Autism Speaks, best buddies, special olympics and the entertainment industry foundation are teaming up to launch delivering jobs. CEO of Autism Speaks Angela Geiger joined Yahoo Finance's On The Move to discuss.
Autism Speaks, best buddies, special olympics and the entertainment industry foundation are teaming up to launch delivering jobs. CEO of Autism Speaks Angela Geiger joined Yahoo Finance's On The Move to discuss.
Archegos has hired restructuring advisers to assess the potential legal claims from banks and to plan for a possible winding down of its operations, the report said, citing two people familiar with the matter. The family office's meltdown was triggered after ViacomCBS, a company Archegos was heavily exposed to, announced a stock offering in March. Global banks lost nearly $10 billion from the Archegos fallout.
WASHINGTON (Reuters) -The new chair of the U.S. securities regulator told lawmakers on Thursday the agency was considering new trading rules to address issues raised by this year's GameStop Corp trading saga and the meltdown of private fund Archegos Capital. Gary Gensler also told the House of Representatives Financial Services Committee, just three weeks after being sworn in as Securities and Exchange Commission (SEC) chair, that he expected to propose new rules on corporate climate risk disclosures in the second half of 2021. Democrats are pressing Gensler to take a tough stance on Wall Street after GameStop's fierce rally in January, fueled by bullish online posts on Reddit, and the March implosion of New York-based family office Archegos, exposed gaps in the SEC's rules.
(Bloomberg) -- Qatar’s prosecutor ordered the arrest of Finance Minister Ali Sharif Al-Emadi to question him over alleged abuse of power and misuse of public funds, a state-run news agency said.The country’s ruling emir said he’d relieved Al-Emadi of his office and entrusted his duties to the current Minister of Commerce and Industry, Ali Al Kuwari, according to an announcement released hours after arrest was made public.Al-Emadi was named finance minister a day after Sheikh Tamim bin Hamad Al Thani took over leadership of the country in June 2013, and has held the role since. The prosecutor has launched an investigation, Qatar News Agency said Thursday. No further details were immediately available.The arrest was unusual, because allegations of criminal conduct by senior state officials or members of ruling families in the Gulf are typically addressed behind closed doors. Saudi Arabian Crown Prince Mohammed bin Salman’s declared anti-corruption drive in 2017, which targeted royals and businesspeople, was an exception.Qatar’s dollar bonds held on to most of their earlier gains following the news, with the yield on the securities due 2050 down about 4 basis points to 3.4%. The country’s stock market had already closed for the weekend.Board PositionsAl-Emadi had been a stalwart of Qatar’s financial system, helping to transform Qatar National Bank from a local champion into the region’s biggest lender as its chief executive from 2007 to 2013. He still serves as chairman of the bank’s board, and is also president of the executive board of Qatar Airways, and on the board of Qatar Investment Authority, the country’s sovereign wealth fund.The Financial Times reported that allegations against him concern bribery and commissions related to government contracts, citing a person in Doha who the newspaper said was briefed on the investigation but didn’t name. The investigation is centered on his conduct as minister, and not his other positions, it said.More recently, amid speculation that Al-Emadi had fallen out of favor, he was replaced as chairman of the Qatar Financial Centre -- a platform through which most foreign financial firms working in the country are registered and among agencies that encourage foreign investment.Al Emadi has been regarded as a budget-conscious finance chief, reluctant to raise excess debt even though Qatar’s bond yields are among the lowest in developing economies.At the same time, he’s overseen heavy spending in preparation for the 2022 FIFA World Cup that Qatar is to host. Bloomberg Intelligence estimates the country will plow $300 billion into infrastructure projects ahead of the soccer tournament.(Updates with allocation of duties in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The highest-flying tech names are getting no help from one of the sector’s usual lifelines amid a fierce selloff that’s showing few signs of slowing.Plunging U.S. real yields -- which strip out the effects of inflation -- failed to stem a 2.9% fall in Cathie Wood’s ARK Innovation exchange-traded fund (ARKK) Thursday, now in the midst of its worst stretch since 2018. Drops in the likes of Twilio Inc., Zoom Video Communications Inc. and Roku Inc. dragged down the ETF, even as the mega-cap Nasdaq 100 rallied for the first time this week.The break-apart in riskier tech and real rates is a sea change in a relationship that’s held through much of the past year. With bonds offering a negative rate of return after stripping out inflation, speculative tech and growth have flourished as investors hunt for yield. That the decoupling is happening at a time when a standard explanation for weakness in equities is “concern about inflation” shows the challenges of assigning cause and effect to a market where everything from retail day-traders to options-fomented hedging is acting on prices.“Even though the bond market is suggesting that tech should be doing better, commodities are what the equity market is listening to and that is causing less of a bid for technology,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “Commodities are whispering in the ear of the equity market and saying inflation is coming.”A surge in everything from copper to corn prices has pushed the Bloomberg Commodity Spot Index to its highest level in almost a decade. Meanwhile, 2-year breakevens touched the highest level since 2008 on Wednesday. The market’s sensitivity to a potential rise in rates was on display this week, with the Nasdaq 100 careening lower after Treasury Secretary Janet Yellen said interest rates may have to rise moderately to keep the economy from overheating -- a point she later walked back.ARKK has bled about $785 million in outflows over the past six days, according to data compiled by Bloomberg. Amid the carnage, hedge funds sold technology shares for seven straight days, cutting their exposure to the lowest since December, prime broker data compiled by Goldman Sachs Group Inc. show.Retail investors have also absorbed blows after chasing momentum into the high flyers like green energy and electronic-vehicle stocks. Plug Power Inc. tumbled 7.1% Thursday after a 973% surge in 2020. Xpeng Inc., a Chinese maker of electric cars, dropped 5.8% for its eighth decline in nine days.A Goldman Sachs basket of retail favorites has fallen five straight weeks, the longest losing streak in data going back to July 2018. That’s a turnaround from earlier this year, when a Reddit-driven rally in meme stocks like GameStop Corp. handed the retail crowd a win against some short sellers.As growth gets hit, cyclically-oriented sectors -- those with earnings viewed as being more tied to economic swings -- have pulled ahead. The financial and energy sectors have rallied 3.6% and 6.9% so far this week, respectively, putting both on track for their strongest showings since March.“With the data continuing to suggest a faster than expected recovery, the recovery/reflation trade is winning and expensive growth becomes a source of funds,” said Dan Suzuki, Richard Bernstein Advisors LLC’s deputy chief investment officer. “The rising inflation expectations indicate that people’s confidence in the reflation trade is picking up.”(Updates with closing prices throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The Bank of England expects the biggest surge in household spending since 1988 -- when Margaret Thatcher was prime minister -- to help power a strong economic rebound after the pandemic.Officials, led by Governor Andrew Bailey, said they expect consumers to use up 10% of the savings glut built during lockdowns, double the pace previously forecast. The central bank also sees the U.K.’s economic output recouping losses by the end of this year instead of in early 2022.While the BOE on Thursday opted to slow emergency bond buying, in tune with a shift by some global counterparts toward deescalating monetary stimulus, policy makers insisted this isn’t a switch in stance. However, the strength of the recovery did lead outgoing Chief Economist Andy Haldane to cast a sole minority vote to end purchases sooner.The success of the U.K.’s vaccination drive has driven down infection and death rates and allowed the government to stay on track to fully re-open the economy in June. The next stage in the loosening of restrictions is due later this month, when indoor hospitality will open and two households will be able to mix inside.“This growing confidence in the recovery has enabled the bank to cut the weekly pace of its asset purchases,” James Smith, an economist at ING, wrote in a report. While that shouldn’t come as a “huge surprise,” he said “the next question is how –- and when –- the Bank of England will enter a formal tightening cycle.”Officials remain confident that the recovery won’t spur a sustained spike in inflation, although they see the risk of that as more balanced than before.The central bank estimates consumers accumulated more than 200 billion pounds ($278 billion) during the pandemic, more than the 125 billion pounds estimated in November, Deputy Governor Ben Broadbent told journalists at a press conference on Thursday.What Bloomberg Economics Says...“The Bank of England delivered a big forecast upgrade today as well as a slowdown in bond purchases and a dissenting vote from its outgoing chief economist. All of that suggests increasing confidence about the economic outlook.”--Dan Hanson, senior U.K. economist. Click here for full REACT.The figures help explain the BOE’s bullish outlook for economic growth this year after pandemic lockdowns caused the worst recession in three centuries. It now sees the economy expanding 7.25% this year, with unemployment peaking at only 5.4%, rather than 7.8% as previously predicted.“The impact of restrictions on activity appears to have been smaller than anticipated, as households and companies have adapted,” Bailey told reporters.But Haldane, who is set to quit the BOE in June, voted to cut the target for the current round of bond purchases to 100 billion pounds from the present total of 150 billion pounds, meaning the program would finish in August rather than at the end of the year.“There was now clear evidence that the economy was growing rapidly, with both household and company spending surprising significantly and persistently to the upside, and consumer and business confidence bouncing back,” he argued to his colleagues.The BOE did reduce the pace it buys government debt to 3.4 billion pounds a week, 1 billion pounds lower than the previous amount, though officials cautioned not to read too much into that tweak.Still, the more optimistic outlook may put the institution in a vanguard of global central banks starting to contemplate an end to crisis stimulus, reflecting a broader discussion in major economies about how long to keep emergency life support flowing.“The BOE is already positioning itself at the hawkish end of the central bank spectrum,” HSBC Holdings Plc economists wrote in a report. “The Bank of Canada has started tapering, but has no end-date for purchases, while the U.S. Fed is not expected to start tapering until the end of the year.”Vivek Paul, the U.K. chief investment strategist at BlackRock Investment Institute, cautioned that the sunnier outlook isn’t a promise of sustainable expansion over time.“It would be a mistake to extrapolate from eye-watering growth rates inthe near term to stronger growth in the future,” he said. “After all, this is a restart, not a recovery.”(Updates with economists’ comments throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Oil declined as the coronavirus crisis in India and a slowing demand rebound in the U.S. highlighted the uneven nature of the global recovery.Futures in New York fell 1.4% Thursday after hitting a nearly two-month high earlier in the week. While signs of rising oil consumption have put prices on track for a weekly gain, spiking Covid-19 cases in major crude importer India is capping gains. At the same time, U.S. gasoline consumption slipped for a second straight week.“What’s keeping the market from going higher are these Covid-19 issues in several countries along with not quite enough of a demand rebound here in the U.S. to juice prices toward that $70-a-barrel mark,” said John Kilduff, founding partner at Again Capital LLC.Despite near-term concerns, oil has rallied more than 30% this year as key economies including the U.S. and China rebound from the depths of the pandemic. Spain’s Cepsa is restarting a processing unit that was previously idled, while U.S. refineries are running at five-year average levels for the first time since the pandemic began. The strength in crude has helped drive the Bloomberg Commodity Spot Index to the highest level in almost a decade.The promise of a summer travel boost is also keeping prices supported, said Bob Yawger, head of the futures division at Mizuho Securities. “With Memorial Day weekend so close here, the gasoline demand scenario is just too strong to see crude oil fall apart.”Elsewhere, Japan plans to extend a state of emergency brought on by Covid until the end of the month, local media reported. The country’s capital, Tokyo, had wanted to extend it in a bid to stem a surge in infections ahead of hosting the Olympics from July.Beyond headline crude prices, the market’s underlying structure has weakened in recent sessions. The backwardation between Brent’s two nearest contracts -- which signals tightening supplies -- has narrowed since the end of last week. The backwardation in WTI’s so-called prompt spread has also softened compared to last Friday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Volkswagen AG raised its earnings outlook after a strong start to the year, while cautioning that the semiconductor shortage rippling through the industry will become more pronounced in the second quarter.Operating return on sales is forecast at 5.5% to 7% this year, compared with a previous range of 5% to 6.5%, Europe’s largest automaker said Thursday in a statement. VW also raised its projection for net cash flow and net liquidity.“We started the year with great momentum and are on a strong operational course,” Chief Executive Officer Herbert Diess said in the release.While demand has rebounded across the industry, manufacturers are now grappling with an acute chip shortage that’s forcing them to halt production lines and prioritize some vehicles. Diess said the company will feel more pain in the second quarter and that some lines will stop “for a few days, a few weeks,” though the fallout won’t be as pronounced as with some rivals.VW shares reversed initial gains and traded down 2.5% in Frankfurt, valuing the manufacturer at 120.6 billion euros ($145 billion).Daily BattleStellantis NV warned this week that the global semiconductor shortage will deteriorate further from the first three months of the year, while Ford Motor Co. has forecast a $2.5 billion hit to earnings from scarce chip supplies.“We’re fighting day by day,” Diess said in an interview with Bloomberg TV. “We’re doing everything to keep production running.”Still, the fallout from the disruptions might lower VW’s second-quarter return on sales to about 5%, down from 7.7% in the first three months, he said during a call with analysts.VW is at a pivotal moment in getting its electric-car push off the ground and narrow the gap to Tesla Inc. Among the new models this year are the VW ID.4 and the Audi Q4 e-tron, two crossovers about the size of Tesla’s popular Model Y, as part of the industry’s largest rollout of electric cars. Diess said that electric vehicles are actually less affected by the chip shortage, supporting the company’s efforts to tilt production more into that space.Two months after mapping out plans to build six battery factories in Europe VW is still in talks with potential partners and governments over possible partnerships to finance the projects. Decisions could be made “in the next couple of months” and include initial public offerings of “some of the activities,” Diess said. First-quarter operating profit surged to 4.8 billion euros from 900 million euros last year, when the Covid-19 pandemic shuttered showrooms and factory floors. The group’s Audi and Porsche premium brand continued to be largest profit contributors, accounting for just over half of the group’s earnings with 2.58 billion euros combined.The German carmaker targets becoming the global EV leader by 2025 at the latest and is allocating substantial financial and management firepower to boost software expertise under a new unit named Cariad. VW’s shares have soared since Diess wooed investors in March with back-to-back briefings on standardizing key technologies across VW’s 12 brands for scale effects that’ll likely elude both Tesla and established automakers.Steel PricesThe recovery in demand is helping to fuel VW’s costly electric plans. Total deliveries during the first quarter jumped 21% to 2.43 million vehicles, mainly driven by a surge in China. Deliveries of electrified models more than doubled to 133,300 vehicles, of which 59,900 were battery electric vehicle and the remainder plug-in hybrids.The Wolfsburg-based manufacturer has targeted selling roughly 600,000 purely battery-powered cars this year and is “fully on track” to comply with tightening European emission rules, Diess said.Besides the semiconductor shortage, rising prices for raw materials from steel to precious metals are also taking their toll on the car industry, Diess said. “Finding new sources, that’s going to be a challenge for 2021 for sure,” Diess said. “Demand is rising for everyone, and supply is constrained.”(Updates with comments from analyst call in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Peloton Interactive Inc. projected revenue of $915 million in the current quarter, saying the recall of its treadmills would reduce sales by about $165 million. Shares gained about 4% in extended trading after investors had prepared for a larger blow.Chief Executive Officer John Foley said the financial impact would be “short term” from the halt to sales and recall of the Tread+ and Tread products. Peloton had planned May 27 for an expanded U.S. rollout of its less-expensive Tread, which has only about 1,050 models on the market, but Foley said Thursday the widespread launch will be delayed while safety improvements are put in place.Peloton, in conjunction with the U.S. Consumer Product and Safety Commission, on Wednesday announced the recall of the treadmills. The $4,295 Tread+ was connected to the death of a child and more than 70 reports of injuries, while the touchscreen of the less-expensive Tread was at risk of falling off. The products account for a small percentage of the company’s hardware revenue, which is primarily generated by stationary bicycles, but are seen as key future growth drivers.Foley said the company is working on new safety measures for the treadmills, including a software update that will include a passcode requirement for the more expensive model. Hardware changes are also being worked on, but must be approved by regulators, and may take six to eight weeks, he said.In light of the recall, the company revised its forecasts and said annual revenue would be $4 billion compared with the previous guidance of $4.075 billion. Shares, which had fallen while investors awaited the foreast, jumped to a high of $89.20 in extended trading after closing at $83.78 in New York.Earlier, Peloton said sales gained 141% to $1.26 billion in the fiscal third quarter, which ended March 31. Analysts, on average, projected $1.12 billion, according to data compiled by Bloomberg.Connected fitness subscriptions -- users who pay for classes on Peloton equipment -- jumped 135% to 2.08 million, the New York-based fitness technology company said in a statement. Paid digital subscriptions, made up of people who take classes on smartphones, tablets and other devices, increased to 891,000. Both numbers topped analysts’ average estimates.Peloton sales have soared in the past year as the pandemic shut gyms and forced people to work out from home. However, the company has struggled to keep up with demand for months, leading to long wait times and frustrated customers. Those supply issues droves shares down about 45% in 2021.In a letter to shareholders, Peloton said average shipping times for its original bike are back to pre-pandemic levels. “While progress has been made, additional work remains to reduce delivery times across the remainder of our product portfolio and regions,” the company said.Peloton said it completed its acquisition of fitness equipment maker Precor on April 1 and integration is “well underway.” The company plans to make a limited number of products at Precor’s North Carolina facility by the end of 2021.The company recently said it would expand to Australia later this year, adding in the letter that it sees “significant growth opportunities in a broad range of international markets.” but had no announcements at this time.Peloton said connected fitness subscription workouts increased 239% to 149.5 million in the quarter, an average of 26 monthly per user compared with 17.7 in the same period a year earlier. The monthly churn rate was 0.31%, though 98% of subscribers are on a month-to-month basis.Peloton reported an adjusted profit before interest, taxes, depreciation and amortization of $63.2 million in the fiscal third quarter, topping analysts’ estimates of $18.3 million. Net loss narrowed to $8.6 million, or 3 cents a share, from $55.6 million, or 20 cents, a year earlier.(Updates with forecast in the first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The (ARKK) ETF (ticker: ARKK) delivered a 153% return in 2020. The ETF, which is actively managed by ARK Invest CEO and her team, is down 27% over the last three months, including an 13% decline in the past week alone.
You could be entitled to additional money, based on your 2020 income tax return.
Bill Gates transferred stakes in several companies to Melinda Gates on the day the power couple announced their divorce
Vlad Tenev, CEO of Robinhood Markets, speaking at a “fireside chat” on Thursday, attempts to dispel any lingering speculation that the brokerage may be a so-called dogecoin whale, maintaining a massive stockpile of the crypto for its own benefit.
The crypto run this time has two features the 2017 version didn’t—institutional adoption and actual applications.
(Bloomberg) -- Coinbase Global Inc. sank to a record low as investors fled high-flying market newcomers.The operator of the largest U.S. cryptocurrency exchange tumbled as much as 7% to $254.02 on Thursday, slumping for a fourth straight day. That left the shares in danger of breaching the $250 reference price for its April direct listing. An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that came to market through SPACs, sank more than 5%.“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers,” said Mike Bailey, director of research at FBB Capital Partners.Coinbase’s slide comes as investors pour into extremely speculative cryptocurrencies such as Dogecoin and Binance Coin -- tokens that the exchange doesn’t offer. Most of its traffic had come from Bitcoin trades, but the price of the largest crypto coin has been mired in a narrow band for weeks. Coinbase started trading at $381 on April 14 before briefly topping $400. It’s now down 22% from the close on its first day.Nasdaq had set a reference price of $250 a share on April 13 for Coinbase’s direct listing, a number that’s a requirement for the stock to begin trading, but not a direct indicator of the company’s potential market capitalization.“What has really hurt Coinbase, now that their direct listing has taken off, you’re seeing expectations that other exchanges are coming on board,” said Edward Moya, senior market analyst at Oanda. “There’s this belief this could be as good as it gets for Coinbase in the short-term.”The Renaissance IPO ETF dropped as much as 4.9% on Thursday, bringing its year-to-date loss to about 21%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It pays to be in the stuffed crust pizza game if you are Papa John's.
In an interview with Fortune, Alba talked about taking her “fourth baby” (a.k.a. her company) public.
Beyond Meat Inc on Thursday reported a wider quarterly loss than expected, as the plant-based meat maker incurred higher freight costs, spent heavily on testing new product launches, and sold less to pandemic-hit restaurants. Chief Executive Officer Ethan Brown said during a call with analysts that he was seeing a "slow thaw" of that trend. As restaurant sales fell, the company accumulated more pea protein, leading to higher costs for warehousing, it said.
Since I have a monthly car allowance of $450 I want to step up my game and maybe even get a luxury car. The car I want to lease would be an almost $600-a-month car payment. During this exciting time, I can understand your desire to step into the car of your dreams.
(Bloomberg) -- Actress Jessica Alba cemented her claim to one of the most lucrative side gigs in Hollywood after shares of her beauty business, the Honest Co., soared 44% in its market debut.The “clean” beauty- and baby-products maker’s stock closed at $23 Wednesday after it priced the shares at $16 in its initial public offering. Alba’s roughly 5% stake is valued at $98 million, according to the Bloomberg Billionaires Index. She also has exercisable options valued at about $24 million.Read more: Alba’s Honest Co. Set for Opening Bell After $413 Million IPO“I feel like I’m in a dream, to be honest. Wow. Is this really happening?” Alba said in an interview with Bloomberg TV. “I’m so grateful to our very loyal community. Thank you for bringing us into your home. Thank you for trusting us with you most precious people, your little people.”Alba, 40, founded the business in 2011, motivated by the dearth of baby products that were free of harsh chemicals. The carbon-neutral company makes diapers, wipes, shampoo and lotions it bills as “clean and natural,” and targets a customer base of parents who are eco-conscious, aspirational and relatively affluent. Honest Co. had revenue of about $301 million in 2020, a 28% jump from a year earlier, and an operating loss of $13.5 million.The Los Angeles-based company is now valued at almost $2.1 billion, or $2.45 billion when fully diluted to include employee stock options and restricted stock units. That’s significantly more than its $860 million implied valuation in a 2017 funding round, according to Pitchbook. Honest has been dogged in the past by product recalls and controversy over its claims to use only natural ingredients. Prior to those issues, it was valued at $1.7 billion in a 2015 funding round.Rare ExampleThe IPO marks an almost 260% return for L Catterton, the private equity firm backed by billionaire Bernard Arnault that invested $200 million in 2018. The company sold about half its stake in the offering.The actress is a rare example of someone successfully bridging a career between Hollywood and Wall Street. While many celebrities strike licensing deals for fashion lines or products such as perfume or vodka, few have gone on to found publicly traded companies.Alba, whose official title is chief creative officer, continues to work as an actor, most recently starring in the crime television series, “L.A.’s Finest.”“I was born into a hardworking Mexican-American family. My parents worked multiple jobs, doing whatever it took to get by,” Alba wrote in a letter included in the company’s prospectus, describing a childhood marked by poor health and hospital stays. “By the time I was ten, I became aware of how wellness can define your whole life. That’s never left me.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Home buyers continue to pour into the real-estate market, encouraged by the favorable financing they can score.