Markets and Business News Review

Former Yahoo CEO And Super Bowl MVP Invest $75 Million In California Startup For ‘Cannabis Curious’

Samar Marwan, Forbes Staff https://www.forbes.com/sites/samarmarwan/ — Sun, 24 Nov 2019 10:57:17 -0500

San Jose based cannabis retailer, distributor and grower, Caliva announced its first round of funding with plans to continue growing throughout the golden state.

Beyond Meat vs Zhenmeat: The battle for China's meatless market

Mon, 18 Nov 2019 19:49:29 -0500

U.S. plant-based "meat" makers targeting China like Impossible Foods and Beyond Meat Inc will need to battle homegrown rivals which are developing local favorites such as dumplings and mooncakes to nab a share of the lucrative market.

Factbox: Who is doing what in China's plant-based meat business

Mon, 18 Nov 2019 19:49:29 -0500

While China is no stranger to food using vegetarian ingredients to give a meat-like flavor, the buzz around Beyond Meat and Impossible Foods in the U.S. is driving a series of Chinese companies to roll out similar pea or soy-based meat products.

Gett's Juno ends NYC ride-hailing services, citing regulation

Mon, 18 Nov 2019 19:42:20 -0500

Israeli transportation company Gett said it will end its New York City ride-hailing business Juno on Monday, citing "misguided regulations" enacted to combat city congestion earlier this year.

Lawmakers urge U.S. government to tighten export controls to China on security fears

Mon, 18 Nov 2019 19:39:56 -0500

Top Senate Democrat Chuck Schumer and Republican Senator Tom Cotton on Monday urged the U.S. government to swiftly issue rules to make it harder to export sophisticated technologies to China that Beijing can use to boost its military.

Lawmakers urge U.S. government to tighten export controls to China on security fears

Mon, 18 Nov 2019 19:39:56 -0500

Australia regulator says CBA life insurance arm pleads guilty to offences

Mon, 18 Nov 2019 19:37:17 -0500

The life insurance arm of Australia's largest lender, Commonwealth Bank of Australia , pleaded guilty to 87 counts of hawking offences, the corporate regulator said on Tuesday.

Trump’s Made-for-TV Trade War Keeps World Guessing

Ana Swanson — Mon, 18 Nov 2019 19:37:03 -0500

The president’s unpredictability and demands of China are complicating an end to the long-running dispute, experts say.

Exclusive: New York State Attorney General investigating WeWork - sources

Mon, 18 Nov 2019 19:29:19 -0500

The New York State Attorney General (NYAG) is investigating WeWork, according to two people familiar with the matter, adding to a series of problems facing the workspace provider.

Exclusive: New York State Attorney General investigating WeWork - sources

Mon, 18 Nov 2019 19:29:19 -0500

The New York State Attorney General (NYAG) is investigating WeWork, according to two people familiar with the matter, adding to a series of problems facing the workspace provider.

Asian shares soft as trade doubts creep back in

Mon, 18 Nov 2019 19:21:32 -0500

Asian shares started Tuesday softer as another day awaiting clearer news on the progress of U.S.-China trade negotiations weighed on jaded investors' sentiment.

BTS At The Grammys: What Shot Do They Have At Being Nominated For One Of The Big Four Awards?

Hugh McIntyre, Contributor https://www.forbes.com/sites/hughmcintyre/ — Mon, 18 Nov 2019 19:20:00 -0500

Album, Record and Song of the Year -- can BTS earn a Grammy nomination in any of these categories?

Pompeo Calls for Restraint in Hong Kong, and McConnell Asks Trump to Speak Up

Edward Wong — Mon, 18 Nov 2019 19:12:07 -0500

Secretary of State Mike Pompeo said the police and protesters should refrain from violence. Senator Mitch McConnell said President Trump should make forceful statements on Hong Kong.

U.S. Congress seeks answers on patient privacy in Google, Ascension cloud deal

Mon, 18 Nov 2019 19:11:21 -0500

Four Democratic leaders on the U.S. House of Representatives Energy and Commerce committee on Monday wrote Alphabet Inc's Google and Ascension Health demanding briefings by Dec. 6 on how patient data the hospital chain is storing on the cloud is used.

U.S. Congress seeks answers on patient privacy in Google, Ascension cloud deal

Mon, 18 Nov 2019 19:11:21 -0500

Justice Dept. to Abolish Movie Distribution Rules Dating to 1949

Brooks Barnes and Cecilia Kang — Mon, 18 Nov 2019 19:02:11 -0500

The agency says the rules are effectively obsolete because of technological advancements like streaming.

Funko Goes To Hollywood With A Brick-And-Mortar Retail Experience

Simon Thompson, Contributor https://www.forbes.com/sites/simonthompson/ — Mon, 18 Nov 2019 19:00:00 -0500

The pop-culture brand hopes it will put the experience back in retail experience by immersing fans in the multibillion-dollar franchises and fandoms they invest in.

Chick-fil-A Stops Giving to 2 Groups Criticized by L.G.B.T.Q. Advocates

David Yaffe-Bellany — Mon, 18 Nov 2019 18:49:03 -0500

Rights organizations called the decision a positive step but said the fast-food chain should do more.

FedEx CEO challenges NYT publisher to public debate after tax story

Mon, 18 Nov 2019 18:45:13 -0500

FedEx Corp Chief Executive Frederick Smith has challenged the publisher of the New York Times & Co and the editor of the business section of the newspaper to a public debate in response to a story about the company's tax bill.

Can Kylie Jenner Be A Game Changer For Coty? The Jury Is Still Out On That

Andria Cheng, Contributor https://www.forbes.com/sites/andriacheng/ — Mon, 18 Nov 2019 18:42:33 -0500

CoverGirl parent Coty wants to be tight with Gen Z shoppers. Its answer to that: a $600 million deal for a 51% stake in a long-term strategic partnership with reality star Kyle Jenner’s four-year-old beauty business.

Boeing to give Southwest board 737 MAX update this week

Mon, 18 Nov 2019 18:35:00 -0500

Boeing Co this week will present to the board of its largest 737 MAX customer, Southwest Airlines Co , an overview of its plans to return the grounded jet to service, a spokesman for the airline said on Monday.

Facebook Is Not Making A Key Public Relations Point

Jody Westby, Contributor https://www.forbes.com/sites/jodywestby/ — Mon, 18 Nov 2019 18:31:30 -0500

Facebook and other Silicon Valley companies are failing to highlight how they boost economies and help SMBs grow. In contrast, Jack Ma of Alibaba "gets it," notes Sir Martin Sorrell.

FCC chairman Pai backs public auction to free up spectrum in C-band for 5G

Mon, 18 Nov 2019 18:26:07 -0500

Federal Communications Commission Chairman Ajit Pai said on Monday he backs a public auction to free up spectrum in a key band currently used for delivering video content for next-generation 5G wireless networks, an announcement that sent a major satellite company's shares down 40%.

U.S. grants Huawei new 90-day license extension

Mon, 18 Nov 2019 18:20:47 -0500

The Trump administration on Monday issued a new 90-day extension allowing U.S. companies to continue doing business with China's Huawei Technologies Co Ltd as U.S. regulators continue crafting rules on telecommunications firms that pose national security risks.

U.S. grants Huawei new 90-day license extension

Mon, 18 Nov 2019 18:20:47 -0500

California to stop buying GM, Toyota and Fiat Chrysler vehicles over emissions fight

Mon, 18 Nov 2019 18:07:29 -0500

California said on Monday it will halt all purchases of new vehicles for state government fleets from GM, Toyota, Fiat Chrysler and other automakers backing U.S. President Donald Trump in a battle to strip the state of authority to regulate tailpipe emissions.

T-Mobile CEO Legere to step down next year

Mon, 18 Nov 2019 18:05:47 -0500

T-Mobile US Inc Chief Executive Officer John Legere will step down next year, the company said on Monday, less than three weeks before it goes to trial to determine the fate of its planned $26.5 billion merger with smaller rival Sprint Corp .

T-Mobile CEO Legere to step down next year

Mon, 18 Nov 2019 18:05:47 -0500

The Margin: Chick-fil-A will stop donating to the Salvation Army and Fellowship of Christian Athletes — and people are furious

Mon, 18 Nov 2019 18:05:40 -0500

The fast food chain has been criticized for supporting charities with controversial stances on LGBTQ rights

Personal Finance Daily: What is your capital gains tax rate and one more reason to delete Facebook

Mon, 18 Nov 2019 18:01:01 -0500

Monday's top personal finance stories

Alibaba listing is critical for both HK and Beijing

Mon, 18 Nov 2019 18:00:27 -0500

Bankers push ahead with the year’s biggest equity raising despite street violence

T-Mobile’s Longtime C.E.O., John Legere, Will Step Down

Edmund Lee — Mon, 18 Nov 2019 17:55:13 -0500

Mr. Legere was credited with reviving the telecommunications company. He has been instrumental in navigating T-Mobile’s pending merger deal with Sprint.

Fierce clashes in Hong Kong as police lay siege to university

Mon, 18 Nov 2019 17:54:07 -0500

Hundreds of students holed up on campus as protesters call for new rallies

‘Rick And Morty’ Season 4, Episode 2 Recap: The Porcelain Throne

Dani Di Placido, Contributor https://www.forbes.com/sites/danidiplacido/ — Mon, 18 Nov 2019 17:41:42 -0500

Don’t mess with the sacred seat.

Wall Street nudges up as investors await U.S.-China trade clarity

Mon, 18 Nov 2019 17:40:25 -0500

Wall Street's three main indexes on Monday barely extended the previous session's closing records as investors waited for concrete progress on U.S.-China trade relations after mixed headlines.

Mindset Matters: How The Image of Disability Impacts The Corporate Bottom Line

Mon, 18 Nov 2019 17:38:20 -0500

The intersection of art and commerce is changing the perception of disability across society. This id the first of a series of columns from Mindset Matters that will explore the changing image of disability through film, television, advertising and fashion

Qantas Airways sets $1.36 billion annual spending target

Mon, 18 Nov 2019 17:30:25 -0500

Qantas Airways Ltd is targeting annual spending of about A$2 billion ($1.36 billion) and expects capacity growth to be little changed in the second half of fiscal 2020, the airline said in a presentation on Tuesday.

Lawsuit against Boeing seeks to hold board liable for 737 MAX problems

Mon, 18 Nov 2019 17:28:55 -0500

A shareholder lawsuit filed on Monday accused Boeing Co's board of doing nothing to investigate the safety of the 737 MAX until the fast-selling plane suffered a second deadly crash in five months.

The Tell: The record stock-market run enters a new phase when beaten-down bears turn bullish

Mon, 18 Nov 2019 17:28:52 -0500

Morgan Stanley’s Michael Wilson shifts his bearish tune toward U.S. equities. Is it a bout of FOMO, or fear of missing out, for the prominent strategist who accurately predicted a pair of ugly downturns for stocks in 2018?

Justice Department asks court to scrap decades-old 'Paramount' antitrust decrees

Mon, 18 Nov 2019 17:28:23 -0500

The U.S. Justice Department said on Monday it would ask a court to scrap decades-old 'Paramount' consent decrees enacted to protect movie theaters from powerful studios.

The Wall Street Journal: Feds move to loosen movie distribution rules, which could hurt indie theaters

Mon, 18 Nov 2019 17:27:50 -0500

The Justice Department is moving to terminate legal rules that have governed the movie industry since the late 1940s, a step that could shake up how movies are distributed and the terms on which they hit the big screen.

Lawsuit claims Burger King's Impossible Whoppers are contaminated by meat

Mon, 18 Nov 2019 17:27:39 -0500

Burger King was sued on Monday by a vegan customer who accused the fast-food chain of contaminating its meatless "Impossible" Whoppers by cooking them on the same grills as its traditional meat burgers.

US says Israeli settlements on West Bank are not illegal

Mon, 18 Nov 2019 17:26:16 -0500

Statement angers Arab leaders and undermines hopes for a peace deal

Holiday Gift Guide 2019: Top Non-Vintage Champagnes

Lauren Mowery, Contributor https://www.forbes.com/sites/lmowery/ — Mon, 18 Nov 2019 17:25:04 -0500

Here are my favorite non-vintage Champagnes to gift this holiday season.

Key Words: Former Trump ethics chief has a real problem with this presidential retweet

Mon, 18 Nov 2019 17:23:30 -0500

President Trump last month slammed his critics for invoking the emoluments clause after he floated the idea of hosting the next G-7 gathering at his Doral resort. “You people with this phony emoluments clause,” he said. “I would have given it for nothing. The Democrats went crazy, even though I would have done it for free.” He’s, once again, getting criticized.

As the market hits new highs, most stocks are sinking

Mon, 18 Nov 2019 17:15:54 -0500

Internal weakness in the stock market doesn’t bode well for the rally.

Auto parts supplier Prevent sues Volkswagen for suppressing competition

Mon, 18 Nov 2019 17:15:19 -0500

Volkswagen parts supplier Prevent Group on Monday filed a lawsuit alleging the German automaker used anticompetitive tactics to stop larger suppliers like the company from acquiring smaller rivals in the United States.

DoJ seeks to unwind ‘Paramount’ rules for film industry

Mon, 18 Nov 2019 17:09:51 -0500

Move would end limitations imposed under a 1948 consent decree

Panthers Fall To Falcons, Suddenly Find Season In Jeopardy With Few Answers

Joe Barnathan, Contributor https://www.forbes.com/sites/joebarnathan/ — Mon, 18 Nov 2019 17:09:43 -0500

While not technically eliminated from the playoffs just yet, they have a razor thin margin for error moving forward. They may need more than a few changes to pull it out and improved quarterback play is one of them.

My wife and I bailed out our son with his mortgage and car payments, and set up 529s for his kids — yet we have the daughter-in-law from hell

Mon, 18 Nov 2019 17:08:06 -0500

‘We have lent them considerable money, but his wife now denies it was a loan.’

China EV startup Byton receives California distributor license

Mon, 18 Nov 2019 17:07:37 -0500

Chinese electric vehicle startup Byton said on Monday it has received a distributor license from California, paving the way for the company to launch its first electric SUV vehicle, Byton M-Byte, in the United States.

Random House Names a New Publisher and Hires a Top Editor From Knopf

Alexandra Alter — Mon, 18 Nov 2019 17:03:49 -0500

Andy Ward succeeds Susan Kamil, who died in September, and will be replaced in his previous role by Robin Desser, who edited Chimamanda Ngozi Adichie and Cheryl Strayed at Knopf.

Outside the Box: Stocks and bonds appear to be sending different messages — here’s why that’s not the case

Mon, 18 Nov 2019 17:00:54 -0500

Investors are assuming that the Fed will ensure the economy doesn’t fall into a recession.

SoftBank-Line tie-up may have come too late

Mon, 18 Nov 2019 17:00:27 -0500

Deal that hopes to create an AI powerhouse sounded less like a dream five years ago

NewsWatch: Seeing America again through new eyes

Mon, 18 Nov 2019 17:00:12 -0500

In 2011, at 50, I took early retirement from my job as an air-traffic controller, left Texas and began traveling the world.

‘Performance chasing’ and Trump’s impeachment process could push the Dow to 30,000

Mon, 18 Nov 2019 16:44:28 -0500

There are two potential catalysts for the stock market: Money managers don’t want to get left behind, and Trump wants record-high prices.

Market Snapshot: Stocks post back-to-back records but lack of a China trade pact caps gains

Mon, 18 Nov 2019 16:42:21 -0500

Stock benchmarks log fresh all-time highs on Monday, notching slight gains as progress toward a so-called phase-one U.S.-China trade agreement remained elusive.

Stocks climb on Huawei extension, buoying U.S. Treasuries

Mon, 18 Nov 2019 16:38:24 -0500

Global equity markets edged higher on Monday, lifting prices of U.S. government debt, as a 90-day extension allowing U.S. companies to do business with China's Huawei eased the latest spike in investor angst over U.S.-Sino trade tensions.

Supreme Court Puts Hold On Release of Trump’s Tax Returns—For Now

Lisette Voytko, Forbes Staff https://www.forbes.com/sites/lisettevoytko/ — Mon, 18 Nov 2019 16:38:01 -0500

The cases were expected to be heard after a lengthy appeals process.

Gifts That Pay Off: These are the world’s best gifts to give, according to science

Mon, 18 Nov 2019 16:37:37 -0500

Look beyond the initial reaction of the person opening the gift, and think about what would really spark joy.

Gifts That Pay Off: This holiday gift could earn your child $52,927

Mon, 18 Nov 2019 16:37:11 -0500

How a small investment now can make your children’s lives much easier when they’re older.

With stores burned and looted, Walmart seeks police protection in riot-hit Chile

Mon, 18 Nov 2019 16:36:10 -0500

Walmart has sought court orders for police protection in protest-wracked Chile after more than 120 of its supermarkets were looted or burned.

Capitol Report: FCC chief backs public auction for 5G spectrum, sending satellite stocks reeling again

Mon, 18 Nov 2019 16:35:01 -0500

The head of the Federal Communications Commission on Monday sided with some vocal lawmakers and disappointed three satellite companies, as he said that he supports a public auction of radio spectrum rather than the companies’ plan.

Oklahoma Walmart Shooting Leaves 3 Dead, Police Say

Emily S. Rueb and Karen Zraick — Mon, 18 Nov 2019 16:31:12 -0500

A woman and two men were killed in the shooting, which happened in Duncan, Okla.

Tax Guy: What is your capital gains tax rate? Good question — it can get confusing

Mon, 18 Nov 2019 16:31:02 -0500

Tax Guy is here with answers.

Luxury-hungry youth are unfazed by China’s slowing economy

Mon, 18 Nov 2019 16:30:05 -0500

Moneyed or not, younger buyers continue to make status-seeking purchases from high-status brands.

Auto parts supplier Prevent Group sues Volkswagen for suppressing competition

Mon, 18 Nov 2019 16:28:42 -0500

New Schizophrenia Study May Usher in Game-Changing Standard of Care

Jon C. Ogg — Mon, 18 Nov 2019 16:22:20 -0500

When investors see a stock rise by close to 100%, they probably just assume it’s a corporate buyout. In biotech, there are times when emerging companies see their shares rise 100%, 200% or even more on the heels of positive drug development news. In the case of Karuna Therapeutics, Inc. (NASDAQ: KRTX), a fairly recent initial public offering, news that KarXT demonstrated statistically significant and clinically meaningful improvement in a schizophrenia study sent shares up over 400% on Monday.

On top of marking a potential game-changer for schizophrenia patients, some investors just experienced the same euphoria as holding a winning lottery ticket.

Karuna Therapeutics announced that results from its Phase 2 clinical trial of KarXT for the treatment of acute psychosis in patients with schizophrenia demonstrated a statistically significant and clinically meaningful 11.6 point mean reduction in total Positive and Negative Syndrome Scale score compared to placebo. The study also demonstrated good overall tolerability.

According to the press release, a statistically significant reduction in the secondary endpoints of PANSS-Positive and PANSS-Negative scores were also observed. KarXT was shown to be well tolerated in the Phase 2 trial. Similar discontinuation rates between KarXT and placebo were shown to be 20% and 21%, respectively; and the number of discontinuations due to treatment emergent adverse events were equal in the KarXT and placebo arms.

Karuna said that it combined xanomeline, a novel muscarinic receptor agonist that preferentially stimulates M1 and M4 muscarinic receptors, with trospium, an approved muscarinic receptor antagonist that does not measurably cross the blood-brain barrier. This confined the effects to peripheral tissues. The Phase 2 study (randomized, double-blind, placebo-controlled) was an inpatient trial made up of 182 adult patients between the ages of 18 and 60. The patients had been diagnosed with DSM-5 schizophrenia and were experiencing acute psychosis, and they were then said to be washed-out of antipsychotic medicines and randomized equally between KarTX and placebo for five weeks. The primary outcome measure of the trial was the change from baseline on the total PANSS score on KarXT versus placebo treatment at week five.

Investors and traders reacted as though this is set to change the course of care in schizophrenia treatment. Jeffrey Lieberman, M.D. is a member of Karuna’s scientific advisory board. He is also listed as being a professor and chairman of the Department of Psychiatry at Columbia University, College of Physicians and Surgeons. His evaluation said:

The results of the Phase 2 trial are impressive and encouraging because they indicate that KarXT, if approved, could represent a game-changing therapeutic advance in the treatment of patients with schizophrenia. The effectiveness of antipsychotics has been limited by the frequent and serious side effects of first- and second-generation drugs which are difficult for many patients to tolerate, are potentially harmful, and lead to high rates of discontinuation and relapse. In addition to its novel mechanism of action, KarXT could be a new therapeutic option that has the potential to offer robust efficacy devoid of weight gain, metabolic effects and extrapyramidal side effects.

Steve Paul, M.D., chief executive officer, president, and chairman of Karuna also opined about the data. He said:

The schizophrenia treatment landscape has remained rather stagnant for decades with therapeutic options relying on discoveries dating back to the 1950s. KarXT and its novel muscarinic receptor mechanism of action represent the potential to become a true advancement in how schizophrenia is treated, allowing patients relief from their debilitating psychotic symptoms without experiencing some of the very troubling side effects associated with current treatments.

Karuna Therapeutics closed up 442% at $96.00 on Monday, with some 14.7 million shares trading hands. The company’s IPO was back in June and its shares priced at just $16.00 per share in a 5.78 million share IPO. Its prior closing price was just $17.68 and the highest it traded in the days and weeks after its IPO was $27.56.

4 firms issued Buy or Outperform ratings in July, as follows: Citigroup ($28 target); Goldman Sachs ($34 target); Wells Fargo ($29 target); and Wedbush Securities ($38 target).

The Margin: Don’t make the same critical resume mistake that ex-Trump official Mina Chang reportedly made

Mon, 18 Nov 2019 16:20:22 -0500

The State Department worker resigned Monday, after being accused of embellishing her educational achievements — and even faking a Time magazine cover

Resilient dollar must crack for risk appetite

Mon, 18 Nov 2019 16:19:16 -0500

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

A Goal Each For Messi And Suarez: What We Learned From Argentina’s 2-2 Draw With Uruguay

Tom Sanderson, Contributor https://www.forbes.com/sites/tomsanderson/ — Mon, 18 Nov 2019 16:19:03 -0500

Thanks to a brilliant free kick from Luis Suarez and a late penalty from Lionel Messi, Argentina drew 2-2 with Uruguay in an interesting Rio de la Plata Clasico contested in Tel Aviv. Here’s what we learned from the tie.

Bond Report: Treasury yields slump from session highs as earlier trade optimism dissipates

Mon, 18 Nov 2019 16:15:58 -0500

U.S. Treasury yields are falling as investors juggle conflicting reports on Monday about the state of trade talks and the prospects for a phase one deal.

The Moneyist: Are you cheap if you split the check by only paying for what you ordered?

Mon, 18 Nov 2019 16:15:30 -0500

‘I see now there are pitfalls I didn’t anticipate. What’s the appropriate etiquette for dealing with such a scenario?’

Trump Meets With Fed Chair Powell for a ‘Cordial’ Talk

Jeanna Smialek — Mon, 18 Nov 2019 16:12:15 -0500

The president has made a habit of criticizing the chair of the Federal Reserve, Jerome H. Powell, whom he picked to lead the central bank.

Confirmed: Mötley Crüe Announce Comeback Tour, Destroy Cessation Of Touring Agreement

Bryan Rolli, Contributor https://www.forbes.com/sites/bryanrolli/ — Mon, 18 Nov 2019 16:10:43 -0500

All bad things must end—including restrictive contracts.

Chick-fil-A Stops Donations To Anti-LGBTQ Groups

Rachel Sandler, Forbes Staff https://www.forbes.com/sites/rachelsandler/ — Mon, 18 Nov 2019 16:10:14 -0500

The fast food restaurant will no longer donate to the Fellowship of Christian Athletes and the Salvation Army.

Holiday Gift Guide 2019: The Top Prestige Cuvée Champagnes

Lauren Mowery, Contributor https://www.forbes.com/sites/lmowery/ — Mon, 18 Nov 2019 16:10:09 -0500

My favorite Prestige Cuvée Champagnes for the holidays.

Amazon offers ad-supported free music streaming service

Mon, 18 Nov 2019 16:09:09 -0500

Amazon.com Inc said on Monday it has introduced an ad-supported free version of its music streaming service Amazon Music, taking on rival Spotify Technology which has nearly 140 million users for its free version.

Amazon offers ad-supported free music streaming service

Mon, 18 Nov 2019 16:09:09 -0500

GPS for Air Travel Came With Big Downsides: Noise, Then Lawsuits

Amy Zipkin — Mon, 18 Nov 2019 16:07:01 -0500

The F.A.A. is rolling out a system that allows planes to fly closer to one another, but the roar that it creates is unbearable, people in the flight paths say.

Coty takes $600 million bet on reality star Kylie Jenner's beauty brands

Mon, 18 Nov 2019 16:03:16 -0500

Coty Inc said on Monday it would pay $600 million for a majority stake in Kylie Jenner's make-up and skincare businesses, as it looks to tap into the reality TV star's huge social media reach, sending its shares up as much as 5%.

Fed Chair Jerome Powell Is Blind To These Debt Bubble Warnings

Mon, 18 Nov 2019 15:59:14 -0500

The Fed boss says that he doesn't see any risks of asset bubbles. He should look more closely.

How Lyric Ross’ Personal Life Helps Her Understand Deja’s Mindset On ‘This Is Us’

Anne Easton, Contributor https://www.forbes.com/sites/anneeaston/ — Mon, 18 Nov 2019 15:56:14 -0500

Ross admits that she uses a family situation to inform her work.

WeWork's 2025 junk bond falls to record low

Mon, 18 Nov 2019 15:53:26 -0500

Shared-office operator WeWork's 2025 junk bond fell to a record low on Monday, with its last yielding bid at 16.06%.

Will Derek Jeter Go To Cooperstown Alone — And Will He Be Unanimous?

Mon, 18 Nov 2019 15:50:15 -0500

Of the 32 names on the 2020 Baseball Hall of Fame ballot, only Derek Jeter is certain to win election.

Byton Now Licensed To Sell Electric Vehicles In US

Mon, 18 Nov 2019 15:48:06 -0500

Byton also established a new company, Byton Americas, LLC, to facilitate eventual sales.

These Dividend Stocks Are Crumbling Beneath The Surface

Brett Owens, Contributor https://www.forbes.com/sites/brettowens/ — Mon, 18 Nov 2019 15:40:00 -0500

Big brand names can’t rely on their past “glory days” forever.

Amazon offers free music streaming service; rival Spotify slips

Mon, 18 Nov 2019 15:38:08 -0500

Amazon.com Inc said on Monday it has introduced an ad-supported free version of its music streaming service "Amazon Music".

Amazon offers free music streaming service; rival Spotify slips

Mon, 18 Nov 2019 15:38:08 -0500

Amazon.com Inc said on Monday it has introduced an ad-supported free version of its music streaming service "Amazon Music".

TaxWatch: This former top Obama official says one silver bullet would raise $500 billion in personal-income tax

Mon, 18 Nov 2019 15:37:36 -0500

‘Today, the IRS has fewer auditors than it had at any point since World War II.’

Key Words: Pelosi says Trump is in ‘way over his head’ in the Oval Office

Mon, 18 Nov 2019 15:34:51 -0500

House Speaker Nancy Pelosi slams the president on CBS’s “Face the Nation” on Sunday.

U.K. Election Rivals Try to Offer Business Leaders a Friendly Face

Amie Tsang — Mon, 18 Nov 2019 15:33:47 -0500

Prime Minister Boris Johnson and Jeremy Corbyn made efforts to dispel past impressions in speeches to Britain’s largest industry group.

Russia Hands Ships Back To Ukraine With A Warning

Mon, 18 Nov 2019 15:33:47 -0500

Russia has returned to Ukraine three ships seized a year ago following a confrontation between the two navies in the Kerch Strait.

Marissa Mayer is back with a new startup focusing on artificial intelligence

Mon, 18 Nov 2019 15:32:04 -0500

Mayer has been tight-lipped about her new venture, Lumi Labs, which is focused on building A.I. applications for consumers.

U.S. car safety agency head: NAFTA successor 'big win' for industry

Mon, 18 Nov 2019 15:29:16 -0500

The acting top U.S. auto safety official said on Monday he was confident the U.S. Congress will ratify the trade treaty intended to replace NAFTA, boosting the auto industry and enabling automakers to build safer cars at lower prices.

Futures Movers: Oil ends lower amid lack of China trade progress trade; Natural-gas prices skid to November nadir

Mon, 18 Nov 2019 15:27:36 -0500

Oil futures settle lower on Monday, after posting back-to-back weekly gains on rising optimism over prospects for a so-called phase one U.S.-China trade deal.

Miners Are Facing Challenges Globally

Mon, 18 Nov 2019 15:26:09 -0500

The media’s inequality narrative completely ignores the fact that global demonstrations are, at the end of the day, in response to government incompetence and failed socialist policies.

Turnaround Todd: Brendon Todd Currently Leads the FedEx Cup Points Race

Mike Dojc, Contributor https://www.forbes.com/sites/mikedojc/ — Mon, 18 Nov 2019 15:25:10 -0500

With a pair of leaderboard-topping performances in back-to-back starts to ratchet up his career PGA TOUR win tally to 3 victories, Brendon Todd is suddenly sitting at the top of the heap in the 2020 FedEx Cup season standings.

Ben Askren’s Retirement Punctuates An Entertaining, But Unfulfilled Career

Brian Mazique, Contributor https://www.forbes.com/sites/brianmazique/ — Mon, 18 Nov 2019 15:24:27 -0500

On Monday, Ben Askren announced his retirement from MMA and put a stamp on an interesting, but unfulfilled career.

Managed care stocks jump on Warren’s 2022 Medicare for All plan

Mon, 18 Nov 2019 15:18:53 -0500

Stocks of health care providers and health insurers are rallying after Sen. Elizabeth Warren said Friday that she plans to hold off on Medicare for All legislation until the third year in her presidential term.

Airbus dominates second day of Dubai show as Boeing wins MAX order

Mon, 18 Nov 2019 15:18:35 -0500

Gulf airlines Emirates and Air Arabia spent a combined $30 billion at list prices on Airbus jetliners as the Dubai Airshow burst into life on Monday, while Boeing won a symbolic first official order for the 737 MAX since its grounding in March.

The Wall Street Journal: Pompeo set to reverse decades-old U.S. position that Israeli settlements are illegal

Mon, 18 Nov 2019 15:13:58 -0500

Secretary of State Mike Pompeo is expected to announce Monday that the U.S. no longer will consider Israeli settlements to be illegal under international law, a move that formalizes the Trump administration’s treatment of the West Bank and shifts decades of U.S. policy, an administration official said.

Breaking: Rikart Steiber Departs HTC

Charlie Fink, Contributor https://www.forbes.com/sites/charliefink/ — Mon, 18 Nov 2019 15:11:22 -0500

Rikart Steiber, President of HTC's successful subscription service, Viveport, is leaving the company after four years.

Earnings Outlook: Target earnings preview: Nike could partner with Target now that it has ended sales on Amazon

Mon, 18 Nov 2019 15:09:40 -0500

Target is expected to report gains in the third quarter and analysts have a positive outlook for the holiday season.

One more reason to delete Facebook that has nothing to do with privacy or mental health

Mon, 18 Nov 2019 15:07:52 -0500

New research appears to validate what many parents and educators have long suspected.

Half of older Americans fear that they’ll develop dementia — why most of their prevention methods are all wrong

Mon, 18 Nov 2019 15:07:27 -0500

‘Interest in treatment and prevention have shifted earlier in the disease process.’

Beat the System: These former hedge-fund managers quit Wall Street to live on the open seas — at $1,500 per month

Mon, 18 Nov 2019 15:07:11 -0500

Bill and Grace Heaton, both in their 30s, say they’re living the dream: ‘Don’t go chasing things that you think will buy happiness.’

Coty’s $600 million deal with Kylie Jenner is designed to hang on to her social media star power

Mon, 18 Nov 2019 15:02:07 -0500

Coty’s 51% stake in Kylie Cosmetics is part of a larger turnaround of the beauty and fragrance company.

Mötley Crüe Scrap Retirement Plans In Favor Of 2020 Stadium Tour

Quentin Singer, Contributor https://www.forbes.com/sites/quentinsinger/ — Mon, 18 Nov 2019 15:01:52 -0500

Mötley Crüe are in fact heading back on the road in 2020, and with some of the biggest names in 80's rock.

ByteDance CEO urges TikTok diversification as U.S. pressure mounts: internal note

Mon, 18 Nov 2019 15:01:31 -0500

The founder and CEO of TikTok owner ByteDance will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States.

ByteDance CEO urges TikTok diversification as U.S. pressure mounts: internal note

Mon, 18 Nov 2019 15:01:31 -0500

Cool Jobs: Michelle Rice, PR Manager Hawaiʻi Food & Wine Festival

Lauren Mowery, Contributor https://www.forbes.com/sites/lmowery/ — Mon, 18 Nov 2019 15:00:54 -0500

Cool jobs exist --if you know where to look. Michelle Rice explains how she got hers, managing PR for the Hawaiʻi Food & Wine Festival.

Can Lowe’s Recapture Lost Ground from Home Depot with Earnings?

Jon C. Ogg — Mon, 18 Nov 2019 14:56:37 -0500

The week of November 18 to 22 will bring several earnings that will point to the general health of the consumer. The Home Depot, Inc. (NYSE: HD) is set to report on Tuesday and Lowe’s Companies, Inc. (NYSE: LOW) is set to report earnings on Wednesday. One key issue that has abated is deflation in the lumber sector, and recent upticks in housing data should offer support for both companies. The real question is whether or not Lowe’s can regain some lost ground to Home Depot. After all, Home Depot was last seen up 38.1% year-to-date versus a gain of 25% for Lowe’s.

Consensus estimates from Refinitiv for the past quarter are $2.52 EPS on $27.5 billion in revenues for Home Depot. Lowe’s is expected to see earnings of $1.35 EPS on $17.7 billion in revenues. For each fiscal year the Refinitiv consensus estimates are $$10.13 EPS and $110.76 billion in revenues for Home Depot, followed by $5.67 EPS and $72.5 billion in revenues for Lowe’s.

24/7 Wall St. has tracked several views ahead of the report for investors to consider.

Robert W. Baird is sticking by Home Depot and Lowe’s. The firm has Outperform ratings on each, with a $230 target on Home Deport and a $135 target on Lowe’s. The firm believes that improving sector demand indicators and easy comparisons support some third quarter sequential comparable sales acceleration at both companies. According to Baird, demand in the home improvement ad housing materials is starting to pick up as most suppliers reported a sequential uptick in organic growth and expecting a modest improvement in sector demand as well. Another boost is that lumber deflation was also moderating.

Baird also noted that further acceleration in the fourth quarter seems likely as lumber prices inflect and with prior lower rates having helped homebuilders. Company-specific initiatives are also helping both, but the discounted valuation for Lowe’s along with a lowered bar should help it see margin expansion and growth in earnings (per share) for a compelling risk/reward profile for Lowe’s.

For the Home Depot report on Tuesday, the firm sees EPS of $2.53 (Street is $2.52) and EBIT margins down 18 basis points with 20 basis decline in gross margin. The firm sees an upward bias to 2019 EPS guidance of $10.03, but consensus is already $10.13 per share.

Back on November 6, Credit Suisse maintained its Neutral rating on Home Depot but raised its target to $225 from $213 in that call. Credit Suisse noted that the set up for Home Depot and Lowe’s seems controversial and confusing for investors, with most data points and channel checks suggesting a sequential acceleration in trends. That said, the firm pointed out concerns that both retailers may be light. This report said:

As we outlined two weeks ago, we do not believe that demand has “inflected” meaningfully, but we are seeing signs of gradual improvements. Home Depot stock price seems to be pricing in a demand inflection, while Lowe’s stock is pricing in much less, with relative valuation to Home Depot near its lows, and in-line results will go a long way.

Meanwhile, CFRA reiterated its Sell rating on Monday for Home Depot with a mere $202 price target. That report talked more about long-term than just this quarterly report. It said:

We see 3% total sales growth in FY 20, down from 6.7% in FY 19, as we think higher sales growth will be challenging given Home Depot’s size and fewer new store openings going into the slower part of the year. We also have concerns about a slower-growth U.S. economy and market uncertainties that may impact consumer spending. During Q2 FY 20, HD boosted sales with Memorial Day, Father’s Day and Fourth of July promotional sales events. We see fewer promotions ahead, unless HD lags its 4.0% same-store sales Fiscal-2020 target.

Lowe’s was last trading down 0.2% at $115.26, with a 52-week range of $84.75 to $118.23 and with a consensus analyst target price of $125.71.

Home Depot was last trading up by 0.5% at $238.55. Its consensus analyst target price is $237.28 and its 52-week range is $158.09 to $238.99.

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Wall Street nudge up as investors await U.S.-China trade clarity

Mon, 18 Nov 2019 14:47:14 -0500

Wall Street's main indexes were very slightly higher on Monday after closing at records on Friday and investors digested mixed headlines on U.S.-China trade relations.

Cannabis Watch: Cannabis stocks are a sea of red as selloff stretches to sixth straight day

Mon, 18 Nov 2019 14:46:51 -0500

Cannabis stocks were a sea of red again on Monday, with Aurora Cannabis tumbling another 7% following disappointing earnings and MedMen down 17% on news of job cuts and asset sales.

SoftBank’s Vision Fund In Talks To Invest In EquipmentShare, A Construction Startup With A Twist— Operating Profits

Alex Konrad, Forbes Staff https://www.forbes.com/sites/alexkonrad/ — Mon, 18 Nov 2019 14:38:16 -0500

SoftBank's Vision Fund wants to make construction tech startup EquipmentShare its newest unicorn-making investment, in a shift from its previous playbook: operating profits.

Wikipedia Founder’s Facebook Competitor Is Basic And Buggy (But Interesting)

John Koetsier, Contributor https://www.forbes.com/sites/johnkoetsier/ — Mon, 18 Nov 2019 14:35:44 -0500

Facebook wasn’t built in a day. WT:Social, however, kinda looks like it was ...

NXT Has Saved The 2019 WWE Survivor Series, But There’s One Problem

Brian Mazique, Contributor https://www.forbes.com/sites/brianmazique/ — Mon, 18 Nov 2019 14:33:16 -0500

Through November, NXT has played a significant role in the most compelling WWE storylines. It has pumped life into the Survivor Series build, but that is going to create an issue.

The Margin: Forbes named Kylie Jenner the youngest self-made billionaire ever — and the ‘self-made’ part has people talking

Mon, 18 Nov 2019 14:33:14 -0500

Coty Inc. is buying a controlling stake in Kylie Cosmetics, which is valued at $1.2 billion

Not Only Is Kylie Jenner Richer Than You, She’s A Better Trader Too

Oliver Renick, Contributor https://www.forbes.com/sites/oliverrenick/ — Mon, 18 Nov 2019 14:33:09 -0500

Every time Kylie Jenner makes a splash in financial markets there’s a predictable outpouring of cynicism and judgment by people who think her wealth was inherited or fortune undeserved.

Peapod And Giant Food Stores Join Forces To Enhance The Omnichannel Experience

Jenna Coleman, Contributor https://www.forbes.com/sites/jennacoleman/ — Mon, 18 Nov 2019 14:28:46 -0500

While Peapod will still continue to operate as a stand alone grocery delivery brand in the Midwest, they are also focusing their efforts on optimizing the omnichannel experience for their local store brands.

SoftBank and Line Corp. Seek to Create a Japanese Internet Giant

Ben Dooley — Mon, 18 Nov 2019 14:22:09 -0500

Fresh off a multibillion-dollar loss on WeWork, SoftBank plans to shore up its domestic business with a big bet on Japan’s leading messaging app company.

Tesla ‘Blade Runner’ pickup truck could be so futuristic that it leaves buyers cold

Mon, 18 Nov 2019 14:22:07 -0500

Some on Wall Street are skeptical about the new Tesla Inc. pickup truck — that it could be too futuristic and leave traditional pickup buyers unhappy with its design.

Spanish bourse BME at centre of bidding battle

Mon, 18 Nov 2019 14:22:05 -0500

SIX and Euronext court Madrid stock exchange as industry consolidation intensifies

What's Happened To US Electric Vehicle Sales?

Mon, 18 Nov 2019 14:15:00 -0500

Sales of electric vehicles have dropped sharply this year, but that doesn’t necessarily mean longer-term predictions aren’t on track.

The Fed: Fed’s Mester says she didn’t want to cut rates but is now content to watch and wait

Mon, 18 Nov 2019 14:11:25 -0500

Cleveland Fed President Loretta Mester said Monday she didn’t support the three recent rate cuts but is now content to wait and see how the economy develops/

The Tell: When ‘idjits’ mock Warren Buffett, the stock market could be in trouble

Mon, 18 Nov 2019 14:07:13 -0500

Berkshire Hathaway earlier this month posted a profit that topped Wall Street expectations, but analysts weren’t all that focused on the bottom line. No, it was the company’s record cash balance that turned heads. But Why?

Out-Of-Nowhere Hip Injury Is Latest Threat to Trubisky, Whose Future With Bears Has Become An Open Debate

Phil Rogers, Contributor https://www.forbes.com/sites/philrogers/ — Mon, 18 Nov 2019 14:06:03 -0500

The Bears’ offense has imploded around Mitchell Trubisky’s inability to sustain drives, threatening not just the quarterback’s future but also the credibility of General Manager Ryan Pace and coach Matt Nagy, who selected him as their Aaron Rodgers or Drew Brees.

Lawmakers urge U.S. government to tighten export controls amid China threat: document

Mon, 18 Nov 2019 14:05:11 -0500

Top Senate Democrat Chuck Schumer and Republican Senator Tom Cotton on Monday in a letter urged the U.S. government to swiftly issue rules to make it harder to export sophisticated technologies to China that Beijing can use to boost its military.

BookWatch: Turn yourself into a better investor by learning from hedge-fund star Jim Simons’s successes and failures

Mon, 18 Nov 2019 14:03:40 -0500

Renaissance’s Jim Simons crushes both the S&P 500 index and successful investors like Warren Buffett and George Soros.

Trump Planned To Ban Flavored E-Cigarettes: Whatever Happened To That?

Bruce Y. Lee, Contributor https://www.forbes.com/sites/brucelee/ — Mon, 18 Nov 2019 14:03:09 -0500

A tweet by President Donald Trump and a New York Times article suggest that Trump is stepping back from previous statements about dealing with the youth vaping crisis.

Metals Stocks: Gold ends higher as Treasury yields and the dollar weaken

Mon, 18 Nov 2019 14:03:08 -0500

Gold futures end higher on Monday, getting a boost as Treasury yields fall and the dollar weakens—lifting investor demand for the haven metal, as investors continue to gauge prospects for a so-called phase one U.S.-China trade agreement.

Here’s The Poll Some Believe Caused Trump To Abandon Flavored-Vape Ban

Lisette Voytko, Forbes Staff https://www.forbes.com/sites/lisettevoytko/ — Mon, 18 Nov 2019 14:00:27 -0500

The poll suggests supporting a flavor ban could be a “political liability.”

Lizzo And Maroon 5 Reach The Top Five While Lewis Capaldi Rules Again

Hugh McIntyre, Contributor https://www.forbes.com/sites/hughmcintyre/ — Mon, 18 Nov 2019 13:58:19 -0500

Are Lizzo and Maroon 5 headed to the top of the Hot 100?

This fund manager consistently beats the stock market by exploiting your foibles

Mon, 18 Nov 2019 13:58:15 -0500

Brian Yacktman like CBRE, Moody’s and Wells Fargo, among others.

Fed's Mester: U.S. monetary policy 'in a good spot'

Mon, 18 Nov 2019 13:54:30 -0500

The current level of interest rates is appropriate for the U.S. economy and the Federal Reserve should now pause as it monitors how the economy evolves, Cleveland Fed President Loretta Mester said on Monday.

Wall Street at record levels after U.S. extends Huawei reprieve

Mon, 18 Nov 2019 13:53:58 -0500

Wall Street's main indexes hit record highs on Monday as Washington's decision to grant an extension for U.S. companies to do business with China's Huawei helped ease some concerns around U.S.-China trade relations.

Boost founder says willing to pay up to $2 billion to buy brand from Sprint

Mon, 18 Nov 2019 13:49:59 -0500

Boost Mobile founder Peter Adderton is willing to pay up to $2 billion to buy back the prepaid wireless brand from Sprint Corp , he told Reuters on Monday, a significant potential premium to what satellite TV provider Dish Network agreed to pay for Sprint's entire prepaid wireless business.

Boost founder says willing to pay up to $2 billion to buy brand from Sprint

Mon, 18 Nov 2019 13:49:59 -0500

Trump Today: Trump suggests he’ll testify in impeachment probe and meets with Powell on economy

Mon, 18 Nov 2019 13:46:41 -0500

President Donald Trump on Monday met with Federal Reserve Chairman Jerome Powell on the economy, and suggested he’ll testify in writing as House Democrats press on with their impeachment probe.

Here’s What Happened To WeWork’s Other Founder, Miguel McKelvey

Amy Feldman, Forbes Staff https://www.forbes.com/sites/amyfeldman/ — Mon, 18 Nov 2019 13:41:12 -0500

As Adam Neumann and his wife exerted more sway over WeWork, cofounder Miguel McKelvey seemed pushed to the sidelines. With SoftBank now calling the shots, McKelvey — worth an estimated $900 million — is now rallying the troops to save the troubled startup.

Market Extra: The Fed is buying billions of mortgage bonds — here’s why it matters

Mon, 18 Nov 2019 13:40:53 -0500

The Federal Reserve is back to buying billions worth of mortgage bonds each month, but here’s why that doesn’t mean the central bank is stockpiling more of this type of debt on is balance sheet.

FTC chief says has 'multiple' investigations of tech platforms

Mon, 18 Nov 2019 13:38:18 -0500

The chairman of the Federal Trade Commission said on Monday that his agency had multiple investigations of tech platforms, in addition to its known probe of Facebook, but did not identify them.

The Tell: For municipal defaults, booms are just as dangerous as busts

Mon, 18 Nov 2019 13:37:02 -0500

A regional Fed working paper demonstrates that boom times can cause local governments to expand borrowing too much, making them just as dangerous as periods of economic deterioration

General Election: Party leaders court British business at CBI conference — as it happened

Mon, 18 Nov 2019 13:35:48 -0500

Ford’s Mustang Mach-E Takes Pages From Tesla Playbook

Paul Ausick — Mon, 18 Nov 2019 13:35:45 -0500

At the Los Angeles Auto Show on Sunday, Ford Motor Co.’s (NYSE: F) executive chair, Bill Ford, introduced the company’s first all-electric vehicle, the Mustang Mach-E sport-utility vehicle (SUV). The latest entry in what has been one of Ford’s most iconic badges comes in five varieties, the first of which will be available late next year, with some not in showrooms until 2021.

The company has taken a page or two directly from the Tesla Inc. (NASDAQ: TSLA) playbook. First, the initial version, the First Edition, is an upscale, limited-edition model, similar to Tesla’s Model S (we’re leaving out the $110,000 Roadster, the first Tesla because only about 2,500 were built). The Mach-E carries an estimated MSRP of $59,900, while the basic model, the Select, will have a price tag of around $43,895 when it appears in early 2021. All versions of the Mustang Mach-E will qualify for the full $7,500 federal tax credit.

In addition to a limited number of the First Edition models and the Select version, Ford is also selling a Premium edition for an estimated MSRP of $50,600 due late next year, a California RT.1 edition priced at about $52,400 with availability in early 2021, and a GT version starting around $60,500 coming in the spring of 2021.

The Mach-E’s standard battery is rated for a range of 230 miles, and an all-wheel-drive option ($2,700) drops that to 210 miles. Extended range batteries are expected to post ranges of 300 miles for rear-wheel-drive vehicles and 270 miles with the all-wheel-drive option. The extended range battery adds $5,000 to the MSRP.

Also like Tesla, Ford is offering an online reservation system where customers design the version of the Mach-E they want and put down a refundable $500 deposit. Next year customers will verify and confirm their orders and, beginning late in the year, take delivery from a local Ford dealer.

Tesla Chair and CEO Elon Musk tweeted his reaction in response to Ford’s tweet announcing the new SUV:

Congratulations on the Mach E! Sustainable/electric cars are the future!! Excited to see this announcement from Ford, as it will encourage other carmakers to go electric too.

— Elon Musk (@elonmusk) November 18, 2019

Ford plans to build the Mach-E in Mexico, not at the Mustang plant in Flat Rock, Michigan, a decision the company announced some time ago and one which drew the ire of President Trump. But, as industry analyst Michelle Krebs told CNBC last week, “Generally speaking, people don’t care where vehicles are made. They don’t generally know where their vehicles were made.”

The issue Ford does have to contend with is customer confusion over the Mustang brand. Combined with its F-150 truck brand, the two nameplates are Ford’s future. Edmunds analyst Jessica Caldwell told CNBC that so far Ford has been able to differentiate its gas-powered Mustang from the Mach-E, but the company has to be vigilant: “[W]hen you look at something like a Mach-E, it is very different than a Mustang. Having an electrified SUV is a lot different than a performance internal combustion engine. From a product standpoint, there’s a big difference.”

ALSO READ: How Dow 28,000 Can Rapidly Become Dow 30,000 and Even Higher in 2020

‘Watchmen’ Episode 5 Recap: Through The Looking Glass

Dani Di Placido, Contributor https://www.forbes.com/sites/danidiplacido/ — Mon, 18 Nov 2019 13:31:10 -0500

An origin story, and a strong dose of nostalgia.

Declining Rig Counts Point To Higher Energy Prices And A Headwind For The U.S. Economy

Jim Collins, Contributor https://www.forbes.com/sites/jimcollins/ — Mon, 18 Nov 2019 13:27:08 -0500

Even companies that aren’t obvious users of hydrocarbons—data center companies, for instance—benefit from the low price for natgas, which serves as a benchmark for electricity pricing in most of the country.

Coffee drinkers have to stop double cupping their Dunkin’ — yes, even in New England

Mon, 18 Nov 2019 13:26:40 -0500

The Dunkin’ coffee chain now says customers will have to do without a “double cup” assist for their drinks, part of a green-minded foam cup phaseout already announced.

Trump, Powell met Monday at White House to discuss economy

Mon, 18 Nov 2019 13:20:27 -0500

U.S. President Donald Trump and Federal Reserve Chair Jerome Powell met at the White House on Monday morning, their second meeting since Powell started the job in February 2017 and soon after became the target of frequent criticism from the president who had appointed him.

The Moneyist: My friend asked me to be her maid of honor but didn’t invite me to her wedding — am I expected to buy her a gift?

Mon, 18 Nov 2019 13:17:07 -0500

‘She didn’t outright tell me that she no longer wants me as a maid of honor.’

Boys and girls have an equal aptitude for math — so why are there are so few women in higher paying STEM jobs?

Mon, 18 Nov 2019 13:16:32 -0500

Women make up just 26% of people in computer and mathematical occupations, according to the BLS.

All the tax-friendly ways retirees can donate to charity

Mon, 18 Nov 2019 13:15:55 -0500

Want to be charitable? Be cost-effective while you’re at it.

The Indian payments conundrum

Mon, 18 Nov 2019 13:09:15 -0500

How to make money in the booming world of digital transactions

Africa retailer Jumia suspends e-commerce in Cameroon

Mon, 18 Nov 2019 13:09:02 -0500

Online retailer Jumia Technologies said on Monday it had suspended its e-commerce platform activities in Cameroon because they were "not suitable" for the African state.

Box Office: The Failure Of ‘Terminator: Dark Fate’ Is Terrible News For ‘Alien’ And ‘Predator’

Mon, 18 Nov 2019 13:05:39 -0500

Why what worked for 'Star Wars: The Force Awakens' and 'Halloween' didn't work for 'Terminator: Dark Fate' and probably won't work for 'Predator' and 'Alien.'

Lara Logan Launches Series On Fox’s Streaming Service, Fox Nation

Mark Joyella, Contributor https://www.forbes.com/sites/markjoyella/ — Mon, 18 Nov 2019 12:59:25 -0500

"No Agenda with Lara Logan" will focus on "America's political and ideological war zones."

Spain: Center Left Coalition Forming Despite Weakened Plurality

Mark Rosenberg, Contributor https://www.forbes.com/sites/markrosenberg/ — Mon, 18 Nov 2019 12:56:10 -0500

In the second parliamentary election in a half year, Spain’s center-left parties secured a weakened plurality on 10 November and pledged to form a coalition once they gain support from smaller parties and independents.

U.S. growth outlook in 2020 improves despite trade risk: Fannie Mae

Mon, 18 Nov 2019 12:46:40 -0500

Fannie Mae on Monday upgraded its forecast for 2020 U.S. economic growth to 1.9% from 1.7%, arguing that consumer spending and the housing market will buoy gross domestic product if a "phase one" trade deal between the United States and China is signed.

Paul McCartney Confirmed To Headline Glastonbury’s 50th Anniversary

Mark Beech, Contributor https://www.forbes.com/sites/markbeech/ — Mon, 18 Nov 2019 12:45:08 -0500

After months of speculation, the former Beatle announced that he will play at the event’s 50th anniversary in Somerset, England.

Powell tells Trump policymaking will remain ‘non-political’

Mon, 18 Nov 2019 12:43:04 -0500

Face-to-face meeting at White House comes after months of attacks on central bank chair

Merry Edwards And Kathleen Inman Offer A Peek Into Terroir-Driven Winemaking

Jill Barth, Contributor https://www.forbes.com/sites/jillbarth/ — Mon, 18 Nov 2019 12:42:41 -0500

Kathleen Inman calls this style of wine “intellectually interesting,” and Merry Edwards says Pinot Noir is “the most challenging red varietal.”

US extends licence for companies doing business with Huawei

Mon, 18 Nov 2019 12:41:38 -0500

New 90-day extension comes as US prepares rules on telcos that pose national security risks

Lamar Jackson Keeps Racking Up Wins And Notice For MVP

Jeff Seidel, Contributor https://www.forbes.com/sites/jeffseidel/ — Mon, 18 Nov 2019 12:37:50 -0500

Baltimore quarterback Lamar Jackson is getting plenty of attention for the NFL's MVP award with six weeks left in the season.

Where Will Americans Do Their Christmas Shopping From This Year? Spoiler Alert: Many Will Be Sat Down On The Job

Andrew Busby, Contributor https://www.forbes.com/sites/andrewbusby/ — Mon, 18 Nov 2019 12:37:35 -0500

I receive dozens of press releases every week and every so often, a story grabs my attention.

Upgrade: If you have these personality traits, you could be at higher risk of going broke in retirement

Mon, 18 Nov 2019 12:32:18 -0500

Plus two traits that predict slower withdrawal rates in retirement

Re-Engined Airbus A350 Could Be Heavy Blow For Rolls-Royce, Big Win For GE And Global Trade

Mon, 18 Nov 2019 12:31:26 -0500

Rolls-Royce's crucial new engine line, the UltraFan, and its future could be in jeopardy if Airbus chooses to go with GE engines on a new version of the A350.

Los Angeles Rams All-Pro Aaron Donald Becomes Latest Athlete Investor As He Takes Ownership Stake In Ready Nutrition

Simon Ogus, Contributor https://www.forbes.com/sites/simonogus/ — Mon, 18 Nov 2019 12:30:00 -0500

Los Angeles Rams All-Pro Aaron Donald quickly became one of the most disruptive players in the NFL and now he is taking that same approach to business off the field.

Isaiah Thomas Slowly Resurrecting Career With Washington Wizards

Parker Cotton, Contributor https://www.forbes.com/sites/parkercotton/ — Mon, 18 Nov 2019 12:28:48 -0500

Through Sunday, Thomas has averaged 13.3 points and six assists per game for the 3-8 Wizards.

Will The New Amazon Stores Finally Allow Bezos To Be A Major Force In Fresh Groceries?

Mon, 18 Nov 2019 12:25:53 -0500

Last week's announcement by Amazon that it will soon open a new brick & mortar (B&M) store format in Woodland Hills, California has set experts and competitors into a speculation frenzy trying to guess what the new format will look like.

Buy This, Not That: 9 best gifts for Dad — under $50

Mon, 18 Nov 2019 12:23:57 -0500

Creative holiday gift ideas for dad

Billionaire Kylie Jenner To Cash In On Her Cosmetics Line With $600 Million Sale To Coty

Madeline Berg, Forbes Staff https://www.forbes.com/sites/maddieberg/ — Mon, 18 Nov 2019 12:23:02 -0500

The beauty and fragrance company plans to grow the business internationally with help from Jenner’s large social media following

Box Office: ‘The Lion King’ Loses Steam As It Nears ‘Jurassic World’

Travis Lee Bean, Contributor https://www.forbes.com/sites/travisbean/ — Mon, 18 Nov 2019 12:22:26 -0500

'The Lion King’s' gross in foreign territories has all but stalled at this point, only leaving the film’s measly earnings from U. S. showings.

The Fed: Trump meets with Fed boss Powell to talk economy in wake of White House criticism

Mon, 18 Nov 2019 12:21:44 -0500

Federal Reserve Chairman Jerome Powell met with President Donald Trump at his request on Monday to discuss the economy, but the central bank said the Powell gave no hints or promises about what it will do next.

Livability: 10 cities to visit if you love fall

Mon, 18 Nov 2019 12:16:10 -0500

If you live for autumn, you need to add these cities to your bucket list.

Prince Andrew loses corporate support over Epstein case

Mon, 18 Nov 2019 12:15:18 -0500

Companies including KPMG and Aon look to protect their reputations

Senreve, The Luxury Direct-To-Consumer Brand That Is A Celebrity Favorite, Receives $16.75M In Series A Funding

Karin Eldor, Contributor https://www.forbes.com/sites/karineldor/ — Mon, 18 Nov 2019 12:12:57 -0500

Spotted on celebrity A-Listers like Lady Gaga, Jennifer Garner, and Anna Kendrick, Senreve – which is derived from the French words for “sense” and “dream” – was launched by cofounders Coral Chung and Wendy Wen in 2016, and is proving to be a major force in the fashion industry.

Why Depeche Mode’s ‘Spirits In The Forest’ Is The New Gold Standard For Concert Films

Jim Amos, Contributor https://www.forbes.com/sites/jamos/ — Mon, 18 Nov 2019 12:12:45 -0500

Much more than just a concert film, Depeche Mode's "Spirits in the Forest" is a celebration of the band's fervent fan base and what their music means to their lives.

The Margin: If Tesla and Ford Motor are about to wage war for the electric-car crown, you wouldn’t know it from this exchange

Mon, 18 Nov 2019 12:11:35 -0500

Ford finally lifted the curtain on its Mustang Mach-E, with its first all-electric SUV turning heads on Sunday at the Los Angeles Auto Show press days. And Elon Musk seems to be genuinely happy for the company.

Trump and Powell met Monday at White House to discuss economy

Mon, 18 Nov 2019 12:10:14 -0500

U.S. President Donald Trump and Federal Reserve Chair Jerome Powell met at the White House on Monday morning, the second meeting between the two since Powell became head of the Fed and faced withering criticism from Trump.

After Growing 16% In 2 Years, Why Did Lowe’s Number Of Stores Decrease?

Mon, 18 Nov 2019 12:10:00 -0500

Lowe’s (NYSE: LOW) saw a fall of 6.4% in the number of operating stores in FY 2018. This was primarily as Lowe’s has decided to consolidate its current operations and to get rid of the under-performing stores in the U.S. and Canada. The company also declared that they were exiting their Mexico...

Major FirstGroup shareholders call for U.S. asset sale

Mon, 18 Nov 2019 12:05:31 -0500

Two major FirstGroup shareholders on Monday called for the British bus and train operator to sell its U.S. assets as part of a portfolio overhaul which already includes the planned sale of North American intercity bus service Greyhound.

Another health warning for e-cigarette users — that has nothing to do with lung disease

Mon, 18 Nov 2019 12:02:20 -0500

New research on vaping will be presented at an annual medical conference in Philadelphia from Nov. 16 to Nov. 18.

Google Stadia Wants You to Replace Your Video Game Console. Don’t.

Brian X. Chen — Mon, 18 Nov 2019 12:00:19 -0500

The search giant’s new console-free gaming service is a neat concept. But there are bugs and too many unknowns.

NewsWatch: Seeing America again through new eyes

Mon, 18 Nov 2019 12:00:08 -0500

In 2011, at 50, I took early retirement from my job as an air-traffic controller, left Texas and began traveling the world.

Finding the Right Work-Life Balance: Lessons from Ryan Caldbeck

Sanyin Siang, Contributor https://www.forbes.com/sites/sanyinsiang/ — Mon, 18 Nov 2019 12:00:00 -0500

Ryan Caldbeck is the CEO and co-founder of CircleUp, an investment firm that uses new quantitative methods to target consumer retailers in the private market. I sat down with Ryan to discuss balancing the demands of entrepreneurial life, company values, and the advice he’d give to his younger self.

Bad Wolves’ Tommy Vext Talks New Album ‘N.A.T.I.O.N.’ And Experience In Witness Protection Program

Quentin Singer, Contributor https://www.forbes.com/sites/quentinsinger/ — Mon, 18 Nov 2019 11:59:03 -0500

In 2018, Bad Wolves were a multiplatinum success, fitting of top top tier status. In 2019 they've already proved they're here to stay.

Trump says 'cordial' talk with Fed's Powell covered negative interest rates, trade

Mon, 18 Nov 2019 11:57:51 -0500

U.S. President Donald Trump said he met with U.S. Federal Reserve Chairman Jerome Powell on Monday and discussed a wide range of topics including negative interest rates, monetary policy easing, dollar strength and U.S. trade with China and the European Union.

Jumia suspends its e-commerce business in Cameroon

Mon, 18 Nov 2019 11:57:20 -0500

Online retailer Jumia Technologies, often called "the Amazon of Africa", said it had suspended its e-commerce platform activities in Cameroon on Monday because it was not suitable for the country.

Looking To Invest In The Aramco IPO? Saudis Should Consider These Risks

Ellen R. Wald, Contributor https://www.forbes.com/sites/ellenrwald/ — Mon, 18 Nov 2019 11:56:12 -0500

There are strong indications that a bubble will grow around Aramco shares as reports come out that some Saudis are going to extreme lengths to invest in this stock.

Coty buys into Kylie Jenner start-up to burnish Instagram appeal

Mon, 18 Nov 2019 11:55:17 -0500

Deal puts $1.2bn valuation on make-up business founded by youngest Kardashian sister

WeWork May Lay Off Thousands

Peter Eavis and Mike Isaac — Mon, 18 Nov 2019 11:51:22 -0500

The beleaguered office space company is said to be planning to cut its work force by at least a third in a bid to stabilize its business.

Christopher Gavigan:Founder And CEO Of Prima

Warren Bobrow, Contributor https://www.forbes.com/sites/warrenbobrow/ — Mon, 18 Nov 2019 11:49:21 -0500

I was learning about the physiological impacts of certain toxicants from our living environments that had correlations to disease, illness, and health challenges — especially for kids and families — and this connected me to the best researchers and academics

13 Million Watch Second Day TV Coverage Of Impeachment Hearings

Mark Joyella, Contributor https://www.forbes.com/sites/markjoyella/ — Mon, 18 Nov 2019 11:48:05 -0500

Fox News had the largest audience across broadcast and cable TV for the live testimony of former U.S. Ambassador Marie Yovanovitch.

Is HollyFrontier’s Plan for Growth, Shareholder Returns Good Enough?

Paul Ausick — Mon, 18 Nov 2019 11:46:46 -0500

Shares of refiner HollyFrontier Corp. (NYSE: HFC) traded up about 3% Monday morning following the company’s announcement that it plans to build a new biodiesel plant, boost its dividend and buy back another $1 billion in stock.

The company raised its quarterly dividend by 6%, from $0.33 to $0.35, payable for the first time next month to shareholders of record on November 27. HollyFrontier said it plans to review its dividend annually and is targeting an annual growth rate of about 5%. At this morning’s share price and the higher payout, the dividend yield on the stock is 2.6%.

The company’s board also authorized a new $1 billion share buyback plan to replace an existing repurchase plan. The existing plan had about $281 million remaining. Over the past 15 months, HollyFrontier has reduced its outstanding share count by 8%.

Most interesting, however, is the company’s plan to spend $350 million to construct a renewable diesel (biodiesel) unit at its Artesia, New Mexico refinery. The new biodiesel unit will have the capacity to produce about 125 million gallons annually (nearly 3 million barrels) of biodiesel from soybean oil and other renewable feedstocks. The company plans to fund the unit from cash on hand and has forecast an internal rate of return of 20% to 30%.

According to the most recent report from the U.S. Energy Information Administration (EIA), the nation’s annual biodiesel production capacity as of August was 2.55 billion gallons a year. Through the first eight months of the year, U.S. biodiesel refineries had produced 1.18 billion gallons. In the last four months of 2018, U.S. biodiesel production totaled about 660 million gallons, and production for the full year totaled 1.86 billion gallons from a capacity of 2.51 billion gallons.

Actual production at existing U.S. biodiesel plants remains well short of capacity already, so why is HollyFrontier building more capacity? The answer is renewable energy credits, known as RINs. In Monday’s announcement, the company had this to say about its plan to build a new biodiesel unit: “This investment will provide HollyFrontier the opportunity to meet the demand for low-carbon fuels while covering the cost of our annual RIN purchase obligation under current market conditions.”

In its third-quarter earnings report, HollyFrontier noted a $36.6 million benefit resulting from two small refineries being exempted from the U.S. EPA’s Renewable Fuel Standard requirements to purchase RINs to offset the amount of gasoline and other hydrocarbon fuels the company produces. Meeting the requirements by producing biodiesel improves HollyFrontier’s net income and cash flow.

HollyFrontier stock traded up about 3% in the late morning Monday, at $54.14 in a 52-week range of $37.73 to $64.90. The consensus 12-month price target on the stock is $59.21.

ALSO READ: How Dow 28,000 Can Rapidly Become Dow 30,000 and Even Higher in 2020

Emirates announces $16 billion order for 50 Airbus A350 planes

Mon, 18 Nov 2019 11:37:56 -0500

Dubai state-owned airline Emirates said on Monday it had placed a firm order for 50 Airbus A350 jets worth $16 billion at list prices.

Dollar slips, stocks ease on fresh doubts on trade deal

Mon, 18 Nov 2019 11:34:08 -0500

The dollar slipped and global equity markets traded little changed on Monday, halting a rally that lifted a key index to just under a new high, after a media report cast fresh doubts on reaching phase one of a U.S.-China trade deal.

Need to Know: This ratio suggests the U.S. stock market will take a ‘brief pause’ then climb higher, analyst says

Mon, 18 Nov 2019 11:30:22 -0500

U.S. stocks climbed to record highs on Friday on rising hopes of a trade agreement between the U.S. and China — but the records could keep coming.

The Moneyist: I’m thinking about proposing to my girlfriend — but her parents control her finances and they’re terrible with money

Mon, 18 Nov 2019 11:30:12 -0500

‘They told my girlfriend, “Don’t worry about your student debt — just finish school.”’

The ‘Rocketman’ Crew Share Their Tricks On Turning Taron Egerton Into A Larger-Than-Life Figure

Kristen Lopez, Contributor https://www.forbes.com/sites/kristenlopez/ — Mon, 18 Nov 2019 11:30:00 -0500

The crafts crew of Rocketman discuss getting Taron Egerton to look more like Elton John .

Activision Blizzard’s Revenue To See Double-Digit Decline In 2019?

Mon, 18 Nov 2019 11:30:00 -0500

Activision Blizzard’s (NASDAQ: ATVI) revenue growth will likely see a decline in the low teens in 2019, as compared to an average growth in the mid-single-digits seen between 2016-2018. This can primarily be attributed to the absence of a World of Warcraft release in 2019...

Sky Blue FC To Play 2020 Matches At Red Bull Arena

Howard Megdal, Contributor https://www.forbes.com/sites/howardmegdal/ — Mon, 18 Nov 2019 11:28:25 -0500

The transformation of Sky Blue FC continued at a rapid pace Monday, with the team expected to announce that all 2020 matches will be played at Red Bull Arena.

Does Nuclear Power Slow Or Speed Climate Change?

Amory B. Lovins, Contributor https://www.forbes.com/sites/amorylovins/ — Mon, 18 Nov 2019 11:28:15 -0500

To protect the climate, we must save the most carbon at the least cost and in the least time, counting all three variables—carbon and cost and time.

Is Paul George Worthy of MVP Consideration As He Prepares to Play Thunder In L.A. Tonight?

Chris Sheridan, Contributor https://www.forbes.com/sites/chrissheridan/ — Mon, 18 Nov 2019 11:26:04 -0500

Paul George has scored 70 points in just 44 minutes in the two games he has played for the Los Angeles Clippers.

Airbnb teams up with the IOC to provide Games accommodation

Mon, 18 Nov 2019 11:25:50 -0500

Short-term home rental company Airbnb Inc has joined the ranks of leading sponsors of the Olympic Games with a nine year deal to help provide accommodation for the world's biggest sporting event and cut the cost for host cities.

Trump to ‘strongly consider’ testifying in impeachment probe

Mon, 18 Nov 2019 11:25:33 -0500

Nancy Pelosi had invited president to appear before committees leading the inquiry

German unions and businesses call for investment boost

Mon, 18 Nov 2019 11:23:46 -0500

Angela Merkel’s government under pressure to abandon policy of balanced budgets

CEO John Korkidis Founder: Proposition Cocktail Company

Warren Bobrow, Contributor https://www.forbes.com/sites/warrenbobrow/ — Mon, 18 Nov 2019 11:22:46 -0500

When I moved back to California, I was blown away by the budding legal cannabis scene and the rich history behind it (much of the history is not all that positive and rooted in deeply problematic policies).

CEO John Korkidis Founder: Proposition Cocktail Co.

Warren Bobrow, Contributor https://www.forbes.com/sites/warrenbobrow/ — Mon, 18 Nov 2019 11:22:46 -0500

Most German banks are imposing negative rates on corporate clients

Mon, 18 Nov 2019 11:22:13 -0500

Practice proves controversial in country where ECB has been accused of penalising savers

Airbnb signs Olympics deal up to 2028

Mon, 18 Nov 2019 11:20:21 -0500

Airbnb has struck a deal to support the Olympic Games up to 2028, the short-term home rental company announced on Monday.

Tennis String Tech: Advancements Continue In Materials, Manufacturing

Tim Newcomb, Contributor https://www.forbes.com/sites/timnewcomb/ — Mon, 18 Nov 2019 11:19:56 -0500

While Babolat originated natural gut, the current style is still in use at the top levels using strands of cow intestine with coatings to help maintain durability on a string known for tension maintenance and power.

Luke Combs’ New Album Makes Streaming History (By 30 Million Plays)

Hugh McIntyre, Contributor https://www.forbes.com/sites/hughmcintyre/ — Mon, 18 Nov 2019 11:18:03 -0500

Combs beats the previous record by 30 million streams.

Former drug executive Shkreli's appeal denied by U.S. Supreme Court

Mon, 18 Nov 2019 11:17:50 -0500

Former pharmaceutical executive Martin Shkreli will remain in prison after the U.S. Supreme Court on Monday rejected his effort to overturn his conviction and seven-year sentence for securities fraud and conspiracy.

Jumia Technologies suspends e-commerce business in Cameroon

Mon, 18 Nov 2019 11:16:42 -0500

Online retailer Jumia Technologies, often called "the Amazon of Africa", suspended its e-commerce business in Cameroon on Monday, announcing in a statement that its transactional portal was "not suitable to the current context" in the country.

Why Credit Suisse Sees the S&P 500 Gaining 10% in 2020

Jon C. Ogg — Mon, 18 Nov 2019 11:16:06 -0500

Credit Suisse’s 2020 outlook calls for earnings per share to improve and for price-to-earnings ratios to expand. The firm is initiating its 2020 S&P 500 price target of 3,425, which represents 9.8% upside from current levels.

The new target is based on S&P 500 earnings per share of $164.50 in 2019 (reduced from $166.50) and $173.00 per share in 2020 (reduced from $176.00). It also implies that there will be earnings per share growth of 5.2% next year, versus just 1% in 2019. Credit Suisse projects that the forward earnings multiple will expand to 18.9 by year-end 2020 from about 18.1 currently.

As far as 2019 in retrospect, Credit Suisse pointed out that economic data has decelerated over the past year or so, and that allowed lower volatility and growth stocks to outperform value. The firm noted that this market leadership has shifted more recently after three Federal Reserve rate cuts and improving economics. Jonathan Golub and his team said: “Our work indicates that this rotation will continue through the early part of 2020. Absent a ‘V’ shaped bounce in the data (similar to 2016-17), we expect this rotation to fade as we move further into next year.”

Given the views on cyclical leadership, Credit Suisse’s strategy team raised its views on more economically sensitive groups: financials, industrials, materials and energy. The firm downgraded more defensive sectors, such as staples, utilities, real estate investment trusts and communications. The firm maintained its Overweight positions in technology and discretionary.

Several assumptions are key to Credit Suisse’s 2020 outlook:

1) revenues to advance in-line with nominal GDP;
2) margin headwinds to be substantially less onerous;
3) buybacks to remain abundant;
4) reversal of decelerating economics to support multiple expansion.

Back in March of 2019, Jonathon Golub and his team at Credit Suisse raised the firm’s 2019 year-end forecast for the S&P 500 to 3,025 from 2,925. The view then was that receding risks, lower inflation and less-hawkish Fed commentary would drive stocks higher. That said, it was at the end of 2018, after seeing the market have its worst fourth-quarter in years, when Golub lowered his 2019 target from 3,350 to 2,925 (versus 2,567 or so at the time).

The S&P 500 hit 3,120 on Friday for the first time.

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How Dow 28,000 Can Rapidly Become Dow 30,000 and Even Higher in 2020

George Foreman On Being A Salesman, His Comeback, And How Much Money He Made From His Grill

Josh Katzowitz, Contributor https://www.forbes.com/sites/joshkatzowitz/ — Mon, 18 Nov 2019 11:15:58 -0500

In 1984, George Foreman heard a speech from cosmetics giant Mary Kay Ash. He never forgot her message.

The O’Jays Philadelphia Soul And Pausing On ‘The Last Word’

Nancy Berk, Contributor https://www.forbes.com/sites/nancyberk/ — Mon, 18 Nov 2019 11:15:45 -0500

It has been a milestone year for legendary R&B group and Rock and Roll Hall of Fame inductees The O’Jays. Offering 'The Last Word', their first studio album in two decades, the group says they'll let the fans dictate whether there will be more albums down the road.

Explaining The Decline In Expedia’s Q3 Profits

Mon, 18 Nov 2019 11:00:00 -0500

Expedia‘s (NASDAQ: EXPE) adjusted profits fell 7% year-over-year due to the following reasons: - incremental weakness in SEO volumes, due to headwinds from Google’s search engine practices in favor of its own Google Flights and Google Hotels -a related shift to high-cost marketing channels as...

Wall St. slips as trade deal doubts return

Mon, 18 Nov 2019 10:59:02 -0500

Wall Street's main indexes eased from record levels on Monday after a report stoked fresh fears about a resolution to the U.S.-China trade dispute that has hit global growth and roiled financial markets over the past 16 months.

Czech government approves digital tax aimed at internet giants

Mon, 18 Nov 2019 10:58:14 -0500

The Czech government approved a 7% digital tax proposal on Monday aimed at boosting state coffers by taxing advertising by global internet giants like Google and Facebook, the Finance Ministry said.

Some Crisply Succinct Questions With Charles Jones CEO: LucidMood

Warren Bobrow, Contributor https://www.forbes.com/sites/warrenbobrow/ — Mon, 18 Nov 2019 10:53:12 -0500

I smoked my first joint when I was 15 and smoked regularly through my first year of college.

How Dow 28,000 Can Rapidly Become Dow 30,000 and Even Higher in 2020

Jon C. Ogg — Mon, 18 Nov 2019 10:51:00 -0500

Investors love seeing the stock market hit new highs. It’s impressive enough for the Dow Jones industrial average to have hit 28,000 and for the S&P 500 to have hit 3,100. Now think about all the fears of the trade war, slower earnings, a Federal Reserve that was acting too slow, and then all those flat-out wrong predictions of an imminent recession. No one likes to hear “I told ya so,” and this is one of those instances when a model should have said that to yours truly.

At the start of each year, 24/7 Wall St. issues an implied Dow forecast of a peak value to be seen in the coming year, and that also gets stretched over into the S&P 500. The model issued on the first day of 2019 showed how the Dow could reach 28,000 before the end of 2019. The Dow hit the elusive 28,000 on Friday, November 15, with a close of 28,004.89, and the S&P 500 posted an even more impressive rise with nearly a 24-point gain to close at 3,120.46.

The model had to overcome some serious challenges. If the trade war woes felt like a problem in 2019, the meltdown in the fourth quarter of 2018 felt like a far more serious blow in comparison. The Dow index closed at 23,327.46, for a 5.6% loss in 2018, after 2017 brought Dow gains of 25% and more than 19% on the S&P 500. An alternative calculation for the Dow, represented by the so-called Diamonds ETF (DIA), in an effort to include the ever-important dividends, lost 8.5% in December alone, and that wrecked the year to make for a 3.7% loss in 2018.

The Dow 28,000 outlook at the start of 2019 was the first time in many years when the methodology felt as though it was very much against what was the market volatility and expected headwinds in the markets and economy at the time. Still, the model lived up to what models are supposed to do: ignore the noise of the day and focus on where the market will go rather than worry about where it is and about the theme of any specific day.

When the model was run heading into the end of 2018 and at the start of 2019, it felt next to impossible to believe. The stock market had just come off the worst quarter it had seen in quite some time, and things felt like they were poised to look worse rather than better. In the end, it turns out that Federal Reserve Chair Jerome Powell’s tardiness on ending rate hikes and slowness to start cutting rates aggressively enough had a lot to do with the equation. By the end of summer of 2019, every media outlet was prematurely boasting that the next recession was upon us. On that mark, the media headlines were sensationalized and were just wrong. It turns out that reporters and editors are not so great at evaluating the big economic picture rather than focusing individual talking points.

It is still too soon to issue formal 2020 forecasts, and this never-ending election cycle is going to play a role, regardless of whether any of us like it. That said, there actually is a clear path for the Dow to hit 30,000 as soon as early 2020, if only a few things come to fruition. There does not even have to be a big recovery in the global growth picture.

The Dow uses an antiquated share price-weighted calculation and not a market-cap basis, or even a modified market cap basis, to determine its value. In reality, that means that of the 30 stocks that make up the Dow, the bottom 10 make up only about 15% of the index while the top two stocks account for 13% (and the top three account for 22%). It is critical to keep in mind that a rise to 30,000 on the Dow would only imply a gain of about 7.1%. The median Dow dividend is roughly 2.5%, handily above the 30-year and 10-year Treasury yields.

All things considered, here is how Dow 28,000 can quite easily become Dow 30,000 (and then some). Consensus analyst data is from Refinitiv and index weightings are from IndexArb.com.

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Available: A 415-Acre Island With Manhattan Views. What to Build?

Matthew Haag — Mon, 18 Nov 2019 10:50:25 -0500

A hub of renewable energy, packed with solar panels and batteries, or an expanded La Guardia Airport could replace the Rikers jails.

Your Weekly Juice For The Third Week Of November 2019

Mon, 18 Nov 2019 10:47:50 -0500

The five energy stories for week 3 of November 2019. E-buses; global solar sales; another Tesla gigafactory; record negative prices in Australia, and the Fed finally has a look at climate change.

5 Stocks With January Bounce-Back Potential

John Dorfman, Contributor https://www.forbes.com/sites/johndorfman/ — Mon, 18 Nov 2019 10:44:35 -0500

These five stocks should benefit from the “January bounce” that often buoys up the previous year’s losers.

Capitol Report: Pete Buttigieg becomes front-runner in polls in Iowa, a crucial state for 2020 Democrats

Mon, 18 Nov 2019 10:43:49 -0500

Democratic presidential hopeful Pete Buttigieg has overtaken rival Elizabeth Warren in an average of polls focused on Iowa, helped by his strong performance in a survey released over the weekend.

Dramatic Comeback Allows Vikings Pull Off Mini-Miracle In Victory Over Broncos

Mon, 18 Nov 2019 10:43:19 -0500

U.S. Bank Stadium is one of the shiniest, most modern and beautiful facilities in the NFL. Yet, the home of the Minnesota Vikings became one of the most aromatic and pungent buildings in the league in the first half of Sunday’s game against the AFC West cellar-dwelling Denver Broncos.

Five Early Storylines In NFC’s ‘Game Of The Year’: Green Bay Packers vs. San Francisco 49ers

Rob Reischel, Contributor https://www.forbes.com/sites/robreischel/ — Mon, 18 Nov 2019 10:43:16 -0500

The Green Bay Packers and San Francisco 49ers meet Sunday, and the winner will be ideal position to claim a first-round playoff bye.

Wall St. eases from record levels at open after report dents trade optimism

Mon, 18 Nov 2019 10:42:58 -0500

Wall Street's main stock indexes eased from record highs at the open on Monday after a report stoked concerns that a U.S.-China trade deal might not get through.

Walmart plays catch-up in Amazon ecommerce battle

Mon, 18 Nov 2019 10:40:14 -0500

World’s biggest retailer strives to ‘move faster’ on its digital transformation strategy

From Hot Priest To Hot Mess, Andrew Scott’s Star Turn In Noel Coward’s Ever-Relevant ‘Present Laughter’ Comes To Cinemas

Jim Amos, Contributor https://www.forbes.com/sites/jamos/ — Mon, 18 Nov 2019 10:38:13 -0500

Fresh off his scene-stealing turn as Phoebe Waller-Bridge’s should-I-or-shouldn’t-I boyfriend in the hit TV comedy Fleabag, Andrew Scott's star turn in National Theatre Live's "Present Laughter" comes to cinemas.

Economic Report: Home builders’ optimism wavers slightly, but they remain largely upbeat on the housing market’s future

Mon, 18 Nov 2019 10:35:51 -0500

If home builders stay positive, that could benefit would-be home buyers who were priced out of the market.

Alibaba to close books early in $13.4 billion Hong Kong listing after strong demand: sources

Mon, 18 Nov 2019 10:33:58 -0500

Alibaba will stop taking orders from prospective institutional investors for its $13.4 billion secondary listing in Hong Kong earlier than expected after attracting strong demand, two people with direct knowledge of the matter said.

Alibaba to close books early in $13.4 billion Hong Kong listing after strong demand: sources

Mon, 18 Nov 2019 10:33:58 -0500

NerdWallet: The college your kids attend isn’t as important as the majors they choose

Mon, 18 Nov 2019 10:31:15 -0500

Too many people believe their dream college is worth endless effort, stress and debt.

Explaining The 25% Rally In Zebra Technologies’ Stock And What To Expect Going Forward

Mon, 18 Nov 2019 10:30:00 -0500

Zebra Technologies Corporation (NASDAQ: ZBRA), a company that manufactures and sells AIDC (Automatic Identification and Data Capture) products, including: mobile computers, barcode scanners, RFID (radio frequency identification device) readers, specialty printers for barcode labeling and...

Volkswagen cuts profit, sales forecasts as autos downturn bites

Mon, 18 Nov 2019 10:26:50 -0500

German carmaker Volkswagen cut its forecasts for operating profit and sales growth on Monday due to a downturn in demand for passenger cars, while keeping profit margin targets.

America’s Reluctance To Tax Wealth Has Its Roots In Slavery

Mon, 18 Nov 2019 10:22:54 -0500

America's reticence to tax wealth can be traced back to the gruesome days of slavery, when human beings were kidnapped then bought and sold as property.

Prepaying Your Mortgage Is a Huge Financial Winner

Laurence Kotlikoff, Contributor https://www.forbes.com/sites/kotlikoff/ — Mon, 18 Nov 2019 10:18:52 -0500

Unless you’re super rich or super poor, you’re probably going to take out a mortgage at some point in your life to buy a house. The questions are how much will you borrow and how quickly will you pay your mortgage off?

Study Finds Vast Majority of Americans See Local News As A ‘Public Good’

Mon, 18 Nov 2019 10:18:07 -0500

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This Invisible Tech Stock Threatens Amazon with 800,000+ Online Stores

Mon, 18 Nov 2019 10:14:27 -0500

More and more companies are dumping not only retail stores but also Amazon to sell their products online. And there’s an invisible tech giant driving this trend.

Economic Preview: It’s great the stock market is setting records, but it’s not because the economy is great

Mon, 18 Nov 2019 10:12:45 -0500

Stocks on Wall Street have soared to fresh record highs, but it’s not because the economy is flashing a big thumbs-up sign. Far from it.

Tony Hawk Says Authenticity Is Everything In Business

Andy Frye, Contributor https://www.forbes.com/sites/andyfrye/ — Mon, 18 Nov 2019 10:10:28 -0500

Skateboarding is more than just cool tricks.

Barcelona’s Fans Shocked By Eric Abidal’s Admissions

Mon, 18 Nov 2019 10:07:49 -0500

From the perspective of transparency, it’s always good to hear what people really think about certain aspects of a business... isn’t it?

Outside the Box: My stepmother inherited my dad’s IRA but she wants to give it away to her grandchild — is that allowed?

Mon, 18 Nov 2019 10:04:04 -0500

There are strict rules about donating, and make sure she stays on top of the RMDs.

SoftBank/Naver: app to no good

Mon, 18 Nov 2019 10:02:11 -0500

Masayoshi Son’s legendary persistence will be needed to make deal work

For Saudi Arabia’s Richest, the Aramco IPO Is Payback Time

Paul Ausick — Mon, 18 Nov 2019 10:01:52 -0500

The Kingdom of Saudi Arabia on Sunday announced that it will not market its initial public offering (IPO) of shares in the country’s national oil company, known as Saudi Aramco, in the United States, Canada or Japan. On Monday morning, IPO roadshows in London and other European cities were canceled.

The target price range for the IPO has drifted down from an original $2 trillion valuation to around $1.71 trillion and, instead of issuing 5% of the shares, the sale now is set for 1.5%. At the hoped-for valuation, the IPO was expected to raise $100 billion in new cash. At the current valuation, Aramco could raise between $25 billion and $26 billion, enough perhaps to top the $25 billion (including overallotments) Chinese e-commerce giant Alibaba raised in its September 2014 IPO.

The IPO on Saudi Arabia’s Tadawul exchange is set for next month and virtually all the money raised will come from wealthy Saudis who have responded to the call by Crown Prince Muhammed bin Salman to buy shares. That’s no surprise given the Crown Prince’s demonstrated willingness to do whatever it takes to cement his position as the heir to the Saudi throne.

Non-Saudi investors appear to have been concerned about Aramco’s valuation and its promised dividend yield of at least $75 billion a year. At Aramco’s valuation, that’s a yield of 4.4% to 4.7%, compared to BP’s yield of 6.75%, Shell’s 6.31%, Eni’s 6.02%, Equinor’s 5.32%, Total’s 5.29% and Exxon Mobil’s 5.08%. Only Chevron, among the oil and gas supermajors, pays a lower yield (3.90%).

A Bloomberg report noted that U.S. investment banks that had authorization to sell to international investors were “taken aback by the sudden decision” to keep the Aramco IPO limited to Saudi buyers. Goldman Sachs, JPMorgan, Morgan Stanley, Citigroup and Bank of America were all hoping for a big payday from the Aramco IPO.

Valuation issues aside, potential investors (who are not having their arms twisted) may also be wary of lower demand for oil over the next 20 years. According to OPEC’s own World Oil Outlook, published earlier this month, annual demand growth for oil is a rather paltry 0.5% between 2018 and 2040, while annual demand growth for renewables is forecast at 6.9%.

Aramco (and the Saudi crown prince) have chosen to wring more cash out of the country’s wealthiest citizens. For one thing, local-only IPO is subject to a lot less scrutiny. For another, the crown prince has shown no lack of imagination for ways to gin up enthusiasm among the country’s rich, who should look at the next $25 billion or so as just another tax on the wealth that they earned through the government’s (that is, the royal family’s) good graces. It’s payback time again.

ALSO READ: Why HP Left the Door Open for Xerox

Renault CEO Delbos Seeks Permanent Post As Company Narrows Search

Greg Gardner, Contributor https://www.forbes.com/sites/greggardner/ — Mon, 18 Nov 2019 10:01:35 -0500

Senard is expected to name a permanent CEO by the end of the year. One candidate is Didier Leroy, a senior Toyota executive, according to two sources cited by Reuters. Automotive News reported that Luca de Meo, who leads Volkswagen’s SEAT brand, is the favorite to be Renault’s next leader.

Coty bets $600 million on Kylie Jenner beauty brands

Mon, 18 Nov 2019 10:01:08 -0500