Lyft shares drop more than 10% to a new low as experts question its valuation ahead of Uber’s debut

Lyft overvalued here, according to the dean of valuation, Aswath Damodaran 17 Hours Ago | 07:43″The driver is a free agent. The customer is a free agent. That’s the basic problem I have with the ride-sharing business not just Lyft,” Damodaran said. Correction: This story has been updated to reflect that Wednesday marked a new 52-week low for Lyft. Watch: Lyft goes public but has no clear path to make a profit


Lyft overvalued here, according to the dean of valuation, Aswath Damodaran 17 Hours Ago | 07:43″The driver is a free agent. The customer is a free agent. That’s the basic problem I have with the ride-sharing business not just Lyft,” Damodaran said. Correction: This story has been updated to reflect that Wednesday marked a new 52-week low for Lyft. Watch: Lyft goes public but has no clear path to make a profit
Lyft shares drop more than 10% to a new low as experts question its valuation ahead of Uber’s debut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-10  Authors: lauren feiner, lucy nicholson
Keywords: news, cnbc, companies, valuation, damodaran, ubers, experts, debut, drop, business, agent, shares, question, ahead, uber, low, ipo, public, lyft, billion, free


Lyft shares drop more than 10% to a new low as experts question its valuation ahead of Uber's debut

Lyft overvalued here, according to the dean of valuation, Aswath Damodaran 17 Hours Ago | 07:43

“The driver is a free agent. The customer is a free agent. There is absolutely no stickiness in the business, and they know it. That’s the basic problem I have with the ride-sharing business not just Lyft,” Damodaran said.

Damodaran’s criticism of ride-hailing extended to Uber as well, but the company’s valuation is expected to dwarf Lyft’s, with Reuters reporting it will seek between $90 billion and $100 billion.

CNBC confirmed that Uber expects to make public its IPO registration on Thursday and plans to sell about $10 billion worth of stock, making it one of the largest-ever tech IPOs.

Lyft has had a tough go during its first couple weeks on the public market. The stock’s IPO price was $72, but now stands at $60.12, down more than 14 percent in one week.

-CNBC’s Leslie Picker contributed to this report.

Correction: This story has been updated to reflect that Wednesday marked a new 52-week low for Lyft.

Watch: Lyft goes public but has no clear path to make a profit


Company: cnbc, Activity: cnbc, Date: 2019-04-10  Authors: lauren feiner, lucy nicholson
Keywords: news, cnbc, companies, valuation, damodaran, ubers, experts, debut, drop, business, agent, shares, question, ahead, uber, low, ipo, public, lyft, billion, free


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US, China resume trade talks in Beijing after ‘productive working dinner’

U.S. Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world’s two largest economies. Mnuchin did not elaborate and it was not immediately clear with whom he had dined on Thursday night. White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached while keeping others in place to ensure Beijing’s


U.S. Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world’s two largest economies. Mnuchin did not elaborate and it was not immediately clear with whom he had dined on Thursday night. White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached while keeping others in place to ensure Beijing’s
US, China resume trade talks in Beijing after ‘productive working dinner’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: lucy nicholson
Keywords: news, cnbc, companies, productive, talks, resume, tariffs, beijing, dinner, washington, chinese, transfer, united, china, technology, trade, working


US, China resume trade talks in Beijing after 'productive working dinner'

U.S. Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world’s two largest economies.

Mnuchin and U.S. Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides in weeks after missing an initial end-of-March goal for a summit between U.S. President Donald Trump and Chinese President Xi Jinping to sign a pact.

“We had a very productive working dinner last night, and we are looking forward to meeting today,” Mnuchin said as he left his hotel to meet with Chinese Vice Premier Liu He, who is due to visit Washington next week to continue the talks.

Mnuchin did not elaborate and it was not immediately clear with whom he had dined on Thursday night.

Trump imposed tariffs on $250 billion of Chinese imports last year in a move to force China to change the way it does business with the rest of the world and to pry open more of China’s economy to U.S. companies.

On Thursday, Chinese Premier Li Keqiang said Beijing will sharply expand market access for foreign banks and securities and insurance companies, adding to speculation that China may soon announce new rules to allow foreign financial firms to increase their presence at home.

White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached while keeping others in place to ensure Beijing’s compliance.

“We’re not going to give up our leverage,” he told reporters in Washington on Thursday.

Mnuchin and Lighthizer greeted a waiting Liu at the Diaoyutai State Guest House just before 9 a.m. (0100) on Friday for what China’s Commerce Ministry has said would be a full day of talks.

Among Trump’s demands are for Beijing to end practices that Washington alleges result in the systematic theft of U.S. intellectual property and the forced transfer of American technology to Chinese companies.

U.S. companies say they are often pressured into handing over technological know-how to Chinese joint venture partners, local officials or regulators as a condition for doing business in China.

The U.S. government says that technology is often subsequently transferred to and used by Chinese competitors.

The issue has proved a tough one for negotiators as U.S. officials say China has previously refused to acknowledge the problem exists to the extent alleged by the United States, making discussing a resolution difficult.

China says it has no technology transfer requirements enshrined in its laws and any such transfers are a result of legitimate transactions.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: lucy nicholson
Keywords: news, cnbc, companies, productive, talks, resume, tariffs, beijing, dinner, washington, chinese, transfer, united, china, technology, trade, working


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Michael Bloomberg will not run for president in 2020

Michael Bloomberg will not run for president in 2020, the billionaire businessman wrote in a statement posted online on Tuesday, ending months of speculation about the political future of one of the Democratic Party’s top donors. And I believe I would defeat Donald Trump in a general election,” Bloomberg wrote. Bloomberg had previously said little in public about a potential run, though he had made clear that, if he did run, it would be as a Democrat. Some have told me that to win the Democratic


Michael Bloomberg will not run for president in 2020, the billionaire businessman wrote in a statement posted online on Tuesday, ending months of speculation about the political future of one of the Democratic Party’s top donors. And I believe I would defeat Donald Trump in a general election,” Bloomberg wrote. Bloomberg had previously said little in public about a potential run, though he had made clear that, if he did run, it would be as a Democrat. Some have told me that to win the Democratic
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Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: tucker higgins, lucy nicholson
Keywords: news, cnbc, companies, wrote, 2020, months, run, bloomberg, statement, michael, democratic, nomination, president, potential, partys


Michael Bloomberg will not run for president in 2020

Michael Bloomberg will not run for president in 2020, the billionaire businessman wrote in a statement posted online on Tuesday, ending months of speculation about the political future of one of the Democratic Party’s top donors.

Bloomberg, the former mayor of New York, had been toying with the idea of a presidential run for months and was floated as a candidate in every presidential cycle going back to 2008. As recently as the past two months, aides to Bloomberg had been interviewing potential staffers in Iowa and New Hampshire, early contests in the Democratic primary.

But, facing a packed field of Democratic contenders, Bloomberg, 77, wrote he was “clear-eyed” about the obstacles to securing the party’s nomination.

“I know what it takes to run a winning campaign, and every day when I read the news, I grow more frustrated by the incompetence in the Oval Office. I know we can do better as a country. And I believe I would defeat Donald Trump in a general election,” Bloomberg wrote. “But I am clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field.”

The longtime figure in American politics, who has identified as a Republican, a Democrat and an independent at different points in his career, acknowledged the skepticism he was facing from members of the progressive wing of the Democratic party, but wrote that he was confident about what his prospects would have been against President Donald Trump should he have been victorious in the primary.

Read more: Bloomberg says Green New Deal ‘stands no chance,’ offers alternative plan

His statement appeared as an opinion article with the headline “Our Highest Office, My Deepest Obligation,” that was carried on Bloomberg News, a news platform that is a part of Bloomberg’s business empire.

Bloomberg had previously said little in public about a potential run, though he had made clear that, if he did run, it would be as a Democrat. After Howard Schultz, the billionaire former chief of Starbucks, announced that he was considering a bid for president as a centrist independent, Bloomberg wrote in a statement that an independent run would likely “split the anti-Trump vote and end up re-electing the President.”

Some speculated that Bloomberg’s entrance into the race might have served as a moderating influence in a primary that has seen a host of candidates vying to appeal to the party’s increasingly left-leaning base.

But his moderate views would also be a liability. Bloomberg has faced scrutiny from progressives over his ties to the financial services industry, his sprawling wealth and his past statements on issues including policing tactics and the Me Too movement, among other areas.

“Many people have urged me to run. Some have told me that to win the Democratic nomination, I would need to change my views to match the polls,” Bloomberg wrote. “But I’ve been hearing that my whole political career.”

The philanthropist made his fortune selling informational devices to financial services companies and was an influential force as a Democratic donor during the 2018 midterms, pledging more than $100 million to candidates. He is estimated to have a net worth of more than $55 billion, according to Forbes.

Though Bloomberg will not run for president, he wrote he would expand his environmental philanthropy, and announced the launch of a new project, Beyond Carbon, that he described as a “grassroots effort to begin moving America as quickly as possible away from oil and gas and toward a 100 percent clean energy economy.”

Bloomberg wrote that in the coming weeks he will “dive even deeper into the work of turning around our country, through concrete actions and results.”

“And I will continue supporting candidates who can provide the leadership we need — on climate change, gun violence, education, health, voting rights, and other critical issues — and continue holding their feet to the fire to deliver what they promise,” he wrote.

Bloomberg is not the first person — or even the first billionaire environmental activist — to take himself out of the running for the Democratic nomination despite telegraphing a potential bid.

Tom Steyer, who spearheads the environmental advocacy nonprofit NextGen America, and who has pushed Congress to begin impeachment proceedings against the president, surprised observers in January by suddenly announcing his intent not to enter the race despite having engaged top staffers for a possible run.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: tucker higgins, lucy nicholson
Keywords: news, cnbc, companies, wrote, 2020, months, run, bloomberg, statement, michael, democratic, nomination, president, potential, partys


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Former bond king Gross says chances of beating the market are ‘much less’ now

Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market. “I think there are things to look at that still exist in the market that can generate alpha,” the Pimco co-founder and former Janus Henderson fund manager told Bloomberg. The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross. Gross, though, saw his unconstrained fund lag behind its competitors since he joined Janu


Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market. “I think there are things to look at that still exist in the market that can generate alpha,” the Pimco co-founder and former Janus Henderson fund manager told Bloomberg. The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross. Gross, though, saw his unconstrained fund lag behind its competitors since he joined Janu
Former bond king Gross says chances of beating the market are ‘much less’ now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jeff cox, lucy nicholson
Keywords: news, cnbc, companies, products, beating, janus, chances, gross, bond, king, told, alpha, fund, henderson, pimco, managers, market


Former bond king Gross says chances of beating the market are 'much less' now

Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market.

A month after announcing his retirement, Gross looked back on his career and took a peek forward at a market that he said is stacked against managers trying to generate alpha.

“I think there are things to look at that still exist in the market that can generate alpha,” the Pimco co-founder and former Janus Henderson fund manager told Bloomberg. “The probabilities of generating historical alpha in the same way are much less than they were.”

Easy central bank monetary policy that is tamping down market volatility makes it difficult for active management. The Federal Reserve and its global counterparts responded to the financial crisis with massive runs of asset purchases while keeping interest rates anchored near zero.

The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross.

“The opportunities are diminished,” he told Bloomberg.

However, as central banks have begun to normalize policy active managers have fared a little better. In 2018, about 43 percent beat their benchmarks, according to Bank of America Merrill Lynch.

Gross, though, saw his unconstrained fund lag behind its competitors since he joined Janus Henderson following a 40-year run at Pimco. The fund has since been renamed the Janus Henderson Absolute Return Income Opportunities Fund and has seen its assets slump to $914.5 million.

One of the problems with finding alpha is the lack of new products, Gross said. He also cited high-speed trading and its use of algorithms. He figures the market probably has gone as far as it can in finding innovative new investment vehicles.

“Markets have gone about as far as they’re going to go from the standpoint of technological promise or new products, which is always dangerous,” he said. “One of the reasons Pimco did so well wasn’t necessarily from the genius of Bill Gross or the investment committee” but was “from our recognition of new products and our willingness to jump on board the train when we had the confidence new products were creditworthy.”

Read the full Bloomberg report here.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jeff cox, lucy nicholson
Keywords: news, cnbc, companies, products, beating, janus, chances, gross, bond, king, told, alpha, fund, henderson, pimco, managers, market


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Oscars 2019: The complete list of winners and nominees for the 91st Academy Awards

After a long awards season, the big event is finally here — the 91st annual Academy Awards. Namely, the biggest award of the night: best picture. While Malek and Ali have categorically dominated the awards circuit, three different films have taken home top prizes at other awards shows. “Roma” won at a BAFTA award, while “Green Book” took home the Golden Globe for best picture (drama) and “Bohemian Rhapsody” took the Globe for best picture (comedy or musical). But just because those films have wo


After a long awards season, the big event is finally here — the 91st annual Academy Awards. Namely, the biggest award of the night: best picture. While Malek and Ali have categorically dominated the awards circuit, three different films have taken home top prizes at other awards shows. “Roma” won at a BAFTA award, while “Green Book” took home the Golden Globe for best picture (drama) and “Bohemian Rhapsody” took the Globe for best picture (comedy or musical). But just because those films have wo
Oscars 2019: The complete list of winners and nominees for the 91st Academy Awards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-24  Authors: sarah whitten, lucy nicholson
Keywords: news, cnbc, companies, awards, green, oscars, globe, winners, took, nominees, 91st, complete, picture, malek, best, list, films, won, rhapsody, 2019, academy


Oscars 2019: The complete list of winners and nominees for the 91st Academy Awards

After a long awards season, the big event is finally here — the 91st annual Academy Awards.

While some nominees have appeared as front runners in their categories — Rami Malek for best actor and Mahershala Ali for best supporting actor — others have been harder to predict. Namely, the biggest award of the night: best picture.

The race is tight between “Black Panther,” “BlacKkKlansman,” “Bohemian Rhapsody,” “The Favourite,” “Green Book,” “A Star Is Born,” “Vice” and “Roma.”

While Malek and Ali have categorically dominated the awards circuit, three different films have taken home top prizes at other awards shows. “Roma” won at a BAFTA award, while “Green Book” took home the Golden Globe for best picture (drama) and “Bohemian Rhapsody” took the Globe for best picture (comedy or musical). But just because those films have won at other ceremonies doesn’t mean they will take home the Oscar.

And the winners are…


Company: cnbc, Activity: cnbc, Date: 2019-02-24  Authors: sarah whitten, lucy nicholson
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Oscars 2019: The complete list of winners for the 91st Academy Awards

And a passionate musical performance from Lady Gaga and Bradley Cooper, of “Shallow” from “A Star Is Born” provided some emotional charge. The awards ceremony itself celebrated diversity and inclusivity in the breadth of winners who took home the coveted statuette. For the first time awards for best costuming and best production went to African American nominees. Alfonso Cuaron’s “Roma” won best foreign film, marking the first time a Mexican film has ever won in the category. Lee has previously


And a passionate musical performance from Lady Gaga and Bradley Cooper, of “Shallow” from “A Star Is Born” provided some emotional charge. The awards ceremony itself celebrated diversity and inclusivity in the breadth of winners who took home the coveted statuette. For the first time awards for best costuming and best production went to African American nominees. Alfonso Cuaron’s “Roma” won best foreign film, marking the first time a Mexican film has ever won in the category. Lee has previously
Oscars 2019: The complete list of winners for the 91st Academy Awards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-24  Authors: sarah whitten, lucy nicholson
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Oscars 2019: The complete list of winners for the 91st Academy Awards

The glue holding the ceremony together was the announcements made by Randy Thomas, who has been the announcer for the program for the last 10 years. And a passionate musical performance from Lady Gaga and Bradley Cooper, of “Shallow” from “A Star Is Born” provided some emotional charge.

The awards ceremony itself celebrated diversity and inclusivity in the breadth of winners who took home the coveted statuette.

For the first time awards for best costuming and best production went to African American nominees. Ruth Carter took home the Oscar for best costuming for her work on “Black Panther,” and Hannah Beachler for production design, also for her work on the super hero film.

Alfonso Cuaron’s “Roma” won best foreign film, marking the first time a Mexican film has ever won in the category.

Spike Lee was greeted with a standing ovation as the film industry veteran took the stage to claim his first Oscar for best adapted screenplay for his work on “BlacKkKlansman.” Lee has previously been nominated for best documentary feature in 1998 for “4 Little Girls” and best original screenplay in 1990 for “Do the Right Thing.” He received an honorary Oscar in 2016 for his directorial accomplishments.

And the winners are…


Company: cnbc, Activity: cnbc, Date: 2019-02-24  Authors: sarah whitten, lucy nicholson
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Post-Oscar sales bump unlikely to be huge for the best picture winner

The winner of the prestigious best picture award at this year’s Oscars will get a bump at the box office — but it probably won’t be huge. Following their respective nominations in January, “Black Panther,” “BlacKkKlansman,” “Bohemian Rhapsody,” “The Favourite,” “Green Book,” “A Star Is Born” and “Vice” all resurfaced at cinemas, with theater owners hoping to capitalize on the buzzworthy films. Since their relaunch, six of the seven films have made money at the box office, with “Black Panther” ri


The winner of the prestigious best picture award at this year’s Oscars will get a bump at the box office — but it probably won’t be huge. Following their respective nominations in January, “Black Panther,” “BlacKkKlansman,” “Bohemian Rhapsody,” “The Favourite,” “Green Book,” “A Star Is Born” and “Vice” all resurfaced at cinemas, with theater owners hoping to capitalize on the buzzworthy films. Since their relaunch, six of the seven films have made money at the box office, with “Black Panther” ri
Post-Oscar sales bump unlikely to be huge for the best picture winner Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-23  Authors: sarah whitten, lucy nicholson
Keywords: news, cnbc, companies, million, huge, rhapsody, office, films, bump, black, vice, unlikely, panther, green, box, best, favourite, winner, sales, postoscar, picture


Post-Oscar sales bump unlikely to be huge for the best picture winner

The winner of the prestigious best picture award at this year’s Oscars will get a bump at the box office — but it probably won’t be huge.

Following their respective nominations in January, “Black Panther,” “BlacKkKlansman,” “Bohemian Rhapsody,” “The Favourite,” “Green Book,” “A Star Is Born” and “Vice” all resurfaced at cinemas, with theater owners hoping to capitalize on the buzzworthy films. “Roma,” a Netflix film, was the only feature that did not get a big screen re-release.

Since their relaunch, six of the seven films have made money at the box office, with “Black Panther” riding a wave of moviegoers that flocked to free screenings in honor of Black History Month. Thus far, “Green Book” has had the biggest haul of the group, taking in $24.5 million after its nomination. “Bohemian Rhapsody” earned an additional $9.7 million, while “The Favourite” took in $8.4 million and “Vice” cored $6.8 million.


Company: cnbc, Activity: cnbc, Date: 2019-02-23  Authors: sarah whitten, lucy nicholson
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Mortgage applications pull back 2.7% as rates turn higher again

Total application volume fell 2.7 percent compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinances, which are highly sensitive to weekly interest rate moves, pulled the volume lower. Borrowers saw a sharp drop in interest rates in December and jumped to take advantage at the start of this year. Mortgage applications to purchase a home fell 2 percent for the week but were 13 percent higher than a year ago. “Oftentimes, a big loss in eq


Total application volume fell 2.7 percent compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinances, which are highly sensitive to weekly interest rate moves, pulled the volume lower. Borrowers saw a sharp drop in interest rates in December and jumped to take advantage at the start of this year. Mortgage applications to purchase a home fell 2 percent for the week but were 13 percent higher than a year ago. “Oftentimes, a big loss in eq
Mortgage applications pull back 2.7% as rates turn higher again Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: diana olick, lucy nicholson
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Mortgage applications pull back 2.7% as rates turn higher again

After two weeks of sizable gains, mortgage demand cooled last week.

Total application volume fell 2.7 percent compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 3.3 percent higher than a year ago.

Refinances, which are highly sensitive to weekly interest rate moves, pulled the volume lower. Applications to refinance a home loan fell 5 percent for the week and were 7 percent lower than a year ago but were still at the highest level since spring.

Borrowers saw a sharp drop in interest rates in December and jumped to take advantage at the start of this year. Last week, however, rates rose slightly. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.75 percent from 4.74 percent, with points decreasing to 0.44 from 0.45 (including the origination fee) for loans with a 20 percent down payment.

The change was tiny, but so many borrowers have already refinanced at rock-bottom rates that there was a small pool of those left who can still benefit from a refinance. Rates are now 11 basis points lower than the previous month but still 39 basis points higher than a year ago.

“Reversing the recent downward trend, borrowers saw increasing rates for most loan types last week, as better-than-expected unemployment claims, easing trade tensions and stabilization in the equity markets ultimately led to a rise in Treasury rates,” said Joel Kan, an MBA economist.

The refinance share of mortgage activity decreased to 44.5 percent of total applications from 46.8 percent the previous week.

Mortgage applications to purchase a home fell 2 percent for the week but were 13 percent higher than a year ago. Purchase volume is less sensitive to weekly rate moves, and buyers today continue to be frustrated by high home prices and short supply of entry-level homes. Sales of existing homes fell sharply in December, according to a report this week from the National Association of Realtors. Most blamed that on weaker affordability.

Interest rates took a breather to start this week, as investors saw renewed concern about the direction of trade talks between the U.S. and China. Stock markets sold off.

“Oftentimes, a big loss in equities markets can send money running to the bond market where it benefits interest rates,” said Matthew Graham, chief operating officer at Mortgage News Daily. “This was the case overnight with Chinese stocks leading the way. The strong start in bonds allowed lenders to keep rates roughly unchanged and — in some cases — slightly lower.”


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: diana olick, lucy nicholson
Keywords: news, cnbc, companies, lower, rates, week, start, 27, mortgage, higher, turn, interest, volume, saw, refinance, fell, applications, pull


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Apple enters multiyear agreement with Oscar-winning production company to make original movies

Apple has entered a multi-year agreement with entertainment company A24 to create produce films for the company, sources familiar with the agreement told CNBC. The movie deal comes as Apple is ramping up its foray into original content. The company plans to give away free movies and TV shows to device owners sometime next year as part of a strategy to build consumer loyalty, according to several sources familiar with negotiations. The New York-based media company started in 2012. Other individua


Apple has entered a multi-year agreement with entertainment company A24 to create produce films for the company, sources familiar with the agreement told CNBC. The movie deal comes as Apple is ramping up its foray into original content. The company plans to give away free movies and TV shows to device owners sometime next year as part of a strategy to build consumer loyalty, according to several sources familiar with negotiations. The New York-based media company started in 2012. Other individua
Apple enters multiyear agreement with Oscar-winning production company to make original movies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: michelle castillo, source, lucy nicholson
Keywords: news, cnbc, companies, oscarwinning, movies, apple, best, enters, deal, multiyear, produce, sources, production, original, films, familiar, content, company, agreement


Apple enters multiyear agreement with Oscar-winning production company to make original movies

Apple has entered a multi-year agreement with entertainment company A24 to create produce films for the company, sources familiar with the agreement told CNBC.

The movie deal comes as Apple is ramping up its foray into original content. The company plans to give away free movies and TV shows to device owners sometime next year as part of a strategy to build consumer loyalty, according to several sources familiar with negotiations.

A24 has been a critics’ favorite, releasing several Academy Award-winning films including “Room,” “Amy,” “Lady Bird,” and “Moonlight,” which won the Academy Award for Best Picture, Best Adapted Screenplay and Best Supporting Actor in 2017. The New York-based media company started in 2012. The terms of the deal were not disclosed.

Other individuals and companies slated to produce content for the upcoming Apple offering include Oprah, Sesame Workshop and a reboot of “Amazing Stories,” which will be produced by Steven Spielberg and Bryan Fuller.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: michelle castillo, source, lucy nicholson
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Salesforce’s Benioff asks Elon Musk to dig tunnels in San Francisco

Salesforce CEO and billionaire Marc Benioff is working to solve the homeless problem in San Francisco, and he wants to improve the city’s transportation system too. To do it, Benioff asked Tesla and SpaceX boss Elon Musk for help from his infrastructure building business, The Boring Company. Benioff tweeted the request on Tuesday, saying San Francisco will need rapid transportation from downtown to surrounding suburbs and other cities, including Los Angeles. The Boring Company does not have any


Salesforce CEO and billionaire Marc Benioff is working to solve the homeless problem in San Francisco, and he wants to improve the city’s transportation system too. To do it, Benioff asked Tesla and SpaceX boss Elon Musk for help from his infrastructure building business, The Boring Company. Benioff tweeted the request on Tuesday, saying San Francisco will need rapid transportation from downtown to surrounding suburbs and other cities, including Los Angeles. The Boring Company does not have any
Salesforce’s Benioff asks Elon Musk to dig tunnels in San Francisco Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: catherine clifford, lucy nicholson
Keywords: news, cnbc, companies, musk, tunnels, elon, dig, boring, los, working, asks, san, benioff, company, tweets, salesforces, tesla, transportation, francisco


Salesforce's Benioff asks Elon Musk to dig tunnels in San Francisco

Salesforce CEO and billionaire Marc Benioff is working to solve the homeless problem in San Francisco, and he wants to improve the city’s transportation system too.

To do it, Benioff asked Tesla and SpaceX boss Elon Musk for help from his infrastructure building business, The Boring Company.

Benioff tweeted the request on Tuesday, saying San Francisco will need rapid transportation from downtown to surrounding suburbs and other cities, including Los Angeles.

Musk responded: “Sure, we can do it.”

The Boring Company is currently digging a test tunnel that could eventually lead to a network of tunnels in Los Angeles (likely for mass transit, pedestrians, cyclists and cars, Musk has said) in order to ease traffic.

The first 2-mile test tunnel in Hawthorne, California, where Tesla and SpaceX have offices, cost $10 million per mile to build and is set to have an opening party Dec. 10, according to Musk.

The Boring Company does not have any projects “in progress” in the San Francisco area, a spokesperson tells CNBC Make It. But it would “be excited to develop fast, sustainable and affordable public transportation options for San Francisco,” the company spokesperson says.

On Nov. 3, Musk tweeted a video showing The Boring Company’s progress.

Though Musk often features his tunneling venture — and the associated branded paraphernalia he’s sold — on his Twitter account, he has said the majority of his time is spent working on Tesla and SpaceX.

“The Boring Company, to be clear, it’s like literally 2 percent of my time. It’s probably 20 percent of my tweets, but tweets do not correlate to actual time spent. I sort of just have fun with The Boring Company,” said Musk at the South by Southwest tech conference in Austin, Texas, in March.

Musk would actually have preferred that another entrepreneur take on tunneling.

“It’s not because of some epiphany that I had one day driving on the 405,” he says, referring to a famously congested highway in Los Angeles. “That’s how it gets translated somehow. I was talking about tunnels for years and years, for probably five years or four years at least.


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: catherine clifford, lucy nicholson
Keywords: news, cnbc, companies, musk, tunnels, elon, dig, boring, los, working, asks, san, benioff, company, tweets, salesforces, tesla, transportation, francisco


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