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Berkshire Hathaway Inc.
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Frank's International N.V.
Replay Acquisition Corp.
GTT Communications, Inc.
CONSOL Energy Inc.
Amazon is protesting the Pentagon's decision to award Microsoft a $10 billion DoD contract.
Nov.15 -- U.S. hedge funds took advantage of declines for Netflix Inc. and Facebook Inc. to load up on shares during the third quarter, according to the latest glimpse into money managers’ holdings. Bloomberg’s Sonali Basak reports on "Bloomberg Daybreak: Americas."
U.S. Defense Secretary Mark Esper on Friday rejected allegations by Amazon that it lost out on a lucrative Pentagon project for political reasons. (SOUNDBITE) (ENGLISH) U.S. SECRETARY OF DEFENSE, MARK ESPER, SAYING: "As you know I recused myself from involvement on the competition, but I am confident that it was conducted freely and fairly without any type of outside influence." Amazon cried foul after the government awarded a $10 billion dollar cloud computing contract to rival Microsoft. President Donald Trump has long criticized Amazon and its founder Jeff Bezos. Amazon filed notice last week saying it would formally protest the decision and in a company-wide meeting this week - Amazon Web Services' CEO Andy Jassy said awarding a contract objectively would be challenging for an agency when the president is disparaging one of the applicants. The project, known as Jedi, is part of a broad digital modernization initiative by the Pentagon. In a new book, a former navy commander recounts a tale where Trump called then-defense secretary Jim Mattis and directed him to "screw Amazon" by preventing it from bidding on the Jedi contract. "We're not going to do that," Mattis later told Pentagon officials, according to the book. His successor, Mark Esper, recused himself because his son works at IBM, one of the original contract applicants.
(Bloomberg) -- The U.S. Supreme Court will hear an appeal from Alphabet Inc.’s Google in a multibillion-dollar clash that has divided Silicon Valley, agreeing to decide whether the company improperly used copyrighted programming code owned by Oracle Corp. in the Android operating system.The justices said they’ll review a federal appeals court’s conclusion that Google violated Oracle’s copyrights. Oracle says it’s entitled to at least $8.8 billion in damages.The case, which the court will resolve by July, promises to reshape the U.S. legal protections for software code, particularly the interfaces that let programs and devices communicate with one another. Google contends the appeals court ruling would make it harder to use interfaces to develop new applications.The ruling “has upended the computer industry’s longstanding expectation that developers are free to use software interfaces to build new computer programs,” Google argued.The appeals court decision reversed a jury finding that Google’s copying was a legitimate “fair use” of Oracle’s Java programming language.“There is nothing fair about taking a copyrighted work verbatim and using it for the same purpose and function as the original in a competing platform,” the U.S. Court of Appeals for the Federal Circuit said in a 3-0 ruling.At issue are pre-written directions known as application program interfaces, or APIs, which provide instructions for such functions as connecting to the internet or accessing certain types of files. By using those shortcuts, programmers don’t have to write code from scratch for every function in their software, or change it for every type of device.Oracle says the Java APIs are freely available to those who want to build applications that run on computers and mobile devices. But the company says it requires a license to use the shortcuts for a competing platform or to embed them in an electronic device.Oracle says Google was facing an existential threat because its search engine -- the source of its advertising revenue -- wasn’t being used on smartphones. Google bought the Android mobile operating system in 2005 and copied Java code to attract developers but refused to take a license, Oracle contends.‘Incalculable’ Harm“Naturally, it inflicted incalculable market harm on Oracle,” Oracle told the Supreme Court. “This is the epitome of copyright infringement, whether the work is a news report, a manual, or computer software.”Android generated $42 billion for Google between 2007 and 2016, according to Oracle court filings.At the Supreme Court, Google argues that software interfaces are categorically ineligible for copyright protection. Google also contends that the Federal Circuit restricted the “fair use” defense to copyright infringement so much as to make it impossible for a developer to reuse an interface in a new application.“What Oracle is seeking here is nothing less than complete control over a community of developers that have invested in learning the free and open Java language,” Google argued.The Trump administration is backing Oracle at the Supreme Court and urged the justices to reject the appeal. Microsoft Corp., Mozilla Corp. and Red Hat Inc. are among the companies that urged the Supreme Court to give Google a hearing.The case is Google v. Oracle America, 18-956.\--With assistance from Susan Decker and Naomi Nix.To contact the reporter on this story: Greg Stohr in Washington at email@example.comTo contact the editors responsible for this story: Joe Sobczyk at firstname.lastname@example.org, Laurie Asséo, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
We searched for semiconductor stocks utilizing our Zacks Stock Screener that investors might want to consider buying ahead of what could be a strong year for chip companies in 2020...
(Bloomberg) -- Occidental Petroleum Corp. rose after Warren Buffett’s Berkshire Hathaway Inc. bought an additional stake in the debt-laden oil producer and a Delaware judge ruled against activist investor Carl Icahn’s request for company files.Occidental gained as much as 4.2% Friday after Berkshire disclosed the purchase of $332 million of shares in the third quarter. That makes it the 17th-largest investor in Occidental, according to data compiled by Bloomberg.The stock is in addition to the $10 billion of preferred shares Buffett bought earlier in 2019 to help Occidental fund its takeover of Anadarko Petroleum Corp.The vote of confidence from Buffett is “certainly a positive for the stock,” said Muhammed Ghulam, a Houston-based analyst at Raymond James & Associates. “I wouldn’t be surprised if he buys more if the price drops lower.”Occidental dropped to a 14-year low earlier this month after Chief Executive Officer Vicki Hollub unveiled a plan to slash capital spending by 40% to deal with the debt taken on in its $37 billion takeover of Anadarko.Icahn has said the takeover, which was completed in August, was flawed. He plans a proxy battle to change Occidental’s board next year. But the billionaire investor lost a ruling that would have required Occidental to hand over company files related to the deal that may have assisted him in his fight. Icahn plans to appeal the decision.Occidental traded 2.8% higher at $38.83 a share at 10:29 a.m. in New York.To contact the reporter on this story: Kevin Crowley in Houston at email@example.comTo contact the editor responsible for this story: Simon Casey at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- U.S. hedge funds bought shares of Facebook Inc. and Netflix Inc. despite steep declines in the technology darlings during a volatile third quarter.Chase Coleman and David Tepper were among the money managers who increased their Facebook holdings during the three-month stretch that saw the social-media giant fall nearly 8%. Netflix was favored by firms including Lee Ainslie’s Maverick Capital Ltd. and Dan Sundheim’s D1 Capital Partners despite a 27% drop in the three months ending Sept. 30.Hedge fund managers, who have long adored FAANG stocks, had to navigate a tumultuous period. While Amazon.com Inc. also fell, down 8%, Google parent Alphabet Inc. and Apple Inc. both rose more than 13%. At the same time, the S&P 500 index gained 1.2% amid an escalation in the U.S.-China trade war and dovish moves by central bankers.Here are some other notable moves:Harvard University’s endowment added 2 million Facebook shares, bringing the value of its position to roughly $400 million on Sept. 30, and making the company its biggest single U.S. equity holding.Stan Druckenmiller offloaded almost his entire stake in Uber Technologies Inc., selling 2.5 million shares. His Duquesne Family Office took a stake in Shopify Inc.Warren Buffett’s Berkshire Hathaway Inc. announced new common-equity stakes in Occidental Petroleum Corp., which is on top of a preferred stake that was previously disclosed. It also purchased shares of home furnishings company RH, which sent the stock surging the day after the filing. RH rose as much as 8.7%. the most since June, in early trading on Friday. Berkshire trimmed some of its largest stock bets, including Apple, Wells Fargo & Co. and Phillips 66.Viking Global Investors ditched its $1.2 billion stake in UnitedHealth Group Inc. as health-care stocks were hit by politics both in Washington and on the campaign trial.Maverick sold 690,000 shares of managed-care company Humana Inc., which had been the fund’s top U.S. equity position in the second quarter. (It now sits at No. 9).Microsoft Corp. was one of the less popular stocks for the second quarter in a row. Tiger cubs Viking, Coatue Management and Maverick all decreased their holdings in the tech giant as did Duquesne. But the software giant was up more than 3% during that period and has been a top performer this year -- shares have gained almost 46%.(Adds gain in RH shares in Buffett section.)\--With assistance from Katherine Chiglinsky, Emma Vickers, Vincent Bielski, Scott Deveau and Michael McDonald.To contact the reporters on this story: Katia Porzecanski in New York at email@example.com;Hema Parmar in New York at firstname.lastname@example.org;Melissa Karsh in New York at email@example.comTo contact the editors responsible for this story: Sam Mamudi at firstname.lastname@example.org, Alan MirabellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Amazon.com Inc said on Thursday it is contesting the Pentagon's award of an up to $10 billion cloud computing deal to Microsoft Corp, expressing concern that politics got in the way of a fair contracting process. Last month, Microsoft beat favorite Amazon for the contract, called the Joint Enterprise Defense Infrastructure Cloud, or JEDI, which is part of a broad modernization of the Pentagon's information technology systems.
NVIDIA's (NVDA) third-quarter fiscal 2020 results reflect weakness in Data Center, Gaming and Automotive end markets. However, Hyperscale demand improvement is a positive.
Dillard's (DDS) reports better-than-expected earnings results in third-quarter fiscal 2019 on sequentially improved retail gross margin and comps, with lower inventory level.
Despite trade-related conflict with China, the technology sector has performed exceptionally well in 2019 so far, surpassing the broader market return.
Target's (TGT) Q3 results likely to reflect focus on new brands, enhancing omni-channel capacities, remodeling stores and expanding same-day delivery options.
(Bloomberg Opinion) -- Warren Buffett’s Berkshire Hathaway Inc. has $128 billion of cash. There is almost no purchase too large for the company — in fact, large is exactly what investors are waiting for. And yet, the only stock Berkshire bought last quarter was a dinky retailer, RH.Berkshire disclosed in a regulatory filing Thursday that it took a $212 million stake in RH, a California-based home-furnishings chain valued at $3.3 billion. Buffett could even buy the entire company and it’d still be a puny deal for him. But it was a big deal for RH, because the shares surged 9% in after-hours trading and held near that level early Friday morning.I admit I didn’t even recognize the retailer’s name at first. RH used to be called Restoration Hardware, a place that sells $6,000 linen sofas and elongated wooden dining tables with “forthright silhouettes.” The company shrank its name and supersized its stores, an effort to target a more upscale clientele. It’s even installed some on-site restaurants, a little nourishment to help one ponder a new addition to the ski house. That’s partly what makes RH such a funny investment for Buffett. Not only is the billionaire known for his down-to-earth lifestyle — he’s lived in the same fairly modest house for more than 60 years — but he’s also usually drawn to businesses that mirror the America he sees from his unassuming Omaha office: railroads, truck stops, Dairy Queens, the Nebraska Furniture Mart. Furthermore, Berkshire tends not to waste time on minority stakes in small, specialty chains; its only other retail holdings are Amazon.com Inc. and Costco Wholesale Corp., companies valued at $870 billion and $134 billion, respectively. RH was the only new position Berkshire took in the latest quarter, aside from buying common shares of Occidental Petroleum Corp., in which it already purchased $10 billion of preferred equity (part of a financing deal to assist the oil and gas explorer in its takeover of Anadarko Petroleum Corp.). All in all, it was another dull period for Berkshire, whose last splashy stock pick was Amazon earlier in the year. With U.S. equities still on the rise, Buffett, 89, and his investing deputies are struggling to find cheap candidates. Whoever made the call on RH — Todd Combs, Ted Weschler or the Oracle himself — he may have had prescient timing. At the end of May, RH’s price-to-earnings ratio hit a low, and the shares have doubled since then, taking a big leg up in September. That said, RH’s overnight gains drove the shares above analysts’ average target level, which is $181 apiece. “The business remains tough to predict and we believe expectations may now be somewhat elevated,” Bobby Griffin, an analyst for Raymond James & Associates who has the equivalent of a “hold” rating on RH, wrote in a Sept. 11 report, citing the China tariffs and a slowdown in high-end U.S. housing. Similarly, Gordon Haskett Research Advisors wrote to clients Sept. 10 that the firm finds other retailers such as Wayfair Inc., Williams-Sonoma Inc. and At Home Group Inc. more attractive. At the end of the day, though, no matter how RH performs, it won’t have much of an impact on Berkshire’s portfolio. Another quarter has passed without a major acquisition by Berkshire, its cash pile hitting a record yet again. RH may sell a $449 wool felt elephant, but it isn’t the kind of elephant Buffett is after. The wait continues.To contact the author of this story: Tara Lachapelle at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The British and Canadian currencies are almost unchanged on Friday. We could see some movement with the release of U.S. retail sales at 13:30 GMT.
Investing.com - Netflix (NASDAQ:NFLX) isn’t deterred by the rise of other streaming services, like Disney+. In fact, the company is surprised it didn’t happen sooner, Chief Content Officer Ted Sarandos said at an event in New York Thursday evening.
(Bloomberg) -- Chinese social media goliath Tencent Holdings said on Friday it’d entered into an agreement to buy almost 10% of Sumo Group Plc, causing the latter’s shares to surge the most since its listing less than two years ago.It was another sign for Sumo’s home city of Sheffield, in the north of England, that software could help replace steel. Sheffield once had the moniker Steel City when the U.K. was making nearly half of the world’s supply of the metal. But now China accounts for half, and Britain almost none.Sumo’s current headquarters are nestled on a riverbank between a 250 year-old steel foundry, Sheffield Forgemasters, and the Meadowhall shopping mall, where locals earlier this month sheltered overnight after flooding devastated the region.The company is not the first software or technology company to come out of the the city. PlusNet, once a popular and publicly-traded internet service provider, was founded in Sheffield and was acquired by BT Group Plc in 2007 where it still operates alongside BT brands such as EE.Sheffield is home to AIM-listed WANdisco Plc. Originally founded in Silicon Valley in 2005, it shifted its headquarters to Sheffield in 2009. The Angel CoFund, a government-backed venture capital fund, is also based in the city.It’s not the first time Tencent has invested in a U.K. gaming either, having taken a minority stake in Frontier Developments in 2017.Sumo, founded in 2003, is best known for its work on games such as Microsoft Corp.’s Forza Horizon racing series, Warner Bros.’ Hitman 2, and developing LittleBigPlanet 3 for Sony Corp.’s PlayStation consoles and Sonic & All-Stars Racing Transformed. According to a statement Friday, the company has 10 studios in three countries. Its website states that it employs more than 600 people.“What does Tencent see in Sumo? We guess good content,” said Ken Rumph, an analyst at Jefferies, in a research note. “We think Tencent is supporting the strong development talents of the studio that may be able to deliver high quality contents appealing to Western gamers.”Sumo shares rose as much as 21% in trading in London Friday, reaching 186 pence.To contact the reporter on this story: Nate Lanxon in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Kasper ViitaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. Defense Secretary Mark Esper on Friday rejected any suggestion of bias in a Pentagon decision to award Microsoft Corp an up to $10 billion cloud computing contract, after Amazon.com Inc announced plans to challenge it. "I am confident it was conducted freely and fairly, without any type of outside influence," Esper told a news conference in Seoul, even as he noted that he had recused himself from the cloud competition. Amazon says that politics got in the way of a fair contracting process.
U.S. Defense Secretary Mark Esper on Friday rejected any suggestion of bias in a Pentagon decision to award Microsoft Corp an up to $10 billion (£9 billion) cloud computing contract, after Amazon.com Inc announced plans to challenge it. "I am confident it was conducted freely and fairly, without any type of outside influence," Esper told a news conference in Seoul, even as he noted that he had recused himself from the cloud competition. Amazon says that politics got in the way of a fair contracting process.