Cliff Lerner, author of "Explosive Growth: A few things I learned while growing to 100 million users and losing $78 million," joins us to discuss the startup world.
Cliff Lerner, author of "Explosive Growth: A few things I learned while growing to 100 million users and losing $78 million," joins us to discuss the startup world.
Stanley Druckenmiller reportedly said that a Democratic sweep in the upcoming election could prove to be a headwind for the stock market for years to come.
On Wednesday morning, Jim Cramer shared his first take on the markets which included opinions on potential lockdowns, more layoffs, and if there is a buying opportunity in stocks.Cramer on Lockdowns: While appearing on "Squawk on the Street," Cramer discussed the potential for lockdowns similar to what Europe has done."There's going to be a call for lockdowns."Cramer doesn't believe we will get a lockdown as our country believes in freedom and won't completely close down.Instead, Cramer thinks we'll have a "stay in place voluntarily."Related Link: European Markets Today: Stocks Hit Lows On Rising Coronavirus FearsBuying Opportunity? Markets are expected to open down significantly on Wednesday. The S&P 500 has an implied open down 65 points."If we had a stimulus, we would be focusing on earnings."Instead, Cramer said we're focusing on the rising virus figures and more layoffs: "Very hard to buy a lot of stocks when you see these numbers."Cramer said everyone is fearful.Some states have adopted their own rules on how to stop the spread of the virus said Cramer, which could impact how we control the rising number of cases. He thinks it's realistic that we get something done in terms of stimulus after the election."Buy those stocks tomorrow, not today."Price Action: The SPDR S&P 500 Trust ETF (NYSE: SPY) is down 2% in pre-market trading.See more from Benzinga * Click here for options trades from Benzinga * October 28 Is Best Trading Day Of Year Statistically, Kicks Off Best 6 Months For S&P 500 * What Happens To The MAGA ETF If Trump Loses The Presidential Election?(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The largest Japanese automaker said Wednesday it was adding another 1.52 million U.S. vehicles to the recall that was first announced in January and covers numerous models built between July 2017 through September. Toyota said the vehicles that have a fuel pump that may stop operating and could result in a vehicle stall, and the vehicle may be unable to be restarted. Dealers will replace the fuel pump with an improved version.
My question is: Can I retire before that and be able to live off of my rental income? If you manage your real estate as “passive” income, then you aren’t contributing to Social Security, which will affect you down the road when it’s time to claim benefits.
Former Vice President Biden has a detailed proposal that involves raising taxes on people with taxable income of more than $400,000—essentially targeting the top 1%. President Trump wants to keep the tax cuts that went into effect in 2018, which largely benefited top earners.
Individual investors have never been more worried about a U.S. stock market crash. This counterintuitive reaction is because investor sentiment is a contrarian indicator. Historical data on investor beliefs about crash probabilities comes from Yale University finance professor (and Nobel laureate) Robert Shiller.
Earlier on Wednesday, Mastercard Inc missed profit expectations and warned that travel-related spending will likely be a major headwind for the industry until COVID-19 vaccines are widely available. Visa's net income fell to $2.4 billion, or $1.07 per Class A share, for the fourth quarter ended Sept. 30, from $3.03 billion, or $1.34 per Class A share, a year earlier. Net revenue fell 17% to $4.8 billion as consumer spending was limited due to the health crisis, which has triggered the worst economic downturn in decades and prompted massive layoffs.
The defense giant's disclosure of a criminal probe came a day after Raytheon beat Q3 EPS views but aviation sales tumbled.
(Bloomberg) -- Exxon Mobil Corp. is maintaining the third-highest dividend in the S&P 500 Index, underscoring its historic commitment to the payout despite this year’s virus-driven oil crash.Investors will be paid 87 cents a share for the current quarter, matching the level of the last six periods, the Irving, Texas-based company said in a statement. The oil giant trails only Microsoft Corp. and AT&T Inc. among S&P 500 companies in payouts to shareholders over the past 12 months, according to Bloomberg data.The plunge in crude prices and demand for petroleum products caused by the pandemic sent shock waves through the world’s energy markets this year and came at a bad time for Exxon, which was in the middle of a costly upgrade of its oil and gas assets. Exxon is now consistently funding the payout with borrowed money for the first time in decades.Executives pledged a “great commitment” to the dividend in July, and vowed to row back growth plans, capital spending and cut jobs to defend it. But investors aren’t yet convinced. The stock’s dividend yield has risen to more than 10% for most of the past five weeks.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Required minimum distributions from tax-deferred retirement accounts would rise to age 75 under a new bipartisan proposal aimed at expanding worker access to savings plans and bolster savings.
The content delivery network had revenue of $71 million in the third quarter, up 42% from a year ago and in-line with its recent estimate of $70 million to $71 million.
Stock futures opened slightly higher Wednesday evening after the three major indices endured a deep rout during the regular session.
SunPower reported better-than-expected third-quarter results, while Sunnova topped on revenue. Both are part of the No. 1-rated Energy-Solar group.
(Bloomberg Opinion) -- If the past two trading sessions weren't clear enough, Wednesday's left no doubt: The surge in coronavirus infections and renewal of lockdown-like restrictions is bad news for stocks. And while equities always grab the initial headlines, in some ways, it couldn’t come at a worse time for the U.S. corporate-bond market.Since early April, when the Federal Reserve outlined its unprecedented intervention into U.S. bond markets, corporate debt has been remarkably consistent, especially when considering the devastating blow to the U.S. economy from the Covid-19 pandemic. Even as stocks had their occasional stumbles, the yield spread between both investment-grade and junk-rated securities relative to Treasuries narrowed in each of the five months through August, according to Bloomberg Barclays index data. The gap widened a bit last month, but that could be explained away easily enough by the fact that both markets had their busiest September ever and reached record annual supply totals with a full quarter of 2020 remaining. The debt markets, as all onlookers were quick to say, remained wide open to any company that wanted to borrow.That narrative is starting to look dicey. Both high-yield and investment-grade CDX indexes surged on Wednesday by the most in more than a month, reflecting a higher premium demanded by investors to protect against bond defaults. The move mirrored the broader risk-off tone across markets, with the S&P 500 Index at one point slumping by more than 3%, as cities and regions across the globe imposed lockdowns to slow the spread of the virus.For credit markets, the sudden sell-off might not be the worst of it. Moody’s Investors Service released a report on Wednesday that revealed the amount of debt from U.S. companies considered potential “fallen angels” jumped to a all-time high of $254 billion in the third quarter, from $217 billion at the end of June. These are bonds from companies rated Baa3, one step above junk status, with either negative outlooks or expressly on review for a downgrade below investment grade. Just to name a few of these potential fallen angels: Choice Hotels International Inc., Darden Restaurants Inc., Delta Air Lines Inc., Expedia Group Inc., Hyatt Hotels Corp., Las Vegas Sands Corp., Marriott International Inc. and Nordstrom Inc. You get the picture.It’s been well over 100 days — and in some cases more than 200 days — since any of these companies had their outlooks revised to negative. Moody’s and its peers have been relatively patient in monitoring how the virus outbreak develops and how the U.S. economy reacts before making across-the-board downgrades. Should the current trends persist, however, they might not be able to hold off much longer.While it’s hardly perfect, the Transportation Security Administration’s daily updates of checkpoint travel numbers serve as something of a proxy for Americans’ willingness to travel and spend time indoors with strangers — all of which is critical for the aforementioned companies. Total travelers exceeded 1 million on Oct. 18 for the first time in seven months, pushing the 10-day rolling average to 882,323, the highest level of the Covid-19 era. It has slipped since then, with the number of travelers on Tuesday dropping to the lowest since Sept. 30. This is entirely consistent with the increase in the number of Americans hospitalized with Covid-19, which has jumped 21.4% since Oct. 18.What’s worse, it’s hard to find a positive trend anywhere. Just on Wednesday, France and Germany were preparing for lockdowns, the U.K. reported more than 300 coronavirus deaths for the second day in a row, Italy and Portugal reported record new daily cases and even New York and New Jersey are seeing a resurgence after having a better handle on the virus’s spread than other U.S. states for months. Just one week into the Big Ten football season, which President Donald Trump took credit for helping to restart, the University of Wisconsin had to cancel its pending matchup with the University of Nebraska after a coronavirus outbreak that reached at least a dozen players and staff members.Curiously, this pessimistic economic outlook didn’t move Treasuries, which would typically rally during risk-off periods. There are probably some election dynamics at play there. As a Bloomberg News article noted, “Virus Cases Are Spiking Just When They Could Hurt Trump Most.” To the extent the heightened focus on Covid-19 makes a Democratic sweep of the White House and both chambers of Congress more likely, bond traders might be nervous to push yields too low. The consensus expectation is that a “blue wave” would bring about a large round of fiscal stimulus and cause long-term benchmark yields to surge.If that curve steepening were to play out, it would present its own set of challenges for corporate bonds, which still have all-in yields close to record lows. Would investors be as eager to lend money to at-risk companies amid a broader debt-market selloff? Then there’s the question of whether the prospect of a fiscal aid package sometime in the future would outweigh the Covid-19 outbreaks happening in the present. If the economic damage resembles anything close to the March-April period, that could make it tougher and more expensive for companies to borrow. Investors will want higher yields to take on the added risk, assuming they’ll want to take on the risk all. As always, the Fed looms large during times like this. Yes, Bill Dudley, the former New York Fed president, wrote a Bloomberg Opinion column on Wednesday arguing that “The Fed Is Really Running Out of Firepower.” But he didn’t mention the central bank’s Secondary Market Corporate Credit Facility, which as of Sept. 30 owned about $8.6 billion of exchange-traded funds tracking investment-grade and high-yield debt as well as $4.4 billion of individual corporate bonds. There’s nothing preventing Chair Jerome Powell from announcing during his press conference on Nov. 5 that the Fed will start to ramp up purchases through the SMCCF, which, combined with the Primary Market Corporate Credit Facility, can reach up to $750 billion in size. Investors have reason to expect the Fed won’t allow corporate bonds to plummet like they did in March.The Fed can cushion the blow to credit markets, but it likely can’t shield them entirely. After months and months of steady gains, investors might have forgotten what it felt like to be blindsided by the Covid-19 pandemic earlier this year. Wednesday served as the starkest reminder yet that another round of pain might be in store.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As one of the largest and most widely held companies in the world, Apple Inc. (NASDAQ: AAPL) often exerts outsize influence on the market. That's been especially true in 2020 as Tech companies took on the mantle of market leadership, helping send the broader market both higher and lower, depending on the day.Lately, however, Tech has been in a bit of a funk, losing some leadership to the more "cyclical" sectors like Financials and Industrials as many investors hope for an economic revival. Also, some of what we'll call the "pandemic names" like Workday Inc (NASDAQ: WDAY), Docusign Inc (NASDAQ: DOCU), and the Trade Desk Inc (NASDAQ: TTD) have pulled attention away from the "mega-caps." Still, AAPL's recent rollout of the iPhone 12 and its stock split put the company back in the spotlight.Apple never lacks attention when it reports, even when its earnings compete with three other "FAANG" stocks for attention. That's the case when AAPL opens its fiscal Q4 books Thursday after the close, but with CEO Tim Cook's company still brandishing a $2 trillion market cap, anything AAPL says or does will probably stand out on the crowded calendar.Questions On iPhone 12 Rollout, Sales Of Macs, iPads One big question heading into earnings is how the new iPhone 12 is doing after its launch just a few weeks ago. A move to 5G may end up being a tailwind for the iPhone 12 as carriers give special offers to help woo customers to their higher-speed offerings.However, there's likely to be plenty of competition both here and abroad as other companies take advantage of 5G, so how does AAPL see the race shaping up? And how many current iPhone users will head to the Apple Store of their choice (or online) to replace their phone with a 5G model? Early signs look good, analysts say, but AAPL could shed more light Thursday.Alongside more clues about iPhone sales, investors should look at demand for iPads and Macs. These products, which a few years ago had dropped off the radar a bit, have gotten new life in 2020 given the increased working, playing and learning from home sparked by the pandemic. Sometimes those clues can come ahead of time by checking how companies that make "peripherals" for AAPL products are doing.For instance, Barron's pointed out, consider a recent earnings report from Logitech International (NASDAQ: LOGI), which said that iPad accessories were up 144% in the quarter. This has some analysts feeling optimistic going into AAPL's reporting date.Service Update AAPL used to be mostly a products company, but these days services mean a lot, too. The services business encompasses everything from the App Store to licensing deals, and Services revenue came in just a touch below analysts' expectations in FY Q3. Maybe analysts were just too optimistic, because services did grow almost 15% year over year, not a shabby showing considering the pandemic.Last time around, dollar value sales of the company's marquee products gained ground. Sales of iPhones rose more than 1.6% year-on-year while Mac sales jumped more than 21% and iPad sales rose more than 31%. That helped Apple report blowout 11% revenue growth when a Refinitiv analyst consensus had expected a roughly 2% decline.However, AAPL didn't share guidance last quarter. Will it decide to do that this time? If it does, that might play well on Wall Street, where there's hunger for more corporate insight into 2021 and beyond.A Hot Stock That Cooled Off Apple's strong FY Q3 earnings performance helped shares, which have more than recovered what they lost during the coronavirus-sparked selloff earlier in the year. Shares also got a boost after the company announced a four-for-one stock split toward the end of July. The company's stock hit a record high early last month after the split went into effect, but shares have pulled back since then.Retail investors often use stock splits as trading opportunities, accessing popular names that may have gotten too expensive on a per-share basis. But sometimes buying interest cools off a little post-split.Also, there's AAPL, the consumer electronics behemoth, and there's AAPL, the component of the Tech sector. And in that regard, AAPL has been part of a larger story of a Tech surge, followed by sector rotation and profit-taking.Last month saw a wider pullback in tech-related stocks that helped pull down AAPL shares along with the rest of the industry (see figure 1). After leading the market higher as tech-related names became a popular trade, the wind got knocked out of those sails as investors seemed to decide to take some money off the table. View more earnings on AAPLFIGURE 1: TECH SURGE AND PARTIAL PULLBACK. Shares of Apple (AAPL - candlestick) had been on quite a run since the depths of the coronavirus pullback in March 2020. The same can be said for the Technology sector in general (IXT - purple line). Both have pulled back in recent days amid profit-taking and sector rotation. Data sources: Nasdaq, S&P Dow Jones Indices. Chart source: The thinkorswim® platform from TD Ameritrade. For illustrative purposes only. Past performance does not guarantee future results.The Baby And The Bathwater? Tech became a crowded trade earlier this year as investors flocked to big names hoping to get in on the sharp rally. That rally may have been sparked by people looking to mega-cap names because they wanted to be in equities but also wanted the perceived safety of large established players that were benefitting during the pandemic.There's also the "cash is king" concept--and that's one place where AAPL tends to outshine most of its peers. According to company filings, AAPL had nearly $200 billion in cash and marketable securities on its balance sheet as of Q2. That can put it in a position of power to weather potential storms--such as a deep recession--and perhaps make a strategic acquisition or two.The recent pullback leaves Apple's shares well below their record as we head into the earnings report later this week. While that could seem like a bargain opportunity for some, the stock is still up strongly on the year and its valuation is well above the historic norm, which might raise eyebrows.Amid Tech Leadership, Antitrust Concerns The leadership of tech-related companies to either move the wider market higher or lower may not necessarily fade as coronavirus worries continue.But there are other factors also affecting the tech world, such as antitrust stirrings. Still, Apple may not be as susceptible to that as other companies because the iPhone maker has stiff competition from other device- and computer-manufacturers.While that competition may be a boon from an antitrust standpoint, the likes of competition from Samsung, Alphabet Inc (NASDAQ: GOOGL), and Microsoft Corporation (NASDAQ: MSFT) is still a force that Apple has to reckon with, and something investors have to put into their calculations.Apple Earnings And Options Activity AAPL is expected to report adjusted earnings of $0.71, down from $0.76 in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $64.1 billion, roughly flat versus a year ago. The options market has priced in an expected share price move of 3.4% in either direction around the earnings release, according to the Market Maker Move™ indicator on the thinkorswim® platform.Looking at the October 30 expiration, put activity has been heavy, with concentrations at the 110 and 112 strikes. Even higher numbers have been seen to the upside, with the 120 calls dwarfing others, but with heavy concentrations also at the 115 and 125 strikes. The implied volatility sits at the 43rd percentile as of Wednesday morning.Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time. TD Ameritrade® commentary for educational purposes only. Member SIPC. Options involve risks and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options.Photo by Sara Kurfeß on UnsplashSee more from Benzinga * Click here for options trades from Benzinga * Facebook, Alphabet, Twitter In Spotlight Today As CEOs Testify On Capitol Hill * Ringing The Bell On Q3 Earnings: How Well Has FB Handled An Ad Boycott?(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dow Jones futures rose modestly late Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally came under increasing pressure Wednesday, as stocks sold off on mixed earnings reports, coronavirus cases spurring lockdowns in much of Europe and the looming election. Pinterest (PINS) and ServiceNow earnings offered some hope overnight, giving a lift to several peers. But...
Ford blew away Q3 views with earnings that nearly doubled and now expects to a key profit gauge to turn positive this year.
While you might not need to make changes if President Trump wins a second term, financial advisors suggest planning now for potential changes under a Biden administration so you’re so you’re not scrambling at the last minute.
(Bloomberg) -- Raytheon Technologies Corp. fell after the company disclosed a demand from the U.S. Department of Justice for records dating back more than a decade from the company’s missile business.The criminal subpoena was dated Oct. 8 and Raytheon is cooperating, according to a company regulatory filing Tuesday. Federal prosecutors are seeking documents and information in a probe of accounting and other reporting matters within Raytheon’s Missiles & Defense business since 2009, according to the filing.In the same filing, Raytheon also disclosed it had received a second subpoena from the U.S. Securities and Exchange Commission related to a separate, previously disclosed probe. Raytheon tumbled 7.4% to $52.34 at the close of trading in New York amid a broad market rout, the shares’ largest drop since June.A Raytheon representative said the SEC investigation is unrelated to the Justice Department probe that prompted the Oct. 8 subpoena. In the filing, the Waltham, Massachusetts-based defense contractor said it’s unable to predict the outcome of the inquiries. It said it believes neither will have a material impact on its financial condition or results based on current information.‘Shoot First’“The market is in ‘shoot first, ask questions later’ mode,” Citigroup Inc. analyst Jonathan Raviv said in a note to clients. “As a result, we’re not surprised to see the stock reaction since the potential outcomes range from very bad to zero outcome at all. But keep in mind that management-signed documents estimate it’s immaterial.”Raytheon has previously disclosed the inquiry of the SEC, which is looking into potential improper payments by a joint venture with Thales SA tied to contracts in certain countries in the Middle East since 2014, according to the filing. The DOJ is also investigating the issue, Raytheon said.“Raytheon Company maintains a rigorous anti-corruption compliance program, is cooperating fully with the SEC’s inquiry, and is examining whether there has been any conduct that is in violation of Raytheon Company policy,” the aerospace and defense giant said in the filing.The company is the result of the April merger of Raytheon and United Technologies.(Updates with analyst in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Go out and buy a bunch of bitcoin (or other digital currencies), get a receipt, and then immediately sell them. The IRS considers these digital currencies as property or investments, and taxes them as such.