Expected Social Security shortfall won’t stand in way of expansion

Meanwhile, more than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation. “The whole reason Social Security is projected out for 75 years is to give people a sense of security,” Altman said. “Social Security has never missed a payment and I don’t believe it ever will.”


Meanwhile, more than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation. “The whole reason Social Security is projected out for 75 years is to give people a sense of security,” Altman said. “Social Security has never missed a payment and I don’t believe it ever will.”
Expected Social Security shortfall won’t stand in way of expansion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: sarah obrien, photojournalis, getty images
Keywords: news, cnbc, companies, security, expansion, shortfall, expected, payroll, solvency, require, subject, wont, social, way, increase, benefits, lawmakers, tax, stand


Expected Social Security shortfall won't stand in way of expansion

For example, if lawmakers were to make no changes until 2035, maintaining a 75-year solvency would require a permanent 3.65 percentage-point increase to the payroll tax rate (for a total of 16.05% that gets split between worker and employer) or a 23% reduction to all benefits starting that year.

Meanwhile, more than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. Introduced by Rep. John Larson, D-Connecticut, the bill would gradually increase the payroll contribution by workers and their employers to 7.4% each by 2043 from the current 6.2% (to 14.8% altogether from 12.4%).

It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation.

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Among other changes, the yearly cost-of-living adjustment for benefits would rely on a different formula to more accurately reflects rising costs for older Americans.

The end result would be extended solvency for the program for 75 years, according to Social Security’s Office of the Chief Actuary.

Altman also said that despite the impending funding woes, retirees should not worry that their benefits will be reduced or eliminated. In fact, she said, they should feel confident about the program.

“The whole reason Social Security is projected out for 75 years is to give people a sense of security,” Altman said. “Social Security has never missed a payment and I don’t believe it ever will.”


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: sarah obrien, photojournalis, getty images
Keywords: news, cnbc, companies, security, expansion, shortfall, expected, payroll, solvency, require, subject, wont, social, way, increase, benefits, lawmakers, tax, stand


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Retail sales likely bounced back on expected higher spending on gasoline, cars

Consumers are expected to have spent more on gasoline and cars in March, likely pushing monthly retail sales higher after February’s surprise decline. Economists expect retail sales rose by 0.9% for the month, but 0.7% when autos are not included, according to Refinitiv data. March retail sales are scheduled to be released Thursday at 8:30 a.m. “Wage gains picked up a little bit year over year, but it’s lackluster compared to the spending growth … hourly earnings growth is lagging consumer spe


Consumers are expected to have spent more on gasoline and cars in March, likely pushing monthly retail sales higher after February’s surprise decline. Economists expect retail sales rose by 0.9% for the month, but 0.7% when autos are not included, according to Refinitiv data. March retail sales are scheduled to be released Thursday at 8:30 a.m. “Wage gains picked up a little bit year over year, but it’s lackluster compared to the spending growth … hourly earnings growth is lagging consumer spe
Retail sales likely bounced back on expected higher spending on gasoline, cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: patti domm, beth hall, bloomberg, getty images
Keywords: news, cnbc, companies, higher, retail, growth, consumer, gdp, think, consumers, sales, cars, expected, surprise, spending, gasoline, bounced, expects, likely


Retail sales likely bounced back on expected higher spending on gasoline, cars

Consumers are expected to have spent more on gasoline and cars in March, likely pushing monthly retail sales higher after February’s surprise decline.

Economists expect retail sales rose by 0.9% for the month, but 0.7% when autos are not included, according to Refinitiv data.

The monthly sales number is being watched closely to see whether consumer spending is recovering after a string of uneven reports, including December’s sharp decline and February’s surprise drop of 0.2%. January’s sales gained 0.7%. March retail sales are scheduled to be released Thursday at 8:30 a.m. ET.

The sales report includes a key component used by economists to calculate GDP growth, scheduled to be reported next Friday for the first quarter. The retail sales report is one of the last pieces of data. First-quarter GDP looked to be barely growing early on in the period, but has gone from sub-1% to just over 2% in a few weeks.

Scott Anderson, chief economist at Bank of the West, said he expects to see a bounceback in March sales in part because because February sales were so weak.

“We think the consumer is going to slow the pace of their spending this year,” he said. “Wage gains picked up a little bit year over year, but it’s lackluster compared to the spending growth … hourly earnings growth is lagging consumer spending growth. That dynamic hasn’t changed. Consumers were really confident, spending a lot last year. They’re probably going to have to tighten their belts.”

Mark Zandi, chief economist at Moody’s Analytics, expects retail sales to be up at least 1%. “Part of that is vehicle sales. Weather is favorable so building materials supplies stores should be solid. I think it could be up at least a point, but it could be higher than that,” he said.

“Core sales [excluding autos, gasoline and building materials] are probably up 0.3%. I think the data coming out of payment processors continued to be soft in March,” he said. “Consumers are really turning cautious since the end of the year.”

Anderson said he expects GDP growth of about 2.2% for the first quarter but that number has been inflated by inventories so there could be some pay back in the second quarter.

Economists surveyed by CNBC/Moody’s Analytics rapid update had a consensus median tracking estimate of 2.1% for first-quarter growth.


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: patti domm, beth hall, bloomberg, getty images
Keywords: news, cnbc, companies, higher, retail, growth, consumer, gdp, think, consumers, sales, cars, expected, surprise, spending, gasoline, bounced, expects, likely


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Mueller report expected Thursday. Here’s what to watch and what’s next

Less than two days after receiving the lengthy report, Barr summarized what he said were its main conclusions in a four-page letter to congressional Judiciary Committee leaders. Barr shared two main conclusions from Mueller’s probe, both of which were celebrated by Trump. On the question obstruction, Barr quoted Mueller saying the report “does not conclude that the President committed a crime, [but] it also does not exonerate him.” “No Collusion, No Obstruction, Complete and Total EXONERATION,”


Less than two days after receiving the lengthy report, Barr summarized what he said were its main conclusions in a four-page letter to congressional Judiciary Committee leaders. Barr shared two main conclusions from Mueller’s probe, both of which were celebrated by Trump. On the question obstruction, Barr quoted Mueller saying the report “does not conclude that the President committed a crime, [but] it also does not exonerate him.” “No Collusion, No Obstruction, Complete and Total EXONERATION,”
Mueller report expected Thursday. Here’s what to watch and what’s next Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: kevin breuninger, cliff owen
Keywords: news, cnbc, companies, report, obstruction, york, trump, barr, conclusions, probe, muellers, whats, heres, information, expected, mueller, watch


Mueller report expected Thursday. Here's what to watch and what's next

Democrats and Republicans alike have clamored to see the final conclusions from the highly guarded investigation.

But like the probe itself, the process of preparing the report for its public rollout has been the subject of intense scrutiny and controversy on Capitol Hill.

Less than two days after receiving the lengthy report, Barr summarized what he said were its main conclusions in a four-page letter to congressional Judiciary Committee leaders.

Barr shared two main conclusions from Mueller’s probe, both of which were celebrated by Trump.

The special counsel did not establish conspiracy or coordination between the Trump campaign and the Kremlin, Barr wrote, quoting an excerpt from the report itself.

On the question obstruction, Barr quoted Mueller saying the report “does not conclude that the President committed a crime, [but] it also does not exonerate him.”

Mueller’s lack of a definitive stance on obstruction left the final decision to Barr and Rosenstein. They concluded: “The evidence developed during the special counsel’s investigation is not sufficient to establish that the president committed an obstruction of justice offense.”

Both sides of the political aisle were quick to respond that evening.

“No Collusion, No Obstruction, Complete and Total EXONERATION,” Trump tweeted, even though he was not exonerated by Mueller.

House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., immediately went after Barr’s credibility, saying in a statement that the attorney general “is not a neutral observer and is not in a position to make objective determinations about the report.”

Some Democrats had voiced concerns that Barr may have pre-judged the Mueller probe in light of an unsolicited memo he sent to the Justice Department last June criticizing the Mueller probe’s obstruction inquiry as “fatally misconceived.”

In addition, reports from The New York Times and Washington Post citing several members of Mueller’s team poured gasoline on the firestorm of controversy following Barr’s summary. The team members, speaking on the condition of anonymity, reportedly said that the evidence that Trump tried to obstruct the probe is stronger than Barr has publicly suggested.

Barr holds the ultimate authority on the report’s release. He gained oversight responsibilities from Rosenstein, who himself adopted those duties after former DOJ head Jeff Sessions recused himself from any investigations into Russian election meddling.

While Barr has vowed to be as transparent as possible in the handling and release of the report, he has made clear that both Congress and the public will see a version of the report that contains redactions in four areas. The attorney general said the redactions will be color-coded, so that readers can better understand why certain information was hidden.

That material includes information about intelligence sources and methods, details of ongoing investigations and other information that would “unduly infringe on the personal privacy and reputational interests of peripheral third parties.”

But the most controversial redaction category involves the DOJ’s insistence that information related to Mueller’s grand jury cannot be released under federal law. Democratic lawmakers, led by House Judiciary Chairman Jerrold Nadler of New York, have pushed back on that argument, claiming Barr could share that information with Congress if he wanted to.


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: kevin breuninger, cliff owen
Keywords: news, cnbc, companies, report, obstruction, york, trump, barr, conclusions, probe, muellers, whats, heres, information, expected, mueller, watch


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Canon shares fall on report that company plans to cut earnings guidance

Shares of Canon fell 2.5% on Wednesday on a Nikkei report that said the company is expected to downgrade its earnings guidance for 2019. Nikkei reported that Canon’s operating profit is likely to fall short of the current forecast by about $447 million as consumers opt for smartphone cameras over digital cameras. The report found that Canon’s operating profit is anticipated to fall 20% to slightly above $2.4 billion, compared with the projected $2.9 billion. The Japanese company’s sales for 2019


Shares of Canon fell 2.5% on Wednesday on a Nikkei report that said the company is expected to downgrade its earnings guidance for 2019. Nikkei reported that Canon’s operating profit is likely to fall short of the current forecast by about $447 million as consumers opt for smartphone cameras over digital cameras. The report found that Canon’s operating profit is anticipated to fall 20% to slightly above $2.4 billion, compared with the projected $2.9 billion. The Japanese company’s sales for 2019
Canon shares fall on report that company plans to cut earnings guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: matt lavietes, brian ach, getty images
Keywords: news, cnbc, companies, report, canon, plans, earnings, sales, operating, expected, nikkei, profit, company, smartphone, japanese, cut, guidance, shares, fall


Canon shares fall on report that company plans to cut earnings guidance

Shares of Canon fell 2.5% on Wednesday on a Nikkei report that said the company is expected to downgrade its earnings guidance for 2019.

Nikkei reported that Canon’s operating profit is likely to fall short of the current forecast by about $447 million as consumers opt for smartphone cameras over digital cameras.

The report found that Canon’s operating profit is anticipated to fall 20% to slightly above $2.4 billion, compared with the projected $2.9 billion. The Japanese company’s sales for 2019 are also not expected to reach the standing projection of $34.8 billion.

Canon did not immediately respond to a request for comment from CNBC.

Canon’s digital camera sales are shrinking in China in particular, Nikkei said, adding that a slowdown in chipmaking equipment orders is also expected to hurt earnings as demand for smartphone semiconductors declines.

The Japanese company will announce its first-quarter results on April 24.


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: matt lavietes, brian ach, getty images
Keywords: news, cnbc, companies, report, canon, plans, earnings, sales, operating, expected, nikkei, profit, company, smartphone, japanese, cut, guidance, shares, fall


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Lufthansa reports loss as high fuel cost, overcapacity weigh

Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe. The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier. Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due


Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe. The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier. Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due
Lufthansa reports loss as high fuel cost, overcapacity weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: ralph orlowski
Keywords: news, cnbc, companies, adjusted, weigh, million, loss, high, lufthansa, airline, reports, expected, yearonyear, capacity, cost, fuel, overcapacity, euros


Lufthansa reports loss as high fuel cost, overcapacity weigh

Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe.

The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier.

Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due to Air Berlin’s insolvency, Lufthansa said.

The airline said it expected unit revenues at constant currency to increase year-on-year in the second quarter, helped by favorable booking levels and a clear slowing of the market-wide capacity growth.

For 2019, Lufthansa said it still expected to report an adjusted operating profit margin of 6.5-8.0 percent.

Shares of the airline were indicated to open 5.5 percent lower in premarket trade on Tuesday morning at 0535 GMT.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: ralph orlowski
Keywords: news, cnbc, companies, adjusted, weigh, million, loss, high, lufthansa, airline, reports, expected, yearonyear, capacity, cost, fuel, overcapacity, euros


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Economy could be weaker than expected, and the reason is manufacturing

Total industrial production declined by 0.1% in March, after rising 0.1% in February. Natixis economist Joseph LaVorgna said the Federal Reserve’s industrial production index correlates very closely to GDP growth, and the correlation between its quarterly annualized changes and real GDP growth is around 70%. LaVorgna is forecasting 1% for first quarter GDP growth, reported April 26, but he said it could be even closer to flat. Goldman Sachs economists said they were upping their first quarter tr


Total industrial production declined by 0.1% in March, after rising 0.1% in February. Natixis economist Joseph LaVorgna said the Federal Reserve’s industrial production index correlates very closely to GDP growth, and the correlation between its quarterly annualized changes and real GDP growth is around 70%. LaVorgna is forecasting 1% for first quarter GDP growth, reported April 26, but he said it could be even closer to flat. Goldman Sachs economists said they were upping their first quarter tr
Economy could be weaker than expected, and the reason is manufacturing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: patti domm, source
Keywords: news, cnbc, companies, economist, expected, reason, weaker, economy, industrial, growth, gdp, lavorgna, economists, inventory, production, manufacturing, quarter


Economy could be weaker than expected, and the reason is manufacturing

Industrial production declined in the first three months of the year for the first time since the third quarter of 2017, and that could signal economic growth is weaker than some economists are forecasting.

Total industrial production declined by 0.1% in March, after rising 0.1% in February. For the quarter, it slipped at a 0.3% annual rate, after a gain of 4% in the fourth quarter of 2018.

Natixis economist Joseph LaVorgna said the Federal Reserve’s industrial production index correlates very closely to GDP growth, and the correlation between its quarterly annualized changes and real GDP growth is around 70%.

“It correlates to GDP pretty well, and I did notice within the data that there was a big inventory build within the fourth quarter,” said LaVorgna, the firm’s chief economist for the Americas.

“It seems if there was a time that industrial production and GDP would match up well it would be at time when there’s a relatively large inventory build,” he said. “When you unwind inventory, you would expect to see production slow.”

LaVorgna is forecasting 1% for first quarter GDP growth, reported April 26, but he said it could be even closer to flat. He added economists’ consensus forecast is 2%.

“To me the production data suggests there’s may more downside risk to Q1 than people currently believe,” he said.

Goldman Sachs economists said they were upping their first quarter tracking forecast to 1.7% because they had been expecting even weaker industrial production.

“We still expect real GDP output in the first quarter to hit 1.5%, but much of the increase will come from a temporary build-up of inventories rather than factories producing more goods,” noted Chris Rupkey, chief economist at MUFG.

LaVorgna expects 2.5% growth for the second quarter.

Wells Fargo Securities economists said earlier there could be a 0.2 percentage point hit to second-quarter growth, due to

Boeing’s decision to halt deliveries and scale back production of the 737 MAX family of aircraft.

“While the economy should perform better [in the second] quarter, relative to last, because of a strong seasonal bias for such outperformance, it remains unclear that GDP growth will be robust. Consumer spending has been modest at best, and there has been little evidence pointing to an upswing in capital spending. Consequently, we are less sanguine on the economy’s first-half economic performance compared to our peers,” LaVorgna noted.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: patti domm, source
Keywords: news, cnbc, companies, economist, expected, reason, weaker, economy, industrial, growth, gdp, lavorgna, economists, inventory, production, manufacturing, quarter


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Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p


Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p
Netflix drops on earnings report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. The company reported quarterly revenue that beat estimates but included light guidance for the following quarter.

Here are the numbers Netflix reported compared to Wall Street’s expectations:

Earnings per share: 76 cents, vs. 57 cents expected, per Refinitiv consensus estimate.

76 cents, vs. 57 cents expected, per Refinitiv consensus estimate. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate.

$4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet

1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSet

Netflix provided light guidance for the second quarter of 2019. The company estimated Q2 earnings per share of $0.55 compared to the $0.99 analysts were expecting, per Refinitiv.

Netflix said its Chief Marketing Officer Kelly Bennett will retire this year. Chief Content Officer Ted Sarandos will run both content and marketing in the interim of the search for a new CMO.

The company also addressed the entrance of new streaming players like Apple and Disney in its letter to shareholders.

“We don’t anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings,” Netflix wrote, comparing the shift from linear viewing to streaming to that from broadcast to cable in the 1980s and 1990s. “We believe there is vast demand for watching great TV and movies and Netflix only satisfies a small portion of that demand.”

Netflix reported net cash flow for the quarter of negative $380 million compared to negative $287 million during the same period last year. The company said it now expects its 2019 free cash flow deficit to be higher than the negative $3 billion previously expected, coming in at negative $3.5 billion. Netflix said the larger deficit was due to a change in corporate structure and investments in real estate and infrastructure.

The company previously said cash flow would remain consistent in 2019 compared to last year’s total of negative $3 billion. Netflix said it still expects free cash flow to improve next year and the years after. The company previously said 2019 will be its peak for cash burn, after which it expects it to fall.

Netflix addressed its recent price hikes in its letter to shareholders, saying the response in the U.S. “so far is as we expected and is tracking similarly to what we saw in Canada following our Q4’18 increase, where our gross additions were unaffected, and we see some modest short-term churn effect as members consent to the price change.”

The company announced just before its last earnings report that it would raise the price of its basic plan from $8 to $9, boost the price of its most popular HD standard plan from $11 to $13 and bump its 4K premium plan from $14 to $16. Netflix had previously raised prices three times, which seemed to have little effect on subscriber growth while boosting the stock price.

Netflix also discussed some of its top-performing content in its letter to shareholders. The documentary, “FYRE: The Greatest Party That Never Happened” was watched by over 20 million member households in its first month on the service, Netflix said. The scripted series “Umbrella Academy” has been watched by 45 million member household services in its first four weeks, according to Netflix. The company also mentioned some of its industry awards, including several Oscars for its feature film “Roma.”

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Watch: It’s the moment of truth for Netflix as the final countdown to earnings is on


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


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Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p


Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSetNetflix p
Netflix drops on earnings report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


Netflix drops on earnings report

Netflix fell about 1% after reporting its first quarter 2019 earnings after the bell on Tuesday. The company reported quarterly revenue that beat estimates but included light guidance for the following quarter.

Here are the numbers Netflix reported compared to Wall Street’s expectations:

Earnings per share: 76 cents, vs. 57 cents expected, per Refinitiv consensus estimate.

76 cents, vs. 57 cents expected, per Refinitiv consensus estimate. Revenue: $4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate.

$4.52 billion, vs. $4.50 billion expected, per Refinitiv consensus estimate. Domestic paid subscriber additions: 1.74 million, vs. 1.61 million, forecast by FactSet

1.74 million, vs. 1.61 million, forecast by FactSet International paid subscriber additions: 7.86 million, vs. 7.31 million, forecast by FactSet

Netflix provided light guidance for the second quarter of 2019. The company estimated Q2 earnings per share of $0.55 compared to the $0.99 analysts were expecting, per Refinitiv.

Netflix said its Chief Marketing Officer Kelly Bennett will retire this year. Chief Content Officer Ted Sarandos will run both content and marketing in the interim of the search for a new CMO.

The company also addressed the entrance of new streaming players like Apple and Disney in its letter to shareholders.

“We don’t anticipate that these new entrants will materially affect our growth because the transition from linear to on demand entertainment is so massive and because of the differing nature of our content offerings,” Netflix wrote, comparing the shift from linear viewing to streaming to that from broadcast to cable in the 1980s and 1990s. “We believe there is vast demand for watching great TV and movies and Netflix only satisfies a small portion of that demand.”

Netflix reported net cash flow for the quarter of negative $380 million compared to negative $287 million during the same period last year. The company said it now expects its 2019 free cash flow deficit to be higher than the negative $3 billion previously expected, coming in at negative $3.5 billion. Netflix said the larger deficit was due to a change in corporate structure and investments in real estate and infrastructure.

The company previously said cash flow would remain consistent in 2019 compared to last year’s total of negative $3 billion. Netflix said it still expects free cash flow to improve next year and the years after. The company previously said 2019 will be its peak for cash burn, after which it expects it to fall.

Netflix addressed its recent price hikes in its letter to shareholders, saying the response in the U.S. “so far is as we expected and is tracking similarly to what we saw in Canada following our Q4’18 increase, where our gross additions were unaffected, and we see some modest short-term churn effect as members consent to the price change.”

The company announced just before its last earnings report that it would raise the price of its basic plan from $8 to $9, boost the price of its most popular HD standard plan from $11 to $13 and bump its 4K premium plan from $14 to $16. Netflix had previously raised prices three times, which seemed to have little effect on subscriber growth while boosting the stock price.

Netflix also discussed some of its top-performing content in its letter to shareholders. The documentary, “FYRE: The Greatest Party That Never Happened” was watched by over 20 million member households in its first month on the service, Netflix said. The scripted series “Umbrella Academy” has been watched by 45 million member household services in its first four weeks, according to Netflix. The company also mentioned some of its industry awards, including several Oscars for its feature film “Roma.”

Subscribe to CNBC on YouTube.

Watch: It’s the moment of truth for Netflix as the final countdown to earnings is on


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, expected, negative, 2019, million, netflix, refinitiv, vs, billion, company, drops, earnings, cash, report


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Waste Management to buy Advanced Disposal for about $3 billion in cash

Waste Management said on Monday it would buy smaller rival Advanced Disposal Services for about $3 billion, as the top waste management services provider looks to expand its footprint in the eastern United States. The offer of $33.15 represents a premium of about 22 percent to Advanced Disposal’s closing price of $27.14 on Friday and would be Waste Management’s biggest acquisition in more than nine years. Houston-based Waste Management provides waste management environmental services, and owned


Waste Management said on Monday it would buy smaller rival Advanced Disposal Services for about $3 billion, as the top waste management services provider looks to expand its footprint in the eastern United States. The offer of $33.15 represents a premium of about 22 percent to Advanced Disposal’s closing price of $27.14 on Friday and would be Waste Management’s biggest acquisition in more than nine years. Houston-based Waste Management provides waste management environmental services, and owned
Waste Management to buy Advanced Disposal for about $3 billion in cash Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: saul loeb, afp, getty images
Keywords: news, cnbc, companies, provides, waste, buy, expected, solid, management, disposal, advanced, united, billion, services, landfills, states, cash


Waste Management to buy Advanced Disposal for about $3 billion in cash

Waste Management said on Monday it would buy smaller rival Advanced Disposal Services for about $3 billion, as the top waste management services provider looks to expand its footprint in the eastern United States.

The offer of $33.15 represents a premium of about 22 percent to Advanced Disposal’s closing price of $27.14 on Friday and would be Waste Management’s biggest acquisition in more than nine years.

The acquisition is expected to generate more than $100 million in savings and capital expenditures annually after close, which is expected by the first quarter of 2020.

Houston-based Waste Management provides waste management environmental services, and owned or operated 247 solid waste landfills and five secure hazardous waste landfills as of December 2018.

Advanced Disposal, based in Ponte Vedra, Florida, is the fourth-largest solid waste company in the United States and provides non-hazardous solid waste collection, transfer, recycling and disposal services in 16 states and the Bahamas.

Advanced Disposal had a net debt of about $1.9 billion, Waste Management said.

The Wall Street Journal was the first to report that the companies were in deal talks.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: saul loeb, afp, getty images
Keywords: news, cnbc, companies, provides, waste, buy, expected, solid, management, disposal, advanced, united, billion, services, landfills, states, cash


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Mueller report expected to be released Thursday morning

A redacted version of the report by special counsel Robert Mueller is expected to be released to Congress and to the public by the Justice Department a day before the Easter holiday weekend, a department official said Monday. The Justice Department has had Mueller’s full report since the special counsel submitted it on March 22. Those areas include information related to the grand jury used by the special counsel during his probe, and information related to ongoing investigations. But the specia


A redacted version of the report by special counsel Robert Mueller is expected to be released to Congress and to the public by the Justice Department a day before the Easter holiday weekend, a department official said Monday. The Justice Department has had Mueller’s full report since the special counsel submitted it on March 22. Those areas include information related to the grand jury used by the special counsel during his probe, and information related to ongoing investigations. But the specia
Mueller report expected to be released Thursday morning Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: dan mangan, kevin breuninger, alex wong, getty images
Keywords: news, cnbc, companies, expected, report, morning, special, justice, counsel, mueller, muellers, evidence, trump, department, released


Mueller report expected to be released Thursday morning

A redacted version of the report by special counsel Robert Mueller is expected to be released to Congress and to the public by the Justice Department a day before the Easter holiday weekend, a department official said Monday.

But the release of anything less than the full report will not placate congressional Democrats, who want to see all of it.

The report, totaling more than 300 pages, details Mueller’s investigation of Russian interference in the 2016 presidential election, and the question of whether President Donald Trump’s campaign colluded with Russian agents in that meddling.

The Justice Department has had Mueller’s full report since the special counsel submitted it on March 22.

Attorney General William Barr, in a four-page summary of the report’s main conclusions, has said that the special counsel found no evidence that Trump’s campaign colluded with Russians.

Barr also has said that based on the report, he and Deputy Attorney General Rod Rosenstein concluded that the evidence collected by Mueller’s team “is not sufficient to establish that” Trump committed obstruction of justice. Mueller himself “did not draw a conclusion — one way or the other — as to whether the examined conduct [by Trump] constituted obstruction.”

Barr last Wednesday told a Senate Appropriations subcommittee that the report would be released this week.

But he spelled out four categories of redactions he planned to make before releasing the report to Congress and the public.

Those areas include information related to the grand jury used by the special counsel during his probe, and information related to ongoing investigations.

Congressional Democrats, led by House Judiciary Committee Chairman Jerry Nadler, D-N.Y., have argued that they are entitled to view the entire report without redactions and have demanded that Barr provide it to them. The Judiciary Committee two weeks ago voted to authorize a subpoena for the unredacted report. That subpoena has not been issued, as yet.

Democrats have increasingly criticized Barr’s handling of the report — particularly his determination after just two days of having the voluminous document that there was insufficient evidence to conclude that there was not enough evidence to conclude that Trump obstructed justice.

They have also voiced their concerns about Barr’s views in light of an unsolicited memo he sent to the Justice Department last June criticizing the Mueller probe.

Trump has repeatedly railed against Mueller’s investigation, calling it a “witch hunt,” even after claiming that the report totally exonerated him.

But the special counsel specifically said in the report, according to Barr’s summary, that “while the report does not conclude that the President committed a crime, it also does not exonerate him.”

And several members of Mueller’s team, speaking on the condition of anonymity, reportedly have said that the evidence that Trump tried to obstruct the probe is stronger than Barr has publicly suggested.

Trump vented on Twitter about Mueller’s investigation about a half-hour after the made its Justice Department announcement that the report would be released Thursday morning.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: dan mangan, kevin breuninger, alex wong, getty images
Keywords: news, cnbc, companies, expected, report, morning, special, justice, counsel, mueller, muellers, evidence, trump, department, released


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