How much Jeff Bezos, Mark Zuckerberg lost in the stock market slide

The CEOs of Facebook, Amazon, Apple, Alphabet and Netflix lost nearly $16 billion in personal wealth as tech shares slid Wednesday and Thursday amid a market sell-off. Amazon CEO Jeff Bezos took the hardest hit with a two-day loss of nearly $12 billion, followed by Alphabet CEO Larry Page at $2.3 billion. Facebook’s Mark Zuckerberg saw the value of his shares drop $1.7 billion. Meanwhile, Reed Hastings and Tim Cook, the chief executives of Netflix and Apple, fared slightly better, with two-day l


The CEOs of Facebook, Amazon, Apple, Alphabet and Netflix lost nearly $16 billion in personal wealth as tech shares slid Wednesday and Thursday amid a market sell-off. Amazon CEO Jeff Bezos took the hardest hit with a two-day loss of nearly $12 billion, followed by Alphabet CEO Larry Page at $2.3 billion. Facebook’s Mark Zuckerberg saw the value of his shares drop $1.7 billion. Meanwhile, Reed Hastings and Tim Cook, the chief executives of Netflix and Apple, fared slightly better, with two-day l
How much Jeff Bezos, Mark Zuckerberg lost in the stock market slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: ruth umoh, getty images, caiaimage robert daly
Keywords: news, cnbc, companies, netflix, billion, bezos, jeff, ceo, million, stock, shares, market, nearly, loss, apple, zuckerberg, slide, tech, twoday, mark, lost


How much Jeff Bezos, Mark Zuckerberg lost in the stock market slide

The CEOs of Facebook, Amazon, Apple, Alphabet and Netflix lost nearly $16 billion in personal wealth as tech shares slid Wednesday and Thursday amid a market sell-off.

Amazon CEO Jeff Bezos took the hardest hit with a two-day loss of nearly $12 billion, followed by Alphabet CEO Larry Page at $2.3 billion. Facebook’s Mark Zuckerberg saw the value of his shares drop $1.7 billion.

Meanwhile, Reed Hastings and Tim Cook, the chief executives of Netflix and Apple, fared slightly better, with two-day losses of $192 million and $11 million respectively.

Of course, compared to their total net worth, being down a few million or even billion, is a relatively small loss for these tech leaders. And as of Friday midday, tech shares were already rebounding.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: ruth umoh, getty images, caiaimage robert daly
Keywords: news, cnbc, companies, netflix, billion, bezos, jeff, ceo, million, stock, shares, market, nearly, loss, apple, zuckerberg, slide, tech, twoday, mark, lost


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Dollar weakens, yen at October highs after US stocks slide


Dollar weakens, yen at October highs after US stocks slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, yen, highs, weakens, slide, stocks, dollar



Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, yen, highs, weakens, slide, stocks, dollar


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Stocks give back some of Monday’s rally as tech shares slide

“But maybe the biggest risk is the negative feedback loop that is the Italian banking system that owns many billions of Italian bonds,” Boockvar said. Tuesday’s decline in U.S. shares comes after a rally on Monday’s session. Set to be signed at the end of November, the United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. “The market reaction suggests investors are less worried about a trade war,” said Jennifer Ellison, pri


“But maybe the biggest risk is the negative feedback loop that is the Italian banking system that owns many billions of Italian bonds,” Boockvar said. Tuesday’s decline in U.S. shares comes after a rally on Monday’s session. Set to be signed at the end of November, the United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. “The market reaction suggests investors are less worried about a trade war,” said Jennifer Ellison, pri
Stocks give back some of Monday’s rally as tech shares slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-02  Authors: fred imbert, alexandra gibbs, spencer platt, getty images news, getty images
Keywords: news, cnbc, companies, canada, rally, budget, tech, slide, stocks, trade, investors, market, boockvar, mondays, italian, shares, certain, worry, italys


Stocks give back some of Monday's rally as tech shares slide

“While Italy’s budget plan is below France and less than the 3% threshold that triggers concern, … the worry is the lack of any cushion along with their massive debt pile and little economic growth,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.

“But maybe the biggest risk is the negative feedback loop that is the Italian banking system that owns many billions of Italian bonds,” Boockvar said.

On top of that, Claudio Borghi, a euroskeptic economist who chairs the budget committee of the lower house of Italy’s parliament, said in a radio interview Tuesday that he was “truly convinced” most of the country’s problems would be solved if it had its own currency.

Tuesday’s decline in U.S. shares comes after a rally on Monday’s session.

The Dow closed up almost 200 points, with the S&P 500 also rising, after news emerged that Canada had joined the U.S. and Mexico in a new trade deal.

Set to be signed at the end of November, the United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States.

“The market reaction suggests investors are less worried about a trade war,” said Jennifer Ellison, principal at BOS. “it’s more of a sigh of relief.”

Now investors will be looking to China, to see if Beijing and Washington can find a way to meet eye-to-eye on certain trade elements.

—CNBC’s Sam Meredith contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-02  Authors: fred imbert, alexandra gibbs, spencer platt, getty images news, getty images
Keywords: news, cnbc, companies, canada, rally, budget, tech, slide, stocks, trade, investors, market, boockvar, mondays, italian, shares, certain, worry, italys


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Snap craters 10% after BTIG’s Greenfield cuts target to $5: ‘We are tired of Snapchat’s excuses’

“We are tired of Snapchat’s excuses for missing numbers and are no longer willing to give management ‘time’ to figure out monetization,” Greenfield wrote Tuesday. “We incorrectly stuck to our neutral rating in October 2017 due to our view that communications apps were sticky and would protect Snapchat engagement, with management simply needing more time to figure out monetization.” While Snap closed Tuesday at $9.89 per share, the analyst believes it will slide to $5 per share by September 2019.


“We are tired of Snapchat’s excuses for missing numbers and are no longer willing to give management ‘time’ to figure out monetization,” Greenfield wrote Tuesday. “We incorrectly stuck to our neutral rating in October 2017 due to our view that communications apps were sticky and would protect Snapchat engagement, with management simply needing more time to figure out monetization.” While Snap closed Tuesday at $9.89 per share, the analyst believes it will slide to $5 per share by September 2019.
Snap craters 10% after BTIG’s Greenfield cuts target to $5: ‘We are tired of Snapchat’s excuses’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: thomas franck, brendan mcdermid
Keywords: news, cnbc, companies, btigs, snaps, target, engagement, stock, craters, tired, share, greenfield, snapchat, slide, snap, analyst, excuses, innovation, users, cuts, snapchats


Snap craters 10% after BTIG's Greenfield cuts target to $5: 'We are tired of Snapchat's excuses'

One Wall Street analyst is sick of waiting around for Snap to post stronger numbers and cut his rating to sell, predicting another 50 percent slide for the social media stock.

Lambasting the social media company for a lack of innovation and anemic quarterly results, BTIG analyst Richard Greenfield told clients he is no longer confident the company will be able to monetize the platform.

“We are tired of Snapchat’s excuses for missing numbers and are no longer willing to give management ‘time’ to figure out monetization,” Greenfield wrote Tuesday. “We incorrectly stuck to our neutral rating in October 2017 due to our view that communications apps were sticky and would protect Snapchat engagement, with management simply needing more time to figure out monetization.”

“Since then,” he added, “the stock has lost over half its value.”

The stock was down 10 percent shortly after the opening bell Wednesday morning.

Snap, which operates a camera-based phone application that allows people to share photos and short videos, has proved a tough investment for many since its initial public offering in March 2017.

Since the IPO, Snap’s stock is down nearly 60 percent, a slide many have blamed on lackluster engagement growth, slow monetization and disappointing innovation from chief executive Evan Spiegel.

Greenfield had been neutral on the equity since initiating coverage in April 2017.

While the Snapchat parent beat on both earnings and revenue in the second quarter, executives disclosed that the app’s number of daily active users dropped to 188 million from 192 million.

It also issued guidance that fell short of analyst expectations.

While Snap closed Tuesday at $9.89 per share, the analyst believes it will slide to $5 per share by September 2019.

Others have pointed to the success of Facebook’s Instagram as a major headwind for the Los Angeles-based Snap. Since Instagram launched its Stories feature just over two years ago, it now has more than twice the daily active users of Snapchat, according to BTIG.

“We have been disappointed in Snap’s product evolution (as have users) and see no reason to believe this will change,” continued Greenfield. “We have not seen any meaningful innovation since the IPO; Snapchat has simply been out-innovated by Instagram.”

Jefferies also cut its forecast on Snap, issuing a new 12-month price target of $11 per share Wednesday.

Echoing Greenfield’s criticism, analyst Brent Thill told clients early analysis shows persistent declines in user engagement in the third quarter.

“While still too early to call, Snap’s flywheel of engagement seems to have stalled with both daily active users and time spent beginning to trend in the wrong direction,” the analyst warned. “Snap’s position as a communications platform and content distribution platform hinges on the need for users to have multiple friends on the platform.”

“If users begin to churn to other services, it could cause a negative flywheel as users have less incentive to open the app,” he added.

Thill said he reduced his 2019 revenue estimate to reflect his growing uncertainty around user interest. He now sees income at $1.53 billion for the year.

Disclosure: CNBC’s parent company, NBCUniversal, is an investor in Snap.


Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: thomas franck, brendan mcdermid
Keywords: news, cnbc, companies, btigs, snaps, target, engagement, stock, craters, tired, share, greenfield, snapchat, slide, snap, analyst, excuses, innovation, users, cuts, snapchats


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This underestimated risk could spark the next big market slide

Stocks may be coming off their best day in two weeks, but Ned Davis Research’s Ed Clissold sees near-term trouble ahead. It’s a risk that’s largely underestimated on Wall Street, Clissold said. “We wouldn’t be surprised if over the next several weeks there’s some choppiness to the market.” “As we move into next year, we’re going to have earnings growth that’s going to be significantly lower,” he said. So, that’s not necessarily a prediction, but as we move deeper into 2019, that risk becomes gre


Stocks may be coming off their best day in two weeks, but Ned Davis Research’s Ed Clissold sees near-term trouble ahead. It’s a risk that’s largely underestimated on Wall Street, Clissold said. “We wouldn’t be surprised if over the next several weeks there’s some choppiness to the market.” “As we move into next year, we’re going to have earnings growth that’s going to be significantly lower,” he said. So, that’s not necessarily a prediction, but as we move deeper into 2019, that risk becomes gre
This underestimated risk could spark the next big market slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: stephanie landsman, michael nagle, bloomberg, getty images, haidar mohammed ali, afp, kai pfaffenbach, david a grogan
Keywords: news, cnbc, companies, going, underestimated, clissold, risk, stocks, big, market, weeks, slide, spark, thats, trouble, sp, theres, best


This underestimated risk could spark the next big market slide

Stocks may be coming off their best day in two weeks, but Ned Davis Research’s Ed Clissold sees near-term trouble ahead.

While midterm election years are typically associated with third quarter pullbacks, his latest indicators suggest the ultimate catalyst could come from abroad. According to Clissold, international issues are just as likely to drive corrections in midterm years as domestic issues. In a world where emerging markets are struggling and trade war fallout is lurking, this year may be even more vulnerable.

It’s a risk that’s largely underestimated on Wall Street, Clissold said.

“We’re certainly in the weakest time of the year seasonably for the market,” the firm’s chief U.S. strategist said Tuesday on CNBC’s “Futures Now.” “We wouldn’t be surprised if over the next several weeks there’s some choppiness to the market.”

The Dow had its best day in two weeks on Tuesday. It’s now 2.43 percent off its all-time high hit on Jan. 26. The S&P 500 saw its best daily performance since Aug. 29, closing at 2,887.89.

Clissold, whose S&P 500 year-end target is 2,900, sees a 5 to 10 percent pullback. However, he predicts stocks would recover strongly by fourth quarter.

“The U.S. is really a domestically oriented economy. If we’re going to run into big trouble, it’s of our own making. It’s not really going to come from overseas. So, can it cause a hiccup? Yes, but it’s not necessarily going to be a driver of a major bear market,” he said. “The strongest time of the four-year cycle is actually from around midterms into the beginning of the pre-election year.”

But investors may not be completely out of harm’s way. Clissold contended the second half of pre-election years carry higher probability of deeper pullbacks.

“As we move into next year, we’re going to have earnings growth that’s going to be significantly lower,” he said.

He added that higher interest rates and slowing economic growth could also leave the bull market flustered.

“That’s the recipe for that bigger decline again, of our own making, not a short-term issue from overseas,” Clissold said. “That could set the stage for a bigger correction. You know, a 20 percent or larger correction. There’s a lot that has to happen to get there. So, that’s not necessarily a prediction, but as we move deeper into 2019, that risk becomes greater.”


Company: cnbc, Activity: cnbc, Date: 2018-09-12  Authors: stephanie landsman, michael nagle, bloomberg, getty images, haidar mohammed ali, afp, kai pfaffenbach, david a grogan
Keywords: news, cnbc, companies, going, underestimated, clissold, risk, stocks, big, market, weeks, slide, spark, thats, trouble, sp, theres, best


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Apple supplier shares slide after Trump tells the tech giant to make its products in the US

Taiwan’s ASE Technology, which counts Apple as one of its top clients, fell 2.9 percent. Chien Bor-yi, an analyst at Taipei-based Cathay Futures Consultant, said Apple’s component supply chain in Taiwan would take a major hit if the United States increased tariffs on Chinese imported products. Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on a further $267 billion of goods. The company supplies acoustic compon


Taiwan’s ASE Technology, which counts Apple as one of its top clients, fell 2.9 percent. Chien Bor-yi, an analyst at Taipei-based Cathay Futures Consultant, said Apple’s component supply chain in Taiwan would take a major hit if the United States increased tariffs on Chinese imported products. Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on a further $267 billion of goods. The company supplies acoustic compon
Apple supplier shares slide after Trump tells the tech giant to make its products in the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-10  Authors: aaron favila, afp, getty images, chip somodevilla
Keywords: news, cnbc, companies, products, fell, nearly, united, trump, states, technology, chinese, giant, shares, supplier, apple, tariffs, slide, taiwan, tells, tech, market


Apple supplier shares slide after Trump tells the tech giant to make its products in the US

In Taiwan, camera lens-maker Largan Precision slid nearly 8 percent, Foxconn, formally known as Hon Hai Precision Industry, fell 3.4 percent, while assembler Pegatron dropped nearly 4 percent.

Taiwan’s ASE Technology, which counts Apple as one of its top clients, fell 2.9 percent.

Chien Bor-yi, an analyst at Taipei-based Cathay Futures Consultant, said Apple’s component supply chain in Taiwan would take a major hit if the United States increased tariffs on Chinese imported products.

“People have concerns about the stock market. It’s not a seller’s market, but it’s also not a buyer’s market. No one knows how deep the well is,” he said.

The technology sector is one of the biggest potential losers in the $200 billion tariff list proposed by Washington on Chinese imports because the tariffs would make imported computer parts more expensive.

Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on a further $267 billion of goods.

Hong Kong-listed AAC Technologies fell more than 5 percent. The company supplies acoustic components and haptic technology — which enables users to receive tactile sensations from an interface — for Apple products such as the iPhone, iPad and Apple Watch.

In Japan, Nissha eased 0.4 percent, Japan Display fell 0.7 percent and Sharp dropped nearly 1 percent.

“People are in a bit of a panic today. Looking forward, the focus would be on how the market reacts after Apple releases its latest models,” said Kevin Chung, analyst at JihSun Securities Investment Consulting.


Company: cnbc, Activity: cnbc, Date: 2018-09-10  Authors: aaron favila, afp, getty images, chip somodevilla
Keywords: news, cnbc, companies, products, fell, nearly, united, trump, states, technology, chinese, giant, shares, supplier, apple, tariffs, slide, taiwan, tells, tech, market


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Short sellers pocket $510 million off Elon Musk’s pot smoking interview

Short sellers betting against Tesla made more than half a billion off the stock’s slide on Friday. Despite recent gains amid Musk’s antics, Tesla short sellers were still in the red for the year unil Friday. The firm found that since Aug. 7, when Musk tweeted “funding secured,” shorts have made back $3.7 billion in profits on Tesla’s 22.5 percent slide. S3 Partners recently developed a website devoted to following Tesla and Wall Street’s long and short positions on the stock at shortingtesla.com


Short sellers betting against Tesla made more than half a billion off the stock’s slide on Friday. Despite recent gains amid Musk’s antics, Tesla short sellers were still in the red for the year unil Friday. The firm found that since Aug. 7, when Musk tweeted “funding secured,” shorts have made back $3.7 billion in profits on Tesla’s 22.5 percent slide. S3 Partners recently developed a website devoted to following Tesla and Wall Street’s long and short positions on the stock at shortingtesla.com
Short sellers pocket $510 million off Elon Musk’s pot smoking interview Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: kate rooney, thomas franck, filmmagic, hbo, getty images, david orrell
Keywords: news, cnbc, companies, tesla, elon, interview, million, tweeted, secured, smoking, musks, musk, short, pot, sellers, company, slide, pocket, resigned, 510


Short sellers pocket $510 million off Elon Musk's pot smoking interview

Short sellers betting against Tesla made more than half a billion off the stock’s slide on Friday.

After a bizarre video showing CEO Elon Musk smoking pot on a podcast surfaced and a pair of C-level executive resigned, those betting against the company raked in $510 million in mark-to-market profits as Tesla fell more than 5 percent price, according to estimates from Ihor Dusaniwsky, S3’s head of predictive analytics.

Despite recent gains amid Musk’s antics, Tesla short sellers were still in the red for the year unil Friday. Bets they’ve made against the carmaker as a group, which have drawn the ire of Musk, are now profitable for 2018.

The firm found that since Aug. 7, when Musk tweeted “funding secured,” shorts have made back $3.7 billion in profits on Tesla’s 22.5 percent slide. S3 Partners recently developed a website devoted to following Tesla and Wall Street’s long and short positions on the stock at shortingtesla.com.

Musk appeared on comedian Joe Rogan’s podcast smoking marijuana and sipping whiskey Thursday evening. The nearly three-hour interview did nothing to ease concerns about his reported recreational drug use.

The following morning, Tesla announced that its chief accounting officer Dave Morton had resigned. Morton, who had only been at the company for one month, cited the public attention as a reason for the departure. The company’s HR boss Gaby Toledano reportedly won’t return for a leave of absence she took last month, according to Bloomberg.

Short seller Andrew Left of Citron Research said this week he is suing the company and its CEO for violating federal securities laws after Musk tweeted in August about taking Tesla private.

Musk claimed at the time that funding for that effort had been “secured” — which was bad news for short sellers.


Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: kate rooney, thomas franck, filmmagic, hbo, getty images, david orrell
Keywords: news, cnbc, companies, tesla, elon, interview, million, tweeted, secured, smoking, musks, musk, short, pot, sellers, company, slide, pocket, resigned, 510


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European stocks slide as trade, emerging market turmoil knock confidence

Basic resources stocks were among the biggest losers in Europe, with automotive stocks close behind, as fears lingered of a trade war between the world’s two largest economies. Continental banks were initially among the few sectors in the black, amid a flurry of ratings upgrades, but they soon followed the negative sentiment across Europe into afternoon trade. And advertising giant WPP was another of Europe’s biggest fallers, after releasing financial results for the first half of the year. Newl


Basic resources stocks were among the biggest losers in Europe, with automotive stocks close behind, as fears lingered of a trade war between the world’s two largest economies. Continental banks were initially among the few sectors in the black, amid a flurry of ratings upgrades, but they soon followed the negative sentiment across Europe into afternoon trade. And advertising giant WPP was another of Europe’s biggest fallers, after releasing financial results for the first half of the year. Newl
European stocks slide as trade, emerging market turmoil knock confidence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-04  Authors: ryan browne, sam meredith
Keywords: news, cnbc, companies, turmoil, knock, worlds, soon, wpp, trade, emerging, europe, slide, shares, stock, european, worth, biggest, market, stocks, confidence


European stocks slide as trade, emerging market turmoil knock confidence

The pan-European Stoxx 600 slipped to a two-month low, trading at 0.87 percent, with every sector and all but one major bourse in the red.

Basic resources stocks were among the biggest losers in Europe, with automotive stocks close behind, as fears lingered of a trade war between the world’s two largest economies. President Donald Trump reportedly said over the weekend that he is prepared to impose tariffs on additional $200 billion worth of imports from Beijing as soon as a public comment period ends on Thursday.

Continental banks were initially among the few sectors in the black, amid a flurry of ratings upgrades, but they soon followed the negative sentiment across Europe into afternoon trade. Italy’s UBI Banca was the top sectoral performer, after J.P. Morgan Cazenove upgraded the stock to “overweight.” Shares rose 3.88 percent.

Looking at individual stocks, French telecommunications group Iliad soared to the top of the pan-European benchmark after Chief Executive Xavier Niel said in an earnings call that the firm would look to remain independent in the event of consolidation in France’s telecoms market. Niel’s comments came after disappointing numbers showed the company had lost 200,000 mobile subscribers in the second quarter. Shares rose 9.16 percent nonetheless.

Meanwhile, Northern Ireland’s Danske Bank led Europe lower, after a report by the Financial Times about the lender’s independent investigation into a money laundering scandal in Estonia. The newspaper reported that Danske Bank’s investigation discovered $30 billion worth of Russian and ex-Soviet money poured into non-resident accounts through its Estonian branch within a single year. The stock plummeted 7.4 percent.

And advertising giant WPP was another of Europe’s biggest fallers, after releasing financial results for the first half of the year. The firm unsettled investors after it said the cost of returning to sustainable growth would result in a cut to its 2018 margin outlook. Newly appointed Chief Executive Mark Read is tasked with guiding the world’s biggest advertising company through a period of unprecedented change following the acrimonious departure of Martin Sorrell. Shares of WPP were down 5.993.


Company: cnbc, Activity: cnbc, Date: 2018-09-04  Authors: ryan browne, sam meredith
Keywords: news, cnbc, companies, turmoil, knock, worlds, soon, wpp, trade, emerging, europe, slide, shares, stock, european, worth, biggest, market, stocks, confidence


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Dick’s Sporting Goods’ shares slide as sales miss expectations and company blames Under Armour

Shares of Dick’s Sporting Goods plunged by more than 9 percent Wednesday morning after the retailer said it sold less merchandise during the second quarter than analysts were expecting. Sales at Dick’s Sporting Goods stores open for at least 12 months also tumbled by a bigger-than-expected 4 percent during the quarter. Under Armour shares were also falling Wednesday morning. “In addition, we experienced continued significant declines in Under Armour sales as a result of their decision to expand


Shares of Dick’s Sporting Goods plunged by more than 9 percent Wednesday morning after the retailer said it sold less merchandise during the second quarter than analysts were expecting. Sales at Dick’s Sporting Goods stores open for at least 12 months also tumbled by a bigger-than-expected 4 percent during the quarter. Under Armour shares were also falling Wednesday morning. “In addition, we experienced continued significant declines in Under Armour sales as a result of their decision to expand
Dick’s Sporting Goods’ shares slide as sales miss expectations and company blames Under Armour Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-29  Authors: lauren thomas, dawn kopecki, peter cade, getty images, brent lewin, bloomberg, craig warga
Keywords: news, cnbc, companies, goods, shares, company, quarter, miss, second, slide, billion, sales, expectations, blames, vs, armour, dicks, sporting


Dick's Sporting Goods' shares slide as sales miss expectations and company blames Under Armour

Shares of Dick’s Sporting Goods plunged by more than 9 percent Wednesday morning after the retailer said it sold less merchandise during the second quarter than analysts were expecting.

Sales at Dick’s Sporting Goods stores open for at least 12 months also tumbled by a bigger-than-expected 4 percent during the quarter. It was partly blamed on athleisure brand Under Armour, which has been moving into more low-price retailers like Kohl’s, frustrating companies like Dick’s that try to sell inventory at higher price points.

Under Armour shares were also falling Wednesday morning.

“As expected, sales were impacted by the strategic decisions we made regarding the slow growth, low margin hunt and electronics businesses, which accounted for nearly half of our comp decline,” CEO Ed Stack said in a statement. “In addition, we experienced continued significant declines in Under Armour sales as a result of their decision to expand distribution.”

Dick’s was also one of the first businesses in the U.S. to stop selling assault rifles and high-capacity magazines, and barred the sale of guns to customers under age 21 following the February massacre at a high school in Parkland, Florida. The company had predicted this move could hurt sales but also would draw more shoppers to its stores.

Stack said Wednesday he was confident sales would turn around as those challenges lessen.

Dick’s raised its profit outlook for the full year and now expects to earn $3.02 to $3.20 per share in 2018, up from a prior range of $2.92 to $3.12.

Here’s what the sporting goods retailer reported for the second quarter compared with what Wall Street analysts polled by Thomson Reuters expected:

Adjusted earnings per share: $1.20 vs. $1.06 expected

Revenue: $2.18 billion vs. $2.24 billion expected

Same-store sales: down 4 percent vs. a decline of 0.6 percent expected

Shortly before the opening bell, its shares were down 9 percent.

Dick’s said online sales increased 12 percent during the quarter, boosted by some of its private-label brands.

The company has been investing more in its own in-house lines, like Second Skin, which is strikingly similar to Under Armour in style and fit. It’s also seen success with a line for women called Calia by Carrie Underwood.

Dick’s is one of the last major bricks-and-mortar sporting goods retailers and has benefited from a wave of retail bankruptcies over the past few years, including Sports Authority and Sport Chalet.

But that doesn’t mean Dick’s can avoid the threat of Amazon, which has added new sportswear brands to its website this year and is working with Nike to grow its marketplace.

“While we recognize same-store sales missed expectations, [Dick’s] appears to be managing its transformation to a more focused higher margin business well,” Susquehanna Financial Group analyst Sam Poser said in a research note.

Shares of Dick’s Sporting Goods have climbed about 26 percent so far this year, bringing the company’s market cap to about $3.7 billion.


Company: cnbc, Activity: cnbc, Date: 2018-08-29  Authors: lauren thomas, dawn kopecki, peter cade, getty images, brent lewin, bloomberg, craig warga
Keywords: news, cnbc, companies, goods, shares, company, quarter, miss, second, slide, billion, sales, expectations, blames, vs, armour, dicks, sporting


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Kohl’s shares slide despite topping Wall Street earnings, sales expectations

Kohl’s shares tumbled Tuesday morning despite releasing second-quarter earnings that beat analysts’ profit and sales estimates. Kohl’s shares had already climbed more than 111 percent from a year ago, bringing the retailer’s market cap to $13.2 billion. Retail rival Macy’s saw a similar sell-off in its shares last week on the heels of a strong earnings report. Sales at Kohl’s stores opened for at least 12 months were up 3.1 percent, better than the 2.7 percent increase that analysts were expecti


Kohl’s shares tumbled Tuesday morning despite releasing second-quarter earnings that beat analysts’ profit and sales estimates. Kohl’s shares had already climbed more than 111 percent from a year ago, bringing the retailer’s market cap to $13.2 billion. Retail rival Macy’s saw a similar sell-off in its shares last week on the heels of a strong earnings report. Sales at Kohl’s stores opened for at least 12 months were up 3.1 percent, better than the 2.7 percent increase that analysts were expecti
Kohl’s shares slide despite topping Wall Street earnings, sales expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: lauren thomas, nicole ohara
Keywords: news, cnbc, companies, kohls, shares, stores, amazon, sales, store, slide, expectations, wall, despite, traffic, topping, earnings, profit, street, analysts, share


Kohl's shares slide despite topping Wall Street earnings, sales expectations

Kohl’s shares tumbled Tuesday morning despite releasing second-quarter earnings that beat analysts’ profit and sales estimates. The retailer also raised its profit outlook for the year.

Kohl’s shares had already climbed more than 111 percent from a year ago, bringing the retailer’s market cap to $13.2 billion. Retail rival Macy’s saw a similar sell-off in its shares last week on the heels of a strong earnings report. Its stock value had surged more than 90 percent over the previous 12 months, and analysts said investors were taking profit.

Department store chains like Kohl’s and Macy’s have been looking for ways to grow sales online, as Amazon increasingly takes market share in categories like apparel and appliances, while foot traffic dwindles at some shopping malls. Meanwhile, consumer confidence is stronger in the U.S., with record low unemployment, giving many retailers a boost ahead of the holiday season as shoppers are more willing to open their wallets.

Kohl’s stands out from its peers because of its unique partnership with Amazon today. Kohl’s now sells the Amazon Echo, among other tech devices, and has also started accepting returns for the digital retailer at a handful of its stores across the U.S.

The company is also investing in finding new uses for its real estate. It’s started opening smaller stores and plans to divide some of its larger locations for tenants like grocer Aldi and fitness gyms.

Its strategy appears to be paying off and serving as a traffic driver, retail analysts say. Kohl’s profit surged 40.4 percent for the quarter ended August 4 to $292 million, or $1.76 per share, compared with $208 million, or $1.24 a share, a year ago. Analysts expected earnings of $1.64 a share, according to a poll by Thomson Reuters.

Revenue climbed 4 percent to $4.57 billion, again ahead of the $4.26 billion forecast by analysts.

Sales at Kohl’s stores opened for at least 12 months were up 3.1 percent, better than the 2.7 percent increase that analysts were expecting.

“What excites [us] most about the story is the company’s potential pipeline of multi-year traffic drivers, including its Amazon Returns partnership and subleasing excess space to other high-frequency concepts,” Gordon Haskett analyst Chuck Grom said.

Still, Kohl’s shares fell as much as 4.6 percent in premarket trading on the news.

The department store chain said it’s men’s and women’s apparel segments were the strongest during the quarter, followed by shoes. It also reported stronger gross margins thanks to a heightened focus of late on trimming excess inventory and selling more items at full price.

“We saw strength across the business — both our store and digital channels, all regions of the country, and our proprietary and national brands,” CEO Michelle Gass said in a statement.

Looking to the full year, Kohl’s now expects to earn between $4.96 and $5.36 per share, compared with a prior range of between $4.86 and $5.31 a share. Analysts surveyed by Thomson Reuters were calling for earnings per share of $5.39.


Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: lauren thomas, nicole ohara
Keywords: news, cnbc, companies, kohls, shares, stores, amazon, sales, store, slide, expectations, wall, despite, traffic, topping, earnings, profit, street, analysts, share


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