This was the worst week for mortgage rates in 3 years – and it may be just the beginning

The good news is that rates are still incredibly low, and in the weeks before this turnaround, rates had fallen to the lowest level in three years. “August was the best month for mortgage rates, and 2019 has been the best year since 2011. Mortgage rates loosely follow the yield on the 10-year Treasury. While moves in the Federal Reserve’s rates can affect bond yields, mortgage rates are not necessarily tied to Fed rate cuts or increases. While mortgage rates are still historically low, so many b


The good news is that rates are still incredibly low, and in the weeks before this turnaround, rates had fallen to the lowest level in three years. “August was the best month for mortgage rates, and 2019 has been the best year since 2011. Mortgage rates loosely follow the yield on the 10-year Treasury. While moves in the Federal Reserve’s rates can affect bond yields, mortgage rates are not necessarily tied to Fed rate cuts or increases. While mortgage rates are still historically low, so many b
This was the worst week for mortgage rates in 3 years – and it may be just the beginning Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: diana olick
Keywords: news, cnbc, companies, higher, mortgage, week, shortterm, worst, rate, lows, beginning, rates, performances, low, points


This was the worst week for mortgage rates in 3 years – and it may be just the beginning

The average rate on the 30-year fixed is now 20 basis points higher than it was on Monday and 36 basis points higher than its last low on Sept. 4, according to Mortgage News Daily.

That is the biggest short-term jump since the week following the election of President Trump.

That is the bad news for borrowers. The good news is that rates are still incredibly low, and in the weeks before this turnaround, rates had fallen to the lowest level in three years.

“These sorts of bad performances are most often seen in the wake of stellar performances,” said Matthew Graham, chief operating officer of Mortgage News Daily. “August was the best month for mortgage rates, and 2019 has been the best year since 2011. And that’s precisely why this terrible week is possible: It’s largely a technical correction to the feverish strength in August.”

Analysts now wonder if this is a short-term correction from those recent lows or a new shift toward rising rates.

“The big risk here is that the overall rate rally — the one that began in November 2018—has run its course,” said Graham.

If the market “can match 2011’s performance, there’s a chance rates will move to new all-time lows by the end of the year,” he added. But that would require “some legitimate deterioration in the global growth outlook.”

Mortgage rates loosely follow the yield on the 10-year Treasury. While moves in the Federal Reserve’s rates can affect bond yields, mortgage rates are not necessarily tied to Fed rate cuts or increases.

While mortgage rates are still historically low, so many borrowers have already refinanced, that the pool of those left who could benefit is extremely rate sensitive.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: diana olick
Keywords: news, cnbc, companies, higher, mortgage, week, shortterm, worst, rate, lows, beginning, rates, performances, low, points


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Apple’s new iPhone 11 is now available for pre-order

Apple opened up orders for its new iPhones, including the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max, at 8 a.m. Eastern on Friday morning. The new iPhones officially launch in stores on Sept. 20 and people who place their orders early enough will receive their devices on the same day. Apple used to open up pre-orders at 3 a.m. Eastern, but moved that time up this year likely to make it easier for people to buy its new phones. Some customers tweeted that Apple’s pre-order website didn’t go li


Apple opened up orders for its new iPhones, including the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max, at 8 a.m. Eastern on Friday morning. The new iPhones officially launch in stores on Sept. 20 and people who place their orders early enough will receive their devices on the same day. Apple used to open up pre-orders at 3 a.m. Eastern, but moved that time up this year likely to make it easier for people to buy its new phones. Some customers tweeted that Apple’s pre-order website didn’t go li
Apple’s new iPhone 11 is now available for pre-order Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: todd haselton
Keywords: news, cnbc, companies, pro, eastern, website, available, phones, apple, iphones, iphone, announced, orders, preorder, apples


Apple's new iPhone 11 is now available for pre-order

Apple opened up orders for its new iPhones, including the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max, at 8 a.m. Eastern on Friday morning.

The new iPhones officially launch in stores on Sept. 20 and people who place their orders early enough will receive their devices on the same day.

Apple used to open up pre-orders at 3 a.m. Eastern, but moved that time up this year likely to make it easier for people to buy its new phones. Some customers tweeted that Apple’s pre-order website didn’t go live on time, but CNBC was able to order one through the Apple Store app on an iPhone.

Apple announced the new phones during a press event on Tuesday, where it also announced the Apple Watch Series 5 and a new 10.2-inch iPad.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: todd haselton
Keywords: news, cnbc, companies, pro, eastern, website, available, phones, apple, iphones, iphone, announced, orders, preorder, apples


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Sterling soars to 7-week high on optimism of a Brexit breakthrough

Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop. Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.” Kit Juckes, chief foreign e


Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop. Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.” Kit Juckes, chief foreign e
Sterling soars to 7-week high on optimism of a Brexit breakthrough Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: david reid
Keywords: news, cnbc, companies, traders, breakthrough, short, newspaper, positions, sterling, soars, optimism, report, opposition, northern, london, brexit, times, 7week, high


Sterling soars to 7-week high on optimism of a Brexit breakthrough

Sterling rose to its highest level since late July on Friday as momentum appeared to swell behind the idea that Britain won’t leave the European Union without a formal deal.

Shortly after11 a.m. in London, the pound had risen 1% for the session to reach $1.2456. Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low.

The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop.

The DUP has long rejected the backstop — an insurance policy against any hard border within Ireland — as any part of the Brexit process. DUP leader Arlene Foster once described her party’s opposition as a “blood red” line.

Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.”

Despite that rebuttal, sterling clung on to its gains and even took a further leg higher.

Kit Juckes, chief foreign exchange strategist at Societe Generale, said in his daily research note Friday that the Times report had triggered some traders to cover off their short positions on sterling. Short positions are where traders bet against an asset, believing it will fall in price, in order to make a profit.

Juckes cautioned that it was now “very late in the day” for U.K. Prime Minister Boris Johnson to arrange a fresh deal that would satisfy lawmakers in Belfast, London and Brussels.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: david reid
Keywords: news, cnbc, companies, traders, breakthrough, short, newspaper, positions, sterling, soars, optimism, report, opposition, northern, london, brexit, times, 7week, high


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Denied from public service loan forgiveness? What to do next

The student loan forgiveness program for public servants was not going well. Ninety-nine percent of loan forgiveness applications under that new Temporary Expanded Public Service Loan Forgiveness program were rejected between May 2018 and May 2019, according to a new report by the Government Accountability Office. These are the basic requirements for public service loan forgiveness: Your loans must be federal direct loans. By the end, you need to have made 120 qualifying, on-time payments in an


The student loan forgiveness program for public servants was not going well. Ninety-nine percent of loan forgiveness applications under that new Temporary Expanded Public Service Loan Forgiveness program were rejected between May 2018 and May 2019, according to a new report by the Government Accountability Office. These are the basic requirements for public service loan forgiveness: Your loans must be federal direct loans. By the end, you need to have made 120 qualifying, on-time payments in an
Denied from public service loan forgiveness? What to do next Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: annie nova
Keywords: news, cnbc, companies, plan, student, loan, federal, public, service, program, forgiveness, denied, borrowers, repayment


Denied from public service loan forgiveness? What to do next

The student loan forgiveness program for public servants was not going well. Few borrowers saw debt relief. They blamed the companies that administer the federal loan programs for providing misleading information. And so last year, Congress created a fund to try to help some of the teachers, nurses and other public servants steeped in debt and derailed by the program. That remedy, it turns out, is just as troubled as the original program. Ninety-nine percent of loan forgiveness applications under that new Temporary Expanded Public Service Loan Forgiveness program were rejected between May 2018 and May 2019, according to a new report by the Government Accountability Office. During that time, more than 50,000 requests came into the U.S. Department of Education and just 661 were approved. And while Congress has allocated $700 million for the fix-it fund, only $27 million has been spent.

Still, if borrowers believe they qualify for the relief they should not give up on trying to get it. The Public Service Loan Forgiveness Program, established by President George W. Bush in 2007, allows borrowers who pursue government or non-profit work to get their student debt cancelled after a decade of payments. In 2013, the Consumer Financial Protection Bureau estimated that 1 in 4 American workers could be eligible for forgiveness. But the Bureau later found that a range of student loan industry practices “delay, defer or deny access” to the financial relief.

The federal student loan system is famously complicated. There are some 14 ways to repay your student loans, a web of forgiveness options and a soup of wonky terms like “forbearance” and “deferment.” These are the basic requirements for public service loan forgiveness: Your loans must be federal direct loans. Your employer must be a government organization at any level, a 501(c)(3) not-for-profit organization or some other type of not-for-profit organization that provides public service. By the end, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan. Most public servants learn too late that their loan type or repayment plan make them ineligible. Congress’s expanded program sought to give a second chance at debt forgiveness to borrowers who were in the wrong repayment plan. Specifically, if they had been deemed ineligible because they were enrolled in a graduated or extended loan repayment plan instead of an income-driven one, they could reapply. Still, there’s a catch: The borrower’s most recent payment on whatever plan they were in, as well as their payment made 12 months ago, must have been as much or more than they would have paid on the income-driven repayment plan. If you were denied from the expanded program because of your repayment plan, you should switch immediately into an income-driven repayment plan and apply again in a year, said Mark Kantrowitz, the publisher of SavingForCollege.com. More from Personal Finance:

Strong economy could be your ticket to a new job

If you’re tired of Medicare Advantage, now is the time to ditch

Retire in paradise: 5 countries where you can live the dream Other technical reasons that commonly lead to disqualification remain. You still need to have a loan from the federal direct program — not a Federal Family Education Loan, Perkins loan or any kind of private loan. You still, of course, need to employed by the government or a 501(c)(3) organization. If you’re unsure whether your employer qualifies, you can fill out the Department of Education’s employer certification form to find out. The Government Accountability Report found the majority of borrowers rejected from the new program had failed to first apply for Public Service Loan Forgiveness and show that they’d been rejected— one of the requirements for relief from the fix-it fund. “The process seems confusing for applicants,” Kantrowitz said. “They don’t understand why they must first apply for Public Service Loan Forgiveness and be rejected when they already know that they are ineligible.”


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: annie nova
Keywords: news, cnbc, companies, plan, student, loan, federal, public, service, program, forgiveness, denied, borrowers, repayment


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Ford sells monthly vehicle subscription service to Fair

Anton Novoderezhkin/TASS (Photo by Anton NovoderezhkinTASS via Getty Images) Anton Novoderezhkin | TASS | Getty ImagesSanta Monica, Calif., start-up company Fair has agreed to acquire Ford’s monthly vehicle subscription service, Canvas, for an undisclosed amount, the companies said Thursday. Vehicle subscription services are marketed as an alternative to owning a car. Ford acquired San Francisco-based Canvas, then known as Breeze, through its consumer financing arm Ford Credit in September 2016


Anton Novoderezhkin/TASS (Photo by Anton NovoderezhkinTASS via Getty Images) Anton Novoderezhkin | TASS | Getty ImagesSanta Monica, Calif., start-up company Fair has agreed to acquire Ford’s monthly vehicle subscription service, Canvas, for an undisclosed amount, the companies said Thursday. Vehicle subscription services are marketed as an alternative to owning a car. Ford acquired San Francisco-based Canvas, then known as Breeze, through its consumer financing arm Ford Credit in September 2016
Ford sells monthly vehicle subscription service to Fair Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: michael wayland
Keywords: news, cnbc, companies, ford, san, canvas, subscription, service, fair, public, vehicle, company, painter, sells, monthly, according


Ford sells monthly vehicle subscription service to Fair

A customer views cars on display in a showroom of the Avilon dealership owned by the Ford Motor Company in Moscow. Anton Novoderezhkin/TASS (Photo by Anton NovoderezhkinTASS via Getty Images) Anton Novoderezhkin | TASS | Getty Images

Santa Monica, Calif., start-up company Fair has agreed to acquire Ford’s monthly vehicle subscription service, Canvas, for an undisclosed amount, the companies said Thursday. The purchase marks healthy growth for Fair, but another retreat from an emerging mobility business for Ford as it cuts costs under an $11 billion restructuring plan through 2022. Ford’s shares were relatively unchanged after in midday trading Thursday at just under $10 a share. Vehicle subscription services are marketed as an alternative to owning a car. For under $200 a month for a 2017 Nissan Versa, subscribers get the car, insurance and maintenance without having to lock into a long-term lease. The appeal is in the simplicity of rolling all of those costs into one monthly payment. Luxury cars, of course, cost more. A 2018 Lexus LX 570 SUV starts at $1,175 a month, according to the company’s website.

Fair gained notoriety for attracting investments from high-profile companies such as SoftBank and partnering with Uber to provide vehicles for their drivers starting at $130 a week. Scott Painter, CEO and founder of Fair, said the acquisition will nearly double the company’s engineering capabilities and provide rapid expansion for operation in San Francisco and its overall customer base. “We just became a much bigger, more dominant platform,” Painter, an automotive retail veteran and former founder and CEO of TrueCar, told CNBC. “This is really a reflection of the scale of where we’re operating.” Canvas CEO Ned Ryan called the sale “a natural fit” for both companies. Ford acquired San Francisco-based Canvas, then known as Breeze, through its consumer financing arm Ford Credit in September 2016. It began operating as Canvas in May 2017, offering variable-term leases with flexible payment options to San Francisco-area residents before expanding to Los Angeles. Sam Smith, executive vice president of strategy and future products at Ford Credit, said the company “learned a lot about subscription services, fleet management and the technology” from Canvas. Fair will acquire all of Canvas’ assets, including nearly 100 employees. About 20% or less of Canvas’ staff was let go or decided not to join Fair ahead of the announcement, according to Painter. Canvas’ thousands of subscribers will have the opportunity to join Fair at the end of their current vehicle subscription.

Scott Painter Scott Mlyn | CNBC

Canvas is the second notable mobility unit Ford has shed this year. In March, it ended operations of Chariot, a shuttle-based ride-sharing service. The company reportedly paid roughly $65 million to acquire the San Francisco-based startup in September 2016. Ford expanded Chariot from San Francisco to seven cities before ending operations in March – seven months after Streetsblog NYC reported the service was “a big, expensive failure.”

Going public?

Since launching in August 2017, Fair reports it had more than 45,000 users in more than 30 U.S. markets in about 20 states. Users, using the Fair app, can subscribe to the subscription program and switch vehicles through the term of their “lease.” Fair, according to Painter, is just “starting really to hit a scaling moment,” as it is growing at a pace of 200-400 subscribers per day. He said the privately-held company plans to go public “sooner rather than later.” “We’re not building the company with the focus of taking it public but there’s just simply too many dollars involved not to be a public company sooner rather than later and we’re definitely building with that in mind,” he said. Fair, he said, is not under “immediate pressure” to go public but the public sector is better suited for the company as it continues to grow over the long-term. Fair, in the coming years, plans to grow nationally as well as internationally, according to Painter. “We view all of the innovation that’s going on as a really strong signal that mobility is changing and we that need to be out and constantly innovating to keep up with it,” he said.

Challenging business


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: michael wayland
Keywords: news, cnbc, companies, ford, san, canvas, subscription, service, fair, public, vehicle, company, painter, sells, monthly, according


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Gap has a new plan to grow its Athleta, Janie and Jack businesses overseas

Gap opened its first Gap franchise store in Singapore in 2006. Gap said on Thursday, as part of a meeting it was holding with its management team and Wall Street, that it will begin franchising the Athleta and Janie and Jack brands internationally. It said it ultimately hopes to find partners to help it open freestanding Athleta and Janie and Jack franchise stores overseas. The growth of Gap’s franchise business has accelerated more recently, as the company says there has been more momentum for


Gap opened its first Gap franchise store in Singapore in 2006. Gap said on Thursday, as part of a meeting it was holding with its management team and Wall Street, that it will begin franchising the Athleta and Janie and Jack brands internationally. It said it ultimately hopes to find partners to help it open freestanding Athleta and Janie and Jack franchise stores overseas. The growth of Gap’s franchise business has accelerated more recently, as the company says there has been more momentum for
Gap has a new plan to grow its Athleta, Janie and Jack businesses overseas Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: lauren thomas
Keywords: news, cnbc, companies, athleta, partners, plan, franchise, grow, stores, overseas, brands, business, jack, janie, sales, company, businesses, gap


Gap has a new plan to grow its Athleta, Janie and Jack businesses overseas

Gap Inc. has new plans to grow its Athleta and Janie and Jack businesses outside the U.S.

And it will do so by using its franchise business, which allows Gap to license its brand names to outside partners, who then are able to operate stores for the company in regions — such as Central America and the Caribbean — where Gap doesn’t already have a strong footing. Or where it doesn’t understand all the nuances of different corporate cultures.

“We’ve come to realize there is local expertise that frankly we don’t have,” Roy Hunt, the senior vice president of Gap Inc.’s global franchise and strategic alliances division, told CNBC in a recent interview. “But we go through a lot of different steps to make sure we have the right partners. … For the most part, we are very selective.”

Gap has already been licensing the rights to its namesake Gap, Banana Republic and Old Navy brands in nearly 40 countries, amounting to it having more than 500 franchisee-operated locations around the globe. The franchise model is very common in the fast-food industry — for example, with McDonald’s and Subway. It’s what has allowed a lot of these chains to grow so rapidly.

Gap opened its first Gap franchise store in Singapore in 2006.

Gap said on Thursday, as part of a meeting it was holding with its management team and Wall Street, that it will begin franchising the Athleta and Janie and Jack brands internationally. It said it will start by looking for partners to help it open stores within other stores and build out websites globally. It said it ultimately hopes to find partners to help it open freestanding Athleta and Janie and Jack franchise stores overseas.

“Given the premium, gift-worthy children’s looks of Janie & Jack and the versatile, sustainable women’s performance apparel of Athleta, we feel the two brands will resonate with customers in new and existing markets internationally,” Hunt said in a statement about the announcement.

The growth of Gap’s franchise business has accelerated more recently, as the company says there has been more momentum for some of its brands overseas. It says it’s opened 100 franchise locations outside of the U.S. within the last three years. Within the U.S., all stores are still owned and operated by the company.

The company also says that a substantial driver of sales overseas stems from Gap’s logo-plastered products, which account for nearly 30% of total sales in the franchise division each year. During the busy holiday season, Gap said some international markets bring in more than 40% of total sales from Gap-logo product.

According to Hunt, there’s still a huge opportunity for Gap to grow its franchise business in markets such as Europe, Asia and Central America. “If you think about it, the primary benefit we have in doing this is we are not investing our own capital … the partner is investing capital to build out the business,” he said.

The announcement from Gap Inc. comes as the company is in the midst of splitting into two publicly traded businesses, one for Old Navy by itself, and another for Gap’s other brands, including athletic apparel brands Athleta and Hill City. Then, Gap acquired children’s clothing retailer Janie and Jack’s intellectual property, its website, customer data and other assets for $35 million, when the brand’s previous parent company Gymboree filed for bankruptcy earlier this year.

The company has been struggling in the U.S., as its apparel brands face heated competition from the likes of fast-fashion retailers Zara and H&M. Gap Inc. sales overall fell 2% in the latest quarter.

It has said that as it shutters some of its underperforming Gap and Banana Republic locations, which have been weighing on the overall business, it plans to open more Athleta and Old Navy stores.

The company as of Aug. 3 had 3,356 company-operated stores and 521 franchise locations globally.

Gap Inc. shares are down more than 25% this year.


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: lauren thomas
Keywords: news, cnbc, companies, athleta, partners, plan, franchise, grow, stores, overseas, brands, business, jack, janie, sales, company, businesses, gap


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SmileDirectClub slides 28% after stock market debut

Online dentistry company SmileDirectClub shares slid 28% on Thursday, the worst market debut for a unicorn start-up so far this year. SmileDirectClub ranks as the fifth worst debut of the 109 companies to go public this year. The company priced its initial public offering at $23 per share on Wednesday, above the expected range of $19 to $22. SmileDirectClub sold 58.5 million shares, raising $1.3 billion and valuing the online dentistry company at $8.9 billion. “You know, we’re here to build long


Online dentistry company SmileDirectClub shares slid 28% on Thursday, the worst market debut for a unicorn start-up so far this year. SmileDirectClub ranks as the fifth worst debut of the 109 companies to go public this year. The company priced its initial public offering at $23 per share on Wednesday, above the expected range of $19 to $22. SmileDirectClub sold 58.5 million shares, raising $1.3 billion and valuing the online dentistry company at $8.9 billion. “You know, we’re here to build long
SmileDirectClub slides 28% after stock market debut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: angelica lavito
Keywords: news, cnbc, companies, million, shares, katzman, public, smiledirectclub, billion, stock, slides, company, online, market, debut, according


SmileDirectClub slides 28% after stock market debut

Online dentistry company SmileDirectClub shares slid 28% on Thursday, the worst market debut for a unicorn start-up so far this year.

The company’s shares closed at $16.67 after opening at $20.55. SmileDirectClub ranks as the fifth worst debut of the 109 companies to go public this year. Shares of Uber, another unicorn — or start-ups valued at $1 billion or more — slid 7.6% on that stock’s first day on the public markets.

The company priced its initial public offering at $23 per share on Wednesday, above the expected range of $19 to $22. SmileDirectClub sold 58.5 million shares, raising $1.3 billion and valuing the online dentistry company at $8.9 billion. Thursday’s move values the company at roughly $6.4 billion.

The stock trades on the Nasdaq under the ticker symbol SDC.

“You know, we’re here to build long-term value with the stock,” SmileDirectClub co-founder Alex Fenkell said Thursday in an interview with CNBC’s Leslie Picker. “How [the stock] priced today I don’t think is going to dictate what we’re doing here.”

The start-up, founded in 2014, sells teeth aligners directly to consumers on its website and in its “SmileShops” starting at $1,895 for a two-year plan. Founders Fenkell and Jordan Katzman want to disrupt the orthodontics industry with less expensive teeth-straightening treatments, convenience, and splashy television and social media advertisements.

The company reported $423.2 million in sales last year, a 190% increase from the $146 million it reported in 2017, according to its prospectus filed last month. It posted a net loss of $74.8 million last year, more than double the net loss of $32.78 million in 2017.

Acquiring new customers is expensive. SmileDirectClub spent $289.3 million on marketing and general expenses last year.

Jordan Katzman’s father, David Katzman, funded SmileDirectClub’s seed round through his venture fund, Camelot Venture Group, and is the company’s CEO. Camelot invests in direct-to-consumer brands, such as 1-800-Contacts and Quicken Loans.

David Katzman’s brother, Steven Katzman, is chief operating officer. The Katzman family, combined, will retain more than 65% of the voting power between the three men after the offering. CEO David Katzman alone will hold nearly 30% of the vote with 87 million Class B shares, which control 10 votes for every 1 vote offered to a Class A share.

SmileDirectClub operates more than 300 locations, according to its initial prospectus filing. It has also signed partnerships with Walgreens and CVS to open “SmileShops” inside their drugstores.

Customers can visit a SmileShop to have someone scan their teeth and create a 3D image, which SmileDirectClub then uses to build a custom aligner. They can also order a kit online and send back an impression.

The Nashville, Tennessee-based company plans to use the proceeds from its IPO to fund international expansion and research and development, according to the filing. SmileDirectClub’s aligners are currently available in the U.S., Canada, Australia and the U.K.

— CNBC’s Elijah Shama contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: angelica lavito
Keywords: news, cnbc, companies, million, shares, katzman, public, smiledirectclub, billion, stock, slides, company, online, market, debut, according


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Self-employed? Here’s why your retirement savings are falling short

If you’re your own boss, chances are you aren’t doing enough to save for retirement. Just over 1 in 10 of self-employed individuals in a single-person business is currently participating in a workplace retirement plan, according to data from The Pew Charitable Trusts. “That very first tax bill is what spurs them to set up a retirement plan,” said Kelley Long, a CPA and member of the American Institute of CPAs’ consumer financial education advocates. That’s because entrepreneurs may be able to cl


If you’re your own boss, chances are you aren’t doing enough to save for retirement. Just over 1 in 10 of self-employed individuals in a single-person business is currently participating in a workplace retirement plan, according to data from The Pew Charitable Trusts. “That very first tax bill is what spurs them to set up a retirement plan,” said Kelley Long, a CPA and member of the American Institute of CPAs’ consumer financial education advocates. That’s because entrepreneurs may be able to cl
Self-employed? Here’s why your retirement savings are falling short Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: darla mercado
Keywords: news, cnbc, companies, 401k, plan, set, short, savings, falling, tax, cpa, selfemployed, retirement, wrapped, solo, heres, youre


Self-employed? Here's why your retirement savings are falling short

If you’re your own boss, chances are you aren’t doing enough to save for retirement.

Just over 1 in 10 of self-employed individuals in a single-person business is currently participating in a workplace retirement plan, according to data from The Pew Charitable Trusts.

In comparison, 72% of employees in larger companies utilized a 401(k) at work, the organization found.

Pew studied a total of 4,269 workers aged 50 to 64 in 2012 and 2014. The self-employed participants were divided into solo and multi-person firms.

Entrepreneurs get so wrapped up in the day-to-day running of their businesses that retirement planning often takes a back seat — until the IRS comes looking for its share.

“That very first tax bill is what spurs them to set up a retirement plan,” said Kelley Long, a CPA and member of the American Institute of CPAs’ consumer financial education advocates.

That’s because entrepreneurs may be able to claim a tax credit for the cost of setting up a plan at work.

“Your CPA will say that this is what you owe, and they’ll suggest from the outset that they set up a SEP IRA [simplified employee pension individual retirement account] or a solo 401(k),” she said.


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: darla mercado
Keywords: news, cnbc, companies, 401k, plan, set, short, savings, falling, tax, cpa, selfemployed, retirement, wrapped, solo, heres, youre


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Aurora Cannabis executive says he is ‘very worried’ about vaping situation in the US

Aurora Cannabis Executive Chairman Michael Singer said Thursday that he is concerned about the uncertain situation around vaping in the United States. “Personally, I am very worried about what I’m reading in the U.S.,” said Singer, whose cannabis company is based in Alberta, Canada. “In Canada, it’s very different, and we’re heavily regulated by Health Canada, which is a good thing.” The increasing use of vaping products by children has caused worry among health officials. While the Trump admini


Aurora Cannabis Executive Chairman Michael Singer said Thursday that he is concerned about the uncertain situation around vaping in the United States. “Personally, I am very worried about what I’m reading in the U.S.,” said Singer, whose cannabis company is based in Alberta, Canada. “In Canada, it’s very different, and we’re heavily regulated by Health Canada, which is a good thing.” The increasing use of vaping products by children has caused worry among health officials. While the Trump admini
Aurora Cannabis executive says he is ‘very worried’ about vaping situation in the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, regulated, situation, vaping, aurora, executive, singer, going, canada, outbreak, products, trump, cannabis, worried, health


Aurora Cannabis executive says he is 'very worried' about vaping situation in the US

Aurora Cannabis Executive Chairman Michael Singer said Thursday that he is concerned about the uncertain situation around vaping in the United States.

Singer’s comments on CNBC’s “Power Lunch” come one day after the Trump administration announced it was preparing to ban flavored e-cigarettes, as federal health officials seek to combat an outbreak of a mysterious yet deadly lung disease. It has sickened hundreds and killed at least six people.

“Personally, I am very worried about what I’m reading in the U.S.,” said Singer, whose cannabis company is based in Alberta, Canada. “In Canada, it’s very different, and we’re heavily regulated by Health Canada, which is a good thing.”

Aurora is one of the world’s largest cannabis producers.

The Trump administration’s plans call for all non-tobacco-flavored products to be removed from the market within 30 days. Companies may be able to sell them later on, but that will require approval from the Food and Drug Administration.

E-cigarettes are a relatively new market, and the FDA was going to begin reviewing them last summer, but former FDA Commissioner Scott Gottlieb delayed that process until 2022. The proposal outlined Wednesday essentially moves the FDA’s timeline to review flavors up to this year. The increasing use of vaping products by children has caused worry among health officials.

While the Trump administration’s planned crackdown deals with flavored tobacco, there are also cannabis vaping products. The Washington Post reported last week that health officials investigating the lung disease outbreak have found the same substance in some cannabis products that was in products used by people who fell ill.

A spokeswoman for the National Cannabis Industry Association told Marijuana Business Daily that the proposed e-cigarette restrictions have caused “preliminary concern” that it could later impact how marijuana is regulated in the U.S., if it becomes legal.

Singer said Aurora, which has seen its stock drop 8.5% Thursday after it posted weak earnings guidance and a large fourth quarter revenue miss, works closely with Health Canada in order to meet safety standards in the country.

“When it comes to vaping or vaping products that we’re going to be launching, we’re going to be testing every one of our products to a rigorous standard to ensure the products we offer to consumers are safe and we feel comfortable that we are not in any way putting at risk our customers or our patients with regards to our derivative products,” Singer said.

— CNBC’s Angelica LaVito contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, regulated, situation, vaping, aurora, executive, singer, going, canada, outbreak, products, trump, cannabis, worried, health


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