- Bloomberg•17 hours ago
Alibaba's A Lot Cheaper Than Tencent And May Get Cheaper Still
When it comes to picking between China’s internet duopoly, investors are starting to give Alibaba Group Holding Ltd. the cold shoulder. Tencent Holdings Ltd. and Alibaba -- the twin faces of an unprecedented technology boom -- dominate their country’s consumer internet and had been neck-and-neck in market value through much of 2017. Then Tencent abruptly revved ahead in December, buoyed by a bulging pipeline of hit games. At the same time, investors grew cautious about Alibaba’s ability to keep up its stellar pace of growth. The e-commerce giant now trades at a near-30 percent discount to its fiercest rival for internet supremacy. The stock hovering around 30 times its average blended earnings
The Street•19 hours ago5 worst-case scenarios that could cause the price of Bitcoin to crash
In Greek mythology, Sisyphus continually pushed a massive rock up a hill only to have it roll back on him down the slope. Could the same thing happen to Bitcoin? In 2017, Bitcoin gained nearly 14,000% making the digital currency the story of the year. But its ascent to the top of the cryptocurrency market is not without risks. Bitcoin's market dominance has fallen from a lofty 85% in January 2017 to 38% at the end of 2017, reflecting investors' uneasiness about placing all their eggs into one basket. There's also growing sentiment to hold other crypto investments such as Ethereum (12% of total cryptocurrency market capitalization), Bitcoin Cash (10%) and Ripple (8%). While Bitcoin may not necessarily
- CNBC.com•22 hours ago
Chesapeake Energy reportedly lays off 13% of workforce, about 400 employees
Local news outlets in Oklahoma are reporting that Chesapeake Energy has announced it will lay off hundreds of employees as the debt-burdened natural gas driller continues to overhaul its business. In a letter to employees, Chesapeake said it will let go about 13 percent of its workforce. The Oklahoma City-based company employed 3,247 people as of September, which suggests it will trim back about 400 positions. The layoffs will occur primarily at Chesapeake's Oklahoma City campus. Chesapeake did not immediately respond to requests for confirmation by phone and email. Chesapeake CEO Doug Lawler said the job cuts were the result of asset sales that the company has made in recent years. He explained
- barrons.com•21 hours ago
Qualcomm: Higher Broadcom Bid Looks More Likely, Says RBC
Shares of wireless technology giant Qualcomm (QCOM) are down 13 cents at $67.19, after RBC Capital Markets’s Amit Daryanani this morning reiterated an Outperform rating on the shares, and raised his price target to $80 from $77, writing that he sees "increasing probability that AVGO will submit a higher offer” in its hosti;le bid for the company, which, you’ll recall, was a mix of cash and stock for $70 per Qualcomm share. Daryanani’s note comes ahead of Qualcomm’s fiscal Q1 report this Thursday, after market close. Writes Daryanani, "At face value, the AVGO bid at $70 ($60/ $10 cash/ stock) provides ~3% implied upside." "We further think there is increasing probability that AVGO will submit
- Yahoo Finance•22 hours ago
Aetna CEO responds to Amazon-Berkshire-JPMorgan health care venture
Mark Bertolini, CEO of Aetna (AET), the third-largest U.S. insurer, responded to the news of Amazon (AMZN), JPMorgan Chase (JPM) are teaming up on a new health care venture. “There is an unmet consumer need in health care. Individuals and families want a simple, affordable and high-quality experience that helps them stay well,” Bertolini said in an emailed statement to Yahoo Finance.
Yahoo Finance•17 hours agoHere’s what to look for during Apple’s Q1 2018 earnings call
Apple (AAPL) is scheduled to announce its first quarter 2018 earnings on Feb. 1. RBC analyst Amit Daryanani is equally positive on Apple’s Q1 earnings, indicating that the firm expects Apple to have pulled in $88.8 billion in revenue. The fear is rooted in reports that Apple is cutting back on production of its $999 iPhone X due to lower-than-expected consumer interest.
- CNBC.com•22 hours ago
Cryptocurrencies join the global financial market sell-off as bitcoin drops 7%
Digital currency bitcoin fell Tuesday as the 20 largest digital currencies by market capitalization all declined, according to CoinMarketCap. Bitcoin traded more than 6.5 percent lower near $10,410 as of 11:37 a.m., ET, according to CoinDesk's bitcoin price index, which tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex. Ethereum, the second-largest digital currency by market cap, traded about 4.5 percent lower near $1,130, according to CoinMarketCap. The third-largest cryptocurrency, ripple, fell about 7.5 percent to near $1.22, the website showed. Total market cap of cryptocurrencies, excluding bitcoin, over the last seven days Source: CoinMarketCap Stellar,
Business Insider•2 days agoMonday is the first day you can submit your tax return to the IRS — here's what to expect this year
You may be able to file for free, and filing sooner is the best way to prevent tax fraud. The changes — including new tax brackets and modified tax deductions — went into effect on January 1. Your tax return will reflect your 2017 taxes, meaning the new law won't apply.
- Investopedia•yesterday
Buffett, Bezos, Dimon to Found Healthcare Company
The CEOs of Amazon.com Inc. (AMZN), Berkshire Hathaway Inc. (BRK-A, BRK-B) and JPMorgan Chase & Co. (JPM) announced via a joint press release the morning of Jan. 30 that the companies "are partnering on ways to address healthcare for their U.S. employees, with the aim of improving employee satisfaction and reducing costs." The partnership is to take the form of "an independent company that is free from profit-making incentives and constraints." Aside from an initial focus on "technology solutions," details are lacking, and the press release describes the project as "in its early planning stages." The companies are giants in the e-commerce, insurance and banking industries, with a combined market
- CNBC Videos•18 hours ago
Technician: Buy these market laggards during the selloff
Carter Worth, Cornerstone Macro, discusses what stocks to buy during the market selloff.
- TheStreet.com•23 hours ago
Cramer: How to Play The Volatility in United Healthcare and Others
We've just had a nice bounce and my preference would be to do some trimming not some buying, unless you are willing to accept that your first buy may not be your last buy. Why do I say this? Okay take the stock of United Health one of my absolute
- CNBC Videos•21 hours ago
Harley-Davidson forecasts drop in shipments this year, se...
Harley-Davidson fell short of its targets for motorcycle shipments in 2017 and forecast a drop in numbers for this year.
Reuters•2 days agoDow, S&P 500 suffer worst one-day fall in five months as Apple drags
Wall Street pulled back from record highs on Monday, with the Dow and the S&P 500 indexes marking their biggest one-day percentage declines in about five months, weighed down by a slide in Apple shares. Shares of Apple fell 2.1 percent on news that the company will halve production of its $999 iPhone X smartphone. "The market's responding to the question of what Apple's earnings are going to look like, specifically what kind of guidance are they going to give on iPhone X sales," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
- Bloomberg•yesterday
Forget Self-Driving Cars, Robot Delivery Vans Are Here
The future of driverless driving looks like a giant toaster with a funny hat. That’s an approximation of a new autonomous vehicle unveiled Tuesday by Nuro, a Silicon Valley startup that’s been cryptic about its business plan since it launched about 18 months ago. Nuro’s shiny, minimalist appliance on wheels doesn’t have doors or windows to speak of, because it will be carrying packages—not people. As every major automaker and dozens of tech companies race to replace drivers in Uber cars and taxi fleets, Nuro is ignoring humans altogether and steering for Amazon.com Inc., United Parcel Service Inc. and any retailer looking to build its e-commerce business. “We realized we could make it possible
- Fox Business•22 hours ago
Chesapeake Energy announces hundreds of layoffs
Chesapeake Energy Corp. (NYSE:CHK) has announced the layoffs of about 400 employees, the vast majority at its headquarters in Oklahoma City. The layoffs were announced Tuesday in an email to employees from Chesapeake CEO Doug Lawler. The layoffs include about 330 employees in Oklahoma City.
Reuters•6 hours agoSouth Korea says no plans to ban cryptocurrency exchanges, uncovers $600 million illegal trades
By Dahee Kim and Cynthia Kim SEOUL (Reuters) - South Korea's finance minister said the government has no plans to shut down cryptocurrency trading, welcome news for investors worried that authorities might go as far as China's tough action in blocking virtual coin platforms. The comment by Kim Dong-yeon on Wednesday comes as traders at home and around the world have been spooked by conflicting comments from government officials in South Korea, a major hub for cryptocurrency trade, that Seoul was planning to ban local digital coin exchanges. "There is no intention to ban or suppress cryptocurrency (market)," Kim said, adding the government's immediate task is to regulate exchanges.
- CNBC.com•yesterday
Suze Orman says 70 is the 'new retirement age'—and research backs her up
According to the Stanford report, "The best way for an older worker to implement the Spend Safely in Retirement Strategy is to work just enough to pay for living expenses until age 70 in order to enable delaying Social Security benefits. If you want to leave your full-time job before 70, one option is to work part-time and make just enough to cover living expenses until age 70. If working until 70 is out of the question for you, the next best thing to do is to use a portion of your retirement savings to substitute for the Social Security benefits you're delaying. As Steve Vernon, head of the research team, tells CNBC Make It: "Suppose Social Security at age 65 would have been $20,000 per year and you're delaying it for five years.
- Zacks•yesterday
Chevron (CVX) Gears Up for Q4 Earnings: What's in the Offing?
Chevron Corporation CVX is set to release fourth-quarter 2017 results before the opening bell on Feb 2. Chevron has a good history when it comes to beating earnings estimates. The supermajor surpassed earnings estimates in three of the last four quarters, with an average beat of 1.77%.
Business Insider•2 days agoMeet the secretive banker working on Keurig's $18.7 billion buyout of Dr Pepper Snapple
Keurig Green Mountain, the Luxembourg-owned company behind the near ubiquitous coffee pods, announced Monday it would buy Dr Pepper Snapple Group for $18.7 billion in cash. Trott runs one of the most secretive investment banks in the world, BDT Capital Partners, which caters to the world's wealthy elite who value privacy and discretion. It's in-house merchant-bank, BDT & Company, acted as financial advisers to Keurig on the transaction, the company said. Entities affiliated with BDT Capital Partners are also investing alongside JAB.
- TheStreet.com•14 hours ago
Why President Trump Pulling Out of Nafta Won't Crush U.S. Economy: Goldman Sachs
The possibility of a U.S. withdrawal from Nafta shouldn't be that scary, according to economists at Goldman Sachs. It's a prospect that has dominated headlines and stewed investors since President Donald Trump was inaugurated. "The U.S. administration may be incentivized to wait until the Mexico presidential election in July before taking action," Goldman wrote.
- CNBC.com•5 hours ago
Samsung is making chips designed to mine cryptocurrencies like bitcoin
Samsung posts record profit, shares jump on stock split 40 Mins Ago | 01:37 Samsung Electronics is producing chips for a Chinese company to mine cryptocurrencies and it expects this to boost earnings this year. The South Korean technology giant has a division within its semiconductor business called Foundry. It builds chipsets for other companies. Samsung said in its fourth quarter earnings Wednesday that it will "benefit from cryptocurrrency demand increase" in the semiconductor arm. It follows a report in local South Korean media on Tuesday, in a which a spokesperson confirmed it was making hardware designed for cryptocurrency mining. "We are making progress with our foundry business that
- Bloomberg•2 days ago
Bitcoin Investment Trust Jumps After Stock Split Takes Effect
Sometimes all it takes is the illusion that you’re getting more for less to drive the price of a stock higher. That was the case today with the shares of the Bitcoin Investment Trust: its shares surged more than 8 percent after the fund’s 91-for-1 stock split took effect. More than 700,000 shares had been traded to boost the price to as high as $19.60 in New York. Volume had slowed to less than 50,000 trades a day last week ahead of the split. The week prior, an average of 113,000 shares were traded daily. Bitcoin rose 3.2 percent as of 9:57 a.m. in New York.
Reuters•15 hours agoJuniper Networks' first-quarter forecast disappoints, shares slide
Shares of Sunnyvale, California-based Juniper fell more than 9 percent in after-hours trading. Like larger rival Cisco Systems Inc, Juniper has been focusing on areas such as cloud computing to offset softness in the switches and routers markets. "We view the hole to be significant enough that Juniper is likely to see revenue for the full year to fall even if they start to recover sequentially," Needham & Co analyst Alex Henderson said.
Associated Press•21 hours agoPfizer, riding tax changes, puts up huge 4Q profit
Pfizer's fourth-quarter profit soared to $12.27 billion thanks to a huge tax benefit related to the U.S. tax system overhaul. The biggest U.S. drugmaker on Tuesday reported an $11.34 billion benefit, mainly from recalculating deferred tax liabilities. Pfizer also said it will take a charge of approximately $15 billion, payable to the Treasury over eight years, to cover taxes on up to $24.2 billion in cash and investments held overseas that it plans to bring back to the U.S.
- Yahoo Finance•2 days ago
Tax season begins today: What you need to know
The big tax story in 2017 was the $1.5 trillion Tax Cuts and Jobs Act, which President Donald Trump signed into law on Dec. 22. The IRS begins accepting tax returns today – Monday, Jan. 29 – the official start of tax season. Here are a few things to know as tax season gets underway. It’s important that you use this form to help make sure you file a complete and accurate tax return, the IRS says.
