Earnings season gets off to a great start with only two misses

Of the 11 S&P 500 companies that reported earnings before the bell on Tuesday, only two missed Wall Street’s estimates. “Ahead of each earnings season in 2019 the consensus estimates were calling for negative earnings growth but as companies report we see results coming in better-than-feared,” said Nick Raich, chief executive officer of The Earnings Scouting Report. Johnson & Johnson shares boomed after better-than-expected drug sales out-shined rising concerns about legal costs. When all 500 co


Of the 11 S&P 500 companies that reported earnings before the bell on Tuesday, only two missed Wall Street’s estimates. “Ahead of each earnings season in 2019 the consensus estimates were calling for negative earnings growth but as companies report we see results coming in better-than-feared,” said Nick Raich, chief executive officer of The Earnings Scouting Report. Johnson & Johnson shares boomed after better-than-expected drug sales out-shined rising concerns about legal costs. When all 500 co
Earnings season gets off to a great start with only two misses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, report, misses, gets, season, companies, great, 500, johnson, reported, start, earnings, growth, raich


Earnings season gets off to a great start with only two misses

The unofficial start to earnings season is off to a bullish beginning with companies like UnitedHealth, Johnson & Johnson, and J.P. Morgan Chase all blowing past analysts’ expectations, easing concerns that the China-U.S. trade battle would derail the economy.

Of the 11 S&P 500 companies that reported earnings before the bell on Tuesday, only two missed Wall Street’s estimates.

“Ahead of each earnings season in 2019 the consensus estimates were calling for negative earnings growth but as companies report we see results coming in better-than-feared,” said Nick Raich, chief executive officer of The Earnings Scouting Report.

Earnings for the S&P 500 are expected to decline by 4.6% this quarter, after growing by more than 3% in the second quarter, according to FactSet. This trend has not played out so far this season. Including those that reported this morning, 34 S&P 500 companies have reported third-quarter results and 26 of 34 companies have reported positive EPS growth, according to The Earnings Scouting Report.

UnitedHealth shares surged 7% after raising its profit outlook, easing concerns that rising medicals costs and election uncertainty would hurt its future earnings. The largest U.S. health insurer showed strength in its core business of selling health plans and its pharmacy benefits group.

Johnson & Johnson shares boomed after better-than-expected drug sales out-shined rising concerns about legal costs. And J.P. Morgan Chase jumped 4% after the bank said revenue rose 8% to a record $30.1 billion, bolstered by its consumer banking operation offsetting the impact of lower interest rates.

On the downside, major U.S. bank Goldman Sachs reported a rare miss in profits. Investment banking produced $1.69 billion in revenue, below the $1.72 billion estimate. Wells Fargo was the only other company to miss on earnings, as the embattled company navigates its restructuring operations. But Wells Fargo traded higher 3% as investors seemed to welcome the bank’s new chief Charles Scharf set to begin his role next week.

Global growth worries and U.S.-China trade war fear have caused companies and analysts to be apprehensive and therefore give very conservative estimates, Raich added.

“There’s definitely a slowdown” but it’s not as bad as feared, said Raich.

When all 500 companies eventually report, Raich expects flat to upward earnings growth for the quarter.

“That better-than-feared trend is persisting in the early reporters and that will persist the remainder of earnings season,” said Raich.

J.B. Hunt and United Airlines are set to report after the bell on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, report, misses, gets, season, companies, great, 500, johnson, reported, start, earnings, growth, raich


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JP Morgan marks a strong start to earnings season—here’s what Wells Fargo’s former CEO and other experts are saying

Experts, including Wells Fargo’s former CEO, were impressed by J.P. Morgan’s record revenue, but are largely biding their time with the others. Here’s what they’re saying:Richard Kovacevich, who was CEO of Wells Fargo from the late 1990s to the mid-2000s, found little to be enthusiastic about apart from J.P. Morgan. Jeff Harte, principal of Sandler O’Neill & Partners, said J.P. Morgan’s results could bode well for other parts of the financial sector:”The standout here, I think, is J.P. Morgan’s


Experts, including Wells Fargo’s former CEO, were impressed by J.P. Morgan’s record revenue, but are largely biding their time with the others. Here’s what they’re saying:Richard Kovacevich, who was CEO of Wells Fargo from the late 1990s to the mid-2000s, found little to be enthusiastic about apart from J.P. Morgan. Jeff Harte, principal of Sandler O’Neill & Partners, said J.P. Morgan’s results could bode well for other parts of the financial sector:”The standout here, I think, is J.P. Morgan’s
JP Morgan marks a strong start to earnings season—here’s what Wells Fargo’s former CEO and other experts are saying Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lizzy gurdus
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JP Morgan marks a strong start to earnings season—here's what Wells Fargo's former CEO and other experts are saying

Call it a financial frenzy.

Big banks J.P. Morgan Chase, Citigroup, Wells Fargo and Goldman Sachs kicked off earnings season with their reports Tuesday, with J.P. Morgan leading the pack and the broader market higher after surprising Wall Street to the upside.

Experts, including Wells Fargo’s former CEO, were impressed by J.P. Morgan’s record revenue, but are largely biding their time with the others.

Here’s what they’re saying:

Richard Kovacevich, who was CEO of Wells Fargo from the late 1990s to the mid-2000s, found little to be enthusiastic about apart from J.P. Morgan.

“J.P. Morgan’s the outlier on a positive side, and the rest is pretty much as expected given the economic situation, the interest rate situation and the … uncertainties out there relative to trade that I think [have] reduced the confidence in the business community and therefore we’ve had less investment than might be the case if we had better news on the trade front.”

Jeff Harte, principal of Sandler O’Neill & Partners, said J.P. Morgan’s results could bode well for other parts of the financial sector:

“The standout here, I think, is J.P. Morgan’s results, how good they are. And I think the read-through for their peers is pretty positive here as well. … I think, as you look forward, this should be good news for the peer group, but … certainly better for the more commercial-bank-heavy players than necessarily investment-banking-centric players.”

Marty Mosby, director of bank and equity strategy at Vining Sparks, broke down the biggest beneficiaries:

“If you look at the difference that J.P. Morgan’s been able to see in the positive, part of that’s related to other income related to selling loans. Their tax rate was a little bit lower, so that’s about a third of it. You look at the other third – that’s going to be loan loss provision, which is going to be lower. So … those credit costs? They’re staying flat. They’re not going up at all. So, every time you see the market kind of anticipating that next leg up, it just hasn’t happened yet. So, those credit costs are low; Goldman Sachs doesn’t get that benefit. They haven’t built a loan book, so they don’t get that provision benefit. And then lastly, what you have is the investment banking and just what we saw in the [Fixed Income Clearing Corp.] business. That was the other third of the benefit that they got this quarter. … What we believe is you have some longer-term turnaround stories. And that’s Goldman, what they’re doing in their business mix. That’s what you’re going to see with Wells [Fargo] over time. And that’s what you’re going to see with State Street, actually. And we think State Street actually may be ahead of those other two in their inflection point. If you look at where we think the core in banking that can perform better than the rest [is], it’s really those super-regional banks.”

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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lizzy gurdus
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Vague US-China deal fails to ‘clear the air’ for companies to start spending and investing again

While President Donald Trump says he has a trade deal in place, the Chinese side is calling it progress – as corporate spending and investment hangs in the balance. Wall Street analysts were largely skeptical of Trump’s announcement on Friday of a substantial trade deal, as Evercore ISI strategists noted that it “focused on the low-hanging fruit, with a lot vague or not addressed.” Before Chinese President Xi Jinping signs the “phase one” trad agreement, the nation’s negotiators want to add more


While President Donald Trump says he has a trade deal in place, the Chinese side is calling it progress – as corporate spending and investment hangs in the balance. Wall Street analysts were largely skeptical of Trump’s announcement on Friday of a substantial trade deal, as Evercore ISI strategists noted that it “focused on the low-hanging fruit, with a lot vague or not addressed.” Before Chinese President Xi Jinping signs the “phase one” trad agreement, the nation’s negotiators want to add more
Vague US-China deal fails to ‘clear the air’ for companies to start spending and investing again Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: michael sheetz
Keywords: news, cnbc, companies, early, investing, deal, companies, clear, spending, start, round, vague, told, tariffs, chinese, uschina, president, air, fails, trade, phase, suisse


Vague US-China deal fails to 'clear the air' for companies to start spending and investing again

While President Donald Trump says he has a trade deal in place, the Chinese side is calling it progress – as corporate spending and investment hangs in the balance.

Wall Street analysts were largely skeptical of Trump’s announcement on Friday of a substantial trade deal, as Evercore ISI strategists noted that it “focused on the low-hanging fruit, with a lot vague or not addressed.”

“Overall, we don’t think this Phase 1 deal clears the air for global corporations to decide on what matters most – where to invest, produce, hire or source,” Evercore said in a note to investors.

China’s trade negotiators want to meet for more talks in the next couple of weeks, people familiar with the matter told CNBC’s Kayla Tausche on Monday. Before Chinese President Xi Jinping signs the “phase one” trad agreement, the nation’s negotiators want to add more detail.

Credit Suisse doubts this “mini-deal” will lead to the end of the U.S. trade war with China, saying it sees “daunting obstacles” to a full resolution. But Credit Suisse does see some good news in the early agreement.

“We believe it sets a floor for markets for at least the next 1-2 months,” Credit Suisse analysts Dan Fineman and Kin Nang Chik said.

Goldman Sachs chief economist Jan Hatzius told investors that, although the scope of the early agreement “looks roughly as expected,” the U.S. has yet to announce a decision regarding the Dec. 15 increased tariffs on Chinese goods. The Dec. 15 tariffs will be part of the next round of negotiations.

“At this point we continue to expect implementation of that tariff round … though likely with a delay into early 2020,” Hatzius said.

Treasury Secretary Steven Mnuchin told CNBC on Monday that if China doesn’t sign the phase one of the deal, then the tariffs scheduled for December will take effect.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: michael sheetz
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Three before you leave — What to watch for Tuesday including the start of earnings season

Bank earnings on deckWe’ll get quarterly earnings from the four largest U.S. banks with Goldman Sachs, J.P. Morgan Chase, Citigroup and Wells Fargo all reporting before the bell on Tuesday. Goldman may take a $264 million write down on its 1.4% stake in WeWork, said Morgan Stanley analyst Betsy Graseck. Overall earnings season kick offThe unofficial start of third-quarter earnings season kicks off on Tuesday. Earnings for the S&P 500 are expected to decline by 4.6% this quarter, after growing by


Bank earnings on deckWe’ll get quarterly earnings from the four largest U.S. banks with Goldman Sachs, J.P. Morgan Chase, Citigroup and Wells Fargo all reporting before the bell on Tuesday. Goldman may take a $264 million write down on its 1.4% stake in WeWork, said Morgan Stanley analyst Betsy Graseck. Overall earnings season kick offThe unofficial start of third-quarter earnings season kicks off on Tuesday. Earnings for the S&P 500 are expected to decline by 4.6% this quarter, after growing by
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Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: maggie fitzgerald
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Three before you leave — What to watch for Tuesday including the start of earnings season

Timothy A. Clary | Getty Images

Here are the most important things to know about Tuesday before you hit the door.

1. Bank earnings on deck

We’ll get quarterly earnings from the four largest U.S. banks with Goldman Sachs, J.P. Morgan Chase, Citigroup and Wells Fargo all reporting before the bell on Tuesday. Wall Street is expecting S&P 500 financial company earnings to drop 2.6% this quarter, according to FactSet, weighed down by the Federal Reserve lowering interest rates twice since July, which pressures bank’s main business of deposits and lending. Some analysts are anticipating disappointing results could come from this year’s over-valued unicorns including Uber’s anticlimactic market debut and pre-IPO bust of WeWork’s valuation. Goldman may take a $264 million write down on its 1.4% stake in WeWork, said Morgan Stanley analyst Betsy Graseck.

2. Overall earnings season kick off

The unofficial start of third-quarter earnings season kicks off on Tuesday. Earnings for the S&P 500 are expected to decline by 4.6% this quarter, after growing by more than 3% in the second quarter, according to FactSet. “Analysts expected declines for the past two quarters that failed to materialize, but the further slowdown in macro data could lead to the first EPS decline since the 2015-16 EPS recession,” said Bank of America equity and quant strategist Savita Subramanian said in a note to clients earlier this month. Along with the major banks, Dow Jones Industrial Average members Johnson & Johnson and UnitedHealth are set to report on Tuesday as well.

3. Manufacturing slump continues?


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, season, factset, leave, johnson, quarter, morgan, expected, start, earnings, banks, including, watch, goldman


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Trade war fallout is holding market ‘hostage,’ top investor says

“The market has basically been held hostage by the trade negotiations,” the firm’s chief investment officer told CNBC’s “Trading Nation” on Friday. We still have trade negotiations going on with the EU [and] the ratification of NAFTA 2.0.” With trade optimism filtering through Wall Street, the Dow rose almost 320 points or 1.2% on Friday. “I’m not totally convinced that the market is going to break out from the range we’ve been in. According to Mills, that’ll suppress recession talk and return o


“The market has basically been held hostage by the trade negotiations,” the firm’s chief investment officer told CNBC’s “Trading Nation” on Friday. We still have trade negotiations going on with the EU [and] the ratification of NAFTA 2.0.” With trade optimism filtering through Wall Street, the Dow rose almost 320 points or 1.2% on Friday. “I’m not totally convinced that the market is going to break out from the range we’ve been in. According to Mills, that’ll suppress recession talk and return o
Trade war fallout is holding market ‘hostage,’ top investor says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: stephanie landsman
Keywords: news, cnbc, companies, market, holding, trade, street, mills, think, start, investor, stocks, wall, going, war, week, hostage, fallout


Trade war fallout is holding market 'hostage,' top investor says

Bryn Mawr’s Jeffrey Mills believes the market needs more time to break out of its slump.

Despite President Donald Trump’s decision to suspend this week’s U.S. tariff increases on $250 billion of Chinese goods, Mills questions whether it’s enough to boost stocks into year-end.

“The market has basically been held hostage by the trade negotiations,” the firm’s chief investment officer told CNBC’s “Trading Nation” on Friday. “I don’t know that we’re out of the woods yet with China. We still have trade negotiations going on with the EU [and] the ratification of NAFTA 2.0.”

Yet, stocks closed the week on a high note. With trade optimism filtering through Wall Street, the Dow rose almost 320 points or 1.2% on Friday. The S&P 500 also rallied more than one percent. Plus, both indexes broke three week losing streaks.

However, Mills, who has $15 billion in assets under management, suggests it’s risky to assume stocks are ready to take off.

“I’m not totally convinced that the market is going to break out from the range we’ve been in. I think range-bound for the rest of the year is probably what’s going to happen,” he said. “My guess is we still get some soft economic data as we go through the end of the year.”

Right now, Mills urges investors to carefully examine their portfolios.

“Make sure the risks you are taking in your portfolio are intentional. You want to be tactical. Play defense for now,” he said. “The economy today is still dealing with the tightening of financial conditions via rising interest rates that we saw in 2018.”

The time to get more aggressive, he added, would be early next year. That’s when Mills would start incorporating cyclical plays.

“When you move into the first quarter of 2020, you’re actually going to see a turn — a bottoming in the global manufacturing sector,” he said.

According to Mills, that’ll suppress recession talk and return optimism to Wall Street even if an official trade deal between the U.S. and China hasn’t happened.

“As long as there is a credible de-escalation where investors don’t think the tariffs will spiral out of control, if you start to get some evidence that the global manufacturing sector is bottoming, that could still help,” Mills said. “The timing could still work.”

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Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: stephanie landsman
Keywords: news, cnbc, companies, market, holding, trade, street, mills, think, start, investor, stocks, wall, going, war, week, hostage, fallout


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Finance experts at FinCon share what they learned from their worst money mistakes

Many experts also admitted that, although they are money savvy now, that wasn’t always the case. Here are some of the worst mistakes the financial gurus of FinCon made:Joseph and Tasha Cochran, One Big Happy Life blogThe mistake: Joseph and Tasha were shocked when they finally sat down and tallied up their debt. The total, between student loans and their mortgage, came to $1 million. What they learned: Now, Joseph says, he wished he hadn’t taken out so many student loans. What he learned: Track


Many experts also admitted that, although they are money savvy now, that wasn’t always the case. Here are some of the worst mistakes the financial gurus of FinCon made:Joseph and Tasha Cochran, One Big Happy Life blogThe mistake: Joseph and Tasha were shocked when they finally sat down and tallied up their debt. The total, between student loans and their mortgage, came to $1 million. What they learned: Now, Joseph says, he wished he hadn’t taken out so many student loans. What he learned: Track
Finance experts at FinCon share what they learned from their worst money mistakes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: aditi shrikant, natalie zfat, myelle lansat
Keywords: news, cnbc, companies, money, finance, student, fincon, financial, lot, loans, experts, rose, mistake, worst, share, start, tasha, mistakes, learned, college


Finance experts at FinCon share what they learned from their worst money mistakes

While attending FinCon 2019, a financial literacy conference in Washington, D.C., the Grow team gleaned lots of great money advice from financial experts, like “avoid the two-income trap” and “start early” when it comes to saving and investing. Many experts also admitted that, although they are money savvy now, that wasn’t always the case. Here are some of the worst mistakes the financial gurus of FinCon made:

Joseph and Tasha Cochran, One Big Happy Life blog

The mistake: Joseph and Tasha were shocked when they finally sat down and tallied up their debt. The total, between student loans and their mortgage, came to $1 million. In retrospect, Joshua realizes that some of that debt may have been avoidable, especially in college: “I studied abroad. I spent an extra semester in school,” he says. What they learned: Now, Joseph says, he wished he hadn’t taken out so many student loans. Tasha adds that it’s a good idea to look into less expensive options. “There are so many opportunities to continue to invest in your education beyond traditional college,” she says. For example, some students start off at a community college and then transfer.

Jeff Rose, certified financial planner

The mistake: Rose says he “used to waste money” on clothes and dining out: “When I started recognizing how much I could have had, how much I could have earned had I invested a lot sooner, definitely a lot of regrets there.” What he learned: Track your money to discover where it’s actually going and make a plan for how to spend it the right way. If talking to his younger self, he says, “I would first tell him to stop buying stupid things he doesn’t need.” It sounds simple, but 60% of Americans don’t create a budget, according to a 2019 Credit.com survey, and can easily end up overspending.

Talaat & Tai McNeely, His & Her Money blog


Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: aditi shrikant, natalie zfat, myelle lansat
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You can start teaching even little kids about money, experts say — here’s how

Most parents wait until their kids are teenagers before discussing money with them, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. By age 6, kids generally understand that some bills or coins are smaller than others, and more money is needed to afford something more valuable. “Give them the opportunity to make choices about how to best spend their money,” suggests Marguerita Cheng, chief executive officer at Blue Ocean Global Wealth. Give them the opportunity to make choi


Most parents wait until their kids are teenagers before discussing money with them, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. By age 6, kids generally understand that some bills or coins are smaller than others, and more money is needed to afford something more valuable. “Give them the opportunity to make choices about how to best spend their money,” suggests Marguerita Cheng, chief executive officer at Blue Ocean Global Wealth. Give them the opportunity to make choi
You can start teaching even little kids about money, experts say — here’s how Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: ivana pino, sofia pitt, sam becker, lisa ferber
Keywords: news, cnbc, companies, parents, bentley, understand, heres, little, kids, theyre, money, spend, say, start, pick, experts, financial, teaching, child


You can start teaching even little kids about money, experts say — here's how

Most parents wait until their kids are teenagers before discussing money with them, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. That’s a mistake, says Nikhol Bentley, a math teacher at Gilbert Stuart Middle School in Providence, Rhode Island. “People tend to sell kids short,” says Bentley. “They are extremely smart, and letting them be part of the financial conversations at home is a good way to make sure that they’re able to make smarter financial choices when they’re older.” Teaching your child concepts like spending, saving, and earning can help them establish good financial habits that can last them the rest of their lives. And there are age-appropriate ways to get started early on. The National Education Association (NEA) provides lesson plans for teaching financial literacy to children as young as 4, and there are ways to lay the groundwork with even younger kids.

Counting

Around age 2, your child may be able to sound out different numbers, recognize numerals, or count out a sequence of numbers that they’ve heard over and over again. By age 4, most children are counting up to 10 or even beyond, according to LeapFrog, which helps parents use technology as a learning tool. Counting is the first step in building and strengthening math skills in the classroom. It’s basic but absolutely necessary. Parents can help reinforce this skill by encouraging their child count everyday items like crayons or the number of apples or bananas you pick up at the grocery store.

Spending and earning

Children can loosely understand the concept of income early on, says Bentley: As soon as they start school, or even before, they can grasp how currency works. Though they’re not actually exchanging goods for money, they can show they understand value by trading Pokemon cards with each other, for example. “They learn to share, trade cards or toys for things that they want, or some teachers will have some sort of ticket system that reinforces this concept of saving up your tickets for rewards or what it means to not have enough,” says Bentley. By age 6, kids generally understand that some bills or coins are smaller than others, and more money is needed to afford something more valuable. “Any type of reward system helps emphasize this idea of currency, and kids will pick up on the fact that there are certain things they need to do or behaviors they need to manage in order to earn that extra ‘income,'” explains Bentley. The goal isn’t to teach them not to spend but to show them how to spend wisely so they end up feeling satisfied. “Give them the opportunity to make choices about how to best spend their money,” suggests Marguerita Cheng, chief executive officer at Blue Ocean Global Wealth. “Maybe it’s letting them pick out a reasonably priced souvenir on a family vacation. They are capable of understanding and retaining these things.”

Saving

Two in three parents give their child an allowance, shelling out an average of $30 per week, according to a recent survey of 1,002 adults conducted by The Harris Poll on behalf of the American Institute of Certified Public Accountants. But only 3% of parents report that their kids primarily save what they get. Encouragement from parents, though, can make a difference.

Give them the opportunity to make choices about how to best spend their money. Marguerita Cheng chief executive officer at Blue Ocean Global Wealth

Bentley suggests one helpful exercise to help even younger children get used to saving: Let your child pick out a toy at the store. Explain how much it costs, and emphasize that they’ll need to save up their own money if they want to take it home. However old your child is when you start offering an allowance, make sure to give them a consistent amount on a consistent basis, “because it’s like getting a paycheck,” Paul Golden, managing director at the National Endowment for Financial Education told Grow earlier this year.

Avoiding conversations about money can cost you


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: ivana pino, sofia pitt, sam becker, lisa ferber
Keywords: news, cnbc, companies, parents, bentley, understand, heres, little, kids, theyre, money, spend, say, start, pick, experts, financial, teaching, child


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Mark Cuban: This is the ‘biggest mistake’ people make when starting a business

That’s according to tech billionaire Mark Cuban, who told Ryan Seacrest the “biggest mistake” an entrepreneur can make when launching a new business. “I think the biggest mistake people make is once they have an idea and the goal of starting a business, they think they have to raise money,” Cuban said on Thursday’s episode of Seacrest’s podcast “On Air.” “And once you raise money, that’s not an accomplishment, that’s an obligation,” because “now, you’re reporting to whoever you raised money from


That’s according to tech billionaire Mark Cuban, who told Ryan Seacrest the “biggest mistake” an entrepreneur can make when launching a new business. “I think the biggest mistake people make is once they have an idea and the goal of starting a business, they think they have to raise money,” Cuban said on Thursday’s episode of Seacrest’s podcast “On Air.” “And once you raise money, that’s not an accomplishment, that’s an obligation,” because “now, you’re reporting to whoever you raised money from
Mark Cuban: This is the ‘biggest mistake’ people make when starting a business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: tom huddleston jr
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Mark Cuban: This is the 'biggest mistake' people make when starting a business

A little self-reliance can go a long way for entrepreneurs.

That’s according to tech billionaire Mark Cuban, who told Ryan Seacrest the “biggest mistake” an entrepreneur can make when launching a new business.

“I think the biggest mistake people make is once they have an idea and the goal of starting a business, they think they have to raise money,” Cuban said on Thursday’s episode of Seacrest’s podcast “On Air.”

“And once you raise money, that’s not an accomplishment, that’s an obligation,” because “now, you’re reporting to whoever you raised money from.”

Cuban says entrepreneurs who rely on outside funding can become too beholden to the interests of their investors, who might have a different idea of how to grow the business.

“If you can start on your own … do it by [yourself] without having to go out and raise money,” Cuban tells Seacrest.

Business experts and entrepreneurs often argue the pros and cons of raising outside money to start a business versus self-funding (aka “bootstrapping”), the latter of which can typically involve sinking the founders’ personal savings into a new venture and can result in slower growth if the business is reliant on slowly increasing revenue in order to expand.

While fundraising injects much-needed capital into a nascent startup, taking on outside investors can also bring pressure from those investors to grow the company faster than might be healthy in the long-run in order to create an immediate return on their investment.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: tom huddleston jr
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Trump says former Rep. Trey Gowdy can’t join his legal team until January

Former Republican congressman Trey Gowdy has joined President Donald Trump’s legal team amid a fast-moving impeachment inquiry in the House — but he won’t be able to start until next year, Trump said Thursday. “Trey Gowdy is a terrific guy. I think there’s a problem with, he can’t start for another couple of months because of lobbying rules and regulations. But The New York Times’ Maggie Haberman said Trump’s comments suggest Gowdy “is unlikely to ever join in the capacity he was hired for.” Nei


Former Republican congressman Trey Gowdy has joined President Donald Trump’s legal team amid a fast-moving impeachment inquiry in the House — but he won’t be able to start until next year, Trump said Thursday. “Trey Gowdy is a terrific guy. I think there’s a problem with, he can’t start for another couple of months because of lobbying rules and regulations. But The New York Times’ Maggie Haberman said Trump’s comments suggest Gowdy “is unlikely to ever join in the capacity he was hired for.” Nei
Trump says former Rep. Trey Gowdy can’t join his legal team until January Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: kevin breuninger
Keywords: news, cnbc, companies, team, trump, trumps, rep, president, join, legal, house, sekulow, trey, cant, start, gowdy, committee


Trump says former Rep. Trey Gowdy can't join his legal team until January

House Oversight and Government Reform Committee Chairman Trey Gowdy (R-SC) questions Deputy Assistant FBI Director Peter Strzok during ajoint hearing of his committee and the House Judiciary Committee in the Rayburn House Office Building on Capitol Hill July 12, 2018 in Washington, DC.

Former Republican congressman Trey Gowdy has joined President Donald Trump’s legal team amid a fast-moving impeachment inquiry in the House — but he won’t be able to start until next year, Trump said Thursday.

The president, speaking to reporters outside the White House before traveling to Minneapolis for a campaign rally, said that federal lobbying rules prevent Gowdy from working as Trump’s outside counsel until January.

“Trey Gowdy is a terrific guy. I think there’s a problem with, he can’t start for another couple of months because of lobbying rules and regulations. So you’ll have to ask about that,” Trump said.

The South Carolina Republican joined white-collar law firm Nelson Mullins Riley & Scarborough after he left Congress in 2018.

Gowdy had been a Fox News contributor since January — but he was fired from that role, a network spokesperson confirmed to CNBC on Wednesday, before Trump’s lawyer Jay Sekulow announced the new addition to the legal team.

A source familiar with the situation told CNBC on Wednesday that Gowdy representing the president would pose a conflict of interest with his role as a Fox contributor.

“I have known Trey for years and worked with him when he served in Congress,” Sekulow said in a statement Wednesday. “His legal skills and his advocacy will serve the president well. Trey’s command of the law is well known and his service on Capitol Hill will be a great asset as a member of our team.”

But The New York Times’ Maggie Haberman said Trump’s comments suggest Gowdy “is unlikely to ever join in the capacity he was hired for.”

“Someone in West Wing badly wanted a win internally and put out Gowdy before it was a done deal. So it was quickly done yesterday and then had to be undone,” Haberman tweeted.

Neither Gowdy nor Sekulow immediately responded to CNBC’s requests for comment on Trump’s most recent remarks.

Gowdy told The Greenville News at the start of 2019 that he had no plans to return to politics as an elected official or as a lobbyist.

The impeachment inquiry centers around Trump’s July 25 call with Ukraine President Volodymyr Zelensky, in which the U.S. president asked for Ukraine to “look into” unsubstantiated corruption allegations against former Vice President Joe Biden — Trump’s possible 2020 rival — and his son Hunter. Trump also asked Zelensky to “do us a favor though” and investigate Ukraine’s connection to former special counsel Robert Mueller’s Russia probe.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: kevin breuninger
Keywords: news, cnbc, companies, team, trump, trumps, rep, president, join, legal, house, sekulow, trey, cant, start, gowdy, committee


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