This major tax deadline is today. What you need to know

FatCamera | E+ | Getty ImagesIf you asked the IRS for six more months to work on your 2018 tax return, you’re about to run out of time. This spring, about 15 million taxpayers asked the IRS for an extension on their 2018 tax return. Procrastinators take heed: If you miss this deadline, you’re on the hook for a 5% failure to file penalty. For instance, the state and local tax deduction is now capped at $10,000. More than 15 million taxpayers took this deduction on their 2018 tax return as of July


FatCamera | E+ | Getty ImagesIf you asked the IRS for six more months to work on your 2018 tax return, you’re about to run out of time. This spring, about 15 million taxpayers asked the IRS for an extension on their 2018 tax return. Procrastinators take heed: If you miss this deadline, you’re on the hook for a 5% failure to file penalty. For instance, the state and local tax deduction is now capped at $10,000. More than 15 million taxpayers took this deduction on their 2018 tax return as of July
This major tax deadline is today. What you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: darla mercado
Keywords: news, cnbc, companies, today, filers, know, extension, taxpayers, major, return, 2018, need, youre, tax, deduction, deadline, irs


This major tax deadline is today. What you need to know

FatCamera | E+ | Getty Images

If you asked the IRS for six more months to work on your 2018 tax return, you’re about to run out of time. This spring, about 15 million taxpayers asked the IRS for an extension on their 2018 tax return. While those filers had to pay their projected taxes by April 15, they had to until Oct. 15 to complete and submit their returns. Procrastinators take heed: If you miss this deadline, you’re on the hook for a 5% failure to file penalty. Even with the extra time, accountants are still contending with last-minute filers and additional complexity from the Tax Cuts and Jobs Act, which went into effect in 2018.

“We are getting through extension season — a nightmare,” said Dan Herron, CPA and principal of Elemental Wealth Advisors in San Luis Obispo, California. “We have a long way to go in terms of understanding tax reform.” Changes stemming from the new tax code include the elimination of personal exemptions and the near-doubling of the standard deduction. Certain itemized deductions are now subject to new limitations, as well. For instance, the state and local tax deduction is now capped at $10,000. Here’s what taxpayers should know if they’re about to hit that extension deadline.

A new tax break

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There are several reasons why filers sought more time. For instance, investors in partnerships awaited Schedule K-1 forms from those businesses. These documents spell out the investor’s share of income from the partnership, and they often don’t arrive until late spring. In addition, small-business owners — including the people who owned those partnerships — were trying to determine whether they qualified for the new 20% qualified business income deduction. More than 15 million taxpayers took this deduction on their 2018 tax return as of July 25, the IRS found. The rules around the so-called QBI deduction were still in flux for most of 2018 and part of 2019. This was a case where it was better to wait for certainty, accountants said. “While we have an idea on a client’s situation as to whether they’re a trade or business, we were waiting until later for additional guidance,” said Chris Hesse, CPA and chair of the American Institute of CPAs’ tax executive committee. “We think your risk goes down if we wait as long as possible to file,” he said.

Next year’s blueprint


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: darla mercado
Keywords: news, cnbc, companies, today, filers, know, extension, taxpayers, major, return, 2018, need, youre, tax, deduction, deadline, irs


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Millennials are about to trigger a major ‘changeover point’ for the US economy, asset manager says

A fundamental shift in the spending habits of U.S. millennials will have an incredible impact on the world’s largest economy, according to the CEO of Smead Capital Management. “That will be a whole different ball game” for the U.S. economy, Smead said. Meanwhile, Generation X was projected to pass the Boomers in population in 2028. The Pew Research report defined millennials as aged 20 to 35 in 2016, with Boomers aged 52 to 70 and Generation X aged between 36 to 51. The U.S. central bank has alr


A fundamental shift in the spending habits of U.S. millennials will have an incredible impact on the world’s largest economy, according to the CEO of Smead Capital Management. “That will be a whole different ball game” for the U.S. economy, Smead said. Meanwhile, Generation X was projected to pass the Boomers in population in 2028. The Pew Research report defined millennials as aged 20 to 35 in 2016, with Boomers aged 52 to 70 and Generation X aged between 36 to 51. The U.S. central bank has alr
Millennials are about to trigger a major ‘changeover point’ for the US economy, asset manager says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: sam meredith
Keywords: news, cnbc, companies, smead, asset, major, war, millennials, 2019, aged, spending, manager, point, changeover, generation, economy, trigger, boomers


Millennials are about to trigger a major 'changeover point' for the US economy, asset manager says

A fundamental shift in the spending habits of U.S. millennials will have an incredible impact on the world’s largest economy, according to the CEO of Smead Capital Management. U.S. adults aged between 21 and 38 years old will prioritize “necessity spending” over the next decade, Bill Smead told CNBC’s “Squawk Box Europe” on Monday. It comes after a 10-year period in which the same age group has “lived off discretionary spending.” He said this will mean young adults will soon start to move away from buying “Apple devices, craft beer and Chipotle burritos” and instead spend their savings on big-ticket items such as houses and cars. “That will be a whole different ball game” for the U.S. economy, Smead said.

‘Changeover point’

His comments come at a time when millennials are thought to be on the cusp of surpassing Baby Boomers as the largest living adult generation in the U.S. A report published by Pew Research in March 2018, which cites the latest available data from the U.S. Census Bureau, said it expected millennials to overtake Boomers in population in 2019. Meanwhile, Generation X was projected to pass the Boomers in population in 2028. The Pew Research report defined millennials as aged 20 to 35 in 2016, with Boomers aged 52 to 70 and Generation X aged between 36 to 51. “We just love this circumstance because it is very possibly the changeover point now for what we have been waiting for a long time,” Smead said. “So, we have got 89 million people in between 21 and 38 years old that are about to start their lives, form households, do incredibly economically impactful things and we don’t need anybody from outside the United States to cause that to happen.” “And we are giving them the lowest interest rates in the history of the United States of America to form their lives. We are practically giving them the money to buy houses and buy cars etc,” he added.

The U.S. central bank has already cut interest rates twice in 2019, in part because of weakness in the global economy. Policymakers at the Federal Reserve are scheduled to meet at the end of the month, with investors broadly expecting a rate cut. Market expectations for lower borrowing costs by the end of October were at 77.5% on Monday, according to the CME Group’s FedWatch Tool. U.S. economic growth has been slowing this year with many economists citing the ongoing U.S.-China trade war. The Fed expects GDP (gross domestic product) for 2019 to come in at 2.2%, down from 2.9% in 2018. The central bank has also warned U.S. economic growth could deteriorate if the trade war continues.

‘Just do the math’


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: sam meredith
Keywords: news, cnbc, companies, smead, asset, major, war, millennials, 2019, aged, spending, manager, point, changeover, generation, economy, trigger, boomers


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Big cities are posing a major threat to the economy by ignoring minor crimes

In fact it’s the opposite: we’re seeing a significant drop in arrests for minor offenses, or “quality of life” crimes. After all, the argument goes, shouldn’t the cops be spending their time focusing on more serious crimes? Strictly enforcing misdemeanor crime laws or restricting quality of life offenses isn’t really about reducing more serious crimes. That’s often overlooked by critics who portray minor crime enforcement in poorer neighborhoods as some kind of war on the people by the police. B


In fact it’s the opposite: we’re seeing a significant drop in arrests for minor offenses, or “quality of life” crimes. After all, the argument goes, shouldn’t the cops be spending their time focusing on more serious crimes? Strictly enforcing misdemeanor crime laws or restricting quality of life offenses isn’t really about reducing more serious crimes. That’s often overlooked by critics who portray minor crime enforcement in poorer neighborhoods as some kind of war on the people by the police. B
Big cities are posing a major threat to the economy by ignoring minor crimes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: jake novak
Keywords: news, cnbc, companies, posing, major, crimes, big, economy, minorities, economic, neighborhoods, areas, minor, cities, serious, quality, crime, life, ignoring, enforcement, threat


Big cities are posing a major threat to the economy by ignoring minor crimes

Police allow someone though the perimeter outside the Time Warner Center in New York City after a suspicious package was found inside CNN Headquarters, October 24, 2018.

Of all the brewing threats to America’s continuing economic prosperity, one of the most serious comes straight out of the police blotter. No, it’s not a rise in murders or other serious felonies. In fact it’s the opposite: we’re seeing a significant drop in arrests for minor offenses, or “quality of life” crimes.

And it could destroy the momentum for one of the country’s most powerful economic growth engines.

The trend started to take hold in New York in 2016, when the city council passed a law easing stricter arrest rules initiated during Mayor Rudy Giuliani’s administration in the 1990s. But these moves have now spread to cities like Seattle and Austin. And as many critics of the homeless crisis in Los Angeles and San Francisco will tell you, police in those cities have not been used to permanently crack down on the growing tent cities in those areas.

Relaxing arrest policies for minor offenses such as graffiti, petty vandalism, public urination and public transportation fare-beating are often seen as compassionate or cost-cutting. After all, the argument goes, shouldn’t the cops be spending their time focusing on more serious crimes? There are even a number of fair-minded arguments and studies that say easing up on minor misdemeanor arrests won’t spark new crime waves or lead to much more serious felony crimes.

Those arguments miss the point. Strictly enforcing misdemeanor crime laws or restricting quality of life offenses isn’t really about reducing more serious crimes. It’s about saving and resurrecting economic opportunity.

Opponents of these quality of life crackdowns point to the fact that arrests for these crimes disproportionately hit African-Americans and other minorities. This is a legitimate concern too often dismissed by conservatives and law-and-order types. In fact, they sometimes come off as only being interested in cleaning up inner-city areas so they and their families can feel safer once in a while when they decide to go downtown to see a show or visit a trendy restaurant.

Yet the critics of these policies from the left and the right frequently miss the fact that petty crime enforcement benefits minority communities much more than anyone else. It’s the black and Latino neighborhoods that are being vandalized by “broken window” crimes, not the more affluent parts of town or the richer suburbs. Yes, the people arrested for these crimes are likelier to be minorities, but the economic victims are even more likely to be minorities. In short, quality of life crime enforcement isn’t a war on America’s minorities. It’s a war for them.

The transformation of New York in the 1990s from a high-crime, high-homicide-rate locale is really a story about the changes in several individual neighborhoods once deemed to be off-limits to decent people and businesses alike. Remember that even during the worst of times, Midtown Manhattan, Wall Street and the fancy apartment towers of Park and 5th Avenues were still always valuable and desirable addresses.

But when Harlem, Hell’s Kitchen, Williamsburg, the Lower East Side, and Bedford-Stuyvesant started to become hot areas, it was clear the majority of the old fears had melted away. Each one of those neighborhoods had been written off for years as too dangerous to invest in despite their attractive proximity to the established money-making centers in Manhattan.

Quality of life and community policing transformed the image of those neighborhoods and helped prove to the business world that the old risks and fears weren’t as serious anymore. New York’s urban resurgence was not isolated in the 1990s. It was a major trend across the country and was a significant factor in that decade’s economic boom.

Here’s the kicker: the quality of life enforcement in those neighborhoods in the 1990s came mostly at the request of the local residents and remaining business owners. That’s often overlooked by critics who portray minor crime enforcement in poorer neighborhoods as some kind of war on the people by the police.

By contrast, New York’s economic and cultural decline began in the mid-1950s when then Mayor Robert Wagner relaxed police enforcement of quality of life crimes. As documented in the brilliant book “The Ungovernable City,” by Vincent Cannato, Wagner’s ill-advised withdrawal of police presence began on the city’s subways which serviced many of the above-named neighborhoods. This ended up importing more economically devastating crime to those areas.

Reopening these areas to more economic opportunity starts with instilling a new confidence for entrepreneurs considering moving into these areas. Economic growth occurs when money is made where it hadn’t been made before. There are still many crime-ridden areas blighted for years by fear and neglect in America. These places need more police attention and care, not less.

These facts shine a light on another cultural and economic misconception that may be at the root of these ill-advised leniency policies.

Many of us have been taught since birth that much of the reason for crime, terrorism, drug abuse, etc. is because of poverty. Poor people with few prospects are supposedly more likely to turn to crime to get by and as a way to lash out at their difficult lot in life.

But the truth is the exact opposite, and not just because we know that billionaires are often caught committing just as many serious crimes as poorer folks. Poor people are the most affected by crime because more crime occurs in their neighborhoods.

These Americans and their communities remain a largely untapped resource for the U.S. economy. It would be a shame to rob them of their rightful place in spurring more economic growth all because of misplaced and misapplied compassion.

Jake Novak is a political and economic analyst at Jake Novak News and former CNBC TV producer. You can follow him on Twitter @jakejakeny.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: jake novak
Keywords: news, cnbc, companies, posing, major, crimes, big, economy, minorities, economic, neighborhoods, areas, minor, cities, serious, quality, crime, life, ignoring, enforcement, threat


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Everything Jim Cramer said about the stock market on ‘Mad Money,’ including China trade deal, Wendy’s breakfast, earnings

President Donald Trump managed to make some progress in the latest round of U.S.-China trade talks, but CNBC’s Jim Cramer says investors must read the fine print. The “Mad Money” host previews a big week of earnings and offers tips on golf stocks. He catches up with Wendy’s CEO Todd Penegor to get more insight into how the restaurant chain’s breakfast strategy will work in a competitive market. The preliminary deal, however, has yet to be signed, and officials are expected to get to work on phas


President Donald Trump managed to make some progress in the latest round of U.S.-China trade talks, but CNBC’s Jim Cramer says investors must read the fine print. The “Mad Money” host previews a big week of earnings and offers tips on golf stocks. He catches up with Wendy’s CEO Todd Penegor to get more insight into how the restaurant chain’s breakfast strategy will work in a competitive market. The preliminary deal, however, has yet to be signed, and officials are expected to get to work on phas
Everything Jim Cramer said about the stock market on ‘Mad Money,’ including China trade deal, Wendy’s breakfast, earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: tyler clifford
Keywords: news, cnbc, companies, mad, week, trade, money, work, phase, wendys, stock, read, major, deal, print, president, trump, market, jim, earnings, including


Everything Jim Cramer said about the stock market on 'Mad Money,' including China trade deal, Wendy's breakfast, earnings

President Donald Trump managed to make some progress in the latest round of U.S.-China trade talks, but CNBC’s Jim Cramer says investors must read the fine print. The “Mad Money” host previews a big week of earnings and offers tips on golf stocks. He catches up with Wendy’s CEO Todd Penegor to get more insight into how the restaurant chain’s breakfast strategy will work in a competitive market.

CNBC’s said Friday that he wants to read the fine print before he turns positive about President Donald Trump’s claim that U.S. and China trade negotiators reached a “phase one” deal.

Investors responded positively to the news. The three major U.S. stock averages all rose more than 1% by the session close. The major indexes finished the week higher, with the and breaking three-week losing streaks.

China agreed to as much as $50 billion in agricultural buys and some intellectual property concessions, according to Trump. In exchange, the U.S. canceled a tariff hike that was to go into effect next week.

The preliminary deal, however, has yet to be signed, and officials are expected to get to work on phase two right away.

“With this latest news on trade today, next week is still going to be about China, but not as much, I think. A trade deal … means we can finally focus on the substance of earnings, and I like that. I’m expecting many of these quarters could be better than expected,” the “Mad Money” host said. “[This] could be a good week, as long as Washington doesn’t get in the way.”

Cramer revealed what’s on his calendar next week


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: tyler clifford
Keywords: news, cnbc, companies, mad, week, trade, money, work, phase, wendys, stock, read, major, deal, print, president, trump, market, jim, earnings, including


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Major markets in Asia rebound after report Trump may announce Huawei concessions

The Topix index finished its trading day little changed at 1,581.42. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. The trade negotiations between Washington and Beijing this week were highly anticipated. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15.


The Topix index finished its trading day little changed at 1,581.42. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. The trade negotiations between Washington and Beijing this week were highly anticipated. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15.
Major markets in Asia rebound after report Trump may announce Huawei concessions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: eustance huang
Keywords: news, cnbc, companies, trade, chinese, futures, trump, told, asia, huawei, announce, negotiations, trading, report, day, markets, concessions, major, worth, rebound


Major markets in Asia rebound after report Trump may announce Huawei concessions

Major Asian stock markets recovered from earlier lows to close higher on Thursday as investors watched for developments on the U.S.-China trade front ahead of high-level negotiations between the two economic powerhouses. Mainland Chinese stocks rose on the day, with the Shanghai composite up 0.78% to around 2,947.71 and the Shenzhen component gaining 1.38% to 9,638.10. The Shenzhen composite also advanced 1.413% to approximately 1,631.84. The New York Times reported Wednesday evening stateside that U.S. President Donald Trump’s administration is set to grant licenses that would allow American firms to sell nonsensitive supplies to Huawei. Earlier this year, the White House banned sales to the Chinese telecommunications giant, citing national security concerns. The ban was subsequently delayed by the administration to allow American firms to make other arrangements. Meanwhile, Hong Kong’s Hang Seng index was about 0.3% higher, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan rose 0.45% to close at 21,551.98. The Topix index finished its trading day little changed at 1,581.42. Core machinery orders in the country fell for the second consecutive month in August, according to Cabinet Office data on Thursday. In South Korea, however, the Kospi shed 0.88% to close at 2,028.15 as shares of automaker Hyundai Motor fell 2.32%. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. Overall, the MSCI Asia ex-Japan index was 0.18% higher. Markets in Taiwan were closed on Thursday for a holiday.

US-China trade talks

Investors are monitoring chatter on U.S.-China trade talks, which are set to begin Thursday stateside amid a series of rapid developments. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. In discussions that were held earlier in the week, China refused to discuss the issue of forced technology transfers, the report said. The SCMP report also said that high-level trade negotiations including Chinese Vice Premier Liu He would be cut to one day now, with the delegation from Beijing set to leave Washington on Thursday instead of Friday as originally planned. For its part, a White House spokesperson told CNBC’s Kayla Tausche: “We are not aware of a change in the Vice Premier’s travels plans at this time.” A senior administration official also told Tausche that Liu is still scheduled to depart on Friday evening. The trade negotiations between Washington and Beijing this week were highly anticipated. The two largest economies have struggled to reach a deal to end their trade war that has now lasted for more than a year. Washington and Beijing have slapped tariffs on billions of dollars worth of each other’s goods. “As of right now, [Pres. Trump] has not made up his mind because he does not know what they’re going to offer,” a senior official said. A principal in the negotiations later told CNBC, however, that Friday’s session is now an “open question.” Bloomberg News also reported overnight that the U.S was considering an agreement to suspend next week’s tariff increase in exchange for a currency pact. The U.S. previously announced it will increase duties on $250 billion worth of Chinese goods from 25% to 30% on October 15. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15. “The prize for some sort of trade deal today — no matter how trivial — will be to avoid the implementation of further tariffs,” Robert Carnell, chief economist and head of research for Asia Pacific at ING, wrote in a note. “I think that a ‘nothing achieved’ outcome from today’s talks would return markets to a risk-off mode fairly quickly,” Carnell said. One political science expert told CNBC on Thursday that he was “quite pessimistic about a quick resolution” being reached from the negotiations. “What happens is that there is sort of a truce in the trade talks,” Pushan Dutt, professor of economics and political science at INSEAD, told CNBC on Thursday. “Markets get lulled into expecting that … good things will happen, then along comes a tweet or a tirade and then we’re back int his position of escalating tariffs and tit-for-tat tariffs.”

Asia-Pacific Market Indexes Chart

U.S. stock futures saw wild trading following the SCMP report, with Dow Jones Industrial Average futures plunging more than 300 points at one point. They later saw a recovery from those lows as more developments emerged. As of 2:52 a.m. ET Thursday, futures pointed to an opening decline of 22.01 points for the Dow. S&P 500 and Nasdaq-100 futures also pointed to slight declines for the two indexes at Thursday’s open on Wall Street.

Currencies and oil


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: eustance huang
Keywords: news, cnbc, companies, trade, chinese, futures, trump, told, asia, huawei, announce, negotiations, trading, report, day, markets, concessions, major, worth, rebound


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Handbag sales reveal a major shift in where consumers are shopping

Names such as Rebag and The Real Real offer used luxury handbags at steep discounts, from brands including Fendi and Chanel. NPD has, meanwhile, called out the handbag category to be “high-impact” and at risk for more sales declines because of tariffs. 2 spot in the handbag category and now taking 14% market share, for example. Female teens’ favorite handbag brands include: Michael Kors, Louis Vuitton, Coach, Kate Spade, Gucci, Vera Bradley, Chanel, Steve Madden, Calvin Klein and Guess, Piper Ja


Names such as Rebag and The Real Real offer used luxury handbags at steep discounts, from brands including Fendi and Chanel. NPD has, meanwhile, called out the handbag category to be “high-impact” and at risk for more sales declines because of tariffs. 2 spot in the handbag category and now taking 14% market share, for example. Female teens’ favorite handbag brands include: Michael Kors, Louis Vuitton, Coach, Kate Spade, Gucci, Vera Bradley, Chanel, Steve Madden, Calvin Klein and Guess, Piper Ja
Handbag sales reveal a major shift in where consumers are shopping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: lauren thomas
Keywords: news, cnbc, companies, handbags, major, vuitton, sales, shopping, reveal, spade, handbag, category, brands, shift, consumers, real, market, kate, spending


Handbag sales reveal a major shift in where consumers are shopping

A shopper looks at a Michael Kors handbag on display at the Macy’s flagship store in New York.

The appeal of flashing a brand-new designer purse isn’t what it once was.

Sales of women’s handbags and totes in the U.S. are down more than 20% over the first eight months of 2019, compared with the same period three years ago, according to NPD Group’s Consumer Tracking Service.

“This is clearly not a blip — it’s a major shift,” NPD Group analyst Beth Goldstein said. “Today’s consumer is looking for a solution, not just a bag. Consumers expect a lot from the products they are buying, from function and versatility to a brand’s engagement in the social and environmental issues that matter to them, and the luxury market is not immune to these pressures.”

Goldstein went on to say this market won’t “bounce back,” but instead handbag makers need to become “far more consumer centric.”

Another factor that’s increasingly reshaping the industry is the emerging resale market. Names such as Rebag and The Real Real offer used luxury handbags at steep discounts, from brands including Fendi and Chanel.

Retailers such as Coach and Kate Spade owner Tapestry, and Michael Kors’ parent Capri Holdings, haven’t been immune to these trends and shifts in spending. Capri Holdings in August lowered its full-year sales outlook because of a weaker wholesale market in North America.

Tapestry replaced CEO Victor Luis earlier this year with Jide Zeitlin, its chairman at the time. In an interview with CNBC the day the management shake-up was announced, Zeitlin said that one of his main focuses would be to work on the Kate Spade brand, making sure the merchandise is “as appropriate as possible.”

NPD has, meanwhile, called out the handbag category to be “high-impact” and at risk for more sales declines because of tariffs. It said shoppers think of purses as a “nice-to-have” category, not a “must-have” one. And it said the sentiment would only grow should the U.S. enter another period of economic slowdown.

Tapestry shares are down about 26% this year, while Capri Holdings’ stock has fallen nearly 25%.

Earlier in the week, Piper Jaffray’s biannual survey showed teen spending on handbags had hit an all-time low in the survey’s 38-year history. The study said female teens are spending an average of $90 per year on purses, down from peak spending of $197 on the category in the spring of 2006.

The study also found that more “accessible” handbag makers in the U.S. have been ceding market share to European brands. Kate Spade dropped to the No. 4 spot on the firm’s list, with Louis Vuitton moving up to the No. 2 spot in the handbag category and now taking 14% market share, for example. Female teens’ favorite handbag brands include: Michael Kors, Louis Vuitton, Coach, Kate Spade, Gucci, Vera Bradley, Chanel, Steve Madden, Calvin Klein and Guess, Piper Jaffray said.

As spending has dipped, the rise of names such as Louis Vuitton may seem surprising. But not so much when you factor in the new options that teens have for getting their hands on these luxury labels. Analysts say the growth of higher-end handbags can at least partially be attributed to the fact that secondhand sellers are flourishing, especially among younger shoppers.

Not only do secondhand sites make products such as purses more affordable, younger shoppers also see them as more sustainable.

The Real Real stock soared more than 70% last month.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: lauren thomas
Keywords: news, cnbc, companies, handbags, major, vuitton, sales, shopping, reveal, spade, handbag, category, brands, shift, consumers, real, market, kate, spending


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SAP CEO Bill McDermott stepping down after over nine years leading software giant

SAP said on Thursday that Bill McDermott is stepping down as CEO after more than nine years running the German software company. Board members Jennifer Morgan and Christian Klein have been appointed co-CEOs effective immediately, SAP said in a statement. “For the past decade, McDermott has served as CEO and has overseen a period of dramatic growth for SAP, including expanding its portfolio and initiating a major shift to cloud computing,” the statement said. SAP said that a “cloud deal with a ma


SAP said on Thursday that Bill McDermott is stepping down as CEO after more than nine years running the German software company. Board members Jennifer Morgan and Christian Klein have been appointed co-CEOs effective immediately, SAP said in a statement. “For the past decade, McDermott has served as CEO and has overseen a period of dramatic growth for SAP, including expanding its portfolio and initiating a major shift to cloud computing,” the statement said. SAP said that a “cloud deal with a ma
SAP CEO Bill McDermott stepping down after over nine years leading software giant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jordan novet ari levy, jordan novet, ari levy
Keywords: news, cnbc, companies, cloud, ceo, leading, software, quarter, morgan, past, stepping, revenue, giant, major, statement, bill, sap, mcdermott


SAP CEO Bill McDermott stepping down after over nine years leading software giant

SAP said on Thursday that Bill McDermott is stepping down as CEO after more than nine years running the German software company.

Board members Jennifer Morgan and Christian Klein have been appointed co-CEOs effective immediately, SAP said in a statement. McDermott, 58, will stay on as an adviser until the end of the year.

“For the past decade, McDermott has served as CEO and has overseen a period of dramatic growth for SAP, including expanding its portfolio and initiating a major shift to cloud computing,” the statement said. “Under McDermott’s leadership, key metrics including market value, revenue, profits, employee engagement and environmental sustainability have all strengthened substantially since 2010.”

The company’s stock has climbed 21% this year. It’s up 75% in the past five years, topping rival Oracle, which is up 46%, and the S&P 500’s 54% gain.

SAP, which develops database software and tools that companies use to manage their spending and day-to-day activities, also pre-announced third-quarter results, and beat expectations in part because of a cloud customer. The shares rose 5% in extended trading after the earnings release.

SAP said that a “cloud deal with a major partner” accounted for 17 percentage points of new cloud bookings growth in the quarter. Overall, new cloud bookings jumped 38% in the quarter. SAP said it will start recognizing revenue from the three-year cloud deal in the fourth quarter.

McDermott is being succeeded by two company veterans. Klein, a German, started at SAP in 1999, when he was still a student. He worked his way up to chief controlling officer in 2014 and operating chief two years later. Morgan joined in 2004, and in 2017, she became the first American woman on the company’s executive board. She ran SAP’s Cloud Business Group, which includes acquired assets like Concur and Qualtrics.

The company was established in Germany, but Morgan and her colleagues see it as global entity, Morgan said on a conference call with journalists after the announcement.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jordan novet ari levy, jordan novet, ari levy
Keywords: news, cnbc, companies, cloud, ceo, leading, software, quarter, morgan, past, stepping, revenue, giant, major, statement, bill, sap, mcdermott


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North Korea wants ‘major’ concessions from the US in nuclear talks, professor says

Washington will have to consider big concessions before a nuclear deal between the U.S. and North Korea can be reached, one professor said Monday. His comments follow recent working-level talks between the U.S. and North Korea, which ended in a stalemate. North Korea’s chief nuclear negotiator claimed the U.S. disappointed Pyongyang by “bringing nothing to the negotiation table.” “Trump has sort of framed victory with North Korea as North Korea giving up stuff, and (the U.S.) not giving up very


Washington will have to consider big concessions before a nuclear deal between the U.S. and North Korea can be reached, one professor said Monday. His comments follow recent working-level talks between the U.S. and North Korea, which ended in a stalemate. North Korea’s chief nuclear negotiator claimed the U.S. disappointed Pyongyang by “bringing nothing to the negotiation table.” “Trump has sort of framed victory with North Korea as North Korea giving up stuff, and (the U.S.) not giving up very
North Korea wants ‘major’ concessions from the US in nuclear talks, professor says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: stella soon
Keywords: news, cnbc, companies, wants, white, nuclear, korea, kelly, concessions, north, professor, giving, workinglevel, koreas, talks, need, major


North Korea wants 'major' concessions from the US in nuclear talks, professor says

Washington will have to consider big concessions before a nuclear deal between the U.S. and North Korea can be reached, one professor said Monday.

His comments follow recent working-level talks between the U.S. and North Korea, which ended in a stalemate. North Korea’s chief nuclear negotiator claimed the U.S. disappointed Pyongyang by “bringing nothing to the negotiation table.” The U.S. State Department disagreed with Pyongyang’s characterization, saying that the American delegation had “brought creative ideas and had good discussions.”

Robert Kelly, associate professor of political science at South Korea’s Pusan National University, explained that the White House may need to be more open to compromise if it wants a real breakthrough.

“Trump has sort of framed victory with North Korea as North Korea giving up stuff, and (the U.S.) not giving up very much in response,” Kelly said. “I think the Americans need to offer some pretty major counter-concessions for the North Koreans if we’re going to ask them for any serious quantity of their nuclear weapons or their missiles.”


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: stella soon
Keywords: news, cnbc, companies, wants, white, nuclear, korea, kelly, concessions, north, professor, giving, workinglevel, koreas, talks, need, major


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Every major analyst loves SmileDirectClub shares even after IPO tanks

Jordan Katzman, co-founder of SmileDirectClub Inc., center, and Alex Fenkell, co-founder of SmileDirectClub Inc., right, look at a monitor during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019. Wall Street loves SmileDirectClub but the stock’s performance is not something to smile about. Eight major Wall Street firms initiated coverage of the newly-public teeth-straightening start-up on Monday with buy ratings and rave reviews,


Jordan Katzman, co-founder of SmileDirectClub Inc., center, and Alex Fenkell, co-founder of SmileDirectClub Inc., right, look at a monitor during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019. Wall Street loves SmileDirectClub but the stock’s performance is not something to smile about. Eight major Wall Street firms initiated coverage of the newly-public teeth-straightening start-up on Monday with buy ratings and rave reviews,
Every major analyst loves SmileDirectClub shares even after IPO tanks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, street, growth, analysts, smiledirectclub, shares, ubs, offering, ipo, public, tanks, firms, analyst, stocks, major, loves


Every major analyst loves SmileDirectClub shares even after IPO tanks

Jordan Katzman, co-founder of SmileDirectClub Inc., center, and Alex Fenkell, co-founder of SmileDirectClub Inc., right, look at a monitor during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019.

Wall Street loves SmileDirectClub but the stock’s performance is not something to smile about.

Eight major Wall Street firms initiated coverage of the newly-public teeth-straightening start-up on Monday with buy ratings and rave reviews, despite the stock’s poor debut.

“We are bullish on the story and see a long runway of continued strong sales growth as the company is poised to benefit from a leadership position in a vastly underpenetrated TAM (total addressable market),” said Bank of America’s Michael Ryskin in a note to clients. The firm has a $19 price target on SmileDirectClub.

Shares of SmileDirectClub are down 36% since its initial public offering last month, after tanking 28% on its first day of trading. The online dentistry company’s first day ranks as the fifth worst debut of the 109 companies to go public this year. UBS said the stock’s recent underperformance spurs from concerns about third-quarter operational issues impacting revenue growth and new regulatory risks in California weighing on sentiment.

“When the company reports 3Q earnings on November 12th, we believe we will get visibility on growth when management can explain the magnitude and duration of the issues,” said UBS analyst Kevin Caliendo.

There is a blackout window following IPOs where major analysts from underwriting firms restrain from writing about the new stocks as to not appear hyping up the shares. It goes back to the rules put in place to create a separation of the investment banking and research units. Now that the blackout is over, analysts are free to write what they want about SmileDirect, though skeptics will say the analysts are still just trying to support shares brought public by their firms.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, street, growth, analysts, smiledirectclub, shares, ubs, offering, ipo, public, tanks, firms, analyst, stocks, major, loves


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The world’s second-fastest growing major economy has cut rates five times this year

India’s central bank on Friday cut its benchmark repurchase rate for the fifth consecutive time this year as it continues a concerted push to reinvigorate a stuttering economy. The decision came against a backdrop of weaker growth, a resurgence of financial stability risks and a surprise fiscal stimulus in the form of a recent corporate tax cut. India was overtaken by China in May as the world’s fastest-growing major economy, according to IMF data. The RBI has mandated that banks link their rate


India’s central bank on Friday cut its benchmark repurchase rate for the fifth consecutive time this year as it continues a concerted push to reinvigorate a stuttering economy. The decision came against a backdrop of weaker growth, a resurgence of financial stability risks and a surprise fiscal stimulus in the form of a recent corporate tax cut. India was overtaken by China in May as the world’s fastest-growing major economy, according to IMF data. The RBI has mandated that banks link their rate
The world’s second-fastest growing major economy has cut rates five times this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: elliot smith
Keywords: news, cnbc, companies, basis, growth, times, secondfastest, india, rates, rate, cut, fiscal, points, policy, worlds, growing, bank, banks, major, economy


The world's second-fastest growing major economy has cut rates five times this year

India’s central bank on Friday cut its benchmark repurchase rate for the fifth consecutive time this year as it continues a concerted push to reinvigorate a stuttering economy. The Reserve Bank of India (RBI) lowered the repo rate by 25 basis points to 5.15% with five members of its Monetary Policy Committee voting in favor, versus one who backed a 40 basis point cut. The decision came against a backdrop of weaker growth, a resurgence of financial stability risks and a surprise fiscal stimulus in the form of a recent corporate tax cut. More aggressive policy moves are expected, however, with the economy having deteriorated for five consecutive quarters, most recently hitting a six-year low of 5% in the second-quarter of 2019. India was overtaken by China in May as the world’s fastest-growing major economy, according to IMF data.

The cut was more conservative than many market participants expected, but came accompanied by dovish guidance, with growth projections revised sharply lower and inflation forecasts remaining benign. Consumer Price Inflation stands at 3.2%, against the RBI’s mid-point target of 4%. The inflation projections from the RBI on Friday were broadly unchanged. India’s BSE Sensex index ended the session 433 points lower on Friday following the reduction of the 2020 full-year GDP growth target from 6.9% to 6.1%. The broader Nifty50 index shed 139 points, leaving both indexes down 3% for the week.

Limited fiscal space

In a note Friday, ANZ Chief Economist for Southeast Asia and India, Sanjay Mathur, highlighted that RBI Governor Shaktikanta Das was keeping policy space open to address growth concerns by reinvigorating domestic demand, and retained the projection of a further 50 basis points in cuts from here on out. Das has said the government has limited fiscal space to provide a growth stimulus, but Finance Minister Nirmala Sitharaman subsequently announced a substantial corporate tax cut last month that she estimate will result in 1.45 trillion rupees ($20.4 billion) in lost revenue. While the MPC statement on Friday did not raise concerns about fiscal slippage resulting from the tax cuts, Das said that for now, it will take the government’s promise of meeting the fiscal deficit for 2020 as a given.

“In the event, the RBI’s decision to deliver a more benign 25 basis point rate cut suggests it is trying to balance growth concerns against limited remaining monetary policy space and a diminishing efficacy of monetary policy in boosting growth (hence the growing role of fiscal policy),” Nomura Chief India Economist Sonal Varma said in a note Friday Contrary to ANZ projections, Varma anticipates that with 135 basis points in rate cuts already delivered and marginal returns from each cut diminishing, the easing cycle is close to its end, with a final 15 basis point cut expected in December.

Banking burden

A host of factors have contributed to India’s economic slowdown, but the frailty of its banking system is often cited as a core contributor. Nomura analysts suggested that given the weaker-than-expected growth outlook, a “front-loaded” policy action would have been the correct approach, enabling banks to sharply lower their lending rates ahead of the festive season. The RBI has mandated that banks link their rates to an external benchmark, such as the central bank’s repo rate. “One possible reason for this constraint is the health of India’s banking and financial sectors, which remains weak,” said Shumita Deveshwar, director of India research at TS Lombard. “A shrinking savings rate and a large public sector borrowing requirement are keeping borrowing costs for banks elevated, and many banks are still dealing with relatively large amounts of bad debt on their books.”

Branches of State Bank Of India, Syndicate Bank and Canara Bank in New Delhi, India. Pradeep Gaur | Mint | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: elliot smith
Keywords: news, cnbc, companies, basis, growth, times, secondfastest, india, rates, rate, cut, fiscal, points, policy, worlds, growing, bank, banks, major, economy


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