Stocks fall slightly from records as investors cautious on upcoming earnings reports

Stocks slipped after reaching record highs on Monday as Wall Street remained cautious to start off the corporate earnings season. Citigroup kicked off the earnings season by reporting second-quarter numbersthat topped analyst expectations. Gains from the initial public offering of Tradeweb, an electronic bond trading platform, drove the bank’s results past Wall Street estimates. The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second qua


Stocks slipped after reaching record highs on Monday as Wall Street remained cautious to start off the corporate earnings season. Citigroup kicked off the earnings season by reporting second-quarter numbersthat topped analyst expectations. Gains from the initial public offering of Tradeweb, an electronic bond trading platform, drove the bank’s results past Wall Street estimates. The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second qua
Stocks fall slightly from records as investors cautious on upcoming earnings reports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: fred imbert
Keywords: news, cnbc, companies, lower, stocks, upcoming, wall, record, earnings, fall, cautious, results, reports, sp, slightly, season, morgan, investors, street, records, traded


Stocks fall slightly from records as investors cautious on upcoming earnings reports

Stocks slipped after reaching record highs on Monday as Wall Street remained cautious to start off the corporate earnings season.

The Dow Jones Industrial Average traded 21 points lower, or 0.1%. The S&P 500 also lost 0.1%. The Nasdaq Composite hovered around the flatline. The major indexes notched fresh record highs at the open before pulling back from those levels.

Citigroup kicked off the earnings season by reporting second-quarter numbersthat topped analyst expectations. Gains from the initial public offering of Tradeweb, an electronic bond trading platform, drove the bank’s results past Wall Street estimates. Citigroup shares traded higher in the premarket after the results were released, but traded more than 1% lower shortly after the open.

Other big banks like J.P. Morgan Chase, Morgan Stanley, Bank of America and Goldman Sachs are expected to report quarterly earnings later this week.

The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second quarter, according to FactSet data.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: fred imbert
Keywords: news, cnbc, companies, lower, stocks, upcoming, wall, record, earnings, fall, cautious, results, reports, sp, slightly, season, morgan, investors, street, records, traded


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Jeffrey Epstein is worth more than $500 million, paid off potential witnesses, prosecutors say in child sex traffic case

Accused child sex trafficker Jeffrey Epstein is worth more than $500 million, federal prosecutors said Friday in a court filing that urged a judge to deny Epstein’s bid to be released on bail. On Nov. 30, Epstein allegedly wired $100,000 to a trust account controlled by a person named as a possible co-conspirator in a non-prosecution deal he had signed with federal prosecutors in 2007. Epstein’s attorney, Reid Weingarten, did not immediately respond to CNBC’s request for comment on the federal p


Accused child sex trafficker Jeffrey Epstein is worth more than $500 million, federal prosecutors said Friday in a court filing that urged a judge to deny Epstein’s bid to be released on bail. On Nov. 30, Epstein allegedly wired $100,000 to a trust account controlled by a person named as a possible co-conspirator in a non-prosecution deal he had signed with federal prosecutors in 2007. Epstein’s attorney, Reid Weingarten, did not immediately respond to CNBC’s request for comment on the federal p
Jeffrey Epstein is worth more than $500 million, paid off potential witnesses, prosecutors say in child sex traffic case Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: dan mangan kevin breuninger, dan mangan, kevin breuninger
Keywords: news, cnbc, companies, paid, sex, deal, charged, court, potential, witnesses, federal, jeffrey, worth, prosecutors, million, epstein, filing, epsteins, traffic, records, nonprosecution, say


Jeffrey Epstein is worth more than $500 million, paid off potential witnesses, prosecutors say in child sex traffic case

In recent months, prosecutors said in their filing, Epstein has been “paying significant amounts of money to influence individuals who were close to him during the time period charged in this case and who might be witnesses against him at a trial.”

Prosecutors also said that evidence suggests that Epstein — a former friend of presidents Donald Trump and Bill Clinton — was trying to influence, with payments of money, “co-conspirators who might provide information against him.”

Accused child sex trafficker Jeffrey Epstein is worth more than $500 million, federal prosecutors said Friday in a court filing that urged a judge to deny Epstein’s bid to be released on bail.

The payments began two days after the Miami Herald began publishing stories in November, the filing Friday said. On Nov. 30, Epstein allegedly wired $100,000 to a trust account controlled by a person named as a possible co-conspirator in a non-prosecution deal he had signed with federal prosecutors in 2007.

The statements about Epstein’s wealth were based on records from an unnamed financial institution, they said.

“The same records appear to show that just three days after that, on or about December 3, 2018, the defendant wired $250,000 from the same trust account to another individual named as a possible co-conspirator in the [non-prosecution agreement]and also identified as one of the defendant’s employees in the Indictment,” prosecutors wrote.

The records obtained from that financial institution also showed that Epstein, 66, earns more than $10 million in income annually, according to the government’s filing.

Epstein’s attorney, Reid Weingarten, did not immediately respond to CNBC’s request for comment on the federal prosecutors’ court filing.

The filing in U.S. District Court in Manhattan came a day after Epstein’s lawyers urged a judge in their own filing to release him on a personal recognizance bond that could be secured by a mortgage on his Upper East Side townhouse, which is worth upwards of $77 million.

And it came on the same day that Trump’s Labor secretary, Alex Acosta, resigned amid extensive criticism for his cutting a non-prosecution deal with Epstein in 2007, when Acosta was the top federal prosecutor in Miami.

That deal allowed Epstein to plead guilty to a single Florida state charge of procuring an underage prostitute, for which he served 13 months in custody, avoiding much more serious federal charges.

Prosecutors in New York on Friday called Epstein “a serial sexual predator who is charged with abusing underage girls for years.” They argue that he would be a flight risk if released on bail, and also would pose a danger to the public.

They earlier had noted that a search of his townhouse by federal agents last weekend uncovered a “vast trove of lewd photographs” of young-looking women or girls.

Epstein is charged with sex trafficking in an indictment that claims he sexually abused dozens of female minors, some as young as 14 years old, from 2002 through 2005. He was arrested last Saturday at a New Jersey airport after flying there on a private plan from France.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: dan mangan kevin breuninger, dan mangan, kevin breuninger
Keywords: news, cnbc, companies, paid, sex, deal, charged, court, potential, witnesses, federal, jeffrey, worth, prosecutors, million, epstein, filing, epsteins, traffic, records, nonprosecution, say


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Trump abandons fight to put citizenship question on census, says he can get data from existing records

And another lawyer who battled the administration over the citizenship question suggested that Trump’s order could have no practical consequences. “The Supreme Court ultimately affirmed our right to ask the citizenship question, and very strongly it was affirmed,” the president said. “Accordingly, the Department will promptly inform the courts that the Government will not include a citizenship question on the 2020 decennial census.” “We are absolutely moving forward, as we must, because of the i


And another lawyer who battled the administration over the citizenship question suggested that Trump’s order could have no practical consequences. “The Supreme Court ultimately affirmed our right to ask the citizenship question, and very strongly it was affirmed,” the president said. “Accordingly, the Department will promptly inform the courts that the Government will not include a citizenship question on the 2020 decennial census.” “We are absolutely moving forward, as we must, because of the i
Trump abandons fight to put citizenship question on census, says he can get data from existing records Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: dan mangan tucker higgins, dan mangan, tucker higgins
Keywords: news, cnbc, companies, trump, question, fight, citizenship, federal, records, data, census, abandons, order, asked, existing, supreme, department, court


Trump abandons fight to put citizenship question on census, says he can get data from existing records

US President Donald Trump waves as he arrives at the White House after a trip to Asia on June 30, 2019 in Washington, DC.

President Donald Trump on Thursday dropped a fight to put a citizenship question on the upcoming 2020 census — but ordered federal agencies to give the Commerce Department all records they have that are related to how many citizens and non-citizens live in the United States.

Trump did not, as had he had been expected earlier in the day, issue an executive order mandating that the question to be asked on the census.

Legal experts had said such an order would not likely survive court challenges.

Attorney General William Barr said at the press conference with Trump that the question will not be asked on the census, acknowledging that a recent Supreme Court ruling had made doing so difficult, if not impossible.

“We’re not going to jeopardize our ability to carry out the census,” Barr said.

Trump defended his original plan to have the question asked, and claimed that his order directing agencies to share citizenship data would make the actual count of non-citizen “far more accurate” than it would have been if the question was on the census.

But Dale Ho, director of the ACLU’s Voting Rights Project, who argued the Supreme Court case challenging the citizenship question, said afterwards: “Trump’s attempt to weaponize the census ends not with a bang but a whimper.”

“He lost in the Supreme Court, which saw through his lie about needing the question for the Voting Rights Act,” Ho said. “It is clear he simply wanted to sow fear in immigrant communities and turbocharge Republican gerrymandering efforts by diluting the political influence of Latino communities.”

Ho added: “Now he’s backing down and taking the option that he rejected more than a year ago. Trump may claim victory today, but this is nothing short of a total, humiliating defeat for him and his administration.”

And another lawyer who battled the administration over the citizenship question suggested that Trump’s order could have no practical consequences.

“I don’t know quite what he is referring to because existing law allows, in fact, encourages the Census Bureau to obtain information from other federal agencies,” said John Libby, a partner at the law firm Manatt, who was part of a team that successfully argued against the addition of the question in federal court in California.

“I don’t want to characterize its effectiveness or lack of effectiveness, but it is pretty consistent with existing law.”

Trump repeatedly said during the day Thursday that asking someone what their citizenship was should not be controversial, and was something that the government was entitled to know to function properly.

“The Department of Commerce sensibly decided to include a citizenship question on the 2020 census as has been done many, many times throughout the history of the United States,” Trump said. “Unfortunately this effort was delayed by meritless litigation.”

“The Supreme Court ultimately affirmed our right to ask the citizenship question, and very strongly it was affirmed,” the president said. “But the Supreme Court also ruled that we must provide further explanation that would have produced even more litigation.”

The president said those delays “would have prevented us from completing the census on time.”

He called the situation “deeply regrettable.”

“I am hereby ordering every department and agency in the federal government to provide the Department of Commerce with all requested records regarding the number of citizens and noncitizens in our country,” Trump said.

“They must furnish all legally accessible records in their possession immediately. We will utilize these vast federal databases to gain a full, complete and accurate count of the noncitizen population, including databases maintained by the Department of Homeland Security and the Social Security Administration.”

Justice Department spokesman Kerri Kupec said, in a statement “The Supreme Court held that [Commerce] Secretary [Wilbur] Ross reasonably concluded that including the citizenship question on the 2020 decennial census would provide the most complete and accurate citizenship information, but it invalidated his decision to include that question on other grounds.”

“The Department of Justice disagrees with the Supreme Court’s decision. Today’s Executive Order represents an alternative path to collecting the best citizenship data now available, which is vital for informed policymaking and numerous other reasons,” Kupec said. “Accordingly, the Department will promptly inform the courts that the Government will not include a citizenship question on the 2020 decennial census.”

Earlier in the day, the president had been expected at that press event to announce an executive action mandating that participants in the census be asked if they are a U.S. citizen or not.

The Supreme Court in a decision last month effectively barred the Trump administration from adding such a question to the census, as it had planned to do.

Last week, administration officials said census forms would be printed without the question.

But on the heels of their comments, Trump announced on Twitter that he would not abandon the effort to add the question.

“We are absolutely moving forward, as we must, because of the importance of the answer to this question,” Trump wrote.

He later told reporters, when asked if he would issue an executive order: “We’re thinking about doing that.”

“It’s one of the ways,” he added. “We have four or five ways we can do it. It’s one of the ways and we’re thinking about doing it very seriously.”

Justice Department lawyers told a federal judge last Friday that they would continue legal efforts to add the citizenship question.

But in their filing that offered no explanation of how the Justice Department believed it could win that fight.

Earlier this week, two federal judges dealt the Trump administration a setback by refusing to replace the lawyers who had handled the cases with new attorneys, saying the Justice Department had failed to justify the switch.

— CNBC’s Kevin Breuninger contributed to this report


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: dan mangan tucker higgins, dan mangan, tucker higgins
Keywords: news, cnbc, companies, trump, question, fight, citizenship, federal, records, data, census, abandons, order, asked, existing, supreme, department, court


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Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building. British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday. The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners. The Business Times did not specify its sources, b


The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building. British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday. The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners. The Business Times did not specify its sources, b
Billionaire James Dyson reportedly buys $54 million penthouse in Singapore Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: huileng tan
Keywords: news, cnbc, companies, 54, james, wife, reportedly, million, singapore, dyson, wednesdaythe, buys, newspaper, business, penthouse, billionaire, records, times, wire


Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building.

British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday.

The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners.

The Business Times did not specify its sources, but local newspaper The Straits Times said it had reviewed documents revealing the purchase.

Official title records seen by Reuters show billionaire Dyson and his wife became tenants of the 99-year leasehold property on June 20. The records did not state the price paid, the wire said.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: huileng tan
Keywords: news, cnbc, companies, 54, james, wife, reportedly, million, singapore, dyson, wednesdaythe, buys, newspaper, business, penthouse, billionaire, records, times, wire


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Tesla stock surges after setting new delivery and production records

Tesla shares surged Tuesday after the electric auto maker said it shattered its previous production and delivery records during the second quarter, soundly beating analysts’ estimates. The company’s stock jumped by about 7% in after-market trading. Tesla also hinted at a strong third quarter, saying it’s entering the period with a backlog of orders. CEO Elon Musk set investors’ expectations high in a companywide email on June 25, saying the electric car maker was on course to deliver a record nu


Tesla shares surged Tuesday after the electric auto maker said it shattered its previous production and delivery records during the second quarter, soundly beating analysts’ estimates. The company’s stock jumped by about 7% in after-market trading. Tesla also hinted at a strong third quarter, saying it’s entering the period with a backlog of orders. CEO Elon Musk set investors’ expectations high in a companywide email on June 25, saying the electric car maker was on course to deliver a record nu
Tesla stock surges after setting new delivery and production records Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: elijah shama
Keywords: news, cnbc, companies, set, setting, quarter, previous, delivery, records, maker, stock, saying, surges, deliveries, record, number, production, electric, tesla


Tesla stock surges after setting new delivery and production records

Tesla shares surged Tuesday after the electric auto maker said it shattered its previous production and delivery records during the second quarter, soundly beating analysts’ estimates.

The company’s stock jumped by about 7% in after-market trading. Tesla also hinted at a strong third quarter, saying it’s entering the period with a backlog of orders.

CEO Elon Musk set investors’ expectations high in a companywide email on June 25, saying the electric car maker was on course to deliver a record number of vehicles throughout the quarter. He wasn’t exaggerating. The company delivered 95,200 cars during the the three months ending June 30 — a 51.1% increase over an admittedly weak first quarter and besting its previous record of 90,700 deliveries set in the fourth quarter of 2018.

Tesla’s deliveries are a closely watched industry number and the nearest reflection of sales, showing how many cars were actually delivered to customers.

“Challenges remain, but this is a step in the right direction,” said Wedbush analyst Dan Ives. “The numbers were above even the bull estimates and shows a clear rebound for the company. This is a feather in the cap for Tesla.”


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: elijah shama
Keywords: news, cnbc, companies, set, setting, quarter, previous, delivery, records, maker, stock, saying, surges, deliveries, record, number, production, electric, tesla


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Walgreens posts quarterly earnings beat

UnitedHealth and one other Dow stock could be on the cusp of a…As the Dow closes in on records, just four stocks have been shut out of the rally. Some could be on the verge of a major breakout. Trading Nationread more


UnitedHealth and one other Dow stock could be on the cusp of a…As the Dow closes in on records, just four stocks have been shut out of the rally. Some could be on the verge of a major breakout. Trading Nationread more
Walgreens posts quarterly earnings beat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: angelica lavito
Keywords: news, cnbc, companies, records, walgreens, shut, nationread, quarterly, stock, posts, stocks, earnings, major, rally, unitedhealth, verge, dow, beat


Walgreens posts quarterly earnings beat

UnitedHealth and one other Dow stock could be on the cusp of a…

As the Dow closes in on records, just four stocks have been shut out of the rally. Some could be on the verge of a major breakout.

Trading Nation

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: angelica lavito
Keywords: news, cnbc, companies, records, walgreens, shut, nationread, quarterly, stock, posts, stocks, earnings, major, rally, unitedhealth, verge, dow, beat


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Boeing records zero new plane orders as Paris Air Show starts slow

Security guards overlook an Boeing Co. 787-9 aircraft operated by Air Tahiti Nui, during the 53rd International Paris Air Show at Le Bourget in Paris, France, on Tuesday, June 18, 2019. Boeing knew the Paris Air Show would be slow, but this may have been worse than they expected. By comparison, Airbus flew into Paris expecting to grab most of the new plane orders with the introduction of a new narrow-body plane, the A321XLR. Airbus CEO Guillaume Faury is confident the stretch version of the A321


Security guards overlook an Boeing Co. 787-9 aircraft operated by Air Tahiti Nui, during the 53rd International Paris Air Show at Le Bourget in Paris, France, on Tuesday, June 18, 2019. Boeing knew the Paris Air Show would be slow, but this may have been worse than they expected. By comparison, Airbus flew into Paris expecting to grab most of the new plane orders with the introduction of a new narrow-body plane, the A321XLR. Airbus CEO Guillaume Faury is confident the stretch version of the A321
Boeing records zero new plane orders as Paris Air Show starts slow Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: phil lebeau
Keywords: news, cnbc, companies, orders, ceo, zero, air, starts, airbus, boeing, planes, paris, plane, records, order, told, slow


Boeing records zero new plane orders as Paris Air Show starts slow

Security guards overlook an Boeing Co. 787-9 aircraft operated by Air Tahiti Nui, during the 53rd International Paris Air Show at Le Bourget in Paris, France, on Tuesday, June 18, 2019.

Boeing knew the Paris Air Show would be slow, but this may have been worse than they expected. On day one of the show, Boeing did not announce a single new order for any of its airplanes, while Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.

Boeing CEO Dennis Muilenburg admitted to CNBC that this air show would not be about orders, but instead be an opportunity for his company to reassure customers and suppliers that Boeing is making progress getting the grounded 737 Max back in the air.

“We’ll get it back in the air when it’s safe — that is the most important thing here,” Muilenburg told CNBC.

Boeing did announce General Electric’s aircraft leasing division, GECAS, will convert a previous order of 10 737-900 planes into freighter models.

By comparison, Airbus flew into Paris expecting to grab most of the new plane orders with the introduction of a new narrow-body plane, the A321XLR. That happened early Monday morning when Air Lease Corporation, which leases hundreds of planes to airlines around the world, places an $11 billion order for 100 Airbus planes, including 27 XLR’s.

Air Lease CEO John Plueger told CNBC the XLR will be “a blockbuster” when first deliveries start in 2023. “This is in our view a true 757 replacement, but on a much more fuel efficient basis,” he said.

Airbus CEO Guillaume Faury is confident the stretch version of the A321LR will be certified with the next four years. “We think there is strong demand for the plane,” he said after launching the plane.

Overall orders at this years air show are expected to be their lowest since 2016 according to IBA.iQ.

WATCH: Boeing 737 Max is the talk of the Paris Air Show


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: phil lebeau
Keywords: news, cnbc, companies, orders, ceo, zero, air, starts, airbus, boeing, planes, paris, plane, records, order, told, slow


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30 years after his Faith No More breakthrough, Mike Patton owns a record label that keeps turning profits

Photo: Jay BakesbergMike Patton had never stepped foot in a recording studio before he joined Faith No More three decades ago. Patton would eventually put those lessons to work as the co-owner of his own music business, Ipecac Recordings. Patton, who is notorious for his prolific output and workaholic nature, kept chugging along after Faith No More dissolved in 1998. So Patton and his manager, Werckman, launched the indie label, which is named after a chemical that induces vomiting. “To be hones


Photo: Jay BakesbergMike Patton had never stepped foot in a recording studio before he joined Faith No More three decades ago. Patton would eventually put those lessons to work as the co-owner of his own music business, Ipecac Recordings. Patton, who is notorious for his prolific output and workaholic nature, kept chugging along after Faith No More dissolved in 1998. So Patton and his manager, Werckman, launched the indie label, which is named after a chemical that induces vomiting. “To be hones
30 years after his Faith No More breakthrough, Mike Patton owns a record label that keeps turning profits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: mike calia
Keywords: news, cnbc, companies, profits, music, band, breakthrough, really, label, patton, mike, werckman, business, owns, record, records, ipecac, keeps, turning, faith


30 years after his Faith No More breakthrough, Mike Patton owns a record label that keeps turning profits

Mike Patton, lead vocalist of Faith No More. Photo: Jay Bakesberg

Mike Patton had never stepped foot in a recording studio before he joined Faith No More three decades ago. Yet there he was, barely in his 20s, fronting the California band as it released what would be its breakthrough album, “The Real Thing.” The record, released June 20, 1989, went platinum and netted a Grammy nomination for best metal performance. The band toured for more than two years on it. “The Real Thing” spawned a hit single, the rap-metal anthem “Epic,” which went gold, netted its own Grammy nomination and became a staple of rock radio for years. Its accompanying music video, which animal rights activists ripped for its footage of a dying fish, was an MTV favorite. In 1990, the band, introduced by host John Goodman, unleashed a raucous performance of “Epic” on “Saturday Night Live” that featured Patton climbing into one of the set’s giant fans. The success and exposure came “fast and furious,” as Patton, now 51, puts it in a recent phone interview with CNBC. The experience also made him “cautiously pessimistic” about the music industry. But he laughs when he says this. “Not to make it all sound bad,” he clarifies. “You really had to learn on the fly — learn that maybe the record company’s on your side, maybe they’re not. Developing a sense of smell, learning when to let your guard down and learning when to be protective.”

Patton would eventually put those lessons to work as the co-owner of his own music business, Ipecac Recordings. And it has turned a profit every year since it was founded on April Fools’ Day 1999, claims co-owner Greg Werckman. Patton, who is notorious for his prolific output and workaholic nature, kept chugging along after Faith No More dissolved in 1998. Much of the music he continued to make would end up being too esoteric, odd or experimental for traditional record companies. So Patton and his manager, Werckman, launched the indie label, which is named after a chemical that induces vomiting. Indeed, the company’s slogan is “Ipecac Recordings … making people sick since 1999.” “To be honest, Mike and I did not set off on starting a label, per se,” says Werckman, 54. “We just wanted an outlet for Mike to put his releases out.” Ipecac’s first release was the self-titled debut from Fantomas, a supergroup featuring Patton and heavy-music veterans guitarist Buzz Osborne of the Melvins, drummer Dave Lombardo of Slayer and Mr. Bungle bassist and co-founder Trevor Dunn. Patton says he had three or four records at the time for which he couldn’t find a home, and coming up with Ipecac came from “getting turned down by other labels and saying, wait a sec, we might have to start creating our own universe, where this can have a home.” Other artists struggling to find a place for their own outside-the-box music, even despite their own solid track records, caught wind of the project and wanted in, including Osborne and the Melvins, who had been a massive influence on the grunge genre that spawned bands like Nirvana and Soundgarden. “If we were really going to be setting this up as a label, he’d want to be involved,” Werckman says. Ipecac grew into a magnet for artists with really personal or experimental projects that might not otherwise catch on. The label’s website boasts connections with more than 100 acts, many featuring Patton himself, including this September’s “Corpse Flower” with French pop composer Jean-Claude Vannier. “We’ll put out a country record. We’ll put out a comedy record. Spoken word. Film soundtracks. Avant garde noise,” Patton says.

Ipecac stays profitable by bucking industry norms — and not just by deliberately seeking talent outside the mainstream. Werckman and Patton also maintain a lean and simple business model. “We don’t feel the need to throw thousands of dollars into our overhead and say, well, we’ve got to have a music video that’s going to be on YouTube and get views on Vevo,” Werckman says. “That’s not really what is expected from us from our fan base. That’s also not what we’re comfortable with.” The label is based just outside of Berkeley in Northern California, where Werckman lives. It has only two employees outside of Patton and Werckman: one in Los Angeles, where much of the music business is located, and another in New York, which is home to Ipecac’s distributor. Patton, who splits time between Northern and Southern California, is the “creative fisherman” who seeks out new talent, while Werckman focuses more on the nuts and bolts of the business. Both co-owners have to agree on which albums to release. As the industry becomes increasingly digital, Ipecac still puts a lot of time and care into its physical media releases, including compact discs and vinyl. “Yeah, it’s old fashioned and maybe we’re dinosaurs in that regard,” Werckman says. Even though the label was founded just as digital music platforms like Napster were altering the business, Ipecac’s fans still want something physical — “like a fetishistic thing,” Patton adds.

The Melvins Photo: Chris Casella

CD sales are down across the board, as big retail chains such as Best Buy cut back on inventory and smaller stores struggle to survive. But production costs haven’t really gone up, according to Werckman. Ipecac focuses on selling through its online store while depending on its touring acts to push albums. “The Melvins tour constantly,” Werckman says. “They are the most successful record store we have.” Ipecac keeps budgets down when it comes to promotion and production. Patton himself does a lot of recording in his home studio, so that saves a bunch right off the bat. The label might cough up a couple thousand bucks to help a band pay for its recording process, but it doesn’t dish out the kinds of advance payments the big record companies pay artists. Instead, Ipecac pays higher royalty rates and has licensing deals instead of long-term deals. “At any moment, any of our bands can take their records and leave,” Patton says. But there’s a catch: “Likewise, at any moment, we can stop selling our records.” Still, it’s rare for a band to divorce itself from Ipecac. Werckman estimates that he sends about 80% of Ipecac’s artists royalty checks every six months. Records that have sold only about 1,000 copies have turned profits, he adds. “If you’re looking to get instant rich, we’re the wrong place, because we’re not going to give you a big advance,” Werckman says. “But when you start with small expectations you’d be pleasantly surprised.” Sometimes there are exceptions, and Ipecac might have to shell out a little more cash up front for an album’s production process. That’s what happened when Faith No More decided to get back in the studio to record 2015’s “Sol Invictus,” the band’s first album since “Album of the Year” in 1997.

Faith No More Photo: Dustin Rabin


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: mike calia
Keywords: news, cnbc, companies, profits, music, band, breakthrough, really, label, patton, mike, werckman, business, owns, record, records, ipecac, keeps, turning, faith


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Huawei says FedEx diverted packages to the US and will reevaluate its relationship with the shipper

Huawei told Reuters on Friday that FedEx diverted two packages sent from Japan and addressed to Huawei in China to the United States, and attempted to divert two more packages sent from Vietnam to Huawei offices elsewhere in Asia, all without authorization, providing images of FedEx tracking records. Shown the images of the tracking records, FedEx declined to make any comment, saying company policy prevented it from disclosing customer information. Huawei acknowledged to Reuters that one package


Huawei told Reuters on Friday that FedEx diverted two packages sent from Japan and addressed to Huawei in China to the United States, and attempted to divert two more packages sent from Vietnam to Huawei offices elsewhere in Asia, all without authorization, providing images of FedEx tracking records. Shown the images of the tracking records, FedEx declined to make any comment, saying company policy prevented it from disclosing customer information. Huawei acknowledged to Reuters that one package
Huawei says FedEx diverted packages to the US and will reevaluate its relationship with the shipper Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-28
Keywords: news, cnbc, companies, states, told, records, fedex, sent, reevaluate, diverted, tracking, packages, huawei, relationship, shipper, united


Huawei says FedEx diverted packages to the US and will reevaluate its relationship with the shipper

Chinese telecoms equipment maker Huawei is reviewing its relationship with FedEx after it claimed the U.S. package delivery company, without detailed explanation, diverted two parcels destined for Huawei addresses in Asia to the United States and attempted to reroute two others.

Huawei told Reuters on Friday that FedEx diverted two packages sent from Japan and addressed to Huawei in China to the United States, and attempted to divert two more packages sent from Vietnam to Huawei offices elsewhere in Asia, all without authorization, providing images of FedEx tracking records.

Reuters could not verify the authenticity of the records. Shown the images of the tracking records, FedEx declined to make any comment, saying company policy prevented it from disclosing customer information.

Huawei said the four packages only contained documents and “no technology,” which Reuters was unable to independently confirm.

Huawei declined to elaborate on why it thought the packages were diverted. Reuters was given no evidence the incident was related to the U.S. government’s move to place Huawei and its affiliates on a trade blacklist in mid-May, effectively banning U.S. firms from doing business with them on security grounds.

“The recent experiences where important commercial documents sent via FedEx were not delivered to their destination, and instead were either diverted to, or were requested to be diverted to, FedEx in the United States, undermines our confidence,” Joe Kelly, a spokesman for Huawei, told Reuters.

“We will now have to review our logistics and document delivery support requirements as a direct result of these incidents,” the spokesman said.

Huawei acknowledged to Reuters that one package originating in Vietnam was received by Friday, and the other was on its way, according to FedEx tracking records provided by Huawei.

FedEx spokeswoman Maury Donahue told Reuters the packages were “misrouted in error” and that FedEx was not requested to divert them by any other party.

“This is an isolated issue limited to a very small number of packages,” said FedEx, referring to the four parcels affected. “We are aware of all shipments at issue and are working directly with our customers to return the packages to their possession.”

The U.S. Department of Commerce did not reply to a request for comment on whether the incident might be related to its move on May 16 to add Huawei to the so-called “Entity List,” preventing it buying certain items from U.S. companies without U.S. government approval.


Company: cnbc, Activity: cnbc, Date: 2019-05-28
Keywords: news, cnbc, companies, states, told, records, fedex, sent, reevaluate, diverted, tracking, packages, huawei, relationship, shipper, united


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Judge says Deutsche Bank, Capital One can give Trump financial records to House Democrats

Eric Trump, Donald Trump Jr., Donald Trump and Ivanka Trump attend the Trump International Hotel Washington, D.C Groundbreaking Ceremony at Old Post Office on July 23, 2014 in Washington, DC. A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from two Democrat-led House committees. The judge also disagreed with the argument by the Trump legal team that the


Eric Trump, Donald Trump Jr., Donald Trump and Ivanka Trump attend the Trump International Hotel Washington, D.C Groundbreaking Ceremony at Old Post Office on July 23, 2014 in Washington, DC. A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from two Democrat-led House committees. The judge also disagreed with the argument by the Trump legal team that the
Judge says Deutsche Bank, Capital One can give Trump financial records to House Democrats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: dan mangan kevin breuninger, dan mangan, kevin breuninger
Keywords: news, cnbc, companies, judge, trumps, trump, capital, documents, ruling, house, deutsche, court, letter, financial, subpoenas, bank, democrats, records


Judge says Deutsche Bank, Capital One can give Trump financial records to House Democrats

Eric Trump, Donald Trump Jr., Donald Trump and Ivanka Trump attend the Trump International Hotel Washington, D.C Groundbreaking Ceremony at Old Post Office on July 23, 2014 in Washington, DC.

Ramos, an appointee of President Barack Obama, said in U.S. District Court in Manhattan that the Trump clan’s arguments “are not sufficiently serious as it relates to Supreme Court precedent” dealing with the question of turning over documents to Congress.

Judge Edgardo Ramos’ ruling came after a hearing at which lawyers for Trump, his three older children, Donald Jr . Eric and Ivanka , and the Trump Organization argued that the subpoenas to the two banks should be quashed. An appeal of the decision is all but certain.

A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from two Democrat-led House committees.

The judge also disagreed with the argument by the Trump legal team that the demands for the documents from House Financial Services and Intelligence committees lacks a legitimate legislative purpose. Ramos said there is such a purpose in the request by the panels, which are probing alleged foreign influence in U.S. elections.

The subpoenas, Ramos said, are “undeniably broad but are clearly pertinent.”

The White House and a spokesman for the Trump Organization did not immediately respond to a request for comment. Trump has said he is “fighting all the subpoenas” issued by House Democrats, who are conducting a broad inquiry into his financial affairs.

The ruling in the New York court came two days after another federal judge, in Washington, D.C., said Trump’s accountants at the firm Mazars had to comply with a subpoena from the House Oversight and Government Reform Committee for his financial records.

Deutsche Bank for years has been the main lender for Trump, whom other banks have avoided loaning money to because of his repeated bankruptcies. Capital One is in possession of financial records related to the Trump Organization’s hotels. Neither bank had opposed the subpoenas.

In a statement to CNBC after the ruling, Deutsche Bank spokeswoman Kerrie McHugh said, “We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations.”

The Trump family’s lawyers, in a lawsuit filed against Deutsche Bank and Capital One in late April, challenged the demands for financial documents from the lenders, saying subpoenas from House Democrats “were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family.”

Neither Deutsche Bank nor Capital One objected in court to the subpoenas. But House Democrats intervened in the lawsuit to argue against the Trump family’s effort to quash the document demands.

Ramos’ ruling came hours after the New York state Legislature passed two bills aimed at Trump, which would allow Trump’s state tax returns to be turned over to Congress if they are requested. Gov. Andrew Cuomo has said he supports that idea, but has yet to say whether he will sign the bills.

The Treasury Department last week defied a subpoena from the U.S. House Ways and Means Committee for six years of federal tax returns of Trump and his business. But much of the information on those returns would be replicated in state tax returns.

During the court hearing Wednesday, Trump’s lawyer, Patrick Strawbridge, argued that the subpoenas exceeded Congress’ authority by being overbroad. He noted emphasizing that the committees were “literally looking for records about minors” related to Trump, as well as his in-laws.

At another point, Strawbridge argued that courts have made it “clear” that Congress “cannot cross the line into law enforcement activity.”

Douglas Letter, an attorney for the committees seeking the documents, retorted that there is is “absolutely no merit to any of these arguments” made by Strawbridge.

“This is being totally misportrayed,” Letter said.

Letter said that the subpoenas are broad, and asked for documents going back a number of years, because the committee are investigating things such as money laundering and engagement with foreign entities — “including Russian oligarchs” — over “a long period of time.”

Ramos then asked why the committee was bothering to ask for “domestic documents” if that was the case.

“You have to look at: ‘where’s it going? ‘ ” Letter responded, referring to money. “It’s all tied together.”

Letter criticized the Trump family’s legal effort to thwart the subpoenas, saying that the lawsuit only had been filed “because of a massive and fundamental misunderstanding” of Congress’ role “by Mr. Trump.”

“He sees us as a nuisance,” Letter said, referring to the president.

Asked by the judge if the financial records could be made public, Letter said that the committees did have that power.

But they “wouldn’t do it willy-nilly,” Letter insisted.

“We would of course listen” to the people whose records were subpoenaed, but ultimately “this is for the Congress” to decide, Letter said.

Lawyers for Deutsche Bank and Capitol One declined an opportunity to speak in court.

The judge said in his ruling that the attempt to block the subpoenas was “unlikely to succeed on the merits.”

“The court concludes that a preliminary injunction” being proposed by Trump’s lawyers “is inappropriate,” Ramos said.

WATCH: The saga of Trump’s taxes


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: dan mangan kevin breuninger, dan mangan, kevin breuninger
Keywords: news, cnbc, companies, judge, trumps, trump, capital, documents, ruling, house, deutsche, court, letter, financial, subpoenas, bank, democrats, records


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