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Wilbur Ross and Ivanka Trump tout women's prison program that teaches coding

Commerce Secretary Wilbur Ross and Ivanka Trump are fighting the “lock them up and throw away the key” school of thinking when it comes to Americans who run afoul of the law.

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  Stock market news: December 6, 2019

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  Stock Market Live Updates: Wall Street ends choppy week on a high note after 'wild' November jobs report

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The 16 most innovative new companies of the 2010s

The past decade saw a ton of innovation from incumbent companies — like Amazon, Google, and Facebook. But new companies emerged as well and made their mark.

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  20 businesses that died in the 2010s

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Robots in Finance Could Wipe Out Some of Its Highest-Paying Jobs

(Bloomberg) -- Robots have replaced thousands of routine jobs on Wall Street. Now, they’re coming for higher-ups.That’s the contention of Marcos Lopez de Prado, a Cornell University professor and the former head of machine learning at AQR Capital Management LLC, who testified in Washington on Friday about the impact of artificial intelligence on capital markets and jobs. The use of algorithms in electronic markets has automated the jobs of tens of thousands of execution traders worldwide, and it’s also displaced people who model prices and risk or build investment portfolios, he said.“Financial machine learning creates a number of challenges for the 6.14 million people employed in the finance and insurance industry, many of whom will lose their jobs -- not necessarily because they are replaced by machines, but because they are not trained to work alongside algorithms,” Lopez de Prado told the U.S. House Committee on Financial Services.During the almost two-hour hearing, lawmakers asked experts about racial and gender bias in AI, competition for highly skilled technology workers, and the challenges of regulating increasingly complex, data-driven financial markets.Other comments from the hearing:Kirsten Wegner, chief executive officer, Modern Markets Initiative:“As bad actors become more sophisticated, it is vital that financial regulators have the funding resources, technological capacity and access to AI and automated technologies to be a strong and effective cop on the beat.”Martina Rejsjö, head of Nasdaq Surveillance North America Equities, Nasdaq Inc.:Nasdaq runs more than 40 different algorithms, using about 35,000 parameters, to look for market abuse and manipulation in real time.“The massive and, in many cases, exponential growth in market data is a significant challenge for surveillance professionals,” she said. “Market abuse attempts have become more sophisticated, putting more pressure on surveillance teams to find the proverbial needle in the data haystack.”Rebecca Fender, senior director, CFA Institute:Forty-three percent of CFA members and candidates expect their roles to change significantly in the next five to 10 years, according to a survey of more than 3,800 respondents. The three roles most likely to disappear are sales agents, traders and performance analysts.Charlton McIlwain, professor of media, culture and communication at New York University:“Racial groups that are already extremely underrepresented in the financial services industry will be most at risk in terms of automation and the escalation of fintech development. This is especially true given the vast underrepresentation of African-Americans and Latinx in the adjacent technology sector workforce.”To contact the reporter on this story: Lananh Nguyen in New York at lnguyen35@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

Stocks Rally as Traders Cheer U.S. Economic Data: Markets Wrap

(Bloomberg) -- Stocks rallied around the globe and Treasuries fell as better-than-expected data bolstered confidence in the world’s largest economy.The S&P 500 Index extended its advance into a third day after reports showed payrolls jumped 266,000 -- the most since January -- as wages beat estimates while consumer sentiment increased. Energy, financial and industrial shares led gains in the equity gauge, which posted its biggest rally in five weeks. The dollar rose, and Treasury 10-year yields traded above 1.8%. Oil surged.Investors pushed up the value of risk assets on the assumption that the American economy isn’t close to signaling a recession -- a fear that’s been lurking amid a trade war. While negotiators are near phase one of a broader accord and “progress has been made,” they haven’t yet put anything in writing, said White House economic adviser Larry Kudlow. Strong economic reports may reduce the urgency for a deal, given that escalating levies have failed to significantly dent growth. They also validate Federal Reserve Chairman Jerome Powell’s view that rates can stay on hold after three cuts.“For the equity market, it provides some encouragement that the U.S. is certainly not heading for a hard landing,” said James McCann, senior global economist at Aberdeen Standard Investments. “As we head into next year, the prospect for earnings still remains pretty healthy based on a still well-supported consumer backdrop.”Read: Wall Street Scraps Recession Assumptions After Robust Jobs DataStocks got whipsawed this week on conflicting signs of progress in trade negotiations between the world’s two largest economies. China said Friday it’s in the process of waiving retaliatory tariffs on imports of U.S. pork and soy by domestic companies -- a procedural step that may also signal a broader trade agreement is drawing closer. President Donald Trump has threatened to impose tariffs on Chinese imports if an accord isn’t reached by Dec. 15, which Kudlow said could still happen.Elsewhere, oil climbed as Saudi Arabia surprised the market by promising significant additional production cuts beyond what was agreed with fellow OPEC+ members. The euro fell after data showed Germany’s industrial slump unexpectedly deepened in October.Some corporate highlights:Apple Inc. jumped to a record high.Big Lots Inc. soared on its bullish view for next year.Ulta Beauty Inc. surged after delivering what analysts called “better-than-feared” results.Ciena Corp. tumbled after UBS recommended selling the stock ahead of next week’s earnings.These are some of the main moves in markets:StocksThe S&P 500 climbed 0.9% to 3,145.90 at 4 p.m. New York time.The Stoxx Europe 600 Index increased 1.2%.The MSCI Asia Pacific Index rose 0.5%.CurrenciesThe Bloomberg Dollar Spot Index added 0.1%.The euro dipped 0.4% to $1.106.The Japanese yen appreciated 0.2% to 108.57 per dollar.BondsThe yield on 10-year Treasuries rose three basis points to 1.84%.Germany’s 10-year yield climbed one basis point to -0.29%.Britain’s 10-year yield fell less than one basis point to 0.772%.CommoditiesThe Bloomberg Commodity Index climbed 0.2%.West Texas Intermediate crude climbed to $59.20 a barrel.Gold declined 1.2% to $1,465.10 an ounce.\--With assistance from Cormac Mullen, Eddie van der Walt, Sam Potter and Yakob Peterseil.To contact the reporters on this story: Rita Nazareth in New York at rnazareth@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

Buy Apple (AAPL) Stock on Analyst Optimism Heading into 2020?

Apple (AAPL) closed up over 1.4% Thursday after a Citi analyst predicted the iPhone maker to outperform this upcoming holiday season.

2019 was the Year of the "Chicken Wars"

2019 has been a big year for fast-food chicken, with the "chicken wars" turning from mild to spicy. Will you be trying any of the fried chicken sandwich options?

Big change to Netflix subscriptions

Has Netflix axed its 30-day free trials?

Oil Jumps On ‘’Saudi Surprise’’

Oil prices rose on Friday morning, fueled by optimism about the new OPEC+ deal and the Saudi promise to, once again, overcomply with their production quota

Masters of the Universe Are Taking Over Your Local Sports Teams

(Bloomberg) -- If Steve Cohen’s bid for the New York Mets succeeds, he’ll find himself in familiar company.Hedge fund managers and private equity titans are an increasingly common sight in the owners’ boxes of Major League Baseball teams, including former trader John Henry at Boston’s Fenway Park, Guggenheim Partners’ Mark Walter at Dodger Stadium and Crescent Capital’s Mark Attanasio at Miller Park in Milwaukee.And it’s not just America’s Pastime. Pro football franchises, basketball teams and soccer clubs also are attracting the financial elite. Last year, David Tepper bought the NFL’s Carolina Panthers. The principal owner of the NBA’s Golden State Warriors is former venture capitalist Joe Lacob, while Platinum Equity founder Tom Gores owns the Detroit Pistons.“One of the great sources of the kind of liquid capital you need to buy a sports team are people in the finance industry,” said Marc Ganis, president of consulting firm Sportscorp Ltd. “Tepper could simply write the check for the Carolina Panthers. Literally write the check. And Steve Cohen is the same.”The lure is no longer just the prospect of owning a trophy asset or hanging out with famous athletes, although that still resonates. These days there’s also a cold-eyed appraisal of teams as an increasingly astute financial bet, backed by a mix of real estate, media and technology.“Steve is a consummate businessperson who will bring insights to the way the sport is evolving to the team management,” Leo Hindery, founder and former chief executive officer of the Yankees’ broadcast network, said of the hedge fund titan in an interview this week.Cohen’s proposed bid underlines the astronomical cost of teams in major markets these days. Fred Wilpon, the Met’s principal owner, made his money in real estate. He assumed control of the franchise in 2002 at a valuation of just $391 million.Cohen — one of the most successful hedge fund managers in history with a net worth in excess of $9 billion, according to the Bloomberg Billionaires Index — is negotiating to buy an 80% stake that values the team at a league-record $2.6 billion. That’s a 550% increase in less than two decades.Jerry Richardson paid about $200 million in 1993 for the rights to start the Panthers. Tepper, founder of Appaloosa Management, paid $2.3 billion for the franchise last year. The Milwaukee Bucks, worth $18 million in 1985, fetched $550 million when the NBA team was sold to Marc Lasry and Wes Edens in 2014.It’s a similar story with soccer. The enterprise value of the 32 most prominent European clubs increased to $41 billion at the start of 2019, up 35% from three years earlier, according to a KPMG report.Finance is the source of 106 fortunes on the Bloomberg index, a ranking of the world’s 500 richest people. That’s about double the number of those who made their money from technology. Outside of the top 500 are scores more with the means to pay the price tags the biggest sports teams now command.When the Panthers came up for sale, three billionaires with financial backgrounds dominated the bidding war, with Tepper ultimately beating out Ben Navarro, founder of Sherman Financial Group LLC, and investor Alan Kestenbaum.“I don’t want to own a trophy asset,” Kestenbaum said during the bidding. “An investment of this size has to continue to grow in value.”That remains a distinct possibility, even at today’s elevated prices. Long-suffering sports fans — buffeted by ownership changes and rising ticket prices — tend to remain loyal to their teams, while the seemingly evergreen allure of live sports has kept the value of television rights packages buoyant.The appeal is such that it’s not just individuals investing. Last month, private equity firm Silver Lake Management bought a piece of City Football Group Ltd., owner of the Manchester City soccer team, valuing the parent at $5 billion. CVC Capital Partners bought a minority stake in England’s top rugby league last year having previously owned race series Formula One for a decade before selling it to John Malone’s Liberty Media Corp. for $4.4 billion.Owning such illiquid assets requires a high tolerance for risk and a healthy balance sheet. But that’s second nature to many of the mega-wealthy financiers now filling board rooms. For hedge fund executives used to the volatility of capital markets, the limited supply of these teams is appealing. Even when an owner has sold under duress — such as former Los Angeles Clippers owner Donald Sterling or the Panthers’ Richardson — the price they received set records.Plenty of financiers have doubled down on these types of investments. In addition to the Red Sox, Henry owns England’s Liverpool Football Club and half of Nascar’s Roush Fenway Racing team. Major League Soccer’s board of governors agreed Thursday to move forward on the final steps toward granting the latest expansion team to Charlotte, North Carolina. The bid was led by Tepper.His growing taste for sports teams is no surprise to those in the industry.“There’s a competitiveness in the finance sector at the highest levels, which translates very well into the sports industry,” said Ganis, the consultant. “It’s wins, it’s losses, it’s zero sum games. It’s kill or be killed. That has a lot of similarity to the sports industry where at the end of the season there are winners and losers.”\--With assistance from Tom Maloney, Scott Soshnick and Eben Novy-Williams.To contact the author of this story: Tom Metcalf in London at tmetcalf7@bloomberg.netTo contact the editor responsible for this story: Steven Crabill at scrabill@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

5 Cheap Stocks Under $10 to Buy for December Heading into 2020

Today we found five stocks, with the help our Zacks Stock Screener, that are currently trading for under $10 per share that also sport a Zacks Rank 2 (Buy) or better that investors might want to buy in December heading into 2020...