38.85 +0.04 (0.10%)
Pre-Market: 9:15AM EDT
|Bid||38.86 x 900|
|Ask||38.85 x 2200|
|Day's Range||38.78 - 40.48|
|52 Week Range||26.26 - 45.86|
|Beta (3Y Monthly)||0.23|
|PE Ratio (TTM)||12.83|
|Earnings Date||Oct 24, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||42.07|
Three senators on Tuesday roll out a bill that they said would make it easier for users to leave the leading social media platforms, in a fresh sign of how Big Tech is in Washington’s crosshairs.
(Bloomberg) -- Boris Johnson insisted he still wants the U.K. to leave the European Union on Oct. 31 but said he’s waiting for the EU to respond officially to his letter requesting a delay before setting out his plans. European Council President Donald Tusk told Johnson in a phone call earlier that he would be recommending a delay to the other 27 member states and Irish premier Leo Varadkar said there may be a summit of leaders as soon as Friday to decide on an extension.The prime minister earlier failed to reach agreement with Labour leader Jeremy Corbyn on a new timetable to push his Brexit through Parliament. The two men met in Westminster after Parliament rejected Johnson’s plan to rush the bill, which turns his Brexit deal into law, through Parliament in just three days.Key Developments:German Foreign Minister Heiko Maas hints a Brexit delay could come with conditionsOpposition Labour Party says its willing to back early election if risk of no-deal Brexit is removedJohnson insists he still wants U.K. to leave on Oct. 31Investors nerves are beginning to show as Brexit clarity elusiveBrexit Twists Point to Election. Here’s How It Works: QuickTakeJohnson Sees Possible France Veto: Labour (1:45 p.m.)Boris Johnson told Labour leader Jeremy Corbyn in their meeting Wednesday that French President Emmanuel Macron could veto a Brexit extension, and asked Corbyn how he would respond. Corbyn expressed his doubt about that scenario, according to a Labour Party spokesman.Corbyn also reiterated to the prime minister that Labour would back a general election once the threat of a no-deal Brexit has been removed, the spokesman said.Earlier, a spokesman for the prime minister said he didn’t expect further talks with Labour on a new timetable for the government’s Brexit bill after Parliament rejected Johnson’s accelerated schedule on Tuesday (see 12 p.m.).EU Leaders May Meet on Extension: Varadkar (1:35 p.m.)EU heads of state may meet as soon as Friday to decide on the U.K.’s request for a Brexit extension until January, Irish Prime Minister Leo Varadkar said in Parliament in Dublin. The meeting may take place on Monday if the leaders don’t all immediately agree to extend, he said.The new withdrawal agreement negotiated by Boris Johnson will not be changed, Varadkar said, adding that even if the deal is approved, the transition period may need to be extended beyond the end of 2020.Varadkar, who spoke to Johnson by phone on Tuesday night, said the U.K. leader was "very pleased" to have a won a vote on his deal in the London Parliament but "concerned" his timetable to get his plan approved had been defeated.Tusk tells Johnson He’s Recommending Delay (1:15 p.m.)European Council President Donald Tusk told Boris Johnson in a phone call that he will be recommending to the other 27 member states that they should grant the prime minister’s request for an extension.“I gave reasons why I’m recommending the EU27 accept the U.K. request for an extension,” Tusk wrote on Twitter.Johnson, who wrote to the EU to ask for a delay on Saturday evening after losing a vote in Parliament, told Tusk he “continues to believe that there should be no extension,” his spokesman James Slack told reporters in London. A further delay would not be in the interests of either side, Slack said.EU Ambassadors to Discuss Extension (12:45 p.m.)Ambassadors from the EU’s other 27 governments will meet in Brussels at 5:30 p.m. local time to discuss the U.K.’s request for a Brexit delay.They can’t make the final decision -- that will have to come from EU Council President Donald Tusk on behalf of all the leaders -- but they will give a sense of what the EU’s response will be.It could be that the decision is a formality, or Tusk will have to convene a summit. Oct. 28 has been penciled in for that meeting, but most EU officials hope it won’t be necessary.Johnson Still Wants Brexit on Oct. 31 (12:40 p.m.)Boris Johnson told Parliament he still wants to deliver Brexit by Oct. 31, though he offered no path to achieving this goal.Asked by former Tory Chancellor of the Exchequer Kenneth Clarke to set out a new compromise timetable to get his Brexit bill through Parliament, Johnson said it would depend on how the EU responds the request for a Brexit delay that he sent to the bloc on Saturday night.“I think it would be still very much in the best interests of this country and democracy to get Brexit done by Oct. 31,” Johnson said.Deal ‘a Great Advance,’ Johnson Says (12:15 p.m.)Boris Johnson defended his deal with the EU and urged the opposition to enable him to push it through Parliament.“I believe the union is preserved and we are able to go forward together as one United Kingdom and do free trade deals that have been impossible under previous deals,” Johnson told MPs in the House of Commons. “This is a great advance for the whole of the U.K. and we intend to develop that with our friends in Northern Ireland.”“I do think it’s a great shame the House willed the end but not the means” in Tuesday night’s votes, Johnson said. He urged Labour’s Jeremy Corbyn to “get Brexit done” and accused him of having “no other purpose in seeking to disrupt Brexit than seeking a second referendum.”Johnson Meets Corbyn for Talks on Exit Law (12 p.m.)The premier hosted his arch rival, Labour leader Jeremy Corbyn, for a discussion in Parliament aimed at seeing whether there is any hope of agreeing a new timetable for MPs to debate and scrutinize the Brexit deal.Johnson was thwarted on Tuesday night when the House of Commons refused to allow him to rush his deal through Parliament and into law in a fast-track program. According to an official from Johnson’s Conservative party, Corbyn did not propose anything other than more delays and a referendum.A Labour Party spokesman said: “Jeremy Corbyn reiterated Labour’s offer to the prime minister to agree a reasonable timetable to debate, scrutinize and amend the Withdrawal Agreement Bill, and restated that Labour will support a general election when the threat of a no-deal crash out is off the table.”France Waits To See How Long U.K. Needs (11.55 a.m.)France thinks the U.K. Parliament should be able to scrutinize the Brexit legislation in a matter of days and wants to wait for Johnson’s view on that before deciding how long to delay the exit date, according to a French official. The French believe a maximum of 15 days should be given, the official said, rather than the full three months to Jan. 31 that Johnson reluctantly requested.This contradicts the thinking in many European capitals, as suggested in a tweet last night by EU Council President Donald Tusk, that the EU should grant the U.K. a three-month delay, with the ability to end the extension early.Government Wants New Timetable for Bill: Smith (11:45 a.m.)Northern Ireland Secretary Julian Smith, also a former chief whip, suggested the government’s priority is to propose a new legislative timetable for the government’s Brexit bill after the House of Commons rejected an accelerated schedule on Tuesday.Speaking to the Northern Ireland Affairs Committee, Smith said he hopes to get a so-called program motion “that is to the satisfaction of a majority of people in this House and resolve this situation.” He also said he thought last night’s votes were the “beginning of the end of this chapter.”Nothing Agreed at Johnson-Corbyn Meeting: BBC (11:40 a.m.)The BBC said “nothing was agreed” at the reported meeting between Boris Johnson and Labour Party Leader Jeremy Corbyn (see 11:30 a.m.) on a new timetable for the prime minister’s Brexit bill.Johnson, Corbyn Discuss New Timetable: Times (11:30 a.m.)Boris Johnson and opposition Labour Party leader Jeremy Corbyn are meeting to discuss a new timetable for the prime minister’s Brexit bill to be debated in the House of Commons, the Times newspaper reported on Twitter, without saying where it obtained the information.Varadkar Backs Brexit Extension (11 a.m.)Irish Prime Minister Leo Varadkar appeared to back a flexible extension to the Brexit process, after speaking to European Council President Donald Tusk. Varadkar confirmed his support for a delay, while both men noted that it would still be possible for the U.K. to leave before Jan. 31 if the withdrawal agreement is ratified before then, according to an Irish government statement.Fundamental Changes Needed: DUP’s Wilson (10:50 a.m.)Sammy Wilson, Brexit spokesman for the Democratic Unionist Party, reiterated that his party would not support the withdrawal agreement in it’s current form, calling parts of it “unpalatable and unacceptable.”Wilson told RTE radio he would use a Brexit extension to persuade the U.K. government “to change its position” on the deal which he said would change Northern Ireland’s constitutional position within the U.K.“It’s very difficult to take at face value” assurances Johnson made in Parliament about light touch rules around movement between Northern Ireland and Great Britain, he said, adding his party would support a move by the prime minister to hold a general election.Maas Indicates Delay May Come With Conditions (10 a.m.)A Brexit extension to Jan. 31 shouldn’t simply be given by the European Union, German Foreign Minister Heiko Maas said Wednesday, raising the prospect it may come with conditions. “We have to know: What is the basis for it? What will happen by then? Will there be an election?” Maas said to broadcaster N-TV.“Above all we have to know what the British are planning and what Johnson is planning. At the moment that’s once again completely unclear,” Maas said. A short extension of two or three weeks to get approval in Parliament, on the other hand, is “less of a problem.”Labour Wants Election Once EU Sets Delay (9:45 a.m.)Richard Burgon, Labour’s justice spokesman, said the main opposition party would back a general election as soon as the European Union agrees an extension, and as long as that extension is for more than just a few weeks.Burgon also said Labour leader Jeremy Corbyn’s offer to work with the government to come up with a “reasonable” alternative timetable for scrutinizing the Brexit bill still stands.“Until a general election is called we’ll carry on making that offer, to try and improve that bill to make it closer and closer to what we would call a credible Leave option,” he said.Extension Needed to Break Impasse: Duncan-Smith (Earlier)Iain Duncan Smith, a hard-line Brexiteer and former leader of the Conservative Party, said he’d rather have an election than extend the timetable for passing the Brexit bill.If the EU grants a three month extension, then Parliament would take up all of that time and would hang amendments on it “like a Christmas tree,” he told Bloomberg TV.Earlier:Boris Johnson Eyes Election After Parliament Forces Brexit DelayJohnson Faces Extension Rebellion After Defeat: Brexit BulletinBrexit Has the British Fleeing to Europe: Leonid Bershidsky\--With assistance from Tim Ross, Anna Edwards, Helene Fouquet, Jessica Shankleman, Patrick Donahue and Greg Ritchie.To contact the reporters on this story: Robert Hutton in London at email@example.com;Ian Wishart in Brussels at firstname.lastname@example.org;Peter Flanagan in Dublin at email@example.comTo contact the editors responsible for this story: Tim Ross at firstname.lastname@example.org, Stuart BiggsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Twitter Inc.’s efforts to reduce harmful activity on its platform while also making it easier for users to discover new content will be in focus once again on Thursday morning, as the social-media player delivers its third-quarter results.
(Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.Boris Johnson looked set to try for an election after Parliament blocked his plan to rush his Brexit deal into U.K. law.A day of threats and promises from Johnson ended with an official in his office warning that if the European Union agreed to a request from the British Parliament that Brexit be delayed until Jan. 31, then the prime minister would call an election instead.As European Council President Donald Tusk had earlier signaled that this was what the EU was likely to do, Johnson is likely to put passing his Brexit deal -- something he discovered on Tuesday evening that he has the votes to do -- on hold in favor of trying to secure a parliamentary majority.His gamble will be that voters give him one, attracted by his pitch of getting Britain out of the EU with the deal he’s negotiated. The risk is that the polls that put him well ahead prove unreliable -- as they have done in the past -- and that voters opt instead for the opposition Labour Party’s offer of a softer Brexit, confirmed by a second referendum. That could put the entire Brexit project in jeopardy.Premier’s OptionsOne risk that has receded is that of a no-deal Brexit, as Johnson is now committed to a deal, and the EU seems likely to allow the time to either pass the deal or have an election. “One way or another, we will leave the EU with this deal, to which this House has just given its assent,” the prime minister told Parliament.Johnson isn’t certain to go for an election. He threatened one earlier Tuesday if Parliament didn’t agree to rush his Brexit bill through, and later in the evening an official repeated the threat. But Johnson has gone back on such promises before. He said last month he would rather be “dead in a ditch” than apply for a Brexit extension, and unidentified officials in his office had briefed journalists there were ways around the law that required him to do so. On Saturday evening, he requested an extension.Nor is it certain Parliament would agree to give him one. He was twice refused last month. But people familiar with Labour Leader Jeremy Corbyn’s thinking said he’d support one if Brexit was put off until Jan. 31, removing the risk of an accidental no-deal split.Justice Secretary Robert Buckland suggested he wanted Parliament to come up with an alternative timetable to break the impasse, rather than hold an election. He told the BBC on Wednesday an election may not be necessary if MPs can work together to find a way to “crack on.”Breakneck PaceTuesday afternoon began with Johnson’s election threat, directed at members of Parliament who wanted more time to scrutinize his Brexit legislation.As the afternoon went on, it looked like it might be working. The first vote of the evening saw Parliament back Johnson’s Brexit deal in principle, and not by a narrow margin, but convincingly, 329 votes to 299. That was the first time Parliament had approved any Brexit deal, and it suggested there is a way to get the deal through.But Johnson didn’t just want to pass his deal, he wanted to push it through at a breakneck pace before the current Oct. 31 deadline. That meant getting the House of Commons to agree to pass it through all its stages in just three days.Johnson’s opponents argued that they needed more time, and voted 322 to 308 against his proposed timetable. That defeat made it certain the prime minister would need to delay Brexit, something he’s promised repeatedly not to do.Labour’s Corbyn offered to work with Johnson to come up with a better timetable to help Parliament improve the deal.Johnson himself seemed more emollient than earlier, not raising his election threat again. “Let me be clear: our policy remains that we should not delay, that we should leave the EU on Oct. 31 and that is what I will say to the EU and I will report back to the House,” he told the House of Commons.Tusk then responded by saying he’d recommend the EU accept the U.K.’s request for an extension. While he didn’t set a date, his suggestion that this could be agreed by letter, and without a summit, pointed to accepting the British Parliament’s request of a new exit date of Jan. 31. It’s possible the EU will offer to allow an earlier exit if Johnson can get his deal passed in the next month, something that seems plausible after the first vote of the evening. That might persuade Johnson to get his deal passed before going for an election.‘Keep People’s Trust’Earlier, when MPs had voted to endorse the broad thrust of Johnson’s deal, the winning margin included 19 members of the main opposition Labour Party. Crucially, Johnson won that vote without the Democratic Unionist Party, his former allies, whose support he lost after he broke a commitment to them not to create a customs border between Britain and Northern Ireland. If Johnson can keep those 19 Labour MPs on board, he can pass his deal.Labour’s Lisa Nandy, one of the 19, warned Johnson that their support shouldn’t be taken for granted. “Those of us who are seeking to engage in the detail do so not because we will support a Tory Brexit -- our votes at Third Reading are by no means secure -- but because we want to see if we can improve the deal and keep people’s trust in our democracy.”Johnson’s First Battle With MPs: The 2020 Trade Cliff EdgeThe government is making promises to secure their support, and that of former Tories who have their doubts about Johnson. Minutes before the votes, MPs were assured they’d get a say on whether the government extended its post-Brexit transition period if it hadn’t concluded a trade deal with the EU by the end of next year. Some had feared another no-deal cliff edge.If Johnson does go for an an election and wins a majority, those promises may be dropped. Or he could use that majority to soften his Brexit position.(Updates with Buckland comment in eighth paragraph.)\--With assistance from Greg Ritchie and Jessica Shankleman.To contact the reporters on this story: Robert Hutton in London at email@example.com;Tim Ross in London at firstname.lastname@example.org;Alex Morales in London at email@example.comTo contact the editors responsible for this story: Flavia Krause-Jackson at firstname.lastname@example.org, Edward Evans, Robert JamesonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Facebook Inc.’s idea of a global cryptocurrency may get demoted to something more humble. You can almost hear a collective sigh of relief from Asian central banks.The original plan was to create a synthetic unit that would hold its value against a basket of existing currencies. Libra was being billed as a future rival to the greenback, a blockchain innovation that would promote financial inclusion by catering to the daily needs of billions of people. It’s a so-called stablecoin, a virtual currency that avoids the wild, speculative gyrations of Bitcoin by tracking the value of a low-volatility asset such as the U.S. dollar.However, a medium of exchange is only one use of money. If a global stablecoin like Libra, fully backed by reserve assets, came to be widely viewed as a store of value, “it could weaken the effect of monetary policy on domestic interest rates and credit conditions, particularly in countries whose currencies are not part of the reserve assets,” a Group of Seven working group noted recently.That’s not a risk central banks in Jakarta or Mumbai would want to take. The outsize role of the dollar in global finance already restricts their maneuverability by triggering untimely surges in capital inflows or outflows. Who wants a new straitjacket? Even governments wouldn’t be happy. Domestic currency held by the public costs a fraction of its face value to produce. The difference is a source of profit for fiscal authorities. A shift in consumer preferences toward Libra would lower this seigniorage income.Given that India and Indonesia are Facebook’s No. 1 and No. 3 markets respectively, by number of users, the only way the social networking site can surmount these monetary and fiscal obstacles and get Libra off the ground may be to drop the plan of a brand-new global currency. “Instead of having a synthetic unit... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.,” David Marcus, who heads the Libra project for Facebook, told a banking seminar on Sunday, according to a Reuters report. Going down this route would undoubtedly dilute the proposition. In this possible new avatar, Libra would be no more contentious than Tether, the world’s most used stablecoin. But it would also mean that Beijing, which has been spurred on by Facebook’s ambitions to put the finishing touches to a five-year plan for a digital yuan, would steal a march over Western tech firms in money matters.With a single global token, Facebook could have leapfrogged China by pushing out its currency “to almost 2.5 times the user base of WeChat or Alipay overnight,” says Martin Chorzempa, an analyst at the Peterson Institute for International Economics in Washington. A scaled-down Libra considerably reduces that advantage.The official Chinese crypto would also be a stablecoin, backed fully by yuan assets. But while Facebook is still a fledgling player in payments, digital wallets like WeChat Pay and Alipay are already ubiquitous within China and increasingly visible even outside the mainland, thanks to Chinese tourists. At present, one needs a yuan-denominated bank account to put money into the wallets, which limits international usage. However, once anybody, anywhere can stuff these and other wallets with easy-to-obtain digital yuan, not only would the mainland’s economy be able to junk physical cash entirely, but also the stalled project of internationalizing the Chinese currency would receive new momentum. The share of yuan in global currency trade, stuck at a modest 4.3%, would get a fillip.Would this new order be any less intimidating to the rest of Asia than accepting a subjugation of their policies to Western tech? There are arguments for and against. One advantage in letting Beijing take charge of a globally popular yuan crypto is that the People’s Bank of China will be standing behind it. The Facebook-sponsored, Switzerland-based Libra Association, were it to operate a separate global currency, wouldn’t have the same heft. The logic is simple. The association may have 1:1 reserve backing for the Libra coin it issues, but sooner or later banks will get into their usual act of creating money from thin air by making loans in the digital currency. Who’ll guarantee the stability of this larger edifice? “With a basket-based stablecoin, there is no-one to call,” as ING Bank NV economists Teunis Brosens and Carlo Cocuzzo say.The People’s Bank would welcome the calls. Every appeal to provide liquidity support for its crypto would mean greater recognition of China’s status as the new global superpower: Beijing would get a step closer to its goal of making the yuan the dominant world currency, albeit in a tokenized form. But the flip side is worrisome. Digital currencies won’t offer the same perfect anonymity as cash. While Facebook’s record of protecting users’ privacy isn’t saintly, governments in New Delhi or Jakarta will hardly welcome the prospect of exposing their citizens’ lives to Chinese authorities. In the end, it’s Donald Trump’s stance on Libra that should perplex Asia. The U.S. president has blasted Facebook’s plan. Why is a leader otherwise so determined to delay China’s rise on the world stage not willing to hand over the reins of the dollar’s global dominance to Western tech companies whose behavior the U.S. can still influence? If the sticking point is oversight, it may still be possible to hammer out a compromise, and rescue a global stablecoin.Fitch Ratings says it expects Facebook CEO Mark Zuckerberg to reveal more about how Libra may be regulated in his congressional testimony this week. That may hold the clue to where the next master of Asian central banks will reside: Silicon Valley or Beijing. To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis 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.
(Bloomberg) -- Boris Johnson’s defining mission to take the U.K. out of the European Union in nine days’ time was derailed as members of Parliament dramatically blocked his plan to rush the Brexit deal into law.European Council President Donald Tusk responded by saying he’d recommend the EU accept the U.K.’s request for an extension. While he didn’t set a date, his suggestion that this could be agreed by letter, and without a summit, pointed to accepting the British Parliament’s request of a new exit date of Jan. 31. The pound fell on the vote.Johnson earlier in the day threatened that a delay until January would see him try to call an election. He didn’t repeat that threat in the evening, though. It’s possible the EU will offer to allow an earlier exit if Johnson can get his deal passed in the next month, something that seems plausible after the first vote of the evening.Minutes before Johnson was defeated on the timetable for his bill, he was victorious, with members of Parliament voting 329 to 299 to endorse the general principles of his deal. That’s a margin that gives him a decent chance of getting the bill through.The question is whether Johnson decides to use the time offered by the EU to pass his deal, or to go for an election -- something that could give him a majority, or could see him lose power to Labour, and see the entire Brexit project put into doubt.In any event, the chances of a no-deal Brexit are diminishing.After the votes, the prime minister’s office declined to rule out agreeing to a short delay beyond the Oct. 31 deadline, and Johnson said: “One way or another, we will leave the EU with this deal, to which this House has just given its assent.”Speaking afterward, Johnson said his draft Brexit law will now be paused.“Let me be clear: our policy remains that we should not delay, that we should leave the EU on Oct. 31 and that is what I will say to the EU and I will report back to the House,” Johnson told the Commons. He promised to step up contingency planning for a no-deal Brexit, and to consult with EU leaders and tell them he doesn’t want another delay. Tusk’s response came two hours later.Earlier, when MPs had voted to endorse the broad thrust of Johnson’s deal, the winning margin included 19 members of the main opposition Labour Party. Crucially, Johnson won that vote without the Democratic Unionist Party, his former allies, whose support he lost after he broke a commitment to them not to create a customs border between Britain and Northern Ireland. If Johnson can keep those 19 Labour MPs on board, he can pass his deal.‘Keep People’s Trust’Labour’s Lisa Nandy, one of the 19, warned Johnson that their support shouldn’t be taken for granted. “Those of us who are seeking to engage in the detail do so not because we will support a Tory Brexit -- our votes at Third Reading are by no means secure -- but because we want to see if we can improve the deal and keep people’s trust in our democracy.”The government is making promises to secure their support, and that of former Tories who have their doubts about Johnson. Minutes before the votes, MPs were assured they’d get a say on whether the government extended its post-Brexit transition period if it hadn’t concluded a trade deal with the EU by the end of next year. Some had feared another no-deal cliff edge.Five Takeaways From U.K. Parliament’s Brexit Votes: TOPLiveBut though the prime minister could get support for his deal in principle, MPs refused to be rushed into signing it into law.Johnson’s opponents argued that they needed more time to scrutinize the historic exit deal than the three days of debate he had proposed for the bill to pass all its stages in the Commons.And so, MPs voted 322 to 308 against Johnson’s proposed fast-track timetable for the Withdrawal Agreement Bill -- the crucial piece of law to implement the deal he struck in Brussels last week.The defeat makes it now virtually impossible for the prime minister to get his hard-won accord ratified in time to meet his Oct. 31 deadline for leaving, his defining goal since he took over as prime minister from Theresa May in July.Labour Party Leader Jeremy Corbyn offered to work with Johnson to come up with a better timetable to help Parliament improve the deal.(Adds Tusk recommends acceptance in second paragraph.)\--With assistance from Greg Ritchie.To contact the reporters on this story: Tim Ross in London at email@example.com;Robert Hutton in London at firstname.lastname@example.org;Alex Morales in London at email@example.comTo contact the editors responsible for this story: Flavia Krause-Jackson at firstname.lastname@example.org, Edward Evans, Alex MoralesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Grandma Winnie knows what she wants for her birthday — and half of Americans want it, too. A video going viral on Twitter (TWTR)on Tuesday afternoon features a white-haired older woman holding a MAGA hat as she shares her centennial wish. After pausing for comedic effect, Grandma Winnie then throws her MAGA hat to the side with a smile.
Tight controls imposed by China have resulted in the ban of several foreign social media sites, like Facebook, but how did this come about?
Twitter, Inc. (TWTR), one of the world's dominant social media companies, has made headlines recently as it has faced pressure from all sides as the favored medium for controversial tweets fired off by political leaders. The big question is whether the added attention has fueled the growth of Twitter's monthly active users, a key metric, which in turn would fire up GAAP earnings per share (EPS) and quarterly revenue. Investors hope to get answers to these questions when Twitter reports fiscal Q3 earnings on October 24, 2019.
Halloween — or should we say Howl-o-ween — is going to the dogs. Americans will spend $490 million on costumes for their pets this Halloween, according to the National Retail Federation, which is more than double what they dropped to dress their dogs, cats and other critters in 2010. Sara Ochoa is one of the 29 million people getting her furbaby into costume for the occasion.
The Fall Classic is finally here and the Houston Astros, fresh off their dramatic victory over the New York Yankees, should be focused on what it’ll take to beat the Washington Nationals and their formidable pitching staff. But because of five words, there’s a dark cloud hanging over the Juice Box, where the first pitch of the World Series gets tossed Tuesday night.
(Bloomberg) -- Just weeks before the worst civil unrest since Chile returned to democracy 29 years ago, President Sebastian Pinera described the country as “a true oasis” amid Latin American turmoil.The billionaire investor-turned-politician isn’t alone in his glowing assessment of a country that regularly tops regional prosperity metrics. However, the deadly upheaval of the past four days shows the chasm between the Andean exemplar’s elite and those who feel abandoned.Fifteen people have died and thousands have been arrested in a wave of riots and demonstrations that’s brought cities to a near standstill and seen security forces fire on masked looters. Protests continued Monday night in defiance of curfews, although the rate of violent events has slowed. On Tuesday, the country’s benchmark stock index swung to losses after gains earlier in the day while the Chilean peso regained some of the ground lost in Monday’s sell-off.What began as a protest against a 4-cent subway-fare hike quickly became an outpouring of broad discontent over economic inequality, pensions, health and education. While Pinera back-pedaled on the fare increase, his efforts to crack down on violence merely intensified it. By late Monday, the president had adopted a more conciliatory tone.On Tuesday, long queues formed at the few supermarkets that opened as soldiers and riot police guarded entrances against potential looters. Cars lined up out of gasoline stations and buses were jammed with people trying to get to work. More smaller shops were open than on Monday.The protests, organized organically on social media, have no real leaders and encompass a spectrum ranging from the disgruntled bourgeoisie to black-clad anarchists.“The signs were there all along -- no one knew how to read them properly,” said Robert Funk, politics professor at the University of Chile’s institute of public affairs. “In the academic community for years we’ve been saying that something’s got to give. It’s not just inequality. It’s also what Chileans call abuse.”Political Risk Revived in Latin America as Protests SpreadLate Monday -- just 24 hours after telling Chileans they are “at war” -- Pinera called for dialogue and said the government was working on measures including lowering the price of drugs, improving healthcare and pensions. The protesters are giving voice to long-festering frustration with Chile’s institutions, economic model, inequality and inadequate social safety net.Political scientists who study Chile say the discontent has been years in the making. They point to poor results from Chile’s privatized pension system, in which many retire into poverty, and crushing personal debt. The strength of the dollar this year has also meant hikes in prices of regulated services such as electricity and transport.Income Inequality Debates Churn as Rich Get Richer: QuickTakeBut it was the peak-hour subway fare hike that set it all off. A study this year showed many people in Santiago face commutes as long as two hours. The situation devolved rapidly after Economy Minister Juan Andres Fontaine suggested workers should just get up a little earlier if they didn’t want to pay higher prices.“Blame goes all round here,” Jennifer Pribble, associate professor of political science at the University of Richmond in Virginia. “The political class has been completely resistant to opening up politics and engaging responsibly with citizen discontent and discussing a more fundamental shift in the social and economic model. If institutions aren’t capable of channeling demands, then politics tends to spill over into the street.”‘To Repress Us’On Monday, hundreds of protesters filled Plaza Italia. Most were university students banging pots and wearing scarfs over their mouths and noses, chanting for the military to leave the streets and carrying banners calling for Pinera to resign.Armored vehicles sprayed tear gas to disperse demonstrators, and officers occasionally fired at the crowd. The people set burning barricades across nearby streets and some threw stones at police and army vehicles as they raced by.The square gradually filled during the afternoon and troops abandoned the area. Demonstrators chanted, played instruments and sang in a festive environment reminiscent of sports celebrations held in the same place. At 1 p.m., the crowd began marching through the city.“Demonstrations were very peaceful at the beginning, but they turned violent because the government sent the military to repress us,” said Stephanie Mora, 20, a law student at the Universidad de Chile.Indeed, the armored vehicles in the streets -- and Pinera’s initial statement that Chile was at war -- had special resonance in a country that from 1973 to 1990 was ruled by one of the continent’s most brutal military dictatorships. Army General Javier Iturriaga on Monday responded to Pinera’s comments by saying, “I’m not at war with anyone.”The protests will derail the government’s tax, pension and labor reform agenda that it had promoted as key to growth, according to Ricardo Solari, an economist and former minister during the government of socialist Ricardo Lagos.“Pinera’s government from now on will just focus on running things smoothly and drop its reforms,” Solari said. Santiago is set to host President Donald Trump and other leaders of the Asia-Pacific Economic Cooperation forum in less than a month.‘We Barely Make It’But normality may be hard to regain. Eleven deaths were caused by arson attacks at a supermarket and a warehouse. About 70 subway stations have been damaged, dozens of buses have been burned, shops looted and buildings set alight. Curfews have failed to prevent the chaos, which spread to other regions. Mining unions called a general strike for Wednesday.“I’m here to protest against social injustice in this country and against the repression of the Chilean state,” Mateo Mazuera, a 22-year-old graphic design student, said Monday. “I want to see the constitution changed, because we are living in a democracy under a constitution that was written by a dictator.”Eighteen-year-old theater student Brenda Gonzalez has been demonstrating peacefully with her parents. She says her father wakes up at 4 a.m. for his job as a bus driver, which pays about $400 a month. Her mother cleans houses.“We barely make it to the end of the month,” she said. “Those who are looting are thieves, that’s all. We want real change and we are fighting for something that’s important.”(Updates with markets reaction in fourth paragraph)\--With assistance from Eduardo Thomson.To contact the reporters on this story: Laura Millan Lombrana in Santiago at email@example.com;Sebastian Boyd in Santiago at firstname.lastname@example.orgTo contact the editors responsible for this story: James Attwood at email@example.com, Stephen MerelmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Social-media site Twitter Inc. was briefly down Tuesday morning and its shares also were sliding, as users attempting to access the platform were confronting difficulties. There were some 15,700 reports of problems getting on to Twitter after 10 a.m. Eastern Time, according to site-tracker Downdetector.com. Twitter appeared to be running normally, however, as of 10:30 a.m. A digital map on that tracking site indicated Twitter outages had been reported along the Northeast of the U.S. and in parts of Europe. Shares of Twitter were down 1.9% Tuesday late-morning but have gained 37% so far in 2019.
(Bloomberg) -- Canadian Prime Minister Justin Trudeau won a second term in national elections, displaying once again a remarkable ability to overcome scandal and controversy to remain in power.Trudeau’s Liberal Party won 157 of Canada’s 338 electoral districts, losing his majority in parliament and the popular vote, but gaining enough seats to secure a stable government with support from smaller parties. The most likely partner for Trudeau would be the pro-labor New Democratic Party, which won 24 seats, giving the two parties a combined 181.While his minority position weakens his mandate, the result will nonetheless come as a relief for Trudeau, 47, who entered the campaign wounded by a scandal over his handling of a judicial case for a Quebec engineering firm, and was further rocked by revelations he wore blackface at least three times when he was younger.Canadians “voted in favor of a progressive agenda and strong action on climate change,” Trudeau said in his victory speech in Montreal. “I have heard you my friends, you are sending our Liberal team back to work, back to Ottawa with a clear mandate.”The prospect of a relatively stable minority government sparked little market reaction, with the Canadian dollar trading little changed at C$1.311, a three-month high. One Canadian dollar buys 76 U.S. cents.Trudeau even won support from Donald Trump.The second term allows the Liberal leader to cement one of the most left-leaning agendas the country has seen in at least a generation -- progressive on social issues, willing to run deficits to tackle income disparities, assertive on climate change and fervently internationalist in an era of populism. The push to the left would be accelerated if the Liberals are forced to team up with the NDP -- an alliance that will produce some trepidation in Canada’s energy sector, already saddled with reduced oil prices due to pipeline bottlenecks. Trudeau can also turn to other parties for support on a vote-by-vote basis.Conservative Leader Andrew Scheer cast his result -- raising his seat count by one-quarter from 2015 -- as a victory and said the party would be ready to replace Trudeau when he loses his grip on power. When that would happen is not clear, as NDP Leader Jagmeet Singh’s party won enough seats to back Trudeau in votes and signaled a willingness to do so.One potential flash point may be the proposed expansion of the Trans Mountain pipeline, which would carry crude from Alberta to a port near Vancouver. Trudeau’s government bought the pipeline last year to save its expansion after the previous owner, Kinder Morgan Inc., threatened to walk away. The NDP is anti-pipeline, and wants more aggressive moves to combat climate change.Yet, if history is any guide, the Liberals will only need to make moderate concessions to remain in power, without undermining the nation’s finances or key economic objectives, which includes constructing the Trans Mountain expansion that the NDP opposes. The average duration of the last three Canadian minority governments was almost two years.“While there are some residual political uncertainties, we’re not likely to see dramatic changes from the broad outlines of the Liberal platform, or for that matter, even from where policies were headed prior to the vote,” Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said in a note to investors.Performance RebukeStill, Trudeau will need to navigate carefully following a result that represented an undeniable rebuke of his performance over the past four years, without altogether turfing him from power.The Liberal seat result is well off the 184 the party won in 2015, when Trudeau swept to power with a majority government. The Liberals also won with the lowest share of the popular vote -- currently at 33% -- for any governing party in the nation’s history, even trailing the rival opposition Conservative Party, which won about 34% of ballots cast.He’s also overseeing a more divided nation than the one he inherited. The results exposed a stark regional split. The Conservatives -- who have championed the oil sector -- finished second with 121 districts, much of it concentrated in four western provinces. The separatist Bloc Quebecois finished with 32 districts, more than triple their tally from 2015, and pledged to support any measure they see as in Quebec’s interest. The Liberals won only 17 seats west of Ontario.There is also a deep fault line between rural Canada and the nation’s biggest cities. The Liberals relied heavily on big wins in Toronto and Montreal to stay in power, and are governing with hardly any districts outside of large cities and Atlantic Canada.The outcome likely ensures the survival, for now, of a national carbon price, introduced by Trudeau and deeply unpopular in a number of provinces. The Conservative Party had campaigned against the tax, which also includes payments made to households as an offset.It also may mean Trudeau will need to ramp up spending marginally more than promised. The Liberals pledged to increase the government deficit to C$27.4 billion ($21 billion) next year to fund new campaign promises, bringing it above 1% of gross domestic product for the first time since 2012. That’s even before any new measures needed to accommodate requests from the NDP to win their support.Singh, the NDP leader, has said he will lay out six requests in exchange for his support in any minority parliament: a universal pharmacare plan and national dental care, investments in affordable housing, waiving interest on student loans, a “bold” plan on climate change, a tax on wealth and a price cap on mobile phone bills. Singh told a crowd of cheering supporters near Vancouver that he’s already spoken to Trudeau; the crowd burst into chants of “tax the rich!” as Singh outlined his priorities.The Liberal Party is already pledging about C$10 billion in new annual spending by 2023 to finance a slew of new promises, including more generous child benefit payments and employment insurance, extra funding for post-secondary education, and an increase in the old age supplement for low-income pensioners.Tory SetbackTrudeau’s victory amounted to a rejection of Scheer, who failed to extend his party’s strength enough in the energy-rich prairies into breakthroughs in Ontario and Quebec, Canada’s two most populous provinces. Scheer campaigned on a small-government, pocketbook-issue platform akin to his predecessor, Stephen Harper, who governed Canada from 2006 to 2015.Scheer likened his result to Harper’s first election in 2004, which the former Conservative leader lost, and indicated he planned to remain as leader and bide his time to replace Trudeau. “When the time comes, and who knows when that will be, Canadians will need us to replace the Trudeau Liberals,” he said.Trudeau’s minority government is the fourth in Canada’s past six elections. Harper governed through two minorities before finally winning a majority. Trudeau’s father, former prime minister Pierre Trudeau, was cut down to a minority in his second mandate, before winning two more majorities over the course of his political career.(Updates results in second paragraph.)\--With assistance from Sandrine Rastello, Natalie Obiko Pearson and Kevin Orland.To contact the reporters on this story: Josh Wingrove in Washington at firstname.lastname@example.org;Theophilos Argitis in Ottawa at email@example.comTo contact the editors responsible for this story: David Scanlan at firstname.lastname@example.org, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
of US military aid to Ukraine was contingent on its president publicly declaring that he was opening an investigation into the Bidens and the 2016 US presidential election, the top American diplomat in Kiev told Congress on Tuesday, in testimony that Democrats said provided the clearest evidence yet that Donald Trump had engaged in a “quid pro quo” arrangement with his Ukrainian counterpart.
(Bloomberg) -- Google lured billions of consumers to its digital services by offering copious free cloud storage. That’s beginning to change.The Alphabet Inc. unit has whittled down some free storage offers in recent months, while prodding more users toward a new paid cloud subscription called Google One. That’s happening as the amount of data people stash online continues to soar.When people hit those caps, they realize they have little choice but to start paying, or risk losing access to emails, photos and personal documents. The cost isn’t excessive for most consumers, but at the scale Google operates, this could generate billions of dollars in extra revenue each year for the company. Google didn’t respond to an email seeking comment.A big driver of the shift is Gmail. Google shook up the email business when Gmail launched in 2004 with much more free storage than rivals were providing at the time. It boosted the storage cap every couple of years, but in 2013 it stopped. People’s in-boxes kept filling up. And now that some of Google’s other free storage offers are shrinking, consumers are beginning to get nasty surprises.“I was merrily using the account and one day I noticed I hadn’t received any email since the day before,” said Rod Adams, a nuclear energy analyst and retired naval officer. After using Gmail since 2006, he’d finally hit his 15 GB cap and Google had cut him off. Switching away from Gmail wasn’t an easy option because many of his social and business contacts reach him that way.“I just said ‘OK, been free for a long time, now I’m paying,’” Adams said.Other Gmail users aren’t so happy about the changes. “I am unreasonably sad about using almost all of my free google storage. Felt infinite. Please don’t make me pay! I need U gmail googledocs!,” one person tweeted in September.Some people have tweeted panicked messages to Google in recent months as warnings about their storage limits hit.One self-described tech enthusiast said he’s opened multiple Gmail accounts to avoid bumping up on Google’s storage limits.Google has also ended or limited other promotions recently that gave people free cloud storage and helped them avoid Gmail crises. New buyers of Chromebook laptops used to get 100 GB at no charge for two years. In May 2019 that was cut to one year.Google’s Pixel smartphone, originally launched in 2016, came with free, unlimited photo storage via the company’s Photos service. The latest Pixel 4 handset that came out in October still has free photo storage, but the images are compressed now, reducing the quality.More than 11,500 people in a week signed an online petition to bring back the full, free Pixel photos deal. Evgeny Rezunenko, the petition organizer, called Google’s change a “hypocritical and cash grabbing move.”“Let us remind Google that part of the reason of people choosing Pixel phones over other manufacturers sporting a similar hefty price tag was indeed this service,” he wrote.Smartphones dramatically increased the number of photos people take -- one estimate put the total for 2017 at 1.2 trillion. Those images quickly fill up storage space on handsets, so tech companies, including Apple Inc., Amazon.com Inc. and Google, offered cloud storage as an alternative. Now those online memories are piling up, some of these companies are charging users to keep them.Apple has been doing this for several years, building its iCloud storage service into a lucrative recurring revenue stream. When iPhone users get notifications that their devices are full and they should either delete photos and other files or pay more for cloud storage, people often choose the cloud option.In May, Google unveiled Google One, a replacement for its Drive cloud storage service. There’s a free 15 GB tier -- enough room for about 5,000 photos, depending on the resolution. Then it costs $1.99 a month for 100 GB and up from there. This includes several types of files previously stashed in Google Drive, plus Gmail emails and photos and videos. The company ended its Chromebook two-year 100 GB free storage offer around the same time, while the Pixel free photo storage deal ended in October with the release of the Pixel 4.Gmail, Drive and Google Photos have more than 1 billion users each. As the company whittles away free storage offers and prompts more people to pay, that creates a potentially huge new revenue stream for the company. If 10% of Gmail users sign up for the new $1.99 a month Google One subscription, that would generate almost $2.4 billion a year in annual, recurring sales for the company.Adams, the Gmail user, is one of the people contributing to this growing Google business. $1.99 a month is a relatively small price to pay to avoid losing his main point of digital contact with the world.“It’s worked this long,” Adams said. “I didn’t want to bother changing the address.”To contact the reporter on this story: Gerrit De Vynck in New York at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
after he was fired from his Woodford Equity Income Fund. “The collapse of Thomas Cook caused a huge amount of stress, disruption and anxiety. How comforted or forgiving will Mr Woodford’s investors be?
(Bloomberg) -- Twitter Inc. will create a new policy meant to combat manipulated media, including deep fake videos, ahead of the 2020 U.S. Presidential election.The company doesn’t currently have a policy for how to handle deep fakes, altered videos that distort a subject’s appearance or speech while still looking authentic. Twitter plans to create one, but will first ask the public for feedback, a spokesman said on Monday.Deep fakes and other misinformation have already been part of the 2020 election cycle. Earlier this year, a doctored video of House Speaker Nancy Pelosi that made the congresswoman look like she was slurring her words made the rounds on Facebook. The social-media giant refused to remove it, prompting rebukes from Pelosi and an eventual admission from Chief Executive Officer Mark Zuckerberg that Facebook should have flagged it as false more quickly.Facebook is also under pressure from Democratic presidential candidates for failing to fact-check political advertising after President Donald Trump shared an ad claiming known falsehoods about rival Joe Biden.To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A virtual private network that markets its “advanced security” said on Monday that one of its services had been compromised last year.Nord VPN, which is based in Panama, said on the company’s website that it discovered the breach a few months ago at a data center in Finland. The company’s statement comes after allegations on Twitter by security researchers alleging Nord had been hacked.Tom Okman, a Nord advisory board member, said the hackers only had access to a single “exit node,” the part of the service that masks its customers’ IP address, and not its internal databases. The hackers appeared to have access for about two months, he said. Okman was made available for an interview by the company.The breach was done by “exploiting a vulnerability of one of our server providers, which hadn’t been disclosed to us,” according to the company’s statement. “No user credentials have been intercepted. No other server on our network has been affected. The affected server does not exist anymore and the contract with the server provider has been terminated.”Nord VPN has 12 million users worldwide, according to spokeswoman Laura Tyrell, but she said the company estimates only 50 to 200 customers used the breached server. VPN services anonymize internet activity by routing traffic through servers that mask a user’s identity and location.Blame DisputeOkman said it was hard to determine if hackers obtained information on the internet usage of Nord users because the company doesn’t collect logs of activity on its servers, a selling-point to privacy-conscious customers. “I think that the worst case scenario is that they could inspect the traffic and see what kind of websites you could visit,” Okman said. He said this would only apply to Nord users who used its Finnish server and were accessing websites that didn’t use the secure protocol HTTPS.Okman said Nord was slow to inform its users of the 2018 breach because it wanted to verify that none of its 5,000 different servers had the same issue. That process is still ongoing, he said. “We would rather not disclose this now but due to the concerns of our users we had to do this now,” Okman said. Nord plans to inform its customers of the breach via email.The announcement touched off a dispute over who was to blame.Okman said the breach was the fault of Nord’s data center provider, a Finnish company called Oy Creanova Hosting Solutions Ltd., which he accused of having “very bad security practices.” Creanova introduced software that led to hackers gaining access without Nord’s knowledge, Tyrell said.But Niko Viskari, Creanova’s chief executive officer, blamed Nord for the breach. “They had a problem with security but because they do not take care of security by themselves,” he said, in an email. Nord, he said, was trying “to put this on our shoulders.”For Nord, security is a key selling point. In a tweet from August, Nord claimed the service would protect its users from hackers. “Hackers would love to grab your sensitive data right out of your screen,” the tweet says. “And they can -- unless you encrypt your traffic with NordVPN.”(Adds additional background on Nord in 11th paragraph. Previous version corrects spelling of Panama.)To contact the reporter on this story: William Turton in New York at email@example.comTo contact the editor responsible for this story: Andrew Martin at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Markets chugged higher on Monday, as investors gobbled up stocks after a strange finish to last week. Let's look at a few top stock trades as investors gear up for a busy week of earnings. Top Stock Trades for Tomorrow No. 1: Pinterest (PINS)Pinterest (NYSE:PINS) caught a nice boost on Monday after an analyst upgrade from RBC Capital Markets. The rally took PINS stock to the top of its current downtrend.InvestorPlace - Stock Market News, Stock Advice & Trading TipsCan it push through channel resistance (blue line) or will resistance hold strong?If it holds, a retest of $24 could be in store. A channel breakout could send Pinterest stock to the 38.2% retracement at $28.28. Above that, at $28.72, is the 100-day moving average. Moving over that could kickstart a move toward $30. Top Stock Trades for Tomorrow No. 2: Bank of America (BAC)Man, InvestorPlace readers have been all over this Bank of America (NYSE:BAC) trade. Shares didn't quite get down to range support near $26.50 ahead of earnings. * 10 Hot Pot Stocks to Buy Post-earnings, BAC stock has been moving well, spending last week consolidating just below range resistance. On Monday, we have a breakout in the name. Over $30.50 and BAC stock looks good on the long side.Shares are hitting multi-year highs now, and if they continue higher, see if BAC stock can surpass $31.70. Over $32 could cause an even further breakout. Bank of America's unadjusted high from 2018 is up at $33.05, for reference. Top Stock Trades for Tomorrow No. 3: Twitter (TWTR)Twitter (NYSE:TWTR) has spent the month chopping between $39 and $40, as it clings to the 100-day moving average. The 61.8% retracement has been support on the downside, while $40 has been resistance on the upside.The company reports on Thursday before the open, so be aware of that, too.On the downside, look to see if the 61.8% retracement buoys the stock. Below it puts channel support (blue line) and the 200-day moving average near $37 in play. Over $40 puts the 50-day moving average and 78.6% retracement at $41.66 in play. Above that and $44+ is possible. Top Stock Trades for Tomorrow No. 4: Service Now (NOW)Service Now (NYSE:NOW) has been mostly range-bound between $270 to $275 on the upside and $245 to $250 on the downside. Additionally, the 100-day moving average has been resistance, while the 200-day moving average has been support.With range support and the 200-day moving average now giving way as support, it opens up the door to more possible downside in NOW stock.Shares are flirting with a close below the 61.8% retracement too. If they fail to reclaim this mark and the 200-day moving average in a relatively quick manner, more downside could be on the way.The 50% retracement is all the way down near $225. To fill its February gap, Service Now would need to fall below $200 per share, although that kind of slide may not be warranted, especially in the short term. Top Stock Trades for Tomorrow No. 5: Seattle Genetics (SGEN)Seattle Genetics (NASDAQ:SGEN) shares surged on Monday, up more than 15% on positive results for an oral breast cancer drug.Monday's move is a powerful rally, bursting SGEN stock over uptrend resistance (blue line). Sitting between its 123.6% and 138.2% retracements, see if SGEN stock can take one out in either way.Above the 138.2% and SGEN may be able to continue higher. Below the 123.6% and it may need to consolidate before going higher again.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long PINS and BAC. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell Before December's Meltdown * 7 Software Stocks to Buy for Growth * 3 Large-Cap Stocks to Buy After Earnings The post 5 Top Stock Trades for Tuesday: PINS, BAC, TWTR appeared first on InvestorPlace.