Plan. To be sure, Google’s Downtown West project is expected to be a game-changer for the urban core of San Jose. The development vision in the Diridon Station area calls for a diverse range of building heights and a push for much greater densities. Buildings could be as much as 290 feet tall, especially in the southern part of the Diridon Station Area next to and near San Carlos Street.
Commercial property giant CBRE is shifting its headquarters to Dallas
The country’s largest commercial real estate firm – CBRE Group – is trading its California address for a new headquarters in Dallas. The international property firm with more than 100,000 employees and more than 530 offices is planning to shift its head office to North Texas. And CBRE’s move will cement the D-FW-area’s position as one of the country’s real estate capitals. The move to Dallas is just the latest transfer by a California company heading to Texas. Real estate executives and economic development officials have been predicting a flood of moves to the area after the COVID-19 pandemic eases.
2 hospitalizados por intoxicación con monóxido de carbono en el sur de Chicago
Illinois pot shops are now rolling in bud, so why does an eighth of weed still cost $80? Even as the state’s supply shortage appears to be over, a cannabis consultant claimed the "obscene" prices being charged at dispensaries across Illinois are "artificially created" by the state’s few growers.
Las Vegas visitation down, but occupancy rates improving
Visitation to Las Vegas is still down, but some stats are moving in the right direction. Baskow/Las Vegas Review-Journal) @Left_Eye_ImagesVisitation to Las Vegas is still down, but some stats are moving in the right direction. The number of visitors to Southern Nevada was down 51 percent from September 2019 to 1.7 million people, the Las Vegas Convention and Visitors Authority reported Wednesday. Meanwhile, occupancy rates, average daily room rates, and average daily highway traffic is improving month to month. The lack of conventions has affected occupancy rates with weekend occupancy at 66.1 percent, down 29.5 points from September 2019’s 95.6 percent.