|Day's Range||16.66 - 16.66|
What Trump impeachment proceedings? That's the message from the stock market.
(Bloomberg) -- U.S. hedge funds bought shares of Facebook Inc. and Netflix Inc. despite steep declines in the technology darlings during a volatile third quarter.Chase Coleman and David Tepper were among the money managers who increased their Facebook holdings during the three-month stretch that saw the social-media giant fall nearly 8%. Netflix was favored by firms including Lee Ainslie’s Maverick Capital Ltd. and Dan Sundheim’s D1 Capital Partners despite a 27% drop in the three months ending Sept. 30.Hedge fund managers, who have long adored FAANG stocks, had to navigate a tumultuous period. While Amazon.com Inc. also fell, down 8%, Google parent Alphabet Inc. and Apple Inc. both rose more than 13%. At the same time, the S&P 500 index gained 1.2% amid an escalation in the U.S.-China trade war and dovish moves by central bankers.Here are some other notable moves:Harvard University’s endowment added 2 million Facebook shares, bringing the value of its position to roughly $400 million on Sept. 30, and making the company its biggest single U.S. equity holding.Stan Druckenmiller offloaded almost his entire stake in Uber Technologies Inc., selling 2.5 million shares. His Duquesne Family Office took a stake in Shopify Inc.Warren Buffett’s Berkshire Hathaway Inc. announced new common-equity stakes in Occidental Petroleum Corp., which is on top of a preferred stake that was previously disclosed, and home furnishings company RH. The firm trimmed some of its largest stock bets, including Apple, Wells Fargo & Co. and Phillips 66.Viking Global Investors ditched its $1.2 billion stake in UnitedHealth Group Inc. as health-care stocks were hit by politics both in Washington and on the campaign trial.Maverick sold 690,000 shares of managed-care company Humana Inc., which had been the fund’s top U.S. equity position in the second quarter. (It now sits at No. 9).Microsoft Corp. was one of the less popular stocks for the second quarter in a row. Tiger cubs Viking, Coatue Management and Maverick all decreased their holdings in the tech giant as did Duquesne. But the software giant was up more than 3% during that period and has been a top performer this year -- shares have gained almost 46%.\--With assistance from Katherine Chiglinsky, Emma Vickers, Vincent Bielski, Scott Deveau and Michael McDonald.To contact the reporters on this story: Katia Porzecanski in New York at email@example.com;Hema Parmar in New York at firstname.lastname@example.org;Melissa Karsh in New York at email@example.comTo contact the editors responsible for this story: Sam Mamudi at firstname.lastname@example.org, Alan MirabellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Facebook VP John Tenanes cited Hudson Yards' "access to arts, culture, media and commerce" as a deciding factor.
Technology giants are showing a heightened interest in the financial-services industry as they see Chinese tech companies succeeding in payments, an area that could be lucrative for data collection.
He will be working on a new futuristic effort while still retaining a lesser role at the social-media giant.
Facebook Inc. pulled tens of millions of user posts that violated its terms of service in the past six months, according to its biannual transparency report on Wednesday. This has become a customary company announcement, just like a quarterly earnings report. What is new is the addition of data from Instagram for the first time that underscores the depth of content violations on the photo-sharing app.
Hudson Yards is a $25 billion complex of commercial and residential skyscrapers built on Manhattan's far west side above the rail yards. "We're excited to expand our offices there starting in 2020", said John Tenanes, vice president of Facebook's global facilities and real estate. The deal includes about 1.2 million square feet in 50 Hudson Yards, about 265,000 square feet in 30 Hudson Yards and about 57,000 square feet in 55 Hudson Yards, the statement added.
Facebook Inc signed a lease for over 1.5 million square feet of office space across 30 floors and three buildings in New York City's Hudson Yards, according to a statement by the luxury and commercial real estate development on Thursday. Hudson Yards is a $25 billion complex of commercial and residential skyscrapers built on Manhattan's far west side above the rail yards. "We're excited to expand our offices there starting in 2020", said John Tenanes, vice president of Facebook's global facilities and real estate.
The new feature will facilitate e-commerce and peer-to-peer transactions across the company’s four social media applications using Paypal Holdings Inc (NASDAQ: PYPL) and most credit and debit cards. Facebook and Messenger will roll out the system this week to support fundraisers, ticket sales, business sales and in-game purchases.
American Outdoor Brands to Split With Smith & Wesson American Outdoor Brands (NASDAQ:AOBC) will be separating its gun business, run by Smith & Wesson, from its other outdoor products and accessories business, citing a change in the political climate. The split will be completed by the second half of 2020, just before any Democratic challenger […]The post Market Morning: Smith & Wesson To Split Off, Impeachment, Trade Chatter, Facebook Lowers Grades appeared first on Market Exclusive.
You may have heard that number cited recently as the value of an asteroid called 16 Psyche . If humans ever manage to mine the asteroid, a flood of space-gold would completely crater the terrestrial market. All that extra supply would cause today’s gold price to plummet.
Retail investors who rely on publicly traded stocks are increasingly missing out on lucrative and secretive private markets.
Facebook Pay is rolling out on Messenger and Facebook in the U.S. first, with plans to expand to Instagram and WhatsApp eventually.
(Bloomberg Opinion) -- “Technological sovereignty” is one of the European Union’s buzzwords of the moment, conjuring up an image of a safe and secure space for zettabytes of home-grown data, free from interference or capture by the U.S. and China.Both France’s Emmanuel Macron and Germany’s Angela Merkel have used the phrase to kick-start all sorts of initiatives, from artificial intelligence programs to state-backed cloud computing. The new European Commission president Ursula Von der Leyen has etched the concept into her political guidelines.It’s a noble goal, if only because it acknowledges Europe is anything but technologically sovereign right now. The internet behemoths are in America and China — Alphabet Inc., Facebook Inc., Amazon.com Inc., Alibaba Group Holding Ltd — and an estimated 92% of the Western world’s data is stored in the U.S., according to the CEPS think tank. China accounts for more than one-third of global patent applications for 5G mobile technology. Amazon boasts that 80% of blue-chip German companies on the DAX exchange use its cloud services business AWS. The trigger to do something about it is the race for supremacy between Beijing and Washington, which is spilling over into the tech sector and undercutting the EU’s ability to protect its turf. President Donald Trump’s ban on Huawei Technologies Co. and his attempts to bully allies into doing the same was a wake-up call, however valid his security concerns. The U.S. “Cloud Act,” which forces American businesses to hand over data if ordered regardless of where it’s stored, was another. Both China and the U.S. see the EU as an easy mark in the global tech tussle. And they’re right. Europe’s problem is that recapturing sovereignty is neither easy nor cheap. Take cloud computing, one area where France and Germany are eyeing the building of “sovereign” domestic infrastructure for use by national and European companies. This is a $220 billion global market dominated by U.S. suppliers with market values of close to $1 trillion, which invests tens of billions of dollars every year on infrastructure. Their power isn’t just technological: When Microsoft Corp. spends $7.5 billion on an acquisition such as GitHub, a forum for open-source coding, it’s bringing valuable developers into its own orbit. Likewise, Amazon’s AWS has the scale, cheap pricing and perks that lock in customers.France and Germany won’t win a head-on battle in this field. Paris is still smarting from a failed attempt years ago at building a sovereign cloud for the princely sum of 150 million euros ($165 million). Germany has Gaia-X, which looks like a common space for the sharing of data by the leading lights of the DAX , from SAP SE to Siemens AG. It’s hard to see how such initiatives will lead to true digital sovereignty, though; not just because of a lack of serious investment, but because it’s hard to avoid using U.S. cloud tech.Still, it wouldn’t be a bad thing if this trend led to France and Germany collaborating more — laying the groundwork for more ambitious spending — and to Brussels doing what it does best: setting the rules of engagement for tech companies everywhere. Digital commissioner Margrethe Vestager is already demanding tougher enforcement of data protection laws and taking a consistently muscular approach to antitrust violations by the Silicon Valley and Seattle giants. It’s not sovereignty, but it’s a start.To contact the author of this story: Lionel Laurent at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Nov.13 -- Jason Rosenbaum, a former digital ad director for the Hillary Clinton campaign, and Tim Cameron, Chief Executive Officer of Flexpoint Media, discuss how social media companies should handle political ads. They speak with Taylor Riggs on "Bloomberg Technology."