Wall Street set for a higher open

Wall Street set for a higher open1 Hour AgoU.S. stock index futures were higher Tuesday morning, as traders look ahead to the kick-off of earnings season. CNBC’s Rahel Solomon reports.


Wall Street set for a higher open1 Hour AgoU.S. stock index futures were higher Tuesday morning, as traders look ahead to the kick-off of earnings season. CNBC’s Rahel Solomon reports.
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Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, reports, solomon, rahel, traders, open, street, wall, stock, season, higher, set


Wall Street set for a higher open

Wall Street set for a higher open

1 Hour Ago

U.S. stock index futures were higher Tuesday morning, as traders look ahead to the kick-off of earnings season. CNBC’s Rahel Solomon reports.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, reports, solomon, rahel, traders, open, street, wall, stock, season, higher, set


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Goldman Sachs Earnings Q3 2019 miss estimates

Among its four main businesses, the bank’s investing and lending division missed expectations by the largest degree, despite those figures coming down in recent weeks. The division produced $1.68 billion in revenue, a 17% drop from a year earlier and below the $1.74 billion estimate. The business was stung by its holdings in Uber, Avantor and Tradeweb, which drove losses of $267 million in the quarter, Goldman said. Trading revenue modestly exceeded expectations: Equities trading desks produced


Among its four main businesses, the bank’s investing and lending division missed expectations by the largest degree, despite those figures coming down in recent weeks. The division produced $1.68 billion in revenue, a 17% drop from a year earlier and below the $1.74 billion estimate. The business was stung by its holdings in Uber, Avantor and Tradeweb, which drove losses of $267 million in the quarter, Goldman said. Trading revenue modestly exceeded expectations: Equities trading desks produced
Goldman Sachs Earnings Q3 2019 miss estimates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: hugh son
Keywords: news, cnbc, companies, goldman, 2019, quarter, investing, revenue, estimates, sachs, bank, billion, holdings, miss, earnings, banks, trading


Goldman Sachs Earnings Q3 2019 miss estimates

Goldman Sachs shares fell Tuesday after the firm reported third-quarter profit below Wall Street expectations.

The bank said profit slumped 26% to $1.88 billion, or $4.79 a share, below the $4.81 expected by analysts, according to Refinitiv. Revenue fell 6% to $8.32 billion, slightly above the $8.31 billion expected, on lower results in the firm’s investing and lending and investment banking divisions. The firm also set aside $291 million for credit losses in the quarter, 67% higher than a year earlier.

Goldman shares declined by 3.3%.

Chief Executive Officer David Solomon has been at the helm of Goldman Sachs for a full year, but it’s clear that the bank is still a work in progress.

“Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment,” Solomon said in the earnings release. “We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses.”

Among its four main businesses, the bank’s investing and lending division missed expectations by the largest degree, despite those figures coming down in recent weeks. The division produced $1.68 billion in revenue, a 17% drop from a year earlier and below the $1.74 billion estimate.

The business was stung by its holdings in Uber, Avantor and Tradeweb, which drove losses of $267 million in the quarter, Goldman said.

Trading revenue modestly exceeded expectations: Equities trading desks produced $1.88 billion, exceeding the $1.79 billion estimate of analysts surveyed by FactSet. Bond trading generated $1.41 billion in revenue, above the $1.36 billion estimate.

Investment banking produced $1.69 billion in revenue, just under the $1.72 billion estimate. Investment management matched the $1.67 billion estimate.

One of Solomon’s key initiatives since taking over in October 2018 — an internal review of the bank’s operations — has sparked departures among several longtime Goldman partners, including trading head Marty Chavez and chief information officer Elisha Wiesel.

The review, meant to boost shareholder returns at the New York-based bank, has also taken longer than initially promised, sowing impatience among investors eager for a resurgence at Goldman. The 150-year-old investment bank is plowing money into new ventures including retail banking and corporate cash management to diversify from its traditional strengths in Wall Street trading, which has been mired in the industry’s multiyear slowdown.

Another area that investors will scrutinize is the bank’s holdings in WeWork and other stakes that lost value in the third quarter. The bank could post a $264 million writedown on its holdings in WeWork, Morgan Stanley analyst Betsy Graseck said in a research note.

While the bank’s investing and lending division, where private equity stakes and public holdings are reported, has helped it beat analysts’ profit estimates in previous quarters, investors may complain that it’s a source of earnings volatility in declining markets.

Other big banks also posted earnings on Tuesday. J.P. Morgan Chase reported record revenue and Citigroup beat earnings estimates.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: hugh son
Keywords: news, cnbc, companies, goldman, 2019, quarter, investing, revenue, estimates, sachs, bank, billion, holdings, miss, earnings, banks, trading


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Taco Bell recalls 2.3 million pounds of seasoned beef after reports of metal shavings

Taco Bell said Tuesday that it has recalled about 2.3 million pounds of beef after a customer discovered a metal shaving in an order. As of midday Monday, 100% of the affected restaurants in 21 states across the eastern Midwest, northern Southeast and Northeast regions have removed and discarded the seasoned beef. In 2006, an E. Coli outbreak was traced back to Taco Bell and linked to contaminated spinach. The recalled seasoned beef was made at a single plant location on one of two lines used to


Taco Bell said Tuesday that it has recalled about 2.3 million pounds of beef after a customer discovered a metal shaving in an order. As of midday Monday, 100% of the affected restaurants in 21 states across the eastern Midwest, northern Southeast and Northeast regions have removed and discarded the seasoned beef. In 2006, an E. Coli outbreak was traced back to Taco Bell and linked to contaminated spinach. The recalled seasoned beef was made at a single plant location on one of two lines used to
Taco Bell recalls 2.3 million pounds of seasoned beef after reports of metal shavings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: amelia lucas
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Taco Bell recalls 2.3 million pounds of seasoned beef after reports of metal shavings

Taco Bell said Tuesday that it has recalled about 2.3 million pounds of beef after a customer discovered a metal shaving in an order.

The Yum Brands chain voluntarily recalled the beef on Friday. As of midday Monday, 100% of the affected restaurants in 21 states across the eastern Midwest, northern Southeast and Northeast regions have removed and discarded the seasoned beef.

The U.S. Department of Agriculture, which regulates the safety of meat, said in a statement that there have not been any confirmed reports of adverse reactions from consuming Taco Bell’s beef. In 2006, an E. Coli outbreak was traced back to Taco Bell and linked to contaminated spinach. The incident weighed on the chain’s sales for almost a year.

The recalled seasoned beef was made at a single plant location on one of two lines used to create the product. It was sent to distribution centers in Michigan, New Jersey, New York, Ohio and Virginia.

Taco Bell is one of the largest purchasers of beef in the U.S. It serves 290 million pounds of ground beef every year, according to its website.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: amelia lucas
Keywords: news, cnbc, companies, recalls, taco, york, yearthe, million, shavings, bell, pounds, reports, metal, recalled, beef, seasoned, yum


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Fake videos could be the next big problem in the 2020 elections

“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa


“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa
Fake videos could be the next big problem in the 2020 elections Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


Fake videos could be the next big problem in the 2020 elections

A woman views a manipulated video of President Donald Trump and former president Barack Obama, illustrating how deepfake technology can deceive viewers. Rob Lever | AFP | Getty Images

Fake news was a big problem for the 2016 election. “Deepfake” videos could be an even bigger problem in 2020. Deepfake technology can be used to create videos that seem to show politicians saying things they never said, or doing things they never have done. The technology first gained widespread attention in April 2018, when comedian Jordan Peele created a video that pretended to show former President Barack Obama insulting President Donald Trump in a speech. The technology is a problem not only because the videos are fake and easy make, but also because like “fake news” articles on social media, they are likely to be shared. “Deepfakes can be made by anyone with a computer, internet access, and interest in influencing an election,” said John Villasenor, a professor at UCLA focusing on artificial intelligence and cybersecurity. He explained that “they are a powerful new tool for those who might want to (use) misinformation to influence an election.” Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. The term “deepfakes” refers to manipulated videos or other digital representations produced by sophisticated artificial intelligence that yield seemingly realistic, but fabricated images and sounds.

2020 elections

Paul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. For one, Barrett said, “a skillfully made deepfake video could persuade voters that a particular candidate said or did something she didn’t say or do.”

What we are seeing now is that (cyberwar) has a twin called ‘likewar,’ the hacking of people on social networks, by driving ideas viral through likes, shares, and lies. Peter Singer senior fellow, New America

A video released on Facebook in June appeared to show House Speaker Nancy Pelosi stumbling through a speech when, in reality, she did not. Villasenor told CNBC that deepfakes can undermine the reputations of politicians and easily influence voter sentiment, making them very dangerous, yet “powerful.” “If there are a multitude of deepfakes over the course of an election campaign, voters could grow cynical about the ability to tell truth from falsehood. Cynicism could lead to apathy, low voter turnout, and disillusionment with the entire political system,” said NYU’s Barrett.

Domestic disinformation

It currently is not a federal crime in the U.S. to create fake videos. But “using a fake video to commit another crime — such as extortion or fraud or harassment — would be illegal under the laws covering the other crimes,” said Barrett. He added that the legality of creating deepfakes could change in the future, as a number of bills hoping to curb their use have been introduced in Congress. The first federal bill targeting deepfakes, the Malicious Deep Fake Prohibition Act, was introduced in December 2018. Meanwhile, states including California and Texas have enacted laws that make deepfakes illegal when they’re used to interfere with elections.

In June, the DEEPFAKES Accountability Act, short for “Defending Each and Every Person from False Appearances by Keeping Exploitation Subject to Accountability Act,” was introduced. If passed, it would require that creators of false videos to label them as such or face up to five years in prison. “Indeed, the technology can be used for both entertainment, business, and politics, so it is unlikely to be outlawed ever completely,” said Peter Singer, cybersecurity and defense focused strategist and senior fellow at policy think tank, New America. He added that although it is legal, deepfakes should be labeled to let viewers know what they’re seeing is a simulation. “Just as @realdonaldtrump has a small blue check on his account to let you now that it is him,” Singer wrote. Deepfake technology is on the rise as data shows most Americans are worried about fake news. Nearly seven-in-ten (68%) say made-up news and information greatly affect Americans’ confidence in government institutions, according to a 2019 survey conducted by Pew Research Center. About half (54%) of the 6,127 respondents said misinformation has impacted Americans’ confidence in each other. That survey also found that half of respondents see false news as a big problem for the country. That’s a bigger share than those who said they viewed terrorism (34%), illegal immigration (38%), racism (40%) and sexism (26%) as top issues in the U.S.

On the corporate side, social media behemoth Facebook was criticized for not being able to identify fake videos when the Pelosi video circulated. In response, Facebook and Microsoft promised to collaborate with top universities across the country and create a large database of fake videos to study detection methods.

‘Hostilities that never really happened’


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


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Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media

Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media4 Hours AgoSteve Forbes of Forbes Media discusses potential tax cuts in the U.S., India’s economy and Brexit.


Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media4 Hours AgoSteve Forbes of Forbes Media discusses potential tax cuts in the U.S., India’s economy and Brexit.
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Trump should unveil an 'aggressive tax cut' in 2020: Forbes Media

Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media

4 Hours Ago

Steve Forbes of Forbes Media discusses potential tax cuts in the U.S., India’s economy and Brexit.


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Low mortgage rates are giving Lowe’s a boost, Piper Jaffray says in upgrading the stock

An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California. Low mortgage rates and increased home improvement spending are going to help lift Lowe’s stock, according to Piper Jaffray.


An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California. Low mortgage rates and increased home improvement spending are going to help lift Lowe’s stock, according to Piper Jaffray.
Low mortgage rates are giving Lowe’s a boost, Piper Jaffray says in upgrading the stock Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, mortgage, piper, lowes, organizes, upgrading, giving, stock, store, lift, low, jaffray, boost, spending, rates, sale


Low mortgage rates are giving Lowe's a boost, Piper Jaffray says in upgrading the stock

An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California.

Low mortgage rates and increased home improvement spending are going to help lift Lowe’s stock, according to Piper Jaffray.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
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You can trick yourself into saving more. Here’s how

If you’re like a lot of people, you know you need to save more. Now, research has found that taking just two additional steps could help turn that intention into a reality. The Chazen Institute at Columbia Business School found that people are more likely to stick to saving if they got certain support to back their financial goals. Because they are self-employed, one of the most powerful ways of socking away money — automating their savings — does not always work, because their income fluctuates


If you’re like a lot of people, you know you need to save more. Now, research has found that taking just two additional steps could help turn that intention into a reality. The Chazen Institute at Columbia Business School found that people are more likely to stick to saving if they got certain support to back their financial goals. Because they are self-employed, one of the most powerful ways of socking away money — automating their savings — does not always work, because their income fluctuates
You can trick yourself into saving more. Here’s how Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lorie konish
Keywords: news, cnbc, companies, saving, savings, need, trick, work, columbia, away, heres, money, help, workedand, school, youre


You can trick yourself into saving more. Here's how

If you’re like a lot of people, you know you need to save more.

Yet actually following through on that goal can be easier said than done.

Now, research has found that taking just two additional steps could help turn that intention into a reality.

The Chazen Institute at Columbia Business School found that people are more likely to stick to saving if they got certain support to back their financial goals.

More from Personal Finance:

Here’s how to feel richer with money you already have

How much more you need in retirement savings, based on age

Why millions of Americans are only $400 away from hardship

Researchers at the school studied low-income microcredit bank clients in Chile. These entrepreneurs operate small businesses and tend to borrow money regularly.

Because they are self-employed, one of the most powerful ways of socking away money — automating their savings — does not always work, because their income fluctuates.

So the researchers at Columbia set out to see if other methods of encouraging savings worked.

And the strategies they identified could also help you accumulate a bigger cash cushion.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lorie konish
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JP Morgan Chase shares surge after posting record revenue above Wall Street expectations

J.P. Morgan Chase posted profit and revenue that exceeded analysts’ expectations on the strength of consumer banking operations that helped the bank mitigate the impact of lower interest rates. Revenue also rose 8% to $30.1 billion, exceeding the $28.5 billion estimate, and the bank cited growth in home loans, auto and credit cards. The bank exceeded Dimon’s guidance on the strength of its bond trading desks: The bank posted $3.56 billion in fixed income trading revenue, exceeding estimates by m


J.P. Morgan Chase posted profit and revenue that exceeded analysts’ expectations on the strength of consumer banking operations that helped the bank mitigate the impact of lower interest rates. Revenue also rose 8% to $30.1 billion, exceeding the $28.5 billion estimate, and the bank cited growth in home loans, auto and credit cards. The bank exceeded Dimon’s guidance on the strength of its bond trading desks: The bank posted $3.56 billion in fixed income trading revenue, exceeding estimates by m
JP Morgan Chase shares surge after posting record revenue above Wall Street expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: hugh son
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JP Morgan Chase shares surge after posting record revenue above Wall Street expectations

J.P. Morgan Chase posted profit and revenue that exceeded analysts’ expectations on the strength of consumer banking operations that helped the bank mitigate the impact of lower interest rates.

The bank said third-quarter profit rose 8% to $9.1 billion, or $2.68 a share, exceeding the $2.45 estimate of analysts surveyed by Refinitiv. Revenue also rose 8% to $30.1 billion, exceeding the $28.5 billion estimate, and the bank cited growth in home loans, auto and credit cards. The stock rose 1.7 percent in early trading.

“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels,” CEO Jamie Dimon said in the earnings release. “This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade.”

Banks have this year on worries the Federal Reserve’s shift to easing rates will squeeze the industry’s profit margins. The Fed cut rates twice in the third quarter to avert a slowdown, and banks including J.P. Morgan and Wells Fargo warned last month that net interest income would be lower than earlier guidance.

Still, the bank posted $14.4 billion in the third quarter, exceeding the estimate of Morgan Stanley’s Betsy Graseck by almost $300 million, as J.P. Morgan grew its balance sheet, the firm said.

Despite fears of an encroaching slowdown, the consumer has supported the U.S. economy, borrowing more and largely repaying debts on time. Analysts will scrutinize the bank’s charge-offs for any signs of weakness in consumer and corporate borrowing.

Another area that will be closely watched is J.P. Morgan’s trading desks. While CEO Jamie Dimon said last month that third-quarter trading revenue is expected to climb 10% from a year earlier, that figure is still 10% lower than the bank’s results in the second quarter, when it posted $5.2 billion.

The bank exceeded Dimon’s guidance on the strength of its bond trading desks: The bank posted $3.56 billion in fixed income trading revenue, exceeding estimates by more than $300 million. Equities trading posted $1.52 billion in revenue, just under the $1.58 estimate.

Here’s what Wall Street expected:

Earnings: $2.45 per share, a 4.7% increase from a year earlier, according to Refinitiv.

$2.45 per share, a 4.7% increase from a year earlier, according to Refinitiv. Revenue: $28.5 billion, a 2.4% increase from a year earlier.

$28.5 billion, a 2.4% increase from a year earlier. Net Interest Margin: 2.41%.

2.41%. Trading Revenue: Equities $1.58 billion, Fixed Income $3.19 billion, according to FactSet.

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: hugh son
Keywords: news, cnbc, companies, expectations, billion, earlier, record, posting, street, wall, bank, morgan, surge, revenue, increase, exceeding, trading, posted, shares


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Google just announced a bunch of new connected home products

Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019. Google kicked off its annual hardware event on Tuesday where it revealed a new pair of Pixel Buds, a revamped Pixelbook and several new Nest devices, alongside other announcements. Google’s new Pixelbook, called the Pixelbook Go, starts at $649 and is a lightweight version of the original laptop. Nest Aware starts at $6 per month and Nest Aware Plus, which


Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019. Google kicked off its annual hardware event on Tuesday where it revealed a new pair of Pixel Buds, a revamped Pixelbook and several new Nest devices, alongside other announcements. Google’s new Pixelbook, called the Pixelbook Go, starts at $649 and is a lightweight version of the original laptop. Nest Aware starts at $6 per month and Nest Aware Plus, which
Google just announced a bunch of new connected home products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: annie palmer
Keywords: news, cnbc, companies, aware, connected, hardware, video, products, starts, pixelbook, announced, pixel, bunch, google, version, event, nest


Google just announced a bunch of new connected home products

Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019.

Google kicked off its annual hardware event on Tuesday where it revealed a new pair of Pixel Buds, a revamped Pixelbook and several new Nest devices, alongside other announcements.

The Pixel Buds start at $179 and are slated to launch in Spring 2020. The headphones include a truly wireless design, as well as “adaptive sound” technology, which automatically adjusts the volume depending on the environment you’re in.

Google’s new Pixelbook, called the Pixelbook Go, starts at $649 and is a lightweight version of the original laptop. It features a 13.3-inch display and 12 hours of battery life, as well as a new magnesium casing and a “rippled wave bottom” that makes it easier to hold.

The company rolled out a slew of new updates to its Nest smart home unit, including Nest Aware, a subscription program that allows users to receive support across all their Nest devices for a flat monthly rate. Nest Aware starts at $6 per month and Nest Aware Plus, which has expanded coverage, costs $12 per month. Both programs will be available starting in early 2020.

Google unveiled the new Nest Mini, which starts at $49 and includes improved speakers, as well as new Nest WiFi routers that are faster and feature 25% better coverage compared to their predecessor. The routers come in a 2-pack for $269 or a 3-pack for $349 and go on sale Nov. 4.

Google also announced its new video game streaming service, Stadia, will launch on Nov. 19. Google first debuted Stadia in March as a cloud-based alternative to gaming consoles from rivals like Microsoft and Sony.

At the event, the company is expected to unveil the latest version of its flagship smartphone, the Pixel 4.

Google confirmed the Pixel 4 was on the way when it shared photos of the device in June, then posted a video showing off its gesture controls in July. Google is likely to reveal two versions, the Pixel 4 and a larger Pixel 4 XL. They’ll get an improved camera, as well as a “Soli” radar chip that allows users to unlock the phone with their face, similar to how Apple’s Face ID works on the iPhone.

Google’s event follows a flurry of hardware announcements from competitors like Microsoft, Apple and Amazon. Compared to its rivals, hardware represents a small segment of Google’s overall business and the Pixel continues to lag behind models from Samsung, Apple and others.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: annie palmer
Keywords: news, cnbc, companies, aware, connected, hardware, video, products, starts, pixelbook, announced, pixel, bunch, google, version, event, nest


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Lower mortgage rates are causing an epic housing shortage

Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically. Roughly five million mostly entry-level homes have been turned into single-family rentals, and strong demand for those rentals means investors are unlikely to put the homes up for sale anytime soon. The demand is being fueled by lower mortgage rates. Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which m


Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically. Roughly five million mostly entry-level homes have been turned into single-family rentals, and strong demand for those rentals means investors are unlikely to put the homes up for sale anytime soon. The demand is being fueled by lower mortgage rates. Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which m
Lower mortgage rates are causing an epic housing shortage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, summer, inventory, epic, lower, homes, rates, housing, surged, supply, demand, sales, market, rentals, mortgage, shortage, strong, causing


Lower mortgage rates are causing an epic housing shortage

Anyone out hunting for an affordable home today knows that the pickings are slim – and they are about to get slimmer.

Housing inventory hit a record low about two years ago, but a lull in home sales over the past year helped build back much-needed supply, especially in the mid-priced range. Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically.

National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com

Supply has always been leanest on the low end, as investors have been very active in that price range since the foreclosure crisis.

Roughly five million mostly entry-level homes have been turned into single-family rentals, and strong demand for those rentals means investors are unlikely to put the homes up for sale anytime soon.

In addition, an unseasonably strong surge in demand at the end of summer and into this fall now has the supply of homes priced below $200,000 down 10% compared with a year ago.

The demand is being fueled by lower mortgage rates. The average rate on the 30-year fixed surged over 5% last November and stayed above 4.5% through March, according to Mortgage News Daily. That made for a lackluster spring housing market, traditionally the busiest time for buying.

Rates then began falling in May and particularly sharply in July and August. By the start of September the average rate was around 3.5%, and sales of both new and existing homes were surging back. Clearly there was substantial pent-up demand from the spring.

Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which make up 60% of the market, flat-lined in September, after 18 months of strong inventory growth. Supply is now expected to decline in the months ahead.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, summer, inventory, epic, lower, homes, rates, housing, surged, supply, demand, sales, market, rentals, mortgage, shortage, strong, causing


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