Day: March 7, 2017

China’s ZTE to plead guilty, settle with U.S. over Iran, North Korea sales

Chinese telecom equipment maker ZTE will plead guilty and pay $892 million to settle allegations it violated U.S. laws that restrict the sale of American-made technology to Iran and North Korea, the company and U.S. government agencies said Tuesday. ZTE entered into an agreement to plead guilty to conspiring to violate the International Emergency Economic Powers Act, obstruction of justice and making a material false statement, the Justice Department said.

Industry groups push Congress to roll back internet privacy rules

Conservative and telecom industry groups are pushing lawmakers to undo privacy regulations passed by the Federal Communications Commission last year under the Obama administration. In a letter sent Tuesday to the top members of the Senate Commerce Committee, the groups called for lawmakers to use the Congressional Review Act to eliminate the privacy rules.

House, Senate Conservative Republicans Plan Own Obamacare Repeal Bill

Sen. Rand Paul, R-Ky., criticizes the House Republican healthcare reform plan as “Obamacare light” during a television interview on Capitol Hill in Washington, Tuesday, March 7, 2017. ( Conservative Republicans in Congress said on Tuesday they oppose aspects of the Republican leadership’s healthcare bill and they plan to introduce their own legislation on Wednesday to repeal Obamacare.

Pharma, Bank Stocks Pull Wall St Lower

U.S. stock prices closed lower on Tuesday as weakness in drug and financial shares sent the S&P 500 and the Dow Jones Industrial Average to their first consecutive sessions of declines in more than a month. Pharmaceutical stocks came under pressure after U.S. President Donald Trump tweeted he was working on a “new system” to reduce drug prices in the industry, without providing details.

If Jason Chaffetz wants to compare healthcare to iPhones, let’s do it the right way

Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Speaking this morning on CNN in defense of House Republicans’ Obamacare replacement plan , Utah Republican Jason Chaffetz said that rather than “getting that new iPhone that they just love,” low-income Americans should take they money they would have spent on it and “invest it in their own health care.” Host Alisyn Camerota started the exchange by pointing out that “access for lower-income Americans doesn’t equal coverage.”

Wall St Pares Losses as Techs Offset Pharma Decline

President Donald Trump gestures as he arrives on Capitol Hill in Washington, Tuesday, Feb. 28, 2017, for his address to a joint session of Congress. U.S. stocks pared losses late Tuesday morning as a decline in drug stocks, triggered by President Donald Trump’s tweet about lowering drug prices, was countered by gains in technology shares.

Oil Prices Little Changed on Mixed Saudi Messages before U.S. Stock Data

Oil prices were little changed on Tuesday, giving up gains after Saudi Arabia’s oil minister gave mixed messages on future OPEC production cuts, while the market also braced for data that was expected to show a ninth straight weekly increase in U.S. crude inventories. At the CERAWeek energy conference in Houston, Saudi Oil Minister Khalid Al-Falih said last year’s agreement by OPEC and non OPEC countries to curb supplies and boost prices has improved oil market supply and demand fundamentals.

Copper ETN Needs to Make a Move

The iPath Bloomberg Copper Subindex Total Return ETN is up 8% year-to-date. While that sounds impressive, the benchmark copper exchange traded note likely needs to breakout to the upside and do so soon, or risk a potentially large decline.

Vancouver’s foreign buyer tax sparked Chinese interest in rest of Canada, report finds

TChinese enquiries of the listings in the Vancouver real estate market slumped by 81 per cent year-over-year in July 2016, the month the city’s 15 per cent foreign buyers tax tax was announced, according to a new report from Sotheby’s and Juwai.com. Chinese property enquiries in several big Canada markets spiked in the months after Vancouver introduced its foreign buyers tax, according to a report based on data culled from searches on a top Chinese foreign property website.

Trump Sends Pharma Stocks Down With New Tweet on Drug Prices

President Donald Trump jumped back into the debate over drug pricing on Tuesday, sending pharmaceutical stocks down again with a tweet promising to lower medicine costs for American people. In a tweet shortly before 9 a.m. New York time, Trump said he’s working on a “new system where there will be competition in the drug industry.”

Ferrari $308,000 Flagship Sells Out Amid Push Beyond Sports Cars

Ferrari NV unveiled the speediest production car in its history, underscoring its reputation for uncompromising performance even as the Italian manufacturer pushes the limit of how many autos it can sell without losing its allure. The 812 Superfast debuted at the Geneva International Motor Show on Tuesday with a 12-cylinder, 800-horsepower engine that accelerates to 100 kilometers per hour in as little as 2.9 seconds, making it Ferrari’s most powerful production model ever.

LinkedIn Barred from Public Access in Russia

Russia blocked access last year after a court found LinkedIn guilty of violating a law requiring companies holding Russian’s citizen’s data to store it on servers located in the country. Microsoft’s LinkedIn failed to reach an agreement with Russian authorities to allow public access to the employment networking site, the company and Russia’s communications regulator said on Tuesday.

Amazon Drops Legal Fight Over Echo Recording in Arkansas Murder Case

The e-commerce giant finally handed the recording over to authorities last Friday after the defendant gave his permission for Amazon to do so. Amazon.com dropped its fight against a search warrant for it to turn over audio recorded by one of its Echo devices near an alleged murder in Arkansas after the defendant gave permission for the company to hand the recording over to law enforcement officials.

Financial Advisors Weigh in on Value of Fee or Commission Models

A larger number of financial advisors are now switching to the fee-based model to focus on the interests of investors instead of generating larger commissions. A larger number of financial advisors are now switching to the fee-based model to focus on the interests of investors instead of generating larger commissions.

How to Keep Your Phone Number While Switching Carriers

If you are a small business owner, your telephone number may well be part of your community identity, especially if you have already invested in advertising and business cards. As long as your business remains in the same geographic area, the Federal Communications Commission guarantees your right to keep your telephone number even if you switch carriers.

Equity Futures Slip as Investors Assess Trump’s Policies

President Donald Trump gestures as he arrives on Capitol Hill in Washington, Tuesday, Feb. 28, 2017, for his address to a joint session of Congress. U.S. stock index futures were down on Tuesday as investors assessed the potential impact of U.S. President Donald Trump’s latest moves, including a plan to repeal and replace the Affordable Care Act.

Tyson’s New CEO: The Future of Food Isn’t Meat

Tyson Foods' new CEO is on a mission to change people's perception of the iconic brand-which has faced chicken abuse and price-fixing charges. Hayes says he is now pushing the 80-year-old meat processor towards sustainability, plant-based … The new CEO of one of the world’s largest meat processors, Tyson Foods Inc., sees plant-based protein as a big part of the food industry’s future.

Sonos’s Weird-Looking New Speaker Solves A Living Room Design Problem

Like many consumer products, Sonos’s newest smart speaker began with plenty of consumer research. But in studying the way that people live and interact with entertainment technology at home, the company discovered a fact that seemed to undermine its own approach: Most people-a full 70%, by Sonos’s count-do not mount their television sets on the wall, preferring to sit them on top of a piece of furniture instead.

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Earnings Preivew: Adidas Must Show it Can Run Even Faster to Justify its Valuation

Expecations for the German sports goods maker are high, and factored into its share price, ahead of its Wednesday results. Adidas AG will publish its fourth quarter and full year results Wednesday, with pressure on the sportswear giant and Nike rival to deliver a something akin to a personal best in order to maintain momentum that has propelled the stock 65% higher over the past year.

OECD Sees US, Canadian Economies Leading Near-Term Growth Race

The U.S. will outperform major global economies in the next two years, the OECD said, but cautioned that soaring stock markets may be overestimating the pace of near-term growth. The U.S. and Canada are likely to outperform major global economies in the next two years, a prominent Paris-based think tank said Tuesday, even as it cautioned that soaring stock markets may be overestimating the pace of near-term growth.

Exhaustion Gap May Signal a Top

The market’s jump in response to political news last Wednesday was more unusual than most recognized. It was not the size of the advance but the character of the day that I find important.

Trader’s Daily Notebook: Keep Your Focus on Price

After three days of selling in the broad market, allegations that President Obama had President Trump’s “wires tapped” in Trump Tower, and North Korea’s decision to launch four ballistic missiles , I, for one, am pretty impressed with the resilience of our responsive buyer. The bears have had some noteworthy catalysts to cling to these past few days, and yet the E-Mini S&P 500 futures have only declined 1% since last Wednesday’s record close.