Stocks making the biggest moves midday: Cisco Systems, Walmart, Farfetch & more

Check out the companies making headlines midday Thursday:Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Same-store sales grew 3.4%, topping the expected increas


Check out the companies making headlines midday Thursday:Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Same-store sales grew 3.4%, topping the expected increas
Stocks making the biggest moves midday: Cisco Systems, Walmart, Farfetch & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: fred imbert
Keywords: news, cnbc, companies, increase, biggest, revenue, expected, stocks, moves, company, walmart, share, earnings, farfetch, cents, making, rose, stock, systems, shares, cisco, midday


Stocks making the biggest moves midday: Cisco Systems, Walmart, Farfetch & more

Online fashion house Farfetch’s CEO Jose Neves and members of the company’s leadership team ring the opening bell to celebrate their IPO at the New York Stock Exchange in New York, September 21, 2018.

Check out the companies making headlines midday Thursday:

Citigroup, J.P. Morgan Chase, Bank of America — Bank shares rose as Treasury yields got a boost from better-than-expected economic data. Housing starts rose more than forecast while weekly jobless claims fell more than expected. The data sent the benchmark 10-year Treasury yield up to 2.41%. Citigroup, J.P. Morgan and Bank of America all rose more than 1%.

Cisco Systems — Cisco surged 6.7% following the release of its better-than-expected third-quarter earnings and upbeat revenue guidance. Cisco reported earnings per share of 78 cents, slightly higher than the estimated Refinitiv estimate of 77 cents. Revenue came in at $12.96 billion, topping expectations of $12.89 billion. For the fourth quarter, the technology company estimates revenue will increase between 4.5% and 6.5%. Analysts estimated an increase of 3.5%.

Walmart — Walmart climbed 1.4% after reporting earnings that beat analyst expectations. The world’s biggest retailer posted earnings per share of $1.13 on revenue of $123.93 billion. Analysts expected a profit of $1.02 per share, according to Refinitiv. Same-store sales grew 3.4%, topping the expected increase of 3.3%.

Farfetch — Shares of luxury online retailer Farfetch tanked as much as 16% and closed down 10.6% after the company reported disappointing quarterly results. Farfetch posted a loss of 22 cents a share on revenue of $174.1 million. Wall Street estimated a loss of 16 cents on revenue of $171.1 million, according to Refinitiv.

KB Home — Shares of KB Home rose 2.2% after RBC Capital Markets upgraded its stock to outperform from sector perform and raised its price target for the stock. RBC cited improvements in the home builder’s pricing dynamics for the upgrade.

Liberty Media Formula One — The parent company of Formula One racing rose 2% after an analyst at B. Riley FBR upgraded it to buy from neutral. The analyst cited a potential “further inflection as it begins to harvest the benefits of two-plus years of foundation building and fostering better alignment with the 10 F1 teams.”

Pfizer— Pfizer stock rose more than 2% after Credit Suisse named it as a “top pick,” citing an increase in confidence with management and in the pharmaceutical company’s new products over the next few months.

Dillard’s — Shares of Dillard’s plummeted more than 10% after the company reported flat comparable sales, while analysts had expected a 1.3% increase. The weak same-store sales overshadowed quarterly revenues that matched expectations and a profit that beat estimates.

—CNBC’s Nadine El-Bawab and Maggie Fitzgerald contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: fred imbert
Keywords: news, cnbc, companies, increase, biggest, revenue, expected, stocks, moves, company, walmart, share, earnings, farfetch, cents, making, rose, stock, systems, shares, cisco, midday


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Risks are rising for an oil price spike as tensions between the U.S. and Iran increase

If not for the trade war, both oil and gasoline prices could be much higher than they are now on rising tensions between the U.S. and Iran. “I think the real risk is Iran misreads [President Donald] Trump and Trump misreads Iran. The Houthi, operating from Yemen, have previously attempted attacks on Saudi oil infrastructure. “The two big reasons are the trade war, and its potential effect on economic activity and the huge growth in U.S. Saudi Arabia and OPEC, have been attempting to keep the oil


If not for the trade war, both oil and gasoline prices could be much higher than they are now on rising tensions between the U.S. and Iran. “I think the real risk is Iran misreads [President Donald] Trump and Trump misreads Iran. The Houthi, operating from Yemen, have previously attempted attacks on Saudi oil infrastructure. “The two big reasons are the trade war, and its potential effect on economic activity and the huge growth in U.S. Saudi Arabia and OPEC, have been attempting to keep the oil
Risks are rising for an oil price spike as tensions between the U.S. and Iran increase Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: patti domm
Keywords: news, cnbc, companies, higher, market, iran, risks, saudi, oil, trump, trade, war, increase, week, tensions, rising, barrels, spike, price


Risks are rising for an oil price spike as tensions between the U.S. and Iran increase

If not for the trade war, both oil and gasoline prices could be much higher than they are now on rising tensions between the U.S. and Iran.

Analysts say oil could be more than 10% higher, but if there is a resolution of trade issues, and the situation in the Middle East intensifies, there are risks of price spikes that take oil to as high as $100 a barrel this summer.

“If you do get a trade war resolution, a better economy coupled with Iran sanctions, that’s a recipe for higher oil,” said Francisco Blanch, head of global commodities and derivatives at Bank of America Merrill Lynch. Blanch said under that scenario, one incident could trigger a spike in Brent, the international benchmark, to $100 a barrel.

“I think the real risk is Iran misreads [President Donald] Trump and Trump misreads Iran. I do think the real risks are increasing for sure,” said Blanch. His forecast is for Brent to reach $82 per barrel during the summer.

West Texas Intermediate futures are flat this week at just around $62 per barrel and down 2.2% for the month so far, even though the U.S. has sent an aircraft carrier and bombers to the Gulf due to unspecified threats, which U.S. officials say are the work of Iran.

The U.S. Wednesday ordered all non-emergency diplomatic staff to leave Iraq, after two separate attacks in the region and as the U.S. responds to other nonspecific threats. This week, two Saudi tankers were among four ships attacked off the coast of the United Arab Emirates, and Houthi rebels, who have ties to Iran, claimed responsibility for a separate drone attack on a key Saudi Arabian pipeline.

While it’s not clear Iran was involved, analysts expect more such incidents.

“Senior Iranian officials have made veiled and not-so-veiled threats to obstruct the ability of its regional rivals to export oil and exponentially raise the economic costs of remaining on the current policy course. They have also warned of ‘planned accidents’ which could lead to direct confrontation,” notes Helima Croft, global head of commodities strategy at RBC.

The Houthi, operating from Yemen, have previously attempted attacks on Saudi oil infrastructure. Saudi Arabia and Iran are engaged in a proxy war in Yemen. Iran also provides funding for Hezbollah, a Lebanon based group designated as terrorists by the U.S.

The Saudi Aramco oil pipeline was temporarily closed after the drone incident. It is a 1,200 mile oil artery the Saudis built to bypass the Straits of Hormuz during the Iran-Iraq war.

Croft said the presence of the U.S. Fifth Fleet in Bahrain would likely discourage Iran from trying to close the Straits of Hormuz, though it could could use its proxies and stage one-off attacks on ships.

“It is important to note that these are not the only flash points in the region, and while an off-ramp may yet emerge, the hawks appear in ascendancy, which leaves oil’s risk premium set to take center stage,” she noted.

Croft said while the Trump administration has not blamed Iran in the attacks this week, they are “under a very heavy cloud of suspicion and there is growing concern that the region’s long simmering cold war may be poised to become a hot one.”

John Kilduff of Again Capital, said that scenario is one side of the tug of war on oil prices.

“The battle in the oil market is the geopolitical premium versus the slowing global economy, which is the fallout from the trade war,” said John Kilduff of Again Capital “WTI would be pressing $70, and Brent would probably push on $80 to $85.” Brent futures were just under $72 per barrel.

But those prices have not moved much higher in last few weeks, even as it became clear the U.S. would play hardball with Iran and pressure its oil sales to zero. It’s been a year since the U.S. dropped out of the agreement between Iran and six nations, which prohibited Iran from working on its nuclear program in exchange for a lifting of sanctions. The U.S. is the only nation to break from the agreement.

Iran has threatened to restart elements of its nuclear program, unless the European signatories of the accord help allow it to make oil sales.

“Historically, with this kind of tension in the Gulf, there would definitely be a security premium in the price. We haven’t seen it this time—so far,” said Daniel Yergin, vice chairman of IHS Markit. “The two big reasons are the trade war, and its potential effect on economic activity and the huge growth in U.S. supply.”

Yergin said U.S. Secretary of State Mike Pompeo has made it clear when speaking to oil industry leaders that the boom in U.S. oil production has helped give the U.S. flexibility.

“This is a case study of how the growth in shale, and the change in the U.S. position affects perceptions about security,” said Yergin. In the past year, the U.S. has surged past Russia to be the world’s largest oil producer. Last week, U.S. oil production was at 12.1 million barrels a day, while exports surged to 3.3 million barrels a day.

“You have this firewall of U.S. output,” said Kilduff. “The Saudis can really turn the spigot on at will. There’s a lot of cushion as we go into this situation with Iran.” Saudi Arabia and OPEC, have been attempting to keep the oil market in balance under an agreement with Russia and other non-OPEC producers. The joint monitoring committee for that group meets this week.

“There was chatter in the market that this weekend, they could agree to raise the production cap to respond to the loss of Iranian crude,” he said. Analyst said Iran exports have already fallen below 1 million barrels a day and it could drop more, to as little as 200,000 barrels a day.

Analysts say the potential for more incidents in the Gulf is increasing, as Iran gets more desperate and its economy gets weaker under U.S. sanctions.

President Donald Trump this week denied reports that the U.S. was considering sending as many 120,000 troops to the Middle East to deal with Iran. But he added if troops were necessary, he’d send “a hell of a lot more.” Trump’s advisers, however, are seen as more hawkish than the president, and it was his national security adviser John Bolton, former U.N. Ambassador, who advised President George W. Bush in the war against Iraq.

“It’s a flammable situation and with lots of room for miscues and miscalculations,” said Yergin.

Blanch said Iran has several options, including dropping out of the nuclear agreement, but the most likely is that Iran will take indirect actions through proxies.

“There’s no sense they’re going to come back to the negotiating table,” said Blanch. “Iran could see being more proactive against U.S. aggression, for the home audience. At the end of the day, the loss of market share for Iran is a gain for the rest of the region. Other than letting others pocket money for the barrels you no longer can sell, you could target those barrels and maybe in the process push the price up and put some pressure on the Trump administration which doesn’t want to see higher gasoline prices. It’s a fine line to walk.”

Kilduff said the market is more on edge, even if prices aren’t rising.

“Because of the maximum pressure campaign the U.S. is putting on Iran, there’s little doubt the Iranians will try to act out through proxies in the areas. We’re tripping into conflict. That’s the sense in the market,” said Kilduff.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: patti domm
Keywords: news, cnbc, companies, higher, market, iran, risks, saudi, oil, trump, trade, war, increase, week, tensions, rising, barrels, spike, price


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The cost of your shoes could jump thanks to the US-China trade war

The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes. Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. FDRA said a popular type of canvas “skate” sneaker, currently retailing at $49.99, with a 25% tariff,


The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes. Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. FDRA said a popular type of canvas “skate” sneaker, currently retailing at $49.99, with a 25% tariff,
The cost of your shoes could jump thanks to the US-China trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: lauren thomas
Keywords: news, cnbc, companies, war, footwear, billion, jump, shoes, increase, trade, thanks, tariff, cost, tariffs, 25, china, working, uschina


The cost of your shoes could jump thanks to the US-China trade war

The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China.

The White House on Monday released a fresh list of about $300 billion in Chinese goods that could get hit with 25% tariffs, if President Donald Trump decides to move forward with his threat. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes.

Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. And the American footwear industry is particularly dependent on China.

In 2017, China accounted for about 72% of all footwear imported into the U.S., according to the American Apparel and Footwear Association. The U.S. imported $11.4 billion worth of footwear from China last year, according to data from the U.S. Census Bureau.

“While brands have moved their production into other countries in Asia because labor costs are lower there, everybody is still making shoes in China,” said Matt Powell, a sports analyst for NPD Group. “The Chinese have years of expertise. They tend to be the best at making high-value product.”

Both Nike and Adidas — the top two sneaker makers in the U.S. by sales — have steadily been easing their reliance on China, shifting production to Vietnam instead. Both companies declined to comment when reached by CNBC.

Puma has said it’s working to do more of the same. But China still dominates when it comes to footwear manufacturing.

“For a lot of working families who buy shoes at Walmart, Target and these other retailers … a ton of volume runs through [China], ” said Matt Priest, the president and CEO of the Footwear Distributors and Retailers of America, a trade organization. The proposed tariffs on footwear “are concerning to say the least,” he said. “It’s every single type of shoe.”

FDRA said a popular type of canvas “skate” sneaker, currently retailing at $49.99, with a 25% tariff, could increase to $65.57. The price of a typical hunting boot would increase from $190 to $248.56. And a popular performance running shoe could jump from $150 to $206.25, FDRA said.

Ultimately, a 25% tariff on footwear could cost shoppers more than $7 billion each year, Priest said — what he called a “conservative” estimate.

— CNBC’s Jessica Golden contributed to this reporting.

WATCH: Cramer explains which businesses have the most exposure to the trade war


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: lauren thomas
Keywords: news, cnbc, companies, war, footwear, billion, jump, shoes, increase, trade, thanks, tariff, cost, tariffs, 25, china, working, uschina


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China says its April trade surplus was $13.84 billion, far below expectations

China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose. Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 billion economists polled by Reuters had expected, and below the $32.65 billion posted in March. China’s trade surplus with the U.S., meanwhile, rose to $21.01 billion in April from $20.5 billion in March, the data showed. This week, U.S. Trade Representa


China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose. Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 billion economists polled by Reuters had expected, and below the $32.65 billion posted in March. China’s trade surplus with the U.S., meanwhile, rose to $21.01 billion in April from $20.5 billion in March, the data showed. This week, U.S. Trade Representa
China says its April trade surplus was $13.84 billion, far below expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: huileng tan
Keywords: news, cnbc, companies, week, 1384, china, chinese, expectations, tariffs, imports, told, increase, exports, far, billion, surplus, trade


China says its April trade surplus was $13.84 billion, far below expectations

Cars wait for shipping overseas at Lianyungang Port on February 14, 2019 in Lianyungang, Jiangsu Province of China.

China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose.

The numbers came on Wednesday as the trade impasse between the U.S. and China continues to drag on.

Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 billion economists polled by Reuters had expected, and below the $32.65 billion posted in March.

Dollar-denominated exports also missed expectations in April, falling 2.7% from a year ago, according to data from the China’s General Administration of Customs. Economists polled by Reuters expected an increase of 2.3% from a year earlier.

However, April imports unexpectedly rose by 4% from a year ago, compared to a decline of 3.6% that economists predicted. Imports in March fell 7.6%.

China’s trade surplus with the U.S., meanwhile, rose to $21.01 billion in April from $20.5 billion in March, the data showed.

U.S. and Chinese officials have met several times in a bid to hammer out a trade deal, but Washington said this week that tariffs on Chinese products will increase on Friday, fueling fears that negotiations could be derailed.

The outlook for Chinese exports will remain challenging even if a trade deal is reached with the U.S. soon, said Julian Evans-Pritchard, senior China economist at Capital Economics.

“Even if a last-minute (trade) deal is struck this week to avoid further tariffs, the downbeat prospects for global growth will probably mean that export growth remains subdued,” Evans-Pritchard wrote in a note on Wednesday.

Imports, however, should hold up better due to government stimulus, he added.

Recent moves by Beijing — such as cutting reserve requirement ratios and keeping short-term interest rates lower recently — are keeping liquidity in the system, said Shaun Roache, chief economist for Asia Pacific at S&P Global Ratings.

“That’s a signal that the authorities are willing to simulate, and stimulate quickly, if they feel trade tensions persist,” Roache told CNBC’s “Street Signs.”

This week, U.S. Trade Representative Robert Lighthizer told reporters that the U.S. will increase levies on Chinese imports on Friday.

His comments came after U.S. President Donald Trump’s tweeted on Sunday that current tariffs of 10% on $200 billion of Chinese goods would be raised to 25% on Friday. Trump also threatened to impose an extra 25% levy on another $325 billion of Chinese goods “shortly.”

The latest developments sent markets across the globe reeling, amid earlier indications and optimism that the U.S. and China were close to ending their protracted trade war. Just last month, U.S. Treasury Secretary Steven Mnuchin told The New York Times that negotiations were in the “final laps. ”

— CNBC’s Eustance Huang and Reuters contributed to the report.


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: huileng tan
Keywords: news, cnbc, companies, week, 1384, china, chinese, expectations, tariffs, imports, told, increase, exports, far, billion, surplus, trade


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Trump says tariffs on $200 billion of Chinese goods will increase to 25%, blames slow progress in trade talks

President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase to 25% on Friday, despite repeated claims by the administration in recent weeks that trade talks with Beijing were going well. Trump had originally threatened to increase the tariffs at the start of the year, but postponed that decision after China and the US agreed to sit down for trade talks. In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”


President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase to 25% on Friday, despite repeated claims by the administration in recent weeks that trade talks with Beijing were going well. Trump had originally threatened to increase the tariffs at the start of the year, but postponed that decision after China and the US agreed to sit down for trade talks. In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
Trump says tariffs on $200 billion of Chinese goods will increase to 25%, blames slow progress in trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-05  Authors: spencer kimball
Keywords: news, cnbc, companies, progress, cook, goods, chinese, blames, trade, increase, beijing, china, slow, talks, trump, deal, tariffs, president


Trump says tariffs on $200 billion of Chinese goods will increase to 25%, blames slow progress in trade talks

Chinese President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017.

President Donald Trump said Sunday that tariffs on $200 billion of Chinese goods will increase to 25% on Friday, despite repeated claims by the administration in recent weeks that trade talks with Beijing were going well.

The tariff rate on those goods was originally set at 10%. Trump had originally threatened to increase the tariffs at the start of the year, but postponed that decision after China and the US agreed to sit down for trade talks.

In addition, Trump threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”

The president said that trade talks with China are continuing, but are moving too slowly as Beijing tries to re-negotiate.

On Friday, Vice President Mike Pence told CNBC that Trump remained hopeful that he could strike a deal with China.

And on Wednesday, the White House said the latest round of talks had moved Beijing and Washington closer to an agreement. Press secretary Sarah Sanders said, “Discussions remain focused toward making substantial progress on important structural issues and re-balancing the U.S.-China trade relationship.”

There had been multiple reports that China and U.S. were close to a trade deal, and an agreement could come as soon as Friday.

Major sticking points between the U.S. and China have been intellectual property theft and forced technology transfers. There has also been disagreement as to whether tariffs should be removed or remain in place as an enforcement mechanism.

The S&P 500 is up more than 17% this year, partly on optimism that a trade agreement with China is coming soon. Apple CEO Tim Cook, for example, said on the company’s earnings call last week that improved dialogue on trade and Beijing’s economic stimulus had improved consumer confidence in the country.

“We certainly feel a lot better than we did 90 days ago,” Cook said.

In January, Apple cut its earnings guidance due in large part to softening demand for iPhones in China.

“If you look at our results, our shortfall is over 100 percent from iPhone and it’s primarily in greater China,” Cook told CNBC at the time. “It’s clear that the economy began to slow there for the second half and what I believe to be the case is the trade tensions between the United States and China put additional pressure on their economy.”

However, Apple’s stock has rebounded amid White House optimism about a China trade deal. The company’s shares are up 34% year to date.


Company: cnbc, Activity: cnbc, Date: 2019-05-05  Authors: spencer kimball
Keywords: news, cnbc, companies, progress, cook, goods, chinese, blames, trade, increase, beijing, china, slow, talks, trump, deal, tariffs, president


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EU will seek a sharp increase of US LNG imports by 2023

The S&P just did something it hasn’t done in three decadesThe S&P 500 has had its best start to the year in 32 years, but market watchers Katie Stockton and Gina Sanchez say proceed with caution. Trading Nationread more


The S&P just did something it hasn’t done in three decadesThe S&P 500 has had its best start to the year in 32 years, but market watchers Katie Stockton and Gina Sanchez say proceed with caution. Trading Nationread more
EU will seek a sharp increase of US LNG imports by 2023 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02
Keywords: news, cnbc, companies, lng, eu, 2023, sp, katie, market, sharp, imports, increase, start, say, proceed, seek, nationread, watchers, stockton, sanchez


EU will seek a sharp increase of US LNG imports by 2023

The S&P just did something it hasn’t done in three decades

The S&P 500 has had its best start to the year in 32 years, but market watchers Katie Stockton and Gina Sanchez say proceed with caution.

Trading Nation

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-02
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UK grocer Sainsbury’s plans investment drive after blocked merger with Walmart-owned Asda

British supermarket group Sainsbury’s lamented the blocking of its takeover of Walmart-owned Asda, as it reported a slight decline in underlying sales for the first quarter. “The conclusion from the CMA that a combined Sainsbury’s and Asda would increase prices, reduce service, extend queues etc. The grocer also said it would increase and accelerate investment in its core business to improve over 400 supermarkets this year. It made a new commitment to reduce net debt by at least £600 million ove


British supermarket group Sainsbury’s lamented the blocking of its takeover of Walmart-owned Asda, as it reported a slight decline in underlying sales for the first quarter. “The conclusion from the CMA that a combined Sainsbury’s and Asda would increase prices, reduce service, extend queues etc. The grocer also said it would increase and accelerate investment in its core business to improve over 400 supermarkets this year. It made a new commitment to reduce net debt by at least £600 million ove
UK grocer Sainsbury’s plans investment drive after blocked merger with Walmart-owned Asda Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: elliot smith
Keywords: news, cnbc, companies, merger, investment, asda, sales, sainsburys, grocer, drive, underlying, increase, group, uk, markets, business, walmartowned, million, reduce, blocked, plans


UK grocer Sainsbury's plans investment drive after blocked merger with Walmart-owned Asda

British supermarket group Sainsbury’s lamented the blocking of its takeover of Walmart-owned Asda, as it reported a slight decline in underlying sales for the first quarter.

The merger of the two rival chains was blocked by Britain’s Competition and Markets Authority in April, and Sainsbury’s Chief Financial Officer Kevin O’Byrne told CNBC Wednesday that the group was “disappointed” with the outcome.

“The conclusion from the CMA that a combined Sainsbury’s and Asda would increase prices, reduce service, extend queues etc. in one of the most competitive grocery markets in the world, and customers wouldn’t go down the road to Tesco, Aldi, Lidl, Morrisons, Co-op, etc., is not a market we recognize,” he said.

Sainsbury’s fourth quarter to March 9 like-for-like sales fell 0.9%, having fallen 1.1% over the Christmas period. They declined by 0.2% over the full 2018-19 year.

However, underlying pre-tax profit for the year did exceeded expectations to rise by 7.8% to £635 million ($829 million), aided by synergies from the Argos general merchandise business it purchased in 2016. Shares rose by around 6% in early deals Wednesday.

The grocer also said it would increase and accelerate investment in its core business to improve over 400 supermarkets this year. It made a new commitment to reduce net debt by at least £600 million over the next three years.

O’Byrne also denied reports that the position of Sainsbury’s CEO Mike Coupe was under pressure following the blocking of the merger.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: elliot smith
Keywords: news, cnbc, companies, merger, investment, asda, sales, sainsburys, grocer, drive, underlying, increase, group, uk, markets, business, walmartowned, million, reduce, blocked, plans


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Dollar index hovers at 23-month peak

Most major currencies held in tight ranges on light trading volume as Japan began its extended Golden Week holiday. “You have a lot of economic data later this week from around the world. An index that tracks the greenback against the euro, yen, sterling and three other currencies was down 0.16% at 97.85. The dollar index failed to move higher after data that showed U.S. consumer spending gaining 0.9% in March, marking its biggest monthly increase in more than 9-1/2 years. Since the Fed’s March


Most major currencies held in tight ranges on light trading volume as Japan began its extended Golden Week holiday. “You have a lot of economic data later this week from around the world. An index that tracks the greenback against the euro, yen, sterling and three other currencies was down 0.16% at 97.85. The dollar index failed to move higher after data that showed U.S. consumer spending gaining 0.9% in March, marking its biggest monthly increase in more than 9-1/2 years. Since the Fed’s March
Dollar index hovers at 23-month peak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, hovers, trading, data, 23month, dollar, peak, major, increase, economic, currencies, week, yen, index


Dollar index hovers at 23-month peak

The dollar was marginally lower against a basket of currencies on Monday, hovering near a 23-month high, as traders await more data to convince them whether to add to their bullish positions in the greenback.

Most major currencies held in tight ranges on light trading volume as Japan began its extended Golden Week holiday. China will observe its Labor Day holiday from Wednesday to Friday. A Federal Reserve policy meeting, Brexit negotiations and a raft of global data including U.S. payrolls could each be the trigger for big currency swings this week.

“You have a lot of economic data later this week from around the world. People are waiting to see if there is a lot of major shifts,” said Chuck Tomes, associate portfolio manager at Manulife Asset Management in Boston.

A swathe of manufacturing surveys from Europe and China are due later this week, along with a first reading on EU GDP.

The U.S. payrolls report on Friday is forecast to show a solid increase of 185,000 jobs in April, with unemployment at 3.8%.

An index that tracks the greenback against the euro, yen, sterling and three other currencies was down 0.16% at 97.85. Last week, it reached 98.330, the highest since May 2017.

The euro was 0.32% higher at $1.1184, while the dollar was up 0.12% at 111.71 yen. The dollar index failed to move higher after data that showed U.S. consumer spending gaining 0.9% in March, marking its biggest monthly increase in more than 9-1/2 years.

The core personal consumption expenditure price index, on the other hand, did not change in March, leaving its year-over-year increase at 1.6%, the smallest rise in 14 months.

Traders await clues on the Fed’s global economic outlook as the central bank’s policymaking board meets on Tuesday and Wednesday. Analysts do not anticipate any major changes from Fed officials who signaled last month they would not raise interest rates in 2019.

Since the Fed’s March meeting, U.S. economic data has shown the expansion has remained intact despite some slowing since late 2018.

Last Friday, the government said first-quarter gross domestic product grew at a 3.2% pace, but the figure was bolstered largely by a surge in inventories and exports. Speculators raised their long dollar positions to $37.21 billion last week, the highest level since December 2015, according to U.S. Commodity Futures Trading Commission data released late Friday.


Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, hovers, trading, data, 23month, dollar, peak, major, increase, economic, currencies, week, yen, index


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More millennials, Gen Z are dying of opioid overdoses, researchers say

The nationwide opioid epidemic has led to a sharp increase of teens and young adults dying from drug overdoses, according to new research published Thursday. Researchers at the non-profit Pacific Institute for Research and Evaluation in Maryland reviewed millennial and Gen Z mortality data from the National Center for Health Statistics. Most of the deaths from drug overdoses were from opioids, both prescription and illicit drugs like heroin, the researchers said. Researchers also found that drug


The nationwide opioid epidemic has led to a sharp increase of teens and young adults dying from drug overdoses, according to new research published Thursday. Researchers at the non-profit Pacific Institute for Research and Evaluation in Maryland reviewed millennial and Gen Z mortality data from the National Center for Health Statistics. Most of the deaths from drug overdoses were from opioids, both prescription and illicit drugs like heroin, the researchers said. Researchers also found that drug
More millennials, Gen Z are dying of opioid overdoses, researchers say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: berkeley lovelace jr, suzanne kreiter, boston globe, getty images
Keywords: news, cnbc, companies, overdoses, dying, drugs, researchers, say, deaths, young, increase, opioids, drug, york, opioid, gen, millennials


More millennials, Gen Z are dying of opioid overdoses, researchers say

The nationwide opioid epidemic has led to a sharp increase of teens and young adults dying from drug overdoses, according to new research published Thursday.

Death rates from drug overdoses for people between the ages of 15 and 24 rose by 19.75% from 2006 to 2015, according to a study published in the peer-reviewed Journal of Studies on Alcohol and Drugs. Researchers at the non-profit Pacific Institute for Research and Evaluation in Maryland reviewed millennial and Gen Z mortality data from the National Center for Health Statistics.

Most of the deaths from drug overdoses were from opioids, both prescription and illicit drugs like heroin, the researchers said. Death rates from opioid use rose by an average of 4.8% annually over the same time period, with an even steeper increase of 15.4% a year between 2013 and 2015.

“The surge in drug poisoning deaths among adolescents and young adults reflects the ease of access to pharmaceutical drugs, especially prescription opioids and later transition to more potent opioids,” said Dr. Bina Ali, the lead author of the study.

The new data unveiled Thursday highlights how the opioid crisis is impacting American families. It also provides U.S. prosecutors more ammunition in their legal fights against the companies and health care professionals accused of helping fuel the epidemic, which kills roughly 130 Americans every day.

On Tuesday, the federal government reached a $20 million settlement with Rochester Drug Cooperative, one of the nation’s largest drug distributors, over it’s alleged role in the crisis.

Separately, federal prosecutors last week charged 60 doctors, pharmacists and other licensed medical professionals across five states in connection with illegally prescribing more than 32 million pain pills.

The indictments came as some 1,600 cases against OxyContin-maker Purdue Pharma and other opioid manufacturers are being consolidated and transferred before a judge in the Northern District of Ohio, and New York and other states begin their own massive legal fights.

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In the study, researchers said it appeared young people were typically introduced to opioids through prescription drugs, such as Vicodin or OxyContin, a highly addictive narcotic produced by Purdue Pharma. The young adults often misused these drugs with motivations to “relieve pain, relax, feel good, or get high.”

Researchers also found that drug overdoses were highest among Whites and Native Americans at 11.9 deaths and 10 deaths for every 100,000 people, respectively. That compares to 2.6 deaths per 100,000 people for African Americans and 4 deaths per 100,000 people for Hispanics.

New York had the highest increase in the drug overdose death rate, with a 9.4% increase each year. This was followed by Ohio, Massachusetts, and New Jersey with 9.1%, 9.0% and 8.7% increases annually, respectively, according to the research.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: berkeley lovelace jr, suzanne kreiter, boston globe, getty images
Keywords: news, cnbc, companies, overdoses, dying, drugs, researchers, say, deaths, young, increase, opioids, drug, york, opioid, gen, millennials


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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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