SeaWorld subject of federal probes related to CNN’s ‘Blackfish’ documentary

SeaWorld subject of federal probes related to CNN’s ‘Blackfish’ documentary

SeaWorld fights back against 'Blackfish' backlash SeaWorld revealed in a public filing Friday that two federal agencies are investigating the company for matters related to CNN's “Blackfish” documentary. The company said it's the subject of separate probes — one from the Justice Department and another by the Securities and Exchange Commission.
The investigations are looking into “disclosures and public statements” made by company executives in August 2014 or earlier “regarding the impact of the 'Blackfish' documentary” and SeaWorld's stock, according to the public filing.
The filing states that the company's board of directors formed a special committee earlier this month to help SeaWorld respond to the inquiries. The company says it “has cooperated with these government inquiries and intends to continue to cooperate with any government requests or inquiries.”
Related: Easter wreaks havoc with SeaWorld attendance
Additional details about..

This is the ‘war for the bundle’

This is the ‘war for the bundle’

You might not realize it, but you're part of a “war for the bundle.” The war is being waged by huge companies like Amazon. Some media players risk getting left behind, according to BTIG analyst Rich Greenfield, who is this week's guest on the “Reliable Sources” podcast.
Greenfield, who calls himself a “media futurist,” says the future looks rosier for consumers, but perhaps not so rosy for the entertainment giants that produce hit TV shows and movies.
During the podcast, he praised Time Warner CEO Jeff Bewkes for agreeing to sell the company to AT&T. Why? Because the deal earned rich returns for stockholders, and the next few years are bound to be more difficult for big owners of cable channels, Greenfield said.
Related: listen to Brian Stelter interview Rich Greenfield here
He is a believer that more and more American households will decide to cut back on traditional cable subscriptions and opt for online forms of entertainment, like Netflix, instead.
Cable is one ..

Silicon Valley rocked by sexual harassment claims – again

Silicon Valley rocked by sexual harassment claims – again

Venture Capitalist: We need more women founders Silicon Valley has been roiled again by claims of sexism and the harassment of women. On Friday, venture capital investor Justin Caldbeck said he was taking an indefinite leave of absence from his firm after he was accused of sexually harassing women who work in tech.
“The gap of influence between male venture capitalists and female entrepreneurs is frightening and I hate that my behavior played a role in perpetrating a gender-hostile environment,” Caldbeck wrote in a statement released by Binary Capital, the firm he cofounded in 2014.
Reed Albergotti of tech news site The Information reported on Thursday that six female founders had come forward with stories about unwanted advances by Caldbeck. Their claims included groping and late-night texts.
Caldbeck, 40, was quoted in the story strongly denying the claims, calling them “attacks on my character.” Binary Capital was also quoted saying the allegations were false. “There is no evi..

Google will no longer read your emails to tailor ads

Google will no longer read your emails to tailor ads

5 stunning stats about Google A major change is coming to Gmail. Google will no longer scan the contents of your emails to serve up personalized ads. Privacy advocates have long criticized Google's practice of using email data to tailor advertising, but now the company is putting an end to the method.
Google (GOOG) announced the change in a blog post on Friday. It will go into effect later this year.
The move is in line with Google's existing G Suite Gmail service for businesses, which doesn't scan email data for personalized ads. Now its free Gmail service will have the same rules.
But this doesn't mean you won't see targeted ads in Gmail. Instead, they'll be personalized with information gleaned from other sources. For example, Google collects data about you based on the YouTube videos you watch or the searches you make.
Related: Major phishing attack targeted Google Docs users
It's possible to find out what kind of data Google uses for ta..

Walmart won’t battle Amazon for Whole Foods for a very simple reason (WMT)

Walmart won’t battle Amazon for Whole Foods for a very simple reason (WMT)

Walmart isn't planning to challenge Amazon's $13.7 billion bid for Whole Foods, Reuters reported Friday, citing a source familiar with the matter.

The news comes amid growing speculation that another company will try to outbid Amazon for the grocery chain, with Walmart repeatedly cited as a top contender.

But that speculation has been wildly off base, according to some analysts.

Here's why: Walmart doesn't need to buy Whole Foods to dominate the grocery market. It's already the top grocery chain in the US by a long-shot, with 21% market share, compared to its next-closest competitor, Kroger, which claims a 10% share of the grocery market in the US.

Whole Foods, meanwhile, has just 1.4% of grocery market share, and Amazon has a 0.2% share.

That's not Walmart's only advantage. Walmart has a bigger physical presence in the US than any other grocery chain, with 5,330 locations throughout the US within 10 miles of 90% of the population — and it&#039..

Silicon Valley investor steps aside from his firm after sex harassment allegations

Silicon Valley investor steps aside from his firm after sex harassment allegations

Venture Capitalist: We need more women founders Silicon Valley investor Justin Caldbeck said Friday he is taking an indefinite leave of absence from his venture capital fund after he was accused of sexually harassing women who work in tech. “The gap of influence between male venture capitalists and female entrepreneurs is frightening and I hate that my behavior played a role in perpetrating a gender-hostile environment,” Caldbeck wrote in a statement released by Binary Capital, the firm he cofounded in 2014.
On Thursday, Reed Albergotti of tech news site The Information reported that six female founders had come forward with stories about unwanted advances by Caldbeck. Their claims included groping and late-night texts.
Caldbeck was quoted in the story strongly denying the claims, calling them “attacks on my character.” Binary Capital was also quoted in The Information story saying the allegations were false. “There is no evidence that Justin did anything illegal,” the firm said.
..

These are the watches worn by some of the most powerful tech CEOs

These are the watches worn by some of the most powerful tech CEOs

Since it was invented over 200 years ago, the wristwatch has been an integral component of fashion.

In addition to their practical functionality of telling time, a watch serves as a collectible piece of art that communicates the personality and style of its wearer.

With the help of Crown & Caliber, an Atlanta-based pre-owned luxury-watch marketplace, we've put together a list and commentary about the wristwatches worn by nine of the most powerful CEOs in the tech industry.
SEE ALSO: These are the watches worn by some of the most powerful men in finance

SEE ALSO: The incredible life and career of Warren Buffett, the billionaire every investor looks to for inspiration

Melissa Mayer, former CEO of Yahoo

The Wisconsin native was appointed the head of Yahoo in 2012 following a 13-year career at Google. Verizon officially closed its $4.48 billion purchase of Yahoo, the company announced Tuesday. Mayer will step down with a $23 million package.

Omega Deville Symbol Quartz — $4,900
..

There’s a potentially crippling shortage of marijuana in Canada

There’s a potentially crippling shortage of marijuana in Canada

Canada has an unusual problem: There's a shortage of legal marijuana.

Prime Minister Justin Trudeau is aiming to legalize marijuana in the country by July 2018, but there's such a lack of marijuana supply that it may delay the whole program, according to a Bloomberg report.

The issue came up during a meeting of provincial and federal finance ministers earlier this week.

“Ultimately the biggest problem that appears after today’s discussion is one of supply,” Charles Sousa, Ontario's finance minister told Bloomberg on Friday. Experts told the finance ministers during the meeting that demand for marijuana is “quite high,” Sousa said, “so we want to make certain that, when we do proceed, there is sufficient supply to accommodate the activity because what we’re trying to do is curb the illicit use and organized crime that now exists around it.”

Trudeau introduced legislation to legalize marijuana in April, with the goal of opening up a retail market by 2018. The bills s..

SpaceX kicks off rocket launch double feature

SpaceX kicks off rocket launch double feature

SpaceX successfully launches a used rocket SpaceX just kicked off this weekend's rocket launch double feature. The private space company — headed by Tesla (TSLA) CEO Elon Musk — blasted a communications satellite into orbit from Kennedy Space Center in Cape Canaveral, Florida.
SpaceX is slated to make another launch on Sunday.
Friday's mission marked the second time SpaceX has put a used, first-stage rocket booster back into space. The booster was previously used in a January mission.
SpaceX wants to reuse its rockets in order to drastically reduce the cost of a single launch. Recovering, refurbishing and then re-flying an orbital-class rocket is a feat no other company has accomplished. And completing a second mission with a used rocket will signal to SpaceX's customers that it can pull off the maneuver safely. That could mean more, cheaper launches with pre-flown rocket boosters.
SpaceX's playbook: Make history, then make more history
Musk says he want..

The first thing you should do when you start at a Wall Street bank

The first thing you should do when you start at a Wall Street bank

Interns have descended upon Wall Street.

They'll likely work long hours under high pressure in what is known to be an extremely competitive environment.

But there is one thing that new hires and interns can do to stay afloat: Find a sponsor within their new firm as soon as possible.

Michelle Domanico was named to Forbes' “30 Under 30” finance list in 2016. She told Business Insider that it's extremely important to find a senior person in the firm who is not your boss — someone who will go to bat for you when it comes time to decide promotions and pay.

“That person can change over time, and it probably needs to change over time,” Domanico said.

At the time, she was a principal at KKR, the private equity giant. She has since joined Shenkman Capital Management, a credit research firm, as a senior credit analyst.

Domanico said sponsor relationships develop organically, but you can still be proactive about it.

“You should notice when someone takes either an interest in..

How the GOP health care bills help the rich

How the GOP health care bills help the rich

The Senate GOP health care bill explained If Republican efforts to repeal and replace Obamacare are successful, one of the biggest winners would be the wealthy. The Senate's bill — released this week — differs in key ways from the House-passed version. But proposals eliminate the taxes imposed on high-income Americans to help pay for an expansion of health benefits under the Affordable Care Act. The legislation also would let people contribute more to certain tax-advantaged accounts.

STOCKS GO NOWHERE: Here’s what you need to know

STOCKS GO NOWHERE: Here’s what you need to know

Stocks were little changed during trading on Friday.

The Dow and S&P stayed close to their starting point, slightly declining and rising respectively.

The Nasdaq was the big winner of the day as the tech-heavy index remains the most volatile major benchmark.

We've got all the headlines, but first, the scoreboard:

Dow: 21,396.81 -0.48, (0.00%)
S&P 500: 2,439.28, +4.70, (+0.17%)
Nasdaq: 6,265.25, +28.56, (+0.46%)
US 10-year yield: 2.144%, -0.009
WTI crude oil: $43.05,+0.31, +0.73%

Bank stocks gained after all the major firms passed their annual stress tests. After the markets closed Thursday, the big banks released estimates for what a hypothetical extreme recession would do to their balance sheets. The banks all passed the capital requirements required by the tests, even the most stringent test which involved a hypothetical doubling of the unemployment rate.
Blackberry turned a profit for the quarter. The company reported a profit of $671 million, or $1.23 per share, for the q..

Here’s how much it costs to be a wedding guest

Here’s how much it costs to be a wedding guest

Kristen Bell shares glimpse of $142 wedding As delighted as you are to hear wedding bells, you know big costs are coming. You skimp and save. You budget — splurge — and maybe alter expectations. And that's just to be a wedding guest.

Martin Shkreli fraud trial begins next week

Martin Shkreli fraud trial begins next week

Martin Shkreli in 86 seconds Martin Shkreli, the former pharmaceutical executive who gained notoriety for hiking up the price of a life-saving drug, will finally go on trial next week on charges of ripping off investors. Shkreli sparked outrage in 2015 for increasing the price of Daraprim, a drug used by AIDS patients, by more than 5,000% from $13.50 to $750 a pill while he was CEO of Turing Pharmaceuticals.

Senate Republicans just lost a key vote on their healthcare bill

Senate Republicans just lost a key vote on their healthcare bill

Sen. Dean Heller of Nevada told reporters on Friday that he will not vote for Senate Republican leadership's healthcare bill as it stands now.

“It's not the answer, it's simply not the answer,” Heller said. “In this form, I will not support it.”

Heller is up for reelection in 2018 in a state won by Hillary Clinton in last year's presidential election. Nevada also expanded the Medicaid program under the Affordable Care Act, or Obamacare, and the Senate bill would phase out that expansion starting in 2020.

Heller said he can't support a bill “that takes insurance away from tens of millions of Americans and hundreds of thousands of Nevadans.”

The senator also said that he wants to bring down insurance premiums, which the bill doesn't do.

“There isn't anything in this bill that would lower premiums,” Heller said.

Heller's opposition is the latest roadblock for the Better Care Reconciliation Act (BCRA). On Thursday, the same day it was released,..

SpaceX set for rocket launch double feature

SpaceX set for rocket launch double feature

SpaceX successfully launches a used rocket Grab your popcorn. Coming up this weekend: A rocket launch double feature. If all goes as planned, SpaceX — the private space exploration company headed by Tesla (TSLA) chief Elon Musk — will launch two rockets in just two days.
First up is a Friday afternoon launch from Kennedy Space Center in Cape Canaveral, Florida, which is scheduled for a 3:10 pm ET takeoff.
That launch was supposed to occur last Monday, but it was delayed due to an issue with the rocket's fairing — the very top portion of the rocket that houses the payload. In this case, the payload will be the telecommunications satellite BulgariaSat -1, the first geostationary communications satellite in Bulgaria's history, according to SpaceX.
Friday's launch will mark only the second time SpaceX has attempted to put a used, first-stage rocket booster back into space. The booster was previously used in a January mission.
SpaceX wants to reuse its rockets in o..

CREDIT SUISSE: Amazon Prime Wardrobe is the perfect service for taking over fashion retail (AMZN)

CREDIT SUISSE: Amazon Prime Wardrobe is the perfect service for taking over fashion retail (AMZN)

Amazon announced its “Prime Wardrobe” service on Tuesday, and share prices immediately jumped on the news.

Lots of pundits, including Business Insider, have hailed the service as a great addition to Amazon's fashion retailing operation. But what they haven't said yet is that services like Prime Wardrobe have already been proven to work.

In a note to clients Friday, Credit Suisse wrote that the German service Zalando has been successful using a very similar business model to the one announced for Prime Wardrobe.

“This product release matches from a customer service perspective what Zalando … has had for some time,” Credit Suisse wrote. “One of the key drivers of Zalando's success in the [German] region has been its ability and willingness to handle from a logistics perspective a relatively higher merchandise return rate (~50%).”

The higher cost of customer service and logistics has proven to be worth the expense for Zalando. The company has a higher gross margin, 44..

As it emerges from the shadows, health care bill gets coverage it lacked

As it emerges from the shadows, health care bill gets coverage it lacked

The Senate GOP health care bill explained On Thursday, after Senate Republicans finally unveiled a health care bill that had been shrouded in secrecy, the legislation became something it hadn't been in weeks: a focus of the evening news. ABC and NBC both led their nightly newscasts with coverage of the bill (CBS led with the latest news regarding President Trump's suggestion that he had tapes of his conversation with former FBI Director James Comey, but discussed health care later in the broadcast), ending a long period in which the issue was almost completely overshadowed.
The health care debate hadn't always been a peripheral story in Donald Trump's presidency.
From February through May, the nightly broadcasts on ABC, CBS and NBC devoted a total of 204 minutes to the effort in the House of Representatives to repeal and replace Obamacare, according to Andrew Tyndall, who monitors the network news coverage. That was less time than the networks spent covering the..

What you need to know on Wall Street today

What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get this newsletter delivered straight to your inbox.

If you needed any further proof that Amazon is shaking the US commercial landscape to its very core, look no further than the past week.

Amazon's $13.7 billion deal for Whole Foods has had a ripple effect across sectors. Traditional grocery-store players like Kroger, Costco, and Target saw their stocks get battered after the deal was announced. Critics say the deal could give Amazon an unfair advantage. Walmart could go head-to-head with Amazon to buy Whole Foods.

The effects haven't been contained to the grocery aisles, either. United Natural Foods, the primary distributor for Whole Foods, also took a hit. And the pharmaceutical supply chain took a big hit too. Then, it emerged that Amazon could enter into a partnership with the world's biggest athletic-apparel brand, hitting the likes of Dick&#039..

‘From the Ashes,’ ‘Nobody Speak’ mine politics of coal, free press

‘From the Ashes,’ ‘Nobody Speak’ mine politics of coal, free press

Coal CEO sues John Oliver Two topics very much in the headlines are the subject of documentaries this weekend, offering deep dives into sources of conflict in Donald Trump's presidency. “From the Ashes” examines political efforts to sustain (or revive) the coal industry, while “Nobody Speak: Trials of the Free Press” delves into journalism besieged by wealthy interests, as filtered largely through Hulk Hogan's site-killing lawsuit against Gawker Media. Airing on National Geographic Channel, “From the Ashes” documents the complicated politics surrounding coal, including the Trump administration's pledge to bring back coal jobs and its withdrawal from the Paris climate accord. Environmental critics speak of coal as a “19th-century form of energy” that is going to leave the world with “a whopping climate problem,” as climate scientist Michael Oppenheimer notes, if we keep relying upon it.
Director Michael Bonfiglio details the fear and desperation of miners in West Virgin..

Who gets hurt and who gets helped by the Senate health care bill

Who gets hurt and who gets helped by the Senate health care bill

The Senate GOP health care bill explained Republicans are one step closer to fulfilling their years-long pledge to repeal and replace Obamacare. The Senate unveiled its legislation to dismantle the health reform law on Thursday. While it's likely to change before lawmakers vote on it — possibly late next week — it's already clear who will benefit and who will lose under the Senate plan.

US oil rig count rises for the 23rd straight week

US oil rig count rises for the 23rd straight week

The US oil-rig count rose by 11 to 758, according to oilfield-services company Baker Hughes.

The oil-rig count has risen for 23 straight weeks, extending a record-long streak of increases.

The gas-rig count fell by three to 183, and miscellaneous rigs were unchanged at zero, making the total rig count 941.

Oil was trading slightly higher around 1:00 p.m. ET Friday, with West Texas Intermediate, the US benchmark, at $42.98 a barrel, up $0.20 or 0.47%.

Here's the chart showing how the rig count has developed over the last several years:

SEE ALSO: Here's where Americans are moving to and from

Join the conversation about this story »
NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

Store closings have tripled so far this year

Store closings have tripled so far this year

Is the mall dead? Everything must go! Stores are closing at alarming rate. The number so far this year is triple what it was in the same period last year, according to an analysis by Fung Global Retail & Technology, a retail think tank.

RBC: Apple is beefing up its music service as it continues to battle Spotify (AAPL)

RBC: Apple is beefing up its music service as it continues to battle Spotify (AAPL)

Apple Music is making big strides in its fight against Spotify.

The music streaming service is negotiating prices, increasing subscribers and developing original content in its attempt to double its services revenue by 2020, according to a recent note from RBC Capital Markets.

According to the note, Apple's services business will be as large as a Fortune 100 company with an estimated $28 billion in revenue this fiscal year. Apple Music and iTunes will account for an estimated $5.5 billion in revenue this fiscal year, according to RBC.

In an attempt to grow its music service and push out rival Spotify, Apple is trying a range of strategies.

Lowering prices for yearly subscribers: Users can pay $9.99 a month for Apple music, or $99 a year which is a 17% discount according to RBC.
Apple is fighting labels for a higher cut: Apple pays out a fraction of the money it earns to the music labels. Currently, the ratio is at 58% but Apple is trying to lower it to 55%. The labels are actu..

A petition on Change.org is calling on Amazon to accept bitcoin ‘ASAP’ (AMZN)

A petition on Change.org is calling on Amazon to accept bitcoin ‘ASAP’ (AMZN)

Bitcoin has been soaring to new heights, and now folks on Change.org are calling on e-commerce juggernaut Amazon to accept the cryptocurrency as payment “ASAP.”

Since March 23, bitcoin has increased 159%, from a little over $1,000 to $2,700.

At least 2,100 petitioners on Change.org want Amazon to join companies such as Microsoft and Overstock in accepting bitcoin as a form of payment. They also want the company to accept Litecoin, another cryptocurrency.

The petition cites the following reasons as to why it would be a good idea for Amazon to accept the two cryptocurrencies:

“Low transaction costs”
“Decentralized currency”
“Low Inflation (Because of the finite supply of Bitcoins (this mostly benefits the consumer)”
“Bitcoin is accessible to any person of any age, sex, demographic, etc. (it is extremely advantageous to citizens of crisis countries)”
“Non-reversible payments (Extremely beneficial to reputable companies such as Amazon.com)”
“Bitcoins are extremely secure (Bitcoins resi..

Al Jazeera: From global media player to bargaining chip

Al Jazeera: From global media player to bargaining chip

Al Jazeera: What you need to know News companies hate becoming the story. Unfortunately for Qatar's state-backed media network Al Jazeera, it's now the focus of a diplomatic crisis in the Middle East. The closure of the network and its affiliates is one of 13 demands made by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt for restoring diplomatic and economic ties with Qatar, according to multiple media reports.
The coalition of countries led by Saudi Arabia broke off relations with Qatar earlier this month. They have accused the tiny Gulf state of supporting terrorism, accusations the country says are “unjustified” and “baseless.”
Qatar built Al Jazeera into a global brand. But the network has made enemies from Riyadh to Cairo with its criticism of Arab governments and coverage of deposed Egyptian president Mohamed Morsy.
Al Jazeera described the reported demand for its closure as “nothing but an attempt to silence the freedom of expression in the region.”
..

McDonald’s shoots down fears it is planning to replace cashiers with kiosks (MCD)

McDonald’s shoots down fears it is planning to replace cashiers with kiosks (MCD)

The internet has been buzzing this week about reports that McDonald's will replace cashiers in 2,5000 stores with self-service kiosks.

But McDonald's says is has no such plans.

It's true that the company is rolling out kiosks, which allow customers to order and pay for their food, in thousands of stores.

The touch-screen technology is meant to speed up the ordering process and give people more control over customizing their food, while reducing opportunities for human error.

Analysts expect the kiosks will help boost McDonald's sales, in part because they will help increase efficiency in restaurants.

But the kiosks aren't meant to replace workers, as some reports this week indicated with headlines like, “McDonald's hits all-time high as Wall Street cheers replacement of cashiers with kiosks” and “McDonalds Is Replacing 2,500 Human Cashiers With Digital Kiosks: Here Is Its Math.”

McDonald's has repeatedly said that adding kiosks won't resu..

Jeff Bezos just handed corporate America a $50 billion question

Jeff Bezos just handed corporate America a $50 billion question

If you needed any further proof that Amazon is shaking the US commercial landscape to its very core, look no further than the past week.

Amazon's $13.7 billion deal for Whole Foods has had a ripple effect across sectors. The grocery industry, an $800 billion addressable market in the US, according to Goldman Sachs, has a low level of e-commerce penetration. That could be about to change. Traditional grocery-store players like Kroger, Costco, and Target saw their stocks get battered after the deal was announced.

The effects haven't been contained to the grocery aisles, either. United Natural Foods, the primary distributor for Whole Foods, also took a hit. And the pharmaceutical supply chain took a big hit too.

Then, it emerged that Amazon could enter into a partnership with the world's biggest athletic-apparel brand, hitting the likes of Dick's, Under Armour, and Foot Locker.

In short, Amazon is rapidly putting its stamp on industries far and wide. Capable of cre..

U.S. bans imports of Brazilian beef over safety concerns

U.S. bans imports of Brazilian beef over safety concerns

Brazil's economy rebounds but unemployment at record high The United States has banned beef imports from Brazil. The U.S. Department of Agriculture announced the immediate suspension of fresh beef imports from the South American country on Thursday after inspections uncovered public health concerns, unsanitary conditions and animal health issues.
The agency said the ban will remain in place until Brazil “takes corrective action.”
Brazil is the fifth biggest supplier of beef to the U.S., ranking behind only Canada, Australia, New Zealand and Mexico. It has sent nearly 50 million pounds of beef to the U.S. so far this year.
“Although international trade is an important part of what we do at USDA, and Brazil has long been one of our partners, my first priority is to protect American consumers,” Sonny Perdue, the secretary of agriculture, said in a statement.
The agency said it has been inspecting all meet imports from Brazil since March, and had refused entry to 11% of fresh ..

Republicans have ‘zero margin for error’ to pass the Senate healthcare bill

Republicans have ‘zero margin for error’ to pass the Senate healthcare bill

The release Thursday of a draft of the Senate Republican leadership's healthcare legislation has set off a scramble to secure enough commitments for a vote that Majority Leader Mitch McConnell wants to hold next week.

Democrats blasted the bill, which was drafted in secret, while most Republicans took a more measured approach and left their intentions unknown, with many moderate members saying they were taking time to read the bill and analyze its impact.

Four GOP senators, however — Rand Paul, Ted Cruz, Mike Lee, and Ron Johnson — quickly announced they would not support the bill in its announced form, though they all remained open to negotiation.

The uncertainty and outright opposition put the bill short of the 50 votes needed to pass — only two Republicans can defect, since Democrats plan to universally oppose it. That puts the Better Care Reconciliation Act of 2017 in a dicey position from the start.

Greg Valliere, the chief strategist and a longtime political analyst at H..

Whirlpool: Hotpoint fridge owners should check units after London fire

Whirlpool: Hotpoint fridge owners should check units after London fire

Police: Grenfell Tower fire started in Hotpoint fridge A Hotpoint refrigerator has been identified as the source of last week's deadly Grenfell Tower fire in London, prompting Whirlpool to ask people who own the same model to contact the company. The Metropolitan Police said Friday that the massive blaze originated with a Hotpoint fridge freezer manufactured by Whirlpool subsidiary Indesit.
Whirlpool (WHR) said in a statement that 64,000 Hotpoint units carrying the model numbers FF175BP and FF175BG had been manufactured between March 2006 and July 2009.
It said that owners of the model should contact its customer hotline and provide their details. Authorities said the model had never been recalled.
Whirlpool, which acquired Italy-based Indesit in 2014, pledged to work with authorities as they investigate the fire that left at least 79 people dead or presumed dead.
“We offer our most profound condolences to the victims, those who have lost loved-ones, homes, and possessions..

John McAfee’s latest gambit is mining Ethereum — the cryptocurrency that’s up nearly 4000% this year

John McAfee’s latest gambit is mining Ethereum — the cryptocurrency that’s up nearly 4000% this year

MGT Capital, the company run by John McAfee, said it will start to mine Ethereum — the bitcoin rival that's surged nearly 4000% this year — in it's latest bid to turn a profit.
MGT, which is publicly traded over the counter, has mostly pitched itself to investors as a cybersecurity company. Cybersecurity is where McAfee made his mark as the founder of the anti-virus company that bears his name.
But McAfee has more recently started to tout cryptocurrencies. He said last month that investments in bitcoin will help put it back in the black by the end of the year.
Ethereum is like bitcoin in that it can be “mined” by computers that solve complex computations. MGT said Friday that it reached an agreement with Bit5ive LLC to buy up to 60 graphics processor-based mining computers to help mine for ether.

“We are more convinced each day of the growth and value of digital currencies, and our Company is uniquely positioned to be a leading provider of processing power to relevant blo..

‘Love at first sight’: The bizarre story of how Amazon’s deal for Whole Foods went down (AMZN, WFM)

‘Love at first sight’: The bizarre story of how Amazon’s deal for Whole Foods went down (AMZN, WFM)

Amazon shocked the world last week when it announced a $13.7 billion deal to buy organic-grocer Whole Foods — a warning shot that officially put competing grocers on notice and sent their shares tumbling.

In a town hall meeting the day the deal was announced, Whole Foods CEO John Mackey shed light on how the deal went down — and it's unorthodox.

As Mackey tells it, it all started with a blind date six weeks ago, which was love at first sight.

Here's Mackey, from the town hall transcript (emphasis ours):

So I just— putting it a little bit in narrative form— how did we meet? It was actually mutual friends set us up on a blind date. (LAUGHTER) And— Jason Buechel and Ken Meyer and David Lannon and I flew up to Seattle a little over six weeks ago. And— it— we just fell in love. It was truly love at first sight. (LAUGHTER)

I’m very serious. It’s like we came outta there. We talked for 2 1/2 hours. I think we coulda talked for 10 hours. And— when we huddled together, it was ..

Sears to close another 20 stores

Sears to close another 20 stores

Is the mall dead? Sears Holdings is closing an additional 20 money-losing stores, a sign of the mounting problems faced by the iconic but troubled retailer. The move includes 18 Sears stores and two Kmart stores. The plan was disclosed early Friday in a filing by Seritage Growth Properties (SRG), the landlord for more than 200 Sears and Kmart properties.

China’s road-straddling bus bites the dust

China’s road-straddling bus bites the dust

China's elevated bus is dead China's futuristic elevated bus will soon be a thing of the past. Workers in the northern Chinese city of Qinhuangdao tore out the tracks for the road-straddling vehicle with jackhammers and shovels this week.
They're cleaning up the mess left behind by a project that caught global attention last summer when video emerged of the 26-foot-wide bus cruising over the top of cars during a test run.
Billed as a potential answer to China's crippling traffic problems, the vehicle instead became the source of bottlenecks in Qinhuangdao. Cars traveling in both directions hadto crowd together on the other side of the road to avoid the barely used tracks and idle bus.
Residents have complained about the traffic problems caused by the abandoned bus and tracks. Related: China's famous elevated bus is now just a giant roadblock
At the time of its test run, the bus was a new idea that drew a lot of people to the area, local resident Wang Ji..

Home prices are sky high, but mortgages are still cheap

Home prices are sky high, but mortgages are still cheap

Blackstone CEO: Infrastructure most important for Trump Real estate is crazy expensive. The median existing home price climbed to $252,800 in May, according to the National Association of Realtors, exceeding the peak hit in June 2016 of $247,600.

Big banks are on the rise after passing their stress tests (JPM, GS, CS, MS, ALLY, BAC, KEY, WFC)

Big banks are on the rise after passing their stress tests (JPM, GS, CS, MS, ALLY, BAC, KEY, WFC)

Most of the big banks are on the rise after passing the Federal Reserve's stress tests Thursday.

After the markets closed Thursday, the big banks released the effect a hypothetical extreme recession would have on their balance sheets.

The banks all passed the capital requirements required by the tests, even the most stringent test which involved a hypothetical doubling of the unemployment rate.

The banks improved versus last year's results. Big banks would suffer $383 billion in loan losses in the most extreme scenario, compared to $385 billion last year.

These tests were implemented in the aftermath of the financial crisis to ensure the banks would be able to survive a similar future crisis and continue to lend even in tough times.

Even with billions of losses, the banks' amount of high-quality capital would cover 9.2% of their risk-weighted assets, an improvement over last year's 8.4%. The tests require banks to meet a 4.5% threshold in order to pass.

After ..

‘The Federal Reserve has done nothing’: Elizabeth Warren urges the Fed to clean house at Wells Fargo (WFC)

‘The Federal Reserve has done nothing’: Elizabeth Warren urges the Fed to clean house at Wells Fargo (WFC)

Sen. Elizabeth Warren wants the Federal Reserve to clean house at Wells Fargo, asking for the removal of the 12 members of the board of directors who served while the fake accounts scandal was ongoing.

In a letter sent to Fed Chair Janet Yellen Monday, Warren argued that the directors present from 2011 to 2015, when Wells Fargo employees opened as many as 2.1 million accounts for customers without their knowledge, need to go — and that the Fed has the authority to remove them under a Congressional statute regarding the governance of insured depository institutions like Wells Fargo.

“I urge you to exercise your legal authority to remove the holdover Wells Fargo Board members. Federal Reserve regulations and guidance impose clear risk-management obligations on the Board — obligations that are quite demanding for a bank as large and complex as Wells Fargo,” Warren wrote. “The Board did nothing to stop rampant misconduct in the Community Bank that resulted in more than 5000 bank employ..

15 years after ‘Minority Report’: A cautionary film, ignored.

15 years after ‘Minority Report’: A cautionary film, ignored.

Minority Report tech: 15 years later The future is arriving even faster than the predictions depicted in “Minority Report,” a film long hailed for being prescient. Steven Spielberg's dystopian film was released 15 years ago this week.
“Minority Report,” set in 2054, included self-driving cars, personalized ads, voice automation in the home, robotic insects and gesture controlled computers — all technology entering our lives in 2017.
But many experts warn one of the technologies highlighted in the film, predictive policing, is used recklessly today.
Although police departments don't race through neighborhoods on jetpacks to disrupt murders — as they did in the film — data and artificial intelligence is already used to predict the location of potential crimes and dispatch officers to those areas. A 2016 study from the organization UpTurn found 20 of the nation's 50 largest police forces have used predictive policing.
Thefilm served as a cautionary tale of the da..

Back to Back for the NASDAQ

Back to Back for the NASDAQ

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Health care stocks gave the market a boost on Thursday after the Senate's plan was finally unveiled, but they weren't able to get the S&P and the Dow over the finish line. Those indices ended slightly in the red by the closing bell, while the NASDAQ managed an equally slight advance to give the recently-struggling index its second straight day of gains.

The NASDAQ finished the session higher by 0.04% to 6236.7. It wasn't a lot, but we'll take what we can get amid tech struggles that saw the index take sharp losses over the past couple of weeks. Despite the good day for healthcare and a nearly 0.6% rise in oil, the S&P slipped by 0.05% on Thursday to 2434.5. The Dow was down 0.06% to 21397.3.
“Classic rotation day type results,” said Steve in RTA . “The best choice on consolidation days is to pay no attention to the noise, That is because just as likely tomorrow you will see the inverse of today's action where our biggest winners become ..

A VC says the 3 things an intern needs to do to score a full-time job have nothing to do with education or skill

A VC says the 3 things an intern needs to do to score a full-time job have nothing to do with education or skill

Alright, so you've landed your first internship.

But that doesn't mean you're guaranteed a job. Now you have to prove that you've got what it takes.

Ryan Hinkle is a managing director at Insight Venture Partners, an international private equity and venture capital firm. When Hinkle is not working on deals, the Philadelphia native runs Insight Venture Partner's intern program. So, he knows what separates the good interns from the great interns.

We recently spoke with Hinkle to get his advice for new interns looking to get hired by their respective firms. He advises his interns to consider the three following points.

Think of ways you can help. Don't limit your responsibilities to those on your job description. If you see a colleague who constantly has to do something that's a hassle, and you could easily do it, then do it.

Ask questions. Sometimes this requires a little courage, because nobody wants to ask a stupid question. But it's criti..

3-on-3 basketball is coming to a city near you

3-on-3 basketball is coming to a city near you

Ice Cube's BIG3 is a blast from basketball's past In the newest professional basketball league, the games are 3-on-3 and the stars are blasts from the past. And it's only in town for a day.
Big 3, a traveling summer league, is the brainchild of Ice Cube. It's essentially a way for the rapper — and fans — to watch former NBA players handle the rock again. That includes Allen Iverson, Chauncey Billups and Mike Bibby, coached by stars like Dr. J, Clyde Drexler and Gary Payton.
Roger Mason Jr., the league commissioner, told CNNMoney he thought Ice Cube and his collaborator, entertainment executive Jeff Kwatinetz, were “nuts” when they proposed the idea. Now he can't believe it hasn't been done before.
“There's a nostalgia there of a fan that watched those guys in the NBA,” Mason said. “There's also a younger fan that competes and plays 3-on-3 out on the blacktop and that will be interested to see our guys play as well.”
Related: Dennis Rodm..

Amazon patent reveals drone delivery ‘beehives’

Amazon patent reveals drone delivery ‘beehives’

Why Amazon is buying Whole Foods The future of Amazon drone deliveries could start at massive 'beehives.” Amazon (AMZN, Tech30) has filed for a patent for beehive-like towers that would serve as multi-level fulfillment centers for its delivery drones to take off and land. The facilities would be built vertically to blend in with high rises in urban areas. Amazon envisions each city would have one.
The patent application, filed in December 2015 and published on Thursday by the U.S. Patent and Trademark Office, features several drawings of these buildings, such as the beehive, a cylinder-shaped center and one that looks like a UFO.
The towers could support traditional truck deliveries and include a self-service area where customers can pick up items, the patent states. It also details how employees would attach the packages on drones.
Related: Amazon patents shipping label with built-in parachute for drone deliveries
Amazon envisions its drone delivery fulfillment centers as..

Blackberry is sinking after turning a profit only because of its big arbitration win against Qualcomm (BBRY)

Blackberry is sinking after turning a profit only because of its big arbitration win against Qualcomm (BBRY)

Blackberry's stock price is dropping, even though the company turned a profit in the first quarter.

Shares were up 3.85% Thursday, before first quarter earnings were released, and lost that gain entirely in early trading on Friday, opening down 5.16%.

The company reported earnings of $0.02 per share, compared to an estimated zero, but revenue fell to $235 million from $400 million from the year before.

The company outsourced the manufacturing of Blackberry hardware in late 2016 in order to focus on software and services.

Thanks to a $940 million arbitration payment from Qualcomm, Blackberry recorded a profit of $671 million in the first quarter, compared to a loss of $670 in the last year.

Blackberry is up about 50% this year, not including Friday morning moves.

Click here to watch Blackberry's stock price live…

SEE ALSO: Blackberry turns a quarterly profit thanks to Qualcomm's $940 million arbitration payment

Join the conversation about this story »
NOW WATC..

Blackberry is sinking following its quarterly results despite getting a big boost from its arbitration win against Qualcomm (BBRY)

Blackberry is sinking following its quarterly results despite getting a big boost from its arbitration win against Qualcomm (BBRY)

Blackberry's stock price is dropping, even though the company turned a profit in the first quarter.

Shares were up 3.85% Thursday, before first quarter earnings were released, and lost that gain entirely in early trading on Friday, opening down 5.16%.

The company reported earnings of $0.02 per share, compared to an estimated zero, but revenue fell to $235 million from $400 million from the year before.

The company outsourced the manufacturing of Blackberry hardware in late 2016 in order to focus on software and services.

Thanks to a $940 million arbitration payment from Qualcomm, Blackberry recorded a profit of $671 million in the first quarter, compared to a loss of $670 in the last year.

Blackberry is up about 50% this year, not including Friday morning moves.

Click here to watch Blackberry's stock price live…

SEE ALSO: Blackberry turns a quarterly profit thanks to Qualcomm's $940 million arbitration payment

Join the conversation about this story »
NOW WATC..

BANK OF AMERICA: Millennials could signal the ‘big top’ in the market

BANK OF AMERICA: Millennials could signal the ‘big top’ in the market

The bull market in stocks could eventually be added to the list of things that millennials allegedly killed.

According to Bank of America Merrill Lynch strategists, a rise in millennial participation in the market could be a sign of the top.

“You'll know it's the “big top” when millennials start buying (new investors a classic late-cycle signal); recent survey by AMG shows millennials have just 30% in equities versus 46% for older age groups,” said Michael Hartnett, the chief investment strategist, in a note on Friday.

The chart below shows that among various asset classes, the widest allocation gaps between millennials and older investors are in alternative investments, which the 18-34 demographic prefers, and in stocks, where millennials could play catch up.

For Hartnett, millennial buying would signal the top. But that's not to say there aren't other late-stage signposts.

Hartnett said the US stock market capitalization as a percentage of nominal GDP — whi..

Gwyneth Paltrow’s Goop gets called out by NASA over healing stickers

Gwyneth Paltrow’s Goop gets called out by NASA over healing stickers

Gwyneth Paltrow: “I'm close to the common woman” Gwyneth Paltrow, we have a problem. NASA just called out Goop, the movie star's lifestyle brand, over wearable healing stickers thatit promoted on its website.
In a post on Thursday, Goop said that the stickers, which are sold by a group called Body Vibes, are “made with the same conductive carbon material NASA uses to line space suits so they can monitor an astronaut's vitals during wear.”
The wearables, which cost about $60 for a pack of 10, come “pre-programmed to an ideal frequency” and “promote healing” by tackling “imbalances,”the website claimed.
Related: Gwyneth Paltrow lives clean but likes her humor dirty
But NASA told CNNMoney it doesn't use carbon material to line its suits, and its current spacesuit has no carbon fibers in it at all.
Gizmodo was the first to take on Goop's NASA claims about the stickers. Goop removed the NASA mention from its post after the outlet's story went up.
In..

Whirlpool: London fire disaster fridge was discontinued in 2009

Whirlpool: London fire disaster fridge was discontinued in 2009

The Grenfell Tower blaze is thought to have killed at least 79 people. Over 60,000 units of the refrigerator identified as the source of the deadly Grenfell Tower fire were produced before the model was discontinued in 2009, according to Whirlpool. London's Metropolitan Police announced Friday that last week's massive blaze originated with a Hotpoint fridge freezer manufactured by Whirlpool subsidiary Indesit. The U.K. government subsequently ordered an “immediate examination” of the unit by technical experts.
The government said the model had never been recalled in the country.
Whirlpool, which acquired Italy-based Indesit in 2014, said that 64,000 units carrying the model numbers FF175BP and FF175BG were produced between March 2006 and July 2009. It said the number of appliances in use today would be lower because of normal obsolescence.
Whirlpool said it would work with authorities as they investigate the fire that left at least 79 people dead or presumed dead.
“We..

Doctors and patient advocates are slamming the Senate Republicans’ healthcare plan

Doctors and patient advocates are slamming the Senate Republicans’ healthcare plan

Doctors and patient groups slammed the Better Care Reconciliation Act released by Republican Senators on Thursday, taking issue in particular with Medicaid cuts in the bill.
The groups, including the American Academy of Pediatrics, the American College of Physicians, and American Heart Association, are critical of Republican efforts to repeal and replace the Affordable Care Act, better known as Obamacare.
The Senate's plan, like one passed by the
House of Representatives rolls back many of the provisions of Obamacare, including taking deep cuts from the Medicaid program.

Here's what the groups thought of the bill
The American Academy of Pediatrics, which represents 66,000 pediatricians, opposed the BCRA, especially because it was left out of the conversation around its drafting.

“The bill that the Senate unveiled today was crafted without the benefit of groups like pediatricians weighing in with what children need,” Dr. Fernando Stein, president of the AAP, said in a statem..

Etihad Airways will let you pay for ‘neighbor-free seats’

Etihad Airways will let you pay for ‘neighbor-free seats’

Ultimate upgrade: 3-room suite on a plane It's the ultimate travel perk: Walking onto a plane and discovering the other seats in your aisle are empty. Now, it's a feature you can pay for.

10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, BBRY)

10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, BBRY)

Here is what you need to know.

4 GOP senators have come out against the Senate healthcare bill. Republican Sens. Rand Paul, Ted Cruz, Mike Lee, and Ron Johnson said in a joint statement on Thursday that they would not support the Senate healthcare bill in its current form because it “does not repeal Obamacare.” Those four no votes would be enough to kill the bill if the rest of the Senate voted along party lines.

The biggest US banks pass the first round of stress tests. The 34 biggest US banks all would have enough capital to withstand an extreme recession, according to the results of the first round of the Federal Reserve's annual stress tests. “This year's results show that, even during a severe recession, our large banks would remain well capitalized,” Fed Gov. Jerome Powell said.

Fed rate-hike odds are climbing. The market sees a 27.3% chance that the Federal Reserve will hike interest rates in September or sooner and a 50.1% chance that the next rate hike happens thi..

White House-media relations at breaking point as Spicer searches for replacement

White House-media relations at breaking point as Spicer searches for replacement

Sean Spicer's most eventful press briefings Five months into Donald Trump's presidency, White House-media relations are hanging by a thread. The White House is facing daily criticism from the news media over its decision to reduce the frequency of press briefings and hold some of those briefings off camera, depriving the public of a chance to see White House officials answering questions. Meanwhile, the White House has grown extremely critical of the media for what administration officials describe as biased and sensationalized reporting by grandstanding journalists.
In the middle is an overstretched and understaffed communications team that has spent over a month unsuccessfully looking for new staff to help relieve some of the pressure. So far, all that search has revealed is that the people the White House wants aren't interested in the job and the people who are interested in the job aren't wanted by the White House.
Amid this chaos, the White House press off..

GOLDMAN SACHS: Here’s how to make a killing this earnings season

GOLDMAN SACHS: Here’s how to make a killing this earnings season

You'd think that investors would have trading on corporate earnings down to a science by now. Think again, says Goldman Sachs.

Investors are frequently ill-positioned for the preannouncements companies often make leading up to their scheduled earnings releases, Katherine Fogertey and the Goldman derivatives team wrote in a client note on Thursday.

They've gleaned this information from the options market. While traders are braced for increased volatility during the period most jam-packed with actual earnings reports, they're woefully out of position in the weeks leading up to those releases.

This is potentially problematic, particularly heading into second-quarter earnings. Over the past six years, July has been the second-most-popular month for corporate preannouncements, according to Goldman data.

The firm finds that the second week of July has historically been the peak for preannouncements, yet implied volatility sits far below the period from the end of the month..

The Wall Street dad bro is having an existential crisis

The Wall Street dad bro is having an existential crisis

It's likely escaped your attention, but the Wall Street dad bro is having an existential crisis.

You'll see it at conferences in between bites of muffins, and it's on financial TV for as long as anyone can stand talking about it without changing the subject. But the darkest takes on this crisis are really on the internet.

That's where morose money managers share their concerns that, in an era of quant funds, passive investing, and giant central bank balance sheets, their very existence is obsolete.

Here's an exhibit for your review from Ben Hunt, the chief investment strategist at Salient Partners. He writes a site and newsletter called Epsilon Theory “that examines markets through the lenses of game theory and history.”

And he's a perfect example of someone who isn't sure what the role of a stock picker is in 2017. Other dad bros who are feeling the same way have been passing around one post in particular called “Tell My Horse” because he's ..

Why Is AutoZone (AZO) Down 2.9% Since the Last Earnings Report?

Why Is AutoZone (AZO) Down 2.9% Since the Last Earnings Report?

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It has been about a month since the last earnings report for AutoZone, Inc. AZO . Shares have lost about 2.9% in that time frame, underperforming the market.
Will the recent negative trend continue leading up to the stock's next earnings release, or is it due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
AutoZone Q3 Earnings Miss, Same-Store Sales Down Y/Y
AutoZone reported 6.2% year-over-year growth in earnings per share to $11.44 for the third quarter of fiscal 2017 (ended May 6, 2017) from $10.77 recorded in the year-ago quarter. However, earnings missed the Zacks Consensus Estimate of $12.00. Net income climbed 1.3% to $331.7 million from $327.5 million a year ago.
Quarterly revenues improved 1.2% year over year to $2.62 billion in the reported quarter. However, the figure missed the Zacks..

Existing Home Sales Rise in May, Housing Momentum Solid

Existing Home Sales Rise in May, Housing Momentum Solid

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Existing home sales in the U.S. rose 1.1% in May, after slipping 2.3% in April. This reinstates the fact that the U.S. homebuilding industry is still going strong. Existing home sales is a good indicator of demand which tracks both the number and prices of existing single-family homes, townhomes, condominiums and co-ops over a one-month period.

Delving Deeper
According to recently released existing home sales data by the National Association of Realtors, existing home sales increased 1.1% to a seasonally adjusted rate of 5.62 million units in May. Sales were 2.7% higher than the year-ago level, growing at the third-highest pace in the last one year.
Single-family home sales increased 1% to a seasonally adjusted annual rate of 4.98 million in May from 4.93 million in April. Single-family home sales were also up 2.7% on a year-over-year basis. Existing condominium and co-op sales inched up 1.6% to a seasonally adjusted annual rate of 640,000 units in May and 3.2..

Carnival (CCL) Tops Q2 Earnings & Sales, Updates Guidance

Carnival (CCL) Tops Q2 Earnings & Sales, Updates Guidance

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Carnival Corporation CCL reported its second-quarter fiscal 2017 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
In fact, this Miami-based cruise company's adjusted earnings per share of 52 cents outpaced the Zacks Consensus Estimate of 47 cents by 10.6% and also surpassed the guided range of 43 cents to 47 cents. Moreover, earnings increased 6.1% year over year. It is to be noted that the company's quarterly earnings exclude net unrealized losses on fuel derivatives.
Total revenue increased about 6.5% year over year to $3.95 billion on the back of Carnival's efforts to drive demand.

Net revenue yields (in constant currency) increased 5.1% year over year, higher than the growth range of 2.5-3.5% projected in March. Meanwhile, gross revenue yields increased 2.7%. Segment Revenues
Carnival earns revenues from its Passenger Tickets business, Onboard and Other as well as Tour and Other segments.
Passenger Tickets: Pa..

Cracker Barrel (CBRL) Down 1.1% Since Earnings Report: Can It Rebound?

Cracker Barrel (CBRL) Down 1.1% Since Earnings Report: Can It Rebound?

Shutterstock photo

A month has gone by since the last earnings report for Cracker Barrel Old Country Store, Inc. CBRL . Shares have lost about 1.1% in that time frame, underperforming the market.
Will the recent negative trend continue leading up to the stock's next earnings release, or is it due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Cracker Barrel Q3 Earnings Beat Estimates, Sales Lag

Cracker Barrel Old Country Store posted mixed third-quarter fiscal 2017 results wherein the bottom line beat the Zacks Consensus Estimate, while the top line lagged the same.
Earnings & Revenues
Cracker Barrel's adjusted earnings of $1.95 per share for the fiscal third quarter, beat the Zacks Consensus Estimate of $1.84 by 6% and also increased 7.1% from the year-ago figure of $1.82.
The company reported revenues ..

Qatar Airways wants to buy 10% of American Airlines

Qatar Airways wants to buy 10% of American Airlines

Qatar Airways named best airline of 2017
Qatar Airways has long been at odds with American Airlines. Now it wants to buy a big chunk of the U.S. carrier. “Qatar Airways indicated that it has an interest in acquiring approximately a ten percent stake,” American Airlines said in a statement on Thursday.

EU summit; Healthy banks; American Airlines

EU summit; Healthy banks; American Airlines

Click chart for more in-depth data. 1. EU summit: European Union leaders are meeting in Brussels on Friday. It's been one year since Britain voted to leave the EU, and the country's departure is at the top of the bloc's agenda.

American Airlines CEO not pleased Qatar Airways wants a big stake in his company

American Airlines CEO not pleased Qatar Airways wants a big stake in his company

Qatar Airways wants to buy 10% of American Airlines American Airlines is not thrilled about Qatar Airways' desire to acquire a 10% stake in the U.S. airline. CEO Doug Parker sent a letter to American Airlines employees after news hit Thursday that Qatar Airways wants to buy at least $808 million worth of stock in American (AAL), the world's largest airline.

Singapore Consumer Stocks Are Hot

Consumer staples have lagged the broader Singapore stock market this year after finishing at the top of the podium in 2016. But a handful of consumer stocks have far outperformed the 9% gain averaged by the sector this year.
Best World International (CGN.SG) is the best performer among Singapore consumer stocks. Shares of the nutritional supplement maker have surged a towering 117% this year. Food Empire Holdings (F03.SG) is in second place with a 48% rally, while Hanwell Holdings (DM0.SG) is not far behind with a 46% gain.
SGX strategist Geoff Howie notes consumer staples are defensive stocks that tend to perform better when the broader market is weak, which explains why the sector outperformed last year but is lagging the FTSE Straits Times index this year. However, a caveat to this generalization is the massive dispersion in the businesses and reach of Singaporean consumer staples companies.
The three top performers have all international consumer-oriented businesses, notes Howie, a..

One striking chart shows traders don’t believe the Fed

One striking chart shows traders don’t believe the Fed

The Federal Reserve keeps telling the bond market it wants interest rates to move higher, but traders aren’t listening.

That suggests investors don’t believe the Fed’s justification for interest rate increases, which are predicated not only on recent economic improvement but also on a continued bright outlook.

One startling chart from Societe Generale's Albert Edwards illustrates the Fed’s dilemma. Two-year notes are historically the maturity that is most responsive to moves in the official federal funds rate.

Yet look at what’s happened to the two-year note's yield this year as the Fed ratcheted up its monetary tightening campaign despite an inflation rate that continues to undershoot the central bank's 2% target: Absolutely nothing.

SEE ALSO: One chart shows why a September rate hike is a 'hard sell'

Join the conversation about this story »
NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

Boeing factory where Trump delivered jobs speech to lay off 200 workers

Boeing factory where Trump delivered jobs speech to lay off 200 workers

Trump: Air Force One looks great at 30 The South Carolina Boeing plant where President Trump gave a speech promising to protect U.S. jobs says it's laying off workers. Boeing confirmed to CNNMoney on Thursday that it's cutting about 200 jobs at its plant in South Carolina. The plant had previously experienced sizable cutbacks in 2013 when Boeing significantly scaled back contract workers.

The next big stock market shift could come from an unexpected source

The next big stock market shift could come from an unexpected source

In an ironic twist, the most downtrodden part of the stock market could be the main driver of its next leg higher.

Even more surprising: the investor base most responsible for this shift won't be flashy Wall Street types, armed with their sophisticated trading algorithms. It'll be retirees.

The market segment in question is value stocks, or companies seen as trading at a discount to fair value. Retirees are already attracted to value stocks because of the dividend yield the group has historically provided, but the pot just got even sweeter.

Value stocks are now expected to see stronger profit expansion than growth stocks, or companies viewed as having high potential for share appreciation, but not necessarily yield growth.

Meanwhile, rock-bottom bond yields have left retirees starved for returns, and the Federal Reserve has done little to improve the situation. This only adds to the appeal of value stocks.

“Even as the Fed has continued to slowly raise the Federal Funds ..

Traders betting against restaurants are getting clobbered (CMG, SBUX, MCD, DRI, CBRL, DPZ, YUM, DNKN, CAKE, SHAK)

Traders betting against restaurants are getting clobbered (CMG, SBUX, MCD, DRI, CBRL, DPZ, YUM, DNKN, CAKE, SHAK)

It was forecast to be a tough year for chain restaurants.

Cheaper groceries and more expensive food at restaurants slowed restaurant sales in 2016. Restaurants were also faced with rising pressure to raise their workers' wages.

But traders who bet against some of the industry's big names are mostly counting losses.

“The entire restaurant sector has not been kind to short sellers this year with only one stock in the top ten, The Cheesecake Factory, profitable in 2017,” said Ihor Dusaniwsky, the head of research at the financial-analytics firm S3, in a note on Thursday.

This year, investors placed the most bearish bets on Chipotle, the fast-casual restaurant chain that saw an exodus of customers after E-coli outbreaks in 14 states were linked to its food in late-2015.

Betting against Chipotle in 2016 was a winning move: short sellers earned $355 million, or were up 20%, on their bet.

This year, they have lost 71.4% on a mark-to-market basis, S3 said.

The stock&#039..

Boeing plans job cuts at South Carolina facility where Trump declared he would ‘fight for every last American job’

Boeing plans job cuts at South Carolina facility where Trump declared he would ‘fight for every last American job’

Some workers at a Boeing facility in South Carolina are being laid off from the company, nearly five months after President Donald Trump visited the plant, The Washington Post reported on Thursday.

“We are going to fight for every last American job,” Trump said during a stop at the North Charleston plant in February.

In a statement from Boeing cited by The Post, the company said, “Our competition is relentless, and that has made clear our need as a company to reduce cost to be more competitive. We are offering resources to those affected by layoffs to help them in finding other employment and ease their transition as much as possible.”

Although Boeing declined to state exactly how many people would lose their jobs and when the layoffs would start, affected employees appeared to be coming from a diverse set of departments, including engineering, quality control and training, and operations management, according to The Post.

The latest layoffs coincide with Boeing's announcement..

Take-Two Interactive Sees Big Profit Potential in Esports

Take-Two Interactive Sees Big Profit Potential in Esports

About a year ago, Take-Two Interactive (NASDAQ: TTWO) CEO Strauss Zelnick was skeptical of the potential of esports to be a profitable business and looked at it as nothing more than a marketing tool to increase awareness of certain games. Speaking to gamesindustry.biz , Zelnick said at the time, “[W]e have yet to see [esports] as a stand-alone profitable business. We see it more as an adjunct to consumer engagement in our titles.”
Fast-forward a year, and Take-Two has partnered with the NBA to create a professional esports league based on its popular basketball series, NBA 2K , and Zelnick appears to have raised his sights for esports' profit-making potential. On Take-Two's fiscal 2017 fourth-quarter conference call, Zelnick expressed what appears to be a changed opinion of esports' potential: “We believe that the NBA 2K esports league has a long-term potential to generate significant revenues and profit through broadcasting rights, ticket sales, pay-per-view events, sp..

There’s frightening new data on the effects of a blockbuster drug Wall Street loves to hate

There’s frightening new data on the effects of a blockbuster drug Wall Street loves to hate

Adverse events for those taking Mallinckrodt Pharmaceuticals' drug Acthar spiked last year, according to FDA data. Hospitalizations tripled, and “other serious” side effects quadrupled.
In a lawsuit, a former Mallinckrodt sales rep says he was pushed to promote Acthar for off-label uses.
A neurologist who has studied the drug says the spike in hospitalizations could be a sign it is being overused.

Mallinckrodt Pharmaceuticals and its $36,382 blockbuster drug — a decades-old treatment called Acthar — are under siege from short sellers.

These traders — who are profiting from the stock's decline — have questioned the drug's efficacy, Mallinckrodt's dependence on deals with pharmaceutical middlemen for the drug's expanding use, and why a drug that is primarily indicated as a treatment for infants is turning into a massive expense for Medicare, a program for the elderly.

Now the critics have a new line of attack. Data from the Food and Drug Administration shows..

Antshares Rebrands, Introduces NEO and the New Smart Economy

Antshares Rebrands, Introduces NEO and the New Smart Economy

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At a gathering at the Microsoft headquarters in Beijing on Thursday, with about 200 people in attendance, Antshares , the first open-source blockchain platform developed in China, announced a complete rebranding of its blockchain solution, as well as a number of other developments detailing their ambitious plans forward.
One of the revelations was the platform's new name and brand, NEO, which in Greek means newness, novelty and youth. The developers also highlighted the strengths of their advanced smart contract code, which will support decentralized commerce, digital identities and the digitization of many different assets. This rebranding of Antshares represents a new direction for the development of China's blockchain community.
Currently, holders of ANS can now automatically generate Antcoins (ANC) in their Antshares wallets, which will be used as gas on the platform. The ANS asset symbol will become NEO in the 3rd quarter of 2017; meanwhile, the NEO..

Ron Howard steps in to direct Han Solo ‘Star Wars’ film

Ron Howard steps in to direct Han Solo ‘Star Wars’ film

'Star Wars' really is from 'a long time ago…' Han Solo, we have a director. Ron Howard will be stepping in to direct the upcoming Han Solo spinoff “Star Wars” film after the original directors stepped down two days ago, Lucasfilm announced on Thursday.
“At Lucasfilm, we believe the highest goal of each film is to delight, carrying forward the spirit of the saga that George Lucas began forty years ago,” Kathleen Kennedy, president of Lucasfilm, said in a statement. “With that in mind, we're thrilled to announce that Ron Howard will step in to direct the untitled Han Solo film. We have a wonderful script, an incredible cast and crew, and the absolute commitment to make a great movie.”
Filming will resume on July 10, she said.
The veteran director will be taking over for the previous directors Phil Lord and Christopher Miller, who left the film over creative differences with Disney's Lucasfilm.
“Unfortunately, our vision and process weren't ali..

What Facebook’s new mission can and can’t fix

What Facebook’s new mission can and can’t fix

The Zuckerberg Interview: Extended cut Live streamed murders. Terrorists recruiting new members. Hate groups organizing. Liberals and conservatives sealing themselves off in echo chambers. With nearly 2 billion people around the world checking in monthly, it makes sense that Facebook is dealing with some very sticky issues. The social network is facing increasing pressure to address them head on.
On Thursday, CEO Mark Zuckerberg announced a new vision for the company. He's shifting its focus from connecting individuals to building communities, namely by getting people to join more Facebook groups.
The change is summed up in the company's new mission statement: “Give people the power to build community and bring the world closer together.”
But how much of the company's problems can really be fixed by the new direction?
Filter bubbles
Facebook (FB, Tech30) has been accused of contributing to filter bubbles — where people only see news and opinions that reinforce ..

There are Trump’s claims about jobs. And then there are the numbers

There are Trump’s claims about jobs. And then there are the numbers

President Trump's record on coal mining jobs President Trump is heralding a boom in coal jobs that just isn't there. He took credit for thousands of new coal jobs on Wednesday at a rally in Cedar Rapids.

What’s inside the Senate Republican health care bill

What’s inside the Senate Republican health care bill

Senate GOP unveils health care bill Senate GOP lawmakers have finally unveiled their version of the bill to repeal and replace Obamacare … or major portions of it. The Senate legislation largely mirrors the House bill, making sweeping changes to much of the nation's health care system. But it also keeps more of Obamacare's structure in place.

Here’s what the Senate healthcare bill means for all types of Americans

Here’s what the Senate healthcare bill means for all types of Americans

Senate Republican leadership released a long-awaited Obamacare repeal and replace bill Thursday, providing the first look at their vision of the future for America's healthcare system.

The 142-page discussion draft, called the Better Care Reconciliation Act, has the potential to affect a wide scope of Americans' lives — from taxes on medical equipment to tax credits for people to buy coverage.

For people who have insurance through their employers, a bulk of the country, there would be substantial but less-direct effects. The more immediate impact would come on people who get their insurance through the individual insurance marketplace, like the exchanges established by the Affordable Care Act, or government programs like Medicaid.

We've broken it down by income strata with some additional information on the broader effects. (Note: Income levels are chosen to highlight distinctive features of the bill.)

Low-income Americans

Definition: 138% of the federal poverty lim..

GOP lawmaker raises ‘serious questions’ about Kushner family conflicts

GOP lawmaker raises ‘serious questions’ about Kushner family conflicts

Kushner family seeks Chinese investors A Republican congressman says he's concerned about potential conflicts of interest raised by Jared Kushner and his family's business ties. Walter Jones, a member of the House from North Carolina, wrote to the Office of Government Ethics on May 18 to ask whether the pitch by the Kushner family business to Chinese investors last month violated ethics rules.
Nicole Kushner Meyer, the sister of top White House aide Jared Kushner, mentioned her brother's role in the administration during a pitch in China seeking EB-5 financing for a real estate development in New Jersey.
EB-5 visas offer a path to green cards for investors who put more than $500,000 into a project that creates jobs in the United States.
Last month, an attorney told CNNMoney that Kushner divested his interest in the project touted by his sister. Kushner also stepped away from the family business when he took his White House job.
The attorney also said Kushner will..

Under the Senate healthcare bill, an oil crash could eventually influence poor Americans’ healthcare

Under the Senate healthcare bill, an oil crash could eventually influence poor Americans’ healthcare

Senate Republican leadership on Thursday released a draft of its long-awaited healthcare bill, the Better Care Reconciliation Act of 2017.

Like the American Health Care Act, passed by the House in May, the bill proposes a fundamental restructuring and deep cuts to Medicaid, the government-run health program that provides insurance primarily to pregnant women, single mothers, people with disabilities, and seniors with low incomes.

But the BCRA, the Senate's bill, makes even more drastic changes to Medicaid in the long run.

One major change could result in global economic shifts, with no relation to healthcare, having a profound impact on the level of funding to the program — like an oil crash.

Here's how:
SEE ALSO: UNVEILED: THE SECRET SENATE HEALTHCARE BILL

A fundamental change

While the BCRA and the AHCA would phase out the Medicaid expansion established by the Affordable Care Act — which extended the program to those making 100% to 138% of the federal poverty limit ..

Stephen Colbert to appear on late night talk show in Russia

Stephen Colbert to appear on late night talk show in Russia

Colbert responds to Trump's 'no talent' insult Stephen Colbert is in Russia this week and he's scheduled to make an appearance on a late night Russian talk show. The official Instagram account for “Evening Urgant” posted a series of photos over the weekend that teased this week's guest line-up. Eight swipes in is Colbert's photo, which appears with text that reads “June 22.”
It's not clear if that is the date Colbert's appearance will air or if that is when it will be taped.
Host Ivan Urgant also posted a selfie with Colbert on Thursday with a caption in Russian that says “Evening Colbert.”
The American late night host revealed on his own Twitter account that he is indeed in Russia. Colbert took at jab President Trump with a tweet on Thursday that said he'll help find the taped recordings of his conversations with FBI Director James Comey.
The tweet came with a photo of Colbert walking in front of what appears to be the famous Hermit..

America’s banks are really, really healthy

America’s banks are really, really healthy

Yellen: U.S. banks are lending and globally competitive Wall Street banks have enough armor to shield Americans from another financial crisis. The Federal Reserve on Thursday released initial results of its yearly stress tests to determine whether the nation's biggest banks are financially strong enough to weather a severe recession.

American Airlines CEO: We’re not pleased about Qatar Airways buying stock

American Airlines CEO: We’re not pleased about Qatar Airways buying stock

American Airlines is not thrilled about Qatar Airways' desire to acquire a 10% stake in the U.S. airline. CEO Doug Parker sent a letter to America Airlines employees after news hit Thursday that Qatar Airways wants to buy at least $808 million worth of stock in American (AAL), the world's largest airline.

Oracle’s blow-out earnings caused over 20 Wall Street analysts to raise price targets

Oracle’s blow-out earnings caused over 20 Wall Street analysts to raise price targets

Cloud computing really is starting to breath new life into Oracle.

The company had blow-out Q4 2017 earnings Wednesday thanks to 58% year-over-year growth for the quarter in cloud.

A sunny outlook caused the stock to hit a 52-week high of $51.85 on Thursday before settling down to about $50 in the afternoon.

And that inspired 21 of 38 analysts surveyed by FactSet to predict that the stock will rise even higher, according to MarketWatch's Tomi Kilgore.

Analysts, on average, now believe the stock will reach $54.84, up from $48.96 on Tuesday, before the company reported earnings.

Not that it was all good news. The cloud business is cannibalizing the company's biggest business: software. Total software revenues declined 1% to $7.52 billion (with new software licenses declining 5%). And the hardware business continues to whither away, down 13% for the quarter.

But cloud is starting to pick up the slack. Cloud revenues were $1.4 billion. And overall revenues were up and crush..

Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute (DB)

Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute (DB)

Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute, people familiar with the matter said, delaying its efforts to end churn at its fixed-income operation.

Rob Allard, a former Deutsche Bank executive who ran the structured product sales team before moving to Goldman Sachs in 2008, was due to join the bank as head of US fixed-income sales. He was set to replace John Gallo in that role. Matt Scully at Bloomberg reported the hire last week.

However, the job offer has since been rescinded, according to three people who did not want to be identified discussing the matter. It's unclear why, they said. A Deutsche Bank spokesman declined to comment, as did Allard.

Allard was most recently CEO of hedge fund Firebreak Capital. The fund is closing.

It marks a strange turn of events for Deutsche Bank, which has seen a high level of churn in fixed-income sales.

Dixit Joshi, who previously led the bank's fixed-income sales force globally as head o..

Best Bath and Beyond plunges after missing across the board (BBBY)

Best Bath and Beyond plunges after missing across the board (BBBY)

Bed Bath & Beyond is falling after missing earnings.

Shares are down 11.38% in aftermarket trading Thursday, trading around $30.06.

The company announced adjusted earnings of $0.53 per share, which was lower than the $0.66 that Wall Street was expecting. The results were much lower than the $0.80 per share in the same quarter of last year.

Comparable sales also missed estimates, decreasing by 2% compared to estimates of a slight 0.3% increase.

Revenue came in at $2.74 billion, which was shy of the $2.79 billion that analysts were looking for.

The company said the first quarter is typically the least impactful quarter in the year, but explains the declining comparable sales.

“The Company continued to have strong growth in its customer-facing-digital channels this quarter, [but] the Company did experience increased softness in transactions in stores, as well as higher net-direct-to-customer shipping expense, coupon expense, and advertising costs during the quarter,” the company sai..

Kalanick’s resignation as Uber’s CEO has put an IPO in doubt — but there’s still a precarious path to a public offering

Kalanick’s resignation as Uber’s CEO has put an IPO in doubt — but there’s still a precarious path to a public offering

•Uber has been in crisis for months, culminating in CEO Travis Kalanick's resignation.

•A much-anticipated IPO will now be even more delayed.

•The Uber board is now in a very challenging position.

Travis Kalanick stepped down on Tuesday as Uber's CEO, amid a series of crises that have roiled the ride-hailing startup and it's nearly $70-billion valuation.

The explanation is that the big money had seen enough of the Travis show (although Kalanick will remain on Uber's board). A group of major investors demanded that Kalanick, who had already decided to take a leave of absence, resign immediately. After consulting some advisors — board member Arianna Huffington reportedly among them — Kalanick fell on his sword.

The Uber IPO, if it happened, was supposed to be the Big One, the massive payout that Silicon Valley has been anticipating since the Facebook IPO in 2012. Stock-market millionaires and billionaires would be created overnight.

The only problem was that des..

Millennials are about to benefit from ‘one of the largest intergenerational wealth transfers in history’

Millennials are about to benefit from ‘one of the largest intergenerational wealth transfers in history’

Millennials matter.

That's the thesis of a white paper out by UBS. According to the Swiss bank, Wall Street is at the precipice of a massive transfer of wealth, the likes of which has never been seen.

Older millennials are approaching “peak income” age and Baby Boomers, the generation born following WWII, are set to pass on trillions of dollars of wealth in the coming years to younger generations.

In just three years global millennial wealth could stand at $24 trillion, according to UBS, up $7 trillion from 2015.

Millennials are about to benefit from “one of the largest intergenerational wealth transfers in history,” according to Tom Naratil, president of UBS Americas, and Jürg Zeltner, president of UBS Wealth Management.

As such, the bank believes “it is critical” that Wall Street firms pay attention to millennial-specific tastes when it comes to wealth management.

Following are the three preferences the bank thinks Wall Street firms should consider when shaping their of..

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