Hollywood’s biggest talent agency owner is finally going public

Ari Emanuel’s company Endeavor is finally going public. “Content is no longer defined solely by the traditional categories on which our businesses were founded,” the company wrote in its filing. An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake. “As the entertainme


Ari Emanuel’s company Endeavor is finally going public. “Content is no longer defined solely by the traditional categories on which our businesses were founded,” the company wrote in its filing. An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake. “As the entertainme
Hollywood’s biggest talent agency owner is finally going public Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: sarah whitten
Keywords: news, cnbc, companies, biggest, capital, talent, agency, stock, public, owner, whitesell, company, emanuel, million, hollywoods, going, endeavor, finally, wrote, billion


Hollywood's biggest talent agency owner is finally going public

Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.

Ari Emanuel’s company Endeavor is finally going public.

The global entertainment, sports and content company will list on the New York Stock Exchange under the symbol “EDR,” according to registration documents filed publicly Thursday with the Securities and Exchange Commission.

Endeavor said it plans to raise $100 million in the offering. Companies typically use $100 million as a placeholder before disclosing the actual figure at a later date. Proceeds the company receives from this offering will go towards working capital and general corporate purposes.

Here are the highlights from Endeavor’s filing:

Revenue : Endeavor reported 2018 revenue of $3.6 billion

: Endeavor reported 2018 revenue of $3.6 billion Net income: The company posted net income of $231.3 million in the year ended Dec. 31, 2018.

“Content is no longer defined solely by the traditional categories on which our businesses were founded,” the company wrote in its filing. “Television, movies and live events have been joined by others including podcasts, experiences, social media, multiplayer video games and e-sports. Wherever you are in the world and whatever way you define content, Endeavor is likely playing a role.”

An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Since then, Endeavor has acquired the Ultimate Fighting Championship, professional bull riders, the Frieze Art Fair and marketing agency 160over90.

Goldman Sachs will be the IPO’s lead banker, according to the registration documents. Other underwriters include KKR Capital Markets, the capital markets arm of the investment firm that helped Endeavor purchase UFC for more than $4 billion in 2016. J.P. Morgan, Morgan Stanley and Deutsche Bank are also listed.

Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake.

“As the entertainment industry moves toward a closed ecosystem model with less transparency, our clients and businesses need more insight, resources and solutions than ever before,” the company wrote in the filing. “We believe being a public company will only further accelerate our ability to look around corners and open up new categories and opportunities for those in the Endeavor network.”

Endeavor said rapidly changing consumer preferences, industry trends and the popularity of the talent they represent are all risk factors for the stock.


Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: sarah whitten
Keywords: news, cnbc, companies, biggest, capital, talent, agency, stock, public, owner, whitesell, company, emanuel, million, hollywoods, going, endeavor, finally, wrote, billion


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Stocks making the biggest moves after hours: L Brands, Avon and NetApp

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more


Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more
Stocks making the biggest moves after hours: L Brands, Avon and NetApp Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: nadine el-bawab
Keywords: news, cnbc, companies, avon, setback, thethe, week, trump, losses, hours, success, moves, biggest, president, making, netapp, including, brands, stocks, nonetheless, lost


Stocks making the biggest moves after hours: L Brands, Avon and NetApp

Trump has lost his first two attempts to fight ‘all the…

The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for…

Politics

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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: nadine el-bawab
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Huawei’s biggest problem is now uncertainty, analysts say

In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone. The U.S. government’s temporary easing of restrictions on Huawei may bring little respite for the Chinese telecommunications giant, according to analysts. “This is not going to … change overnight again in terms of the fortune for Huawei,” said Nicole Peng, vice president of mobility at independent analyst company Canalys. “The biggest problem for them right now is the uncertainty,” Peng s


In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone. The U.S. government’s temporary easing of restrictions on Huawei may bring little respite for the Chinese telecommunications giant, according to analysts. “This is not going to … change overnight again in terms of the fortune for Huawei,” said Nicole Peng, vice president of mobility at independent analyst company Canalys. “The biggest problem for them right now is the uncertainty,” Peng s
Huawei’s biggest problem is now uncertainty, analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: eustance huang
Keywords: news, cnbc, companies, analysts, biggest, chinese, development, giant, president, problem, peng, business, company, uncertainty, license, existing, say, huawei, huaweis


Huawei's biggest problem is now uncertainty, analysts say

In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone.

The U.S. government’s temporary easing of restrictions on Huawei may bring little respite for the Chinese telecommunications giant, according to analysts.

On Monday, the U.S. government announced that it will allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to its existing handsets, though the company is still barred from purchasing American parts and components to manufacture new products without license approvals that likely will be denied.

That development wasn’t game-changing news, experts told CNBC.

“This is not going to … change overnight again in terms of the fortune for Huawei,” said Nicole Peng, vice president of mobility at independent analyst company Canalys.

“The biggest problem for them right now is the uncertainty,” Peng said, adding that Huawei’s suppliers are concerned about business continuity given their increasing reliance on the Chinese tech giant over the past year.

The latest development came on the back of U.S. President Donald Trump’s administration adding Huawei last week to a list that mandated a license for stateside companies if they want to do business with the Chinese company.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: eustance huang
Keywords: news, cnbc, companies, analysts, biggest, chinese, development, giant, president, problem, peng, business, company, uncertainty, license, existing, say, huawei, huaweis


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Stocks making the biggest moves after hours: Nordstrom, Urban Outfitters, Pure Storage and more

Nordstrom reported earnings of 23 cents per share on revenue of $3.44 billion. Wall Street had expected earnings of 43 cents per share on revenue of $3.58 billion, according to Refinitiv consensus estimates. Pure Storage stock plummeted more than 18% after the computer data storage company reported first-quarter results that disappointed investors. Pure Storage reported a loss of 11 cents per share and revenue of $327 million. Toll Brothers stock seesawed after the home construction company repo


Nordstrom reported earnings of 23 cents per share on revenue of $3.44 billion. Wall Street had expected earnings of 43 cents per share on revenue of $3.58 billion, according to Refinitiv consensus estimates. Pure Storage stock plummeted more than 18% after the computer data storage company reported first-quarter results that disappointed investors. Pure Storage reported a loss of 11 cents per share and revenue of $327 million. Toll Brothers stock seesawed after the home construction company repo
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Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: nadine el-bawab
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Stocks making the biggest moves after hours: Nordstrom, Urban Outfitters, Pure Storage and more

Check out the companies making headlines after the bell:

Shares of Nordstrom tanked more than 9% in extended trading after the department store reported first-quarter results that missed on the top and bottom lines. Nordstrom reported earnings of 23 cents per share on revenue of $3.44 billion. Wall Street had expected earnings of 43 cents per share on revenue of $3.58 billion, according to Refinitiv consensus estimates.

Nordstrom also gave disappointing guidance, lowering its full-year earnings guidance to $3.25 per share from an earlier projection of $3.73 per share. The company now projects that its current fiscal year revenue will fall 2%, compared with a previously stated estimate that revenue would rise 3.3%.

Pure Storage stock plummeted more than 18% after the computer data storage company reported first-quarter results that disappointed investors. Pure Storage reported a loss of 11 cents per share and revenue of $327 million. Analysts surveyed by Refinitiv had expected a loss of 8 cents per share and revenue of $333 million. The company also gave revenue guidance for the current fiscal year that was slightly below estimates.

Shares of Lions Gate rose as much as 3% after CNBC reported that the company is still interested in selling Starz to CBS. Lions Gate rejected CBS’s preliminary $5 billion offer to buy the channel, sources told CNBC.

Shares of Urban Outfitters dropped more than 5%, despite first-quarter earnings that beat expectations. The company reported earnings of 31 cents per share, 6 cents higher than expected, and revenue of $864 million, $10 million higher than expected. Urban Outfitters also reported a 1% rise in comparable sales, while analysts surveyed by FactSet had projected a 1.1% drop.

Toll Brothers stock seesawed after the home construction company reported better-than-expected second-quarter results. The stock rose as much as 2% and fell as much as 3% after the report. The company reported earnings of 87 cents per share and revenue of $1.71 billion, while analysts had projected earnings of 75 cents per share and revenue of $1.54 billion, according to Refinitiv consensus estimates.

Shares of PVH jumped more than 3% after the clothing company, which owns brands including Tommy Hilfiger and Calvin Klein, named Stefan Larsson as its president — a newly created position — effective June 3. The former CEO of Ralph Lauren will be in charge of managing the branded business and regions. He will report directly to Emanuel Chirico, PVH’s chairman and CEO.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: nadine el-bawab
Keywords: news, cnbc, companies, cents, company, storage, nordstrom, biggest, making, urban, stocks, revenue, reported, expected, moves, pure, outfitters, million, earnings, share, billion, hours


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Stocks making the biggest moves midday: Cray, Pinterest, Luckin Coffee & more

Pinterest — Pinterest plummeted 13.5% after the social media company reported a larger-than-expected loss and a weak full-year outlook in its first quarterly report since going public. The company reported a loss of 32 cents per share while analysts polled by Refinitiv had only expected a loss of 11 cents per share. Deere — Deere shares fell more than 7% after the company reported weaker-than-expected earnings for the previous quarter. Luckin Coffee — Shares of the Chinese coffee brand surged 19


Pinterest — Pinterest plummeted 13.5% after the social media company reported a larger-than-expected loss and a weak full-year outlook in its first quarterly report since going public. The company reported a loss of 32 cents per share while analysts polled by Refinitiv had only expected a loss of 11 cents per share. Deere — Deere shares fell more than 7% after the company reported weaker-than-expected earnings for the previous quarter. Luckin Coffee — Shares of the Chinese coffee brand surged 19
Stocks making the biggest moves midday: Cray, Pinterest, Luckin Coffee & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert
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Stocks making the biggest moves midday: Cray, Pinterest, Luckin Coffee & more

A banner for the online image board Pinterest Inc. hangs from the New York Stock Exchange on the morning that Pinterest makes its initial public offering on April 18, 2019.

Check out the companies making headlines midday Friday:

Cray — Shares of Cray surged 22.5% after the supercomputer manufacturer announced it will be bought out by Hewlett Packard Enterprise. The deal, valued at about $1.3 billion, is expected to close by the first-quarter of Hewlett Packard’s fiscal 2020.

Pinterest — Pinterest plummeted 13.5% after the social media company reported a larger-than-expected loss and a weak full-year outlook in its first quarterly report since going public. The company reported a loss of 32 cents per share while analysts polled by Refinitiv had only expected a loss of 11 cents per share.

Qorvo — Shares of Qorvo dropped 6.1% after the U.S. Bureau of Industry and Security, which is part of the Commerce Department, added Huawei to its entry list, barring American firms from doing business with Huawei without a licence. Qorvo, a semiconductor company, is one of more than 30 American firms that Huawei has listed as a “core supplier. ”

Under Armour — Under Armour shares jumped more than 7.5% after an analyst at J.P. Morgan upgraded the stock to overweight from neutral, citing how management has “‘repositioned the global foundation for multi-year gross margin expansion.”

Wayfair — The furniture e-commerce company rose more than 1% after Jefferies initiated coverage of the stock with a buy rating and a price target of $192 per share. The analyst noted that Wayfair’s international growth will provide an “upside” surprise.

Deere — Deere shares fell more than 7% after the company reported weaker-than-expected earnings for the previous quarter. The company also lowered its fiscal 2019 earnings outlook and cited the ongoing U.S.-China trade war for its weak quarterly numbers.

Luckin Coffee — Shares of the Chinese coffee brand surged 19.9% in their first trading day ever.

Foot Locker — An analyst at B. Riley FBR upgraded the retailer to buy from neutral, citing “improving trends” in its footwear business. The analyst also hiked Foot Locker’s price target to $73 per share from $62, implying a 30% surge from Thursday’s close. Foot Locker shares rose as much 2.1% before closing lower.

Baidu — Baidu shares plummeted more than 16% after the Chinese search-engine operator reported its first quarterly loss since 2005 and issued weaker-than-expected quarterly revenue guidance that missed expectations. CEO Robin Li also warned that a slowdown in China’s technology sector or the country’s broad economy could hurt the company.

Applied Materials — The semiconductor’s stock rose more than 2% after reporting better-than-expected earnings and revenue. Applied Materials posted quarterly earnings per share of 70 cents on revenue of $3.54 billion. Analysts polled by Refinitiv expected a profit of 66 cents a share on sales of $3.45 billion.

—CNBC’s Nadine El-Bawab contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert
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Stocks making the biggest moves midday: Cisco Systems, Walmart, Farfetch & more

Check out the companies making headlines midday Thursday:Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Same-store sales grew 3.4%, topping the expected increas


Check out the companies making headlines midday Thursday:Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Same-store sales grew 3.4%, topping the expected increas
Stocks making the biggest moves midday: Cisco Systems, Walmart, Farfetch & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: fred imbert
Keywords: news, cnbc, companies, increase, biggest, revenue, expected, stocks, moves, company, walmart, share, earnings, farfetch, cents, making, rose, stock, systems, shares, cisco, midday


Stocks making the biggest moves midday: Cisco Systems, Walmart, Farfetch & more

Online fashion house Farfetch’s CEO Jose Neves and members of the company’s leadership team ring the opening bell to celebrate their IPO at the New York Stock Exchange in New York, September 21, 2018.

Check out the companies making headlines midday Thursday:

Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Housing starts rose more than forecast while weekly jobless claims fell more than expected. The data sent the benchmark 10-year Treasury yield up to 2.41%. Citigroup, J.P. Morgan and Bank of America all rose more than 1%.

Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Revenue came in at $12.96 billion, topping expectations of $12.89 billion. For the fourth quarter, the technology company estimates revenue will increase between 4.5% and 6.5%. Analysts estimated an increase of 3.5%.

Walmart — Walmart climbed 1.4% after reporting earnings that beat analyst expectations. The world’s biggest retailer posted earnings per share of $1.13 on revenue of $123.93 billion. Analysts expected a profit of $1.02 per share, according to Refinitiv. Same-store sales grew 3.4%, topping the expected increase of 3.3%.

Farfetch — Shares of luxury online retailer Farfetch tanked as much as 16% and closed down 10.6% after the company reported disappointing quarterly results. Farfetch posted a loss of 22 cents a share on revenue of $174.1 million. Wall Street estimated a loss of 16 cents on revenue of $171.1 million, according to Refinitiv.

KB Home — Shares of KB Home rose 2.2% after RBC Capital Markets upgraded its stock to outperform from sector perform and raised its price target for the stock. RBC cited improvements in the home builder’s pricing dynamics for the upgrade.

Liberty Media Formula One — The parent company of Formula One racing rose 2% after an analyst at B. Riley FBR upgraded it to buy from neutral. The analyst cited a potential “further inflection as it begins to harvest the benefits of two-plus years of foundation building and fostering better alignment with the 10 F1 teams.”

Pfizer— Pfizer stock rose more than 2% after Credit Suisse named it as a “top pick,” citing an increase in confidence with management and in the pharmaceutical company’s new products over the next few months.

Dillard’s — Shares of Dillard’s plummeted more than 10% after the company reported flat comparable sales, while analysts had expected a 1.3% increase. The weak same-store sales overshadowed quarterly revenues that matched expectations and a profit that beat estimates.

—CNBC’s Nadine El-Bawab and Maggie Fitzgerald contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: fred imbert
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Stocks making the biggest moves after hours: Agios, Farfetch, Cisco and more

Check out the companies making headlines after the bell:Shares of Cisco Systems rose more than 2.5% in extended trading Wednesday after the networking hardware company reported better-than-expected fourth quarter results. Cisco reported earnings of 78 cents per share, 1 cent above Wall Street’s estimates, and revenue of $12.96 billion, $70 million above estimates. The retailer reported a gross merchandise volume of $419 million, compared with analyst estimates of $407 million. Virtusa stock plum


Check out the companies making headlines after the bell:Shares of Cisco Systems rose more than 2.5% in extended trading Wednesday after the networking hardware company reported better-than-expected fourth quarter results. Cisco reported earnings of 78 cents per share, 1 cent above Wall Street’s estimates, and revenue of $12.96 billion, $70 million above estimates. The retailer reported a gross merchandise volume of $419 million, compared with analyst estimates of $407 million. Virtusa stock plum
Stocks making the biggest moves after hours: Agios, Farfetch, Cisco and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: nadine el-bawab
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Stocks making the biggest moves after hours: Agios, Farfetch, Cisco and more

Luxury fashion items sit on display beside tablet devices at the launch of the Farfetch “Store of the Future” pop-up exhibition, at the Design Museum in London, U.K., on Wednesday, April 12, 2017.

Check out the companies making headlines after the bell:

Shares of Cisco Systems rose more than 2.5% in extended trading Wednesday after the networking hardware company reported better-than-expected fourth quarter results. Cisco reported earnings of 78 cents per share, 1 cent above Wall Street’s estimates, and revenue of $12.96 billion, $70 million above estimates.

The company also gave strong guidance for the fourth quarter with estimated earnings per share and revenue both coming in higher than Refinitiv consensus estimates.

Farfetch stock fell 4% after the luxury online retailer reported mixed first-quarter results. Farfetch reported a loss of 22 cents per share, worse than the expected loss of 16 cents per share, and revenue of $174.1 million, higher than the expected $171.1 million, according to Refinitiv consensus estimates. The retailer reported a gross merchandise volume of $419 million, compared with analyst estimates of $407 million.

Shares of Agios Pharmaceuticals surged more than 12% in after-hours trading after the drug maker announced the completion of the the third phase of a global trial for its cancer medication Tibsovo. The medication showed a statistically significant improvement in leukemia patients whose cancer is at an advanced stage.

The company plans to present a full analysis of the trial to the European Society for Medical Oncology Congress later this year, and will submit a new drug application by the end of 2019.

Virtusa stock plummeted nearly 24% after the information technology company reported fourth-quarter results that missed on the top and bottom lines. The company reported earnings of 46 cents per share on revenue of $328 million, while analysts surveyed by Refinitiv had expected earnings of 62 cents per share on revenue of $331 million. Virtusa also issued EPS and revenue guidance for the first quarter and for the 2020 fiscal year that came in below Wall Street estimates.

Shares of Flowers Foods jumped 5% after the baked foods maker reported its quarterly sales jumped 4.8% to $1.26 billion.

Dillard’s stock tanked 8% after the retailer reported first-quarter earnings. Dillard’s reported earnings of $2.99 per share and revenue of $1.5 billion, in line with expectations.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: nadine el-bawab
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Stocks making the biggest moves midday: Fiat Chrysler, Alphabet, Applied Materials & more

The company reported its cloud business grew by 76% in the period, boosting its overall results. Alphabet — Alphabet rose 4.1% after Deutsche Bank raised its price target on the stock to $1,400 from $1,300. Applied Materials — The chipmaker’s stock rose 3.7% after an analyst at Susquehanna upgraded it to positive from neutral. JD.com — The Chinese e-commerce company’s stock rose 2.6% after an analyst at Nomura Instinet upgraded it to buy from neutral. Salvatore Ferragamo — Salvatore Ferragamo su


The company reported its cloud business grew by 76% in the period, boosting its overall results. Alphabet — Alphabet rose 4.1% after Deutsche Bank raised its price target on the stock to $1,400 from $1,300. Applied Materials — The chipmaker’s stock rose 3.7% after an analyst at Susquehanna upgraded it to positive from neutral. JD.com — The Chinese e-commerce company’s stock rose 2.6% after an analyst at Nomura Instinet upgraded it to buy from neutral. Salvatore Ferragamo — Salvatore Ferragamo su
Stocks making the biggest moves midday: Fiat Chrysler, Alphabet, Applied Materials & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: fred imbert
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Stocks making the biggest moves midday: Fiat Chrysler, Alphabet, Applied Materials & more

A Jeep Renegade 4×4 e is presented at the Geneva Motor Show March 5, 2019. Signage in the background says”‘FCA Fiat Chrysler Automobiles,” to which Jeep belongs.

Check out the companies making headlines midday Wednesday:

Fiat Chrysler Automobiles, Ford Motor, General Motors — Shares of the companies got a boost on news that the White House plans to hold off on slapping tariffs on autos by six months. These tariffs are seen by President Donald Trump as leverage in trade negotiations with Europe and Japan. Fiat gained 1.9% while Ford and GM rose 1.2% and 0.9%, respectively.

Alibaba — Alibaba ticked 1.6% higher in midday trading following strong results reported before the bell Wednesday. The company reported its cloud business grew by 76% in the period, boosting its overall results.

Alphabet — Alphabet rose 4.1% after Deutsche Bank raised its price target on the stock to $1,400 from $1,300. Deutsche Bank said Google’s parent company has one of the best ad product pipelines, making the bank more confident in Alphabet’s 2020 outlook.

Zillow Group — Shares of Zillow jumped 4.5% after Guggenheim upgraded the company to buy from neutral. Guggenheim cited strength in the company’s Offers business, which lets homeowners sell their houses.

Applied Materials — The chipmaker’s stock rose 3.7% after an analyst at Susquehanna upgraded it to positive from neutral. The analyst said Applied Materials had secured “major memory wins.”

JD.com — The Chinese e-commerce company’s stock rose 2.6% after an analyst at Nomura Instinet upgraded it to buy from neutral. The analyst cited a more positive margins outlook for JD.com.

Boeing — The aerospace giant’s stock rose 0.8% after the Federal Aviation Administration said it expects the company to submit its 737 Max software fix in “the next week or so. ”

Macy’s — The stock popped as much as 4% after the retailer reported better-than-expected first-quarter results, but it later fell 0.5% after the company warned it could see impact from the escalating trade war between the U.S. and China. Macy’s reported earnings per share of 44 cents on revenue of $5.504 billion. Wall Street was expecting earnings per share of 33 cents on revenue of $5.505 billion, according to Refinitiv. Same-store sales, a key metric for retailers, also surpassed analyst expectations.

Salvatore Ferragamo — Salvatore Ferragamo surged 9.2% after the Italian luxury fashion company reported strong first-quarter sales. The company announced a 17.7% increase in revenues from retail channels in China. The company also reported net profit of 11 million euros.

—CNBC’s Nadine El-Bawab and Maggie Fitzgerald contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: fred imbert
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Here are the biggest analyst calls of the day: Coca-Cola, Deere, Tyson Foods, & more

Morgan Stanley upgraded Coca-Cola to ‘overweight’ from ‘equal-weight’Morgan Stanley said the beverage giant’s growth prospects are not reflected in the current valuation. “We believe Coke has morphed into a structurally higher topline growth company vs. CPG peers. Surprisingly, despite clear historical proof, this is not being recognized in valuation at what we see as an unfair discount to peers. Second, Coke’s more modest recent topline growth rebound than mega-cap peers is more than explained


Morgan Stanley upgraded Coca-Cola to ‘overweight’ from ‘equal-weight’Morgan Stanley said the beverage giant’s growth prospects are not reflected in the current valuation. “We believe Coke has morphed into a structurally higher topline growth company vs. CPG peers. Surprisingly, despite clear historical proof, this is not being recognized in valuation at what we see as an unfair discount to peers. Second, Coke’s more modest recent topline growth rebound than mega-cap peers is more than explained
Here are the biggest analyst calls of the day: Coca-Cola, Deere, Tyson Foods, & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: michael bloom
Keywords: news, cnbc, companies, foods, calls, day, deere, analyst, topline, vs, tyson, megacap, cocacola, rebounding, minds, lt, biggest, valuation, growth, peers, stanley


Here are the biggest analyst calls of the day: Coca-Cola, Deere, Tyson Foods, & more

Morgan Stanley upgraded Coca-Cola to ‘overweight’ from ‘equal-weight’

Morgan Stanley said the beverage giant’s growth prospects are not reflected in the current valuation.

“We believe Coke has morphed into a structurally higher topline growth company vs. CPG peers. Surprisingly, despite clear historical proof, this is not being recognized in valuation at what we see as an unfair discount to peers. While the market has compressed Coke’s relative multiple vs. peers recently after below consensus 2019 EPS guidance and with short-term topline growth rebounding to a greater extent at mega-cap peers, this provides a compelling buying opportunity in our minds. First, below consensus 2019 guidance was due to FX or below the profit line items that in our minds should have little valuation impact. Second, Coke’s more modest recent topline growth rebound than mega-cap peers is more than explained by comparisons, with two yr avg KO underlying sales growth actually accelerating. We see higher LT topline growth at Coke than peers as comparisons normalize, with our raised ~5% LT topline growth forecast today (from 4%) due to our analysis of building pricing power, the benefit from favorable strategy changes, and rebounding CPG emerging markets trends. ”

Read more about this call here.


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: michael bloom
Keywords: news, cnbc, companies, foods, calls, day, deere, analyst, topline, vs, tyson, megacap, cocacola, rebounding, minds, lt, biggest, valuation, growth, peers, stanley


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China’s ‘self-destructive nuclear option’ in trade war: Selling US Treasury bonds

Consider it China’s nuclear option in the trade war with the U.S. — the ability to start dumping its massive pile of Treasury bonds that could trigger a surge in interest rates and substantially damage the American economy. “It’s a self-destructive nuclear option,” said Robert Tipp, chief investment strategist and head of global bonds for PGIM Fixed Income. Following its myriad disputes with the Trump administration, Russia has largely exited the Treasury market. “They need to do more to counter


Consider it China’s nuclear option in the trade war with the U.S. — the ability to start dumping its massive pile of Treasury bonds that could trigger a surge in interest rates and substantially damage the American economy. “It’s a self-destructive nuclear option,” said Robert Tipp, chief investment strategist and head of global bonds for PGIM Fixed Income. Following its myriad disputes with the Trump administration, Russia has largely exited the Treasury market. “They need to do more to counter
China’s ‘self-destructive nuclear option’ in trade war: Selling US Treasury bonds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: jeff cox
Keywords: news, cnbc, companies, treasurys, china, trillion, chinese, selfdestructive, bonds, treasury, selling, united, market, states, nuclear, option, trade, chinas, war, biggest


China's 'self-destructive nuclear option' in trade war: Selling US Treasury bonds

Consider it China’s nuclear option in the trade war with the U.S. — the ability to start dumping its massive pile of Treasury bonds that could trigger a surge in interest rates and substantially damage the American economy. As the two sides engage in a tit-for-tat tariff exchange, the possibility that China might raise the stakes and stop being the world’s biggest consumer of U.S. debt again reared its imposing head Monday. China currently owns $1.13 trillion in Treasurys, a fraction of the total $22 trillion in U.S. debt outstanding but 17.7% of the various securities held by foreign governments, according to data from the Treasury and the Securities Industry and Financial Markets Association. Should the Chinese decide to walk away or reduce their role in the market, that, at least in theory, could create a substantial dislocation for a country such as the U.S. that relies so much on sovereign entities to buy its paper.

At least for the moment, markets aren’t that worried that China could take such a seemingly drastic step, in large part because the move might not have much upside except to create headlines. “It’s a self-destructive nuclear option,” said Robert Tipp, chief investment strategist and head of global bonds for PGIM Fixed Income. “Maybe it helps them as a bargaining chip, but it’s endangering the value of something they’re deeply involved in.” In fact, the move actually could help the U.S. For one, a Chinese reduction of Treasurys could weaken the dollar and make U.S. multinationals more competitive. For another, Treasury yields would rise and thus cause prices to fall, lowering the value of China’s portfolio. And there’s the question of where China would put its money — all that cash would have to go somewhere, and U.S. bonds are among the highest-yielding in the world when weighed against their relatively low risk. “It still seems like Treasurys are the optimal place for security, flight to quality, capital appreciation etc. Moving around that sum of money seems very challenging now,” said Nick Maroutsos, co-head of global bonds for Janus Henderson. “It’s possible and could happen very gradually over a six- to 12-month period. But calling it and having it happen so quickly is very unlikely.”

‘The biggest weapon they have’

In fact, China already has been pulling back its role in the U.S. bond market. Its holdings have fallen nearly 4% over the past 12 months even as total foreign government ownership of Treasurys has increased by 2.6%. Following its myriad disputes with the Trump administration, Russia has largely exited the Treasury market. Japan, the No. 2 holder of U.S. debt, has increased its holdings slightly over the past 12 months to $1.07 trillion, while Brazil has stepped into the No. 3 position with about $308 billion, thanks to a 12.9% boost during the period. With the U.S. expected to be staring down $1 trillion annual budget deficits in the years to come, a less active Chinese government does generate some fears. “To me, that is the biggest worry. This is really the biggest weapon they have,” said Sung Won Sohn, professor of economics at Loyola Marymount University and president of SS Economics. “They need to do more to counter the United States. So if push comes to shove, that’s what they are going to resort to.”

Because the U.S. imports far more from China than the other way around, China needs additional leverage to fight the tariff battle. While Sohn said shrinking its bond holdings would be a last resort, he sees it as possible if the U.S. decides to enact tariffs on all Chinese imports, which totaled $539.5 billion in 2018. “I have become less and less optimistic and more pessimistic, because this is a trade war but it’s not as much about economics as it is other things,” he said. “In the United States, we view China as an economic predator. China views the United States as a model of Western power trying to humiliate China as in the 18th century. There’s a long, kind of simmering underneath of nationalistic feelings.”

Yields fall amid panic


Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: jeff cox
Keywords: news, cnbc, companies, treasurys, china, trillion, chinese, selfdestructive, bonds, treasury, selling, united, market, states, nuclear, option, trade, chinas, war, biggest


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