Investor Ken Fisher loses $600 million contract after making sexist comments at summit

The state of Michigan has pulled $600 million of its pension fund from wealth management company Fisher Investments after the company’s founder and CEO Ken Fisher made sexist comments at a summit in San Francisco this week. At the Tiburon conference, Fisher compared his wealth management strategy to picking up women for sex, made explicit remarks about genitalia and mentioned Jeffrey Epstein, the financier who was charged with trafficking girls this year before hanging himself in prison. Michiga


The state of Michigan has pulled $600 million of its pension fund from wealth management company Fisher Investments after the company’s founder and CEO Ken Fisher made sexist comments at a summit in San Francisco this week. At the Tiburon conference, Fisher compared his wealth management strategy to picking up women for sex, made explicit remarks about genitalia and mentioned Jeffrey Epstein, the financier who was charged with trafficking girls this year before hanging himself in prison. Michiga
Investor Ken Fisher loses $600 million contract after making sexist comments at summit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: emma newburger
Keywords: news, cnbc, companies, comments, sexist, making, contract, investments, conference, summit, sex, fisher, ken, investor, lot, wealth, million, tiburon, letter, investment, loses


Investor Ken Fisher loses $600 million contract after making sexist comments at summit

The state of Michigan has pulled $600 million of its pension fund from wealth management company Fisher Investments after the company’s founder and CEO Ken Fisher made sexist comments at a summit in San Francisco this week.

At the Tiburon conference, Fisher compared his wealth management strategy to picking up women for sex, made explicit remarks about genitalia and mentioned Jeffrey Epstein, the financier who was charged with trafficking girls this year before hanging himself in prison.

Michigan Chief Investment Officer Jon Braeutigam told the state’s investment board that its bureau of investments has fired Fisher Investments due to the chairman’s “completely unacceptable comments,” according to a letter obtained by The Washington Post.

Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said that attendees had mischaracterized his comments, and that he had “given a lot of talks, a lot of times, in a lot of places and said stuff like this and never gotten that type of response.”

Fisher, whose Washington-based firm manages over $100 billion in assets, eventually apologized for his comments on Thursday in a statement from his representative.

“Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them,” he said. “I realize this kind of language has no place in our company or industry. I sincerely apologize.”

In the audio obtained by CNBC, Fisher said at the Tiburon conference: “Money, sex, those are the two most private things for most people,” so when trying to win new clients you need to be careful.

“It’s like going up to a girl in a bar … (inaudible) …going up to a woman in a bar and saying, hey I want to talk about what’s in your pants,” he said.

Braeutigam in the letter said that Michigan’s Bureau of Investment decided to fire Fisher Investments after seeing news reports of his remarks.

“…All were in unanimous agreement that prompt termination is the correct course of action,” the letter said. “There is no excuse to not treat everyone with dignity and respect. We have high expectations of our managers (and staff), not just with regards to returns but also in how they exhibit integrity and respect to all individuals.”


Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: emma newburger
Keywords: news, cnbc, companies, comments, sexist, making, contract, investments, conference, summit, sex, fisher, ken, investor, lot, wealth, million, tiburon, letter, investment, loses


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Boeing CEO loses chairman title as company separates roles after 737 Max crisis

Boeing Chief Executive Dennis Muilenburg speaks during a press conference after the annual shareholders meeting at the Field Museum on April 29, 2019 in Chicago, Illinois. Boeing announced earnings fell 21 percent in the first quarter after multiple crashes of the company’s bestselling plane the 737 Max. (Photo by Jim Young-Pool/Getty Images)Boeing’s board removed CEO Dennis Muilenburg as chairman so he can focus on running the company after the 737 Max crisis, the company said Friday. The manuf


Boeing Chief Executive Dennis Muilenburg speaks during a press conference after the annual shareholders meeting at the Field Museum on April 29, 2019 in Chicago, Illinois. Boeing announced earnings fell 21 percent in the first quarter after multiple crashes of the company’s bestselling plane the 737 Max. (Photo by Jim Young-Pool/Getty Images)Boeing’s board removed CEO Dennis Muilenburg as chairman so he can focus on running the company after the 737 Max crisis, the company said Friday. The manuf
Boeing CEO loses chairman title as company separates roles after 737 Max crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: leslie josephs
Keywords: news, cnbc, companies, max, ceo, boeing, title, dennis, service, planes, board, company, running, roles, chairman, separates, crashes, 737, muilenburg, crisis, focus, loses


Boeing CEO loses chairman title as company separates roles after 737 Max crisis

Boeing Chief Executive Dennis Muilenburg speaks during a press conference after the annual shareholders meeting at the Field Museum on April 29, 2019 in Chicago, Illinois. Boeing announced earnings fell 21 percent in the first quarter after multiple crashes of the company’s bestselling plane the 737 Max. (Photo by Jim Young-Pool/Getty Images)

Boeing’s board removed CEO Dennis Muilenburg as chairman so he can focus on running the company after the 737 Max crisis, the company said Friday.

Boeing is facing numerous investigations and criticism over its 737 Max planes, following two fatal crashes within five months of one another that killed a total of 346 people.

The manufacturer is scrambling to get regulators to allow its 737 Max planes to fly again. They have been grounded worldwide since mid-March, after the second of the two crashes, an Ethiopian Airlines flight with 157 people on board. A Lion Air 737 Max went down in Indonesia shortly after takeoff on Oct. 29, 2018, killing all 189 people on the flight.

Boeing said the changes will allow Muilenburg to focus on getting the Max back to service and that lead director David Calhoun will serve as non-executive chairman.

“The board has full confidence in Dennis as CEO and believes this division of labor will enable maximum focus on running the business with the board playing an active oversight role,” Calhoun said in the statement.

Muilenburg said he fully supports the board’s decision.

“Our entire team is laser-focused on returning the 737 MAX safely to service and delivering on the full breadth of our company’s commitments,” he said in the statement.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: leslie josephs
Keywords: news, cnbc, companies, max, ceo, boeing, title, dennis, service, planes, board, company, running, roles, chairman, separates, crashes, 737, muilenburg, crisis, focus, loses


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Chinese tourism growth slows as overseas travel loses its luster

BEIJING — The rapid growth of Chinese tourism took a bit of a breather during the latest week-long National Day holiday, government data indicate. “Golden Week data point to a slowdown,” Ting Lu, Nomura’s chief China economist, said in the title of a report distributed Wednesday. “As China’s economy has become increasingly reliant on consumption to drive its growth, data from ‘golden weeks’ have become a good barometer of China’s consumption growth trend.” Tourism growth slowed during another go


BEIJING — The rapid growth of Chinese tourism took a bit of a breather during the latest week-long National Day holiday, government data indicate. “Golden Week data point to a slowdown,” Ting Lu, Nomura’s chief China economist, said in the title of a report distributed Wednesday. “As China’s economy has become increasingly reliant on consumption to drive its growth, data from ‘golden weeks’ have become a good barometer of China’s consumption growth trend.” Tourism growth slowed during another go
Chinese tourism growth slows as overseas travel loses its luster Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: evelyn cheng
Keywords: news, cnbc, companies, tourism, chinese, travel, golden, loses, data, consumption, slows, day, days, growth, oct, overseas, week, holiday, million, luster


Chinese tourism growth slows as overseas travel loses its luster

XIAOSHAN AIRPORT, HANGZHOU, ZHEJIANG PROVINCE, CHINA: An outbound tourist group is waiting for check-in in front of the counter of China Customs. Chinese nationals have become the largest number of foreign tourists visiting other countries in 2015 as the number of outbound visitors crossed 120 million, registering an 11 million increase from last year.

BEIJING — The rapid growth of Chinese tourism took a bit of a breather during the latest week-long National Day holiday, government data indicate.

The seven-day vacation from Oct. 1 to Oct. 7 is dubbed “Golden Week” and is one of the few major government-mandated holidays in a country where personal vacation days are few. This year’s National Day was particularly significant domestically since it revolved around massive celebrations on Oct. 1 for the 70th anniversary of the Communist Party’s rule.

Chinese tourist sites received 782 million visits during the holiday, up well over 7% from last year’s 726 million, according to the Ministry of Culture and Tourism. But, that’s slower than reported growth of more than 9% in 2018, and down from a 10% increase in 2017.

Retail and food and beverage sales from Oct. 1 to Oct. 7 grew 8.5% to 1.52 trillion yuan ($212.7 billion), according to the Ministry of Commerce. While a solid figure, that’s a slower pace than the Commerce Ministry’s claims of nearly 10% or higher growth for previous years.

“Golden Week data point to a slowdown,” Ting Lu, Nomura’s chief China economist, said in the title of a report distributed Wednesday. “As China’s economy has become increasingly reliant on consumption to drive its growth, data from ‘golden weeks’ have become a good barometer of China’s consumption growth trend.”

Chinese authorities are trying to boost domestic consumption in an effort to support economic growth. Shortly after a major government meeting in March, authorities announced the May 1 Labor Day holiday would be extended by two days by swapping those working days with weekends, as is typical in China.

Tourism growth slowed during another golden week this year, the Lunar New Year holiday in February. Official numbers for overseas travel during that period were not clear about the actual rate of change.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: evelyn cheng
Keywords: news, cnbc, companies, tourism, chinese, travel, golden, loses, data, consumption, slows, day, days, growth, oct, overseas, week, holiday, million, luster


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Trump loses NY federal court fight to keep tax returns secret from Manhattan DA probe

US President Donald Trump and First Lady Melania Trump (not pictured) return to the White House in Washington, DC, on August 4, 2019. “This Court finds aspects of such a doctrine repugnant to the nation’s governmental structure and constitutional values,” Marrero wrote in his 75-page decision in U.S. District Court in Manhattan. Later, Trump suggested that congressional Democrats are in cahoots with DA Cyrus Vance Jr. to try to bring him down. “The Radical Left Democrats have failed on all front


US President Donald Trump and First Lady Melania Trump (not pictured) return to the White House in Washington, DC, on August 4, 2019. “This Court finds aspects of such a doctrine repugnant to the nation’s governmental structure and constitutional values,” Marrero wrote in his 75-page decision in U.S. District Court in Manhattan. Later, Trump suggested that congressional Democrats are in cahoots with DA Cyrus Vance Jr. to try to bring him down. “The Radical Left Democrats have failed on all front
Trump loses NY federal court fight to keep tax returns secret from Manhattan DA probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: dan mangan jacob pramuk, dan mangan, jacob pramuk
Keywords: news, cnbc, companies, loses, trumps, returns, tax, federal, secret, district, fight, presidents, probe, president, vance, manhattan, subpoena, court, trump, ruling


Trump loses NY federal court fight to keep tax returns secret from Manhattan DA probe

US President Donald Trump and First Lady Melania Trump (not pictured) return to the White House in Washington, DC, on August 4, 2019.

A federal judge on Monday dismissed President Donald Trump’s lawsuit seeking to block the release of his personal and corporate tax returns to the Manhattan district attorney, who is conducting a criminal investigation related to the president’s company.

U.S. District Judge Victor Marrero’s ruling flatly rejected what he called the “extraordinary claim” by Trump that while president he is immune not only from criminal prosecution but also from being criminally investigated by a state prosecutor or anyone else.

Trump’s lawyers immediately appealed the ruling.

Marrero said that under Trump’s theory, not only his behavior would be immune from an investigation, but so would suspected “misconduct of any other person, business affiliate, associate or relative who may have collaborated with the President in committing purportedly unlawful acts.”

“This Court finds aspects of such a doctrine repugnant to the nation’s governmental structure and constitutional values,” Marrero wrote in his 75-page decision in U.S. District Court in Manhattan.

Read the court’s ruling here.

Later, Trump suggested that congressional Democrats are in cahoots with DA Cyrus Vance Jr. to try to bring him down. “The Radical Left Democrats have failed on all fronts, so now they are pushing local New York City and State Democrat prosecutors to go get President Trump,” he tweeted.

Marrero said if Trump’s argument was allowed, it could “frustrate the administration of justice” in regard to a president’s conduct.

Trump’s attorneys asked U.S. Circuit Court of Appeals for the Second Circuit to block Marrero’s ruling from taking effect, and the president’s accountants, Mazars USA, from being compelled to comply with a grand jury subpoena for eight years’ worth of his personal and corporate tax returns.

One of those lawyers, William Consovoy, did not immediately respond to a request for comment.

A spokesman for Vance declined to comment.

Vance’s office had objected to a federal court becoming involved in the dispute, and had accused Trump’s legal team of trying to delay execution of the subpoena so that the statute of limitations for potential crimes that Vance is investigating would expire.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: dan mangan jacob pramuk, dan mangan, jacob pramuk
Keywords: news, cnbc, companies, loses, trumps, returns, tax, federal, secret, district, fight, presidents, probe, president, vance, manhattan, subpoena, court, trump, ruling


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L Brands’ ties to Jeffrey Epstein aren’t its only troubles as stock loses a third of its value this year

VCG | Getty ImagesIt’s been quite the year for L Brands. Shares of L Brands are down nearly 35% since the start of the year. Its Bath & Body Works store has helped drive the company’s growth, but there are some concerns that engine may slow. Bath & Body Works now comprises 35% of L Brands’ sales, up from 27% five years ago, according to Factset. “A declining Bath & Body Works scenario is not contemplated at all by the Street so beware,” the firm’s analysts recently cautioned investors.


VCG | Getty ImagesIt’s been quite the year for L Brands. Shares of L Brands are down nearly 35% since the start of the year. Its Bath & Body Works store has helped drive the company’s growth, but there are some concerns that engine may slow. Bath & Body Works now comprises 35% of L Brands’ sales, up from 27% five years ago, according to Factset. “A declining Bath & Body Works scenario is not contemplated at all by the Street so beware,” the firm’s analysts recently cautioned investors.
L Brands’ ties to Jeffrey Epstein aren’t its only troubles as stock loses a third of its value this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: lauren hirsch
Keywords: news, cnbc, companies, works, stock, sales, loses, brands, epstein, value, jeffrey, company, victorias, ties, body, troubles, bath, wexner, secret, arent


L Brands' ties to Jeffrey Epstein aren't its only troubles as stock loses a third of its value this year

A woman walks past a Victoria’s Secret store at Huaihai Road in Shanghai, China. VCG | Getty Images

It’s been quite the year for L Brands. Sales continued to decline at its prized Victoria’s Secret stores. It faced an activist campaign that led to a board shakeup. Then came unwanted attention for its ties to accused child sex trafficker Jeffrey Epstein. That relationship is under review by the company. But this week the focus will be on longtime Chairman and CEO Les Wexner at the company’s investor day. Wexner, along with a number of L Brands executives, including its heads of Bath & Body Works, Pink and Victoria’s Secret will take the stage Tuesday at the Hilton Columbus at Easton to give an update on the state of the company’s business. Shares of L Brands are down nearly 35% since the start of the year. Over the past three years, its shares have fallen cumulatively nearly 40%, while shares of the S&P 500 have grown nearly 11%, according to Factset. Last quarter, the company reported same-store sales that fell 1%, worse than expected growth of 0.3%. Its marquee store, Victoria’s Secret, has lost touch with women who are eschewing its sexy lacy brand for more comfortable styles. Its Bath & Body Works store has helped drive the company’s growth, but there are some concerns that engine may slow. Bath & Body Works now comprises 35% of L Brands’ sales, up from 27% five years ago, according to Factset.

Turnaround plans

L Brands is making efforts to revive Victoria’s Secret’s performance. It is closing 53 Victoria’s Secret stores, and replacing the brand’s marketing chief after a decades-long stint, along with the heads of Victoria’s Secret and its younger Pink brand. L Brands has said it is “rethinking” its annual Victoria’s Secret fashion show. The annual event has drawn fewer viewers in recent years to watch its “Angels” strut down the catwalk. Wexner has said network television is no longer the “right fit” for the event, and some have suggested the company may opt to stream the event instead. It’s also looking to improve its Victoria’s Secret’s merchandise, differentiating more clearly between its cheaper youth-focused line Pink, and more adult Victoria’s Secret, as well as moderate discounts across the board. In March, it reentered the swimsuit category after pulling out of the business in 2016. The move cost it $500 million in annual sales. “Time will tell whether or not this strategy will be successful, but this will be the new leadership’s opportunity to make the case that this will work when past attempts have not,” wrote Jamie Merriman at Bernstein. Its Bath & Body Works chain, meantime has been performing stronger, despite challenges facing mall-based retailers. But some analysts, including those at Jefferies, worry what challenges lie ahead for the brand as sales of highly profitable candles slow and margins fall. “A declining Bath & Body Works scenario is not contemplated at all by the Street so beware,” the firm’s analysts recently cautioned investors. The company has told investors to expect 2019 full-year adjusted expecting earnings per share in a range of $2.30 to $2.60.

Board in the spotlight


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: lauren hirsch
Keywords: news, cnbc, companies, works, stock, sales, loses, brands, epstein, value, jeffrey, company, victorias, ties, body, troubles, bath, wexner, secret, arent


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Franklin Templeton fund manager loses $1.8 billion in one day on Argentina bets: Financial Times

Consumers are America’s not so secret weapon to lift economyWith markets reeling from recession fears, the world is watching the so far resilient U.S. consumer, now in the strongest position since before the financial crisis. Market Insiderread more


Consumers are America’s not so secret weapon to lift economyWith markets reeling from recession fears, the world is watching the so far resilient U.S. consumer, now in the strongest position since before the financial crisis. Market Insiderread more
Franklin Templeton fund manager loses $1.8 billion in one day on Argentina bets: Financial Times Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jesse pound, patti domm
Keywords: news, cnbc, companies, resilient, loses, reeling, strongest, secret, franklin, bets, templeton, day, world, times, position, financial, markets, manager, recession, billion, watching, fund, weapon


Franklin Templeton fund manager loses $1.8 billion in one day on Argentina bets: Financial Times

Consumers are America’s not so secret weapon to lift economy

With markets reeling from recession fears, the world is watching the so far resilient U.S. consumer, now in the strongest position since before the financial crisis.

Market Insider

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jesse pound, patti domm
Keywords: news, cnbc, companies, resilient, loses, reeling, strongest, secret, franklin, bets, templeton, day, world, times, position, financial, markets, manager, recession, billion, watching, fund, weapon


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Mark Mobius: US markets will go ‘haywire’ if Trump loses 2020 election

Stock markets in the U.S. will go “haywire” if President Donald Trump fails to win a second term in the White House, prominent investor Mark Mobius predicted on Thursday. Mobius, co-founder of Mobius Capital Partners, said U.S. markets have continued to climb higher partly because of Trump’s policies. The president made several moves that many considered pro-business since he took office in 2017, such as slashing corporate tax rates. Such optimism in the stock markets could be disrupted if Trump


Stock markets in the U.S. will go “haywire” if President Donald Trump fails to win a second term in the White House, prominent investor Mark Mobius predicted on Thursday. Mobius, co-founder of Mobius Capital Partners, said U.S. markets have continued to climb higher partly because of Trump’s policies. The president made several moves that many considered pro-business since he took office in 2017, such as slashing corporate tax rates. Such optimism in the stock markets could be disrupted if Trump
Mark Mobius: US markets will go ‘haywire’ if Trump loses 2020 election Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: yen nee lee
Keywords: news, cnbc, companies, trump, stock, policies, 2017, mark, 2020, investor, higher, haywire, markets, election, mobius, president, loses


Mark Mobius: US markets will go 'haywire' if Trump loses 2020 election

Stock markets in the U.S. will go “haywire” if President Donald Trump fails to win a second term in the White House, prominent investor Mark Mobius predicted on Thursday.

Mobius, co-founder of Mobius Capital Partners, said U.S. markets have continued to climb higher partly because of Trump’s policies. The president made several moves that many considered pro-business since he took office in 2017, such as slashing corporate tax rates.

The S&P 500 and the Dow Jones Industrial Average have gone up by more than 30% since the beginning of 2017, while the Nasdaq Composite has risen by around 45%. Such optimism in the stock markets could be disrupted if Trump loses in next year’s presidential race, the investor said.

“I think the markets then will go haywire because they’ve been depending on Trump policies to keep on pushing the market up and also higher growth rate in the U.S.,” Mobius told CNBC’s “Street Signs.”

He added that for now, “it doesn’t look likely” that Trump will lose. However, sentiment in the media appeared to be “overwhelmingly” against the president — and that could continue to build until the election next year, he explained.

“That’s why I’m a little concerned about this,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: yen nee lee
Keywords: news, cnbc, companies, trump, stock, policies, 2017, mark, 2020, investor, higher, haywire, markets, election, mobius, president, loses


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Uber loses two more board members: Arianna Huffington and Matt Cohler

Two members of Uber’s board of directors are resigning, the company announced Wednesday. Thrive Global CEO Arianna Huffington and Matt Cohler, general partner at venture capital firm Benchmark, informed Uber of their plans to resign this week, the company disclosed in filings with the Securities and Exchange Commission. Cohler replaced Benchmark partner Bill Gurley in 2017 as the company was mired in a number of scandals. Huffington and Cohler follow the departure of Uber’s first employee Ryan G


Two members of Uber’s board of directors are resigning, the company announced Wednesday. Thrive Global CEO Arianna Huffington and Matt Cohler, general partner at venture capital firm Benchmark, informed Uber of their plans to resign this week, the company disclosed in filings with the Securities and Exchange Commission. Cohler replaced Benchmark partner Bill Gurley in 2017 as the company was mired in a number of scandals. Huffington and Cohler follow the departure of Uber’s first employee Ryan G
Uber loses two more board members: Arianna Huffington and Matt Cohler Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: lauren feiner
Keywords: news, cnbc, companies, resign, benchmark, work, company, board, arianna, longer, huffington, loses, members, statement, matt, cohler, uber, ubers


Uber loses two more board members: Arianna Huffington and Matt Cohler

Two members of Uber’s board of directors are resigning, the company announced Wednesday. Shares of Uber were down nearly half a percent during after hours trading.

Thrive Global CEO Arianna Huffington and Matt Cohler, general partner at venture capital firm Benchmark, informed Uber of their plans to resign this week, the company disclosed in filings with the Securities and Exchange Commission. Both resignations are effective the day of the announcement. This means Benchmark, once Uber’s largest outside investor, no longer has a seat on the company’s board. Cohler replaced Benchmark partner Bill Gurley in 2017 as the company was mired in a number of scandals.

Huffington and Cohler follow the departure of Uber’s first employee Ryan Graves, who left the board in May, shortly after Uber’s IPO.

Huffington said in a statement filed with the SEC that she no longer felt she could devote the time to being an Uber board member due to the expansion of her own company.

“Given Thrive’s growth, it has become clear to me that I will no longer be able to give my Uber board duties the attention they deserve, so I will be stepping down,” she said. “It has been an unforgettable three-year ride, and I’m grateful to have been able to work alongside my fellow board members and witness the incredible work of thousands of Uber employees around the world.”

Cohler did not offer a specific reason for his departure, but said in a statement included in the filing, “My partners at Benchmark and I have had the privilege of being part of the Uber journey since the Series A nearly a decade ago. I’m thrilled with the company’s position, excited for the road ahead, and extend my deepest thanks to all of Uber’s past and present employees, directors, drivers, and customers.”

Uber said both departures were not the result of any disagreements. Cohler told Uber of his intentions to resign on Tuesday, and Huffington informed the company on Wednesday, according to the filings.

WATCH: Why Uber is losing money and what it will take to become profitable


Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: lauren feiner
Keywords: news, cnbc, companies, resign, benchmark, work, company, board, arianna, longer, huffington, loses, members, statement, matt, cohler, uber, ubers


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Netflix loses $16 billion in market value following surprise subscriber miss

Shares of Netflix fell more than 10% Thursday after the company reported a loss in domestic paid subscribers for the first time in eight years. Netflix lost more than $16 billion from its market cap following the report, bringing it just below $142 billion. But its paid subscriber net additions fell far from even Netflix’s own expectations. Netflix reported international paid subscriber net adds of 2.83 million compared with estimates of 4.81 million, forecast by FactSet. The company forecast 7


Shares of Netflix fell more than 10% Thursday after the company reported a loss in domestic paid subscribers for the first time in eight years. Netflix lost more than $16 billion from its market cap following the report, bringing it just below $142 billion. But its paid subscriber net additions fell far from even Netflix’s own expectations. Netflix reported international paid subscriber net adds of 2.83 million compared with estimates of 4.81 million, forecast by FactSet. The company forecast 7
Netflix loses $16 billion in market value following surprise subscriber miss Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren feiner
Keywords: news, cnbc, companies, loses, 16, net, value, subscribers, reported, miss, paid, surprise, million, market, following, billion, quarter, netflix, company, subscriber


Netflix loses $16 billion in market value following surprise subscriber miss

Shares of Netflix fell more than 10% Thursday after the company reported a loss in domestic paid subscribers for the first time in eight years.

Netflix lost more than $16 billion from its market cap following the report, bringing it just below $142 billion. The stock is still up 20% so far this year.

The streaming giant reported a second-quarter earnings beat of 60 cents per share compared with the Refinitiv consensus estimate of 56 cents and narrowly missed revenue estimates of $4.93 billion, reporting $4.92 billion for the quarter. But its paid subscriber net additions fell far from even Netflix’s own expectations. The company forecast 5 million global net adds for the quarter, but only saw 2.7 million.

Netflix lost paid subscribers in the U.S. for the first time since 2011, when its price increases alongside a new plan to split its DVD shipping service from streaming caused customer backlash. Netflix blamed regional price increases, a relatively weak content slate and a “pull-forward effect” of its strong first-quarter subscriber growth.

While international paid subscribers still grew, the company widely missed estimates. Netflix reported international paid subscriber net adds of 2.83 million compared with estimates of 4.81 million, forecast by FactSet. The miss is significant for Netflix, which has pinned much of its growth opportunity on international expansion in highly populated regions.

Still, Netflix is hopeful about the upcoming quarter. The company forecast 7 million paid net adds and revenue of $5.25 billion. Netflix predicts strong viewership of its new seasons of “Stranger Things,” “The Crown” and “Orange is the New Black,” among other hits that will help buoy its subscriber growth.

Subscribe to CNBC on YouTube.

WATCH: Netflix’s DVD business is still alive and profitable — here’s what it looks like


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren feiner
Keywords: news, cnbc, companies, loses, 16, net, value, subscribers, reported, miss, paid, surprise, million, market, following, billion, quarter, netflix, company, subscriber


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Joe Biden loses support of top campaign fundraiser in Bay Area after comments on segregationists and Hyde amendment

Former Vice President Joe Biden lost one of his top fundraisers after controversial comments regarding his work with past segregationists and his flip-flop on repealing the Hyde Amendment, CNBC has learned. “I had actually let the campaign known I’d pulled back my support of Biden for now,” McInerney told CNBC. He helped Obama’s campaign raise at least $200,000 throughout that cycle, according to the nonpartisan Center for Responsive Politics. The news comes as Biden is starting a Bay Area fundr


Former Vice President Joe Biden lost one of his top fundraisers after controversial comments regarding his work with past segregationists and his flip-flop on repealing the Hyde Amendment, CNBC has learned. “I had actually let the campaign known I’d pulled back my support of Biden for now,” McInerney told CNBC. He helped Obama’s campaign raise at least $200,000 throughout that cycle, according to the nonpartisan Center for Responsive Politics. The news comes as Biden is starting a Bay Area fundr
Joe Biden loses support of top campaign fundraiser in Bay Area after comments on segregationists and Hyde amendment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: brian schwartz
Keywords: news, cnbc, companies, president, campaign, publicly, joe, mcinerney, support, vice, loses, segregationists, hyde, bidens, raise, fundraiser, biden, presidential, bay, comments


Joe Biden loses support of top campaign fundraiser in Bay Area after comments on segregationists and Hyde amendment

Democratic presidential hopeful former US Vice President Joseph R. Biden Jr. speaks during the second Democratic primary debate of the 2020 presidential campaign season hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami, Florida, June 27, 2019.

Former Vice President Joe Biden lost one of his top fundraisers after controversial comments regarding his work with past segregationists and his flip-flop on repealing the Hyde Amendment, CNBC has learned.

Tom McInerney, a veteran San Francisco based lawyer, informed Biden’s team on June 20 that he can no longer help him raise campaign cash to compete in the 2020 presidential election.

“I had actually let the campaign known I’d pulled back my support of Biden for now,” McInerney told CNBC. “I don’t think he did well last night,” he added, reflecting on Biden’s debate performance on Thursday night.

While McInerney is the first financier to publicly withdraw his support after Biden’s controversial round of comments, the loss is significant because it could be a harbinger of further defections.

“I would imagine I’m not alone,” said McInerney, who was a lead bundler for President Barack Obama in his first run for president. He helped Obama’s campaign raise at least $200,000 throughout that cycle, according to the nonpartisan Center for Responsive Politics.

The news comes as Biden is starting a Bay Area fundraising tour on Friday that will continue through the weekend.

Biden’s campaign has been reeling from his latest stumbles.

At a recent fundraiser, Biden recalled his days as a senator from Delaware, working alongside two segregationist lawmakers, including Sen. James Eastland, D-Miss.

“At least there was some civility. We got things done. We didn’t agree on much of anything,” Biden said at the time. “Today, you look at the other side and you’re the enemy.”

Earlier this month, Biden went back and forth publicly over whether he supported the Hyde Amendment, which bars federal funding for most abortions. He eventually declared he was against the law.

A spokesperson for Biden did not return a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: brian schwartz
Keywords: news, cnbc, companies, president, campaign, publicly, joe, mcinerney, support, vice, loses, segregationists, hyde, bidens, raise, fundraiser, biden, presidential, bay, comments


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