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International Business Machines Corporation
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Eaton Corporation plc
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Keysight Technologies, Inc.
CNH Industrial N.V.
International Flavors & Fragrances Inc.
Yahoo Finance Editor-in-Chief Andy Serwer sits down with Ford Foundation president, Darren Walker.
(Bloomberg) -- Count billionaire Jeffrey Gundlach among the finance-industry titans taking note of presidential candidate Pete Buttigieg.“Mayor Pete killed it tonight,” tweeted Gundlach, whose DoubleLine Capital oversees more than $140 billion, after Wednesday night’s Democratic debate.He joins fellow billionaire investors Paul Tudor Jones, Michael Novogratz and Blackstone Group Inc. Vice Chairman Tony James in showing support for -- or at least being impressed by -- the 37-year-old mayor of South Bend, Indiana. Novogratz, a former Goldman Sachs Group Inc. partner, has said he likes Buttigieg even if he’s skeptical he can win, and Jones, founder of Tudor Investment Corp., has called the candidate “my man.”Buttigieg, a former McKinsey & Co. consultant once considered a long-shot candidate, is the emerging front-runner in Iowa, the first caucus state, with a 7 percentage-point lead over the pack, according to RealClear Politics. He received high marks for his debate performance in Atlanta on Wednesday as scrutiny increased along with his poll numbers.A moderate candidate such as Buttigieg may prove more enticing than progressives such as Senators Elizabeth Warren and Bernie Sanders as Democratic voters seek a viable opponent to President Donald Trump in 2020, particularly among swing voters who will play a crucial role in the general election.Wall Street in particular has plenty of reason to be turned off by Democratic candidates on the far left. Sanders and Warren -- both of whom have spurned donations from private, large-dollar fundraisers -- have called for tighter bank regulations and higher taxes on the wealthy, and repeatedly attacked big financial firms and their executives, with billionaires Leon Cooperman and Lloyd Blankfein called out by name in a recent Warren campaign ad.Gundlach was among the few money managers to predict Trump’s victory in the 2016 election. These days, he frequently criticizes the president’s economic policies, such as driving up the federal deficit. Asked to elaborate on his post-debate tweet, Gundlach said it shouldn’t be read as a Buttigieg endorsement.“I have never endorsed a political candidate,” he said Thursday in an emailed statement. “I am not doing so now nor will I in the 2020 presidential race.”He has criticized the prospects for other Democratic candidates, including Warren, former Vice President Joe Biden, Senators Kamala Harris and Cory Booker, and former Massachusetts Governor Deval Patrick. Wednesday’s tweet was Gundlach’s second favorable one about Buttigieg this month, though the last was more equivocal.“Mayor Pete is very smart,” Gundlach wrote on Nov. 7. “His Hunger Games ‘let them kill each other’ strategy is perfect. Can you name a single policy Pete’s advocating?”(Updates with Gundlach comments in seventh, eighth paragraphs.)\--With assistance from Amanda Gordon and Sonali Basak.To contact the reporter on this story: John Gittelsohn in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Mamudi at email@example.com, Daniel Taub, Alan GoldsteinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Charles Schwab Corp.’s reported plan to buy TD Ameritrade Holding Corp. for $26 billion is proving a boon for the fortunes anchored by two of America’s biggest brokerages.TD Ameritrade founder Joe Ricketts is set to add $400 million to his $2.4 billion net worth after his firm’s shares rose 21% in Thursday. Charles Schwab’s $8.8 billion fortune will increase by about $500 million based on his company’s gains. The deal is worse news for Thomas Peterffy, chairman of rival Interactive Brokers Group Inc., whose net worth was down about $100 million at 11:50 a.m. in New York.The transaction could be announced as early as Thursday, according to a person familiar with the matter. It would create a firm with roughly $5 trillion in combined assets, consolidating an industry under pressure from a price war that escalated when Schwab last month announced plans to eliminate commissions for U.S. stocks, exchange traded funds and options.The combination may pose a threat to fund managers such as Vanguard Group Inc. and BlackRock Inc., according to Bill Capuzzi, chief executive officer of Apex Clearing, a custodian that focuses on fintech firms.“It signals Schwab is going to continue to lean really hard into the advisory side,” he said. “A gigantic percentage of the advisory world will be leveraging one firm for passive custody and clearing services.”For Schwab, the net worth gain may be particularly sweet. In an October interview, he criticized wealth taxes like those proposed by Democratic presidential candidates Bernie Sanders and Elizabeth Warren as a “negative reward for success.”Other winners from the potential acquisition include Toronto-Dominion Bank, which owns 43% of TD Ameritrade, and Canadian insurer Sun Life Financial Inc. with a 3.9% position as of Sept. 30. Generation Investment Management LLP, the firm co-founded by former U.S. Vice President Al Gore, owned a 2% stake in Schwab at the end of the third quarter.(Updates net worth totals in second paragraph, adds Apex CEO’s comment in fourth.)To contact the reporter on this story: Tom Metcalf in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, ;Michael J. Moore at firstname.lastname@example.org, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Adobe Inc. said new features are coming to its Photoshop for iPad application, responding to criticism that the first version lacked basic functions users expected would be retained from the desktop model of the best-selling image-editing software.The company said Thursday that before the end of the year it would add a Select Subject mode, which uses artificial intelligence to automatically identify and select a subject in an image, and an upgraded version of the Cloud documents function, which synchronizes Photoshop files between the desktop and iPad apps. In the first half of 2020, Photoshop for iPad will get support for Curves, which adjusts the color of an image, and improvements to layers, brush sensitivity, the ability to rotate the canvas and integration with the Lightroom app, the company said in a blog post.Adobe didn’t address other missing elements that users have complained about, including RAW image editing and smart objects. Bloomberg News reported earlier this year that beta testers of Photoshop for iPad said the app was far more watered down than expected.Earlier this month, Scott Belsky, chief product officer of Adobe’s Creative Cloud division, tweeted about the “painful” early reviews for a product his team has worked on for years. Right now in Apple’s App Store, Photoshop for iPad has a user review rating of two of five stars.Adobe is trying to move its most successful software franchises to mobile devices as a way to boost revenue and maintain its stature as the world’s largest maker of creative software. The San Jose, California-based company also recently said it will bring Illustrator to the iPad in 2020.While the apps cater to creative professionals seeking the ability to work on the go, Adobe also is trying to expand the appeal of its photo-editing and illustration software to hobbyists.To contact the reporters on this story: Mark Gurman in San Francisco at email@example.com;Nico Grant in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Andrew Pollack, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Keysight's (KEYS) fiscal fourth-quarter results are likely to reflect robust adoption of electronic design and test instrumentation systems amid concerns over Huawei blacklisting and trade war.
HP's (HPQ) fourth-quarter fiscal 2019 results are likely to reflect high demand in the commercial PC market. However, weakness in the Printing business might have posed a threat to the stock.
Dell's (DELL) third-quarter fiscal 2020 results are expected to reflect its dominant position in the enterprise IT solutions market and PC market share gain.
While Intelsat (I) shares tank on the news of probable public auctioning of C-Band spectrum, Vodafone (VOD) is gearing up to shift its data to Google Cloud.
American Electric's (AEP) strong liquidity position, supported by its revolving credit facility, enables it to finance upcoming initiatives.
Qualcomm (QCOM) is trying to retain its leadership in 5G, chipset market and mobile connectivity with several technological achievements.
(Bloomberg) -- Farris and Dan Wilks hit pay dirt during the shale boom when they sold their Texas fracking company in 2011 for $3.5 billion, giving them ample resources to fund their interests in land, politics and religion.But many of their more recent investments in the Permian Basin have turned to dust.The brothers put some of their fortune into Cisco, Texas-based Wilks Brothers LLC to invest in various businesses, including natural gas producer Approach Resources Inc. The shale driller sought bankruptcy protection Monday after 4 1/2 years of losses, erasing more than $110 million of the Wilkses’ wealth.That follows the recent implosion of at least two other firms in which they invested -- Alta Mesa Resources Inc. and Halcon Resources Corp. -- after the shale boom went bust for explorers that piled on debt as gluts of crude and gas depressed prices.Eight of the 10 biggest holdings in a portfolio spanning more than 50 investments have dropped since June 2018, when they were worth almost $1 billion. In a filing last week, they reported stakes in just seven entities worth a total of only $35.7 million. The combined value of those remaining holdings plunged by $171.2 million, or 88%, since they were initially disclosed.The brothers didn’t reply to messages seeking comment. Morgan Neff, Wilks Brothers’ chief investment officer, left this month after more than four years on the job, according to his LinkedIn profile. He didn’t respond to a message seeking comment.Father’s FootstepsThe brothers make unlikely billionaires. They followed in their father’s footsteps to become masons in a rural swath of North Texas and used insights about manipulating stone in 2002 to create Frac Tech Holdings, which combines high-pressure jets of water, sand and chemicals to smash oil- and gas-soaked rocks miles underground.Shale impresario Aubrey McClendon’s Chesapeake Energy Corp. bought a 25.8% stake in Frac Tech at the height of the shale gas frenzy in 2006, helping turn it into the world’s fourth-largest fracking firm. Five years later, the Wilkses sold their remaining 74.2% holding of Frac Tech to a consortium led by Singapore’s Temasek Holdings Pte for $3.5 billion.The brothers used their fortunes to purchase hundreds of thousands of acres of ranch land in five states. They became the top property owners in Montana and Idaho, according to the Land Report, and faced criticism for gating roads previously open to the public in Boise National Forest. An expanse of more than 11,000 acres around one closed road is now on the market for $10.3 million.See also: Here’s who owns the most land in AmericaThey’ve also invested heavily in Republican politics, including support for President Donald Trump. In 2016, the Wilkses set up a super-PAC with $15 million of their own money to support the presidential campaign of U.S. Senator Ted Cruz. This year, they each contributed $50,000 to the Trump Victory PAC and $44,400 to the Republican National Committee, according to Federal Election Commission records.Church LeaderFarris Wilks was the long-time leader of the Assembly of Yahweh, a nondenominational church outside of Fort Worth that was founded by his grandfather. Its congregants observe the Sabbath on Saturday and adhere to kosher dietary rules. Farris has preached against homosexuality and abortion, according to a 2015 Reuters report. As for climate change, he told congregants in a 2013 sermon that it’s God’s will.Even after the oil-market crash of 2014-2016, the brothers continued to invest in Permian Basin explorers and related industries such as companies that supply sand and other materials used in fracking the region’s vast shale formations.Although oil prices have rebounded since, they haven’t fully recovered as an overabundance of crude has overwhelmed local pipeline capacity, gutting profits and cash flows.Things were even worse for companies with wells that produced a lot of natural gas: a massive oversupply of the fuel forced some West Texas drillers to choose between shutting down production or accepting negative pricing -- effectively paying someone else to take their gas.The Wilkses’ post-crash investment optimism has proven to be misplaced.Carbo Ceramics Inc., the Houston-based frack-sand supplier that counts the duo as it’s second-biggest investor, warned this month that it may fail as a going concern after its biggest customer halted purchases. The stock has plunged 72% since the Nov. 8 announcement.Carbo and other oilfield-services companies are seeing demand evaporate as explorers rein in spending to mollify investors insisting they prioritize shareholder returns over production growth.Still, the brothers do have at least one big advantage, said Neal Dingmann, an analyst at SunTrust Robinson Humphrey.“Time is one their side,” he said. “If they had bought this on private equity’s dollar they would be on the clock. Because this is their own money, then they’re on their own time frame.”(Updates with money manager’s departure in sixth paragraph.)\--With assistance from David Wethe, Rachel Adams-Heard and Suzanne Woolley.To contact the reporters on this story: Emma Vickers in New York at firstname.lastname@example.org;Joe Carroll in Houston at email@example.com;Tom Maloney in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, ;Simon Casey at firstname.lastname@example.org, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
VMware's (VMW) third-quarter fiscal 2020 results are expected to reflect continued enterprise deal wins, portfolio strength and partnerships with the likes of AWS and IBM.
Amid solid demand for biotech real estate, Alexandria's (ARE) latest developments come as part of its strategic focus on expanding in San Carlos.