Saudi Arabia is slashing oil shipments to US, a tactic that boosts prices and may rile Trump

Saudi Arabia is slashing shipments of crude to the United States, a move that appears calibrated to boost oil prices after a swift and punishing sell-off. The firm’s loading estimate suggests that U.S. imports of Saudi crude oil could soon fall toward the lowest levels on record. Sending fewer barrels to the United States means U.S. crude stockpiles are more likely to drop, and shrinking inventories tend to push up oil prices. The maneuver shows how Saudi Arabia’s efforts to manage the oil marke


Saudi Arabia is slashing shipments of crude to the United States, a move that appears calibrated to boost oil prices after a swift and punishing sell-off. The firm’s loading estimate suggests that U.S. imports of Saudi crude oil could soon fall toward the lowest levels on record. Sending fewer barrels to the United States means U.S. crude stockpiles are more likely to drop, and shrinking inventories tend to push up oil prices. The maneuver shows how Saudi Arabia’s efforts to manage the oil marke
Saudi Arabia is slashing oil shipments to US, a tactic that boosts prices and may rile Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: tom dichristopher, heinz-peter bader
Keywords: news, cnbc, companies, shipments, slashing, market, states, united, saudis, saudi, boosts, crude, oil, output, arabia, tactic, rile, trump, prices


Saudi Arabia is slashing oil shipments to US, a tactic that boosts prices and may rile Trump

Saudi Arabia is slashing shipments of crude to the United States, a move that appears calibrated to boost oil prices after a swift and punishing sell-off.

The move could put the kingdom at loggerheads with President Donald Trump, who wants to drive down energy costs for Americans and frequently accuses the Saudi-led OPEC cartel of jacking up oil prices.

The Saudis are loading fewer barrels on ships bound for the United States this month, continuing a trend that began in September, according to an analysis by tanker-tracking firm ClipperData. The firm’s loading estimate suggests that U.S. imports of Saudi crude oil could soon fall toward the lowest levels on record.

Sending fewer barrels to the United States means U.S. crude stockpiles are more likely to drop, and shrinking inventories tend to push up oil prices. It’s a tactic the Saudis used last year to amplify their main strategy for draining a global crude glut and propping up the market: cutting output alongside fellow OPEC members, Russia and several other producers.

The maneuver shows how Saudi Arabia’s efforts to manage the oil market have evolved. During the 2014-2016 oil price crash, traders closely monitored weekly U.S. stockpile data to see whether oversupply was shrinking or growing. As the world’s biggest exporter, Saudi Arabia realized it could nudge the data in a direction that boosts the cost of crude.

“It worked so well in 2017 for [the Saudis] to cut flows to the U.S. because people could see the inventories dropping because U.S. data is so timely and transparent,” said Matt Smith, head of commodities research at ClipperData.

“The markets have become more transparent through tanker tracking,” Smith said. “You can see those changes being implemented more, and [the Saudis are] aware of that.”

November’s drop in Saudi barrels bound for the United States follows a six-week oil market rout that saw prices plunge 25 percent into bear market territory. It also comes after Saudi Energy Minister Khalid al-Falih warned on Monday that OPEC, Russia and several other producers may soon launch a fresh round of price-boosting output cuts.

Shortly after Falih issued the warning, Trump took to Twitter to voice his disapproval with that plan.

But Saudi Arabia may not be swayed by Trump’s pressure campaign. In recent days, Smith and other energy analysts have claimed that Trump essentially duped OPEC and its allies into raising output earlier this year.

The analysts say Trump’s threats to impose harsh sanctions on Iran, OPEC’s third-biggest producer, played a part in convincing the producers to stop capping output and start pumping more oil. But Trump ultimately allowed some of Iran’s biggest customers to keep importing its oil, which meant the oil squeeze the alliance feared never materialized.

Consequently, the producers put even more oil into a market that is swinging toward oversupply, giving traders another reason to sell off crude futures and push prices lower.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: tom dichristopher, heinz-peter bader
Keywords: news, cnbc, companies, shipments, slashing, market, states, united, saudis, saudi, boosts, crude, oil, output, arabia, tactic, rile, trump, prices


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Juul e-cigarette maker boosts lobbying spending as FDA cracks down

In the third quarter, Juul spent $560,000, according to a lobbying disclosure form. That compares with the $210,000 it spent in the previous quarter, according to a filing. The company filed an amendment correcting the figure, Juul spokeswoman Victoria Davis told CNBC. Those figures have Gottlieb and the FDA considering a slew of options, including restricting e-cigarette manufacturers from selling flavored nicotine liquids. Note: This story has been updated to reflect an amendment Juul filed wi


In the third quarter, Juul spent $560,000, according to a lobbying disclosure form. That compares with the $210,000 it spent in the previous quarter, according to a filing. The company filed an amendment correcting the figure, Juul spokeswoman Victoria Davis told CNBC. Those figures have Gottlieb and the FDA considering a slew of options, including restricting e-cigarette manufacturers from selling flavored nicotine liquids. Note: This story has been updated to reflect an amendment Juul filed wi
Juul e-cigarette maker boosts lobbying spending as FDA cracks down Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: angelica lavito, scott olson, getty images
Keywords: news, cnbc, companies, maker, boosts, regulators, filed, fda, lobbying, juul, ecigarette, spent, spending, quarter, cracks, according, company


Juul e-cigarette maker boosts lobbying spending as FDA cracks down

Leading e-cigarette manufacturer Juul spent half a million dollars on lobbying last quarter — up 167 percent from the previous quarter — as regulators weigh restrictions on the industry to stem a surge in teens using the devices.

In the third quarter, Juul spent $560,000, according to a lobbying disclosure form. That compares with the $210,000 it spent in the previous quarter, according to a filing. The company focused its efforts on e-cigarette and vaping regulation, as well as tariffs on products manufactured in China, it said in the disclosure.

However, the $560,000 is half of the amount the company initially reported spending Tuesday. The company filed an amendment correcting the figure, Juul spokeswoman Victoria Davis told CNBC.

Juul has beefed up its Washington operations amid growing scrutiny that could threaten its business. It has hired Tevi Troy, deputy Health and Human Services secretary in the George W. Bush administration; Jim Esquea, an assistant HHS secretary in the Obama administration; and Ted McCann, a senior policy advisor to House Speaker Paul Ryan, among others.

Lawmakers, including Senate Minority Leader Chuck Schumer, have urged the Food and Drug Administration to ban sweet nicotine flavors they say entice young people to use e-cigarettes. In September, FDA Commissioner Dr. Scott Gottlieb announced the agency would crack down against teen use that he said has reached “epidemic levels.”

Preliminary federal data show high school students’ use of e-cigarettes has surged 77 percent over the past year and use of conventional cigarettes has also ticked up, though the increase is not statistically significant. Those figures have Gottlieb and the FDA considering a slew of options, including restricting e-cigarette manufacturers from selling flavored nicotine liquids.

Any changes could weigh on Juul’s revenue. The company represents 75 percent of the e-cigarette market, according to the most recent Nielsen data compiled by Wells Fargo analyst Bonnie Herzog. Its sales over the past year have reached $1.5 billion, according to Nielsen.

“We are focused on engaging with FDA, lawmakers, regulators, public health officials and advocates to drive awareness of our mission to improve the lives of the world’s one billion smokers and to combat underage use so we keep JUUL out of the hands of young people,” said Victoria Davis, a Juul spokeswoman, in an email to CNBC.

Note: This story has been updated to reflect an amendment Juul filed with regulators Tuesday correcting the amount it spent on lobbying in the third quarter. The correct amount is $560,000. This amendment was filed after CNBC reported on the company’s initial filing.


Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: angelica lavito, scott olson, getty images
Keywords: news, cnbc, companies, maker, boosts, regulators, filed, fda, lobbying, juul, ecigarette, spent, spending, quarter, cracks, according, company


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Procter & Gamble shares jump on earnings beat as beauty business boosts sales

Procter & Gamble shares jumped Friday after the company said beauty sales helped propel higher-than-expected revenue growth during the latest quarter. Sales of $16.69 billion were slightly more that $16.65 billion a year ago and ahead of the $16.46 billion expected by analysts. P&G said beauty net sales rose 5 percent during the latest quarter, while sales in its fabric and home-care division — P&G’s largest unit by sales — climbed 2 percent. P&G said it’s anticipating organic sales growth of 2


Procter & Gamble shares jumped Friday after the company said beauty sales helped propel higher-than-expected revenue growth during the latest quarter. Sales of $16.69 billion were slightly more that $16.65 billion a year ago and ahead of the $16.46 billion expected by analysts. P&G said beauty net sales rose 5 percent during the latest quarter, while sales in its fabric and home-care division — P&G’s largest unit by sales — climbed 2 percent. P&G said it’s anticipating organic sales growth of 2
Procter & Gamble shares jump on earnings beat as beauty business boosts sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: lauren thomas, laura galligan
Keywords: news, cnbc, companies, procter, jump, gamble, growth, beauty, cents, share, sales, business, shares, boosts, revenue, quarter, earnings, billion, analysts, beat


Procter & Gamble shares jump on earnings beat as beauty business boosts sales

Procter & Gamble shares jumped Friday after the company said beauty sales helped propel higher-than-expected revenue growth during the latest quarter. It also maintained its profit outlook for the full year.

Its stock climbed more than 7 percent in trading Friday. As of Thursday’s close, its shares had fallen about 11 percent this year, bringing P&G’s market cap to roughly $202 billion.

Here’s what P&G reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

* Earnings per share: $1.12, adjusted, vs. $1.09 expected

* Revenue: $16.69 billion vs. $16.46 billion expected

“This keeps us on track to deliver our top-and bottom-line targets for the fiscal year,” CEO David Taylor said in a statement.

Net income for the quarter ended Sept. 30 climbed about 12 percent to $3.20 billion, or $1.22 cents per share, from $2.85 billion, or $1.06 cents a share, a year ago. Excluding one-time items, P&G earned $1.12 cents a share, 3 cents ahead of analysts’ consensus.

Sales of $16.69 billion were slightly more that $16.65 billion a year ago and ahead of the $16.46 billion expected by analysts. It reported organic sales growth, which strips out the impact of currency and other adjustments, of 4 percent, better than expectations for an increase of 1.6 percent and fueled by growth in its beauty division. The company owns major brands in this category, including Pantene shampoo and Old Spice deodorant.

“There isn’t a piece of beauty that isn’t growing right now,” CFO Jon Moeller said on the company’s earnings call.

P&G said beauty net sales rose 5 percent during the latest quarter, while sales in its fabric and home-care division — P&G’s largest unit by sales — climbed 2 percent. That helped offset net sales declines of 1 percent in the grooming category, a drop of 3 percent in health care, and a 3 percent decline in baby, feminine and family care.

The maker of everyday household goods like Tide laundry detergent, Crest toothpaste and Charmin toilet paper has been defending its market share against heightened competition from private-label brands and upstart companies such as Brandless, Harry’s and Dollar Shave Club. Its Gillette razor brand has struggled as new entrants have entered the space and slashed prices.

P&G’s profit margins have also been squeezed, hurt by rising commodity costs, shipping expenses and foreign exchange rates. Moeller told analysts that P&G will need to raise prices in the coming quarters to offset these cost pressures.

“These are costs retailers understand. They face the same issues,” he said.

During an appearance on CNBC’s “Squawk Box” on Friday, Moeller said, “We expect the revenue progress we are making and the bottom-line progress to hold up. There is a very strong underlying economy and we are seeing — despite some of that angst that exists — increases in the rate of market growth, which you expect with the unemployment situation and eventually the wage situation increasingly significantly.”

P&G said it’s anticipating organic sales growth of 2 to 3 percent for fiscal 2019. It expects core earnings per share to rise 3 to 8 percent, up from 2018 core earnings per share of $4.22.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: lauren thomas, laura galligan
Keywords: news, cnbc, companies, procter, jump, gamble, growth, beauty, cents, share, sales, business, shares, boosts, revenue, quarter, earnings, billion, analysts, beat


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Texas Senate race: Trump hits Beto O’Rourke, boosts Ted Cruz

President Donald Trump tried to stoke fears of socialism Friday as he bashed Rep. Beto O’Rourke, the Democrat pushing to upset Republican Sen. Ted Cruz in red Texas. Ahead of his Monday visit to Houston, Trump called the 46-year-old representative a “total lightweight compared to Ted Cruz” who “comes nowhere near representing the values and desires” of Texans. The tweet comes as O’Rourke has forced Republicans to work harder than they typically do in statewide Texas races. But the GOP has repeat


President Donald Trump tried to stoke fears of socialism Friday as he bashed Rep. Beto O’Rourke, the Democrat pushing to upset Republican Sen. Ted Cruz in red Texas. Ahead of his Monday visit to Houston, Trump called the 46-year-old representative a “total lightweight compared to Ted Cruz” who “comes nowhere near representing the values and desires” of Texans. The tweet comes as O’Rourke has forced Republicans to work harder than they typically do in statewide Texas races. But the GOP has repeat
Texas Senate race: Trump hits Beto O’Rourke, boosts Ted Cruz Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: jacob pramuk, al drago, cq roll call, getty images
Keywords: news, cnbc, companies, gop, boosts, trump, democrat, hits, senate, race, statewide, texas, orourke, beto, democrats, ted, cruz


Texas Senate race: Trump hits Beto O'Rourke, boosts Ted Cruz

President Donald Trump tried to stoke fears of socialism Friday as he bashed Rep. Beto O’Rourke, the Democrat pushing to upset Republican Sen. Ted Cruz in red Texas.

Ahead of his Monday visit to Houston, Trump called the 46-year-old representative a “total lightweight compared to Ted Cruz” who “comes nowhere near representing the values and desires” of Texans. He suggested O’Rourke wants to “turn Texas into Venezuela” — deploying rhetoric he has used in an attempt to portray Democrats as dangerous leftists as the GOP tries to defend its congressional majorities on Nov. 6.

The tweet comes as O’Rourke has forced Republicans to work harder than they typically do in statewide Texas races. The Democrat, who has harnessed his party’s energy and smashed Senate fundraising records with a $38 million haul in the third quarter, would shake up the battle for control of the Senate if he shocked Cruz next month.

O’Rourke’s campaign did not immediately respond to a request for comment.

O’Rourke has gone no further left than a typical American Democrat. He has advocated for policies such as Medicaid expansion, tighter background checks for gun sales and a path to citizenship for young immigrants brought to the U.S. illegally as children. But the GOP has repeatedly cast him as too liberal for the state, which Trump carried by about 9 percentage points in 2016. Democrats have not won a statewide race there in more than 20 years.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: jacob pramuk, al drago, cq roll call, getty images
Keywords: news, cnbc, companies, gop, boosts, trump, democrat, hits, senate, race, statewide, texas, orourke, beto, democrats, ted, cruz


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Ford boosts production of its $400,000 GT supercar as demand outpaces supply six-to-one

Ford is boosting the limited production of its $400,000 GT supercar to keep up with demand, the company said Thursday. The Ford GT is the automaker’s answer to high-performance sports cars from companies such as Lamborghini, Ferrari, Porsche, McLaren and others. Orders have been outpacing supply, prompting Ford to up production from the 1,000 GTs it originally planned to make in 2016 to 1,350. “The response to our Ford GT has been unprecedented, with initial demand outstripping supply by more th


Ford is boosting the limited production of its $400,000 GT supercar to keep up with demand, the company said Thursday. The Ford GT is the automaker’s answer to high-performance sports cars from companies such as Lamborghini, Ferrari, Porsche, McLaren and others. Orders have been outpacing supply, prompting Ford to up production from the 1,000 GTs it originally planned to make in 2016 to 1,350. “The response to our Ford GT has been unprecedented, with initial demand outstripping supply by more th
Ford boosts production of its $400,000 GT supercar as demand outpaces supply six-to-one Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: robert ferris, source, ford motor co
Keywords: news, cnbc, companies, extending, gt, production, limited, sixtoone, supercar, ford, outpaces, company, demand, 400000, unprecedented, boosts, supply


Ford boosts production of its $400,000 GT supercar as demand outpaces supply six-to-one

Ford is boosting the limited production of its $400,000 GT supercar to keep up with demand, the company said Thursday.

The Ford GT is the automaker’s answer to high-performance sports cars from companies such as Lamborghini, Ferrari, Porsche, McLaren and others.

Orders have been outpacing supply, prompting Ford to up production from the 1,000 GTs it originally planned to make in 2016 to 1,350. The company is also extending its production deadline from 2020 to 2022.

“The response to our Ford GT has been unprecedented, with initial demand outstripping supply by more than six-to-one,” said Hermann Salenbauch, director of Ford Performance. “By extending the Ford GT production run for a limited period, we’re able to maintain the exclusivity of the ultra-desirable supercar while offering the ownership experience to a greater number of customers.”


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: robert ferris, source, ford motor co
Keywords: news, cnbc, companies, extending, gt, production, limited, sixtoone, supercar, ford, outpaces, company, demand, 400000, unprecedented, boosts, supply


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Gold nudges down as strong US data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. “Rising interest rates is not good news for gold. Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “cor


Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. “Rising interest rates is not good news for gold. Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “cor
Gold nudges down as strong US data boosts rate rise view Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, strong, rise, street, wall, view, data, selloff, interest, ounce, gold, rates, prices, rate, dollar, rose, nudges, boosts


Gold nudges down as strong US data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses.

The marginal decline came even as Wall Street suffered its worst drubbing in eight months.

Spot gold was down 0.2 percent at $1,192.58 an ounce at 0430 GMT.

U.S. gold futures edged up 0.2 percent to $1,195.90 an ounce.

“Rising interest rates is not good news for gold. People are preferring U.S. Treasury bonds as they are more attractive in the current environment over gold, despite the sell-off in equities,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong.

Data on U.S. producer prices, which rose in September after declining the previous month, and a revision to wholesale inventory estimates for August, added to a hawkish outlook on interest rates.

“The Fed is expected to raise interest rates in December but we are not sure about the future hikes as we have to see how the trade war will affect the U.S. economy. The upcoming mid-term elections in U.S. will also be very crucial,” Leung said.

The Fed can likely stop raising U.S. interest rates once they reach about 3 percent, as long as inflation remains around 2 percent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday.

Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “correction,” and the Federal Reserve, which has been raising U.S. interest rates, had gone “crazy”.

“The sentiment that we have seen this morning with the Wall Street and Asian markets tanking is a chance for gold prices to reintroduce as a safe haven again, especially at this time of poor risk appetite,” OCBC analyst Barnabas Gan said.

“That is something investors will be looking at very closely if the dollar falls further.”

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 percent.

Spot gold may break a resistance at $1,195 per ounce and edge up to the next resistance at $1,200, as it has temporarily bottomed around a support at $1,182, according to Reuters technical analyst Wang Tao.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.21 percent to 738.99 tonnes on Wednesday, for its first gains since July.

Meanwhile, spot silver was flat at $14.26 an ounce and palladium was little changed at $1,067.24. Platinum slipped 0.9 percent to $811.49 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, strong, rise, street, wall, view, data, selloff, interest, ounce, gold, rates, prices, rate, dollar, rose, nudges, boosts


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Nike’s Kaepernick ad draws record likes on social media, boosts sales

Nike’s controversial ad campaign with former San Francisco 49ers quarterback Colin Kaepernick has drawn a surge in Instagram followers and likes on Twitter and Facebook, which should translate into higher sales, according to one analyst. Nike added roughly 170,000 Instagram followers around the timing of the release of its ad campaign, Wedbush Securities analyst Christopher Svezia said in a research note Friday. “Indeed, [Nike] management knows its American consumer well and the campaign featuri


Nike’s controversial ad campaign with former San Francisco 49ers quarterback Colin Kaepernick has drawn a surge in Instagram followers and likes on Twitter and Facebook, which should translate into higher sales, according to one analyst. Nike added roughly 170,000 Instagram followers around the timing of the release of its ad campaign, Wedbush Securities analyst Christopher Svezia said in a research note Friday. “Indeed, [Nike] management knows its American consumer well and the campaign featuri
Nike’s Kaepernick ad draws record likes on social media, boosts sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: lauren thomas, source
Keywords: news, cnbc, companies, kaepernick, national, draws, nikes, instagram, record, ad, campaign, likes, media, wedbush, social, sales, svezia, boosts


Nike's Kaepernick ad draws record likes on social media, boosts sales

Nike’s controversial ad campaign with former San Francisco 49ers quarterback Colin Kaepernick has drawn a surge in Instagram followers and likes on Twitter and Facebook, which should translate into higher sales, according to one analyst.

Nike added roughly 170,000 Instagram followers around the timing of the release of its ad campaign, Wedbush Securities analyst Christopher Svezia said in a research note Friday.

“Indeed, [Nike] management knows its American consumer well and the campaign featuring Mr. Kaepernick is a positive for the brand and likely its sales,” Svezia said. The company’s shares hit a record high of $83.90 on Thursday. Wedbush placed a 12-month price target of $90 a share on the stock.

The ad campaign generated “possibly record likes by Americans” on social media, even though there’s been a wave of anti-Nike comments as well, according to Webush’s internal analysis of the marketing campaign. Kaepernick, who knelt during the 2016 National Football League season during the national anthem in protest against racial injustice, opted out of his contract with the 49ers and hasn’t signed with another NFL football team.


Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: lauren thomas, source
Keywords: news, cnbc, companies, kaepernick, national, draws, nikes, instagram, record, ad, campaign, likes, media, wedbush, social, sales, svezia, boosts


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Goldman admits it was wrong on Apple, boosts stock outlook by 20 percent

Goldman Sachs raised its price target on Apple stock all the way to $240 per share from $200 per share on Thursday, admitting they got the stock completely wrong this summer as it rallied to a $1 trillion valuation. “We also take this opportunity to eat our hat somewhat on our cautious stance this Summer,” Goldman analyst Rod Hall said in a note. “We had expected worse iPhone X demand and some pullback in the stock — clearly neither of these two things happened.” Shares of Apple rose 0.7 percent


Goldman Sachs raised its price target on Apple stock all the way to $240 per share from $200 per share on Thursday, admitting they got the stock completely wrong this summer as it rallied to a $1 trillion valuation. “We also take this opportunity to eat our hat somewhat on our cautious stance this Summer,” Goldman analyst Rod Hall said in a note. “We had expected worse iPhone X demand and some pullback in the stock — clearly neither of these two things happened.” Shares of Apple rose 0.7 percent
Goldman admits it was wrong on Apple, boosts stock outlook by 20 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: michael sheetz, daniel acker, bloomberg, getty images, source, chris saucedo, wang he, chip somodevilla
Keywords: news, cnbc, companies, apple, share, iphone, target, price, outlook, admits, boosts, 20, trading, goldman, stock, summer, wrong


Goldman admits it was wrong on Apple, boosts stock outlook by 20 percent

Goldman Sachs raised its price target on Apple stock all the way to $240 per share from $200 per share on Thursday, admitting they got the stock completely wrong this summer as it rallied to a $1 trillion valuation.

Goldman laid out its expectations for the next generation of iPhones and reversed its previous bearish position on the technology giant.

“We also take this opportunity to eat our hat somewhat on our cautious stance this Summer,” Goldman analyst Rod Hall said in a note. “We had expected worse iPhone X demand and some pullback in the stock — clearly neither of these two things happened.”

Shares of Apple rose 0.7 percent in trading to $224.65 a share in trading Friday, about 7 percent away from the new Goldman target. The stock closed down 0.8 percent at $221.30 per share after Apple announced President Donald Trump’s tariffs on Chinese goods will hurt the company.

Goldman estimates Apple will price the iPhone 9 at $849, rather than the $699 some have speculated. The firm sees “some flexibility down to $800” for the iPhone 9 offering but doubts Apple will “go for lower price points” after iPhone X demand was more than expected the last few months.

“Apple is once again proving itself tough to bet against,” Hall added.


Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: michael sheetz, daniel acker, bloomberg, getty images, source, chris saucedo, wang he, chip somodevilla
Keywords: news, cnbc, companies, apple, share, iphone, target, price, outlook, admits, boosts, 20, trading, goldman, stock, summer, wrong


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Bank of America boosts Apple stock outlook on app store strength

Bank of America Merrill Lynch bumped its price target on Apple stock up to $250 per share from $230 per share on Tuesday, citing confidence in the tech giant’s push to diversify its mobile application offerings. “The strong growth rate of non-gaming categories gives us increased confidence in the sustainability of strong App Store sales, and reduces risk of dependence on one single category of Apps,” analyst Wamsi Mohan wrote in a note. Bank of America’s price target represents a 16 percent prem


Bank of America Merrill Lynch bumped its price target on Apple stock up to $250 per share from $230 per share on Tuesday, citing confidence in the tech giant’s push to diversify its mobile application offerings. “The strong growth rate of non-gaming categories gives us increased confidence in the sustainability of strong App Store sales, and reduces risk of dependence on one single category of Apps,” analyst Wamsi Mohan wrote in a note. Bank of America’s price target represents a 16 percent prem
Bank of America boosts Apple stock outlook on app store strength Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: michael sheetz, josh edelson, afp, getty images
Keywords: news, cnbc, companies, strength, apple, outlook, boosts, mohan, strong, apps, stock, america, app, bank, services, price, store, share, target, revenue


Bank of America boosts Apple stock outlook on app store strength

Bank of America Merrill Lynch bumped its price target on Apple stock up to $250 per share from $230 per share on Tuesday, citing confidence in the tech giant’s push to diversify its mobile application offerings.

“The strong growth rate of non-gaming categories gives us increased confidence in the sustainability of strong App Store sales, and reduces risk of dependence on one single category of Apps,” analyst Wamsi Mohan wrote in a note.

Apple shares rose 0.5 percent in premarket trading from Monday’s close of $215.46 per share. Bank of America’s price target represents a 16 percent premium on the stock.

“We raise our Services revenue estimate for 2019 by about $800 million and factor in slightly higher margins, and reiterate Buy on strength in Services, stable hardware & strong capital returns,” Mohan said.

The firm’s analysis of third-party data “indicates” that mobile games contribution to the App Store’s revenue is coming down, despite remaining the largest contributor overall. App Store revenue growth each year is “now being driven by non-gaming categories,” Mohan said.

“Categories like Entertainment Apps and Photo & Video Apps are becoming an incrementally larger portion of the App Store,” Mohan added.


Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: michael sheetz, josh edelson, afp, getty images
Keywords: news, cnbc, companies, strength, apple, outlook, boosts, mohan, strong, apps, stock, america, app, bank, services, price, store, share, target, revenue


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Euro whacked as Turkey sell-off boosts dollar

The euro sank to its lowest levels in over a year on Friday after a report that the European Central Bank is growing concerned about exposure of banks to Turkey. Traders said that had pulled the euro down against the dollar and other currencies including the Swiss franc. Against the yen, the euro slid one percent to 126.79 yen, a two-month low. A sharp rise in the dollar added to the single currency’s woes as investors rushed to safe-haven assets worried by global trade and political tensions. T


The euro sank to its lowest levels in over a year on Friday after a report that the European Central Bank is growing concerned about exposure of banks to Turkey. Traders said that had pulled the euro down against the dollar and other currencies including the Swiss franc. Against the yen, the euro slid one percent to 126.79 yen, a two-month low. A sharp rise in the dollar added to the single currency’s woes as investors rushed to safe-haven assets worried by global trade and political tensions. T
Euro whacked as Turkey sell-off boosts dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-10  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, turkey, whacked, currencies, boosts, trade, war, dollar, woes, tensions, banks, euro, yen, selloff


Euro whacked as Turkey sell-off boosts dollar

The euro sank to its lowest levels in over a year on Friday after a report that the European Central Bank is growing concerned about exposure of banks to Turkey.

The ECB has concerns about banks in Spain, Italy and France and their exposure to Turkey’s woes, the Financial Times reported on Friday, citing two sources.

Traders said that had pulled the euro down against the dollar and other currencies including the Swiss franc.

“We now have the first signs of the EUR/USD rate plunging through key support on fears over the impact of the turmoil in Turkey on the European banking sector,” said analysts at MUFG.

The euro fell 0.6 percent to $1.1432, its weakest since July 2017.

Against the yen, the euro slid one percent to 126.79 yen, a two-month low.

The euro is down almost 1 percent for the week, partly because of investor concerns that Italy is heading for a costly and unsustainable spending spree.

A sharp rise in the dollar added to the single currency’s woes as investors rushed to safe-haven assets worried by global trade and political tensions.

The dollar jumped to a 13-month high against a basket of currencies and the Japanese yen also appeared to benefit from an uptick in geopolitical tensions, including the U.S.-China trade war and Brexit.

Trade tensions are seen as beneficial for the dollar as the economy is better placed to handle protectionism than emerging markets, and tariffs may narrow the U.S. trade deficit.

“Risk aversion is taking control again, putting pressure on emerging market currencies while letting the safe haven dollar and the Swiss franc appreciate,” said Antje Praefcke, a currency strategist at Commerzbank in Frankfurt.

Global foreign exchange markets this summer have been dominated by political angst, from U.S. sanctions on Russia and Turkey, to rising tensions in the Middle East and in Europe.

The rouble retreated overnight to its lowest since November 2016, weakening beyond the psychologically important 65-per-dollar threshold.

Russia said on Friday it would consider it an economic war if the United States imposed a ban on banks or a particular currency.


Company: cnbc, Activity: cnbc, Date: 2018-08-10  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, turkey, whacked, currencies, boosts, trade, war, dollar, woes, tensions, banks, euro, yen, selloff


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