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Stocks are flirting with record highs, and investors will be monitoring this week's consumer confidence data and Nike earnings.
Disney pulled out of a deal to buy Twitter in 2016 because of the “nastiness” on the social media platform, chief executive Bob Iger has revealed.
(Bloomberg) -- Bitcoin is growing up.Monday marks the debut of futures contracts offered by Intercontinental Exchange Inc. that can result in delivery of the digital currency, a new chapter in Bitcoin’s tumultuous 10-year history. The first federally regulated market to buy and sell Bitcoin could entice conservative investors who have so far stayed on the sidelines to begin adding the digital asset to their portfolios, according to industry analysts. It also furthers efforts to create a market structure for financial professionals to take the digital asset seriously.“The move to centralize and create a scalable infrastructure for crypto asset investment” is “a positive step,” said James Putra, head of product strategy at TradeStation Crypto. Because the ICE contracts will deliver actual Bitcoin, an investor can potentially profit first from the rise in the futures price and then take possession of the coins, he said. “I can capture both pieces and continue to ride that upward.”Since the start of trading, 29 one-day contracts have been issued, ICE data show. Bitcoin has dropped about 2.4% to $9,894 as of 10 a.m. in New York.The biggest cryptocurrency is still up about 175% this year, better than any other asset globally. The start of cash-settled futures contracts at CME Group Inc. in December 2017 helped send Bitcoin up 9% and coincided with its record price of $19,511.It hasn’t been all smooth sailing for the ICE contract. The company faced a months-long delay after running into opposition from the Commodity Futures Trading Commission over how it proposed to store clients’ tokens to safeguard them from theft and manipulation, people familiar with the matter said earlier this year. To remedy this, the company sought a license from New York financial regulators permitting its Bakkt custody unit to hold customer tokens. That unit began operating earlier this month to give users a chance to become familiar with how it works.“This contract is squarely designed for institutional participants,” said Adam White, chief operating officer of Bakkt. The combination of regulated trading with custody is what sets the ICE approach apart, he said. “That is of the utmost importance to institutions.”How They WorkThe company is offering a daily contract as well as a 30-day future. The daily contract will be available for investors to buy or sell for 70 days into the future, while the monthly will be listed for 12 months out, he said. Both contracts can be rolled upon expiration, he said.As for the delay ICE faced, White said “That was time well spent” because the company needed to address customer concerns about how their Bitcoin would be stored. “To us, it was not a race for speed but to get the right product out.” It’s rare in the futures industry for a market to act as an exchange for trading, a clearinghouse for settlement and a custodian for delivery. The last component is what necessitated Bakkt receiving the New York state trust license.Damon Leavell, an ICE spokesman, declined to name the banks supporting ICE’s Bitcoin futures contract. Bank units known as futures commission merchants stand between customers and the clearinghouse to facilitate trade.Completing the regulated custody “does add another layer of legitimacy to the market,” said Richard Johnson, an analyst at Greenwich Associates who specializes in blockchain technology. Bitcoin custody is risky because private keys are needed to move coins from one address to another. If a thief obtains that key he now controls that Bitcoin, Johnson said. There’s also the risk of losing the keys, he added.Retail DeliveryThe main competitor to the ICE Bitcoin futures will be the CME Group contracts. CME Group earlier this month said it will boost the number of contracts users can hold in the spot month and last week said it would begin options on its Bitcoin futures contracts in the first quarter next year, pending regulatory review.“There’s room for both” CME and ICE contracts, TradeStation Crypto’s Putra said. A key for ICE will be devising a way for retail customers to easily buy and sell the futures, he said. Many retail brokerages aren’t set up to handle delivery of corn or cattle from a futures trade, so don’t allow those contracts on their systems, he said.“People make mistakes,” he said. “It’s not easy to have a truckload of cattle to get to a customer.” The ICE daily contract could help firms that make short-term loans of Bitcoin, he said. Now they can hedge those loans, which tend to be one day in duration due to the wild volatility seen in Bitcoin’s price.When ICE unveiled its Bitcoin futures plan in August 2018, it highlighted it in part as a way for merchants to adopt cryptocurrencies as a payment method. Its corporate partners include Starbucks Inc. and Microsoft Corp. Yet retail adoption of Bitcoin may still be a ways off, Putra said.“It lays the groundwork to make it easier for other participants to adopt this,” he said of the ICE plan. Yet “it’s a lofty goal” to get corporations to begin changing Bitcoin into U.S. dollars. “It’s a bit of a leap to think Starbucks is going to manage its position through futures,” Putra said. “If I’m not managing my dollar or yen exposure with a futures contract, I’m not going to manage my Bitcoin exposure with a futures contract.”White said the first hurdle for the company was to get enough traders using its Bitcoin futures. If they can pull that off, next year ICE plans to offer a product aimed at merchants, he said.(Adds chart showing volume of contracts)\--With assistance from Vildana Hajric.To contact the reporter on this story: Matthew Leising in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Dave Liedtka, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. stocks fell at the opening bell on Monday after a round of downbeat data on eurozone manufacturing activity that underlined worries over global growth.
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.It took Tesla Inc. about 15 years to rack up $5 billion in losses. The company some regarded as China’s Tesla did it in four.And the bleeding continues. Shanghai-based NIO Inc. is poised to report Tuesday that it lost another 2.6 billion yuan ($369 million) — around $4 million a day — during the second quarter, according to the average of two analysts’ estimates. That would bring accumulated losses at the company, which is backed by technology giant Tencent Holdings Ltd., to about $5.7 billion since William Li founded the carmaker in 2014.Cost overruns, weak sales, and major recalls have led NIO to plunge about 74% since its market value hit a record $11.9 billion about a year ago. More broadly, the company’s reversal of fortune illustrates why concerns are mounting that China created an electric-vehicle bubble that may be about to burst.“This year and the next, there’s going to be a lot of card-shuffling for these EV startups,” said Siyi Mi, an analyst at BloombergNEF. “Before, venture capital chased after them, but it’s not the case any more.”NIO’s U.S.-listed shares fell as much as 4.6% to $2.90 shortly after the open of regular trading Monday in New York.Total EV sales in China, where half of the world’s electric cars are sold, fell for the first time in July after the government scaled back subsidies. Deliveries dropped again in in August, raising doubts that one of the final respites of strength in China’s auto market — which has fallen 14 out of the past 15 months — is wavering.China has gradually scaled back subsidies for new-energy vehicles — all-electrics, fuel-cell autos and plug-in hybrids — since 2017 to help the industry stand on its own two feet and avoid a bubble. That’s undermined growth, prompting the likes of top Chinese electric-carmaker BYD Co. to warn recently that earnings will wane.At NIO, pressure is building for the company to raise more funds. The carmaker is seeking to reduce its workforce by 14% to 7,500 by the end of the month. Incidents involving batteries catching fire or spewing smoke forced NIO to recall about 4,800 vehicles — more than 20% of all the cars it’s ever sold. Second-quarter deliveries dropped from the preceding three-month period.The company also scrapped plans for a manufacturing plant in Shanghai after the government opted to provide financial support to Tesla. Instead, NIO farms out production of its ES6 and ES8 cars to Anhui Jianghuai Automobile Group Co.While Tencent and Li each plowed $100 million into NIO this month, the capital-intensive nature of the auto industry means that “this much money won’t last long,” said Bill Russo, founder and CEO at Automobility Ltd., a Shanghai-based auto advisory firm.Li has played down his company’s challenges, saying in an interview in June that NIO’s stock rout was “no big deal” and that investors needed to understand that making new cars costs money.But money is in short supply for the carmaker, which is now counting on receiving as much as 10 billion yuan in funding from an investment firm backed by the Beijing city government.Another looming challenge for NIO is Tesla, which plans to start production in China later this year, allowing the U.S. company to cut prices of its vehicles sold in the country.“NIO didn’t position itself in the right place,” said Yale Zhang, founder and CEO of the consultancy AutoForesight. “I’m not optimistic about its future in the long run.”(Updates with U.S. shares trading in fifth paragraph)To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A tower building at Disney's Epcot theme park in Orlando one day will be home to the new high-thrill ride, Guardians of the Galaxy: Cosmic Rewind, based on the popular Guardians of the Galaxy property. A new Orange County construction permit filed by Disney (NYSE: DIS) on Sept. 13 indicates current work on the ride is to "fabricate and install show set components." This typically can be set design in a queue, in the ride itself or part of the post-ride experience. The contractor on the project is Icarus Exhibits Inc. of Orlando, which has done lots of work for the theme park, including Star Wars: Galaxy's Edge and the new, under-construction Tron coaster at Magic Kingdom.
The tribe that owns Cache Creek Casino Resort has a new partnership with the San Francisco 49ers, which will include advertising at Levi's Stadium and on radio broadcasts.
At CNBC’s Delivering Alpha conference, Trian Partners CEO Nelson Peltz said that holding a large stake in General Electric was his "big mistake."
(Bloomberg) -- PG&E Corp. and a group of insurers urged a judge to reject a competing reorganization plan for the bankrupt utility because the proposal would pay fire victims who lost their homes ahead of insurance companies and “unjustly enrich” bondholders including Elliott Management Corp.Under bankruptcy law, insurance companies and the victims of wildfires blamed on PG&E should be treated equally, which means they would be paid at the same time and in the same percentage, according to a statement by PG&E and a court filing by the insurers.The company and the insurers are fighting to protect their $11 billion reorganization deal that would bring PG&E out of bankruptcy while preserving value for current shareholders. The competing proposal by bondholders and a committee of fire victims suing PG&E would split ownership of the company between them and wipe out current shareholders.The structure of the bondholder/fire victims plan violates bankruptcy rules and should be rejected, PG&E and the insurance companies said.“The law requires that all claims of the same priority be treated equally,” PG&E said in the statement Monday. “The Elliott Proposal would improperly pay one creditor group (individual fire claimants) ahead of another (the insurers who paid individuals billions of dollars following the 2017 and 2018 wildfires to help them recover and rebuild).”PG&E also argued that the bondholder proposal would violate a California law that requires satisfaction in full of all wildfire claims.Bondholders and fire victims have launched similar attacks on PG&E’s plans. Next month, U.S. Bankruptcy Judge Dennis Montali is scheduled to decide whether to cancel the utility’s exclusive right to reorganize itself and allow the bondholders and fire victims to put forward their proposal.PG&E filed bankruptcy in January saying it needed to restructure in order to pay fire claims that may coast as much as $30 billion. The company has insisted it can pay the fire claims without wiping out shareholders. Under the so-called absolute priority rule of the bankruptcy code, which both sides of the debate have cited, fire victims and other unsecured creditors must be paid in full before shareholders can recover anything.Lawyers for the bondholders and fire victims did not immediately respond to a request for comment.NOTE: PG&E Formalizes $11B Insurance Pact, Opposes Rival Elliott PlanNOTE: PG&E Slumps on Creditor Plan to Mostly Wipe Out ShareholdersThe case is PG&E Corp., 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Jeremy Hill and Nick Lichtenberg.To contact the reporter on this story: Steven Church in Wilmington, Delaware at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Nikolaj GammeltoftFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Comtech's (CMTL) fiscal fourth-quarter earnings are likely to be impacted due to a targeted acquisition and repositioning of its enterprise technology product solutions.
Dow Jones futures: The stock market is near new highs, but is it a long-term bull market? Also, leading stocks remain in flux as recent breakouts struggle.
Microsoft is going after the retail market, both online and offline, with a slew of announcements and updates to its Dynamics 365 enterprise platform.
Caesars Entertainment Corp. said Monday that it has agreed to a sale of its Rio All-Suite Hotel & Casino to a company controlled by Imperial Companies for $516.3 million. Under terms of the deal, Caesars will continue operating the property for two years and pay annualized rent of $45 million. The buyer has an option to pay Caesars $7 million to extend that lease a third year under similar terms. Once the lease terms ends, Caesars can keep managing it or provide transition services to Imperial. Shares of Caesars were unchanged in premarket trading.
PG&E said it's reached an agreement to resolve claims with entities representing 85% of the insurance claims from the 2017 Northern California wildfires and the 2018 Camp Fire. Subject to bankruptcy court approval, PG&E said the agreement formalizes the $11 billion agreement in principle announced last week. PG&E said Elliott Management's alternative is a "blatant attempt to unjustly enrich the noteholders who proposed it" and would "cost all PG&E customers billions of dollars in additional interest payments over 15 years."
Microsoft announced a slew of updates to Dynamics 365, its enterprise application suite, with a particular eye on the retail and commerce industries.
Investing.com - U.S. futures were flat on Monday, after Chinese officials cut their U.S. trip short and speculation remained on whether or not the two largest economies in the world will reach a trade deal in the coming months.
(Bloomberg) -- PG&E Corp. may cut power to as many as 124,000 customers in nine northern California counties as hot, dry and windy weather raises the risk of potential fires.The move follows a similar decision in June, when the utility giant shut off as many as 26,900 customers in the Sierra Foothills as high winds threatened to knock down power lines and spark wildfires. The measure comes as the utility tries to avoid a repeat of the catastrophic fires that have ravaged the state for the past two years and forced the company to seek bankruptcy protection.The utility will decide Monday morning whether to move forward with its “public safety power shutoff,” it said in a statement, adding that the cuts could begin from the late afternoon or evening. Counties that may be impacted include Napa and Sonoma, home to the most valuable vineyards in the state.Hot, dry and windy weather across a stretch of the state north and northwest of San Francisco will increase the risk of fire from 8 p.m. Monday to 9 a.m. Tuesday, and again from 7 p.m. Tuesday to 10 a.m. Wednesday, according to the utility.The following counties could be affected:To contact the reporter on this story: Dan Murtaugh in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Ramsey Al-Rikabi at email@example.com, Jasmine NgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc.’s “Fleabag” and “The Marvelous Mrs. Maisel” pulled off a near-sweep of the comedy Emmys awarded on Sunday night, cementing the company’s status as an outlet for high-brow humor.“Maisel,” a show about a New York housewife turned standup comic, picked up statuettes for best supporting actor and actress. “Fleabag,” a dark comedy about a young British woman struggling to get her life together, won for writing, directing, best actress and best comedy.Bill Hader, the star of HBO’s “Barry,” also snagged a comedy Emmy for acting at the awards, which Fox broadcast live from Los Angeles. The TV academy aped the film academy in staging an awards show without a formal host, though it did have an announcer providing sports-style running commentary.With media giants rushing to introduce new streaming platforms, Amazon has sought to build a reputation for high-quality original shows. It’s going to get harder to stand out. Walt Disney Co., Apple Inc., AT&T Inc.’s WarnerMedia and Comcast Corp.’s NBCUniversal will all roll out their services in coming months, setting up a historic fight for viewers’ eyeballs and wallets.Disney planted a flag early in the show with a commercial for its Disney+ streaming service, calling out its ownership of hit machines like Star Wars, Marvel and Pixar.Phoebe Waller-Bridge, the “Fleabag” creator, was nominated for best comedy and as well as best drama, for “Killing Eve.” That gave her a chance to match an accomplishment attained by prolific producer David E. Kelley in 1999, but the drama award went to “Game of Thrones.”“Maisel” also won five Emmys last year. “Saturday Night Live,” meanwhile, took this year’s Emmys for a variety sketch series.(Updates with best comedy Emmy in second paragraph)To contact the reporter on this story: Lucas Shaw in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, Virginia Van NattaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.