Treasury brings back the 20-year bond to pay for the ballooning deficit

The Treasury Department is issuing a 20-year bond for the first time in 34 years to help pay for the ballooning $1 trillion dollar budget deficit. On Friday, news of the 20-year triggered a so-called “steepening” trade where Treasury yields on the long end of the curve rose, like 10-year and 30-year yields, and shorter duration yields, like the 2-year, fell. Strategists say investors were betting the new 20-year will help drive rates higher at the long end of the Treasury curve. “At that time, w


The Treasury Department is issuing a 20-year bond for the first time in 34 years to help pay for the ballooning $1 trillion dollar budget deficit.
On Friday, news of the 20-year triggered a so-called “steepening” trade where Treasury yields on the long end of the curve rose, like 10-year and 30-year yields, and shorter duration yields, like the 2-year, fell.
Strategists say investors were betting the new 20-year will help drive rates higher at the long end of the Treasury curve.
“At that time, w
Treasury brings back the 20-year bond to pay for the ballooning deficit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: patti domm
Keywords: news, cnbc, companies, bond, long, treasury, yields, ballooning, brings, issuance, trillion, pay, strategists, issue, 20year, deficit, expected, end


Treasury brings back the 20-year bond to pay for the ballooning deficit

The Treasury Department is issuing a 20-year bond for the first time in 34 years to help pay for the ballooning $1 trillion dollar budget deficit.

The Treasury announced the new issue Thursday, and strategists said it could start trading as early as May. Treasury will announce more details Feb. 5, but strategists say the new bond should see good demand though it may trade at a discount initially as the market adjusts to it.

On Friday, news of the 20-year triggered a so-called “steepening” trade where Treasury yields on the long end of the curve rose, like 10-year and 30-year yields, and shorter duration yields, like the 2-year, fell. Yields move opposite price. Strategists say investors were betting the new 20-year will help drive rates higher at the long end of the Treasury curve. The 10-year yield Friday rose 2 basis points to 1.82%, while the 2-year yield was at 1.55%, off from a high of 1.58%.

“You’ve got more supply coming at the back end, and people think implicitly Treasury won’t take all of the 20-year supply out of the 10-years and 30-years, so there’s more long issuance coming and there will be less front end,” said Michael Schumacher, director, rates at Wells Fargo. Strategists expect the Treasury to trim back some of its 10-year and 30-year bond issuance to make room for the 20-year and Schumacher said the Treasury could pare some Treasury bill issuance, which is its shortest term debt including 1-month and 3-month maturities.

Schumacher said the new 20-year could carry a yield similar to old 30-year bonds that mature in 2040, now yielding about 2.16%. He expects the Treasury would issue about $150 to $160 billion a month of the new security.

“For the 20-year, the plumbing is still all set up. This would fit nicely into the futures contracts,” Schumacher said, noting the Treasury’s net issuance is about $1 trillion a year. “If the Treasury had gone with the 50-year, it would have been out there by itself. It’s guess work where that would have to price. This is a lot more clear.”

Schumacher said he polled investors and there was much more interest in the 20-year than 50-year bonds. “We’re fans of this,” he said, adding he expects strong investor interest.

Other strategists do as well, though the issue may take some time to catch on.

“Out of the gate, we think it might trade a little cheaper than 10s and 30s, as the liquidity is built out and the investor community becomes used to the new auction schedule,” said Ben Jeffery, fixed income strategist at BMO. “It makes a lot of sense to fulfill their funding needs. Given there’s a natural demand point on the curve at the 20-year space, it matches better. It meshes with some of the traditional buyers of duration, like pension funds.”

Strategists say the way Treasury made the announcement was a surprise, particularly since it could have announced it when it releases details on its refunding in February.

NatWest Markets strategists said they were surprised the Treasury was issuing the 20-year now, while it would have made more sense two years ago when the Treasury was looking forward to larger auctions.

“While deficits are still running high, the current auction calendar should already cover most of those funding needs, with bills (which will largely be absorbed by the Fed) picking up the difference. Contrast this to 2017, when coupon issuance was set to rise significantly and a 20-year could have easily been added to the calendar without needing to scale back at any other point,” the NatWest strategists wrote in a note. “At that time, we had been strong advocates for a 20-year issue, and had even penciled one into our baseline forecasts. Now, with existing coupon auction sizes expected to remain flat, we had assumed the urgency to roll out a 20-year security would have waned.”

The Treasury issued a total $2.7 trillion in Treasurys in calendar year 2019, including gross coupon bills, notes and bonds; floating rate notes and TIPS, and until this announcement those amounts were not expected to change, according to NatWest Markets.

Andrew Brenner of National Alliance says he would have preferred longer duration issuance, so the Treasury could take advantage of low interest rates to cover the growing debt.

“I would have loved to see a 40-year of 50-year but they [dealers] convinced the Treasury there wasn’t demand for them,” he said. “We really need to lock in low yields long term but 20-years was the compromise.”

The budget deficit is expected to surpass $1 trillion for the first time since 2012 in this fiscal year, and it is expected to continue growing. For the year ended last Sept. 30, the deficit was $984 billion.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: patti domm
Keywords: news, cnbc, companies, bond, long, treasury, yields, ballooning, brings, issuance, trillion, pay, strategists, issue, 20year, deficit, expected, end


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World leaders in Davos confront a historic moment as critical to the future as the end of WWI

What world leaders coming to Davos know is that history’s course is up for grabs again. As with the end of World War I, the Cold War’s end in 1989 spawned premature declarations of democracy’s triumph. As world leaders gather in Davos next week at the dawn of the 2020s, they confront a similarly decisive historic moment and a comparable set of dashed hopes. A century ago this month, the Treaty of Versailles went into effect, bringing World War I to an end. A century ago, the failure of global le


What world leaders coming to Davos know is that history’s course is up for grabs again.
As with the end of World War I, the Cold War’s end in 1989 spawned premature declarations of democracy’s triumph.
As world leaders gather in Davos next week at the dawn of the 2020s, they confront a similarly decisive historic moment and a comparable set of dashed hopes.
A century ago this month, the Treaty of Versailles went into effect, bringing World War I to an end.
A century ago, the failure of global le
World leaders in Davos confront a historic moment as critical to the future as the end of WWI Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: frederick kempe
Keywords: news, cnbc, companies, trade, moment, end, critical, president, world, war, leaders, historic, week, wwi, european, future, confront, davos, global, state


World leaders in Davos confront a historic moment as critical to the future as the end of WWI

In the World Economic Forum’s program notes, it writes: “There are 193 sovereign nations, a proliferation of regional centers of power, and one increasingly obvious fact of life – we’re all in this together… We need to move from geopolitics and international competition to a default of consummate global collaboration. Nations are going to have to change.”

What world leaders coming to Davos know is that history’s course is up for grabs again. Major power competition is heating up, inflamed by a systemic contest between democratic and state capitalism. The world is awash with uncertainty about how new technologies and rising environmental threats could remake our world. The international order of rules and institutions that the U.S. and its partners constructed after World War II is faltering and ill-equipped to navigate these challenges.

As with the end of World War I, the Cold War’s end in 1989 spawned premature declarations of democracy’s triumph. In his 1992 book The End of History and the Last Man, Francis Fukuyama suggested that with Soviet collapse humanity had reached “the end-point of mankind’s ideological evolution and the universalization of Western liberal democracy as the final form of human government.”

As world leaders gather in Davos next week at the dawn of the 2020s, they confront a similarly decisive historic moment and a comparable set of dashed hopes. One can hear the haunting echoes from the 1920s: a U.S. isolationist temptation, bitter European disunity, and growing nationalism and populism within democracies amid rising authoritarianism.

A century ago this month, the Treaty of Versailles went into effect, bringing World War I to an end. Yet the dreams that paved its way were already evaporating. Among them was U.S. President Woodrow Wilson’s vision of “a world made safe for democracy” and his hope that the League of Nations would emerge to prevent future conflict.

The challenge facing today’s leaders in Davos is they must navigate the world to a better place without personal memories of failed settlements or the world spanning catastrophes that resulted, and can again, from lack of common cause.

But what if, far more likely, they don’t?

“Those who cannot remember the past are condemned to repeat it,” wrote the philosopher George Santayana in 1905. The silver lining of World War II’s devastation was that chastened American and European leaders, having witnessed the mistakes of Versailles, did a far better job than their predecessors in shaping the future. For example, Wilson’s young assistant secretary of the Navy, Franklin Roosevelt, had become President, and isolationist arguments drowned at Pearl Harbor.

The challenge facing today’s leaders in Davos is they must navigate the world to a better place without personal memories of failed settlements or the world spanning catastrophes that resulted, and can again, from lack of common cause.

Mussolini’s boast in summer of 1932 that “the liberal state is doomed to perish” has its echoes now in Vladimir Putin’s declaration this year, the “so-called liberal idea has outlived its purpose .”

It took a catastrophic war with millions of dead, followed by a half century of ideological competition between liberal democracy and communism, to prove Mussolini wrong. What will it take this time to answer Putin, and his ilk, following the constitutional change he proposed this week to ensure he can stay in power as long as he may want?

One can only hope that democracies regroup, finding a means of peaceful coexistence and competition with China, Russia and others. Can they agree to rules and remake institutions in a manner that doesn’t surrender fundamental values? Perhaps the best outcome would be an extended contest over time, decided in degrees and not through geopolitical catastrophe.

For those keeping score at this year’s Davos, here are just three questions, among many others, worth asking about this epochal drama.

What is the state of U.S-Chinese relations following this week’s trade agreement?

When President Trump speaks in Davos on Tuesday, even as his Senate impeachment trial begins, he’s likely to make much of his Phase One trade agreement signed this week.

However, despite this “ceasefire,” the two most decisive countries for the global future will continue to grow apart politically, economically and technologically. Though financial markets have been calmed, the more significant story is this decoupling.

A recent Atlantic Council delegation in China found that many Chinese experts and officials welcome the U.S. trade war and technology transfer restrictions as they are spurring China toward greater self-sufficiency.

“Beijing is accelerating its drive for technological ‘autonomy,'” Yuan Yang wrote in a sweeping Financial Times analysis yesterday, “to boost its control over its own supply chain in the face of political risks, such as further US embargoes.”

Can the U.S. and Europe avoid new trade wars – and find common ground regarding Iran?

The good news is that the United States, the European Union and Japan this week proposed new global trade rules for the World Trade Organization, clearly aimed at China, that would curb state subsidies that are distorting the world economy.

The bad news is that the Trump administration continues to consider escalating its trade conflict with Europe when instead it should be forging a new trade and investment agreement.

The transatlantic relationship has been at the core of one of the longest periods of relative peace and prosperity over the past seven decades. It’s time to refocus U.S. and European efforts at recharging those ties.

One good place to start might be Iran. One good outcome from rising U.S.-Iranian tensions could be that Iranians’ steps to break out of its nuclear agreement could trigger closer cooperation between Washington and its European partners to constrain those activities and seek new talks.

Could the Australian fires shock the global community into the sort of common cause that Davos promotes?

“Welcome to a world in which climate change’s economic impact is no longer distant and imperceptible,” writes Greg Ip of the Wall Street Journal. “Climate has muscled to the top of business worries.”

And Davos-regular Laurence Fink, the chairman and CEO of the world’s largest asset manager BlackRock Inc., said this week that climate issues would be a key driver in how he invests more than $7 trillion of his clients’ money.

Yet even as fires burn a patch of Australia the size of Belgium, it’s going to be politicians more than business leaders who have the biggest levers for change. For all the increasing climate rhetoric, emissions continue to increase, and heat rises.

A century ago, the failure of global leaders to foresee and head off future risks ended in the flames of WWII and the Holocaust. Once again, the cost of failure will be paid on a global scale.

Frederick Kempe is a best-selling author, prize-winning journalist and president & CEO of the Atlantic Council, one of the United States’ most influential think tanks on global affairs. He worked at The Wall Street Journal for more than 25 years as a foreign correspondent, assistant managing editor and as the longest-serving editor of the paper’s European edition. His latest book – “Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place on Earth” – was a New York Times best-seller and has been published in more than a dozen languages. Follow him on Twitter @FredKempe and subscribe here to Inflection Points, his look each Saturday at the past week’s top stories and trends.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: frederick kempe
Keywords: news, cnbc, companies, trade, moment, end, critical, president, world, war, leaders, historic, week, wwi, european, future, confront, davos, global, state


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Holiday sales climb 4.1%, retail industry trade group says, on the higher end of estimates

NRF, the retail industry’s leading trade group, had previously forecast that retail sales excluding automobile dealers, gasoline stations and restaurants during November and December would increase between 3.8% and 4.2%. Data for November was also revised up to show retail sales gaining 0.3%, instead of rising 0.2% as previously reported. Economists polled by Reuters had forecast retail sales would gain 0.3% in December. Compared with December 2018, retail sales accelerated 5.8%. A slew of compa


NRF, the retail industry’s leading trade group, had previously forecast that retail sales excluding automobile dealers, gasoline stations and restaurants during November and December would increase between 3.8% and 4.2%.
Data for November was also revised up to show retail sales gaining 0.3%, instead of rising 0.2% as previously reported.
Economists polled by Reuters had forecast retail sales would gain 0.3% in December.
Compared with December 2018, retail sales accelerated 5.8%.
A slew of compa
Holiday sales climb 4.1%, retail industry trade group says, on the higher end of estimates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: lauren thomas
Keywords: news, cnbc, companies, 2018, holiday, group, nrf, season, climb, reported, previously, sales, economy, trade, industry, retail, higher, estimates, forecast, end


Holiday sales climb 4.1%, retail industry trade group says, on the higher end of estimates

A Walmart worker organizes products for Christmas season at a Walmart store in Teterboro, New Jersey.

Holiday retail sales in 2019 grew 4.1%, amounting to $730.2 billion and coming in at the high end of a previously issued forecast, the National Retail Federation said in a press release on Thursday.

NRF, the retail industry’s leading trade group, had previously forecast that retail sales excluding automobile dealers, gasoline stations and restaurants during November and December would increase between 3.8% and 4.2%. It had expected online sales to rise between 11% and 14%.

Online sales during the holidays slightly topped NRF’s expectations, climbing 14.6%, to $167.8 billion, NRF said Thursday.

“This is a consumer-driven economy, and by any measure, the consumer has put the economy in a solid position for continued growth,” NRF President and CEO Matt Shay said in a statement. “This is a strong finish to the holiday season, and we think it’s a positive indicator of what’s ahead.”

The 2018 holiday season saw meager growth of just 2.1%, thanks in large part to a government shutdown, stock market volatility and interest rate hikes.

The Commerce Department said earlier Thursday that U.S. retail sales increased 0.3% last month. Data for November was also revised up to show retail sales gaining 0.3%, instead of rising 0.2% as previously reported. Economists polled by Reuters had forecast retail sales would gain 0.3% in December. Compared with December 2018, retail sales accelerated 5.8%.

NRF’s numbers are based on data from the U.S. Census Bureau.

“This was a healthy holiday season, especially compared with the decline in retail sales we saw at the end of the season in 2018,” NRF chief economist Jack Kleinhenz said. “Despite a late Thanksgiving and worries about tariffs, the consumer didn’t go away.”

Strong employment and higher wages also gave consumers “a sense of confidence about their ability to spend, and they did their part to keep the economy moving,” Kleinhenz added.

A slew of companies have already reported holiday sales, and many of them have underwhelmed. Department store chains Macy’s, Kohl’s and J.C. Penney all reported same-store sales declines. But there were bright spots in Lululemon and Jared owner Signet Jewelers.

Amazon has also said it had a “record” holiday season, though it hasn’t released any sales figures.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: lauren thomas
Keywords: news, cnbc, companies, 2018, holiday, group, nrf, season, climb, reported, previously, sales, economy, trade, industry, retail, higher, estimates, forecast, end


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5 ways to transform ‘little leftovers’ into creative, money-saving meals

It’s easy to end a meal and think your small amount of leftovers are not worth saving, but even ‘little leftovers’ can often be repurposed into something delicious. Leftover coffee becomes gourmet iced coffee”What’s leftover coffee?” We love to mix the coffee with maple syrup, vanilla extract, and half & half in a cocktail shaker, but a flavored store-bought creamer also works great. I avoid spending $5 or more on a single drink, and an added bonus is that I don’t have to get dressed or leave my


It’s easy to end a meal and think your small amount of leftovers are not worth saving, but even ‘little leftovers’ can often be repurposed into something delicious.
Leftover coffee becomes gourmet iced coffee”What’s leftover coffee?”
We love to mix the coffee with maple syrup, vanilla extract, and half & half in a cocktail shaker, but a flavored store-bought creamer also works great.
I avoid spending $5 or more on a single drink, and an added bonus is that I don’t have to get dressed or leave my
5 ways to transform ‘little leftovers’ into creative, money-saving meals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: brooke frizzell
Keywords: news, cnbc, companies, little, iced, great, moneysaving, half, meals, leftovers, cream, creative, yogurt, coffee, ways, food, transform, end, leftover


5 ways to transform 'little leftovers' into creative, money-saving meals

I am passionate about not wasting food, for both environmental and cost-saving reasons. But even if you work hard to not let vegetables rot in your refrigerator, you may still throw out a fair amount of food just a little at a time. It’s easy to end a meal and think your small amount of leftovers are not worth saving, but even ‘little leftovers’ can often be repurposed into something delicious. Here are a few of my favorites.

Leftover coffee becomes gourmet iced coffee

“What’s leftover coffee?” is the refrain I often hear when I suggest this. I don’t generally end the day with half a pot of coffee left, but there is usually a half-cup or so remaining after my family has had our fill. Instead of pouring coffee down the drain, we collect it in a pitcher and refrigerate it. Coffee keeps well in the refrigerator. (The conclusion of my seventh grade science project was that caffeine inhibits mold growth, although I have never attempted to replicate these results.) We end up having enough coffee to make fancy weekend iced coffees a few times each month. We love to mix the coffee with maple syrup, vanilla extract, and half & half in a cocktail shaker, but a flavored store-bought creamer also works great. I avoid spending $5 or more on a single drink, and an added bonus is that I don’t have to get dressed or leave my house to enjoy this iced coffee.

Photo by Brooke Frizzell

Sour cream, yogurt, or kefir replaces buttermilk

You have probably seen recipes tell you that you can add lemon juice to milk as a buttermilk substitute. But Serious Eats has a good explanation on why this creates subpar baked goods. Plain yogurt got a B+ in their test kitchen, and kefir received an A+. They did not test sour cream, but I almost always have either yogurt or sour cream on hand and have personally found them both to work well for making pancakes, biscuits, cakes, and other baked treats.

Turn just about anything into breakfast

Someone once told me to never eat brunch at a fancy restaurant because that’s how the kitchen uses up all their leftovers from the week, but that sounds great to me. I rarely go out for brunch these days because I prefer to eat breakfast in my pajamas, but as long as your food has been stored safely and has not gone rotten, throwing it into eggs is a great way to avoid wasting it. Leftover bread or potatoes can be the starch in a breakfast casserole. It does not take much cooked pasta to make a great frittata. And you can throw everything from a spoonful of mashed potatoes to bits of veggies and diced meat into an omelet.

Carrot and zucchini waffles. Photo by Brooke Frizzell

Pizza party

Like breakfast, pizza is a great way to use up bits and bobs of things. I’ve been known to chop up a leftover meatball or two as a topping, toss on a handful of leftover roasted veggies, or make a four-cheese pizza with whatever is lurking in the back of my fridge’s deli drawer.

Pizza made with one serving of meat sauce. Photo by Brooke Frizzell

Baked bits


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: brooke frizzell
Keywords: news, cnbc, companies, little, iced, great, moneysaving, half, meals, leftovers, cream, creative, yogurt, coffee, ways, food, transform, end, leftover


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Bitcoin is up 20% so far this year and one expert predicts it could hit $16,000 by year end

Other digital coins including ethereum and XRP have followed suit, posting more than 20% gains in the first two weeks of 2020. In December 2017, bitcoin hit an all-time high of nearly $20,000 but fell sharply to just over $3,000 in December 2018. “Alt coins” refer to alternative coins, a name for digital tokens other than bitcoin such as XRP or ethereum. These are a way for institutional investors to get invested in bitcoin which is seen as positive for the price. “While sentiment still drives w


Other digital coins including ethereum and XRP have followed suit, posting more than 20% gains in the first two weeks of 2020.
In December 2017, bitcoin hit an all-time high of nearly $20,000 but fell sharply to just over $3,000 in December 2018.
“Alt coins” refer to alternative coins, a name for digital tokens other than bitcoin such as XRP or ethereum.
These are a way for institutional investors to get invested in bitcoin which is seen as positive for the price.
“While sentiment still drives w
Bitcoin is up 20% so far this year and one expert predicts it could hit $16,000 by year end Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: arjun kharpal
Keywords: news, cnbc, companies, bitcoin, end, digital, expert, iran, positive, market, price, hit, far, coins, predicts, chu, xrp, 16000, options


Bitcoin is up 20% so far this year and one expert predicts it could hit $16,000 by year end

Bitcoin has recorded its best start to the year since 2012. Optimism has returned to the market following a crash after the 2017 record high. Bitcoin was trading at around $8,667.33 at 13:34 p.m. SIN/HK up roughly 21% so far this year. Other digital coins including ethereum and XRP have followed suit, posting more than 20% gains in the first two weeks of 2020. In December 2017, bitcoin hit an all-time high of nearly $20,000 but fell sharply to just over $3,000 in December 2018. Many experts saw that as the bottom as the price of the digital currency continued to climb in 2019.

But a few developments have helped underpin the recent price surge. “The Iran uncertainty combined with the positive launch of CME Bitcoin Options were strong catalysts driving an eruption in bitcoin and even adding heat to the struggling top 100 alt coins,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups told CNBC. “Alt coins” refer to alternative coins, a name for digital tokens other than bitcoin such as XRP or ethereum. Chu was referencing the current geopolitical tensions between Iran and the U.S. as well as exchange-traded bitcoin options which launched Monday on the Chicago Mercantile Exchange. These are a way for institutional investors to get invested in bitcoin which is seen as positive for the price. “While sentiment still drives waves of volatility, we are seeing increasing institutional volume anchoring the market,” Chu added.

The ‘halving’


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: arjun kharpal
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Talk of a ‘skinny’ Brexit deal being thrashed out by end of the year, strategist says


Talk of a ‘skinny’ Brexit deal being thrashed out by end of the year, strategist says Cached Page below :
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Talk of a 'skinny' Brexit deal being thrashed out by end of the year, strategist says


Company: cnbc, Activity: cnbc, Date: 2020-01-15
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Apple could be a $2 trillion company by the end of next year, one really bullish analyst says

Apple, the biggest U.S. company by market capitalization, has the potential to top a $2 trillion valuation by the end of next year, Wedbush said. Ives is one of the biggest Apple bulls on Wall Street with a 12-month forecast of $350 on the stock. The longtime tech analyst also predicted Apple’s services business to reach $500 billion to $650 billion in sales, becoming a key revenue stream for the tech giant. The new target makes UBS the second biggest Apple bull, only next to D.A. “IPhones shoul


Apple, the biggest U.S. company by market capitalization, has the potential to top a $2 trillion valuation by the end of next year, Wedbush said.
Ives is one of the biggest Apple bulls on Wall Street with a 12-month forecast of $350 on the stock.
The longtime tech analyst also predicted Apple’s services business to reach $500 billion to $650 billion in sales, becoming a key revenue stream for the tech giant.
The new target makes UBS the second biggest Apple bull, only next to D.A.
“IPhones shoul
Apple could be a $2 trillion company by the end of next year, one really bullish analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: yun li
Keywords: news, cnbc, companies, end, really, potential, biggest, valuation, ubs, tech, target, bullish, iphone, apple, company, trillion, analyst


Apple could be a $2 trillion company by the end of next year, one really bullish analyst says

Apple, the biggest U.S. company by market capitalization, has the potential to top a $2 trillion valuation by the end of next year, Wedbush said.

“We believe by the end of 2021 Apple has potential to be the first $2 trillion valuation given the 5G tailwinds and services momentum potential over the coming years,” Wedbush’s tech analyst Dan Ives said in a note on Monday.

Ives is one of the biggest Apple bulls on Wall Street with a 12-month forecast of $350 on the stock. Ives said he sees the shares reaching $400 by year-end in his so-called bull case, a more than 30% gain from Monday’s close of $316.96.

Shares of Apple have climbed another 8% in the new year after surging 86% in 2019, pushing its market cap to a record $1.389 trillion.

Ives said 2019 was just the beginning phase of a “transformational 5G super cycle,” while the demand for iPhone 11 has been stronger than expected. The longtime tech analyst also predicted Apple’s services business to reach $500 billion to $650 billion in sales, becoming a key revenue stream for the tech giant.

Separately, UBS raised its price target on Apple to $355 from $280 on Tuesday, citing “more iPhone optimism.” The new target makes UBS the second biggest Apple bull, only next to D.A. Davidson who hiked its price target to $375 Monday, according to FactSet.

Based on UBS’ latest smartphone survey data, more than 20% respondents cited 5G as a positive factor and iPhone purchase intent is also improving across different regions. The bank now sees Apple’s iPhone sales to hit 196 million in its fiscal year 2020, a 5% year-over-year increase.

“IPhones should see growth in F20 as replacement cycles stabilize and China compares get easier,” UBS analyst Timothy Arcuri said in note. “5G technology should drive some upgrades in F21 and beyond.”


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: yun li
Keywords: news, cnbc, companies, end, really, potential, biggest, valuation, ubs, tech, target, bullish, iphone, apple, company, trillion, analyst


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Prince Andrew’s private secretary reportedly reaches settlement with Buckingham Palace to end employment

Sarah, Duchess of York, Princess Beatrice, Prince Andrew, Duke of York and Amanda Thirsk at the Royal Ascot on June 22, 2018. in Ascot, England. Prince Andrew’s top aide has reportedly reached a legal settlement with Buckingham Palace to end her 15-year tenure with the Royal Household. Sky News reported Friday that Amanda Thirsk, the Duke of York’s private secretary, agreed the terms of her departure with the palace on Thursday. Thirsk reportedly pushed for Prince Andrew’s interview with the BBC


Sarah, Duchess of York, Princess Beatrice, Prince Andrew, Duke of York and Amanda Thirsk at the Royal Ascot on June 22, 2018. in Ascot, England.
Prince Andrew’s top aide has reportedly reached a legal settlement with Buckingham Palace to end her 15-year tenure with the Royal Household.
Sky News reported Friday that Amanda Thirsk, the Duke of York’s private secretary, agreed the terms of her departure with the palace on Thursday.
Thirsk reportedly pushed for Prince Andrew’s interview with the BBC
Prince Andrew’s private secretary reportedly reaches settlement with Buckingham Palace to end employment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: chloe taylor
Keywords: news, cnbc, companies, reaches, palace, end, thirsk, secretary, reached, buckingham, duke, prince, comment, terms, royal, york, reportedly, employment, private, settlement


Prince Andrew's private secretary reportedly reaches settlement with Buckingham Palace to end employment

Sarah, Duchess of York, Princess Beatrice, Prince Andrew, Duke of York and Amanda Thirsk at the Royal Ascot on June 22, 2018. in Ascot, England.

Prince Andrew’s top aide has reportedly reached a legal settlement with Buckingham Palace to end her 15-year tenure with the Royal Household.

Sky News reported Friday that Amanda Thirsk, the Duke of York’s private secretary, agreed the terms of her departure with the palace on Thursday. The deal included a payment worth “tens of thousands of pounds,” according to Sky.

Thirsk is expected to continue as CEO of Pitch@Palace, the project designed to assist start-ups that founder Prince Andrew stepped down from in November.

The prince has been embroiled in controversy in recent months over his friendship with convicted pedophile Jeffrey Epstein, which has led to him officially withdrawing from public duties.

Thirsk reportedly pushed for Prince Andrew’s interview with the BBC’s Newsnight in November, which was widely regarded to have been disastrous for his reputation in terms of his relationship with Epstein.

Pitch@Palace did not respond to a request for comment while Buckingham Palace told CNBC it does not comment on individual members of staff.

A spokesperson for Thirsk could not be reached for comment.

Sky News’ full report can be read here.


Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: chloe taylor
Keywords: news, cnbc, companies, reaches, palace, end, thirsk, secretary, reached, buckingham, duke, prince, comment, terms, royal, york, reportedly, employment, private, settlement


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Uber to end service in Colombia after regulatory crackdown

In its latest regulatory blow, Uber will end operations in Colombia on Jan. 31, CNBC confirmed Friday. Uber appealed the ruling, according to Reuters, though it did not ban its other divisions, like its delivery service Uber Eats. Uber called the Colombian regulator’s decision “arbitrary,” in a statement on its end to operations translated from Spanish. Uber also continues to face regulation at home, most recently with California’s new gig economy law known as Assembly Bill 5. WATCH: Uber just c


In its latest regulatory blow, Uber will end operations in Colombia on Jan. 31, CNBC confirmed Friday.
Uber appealed the ruling, according to Reuters, though it did not ban its other divisions, like its delivery service Uber Eats.
Uber called the Colombian regulator’s decision “arbitrary,” in a statement on its end to operations translated from Spanish.
Uber also continues to face regulation at home, most recently with California’s new gig economy law known as Assembly Bill 5.
WATCH: Uber just c
Uber to end service in Colombia after regulatory crackdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: lauren feiner
Keywords: news, cnbc, companies, service, crackdown, colombia, uber, law, bill, ubers, regulation, operations, end, drivers, reported, regulatory, services, market


Uber to end service in Colombia after regulatory crackdown

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., listens during a panel discussion at the Bloomberg Global Business Forum in New York, U.S., on Wednesday, Sept. 26, 2018.

In its latest regulatory blow, Uber will end operations in Colombia on Jan. 31, CNBC confirmed Friday. Local news outlet El Tiempo first reported the news.

Uber shares were up less than 1% on Friday afternoon.

Colombian authorities ordered Uber to cease operations of its ride-hailing service after a judge sided with the country’s competition authority, which claimed the company broke market rules, Reuters reported in December.

Taxi drivers had protested Uber and other services, Reuters previously reported, claiming the services had an unfair advantage due to a lack of regulation requiring them to pay the same fees to which traditional cabs are subject.

Uber appealed the ruling, according to Reuters, though it did not ban its other divisions, like its delivery service Uber Eats. Uber called the Colombian regulator’s decision “arbitrary,” in a statement on its end to operations translated from Spanish.

While Colombia only represents a market of around 2 million riders and 88,000 drivers, Uber’s decision to abandon its operations there shows the impact regulation can have on its services. In November, London’s transport regulator stripped Uber of its license to operate. Uber said at the time it had 3.5 million riders and 45,000 drivers in that market, and has appealed the decision.

Uber also continues to face regulation at home, most recently with California’s new gig economy law known as Assembly Bill 5. The bill, which took effect Jan. 1, requires gig economy workers to be reclassified as employees rather than contractors. Uber and Lyft both opposed the bill, as did other services. When it ultimately passed, Uber’s chief legal officer Tony West told reporters there’s still room for interpretation in the bill, which says contractors must do work outside the typical course of business. Uber and food-delivery start-up Postmates sued California over the law last month.

“Several previous rulings have found that drivers’ work is outside the usual course of Uber’s business, which is serving as a technology platform for several different types of digital marketplaces,” West said.

Uber still faces the potential for legal challenges under the new law and for other states to be inspired by California’s legislation, especially as presidential candidates call for greater protections for workers.

— CNBC’s Deirdre Bosa and Annie Palmer contributed to this report.

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WATCH: Uber just changed its app for California users to comply with the new labor law, here’s what it means


Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: lauren feiner
Keywords: news, cnbc, companies, service, crackdown, colombia, uber, law, bill, ubers, regulation, operations, end, drivers, reported, regulatory, services, market


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Here’s what happened to the stock market on Friday

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the closing bell on October 2, 2019 in New York City. Drew Angerer |Getty ImagesDow Jones Industrial Average falls 133 pointsThe Dow slid 133.13 points, or 0.46%, to 28,823.77 after briefly breaking above 29,000 for the first time. Wall Street slipped from record highs after disappointing jobs data was released to end a wild week. That’s below the Dow Jones estimate of 160,000. Still, the data was not


Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the closing bell on October 2, 2019 in New York City.
Drew Angerer |Getty ImagesDow Jones Industrial Average falls 133 pointsThe Dow slid 133.13 points, or 0.46%, to 28,823.77 after briefly breaking above 29,000 for the first time.
Wall Street slipped from record highs after disappointing jobs data was released to end a wild week.
That’s below the Dow Jones estimate of 160,000.
Still, the data was not
Here’s what happened to the stock market on Friday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: fred imbert
Keywords: news, cnbc, companies, jones, york, happened, record, jobs, market, heres, apple, dow, stock, data, end, economy, slid


Here's what happened to the stock market on Friday

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the closing bell on October 2, 2019 in New York City. Drew Angerer |Getty Images

Dow Jones Industrial Average falls 133 points

The Dow slid 133.13 points, or 0.46%, to 28,823.77 after briefly breaking above 29,000 for the first time. The S&P 500 dipped 0.29% to 3,265.35. The Nasdaq Composite slid 0.27% to end at 9,178.86. Wall Street slipped from record highs after disappointing jobs data was released to end a wild week.

US jobs report misses

The U.S. economy added just 145,000 jobs last month. That’s below the Dow Jones estimate of 160,000. Wages also grew at a slower-than-expected pace in December. Still, the data was not weak enough to sound any alarms about the state of the U.S. economy. Friday’s muted action was also in stark contrast to the rest of the week as investors dealt with the uncertainty arising from U.S.-Iran tensions.

Netflix and Amazon drop, Apple dips from record

Netflix and Amazon shares slid 1.97% and 0.94%, respectively, contributing to the broader market’s losses. Apple finished the session down 0.23%, slipping from a record high.

What happens next?


Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: fred imbert
Keywords: news, cnbc, companies, jones, york, happened, record, jobs, market, heres, apple, dow, stock, data, end, economy, slid


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