IPOs are one of the hottest trades of the year, doubling the market’s return

The IPO market keeps getting hotter, but how much more juice is left? IPO unicorns this yearThe Renaissance Capital IPO ETF, a basket of the 60 or so most recent large IPOs, is up 34% this year, more than twice the performance of the S&P 500. “If you’ve got extremely fast growth and a market opportunity, investors are comfortable knowing that profits will come later,” said Matt Kennedy, who analyzes IPOs for Renaissance Capital. Of 64 IPOs that have priced this year, 25 (40%) have priced at the


The IPO market keeps getting hotter, but how much more juice is left? IPO unicorns this yearThe Renaissance Capital IPO ETF, a basket of the 60 or so most recent large IPOs, is up 34% this year, more than twice the performance of the S&P 500. “If you’ve got extremely fast growth and a market opportunity, investors are comfortable knowing that profits will come later,” said Matt Kennedy, who analyzes IPOs for Renaissance Capital. Of 64 IPOs that have priced this year, 25 (40%) have priced at the
IPOs are one of the hottest trades of the year, doubling the market’s return Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: bob pisani
Keywords: news, cnbc, companies, markets, return, hottest, growth, large, priced, ipos, trades, doubling, market, range, meat, ipo, fast, renaissance


IPOs are one of the hottest trades of the year, doubling the market's return

Ethan Brown, founder and chief executive officer of Beyond Meat Inc., center, rings the opening bell during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, May 2, 2019.

The IPO market keeps getting hotter, but how much more juice is left? CrowdStrike Holdings, a cybersecurity company that a week ago was discussing going public at $19 to $23 a share, priced at $34 and opened at $63.50.

Pet e-tailer Chewy upsized its IPO ahead of its Friday debut.

They are not alone. In February, IPO watchers were fearful an avalanche of IPOs would cause a crash in the market, but the big tech unicorns have been winners so far.

IPO unicorns this year

The Renaissance Capital IPO ETF, a basket of the 60 or so most recent large IPOs, is up 34% this year, more than twice the performance of the S&P 500.

What’s going on? “If you’ve got extremely fast growth and a market opportunity, investors are comfortable knowing that profits will come later,” said Matt Kennedy, who analyzes IPOs for Renaissance Capital.

Surprisingly, prices are holding up well. Of 64 IPOs that have priced this year, 25 (40%) have priced at the high end of the range or above.

IPO pricings this year (64 IPOs)

Above range: 12

High end: 13

Midpoint: 18

Low end 11

Below range: 10

Source: Renaissance Capital

Kennedy noted that four of these companies — Beyond Meat, Zoom, CrowdStrike and PagerDuty — exhibited similar characteristics: fast growth and a large market opportunity.

Beyond Meat is disrupting the food industry. Zoom is profitable with a large market opportunity with video conferencing. Crowdstrike’s endpoint security business is also growing fast. Pinterest has a somewhat unique niche — not quite social media, more like a discovery play, and priced below its last round of funding.

The lone unicorn disappointments this year: Uber Technologies and Lyft, down 6% and 19% respectively. What do they lack the others have?

Kennedy noted that investors are not impressed with the economics of ride hailing — specifically, the deep losses. In addition, both suffered from valuation issues (neither had a successful publicly traded peer), and both priced well above their last round of funding.

Still, there’s nothing like an up market to boost IPOs. The S&P 500 is up 15% this year. That leaves these names vulnerable should there be a larger market downturn.

And one of the most appealing characteristics of the winners — rapid growth — could quickly turn against them.

“The risk is that they are priced to perfection, so if there is any slowing of growth expectations they will get hit hard,” Kennedy said.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: bob pisani
Keywords: news, cnbc, companies, markets, return, hottest, growth, large, priced, ipos, trades, doubling, market, range, meat, ipo, fast, renaissance


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Phil Libin: We should return to ‘simple’ business models instead of selling data

06:23 | 8:03 AM ET Tue, 28 May 2019


06:23 | 8:03 AM ET Tue, 28 May 2019
Phil Libin: We should return to ‘simple’ business models instead of selling data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12
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Phil Libin: We should return to 'simple' business models instead of selling data

06:23 | 8:03 AM ET Tue, 28 May 2019


Company: cnbc, Activity: cnbc, Date: 2019-06-12
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Feds block tax breaks for donating to these charitable state funds

designer491 | iStock | Getty ImagesIn turn, those taxpayers could then write off the payment as a charitable deduction on their federal income tax return. For instance, if you received an 85% state tax credit for making your donation, you would only be able to claim 15% of your contribution on your federal tax return. More from Personal Finance:What you should know about new IRS tax withholding form’Jeopardy!’ Slowing donationsFor example, the Alabama Opportunity Scholarship Fund offers a total


designer491 | iStock | Getty ImagesIn turn, those taxpayers could then write off the payment as a charitable deduction on their federal income tax return. For instance, if you received an 85% state tax credit for making your donation, you would only be able to claim 15% of your contribution on your federal tax return. More from Personal Finance:What you should know about new IRS tax withholding form’Jeopardy!’ Slowing donationsFor example, the Alabama Opportunity Scholarship Fund offers a total
Feds block tax breaks for donating to these charitable state funds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: darla mercado
Keywords: news, cnbc, companies, final, funds, donating, return, feds, block, irs, treasury, tax, state, date, contribution, federal, charitable, breaks


Feds block tax breaks for donating to these charitable state funds

The Internal Revenue Service and the Treasury Department have issued final rules blocking certain states’ attempts to work around the new $10,000 cap for state and local tax deductions. After the Tax Cuts and Jobs Act in 2017 imposed a $10,000 limit on state and local tax deductions that itemizers could claim on their federal return, New York, New Jersey and Connecticut responded with a workaround. Those states passed legislation that would allow municipalities to create charitable funds to pay for local services and offer property tax credits to incentivize homeowners to give.

designer491 | iStock | Getty Images

In turn, those taxpayers could then write off the payment as a charitable deduction on their federal income tax return. The IRS and Treasury barred this move in their final rule, saying that receipt of a state or local tax credit in return for making such a contribution would constitute a “quid pro quo.” The net effect is to reduce the federal deduction a taxpayer can claim for the charitable contribution. For instance, if you received an 85% state tax credit for making your donation, you would only be able to claim 15% of your contribution on your federal tax return. The new rule also has a chilling effect on pre-existing plans in other states, where residents have received tax credits for donating to school voucher programs. More from Personal Finance:

What you should know about new IRS tax withholding form

‘Jeopardy!’ winner likely owes $1.2 million in taxes

This tax strategy for massive IRAs is on its way out There are more than 100 existing state charitable tax-credit plans in 33 states, a research paper authored by a group of tax law professors found. These programs range from conservation easements to private school tuition scholarships. “The private school organizations were asking for full-scale carveouts for themselves; they wanted to be exempt if the program was designed to benefit private entities instead of public ones,” said Carl Davis, research director at the Institute on Taxation and Economic Policy. “The IRS stuck to its guns with a broad regulation that treats donations to all these entities the same way,” he said.

Slowing donations

For example, the Alabama Opportunity Scholarship Fund offers a total of $30 million in state tax credits each year. Individuals may donate the equivalent of up to 50% of their state income tax liability, up to $50,000. Alabamans get back a dollar-for-dollar tax credit on their state return. Ambiguity around the federal tax treatment of these donations has led to a slowdown in giving since the 2019 funding cycle started on Jan. 1, according to Lesley Searcy, executive director of the Alabama Opportunity Scholarship Fund.

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Taxpayers who give to the Exceptional SC program in South Carolina, a scholarship fund for children with exceptional needs, have also been hesitant this year, said Chad Connelly, executive director of that program. South Carolinians who give to the program can claim a dollar-for-dollar credit on their state income tax , up to 60 percent of their tax liability for that year. Whether the final rule will ultimately deter people from donating to these funds remains to be seen. “If you’re really passionate about private school vouchers in Georgia, you donate and you still get 100% of your donation back,” said Davis. “You just won’t get a federal tax deduction on top of it.”

A fight with the IRS

The IRS and Treasury proposed this rule last year, giving it an effective date of Aug. 27, 2018. If you made a contribution to a state fund after that date and then claimed it on your 2018 federal tax return as a charitable donation, you’re risking a showdown with the IRS, said Daniel Rosen, partner in the North America Tax Practice Group at Baker & McKenzie. “If the final regulations are issued with the retroactive date of Aug. 27, 2018, you’ll have to report on your return that you’re taking a position that’s inconsistent with the regulation,” he said. “You’ve bought yourself a fight,” Rosen said.

Certainly losing a federal benefit is significant to anyone looking to make a contribution to a state charitable fund. Daniel Rosen partner at Baker & McKenzie

Though some commenters asked Treasury and the IRS to push back the effective date to 2019 or 2020, the agencies stuck with the original Aug. 27, 2018 date. “If the proposed applicability date had not been contemporaneous with the proposed regulations, the Treasury Department and the IRS believe that taxpayers would have engaged in significant tax planning in advance of the regulations being finalized, resulting in a significant loss of revenue,” the agencies said in the final regulation.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: darla mercado
Keywords: news, cnbc, companies, final, funds, donating, return, feds, block, irs, treasury, tax, state, date, contribution, federal, charitable, breaks


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Botched your tax withholding in 2018? It’s about to get more complicated

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBCFine-tuning your tax withholding is about to get a little more complicated. “If you want to get the withholding right, it will work like the tax return itself,” he said. Get your tax return”To get it right, you have to have your last year’s tax return,” said Isberg. In general, tax withholding is a balancing act for filers. If you want to get the withholding right, it will work like the tax return itself.


The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBCFine-tuning your tax withholding is about to get a little more complicated. “If you want to get the withholding right, it will work like the tax return itself,” he said. Get your tax return”To get it right, you have to have your last year’s tax return,” said Isberg. In general, tax withholding is a balancing act for filers. If you want to get the withholding right, it will work like the tax return itself.
Botched your tax withholding in 2018? It’s about to get more complicated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: darla mercado
Keywords: news, cnbc, companies, tax, right, little, irs, 2018, refunds, form, return, complicated, head, withholding, isberg, botched


Botched your tax withholding in 2018? It's about to get more complicated

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC

Fine-tuning your tax withholding is about to get a little more complicated. The Internal Revenue Service is expected to release a draft of its new Form W-4, the form employees use to adjust the amount of income tax withheld from their pay, by the end of May. The draft form, which is expected to be in use for 2020, will be open for comments from the public. It will more closely reflect the changes from the Tax Cuts and Jobs Act. This overhaul of the tax law nearly doubled the standard deduction, eliminated personal exemptions and placed limits on certain itemized deductions. Last year, the Treasury Department and the IRS updated the withholding tables, incorporating these changes. Workers can anticipate putting in a little more time and effort to fill out the new form, said Pete Isberg, head of government relations at payroll company ADP. “If you want to get the withholding right, it will work like the tax return itself,” he said. “There will be input areas that look more like a 1040 summary than the old Form W-4.”

Get your tax return

“To get it right, you have to have your last year’s tax return,” said Isberg. He anticipates that in order to fill out the new W-4, employees will need to know their total deductions from the prior year, the tax credits they can expect to claim in the upcoming year, as well as additional sources of household income — including their spouse’s earnings. “People don’t generally remember their total deductions off the top of their head, so it’s not going to be super easy to do,” Isberg said. “But it’s going to be more accurate.” In general, tax withholding is a balancing act for filers.

If you want to get the withholding right, it will work like the tax return itself. Pete Isberg head of government relations at ADP

If you withhold far too much, you get a large refund the following year. But you’ve also given the government an interest-free loan. Withhold too little, and you take home more cash in your paycheck. But you may owe the IRS next spring. This year marked the first time filers submitted returns under the new tax law, and some wound up with smaller-than-expected refunds. Others owed the tax man. “They got more money in their pockets during the year, and they received smaller refunds,” said David Desmarais, CPA and member of the American Institute of CPAs’ personal financial planning executive committee. In all, the IRS issued 101.6 million refunds as of May 10, down about 1% from last year. The average refund check was $2,729, down from $2,778 last year, according to the IRS.

Prep for 2019

Guido Mieth | DigitalVision | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: darla mercado
Keywords: news, cnbc, companies, tax, right, little, irs, 2018, refunds, form, return, complicated, head, withholding, isberg, botched


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Trump administration pulls $929 million in funding for California high-speed rail

Dream vs. reality: A rendering of California’s high-speed rail project that is supposed to connect San Francisco and Los AngelesLOS ANGELES — The Federal Railroad Administration announced Thursday that it terminated a nearly $929 million grant to the California High-Speed Rail Authority as part of a 2010 agreement. In February, President Donald Trump called for California to return $3.5 billion in federal funds for the high-speed rail line planned between San Francisco and Los Angeles. He added,


Dream vs. reality: A rendering of California’s high-speed rail project that is supposed to connect San Francisco and Los AngelesLOS ANGELES — The Federal Railroad Administration announced Thursday that it terminated a nearly $929 million grant to the California High-Speed Rail Authority as part of a 2010 agreement. In February, President Donald Trump called for California to return $3.5 billion in federal funds for the high-speed rail line planned between San Francisco and Los Angeles. He added,
Trump administration pulls $929 million in funding for California high-speed rail Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: jeff daniels
Keywords: news, cnbc, companies, california, return, billion, highspeed, state, pulls, rail, 929, funding, san, project, francisco, trump, administration, million


Trump administration pulls $929 million in funding for California high-speed rail

Dream vs. reality: A rendering of California’s high-speed rail project that is supposed to connect San Francisco and Los Angeles

LOS ANGELES — The Federal Railroad Administration announced Thursday that it terminated a nearly $929 million grant to the California High-Speed Rail Authority as part of a 2010 agreement.

In a release, the FRA — part of the U.S. Department of Transportation — said California’s rail authority “repeatedly failed to comply with the terms of the FY10 agreement and has failed to make reasonable progress on the project. Additionally, California has abandoned its original vision of a high-speed passenger rail service connecting San Francisco and Los Angeles, which was essential to its applications for FRA grant funding.”

In addition, the FRA said it “continues to consider all options regarding the return of $2.5 billion in American Recovery and Reinvestment Act funds awarded to CHSRA.”

In February, President Donald Trump called for California to return $3.5 billion in federal funds for the high-speed rail line planned between San Francisco and Los Angeles. The DOT followed by announcing its intention to cancel $929 million in grant funds awarded previously but not yet paid out.

Trump’s call for the return of money followed Democratic California Gov. Gavin Newsom at his first state of the state address on Feb. 12 announcing a reeling in of the state’s high-speed rail project, saying the current plan “would cost too much and take too long.” He added, “There simply isn’t a path to get from Sacramento to San Diego, let alone from San Francisco to LA.”

“The Trump administration’s action is illegal and a direct assault on California, our green infrastructure, and the thousands of Central Valley workers who are building this project,” Newsom said in a statement Thursday.

The governor added, “Just as we have seen from the Trump administration’s attacks on our clean air standards, our immigrant communities and in countless other areas, the Trump administration is trying to exact political retribution on our state. This is California’s money, appropriated by Congress, and we will vigorously defend it in court.”

Construction is underway on the first leg of the bullet train, a 119-mile section in the state’s Central Valley. More than $6 billion has already been spent on the California high-speed rail project.

Back in 2008, California voters approved Proposition 1A, authorizing nearly $10 billion in bond money for the construction of the high-speed rail system. Since the vote, though, the project been plagued by delays and cost overruns.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: jeff daniels
Keywords: news, cnbc, companies, california, return, billion, highspeed, state, pulls, rail, 929, funding, san, project, francisco, trump, administration, million


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Here’s the one tip you need to know when saving for retirement

If there’s only one concept you need to know when saving for retirement, it’s this: compound interest. With compounding, you make money on your money. Here’s how it works: if you have $100, and you invest it with a 10% return, at the end of a year you have $110. The next year, you are not just making interest on the $100, you are also collecting interest on the $10 in interest you earned. ($110 plus 10 percent return = $121)


If there’s only one concept you need to know when saving for retirement, it’s this: compound interest. With compounding, you make money on your money. Here’s how it works: if you have $100, and you invest it with a 10% return, at the end of a year you have $110. The next year, you are not just making interest on the $100, you are also collecting interest on the $10 in interest you earned. ($110 plus 10 percent return = $121)
Here’s the one tip you need to know when saving for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: bob pisani
Keywords: news, cnbc, companies, works, return, money, 121, interest, 110, compounding, need, 100, know, saving, bigger, tip, heres, retirement


Here's the one tip you need to know when saving for retirement

If there’s only one concept you need to know when saving for retirement, it’s this: compound interest. With compounding, you make money on your money. You make interest on your interest.

With compounding, the returns start small, but get bigger over time. Much bigger. And it’s the secret to growing your retirement dollars.

Here’s how it works: if you have $100, and you invest it with a 10% return, at the end of a year you have $110. The next year, you are not just making interest on the $100, you are also collecting interest on the $10 in interest you earned. You now have $121. ($110 plus 10 percent return = $121)


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: bob pisani
Keywords: news, cnbc, companies, works, return, money, 121, interest, 110, compounding, need, 100, know, saving, bigger, tip, heres, retirement


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US tech stocks push Norway’s $1 trillion oil fund to best ever gains

The world’s largest sovereign wealth fund just posted its most successful quarterly return ever. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales. The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter. In its rep


The world’s largest sovereign wealth fund just posted its most successful quarterly return ever. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales. The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter. In its rep
US tech stocks push Norway’s $1 trillion oil fund to best ever gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: david reid
Keywords: news, cnbc, companies, gains, best, return, bank, oil, norways, largest, wealth, funds, push, krone, trillion, tech, fund, stocks, norges, stock


US tech stocks push Norway's $1 trillion oil fund to best ever gains

A visitor looks out towards a flare stack on the Oseberg A offshore gas platform operated by Statoil ASA in the North Sea 140kms from Bergen, Norway.

The world’s largest sovereign wealth fund just posted its most successful quarterly return ever.

Norges Bank, which manages Norway’s $1 trillion oil-funded wealth pot, said a strong recovery in global stock markets across the first three months of 2019 had generated a 9.1% return overall. In Norwegian krone terms it was the investor’s largest ever increase at 738 billion Norwegian krone ($84 billion).

The Government Pension Fund Global, as it is officially known, currently sits at around $1.05 trillion in overall value. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales.

As of March 31, 2019, the fund was invested 69.2% in equities, 2.8% in unlisted real estate and 28% in fixed income.

The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter.

In its report, Norges Bank said oil and gas stocks as well as industrials also performed strongly.

“This is the fund’s best quarterly return measured in krone ever. As a major equity investor, we must be prepared for large fluctuations in the fund’s market value in line with developments in global stock markets,” said Yngve Slyngstad, CEO of Norges Bank Investment Management, in a press release Friday.

The oil fund’s performance marked a reversal from the last three months of 2018 when the fund posted its largest ever drop in krone value.

During that spell of market turmoil, Norges Bank went on a stock buying spree, taking advantage of dipping prices to buy stocks worth 185 billion krone.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: david reid
Keywords: news, cnbc, companies, gains, best, return, bank, oil, norways, largest, wealth, funds, push, krone, trillion, tech, fund, stocks, norges, stock


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Do you know the difference between risk and return? Take this quiz and find out

Because risk is one of the most fundamental financial concepts of investing, it is critically important that people understand it. Risk is a fundamental topic and yet everything about it is complicated. Through our research, we have found that those with a good grasp of risk concepts are more likely to make better financial decisions. So, do you know the difference between risk and return? How well do you understand risk?


Because risk is one of the most fundamental financial concepts of investing, it is critically important that people understand it. Risk is a fundamental topic and yet everything about it is complicated. Through our research, we have found that those with a good grasp of risk concepts are more likely to make better financial decisions. So, do you know the difference between risk and return? How well do you understand risk?
Do you know the difference between risk and return? Take this quiz and find out Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: annamaria lusardi, denit trust endowed chair of economics, accountancy at the george washington university sc, mark stoeckle, ceo of adams funds
Keywords: news, cnbc, companies, wellbeingso, topic, concepts, know, investing, fundamental, decisions, risk, return, studying, difference, quiz, financial, understand


Do you know the difference between risk and return? Take this quiz and find out

This May, CNBC + Acorns Invest in You: Ready. Set. Grow. is focusing on the basic principles of investing.

Risk is at the basis of many of our investment-making decisions. It affects not only how we approach investing but also how we save for retirement. Because risk is one of the most fundamental financial concepts of investing, it is critically important that people understand it.

The Global Financial Literacy Excellence Center has been studying risk for years. Across countries and educational levels, we have found that risk is by far the most difficult topic for people to comprehend.

Risk is a fundamental topic and yet everything about it is complicated.

Through our research, we have found that those with a good grasp of risk concepts are more likely to make better financial decisions. They avoid investment mistakes that can have a big impact on their financial well-being.

So, do you know the difference between risk and return? How well do you understand risk?

Answer these three questions to find out.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: annamaria lusardi, denit trust endowed chair of economics, accountancy at the george washington university sc, mark stoeckle, ceo of adams funds
Keywords: news, cnbc, companies, wellbeingso, topic, concepts, know, investing, fundamental, decisions, risk, return, studying, difference, quiz, financial, understand


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Jussie Smollett not expected to return to Fox’s ‘Empire’ for sixth season

Actor Jussie Smollett leaves Leighton Criminal Courthouse after his court appearance on March 14, 2019 in Chicago, Illinois. Smollett stands accused of arranging a homophobic, racist attack against himself in an attempt to raise his profile because he was dissatisfied with his salary on the Fox television drama ‘Empire.’ “Empire” may have been renewed for a sixth season on Fox, but at least one actor won’t be returning to the show. Jussie Smollett, who was arrested and accused of staging a phony


Actor Jussie Smollett leaves Leighton Criminal Courthouse after his court appearance on March 14, 2019 in Chicago, Illinois. Smollett stands accused of arranging a homophobic, racist attack against himself in an attempt to raise his profile because he was dissatisfied with his salary on the Fox television drama ‘Empire.’ “Empire” may have been renewed for a sixth season on Fox, but at least one actor won’t be returning to the show. Jussie Smollett, who was arrested and accused of staging a phony
Jussie Smollett not expected to return to Fox’s ‘Empire’ for sixth season Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: sarah whitten
Keywords: news, cnbc, companies, sixth, smollett, brought, actor, fox, letter, attack, empire, expected, jussie, return, foxs, season, told, television


Jussie Smollett not expected to return to Fox's 'Empire' for sixth season

Actor Jussie Smollett leaves Leighton Criminal Courthouse after his court appearance on March 14, 2019 in Chicago, Illinois. Smollett stands accused of arranging a homophobic, racist attack against himself in an attempt to raise his profile because he was dissatisfied with his salary on the Fox television drama ‘Empire.’

“Empire” may have been renewed for a sixth season on Fox, but at least one actor won’t be returning to the show.

Jussie Smollett, who was arrested and accused of staging a phony hate crime against himself in March, is not going to be part of the musical drama next season. Criminal charges against Smollett were later dropped and the case was dismissed in exchange for the actor agreeing to forfeit his $10,000 release bond. The actor had previously pleaded not guilty on March 14.

“By mutual agreement, the studio has negotiated an extension to Jussie Smollett’s option for season six, but at this time there are no plans for the character of Jamal to return to ‘Empire,'” Fox Entertainment and 20th Century Fox Television confirmed to CNBC in a statement Tuesday.

The news comes just days after fellow cast mates Taraji P. Henson and Terrence Howard, among others, penned a letter to the network, asking for Smollett to be brought back.

“Together, as a united front, we stand with Jussie Smollett and ask that our co-star, brother and friend be brought back for our sixth season of ‘Empire,’ ” according to a letter obtained by Deadline.

“We understand the past months have been difficult to process — sometimes the headlines brought more confusion than clarity, yet we now have a conclusion to this ordeal,” the letter said.

Smollett, who is black and gay, told Chicago police in January that he was attacked by two masked men as he was walking home around 2 a.m. The actor said the men beat him, shouted racist and homophobic comments, poured a chemical substance on him, looped a rope around his neck and then fled.

Two brothers, Ola and Abel Osundairo, were arrested in February for allegedly being connected to the attack, but later were released without charges. The Osundairos told police that Smollett wrote them a check for $3,500 to carry out the purported attack.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: sarah whitten
Keywords: news, cnbc, companies, sixth, smollett, brought, actor, fox, letter, attack, empire, expected, jussie, return, foxs, season, told, television


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PayPal Ventures invests $11 million in retail start-up Happy Returns

PayPal’s venture capital arm is investing $11 million in Happy Returns, marking the largest funding round to date for the online returns service and bringing its total to $25 million. “It’s a huge validation for us,” Happy Returns co-founder and CEO David Sobie said in an interview. Rothy’s, Untuckit, Everlane and Eloquii are among the brands working with Happy Returns. For retailers, Happy Returns optimizes routing returns to different end-destinations based on the condition of the goods and ru


PayPal’s venture capital arm is investing $11 million in Happy Returns, marking the largest funding round to date for the online returns service and bringing its total to $25 million. “It’s a huge validation for us,” Happy Returns co-founder and CEO David Sobie said in an interview. Rothy’s, Untuckit, Everlane and Eloquii are among the brands working with Happy Returns. For retailers, Happy Returns optimizes routing returns to different end-destinations based on the condition of the goods and ru
PayPal Ventures invests $11 million in retail start-up Happy Returns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: courtney reagan, source, happy returns
Keywords: news, cnbc, companies, returns, happy, platform, invests, store, startup, million, 11, ventures, retail, online, sobie, shoppers, return, paypal, working


PayPal Ventures invests $11 million in retail start-up Happy Returns

PayPal’s venture capital arm is investing $11 million in Happy Returns, marking the largest funding round to date for the online returns service and bringing its total to $25 million.

“It’s a huge validation for us,” Happy Returns co-founder and CEO David Sobie said in an interview. “It speaks to the broader challenge, or mission PayPal has, to make e-commerce as easy and frictionless as possible.”

Happy Returns operates more than 350 Return Bars in malls, on college campuses and even inside stores like Cost Plus World Market and Paper Source for shoppers to return items bought online when the brand doesn’t have its own physical store. Rothy’s, Untuckit, Everlane and Eloquii are among the brands working with Happy Returns. For retailers, Happy Returns optimizes routing returns to different end-destinations based on the condition of the goods and rules each retailer sets.

“Happy Returns has reengineered the return process with the customer in mind and that brings greater cost savings and efficiencies to merchants,” said Robert Clarkson, vice president, North America at PayPal. “Working with Happy Returns will help us learn more about how returns can decrease the friction in shopping online and how to help merchants address this growing problem.”

Returns are a growing problem for retail as more commerce moves online. According to Sobie, shoppers return 5% to 10% of what’s purchased in store, but 15% to 40% of online purchases. Digitally native brands that are building up their shopper base but don’t have any, or many, physical locations means mailing returns back to the company is the main option for shoppers. But Happy Returns want to step in and offer a solution.

PayPal Ventures has also invested in online gift card marketplace Raise, web-based food ordering platform Olo, loan app Tala and investing platform Acorns.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: courtney reagan, source, happy returns
Keywords: news, cnbc, companies, returns, happy, platform, invests, store, startup, million, 11, ventures, retail, online, sobie, shoppers, return, paypal, working


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