Detroit’s Big Three automakers are looking to a battery-powered future, but each is forging its own path

A General Motors Co. Chevrolet Volt electric vehicle on display at the Seoul Motor Show in Goyang, South Korea, on Thursday, March 28, 2019. DETROIT – After years of skepticism about the potential demand for electric vehicles – and their long-term profitability – the domestic auto manufacturers have increasingly come to accept that battery power will underlie the industry’s long-term future. For its part, the second-largest of the Detroit Big Three plans to invest $11.5 billion in its own electr


A General Motors Co. Chevrolet Volt electric vehicle on display at the Seoul Motor Show in Goyang, South Korea, on Thursday, March 28, 2019.
DETROIT – After years of skepticism about the potential demand for electric vehicles – and their long-term profitability – the domestic auto manufacturers have increasingly come to accept that battery power will underlie the industry’s long-term future.
For its part, the second-largest of the Detroit Big Three plans to invest $11.5 billion in its own electr
Detroit’s Big Three automakers are looking to a battery-powered future, but each is forging its own path Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-08  Authors: paul a eisenstein
Keywords: news, cnbc, companies, automakers, electric, vehicles, vehicle, looking, allelectric, plugin, path, longrange, hybrids, chevrolet, detroits, big, domestic, forging, future, batterypowered


Detroit's Big Three automakers are looking to a battery-powered future, but each is forging its own path

A General Motors Co. Chevrolet Volt electric vehicle on display at the Seoul Motor Show in Goyang, South Korea, on Thursday, March 28, 2019.

DETROIT – After years of skepticism about the potential demand for electric vehicles – and their long-term profitability – the domestic auto manufacturers have increasingly come to accept that battery power will underlie the industry’s long-term future.

General Motors said Thursday it will team up with Korean supplier LG Chem to build a new $2.3 billion battery plant in Lordstown, Ohio, a joint venture that will help power at least 20 all-electric vehicles the Motown manufacturer plans to have in production by 2023.

Thursday’s announcement comes just weeks after cross-town rival Ford Motor revealed its first long-range battery-electric vehicle, the Mustang Mach-E, set to go on sale next autumn. For its part, the second-largest of the Detroit Big Three plans to invest $11.5 billion in its own electrification program.

As for Fiat Chrysler, the smallest of the domestic carmakers has long been the laggard in EV development – its former CEO once asking customers not to buy its only all-electric model. But, a senior executive now tells CNBC there will be “a lot of (battery-based) product coming” over the next several years.

Together, Detroit’s Big Three intend to spend tens of billions dollars on battery-cars over the coming decade. But where they’ve traditionally taken relatively similar approaches to cope with changing market trends, each manufacturer is following its “own unique path” this time, said Ron Cogan, an automotive analyst and publisher of Green Car Journal. That reflects the reality that no one yet has a clear idea of how battery technology will evolve, nor how it will be accepted by consumers.

Nowhere are those differences more apparent than in the directions being taken by the two biggest domestic companies.

GM was an early player in battery-car development with its all-electric EV1 produced between 1996 and 1999. It would take another 17 years before its first long-range BEV, the Chevrolet Bolt, reached showrooms but, in the intervening years, it added an assortment of hybrids, including the first mass-market plug-in, the Chevrolet Volt.

Ford followed a similar path, at least initially, with an all-electric Ranger debuting in the mid-1990s and, since then, a mix of short-range BEVs, PHEVs and conventional hybrids.

But, as the decade draws to a close, their paths are rapidly diverging.

For one thing, GM is killing off the Chevy Volt plug-in, while the all-electric Bolt has become the foundation of what CEO Mary Barra on Thursday called “a path to an all-electric future.”

“A fairly large chunk of our products in the next three to seven years will be electric vehicles,” Rick Spina, GM’s vice president of electric and autonomous vehicle programs, told CNBC in a telephone interview late last month. “We’re very heavily biased towards EVs,” long-range models, in particular, with hybrids and plug-in hybrids set to phase out of its line-up, he said.


Company: cnbc, Activity: cnbc, Date: 2019-12-08  Authors: paul a eisenstein
Keywords: news, cnbc, companies, automakers, electric, vehicles, vehicle, looking, allelectric, plugin, path, longrange, hybrids, chevrolet, detroits, big, domestic, forging, future, batterypowered


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

NBA star Klay Thompson says his first paycheck was ‘more money than I could ever think of’—here’s what he bought

Klay Thompson remembers the number on his first NBA paycheck: $35,000. “I still have that to this day,” said Thompson, who was 21 when he was drafted to the NBA in 2011. Even today, after nearly a decade in the league and having collected three NBA Championships with the Warriors, “I’m pretty simple,” Thompson said. Today, Thompson spends his millions on experiences or things that add value to his and other people’s lives. Don’t miss: Celtics star Jayson Tatum saves 100% of his $7.8 million NBA


Klay Thompson remembers the number on his first NBA paycheck: $35,000.
“I still have that to this day,” said Thompson, who was 21 when he was drafted to the NBA in 2011.
Even today, after nearly a decade in the league and having collected three NBA Championships with the Warriors, “I’m pretty simple,” Thompson said.
Today, Thompson spends his millions on experiences or things that add value to his and other people’s lives.
Don’t miss: Celtics star Jayson Tatum saves 100% of his $7.8 million NBA
NBA star Klay Thompson says his first paycheck was ‘more money than I could ever think of’—here’s what he bought Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: kathleen elkins
Keywords: news, cnbc, companies, ofheres, klay, bought, thompson, million, paycheck, going, warriors, big, star, today, told, money, think, nba


NBA star Klay Thompson says his first paycheck was 'more money than I could ever think of'—here's what he bought

Klay Thompson remembers the number on his first NBA paycheck: $35,000. “It was incredible,” he told Maverick Carter on an episode of Uninterrupted’s “Kneading Dough.”

It’s a fraction of what the basketball star earns today — he signed a five year, $190 million contract with the Golden State Warriors in 2019 — but at the time, it was “more money than I could ever think of,” he recalled.

The first thing he bought was a pool table. “I still have that to this day,” said Thompson, who was 21 when he was drafted to the NBA in 2011. The Warriors selected him No. 11 overall and he earned a little over $2 million his first season.

His lifestyle didn’t change much after transitioning from playing in college, where he got a small stipend in 2011 during his junior year from Washington State University, to the big leagues. “It’s not like that money made me happier,” he told Carter. “It was great to see that check, but I lived such a great life at the time on my $1,100-a-month stipend. That went so far. I could get as much Taco Del Mar as I wanted. I could go to Target and have a field day.”

Even today, after nearly a decade in the league and having collected three NBA Championships with the Warriors, “I’m pretty simple,” Thompson said. “My tastes aren’t that extravagant.”

He’s learned to be intentional about what he buys. An early money mistake he made was filling his closet with unnecessary clothes to keep up with the NBA styles: “I would only wear about 5% of the closet.”

Thompson isn’t the only NBA player to admit to going all-out on wardrobe items. His teammate, Andre Iguodala, headed straight to Niketown after receiving his first big check and bought “a whole bunch of pairs of Jordans,” he told Wealthsimple. “I spent like two or three grand and it felt like I spent a million dollars. I didn’t know how to spend money.”

Today, Thompson spends his millions on experiences or things that add value to his and other people’s lives. His latest splurge was a boat, he told Cater: “I know I’m going to get use out of it because the water brings me peace.” Plus, “with my foundation, I’m going to have the ability to take kids out to go fishing, which is really cool to me,” added Thompson, who launched an organization to enrich the lives of kids in the U.S. and the Bahamas through fitness and education.

Ultimately, “Wealth is a mindset,” he said. “If you have relationships and experiences around you, those are priceless. That’s better than any car or big house you can get.”

Don’t miss: Celtics star Jayson Tatum saves 100% of his $7.8 million NBA salary

Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: kathleen elkins
Keywords: news, cnbc, companies, ofheres, klay, bought, thompson, million, paycheck, going, warriors, big, star, today, told, money, think, nba


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Bezos says ‘the country is in trouble’ if big tech turns its back on the Pentagon: ‘We are the good guys’

SIMI VALLEY, Calif. — Amazon CEO and founder Jeff Bezos gave a dismal outlook for the nation if U.S. tech companies decide to not support the Pentagon’s war business. “If big tech is going to turn their backs on the Department of Defense, this country is in trouble, that just can’t happen,” Bezos said at the annual Reagan National Defense Forum in Simi Valley, California. As Silicon Valley courts a closer relationship with the Pentagon, tech firms have faced backlash for pursuing lucrative Defen


SIMI VALLEY, Calif. — Amazon CEO and founder Jeff Bezos gave a dismal outlook for the nation if U.S. tech companies decide to not support the Pentagon’s war business.
“If big tech is going to turn their backs on the Department of Defense, this country is in trouble, that just can’t happen,” Bezos said at the annual Reagan National Defense Forum in Simi Valley, California.
As Silicon Valley courts a closer relationship with the Pentagon, tech firms have faced backlash for pursuing lucrative Defen
Bezos says ‘the country is in trouble’ if big tech turns its back on the Pentagon: ‘We are the good guys’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: amanda macias
Keywords: news, cnbc, companies, country, contract, bezos, going, valley, support, defense, good, tech, department, turns, big, trouble, amazon, pentagon, washington, guys


Bezos says 'the country is in trouble' if big tech turns its back on the Pentagon: 'We are the good guys'

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., listens during an Economic Club of Washington discussion in Washington, D.C., U.S., on Thursday, Sept. 13, 2018.

SIMI VALLEY, Calif. — Amazon CEO and founder Jeff Bezos gave a dismal outlook for the nation if U.S. tech companies decide to not support the Pentagon’s war business.

“If big tech is going to turn their backs on the Department of Defense, this country is in trouble, that just can’t happen,” Bezos said at the annual Reagan National Defense Forum in Simi Valley, California.

“Look I understand these are emotional issues, that’s okay, we don’t have to agree on everything, but this is how we are going to do it, we are going to support the Department of Defense. This country is important,” he added.

As Silicon Valley courts a closer relationship with the Pentagon, tech firms have faced backlash for pursuing lucrative Defense Department contracts.

Last year, Google announced that it was working with the U.S. military to analyze drone videos by using artificial intelligence.

The controversial contract, dubbed Project Maven, caused thousands of employees to protest the initiative.

In the wake of the firestorm, Google decided to not renew the contract upon its expiry in March 2019.

Loosely referencing the sequence of events in the wake of Google’s Project Maven, Bezos said that tech firms should support the U.S. military’s efforts.

“I know it’s complicated but you know, do you want a strong national defense or don’t you? I think you do. So we have to support that,” he said.

“We are the good guys, I really do believe that,” Bezos said.

Bezos’ comments come on the heels of Amazon’s decision to contest the Pentagon’s cloud-computing contract awarded to Microsoft.

Read more: Amazon cites ‘unmistakable bias’ in Microsoft’s military cloud contract win

The Pentagon said Oct. 25 that Microsoft had won the Joint Enterprise Defense Infrastructure Cloud contract, which could span 10 years and be worth up to $10 billion.

“Numerous aspects of the JEDI evaluation process contained clear deficiencies, errors, and unmistakable bias — and it’s important that these matters be examined and rectified,” Amazon told CNBC in an email.

Trump often criticizes Amazon and Bezos, who also owns The Washington Post.


Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: amanda macias
Keywords: news, cnbc, companies, country, contract, bezos, going, valley, support, defense, good, tech, department, turns, big, trouble, amazon, pentagon, washington, guys


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Biden says Trump’s pressure on the Federal Reserve is an abuse of power

President Donald Trump’s attacks on the Federal Reserve and its chairman, Jerome Powell, are an abuse of power and represent a “big mistake” for the administration, 2020 Democratic presidential front-runner Joe Biden said in an interview with CNBC. “I’m not going to get into the personalities, but I do say this: The president should not be trying to pressure the Fed,” Biden said in the interview with John Harwood. It’s a big mistake. A big mistake, and I would not do that,” the former vice presi


President Donald Trump’s attacks on the Federal Reserve and its chairman, Jerome Powell, are an abuse of power and represent a “big mistake” for the administration, 2020 Democratic presidential front-runner Joe Biden said in an interview with CNBC.
“I’m not going to get into the personalities, but I do say this: The president should not be trying to pressure the Fed,” Biden said in the interview with John Harwood.
It’s a big mistake.
A big mistake, and I would not do that,” the former vice presi
Biden says Trump’s pressure on the Federal Reserve is an abuse of power Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: thomas franck
Keywords: news, cnbc, companies, federal, reserve, fed, interview, abuse, criticism, way, presidents, president, biden, power, big, mistake, trumps, pressure


Biden says Trump's pressure on the Federal Reserve is an abuse of power

President Donald Trump’s attacks on the Federal Reserve and its chairman, Jerome Powell, are an abuse of power and represent a “big mistake” for the administration, 2020 Democratic presidential front-runner Joe Biden said in an interview with CNBC.

“I’m not going to get into the personalities, but I do say this: The president should not be trying to pressure the Fed,” Biden said in the interview with John Harwood. “That’s supposed to be an independent entity out here. It’s just like how he pressures the military and intervenes in the chain of command.”

“It’s his way of abusing power across the board. It’s a big mistake. A big mistake, and I would not do that,” the former vice president added.

Powell has stressed the importance of the Fed’s independence from political influence throughout his tenure, almost always in response to the president’s criticisms.

Though other presidents have tried to coerce the Fed into accommodative monetary policy in the past, prior criticism by presidents has been less personal and less frequent. Trump has been outspoken in his criticism of the Fed for nearly two years.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: thomas franck
Keywords: news, cnbc, companies, federal, reserve, fed, interview, abuse, criticism, way, presidents, president, biden, power, big, mistake, trumps, pressure


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Americans spend more than $72 billion on pets—here’s how dogs and cats became big business

Americans spent $72 billion on their pets in 2018. As some delay having children and starting families, more and more end up treating their pets as surrogate children. “The millennial suburban, urbanites essentially have their pets as their quasi children,” Guggenheim Securities analyst David Westenberg said. “So as you see people moving to urban environment and people getting married later, essentially you have your dog being the surrogate children.” Watch the video above to learn more about ho


Americans spent $72 billion on their pets in 2018.
As some delay having children and starting families, more and more end up treating their pets as surrogate children.
“The millennial suburban, urbanites essentially have their pets as their quasi children,” Guggenheim Securities analyst David Westenberg said.
“So as you see people moving to urban environment and people getting married later, essentially you have your dog being the surrogate children.”
Watch the video above to learn more about ho
Americans spend more than $72 billion on pets—here’s how dogs and cats became big business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: natalie zhang
Keywords: news, cnbc, companies, westenberg, pets, children, spend, dogs, cats, surrogate, americans, petsheres, way, essentially, business, big, video, billion


Americans spend more than $72 billion on pets—here's how dogs and cats became big business

Americans spent $72 billion on their pets in 2018.

From tech gadget toys to specialized veterinary care, humans now splurge on dogs and cats the same way they might do on themselves or a child.

It’s part of a trend called the ‘humanization’ of pets. A big driver behind this movement? Millennials. As some delay having children and starting families, more and more end up treating their pets as surrogate children.

“The millennial suburban, urbanites essentially have their pets as their quasi children,” Guggenheim Securities analyst David Westenberg said. “So as you see people moving to urban environment and people getting married later, essentially you have your dog being the surrogate children.”

Watch the video above to learn more about how Americans’ love for pets turned into a $72 billion a year industry.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: natalie zhang
Keywords: news, cnbc, companies, westenberg, pets, children, spend, dogs, cats, surrogate, americans, petsheres, way, essentially, business, big, video, billion


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Hong Kong police chief calls for peace ahead of big protest march

Hong Kong’s police chief has urged citizens to demonstrate peacefully ahead of what is expected to be a large-scale pro-democracy march on Sunday, an event planned amid a lull in violence in the Chinese-ruled city. Speaking to reporters before departing for a “courtesy visit” to Beijing, newly-installed police commissioner Chris Tang urged Hong Kongers to set a global example. “We hope our citizens can show the whole world (that) Hong Kong people are capable of holding a large scale rally in an


Hong Kong’s police chief has urged citizens to demonstrate peacefully ahead of what is expected to be a large-scale pro-democracy march on Sunday, an event planned amid a lull in violence in the Chinese-ruled city.
Speaking to reporters before departing for a “courtesy visit” to Beijing, newly-installed police commissioner Chris Tang urged Hong Kongers to set a global example.
“We hope our citizens can show the whole world (that) Hong Kong people are capable of holding a large scale rally in an
Hong Kong police chief calls for peace ahead of big protest march Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, calls, visit, expected, peace, hong, urged, prodemocracy, big, beijing, kong, ahead, world, citizens, protest, chief


Hong Kong police chief calls for peace ahead of big protest march

Hong Kong’s police chief has urged citizens to demonstrate peacefully ahead of what is expected to be a large-scale pro-democracy march on Sunday, an event planned amid a lull in violence in the Chinese-ruled city.

Police on Thursday gave a rare green light to the demonstration, organized by the Civil Human Rights Front, the group that called the million-strong marches in the summer. Sunday’s march is a key gauge of the pro-democracy movement’s support following its sweeping victory in local elections.

Speaking to reporters before departing for a “courtesy visit” to Beijing, newly-installed police commissioner Chris Tang urged Hong Kongers to set a global example.

“We hope our citizens can show the whole world (that) Hong Kong people are capable of holding a large scale rally in an orderly and peaceful manner,” he said. “We urge the organizer to assist the police on maintaining the order.”

Tang was traveling to meet with senior officials from the ministry of public security in Beijing and is expected to return to Hong Kong on Sunday.

The unrest in Hong Kong is the biggest popular challenge to Chinese President Xi Jinping since he came to power in 2012.


Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, calls, visit, expected, peace, hong, urged, prodemocracy, big, beijing, kong, ahead, world, citizens, protest, chief


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

A certified fraud examiner lays out three big investing red flags

A certified fraud examiner lays out three big investing red flags1 Hour AgoDavid Byrne, founder of BrightLights and a certified fraud examiner, joins “Squawk Box” to discuss the red flags he encourages people to look out for when investing.


A certified fraud examiner lays out three big investing red flags1 Hour AgoDavid Byrne, founder of BrightLights and a certified fraud examiner, joins “Squawk Box” to discuss the red flags he encourages people to look out for when investing.
A certified fraud examiner lays out three big investing red flags Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, examiner, big, lays, red, hour, flags, squawk, look, certified, investing, joins, fraud


A certified fraud examiner lays out three big investing red flags

A certified fraud examiner lays out three big investing red flags

1 Hour Ago

David Byrne, founder of BrightLights and a certified fraud examiner, joins “Squawk Box” to discuss the red flags he encourages people to look out for when investing.


Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, examiner, big, lays, red, hour, flags, squawk, look, certified, investing, joins, fraud


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Big changes could be in store for student loan borrowers

However, Mark Kantrowitz, a student loan expert, doubts the move would solve any problems. The contracts are often framed as a potential solution to the student debt crisis, although consumer advocates have concerns about them. Sen. Bernie Sanders has proposed wiping out the country’s $1.6 trillion outstanding student loan tab. Under Sen. Elizabeth Warren’s plan, borrowers with household incomes of less than $100,000 would get $50,000 of their student debt forgiven. “It’s the first Republican su


However, Mark Kantrowitz, a student loan expert, doubts the move would solve any problems.
The contracts are often framed as a potential solution to the student debt crisis, although consumer advocates have concerns about them.
Sen. Bernie Sanders has proposed wiping out the country’s $1.6 trillion outstanding student loan tab.
Under Sen. Elizabeth Warren’s plan, borrowers with household incomes of less than $100,000 would get $50,000 of their student debt forgiven.
“It’s the first Republican su
Big changes could be in store for student loan borrowers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: annie nova
Keywords: news, cnbc, companies, outstanding, sanders, borrowers, loan, kantrowitz, education, department, big, forgiveness, student, changes, store, debt


Big changes could be in store for student loan borrowers

CNBC | Jaden Urbi

Outstanding education debt has outpaced credit card and auto debt. The average college graduate leaves school $30,000 in the red today, up from $10,000 in the 1990s. Nearly 40% of students who took out loans in 2004 will default on their debt by 2023, according to the Education Department’s own figures released this week. Meanwhile, five years after graduation, half of borrowers are still only paying the interest on their debt. Which proposals come to fruition remains to be seen, but one thing is clear: As discontent with the current system remains, discussions about changing it will, too, wear on.

U.S. Education Department weighs changes

Betsy DeVos, United States Secretary of Education Michael Brochstein | SOPA Images | LightRocket | Getty Images

DeVos is proposing to spin off the $1.6 trillion federal student loan portfolio from the Education Department to its own agency. “Congress never set up the U.S. Department of Education to be a bank,” DeVos said this week at a conference of financial aid professionals. However, Mark Kantrowitz, a student loan expert, doubts the move would solve any problems. “Perhaps it’s seen as a first step in privatization?” Kantrowitz said. Indeed, The Wall Street Journal reported earlier this year that the Education Department was considering selling all or portions of the outstanding portfolio to private investors. Diane Auer Jones, principal deputy under secretary at the U.S. Education Department, recently said that the government may offer income-sharing agreements. The contracts are often framed as a potential solution to the student debt crisis, although consumer advocates have concerns about them. Here’s how they work: Unlike a traditional loan, the recipient doesn’t pay anything back until he or she secures a job following graduation. Then the borrower is on the hook for a certain percentage of his or her income for a set period of years. “It’s simply a disguised form of borrowing,” said Ann Larson, co-founder of The Debt Collective, an activist group.

A fresh start

U.S. Representative Alexandria Ocasio-Cortez & U.S. Senator Bernie Sanders on stage at Bernie Sanders Rally “Bernie’s Back” in Queensbridge Park. She endorses him for President of USA. Lev Radin | LightRocket | Getty Images

Most people struggling with student loans probably didn’t imagine debt forgiveness could be in their future. Now, leading Democratic presidential candidates are calling for such a reset. Sen. Bernie Sanders has proposed wiping out the country’s $1.6 trillion outstanding student loan tab. Essentially, all borrowers would be freed from their debt. “This is truly a revolutionary proposal,” Sanders told The Washington Post. Under Sen. Elizabeth Warren’s plan, borrowers with household incomes of less than $100,000 would get $50,000 of their student debt forgiven. People who earn between $100,000 and $250,000 would be eligible for forgiveness on a sliding scale – that $50,000 in debt relief drops by $1 for every $3 a person earns over $100,000. And those who earn more than $250,000 would be ineligible for debt forgiveness.

A. Wayne Johnson, who used to oversee the country’s outstanding student debt and might be running for a Senate seat in Georgia, made headlines earlier this year when he proposed forgiving $50,000 in student debt for all borrowers, about $925 billion. “It’s the first Republican support for widespread student loan forgiveness,” Kantrowitz said. “That makes it a bipartisan issue.”

Higher Education Act


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: annie nova
Keywords: news, cnbc, companies, outstanding, sanders, borrowers, loan, kantrowitz, education, department, big, forgiveness, student, changes, store, debt


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Tiffany shares down after a big earnings miss

Tiffany shares were down slightly on Thursday after the luxury jeweler reported earnings and revenue that fell short of analyst expectations. Revenue was unchanged at $1.015 billion from a year earlier, but lower than the $1.037 billion analysts were expecting. The earnings report came a week after French luxury giant LVMH reached a deal to acquire Tiffany for $16.2 billion, or $135 a share, in cash. For its fiscal year ending Jan. 31, 2020, Tiffany was originally calling for net sales globally


Tiffany shares were down slightly on Thursday after the luxury jeweler reported earnings and revenue that fell short of analyst expectations.
Revenue was unchanged at $1.015 billion from a year earlier, but lower than the $1.037 billion analysts were expecting.
The earnings report came a week after French luxury giant LVMH reached a deal to acquire Tiffany for $16.2 billion, or $135 a share, in cash.
For its fiscal year ending Jan. 31, 2020, Tiffany was originally calling for net sales globally
Tiffany shares down after a big earnings miss Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: elly cosgrove
Keywords: news, cnbc, companies, analysts, miss, luxury, billion, sales, lvmh, tiffany, big, share, earnings, shares, cents, net


Tiffany shares down after a big earnings miss

A shopper carries a Tiffany & Co. retail bag on Fifth Avenue in New York, May 30, 2019.

Tiffany shares were down slightly on Thursday after the luxury jeweler reported earnings and revenue that fell short of analyst expectations.

Here’s what Tiffany reported compared with what analysts were expecting, based on a survey of analysts by Refinitiv:

Earnings per share, adjusted: 65 cents vs. 85 cents expected

Revenue: $1.015 billion vs. $1.037 billion expected

Same store sales: unchanged vs. expected 1.4% gain

In the third quarter ended Oct. 31, Tiffany said net income decreased by 17% to $78 million, or 65 cents per share, from $95 million, or 77 cents per share, a year earlier. Analysts were expecting Tiffany to earn 85 cents per share in the quarter.

Revenue was unchanged at $1.015 billion from a year earlier, but lower than the $1.037 billion analysts were expecting. Same store sales were also unchanged from a year earlier, compared with the growth of 1.4% analysts were expecting. Excluding Hong Kong, where anti-government protests has disrupted commerce, Tiffany said worldwide net sales and sales at stores open at least a year increased by 4% and 3%, respectively, from the prior year.

“Our underlying business remains healthy with sales attributed to local customers on a global basis growing in the third quarter, led by strong double-digit growth in the Chinese Mainland offset in part by softness in domestic sales in the Americas,” Tiffany CEO Alessandro Bogliolo said in a statement.

The earnings report came a week after French luxury giant LVMH reached a deal to acquire Tiffany for $16.2 billion, or $135 a share, in cash. The boards of both companies approved the deal and the transaction is expected to close in the middle of 2020, subject to approval from Tiffany’s shareholders and regulatory approvals.

The move, announced Nov. 25, will give LVMH greater access to U.S. luxury consumers and strengthen its position in the jewelry space. LVMH’s brands include Moet & Chandon, Dom Perignon, Givenchy and Louis Vuitton.

Tiffany, founded in New York in 1837, has struggled with growth in recent years. The company had falling annual sales and profit since 2015 before a revenue turnaround in 2017.

“We are very excited about the recently announced transaction with LVMH and, pending the required approvals, look forward to becoming part of the LVMH family of exceptional luxury brands,” Bogliolo said.

In its second quarter, Tiffany reported earnings that topped analysts’ expectations, but its revenue fell as protests in Hong Kong disrupted sales and tourists spent less across the U.S.

Management said in the last earnings report that if the situation worsened in Hong Kong, its fourth largest market, full-year sales results could fall closer to the lower end of its forecast.

For its fiscal year ending Jan. 31, 2020, Tiffany was originally calling for net sales globally to increase by a low-single-digit percentage, and for net earnings per share to increase by a low-to-mid-single-digit percentage. However, after the luxury jeweler reached the deal with LVMH, it said in an SEC filing it would no longer be providing guidance and that its most updated projection would no longer be in effect.

Tiffany is also renovating its New York flagship store on Manhattan’s Fifth Avenue with an anticipated completion in the fourth quarter of 2021. The company said it expects to spend 1% to 2% of worldwide net sales each year on the project. The iconic flagship store accounts for as much as 10% of annual sales.

Tiffany had a market cap of $16 billion at Wednesday’s close.

Read the company’s full earnings release here.


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: elly cosgrove
Keywords: news, cnbc, companies, analysts, miss, luxury, billion, sales, lvmh, tiffany, big, share, earnings, shares, cents, net


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Legalized sports betting has had ‘big influence’ on increased NFL ratings, Giants co-owner says

Legalized sports betting has had a significant role in improved NFL television ratings, New York Giants co-owner Jonathan Tisch told CNBC on Thursday. “Obviously, if you’re betting on a certain game, you’re going to watch to see what happens and you’re going to watch until the bitter end because there are many games that are won on a field goal with three seconds left.” Through Monday, TV viewership for NFL games is up more than 5% from last year, to 16.7 million people, while digital viewership


Legalized sports betting has had a significant role in improved NFL television ratings, New York Giants co-owner Jonathan Tisch told CNBC on Thursday.
“Obviously, if you’re betting on a certain game, you’re going to watch to see what happens and you’re going to watch until the bitter end because there are many games that are won on a field goal with three seconds left.”
Through Monday, TV viewership for NFL games is up more than 5% from last year, to 16.7 million people, while digital viewership
Legalized sports betting has had ‘big influence’ on increased NFL ratings, Giants co-owner says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, big, betting, youre, tisch, legalized, influence, increased, coowner, going, watch, games, role, giants, nfl, ratings


Legalized sports betting has had 'big influence' on increased NFL ratings, Giants co-owner says

Legalized sports betting has had a significant role in improved NFL television ratings, New York Giants co-owner Jonathan Tisch told CNBC on Thursday.

“That is certainly a big influence,” Tisch said on “Power Lunch.” “Obviously, if you’re betting on a certain game, you’re going to watch to see what happens and you’re going to watch until the bitter end because there are many games that are won on a field goal with three seconds left.”

Tisch also said fantasy football continues to play a role in fans choosing to bypass buying a ticket and going to the stadium, instead opting to stay home or go to a bar to watch on TV.

Through Monday, TV viewership for NFL games is up more than 5% from last year, to 16.7 million people, while digital viewership has risen around 49% compared with 2018, according to CNBC’s Julia Boorstin.

NFL ratings grew by about 5% on average last season, after two years of decline.

If sports betting is playing a role in improved ratings, it would certainly not be the only factor. They also are likely receiving a boost from competitive games on the field and the emergence of exciting young stars such as Baltimore Ravens’ quarterback Lamar Jackson, according to The Hollywood Reporter.

Off-field discussion around social justice protests and player safety also are no longer center stage.

Questions about the impact legalized sports betting would have on professional sports leagues have been commonplace since the Supreme Court struck down a federal law in May 2018 that effectively made it illegal in most states.

Since the ruling, the number of states that have legalized it has risen to 13, according to the American Gaming Association. Six more states and the District of Columbia are working to open legal markets soon.

Tisch said he believes the impact of sports betting will continue to grow, suggesting there will be a day when a sports fan could place a bet from inside the stadium.

“I think the NFL is getting ready for it,” Tisch said in response to a question about whether the Giants were specifically preparing for it. The team plays its home games in New Jersey, which has legalized sports betting.

Due to the NFL’s revenue-sharing structure among its 32 teams, decisions about how to distribute betting revenue would need to take place at a level beyond just one franchise, Tisch said.

But, he said, “I’m sure the NFL is in constant conversation about how all this is going to unfold.”


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, big, betting, youre, tisch, legalized, influence, increased, coowner, going, watch, games, role, giants, nfl, ratings


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post