Stocks making the biggest moves premarket: Deere, Nvidia, GE, Facebook, Capital One & more

Check out the companies making headlines before the bell:Deere – The heavy equipment maker reported adjusted quarterly profit of $2.71 per share, missing the consensus estimate of $2.85 a share. Applied Materials – Applied Materials reported adjusted quarterly profit of 74 cents per share, 4 cents a share above estimates. Nvidia – Nvidia beat estimates by 9 cents a share, with adjusted quarterly profit of $1.24 per share. General Electric – GE CEO Larry Culp bought 252,000 more shares of GE at a


Check out the companies making headlines before the bell:Deere – The heavy equipment maker reported adjusted quarterly profit of $2.71 per share, missing the consensus estimate of $2.85 a share. Applied Materials – Applied Materials reported adjusted quarterly profit of 74 cents per share, 4 cents a share above estimates. Nvidia – Nvidia beat estimates by 9 cents a share, with adjusted quarterly profit of $1.24 per share. General Electric – GE CEO Larry Culp bought 252,000 more shares of GE at a
Stocks making the biggest moves premarket: Deere, Nvidia, GE, Facebook, Capital One & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: peter schacknow, yun li
Keywords: news, cnbc, companies, revenue, forecasts, stock, making, facebook, deere, stocks, share, reported, profit, premarket, quarterly, capital, adjusted, biggest, moves, issues, ge, nvidia, cents


Stocks making the biggest moves premarket: Deere, Nvidia, GE, Facebook, Capital One & more

Check out the companies making headlines before the bell:

Deere – The heavy equipment maker reported adjusted quarterly profit of $2.71 per share, missing the consensus estimate of $2.85 a share. Revenue also missed forecasts, with the company saying some farmers are postponing purchases because of uncertainties regarding the export market.

Applied Materials – Applied Materials reported adjusted quarterly profit of 74 cents per share, 4 cents a share above estimates. The semiconductor manufacturing equipment maker’s revenue beat Wall Street forecasts as well, however the company warned that recovery for the memory chip market would be unlikely to occur before next year.

Nvidia – Nvidia beat estimates by 9 cents a share, with adjusted quarterly profit of $1.24 per share. Revenue came in above forecasts as well, helped by demand for newer high end graphics chips designed for video games.

General Electric – GE CEO Larry Culp bought 252,000 more shares of GE at an average price of $7.93 per share, following share purchases earlier this week. That followed an 11.3% drop in the stock Thursday following a critical report on GE from investor Harry Markopolos.

Facebook – Facebook was accused in a lawsuit of failing to warn users about the dangers of its single sign-on tool, which can be used to access third party apps and services using Facebook login credentials.

Capital One – Capital One employees raised concerns about issues in the company’s cybersecurity unit ahead of a recent data breach, according to The Wall Street Journal. Among the issues: high turnover among senior leaders and staff, and failure to properly install software to spot and defend against hacking.

Dillard’s – Dillard’s reported an adjusted quarterly loss of $1.74 per share, wider than the 70 cents a share loss estimated by analysts. The retailer’s revenue was slightly below forecasts, with comparable-store sales falling 1%.

Tapestry – Tapestry was downgraded to “neutral” from “outperform” at Credit Suisse and to “neutral” from “buy” at Goldman Sachs, which also removed the apparel maker’s stock from its “Conviction Buy” list. That follows Tapestry’s earnings report in which the company said performance at its Coach unit was strong but that there are still issues with the Kate Spade brand.

Merck – The drugmaker’s stock was rated “outperform” in new coverage at Leerink. The rating is based on optimism about expanded uses for the cancer drug Keytruda, among other factors.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: peter schacknow, yun li
Keywords: news, cnbc, companies, revenue, forecasts, stock, making, facebook, deere, stocks, share, reported, profit, premarket, quarterly, capital, adjusted, biggest, moves, issues, ge, nvidia, cents


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Tencent’s ad revenues should be able to pick up: Amber Hill Capital

Tencent’s ad revenues should be able to pick up: Amber Hill Capital6 Hours AgoJackson Wong of Amber Hill Capital discusses Tencent’s earnings results. He says the company’s gaming revenue is still growing “pretty well.”


Tencent’s ad revenues should be able to pick up: Amber Hill Capital6 Hours AgoJackson Wong of Amber Hill Capital discusses Tencent’s earnings results. He says the company’s gaming revenue is still growing “pretty well.”
Tencent’s ad revenues should be able to pick up: Amber Hill Capital Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, revenue, revenues, pick, hill, tencents, pretty, able, results, ad, capital, hours, wong, amber


Tencent's ad revenues should be able to pick up: Amber Hill Capital

Tencent’s ad revenues should be able to pick up: Amber Hill Capital

6 Hours Ago

Jackson Wong of Amber Hill Capital discusses Tencent’s earnings results. He says the company’s gaming revenue is still growing “pretty well.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, revenue, revenues, pick, hill, tencents, pretty, able, results, ad, capital, hours, wong, amber


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WeWork has a complex and costly business in China, which it cites 173 times in IPO filing

Most big U.S. tech companies are either shut out of China or have been unable to get much traction there. In The We Company’s 350-plus-page IPO prospectus on Wednesday, the company cited China 173 times. The We Company is the parent company of WeWork. Then there’s the Trump Administration’s inconsistent trade policy with China, which has been roiling U.S. markets of late. WeWork owns 59% of ChinaCo, which is the exclusive operator of the company’s business in China, Hong Kong, Taiwan and Macau.


Most big U.S. tech companies are either shut out of China or have been unable to get much traction there. In The We Company’s 350-plus-page IPO prospectus on Wednesday, the company cited China 173 times. The We Company is the parent company of WeWork. Then there’s the Trump Administration’s inconsistent trade policy with China, which has been roiling U.S. markets of late. WeWork owns 59% of ChinaCo, which is the exclusive operator of the company’s business in China, Hong Kong, Taiwan and Macau.
WeWork has a complex and costly business in China, which it cites 173 times in IPO filing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: ari levy
Keywords: news, cnbc, companies, 173, wework, trade, tariffs, capital, business, china, company, times, costly, filing, risk, complex, venture, ipo, prospectus, cites


WeWork has a complex and costly business in China, which it cites 173 times in IPO filing

Most big U.S. tech companies are either shut out of China or have been unable to get much traction there. For The We Company, it’s increasingly becoming a core market — and perhaps it’s most complex.

In The We Company’s 350-plus-page IPO prospectus on Wednesday, the company cited China 173 times. Most of those relate to ChinaCo, its joint venture in the world’s second-biggest economy that was set up in 2017. The We Company is the parent company of WeWork.

It’s obvious why WeWork would want a large footprint in China. As a company whose primary business is providing coworking spaces, WeWork sees China’s rapidly growing technology sector as one of its most attractive growth opportunities anywhere around the globe. According to WeWork’s website, the company has 115 buildings across 12 cities in Greater China, about 15% of its total number of facilities.

But with that access comes a huge amount of economic and political risk. In addition to dealing with a country that, by many foreign policy experts, is considered the No. 1 adversary of the U.S., WeWork acknowledges that its operations in China are run by groups that it can’t control, that local laws are different in terms of the length of leases and that it’s subject to the 2017 China Cybersecurity Law, which allows for government scrutiny of data storage and security.

Then there’s the Trump Administration’s inconsistent trade policy with China, which has been roiling U.S. markets of late.

“There are concerns regarding potential changes in the future relationship between the United States and various other countries, most significantly China, with respect to trade policies, treaties, government regulations and tariffs,” WeWork said in the risk factors of its prospectus. “The implementation by China or other countries of higher tariffs, capital controls, new adverse trade policies or other barriers to entry could have an adverse impact on our business, financial condition and results of operations.”

WeWork opened an operation in Shanghai in 2016, a year before creating a joint venture with $500 million in capital from Japan’s SoftBank and Chinese firms Hony Capital and Trustbridge. WeWork owns 59% of ChinaCo, which is the exclusive operator of the company’s business in China, Hong Kong, Taiwan and Macau.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: ari levy
Keywords: news, cnbc, companies, 173, wework, trade, tariffs, capital, business, china, company, times, costly, filing, risk, complex, venture, ipo, prospectus, cites


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Barneys has until Oct. 24 to find a buyer and avoid liquidation

A pedestrian walks past a window display at Barneys New York department store in New York, U.S., on Thursday, Jan. 22, 2009. After a surprise financing offer that developed in bankruptcy court Tuesday, Barneys New York now has more money and more time. The famed luxury retailer has until Oct. 24 to find a buyer and avoid liquidation. Barneys New York filed for bankruptcy early Tuesday morning, with a plan to significantly reduce its footprint. B. Riley Financial owns liquidation firm Great Ameri


A pedestrian walks past a window display at Barneys New York department store in New York, U.S., on Thursday, Jan. 22, 2009. After a surprise financing offer that developed in bankruptcy court Tuesday, Barneys New York now has more money and more time. The famed luxury retailer has until Oct. 24 to find a buyer and avoid liquidation. Barneys New York filed for bankruptcy early Tuesday morning, with a plan to significantly reduce its footprint. B. Riley Financial owns liquidation firm Great Ameri
Barneys has until Oct. 24 to find a buyer and avoid liquidation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: lauren hirsch
Keywords: news, cnbc, companies, financing, capital, barneys, avoid, buyer, 24, store, financial, york, bankruptcy, liquidation, oct, retailer, riley


Barneys has until Oct. 24 to find a buyer and avoid liquidation

A pedestrian walks past a window display at Barneys New York department store in New York, U.S., on Thursday, Jan. 22, 2009.

After a surprise financing offer that developed in bankruptcy court Tuesday, Barneys New York now has more money and more time. The famed luxury retailer has until Oct. 24 to find a buyer and avoid liquidation.

Barneys New York filed for bankruptcy early Tuesday morning, with a plan to significantly reduce its footprint. The retailer had filed with $75 million in debtor-in-possession financing provided by Gordon Brothers and Hilco Global. But a new offer from Brigade Capital Management and B. Riley Financial will pay out that $75 million, while also injecting a further $143 million for Barneys to run its business while it looks for a buyer.

“We have new financing that literally developed in the last 30 minutes,” testified Kirkland & Ellis’ Josh Sussberg, legal counsel for Barneys, “for a company that only days ago stared down the barrel of a gun.”

In a statement provided to CNBC, Barneys CEO Daniella Vitale said, “This significantly enhanced financing commitment demonstrates the belief of Brigade Capital and B. Riley Financial in the value of the Barneys New York brand and business…The competition to provide Barneys New York with fresh capital … reinforces our confidence in achieving a value enhancing transaction.”

The luxury retailer tried to sell itself before filing for bankruptcy, and received interest from a number of potential buyers, including online luxury retailer Farfetch, people familiar with the situation tell CNBC. Farfetch previously bought London boutique Browns, which gave it a bricks-and-mortar presence. Last September, it listed its shares on the New York Stock Exchange as it looks to expand in the U.S.

Whether the same buyers will present themselves following Barneys filing is yet to be determined.

Barneys is doing its best to make itself an attractive candidate. As part of its bankruptcy plan, it will continue running five of its more than 10 namesake stores: on New York’s Madison Avenue; in downtown Manhattan; Beverly Hills, California; San Francisco and Copley Place in Boston, as well as two Barneys Warehouse stores.

Over the past several years, Barneys had arguably over-expanded by moving into cities like Seattle, where its avant-garde style did not translate as well. As Barneys begins to close stores, it will move inventory to its remaining locations and its online store.

The locations it is keeping open are the ones in which it rings up the most sales. Nearly half its sales come from its Madison Avenue store. Its website and its store in Beverly Hills store follow, as its second and third strongest businesses, a person familiar said, requesting anonymity because the information is confidential.

The company’s brand, in some circles, has remained powerful. For online retailers, like Farfetch, it offers brick-and-mortar shopping as more retailers seek to give customers the best of both worlds.

“Brigade Capital Management and B. Riley Financial provided this loan because we think there will be significant interest for Barneys’ core business,” said Perry Mandarino, senior managing director, restructuring head and co-head of investment banking with B. Riley FBR.

Still, that bet is protected, should Barneys follow the same path met by Toys R Us, Payless ShoeSource and other retailers that liquidated following a bankruptcy filing.

B. Riley Financial owns liquidation firm Great American, which would likely handle any sales at Barneys if liquidation is necessary. In that case, it would look to earn back its investment by selling the high-end inventory that sits in Barneys stores as well as, possibly, its intellectual property.

“We view the asset valuation expertise of Great American Group as a mitigant to our risk,” said Mandarino.


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: lauren hirsch
Keywords: news, cnbc, companies, financing, capital, barneys, avoid, buyer, 24, store, financial, york, bankruptcy, liquidation, oct, retailer, riley


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Payments giant Stripe adds to global expansion spree with first office in Latin America

Multi-billion dollar payments start-up Stripe is expanding its quickly growing global footprint with a flagship office in Latin America. The platform has helped facilitate the rise of mobile and e-commerce with partners like Shopify, and has become an attractive bet for venture capital as consumers overwhelmingly shop online. In March, venture capital behemoth SoftBank announced a $5 billion fund to invest in technology start-ups across the region. Stripe said it plans to work with newer start-u


Multi-billion dollar payments start-up Stripe is expanding its quickly growing global footprint with a flagship office in Latin America. The platform has helped facilitate the rise of mobile and e-commerce with partners like Shopify, and has become an attractive bet for venture capital as consumers overwhelmingly shop online. In March, venture capital behemoth SoftBank announced a $5 billion fund to invest in technology start-ups across the region. Stripe said it plans to work with newer start-u
Payments giant Stripe adds to global expansion spree with first office in Latin America Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: kate rooney
Keywords: news, cnbc, companies, startup, ceo, america, venture, global, expansion, payments, latin, internet, giant, office, businesses, spree, startups, capital, adds, stripe


Payments giant Stripe adds to global expansion spree with first office in Latin America

Multi-billion dollar payments start-up Stripe is expanding its quickly growing global footprint with a flagship office in Latin America.

Stripe, which has become one of the most sought after payment start-ups in Silicon Valley, announced Tuesday it was opening an office in Mexico City to attract engineering talent and capitalize on the mobile-payment and e-commerce growth in the region.

The San Francisco-based start-up, whose rivals include Jack Dorsey’s Square and Netherlands-based Adyen, makes software that allows businesses to accept payments over the internet. The platform has helped facilitate the rise of mobile and e-commerce with partners like Shopify, and has become an attractive bet for venture capital as consumers overwhelmingly shop online. Stripe’s valuation has surged to $22.5 billion thanks to investments from Tiger Global, Andreessen Horowitz, Peter Thiel, Elon Musk, Google’s venture arm Capital G, Sequoia Capital and Kleiner Perkins, among others, according to Pitchbook.

Stripe’s Chief Business Officer Billy Alvarado, who is originally from Honduras, pointed to steady internet and mobile payment penetration in South and Latin America.

“Our goal is to make sure that the internet works the way it was intended to — it should be global, and it should be borderless,” Alvarado told CNBC in a phone interview. “There’s a very rich ecosystem for us in Latin America.”

Stripe is hardly the only one seeing opportunity in Latin America. In March, venture capital behemoth SoftBank announced a $5 billion fund to invest in technology start-ups across the region. The so-called SoftBank Innovation Fund is being run by former Sprint CEO and Bolivian native Marcelo Claure.

Stripe already operates in 34 countries and has engineering hubs in San Francisco, Seattle, Dublin and Singapore. It has been on a tear this year with expansions into Estonia, Poland, Greece, Lithuania, Latvia and Malaysia. Stripe said it plans to work with newer start-ups in South and Latin America, as well as incumbent partners like Visa, Mastercard, American Express and CitiBank.

The start-up was founded in 2010 by Irish brothers Patrick and John Collison, who came up with the idea for Stripe while attending MIT and Harvard. CEO Patrick Collison announced on Twitter earlier this year that former Google Cloud CEO Diane Greene was joining the board.

Stripe’s expansion has been partially anchored in company research that showed consumers and businesses leaning into global commerce. According to a company report, 70% of online businesses sell internationally. This was orders of magnitude higher than in the overall economy, where the percentage is in the single digits.

There are speed bumps to globalization though. Free trade and open borders are being questioned by more nationalistic politicians in Europe and the United States, and an escalating trade war between the U.S. and China.

“We really want to lean into global commerce, and this is central to building an internet platform for economic progress,” Alvarado said. “There’s no question that there are strong headwinds.”

— CNBC’s Salvador Rodriguez contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: kate rooney
Keywords: news, cnbc, companies, startup, ceo, america, venture, global, expansion, payments, latin, internet, giant, office, businesses, spree, startups, capital, adds, stripe


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Trump allies open congressional inquiry into Capital One breach with letters to CEO, Amazon’s Bezos

Representative Jim Jordan, a Republican from Ohio and ranking member of the House Oversight Committee, speaks during a hearing with Michael Cohen, former personal lawyer to U.S. President Donald Trump, not pictured, in Washington, D.C., U.S., on Wednesday, Feb. 27, 2019. Republicans on the U.S. House Committee on Oversight and Reform on Thursday opened a formal inquiry into Capital One’s recent data breach, requesting CEO Richard Fairbank and Amazon founder Jeff Bezos arrange briefings to discus


Representative Jim Jordan, a Republican from Ohio and ranking member of the House Oversight Committee, speaks during a hearing with Michael Cohen, former personal lawyer to U.S. President Donald Trump, not pictured, in Washington, D.C., U.S., on Wednesday, Feb. 27, 2019. Republicans on the U.S. House Committee on Oversight and Reform on Thursday opened a formal inquiry into Capital One’s recent data breach, requesting CEO Richard Fairbank and Amazon founder Jeff Bezos arrange briefings to discus
Trump allies open congressional inquiry into Capital One breach with letters to CEO, Amazon’s Bezos Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: thomas franck
Keywords: news, cnbc, companies, cloud, ranking, congressional, letters, breach, capital, bezos, committee, amazons, michael, member, jordan, jim, ceo, oversight, open, trump, inquiry


Trump allies open congressional inquiry into Capital One breach with letters to CEO, Amazon's Bezos

Representative Jim Jordan, a Republican from Ohio and ranking member of the House Oversight Committee, speaks during a hearing with Michael Cohen, former personal lawyer to U.S. President Donald Trump, not pictured, in Washington, D.C., U.S., on Wednesday, Feb. 27, 2019.

Republicans on the U.S. House Committee on Oversight and Reform on Thursday opened a formal inquiry into Capital One’s recent data breach, requesting CEO Richard Fairbank and Amazon founder Jeff Bezos arrange briefings to discuss the hack.

In a pair of letters obtained by CNBC, ranking member Jim Jordan, North Carolina’s Mark Meadows and Texas congressman Michael Cloud highlighted the wide-ranging impact of the breach and possible security implications for Amazon Web Service, the company’s popular cloud storage platform.

The three known Trump allies requested staff-level briefings on the matter no later than Aug. 15.

“Because AWS will provide the trusted Internet connection and cloud support for the 2020 Census and could potentially run the Department of Defense’s Join Enterprise Defense Infrastructure cloud computing system, the Committee may carefully examine the consequences of this breach,” the congressmen wrote.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: thomas franck
Keywords: news, cnbc, companies, cloud, ranking, congressional, letters, breach, capital, bezos, committee, amazons, michael, member, jordan, jim, ceo, oversight, open, trump, inquiry


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Data breaches like Capital One show the need for ‘zero trust,’ says CEO of cloud firm Akamai

Akamai Technologies CEO Tom Leighton told CNBC on Wednesday there’s more need than ever for what he calls “zero trust” solutions for enterprise cloud security. “It speaks about the need for zero trust architectures for enterprise security.” Akamai offers cloud security services, in addition to its traditional business of speeding up media content delivery through the web. The CEO explained that traditional models for companies are to have a firewalls around their cloud data, but once authenticat


Akamai Technologies CEO Tom Leighton told CNBC on Wednesday there’s more need than ever for what he calls “zero trust” solutions for enterprise cloud security. “It speaks about the need for zero trust architectures for enterprise security.” Akamai offers cloud security services, in addition to its traditional business of speeding up media content delivery through the web. The CEO explained that traditional models for companies are to have a firewalls around their cloud data, but once authenticat
Data breaches like Capital One show the need for ‘zero trust,’ says CEO of cloud firm Akamai Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: jasmine kim
Keywords: news, cnbc, companies, cloud, breaches, data, akamai, leighton, revenue, zero, capital, enterprise, need, services, ceo, youve, firm, trust, traditional


Data breaches like Capital One show the need for 'zero trust,' says CEO of cloud firm Akamai

Akamai Technologies CEO Tom Leighton told CNBC on Wednesday there’s more need than ever for what he calls “zero trust” solutions for enterprise cloud security.

“Big entities [are] out there trying to cause harm. You’ve got nation states, organized crime operating on a massive scale,” said Leighton on “Squawk Alley. ” “It is hard today for an enterprise to keep up with that.”

Leighton addressed the Capital One breach, which was revealed this week, involving the exposure of more than 100 million customer records. “It speaks about the need for zero trust architectures for enterprise security.”

Akamai offers cloud security services, in addition to its traditional business of speeding up media content delivery through the web.

The CEO explained that traditional models for companies are to have a firewalls around their cloud data, but once authentication happens users are free to roam. For example, he said, “It’s easy to get malware on employee devices and they bring them inside the perimeter and then you’ve got a big problem.” Akamai aims to address those issues, he added.

Leighton spoke to CNBC a day after Akamai reported second-quarter earnings and revenue that beat analyst estimates. The cloud services provider’s revenue rose 6.4% to $705 million. The company also reported an adjusted $1.07 per-share profit.

Meanwhile, Akamai’s content delivery network has surged as more people are connecting online and streaming media. “We’re seeing a very large increase in video traffic on our platform and it could be that it increases more next year as you get more OTT services coming online,” said Leighton. OTT refers to over-the-top offerings over the internet instead of cable TV and satellites.


Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: jasmine kim
Keywords: news, cnbc, companies, cloud, breaches, data, akamai, leighton, revenue, zero, capital, enterprise, need, services, ceo, youve, firm, trust, traditional


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Here’s what we know about the Capital One data breach

Here’s what we know about the Capital One data breach13 Hours AgoCNBC’s Kate Fazzini joins “The Exchange” to discuss the Capital One data breach and how it happened.


Here’s what we know about the Capital One data breach13 Hours AgoCNBC’s Kate Fazzini joins “The Exchange” to discuss the Capital One data breach and how it happened.
Here’s what we know about the Capital One data breach Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-30  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, capital, know, happened, fazzini, kate, heres, exchange, hours, breach, joins, data


Here's what we know about the Capital One data breach

Here’s what we know about the Capital One data breach

13 Hours Ago

CNBC’s Kate Fazzini joins “The Exchange” to discuss the Capital One data breach and how it happened.


Company: cnbc, Activity: cnbc, Date: 2019-07-30  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, capital, know, happened, fazzini, kate, heres, exchange, hours, breach, joins, data


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Capital One shares dive after data breach affecting 100 million

Capital One Financial shares fell Tuesday, a day after the disclosure of a data breach that impacted about 100 million individuals in the U.S. “Based on our analysis to date, this event affected approximately 100 million individuals in the United States, ” Capital One said, but noted that credit card numbers and log-in credentials were not impacted. Overall, the breach could cost Capital One between $100 million and $150 million in 2019, the bank said. The FBI said in court documents Thompson wa


Capital One Financial shares fell Tuesday, a day after the disclosure of a data breach that impacted about 100 million individuals in the U.S. “Based on our analysis to date, this event affected approximately 100 million individuals in the United States, ” Capital One said, but noted that credit card numbers and log-in credentials were not impacted. Overall, the breach could cost Capital One between $100 million and $150 million in 2019, the bank said. The FBI said in court documents Thompson wa
Capital One shares dive after data breach affecting 100 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-30  Authors: fred imbert
Keywords: news, cnbc, companies, credit, million, capital, data, services, 100, affecting, tech, breach, numbers, shares, card, web, dive


Capital One shares dive after data breach affecting 100 million

Capital One Financial shares fell Tuesday, a day after the disclosure of a data breach that impacted about 100 million individuals in the U.S.

The company said Monday night it discovered the breach on July 19, and that the Social Security numbers of about 140,000 credit card customers were compromised along with 80,000 bank account numbers. The breach also exposed names, addresses, phone numbers and credit scores, among other data.

“Based on our analysis to date, this event affected approximately 100 million individuals in the United States, ” Capital One said, but noted that credit card numbers and log-in credentials were not impacted. Overall, the breach could cost Capital One between $100 million and $150 million in 2019, the bank said.

Capital One shares skidded 5.9%.

“This headline is not good one for Capital One,” said RBC Capital Markets analyst Jon Arfstrom said in a note to clients. “We worry about longer term reputational damage and also the potential for political and regulatory actions, including penalties.”

New York Attorney General Letitia James said in a statement her office will investigate the breach. Meanwhile, a credit card customer sued Capital One in a proposed class action.

The breach took place nearly two years after consumer credit reporting company Equifax disclosed a breach that compromised the data of more than 140 million people. Since then, Equifax shares are down about half a percent while the S&P 500 has rallied more than 22%.

However, the Equifax attack was carried out by criminals with a nation-state connection while Capital One’s data was breached by a single individual.

The FBI arrested Paige A. Thompson of Seattle, accusing her of computer fraud and abuse. The FBI said in court documents Thompson was investigated for “exfiltrating and stealing information, including credit card applications and other documents, from Capital One.”

Capital One said the breach was possible because of a “specific configuration vulnerability in our infrastructure.” The bank’s web services are primarily hosted by Amazon Web Services, which is Thompson’s former employer.

Amazon Web Services said in a statement it was not compromised by the breach. Amazon shares slipped 0.5%.

“Given the amount of tech investment and conversation that revolves around tech and innovation and the underlying perception of being ahead of the tech game compared to peers in the business, we are a bit surprised that a single individual could penetrate COF’s defenses and gain access to so many accounts,” Oppenheimer analyst Dominick Gabriele wrote in a note. “Short term we think this is a bit of a pride blow and could cause a short-term perception problem, but people will eventually move on.”

—CNBC’s Michael Bloom, Kate Fazzini and Saheli Roy Choudhury contributed to this report.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-07-30  Authors: fred imbert
Keywords: news, cnbc, companies, credit, million, capital, data, services, 100, affecting, tech, breach, numbers, shares, card, web, dive


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Capital One data breach exposes tens of thousands of Social Security numbers, linked bank accounts

A man stands at the window of an office at a Capital One bank in New York City. Capital One said Monday that a data breach identified earlier this month exposed personal information of its customers, including social security details and bank account numbers. The Virginia-headquartered bank said in a news release that about 140,000 Social Security numbers of its credit card customers, around 80,000 linked bank account numbers, and one million Canadian Social Insurance numbers were compromised. A


A man stands at the window of an office at a Capital One bank in New York City. Capital One said Monday that a data breach identified earlier this month exposed personal information of its customers, including social security details and bank account numbers. The Virginia-headquartered bank said in a news release that about 140,000 Social Security numbers of its credit card customers, around 80,000 linked bank account numbers, and one million Canadian Social Insurance numbers were compromised. A
Capital One data breach exposes tens of thousands of Social Security numbers, linked bank accounts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-30  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, including, information, numbers, capital, breach, credit, bank, million, security, data, thousands, exposes, thompson, social, tens, linked


Capital One data breach exposes tens of thousands of Social Security numbers, linked bank accounts

A man stands at the window of an office at a Capital One bank in New York City.

Capital One said Monday that a data breach identified earlier this month exposed personal information of its customers, including social security details and bank account numbers.

The Virginia-headquartered bank said in a news release that about 140,000 Social Security numbers of its credit card customers, around 80,000 linked bank account numbers, and one million Canadian Social Insurance numbers were compromised. Additional information including names, addresses, phone numbers, credit scores and credit limits were also exposed. In total, Capital One said, “this event affected approximately 100 million individuals in the United States and approximately 6 million in Canada.”

Still, no credit card account numbers or log-in credentials were exposed and over 99% of Social Security numbers were not affected, according to the bank, which said the unauthorized access occurred on March 22 and 23 of this year.

The FBI arrested a suspect, Paige A. Thompson, who was charged with computer fraud and abuse, according to court records. Authorities said Thompson used the alias “erratic” in online communications and was investigated for “exfiltrating and stealing information, including credit card applications and other documents, from Capital One.”

The criminal complaint alleged that Thompson posted the stolen data online on information sharing site GitHub and made statements on social media “evidencing the fact that she has information on Capital One, and that she recognizes that she has acted illegally.”

Thompson made her initial appearance in U.S. District Court in Seattle on Monday and was ordered detained pending a hearing on Aug. 1, 2019, the Department of Justice said.


Company: cnbc, Activity: cnbc, Date: 2019-07-30  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, including, information, numbers, capital, breach, credit, bank, million, security, data, thousands, exposes, thompson, social, tens, linked


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