NFL teams slash staff on ‘Black Monday.’ Here’s who’s out

The Cleveland Browns, New York Giants, Washington Redskins and Carolina Panthers have all fired their head coaches as of Monday afternoon. Browns fire head coach Freddie KitchensThe Browns announced Sunday that head coach Freddie Kitchens has been “relieved of his duties” as head coach. The Haslams said they are “excited about the core players” and hope to hire a head coach that “will put this group of players in the best position to succeed.” Giants let go of head coach Pat ShurmurNew York Gian


The Cleveland Browns, New York Giants, Washington Redskins and Carolina Panthers have all fired their head coaches as of Monday afternoon.
Browns fire head coach Freddie KitchensThe Browns announced Sunday that head coach Freddie Kitchens has been “relieved of his duties” as head coach.
The Haslams said they are “excited about the core players” and hope to hire a head coach that “will put this group of players in the best position to succeed.”
Giants let go of head coach Pat ShurmurNew York Gian
NFL teams slash staff on ‘Black Monday.’ Here’s who’s out Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-30  Authors: elly cosgrove
Keywords: news, cnbc, companies, coach, york, whos, head, browns, slash, heres, staff, pat, seasons, giants, nfl, teams, black, freddie, release, team


NFL teams slash staff on 'Black Monday.' Here's who's out

Head coach Freddie Kitchens of the Cleveland Browns looks on from the sidelines during the first half of the NFL football game against the Arizona Cardinals at State Farm Stadium on December 15, 2019 in Glendale, Arizona. Ralph Freso | Getty Images

With the close of the NFL’s regular season comes “Black Monday,” the annual purge of coaches and executives whose teams didn’t make the playoffs. The Cleveland Browns, New York Giants, Washington Redskins and Carolina Panthers have all fired their head coaches as of Monday afternoon.

Browns fire head coach Freddie Kitchens

The Browns announced Sunday that head coach Freddie Kitchens has been “relieved of his duties” as head coach. Kitchens joined the Browns as a running backs and associate head coach in 2018 and was promoted to offensive coordinator later that year, according to the team’s release. He stepped into the head coaching role in January of 2019. “We thank Freddie for his hard work and commitment to this organization but did not see the success or opportunities for improvement to move forward with him as our head coach,” Browns owners Dee and Jimmy Haslam said in the release. “Our focus is on hiring an exceptional leader for this football team and we will take a comprehensive approach to this process.” The Haslams said they are “excited about the core players” and hope to hire a head coach that “will put this group of players in the best position to succeed.”

Giants let go of head coach Pat Shurmur

New York Giants head coach Pat Shurmur prior to the National Football League game between the New York Giants and the Philadelphia Eagles on December 29, 2019 at MetLife Stadium in East Rutherford, NJ. Rich Graessle | Getty Images

Giants head coach Pat Shurmur is also out of the job after two seasons, the team announced Monday morning. The team finished with a 4-12 record this season and has not won more than five games in the last three seasons, according to the release. “The last three seasons have been extremely disappointing for the organization and our fans,” Giants president John Mara said. “Pat has been a successful and highly-respected NFL coach for 21 years and he is not solely responsible for our record. But we came to the conclusion it is best to have a fresh start with the coaching staff.”

Redskins part with president Bruce Allen


Company: cnbc, Activity: cnbc, Date: 2019-12-30  Authors: elly cosgrove
Keywords: news, cnbc, companies, coach, york, whos, head, browns, slash, heres, staff, pat, seasons, giants, nfl, teams, black, freddie, release, team


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Juul to cut 650 jobs, or 16% of its workforce, slash $1 billion in costs

Juul will cut 650 jobs, up from the previously planned 500 jobs, as it slashes nearly $1 billion in costs next year, a company official said Tuesday. Juul will cut marketing spending as the company halts all product advertising in the U.S., a move the company announced in September. The remaining team will focus on direct advertising to smokers, the Juul official said Tuesday. Juul is trying to overhaul its image from a company that’s largely blamed with fueling a teen vaping epidemic. Crosthwai


Juul will cut 650 jobs, up from the previously planned 500 jobs, as it slashes nearly $1 billion in costs next year, a company official said Tuesday.
Juul will cut marketing spending as the company halts all product advertising in the U.S., a move the company announced in September.
The remaining team will focus on direct advertising to smokers, the Juul official said Tuesday.
Juul is trying to overhaul its image from a company that’s largely blamed with fueling a teen vaping epidemic.
Crosthwai
Juul to cut 650 jobs, or 16% of its workforce, slash $1 billion in costs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: angelica lavito, in angelicalavito
Keywords: news, cnbc, companies, trying, jobs, nearly, previously, workforce, official, billion, focus, cut, slash, company, tobacco, juuls, 650, costs, juul


Juul to cut 650 jobs, or 16% of its workforce, slash $1 billion in costs

Juul will cut 650 jobs, up from the previously planned 500 jobs, as it slashes nearly $1 billion in costs next year, a company official said Tuesday.

The job cuts represent 16% of Juul’s 4,051 employees. The fast-growing start-up had been hiring about 300 employees a month.

Juul will cut marketing spending as the company halts all product advertising in the U.S., a move the company announced in September. The remaining team will focus on direct advertising to smokers, the Juul official said Tuesday.

“As the vapor category undergoes a necessary reset, this reorganization will help JUUL Labs focus on reducing underage use, investing in scientific research, and creating new technologies while earning a license to operate in the U.S. and around the world,” Juul’s new CEO K.C. Crosthwaite said.

Juul is trying to overhaul its image from a company that’s largely blamed with fueling a teen vaping epidemic. The company in September replaced CEO Kevin Burns with longtime tobacco executive Crosthwaite.

Crosthwaite previously worked at Altria, the tobacco company that took a 35% stake in Juul late last year. Since joining Juul, he has shaken up management and led the cuts.

He is trying to position Juul as a responsible company. Last week, Juul said it would halt sales of its mint-flavored nicotine pods, which were shown to be the most popular flavor among high school students in two studies.

Juul also removed its other sweet flavors from its website, nearly a year after it pulled the flavors from convenience stores, vape shops and other retailers.

The Trump administration in September announced it was readying a ban on flavored e-cigarettes. Juul and all other e-cigarette companies must submit applications to keep their products on the market to the Food and Drug Administration by May 2020.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: angelica lavito, in angelicalavito
Keywords: news, cnbc, companies, trying, jobs, nearly, previously, workforce, official, billion, focus, cut, slash, company, tobacco, juuls, 650, costs, juul


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

HSBC reportedly plans to cut up to 10,000 jobs in drive to slash costs

HSBC Holdings is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday. The plan represents the lender’s most ambitious attempt in years to cut costs, the newspaper said, citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles. HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results la


HSBC Holdings is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday. The plan represents the lender’s most ambitious attempt in years to cut costs, the newspaper said, citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles. HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results la
HSBC reportedly plans to cut up to 10,000 jobs in drive to slash costs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, briefed, reported, job, plans, jobs, cuts, interim, citing, drive, person, reportedly, slash, costs, 10000, matter, cut, hsbc


HSBC reportedly plans to cut up to 10,000 jobs in drive to slash costs

HSBC Holdings is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.

The plan represents the lender’s most ambitious attempt in years to cut costs, the newspaper said, citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles.

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address “a challenging global environment.”

Flint’s exit was a result of differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses, a person familiar with the matter told Reuters in August.

The reported job cuts come after the lender said it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.

HSBC declined to comment.


Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, briefed, reported, job, plans, jobs, cuts, interim, citing, drive, person, reportedly, slash, costs, 10000, matter, cut, hsbc


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China shares tumble amid dampened expectations for Fed to slash interest rates

In mainland China, the Shanghai composite fell 2.58% on the day to 2,933.36, while the Shenzhen component declined 2.72% to finish its trading day at 9,186.29. At the same time, the MSCI Asia ex-Japan index also fell 1.42%. In Japan, the Nikkei 225 slipped 0.98% to end its trading day at 21,534.35, while the Topix index shed 0.89% to close at 1,578.40. Over in South Korea, the Kospi dropped 2.2% to close at 2,064.17, as shares of industry heavyweight Samsung Electronics fell 2.74%. Shares of maj


In mainland China, the Shanghai composite fell 2.58% on the day to 2,933.36, while the Shenzhen component declined 2.72% to finish its trading day at 9,186.29. At the same time, the MSCI Asia ex-Japan index also fell 1.42%. In Japan, the Nikkei 225 slipped 0.98% to end its trading day at 21,534.35, while the Topix index shed 0.89% to close at 1,578.40. Over in South Korea, the Kospi dropped 2.2% to close at 2,064.17, as shares of industry heavyweight Samsung Electronics fell 2.74%. Shares of maj
China shares tumble amid dampened expectations for Fed to slash interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: eustance huang
Keywords: news, cnbc, companies, amid, shed, interest, expectations, trading, asia, slash, close, tumble, fell, day, shares, index, fed, rates, dampened, declined, china, south


China shares tumble amid dampened expectations for Fed to slash interest rates

Stocks in Asia were lower on Monday after a strong jobs report last Friday stateside moderated expectations that the U.S. Federal Reserve could soon be making a move on interest rates.

In mainland China, the Shanghai composite fell 2.58% on the day to 2,933.36, while the Shenzhen component declined 2.72% to finish its trading day at 9,186.29. The Shenzhen composite also shed 2.898% to close at 1,554.80.

Hong Kong’s Hang Seng index dropped 1.66%, as of 3:15 p.m. HK/SIN, following another round of protests that rocked the city on Sunday. At the same time, the MSCI Asia ex-Japan index also fell 1.42%.

India’s Nifty 50 declined 1.67% as shares of Punjab National Bank plunged more than 10% after the bank reported the discovery of fraud amounting to about 38 billion rupees ($554 million).

In Japan, the Nikkei 225 slipped 0.98% to end its trading day at 21,534.35, while the Topix index shed 0.89% to close at 1,578.40.

Over in South Korea, the Kospi dropped 2.2% to close at 2,064.17, as shares of industry heavyweight Samsung Electronics fell 2.74%.

The moves came as Tokyo and Seoul remain locked in a dispute over forced wartime labor, with Japan imposing tighter restrictions last week on the export of high-tech materials used in smartphone displays and chips to South Korea.

“Our basecase for the trajectory of this trade issue and Japan-South Korea relations as a whole is broadly negative,” Scott Seaman, director of Asia at Eurasia Group, wrote in a note. “In a nutshell, we believe the two governments will engage in a tit-for-tat exchange of retaliatory measures for at least the next several months that further sours bilateral relations.”

Meanwhile, the S&P/ASX 200 in Australia declined 1.17% to close at 6,672.2. Shares of major miners slipped on news of a probe by Chinese steelmakers on the surge in iron ore prices. Rio Tinto shed 0.98% and BHP Billiton fell 1.77%.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: eustance huang
Keywords: news, cnbc, companies, amid, shed, interest, expectations, trading, asia, slash, close, tumble, fell, day, shares, index, fed, rates, dampened, declined, china, south


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years. The German bank’s decision to scale back investment banking comes just two days after investment banking chief Garth Ritchie stepped down by “mutual agreement.” Deutsche


Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years. The German bank’s decision to scale back investment banking comes just two days after investment banking chief Garth Ritchie stepped down by “mutual agreement.” Deutsche
Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-07  Authors: spencer kimball
Keywords: news, cnbc, companies, billion, equities, plan, investment, sweeping, euros, quarter, jobs, restructuring, overhaul, business, deutsche, bank, financial, global, slash, exit, banks, german


Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.

The German bank’s decision to scale back investment banking comes just two days after investment banking chief Garth Ritchie stepped down by “mutual agreement.”

Deutsche expects its restructuring plan to cost 7.4 billion euros by the end of 2022. The German bank may report a net loss of 2.8 billion euros in the second quarter of 2019. It will release second quarter results on July 25.

Deutsche Bank’s supervisory board met on Sunday to hash out the restructuring plan. The bank’s CEO, Christian Sewing, had broadcast “tough cutbacks” during a shareholders’ meeting in May.

“Today we have announced the most fundamental transformation of Deutsche Bank in decades,” Sewing said Sunday in a corporate press release.

Deutsche had previously considered merging with rival Commerzbank to shore up its position, but merger talks collapsed in April. An industry source told CNBC that there wasn’t enough support for a merger within Deutsche.

The German lender once sought to compete with America’s big banks on Wall Street, but has been pummeled by scandals, investigations and massive fines stemming from the financial crisis and other issues in recent years.

Deutsche reached a $7.2 billion settlement with the U.S. Justice Department in January 2017 for allegedly misleading investors in the sale of mortgage-backed securities in the lead-up to the 2008 financial crisis. Weeks later, the bank was slapped with a $630 million fine over allegations of Russian money laundering.

Those penalties came two years after the bank paid a $2.5 billion fine to U.S. and U.K. regulators for allegedly participating in a scheme to rig interest rates.

Deutsche has come under renewed scrutiny in the U.S. over its business relationship with President Donald Trump. The House Intelligence and Financial Services Committees subpoenaed Deutsche in April for records on Trump’s finances.

Trump and his family sought to have that subpoena squashed in court, but a federal judge ruled the bank can turn over financial documents to House Democrats.


Company: cnbc, Activity: cnbc, Date: 2019-07-07  Authors: spencer kimball
Keywords: news, cnbc, companies, billion, equities, plan, investment, sweeping, euros, quarter, jobs, restructuring, overhaul, business, deutsche, bank, financial, global, slash, exit, banks, german


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

FedEx’s threat: Rivals Amazon and Uber aim to slash its business

When called for comment, Amazon spokesperson Kelly Cheeseman declined to say how much of its shipping business Amazon plans to take in-house. The loss of business and potential competition over time from Amazon will hit FedEx’s ground business, which accounts for 28% of FedEx’s revenue. Uber’s freight business is designed to compete against FedEx’s freight unit, which the company says provides 11% of sales. FedEx has 25,000 vehicles and 45,000 workers in the FedEx freight business alone, accordi


When called for comment, Amazon spokesperson Kelly Cheeseman declined to say how much of its shipping business Amazon plans to take in-house. The loss of business and potential competition over time from Amazon will hit FedEx’s ground business, which accounts for 28% of FedEx’s revenue. Uber’s freight business is designed to compete against FedEx’s freight unit, which the company says provides 11% of sales. FedEx has 25,000 vehicles and 45,000 workers in the FedEx freight business alone, accordi
FedEx’s threat: Rivals Amazon and Uber aim to slash its business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-24  Authors: tim mullaney, riley de leon, omar abbosh, paul nunes, larry downes, accenture executives, co-authors of, pivot to the future, discovering value, creating growth in a disrupted world
Keywords: news, cnbc, companies, shipping, fedexs, slash, amazon, business, threat, industry, fedex, uber, freight, aim, rivals, delivery, company


FedEx's threat: Rivals Amazon and Uber aim to slash its business

Getty Images

Many traditional companies would be scared enough to find themselves facing threats from either Amazon or Uber Technologies — but FedEx is dealing with both. As the Memphis, Tennessee-based shipping giant prepares to report earnings on Tuesday, FedEx’s cancellation June 7 of its contract with Amazon to deliver packages in the U.S. is just one of a range of threats the world’s second-biggest courier company (behind United Parcel Service) is facing. Over time, Amazon wants Amazon Prime to become the premier delivery service for Amazon’s own business, and also handle logistics for other e-commerce vendors. Uber wants to use its fleet-management software to push into the business for less-than-truckload shipping, matching trucks with available space to people who need to move more than a package but less than a trailer of goods someplace. Analysts think the FedEx-Amazon split could lead to a series of acquisitions by Amazon as it tries to jump ahead. Deutsche Bank’s director and lead shipping analyst, Amit Mehrotra, speculated in a June 10 note that the retailer could buy companies like XPO Logistics, C.H. Robinson Worldwide and Forward Air Corp. Morgan Stanley analyst Ravi Shanker thinks the whole parcel industry has to brace for the impact of Amazon taking over more of its own shipping. And S.G. Cowen’s managing director and senior research analyst, Helane Becker, thinks FedEx is likely to boost its dividend this month, hoping to offset a 40% decline in the stock since early 2018. And that may just be the beginning of changes at FedEx and its rivals as they evolve to meet the relative upstarts’ challenges. “We believe FedEx’s breakup with Amazon is a watershed moment for the parcel industry, ” Shanker said. “[It] signals Amazon’s emergence as a player in the industry and brings new levels of risk to both FedEx and UPS.” Amazon is at the center of most speculation, both because it’s an enormous customer for FedEx and UPS and because it has designs on the business itself, the full scale of which is not well understood. Shipping and fulfillment, taken together, are a huge line item in the giant online retailer’s budget. Last year it spent $27.7 billion on what securities filings called “sortation, fulfillment and transportation costs.” But moves like last year’s order by Amazon of 20,000 delivery vans from Mercedes-Benz, as well as orders of airplanes, are driving the speculation. So is the Uber-like Amazon Flex Initiative, where independent contractors are delivering for Amazon using their own vehicles. Morgan Stanley has estimated that Amazon saves $2 to $4 per package when it handles delivery itself. Amazon is playing its cards close to the vest. When called for comment, Amazon spokesperson Kelly Cheeseman declined to say how much of its shipping business Amazon plans to take in-house. “We are very happy to have the delivery capacity our carrier partners can provide,” Cheeseman said in an email. “They provide a high-quality service, and our own delivery efforts are needed to supplement that capacity rather than replace it.” The loss of business and potential competition over time from Amazon will hit FedEx’s ground business, which accounts for 28% of FedEx’s revenue. Uber’s freight business is designed to compete against FedEx’s freight unit, which the company says provides 11% of sales. The company itself is keeping mostly mum, declining an interview for this story. But FedEx executives have explained their view of the company’s challenges and its strategies, in conference calls with analysts as well as other presentations.

The Uber threat

Uber, especially, is just getting started and may not pose a major threat soon, says James Corridore, CFRA’s director of industrials equity research. Uber’s filings for its recent initial public stock offering notes it has relationships with about 1,000 shippers and about 36,000 carriers. It brought in more than $125 million in revenue during the fourth quarter of 2018, a year and a half after its May 2017 public launch, the filing says. It focuses less on individual packages bound for consumers, handling lots that are bigger than a package or two but less than a truckload — a $700 billion market, according to Uber, that many shippers find expensive and inefficient. The idea for Uber Freight is similar to its ride-sharing service: Its software streamlines a process that is often done via fax and telephone. It offers more transparent pricing as well as visibility to more shipping options at once than most logistics managers can contact by phone. “It can take several hours, sometimes days, for shippers to find a truck and driver for shipments, with most of the process conducted over the phone or by fax,” Uber said in its pre-IPO filings. “Uber Freight greatly reduces friction in the logistics industry by providing an on-demand platform to automate and accelerate logistics transactions end-to-end. Uber Freight connects carriers with the most appropriate shipments available on our platform and gives carriers upfront, transparent pricing and the ability to book a shipment with the touch of a button.” But this isn’t especially dangerous to FedEx Freight — at least not yet, says Corridore.

We believe FedEx’s breakup with Amazon is a watershed moment for the parcel industry. [It] signals Amazon’s emergence as a player in the industry and brings new levels of risk to both FedEx and UPS. Ravi Shanker Morgan Stanley analyst

“FedEx does it better because they have much better size and scale,” the analyst said. FedEx has 25,000 vehicles and 45,000 workers in the FedEx freight business alone, according to the company. It operates 370 service centers and handles 110,000 shipments a day. FedEx’s freight business actually has been gaining market share steadily, the company said in a presentation to institutional investors dated June 10. The company holds about a 20% market share, which has doubled since 2004, the company said. FedEx details a list of what it thinks are its advantages in the less-than-truckload business. Its June 10 investor presentation says it is the only company in the category that offers both priority and economy shipping prices (95% of customers use both, it says) and that it has better integration than rivals with rail networks. Small- and medium-sized business clients also are heavy users of FedEx’s more familiar Express and Ground services, the company says. “Small and medium businesses speak simplicity and generally desire one-stop shop, and they want a transportation provider who can handle their local, national, rural and peak needs,” FedEx president Raj Subramaniam said in the company’s most recent earnings call in March.

A booming market sector

Across its businesses, FedEx is trying to deliver more flexibility, lower costs — and a dash of the future. The FedEx Ground business, where its e-commerce business is concentrated, contributed 28% of the company’s $65.5 billion in 2018 revenue. It will begin year-round seven-day delivery in January 2020, after being offered during the holiday rush. A voluntary buyout of employees that took effect in May is part of a larger plan to cut costs by $450 million to $575 million company-wide to cope with an unexpected slowdown in international trade, said FedEx CFO Alan Graf. The first part of the plan to deal with Amazon is to overcome the loss of Amazon’s shipping business, and that is not a big short-term problem, since fees on Amazon shipments were only 1.3% of FedEx’s revenue last year, Becker said. The company argues that growth in e-commerce businesses not owned by Amazon are enough to make that up. It is a view endorsed by Deutsche Bank’s Mehrotra. Cowen’s Becker also speculates that the business has low profit margins because of volume discounts granted to the world’s largest online retailer. But Morgan Stanley’s Shanker says pulling even a small amount of revenue suddenly could cut yearly earnings by 50 cents to 70 cents per share. FedEx’s new fiscal year began June 1.


Company: cnbc, Activity: cnbc, Date: 2019-06-24  Authors: tim mullaney, riley de leon, omar abbosh, paul nunes, larry downes, accenture executives, co-authors of, pivot to the future, discovering value, creating growth in a disrupted world
Keywords: news, cnbc, companies, shipping, fedexs, slash, amazon, business, threat, industry, fedex, uber, freight, aim, rivals, delivery, company


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

It’s never been cheaper to invest in the markets as asset managers slash fund fees by $5 billion

Last year, investors saved a total $5.5 billion in ETF and mutual fund fees, according to new research from Morningstar. Since 2000, the cost of fund investing has been cut in half, according Morningstar data, first-reported by Axios. Costs are down across the board: both actively managed funds and passive funds have seen a steady decline in the past two decades. Those saw net inflows of $605 billion. The remaining 80 percent of more expensive options saw net outflows of $478 billion.


Last year, investors saved a total $5.5 billion in ETF and mutual fund fees, according to new research from Morningstar. Since 2000, the cost of fund investing has been cut in half, according Morningstar data, first-reported by Axios. Costs are down across the board: both actively managed funds and passive funds have seen a steady decline in the past two decades. Those saw net inflows of $605 billion. The remaining 80 percent of more expensive options saw net outflows of $478 billion.
It’s never been cheaper to invest in the markets as asset managers slash fund fees by $5 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: kate rooney
Keywords: news, cnbc, companies, money, cheaper, asset, funds, markets, passive, fund, johnson, fees, managers, slash, billion, saw, according, morningstar, net, investors, invest, research


It's never been cheaper to invest in the markets as asset managers slash fund fees by $5 billion

Investors are the real winners as giant asset managers race each other to lower fees.

Last year, investors saved a total $5.5 billion in ETF and mutual fund fees, according to new research from Morningstar. The 6% decline was the second biggest year-over-year drop in two decades. Since 2000, the cost of fund investing has been cut in half, according Morningstar data, first-reported by Axios.

“There is a growing fee consciousness among investors,” Ben Johnson, Morningstar’s director of ETF and passive strategies research, told CNBC in a phone interview. “One of the more surprising trends is just how shrewd investors have become.”

Costs are down across the board: both actively managed funds and passive funds have seen a steady decline in the past two decades. But in both cases, new money flowing into the funds is gravitating towards cheaper options.

The majority of money being invested flowed into the cheapest 20 percent of funds, according to Johnson. Those saw net inflows of $605 billion. And 97% of net new money flowed into the least costly 10% of all funds. The remaining 80 percent of more expensive options saw net outflows of $478 billion.

“The relationship gets flipped on its head when you’re selecting funds — the less you pay the more you on average tend to get,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: kate rooney
Keywords: news, cnbc, companies, money, cheaper, asset, funds, markets, passive, fund, johnson, fees, managers, slash, billion, saw, according, morningstar, net, investors, invest, research


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Whole Foods will slash prices on hundreds of items starting Wednesday

Whole Foods will slash its prices on hundreds of products, with a focus on produce, such as greens, tomatoes and tropical fruits. Whole Foods will continue to build on its special offers for Prime members, as well as efforts to promote sales online. The grocer is doubling the number of exclusive deals for Prime members, it said on Monday. In April, Amazon will offer Whole Foods customers $10 off a $20 purchase when they try Prime online. New members can try Prime free for 30 days.


Whole Foods will slash its prices on hundreds of products, with a focus on produce, such as greens, tomatoes and tropical fruits. Whole Foods will continue to build on its special offers for Prime members, as well as efforts to promote sales online. The grocer is doubling the number of exclusive deals for Prime members, it said on Monday. In April, Amazon will offer Whole Foods customers $10 off a $20 purchase when they try Prime online. New members can try Prime free for 30 days.
Whole Foods will slash prices on hundreds of items starting Wednesday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: lauren hirsch, patrick t fallon, bloomberg, getty images
Keywords: news, cnbc, companies, items, prime, customers, amazon, twohour, starting, members, prices, foods, hundreds, price, free, slash, try


Whole Foods will slash prices on hundreds of items starting Wednesday

Prime’s ranks surpassed more than 100 million people last year. In addition to free two-day shipping and weekly Whole Foods deals, Amazon’s $119-a-year membership service offers streaming of music and movies and free two-hour delivery in certain ZIP codes.

Prime members now qualify for two-hour delivery at Whole Foods, they can use Alexa to add groceries to their Prime Now cart with their voice and arrange for grocery pick-up within 30 minutes at some locations.

The price cuts planned for Wednesday, however, extend beyond Amazon prime customers. Whole Foods will slash its prices on hundreds of products, with a focus on produce, such as greens, tomatoes and tropical fruits. Customers will save an average of 20 percent on the new reduced-price items.

“Whole Foods Market continues to maintain the high quality standards that we’ve championed for nearly 40 years and, with Amazon, we will lower more prices in the future, building on the positive momentum from previous price investments,” CEO John Mackey said in a statement.

Whole Foods will continue to build on its special offers for Prime members, as well as efforts to promote sales online. The grocer is doubling the number of exclusive deals for Prime members, it said on Monday.

The company also hasn’t given up on trying to recruit more Prime members. In April, Amazon will offer Whole Foods customers $10 off a $20 purchase when they try Prime online. New members can try Prime free for 30 days.

Read the press release below:


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: lauren hirsch, patrick t fallon, bloomberg, getty images
Keywords: news, cnbc, companies, items, prime, customers, amazon, twohour, starting, members, prices, foods, hundreds, price, free, slash, try


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Economists slash growth for fourth quarter after big retail sales drop

Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales. According to the CNBC/Moody’s Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage points. December’s retail sales fell 1.2 percent, compared to an expected gain of 0.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, clo


Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales. According to the CNBC/Moody’s Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage points. December’s retail sales fell 1.2 percent, compared to an expected gain of 0.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, clo
Economists slash growth for fourth quarter after big retail sales drop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: patti domm, timothy fadek, bloomberg, getty images
Keywords: news, cnbc, companies, retail, fourth, slash, growth, drop, morgan, big, forecasts, quarter, sales, economists, closer, pace, slashed, median


Economists slash growth for fourth quarter after big retail sales drop

Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales.

According to the CNBC/Moody’s Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage points.

December’s retail sales fell 1.2 percent, compared to an expected gain of 0.2 percent. Economists said the report, delayed by the government shutdown, was suspect since it was not consistent with other economic data, like strong December and January job gains.

“The most plausible economic explanation is that long-dormant wealth effects came back with a vengeance, and consumers slashed their holiday purchases when they saw their 401(k)’s going down the drain,” JP Morgan economists wrote. “At any rate, retailers subsequently added an above-trend 21,000 jobs in January (and private employers overall added 296,000 jobs), so it’s hard to see how that lines up with the December retail sales being the leading edge of more widespread weakness,”

JP Morgan cut its Q4 growth forecast to 2 percent from 2.6 percent.

Mark Zandi, chief economist at Moody’s Analytics said it is important to note that some economists have not yet updated GDP forecasts, and of those who have, the median is 2.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, closer to 3 percent.

The 2.4 percent pace is closer to the trend prior to the tax cuts that took affect last year and gave a boost to growth.

Economists expect a 2 percent growth pace for the first quarter.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: patti domm, timothy fadek, bloomberg, getty images
Keywords: news, cnbc, companies, retail, fourth, slash, growth, drop, morgan, big, forecasts, quarter, sales, economists, closer, pace, slashed, median


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Activision Blizzard gives weak 2019 guidance, says it will slash 8% of workforce

Activision Blizzard reported mixed fourth-quarter results Tuesday and offered weak guidance for the first half of 2019. Activision Blizzard has revealed headwinds in recent weeks, and said Tuesday it plans to cut its global workforce by 8 percent. Refinitiv consensus estimates projected EPS of 46 cents on revenue of $1.45 billion for Q1 2019. The company expects full-year 2019 earnings of $2.10 per share on $6.30 billion in revenue, compared with analyst estimates of earnings of $2.54 per share


Activision Blizzard reported mixed fourth-quarter results Tuesday and offered weak guidance for the first half of 2019. Activision Blizzard has revealed headwinds in recent weeks, and said Tuesday it plans to cut its global workforce by 8 percent. Refinitiv consensus estimates projected EPS of 46 cents on revenue of $1.45 billion for Q1 2019. The company expects full-year 2019 earnings of $2.10 per share on $6.30 billion in revenue, compared with analyst estimates of earnings of $2.54 per share
Activision Blizzard gives weak 2019 guidance, says it will slash 8% of workforce Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: sara salinas, troy harvey, bloomberg, getty images
Keywords: news, cnbc, companies, earnings, guidance, revenue, share, billion, company, gives, workforce, activision, franchises, slash, kotick, game, investment, 2019, blizzard, weak


Activision Blizzard gives weak 2019 guidance, says it will slash 8% of workforce

Activision Blizzard reported mixed fourth-quarter results Tuesday and offered weak guidance for the first half of 2019. Shares fell as much as 5 percent in extended trading before gaining as much as 4 percent.

Activision Blizzard has revealed headwinds in recent weeks, and said Tuesday it plans to cut its global workforce by 8 percent.

“Our restructuring plan sheds investment and less productive nonstrategic areas to our business and will result in a net headcount reduction of approximately 8 percent while also driving a significant increase in investment focus and capabilities around our biggest franchises,” CEO Bobby Kotick said on the company’s earnings call. “We’re confident that over time this plan will enable our teams to accelerate the delivery of high-quality content to our communities.”

Here’s how the company did during the fourth quarter compared with what Wall Street was expecting:

EPS: $1.29 adjusted vs. $1.28 estimated by Refinitiv

Revs. $2.84 billion vs. $3.04 billion estimated by Refinitiv

Activision Blizzard expects first-quarter earnings per share of 20 cents— less than half of what Wall Street was looking for — on revenue of $1.18 billion. Refinitiv consensus estimates projected EPS of 46 cents on revenue of $1.45 billion for Q1 2019.

The company expects full-year 2019 earnings of $2.10 per share on $6.30 billion in revenue, compared with analyst estimates of earnings of $2.54 per share on $7.25 billion in revenue, according to Refinitiv.

The company’s net bookings are expected to drop in 2019 to $6.30 billion, down from $7.26 billion during 2018 and $7.16 billion during 2017.

“In-game execution was inadequate in some of our franchises, and we saw weaker-than-anticipated retail demand,” Kotick said on the call. “Our 2019 outlook assumes that we will not improve in-game monetization as quickly as we would like and that it is a transition year where we have less new major content to release than we should.”

The company publishes popular game titles like “Call of Duty,” “Diablo” and “Warcraft,” and last month split from game studio Bungie, relinquishing rights to the “Destiny” game franchise. Each of those franchises will see increased investment over the next year, Kotick said.

The gaming industry is feeling increasing pressure from free-to-play competitor “Fortnite.” Last week, Electronic Arts and Take-Two Interactive lost 13 percent and 14 percent respectively in a single day after revealing increased competition.

Shares of Activision have lost nearly 50 percent of their value since hitting a 52-week intraday high of $84.68 in October. The stock surged 4 percent Tuesday ahead of the earnings report.

The company has also seen a series of high-profile executive shakeups in recent months. Its former chief financial officer, Spencer Neumann, was hired as CFO at Netflix.

—CNBC’s Eustance Huang contributed to this report.

WATCH: Gaming stocks battling it out as Fortnite is causing glitches for the biggest companies


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: sara salinas, troy harvey, bloomberg, getty images
Keywords: news, cnbc, companies, earnings, guidance, revenue, share, billion, company, gives, workforce, activision, franchises, slash, kotick, game, investment, 2019, blizzard, weak


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post