Microsoft hits $1 trillion market cap for the first time as stock jumps on earnings beat

Microsoft shares jumped as much as 5.1% on Thursday, pushing the company past $1 trillion in market value on a better-than-expected earnings report. After the market closed on Wednesday, Microsoft reported fiscal third-quarter earnings of $1.14 per share, excluding certain items, topping the $1.00 estimate of analysts surveyed by Refinitiv. Microsoft and Facebook kicked off tech earnings season, with both companies surpassing expectations. Facebook shares rose over 6% on Thursday. Expectations a


Microsoft shares jumped as much as 5.1% on Thursday, pushing the company past $1 trillion in market value on a better-than-expected earnings report. After the market closed on Wednesday, Microsoft reported fiscal third-quarter earnings of $1.14 per share, excluding certain items, topping the $1.00 estimate of analysts surveyed by Refinitiv. Microsoft and Facebook kicked off tech earnings season, with both companies surpassing expectations. Facebook shares rose over 6% on Thursday. Expectations a
Microsoft hits $1 trillion market cap for the first time as stock jumps on earnings beat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ari levy, jason alden, bloomberg, getty images, source
Keywords: news, cnbc, companies, stock, microsoft, shares, revenue, expectations, trillion, hits, cap, tech, high, rose, market, facebook, beat, earnings, jumps


Microsoft hits $1 trillion market cap for the first time as stock jumps on earnings beat

Microsoft shares jumped as much as 5.1% on Thursday, pushing the company past $1 trillion in market value on a better-than-expected earnings report.

The stock needed to hit $130.51 to reach the trillion-dollar mark for the first time. It traded as high as $131.31, though it was bouncing around throughout the morning.

After the market closed on Wednesday, Microsoft reported fiscal third-quarter earnings of $1.14 per share, excluding certain items, topping the $1.00 estimate of analysts surveyed by Refinitiv. Revenue climbed 14% to $30.6 billion, exceeding the average estimate of $29.84 billion.

Microsoft and Facebook kicked off tech earnings season, with both companies surpassing expectations. Facebook shares rose over 6% on Thursday. Amazon reports after the bell, followed by Alphabet and Apple early next week. Expectations are high for the tech sector, after the Nasdaq climbed to an intraday record on Wednesday.

Sales growth at Microsoft is being driven by the transition to the public cloud as more large businesses offload their servers and data storage to Azure infrastructure. Gross margin, or the percentage of revenue left after accounting for the costs of goods sold, was 66.7%, up from 65.4% a year earlier. Net income rose 19% to $8.8 billion.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ari levy, jason alden, bloomberg, getty images, source
Keywords: news, cnbc, companies, stock, microsoft, shares, revenue, expectations, trillion, hits, cap, tech, high, rose, market, facebook, beat, earnings, jumps


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China and India will become asset management ‘powerhouses,’ top fund manager says

China and India are poised to become “real powerhouses” for the asset management industry, according to Standard Life Aberdeen Vice-Chairman Martin Gilbert. Speaking to CNBC at the first Financial Sector Conference in Riyadh, Saudi Arabia, Gilbert said Asia remained the key focus for asset management arm Aberdeen Standard Investments (ASI), based on the growth in retail investors and wealth in China and India. “It’s not really a retail market yet but when it is, China, India, these sort of place


China and India are poised to become “real powerhouses” for the asset management industry, according to Standard Life Aberdeen Vice-Chairman Martin Gilbert. Speaking to CNBC at the first Financial Sector Conference in Riyadh, Saudi Arabia, Gilbert said Asia remained the key focus for asset management arm Aberdeen Standard Investments (ASI), based on the growth in retail investors and wealth in China and India. “It’s not really a retail market yet but when it is, China, India, these sort of place
China and India will become asset management ‘powerhouses,’ top fund manager says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: elliot smith, jason alden, bloomberg via getty images
Keywords: news, cnbc, companies, china, powerhouses, manager, asset, retail, fund, real, management, standard, industry, india, gilbert


China and India will become asset management 'powerhouses,' top fund manager says

China and India are poised to become “real powerhouses” for the asset management industry, according to Standard Life Aberdeen Vice-Chairman Martin Gilbert.

Speaking to CNBC at the first Financial Sector Conference in Riyadh, Saudi Arabia, Gilbert said Asia remained the key focus for asset management arm Aberdeen Standard Investments (ASI), based on the growth in retail investors and wealth in China and India.

“It’s not really a retail market yet but when it is, China, India, these sort of places are going to be real powerhouses for the asset management industry,” Gilbert said.

ASI expanded its Asian investment team in November 2018, with four portfolio managers joining in Shanghai and Hong Kong to bolster its China fixed income and equities expertise.

Gilbert said China’s top-down economy and political structure meant that “you need to be close to the government in China and as far away from the government as possible in India.”


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: elliot smith, jason alden, bloomberg via getty images
Keywords: news, cnbc, companies, china, powerhouses, manager, asset, retail, fund, real, management, standard, industry, india, gilbert


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Stocks making the biggest moves midday: AT&T, Domino’s Pizza, eBay & more

Check out the companies making headlines midday Wednesday:Domino’s Pizza — Shares of Domino’s Pizza surged 8.9% on stronger-than-forecast quarterly earnings. The company reported earnings of $2.20, 11 cents higher than a Refinitiv estimate. The company also reported first-quarter earnings that were in line with expectations. AT&T — Shares of AT&T fell 4% after the company missed Wall Street estimates for first-quarter revenue due to the weaker-than-expected sales in its WarnerMedia unit. Biogen


Check out the companies making headlines midday Wednesday:Domino’s Pizza — Shares of Domino’s Pizza surged 8.9% on stronger-than-forecast quarterly earnings. The company reported earnings of $2.20, 11 cents higher than a Refinitiv estimate. The company also reported first-quarter earnings that were in line with expectations. AT&T — Shares of AT&T fell 4% after the company missed Wall Street estimates for first-quarter revenue due to the weaker-than-expected sales in its WarnerMedia unit. Biogen
Stocks making the biggest moves midday: AT&T, Domino’s Pizza, eBay & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: fred imbert, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, share, shares, revenue, ebay, dominos, stock, sales, pizza, making, moves, att, midday, company, reported, stocks, biggest, rose, earnings, firstquarter


Stocks making the biggest moves midday: AT&T, Domino's Pizza, eBay & more

Check out the companies making headlines midday Wednesday:

Domino’s Pizza — Shares of Domino’s Pizza surged 8.9% on stronger-than-forecast quarterly earnings. The company reported earnings of $2.20, 11 cents higher than a Refinitiv estimate.

Anadarko Petroleum — The energy company’s stock jumped 12% after Occidental Petroleum announced a bid of $76 a share for Anadarko, topping an earlier offer from Chevron. Occidental’s bid values Anadarko at $57 billion.

Caterpillar — The industrial giant’s stock fell 2.5% after CFO Andrew Bonfield told Bloomberg News the company’s China sales are being impeded by aggressive price competition. Bonfield’s comments overshadowed earnings that topped analyst expectations.

Boeing — Boeing shares rose 0.9% despite the aircraft manufacturer announcing it is pausing share buybacks and withdrawing its full-year guidance, noting its troubles with the 737 Max aircraft. Boeing’s stock had been struggling after two of its 737 Max jets crashed within 5 months. The company also reported first-quarter earnings that were in line with expectations.

Texas Instruments — Texas Instruments rose 2% after posting better than expected first-quarter earnings and revenue. The company reported quarterly profit of $1.26 on revenue of $3.59 billion. Analysts polled by Refinitv expected a profit of $1.13 per share on sales of $3.48 billion. However, Texas Instruments warned that slowdown of microchip demand may persist in upcoming quarters.

AT&T — Shares of AT&T fell 4% after the company missed Wall Street estimates for first-quarter revenue due to the weaker-than-expected sales in its WarnerMedia unit. AT&T also reported a surprise increase in wireless customers, and said it would pay off 75% of the debt incurred in its Time Warner deal by the end of the year.

Biogen — Biogen’s stock dipped nearly 2% after the biotech company halted the trial for its Alzheimer’s drug last month, which shocked investors as the drug was expected to be a blockbuster. The news overshadowed stronger-than-expected first-quarter earnings. Biogen reported earnings of $6.98 per share for the first quarter, beating a Refinitiv estimate of $6.87 per share.

Best Buy — Best Buy gained more than 2% after Jefferies upgraded the stock to buy from hold, calling the electronics retailer “a new big blue.” The bank is bullish on Best Buy’s push into services including tech support and in-home advice program.

EBay — Shares of eBay rose more than 4% after the online auction site reported better-than-expected quarterly earnings. EBay posted adjusted earnings of 67 cents per share, topping a Refinitiv estimate of 63 cents. Transaction revenue hit $2.11 billion, more than a FactSet estimate of $2.01 billion.

—CNBC’s Nadine El-Bawab , Yun Li and Matt Lavietes contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: fred imbert, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, share, shares, revenue, ebay, dominos, stock, sales, pizza, making, moves, att, midday, company, reported, stocks, biggest, rose, earnings, firstquarter


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Brazil aims to save more than $270 billion in a decade with pension reform

Brazil’s government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation. A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade. Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion re


Brazil’s government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation. A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade. Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion re
Brazil aims to save more than $270 billion in a decade with pension reform Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, decade, reals, savings, proposed, president, save, 270, billion, reform, brazil, aims, trillion, pension, presented, presentationa, public


Brazil aims to save more than $270 billion in a decade with pension reform

Brazil’s government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation.

A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade.

Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion reals in 10 years.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, decade, reals, savings, proposed, president, save, 270, billion, reform, brazil, aims, trillion, pension, presented, presentationa, public


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Brazil aims to save more than $270 billion in a decade with pension reform

Brazil’s government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation. A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade. Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion re


Brazil’s government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation. A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade. Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion re
Brazil aims to save more than $270 billion in a decade with pension reform Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, reform, presented, presentationa, aims, 270, trillion, savings, reals, president, public, pension, brazil, billion, save, decade, proposed


Brazil aims to save more than $270 billion in a decade with pension reform

Brazil’s government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation.

A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade.

Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion reals in 10 years.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, reform, presented, presentationa, aims, 270, trillion, savings, reals, president, public, pension, brazil, billion, save, decade, proposed


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One tech stock is up 300 percent in a year, but chart analyst calls it a FOMO rally

Twilio has surged more than 300 percent in 12 months, miles ahead of double-digt gains by Adobe, Workday and Salesforce. Blue Line Futures’ Bill Baruch says it might be too late to jump into the stock now. “Don’t simply chase this stock because of FOMO [fear of missing out]. It broke out above a potential ‘butting bearish wedge’ and that breakout level is going to be support above that trend line. A “butting bearish wedge” is formed when a trading range narrows as prices rise — Twilio broke out


Twilio has surged more than 300 percent in 12 months, miles ahead of double-digt gains by Adobe, Workday and Salesforce. Blue Line Futures’ Bill Baruch says it might be too late to jump into the stock now. “Don’t simply chase this stock because of FOMO [fear of missing out]. It broke out above a potential ‘butting bearish wedge’ and that breakout level is going to be support above that trend line. A “butting bearish wedge” is formed when a trading range narrows as prices rise — Twilio broke out
One tech stock is up 300 percent in a year, but chart analyst calls it a FOMO rally Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: keris lahiff, michael nagle, bloomberg, getty images, daniel acker, zhang peng, lightrocket, jason alden, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, baruch, going, 300, chase, twilio, trading, calls, id, bearish, chart, tech, rally, analyst, broke, wedge, stock, fomo


One tech stock is up 300 percent in a year, but chart analyst calls it a FOMO rally

One cloud tech stock has risen further and faster than all the rest.

Twilio has surged more than 300 percent in 12 months, miles ahead of double-digt gains by Adobe, Workday and Salesforce.

Blue Line Futures’ Bill Baruch says it might be too late to jump into the stock now.

“Don’t simply chase this stock because of FOMO [fear of missing out]. I’d rather miss a move than chase something,” Baruch said on CNBC’s “Trading Nation” on Wednesday. “Yes, Twilio is strong. It broke out above a potential ‘butting bearish wedge’ and that breakout level is going to be support above that trend line. Still, though, I wouldn’t chase this.”

On top of its 12-month surge, the stock has risen 20 percent just this year and reached record highs as recently as this week. A “butting bearish wedge” is formed when a trading range narrows as prices rise — Twilio broke out of this bearish channel earlier this year.

Instead of getting in now, Baruch is waiting for the cloud software stock to come back down to a more attractive entry point.

“It is out above the 50-day, 100-day, 200-day moving averages, but I’d wait for a little bit of a pullback coming into there. Look at a retracement,” said Baruch. Around “$85 or $90 – that’s where you’re going to find value in the stock rather than just chasing it.”

The bottom end of that range at $85 represents a 21 percent drop from Wednesday’s close of $106.87. Twilio first broke above that level last September.

Stacey Gilbert, head of derivative strategy at Susquehanna, says the stock is likely to continue its upward sprint based on market activity.

“Options are the market’s best guess of where the stock is going to be in the future, it’s the positioning of the future, and that remains bullish,” Gilbert said on “Trading Nation” on Wednesday. “So while the stock may be pulling back a little bit [on Wednesday] as a knee-jerk reaction and some profit-taking, I’d make an argument that the sentiment overall remains bullish.”

Twilio fell 7 percent on Wednesday after topping fourth-quarter earnings estimates, but falling short on first-quarter guidance.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: keris lahiff, michael nagle, bloomberg, getty images, daniel acker, zhang peng, lightrocket, jason alden, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, baruch, going, 300, chase, twilio, trading, calls, id, bearish, chart, tech, rally, analyst, broke, wedge, stock, fomo


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Deere is crushing Caterpillar this year, but experts say that’s about to change

The tractor company is up 20 percent over the past six months, while Caterpillar languishes in the red. Matt Maley, equity strategist at Miller Tabak, said the disparity between Deere and Caterpillar should soon correct itself. Usually the stock that has outperformed comes down and meets the underperforming stock.” It was a slightly different story in 2017 — Deere rallied and the underperforming Caterpillar caught up to it. Mark Tepper, president of Strategic Wealth Partners, instead expects Cat


The tractor company is up 20 percent over the past six months, while Caterpillar languishes in the red. Matt Maley, equity strategist at Miller Tabak, said the disparity between Deere and Caterpillar should soon correct itself. Usually the stock that has outperformed comes down and meets the underperforming stock.” It was a slightly different story in 2017 — Deere rallied and the underperforming Caterpillar caught up to it. Mark Tepper, president of Strategic Wealth Partners, instead expects Cat
Deere is crushing Caterpillar this year, but experts say that’s about to change Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: keris lahiff, daniel acker, bloomberg, getty images, zhang peng, lightrocket, jason alden, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, thats, going, usually, experts, tepper, crushing, change, underperforming, say, cat, china, stock, deere, caterpillar, tractor


Deere is crushing Caterpillar this year, but experts say that's about to change

Deere is racing circles around Caterpillar.

The tractor company is up 20 percent over the past six months, while Caterpillar languishes in the red.

Its outperformance even prompted a downgrade from Bank of America to neutral, its analysts contending that lack of progress in U.S.-China trade talks means the stock may have run as far as it can for now.

Matt Maley, equity strategist at Miller Tabak, said the disparity between Deere and Caterpillar should soon correct itself.

“When you go back over time, you go over the last 10 years, these two stocks have been very highly correlated,” Maley said Tuesday on CNBC’s “Trading Nation.” “Every few years a divergence develops and each time that divergence develops, it usually only lasts for a couple of months and they usually fall back together. Usually the stock that has outperformed comes down and meets the underperforming stock.”

In 2011, 2012 and 2014, for example, when Caterpillar raced ahead of Deere it soon rolled over to come back to its underperforming peer. The same thing happened to Deere when it outperformed Caterpillar in 2015. It was a slightly different story in 2017 — Deere rallied and the underperforming Caterpillar caught up to it.

“What I would suggest is that people either want to short John Deere and go long Cat Tractor and for those that can’t go short, you might want to underweight Deere and overweight Cat Tractor because that divergence should resolve itself before too long especially now that it’s been going on for a couple of months,” Maley said.

Mark Tepper, president of Strategic Wealth Partners, instead expects Caterpillar to catch up to Deere and then pass it.

“Deere’s valuation looks really stretched right now and Cat looks undervalued and beyond that there’s positive catalysts that could take Cat higher but I’m not seeing that for Deere. I think everything good seems to already be priced in,” Tepper said Tuesday on “Trading Nation.”

Tepper also expects a revival in infrastructure demand and any clarity in trade talks with China to give Caterpillar a big boost.

“We think that demand is really going to revive itself so that’s a positive catalyst for Cat and when we see that happen whether it’s in China or more likely here in the U.S., that’s going to take Cat’s stock higher,” said Tepper. “Once we get resolution with China both of these stocks are going to rally but Cat is going to do better.”

President Donald Trump has said he may extend his March 2 deadline for additional tariffs on China if the two are close to a deal. The two countries are currently in negotiations.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: keris lahiff, daniel acker, bloomberg, getty images, zhang peng, lightrocket, jason alden, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, thats, going, usually, experts, tepper, crushing, change, underperforming, say, cat, china, stock, deere, caterpillar, tractor


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Swift CEO announces tie-up with blockchain start-up R3

Swift, the financial messaging service for the world’s biggest banks, is partnering with blockchain start-up R3. Founded in 2014, R3 leads a consortium of major financial institutions and is aimed at bridging the gap between blockchain technology and the banking industry. The partnership with R3 will see Swift hook its GPI technology up to the former’s blockchain platform Corda, according to an announcement on Swift’s website. Swift touts GPI as a technology that’s able to speed up cross-border


Swift, the financial messaging service for the world’s biggest banks, is partnering with blockchain start-up R3. Founded in 2014, R3 leads a consortium of major financial institutions and is aimed at bridging the gap between blockchain technology and the banking industry. The partnership with R3 will see Swift hook its GPI technology up to the former’s blockchain platform Corda, according to an announcement on Swift’s website. Swift touts GPI as a technology that’s able to speed up cross-border
Swift CEO announces tie-up with blockchain start-up R3 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: ryan browne, elizabeth schulze, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, technology, payments, swift, blockchain, swifts, platform, r3, ceo, tieup, announces, gpi, startup, trade


Swift CEO announces tie-up with blockchain start-up R3

Swift, the financial messaging service for the world’s biggest banks, is partnering with blockchain start-up R3.

Gottfried Leibbrandt, Swift’s chief executive, said the institution would integrate R3’s platform with its new payments standards framework GPI, or Global Payments Innovation.

“We are announcing later today a proof-of-concept with the R3 blockchain on trade where you can initiate a payment on the trade platform and then it goes into GPI,” Leibbrandt said at a CNBC-moderated panel session at the Paris Fintech Forum on Wednesday.

Founded in 2014, R3 leads a consortium of major financial institutions and is aimed at bridging the gap between blockchain technology and the banking industry.

The partnership with R3 will see Swift hook its GPI technology up to the former’s blockchain platform Corda, according to an announcement on Swift’s website. Firms using R3’s Corda network will be able to authorize and settle payments with the help of a gateway called GPI Link, Swift said.

Swift touts GPI as a technology that’s able to speed up cross-border payments between banks, with end-to-end tracking of transactions in real-time.

Leibbrandt was speaking beside Brad Garlinghouse, the chief executive of Ripple, a fierce competitor to R3. The San Francisco-based start-up has made no secret of its bid to steal business from the almost five-decades-old payments processing giant.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: ryan browne, elizabeth schulze, jason alden, bloomberg, getty images
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Sterling swings before parliament’s Brexit amendment votes

Parliament will debate and vote on Prime Minister Theresa May’s response to the overwhelming rejection of her Brexit plan earlier this month. In particular, markets are focusing on Amendment B, proposed by opposition Labour lawmaker Yvette Cooper, which seeks to shift control of Brexit from May’s government to parliament. If successful, this could give lawmakers who want to block, delay or renegotiate Brexit a legal route to do so. “I suppose given those amendments have been chosen markets may h


Parliament will debate and vote on Prime Minister Theresa May’s response to the overwhelming rejection of her Brexit plan earlier this month. In particular, markets are focusing on Amendment B, proposed by opposition Labour lawmaker Yvette Cooper, which seeks to shift control of Brexit from May’s government to parliament. If successful, this could give lawmakers who want to block, delay or renegotiate Brexit a legal route to do so. “I suppose given those amendments have been chosen markets may h
Sterling swings before parliament’s Brexit amendment votes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: reuters with cnbc, jason alden, bloomberg via getty images, paul faith, afp, getty images
Keywords: news, cnbc, companies, brexit, swings, lawmakers, parliament, amendment, chosen, vote, votes, amendments, markets, voted, sterling, delay, parliaments


Sterling swings before parliament's Brexit amendment votes

Sterling zipped higher on Tuesday, reversing early losses after the speaker of the British parliament chose amendments to be voted on by lawmakers, including one that would effectively take a no-deal Brexit off the table.

The currency remains well off recent multi-month peaks however, and volatility in derivatives market was elevated, reflecting markets’ nervousness about the likely outcome of the votes.

Parliament will debate and vote on Prime Minister Theresa May’s response to the overwhelming rejection of her Brexit plan earlier this month.

But markets’ main focus is on amendments proposed by lawmakers. The Speaker of the House of Commons, John Bercow, has chosen seven to be voted on.

In particular, markets are focusing on Amendment B, proposed by opposition Labour lawmaker Yvette Cooper, which seeks to shift control of Brexit from May’s government to parliament. If successful, this could give lawmakers who want to block, delay or renegotiate Brexit a legal route to do so.

Amendment G by Dominic Grieve, a pro-EU Conservative, which would give lawmakers a chance to propose their own Brexit debates in parliament in February and March, will also be voted on.

“I suppose given those amendments have been chosen markets may have discerned that a delay is a step closer,” said Neil Mellor, FX strategist at BNY Mellon.

“The prominent amendments that have been chosen are too close to call (the outcome) but if the Cooper and Grieve amendments are carried, that is sterling positive.”

Cooper’s amendment, which could delay Brexit, is considered likely to pass, especially after a source told Reuters the opposition Labour Party would back it.

Speaker Bercow’s announcement sent sterling to a session high of $1.32 having traded earlier in a $1.3160-$1.3170 range — up 0.2 percent on the day. But it remains well off 2-1/2 month highs of $1.3218 and later in the day had fallen to $1.3154.

Unicredit noted the pound had been this year’s best-performing major currency so far, rising around 4 percent to the dollar and euro. On a trade-weighted basis, it is at a 2 1/2-month high.

“The risk that we get a disappointment in tonight’s vote is clearly there,” Unicredit FX strategist Kathrin Goretzki said, though she noted the vote would not significantly dent optimism that parliament had taken control of the Brexit process to avoid a no-deal scenario.

“We don’t expect this to be affected in a negative way in tonight’s vote. Any correction will be temporary,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: reuters with cnbc, jason alden, bloomberg via getty images, paul faith, afp, getty images
Keywords: news, cnbc, companies, brexit, swings, lawmakers, parliament, amendment, chosen, vote, votes, amendments, markets, voted, sterling, delay, parliaments


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Toy industry sales broke 4-year growth streak, fell 2% in 2018, thanks to Toys R Us closure

Not all was well in Toy Land in 2018. Sales in the industry fell 2 percent last year as toy manufacturers endured their first Christmas without Toys R Us in more than 60 years, according to a new report. In the U.S., customers spent $21.6 billion on toys last year, less than the $22 billion shelled out for action figures, dolls and games in 2017, according to market researcher NPD Group. Lennett called the 2 percent decline a “solid performance” considering how much the landscape has changed in


Not all was well in Toy Land in 2018. Sales in the industry fell 2 percent last year as toy manufacturers endured their first Christmas without Toys R Us in more than 60 years, according to a new report. In the U.S., customers spent $21.6 billion on toys last year, less than the $22 billion shelled out for action figures, dolls and games in 2017, according to market researcher NPD Group. Lennett called the 2 percent decline a “solid performance” considering how much the landscape has changed in
Toy industry sales broke 4-year growth streak, fell 2% in 2018, thanks to Toys R Us closure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-28  Authors: sarah whitten, jason alden, bloomberg, getty images, target ramps up toy department in time for the hol
Keywords: news, cnbc, companies, statementlennett, vice, toy, closure, npd, thanks, industry, growth, fell, sales, streak, toysrus, billion, toys, according


Toy industry sales broke 4-year growth streak, fell 2% in 2018, thanks to Toys R Us closure

Not all was well in Toy Land in 2018.

Sales in the industry fell 2 percent last year as toy manufacturers endured their first Christmas without Toys R Us in more than 60 years, according to a new report.

In the U.S., customers spent $21.6 billion on toys last year, less than the $22 billion shelled out for action figures, dolls and games in 2017, according to market researcher NPD Group.

“After the liquidation announcement of Toys‟R”Us last year, there was a great deal of speculation about what would happen to the industry, with some predicting double-digit declines,” Juli Lennett, vice president and industry advisor at NPD Group, said in a statement.

Lennett called the 2 percent decline a “solid performance” considering how much the landscape has changed in the last year. Toys R Us was estimated to account for 10 to 15 percent of all toy sales prior to its closure in June.


Company: cnbc, Activity: cnbc, Date: 2019-01-28  Authors: sarah whitten, jason alden, bloomberg, getty images, target ramps up toy department in time for the hol
Keywords: news, cnbc, companies, statementlennett, vice, toy, closure, npd, thanks, industry, growth, fell, sales, streak, toysrus, billion, toys, according


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