Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Cramer Remix: Most money managers haven’t seen a bear market like this one

Most Wall Street professionals haven’t experienced a bear market of this particular nature, CNBC’s Jim Cramer said Monday as stocks recovered from their Thanksgiving-week declines. “The simple fact is, these days, most money managers can only remember the systemic risk kind of bear market, like the one we had from 2007 to 2009,” the “Mad Money” host said, referring to the multi-year breakdown spurred by the financial crisis. “They haven’t seen a Fed-induced-slowdown bear market like this one,” h


Most Wall Street professionals haven’t experienced a bear market of this particular nature, CNBC’s Jim Cramer said Monday as stocks recovered from their Thanksgiving-week declines. “The simple fact is, these days, most money managers can only remember the systemic risk kind of bear market, like the one we had from 2007 to 2009,” the “Mad Money” host said, referring to the multi-year breakdown spurred by the financial crisis. “They haven’t seen a Fed-induced-slowdown bear market like this one,” h
Cramer Remix: Most money managers haven’t seen a bear market like this one Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: elizabeth gurdus, drew angerer, getty images, dhiraj singh, bloomberg, peter foley, bernard weil, toronto star
Keywords: news, cnbc, companies, finally, managers, remix, stocks, seen, havent, kind, bear, president, market, cramer, money, macro


Cramer Remix: Most money managers haven't seen a bear market like this one

Most Wall Street professionals haven’t experienced a bear market of this particular nature, CNBC’s Jim Cramer said Monday as stocks recovered from their Thanksgiving-week declines.

“The simple fact is, these days, most money managers can only remember the systemic risk kind of bear market, like the one we had from 2007 to 2009,” the “Mad Money” host said, referring to the multi-year breakdown spurred by the financial crisis.

“They haven’t seen a Fed-induced-slowdown bear market like this one,” he continued. “They haven’t seen an end-of-cycle bear market where stocks just keep going down and down and down until the sellers finally exhaust themselves like this one, or because the macro factors finally turn around.”

This kind of bear market has led to dramatic declines in high-quality stocks like Nvidia and Goldman Sachs, which is owned by Cramer’s charitable trust, the longtime stock guru noted.

The macro factors that could save stocks, he said, would be a fresh trade deal between the U.S. and China, which some anticipate could come this week when President Donald Trump and Chinese President Xi Jinping cross paths at the G-20 summit, or a pause in the Fed’s interest rate hike schedule.

“Until then, I don’t know,” Cramer said. “Get used to the pain.”


Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: elizabeth gurdus, drew angerer, getty images, dhiraj singh, bloomberg, peter foley, bernard weil, toronto star
Keywords: news, cnbc, companies, finally, managers, remix, stocks, seen, havent, kind, bear, president, market, cramer, money, macro


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Alexandria Ocasio-Cortez and New York Democrats criticize Amazon HQ2

Last week, Democrats won back the New York Senate, giving the party unified control of state government and potentially increasing the chances of legislative action related to Amazon. Not all New York Democrats oppose Amazon’s presence in the city. The reactions to Amazon highlight a gulf between the more mainstream, pro-business wing of the Democratic Party and its more anti-establishment officials. The divide in the Democratic Party was further highlighted in the reactions of top Virginia Demo


Last week, Democrats won back the New York Senate, giving the party unified control of state government and potentially increasing the chances of legislative action related to Amazon. Not all New York Democrats oppose Amazon’s presence in the city. The reactions to Amazon highlight a gulf between the more mainstream, pro-business wing of the Democratic Party and its more anti-establishment officials. The divide in the Democratic Party was further highlighted in the reactions of top Virginia Demo
Alexandria Ocasio-Cortez and New York Democrats criticize Amazon HQ2 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: jacob pramuk, peter foley, bloomberg, getty images, rick loomis, leonard ortiz, digital first media
Keywords: news, cnbc, companies, york, hq2, unclear, cnbcs, virginia, democrats, amazons, party, alexandria, democratic, amazon, tax, ocasiocortez, criticize


Alexandria Ocasio-Cortez and New York Democrats criticize Amazon HQ2

It is unclear what action the lawmakers can or will take to modify or scrap the project. Last week, Democrats won back the New York Senate, giving the party unified control of state government and potentially increasing the chances of legislative action related to Amazon.

State Assemblyman Ron Kim, who represents parts of Queens, plans to introduce legislation to cancel the Amazon subsidies and redirect the tax breaks to student debt relief. It is unclear how much support the measure could draw.

Amazon did not immediately respond to CNBC’s request for comment. Amazon’s top spokesman, former White House press secretary Jay Carney, contended that the company’s economic boost to New York and Virginia would make up for the tax breaks.

“We really are confident that these performance-based incentives will absolutely pay for themselves and then some for each community,” Carney told CNBC’s “Power Lunch” on Tuesday.

Not all New York Democrats oppose Amazon’s presence in the city. In a joint news conference Tuesday, Mayor Bill de Blasio and Gov. Andrew Cuomo — who frequently butt heads — cheered Amazon’s decision.

De Blasio tried to assuage concerns about harm to locals, saying “we measure success in how many everyday people benefit” from Amazon. He said that he wants to support Long Island City’s growth “with the kind of infrastructure investment needed.”

Cuomo said that Amazon’s move “is a big money maker for us” in order to reinvest money in the subway system and education. He added that “we had to win the competition” to get the company to open offices, which included the tax incentive package.

Former Mayor Michael Bloomberg, a potential Democratic presidential candidate in 2020, also cheered the decision, saying it vindicates the city’s efforts to become a technology hub.

The reactions to Amazon highlight a gulf between the more mainstream, pro-business wing of the Democratic Party and its more anti-establishment officials. The party’s left wing has taken aim at various corporations and executives, such as Amazon and billionaire CEO Jeff Bezos, who they say have taken advantage of workers.

In October, Amazon increased its hourly minimum wage for all U.S. employees to $15 per hour. While it is unclear how much he directly influenced the decision, leftist Sen. Bernie Sanders, a Vermont independent, had repeatedly hammered Amazon and Bezos over their treatment of workers.

The divide in the Democratic Party was further highlighted in the reactions of top Virginia Democrats. Sen. Mark Warner, D-Va., said he was “excited about the potential” Amazon offers but added that “we must commit to implementing this announcement in a way that will benefit the whole region” and all of Virginia.

Democratic Virginia Gov. Ralph Northam called the Amazon offices “a big win for Virginia.”

— CNBC’s Michelle Fox contributed to this report


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: jacob pramuk, peter foley, bloomberg, getty images, rick loomis, leonard ortiz, digital first media
Keywords: news, cnbc, companies, york, hq2, unclear, cnbcs, virginia, democrats, amazons, party, alexandria, democratic, amazon, tax, ocasiocortez, criticize


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Senate panel refers Avenatti, Kavanaugh accuser Swetnick for criminal investigation

Senate Judiciary Committee Chairman Chuck Grassley on Thursday referred lawyer Michael Avenatti and a woman he represents to the Justice Department and the FBI for criminal investigation, claiming they made potentially false statements to Congress about Supreme Court Justice Brett Kavanaugh and alleged sexual misconduct. In his letter Thursday to Attorney General Jeff Sessions and FBI Director Christopher Wray asking for an investigation, Grassley listed “potential violations” of federal crimina


Senate Judiciary Committee Chairman Chuck Grassley on Thursday referred lawyer Michael Avenatti and a woman he represents to the Justice Department and the FBI for criminal investigation, claiming they made potentially false statements to Congress about Supreme Court Justice Brett Kavanaugh and alleged sexual misconduct. In his letter Thursday to Attorney General Jeff Sessions and FBI Director Christopher Wray asking for an investigation, Grassley listed “potential violations” of federal crimina
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Company: cnbc, Activity: cnbc, Date: 2018-10-25  Authors: dan mangan, jacob pramuk, peter foley, bloomberg, getty images, saul loeb, afp, source, michael avenatti
Keywords: news, cnbc, companies, swetnick, senate, avenatti, committee, judiciary, sworn, panel, statements, specifically, refers, kavanaugh, serious, investigation, accuser, nbc, allegations, statement, criminal


Senate panel refers Avenatti, Kavanaugh accuser Swetnick for criminal investigation

Senate Judiciary Committee Chairman Chuck Grassley on Thursday referred lawyer Michael Avenatti and a woman he represents to the Justice Department and the FBI for criminal investigation, claiming they made potentially false statements to Congress about Supreme Court Justice Brett Kavanaugh and alleged sexual misconduct.

Grassley, a Republican from Iowa, cited “contradictions” between what Avenatti’s client, Julie Swetnick, originally told the Judiciary Committee about Kavanaugh in an affidavit in late September, and what she said about the then-Supreme Court nominee days later in an interview with NBC News.

In his letter Thursday to Attorney General Jeff Sessions and FBI Director Christopher Wray asking for an investigation, Grassley listed “potential violations” of federal criminal code, specifically “conspiracy, false statements and obstruction of Congress.”

“Swetnick made her allegations in a sworn statement to the committee on September 26. In an October 1 interview with NBC News, however, Swetnick specifically and explicitly back-tracked or contradicted key parts of her sworn statement on these and other allegations,” the Judiciary Committee said in a statement.

“In subsequent interviews, Avenatti likewise cast serious doubt on or contradicted the allegations while insisting that he had thoroughly vetted his client,” according to the statement.

The committee said there was a “lack of substantiating or corroborating evidence” about Swetnick’s claims, and also cited “overarching and serious credibility problems pervading the presentation of these allegations.”


Company: cnbc, Activity: cnbc, Date: 2018-10-25  Authors: dan mangan, jacob pramuk, peter foley, bloomberg, getty images, saul loeb, afp, source, michael avenatti
Keywords: news, cnbc, companies, swetnick, senate, avenatti, committee, judiciary, sworn, panel, statements, specifically, refers, kavanaugh, serious, investigation, accuser, nbc, allegations, statement, criminal


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Cramer Remix: It’s not a good time to be a company like United Rentals

CNBC’s Jim Cramer knew he had to explain the stark weakness in shares of United Rentals after the stock of the largest equipment rental company in the United States lost 15 percent on Thursday and hit another 52-week low Friday. “October has been a Freddy Krueger-esque nightmare for United Rentals. United Rentals is “incredibly cyclical,” meaning that its success is tied to the state of the economy. “In a potential Fed-mandated slowdown, stocks like United Rentals … become totally toxic.” And ev


CNBC’s Jim Cramer knew he had to explain the stark weakness in shares of United Rentals after the stock of the largest equipment rental company in the United States lost 15 percent on Thursday and hit another 52-week low Friday. “October has been a Freddy Krueger-esque nightmare for United Rentals. United Rentals is “incredibly cyclical,” meaning that its success is tied to the state of the economy. “In a potential Fed-mandated slowdown, stocks like United Rentals … become totally toxic.” And ev
Cramer Remix: It’s not a good time to be a company like United Rentals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: elizabeth gurdus, vcg, getty images, peter foley, bloomberg, alex wong
Keywords: news, cnbc, companies, united, rentals, good, cramer, wall, slowdown, fed, interest, street, remix, crushed, company


Cramer Remix: It's not a good time to be a company like United Rentals

CNBC’s Jim Cramer knew he had to explain the stark weakness in shares of United Rentals after the stock of the largest equipment rental company in the United States lost 15 percent on Thursday and hit another 52-week low Friday.

“October has been a Freddy Krueger-esque nightmare for United Rentals. The darned thing is down 28 percent just since the beginning of the month,” the “Mad Money” host said.

Part of the problem? United Rentals is “incredibly cyclical,” meaning that its success is tied to the state of the economy. And the Federal Reserve’s interest rate hike agenda isn’t exactly boding well for the industrial giant, Cramer said.

“When the Fed signals that it’s going to keep raising interest rates, making new building more expensive, everybody on Wall Street knows that’s bad for business,” he said. “In a potential Fed-mandated slowdown, stocks like United Rentals … become totally toxic.”

And even though Cramer thought the company was actually doing “just fine,” he warned that the actual earnings results don’t matter to Wall Street in the same way they used to.

“Investors [are] looking for any excuse to bail because they know the numbers will be a crushed in a slowdown,” he said. “So be careful, because until the Fed relents, we could see many more cyclicals that get crushed after reporting good quarters that just happen to have a slight amount of hair on them.”


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: elizabeth gurdus, vcg, getty images, peter foley, bloomberg, alex wong
Keywords: news, cnbc, companies, united, rentals, good, cramer, wall, slowdown, fed, interest, street, remix, crushed, company


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Why Peter Thiel is backing a tiny start-up waging war against the global superbug crisis

As Outterson explains, most of the innovation in this field is coming from tiny pre-clinical trial companies like SciBac. “As soon as you make an antibiotic, it is already dying because bacteria are evolving in response to the drug. For this reason, drug companies feel antibiotics are undervalued in the marketplace. Like many entrepreneurs pursuing breakthrough science, Mucha seems energized by her formidable challenge of kickstarting the development of a new drug. After that company closed shop


As Outterson explains, most of the innovation in this field is coming from tiny pre-clinical trial companies like SciBac. “As soon as you make an antibiotic, it is already dying because bacteria are evolving in response to the drug. For this reason, drug companies feel antibiotics are undervalued in the marketplace. Like many entrepreneurs pursuing breakthrough science, Mucha seems energized by her formidable challenge of kickstarting the development of a new drug. After that company closed shop
Why Peter Thiel is backing a tiny start-up waging war against the global superbug crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-09  Authors: lori ioannou, troels graugaard, getty images, source, landr audio, clerkenwell, the agency collection, peter foley, bloomberg
Keywords: news, cnbc, companies, peter, drug, tiny, startup, global, trials, help, backing, war, companies, science, waging, lab, company, bacteria, thiel, superbug, mucha, set, crisis


Why Peter Thiel is backing a tiny start-up waging war against the global superbug crisis

As Outterson explains, most of the innovation in this field is coming from tiny pre-clinical trial companies like SciBac. That’s because many Big Pharma companies feel the margins aren’t worth the high R&D costs, which can run into the billions of dollars. “As soon as you make an antibiotic, it is already dying because bacteria are evolving in response to the drug. Eventually, random mutations will make antibiotic resistance come.”

For this reason, drug companies feel antibiotics are undervalued in the marketplace.

To help boost the start-up’s odds of success, CARB-X will provide SciBac with consultants and experts in R&D, toxicity and regulation that can help them navigate how to get their science from the lab to clinical trials for FDA approval. It has set milestones for the company that it must meet to get financing.

Like many entrepreneurs pursuing breakthrough science, Mucha seems energized by her formidable challenge of kickstarting the development of a new drug.

Mucha said she and co-founders Anthony Cann, a chemical engineer, and Derik Twomey, a cell biologist, stumbled on the idea. They had experience working with a species of bacteria known as clostridium while developing a biofuel for Cobalt Technologies. After that company closed shop, Mucha set up a lab in her garage to experiment with probiotics and see if she could induce gene transfer in bacteria. It worked. Then the entrepreneurs moved into an incubator, Molecular Sciences Institute in Milpitas, California, to set up a lab. Ten months later they applied to Breakout Labs for $350,000 of seed financing, which gave them matching funds to help secure the CARB-X grant. Now the company is in the midst of getting bridge financing to fund clinical trials and manufacturing.

“This drug development will take time,” Mucha said. “It won’t be ready for FDA drug approval until 2025. But we’re seeing a lot of investor interest in this alternative technology.”


Company: cnbc, Activity: cnbc, Date: 2018-10-09  Authors: lori ioannou, troels graugaard, getty images, source, landr audio, clerkenwell, the agency collection, peter foley, bloomberg
Keywords: news, cnbc, companies, peter, drug, tiny, startup, global, trials, help, backing, war, companies, science, waging, lab, company, bacteria, thiel, superbug, mucha, set, crisis


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The most influential endowment manager just jumped into crypto with bets on two Silicon Valley funds

Some 223 funds dedicated to cryptocurrency popped up in 2017, up from just 23 funds the prior year. As of Sept. 1, there were a total of 389 global cryptocurrency funds, according to the latest data from Autonomous Next. Chris Dixon, who runs Andreessen Horowitz’s crypto investments along with Katie Haun, told CNBC at the fund’s launch that these are “all-weather” bets that they’ll make over time regardless of market conditions. Yale has been an investor in the firm’s previous funds as part of a


Some 223 funds dedicated to cryptocurrency popped up in 2017, up from just 23 funds the prior year. As of Sept. 1, there were a total of 389 global cryptocurrency funds, according to the latest data from Autonomous Next. Chris Dixon, who runs Andreessen Horowitz’s crypto investments along with Katie Haun, told CNBC at the fund’s launch that these are “all-weather” bets that they’ll make over time regardless of market conditions. Yale has been an investor in the firm’s previous funds as part of a
The most influential endowment manager just jumped into crypto with bets on two Silicon Valley funds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: kate rooney, ari levy, peter foley, bloomberg, getty images, michael nagle
Keywords: news, cnbc, companies, firm, bets, investments, cryptocurrency, market, swensen, silicon, valley, jumped, funds, manager, tokens, yale, influential, crypto, endowment, thats


The most influential endowment manager just jumped into crypto with bets on two Silicon Valley funds

A big challenge for venture investors is that crypto bets like tokens and digital currencies are very different from taking sizable equity stakes in start-ups, forcing risk-averse money managers to adapt to a whole new set of issues.

“People are excited about it but afraid of being the first, or having to explain themselves,” said Bill Barhydt, CEO of cryptocurrency exchange Abra. “That’s the fear vs. greed of institutional investing. There’s a herd mentality there as much as there is in retail investing.”

Last year, bitcoin surged more than 1,000 percent to a high of almost $20,000, rewarding miners and enthusiasts. But the market has been beset by news of hacks, regulatory uncertainty and failed projects, and bitcoin’s price has dropped back to around $6,500. Some 223 funds dedicated to cryptocurrency popped up in 2017, up from just 23 funds the prior year. As of Sept. 1, there were a total of 389 global cryptocurrency funds, according to the latest data from Autonomous Next.

Still, firms like Andreessen Horowitz are focused on long-term investments in the space.

Chris Dixon, who runs Andreessen Horowitz’s crypto investments along with Katie Haun, told CNBC at the fund’s launch that these are “all-weather” bets that they’ll make over time regardless of market conditions. Over two to three years, the firm will invest in everything from early-stage coins and tokens to later-stage networks like bitcoin or ethereum and will hold those investments for up to a decade.

Andreessen Horowitz was investing in crypto well before the dedicated fund, backing Coinbase in 2013. As of June, the firm said it had not sold any of its investments in crypto.

The fund is a sensible entry point for Swensen. Yale has been an investor in the firm’s previous funds as part of a portfolio that’s included investments in funds run by Benchmark and Greylock Partners.

Paradigm is a brand new firm that has not yet announced its existence, but it also has some familiar names for Swensen. Ehrsam comes from Coinbase, and Huang has been working at Sequoia, a firm that’s generated healthy returns for Yale.


Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: kate rooney, ari levy, peter foley, bloomberg, getty images, michael nagle
Keywords: news, cnbc, companies, firm, bets, investments, cryptocurrency, market, swensen, silicon, valley, jumped, funds, manager, tokens, yale, influential, crypto, endowment, thats


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Jack Bogle: ‘If you hold the stock market, you will grow with America’

According to Jack Bogle, successful investing boils down to a simple strategy: Buy and hold the stock market for the long term. “If you hold the stock market, you will grow with America,” The Vanguard Group founder said Wednesday on CNBC’s “Power Lunch.” In the long run, there is a high correlation between the stock market and U.S. economic growth, said Bogle, so regardless the economic climate, “Stay the course. Don’t let these changes in the market, even the big one [like the financial crisis]


According to Jack Bogle, successful investing boils down to a simple strategy: Buy and hold the stock market for the long term. “If you hold the stock market, you will grow with America,” The Vanguard Group founder said Wednesday on CNBC’s “Power Lunch.” In the long run, there is a high correlation between the stock market and U.S. economic growth, said Bogle, so regardless the economic climate, “Stay the course. Don’t let these changes in the market, even the big one [like the financial crisis]
Jack Bogle: ‘If you hold the stock market, you will grow with America’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-13  Authors: kathleen elkins, peter foley, bloomberg, getty images
Keywords: news, cnbc, companies, jack, hold, america, trade, economic, grow, try, stock, long, way, vanguard, market, bogle


Jack Bogle: 'If you hold the stock market, you will grow with America'

According to Jack Bogle, successful investing boils down to a simple strategy: Buy and hold the stock market for the long term.

“If you hold the stock market, you will grow with America,” The Vanguard Group founder said Wednesday on CNBC’s “Power Lunch.”

In the long run, there is a high correlation between the stock market and U.S. economic growth, said Bogle, so regardless the economic climate, “Stay the course. Don’t let these changes in the market, even the big one [like the financial crisis] … change your mind and never, never, never be in or out of the market. Always be in at a certain level.”

If you try to trade in and out of the market, “your emotions will defeat you totally,” Bogle added. “Short-term betting is not a good way to go.”


Company: cnbc, Activity: cnbc, Date: 2018-09-13  Authors: kathleen elkins, peter foley, bloomberg, getty images
Keywords: news, cnbc, companies, jack, hold, america, trade, economic, grow, try, stock, long, way, vanguard, market, bogle


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Tim Armstrong to depart as CEO of Verizon’s Oath

Verizon’s head of media and advertising Tim Armstrong will leave at the end of the year, the company announced Wednesday. Armstrong came to Verizon in 2015 as part of the acquisition of AOL, where he was CEO. I’m thrilled he will lead Oath in an exciting new phase of growth, building on the foundation Tim and his team have created,” Verizon CEO Hans Vestberg said in a statement. Add to that the backing of the best mobile company in the world – Verizon – and Oath has all of the right pieces to su


Verizon’s head of media and advertising Tim Armstrong will leave at the end of the year, the company announced Wednesday. Armstrong came to Verizon in 2015 as part of the acquisition of AOL, where he was CEO. I’m thrilled he will lead Oath in an exciting new phase of growth, building on the foundation Tim and his team have created,” Verizon CEO Hans Vestberg said in a statement. Add to that the backing of the best mobile company in the world – Verizon – and Oath has all of the right pieces to su
Tim Armstrong to depart as CEO of Verizon’s Oath Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: michael sheetz, peter foley, bloomberg, getty images
Keywords: news, cnbc, companies, ceo, verizons, oath, digital, tim, company, armstrong, world, aol, teams, verizon, growth, guru, depart


Tim Armstrong to depart as CEO of Verizon's Oath

Verizon’s head of media and advertising Tim Armstrong will leave at the end of the year, the company announced Wednesday. CNBC reported Armstrong was in talks to leave as of Sept. 7.

Armstrong came to Verizon in 2015 as part of the acquisition of AOL, where he was CEO. The company later bought Yahoo and combined the two divisions into a digital advertising unit called Oath but those efforts have yet to produce significant growth. Verizon has decided to integrate Oath more fully with the rest of the company’s operations, according to a recent Wall Street Journal report, despite recent discussions about spinning off Oath into a separate business.

Oath president and COO K. Guru Gowrappan will “assume all management responsibilities” as chief executive effective Oct. 1, the company said in a release.

“Guru has proven experience in scaling businesses globally. I’m thrilled he will lead Oath in an exciting new phase of growth, building on the foundation Tim and his team have created,” Verizon CEO Hans Vestberg said in a statement.

The move could signal a shift in Verizon’s media and advertising strategy, which has increasingly diverged in recent months from that of its closest competitor AT&T. In June, AT&T completed its purchase of Time Warner, launching an advertising-focused strategy that several smaller acquisitions.

Verizon aimed to compete with Google and Facebook in the digital advertising marketplace with Oath. Instead, the business unit is expected to lose share of the market, which continues to be dominated by the two technology giants, the WSJ said.

Armstrong sent the following statement to Oath employees:

Builders – After almost 10 years as CEO – a journey of teamwork that has included turning around AOL while outperforming the market, strategically combining AOL with Verizon, and creating one of the largest digital assets in the world with the acquisition of Yahoo to create Oath – I am handing off the CEO torch for the next stage of the race to Guru. After joining us from Alibaba at the start of Q2, Guru has been leading global consumer and revenue operations and has worked tirelessly to execute Oath’s strategic mission and operating plan. With our closer alignment with Verizon, Oath and Guru will be able to unlock a series of continued growth opportunities similar to the investments that Verizon has put into the Oath Super Channels and Apps. While there has been and will be speculation about these changes, there are a few important signals that should not get lost in the noise. The first is that the world has gone digital and few companies have both mobile and digital assets at our scale. Add to that the backing of the best mobile company in the world – Verizon – and Oath has all of the right pieces to succeed. The second point is that things take time. It took more than two and a half years to turn AOL around; Oath is just over a year old and the first year was spent integrating the post-Yahoo auction assets and working through the data breach related issues. It is going to take time for Oath to reach its full potential. Lastly, and most importantly, our brands and our talent matter in real ways and make a positive impact on hundreds of millions of lives around the world. Yahoo Finance is one of the largest financial news and data platforms in the world, TechCrunch and Crunchbase are two of the largest providers of tech information in the world, Yahoo Fantasy Sports provides millions of sports fans a deep community for their most passionate interests, Yahoo and AOL Mail & Search products serve our most valuable audiences, and our newly launched and unified Oath Ad Platforms provides the world’s most important brands and publishers a growth engine for their businesses. What has been most memorable and impressive over the last 10 years is the work done by our people and our leaders. There are no words to describe how I feel about the people I have worked with and the leadership they have shown. Many times the only path forward was to blaze a new path. One of the more meaningful trails we blazed has been around women – with the founding of two companies, MAKERS and #BUILTBYGIRLS. Both companies have made significant contributions in telling groundbreaking women’s stories and supporting female founders. Over the years, we have not only built brands people love, but also bonds with each other and communities around the world through Oath for Good and your volunteering efforts. Across the globe we have touched millions of lives and have made a lasting impact on hundreds of non-profit organizations. Thank you to my executive team at Oath, a super special group of people, as well as my amazing support staff Enrique, Katherine and Corinne. And thank you to all of the support teams across the company – the food service teams, building security teams, and janitorial teams – your work allows everyone else to do theirs and it is greatly appreciated. From Taipei to Tel Aviv, Dublin to Chicago, Tokyo to Bangalore, São Paulo to Los Angeles, and all of the places in between – and of course NYC, Dulles, and Sunnyvale – the torch is passed and the next leg of the journey begins. As a strategic advisor to Verizon, I will work closely with Guru to continue the strategic moves we have been making and fully leverage the power of Verizon and Oath for our global consumer base and customer base. Build Brands Members Love & Live Your Oath – TA

Shares of Verizon were largely unchanged following the announcement, up 0.5 percent in trading Wednesday.

– CNBC’s Jillian D’Onfro contributed to this report.

Correction: Tim Armstrong joined Verizon with the acquisition of AOL in 2015, when Yahoo was not yet part of the company. Verizon bought Yahoo in 2017, and rebranded some assets acquired in both deals as Oath.


Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: michael sheetz, peter foley, bloomberg, getty images
Keywords: news, cnbc, companies, ceo, verizons, oath, digital, tim, company, armstrong, world, aol, teams, verizon, growth, guru, depart


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