#quarter profit slipped 20 percent due

[mystlnewsonline]

CHICAGO | United Airlines posts smaller profit but tops expectations

CHICAGO | United Airlines posts smaller profit but tops expectations

CHICAGO —Jan 15, 2019— United Airlines reported Tuesday that its fourth-quarter profit slipped 20 percent due to higher fuel and labor costs, but its profit and revenue both beat analysts’ expectations.

Shares of United’s parent rose in after-hours trading. United is adding seats faster than its rivals Delta and American, but it has filled most of them, and at higher prices. A key measure of…

[bigyack-com]

DealBook: Elon Musk Hits Back at Critics

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Tesla has 105 million more reasons to celebrate

The electric carmaker reported a $105 million quarterly profit yesterday, giving boosters of the company more occasion to crow.“The numbers suggest that Tesla has overcome the problems that plagued it in the first half of last year, when it lost more than $1 billion and scrambled to raise capital,” writes Niraj Chokshi of the NYT.And production of its Model Y compact S.U.V. was ahead of schedule, the company said. Deliveries of the vehicle would begin in the spring, at least three months earlier than expected.Shares in Tesla rose 12 percent in after-hours trading. The company’s market value is currently $104.7 billion, more than double that of traditional rivals like G.M. and BMW. (It also puts Elon Musk closer to fulfilling the requirements for a big bonus.)Mr. Musk taunted critics yesterday, saying, “A lot of retail investors have deeper and more accurate insights than many of the big institutional investors.”But there’s still plenty of fodder for doubters:• Charley Grant of Heard on the Street notes that revenue for the quarter grew just 2 percent from the same time a year ago, while operating income fell 13 percent.• And Tesla warned that car production would outstrip supply this year.____________________________Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J. de la Merced in London.____________________________

Markets continue sell-off over coronavirus fears

U.S. stocks are poised to open down today, after Asian and European markets fell amid more signs that the Chinese coronavirus outbreak is continuing to worsen.Here’s the latest:• The death count as of this morning stands at 170, while the number of cases has grown to 7,711 — officially more than in the SARS epidemic.• Countries are quarantining people to prevent mass outbreaks.• Google, Microsoft and Ikea are the latest companies to temporarily shutter offices or prevent employees from traveling to China.S&P futures are down 20 points, while the Dow is set to fall nearly 140 points at market open today. Stocks in Hong Kong were down 2.6 percent, while those in Europe declined about 1 percent.And China’s currency, the renminbi, slipped below 7 to the dollar for the first time this year.It remains hard for businesses and political leaders to figure out their responses to the crisis. “Literally, we are evaluating on an ongoing basis in real time,” said a spokesman for Cummins, an engine maker with operations in China, “and I imagine other places are in the same position as we are.”More: Stop hoarding face masks. That’s doing more harm than good.

Les Wexner, Victoria’s Secret owner, may step down

Les Wexner, who has run the retail empire known as L Brands for 57 years, is in talks to relinquish his C.E.O. title, according to the WSJ and other media reports. His run has been dogged recently by both business underperformance and a longtime connection to the late financier Jeffrey Epstein.The business angle: Shares in L Brands fell 29 percent last year, as sales at Victoria’s Secret have dropped amid changing beauty ideals among American women. (The NYT reports that the company is preparing for layoffs.)The Epstein angle: Mr. Wexner had employed Mr. Epstein as his longtime financial adviser, giving him broad authority over his billions. Mr. Wexner has denied knowledge of alleged sexual abuse committed by Mr. Epstein.Mr. Wexner has become an uncomfortable distraction to L Brands. He has already had to address his ties to Mr. Epstein to shareholders.His departure could help L Brands sell a stake in Victoria’s Secret, raising money for the company, according to the FT. One potential investor is Sycamore Partners, a private equity firm specializing in retailers, the WSJ reports, citing unnamed sources.

Why Wall Street’s climate pledges will fall short

Financial giants have made news recently by focusing more on environmental concerns in their investment decisions and threatening to sell shares in some offenders. But Greg Ip of the WSJ presents the argument for why that ultimately won’t amount to much.• Big oil companies aren’t that dependent on stock market investors, Mr. Ip writes, since they “generate plenty of cash and don’t need to issue new equity or debt to finance capital spending; in fact, most are buying back stock.”• If the largest banks stop financing oil exploration companies, regional ones would rush to replace them.• And many oil producers are owned by sovereign governments and don’t need to bow to public opinion.“Divestment isn’t going to shrink the fossil-fuel industry,” Mr. Ip adds. What will is “changing the underlying economics” through financing cleaner energy producers and governmental measures like carbon taxes.More: Venture capitalists are conspicuously absent from this round of the climate change fight.

Facebook’s sales growth hits a speed bump

The internet giant yesterday reported a slowdown in revenue growth, something it had warned would happen. But it’s coming at a time when Facebook faces plenty of tough challenges.The main points of Facebook’s latest earnings:• Fourth-quarter revenue grew 25 percent, to $21.1 billion. That’s the slowest pace in Facebook’s history as a publicly traded company, according to the WSJ.• Expenses also rose, reducing Facebook’s operating margin to 42 percent from 46 percent.• Daily users of the core Facebook platform grew to 1.66 billion, beating analyst expectations of 1.65 billion.But the company also said it would pay $550 million to settle a class-action lawsuit over its use of facial-recognition technology. It’s the latest sign of the legal headaches that continue to bedevil Facebook, which also include new regulations around the world.Shares in Facebook fell 7 percent in after-hours trading yesterday, with investors worrying that the company has peaked and faces only downside now.Yet some analysts think there’s reason for optimism. Rich Greenfield of Lightshed told Bloomberg that Facebook’s business model “is not broken.” And Tim Culpan of Bloomberg Opinion thinks the company can make more money from its overseas users.

Warren Buffett gives up on newspapers

The billionaire announced an end to his 43-year career as a newspaper owner yesterday when Berkshire Hathaway agreed to sell its 31 papers to Lee Enterprises for $140 million in cash, Michael de la Merced of the NYT reports.The papers being sold include The Buffalo News, which Berkshire bought in 1977, and 30 other papers that Mr. Buffett had acquired over the past decade, including a collection of publishers in Virginia.Mr. Buffett is bowing to reality. In an interview last year, he said that most papers were “toast” because of falling ad sales — a sharp turnaround from his declaration in 2012 that he was an “addict” who wanted to keep buying newspapers.But he’s still going to profit from the news industry. Berkshire will lend Lee $576 million, some of which will pay for the newspaper deal, at a 9 percent annual interest rate.

Japanese billionaire isn’t looking for love (on camera) anymore

Yusaku Maezawa has backed out of an online documentary detailing his search for a girlfriend to take on his trip around the moon on SpaceX’s inaugural tourism flight.“Due to personal reasons, I have informed AbemaTV yesterday with my decision to no longer participate in the matchmaking documentary,” he tweeted this morning.

The speed read

Deals• The casino operator Penn National agreed to buy a 36 percent stake in Barstool Sports, the popular website, for $163 million. (CNBC)• AT&T’s latest quarterly results show the company is still trying to justify its $85 billion takeover of Time Warner. (Bloomberg Opinion)• The investment bank Evercore plans to lay off up to 6 percent of its employees. (Bloomberg)• The parent company of MoviePass filed for bankruptcy. (Business Insider)Politics and policy• President Trump signed into law the new North American free trade deal known as the U.S.M.C.A. (NYT)• The European Parliament approved Britain’s withdrawal from the E.U. yesterday. (NYT)• Mike Bloomberg’s latest attack on President Trump: health insurance protections for people with pre-existing conditions. (NYT)Tech• The E.U. recommended that its members put limits on using Huawei in their 5G wireless networks — but not ban the Chinese company outright. (NYT)• Apple and Broadcom were ordered to pay $1.1 billion in damages for infringing on Caltech patents on Wi-Fi technology. (Bloomberg)• The ride-hailing service Lyft plans to lay off employees in its marketing and enterprise sales divisions. (NYT)Best of the rest• Boeing said that it expects costs tied to the 737 Max to surpass $18 billion. (NYT)• U.S. life expectancy rose in 2018 for the first time in four years, in large part because of a decline in fatal drug overdoses. (Politico)• Why you don’t need to be an accountant to be a modern C.F.O. (WSJ)• Greta Thunberg wants to trademark her name to prevent commercial misuse. (Bloomberg)Thanks for reading! We’ll see you tomorrow.We’d love your feedback. Please email thoughts and suggestions to business@nytimes.com. Read the full article

[crosbyru-blog]

GM doubles Q1 net income; operating profit falls

DETROIT — General Motors’ first-quarter net income doubled from a year earlier, though operating profit fell 11 percent primarily due to downtime at the company’s full-size SUV plant in Texas. 

GM on Tuesday reported net income of $2.15 billion, up from $1.04 billion in the first quarter of 2018. Its adjusted earnings before interest and taxes dropped $300 million to $2.3 billion, as revenue declined 3.4 percent to $34.9 billion. GM’s adjusted earnings per share of $1.41, a key estimate for financial analysts, topped Wall Street estimates averaging $1.10. That includes a 31-cent revaluation from GM’s stakes in Lyft Inc. and PSA Group.

The automaker’s global deliveries in the first quarter slipped 10 percent from a year ago to 1.9 million, including a 17 percent decrease in China and 7 percent slide in the U.S.

GM CFO Dhivya Suryadevara previously alerted investors that the first quarter was expected to be the automaker’s weakest of the year due to headwinds in China and a 25,000-unit loss in SUV production for retooling at its Arlington, Texas, assembly plant, the bulk of which was scheduled to occur in the first quarter.

GM said it still expects strong results for the year, including adjusted earnings of $6.50 to $7 a share and adjusted automotive free cash flow of $4.5 billion to $6 billion. Those forecasts are among the reasons why many analysts remain bullish on GM, compared with Ford Motor Co. and Fiat Chrysler.

Expected to offset headwinds this year are improvements in full-size pickup production, the launch of GM’s redesigned heavy-duty pickups and an influx of new products toward the end of the year — particularly in China, where GM plans to introduce more than 20 new and updated models in 2019.

GM shares fell 1.9 percent to $39.26 in premarket trading.

http://feedproxy.google.com/~r/autonews/BreakingNews/~3/NNu17-g7-3U/gm-doubles-q1-net-income-operating-profit-falls buy here pay here

[un-enfant-immature]

Nintendo’s profit jumps 88% as it nears 20 million Switch sales

Nintendo released its latest earnings report today and the headline is that the company has now sold nearly 20 million Switch consoles. The actual number is 19.67 million as of the end of June, so add July sales and the 20 million milestone is likely to have already been hit. Either way, it has easily surpassed its predecessor, the much-maligned Wii U.

Overall, the business recorded a 30.5 billion JPY ($275 million) operating profit, up 88 percent year-on-year, as revenue grew 9 percent to reach 168 billion JPY, or $1.5 billion.

The Japanese firm sold 1.88 million Switches in the most recent quarter, which is actually down from 1.97 million one year ago, although this quarter tends to be a slow one ahead of the holiday season. That slip was made up for on the software side as sales of Switch games jumped from 8.1 million last year to 17.96 million in the most recent quarter.

Nintendo has a bunch of new titles incoming — including Super Smash Bros. Ultimate and two Pokémon titles — while its Nintendo Switch Online service is due to launch in September so there’s plenty more to come. That said, Nintendo has some work to do if it is to hit its target of 20 million Switch sales during the current financial year.

Elsewhere, Nintendo said it sold 1.26 million of the NES Classic Edition when it was relaunched in June, while it sold 1.39 million Labo kits for the Switch.

The companies mobile gaming business continues to do well, grossing nine billion JPY, $81 million, in the quarter. That’s likely to spike when the company introduces Mario Kart Tour (huzzah!) and new title Dragalia Lost for mobile before March 2019. Although Nintendo suggested that the pipeline for new mobile games will slow once these two new arrivals are released.

[lizettepell3-blog]

Here Comes The Southern Projects.

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For the rooms that do not have a patio, delight in the beautiful balcony that this Zermatt lodging has on the very beginning. If you may invest more than around $FIVE HUNDRED, there is actually a larger range of mountain bikes to decide on, all with good elements and lighter frameworks. Especially, we rely on the value of our self-displined pay attention to defensive development sectors and differentiated accessibility to work circulation afforded to us due to the broader New Mountain platform. The creature shied, opened its broad noes as well as threw its own hair, then raising high up in the air, its own hind feet slipped and also it fell with its own motorcyclist down the extreme mountain range edge.

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[mastcomm]

DealBook: Elon Musk Hits Back at Critics

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Tesla has 105 million more reasons to celebrate

The electric carmaker reported a $105 million quarterly profit yesterday, giving boosters of the company more occasion to crow.

“The numbers suggest that Tesla has overcome the problems that plagued it in the first half of last year, when it lost more than $1 billion and scrambled to raise capital,” writes Niraj Chokshi of the NYT.

And production of its Model Y compact S.U.V. was ahead of schedule, the company said. Deliveries of the vehicle would begin in the spring, at least three months earlier than expected.

Shares in Tesla rose 12 percent in after-hours trading. The company’s market value is currently $104.7 billion, more than double that of traditional rivals like G.M. and BMW. (It also puts Elon Musk closer to fulfilling the requirements for a big bonus.)

Mr. Musk taunted critics yesterday, saying, “A lot of retail investors have deeper and more accurate insights than many of the big institutional investors.”

But there’s still plenty of fodder for doubters:

• Charley Grant of Heard on the Street notes that revenue for the quarter grew just 2 percent from the same time a year ago, while operating income fell 13 percent.

• And Tesla warned that car production would outstrip supply this year.

____________________________

Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J. de la Merced in London.

____________________________

Markets continue sell-off over coronavirus fears

U.S. stocks are poised to open down today, after Asian and European markets fell amid more signs that the Chinese coronavirus outbreak is continuing to worsen.

Here’s the latest:

• The death count as of this morning stands at 170, while the number of cases has grown to 7,711 — officially more than in the SARS epidemic.

• Countries are quarantining people to prevent mass outbreaks.

• Google, Microsoft and Ikea are the latest companies to temporarily shutter offices or prevent employees from traveling to China.

S&P futures are down 20 points, while the Dow is set to fall nearly 140 points at market open today. Stocks in Hong Kong were down 2.6 percent, while those in Europe declined about 1 percent.

And China’s currency, the renminbi, slipped below 7 to the dollar for the first time this year.

It remains hard for businesses and political leaders to figure out their responses to the crisis. “Literally, we are evaluating on an ongoing basis in real time,” said a spokesman for Cummins, an engine maker with operations in China, “and I imagine other places are in the same position as we are.”

More: Stop hoarding face masks. That’s doing more harm than good.

Les Wexner, Victoria’s Secret owner, may step down

Les Wexner, who has run the retail empire known as L Brands for 57 years, is in talks to relinquish his C.E.O. title, according to the WSJ and other media reports. His run has been dogged recently by both business underperformance and a longtime connection to the late financier Jeffrey Epstein.

The business angle: Shares in L Brands fell 29 percent last year, as sales at Victoria’s Secret have dropped amid changing beauty ideals among American women. (The NYT reports that the company is preparing for layoffs.)

The Epstein angle: Mr. Wexner had employed Mr. Epstein as his longtime financial adviser, giving him broad authority over his billions. Mr. Wexner has denied knowledge of alleged sexual abuse committed by Mr. Epstein.

Mr. Wexner has become an uncomfortable distraction to L Brands. He has already had to address his ties to Mr. Epstein to shareholders.

His departure could help L Brands sell a stake in Victoria’s Secret, raising money for the company, according to the FT. One potential investor is Sycamore Partners, a private equity firm specializing in retailers, the WSJ reports, citing unnamed sources.

Why Wall Street’s climate pledges will fall short

Financial giants have made news recently by focusing more on environmental concerns in their investment decisions and threatening to sell shares in some offenders. But Greg Ip of the WSJ presents the argument for why that ultimately won’t amount to much.

• Big oil companies aren’t that dependent on stock market investors, Mr. Ip writes, since they “generate plenty of cash and don’t need to issue new equity or debt to finance capital spending; in fact, most are buying back stock.”

• If the largest banks stop financing oil exploration companies, regional ones would rush to replace them.

• And many oil producers are owned by sovereign governments and don’t need to bow to public opinion.

“Divestment isn’t going to shrink the fossil-fuel industry,” Mr. Ip adds. What will is “changing the underlying economics” through financing cleaner energy producers and governmental measures like carbon taxes.

More: Venture capitalists are conspicuously absent from this round of the climate change fight.

Facebook’s sales growth hits a speed bump

The internet giant yesterday reported a slowdown in revenue growth, something it had warned would happen. But it’s coming at a time when Facebook faces plenty of tough challenges.

The main points of Facebook’s latest earnings:

• Fourth-quarter revenue grew 25 percent, to $21.1 billion. That’s the slowest pace in Facebook’s history as a publicly traded company, according to the WSJ.

• Expenses also rose, reducing Facebook’s operating margin to 42 percent from 46 percent.

• Daily users of the core Facebook platform grew to 1.66 billion, beating analyst expectations of 1.65 billion.

But the company also said it would pay $550 million to settle a class-action lawsuit over its use of facial-recognition technology. It’s the latest sign of the legal headaches that continue to bedevil Facebook, which also include new regulations around the world.

Shares in Facebook fell 7 percent in after-hours trading yesterday, with investors worrying that the company has peaked and faces only downside now.

Yet some analysts think there’s reason for optimism. Rich Greenfield of Lightshed told Bloomberg that Facebook’s business model “is not broken.” And Tim Culpan of Bloomberg Opinion thinks the company can make more money from its overseas users.

Warren Buffett gives up on newspapers

The billionaire announced an end to his 43-year career as a newspaper owner yesterday when Berkshire Hathaway agreed to sell its 31 papers to Lee Enterprises for $140 million in cash, Michael de la Merced of the NYT reports.

The papers being sold include The Buffalo News, which Berkshire bought in 1977, and 30 other papers that Mr. Buffett had acquired over the past decade, including a collection of publishers in Virginia.

Mr. Buffett is bowing to reality. In an interview last year, he said that most papers were “toast” because of falling ad sales — a sharp turnaround from his declaration in 2012 that he was an “addict” who wanted to keep buying newspapers.

But he’s still going to profit from the news industry. Berkshire will lend Lee $576 million, some of which will pay for the newspaper deal, at a 9 percent annual interest rate.

Japanese billionaire isn’t looking for love (on camera) anymore

Yusaku Maezawa has backed out of an online documentary detailing his search for a girlfriend to take on his trip around the moon on SpaceX’s inaugural tourism flight.

“Due to personal reasons, I have informed AbemaTV yesterday with my decision to no longer participate in the matchmaking documentary,” he tweeted this morning.

The speed read

Deals

• The casino operator Penn National agreed to buy a 36 percent stake in Barstool Sports, the popular website, for $163 million. (CNBC)

• AT&T’s latest quarterly results show the company is still trying to justify its $85 billion takeover of Time Warner. (Bloomberg Opinion)

• The investment bank Evercore plans to lay off up to 6 percent of its employees. (Bloomberg)

• The parent company of MoviePass filed for bankruptcy. (Business Insider)

Politics and policy

• President Trump signed into law the new North American free trade deal known as the U.S.M.C.A. (NYT)

• The European Parliament approved Britain’s withdrawal from the E.U. yesterday. (NYT)

• Mike Bloomberg’s latest attack on President Trump: health insurance protections for people with pre-existing conditions. (NYT)

Tech

• The E.U. recommended that its members put limits on using Huawei in their 5G wireless networks — but not ban the Chinese company outright. (NYT)

• Apple and Broadcom were ordered to pay $1.1 billion in damages for infringing on Caltech patents on Wi-Fi technology. (Bloomberg)

• The ride-hailing service Lyft plans to lay off employees in its marketing and enterprise sales divisions. (NYT)

Best of the rest

• Boeing said that it expects costs tied to the 737 Max to surpass $18 billion. (NYT)

• U.S. life expectancy rose in 2018 for the first time in four years, in large part because of a decline in fatal drug overdoses. (Politico)

• Why you don’t need to be an accountant to be a modern C.F.O. (WSJ)

• Greta Thunberg wants to trademark her name to prevent commercial misuse. (Bloomberg)

Thanks for reading! We’ll see you tomorrow.

We’d love your feedback. Please email thoughts and suggestions to business@nytimes.com.

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[latikobe]

United Airlines posts smaller profit but tops expectations

CHICAGO (AP) — United Airlines reported Tuesday that its fourth-quarter profit slipped 20 percent due to higher fuel and labor costs, but its profit and revenue both beat analysts' expectations. United Airlines posts smaller profit but tops expectations

[citizentruth-blog]

Fact Check: Trump’s Numbers October 2018 Update - U.S. NEWS

New Post has been published on https://citizentruth.org/fact-check-trumps-numbers-october-2018-update/

Fact Check: Trump’s Numbers October 2018 Update

Statistical measures of how things have changed since the president took office.

(FactCheck.org) In the time Donald Trump has been in the White House:

The jobless rate dropped to the lowest in nearly half a century, and the number of unfilled job openings hit a record high.

Economic growth spurted to a 4.2 percent annual rate in the most recent quarter.

Median household income rose to the highest level ever recorded in 2017. Poverty declined.

The growth of federal regulations slowed, and has lately reversed.

Crime rates declined. The number of homicides went down 0.7 percent last year after rising for the previous two years.

Carbon emissions rose. Coal mining jobs went up a bit.

Corporate profits, stock prices and home values set record highs.

The trade deficit grew larger.

The federal debt increased by nearly $1.4 trillion, more than 9 percent. Yearly deficits increased.

The U.S. image abroad plunged.

Analysis

This is our third quarterly update of the “Trump’s Numbers” scorecard that we posted in January and updated for the first time on April 16 and again on July 11.  We’ll publish additional updates every three months, as fresh statistics become available.

As always, starting when we posted our first “Obama’s Numbers” article six years ago — and in the quarterly updates and final summary that followed — we’ve included statistics that may seem good or bad or just neutral, depending on the reader’s point of view.

This update includes the first comprehensive looks at crime, income and poverty during the president’s first year in office. The FBI’s report of crime rates for all of 2017 was released Sept. 24, and the Census Bureau’s figures for median annual household income and poverty levels during 2017 were released Sept 12. Other statistics are released quarterly, monthly and sometimes daily, and we include here the most recent available as of this date.

We make no judgment as to how much credit or blame any president deserves for things that happen during his time in office. Opinions differ on that.

Jobs and Unemployment

Job growth slowed a bit under Trump, but unemployment dropped to the lowest point in nearly half a century.

Employment — Total nonfarm employment grew by 3.8 million during the president’s first 20 months in office, according to the most recent figures available from the Bureau of Labor Statistics.

That continued an unbroken chain of monthly gains in total employment that started nearly eight years earlier, in October 2010.

The average monthly gain under Trump is 190,000 jobs, which is 12 percent below the average monthly gain of 217,000 during Obama’s second term.

Trump will have to pick up the pace if he is to fulfill his campaign boast that he will be “the greatest jobs president that God ever created.”

Unemployment — One reason for the slowdown in job growth: fewer job-seekers. The unemployment rate — which was well below the historical norm when Trump took office — has continued to fall a full 1.1 percentage point lower.

The rate was 4.8 percent when he was sworn in, and fell to 3.7 percent in September. The last time it was that low was October of 1969 — nearly 49 years earlier.

The historical norm is 5.6 percent, which is the median monthly rate for all the months since the start of 1948. The lowest unemployment rate ever recorded was in 1953, when the rate was 2.5 percent for a couple of months.

Job Openings — Another reason employment growth has slowed is a worsening shortage of qualified workers. The number of unfilled job openings hit a new record of more than 6.9 million as of the last business day in July — the most in the 18 years the Bureau of Labor Statistics has been tracking them.

That’s a gain of nearly 1.5 million unfilled job openings — or 27.5 percent — since Trump took office.

Labor Force Participation — Despite the abundance of jobs, the labor force participation rate — which went down 2.8 percentage points during the Obama years — has slipped a bit more under Trump.

Republicans often criticized Obama for the decline during his time, even though it was due mostly to the post-World War II baby boomers reaching retirement age, and other demographic factors beyond the control of any president. The rate is the portion of the entire civilian population age 16 and older that is either employed or currently looking for work in the last four weeks.

Since Trump took office, the rate has fluctuated in a narrow range between 63.0 percent and 62.7 percent. It was 62.7 percent in August, 0.2 percentage points below where it was the month Trump took office.

Manufacturing Jobs — Manufacturing jobs increased under Trump, even faster than total employment.

The number rose by 378,000 between Trump’s inauguration and September. That followed a net decrease of 192,000 under Obama.

The increase under Trump amounts to 3.1 percent, compared with the 2.6 percent increase in overall employment. The number of manufacturing jobs is still nearly 1 million below where it was in December 2007, at the start of the Great Recession.

Economic Growth

The economy is growing faster under Trump — spurting to a yearly rate of 4.2 percent in the second quarter of 2018, the most recent official estimate available.

That’s up from the 2.2 percent increase during his first year, followed by a 2.2 percent yearly rate in the first quarter of 2018, according to the most recent estimate of the Bureau of Economic Analysis. That’s the “real” rate of growth in gross domestic product after accounting for price inflation.

The 4.2 percent rate is just within the 4 percent to 6 percent rate Trump promised repeatedly, both when he was a candidate and also as president.

The “GDP Now” forecast produced by the Federal Reserve Board of Atlanta projects that the third-quarter growth rate continued at a 4.2 percent annual rate. The official estimate for the third quarter of 2018 won’t be released until Oct. 26.

Most economists believe the current growth spurt is temporary. The nonpartisan Congressional Budget Office issued an updated economic forecast Aug. 13 projecting real GDP to grow 3.1 percent this year, and 2.4 percent in 2019. That’s in line with the most recent median forecast of the Federal Reserve Board members and Federal Reserve Bank presidents (issued Sept. 26), which is for 3.1 percent growth in 2018, 2.5 percent in 2019 and 2.0 percent in 2020.

Other leading economists tend to agree. Of the business and university economists who offered an annual GDP forecast to the Wall Street Journal‘s monthly economic survey in October, the average prediction was for 3.1 percent growth this year and 2.4 percent next year. Similarly, the National Association of Business Economists’ October survey produced a median forecast of 3.1 percent growth this year and 2.5 percent next year.

Technical Note: Historical GDP figures given here are slightly different from those given in earlier “Numbers” articles, because on July 27 the Bureau of Economic Analysis issued its 15th “comprehensive update” of GDP figures, something it does roughly every five years in an effort to improve the quality of its economic measurement. In this case, some figures were revised slightly all the way back to 1929. The new BEA estimate of GDP growth for the 10 years ending last year has increased by an average of 0.1 percent.

Income and Poverty

Household Income — Household income hit another record during Trump’s first year — but it’s a record with an asterisk.

The Census Bureau’s measure of median household income reached $61,372 in 2017. After adjusting for inflation, that was an increase of $1,063 from the previous record level reached in Obama’s final year, when the median income finally reached and exceeded a level last seen in 1999. (The median figure represents the midpoint — half of all households earned more, half less.)

In percentage terms, the increase in 2017 was 1.8 percent, following a 3.1 percent increase in 2016.

However, a senior Census official cautioned that the latest “records” in 2016 and 2017 are due in part to a change in the survey questions in 2014. Starting then, the annual survey has picked up some sources of income that were previously missed. Taking this into account, Jonathan L. Rothbaum, chief of the Income Statistics Branch, said the 2017 median income would be in a “statistical tie” with incomes measured in 2007 and 1999.

Poverty — As incomes rose, the rate of poverty declined. The percentage of Americans living with income below the official poverty line went down to 12.3 percent of the population in 2017, the lowest level since 2006, just before the Great Recession of 2007-2009.

The poverty rate has now declined for three consecutive years, dropping by 1.3 percentage points in 2015, by 0.8 points in 2016 and by 0.4 points in Trump’s first year.

Regulations

The growth of federal regulation didn’t come to the “sudden, screeching and beautiful halt” Trump once claimed, but it does seem to have ground slowly to a stop over many months — and in recent months has reversed.

The number of restrictive words and phrases (such as “shall,” “prohibited” or “may not”) contained in the Code of Federal Regulations went up by 0.73 percent during Trump’s first 15 months, reaching a peak of nearly 1.09 million on April 6, according to daily tracking done by the QuantGov project at George Mason University’s Mercatus Center.

But since that April peak, the number has declined by a little over one-quarter of 1 percent as of Oct. 10. That decline has grown a bit larger since our last report, suggesting that it may be the start of a trend, and not just a temporary blip.

Overall, the drop still leaves a nearly 0.5 percent net increase in restrictive words and phrases in the nearly 20 months since Trump took office — a far slower rate of rise than in the past. The average annual growth during both the Obama years and the George W. Bush years was just under 1.5 percent, according to annual QuantGov tracking.

The Mercatus Center database provides a hard count of specific legal mandates and prohibitions imposed by federal regulators that we find to be more relevant than counts of the number of pages or words in the rulebook. It doesn’t attempt to assess the cost or benefit of any particular rule — such assessments require a degree of guesswork and are sensitive to assumptions. But it does track the sheer volume of federal rules with more precision than we have found in other metrics.

Some of the rules Trump has eliminated are quite significant. Within a month of taking office, for example, Trump signed a law nullifying an Obama-era rule prohibiting coal mining companies from dumping waste into streams and waterways. And on April 13 his administration withdrew Obama’s edict requiring automakers to double the fuel efficiency of new autos and light trucks to 50 miles per gallon by the year 2025. Instead, the requirement will be capped at 37 mpg starting in 2020.

Crime

Crime declined a bit in Trump’s first year, except for rapes, assaults and motor vehicle thefts, which increased.

The number of homicides declined by 0.7 percent in 2017, according to the FBI’s annual Crime in the United States report, after rising for the previous two years.

The number of all violent crimes went down by 0.2 percent. That included a 2.5 percent increase in rapes and a 1 percent increase in assaults, offset by a 4 percent decrease in robberies and the drop in homicides.

The number of property crimes went down 3 percent in 2017, including a 7.6 percent drop in burglaries and a 2.2 percent decrease in larcenies (such as shoplifting), but the number of motor vehicle thefts increased slightly, by 0.8 percent.

And early data suggests that crime rates are declining further this year. The Brennan Center for Justice at the New York University School of Law projects that the murder rate in the 30 largest U.S. cities will go down another 7.6 percent this year, based on preliminary data from 29 of those cities.

As a candidate, Trump repeatedly claimed that the murder rate was “the highest it’s been in 45 years.” That was wildly untrue. In fact, the murder rate had dropped to the lowest on record in 2014 — 4.4 murders per 100,000 inhabitants. And while it did rise for the next two years, it was still only 5.4 per 100,000 in 2016, just where it had been the year before Obama took office, and far below the peak rate of 10.2 reached in 1980.

In Trump’s first year, the murder rate dropped down a notch to 5.3 per 100,000 population — still higher than in each of the first seven years under Obama.

Coal and Environment

Coal Mining Jobs  — As a candidate, Trump promised to “put our [coal] miners back to work,” but so far not many have regained their jobs.

A total of 35,700 coal mining jobs disappeared during the Obama years, but as of September, only 1,900 of them had come back under Trump, according to BLS figures. That’s 5.3 percent of the coal mining jobs lost during the Obama years.

The outlook for coal miners remains bleak. The Energy Information Administration currently projects that U.S. coal production will decline 2 percent this year, and by another 2 percent in 2019. EIA expects there will be less demand for exports, and increased use of natural gas to generate electricity.

Carbon Emissions — Carbon dioxide emissions from energy consumption have started edging up under Trump, after falling for years under Obama.

Revised figures from the Energy Information Administration show CO2 emissions at first fell by 0.8 percent in 2017, less than the 1.6 percent decline in Obama’s final year. They fell by a total of 14.3 percent between 2007 and 2017, due mainly to electric utilities shifting away from coal-fired plants in favor of cheaper, cleaner natural gas, as well as solar and wind power.

But that downward trend that slowed sharply in Trump’s first year has now reversed entirely. Emissions during the most recent 12 months on record, ending in June 2018, were 0.8 percent higher than in all of 2016.

And the rise is expected to continue. EIA predicted in October that CO2 emissions will increase by 2.2 percent for all of 2018, compared with 2017. “This increase largely reflects higher natural gas consumption because of a colder winter and a warmer summer than in 2017,” EIA said. These projections are sensitive to changes in weather, economic growth and energy prices — all difficult to forecast.

Border Security

Illegal border crossings declined under Trump, dropping sharply at first but lately rising again to nearly where they were the year before he took office.

The number of people caught while illegally trying to cross the U.S. border with Mexico each month plunged to a low of 11,127 in April of last year, according to figures released by U.S. Customs and Border Protection. But since then, the number has more than tripled, hitting 37,544 in August, the most recent month on record.

So far in 2018, the monthly average is 33,942, which is just 8 percent below the monthly average of 36,912 in 2016.

Corporate Profits

After-tax corporate profits are running at a record level under Trump. During the second quarter of 2018, they hit an annual rate of $1.96 trillion, the best quarter ever recorded. The current rate is 13 percent higher than the full year figure for 2016.

These annual and quarterly estimates originate with the Bureau of Economic Analysis (see line 45).

In our July update, we reported that full-year profits also set a record in 2017, but that’s no longer the case. After we posted that update, BEA on July 27 revised its GDP figures (of which corporate profits are one element) going back to 1929. As currently estimated, the $1.83 trillion in profits in 2017 was an increase of 5.4 percent over 2016, but still just shy of the $1.86 trillion now recorded for 2014 — the current full-year record.

After-tax profits are getting a boost this year from the tax cut Trump signed into law Dec. 22, dropping the top federal tax rate on corporate income to 21 percent, from 35 percent.

Stock Market

Stock prices continued their long rise under Trump, setting record after record — only to see much of the gain erased in a huge two-day sell-off just before we posted this article.

Despite the recent market tumble, at the close on Oct. 11 the Standard & Poor’s 500-stock average was 20.5 percent higher than it was on the last trading day before Trump’s inauguration, and only 6.7 percent below the most recent record high set on Oct. 3.

Other indexes rose even more. The Dow Jones Industrial Average, made up of 30 large corporations, was up nearly 27 percent under Trump. And the NASDAQ Composite index, made up of more than 3,000 companies, was 32 percent higher than before Trump took office.

The bull market that began in 2009, at the depths of the Great Recession, passed its ninth anniversary in March and on Aug. 22 was widely proclaimed to be the longest-running bull market in modern financial history. By this common measure (with which some quibble), it would require a 20 percent drop from the Oct. 3 high to end the historic bull run and qualify as a new bear market.

Wages and Inflation

The upward trend in real wages continued under Trump, even as prices rose a bit faster.

CPI —  The Consumer Price Index rose 3.3 percent during Trump’s first 20 months (through September of this year), continuing a long period of historically low inflation.

In the most recent 12-month period, the CPI rose 2.3 percent. The CPI rose an average of 1.8 percent each year of the Obama presidency (measured as the 12-month change ending each January), and an average of 2.4 percent during each of George W. Bush’s years.

Wages — Wage increases continued to outpace inflation, and so the purchasing power of weekly paychecks rose. The average weekly earnings of all private-sector workers, in “real” (inflation-adjusted) terms, rose 1.8 percent during Trump’s first 20 months, after going up 4.0 percent during Obama’s eight years.

Those figures are for all private-sector workers, including managers and supervisors.

For rank-and-file production and nonsupervisory workers (who make up 82 percent of all private-sector workers), real weekly earnings have gone up 1.6 percent so far under Trump, after rising 3.7 percent during Obama’s eight years.

Consumer Sentiment

Consumer confidence in the economy soared after Trump’s election, to the highest it has been in over a decade.

The University of Michigan’s Surveys of Consumers reported that its Index of Consumer Sentiment hit 101.4 in March, the highest since January 2004, a month marked by general euphoria following the capture of Saddam Hussein.

A separate survey of consumer confidence, conducted for the Conference Board, reached what it said was an 18-year high in September. (The Conference Board’s historical figures are proprietary, and not publicly available.)

The Michigan survey’s confidence figure has remained high, and most recently was 100.1 in September, topping 100 for yet a third time since 2004. The highest point between Obama’s inauguration and Trump’s election was 98.1 in January 2015.

The Michigan survey’s chief economist, Richard Curtin, said the latest results indicate the economy “has now benefited nearly all population subgroups,” adding: “Consumers anticipated continued growth in the economy and expected the unemployment rate to continue to slowly decline during the year ahead.”

Home Prices and Ownership

Home Prices — Home prices soared to record levels under Trump.

The most recent sales figures from the National Association of Realtors show the national median price of an existing, single-family home sold in August was $267,300. Earlier, in June, the average price hit $276,500 — the highest ever recorded — but prices fell back a bit in July and August. .

The August average is still $38,600 higher than the median price of $228,700 for homes sold during the month Trump took office — a gain in value of 16.9 percent. The rise in the Consumer Price Index during the same period was 3.2 percent.

The Realtors figures reflect raw sales prices without attempting to adjust for such factors as variations in the size, location, age or condition of the homes sold in a given month or year. Even so, a similar pattern emerges from the S&P CoreLogic Case-Shiller U.S. National Home Price Index, which compares sales prices of similar homes and seeks to measure changes in the total value of all existing single-family housing stock.

The Case-Shiller index for July sales also was a record high, and was 11.1 percent higher than where it stood in the month Trump took office.

Whichever way you measure it, homeowners have seen the value of their houses rise dramatically since Trump took office.

Homeownership — Meanwhile, the percentage of Americans who own their homes has continued to recover from a years-long slide, gaining 0.6 percentage points since Trump took office.

The homeownership rate began to slide in 2004 after peaking at 69.2 percent of households for two quarters. It hit bottom in the second quarter of 2016 at 62.9 percent — the lowest point in more than half a century, and tied for the lowest on record.

The rate recovered 0.8 points before Trump took office, and has gone up another 0.6 points since then, reaching 64.3 percent in the second quarter of 2018, according to the most recent Census Bureau figures.

Trade

The trade deficit that Trump promised to reduce grew larger instead.

The most recent government figures show that the total U.S. trade deficit in goods and services during the most recent 12 months on record, ending in August, was $583 billion. That’s 16.2 percent larger than in 2016.

That increase came despite a 6.6 percent one-month drop in May, to the lowest monthly deficit since October 2016, before Trump was elected. But this drop proved to be temporary, as it was driven by a surge in exports led by soybeans and commercial aircraft. Exporters rushed to beat the punitive tariffs (import taxes) that China had promised to impose (and later did) in retaliation for Trump’s proposed taxes on what the U.S. buys from China.

China — The goods-and-services trade deficit with China grew at a similar clip, up by 13.7 percent between 2016 and the most recent 12 months on record, ending in June, when it hit nearly $351 billion. (Country-by-country trade figures for goods and services are available only on a quarterly basis.)

Trump has initiated a full-scale trade conflict with China, threatening to impose taxes on practically everything the U.S. imports from China. The first tariffs took effect at 12:01 a.m. on July 6, prompting China to retaliate with increased tariffs on $34 billion in U.S. goods. There is as yet no negotiated solution in sight. But on Oct. 11, news reports said Trump and China’s leader, Xi Jinping, had agreed to meet personally in November to discuss a way forward.

Asked if his tariffs are working, Trump said on Sept. 18, “Well, we just started,” adding: “[T]his is a process. It takes a little time. ”

Mexico — Meanwhile, the much smaller trade deficit in goods and services with Mexico totaled nearly $70 billion during the 12 months ending in June, an increase of 11.9 percent compared with 2016.

Canada — The trade surplus that the U.S. runs with Canada grew just a bit smaller under Trump. The trade balance was positive by $6.5 billion during the 12 months ending in June — meaning that the U.S. sold that much more in goods and services to Canada than it bought from that country. That surplus is 11.8 percent smaller than it was in 2016.

On Aug. 27 the president announced he had reached a tentative new trade agreement with Mexico, and on Oct. 1, he  announced that Canada had joined. Renegotiating the 24-year-old North American Free Trade Agreement had been a key campaign promise. The new agreement will be called the United States-Mexico-Canada Agreement, or USMCA. It is expected to be signed by leaders of the three countries within 60 days, but requires approval by Congress before it can take effect.

Health Insurance Coverage

The number of people lacking health insurance has barely changed under Trump, but millions are expected to drop or lose coverage next year and in subsequent years.

The most recent report from the National Health Interview Survey estimates that 28.3 million people were uninsured during the first three months of 2018, about 300,000 fewerthan in 2016. Only 8.8 percent of the population lacked health coverage during that time, down from 9.0 percent during Obama’s last year.

That’s a reversal of the trend in Trump’s first year, when the number who lacked coverage rose by 700,000, according to the NHIC, and by 491,000, according to recently released Census figures. Both NHIC and Census said the increase measured in 2017 was not statistically significant.

Census and NHIC use slightly different definitions and methods to measure the uninsured. We feature the NHIC figures because they are released every three months, and are thus more timely than the annual Census tally.

Trump failed to “repeal and replace” the Affordable Care Act as he promised to do. But in December, he signed a tax bill that will end Obamacare’s tax penalty for people who fail to obtain coverage. At that point, Trump told reporters that “Obamacare is finished. It’s dead. It’s gone.” But that’s not so; the mandate penalty remains in effect until 2019, and the sale of subsidized insurance on Healthcare.gov and state exchanges remains indefinitely.

So the big impact is expected later. According to an estimate by the nonpartisan Congressional Budget Office, the end of the mandate penalty next year will cause 4 million people to lose or drop coverage in 2019, rising to 12 million two years later and 13 million in 2025.

CBO said that ending the mandate would cause average policy premiums for those buying individual policies to rise 10 percent in most years. “[H]ealthier people would be less likely to obtain insurance and … the resulting increases in premiums would cause more people to not purchase insurance,” CBO said.

Food Stamps

The number of food stamp recipients went down under Trump — even as he proposed to cut the program and to move it to a newly named “Department of Health and Public Welfare.”

As of July, the most recent month for which figures are available, 38.9 million people were receiving the aid, the lowest number since November 2009. The number has gone down nearly 3.8 million, or 8.8 percent, since January 2017, when Trump took office.

The number generally has been going down since peaking at nearly 47.8 million in December 2012, as the economy recovered from the Great Recession of 2007-2009. The numbers jumped up in August, September and October last year as part of the federal government’s disaster relief efforts following Hurricanes Harvey, Irma and Maria and after wildfires in eight Western states. But that increase proved to be a temporary blip in the downward trend.

Judiciary Appointments

Trump is putting his mark on the federal courts — from top to bottom — more quickly than Obama was able to do in his first two years.

Supreme Court — So far Trump has won Senate confirmation for two Supreme Court nominees, Justice Neil Gorsuch and, on Oct. 6, Brett M. Kavanaugh. Obama also was able to fill two high court vacancies during his first two years in office, with Justice Sonia Sotomayor and Elena Kagan.

But the Kavanaugh nomination to fill the vacancy created by Justice Anthony Kennedy’s retirement is significant because Justice Kavanaugh may move the court to the right. He is considered more conservative than Kennedy, who sometimes sided with the liberal justices to provide deciding votes on issues including gay rights, abortion, capital punishment and affirmative action.

Court of Appeals — Trump also has won confirmation for 26 U.S. Court of Appeals judges. That total compares with only 11 for Obama at the same point in his first term.

District Court — Trump also has won confirmation for 41 of his nominees to be federal District Court judges, exceeding the 30 for whom Obama had won confirmation at the same point in his presidency.

Even before Kavanaugh’s confirmation, USA Today called this early success in winning judicial confirmations “perhaps Trump’s most significant achievement” to date. However, responsibility must be shared with the Republican leadership of the Senate, which not only refused to consider Obama’s appointment of Merrick Garland to fill the Supreme Court vacancy eventually filled by Trump’s appointee Gorsuch, but also blocked confirmation of dozens of Obama’s nominees to lower courts. Trump inherited 17 Court of Appeals vacancies, for example, including seven that had Obama nominees pending and that expired at the time Trump took office.

Federal Debt and Deficits

Trump inherited rising federal debt and deficits, and his tax cut and spending increases are making both rise faster.

The federal debt held by the public stood at nearly $15.8 trillion at the last count on Oct. 10 — nearly $1.4 trillion higher than when he took office. That’s a 9.4 percent increase under Trump. And that figure will go up even more quickly in coming years unless Trump and Congress impose massive spending cuts, or reverse course and increase taxes.

The annual federal deficit for fiscal year 2017 (which was largely the result of spending and taxes set under Obama) was nearly $666 billion, up from just under $586 billion the year before.

And now Trump’s cuts in corporate and individual income tax rates — as well as the bipartisan spending deal he signed Feb. 9 — are causing the red ink to gush even faster than it did before. The nonpartisan Congressional Budget Office expects the deficit for fiscal year 2018, which ended Sept. 30, will be around $782 billion when the Treasury Department completes its final tabulation. That’s an increase of $116 billion from the previous fiscal year. Corporate income tax receipts alone fell by $92 billion, CBO estimated.

CBO now estimates that the deficit will continue rising for the foreseeable future, exceeding $1 trillion annually starting in FY2020. (Baseline deficit projections are in Table 1, page 2.) Further, CBO said on June 29 that under current law, federal deficits will continue growing for the next 30 years, “reaching the highest level of debt relative to GDP in the nation’s history by far.” CBO projected that under current law, debt would reach 152 percent of the nation’s total annual economic output by 2048 — up from 78 percent currently.

Oil Production and Imports

U.S. crude oil production resumed its upward trend under Trump, rising 14.7 percent during the most recent 12 months on record (ending in July), compared with all of 2016.

Domestic oil production has increased every year since 2008, except for a 6.1 percent drop in 2016 after prices plunged to below $30 a barrel, from more than $100 in 2014. The price returned to more than $50 a barrel by the end of 2016 and has hovered around $70 for many weeks, prompting increased drilling and production.

As a result, the trend to reduce reliance on foreign oil also resumed. The U.S. imported only 15 percent of its oil and petroleum products during the first eight months of 2018, down from 24.4 percent in all of 2016.

Dependence on imports peaked in 2005, when the U.S. imported 60.3 percent of its petroleum, and it has declined every year since except for 2016, when it ticked up by 0.3 percentage points.

U.S. Image Abroad

The U.S. image abroad continues to suffer under Trump.

Polling this year in 25 countries by the Pew Research Center shows those saying they have a favorable view of the United States is down in country after country, compared with the end of the Obama presidency.

Not surprisingly, one of the worst declines is among Mexicans, whom Trump said he would bill for his promised border wall. Only 32 percent of Mexicans now view the U.S. favorably, down by a full 34 percentage points under Trump. (See table on page 18.)

To the north, only 39 percent of Canadians view the U.S. favorably, down 26 percentage points. Among NATO allies, the U.S. favorability rating dropped 27 points among Germans, to 30 percent. It is down 25 points among the French, to 38 percent, is down 31 percent among the Dutch, to 34 percent, and is down 11 points among the British, only half of whom now view the U.S. favorably.

Sixty-seven percent of Japanese still view the U.S. favorably, but even that figure is down 5 points from where it was under Obama. And 83 percent of Israelis still view the U.S. favorably, up 2 points from the end of Obama’s time.

The only big improvement was among Russians, but even that gain is fading. Last year, Pew’s polling found 41 percent of Russians viewed the U.S. favorably, an increase of 26 points in Trump’s first year. But a year later, Pew’s polling now shows only 26 percent of Russians view the U.S. favorably — the lowest of all 25 countries surveyed — a gain of only 11 points.

[fmservers]

Nintendo’s profit jumps 88% as it nears 20 million Switch sales

Nintendo released its latest earnings report today and the headline is that the company has now sold nearly 20 million Switch consoles. The actual number is 19.67 million as of the end of June, so add July sales and the 20 million milestone is likely to have already been hit. Either way, it has easily surpassed its predecessor, the much-maligned Wii U.

Overall, the business recorded a 30.5 billion JPY ($275 million) operating profit, up 88 percent year-on-year, as revenue grew 9 percent to reach 168 billion JPY, or $1.5 billion.

The Japanese firm sold 1.88 million Switches in the most recent quarter, which is actually down from 1.97 million one year ago, although this quarter tends to be a slow one ahead of the holiday season. That slip was made up for on the software side as sales of Switch games jumped from 8.1 million last year to 17.96 million in the most recent quarter.

Nintendo has a bunch of new titles incoming — including Super Smash Bros. Ultimate and two Pokémon titles — while its Nintendo Switch Online service is due to launch in September so there’s plenty more to come. That said, Nintendo has some work to do if it is to hit its target of 20 million Switch sales during the current financial year.

Elsewhere, Nintendo said it sold 1.26 million of the NES Classic Edition when it was relaunched in June, while it sold 1.39 million Labo kits for the Switch.

The companies mobile gaming business continues to do well, grossing nine billion JPY, $81 million, in the quarter. That’s likely to spike when the company introduces Mario Kart Tour (huzzah!) and new title Dragalia Lost for mobile before March 2019. Although Nintendo suggested that the pipeline for new mobile games will slow once these two new arrivals are released.

Via Jon Russell https://techcrunch.com

[mastcomm]

DealBook: Elon Musk Hits Back at Critics

Good morning. (Was this email forwarded to you? Sign up here.)

Tesla has 105 million more reasons to celebrate

The electric carmaker reported a $105 million quarterly profit yesterday, giving boosters of the company more occasion to crow.

“The numbers suggest that Tesla has overcome the problems that plagued it in the first half of last year, when it lost more than $1 billion and scrambled to raise capital,” writes Niraj Chokshi of the NYT.

And production of its Model Y compact S.U.V. was ahead of schedule, the company said. Deliveries of the vehicle would begin in the spring, at least three months earlier than expected.

Shares in Tesla rose 12 percent in after-hours trading. The company’s market value is currently $104.7 billion, more than double that of traditional rivals like G.M. and BMW. (It also puts Elon Musk closer to fulfilling the requirements for a big bonus.)

Mr. Musk taunted critics yesterday, saying, “A lot of retail investors have deeper and more accurate insights than many of the big institutional investors.”

But there’s still plenty of fodder for doubters:

• Charley Grant of Heard on the Street notes that revenue for the quarter grew just 2 percent from the same time a year ago, while operating income fell 13 percent.

• And Tesla warned that car production would outstrip supply this year.

____________________________

Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J. de la Merced in London.

____________________________

Markets continue sell-off over coronavirus fears

U.S. stocks are poised to open down today, after Asian and European markets fell amid more signs that the Chinese coronavirus outbreak is continuing to worsen.

Here’s the latest:

• The death count as of this morning stands at 170, while the number of cases has grown to 7,711 — officially more than in the SARS epidemic.

• Countries are quarantining people to prevent mass outbreaks.

• Google, Microsoft and Ikea are the latest companies to temporarily shutter offices or prevent employees from traveling to China.

S&P futures are down 20 points, while the Dow is set to fall nearly 140 points at market open today. Stocks in Hong Kong were down 2.6 percent, while those in Europe declined about 1 percent.

And China’s currency, the renminbi, slipped below 7 to the dollar for the first time this year.

It remains hard for businesses and political leaders to figure out their responses to the crisis. “Literally, we are evaluating on an ongoing basis in real time,” said a spokesman for Cummins, an engine maker with operations in China, “and I imagine other places are in the same position as we are.”

More: Stop hoarding face masks. That’s doing more harm than good.

Les Wexner, Victoria’s Secret owner, may step down

Les Wexner, who has run the retail empire known as L Brands for 57 years, is in talks to relinquish his C.E.O. title, according to the WSJ and other media reports. His run has been dogged recently by both business underperformance and a longtime connection to the late financier Jeffrey Epstein.

The business angle: Shares in L Brands fell 29 percent last year, as sales at Victoria’s Secret have dropped amid changing beauty ideals among American women. (The NYT reports that the company is preparing for layoffs.)

The Epstein angle: Mr. Wexner had employed Mr. Epstein as his longtime financial adviser, giving him broad authority over his billions. Mr. Wexner has denied knowledge of alleged sexual abuse committed by Mr. Epstein.

Mr. Wexner has become an uncomfortable distraction to L Brands. He has already had to address his ties to Mr. Epstein to shareholders.

His departure could help L Brands sell a stake in Victoria’s Secret, raising money for the company, according to the FT. One potential investor is Sycamore Partners, a private equity firm specializing in retailers, the WSJ reports, citing unnamed sources.

Why Wall Street’s climate pledges will fall short

Financial giants have made news recently by focusing more on environmental concerns in their investment decisions and threatening to sell shares in some offenders. But Greg Ip of the WSJ presents the argument for why that ultimately won’t amount to much.

• Big oil companies aren’t that dependent on stock market investors, Mr. Ip writes, since they “generate plenty of cash and don’t need to issue new equity or debt to finance capital spending; in fact, most are buying back stock.”

• If the largest banks stop financing oil exploration companies, regional ones would rush to replace them.

• And many oil producers are owned by sovereign governments and don’t need to bow to public opinion.

“Divestment isn’t going to shrink the fossil-fuel industry,” Mr. Ip adds. What will is “changing the underlying economics” through financing cleaner energy producers and governmental measures like carbon taxes.

More: Venture capitalists are conspicuously absent from this round of the climate change fight.

Facebook’s sales growth hits a speed bump

The internet giant yesterday reported a slowdown in revenue growth, something it had warned would happen. But it’s coming at a time when Facebook faces plenty of tough challenges.

The main points of Facebook’s latest earnings:

• Fourth-quarter revenue grew 25 percent, to $21.1 billion. That’s the slowest pace in Facebook’s history as a publicly traded company, according to the WSJ.

• Expenses also rose, reducing Facebook’s operating margin to 42 percent from 46 percent.

• Daily users of the core Facebook platform grew to 1.66 billion, beating analyst expectations of 1.65 billion.

But the company also said it would pay $550 million to settle a class-action lawsuit over its use of facial-recognition technology. It’s the latest sign of the legal headaches that continue to bedevil Facebook, which also include new regulations around the world.

Shares in Facebook fell 7 percent in after-hours trading yesterday, with investors worrying that the company has peaked and faces only downside now.

Yet some analysts think there’s reason for optimism. Rich Greenfield of Lightshed told Bloomberg that Facebook’s business model “is not broken.” And Tim Culpan of Bloomberg Opinion thinks the company can make more money from its overseas users.

Warren Buffett gives up on newspapers

The billionaire announced an end to his 43-year career as a newspaper owner yesterday when Berkshire Hathaway agreed to sell its 31 papers to Lee Enterprises for $140 million in cash, Michael de la Merced of the NYT reports.

The papers being sold include The Buffalo News, which Berkshire bought in 1977, and 30 other papers that Mr. Buffett had acquired over the past decade, including a collection of publishers in Virginia.

Mr. Buffett is bowing to reality. In an interview last year, he said that most papers were “toast” because of falling ad sales — a sharp turnaround from his declaration in 2012 that he was an “addict” who wanted to keep buying newspapers.

But he’s still going to profit from the news industry. Berkshire will lend Lee $576 million, some of which will pay for the newspaper deal, at a 9 percent annual interest rate.

Japanese billionaire isn’t looking for love (on camera) anymore

Yusaku Maezawa has backed out of an online documentary detailing his search for a girlfriend to take on his trip around the moon on SpaceX’s inaugural tourism flight.

“Due to personal reasons, I have informed AbemaTV yesterday with my decision to no longer participate in the matchmaking documentary,” he tweeted this morning.

The speed read

Deals

• The casino operator Penn National agreed to buy a 36 percent stake in Barstool Sports, the popular website, for $163 million. (CNBC)

• AT&T’s latest quarterly results show the company is still trying to justify its $85 billion takeover of Time Warner. (Bloomberg Opinion)

• The investment bank Evercore plans to lay off up to 6 percent of its employees. (Bloomberg)

• The parent company of MoviePass filed for bankruptcy. (Business Insider)

Politics and policy

• President Trump signed into law the new North American free trade deal known as the U.S.M.C.A. (NYT)

• The European Parliament approved Britain’s withdrawal from the E.U. yesterday. (NYT)

• Mike Bloomberg’s latest attack on President Trump: health insurance protections for people with pre-existing conditions. (NYT)

Tech

• The E.U. recommended that its members put limits on using Huawei in their 5G wireless networks — but not ban the Chinese company outright. (NYT)

• Apple and Broadcom were ordered to pay $1.1 billion in damages for infringing on Caltech patents on Wi-Fi technology. (Bloomberg)

• The ride-hailing service Lyft plans to lay off employees in its marketing and enterprise sales divisions. (NYT)

Best of the rest

• Boeing said that it expects costs tied to the 737 Max to surpass $18 billion. (NYT)

• U.S. life expectancy rose in 2018 for the first time in four years, in large part because of a decline in fatal drug overdoses. (Politico)

• Why you don’t need to be an accountant to be a modern C.F.O. (WSJ)

• Greta Thunberg wants to trademark her name to prevent commercial misuse. (Bloomberg)

Thanks for reading! We’ll see you tomorrow.

We’d love your feedback. Please email thoughts and suggestions to business@nytimes.com.

from WordPress https://mastcomm.com/dealbook-elon-musk-hits-back-at-critics/

[investmart007]

NEW YORK | US stocks rise again as trade worries take back seat

New Post has been published on https://is.gd/5icXfn

NEW YORK | US stocks rise again as trade worries take back seat

NEW YORK — U.S. stocks climbed with other markets on Monday as worries about trade tensions between the United States and the rest of the world took a back seat.

The world’s two largest economies took their biggest steps yet on Friday in a brewing global trade war after the United States and China imposed dueling tariffs on each other’s goods. But a better-than-forecast U.S. jobs report on Friday and the expectation for strong earnings reports from nearly every swath of corporate America in the upcoming weeks have nevertheless helped support stocks.

KEEPING SCORE: The S&P 500 was up 20 points, or 0.7 percent, at 2,780, as of noon Eastern time. It follows Friday’s 0.8 percent gain after the government reported that U.S. job growth remains strong despite all the concerns about global trade.

The Dow Jones industrial average rose 282, or 1.2 percent, to 24,738, and the Nasdaq composite rose 41, or 0.5 percent, to 7,729. EARNINGS SEASON: Companies are lining up to tell investors how much profit they made during the spring, and expectations are high for another gangbusters quarter of growth.

Citigroup, JPMorgan Chase and Wells Fargo are among this week’s headliners, and all are reporting on Friday. Financial companies are forecast to be one of the better-performing areas of the market, and analysts have penciled in 25 percent growth for their earnings per share from a year ago, according to S&P Global Market Intelligence.

Across the S&P 500, analysts are calling for growth of 19 percent thanks to lower tax rates and stronger revenues. The biggest gains are likely to come from energy companies, which are benefiting from the rebounding price of crude oil, and whose profits likely more than doubled.

YIELDS: Yields on Treasurys rose as prices for bonds fell. The yield on the 10-year Treasury note climbed to 2.84 percent from 2.82 percent late Friday. The two-year yield rose to 2.57 percent from 2.54 percent, and the 30-year yield pushed up to 2.96 percent from 2.93 percent.

FINANCIAL FLING: Higher interest rates can translate into bigger profits for banks by enabling them to charge higher rates for mortgages and other loans.

Financial stocks were the market’s leader, and those in the S&P 500 jumped 1.8 percent for the biggest gain among the 11 sectors that make up the index.

DIVIDENDS DULLED: On the flip side, higher interest rates can lure buyers away from high-dividend stocks because they become more interested in bonds.

Telecoms and real-estate investment trusts both lost ground, while utilities were the worst-performing area of the S&P 500, dropping 1.3 percent.

BEAUTIFUL: Helen of Troy’s shares surged 13.3 percent to $115.49 after the consumer-products company reported stronger revenue for the spring, with particularly strong growth in online sales.

Like much of corporate America, Helen of Troy has been using cash to buy back its own stock, which means profits are getting allocated over fewer shares. The company behind the Oxo and Braun brands said that it repurchased enough during the last quarter to raise its forecast for earnings per share for this fiscal year.

DEALING: Groupon jumped 5 percent to $5.48 following a report from Recode that the daily-deal company is aggressively looking to be acquired by another company.

Its stock has lost more than 80 percent since peaking in late 2011. MARKETS ABROAD: France’s CAC 40 rose 0.4 percent, Germany’s DAX added 0.4 percent and the FTSE 100 climbed 0.9 percent.

Japan’s Nikkei 225 jumped 1.2 percent, the Hang Seng in Hong Kong climbed 1.3 percent and the Kospi in South Korea added 0.6 percent. Stocks from emerging markets, which have been on a wild ride up and down this year, jumped 1.4 percent.

TRADE WAR: There were few developments over the weekend after Washington put a 25 percent tax on $34 billion worth of Chinese imports Friday and Beijing retaliated with taxes on U.S.

soybeans, pork, electric cars and other products. The full impact of the measures may not be felt for some time, and there was little immediate reaction from investors who have known for weeks that the tariffs were due to take effect.

CURRENCIES: The dollar edged up to 110.75 Japanese yen from 110.45 yen late Friday. The euro dipped to $1.1743 from $1.1745, and the British pound slipped to $1.3202 from $1.3266.

COMMODITIES: Benchmark U.S. crude fell 31 cents to $73.49 per barrel. Brent crude, the international standard, added 88 cents to $77.99 per barrel.

By Associated Press

[cleopatrarps]

Wall Street rises with healthcare rally after Trump

(Reuters) – The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them.

Johnson & Johnson and Pfizer each rose over 1 percent while Merck & Co jumped 2.8 percent after Trump in a speech said foreign governments “extort” unreasonably low prices from U.S. drugmakers. His healthcare deputies released a series of proposals to address high drug costs.

“They’ve walked the tightrope between cost savings for the American people and maximizing profits for publicly traded healthcare stocks,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

The S&P healthcare index ended 1.47 percent higher, while the Nasdaq Biotechnology index rallied 2.68 percent.

The tech sector slipped 0.32 percent, with Apple Inc dropping 0.38 percent after a nine-day winning streak that saw the iPhone maker edge closer to $1 trillion in market capitalization.

Also weighing on tech was Nvidia, which fell 2.15 percent on worries that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining the company’s core business with computer gamers.

“Tech is giving back some of its gains. Market participants are not making aggressive bets after the week we’ve had, heading into the weekend,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. “We’re in a holding pattern today, digesting the strong gains of the week.”

The Dow Jones Industrial Average rose 0.37 percent to end at 24,831.17 points, while the S&P 500 gained 0.17 percent to 2,727.72, its highest close since mid-March. The Nasdaq Composite slipped 0.03 percent to 7,402.88.

For the week, the Dow rose 2.3 percent, the S&P 500 added 2.4 percent, and the Nasdaq climbed 2.7 percent.

During Friday’s session, the Dow edged above 100-day moving average for the first time since April 18, following the S&P 500’s similar move a day earlier. Some traders believe such developments mean the market is likely to move higher.

Volume on U.S. exchanges was 5.8 billion shares, light compared with the 6.6 billion-share average over the last 20 trading days.

With March-quarter reports mostly wrapped up, S&P 500 companies appear to have grown their earnings per share by 26 percent, according to Thomson Reuters I/B/E/S.

Due to increased expectations for corporate profits and a dip in stock prices since January, the S&P 500 is now trading at 16 times expected earnings, its lowest multiple in two years, according to Thomson Reuters Datastream.

“We have very strong fundamentals from an earnings perspective and valuations are looking a bit more reasonable than they were late last year,” said Bill Northey, senior vice president at U.S. Bank Wealth Management.

Boosting the Dow was Verizon, which rose 3 percent after JPMorgan upgraded the wireless carrier to “overweight,” saying 5G opportunity will start to crystallize in the next few months.

Symantec slumped 33 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered declining ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers.

The S&P 500 posted 30 new 52-week highs and three new lows; the Nasdaq Composite recorded 137 new highs and 51 new lows.

Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

Additional reporting by Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and Leslie Adler

The post Wall Street rises with healthcare rally after Trump appeared first on World The News.

from World The News https://ift.tt/2wyVZft via News of World

[newestbalance]

Wall Street rises with healthcare rally after Trump

(Reuters) – The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them.

Johnson & Johnson and Pfizer each rose over 1 percent while Merck & Co jumped 2.8 percent after Trump in a speech said foreign governments “extort” unreasonably low prices from U.S. drugmakers. His healthcare deputies released a series of proposals to address high drug costs.

“They’ve walked the tightrope between cost savings for the American people and maximizing profits for publicly traded healthcare stocks,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

The S&P healthcare index ended 1.47 percent higher, while the Nasdaq Biotechnology index rallied 2.68 percent.

The tech sector slipped 0.32 percent, with Apple Inc dropping 0.38 percent after a nine-day winning streak that saw the iPhone maker edge closer to $1 trillion in market capitalization.

Also weighing on tech was Nvidia, which fell 2.15 percent on worries that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining the company’s core business with computer gamers.

“Tech is giving back some of its gains. Market participants are not making aggressive bets after the week we’ve had, heading into the weekend,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. “We’re in a holding pattern today, digesting the strong gains of the week.”

The Dow Jones Industrial Average rose 0.37 percent to end at 24,831.17 points, while the S&P 500 gained 0.17 percent to 2,727.72, its highest close since mid-March. The Nasdaq Composite slipped 0.03 percent to 7,402.88.

For the week, the Dow rose 2.3 percent, the S&P 500 added 2.4 percent, and the Nasdaq climbed 2.7 percent.

During Friday’s session, the Dow edged above 100-day moving average for the first time since April 18, following the S&P 500’s similar move a day earlier. Some traders believe such developments mean the market is likely to move higher.

Volume on U.S. exchanges was 5.8 billion shares, light compared with the 6.6 billion-share average over the last 20 trading days.

With March-quarter reports mostly wrapped up, S&P 500 companies appear to have grown their earnings per share by 26 percent, according to Thomson Reuters I/B/E/S.

Due to increased expectations for corporate profits and a dip in stock prices since January, the S&P 500 is now trading at 16 times expected earnings, its lowest multiple in two years, according to Thomson Reuters Datastream.

“We have very strong fundamentals from an earnings perspective and valuations are looking a bit more reasonable than they were late last year,” said Bill Northey, senior vice president at U.S. Bank Wealth Management.

Boosting the Dow was Verizon, which rose 3 percent after JPMorgan upgraded the wireless carrier to “overweight,” saying 5G opportunity will start to crystallize in the next few months.

Symantec slumped 33 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered declining ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers.

The S&P 500 posted 30 new 52-week highs and three new lows; the Nasdaq Composite recorded 137 new highs and 51 new lows.

Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

Additional reporting by Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and Leslie Adler

The post Wall Street rises with healthcare rally after Trump appeared first on World The News.

from World The News https://ift.tt/2wyVZft via Everyday News

[party-hard-or-die]

Wall Street rises with healthcare rally after Trump

(Reuters) – The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them.

Johnson & Johnson and Pfizer each rose over 1 percent while Merck & Co jumped 2.8 percent after Trump in a speech said foreign governments “extort” unreasonably low prices from U.S. drugmakers. His healthcare deputies released a series of proposals to address high drug costs.

“They’ve walked the tightrope between cost savings for the American people and maximizing profits for publicly traded healthcare stocks,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

The S&P healthcare index ended 1.47 percent higher, while the Nasdaq Biotechnology index rallied 2.68 percent.

The tech sector slipped 0.32 percent, with Apple Inc dropping 0.38 percent after a nine-day winning streak that saw the iPhone maker edge closer to $1 trillion in market capitalization.

Also weighing on tech was Nvidia, which fell 2.15 percent on worries that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining the company’s core business with computer gamers.

“Tech is giving back some of its gains. Market participants are not making aggressive bets after the week we’ve had, heading into the weekend,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. “We’re in a holding pattern today, digesting the strong gains of the week.”

The Dow Jones Industrial Average rose 0.37 percent to end at 24,831.17 points, while the S&P 500 gained 0.17 percent to 2,727.72, its highest close since mid-March. The Nasdaq Composite slipped 0.03 percent to 7,402.88.

For the week, the Dow rose 2.3 percent, the S&P 500 added 2.4 percent, and the Nasdaq climbed 2.7 percent.

During Friday’s session, the Dow edged above 100-day moving average for the first time since April 18, following the S&P 500’s similar move a day earlier. Some traders believe such developments mean the market is likely to move higher.

Volume on U.S. exchanges was 5.8 billion shares, light compared with the 6.6 billion-share average over the last 20 trading days.

With March-quarter reports mostly wrapped up, S&P 500 companies appear to have grown their earnings per share by 26 percent, according to Thomson Reuters I/B/E/S.

Due to increased expectations for corporate profits and a dip in stock prices since January, the S&P 500 is now trading at 16 times expected earnings, its lowest multiple in two years, according to Thomson Reuters Datastream.

“We have very strong fundamentals from an earnings perspective and valuations are looking a bit more reasonable than they were late last year,” said Bill Northey, senior vice president at U.S. Bank Wealth Management.

Boosting the Dow was Verizon, which rose 3 percent after JPMorgan upgraded the wireless carrier to “overweight,” saying 5G opportunity will start to crystallize in the next few months.

Symantec slumped 33 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered declining ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers.

The S&P 500 posted 30 new 52-week highs and three new lows; the Nasdaq Composite recorded 137 new highs and 51 new lows.

Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

Additional reporting by Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and Leslie Adler

The post Wall Street rises with healthcare rally after Trump appeared first on World The News.

from World The News https://ift.tt/2wyVZft via Breaking News

[dani-qrt]

Wall Street rises with healthcare rally after Trump

(Reuters) – The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them.

Johnson & Johnson and Pfizer each rose over 1 percent while Merck & Co jumped 2.8 percent after Trump in a speech said foreign governments “extort” unreasonably low prices from U.S. drugmakers. His healthcare deputies released a series of proposals to address high drug costs.

“They’ve walked the tightrope between cost savings for the American people and maximizing profits for publicly traded healthcare stocks,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

The S&P healthcare index ended 1.47 percent higher, while the Nasdaq Biotechnology index rallied 2.68 percent.

The tech sector slipped 0.32 percent, with Apple Inc dropping 0.38 percent after a nine-day winning streak that saw the iPhone maker edge closer to $1 trillion in market capitalization.

Also weighing on tech was Nvidia, which fell 2.15 percent on worries that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining the company’s core business with computer gamers.

“Tech is giving back some of its gains. Market participants are not making aggressive bets after the week we’ve had, heading into the weekend,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. “We’re in a holding pattern today, digesting the strong gains of the week.”

The Dow Jones Industrial Average rose 0.37 percent to end at 24,831.17 points, while the S&P 500 gained 0.17 percent to 2,727.72, its highest close since mid-March. The Nasdaq Composite slipped 0.03 percent to 7,402.88.

For the week, the Dow rose 2.3 percent, the S&P 500 added 2.4 percent, and the Nasdaq climbed 2.7 percent.

During Friday’s session, the Dow edged above 100-day moving average for the first time since April 18, following the S&P 500’s similar move a day earlier. Some traders believe such developments mean the market is likely to move higher.

Volume on U.S. exchanges was 5.8 billion shares, light compared with the 6.6 billion-share average over the last 20 trading days.

With March-quarter reports mostly wrapped up, S&P 500 companies appear to have grown their earnings per share by 26 percent, according to Thomson Reuters I/B/E/S.

Due to increased expectations for corporate profits and a dip in stock prices since January, the S&P 500 is now trading at 16 times expected earnings, its lowest multiple in two years, according to Thomson Reuters Datastream.

“We have very strong fundamentals from an earnings perspective and valuations are looking a bit more reasonable than they were late last year,” said Bill Northey, senior vice president at U.S. Bank Wealth Management.

Boosting the Dow was Verizon, which rose 3 percent after JPMorgan upgraded the wireless carrier to “overweight,” saying 5G opportunity will start to crystallize in the next few months.

Symantec slumped 33 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered declining ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers.

The S&P 500 posted 30 new 52-week highs and three new lows; the Nasdaq Composite recorded 137 new highs and 51 new lows.

Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

Additional reporting by Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and Leslie Adler

The post Wall Street rises with healthcare rally after Trump appeared first on World The News.

from World The News https://ift.tt/2wyVZft via Online News

[ykrlynwood231-blog]

Shade Me Katie.

Another highrise luxurious flat high rise is actually very soon to begin in Inner city, at 1919 Market Road, on the section of 20th & Market Streets This brand new tower gets on the web site from a conspicuous yard right at the center of Inner city's most extensive and highest office hallway. Main Road Capital's allotments have actually lost in-line with other high-yield revenue vehicles in the BDC and REIT fields, definitely suggesting that the auction has nothing to do with a reassessment from Key Street Funding's particular worth proposition. The stock is actually "simply also economical," claims analyst Steve Sakwa, one thing real estate investors are actually most likely to realize once the spin of the company's D.C. resources happens. Fat chance of that on a snowy day in February, yet seemingly in the college vacations that's an other issue.|2017 was our fifth total year of procedure of our True love Mission. Key Road Capital's shares have now slipped ~ 6.6 percent off their most recent 52-week high @$ 41.51. Operating as well as maintenance prices for 2018 are actually assumed to become about 3% below our total year 2017 & M expectations, constant along with year-on-year portion decrease in operating times.|Our experts much better obtain this out of the way instantly; I make certain a few of you may be actually asking yourself, Is Cold Port really a component of the Isle from Dogs?" That's a valid inquiry - the region has always been isolated from the rest of the Isle, as well as that performs possess an other feeling to it in some aspects, increased by the lot of aged and occasionally huge homes this contains and the distinct absence from post-war authorities property. Furthermore, this is very fascinating to view that Commercial has been actually a great forecaster of EPS given that the firm has actually been actually incredibly near to agreement estimations due to the fact that the initial quarter of 2017. New York City Metropolitan area does not lack permanently food, but I've yet to discover rewarding Singapore hawker (street food items) meals.|If you register online to The Nyc Times you acquire advancement duplicates of attributes that will definitely look in the Sunday version from the published paper. To read more, satisfy describe the risk aspects talked about in Apple's Type 10-K for 2016, the Kind 10-Q for the 1st fourth from 2017, as well as the Kind 8-K submitted along with the SEC today in addition to the involved press release. The firm's assets redeemed system because 2014 is actually maybe a case study in just how not to look for market value in the stock exchange. Our Lead Tale for the year (along with 61 'suches as' on our Facebook web page at this's announcement certainly there) was very most undoubtedly the launch of Pizza Mondays, a brand new project and significant dedication by our Mission to up our services to individuals Our company Affection through offering very hot pizza as well as beverage to our Homeless Friends on alternating Mondays at 5 pm. We started this Plan on April 11th to shrieks of joy through our Attendances, to which we performed certainly not truly publicize beforehand our team were actually doing this, so it was actually a Terrific Surprise for them. Point Link Funding organizes to launch the Factor Bridge GOP Equity System ETF (MAGA) upcoming month to track companies with staff members and also political action committees extremely helpful from Republican prospects. Similarly, there was a fair mix of people appearing to be reaching locations on Morton Road as well as those appearing to become departing the road, probably using this as a means from obtaining someplace else in the metropolitan area. Yet in recent times, they, like several other youths, have actually been heading to Commercial. The company's cloud growth-- each in consumer accomplishments as well as profits-- resides in part an end result of Alibaba multiplying down on expanding its own worldwide footprint, particularly in the Asia-Pacific market. The a great deal of street children and adults in areas throughout the country consist of a developing urban subclass, with their very own adult innovators who firmly handle large and also occasionally competing teams of street people, as well as their personal foreign language, along with phrases as well as vocabulary utilized distinctively among all of them. Website visitors can easily visit the 123-acre Falls Park to view the falls as well as a few of the area's very first field structures. " It is actually a hip city-village with all the conveniences - a neighborhood market, a yoga exercise workshop, reside theater, busy coffee shops," George Whaling, a programmer there, informs the Financial Moments. Although that was actually not unheard of for Nyc Urban area properties to be at risk, this is surprising that amongst 1000s of short articles, numerous referenced fires on a short, two-block street. I have experienced this being actually proper previously; nonetheless, just recently we found a decline in both free cash flow and also, cash off operations-- but, the sell remains to push much higher. Generally for the last 5 years, the technique our experts've run the business is actually practically to return our free of charge cash flow to our capitalists. New guideline, people: When that's as well chilly for Instagramming your road style, article close-ups from your charm and fashion trend victories. Brooklyn Street Fine art: That appears like our company're swimming around within this body that we are actually all kind of unpleasant along with which abrasion that you speak of flares up during opportunities like this. Due to traders and also speculators, there is constantly a market that is willing to purchase or even sell a terrific company (and even one that is actually certainly not so remarkable) that I and various other real estate investors want. As an aside, I plan to compose future short articles going over the relevance and significance of assets as that associates with acquiring openly traded supplies. Stock market's riches monitoring heads are actually facing this problem of girls's power direct. Nonetheless, the Key Road 20 Watchlist (unique to participants from Key Street Worth Investor Marketplace) positions McKesson's overall market threat account as standard.