Futures for U.S. markets indicate a higher open Thursday after a record Wednesday as investors cheer the new administration’s policies and are buoyed by the latest earnings season. The Dow Jones Industrial Average added 0.09%, the S&P 500 0.04% and Nasdaq 0.14% at 9:07 p.m. EST.
Day: January 25, 2017
Elon Musk tweets mysterious a tunnela project
Just weeks after suddenly tweeting “Traffic is driving me nuts” and “am going to build a tunnel boring machine and just start digging,” the SpaceX and Tesla founder says it’s on the verge of happening. The cryptic statements have launched speculation about another fantastic transportation idea from Musk, who builds orbital rockets at his Space Exploration Technologies company, better known as SpaceX, based in Hawthorne, California, near Los Angeles International Airport.
DGA Members Ratify New Studio Contract
The membership of the Directors Guild of America has ratified the new three-year collective bargaining agreements between the DGA and the Alliance of Motion Picture and Television Producers , the union’s president, Paris Barclay, announced Wednesday. A union statement said that ratification was by “an overwhelming margin,” but did not release the actual figures.
at&T Ceo optimistic about tax reform under Trump
“I was meeting with a CEO. It was obvious,” Stephenson said on a conference call to discuss AT&T’s fourth quarter earnings.
Will President Trump’s Tax Reform Help Retailers? The Devil Is in the Details
Other department store chains also reported poor results. For the past two years or so, among apparel and home-focused retailers, only off-price merchants such as TJX Companies One of the few potential bright spots for retailers such as Macy’s and Kohl’s is corporate tax reform.
Why J.C. Penney’s Holiday Sales Decline Was Worse than It Looks
The company is still in a rebuilding phase following Ron Johnson’s decimation of the brand in 2012. After steadily bringing customers back in the door, current CEO Marvin Ellison had reassured investors that the company would post a profit in 2016 for the first time since 2011.
eBay Inc. Soars After a Record Holiday Quarter
Let’s take a closer look, then, at what drove the online marketplace’s stellar holiday report. By comparison, these results were near the high end of eBay’s guidance provided last quarter , which calledforrevenue of $2.36 billion to $2.41 billion and adjusted earnings per share of $0.52 to $0.54.
DirecTV’s Streaming Service Accounted for All of AT&T’s Video Subscriber Growth Last Quarter
In just one month, DirecTV Now managed to attract over 200,000 paid subscribers. That’s according to an SEC filing from DirecTV’s parent company AT&T PlayStation Vue.
Better Buy: Intel Corporation vs. NVIDIA Corporation
After such a stellar run, it could be argued that NVIDIA stock is overvalued. On the flip side, Intel, similar to NVIDIA, is putting its efforts and resources into conquering new high-growth markets.
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Earnings season is well under way, and some big tech names are up next. In the coming days, investors will watch Alphabet report results for their most recently ended quarters.
Does Dow 20,000 Mean It’s Time to Get Out?
Dow 20,000 – it’s the talk of Wall Street and maybe even worth a tweet from the president. But what’s it mean to professional investors? Mostly a call for caution, it turns out.
Lyft Cuts Fares 1 Percent, Plans To Add 100 New Cities
Lyft Inc., the No. 2 U.S. ride-hailing company, plans to boost the number of cities it covers to 300 from 200 by the end of 2016 while cutting prices to attract more customers.
China Said to Require Banks to Curb New Loans in First Quarter
China’s central bank has ordered the nation’s lenders to strictly control new loans in the first quarter of the year, people familiar with the matter said, in another move to curb excess leverage in the financial system. The instructions from the People’s Bank of China included a request for banks to keep any increase in new mortgage lending in the first quarter below the increase seen in the fourth quarter of last year, the people said, asking not to be identified as the discussions are private.
Apple Agrees to Buy Solar Power From Buffett’s Nevada Utility
Apple Inc. agreed to buy the output from a proposed 200-megawatt solar farm in Nevada to help power a data center in Reno. NV Energy Inc., a Las Vegas-based utility owned by Warren Buffett’s Berkshire Hathaway Energy Co., plans to seek approval for the power-purchase agreement from the Public Utilities Commission of Nevada, according to a statement Wednesday.
Qualcomm’s Battles with Apple and Regulators Take Precedence Over its Numbers
And it can’t be accused of backing away from a fight with a major client: Qualcomm went to lengths to counter the claims Apple just made while suing Qualcomm for $1 billion and demanding big licensing practice changes. But Qualcomm’s remarks and responses to analyst questions didn’t do much to soothe fears that the company is in for a prolonged fight that has the chance to upend some of the business practices of a licensing business that produces well over half of its operating profit.
Judge rejects $80M penalty in Wal-Mart truck drivers lawsuit
A federal judge on Wednesday refused to force Wal-Mart to pay $80 million in penalties in a lawsuit alleging the retail giant failed to pay hundreds of truck drivers in California the minimum wage for certain tasks. Wal-Mart acted in good faith when paying the drivers and had reason to believe its payment policy aligned with California law, according to U.S. District Judge Susan Illston in San Francisco.
Facebook takes aim at fake news with new a trendinga formula
Facebook is updating its “trending” feature that highlights hot topics on its social networking site, part of its effort to root out the kind of fake news stories that critics contend helped Donald Trump become president. With the changes announced Wednesday, Facebook’s trending list will consist of topics being covered by several publishers.
SAPVoice: How High-Tech Investments Make Smart Cities
My conversations with customers around the world often turn to the rise of technology companies — but not Google, Apple, IBM or even SAP-type technology companies. We talk about Airbnb, GO-JEK, Under Armour, Uber and others.
New phone area code may be coming to New Jersey
The state’s Board of Public Utilities said Wednesday that it is considering a request to add a new area code because numbers in the 609 area code are running out. Neustar, the Federal Communications Commission’s numbering plan administrator, says that numbers in the 609 area code will run out in the third quarter of 2018.
Why Abercrombie & Fitch Co. Stock Was Cut in Half in 2016
Shares of the fashion retail brand dropped more than 54% throughout the year, according to data provided by S&P Global Market Intelligence , after the company posted multiple quarters of declining same-store sales. It’s estimated to have notched a net loss for the year.
Kraft Heinz and Oprah Form Food Joint Venture
The food company and the entertainment mogul announced Wednesday, Jan. 25, that they’d formed a joint venture called Mealtime Stories LLC , which will offer “ready to eat refrigerated products across multiple categories,” which “will make real, nutritious products more accessible to everyone.” Winfrey acquired a 10% stake in Weight Watchers , paying $43.2 million in October 2015 and joining the company’s board.
Las Vegas Sands Falls After-Hours as Earnings Miss Expectations
Las Vegas Sands shares fell 3.5% to $54.60 in after-hours trading Wednesday after the company missed analysts’ top and bottom line expectations for the fourth quarter. Las Vegas Sands reported a 5.6% increase in net income to $607 million, or adjusted earnings of $0.58 per share on revenue of $3.08 billion.
eBay Shares Advance on In-Line Fourth-Quarter Results
Shares of eBay were climbing 8% to $32.65 in after-hours trading as the e-commerce company posted results for the fourth quarter of 2016 that largely met Wall Street’s expectations. After the market close, eBay posted adjusted earnings of 54 cents per share, beating analysts’ projections by a penny.
‘Taxi King’ Gene Freidman Avoids Jail in Cab Turnover Flap
New York’s biggest medallion owner was nearly held in contempt of court for failing to surrender 46 taxis to a court-appointed trustee on time. Embattled New York City taxi mogul Gene Freidman has avoided jail time after settling with a bankruptcy court-appointed trustee ordered to seize 46 of his cabs.
Target to Push Chemical Transparency in Sustainable “Better-For-You” Products Push
Target on Wednesday, Jan. 25, unveiled its new policy on “transparency, proactive chemical management and innovation,” including eliminating PFCs and other chemicals from its products and full disclosure of the chemical ingredients its stores stock. Target’s new chemical strategy is “a first in the retail industry” in that it “addresses our entire value chain, operations and every product we sell,” the company said in a blog post, including both its own branded products and other brands stocked in stores.
Qualcomm Shares Fall as First-Quarter Revenue Misses Street Expectations
Qualcomm reported first-quarter revenue short of Wall Street’s estimates, but gave in-line guidance for the next quarter. CEO Steve Mollenkopf also addressed the company’s antitrust lawsuits.
Kraft Heinz Chooses ‘Smunday’ Campaign Over Expensive Super Bowl Ads
A 30-second Super Bowl spot can cost up to $5 million, so Kraft Heinz is hoping a campaign for a new national holiday goes viral. Instead of advertising at this year’s Super Bowl, Kraft Heinz is letting employees stay up and watch the game guilt-free on Sunday: they won’t have to come into work on Monday.
Cramer: Dow 20K Is a Symbol of Strength
We finally hit Dow 20,000. The Dow had been unable to break the barrier in recent weeks as uncertainty mounted and investors took profits and Google approaching and/or reaching new highs.
Apple Watch May Have Some Nifty New Features Up Its Sleeve
Apple was awarded a patent on Tuesday to create a metal band that would allow users to replace links with sensors, speakers or even a thermometer. While soft iPhone sales continue to concern investors, Apple is hard at work on potential future updates for the Apple Watch, including “modular functional band links,” as well as updated software that will allow Siri to perform tasks within apps.
Federal Energy Production Revenue Decline for Third Straight Year
Federal revenue from activities related to energy production in 2016 declined to approximately $6 billion, which is less than half of the amount collected in 2013. “Despite growing oil production, revenue has decreased since fiscal year 2014 as the price of oil has fallen along with the valuation used to determine royalties,” the U.S. Energy Information Administration stated in a release on Tuesday.
Trump’s FCC Chairman Pick Ajit Pai Vows To Close Broadband ‘Digital Divide’
An anonymous reader quotes a report from Ars Technica: On his first full day as Federal Communications Commission Chairman, Republican Ajit Pai yesterday spoke to FCC staff and said one of his top priorities will be bringing broadband to all Americans . “One of the most significant things that I’ve seen during my time here is that there is a digital divide in this country — between those who can use cutting-edge communications services and those who do not,” Pai said .
Marvel Chairman Ike Perlmutter Allowed to Pursue Legal Claims Over Theft of His DNA
In a vicious battle that began over tennis courts, a Florida judge declares genetic material to be a property right. At a press conference two weeks ago, Donald Trump called his friend, Ike Perlmutter, “one of the great men of business.”
Some official social media accounts are posting messages at odds with the president’s agenda.
President Donald Trump spent much of his campaign bashing the federal government, a system he described as awash in “waste fraud and abuse.” In response to Trump’s hiring freeze for federal agencies and a communications blackout, some official social media accounts have tweeted out messages decidedly at odds with his agenda and leaks are flowing into newsrooms from across the federal government.
AT&T Sees Dip in Pay TV Subscribers in Fourth Quarter, Meets Profit Expectations
Telecom giant AT&T, which has agreed to acquire Time Warner for $85.4 billion, on Wednesday reported a slight loss in TV subscribers as it reported its fourth-quarter results. During the latest quarter, AT&T posted earnings of $2.4 billion, down from a year-earlier profit of $4 billion, on overall revenue down slightly to $41.8 billion, compared to a year-earlier $42.1 billion.
Democratic senators want AT&T to detail Time Warner deal benefits
WASHINGTON: Thirteen Democratic senators on Wednesday asked AT T Inc to explain how its planned US$85.4 billion takeover of Time Warner Inc is in the public interest, as the company hopes to avoid a review of the deal by the primary U.S. telecommunications agency.Earlier this month, AT T said in a securities filing it expected to bypass the U.S. Federal Communications Commission in its acquisition of the owner of HBO, CNN, Turner Broadcasting and Warner Brothers and only face U.S. Justice Department review.AT T does not plan to acquire a Time Warner TV station in Atlanta that has an FCC license, which would automatically trigger a review.Democratic senators Al Franken, Elizabeth Warren, Bernie Sanders, Ed Markey and nine others urged AT T and Time Warner in a letter to submit a public interest statement to them by Feb. 17 that would required as part of an FCC review “detailing how you … (more)
Why Bob Evans Farms Inc Stock Popped Today
As of 12:31 p.m. EST, the stock was up 22.3%. The company said it would sell Bob Evans Restaurants to private-equity firm Golden Gate Capital for $565 million, which is equivalent to about 60% of the company’s market value before the announcement and 50% today.
White House, Trump Organization name ethics advisers
President Donald Trump and his hotel and real estate business on Wednesday separately named ethics counselors, the latest step in the president’s plan to address conflicts-of-interest concerns that arise from his decision to maintain financial ties to his company. Trump selected Washington attorney Stefan Passantino as his White House ethics adviser, press secretary Sean Spicer said.
Valentino designer in solo couture debut; Gaultier goes acid
All eyes in Paris were on the debut solo couture display from Valentino designer Pierpaolo Piccioli following the move of his design partner to Dior. And if the rousing applause was any indication, his sublime styles of ethereal goddesses were a hit for the guests that included Kristin Scott Thomas, “La Vie en Rose” actress Clotilde Courau and fashion maestro Valentino Garavani himself.
Trumpa s Wall Reinforces Materials ETFs
President Donald Trump’s has reiterated his plan to build a wall along the Mexican border, reinforcing construction and materials-related exchange traded funds.
Price of weekly, 30-day NYC subway passes to inch up
The base fare for New York City subways and buses will hold steady at $2.75, but the cost of a seven-day or 30-day unlimited MetroCard will rise slightly in March. The Metropolitan Transportation Authority board voted Wednesday to keep the $2.75 base fare but to raise the price of unlimited transit passes.