Trump says Fed ‘boneheads’ should cut interest rates to zero ‘or less,’ US should refinance debt

President Donald Trump on Wednesday continued his verbal assault on the Federal Reserve, who he blames for slowing the economy, tweeting that the central bank should cut interest rates to zero or even set negative interest rates. “The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. This isn’t a mortgage, this is U.S. Treasury debt. I think it would be incredibly disruptive to financial markets, and interest rates would ultimate


President Donald Trump on Wednesday continued his verbal assault on the Federal Reserve, who he blames for slowing the economy, tweeting that the central bank should cut interest rates to zero or even set negative interest rates. “The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. This isn’t a mortgage, this is U.S. Treasury debt. I think it would be incredibly disruptive to financial markets, and interest rates would ultimate
Trump says Fed ‘boneheads’ should cut interest rates to zero ‘or less,’ US should refinance debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: jeff cox john melloy, jeff cox, john melloy
Keywords: news, cnbc, companies, fed, debt, zero, rates, interest, economy, trump, treasury, refinance, boneheads, united, cut, reserve


Trump says Fed 'boneheads' should cut interest rates to zero 'or less,' US should refinance debt

This is a developing story. Check back for updates.

President Donald Trump on Wednesday continued his verbal assault on the Federal Reserve, who he blames for slowing the economy, tweeting that the central bank should cut interest rates to zero or even set negative interest rates. The president also called Fed officials “boneheads” in the tweet.

“The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term,” he said.

The president also made a new suggestion not seen in some of his past attacks on the Fed, saying that the country should refinance its debt load.

“It’s not viable and could be a significant problem for investors, financial markets and ultimately the economy,” said Mark Zandi, chief economist at Moody’s Analytics. “The debt is not prepayable. There’s a contractual relationship the Treasury has with investors. This isn’t a mortgage, this is U.S. Treasury debt. I think it would be incredibly disruptive to financial markets, and interest rates would ultimately rise, not fall.”

It’s unclear how such an idea would work. The Treasury Department likely would have to be involved, and there have been calls recently to issue longer-term debt, such as a 50- or 100-year Treasury.

“From a theoretical standpoint, obviously it would be wonderful for the United States government over a period of year if it were to lengthen the maturities on debt that would have rates below 1%,” said banking analyst Dick Bove at Odeon Capital Group. “It would certainly be beneficial to the United States government. Whether it would be beneficial to the United States economy is an open question.”

Cutting rates to zero or below would cheapen debt costs but also make the U.S. a less desirable spot for capital flow as the ability to generate yield would disappear.

Trump had made a suggestion during the 2016 presidential campaign that would have involved renegotiating the debt. That idea then was widely dismissed as a move the actually could drive Treasury yields higher, jeopardize the nation’s standing among its creditors and pose a threat to the U.S. dollar as the world’s reserve currency.

During a CNBC interview in May 2016, Trump said that if the economy turned south, he would try to get creditors to accept partial payment on U.S. debt.

“I would borrow, knowing that if the economy crashed, you could make a deal,” he said then.

His idea was that the U.S. would pay less than face value on the Treasury debt it issues to cover the burgeoning budget deficit. However, doing so would only increase the costs of issuing the debt as creditors would demand higher interest payments.

Trump has long bemoaned Fed policy, saying the central bank should get more in line with the near-zero rates employed by the nation’s global competitors. The Fed currently targets its benchmark overnight lending rate in a range between 2% and 2.25%, the highest of any G-7 nation.

In previous tweets, he has repeatedly ripped his own appointee, Fed Chairman Jerome Powell, as being out of step with the economic needs in the U.S.

“The USA should always be paying the the lowest rate. No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of “Boneheads,” Trump said in Wednesday’s tweets.


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: jeff cox john melloy, jeff cox, john melloy
Keywords: news, cnbc, companies, fed, debt, zero, rates, interest, economy, trump, treasury, refinance, boneheads, united, cut, reserve


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GE falls the most in 11 years after Madoff whistleblower calls it a ‘bigger fraud than Enron’

Markopolos alleges that GE has a “long history” of accounting fraud, dating to as early as 1995, when it was run by Jack Welch. A website has been set up to disseminate the report, www.GEfraud.com , where Markopolos calls it “a bigger fraud than Enron.” A year after the Enron scandal broke, long-distance phone company WorldCom, filed for bankruptcy after revelations of an accounting fraud. Separately, he goes on to find issues with GE’s accounting on its oil and gas business Baker Hughes. Addres


Markopolos alleges that GE has a “long history” of accounting fraud, dating to as early as 1995, when it was run by Jack Welch. A website has been set up to disseminate the report, www.GEfraud.com , where Markopolos calls it “a bigger fraud than Enron.” A year after the Enron scandal broke, long-distance phone company WorldCom, filed for bankruptcy after revelations of an accounting fraud. Separately, he goes on to find issues with GE’s accounting on its oil and gas business Baker Hughes. Addres
GE falls the most in 11 years after Madoff whistleblower calls it a ‘bigger fraud than Enron’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: john melloy kate rooney, john melloy, kate rooney
Keywords: news, cnbc, companies, ge, billion, markopolos, insurance, enron, calls, ges, company, madoff, whistleblower, accounting, 11, financial, report, bigger, fraud, falls


GE falls the most in 11 years after Madoff whistleblower calls it a 'bigger fraud than Enron'

Enron, which had more than $63 billion in assets at the time, declared bankruptcy on December 2001 in what was then the largest corporate collapse in U.S. history . Roughly 4,000 Enron employees lost their jobs following its collapse. The energy company’s downfall began with the discovery of accounting irregularities. Twenty-one people, including former CEO Jeffrey Skilling, were convicted in the scandal, and accounting firm Arthur Andersen was forced out of business after it was found guilty of obstruction of justice.

Culp said the fact that Markopolos never talked to company officials before publishing the report “goes to show that he is not interested in accurate financial analysis, but solely in generating downward volatility in GE stock so that he and his undisclosed hedge fund partner can personally profit.”

“GE will always take any allegation of financial misconduct seriously. But this is market manipulation – pure and simple,” Lawrence Culp, chairman and CEO of GE said in a statement. “Mr. Markopolos’s report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report.”

The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s ” Squawk on the Street . ” “WorldCom and Enron lasted about four months. … We’ll see how GE does.”

“My team has spent the past 7 months analyzing GE’s accounting and we believe the $38 Billion in fraud we’ve come across is merely the tip of the iceberg,” Markopolos said in the 175-page report. Markopolos alleges that GE has a “long history” of accounting fraud, dating to as early as 1995, when it was run by Jack Welch.

A website has been set up to disseminate the report, www.GEfraud.com , where Markopolos calls it “a bigger fraud than Enron.” The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered “an Enronesque business approach that has left GE on the verge of insolvency.”

General Electric shares saw their biggest drop in more than a decade Thursday after Madoff whistleblower Harry Markopolos targeted the conglomerate in a new report, accusing it of issuing fraudulent financial statements to hide the extent of its problems.

A year after the Enron scandal broke, long-distance phone company WorldCom, filed for bankruptcy after revelations of an accounting fraud. It had $107 billion in assets at the time.

One area of Markopolos’ case focuses on GE’s long-term care insurance unit, for which the company had to boost reserves by $15 billion last year. By examining the filings of GE’s counterparties in this business, he alleges that GE is hiding massive losses that will only increase as policyholders grow older. He claims that GE has filed false statements to regulators on the unit. Separately, he goes on to find issues with GE’s accounting on its oil and gas business Baker Hughes.

The Wall Street Journal first reported on Markopolos’ findings.

Markopolos is a Boston-based accounting expert who gained attention after pointing out irregularities with Bernie Madoff’s investment strategy, and how it was impossible to generate the returns the fraudster claimed years before the Ponzi scheme was exposed. He was largely ignored at the time. More recently, Markopolos helped uncover a foreign currency trading scandal at a group of banks.

The Markopolos group looking into GE includes forensic accounting veteran John McPherson, co-founder of MMS Advisors, which specializes in the insurance industry.

“GE has been running a decades long accounting fraud by only providing top line revenue and bottom line profits for its business units and getting away with leaving out cost of goods sold, SG&A, R&D and corporate overhead allocations,” the report said.

GE’s market value as of Wednesday’s close was $78.8 billion. With Thursday morning’s skid, the market cap was down to $69.9 billion. Markopolos told the paper the insurance unit would need to raise reserves by more than $18.5 billion. He estimates GE’s already hefty debt-to-equity ratio of 3:1 would skyrocket all the way to 17:1 if the company restates its actual results.

Here are the main points Markopolos makes in the report which are now available to read online:

“This is my accounting fraud team’s ninth insurance fraud case in the past nine years and it’s the biggest, bigger than Enron and WorldCom combined. In fact, GE’s $38 Billion in accounting fraud amounts to over 40% of GE’s market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds.”

“GE utilizes many of the same accounting tricks as Enron did, so much so that we’ve taken to calling this the GEnron case.”

“Of the $29 Billion in new LTC reserves that GE needs, $18.5 Billion requires cash immediately while the remaining $10.5 Billion is a non-cash GAAP charge which accounting rules require to be taken no later than 1QTR 2021. These impending losses will destroy GE’s balance sheet, debt ratios and likely also violate debt covenants.”

“When you benchmark GE to a responsible insurance carrier using going concern accounting such as Prudential (PRU), GE needs $18.5 Billion in additional reserves in order to be able to pay claims. We compare GE’s LTC policies to Prudential and Unum, two insurers with similar pre-mid-2000’s vintage LTC policies, but whose policies have much lower risk characteristics than GE’s. Prudential’s 2018 loss ratio on similar policies was 185% and they’re reserving $113,455 per policy while GE’s loss ratios are several times higher and they’re only reserving $79,000 per policy. Just to match Prudential’s level of reserves would require an immediate $9.5 Billion increase in reserves.”

“GE would change its reporting formats every 2-4 years to prevent analysts from being able to make comparisons across time horizons! In other words, GE went out of its way to make it impossible to analyze the performance of their business units.

“Why would a company do that? We could only think of two reasons: 1) to conceal accounting fraud or 2) because they’re so incompetent they’re not capable of keeping proper books and records. I’m not sure which reason is worse because both are bad and each is a path to bankruptcy.”

GE is already under investigation by the Justice Department and SEC for potential accounting practices. That includes a $22 billion charge the company took in the third quarter related to acquisitions made in its power business.

The struggling industrial conglomerate abruptly removed its former CEO and chairman John Flannery last year after only a year on the job and installed Culp, former Danaher CEO, as his successor.

Flannery had been appointed in August 2017, taking the reins from Jeff Immelt as GE’s stock steadily eroded. The company’s value had continued set new lows as investors remain unconvinced by Flannery’s turnaround vision. Last summer, GE was kicked out of the Dow Jones Industrial Average. It had been the longest-serving component of the blue chip index at 111 years.

Long-term care policies typically pay for end-of-life costs, like nursing homes or assisted living. It’s known as one of the more costly and unpredictable parts of the insurance market — especially as the average American lifespan rises. In January 2018, GE reported a $6.2 billion charge based on liabilities in its long-term care business, which is run by the company’s financial services unit, GE Capital. To make up for the costs, GE Capital said it needed to set aside $15 billion to hold against potential losses, and stopped paying a dividend to its parent company for the “foreseeable future.”

The costs prompted an investor lawsuit and prompted an investigation by the Securities and Exchange Commission, which GE has said it is cooperating with.

GE pointed out that Markopolos gave an unnamed hedge fund he is working with access to the report ahead of time. Markopolos said he has given the report to securities regulators and that certain information he has uncovered has been given to law enforcement only, and is not in the public report.

A disclaimer on the website read: “Prior to the initial distribution of this Report on August 15, 2019, the Company entered into an agreement with a third-party entity to review an advanced copy of the Report in exchange for later-provided compensation. That compensation is based on a percentage of the profits resulting from the third-party entity’s positions in the securities, derivatives, and other financial instruments of, and/or relating to, General Electric Company (“GE”) (NYSE: GE). Those positions taken by the third-party entity are designed to generate profits should the price of GE securities decrease.”

GE reported better-than-expected second-quarter earnings and gave an upbeat outlook for its industrial cash flow — a key metric watched by investors. GE also announced that long-time executive Jamie Miller, who has been with GE since 2008, was stepping down. She was appointed as CFO in 2017 under Flannery.

GE said its power unit is showing “signs of stabilization” but the segment’s orders remained sluggish, with $4.9 billion in booked orders, representing a drop of 22% from a year earlier. Revenue fell by 25% year over year in the second quarter, while power barely reported a profit of $100 million.

Here is the full GE statement to CNBC:

“We have never met, spoken to or had contact with this person. While we can’t comment on the detailed content of a report that we haven’t seen, the allegations we have heard are entirely false and misleading. It’s widely known and the WSJ has previously reported that he works for and is compensated by unnamed hedge funds. Such funds are usually financially motivated to try to generate short selling in a company’s stock to create unnecessary volatility.

GE stands behind its financials. We operate to the highest-level of integrity in our financial reporting and we have clearly laid out our financial obligations in great detail.

We remain focused on running our business every day and following the strategic path we have laid out. We will not be distracted by this type of meritless, misguided and self-serving speculation and neither should anyone in the investor community. ”

Addressing Mr. Markopolos’s allegations: GE Insurance: We believe that our current reserves are well-supported for our portfolio characteristics, and we undertake rigorous reserve adequacy testing every year. The future implementation of the GAAP insurance accounting standard, which will be highly dependent on a number of variables, will not affect statutory accounting, which drives our funding requirements.

BHGE accounting: As a majority shareholder of BHGE, we are required to report consolidated earnings (under U.S. GAAP law), contrary to what Mr. Markopolos alleges. Further, consolidation of BHGE by GE includes additional disclosure of BHGE’s results made through BHGE segment results reporting in the notes to GE’s consolidated financial statements. BHGE is also a stand-alone SEC registrant with its own separate SEC filings under Form 10-Q and 10-K as a separate company. In the most recent 10Q, GE disclosed the loss upon deconsolidation of BHGE from a sale of our interest (taking us below our current majority position) would be approximately $7.4B as of 7/26/19. GE’s liquidity: Contrary to Mr. Markopolos’s allegations, GE continues to maintain a strong liquidity position, committed credit lines, and several executable options to monetize assets. The Company ended the second quarter with $16.9B of Industrial Cash excluding Baker Hughes GE, $12.5B of liquidity at GE Capital and access to $35B of credit facilities. As it relates to GE’s leverage targets, as the Company has previously stated during 2Q earnings, it expects to make significant progress towards these goals by the end of 2020.

Read the entire report here.

Correction: An earlier version misstated the years when GE was removed from the Dow Jones Industrial Average and when GE reported a $6.2 billion charge.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: john melloy kate rooney, john melloy, kate rooney
Keywords: news, cnbc, companies, ge, billion, markopolos, insurance, enron, calls, ges, company, madoff, whistleblower, accounting, 11, financial, report, bigger, fraud, falls


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Raymond James upgrades Apple on ‘increased conviction in a 5G iPhone’

Trump was suspected of talking to Cohen, Hicks about plan to stop… The filing came a day after the judge in Michael Cohen’s criminal case ordered their release, saying that the end of a probe into those payments to alleged sexual partners of… Politicsread more


Trump was suspected of talking to Cohen, Hicks about plan to stop… The filing came a day after the judge in Michael Cohen’s criminal case ordered their release, saying that the end of a probe into those payments to alleged sexual partners of… Politicsread more
Raymond James upgrades Apple on ‘increased conviction in a 5G iPhone’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: michael bloom, john melloy
Keywords: news, cnbc, companies, talking, apple, probe, stopthe, sexual, 5g, trump, upgrades, conviction, plan, raymond, iphone, increased, suspected, saying, release, payments, james


Raymond James upgrades Apple on 'increased conviction in a 5G iPhone'

Trump was suspected of talking to Cohen, Hicks about plan to stop…

The filing came a day after the judge in Michael Cohen’s criminal case ordered their release, saying that the end of a probe into those payments to alleged sexual partners of…

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Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: michael bloom, john melloy
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Chip stocks are tanking after ‘depressing’ Broadcom earnings in a bad sign for market

Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.9% and was headed for its biggest decline in about a month. Broadcom’s revenue for the fiscal second quarter came in Thursday evening at $5.52 billion vs. the $5.68 billion expected by analysts polled by Refinitiv. The chipmaker also said it now exp


Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.9% and was headed for its biggest decline in about a month. Broadcom’s revenue for the fiscal second quarter came in Thursday evening at $5.52 billion vs. the $5.68 billion expected by analysts polled by Refinitiv. The chipmaker also said it now exp
Chip stocks are tanking after ‘depressing’ Broadcom earnings in a bad sign for market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: john melloy
Keywords: news, cnbc, companies, customers, chip, broadbased, slowdown, market, billion, polled, broadcom, bad, demand, fiscal, tanking, sign, chipmaker, earnings, revenue, depressing, stocks


Chip stocks are tanking after 'depressing' Broadcom earnings in a bad sign for market

Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei.

Broadcom shares lost more than 9% in premarket trading Friday. Skyworks, Xilinx, Micron, Advanced Micro Devices, Nvidia and Qualcomm all followed suit with losses greater than 3%. Intel was down more than 2%. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.9% and was headed for its biggest decline in about a month.

Broadcom’s revenue for the fiscal second quarter came in Thursday evening at $5.52 billion vs. the $5.68 billion expected by analysts polled by Refinitiv. The chipmaker also said it now expects $22.60 billion in revenue for fiscal 2019, well bellow the $24.31 billion seen by analysts polled by Refnitiv.

“We currently see a broad-based slowdown in the demand environment, which we believe is driven by continued geopolitical uncertainties, as well as the effects of export restrictions on one of our largest customers,” Broadcom CEO Hock Tan said in a statement. “As a result, our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year.”


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: john melloy
Keywords: news, cnbc, companies, customers, chip, broadbased, slowdown, market, billion, polled, broadcom, bad, demand, fiscal, tanking, sign, chipmaker, earnings, revenue, depressing, stocks


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Stocks set to tumble with Dow futures pointing to 125-point decline as yields keep falling

U.S. stock index futures were sharply lower Wednesday morning, as bond yields fell again triggering concerns about the economic outlook. The Dow was set to add to its 4.7% decline so far in May with risk aversion increasing in recent days as bond yields dropped. Chipmakers, which have gotten pounded this month on fears of disrupted supply chains and lost customers due to the trade war, fell again in premarket trading Wednesday. Trade bellwethers Boeing and Caterpillar were also lower in premarke


U.S. stock index futures were sharply lower Wednesday morning, as bond yields fell again triggering concerns about the economic outlook. The Dow was set to add to its 4.7% decline so far in May with risk aversion increasing in recent days as bond yields dropped. Chipmakers, which have gotten pounded this month on fears of disrupted supply chains and lost customers due to the trade war, fell again in premarket trading Wednesday. Trade bellwethers Boeing and Caterpillar were also lower in premarke
Stocks set to tumble with Dow futures pointing to 125-point decline as yields keep falling Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-29  Authors: john melloy sam meredith, john melloy, sam meredith
Keywords: news, cnbc, companies, yields, pointing, market, trading, decline, stocks, lower, dow, falling, treasury, 125point, tumble, yield, trade, set, futures, premarket, outlook


Stocks set to tumble with Dow futures pointing to 125-point decline as yields keep falling

U.S. stock index futures were sharply lower Wednesday morning, as bond yields fell again triggering concerns about the economic outlook. Increasing trade tensions in the China-U.S. trade fight also weighed on markets.

Around 6:46 a.m. ET, Dow futures indicated a negative open of more than 122 points. Futures on the S&P and Nasdaq were also both pointing lower.

The Dow was set to add to its 4.7% decline so far in May with risk aversion increasing in recent days as bond yields dropped. The 10-year Treasury note yield, which touched a 19-month low on Tuesday, declined again in early trading Wednesday to 2.24%. A portion of the so-called yield curve further inverted as 3-month Treasury bills last yielded 2.3456%, well above the 10-year rate.

It comes at a time when the world’s two largest economies are locked in a protracted trade dispute.

Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

In the latest move, China made a veiled threat this week through state media regarding rare earth minerals, a market crucial to the U.S. technology and defense industries which China dominates.

Chipmakers, which have gotten pounded this month on fears of disrupted supply chains and lost customers due to the trade war, fell again in premarket trading Wednesday. Micron and Nvidia were lower.

Trade bellwethers Boeing and Caterpillar were also lower in premarket trading.

Italy’s dispute with the European Commission over its budget, wins for europskeptic parties in EU elections and political turmoil in Austria and Greece have all added to the gloomy market outlook.


Company: cnbc, Activity: cnbc, Date: 2019-05-29  Authors: john melloy sam meredith, john melloy, sam meredith
Keywords: news, cnbc, companies, yields, pointing, market, trading, decline, stocks, lower, dow, falling, treasury, 125point, tumble, yield, trade, set, futures, premarket, outlook


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Amazon shares will reach $3,000 in 2 years without the company really trying, Piper Jaffray says

Robert Mueller wants to testify in private before Congress,…Special counsel Robert Mueller wants to talk to Congress about his investigation into the Trump campaign and Russian interference in the 2016 election, but he wants to do it… Politicsread more


Robert Mueller wants to testify in private before Congress,…Special counsel Robert Mueller wants to talk to Congress about his investigation into the Trump campaign and Russian interference in the 2016 election, but he wants to do it… Politicsread more
Amazon shares will reach $3,000 in 2 years without the company really trying, Piper Jaffray says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: john melloy
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Amazon shares will reach $3,000 in 2 years without the company really trying, Piper Jaffray says

Robert Mueller wants to testify in private before Congress,…

Special counsel Robert Mueller wants to talk to Congress about his investigation into the Trump campaign and Russian interference in the 2016 election, but he wants to do it…

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Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: john melloy
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Tim Cook says the improved tone in trade talks is boosting Apple’s China business

Apple CEO Tim Cook said the company’s prospects in China have significantly improved in just three months and it’s in part because of the Trump administration’s progress with the country in trade talks. That affects consumer confidence in a positive way,” Cook told CNBC’s Josh Lipton in an interview. On the company’s first-quarter earnings call Tuesday, Cook cited the improved trade talks, a China tax cut and iPhone trade-in and financing programs for a turnaround in the country. “There’s an imp


Apple CEO Tim Cook said the company’s prospects in China have significantly improved in just three months and it’s in part because of the Trump administration’s progress with the country in trade talks. That affects consumer confidence in a positive way,” Cook told CNBC’s Josh Lipton in an interview. On the company’s first-quarter earnings call Tuesday, Cook cited the improved trade talks, a China tax cut and iPhone trade-in and financing programs for a turnaround in the country. “There’s an imp
Tim Cook says the improved tone in trade talks is boosting Apple’s China business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: john melloy
Keywords: news, cnbc, companies, boosting, revenue, china, apples, mean, cook, shares, tone, trade, talks, apple, tim, positive, way, business, improved


Tim Cook says the improved tone in trade talks is boosting Apple's China business

The Apple logo is seen on the window at an Apple Store on January 7, 2019 in Beijing, China.

Apple CEO Tim Cook said the company’s prospects in China have significantly improved in just three months and it’s in part because of the Trump administration’s progress with the country in trade talks.

“I believe that the trade relationship — I don’t mean the tariff, I mean the tone — is much better today than it was in the November-December time frame. That affects consumer confidence in a positive way,” Cook told CNBC’s Josh Lipton in an interview.

On the company’s first-quarter earnings call Tuesday, Cook cited the improved trade talks, a China tax cut and iPhone trade-in and financing programs for a turnaround in the country.

“There’s an improved trade dialogue between the U.S. and China, and from our point of view, this has affected consumer confidence on the ground there in a positive way. And so I think it’s a set of all of these things, and we certainly feel a lot better than we did 90 days ago,” the CEO said on the call.

In January, Apple shares dropped the most in 6 years after it slashed its revenue guidance, citing slowing iPhone sales in China. On Tuesday, the company said third-quarter revenue may be as high as $54.5 billion partly because of improved performance in China. That’s higher than a $51.94 billion consensus analyst estimate for the quarter currently, according to Refinitiv.

The shares are up more than 5% in premarket trading Wednesday.

The White House chief of staff Mick Mulvaney said on Tuesday that a trade agreement could be announced with Beijing in the next two weeks.

— With reporting by Kif Leswing


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: john melloy
Keywords: news, cnbc, companies, boosting, revenue, china, apples, mean, cook, shares, tone, trade, talks, apple, tim, positive, way, business, improved


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Tim Cook says the improved tone in trade talks is boosting Apple’s China business

Luxury home sales see biggest slump in nearly a decadeThe nation’s priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the…Real Estateread more


Luxury home sales see biggest slump in nearly a decadeThe nation’s priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the…Real Estateread more
Tim Cook says the improved tone in trade talks is boosting Apple’s China business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: john melloy
Keywords: news, cnbc, companies, nearly, taking, tone, talks, tim, trade, boosting, apples, nations, sales, cook, toll, china, slump, priciest, business, improved, value, properties, thereal


Tim Cook says the improved tone in trade talks is boosting Apple's China business

Luxury home sales see biggest slump in nearly a decade

The nation’s priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the…

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Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: john melloy
Keywords: news, cnbc, companies, nearly, taking, tone, talks, tim, trade, boosting, apples, nations, sales, cook, toll, china, slump, priciest, business, improved, value, properties, thereal


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‘Biggest bear’ on Target upgrades the stock, says shares to rally nearly 50%

Wall Street’s self-proclaimed biggest bear on Target upgraded the stock Monday, saying he sees a buying opportunity from its recent weakness, which was fueled by concerns about Amazon competition. Barclays’ Matthew McClintock upgraded Target to overweight from equal weight and raised his 12-month price projection to $115 a share from $85. Target shares are down more than 5% in the last week. The analyst had upgraded target to equal weight in January. Target shares jumped 2% Monday in premarket t


Wall Street’s self-proclaimed biggest bear on Target upgraded the stock Monday, saying he sees a buying opportunity from its recent weakness, which was fueled by concerns about Amazon competition. Barclays’ Matthew McClintock upgraded Target to overweight from equal weight and raised his 12-month price projection to $115 a share from $85. Target shares are down more than 5% in the last week. The analyst had upgraded target to equal weight in January. Target shares jumped 2% Monday in premarket t
‘Biggest bear’ on Target upgrades the stock, says shares to rally nearly 50% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: john melloy
Keywords: news, cnbc, companies, 50, rally, upgraded, biggest, retailers, stock, mcclintock, bear, nearly, share, weight, target, shares, recent, equal, upgrades


'Biggest bear' on Target upgrades the stock, says shares to rally nearly 50%

Wall Street’s self-proclaimed biggest bear on Target upgraded the stock Monday, saying he sees a buying opportunity from its recent weakness, which was fueled by concerns about Amazon competition.

Barclays’ Matthew McClintock upgraded Target to overweight from equal weight and raised his 12-month price projection to $115 a share from $85. The new target represents a 49% surge from Friday’s close of $77.12.

In a portion of the report entitled “Why the biggest bear on TGT finally upgraded the stock,” the analyst goes on to say that the recent decline in Target shares after Amazon’s said it was moving toward one-day shipping for Prime customers has gone too far. Target shares are down more than 5% in the last week.

“We have now decided with the pullback in the stock due to recent Amazon fears, our expected downside from this near-term view is meaningfully derisked,” he wrote. Target “is already ahead of AMZN in same day delivery … and has built a supply chain that fulfills e-commerce primarily from stores (where next-day delivery is much easier), which stands in contrast to most retailers.”

The analyst had upgraded target to equal weight in January. Before that, Barclays had a sell rating going back to at least mid-2016.

Bigger picture, McClintock believes there’s been a “narrative change” that means the stock deserves a higher valuation. He trumpets market share opportunities in apparel and home furnishings and says Target “is a leader in practically everything investors use to support other retailers that they like.”

“The company is well ahead of most retailers in: 1) employee pay; 2) store experience … 3) digital, and merchandising/private label,” he said.

Target shares jumped 2% Monday in premarket trading following the call.

— With reporting by Michael Bloom


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: john melloy
Keywords: news, cnbc, companies, 50, rally, upgraded, biggest, retailers, stock, mcclintock, bear, nearly, share, weight, target, shares, recent, equal, upgrades


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Disney upgraded by Cowen, citing streaming service launch, new ‘Star Wars’

Cowen upgraded Disney stock ahead of the company’s investor day later this week, citing Disney’s new streaming service and next “Star Wars.” Cowen upgraded Disney to outperform from market perform and raised its 12-month price target to $131 from $102. “We believe the launch of Star Wars: Galaxy’s Edge at both domestic parks this summer should catalyze continued strong growth in 2H:F19 and FY20,” he added. At investor day, Disney is expected to give details on its new streaming service Disney+.


Cowen upgraded Disney stock ahead of the company’s investor day later this week, citing Disney’s new streaming service and next “Star Wars.” Cowen upgraded Disney to outperform from market perform and raised its 12-month price target to $131 from $102. “We believe the launch of Star Wars: Galaxy’s Edge at both domestic parks this summer should catalyze continued strong growth in 2H:F19 and FY20,” he added. At investor day, Disney is expected to give details on its new streaming service Disney+.
Disney upgraded by Cowen, citing streaming service launch, new ‘Star Wars’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: john melloy, disney
Keywords: news, cnbc, companies, disneys, day, streaming, star, dtc, cowen, citing, disney, upgraded, believe, service, wars, launch, investor


Disney upgraded by Cowen, citing streaming service launch, new 'Star Wars'

Cowen upgraded Disney stock ahead of the company’s investor day later this week, citing Disney’s new streaming service and next “Star Wars.”

“We view Disney’s catalyst path for the next year as highly attractive, and believe Thursday’s investor day will likely be a deck-clearing event for sentiment,” Cowen’s Doug Creutz said in a note.

Cowen upgraded Disney to outperform from market perform and raised its 12-month price target to $131 from $102. Disney shares added nearly 1 percent in premarket trading Tuesday following the call.

“Disney has a very powerful pipeline of product that will play out over the balance of the year,” wrote Creutz. “On the film side, we believe Disney’s slate could drive a $3B calendar year Studio operating profit. We also believe the slate, principally the Q4:C19 releases Frozen 2 and Star Wars Episode IX, should set the stage for a re-acceleration in Consumer Products performance in 2020.”

“We believe the launch of Star Wars: Galaxy’s Edge at both domestic parks this summer should catalyze continued strong growth in 2H:F19 and FY20,” he added.

At investor day, Disney is expected to give details on its new streaming service Disney+. Investors also await details on the road ahead following its $71 billion deal for Fox’s entertainment assets, which closed at the end of March.

“We believe the Disney+ DTC (direct to consumer) service is well positioned to have an extremely strong launch that surpasses consensus subscriber expectations,” Cowen said. “With the upcoming analyst day likely to provide a needed number reset (for near-term Fox deal dilution and DTC costs), investor focus can shift to this positive catalyst path, and dreams of Netflix-like valuations for the DTC business in years to come.”

Disney shares are up about 5 percent this year, below the S&P 500’s return of 15 percent.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: john melloy, disney
Keywords: news, cnbc, companies, disneys, day, streaming, star, dtc, cowen, citing, disney, upgraded, believe, service, wars, launch, investor


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