Don’t expect the US and China to make any trade progress at G-20, short seller Carson Block says

Investors shouldn’t get their hopes up for the U.S. and China to make any progress on the trade front at the G-20 summit next week, short seller Carson Block said Friday. The Chinese media seems to be digging in and not softening its tone,” Block, founder of Muddy Waters Research, told CNBC’s “Squawk on the Street. ” Block lived in China for six years and gained recognition by shorting several Chinese stocks, including Sino-Forest. China and the U.S. have been engaged in a trade war for more tha


Investors shouldn’t get their hopes up for the U.S. and China to make any progress on the trade front at the G-20 summit next week, short seller Carson Block said Friday. The Chinese media seems to be digging in and not softening its tone,” Block, founder of Muddy Waters Research, told CNBC’s “Squawk on the Street. ” Block lived in China for six years and gained recognition by shorting several Chinese stocks, including Sino-Forest. China and the U.S. have been engaged in a trade war for more tha
Don’t expect the US and China to make any trade progress at G-20, short seller Carson Block says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: fred imbert
Keywords: news, cnbc, companies, huawei, progress, think, block, trade, china, summit, chinese, countries, g20, short, expect, carson, commercial, seller, dont


Don't expect the US and China to make any trade progress at G-20, short seller Carson Block says

Investors shouldn’t get their hopes up for the U.S. and China to make any progress on the trade front at the G-20 summit next week, short seller Carson Block said Friday.

“I don’t think we’re going to have any rapprochement here. The Chinese media seems to be digging in and not softening its tone,” Block, founder of Muddy Waters Research, told CNBC’s “Squawk on the Street. ” “They’re preparing, I think, for a long geopolitical battle with the West.”

Block lived in China for six years and gained recognition by shorting several Chinese stocks, including Sino-Forest. More recently, he compared Chinese after-school operator Tal Education to Enron.

China and the U.S. have been engaged in a trade war for more than a year. In that time, the two countries have slapped tariffs on billions of dollars worth of each other’s goods, tightening trade conditions and dampening the U.S. economic outlook.

President Donald Trump and his Chinese counterpart, Xi Jinping, are scheduled to meet at next week’s G-20 summit in Japan. The two leaders are expected to discuss trade, with the possibility of reaching an accord.

Still, Block does not expect a deal to be reached. He also said China has figured out how to use the open markets and economies of the West against Western countries through its influence on Chinese companies.

“At the end of the day, there can be no business that is based in mainland China that can be assured of acting independently of the government and just for commercial reasons,” Block said. “Huawei and ZTE built themselves because they were strategic priorities of the Chinese government. When Ericsson and Nokia were laying off employees, Huawei was hiring them in Sweden and Norway not because it was a good commercial decision, but because of the long-term vision” of the Chinese government.

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Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: fred imbert
Keywords: news, cnbc, companies, huawei, progress, think, block, trade, china, summit, chinese, countries, g20, short, expect, carson, commercial, seller, dont


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Gig economy workers may get short changed when it comes to Social Security checks

Gig economy workers could get short changed when it comes to their Social Security checks in retirement. The growing ranks of people who earn money on apps like Uber, Airbnb and Task Rabbit are more likely than traditional employees to misreport their income. That could mean a smaller Social Security check down the road because the benefits are calculated from reported lifetime earnings. In 2014, independent contractors didn’t pay $3.9 billion in Social Security contributions that they should ha


Gig economy workers could get short changed when it comes to their Social Security checks in retirement. The growing ranks of people who earn money on apps like Uber, Airbnb and Task Rabbit are more likely than traditional employees to misreport their income. That could mean a smaller Social Security check down the road because the benefits are calculated from reported lifetime earnings. In 2014, independent contractors didn’t pay $3.9 billion in Social Security contributions that they should ha
Gig economy workers may get short changed when it comes to Social Security checks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: annie nova
Keywords: news, cnbc, companies, money, changed, security, comes, checks, pay, estimated, research, recent, workers, social, likely, short, economy, million, gig


Gig economy workers may get short changed when it comes to Social Security checks

Gig economy workers could get short changed when it comes to their Social Security checks in retirement.

The growing ranks of people who earn money on apps like Uber, Airbnb and Task Rabbit are more likely than traditional employees to misreport their income. That could mean a smaller Social Security check down the road because the benefits are calculated from reported lifetime earnings.

That’s the finding from a recent study by Caroline Bruckner, managing director of the Kogod Tax Policy Center at American University and economist Thomas L. Hungerford. The research was funded by the Center for Retirement Research at Boston College.

In 2014, independent contractors didn’t pay $3.9 billion in Social Security contributions that they should have, and on-demand workers didn’t pay $2 billion, according to estimations by the study’s authors.

These estimated shortfalls are just for one year and are likely to grow, Bruckner said.

In 2017, Brad Smith, the CEO of Intuit, which owns TurboTax, estimated that a third of the U.S. workforce earned money from the gig economy — and that share will increase to 43% by 2020.

At the same time, IRS records show the number of filers penalized for underpaying estimated taxes jumped to 10 million in 2015 from 7.2 million in 2010, according to a recent report by The Wall Street Journal.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: annie nova
Keywords: news, cnbc, companies, money, changed, security, comes, checks, pay, estimated, research, recent, workers, social, likely, short, economy, million, gig


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Beyond Meat short sellers lose more than $400 million as stock rockets higher

In this May 2, 2019, file photo Beyond Meat CEO Ethan Brown, center, watches as his company’s stock begins to trade following its IPO at Nasdaq in New York. Short-sellers lost $398 million betting against Beyond Meat through Friday, according to research S3 Partners. Short sellers including Citron Research’s Andrew Left moved to cover bets against the alternative meat company. Covering a short entails buying the company’s stock to prevent further losses. Squeezes can be exacerbated when a the nu


In this May 2, 2019, file photo Beyond Meat CEO Ethan Brown, center, watches as his company’s stock begins to trade following its IPO at Nasdaq in New York. Short-sellers lost $398 million betting against Beyond Meat through Friday, according to research S3 Partners. Short sellers including Citron Research’s Andrew Left moved to cover bets against the alternative meat company. Covering a short entails buying the company’s stock to prevent further losses. Squeezes can be exacerbated when a the nu
Beyond Meat short sellers lose more than $400 million as stock rockets higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: thomas franck
Keywords: news, cnbc, companies, companys, shares, ipo, watches, 400, losses, meat, yorkshortsellers, rockets, higher, lose, million, short, sellers, stock, following


Beyond Meat short sellers lose more than $400 million as stock rockets higher

In this May 2, 2019, file photo Beyond Meat CEO Ethan Brown, center, watches as his company’s stock begins to trade following its IPO at Nasdaq in New York.

Short-sellers lost $398 million betting against Beyond Meat through Friday, according to research S3 Partners. And those losses got bigger on Monday as the stock surged yet again.

The shares jumped 21% on Monday, following a 39% surge on Friday. The stock is up almost 600% from its IPO price of $25 per share in early May.

Short sellers including Citron Research’s Andrew Left moved to cover bets against the alternative meat company. Covering a short entails buying the company’s stock to prevent further losses. When that happens en masse it can cause a phenomenon known on Wall Street as a short squeeze. Squeezes can be exacerbated when a the number of floating shares is small, which is the case with Beyond Meat


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: thomas franck
Keywords: news, cnbc, companies, companys, shares, ipo, watches, 400, losses, meat, yorkshortsellers, rockets, higher, lose, million, short, sellers, stock, following


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GameStop stock plunges as sales fall short of estimates and its dividend is eliminated

Why Apple’s Siri isn’t as smart as Amazon Alexa and Google…Computer scientists have been working on some of their underlying technologies for more than half a century — so why can’t Apple make Siri work better? Here’s where virtual…Technologyread more


Why Apple’s Siri isn’t as smart as Amazon Alexa and Google…Computer scientists have been working on some of their underlying technologies for more than half a century — so why can’t Apple make Siri work better? Here’s where virtual…Technologyread more
GameStop stock plunges as sales fall short of estimates and its dividend is eliminated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: emma newburger
Keywords: news, cnbc, companies, heres, technologies, sales, eliminated, gamestop, short, plunges, dividend, working, underlying, scientists, virtualtechnologyread, isnt, siri, fall, estimates, smart, stock, work


GameStop stock plunges as sales fall short of estimates and its dividend is eliminated

Why Apple’s Siri isn’t as smart as Amazon Alexa and Google…

Computer scientists have been working on some of their underlying technologies for more than half a century — so why can’t Apple make Siri work better? Here’s where virtual…

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: emma newburger
Keywords: news, cnbc, companies, heres, technologies, sales, eliminated, gamestop, short, plunges, dividend, working, underlying, scientists, virtualtechnologyread, isnt, siri, fall, estimates, smart, stock, work


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Joe Biden prepares for New York fundraising blitz with Gov. Andrew Cuomo and short seller Jim Chanos

Vice President Joe Biden (L) appears with New York Gov. Former Vice President Joe Biden is preparing for a June fundraising blitz in New York, where he will be joined by Gov. Andrew Cuomo and the short seller Jim Chanos, CNBC has learned. “Well, Kim Jong Un made a statement that Joe Biden is a ‘low-IQ individual.’ “I can tell you Joe Biden was a disaster with his administration with President Obama.


Vice President Joe Biden (L) appears with New York Gov. Former Vice President Joe Biden is preparing for a June fundraising blitz in New York, where he will be joined by Gov. Andrew Cuomo and the short seller Jim Chanos, CNBC has learned. “Well, Kim Jong Un made a statement that Joe Biden is a ‘low-IQ individual.’ “I can tell you Joe Biden was a disaster with his administration with President Obama.
Joe Biden prepares for New York fundraising blitz with Gov. Andrew Cuomo and short seller Jim Chanos Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-28  Authors: brian schwartz
Keywords: news, cnbc, companies, biden, president, think, short, seller, jim, gov, trump, prepares, york, joe, fundraising, attend, chanos, vice, cuomo


Joe Biden prepares for New York fundraising blitz with Gov. Andrew Cuomo and short seller Jim Chanos

Vice President Joe Biden (L) appears with New York Gov. Andrew Cuomo to unveil plans for new infrastructure projects on July 27, 2015 in New York City.

Former Vice President Joe Biden is preparing for a June fundraising blitz in New York, where he will be joined by Gov. Andrew Cuomo and the short seller Jim Chanos, CNBC has learned.

The main event of Biden’s trip will be at Chanos’ home, according to people familiar with the matter. Cuomo will attend and introduce Biden there.

They will be joined by several prominent New York real estate executives, including Bruce Mosler, chairman of global brokerage at Cushman & Wakefield, Hal Fetner, CEO of Fetner Properties, and Kenneth Fisher, a co-managing partner at Fisher Brothers, the people added.

Biden’s plan to hit up top Democratic donors in New York is the latest example of his aggressive fundraising approach as he contends for the right to take on President Donald Trump in 2020. Throughout the 2018 congressional midterm elections, New York City financiers combined to give just over $272 million to Democratic causes, according to the nonpartisan Center for Responsive Politics. Biden leads the sprawling Democratic 2020 primary field by large margins, according to most polling.

Cuomo’s decision to attend one of Biden’s first New York fundraisers comes after the governor indicated to party donors that he’s looking to open his formidable fundraising network to the former Delaware senator, CNBC first reported. The governor publicly threw his support behind Biden in April, saying: “I think he has the best chance of defeating President Trump, which I think is the main goal here.”

CNBC also reported that Chanos was slated to attend at least one of the New York fundraisers next month and that Biden is preparing for a California Bay Area money-making tour at the end of June. In his first official day in the race, Biden raised $6.3 million, more than any other 2020 Democrat did on their first day. Chanos said in February that he would back Biden for president.

The reception at Chanos’ home will take place the evening of June 17, and tickets are expected to go for up to $2,800 per person. Real estate executives had been planning a separate fundraising breakfast for Biden but organizers decided to fold their event into one.

People close to the Biden campaign said they expect at least 150 people to attend. Consolidating the two events, they said, made it possible for Biden to save time for other events during his New York trip. About 40 donors were expected to attend the breakfast.

Fetner, who was organizing the breakfast with Mosler, said in an email that he was unaware their event would be blended into the Chanos reception.

“I am happy to try and help Biden in any way,” Fetner said. Mosler declined to comment.

RXR Realty CEO Scott Rechler, who was also part of the group looking to host the breakfast for Biden, told CNBC he’s helping the former vice president in the fundraising circuit but declined to provide details on what to expect when he’s in town.

“I’ve been a long-time Biden supporter. I plan to support him when it comes to New York as well,” Rechler said Tuesday. “I think the people believe Joe brings a level of foundation, stability and insights that a lot of people have been supportive of for a long time,” he added.

There will be at least two other smaller gatherings for Biden during his visit to New York, which could carry into June 18, sources added.

Chanos and representatives for Biden and Cuomo did not return requests for comment.

Biden is continuing to dominate in polls of Democratic primary voters. A Real Clear Politics polling average has Biden up 17 points over his closet rival, Sen. Bernie Sanders of Vermont.

Biden’s strength in the race has caught the attention of Trump, who has turned the former vice president into one of his biggest targets.

In a tweet, Trump bashed Biden for his role in the 1994 crime bill. During the president’s visit to Japan to meet with Prime Minister Shinzo Abe, Trump sided with North Korean dictator Kim Jong Un’s purported assertion about Biden’s intellect.

“Well, Kim Jong Un made a statement that Joe Biden is a ‘low-IQ individual.’ He probably is, based on his record. I think I agree with him on that,” Trump said. “I can tell you Joe Biden was a disaster with his administration with President Obama. They were basically a disaster when it came to so many things, whether it was economy, whether it was military defense, no matter what it was they had a lot of problems, so I am not a fan.”


Company: cnbc, Activity: cnbc, Date: 2019-05-28  Authors: brian schwartz
Keywords: news, cnbc, companies, biden, president, think, short, seller, jim, gov, trump, prepares, york, joe, fundraising, attend, chanos, vice, cuomo


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China’s top banking regulator: Any yuan bears will suffer ‘heavy losses’

China’s banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency. The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than a tenth of a yuan away from the 7-per-dollar level authorities have in the past indicated as a floor. “Those who speculate and short the yu


China’s banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency. The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than a tenth of a yuan away from the 7-per-dollar level authorities have in the past indicated as a floor. “Those who speculate and short the yu
China’s top banking regulator: Any yuan bears will suffer ‘heavy losses’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-25
Keywords: news, cnbc, companies, suffer, bears, moving, large, insurance, money, short, yuan, chinas, regulator, hot, real, banking, heavy, losses, speculative


China's top banking regulator: Any yuan bears will suffer 'heavy losses'

China’s banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency.

The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than a tenth of a yuan away from the 7-per-dollar level authorities have in the past indicated as a floor.

“Short-term fluctuation of the yuan exchange rate is normal, but in the long-run, China’s economic fundamentals determine that the yuan will not depreciate persistently,” Xiao Yuanqi, the spokesman for the China Banking and Insurance Regulatory Commission (CBIRC), told a finance forum in Beijing.

“Those who speculate and short the yuan will for sure suffer heavy loss.”

Xiao was reading from a script prepared for Guo Shuqing, CBIRC’s chairman and the Communist Party chief of the People’s Bank of China (PBOC). Guo was scheduled to give a speech at the same forum but couldn’t make it due to last minute arrangements.

Xiao also said Beijing must look out for hot money moving in and out of the country, as well as large amounts of capital flowing into the frothy real estate market.

“We must be especially vigilant about money from overseas moving in and out in large quantities, and hot speculative money, and we must resolutely fight bubbles in real estate and financial assets,” he said.

Chinese policymakers have struggled to manage bubble risks in the property market, the world’s largest, without hurting growth in the sector, which is crucial for the wider economy.


Company: cnbc, Activity: cnbc, Date: 2019-05-25
Keywords: news, cnbc, companies, suffer, bears, moving, large, insurance, money, short, yuan, chinas, regulator, hot, real, banking, heavy, losses, speculative


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Short seller says Beyond Meat hype is ‘beyond stupid,’ places bet against the shares

A notable short seller is roasting newly public Beyond Meat. Andrew Left of Citron Research took to Twitter Friday afternoon, saying the hype around the plant-based meat substitute company has sent its stock too high. “Most heavily traded retail stock on Robinhood, market cap now bigger than industry, and superior competitor coming to market soon.” Left, known for betting against Tesla and Valeant Pharmaceuticals, confirmed in an email to CNBC that he took a short position in Beyond Meat Friday.


A notable short seller is roasting newly public Beyond Meat. Andrew Left of Citron Research took to Twitter Friday afternoon, saying the hype around the plant-based meat substitute company has sent its stock too high. “Most heavily traded retail stock on Robinhood, market cap now bigger than industry, and superior competitor coming to market soon.” Left, known for betting against Tesla and Valeant Pharmaceuticals, confirmed in an email to CNBC that he took a short position in Beyond Meat Friday.
Short seller says Beyond Meat hype is ‘beyond stupid,’ places bet against the shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: thomas franck
Keywords: news, cnbc, companies, retail, market, meat, bet, stock, public, took, products, seller, shares, hype, short, research, stupid, places


Short seller says Beyond Meat hype is 'beyond stupid,' places bet against the shares

Packages of Beyond Meat Inc. beef crumbles are displayed for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, April 23, 2019.

A notable short seller is roasting newly public Beyond Meat.

Andrew Left of Citron Research took to Twitter Friday afternoon, saying the hype around the plant-based meat substitute company has sent its stock too high.

Beyond Meat “has become Beyond Stupid,” Citron Research said in a tweet. “Most heavily traded retail stock on Robinhood, market cap now bigger than industry, and superior competitor coming to market soon.”

Left, known for betting against Tesla and Valeant Pharmaceuticals, confirmed in an email to CNBC that he took a short position in Beyond Meat Friday. Beyond shares were down 6% in afternoon trading.

He added that its stock performance “seems to be all retail-driven without any fundamental basis.”

Notwithstanding Left’s prediction for a 25% plunge in Beyond’s stock price, the El Segundo, California company remains a bright spot in a string of shaky starts for 2019 IPOs.

Beyond’s products, including fake ground beef to burgers, are designed to replicate the consistency and taste of meat. Instead of animal protein, the meat alternatives use gluten- and soy-free products from peas and faba beans. And with more Americans experimenting with flexitarian diets, demand for Beyond Meat shares surged during its initial public offering earlier this month.

In one of the strongest kickoffs this year, shares rocketed 163% on May 2, the first day of trading for the equity. Beyond Meat, which priced its initial public offering at $25 per share, has seen its stock rally to highs north of $90 by Thursday’s close.

But Beyond’s rapid ascent — and popularity among retail traders — has Citron’s Left convinced its price tag has grown frothy, especially with competitors like Impossible Foods eyeing the public market. Despite a market capitalization north of $5 billion, Beyond only generated $87.9 million in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: thomas franck
Keywords: news, cnbc, companies, retail, market, meat, bet, stock, public, took, products, seller, shares, hype, short, research, stupid, places


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S&P 500’s best-performing stock this year is also the most heavily shorted

However, it is also the most shorted stock of the S&P 500 at 50% of its float. High short interest could squeeze out more gains in this rally over the short term, says one technical analyst. “Near term the stock is still quite bullish,” Mark Newton, founder of Newton Advisors, said Wednesday on CNBC’s “Trading Nation. ” I see the stock going to $14.50 to $15 near term.” Tepper instead prefers another beauty stock over Coty.


However, it is also the most shorted stock of the S&P 500 at 50% of its float. High short interest could squeeze out more gains in this rally over the short term, says one technical analyst. “Near term the stock is still quite bullish,” Mark Newton, founder of Newton Advisors, said Wednesday on CNBC’s “Trading Nation. ” I see the stock going to $14.50 to $15 near term.” Tepper instead prefers another beauty stock over Coty.
S&P 500’s best-performing stock this year is also the most heavily shorted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: keris lahiff
Keywords: news, cnbc, companies, beauty, sp, term, 15, stock, short, shorted, tepper, heavily, bestperforming, near, newton, quite, 500s


S&P 500's best-performing stock this year is also the most heavily shorted

One stock has been a surprise winner on the S&P 500 this year: Coty.

The beauty retailer has exploded 102% in 2019, by far the best performer of the benchmark index.

However, it is also the most shorted stock of the S&P 500 at 50% of its float.

High short interest could squeeze out more gains in this rally over the short term, says one technical analyst.

“Near term the stock is still quite bullish,” Mark Newton, founder of Newton Advisors, said Wednesday on CNBC’s “Trading Nation. ” “Technically the stock has started to act quite well, breaking out on very heavy volume, almost three or four times average of late. I see the stock going to $14.50 to $15 near term.”

Anything past that critical level looks like a tougher ask, though, says Newton.

“You do see some headwinds right near $15. The stock did come down from a high of over $30 back in 2015,” said Newton. It’s “still coming down off a big, long decline in the stock … For investors, it needs to clear $15 to really be out of the woods.”

Mark Tepper, president of Strategic Wealth Partners, says fundamentals also don’t support a long-term breakout.

“Their overall strategy, in my opinion, is still flawed,” Tepper said during the same segment. “With their acquisition from P&G, they’ve basically doubled down on mass consumer, but consumer buying trends have changed. Consumers now want experience, they want prestige, they want boutique, not CoverGirl. And [Coty’s] debt levels are sky high.”

Tepper instead prefers another beauty stock over Coty.

“If you’re going to be in this space I’d rather own Ulta. It’s a better company, no debt, and it gives you exposure to whichever brands are in favor at that given time, ” said Tepper.

Ulta Beauty has also had an impressive year, rallying 41% since January. That puts it on track for its best year since 2015 when it went public.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: keris lahiff
Keywords: news, cnbc, companies, beauty, sp, term, 15, stock, short, shorted, tepper, heavily, bestperforming, near, newton, quite, 500s


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David Einhorn calls Elon Musk’s Tesla promises ‘a lot of horse—t’

David Einhorn speaking at the 24th Annual Sohn Investment Conference in New York, on May 6, 2019. At the Sohn Investment Conference in Manhattan on Monday, Greenlight Capital founder and president David Einhorn said Tesla CEO Elon Musk’s promises about Tesla’s self-driving vehicles amounted to “a lot of horse—t.”Greenlight is famously short shares in the electric car maker, and Einhorn is regarded as one of the most prominent and vocal critics of Musk as well. Last year, Einhorn and Musk clash


David Einhorn speaking at the 24th Annual Sohn Investment Conference in New York, on May 6, 2019. At the Sohn Investment Conference in Manhattan on Monday, Greenlight Capital founder and president David Einhorn said Tesla CEO Elon Musk’s promises about Tesla’s self-driving vehicles amounted to “a lot of horse—t.”Greenlight is famously short shares in the electric car maker, and Einhorn is regarded as one of the most prominent and vocal critics of Musk as well. Last year, Einhorn and Musk clash
David Einhorn calls Elon Musk’s Tesla promises ‘a lot of horse—t’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: lora kolodny
Keywords: news, cnbc, companies, york, tesla, horset, elon, david, teslas, lot, calls, welllast, musk, promises, einhorn, conference, musks, sohn, investment, short


David Einhorn calls Elon Musk's Tesla promises 'a lot of horse---t'

David Einhorn speaking at the 24th Annual Sohn Investment Conference in New York, on May 6, 2019.

At the Sohn Investment Conference in Manhattan on Monday, Greenlight Capital founder and president David Einhorn said Tesla CEO Elon Musk’s promises about Tesla’s self-driving vehicles amounted to “a lot of horse—t.”

Greenlight is famously short shares in the electric car maker, and Einhorn is regarded as one of the most prominent and vocal critics of Musk as well.

Last year, Einhorn and Musk clashed over Greenlight’s short position in 2018, after the hedge fund suffered losses from Tesla’s rising share price in the second quarter. After that clash, Musk fans at Chubbies, a mens’ apparel business, sent a box of short-shorts to Einhorn.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: lora kolodny
Keywords: news, cnbc, companies, york, tesla, horset, elon, david, teslas, lot, calls, welllast, musk, promises, einhorn, conference, musks, sohn, investment, short


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Glenview’s Larry Robbins says he’s shorting 3M shares

Glenview Capital Management CEO Larry Robbins said Monday that he’s shorting shares of industrial conglomerate 3M. Robbins underscored 3M’s mounting litigation headaches, which span multiple states and center on pollution as a result of its operations. New Jersey officials filed a similar suit against 3M in March to pay to clean up water and soil contamination. Long a fan of health-care stocks, Robbins also said he likes HMO health-care names like Cigna, Humana and UnitedHealth Group, but he doe


Glenview Capital Management CEO Larry Robbins said Monday that he’s shorting shares of industrial conglomerate 3M. Robbins underscored 3M’s mounting litigation headaches, which span multiple states and center on pollution as a result of its operations. New Jersey officials filed a similar suit against 3M in March to pay to clean up water and soil contamination. Long a fan of health-care stocks, Robbins also said he likes HMO health-care names like Cigna, Humana and UnitedHealth Group, but he doe
Glenview’s Larry Robbins says he’s shorting 3M shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: thomas franck
Keywords: news, cnbc, companies, shares, space, hes, states, larry, glenviews, drug, water, 3m, shorting, robbins, suit, short, stocks, healthcare


Glenview's Larry Robbins says he's shorting 3M shares

Glenview Capital Management CEO Larry Robbins said Monday that he’s shorting shares of industrial conglomerate 3M.

Robbins underscored 3M’s mounting litigation headaches, which span multiple states and center on pollution as a result of its operations. The manager added that, since 2015, 3M’s lawsuits have soared eightysevenfold and now pose a significant liability to the company’s earnings.

Glenview estimates that 3M will lose between $4 billion and $6 billion as a result of the litigation.

“You don’t have to be Erin Brockovich to realize it’s not a good pattern,” Robbins said. “This company, 12 days after filing their 2017 10-K in 2018 … paid out” an $850 million settlement to Minnesota, which claimed the manufacturer contaminated water in the state for at least 50 years.

New Jersey officials filed a similar suit against 3M in March to pay to clean up water and soil contamination. The suit in New Jersey court came days after the state’s environmental department directed five companies to take action on contamination caused by toxic chemicals commonly known as PFAS.

Shares of 3M fell 1.9% Monday versus the S&P 500’s 0.8% decline.

Long a fan of health-care stocks, Robbins also said he likes HMO health-care names like Cigna, Humana and UnitedHealth Group, but he doesn’t like pharmaceutical stocks due to the political risk. He highlighted that many Democratic presidential hopefuls — as well as President Donald Trump — are opposed to lofty drug prices.

“In pharmaceuticals … the president can act unilaterally to reduce drug pricing,” Robbins warned from the 2019 Sohn Conference in New York. “The same drug in the United States costs three times as much as other” developed countries.

Robbins spoke at length about possible changes to the health-care system, calling the “Medicare for all” plan favored by many progressives “dead on arrival.”

Robbins said Glenview has three long and 16 short positions in the pharmaceutical space and recommends investors short any ETF that tracks the space. Last year, he picked Express Scripts-Cigna, CVS-Aetna and McKesson as his winners in the field.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: thomas franck
Keywords: news, cnbc, companies, shares, space, hes, states, larry, glenviews, drug, water, 3m, shorting, robbins, suit, short, stocks, healthcare


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