This is the first year you can bet on the Oscars in the US … and it likely won’t be the last

While international bookmakers have long allowed Americans to bet on the Oscars, this is the first time they can legally place bets domestically. Millman equates it to the prop bets that fans do during events like the Super Bowl. Prop bets are novelty side bets made on things that happen during an event rather than predict the outcome of the event. For the Oscars, Tally will be doing a similar setup as the Golden Globes. LeeKeenan said Tally’s type of betting will likely expand beyond the Oscars


While international bookmakers have long allowed Americans to bet on the Oscars, this is the first time they can legally place bets domestically. Millman equates it to the prop bets that fans do during events like the Super Bowl. Prop bets are novelty side bets made on things that happen during an event rather than predict the outcome of the event. For the Oscars, Tally will be doing a similar setup as the Golden Globes. LeeKeenan said Tally’s type of betting will likely expand beyond the Oscars
This is the first year you can bet on the Oscars in the US … and it likely won’t be the last Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: sarah whitten, eduardo munoz
Keywords: news, cnbc, companies, fans, betting, tally, prop, oscars, doing, likely, events, bet, bets, best, gambling, wont


This is the first year you can bet on the Oscars in the US ... and it likely won't be the last

While international bookmakers have long allowed Americans to bet on the Oscars, this is the first time they can legally place bets domestically.

The 91st annual Academy Awards are scheduled for Sunday night.

New Jersey is the only state allowing such bets, but the expansion away from traditional gambling — horse and dog racing and sports — signals an interest by gaming commissions to pursue a wider consumer base.

“New Jersey is taking advantage of the commercial opportunities,” said Chad Millman, head of media for the sports betting analysis company Action Network. “They are new to the market and trying to expand their consumer base.”

About a dozen sportbooks, including FanDuel and DraftKings, are offering wagers. Some are allowing bets on all categories up for awards while others are only doing the big six — best picture, best director, best actor, best actress, best supporting actor and best supporting actress.

“There’s potential customers who might not be interested in sports, but who are interested in Hollywood,” said Emily Bass, spokeswoman at FanDuel. “So, this is a perfect way for us to reach that demographic.”

This year is very much a trial year for this kind of betting. Millman said other states will be paying close attention to how New Jersey’s Oscar betting performs. If it is deemed successful, he said, other places in the U.S. could open up this betting pool next year.

However, don’t expect to make a lot of money on your bets. Much of the reason that the Academy Awards has not been used in betting pools in the United States is the fact that there is a known outcome. While the winners are a closely guarded secret, there is the possibility that someone could figure out who they are.

“Nevada has never done the Oscars,” said Jessica Welman, sports betting analyst for PlayUSA.com. “They don’t touch the Oscars.”

It’s also the reason that the bets themselves are relatively low. Welman traveled to New Jersey to test out the different sportbooks, and when she tried to put $20 down on “Black Panther” for best picture, she was told the highest she could bet was $3.88. The payout, if she should win, would be around $107.

“Looks like everyone is keeping an eye on it and keeping it small,” she said. “They aren’t making it lucrative enough for anyone to throw things or cheat or collude.”

In fact, the largest pot she could have won was about $860 on the editing category if “Bohemian Rhapsody” took home the trophy.

“No one is going to make a living doing this,” Welman said.

For a while now, fans of the Oscars have done their own office pools, betting small sums just for fun, not to make a profit. Millman equates it to the prop bets that fans do during events like the Super Bowl. Prop bets are novelty side bets made on things that happen during an event rather than predict the outcome of the event.

For example, during the Super Bowl, hundreds of prop bets are available ranging from which team would be penalized first to the color of the Gaterade dumped on the winning coach.

The growth in popularity of these novelty bets hasn’t just inspired traditional gambling companies, but for free-to-play apps and websites.

Tally is one such app. The prediction game was co-founded by Seattle Seahawks quarterback Russell Wilson and seeks to drive engagement with fans during live television events.

Tally started as a way for sports fans to predict the outcomes of NFL and NCAA football games without putting any money up front. Once that gained traction, the company began doing it for nonsporting events like the Golden Globes, the State of the Union and “The Bachelor” reality TV show.

For example, for the Golden Globes Tally did a traditional prediction spread for all the categories, but for “The Bachelor” it allowed fans to bet on the number of times girls would interrupt each other to speak with the bachelor and how many times it was mentioned during the premiere episode that bachelor Colton Underwood was a virgin.

For the State of the Union, Tally had prop bets on how many times President Donald Trump used the word “crisis” or said “make America great again.”

Because Tally is free-to-play, it isn’t considered gambling and therefore, the company can offer unique prop bets for events that other gambling institutions cannot, said Jason LeeKeenan, Tally co-founder and CEO.

For the Oscars, Tally will be doing a similar setup as the Golden Globes. Fans can make predictions for each of the awards for a chance at a $5,000 jackpot if they get them all correct.

LeeKeenan noted that the scoring does differ based on the number of other people that also made that prediction.The number of points are inversely related to how many people selected that prediction, he explained.

“You get more points for upsets,” LeeKeenan said.

The person who gets the most points will receive $250. Second place gets $100 and that figure decreases all the way down to 10th place.

LeeKeenan said Tally’s type of betting will likely expand beyond the Oscars and sports to other television events like the last season of “Game of Thrones” and other hotly anticipated premieres.

“Live events, that is the future of television,” LeeKeenan said.

Disclosure: CNBC parent Comcast and NBC Sports are investors in FanDuel.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: sarah whitten, eduardo munoz
Keywords: news, cnbc, companies, fans, betting, tally, prop, oscars, doing, likely, events, bet, bets, best, gambling, wont


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German carmakers could lose billions if Trump follows 232 report

Trump has complained about the German cars’ presence on U.S. streets and tweeted threats to tax European, and particularly German, automakers’ vehicles. It is thought the “232” report, as it is informally referred to, could recommend tariffs as high as 25 percent on auto parts and cars imported into America. Speaking Wednesday, the U.S. leader said he was prepared to introduce auto tariffs if a wider trade deal with the EU cannot be renegotiated. “We’re trying to make a deal, they’re very tough


Trump has complained about the German cars’ presence on U.S. streets and tweeted threats to tax European, and particularly German, automakers’ vehicles. It is thought the “232” report, as it is informally referred to, could recommend tariffs as high as 25 percent on auto parts and cars imported into America. Speaking Wednesday, the U.S. leader said he was prepared to introduce auto tariffs if a wider trade deal with the EU cannot be renegotiated. “We’re trying to make a deal, they’re very tough
German carmakers could lose billions if Trump follows 232 report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: david reid, eduardo munoz
Keywords: news, cnbc, companies, tariffs, billions, billion, trump, lose, carmakers, 25, report, parts, follows, 232, deal, tax, imported, auto, german


German carmakers could lose billions if Trump follows 232 report

Trump: Will impose more auto tariffs if no deal reached with EU 22 Hours Ago | 02:25

German auto manufacturers are nervously waiting to see if President Donald Trump will act on a secret Commerce Department report on how imported car parts might affect national security.

Trump has complained about the German cars’ presence on U.S. streets and tweeted threats to tax European, and particularly German, automakers’ vehicles.

It is thought the “232” report, as it is informally referred to, could recommend tariffs as high as 25 percent on auto parts and cars imported into America.

Speaking Wednesday, the U.S. leader said he was prepared to introduce auto tariffs if a wider trade deal with the EU cannot be renegotiated.

“We’re trying to make a deal, they’re very tough to deal with,” said Trump before adding “if we don’t make a deal, we’ll do the tariffs.”

Auto analysts Evercore ISI has stated that based on a 25 percent import tariffs, Germany’s big three auto firms would see an immediate 6.25 billion euro ($7 bn) hit to earnings before interest and tax each year.

Under their model, Volkswagen Group would lose around 2.5 billion euros while Mercedes-maker Daimler would suffer a 2-billion-euro loss and BMW would see earnings fall by 1.7 billion euros.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: david reid, eduardo munoz
Keywords: news, cnbc, companies, tariffs, billions, billion, trump, lose, carmakers, 25, report, parts, follows, 232, deal, tax, imported, auto, german


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Ex-Trump lawyer Michael Cohen gets prison surrender date delayed two months to May 6

Cohen, 52, will now enter federal prison May 6 to begin his three-year sentence, Judge William Pauley ordered. A spokesman for Southern District prosecutors, as well as for special counsel Robert Mueller, Cohen’s other prosecutor, declined to comment to CNBC. Mueller’s office had charged Cohen with lying to Congress about details of an aborted plan to build a Trump Tower in Moscow. The U.S. Attorney’s Office for the Southern District of New York is continuing to investigate those payments. That


Cohen, 52, will now enter federal prison May 6 to begin his three-year sentence, Judge William Pauley ordered. A spokesman for Southern District prosecutors, as well as for special counsel Robert Mueller, Cohen’s other prosecutor, declined to comment to CNBC. Mueller’s office had charged Cohen with lying to Congress about details of an aborted plan to build a Trump Tower in Moscow. The U.S. Attorney’s Office for the Southern District of New York is continuing to investigate those payments. That
Ex-Trump lawyer Michael Cohen gets prison surrender date delayed two months to May 6 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: dan mangan, kevin breuninger, eduardo munoz, getty images news, getty images
Keywords: news, cnbc, companies, cohen, trump, extrump, office, payments, michael, related, date, president, congress, lawyer, months, surrender, delayed, prison, district, southern, gets


Ex-Trump lawyer Michael Cohen gets prison surrender date delayed two months to May 6

President Donald Trump’s former personal lawyer Michael Cohen was granted a two-month extension of his prison surrender date Wednesday after his attorney cited his need to continue recovering from recent shoulder surgery, and to prepare for upcoming testimony before three congressional committees.

Cohen, 52, will now enter federal prison May 6 to begin his three-year sentence, Judge William Pauley ordered.

Cohen was originally set to begin that sentence March 6. He pleaded guilty last year to financial crimes, lying to Congress and campaign violations related to hush money payments made to two alleged sexual partners of Trump’s.

The United States Attorney’s Office for the Southern District of New York, one of two entities that prosecuted Cohen, did not oppose the “one-time” extension of his surrender date given his medical condition, according to Cohen’s lawyer, Michael Monico.

A spokesman for Southern District prosecutors, as well as for special counsel Robert Mueller, Cohen’s other prosecutor, declined to comment to CNBC.

Monico, in a letter to Pauley requesting the 60-day delay, cited the fact that Cohen “recently underwent a serious surgical procedure and he needs to undergo intensive post-surgical physical therapy and be monitored by his physician for recovery.”

Monico also noted that Cohen “also anticipates being called to testify before three … Congressional committees at the end of” February.

“Doing so will required Mr. Cohen to spend substantial time in preparation that will limit the time he has to get his affairs in order and spend time with his family, especially given such a short period between the anticipated hearings and the present reporting date,” Monico wrote.

Cohen is set to testify Feb. 28 before the House Intelligence Committee. That hearing will be be closed to the public.

He is also committed to testifying at a closed session of the Senate Select Committee on Intelligence, and in a public session of the House Oversight and Government Reform Committee. The dates for those other two hearings have not been released.

Spokesmen for all three committees did not immediately respond to requests for comment.

Cohen since last year has been cooperating with Mueller’s ongoing investigation of Russian interference in the 2016 president election and issues related to the Trump campaign.

Mueller’s office had charged Cohen with lying to Congress about details of an aborted plan to build a Trump Tower in Moscow.

Cohen admitted that he misled Congress about the date when that plan was dropped and about the extent of Trump’s personal involvement in the deal.

Cohen had originally claimed the project was abandoned much earlier in 2016, when Trump was running for the Republican nomination for president, than when it actually was dropped. He also falsely said that Trump was less involved in the effort than the president actually was, according to Cohen’s guilty plea.

Cohen has also admitted facilitating hush money payments to two women, porn star Stormy Daniels and Playboy model Karen McDougal, at the direction of Trump in 2016 to keep them quiet about their alleged affairs with president a decade earlier. Cohen has said the goal of those payments was to avoid the women’s stories affecting the election that year.

The U.S. Attorney’s Office for the Southern District of New York is continuing to investigate those payments. That inquiry, and others related to Trump by the same office, is seen as a serious legal threat to Trump.

Trump has denied having sex with either woman, and has also denied any other wrongdoing.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: dan mangan, kevin breuninger, eduardo munoz, getty images news, getty images
Keywords: news, cnbc, companies, cohen, trump, extrump, office, payments, michael, related, date, president, congress, lawyer, months, surrender, delayed, prison, district, southern, gets


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It’s becoming the best earnings season in 9 years for stock reaction

However, investors might have been just ignoring the bad news because the growth estimates in 2019 are pointing to a big deceleration. “If I’m a bull, one of my big concerns is that where the earnings growth is going to come from and what’s going to stop this decline. What’s going to be a positive catalyst? “Earnings growth is rolling over even faster than we thought it would with revisions breadth falling in just about every sector. … We think objectivity on quarterly earnings reports is bein


However, investors might have been just ignoring the bad news because the growth estimates in 2019 are pointing to a big deceleration. “If I’m a bull, one of my big concerns is that where the earnings growth is going to come from and what’s going to stop this decline. What’s going to be a positive catalyst? “Earnings growth is rolling over even faster than we thought it would with revisions breadth falling in just about every sector. … We think objectivity on quarterly earnings reports is bein
It’s becoming the best earnings season in 9 years for stock reaction Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: yun li, eduardo munoz
Keywords: news, cnbc, companies, whats, season, stanley, earnings, going, think, morgan, reaction, stock, quarter, best, estimates, growth, positive


It's becoming the best earnings season in 9 years for stock reaction

However, investors might have been just ignoring the bad news because the growth estimates in 2019 are pointing to a big deceleration.

Wall Street analysts are slashing their estimates for the next quarter at a record pace. According to FactSet, the first-quarter bottom-up earnings per share estimate has dropped by 4.1 percent during January, which is a larger decline than the 5-, 10- and 15-year averages.

“If I’m a bull, one of my big concerns is that where the earnings growth is going to come from and what’s going to stop this decline. What’s going to be a positive catalyst? I don’t think we have one at this moment,” Essaye said.

EBIT margin consensus estimates for 2019 have fallen by 60 basis points since October, the most significant downward revision since the financial crisis, according to Morgan Stanley. The bank also pointed out the ratio of negative to positive guidance for the first quarter is the highest since 2016, when we last had an earnings recession.

“Earnings growth is rolling over even faster than we thought it would with revisions breadth falling in just about every sector. Quite frankly, we are surprised at the lack of acknowledgement of this deterioration by most analysts and commentators. … We think objectivity on quarterly earnings reports is being swayed by the price reaction in the stocks,” Morgan Stanley chief U.S. equity strategist Mike Wilson said in a note on Monday.

WATCH: Julius Bear CEO on volatility and client activity behind earnings underperformance


Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: yun li, eduardo munoz
Keywords: news, cnbc, companies, whats, season, stanley, earnings, going, think, morgan, reaction, stock, quarter, best, estimates, growth, positive


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Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Job prospects are soaring in New York City, thanks to Amazon HQ2 and Google’s expansion plans

The job market in the Big Apple appears hotter than ever. According to a survey by Tech:NYC and Accenture, 80 percent of companies in New York City said they planned to hire more tech talent in 2018 than the year before. The trend is spurring demand for tech talent as well as for other support services, such as advertising, fintech, accounting, compliance and more. Headhunters say that although direct impact has yet to be seen, the expansion plans bode well for New York City’s job market. The hi


The job market in the Big Apple appears hotter than ever. According to a survey by Tech:NYC and Accenture, 80 percent of companies in New York City said they planned to hire more tech talent in 2018 than the year before. The trend is spurring demand for tech talent as well as for other support services, such as advertising, fintech, accounting, compliance and more. Headhunters say that although direct impact has yet to be seen, the expansion plans bode well for New York City’s job market. The hi
Job prospects are soaring in New York City, thanks to Amazon HQ2 and Google’s expansion plans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: ellen sheng, eduardo munoz, robert bumsted, spencer platt, getty images
Keywords: news, cnbc, companies, market, hq2, soaring, thanks, job, city, talent, companies, plans, york, expansion, tech, labor, unemployment, googles, prospects


Job prospects are soaring in New York City, thanks to Amazon HQ2 and Google's expansion plans

The job market in the Big Apple appears hotter than ever. With unemployment at record lows, the battle for talent is raging as tech giants, including Amazon and Google, lay plans to open new or expanded operations in Manhattan and Long Island City.

Projects include the new $5 billion Amazon headquarters in Long Island City, Google’s new $1 billion 1.7-million-sq-ft campus in Hudson Square and a new office complex at Chelsea Market. According to a survey by Tech:NYC and Accenture, 80 percent of companies in New York City said they planned to hire more tech talent in 2018 than the year before.

The trend is spurring demand for tech talent as well as for other support services, such as advertising, fintech, accounting, compliance and more. Headhunters say that although direct impact has yet to be seen, the expansion plans bode well for New York City’s job market.

“Even though New York is one of the most expensive markets in the country, it offers huge advantages for companies,” said Jed Kolko, chief economist at online jobs site Indeed.com.

“It is the largest labor market in the country, and it’s a fairly diversified market,” he said, noting that New York City also offers a fairly broad mix of both employers and workers in many industries and occupations. For many companies, that makes it worthwhile to pay the high real estate and labor costs to be in New York.

The hiring spree will make an already tight job market even tighter. Last month the New York Department of Labor said seasonally adjusted unemployment fell to 3.9 percent in November. That’s the lowest level since the department started keeping records in 1976. Not only that, but New York State’s private-sector job count rose to an all-time high of 9.75 million.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: ellen sheng, eduardo munoz, robert bumsted, spencer platt, getty images
Keywords: news, cnbc, companies, market, hq2, soaring, thanks, job, city, talent, companies, plans, york, expansion, tech, labor, unemployment, googles, prospects


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Amazon’s HQ2 in Queens will be ‘square in the danger zone for frequent flooding’

It gets warmer, it means the air can hold more moisture and we get bigger downpours,” said Strauss of Climate Central. From 2005 to 2014, Queens saw an additional 31 days of coastal flooding due to climate change, researchers say. Long Island City is already becoming a hot spot for New York City, and Amazon will speed that change exponentially. New York City is also running out of large spaces for developments like this one, which likely played into the choice. Like other waterfront buildings, t


It gets warmer, it means the air can hold more moisture and we get bigger downpours,” said Strauss of Climate Central. From 2005 to 2014, Queens saw an additional 31 days of coastal flooding due to climate change, researchers say. Long Island City is already becoming a hot spot for New York City, and Amazon will speed that change exponentially. New York City is also running out of large spaces for developments like this one, which likely played into the choice. Like other waterfront buildings, t
Amazon’s HQ2 in Queens will be ‘square in the danger zone for frequent flooding’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: diana olick, eduardo munoz, yana paskova, the washington post, getty images
Keywords: news, cnbc, companies, frequent, amazons, plans, continue, danger, york, city, expect, square, queens, zone, climate, strauss, likely, flooding, hq2, headquarters


Amazon's HQ2 in Queens will be 'square in the danger zone for frequent flooding'

“And the truth is, heavy rain has already increased by 50 percent in the Northeast. So we can expect that trend to continue. It gets warmer, it means the air can hold more moisture and we get bigger downpours,” said Strauss of Climate Central.

From 2005 to 2014, Queens saw an additional 31 days of coastal flooding due to climate change, researchers say. If Queens experienced a 6-foot flood, which scientists expect by the end of this century, that would put $13 billion worth of property at risk of damage, including about 34,000 homes, according to Climate Central and Zillow.

Companies and residential developers continue to build on the water because that is simply where people want to live and work. Long Island City is already becoming a hot spot for New York City, and Amazon will speed that change exponentially. New York City is also running out of large spaces for developments like this one, which likely played into the choice.

Amazon is more than likely considering all these risks as it plans its new headquarters, although a spokesman for the company said they could not comment on any plans. Like other waterfront buildings, the new headquarters will have to be built as a stronghold — resilient against weather and water.

“But then you have to ask how easy will it be to get to and from their headquarters, what’s happening to the surrounding neighborhood? And they’re going to need the city’s help to fortify the whole area,” Strauss said.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: diana olick, eduardo munoz, yana paskova, the washington post, getty images
Keywords: news, cnbc, companies, frequent, amazons, plans, continue, danger, york, city, expect, square, queens, zone, climate, strauss, likely, flooding, hq2, headquarters


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US Christmas sales predicted to surpass $1 trillion for the first time this year

Christmas holiday retail sales in the U.S. are expected to climb above the $1 trillion mark for the first time this year, on the back of low unemployment, solid income growth and higher consumer confidence, according to a study released Tuesday. The report comes amid concerns over the future of brick-and-mortar retailers, with the likes of Sears and Toys ‘R’ Us facing bankruptcy — although the latter’s lenders recently cancelled a bankruptcy auction and plans to revive the brand. E-commerce cont


Christmas holiday retail sales in the U.S. are expected to climb above the $1 trillion mark for the first time this year, on the back of low unemployment, solid income growth and higher consumer confidence, according to a study released Tuesday. The report comes amid concerns over the future of brick-and-mortar retailers, with the likes of Sears and Toys ‘R’ Us facing bankruptcy — although the latter’s lenders recently cancelled a bankruptcy auction and plans to revive the brand. E-commerce cont
US Christmas sales predicted to surpass $1 trillion for the first time this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: ryan browne, getty images, eduardo munoz
Keywords: news, cnbc, companies, holiday, brickandmortar, amazon, surpass, retail, market, retailers, sales, emarketer, predicted, industry, christmas, stores, trillion


US Christmas sales predicted to surpass $1 trillion for the first time this year

Christmas holiday retail sales in the U.S. are expected to climb above the $1 trillion mark for the first time this year, on the back of low unemployment, solid income growth and higher consumer confidence, according to a study released Tuesday.

Total retail sales in the U.S. will hit $1.002 trillion during the holiday period — which it defines as spanning November 1 and December 31 this year — an increase of almost 6 percent from the previous year, marking the “strongest growth since 2011,” data from market research firm eMarketer showed.

The report comes amid concerns over the future of brick-and-mortar retailers, with the likes of Sears and Toys ‘R’ Us facing bankruptcy — although the latter’s lenders recently cancelled a bankruptcy auction and plans to revive the brand.

Not to mention the fact that several retailers are closing hundreds of stores across the country as the threat of increased competition from e-commerce firms like Amazon and eBay continues to put pressure on the industry. On Monday, home improvement chain Lowe’s said it would shutter 51 underperforming stores across the U.S. and Canada.

The research said the sector would see a 4.4 percent gain year-on-year in in-store sales, rising to $878.38 billion, and that brick-and-mortar would be a “bright spot” for the retail industry as a whole for the 2018 Christmas holiday period.

“While e-commerce will continue to see strong double-digit gains, brick-and-mortar retail should be a particular bright spot this holiday season,” Andrew Lipsman, principal analyst at eMarketer, said in a statement Tuesday.

“Not every brick-and-mortar retailer is thriving, and several have shut their doors this year, but others are really capitalizing on the strong consumer economy. Retailers are luring in shoppers with remodeled stores, streamlined checkout and options to buy online, pick up in-store.”

E-commerce continues to grow in market share, however, and will capture 12.3 percent of the total sales figure this year, according to eMarketer. Online retail sales are predicted to rise 16.6 percent from the previous year, to $123.73 billion, the study said.

Cindy Liu, forecasting analyst at eMarketer, said the main “battle” for U.S. retailers would be gaining market share in the e-tail space. “We should expect more promotions and perks like free and fast shipping, as retailers compete against Amazon,” she said in a statement.

Indeed, on Monday, Amazon made an early move to up the pressure on the industry for this year’s holiday season, dropping minimum purchase requirements on all orders, which means all of its customers will qualify for free shipping for a limited period.

WATCH:The rise and fall of Toys R Us


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: ryan browne, getty images, eduardo munoz
Keywords: news, cnbc, companies, holiday, brickandmortar, amazon, surpass, retail, market, retailers, sales, emarketer, predicted, industry, christmas, stores, trillion


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AIG sees third-quarter catastrophe losses of $1.5 billion to $1.7 billion

Insurer American International Group said on Thursday it expects third-quarter pre-tax catastrophe losses, net of reinsurance, of between $1.5 billion and $1.7 billion. “These losses are largely associated with multiple events in Japan, including Typhoons Jebi and Trami, as well as Hurricane Florence and revisions to our loss estimates on the California mudslides,” AIG said in a statement. AIG shares fell about 4 percent in extended trading.


Insurer American International Group said on Thursday it expects third-quarter pre-tax catastrophe losses, net of reinsurance, of between $1.5 billion and $1.7 billion. “These losses are largely associated with multiple events in Japan, including Typhoons Jebi and Trami, as well as Hurricane Florence and revisions to our loss estimates on the California mudslides,” AIG said in a statement. AIG shares fell about 4 percent in extended trading.
AIG sees third-quarter catastrophe losses of $1.5 billion to $1.7 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: eduardo munoz
Keywords: news, cnbc, companies, aig, 15, trading, statementaig, revisions, trami, losses, sees, shares, catastrophe, reinsurance, typhoons, pretax, thirdquarter, billion, 17


AIG sees third-quarter catastrophe losses of $1.5 billion to $1.7 billion

Insurer American International Group said on Thursday it expects third-quarter pre-tax catastrophe losses, net of reinsurance, of between $1.5 billion and $1.7 billion.

“These losses are largely associated with multiple events in Japan, including Typhoons Jebi and Trami, as well as Hurricane Florence and revisions to our loss estimates on the California mudslides,” AIG said in a statement.

AIG shares fell about 4 percent in extended trading.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: eduardo munoz
Keywords: news, cnbc, companies, aig, 15, trading, statementaig, revisions, trami, losses, sees, shares, catastrophe, reinsurance, typhoons, pretax, thirdquarter, billion, 17


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Michaels expands kids’ crafting section in bid to win sales left behind by Toys R Us

Toys R Us had accounted for about 15 to 20 percent of all U.S. toy sales last year. Many companies, including Walmart, have already laid out strategies to capture those sales — even retailers that aren’t typically known for their toy sales. Sales in the segment Michaels is focusing on — arts and craft toys — were up 8 percent between January and July, according NPD Group. But as the trend grew more popular, companies rushed in with their own slime craft kits, bumping up sales of the category. Ru


Toys R Us had accounted for about 15 to 20 percent of all U.S. toy sales last year. Many companies, including Walmart, have already laid out strategies to capture those sales — even retailers that aren’t typically known for their toy sales. Sales in the segment Michaels is focusing on — arts and craft toys — were up 8 percent between January and July, according NPD Group. But as the trend grew more popular, companies rushed in with their own slime craft kits, bumping up sales of the category. Ru
Michaels expands kids’ crafting section in bid to win sales left behind by Toys R Us Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-27  Authors: sarah whitten, scott mcintyre, bloomberg, getty images, eduardo munoz
Keywords: news, cnbc, companies, win, crafting, sales, slime, left, retailers, stores, expands, michaels, toys, toy, kids, kits, craft, bid


Michaels expands kids' crafting section in bid to win sales left behind by Toys R Us

Arts and craft supplier Michaels is entering the land grab for Toys R Us’ market share.

Hundreds of stores went dark earlier this year when Toys R Us liquidated, leaving a window for other retailers to step in and court the toy retailer’s former customers. Toys R Us had accounted for about 15 to 20 percent of all U.S. toy sales last year. Many companies, including Walmart, have already laid out strategies to capture those sales — even retailers that aren’t typically known for their toy sales.

Michaels, which has seen its stock drop more than 30 percent this year to a multiyear low, is hoping to entice parents of young crafters, builders and burgeoning artists with a robust selection of nonelectronic products and crafting materials. The company is making some major changes to the kids’ sections of its stores, including stocking the aisles with more than 600 new items and partnering with brands to get exclusive access to some products.

“We call it creative play,” CEO Chuck Rubin told CNBC. “It’s kind of a variation of the toy market.”

For Michaels, it’s all about kids making their own projects — think jewelry-making kits, clay and painting supplies. If the store stocks a product with a licensed brands like “Star Wars” or “My Little Pony,” kids usually have to assemble the item before they can play with it. They’ve added Legos. Typically, the only items that run on batteries are part of its S.T.E.M. selection. These products foster skills in science, technology, engineering and mathematics and include robotics kits, circuit builders and coding toys.

Sales in the segment Michaels is focusing on — arts and craft toys — were up 8 percent between January and July, according NPD Group. This spike in sales is largely due to the dollar growth of craft kits, which were up 13 percent. In the same time period last year, sales of these craft kits were down 11 percent mostly due to the increased popularity of slime products.

Slime enthusiasts initially had to buy all of their ingredients separately for their projects. But as the trend grew more popular, companies rushed in with their own slime craft kits, bumping up sales of the category.

Rubin said slime continues to be popular, and Michaels carries slime kits and individual materials.

In addition, Michaels has lined up a number of products that can’t be found at any other retailers. This is a common tactic among toy sellers around the holiday season. Offering unique items can draw more people into stores, who often shop for other things while they are there.

Michaels is adjusting store layouts to more clearly define where shoppers can find products for kids, and its website will make it easier to shop for kid-friendly crafts. The retailer will continue to hold crafting events in its stores to lure parents and children. Last year, the company hosted more than 120 such events and had more than 1 million kids participate.

That should help set Michaels apart from others trying to get a bigger share of holiday sales. For example, Party City — not a traditional toy retailer — is opening 50 Toy City stores for the holidays, which will sit alongside its Halloween pop-up shops. The company also said it plans to permanently add more toys to its Party City locations.

Kohl’s, Five Below and J.C. Penney are just a few other businesses that have already said they plan to sell more toys this year.

Holiday sales in the U.S. are projected to be strong this year. Deloitte, for example, estimates sales will rise 5 to 5.6 percent this year, helped by a strong economy and low unemployment. If Michaels can grab a bigger share, it will provide a much-needed boost. In its latest quarter, sales at stores open at least 12 months fell 0.4 percent.

“We are very focused on kids, it is one of our core categories,” Rubin said. “It’s not so much of a toy business, but we think given the strength that we have in [the category] and the dislocation of the market, there is a nice piece of the business we can pick up.”

WATCH: The rise and fall of Toys R Us


Company: cnbc, Activity: cnbc, Date: 2018-09-27  Authors: sarah whitten, scott mcintyre, bloomberg, getty images, eduardo munoz
Keywords: news, cnbc, companies, win, crafting, sales, slime, left, retailers, stores, expands, michaels, toys, toy, kids, kits, craft, bid


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