This chart shows how ‘depressing’ life has been for stock pickers

While savvy stock picking used to make money managers billions of dollars, the likelihood of beating passive investors these days is slimming. Investors have a 22% chance of picking a stock that will perform better than the S&P 500, according to Societe Generale. In a universe of 16,000 global and emerging market stocks, 78% have underperformed the S&P 500 in the past two years. Further, only 34% have performed better than the S&P 500 in the last year, said Societe Generale in a note titled “the


While savvy stock picking used to make money managers billions of dollars, the likelihood of beating passive investors these days is slimming.
Investors have a 22% chance of picking a stock that will perform better than the S&P 500, according to Societe Generale.
In a universe of 16,000 global and emerging market stocks, 78% have underperformed the S&P 500 in the past two years.
Further, only 34% have performed better than the S&P 500 in the last year, said Societe Generale in a note titled “the
This chart shows how ‘depressing’ life has been for stock pickers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, passive, lapthorne, life, pickers, depressing, stock, investing, 500, investors, global, money, shows, chart, active


This chart shows how 'depressing' life has been for stock pickers

It certainly doesn’t pay to be an old-fashioned stock picker anymore.

While savvy stock picking used to make money managers billions of dollars, the likelihood of beating passive investors these days is slimming. Investors have a 22% chance of picking a stock that will perform better than the S&P 500, according to Societe Generale.

In a universe of 16,000 global and emerging market stocks, 78% have underperformed the S&P 500 in the past two years. Further, only 34% have performed better than the S&P 500 in the last year, said Societe Generale in a note titled “the most depressing chart ever!”

“The strong performance of the S&P 500 leaves everything in its wake,” Andrew Lapthorne, Global Head of Quantitative Research at the firm said in a note to clients. “This is lauded as a success and an abject failure of active fund management.”

With data like this, it’s no surprise that assets in passive investing topped those of active investing for the first time ever in August. U.S. index funds and ETFs assets reached $4.271 trillion, compared with $4.246 trillion run by stock-pickers, according to Morningstar. This shift has been coming for decades as passive investing consistently outperforms active over long time periods despite active management charging higher fees.

In the last five years, 82% of active funds in the United States underperformed the S&P 500, according to S&P Dow Jones Indices’ most recent global SPIVA report. And with over 12,400 stocks failing to beat the S&P 500 in the past two years its no wonder why stock-picking shops are closing their doors.

Billionaire investor Jeffrey Vinik closed his hedge fund this year less than a year after its relaunch, citing a challenging environment to raise money. Veteran money manager Louis Bacon plans to close his New York-based hedge fund Moore Capital Management and return capital to investors, the Financial Times reported last month.

This trend is also dissuading private companies from entering the public markets, Lapthorne noted.

“If the measurement of company success is outperforming the 500 largest-cap US businesses supported by the US Federal Reserve, debt-funded share buybacks, and increasingly sophisticated financial products, then you can understand why less business are going public and private equity is booming,” said Lapthorne.

— with reporting from CNBC’s Michael Bloom.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, passive, lapthorne, life, pickers, depressing, stock, investing, 500, investors, global, money, shows, chart, active


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Oracle shows buybacks can go too far

Oracle chief technology officer Larry Ellison speaks at a company event in Redwood Shores, Calif., on Aug. 7, 2018. Fitch Ratings cut its Oracle rating to A from A+ last year. Buybacks that were already ongoing before the tax cuts kept surging, drawing down Oracle’s cash from more than $70 billion just after the law passed. Goldman analyst Heather Bellini, who declined an interview request through spokeswoman Megan Riley, has Oracle on the firm’s Conviction Buy list. Morgan Stanley, meanwhile, s


Oracle chief technology officer Larry Ellison speaks at a company event in Redwood Shores, Calif., on Aug. 7, 2018.
Fitch Ratings cut its Oracle rating to A from A+ last year.
Buybacks that were already ongoing before the tax cuts kept surging, drawing down Oracle’s cash from more than $70 billion just after the law passed.
Goldman analyst Heather Bellini, who declined an interview request through spokeswoman Megan Riley, has Oracle on the firm’s Conviction Buy list.
Morgan Stanley, meanwhile, s
Oracle shows buybacks can go too far Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: tim mullaney
Keywords: news, cnbc, companies, stock, debt, oracle, billion, company, far, oracles, rating, companies, cash, buybacks, shows


Oracle shows buybacks can go too far

Oracle chief technology officer Larry Ellison speaks at a company event in Redwood Shores, Calif., on Aug. 7, 2018. Oracle livestream screenshot

Among finance types, it’s practically an article of faith that the easiest way to use cash to boost a company’s stock is to buy back shares of its stock — the more the better. The counterargument: Oracle. At the software giant, buybacks have spurred a lot of borrowing and spending. Executive chairman and co-founder Larry Ellison’s company has spent roughly $75 billion to buy back stock since its 2016 fiscal year, and $41 billion over the last five quarters, which far outpaces the company’s $19 billion in free cash flow. The multiyear buyback binge cost more than a third of today’s market value for Oracle and has pushed the company into net debt despite sporting $35.7 billion in cash and short-term investments on its balance sheet. “It’s staggering how much money they’ve spent buying back shares,” said CFRA Research analyst John Freeman, who downgraded the stock to a sell rating on Wednesday. “I’d say 90% of their earnings-per-share growth the last two years has come from buying back shares. He [Ellison] must believe the software-as-a-service companies he would otherwise want to buy are overvalued.” Oracle spokeswoman Deborah Hellinger declined to comment. Even though it is still among the 10 U.S. companies with the most cash, according to FactSet Research, its net cash (cash minus short- and long-term debt) is negative $17 billion. That’s about a $32 billion decline since 2016, as the software giant took out a lot of cheap debt to fund buybacks. For all that, the stock is up just 35% in the last five years, less than half the gain of the Nasdaq Composite, a common tracker for technology stocks, and a third of the gain of the S&P 500 Information Technology sector.

We’re not sure where this is going. The company has not provided a clear financial policy — has not said, ‘What kind of balance sheet do I want, what kind of company do I want to be.’ Brian Chang S&P bond analyst

In the short term, Oracle’s finance strategy is causing it problems with bond rating agencies. Standard & Poor’s downgraded Oracle’s debt rating to A+ from AA- in September — the new rating remains investment-grade, but S&P says the debt “is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.” Fitch Ratings cut its Oracle rating to A from A+ last year. S&P warned of a 1-in-3 chance of another rate cut if Oracle doesn’t slow down its repurchases. At the recent pace of buybacks, its net-debt position could reach twice its annual earnings before interest, taxes, depreciation and amortization by the end of fiscal 2020, the agency said. “We’re not sure where this is going,” said S&P bond analyst Brian Chang. “The company has not provided a clear financial policy — has not said, ‘What kind of balance sheet do I want, what kind of company do I want to be?'” More on mega-cap company cash strategies: At Ford, $37 billion in the bank and strapped for cash

Facebook has $52 billion in cash, but big M&A is off the map

$128 billion and growing: Warren Buffett’s cash puzzle

Oracle issued $10 billion in debt in early November 2017, just before the passage of the tax reform act by Congress. Buybacks that were already ongoing before the tax cuts kept surging, drawing down Oracle’s cash from more than $70 billion just after the law passed. Among other provisions that benefited corporations, the law allowed cash held outside the U.S. to be repatriated without paying as much in U.S. taxes, Chang said. Other tech companies made similar moves timed to the tax cuts, but aside from the much larger Apple, peer companies didn’t buy their own stock as aggressively as Oracle, the S&P bond analyst said.

The big long-term problem is that Oracle has been slow to react to the rise of cloud computing, whose over-the-Internet applications are rapidly taking market share from Oracle’s packaged software that runs on servers controlled by Oracle’s corporate clients. In turn, this means valuations in the software business are migrating rapidly toward software-as-a-service companies like Salesforce and Workday, and toward cloud computing service managers led by Amazon and Microsoft, according to CFRA Research’s Freeman. Oracle might be in better shape if it had snagged more such companies on their way up, analysts say. By a series of metrics, Oracle ranks last among a half-dozen cloud vendors ranked in a Nov. 10 Goldman Sachs report, even though it spent $9.3 billion on cloud services provider NetSuite in 2016. Goldman analyst Heather Bellini, who declined an interview request through spokeswoman Megan Riley, has Oracle on the firm’s Conviction Buy list. Morgan Stanley, meanwhile, sees only 1.6% revenue growth in Oracle’s 2020 fiscal year, with all earnings-per-share growth coming from buybacks. “Whie a no-growth [operating expense] profile and share repurchases keep EPS growth largely intact, the lack of revenue or operating income growth keeps the [stock] range bound,” Morgan Stanley analyst Keith Weiss said after Oracle’s quarterly earnings report in September.

Putting Larry Ellison first?


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: tim mullaney
Keywords: news, cnbc, companies, stock, debt, oracle, billion, company, far, oracles, rating, companies, cash, buybacks, shows


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Chart suggests a year-end market rally will emerge as soon as next week

The market could be on the verge of a year-end rally. Hickey builds his bullish case in a chart that shows the intramonth performance of the S&P 500. Stocks typically don’t break out into a sustainable year-end rally until around Dec. 14, according to Hickey’s data. But the S&P 500 is still down 1 percent, and the Dow is off almost 1.5%. Hickey points out the S&P 500 has already soared almost 25% this year surrounded by trade jitters.


The market could be on the verge of a year-end rally.
Hickey builds his bullish case in a chart that shows the intramonth performance of the S&P 500.
Stocks typically don’t break out into a sustainable year-end rally until around Dec. 14, according to Hickey’s data.
But the S&P 500 is still down 1 percent, and the Dow is off almost 1.5%.
Hickey points out the S&P 500 has already soared almost 25% this year surrounded by trade jitters.
Chart suggests a year-end market rally will emerge as soon as next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: stephanie landsman
Keywords: news, cnbc, companies, 500, month, market, soon, chart, suggests, trend, shows, hickey, stage, yearend, stocks, rally, emerge, week


Chart suggests a year-end market rally will emerge as soon as next week

The market could be on the verge of a year-end rally.

According to Bespoke Investment Group’s Paul Hickey, stocks generally stage their final push for the year in mid-December — even when the month starts off weak, as this one did.

“You would think you’d see strong performance throughout the month,” the firm’s co-founder told CNBC’s “Trading Nation” on Wednesday. “What we found is almost more so than any other month, December is a very back-end-loaded month, meaning the returns usually come towards the back half of the month.”

Hickey builds his bullish case in a chart that shows the intramonth performance of the S&P 500. He compares the current bull market to the overall trend between 1983 to 2018.

Since 1983, his chart shows December’s first two weeks often see muted returns. Stocks typically don’t break out into a sustainable year-end rally until around Dec. 14, according to Hickey’s data. That’s around the end of next week.

Even with last December’s plunge skewing the data, Hickey notes the historical trend is intact. So he’s confident the odds are in favor of a positive December despite the month’s choppy start.

“The market was extremely overbought heading into the month,” he said. “It was a healthy pullback. We didn’t see any major technical damage in the charts.”

The major indexes gained more than a half percent Wednesday and were pointing to higher opens on Thursday. But the S&P 500 is still down 1 percent, and the Dow is off almost 1.5%.

Hickey is confident stocks will rediscover upward momentum that will last into 2020.

He isn’t concerned climbing geopolitical risks, including the looming U.S. tariffs against China scheduled for Dec. 15, will disrupt the seasonal trend. Hickey points out the S&P 500 has already soared almost 25% this year surrounded by trade jitters.

Hickey cites a growing U.S. economy and a Federal Reserve keeping interest rates steady for his bullish outlook.

“These two positive things should set the stage for the market having a decent return,” Hickey said.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: stephanie landsman
Keywords: news, cnbc, companies, 500, month, market, soon, chart, suggests, trend, shows, hickey, stage, yearend, stocks, rally, emerge, week


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November ISM non-manufacturing index shows sector slowing

U.S. services sector activity slowed more than expected in November amid lingering concerns about trade tensions and worker shortages, which could revive fears about the economy’s health. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index fell to a reading of 53.9 in last month from 54.7 in October. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Re


U.S. services sector activity slowed more than expected in November amid lingering concerns about trade tensions and worker shortages, which could revive fears about the economy’s health.
The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index fell to a reading of 53.9 in last month from 54.7 in October.
A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity.
Economists polled by Re
November ISM non-manufacturing index shows sector slowing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: jeff cox
Keywords: news, cnbc, companies, activity, index, month, sector, manufacturing, ism, slowing, nonmanufacturing, trade, reading, services, shows, fourth


November ISM non-manufacturing index shows sector slowing

Lead waitress Rhonda Abdullah serving the Taylor’s, James and Voncia of Aurora their lunch at the Welton Street Cafe that will turn 20 this year, the last-standing soul food restaurant in the Five Points neighborhood in Denver, Colorado on June 7, 2019.

U.S. services sector activity slowed more than expected in November amid lingering concerns about trade tensions and worker shortages, which could revive fears about the economy’s health.

The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index fell to a reading of 53.9 in last month from 54.7 in October. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity.

Economists polled by Reuters had forecast the index dipping to a reading of 54.5 in November.

The ISM reported on Monday that manufacturing activity contracted for the fourth straight month in November, with new orders falling back to around their lowest level since 2012. The continued manufacturing slump tempered growth expectations for the fourth quarter, which had been boosted by a rush of upbeat reports on the trade deficit, housing and business investment.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: jeff cox
Keywords: news, cnbc, companies, activity, index, month, sector, manufacturing, ism, slowing, nonmanufacturing, trade, reading, services, shows, fourth


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Kamala Harris cancels big-money fundraiser at New York law firm amid reports of campaign turmoil

Sen. Kamala Harris has canceled a high-profile New York fundraiser as she drops in the polls and amid reports that her 2020 presidential campaign is in disarray. Neither a spokesperson for the Harris campaign nor executives on the finance committee returned requests for comment. The Washington Post and The New York Times published stories last week depicting disarray in the Harris campaign. The Times reported that Harris’ sister Maya Harris and her campaign manager Juan Rodriguez were getting mo


Sen. Kamala Harris has canceled a high-profile New York fundraiser as she drops in the polls and amid reports that her 2020 presidential campaign is in disarray.
Neither a spokesperson for the Harris campaign nor executives on the finance committee returned requests for comment.
The Washington Post and The New York Times published stories last week depicting disarray in the Harris campaign.
The Times reported that Harris’ sister Maya Harris and her campaign manager Juan Rodriguez were getting mo
Kamala Harris cancels big-money fundraiser at New York law firm amid reports of campaign turmoil Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: brian schwartz
Keywords: news, cnbc, companies, law, shows, turmoil, reports, campaign, week, york, primary, polls, weiss, harris, presidential, cancels, fundraiser, times, firm, kamala


Kamala Harris cancels big-money fundraiser at New York law firm amid reports of campaign turmoil

Sen. Kamala Harris has canceled a high-profile New York fundraiser as she drops in the polls and amid reports that her 2020 presidential campaign is in disarray.

The event, which was scheduled to take place on Tuesday at the Paul Weiss law firm, was suddenly dropped due to what was described by the campaign as a “personal matter,” according to people familiar with the situation. No date was given for rescheduling. Donors were informed of the decision earlier Tuesday.

An invitation shows that the fundraiser was expected to draw some of Harris’ top bundlers, including hedge fund executive Marc Lasry, financier Blair Effron and Paul Weiss chairman Brad Karp. All three are listed as members of Harris’ finance committee. Also slated to attend was Citigroup executive Ray McGuire and music industry investor Matt Pincus.

Tickets started at $500 and went up to $2,800, which is the maximum a donor can give during a campaign cycle.

Neither a spokesperson for the Harris campaign nor executives on the finance committee returned requests for comment.

The cancellation comes as Harris faces a reckoning in the campaign for the Democratic presidential nomination, six months after she surged into the top tier by taking on front-runner Joe Biden at the first debate of the primary cycle.

The Washington Post and The New York Times published stories last week depicting disarray in the Harris campaign.

The Times reported that Harris’ sister Maya Harris and her campaign manager Juan Rodriguez were getting most of the blame from campaign aides. The report shows aides privately questioning their decision to move most of their resources into the early caucus state of Iowa.

Harris has been slipping in the polls for months and struggling to keep up in the fundraising game.

She finished the third quarter raising just over $11 million, putting her well behind Biden, Sens. Bernie Sanders and Elizabeth Warren and South Bend Mayor Pete Buttigieg.

A Morning Consult poll taken during the week of Thanksgiving had her tied for fifth with the newcomer in the race, billionaire Mike Bloomberg.

A Real Clear Politics polling average has her in sixth place with just 3.4% of the Democratic primary vote, behind Bloomberg and the rest of the field.


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: brian schwartz
Keywords: news, cnbc, companies, law, shows, turmoil, reports, campaign, week, york, primary, polls, weiss, harris, presidential, cancels, fundraiser, times, firm, kamala


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A key manufacturing index shows the US remains in contraction territory

Manufacturing activity continued to lag in November amid a lag in inventories and new orders, according to the latest ISM Manufacturing reading released Monday. Though the ISM reading is usually reported as a simple number, it actually denotes the percentage of manufacturers planning to expand operations. The report shows that manufacturing “is stuck in a mild recession with little prospect of a real near-term revival. In a related release, the Markit manufacturing reading, known as the Purchasi


Manufacturing activity continued to lag in November amid a lag in inventories and new orders, according to the latest ISM Manufacturing reading released Monday.
Though the ISM reading is usually reported as a simple number, it actually denotes the percentage of manufacturers planning to expand operations.
The report shows that manufacturing “is stuck in a mild recession with little prospect of a real near-term revival.
In a related release, the Markit manufacturing reading, known as the Purchasi
A key manufacturing index shows the US remains in contraction territory Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: jeff cox
Keywords: news, cnbc, companies, growth, reliable, points, expansion, territory, contraction, orders, manufacturing, reading, report, key, ism, remains, trade, index, shows


A key manufacturing index shows the US remains in contraction territory

Manufacturing activity continued to lag in November amid a lag in inventories and new orders, according to the latest ISM Manufacturing reading released Monday.

The reading came in at 48.1 vs. an expectation of 49.4 and the previous month’s reading of 48.3.

Though the ISM reading is usually reported as a simple number, it actually denotes the percentage of manufacturers planning to expand operations. A reading below 50 represents contraction; November was the fourth straight month below the expansion level.

Stocks fell on the report, with the Dow Jones Industrial Average off more than 150 points at 10:30 am ET.

New orders slumped to 47.2, down 1.9 percentage points from October’s 49.1. Inventories, which are a key input for gross domestic product, came in at 45.5, down 3.4 points from the previous month.

The numbers come amid speculation about the pace of U.S. growth.

Recession worries have ebbed from earlier in the year, when the Treasury yield curve was inverted and flashing what has been a reliable 12-month recession indicator for the past 50 years. GDP growth has averaged around 2.4% in 2019, with the third quarter coming in at 2.1%. However, most forecasters expect the fourth quarter to come in under 2%.

The report shows that manufacturing “is stuck in a mild recession with little prospect of a real near-term revival. This will weigh on job growth and capex over the next few months, to the point where we are not ready to rule out a further [Federal Reserve] easing in January,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note.

Manufacturing is considered a reliable bellwether for how the rest of the economy is doing, though it comprises only about one-fifth of GDP.

Nearly all of the key ISM indicators were at contraction levels in November.

Employment was at 46.6, down 1.1 point for the month, while export orders fell 2.5 points to 47.9 as the U.S. and China continue to look for a resolution to a trade dispute that began more than a year and a half ago.

Supplier deliveries was one of the few metrics in expansion, rising 2.5 points to 52.

In a related release, the Markit manufacturing reading, known as the Purchasing Managers Index, indicated expansion, coming in at 52.6, just above expectations and a bit better than the 51.3 October reading.

The Markit PMI growth reflected an uptick in production and new orders as well as strength in employment indicators. It was the strongest reading in seven months.

Investors will get a close look Friday at the impact the manufacturing slowdown and trade war have had on the broader economy. The Labor Department’s nonfarm payrolls report comes down that day, with economists surveyed by Dow Jones expecting a sharp rebound in growth to 187,000 from November’s 128,000.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: jeff cox
Keywords: news, cnbc, companies, growth, reliable, points, expansion, territory, contraction, orders, manufacturing, reading, report, key, ism, remains, trade, index, shows


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T-Mobile shows why it’s still too early to buy a 5G phone

It’s still too early to buy a 5G phone, even though T-Mobile is now taking orders for two new ones, including the Samsung Galaxy Note 10+ and OnePlus 7T Pro McClaren. T-Mobile will turn on its 600 Mhz 5G network that will cover most of the country. So, you might see 150Mbps if you have a new 5G phone instead of the 100 Mbps download speed you have on 4G LTE. The speed bump isn’t good enough reason to buy a new 5G phone right now. It’s best to wait until later in 2020 to start looking at 5G phone


It’s still too early to buy a 5G phone, even though T-Mobile is now taking orders for two new ones, including the Samsung Galaxy Note 10+ and OnePlus 7T Pro McClaren.
T-Mobile will turn on its 600 Mhz 5G network that will cover most of the country.
So, you might see 150Mbps if you have a new 5G phone instead of the 100 Mbps download speed you have on 4G LTE.
The speed bump isn’t good enough reason to buy a new 5G phone right now.
It’s best to wait until later in 2020 to start looking at 5G phone
T-Mobile shows why it’s still too early to buy a 5G phone Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: todd haselton
Keywords: news, cnbc, companies, early, phone, tmobile, speeds, support, network, buy, download, networks, mbps, phones, shows


T-Mobile shows why it's still too early to buy a 5G phone

T-Mobile’s nationwide 5G network launches on Friday, the company announced Monday morning.

But don’t fall for the marketing hype. It’s still too early to buy a 5G phone, even though T-Mobile is now taking orders for two new ones, including the Samsung Galaxy Note 10+ and OnePlus 7T Pro McClaren.

It’s still a big step, though.

T-Mobile will turn on its 600 Mhz 5G network that will cover most of the country. That’s impressive, since most of the 5G networks you’ve heard about so far are only available in limited areas in a small number of cities. The trade-off though, is T-Mobile’s network is using low-band 5G, which means it’s good at providing slightly boosted speeds inside buildings and is available in far more places than what competitors offer.

Some of the 5G Ultra Wideband networks you’ve heard about from AT&T and Verizon provide the opposite. They have super fast speeds, but only work in really small pockets when you’re standing near a tower outside. PCMag says you can expect a boost of about 50 Mbps with T-Mobile’s new nationwide 5G network. So, you might see 150Mbps if you have a new 5G phone instead of the 100 Mbps download speed you have on 4G LTE.

To put that in perspective, if you’re downloading a 3 GB movie, you might be able to download it in about 30 seconds or so if you have a really good 4G LTE connection. If you get that 50 Mbps boost, you’d download the same movie in 20 seconds. The speed bump isn’t good enough reason to buy a new 5G phone right now.

Verizon and AT&T’s 5G networks are roughly 10 times faster than LTE, with speeds hitting around 1,000 Mbps (or 1 Gbps) or more. That means you can download a 3 GB movie in just a few seconds.

T-Mobile has some of these networks active, but only in six cities. And the two new phones you can buy today don’t support those areas. Only one phone does, the Samsung Galaxy S10+ 5G, but that doesn’t support the new 600MHz network. Plus there are overheating issues you need to worry about with some of those faster networks.

Here’s why you should wait before buying a 5G phone today: Eventually, carriers are going to sell phones that support all the various 5G technologies that are starting to light up across the country. That means you’ll have one device that can access the top-tier speeds offered by Verizon, AT&T and T-Mobile, or the slower (but still fast enough) speeds that T-Mobile announced Monday.

You can see why T-Mobile wants to merge with Sprint. If the merger goes through, the combined carrier will have all three major 5G technologies available.

Unfortunately, there aren’t any phones that support all of those networks yet, so anything you buy now would be out of date as soon as there are. It’s best to wait until later in 2020 to start looking at 5G phones.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: todd haselton
Keywords: news, cnbc, companies, early, phone, tmobile, speeds, support, network, buy, download, networks, mbps, phones, shows


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A private survey shows China’s manufacturing activity expanded more than expected in November

A private survey on Monday showed China’s manufacturing activity expanded more than expected in November as the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 51.8. Caixin and IHS Markit said the PMI data signaled a “further modest improvement” in the health of China’s manufacturing sector attributed to “solid increases” in output and new business. China’s official PMI was 50.2 in November, up from 49.3 in October to hit its highest level since March, China’s National Bu


A private survey on Monday showed China’s manufacturing activity expanded more than expected in November as the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 51.8.
Caixin and IHS Markit said the PMI data signaled a “further modest improvement” in the health of China’s manufacturing sector attributed to “solid increases” in output and new business.
China’s official PMI was 50.2 in November, up from 49.3 in October to hit its highest level since March, China’s National Bu
A private survey shows China’s manufacturing activity expanded more than expected in November Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: huileng tan
Keywords: news, cnbc, companies, expanded, expected, evanspritchard, chinas, survey, pmi, zhong, manufacturing, activity, trade, remained, data, improvement, private, shows


A private survey shows China's manufacturing activity expanded more than expected in November

Workers make toys for export at a plant on July 16, 2019 in Lianyungang, Jiangsu Province of China.

A private survey on Monday showed China’s manufacturing activity expanded more than expected in November as the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 51.8.

Caixin and IHS Markit said in a joint press release that the pace of improvement was the strongest since December 2016.

The index was expected to have fallen to 51.4 in November from 51.7 in October, according to economists polled by Reuters.

PMI readings above 50 indicate expansion, while those below that level signal contraction.

Caixin and IHS Markit said the PMI data signaled a “further modest improvement” in the health of China’s manufacturing sector attributed to “solid increases” in output and new business. Employment in the sector also remained broadly stable, they added.

China’s official PMI was 50.2 in November, up from 49.3 in October to hit its highest level since March, China’s National Bureau of Statistics said on Saturday.

The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. The Caixin indicator features a bigger mix of small- and medium-sized firms.

“The synchronized improvement in the survey data does point toward some uptick in growth last month,” said Julian Evans-Pritchard, senior China economist at Capital Economics, a consultancy.

The data come as U.S. and China remained locked in a long-drawn trade dispute that has weighed on sentiment.

In November, “business confidence remained subdued, as concerns about policies and market conditions persisted, and their willingness to replenish stocks remained limited,” wrote Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin.

“This is a major constraint on economic recovery, which requires continuous policy support,” Zhong added.

But, investors around the world have been eagerly awaiting the signing of a trade agreement since Trump said in October that the U.S. had come to a “very substantial phase one deal” with China.

“If trade negotiations between China and the U.S. can progress in the next phase and business confidence can be repaired effectively, manufacturing production and investment is likely to see a solid improvement,” Zhong said.

Capital Economic’s Evans-Pritchard was less upbeat.

“With credit growth slowing and property construction still expanding at an unsustainable rate, we doubt (the data) signals the bottom of the current economic cycle,” Evans-Pritchard said in a note on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: huileng tan
Keywords: news, cnbc, companies, expanded, expected, evanspritchard, chinas, survey, pmi, zhong, manufacturing, activity, trade, remained, data, improvement, private, shows


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Supreme Court shows little appetite for expanding gun rights in arguments over repealed New York regulation

Gun owners and second amendment advocates gather at the Ohio State House to protest gun control legislation on September 14, 2019 in Columbus, Ohio. A decision in thew New York case is expected by July, in the midst of the 2020 presidential election. The case was challenging a New York City gun regulation that barred the transport of handguns outside of the city, even to a second home or firing range. Roberts also asked whether gun owners could still seek damages if the high court were to find t


Gun owners and second amendment advocates gather at the Ohio State House to protest gun control legislation on September 14, 2019 in Columbus, Ohio.
A decision in thew New York case is expected by July, in the midst of the 2020 presidential election.
The case was challenging a New York City gun regulation that barred the transport of handguns outside of the city, even to a second home or firing range.
Roberts also asked whether gun owners could still seek damages if the high court were to find t
Supreme Court shows little appetite for expanding gun rights in arguments over repealed New York regulation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: tucker higgins
Keywords: news, cnbc, companies, supreme, owners, arguments, courts, state, city, shows, repealed, second, court, little, regulation, gun, rights, case, expanding, york


Supreme Court shows little appetite for expanding gun rights in arguments over repealed New York regulation

Gun owners and second amendment advocates gather at the Ohio State House to protest gun control legislation on September 14, 2019 in Columbus, Ohio.

A decision in thew New York case is expected by July, in the midst of the 2020 presidential election. The nation’s gun laws have become one of the key issues in the Democratic race amidst an uptick in mass-shooting deaths and youth-led activism, though substantive new legislation is seen as all-but-impossible for the foreseeable future under divided government.

The dispute had one of the highest profiles of the court’s term. The court has not addressed gun legislation since deciding two landmark cases in 2008 and 2010, which held that the Second Amendment protected the individual right to keep guns for the purpose of self-defense in the home.

While court conservatives including Justices Neil Gorsuch and Samuel Alito seemed eager to use the case to address the reach of the Second Amendment, it appeared likely after an hour of arguments that Chief Justice John Roberts would side with the court’s liberals to dismiss the matter altogether as moot in light of the repeal of the regulation.

The case was challenging a New York City gun regulation that barred the transport of handguns outside of the city, even to a second home or firing range. After the court agreed to hear the case, though, the city did away with the regulation and the state passed a law that prevented the city from reviving it.

WASHINGTON — The Supreme Court seemed unlikely to deliver a major win for gun-rights activists during arguments on Monday in the first significant Second Amendment case the justices have heard in nearly a decade.

Supporters of gun control and firearm safety measures hold a protest rally outside the US Supreme Court as the Court hears oral arguments in State Rifle and Pistol v. City of New York, NY, in Washington, DC, December 2, 2019.

Paul Clement, who argued on behalf of three gun owners in New York and a state affiliate of the National Rifle Association, argued that the case was still active because his clients could potentially seek monetary damages in the future.

Clement also argued that even under New York’s new regulations, his clients could still be penalized if they did not travel directly to a firing range outside the city, such as if they stopped for coffee.

But Richard Dearing, an attorney for New York, said that the city guaranteed that gun owners would not be prosecuted for such stops. And he said that any challenge to the new regulations would have to be argued in a future battle.

“There may be a controversy here. But it’s a new controversy that will have to be litigated in a new case,” Dearing said.

Clement, who argued for 20 minutes, had little time to address the merits of New York’s gun regulation. Instead, he spent nearly all of his arguments fielding questions from the court’s liberal wing about why the justices should rule on the case at all.

Justice Ruth Bader Ginsburg, who asked the first question of the day, sounded off on a theme that would be heard throughout.

“The state says: Thou shalt not enforce the regulations. So, what’s left of this case?” Ginsburg asked.

Ginsburg’s health has been in the spotlight because of two recent cancer scares and a hospitalization last month after she experienced chills and a fever. But the 86-year-old justice appeared healthy on Monday.

The court’s other liberals also wrestled with Clement over whether it was proper for the court to decide the case.

“You’re asking us to opine on a law that’s not on the books anymore,” said Justice Sonia Sotomayor, an Obama-appointee.

Justice Stephen Breyer, who was appointed by President Bill Clinton, said he did not think it was bad “when people who have an argument settle their argument.”

Roberts asked few questions throughout. But at one point, the chief justice asked Dearing if it was possible that individuals who violated the old regulation could be targeted in any way by the city, even though it is no longer in force. Roberts also asked whether gun owners could still seek damages if the high court were to find the case moot.

Dearing responded that the gun owners would face no consequences for any past violations of the regulation, and he left open the possibility for damages, though he suggested there could be a time limit.

Justice Brett Kavanaugh, who is known to have an expansive view of the Second Amendment, did not ask any questions.

One wrinkle during arguments came from a difference in opinion between Clement and Jeffrey Wall, the Justice Department’s principal deputy solicitor general, who was arguing in favor of the gun owners.

Gorsuch asked Wall whether he agreed with Clement that the potential for gun owners to be prosecuted for stopping for coffee while traveling to a gun range kept the case alive.

“Why isn’t that good enough?” Gorsuch asked.

Wall said it was a “close call” and a “hard question” but stopped short of endorsing the argument. Instead, Wall emphasized that the gun owners could still seek monetary damages.

All in all, the justices spent just a few minutes probing the key constitutional question that gun-control activists feared would be on the table and that gun-rights groups hoped the court would address.

Since the court’s landmark 2008 opinion in D.C. v. Heller, the lower courts have generally weighed the public interest in gun laws as part of their consideration of whether they are legal. Using that methodology, appeals courts have upheld a broad range of gun restrictions, and those laws have remained on the books as the Supreme Court refused to review them.

Conservatives, including Kavanaugh while a federal appeals court judge, have argued that such considerations are unconstitutional, and that judges should instead look to whether the law was historically seen as permissible.

Ahead of arguments, gun-control activists worried that the court’s 5-4 conservative majority would issue a ruling that adopted that approach.

The case is New York State Rifle & Pistol Association v. City of New York, No. 18-280.

Read more: The Supreme Court is about to hear its biggest gun-control case in a decade


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: tucker higgins
Keywords: news, cnbc, companies, supreme, owners, arguments, courts, state, city, shows, repealed, second, court, little, regulation, gun, rights, case, expanding, york


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Main Street could see smaller crowds this Small Business Saturday, survey shows

American Express created Small Business Saturday in 2010 to try to encourage shoppers to support local retailers, but a new CNBC/SurveyMonkey Small Business Survey shows waning enthusiasm for the day. Thirty-nine percent of respondents surveyed say they plan to patronize a small business tomorrow. Small Business Saturday sales hit a record of $17.8 billion in 2018, according to American Express. Respondents for this CNBC/SurveyMonkey Small Business Survey were selected from the more than 2 milli


American Express created Small Business Saturday in 2010 to try to encourage shoppers to support local retailers, but a new CNBC/SurveyMonkey Small Business Survey shows waning enthusiasm for the day.
Thirty-nine percent of respondents surveyed say they plan to patronize a small business tomorrow.
Small Business Saturday sales hit a record of $17.8 billion in 2018, according to American Express.
Respondents for this CNBC/SurveyMonkey Small Business Survey were selected from the more than 2 milli
Main Street could see smaller crowds this Small Business Saturday, survey shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: david spiegel, laura wronski, senior research scientist, senior research scientist at surveymonkey
Keywords: news, cnbc, companies, street, business, sales, say, small, shopping, main, spend, smaller, shows, survey, americans, crowds, plan, excited


Main Street could see smaller crowds this Small Business Saturday, survey shows

American Express created Small Business Saturday in 2010 to try to encourage shoppers to support local retailers, but a new CNBC/SurveyMonkey Small Business Survey shows waning enthusiasm for the day.

The survey, conducted Nov. 20–22, surveyed 2,397 Americans nationwide across all age demographics.

Thirty-nine percent of respondents surveyed say they plan to patronize a small business tomorrow. That’s down from 44% a year ago. Of those who plan to shop on Small Business Saturday, 58% will do their shopping in person, while a third will do a mix of online and in-person shopping. Eight percent will patronize small businesses online only.

Small Business Saturday sales hit a record of $17.8 billion in 2018, according to American Express. About $3 billion of that was spent online, according to Adobe Analytics. This year Adobe expects that number to grow by about 20%.

Black Friday remains the clear winner among the early season shopping days. Nineteen percent of Americans say they are most excited to go shopping today, compared to 8% most excited about Small Business Saturday, and 12% most excited about Cyber Monday. Compared to last year, excitement for Black Friday is up slightly, while excitement about the other days declined.

Despite the billions of dollars in sales that retailers are expected to take in over the long weekend and through Cyber Monday, nearly half of Americans will sit it out entirely. Retail analysts have suggested that earlier promotions, including Walmart’s holiday kickoff in late October and Amazon’s Prime Day in July, has displaced some of this weekend’s sales.

According to the survey, 49% of Americans don’t plan to go shopping on Black Friday, Small Business Saturday or Cyber Monday, and 59% say they aren’t excited about any of the big shopping days. Both of those numbers are higher than they were a year ago.

Overall, the survey suggests holiday spending will hold steady compared to 2018. Fifteen percent of Americans say they plan to spend more than they did last year, 27% plan to spend less, and 56% will spend about the same. The National Retail Federation predicts year-over-year sales growth of between 3.8 and 4.2% for the entire holiday shopping season, with total sales as high as $730.7 billion.

Respondents for this CNBC/SurveyMonkey Small Business Survey were selected from the more than 2 million people who take surveys on the SurveyMonkey platform each day. The modeled error estimate for this survey is plus or minus 3.0 percentage points. Data have been weighted for age, race, sex, education and geography using the Census Bureau’s American Community Survey to reflect the demographic composition of the United States age 18 and over.

Click here to see the full results of the CNBC/SurveyMonkey Small Business Survey.


Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: david spiegel, laura wronski, senior research scientist, senior research scientist at surveymonkey
Keywords: news, cnbc, companies, street, business, sales, say, small, shopping, main, spend, smaller, shows, survey, americans, crowds, plan, excited


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