October 16, 2019

Business

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Chicago Fed president says no more rate cuts necessary through 2020 because America's 'growth outlook is good'

Business
REUTERS/Danny MoloshokChicago Fed President Charles Evans finds the last two interest rate cuts "appropriate," but doesn't see the need for additional cuts through the end of 2020.The central bank official voted in favor of the September 18 interest rate cut, but said "policy probably is in a good place right now" during a Wednesday speech in Peoria, Illinois.The median forecast for Federal Open Market Committee members was for no more cuts through the end of 2020. Evans called his assessment "pretty much in line" with that outlook, which calls for one 25-basis-point cut in 2021 and another in 2022. The nation's "growth outlook is good" and the central bank has policy prepared should inflation rise above desired levels, Evans said.
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Opinion: Four stocks that are nearing key breakouts

Business
Here are four stocks positioned right at key technical breakout points.Horizon Therapeutics PLCHZNP, +1.17% climbed 92 cents to $28.20 on 2.3 million shares traded Tuesday, more than 1 1/2 times its average volume. The move, which came on no news from the drug maker targeting treatments for rare and rheumatic diseases, edged the stock out of a two-month sideways channel. A break above the May high near $29.25 could get the stock to $32 next.Seattle Genetics Inc.SGEN, +0.47% rose 96 cents to $83.38 on 890,200 shares traded Tuesday. The move, on no news from the developer of cancer therapies, positioned the stock right at the declining top line of its two-week wedge pattern. A follow-through breaking out of the wedge could take the stock to $89.
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Billions of dollars just fled momentum for low volatility

Business
Investors are losing faith in momentum and pouring billions of dollars into low-volatility stock funds, another sign of increasingly defensive posturing as market confidence deteriorates.The iShares Edge MSCI USA Momentum exchange-traded fund MTUM, -0.62%  , a good proxy for the equity momentum trade overall, saw inflows for the first eight months of the year, until a violent reversal over the past month, according to an analysis from Ned Davis Research. In fact, investors pulled so much money out of MTUM — $1.2 billion — in the past month alone that it’s now down $235 million in the year to date. As a reminder, the momentum trade in the stock market is one that does well in the waning stages of an expansion, when investors aren’t as keen on finding lower-priced value stocks that may turn out profitable later on. “Momentum” implies buying more of the same that others have already bid up.
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General Motors climbs after agreeing to tentative labor deal with UAW that could end month-long strike

Business
ReutersGeneral Motors' stock price rose as much as 2.5% Wednesday after the United Auto Workers labor union announced the two parties agreed on a tentative labor contract that could end a month-long strike. The UAW said in a press release emailed to Markets Insider that a proposed contract has been sent to the UAW GM National Council for approval. According to the release, the council will meet privately on October 17 to vote on the proposal. No details of the contract were announced, except that it represents "major gains" for UAW workers, the union said in the release. "The number one priority of the national negotiation team has been to secure a strong and fair contract that our members deserve," UAW Vice President Terry Dittes said in a statement.
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Netflix to Break Out Regional Revenue, Membership -- Here's What That Means

Business
Netflix (NFLX - Get Report) is about to reveal more on how it's doing internationally. Shares of the streaming giant soared 8% in after-hours trading on Wednesday after it reported better-than-expected earnings, despite a miss on new subscribers. For the third quarter, Netflix posted earnings of $1.47 per share versus a $1.03 consensus, and 6.77 million paid net subscriber adds, below guidance of 7 million. So why the sharp rise in shares? TheStreet's tech columnist Eric Jhonsa wrote that Netflix may have benefited from low expectations heading into earnings. And despite a slight miss on subscriber growth, investors are likely heartened that net adds are back in a healthy range relative to its disastrous second quarter, which saw only 2.7 million net adds.
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House Judiciary Committee Votes to Ban Sales of E-Cigarettes to Minors

Business
The House Judiciary Committee on Tuesday approved a ban on selling e-cigarettes to minors amid a plague of lung damage and deaths due to vaping.In addition to the Judiciary Committee move, the House Energy and Commerce Committee is considering limits on flavored e-cigarettes, Bloomberg reports.Meanwhile, Anne Schuchat, principal deputy director at the U.S. Centers for Disease Control and Prevention, told the House Appropriations Health Subcommittee that the number of people with lung damage caused by vaping will "grow considerably" this week, according to Bloomberg.Last week, the CDC said 1,299 cases of vaping-related lung injuries and 26 deaths were confirmed as of Oct. 8. "It's possible the epidemic of nicotine-containing e-cigarettes has created a generation that is addicted to vaping, no matter what the product is," Schuchat said.
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Pick your poison: Hedge-fund billionaire Leon Cooperman says the stock market could plunge 25% under either a Warren or Sanders presidency

Business
Getty/Tasos KatopodisThe billionaire hedge-fund manager Leon Cooperman is worried that a presidential-election victory for either Elizabeth Warren or Bernie Sanders could send the stock market tumbling into a full-fledged bear market."If Elizabeth Warren is elected president, in my opinion, the market drops 25%," Cooperman said on CNBC on Wednesday. "Bernie Sanders, same thing."The famous founder of Omega Advisors singled out Warren's and Sanders' proposals for taxing wealthy individuals and billionaires. Citing a quote attributed to Winston Churchill, Cooperman argued that "you don't make poor people rich by making rich people poor." "I believe in a progressive income-tax structure. I believe rich people should pay more; I have no problem with that. This wealth tax is baloney," Cooperman said.
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How Biden and some lower-tier 2020 Democrats face money trouble — in one chart

Business
As the 2020 White House race sparks heavy fundraising and spending by a crowded Democratic field, every campaign’s financial situation is being closely watched as a measure of its viability.The latest financial disclosures, filed by candidates late Tuesday and covering third-quarter activities, reveal challenges for Joe Biden and some lower-tier Democratic contenders, as shown in the MarketWatch chart below.The chart features the dozen Democratic presidential hopefuls who met the fundraising and polling requirements for Tuesday’s night primary debate. It details how much they’ve raised and the amount they’ve spent. Their fundraising totals exclude money that the candidates themselves have contributed, and it also excludes money transferred from an old Senate or House campaign account.
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Trump distances U.S. from Turkey-Syria conflict even as Pence heads for Erdogan meeting

Business
President Donald Trump distanced himself from the Turkey-Syria conflict on Wednesday, even as his top aides headed for the region and a key Republican senator said he was undercutting their mission. ‘NOT OUR PROBLEM’ Amid mounting criticism of his decision to pull U.S. troops from northeastern Syria, Trump said that the tensions were “not our problem.” Vice President Mike Pence and Secretary of State Mike Pompeo were scheduled to meet with Turkish President Recep Tayyip Erdogan in an effort to persuade him to pull back on the incursion into Syria. Trump pushed back on criticism from Sen. Lindsey Graham, who said on Twitter: “The statements by President Trump about Turkey’s invasion being of no concern to us also completely undercut Vice President Pence and Sec. Pompeo’s ability to end the conflict.”
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S&P 500 dips as economic data, trade worries offset upbeat earnings

Business
NEW YORK (Reuters) - The benchmark S&P 500 stock index edged lower on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter corporate earnings reports. Technology shares, led by Microsoft Inc (MSFT.O), weighed on all three major U.S. stock averages, pulling the S&P 500 and the Nasdaq into the red. The Dow was nominally higher. U.S. retail sales contracted in September for the first time in seven months, according to the Commerce Department, in a sign that cracks might be spreading from the manufacturing sector to the broader economy. “The retail sales number has surprised people,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “It’s bringing up ideas that the economy might be slowing down.”
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Xpring Invests In Swedish Startup to Build XRP Hardware Wallet Firmware

Business
Ripple’s investment arm and tech incubator Xpring has invested in Swedish cryptocurrency self-custody startup Towo Labs to build hardware wallet firmware.Xpring announced the news in a blog post on Oct. 16, stating that the startup plans to develop a new version of the XRP Toolkit and hardware wallet firmware supporting all XRP Ledger transaction types, as well as a noncustodial web interface.In a parallel announcement, Towo Labs said that the firmware will support signing cross-currency payments, escrows, orders, and trust lines, among other things. It will also enable users to prepare transactions from untrusted devices prior to auditing and signing them in a hardware wallet.Xpring widens support for XRPEarlier in October, Xpring invested in cryptocurrency wallet BRD to enable users to hold, purchase, sell and spend XRP tokens through the wallet. The announcement suggested that this could result in new kinds of decentralized financial services, including banking, lending and peer-to-peer transactions that require no intermediaries.
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IBM Shares Fall as Q3 Adjusted Net Income Beats Estimate, Revenue Up Short

Business
Shares of IBM (IBM - Get Report) are falling after hours Wednesday after the Armonk, N.Y., tech giant's third-quarter adjusted earnings exceeded analyst estimates while revenue missed.Big Blue reported adjusted earnings of $2.68 a share versus the FactSet-derived consensus analyst estimate of $2.67. Revenue totaled $18.03 billion compared with the estimate of $18.23 billion. The company posted a 14% increase in cloud revenue to $5 billion while its global business services segment brought in $4.1 billion.Systems revenue totaled $1.5 billion in the quarter, a decline of nearly 15% from the year prior. "Our results demonstrate that clients see IBM and Red Hat as a powerful combination and they trust us to provide them with the open hybrid cloud technology, innovation and industry expertise to help them shift their mission-critical workloads to the cloud," IBM CEO Ginni Rometty said in a statement.
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Wall Street slips as weak economic data offsets earnings strength

Business
NEW YORK (Reuters) - Wall Street lost ground on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports. Technology shares, led by Microsoft Inc (MSFT.O), weighed heaviest, pulling all three major U.S. stock averages into the red. U.S. retail sales contracted in September for the first time in seven months, according to the Commerce Department, in a sign that cracks might be spreading from the troubled manufacturing sector to the broader economy. “This is perhaps the first indication that the consumer side of the economy is showing signs of stress and perhaps pulling back,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “The consumer has been looked at as the savior of this economy and this data comes out and it’s rather shocking.”
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In the Wake of #MeToo, One Startup Just Pioneered a New Way to Oust Offending Board Members

Business
Despite all the attention given to #MeToo, sexual harassment remains widespread in the startup world. Some 65 percent of women entrepreneurs say they've been subjected to either sexual harassment or discrimination, according to a joint Inc. and Fast Company survey of more than 600 female founders. Some 46 percent of those said a banker or investor was the culprit. That's bad enough when an entrepreneur is trying to raise money. But if an investor acts inappropriately after they're already on a company's board, generally, the entrepreneur has very little recourse.Now, Alice, a startup that has developed a platform that uses artificial intelligence to advise small-business owners, is making an effort to address just this problem. Wednesday, Alice announced that it has raised an A round, led by Silicon Valley Bank Financial Group, with some unusual terms. Although the company won't disclose the size of the round, the investment is significant partly because Alice has a Latina founder, Carolyn Rodz, and Latinas get well under 1 percent of venture capital. But also contained within those deal documents is a unique provision to oust any investor who discriminates or harasses on the basis of gender, gender expression, or race.
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Builders are the most confident in 20 months that Americans are looking to buy houses

Business
REUTERS/Mike BlakeHomebuilder sentiment rose three points in October, hitting its highest level since February 2018 on lower mortgage rates and a stable unemployment rate.The National Association of Home Builders/Wells Fargo Housing Market Index reached 71 for the month, surpassing nearly all estimates from economists polled by Bloomberg. Any reading above 50 indicates a positive sentiment from surveyed homebuilders."The housing rebound that began in the spring continues, supported by low mortgage rates, solid job growth and a reduction in new home inventory," NAHB Chairman Greg Ugalde said in a statement. Builder optimism in the West saw the biggest increase, jumping to 83 from 76 in September. The South — the largest region recorded by the index — jumped by three points to 76.
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IBM Customers Plan to Reduce Spending Next Year: Survey

Business
A new survey gives a window into how IT managers plan to use their budgets next year -- and which big vendors could benefit. The survey, conducted by Flexera, asked a group of 303 tech executives at companies with more than 2,000 employees about their budgets and vendor breakdowns for 2020. Overall, a majority of respondents (56%) said they planned to increase IT spend next year. Of the vendors the respondents currently use, 25% said they planned to cut spending on IBM (IBM - Get Report) services, while 19% said they planned to increase it. IBM-owned Red Hat, which makes open-source software for enterprises, got a more favorable response, with 27% of respondents planning to increase spending and 11% planning to decrease.
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Under Armour and Virgin Galactic unveil world’s first commercial space suit

Business
On Wednesday morning at iFLY in Yonkers, NY, Under Armour and Virgin Galactic unveiled the world’s first commercial space suit and footwear, which are the products of a two-year partnership between the athletic apparel giant and the spaceflight company. Virgin Galactic hopes to open space to everyone by providing suborbital spaceflights to “space tourists” as early as next year.[Photo: courtesy of Under Armour]Under Armour CEO Kevin Plank and Virgin Group founder Richard Branson have been friends for over a decade. As Plank repeatedly listened to Branson lay out his vision of commercial space travel, he had one recurring thought: What are they going to wear?Under Armour’s design team answered that question with the same process they use to approach any uniform deal. “We started with understanding the sport, the needs of the athlete and the extreme conditions they will go through,” Plank says. “We saw it as an opportunity to overcome what others may have seen as problems with technology.”
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A Different Beat

Business
Oct.16 -- Musical presentation by Dharavi Rocks, followed by a chat with Vinod Shetty, Honorary Director of Acorn Foundation, a band member of Dharavi Rocks and Bloomberg's Jeanette Rodrigues at the Bloomberg Equality Summit in Mumbai. (Oct 14, 2019).
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This Entrepreneur Had a Mission: Start the Church of Rock and Roll!

Business
I recently had the pleasure of sitting down with the leading American Music Executive, CEO, philanthropist and entrepreneur at the Near Future Summit in San Diego.Jason started in the music industry when he was 18 years old at Atlantic Records. He told me it was the hottest day of the year and he was putting up posters at record stores. They gave him a staple gun, a roll of double-sided tape, Led Zeppelin posters, a ladder and off he went. He thought it was the greatest job in the world. He got $4 an hour and they let him have as many free records as he wanted! He thought to himself, "This is so cool” And that's when he gave up his rockstar dreams and decided he wanted to be in the music business.
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Is Your Brand Engaging or Intrusive?

Business
Managing a brand is a little like that relationship you have with your old roommate. You wistfully remember your good old days and the fun, crazy and life-changing experiences you shared, and you’re fiercely loyal to them and those memories. Then, 10 or 20 years later, maybe that relationship feels a little intrusive. Sure, you’re always happy to lend a compassionate ear when things are tough. Yet those now all-too-frequent calls to rehash the same old bag-of-woes can get a bit weary. Eventually, you wince when the, “Hey, can I ask a favor?” text message flashes across your phone -- again.
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Trump rips France, EU over digital tax

Business
President Trump and Italian president Sergio Mattarella discuss the EU digital tax.
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Elizabeth Warren's real 'beef with billionaires'

Business
Sen. Elizabeth Warren may have a new slogan: "Where's the beef?"During Tuesday's Democratic debate, Warren had a quick response to a statement from Beto O'Rourke. The former Texas congressman said Warren was being "punitive" of the wealthy in her tax plan and rhetoric. "I'm really shocked at the notion that anyone things I'm punitive," she said. "Look I don't have a beef with billionaires."Warren then proceeded to explain her beef with billionaires – that they owe much of their success to the rest of America and need to hand over more of their accumulated fortunes to the Internal Revenue Service."My problem is you made a fortune in America – you had a great idea, you got out there and worked for it – good for you," she said. "But you built that fortune in America, I guarantee, you built it in part using workers all of us helped educate. You built it getting your goods to market on roads and bridges all of us helped pay for. You built it, at least in part, protected by police and firefighters all of us help pay the salaries for."
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CEO of the largest US trucking company predicts 'difficult' quarter for transport industry

Business
A week before the largest U.S. trucking company reports third-quarter earnings, Knight-Swift Transportation CEO David Jackson is preparing investors for the volatility in the industry to hit the company's bottom line."The freight environment is difficult. It has been more difficult than people expect from earnings standpoint," Jackson said in an interview, adding he expects other truck and rail stocks to be similarly impacted.Knight-Swift lowered its earnings guidance for the second half of the year on Tuesday, saying its third-quarter earnings per share will fall between 47 cents and 48 cents, compared with its previous forecast of 54 cents to 57 cents. The company also expects to make less money in the fourth quarter, lowering its earnings outlook to between 62 cents and 65 cents per share, from its previous estimate of between 73 cents and 77 cents per share.
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Air Canada drops 737 MAX from flight schedule until February 14

Business
(Reuters) - Air Canada (AC.TO) said on Wednesday it had removed Boeing Co’s (BA.N) 737 MAX planes from flight schedules until Feb. 14, citing uncertainty around the aircraft’s return to service. Air Canada, which has 24 737 MAX aircraft in its fleet, is the first North American airline to extend the cancellation till February, as the grounding drags on longer than expected. The 737 MAX has been grounded worldwide since mid-March following two fatal crashes in Indonesia and Ethiopia that killed 346 people. United Airlines (UAL.O) last week said it was extending cancellations of 737 MAX flights until Jan. 6, as regulators continue to extensively review Boeing’s proposed software changes to the grounded plane.
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IBM Earnings Fall in Prolonged Sales Slump

Business
International Business Machines Corp.’s profit fell 38% in the third quarter and it suffered another quarter of lower sales even as Chief Executive Ginni Rometty tries to jump start growth through the $34 billion purchase of software giant Red Hat.IBM on Wednesday said net profit fell to $1.67 billion from $2.69 billion the year prior. The company’s closely watched adjusted earnings per share fell to $2.68 from $3.42 in the year-prior period, ahead of the $2.66 estimated by analysts surveyed by FactSet. IBM sales fell to...
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Netflix Subscribers Fall Slightly Short of Expectations

Business
Netflix Inc. missed its subscriber-growth target for the second consecutive quarter, a performance that might fuel questions about the streaming-video giant’s ability to fend off competition from traditional media companies who are entering the market with rival services.The company did add subscribers, calming the fears of investors who worried Netflix’s customer base might shrink again, as it did in the previous quarter. The Los Gatos, Calif.-based company added 517,000 domestic subscribers in the third quarter compared...
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Another insurer will dump coal and oil sands

Business
Axis Capital Holdings Ltd AXS, +0.70%  is the latest insurer to give up profit potential from coal and oil sands, a departure it says supports the transition to a low-carbon economy.Axis said Wednesday it will not provide new insurance or facultative reinsurance for construction and infrastructure for new thermal coal plants or mines, nor for oil sands extraction and pipeline projects. Specifically, Axis will not insure companies that generate 30% or more of their revenue from thermal coal mining or hold more than 20% of their reserves in oil sands. Renewals, however will be on a case-by-case basis. “We believe insurers have an important role to play in mitigating climate risk and transitioning to a low-carbon economy,” said Axis President and CEO Albert Benchimol in a release. For oil sands production, oil is forced from sand at intense temperatures, using water and natural gas to separate out the extremely thick bitumen. Impure and too viscous to flow, it goes through an “upgrading” process before traveling via pipeline to an oil refinery.
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The Democratic presidential hopefuls finally talked about age — but they barely scratched the surface

Business
Tuesday’s fourth Democratic debate was one of the rare times in this election cycle there was discussion related to older Americans — and some experts argue it wasn’t handled properly. When it comes to retirement issues, including saving and access to 401(k) plans, Social Security and Medicare (the current system, not the hotly-debated Medicare for All) and long-term care, there hasn’t been much conversation. Candidates during the debate in Ohio briefly touched on some of these topics, but they were only in passing, such as during candidate Andrew Yang’s proposal for universal basic income and how to pay for Medicare for All. The silence about issues relevant to most of the population — either now or later — is not only disappointing, it’s also harmful for future generations, said Paul Downey, president and chief executive officer of Serving Seniors, a San Diego-based senior assistance organization.
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'Rise of Skywalker' trailer should debut soon. Why Disney has waited so long to release it

Business
With just under two months until the final installment of the Skywalker Saga set to hit theaters, there's one thing Star Wars fans are still waiting for — an official trailer.After teaser videos at Star Wars Celebration in April and the D23 Expo in August, fans of the series are eagerly awaiting the last big promotional push from Disney-owned Lucasfilm.Since launching the latest trilogy of Star Wars films, Disney has deviated from the traditional timeline for releasing trailers to the public.While most blockbuster films will reveal an official, full-length trailer between five and six months before its opening weekend — "Avengers: Infinity War," "Captain Marvel," "Avengers: Endgame," "Aquaman," "Jumanji: The Next Level," "Joker," and "It Chapter Two" all followed this pattern — the last two Star Wars films didn't debut an official trailer until two months before their release dates.
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Why hundreds of thousands of kids could lose automatic free lunch

Business
Close to a million students could lose their automatic eligibility for free school lunches under a Trump administration proposal that’s expected to limit access to food stamps.Up to 982,000 children would no longer be directly certified for free school meals under the rule change, Brandon Lipps, the deputy undersecretary for Food, Nutrition & Consumer Services, confirmed during congressional testimony on Wednesday. Roughly half of those students would still be eligible for the free lunch, but their families would have to apply in order to receive it.About 93 percent would pay a reduced price of 40 cents for school lunch if they applied.In July, the Trump administration unveiled a proposal to limit access to food stamps, officially called the Supplemental Nutrition Assistance Program, a move that officials said would end benefits for roughly 3.1 million people, by closing a loophole that allows states to automatically enroll residents already receiving other welfare benefits.
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Swiss Federal Council Continues to Monitor Stablecoins and Blockchain

Business
The Swiss Federal Council is continuing to keep close tabs on global stablecoin projects and their possible opportunities and challenges.Switzerland is seen as very crypto-friendlyIn a press release on Oct. 16, the Swiss Federal Council stated that it was recently informed about “current opportunities and challenges associated with stablecoins” and that Switzerland will continue to monitor new digital technology developments, such as blockchain and distributed ledger technology.The Federal Council states that, while the mountainous Central European country is generally seen as very crypto-friendly and “open to innovative approaches in the financial market,” it remains committed to addressing the risks related to stablecoins and cryptocurrencies, saying: “The Federal Council is committed to ensuring that the currency and stability policy challenges, in particular, are addressed through international cooperation between governments, central banks and supervisory authorities, with private providers also included.”
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Check out the Under Armour spacesuit being worn by Virgin Galactic’s first space tourists

Business
Under Armour has boldly gone from dressing athletes to outfitting astronauts. The sportswear company was tapped to design the spacesuits for Virgin Galactics’ space tourists, who are set to blast into suborbital space flight next year. Read more: Virgin Galactic test flight soars 50 miles high, opening space tourism eraThe brands revealed the high-tech “spacewear system” in New York on Wednesday, which consists of a “deep space blue” base layer, a jumpsuit and boots trimmed with light blue elements and pops of gold. Under Armour UA, -0.49%   kept safety, comfort and functionality in mind, it explained in a press release. Designers consulted with astronaut trainers, pilots, doctors and stylists to craft a versatile suit capable of providing cushioning or compression as needed during both the high gravity and zero gravity portions of the flight. It can also regulate body temperature and wick away sweat, and each suit will be custom-made and tailored to each astronaut so that everything fits just right.
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African American families are being squeezed out of the housing market, and it’s getting worse

Business
Buying an affordable home isn’t easy for the typical African American family, according to new data from Redfin.The median family could afford just 25% of homes for sales last year, a significant decrease since 2012, when it was 39%.The news is even worse when you look at major metropolitan areas around the U.S., which have seen drops as big as 30 percentage points. Redfin, a Seattle-based real-estate brokerage, found that there wasn’t any metro area in the country where a median African American household had a comfortable amount of money to buy at least 50% of the homes on the market in 2018. This compares to 13 metro areas in 2012.[Image: courtesy of Redfin]The five most affordable metro areas for African American homebuyers, as identified by Redfin’s data, are Memphis; Atlanta; San Antonio, Texas; Columbus, Ohio; and Louisville, Ohio.
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What makes a restaurant's website accessible? That's up for debate

Business
The Supreme Court denied a petition from Domino's Pizza last week to consider whether its website must be accessible to people with disabilities.The decision not to hear the case means that other places of accommodation – including restaurants, retailers and movie theaters – could find themselves in court fighting similar allegations asboth businesses and disability advocacy groups look to the federal government for more specific technical guidelines.The Department of Justice has said since 1996 that websites have to comply with the Americans with Disabilities Act. But lax enforcement has led disability rights advocates to take matters into their own hands. Last year, more than 2,200 such suits were filed in federal courts, according to the accessible technology firm UsableNet, nearly tripling the number a year before.
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Ken Fisher's sexist comments have cost his company nearly $1 billion in assets

Business
The City of Boston is ending its relationship with Fisher Investments, pulling $248 million in pension assets from the firm.Mayor Martin Walsh announced on Wednesday that the city would stop working with the company in light of sexist comments Ken Fisher had made at an investment conference last week."The statements made by Ken Fisher implicate not only his own judgment, but potentially that of the company as a whole," Walsh wrote in a letter to the Boston Retirement Board. The board today voted 5-0 to end its relationship with Fisher Investments"While there are no doubt employees of the firm that are just as disturbed by these comments as I, there remains a risk that such thinking runs deeper than this specific commentary, and this is not a risk to which I believe the Retirement System should expose itself," wrote Walsh.
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Netflix Shares Pop as Q3 Earnings, Subscriber Adds Beat Estimates

Business
Shares of Netflix (NFLX - Get Report) were up sharply after the streaming giant reported better-than-expected earnings and subscriber growth, but also weak guidance. TheStreet is live blogging Netflix's Q3 earnings report. Please join us!The stock was up 8.9% to $311.80 a share in after-hours trading, after having gained 0.71% in regular hours."This is probably the most complex Netflix [financial] statement ever," Ryan Gionatto, director of research at GraniteShares told TheStreet after the earnings print. GraniteShares holds Netflix in one of its ETFs.Netflix reported third quarter GAAP earnings per share of $1.47, beating Wall Street estimates of $1.03. Revenue was $5.25 billion, up 31% year-over-year and in line with estimates. Free cash flow was negative $551 million.
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Alcoa rings an alarm for global manufacturing

Business
Alcoa Corp. stock rallied late Wednesday after the industrial giant announced a multiyear review of its business, but tucked in the quarterly update was a dire warning for the manufacturing sector. The company’s quarterly updates are widely followed for their predictions for the aluminum, alumina and bauxite markets, as Alcoa AA, -1.54%  is a major global supplier of all three. Alcoa said Wednesday it continued to project a global aluminum deficit, ranging between 800,000 and 1.2 million metric tons, down slightly from the previous quarter’s estimate of a deficit between 1 million and 1.4 million metric tons.See also:IMF says global economy to grow at slowest pace since 2008 financial crisis
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Ex-Cisco CEO John Chambers, star team of engineers have a startup targeting Amazon’s AWS

Business
John Chambers and a legendary quartet of Cisco Systems Inc. employees responsible for Ethernet switching technology have re-teamed at a startup with AWS squarely in its sights.Pensando Systems, the ultra-secretive Silicon Valley company announced Wednesday in New York it has developed hardware and software that lets companies run their computer servers more efficiently, particularly in the cloud.It believes that as cloud-computing evolves into edge computing, a distributed scheme that brings key data closer to locations where it is needed, more corporations will need to run multiple applications on a single server. Its customized cloud service, which will accommodate superfast 5G networks, Internet of Things devices, and artificial intelligence, is an alternative to Amazon.com Inc.’s AMZN, +0.57%  AWS that is five to nine times faster. (AWS has its own hardware, called Nitro, for the same market.)
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‘Don’t be a fool!’ Trump tells Erdogan in a brash letter urging Syria deal

Business
In a brash personal letter, President Donald Trump warned Turkish President Recep Tayyip Erdoğan not to be a “tough guy” or a “fool,” and said he risked being remembered as “the devil” as he urged Erdogan to make a deal with the Kurds and call off an invasion of northern SyriaIn a letter dated Oct. 9 and obtained first by Fox Business, Trump addressed Erdogan in blunt terms:EXCLUSIVE: I have obtained a copy of ⁦@realDonaldTrump⁩’s letter to #Erdogan. ⁦@POTUS⁩ warns him to not “be a tough guy! Don’t be a fool!” Says he could destroy Turkey’s economy if #Syria is not resolved in a humane way. Details tonight at 8pm #TrishRegan#FoxBusinesspic.twitter.com/9BoSGlbRyt
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IBM stock slips after revenue misses Street view

Business
International Business Machines Inc. shares declined in the extended session Wednesday after the tech giant reported less revenue than Wall Street expected. IBM IBM, -0.62%  shares fell 3.3% after hours, following a 0.6% decline in the regular session to close at $142.11. In comparison, the Dow Jones Industrial Average DJIA, -0.08%  closed down 0.1%, the S&P 500 SPX, -0.20%  declined 0.2% and the tech-heavy Nasdaq Composite Index COMP, -0.30%  dipped 0.3%.The company reported third-quarter net income of $1.67 billion, or $1.87 a share, compared with $2.69 billion, or $2.94 a share, in the year-ago period. Adjusted earnings were $2.68 a share. Revenue declined to $18.03 billion from $18.76 billion in the year-ago quarter.
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New Voices

Business
Oct.16 -- Bloomberg's Laura Zelenko launches the New Voices Initiative in India at the Bloomberg Equality Summit in Mumbai. (Oct 14, 2019)
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Bitcoin Is Totally Different Than Libra: Calibra Head David Marcus

Business
⁠David Marcus, the head of Facebook’s forthcoming cryptocurrency wallet Calibra, said that he is a fan of Bitcoin (BTC), but it is totally different than the proposed Libra stablecoin.Bitcoin is digital gold, Marcus SaysIn a Squawk Box interview on Oct. 16, Marcus stated that he has been looking at Bitcoin since 2012 and considers it to be akin to digital gold.When asked by Squawk Box co-host Joe Kernen if he owns any Bitcoin or other cryptocurrencies, Marcus did not answer directly but noted that he was an early fan of the major cryptocurrency. He said, “I’m a big fan of Bitcoin what I see as digital gold and totally different Libra."Bitcoin v.s. non-volatile and scalable cryptocurrencyWhile treating Bitcoin as digital gold, Marcus stressed that the Libra project is seeking to create a non-volatile and scalable cryptocurrency rather than provide services for a high-volatile asset such as Bitcoin. He explained:
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Netflix jumps on subscriber growth, but executives say competition will hurt the rest of the year

Business
Netflix Inc. investors can breathe easier — for at least three months or so.The streaming leader announced the net addition of 6.77 million paying subscribers in its third-quarter financial results Wednesday afternoon, an about-face from the previous quarter, when it came up frighteningly short. Netflix NFLX, +0.71%  had projected 7 million net subscription additions worldwide, a healthy jump from 6.1 million in the year-ago quarter, and analysts on average projected 6.7 million, according to FactSet.The fourth quarter is a different story, however. Netflix projected 7.6 million additions in the fourth quarter, far shy of the 9.6 million Wall Street analysts were expecting, and less than the 8.8 million that Netflix reported in the fourth quarter of 2018. The company also said that it no longer expects subscriber growth to increase for the full year from the 2018 total, in part due to increased competition.
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History of McDonald's: Timeline and Facts

Business
It is one of the most American brands in the world. Right up there next to Coca Cola (KO - Get Report) , Mickey Mouse and the Yankees there are the golden arches. Operating over 30,000 restaurants in over 100 countries, McDonald's is arguably the most successful restaurant in the entire world. And it all started with a hot dog stand.Brothers Maurice and Richard McDonald started the first McDonald's (MCD - Get Report) restaurant in 1948 by converting their drive-through barbecue restaurant into a burger and milkshake joint. Located in San Bernardino, California, the restaurant was actually the brothers' second venture into the food industry. Their first was a hot dog stand that the pair owned near the Santa Anita track.
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Stocks end slightly lower after weak U.S. retail sales and tension with China offsets good corporate earnings

Business
Stocks slipped on Wednesday after U.S. retail sales fell for the first time in seven months in September, offsetting a good start to the third-quarter corporate earnings reporting season.An angry response from China to legislation passed by the U.S. House of Representatives in support of Hong Kong pro-democracy protesters also cast doubt on prospects for the future of the trade deal between the two countries announced last Friday. The Dow Jones Industrial Average DJIA, -0.08% closed down 22.28 points or 0.1%, at 27,002.52, while the S&P 500 SPX, -0.20%  lost 5.99 points, or 0.2%, to finish at 2,989.69. The Nasdaq COMP, -0.30% ended with a loss of 24.52 points, or 0.3%, at 8,124.18.On Tuesday, the Dow rose 237.44 points, or 0.9%, to end at 27,024.80, while the S&P 500 advanced 29.53 points, or 1%, to close at 2,995.68, leaving it 1% away from its all-time closing high of 3,025.86 set on July 26. The Nasdaq Composite finished at 8,148.71 after gaining 100.06 points, or 1.2%.
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UAW, GM leaders have a deal to end strike, now workers will decide

Business
DETROIT (Reuters) - General Motors Co (GM.N) and the United Auto Workers union reached a tentative deal on Wednesday for a new four-year labor deal, moving closer to ending a costly month-long strike that shut down GM’s most profitable factories in a test of wills over the future of U.S. auto industry jobs. Neither the UAW nor GM released details of the deal, which is subject to ratification by UAW members. A new contract is expected to include commitments by the automaker to invest billions in U.S. vehicle factories to build new generations of electric vehicles, as well as U.S. electric vehicle battery plants. Union leaders worry that a shift to electric vehicles could cost thousands of jobs at engine and transmission factories.
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Joe Biden hits Donald Trump with a blunt message about corruption

Business
That’s the ultimatum Democratic presidential hopeful Joe Biden delivered via Twitter TWTR, -0.92% to Donald Trump on Wednesday.“You want to talk about corruption? I’ve released 21 years of my tax returns,” he said. “I entered as one of the poorest men in Congress, left one of the poorest men in government... I made no money while I was in there other than my salary.”Biden is referring, of course, to Trump’s refusal to release his returns, citing several reasons like he’s under audit and voter’s don’t care. I won the 2016 Election partially based on no Tax Returns while I am under audit (which I still am), and the voters didn’t care. Now the Radical Left Democrats want to again relitigate this matter. Make it a part of the 2020 Election!
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The Yahoo Breach Settlement Means You Could Be Eligible for $358. Here's How to Claim Your Share

Business
If you used any Yahoo product between January 1, 2012, and the end of 2016, you're eligible for a share of the class-action settlement related to a series of massive data breaches that affected three billion users. That share could mean a payment of as much as $358 if you choose to forgo the offer for free credit monitoring.Of course, there's fine print. The settlement website is clear that payments, which will be based on the total number of eligible claims, could (and will likely) be less than $100 per person. That $358 amount is only if there are funds remaining after all claims are verified. So the payment could be less than $100 or it could be more, depending on how many people file.You have four options if you had a Yahoo account during the window mentioned above:If you file a claim for credit monitoring, you'll receive services for at least two years, but it could be extended up to four years depending on how many people also choose this option. Credit monitoring includes identity theft monitoring, insurance to cover costs associated with repairing your credit, and daily monitoring of any activity on your credit reports.
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There are more than 600,000 millennial millionaires in the US, according to report

Business
There are 618,000 millennial millionaires in the U.S. and their wealth is only expected to grow.Millennials are expected to be five times wealthier in the next decade than they are now, according to a report by Coldwell Banker. Some of their wealth can be attributed to what's been dubbed the "Great Wealth Transfer," where nearly $68 trillion in assets are expected to flow to younger-generations."The difference between the millionaires of the early 1980s and the ones being created today is that many of them stand to inherit even more wealth from their baby boomer parents, who are considered the wealthiest generation in history," the report says.Currently, 93% of millennial millionaires have a net wealth between approximately $1 million and $2.5 million, according to the report. Nearly 60% live in either California or New York and they are investing more in real estate than their elder-millionaire counterparts.
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Volvo Cars CEO on XC40 Recharge EV, Hybrid Subsidy, China

Business
Oct.16 -- Hakan Samuelsson, president and chief executive officer at Volvo Car Group, discusses the launch of the automaker's first all-electric vehicle, its plan to pay the first year’s worth of charging costs for owners of its plug-in hybrids, and opportunities in China. He speaks on “Bloomberg Markets.”
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Trump’s China Deal Leaves the Global Economy as Uncertain as Ever

Business
WASHINGTON — President Trump’s trade truce with China may have temporarily cooled tensions between the world’s two largest economies. But the damage from Mr. Trump’s aggressive approach to trade policy will continue to weigh on the global economy.The “agreement in principle” with China — which has yet to be finalized — would not roll back the hundreds of billions of dollars of tariffs that China and America have placed on each others’ products. Mr. Trump is also escalating his trade fight on other fronts, including slapping higher tariffs on Turkey and preparing to tax $7.5 billion worth of wine, cheese, aircraft and other European goods on Friday. His administration will decide next month whether to impose tariffs on cars imported from Europe and other countries.
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'Big Short' star Steve Eisman made his name betting against companies. But now he's bullish on a little-known communications company in Illinois.

Business
Reuters/ Jessica RinaldiSteve Eisman — the investor immortalized by Steve Carell in "The Big Short" — is bullish on a little-known communications company based out of Schaumburg, Illinois.Eisman, now a managing director at Neuberger Berman, told CNBC on Tuesday that his favorite stock is Motorola Solutions, a provider of communications systems for law enforcement and first responders. Eisman said he likes the company because (1) it has strong management, (2) the business has improved over the last several years, and (3) it operates in a lightly regulated industry. "I don't have to worry about China. I don't have to worry that much about a recession. It's about as idiosyncratic as long as you could imagine," Eisman said.
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New Jersey's sports gambling industry posts record numbers in September

Business
Nevada might be tops but New Jersey is quickly catching up for sports wagering. September was a record month for the Garden State and it shows no signs of slowing down, providing a welcome boost to the state’s budget.Football, both college and the NFL, boosted New Jersey’s gaming industry’s bottom line, with the state registering $445 million in total sports wagering in September. This is tops for a single month for the state, who implemented legalized sports gambling in June 2018 and has seen steady growth since.Last September's sports wagering handle for New Jersey was $183.9 million.“While operators continue to face strong competition for gaming and leisure customers, the increase in total gaming revenue shows the industry has grown for the betterment of both Atlantic City and New Jersey as a whole,” James Plousis, chairman of the New jersey Casino Control Commission, said.
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Here’s what could happen to Giuliani and others who defy congressional subpoenas

Business
Rudy Giuliani, President Donald Trump’s personal lawyer, earlier this week defied lawmakers’ subpoena for documents related to their impeachment inquiry and said, “If they enforce it, then we will see what happens.”What could happen to Giuliani is a fine of $100,000 and a year in jail. That’s if the former New York mayor (and others who ignore subpoenas) were convicted of contempt of Congress, a rare move that involves referring a citation to the executive branch. But it’s highly unlikely that the Trump administration would prosecute the president’s own lawyer. As the House impeachment inquiry proceeds, another option to enforce subpoenas is seeking a civil judgment from a federal court, as a Congressional Research Service paper explains.
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Fed Beige Book reports ‘slight’ growth in some regions

Business
The outlook: The U.S. economy seem to be slowing a bit, and only expanded at “a slight to modest pace” since early September, according to the latest Federal Reserve Beige Book. The report, basically a summary of anecdotes collected by the central bank from its business contacts across the country, suggested the economy was slightly weaker than in the summer. Business activity varied across the country, with Midwest and Great Plains report more downbeat than the southern and western regions. The early impact of the strike at General Motors GM, +1.08%  was seen as limited. What happened: The U.S. - China trade dispute continued to affect business activity. Manufacturers were starting to layoff workers in a number of districts because orders were weak, but other firms said they wanted to retain scarce workers and so are cutting hours not jobs.
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Trump says likely won't sign China trade deal until he meets with Xi

Business
WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday said he likely would not sign any trade deal with China until he meets with Chinese President Xi Jinping at the upcoming APEC Forum in Chile. Trump, speaking to reporters at the White House, said the partial trade deal announced last week was in the process of being formalized. “It’s being papered,” he said. Trump, Xi and other heads of state are expected to participate in the Asia-Pacific Economic Cooperation (APEC) Forum being held in Santiago from Nov. 11 to Nov. 17. Last week, Trump and Chinese Vice Premier Liu He announced the first phase of a deal to end the trade war between Beijing and Washington but did not offer many details.
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Five companies said to be in talks over $22 billion opioid settlement

Business
Five makers and distributors of opioid painkillers are in discussions with state attorneys general over a potential settlement worth about $22 billion in cash, and more in drugs and services, according to people familiar with the situation.The possible deal comes days before the start of the first federal trial seeking to hold industry to account for the epidemic.Three major drug distributors — McKesson, AmerisourceBergen and Cardinal Health — are in discussions to pay $18 billion, while drugmaker Johnson & Johnson has offered $4 billion, according to the people, who declined to be identified because the talks are private. Teva Pharmaceuticals is in talks to contribute at least $15 billion worth of drugs, with more value coming from some of the five companies in the form of drugs and services, the people said.
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FCC approves merger of T-Mobile, Sprint on vote split on party lines: sources

Business
WASHINGTON (Reuters) - T-Mobile US Inc’s (TMUS.O) proposed $26.5 billion tie-up with Sprint Corp (S.N) won formal approval from the Federal Communications Commission on Wednesday in a vote split along party lines, two sources told Reuters. Chairman Ajit Pai and two Republican commissioners voted to approve the deal while two Democratic commissioners voted against it, the sources said. The text of the approval order is not expected to be released until later in the month. The deal to combine the third and fourth largest U.S. wireless carriers, which has been fighting for government approval since April 2018, still faces a lawsuit brought by a group of state attorneys general, headed by New York.
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J&J Offers $4 Billion Opioid Litigation Settlement

Business
Johnson & Johnson has offered to pay about $4 billion to settle all lawsuits in the U.S. accusing the company of contributing to the opioid-addiction epidemic, according to people familiar with the matter.If completed, the deal would resolve more than 2,000 lawsuits by state and local governments alleging that J&J’s marketing of pain drugs including Duragesic and Nucynta fueled the opioid crisis. J&J sold the U.S. rights to Nucynta to another company in 2015. The suits also allege that J&J is culpable for...
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Amazon’s Deliveroo Investment Attracts Formal U.K. Probe

Business
Britain’s antitrust watchdog has launched a formal probe into Amazon.com Inc.’s investment into Deliveroo, a British food-delivery startup, marking the official start of a relatively novel review that regulators signaled earlier this month.The regulator could block the deal if it finds the companies have breached antitrust rules.The probe...
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Here’s what a positive yield curve may mean for the U.S. economy

Business
Recession concerns should be eased now that the yield curve no longer is inverted since it has been a reliable bond-market harbinger of past economic downturns.And yet, market participants are divided on whether a recent steepening of the curve points to brighter economic prospects, or a more troublesome indication that the U.S. is rushing headlong into a downturn. The widely-monitored spread between the 3-month bill yield TMUBMUSD03M, -0.01%   and the 10-year note yield TMUBMUSD10Y, -1.48% now trades at a positive 11 basis points differential, after inverting as low as negative 51 basis points in August. Wall Street keeps close tabs on yield curve inversions, or when shorter-term yields trade above their longer-term peers, because their occurrence has preceded the last nine recessions since World War II.
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Midday Wrap: Dems Debate Big Tech

Business
Big tech was under the spotlight at the Democratic Presidential Debate on Tuesday night as the front runners for the Democratic nomination battled it out. Sen. Elizabeth Warren (MA) has been the most vocal candidate about breaking up the tech companies. Earlier this year, she unveiled her plan to break up big tech companies. On Tuesday, she singled out Amazon (AMZN - Get Report) , saying that the company invites smaller businesses onto its platform, only to use the data and information it gleans to then turn around and compete against those businesses through its private label offerings. Meanwhile Andrew Yang, who has a background as an entrepreneur, said that increasing competition would not do the job needed to protect consumers. Yang instead proposed making user data the property of users.
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US retail sales unexpectedly drop as Trump's trade war hits the backbone of the economy

Business
Rick Wilking/ReutersA key measure of consumer spending unexpectedly dropped for the first time in seven months in September, raising concerns about one of the brightest spots in the US economy.The Commerce Department said Wednesday retail sales fell 0.3% last month, the first decline since February and compared with a 0.6% rise in August. Retail sales account for more than two-thirds of economic output. Consumer activity, along with hiring, has propelled an economy that has been otherwise roiled by a trade dispute between the Trump administration and China. The US expanded tariffs to more than $100 billion worth of additional imports from China at the start of September, a move that targeted mostly consumer products and rattled financial markets. The two sides reached a partial agreement to defuse tensions on Friday, while steep import taxes were expected to remain in place on thousands of products.
DailyHum News
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5 Must-Read Stories About Netflix

Business
1. Netflix's Q3 Earnings: 6 Important Things to WatchTheStreet's tech columnist Eric Jhonsa breaks down the top things to keep an eye on in Netflix's big quarterly report, from content spending and ARPU growth to comments about the competitive environment.2. A Closer Look at Netflix's Price ChartRealMoney's technical analyst Bruce Kamich says prices could continue their recent improvement but a sustained rally is likely to need a big and developed base pattern. He explains why only experienced short-term traders should be involved with NFLX.3. One of Netflix's Biggest Bulls Stands by His Call Despite Growing CompetitionRBC's Mark Mahaney is one of the most respected tech analysts on Wall Street. Read about the four reasons why he's optimistic enough about Netflix to put a one-year price target on it of $450, which is about 60% higher than its current level.
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What to Expect From Netflix Earnings

Business
Netflix, the streaming video giant, showed a rare moment of weakness last quarter when it reported that it lost domestic subscribers for the first time since starting its digital television service 12 years ago.It was an unhealthy sign in the face of looming rivals, but the internet juggernaut has another chance today to build confidence when it announces its third-quarter results after the market closes. The subscriber marks will be closely eyed by Wall Street investors, who have traded down Netflix shares about 20 percent since its last earnings report.Analysts expect Netflix to add seven million new customers for the third quarter, including about 800,000 in the United States. If that holds true, it would be a much-needed improvement over the previous period when the company lost 126,000 paid users domestically. Investors are looking for roughly $470 million of income on $5.2 billion in sales.
DailyHum News
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3 Innovative Ways Mixed Reality Is Being Used by Big and Small Businesses

Business
Though the idea of mixed reality, which includes virtual and augmented reality, has been around for a long time, it has only recently started picking up speed. The first proof of concept that augmented reality could revolutionize gaming was the popularization of Pokemon Go. Oculus further proved the thesis, showing that it could, in fact, take gaming far beyond the physical world with virtual reality.But the impact that mixed reality could have on the way we do business extends far beyond the confines of just gaming. In fact, the mixed reality is projected to be a $150 billion market by 2020. To learn more about the specific ways mixed reality could be an asset to traditionally non-technical companies, I chatted with Carlos Carbonell, founder and CEO of Echo Interaction Group, which helps companies deploy augmented reality applications.
DailyHum News
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4 Principles of Servant Leadership

Business
Like pretty much everything nowadays, the concept of leadership has morphed and evolved into something our parents or grandparents would not recognize. A few decades ago, things seemed simpler. Being the boss automatically made you a leader in the eyes of employees. Now, everyone wears more than one hat, lines are more blurred, and being a boss doesn’t automatically make you a leader. Leadership is no longer concentrated at the top. It has trickled down the organizational chart.With all of the tools we have today, there’s no excuse not to be a better leader. I’ll go a step further and say that being a good leader isn't even enough. You have to be a servant leader. Servant leadership is defined as a “philosophy and set of practices that enriches the lives of individuals, builds better organizations and ultimately creates a more just and caring world.”
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Shonda Rhimes, Star TV Producer, Signs a Podcast Deal

Business
Shonda Rhimes, the prolific television producer whose body of work includes the durable ABC drama “Grey’s Anatomy,” moved into the streaming world in 2017 when she signed a nine-figure deal to create new shows for Netflix. Now, she is taking her talent for storytelling to the audio realm as the executive producer of new podcasts to be made in conjunction with the broadcast giant iHeartMedia.Ms. Rhimes’s production company, Shondaland, and iHeart announced the partnership, a three-year deal, on Wednesday. Under the arrangement, Ms. Rhimes will produce “a full slate” of iHeartRadio original podcasts that will be available on the iHeartPodcast Network. With the deal, Shondaland has also started a new division, Shondaland Audio.
DailyHum News
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Why The Cannabis Industry Is Urging For A Regulated Market

Business
News of unregulated THC and e-cigarette vapes suspected to be causing illnesses and deaths are sweeping the nation, with a CDC report claiming that ​up to 530 possible cases of severe lung disease, and eight fatalities, may have been caused by vaping in at least 33 states. The majority of patients reported purchasing products from the black market.While the investigation​ is still ongoing, as officials have not yet identified any single substance or product with ties to all cases, the news creates urgency for the legalization and regulation of the cannabis market nationwide.RELATED: What Top Cannabis Brands Are Saying About Counterfeit Products
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U.K. Equities Very Cheap, Will 'Rip' With a Brexit Deal: Baird

Business
Oct.16 -- Patrick Spencer, Baird vice chairman of equities, discusses the impact of a Brexit deal on U.K. equity markets and the pound with Bloomberg's Vonnie Quinn and Guy Johnson on "Bloomberg Markets: European Close."
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Here's how Abercrombie & Fitch ditched its past to try to bring back customers

Business
Crafting a brand is hard work. But harder still is reimaging it.Sister brands Abercrombie & Fitch and Hollister were the go-to shops for teens in early 2000s. But as Abercrombie cultivated its rebellious image with half-naked models, controversies piled up, and its popularity fell.By late 2013, activist investors arrived on the scene and pushed for the ouster of CEO Mike Jeffries. He had been hailed for orchestrating its success, but now as sales declined, some blamed him for being out of touch with shifts in consumer tastes. By December 2014, Jeffries retired.After his departure, Abercrombie began to transform its image and ethos. Instead of excluding those who didn't fit Abercrombie's style, the company adopted a more inclusive attitude.
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It’s not ‘Bitcoin the Musical,’ but blockchain technology is coming to Broadway

Business
Bots! Scalpers! Fraudsters!Buying tickets for a Broadway show can involve an awful lot of unwelcome drama, so it’s not surprising that some of the theater industry’s biggest players are looking for ways to make ticket buying more secure. One possible solution to ticket fraud is blockchain technology, which has a ledger system that allows new transactions to be recorded but not erased. And now the Shubert Organization, the biggest theater operator on Broadway, is giving it a try.The organization, through its Telecharge and Shubert Ticketing division, has teamed up with a Boston-based startup called True Tickets, which offers a mobile ticketing solution that runs on IBM’s blockchain platform. The startup was one of two companies selected to take part in this summer’s inaugural Broadway Tech Accelerator—the results of which included pilot programs aimed at refining the ideas.
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Hold my beer: Fan sues NFL team over alcohol-soaked kerfuffle at stadium

Business
All Eric Smith wanted was an apology from the Cleveland Browns. Now, he has filed a lawsuit against the NFL team for mistakenly banning him from attending games.Smith received a call from the Browns organization following the team's early September loss to the Tennessee Titans, telling him that he was banned from FirstEnergy Stadium for pouring a beer on Titans defensive back Logan Ryan after a touchdown against the Browns.The problem with what might appear to be a rational and proportionate response lies in the fact that Smith claims that he wasn’t at the game. In his lawsuit, which was filed on Monday, Smith notes that at the time that Ryan was getting doused by an adult beverage, he wasn’t anywhere close to the stadium.According to the court filing on Tuesday, Smith’s lawsuit seeks damages “in excess of $25,000” At the time of the incident, Smith "was at his home relaxing with his wife and kids before he left around 3 p.m. to DJ a wedding,” the lawsuit claims.
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US economy is ‘the big winner’ in UAW-GM deal: Toyota North America CEO

Business
Toyota North America CEO Jim Lentz discusses the tentative agreement reached between General Motors and the United Automobile Workers as well as the strike’s impact on GM’s business.
DailyHum News
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'The plumbing isn't broken': Goldman Sachs' CEO says WeWork's failed IPO could improve private markets

Business
REUTERS/Danny MoloshokWeWork's collapsed initial public offering isn't proof that private markets are broken, and it could even change them for the better, according to Goldman Sachs CEO David Solomon."I don't think the plumbing is broken," Solomon replied to an analyst's question about the significance of scrapped flotations and problems in funding markets, asked during the bank's third-quarter earnings call. "I think the IPO process is alive and well in the United States."However, he expects the WeWork fiasco to fuel a shift towards smaller private investments and faster flotations. "We are going to see a rebalancing of this process of private capital formation, the size and the magnitude of that private capital formation and the period of time with respect to which people get to the public markets," Solomon said.
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Here's Why I'm a Fan of This ETF

Business
I like the Roundhill Bitkraft Esports & Digital Entertainment ETF (NERD) and what its portfolio offers even if I'm not thrilled by a few decisions on its new panel of industry experts.
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Trump hits back at Graham after senator's Syria-policy criticism

Business
President Donald Trump on Wednesday hit back at Sen. Lindsey Graham after the South Carolina Republican criticized his Syria policy anew. Graham said on Twitter that if Trump continued to make statements calling Turkey's incursion into Syria "not our problem," it will be "worse than President Obama's decision to leave Iraq." Graham also said Trump's statements on Turkey "undercut" Vice President Mike Pence's and Secretary of State Mike Pompeo's ability to end the Turkey-Syria conflict. "Lindsey Graham would like to stay in the Middle East for the next thousand years," Trump said at a news conference with Italian President Sergio Mattarella. Pence and Pompeo plan to meet with Turkish President Recep Tayyip Erdogan, who has rejected U.S. calls for a cease-fire.
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Trump’s next move could lead to a 25% drop in stocks, says billionaire investor

Business
The good news, according to Leon Cooperman, the billionaire founder of Omega Advisors, is that the current bull market, currently the longest on record, still has gas in the tank and could see a 10% rally over the next six months.Then there’s the bad news: That isn’t the only thing that could trigger such a drop, according to Cooperman, who shared his thoughts on CNBC on Wednesday.He also reiterated the view that victory for either Elizabeth Warren or Bernie Sanders in the 2020 election would similarly crush the stock market.Cooperman, whose net worth Forbes estimates at $3.2 billion, gave a nod to Winston Churchill, saying, “You don’t make poor people rich by making rich people poor,” he said.
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The Impossible Whopper is driving steady traffic to Burger King, data shows

Business
Data reveals that the introduction of Burger King's meat-alternative patties increased traffic at the global fast-food franchise both during city-specific testing as well as after a nationwide rollout.Researchers at Barclays studied the ratio of traffic share between Burger King restaurants in St. Louis and locations nationwide during the company's trial phase of its new Impossible Whopper, a plant-based burger produced by Impossible Foods. Burger King began testing the new burgers exclusively at St. Louis locations in April.The analysis showed traffic grew about 18% in the St. Louis locations versus no comparable gains for McDonald's St. Louis restaurants or Burger King's Kansas City locations.
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Bitcoin Price Drops Below $8K as Bears Try to Break the Bullish Trend

Business
Bitcoin (BTC) price has continued its multiple-day slide, dropping 5.3% over the past two days and 9.6% from it’s $8,800 high 5 days ago. While Bitcoin bears are celebrating, the price remains range-bound, as can be seen clearly on the daily chart. Bitcoin price has been trading in this range since September 25th, the day after the large drop from $10,000. Bulls will be looking for a break above the range to signal likely price appreciation, while the bears have their eyes on the bottom for a breakdown and further downside. The price closed below the equilibrium (dashed centerline) of the range yesterday, leading to further depreciation and a likely trip to the range lows. BTC USD daily chart. Source: TradingViewMonthly view: one line to rule them allThe Bitcoin monthly chart shows the most important line which coincides with the range lows on the daily chart. There are few clear support and resistance areas on this large time frame, but the price has been hovering above one of them at $7,777 for weeks. Price action above this level remains tentatively bullish, while a monthly close below would be definitively bearish and could lead to a move down to lower support levels in the low $7,000s and $6,000s.
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United Airlines Has One Level Holding Back Stock Breakout

Business
United Airlines (UAL - Get Report) is gaining altitude on Wednesday, up 2.6% to $90.17 in midday trading, after the Chicago carrier reported its third-quarter results.For more than a year, the ~$90 level has kept a lid on United Airlines stock, except for one major rally in Q4 2018 and one rally in July 2019. Other than that, the shares have mostly been range-bound between $77 and $90.Investors are hoping that shares can break out into year-end, and they're hoping that a bottom-line beat can be the catalyst.Earnings of $4.07 per share topped expectations by 11 cents, while revenue of $11.38 billion grew 3.5% year over year but missed analysts' estimates by $50 million.Management also gave a notable boost to the bottom end of its full-year earnings outlook, while giving a slight boost to the top end as well.
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US Authorities Analyze Bitcoin Transactions to Shut Down Child Porn Ring

Business
United States law enforcement agencies analyzed Bitcoin (BTC) transactions to locate and subsequently shut down a global child pornography site.Per an Oct. 16 press release, the U.S. Department of Justice announced the shutdown of the largest-to-date child sexual exploitation market called Welcome to Video which was operated by South Korean national, Jong Woo Son. The site offered child pornography videos for sale using Bitcoin.Crypto brings authorities closer to catching criminalsTo trace Bitcoin blockchain transactions and identify users, IRS-Criminal Investigations (IRS-CI), Homeland Security Investigations and other agencies applied software provided by blockchain analysis company Chainalysis. IRS-CI Chief Don Fort commented: “Through the sophisticated tracing of bitcoin transactions, IRS-CI special agents were able to determine the location of the Darknet server, identify the administrator of the website and ultimately track down the website server’s physical location in South Korea.”
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Opinion: Marijuana stocks, after declines of over 50%, are now only ludicrously overpriced

Business
A macabre saying on Wall Street is that beaten-down stocks can have a “dead-cat bounce.” The idea is that even a stiff feline can rebound off a concrete sidewalk if tossed from the top of a building.In a similar vein, shares of the largest marijuana companies soared, but not so much anymore. I published a column Feb. 11, saying the stocks were so overvalued that they weren’t good investments. Now, four major cannabis providers are in dire need of a bounce. Their share prices have dropped by 50% to 75% since the day before that column appeared.I’m not suggesting that my column caused the bubble to pop. I simply reported that the prices of cannabis stocks were ridiculously inflated. The four major pot companies were being priced at 100 to 200 times the companies’ gross revenues. (The companies had no profits, making price-to-earnings, or P/E, ratios meaningless. So analysts were forced to compute something called EV/S, the ratio of each firms’ sales to its enterprise value, which is roughly market value plus net debt.)
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Here's how much the Chicago teacher strike is going to cost parents

Business
Chicago Mayor Lori Lightfoot announced that public school classes will be canceled Thursday, when Chicago Teachers Union members are expected to strike.That means working parents will be scrambling to find childcare — and pay for it.The average weekly cost at a childcare center is $213, which breaks down to roughly $42 dollars a day, according to Care.com prices from 2018. But those numbers may not tell the whole story.Lightfoot said Wednesday that the strike should not be taking place and that she has already given in to many of the union's concessions, including the offer of a 16 percent pay raise, The Chicago Sun-Times reported. The union has been pushing for capped class sizes and more social workers, case managers and school nurses."We value the workers ... Honoring that value is who I am and what I stand for," Lightfoot said according to The Sun-Times. "But I also must be responsible for the taxpayers who pay for everything that goes on."
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Leon Cooperman to Warren and Sanders: 'Stop treating billionaires as criminals'

Business
Billionaire investor Leon Cooperman slammed Democratic presidential candidates Elizabeth Warren and Bernie Sanders on their proposals to put an additional tax on the richest Americans."Stop portraying billionaires as criminals," Cooperman said on CNBC on Wednesday, the morning after Warren and Sanders in the latest Democratic debate cast themselves as the hardliners on tacking wealth inequality."They make it sound like rich people don't pay taxes," the Omega Advisors founder said on "Squawk Box."Warren's plan calls for a 2% tax on families' net-worth of over $50 million, which she has turned into a rallying cry for the rich to pitch in two cents for every dollar above that threshold."You make it to the top, the top one-tenth of 1%, then pitch in two cents so every other kid in America has a chance to make it," Warren said at Tuesday night's debate in Ohio.

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