Stocks slide as Huawei fallout drags down Qualcomm, other tech shares

Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice. That’s difficult because “Huawei has its tentacles in so many parts of technology sector.


Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice. That’s difficult because “Huawei has its tentacles in so many parts of technology sector.
Stocks slide as Huawei fallout drags down Qualcomm, other tech shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: fred imbert
Keywords: news, cnbc, companies, slide, companies, qualcomm, technology, tech, lagged, stocks, shares, drags, fallout, points, dropping, chinese, sector, business, thats, huawei


Stocks slide as Huawei fallout drags down Qualcomm, other tech shares

Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector.

The Dow Jones Industrial Average declined by 84.1 points to 25,679.90 as Apple lagged. The 30-stock index dropped as much as 203 points earlier in the day. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38.

Alphabet’s Google has suspended business with Huawei that involves transferring hardware, software and other technical services. The U.S. search giant’s decision follows President Donald Trump’s administration adding Huawei to a list that required U.S. companies get a license to do business with the Chinese company. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice.

“If this remains enforced, it’s going to create some opportunity, but clearly companies are working with their compliance departments to get out of the way of this Huawei situation,” said Quincy Krosby, chief market strategist at Prudential Financial. That’s difficult because “Huawei has its tentacles in so many parts of technology sector. That’s why this is not a one-day event.”


Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: fred imbert
Keywords: news, cnbc, companies, slide, companies, qualcomm, technology, tech, lagged, stocks, shares, drags, fallout, points, dropping, chinese, sector, business, thats, huawei


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Shares of Huawei’s American suppliers slide, but the Chinese giant says it can survive US blacklist

Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant. That means American firms will need to get a license from the government to sell or transfer technology to Huawei. Huawei, for its part, said the U.S. government’s move could meaningfully hurt such American firms. US company reactionCNBC reached out to 11 U.S.-listed Huawei suppliers. A concern is that there coul


Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant. That means American firms will need to get a license from the government to sell or transfer technology to Huawei. Huawei, for its part, said the U.S. government’s move could meaningfully hurt such American firms. US company reactionCNBC reached out to 11 U.S.-listed Huawei suppliers. A concern is that there coul
Shares of Huawei’s American suppliers slide, but the Chinese giant says it can survive US blacklist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: arjun kharpal
Keywords: news, cnbc, companies, survive, huawei, suppliers, business, huaweis, blacklist, told, technology, chinese, spare, shares, slide, american, firms, components, companies, giant


Shares of Huawei's American suppliers slide, but the Chinese giant says it can survive US blacklist

Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant. Earlier this week, Huawei was added to the U.S. Bureau of Industry and Security’s so-called Entity List. That means American firms will need to get a license from the government to sell or transfer technology to Huawei. Huawei has over 30 U.S. companies that it deems “core suppliers,” selling it components to go in everything from its smartphones to its telecom networking equipment. Many of those firms are publicly listed and took a battering by the close of U.S. trade on Thursday. Qualcomm was down 4%, Micron was nearly 3% lower, and semiconductor firms Qorvo and Skyworks were down 7% and 6%, respectively. CNBC reached out to all four of those companies for comment about Huawei’s inclusion on the Entity List. None have replied.

Huawei, for its part, said the U.S. government’s move could meaningfully hurt such American firms. “This decision is in no one’s interest. It will do significant economic harm to the American companies with which Huawei does business, affect tens of thousands of American jobs, and disrupt the current collaboration and mutual trust that exist on the global supply chain,” a Huawei spokesperson said on Friday. “Huawei will seek remedies immediately and find a resolution to this matter. We will also proactively endeavor to mitigate the impacts of this incident.”

Huawei’s ‘spare tires’

It appeared that Huawei has been preparing for this situation for some time. The world’s largest telecom equipment maker told some suppliers six months ago that it wanted to build up a year’s worth of crucial components to prepare for any U.S.-China trade war-related issues, according to a report from the Nikkei Asian Review on Friday. Over the past few years, Huawei has also been trying to reduce its reliance on U.S. companies by investing in its own chip technology for consumer products, particularly smartphone processors and 5G chips. 5G refers to the next generation of mobile networks which promises super-fast speeds and the ability to support new technologies like driverless cars. He Tingbo, president of Huawei chip division Hi-Silicon, called the American decision to put it on the Entity List “insane” in a letter to employees translated by CNBC. She said the company has been preparing for it for several years, and that Huawei has been creating “spare tires” — apparently referring to extra components that would allow the company to survive if the U.S. cut off the fresh supply. “All the ‘spare tires’ we’ve created are no longer spare,” He said in the letter.

The Huawei logo is seen on the side of the main building at the company’s production campus on April 25, 2019 in Dongguan, near Shenzhen, China. Kevin Frayer | Getty Images News | Getty Images

The stockpiling along with the development of its own chip technology could help Huawei weather the storm in the near term, experts said. Still, it’s bad news for major suppliers. “While it could hit Huawei quite a bit, it will also hit these companies as Huawei has grown big enough to be substantial portion of these companies’ revenues,” Neil Shah, a research director at Counterpoint Research told CNBC. “Huawei has … started to stock enough components for next 8-12 months so ideally should be little affected in the near term. Huawei would be expecting to get this resolved by then but there will always be a hanging sword,” Shah added.

Stockpiles may not be enough

While Huawei has been investing in some components, there are other parts that make up a smartphone for which it doesn’t have its own technology and for which it heavily relies on American parts. “It’ll be catastrophic for Huawei,” Edward Snyder, managing director of Charter Equity Research, told “Squawk Box Asia” on Friday. “So yes, they have some internal (parts), but they’re missing a large portion of what they need to do the most advanced stuff, and there’s no way around buying American for that,” he added.

The analyst said that Huawei’s smartphone business, which has helped drive the consumer division to be the company’s biggest by revenues, could “suffer.” “Huawei’s phone business is going to suffer, in my opinion, significantly from this, and that means they’re going to lose shares. Well someone’s going to sell those phones, and it won’t be ZTE, because they don’t have much of a phone business at all. It’ll probably be Samsung, and maybe perhaps other (original equipment manufacturers) like Oppo, Vivo, Xiaomi who do buy a lot of Qualcomm, ” Snyder said.

US company reaction

CNBC reached out to 11 U.S.-listed Huawei suppliers. Corning, a maker of specialist glass, said it will continue to comply with trade regulations. “Corning’s optical communications business segment has a large global customer base. We are confident that our optical communications business segment will remain on track to deliver on its goal of $5 billion in 2020 sales, with continued growth beyond,” a spokesperson told CNBC. “We do not believe that this issue will have a material impact on Corning’s overall financial performance.” A spokesperson for Flex, a U.S.-listed design and manufacturing company, said it is “monitoring the situation closely and reviewing” the Entity List to determine the impact on its business. Several other companies have not replied to CNBC’s request for comment. A concern is that there could be some retaliation from the Chinese government to suppliers with exposure to China, such as Qualcomm. But analysts said they are not worried about that yet.

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Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: arjun kharpal
Keywords: news, cnbc, companies, survive, huawei, suppliers, business, huaweis, blacklist, told, technology, chinese, spare, shares, slide, american, firms, components, companies, giant


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MSG Networks slide after New York Knicks lose Zion Williamson sweepstakes at NBA lottery

(Shares of MSG Networks fell more than 2% on Wednesday after the New York Knicks lost out on the coveted No. 1 pick in this year’s NBA draft. The Knicks received the third overall pick in for next month’s draft at Tuesday night’s NBA draft lottery, meaning they will likely miss out on projected No. 1 pick and Duke University phenomenon, Zion Williamson. Williamson was named the National College Player of the Year for 2019 and is widely considered the best prospect since superstar LeBron James.


(Shares of MSG Networks fell more than 2% on Wednesday after the New York Knicks lost out on the coveted No. 1 pick in this year’s NBA draft. The Knicks received the third overall pick in for next month’s draft at Tuesday night’s NBA draft lottery, meaning they will likely miss out on projected No. 1 pick and Duke University phenomenon, Zion Williamson. Williamson was named the National College Player of the Year for 2019 and is widely considered the best prospect since superstar LeBron James.
MSG Networks slide after New York Knicks lose Zion Williamson sweepstakes at NBA lottery Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: fred imbert
Keywords: news, cnbc, companies, 2019, widely, zion, slide, duke, lose, draft, nba, williamson, lottery, pick, msg, york, sweepstakes, networks, knicks


MSG Networks slide after New York Knicks lose Zion Williamson sweepstakes at NBA lottery

Alternate crop.) Zion Williamson #1 of the Duke Blue Devils dunks the ball against the Syracuse Orange during their game in the quarterfinal round of the 2019 Men’s ACC Basketball Tournament at Spectrum Center on March 14, 2019 in Charlotte, North Carolina. (

Shares of MSG Networks fell more than 2% on Wednesday after the New York Knicks lost out on the coveted No. 1 pick in this year’s NBA draft.

The Knicks received the third overall pick in for next month’s draft at Tuesday night’s NBA draft lottery, meaning they will likely miss out on projected No. 1 pick and Duke University phenomenon, Zion Williamson. Williamson was named the National College Player of the Year for 2019 and is widely considered the best prospect since superstar LeBron James.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: fred imbert
Keywords: news, cnbc, companies, 2019, widely, zion, slide, duke, lose, draft, nba, williamson, lottery, pick, msg, york, sweepstakes, networks, knicks


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Millions are using this Japanese-inspired technique to radically improve their presentations—here’s how it works

But a Japanese-inspired presentation technique has become increasingly popular in the past few years. The format forces you to speak more concisely and clearly by allowing just 20 slides and just 20 seconds to present each slide. You only get 20 slides. If you can’t fill in the blanks for a given topic or slide, don’t include it. Finally, it’s important to practice getting to your point in 20 seconds while speaking with ease and flow.


But a Japanese-inspired presentation technique has become increasingly popular in the past few years. The format forces you to speak more concisely and clearly by allowing just 20 slides and just 20 seconds to present each slide. You only get 20 slides. If you can’t fill in the blanks for a given topic or slide, don’t include it. Finally, it’s important to practice getting to your point in 20 seconds while speaking with ease and flow.
Millions are using this Japanese-inspired technique to radically improve their presentations—here’s how it works Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: mark murphy
Keywords: news, cnbc, companies, works, technique, improve, presentationsheres, audience, youre, millions, seconds, radically, presentation, slides, dont, 20, using, slide, japaneseinspired, words


Millions are using this Japanese-inspired technique to radically improve their presentations—here's how it works

Too many slides, the wrong kinds of slides, rambling and a lack of direction. These are just a few of the most common PowerPoint sins. But a Japanese-inspired presentation technique has become increasingly popular in the past few years. The PechaKucha (which means “chit-chat” in Japanese) technique was created in 2003 by Tokyo-based architects Astrid Klein and Mark Dytham. Since then, it has been used by millions of people all across the world, according to the creators. The message of PechaKucha is simple: The less you say, the more valuable your presentation becomes. And it’s not just for business purposes — speakers, elementary schools and universities also use PechaKucha as an educational tool. The format forces you to speak more concisely and clearly by allowing just 20 slides and just 20 seconds to present each slide. That won’t be easy, but the technique forces a new way of thinking that eliminates the excess and leads to shorter, more creative and highly polished presentations.

What’s your presentation style?

The best presentations have a clear style. Before you start, determine what your presentation style is.

Are you a Data Scientist (you use facts and analytics)? Are you a Storyteller (you create emotional connections)? Are you a Closer (you cut to the chase and deliver the bottom line)? Or, are you a Director (you only stick to the script)? It’s also important to consider your audience and the nature of what you’re presenting. For a deeper understanding of the presentation style that best fits you, take the quiz here.

The 5 rules of PechaKucha

1. You only get 20 slides. That’s it. For each slide, ask yourself, “What will the audience learn from this slide? What questions might they ask? Is this topic relevant to the main objective of the presentation?” If you can’t fill in the blanks for a given topic or slide, don’t include it. 2. You only get 20 seconds of commentary for each slide. You don’t have to speak for all 20 seconds. For some slides, you can simply leave it on display and allow the audience time to digest. If you have trouble cutting down the script, try describing the slide in 30 seconds. Then, turn it into a single sentence, and then down to three words. Finding your objective can be the hardest part of preparing a presentation. By not putting time and effort into this, you’re almost guaranteed to wander off course and lose your audience. 3. Your words should be visual. As you develop the language you’ll use in your presentation, choose words with high imagery value. Forget about corporate gobbledygook, and don’t fall for the misguided notion that the more abstractly you speak, the smarter you’ll sound. When your audience actually understands what you’re talking about, both you and your presentation will appear absolutely brilliant. 4. No complex diagrams and text-heavy bullet points. Overdoing it with the text and complex diagrams will cause your presentation to wander off course, and your audience will lose interest. Keep text to a minimum and give every image or graphic a discernible “holy mackerel” point that’s easy to digest. A good rule of thumb is to use words and visuals that complement, not mirror each other. You want your audience to think, I get exactly what this person is talking about. 5. Practice until you get it right. Finally, it’s important to practice getting to your point in 20 seconds while speaking with ease and flow. Practice in front of a makeshift audience and ask them what they learned. Mark Murphy is a NYT best-selling author and founder of Leadership IQ. He has been ranked as a Top 30 Leadership Guru and his work has appeared in The Wall Street Journal, The New York Times, Fortune, Forbes and Bloomberg. He has also appeared on CNN, NPR and CBS News Sunday Morning. Follow him on Twitter Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: Stop making these 5 common email mistakes at work—here’s how to actually get a reply

Author who studied millionaires for 5 years: Don’t play the lottery if you want to retire rich


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: mark murphy
Keywords: news, cnbc, companies, works, technique, improve, presentationsheres, audience, youre, millions, seconds, radically, presentation, slides, dont, 20, using, slide, japaneseinspired, words


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The bond market has been spooked and so the big interest rate slide is likely not over

The Fed left interest rates unchanged after its meeting Wednesday, but released new forecasts showing no more interest rate hikes this year, down from a prior forecast for two more. Bond pros said some of the week’s market moves have been perplexing, and many blamed them on quarter end portfolio maneuvers and on other technical factors, such as convexity buying or hedging. The fund manager, may in turn look to the Treasury market to make up for that portfolio ‘duration.’ “That implies if he make


The Fed left interest rates unchanged after its meeting Wednesday, but released new forecasts showing no more interest rate hikes this year, down from a prior forecast for two more. Bond pros said some of the week’s market moves have been perplexing, and many blamed them on quarter end portfolio maneuvers and on other technical factors, such as convexity buying or hedging. The fund manager, may in turn look to the Treasury market to make up for that portfolio ‘duration.’ “That implies if he make
The bond market has been spooked and so the big interest rate slide is likely not over Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: patti domm, scott olson, getty images
Keywords: news, cnbc, companies, rate, moves, spooked, market, bond, big, rates, end, week, outlook, interest, likely, slide, fed, negative, yields, treasury


The bond market has been spooked and so the big interest rate slide is likely not over

The Fed left interest rates unchanged after its meeting Wednesday, but released new forecasts showing no more interest rate hikes this year, down from a prior forecast for two more. It also said it would end its program to unwind its balance sheet in September.

“There’s no doubt the Fed caught people by surprise by pivoting more last week to lean more dovishly than even we, or others with a dovish view expected,” said Julian Emanuel, BTIG head of equity and derivatives strategy.

Bond pros said some of the week’s market moves have been perplexing, and many blamed them on quarter end portfolio maneuvers and on other technical factors, such as convexity buying or hedging.

Convexity buying might occur when homeowners refinance their mortgages, eliminating securities that fund managers had expected to hold for several more years. The fund manager, may in turn look to the Treasury market to make up for that portfolio ‘duration.’ Strategist say convexity-related buying was weighing on the 10-year Treasury yield in recent sessions.

“{The Fed] was the catalyst that opened up the window…It’s more about what did the Fed know and what are they worried about. They pulled a 180, and they pulled another 90 degrees on easing last week. What is they they know that they’re not telling us,” said Andrew Brenner of National Alliance. “What you have here is a fear of something happening in Europe. Even Draghi this morning make comments that he’s very worried.”

European Central Bank President Mario Draghi spoke ahead of the U.S. market open Wednesday, and yields at that point fell to their low of the day when he suggested he could give some relief to banks on negative rates, said Peter Boockvar, chief investment strategist at Bleakley Advisory Group.

“That implies if he makes a tweak, he’ll be able to deal with negative rates for longer. I think that ‘s why you got anotehr leg down on European bond yields, which are dragging our yields lower,” Boockvar said.

Analysts said yields could head even lower, but that a positive stream of economic data or a substantial U.S. China trade deal could help reverse the move.

While pressure could remain on yields, the worst of the moves could be coming to an end. Strategists said some of the technical factors should fade as the quarter end passes.

Although Treasury yields hit a fresh intraday low, the fact that the market saw sellers was encouraging, as yields regained some ground. Strategists also pointed to a weaker 5-year auction Wednesday afternoon, after Tuesday’s strong demand for 2-year notes.

“This is encouraging that we might be finding a footing, but it’s too soon to tell,” said Mark Cabana, head of U.S. short rate strategy at Bank of America Merrill Lynch.

While some of the bond moves can be be explained away, the outstanding question is what changed to force a massive repositioning in bond holdings.

“I think it’s a little bit of feeding off of itself in terms of concerns. The questions we’ve been asking yourself is what’s changed in the past week. The things that have changed are the Fed’s reaction function, or their outlook. It’s a lot more dovish than we thought. Their outlook is a little less optimistic than we thought,” said Cabana. He pointed to the negative German but said the outlook is just slightly worse than it had been.


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: patti domm, scott olson, getty images
Keywords: news, cnbc, companies, rate, moves, spooked, market, bond, big, rates, end, week, outlook, interest, likely, slide, fed, negative, yields, treasury


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StanChart: The risk of a hard Brexit seems to be ‘diminishing’

StanChart: The risk of a hard Brexit seems to be ‘diminishing’9 Hours AgoSteven Englander of Standard Chartered Bank says the British pound could have a “disorderly slide” if a hard Brexit looked likely.


StanChart: The risk of a hard Brexit seems to be ‘diminishing’9 Hours AgoSteven Englander of Standard Chartered Bank says the British pound could have a “disorderly slide” if a hard Brexit looked likely.
StanChart: The risk of a hard Brexit seems to be ‘diminishing’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18
Keywords: news, cnbc, companies, brexit, likely, hours, looked, diminishing, hard, standard, stanchart, slide, pound, risk


StanChart: The risk of a hard Brexit seems to be 'diminishing'

StanChart: The risk of a hard Brexit seems to be ‘diminishing’

9 Hours Ago

Steven Englander of Standard Chartered Bank says the British pound could have a “disorderly slide” if a hard Brexit looked likely.


Company: cnbc, Activity: cnbc, Date: 2019-03-18
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Salesforce shares slide on disappointing earnings and revenue forecast

Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance. 70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to


Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance. 70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to
Salesforce shares slide on disappointing earnings and revenue forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, excluding, revenue, salesforce, earnings, share, cents, shares, disappointing, billion, items, slide, certain, forecast, analysts


Salesforce shares slide on disappointing earnings and revenue forecast

Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance.

Here are the key numbers for the fourth quarter:

Earnings: 70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv.

70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv. Revenue: $3.60 billion, vs. $3.56 billion as expected by analysts, according to Refinitiv.

For fiscal 2019 and the latest quarter, revenue rose 26 percent, Salesforce said. Full-year revenue reached $13.28 billion.

Subscription and support revenue accounted for $3.38 billion of sales in the quarter, with professional services coming in at $228 million.

The stock traded lower on Salesforce’s forecast for earnings per share of 60 cents to 61 cents on $3.67 billion to $3.68 in revenue in the fiscal first quarter. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue.

Full-year guidance was in line with estimates. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to $2.76 in earnings per share, excluding certain items, on $15.95 billion to $16.05 billion in revenue. Refinitiv estimates were $2.75 in earnings per share, excluding certain items, and revenue of $15.99 billion.

Salesforce shares have gained 16 percent this year and 30 percent in the past 12 months.

Executives will discuss the results with analysts on a conference call at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

WATCH: Salesforce can still do well in this market, says expert


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, excluding, revenue, salesforce, earnings, share, cents, shares, disappointing, billion, items, slide, certain, forecast, analysts


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Salesforce shares slide on disappointing earnings and revenue forecast

Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance. 70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to


Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance. 70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to
Salesforce shares slide on disappointing earnings and revenue forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, excluding, revenue, salesforce, earnings, share, cents, shares, disappointing, billion, items, slide, certain, forecast, analysts


Salesforce shares slide on disappointing earnings and revenue forecast

Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance.

Here are the key numbers for the fourth quarter:

Earnings: 70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv.

70 cents per share, excluding certain items, vs. 55 cents per share as expected by analysts, according to Refinitiv. Revenue: $3.60 billion, vs. $3.56 billion as expected by analysts, according to Refinitiv.

For fiscal 2019 and the latest quarter, revenue rose 26 percent, Salesforce said. Full-year revenue reached $13.28 billion.

Subscription and support revenue accounted for $3.38 billion of sales in the quarter, with professional services coming in at $228 million.

The stock traded lower on Salesforce’s forecast for earnings per share of 60 cents to 61 cents on $3.67 billion to $3.68 in revenue in the fiscal first quarter. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue.

Full-year guidance was in line with estimates. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to $2.76 in earnings per share, excluding certain items, on $15.95 billion to $16.05 billion in revenue. Refinitiv estimates were $2.75 in earnings per share, excluding certain items, and revenue of $15.99 billion.

Salesforce shares have gained 16 percent this year and 30 percent in the past 12 months.

Executives will discuss the results with analysts on a conference call at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

WATCH: Salesforce can still do well in this market, says expert


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jordan novet, adam galica
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Australia’s Crown Resorts stung by drop in Chinese spending, shares slide

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years. Turnover from “VIPs” — largely Chinese tourists on package holidays — fell 12 percent compared to a 16 percent rise in the year-ago period. The decline shows the far-reaching effects of a cooling in Chinese spending that has already driven exporters like Australian vitamin ma


Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years. Turnover from “VIPs” — largely Chinese tourists on package holidays — fell 12 percent compared to a 16 percent rise in the year-ago period. The decline shows the far-reaching effects of a cooling in Chinese spending that has already driven exporters like Australian vitamin ma
Australia’s Crown Resorts stung by drop in Chinese spending, shares slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott barbour, getty images
Keywords: news, cnbc, companies, stung, tourists, profit, shares, china, resorts, million, fell, slide, chinese, drop, biggest, australias, vip, crown, spending, company


Australia's Crown Resorts stung by drop in Chinese spending, shares slide

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years.

Crown, which is owned 47 percent by billionaire James Packer, also posted a weaker than expected profit for the six months to December. Turnover from “VIPs” — largely Chinese tourists on package holidays — fell 12 percent compared to a 16 percent rise in the year-ago period.

“People at the premium end have been coming to the property in the same numbers but spending less,” said Chief Financial Officer Ken Barton on an earnings call.

“We’re seeing casual restaurants doing better than premium restaurants,” he added.

The decline shows the far-reaching effects of a cooling in Chinese spending that has already driven exporters like Australian vitamin maker Blackmores to lower profit guidance and iPhone maker Apple to issue a revenue warning.

That has been against the backdrop of a China-U.S. trade war and a Sino-Australian diplomatic dispute over accusations of undue political interference.

Shares of Crown fell as much as 6.5 percent on Wednesday, their biggest daily percentage drop since October 2016 when 18 of its staff were arrested in China for breaking local laws by selling gambling trips there. The broader market was down 0.2 percent.

“As a destination for Chinese money, particularly on the discretionary side, we have been putting up a fair barrier,” said James McGlew, executive director of corporate stockbroking at Argonaut Ltd.

“There’s clearly a mood in China that Australia is a little on the nose. That has to feed through.”

Since the China arrests, Crown has pulled back from its Asia expansion plans and instead relied on high-rolling Chinese tourists at home to grow profit.

The company is counting on the VIP market to pay for a new A$2.2 billion casino on the Sydney waterfront.

But while tourist numbers are up — 1.4 million Chinese tourists visited Australia in 2018, up 13 percent — the amount they are spending is in decline, says Crown.

“The new Sydney development should help … but if VIP is weak because China is slowing further, the initial earnings contribution will be weak too once it opens,” said Nathan Bell, a portfolio manager at InvestSmart.

Gambling revenue in the Chinese island of Macau, the world’s biggest casino destination, fell in January for the first time in more than two years partly due to slowing economic growth and the effects of trade tensions.

Crown gave no outlook on Wednesday for its VIP business.

The company said normalised net profit, which removes variance in win rates, grew less than 1 percent in the half-year to A$194.1 million ($139 million). Pre-tax profit came in at A$432.5 million compared with analyst forecasts of A$450 million.

Normalised revenue fell 1.2 percent, and the company kept its interim dividend steady at 30 Australian cents.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott barbour, getty images
Keywords: news, cnbc, companies, stung, tourists, profit, shares, china, resorts, million, fell, slide, chinese, drop, biggest, australias, vip, crown, spending, company


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Australia Christmas retail sales slide in further blow to economy

Australian retail sales slumped in December, capping a lousy quarter of disappointing data in yet another blow for the economic outlook and bolstering expectations the next move in policy rates would be down. Tuesday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales fell 0.4 percent in December, the worst monthly outcome since a 0.5 percent drop in December 2017. December’s pullback, in part, reflected the impact of discount sales in November which brought spending for


Australian retail sales slumped in December, capping a lousy quarter of disappointing data in yet another blow for the economic outlook and bolstering expectations the next move in policy rates would be down. Tuesday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales fell 0.4 percent in December, the worst monthly outcome since a 0.5 percent drop in December 2017. December’s pullback, in part, reflected the impact of discount sales in November which brought spending for
Australia Christmas retail sales slide in further blow to economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: hanna lassen, getty images news, getty images
Keywords: news, cnbc, companies, blow, outlook, rate, australia, rates, christmas, spending, policy, terms, retail, slide, rba, sales, quarter, economy


Australia Christmas retail sales slide in further blow to economy

Australian retail sales slumped in December, capping a lousy quarter of disappointing data in yet another blow for the economic outlook and bolstering expectations the next move in policy rates would be down.

Tuesday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales fell 0.4 percent in December, the worst monthly outcome since a 0.5 percent drop in December 2017.

That compares with expectations for a 0.1 percent decline and an upwardly revised 0.5 percent gain in November thanks to by Black Friday promotions.

Tuesday’s dismal data emboldened rate doves and sent the local dollar below crucial chart support of $0.7200. The Aussie was last fetching 0.7195, a level not seen since Jan.30.

December’s pullback, in part, reflected the impact of discount sales in November which brought spending forward. Online sales added a mere 2.2 percent in original terms in December, after solid gains of 17.8 percent and 10.5 percent in November and October respectively.

For the fourth quarter as a whole, sales were up a mere 0.1 percent in inflation-adjusted terms, and followed a very sedate 0.2 percent gain the previous quarter.

The soft quarter adds to growing evidence of a bumpy outlook for the A$1.8 trillion economy, given household spending accounts for around 57 percent of annual gross domestic product, with property prices also in a downward spiral over the past year.

Consumer spending has been under pressure from record-high household debt and sluggish wage growth, one reason some investors believe the Reserve Bank of Australia (RBA) could now consider cutting interest rates from an all-time low of 1.50 percent.

Calls from some analysts for the RBA to ease policy has intensified in recent weeks as unwelcome economic news at home and abroad are challenging policymakers’ dogged optimism on growth and their insistence the next move in interest rates will be up.

The RBA is all but certain to leave policy unchanged at its first meeting of 2019 later on Tuesday after sitting on the fence since August 2016.

Futures markets imply around a 50-50 chance of a cut by the end of the year, a remarkable turnaround from just a couple of months ago when investors were positioned for a rate hike.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: hanna lassen, getty images news, getty images
Keywords: news, cnbc, companies, blow, outlook, rate, australia, rates, christmas, spending, policy, terms, retail, slide, rba, sales, quarter, economy


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