BlackBerry to buy cybersecurity firm Cylance for $1.4 billion

BlackBerry Ltd said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit that makes software for next-generation autonomous cars. Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, BlackBerry said. California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Bus


BlackBerry Ltd said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit that makes software for next-generation autonomous cars. Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, BlackBerry said. California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Bus
BlackBerry to buy cybersecurity firm Cylance for $1.4 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, cylance, firm, cash, technology, billion, business, autonomous, 14, unvested, company, unit, software, blackberry, buy, cybersecurity


BlackBerry to buy cybersecurity firm Cylance for $1.4 billion

BlackBerry Ltd said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit that makes software for next-generation autonomous cars.

Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, BlackBerry said.

California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Business Insider.

The Canadian technology company, which dominated the smartphone market a decade ago, has shifted to selling software to manage mobile devices in addition to focusing on emerging areas like autonomous cars.

Cylance will operate as a separate business unit within BlackBerry, the company said.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, cylance, firm, cash, technology, billion, business, autonomous, 14, unvested, company, unit, software, blackberry, buy, cybersecurity


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BlackBerry to buy cybersecurity firm Cylance for $1.4 billion

BlackBerry said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit which makes software for next-generation autonomous cars. Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, BlackBerry said. California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Busine


BlackBerry said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit which makes software for next-generation autonomous cars. Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, BlackBerry said. California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Busine
BlackBerry to buy cybersecurity firm Cylance for $1.4 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: seongjoon cho, bloomberg, getty images
Keywords: news, cnbc, companies, cylance, firm, cash, technology, billion, business, autonomous, 14, unvested, company, unit, software, blackberry, buy, cybersecurity


BlackBerry to buy cybersecurity firm Cylance for $1.4 billion

BlackBerry said on Friday it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash to help expand its QNX unit which makes software for next-generation autonomous cars.

Besides the cash component, the deal includes the assumption of Cylance’s unvested employee incentives, BlackBerry said.

California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Business Insider.

The Canadian technology company, which dominated the smartphone market a decade ago, has shifted to selling software to manage mobile devices in addition to focusing on emerging areas like autonomous cars.

Cylance will operate as a separate business unit within BlackBerry, the company said.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: seongjoon cho, bloomberg, getty images
Keywords: news, cnbc, companies, cylance, firm, cash, technology, billion, business, autonomous, 14, unvested, company, unit, software, blackberry, buy, cybersecurity


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VW wants to be the most profitable electric car company in the world

Volkswagen announced it’s to spend 44 billion euros ($50 billion) on new plants, electric cars, autonomous driving and mobility services. The war chest is to be spent in the four years between 2019 and 2023 and represents about a third of the company’s total outlay allocated to the four-year period. “One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation. We are focusing our investments on the future fields of mobility and systematically implementing our strategy,” Herb


Volkswagen announced it’s to spend 44 billion euros ($50 billion) on new plants, electric cars, autonomous driving and mobility services. The war chest is to be spent in the four years between 2019 and 2023 and represents about a third of the company’s total outlay allocated to the four-year period. “One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation. We are focusing our investments on the future fields of mobility and systematically implementing our strategy,” Herb
VW wants to be the most profitable electric car company in the world Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: david reid, justin sullivan, getty images
Keywords: news, cnbc, companies, billion, volkswagen, vw, company, total, strategy, mobility, spend, war, profitable, systematically, spent, car, supervisory, electric, world, wants


VW wants to be the most profitable electric car company in the world

Volkswagen announced it’s to spend 44 billion euros ($50 billion) on new plants, electric cars, autonomous driving and mobility services.

The war chest is to be spent in the four years between 2019 and 2023 and represents about a third of the company’s total outlay allocated to the four-year period.

“One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation. We are focusing our investments on the future fields of mobility and systematically implementing our strategy,” Herbert Diess, the CEO of Volkswagen, said in a press release, issued after a Supervisory Board meeting Friday.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: david reid, justin sullivan, getty images
Keywords: news, cnbc, companies, billion, volkswagen, vw, company, total, strategy, mobility, spend, war, profitable, systematically, spent, car, supervisory, electric, world, wants


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Top VC deals: SAP buys Qualtrics; Bain closes a $1 billion fund

German software company SAP agreed to buy Qualtrics for $8 billion, weeks before the data analytics start-up was set to IPO. Qualtrics was founded in 2002 by brothers Ryan and Jared Smith and their dad, Scott, along with Stuart Orgill, who resigned from the board last year. The company didn’t raise venture funding for its first decade in business, but more recently raised capital from firms including Accel, Insight Venture Partners and Sequoia. BlackBerry said it will acquire Cylance, an artific


German software company SAP agreed to buy Qualtrics for $8 billion, weeks before the data analytics start-up was set to IPO. Qualtrics was founded in 2002 by brothers Ryan and Jared Smith and their dad, Scott, along with Stuart Orgill, who resigned from the board last year. The company didn’t raise venture funding for its first decade in business, but more recently raised capital from firms including Accel, Insight Venture Partners and Sequoia. BlackBerry said it will acquire Cylance, an artific
Top VC deals: SAP buys Qualtrics; Bain closes a $1 billion fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: sara salinas, daniel roland, afp, getty images, david ryder, bloomberg, iron ox
Keywords: news, cnbc, companies, buys, closes, billion, sap, company, recently, ipo, capital, funding, cylance, bain, qualtrics, raised, deals, fund, vc, venture, including


Top VC deals: SAP buys Qualtrics; Bain closes a $1 billion fund

German software company SAP agreed to buy Qualtrics for $8 billion, weeks before the data analytics start-up was set to IPO. Qualtrics was founded in 2002 by brothers Ryan and Jared Smith and their dad, Scott, along with Stuart Orgill, who resigned from the board last year.

The company had 1,915 employees as of Sept. 30, and is based in Provo, Utah. The company didn’t raise venture funding for its first decade in business, but more recently raised capital from firms including Accel, Insight Venture Partners and Sequoia.

BlackBerry said it will acquire Cylance, an artificial intelligence and cybersecurity company, for $1.4 billion in cash. California-based Cylance develops AI-based products to prevent cyberattacks on companies and recently considered filing for an IPO, according to a report in Business Insider. The company had previously raised roughly $300 million in funding from investors including Blackstone Tactical Opportunities, Khosla Ventures and Dell Technologies Capital, according to Crunchbase.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: sara salinas, daniel roland, afp, getty images, david ryder, bloomberg, iron ox
Keywords: news, cnbc, companies, buys, closes, billion, sap, company, recently, ipo, capital, funding, cylance, bain, qualtrics, raised, deals, fund, vc, venture, including


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Airbnb booked more than $1 billion in third quarter revenue

The home-sharing startup recognized “substantially more” than $1 billion in revenue in the third quarter, according to a memo to be publicly released by Airbnb Friday. In 2017, the company posted $100 million in profit on $2.6 billion in revenue, said the source. Airbnb has been without a CFO since February when Laurence Tosi left, raising questions about who might help take Airbnb public when it is ready. He was highly regarded by Wall Street and helped turn the start-up profitable on an EBITA


The home-sharing startup recognized “substantially more” than $1 billion in revenue in the third quarter, according to a memo to be publicly released by Airbnb Friday. In 2017, the company posted $100 million in profit on $2.6 billion in revenue, said the source. Airbnb has been without a CFO since February when Laurence Tosi left, raising questions about who might help take Airbnb public when it is ready. He was highly regarded by Wall Street and helped turn the start-up profitable on an EBITA
Airbnb booked more than $1 billion in third quarter revenue Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: deirdre bosa, mike segar
Keywords: news, cnbc, companies, revenue, quarter, billion, company, public, airbnb, profitable, companys, startup, ready, booked


Airbnb booked more than $1 billion in third quarter revenue

Airbnb is one of the big anticipated IPOs of next year and it’s finally giving the public a taste of its revenue for the first time in its ten year history.

The home-sharing startup recognized “substantially more” than $1 billion in revenue in the third quarter, according to a memo to be publicly released by Airbnb Friday. That would make it the company’s strongest quarter since it was established in 2008.

While other large private companies like Uber and WeWork have started to release more of their financial information ahead of public market debuts, Airbnb has held back. The company wouldn’t comment on profitability or other data points, though a spokesperson told CNBC, “we’ll continue to provide updates regarding our work as we go forward.”

But according to one person close to the company’s financials, Airbnb is on track to be profitable for the second straight year, as measured by earnings before interest, taxes, depreciation and amortization. In 2017, the company posted $100 million in profit on $2.6 billion in revenue, said the source.

Airbnb has been without a CFO since February when Laurence Tosi left, raising questions about who might help take Airbnb public when it is ready. He was highly regarded by Wall Street and helped turn the start-up profitable on an EBITA basis during his tenure.

CEO Brian Chesky said the company would be ready to go public by mid-2019, but the company hasn’t decided when. Airbnb is one of the most valuable start-ups in the US at $31 billion.

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Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: deirdre bosa, mike segar
Keywords: news, cnbc, companies, revenue, quarter, billion, company, public, airbnb, profitable, companys, startup, ready, booked


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GE was once America’s most valuable company. Today it is fighting junk-bond status.

GE’s stock market value has slipped to just below $70 billion, about $300 billion less than where it was in 2005, when it was last America’s most valuable company, according to S&P Dow Jones Indices. GE stock fell more than 2 percent and was trading below $8 Friday. GE stock has cratered to levels it reached during the financial crisis. To me, GE was a single A-rated name that may or may not end up high yield for completely idiosyncratic reasons,” Mikkelsen said. He expects to see the corporate


GE’s stock market value has slipped to just below $70 billion, about $300 billion less than where it was in 2005, when it was last America’s most valuable company, according to S&P Dow Jones Indices. GE stock fell more than 2 percent and was trading below $8 Friday. GE stock has cratered to levels it reached during the financial crisis. To me, GE was a single A-rated name that may or may not end up high yield for completely idiosyncratic reasons,” Mikkelsen said. He expects to see the corporate
GE was once America’s most valuable company. Today it is fighting junk-bond status. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: patti domm, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, status, debt, junkbond, junk, today, yield, bbb, americas, market, grade, stock, billion, valuable, ge, high, company, fighting


GE was once America's most valuable company. Today it is fighting junk-bond status.

Once-mighty General Electric is fighting to stay off the junk heap.

GE’s stock has become a sliver of its former self, and its bonds are now trading as if they are already junk-rated. That puts pressure on new CEO Larry Culp to quickly raise cash and cut debt to keep its debt rating from falling further to sub-investment grade junk status, otherwise known as high-yield.

“When the market begins to price you to junk status, you have a very limited time to clear that up before you become junk,” said Thomas Tzitzouris, director and head of fixed income research at Strategas. “Whether their plan is viable or not, they’re running out of time.”

Tzitzouris said GE is not even close to becoming high-yield rated yet, but it will have to prove it deserves to stay investment grade. The company’s goal is to regain its A rating after S&P cut it to BBB-plus last month. But should GE become a ‘fallen angel,’ its debt service costs would rise and it would face a new round of selling pressure on both its stock and bonds.

GE’s stock market value has slipped to just below $70 billion, about $300 billion less than where it was in 2005, when it was last America’s most valuable company, according to S&P Dow Jones Indices.

Six weeks ago, Culp replaced John Flannery, who was viewed as too slow at fixing what ailed the conglomerate after he took over from long time CEO Jeff Immelt. Culp was once CEO of Danaher Corp., a science and technology conglomerate

This week GE moved to sell $3.7 billion of its stake in oil field services company Baker Hughes. On Friday, GE took another step toward its previous announced planned $25 billion reduction in GE Capital assets with the sale of its $1.5 billion healthcare equipment finance portfolio to TIAA Bank.

But GE needs to continue to show results and too many questions remain, strategists say.

Goldman Sachs equity analysts Friday cut their target on GE shares to $9 from $12, and said they do not “see GE as inexpensive given its leverage profile… and tail risk associated with GE Capital.”

GE stock fell more than 2 percent and was trading below $8 Friday. Goldman analysts said it is still unclear how much of a capital infusion GE Capital will need. They said the funding gap could be as much as $20 billion through 2020, which could be filled by asset sales and an equity infusion from its parent.

The Goldman analysts also said GE’s power business sales continue to decline, and they expect 2019 to be another down year.

These are the type of doubts swirling around both GE’s stock and debt.

“What investors generally don’t like is uncertainty and lack of direction. We’re transitioning through that period right now,” Jonathan Duensing, director investment grade corporate debt at Amundi Pioneer. “The more clarity and the more action the management team can deliver on, that will start to really repair the situation, not only for the business itself but from a confidence standpoint. A lot of this is because investors’ confidence has been shaken.”

Culp said, in an interview this week, that he feels the “urgency” to reduce the company’s leverage and will do so through asset sales. He said there could be a possible IPO of the company’s health care business.

“We have no higher priority right now than bringing those leverage levels down,” Culp said Monday in an interview on “Squawk on the Street” with CNBC’s David Faber.

GE has about $115 billion in debt, which it easily built up when it was one of just a few blue chips with a coveted triple-A standing. But GE lost that crown in 2009. The company has a mix of debt, and has access to $40 billion in revolving credit lines.

Once beloved for its healthy dividend and earnings consistency, GE found it no longer could afford the quarterly payout and recently reduced it to just a penny to free up cash. GE stock has cratered to levels it reached during the financial crisis. On top of that, the SEC has been investigating its accounting, including the $22 billion non-cash charge it took in the third quarter related to acquisitions in its power business.

GE’s ripples were felt across the bond market this week, and its woes are one reason for the jump in spreads in corporate and high-yield debt. Investment grade spreads widened out by about 10 basis points and high yield by about 40 through Thursday.

“The big fear in the market all year has been that you have a lot of very large BBB rated structures and eventually some of these could be downgraded into high yield. Then comes GE. GE obviously is an ongoing story but now recently they actually got downgraded to BBB. GE is a very large BBB rated structure and it’s pricing like high yield,” said Hans Mikkelsen, head of high grade credit structure at Bank of American Merrill Lynch. Mikkelsen said he’s not an expert on GE but the market views it as having downgrade risk.

A big credit sliding into the junk bond world would pressure yields in that market and trigger forced selling in the downgraded credit.

“Is this the beginning of a downgrade to high yield? My view is no. This is not that story. To me, GE was a single A-rated name that may or may not end up high yield for completely idiosyncratic reasons,” Mikkelsen said.

Mikkelsen said other factors were also moving the market this week, including the steep drop in oil, and the turbulence in bonds of PG&E, the California utility which said earlier this week its insurance may not cover its potential liabilities related to fires. He expects to see the corporate debt market stabilize and firm up into year end.

GE BBB-plus senior debt is now three steps above junk, and it is also part of the largest BBB tier in the $5 trillion investment grade debt market. Half the investment grade market is now rated BBB, another concern in the market.

Mikkelsen said GE has about $50 billion in debt that is BBB rated, which is equal to about 0.8 percent of the investment grade market but would be 3.9 percent of the roughly $1.2 trillion high yield market. It is 1.5 percent of BBBs.

“Our view is that GE is small enough, and the story sufficiently idiosyncratic, to leave other large BBB capital structures relatively little affected as this story plays out,” Mikkelsen noted.

But strategists say GE has to clarify where it is going. In the interview, Culp said the troubled power business was close to bottoming.

Duensing also said GE is not representative of trouble for the BBB tier of the market. “It’s not a BBB thing. This is a company that has been struggling to manage their overall business platforms from an operational standpoint, and now it’s in a situation where it’s not only impacting the equity price, it’s impacting the debt spreads because credit agencies moved on the credit rating and investors have lost confidence,” he said. “That’s a more specific issue.”

But still, GE is a big new member of the BBB ranks, at a time when interest rates are rising and investors are concerned about where potential problems may be found in the next economic downturn.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: patti domm, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, status, debt, junkbond, junk, today, yield, bbb, americas, market, grade, stock, billion, valuable, ge, high, company, fighting


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Nvidia tumbles 19% after missing on revenue and guidance

Nvidia shares tumbled 18.8 percent at Friday’s close after missing on revenue and guidance in its third-quarter 2019 earnings report. The company missed analyst revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. Revenue for Nvidia’s biggest segment, gaming, fell below the $1.89 billion FactSet consensus estimate, coming in at just $1.76 billion for the quarter. In the segment containing crypto-related revenue, Nvidia reported a 23 perce


Nvidia shares tumbled 18.8 percent at Friday’s close after missing on revenue and guidance in its third-quarter 2019 earnings report. The company missed analyst revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. Revenue for Nvidia’s biggest segment, gaming, fell below the $1.89 billion FactSet consensus estimate, coming in at just $1.76 billion for the quarter. In the segment containing crypto-related revenue, Nvidia reported a 23 perce
Nvidia tumbles 19% after missing on revenue and guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: lauren feiner, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, nvidias, revenue, missing, tumbles, segment, report, 19, inventory, billion, guidance, gaming, nvidia, quarter


Nvidia tumbles 19% after missing on revenue and guidance

Nvidia shares tumbled 18.8 percent at Friday’s close after missing on revenue and guidance in its third-quarter 2019 earnings report.

The company missed analyst revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. Guidance for the fourth quarter was $2.70 billion, plus or minus 2 percent, excluding certain items. That compares with the Refinitiv consensus estimate of $3.40 billion.

Surplus inventory weighed heavily on the company’s fourth-quarter guidance. On a call with analysts following the report Thursday, CEO Jensen Huang said it could take up to two quarters to move through the additional inventory.

“Our Q4 outlook for gaming reflects very little shipment in the midrange Pascal segment to allow channel inventory to normalize,” Chief Financial Officer Colette Kress said on the call. Revenue for Nvidia’s biggest segment, gaming, fell below the $1.89 billion FactSet consensus estimate, coming in at just $1.76 billion for the quarter.

In notes Friday, analysts expressed varying degrees of concern over the excess inventory, with some saying it would be a temporary problem. Others, such as Wells Fargo, said “investors will be frustrated”:

“While we can appreciate that NVIDIA’s weak F4Q19 outlook is impacted by a 1-2 quarter work-down of Pascal mid-range gaming card inventory in the channel (~$600M; assuming no sell-in in F4Q19 as crypto-related dynamics flush through the channel), coupled with a seasonal decline in game console builds, we think investors will be frustrated by NVIDIA’s comments exiting F2Q19 that: ‘…we [NVIDIA] see inventory at the lower-ends of our stack…inventory is well positioned for back-to-school and building season that’s coming up on F3Q19…’ ”

Susquehanna, which had predicted a decline in Nvidia’s cryptocurrency-related revenue, said the weak revenue and guidance “appears significantly larger than our sizable expectation.” In the segment containing crypto-related revenue, Nvidia reported a 23 percent year-over-year decline at $148 million, which still beat the FactSet consensus estimate of $102 million. The firm reduced its price target estimates from $230 to $210.

“While we have been the crypto-GPU bears on the Street, admittedly we were not patient enough to let this unwind fully play out, and may have also underestimated the size of this Ethereum GPU bubble,” Susquehanna wrote. “That said, we are long-term bulls on NVDA as we believe in the A.I. inference opportunity, pro-viz upgrade cycle and 7nm refresh coming this fall. While NVDA’s report was unexpectedly bad, there is one thing we know… AMD will likely be worse.”

Nvidia’s revenue and guidance miss appears to have an effect on one of its closest competitors in the computer chip space, Advanced Micro Devices. AMD also closed down 3.9 percent Friday.

— CNBC’s Jordan Novet contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: lauren feiner, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, nvidias, revenue, missing, tumbles, segment, report, 19, inventory, billion, guidance, gaming, nvidia, quarter


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$1.5 billion Mega Millions lottery jackpot still unclaimed

If the prize goes unclaimed by the deadline, according to the Mega Millions website, “each participating state in the Mega Millions game will get back all the money that state contributed to the unclaimed jackpot.” “Unclaimed lottery winnings in Wisconsin go to the state’s general fund and are used for property tax relief. In South Carolina, unclaimed winnings are put in a fund typically used for educational expenses. “Billions of dollars in lottery prizes each year go unclaimed,” CNN reports, “


If the prize goes unclaimed by the deadline, according to the Mega Millions website, “each participating state in the Mega Millions game will get back all the money that state contributed to the unclaimed jackpot.” “Unclaimed lottery winnings in Wisconsin go to the state’s general fund and are used for property tax relief. In South Carolina, unclaimed winnings are put in a fund typically used for educational expenses. “Billions of dollars in lottery prizes each year go unclaimed,” CNN reports, “
$1.5 billion Mega Millions lottery jackpot still unclaimed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: yoni blumberg
Keywords: news, cnbc, companies, winners, mega, unclaimed, carolina, winnings, south, prize, 15, ticket, jackpot, states, billion, lottery, millions, prizes


$1.5 billion Mega Millions lottery jackpot still unclaimed

In late October, Mega Millions announced that someone had won its $1.5 billion jackpot. But three weeks have passed and no one has come forward to claim the record-setting prize, reports ABC News.

“Everyone’s talking about it,” said Jee Patel, the manager of the KC Mart in Simpsonville, South Carolina, where the ticket was purchased. “It’s a mystery.”

The winner, who beat the odds of 1 in 302 million, gets 180 days, or until April 21, to collect before the ticket expires.

If the prize goes unclaimed by the deadline, according to the Mega Millions website, “each participating state in the Mega Millions game will get back all the money that state contributed to the unclaimed jackpot.”

States set their own priorities on how they spend that unclaimed prize money. “In Maryland and some other states, for example, unclaimed winnings go into pots for player prizes related to second-chance games and promotions and other bonus prizes,” reports Slate. “Unclaimed lottery winnings in Wisconsin go to the state’s general fund and are used for property tax relief. Georgia reserves some of its for treatment for gambling addiction.”

In South Carolina, unclaimed winnings are put in a fund typically used for educational expenses. Throughout the country, states spend a significant portion of lottery proceeds on education.

If the winner is worried about publicity, they might be reassured to learn that South Carolina is one of just eight states that allows lottery winners to do what most financial advisors recommend they should do: remain anonymous. The others are Delaware, Georgia, Kansas, Maryland, North Dakota, Ohio, South Carolina, and Texas.

And whatever the winner’s reason for not coming forward, they still have time. The ticket doesn’t expire for about five months, and some winners have cut it much closer. Last year, Jimmie Smith of East Orange, New Jersey, found a lottery ticket worth $24 millionin an old shirt hanging in his closet just before his one-year deadline.

Others have had less luck. In 2015, a California Powerball winner lost his ticket and his $1 million prize, even though surveillance footage showed him making the purchase, because the rules require you to produce the actual ticket to collect.

“Billions of dollars in lottery prizes each year go unclaimed,” CNN reports, “but the big winners almost always collect their money.”

In this case, the South Carolina winner’s lump sum prize would amount to just under $880 million. If they opt for annuity payments over the course of 30 years, they would eventually collect about $1.5 billion, minus taxes.

Don’t miss: Here’s who won the 5 biggest US lottery prizes ever

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Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: yoni blumberg
Keywords: news, cnbc, companies, winners, mega, unclaimed, carolina, winnings, south, prize, 15, ticket, jackpot, states, billion, lottery, millions, prizes


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Coca-Cola CEO on coffee strategy: We’re not going head to head with Starbucks

Coca-Cola’s $5.1 billion acquisition of U.K. coffee chain Costa was less of an effort to take on giants like Starbucks than a move to create a new type of coffee experience, Coca-Cola President and CEO James Quincey tells CNBC. And, actually, while coffee shops exist, the biggest piece is the rest,” Quincey said on “Mad Money.” “Our idea is not to go head to head” with companies like Starbucks and Nestle, which made a $7 billion licensing deal with Starbucks in May, the CEO said. So there’s a ma


Coca-Cola’s $5.1 billion acquisition of U.K. coffee chain Costa was less of an effort to take on giants like Starbucks than a move to create a new type of coffee experience, Coca-Cola President and CEO James Quincey tells CNBC. And, actually, while coffee shops exist, the biggest piece is the rest,” Quincey said on “Mad Money.” “Our idea is not to go head to head” with companies like Starbucks and Nestle, which made a $7 billion licensing deal with Starbucks in May, the CEO said. So there’s a ma
Coca-Cola CEO on coffee strategy: We’re not going head to head with Starbucks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, head, store, starbucks, strategy, safe, piece, ceo, opportunity, billion, going, legal, coffee, cocacola, quincey


Coca-Cola CEO on coffee strategy: We're not going head to head with Starbucks

Coca-Cola’s $5.1 billion acquisition of U.K. coffee chain Costa was less of an effort to take on giants like Starbucks than a move to create a new type of coffee experience, Coca-Cola President and CEO James Quincey tells CNBC.

To Quincey, who joined Jim Cramer for an exclusive interview Friday, the coffee industry has split into three overarching parts: the “ready-to-drink piece,” the “at-home” segment and immediate consumption at coffee shops.

“The biggest piece is in immediate consumption channels. And, actually, while coffee shops exist, the biggest piece is the rest,” Quincey said on “Mad Money.” “Helping other customers have a store in a store and executing coffee within other people’s outlets is a big opportunity for them, and I think there’s a lot of white space to do a lot better around the world.”

Coca-Cola, a $213 billion beverage maker, was criticized by some for paying too much for Costa, a former Whitbread subsidiary with nearly 4,000 international locations, most of them in the United Kingdom.

But the U.K.-born Quincey, who pegged coffee’s total addressable market at roughly $500 billion, sees a yet-unlocked opportunity to deliver quality coffee quickly at existing locations like gas stations and convenience stores.

“Our idea is not to go head to head” with companies like Starbucks and Nestle, which made a $7 billion licensing deal with Starbucks in May, the CEO said.

“Whether you want to call it food service or partnering with customers to get stores on, the express is like the top-end vending machine for coffee that gets a barista experience, whether it’s in a petrol station, a convenience store, at work,” Quincey said. “We have store in stores in cinemas. So there’s a massive opportunity to partner with customers to sell more coffee, really high-quality barista coffee, in someone else’s store.”

But where coffee provides opportunities, cannabis seems laden with obstacles, Quincey said, addressing Coca-Cola’s likelihood to break into the rapidly expanding marijuana market.

While some alcohol brands are already exploring ways to create drinks infused with THC, the psychoactive ingredient in cannabis, Coca-Cola would only consider incorporating CBD, the plant’s non-active, medically inclined component, in its products, the CEO said.

“The way I think about ingredients is the following: Is it legal? Is it safe? And is it consumable?” Quincey said. “Is it legal? It’s not legal in the U.S. It’s not even legal for beverages in Canada yet. Is it safe? Science is out. We believe our consumers want to trust us that our beverages are indisputably safe, and therefore, we want to see consensus science behind any ingredient, whichever one it is.”

“We want to sell drinks that people can drink each day. So it’s not like you have something once,” the CEO continued. “You have one a day. And if you can’t cross [off] those three things of legal, safe and consumable, it’s not an ingredient that’s going to work for us.”

Coca-Cola’s stock hit a new 52-week high in Friday’s trading session, ultimately closing up 0.86 percent at $50.17 a share. The company third-quarter earnings report in late October impressed Wall Street, with 30-percent profit growth and a double-digit sales jump in the company’s Coke Zero Sugar brand.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, head, store, starbucks, strategy, safe, piece, ceo, opportunity, billion, going, legal, coffee, cocacola, quincey


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Nordstrom plunges after taking $72 million charge for customer credit card refunds

Technician reacts to Nordstrom earnings and the retail space 2 Hours Ago | 05:52″We sincerely apologize to these cardholders. Without the charge, which knocked 28 cents a share off its earnings, Nordstrom would have beat Wall Street forecasts by a penny. Revenue rose 3 percent to $3.75 billion from a year ago, above expectations for $3.69 billion in sales. Sales at stores open for at least a year were up 2.3 percent overall, above Wall Street expectations for an increase of 2.2 percent. Shares o


Technician reacts to Nordstrom earnings and the retail space 2 Hours Ago | 05:52″We sincerely apologize to these cardholders. Without the charge, which knocked 28 cents a share off its earnings, Nordstrom would have beat Wall Street forecasts by a penny. Revenue rose 3 percent to $3.75 billion from a year ago, above expectations for $3.69 billion in sales. Sales at stores open for at least a year were up 2.3 percent overall, above Wall Street expectations for an increase of 2.2 percent. Shares o
Nordstrom plunges after taking $72 million charge for customer credit card refunds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: christine wang, william thomas cain, bloomberg, getty images
Keywords: news, cnbc, companies, cents, street, taking, refunds, wall, plunges, charge, credit, earnings, expectations, customer, 72, cardholders, card, billion, nordstrom, ago, receiving, million


Nordstrom plunges after taking $72 million charge for customer credit card refunds

Technician reacts to Nordstrom earnings and the retail space 2 Hours Ago | 05:52

“We sincerely apologize to these cardholders. We realize customers and shareholders place a great deal of trust in us, and that’s a responsibility we take seriously,” Nordstrom said on a conference call with analysts.

Without the charge, which knocked 28 cents a share off its earnings, Nordstrom would have beat Wall Street forecasts by a penny. Analysts originally expected Nordstrom to earn 66 cents a share.

The department store chain, which reported its earnings after the markets closed Thursday, said it estimates that less than 4 percent of its cardholders would be receiving a refund, with most receiving less than $100.

Shares of Nordstrom fell more than 11 percent in aftermarket trading.

Revenue rose 3 percent to $3.75 billion from a year ago, above expectations for $3.69 billion in sales.

Sales at stores open for at least a year were up 2.3 percent overall, above Wall Street expectations for an increase of 2.2 percent.

Shares of Nordstrom have surged 51 percent over the past 12 months, hitting a fresh 52-week intraday high of $67.75 on Nov. 6.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: christine wang, william thomas cain, bloomberg, getty images
Keywords: news, cnbc, companies, cents, street, taking, refunds, wall, plunges, charge, credit, earnings, expectations, customer, 72, cardholders, card, billion, nordstrom, ago, receiving, million


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