1,149.02 -1.32 (-0.11%)
After hours: 7:53PM EDT
|Bid||1,148.91 x 800|
|Ask||1,151.99 x 800|
|Day's Range||1,139.40 - 1,150.68|
|52 Week Range||970.11 - 1,289.27|
|Beta (3Y Monthly)||0.99|
|PE Ratio (TTM)||28.86|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1,275.00|
Amazon's Echo Show 5 brings Alexa to your nightstand in a smart screen packing an appealingly understated design.
Yahoo Finance's Adam Shapiro, Julie Hyman, and Jessica Smith discuss.
Corporate profits for 2Q 2019 are expected to be weak, and a growing number of CEOs and other top executives are offering negative guidance.
(Bloomberg Opinion) -- India is killing off the one industry that can bring badly behaving tycoons into line while nudging savers away from an unproductive lust for gold. That industry is domestic hedge funds, which have taken seven years to reach $6 billion in investment commitments from nothing. By contrast, equity investment in India by overseas financial investors is upward of $400 billion.Even that measly $6 billion figure for so-called Category 3 Alternative Investment Funds overstates the industry’s development. Some managers of vanilla mutual funds now seek the AiF registration to avoid regulatory restrictions on what they can pay distributors for selling to mom-and-pop investors. Alternatives that are meant for the rich don’t have such restraints. But leave aside the pretenders. Rather than encourage a community of investment vigilantes who target firms falsifying accounts or stealing from investors, the Indian taxman is threatening to disband it.The increase to 42.7% from 35.9% in the tax rate on annual earnings over 50 million rupees ($730,000), announced in the first annual budget after Prime Minister Narendra Modi’s reelection, has a more vocal victim: overseas funds investing in India. These are seeing red. Often structured as trusts or associations, they too will have to pay the higher levy that applies on all non-corporate income. The head of the tax authority in New Delhi has told them they’re “collateral damage.” Offshore investors can always find other markets. What will onshore hedge fund managers do, except leave the country perhaps? Singapore doesn’t tax capital gains; in India profits on cash equities bought and sold within a year will be charged at 21%, up from 18%. It gets even more draconian. Alternative funds now have to withhold 42.7% of all income on derivatives trading before they pass on the returns to investors. This is bread and butter business for long-short hedge funds, which frequently use derivatives to mount leveraged bets. Worse, the ultimate investors won’t be able to set off that tax against any other business losses.The Securities and Exchange Board of India, or SEBI, has always been suspicious of the source of capital for hedge funds investing in India from Singapore or Hong Kong. It believes dirty money – proceeds of crime, corruption or tax evasion – comes back home from offshore financial centers after being laundered. Whatever the rational basis of those fears, the regulator’s efforts to set up from scratch a domestic industry in alternative assets is being torpedoed by the taxman. “They may be unwittingly about to kill off the onshore hedge fund industry that SEBI created, even before it has begun to crawl,” Vijay Krishna-Kumar, head of IDFC Asset Management’s liquid alternatives investment, told me.That would be a shame. Stamping out short sellers will tilt an already-skewed playing field even more toward long-only investors. Those who profit only when share prices rise will happily overlook corporate skulduggery, especially if the tycoons riding roughshod over minority shareholders make the fund managers feel important by giving them access. At this rate, India’s abysmal governance standards will never improve.At $6 trillion, India’s household wealth is a fraction of China’s $52 trillion. Even so, the country had 343,000 dollar millionaires this time last year, according to Credit Suisse Group AG. For them, it’s important to have access to assets uncorrelated with stock market returns that they can replicate with index funds. If hedge funds die because of taxation, the rich in India will be left with two sub-optimal options. “Offshore tax centers can breathe easy now,” says Krishna-Kumar. “India will remain an underdeveloped market where only gold and property would be your alternatives.”So much of India’s private wealth is trapped in gold that any more will be a colossal social waste. For a country that aims to elevate GDP to $5 trillion by the end of Modi’s second term in 2024, from $2.8 trillion now, India needs risk capital to go into productive assets. Yet policy makers are jacking up tax rates on the one avenue for risk-taking they should be nourishing. The money they collect will be chump change compared with the cost of the hedge fund industry’s arrested development. Cronyism thrives on finance – and only finance can stop it. Without an industry that has their back, which analyst will pore over obscure company filings; meet suppliers, customers, and regulators; and use LinkedIn and Google Maps to verify whether employees and facilities exist? In India, taking on important people means risking one’s livelihood – and even liberty. If nothing else, the domestic alternatives business is worth saving because it can speak truth to power and put its money where its mouth is. To contact the author of this story: Andy Mukherjee at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
U.S. House of Representatives Intelligence Committee Chairman Adam Schiff on Monday pressed major social media companies on how they plan to handle the threat of deepfake images and videos on their platforms ahead of the 2020 elections. The Democratic congressman wrote letters to the chief executives of Facebook Inc, Twitter Inc and Google, which owns YouTube, asking about the companies' formal policies on deepfakes and their research into technologies to detect the doctored content. Facebook spokesman Andy Stone confirmed the company had received the letter and said it would respond to Schiff accordingly.
Executives from Alphabet Inc., Amazon.com Inc., Apple Inc., and Facebook Inc. should brace for tough questions around antitrust as federal probes gain steam.
Impact Engine Inc filed the complaint in federal court in San Diego, California, alleging various Google online advertising platforms, including Google Ads and Google AdSense, infringed on six patents. The allegedly violated patents, granted to San Diego-based Impact Engine between 2011 and 2018, relate to so-called "programmatic creative" technology for rapidly producing and customising online advertisements. Google did not immediately comment on the case.
(Bloomberg) -- Peter Thiel, one of President Donald Trump’s top Silicon Valley supporters and donors, took aim at Google and the tech industry over the companies’ focus on global markets while brushing aside U.S. interests.In a speech Sunday in Washington, the billionaire singled out Google for agreeing to work closely with China, trying to get its search engine back into the country, while deciding to let lapse a U.S. Defense Department contract that gave the military access to its artificial intelligence tools.Thiel, a Facebook Inc. board member, argued that the kind of AI developed by DeepMind, which like Google is a subsidiary of Alphabet Inc., should be thought of as a potential “military weapon.” “We’ve been a lot more dishonest about that in Silicon Valley than the nuclear physicists were in the 1940s,” he said in the opening speech at the National Conservatism conference.He then suggested Google’s actions were “seemingly treasonous,” asking whether DeepMind or Google senior management had been “infiltrated” by foreign intelligence agencies. “These questions need to be asked by the FBI and the CIA,” Thiel said, “And I’d like them to be asked in a not excessively gentle manner.”A spokesman for Google said the company doesn’t work with the Chinese military but declined to comment further.Thiel was a featured speaker at the gathering Sunday, where many of the attendees are enthusiastic supporters of Trump. Thiel’s endorsement of the New York developer at the 2016 Republican National Convention -- and donation of $1.25 million -- helped give Trump a measure of Silicon Valley credibility at the time.During the speech, Thiel praised Trump’s foreign policy, in particular his trade efforts in China, which he termed a “signature achievement” of the administration. Thiel suggested the 25% tariff on Chinese goods should be thought of “as a floor and not a ceiling.” He also proposed reforms in higher education, including investigations into student lending practices and ending the nonprofit tax-exempt status of elite universities, singling out Harvard University.Thiel didn’t endorse calls by Democratic Senator Elizabeth Warren, a 2020 candidate to replace Trump, and others to break up tech giants like Google and Facebook. He said Warren’s success raising money from Google employees was evidence of an underlying problem.“Silicon Valley,” he said, “is getting a little bit of a bad conscience.”Facebook faces a record $5 billion settlement with the U.S. to end a privacy case involving Cambridge Analytica, a consulting firm hired by Trump’s campaign that got user data from a researcher who created a personality quiz app on Facebook’s social network. Facebook had had a series of mishaps that compromised users’ data.Thiel spoke at the first iteration of a Washington conference conceived as a look at the importance of nationalism. Speeches in coming days will include “The Nationalist Awakening” and “American Greatness and Immigration: the Case for Low and Slow.” John Bolton, Trump’s national security adviser, will also speak.“We see nationalism as integral to the rise of conservatism,” said Yoram Hazony, an Israeli philosopher and the chairman of the Edmund Burke Foundation, which organized the event.Though the program for the two and a half-day conference isn’t focused on tech, Hazony said he expects that risks posed by companies like Google and Facebook will be a common theme.The final featured speaker, on Tuesday, is Missouri Senator Josh Hawley, a Republican who has proposed reforming Section 230 of the 1996 Communications Decency Act, which allows big tech companies to avoid being held liable for content posted on their platforms.“Facebook and Google are good examples of what we’re talking about,” Hazony said in an interview on Sunday. “These are spectacularly impressive entrepreneurs, but you need to ask if Americans are better off with [Google and Facebook] single-handedly determining what should be censored?”(Updates with Google comment in the fifth paragraph.)\--With assistance from Gerrit De Vynck.To contact the reporter on this story: Max Chafkin in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: James Ludden at email@example.com, Steve Geimann, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Rite Aid Corp. , the Rite Aid Foundation, and Google Maps have partnered to make it easier for users to find a medication disposal unit at a Rite Aid or a KidCents Safe Medication Disposal Unit at a local police station or enforcement agency. The Rite Aid Foundation launched the KidCents Safe Medication Disposal program in 2017 and it's now in 18 states. Rite Aid recently installed the last of 100 medication disposal units in a store in Ottawa, Ohio. Rite Aid also makes DisposeRX packets available, a biodegradable powder that, when mixed with water, dissolves prescriptions drugs. Rite Aid stock is down 5% in Monday trading and down nearly 41% for the year to date. Shares of Alphabet Inc. , Google Maps parent, are up almost 11% for the year so far. And the S&P 500 index has gained 20.2% for 2019 so far.
The death of a British YouTube star in an electronic scooter accident is raising more questions about the safety of this popular form of alternative transportation. Emily Hartridge, who presented the online series “10 Reasons Why,” was killed in a collision with a truck on Friday in the U.K.’s first death involving an e-scooter. The city’s almost 1 million people currently have access to about 14,000 dockless electric scooters, and the new study counted 192 e-scooter-related injuries during those three months alone.
Blockstack has initiated the first SEC-approved token sale, even as shares of bitcoin fell below $10,000 and amid President Trump's strong criticisms of the cryptocurrency, along with Facebook's Libra. Muneeb Ali, Blockstack CEO, joins Yahoo Finance with the details.
Big Tech is in the spotlight on Capitol Hill this week as lawmakers are set to grill giants like Facebook and Google in multiple hearings. Yahoo Finance's Dan Roberts and Jessica Smith break down the details.
Jul.15 -- Peter Thiel, one of President Donald Trump’s top Silicon Valley supporters and donors, took aim at Google and the tech industry over the companies’ focus on global markets while brushing aside U.S. interests. Bloomberg's Lizette Chapman has more on "Bloomberg Markets: The Close."