Showing posts from August, 2020

DealBook: Steven Cohen’s Redemption Tour

12-15 minutes - Source: NYT Credit...Lucy Nicholson/Reuters Next stop on Steven Cohen’s redemption tour: Citi Field Since insider trading charges toppled SAC Capital, the hedge fund firm’s billionaire founder, Steven Cohen, hasn’t necessarily shunned the spotlight. But a $1 billion art collection and a new firm carry cachet only in certain circles. Mr. Cohen’s redemption tour has now taken him to Citi Field, home of the New York Mets. But since he first expressed interest in buying the professional baseball team, the sports world has been upended by protests for racial justice , with players exercising their power to push for change with strikes and other actions. For team owners — and for those like Mr. Cohen who wish to enter the business — this presents both risks and opportunities. Mr. Cohen is in exclusive talks to acquire the Mets , DealBook has confirmed, edging out rivals including a consortium led by the former major leaguer Alex

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Honeywell, Amgen, Salesforce, Apple, GE & more

Peter Schacknow 3-4 minutes - Source: CNBC Take a look at some of the biggest movers in the premarket: Honeywell (HON), Amgen (AMGN), (CRM) – Honeywell, Amgen and Salesforce become members of the Dow Jones Industrial Average as of today, replacing Pfizer (PFE), Exxon Mobil (XOM) and Raytheon Technologies (RTX). Apple (AAPL) – Apple begins trading on a post-split basis today, following its 4-for-1 stock split. With the reduction in Apple’s per-share price, UnitedHealth (UNH) now has the highest stock price among the 30 Dow stocks. Separately, the legal battle between Apple and Fortnite creator Epic Games escalated as Apple terminated Epic’s account in its App Store. Tesla (TSLA) – Tesla will also begin trading on a post-split basis today, following a 5-for-1 stock split. AT&T (T) – AT&T is exploring options for its DirecTV unit, according to people familiar with the matter who spoke to The Wall Street Jo

US Market | Futures Indicator: Stock futures rise slightly as Wall Street wraps up its best August in more than 30 years

Fred Imbert 3-4 minutes - Source: CNBC U.S. stock futures rose Monday morning as the S&P 500 wraps up its best August performance since the 1980s. Dow Jones Industrial Average futures were up 41 points, or 0.1%. S&P 500 futures added 0.2%. Nasdaq 100 futures gained 0.3%. The S&P 500 is up 7.2% month to date, putting the broader-market index on track for its biggest August gain since 1984. The Dow has rallied more than 8% this month and is also headed for its best August in 36 years. This month’s gains have pushed the S&P 500 to record levels, officially confirming a new bull market has started. The Dow, meanwhile, erased its 2020 losses on Friday, closing the session with a year-to-date gain 0.4%. Two big stock splits take effect Monday. Apple shares gained 1% in premarket trading as a 4-for-1 split took effect. Tesla shares added nearly 3% following its 5-for-1 split. The August rally built on the market’s sharp re

News | Business | Companies | Tech: TikTok denies it's in talks with rival app Triller over potential bid for its U.S. operations

Saheli Roy Choudhury 4 minutes - Source: CNBC TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. Dado Ruvic | Reuters Chinese -owned TikTok is not in talks to sell its U.S. business to rival short-video-sharing app Triller, the company told CNBC on Monday. “We can confirm that we are not and will not be in talks with them. Still, we are flattered by how much they admire TikTok,” a spokesperson for TikTok said. Still, Triller executive chairman Bobby Sarnevesht insisted that the bid had been submitted. “We have confirmation that the chairman (Zhang Yiming) and people pretty high up at ByteDance are aware of it, and, we have correspondence going,” he told CNBC’s “ Squawk Box Asia ” on Monday. His comments came after  Bloomberg News reported that  London-based Centricus Asset Management and U.S. app Triller were seeking to buy TikTok’s operations in the U.S., Australia, New Zealand

News | Business | China Banks: China's mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic

Yen Nee Lee 4 minutes - Source: CNBC China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China , China Construction Bank , Agricultural Bank of China , Bank of China and Bank of Communications — released their latest financial report cards last week. All five posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months — much like many banks around the world. “The banks have been asked to ... perform ‘national service.’ They’ve been asked to support the economy at the expense of their own operational strength,” said Jason Tan, research analyst at CreditSights, told CNBC’s “Squawk Box Asia” on Monday. Chinese banks, among the world’s largest by assets, have been placed at th

News | Business | Companes: Nestle pays $2 billion to secure Aimmune's allergy treatment

3 minutes - Source: CNBC A pedestrian passes a Nestle SA logo at the Nescafe factory, operated by Nestle SA, in Tutbury, U.K., on Thursday, Aug. 23, 2018. Simon Dawson | Bloomberg | Getty Images Nestle  plans to pay $2 billion to gain full ownership of peanut allergy treatment maker Aimmune Therapeutics, as the Swiss company expands its fast-growing health science business. Known for its KitKat chocolate bars and Nescafe instant coffee, Nestle set up Nestle Health Science (NHS) in 2011 to open up a new area of business between food and pharma. Nestle said in a statement that its offer for Aimmune values the California-based biopharmaceutical firm, which it has been working with since 2016 and in which it already has a stake of around 25.6%, at $2.6 billion. “Aimmune has $261 million in cash and $134 million in debt. With our prior investment of $473 million in Aimmune, we’ll be making a cash payment of just under $2 billion,” NHS head Greg Behar t

News | Business | UK Companies: Capita to close over a third of offices permanently ( Originally Published on August 30th )

6-7 minutes - Source: BBC Image copyright Getty Images Image caption Capita manages London's congestion charge Outsourcing firm Capita is to close over a third of its offices in the UK permanently, the BBC understands. The firm, which is a major government contractor, is to end its leases on almost 100 workplaces. Business lobby group CBI has warned that the fall in office working is damaging city centre economies. It comes as the government prepares to launch an advertising campaign encouraging more people to return to workplaces . The BBC understands that Capita, which manages London's congestion charge, has been looking at various measures to help

News | Business | Airlines. The airline founder building Asia’s next super app

Justin Harper BBC  3-4 minutes - Source: BBC Image copyright Getty Images AirAsia’s founder Tony Fernandes is building what he hopes will be the region’s next "super app" as he deals with the coronavirus travel downturn. He wants to rival the likes of Grab, GoJek and WeChat with an all-in-one app for food delivery, shopping, payments, entertainment and travel. As the airline’s boss, he has been looking at new ways to generate income while his planes were grounded. AirAsia has struggled during the pandemic and cut 30% of its staff. In an interview with the BBC, Mr Fernandes said he has spent his time during the travel slump improving the AirAsia app and the company's payments platform BigPay. "The downturn was a blessing in disguise in some ways as it a

Max Keiser Report Video: Money Printer Goes BRRR So Does Mainstream.


News | Business | Companies | Tech: Walmart is teaming up with Microsoft on TikTok bid

2 minutes - Source: CNBC ByteDance Ltd.’s TikTok app is displayed in the App Store on a smartphone in an arranged photograph taken in Arlington, Virginia, on Monday, Aug. 3, 2020. Andrew Harrer | Bloomberg | Getty Images Walmart  said it’s teaming up with Microsoft in a bid for TikTok. The retail giant confirmed to CNBC that it’s interested in buying the tech company. Walmart shares are up more than 2% on the news. TikTok is nearing an agreement to sell its U.S., Canadian, Australian and New Zealand operations in a deal that’s likely to be in the   $20 billion to $30 billion range, sources say. With Walmart’s confirmation, it joins several others bidding on the tech company, including Oracle. In a statement, the big-box retailer said TikTok’s integration of e-commerce and advertising “is a clear benefit to creators and users in those markets.” “We believe a potential relationship with Tik Tok US in partnership with Microsoft could add this key func

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Tiffany, Abercrombie & Fitch, Abbott Labs & more

Peter Schacknow 5-6 minutes - Source: CNBC Take a look at some of the biggest movers in the premarket: Tiffany (TIF) – The luxury goods retailer reported a mixed quarter, with revenue below forecasts, but earnings beating analysts’ estimates. Tiffany’s results were helped by an improvement in sales in China, and the company said global sales trends are continuing to improve during the current quarter. Comparable-store sales fell 24% from a year ago, compared to the drop of 16.9% expected by analysts polled by FactSet. Abercrombie & Fitch (ANF) – The apparel retailer reported an unexpected quarterly profit, in addition to seeing revenue come in above Wall Street estimates. Abercrombie said, however, that it expects continued material adverse impacts from the Covid-19 pandemic. Burlington Stores (BURL) – The apparel retailer lost 56 cents per share for its latest quarter, compared to the consensus estimate of a loss of $1.04 p

News | Business | Markets: New Zealand's stock exchange halts trading for third day in a row

Saheli Roy Choudhury 2 minutes - Source: CNBC An electronic screen displays international currency rates and the NZ markets on the side of a building on February 7, 2018 in Auckland, New Zealand. Phil Walter | Getty Images News | Getty Images Trading was halted on New Zealand’s  stock exchange on Thursday for a third day in a row following a cyber attack earlier in the week. Bourse operator New Zealand’s Exchange said trading in its cash markets stopped at around 11:10 a.m. local time due to network connectivity issues relating to this week’s cyber attacks. It then made the decision to not re-open the NZX Main Board, the NZX Debt Market and Fonterra Shareholders’ Market for the rest of the trading day and closed the NZX Derivatives Market. “This decision not to re-open has been made while we focus on addressing the situation. We continue to address the threat and work with cybersecurity experts, and we are doing everythin

Analysis | The Cybersecurity 202: DHS will run a war room for a week or more to protect November election

Joseph Marks 9-12 minutes - Source: The Washington Post In November, that same war room could be in operation for a week or longer as officials ward off attacks aimed at undermining early voting, counting late-arriving mail ballots and knocking back phony rumors that try to erode faith in the election’s outcome. It will include in-person meetings in Washington to hash through classified and unclassified information and an online “situational awareness room” open to election officials across the nation. “That will remain in place, frankly, until the election community says, 'Okay, you can stand down now. We're in good shape,' " a senior official at DHS’s Cybersecurity and Infrastructure Security Agency said. The expanded operation is emblematic of how the coronavirus pandemic has vastly complicated officials’ plans for what was already shaping up to be the most complex and closely watched election in U.S. histo

US Market | Futures Indicator: Stock futures slip as Wall Street awaits speech from Fed's Powell

Thomas Franck 3-4 minutes - Source: CNBC Futures contracts tied to the major U.S. stock indexes slipped in premarket trading Thursday morning as Wall Street turned its attention to an upcoming address from Federal Reserve Chairman Jerome Powell. Dow futures slipped 77 points, pointing to a lower open when regular equity trading resumes Thursday morning. S&P 500 and Nasdaq-100 futures were lower by 0.2%. Thursday’s trading is likely to be driven in large part by comments from Fed Chair Jerome Powell, who is expected at 9:10 a.m. ET to introduce a new pandemic-era tool to combat the economic impact of Covid-19 and foster inflation in the U.S. The Fed’s annual symposium will be held virtually this year instead of the usual locale of Jackson Hole, Wyoming. The central bank has for years tried to keep inflation at 2%, a rate of price increase that policymakers consider both manageable and indicative of a healthy economy. But ever

News | Business | TiKTok: TikTok boss quits as Trump's ban looms

3-4 minutes - Source: BBC Image copyright Getty Images TikTok chief executive Kevin Mayer has quit after just two months in the job ahead of an impending ban by US President Donald Trump. The Chinese-owned firm has been accused of being a threat to US national security by the Trump administration. Mr Mayer joined TikTok in June after leaving his role as Disney's head of streaming services. TikTok was given 90 days to be sold to an American firm or face a ban in the US. "In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," Mr Mayer said in a letter to employees. "Against this backdrop, and as we expect to re