Markets and Business News Review

2 Trucking Stocks For Sale Below Book Value: With Earnings And Dividends

John Navin, Contributor https://www.forbes.com/sites/johnnavin/ — Wed, 22 May 2019 19:09:00 -0400

These 2 stocks in the trucking industry are now trading below book -- even with earnings and paying dividends. Is it a pre-recession thing?

Saudi sovereign agriculture company invests in UK agritech firm

Wed, 22 May 2019 19:01:42 -0400

Hummingbird Technologies will oversee 400,000 hectares of Salic farmland

Counting set to begin in India’s mammoth election

Wed, 22 May 2019 19:00:24 -0400

Final result not likely until Friday, but sense of who has won should emerge in a few hours

FAA chief has no timetable for Boeing 737 MAX approval

Wed, 22 May 2019 18:58:12 -0400

The acting head of the Federal Aviation Administration said on Wednesday he does not have a specific timetable to approve Boeing Co's 737 MAX for flight after two fatal crashes since October prompted the plane to be grounded worldwide.

Amazon shareholders reject facial recognition ban as concern grows in U.S. Congress

Wed, 22 May 2019 18:53:22 -0400

Amazon.com Inc said shareholders rejected proposals to curb and audit its facial recognition service on Wednesday, just as members of Congress indicated there was bipartisan support to one day regulate the technology.

May’s premiership is all over bar the shouting

Wed, 22 May 2019 18:42:25 -0400

Continuing her tenure will simply prolong the political paralysis of government

Five ways Qualcomm is said to have squelched competition

Wed, 22 May 2019 18:41:52 -0400

Damning ruling says smartphone chipmaker broke antitrust laws, which it will appeal

Mnuchin Presses Companies for Trade War Contingency Plans

Alan Rappeport — Wed, 22 May 2019 18:34:15 -0400

The Treasury secretary spoke to the chief financial officer of Walmart about steering its supply chain away from China.

Roundup Weed Killer Litigation Is Kenneth Feinberg’s Next Challenge as Mediator

Reuters — Wed, 22 May 2019 18:30:41 -0400

A federal judge overseeing 900 lawsuits alleging that glyphosate causes cancer called on a lawyer who has helped resolve disputes involving Sept. 11 victims, BP and Volkswagen.

Brazil’s Natura confirms $2bn deal to buy Avon

Wed, 22 May 2019 18:29:47 -0400

Direct-selling pioneer stumbled as social media disrupted cosmetics industry

Fed's patience on interest rates to last 'for some time'

Wed, 22 May 2019 18:29:33 -0400

U.S. Federal Reserve officials at their last meeting agreed that their current patient approach to setting monetary policy could remain in place "for some time," a further sign policymakers see little need to change rates in either direction.

A Top Executive at Boeing’s Troubled South Carolina Plant Is Out

David Gelles — Wed, 22 May 2019 18:25:39 -0400

David Carbon’s departure follows a New York Times article that detailed shoddy production and weak oversight at the company’s 787 Dreamliner factory in North Charleston.

Mnuchin says Tubman $20 bill release delayed

Wed, 22 May 2019 18:23:55 -0400

Redesign to include Civil War-era abolitionist put back until 2028

Judge rejects Trump effort to quash bank subpoenas

Wed, 22 May 2019 18:21:44 -0400

President’s attempts to block release of records blocked for second time in a week

U.S. judge appoints Ken Feinberg mediator for Bayer Roundup settlement talks

Wed, 22 May 2019 18:18:12 -0400

A U.S. judge on Wednesday appointed prominent attorney Kenneth Feinberg as mediator for court-mandated settlement talks in the federal litigation over allegations that Bayer AG's glyphosate-based Roundup weed killer caused cancer.

May cuts a lonely figure as her authority evaporates

Wed, 22 May 2019 18:18:05 -0400

With her Brexit deal ‘dead on arrival’, focus now on precise timing of PM’s departure

Tesla’s Autopilot feature lags ‘far behind’ a human driver, Consumer Reports says

Wed, 22 May 2019 18:14:47 -0400

A new feature on Tesla Inc.’s Autopilot allows questionable moves and is ultimately more trouble than it is worth, Consumer Reports says in a report Wednesday.

Fed Minutes Show Officials in No Rush to Change Interest Rates

Jeanna Smialek — Wed, 22 May 2019 18:08:14 -0400

Federal Reserve officials said they were committed to a “patient approach,” even if the economy strengthened, and some were worried about persistently low inflation.

GM faces pushback on U.S. self-driving vehicle plan

Wed, 22 May 2019 18:05:28 -0400

General Motors Co faces pushback over its request that U.S. regulators waive some automobile safety standards to make it possible to deploy a ride-sharing fleet of driverless cars without steering wheels or other human controls.

GM faces pushback on U.S. self-driving vehicle plan

Wed, 22 May 2019 18:05:28 -0400

Tesla drops for sixth straight session, down 20% since share offer

Wed, 22 May 2019 18:04:18 -0400

Tesla shares extended their recent sell-off on Wednesday after Citi cut its price target on the struggling electric car maker, leaving buyers of its recent share offer, including Chief Executive Elon Musk, $175 million in the hole.

Tesla drops for sixth straight session, down 20% since share offer

Wed, 22 May 2019 18:04:18 -0400

Deutsche Bank Can Release Trump Records to Congress, Judge Rules

Emily Flitter — Wed, 22 May 2019 18:02:42 -0400

The ruling from a federal court judge in Manhattan was the second this week against Mr. Trump’s efforts to prevent the release of his financial records.

Trump trade war could sink China’s biofuel plans

Wed, 22 May 2019 18:00:24 -0400

Government to miss fuel ethanol target as US corn shipments dry up on higher tariffs

FAA chief has no timetable for ungrounding Boeing 737 MAX

Wed, 22 May 2019 17:52:55 -0400

The acting head of the Federal Aviation Administration said on Wednesday he does not have a specific timetable for when the agency may unground the Boeing 737 MAX that has been involved in two fatal crashes since October.

Samsung asks court to redact details of Qualcomm settlement

Wed, 22 May 2019 17:51:48 -0400

The Wall Street Journal: U.S. may expand list of blacklisted Chinese companies

Wed, 22 May 2019 17:49:11 -0400

The U.S. is considering expanding the list of Chinese companies on a blacklist for U.S. suppliers amid escalating tensions between the two economic powers, according to a person familiar with the matter.

Qualcomm Violated Antitrust Laws, U.S. Judge Rules

Don Clark and Michael J. de la Merced — Wed, 22 May 2019 17:45:52 -0400

A federal judge found that the chip-making giant charged cellphone makers “onerous” fees for the use of its patents. The company said it would appeal the ruling.

United CEO promises to rebook passengers concerned about 737 MAX

Wed, 22 May 2019 17:43:41 -0400

United Airlines Chief Executive Oscar Munoz promised on Wednesday to accommodate any passengers concerned about flying Boeing Co's 737 MAX jets once regulators deem the aircraft safe to fly again.

Next round of U.S. tariffs on China at least a month away: Mnuchin

Wed, 22 May 2019 17:19:55 -0400

The United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

Coming to a VR device near you: interacting with your favorite superheroes

Wed, 22 May 2019 17:19:50 -0400

Facebook’s Oculus could be what comic books need to crack virtual reality, writes Michael Brush.

Best New Ideas in Retirement: This is what the retirement community of the future looks like

Wed, 22 May 2019 17:16:17 -0400

The sharing economy shakes up a new industry — senior housing.

Renewed U.S.-China trade tensions push down Wall Street

Wed, 22 May 2019 17:12:13 -0400

Wall Street's major indexes dipped on Wednesday as inflamed trade tensions between the United States and China weighed on investor sentiment.

Why Robert F. Smith’s pledge to pay off Morehouse loans is a turning point for colleges and the billionaires that support them

Wed, 22 May 2019 17:09:41 -0400

Donors, including Oprah, tend to support access through scholarships, but Smith is saying, ‘I’m giving you access to your lives,’ according to one fundraising expert

Musk's SpaceX sues U.S. Air Force over rocket-building contracts: filings

Wed, 22 May 2019 17:07:18 -0400

Billionaire Elon Musk's SpaceX accused the U.S. Air Force of breaking contracting rules when it awarded money to three rocket makers but passed on Musk's rival bid, and said the tender should be reopened, according to a court filing unsealed on Wednesday.

Musk's SpaceX sues U.S. Air Force over rocket-building contracts: filings

Wed, 22 May 2019 17:07:18 -0400

U.S. startup accuses Huawei executive of involvement in trade-secrets theft: WSJ

Wed, 22 May 2019 17:03:24 -0400

A Silicon Valley chip startup has accused a top executive of China's Huawei Technologies Co Ltd, Deputy Chairman Eric Xu, of participating in a conspiracy to steal its trade secrets, the Wall Street Journal reported on Wednesday, citing court documents.

Why Hong Kong’s extradition bill has set off alarm bells

Wed, 22 May 2019 17:00:24 -0400

International and domestic critics fear greater political interference from Beijing

NewsWatch: The new math of saving for retirement may boil down to this one, absurdly simple rule

Wed, 22 May 2019 17:00:18 -0400

Why you should be saving at least 10% of your salary.

Personal Finance Daily: One simple change to your marriage increases the risk of divorce by 33% and how to decide whether to refinance your mortgage

Wed, 22 May 2019 16:55:14 -0400

Wednesday's top personal finance stories

Judge Rejects Trump’s Request to Block Subpoena of Deutsche Bank and Capital One

Emily Flitter — Wed, 22 May 2019 16:47:52 -0400

The ruling from a federal court judge in Manhattan was the second this week against Mr. Trump’s efforts to prevent the release of his financial records.

People are paying up to $10,000 for plastic surgery to look good in yoga pants

Wed, 22 May 2019 16:42:35 -0400

Liposuction and Brazilian butt lift procedures have risen as the athleisure trend pushes form-fitting fashion.

The Wall Street Journal: GE plans on fixing financial arm — but first trains eye on power unit, CEO Culp says

Wed, 22 May 2019 16:41:07 -0400

Larry Culp, General Electric Co.’s chief executive, plans to set his sights on the company’s problematic financial-services business after he cuts overall debt and stabilizes its power-generation division, he told investors Wednesday.

Investors seek safety on threat of wider U.S.-China spat

Wed, 22 May 2019 16:38:53 -0400

Global equity markets slid on Wednesday as investors sought safety in bonds, the Japanese yen and Swiss franc amid renewed worries over the U.S.-China trade standoff after reports the United States has another Chinese tech firm in its sights.

Chip designer ARM halts work with Huawei after U.S. ban

Wed, 22 May 2019 16:38:36 -0400

British chip designer ARM has halted relations with Huawei in order to comply with a U.S. blockade of the company, potentially crippling the Chinese company's ability to make new chips for its future smartphones.

Chip designer ARM halts work with Huawei after U.S. ban

Wed, 22 May 2019 16:38:36 -0400

100 Saddest Movies of All Time

Steven M. Peters — Wed, 22 May 2019 16:38:25 -0400

“Sa-a-a-d movies always make me cry,” sang Sue Thompson in her 1961 hit song of (almost) the same name. In her case, as it turned out, it wasn’t really the movie that brought tears to her eyes but the sight of her best friend and her “darlin’” making out in the dark in front of her. But movies do make people cry — and not just lovelorn teenagers, either.

What makes a movie sad? Doomed romance, dashed hopes, the demise of a beloved institution or a way of life … and death, of course — of a loved one, a self-sacrificing hero, a sad-eyed animal.

Everyone has a different idea of what’s sad and what isn’t, to be sure; like humor, it’s a matter of taste and temperament. You might be sobbing through a film’s finale, while somebody next to you is nodding off from boredom. You might be laughing at the absurdity of a cinematic twist of fate, while everybody else in the theatre is sniffling and dabbing at their tear ducts.

By researching published lists of sad movies on Internet Movie Database (IMDb) and weighing in ourselves, based on our own film-going experiences and definitions of “sad,” 24/7 Tempo was able to come up with a list of, what we think could fairly be considered, the saddest movies ever made.

The list includes everything from exceptional movies based on true events to melancholy animated films. You may disagree with some of our choices, wondering where your favorite poignant epic is, or how we could be saddened by this or that silly flick, but trust us: These hundred films will bring tears to almost everybody’s eyes.

In case you’re tempted to watch some of these for the first time, by the way, be forewarned, there are many spoilers ahead.

Click here for the 100 saddest movies of all time.

To determine the saddest movies of all time, 24/7 Tempo began with 646 movies found on the user-created lists of sad films found on Internet Movie Database (IMDb). Next, we narrowed down the list by choosing films that were the most popular with both amateur and professional viewers, considering the Rotten Tomatoes average critic and audience ratings and the IMDb average user ratings. We picked the films with at least 10,000 user ratings between IMDb and Rotten Tomatoes and 10 approved “Tomatometer” critic reviews. We averaged the user ratings from Rotten Tomatoes and IMDb and weighted by the number of votes for each. The combined user rating was then averaged with the Rotten Tomatoes critic rating.

Once we had that list, we brought editorial discretion (and knowledge of specific films) into play, deleting movies that didn’t seem sufficiently moving and adding some that we deemed essential.

The Wall Street Journal: SEC accuses developer Robert Morgan of scamming investors

Wed, 22 May 2019 16:36:22 -0400

The federal government accused one of the nation’s largest landlords with running a “Ponzi scheme-like” effort using cash from small investors and with misleading banks to obtain bigger loans by using fake loan documents.

The risk of a US dollar primed for higher altitude

Wed, 22 May 2019 16:33:20 -0400

Mike Mackenzie’s daily analysis of what’s moving global markets

Clamour rises for Theresa May to quit

Wed, 22 May 2019 16:32:20 -0400

Leadsom’s resignation from government caps torrid day for embattled PM

Market Snapshot: Stocks end lower as lingering trade woes overshadow Fed minutes

Wed, 22 May 2019 16:29:11 -0400

U.S. stocks finish lower Wednesday as lingering trade woes overshadow the release of the minutes from the Federal Reserve’s policy meeting that was largely interpreted as accommodative.

3 "Tariff-Proof" Dividends Set To Soar 64%+

Brett Owens, Contributor https://www.forbes.com/sites/brettowens/ — Wed, 22 May 2019 16:24:00 -0400

Let’s ride this “tariff tiff” to a cash stream that’s double (and maybe even triple) payouts your friends are likely “grinding it out” with today.

The Fed: ‘For some time’ — Fed expects interest rates to remain steady, minutes show

Wed, 22 May 2019 16:23:34 -0400

Don’t expect any quick moves on interest rates from the U.S. central bank, minutes from the last Fed meeting show.

The Tell: Tesla’s demise could bring down the whole ‘house of cards,’ warns strategist

Wed, 22 May 2019 16:20:25 -0400

“It’s all so embarrassing,” says Bill Blain, strategist at London-based Shard Capital, which oversees more than $1 billion in assets. “Peak Musk” has come and gone, he warned in his Morning Porridge note Wednesday. The negativity, sales concerns, ongoing capital burn... he sees it’s all coming to a head.

Fed minutes fail to reverse Wall Street’s decline

Wed, 22 May 2019 16:16:33 -0400

Trump Today: Trump Today: President breaks off infrastructure discussion after Pelosi’s ‘coverup’ remark

Wed, 22 May 2019 16:13:49 -0400

President Donald Trump on Wednesday said he ended infrastructure spending talks with senior Democrats after House Speaker Nancy Pelosi said he’s engaging in a coverup.

The Ratings Game: Target shoppers who use same-day delivery at urban stores buy five times more items

Wed, 22 May 2019 16:11:15 -0400

Target has focused on giving customers a number of options for getting their items same-day, which it says has paid off.

Why High-Class People Get Away With Incompetence

Heather Murphy — Wed, 22 May 2019 16:09:38 -0400

People who came from higher social classes were more likely to have an inflated sense of their skills, a new study found. This overconfidence was interpreted by strangers as competence.

Lloyd's of London plans to merge governance bodies -source

Wed, 22 May 2019 16:09:37 -0400

Lloyd's of London is proposing merging two of its governance bodies, the council and the board which together oversee the insurance market, to reduce overlap, a source familiar with the matter said.

The Ratings Game: Home Depot sees opportunity in tool rental

Wed, 22 May 2019 16:09:24 -0400

Home Depot says its tool rental business has skyrocketed in recent years and there’s still more room for growth.

Currencies: British pound hits second lowest level of 2019 as May faces stiff Brexit headwinds

Wed, 22 May 2019 16:08:28 -0400

A popular gauge of the U.S. dollar on Wednesday hangs near its highest level in about three weeks, with investors awaiting an account of the Federal Open Market Committee’s most recent policy gathering, which holds the potential for a fresh catalyst for bucks.

Wall St dips after renewed U.S.-China trade fears

Wed, 22 May 2019 16:05:55 -0400

Wall Street's major indexes dipped on Wednesday as inflamed trade tensions between the United States and China weighed on investor sentiment.

Brazil wireless carrier TIM uses equipment from China's Huawei for 5G tests

Wed, 22 May 2019 16:05:04 -0400

Brazilian wireless carrier Tim Participacoes SA said on Wednesday it is using equipment provided by China's Huawei to conduct fifth-generation wireless technology (5G)tests in Florianopolis, a city in the south.

U.S. judge says Qualcomm violated antitrust law; appeal planned, shares plunge

Wed, 22 May 2019 16:02:08 -0400

Qualcomm Inc illegally suppressed competition in the market for smartphone chips by threatening to cut off supplies and extracting excessive licensing fees, a U.S. judge ruled, a decision that could force the company to overhaul its business practices.

U.S. judge says Qualcomm violated antitrust law; appeal planned, shares plunge

Wed, 22 May 2019 16:02:08 -0400

Home Depot Beats Consensus, Will Growth Continue For FY 2019?

Wed, 22 May 2019 15:52:00 -0400

Home Depot (NYSE: HD) announced its Q1 2019 (ended April 2019) results on May 21, 2019, followed by a conference call with analysts. The company just beat consensus for revenue which was recorded at $26.4 billion, up by 5.7% y-o-y. The increase was driven largely by growth in comparable sales by ...

Love & Money: One simple change to your marriage increases the risk of divorce by 33%

Wed, 22 May 2019 15:45:38 -0400

Research suggests that society puts enormous pressure on men to live up to perceived expectations.

America’s Most Affordable Business Schools

Steven M. Peters — Wed, 22 May 2019 15:35:01 -0400

We at Poets&Quants–24/7 Wall St. have written plenty about the high cost of the MBA degree at the top schools. But what about highly ranked schools where the price tag is more affordable? Though “affordable” may be a relative term — even at its cheapest, an MBA from a full-time program in the United States costs more than the country’s median household income — there are schools where a high-quality graduate business education can be had for about a quarter of what you’d pay to attend Stanford, Columbia, or NYU Stern.

Leading the way among the P&Q–24/7 Wall St. top 50 for most affordable MBA is Purdue University’s Krannert School of Management, where a two-year degree can be had for the low, low price of $65,592. That’s an estimate based on data from the latest rankings by U.S. News & World Report, which put Purdue’s annual tuition at just $19,766 annually and its “cost of living” — room, board, books, and miscellaneous expenses, but not, critically, fees — at a mere $13,030 per year. Who knew West Lafayette, Indiana was so cheap?*

Altogether, Purdue and the next four schools down the list make up a key group: the only five schools out of 50 with a total two-year cost of under $100,000. After the Krannert School, Brigham Young University takes second place, with a total cost of $69,572, but also with a big asterisk: the Marriott School of Business’ annual tuition of $13,450, lowest on record for the top 50, is available only to members of the Mormon church. There are no such restrictions, however, at the next most-affordable MBA programs: the University of Texas-Dallas Jindal School of Management ($89,000), the University of Florida’s Hough Graduate School of Business ($95,620), and the University of Pittsburgh Katz Graduate School of Business ($99,950). (Non-LDS members pay a two-year MBA tuition of $52,240, according to BYU Marriott’s website, bringing its total two-year cost to $94,912 — still third place on the Most Affordable list.)

All these sums, it’s worth noting, are the sticker prices. Scholarship money at these and higher-ranked schools is plentiful, and many of these MBA programs are quite aggressive in offering scholarship discounts on their tuition costs.

Wondering how hard it is to get into these schools? Acceptance rates are fairly high at all four: 49.4% at Purdue, 52.7% at BYU, 35.1% at Texas-Dallas, 18.8% at Florida, and 34.0% at Pittsburgh Katz. That averages out to 38%.

BOILERMAKER BREAKDOWN: WHAT’S UP IN WEST LAFAYETTE?

Taking a closer look at Purdue Krannert, the school is in the midst — or perhaps what it hopes is the tail end — of a long rankings decline. In 1994, Purdue ranked 20th in Businessweek’s ranking; 10 years later, it was still considered a top-25 school, landing 23rd in U.S. News in 2005. Jump ahead to the last five years and the Krannert School is playing a much more mid-tier role in the B-school landscape, hovering on the brink of the U.S. News top 50: 53rd in 2015, 47th in 2016, 50th in 2017, 53rd last year.

Then, off the cliff. In the latest U.S. News ranking released in March, Purdue dropped 21 spots — most of any top-100 school — to land in a five-way tie for 74th. The school likewise dropped 12 places in the latest Businessweek ranking, to 50th, though it has maintained the 38th spot in the P&Q ranking for the last two years. There have been a few bright spots for the MBA program that last fall enrolled 48 full-time students: Krannert climbed to 27th in the latest Financial Times list, up from 36th, and in December it was named the No. 9 school in the world in the inaugural Wall Street Journal ranking — never mind the manifest and manifold shortcomings of that list.

Why the volatility — and why the steep drop-off in the highly influential U.S. News ranking? It probably has something to do with the precipitous decline in applications Purdue Krannert received between 2017 and 2018, from 332 to 231, a drop of 30%. In response, the school upped its acceptance rate more than 12%, from 37.3% in 2017 to 49.4% last fall. Purdue appears to still be concerned about apps: The school has announced that all domestic applicants for fall 2019 will have their fees waived. Deadline to apply is May 1.

WILD SWINGS ALONG THE P&Q RANKING

The Poets&Quants–24/7 Wall St. ranking contains some interesting contrasts vis-a-vis tuition and total cost. Look, for example, at two Texas schools: the Texas A&M Mays Business School in College Station, and, about 180 miles to the north, Texas-Dallas Jindal. Mays is ranked 46th and carries a two-year tuition price tag of $76,606 and an overall cost of $122,682. Jindal, meanwhile, is ranked 45th and has a much lower tuition cost ($57,000) and, therefore, overall cost ($89,000). (Jindal also has the second-lowest cost-of-living estimate, at $32,000 for two years.) The tuition difference is nearly $20,000 and the cost difference is more than $33,000 between two schools with no daylight between them in the ranking. There are aa handful of similar examples across the ranking.

But the fact is, you have to go well down the ranking to get into the realm of anyone’s idea of “affordable.” Only three schools ranked by P&Q in the top 25 find their way into the “bottom” 20 for cost: No. 24 Rice University Jones Graduate School of Business is eighth overall at $116,530; No. 25 Indiana University Kelley School of Business is 16th overall at $137,910; and No. 18 Texas-Austin McCombs School of Business is 20th, at $146,908.

As an astute reader points out below, there’s another noteworthy wrinkle: The Arizona State W.P. Carey MBA, ranked No. 31 by P&Q, might technically be free for some, as the university began offering admission to 100% of applicants in 2015. (Here’s our story from 2015 on Arizona State’s gambit.) However, the program has gone from a tuition-free program to a program that provides scholarships for all — which means there is a price tag on the program. Both the school and U.S. News (see page 2) have detailed cost breakdowns for the Carey MBA. There’s also a discrepancy between the school’s stated two-year tuition ($96,500) and the U.S. News number of $94,396; for the sake of consistency with the rest of our top-50 ranking, we’ve gone with U.S. News.

Click here to see the most affordable business schools in America

When we talk about cost, we also are talking about debt. Where are MBA students racking up the most debt — and the least? And where is the percentage of those graduating with debt the lowest?

The lowest average amount of debt per graduate of a top-50 B-school can be found at the University of Wisconsin School of Business: $25,737. (Wisconsin is also where you will find the lowest percentage of grads with debt: 25%.) Texas-Dallas is not far behind, at $28,106, followed by the University of Washington Foster School of Business ($28,968), Arizona State University’s Carey School of Business ($30,217), and the University of Georgia Terry College of Business ($36,603). After Wisconsin, the lowest percentage of grads with debt was at Penn State’s Smeal College of Business (27%).

The highest average debt amount comes at some familiar names: Duke University’s Fuqua School of Business ($115,590), followed by MIT’s Sloan School of Management ($115,139), the University of Virginia Darden School of Business ($106,489), and the University of Michigan Ross School of Business ($104,679). These are the only four above $100K — however it’s important to note that many of the big players — Wharton, Chicago Booth, Columbia, NYU Stern, Northwestern Kellogg, Dartmouth Tuck — did not provide U.S. News with indebtedness data.

The highest percentage of grads with debt was at Indiana University’ Kelley School of Business, at 92% (at an average of $57,079), followed by the University of Rochester’s Simon Business School at 72% ($40,864).

Bond Report: 30-year Treasury yield slides to 7-week low as Brexit jitters spur rush into havens

Wed, 22 May 2019 15:34:08 -0400

Treasury prices rise Wednesday, pushing yields lower, as Brexit uncertainty draws investors into haven assets, following reports that U.K. Prime Minister Theresa May is facing a potential coup.

Hackers Are Holding Baltimore Hostage: How They Struck and What’s Next

Niraj Chokshi — Wed, 22 May 2019 15:31:01 -0400

Two weeks ago, attackers seized parts of the computer systems that run the city’s government. So far, it hasn’t given in to ransom demands.

Canada, Europe to choose when 737 MAX is safe as regulators meet

Wed, 22 May 2019 15:30:02 -0400

In a potential challenge to U.S.-led efforts to build consensus on the Boeing Co 737 MAX flying again, Canada and Europe said on Wednesday they would bring back the grounded aircraft on their own terms if their specific concerns are not addressed.

What To Expect From Best Buy's Fiscal Q1?

Wed, 22 May 2019 15:27:00 -0400

Best Buy (NYSE: BBY) is scheduled to announce its fiscal first quarter results on Thursday, May 23. In fiscal 2019, Best Buy’s comparable sales were up 4.8% and its online sales grew 10.5% on a comparable basis, primarily due to higher conversion and increased traffic. The company’s revenue grew ...

Oil loses about 2% on swelling U.S. stockpiles, demand worries

Wed, 22 May 2019 15:21:34 -0400

Oil prices fell about 2% on Wednesday as an unexpected build in U.S. crude inventories compounded investor worries that a trade fight between Washington and Beijing could dent crude demand over the long haul.

New ‘Strong Sell’ Rating on Micron Comes With Drastic Cuts on Earnings Expectations

Jon C. Ogg — Wed, 22 May 2019 15:20:59 -0400

Micron Technology, Inc. (NASDAQ: MU) is having one of those days where sector uneasiness was going to weigh on the shares regardless of the markets. Blame a controversial DOJ ruling against Qualcomm, blame what looks like an extended trade war with China where Micron does so much business, or blame more dysfunction in Washington, D.C.

Micron is actually suffering after CFRA’s equity research team issued a downgrade that is likely to raise some eyebrows. Micron was downgraded from Hold to a “Strong Sell” rating. The firm’s price target was slashed from $46 down to $32 in that call, implying nearly 10% more down side — but also implying that the story has deteriorated so much that the bias is very against the stock even if a big market rally or trade resolution somehow comes from left field.

CFRA cited a below-peer P/E ratio of 8.5 times the firm’s Fiscal Year 2020 earnings per share estimate of $3.75. The report cited low earnings visibility ahead. The report also noted that its Fiscal Year 2019 earnings estimate was lowered down to $6.06 from $6.40 per share and that 2020 cut was from a prior $5.27 in earnings per share.

Wednesday’s report was issued by Angelo Zino, and he said:

Our downgrade mainly reflects our belief that consensus estimates need to see significant downward revisions. We believe that DRAM prices are unlikely to stabilize in the near term (we estimate over two-thirds of profits) given excessive customer inventories, with both data center and smartphone demand now likely to see more muted sequential growth in 2H.

Zino also warned about Micron’s exposure to China:

Also, we note Micron’s largest customer, Huawei (we estimate at 10%-15% of sales), was placed on the “Entity List” by the Department of Commerce and now assume no revenue on a going forward basis. While we applaud Micron’s ability to improve its balance sheet in recent years, we are growing more concerned about the magnitude of a potential cyclical recovery given the aforementioned issues.

Micron shares were last seen trading down 2.4% at $34.77. Things might have been better had the shares not already been down so much from its highs. Micron has a 52-week range of $28.39 to $64.66 and its consensus sell-side analyst price target was $46.63.

Semiconductor investors can also see how the coming 5G explosion could be a huge boost for 4 other chip stocks, and fortunately Qualcomm was not on that list.

The Moneyist: I’m worth $1.8 million — and want my girlfriend to waive her community-property rights before we marry

Wed, 22 May 2019 15:19:03 -0400

‘How do I explain to someone that I care about the money that I’ve sweated so hard over for almost two decades?’

How Is Medtronic Likely To Have Fared In Q4 Fiscal 2019?

Wed, 22 May 2019 15:16:00 -0400

Medtronic (NYSE:MDT) is expected to publish its Q4 fiscal 2019 results on May 23. This note details Trefis’ forecasts for Medtronic, as well as some of the key trends we will be watching when the company reports earnings. You can view our interactive dashboard analysis ~ How Is Medtronic Likely ...

Google ad exchange probed by Irish data regulator

Wed, 22 May 2019 15:15:52 -0400

Tech group accused of illegally tapping into sensitive information such as race and health

Futures Movers: Oil prices drop as U.S. crude supplies post a second straight weekly climb

Wed, 22 May 2019 15:12:49 -0400

Oil prices drop Wednesday after U.S. government data reveal a hefty weekly increase in domestic crude stockpiles, defying expectations for a decline.

Love & Money: Couples are savings thousands of dollars on their wedding day by buying used goods

Wed, 22 May 2019 15:12:37 -0400

One couple met on an app that buys and sells used furniture — then used it to save $3,000 for their wedding.

Bank of America will offer mortgages without origination fees for a limited time

Wed, 22 May 2019 15:12:09 -0400

Savvy borrowers can saves thousands of dollars by leveraging competing offers from lenders.

The Moneyist: My mother died a month ago — my siblings want me out of the family home in 30 days

Wed, 22 May 2019 15:11:16 -0400

This man says his siblings have accused him of living there rent-free and taking advantage of his mother.

With interest rates at 2019 lows, how to decide whether to refinance your mortgage

Wed, 22 May 2019 15:10:56 -0400

More people are pursuing refinances as mortgage rates have dropped.

Metals Stocks: Gold settles higher as U.S. stocks decline; metal holds gains after Fed minutes

Wed, 22 May 2019 15:10:31 -0400

Gold futures settle higher on Wednesday, a day after posting a nearly three-week low, with the metal finding modest support from weakness in U.S. stocks. Prices hold onto those gains in electronic trading after the release of the minutes from the Federal Reserve’s most recent meeting.

Why more workers can expect to be forced into mandatory arbitration by their employer

Wed, 22 May 2019 15:07:16 -0400

A new study by the Economic Policy Institute says an increasing number of companies are making sure employee complaints won’t get to court.

Market Extra: Tesla stock’s mini ‘bullish divergence’ provides glimmer of hope as prices plunge

Wed, 22 May 2019 15:07:15 -0400

A mini “bullish technical divergence” pattern in Tesla’s stock chart suggests bulls still have some hope, at a time that many on Wall Street appear to have thrown in the towel on the electric car maker’s prospects.

Factbox: Qualcomm's 'obstinance' needs monitoring - judge

Wed, 22 May 2019 15:07:09 -0400

Factbox: Qualcomm's 'obstinance' needs monitoring - judge

Wed, 22 May 2019 15:07:09 -0400

Before the billionaire’s student-loan gift, this former student left Morehouse College due to financial pressures

Wed, 22 May 2019 15:05:46 -0400

Jordan Long would have been in the Morehouse class of 2019, if all went according to plan

M&S’s £600m rights issue is more like a Lidl offer

Wed, 22 May 2019 15:05:23 -0400

Fundraising for Ocado venture will not deliver a profiterole or a profit for a while

Citing Reuters report, health groups push tech firms to police tobacco marketing

Wed, 22 May 2019 15:02:33 -0400

More than 100 public health and anti-tobacco organizations are calling on Facebook Inc, Instagram, Twitter and Snap Inc to take "swift action" to curb advertising of tobacco products on their platforms.

Citing Reuters report, health groups push tech firms to police tobacco marketing

Wed, 22 May 2019 15:02:33 -0400

Fed's Kaplan says U.S. rates are on the right setting: FOX

Wed, 22 May 2019 14:59:36 -0400

The U.S. economy should grow at a solid 2.25-2.50% rate this year, with inflation moving up to the Federal Reserve's target, putting rates in the right place, a top Fed official said on Wednesday.

The Tell: More active managers are beating the stock market again thanks to the trade war: Goldman Sachs

Wed, 22 May 2019 14:58:03 -0400

Mutual funds are having one of their best years since the financial crisis, with 42% of large-cap active mutual funds outperforming their benchmarks so far in 2019, well above the 34% rate averaged during the last decade

T-Mobile-Sprint deal would boost prices, hurt poorest U.S. consumers, experts say

Wed, 22 May 2019 14:55:31 -0400

Concessions by T-Mobile US Inc to win U.S. government approval to buy Sprint Corp will likely lead to higher prices for the poorest Americans, many of whom use prepaid wireless plans, analysts and activists said.

T-Mobile-Sprint deal would boost prices, hurt poorest U.S. consumers, experts say

Wed, 22 May 2019 14:55:31 -0400

GE needs to end infighting, fix quality, tighten management: CEO

Wed, 22 May 2019 14:55:20 -0400

General Electric Co, once seen as the epitome of corporate greatness, is trying to end infighting between its divisions, tighten up management and fix quality problems in its products, Chief Executive Officer Larry Culp said on Wednesday.

‘Battle of the Thermostat’: Cold Rooms May Hurt Women’s Productivity

Veronique Greenwood — Wed, 22 May 2019 14:55:07 -0400

In a new study, women scored better on tests they took in warmer rooms.

Trade tensions push down Wall Street

Wed, 22 May 2019 14:54:43 -0400

U.S. stocks dipped on Wednesday as reports that Washington could impose restrictions on another Chinese technology company further inflamed trade tensions between the world's two largest economies.

Day trader flew to London to discuss deal news stories, court told

Wed, 22 May 2019 14:53:16 -0400

Alshair Fiyaz allegedly sought FT and Bloomberg reports about a potential Northstar takeover

Alternative meat market could be worth $140 billion in 10 years, Barclays says

Wed, 22 May 2019 14:51:04 -0400

The market for alternative plant-based or lab-made meat could climb to $140 billion in the next 10 years as emerging companies capture a 10% share of the $1.4 trillion meat market, Barclays said Wednesday.

How China Uses High-Tech Surveillance to Subdue Minorities

Chris Buckley and Paul Mozur — Wed, 22 May 2019 14:49:41 -0400

China has turned the Xinjiang region in its far west into an incubator for automated authoritarianism that could spread across the country and beyond.

Fed's Kaplan says U.S. is 'flirting' with yield curve inversion

Wed, 22 May 2019 14:46:51 -0400

U.S. bond markets are "flirting" with a yield curve inversion that could signal slower economic growth ahead, Dallas Federal Reserve Bank President Robert Kaplan said on Wednesday.

Upgrade: Amazon is selling entire houses for less than $20,000 — with free shipping

Wed, 22 May 2019 14:46:08 -0400

There are a number of strange but intriguing cabins and homes for sale on the internet giant that are low priced. But they’ve often got big downsides and additional costs.

Irish regulator opens first privacy probe into Google

Wed, 22 May 2019 14:44:36 -0400

Google's main regulator in the European Union, Ireland's Data Protection Commissioner, opened its first investigation into the U.S. internet giant on Wednesday over how it handles personal data for the purpose of advertising.

How Did Nvidia Fare In Q1, And What Can We Expect From Fiscal 2020?

Wed, 22 May 2019 14:41:00 -0400

Nvidia (NASDAQ:NVDA) recently reported its Q1 fiscal 2020 results, which were in line with our estimates. This note details the company’s Q1 performance, and Trefis’ forecasts for the full fiscal 2020. You can view our interactive dashboard analysis ~ How Did Nvidia Fare In Q1, And What Can We ...

Market Extra: Stock-market investors shouldn’t bet against globalization, says 5-star fund manager

Wed, 22 May 2019 14:40:52 -0400

Trade-war headlines shouldn’t spook investors away from bets on a growing global middle class, says Brian Yacktman.

Outside the Box: FDA needs to loosen up on CBD but clamp down on quality claims

Wed, 22 May 2019 14:40:35 -0400

Enhance consumer protections by establishing product quality-assurance standards, not by restricting access to CBD.

U.S. Justice Department staff recommends blocking T-Mobile-Sprint deal, sources say

Wed, 22 May 2019 14:39:17 -0400

The U.S. Justice Department's antitrust division staff has recommended the agency block T-Mobile US Inc's $26 billion acquisition of smaller rival Sprint Corp, according to two sources familiar with the matter.

U.S. judge appoints Ken Feinberg mediator in mandated Bayer Roundup settlement talks

Wed, 22 May 2019 14:38:04 -0400

A U.S. judge has appointed prominent attorney Kenneth Feinberg as mediator for court-mandated settlement talks in the federal litigation over allegations that Bayer AG's glyphosate-based Roundup weed killer caused cancer.

Four years, $13 million and dozens of hands: How ‘affordable housing’ gets made in America

Wed, 22 May 2019 14:36:17 -0400

As gentrification sweeps through many U.S. cities, including Washington D.C., more residents have trouble finding affordable housing. Each community is slightly different, but the national approach to creating more housing that low- and moderate-income people can afford is all-American: a patchwork quilt of public and private initiatives.

Apple earnings at risk of 29% hit if China retaliates to Huawei ban, Goldman says

Wed, 22 May 2019 14:29:15 -0400

Apple Inc.’s per-share earnings are at risk of a 29% hit if its products are banned in China in retaliation for measures taken by the U.S. government against Huawei Technologies Co., Goldman Sachs said Wednesday.

Cannabis Watch: Canopy Growth’s stock climbs on news of U.K. skin-care deal; Hexo names COO

Wed, 22 May 2019 14:28:44 -0400

Cannabis stocks were mostly higher Wednesday, as investors digested the latest deal in the sector, Canopy Growth Corp.’s acquisition of a U.K. skin care company.

How ‘docile’ female voice assistants like Alexa and Siri help perpetuate gender bias

Wed, 22 May 2019 14:28:33 -0400

‘In many communities, this reinforces commonly held gender biases that women are subservient and tolerant of poor treatment,’ a recent UN report said.

Should You Invest In Annuities?

Jeff Camarda, Contributor https://www.forbes.com/sites/jeffcamarda/ — Wed, 22 May 2019 14:26:00 -0400

Annuities are one of the most sharply contested investments. We offer simple guidelines to form smarter opinions about one of the most promising—but also reputedly one of the most damaging, tax-oppressive, costly, and hard to get unstuck from—investment options on the current landscape.

Taking a Cello or a Surfboard on a Plane? American Airlines Just Cut Its Fees

Zach Wichter — Wed, 22 May 2019 14:24:08 -0400

The airline said many oversized items, which it was charging $150 to check, will now be considered standard baggage and cost only $30.

25 Counties With the Widest Income Gaps

Sam Stebbins — Wed, 22 May 2019 14:23:13 -0400

In a capitalist economy, like that of the United States, some level of income inequality is to be expected. In recent years, however, the increasing consolidation of wealth in the hands of a few has gone beyond what many Americans deem to be justified or morally acceptable.

According to a recent report published by the New York-based financial firm JPMorgan Chase, the wealthiest 10% of American households control nearly 75% of household net worth. While no single factor is causing the growth in income inequality, trends like stagnant middle class wages and skyrocketing executive compensation certainly contribute. There are currently over a dozen major publicly traded companies where CEOs make 1,000 more than their typical employee.

While statistics like these help illustrate the problems associated with income inequality, for many Americans the phenomenon is largely conceptual as housing market prices and other forces tend to divide cities and neighborhoods by socioeconomic status. There are parts of the country, however, where the rich and poor live side by side. In these places, income inequality is a palpable and defining feature of daily life.

24/7 Wall St. reviewed the Gini coefficient — a standard measure for the distribution of wealth in an area — for over 3,000 U.S. counties and county equivalents to identify the 25 counties with the widest income gaps.

The counties and county equivalents on this list are concentrated in the South — but also dot the Northeast and western United States. They include both urban and rural counties, and more often than not, income inequality is driven largely by a concentration of poor residents (all but two counties on this list have a higher poverty than the 14.6% national poverty rate) rather than a concentration of extremely wealthy households. Still, many of these same counties fall within the limits of the 25 richest cities in America.

Click here to see the counties with the widest income gaps
Click here to read our methodology

Mobile Carriers in Britain and Japan Begin to Turn Away From Huawei

Amie Tsang — Wed, 22 May 2019 14:20:16 -0400

Google’s decision to cut off support to the blacklisted Chinese telecommunications giant is rippling across the globe.

TransferWise/fintech: exiles on Main Street

Wed, 22 May 2019 14:19:00 -0400

Takeovers by big rivals could stop start-ups but investors will be laughing either way

Greybull tried ‘everything possible’ to save British Steel

Wed, 22 May 2019 14:16:22 -0400

Marc Meyohas defends £6m of fees charged by private equity group to the steelmaker

Daimler CEO announces sweeping cost review as he bows out

Wed, 22 May 2019 14:14:38 -0400

Daimler's Chief Executive Dieter Zetsche announced a sweeping cost review on Wednesday, his last day in office, as he bid farewell to shareholders following more than a decade at the helm of luxury carmaker Mercedes-Benz.

Saudi Arabia Negotiating to Buy U.S. Natural Gas From Sempra Energy

Clifford Krauss — Wed, 22 May 2019 14:12:49 -0400

The deal would be Saudi Aramco’s first large purchase of American gas and signals that the country wants to extend its energy industry beyond oil.

Fed sticks to its guns on rates despite weak inflation

Wed, 22 May 2019 14:06:10 -0400

Central bank minutes show debate about consumer price index sluggishness

Philip Green's Arcadia to close UK stores, review U.S. in restructuring

Wed, 22 May 2019 14:03:14 -0400

British retail tycoon Philip Green's Arcadia Group said on Wednesday it planned to close 23 of its 566 stores in the UK and Ireland in a major restructuring of the fashion business that could also see its Topshop/Topman stores close in the U.S..

Buy This, Not That: This is one of the safest sunscreens you can buy right now — and it only costs $9

Wed, 22 May 2019 14:02:32 -0400

What’s the best sunscreen for your money? Blue Lizard and Neutrogena sunscreen are among top-rated, new safe sunscreen report finds

Streetwear Is Still Hot. Influencers, a Survey Says, Are Not.

Jonah Engel Bromwich — Wed, 22 May 2019 14:01:21 -0400

A new report highlights the way that a fashion subculture has been overtaken by big business.

San Francisco Police Call Freelancer Possible ‘Co-Conspirator’ in Report Leak

Marc Tracy — Wed, 22 May 2019 14:00:28 -0400

After a judge ordered the return of the property police seized from Bryan Carmody during a raid, the department ratcheted up its attack.

Key Words: Abrams breaks from Buttigieg: ‘Identity politics is... exactly how we won’

Wed, 22 May 2019 13:56:18 -0400

Former Georgia gubernatorial candidate Stacey Abrams splits with fellow Democrat Pete Buttigieg on whether identity politics — the tendency for people of a particular race or background to huddle together to promote their political interests — is a good thing for the party ahead of the 2020 election.

In One Chart: Warning signs illustrate why it’s crucial for the stock market to hit new highs soon

Wed, 22 May 2019 13:55:42 -0400

The stock market needs to carve out a fresh record — and soon — or else, concludes strategist Andrew Adams.

Boeing Faces Compensation Demand From China’s Biggest Airlines

Elsie Chen — Wed, 22 May 2019 13:52:44 -0400

The carriers, Air China, China Eastern and China Southern, which are all state-controlled, grounded dozens of 737 Max jets after a crash in Ethiopia in March.

United CEO promises to re-book passengers concerned about 737 MAX

Wed, 22 May 2019 13:51:38 -0400

United Airlines Chief Executive Oscar Munoz promised on Wednesday to reaccommodate any passengers concerned about flying Boeing Co's 737 MAX jets once regulators deem the aircraft safe to fly again.

The Tell: This ‘Bubble Portfolio’ is all assets the media warned about — it surged 80% in 2017, but then came 2018

Wed, 22 May 2019 13:48:26 -0400

Back in the second quarter of 2017, Bloomberg’s Joe Weisenthal suggested that going long assets that journalists flag as in bubble territory would make for a great exchange-traded fund. Paul McNamara, who helps oversee some $135 billion as investment director at GAM Investments in London, took him up on it — in theory, anyway.

Craig Wright has in no way been officially “recognised” as Satoshi Nakamoto

Wed, 22 May 2019 13:47:52 -0400

US copyright registration ≠ government endorsement.

Harry Boxer’s three stocks to watch include Roku

Wed, 22 May 2019 13:47:04 -0400

Also featured: ArQule and Qudian.

EE keeps Huawei in first British 5G network but halts handsets

Wed, 22 May 2019 13:41:42 -0400

Britain's biggest mobile operator EE said on Wednesday its 5G network would rely on equipment made by China's Huawei, at least for the first few years, as it announced plans to switch on the next-generation services on May 30.

Oil drops more than 2% on U.S. inventories build, demand worries

Wed, 22 May 2019 13:40:58 -0400

Oil futures tumbled more than 2% on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade fight between Washington and Beijing could dent crude demand.

Amazon shareholders reject proposal to ban facial recognition sales to governments

Wed, 22 May 2019 13:40:22 -0400

Amazon.com Inc on Wednesday said shareholders rejected proposals to curb and audit its facial recognition service, just as members of Congress indicated there was bipartisan support to one day regulate the technology.

Factbox: Global tech companies shun Huawei after U.S. ban

Wed, 22 May 2019 13:37:19 -0400

Global technology companies, including chip suppliers, are cutting off their ties with China's Huawei Technologies Co after the Trump administration put the world's largest telecom equipment maker on a trade blacklist, citing national security concerns.

Factbox: Global tech companies shun Huawei after U.S. ban

Wed, 22 May 2019 13:37:19 -0400

Tesla bear camp grows as Citi slashes price target

Wed, 22 May 2019 13:35:04 -0400

Shares extend slide as analyst increases odds of $36 worst-case scenario

IBM, Cera Care to test self-driving car tech in elder homes

Wed, 22 May 2019 13:33:47 -0400

IBM and British start-up Cera Care plan a six-month pilot to test whether lidar laser sensors, used to help self-driving cars "see", can enable elderly people to stay in their homes for longer - without compromising privacy.

IBM, Cera Care to test self-driving car tech in elder homes

Wed, 22 May 2019 13:33:47 -0400

China prepares to open up bond futures market

Wed, 22 May 2019 13:31:20 -0400

Move by the CSRC would come after years of deliberations over risks to the system

Larry J. Hanley, Who Helped Rid Transit Union of Corruption, Dies at 62

Sam Roberts — Wed, 22 May 2019 13:25:22 -0400

A former bus driver, he won the presidency of the Amalgamated Transit Union after accusing the incumbent of failing to discipline a local linked to the mob.

US competition inquiries: high hurdles

Wed, 22 May 2019 13:23:53 -0400

Qualcomm, Sprint and T-Mobile run into multi-layered regulatory system

Trade tensions keep Wall Street lower ahead of Fed minutes

Wed, 22 May 2019 13:23:46 -0400

U.S. stocks dipped on Wednesday, as reports that Washington could impose restrictions on another Chinese technology company fanned trade tensions, while investors awaited the release of minutes from the Federal Reserve's latest policy meeting.

Amazon shareholders reject facial recognition sales ban proposal

Wed, 22 May 2019 13:17:51 -0400

General Electric CEO affirms weak forecasts, signaling stable outlook

Wed, 22 May 2019 13:15:49 -0400

General Electric Co Chief Executive Officer Larry Culp affirmed the ailing conglomerate's weak forecasts for 2019 and beyond on Wednesday, a potential sign of stability after his predecessors repeatedly missed financial goals.

U.S. might blacklist China's Hikvision over Uighur crackdown: source

Wed, 22 May 2019 13:15:16 -0400

The U.S. administration is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision over the country's treatment of its Uighur Muslim minority, a person briefed on the matter said, the latest effort by the Trump administration to crack down on Chinese companies as trade friction between the world's top two economies escalates.

NASCAR Speeds to Acquire International Speedway

247chrislange — Wed, 22 May 2019 13:15:05 -0400

International Speedway Corp. (NASDAQ: ISCA) shares rose handily on Wednesday after the company announced that it would be acquired by NASCAR. The transaction was approved by a special committee comprised solely of independent directors of the board and was unanimously approved.

The transaction is valued at roughly $2.0 billion. The consideration to be paid to ISC’s shareholders will be $45.00 in cash for each share of ISC Class A Common Stock and ISC Class B Common Stock.

The transaction, which is expected to close in calendar year 2019, is conditioned on the approval of a majority of the aggregate voting power represented by the shares of ISC A common stock and ISC Class B common stock not owned by the controlling shareholders of International Speedway, voting together as a single class.

This transaction is subject to other customary closing conditions.

International Speedway owns some of America’s most infamous car racing tracks, including the Daytona International Speedway in Florida, where the company is based, and the Talladega Superspeedway in Alabama.

Late last year, NASCAR began acquiring the stock in International Speedway, which owns a majority of the NASCAR-sanctioned tracks.

Shares of International Speedway were last seen up about 2% at $44.96, in a 52-week range of $35.12 to $49.95. The consensus price target is $43.50.

ALSO READ: Why These 4 Semiconductor Stocks May Be the Absolute Best 5G Play

Cannabis Watch: Exclusive: Facebook will not allow marijuana sales on its platform

Wed, 22 May 2019 13:11:11 -0400

After months of internal deliberations, discussions with experts and cannabis advocacy groups, among others, Facebook Inc. has decided to continue to block marijuana sales on its platform.

Mnuchin says he’s talked to Walmart about how planned China tariff expansion would impact retailing giant

Wed, 22 May 2019 13:09:43 -0400

Treasury Secretary Steven Mnuchin on Wednesday revealed he’s talked to the chief financial officer of America’s top retailer after getting heat over proposed tariffs on a variety of consumer goods.

Barrick Gold makes buyout offer for Acacia Mining

Wed, 22 May 2019 13:03:48 -0400

Proposal attempts to end dispute with the government of Tanzania over unpaid taxes

Capitalism Camp for Kids

Brendan O’Connor — Wed, 22 May 2019 12:56:18 -0400

Young people love socialism. Can a summer of indoctrination teach little Hermione and Khaleesi to love capitalism?

Late singer Aretha Franklin allegedly wrote three wills, but they may not be valid

Wed, 22 May 2019 12:56:16 -0400

You can write a will by hand, but you probably shouldn’t.

Key Words: Democratic presidential hopeful Moulton: ‘Medicare for All’ akin to eliminating FedEx, UPS

Wed, 22 May 2019 12:55:49 -0400

As Congress on Wednesday held its second hearing on “Medicare for All” proposals, long-shot presidential candidate Seth Moulton made it clear he’s not a fan of moving to a single-payer model for health care

The Margin: Tarantino’s latest film draws 6-minute standing ovation in Cannes — and millions are clicking on this trailer

Wed, 22 May 2019 12:55:35 -0400

Quentin Tarantino is used to adoration from Hollywood insiders, but what happened in Cannes was some next-level love.

Tackling the world's single-use plastic problem

Wed, 22 May 2019 12:48:33 -0400

Tackling the world's single-use plastic problem

Arm suspension strikes at Huawei’s core

Wed, 22 May 2019 12:46:08 -0400

Qualcomm — the San Diego strangler, Trainline’s 20-year IPO journey, banks’ IPO trio

Qualcomm’s Not So Good, Very Bad Day Could Get a Lot Worse If Apple Demands a Do-Over

Paul Ausick — Wed, 22 May 2019 12:44:38 -0400

Last month, Qualcomm Inc. (NASDAQ: QCOM) and Apple Inc. (NASDAQ: AAPL) announced a settlement in the long-running dispute between the two companies over Qualcomm’s licensing fees for its modem chips. The settlement would have been worth between $4.5 billion and $4.7 billion to Qualcomm.

Tuesday’s ruling by Judge Lucy Koh in U.S. District Court may provide Apple an opportunity to avoid that cash penalty. In her ruling on a case brought against Qualcomm in 2017 by the U.S. Federal Trade Commission (FTC), Judge Koh ruled that the company had illegally suppressed competition in the cell phone chip market and used its market dominance to charge excessive licensing fees for its technology.

Qualcomm must stop threatening to cut off chip supplies to customers that refuse to pay the company’s licensing fee even when the customer uses a chipset from another supplier. In other words, once a customer used a Qualcomm chip the customer was locked into an agreement to continue to pay Qualcomm a licensing fee forever.

Judge Koh ruled that Qualcomm must reach or revise agreements with existing customers without using the same anti-competitive practices. The company also must license its patents to rivals at fair, reasonable and non-discriminatory (known in the industry as FRAND) prices.

In January, short seller Kerrisdale Capital Management predicted that Qualcomm would lose this battle with the FTC. According to Kerrisdale, under Qualcomm’s existing pricing the company sells its chips for a fixed amount, say $20, and charges phonemakers a license fee that could be as high an additional $20, a royalty payment that Apple once called “extortion-level.”

The judge’s ruling is a big problem for the company’s revenue and profit streams. Assume that Intel also sells a modem chip for $20 plus a modest FRAND fee of $1.50 payable to Qualcomm. Under patent law, Qualcomm could no longer charge the additional $20 smartphone license fee. Qualcomm’s price for the chip would have to drop from $40 to no more than $21.50 to be competitive. That’s a serious problem because technology licensing revenues represent about a third of the company’s total.

Qualcomm’s settlement with Apple was a calculation by Apple that it risked not having modem chips with 5G capability available unless it got them from Qualcomm. No other company has been able to manufacture one, and Apple couldn’t afford to be further behind Samsung (in a 5G-marketing sense) than the Cupertino giant already finds itself.

While we don’t know for sure what kind of new agreement the two companies came to, Apple now has some pretty firm ground for renegotiating the settlement if it includes a royalty (FRAND) payment of more than a nominal amount. That $4.5 billion that Qualcomm was expecting from Apple may just have flown out the window.

Qualcomm has said that it will seek an immediate stay of Judge Koh’s ruling and pursue an expedited appeal in San Francisco’s Ninth Circuit Court of Appeals. The company’s general counsel said the company disagrees with Koh’s conclusions, “her interpretation of the facts and her application of the law.”

Qualcomm stock traded down sharply on Wednesday, and the 12-month consensus price target on the shares is certain to be lowered in the following days.

Qualcomm and Apple are both considered to be among the world’s most innovative companies, and they each have one of the highest paid chief executives.

ALSO READ: Why These 4 Semiconductor Stocks May Be the Absolute Best 5G Play

Trump refuses to work with Democrats until probes end

Wed, 22 May 2019 12:43:59 -0400

President walks out of meeting on infrastructure after Pelosi accuses him of ‘cover up’

U.S. Treasury's Mnuchin says U.S. to hit debt limit in late summer

Wed, 22 May 2019 12:37:52 -0400

U.S. Treasury Secretary Steven Mnuchin on Wednesday urged Congress to raise the U.S. debt ceiling as soon as possible, saying the U.S. government was expected to exhaust its borrowing authority around late summer.

Mnuchin says more U.S. tariffs on China at least a month away

Wed, 22 May 2019 12:36:17 -0400

The United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on consumers, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

Harriet Tubman $20 bill won’t be released next year, Mnuchin says

Wed, 22 May 2019 12:35:58 -0400

The redesign of the $20 bill featuring Harriet Tubman will no longer be unveiled in 2020, Treasury Secretary Steven Mnuchin said Wednesday.

Goldman sees end to rising iron ore prices

Wed, 22 May 2019 12:35:34 -0400

U.S. Treasury's Mnuchin: No discussion with White House on Trump's taxes

Wed, 22 May 2019 12:35:16 -0400

U.S. Treasury Secretary Steven Mnuchin on Wednesday said he had not discussed releasing President Donald Trump's tax returns with the White House, and disagreed with an IRS memo that reportedly concluded he should release them to Congress.

Predatory lending is alive and well in new sectors

Wed, 22 May 2019 12:35:04 -0400

New York taxi industry shows disturbing parallels to the 2008 crisis

Europe sets strict conditions for return of 737 Max

Wed, 22 May 2019 12:34:31 -0400

Washington under pressure as global regulators consider Boeing aircraft safety

British Steel collapses after failing to secure extra funding

Wed, 22 May 2019 12:32:14 -0400

British Steel, the country's second largest steel producer, has collapsed and put 25,000 jobs at risk after failing to secure emergency government funding, Britain's Official Receiver said on Wednesday.

Shares of Casino’s parent sink to new low amid debt concerns

Wed, 22 May 2019 12:21:40 -0400

‘Natural’ and ‘farm fresh’ are not always what they seem –– read this before shopping for food or beauty products

Wed, 22 May 2019 12:19:20 -0400

Americans trust celebrity claims and social media over product labels, a new study says.

The line between high school and college is blurring, but that’s not always a good thing

Wed, 22 May 2019 12:18:03 -0400

With more high-school students taking college courses, what it means to be in high school or college is changing.

Incompetent, privileged individuals are more likely to act smart — and get away with it

Wed, 22 May 2019 12:16:39 -0400

Overconfident people from upper-class backgrounds succeed, even if they’re not that clever.

Gold miners must focus on returns, mergers to attract investment: Barrick CEO

Wed, 22 May 2019 12:13:48 -0400

Gold miners must focus on maximizing returns and more mergers to attract investors seeking to diversify after years of under-investing in mines, Barrick Gold's chief executive said on Wednesday.

Best New Ideas in Retirement: A new way to pay for the single biggest expense in retirement

Wed, 22 May 2019 12:13:41 -0400

Older Americans increasingly opt for ‘continuing care at home’ plans or join programs that foster community support

Trade War Update: China Throwing More Lifelines. Apple In Trouble.

Kenneth Rapoza, Contributor https://www.forbes.com/sites/kenrapoza/ — Wed, 22 May 2019 12:12:00 -0400

Apple may be the biggest U.S. corporate casualty once tariffs on $300 billion more Made in China goods takes place.

Lowe's cuts 2019 profit forecast, blames higher costs, weak pricing

Wed, 22 May 2019 12:05:07 -0400

Lowe's Cos Inc cut its full-year profit forecast after reporting disappointing first-quarter earnings, as the home improvement chain failed to raise prices in time to make up for higher costs, sending its shares down 9%.

Allianz leads C$100 million funding round for fintech Wealthsimple

Wed, 22 May 2019 12:03:24 -0400

German insurer and asset manager Allianz has led a C$100 million ($74.55 million) capital raise for Canadian financial technology company Wealthsimple.

Outside the Box: Early retirement is a risk — so is working in an office your whole life

Wed, 22 May 2019 12:01:09 -0400

The FIRE life may be a gamble, but there are no ‘safe’ choices.

NewsWatch: Exclusive: Facebook will not allow marijuana sales on its platform

Wed, 22 May 2019 12:00:17 -0400

After months of internal deliberations, discussions with experts and cannabis advocacy groups, among others, Facebook Inc. has decided to continue to block marijuana sales on its platform.

The Weakening Of Big Bank Regulations Under Trump Are The Seed For The Next Financial Crisis

Wed, 22 May 2019 11:59:00 -0400

Deregulation and weakening of bank supervision have happened at a stunning pace as most people glaze over non-grabbing headlines. This is not the time for complacency; taxpayers much be protected.

The Weakening Of Big Bank Regulations Under Trump Is The Seed For The Next Financial Crisis

Wed, 22 May 2019 11:59:00 -0400

Deregulation and weakening of bank supervision have happened at a stunning pace as most people glaze over non-grabbing headlines. This is not the time for complacency; taxpayers much be protected.

Commerzbank open to M&A after Deutsche Bank talks collapse

Wed, 22 May 2019 11:57:02 -0400

Commerzbank may refine its strategy and is still open to mergers following the collapse of talks with its larger rival Deutsche Bank, the lender's chief executive said on Wednesday.

What to Expect When Best Buy Reports Thursday Morning

247chrislange — Wed, 22 May 2019 11:56:56 -0400

Best Buy Co. Inc. (NYSE: BBY) is scheduled to release its fiscal first-quarter financial results before the markets open on Thursday. The consensus estimates are calling for $0.86 in earnings per share (EPS) and $9.13 billion in revenue. The same period of last year reportedly had $0.82 in EPS and $9.11 billion in revenue.

In its fiscal fourth-quarter report, Best Buy offered guidance for EPS in the range of $0.83 to $0.88 and Enterprise revenue between $9.05 billion and $9.15 billion.

At the same time, the company said enterprise comparable sales growth increased 3.0% year over year. This consisted of Domestic comparable sales increasing 3.0% and International comparable sales increasing by 2.5%. Domestic comparable online sales grew 9.3%.

From a merchandising perspective, Best Buy generated comparable sales growth across multiple categories, with the largest drivers being wearables, appliances, smart home and gaming. However, these positive drivers were partially offset by a decline in the mobile phone category.

It’s worth pointing out that this is the independent leader of consumer electronics and home goods, and it has managed to withstand the pressure from Amazon and other online retailers over the years. Its performance this year speaks to that success.

Overall, Best Buy has outperformed the broad markets, with its stock up about 32% year to date. However, in the past 52 weeks, the stock is actually down over 10%.

A few analysts weighed in on Best Buy ahead of the report:

Wedbush has a Hold rating with a $71 price target.
Jefferies has a Buy rating and an $88 price target.
Oppenheimer has an Outperform rating with an $86 target.
Evercore ISI has an In-Line rating.
Wolfe Research has a Buy rating.

Shares of Best Buy were last seen trading at $69.98, in a 52-week range of $47.72 to $84.37. The consensus price target is $77.41.

24/7 Wall St.
Why These 4 Semiconductor Stocks May Be the Absolute Best 5G Play

Mnuchin says U.S. open to new China trade talks based on previous negotiations

Wed, 22 May 2019 11:54:55 -0400

U.S. Treasury Secretary Steven Mnuchin said the Trump administration is open to holding new talks with China if the two sides can proceed on the basis of previous negotiations.

Wall St. slips as trade tensions mount; Fed minutes awaited

Wed, 22 May 2019 11:54:31 -0400

U.S. stocks dipped on Wednesday, as trade tensions were heightened on reports that Washington could impose sanctions on another Chinese company, while investors awaited the release of minutes from the Federal Reserve's latest policy meeting.

Factbox: Greybull Capital faces more public ire after British Steel collapse

Wed, 22 May 2019 11:45:41 -0400

The collapse of British Steel has once again put private equity owner Greybull Capital in the spotlight for the wrong reasons.

US crude extends drop as inventories hit highest since 2017

Wed, 22 May 2019 11:43:51 -0400

Tesla’s in Trouble but Don’t Panic — Yet

Paul Ausick — Wed, 22 May 2019 11:43:27 -0400

In a worst-case scenario for electric vehicle maker Tesla Inc. (NYSE: TSLA), analysts at Morgan Stanley on Tuesday said that the company’s stock price could plummet to $10 a share. Wedbush analyst Dan Ives said on Sunday that Tesla faced a “Herculean task” in reaching its delivery goal of 360,000 to 400,000 new vehicles in 2019. Late Tuesday, Citigroup analyst Itay Michaeli said Tesla stock could plunge to $36 a share.

While Tesla’s automotive business provided $18.5 billion of its 2018 revenues, the company’s energy and services businesses contributed $2.94 billion, or about 13.7% of total revenues. Those two businesses contributed $816 million of Tesla’s $4.54 billion first-quarter 2019 revenues, or about 18% of total revenues.

The company’s energy storage could be doing better, though. In the first quarter, storage revenues fell by 13% compared with the preceding quarter, and capacity installations fell from 73 megawatts (MW) to 47 MW. Services revenues fell by 7% quarter over quarter, which the company attributed to a drop in used car sales that flowed from lower-than-expected deliveries of new vehicles.

The potential for Tesla’s energy storage business may not be as great as the potential for its electric vehicles, but the company has demonstrated that indeed it does have a storage product that works. In a well-publicized 2017 project in Australia, company CEO Elon Musk promised to install a 100 megawatt-hour (MWh) battery storage system within 100 days from the contract award or Australia would not have pay for it. The results were remarkable.

Without a storage system for renewably generated electricity, it will be virtually impossible to reach a goal of 100% renewable generation without massive (and massively costly) overbuilding renewable energy projects and transportation grids. Being able to store renewable power, though expensive, is less expensive than building more wind and solar farms.

Battery storage for electricity generated from wind and solar power are a key part of mitigating climate change. The World Bank is hosting a conference next month in Singapore to focus on financing for projects that use battery storage. According to the bank, global demand for battery storage is expected to reach 2,800 gigawatt-hours (GWh) by 2040, an amount equal to more than half of all the energy currently generated globally from renewable sources.

Last year the bank committed $1 billion to global battery storage program that aims to raise an additional $4 billion in private and public funds to finance 17.5 GWh of new battery storage in developing and middle-income countries by 2025. That’s more than three times the current installed capacity in the world’s developed countries. World Bank Group President Jim Yong Kim said, “Batteries are critical to decarbonizing the world’s power systems. They allow us to store wind and solar energy and deploy it when it’s needed most to provide people with clean, affordable, round-the-clock power.”

Last November BloombergNEF (BNEF), a clean energy research firm, estimated that large-scale energy storage will attract $620 billion in investments by 2040. BNEF also forecast that storage prices will drop by more than half between 2018 and 2030 and storage capacity will reach a global total of 924 GW by 2040.

That $620 billion investment depends largely on governments’ willingness to penalize fossil fuel producers (with carbon taxes, among other things) and encourage renewable energy producers with subsidies and tax breaks. Pretty much a role reversal of what is happening currently in the United States and most of the rest of the world.

In an International Monetary Fund (IMF) working paper published earlier this month, global subsidies for the fossil fuel industry totaled $4.7 trillion in 2015 and were forecast to total $5.2 trillion in 2015. China ($1.4 trillion), the United States ($649 billion) and Russia ($551 billion) accounted for more than half of the 2015 subsidies. Note that the IMF has a fairly expansive definition of what a subsidy is.

Tesla has to step up its game, though, if it wants to dominate the energy storage market. Since the company’s 2016 acquisition of SolarCity for around $2.6 billion in Tesla stock and the assumption of $3 billion in SolarCity debt, Tesla’s share of the residential solar market has dropped from about 33.5% to around 9.0%, according to analysts at Wood Mackenzie cited by GTM Research.

The market for renewable storage probably won’t get into high gear until national and local governments begin to tax carbon and pour some money into building more energy storage systems. Tesla has a jump here, but the business is not growing and, in fact, may not be able to grow as long as the company’s automotive business continues to disappoint investors.

Note that short sellers have been keeping a close eye on solar and alternative energy stocks and that Tesla does make some of America’s most eco-friendly vehicles.

24/7 Wall St.
America’s Most Eco-Friendly Vehicles

TfL to track passengers via smartphone Wi-Fi signals

Wed, 22 May 2019 11:41:08 -0400

Data will be used to better understand how passengers move around the transport network

How Eli Lilly Is Making Insulin More Affordable

247chrislange — Wed, 22 May 2019 11:40:57 -0400

Drug companies have been decried in the United States for high prices, but Eli Lilly and Co. (NYSE: LLY) is looking to fight this trend — at least a little. The pharmaceutical giant has announced that its Insulin Lispro Injection is now available for order in pharmacies for people who use Eli Lilly’s rapid-acting insulin and need a lower-cost option.

Now, Eli Lilly’s Insulin Lispro Injection has a 50% lower list price than identical medicine Humalog U-100 and is available in both a vial and KwikPen. Because they are the same insulin, pharmacists will be able to substitute Insulin Lispro Injection for Humalog.

Back in March, Eli Lilly announced plans to introduce Insulin Lispro Injection, which fills another gap in the health care system. The people who are most likely to benefit from Insulin Lispro Injection are Medicare Part D beneficiaries, people with high-deductible health plans and the uninsured who use Humalog.

Currently, about 95% of people in the United States pay $95 or less a month for their Humalog prescription, and 43% pay $0 at the retail pharmacy. With the launch of Insulin Lispro Injection, even more people will pay lower amounts at the pharmacy.

Mike Mason, senior vice president, Connected Care and Insulins, commented:

The current healthcare system isn’t working for everyone, causing a growing number of people with chronic conditions to struggle to afford their medicine. But even one person with diabetes who can’t afford insulin is too many, which is why we introduced Insulin Lispro Injection. It adds to our suite of solutions that help significantly lower the amount people pay until a more sustainable solution is achieved.

Will this move help Eli Lilly escape the list of America’s most hated companies? In addition, check out 10 things to consider before buying an insulin pen.

Shares of Eli Lilly were last seen at $116.85, in a 52-week range of $81.61 to $132.13. The consensus price target is $124.57.

24/7 Wall St.
Why These 4 Semiconductor Stocks May Be the Absolute Best 5G Play

The Ratings Game: Tesla stock tumbles into sixth day as analysts cite ‘major hurdles’

Wed, 22 May 2019 11:37:19 -0400

Citi and B. of A. Merrill Lynch analysts join in criticism of Tesla as stock barely holds above $200 and extends losing streak to sixth day.

Germany to spend €40bn to soften blow from coal closures

Wed, 22 May 2019 11:37:09 -0400

Funds will be used to improve infrastructure and create R&D centres in affected areas

Meet 'Digit', the walking robot for Ford self-driving vans

Wed, 22 May 2019 11:35:12 -0400

Ford Motor Co said on Wednesday it was partnering with walking robots maker Agility Robotics as it designs a planned fleet of self-driving delivery vans that will drop packages at the doorsteps of people's homes.

Meet 'Digit', the walking robot for Ford self-driving vans

Wed, 22 May 2019 11:35:12 -0400

Oil sheds more than $1/bbl as U.S. inventories grow, demand worries flare

Wed, 22 May 2019 11:32:49 -0400

Oil futures sank on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade war between Washington and Beijing could dent crude demand.

Pelosi accuses Trump of a ‘coverup’ as tensions mount

Wed, 22 May 2019 11:32:39 -0400

House Speaker Nancy Pelosi on Wednesday accused President Trump of being “engaged in a coverup” amid a tense standoff between White House and the Democratic-controlled House over access to sensitive documents and testimony from key advisers.

This Is What It Sounds Like When Brands Cry

Lauren Oyler — Wed, 22 May 2019 11:28:47 -0400

A Burger King commercial reveals the perils of corporate relatability.

Largest Employer in Every State

Mike Sauter — Wed, 22 May 2019 11:24:39 -0400

Walmart is by far the largest employers in the United States, employing about 1.5 million Americans. Other companies, however, are beginning to close in on Walmart’s headcount.

Amazon, thanks to rampant growth and the acquisition of businesses such as Whole Foods, is now the nation’s second largest employer, although it has far to go to catch up to Walmart. The company now employs about 400,000 people in the United States.

State governments tend to be the largest employers in each state. There are over 5 million state government employees nationwide. When excluding public administrative bodies, Walmart is the largest employer in 22 states, but a number of other public organizations operating as companies — often a state university or hospital network — also emerge as the biggest employers on the state level.

The size of these companies and institutions varies considerably. In Alaska, the largest employer, the Providence Health & Services network of hospitals, employs around 4,000 people. In Washington state, Boeing employs nearly 80,000 people. In Texas, Walmart employs over 164,000 workers.

Based on the most recent available full- and part-time employee counts, these are the largest employers in each of the 50 states.

To determine the largest employer in each state, 24/7 Wall St. reviewed employment figures for nonprofits and private and publicly held companies from company press releases, government data, business journals, local media reports, as well as statements from company representatives. For the purposes of our analysis, we treated some state government employers like public universities as independent organizations, in keeping with how states frequently identify and compare company headcounts. Military bases were excluded from the list. In some cases, the employment count of a hospital network primarily located in a state included a small portion of out-of-state employees. If the network was determined to be mostly in-state, we kept the total employment figure when a state-specific employment count could not be determined. In those cases and some others, the values included are listed as estimates.

Correction: A previous version of this piece listed the largest employer in New Hampshire as Walmart. In fact, the largest employer is the Dartmouth-Hitchcock Health System.

Click here to see the largest employer in every state.

Wireless and Communications Firms Face More Uncertainty in Sprint and T-Mobile Merger Saga

Jon C. Ogg — Wed, 22 May 2019 11:20:11 -0400

The pending acquisition of Sprint Corp. (NYSE: S) by T-Mobile US Inc. (NASDAQ: TMUS) has taken yet another turn. After Monday’s news that the Federal Communications Commission (FCC) chair would recommend approval of this $26 billion deal sent Sprint’s shares soaring to a year-high, there is now word that the U.S. Department of Justice (DOJ) staff is set to block the merger.

While Sprint’s shares traded lower on the news, there has not been a final declaration from either the DOJ or the FCC on the pending merger. Note that prior acquisition efforts to buy Sprint have been blocked on antitrust concerns, with the government effectively taking the stance that the wireless industry is better if consumers have four main choices rather than three.

According to reports from CNBC and Reuters, the DOJ’s antitrust division is recommending that the department file a lawsuit to block T-Mobile’s acquisition of Sprint. Citing “two sources familiar with the matter,” the DOJ is set to announce its final decision in about a month and that the final decision on merger approval now lies with political appointees at the department.

This would be a 180-degree reversal compared to what the investment community thought about the merger just 48 hours earlier. The FCC chair’s report on Monday indicated that an agreement in principle had been reached with Sprint and T-Mobile. Part of their agreement was to rapidly build a 5G network that would cover an overwhelming majority of American consumers, for the companies not to increase prices for three years and for the combined company to sell or divest Sprint’s prepaid Boost Mobile service.

The move from the FCC was seen as a boost for AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ) as well. To put this into plain terms: it would have meant that there were only three wireless carriers trying to gut their competition rather than four. That also would be at a time when the companies are trying to build out a 5G network and while they integrate other businesses with their tens of millions of wireless communications subscribers.

While the Communications Workers of America union does not have a final say in the Sprint acquisition by T-Mobile, the group immediately voiced concerns that the proposed merger remains anti-competitive, is harmful to American workers and should be blocked. The union’s statement predicted the loss of 30,000 U.S. jobs due to shuttering retail stores and due to consolidating functions at the headquarters level. The union further opined that T-Mobile has made vague and “loophole-ridden pledges” to maintain jobs for current T-Mobile and Sprint employees that would leave 88,000 jobs not covered.

Many downstream companies would face potential increases or decreases in their businesses if there were three major carriers rather than four. While the number of all-in subscribers would not change, the carriers might have more leverage over the companies that make the smartphones and own the cell and communications towers. That might even translate to an impact on companies that make components and software of phones, and it would mean more potential “big hits and bad misses” for the communications and infrastructure companies that supply all the guts that make up the national communications system.

While AT&T and Verizon saw their shares rise on Monday, the communications towers players were all lower on the news. And to prove the point that three main carriers would be worse than four in their underlying businesses, note that shares of Crown Castle International Corp. (NYSE: CCI), American Tower Corp. (NYSE: AMT) and SBAC Communications Corp. (NASDAQ: SBAC) all traded higher on Wednesday after the DOJ report broke. Verizon and AT&T shares were trading lower on Wednesday’s report as well.

This is one of those situations in which there are two sides of the story, and each side has more than a few points of justification to support the why or why not this merger should be allowed. While Sprint has posted positive operating earnings, there has been a long history of losses in net income. Sprint’s balance sheet is also complicated, with more than $43 billion in intangible assets and more than $35 billion in long-term debt outstanding. Sprint’s ownership stake by Softbank is also roughly 85%.

Sprint is the one that obviously has the most to gain and lose in this merger. Its shares were last seen down more than 5% at $6.83 on Wednesday morning, in a 52-week range of $5.09 to $7.90. Sprint’s share price was up almost 19% with a $7.34 closing price after Monday’s FCC announcement, and the trading volume was a whopping 166 million shares.

ALSO READ: Why These 4 Semiconductor Stocks May Be the Absolute Best 5G Play

Barrick/Acacia: prey tell

Wed, 22 May 2019 11:18:17 -0400

Minority investors in Acacia can and should object to the take-under

Outside the Box: Why early retirement IS all it’s cracked up to be

Wed, 22 May 2019 11:17:08 -0400

Debunking the top 5 myths of early retirement.

In One Chart: Why ‘under-owned’ European stocks may be due for a rally

Wed, 22 May 2019 11:17:05 -0400

It’s been a long winter for European assets, but signs of a pickup in growth could make for good opportunities in “under-owned” European assets, says BlackRock’s Elga Bartsch.

Rex Nutting: Shareholder primacy is ruining America, says a conservative Republican

Wed, 22 May 2019 11:04:19 -0400

Sen. Marco Rubio is a flag-waving capitalist who worries that the American economy is no longer living up to its potential because American businesses are no longer investing in the future.

Apple's Webkit to launch new privacy feature for ad tracking

Wed, 22 May 2019 11:03:58 -0400

Apple Inc said on Wednesday its browser engine Webkit will launch a new technology to track advertising clicks and whether they lead to a product purchase while preserving the privacy of users.

It is time for Theresa May to stand down

Wed, 22 May 2019 10:59:16 -0400

The prime minister’s attempt to deliver Brexit has comprehensively failed

OECD members, including U.S., back guiding principles to make AI safer

Wed, 22 May 2019 10:52:00 -0400

The evolution of artificial intelligence is driving advances in technology but raising questions over ethics, the head of the OECD said on Wednesday, as more than 40 nations backed a set of principles meant to improve transparency around AI.

OECD members, including U.S., back guiding principles to make AI safer

Wed, 22 May 2019 10:52:00 -0400

Same-day deliveries, store revamps drive Target's strong results

Wed, 22 May 2019 10:49:37 -0400

Target Corp beat first-quarter estimates for same-store sales and profit on Wednesday, as the retailer's strategy to invest more in its delivery services and revamp stores drew in more shoppers, sending its shares up more than 9%.

How to Unrig the Gold Market, According to GATA's Chris Powell

Wed, 22 May 2019 10:48:00 -0400

For 20 years now, Chris Powell and others at the Gold Anti-Trust Action Committee (GATA) have made it their mission to expose collusion by international financial institutions to control the price and supply of gold.

Theresa May faces cabinet revolt over Brexit deal

Wed, 22 May 2019 10:41:56 -0400

Conservative MPs call for PM’s resignation a day after revamped plan unveiled

Mnuchin says further U.S. tariffs on China at least a month away

Wed, 22 May 2019 10:40:00 -0400

The United States is studying how proposed tariff increases on roughly another $300 billion in Chinese imports will affect consumers and is at least a month away from enacting them, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

Trump Team Vets Fed Critic for Board Seat

JEANNA SMIALEK — Wed, 22 May 2019 10:37:37 -0400

Judy Shelton, a longtime Fed critic who favors gradually taking interest rates to zero, is being considered for a seat on the board of governors.

Trump Team Vets Fed Critic for Board Seat

Jeanna Smialek — Wed, 22 May 2019 10:37:37 -0400

Judy Shelton, a longtime Fed critic who favors gradually taking interest rates to zero, is being considered for a seat on the board of governors.

India's Narendra Modi Locked In For Second Term

Kenneth Rapoza, Contributor https://www.forbes.com/sites/kenrapoza/ — Wed, 22 May 2019 10:37:00 -0400

Wall Street sells India as elections finally come to an end.

RBS-backed fintech Loot enters administration

Wed, 22 May 2019 10:36:46 -0400

State-owned bank backed out of a potential deal to buy the whole group

Best New Ideas in Retirement: The new math of saving for retirement may boil down to this one, absurdly simple rule

Wed, 22 May 2019 10:33:26 -0400

Why you should be saving at least 10% of your salary.

EU sees no compliance issues in Google shopping, rivals disagree

Wed, 22 May 2019 10:29:33 -0400

Europe's antitrust chief said on Wednesday she did not see any problems with the way Google was complying with her order to boost competition in online shopping, brushing aside complaints from some of the U.S. company's rivals.

Project Syndicate: How inflation could return, catching the Fed off guard

Wed, 22 May 2019 10:28:07 -0400

Disinflationary forces are dominant now, but policy makers and investors should not rule out a return of inflation over time, writes Mohamed A. El-Erian.

Sterling slips nears 2019 lows as May’s deal faces wall of opposition

Wed, 22 May 2019 10:26:43 -0400

Demand for UK sovereign debt rises as uncertainty grows

Status quo at Renault-Nissan must be changed: French finance minister

Wed, 22 May 2019 10:25:20 -0400

The current status quo regarding the alliance between French carmaker Renault and its Japanese partner Nissan cannot continue and must be changed as it is currently weakening Renault, said French finance minister Bruno Le Maire.

How Lowe’s Earnings Measure Up Against Home Depot

247chrislange — Wed, 22 May 2019 10:25:12 -0400

Lowe’s Companies Inc. (NYSE: LOW) reported its most recent quarterly results early on Wednesday, and unfortunately they don’t stack up well against rival Home Depot Inc. (NYSE: HD), which reported earlier this week. 24/7 Wall St. has compared the earnings reports of each of these companies, as well as the investor reactions.

Lowe’s said that it had $1.22 in earnings per share (EPS) and $17.74 billion in revenue, while consensus estimates had called for $1.34 in EPS and revenue of $17.7 billion. The same period of last year reportedly had EPS of $1.19 on $17.36 billion in revenue.

During the first quarter, Lowe’s sales increased 2.2% year over year, and comparable sales increased 3.5%. Comparable sales for the U.S. home improvement business increased by 4.2%.

The company previously announced its intention to exit its Mexico retail operations and had planned to sell the operating business. However, in the first quarter, after an extensive market evaluation, the decision was made to sell the assets of the business instead. That decision resulted in an $82 million tax benefit in the quarter. The tax benefit offset $12 million of pretax operating costs for the Mexico retail operations in the quarter.

Looking ahead to the fiscal full year, Lowe’s expects to see EPS in the range of $5.45 to $5.65 and total sales increasing 2%. Consensus estimates call for $6.05 in EPS and $72.44 billion in revenue for the year.

Shares of Lowe’s were last seen Wednesday down about 10% at $99.82, in a 52-week range of $84.75 to $118.23. The consensus price target is $117.59.

As for Home Depot, the home improvement retailer posted $2.27 in EPS and $26.4 billion in revenue, while the consensus estimates had called for $2.19 in EPS and revenue of $26.39 billion. In the same period of last year, the big-box retailer said it had EPS of $2.08 and $24.95 billion in revenue.

For this quarter, comparable sales grew 2.5%, with comparable sales in the United States increasing 3.0%.

For the fiscal 2019 full year, the company expects to see EPS growth of 3.1% and revenues up by 3.3%, with comparable sales increasing 5.0%. The consensus estimates are $3.11 in EPS and $31.09 billion in revenue for the year.

Home Depot shares actually had a positive reaction to earnings, with the stock ending Tuesday up 0.3% at $191.45, in a 52-week range of $158.09 to $215.43.

Lowe’s is among the retailers closing the most stores while Home Depot is not. Yet, like its rival, Lowe’s has one of the highest paid chief executive officers.

24/7 Wall St.
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Bangladesh’s Fishing Ban Leaves Coastal Towns in ‘Nightmare Situation’

JULFIKAR ALI MANIK and MIKE IVES — Wed, 22 May 2019 10:23:39 -0400

The 65-day ban is meant to restore stocks that have been depleted by overfishing, but coastal communities depend on fishing for short-term survival.

Bangladesh’s Fishing Ban Leaves Coastal Towns in ‘Nightmare Situation’

Julfikar Ali Manik and Mike Ives — Wed, 22 May 2019 10:23:39 -0400

The 65-day ban is meant to restore stocks that have been depleted by overfishing, but coastal communities depend on fishing for short-term survival.

Wall Street edges lower on fresh trade concerns; Qualcomm drags techs

Wed, 22 May 2019 10:22:48 -0400

U.S. stocks dipped on Wednesday, as reports that Washington could impose sanctions on another Chinese company heightened trade worries, while a slump in Qualcomm shares pressured the technology sector.

US judge rules Qualcomm ‘strangled competition’

Wed, 22 May 2019 10:15:25 -0400

Court decision threatens to upset chipmaker’s business model again

Huawei’s chip ambitions dealt blow as Arm withdraws licences

Wed, 22 May 2019 10:12:34 -0400

UK-based design group says US banning order has forced it to stop sharing technology

Mnuchin Dismisses I.R.S. Memo Saying Treasury Must Release Trump Tax Returns

Alan Rappeport — Wed, 22 May 2019 10:12:33 -0400

The Treasury secretary said it would be “unlawful” for him to release the president’s tax returns to Congress.

Mnuchin Dismisses I.R.S. Memo Saying Treasury Must Release Trump Tax Returns

ALAN RAPPEPORT — Wed, 22 May 2019 10:12:32 -0400

The Treasury secretary said it would be “unlawful” for him to release the president’s tax returns to Congress.

Oil prices down on swelling U.S. stockpiles, demand concerns

Wed, 22 May 2019 10:03:24 -0400

Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.

In the age of #MeToo, what men should NOT do when working closely with female colleagues

Wed, 22 May 2019 10:01:55 -0400

Some 60% of male managers say they are uncomfortable mentoring or socializing with women at work.

Huawei confident it can resolve ARM suspension

Wed, 22 May 2019 10:01:33 -0400

Huawei said it was confident it could resolve the situation that has seen its chip design partner ARM suspend collaboration after the United States said it could block the Chinese company's access to U.S. technology.

Huawei confident it can resolve ARM suspension

Wed, 22 May 2019 10:01:33 -0400

Ford partners with robots maker Agility Robotics in mobility service push

Wed, 22 May 2019 10:00:30 -0400

Ford Motor Co said on Wednesday it is partnering with walking robots maker Agility Robotics to assist self-driving delivery vans drop packages at the doorsteps of people's homes.

Ford partners with robots maker Agility Robotics in mobility service push

Wed, 22 May 2019 10:00:30 -0400

Ford Motor Co said on Wednesday it is partnering with walking robots maker Agility Robotics to assist self-driving delivery vans drop packages at the doorsteps of people's homes.

Regulator orders N26 to improve anti-money laundering controls

Wed, 22 May 2019 09:58:05 -0400

German bank told by BaFin to fix backlogs and strengthen staffing

Capitol Report: Get infrastructure money from corporations, columnist says | Officers object to Trump plan to pardon troops accused of war crimes

Wed, 22 May 2019 09:56:57 -0400

The wealthy and big corporations need to contribute significantly to the potential infrastructure overhaul, says an op-ed writer. Meanwhile, military officers say don’t pardon service members implicated in war crimes.

Charts suggest there could be a bull market in gold after eight lean years

Wed, 22 May 2019 09:55:47 -0400

Trend-line resistance has been overcome, and trend-line support has been affirmed, says Sven Henrich.

Why Target Was One of the Best Retailers in Q1

247chrislange — Wed, 22 May 2019 09:50:57 -0400

Target Corp. (NYSE: TGT) released its fiscal first-quarter financial results before the markets opened on Wednesday. The retailer said that it had $1.53 in earnings per share (EPS) and $17.63 billion in revenue, which compares with consensus estimates of $1.43 in EPS and $17.50 billion in revenue. In the same period of last year, the company said it EPS of had $1.32 on $16.78 billion in revenue.

Total revenue increased 5.0% year over year, reflecting sales growth of 5.1% combined with a 0.5% increase in other revenue.

During the quarter, comparable sales grew 4.8%, driven by a 4.3% increase in comparable traffic. Comparable digital sales grew 42% — on top of 28% last year — contributing 2.1 percentage points to comparable sales growth.

Looking ahead to the fiscal second quarter, the company expects to see EPS in the range of $1.52 to $1.72 and comparable sales growth in the low- to mid-single digits. Consensus estimates call for $1.59 in EPS and $18.17 billion in revenue for the quarter.

Brian Cornell, board chair and chief executive of Target, commented:

Target had an outstanding first quarter, as our team delivered a great experience for our guests and drove strong growth in traffic, comparable sales, operating income and earnings per share. Over the last two years we have made important investments to build a durable operating and financial model that drives consumer relevance and sustainable growth. Target’s first quarter performance and market-share gains demonstrate that the model is working. Throughout this year, we will continue to extend the reach of our same-day fulfillment options, strengthen our portfolio of owned and exclusive brands, remodel and open more stores and invest in our team. We’re confident that we’re well-positioned to deliver strong financial performance in 2019 and beyond.

Target is not one of the retailers closing the most stores.

Shares of Target were last seen up almost 8% at $77.59, in a 52-week range of $60.15 to $90.39. The consensus price target is $86.60.

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Wall Street opens lower on worries of escalating trade war

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U.S. stocks opened lower on Wednesday, as reports that Washington could impose sanctions on another Chinese company raised fears of an escalation in trade tensions, with the S&P 500 also dragged down by losses in chipmaker Qualcomm and home improvement chain Lowe's.

Qualcomm Violated Antitrust Laws, U.S. Judge Rules

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A federal judge found that the chip-making giant charged cellphone makers “onerous” fees for the use of its patents. The company said it would appeal the ruling.

London Markets: London markets climb as end of May era looms

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Need to Know: Rare bullish S&P 500 move that has occurred only 16 times in the past 70 years is flashing green

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Our chart of the day, from Chris Ciovacco, founder and chief executive officer of Ciovacco Capital Management, cites a rare technical moves that points to two more years of gains for the S&P 500.