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Yahoo Finance Editor-in-Chief Andy Serwer sits down with Danny Meyer, founder and CEO of Union Square Hospitality, and founder of Shake Shack.
Jul.19 -- Taiwan Semiconductor Manufacturing Co.projected current-quarter revenue ahead of estimates, as the Apple Inc. supplier shrugs off a smartphone slump and U.S. sanctions on Huawei Technologies Co. to ride demand for cutting-edge chips. Bloomberg's Selina Wang has the story.
Jul.18 -- Taiwan Semiconductor Manufacturing Co. projected current-quarter revenue ahead of estimates, as the Apple Inc. supplier shrugs off a smartphone slump and U.S. sanctions on Huawei Technologies Co. to ride demand for cutting-edge chips. Juliette Saly reports on "Bloomberg Daybreak: Europe."
Jul.18 -- All eyes will be on Taiwan Semiconductor Manufacturing Co.’s outlook after the world’s largest contract chip manufacturer suffered its worst sales drop in nearly eight years.Analysts expect the company’s third-quarter estimates -- due today after the close of trading -- to point to a revival after it took a hit from slowing demand amid U.S.-China trade tensions.
In a new interview, restaurateur and Shake Shack (SHAK) founder Danny Meyer said automation has transformed the company’s stores.
iHeartMedia (IHRT), the 1 audio media company in the US, has emerged from bankruptcy and its ownership is now available to the public on the NASDAQ exchange. The debt owners have taken over the firm in a restructuring plan that wiped more than $10 billion in debt off the books.
WWE (WWE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Las Vegas Sands' (LVS) top line in second-quarter 2019 is likely to gain from robust performance of the company's Las Vegas operations, Marine Bay Sands, Sand Cotai Central and Venetian Macao segments.
(Bloomberg Opinion) -- By the time it crossed the Mississippi River at Burlington, Iowa, last week, our California Zephyr was running more than eight hours late on its journey from the San Francisco Bay Area to Chicago. The last meal, a free, off-menu beef stew, had just been served in the dining car. My wife and I opted instead to consume a couple of Maruchan Instant Lunch cups, purchased in the cafe, accompanied by a half bottle of Kendall-Jackson chardonnay, also from the cafe. Occasional wafts of sewage odor tainted the air, the aging Superliner cars creaked and rattled, and the dining- and sleeping-car staff exuded fatigue and resignation. Even the conductor, who had just gotten on at Ottumwa, sounded appropriately defeated when he reaffirmed over the loudspeaker that, yes, every connecting train in Chicago, including the Lakeshore Limited to New York for which we had tickets, would be leaving before our train got there.Things did improve a little once we entered Illinois. My wife got an unexpected email from Amtrak with a PDF ticket attached for the next day’s Lakeshore Limited, in more spacious accommodations than what we had originally booked. The train also started going consistently faster, mostly between 70 and 80 miles an hour, chipping away at our estimated arrival time by a minute here and a minute there until we were forced to sit still outside the Chicago suburb of Naperville to let a Metra commuter train go by. After a lovely day in Chicago (we stayed with friends, but Amtrak would have put us up in a hotel if needed), we boarded the train to New York only to learn that its departure would be delayed two hours to wait on two very late trains arriving via different routes from Los Angeles, the Southwest Chief and Texas Eagle. The conductor sounded irked about this rather than resigned, and over the next 20 hours we made up about a third of the lost time, arriving in Manhattan in the middle of a minor blackout that spared Penn Station but made getting home from there something of an adventure. Isn’t long-distance train travel great!?!Actually, it is. I’m not hankering to get on the California Zephyr again anytime soon, but I’m glad to have had the experience. It offered spectacular scenery, mealtime encounters with interesting people from all over (if you’re in a party of less than four, you’re always seated with strangers), and hour after hour after hour of mostly blissful reading and napping. A few months ago, the New York Times Magazine had a detailed account by journalist/humorist Caity Weaver of a trip from New York to Los Angeles on the Lakeshore Limited and Southwest Chief that captured the vibe quite nicely, so I’ll stop here with the travelogue and start with some numbers.Yes, that’s right: The California Zephyr, with one eastbound train a day and one westbound, lost more money last year than any other service operated by the National Railroad Passenger Corp., aka Amtrak. On a per-passenger-mile basis, it wasn’t so bad (the three-times-a-week Sunset Limited was the worst), but still, the operating losses from the California Zephyr, Southwest Chief and Empire Builder together nearly equaled Amtrak’s total fiscal 2018 operating loss of $170.6 million. Since the start of fiscal 2019 in October, the California Zephyr alone has lost $40.9 million, even as Amtrak’s operating loss has dwindled to $50.9 million and is projected to approach zero for the full fiscal year.This is possible because Amtrak also operates on shorter routes with much more frequent services that carry many more passengers and in some cases even turn big operating profits:These numbers include subsidies from the states, which add up to about 7% of overall operating revenue, with California and Illinois the biggest contributors. They leave out capital expenditures, which are highest for the Northeast Corridor along which the Acela and Northeast Regional trains travel because Amtrak owns most of the track and is thus responsible for its upkeep. The California Zephyr uses track owned and maintained by freight railroads BNSF, a subsidiary of Berkshire Hathaway Inc., and Union Pacific Corp. But that’s actually a big part of the problem faced by it and other long-distance routes.The 1970 federal law that released private railroads from the obligation to carry passengers and created Amtrak decreed that its trains be given priority over freight. But because Amtrak’s long-distance trains run infrequently on tracks controlled by others and a certain amount of schedule unpredictability is inherent in the distances they travel — and because, Amtrak complains, the freight railroads aren’t obeying the law — they are constantly being delayed by conditions outside their control.The California Zephyr that I traveled on started out about an hour late because of engine problems, kept getting later because of congestion and track work, had to restrict its speed while climbing the Rockies in Colorado because it was hot out, took a seeming eternity to back into and then pull out of Denver’s Union Station, endured more track-repair-related slowdowns amid the waterlogged cornfields of Nebraska, then came to a halt because the conductors and engineer had been on the job for 12 hours straight and another federal law required that they sit tight until a replacement crew came in from Lincoln. On the westward journey two weeks earlier, my wife and son (he and I each flew one way) spent several early-morning hours parked near the Nevada-Utah border after their train pulled onto a siding to let a faster-moving freight train pass, and the freight engine promptly broke down.On track that Amtrak owns or otherwise exercises some control over — or even just uses frequently enough that its comings and goings can be counted upon — these problems are less pronounced. Amtrak’s Northeast Corridor trains were on time at 76.2% of their stops in fiscal 2018 and its other short-haul trains 77.7%. For the long-distance trains, that percentage was only 52.1%, even though they’re subjected to a looser definition of “on time” than shorter routes are.(1)Amtrak, then, is really running two train systems. One provides residents of cities in the Northeast, Midwest and along the West Coast with regional train service that’s not great by Western European or East Asian standards but is useful to lots of people and seems like it could get by on ticket revenue, state subsidies, and some federal help with financing big capital projects such as that much-needed new tunnel under the Hudson River. The other consists of 15 longer routes that have appeal for tourists, residents of some isolated towns and airplane-shunning Amish folk (if riding Amtrak through the Midwest was your only experience of this country, you’d think it was about 10% Amish) but cannot survive without ongoing operating subsidies from Congress. The $1.9 billion that Congress appropriated to Amtrak for fiscal 2019 amounts to only about 0.04% of total federal spending, and one could perhaps argue that subsidies for long-distance rail are worth it in some kind of nation-building or nation-advertising sense. But those subsidies do seem to reduce Washington’s appetite for investments to upgrade Amtrak’s more heavily traveled intercity offerings, which are of far more economic value.Current Amtrak Chief Executive Officer Richard Anderson, who once held the same job at Delta Air Lines Inc., has considered this situation and, as the Wall Street Journal’s Ted Mann described a few weeks ago, understandably concluded that the long-distance routes aren’t a priority. Last year, for example, Anderson said that rather than pay to maintain a 219-mile stretch of Southwest Chief track that owner BNSF no longer uses, Amtrak would replace the train with bus service between Albuquerque, New Mexico, and Dodge City, Kansas.The White House has taken a similar stance, arguing in the proposed fiscal-year 2020 budget that:The Long Distance network has not changed from its original iteration 40 years ago. It does not provide efficient services in areas where passenger rail is a competitive form of transportation and inadequately serves low population areas through which they [sic] travel with infrequent and inconvenient service. The Budget proposes that Federal operating support for Long Distance routes would now be provided through the Restoration and Enhancement (R&E) Grant program, not Amtrak's annual grant, and then phased out entirely.Senators from the affected states forced Anderson to back down on his Southwest Chief plan, though, at least through this fiscal year. And President Donald Trump — who seems at best only faintly aware of the things that Office of Management and Budget Director (and acting chief of staff) Mick Mulvaney puts in the annual budget proposals — surely isn’t going to make cutting rural train service a priority in the run-up to the 2020 election, and wouldn’t make any headway on Capitol Hill even if he did. If I’ve read the maps correctly, the 10 money-losing long-distance trains in the table above travel through 36 states, while the 10 most popular routes touch just 14. Amtrak definitely has a future, with ridership up 41% since 2000. But the arithmetic of U.S. Senate representation and Electoral College votes may keep it chained to its past for a while yet.(1) Trips of up to 250 miles are considered on time if they arrive less than 10 minutes beyond the scheduled arrival time; 251-350 miles, 15 minutes; 351-450 miles, 20 minutes; 451-550 miles, 25 minutes; and greater than 550 miles, 30 minutes.To contact the author of this story: Justin Fox at firstname.lastname@example.orgTo contact the editor responsible for this story: Brooke Sample at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Based on the early price action, the direction of the September U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the pivot at 96.740.
(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. projected current-quarter revenue ahead of estimates, as the Apple Inc. supplier shrugs off a smartphone slump and U.S. sanctions on Huawei Technologies Co. to ride demand for cutting-edge chips.The world’s largest contract chipmaker expects sales of $9.1 billion to $9.2 billion in the September quarter, ahead of average projections for about $8.9 billion. The Taiwanese company earlier reported a fall in June-quarter net income to NT$66.8 billion ($2.1 billion), surpassing the NT$65.7 billion estimated.TSMC’s solid outlook may allay fears of a persistent global chip downturn as Washington and Beijing clash. Its technological edge in chipmaking may help it grab an outsized portion of demand for advanced high-performance semiconductors, particularly as countries roll out ultra-fast fifth generation wireless networks. TSMC’s business has bottomed and should begin to rebound, Chief Executive Officer C. C. Wei said.“We have passed the bottom of the cycle of our business, and should see our demand increase,” he told reporters in Taipei Thursday. “We see very, very strong demand” in the second half of 2019.Click here to read a liveblog of TSMC’s post-announcement briefingOrders for crypto-mining gear are expected to help TSMC’s third-quarter sales, according to Morgan Stanley, which recently lifted its target price on the stock by 9%. The typical year-end ramp up of iPhone manufacturing and a new chip-product cycle from Advanced Micro Devices Inc. could also buoy the top line.“The guidance shows that management is confident on the recovery of demand in 2H, possibly boosted by new orders from AMD,” Bloomberg Intelligence Charles Shum said. “And, we expect the gross margin can return to 50%” by the fourth quarter.TSMC and its industry peers are grappling with a plateauing smartphone market, efforts by top customer Apple to move beyond hardware, and U.S. tech-export curbs that have hammered No. 2 customer Huawei. It previously reported a 4.5% slide in first-half revenue -- its worst January-to-June performance since 2011.While top executives expressed confidence that things are turning around, they warned of uncertainty springing from global trade tensions. Japan’s curbs on the export to South Korea of certain vital chipmaking materials could hammer industry players like Samsung Electronics Co., and further depress global smartphone demand.“The recent Japan-Korea dispute is probably the most uncertain” factor for TSMC’s fourth quarter, Chairman Mark Liu said.As the world’s largest player in the business of made-to-order chips, TSMC is a barometer for the broader industry as well as Apple, which accounts for about a fifth of its revenue. While uncertainty remains, its better-than-projected outlook underscores expectations the industry is bottoming out after a dismal few years, when consumers took longer to replace their smartphones and Bitcoin prices collapsed.The company on Thursday signaled its intention to invest for the future, saying its spending on capacity and upgrades could exceed $11 billion this year.TSMC’s shares stood largely unchanged before the announcement and have gained more than 12% this year.(Updates with commentary around Japan and Korea from the 7th paragraph.)\--With assistance from Cindy Wang, Gao Yuan, Sheryl Tian Tong Lee and Adela Lin.To contact the reporter on this story: Debby Wu in Taipei at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
At the top of today’s watchlist, traders look for the US Jobless Claim reports. A triumphant march above the 50-day and 100-day SMA conflux would activate the 200-day SMA stalled near 1.3200 psychological mark.
It was a mixed bag on the data front in Asia as Japan sees exports tumble. Corporate earnings also disappointed as trade war angst returns…
Taiwan's TSMC forecast that robust demand for 5G chips will drive a stronger second-half even as it anticipates a dispute between Japan and South Korea involving chip-making materials to be a big source of uncertainty. The world's largest contract chipmaker and supplier to Apple Inc reported on Thursday a decline in second-quarter profit. Taiwan Semiconductor Manufacturing Co Ltd (TSMC) forecast third-quarter revenue to rise as much as 8.4% from a year earlier in U.S. dollar terms.
(Bloomberg) -- All eyes will be on Taiwan Semiconductor Manufacturing Co.’s outlook after the world’s largest contract chip manufacturer suffered its worst sales drop in nearly eight years.Analysts expect the company’s third-quarter estimates -- due today after the close of trading -- to point to a revival after it took a hit from slowing demand amid U.S.-China trade tensions. At stake is the stock’s $35 billion rebound in market value since a January low.Apple Inc.’s ramp up of iPhone manufacturing and a new product cycle from Advanced Micro Devices Inc. are seen by Bank of America Merrill Lynch analysts to lift sales, which would also be boosted if President Donald Trump loosens trade restrictions on key customer Huawei Technologies Co.TSMC’s Sales May Swing Back to Growth on Huawei Orders: ReactAnalysts have forecast sales in the period to grow 15% from a quarter earlier, according to the average of 22 estimates compiled by Bloomberg. The company’s shares are up 12% this year, despite being whipsawed as the trade war escalated. They edged 0.6% higher Thursday morning.“The company’s second-half outlook looks to be improving, and third-quarter guidance will probably be strong given that some of the lingering uncertainty has started to fade,” said John Tsai, portfolio manager at Eastspring Investments Ltd. in Singapore. The trade spat between Japan and South Korea may also help TSMC, as Samsung Electronics Co. customers such as Qualcomm Inc. may seek to diversify, he added.TSMC saw sales drop 4.5% year-on-year in the first half, its worst performance since 2011. The company was grappling with the impact of a slowing global smartphone market and efforts by its biggest customer Apple to move beyond hardware. Then the trade war escalated into the U.S. blacklisting Huawei, TSMC’s second-largest customer.Yet its leading position in advanced technology, especially in 5G and artificial intelligence, helped it secure revenue. Chip orders for crypto mining are also expected to help TSMC’s third-quarter sales, according to Morgan Stanley, which recently lifted its target price on the stock by 9%.TSMC investors will also receive a NT$207 billion ($6.7 billion) dividend payout Thursday, according to stock exchange and company statements. The company is aiming for a dividend per share of at least NT$10 to lure value investors, something Bank of America Merrill Lynch analysts Robin Cheng and Mike Yang see as possible in 2020. They argue that rising free cash flow justifies a re-rating of the stock.Here are some highlights of 3Q 2019 estimates:Gross margin: 48.3% (19 estimates)Revenue: NT$276.6b (22 estimates)Net income (GAAP): NT$96.04b (20 estimates)Operating profit: NT$103.5b (15 estimates)Timing: release after market July 18(Updates prices.)To contact the reporters on this story: Cindy Wang in Taipei at firstname.lastname@example.org;Debby Wu in Taipei at email@example.comTo contact the editors responsible for this story: Sofia Horta e Costa at firstname.lastname@example.org, David Watkins, Philip GlamannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Time has likely worn the sharp edges off the boot prints and turned the landing module dark and dingy – a faded shadow of the pictures from 1969. The flag at the Apollo 11 site appears from orbit to be gone, probably blown over by exhaust from the ascent module. Erosion is different on the moon: There’s no water, wind or animals, but there are ultraviolet light, micrometeorites and cosmic rays that over time will turn humankind’s creations and symbols to dust.But something of the Apollo 11 site could last for hundreds or thousands of years – remains that will tell a story that should inspire people when we reach the 500th or 1,000th anniversary of those first footprints on the moon, made 50 years ago this month. These pieces of history need our protection.Citizens of the far future may have developed space travel technology that makes rocket science look simple-minded, but that won’t quench their interest the history of exploration. Our modern air travel hasn’t cooled interest in the low-tech voyages of Magellan, Lewis and Clark, and Shackleton.There are about 50 sites with human artifacts – six sites of human exploration plus dozens of dead rovers, crash-landed and soft-landed craft, and orbiters that have fallen, said Alice Gorman, a space archaeologist from Flinders University in Australia. There’s equipment that originated in China, India and Israel as well as the U.S. and the Soviet Union.How safe are those relics? The sites are tiny, and the moon’s surface large, so there’s surely no reason to disturb these treasures for the sake of science, mining, tourism or whatever else people want to do on the moon. NASA has designated the Apollo landing areas as “heritage” sites, though they don’t currently have any legal protection from any nation or any international treaty, as explained last week in the New York Times.Scientists might find justification to return to those sites, say, to see whether samples taken from the Apollo missions are unique or typical. But that, said Gorman, can be done without getting close enough to disturb any human artifacts.But of course scientists, tourists or hobbyists operating drones may want to revisit the Apollo sites simply because they are the most interesting parts of the moon. “As tempting as it is – and I’m a space archaeologist so I would love to see these sites – I think we should show a little bit of self restraint,” said Gorman.Some have proposed visiting the Apollo sites with the goal of preserving them, she said, by putting up a cosmic-ray cover and micrometeorite-proof shell or some other scheme. The important thing, she said, is that we wait till we know what we’re doing. Humanity may have a brand new technique for investigating the sites without disturbing them by 2050, she said, “and it would be a shame if in 2025 some idiot in a lunar rover drove over the top of the Apollo 11 site.”While the history of lunar exploration is preserved in pictures, records and archives, nobody knows whether those will last, and how their interpretation might change over the millennia. Future humans may run into problems that leave big gaps in their understanding of space exploration. And when people return, they may want very much to put together the story of space travel’s 20th century origin. Natural elements will wear away our heritage sites slowly, and we may not be able to stop that, but we owe it to the future to save them from ourselves.To contact the author of this story: Faye Flam at email@example.comTo contact the editor responsible for this story: Philip Gray at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Faye Flam is a Bloomberg Opinion columnist. She has written for the Economist, the New York Times, the Washington Post, Psychology Today, Science and other publications. She has a degree in geophysics from the California Institute of Technology.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.