GoPro shares jump after ‘crushing’ Black Friday and Cyber Monday sales, boosted by new products

GoPro shares were up more than 5% in premarket trading Wednesday after the company a day earlier reported record Black Friday and Cyber Monday sales, which were boosted by new cameras. During Black Friday and Cyber Monday, GoPro’s total camera sales jumped 120% year-over-year in the time between the two shopping days. In October, just in time for holiday shopping, GoPro debuted two new cameras, the Hero8 Black and the Max, in addition to new GoPro app features. The cameras also generated “the hi


GoPro shares were up more than 5% in premarket trading Wednesday after the company a day earlier reported record Black Friday and Cyber Monday sales, which were boosted by new cameras.
During Black Friday and Cyber Monday, GoPro’s total camera sales jumped 120% year-over-year in the time between the two shopping days.
In October, just in time for holiday shopping, GoPro debuted two new cameras, the Hero8 Black and the Max, in addition to new GoPro app features.
The cameras also generated “the hi
GoPro shares jump after ‘crushing’ Black Friday and Cyber Monday sales, boosted by new products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: elly cosgrove, fred imbert
Keywords: news, cnbc, companies, black, hero8, company, companys, products, woodman, million, boosted, earnings, gopro, jump, cameras, sales, cyber, crushing, shares


GoPro shares jump after 'crushing' Black Friday and Cyber Monday sales, boosted by new products

GoPro shares were up more than 5% in premarket trading Wednesday after the company a day earlier reported record Black Friday and Cyber Monday sales, which were boosted by new cameras.

During Black Friday and Cyber Monday, GoPro’s total camera sales jumped 120% year-over-year in the time between the two shopping days. The Hero8, which was launched in October, accounted for 90% of that growth, the company said.

“We’re very happy with how each of our products are selling-through so far this holiday,” GoPro founder and CEO Nick Woodman said in a release. “We believe the surge in demand we’re seeing positions us well for full-year profitability in 2019 and continued revenue and earnings growth in 2020.

“We crushed it,” Woodman said.

These strong sales show that customers are responding well to the company’s most recent camera innovations, which have boosted sales over the last two months.

The company said in its third-quarter earnings report that its new cameras reached record sales after their launch on the company’s website.

In October, just in time for holiday shopping, GoPro debuted two new cameras, the Hero8 Black and the Max, in addition to new GoPro app features. Unit sales of the Hero8 Black surpassed every previous new GoPro in its first month on the company’s website, including the 2018 Hero7 Black by 40%, according to GoPro’s earnings report. The Max also outpaced its predecessor Fusion in the first month of sales.

“Both products appear to be unquestionable hits with consumers and we’re optimistic about their impact on our business going forward,” Woodman said in the company’s earnings report.

The Hero8 Black has better stabilization than previous models and “sports four digital lenses to easily select a field of view,” the company said. The MAX is a dual-lens camera that is “like having three cameras in one.”

The cameras also generated “the highest positive social sentiment metrics of any new GoPro,” Woodman said. The Hero8 Black’s launch video became the most viral launch video of any other GoPro camera.

GoPro reported sales of $131 million in the third quarter and a net loss of $75 million, or 51 cents a share loss.

The company had a market cap of $601.2 million at Tuesday’s close.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: elly cosgrove, fred imbert
Keywords: news, cnbc, companies, black, hero8, company, companys, products, woodman, million, boosted, earnings, gopro, jump, cameras, sales, cyber, crushing, shares


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One-on-one with AWS CEO Andy Jassy

In the late 1990s Andy Jassy pitched a wild idea to his boss and mentor, Jeff Bezos: what if Amazon developed another business…this one, in the cloud. Two decades later, it’s Amazon’s most profitable division – one that Jassy continues to head up as the CEO of Amazon Web Services. Jon Fortt sat down with the number two man at Amazon, exclusively, at the company’s annual AWS Re:Invent conference in Las Vegas to talk about Amazon’s lead in the cloud today, the controversy surrounding the Pentagon’


In the late 1990s Andy Jassy pitched a wild idea to his boss and mentor, Jeff Bezos: what if Amazon developed another business…this one, in the cloud.
Two decades later, it’s Amazon’s most profitable division – one that Jassy continues to head up as the CEO of Amazon Web Services.
Jon Fortt sat down with the number two man at Amazon, exclusively, at the company’s annual AWS Re:Invent conference in Las Vegas to talk about Amazon’s lead in the cloud today, the controversy surrounding the Pentagon’
One-on-one with AWS CEO Andy Jassy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: jonathan kim jon fortt, jonathan kim, jon fortt
Keywords: news, cnbc, companies, jassy, fortt, oneonone, companys, ceo, cloud, york, wild, amazon, jeff, bezos, amazons, aws, andy


One-on-one with AWS CEO Andy Jassy

In the late 1990s Andy Jassy pitched a wild idea to his boss and mentor, Jeff Bezos: what if Amazon developed another business…this one, in the cloud. Two decades later, it’s Amazon’s most profitable division – one that Jassy continues to head up as the CEO of Amazon Web Services.

Jon Fortt sat down with the number two man at Amazon, exclusively, at the company’s annual AWS Re:Invent conference in Las Vegas to talk about Amazon’s lead in the cloud today, the controversy surrounding the Pentagon’s awarding of the highly sought-after JEDI contract to Microsoft (and Amazon’s lawsuit in response), the lessons learned from the company’s failed HQ2 attempt in New York City, Jassy’s relationship with Jeff Bezos, and a whole lot more.

Fortt Knox is a weekly podcast from CNBC anchor Jon Fortt. Previous episodes of the program can be found here.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: jonathan kim jon fortt, jonathan kim, jon fortt
Keywords: news, cnbc, companies, jassy, fortt, oneonone, companys, ceo, cloud, york, wild, amazon, jeff, bezos, amazons, aws, andy


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Airbnb has removed thousands of listings in Boston as new rule takes effect ahead of the company’s presumed IPO next year

The home-sharing company had to comply on Sunday with strict new regulations in Boston that require hosts to register their listings with the city. The city’s crackdown on Airbnb listings comes amid a wave of similar laws proposed in cities around the world. Less than half of listings have appliedThe city has received 1,778 applications for registration, and so far approved 737, city officials said. The company had about 4,000 total listings in Boston just over a month ago, according to city off


The home-sharing company had to comply on Sunday with strict new regulations in Boston that require hosts to register their listings with the city.
The city’s crackdown on Airbnb listings comes amid a wave of similar laws proposed in cities around the world.
Less than half of listings have appliedThe city has received 1,778 applications for registration, and so far approved 737, city officials said.
The company had about 4,000 total listings in Boston just over a month ago, according to city off
Airbnb has removed thousands of listings in Boston as new rule takes effect ahead of the company’s presumed IPO next year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: william feuer
Keywords: news, cnbc, companies, takes, city, presumed, listings, officials, boston, airbnb, thousands, companys, regulations, removed, effect, rule, ipo, company, units, number, require


Airbnb has removed thousands of listings in Boston as new rule takes effect ahead of the company's presumed IPO next year

Boston, Massachusetts Sean Pavone | Getty Images

Airbnb is eyeing a major IPO next year, but this year it faces escalating regulation in cities across the country. The home-sharing company had to comply on Sunday with strict new regulations in Boston that require hosts to register their listings with the city. Boston’s regulations are designed to ban so-called investor units, or properties meant to be residential that are exclusively or primarily used for short-term housing. Such units, lawmakers say, inflate the housing market and drive out long-term residents. The city’s crackdown on Airbnb listings comes amid a wave of similar laws proposed in cities around the world. Such regulations could put a dent in the business model of one of the last tech darlings of the decade that has yet to go public.

Less than half of listings have applied

The city has received 1,778 applications for registration, and so far approved 737, city officials said. The company had about 4,000 total listings in Boston just over a month ago, according to city officials. An Airbnb spokeswoman said the company removed all listings from the platform on Sunday that did not display a license number from the city of Boston. City officials said they requested data on Monday from Airbnb on the number of listings removed by the company, but have not yet received the data.

The new rules require that hosts own the properties they rent out, and live in them for at least nine months of the year. They also limit listings to one per host, and require hosts to register their units with the city every year as well as pay an annual licensing fee. Properly licensed listings will display a “policy number” above the cancellation policy section, like this listing in Boston’s Dorchester neighborhood. The regulations were first passed in July 2018, then became effective in August 2019 after a legal challenge from Airbnb was settled. “Across the city, rents are growing more and more out of reach,” Boston city councilor Michelle Wu said in an emailed statement. “Through closing the corporate loopholes for de facto hotels in residential neighborhoods while preserving homeowners’ ability to benefit from home-sharing, the regulations are designed to help more Bostonians stay in their homes.” “As per our legal settlement, we are prepared to work with the City to take the appropriate action against listings that have not provided a license number, so that they are no longer available as short-term rentals,” said an Airbnb spokesperson. “But it is important to note that this is intended to be long-term, collaborative process.”

Mounting scrutiny


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: william feuer
Keywords: news, cnbc, companies, takes, city, presumed, listings, officials, boston, airbnb, thousands, companys, regulations, removed, effect, rule, ipo, company, units, number, require


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An early Google employee filmed inside the company’s garage office in 1998—take a look

On Tuesday, Larry Page and Sergey Brin announced they will step down from their respective roles as CEO and president at Alphabet, Google’s parent company, which today has a market cap of over $890 billion and over 100,000 employees. “We are deeply humbled to have seen a small research project develop into a source of knowledge and empowerment for billions—a bet we made as two Stanford students that led to a multitude of other technology bets,” Page and Brin wrote in a blog post Tuesday, announc


On Tuesday, Larry Page and Sergey Brin announced they will step down from their respective roles as CEO and president at Alphabet, Google’s parent company, which today has a market cap of over $890 billion and over 100,000 employees.
“We are deeply humbled to have seen a small research project develop into a source of knowledge and empowerment for billions—a bet we made as two Stanford students that led to a multitude of other technology bets,” Page and Brin wrote in a blog post Tuesday, announc
An early Google employee filmed inside the company’s garage office in 1998—take a look Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: taylor locke
Keywords: news, cnbc, companies, students, google, video, filmed, employee, brin, small, inside, office, stanford, page, wrote, alphabet, look, early, 1998take, companys, garage


An early Google employee filmed inside the company's garage office in 1998—take a look

On Tuesday, Larry Page and Sergey Brin announced they will step down from their respective roles as CEO and president at Alphabet, Google’s parent company, which today has a market cap of over $890 billion and over 100,000 employees.

“We are deeply humbled to have seen a small research project develop into a source of knowledge and empowerment for billions—a bet we made as two Stanford students that led to a multitude of other technology bets,” Page and Brin wrote in a blog post Tuesday, announcing the change.

“We could not have imagined, back in 1998 when we moved our servers from a dorm room to a garage, the journey that would follow.”

Indeed, before there was Alphabet and before googling was a verb, Google was a fledgling internet search engine that Page and Brin, then Ph.D. students at Stanford University, ran out of a small, messy garage in Menlo Park, California.

That year, one of the first Google employees filmed a video tour of that garage office, embedded below.


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: taylor locke
Keywords: news, cnbc, companies, students, google, video, filmed, employee, brin, small, inside, office, stanford, page, wrote, alphabet, look, early, 1998take, companys, garage


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Morgan Stanley downgrades Roku, one of the hottest stocks of 2019: ‘It’s all priced in’

A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017. Morgan Stanley lowered its rating on Roku to underweight from equal weight, saying the stock’s phenomenal climb this year fully reflects the company’s growth prospects and fails to recognize some key risks. “Roku shares are up over 400% YTD due to rising estimates and overall exuberance over all things streaming. Roku’s valuation levels have surged past digital media players and


A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017.
Morgan Stanley lowered its rating on Roku to underweight from equal weight, saying the stock’s phenomenal climb this year fully reflects the company’s growth prospects and fails to recognize some key risks.
“Roku shares are up over 400% YTD due to rising estimates and overall exuberance over all things streaming.
Roku’s valuation levels have surged past digital media players and
Morgan Stanley downgrades Roku, one of the hottest stocks of 2019: ‘It’s all priced in’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: michael sheetz
Keywords: news, cnbc, companies, stocks, note, companys, video, past, priced, 2019, york, weight, morgan, valuation, downgrades, hottest, stanley, roku, ytd


Morgan Stanley downgrades Roku, one of the hottest stocks of 2019: 'It's all priced in'

A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017.

Morgan Stanley lowered its rating on Roku to underweight from equal weight, saying the stock’s phenomenal climb this year fully reflects the company’s growth prospects and fails to recognize some key risks.

Roku’s stock fell more than 16% in trading on Monday.

“Roku shares are up over 400% YTD due to rising estimates and overall exuberance over all things streaming. As a result, we see the risk/reward skewed to the downside. Roku’s valuation levels have surged past digital media players and even past high-growth SAAS [software as a service] companies … despite structurally lower gross margins,” Morgan Stanley analyst Benjamin Swinburne said in a note to investors. The note was titled, “It’s all priced in.”


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: michael sheetz
Keywords: news, cnbc, companies, stocks, note, companys, video, past, priced, 2019, york, weight, morgan, valuation, downgrades, hottest, stanley, roku, ytd


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Morgan Stanley downgrades Roku, one of the hottest stocks of 2019: ‘It’s all priced in’

A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017. Morgan Stanley lowered its rating on Roku to underweight from equal weight, saying the stock’s phenomenal climb this year fully reflects the company’s growth prospects and fails to recognize some key risks. “Roku shares are up over 400% YTD due to rising estimates and overall exuberance over all things streaming. Roku’s valuation levels have surged past digital media players and


A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017.
Morgan Stanley lowered its rating on Roku to underweight from equal weight, saying the stock’s phenomenal climb this year fully reflects the company’s growth prospects and fails to recognize some key risks.
“Roku shares are up over 400% YTD due to rising estimates and overall exuberance over all things streaming.
Roku’s valuation levels have surged past digital media players and
Morgan Stanley downgrades Roku, one of the hottest stocks of 2019: ‘It’s all priced in’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: michael sheetz
Keywords: news, cnbc, companies, stocks, note, companys, video, past, priced, 2019, york, weight, morgan, valuation, downgrades, hottest, stanley, roku, ytd


Morgan Stanley downgrades Roku, one of the hottest stocks of 2019: 'It's all priced in'

A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017.

Morgan Stanley lowered its rating on Roku to underweight from equal weight, saying the stock’s phenomenal climb this year fully reflects the company’s growth prospects and fails to recognize some key risks.

Roku’s stock fell more than 16% in trading on Monday.

“Roku shares are up over 400% YTD due to rising estimates and overall exuberance over all things streaming. As a result, we see the risk/reward skewed to the downside. Roku’s valuation levels have surged past digital media players and even past high-growth SAAS [software as a service] companies … despite structurally lower gross margins,” Morgan Stanley analyst Benjamin Swinburne said in a note to investors. The note was titled, “It’s all priced in.”


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: michael sheetz
Keywords: news, cnbc, companies, stocks, note, companys, video, past, priced, 2019, york, weight, morgan, valuation, downgrades, hottest, stanley, roku, ytd


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Uber rivals mobilize as the company’s future in London becomes uncertain

Still, its rivals made no delay in using the company’s misfortune as an opportunity. “London needs ride-hailing, but we don’t need Uber,” declared French ride-hailing app Kapten, which launched in the city earlier this year. “We believe it is the duty of a responsible ride-hailing operator to work cooperatively with regulators,” said Bolt, another newcomer in London. Some of Uber’s younger competitors say that a key edge they have over the company is their lower prices. Both Bolt and Kapten came


Still, its rivals made no delay in using the company’s misfortune as an opportunity.
“London needs ride-hailing, but we don’t need Uber,” declared French ride-hailing app Kapten, which launched in the city earlier this year.
“We believe it is the duty of a responsible ride-hailing operator to work cooperatively with regulators,” said Bolt, another newcomer in London.
Some of Uber’s younger competitors say that a key edge they have over the company is their lower prices.
Both Bolt and Kapten came
Uber rivals mobilize as the company’s future in London becomes uncertain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-27  Authors: ryan browne
Keywords: news, cnbc, companies, future, bolt, companys, londons, kapten, license, uncertain, uber, ubers, ridehailing, drivers, competitors, london, rivals, mobilize


Uber rivals mobilize as the company's future in London becomes uncertain

A man holding up a smartphone with the Uber transport app visible on screen, while taxis queue in the background, on June 4, 2019. (Photo by Olly Curtis/Future via Getty Images) Olly Curtis | Future | Getty Images

As Uber faces the prospect of being banned from London, several of its competitors are looking to try to lure away drivers and customers from the company. The ride-sharing giant lost its license to operate in the U.K. capital on Monday, however it can still operate there while it appeals the move. Still, its rivals made no delay in using the company’s misfortune as an opportunity. “London needs ride-hailing, but we don’t need Uber,” declared French ride-hailing app Kapten, which launched in the city earlier this year. “We believe it is the duty of a responsible ride-hailing operator to work cooperatively with regulators,” said Bolt, another newcomer in London. Not long after Transport for London’s (TfL) decision not to renew Uber’s operator license, Bolt sent customers an email claiming “news about the other ride-hailing app in London has brought us thousands of new sign-ups already.”

New kids on the block

Whether these companies can successfully chip away at Uber’s dominance — even with all the regulatory pressure it faces — is another story. The Silicon Valley firm is the dominant player in London’s ride-sharing market, with 45,000 drivers and 3.5 million passengers. Dara Khosrowshahi, Uber’s CEO, said over the summer that he doesn’t see such start-ups as a threat. “The new competition that we’re seeing in London are frankly competitors that we’re familiar with,” he said. “So far we’re not seeing anything in London that’s a surprise or unexpected.”

But Bolt has gained considerable momentum since launching in London. The company claims it’s signed up over 30,000 drivers since rolling out in June. Meanwhile, Kapten boasts a network of 16,000 drivers. Then there’s Ola, the Indian ride-hailing firm, which said just a day after Uber lost its license that it would start registering drivers ahead of an official launch “in the coming weeks.” Uber and Ola share Japan’s SoftBank as an investor. “Uber’s growth in London has shown the need for ride-hailing services,” Pedro Pacheco, senior research director for automotive and smart mobility at Gartner, told CNBC. “Uber’s possible ban from this city can open growth opportunities for competitors as there will be customer demand to be satisfied.” Some of Uber’s younger competitors say that a key edge they have over the company is their lower prices. Both Bolt and Kapten came into London promising cheaper fares and they take less commission from their drivers than Uber does.

The old guard

On the other hand, Uber is also dealing with competition from the local black cab industry which it disrupted heavily when it took on London’s taxi scene back in 2012.


Company: cnbc, Activity: cnbc, Date: 2019-11-27  Authors: ryan browne
Keywords: news, cnbc, companies, future, bolt, companys, londons, kapten, license, uncertain, uber, ubers, ridehailing, drivers, competitors, london, rivals, mobilize


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UPS CEO David Abney on the shipping company’s holiday outlook

UPS CEO David Abney on the shipping company’s holiday outlookUPS CEO David Abney, joins “Squawk Alley” to discuss how the company is prepared for the influx of packages for the holiday season.


UPS CEO David Abney on the shipping company’s holiday outlookUPS CEO David Abney, joins “Squawk Alley” to discuss how the company is prepared for the influx of packages for the holiday season.
UPS CEO David Abney on the shipping company’s holiday outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-26
Keywords: news, cnbc, companies, outlook, shipping, holiday, packages, season, ceo, squawk, david, ups, abney, prepared, companys


UPS CEO David Abney on the shipping company's holiday outlook

UPS CEO David Abney on the shipping company’s holiday outlook

UPS CEO David Abney, joins “Squawk Alley” to discuss how the company is prepared for the influx of packages for the holiday season.


Company: cnbc, Activity: cnbc, Date: 2019-11-26
Keywords: news, cnbc, companies, outlook, shipping, holiday, packages, season, ceo, squawk, david, ups, abney, prepared, companys


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General Electric names Maersk CFO Carolina Dybeck Happe as its new CFO

The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019General Electric announced on Monday that Carolina Dybeck Happe will replace Jamie Miller as the company’s chief financial officer and senior vice president in early 2020. Dybeck Happe is currently the chief financial officer and executive vice president of A.P. Dybeck Happe spent 16 years at Assa Abloy, seven of which she served as CFO. As CFO of Maersk, Dybeck Happ


The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019General Electric announced on Monday that Carolina Dybeck Happe will replace Jamie Miller as the company’s chief financial officer and senior vice president in early 2020.
Dybeck Happe is currently the chief financial officer and executive vice president of A.P.
Dybeck Happe spent 16 years at Assa Abloy, seven of which she served as CFO.
As CFO of Maersk, Dybeck Happ
General Electric names Maersk CFO Carolina Dybeck Happe as its new CFO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: elly cosgrove, fred imbert
Keywords: news, cnbc, companies, names, officer, maersk, carolina, dybeck, chief, miller, companys, general, cfo, release, president, plan, happe, electric


General Electric names Maersk CFO Carolina Dybeck Happe as its new CFO

The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019

General Electric announced on Monday that Carolina Dybeck Happe will replace Jamie Miller as the company’s chief financial officer and senior vice president in early 2020.

Dybeck Happe is currently the chief financial officer and executive vice president of A.P. Moller-Maersk.

“She is a high-impact executive who brings a compelling blend of strategic and capital allocation discipline, well-honed operating skills, and transformational leadership abilities,” CEO Larry Culp said in a release. “She will be a strong partner as we execute our deleveraging plan and improve our operating results to position GE for sustainable, long-term value creation.”

Dybeck Happe spent 16 years at Assa Abloy, seven of which she served as CFO. Over her tenure as CFO at Assa Abloy, she helped the company deliver total shareholder return of more than 160% and double-digit sales and profit growth, the release said.

As CFO of Maersk, Dybeck Happe has executed a substantial deleveraging plan and reshaped the company’s portfolio to improve profits.

At GE, Dybeck Happe will not only lead the company’s global finance organization but she she will also head GE’s digital technology and global operations functions. She will be based in GE’s Boston headquarters.

GE announced in late July that CFO Miller will step down from her role. The company said that Miller will leave GE following a “smooth handover.”

Miller has been with GE for 11 years and became GE’s CFO in October of 2017 during a difficult period for the ailing industrial giant.

Miller joined GE in 2008 as chief accounting officer. She later worked as chief information officer, then became president and CEO of GE Transportation.

“She has been instrumental in developing our portfolio strategy, furthering our efforts to make GE a more focused industrial company, and spearheading our deleveraging plan during a challenging period,” Culp said of Miller in the release.


Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: elly cosgrove, fred imbert
Keywords: news, cnbc, companies, names, officer, maersk, carolina, dybeck, chief, miller, companys, general, cfo, release, president, plan, happe, electric


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Uber slides as London revokes company’s license—Cramer and other pros react

London is giving Uber the boot. London authorities on Monday revoked the ride-hailing company’s license to operate in the city, a move that would cut Uber off from its biggest European market. The ruling is on hold while Uber puts through an appeal. After months of tension between London and Uber, experts weren’t exactly surprised by the developments, taking Uber’s over 1% decline on Monday in stride. If you think about the ramifications here, this has been a back-and-forth between Uber and Lond


London is giving Uber the boot.
London authorities on Monday revoked the ride-hailing company’s license to operate in the city, a move that would cut Uber off from its biggest European market.
The ruling is on hold while Uber puts through an appeal.
After months of tension between London and Uber, experts weren’t exactly surprised by the developments, taking Uber’s over 1% decline on Monday in stride.
If you think about the ramifications here, this has been a back-and-forth between Uber and Lond
Uber slides as London revokes company’s license—Cramer and other pros react Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: lizzy gurdus
Keywords: news, cnbc, companies, guild, think, react, versus, licensecramer, way, economy, didnt, uber, pros, london, revokes, slides, ubers, lot, companys


Uber slides as London revokes company's license—Cramer and other pros react

London is giving Uber the boot.

London authorities on Monday revoked the ride-hailing company’s license to operate in the city, a move that would cut Uber off from its biggest European market. The ruling is on hold while Uber puts through an appeal.

After months of tension between London and Uber, experts weren’t exactly surprised by the developments, taking Uber’s over 1% decline on Monday in stride.

Here’s how three of them, including Jim Cramer, reacted:

Cramer, the host of CNBC’s “Mad Money” and a longtime stock picker, said Uber didn’t have the same brand loyalty in the U.K. as it does across the pond:

“Look, anyone who’s using them in London knows it’s … very inexpensive versus the rest, versus the traditional kind of guild. That’s a guild over there for taxi drivers, and they’re really busting it. So, it’s a little different from here in New York or from other cities where the incumbents didn’t have a lot of favor of the customers.”

Imran Khan, CEO and co-founder of Verishop and Snap’s former chief strategy officer, said this represents the start of “a new way of life” for multinational technology companies:

“I’m not [an] expert on what’s going on at Uber, but I think there are two interesting trends we’re seeing in general. No. 1, as [the] tech economy becomes a bigger part of the overall economy, there’s obviously more scrutiny by government regulators all over the world. And when I was at Snap, I had to spend a lot of time with a lot of government organizations and things like that, and I think it’s a new way of life.”

Dan Ives, managing director at Wedbush Securities, said the decision raises concerns about Uber’s top line:

“This would be a nightmare for Uber, especially the fact that it’s about 3-4[%] revenue impact. If you think about the ramifications here, this has been a back-and-forth between Uber and London. But 3-4% could come off the top line. I think [the] company’s caught flat-footed by this decision.”

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Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: lizzy gurdus
Keywords: news, cnbc, companies, guild, think, react, versus, licensecramer, way, economy, didnt, uber, pros, london, revokes, slides, ubers, lot, companys


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