• Salesforce's Benioff on why governments are 'going to take action' vs Facebook
    Yahoo Finance

    Salesforce's Benioff on why governments are 'going to take action' vs Facebook

    "It's a wake-up call for everybody," Salesforce co-CEO Marc Benioff says.

  • Tesla reveals Cybertruck, its electric pickup
    Yahoo Finance

    Tesla reveals Cybertruck, its electric pickup

    The Tesla Cybertruck is here and it looks nothing like anyone expected.

  • Will Best Buy's Q3 Report Give BBY Stock a Boost During the Holidays?

    Will Best Buy's Q3 Report Give BBY Stock a Boost During the Holidays?

    Best Buy (BBY) is set to report its Q3 performance before the market opens on Tuesday, November 26

  • Bloomberg

    David Einhorn Again Questions Tesla Accounts Receivable

    (Bloomberg) -- Short seller David Einhorn continued his long running war with Tesla Inc. Chief Executive Officer Elon Musk, saying he was “beginning to wonder whether your accounts receivable exist” and renewing a meeting request with the company’s chief financial officer.Einhorn’s hedge fund, Greenlight Capital, has lost money in recent months on its bet against Tesla shares, which have surged since the manufacturer reported a surprise third quarter profit in October. But the stock posted its biggest drop in nearly two months on Friday after Musk introduced a new pickup truck concept with a polarizing design.The well-known bear on Tesla’s stock said in a Twitter post he had yet to hear back from the electric automaker’s investor relations department more than a week after asking for an explanation about alleged discrepancies in its accounting practices. Einhorn also reiterated his call for a meeting with Tesla CFO Zach Kirkhorn and a tour of the company’s production facilities.Tesla did not immediately respond to a request for comment on Einhorn’s latest tweet.Einhorn’s social media salvo comes on a day when Tesla’s stock sank following the reveal late Thursday of a concept of its planned “Cybertruck” electric pickup. Tesla shares pared a drop of as much as 7% to trade down 6.1% to $333.28 as of 3:18 p.m. in New York.Musk, who has long warned of a “short burn,” taunted Einhorn earlier this month and said he read Greenlight Capital’s third-quarter investor letter that was critical of the carmaker.“It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla’s successful third quarter,” Musk wrote. “You have our sympathies.”In August, Einhorn called on Musk to resign after Business Insider reported on “Project Titan,” the company’s internal effort to inspect all roofs that had solar panels and potentially faulty connectors in the wake of some rooftop solar fires. Last year, Musk sent Einhorn a pair of “short shorts.”Einhorn said on a Nov. 7 conference call that Greenlight remained short on Tesla, even though the position hurt its performance during the period. He added that he’d been surprised by the stock’s resilience, given “relentless negative news and what appears to be an end of the company’s growth trajectory,” according to a transcript.(Updates with details on short seller social media post from third paragraph)To contact the reporters on this story: Sam Mamudi in New York at smamudi@bloomberg.net;Dana Hull in San Francisco at dhull12@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, ;Chester Dawson at cdawson54@bloomberg.net, Brendan CaseFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • 3 Tech Stocks for Growth Investors to Buy Now with Stock Market Near Highs

    3 Tech Stocks for Growth Investors to Buy Now with Stock Market Near Highs

    Let's dive into three tech stocks we found with our Zacks Stock Screener that growth investors might want to consider buying right now as the stock market remains near its new highs...

  • A Once-Core Business for GE and Siemens Shows New Signs of Life

    A Once-Core Business for GE and Siemens Shows New Signs of Life

    (Bloomberg Opinion) -- To get Brooke Sutherland’s newsletter delivered directly to your inbox, sign up here.A once mighty engine of profit for Siemens AG and General Electric Co. isn’t dead just yet, but the business will remain a ghost of its former self. The market in question is gas turbines, equipment that sits at the heart of natural gas power plants and helps to generate electricity. A glut of capacity and the reduced cost of renewable energy tanked demand for these engines, sparking years of painful slides in profitability and massive rounds of cost-cutting. Recently, though, orders have started to perk up modestly; regions such as China are converting to gas from coal or nuclear power, while elsewhere there is a growing recognition that the flexibility and reliability of turbines gives them a role to play even in a world tilting increasingly toward alternatives. In what may be a nod to this recent improvement, Siemens CEO Joe Kaeser told Bloomberg News this week that the company may keep only a 25% stake in the struggling energy unit it plans to spin off. That would constitute a more extensive break than what was envisioned when Siemens announced the overhaul in May with the intention of retaining a “somewhat less than 50%” holding — seemingly a bet that the apparent bottoming in demand will entice more support from the public market.Indeed, Siemens saw a 9% increase in comparable orders in its gas-and-power division in the fiscal fourth quarter and said its market share in large gas turbines held roughly steady in 2019. Deutsche Bank AG analysts led by Gael de-Bray this week outlined a path for a 20% recovery in Siemens gas turbine orders to 10 gigawatts annually. The analysts acknowledge this is an out-of-consensus view, but even GE, the poster child for gas power woes, has seen business come in better than expected. Year to date, GE logged gas power orders of 12.8 GWs, compared with 7.2 GWs in the same period in 2018, Chief Financial Officer Jamie Miller said on the company’s third-quarter earnings call. That adds support to CEO Larry Culp’s optimism that overall market volume may exceed GE’s dire forecast of just 25 to 30 GWs at the beginning of the year. This recent stabilization in demand is encouraging, but the question isn’t just whether companies can attract orders, but whether they can deliver them and any associated maintenance work profitably. The Deutsche Bank analysts estimate the Siemens Energy spinoff (which includes a 59% stake in Siemens Gamesa Renewable Energy SA) can reach its goal of doubling its adjusted profit margin to about 8% by 2021, a reflection of growth in more profitable service work and targeted cost savings of 700 million euros. Progress is progress, but it should be noted that an 8% margin isn’t exactly blockbuster profitability, and that number reinforces the idea that there is a more structural shift in the power market that will keep a lid on further improvements.GE, for its part, has said fixed costs are down 9% year to date in the gas power business, although it has also pushed out some restructuring work, in part because negotiations in Europe are taking longer than expected. Its own gas-power service revenue has declined in the past three quarters. Even so, Melius Research analyst Scott Davis has argued there’s no structural reason that margins can’t return to the mid-teen levels of yesteryear. He bases this in part on the idea that Siemens, as its top competitor, cares deeply about boosting its own margins and that will help keep pricing rational. In response to that, I would point you to the other power market news making the headlines this week: Mitsubishi Heavy Industries CEO Seiji Izumisawa is leaving the door open to a combination or collaboration with Siemens’s power business once it’s carved out. Siemens had reportedly been in talks to merge the gas-turbine business with Mitsubishi before deciding to go ahead with the spinoff instead.(1) “We do have a good relationship with Siemens,” Izumisawa said in an interview at Bloomberg Headquarters this week. “I will not deny the possibility that we could possibly work with them.”Such a move would substantially shift the competitive landscape, and it’s far from clear that Mitsubishi would have the same discipline if it was in charge of the pricing for Siemens’s new units and service agreements. Asked whether market share or profitability was more important amid weak demand for turbines, Izumisawa said that the most important thing was for the business to make money and generate value for shareholders, but within that, there’s an understanding that after-market services are responsible for most of the profit in the gas turbine business. That gives the company an interest in making sure it’s delivering a consistent number of units, he said. While Izumisawa said the Siemens spinoff doesn’t directly affect Mitsubishi’s business strategy, he acknowledged competition is only getting tougher. Siemens’s Kaeser has spoken about the likelihood that China will want its own national champion to capitalize on an expected boom in gas power demand as the country converts from coal. To that end, Izumisawa touted the productivity and reliability benefits offered by Mitsubishi’s high-efficiency J-series turbines as a tool for luring customers. The company’s estimate of greater than 64% efficiency for that product exceeds the 62.2% for GE’s 9HA turbine, and Mitsubishi is working to further expand that lead with its next generation turbine, Gordon Haskett analyst John Inch wrote in a June report. Here I will remind you that GE has cut R&D at its power unit substantially over the past few years. Point being, demand may be stabilizing, but the market is only getting more competitive. LEAKING FUELSome worrying signals for the aerospace market emanated from the Dubai Air Show this week. Emirates trimmed order commitments for both Boeing Co. and Airbus SE jets, with the reductions adding up to $24 billion at list prices. Big aircraft like Boeing’s 777X are falling out of favor as weakening demand and fare competition sparks concern about airlines’ ability to fill the planes profitably. Emirates will take 126 777X jets, including six orders for older models that were upgraded to the newest version, and 30 of Boeing’s smaller 787 Dreamliners. All in, that’s 40 fewer planes than planned. The airline upped its order for Airbus’s A350 wide-body jet, but seemingly scrapped a commitment for 40 A330neos that was part of the original deal, resulting in a net loss.A bright spot was Airbus’s longer-range A321 XLR model. Boeing’s counter to that, a potential new middle-market aircraft, remains a question mark amid the continuing crisis engulfing its 737 Max. The more orders Airbus is able to rack up in the meantime, the weaker the business case for that Boeing jet. Airbus is already moving on: The manufacturer talked about developing a narrow-body jet by the end of the 2020s if key technologies are available, likely kicking off a new front in the arms race with Boeing, notes Bloomberg Intelligence’s George Ferguson. The MCAS software system blamed for the Max’s two fatal crashes was installed to make up for the fact that the existing 737 model infrastructure was less adaptable to more fuel-efficient engines. Clean-sheet development programs like the one Airbus is contemplating won’t come cheap and the fact that the planemakers’ are considering them speaks to a potentially more structural shift away from wide-bodies in the current demand environment. DEALS, ACTIVISTS AND CORPORATE GOVERNANCE Thyssenkrupp AG’s plan to sell off its prized elevator division got more complicated this week. The company plunged the most since 2000 on Thursday after warning that a deepening cash crunch would force it to suspend dividend payments. Selling off the entire elevator business – whose exposure to the growing urbanization trend makes it a rare bright spot for Thyssenkrupp – would bring in much needed cash to fund restructuring for the remaining steel, submarines and industrial businesses. But that would also deprive Thyssenkrupp of its top source of cash flow should the turnaround plan fail to gain traction. Binding bids for the elevator unit are due in mid-January, people familiar with the matter told Bloomberg News. Rival Kone Oyj has partnered with private equity firm CVC Capital Partners for a bid and has reportedly offered a sizable breakup fee to help convince Thyssenkrupp to put aside antitrust concerns. Also in the running are a consortium of Blackstone Group Inc., Carlyle Group LP and Canada Pension Plan Investment Board; an Advent International, Cinven and Abu Dhabi Investment Authority team; Brookfield Asset Management; Asian private equity firm Hillhouse Capital, whose connection to China may also draw scrutiny; and 3G Capital, which is better known for its troubled food investments.Cobham Plc’s planned sale to Advent International advanced a step this week after the U.K. government said it was likely to accept remedies designed to address national security concerns over the $5 billion takeover of a military supplier. The deal still risks being caught in the political crossfire with a final ruling not expected to come until Dec. 17, five days after the U.K. general election. The opposition Labour Party has taken a dim view of the deal amid a spike in foreign acquirers taking advantage of the pound’s Brexit-fueled weakness. The deal has few benefits for Britain, but a block on purely protectionist grounds would set a bad precedent, as my colleague Chris Hughes has written. “If the U.K. merely rues that Cobham is worth more in U.S. hands, it should instead ask whether past industrial policy is to blame and learn the lessons,” Chris writes. Approval likely comes with some strings, though, including job commitments and potentially an agreement to keep Cobham’s headquarters in the U.K.BONUS READINGAmazon Has Become America’s CEO Factory The Inglorious End of the Airline Mile as a Unique Travel Reward Conoco's 2020s Plan Is to Embrace the FUD: Liam Denning Amtrak CEO Has a Plan for Profitability, and You Won’t Like It General Motors Declares Corporate War on Fiat: Chris Bryant Major TARP Survivor Sees Warning in Exuberant Florida Developers(1) That was likely a reflection of an unwillingness by Kaeser (who’s due to retire in 2021) to risk having another bruising fight with European antitrust regulators slow down his plans for a boosted valuation.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. 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.

  • Oil Bounces Back On New Round Of OPEC Rumors

    Oil Bounces Back On New Round Of OPEC Rumors

    Oil prices rebounded midweek on signs of a tighter physical market and more rumors that OPEC+ would extend the production cuts

  • Bloomberg

    Google Workers Protest Company’s ‘Brute Force Intimidation’

    (Bloomberg) -- Google employees demonstrated outside the company’s San Francisco office Friday to protest the internet giant’s recent decision to put two staff members on leave.The event is the latest sign of a growing rift between management and rank-and-file workers at Alphabet Inc.’s Google, which was once praised for its open corporate culture. Protesting staff believe the company is trying to quell internal activism and quash dissension about Google’s work with the military and other potentially controversial customers.Roughly 200 workers gathered about 11 a.m. local time Friday outside a Google office overlooking San Francisco bay.“Over the past two years, many of my coworkers have asked the company to take meaningful action to curtail sexual harassment and systemic racism, improve the working conditions of temps, vendors and contractors, and divest from harmful tech,” said Zora Tung, a Google software engineer. “Instead of listening to us, the company has chosen to silence us.”The Google workers who protested also said the company had unjustly put Laurence Berland and Rebecca Rivers on indefinite administrative leave without warning. They demanded that Google bring the employees back to work immediately.Earlier this month, Bloomberg News reported that Google had put two workers on leave, which a spokeswoman said was for allegedly violating company policies. In an email, the Google protesters said neither Berland nor Rivers was given an explanation for their punishment. Rivers was involved in internal protests against U.S. Customs and Border Protection, which is currently testing a Google cloud product. Berland was active in protests against YouTube for its handling of hate speech policies.“It’s a brute force intimidation attempt to silence workers,“ the employees said in an email.Rivers said that Google’s official reason for putting her on leave was to investigate her document access at the company to ensure “everything’s on the up and up.”“However, many of the questions during this interrogation focused on my involvement in the Customs and Border Protection petition and social media usage,” Rivers said. “I helped my coworkers learn about and act on Google’s collaboration with CBP. Many of my coworkers are immigrants and this directly affects their lives and communities.”Berland said Google punished him for his involvement in protests against YouTube and for demanding, with other colleagues, that Google not work with the CBP.“Even though Rebecca and I are experiencing the full force of Google’s retaliation, this is not really about me. It’s not about Rebecca. It’s about us, all of us, and the open culture we built and treasure together,” Berland said. “If they can do this to me, they can do this to anyone, and that culture is lost forever.”A company spokeswoman said Google is investigating the access of confidential documents and other information that made some employees feel unsafe.“We have clear guidelines about appropriate conduct at work, and we’ve had a number of concerns raised,” the spokeswoman said. “We always investigate such issues thoroughly.”In the last 18 months or so, a divide has grown between Google’s leaders and outspoken staff. Employees have protested leadership’s handling of sexual harassment complaints and launched internal campaigns against some Google projects, such as a censored search engine for China, a military contract and Google’s cloud deals with energy companies. These areas were seen as potential sources of revenue growth for Google.More recently, some workers accused managers of attempting to censor internal discussions and shut down meetings about labor rights. At least some of the tensions stem from new community guidelines Google introduced in August that were intended to curb incivility in the workplace.Last week, Google scrapped its weekly all-hands staff meeting in favor of a monthly gathering that will focus on business and strategy topics.To contact the reporter on this story: Mark Bergen in San Francisco at mbergen10@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bet on Brick-and-Click Retailing With These ETFs

    Bet on Brick-and-Click Retailing With These ETFs

    Forget pureplay online or offline retailing, a hybrid called brick-and-click retailing is gaining traction. Investors can tap the trend with these ETFs.

  • Tesla Pickup Unveiled, But Will It Be First to Market?

    Tesla Pickup Unveiled, But Will It Be First to Market?

    Tesla (TSLA) CEO Elon Musk has finally unveiled his pet project.

  • Top Research Reports for Pfizer, Netflix & Dominion Energy

    Top Research Reports for Pfizer, Netflix & Dominion Energy

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  • Next-Gen Investing: How to Get Rich off Self-Driving Cars
    The Motley Fool

    Next-Gen Investing: How to Get Rich off Self-Driving Cars

    A broad range of companies, from Blackberry Ltd. (TSX:BB)(NYSE:BB) to top automakers, are jumping into self-driving vehicle development.

  • Tesla demo: Cybertruck's armoured windows shatter during embarrassing launch event
    Sky News

    Tesla demo: Cybertruck's armoured windows shatter during embarrassing launch event

    The unveiling of Tesla's first electric pickup truck didn't go as planned when its supposedly "shatterproof" windows shattered during a demonstration. While on stage with Tesla's chief designer Franz von Holzhausen, Mr Musk challenged his colleague to take a sledgehammer to the truck's door and then toss a metallic ball at its window. In a second demonstration of the window's strength, the glass again shattered.

  • Elon Musk Presents Tesla’s Craziest Vehicle

    Elon Musk Presents Tesla’s Craziest Vehicle

    Tesla has finally revealed its cybertruck—a vehicle that by all appearances hardly qualifies as a truck, but which according to Mr. Musk will leave the competition behind

  • Bloomberg

    Huawei, ZTE Gear Declared Ineligible for U.S. Subsidies

    (Bloomberg) -- The U.S. Federal Communications Commission prohibited the use of federal subsidies to buy telecommunications equipment made by a pair of Chinese companies deemed a security threat and said it would consider requiring carriers now using the products to remove them.With a 5-0 vote on Friday, the agency declared the equipment by the companies, Huawei Technologies Co. and ZTE Corp., ineligible to receive funding from the subsidy program that’s used mainly by small, rural carriers.“Given the threats posed by Huawei and ZTE to America’s security and our 5G future, this FCC will not sit idly by and hope for the best,” said FCC Chairman Ajit Pai.He said China requires both companies to cooperate with intelligence agencies, and “have engaged in conduct like intellectual property theft, bribery, and corruption.”The move came as security for fast 5G communications networks draws increased attention in Washington. Lawmakers this week asked the Trump administration to appoint a senior leader for communications matters, and a group of senators objected to recent Commerce Department steps to ease restrictions on Huawei that had been announced in May.Supporters of the FCC ban say the time is right to impose restrictions as the industry begins installing infrastructure for 5G, a next-generation network that could enable a profusion of applications including autonomous vehicles and connected homes and factories.How Huawei Became a Target for Governments: QuickTakeBecause there could be billions of connected devices on 5G, fears have been raised that so many points of vulnerability could be exploited by bad actors. The government is wary of employing foreign technology for vital communications for fear that the manufacturers could leave a backdoor that enables outsiders to access information, or that the companies themselves would hand over sensitive data to their home governments.Attorney General William Barr in a Nov. 13 letter backed the FCC’s proposal, saying it was needed to protect national security.Huawei denies it’s a security threat, and has argued the FCC’s measures will hurt small carriers in rural areas. In a June filing, the company told the FCC that targeting specific vendors isn’t a sufficient step to ensure that telecommunications gear is secure, and may also violate international trade obligations.Huawei called the FCC’s action unlawful and said the agency had acted “on selective information, innuendo, and mistaken assumptions.”“These unwarranted actions will have profound negative effects on connectivity for Americans in rural and underserved areas across the United States,” Huawei said in an emailed statement.“Huawei has remained open to engaging with the U.S. government to verify productive solutions to safeguard U.S. telecommunications systems. Huawei would never breach its customers’ trust,” the company said.President Donald Trump has backed the spread of fast 5G networks, and said in a Thursday tweet he had asked for help from Apple Inc.’s chief executive officer, Tim Cook, in building the U.S. networks.“We do not have a coordinated national strategy in place for 5G—and we need one,” said FCC Commissioner Jessica Rosenworcel, a Democrat. She called for research into secure networks, and more vetting of devices to ensure they’re not vulnerable to exploitation.USTelecom, a trade group of broadband service providers, applauded the FCC action and agreed that a comprehensive effort to secure the nation’s network is needed.“Let’s be clear: a cohesive national policy on supply chain requires a ‘whole of government’ approach, which the FCC has appropriately embraced,” the organization, whose members include AT&T Inc. and Verizon Communications Inc., said in a statement.The FCC action formalizes its proposal last year to bar the use of U.S. telecommunications subsidies to buy from companies that pose a national security threat.Small carriers have said a ban would deny them good, cheap equipment used to offer broadband in remote areas. They asked the FCC to make clear they would be able to maintain existing equipment until it can be replaced and destroyed.The FCC proposed setting up a program to reimburse the costs of replacing the gear, and estimated the expense at $160 million to $960 million, according to its order prepared for Friday’s meeting.Separately, Congress is considering legislation to help small carriers purge their networks of parts from Huawei and ZTE. A House bill would provide $1 billion, and a Senate measure offers $700 million, according to a summary distributed by FCC Commissioner Geoffrey Starks.(Updates with Huawei statement in 10th paragraph.)\--With assistance from Jenny Leonard.To contact the reporter on this story: Todd Shields in Washington at tshields3@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Wendy BenjaminsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Tesla Truck Unveiling Is 'Black Eye' for Musk, Wedbush's Ives Says

    Tesla Truck Unveiling Is 'Black Eye' for Musk, Wedbush's Ives Says

    Nov.22 -- Dan Ives, Wedbush Equity Research managing director, reacts to Tesla Inc.'s unveiling of its new "Cybertruck" where two of the truck's windows were smashed with a metallic ball during a demonstration. He speaks with Bloomberg's Jonathan Ferro on "Bloomberg The Open."