Fisher-Price recalls sleepers after more than 30 babies died - WITI FOX 6 Milwaukee

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1. Fisher-Price recalls sleepers after more than 30 babies died  WITI FOX 6 Milwaukee
2. Fisher-Price recalls Rock 'n Play Sleepers after reports of 30 infant deaths  10TV
3. Fisher-Price recalls all Rock 'n Play sleepers  CBS News
4. All models of Fisher-Price Rock N' Play sleepers recalled after infant deaths  ABC News
5. Under pressure, CPSC recalls Rock 'n Play Sleepers  WXYZ Detroit
6. View full coverage on Google News

https://fox6now.com/2019/04/12/fisher-price-recalls-sleepers-after-more-than-30-babies-died/

2019-04-12 20:28:00Z
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GM to reveal a radically new Corvette - CNN

It's big news anytime a new Corvette is unveiled, but this one will represent, arguably, the biggest change for the Corvette since the model was first introduced in 1953.

The Corvette has changed a lot over the past 66 years, but it has always remained a front-engined, rear-wheel-drive sports car. The new 2020 Corvette will have its engine behind the seats. It's a design idea that was pioneered in the Lamborghini Miura in 1966, and has since become the standard for extreme high-performance sports car.

Putting the engine behind the driver and passenger -- called a rear mid-engined layout -- places the heaviest single part of the car as close as possible to the vehicle's absolute center. This way, the car is balanced in its handling, being neither especially heavy at the front or at the back. Having the engine more toward the rear also helps during hard acceleration since there is more weight to hold down the rear wheels that power the car.

The Corvette has long been a legitimate performance competitor, especially considering its relatively low price. While it's far from cheap -- the entry level Corvette starts at almost $60,000 -- its performance rivals that of cars costing six figures. But there is a limit to the capabilities of any car with a front-engined design and, evidently, GM engineers decided that it was finally time to make that change.

"There's more potential in the mid-engined platform in terms of performance applications than there is in a front-engined car, that's for sure," said Travis Okulski, editor-in-chief of Road & Track magazine.

It's not the first time GM (GM) has considered it. The company even built mid-engined research cars called CERV I and CERV II (Chevrolet Engineering Research Vehicle) in the 1960s and the CERV III in 1990.

The new mid-engined Corvette has been the subject of much speculation in the automotive press. GM finally confirmed it would be unveiled this summer, releasing photos of the car covered in black and white camouflage driving toward New York's Times Square.

The new car has the potential to further burnish GM's image as an engineering powerhouse, which has long been the role of the Corvette. It's a "halo car" that brings people into Chevrolet showrooms even if they ultimately end up buying something else, said Okulski, and this version should generate even more interest.

"It also gives Chevrolet something that can play on the big stage with the likes of Ferrari, Lamborghini, McLaren, everybody," he said.

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https://www.cnn.com/2019/04/12/success/gm-midengined-corvette/index.html

2019-04-12 18:29:00Z
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StockBeat - Chevron's $33B Deal for Anadarko Fires up Merger Fever in Energy - Investing.com

© Reuters.

Investing.com – Merger fever hit the energy sector Friday as Chevron 's $33 billion deal to buy Anadarko Petroleum triggered speculation about further tie-ups in the industry.

Chevron (NYSE:) agreed to pay $65 per Anadarko (NYSE:) share in stock and cash, sending Anadarko's shares up nearly 33%. The merger will create an oil-production powerhouse boasting a total enterprise value of about $50 billion.

Chevron said the deal would enhance its upstream portfolio and strengthen its positions in large shale, deepwater and natural-gas basins.

The merger, expected to close in the second half of the year, will achieve $1 billion in run-rate cost synergies and $1 billion in capital spending cuts within a year of closing, according to the companies.

Shareholders are also set to receive a large windfall, as Chevron plans to ramp up its share-repurchase program to $5 billion from $4 billion after the merger is completed.

Chevron was not the only suitor with eyes on Anadarko.

Occidental Petroleum (NYSE:) had offered $70 per share in cash and stock, CNBC reported, citing unnamed sources. Occidental may turn its attention to other Permian major shale players now.

Pioneer Natural Resources (NYSE:), Parsley Energy (NYSE:) and Concho Resources (NYSE:), major Permian shale companies, rallied on news of the deal.

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https://www.investing.com/news/stock-market-news/stockbeat--chevrons-33b-deal-for-anadarko-fires-up-merger-fever-in-energy-1835054

2019-04-12 17:30:00Z
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Stock Market News: JPMorgan Banks It; Disney Streams Higher - Motley Fool

Friday morning gave Wall Street a good start as earnings season kicked off favorably. Positive news from the financial sector helped lift spirits about the market as a whole, and investors are looking forward to seeing how companies manage to spur growth now that tax cuts are more than a year old and will no longer have huge impacts on year-over-year results. Just after 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 197 points to 26,340. The S&P 500 (SNPINDEX:^GSPC) climbed 13 points to 2,901, and the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 19 points to 7,966.

JPMorgan Chase (NYSE:JPM) got things started off on the right foot among major banks reporting their latest financials, with first-quarter results that encouraged not only its own shareholders but also market participants more broadly. Meanwhile, Walt Disney (NYSE:DIS) announced its long-awaited streaming service, and many believe that the media and entertainment giant will be able to use its new offering to reverse the tide of cable-cutting customers and potentially bring in even more overall revenue.

A Dimon in the rough

JPMorgan shares rose 4% after the Wall Street banking giant made a strong start to earnings season. The bank said that net income reached a record $9.2 billion in the first quarter of 2019, working out to $2.65 per share.

Image source: Getty Images.

Nearly all of JPMorgan's core areas performed well. Core loans and deposits were up modestly, while investment assets and credit card sales volumes rose by double-digit percentages. JPMorgan boasted keeping the top ranking among global investment banks in terms of market share, and although total revenue for its markets segment was down, gross investment banking revenue soared 44% from year-earlier levels. Average loan balances also showed strong growth.

CEO Jamie Dimon sees plenty of opportunity for further gains. New efforts will help provide workers with new skills at work and help to bridge the racial wealth divide. Ongoing support for consumers, small business, and large corporations should help foster broad economic growth, and Dimon is optimistic that even amid geopolitical uncertainty, a more constructive economic environment and favorable conditions across much of its market should keep confidence strong and produce even better results in the future.

Disney+ gets rave reviews

Shares of Disney soared almost 10%, making it the best-performing stock in the Dow after the entertainment giant revealed details about its Disney+ streaming-video service. The House of Mouse expects to release Disney+ in the U.S. market on Nov. 12, and investors are especially happy about the proposed price and the likelihood that it will compete effectively against Netflix and other streaming content distributors.

Disney said that it expects to set a $6.99 monthly subscription price on the service, undercutting Netflix's double-digit monthly pricing. With an extensive library that includes content from Pixar, Marvel Studios, Star Wars, National Geographic, and newly acquired titles from 20th Century Fox along with its own namesake production studios, Disney will offer an attractive value proposition for viewers. Disney also discussed its more comprehensive strategy for delivering content directly to consumers, including ESPN+, Hulu, and Hotstar.

From an investment standpoint, Disney is managing expectations quite well. CFO Christine McCarthy was clear that Disney+ will take years before it can become consistently profitable, and spending to flesh out the content library will likely amount to roughly $2 billion annually between now and 2024. Yet the company does expect the service to gain traction, setting a 60 million to 90 million subscriber target. With the prospect for huge demand both domestically and in the global market, Disney's making a move that's worthy of the most disruptive companies in the media industry.

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https://www.fool.com/investing/2019/04/12/stock-market-news-jpmorgan-banks-it-disney-streams.aspx

2019-04-12 15:52:13Z
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Lyft is having a brutal week with the stock down 20% since Monday - CNBC

Shares of Lyft are down more than 20% for the week as investors finally got their first look inside rival Uber's business. The stock is on track to close in the negative four out of five days this week and drop $3 billion in market capitalization.

The stock started the week priced at $74.45 from it April 5 close, still above its March 28 IPO price of $72. As of midday Friday, shares traded around $59 with a market capitalization of about $17 billion.

Lyft sank more than 3% on Friday, a day after Uber released its S-1 where it reported 2018 revenue of $11.27 billion compared with Lyft's $2.2 billion. Uber said it had a net profit of $997 million in 2018, though it has a loss of $1.85 billion on an adjusted EBITDA basis. Lyft reported a loss of $911 million in its public filing.

Still, investors are uncertain about how to compare the two. Besides the different components of their businesses, with Uber investing in its freight and meal delivery services on top of ride hailing, their financials are difficult to stack up.

Wedbush Securities analysts gave Lyft a neutral rating on Friday with a 12-month price target of $80, saying concern it has heard from investors prior to Uber's S-1 were not eased much now that it's public.

"And now that Uber's S-1 was released after the close yesterday we think investors don't yet have a whole lot more clarity on some of the key comparable metrics," the analysts wrote. "Uber does not break out its metrics between the US and international beyond noting that 52% of bookings and 74% of rides come from outside the US. Additionally, Uber defines its rider metrics by combining both rideshare and Uber Eats riders, so generating metrics like billings per ride, revenue per ride and profit per ride are not fully comparable."

The analysts tried to approximate how the two compare, saying Uber's "ridesharing take rate," defined as revenue over gross bookings, was 22% in 2018 compared with Lyft's 26%. But they noted that Uber includes tolls and surcharges in gross bookings, unlike Lyft, and Uber's numbers were global, which suggests a larger spread of its range.

"We believe there could be continued pressure on Lyft shares while investors wait for Uber's roadshow and dig further into the full financial metrics," the Wedbush analysts wrote. "In our opinion, the battle for market share will be balanced going forward. We think there's plenty of work to do and time to go until investors start to feel like they are missing out on the 'next Amazon' although we believe Lyft remains in a strong position to capitalize on this fertile market opportunity."

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Watch: Here's everything you need to know about the 300 page Uber IPO filing

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https://www.cnbc.com/2019/04/12/lyft-stock-plunges-as-investors-get-a-first-look-into-ubers-finances.html

2019-04-12 14:37:46Z
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Uber's IPO prospectus says it may never be profitable - INSIDER

Uber CEO Dara Khosrowshahi.Reuters

• Uber filed to go public on Thursday, publishing a 300-page prospectus for potential investors.
• The document contains a startling revelation: Uber admits it may never be profitable.
• It's not unusual, however, as firms like Lyft and Snap have issued similar warnings.
• More companies than ever are going public without any profits to speak of, with tech firms leading the charge.
• It serves as a chilling reminder of the dotcom crash, which claimed several high-profile companies and put 200,000 tech workers out of a job.
• Visit BusinessInsider.com for more stories.

Uber filed to go public on Thursday, dumping a 300-page prospectus on potential investors about its sprawling $11.3 billion business empire. Bloomberg's Shira Ovide described it as the "most complex S-1 I've ever read."

Among the revelations contained in this tome were details of Uber's love/hate relationship with former CEO Travis Kalanick, revelations about who's going to get rich when Uber joins Wall Street, insight on its battle to maintain drivers as contractors rather than employees, and information on its relationship with Google. 

But also within the pages of the prospectus was a startling revelation: Uber admits it may never be profitable. The ride-hailing company, which posted a $3 billion operating loss last year, said: "We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability."

Read more: Google just beat Amazon to launching one of the first drone delivery services

The document goes on to list a litany of risk factors. These range from its huge spending on things like drivers, "unproven" revenue lines, and the danger of unrealized cost savings from its Careem acquisition, to the fact that Uber Eats (Uber's food delivery business) makes a loss on some of the partnerships it has with big chains like McDonald's. 

"We will need to generate and sustain increased revenue levels and decrease proportionate expenses in future periods to achieve profitability in many of our largest markets, including in the United States, and even if we do, we may not be able to maintain or increase profitability," Uber said.

A chilling reminder of the dotcom crash

The admission is far from ideal, but it is also far from unusual in today's IPO market. Lyft's S-1 contained very similar language — "we have a history of net losses and we may not be able to achieve or maintain profitability in the future" — while Snap also said it "may never achieve or maintain profitability" when it went public in 2017. Two years on, Snap is still loss-making.

In fact, more companies than ever are going public without any profits to speak of.

According to research from University of Florida finance professor Jay Ritter — illustrated well here in Recode — 81% of US companies floated as loss-making entities last year. The graph below, produced by Ritter, shows the percentage of IPOs with negative earnings per share since 1980.

Jay Ritter

For tech firms, it was even higher at 84%, largely driven by biotech companies raising money. In fact, the last time so many tech firms were going public without making any money was in 1999 and 2000, when 86% of the internet companies that turned to Wall Street were unprofitable.

The turn of the millennium was, of course, the year the dotcom bubble burst, leading to the death of companies like Pets.com, Kozmo.com, and the loss of around 200,000 jobs in Silicon Valley.

Uber will likely be the biggest IPO of 2019, with forecasts pegging its value at around $100 billion. That being the case, it will probably serve as the yardstick against which to measure this year's IPO bonanza, which will see firms like Pinterest and Airbnb also go public. It might also be the canary in the coalmine if things turn ugly.

Uber has been honest about its profit-making potential, but it need not look far for an example of success. Amazon was the prince of no profit when it first arrived on Wall Street in 1997, with Quartz pointing out that it lost a total of  $2.8 billion over the first 17 quarters after its IPO. Now, Amazon makes more than $3 billion a quarter — as much money as Uber lost over the whole of last year. 

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https://www.businessinsider.com/ubers-ipo-prospectus-says-it-may-never-be-profitable-2019-4

2019-04-12 14:03:45Z
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Occidental bid more than $70 a share for Anadarko and is now considering options: Sources - CNBC

There was another bid for Anadarko Petroleum, the oil and gas explorer that Chevron said it was buying for $65 a share in cash and stock.

Before Friday's announcement of the deal, Occidental Petroleum had bid more than $70 a share for Anadarko in cash and stock, people familiar with the situation told CNBC, but the company ultimately decided to go with Chevron.

In addition to being higher, the Occidental bid contained more cash than the Chevron offer and would have required a shareholder vote, the people said.

However, the people familiar said there were some structural issues with the Occidental bid with which Anadarko may not have been as comfortable.

Occidental is now considering its options, people familiar with the matter told CNBC, but it's unclear if the company will launch a hostile bid for Anadarko.

The Chevron-Anadarko breakup fee is said to be 3% of the deal price, which is nearly $1 billion. That transaction will expand the second biggest U.S. energy company's operations in shale oil and gas production, offshore drilling and liquefied natural gas exports. The deal also would be the 11th biggest in history for an energy and power company, according to Refinitiv.

– CNBC's Michael Sheetz contributed to this report.

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https://www.cnbc.com/2019/04/12/occidental-bid-more-than-70-a-share-for-anadarko-and-is-now-considering-options-sources.html

2019-04-12 13:11:25Z
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