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

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


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


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

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

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

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

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

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

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


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


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Worries about Saudi Arabia are thumping shares of one of Japan’s biggest tech companies

Global concerns about a missing Saudi journalist are dragging down one of Japan’s largest tech giants. Conglomerate SoftBank saw its stock fall by 7.27 percent on Monday by the end of the trading day in Tokyo. In fact, a significant amount of SoftBank’s investment capital comes from the country, which is now under withering global scrutiny amid concerns about the disappearance and suspected killing of journalist Jamal Khashoggi. Analysts attributed the Monday stock move to the questions swirling


Global concerns about a missing Saudi journalist are dragging down one of Japan’s largest tech giants. Conglomerate SoftBank saw its stock fall by 7.27 percent on Monday by the end of the trading day in Tokyo. In fact, a significant amount of SoftBank’s investment capital comes from the country, which is now under withering global scrutiny amid concerns about the disappearance and suspected killing of journalist Jamal Khashoggi. Analysts attributed the Monday stock move to the questions swirling
Worries about Saudi Arabia are thumping shares of one of Japan’s biggest tech companies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: eustance huang, alessandro di ciommo, nurphoto, getty images
Keywords: news, cnbc, companies, investors, tech, stock, global, withering, shares, companies, thumping, japans, biggest, concerns, arabia, wework, worries, journalist, saudi


Worries about Saudi Arabia are thumping shares of one of Japan's biggest tech companies

Global concerns about a missing Saudi journalist are dragging down one of Japan’s largest tech giants.

Conglomerate SoftBank saw its stock fall by 7.27 percent on Monday by the end of the trading day in Tokyo. The company, which has reshaped the global technology landscape with investments in companies such as co-working space operator WeWork, Indian e-commerce heavyweight Flipkart, and ride-hailing giants Uber, Didi Chuxing, Grab and Ola, has close ties to the Saudi Arabia government.

In fact, a significant amount of SoftBank’s investment capital comes from the country, which is now under withering global scrutiny amid concerns about the disappearance and suspected killing of journalist Jamal Khashoggi.

Analysts attributed the Monday stock move to the questions swirling about how other countries and investors will respond to the kingdom.

“We are seeing a massive backlash right now on Tech companies and investors who are receiving funding from the Saudi Arabian government,” Ray Wang, principal analyst and founder at Constellation Research, told CNBC in an email.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: eustance huang, alessandro di ciommo, nurphoto, getty images
Keywords: news, cnbc, companies, investors, tech, stock, global, withering, shares, companies, thumping, japans, biggest, concerns, arabia, wework, worries, journalist, saudi


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Stocks making the biggest moves after hours: Adobe, JB Hunt and more

Adobe stock rose nearly 6 percent during after-hours trading after it announced its growth strategy on Monday at its analyst meeting. Thomson Reuters predicts its fourth quarter earnings per share to be $1.89 and its revenue to be $2.43 billion. J.B. Hunt Transport Services fell as low as 3 percent during after-hours trading on Monday after the trucking company reported mixed third quarter earnings. The company reported earnings per share of $1.47, which beat analyst estimates of $1.38 per share


Adobe stock rose nearly 6 percent during after-hours trading after it announced its growth strategy on Monday at its analyst meeting. Thomson Reuters predicts its fourth quarter earnings per share to be $1.89 and its revenue to be $2.43 billion. J.B. Hunt Transport Services fell as low as 3 percent during after-hours trading on Monday after the trucking company reported mixed third quarter earnings. The company reported earnings per share of $1.47, which beat analyst estimates of $1.38 per share
Stocks making the biggest moves after hours: Adobe, JB Hunt and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: waverly colville, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, revenue, transaction, hunt, hours, estimates, adobe, stock, jb, share, biggest, analyst, company, billion, making, earnings, moves, trading, stocks


Stocks making the biggest moves after hours: Adobe, JB Hunt and more

Adobe stock rose nearly 6 percent during after-hours trading after it announced its growth strategy on Monday at its analyst meeting. It estimates that its 2019 revenue to grow 20 percent year over year and its digital experience subscription bookings to grow by 25 percent. Thomson Reuters predicts its fourth quarter earnings per share to be $1.89 and its revenue to be $2.43 billion.

J.B. Hunt Transport Services fell as low as 3 percent during after-hours trading on Monday after the trucking company reported mixed third quarter earnings. The company reported earnings per share of $1.47, which beat analyst estimates of $1.38 per share. Revenues, however, missed expectations, with the company reporting $2.21 billion, coming in slightly below analyst estimates of $2.2 billion. J.B. Hunt stock later regained most of its post-market losses and traded positive.

Shares of Twilio, a cloud communications company, fell about 4 percent in post-market trading after announcing that it will acquire SendGrid in a $2 billion all-stock transaction. This equates to about $36.92 a share based on Monday’s closing price. The transaction is expected to close in 2019.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: waverly colville, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, revenue, transaction, hunt, hours, estimates, adobe, stock, jb, share, biggest, analyst, company, billion, making, earnings, moves, trading, stocks


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Jeff Bezos says tech’s biggest problems don’t have solutions yet, but ‘we’ll figure them out’

Amazon CEO Jeff Bezos said Wednesday that Silicon Valley’s biggest problems don’t have solutions yet, but “we’ll figure them out.” And this isn’t new,” Bezos said at the Wired 25th anniversary summit. Social media companies such as Facebook and Twitter have also come under worsening fire. “I think social media is increasing, unfortunately, identity politics, tribalism. I think the internet in its current incarnation is a confirmation bias machine,” Bezos said.


Amazon CEO Jeff Bezos said Wednesday that Silicon Valley’s biggest problems don’t have solutions yet, but “we’ll figure them out.” And this isn’t new,” Bezos said at the Wired 25th anniversary summit. Social media companies such as Facebook and Twitter have also come under worsening fire. “I think social media is increasing, unfortunately, identity politics, tribalism. I think the internet in its current incarnation is a confirmation bias machine,” Bezos said.
Jeff Bezos says tech’s biggest problems don’t have solutions yet, but ‘we’ll figure them out’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sara salinas, matt winkelmeyer, getty images
Keywords: news, cnbc, companies, wired, problems, techs, solutions, bad, jeff, companies, dont, write, biggest, book, worsening, figure, media, think, bezos, books


Jeff Bezos says tech's biggest problems don't have solutions yet, but 'we'll figure them out'

Amazon CEO Jeff Bezos said Wednesday that Silicon Valley’s biggest problems don’t have solutions yet, but “we’ll figure them out.”

“Technologies always are two-sided. There are ways they can be misused as well as used. And this isn’t new,” Bezos said at the Wired 25th anniversary summit. “The book was invented, and people could write really evil books and lead bad revolutions with them and create fascist empires with books and so on and so on. It doesn’t mean the book is bad.”

Amazon has been among the most heavily scrutinized tech companies in recent months, as insiders and lawmakers continue to call for reviews of the behemoth’s impact on competition. President Donald Trump has hinted at antitrust action against the company.

Social media companies such as Facebook and Twitter have also come under worsening fire.

“I think social media is increasing, unfortunately, identity politics, tribalism. I think the internet in its current incarnation is a confirmation bias machine,” Bezos said.

“Society develops an immune response eventually to the bad uses of new technology. But it takes time,” he said. “The last thing we ever want to do is stop the progress of new technologies.”


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sara salinas, matt winkelmeyer, getty images
Keywords: news, cnbc, companies, wired, problems, techs, solutions, bad, jeff, companies, dont, write, biggest, book, worsening, figure, media, think, bezos, books


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This chart shows why October has such a scary reputation on Wall Street

There may be one reason why investors fear October so much despite stocks averaging a gain this time of the year: it tends to be the most volatile month of the calendar. On average, the S&P 500 posts a daily move of at least 1 percent on 10.3 percent of October’s trading days, according to data from CFRA Research going back to 1950. That’s more than any other month, the data show. The 1929 crash took place in October, as did the one in 1987, which saw the S&P 500 lose more than 20 percent of its


There may be one reason why investors fear October so much despite stocks averaging a gain this time of the year: it tends to be the most volatile month of the calendar. On average, the S&P 500 posts a daily move of at least 1 percent on 10.3 percent of October’s trading days, according to data from CFRA Research going back to 1950. That’s more than any other month, the data show. The 1929 crash took place in October, as did the one in 1987, which saw the S&P 500 lose more than 20 percent of its
This chart shows why October has such a scary reputation on Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: fred imbert
Keywords: news, cnbc, companies, reputation, street, scary, 500, month, wall, biggest, thats, value, data, took, shows, volatile, chart, trading, sp


This chart shows why October has such a scary reputation on Wall Street

There may be one reason why investors fear October so much despite stocks averaging a gain this time of the year: it tends to be the most volatile month of the calendar.

On average, the S&P 500 posts a daily move of at least 1 percent on 10.3 percent of October’s trading days, according to data from CFRA Research going back to 1950. That’s more than any other month, the data show.

Some of the biggest market crashes ever have also happened in October. The 1929 crash took place in October, as did the one in 1987, which saw the S&P 500 lose more than 20 percent of its value in one day. The 2008 financial crisis’ biggest sell-offs also occurred in the month.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: fred imbert
Keywords: news, cnbc, companies, reputation, street, scary, 500, month, wall, biggest, thats, value, data, took, shows, volatile, chart, trading, sp


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Saudi stocks plunge on Khashoggi fallout; biggest drop since 2014

Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul. U.S. President Donald Trump said on Saturday there would be “severe punishment” for Saudi Arabia if it turned out that Khashoggi was killed in the consulate. Saudi Arabia said on Sunday it would retaliate to possible economic sanctions taken by other states over the case of Khashoggi, the state news agency SPA reported quoting an official source. Saudi Arabia thanked


Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul. U.S. President Donald Trump said on Saturday there would be “severe punishment” for Saudi Arabia if it turned out that Khashoggi was killed in the consulate. Saudi Arabia said on Sunday it would retaliate to possible economic sanctions taken by other states over the case of Khashoggi, the state news agency SPA reported quoting an official source. Saudi Arabia thanked
Saudi stocks plunge on Khashoggi fallout; biggest drop since 2014 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-14  Authors: yasin akgul, afp, getty images
Keywords: news, cnbc, companies, think, states, plunge, khashoggi, disappearance, foreign, fallout, riyadh, stocks, way, biggest, sanctions, arabia, drop, saudi


Saudi stocks plunge on Khashoggi fallout; biggest drop since 2014

But regional traders said speculation the Khashoggi case might deter some inflows of foreign investment – and that a backlash in the U.S. Congress could lead to U.S. sanctions against some Saudi individuals – had triggered panic selling of stocks by some local investors.

“It seems that international accounts are punishing the Saudi exchange,” a regional broker added.

Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul. Turkey believes he was deliberately killed inside the building and his body removed. Riyadh has dismissed the claims.

U.S. President Donald Trump said on Saturday there would be “severe punishment” for Saudi Arabia if it turned out that Khashoggi was killed in the consulate.

Saudi Arabia said on Sunday it would retaliate to possible economic sanctions taken by other states over the case of Khashoggi, the state news agency SPA reported quoting an official source.

The kingdom will respond to any measure against it with bigger measures, the source said, adding: “The Saudi economy has vital and influential roles for the global economy.”

The embassy in Washington later issued a tweet to clarify the statement. Saudi Arabia thanked countries including the United States “for refraining from jumping to conclusions” over the disappearance of Khashoggi.

Britain, France and Germany called on the Saudi and Turkish authorities on Sunday to mount a “credible investigation” into the disappearance of Khashoggi, saying they were treating the incident with “the utmost seriousness.”

“There needs to be a credible investigation to establish the truth about what happened, and – if relevant – to identify those bearing responsibility for the disappearance of Jamal Khashoggi, and ensure that they are held to account,” foreign ministers from the three countries said in a joint statement.

Britain would have to think about the appropriate way to react if it was proven that Saudi Arabia was behind the disappearance of Khashoggi, foreign minister Jeremy Hunt said on Sunday.

“I don’t want to get drawn into hypotheticals because we don’t know the facts yet, but we have been very, very clear that if these stories are true, that would be totally appalling and we would have to think about the appropriate way to react in that situation,” he told British television

Media companies and some technology executives have pulled out of a major Saudi investment conference scheduled for next week in Riyadh because of growing outrage over the disappearance.

Other stock markets in the Gulf opened higher on Sunday but began falling as Riyadh plunged, with the Dubai index sinking 1.4 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-14  Authors: yasin akgul, afp, getty images
Keywords: news, cnbc, companies, think, states, plunge, khashoggi, disappearance, foreign, fallout, riyadh, stocks, way, biggest, sanctions, arabia, drop, saudi


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How Taylor Swift’s political endorsement could become the ‘biggest ripple ever’ at the polls

Last week, pop star Taylor Swift made waves by breaking her stance of political neutrality, and backing Democratic congressional candidates in her home state of Tennessee. However, it remains to be seen whether these new voters will actually turn out for Swift’s chosen candidates on Election Day. Some political observers have their doubts, and history is littered with celebrity political endorsements — overwhelmingly in favor of Democratic candidates — that failed to translate into actual votes.


Last week, pop star Taylor Swift made waves by breaking her stance of political neutrality, and backing Democratic congressional candidates in her home state of Tennessee. However, it remains to be seen whether these new voters will actually turn out for Swift’s chosen candidates on Election Day. Some political observers have their doubts, and history is littered with celebrity political endorsements — overwhelmingly in favor of Democratic candidates — that failed to translate into actual votes.
How Taylor Swift’s political endorsement could become the ‘biggest ripple ever’ at the polls Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-13  Authors: daniel bukszpan, axelle bauer-griffin getty images
Keywords: news, cnbc, companies, getting, political, democratic, biggest, jones, candidates, ripple, votes, taylor, trippi, attention, polls, swifts, endorsement, election, voters


How Taylor Swift's political endorsement could become the 'biggest ripple ever' at the polls

Last week, pop star Taylor Swift made waves by breaking her stance of political neutrality, and backing Democratic congressional candidates in her home state of Tennessee.

The effect of Swift’s surprise endorsement, which was made via an Instagram post, were felt right away, as thousands of people between the ages of 18 and 29 registered to vote, according to Vote.org. However, it remains to be seen whether these new voters will actually turn out for Swift’s chosen candidates on Election Day.

Some political observers have their doubts, and history is littered with celebrity political endorsements — overwhelmingly in favor of Democratic candidates — that failed to translate into actual votes. Meanwhile, the latest polling data show incumbent Republican Sen. Marsha Blackburn with a sizable lead over her Democratic challenger, Phil Bredesen, who Swift urged her followers to back next month.

Yet veteran Democratic strategist Joe Trippi, who worked on the 2004 presidential campaign of Howard Dean, the 2010 campaign of California Gov. Jerry Brown and most recently the successful Senate bid of Alabama’s Doug Jones, characterized celebrity endorsements as generating awareness and interest about an election, instead of mobilizing voters.

“It’s not so much about changing minds as getting people who aren’t paying attention,” Trippi told CNBC. “When Charles Barkley came out for Doug Jones in the final weeks of the Alabama special election, we noticed that younger voters weren’t paying much attention to the race, but the polling was for us,” he said. “Charles Barkley really grabbed some of the spotlight with young voters.”

Trippi added that getting the attention of otherwise disengaged voters helped put Jones over the top, in a race where the margin of victory was razor-thin.

“Doug Jones won Alabama by 23,000 votes,” he said. “So it can make a difference, not because of changing minds but because you’re getting the attention and focus of groups that aren’t big turnout demographics.”


Company: cnbc, Activity: cnbc, Date: 2018-10-13  Authors: daniel bukszpan, axelle bauer-griffin getty images
Keywords: news, cnbc, companies, getting, political, democratic, biggest, jones, candidates, ripple, votes, taylor, trippi, attention, polls, swifts, endorsement, election, voters


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Why a former Activision Blizzard exec is diving into one of esports’ biggest leagues

A top competitive gaming team has welcomed Mike Sepso, an esports veteran and former Activision Blizzard senior vice president, to its roster, underscoring the sector’s surging growth. The New York Excelsior (NYXL) revealed Thursday that Sepso, co-founder of Major League Gaming who recently left Activision Blizzard, had joined NYXL. OWL’s global city-based franchise structure is still the first of its kind and, according to Sepson, among the “biggest achievements” in esports to date. With curren


A top competitive gaming team has welcomed Mike Sepso, an esports veteran and former Activision Blizzard senior vice president, to its roster, underscoring the sector’s surging growth. The New York Excelsior (NYXL) revealed Thursday that Sepso, co-founder of Major League Gaming who recently left Activision Blizzard, had joined NYXL. OWL’s global city-based franchise structure is still the first of its kind and, according to Sepson, among the “biggest achievements” in esports to date. With curren
Why a former Activision Blizzard exec is diving into one of esports’ biggest leagues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-13  Authors: annie pei, bryan bedder, getty images
Keywords: news, cnbc, companies, big, major, commercial, gaming, diving, leagues, exec, biggest, league, blizzard, sepso, teams, esports, activision, nyxl


Why a former Activision Blizzard exec is diving into one of esports' biggest leagues

A top competitive gaming team has welcomed Mike Sepso, an esports veteran and former Activision Blizzard senior vice president, to its roster, underscoring the sector’s surging growth.

The New York Excelsior (NYXL) revealed Thursday that Sepso, co-founder of Major League Gaming who recently left Activision Blizzard, had joined NYXL. The Big Apple based esports team is backed by Sterling.VC, a venture capital fund, and an arm of Sterling Equities, which also owns the New York Mets. The NYXL is one of the original 12 teams in the Overwatch League (OWL).

Sepso helped craft and launch the league, based on Activision’s megahit shooter game “Overwatch,” during his three years with the company while overseeing commercial partnerships for its esports division. OWL’s global city-based franchise structure is still the first of its kind and, according to Sepson, among the “biggest achievements” in esports to date. It comes at a time when game publishers and independent companies are diligently experimenting with their own competitive leagues.

“Many people spend time trying to work out how to build the perfect structure for esports,” he told CNBC. “We got it mostly right, and what that led to was an opportunity for the league and individual teams to be successful.”

But Sepso ultimately believes it is the commercial success of OWL and its individual teams that has been a “massive boon” for esports. Intel and HP both threw their weight behind the league before its inaugural season, with T-Mobile, Toyota and Sour Patch Kids later rounding out the big corporate sponsorship deals.

Activision then signed a multiyear broadcast deal with Disney and ESPN that began with live coverage and streaming of July’s inaugural “Grand Finals.”

Sepso is no stranger to the commercial side of esports given his history pioneering many of the first major deals in the industry. With current Activision executive Sundance DiGiovanni, he co-founded and oversaw Major League Gaming. The professional esports organization convinced the likes of Dr. Pepper, Old Spice and more to become some of the first big brands to dive into esports in the years after its 2002 launch.

During MLG’s near two-decade history of tournaments, its “Halo 2 Pro Circuit” also became the first televised console-based gaming league in the U.S. in 2006. Seven years later, the company launched its own streaming service, MLG.tv.

Activision acquired MLG in January 2016 to the tune of $46 million, just months after Sepso joined the gaming giant in his executive role.

“It was an amazing time [to be at Activision] in the three years I was there,” he said. “It was incredible in terms of the dramatic change happening in esports, and getting to be one of the architects” behind the building of a new esports business, he said.


Company: cnbc, Activity: cnbc, Date: 2018-10-13  Authors: annie pei, bryan bedder, getty images
Keywords: news, cnbc, companies, big, major, commercial, gaming, diving, leagues, exec, biggest, league, blizzard, sepso, teams, esports, activision, nyxl


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Stocks making the biggest moves after hours: Square, Fluor and more

Check out the companies making headlines after the bell:Square stock tumbled 8 percent in after-hours trading following news that CFO Sarah Friar is stepping down. Friar will stay at the company until December before departing to become CEO of Nextdoor, a localized social network for neighborhoods. “I’m saddened by the news,” Square CEO Jack Dorsey, who is also CEO of Twitter, said in a note to employees. Fluor shares plunged 12 percent in after-hours trading after the construction company repor


Check out the companies making headlines after the bell:Square stock tumbled 8 percent in after-hours trading following news that CFO Sarah Friar is stepping down. Friar will stay at the company until December before departing to become CEO of Nextdoor, a localized social network for neighborhoods. “I’m saddened by the news,” Square CEO Jack Dorsey, who is also CEO of Twitter, said in a note to employees. Fluor shares plunged 12 percent in after-hours trading after the construction company repor
Stocks making the biggest moves after hours: Square, Fluor and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: carmin chappell, mike segar
Keywords: news, cnbc, companies, square, fluor, moves, afterhours, companies, therapy, making, thirdquarter, hours, trading, company, earnings, ceo, friar, biggest, shares, stocks


Stocks making the biggest moves after hours: Square, Fluor and more

Check out the companies making headlines after the bell:

Square stock tumbled 8 percent in after-hours trading following news that CFO Sarah Friar is stepping down. Friar will stay at the company until December before departing to become CEO of Nextdoor, a localized social network for neighborhoods.

“I’m saddened by the news,” Square CEO Jack Dorsey, who is also CEO of Twitter, said in a note to employees.

Fluor shares plunged 12 percent in after-hours trading after the construction company reported preliminary third-quarter earnings that missed analysts’ expectations. The company expects $4.6 billion in revenue, while analysts had estimated $4.95 billion. Fluor will release final third-quarter earnings numbers on Nov. 1.

Crispr Therapeutics shares jumped 13 percent in the extended session after the Food and Drug Administration lifted a hold on clinical trials for the company’s CTX001 sickle cell gene therapy. The companies said that they are on track to initiate clinical studies by the end of the year.

Shares of Vertex Pharmaceuticals, which is partnering with Crispr to develop the therapy, initially rose about 2 percent in after-hours trading before reversing to trade 1 percent lower.


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: carmin chappell, mike segar
Keywords: news, cnbc, companies, square, fluor, moves, afterhours, companies, therapy, making, thirdquarter, hours, trading, company, earnings, ceo, friar, biggest, shares, stocks


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Trump advisor Hassett: Emerging markets fallout, not US inflation, poses ‘biggest risk’ to economy

A more severe downturn in emerging markets, not domestic inflation, is the “biggest risk” to the U.S. economy, a top economic advisor to President Donald Trump told CNBC on Wednesday. “I’m very concerned about emerging markets. He did not offer an outlook on China’s economy, but he said the White House is hopeful the two sides can resolve their differences on trade. “We at the White House really do respect the independence of the Fed,” Hassett said. He’s also been a consultant to the Treasury an


A more severe downturn in emerging markets, not domestic inflation, is the “biggest risk” to the U.S. economy, a top economic advisor to President Donald Trump told CNBC on Wednesday. “I’m very concerned about emerging markets. He did not offer an outlook on China’s economy, but he said the White House is hopeful the two sides can resolve their differences on trade. “We at the White House really do respect the independence of the Fed,” Hassett said. He’s also been a consultant to the Treasury an
Trump advisor Hassett: Emerging markets fallout, not US inflation, poses ‘biggest risk’ to economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, emerging, economy, white, trump, risk, growth, inflation, fallout, little, biggest, thats, poses, hassett, house, markets, economic


Trump advisor Hassett: Emerging markets fallout, not US inflation, poses 'biggest risk' to economy

A more severe downturn in emerging markets, not domestic inflation, is the “biggest risk” to the U.S. economy, a top economic advisor to President Donald Trump told CNBC on Wednesday.

“I’m very concerned about emerging markets. If you look at the indices, they’re heading in a way that’s a little bit troubling,” said Kevin Hassett, chairman of the Council of Economic Advisers.

He said he’s watching Turkey, Venezuela, Argentina and China to see if stresses “lead emerging markets to head into a direction that’s more extremely south than we’ve seen so far.”

“That could come back and haunt the U.S. a little bit,” he warned in a “Squawk Box” interview. He said council economic models concur with the International Monetary Fund’s decision to trim its global growth forecast to 3.7 percent for this year and next.

Another trouble spot for global growth is rising oil prices, he said.

The IMF on Tuesday cut its growth forecasts for the U.S. and China to 2.9 percent and 6.6 percent, respectively, this year, and 2.5 percent and 6.2 percent, respectively, in 2019.

Hassett countered by saying, “We’re looking at [U.S.] GDP growth of about 3.5 percent for this year, and carrying on to something north of 3 [percent] next year. That’s a little more optimistic than they are.”

He did not offer an outlook on China’s economy, but he said the White House is hopeful the two sides can resolve their differences on trade. “But make no mistake, President Trump is serious about it. If they don’t behave a little bit better, stopping stealing our intellectual property and lower their tariffs on our products, then this could continue longer.”

Hassett also told CNBC he would let the president’s comments expressing displeasure with the Fed hiking interest rates stand on their own. But he did make a case, like Trump did Tuesday, that budding signs of inflation are not posing a risk to the economy.

“We at the White House really do respect the independence of the Fed,” Hassett said. “The fact is, the president’s respect for the independence is clear in the quality of people we sent over there.”

Before joining the Trump administration, Hassett was an economist at the American Enterprise Institute. He was also formerly a senior economist at the Federal Reserve. He’s also been a consultant to the Treasury and an advisor on Republican presidential campaigns, including Mitt Romney’s unsuccessful White House run in 2012.


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, emerging, economy, white, trump, risk, growth, inflation, fallout, little, biggest, thats, poses, hassett, house, markets, economic


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