Self-made millionaire: A simple chart changed the way I think about money

The chart shows two different scenarios:You start investing at 19 and contribute $2,000 to your account every year until you reach 27. You start investing at 27 and contribute $2,000 to your account every year until you turn 65. In the first scenario, you’re only saving and investing for eight years; in the second, you’re saving and investing for 39 years. Still, the person who starts at age 19 would end up with more money in their portfolio in the long run. As the chart shows, the sooner you ca


The chart shows two different scenarios:You start investing at 19 and contribute $2,000 to your account every year until you reach 27. You start investing at 27 and contribute $2,000 to your account every year until you turn 65. In the first scenario, you’re only saving and investing for eight years; in the second, you’re saving and investing for 39 years. Still, the person who starts at age 19 would end up with more money in their portfolio in the long run. As the chart shows, the sooner you ca
Self-made millionaire: A simple chart changed the way I think about money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: kathleen elkins
Keywords: news, cnbc, companies, way, millionaire, youre, investing, money, selfmade, think, changed, 19, shows, chart, 27, person, youll, start, simple, contribute


Self-made millionaire: A simple chart changed the way I think about money

Before wealth manager and author David Bach made his first million, he was a brand new financial advisor in his early twenties, he tells CNBC Make It: “We had someone come and talk to our training class, and as he walked out the door, he handed us this chart.”

Ultimately, the chart “changed my life,” Bach says.

The chart shows two different scenarios:

You start investing at 19 and contribute $2,000 to your account every year until you reach 27. From 27 to 65, you contribute $0. From 19 to 26, you don’t invest anything. You start investing at 27 and contribute $2,000 to your account every year until you turn 65.

In the first scenario, you’re only saving and investing for eight years; in the second, you’re saving and investing for 39 years. Still, the person who starts at age 19 would end up with more money in their portfolio in the long run.

Assuming a 10% rate of return, the first person would have $1.02 million by 65, while the second person would have $805,185, a difference of more than $200,000.

As the chart shows, the sooner you can start putting your money to work, the more you’ll benefit from compound interest and the less you’ll have to save to reach your retirement goals.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: kathleen elkins
Keywords: news, cnbc, companies, way, millionaire, youre, investing, money, selfmade, think, changed, 19, shows, chart, 27, person, youll, start, simple, contribute


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House passes $19 billion disaster relief bill after delays, sending it to Trump

Oliver Kelly, 1 year old, cries as he is carried off the sheriff’s airboat during his rescue from rising flood waters in the aftermath of Hurricane Florence in Leland, North Carolina, September 16, 2018. The House passed a long awaited $19 billion disaster aid package Monday that, pending President Donald Trump’s signature, would send relief to areas of the U.S. battered by storms. The chamber approved the measure by a 354-58 vote after Republicans blocked three previous attempts to pass it unan


Oliver Kelly, 1 year old, cries as he is carried off the sheriff’s airboat during his rescue from rising flood waters in the aftermath of Hurricane Florence in Leland, North Carolina, September 16, 2018. The House passed a long awaited $19 billion disaster aid package Monday that, pending President Donald Trump’s signature, would send relief to areas of the U.S. battered by storms. The chamber approved the measure by a 354-58 vote after Republicans blocked three previous attempts to pass it unan
House passes $19 billion disaster relief bill after delays, sending it to Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: jacob pramuk
Keywords: news, cnbc, companies, sending, disaster, delays, bill, stormsthe, senate, send, trump, vote, signature, waters, relief, sheriffs, passes, voted, 19, unanimously, billion, house, trumps


House passes $19 billion disaster relief bill after delays, sending it to Trump

Oliver Kelly, 1 year old, cries as he is carried off the sheriff’s airboat during his rescue from rising flood waters in the aftermath of Hurricane Florence in Leland, North Carolina, September 16, 2018.

The House passed a long awaited $19 billion disaster aid package Monday that, pending President Donald Trump’s signature, would send relief to areas of the U.S. battered by storms.

The chamber approved the measure by a 354-58 vote after Republicans blocked three previous attempts to pass it unanimously. Only GOP members voted against it Monday. As the Senate has already cleared the bill, it will head to Trump’s desk for his approval.


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: jacob pramuk
Keywords: news, cnbc, companies, sending, disaster, delays, bill, stormsthe, senate, send, trump, vote, signature, waters, relief, sheriffs, passes, voted, 19, unanimously, billion, house, trumps


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Take a look at the most expensive SUV in the world: the $1.9 million Karlmann King

Reclining alligator skin back seats on the Karlmann King at the 2019 New York Auto Show. The exterior door hatch on the Karlmann King at the 2019 New York Auto Show. View of the interior dash on the Karlmann King at the 2019 New York Auto Show. Enjoy coffee and champagne while riding in the Karlmann King at the 2019 New York Auto Show. The Karlmann King at the 2019 New York Auto Show.


Reclining alligator skin back seats on the Karlmann King at the 2019 New York Auto Show. The exterior door hatch on the Karlmann King at the 2019 New York Auto Show. View of the interior dash on the Karlmann King at the 2019 New York Auto Show. Enjoy coffee and champagne while riding in the Karlmann King at the 2019 New York Auto Show. The Karlmann King at the 2019 New York Auto Show.
Take a look at the most expensive SUV in the world: the $1.9 million Karlmann King Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: mack hogan
Keywords: news, cnbc, companies, king, look, jeffery, buyers, adam, karlmann, price, nothdurft, york, suv, world, million, 2019, expensive, auto, 19


Take a look at the most expensive SUV in the world: the $1.9 million Karlmann King

If you’re looking to spend $1.9 million on a new vehicle, an Italian armored car based on a Ford F-550 chassis is probably not on your radar. Karlmann is trying to change that.

Reclining alligator skin back seats on the Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

The company operates from Los Angeles, has a factory in Italy and is largely financed by Beijing-based International Automotive Technologies. Its first product, the Karlmann King, is a massive rolling lounge complete with recliners, a coffee maker, champagne flutes, a massive TV and a price tag that makes it the world’s most expensive SUV.

The exterior door hatch on the Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

Karlmann King to debut at the New York Auto Show. Source: Karlmann King

On top of the stratospheric starting price, buyers can customize the King to their liking. Alligator-skin seats, real gold trim and specialty upholstery are all available for a price. Michael Nothdurft, Karlman’s sales director, says a client in Africa ordered a Karlman King with a $3.5 million price tag.

View of the interior dash on the Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

One big part of that additional cost: bulletproofing. Most King buyers opt for the bullet-resistant option, which adds at least $300,000 to the price depending on the level of protection clients want.

Enjoy coffee and champagne while riding in the Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

The buyers of these bulletproof monster trucks range from clients in dangerous parts of the Middle East and Africa to real estate moguls and high-dollar watch traders in the United States. But for less security-conscious shoppers, Nothdurft stresses that the King is supposed to be a rolling work of art.

Reclining in the Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

It’s undeniably different than anything else you’ll see on U.S. roads. It has extremely angular styling and is absolutely massive. “This car is the most emotional car that you can see at auto shows,” Nothdurft told CNBC. “People either hate it or they love it.”

The backseat control panel on the Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

The King is based on a Ford F-550 chassis. The F-550 a massive truck frame that Nothdurft says was chosen for its proven durability and ability to handle the weight of an armored luxury vehicle. The King maintains the 6.8-liter V-10, suspension components and transmission of the F-550 and is therefore limited to 87 mph. The interior, however, is bespoke.

The Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC

Karlman is looking to get a U.S. manufacturing line built in the next few months, but for now, the King is hand-built in Italy. For U.S. market cars, armoring takes place in the States. The company currently has 20 buyers lined up in North America, Nothdurft said. Buyers who order a King today should expect delivery in nine to 15 months.

The Karlmann King at the 2019 New York Auto Show. Adam Jeffery | CNBC


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: mack hogan
Keywords: news, cnbc, companies, king, look, jeffery, buyers, adam, karlmann, price, nothdurft, york, suv, world, million, 2019, expensive, auto, 19


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Pinterest prices IPO at $19, valuing social media company at $10 billion

Pinterest raised $1.43 billion in its IPO after pricing the offering at $19 a share on Wednesday, valuing the company at $10 billion. Pinterest, which is expected to start trading on Thursday on the New York Stock Exchange, had originally given a pricing range of $15 to $17. But investors appear to be showing an appetite for the social media company despite the challenges Lyft has faced since becoming the first consumer tech IPO of the year last month. Still, Pinterest’s IPO is below the $12 bil


Pinterest raised $1.43 billion in its IPO after pricing the offering at $19 a share on Wednesday, valuing the company at $10 billion. Pinterest, which is expected to start trading on Thursday on the New York Stock Exchange, had originally given a pricing range of $15 to $17. But investors appear to be showing an appetite for the social media company despite the challenges Lyft has faced since becoming the first consumer tech IPO of the year last month. Still, Pinterest’s IPO is below the $12 bil
Pinterest prices IPO at $19, valuing social media company at $10 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: salvador rodriguez, justin sullivan, getty images news, getty images
Keywords: news, cnbc, companies, million, pinterests, pinterest, 19, tech, media, ipo, worth, stock, valuing, start, trading, social, billion, company, prices


Pinterest prices IPO at $19, valuing social media company at $10 billion

Pinterest raised $1.43 billion in its IPO after pricing the offering at $19 a share on Wednesday, valuing the company at $10 billion.

Pinterest, which is expected to start trading on Thursday on the New York Stock Exchange, had originally given a pricing range of $15 to $17. But investors appear to be showing an appetite for the social media company despite the challenges Lyft has faced since becoming the first consumer tech IPO of the year last month.

CNBC reported earlier on Wednesday that the company would price above the expected range. Pinterest’s revenue jumped 60% last year to $756 million, and the company moved significantly closer to profitability with a net loss of $63 million. Still, Pinterest’s IPO is below the $12 billion valuation it attained in a 2017 financing round.

Pinterest is among the first big tech IPOs of the year and is scheduled to start trading around the same time as videoconferencing company Zoom. Ride-hailing company Lyft was the first big offering to hit the market in March, but the stock has dropped 19 percent from its IPO price.

Founded in 2010 by Ben Silbermann, a former Google employee, and Evan Sharp, who was previously a designer at Facebook, Pinterest has grown to 265 million monthly users. The company burst into the mainstream in 2012 with rapid growth, but expansion has since cooled due in part to a work culture that many employees describe as slow when it comes to making decisions.

Silbermann’s stake is worth close to $1 billion at the offer price. Bessemer Ventures owns shares valued at $1.13 billion, while FirstMark’s holdings are worth $844 million and Andreessen Horowitz’s stake is worth $827 million.

Goldman Sachs and J.P. Morgan Chase are leading the offering.

Watch: Pinterest’s path forward


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: salvador rodriguez, justin sullivan, getty images news, getty images
Keywords: news, cnbc, companies, million, pinterests, pinterest, 19, tech, media, ipo, worth, stock, valuing, start, trading, social, billion, company, prices


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American Airlines cancels all 737 Max flights through August 19

American Airlines is extending cancellations for the Boeing 737 Max aircraft through August 19, a key summer travel period, as the jets remain grounded. The cancellations amount to about 115 flights per day, roughly 1.5% of American’s total flying per day in the summer, the airline said. Boeing has slowed production and stopped deliveries as it works on a software fix. United has canceled Max flights through June 5. As major airlines continue to extend cancellations, Boeing said Thursday that it


American Airlines is extending cancellations for the Boeing 737 Max aircraft through August 19, a key summer travel period, as the jets remain grounded. The cancellations amount to about 115 flights per day, roughly 1.5% of American’s total flying per day in the summer, the airline said. Boeing has slowed production and stopped deliveries as it works on a software fix. United has canceled Max flights through June 5. As major airlines continue to extend cancellations, Boeing said Thursday that it
American Airlines cancels all 737 Max flights through August 19 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: emma newburger, shannon stapleton
Keywords: news, cnbc, companies, cancels, max, american, remain, boeing, 19, software, cancellations, travel, fix, summer, flights, 737, airlines


American Airlines cancels all 737 Max flights through August 19

American Airlines is extending cancellations for the Boeing 737 Max aircraft through August 19, a key summer travel period, as the jets remain grounded.

The cancellations amount to about 115 flights per day, roughly 1.5% of American’s total flying per day in the summer, the airline said. They come after the Max’s anti-stall software was implicated in an Ethiopian crash in March that killed 157 people.

It’s unclear when the Max, which has been grounded since mid-March, will return. Boeing has slowed production and stopped deliveries as it works on a software fix.

On Friday, Southwest Airlines removed the Max jet from its schedule through Aug. 5. United has canceled Max flights through June 5.

“We remain confident that the impending software updates, along with the new training elements Boeing is developing for the MAX, will lead to recertification of the aircraft soon,” American CEO Doug Parker and President Robert Isom wrote in a letter to employees Sunday.

Parker also said canceling the flights now will help the airline plan for its busiest travel season of the year.

As major airlines continue to extend cancellations, Boeing said Thursday that it’s completed 96 flights with the new Max software fix. The planemaker will likely submit the fix to Federal Aviation Administration regulators within the next couple weeks.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: emma newburger, shannon stapleton
Keywords: news, cnbc, companies, cancels, max, american, remain, boeing, 19, software, cancellations, travel, fix, summer, flights, 737, airlines


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Goldman’s portfolio of investors’ favorite stocks is one of its best yet, returning 19% a year

Goldman Sachs made a portfolio of the most loved stocks by both hedge funds and mutual funds, and it is crushing the market and the bank’s own secret portfolios. “The median shared favorite is expected to have higher margins and faster growth in 2019 than the median S&P 500 stock.” There are 13 stocks that are favorites by both hedge funds and mutual funds, the most since the first quarter in 2017, according to Goldman. The shared favorite stocks have outperformed the S&P 500 by 70 basis points


Goldman Sachs made a portfolio of the most loved stocks by both hedge funds and mutual funds, and it is crushing the market and the bank’s own secret portfolios. “The median shared favorite is expected to have higher margins and faster growth in 2019 than the median S&P 500 stock.” There are 13 stocks that are favorites by both hedge funds and mutual funds, the most since the first quarter in 2017, according to Goldman. The shared favorite stocks have outperformed the S&P 500 by 70 basis points
Goldman’s portfolio of investors’ favorite stocks is one of its best yet, returning 19% a year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: yun li, scott eells, bloomberg, getty images
Keywords: news, cnbc, companies, mutual, goldmans, stocks, returning, investors, best, 19, portfolio, funds, sp, hedge, favorite, market, shared, goldman


Goldman's portfolio of investors' favorite stocks is one of its best yet, returning 19% a year

Goldman Sachs made a portfolio of the most loved stocks by both hedge funds and mutual funds, and it is crushing the market and the bank’s own secret portfolios.

Two of Goldman’s baskets created exclusively for its clients — one tracking hedge funds top holdings and one with large-cap mutual funds overweights — are both already beating the market this year, but the real stars are the stocks that overlap the two baskets as they have delivered years of outperformance and have a better earnings outlook than either portfolio, the bank said.

“Great minds think alike,” Goldman’s chief U.S. equity strategist David Kostin said in the note. “The median shared favorite is expected to have higher margins and faster growth in 2019 than the median S&P 500 stock.”

There are 13 stocks that are favorites by both hedge funds and mutual funds, the most since the first quarter in 2017, according to Goldman. The similarity increased when both industries loaded back up on tech stocks during the fourth quarter and they both trimmed their exposure to health care, consumer staples and materials, Goldman said. The overlapping stocks include ServiceNow, Adobe, Paypal, Delta Air Lines, Google parent Alphabet and Visa.

The shared favorite stocks have outperformed the S&P 500 by 70 basis points in 2019 and by 16 percentage points since the start of 2018. They also have a track record of beating the market — the group has delivered an annualized return of 19 percent since 2013, higher than Goldman’s hedge-fund and mutual-fund baskets and beating the S&P 500’s 14 percent gain, the bank said.

The bank covers 880 hedge funds with $2.1 trillion of gross equity positions and 521 large-cap mutual funds with $2.1 trillion of equity holdings.

There has been an average of 11 stocks that are most loved by both hedge funds and mutual funds over the past five years, according to Goldman. Alphabet is the only stock that has been a favorite by both industries for 18 quarters. Stocks on average have stayed on the list of shared favorites for four consecutive quarters, Goldman said.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: yun li, scott eells, bloomberg, getty images
Keywords: news, cnbc, companies, mutual, goldmans, stocks, returning, investors, best, 19, portfolio, funds, sp, hedge, favorite, market, shared, goldman


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Saying this 1 sentence will make you 19 percent more likable (and most people never do it)

The good news is that being likable is fairly simply if you practice the skill of “perspective-taking.” The American philosopher George Herbert Mead called perspective-taking as having “the capacity to take the role of the other and to adopt alternative perspectives vis-à-vis oneself.” Generally, you can use the perspective-taking approach to being likable when conversing with another person. When talking to a colleague, for example, the goal is to show them that you understand them because you’


The good news is that being likable is fairly simply if you practice the skill of “perspective-taking.” The American philosopher George Herbert Mead called perspective-taking as having “the capacity to take the role of the other and to adopt alternative perspectives vis-à-vis oneself.” Generally, you can use the perspective-taking approach to being likable when conversing with another person. When talking to a colleague, for example, the goal is to show them that you understand them because you’
Saying this 1 sentence will make you 19 percent more likable (and most people never do it) Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: mark murphy, criene, -mark murphy, founder of leadership iq
Keywords: news, cnbc, companies, really, saying, youve, 19, perspectivetaking, visvis, likable, uhhuh, understand, vigorouslymindlessly, person, sentence


Saying this 1 sentence will make you 19 percent more likable (and most people never do it)

The good news is that being likable is fairly simply if you practice the skill of “perspective-taking.”

The American philosopher George Herbert Mead called perspective-taking as having “the capacity to take the role of the other and to adopt alternative perspectives vis-à-vis oneself.” And the legendary psychologist Carl Rogers defined it as the ability to “perceive the internal frame of reference of another with accuracy, and with the emotional components and meanings which pertain thereto, as if one were the person, but without ever losing the ‘as if’ condition.”

Generally, you can use the perspective-taking approach to being likable when conversing with another person. When talking to a colleague, for example, the goal is to show them that you understand them because you’ve put yourself in their shoes.

It’s important to note what perspective-taking is, and what it isn’t.

Here’s what it isn’t:

Nodding vigorously

Mindlessly grunting, “Uh-huh,” “sure,” “I see” and so on

Placating by saying, “I know what you mean” (when you really don’t)

What it is, instead, is as simple as saying one sentence: “I can really put myself in your shoes.”


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: mark murphy, criene, -mark murphy, founder of leadership iq
Keywords: news, cnbc, companies, really, saying, youve, 19, perspectivetaking, visvis, likable, uhhuh, understand, vigorouslymindlessly, person, sentence


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Three options strategies for the week: February 19, 2019

Get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, and 24/7 support from dedicated trading specialists. Trade commission-free for 60 days and get up to $600 cash.


Get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, and 24/7 support from dedicated trading specialists. Trade commission-free for 60 days and get up to $600 cash.
Three options strategies for the week: February 19, 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: tyler bailey, david a grogan, getty images
Keywords: news, cnbc, companies, specialists, options, realtime, orders, support, skills, 2019, 19, trading, paper, simple, week, strategies, tools, trade


Three options strategies for the week: February 19, 2019

Get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, and 24/7 support from dedicated trading specialists. Trade commission-free for 60 days and get up to $600 cash.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: tyler bailey, david a grogan, getty images
Keywords: news, cnbc, companies, specialists, options, realtime, orders, support, skills, 2019, 19, trading, paper, simple, week, strategies, tools, trade


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Allianz fourth-quarter net profit up 19 percent, in line with expectations

German insurer Allianz said on Friday that net profit rose 19 percent in the fourth quarter from a year earlier, in line with expectations. Net profit attributable to shareholders of 1.697 billion euros ($1.92 billion) compares with the 1.715 billion euro profit forecast by analysts in a Reuters poll and is up from 1.427 billion euros a year ago. Speaking to CNBC’s “Squawk Box Europe” on Friday, Allianz CFO Giulio Terzariol said: “In our performance in 2018 we have been very capable (of managing


German insurer Allianz said on Friday that net profit rose 19 percent in the fourth quarter from a year earlier, in line with expectations. Net profit attributable to shareholders of 1.697 billion euros ($1.92 billion) compares with the 1.715 billion euro profit forecast by analysts in a Reuters poll and is up from 1.427 billion euros a year ago. Speaking to CNBC’s “Squawk Box Europe” on Friday, Allianz CFO Giulio Terzariol said: “In our performance in 2018 we have been very capable (of managing
Allianz fourth-quarter net profit up 19 percent, in line with expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: getty images
Keywords: news, cnbc, companies, euros, profit, allianz, terzariol, net, europe, line, fourthquarter, 19, weve, billion, interest, unadjustedbecause, expectations, rates


Allianz fourth-quarter net profit up 19 percent, in line with expectations

German insurer Allianz said on Friday that net profit rose 19 percent in the fourth quarter from a year earlier, in line with expectations.

Net profit attributable to shareholders of 1.697 billion euros ($1.92 billion) compares with the 1.715 billion euro profit forecast by analysts in a Reuters poll and is up from 1.427 billion euros a year ago.

Speaking to CNBC’s “Squawk Box Europe” on Friday, Allianz CFO Giulio Terzariol said: “In our performance in 2018 we have been very capable (of managing) headwinds to achieve record results on most of our KPIs.”

He added that the bank expected the ECB to leave interest rates unadjusted.

“Because of the tension we might have – let’s say Italy and Brexit – and because of the economy we would expect interest rates to stay relatively flat in Europe, which is not necessarily an issue for us because we’ve been in this situation for a few years,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: getty images
Keywords: news, cnbc, companies, euros, profit, allianz, terzariol, net, europe, line, fourthquarter, 19, weve, billion, interest, unadjustedbecause, expectations, rates


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European stocks fall as Apple guidance weighs on tech; AMS slips 19%

The pan-European Stoxx 600 index fell 0.64 percent during early morning trade, with most sectors and all major bourses in the red. Apple blamed a number of factors for the climbdown in guidance, including weakness in China’s economy and disappointing iPhone revenue. Apple suppliers in the continent also faltered, with shares of Austrian chipmaker AMS plunging 19 percent. South Korea’s Kospi slid almost 0.81 percent at the close as domestic Apple suppliers fell, while China’s Hang Seng index drop


The pan-European Stoxx 600 index fell 0.64 percent during early morning trade, with most sectors and all major bourses in the red. Apple blamed a number of factors for the climbdown in guidance, including weakness in China’s economy and disappointing iPhone revenue. Apple suppliers in the continent also faltered, with shares of Austrian chipmaker AMS plunging 19 percent. South Korea’s Kospi slid almost 0.81 percent at the close as domestic Apple suppliers fell, while China’s Hang Seng index drop
European stocks fall as Apple guidance weighs on tech; AMS slips 19% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: ryan browne
Keywords: news, cnbc, companies, ams, fall, guidance, slips, index, stocks, investors, sales, fell, weighs, apple, futures, yen, uk, billion, rose, european, 19, tech


European stocks fall as Apple guidance weighs on tech; AMS slips 19%

The pan-European Stoxx 600 index fell 0.64 percent during early morning trade, with most sectors and all major bourses in the red.

The biggest story for investors on Thursday was Apple Chief Executive Tim Cook’s letter to investors, in which he lowered the tech giant’s first-quarter revenue guidance to $84 billion, down from the $89 billion to $93 billion that had previously been forecast. The firm also lowered gross margin expectations to approximately 38 percent, down from a previously projected 38-38.5 percent.

Apple blamed a number of factors for the climbdown in guidance, including weakness in China’s economy and disappointing iPhone revenue. The news amplified fears of a downturn in global growth, as well as the effects of U.S.-Sino trade tensions on corporate earnings.

Europe’s tech sector suffered as a result, falling 2 percent. Apple suppliers in the continent also faltered, with shares of Austrian chipmaker AMS plunging 19 percent.

Looking at individual stocks, U.K. fashion retailer Next rose to the top of the European benchmark after reporting a jump in Christmas sales in the run-up to the Christmas holiday season. The firm posted a 9.2 percent rise in in-store sales and a 15.2 percent jump in online sales. Shares rose 6 percent.

Asian equities also tumbled Thursday, while U.S. futures pointed to a negative open. South Korea’s Kospi slid almost 0.81 percent at the close as domestic Apple suppliers fell, while China’s Hang Seng index dropped 0.22 percent. Dow futures, meanwhile, indicated a more than 300-point drop at the open, with S&P 500 futures falling 1.4 percent and Nasdaq futures down 2.6 percent.

Another focus for investors was an apparent “flash crash” in foreign exchange markets that saw the Japanese yen soar versus most major currencies within seconds. The U.S. dollar sank 1 percent against the yen, to 107.72.

Stateside, Congress and the White House failed to reach a funding deal Wednesday to end the partial government shutdown. The main source of contention for the two main parties is President Donald Trump’s demand for $5 billion to fund a border wall between the U.S. and Mexico.

Elsewhere, German Economy Minister Peter Altmaier said in an interview published Thursday that the U.K.’s withdrawal from the European Union poses an economic risk, although he added that he expected growth in Germany to continue.

According to a survey released by U.K. industry body the British Chambers of Commerce on Thursday, the percentage of services firms reporting a rise in domestic sales fell to the lowest level in two years in the fourth quarter.

In terms of data, the Swiss SVME Purchasing Managers’ Index (PMI) rose to 57.8 in December, beating expectations for a reading of 57.2. U.K. construction PMI and euro zone money supply figures are due later in the morning.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: ryan browne
Keywords: news, cnbc, companies, ams, fall, guidance, slips, index, stocks, investors, sales, fell, weighs, apple, futures, yen, uk, billion, rose, european, 19, tech


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