Boeing is in talks to borrow $10 billion or more as 737 Max crisis wears on

The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019. Boeing is in talks with banks to secure a loan of $10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal 737 Max crashes. For example, Jefferies earlier this month forecast Boeing would issue $5 billion in debt this quarter. Spirit AeroSystems, which makes fuselages


The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.
Boeing is in talks with banks to secure a loan of $10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal 737 Max crashes.
For example, Jefferies earlier this month forecast Boeing would issue $5 billion in debt this quarter.
Spirit AeroSystems, which makes fuselages
Boeing is in talks to borrow $10 billion or more as 737 Max crisis wears on Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: leslie josephs
Keywords: news, cnbc, companies, borrow, aircraft, crisis, talks, loan, boeing, planes, familiar, max, 737, company, billion, wears, month


Boeing is in talks to borrow $10 billion or more as 737 Max crisis wears on

The tails of Boeing 737 MAX aircraft are seen parked at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.

Boeing is in talks with banks to secure a loan of $10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal 737 Max crashes.

The company has secured at least $6 billion from banks so far, the people said, and is talking to other lenders for more contributions. The total amount could rise if there is additional demand from banks, one person familiar with the matter said.

Liquidity isn’t an immediate concern, analysts have said, but the new debt shows Boeing is shoring up its finances amid the cash-sapping fallout of the two crashes — one in Indonesia in October 2018 and another in Ethiopia in March last year — that killed all 346 people aboard the two flights.

The amount Boeing is seeking to borrow is more than what some analysts were expecting. For example, Jefferies earlier this month forecast Boeing would issue $5 billion in debt this quarter.

But the jets’ return has faced potential new delays that are threatening to drive up Boeing’s costs, including a new software issue disclosed by the company last week.

Boeing is suspending production of the troubled planes this month as the grounding stretches into its 11th month, a move that has rippled through the supply chain and already cost thousands of jobs.

The company also reversed its stance and will now recommend pilots undergo simulator training, a time-consuming and costly process, before the jets can fly again.

The company posted negative orders for aircraft last year, its weakest sales figures in decades, and handed the title of the world’s biggest aircraft manufacturer over to its European rival Airbus.

Boeing has developed a software fix for the planes after a flight-control system was implicated in the crashes but regulators have not yet signed of on that or completed other checks that would allow them to certify the planes as safe to resume operations.

Boeing declined to comment on the debt raise.

Moody’s Investors Service last week said it was putting Boeing’s credit rating, which is investment grade, on review due to the Max issues.

“Recent developments suggest a more costly and protracted recovery for Boeing to restore confidence with its various market constituents, and an ensuing period of heightened operational and financial risk, even if certification of the Max comes relatively near-term, as expected,” wrote Jonathan Root, Moody’s lead Boeing analyst.

The loan Boeing is negotiating will be a two-year, delayed-draw loan, meaning Boeing can tap into it later, a move that may not immediately affect its credit rating as another type of loan or a bond would, according to one of the people familiar with the matter.

Banks that have already committed to contribute to the loan include Citigroup, Bank of America Merrill Lynch, Wells Fargo and J.P. Morgan, people familiar with the matter said.

Boeing this month will pause production of the planes, which had been its best-selling aircraft. That decision is hurting its supply chain. Spirit AeroSystems, which makes fuselages and other parts for the 737 Max, said earlier this month it would lay off 2,800 workers.

Moody’s downgraded Spirit to junk territory last week, saying it “reflects our expectation that Spirit’s liquidity profile will quickly and materially erode in the absence of mitigating developments that remain largely out of the company’s control.”

General Electric, which makes engines for the planes through a joint venture with France’s Safran, has laid off 70 temporary workers in Quebec, but it could hire them back later.

Suppliers are in a tough position because they want to have skilled workers in place for a resumption in production.

GE, which reports earnings at the end of the month and also makes engines for Airbus planes, can move workers to other plants and programs. The company is also considering reducing worker overtime, according to a person familiar with the matter.

The 737 Max issues have cost airlines more than $1 billion in lost revenue, and Boeing took a $5.6 billion pre-tax charge last July to compensate its Max customers for the grounding.

While the company has reached compensation agreements with airlines including American and Southwest, those agreements apply only to revenue lost in 2019 and analysts expect Boeing will have to pay more without a firm date to get the planes back in the air.

Investors will hear more on the impact of the grounding from American and Southwest when they report earnings later this week and when Boeing reports on Jan. 29.

The new loan comes as Boeing is seeking to close its $4 billion acquisition of a majority stake in Embraer’s commercial plane business. The company has also continued to pay investors dividends during the crisis.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: leslie josephs
Keywords: news, cnbc, companies, borrow, aircraft, crisis, talks, loan, boeing, planes, familiar, max, 737, company, billion, wears, month


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This map shows how Amazon’s warehouses are rapidly expanding across the country

One major way Amazon has been able to achieve this goal is by building out a sprawling network of warehouses around the country. Amazon launched its warehouse network in 1997 with two fulfillment centers in Seattle, Washington and New Castle, Delaware. This map shows where Amazon’s fulfillment centers are scattered across the country. Amazon said it has more than 110 active fulfillment centers in the US and more than 185 centers globally. Amazon has opened the most fulfillment centers in Califor


One major way Amazon has been able to achieve this goal is by building out a sprawling network of warehouses around the country.
Amazon launched its warehouse network in 1997 with two fulfillment centers in Seattle, Washington and New Castle, Delaware.
This map shows where Amazon’s fulfillment centers are scattered across the country.
Amazon said it has more than 110 active fulfillment centers in the US and more than 185 centers globally.
Amazon has opened the most fulfillment centers in Califor
This map shows how Amazon’s warehouses are rapidly expanding across the country Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: nate rattner annie palmer, nate rattner, annie palmer
Keywords: news, cnbc, companies, locations, shows, expanding, country, warehouses, amazons, washington, company, rapidly, amazon, network, way, fulfillment, map, centers


This map shows how Amazon's warehouses are rapidly expanding across the country

Amazon has transformed online shopping by making the delivery process fast, cheap and relatively painless for consumers.

One major way Amazon has been able to achieve this goal is by building out a sprawling network of warehouses around the country. These facilities are typically at least 100,000 square feet in size and house all kinds of product inventory.

Amazon launched its warehouse network in 1997 with two fulfillment centers in Seattle, Washington and New Castle, Delaware. The company began adding new locations at a rapid pace in 2005, according to MWPVL International, a supply chain and logistics consulting firm.

Within the last two decades, Amazon fulfillment centers have popped up in almost every corner of the U.S., as the company has pushed to bring items closer to customers to enable faster deliveries. Amazon doubled down on that effort last April when it announced it would shorten Prime’s two-day free shipping plan to one day.

This map shows where Amazon’s fulfillment centers are scattered across the country. Amazon said it has more than 110 active fulfillment centers in the US and more than 185 centers globally. Of the centers on the map, 33 are planned locations that have either been confirmed by Amazon or published in media reports.

Amazon has opened the most fulfillment centers in California and it appears to be planning many future locations across the southern US.


Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: nate rattner annie palmer, nate rattner, annie palmer
Keywords: news, cnbc, companies, locations, shows, expanding, country, warehouses, amazons, washington, company, rapidly, amazon, network, way, fulfillment, map, centers


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What it’s really like to be a food scientist at a big company like Kraft Heinz

Inside the consumer science labKimmins, 43, is the senior manager of sensory and consumer science at Kraft Heinz sensory testing labs in Glenview, Illinois. Kimmins makes six figures working with marketing insights specialists at Kraft Heinz. Kraft Heinz. Kraft Heinz. Courtesy Kraft Heinz


Inside the consumer science labKimmins, 43, is the senior manager of sensory and consumer science at Kraft Heinz sensory testing labs in Glenview, Illinois.
Kimmins makes six figures working with marketing insights specialists at Kraft Heinz.
Kraft Heinz.
Kraft Heinz.
Courtesy Kraft Heinz
What it’s really like to be a food scientist at a big company like Kraft Heinz Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: sam becker
Keywords: news, cnbc, companies, products, consumer, try, product, big, heinz, company, really, scientist, ideas, working, kimmins, kraft, food, science


What it's really like to be a food scientist at a big company like Kraft Heinz

For most of human history, people ate what was available: Root vegetables that could easily be collected, wild game that could easily be trapped or hunted, livestock that was easily domesticated and bred. Even if you were to go grocery shopping 150 years ago, your options would have been limited to products like beans and dried meat. These days, a walk through a grocery store is like a jaunt through Willy Wonka’s chocolate factory — at least compared to the past. Almost anything you could want is readily available, and it’s often quite affordable. Products that were unimaginable a century ago are now commonplace, like Cocoa Puffs cereal, Hot Pockets, and Fruit by the Foot. That’s in part because of people like Emily Kimmins.

Inside the consumer science lab

Kimmins, 43, is the senior manager of sensory and consumer science at Kraft Heinz sensory testing labs in Glenview, Illinois. Kimmins makes six figures working with marketing insights specialists at Kraft Heinz. She’s been there since 2018, taking cues from interviews and roundtables with consumers (some of whom are professional taste-testers), and turning those ideas into marketable products. Her job is to literally come up with new foods.

Kraft Heinz. Courtesy Kraft Heinz

A typical day might include brainstorming new ideas, taking feedback from the company’s product marketing professionals, and directing product development teams who devise and design new recipes and product names by turning those ideas into reality. “Our role is to help the product development teams understand how to make the best product … to help them understand the target consumer — what they’re looking for,” says Kimmins. A large part of that is putting yourself in the consumer’s shoes and thinking about a product’s physical dimensions and what it looks, tastes, and smells like. Her team usually juggles several projects at once. One recent example: Kimmins and her team set out to create a fast, healthy, and hot breakfast product that people could make in a few minutes. They decided on ingredients (eggs and veggies), and a way to package and cook it. The result is Just Crack an Egg, a refrigerated bowl of potatoes, vegetables, and cheese that a consumer adds an egg to and then microwaves. The result is a hot breakfast scramble in a bowl that requires minimal effort. From idea to shelf, Just Crack an Egg took two years. “That [product] went through the whole process,” Kimmins says. “We had an idea that we wanted to give people a fresh breakfast — we tried a lot of different options, and that’s the one that ended up going to market.” Some products, though, take as little as six months.

How creating flavors became ‘a really good playground’

Though Kimmins has been working at Kraft Heinz for only a couple of years, she’s worked in the industry for more than 18 years. An Illinois native, she moved to Ohio with her family as a young teenager and attended the University of Toledo, where she earned a biology degree. She loved science and decided to build a career earning six figures as a scientist. But food wasn’t at the forefront of her mind — in fact, she didn’t know what she wanted to do, so she signed up with a temp agency, figuring she could try out various science-based jobs to see what she liked best. The first position she got was at a four-week stint at Procter & Gamble lab in Cincinnati working on dentures. “I had to make really strong coffee and tea to try and stain the dentures, and try to keep the panelists entertained,” she says. That gave her a taste of how product developers work with consumers, though, and she took a job at Givaudan, a Swiss company that creates flavors and fragrances for food manufacturers, where she worked for eight years.

Kraft Heinz. Courtesy Kraft Heinz


Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: sam becker
Keywords: news, cnbc, companies, products, consumer, try, product, big, heinz, company, really, scientist, ideas, working, kimmins, kraft, food, science


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Buy these top stocks ahead of earnings, including Netflix and Guess, Wall Street analysts say

Mario Tama / Getty ImagesCNBC took a close look at the latest Wall Street research to find stocks to buy ahead of the release of their earnings reports. These companies include Netflix, Lyft, TE Connectivity, Guess, and Synaptics Inc.TE ConnectivityThis week, Wells Fargo raised its rating on TE Connectivity to overweight from equal weight. The company designs and manufactures connectivity and sensor products across a variety of sectors, including most notably the automobile industry. The analyst


Mario Tama / Getty ImagesCNBC took a close look at the latest Wall Street research to find stocks to buy ahead of the release of their earnings reports.
These companies include Netflix, Lyft, TE Connectivity, Guess, and Synaptics Inc.TE ConnectivityThis week, Wells Fargo raised its rating on TE Connectivity to overweight from equal weight.
The company designs and manufactures connectivity and sensor products across a variety of sectors, including most notably the automobile industry.
The analyst
Buy these top stocks ahead of earnings, including Netflix and Guess, Wall Street analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: michael bloom
Keywords: news, cnbc, companies, iphone, guess, analyst, buy, stock, netflix, believe, continue, guidance, lyft, analysts, say, stocks, wall, earnings, company, street, including


Buy these top stocks ahead of earnings, including Netflix and Guess, Wall Street analysts say

Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company’s initial public offering (IPO) on March 29, 2019 in Los Angeles, California. The ride hailing app company’s shares were initially priced at $72. Mario Tama / Getty Images

CNBC took a close look at the latest Wall Street research to find stocks to buy ahead of the release of their earnings reports. These companies include Netflix, Lyft, TE Connectivity, Guess, and Synaptics Inc.

TE Connectivity

This week, Wells Fargo raised its rating on TE Connectivity to overweight from equal weight. The company designs and manufactures connectivity and sensor products across a variety of sectors, including most notably the automobile industry. The firm is banking on an improving global auto outlook to lead the company to better-than-expected earnings when it issues its first quarter report later this month. “Given our comfort with incrementally stable to positive trends, we think TEL’s 2H could outpace our prior/current consensus outlooks comfortably,” Wells Fargo analyst Deepa Raghavan said. The analyst said the stock isn’t without risk, but it noted that the improving global outlook should help investors. “Apart from autos, many other datapoints have stabilized vs last few months including industrial short cycle. Partial trade resolution and some easy comps have resulted in China PMI exceeding expectations,” she said. Shares of the company are up 1.8% on the week.

Guess

On the heels of a successful holiday season for many retailers, Guess is aiming to keep the momentum going according to Jefferies analyst Janine Stichter. The firm had a chance to visit with management at Guess and came away impressed that the company appears to be firing on all cylinders. Guess makes jeans, watches, and other clothing accessories. The analyst said she believes the company has big opportunities across logistics and the supply chain, and thinks e-commerce will be a “key driver” behind top-line growth. Jefferies also said it expected that the company’s double-digit margin target is “well-within reach.” “We continue to believe that GES has meaningful low-hanging fruit to drive margins across many areas of the business, and see much of this margin expansion unfolding over the next few years,” she said. Shares of the company are up over 2% on the week.

Synaptics

Many investors, customers, and analysts await the next generation of iPhones, and so do some companies. Synaptics Inc. is one of them. It makes human interface hardware and software, including touchpads for computer laptops, and touch, display driver, and fingerprint biometrics technology for smartphones. The company is expected to be a key supplier for the touch controller in some of the new iPhone models and according to KeyBanc, a key driver of earnings when the company reports in early February. “Healthy iPhone 11 demand in conjunction with the ramp of the iPhone SE should drive upside to both near-term results and guidance,” analyst John Vinh said. The upcoming 5G cycle is also crucial, according to the firm. “Within mobile, the initial rollout of 5G, healthy iPhone demand, and the ramp of the iPhone SE2 should drive near-term upside and better than normal seasonal guidance,” they said. The stock is up over 5% on the week. Here’s what else analysts are saying about stocks to watch into earnings season:

Goldman Sachs – Netflix, Buy rating

“We expect Netflix to report 4Q results well above and provide initial guidance for 1Q roughly in-line with FactSet Consensus with its 1/21 results. The content additions to the platform, in particular what we believe was Netflix’s highest quality Original release slate to date, drove this outperformance, despite the lingering impact of last year’s price increases and high profile competitive launches, and should continue to do so as these cash content investments pay off. While the stock has outperformed the broader market since 3Q results as investor expectations have largely converged toward company guidance, we continue to believe Netflix will exceed that guidance and consensus expectations for the year ahead, driving more share price outperformance.”

RBC – Lyft, Outperform rating

“We continue to believe that LYFT is a strong #2 player in the large and growing U.S. Ridesharing industry, with industry-leading growth rates. We continue to believe that Lyft is beginning to prove out its path to profitability from competitive dynamics improving, long-term pricing power, insurance leverage, and expense leverage from scale advantages. … We’re most incrementally near-term constructive on LYFT – which we believe has a reasonable shot at upwards estimates revisions on the print given highly reasonable Street estimates for Revenue and EBITDA in Q4 and FY20.”

Wells Fargo – TE Connectivity, Overweight rating

“We are upgrading TEL to Overweight from Equal Weight on better auto outlooks (better recent datapoints plus upcoming risks well understood) and potential for outperformance vs. current c’sus expectations. … We believe the company should return to beat and raise/upward earnings momentum driven by broad based stabilization encompassing autos, industrial, semi & China PMIs. Moreover, we believe risks to Europe and N.Am auto outlooks are by now largely well recognized, even if only partially reflected in stock. … Given our comfort with incrementally stable to positive trends, we think TEL’s 2H could outpace our prior/current c’sus outlooks comfortably.

Jefferies – Guess, Buy rating

We continue to believe that GES has meaningful low-hanging fruit to drive margins across many areas of the business, and see much of this margin expansion unfolding over the next few years. Even against a volatile macro backdrop, F’21 estimates may prove conservative as these initiatives are realized. … DD% margin target is well-within reach. … E-comm optimization is a key driver behind top-line growth.”

KeyBanc – Synaptics Incorporated, Overweight rating


Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: michael bloom
Keywords: news, cnbc, companies, iphone, guess, analyst, buy, stock, netflix, believe, continue, guidance, lyft, analysts, say, stocks, wall, earnings, company, street, including


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Amazon reportedly wants to turn your hand into a credit card

People shop at the newly opened Amazon Go Store on May 07, 2019 in New York City. The cashier-less store, the first of this type of store, called Amazon Go, accepts cash and is the 12th such store in the United States located at Brookfield Place in downtown New York. The company already has major plans to expand its Amazon Go stores, which allow shoppers to buy without cashiers or checkout, as well as its voice payment service called Amazon Pay. Amazon will have to address concerns from card iss


People shop at the newly opened Amazon Go Store on May 07, 2019 in New York City.
The cashier-less store, the first of this type of store, called Amazon Go, accepts cash and is the 12th such store in the United States located at Brookfield Place in downtown New York.
The company already has major plans to expand its Amazon Go stores, which allow shoppers to buy without cashiers or checkout, as well as its voice payment service called Amazon Pay.
Amazon will have to address concerns from card iss
Amazon reportedly wants to turn your hand into a credit card Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: emma newburger
Keywords: news, cnbc, companies, wants, reportedly, credit, store, terminals, working, hand, turn, wall, company, amazons, street, stores, amazon, card


Amazon reportedly wants to turn your hand into a credit card

People shop at the newly opened Amazon Go Store on May 07, 2019 in New York City. The cashier-less store, the first of this type of store, called Amazon Go, accepts cash and is the 12th such store in the United States located at Brookfield Place in downtown New York.

Technology giant Amazon is working to allow customers to connect their credit card information to their hands, so that they can scan for purchases with their palms at checkout areas in physical stores, people familiar with the project told The Wall Street Journal.

While Amazon’s plan is in the early stages, the company has reportedly begun working with Visa on testing out the terminals, and has discussed the project with Mastercard, JPMorgan Chase, Wells Fargo and Synchrony Financial.

The company previously filed a patent for a “non-contact biometric identification system” that features a “hand scanner” to produce a picture of a person’s palm.

The news offers a look into Amazon’s ideas on transforming the way people shop in brick-and-mortar stores, and how it could work with credit card companies to further integrate itself into people’s financial lives.

The company already has major plans to expand its Amazon Go stores, which allow shoppers to buy without cashiers or checkout, as well as its voice payment service called Amazon Pay.

Amazon will have to address concerns from card issuers and customers over how terminals would detect fraud and the amount of personal information the company will receive from the scans.

Data collected from the terminals would be stored on Amazon’s cloud and used to study consumers’ Amazon.com spending habits, according to The Journal.

An Amazon spokesperson declined CNBC’s request to comment.

Read the full report in the Wall Street Journal


Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: emma newburger
Keywords: news, cnbc, companies, wants, reportedly, credit, store, terminals, working, hand, turn, wall, company, amazons, street, stores, amazon, card


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Walmart shuffles executives after holiday season, chief merchant departing

Walmart is shuffling its executive team after the 2019 holiday season. There has also been shake-up on the retailer’s e-commerce team. The chief merchant for its U.S. e-commerce business, Ashley Buchanan, left in December to become CEO of crafts retailer Michael’s. Marc Lore, the co-founder of Jet.com, still heads up Walmart’s e-commerce business in the U.S. “These moves demonstrate the depth of talent in our business and the opportunity for the advancement at Walmart,” Furner said in the memo.


Walmart is shuffling its executive team after the 2019 holiday season.
There has also been shake-up on the retailer’s e-commerce team.
The chief merchant for its U.S. e-commerce business, Ashley Buchanan, left in December to become CEO of crafts retailer Michael’s.
Marc Lore, the co-founder of Jet.com, still heads up Walmart’s e-commerce business in the U.S.
“These moves demonstrate the depth of talent in our business and the opportunity for the advancement at Walmart,” Furner said in the memo.
Walmart shuffles executives after holiday season, chief merchant departing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: lauren thomas
Keywords: news, cnbc, companies, departing, company, holiday, team, ecommerce, season, sams, report, chief, memo, business, merchant, shuffles, walmart, furner, executives


Walmart shuffles executives after holiday season, chief merchant departing

Walmart is shuffling its executive team after the 2019 holiday season.

The company’s chief merchant Steve Bratspies is set to depart, according to an internal memo sent to employees Friday by Walmart U.S. CEO John Furner, which was reviewed by CNBC.

Scott McCall will replace Bratspies, the memo said. McCall most recently led entertainment, toys and seasonal at Walmart.

“I am incredibly proud of what we have accomplished as a team …” Bratspies said in an emailed statement, reflecting on his 14 years at the company. “I will always cherish my Walmart family and take pride in the growth we fueled together, but it’s time for a new challenge. I am excited about what’s ahead for me and for Walmart.”

Walmart has yet to report its holiday sales, while rival Target earlier in the week said its 2019 season missed its estimates due to weakness in toys and electronics. Amazon, meantime, said it had a “record” holiday season, though it hasn’t disclosed exact figures. Industry-wide holiday sales climbed 4.1%, according to the National Retail Federation, a leading industry trade group.

Walmart is set to report its fourth-quarter and full-year results next month.

Bratspies’ departure marks the latest in a string of management changes at Walmart in recent months. Furner took over as the president and CEO of Walmart’s U.S. division on Nov. 1. Prior to that, he was the head of Sam’s Club.

There has also been shake-up on the retailer’s e-commerce team. The chief merchant for its U.S. e-commerce business, Ashley Buchanan, left in December to become CEO of crafts retailer Michael’s. Over the summer, Walmart started to merge its Jet.com business with its own, eliminating the role of Jet president. Marc Lore, the co-founder of Jet.com, still heads up Walmart’s e-commerce business in the U.S.

The company also on Friday named Dacona Smith as chief operating officer of Walmart U.S., according to the memo. He previously held that title at the company’s Sam’s Club division.

Replacing Smith at Sam’s Club is Lance de la Rosa, another company veteran, the memo said.

The memo said all of the changes are effective Feb. 1. The Wall Street Journal was first to report on the leadership shuffling.

“These moves demonstrate the depth of talent in our business and the opportunity for the advancement at Walmart,” Furner said in the memo.

Walmart shares were falling less than 1% Friday afternoon. The retailer’s stock has rallied nearly 20% over the past 12 months. Walmart has a market value of about $327.3 billion.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: lauren thomas
Keywords: news, cnbc, companies, departing, company, holiday, team, ecommerce, season, sams, report, chief, memo, business, merchant, shuffles, walmart, furner, executives


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Stocks making the biggest moves midday: Alphabet, Boeing, Dave & Buster’s, Snap & more

Dave & Buster’s Entertainment — Shares of Dave & Buster’s Entertainment skyrocketed more than 10% after KKR disclosed a 10.7% position in the restaurant chain. Snap — Shares of Snap rose more than 4% after UBS upgraded the social media company to buy from neutral. The firm raised its 2020 full-year EPS and revenue estimates based on market share gains and the beginning of the 5G upgrade cycle. State Street – State Street stock surged 4.6% on better-than-expected quarterly results. Comcast — Shar


Dave & Buster’s Entertainment — Shares of Dave & Buster’s Entertainment skyrocketed more than 10% after KKR disclosed a 10.7% position in the restaurant chain.
Snap — Shares of Snap rose more than 4% after UBS upgraded the social media company to buy from neutral.
The firm raised its 2020 full-year EPS and revenue estimates based on market share gains and the beginning of the 5G upgrade cycle.
State Street – State Street stock surged 4.6% on better-than-expected quarterly results.
Comcast — Shar
Stocks making the biggest moves midday: Alphabet, Boeing, Dave & Buster’s, Snap & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: michael sheetz
Keywords: news, cnbc, companies, earnings, comcast, stocks, making, dave, alphabet, stock, company, shares, estimates, revenue, share, snap, midday, boeing, billion, busters, moves, biggest, street


Stocks making the biggest moves midday: Alphabet, Boeing, Dave & Buster's, Snap & more

Check out the companies making headlines in midday trading on Friday:

Alphabet – The Google-parent’s stock rose nearly 1% after UBS increased its price target, saying shares will climb more than 15% this year. The firm’s optimistic outlook came a day after a day after Alphabet became the latest U.S. company to reach a market capitalization of over $1 trillion.

Boeing — Shares of the aerospace giant fell almost 1% after Bank of America said it expects Boeing to absorb a $20 billion total cost for its 737 Max crisis. The company will report full-year and fourth-quarter earnings on Jan. 29, when analysts expect Boeing will announce additional charges related to the troubled aircraft.

Dave & Buster’s Entertainment — Shares of Dave & Buster’s Entertainment skyrocketed more than 10% after KKR disclosed a 10.7% position in the restaurant chain. Raymond James believes there is a leveraged buyout scenario for Dave & Buster’s, saying a takeout valuation in the mid-$50s could be supported. The stock trades around $46 Friday.

Snap — Shares of Snap rose more than 4% after UBS upgraded the social media company to buy from neutral. The bank said it expects positive momentum for ad revenue and user growth in 2020.

Qualcomm — Shares of the semiconductor company gained more than 3% after Citi upgraded the stock to a buy rating. The firm raised its 2020 full-year EPS and revenue estimates based on market share gains and the beginning of the 5G upgrade cycle. Citi also raised its target on the stock to $108, which is 13% higher than where it currently trades.

State Street – State Street stock surged 4.6% on better-than-expected quarterly results. The financial company reported earnings of $1.98 per share on revenue of $3.05 billion, while analysts expected earnings of $1.69 per share on revenue of $2.92 billion, according to Refinitiv. Expenses fell 9% to $2.27 billion, reflecting the impact of lower re-positioning charges.

United Natural Foods — Shares of the wholesale grocer plunged more than 10% following a downgrade to underweight by Wells Fargo. The firm said United Natural Foods operates within a “structurally challenged industry” as competition increases and the customer base shrinks.

J.B. Hunt Transport — Shares slid more than 4% after the company missed EPS estimates for the fourth quarter. The company reported earnings per share of $1.35, while Wall Street had been looking for $1.50, according to estimates from FactSet. Revenue came in at $2.45 billion, which was in line with estimates.

Comcast — Shares of Comcast jumped more than 1% after the company released details about its new streaming service Peacock. The service will launch on April 15 for Comcast subscribers and on July 15 nationally. There will be a free, ad-supported option as well two pricing options. The stock’s rise brought Comcast to an all-time high on Friday.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: michael sheetz
Keywords: news, cnbc, companies, earnings, comcast, stocks, making, dave, alphabet, stock, company, shares, estimates, revenue, share, snap, midday, boeing, billion, busters, moves, biggest, street


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If you invested in Mastercard 10 years ago, here’s how much you’d have now

If you are a Mastercard credit card user, you’re not alone. In the third quarter of 2019, there were 926 million Mastercard credit cards in use globally and 240 million in the U.S., according to Statista. While Mastercard’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results. The Mastercard brandAlthough Mastercard is widely known for its financial services, it maintains that it’s a tech business first. Mastercard stoc


If you are a Mastercard credit card user, you’re not alone.
In the third quarter of 2019, there were 926 million Mastercard credit cards in use globally and 240 million in the U.S., according to Statista.
While Mastercard’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results.
The Mastercard brandAlthough Mastercard is widely known for its financial services, it maintains that it’s a tech business first.
Mastercard stoc
If you invested in Mastercard 10 years ago, here’s how much you’d have now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: anna hecht
Keywords: news, cnbc, companies, ago, stock, million, credit, fees, company, share, merchants, invested, visa, mastercards, heres, mastercard, youd


If you invested in Mastercard 10 years ago, here's how much you'd have now

If you are a Mastercard credit card user, you’re not alone. In fact, you have a lot of company. In the third quarter of 2019, there were 926 million Mastercard credit cards in use globally and 240 million in the U.S., according to Statista. That’s around two Mastercards for every three U.S. residents. Mastercard’s success hasn’t just panned out well for the company, it’s also proven to be a major positive for long-term investors. A $1,000 investment in the company 10 years ago would be worth more than $12,500 as of Jan. 14, 2020, for a total return of 1,160%, according to CNBC calculations. By comparison, in the same time frame, the S&P 500 had a total return of just over 250%. Mastercard’s current share price is hovering around $320. CNBC: Mastercard’s stock as of January 2020. While Mastercard’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results.

The Mastercard brand

Although Mastercard is widely known for its financial services, it maintains that it’s a tech business first. The corporation refers to itself as “a technology company in the global payments industry” with “innovative technology” that sets it apart from competitors.

Mastercard demonstrates the future of payments. Brian Ach | Getty Images

Mastercard’s past challenges

While Mastercard has made impressive advances within tech, it’s also seen its fair share of setbacks. Often, the biggest controversies are settled in court and sometimes involve pricey consequences. In 2010, the government filed a civil antitrust lawsuit against Mastercard and its close competitors Visa and American Express. This filing challenged anti-competitive rules imposed by these credit issuers that prohibited merchants from rewarding customers for using cash, checks or other forms of payment that don’t carry transaction fees. A settlement was reached in 2011, stating that Visa and MasterCard must permit merchants to offer rewards, such as discounts, if shoppers choose to use alternate forms of payment.

In September 2018, Mastercard, Visa and a few top banks that issue credit and debit cards agreed to pay $900 million to settle a class-action lawsuit filed in 2005. (Mastercard’s share of the settlement came to $108 million.) That was on top of the $5.3 billion paid to merchants in 2012. The case alleged that these financial institutions had set fees that benefited banks, but hurt merchants. One claim described how Visa and Mastercard would enforce fees that the banks would then charge to the merchants. In January 2019, the European Commission fined Mastercard $650 million after a six-year investigation by European antitrust regulators concluded that the corporation had artificially upped the cost of card payments within the EU. Mastercard did not try to challenge the fine, but said in a statement that it had stopped charging the payment processing fees “long ago,” The New York Times reported.

Mastercard stock performance


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: anna hecht
Keywords: news, cnbc, companies, ago, stock, million, credit, fees, company, share, merchants, invested, visa, mastercards, heres, mastercard, youd


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Best Buy board investigating CEO Corie Barry for alleged misconduct

Corie Barry, chief executive officer of Best Buy Co., speaks during the Fortune’s Most Powerful Women Summit in Washington, D.C., U.S., on Wednesday, Oct. 23, 2019. The board had received an anonymous letter that said Barry years-long relationship with former Best Buy senior vice president Karl Sanft before she became CEO in June 2019. Best Buy ‘s board is probing allegations that the electronics retailer’s CEO Corie Barry had an inappropriate romantic relationship with another company executive


Corie Barry, chief executive officer of Best Buy Co., speaks during the Fortune’s Most Powerful Women Summit in Washington, D.C., U.S., on Wednesday, Oct. 23, 2019.
The board had received an anonymous letter that said Barry years-long relationship with former Best Buy senior vice president Karl Sanft before she became CEO in June 2019.
Best Buy ‘s board is probing allegations that the electronics retailer’s CEO Corie Barry had an inappropriate romantic relationship with another company executive
Best Buy board investigating CEO Corie Barry for alleged misconduct Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: lauren thomas
Keywords: news, cnbc, companies, buy, misconduct, board, sanft, corie, allegations, best, review, alleged, ceo, company, relationship, barry, investigating


Best Buy board investigating CEO Corie Barry for alleged misconduct

Corie Barry, chief executive officer of Best Buy Co., speaks during the Fortune’s Most Powerful Women Summit in Washington, D.C., U.S., on Wednesday, Oct. 23, 2019.

The board had received an anonymous letter that said Barry years-long relationship with former Best Buy senior vice president Karl Sanft before she became CEO in June 2019. Sanft did not immediately respond to CNBC for comment.

Best Buy ‘s board is probing allegations that the electronics retailer’s CEO Corie Barry had an inappropriate romantic relationship with another company executive.

“Best Buy takes allegations of misconduct very seriously,” a Best Buy spokesperson said. “We encourage the letter’s author to come forward and be part of that confidential process. We will not comment further until the review is concluded.”

In a written statement, Barry said, “The Board has my full cooperation and support as it undertakes this review, and I look forward to its resolution in the near term.” The allegations were first reported by the Wall Street Journal.

It is not the first time Best Buy has dealt with such an matter. In 2012, its former CEO Brian Dunn resigned as the company investigated allegations of a relationship he had with an employee.

Other companies have faced similar issues. Earlier this year, McDonald’s fired CEO Steve Easterbrook for a relationship with an employee that violated company policy.

Shares were down just under 1% in extended trading and are up more than 55% over the past 12 months.

On Tuesday, Barry had been scheduled to make a presentation at the National Retail Federation conference, but did not appear, citing an illness.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: lauren thomas
Keywords: news, cnbc, companies, buy, misconduct, board, sanft, corie, allegations, best, review, alleged, ceo, company, relationship, barry, investigating


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Epic Systems, a major medical records vendor, is warning customers it will stop working with Google Cloud

Account representatives from Epic Systems, one of the largest providers of medical record systems, have started calling customers with a clear message: We will not be pursuing further integrations with Google Cloud. They said the company decided to halt development with Google Cloud because it wasn’t seeing sufficient interest among its health system customers to warrant the investment. Privately held Epic is one of the largest electronic medical record companies in the U.S. The move comes as Go


Account representatives from Epic Systems, one of the largest providers of medical record systems, have started calling customers with a clear message: We will not be pursuing further integrations with Google Cloud.
They said the company decided to halt development with Google Cloud because it wasn’t seeing sufficient interest among its health system customers to warrant the investment.
Privately held Epic is one of the largest electronic medical record companies in the U.S.
The move comes as Go
Epic Systems, a major medical records vendor, is warning customers it will stop working with Google Cloud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: christina farr
Keywords: news, cnbc, companies, major, largest, record, medical, stop, warning, epic, company, customers, working, systems, records, health, vendor, cloud, google


Epic Systems, a major medical records vendor, is warning customers it will stop working with Google Cloud

Account representatives from Epic Systems, one of the largest providers of medical record systems, have started calling customers with a clear message: We will not be pursuing further integrations with Google Cloud.

Epic’s reps told customers the company would instead focus its energies on Amazon Web Services and Microsoft Azure. They said the company decided to halt development with Google Cloud because it wasn’t seeing sufficient interest among its health system customers to warrant the investment.

The calls have come in the past few weeks, said three people with knowledge of the matter, and were directed to Epic’s hospital customers that use Google’s cloud-based technology either for medical research, data storage or for their basic IT operations, including file-sharing. These people declined to be named because they were not authorized to speak for their organizations on the matter.

Privately held Epic is one of the largest electronic medical record companies in the U.S. It sells its products, which include a digital equivalent of the traditional doctor’s paper medical chart as well as billing tools, into the largest hospital systems in the U.S. Epic installations are major undertakings, and can end up costing billions of dollars overall. Once installed, they become a core part of a hospital’s information systems and are seldom dislodged.

Epic’s decision is a blow to Google’s efforts to find new customer segments for its cloud products, as the company lags well behind Amazon Web Services and Microsoft Azure in market share for cloud computing. The company is hoping to catch up by landing big-name customers such as Mayo Clinic, and by stressing its artificial intelligence and machine-learning capabilities.

The move comes as Google is facing criticism from privacy advocates about its work with Ascension, one of the largest U.S. health systems. The news broke that a small number of Google employees had access to Ascension patients’ protected health information after the two organizations signed a deal to move health information into Google’s servers. Google has subsequently said that it is “super proud” of this work with Ascension, and that it hopes to leverage the data for good to develop technologies to detect disease earlier, as well as a tool for doctors and nurses to more easily search their medical record systems, including Epic.

Epic declined to comment on Google or any other vendor specifically but said it considers several factors when deciding which third-party technology providers to support.

“We invest substantial time and engineering effort in evaluating and understanding the infrastructure Epic runs on. Scalability, reliability, and security are important factors we consider when evaluating these underlying technologies,” said Epic’s vice president of research and development, Seth Hain, in a statement. He said Epic focuses on supporting “infrastructure the Epic community uses today and is likely to use in the future.”

A spokesperson for Google Cloud declined to comment on the relationship with Epic.

One of the health system customers who got the call said this could impact their data sharing and aggregation efforts going forward. This person said medical records providers such as Epic and its chief rival, Cerner, are picky with data-sharing standards, and withdrawing support for Google would make it risky for the hospital system to keep using it.

Epic isn’t alone in its move.

The Wall Street Journal recently reported that Cerner decided against pursuing a data-storage relationship with Google despite being offered tens of millions of dollars in incentives. The company was on the hunt for a cloud vendor to help it store 250 million patient medical records. In the end, Cerner went with Amazon.

“We’ve historically seen hospital systems make these decisions independently of their medical record provider,” said Aneesh Chopra, the president of health-technology company CareJourney and the former chief technology officer of the United States. “It will be interesting to see if Epic’s thumb on the scale moves cloud market share.”


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: christina farr
Keywords: news, cnbc, companies, major, largest, record, medical, stop, warning, epic, company, customers, working, systems, records, health, vendor, cloud, google


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