The US and China made ‘substantial progress’ at trade talks, Chinese vice premier says

“Stopping the escalation of the trade war benefits China, the U.S and the whole world. It’s what producers and consumers alike are hoping for,” Liu said in a rare public speech about the trade war. China and the United States reached a limited deal last week toward ending the trade war that has roiled global markets and hammered world growth. China’s third-quarter economic growth slowed to an annual 6.0%, its weakest pace in almost three decades as the bruising trade war hit factory production a


“Stopping the escalation of the trade war benefits China, the U.S and the whole world.
It’s what producers and consumers alike are hoping for,” Liu said in a rare public speech about the trade war.
China and the United States reached a limited deal last week toward ending the trade war that has roiled global markets and hammered world growth.
China’s third-quarter economic growth slowed to an annual 6.0%, its weakest pace in almost three decades as the bruising trade war hit factory production a
The US and China made ‘substantial progress’ at trade talks, Chinese vice premier says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-19
Keywords: news, cnbc, companies, core, vice, premier, trade, progress, liu, substantial, economic, china, growth, week, sides, chinese, talks, world, war


The US and China made 'substantial progress' at trade talks, Chinese vice premier says

President Donald Trump, right, shakes hands with Liu He, China’s vice premier, during a meeting in the Oval Office of the White House in Washington, D.C., on Friday, Oct. 11, 2019.

Chinese Vice Premier Liu He said on Saturday that will work with the to address each other’s core concerns on the basis of equality and mutual respect, and that stopping the trade war would be good for both sides and the world.

“The two sides have made substantial progress in many fields, laying an important foundation for the signing of a phased agreement,” Liu, also the chief negotiator in the trade talks, told a virtual reality conference in Nanchang, the capital of southeastern Jiangxi province.

“Stopping the escalation of the trade war benefits China, the U.S and the whole world. It’s what producers and consumers alike are hoping for,” Liu said in a rare public speech about the trade war.

China and the United States reached a limited deal last week toward ending the trade war that has roiled global markets and hammered world growth. Both sides are working toward a written agreement.

China’s third-quarter economic growth slowed to an annual 6.0%, its weakest pace in almost three decades as the bruising trade war hit factory production and investment sentiment.

Liu said on Saturday that China will step up investment in core technologies to accelerate economic restructuring, adding economic prospects remain “very bright.”

“We’re not worried about short-term economic volatility. We have every confidence in our ability to meet macroeconomic targets for the year,” he said.

Liu said improved relations between China and the United States benefited the world.

“Growth in Sino-U.S. economic and trade cooperation is connected to peace, stability and prosperity of the whole world,” he said.

“China and the U.S. can meet each other half way, based on equality and mutual respect, addressing each other’s core concerns, striving to create a good environment and achieving both sides’ common goals.”

The International Monetary Fund estimated that a tentative trade deal reached by Washington and Beijing last week could reduce the harm done by tit-for-tat tariffs imposed by both countries over the past 15 months.

Instead of dragging global growth down by 0.8%, the impact might be limited to 0.6%, Managing Director Kristalina Georgieva said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-10-19
Keywords: news, cnbc, companies, core, vice, premier, trade, progress, liu, substantial, economic, china, growth, week, sides, chinese, talks, world, war


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Coca-Cola says strong sales of Coke Zero Sugar continue to drive revenue growth

Sealed cans of Coke Zero Sugar soft drink move along a conveyor at a Coca-Cola Co. factory in Dongen, Netherlands. Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans. Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks. Coke Zero Sugar once again saw double-digit volume growth, as did 7.5-ounce mini cans of soda. It now expects


Sealed cans of Coke Zero Sugar soft drink move along a conveyor at a Coca-Cola Co. factory in Dongen, Netherlands.
Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans.
Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks.
Coke Zero Sugar once again saw double-digit volume growth, as did 7.5-ounce mini cans of soda.
It now expects
Coca-Cola says strong sales of Coke Zero Sugar continue to drive revenue growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: amelia lucas
Keywords: news, cnbc, companies, growth, revenue, coke, billion, drink, company, cents, share, strong, sugar, zero, sales, organic, cocacola, continue, drive


Coca-Cola says strong sales of Coke Zero Sugar continue to drive revenue growth

Sealed cans of Coke Zero Sugar soft drink move along a conveyor at a Coca-Cola Co. factory in Dongen, Netherlands.

Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans.

Shares of the company rose less than 1% in premarket trading.

“Our performance gives us confidence that our strategies are taking hold with our consumers, customers and system,” CEO James Quincey said in a statement.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: 56 cents, adjusted, vs. 56 cents expected

Revenue: $9.5 billion vs. $9.4 billion expected

Coke reported fiscal third-quarter net income of $2.6 billion, or 60 cents per share, up from $1.8 billion, or 44 cents per share, a year earlier.

Excluding impairment charges, gains from the sale of a New York building, and other items, the beverage giant earned 56 cents per share, in line with the 56 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 8% to $9.5 billion, topping expectations of $9.4 billion. Organic revenue grew by 5%, helped by higher prices and customers buying more expensive drinks.

As soda consumption declines in the U.S., Coke has been driving sales by focusing on drinks with less sugar and smaller packaging. Coke Zero Sugar once again saw double-digit volume growth, as did 7.5-ounce mini cans of soda. Minute Maid and juice brand Simply also saw strong performance in the company’s home market. North American organic revenue grew by 3% during the quarter.

Outside of the U.S., Coke has been leveraging recognition of its namesake brand to expand its drink portfolio. It has launched its Coca-Cola Plus Coffee drink in more than 20 markets. The company is also introducing its first energy drink under the Coca-Cola brand. Coke Energy is available in at least 25 countries and will be making its U.S. debut in January with additional zero calorie options.

Coke once again updated its 2019 outlook for organic revenue. It now expects at least 5% growth after telling investors last quarter to expect organic revenue growth of 5%.

The company also released a partial forecast for fiscal 2020. It is expecting a 1% to 2% currency headwind next year to impact its comparable revenue and a 2% to 3% currency headwind to hit its operating income.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: amelia lucas
Keywords: news, cnbc, companies, growth, revenue, coke, billion, drink, company, cents, share, strong, sugar, zero, sales, organic, cocacola, continue, drive


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Escalation in US-China trade conflict poses structural risks to the global economy, Russia’s central bank chief warns

The longer the trade dispute between the U.S. and China continues, the bigger chances of this turning into a structural problem for the global economy, according to the Governor of the Central Bank of Russia, Elvira Nabiullina. Speaking to CNBC at the IMF Annual Meeting in Washington D.C., Nabiullina said that if the trade war could be resolved “constructively and fast,” markets could treat the slowdown as cyclical, but any escalation posed a greater long-term risk to the global economy. “In thi


The longer the trade dispute between the U.S. and China continues, the bigger chances of this turning into a structural problem for the global economy, according to the Governor of the Central Bank of Russia, Elvira Nabiullina.
Speaking to CNBC at the IMF Annual Meeting in Washington D.C., Nabiullina said that if the trade war could be resolved “constructively and fast,” markets could treat the slowdown as cyclical, but any escalation posed a greater long-term risk to the global economy.
“In thi
Escalation in US-China trade conflict poses structural risks to the global economy, Russia’s central bank chief warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: elliot smith
Keywords: news, cnbc, companies, risk, growth, escalation, russia, global, policy, uschina, risks, russias, warns, bank, poses, russian, structural, trade, economy


Escalation in US-China trade conflict poses structural risks to the global economy, Russia's central bank chief warns

The longer the trade dispute between the U.S. and China continues, the bigger chances of this turning into a structural problem for the global economy, according to the Governor of the Central Bank of Russia, Elvira Nabiullina.

Speaking to CNBC at the IMF Annual Meeting in Washington D.C., Nabiullina said that if the trade war could be resolved “constructively and fast,” markets could treat the slowdown as cyclical, but any escalation posed a greater long-term risk to the global economy.

“In this case, monetary policy can do little to address structural weaknesses in the global economy,” she told CNBC’s Geoff Cutmore, adding that aggressive monetary policy evening could “aggravate financial risk stability issues, especially in emerging markets.”

The World Bank on Wednesday lowered its Russian economic growth forecast for 2019 from 1.2% to 1%, a fourth downward revision for the country’s economic outlook this year.

The Central Bank of Russia lowered its GDP (gross domestic product) growth outlook to 0.8-1.3% last month, and Nabiullina said that while global factors were weighing on the Russian economy, the domestic picture was beginning to look more positive.

“The growth in our main trade partners, China and the EU, is slowing down, so Russian export has slowed down as well, and it’s one of the main external factors that caused deceleration of the Russian economy in the first half of this year,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: elliot smith
Keywords: news, cnbc, companies, risk, growth, escalation, russia, global, policy, uschina, risks, russias, warns, bank, poses, russian, structural, trade, economy


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Bank of America upgrades Chipotle, citing declining avocado prices

Sales momentum and a decrease in avocado prices should support bottom-line growth for Chipotle, according to Bank of America Merrill Lynch.


Sales momentum and a decrease in avocado prices should support bottom-line growth for Chipotle, according to Bank of America Merrill Lynch.
Bank of America upgrades Chipotle, citing declining avocado prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: pippa stevens
Keywords: news, cnbc, companies, america, sales, declining, growth, citing, upgrades, merrill, momentum, prices, decrease, lynch, bank, avocado, bottomline, chipotle, support


Bank of America upgrades Chipotle, citing declining avocado prices

Sales momentum and a decrease in avocado prices should support bottom-line growth for Chipotle, according to Bank of America Merrill Lynch.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: pippa stevens
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Bank of America upgrades Chipotle, citing declining avocado prices

Sales momentum and a decrease in avocado prices should support bottom-line growth for Chipotle, according to Bank of America Merrill Lynch.


Sales momentum and a decrease in avocado prices should support bottom-line growth for Chipotle, according to Bank of America Merrill Lynch.
Bank of America upgrades Chipotle, citing declining avocado prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: pippa stevens
Keywords: news, cnbc, companies, america, sales, declining, growth, citing, upgrades, merrill, momentum, prices, decrease, lynch, bank, avocado, bottomline, chipotle, support


Bank of America upgrades Chipotle, citing declining avocado prices

Sales momentum and a decrease in avocado prices should support bottom-line growth for Chipotle, according to Bank of America Merrill Lynch.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: pippa stevens
Keywords: news, cnbc, companies, america, sales, declining, growth, citing, upgrades, merrill, momentum, prices, decrease, lynch, bank, avocado, bottomline, chipotle, support


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Clarida reiterates that the Fed is not locked into a set interest rate path

Federal Reserve policymakers don’t have their minds made up about where interest rate policy is headed and will weigh conditions as they unfold, central bank Vice Chairman Richard Clarida said Friday. The policymaking Federal Open Market Committee has approved two reductions this year, bringing its benchmark overnight lending rate to a target range of 1.75% to 2%. Following July’s rate cut, Fed Chair Jerome Powell characterized the move as a “midcycle adjustment.” Clarida noted that while the Fe


Federal Reserve policymakers don’t have their minds made up about where interest rate policy is headed and will weigh conditions as they unfold, central bank Vice Chairman Richard Clarida said Friday.
The policymaking Federal Open Market Committee has approved two reductions this year, bringing its benchmark overnight lending rate to a target range of 1.75% to 2%.
Following July’s rate cut, Fed Chair Jerome Powell characterized the move as a “midcycle adjustment.”
Clarida noted that while the Fe
Clarida reiterates that the Fed is not locked into a set interest rate path Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: jeff cox
Keywords: news, cnbc, companies, set, economy, outlook, policy, path, risks, locked, interest, committee, markets, clarida, reiterates, fed, market, growth, rate


Clarida reiterates that the Fed is not locked into a set interest rate path

Federal Reserve policymakers don’t have their minds made up about where interest rate policy is headed and will weigh conditions as they unfold, central bank Vice Chairman Richard Clarida said Friday.

With the Fed less than two weeks away from a meeting at which markets expect another rate cut, Clarida said decisions will be made based on risks to an economy he said is on solid ground.

“Looking ahead, monetary policy is not on a preset course, and the Committee will proceed on a meeting-by-meeting basis to assess the economic outlook as well as the risks to the outlook, and it will act as appropriate to sustain growth, a strong labor market, and a return of inflation to our symmetric 2 percent objective,” he said in prepared remarks for a speech in Boston.

The policymaking Federal Open Market Committee has approved two reductions this year, bringing its benchmark overnight lending rate to a target range of 1.75% to 2%. Market pricing indicates an 89% chance of another move at the Oct. 29-30 FOMC meeting.

However, Fed officials have been trying to dissuade markets from assuming the committee is intent on longer-run pattern of policy easing.

Following July’s rate cut, Fed Chair Jerome Powell characterized the move as a “midcycle adjustment.” Minutes from the September reduction indicated that some members felt the market was anticipating a “greater provision of accommodation” than the committee intends.

Clarida noted that while the Fed is intent on keeping growth going, he views current conditions as being positive.

“The U.S. economy is in a good place, and the baseline outlook is favorable,” he said, while noting that the U.S. “economy confronts some evident risks in this the 11th year of economic expansion” such as a slowdown in business investment, exports and manufacturing.

“Global growth estimates continue to be marked down, and global disinflationary pressures cloud the outlook for U.S. inflation,” he added.

Committee members at the September meeting indicated they see no additional rate cuts this year or in 2020, to be followed by a rate hike in each of the next two years. Markets strongly disagree, with current pricing indicating a long-run funds rate around 1.24%, or half the FOMC’s projection of 2.5%.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: jeff cox
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China says its economy grew 6% in the third quarter, slower than expected

In the second quarter of 2019, China’s statistics bureau said the economy grew 6.2% from a year ago, as the country’s trade war with the U.S. took its toll. China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — the lowest in at least 27-1/2 years, according to Reuters records. China’s growth is likely to continue to slow in the next two quarters, said Bo Zhuang, chief China economist at TS Lombard. Recent data out of China has not been upbeat and anal


In the second quarter of 2019, China’s statistics bureau said the economy grew 6.2% from a year ago, as the country’s trade war with the U.S. took its toll.
China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — the lowest in at least 27-1/2 years, according to Reuters records.
China’s growth is likely to continue to slow in the next two quarters, said Bo Zhuang, chief China economist at TS Lombard.
Recent data out of China has not been upbeat and anal
China says its economy grew 6% in the third quarter, slower than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: huileng tan
Keywords: news, cnbc, companies, chinese, expected, gdp, slower, economy, china, countrys, growth, grew, quarter, zhuang, economic, trade


China says its economy grew 6% in the third quarter, slower than expected

A Chinese flag is seen in front of containers at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.

“There is no doubt that the downturn is serious,” Varathan added in a note on Monday sent before the data.

China’s GDP has fallen sharply since the first quarter of 2018 when it grew 6.8% due to credit tightening and the country’s trade dispute with the U.S., said Vishnu Varathan, head of economics and strategy for the Asia and Oceania Treasury Department at Mizuho Bank.

In the second quarter of 2019, China’s statistics bureau said the economy grew 6.2% from a year ago, as the country’s trade war with the U.S. took its toll.

China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — the lowest in at least 27-1/2 years, according to Reuters records.

Economists are pessimistic about the immediate outlook for China even though there were some bright spots in the September data points released on Friday, with retail sales up 7.8% from a year ago and industrial output rising 5.8% in the same period. Fixed asset investment rose 5.4% from January to September.

“Despite a stronger September, pressure on economic activity should intensify in the coming months,” said Julian Evans-Pritchard, senior China economist at Capital Economics.

“Cooling global demand will continue to weigh on exports, fiscal constraints mean that infrastructure spending will wane in the near-term and the recent boom in property construction looks set to unwind,” added in a note.

China’s growth is likely to continue to slow in the next two quarters, said Bo Zhuang, chief China economist at TS Lombard.

That comes as real output growth in services has slowed aggressively in the last few months, Zhuang told CNBC’s “Street Signs.”

Zhuang expects China’s growth to slow to 5.8% in the fourth-quarter of the year, with the country’s full-year growth target to be 6.1%.

“Given the trade talks and the conflict with the U.S., Chinese authorities are accepting lower growth rate,” said Zhuang.

Although Beijing’s official GDP figures are tracked as an indicator of the health of the world’s second-largest economy, many outside experts have long expressed skepticism about the veracity of China’s reports.

Recent data out of China has not been upbeat and analysts, including Evans-Pritchard and Zhuang, expect economic stimulus measures to be rolled out soon.

China’s import and export data for September came in worse than expected amid the country’s trade friction with the U.S.

The two economic giants have been embroiled in a trade dispute for more than a year, with each country applying tariffs on billions of dollars worth of goods from the other.

The latest round of trade talks between the world’s two largest economies ended late last week in Washington, D.C. After the meeting, the U.S. said it would suspend a tariff increase on Chinese goods that were supposed to take effect on Tuesday this week.

U.S. President Donald Trump said China agreed to a “very substantial phase one deal” that will be written over the next three weeks. Trump also said the deal would address intellectual property and financial services concerns, as well as Chinese purchases of about $40 billion to $50 billion U.S. agricultural products.

CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: huileng tan
Keywords: news, cnbc, companies, chinese, expected, gdp, slower, economy, china, countrys, growth, grew, quarter, zhuang, economic, trade


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Asia Pacific markets mostly tumble as China’s growth weakens more than expected

Asia Pacific markets mostly declined on Friday by the close, as China released worse-than-expected gross domestic product figures, impacted by Beijing’s protracted trade conflict with the U.S.Mainland Chinese markets tumbled after the release of the data. China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%. “Unchecked, the US-China trade conflict is set to sink growth well below 6%. Beijing’s protracted trad


Asia Pacific markets mostly declined on Friday by the close, as China released worse-than-expected gross domestic product figures, impacted by Beijing’s protracted trade conflict with the U.S.Mainland Chinese markets tumbled after the release of the data.
China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%.
“Unchecked, the US-China trade conflict is set to sink growth well below 6%.
Beijing’s protracted trad
Asia Pacific markets mostly tumble as China’s growth weakens more than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: weizhen tan
Keywords: news, cnbc, companies, trade, fell, protracted, expected, chinas, asia, note, tumbled, wrote, weakens, shenzhen, set, pacific, markets, tumble, released, growth


Asia Pacific markets mostly tumble as China's growth weakens more than expected

Asia Pacific markets mostly declined on Friday by the close, as China released worse-than-expected gross domestic product figures, impacted by Beijing’s protracted trade conflict with the U.S.

Mainland Chinese markets tumbled after the release of the data. The Shanghai composite fell 1.32% to close at 2,938.14, while the Shenzhen composite was down 1.17% to 1,616.72, and the Shenzhen component declined 1.16% to 9,533.50.

China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%.

“Unchecked, the US-China trade conflict is set to sink growth well below 6%. Especially given that structurally, growth is set to moderate to 5% in the next 5-10 years,” Mizuho Bank’s Vishnu Varathan, head of economics and strategy, wrote in a note sent before the data was out.

The country may now have to escalate stimulus in the next one to two quarters if it wants to set a growth target of between 5.5% and 6% for next year, Macquarie analysts wrote in a note on Friday afternoon.

Beijing’s protracted trade dispute with the U.S. has weighed on its economy, with growth slowing to 6.2% in the last quarter — its slowest pace in 27 years. China had emphasized Thursday that the U.S. must remove tariffs in order for the two countries to reach a final agreement on trade.

Over in Hong Kong, the Hang Seng index fell 0.72% in the afternoon. Property developers in Hong Kong pared some gains they made the day before. Shares of New World Development dropped 1.07%, Henderson Land fell 1.68% and CK Asset tumbled 0.46%.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: weizhen tan
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One analyst did not like what he saw out of Netflix earnings

“We think it will be hard for Netflix to grow much more in the US, and we suspect pricing power is limited. Netflix’ third-quarter earnings handily beat Wall Street’s expectations, with revenue coming in nearly on track as well. “In some ways Netflix has defied the naysayers in Q3, coming close enough to guidance and delivering impressive revenue and earnings growth. Netflix stock rose 1.6% in trading from its previous close of $286.28 a share. Macquarie also lowered its price target on Netflix


“We think it will be hard for Netflix to grow much more in the US, and we suspect pricing power is limited.
Netflix’ third-quarter earnings handily beat Wall Street’s expectations, with revenue coming in nearly on track as well.
“In some ways Netflix has defied the naysayers in Q3, coming close enough to guidance and delivering impressive revenue and earnings growth.
Netflix stock rose 1.6% in trading from its previous close of $286.28 a share.
Macquarie also lowered its price target on Netflix
One analyst did not like what he saw out of Netflix earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: michael sheetz
Keywords: news, cnbc, companies, services, results, growth, thirdquarter, analyst, earnings, macquarie, revenue, share, saw, stock, netflix, think


One analyst did not like what he saw out of Netflix earnings

Despite the big surge in the stock, Macquarie Research downgraded its rating of Netflix to neutral from outperform on Thursday, saying the streaming service’s latest quarterly results were “comforting, but competition is coming.”

“We think it will be hard for Netflix to grow much more in the US, and we suspect pricing power is limited. Content costs continue to rise and marketing demands will remain high, and the turn to positive [free cash flow] will take many years, while another debt raise is forthcoming,” Macquarie analysts Tim Nollen and Jordan Boretz wrote in a note to investors.

Before reporting third-quarter results on Wednesday, shares of Netflix were down 25% from its all-time high as fears mount about the launch of rival services from the likes of Disney and Apple. Netflix’ third-quarter earnings handily beat Wall Street’s expectations, with revenue coming in nearly on track as well. But Neflix delivered much lower U.S. subscriber growth than anticipated, even as international subscribers growth remained strong.

“In some ways Netflix has defied the naysayers in Q3, coming close enough to guidance and delivering impressive revenue and earnings growth. We still think its opportunity is excellent, especially internationally where sub adds should continue to step up. But it’s hard to deny the US is maturing,” Macquarie said.

Netflix stock rose 1.6% in trading from its previous close of $286.28 a share. Macquarie also lowered its price target on Netflix to $325 a share from $375 a share.

– CNBC’s Michael Bloom contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: michael sheetz
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German government cuts 2020 growth forecast but sees no crisis

Visitors ride bicycles past the Reichstag, seat of the German parliament, the Bundestag, on July 13, 2015 in Berlin, Germany. The German government has lowered its 2020 forecast for economic growth to 1.0% from 1.5% previously, the Economy Ministry said on Thursday, but added that Europe’s largest economy was not facing a crisis. Berlin still sees this year’s gross domestic product (GDP) growth rate at 0.5%, the ministry said, confirming news of the revised projections reported by Reuters on Tue


Visitors ride bicycles past the Reichstag, seat of the German parliament, the Bundestag, on July 13, 2015 in Berlin, Germany.
The German government has lowered its 2020 forecast for economic growth to 1.0% from 1.5% previously, the Economy Ministry said on Thursday, but added that Europe’s largest economy was not facing a crisis.
Berlin still sees this year’s gross domestic product (GDP) growth rate at 0.5%, the ministry said, confirming news of the revised projections reported by Reuters on Tue
German government cuts 2020 growth forecast but sees no crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17
Keywords: news, cnbc, companies, ministry, cuts, 2020, trade, domestic, altmaier, growth, crisis, german, sees, forecast, economy, currently, economic, developments


German government cuts 2020 growth forecast but sees no crisis

Visitors ride bicycles past the Reichstag, seat of the German parliament, the Bundestag, on July 13, 2015 in Berlin, Germany.

The German government has lowered its 2020 forecast for economic growth to 1.0% from 1.5% previously, the Economy Ministry said on Thursday, but added that Europe’s largest economy was not facing a crisis.

Berlin still sees this year’s gross domestic product (GDP) growth rate at 0.5%, the ministry said, confirming news of the revised projections reported by Reuters on Tuesday.

“Economic developments in Germany are currently divided,” Economy Minister Peter Altmaier said in a statement. “But even if the outlook is currently subdued, there is no threat of an economic crisis.”

Export-orientated industries were under pressure due to trade conflicts, Brexit and related uncertainty, Altmaier said, but the domestic economy remained in good shape.

Looking ahead, the ministry added: “The low point in developments in international trade should soon be reached.”


Company: cnbc, Activity: cnbc, Date: 2019-10-17
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