• Stocks drop after China cancels Montana farm trip
    Reuters Videos

    Stocks drop after China cancels Montana farm trip

    A slide in markets Friday, after a low-level Chinese delegation abandoned plans to visit the Montana farmland. That was enough to spark fear among investors that trade talks between the U.S. and China aren't going well, despite reassurances from President Trump, who said negotiations were ongoing. The Dow slid 159 points, while the S&P 500 and Nasdaq moved lower. It was a busy day for Facebook. CEO Mark Zuckerberg wrapped up his three-day trip to Washington, but there were few indications he won over anyone on Capitol Hill. Lawmakers are mulling over the idea of tightening the regulatory screws. Mercadien Asset Management President Ken Kamen. SOUNDBITE (ENGLISH): MERCADIEN ASSET MANAGEMENT PRESIDENT KEN KAMEN, SAYING: "Zuckerberg is on capitol hill to almost beg for the industry's benefit to start getting some regulations so they can get guardrails to know what they can and cannot do. Because now there are so many things that social media is changing in our society, in the world, in our economics, how we live or lives, and you can throw a dart and hit anything that they are doing wrong. So I think that the industry in general is looking to get some guidelines." Facebook is grappling with federal and state investigations over numerous issues ranging from anti-competitve behavior to privacy concerns. On that issue, Facebook announced it has suspended tens of thousand of apps as a result of the probe it's been conducting since the Cambridge Analytica scandal revealed it handed over users' data without permission. Walmart has decided to stop selling e-cigarettes and vaping products at its stores, according to an internal email seen by Reuters. Vaping products have come under scrutiny after reports of vaping-related illnesses and some deaths.

  • iPhone 11 Demand Will Surprise the Street, Analyst Ives Says
    Bloomberg

    iPhone 11 Demand Will Surprise the Street, Analyst Ives Says

    Sep.20 -- Dan Ives, Wedbush Securities analyst, and Bloomberg Businessweek's Max Chafkin discuss consumer enthusiasm over Apple Inc.'s iPhone 11 hitting stores. They speak with Bloomberg's Taylor Riggs on "Bloomberg Technology."

  • Nintendo's $199 Switch Lite packs plenty of power into a small package
    Yahoo Finance

    Nintendo's $199 Switch Lite packs plenty of power into a small package

    The Nintendo Switch Lite is a smaller, lighter, more portable, and less expensive version of the best-selling Switch.

  • Elon Musk’s Twitter Magic is on Despite SEC Troubles
    Market Realist

    Elon Musk’s Twitter Magic is on Despite SEC Troubles

    Tesla (TSLA) CEO Elon Musk is one of the most widely followed billionaires on Twitter. His love for Twitter is no secret.

  • Calculating The Intrinsic Value Of Activision Blizzard, Inc. (NASDAQ:ATVI)
    Simply Wall St.

    Calculating The Intrinsic Value Of Activision Blizzard, Inc. (NASDAQ:ATVI)

    Today we will run through one way of estimating the intrinsic value of Activision Blizzard, Inc. (NASDAQ:ATVI) by...

  • Salesforce.com (CRM) Up 4.7% Since Last Earnings Report: Can It Continue?
    Zacks

    Salesforce.com (CRM) Up 4.7% Since Last Earnings Report: Can It Continue?

    Salesforce.com (CRM) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Kennedy Grandson Takes on Democrat Markey in Massachusetts Race
    Bloomberg

    Kennedy Grandson Takes on Democrat Markey in Massachusetts Race

    (Bloomberg) -- Democratic Representative Joe Kennedy III, a member of one of the most storied political families in U.S. history, on Saturday announced a campaign to unseat Senator Edward Markey in Massachusetts.“Big news: I’m running for US Senate,” Kennedy posted on his Facebook site. “This isn’t a time for waiting, for sitting on the sidelines, or for playing by rules that don’t work anymore. This is the fight of our lives, the fight of my generation — and I’m all in.”The decision sets up a clash between the grandson of Robert F. Kennedy and an incumbent who has spent more than 40 years in Congress. It would pit two of the party’s leading liberal voices in a stark generational fight; Kennedy, 38, was born nearly four years after Markey, 73, was first elected to Congress.To contact the reporter on this story: Laura Litvan in Washington at llitvan@bloomberg.netTo contact the editor responsible for this story: James Ludden at jludden@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bolsonaro Wants to Defuse Amazon Fire Controversy With UN Speech
    Bloomberg

    Bolsonaro Wants to Defuse Amazon Fire Controversy With UN Speech

    (Bloomberg) -- Brazil’s President Jair Bolsonaro heads to New York on Monday in an attempt to defuse the international outcry over the fires raging through the Amazon, while simultaneously asserting the country’s right to develop the rainforest as it sees fit.Until recently, few countries enjoyed such widespread affection as Brazil did, with its tradition of multilateral and “soft power” diplomacy, its unrivaled footballing prowess and vast natural beauty. ButBolsonaro will address the United Nations General Assembly on Tuesday amid global indignation over his government’s handling of the deforestation in the Amazon.Brazil’s government believes the international criticism is unfair, but its actions show that it’s worried, including about the potential economic consequences. Fund managers with more than $16 trillion in assets have demanded action on deforestation, while European lawmakers are lining up to attack the trade deal between the European Union and the South American trade bloc that Brazil leads, Mercosur. Austria’s parliament rejected the agreement on Wednesday.In response, the Bolsonaro administration launched a public relations campaign asserting Brazil’s sovereignty over the Amazon and commitment to protecting and sustainably developing the rainforest. Now the president is taking that message to the UN.Read more: Bolsonaro’s Words Are the Sparks as Brazil’s Farmers Burn Amazonia“The United Nations General Assembly could be a great opportunity for Brazil to present and clarify its foreign policy,” said Sergio Amaral, Brazil’s ambassador to Washington D.C. until earlier this year. It’s also a chance to demonstrate its “commitment to sensitive issues for the international community, like the environment.”The question remains of how Bolsonaro can both calm fears over deforestation while asserting Brazil’s right to develop the Amazon. There’s also the added tension of his likely interaction with French President Emmanuel Macron -- whose wife the Brazilian leader insulted.“I am preparing a fairly objective speech,” the president said on his weekly Facebook live broadcast on Thursday night. “No one is going to fight with anyone, you can rest assured.”In the same breath, however, he said that he’d receive a beating in the press, no matter what he said, and that some countries were more interested in buying up the Amazon than saving it.Government ReactionFor the government the international outcry is vastly disproportionate to the amount of environmental damage.“This has been orchestrated by Brazilian groups that are systematically against the government,” Foreign Minister Ernesto Araujo said in an interview on Sept 3. “They want to use any tools at their disposal to attack the government even if this harms the country.”Environment Minister Ricardo Salles argues that the Bolsonaro administration’s development policies highlight how much previous Brazilian governments failed the 20 million people who live in the Amazon region.“This is the first government that engages in a serious discussion about how to develop the Amazon,” he said. “The worst human development indicators in Brazil are in the Amazon.”Araujo, as well as Institutional Security Minister General Augusto Heleno and Eduardo Bolsonaro, the president’s son and nominee to be Brazil’s next ambassador to Washington D.C., are helping the president to draft his speech.While he may seek to minimize reports of environmental destruction, an emollient address is unlikely, particularly given that Bolsonaro retains the support of the U.S. government in his approach to the Amazon. Given the president’s outspoken nature -- and love of social media -- even a softer tone would probably not last long.“Brazil used to communicate this idea of great sociability,” Andreza dos Santos Souza, the director of the Brazilian Studies Program at Oxford University, said. “These intolerant speeches are changing this perception.”Negative ImpactThe outrage over the Amazon fires clearly has the potential to harm Brazil. Ahead of the G-7 Macron threatened to scrap the EU-Mercosur trade deal over what he described as Bolsonaro’s “lies” over his commitment to climate change.The U.S. clothing company VF Corporation, which owns Timberland, Kipling Bags and The North Face, has suspended Brazilian leather purchases, and Norway’s two biggest investors have warned global companies against contributing to environmental damage. Brazilian embassies have also been targeted by protesters.Fitch Solutions Macro Research, formerly BMI Research, issued two reports warning of “increased scrutiny” and “economic risks” after the fires. “We believe that international concern over deforestation in the Brazilian Amazon basin will create headwinds to export demand and investment inflows,” Fitch wrote.Read more: Amazon Fires Another Warning for Brazil Stocks, JPMorgan SaysFor Amaral, Brazil has rapidly lost its hard-won reputation as a leader on environmental issues. Aside from the blow back from certain countries or corporations, individual consumers may start to reject Brazilian products. “This change is terrible for the country, terrible for the image of the country and for the perception of consumers,” he said.Brazil has fallen four places this year in the global ranking of the Country Brand Index, a measure developed by the Sao Paulo-based global branding consultancy FutureBrand, and now ranks 47th out of 75. The survey was completed in July, before the fires in the Amazon, but took into account the first six months of Bolsonaro’s government.“The Amazon is a very sensitive topic, with huge repercussions, and it comes on top of a number of negative issues associated with Brazil in the past few years,” Daniel Alencar, partner-director of FutureBrand, said. But, he added, a country’s brand is constantly in flux. “No single event is going to destroy the image of Brazil.”\--With assistance from Samy Adghirni.To contact the reporters on this story: Simone Iglesias in Brasília at spiglesias@bloomberg.net;Bruce Douglas in Brasilia Newsroom at bdouglas24@bloomberg.netTo contact the editors responsible for this story: Juan Pablo Spinetto at jspinetto@bloomberg.net, Matthew BristowFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    What do Versace, J Lo and Google have in common?

    Donatella Versace helped build the internet, and now she might just “break” it. to walk the runway in an updated version of the jungle print dress the star wore to the Grammys in 2000. The story behind the original Versace dress is that millions of people went online after the event to search for images of the singer wearing it, making it the most popular search query Google had seen at the time.

  • ETFs in Focus as Netflix Bags Global Rights for Seinfeld
    Zacks

    ETFs in Focus as Netflix Bags Global Rights for Seinfeld

    Netflix boosts its content portfolio with the new show. We highlight the ETFs that can gain from this move.

  • Electronic Arts (EA) Dips More Than Broader Markets: What You Should Know
    Zacks

    Electronic Arts (EA) Dips More Than Broader Markets: What You Should Know

    Electronic Arts (EA) closed at $98.70 in the latest trading session, marking a -0.99% move from the prior day.

  • The Trade Desk (TTD) Dips More Than Broader Markets: What You Should Know
    Zacks

    The Trade Desk (TTD) Dips More Than Broader Markets: What You Should Know

    In the latest trading session, The Trade Desk (TTD) closed at $207.05, marking a -1.58% move from the previous day.

  • Snapchat's Comeback Story
    Zacks

    Snapchat's Comeback Story

    Snapchat is making a comeback in a big way with a resurgence in user growth and ARPU's continuing to raise.

  • Nike (NKE) Q1 2020 Earnings Preview: North America, China and More
    Zacks

    Nike (NKE) Q1 2020 Earnings Preview: North America, China and More

    Nike (NKE) is set to report its first-quarter fiscal 2020 financial results after the closing bell on Tuesday, September 24. So let's see what investors should expect from the sportswear powerhouse...

  • Bloomberg

    Facebook CEO Eases Tensions But Lawmakers Press on Privacy Rules

    (Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg’s Washington charm offensive appeared to ease tensions between the social media giant and U.S. lawmakers critical of its business practices.Most lawmakers described their meetings with the CEO as productive even as they called for new regulations on tech companies that they said would improve users’ experiences and industry competition.“It was a positive and robust discussion on privacy,” Representative Greg Walden, an Oregon Republican, said Friday after his meeting. “They committed to working with the Congress on a strong, nationwide privacy law.”In addition to Walden, Zuckerberg also met on Friday with House Minority Leader Kevin McCarthy and Doug Collins, a Georgia Republican on the Judiciary Committee. He sat down with House Intelligence Chairman Adam Schiff, a California Democrat, and House Judiciary Chairman Jerry Nadler, a Democrat whose committee is investigating the technology industry.On Thursday, Zuckerberg met with President Donald Trump at the White House, according to a Facebook spokesman. Trump’s son-in-law and senior adviser, Jared Kushner, was there along with Dan Scavino, the president’s social media director, Bloomberg reported. Trump later tweeted that it was a “nice meeting.”Zuckerberg spent the past three days defending Facebook’s practices to some of his harshest critics, who say the company isn’t taking strong enough action to prevent voter manipulation on the platform ahead of the 2020 presidential election. They also criticize the company’s handling of user data and treatment of conservative voices on its platform.On Friday, Facebook announced it had suspended “tens of thousands” of third-party apps that were using the company’s developer tools as part of a review the company started following the Cambridge Analytica privacy scandal last year. In response to the growing scrutiny of its platform, Zuckerberg has called for adoption of baseline regulations governing privacy and harmful content online.The prospects that a federal privacy law will pass before the end of 2020 remain low, even though Republicans and Democrats alike say they are negotiating terms of potential legislation.Antitrust PanelZuckerberg on Friday met with Nadler of New York as the Judiciary antitrust subcommittee is investigating competition issues in the technology industry. Last week, the panel sent a letter to Facebook seeking information about its acquisitions as well as communications from Zuckerberg and other executives.Democratic Representative David Cicilline, chairman of the panel’s antitrust subcommittee, said he had a “productive meeting” with Zuckerberg.“It was an opportunity to reaffirm the bipartisan nature of the investigation -- the fact that the chairman and I and our Republican colleagues are very united in this effort,” Cicilline said. “Mr. Zuckerberg made a commitment to cooperate with the investigation.”‘A Wall’A day earlier, Zuckerberg had a testier exchange with Republican Senator Josh Hawley over his company’s record on privacy and safeguarding user data. Hawley said he told Zuckerberg that Facebook should be subject to independent audits of its content reviews and that there should be “a wall” between Facebook and its other platforms, and Zuckerberg said no.“I said to him, ‘Prove that you are serious about data, sell WhatsApp, and sell Instagram.’ That’s what they should do,” Hawley told reporters after a Thursday meeting. “I think it’s safe to say he was not receptive to those suggestions.”Zuckerberg’s visit to the capital also included a dinner on Wednesday with Virginia Senator Mark Warner, the top Democrat on the Intelligence Committee, and Senator Richard Blumenthal, a Connecticut Democrat, along with other lawmakers.The executive didn’t appear to be meeting with government officials conducting other inquiries. The Federal Trade Commission has opened an antitrust probe of the company, and New York is leading a coalition of states in a wide-ranging investigation of the social media giant. In July, Facebook agreed to pay $5 billion to settle FTC allegations it violated users’ privacy.\--With assistance from Steven T. Dennis, Billy House and Daniel Flatley.To contact the reporters on this story: Naomi Nix in Washington at nnix1@bloomberg.net;Daniel Stoller in Washington at dstoller1@bloomberg.net;Rebecca Kern in Washington at rkern21@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, Steve Geimann, Laurie AsséoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Apple’s Mac Pro Tariff Relief Requests Approved Despite Trump Opposition
    Bloomberg

    Apple’s Mac Pro Tariff Relief Requests Approved Despite Trump Opposition

    (Bloomberg) -- Apple Inc. gained U.S. approval to avoid tariffs on Chinese imports for the upcoming Mac Pro computer, even though President Donald Trump indicated the company’s waiver requests would be rejected.Ten of Apple’s 15 requests for exclusions from 25% duties have been approved, according to the U.S. Trade Representative’s office. Customs and Border Protection determined it can administer the waiver from the levies when the goods enter the U.S. On Thursday, Apple’s request to win exemptions for the components had moved to an advanced stage in the approval process.Trump had signaled that relief from tariffs would be rejected, saying in a July 26 tweet that “Apple will not be given Tariff waiver, or relief, for Mac Pro parts that are made in China. Make them in the USA, no Tariffs!”But the president later told reporters “we’ll work it out” and that “I think they’re going to announce they’re going to build a plant in Texas.”Bloomberg reported in June that Apple was shifting production of its new Mac Pro to China from a facility in Texas. The Cupertino, California-based company hasn’t suggested there are plans for new factories in the state, though Apple has said it will expand its local headquarters there.Apple’s requests involved goods that are part of $200 billion in Chinese products hit with tariffs last September. Trump increased the duty on that batch to 25% from 10% in May. The rate is due to rise to 30% on Oct. 15, including on another $50 billion of goods also hit last year.Trump ordered duties on about $300 billion of essentially all remaining Chinese imports starting Sept. 1, but he delayed imposition on some consumer products until Dec. 15. Apple has said those duties would affect nearly all of its major products, including iPhones, iPads, MacBooks, Apple Watches, AirPods and the iMac.Apple had so far asked for exclusions on Mac Pro parts and accessories, as well as its Magic Mouse and Magic Trackpad. Requests for tariff relief for the overall exterior enclosure, the Magic Mouse and Magic Trackpad and some key internal components for the Mac Pro have been approved, while requests for wheels and other components are still under a substantive review by the USTR.Exclusion decisions are based on whether a product is available only from China, is strategically important or related to Chinese industrial programs, and whether duties will “cause severe economic harm” to the company or U.S. interests, the USTR has said.In its 15 requests for exclusions posted July 18, Apple said the devices or components are not related to Chinese industrial programs -- and that “there are no other sources for this proprietary, Apple-designed component.”To contact the reporters on this story: Mark Niquette in Columbus at mniquette@bloomberg.net;Mark Gurman in San Francisco at mgurman1@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, Andrew Pollack, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Amazon’s Rivian Deal: Is the Musk-Bezos Rivalry in Play?
    Market Realist

    Amazon’s Rivian Deal: Is the Musk-Bezos Rivalry in Play?

    Jeff Bezos announced that Amazon had placed an order of 100,000 electric delivery vans from Michigan-based startup Rivian.

  • Apple’s New iPhones Show Signs of Demand; New Store Draws Crowds
    Bloomberg

    Apple’s New iPhones Show Signs of Demand; New Store Draws Crowds

    (Bloomberg) -- Apple Inc.’s latest iPhone models hit the stores on Friday, in a test of whether better cameras and longer battery life will be enough to lure buyers ahead of a much bigger redesign next year.The new line of hardware, including three new phones and an updated Apple Watch and iPads, was introduced on Sept. 10 and customers were able to place preorders last week to either be delivered or picked up in stores today. Long lines snaked around Apple’s flagship on Fifth Avenue in Manhattan as people waited to get in to the gleaming glass cube and descend to the underground space, which as been under renovation for two years and emerged Friday bigger and brighter. Apple Chief Executive Officer Tim Cook was on site for the opening and stood out on the store’s plaza across from Central Park taking selfies with fans.Sam Sheffer had already picked up his green iPhone 11 Pro in Manhattan’s SoHo store Friday morning, waiting in line for less than five minutes. But he went uptown to see the new store and potentially get a glimpse of Cook.“For me, a die-hard enthusiast, I wouldn’t be able to live knowing there was an iPhone I didn’t have,” Sheffer said.Apple shares declined 1.5% to close at $217.73, valuing the company at almost $984 billion.Apple’s latest iPhone faced some hurdles heading in to its annual revamp. Sales of the iconic smartphone have declined in the past three quarters, as prices crept above $1,000 and people hung on to their current models longer. A lack of revolutionary features on this year’s model could keep some fans holding out until 2020, when significantly faster 5G networks and a revamped design will open up new possibilities with the phone. At the same time, a trade war between the U.S. and China is also starting to take a toll.But some early reports from analysts pointed to encouraging signs for Apple. “Demand looks strong out of the gates for Apple as the lines at its flagship NYC store were up about 70% today compared to what we saw last year,” Dan Ives, an analyst at Wedbush Securities wrote in a note to investors. Having talked to customers in line, Ives said there was “strong demand for the base iPhone 11 as well as the 256GB iPhone 11 Pro in both the space grey and gold colors.” Ives said another positive sign for Cupertino, California-based Apple is that the lines were “unwavering into the afternoon.”Apple set the base model price at $699 for the iPhone 11, down from the iPhone XR’s $749 price last year and below some analysts’ expectations. That might help attract some first-time buyers to its expanding entertainment and services ecosystem.Rosenblatt Securities Inc. said it’s seeing “some new model production increases for September and October for the new iPhone models.” Jun Zhang, an analyst at Rosenblatt, wrote that the firm now sees volume increasing by 3 million to 5 million units more than earlier expectations, to 68 million to 70 million units.It may come as a disappointment to those waiting on line on Fifth Avenue, but if they haven’t preordered their phone, they could face a two-to-three week wait, according to Zhang. That’s a longer wait time than the one-to-two weeks for last year’s iPhone XR, but, “there is a lot of inventory at other retailers,” Zhang said.Longbow Research analyst Shawn Harrison said Apple could be seeing a “potential higher floor in iPhone demand,” and that “initial iPhone search trends are positively surprising.”Lines outside Apple stores around the world were typically shorter or non-existent this year, but tourists and customers thronged the Fifth Avenue location. Daniel Akinsulire found himself stuck deep in line on 58th Street, waiting to pick up phones for his family. “I didn’t know it would be this packed,” he said. “I might be late for work.”(Updates with analyst comment in seventh paragraph.)To contact the reporters on this story: Molly Schuetz in New York at mschuetz9@bloomberg.net;Kiley Roache in New York at kroache@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.