Top Amazon exec who was large shareholder is leaving after two-year hiatus, adding to exodus

The 79,146 shares he owned at the time would translate to roughly $122 million based on Monday’s closing price. Piacentini previously hinted that he could come back to Amazon once his pro bono work with the Italian government was complete. Piacentini joins a growing list of executives who have left Amazon this year, even as the company enjoys unprecedented success and a near-record stock price. At least 15 high-profile executives have announced their departures this year, an unusually high numbe


The 79,146 shares he owned at the time would translate to roughly $122 million based on Monday’s closing price. Piacentini previously hinted that he could come back to Amazon once his pro bono work with the Italian government was complete. Piacentini joins a growing list of executives who have left Amazon this year, even as the company enjoys unprecedented success and a near-record stock price. At least 15 high-profile executives have announced their departures this year, an unusually high numbe
Top Amazon exec who was large shareholder is leaving after two-year hiatus, adding to exodus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: eugene kim, jim watson, afp, getty images
Keywords: news, cnbc, companies, twoyear, exodus, 2017, turnover, exec, large, amazon, left, bezos, leaving, company, shares, shareholder, executives, senior, adding, hiatus, steam


Top Amazon exec who was large shareholder is leaving after two-year hiatus, adding to exodus

Piacentini was also one of the largest employee shareholders at Amazon. Before he left in 2016, he owned the third largest number of Amazon shares among all employees, after only Bezos and the retail group’s CEO, Jeff Wilke, according to the company’s 2017 proxy statement. The 79,146 shares he owned at the time would translate to roughly $122 million based on Monday’s closing price.

Piacentini previously hinted that he could come back to Amazon once his pro bono work with the Italian government was complete. In an interview with the Financial Times in September 2017, he said he planned to return to the e-commerce company, although he noted that “many things can change.” During a Bloomberg interview this year, he declined to say whether he’s returning to Amazon.

It’s unclear what his future plans are now. He didn’t respond to a request for comment. Amazon declined to comment for this story.

Piacentini joins a growing list of executives who have left Amazon this year, even as the company enjoys unprecedented success and a near-record stock price. At least 15 high-profile executives have announced their departures this year, an unusually high number for a company known for retaining its most senior executives for many years.

Piacentini’s departure is particularly notable given that he’s the second S-Team member to leave Amazon this year, after Sebastian Gunningham, marketplace senior vice president, left in March. Bezos’ S-Team, which reportedly contains fewer than 20 execs, is famous for seeing very little turnover historically, a part of Amazon’s culture that the CEO once highlighted during an internal staff meeting.

“I’m very happy that we don’t have a lot of turnover on the S-team,” Bezos said, according to a recording of a 2017 all-hands meeting that CNBC has heard. “I don’t intend to change that — I like you guys a lot. I would expect any transition there to happen very incrementally over a long period of time.”


Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: eugene kim, jim watson, afp, getty images
Keywords: news, cnbc, companies, twoyear, exodus, 2017, turnover, exec, large, amazon, left, bezos, leaving, company, shares, shareholder, executives, senior, adding, hiatus, steam


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Micron shares drop more than 7% after missing on revenue

Micron Technology shares dropped more than 6 percent during after hours trading Tuesday after the company missed revenue expectations in its quarterly earnings. The company reported $7.91 billion, missing revenue estimates of $8.02 billion. Micron said the impact of US tariffs were a half percent of its gross margin in the fiscal first quarter. The Boise, Idaho-based company announced in September that President Trump’s tariffs on Chinese goods will hurt its profitability. Both Deutsche Bank and


Micron Technology shares dropped more than 6 percent during after hours trading Tuesday after the company missed revenue expectations in its quarterly earnings. The company reported $7.91 billion, missing revenue estimates of $8.02 billion. Micron said the impact of US tariffs were a half percent of its gross margin in the fiscal first quarter. The Boise, Idaho-based company announced in September that President Trump’s tariffs on Chinese goods will hurt its profitability. Both Deutsche Bank and
Micron shares drop more than 7% after missing on revenue Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: waverly colville, matthew staver, bloomberg, getty images
Keywords: news, cnbc, companies, shares, micron, billion, expectations, drop, gross, missing, revenue, announced, fiscal, company, tariffs, impact


Micron shares drop more than 7% after missing on revenue

Micron Technology shares dropped more than 6 percent during after hours trading Tuesday after the company missed revenue expectations in its quarterly earnings.

The company reported $7.91 billion, missing revenue estimates of $8.02 billion. However, it exceeded expectations in earnings, reporting $2.97 per share, beating analysts’ expectations of $2.96 per share.

On a conference call, Micron’s CEO Sanjay Sehorta said the revenue headwinds were due to “inventory adjustments.” The company also announced plans to reduce capital expenditures in fiscal 2019.

Micron said the impact of US tariffs were a half percent of its gross margin in the fiscal first quarter.

The Boise, Idaho-based company announced in September that President Trump’s tariffs on Chinese goods will hurt its profitability.

“Our gross margins will also be impacted in the near term by the announced 10 percent tariff on $200 billion of imports from China which will go into effect on September 24,” CFO David Zinsner said. “We are working to gradually mitigate most of the impact from these tariffs over the next three to four quarters.”

Both Deutsche Bank and BMO Capital Markets cut their price target for Micron by 25 percent in September.


Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: waverly colville, matthew staver, bloomberg, getty images
Keywords: news, cnbc, companies, shares, micron, billion, expectations, drop, gross, missing, revenue, announced, fiscal, company, tariffs, impact


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European markets open lower amid intensifying concerns over global growth

In terms of sectors, travel & leisure stocks were at the top of the charts, up about 0.18 percent. Meanwhile, oil & gas sector saw losses, with the sector down 1.4 percent. Market focus is largely attuned to a darkening global growth outlook, following a flurry of sluggish economic reports. On Monday, the National Association of Home Builders Housing Markets Index indicated U.S. homebuilder sentiment had dipped to a three-and-a-half year low. Meanwhile, Britain’s embattled Prime Minister Theresa


In terms of sectors, travel & leisure stocks were at the top of the charts, up about 0.18 percent. Meanwhile, oil & gas sector saw losses, with the sector down 1.4 percent. Market focus is largely attuned to a darkening global growth outlook, following a flurry of sluggish economic reports. On Monday, the National Association of Home Builders Housing Markets Index indicated U.S. homebuilder sentiment had dipped to a three-and-a-half year low. Meanwhile, Britain’s embattled Prime Minister Theresa
European markets open lower amid intensifying concerns over global growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: sam meredith
Keywords: news, cnbc, companies, prompted, markets, intensifying, global, sector, european, terms, concerns, britains, vote, lower, stocks, amid, week, theresa, growth, prime, shares, open


European markets open lower amid intensifying concerns over global growth

In terms of sectors, travel & leisure stocks were at the top of the charts, up about 0.18 percent. Meanwhile, oil & gas sector saw losses, with the sector down 1.4 percent.

Market focus is largely attuned to a darkening global growth outlook, following a flurry of sluggish economic reports. On Monday, the National Association of Home Builders Housing Markets Index indicated U.S. homebuilder sentiment had dipped to a three-and-a-half year low. It was the second straight month of disappointing reading.

The gloomy data compounded weaker-than-expected economic news from Europe late last week.

In addition, a profit warning from Asos shocked investors on Monday. Shares of the company tumbled more than 30 percent on the news. The previously high-flying clothing retailer also prompted U.S. consumer discretionary shares to fall almost 3 percent, with stocks on Wall Street slipping to their lowest levels in more than a year on Monday.

In Asia, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, was down around 0.3 percent on Tuesday.

Back in Europe, investors are likely to monitor Germany’s Ifo business climate figures for December at around 9:00 a.m. London time.

Meanwhile, Britain’s embattled Prime Minister Theresa May announced Monday a parliamentary vote on her Brexit deal would take place in the third week of January.

This prompted Britain’s leader of the opposition, Jeremy Corbyn, to table a motion of no confidence in Theresa May, saying it was unacceptable for parliament to wait another month to vote on the deal.

U.K. lawmakers were initially scheduled to have their say on the terms of Britain’s withdrawal from the EU last week but the prime minister delayed the vote, admitting she was likely to lose.


Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: sam meredith
Keywords: news, cnbc, companies, prompted, markets, intensifying, global, sector, european, terms, concerns, britains, vote, lower, stocks, amid, week, theresa, growth, prime, shares, open


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Asian stocks broadly higher as investors look to key US, China policy events

Stocks in Asia were mostly higher on Monday following a report suggesting further turmoil for the markets in 2019. The mainland Chinese markets were mixed by the end of their trading day after the country reported lower than expected economic datalast Friday. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31. One investor told CNBC’s “Squawk Box” on Monday that the bargain hunting f


Stocks in Asia were mostly higher on Monday following a report suggesting further turmoil for the markets in 2019. The mainland Chinese markets were mixed by the end of their trading day after the country reported lower than expected economic datalast Friday. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31. One investor told CNBC’s “Squawk Box” on Monday that the bargain hunting f
Asian stocks broadly higher as investors look to key US, China policy events Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, shares, investors, broadly, higher, key, close, bank, day, losses, look, stocks, events, asian, trading, banks, markets, china, policy


Asian stocks broadly higher as investors look to key US, China policy events

Stocks in Asia were mostly higher on Monday following a report suggesting further turmoil for the markets in 2019.

Investors were setting their sights on key policy meetings in the coming week — ahead of the U.S. Federal Reserve’s upcoming interest rate meeting and as China on Tuesday marks the 40th anniversary of the country’s reforms under former leader Deng Xiaoping.

President Xi Jinping is expected to deliver a major speech on Monday. It comes as Beijing’s trade war with Washington spurs government advisors and think tanks to urge for urgent reforms in Asia’s largest economy.

The mainland Chinese markets were mixed by the end of their trading day after the country reported lower than expected economic datalast Friday. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31.

One investor told CNBC’s “Squawk Box” on Monday that the bargain hunting for Chinese shares has already started.

“Over the next few months, if there were to be any more weakness in the Chinese market, we think that there will be more investors coming in to buy,” said Khiem Do, head of Greater China investments at Barings. “The Chinese markets are actually quite cheap.”

Meanwhile, Hong Kong’s Hang Seng index was slightly higher in its final hour of trade.

In Japan, the Nikkei 225 rose 0.62 percent to close at 21,506.88 while the Topix index saw gains of 0.13 percent to finish the trading day at 1,594.20. Shares of conglomerate Softbank recovered from earlier losses during the session to gain 0.52 percent ahead of the anticipated public listing of its mobile unit on Dec. 19.

South Korea’s Kospi closed fractionally higher at 2,071.09.

Australia’s ASX 200 saw gains of 1 percent to close at 5,658.3, with almost all sectors in positive territory.

The heavily-weighted financial subindex, however, slipped 0.11 percent, with shares of Australia’s so-called Big Four banks mostly seeing losses. Australia and New Zealand Banking Group dropped 1.57 percent, Westpac shed 0.92 percent and National Australia Bank slipped 0.59 percent. Commonwealth Bank of Australia, on the other hand, recovered from earlier losses to rise 0.65 percent.

“The ‘Santa Rally’ which had been hoped for has proven to be frustratingly elusive; and now markets are quite happy, if not desperate, for at least a dovish line to be thrown by the FOMC (and other global central banks),” said Mizuho Bank in a note on Monday, in reference to the U.S. central bank’s upcoming Federal Open Market Committee meeting on Dec. 18 and 19.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, shares, investors, broadly, higher, key, close, bank, day, losses, look, stocks, events, asian, trading, banks, markets, china, policy


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J&J’s market value plunged after report on asbestos in its baby powder

Johnson & Johnson lost $39.8 billion in market value Friday, suffering its worst trading day in more than 15 years, after Reuters said the company knew for decades that its baby powder contained asbestos — an allegation the company denied. J&J said the story was “one-sided, false and inflammatory” and an “absurd conspiracy theory,” according to a statement. Thousands of lawsuits have accused J&J’s talc-based baby powder of containing asbestos and causing ovarian and other types of cancers. Inves


Johnson & Johnson lost $39.8 billion in market value Friday, suffering its worst trading day in more than 15 years, after Reuters said the company knew for decades that its baby powder contained asbestos — an allegation the company denied. J&J said the story was “one-sided, false and inflammatory” and an “absurd conspiracy theory,” according to a statement. Thousands of lawsuits have accused J&J’s talc-based baby powder of containing asbestos and causing ovarian and other types of cancers. Inves
J&J’s market value plunged after report on asbestos in its baby powder Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: angelica lavito
Keywords: news, cnbc, companies, powder, johnson, trading, jjs, value, baby, market, shares, lawsuits, billion, asbestos, report, plunged, jj


J&J's market value plunged after report on asbestos in its baby powder

Johnson & Johnson lost $39.8 billion in market value Friday, suffering its worst trading day in more than 15 years, after Reuters said the company knew for decades that its baby powder contained asbestos — an allegation the company denied.

J&J said the story was “one-sided, false and inflammatory” and an “absurd conspiracy theory,” according to a statement.

Thousands of lawsuits have accused J&J’s talc-based baby powder of containing asbestos and causing ovarian and other types of cancers. Investors have expressed some concern over the lawsuits, though J&J has successfully won a number of cases.

Friday’s report spooked the Street and drove J&J’s shares down 10.04 percent to close at $133 a share, losing about $39.8 billion of its market value. J&J now has a market capitalization of $356.7 billion. The shares recovered somewhat after tumbling as much as 11.9 percent in intraday trading.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: angelica lavito
Keywords: news, cnbc, companies, powder, johnson, trading, jjs, value, baby, market, shares, lawsuits, billion, asbestos, report, plunged, jj


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Cramer: When J&J continues falling on Monday it could be time to buy

Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC’s Jim Cramer said on Friday. “I certainly wouldn’t want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday,” the “Mad Money” host said on “Closing Bell.” “I don’t think you’re going to get hurt that bad, I think it’s going to work for you.” He also points to Costco as another buying opportunity, calling the grocery chain’s monthly numbers


Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC’s Jim Cramer said on Friday. “I certainly wouldn’t want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday,” the “Mad Money” host said on “Closing Bell.” “I don’t think you’re going to get hurt that bad, I think it’s going to work for you.” He also points to Costco as another buying opportunity, calling the grocery chain’s monthly numbers
Cramer: When J&J continues falling on Monday it could be time to buy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: tyler clifford
Keywords: news, cnbc, companies, costco, buying, stock, start, continues, shares, buy, cramer, nearly, falling, company, think, jj


Cramer: When J&J continues falling on Monday it could be time to buy

Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC’s Jim Cramer said on Friday.

The stock plunged 10.4 percent to close at $133 a share on Friday after Reuters reported the company knew for decades that asbestos was in its baby powder.

“I certainly wouldn’t want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday,” the “Mad Money” host said on “Closing Bell.” “I don’t think you’re going to get hurt that bad, I think it’s going to work for you.”

JNJ helped drag the Dow Jones Industrial Average down nearly 500 points on the day, and the stock is now down nearly 5 percent for the year. It was the worst day for JNJ since July 19, 2002.

The company called the Reuters article “one-sided, false and inflammatory” in a statement on Friday.

“Simply put, the Reuters story is an absurd conspiracy theory, in that it apparently has spanned over 40 years, orchestrated among generations of global regulators, the world’s foremost scientists and universities, leading independent labs, and J&J employees themselves,” the company said in a statement.

Reuters reporter Lisa Girion stands by her reporting, telling CNBC Friday the report was based on the company’s own documents.

“I think that the sellers of J&J aren’t done, because they didn’t do any homework and they’re just buying entirely into a Reuters story that I’m not buying into,” Cramer said, “but you have to let the sellers finish.”

He also points to Costco as another buying opportunity, calling the grocery chain’s monthly numbers in its weaker-than-expected earnings report “fine.” Shares of Costco tanked nearly 9 percent, closing at $207.06.

“Get Costco under $200, you start a position. Get J&J under $130 and start a position,” Cramer argued.

Disclaimer

Disclosures: Cramer’s charitable trust owns shares of JNJ.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: tyler clifford
Keywords: news, cnbc, companies, costco, buying, stock, start, continues, shares, buy, cramer, nearly, falling, company, think, jj


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Goldman downgrades Walgreens’ stock to rare ‘sell,’ shares fall

Goldman Sachs downgraded shares of Walgreens to a rare “sell” rating Friday, doubting that the pharmacy chain’s plans to transform its drugstore business will work. Sells are still somewhat rare on Wall Street. Skepticism about Walgreens’ business has intensified this year. Walgreens has discussed a possible deal with Humana, the “Wall Street Journal” reported last month, citing people familiar with the matter. However, Jones worries Walgreens’ current leverage and debt levels could limit the si


Goldman Sachs downgraded shares of Walgreens to a rare “sell” rating Friday, doubting that the pharmacy chain’s plans to transform its drugstore business will work. Sells are still somewhat rare on Wall Street. Skepticism about Walgreens’ business has intensified this year. Walgreens has discussed a possible deal with Humana, the “Wall Street Journal” reported last month, citing people familiar with the matter. However, Jones worries Walgreens’ current leverage and debt levels could limit the si
Goldman downgrades Walgreens’ stock to rare ‘sell,’ shares fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: angelica lavito, christopher lee, bloomberg, getty images
Keywords: news, cnbc, companies, stock, business, sent, street, health, fall, goldman, downgrades, jones, shares, wall, pharmacy, drugstore, rare, sell, walgreens


Goldman downgrades Walgreens' stock to rare 'sell,' shares fall

Goldman Sachs downgraded shares of Walgreens to a rare “sell” rating Friday, doubting that the pharmacy chain’s plans to transform its drugstore business will work.

Shares of Walgreens fell by about 4 percent in morning trading Friday. They’re up by about 9 percent this year.

The drugstore chain has struck numerous partnerships, including with health insurer Humana, diagnostics company LabCorp, grocery chain Kroger, package delivery company FedEx and telecom giant Sprint. These are all aimed at boosting traffic to Walgreens’ drugstores, which have watched visits decline as people shop online more.

Goldman analyst Robert Jones said he doesn’t think these partnerships, even if expanded, will help enough to offset declines in Walgreens’ core retail pharmacy business, according to a research note sent to clients Friday. Jones downgraded Walgreens to “sell” from “hold” Friday.

Sells are still somewhat rare on Wall Street. Jones is the only analyst with a sell rating on Walgreens, which has three buys and eight holds, according to TipRanks.

Skepticism about Walgreens’ business has intensified this year. Rival drugstore CVS Health completed its $70 billion acquisition of health insurer Aetna. Amazon entered the prescription drug delivery business this summer when it bought online pharmacy PillPack, spooking investors who sent drugstore stocks tumbling.

Walgreens has discussed a possible deal with Humana, the “Wall Street Journal” reported last month, citing people familiar with the matter. However, Jones worries Walgreens’ current leverage and debt levels could limit the size of a deal Walgreens could make.

Meanwhile, leaders from both political parties, including President Donald Trump, have vowed to lower prescription drug prices. Jones estimates brand inflation could equal half the rate of 2018, which would spell trouble for retailers who he says could face increased reimbursement pressure.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: angelica lavito, christopher lee, bloomberg, getty images
Keywords: news, cnbc, companies, stock, business, sent, street, health, fall, goldman, downgrades, jones, shares, wall, pharmacy, drugstore, rare, sell, walgreens


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European markets edge higher; banks rally ahead of ECB meeting; Metro tumbles 8%

At a much-anticipated meeting on Thursday, the ECB is poised to bring an end to its crisis-era bond-buying program after nearly four years. European lenders have generally been critical of the central bank’s QE program, arguing it has a negative impact on their net interest income. Deutsche Bank, Unicredit and Intesa Sanpaolo were all trading more than 3 percent higher on the prospect of the ECB ending its contentious stimulus program. It comes after Exane BNP Paribas raised its stock recommenda


At a much-anticipated meeting on Thursday, the ECB is poised to bring an end to its crisis-era bond-buying program after nearly four years. European lenders have generally been critical of the central bank’s QE program, arguing it has a negative impact on their net interest income. Deutsche Bank, Unicredit and Intesa Sanpaolo were all trading more than 3 percent higher on the prospect of the ECB ending its contentious stimulus program. It comes after Exane BNP Paribas raised its stock recommenda
European markets edge higher; banks rally ahead of ECB meeting; Metro tumbles 8% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: sam meredith
Keywords: news, cnbc, companies, rally, end, qe, central, tumbles, higher, edge, banks, shares, index, metro, program, markets, ecb, morning, meeting, european, stock


European markets edge higher; banks rally ahead of ECB meeting; Metro tumbles 8%

Europe’s banking index was the top performer in early morning deals, up more than 1.4 percent with market participants widely expecting the European Central Bank (ECB) to announce the end of quantitative easing (QE) later in the session.

At a much-anticipated meeting on Thursday, the ECB is poised to bring an end to its crisis-era bond-buying program after nearly four years. European lenders have generally been critical of the central bank’s QE program, arguing it has a negative impact on their net interest income. Deutsche Bank, Unicredit and Intesa Sanpaolo were all trading more than 3 percent higher on the prospect of the ECB ending its contentious stimulus program.

Looking at individual stocks, Britain’s Antofagasta surged toward the top of the European benchmark shortly after opening bell. It comes after Exane BNP Paribas raised its stock recommendation to “outperform” Thursday morning, prompting shares of the London-listed stock to rise 3 percent.

Meanwhile, Germany’s Metro slumped to the bottom of the index after the company reported persistently challenging business conditions in Russia. Shares of the wholesale tumbled more than 8 percent on the news.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: sam meredith
Keywords: news, cnbc, companies, rally, end, qe, central, tumbles, higher, edge, banks, shares, index, metro, program, markets, ecb, morning, meeting, european, stock


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Asia markets close higher, Greater China shares lead gains

Asian stocks closed higher on Thursday, with shares in Greater China leading gains after the positive momentum seen on Wall Street overnight. Greater China markets initially opened mixed, but staged a comeback to lead the rest of Asia. The Shanghai composite ended the trading session at 1.23 percent higher at 2,634.0491 points, while the Shenzhen composite closed 1.106 percent higher at 1,360.9222 points. In Japan, the Nikkei 225 rose 0.99 percent to close at 21,816.19 points and the Topix index


Asian stocks closed higher on Thursday, with shares in Greater China leading gains after the positive momentum seen on Wall Street overnight. Greater China markets initially opened mixed, but staged a comeback to lead the rest of Asia. The Shanghai composite ended the trading session at 1.23 percent higher at 2,634.0491 points, while the Shenzhen composite closed 1.106 percent higher at 1,360.9222 points. In Japan, the Nikkei 225 rose 0.99 percent to close at 21,816.19 points and the Topix index
Asia markets close higher, Greater China shares lead gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: yen nee lee
Keywords: news, cnbc, companies, stocks, lead, gains, ended, higher, china, shares, session, asia, index, markets, greater, points, trading, close


Asia markets close higher, Greater China shares lead gains

Asian stocks closed higher on Thursday, with shares in Greater China leading gains after the positive momentum seen on Wall Street overnight.

“Calm has finally returned to markets,” analysts at Mizuho Bank wrote in a note. Trading in markets globally was volatile at the start of the week, but stabilized after news reports in recent days indicated an easing in tensions between the U.S. and China.

Greater China markets initially opened mixed, but staged a comeback to lead the rest of Asia. The Shanghai composite ended the trading session at 1.23 percent higher at 2,634.0491 points, while the Shenzhen composite closed 1.106 percent higher at 1,360.9222 points. Hong Kong’s Hang Seng Index gained 1.18 percent to end at 26,495.67 points.

In Japan, the Nikkei 225 rose 0.99 percent to close at 21,816.19 points and the Topix index ended 0.62 percent higher at 1,616.65 points. Over in South Korea, the Kospi inched up 0.62 percent to 2,095.55 points at the close.

Australian stocks, meanwhile, saw relatively modest gains. The ASX 200 index ended the session at 5,661.6 points — up 0.14 percent.

There were big moves in the Australia market. Shares of Hutchison Telecommunications plunged 21.43 percent at the close, while TPG Telecom fell by 16.67 percent. The two companies announced plans to merge in August this year, but the Australian Competition and Consumer Commission on Thursday released a statement expressing concerns about the proposal.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: yen nee lee
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GE shares surge 12% after JP Morgan analyst who called their decline says the bottom is near

GE shares jumped 12 percent in premarket trading to $7.41 from Wednesday’s close of $6.71 a share. GE shares fell as low as $6.66 this week, which was their low close during the financial crisis. GE cut its dividend to a penny officially last week, a move which alienated many of its longtime shareholders. Tusa said in the note that he sees “upside risk” to the stock of $8 and “downside risk” of $5. In the meantime, J.P. Morgan is holding to a GE price target of $6 a share.


GE shares jumped 12 percent in premarket trading to $7.41 from Wednesday’s close of $6.71 a share. GE shares fell as low as $6.66 this week, which was their low close during the financial crisis. GE cut its dividend to a penny officially last week, a move which alienated many of its longtime shareholders. Tusa said in the note that he sees “upside risk” to the stock of $8 and “downside risk” of $5. In the meantime, J.P. Morgan is holding to a GE price target of $6 a share.
GE shares surge 12% after JP Morgan analyst who called their decline says the bottom is near Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: michael sheetz
Keywords: news, cnbc, companies, surge, 12, cash, jp, week, near, stock, risk, note, ge, equity, downside, shares, tusa, analyst, called, decline, morgan


GE shares surge 12% after JP Morgan analyst who called their decline says the bottom is near

Longtime bearish analyst Stephen Tusa of J.P. Morgan upgraded shares of General Electric to neutral from underweight on Thursday and removed the stock from the firm’s short idea list, saying the embattled industrial giant now has a more “balanced risk reward at current levels.”

“Key to the story, in our view, is the outcome of ‘known unknowns’ in near term, which are better understood and around which debate is more balanced, as opposed to being overlooked by most bulls in the past,” Tusa wrote in a note Thursday.

“We now believe a more negative outcome one these liabilities (equity dilution is one) is at least partially discounted, and it’s possible the company can execute its way through an elongated workout that limits near-term downside,” Tusa added.

GE shares jumped 12 percent in premarket trading to $7.41 from Wednesday’s close of $6.71 a share.

Tusa put out a bearish note on GE in May 2016 when the stock was above $30 that questioned the conglomerate’s earnings and cash flow outlook. As the shares plummeted, Tusa gained a following on Wall Street with his later calls, such as that the dividend would have to be cut, coming true. His notes on the company will often move the stock on the days they come out.

GE shares fell as low as $6.66 this week, which was their low close during the financial crisis. GE cut its dividend to a penny officially last week, a move which alienated many of its longtime shareholders.

Tusa said in the note that he sees “upside risk” to the stock of $8 and “downside risk” of $5. In the meantime, J.P. Morgan is holding to a GE price target of $6 a share. Tusa said the firm is “increasingly assuming a material equity raise could be necessary.”

“While we think there would be near-term downside, we also think there could be support at a lower level, and likely a benefit of the doubt for new management with a higher multiple on lower earnings and [free cash flow],” Tusa added.

GE has repeatedly denied it has plans for an equity raise. Culp said last month that questions about GE’s liquidity are understandable given the company’s position. But he said the “fact the we got $20 billion of cash” on hand from asset sales gives Culp confidence that GE has the leverage it needs to forge a turnaround.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: michael sheetz
Keywords: news, cnbc, companies, surge, 12, cash, jp, week, near, stock, risk, note, ge, equity, downside, shares, tusa, analyst, called, decline, morgan


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