When it comes to the semiconductor sector, why does the market obsess about Nvidia ? That was the question that had Jim Cramer scratching his head on Tuesday’s episode of “Mad Money,” as he called the market’s focus on this single chip maker “repulsive.” As the most recent Consumer Electronics Show just proved, there is a lot of really important technology that relies on chips not made by Nvidia, a stock that rallied 220% in 2016.
Day: January 10, 2017
Hungary Plans to Crackdown on All Soros-Funded NGOs
Hungary plans to crack down on non-governmental organizations linked to billionaire George Soros now that Donald Trump will occupy the White House, according to the deputy head of Prime Minister Viktor Orban’s party. The European Union member will use “all the tools at its disposal” to “sweep out” NGOs funded by the Hungarian-born financier, which “serve global capitalists and back political correctness over national governments,” Szilard Nemeth, a vice president of the ruling Fidesz party, told reporters on Tuesday.
Tesla’s Autopilot Head Said to Depart as Apple Engineer Hired
Sterling Anderson, Tesla Motor Inc.’s director of autopilot programs since November 2015, has left the Palo Alto, California-based maker of electric cars, according to a person familiar with the matter. Tesla announced Tuesday that it hired Chris Lattner as its vice president of autopilot software.
VW Shrugs Off Scandal Woes as 2016 Deliveries Rise to Record
Volkswagen AG delivered more cars and trucks than ever before, shrugging off the emissions-cheating scandal by wooing more customers in China. The German manufacturer, which vies with Toyota Motor Corp. for the title of the world’s biggest automaker, posted a 3.8 percent rise in sales to 10.3 million vehicles in 2016, the Wolfsburg-based company said in a statement.
What presidential scholars say we might hear in Obamaa s farewell address
When President Obama addresses the country Tuesday night in Chicago, the place where he launched his political career, presidential scholars say he will face a unique moment, unlike perhaps any modern president before him: He will be giving this milestone address just as his signature legislative achievement is threatened to be undone. As a result, the opportunity also exists for a unique farewell address, a rhetorical device that has been used by many but not all presidents to recap their tenure, help solidify their legacy and address the future.
Livermore oil driller seeks larger underground disposal area
Amid greater scrutiny of oilfield contamination threats to California’s groundwater, state officials will hold a hearing Wednesday on a proposal to expand the aquifer area where a Livermore driller is permitted to dispose of oily wastewater. Some environmentalists will speak out against the proposal by E&B Natural Resources for federal permission to expand the aquifer exemption area where it is permitted to put wastewater from oil extraction.
LA leaders call for ban on campaign finance from developers to a restorea faith
In an election season in which city politicians have increasingly come under attack for a perceived closeness with deep-pocketed developers, five council members on Tuesday sought to dispel that image by proposing a ban on political contributions from donors seeking approval for their real estate projects. The city’s ethics laws already forbid those seeking public contracts from donating to elected officials and candidates.
When Will Shopify Be Profitable?
This success has seen Shopify to grow its monthly subscription revenue at a . During this period of tremendous growth Shopify has not reported a profit, ever.
Here’s Why Weight Watchers International, Inc. Lost 46% in 2016
After reality set in and it became clear that the former talk-show host did not possess a magic way to turn the company around, its shares went on a sort of yo-yo diet. They popped on hints of good news or comments by Winfrey, then they tanked when those effects wore off: After opening 2016 at $21.34, Weight Watchers closed the year at $11.45, a 46% drop.
How to Deal With Trump’s Cabinet
Senate Minority Leader Chuck Schumer says President-elect Donald Trump’s cabinet nominees “need a thorough vetting.” He’s right, but exactly what he and his colleagues mean by that won’t be clear until the Senate’s confirmation process begins this week.
Trump Says He’s – Exploring’ Forming Commission to Study Autism
President-elect Donald Trump’s team said Tuesday that he’s considering establishing a special autism commission after vaccine skeptic Robert F. Kennedy Jr. said Trump had invited him to head up a panel on immunization safety and science. After meeting with the incoming president in New York at Trump Tower, Kennedy told reporters he had accepted an offer to lead a panel on “vaccine safety and scientific integrity.”
VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal
Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which VW said Tuesday will include a guilty plea, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.
Jack Ma Bets $2.6 Billion He Can Revamp China Retail Sector
Alibaba Group Holding Ltd. pioneered shopping on the internet in China. Now it thinks it can teach old-school retailers a thing or two about real-world commerce.
Valeant Sells $2.1 Billion in Assets to Ease Debt Burden
Valeant Pharmaceuticals International Inc. agreed to sell about $2.1 billion in assets in two deals, an important first step in the struggling drugmaker’s endeavor to get cash and begin easing its debt burden. L’Oreal SA, the Paris-based cosmetic giant, will pay Valeant $1.3 billion for three skin-care brands, according to a statement Tuesday.
Indonesia’s First Billion-Dollar Startup Races to Kill Cash
Go-Jek became Indonesia’s first billion-dollar startup by offering ride-hailing services that became ubiquitous in the country. Now the company is planning a second act in digital payments amid rising competition from local rival Grab and Uber Technologies Inc. Go-Jek, backed by Sequoia Capital, KKR & Co.
Big Oil Hits Sweet Spot as New Projects Reap Rewards of Recovery
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies will together boost oil and natural gas output by 398,000 barrels a day, the most since since 2010, according to data from Oslo-based consultant Rystad Energy AS.
Biden’s Cancer Moonshot Draws on Aussie Nobel-Winning Expertise
U.S. Vice President Joe Biden arrived in Melbourne last July with his granddaughters in tow. Bypassing sporting stadiums and race-car tracks, Biden’s first official stop in the world’s sporting capital was to open a A$1 billion cancer center.
Plot twists, suspense mark George Lucasa plans for museum
This undated file concept design provided by the Lucas Museum of Narrative Art shows a rendering of their proposed museum, just west and north of the Coliseum in Exposition Park in Los Angeles. “Star Wars” creator George Lucas and his team announced Tuesday, Jan. 10, 2017, they have chosen Los Angeles over San Francisco as the home of the museum that will showcase his work.
Gross Says 10-Year at 2.6% Is a Bigger Deal Than Dow at 20,000
Investors should watch for 10-year Treasuries to move above 2.6 percent, a threshold that would mark an end to the three-decade bond bull market and be a more important barometer than the Dow Jones Industrial Average passing 20,000, according to billionaire bond manager Bill Gross. “It is the key to interest rate levels and perhaps stock price levels in 2017,” Gross, manager of the $1.8 billion Janus Global Unconstrained Bond Fund, wrote in a monthly investment outlook released Tuesday.
Obama Alum David Plouffe Joins Zuckerberg’s Philanthropic Group
David Plouffe, President Barack Obama’s former campaign manager, will lead policy and advocacy for the Chan Zuckerberg Initiative, the philanthropic organization created by Facebook Chief Executive Officer Mark Zuckerberg and his wife, Priscilla Chan. Plouffe, who has been a full-time adviser for Uber Technologies Inc., will step away from his day-to-day duties, but he’ll remain a non-voting Uber board member, the ride-hailing company said.
Trump Asks Vaccine Skeptic Kennedy to Lead U.S. Safety Panel
President-elect Donald Trump has asked Robert F. Kennedy Jr. to lead a committee on the safety of vaccines, selecting an environmentalist who has linked the shots to autism in defiance of broad scientific consensus. Kennedy met with the incoming president at Trump Tower in New York on Tuesday and afterward told reporters that he had accepted an offer to lead a panel on “vaccine safety and scientific integrity.”
VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal
Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. The agreement, which will include a guilty plea according to VW, raises the cost of the scandal to more than $23 billion in the U.S. and Canada, blowing by the 18.2 billion euros the carmaker had set aside to resolve the disputes.
GM Sees Higher Profit in ’17, Plans $5 Billion Buyback
General Motors Co. predicted profit will rise more than analysts estimate in 2017 after meeting the high end of last year’s targets, enabling the largest U.S. automaker to buy back an additional $5 billion in shares.
SoftBank Hires U.K. Investor to Help Manage $100 Billion Fund
The founder of a London-based investment fund that focused on what it called “constructive activism” has joined SoftBank Group Corp. to help manage its new $100 billion technology vehicle. Knight Assets & Co.
Oil Drops to One-Month Low on U.S. Supply Outlook, OPEC Concern
Oil fell to a three-week low amid speculation that U.S. crude supply is rising while the market weighs compliance by OPEC and other exporters with promised output curbs. Prices dropped 2.2 percent.
PeopleSoft creator selling $39 million estate
Designed to blend into nature, this family compound was built for indoor and outdoor living year-round. The home’s gated park was designed for dogs of all shapes and sizes and is flanked by the upper garden and a wishing well.
Ellen Pao returns to investing with new role at Kapor Center
On Tuesday the Oakland-based Kapor Center for Social Impact announced Pao has joined the team as a venture partner and chief diversity and inclusion officer. She started work there last week.
Intel Joule shipments blocked in key countries, pending certification
If you can’t find Intel’s Joule developer boards in your country, it’s because shipments have been held up. Intel’s Joule 570x and 550x are powerful computer boards that can be built as a PC, or be used to build robots, drones, or smart devices.
Why Shares of Acacia Communications Dropped Today
Acacia sounded a confident tone during the presentation, but investors are no doubt concerned about the company’s growth story. At 3:15 p.m. EST, the stock was down about 11%.
What’s Next For Celgene
The presentation included updates to its financial guidance, and a peek into management’s plans for its drug pipeline. Are Celgene’s best days ahead of it? Over the past five years, Celgene’s sales and earnings per share have grown by a compounded 20% and 25% per year, respectively, and based on management’s updated financial guidance, that double-digit growth isn’t going to end anytime soon.
Tracking Market Momentum with a New Smart Beta ETF
ALPS partnered with Dorsey, Wright & Associates to launch a smart-beta exchange traded fund strategy centered around a momentum style that invests at both the sector and stock level. On Tuesday, ALPS rolled out the ALPS Dorsey Wright Sector Momentum ETF .
Sales Set to Slip at Boston Beer for the First Time in 13 Years: Should Investors Worry?
It’s a worrisome development, because unlike the last time this happened, craft-beer industry growth is slowing, so the brewer can’t count on any broad momentum to help it out of this slump. Back in 2003, Boston Beer’s distributors were still right-sizing their inventory of Samuel Adams Light beer that had just been introduced the year before.
Nasdaq Hits Another Record
The Dow Jones Industrial Average slipped 32 points, or 0.2%, to 19856, after rising within 50 points of the never-before-reached 20000 level earlier in the session. The S&P 500 was flat, and the Nasdaq Composite rose 0.4%, a fresh record.
Mid-Roll Video Ads Could Be Coming to Facebook, Inc.
Publishers will keep 55% of ad revenue, with the remaining 45% going to Facebook. Alphabet ‘s If this report is true, the move would represent a departure from CEO Mark Zuckerberg’s long-standing ban on pre-roll ads, which play at the beginning of a video.
article
After the company reported in December that a key late-stage drug had come up short in trials, a sharp sell-off caused Opko Health to finish the fourth quarter down 12.2%, capping a 7.5% loss for the year,according to S&P Global Market Intelligence . Opko Health is run by billionaire CEO Phillip Frost, and until recently, Frost has been very successful at commercializing clinical-stage drugs that he’s purchased for Opko Health at bargain prices.
Here’s How Trump’s Tax Cuts Could Affect U.S., Global Economic Growth
Donald Trump’s vowed tax cuts could goose global economic growth this year and next, the World Bank said Tuesday, fresh fuel for a world struggling with stagnant trade, weak investment and rising policy uncertainty. In its semiannual flagship economic report, the development institution said the global economy should expand by 2.7% this year, down a bit from the 2.8% predicted last June.
Here’s Why Halozyme Therapeutics Fell as Much as 11.1% Today
That’s not all that bad in reality. But it does require some perspective. The revenue range provided will be lower than 2015 and, very likely, 2016 revenue totals.
How Paying Small Businesses Faster Can Boost Jobs
Jean-Noel Barrot is assistant professor of finance at MIT Sloan School of Management. This piece originally appeared at The Conversation .
How Fake News Reinforced My Faith In The First Amendment
Even in an era when conspiracy theories can be shared by millions on Facebook, it’s more important than ever to stand up for free expression. I’ve been asking that question ever since the election, but Nat Hentoff’s death on Saturday really made me grapple with its substance.
John Malone on Netflix’s Reed Hastings: “He Really Broke the Mold With His Success”
The media mogul told Lionsgate’s Investor Day that traditional media distributors were “asleep at the switch” as Netflix built scale to go direct to consumer. Billionaire media baron John Malone, fresh from helping engineer the Lionsgate-Starz merger to compete on the content side against Netflix, on Tuesday praised the video streaming giant’s CEO, Reed Hastings.