BlackRock CEO Larry Fink: CEOs pulling supply chains out of China

Companies are moving their supply chains out of China instead of waiting for a resolution of the trade war between Washington and Beijing, BlackRock Chairman and CEO Larry Fink told CNBC on Friday. “We’re hearing from CEOs that more and more supply chains are moving out of China right now, ” Fink said on “Squawk Box.” “People are not waiting, companies are not waiting to see what the outcome is.” Companies began announcing in May that they would move from China to Vietnam, as China and the U.S.


Companies are moving their supply chains out of China instead of waiting for a resolution of the trade war between Washington and Beijing, BlackRock Chairman and CEO Larry Fink told CNBC on Friday. “We’re hearing from CEOs that more and more supply chains are moving out of China right now, ” Fink said on “Squawk Box.” “People are not waiting, companies are not waiting to see what the outcome is.” Companies began announcing in May that they would move from China to Vietnam, as China and the U.S.
BlackRock CEO Larry Fink: CEOs pulling supply chains out of China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: jessica bursztynsky, matthew j belvedere
Keywords: news, cnbc, companies, chains, supply, trade, vietnam, starting, larry, companies, waiting, moving, blackrock, fink, china, ceos, ceo, pulling, worlds


BlackRock CEO Larry Fink: CEOs pulling supply chains out of China

Companies are moving their supply chains out of China instead of waiting for a resolution of the trade war between Washington and Beijing, BlackRock Chairman and CEO Larry Fink told CNBC on Friday.

“We’re hearing from CEOs that more and more supply chains are moving out of China right now, ” Fink said on “Squawk Box.” “People are not waiting, companies are not waiting to see what the outcome is.”

The trade fight between the world’s two largest economies has been going on for about a year, and businesses are starting to feel the repercussions.

President Donald Trump has slapped 25% tariffs on $200 billion worth of Chinese goods and continues to threaten duties on an additional $325 billion of goods as trade negotiations continue.

More than 50 multinational companies are moving production out of China, including Apple, Nintendo and Dell, CNBC previously reported. Companies began announcing in May that they would move from China to Vietnam, as China and the U.S. stepped up tit-for-tat duties.

Brooks Running — which is part of Warren Buffett’s Berkshire Hathaway — said in May it would be “predominantly in Vietnam by the end of the year,” adding that about 8,000 jobs will move there from China.

At the same, the Chinese economy is starting to lag, having grown just 6.2% in its second quarter. That’s the weakest rate in at least 27 years. Trade data released last week showed China’s June exports fell 1.3% year over year due to the tariffs.

“I do believe the trend in China continues to be downward, ” said Fink, co-founder of the world’s largest money manager. “I think long term, China knows they need to find ways to stimulate more of their domestic economy.”


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: jessica bursztynsky, matthew j belvedere
Keywords: news, cnbc, companies, chains, supply, trade, vietnam, starting, larry, companies, waiting, moving, blackrock, fink, china, ceos, ceo, pulling, worlds


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‘I like bitcoin,’ says House GOP leader McCarthy, hits Facebook Libra

House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin. “When I’m on Facebook, I’m not the customer, I’m the product,” he said. Now they want to get into the business, and they’re not bitcoin, in this Libra. “I want to see decentralization because Libra concerns me that they’re going to control the market,” McCarthy said. However, the Pennsylvania senator added he wants to know the real motivation behind Libra because Facebook


House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin. “When I’m on Facebook, I’m not the customer, I’m the product,” he said. Now they want to get into the business, and they’re not bitcoin, in this Libra. “I want to see decentralization because Libra concerns me that they’re going to control the market,” McCarthy said. However, the Pennsylvania senator added he wants to know the real motivation behind Libra because Facebook
‘I like bitcoin,’ says House GOP leader McCarthy, hits Facebook Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: jessica bursztynsky matthew j belvedere, jessica bursztynsky, matthew j belvedere
Keywords: news, cnbc, companies, toomey, bitcoin, gop, libra, im, mccarthy, including, hits, facebook, money, theyre, security, house, leader


'I like bitcoin,' says House GOP leader McCarthy, hits Facebook Libra

House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin.

“I like bitcoin” and the security of the blockchain ledger technology behind cryptocurrencies, the California Republican said, as he criticized Facebook’s plans for a Libra digital coin ahead of hearings on Capitol Hill this week.

Libra will be pegged to a basket of government-backed money, compared with bitcoin, which is highly volatile in price and derives value from factors including its ability to enable instantaneous, anonymous, global payments and as an investment.

Nobody controls bitcoin.

McCarthy did, however, say that bitcoin is not where it needs to be yet, alluding to the risks of cryptocurrencies being used by criminals and money launderers.

While Libra promises more stability, McCarthy remains concerned.

“When I’m on Facebook, I’m not the customer, I’m the product,” he said. “Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not bitcoin, in this Libra. They’re not decentralized.”

In Libra hearings by the Senate Banking Committee on Tuesday and House Financial Services on Wednesday, McCarthy said he’s looking for the social media giant to address its potential anti-competitive behavior.

“I want to see decentralization because Libra concerns me that they’re going to control the market,” McCarthy said.

To address those concerns, Facebook set up Libra to be run by a nonprofit consortium supported by a range of firms and organizations, including including payment companies Visa and PayPal, as well as tech giants eBay, Lyft, Spotify and Uber.

Republican Sen. Pat Toomey strayed from McCarthy’s and the Trump administration’s critical views o Libra, telling CNBC in a separate interview Tuesday that Facebook’s planned digital coin should be given a chance.

“I don’t want to presume in advance that we’ve got to prevent the development of some new innovation,” Toomey offered.

However, the Pennsylvania senator added he wants to know the real motivation behind Libra because Facebook has said that it’s not about making money.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: jessica bursztynsky matthew j belvedere, jessica bursztynsky, matthew j belvedere
Keywords: news, cnbc, companies, toomey, bitcoin, gop, libra, im, mccarthy, including, hits, facebook, money, theyre, security, house, leader


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In moments of anger, Steve Jobs was highly critical of Tim Cook, says biographer Walter Isaacson

Walter Isaacson, author of the 2011 “Steve Jobs” biography, on Monday revealed to a greater extent the pointed criticism that Jobs had about Tim Cook, whom he handpicked as Apple CEO before his death. “In my book, Steve says how Tim Cook can do everything, and then he looked at me and said, ‘Tim’s not a product person.'” On “Squawk Box,” Isaacson said that Jobs in interviews for the book went further than that. Isaacson’s biography was published on Oct. 24, 2011 — 19 days after Steve Jobs died f


Walter Isaacson, author of the 2011 “Steve Jobs” biography, on Monday revealed to a greater extent the pointed criticism that Jobs had about Tim Cook, whom he handpicked as Apple CEO before his death. “In my book, Steve says how Tim Cook can do everything, and then he looked at me and said, ‘Tim’s not a product person.'” On “Squawk Box,” Isaacson said that Jobs in interviews for the book went further than that. Isaacson’s biography was published on Oct. 24, 2011 — 19 days after Steve Jobs died f
In moments of anger, Steve Jobs was highly critical of Tim Cook, says biographer Walter Isaacson Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: matthew j belvedere
Keywords: news, cnbc, companies, book, product, tim, jobs, isaacson, cook, biographer, design, steve, went, things, critical, moments, walter, apple, highly


In moments of anger, Steve Jobs was highly critical of Tim Cook, says biographer Walter Isaacson

Walter Isaacson, author of the 2011 “Steve Jobs” biography, on Monday revealed to a greater extent the pointed criticism that Jobs had about Tim Cook, whom he handpicked as Apple CEO before his death.

“I softened it in the book a bit. Sometimes I soften things that I thought were too harsh,” Isaacson told CNBC. “In my book, Steve says how Tim Cook can do everything, and then he looked at me and said, ‘Tim’s not a product person.'”

On “Squawk Box,” Isaacson said that Jobs in interviews for the book went further than that. “Sometimes Steve, when he was in pain and it was problematic and he, he was angry, he would say more things than [Cook] was not a product person. I felt I would put in the specific things that were relevant to the reader but not the complaints.” Isaacson did not elaborate further about those complaints.

Isaacson’s biography was published on Oct. 24, 2011 — 19 days after Steve Jobs died from pancreatic cancer at the age of 56.

The author’s remarks on the Jobs-Cook dynamic came as Monday’s Apple discussion on the show turned to the announcement last month that design chief Jony Ive was leaving the company. Jobs and Ive were really close.

“Every day when Jobs was in the office in Cupertino, he would go at midday to that sort of big locked door that went to the design studio; be brought in and everybody else would be ushered out. And he would talk table to table with Jony. They would feel not just the phone but the plug. The jack, the way the wire coiled. Jobs at his core was a product person,” Isaacson said.

“What I think you are seeing now is a company that can execute pretty well. But it doesn’t have at its core these two spiritual soulmates who just lived and breathed the beauty of products,” Isaacson said. “I think it would have been better to have the design chiefs report directly to [Cook] … for him to go to the design studio at least once a week.”

Cook and Apple were not immediately available to respond to CNBC’s request for comments on the Isaacson interview.

Shares of Apple were under pressure Monday after Rosenblatt Securities downgraded the stock to “sell” from “neutral,” saying there’s “less reward” for ownership. However, Rosenblatt maintained its 12-month, $150-per-share price target.

Apple shares, which have soared nearly 30% so far this year, closed slightly lower Friday to around $204 each.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: matthew j belvedere
Keywords: news, cnbc, companies, book, product, tim, jobs, isaacson, cook, biographer, design, steve, went, things, critical, moments, walter, apple, highly


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Bruce Linton says he was fired as co-CEO of Canadian pot company Canopy Growth

Bruce Linton, co-CEO of Canopy Growth, said he was fired from the Canadian pot company he founded in 2013 in an interview with CNBC on Wednesday. Mark Zekulin, who had been co-CEO with Linton, becomes the sole CEO while the company searches for a replacement. “I think stepping down might not be the right phrase,” he said, referring to the language in the company press release. I think probably what they’re doing will probably be a better decision, it’s just not a great day for Bruce.” Canopy sai


Bruce Linton, co-CEO of Canopy Growth, said he was fired from the Canadian pot company he founded in 2013 in an interview with CNBC on Wednesday. Mark Zekulin, who had been co-CEO with Linton, becomes the sole CEO while the company searches for a replacement. “I think stepping down might not be the right phrase,” he said, referring to the language in the company press release. I think probably what they’re doing will probably be a better decision, it’s just not a great day for Bruce.” Canopy sai
Bruce Linton says he was fired as co-CEO of Canadian pot company Canopy Growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: angelica lavito matthew j belvedere, angelica lavito, matthew j belvedere
Keywords: news, cnbc, companies, canadian, canopy, zekulin, right, linton, board, company, pot, think, release, probably, constellation, coceo, growth, fired, bruce


Bruce Linton says he was fired as co-CEO of Canadian pot company Canopy Growth

Bruce Linton, co-CEO of Canopy Growth, said he was fired from the Canadian pot company he founded in 2013 in an interview with CNBC on Wednesday.

Canopy, the world’s largest publicly traded cannabis company by market value, earlier Wednesday announced in a press release that Linton was removed as co-chief executive officer and a member of the board, effective immediately. Mark Zekulin, who had been co-CEO with Linton, becomes the sole CEO while the company searches for a replacement.

Linton called into CNBC and said he was fired.

“I think stepping down might not be the right phrase,” he said, referring to the language in the company press release. “I was terminated.”

Linton built Canopy into a cannabis powerhouse, signing partnerships with celebrities such as Snoop Dogg and Martha Stewart while pursuing deals including an investment from spirits giant Constellation Brands and an acquisition of U.S.-based Acreage Holdings. News of his departure shook investors, initially sending shares down about 5%.

Canopy shares recovered their losses, gaining 2% in afternoon trade, as analysts called the leadership shake-up the right move to help the company mature and eventually become profitable.

“The magnitude of losses for [Canopy] has expanded far more than we had expected, and while we commend Linton for his vision in establishing the world’s leading cannabis company, we believe new leadership will be a welcome change,” Cowen analyst Vivien Azer said in a note to investors.

Constellation Brands invested $4 billion in Canopy in November, giving the spirits giant a 38% stake of the company. As part of the deal, Constellation nominated four directors to Canopy’s seven-member board.

“About eight months and two days later, I think the board had decided they wanted a different chair and a different co-CEO,” he said.

Canopy last month reported a wider-than-expected loss in the fourth quarter. The loss took 20 cents per share — or nearly $39 million — out of Constellation’s own earnings. Constellation CEO William Newlands told analysts while the company remains happy with its investment and the long-term potential, it was “not pleased” with Canopy’s recent results.

“What we remain excited about is that this is going to be a big long-term business, and we are working with Canopy almost on a daily basis to ensure that we are all focused on the right things,” Newlands said.

Linton said he had a feeling his ouster was in the works when the board of directors called a meeting and Linton, then chairman of the board, was not the one calling the meeting. He said Canopy gave him an exit package, though he did not say what that included.

“I really think at the end of the day, sometimes entrepreneurs are entrepreneurs because they’re not super employable,” he said. “And I would say I probably don’t have a resume because I like creating businesses and driving them. You don’t always mesh well with everyone in the playpen. I think probably what they’re doing will probably be a better decision, it’s just not a great day for Bruce.”

Canopy said Zekulin will also help the board search for a new leader, considering both internal and external candidates. Zekulin said in the company’s press release, “I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward.”

A Constellation spokeswoman in a statement said the company fully supports the decision to appoint Zekulin as Canopy’s sole CEO.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: angelica lavito matthew j belvedere, angelica lavito, matthew j belvedere
Keywords: news, cnbc, companies, canadian, canopy, zekulin, right, linton, board, company, pot, think, release, probably, constellation, coceo, growth, fired, bruce


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‘She owned the stage’ — pollster says Kamala Harris was the winner of both Democratic debate nights

Sen. Kamala Harris outshined all of her 19 rivals in the first Democratic presidential debates, a longtime Republican pollster told CNBC on Friday. “She owned the stage, and Joe Biden should have known it was coming, ” Frank Luntz said in a “Squawk Box” interview the morning after the second round of debates by Democratic presidential hopefuls. Harris, a first-term U.S. senator and former California attorney general, came out swinging Thursday night, with pointed attacks on frontrunner Joe Biden


Sen. Kamala Harris outshined all of her 19 rivals in the first Democratic presidential debates, a longtime Republican pollster told CNBC on Friday. “She owned the stage, and Joe Biden should have known it was coming, ” Frank Luntz said in a “Squawk Box” interview the morning after the second round of debates by Democratic presidential hopefuls. Harris, a first-term U.S. senator and former California attorney general, came out swinging Thursday night, with pointed attacks on frontrunner Joe Biden
‘She owned the stage’ — pollster says Kamala Harris was the winner of both Democratic debate nights Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: matthew j belvedere, jacob pramuk
Keywords: news, cnbc, companies, president, winner, harris, democratic, second, joe, debate, nights, pollster, owned, biden, california, presidential, race, little, girl, stage, kamala


'She owned the stage' — pollster says Kamala Harris was the winner of both Democratic debate nights

Sen. Kamala Harris outshined all of her 19 rivals in the first Democratic presidential debates, a longtime Republican pollster told CNBC on Friday.

“She owned the stage, and Joe Biden should have known it was coming, ” Frank Luntz said in a “Squawk Box” interview the morning after the second round of debates by Democratic presidential hopefuls.

Harris, a first-term U.S. senator and former California attorney general, came out swinging Thursday night, with pointed attacks on frontrunner Joe Biden. She called out the 76-year-old former vice president on race, saying the way he recently described his past working relationship with two segregationist lawmakers was “hurtful.”

The 54-year-old Harris, if elected, would be the second biracial president. Former President Barack Obama was the first. Harris’ parents were both immigrants — her father from Jamaica and her mother from India. They met as graduate students at the University of California, Berkeley.

At Thursday night’s debate, Harris also accused Biden of opposing busing, which Biden disputed.

“There was a little girl in California who was part of the second class to integrate her public schools, and she was bused to school every day, and that little girl was me,” Harris said.

Biden called Harris’ attack “a mischaracterization of my position across the board,” and launched into a fiery defense of his record on race. “I did not praise racists.”


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: matthew j belvedere, jacob pramuk
Keywords: news, cnbc, companies, president, winner, harris, democratic, second, joe, debate, nights, pollster, owned, biden, california, presidential, race, little, girl, stage, kamala


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Chamber of Commerce hits Trump on ‘weaponization of tariffs’ — and then Trump calls CNBC to fight back

President Donald Trump is right to pressure China to change its protectionist trade and business practices, but he should not be using tariffs do it, a top official at the world’s largest business lobbying group said Monday. “The weaponization of tariffs — the increase of threats on our economy, on our farmers, our manufacturers, our consumers — is going to hurt our country. Shortly after Brillant’s interview, Trump called into “Squawk Box” to argue his case for why tariffs are effective. Trump


President Donald Trump is right to pressure China to change its protectionist trade and business practices, but he should not be using tariffs do it, a top official at the world’s largest business lobbying group said Monday. “The weaponization of tariffs — the increase of threats on our economy, on our farmers, our manufacturers, our consumers — is going to hurt our country. Shortly after Brillant’s interview, Trump called into “Squawk Box” to argue his case for why tariffs are effective. Trump
Chamber of Commerce hits Trump on ‘weaponization of tariffs’ — and then Trump calls CNBC to fight back Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: matthew j belvedere
Keywords: news, cnbc, companies, business, weaponization, trump, chamber, china, usmca, hits, mexico, calls, deal, commerce, going, fight, president, tariffs, trade


Chamber of Commerce hits Trump on 'weaponization of tariffs' — and then Trump calls CNBC to fight back

President Donald Trump is right to pressure China to change its protectionist trade and business practices, but he should not be using tariffs do it, a top official at the world’s largest business lobbying group said Monday.

Myron Brilliant, head of international affairs at the U.S. Chamber of Commerce, also told CNBC’s “Squawk Box” that Trump should never have used the threat of tariffs to try to force Mexico to crack down on illegal immigration, especially with ratification of the new USMCA, the United States-Mexico-Canada Agreement, pending in Congress.

“The weaponization of tariffs — the increase of threats on our economy, on our farmers, our manufacturers, our consumers — is going to hurt our country. It also creates uncertainty with our trading partners,” said Brilliant, suggesting the Mexico situation might send the wrong message to China that the U.S., even if it makes a trade deal as in the case of the USMCA, may still come back later and hold tariffs over their heads. “The world is watching,” he added.

Shortly after Brillant’s interview, Trump called into “Squawk Box” to argue his case for why tariffs are effective. The president also blasted the Chamber of Commerce.

Trump told CNBC on Monday that the business group protects corporate America not the American people. The president also said tariffs allow the U.S. to level the playing field, claiming he believes that China will make a deal with the U.S. “because they’re going to have to” due to tariff pressures.

“If we didn’t have tariffs we wouldn’t have made a deal with Mexico,” Trump also said, touting the agreement he announced late Friday on the ways Mexico promised to help stop migrants from entering the U.S. illegally across the border that the two countries share in exchange for tariffs not going into effect.

WATCH: Trump to CNBC: Tariffs are a beautiful thing when you’re the piggybank


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: matthew j belvedere
Keywords: news, cnbc, companies, business, weaponization, trump, chamber, china, usmca, hits, mexico, calls, deal, commerce, going, fight, president, tariffs, trade


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Cramer: Stock investors could be in trouble if Trump keeps ‘business-bashing’ like Obama

The stock market could be in for some more pain if President Donald Trump continues “business-bashing” like his predecessor Barack Obama, CNBC’s Jim Cramer predicts. Even though long-term interest rates are a lot lower than they were in 2013, ” Cramer said Monday evening on “Mad Money.” “Wall Street didn’t exactly view Obama as pro-business,” due to the former president’s tough regulatory stance. In the beginning of his administration, Trump talked about the stock market all the time and viewed


The stock market could be in for some more pain if President Donald Trump continues “business-bashing” like his predecessor Barack Obama, CNBC’s Jim Cramer predicts. Even though long-term interest rates are a lot lower than they were in 2013, ” Cramer said Monday evening on “Mad Money.” “Wall Street didn’t exactly view Obama as pro-business,” due to the former president’s tough regulatory stance. In the beginning of his administration, Trump talked about the stock market all the time and viewed
Cramer: Stock investors could be in trouble if Trump keeps ‘business-bashing’ like Obama Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: matthew j belvedere
Keywords: news, cnbc, companies, trade, cramer, trump, market, obama, businessbashing, keeps, president, probusiness, weeks, trumps, stock, term, investors, trouble


Cramer: Stock investors could be in trouble if Trump keeps 'business-bashing' like Obama

The stock market could be in for some more pain if President Donald Trump continues “business-bashing” like his predecessor Barack Obama, CNBC’s Jim Cramer predicts.

“It’s telling that the S&P 500 is the same valuation that it had in Obama’s second term. Even though long-term interest rates are a lot lower than they were in 2013, ” Cramer said Monday evening on “Mad Money.” “Wall Street didn’t exactly view Obama as pro-business,” due to the former president’s tough regulatory stance.

On Tuesday morning, stocks were seeing a broad-based bounce after weeks of struggles on persistent trade concerns and growing worries about whether the U.S. economy can stay strong. Talk of the Federal Reserve keeping interest rates steady for a while has turned to calls for possible rate cuts to halt any slide in growth.

Cramer, who praised many of Trump’s early pro-business moves such as deregulation and tax cuts, has been critical of Trump recently for threatening tariffs on Mexico aimed at curbing illegal immigration and for what appears to be the beginnings of a Big Tech antitrust crackdown at the Justice Department and the Federal Trade Commission.

“It’s possible that President Trump has realized something that Obama discovered when he was running for his second term: Most voters don’t own stocks anymore,” Cramer said, adding that as long as Trump’s poll numbers are up and the economy doesn’t nose-dive, the president feels he can do anything he wants.

In the beginning of his administration, Trump talked about the stock market all the time and viewed it as a report card on his policies. But lately, the pressure on the market does not seem to matter.

“For whatever reason, the president’s whims have trumped his pro-business attitude — he’s anti-business. And if the Trump administration is going to be less pro-business, investors are going to pay,” Cramer said. “Put it all together, you can understand why this market has been hammered for the past five weeks.”


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: matthew j belvedere
Keywords: news, cnbc, companies, trade, cramer, trump, market, obama, businessbashing, keeps, president, probusiness, weeks, trumps, stock, term, investors, trouble


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Cramer: Trump wants to crack down on Big Tech because he views them as political opponents

CNBC’s Jim Cramer said Tuesday that he believes President Donald Trump is looking to crack down on Silicon Valley’s biggest tech companies because he views them as political opponents. Cramer feels there may be an antitrust case to be made against Big Tech’s dominance. But he thinks the Trump administration is going after these companies for political reasons. On “Squawk Box, ” Cramer said that Trump views Alphabet’s Google, Facebook, Amazon and Apple as “Democratic companies.” “But these are co


CNBC’s Jim Cramer said Tuesday that he believes President Donald Trump is looking to crack down on Silicon Valley’s biggest tech companies because he views them as political opponents. Cramer feels there may be an antitrust case to be made against Big Tech’s dominance. But he thinks the Trump administration is going after these companies for political reasons. On “Squawk Box, ” Cramer said that Trump views Alphabet’s Google, Facebook, Amazon and Apple as “Democratic companies.” “But these are co
Cramer: Trump wants to crack down on Big Tech because he views them as political opponents Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: matthew j belvedere
Keywords: news, cnbc, companies, trump, companies, democratic, cramer, views, wants, president, big, political, opponents, valleys, uniquely, tech, thinks, crack


Cramer: Trump wants to crack down on Big Tech because he views them as political opponents

CNBC’s Jim Cramer said Tuesday that he believes President Donald Trump is looking to crack down on Silicon Valley’s biggest tech companies because he views them as political opponents.

Cramer feels there may be an antitrust case to be made against Big Tech’s dominance. But he thinks the Trump administration is going after these companies for political reasons.

On “Squawk Box, ” Cramer said that Trump views Alphabet’s Google, Facebook, Amazon and Apple as “Democratic companies.”

“I know this sounds odd,” Cramer said. “But these are companies that the president sees as uniquely Democratic. So therefore they are game, they are fodder.”


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: matthew j belvedere
Keywords: news, cnbc, companies, trump, companies, democratic, cramer, views, wants, president, big, political, opponents, valleys, uniquely, tech, thinks, crack


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Trump makes ‘important points’ about how China must change, billionaire money manager says

The economic relationship between the United States and China needs to change, Tony Ressler, a billionaire veteran of Wall Street, said Friday. “The Trump administration is making some very important points about how we do business with China,” said Ressler, co-founder of private equity giants Apollo Global Management and Ares Management. President Donald Trump, through tough talk and tariffs, has been trying to get China to stop what the White House considers unfair trade and business practices


The economic relationship between the United States and China needs to change, Tony Ressler, a billionaire veteran of Wall Street, said Friday. “The Trump administration is making some very important points about how we do business with China,” said Ressler, co-founder of private equity giants Apollo Global Management and Ares Management. President Donald Trump, through tough talk and tariffs, has been trying to get China to stop what the White House considers unfair trade and business practices
Trump makes ‘important points’ about how China must change, billionaire money manager says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: matthew j belvedere
Keywords: news, cnbc, companies, important, china, chinese, interview, money, points, tariffs, economic, trump, trade, ressler, manager, business, billionaire, change, leaders, makes


Trump makes 'important points' about how China must change, billionaire money manager says

The economic relationship between the United States and China needs to change, Tony Ressler, a billionaire veteran of Wall Street, said Friday.

“The Trump administration is making some very important points about how we do business with China,” said Ressler, co-founder of private equity giants Apollo Global Management and Ares Management.

President Donald Trump, through tough talk and tariffs, has been trying to get China to stop what the White House considers unfair trade and business practices.

“We’re seeing some blunt objects help that readjustment,” Ressler said in a CNBC interview as rhetoric from Trump and Chinese leaders and costly reciprocal trade tariffs show no signs of easing.

However, Ressler said, “I’m not as worried as others. Because I think over time, reason will prevail.”

Beijing threatened on Friday to unveil an unprecedented list of foreign firms, groups, and individuals that it believes harm the interests of Chinese companies.

Earlier this month, Washington increased tariffs to 25% on $200 billion of Chinese goods, accusing Beijing of reneging on its previous promises to make structural changes to its economic practices.

That prompted Beijing to hit back with additional levies on the majority of U.S. imports worth $60 billion, due to take effect on Saturday.

“My experience with the Chinese is that they are sophisticated. They understand what’s best for China,” Ressler told “Squawk Box” co-host Andrew Ross Sorkin in an interview from a business conference in Atlanta.

Ressler, also principal owner of the NBA’s Atlanta Hawks, urged Trump and Chinese leaders to “lower the amount of noise” and focus more on substance. “Then you’ll see real progress,” he said.

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: matthew j belvedere
Keywords: news, cnbc, companies, important, china, chinese, interview, money, points, tariffs, economic, trump, trade, ressler, manager, business, billionaire, change, leaders, makes


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Wall Street misunderstands Tesla, says analyst whose lowest price target is triple current levels

An analyst for a firm with a major investment in Tesla said Friday that recent drastic price-target cuts on the stock by others on Wall Street are missing the big picture. Tasha Keeney, an Ark analyst, said in an interview on CNBC’s “Squawk Box” that Wall Street is “misunderstanding the Tesla story” and the potential upside of Elon Musk’s vision. This week, Morgan Stanley put a worst-case of $10 per share on Tesla. The electric vehicle maker began the month saying it would raise more than $2 bil


An analyst for a firm with a major investment in Tesla said Friday that recent drastic price-target cuts on the stock by others on Wall Street are missing the big picture. Tasha Keeney, an Ark analyst, said in an interview on CNBC’s “Squawk Box” that Wall Street is “misunderstanding the Tesla story” and the potential upside of Elon Musk’s vision. This week, Morgan Stanley put a worst-case of $10 per share on Tesla. The electric vehicle maker began the month saying it would raise more than $2 bil
Wall Street misunderstands Tesla, says analyst whose lowest price target is triple current levels Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matthew j belvedere
Keywords: news, cnbc, companies, misunderstands, ark, value, price, month, street, target, triple, musk, stock, billion, vehicles, share, tesla, levels, current, lowest, wall


Wall Street misunderstands Tesla, says analyst whose lowest price target is triple current levels

An analyst for a firm with a major investment in Tesla said Friday that recent drastic price-target cuts on the stock by others on Wall Street are missing the big picture.

Ark Invest, whose founder predicted on CNBC last year that Tesla could hit $4,000 per share, stands by that call, even as the stock has lost about 40% of its value in 2019.

Tasha Keeney, an Ark analyst, said in an interview on CNBC’s “Squawk Box” that Wall Street is “misunderstanding the Tesla story” and the potential upside of Elon Musk’s vision. Musk’s accomplishments are widely acknowledged, but he’s gotten himself and Tesla into trouble with the government over his comments, stemming from an August tweet about possibly taking the company private with “funding secured.”

Keeney said Ark believes so strongly in Tesla that its five-year, bear-case scenario is $560 per share, which would be nearly triple the value of where the stock closed Thursday at $195.

This week, Morgan Stanley put a worst-case of $10 per share on Tesla. A day later, Citigroup said the stock could fall to $36 per share.

Tesla has always been a battleground stock as one of the most loved and hated. Tesla is also one of the most shorted stocks. Shorting a stock is a bet that it will go down.

The electric vehicle maker began the month saying it would raise more than $2 billion through stock and convertible debt. The company’s cash burn and need to repeatedly raise money has been a concern among its detractors.

Keeney, however, said Ark is not troubled by additional fundraising. “If we talk about cash, and those worries, in our valuation model we actually expect, we have Tesla raising an additional $10 billion to $20 billion in the next five years. And we’re actually OK with that.”

“We want them to get as many cars on the road as possible” with the next step of running a “fully autonomous taxi network.” Last month, Musk promised 1 million vehicles on the road next year that are able to function as “robo-taxis,” a claim that was generally thought to be optimistic, at best.

On an investor call earlier this month, two of the invitees told CNBC that Musk predicted autonomous driving will transform Tesla into a company with a $500 billion stock market value. As of Thursday’s close, Tesla’s market cap was just over $34 billion.

Keeney admits that Musk sets “extremely aggressive goals” and often falls short. “But in doing that, in sort of pushing to that target, they’ve been able to achieve the impossible so far.”

She also countered the argument that demand for Tesla vehicles is waning. “Sixty-nine percent of the trade-ins for the Model 3, for the standard range version, were non-premium vehicles. So they are pulling in demand from other segments. They outsold their next best competitor by 60% in the premium vehicle segment.”

“People clearly like these cars for a good reason. Tesla has a software advantage that no one else can beat,” she added.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matthew j belvedere
Keywords: news, cnbc, companies, misunderstands, ark, value, price, month, street, target, triple, musk, stock, billion, vehicles, share, tesla, levels, current, lowest, wall


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