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Senin, 13 Mei 2019

Supreme Court rules against Apple in App Store antitrust case - CNBC

The Supreme Court on Monday ruled 5-4 against Apple in a case involving its signature electronic marketplace, the App Store, allowing iPhone users to move forward with an antitrust suit against the company.

The iPhone users argued that Apple's 30% commission on sales through the App Store is an unfair use of monopoly power that results in inflated prices passed on to consumers.

Apple argued that only app developers, and not users, should be able to bring such a lawsuit. But the Supreme Court, in an opinion authored by Justice Brett Kavanaugh, rejected that claim.

"Apple's line-drawing does not make a lot of sense, other than as a way to gerrymander Apple out of this and similar lawsuits," Kavanaugh wrote.

Shares of Apple, already battered by trade concerns, were down more than 5%, lagging the broader market.

The result was widely expected after arguments in November in the case, Apple v. Pepper, during which the justices seemed skeptical of Apple's arguments.

The case split President Donald Trump's two nominees to the high court. In a dissent joined by his fellow conservatives, Justices John Roberts, Clarence Thomas and Samuel Alito, Justice Neil Gorsuch wrote that the majority created an "artificial rule."

The legal battle over the company's online marketplace has dragged on for nearly a decade.

The result of the iPhone users' litigation could affect the way that Apple, as well as other companies that operate electronic marketplaces like Facebook, Amazon and Alphabet's Google, structure their businesses. For Apple, hundreds of millions of dollars in penalties could hang on the outcome.

Apple did not immediately respond to a request for comment.

Read the full opinion below:

This is breaking news. Check back for updates.

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2019-05-13 14:07:43Z
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Bed Bath & Beyond CEO out amid ongoing activist pressure - Chain Store Age

C-SUITE

The longtime chief executive of Bed Bath & Beyond has stepped down amid ongoing pressure from activist investors who blame him for the chain’s faltering performance and are pushing for changes.

The home goods chain announced that Steven Temares has stepped down as CEO and resigned as a member of the board, effective immediately. Mary Winston, who recently joined the board, has been appointed interim chief while the company searches for a permanent replacement. In addition, new board member Andrea Weiss, a longtime retail executive and consultant, will oversee the company’s strategy and business transformation plans and work closely with Winston.

Winston’s previous retail experience includes serving as executive VP and CFO of Family Dollar Stores Inc. and senior VP and CFO of Giant Eagle. She also served as executive VP and CFO at Scholastic Corporation. In searching for a permanent leader, Bed Bath & Beyond said it will focus on individuals who have transformation and innovation experience “in the retail sector.

“Bed Bath & Beyond has a significant opportunity to drive value creation by building on its great brands and strong customer affinity,” said Patrick Gaston, independent chairman of the board. “As the company continues its efforts to improve its financial performance and enhance its competitive position, the board determined that now is the right time to identify the next generation of leadership.”

Temares, a 27-year Bed Bath & Beyond veteran, has been CEO of the chain since 2003. The management shake-up comes as Bed Bath & Beyond has been under mounting pressure from a group of activist investors — Legion Partners Asset Management, Macellum Advisors and Ancora Advisors — to replace the entire board and to oust Temares. The group has been outspoken in its criticism of Bed Bath & Beyond ‘s performance and recently released a 100-plus page document that detailed Bed Bath & Beyond’s “stale retail perspective” and called for the immediate removal of Temares, blaming him for more than a decade of underperformance.

Prior to releasing the document, the group launched an effort to replace Bed Bath & Beyond’s entire 12-person board with a slate of 16 nominees. In response, the chain announced that two members would depart the board, decreasing the size to 10. (The retailer noted that with the departure of Temares, the board goes down to nine members). investors labeled the move as “too little, too late.” Last week, Legion Partners filed a lawsuit against Bed Bath & Beyond, saying that the company bypassed shareholder rights in overhauling the slate of directors.

Analyst Neil Saunders, managing director of GlobalData Retail, commented that the resignation of Temares as CEO is a “necessary first step in revitalizing the fortunes of the beleaguered retailer.” He noted that under Temares, the chain lost market share as it fell behind peers and failed to keep pace with a changing homewares market.

“However, as we have said before, shuffling the management team will not, in and of itself, produce the change that is required,” Saunders said. “As such, Bed Bath & Beyond now needs to search for a leader who can put in place a plan to refashion the company to the modern realities of retailing.”

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2019-05-13 14:03:15Z
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Stocks - Wall Street Slides as China Increases Tariffs in Trade Retaliation - Investing.com

Investing.com - U.S. stock markets opened sharply lower on Monday as China announced countermeasures against the U.S. in an escalating trade dispute.

Beijing indicated plans to beginning on June 1 in response to U.S. President Donald Trump’s instructions to Trade Representative Robert Lighthizer to prepare 25% tariffs on virtually all Chinese products imported to the U.S., including those which were not currently covered by existing levies.

That presidential order came after the U.S. increased tariffs last Friday on $200 billion of Chinese imports to 25% from 10%.

Fears that the growing escalation of the Sino-U.S. trade dispute threatens to derail the global economy shook risk assets on Monday.

The tumbled 457 points, or 1.8%, to 25,485.76 points by 9:33 AM ET (13:33 GMT), while the sank 52 points, or 1.8%, 2,829.38 points and the tech-heavy slid 179 points, or 2.3%, 7,738.33 points.

Hu Xijin, editor-in-chief of China’s state-controlled Global Times, singled out Boeing among the Dow components likely to be targeted by the new round of tariffs.

“China may stop purchasing U.S. agricultural products and energy, reduce Boeing orders and restrict U.S. service trade with China,” he said in a tweet, adding that Chinese authorities could also consider dumping their holdings of U.S. Treasuries.

Shares of Boeing (NYSE:) sank 3.4%, topped only by the 4.7% decline in Apple (NASDAQ:), for whom China is an increasingly important market, and a 3.6% slide in industrial global bellwether Caterpillar (NYSE:).

With no major economic data or company reports scheduled for Monday, trade will be driven by any developments with regard to the ongoing dispute.

“Lacking recent precedents, stocks are missing an anchor in the midst of escalating China-U.S. trade tensions,” Mohamed El-Erian, chief economist at Allianz, said via Twitter. “As such, they continue to react to every statement from government officials.”

Outside of equities, the , which measures the greenback against six rival currencies, lost 0.3% at 96.83 by 9:35 AM ET (13:35 GMT), while the fell 4 basis points to a six-week low of 2.41%.

In commodities, rose $12.25, or 1.0%, to $1,299.75 a troy ounce, while jumped $1.50 cents, or 2.4% to $63.16 a barrel.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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2019-05-13 13:37:00Z
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Dow futures fall over 300 points as U.S.-China trade talks appear stalled - MarketWatch

Wall Street was setting up for a tough start to the week on Monday, with Dow Jones Industrial Average futures down roughly 500 points as China moved to raise tariffs on U.S. goods and take other retaliatory measures after Washington last week raised duties on $200 billion of Chinese imports.

How did the benchmark indexes fare?

Dow futures YMM9, -1.91% 496 points, or 1.9%, to 25,648, while S&P 500 futures ES, +1.86% dropped 57.80 points, or 2%, to 2,829.10. Nasdaq-100 futures NQM9, -2.53% slid 192 points, or 2.5%, to 7,418.25.

On Friday, the Dow Jones Industrial Average DJIA, +0.44% rose 114.01 points, or 0.4%, to end at 25,942.37, recovering from a deficit of more than 350 points. The S&P 500 index SPX, +0.37% gained 0.4% to 2,881.40, while the Nasdaq Composite Index COMP, +0.08% climbed 0.1% to 7,916.94.

For the week, the Dow fell 2.1%, its biggest weekly loss since March. The S&P saw a 2.2% weekly fall and the Nasdaq shed 3%, the biggest losses for both since the week ending Dec. 21.

Read: Why the stock market is at the mercy of the U.S. consumer

What drove the market?

Trade tensions that drove volatility for stocks last week were rebooting Monday, as investors faced up to the fact that a deal between the U.S. and China could take longer than they expected. Talks in Washington ended with no agreement on Friday.

After raising tariffs on $200 billion worth of annual Chinese imports from 10% to 25% on Friday, the Trump administration said it was ready to impose 25% tariffs on another roughly $300 billion worth of Chinese goods, or nearly all the remaining products Americans buy from China each year.

On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%. Hu Xijin, editor in chief of China’s Global Times, a daily Chinese tabloid with ties to the Communist Party, reported on Twitter Monday morning that China may take further steps in the coming days and weeks.

In several tweets over the weekend, President Donald Trump argued that the U.S. was in an advantageous position over trade, though White House economic adviser Larry Kudlow admitted Sunday that “both sides” will feel the pain. His comment that Trump and China’s President, Xi Jinping, may meet at the Group of 20 international conference in June failed to soothe investors.

Trump early Monday continued to send tweets regarding the talks, arguing that there was “no reason” for U.S. consumers to pay tariffs and that companies would leave China to avoid the duties if a deal isn’t reached.

Chinese media over the weekend ran several editorials blasting the U.S. position and vowing that Beijing would stand firm in the talks.

Read: Chinese media says ‘fierce U.S. offensive’ over trade won’t work

Which stocks are in focus?

Shares of several companies perceived as sensitive to rising U.S.-China trade tensions were under pressure before the start of trade Monday, including Apple Inc. AAPL, -1.39% semiconductor firm Advanced Micro Devices Inc. AMD, +2.76% and Intel Corp. INTC, -0.90%

Uber Inc. stock will remain in focus Monday, after the ride-hailing firm made its debut on the New York Stock Exchange Friday. After pricing at $45 per share, Uber stock closed down 7.6% at 41.57. Shares remain under pressure in premarket trade, down 6.1% before the bell.

Videogame publisher Take-Two Interactive Software Inc. TTWO, +1.23% and Tencent Holdings Ltd. TCEHY, +1.51% are both set to report earnings after the close on Monday.

What’s on the economic calendar?

At 11 a.m. Eastern Time, the Federal Reserve will release its survey of consumer expectations.

Boston Fed President Eric Rosengren and Fed Vice Chairman Richard Clarida were each set to speak at separate conferences on Monday, starting at around 9 a.m. Eastern Time.

What are strategists saying?

“Any good will to risk assets on Friday has faded through Asia, and there the preservation of capital is the overriding theme, although there is absolutely no panic,” said Chris Weston, head of research at Pepperstone.

“Protectionism and the impact that can have on demand can be hard to model, and it feels that with these dynamics in play the market will further de-risk, with traders wanting a return of their equity, as opposed to on their equity,” Weston added.

How are other assets trading?

Trade worries weighed on Asian markets, where the Shanghai Composite SHCOMP, -1.21% closed down 1.2% and other major indexes logged losses of 1% or more. Europe followed suit with the Stoxx Europe 600 SXXP, -1.16% down 0.6%.

As investors backed out of equities, haven assets such as the Japanese yen got a bid, with the USDJPY, -0.78% rising 0.1% to ¥109.68 against the dollar DXY, -0.23% But gold GCM9, +0.30% slipped about 0.2%.

Oil prices CLM9, +1.33% were climbing after Saudi Arabia said two oil tankers were attacked near the Strait of Hormuz early Sunday.

See: Strait of Hormuz: Oil ‘choke point’ in focus as U.S. ends Iran waivers

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2019-05-13 12:10:00Z
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China will raise tariffs on some US goods from June 1 - ForexLive

China hits back

China to raise tariffs on US goods.

They plan to set import tariffs on $60 billion worth of US goods. The tariffs will range from 5%-25%.

Reports also say China may stop purchasing US agricultural products and energy, cut Boeing orders and restrict US service trade with China. The Global Times reports that Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically.

Headlines are just crossing but the Australian and Canadian dollars are down to session lows. US stock futures are falling, with S&Ps down nearly 50 points.

This is starting to look dire. Trump is dead-set on tariffs and China has decided it can take the pain.

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2019-05-13 12:09:00Z
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62% of millennials say they're living paycheck to paycheck - CNBC

Almost two-thirds of millennials say they're living paycheck to paycheck and only 38% feel financially stable, according to a new survey from Charles Schwab.

Millennials, more than any other generation surveyed by Schwab, feel the most insecure when it comes to their finances. That's according to roughly 380 millennials (ages 23 to 38) surveyed for Schwab's 2019 Modern Wealth report.

Yet millennials also say they spend an average of $478 a month on "nonessential" purchases, such as dining out, entertainment, luxury items and vacations. That's less than the $587 Gen Xers report spending, but more than the $359 spent by baby boomers.

"It may seem odd that when we look at statistics that say so many millennials are living paycheck to paycheck, but on the other hand, they're overspending," says Farnoosh Torabi, personal finance author and host of the "So Money" podcast. Schwab partners with Torabi's Stacks House, a pop-up experience that promotes financial independence for women.

But while it may seem counterintuitive, it's the reality many millennials face, she says. "When your financial life is in disarray, chances are, you will overspend," she tells CNBC Make It. "Emotions around money lead us to make irrational choices."

It's not just a spending problem

It may be easy to criticize millennials for simply spending too much, but other issues are also at play, Terri Kallsen, Schwab's executive vice president of investor services, tells CNBC Make It.

"Spending is not the enemy that we might think that it is," she says. As a generation, millennials also are facing systemic financial issues that can feel overwhelming. They generally carry more debt than previous generations did at their age, for example. One major reason for that is student loans. The number of households with student loan debt doubled from 1998 to 2016, Pew Research Center found. The median amount of loan debt millennials carried was $19,000, significantly higher than Gen Xers' balance of $12,800 at the same age.

Student loans are not the only kind of debt millennials hold. About 40% of millennials (defined here as those 20 to 35 years old) have credit card debt, according to a recent survey by LightStream, the online lending division of SunTrust Bank.

Millennials ages 25 to 34 had an average of $36,000 in debt last year, excluding home mortgages, according to Northwestern Mutual's 2018 Planning & Progress Study.

Rising home costs and the fact that salaries just don't go as far as they once did to cover the necessities also adds to the pressure.

"When you're saddled with student loan debt, when you have credit card debt, when you don't have a lot of financial literacy, that can lead you to making unhealthy decisions with your money, including overspending," Torabi says.

It's about finding 'balance'

While managing your money is part math, most of it comes down to mindset, Torabi says.

Adds Kallsen: "We want people to have good experiences in life, but the most important thing is that people find the right balance so that spending doesn't impact their long-term financial security."

You need to find a strategy that works for you and allows you to have rewarding life experiences and save for the future. "Too much of any one thing is not a good thing for your overall biochemistry," Kallsen says. "And too much of any one thing, from a finance standpoint, is not a good thing for your overall financial plan."

If you're trying to reduce your spending, the first step is to get organized about what you spend and how you spend it, Saundra Davis, a financial coach and adjunct professor at Golden State University, tells CNBC Make It. "Know where you are and know what you want," she says.

Be really clear with yourself about what you want and what's achievable. And be realistic, she says. Don't expect yourself to go immediately from saving nothing to putting away $400 a month. If you can barely save $40, start by trying to save $40.

Surround yourself with people and influences that will help you make healthy financial decisions. "If you're hanging out with people who are constantly spending money, constantly keeping up with the Joneses, guess what — that's going to have a big impact on your bottom line as well," Torabi says.

Don't miss: 52% of Americans have cried about money—but this simple 3-step plan can help

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2019-05-13 11:37:28Z
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62% of millennials say they're living paycheck to paycheck - CNBC

Almost two-thirds of millennials say they're living paycheck to paycheck and only 38% feel financially stable, according to a new survey from Charles Schwab.

It's not just a spending problem

It may be easy to criticize millennials for simply spending too much, but other issues are also at play, Terri Kallsen, Schwab's executive vice president of investor services, tells CNBC Make It.

Millennials ages 25 to 34 had an average of $36,000 in debt last year, excluding home mortgages, according to Northwestern Mutual's 2018 Planning & Progress Study.

Rising home costs and the fact that salaries just don't go as far as they once did to cover the necessities also adds to the pressure.

It's about finding 'balance'

While managing your money is part math, most of it comes down to mindset, Torabi says.

Adds Kallsen: "We want people to have good experiences in life, but the most important thing is that people find the right balance so that spending doesn't impact their long-term financial security."

Don't miss: 52% of Americans have cried about money—but this simple 3-step plan can help

Like this story? Subscribe to CNBC Make It on YouTube!

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https://www.cnbc.com/2019/05/10/62-percent-of-millennials-say-they-are-living-paycheck-to-paycheck.html

2019-05-13 11:02:29Z
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