|Day's range||48.19 - 49.62|
Long-time Berkshire Hathaway shareholder Bill Smead is just fine with Warren Buffett sitting on billions in cash. Here's why.
If you thought the saga of the $7,000 Apple Pro Display XDR couldn't get any more ridiculous, prepare yourself for the proverbial cherry on top: The company insists that you only use the single special cleaning cloth that comes with the monitor. Apple, already under fire from longtime users for the ever-increasing price of its products, attracted considerable ire and ridicule when it announced the high-end monitor in June. Of course, there are many expensive displays out there — it was more the fact that Apple was selling the display for $5,000, the stand separately for $999 and an optional "nano-texture" coating for an additional grand.
(Bloomberg) -- Big tech companies like Facebook Inc. and Alphabet Inc.’s Google, long seen as some of the world’s most desirable workplaces offering countless perks and employee benefits, are losing some of their shine.The Silicon Valley companies dropped out of the Top 10 “best places to work” in the U.S., according to Glassdoor’s annual rankings released Tuesday. HubSpot Inc., a cloud-computing software company, grabbed the No. 1 ranking while tech firms DocuSign Inc. and Ultimate Software were three and eight, respectively.Facebook, which has been rated as the “best place to work” three times in the past 10 years, was ranked 23rd. It’s the social-media company’s lowest position since it first made the list in 2011 as the top-rated workplace. Facebook, based in Menlo Park, California, was ranked seventh last year.Google, voted “best place to work” in 2015 and a Top-10 finisher the previous eight years, came in at No. 11 on Glassdoor’s list. Apple Inc., once a consistent Top-25 finisher, was ranked 84th. Amazon Inc., which has never been known for a positive internal culture, failed to make the list for the 12th straight year.Microsoft Corp. was one of the lone big technology companies to jump in the rankings. The Redmond, Washington-based software company moved to No. 21 from 34 a year ago. A few technology companies made the list for the first time, including SurveyMonkey at No. 33, Dell Technologies Inc. at No. 67 and Slack Technologies Inc. at No. 69.Twenty companies on the list have their headquarters in the San Francisco Bay Area, more than any other metro area, Glassdoor said.The annual list ranks companies using employee reviews on areas such as compensation, benefits, culture and senior management. Many of the big tech companies, including Facebook and Google, have been criticized this year for a myriad of issues, and in some cases employees have publicly opposed executive decisions.At Google, employees have protested against the company on a number of topics, including the company’s “intimidation” tactics against worker organizers. The results of an internal employee poll at the internet search giant, reported by Bloomberg in February, showed that fewer employees were inspired by Chief Executive Officer Sundar Pichai’s vision than a year earlier. It also found fewer workers believe senior management could successfully lead the company into the future.At Facebook, which just like Google provides employees with perks including free meals, corporate transportation and laundry services, workers have pushed back internally against leadership on some policy issues, such as the decision not to fact-check political advertisements.(Updates with new tech entrants in the fifth paragraph.)To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Andrew Pollack, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
We found three semiconductor stocks with the help of our Zacks Stock Screener that investors might want to consider buying for 2020...
The bullish trends in the S&P 500 index will likely continue heading into the New Year powered by the Fed's accommodative interest-rate policy and a resilient domestic economy.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.European shoppers who waited until now to buy the latest Echo voice speakers for Christmas are out of luck. And not even a Prime membership can help them.Amazon.com Inc.’s new generation of Alexa devices has sold out in parts of Europe and won’t be available again until the new year, according to the retailer’s websites in various countries. The same thing happened last year when various models became unavailable in North America and Europe the week before the holiday.While “sellout” headlines can generate buzz for new products, highlighting how a hot product is flying off the shelves, the Echo speakers are an important part of Amazon’s sales strategy. The relatively modestly priced devices are seen as a way to rope users into the company’s ecosystem of products, and they face rising competition from other traditional leading consumer electronics brands, such as Apple Inc. and Samsung Electronics Co.Customers trying to order third-generation Echo speakers on the U.K. website on Wednesday were told that they won’t be able to receive their order until sometime between Dec. 25 and Jan. 2, depending on the color. A listing for the Echo Dot, a hockey-puck-sized speaker that sells for 24.99 pounds ($32.85), said it’s out of stock until Dec. 20 or later.French, Spanish and German shoppers looking for an Echo are out of luck until January. The Dot appears to be back in stock a few days before Christmas, but won’t necessarily make it to the proper destination before the holiday.The beefed-up Echo Studio, a higher-end speaker aimed at music lovers that retails for 190 pounds in Britain, is also out of stock until the new year in those markets. The Echo Show, which has a video screen, is still in stock.Read more about the new line of Alexa devices here.A spokesman for Amazon didn’t have an immediate comment.Echo speakers are still available in the U.S. and customers can find some in Europe from third-party retailers. \--With assistance from Natalia Drozdiak, Rodrigo Orihuela and Helene Fouquet.To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hello from Washington, where I’ve just finished watching Speaker Nancy Pelosi’s news conference on her deal with Donald Trump to allow congressional ratification of USMCA. For all of his bluster and protectionism, has Trump now forged a new domestic consensus over the rules of open trade?
(Bloomberg) -- Want to receive this post in your inbox every morning? Sign up hereFed day, the first day of trading for the world's biggest listed stock and the last day of campaigning for the U.K. election. Here are some of the things people in markets are talking about today.Decision dayNot a single economist surveyed by Bloomberg expects the Federal Reserve to announce a change in interest rates at 2:00 p.m. Eastern Time today. For investors the decision will be all about the outlook, with the Federal Open Market Committee updating its rate forecast through 2022. Chairman Jerome Powell will give a press conference at 2:30 p.m. where he is expected to maintain his recent upbeat tone economic expansion. Biggest everSaudi Aramco successfully became the world’s most valuable public company after raising $25.6 billion in its record IPO and jumping by the daily 10% limit when the stock started trading this morning, giving the oil producer a market valuation of $1.88 trillion. The decision to list on the Riyadh stock exchange pushed the regional bourse into the world’s top 10. There are a lot of unusual things about the IPO, not least of which is the tiny free-float that will give shareholders little or no say over how the company is run. Last dayParty leaders in the U.K. are touring marginal constituencies on the final day of campaigning ahead of tomorrow’s election. A key poll released yesterday showed that while Prime Minister Boris Johnson remains on track for an overall majority, his lead is shrinking. The pound dropped after the survey was released. Anti-Brexit campaigners are putting their efforts into a tactical vote campaign in the hopes of stopping Johnson’s Conservative Party gaining a majority. Markets mixed Equity investors are not making any big decisions as they wait for trade, monetary and political events to play out over the next few days. Overnight, the MSCI Asia Pacific Index gained 0.3% while Japan’s Topix index closed 0.3% lower. In Europe, the Stoxx 600 Index had slid 0.2% by 5:50 a.m. in a fairly subdued session so far. S&P 500 futures pointed to a small loss at the open, the 10-year Treasury yield was at 1.816% and gold was higher. Coming up…U.S. inflation is expected to have picked up to 2% in November, with the core reading remaining unchanged at 2.3% when the data is published at 8:30 a.m. The U.S. crude oil inventory report is released at 10:30 a.m. As well as the Fed decision at 2:00 p.m., the U.S. November budget statement is published. Among the companies reporting earnings today are Lululemon Athletica Inc., American Eagle Outfitters Inc. and United Natural Foods Inc. What we've been readingThis is what's caught our eye over the last 24 hours.Traders buy hedges “like the world is about to end.” The $11 trillion emerging-markets rally has big backing for 2020. China’s curing cancer faster and cheaper than anywhere else. Swiss stocks may be boring but they are matching the S&P 500. Ken Griffin has another money machine to rival his hedge fund. Apple’s new Mac Pro can cost $52,000. That’s without the $400 wheels. Is Earth getting bigger over time?To contact the author of this story: Lorcan Roche Kelly in Dublin at email@example.comTo contact the editor responsible for this story: Cecile Gutscher at firstname.lastname@example.org, Sid VermaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Bids for Saudi Aramco’s shares in the pre-market auction are at 35.2 riyals, according to data on Bloomberg. That’s an increase of 10%, the daily limit.The Saudi stock exchange is holding an opening auction for the shares from 9:30 a.m. to 10:30 a.m. local time, 30 minutes longer than usual. Continuous trading will start after that, with price changes limited to 10% up or down.Aramco raised $25.6 billion in the biggest-ever IPO, selling shares at 32 riyals each and valuing the company at $1.7 trillion, overtaking Microsoft Corp. and Apple Inc. as the most valuable listed company.The start of trading in Riyadh marks the end of a near four-year saga that’s been intertwined with Crown Prince Mohammed bin Salman’s rise to global prominence and his Vision 2030 plan to reform the Saudi economy. First announced in an interview with Economist in January 2016, the IPO set records, but fell short of the $100 billion international offering with a valuation of $2 trillion that the prince once proposed.To contact the reporter on this story: Shaji Mathew in Dubai at email@example.comTo contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- TikTok owner ByteDance Inc. is testing a new music app in emerging markets as it tries to pull off another global sensation akin to its viral video-sharing service.Called Resso, the new app is now available in India and Indonesia, two of Asia’s most populous countries and places already keenly familiar with TikTok. Since an initial launch six months ago, Resso has been installed by about 27,000 users across the iOS App Store and Google Play, according to data compiled by Sensor Tower, which said the numbers indicate promotion of the app began in earnest at the end of November.ByteDance, the world’s most valuable startup, has been quietly developing the app to challenge the likes of Spotify and Apple Music in countries where paid music services have yet to garner large audiences.“The dilemma for all three companies is how to monetize a price-sensitive user base with low relative incomes,” said Michael Norris, research and strategy manager at Shanghai-based consultancy AgencyChina. “At the moment, it’s a race for active users in the developing world. Commercial realities will be put aside, at least for now.”Unlike Spotify, Resso displays real-time lyrics and lets users post their comments under individual songs. They can also generate music-accompanied GIFs and videos, emulating a favorite feature of TikTok. The app offers a monthly paid subscription service, which costs 119 rupees ($1.70) in India, the same as Spotify. Premium Resso users will be able to download music and listen ad-free.The Beijing-based company has secured rights from Indian labels T-Series and Times Music, Bloomberg News previously reported.A TikTok Craze Is Minting Celebrities and Ruining Lives in IndiaYet there are still no rights deals with the world’s three largest music companies -- Warner Music Group Corp., Universal Music Group and Sony Music Entertainment -- which control the vast majority of popular music and whose catalogs would be crucial for Resso to catch on globally, according to people familiar with the matter.Record companies credit TikTok with minting a new generation of music stars, including Lil Nas X, the singer of “Old Town Road.” As it has attracted hundreds of millions of users with their music, however, those companies are now demanding ByteDance increase the licensing fees it pays.“Resso is currently in a beta testing phase,” a Resso representative said in a statement. “We are optimistic about its long-term prospects but we are still very early in the process and only in a limited number of developing markets.”ByteDance was valued at $75 billion last year in part because investors are confident about its reputation as a mobile app factory. But the seven-year-old startup is still on the lookout for its next major breakout hit after TikTok and news aggregator Toutiao, its first signature app. With the paid music app, ByteDance is also looking to expand its revenue stream beyond advertising to counter a slowing home economy that has dampened advertisers’ appetites.A rare global feat for a Chinese internet company, TikTok has been installed nearly 1.5 billion times since launching in 2017. New U.S. users grew 38% to 11.6 million in the third quarter, according to Sensor Tower, up from 8.4 million a year earlier.But its Chinese ownership has become a lightning rod for criticism as tensions rise between the U.S. and China over trade and technology. American politicians and teen users alike have expressed concerns about the app’s handling of user data and censorship of politically-sensitive expression.Testing out Resso in its chosen markets gives ByteDance the breathing room to scale up the service slowly and out of the intense spotlight that’s placed on its other services.(Updates with analyst comment in fourth paragraph)\--With assistance from Muneeza Naqvi.To contact the reporters on this story: Zheping Huang in Hong Kong at email@example.com;Lucas Shaw in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investors have been trading Apple shares up on the notion that its services are the future of the business, but its hardware is still driving the growth.
The biggest news from last week is Google CEO Sundar Pichai taking over as CEO of Alphabet as well, and it was accompanied by other news covering labor trouble, European taxes, Verily and Waymo.
Articles of impeachment against Trump. House Democrats support the new U.S., Mexico, and Canada trade deal. What's next on the U.S.-China trade war front. Some quarterly earnings news. And why Tilly's is a Zacks Rank 1 (Strong Buy) stock...
(Bloomberg) -- Apple Inc. started selling its new Mac Pro desktop computer on Tuesday, complete with eye-watering pricing options that can push the cost north of $50,000.The new machine, built in Austin, Texas after Apple got tariff relief from the Trump administration, starts at $5,999 for specifications that some programmers, video editors, and photographers might consider measly. Fully loaded, the computer costs more than $52,000, and that’s excluding the optional $400 wheels for easily moving the machine around an office.For some professional users, the cost of Apple’s new computer is just part of doing business. But for most consumers, the Mac Pro’s price is shocking. As one of the most expensive personal computers in the world, some Apple users quickly compared the cost to a car.The base product includes 256 gigabytes of storage, low for professional computers in the same price range. A 4 terabyte option is an extra $1,400. An 8 terabyte upgrade is coming later, according to Apple’s website, but pricing hasn’t been announced.To increase the computer’s RAM memory from 32 gigabytes to 1.5 terabytes is $25,000 extra, the main reason the price can exceed $52,000. Apple said a version of the Mac Pro designed to be racked in data centers costs an extra $500 and will launch later. The Mac Pro does not include a display. Apple put a new Pro Display XDR on sale Tuesday for $4,999.The Mac Pro’s pricing first came into focus in June when the company announced the product and said that a stand to hold the new monitor would cost an extra $999.The company also said on Tuesday that it is doubling the cash-back offer for the Apple Card on Apple hardware purchases to 6% until the end of the year. That could make such purchases just a little easier.To contact the reporter on this story: Mark Gurman in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Apple Inc. and Facebook Inc. clashed again with Washington over law enforcement access to encrypted data.In a Senate hearing on Tuesday, lawmakers on both sides of the aisle pushed the companies to let the police and other authorities access personal data that lies behind encryption on devices and technology platforms. Senators threatened to legislate if the private sector doesn’t offer solutions on its own.Republican Lindsey Graham, chairman of the Senate Judiciary Committee and a top ally of President Donald Trump, said the government should be able to search phones if it has a warrant. “I hope the tech community working with law enforcement can find a way to do it. If you all don’t, we will.” Such access increasingly requires company assistance now that many mobile messaging services encrypt user communications by default.“I am determined to see that there is a way that phones can be unlocked when major crimes are committed,” said Senator Dianne Feinstein, the top Democrat on the committee. “We need to take action.”Facebook wrote to U.S. Attorney General William Barr and top officials in the U.K. and Australia this week to reject their call for so-called backdoors into data, which the company said would expose users to hackers and repressive regimes.“It is simply impossible to create such a backdoor for one purpose and not expect others to try and open it,” Facebook executives Will Cathcart and Stan Chudnovsky wrote in the letter. “That is not something we are prepared to do.”Big tech companies contend that strong encryption on their devices and services, without a backdoor that could be exploited for bad purposes, is vital for the security of their products.“Encryption is the underlying technology providing information security in all modern systems,” Erik Neuenschwander, manager of user privacy at Apple, said in prepared testimony. “We do not know of a way to deploy encryption that provides access only for the good guys without making it easier for the bad guys to break in.”Tech companies and governments have clashed for years over balancing law enforcement access and user privacy, most famously when the U.S. sought access to an iPhone from a terrorist who carried out a deadly shooting spree in San Bernardino, California, in 2015. Apple refused to help, and the FBI eventually was able to hack into the handset.Discussions and debate have continued with little progress. Barr escalated the tension in October when he and officials from the U.K. and Australia pushed Facebook to stop plans for end-to-end encryption of messaging applications such as WhatsApp and Messenger until the countries can ensure lawful access to user communications.The letter from Cathcart and Chudnovsky, released by Facebook on Tuesday, was a response to Barr’s message. The company wants to encrypt its messaging services as part of a plan that emphasizes direct communication between users instead of public and group postings. The move would make it effectively impossible for Facebook to hand over user messages to law enforcement, or proactively scan for dangerous or illegal activity, the company has said, although it emphasizes it’s working on other ways to combat threats.To contact the reporters on this story: Alyza Sebenius in Washington at firstname.lastname@example.org;Ben Brody in Washington, D.C. at email@example.comTo contact the editors responsible for this story: Andrew Martin at firstname.lastname@example.org, Alistair Barr, Larry LiebertFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.