Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Gold rises as falling markets burnish appeal

Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong. Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates. Gold speculators extended their ne


Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong. Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates. Gold speculators extended their ne
Gold rises as falling markets burnish appeal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15
Keywords: news, cnbc, companies, stock, appeal, expected, falling, war, interest, contracts, gold, shares, rose, rises, trade, burnish, markets


Gold rises as falling markets burnish appeal

Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates.

Spot gold was up 0.4 percent at $1,222.0 an ounce at 0417 GMT, and not far off last week’s two-month high of $1,226.70.

U.S. gold futures were up 0.2 percent at $1,225.60 an ounce.

“Gold is closely following the stock market. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong.

“There are many uncertainties ahead for equities including the ongoing trade war, upcoming mid-term elections in the U.S., along with an expected interest rate hike in December … We will have to see how gold reacts to these.”

Asian shares slipped on Monday, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1 percent.

“Gold is more appealing after the stock market crash. It has regained some of its safe haven lure,” said Brian Lan, managing director at Singapore dealer GoldSilver Central.

A sell-off in equities last week, helped gold break above the narrow trading range of the past 1-1/2 months, with the metal jumping as much as 2.5 percent on Thursday, its biggest one-day percentage gain in more than two years.

“Gold remains supported by escalating geopolitical tensions… Adding to the mix is the thought the FOMC may consider pausing their widely expected rate hike in December if global equity markets continue to falter,” said Stephen Innes, APAC trading head at OANDA in Singapore.

“An abrupt shift in Fed policy will likely lead to a lack of confidence in the world’s most important central bank and could destabilize markets further.”

The Fed hiked rates last month for the third time this year and is expected to raise them again in December.

Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates.

China faced “tremendous uncertainties” due to the impact of tariffs and trade frictions, China central bank governor Yi Gang said on Sunday.

Gold speculators extended their net short position on Comex gold contracts by 29,881 contracts to 103,009 contracts in the week to Oct. 9, data showed.

Spot gold may edge up to $1,235 per ounce, as suggested by a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.

Meanwhile, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.76 percent to 744.64 tonnes on Friday.

In other precious metals, palladium rose 0.5 percent to $1,071.10. Silver was up 0.6 percent at $14.63 and platinum gained 0.5 percent to $840.50.


Company: cnbc, Activity: cnbc, Date: 2018-10-15
Keywords: news, cnbc, companies, stock, appeal, expected, falling, war, interest, contracts, gold, shares, rose, rises, trade, burnish, markets


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North, South Korea agree to reconnect roads, rail; U.S. concern rises

North and South Korea agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship that has raised U.S. concern about the possible undermining of its bid to press the North to give up its nuclear program. The agreement on transport links came during talks in the border village of Panmunjom aimed at following up on the third summit this year between South Korea’s President Moon Jae-in and North Korean leader Kim Jong Un, last month. “The South and North re


North and South Korea agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship that has raised U.S. concern about the possible undermining of its bid to press the North to give up its nuclear program. The agreement on transport links came during talks in the border village of Panmunjom aimed at following up on the third summit this year between South Korea’s President Moon Jae-in and North Korean leader Kim Jong Un, last month. “The South and North re
North, South Korea agree to reconnect roads, rail; U.S. concern rises Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: korea summit press, getty images, saul loeb
Keywords: news, cnbc, companies, korea, joint, agree, roads, late, month, south, rail, concern, north, summit, korean, sides, military, reconnect, rises, trump


North, South Korea agree to reconnect roads, rail; U.S. concern rises

North and South Korea agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship that has raised U.S. concern about the possible undermining of its bid to press the North to give up its nuclear program.

The agreement on transport links came during talks in the border village of Panmunjom aimed at following up on the third summit this year between South Korea’s President Moon Jae-in and North Korean leader Kim Jong Un, last month.

“The South and North reached the agreement after sincerely discussing action plans to develop inter-Korean relations to a new, higher stage,” said a joint statement released by the South’s Unification Ministry.

They agreed to hold ceremonies in late November or early December to inaugurate work on reconnecting the railways and roads that have been cut since the 1950-53 Korean War.

The two sides will carry out joint field studies on the transport plans from late this month, according to the statement.

They also agreed to discuss late this month a plan to pursue a bid to co-host the 2032 Olympic Games, and to explore in November ways to restart webcam reunions and video exchanges for families separated by the Korean War.

Military officials from both sides are to meet “in the near future” to craft follow-on steps to a military pact struck at last month’s summit. The accord includes the reinstatement of a joint military commission, the halting of military exercises, a no-fly zone near their border and the gradual removal of landmines and guard posts within the Demilitarized Zone (DMZ).

Meetings will also be held on reforestation on Oct. 22, and on health and disease prevention in late October at a joint liaison office opened last month in the North’s border city of Kaesong.

The talks were led by the South’s Unification Minister Cho Myoung-gyon and Ri Son Gwon, chairman of the North’s committee for peaceful reunification that handles cross-border affairs.

“We are at a very critical moment for the denuclearization of the Korean peninsula and the advancement of inter-Korean relations, and there’s also a second North Korea-U.S. summit coming up,” Cho told reporters before leaving for Panmunjom.

In June, Kim met U.S. President Donald Trump in an unprecedented summit in Singapore and the two sides are arranging a second meeting, which Trump said was likely after U.S. congressional elections on Nov. 6.

Despite the meeting between Kim and Trump, Washington is still pursuing a policy of “maximum pressure” to get North Korea to give up its nuclear weapon and ballistic missiles that Pyongyang says can hit the continental United States.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: korea summit press, getty images, saul loeb
Keywords: news, cnbc, companies, korea, joint, agree, roads, late, month, south, rail, concern, north, summit, korean, sides, military, reconnect, rises, trump


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Tech tumbles again — three experts weigh in on whether the rout continues

Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57Technology stocks’ painful sell-off dragged into another session on Monday. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. I think there’s more asymmetry on


Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57Technology stocks’ painful sell-off dragged into another session on Monday. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. I think there’s more asymmetry on
Tech tumbles again — three experts weigh in on whether the rout continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: keris lahiff, marlene awaad, bloomberg, getty images, gabjones, maxim malinovsky, aly song, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, continues, tech, youre, rates, outside, theres, weigh, rout, tumbles, experts, strategist, market, think, stocks, sector


Tech tumbles again — three experts weigh in on whether the rout continues

Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57

Technology stocks’ painful sell-off dragged into another session on Monday.

FANG stocks Amazon, Netflix and Alphabet tumbled by more than 1 percent, while industry leader Apple fell 2 percent. The XLK technology ETF has tanked more than 8 percent since hitting the year’s highs in early October.

Here’s what three market watchers expect from the sector after recent weakness:

John Stoltzfus, chief market strategist at Oppenheimer Asset Management, says investors will jump back into a space that is now cheaper than before. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Likely people will come back into the story. It remains solid to us,” said Stoltzfus.

Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, says this is a normal market rotation that should circle back to growth stocks such as tech. “From time to time when you’re later in the cycle and there’s a little more inflation and a little bit more growth and the Fed’s hiking rates, you’re going to have some bouts of value outperformance, but I think overall those would be pretty brief,” said Wren.

Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. They’ve cut the reserve requirement for central banks, so they’re kind of an outlier to the rest of the world,” said Davis. “I like looking at Chinese tech. I think there’s more asymmetry on the upside there versus some of the U.S. tech.”

Bottom line: Tech weakness looks temporary, and the market will move back into high-growth stocks again. In the meantime, consider tech sector opportunities outside the U.S.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: keris lahiff, marlene awaad, bloomberg, getty images, gabjones, maxim malinovsky, aly song, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, continues, tech, youre, rates, outside, theres, weigh, rout, tumbles, experts, strategist, market, think, stocks, sector


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Leave Italy alone: The EU wants fiscal austerity in a sinking economy


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Company: cnbc, Activity: cnbc, Date: 2018-10-15
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Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies

Fidelity has a long history of dealing with enterprise security, as well as public and private key cryptography to make sure it isn’t part of that statistic. Yale’s well-known chief investment officer, David Swensen, who manages the school’s $29.4 billion endowment, has invested in two funds dedicated to cryptocurrencies, sources told CNBC. In addition to storing cryptocurrencies, Fidelity Digital Assets will use an existing internal crossing engine and smart order router for trade execution. Th


Fidelity has a long history of dealing with enterprise security, as well as public and private key cryptography to make sure it isn’t part of that statistic. Yale’s well-known chief investment officer, David Swensen, who manages the school’s $29.4 billion endowment, has invested in two funds dedicated to cryptocurrencies, sources told CNBC. In addition to storing cryptocurrencies, Fidelity Digital Assets will use an existing internal crossing engine and smart order router for trade execution. Th
Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: kate rooney, jb reed, bloomberg, getty images, yu chun christopher wong, source, fidelity investments, luke macgregor
Keywords: news, cnbc, companies, weve, cryptocurrency, invest, parts, order, easier, pros, long, hedge, cryptocurrencies, funds, say, security, university, fidelity, router


Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies

Fidelity has a long history of dealing with enterprise security, as well as public and private key cryptography to make sure it isn’t part of that statistic. Its custody solution will include vaulted “cold storage,” which involves taking the cryptocurrency offline, and multilevel physical and cyber controls, among other security protocols that have been created leveraging Fidelity’s security principles from other parts of the business.

“You might look at the crypto world and say, ‘Wow, is this a new thing?’ but we’ve been managing key materials for a long time,” Jessop said. “We took our learnings in how to run enterprise security, then through our exploration of bitcoin and some of the people we’ve hired, quickly developed some of the crypto native expertise and federated the two of those things.”

Despite a slump in prices and news of hacks and fraud, acceptance among institutions for cryptocurrency is growing.

Yale’s well-known chief investment officer, David Swensen, who manages the school’s $29.4 billion endowment, has invested in two funds dedicated to cryptocurrencies, sources told CNBC. Other endowments — for Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology and the University of North Carolina — have also reportedly made allocations in at least one cryptocurrency fund, The Information reported.

The move by Fidelity may encourage more to do so.

In addition to storing cryptocurrencies, Fidelity Digital Assets will use an existing internal crossing engine and smart order router for trade execution. This order router will allow Fidelity institutional customers to execute trades for bitcoin, ether and other assets at multiple market venues. While Jessop didn’t say which ones, he said cryptocurrency exchanges have to comply with the same “Fidelity standard” applied in other parts of the business.

“We have a pretty extensive onboarding procedure for these types of counterparties, which involves diligence on their financial strength as well as their regulatory procedures like ‘know your customer’ and anti-money laundering,” he said. “We are certainly only going to connect to those counterparties that we feel good about.”


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: kate rooney, jb reed, bloomberg, getty images, yu chun christopher wong, source, fidelity investments, luke macgregor
Keywords: news, cnbc, companies, weve, cryptocurrency, invest, parts, order, easier, pros, long, hedge, cryptocurrencies, funds, say, security, university, fidelity, router


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CVS’ Larry Merlo says goal is to not leave room for Amazon to disrupt

CVS Health CEO Larry Merlo said he doesn’t lie awake at night worrying about Amazon but he does want to make sure he’s not leaving any room for disruption. “So that’s what we focus on as an organization, with the goal being: Don’t leave any white space for Amazon to disrupt,” Merlo said. Amazon bought its way into the prescription drug delivery business with a $1 billion acquisition of online pharmacy company PillPack. Merlo said it’s a “very niche product” since it’s designed for people with ch


CVS Health CEO Larry Merlo said he doesn’t lie awake at night worrying about Amazon but he does want to make sure he’s not leaving any room for disruption. “So that’s what we focus on as an organization, with the goal being: Don’t leave any white space for Amazon to disrupt,” Merlo said. Amazon bought its way into the prescription drug delivery business with a $1 billion acquisition of online pharmacy company PillPack. Merlo said it’s a “very niche product” since it’s designed for people with ch
CVS’ Larry Merlo says goal is to not leave room for Amazon to disrupt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: angelica lavito, cameron costa
Keywords: news, cnbc, companies, proprietary, product, cvs, health, leave, disrupt, acquisition, pillpack, amazon, billion, goal, merlo, larry, room, theyre, needs


CVS' Larry Merlo says goal is to not leave room for Amazon to disrupt

CVS Health CEO Larry Merlo said he doesn’t lie awake at night worrying about Amazon but he does want to make sure he’s not leaving any room for disruption.

What Merlo does worry about is how CVS can meet the needs of its customers, he said Monday in an interview with David Rubenstein, president of the Economic Club of Washington, D.C. The company spends a lot of time listening to its customers to understand what they’re not happy about and filling their unmet needs, he said.

“So that’s what we focus on as an organization, with the goal being: Don’t leave any white space for Amazon to disrupt,” Merlo said.

Amazon bought its way into the prescription drug delivery business with a $1 billion acquisition of online pharmacy company PillPack. The move spooked Wall Street and shaved about $12.8 billion in market value from drugstores CVS, Walgreens Boots Alliance and Rite Aid.

PillPack sorts a person’s medicines into clear pouches with labels explaining what’s inside and when the person should take them. Merlo said it’s a “very niche product” since it’s designed for people with chronic conditions who take multiple drugs every day.

CVS said it offers a similar multi-dose-packaging product, ScriptPath, that incorporates a proprietary dosing schedule technology.

“We have that capability today,” Merlo said. “And listen, with the acquisition of PillPack, there’s nothing proprietary about their technology. It’s off the shelf.”

CVS is trying to become a disruptive force itself with its roughly $69 billion acquisition of health insurer Aetna. With the deal, CVS wants to manage chronic conditions such as diabetes at its MinuteClinics. They also want to steer people into these walk-in clinics and away from more expensive sites such as emergency rooms.

The Department of Justice last week gave the deal preliminary approval. CVS still needs states’ approval. Merlo said Monday they’re in the “home stretch” of that process.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: angelica lavito, cameron costa
Keywords: news, cnbc, companies, proprietary, product, cvs, health, leave, disrupt, acquisition, pillpack, amazon, billion, goal, merlo, larry, room, theyre, needs


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Trump says he is ‘comfortable’ as president despite political battles

President Donald Trump said in an interview broadcast on Sunday that he was “comfortable” in the White House after almost two years in office, despite political storms over immigration, tariffs and his nomination of Supreme Court Justice Brett Kavanaugh. “Now I very much feel like POTUS,” Trump added, using the acronym for president of the United States. We won,” Trump said. “Washington, D.C. is a vicious, vicious place: the attacks, the bad-mouthing, the speaking behind your back. But you know,


President Donald Trump said in an interview broadcast on Sunday that he was “comfortable” in the White House after almost two years in office, despite political storms over immigration, tariffs and his nomination of Supreme Court Justice Brett Kavanaugh. “Now I very much feel like POTUS,” Trump added, using the acronym for president of the United States. We won,” Trump said. “Washington, D.C. is a vicious, vicious place: the attacks, the bad-mouthing, the speaking behind your back. But you know,
Trump says he is ‘comfortable’ as president despite political battles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, policy, trump, told, comfortable, president, say, despite, battles, won, vicious, children, political, united


Trump says he is 'comfortable' as president despite political battles

President Donald Trump said in an interview broadcast on Sunday that he was “comfortable” in the White House after almost two years in office, despite political storms over immigration, tariffs and his nomination of Supreme Court Justice Brett Kavanaugh.

“It was a little surreal to say I’m the president of the United States, but I think that’s true with everybody,” Trump told the CBS television news program “60 Minutes.”

“Even my friends, they don’t call me Donald, they call me Mr. President. And I say: ‘Will you please loosen up?’ I’ve learned on the job. I have.”

“Now I very much feel like POTUS,” Trump added, using the acronym for president of the United States.

The interview, in which Trump proved as eager as ever for verbal jousting on a range of issues, showed no sign he had any intention of abandoning his freewheeling, in-your-face persona as president.

Trump would not say whether he intended to return to the contentious policy of separating immigrant children from their families at the border, but gave no ground on what he saw as the need for tough policy.

“When you allow the parents to stay together, OK, when you allow that, then what happens is people are going to pour into our country,” Trump said. “There have to be consequences … for coming into our country illegally.”

The family separations and the detention of thousands of children, mostly from Guatemala, Honduras and El Salvador, prompted widespread condemnation of Trump’s policy. About 2,500 children and parents were separated before Trump abandoned the policy in June. Days later, a federal judge ordered the families reunited, a process that is still incomplete.

After a political brawl in the Senate over sexual misconduct allegations against his Supreme Court nominee Brett Kavanaugh, Trump said his remarks at a Mississippi rally in which critics said he mocked accuser Christine Blasey Ford were necessary to win the confirmation fight.

“Had I not made that speech, we would not have won. I was just saying she didn’t seem to know anything,” Trump said. “And you’re trying to destroy a life of a man who has been extraordinary.”

He denied making fun of her, saying instead that he had treated her with respect.

“I’m not going to get into it because we won. It doesn’t matter. We won,” Trump said. Kavanaugh was confirmed by a 50-48 vote in the U.S. Senate earlier this month.

A New York businessman whose upset 2016 victory against Democrat Hillary Clinton sent shock waves across the political world, Trump said he had discovered that the Washington political scene was even tougher than the business world.

“Washington, D.C. is a vicious, vicious place: the attacks, the bad-mouthing, the speaking behind your back. But you know, and in my way, I feel very comfortable here,” the president told CBS.

“I always used to say the toughest people are Manhattan real estate guys and blah, blah. Now I say they’re babies.”


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: nicholas kamm, afp, getty images
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Netflix price target slashed by Goldman Sachs and Raymond James ahead of earnings Tuesday

Goldman Sachs and Raymond James have slashed their 12-month forecasts for Netflix on concern that rising interest rates will eat away at the valuation of the high-flying internet company, which reports earnings Tuesday after the bell. Goldman on Monday laid out a bullish case for the upcoming Netflix quarterly earnings but still lowered its “12-month price target from $470 to $430 to reflect the contraction in broader internet multiples.” Netflix shares fell 6.1 percent last week amid a broader


Goldman Sachs and Raymond James have slashed their 12-month forecasts for Netflix on concern that rising interest rates will eat away at the valuation of the high-flying internet company, which reports earnings Tuesday after the bell. Goldman on Monday laid out a bullish case for the upcoming Netflix quarterly earnings but still lowered its “12-month price target from $470 to $430 to reflect the contraction in broader internet multiples.” Netflix shares fell 6.1 percent last week amid a broader
Netflix price target slashed by Goldman Sachs and Raymond James ahead of earnings Tuesday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michael sheetz, joan cros garcia, corbis, getty images
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Netflix price target slashed by Goldman Sachs and Raymond James ahead of earnings Tuesday

Goldman Sachs and Raymond James have slashed their 12-month forecasts for Netflix on concern that rising interest rates will eat away at the valuation of the high-flying internet company, which reports earnings Tuesday after the bell.

Goldman on Monday laid out a bullish case for the upcoming Netflix quarterly earnings but still lowered its “12-month price target from $470 to $430 to reflect the contraction in broader internet multiples.”

“While broader market performance and rising rates concerns have been more important factors for stock price performance, we believe that upside to consensus expectations and what the strength in subscriber net additions says about Netflix’s business, beyond just guidance for the next quarter, is likely to be a positive catalyst for the stock,” Goldman’s Heath Terry said in a note to clients.

Raymond James also lowered its expectation for Netflix stock to $400 a share from $445 a share, saying the streaming company’s growth will slow as interest rates continue to rise.

Netflix shares fell 6.1 percent last week amid a broader market sell-off from concerns over rising interest rates, escalating trade tensions and tighter monetary policy. The stock fell 0.5 percent in premarket trading Monday from its previous close of $339.56 a share.

“We have lowered our target price by 10% to $400 to reflect a rising interest rate environment,” Raymond James analyst Justin Patterson said in a note Monday.

Patterson said Raymond James remains “bullish” on Netflix “as upside drivers to revenue remain large” and “negative catalysts,” such as the competitive threat of other streaming services, “appear low.”

Citigroup on Friday called for investors to buy the dip, saying the stock’s tumble last week represents an entry point.

“We view the recent sell-off as an opportunity to own a high-quality, recurring revenue franchise with attractive upside potential,” Citi said.

Citi has a $375 a share price target on Netflix.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michael sheetz, joan cros garcia, corbis, getty images
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Sterling falls as worries on Brexit climb, yen strengthens

The dollar firmed against the pound and euro on Monday as unsuccessful British efforts to secure a Brexit deal ahead of a key European Union summit reinforced global investors’ preference for safe haven currencies. The problem of Britain’s land border with Ireland has thwarted a drive to clinch a Brexit deal, as negotiators over the weekend admitted defeat after marathon talks and pressed pause for the coming days. Against the dollar, the yen has strengthened in six out of the last seven trading


The dollar firmed against the pound and euro on Monday as unsuccessful British efforts to secure a Brexit deal ahead of a key European Union summit reinforced global investors’ preference for safe haven currencies. The problem of Britain’s land border with Ireland has thwarted a drive to clinch a Brexit deal, as negotiators over the weekend admitted defeat after marathon talks and pressed pause for the coming days. Against the dollar, the yen has strengthened in six out of the last seven trading
Sterling falls as worries on Brexit climb, yen strengthens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15
Keywords: news, cnbc, companies, sterling, currency, haven, versus, washington, brexit, foreign, falls, yen, climb, strengthens, deal, safe, worries, dollar


Sterling falls as worries on Brexit climb, yen strengthens

The dollar firmed against the pound and euro on Monday as unsuccessful British efforts to secure a Brexit deal ahead of a key European Union summit reinforced global investors’ preference for safe haven currencies.

The euro traded around 0.13 percent lower at 1.1546 on Monday, while the sterling lost 0.36 percent to 1.3106 after hitting an October high of 1.3258 on Friday.

The dollar index, a gauge of its value against six major peers, was up 0.13 percent at 95.349.

The problem of Britain’s land border with Ireland has thwarted a drive to clinch a Brexit deal, as negotiators over the weekend admitted defeat after marathon talks and pressed pause for the coming days.

The pound is also under pressure after former foreign minister Boris Johnson’s comments in a newspaper column on Sunday that Britain must stand up to bullies in the European Union and press for a “super Canada” deal.

Johnson, a key figure of the campaign to leave the EU in 2016 and bookmakers’ favourite to replace Prime Minister Theresa May, is the latest critic to redouble efforts to urge her to rethink her plan to leave the union.

“The primary focus for sterling is Brexit and data is only a distraction,” Kathy Lien, New York-based managing director of foreign exchange strategy at BK Asset Management, said in a note.

“The clock is ticking and a deal is drawing close but having been burned by false hopes, investors are ignoring the conflicting headlines and waiting for official confirmation,” she said

The yen strengthened to 112.07 versus the dollar on Monday. Against the dollar, the yen has strengthened in six out of the last seven trading sessions, as global risk-off sentiment kept active safe haven bids on the Japanese currency.

U.S. Treasury Secretary Steven Mnuchin said on Saturday that Washington wants to include a provision to deter currency manipulation in future trade deals, including with Japan, based on the currency chapter in the new deal to revamp the North American Free Trade Agreement (NAFTA).

His remark drew concern in Japan, where domestic media ran front-page stories questioning whether this would give Washington the right to label as currency manipulation any future foreign exchange market interventions by Tokyo to keep sharp yen rises in check.

Analysts expect the yen to strengthen in the short term as potential negative sentiment towards equities would catalyze safe-haven demand for the yen.

“Our bias is that equities will remain under pressure this week, and thus see scope for USD/JPY to ease somewhat further towards the 110 level,” a research note from Mizuho Bank said.

At 0408 GMT Monday, Japan’s Nikkei was down 1.5 percent to 22,352.

The Australian dollar changed hands at 0.7101 against the dollar, down 0.25 percent. The Aussie hit a two-year low of 0.7039 on Oct. 5.

The Canadian dollar traded flat versus the dollar on Monday, at 1.3025.

The Swiss franc, seen as a safe haven currency by traders, was little changed at 0.9908 versus the dollar.

Spot gold built on last week’s gains, changing hands at $1,222 per ounce, gaining 0.38 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-15
Keywords: news, cnbc, companies, sterling, currency, haven, versus, washington, brexit, foreign, falls, yen, climb, strengthens, deal, safe, worries, dollar


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