Retailers fight back: Bricks-and-mortar brands are figuring out online sales, and their stocks are soaring

Lululemon on Wednesday said online sales this past quarter grew 35%. Target’s online sales were up 42%, and Walmart reported 37% digital growth. Dick’s Sporting Goods’ online sales were up 15%. Much of Target’s growth online has also stemmed from these services. During the first quarter of fiscal 2019, Target said its same-day delivery service with Shipt, curbside and in-store pickup drove more than half of its 42% e-commerce sales growth and 25% of same-store sales growth.


Lululemon on Wednesday said online sales this past quarter grew 35%. Target’s online sales were up 42%, and Walmart reported 37% digital growth. Dick’s Sporting Goods’ online sales were up 15%. Much of Target’s growth online has also stemmed from these services. During the first quarter of fiscal 2019, Target said its same-day delivery service with Shipt, curbside and in-store pickup drove more than half of its 42% e-commerce sales growth and 25% of same-store sales growth.
Retailers fight back: Bricks-and-mortar brands are figuring out online sales, and their stocks are soaring Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: lauren hirsch lauren thomas amelia lucas, lauren hirsch, lauren thomas, amelia lucas
Keywords: news, cnbc, companies, best, retailers, store, figuring, fight, stores, online, shoppers, target, walmart, growth, soaring, bricksandmortar, sales, brands, stocks


Retailers fight back: Bricks-and-mortar brands are figuring out online sales, and their stocks are soaring

Even as analysts have called the doom of retail as Amazon’s might and influence grows stronger, some have bounced back — often with the help of their online business.

A number of retailers and restaurants over the past few weeks have reported explosive growth of e-commerce sales. Lululemon on Wednesday said online sales this past quarter grew 35%. Target’s online sales were up 42%, and Walmart reported 37% digital growth. Dick’s Sporting Goods’ online sales were up 15%. Best Buy’s digital business in the U.S. grew 14.5%.

Investors have been rewarding this growth. Walmart and Lululemon shares both hit a 52-week high Thursday. Walmart’s stock has gained 16% so far this year, while Lululemon’s stock is up more than 42% since January. Starbucks is up nearly 30%, while Chipotle has gained 70% this year.

“Now, it’s easier in some ways to be a late mover,” in retailing online, Sucharita Kodali, a retail analyst at Forrester Research, said in an interview.

Timing could be what’s giving companies such as Lululemon and Walmart a leg up. They didn’t have to “reinvent the wheel” online, she said, but instead have been able to take “best practices” from other companies such as Amazon, which started as an online bookstore in 1995. In Walmart’s case, that’s included acquisitions of start-ups such as Jet.com that have given it a bench of young and experienced tech talent.

Meanwhile, what’s giving these retailers such a strong muscle online is something Amazon can’t match, at least today: bricks-and-mortar stores. Traditional retailers are finally getting the hang of offering services such as curbside pickup and buy online pick up in store, helping boost online sales but also cutting back on shipping costs for the company.

Lululemon, for example, spoke this quarter about expanding buy online pick up in store options. About 150 of its roughly 440 stores now offer the service, the company said, and it plans to expand the option across its entire store base by the end of the third quarter.

Much of Target’s growth online has also stemmed from these services.

During the first quarter of fiscal 2019, Target said its same-day delivery service with Shipt, curbside and in-store pickup drove more than half of its 42% e-commerce sales growth and 25% of same-store sales growth. Sales at stores open at least a year were up 4.8% during the period, outpacing estimates.

The financial benefit of all this for Target is that when customers pick items up in stores, it’s 90% cheaper for the retailer than when it has to ship something from a warehouse, the company has said.

“Even today, on any given day, upwards of 50% of our orders are delivered next-day and it’s using our stores and their proximity as that advantage in our overall strategy,” Target CEO Brian Cornell told analysts last month. “We’re leveraging the fact that we’re so, so close to the guest … and convenience is a big part of our strategy.”

For Walmart, much of its recent online efforts have been centered around grocery. The retailer is planning to have 1,600 stores equipped for grocery delivery and 3,100 hubs for in-person grocery pickup by the end of this year. It’s said 90% of the U.S. population lives within 10 miles of at least one of its stores.

“Clearly, we think our stores are a competitive advantage,” Walmart CFO Michael Dastugue told analysts at a UBS-hosted conference in March.

The best “omnichannel” retailers in the country today, meaning the companies that are best utilizing their stores to help with their e-commerce businesses and vice versa, are Walmart, Target, Home Depot, Best Buy, Macy’s, Dick’s Sporting Goods, Kohl’s, Nordstrom, Lowe’s and J.C. Penney, and in that order, according to a study by Internet Retailer.

It looked at things such as which retailers allowed shoppers to return online orders to a store, showed in-store stock status on the web, priced matched in-store offers with online promotions and even offered free, in-store Wi-Fi.

“Retailers that aren’t making omnichannel a priority do so at their peril, as shoppers are demanding these services,” the report said. Seventy-eight percent of shoppers check inventory online for a certain store before heading there, and 68% of all shoppers say they’ll do more of this in 2019, the firm found in surveying 1,100 consumers.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: lauren hirsch lauren thomas amelia lucas, lauren hirsch, lauren thomas, amelia lucas
Keywords: news, cnbc, companies, best, retailers, store, figuring, fight, stores, online, shoppers, target, walmart, growth, soaring, bricksandmortar, sales, brands, stocks


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These 15 cities boast the best 20-year returns on home values

Depending where you live, staying put in your home for the last two decades could be paying off well. As in really well. While the median nationwide home value is about 90% higher now than it was in 1999 — $226,800 compared with about $119,000 — some spots boast values that have jumped far more than that. In some places, the gain is more than 300% or even 400%. However, that doesn’t take into consideration other housing costs that can eat into profits: property taxes, maintenance or improvements


Depending where you live, staying put in your home for the last two decades could be paying off well. As in really well. While the median nationwide home value is about 90% higher now than it was in 1999 — $226,800 compared with about $119,000 — some spots boast values that have jumped far more than that. In some places, the gain is more than 300% or even 400%. However, that doesn’t take into consideration other housing costs that can eat into profits: property taxes, maintenance or improvements
These 15 cities boast the best 20-year returns on home values Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: sarah obrien, david paul morris, bloomberg, getty images, jim r bounds
Keywords: news, cnbc, companies, best, value, spots, 15, returns, boast, staying, profits, wellwhile, property, thatin, really, values, 20year, taxes, cities


These 15 cities boast the best 20-year returns on home values

Depending where you live, staying put in your home for the last two decades could be paying off well. As in really well.

While the median nationwide home value is about 90% higher now than it was in 1999 — $226,800 compared with about $119,000 — some spots boast values that have jumped far more than that.

In some places, the gain is more than 300% or even 400%. However, that doesn’t take into consideration other housing costs that can eat into profits: property taxes, maintenance or improvements.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: sarah obrien, david paul morris, bloomberg, getty images, jim r bounds
Keywords: news, cnbc, companies, best, value, spots, 15, returns, boast, staying, profits, wellwhile, property, thatin, really, values, 20year, taxes, cities


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How tough love from his stepdad helped ‘Shark Tank’ star Kevin O’Leary find success

On ABC’s “Shark Tank,” Kevin O’Leary is famous for giving aspiring entrepreneurs his honest opinion, even when it’s hard to hear. And according to O’Leary, his own stepfather gave him some tough love that ultimately influenced his future success. How about you go back and figure out what you’re good at? O’Leary went on to get an MBA from the Ivey Business School at Western University in Ontario. Now in addition to “Shark Tank,” O’Leary runs a number of other ventures he founded, like investment


On ABC’s “Shark Tank,” Kevin O’Leary is famous for giving aspiring entrepreneurs his honest opinion, even when it’s hard to hear. And according to O’Leary, his own stepfather gave him some tough love that ultimately influenced his future success. How about you go back and figure out what you’re good at? O’Leary went on to get an MBA from the Ivey Business School at Western University in Ontario. Now in addition to “Shark Tank,” O’Leary runs a number of other ventures he founded, like investment
How tough love from his stepdad helped ‘Shark Tank’ star Kevin O’Leary find success Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: sarah berger
Keywords: news, cnbc, companies, star, good, tank, company, shark, best, stepdad, stepfather, love, kevin, business, youre, went, wanted, helped, success, oleary, tough


How tough love from his stepdad helped 'Shark Tank' star Kevin O'Leary find success

On ABC’s “Shark Tank,” Kevin O’Leary is famous for giving aspiring entrepreneurs his honest opinion, even when it’s hard to hear. And according to O’Leary, his own stepfather gave him some tough love that ultimately influenced his future success.

When O’Leary was young, he wanted to be a musician (he played the guitar), an artist or a photographer, he says. But his stepfather had some harsh advice.

“He looked me in the eye after I finished high school and said, ‘You’re not good enough at any of those. And you might as well face the reality now that you’re going to starve to death if you pursue them,'” O’Leary tells CNBC Make It. “You’re not the best photographer out there. You’re not even the best guitarist. So how are you going to become No.1 in a space where you’re starting at a negative six?'”

At, first O’Leary thought maybe he could just get better at those things. But his stepfather encouraged him to explore other career paths that might be a better fit.

“He said, ‘How about this? How about you go back and figure out what you’re good at? And I think you’re a good marketer. You work hard. You hustle. Maybe you should pursue a business career,'” O’Leary says. “He was 100% right.”

O’Leary went on to get an MBA from the Ivey Business School at Western University in Ontario. Then he founded a sports programming production company.

“It’s kind of interesting because I wanted to get back at him a little bit — and that’s kind of a relationship you have with fathers and stepfathers,” O’Leary says. “So what did I start? I started a film production company, where I could take pictures all day long. And it worked.”

Ultimately, O’Leary went on to become a business mogul. In 1986, he started Softkey Software Products in his basement with no cash, building it into a booming business that sold to Mattel Toy Company in 1999 for a reported $4.2 billion. Now in addition to “Shark Tank,” O’Leary runs a number of other ventures he founded, like investment fund company O’Leary Funds and O’Leary Fine Wines.

But just because he’s been successful in business, doesn’t mean that O’Leary has abandoned his love of the arts. In fact, he says the best part about his success in entrepreneurship is that it has given him the freedom to spend time on his passions, like photography. O’Leary says he now has a massive collection of cameras and lenses and does film editing for his existing businesses as part of his Sunday routine.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: sarah berger
Keywords: news, cnbc, companies, star, good, tank, company, shark, best, stepdad, stepfather, love, kevin, business, youre, went, wanted, helped, success, oleary, tough


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The best career and financial advice we got from our dads

With Father’s Day coming up this Sunday, the staff at CNBC Make It took some time to reflect on life lessons from our dads. Kathleen Elkins”I remember distinctly the first time I heard my dad’s, ‘Is that a want or a need?’ speech: I was in kindergarten and tried to order a chocolate milk at a restaurant. Most of the talk went over my head, but the conclusion of his message stuck: There are ‘wants’ and ‘needs’ in life, and chocolate milk classifies as a ‘want.’ Of course, there’s always a time an


With Father’s Day coming up this Sunday, the staff at CNBC Make It took some time to reflect on life lessons from our dads. Kathleen Elkins”I remember distinctly the first time I heard my dad’s, ‘Is that a want or a need?’ speech: I was in kindergarten and tried to order a chocolate milk at a restaurant. Most of the talk went over my head, but the conclusion of his message stuck: There are ‘wants’ and ‘needs’ in life, and chocolate milk classifies as a ‘want.’ Of course, there’s always a time an
The best career and financial advice we got from our dads Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: kathleen elkins
Keywords: news, cnbc, companies, work, best, doesnt, money, life, career, dad, words, dads, say, financial, chocolate, advice, milk


The best career and financial advice we got from our dads

With Father’s Day coming up this Sunday, the staff at CNBC Make It took some time to reflect on life lessons from our dads. Here’s the best advice we ever got from them.

There’s a difference between a ‘want’ and a ‘need’

Every Christmas, my dad takes me shopping for a “go-to gift.” Kathleen Elkins

“I remember distinctly the first time I heard my dad’s, ‘Is that a want or a need?’ speech: I was in kindergarten and tried to order a chocolate milk at a restaurant. Most of the talk went over my head, but the conclusion of his message stuck: There are ‘wants’ and ‘needs’ in life, and chocolate milk classifies as a ‘want.’ I promptly changed my order to an ice water. As I got older, I learned how to separate larger potential purchases into those two categories and developed a frugal lifestyle, much like my dad’s, centered around needs, rather than wants. Of course, there’s always a time and place for a chocolate milk: The occasional splurge keeps you sane. I just make sure to weigh the pros and cons before splurging and ensure that I’m spending on things that truly matter to me. — Kathleen Elkins, senior money reporter

‘If you have a passion that doesn’t pay, it’s called a hobby’

Courtesy of Megan Leonhardt

“My dad has always been very practical about his approach to life, especially when it comes to finding and building a successful career. He always told me and my sister growing up that we should find careers that we found interesting because we were going to spend the rest of our lives doing it. But when it came to a job within that career, he always stressed that it was important to keep learning. You should constantly be learning new things or you become stagnant. If that happens, it’s time for a new job. “That said, he encouraged both his girls to choose college majors and careers in which we could earn enough to comfortably afford to eat and have a roof over our heads. If you have a passion that doesn’t pay, it’s called a hobby. He wanted us to be able to stand on our own, and thanks to his little lessons along the way, we’re both doing just that!” — Megan Leonhardt, senior money reporter

Talk less and listen more

“My dad isn’t a man of many words, but he did teach me every lyric to Alison Krauss’ ‘When You Say Nothing At All’ by the time I was three years old. I still keep the lyrics with me since it is a song that means so much to us. “One line says: ‘You say it best when you say nothing at all.’ Those words have always reminded me of the power of listening (rather than talking) and the impact one’s actions (rather than their words) can have on those around them.” — Anna Hecht, money reporter

Passion is important, but so is your paycheck

Courtesy of Lindsey Stanberry

“My dad always says, ‘The reason you get paid to work is because it’s work.’ He’s always been very passionate about his career, and I think I get a lot of my drive from him. But when work gets tough for whatever reason — a project doesn’t go as planned, office politics are complicated, you’re putting in a lot of overtime — I always remind myself, This is why I’m getting a paycheck. ” — Lindsey Stanberry, deputy managing editor Don’t miss: This is the No. 1 money lesson Shaquille O’Neal learned from his drill sergeant dad Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: kathleen elkins
Keywords: news, cnbc, companies, work, best, doesnt, money, life, career, dad, words, dads, say, financial, chocolate, advice, milk


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Gold eyes best week since March 2018 on rate cut views; US jobs data in focus

Gold prices steadied on Friday, but remained on course for their best week since March 2018, after rising expectations for a U.S. rate cut and concerns that trade tussles could hit global growth boosted demand for safe-haven bullion. However, having failed earlier this week to breach its 2019 high of $1,346.73, analysts expect the metal to consolidate until there is fresh impetus. Spot gold was steady at $1,335.27 per ounce at 0902 GMT, while U.S. gold futures were down 0.2% to $1,339.60. Gold h


Gold prices steadied on Friday, but remained on course for their best week since March 2018, after rising expectations for a U.S. rate cut and concerns that trade tussles could hit global growth boosted demand for safe-haven bullion. However, having failed earlier this week to breach its 2019 high of $1,346.73, analysts expect the metal to consolidate until there is fresh impetus. Spot gold was steady at $1,335.27 per ounce at 0902 GMT, while U.S. gold futures were down 0.2% to $1,339.60. Gold h
Gold eyes best week since March 2018 on rate cut views; US jobs data in focus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-07
Keywords: news, cnbc, companies, higher, best, ounce, trade, views, data, jobs, week, rate, eyes, focus, cut, interest, gold, safehaven, track, market


Gold eyes best week since March 2018 on rate cut views; US jobs data in focus

Gold prices steadied on Friday, but remained on course for their best week since March 2018, after rising expectations for a U.S. rate cut and concerns that trade tussles could hit global growth boosted demand for safe-haven bullion.

However, having failed earlier this week to breach its 2019 high of $1,346.73, analysts expect the metal to consolidate until there is fresh impetus.

Spot gold was steady at $1,335.27 per ounce at 0902 GMT, while U.S. gold futures were down 0.2% to $1,339.60.

“We have had quite a move higher earlier this week, but we are moving towards levels where the market will struggle to go much higher,” ING analyst Warren Patterson said.

Gold has rallied in a short span of time, having gained about 2.3% this week, and is on track for its best seven days since week ending March 23, 2018.

“Overall sentiment is still fairly supportive for the gold market,” Patterson added, attributing the recent price rally to a two-pronged U.S. trade spat with Mexico and China, and hopes of an interest rate cut by the U.S. Federal Reserve.

The United States and Mexico concluded their second day of talks on trade and migration on Thursday and markets rebounded on optimism a deal could be close. However, it remains unclear whether Mexican pledges to curb migration flows will be enough to persuade Washington to postpone tariffs.

U.S. President Donald Trump said he would decide whether to carry out his threat to hit Beijing with tariffs on at least $300 billion in Chinese goods after a meeting of leaders of the world’s largest economies late this month.

Gold’s appeal as a safe-haven investment is bolstered in times of geopolitical uncertainty.

“Gold is likely to stay muted through the rest of the day before the release of the non-farm payrolls. Investors want to see the impact on the U.S. jobs market before reassessing the current pessimism,” Howie Lee, an economist at OCBC Bank, said.

U.S. non-farm payrolls data at 1230 GMT will provide clues on the trajectory of interest rates.

Meanwhile, New York Fed President John Williams on Thursday acknowledged the impact of trade and global growth concerns on business investment, but said he was keeping an open mind on interest rates.

Among other metals, silver rose 0.5% to $14.93 per ounce, on track for its best week since late January.

Platinum edged 0.1% higher to $804.06 an ounce. The metal was headed for its first weekly gain in seven.

Palladium dipped 0.1% to $1,350.75 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-06-07
Keywords: news, cnbc, companies, higher, best, ounce, trade, views, data, jobs, week, rate, eyes, focus, cut, interest, gold, safehaven, track, market


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A breakdown of whether investors are safer after the SEC passes financial protection rule

The spirit of this new rule also requires broker/dealers to act in the best interest of their clients as well. The SEC this week voted to approve a financial investment reform package . Critics are complaining Reg BI does not clearly define what “best interest” is and that the rules are too weak. That’s why it’s likely the SEC will gradually develop standards for what constitutes “best interest.” They will have some time: Reg BI does not come into effect until June 2020.


The spirit of this new rule also requires broker/dealers to act in the best interest of their clients as well. The SEC this week voted to approve a financial investment reform package . Critics are complaining Reg BI does not clearly define what “best interest” is and that the rules are too weak. That’s why it’s likely the SEC will gradually develop standards for what constitutes “best interest.” They will have some time: Reg BI does not come into effect until June 2020.
A breakdown of whether investors are safer after the SEC passes financial protection rule Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: bob pisani
Keywords: news, cnbc, companies, safer, financial, best, reg, investment, sec, brokerdealers, protection, breakdown, clients, bi, passes, rules, investors, interest, rule, advisors


A breakdown of whether investors are safer after the SEC passes financial protection rule

That’s a positive. Under current law, financial advisors have a fiduciary obligations to act in the best interest of their clients and will remain fiduciaries under the new rules. The spirit of this new rule also requires broker/dealers to act in the best interest of their clients as well.

Both registered investment advisors and broker-dealers will be required to provide retail investors with a standard disclosure document that highlights the services being offered, the legal standards that apply, disclosure of any conflict of interest, and most importantly the fee structure — how they make their money.

Here’s the good news. Under the new Reg BI, both broker/dealers (a person or firm in the business of buying and selling securities on behalf of its customers) and investment advisors (a professional who provides financial advice to clients) will be required to place the interests of their clients above their own. Broker-dealers in particular will be required to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.

The SEC this week voted to approve a financial investment reform package . Known as “Regulation Best Interest” or “Reg BI,” the package is intended to strengthen protections for investors by requiring financial advisors and in particular broker-dealers to disclose conflicts of interest.

The bad news

Here’s the bad news. Critics are complaining Reg BI does not clearly define what “best interest” is and that the rules are too weak.

That’s the reason the rule passed on a 3-1 vote, with the lone Democrat dissenting.

From the outset, many investor advocates wanted a uniform set of rules that applied to both financial advisors and broker/dealers, one that would make both fiduciaries required to act in the best interests of their clients. The advisory community (Wall Street) has fought against this, arguing that earlier versions would invite an avalanche of lawsuits and restrict the ability of Americans to receive investment advice.

So instead of a uniform set of rules, we have two sets: a “fiduciary” rule for investment advisors and a “Best Interest” rule for broker-dealers.

While not perfect, there is reason to believe that the new Reg BI is an improvement over prior regulations, particularly concerning broker/dealers.

The broker-dealer community has faced criticism on several fronts. First, some believe they continue to place their clients into investments that are not suitable for them (putting a widow who should have relatively safe investments into a high-risk technology fund, for example), and that some broker-dealers routinely engage in trading their client’s portfolio solely to generate commissions without improving the portfolio, a practice known as “churning,” or only offered proprietary products that benefited the investment firm or that they failed to recommend the lowest-cost mutual fund or ETF.

Does the new Reg BI do anything to reduce these practices? I think they do.

First, there are disclosure obligations about the capacity in which the broker is acting, fees, the type and scope of services provided, and conflicts.

But there is more. There are standards of care that must be exercised. The broker-dealer must be able to articulate the risk, rewards, and costs of what they are doing for the client, and they must make a recommendation in the retail customer’s best interest.

Finally, the conflict of interest requirement mandates that broker/dealers must develop policies that identify and mitigate conflicts of interest, like suitability and churning.

With that said, I do understand the point of critics. Without a clear definition of what constitutes “best interest,” the rules can still be slippery.

For example, it doesn’t specifically require brokers to routinely recommend the lowest cost funds. Cost is one factor among several that can be considered.

That’s why it’s likely the SEC will gradually develop standards for what constitutes “best interest.” They will have some time: Reg BI does not come into effect until June 2020.


Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: bob pisani
Keywords: news, cnbc, companies, safer, financial, best, reg, investment, sec, brokerdealers, protection, breakdown, clients, bi, passes, rules, investors, interest, rule, advisors


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Britain’s best known stockpicker posts apology on Youtube after suspension of flagship fund

Britain’s best known portfolio manager apologized to investors after being forced to suspend trading on his flagship fund after mounting losses and withdrawals. Neil Woodford, who launched Woodford Investment Management in 2014 after a successful spell at Invesco Perpetual, posted a YouTube video late Tuesday in which he explained the decision and offered an emotional apology to the thousands of investors affected by the suspension. The firm announced Monday that it would suspend all trading in


Britain’s best known portfolio manager apologized to investors after being forced to suspend trading on his flagship fund after mounting losses and withdrawals. Neil Woodford, who launched Woodford Investment Management in 2014 after a successful spell at Invesco Perpetual, posted a YouTube video late Tuesday in which he explained the decision and offered an emotional apology to the thousands of investors affected by the suspension. The firm announced Monday that it would suspend all trading in
Britain’s best known stockpicker posts apology on Youtube after suspension of flagship fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: elliot smith
Keywords: news, cnbc, companies, investors, britains, trading, stockpicker, suspension, investment, youtube, best, apology, suspend, known, firm, million, billion, fund, video, posts, woodford, flagship


Britain's best known stockpicker posts apology on Youtube after suspension of flagship fund

Britain’s best known portfolio manager apologized to investors after being forced to suspend trading on his flagship fund after mounting losses and withdrawals.

Neil Woodford, who launched Woodford Investment Management in 2014 after a successful spell at Invesco Perpetual, posted a YouTube video late Tuesday in which he explained the decision and offered an emotional apology to the thousands of investors affected by the suspension.

The firm announced Monday that it would suspend all trading in the Woodford Equity Income fund after the redemption of a £250 million ($318 million) investment from local authority Kent County Council.

In the three-minute video, Woodford said his current strategy is to reduce the fund’s exposure to illiquid and unquoted stocks to zero, a process which was made “much more difficult” by massive outflows from the fund.

At its peak, the fund managed £10.2 billion of assets, but according to financial services and research firm Morningstar, that had shrunk to just £3.7 billion as of the end of May.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: elliot smith
Keywords: news, cnbc, companies, investors, britains, trading, stockpicker, suspension, investment, youtube, best, apology, suspend, known, firm, million, billion, fund, video, posts, woodford, flagship


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SEC adopts rule to protect ordinary investors, but critics say it’s too lax

In a 3-to-1 vote, commissioners approved the Regulation Best Interest, along with other regulatory actions intended to enhance disclosures and clarify certain advisors’ existing responsibility to put their clients’ interests before their own. Regulation Best Interest will apply to investment recommendations, whether an individual stock or bond or a certain account type, such as a rollover individual retirement account. Compliance by broker-dealers will include making required disclosures and wor


In a 3-to-1 vote, commissioners approved the Regulation Best Interest, along with other regulatory actions intended to enhance disclosures and clarify certain advisors’ existing responsibility to put their clients’ interests before their own. Regulation Best Interest will apply to investment recommendations, whether an individual stock or bond or a certain account type, such as a rollover individual retirement account. Compliance by broker-dealers will include making required disclosures and wor
SEC adopts rule to protect ordinary investors, but critics say it’s too lax Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: sarah obrien
Keywords: news, cnbc, companies, say, adopts, critics, investment, sec, clients, best, protect, regulation, financial, secs, required, investors, interests, interest, rule, ordinary, lax


SEC adopts rule to protect ordinary investors, but critics say it's too lax

The SEC’s action, supported by the broker-dealer industry but opposed by consumer and investor advocates as not going far enough, comes a year after regulators first proposed most of the changes included in the approved package.

In a 3-to-1 vote, commissioners approved the Regulation Best Interest, along with other regulatory actions intended to enhance disclosures and clarify certain advisors’ existing responsibility to put their clients’ interests before their own.

The Securities and Exchange Commission on Wednesday adopted a new regulation that calls for brokers to act in the best interest of their clients when making investment recommendations.

Regulation Best Interest will apply to investment recommendations, whether an individual stock or bond or a certain account type, such as a rollover individual retirement account.

Supporters of the rule say it will be an improvement over current standards for brokers, which only require them to make sure an investment is “suitable” for a client.

“While we have yet to fully review the final rule, what we heard during the [SEC’s meeting] gives us hope that it will protect investors while also preserving investor choice and access to professional advice,” said Dale Brown, president and CEO of the Financial Services Institute, an industry advocacy group.

Nevertheless, critics warn that it falls short of eliminating conflicts of interest — such as commission-based pay or other financial arrangements — that end up costing investors and lining the pockets of brokers.

“The obligation to act in the best interests of the customer in the regulation simply codifies the obligation to make recommendations that are ‘consistent with the investor’s best interests'” under the suitability standard, said Barbara Roper, director of investor protection for the Consumer Federation of America.

Compliance by broker-dealers will include making required disclosures and working to mitigate conflicts that could lead a broker to make a recommendation that is not in the client’s best interest.

The rule also bans sales contests among broker-dealers, and requires brokers to consider the cost of an investment when determining whether it is in the best interest of the customer.

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Additionally, a so-called relationship summary form will be a required disclosure. It will include a variety of information such as the fees charged, services offered, conflicts of interest and whether the firm and its financial professionals have a history of legal or disciplinary actions.

Commissioners also adopted interpretations of existing law pertaining to the advisors that the SEC oversees and when investment advice can be considered “incidental” by a broker and not subject to additional regulation. Those two items will be effective once they are published in the Federal Register.

Regulation Best Interest and the new relationship summary form will become effective 60 days after they are published in the Federal Register, with a compliance date of June 30, 2020.

Meanwhile, the controversial “fiduciary rule,” which was previously issued by the Labor Department and overturned last year in a legal challenge, could be revived in the coming months, according to the agency’s regulatory agenda.

That rule would have required advisors who provide advice related to clients’ retirement accounts such as IRAs to adhere to strict rules for putting clients’ financial interests first. At this point, it’s uncertain exactly what a new proposal would include and whether it would largely mirror the SEC’s new regulatory actions.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: sarah obrien
Keywords: news, cnbc, companies, say, adopts, critics, investment, sec, clients, best, protect, regulation, financial, secs, required, investors, interests, interest, rule, ordinary, lax


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Tesla just finished its best day of the year

Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. Tesla is having its best day of the year Tuesday, closing up more than 8%. Shares of Tesla have fallen as the company has entered cost-cutting mode and analysts questioned the demand for its vehicles and its future in China. Tesla may have fallen so far that it is now a good buy, according to Cornerstone Macro technical analyst Carter Worth. Watch: With Tesla hitting a 3-year low,


Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. Tesla is having its best day of the year Tuesday, closing up more than 8%. Shares of Tesla have fallen as the company has entered cost-cutting mode and analysts questioned the demand for its vehicles and its future in China. Tesla may have fallen so far that it is now a good buy, according to Cornerstone Macro technical analyst Carter Worth. Watch: With Tesla hitting a 3-year low,
Tesla just finished its best day of the year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: lauren feiner
Keywords: news, cnbc, companies, finished, best, day, model, musk, fallen, month, tesla, company, worth, stock, china


Tesla just finished its best day of the year

Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019.

Tesla is having its best day of the year Tuesday, closing up more than 8%. The bounce added more than $2 billion to its market cap, which now sits at $34.2 billion.

Even with the boost, Tesla’s stock has fallen nearly 42% in 2019, making it the worst performer this year on the Nasdaq 100 Index. By comparison, the worst performer of the S&P 500, Mylan N.V., is down about 35% for the year.

Shares of Tesla have fallen as the company has entered cost-cutting mode and analysts questioned the demand for its vehicles and its future in China. Last week, Tesla’s stock dipped below the valuation of CEO Elon Musk’s private venture, SpaceX. Investors familiar with SpaceX’s latest funding round told CNBC it’s valued at $33.3 billion.

Tesla may have fallen so far that it is now a good buy, according to Cornerstone Macro technical analyst Carter Worth. Worth said Tuesday on CNBC’s “Fast Money ” that Tesla has “undershot by such an amount that actually it’s so bad, it’s good.”

Tesla popped early last month after it disclosed plans to raise $2 billion. In a filing, Musk signaled plans to buy around $10 million of the stock in the offering.

But shortly after, Musk told employees in a company-wide email obtained by CNBC that the funds would only get the company through 10 months if it failed to cut back its spending. Musk wrote the “hardcore” cost-cutting measures would be so granular that he would “personally review and sign every 10th page” of outgoing payments.

Tesla has made significant progress toward its second-quarter production goals for the Model 3, according to another leaked email from Musk last month. It’s also rejiggering its car factory in Fremont, California, CNBC previously reported, allowing it to ramp up production for its Model Y crossover SUV, which is a growing segment.

But the company still faces several challenges to its financial health, including the impact of tariffs in China. Loup Ventures co-founder Gene Munster estimated last month that China deliveries would fall from 70,000 to 40,000 vehicles as some Chinese consumers are likely to avoid the brand.

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Watch: With Tesla hitting a 3-year low, top technician says the stock is so bad, it’s worth buying now


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: lauren feiner
Keywords: news, cnbc, companies, finished, best, day, model, musk, fallen, month, tesla, company, worth, stock, china


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No country in the world meets the mark on gender equality, but these are the best performers

As many as 40% of the world’s female population live in countries that fail to meet the mark on basic measures of gender equality, while a further 40% face substandard equality conditions. The Gender Index measured the countries’ success in achieving gender equality across 14 of the 17 United Nations’ Sustainable Development Goals (SDG). It found that no country in the world has yet “achieved the promise of gender equality,” nor does any one country score consistently well across all measures. D


As many as 40% of the world’s female population live in countries that fail to meet the mark on basic measures of gender equality, while a further 40% face substandard equality conditions. The Gender Index measured the countries’ success in achieving gender equality across 14 of the 17 United Nations’ Sustainable Development Goals (SDG). It found that no country in the world has yet “achieved the promise of gender equality,” nor does any one country score consistently well across all measures. D
No country in the world meets the mark on gender equality, but these are the best performers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: karen gilchrist
Keywords: news, cnbc, companies, best, performers, country, measures, score, equality, report, sdg, poor, meets, world, countries, gender, mark, 100


No country in the world meets the mark on gender equality, but these are the best performers

As many as 40% of the world’s female population live in countries that fail to meet the mark on basic measures of gender equality, while a further 40% face substandard equality conditions. That’s according to a new report released Monday by Equal Measures 2030, which found that 2.8 billion women and girls globally live in countries with “poor” or “very poor” levels of gender equality, despite ongoing efforts to bridge the gap. The Gender Index measured the countries’ success in achieving gender equality across 14 of the 17 United Nations’ Sustainable Development Goals (SDG). It found that no country in the world has yet “achieved the promise of gender equality,” nor does any one country score consistently well across all measures. The SDGs are a range of measures laid out in 2015 in a bid to improve global living standards by 2030. For the purposes of the study, those categories were broken down into 51 subsections measuring factors such as health, education, gender-based violence, work and politics.

Equal Measures 2030’S 2019 SDG Gender Index

Best and worst performers

Just 8% percent of the 129 countries measured scored a “good” rating of 80 or more — out of 100 — for their progress in achieving gender equality, the report found. Meanwhile, 12% managed a “fair” rating of 70 to 79. The remaining 80% of countries measured scored either “poor” (60 to 69 points) or “very poor” (below 60). No single country achieved an “excellent” score of 90 or above. The global average score was 65.7 out of 100, which the report said was “barely (a) pass.” More than 60 countries were omitted from the list due to lack of data. Denmark emerged as the world’s most progressive country in terms of gender equality, achieving a near-excellent score of 89.3 out of 100. It was joined in the top 10 by Finland, Sweden, Norway, the Netherlands, Slovenia, Germany, Canada, Ireland and Australia. The U.K. ranked 17th and the U.S. came in at 28th. At the other end of the spectrum, Chad came out at the bottom of the list, with a score of 33.4 out of 100. Other countries in the bottom 10 of the index included Sierra Leone, Liberia, Nigeria, Mali, Mauritania, Niger, Yemen, Congo, DR Congo. All those countries also appeared on the Organisation for Economic Co-operation and Development’s 2018 list of fragile states.

Equal Measures 2030’S 2019 SDG Gender Index Equal Measures 2030

A ‘wake up’ call

Overall, Europe and North America were the best performing regions, with an average regional score of 79.1. That was due in large part to the more advanced economies and greater levels of resources there. However, the report noted that even leading countries have to address a number of outstanding issues — such as gender-based violence, poverty and women’s participation in the economy — in order to reach “the last mile.” Latin America and the Caribbean ranked in second place (66.5), followed by Asia-Pacific (64.6), the Middle East and North Africa (60.8) and, lastly, Sub-Saharan Africa (51.1). The report shows there’s still a long way to go to achieve gender equality on a global level, said Alison Holder, director of Equal Measures 203, who called on governments and businesses to take coordinated action. That includes allocating more funds to equality programs and improving data, the report suggested. Melinda Gates, co-chair of the Bill & Melinda Gates Foundation, one of the report’s contributors, said the findings should act as a “wake-up call” for policymakers. But she also highlighted the work that some of the least developed countries have made in recent years, saying that it provided hope for greater progress going forward. “Many countries with the most limited resources are making huge strides in removing the barriers for girls and women across economies, politics and society – demonstrating that when it comes to gender equality, governments shouldn’t have excuses for inaction,” said Gates. Don’t miss: Meet the woman who won over Google, Apple and Intel to get more girls into tech Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: karen gilchrist
Keywords: news, cnbc, companies, best, performers, country, measures, score, equality, report, sdg, poor, meets, world, countries, gender, mark, 100


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