The past few weeks have been ‘nightmarish’ for Facebook: Analyst

The past few weeks have been ‘nightmarish’ for Facebook: Analyst2 Hours AgoDaniel Ives of Wedbush Securities says Facebook has been “left in the dust” of other FAANG stocks. He says the “revolving door” of executives in the company is a “concerning trend” for investors.


The past few weeks have been ‘nightmarish’ for Facebook: Analyst2 Hours AgoDaniel Ives of Wedbush Securities says Facebook has been “left in the dust” of other FAANG stocks. He says the “revolving door” of executives in the company is a “concerning trend” for investors.
The past few weeks have been ‘nightmarish’ for Facebook: Analyst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19
Keywords: news, cnbc, companies, left, securities, wedbush, analyst, revolving, stocks, trend, nightmarish, past, weeks, facebook


The past few weeks have been 'nightmarish' for Facebook: Analyst

The past few weeks have been ‘nightmarish’ for Facebook: Analyst

2 Hours Ago

Daniel Ives of Wedbush Securities says Facebook has been “left in the dust” of other FAANG stocks. He says the “revolving door” of executives in the company is a “concerning trend” for investors.


Company: cnbc, Activity: cnbc, Date: 2019-03-19
Keywords: news, cnbc, companies, left, securities, wedbush, analyst, revolving, stocks, trend, nightmarish, past, weeks, facebook


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SEC alleges Volkswagen ‘perpetrated a massive fraud’ and repeatedly lied to US investors

The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating. Volkswagen said the SE


The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating. Volkswagen said the SE
SEC alleges Volkswagen ‘perpetrated a massive fraud’ and repeatedly lied to US investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: robert ferris, everett rosenfeld, david gray
Keywords: news, cnbc, companies, automakers, complaint, alleges, perpetrated, massive, repeatedly, volkswagen, sec, fraud, lied, winterkorn, diesel, company, vehicles, securities, investors, emissions


SEC alleges Volkswagen 'perpetrated a massive fraud' and repeatedly lied to US investors

The Securities and Exchange Commission alleged in a court filing that Volkswagen “perpetrated a massive fraud” and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal.

The regulator is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal. The suit seeks to bar Winterkorn from serving as an officer or director of a public U.S. company and recover “ill-gotten gains.” Winterkorn was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker’s diesel emissions cheating.

The SEC said in its complaint filed in San Francisco that from April 2014 to May 2015, Volkswagen issued more than $13 billion in bonds and asset-backed securities in U.S. markets at a time when senior executives knew that more than 500,000 U.S. diesel vehicles grossly exceeded legal vehicle emissions limits.

“By concealing the emissions scheme, Volkswagen reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company,” the SEC said in a summary of its filing.

Volkswagen said the SEC complaint “is legally and factually flawed.” Reuters reported that a lawyer for Winterkorn could not immediately be reached early on Friday.

VW had said in its annual report that the SEC could take enforcement action against the company over the German automaker’s involvement in the emissions scandal.

The automaker said the agency is “piling on” and that the agency’s complaint is without merit.

The SEC has asked Volkswagen for information on potential securities law violations over certain investments the company may have sold to investors. The agency is looking for evidence determining whether the automaker failed to disclose information about vehicles that didn’t comply with U.S. emission standards when it issued certain securities to investors.

The SEC can issue fines and other civil penalties for violations of securities law.

One of the world’s largest carmakers, Volkswagen was rocked by reports first surfacing in 2015 that it had been caught cheating on emissions tests in the United States. The subsequent scandal cost Volkswagen billions of dollars to settle and forced the automakers to recall millions of vehicles.

Here is Volkswagen’s full statement to CNBC:

The SEC’s complaint is legally and factually flawed, and Volkswagen will contest it vigorously. The SEC has brought an unprecedented complaint over securities sold only to sophisticated investors who were not harmed and received all payments of interest and principal in full and on time. The SEC does not charge that any person involved in the bond issuance knew that Volkswagen diesel vehicles did not comply with U.S. emissions rules when these securities were sold, but simply repeats unproven claims about Volkswagen AG’s former CEO, who played no part in the sales. Regrettably, more than two years after Volkswagen entered into landmark, multibillion-dollar settlements in the United States with the Department of Justice, almost every state and nearly 600,000 consumers, the SEC is now piling on to try to extract more from the company.

—Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: robert ferris, everett rosenfeld, david gray
Keywords: news, cnbc, companies, automakers, complaint, alleges, perpetrated, massive, repeatedly, volkswagen, sec, fraud, lied, winterkorn, diesel, company, vehicles, securities, investors, emissions


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Elon Musk hires Enron prosecutor in SEC contempt case

Elon Musk has hired the lead prosecutor of the 2006 Enron case to defend him in a contempt of court battle brought by the Securities and Exchange Commission. The substitution puts a well-versed securities lawyer in Musk’s corner and adds notoriety to an already high-interest case. Musk is facing allegations he violated a settlement deal with the SEC, struck last fall, by tweeting “inaccurate” company information without the required preapproval. Hueston takes over in Musk’s case for Dane Butswin


Elon Musk has hired the lead prosecutor of the 2006 Enron case to defend him in a contempt of court battle brought by the Securities and Exchange Commission. The substitution puts a well-versed securities lawyer in Musk’s corner and adds notoriety to an already high-interest case. Musk is facing allegations he violated a settlement deal with the SEC, struck last fall, by tweeting “inaccurate” company information without the required preapproval. Hueston takes over in Musk’s case for Dane Butswin
Elon Musk hires Enron prosecutor in SEC contempt case Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: sara salinas, aaron p bernstein
Keywords: news, cnbc, companies, legal, hires, tesla, securities, musk, contempt, hueston, sec, musks, enron, prosecutor, case, elon


Elon Musk hires Enron prosecutor in SEC contempt case

Elon Musk has hired the lead prosecutor of the 2006 Enron case to defend him in a contempt of court battle brought by the Securities and Exchange Commission.

The substitution puts a well-versed securities lawyer in Musk’s corner and adds notoriety to an already high-interest case.

John Hueston and a team of three attorneys from Hueston Hennigan LLP have taken up the Tesla CEO’s most recent legal case, according to a document filed Thursday in the U.S. District Court of the Southern District of New York. Musk is facing allegations he violated a settlement deal with the SEC, struck last fall, by tweeting “inaccurate” company information without the required preapproval.

Hueston headed the prosecution against Enron executives Kenneth Lay and Jeffrey Skilling, which saw both men convicted of securities and wire fraud.

Hueston takes over in Musk’s case for Dane Butswinkas, who resigned as Tesla’s general counsel last week, just a day after Musk sent the questionable tweet. Butswinkas held the top legal post at Tesla for just two months.

Hueston is already representing Musk in two other lawsuits, according to Bloomberg, which first reported the switch: a defamation suit brought by British rescue diver Vernon Unsworth, who Musk called a “pedo guy” in a tweet, and a lawsuit involving a former employee who Tesla claims sought to sabotage the company after he was fired.

WATCH: Tesla CEO Elon Musk lashes out at the SEC again — five experts break down what to watch next


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: sara salinas, aaron p bernstein
Keywords: news, cnbc, companies, legal, hires, tesla, securities, musk, contempt, hueston, sec, musks, enron, prosecutor, case, elon


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China’s new securities chief says markets are still full of risks

China’s newly appointed securities regulator said Wednesday that the country’s capital markets still contain many risks. Yi discussed on Wednesday his “four essentials” for healthy development of capital markets, which focused on greater respect for markets, the law, professionalism and risks. The commission also noted in a paper handout that it is closely monitoring U.S.-China trade tensions. “We need to increase U.S.-China market cooperation,” Fang Xinghai, vice chair of the commission, said a


China’s newly appointed securities regulator said Wednesday that the country’s capital markets still contain many risks. Yi discussed on Wednesday his “four essentials” for healthy development of capital markets, which focused on greater respect for markets, the law, professionalism and risks. The commission also noted in a paper handout that it is closely monitoring U.S.-China trade tensions. “We need to increase U.S.-China market cooperation,” Fang Xinghai, vice chair of the commission, said a
China’s new securities chief says markets are still full of risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-27  Authors: evelyn cheng, visual china group, getty images
Keywords: news, cnbc, companies, stock, markets, market, trade, chinas, chinese, support, securities, uschina, chief, risks, growth, commission, investment


China's new securities chief says markets are still full of risks

China’s newly appointed securities regulator said Wednesday that the country’s capital markets still contain many risks.

“Right now, due to the impact of many domestic and foreign factors, the capital market risk situation is still grim and complex,” Yi Huiman, chairman of the Chinese Securities Regulatory Commission, said in Mandarin during a press conference, his first in the role.

He added, according to a CNBC translation, that the commission will work urgently and in a precise manner to prevent and diffuse risks in areas such as stock pledges, bond defaults and private equity funds.

Beijing tried to maintain market stability during last year’s plunge by encouraging investors to support companies that faced challenges from putting shares up as collateral.

Yi discussed on Wednesday his “four essentials” for healthy development of capital markets, which focused on greater respect for markets, the law, professionalism and risks.

The commission also noted in a paper handout that it is closely monitoring U.S.-China trade tensions.

“We need to increase U.S.-China market cooperation,” Fang Xinghai, vice chair of the commission, said at the press conference. “We think this kind of work has benefits.”

Fang and Yi did not give much detail in response to a question about China’s initiatives to open up its financial sector. The bulk of the more than one-hour-long press conference focused on plans for a new science and technology stock listing board expected to launch in Shanghai later this year.

Yi was appointed chairman of the China Securities Regulatory Commission in late January. He was previously the chairman of the Industrial and Commercial Bank of China, one of the country’s four major state-owned banks.

Chinese stocks have surged in the last few weeks, helped by improved sentiment about U.S.-China trade tensions, government support and foreign inflows.

The Shanghai composite is up more than 20 percent from a low hit in early January, putting the index back into bull market territory. The CSI 300 and Shenzhen component have climbed at a faster pace, up more than 23 and 26 percent, respectively, for the year so far.

Morgan Stanley raised its targets on Chinese stocks in a Tuesday report, citing stronger-than-expected stimulus, a stronger currency forecast, and greater expectations for a U.S.-China trade deal. Equity Strategist Laura Wang and her team now expect further gains of about 15 percent for the CSI 300 by the end of the year. The strategists also pointed to broader government support for the market.

Chinese President Xi Jinping said on Feb. 22 his government needs to improve reform of financial markets and spoke generally in support of financial services.

Larry Hu, chief China economist at Macquarie, struck a more negative tone on the market’s latest rally and the economic backdrop in a Tuesday note.

“Given we don’t think the strong credit growth in (January) is sustainable, growth deceleration could continue in the months ahead,” Hu said. “Out of the three major growth drivers of the Chinese economy, both property investment and exports grew around 10% last year while infrastructure investment slowed to 2% growth. This year, we expect just the opposite. Both property investment and exports would slow to low single-digit growth while infrastructure investment could rebound to 10%.”

Chinese stock markets were one of the worst performers in the world last year. The Shanghai composite fell into a bear market — more than 20 percent from a recent high — in June 2018. Losses accelerated as the Chinese economy slowed, pressured by Beijing’s efforts to reduce reliance on high debt levels for growth. Rising trade tensions with the U.S. also added to uncertainty.


Company: cnbc, Activity: cnbc, Date: 2019-02-27  Authors: evelyn cheng, visual china group, getty images
Keywords: news, cnbc, companies, stock, markets, market, trade, chinas, chinese, support, securities, uschina, chief, risks, growth, commission, investment


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I would hold Elon Musk in contempt, says former SEC chair

Former SEC commissioner weighs in on the SEC allegations against Elon Musk 19 Hours Ago | 05:36Elon Musk needs to be punished until he gets a handle on his Twitter habit, says one former federal securities regulator. “Something is broken with SEC oversight,” Musk tweeted. The agreement with the SEC prohibits Musk from using Twitter to make statements about the company’s operations or financials without company review and approval. A federal judge on Tuesday gave Tesla and Musk until March 11 to


Former SEC commissioner weighs in on the SEC allegations against Elon Musk 19 Hours Ago | 05:36Elon Musk needs to be punished until he gets a handle on his Twitter habit, says one former federal securities regulator. “Something is broken with SEC oversight,” Musk tweeted. The agreement with the SEC prohibits Musk from using Twitter to make statements about the company’s operations or financials without company review and approval. A federal judge on Tuesday gave Tesla and Musk until March 11 to
I would hold Elon Musk in contempt, says former SEC chair Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: robert ferris
Keywords: news, cnbc, companies, contempt, twitter, statements, chair, share, elon, agency, sec, musk, tesla, securities, hold, private


I would hold Elon Musk in contempt, says former SEC chair

Former SEC commissioner weighs in on the SEC allegations against Elon Musk 19 Hours Ago | 05:36

Elon Musk needs to be punished until he gets a handle on his Twitter habit, says one former federal securities regulator.

The Tesla CEO lashed out at the Securities and Exchange Commission on Tuesday, a day after the agency asked a judge to hold him in contempt for some tweets the SEC says were inaccurate and violated the terms of an agreement Tesla and Musk made last year to settle securities fraud charges.

“Something is broken with SEC oversight,” Musk tweeted.

But former SEC Chairman Harvey Pitt said the agency is acting responsibly.

“We’ve got a CEO who, I guess for want of a better word, is irrepressible,” Pitt said. “He needs to have a certain amount of repression of his instinctive drive to go to Twitter. So I think that holding him in contempt, fining him, and leaving him with strict instructions that if this continues, the punishment will be worse would be in order. At least that’s what I would do under the circumstances.”

Musk has been sparring with the SEC after he announced on Twitter last summer that he secured the funding needed to take Tesla private at $420 a share, only to later walk back those statements. Investors thought Tesla’s troubles with the agency were over when the parties reached a settlement late last year.

The agreement with the SEC prohibits Musk from using Twitter to make statements about the company’s operations or financials without company review and approval.

But on Feb. 19, Musk said Tesla will produce about 500,000 vehicles in 2019, only to correct the forecast to 400,000 several hours later.

A federal judge on Tuesday gave Tesla and Musk until March 11 to explain why she shouldn’t hold Musk in contempt for his latest series of tweets.

Correction: This story was revised to correct the price Musk had tweeted about taking Tesla private. It was $420 per share.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: robert ferris
Keywords: news, cnbc, companies, contempt, twitter, statements, chair, share, elon, agency, sec, musk, tesla, securities, hold, private


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Fed’s Quarles: We’d ‘quickly reassess’ balance sheet plan if problems came up

The Federal Reserve stands ready to change the approach to its balance sheet should conditions warrant, the central bank’s vice chair for supervision said Friday. “The normalization of the balance sheet is not a competing goal,” he said at the Chicago Booth U.S. Monetary Policy Forum in New York. “If ever it appears that our plans for the balance sheet are running counter to the achievement of our dual-mandate objectives, we would quickly reassess our approach to the balance sheet.” The Fed curr


The Federal Reserve stands ready to change the approach to its balance sheet should conditions warrant, the central bank’s vice chair for supervision said Friday. “The normalization of the balance sheet is not a competing goal,” he said at the Chicago Booth U.S. Monetary Policy Forum in New York. “If ever it appears that our plans for the balance sheet are running counter to the achievement of our dual-mandate objectives, we would quickly reassess our approach to the balance sheet.” The Fed curr
Fed’s Quarles: We’d ‘quickly reassess’ balance sheet plan if problems came up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: jeff cox
Keywords: news, cnbc, companies, level, balance, plan, quickly, reserves, process, sheet, trillion, reserve, fed, problems, feds, came, quarles, securities, reassess


Fed's Quarles: We'd 'quickly reassess' balance sheet plan if problems came up

The Federal Reserve stands ready to change the approach to its balance sheet should conditions warrant, the central bank’s vice chair for supervision said Friday.

Fed Vice Chair Randal Quarles said at a conference that the central bank remains committed to its dual mandate of full employment and keeping inflation at a healthy level.

“The normalization of the balance sheet is not a competing goal,” he said at the Chicago Booth U.S. Monetary Policy Forum in New York. “If ever it appears that our plans for the balance sheet are running counter to the achievement of our dual-mandate objectives, we would quickly reassess our approach to the balance sheet.”

The Fed currently is in the process of reducing the level of bonds it is holding on the balance sheet. Allowing a capped level of proceeds to run off each month has reduced the total balance sheet to about $4 trillion, or nearly $400 billion less than when the process began.

Determining where the process ends depends on what level of reserves banks feel comfortable with. The total reserves being stored at the Fed has fallen to about $1.6 trillion, and a survey the Fed conducted last year indicated a comfort level around $800 billion. However, most Wall Street economists expect the reduction to end with more than $1 trillion in reserves still on hand.

Quarles said the Fed has found that banks want a higher level of reserves than has normally been the case.

“It is probably safe to say that reserve demand is much higher than before the crisis,” he said. “With so much uncertainty over the level and slope of the reserve demand curve, a degree of caution is warranted.”

He noted that the level of demand could be “uncertain” as conditions change.

Fed officials indicated at their last meeting that they expect the balance sheet roll-off to conclude by the end of 2019. If that is the case, the final level probably would be in the $3.5 trillion range.

The current composition of the balance sheet entails about $2.2 trillion in Treasurys and $1.6 trillion in mortgage-backed securities, with other securities and gold making up the rest. The Fed is allowing up to $30 trillion Treasurys and $20 trillion in MBS to roll off each month, and Quarles said mortgages likely will be sold off completely at some point in the future but not as part of the current normalization process.

In a question-and-answer session after his speech, Quarles said he also expects the Fed to shorten up the average duration of the securities it holds. That would give the Fed more of a chance to make an impact should it have to ease policy later.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: jeff cox
Keywords: news, cnbc, companies, level, balance, plan, quickly, reserves, process, sheet, trillion, reserve, fed, problems, feds, came, quarles, securities, reassess


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This is the year Apple will finally do a big acquisition, predicts analyst Dan Ives

Ives said Apple needs an acquisition because it is “miles behind” the competition. If Apple executes with “minimal speed bumps” and aggressively acquires content, Ives believes the Cupertino, California-based company can reach 100 million subscribers in three to five years. That could translate into a $7 billion to $10 billion annual revenue stream over time, he wrote in a note to clients earlier in the day. In January, Apple slashed revenue guidance, blaming weak iPhone sales in China. Disclosu


Ives said Apple needs an acquisition because it is “miles behind” the competition. If Apple executes with “minimal speed bumps” and aggressively acquires content, Ives believes the Cupertino, California-based company can reach 100 million subscribers in three to five years. That could translate into a $7 billion to $10 billion annual revenue stream over time, he wrote in a note to clients earlier in the day. In January, Apple slashed revenue guidance, blaming weak iPhone sales in China. Disclosu
This is the year Apple will finally do a big acquisition, predicts analyst Dan Ives Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: michelle fox, toru hanai
Keywords: news, cnbc, companies, securities, dan, analyst, content, big, finally, apple, predicts, company, ives, wedbush, market, revenue, acquisition, wrote, billion


This is the year Apple will finally do a big acquisition, predicts analyst Dan Ives

Ives said Apple needs an acquisition because it is “miles behind” the competition. And it certainly has the money to spend — it now has $245 billion cash on hand, according to its first-quarter 2019 earnings report.

“If they want to be a serious player here they are going to have to significantly invest in the platform in terms of having their own original content,” the managing director at Wedbush Securities said on “The Exchange.”

As for what acquisition would make the most sense, Ives pointed to names like A24 Studio, Lionsgate, Viacom/CBS, Sony Pictures, MGM Studios and Netflix, as well as a potential gaming publisher as a subscription service.

If Apple executes with “minimal speed bumps” and aggressively acquires content, Ives believes the Cupertino, California-based company can reach 100 million subscribers in three to five years. That could translate into a $7 billion to $10 billion annual revenue stream over time, he wrote in a note to clients earlier in the day.

If it doesn’t take advantage of the “ripe” M&A landscape, “it will be a major strategic mistake in our opinion that will haunt the company for years to come,” wrote Ives, who has an outperform rating and $200 price target on the stock.

Apple has had its share of ups and downs of late. The tech giant reached a $1 trillion market cap on Aug. 2, but the stock has since dropped about 15 percent. In January, Apple slashed revenue guidance, blaming weak iPhone sales in China. It was also dethroned as the world’s most innovative company in Fast Company’s annual ranking.

Shares of Apple closed slightly lower Thursday.

“It’s a defining period for Cook and company. Definitely a dark chapter they are trying to get around,” Ives said.

Apple did not immediately respond to a request for comment.

Disclosures: Wedbush Securities is a market maker in Apple.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: michelle fox, toru hanai
Keywords: news, cnbc, companies, securities, dan, analyst, content, big, finally, apple, predicts, company, ives, wedbush, market, revenue, acquisition, wrote, billion


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This is the year Apple will finally do a big acquisition, predicts analyst Dan Ives

Ives said Apple needs an acquisition because it is “miles behind” the competition. If Apple executes with “minimal speed bumps” and aggressively acquires content, Ives believes the Cupertino, California-based company can reach 100 million subscribers in three to five years. That could translate into a $7 billion to $10 billion annual revenue stream over time, he wrote in a note to clients earlier in the day. In January, Apple slashed revenue guidance, blaming weak iPhone sales in China. Disclosu


Ives said Apple needs an acquisition because it is “miles behind” the competition. If Apple executes with “minimal speed bumps” and aggressively acquires content, Ives believes the Cupertino, California-based company can reach 100 million subscribers in three to five years. That could translate into a $7 billion to $10 billion annual revenue stream over time, he wrote in a note to clients earlier in the day. In January, Apple slashed revenue guidance, blaming weak iPhone sales in China. Disclosu
This is the year Apple will finally do a big acquisition, predicts analyst Dan Ives Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: michelle fox, toru hanai
Keywords: news, cnbc, companies, securities, dan, analyst, content, big, finally, apple, predicts, company, ives, wedbush, market, revenue, acquisition, wrote, billion


This is the year Apple will finally do a big acquisition, predicts analyst Dan Ives

Ives said Apple needs an acquisition because it is “miles behind” the competition. And it certainly has the money to spend — it now has $245 billion cash on hand, according to its first-quarter 2019 earnings report.

“If they want to be a serious player here they are going to have to significantly invest in the platform in terms of having their own original content,” the managing director at Wedbush Securities said on “The Exchange.”

As for what acquisition would make the most sense, Ives pointed to names like A24 Studio, Lionsgate, Viacom/CBS, Sony Pictures, MGM Studios and Netflix, as well as a potential gaming publisher as a subscription service.

If Apple executes with “minimal speed bumps” and aggressively acquires content, Ives believes the Cupertino, California-based company can reach 100 million subscribers in three to five years. That could translate into a $7 billion to $10 billion annual revenue stream over time, he wrote in a note to clients earlier in the day.

If it doesn’t take advantage of the “ripe” M&A landscape, “it will be a major strategic mistake in our opinion that will haunt the company for years to come,” wrote Ives, who has an outperform rating and $200 price target on the stock.

Apple has had its share of ups and downs of late. The tech giant reached a $1 trillion market cap on Aug. 2, but the stock has since dropped about 15 percent. In January, Apple slashed revenue guidance, blaming weak iPhone sales in China. It was also dethroned as the world’s most innovative company in Fast Company’s annual ranking.

Shares of Apple closed slightly lower Thursday.

“It’s a defining period for Cook and company. Definitely a dark chapter they are trying to get around,” Ives said.

Apple did not immediately respond to a request for comment.

Disclosures: Wedbush Securities is a market maker in Apple.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: michelle fox, toru hanai
Keywords: news, cnbc, companies, securities, dan, analyst, content, big, finally, apple, predicts, company, ives, wedbush, market, revenue, acquisition, wrote, billion


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China will drive Australia’s interest rate policies: COO

China will drive Australia’s interest rate policies: COO9 Hours AgoNick Twidale of Rakuten Securities Australia says China’s slowing economy is the “dominant factor” that could drive Australia’s interest rate policy, but declining house prices locally is “not far behind.”


China will drive Australia’s interest rate policies: COO9 Hours AgoNick Twidale of Rakuten Securities Australia says China’s slowing economy is the “dominant factor” that could drive Australia’s interest rate policy, but declining house prices locally is “not far behind.”
China will drive Australia’s interest rate policies: COO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-10
Keywords: news, cnbc, companies, slowing, interest, coo, australias, rakuten, policy, securities, prices, twidale, rate, policies, china, drive


China will drive Australia's interest rate policies: COO

China will drive Australia’s interest rate policies: COO

9 Hours Ago

Nick Twidale of Rakuten Securities Australia says China’s slowing economy is the “dominant factor” that could drive Australia’s interest rate policy, but declining house prices locally is “not far behind.”


Company: cnbc, Activity: cnbc, Date: 2019-02-10
Keywords: news, cnbc, companies, slowing, interest, coo, australias, rakuten, policy, securities, prices, twidale, rate, policies, china, drive


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Slack confidentially files to go public

Slack confidentially filed to go public, according to a press release published Monday. Slack is planning to pursue a direct listing, sources told The Wall Street Journal, according to a report from last month. Slack reportedly has plenty of cash on hand to pursue the direct listing route. For the year ended in January 2018, Slack had revenue of $221 million, The Information reported based on early 2018 documents. The public listing is expected to take place after the SEC completes its review pr


Slack confidentially filed to go public, according to a press release published Monday. Slack is planning to pursue a direct listing, sources told The Wall Street Journal, according to a report from last month. Slack reportedly has plenty of cash on hand to pursue the direct listing route. For the year ended in January 2018, Slack had revenue of $221 million, The Information reported based on early 2018 documents. The public listing is expected to take place after the SEC completes its review pr
Slack confidentially files to go public Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: lauren feiner, photo bloomberg
Keywords: news, cnbc, companies, slack, release, securities, direct, comcast, confidentially, 2018, listing, files, company, according, public


Slack confidentially files to go public

Slack confidentially filed to go public, according to a press release published Monday.

Slack, a provider of chat and direct messaging services for businesses, is one of a number of tech IPOs expected in 2019, including Uber, Lyft and Airbnb. The company hired Goldman Sachs to lead its initial public offering as an underwriter, Reuters reported in December, saying Slack was seeking a valuation of over $10 billion in its IPO. Slack has raised about $1 billion so far, according to Crunchbase.

Slack is planning to pursue a direct listing, sources told The Wall Street Journal, according to a report from last month. If Slack follows through with the direct listing, that would make it the second big technology company to do so, according to The Journal, following Spotify’s lead.

Slack reportedly has plenty of cash on hand to pursue the direct listing route. According to The Information, Slack had about $900 million in cash on its balance sheet as of October 2018. For the year ended in January 2018, Slack had revenue of $221 million, The Information reported based on early 2018 documents.

Here is the full release from Slack:

Slack Technologies, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

Disclosure: Comcast Ventures, the venture arm of Comcast NBCUniversal, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.

Watch: Wide variation between potential tech IPOs in 2019, says The Information’s Jessica Lessin


Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: lauren feiner, photo bloomberg
Keywords: news, cnbc, companies, slack, release, securities, direct, comcast, confidentially, 2018, listing, files, company, according, public


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