• Apple's IPhone 11 Runs Into Buggy Launch
    Bloomberg

    Apple's IPhone 11 Runs Into Buggy Launch

    Nov.21 -- Apple is overhauling how it tests software after a swarm of bugs marred the latest iPhone and iPad operating system launches, according to people familiar with the shift. Tom Forte, DA Davidson senior research analyst, and Bloomberg's Mark Gurman reports on "Bloomberg Technology."

  • Competition in retail has become a zero-sum game: Morning Brief
    Yahoo Finance

    Competition in retail has become a zero-sum game: Morning Brief

    Top news and what to watch in the markets on Thursday, November 21, 2019.

  • Meituan CEO’s Net Worth Poised to Top $7 Billion as Shares Surge
    Bloomberg

    Meituan CEO’s Net Worth Poised to Top $7 Billion as Shares Surge

    (Bloomberg) -- The founder of China food-delivery giant Meituan Dianping is having a very good year.As his business has grown, Chief Executive Officer Wang Xing’s net worth doubled this year through Thursday’s close to $6.7 billion, according to Bloomberg Billionaires Index. That figure is likely to top $7 billion as Meituan’s stock surged Friday, following a strong earnings report.Shares climbed as much as 13%, the most intraday since its IPO last year, and traded 8% higher at 11:45 a.m. Meituan reported quarterly revenue that increased 44% to 27.5 billion yuan ($3.9 billion) in the three months ended September, compared with the 26 billion yuan average of analysts’ estimates. Net income hit 1.33 billion yuan, including gains from investments, while analysts projected a 502 million yuan loss.Backed by Tencent Holdings Ltd., Meituan is investing heavily in a plethora of online services from food delivery to travel, competing directly against Alibaba Group Holding Ltd. CEO Wang is trying to sustain a robust pace of growth by expanding into newer arenas such as ride-hailing, restaurant management and online groceries. That ambitious expansion has helped Meituan overtake the likes of Baidu Inc. to become China’s third largest publicly traded tech company.On a conference call after the earnings, executives said they will continue to invest in new areas like hotel booking and grocery services. The goal is to create a one-stop app for services, similar to the platforms Alibaba and Amazon.com Inc. have built for products.What Bloomberg Intelligence SaysMeituan is seizing order share across segments. Growth in hotel room nights outpaced the industry and Meituan wants to expand into high-end facilities next year.\- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.While Meituan has tightened its belt with less-profitable areas such as bike-sharing, it’s spending at a rapid clip to fend off Alibaba’s Ele.me in meal delivery and Fliggy in travel, an enormous outlay that’s compressing margins. Sustaining growth has also become a stiffer challenge as Chinese economic growth threatens to slide beneath 6%. Longer-term, Wang envisions a super-app modeled on Tencent’s own WeChat, extending a raft of everyday services such as payments to an increasingly wealthy populace.Meituan’s stock has more than doubled in 2019 -- easily outpacing Alibaba and Tencent -- as investors bet on its ability to safeguard its share of China’s fastest-growing internet services.\--With assistance from Pei Yi Mak and Venus Feng.To contact the reporter on this story: Zheping Huang in Hong Kong at zhuang245@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Apple AirPods Shipments Expected to Double to 60 Million in 2019
    Bloomberg

    Apple AirPods Shipments Expected to Double to 60 Million in 2019

    (Bloomberg) -- Shipments of Apple Inc.’s popular AirPods wireless earphones are expected to double to 60 million units in 2019, according to people familiar with the Cupertino-based company’s production plans. This has been driven in part by “much higher” than expected demand for the pricier AirPods Pro model unveiled in October.The $249 AirPods Pro -- which offer noise cancellation and water resistance -- have surpassed expectations and demand for them is pushing Apple’s assembly partners against capacity and technical constraints, a person familiar with the matter said. Multiple suppliers are competing for the business of manufacturing the Pro earphones, though some are still building up the technical proficiency. There’s currently a wait time of two to three weeks for the AirPods Pro on Apple’s U.S. website.The most advanced form of wireless headphones is called “true wireless,” defined by the absence of a wire not just between the headphones and the music source but also between the two earbuds -- and the AirPods are the category-leading example. Taiwan-based Inventec Corp. and China’s Luxshare Precision Industry Co. and Goertek Inc. manufacture the AirPods for Apple.Apple spokeswoman Trudy Muller declined to comment on the product’s shipments.The pickup in AirPods sales this year has been helped by the launch of two new iterations: the Pro model in October and a $199 upgraded version of the original in March. The first AirPods were released in 2016. The runway is also mostly clear for Apple to have a successful holiday season, with Microsoft Corp. delaying its rival true wireless buds until spring and Google also not launching its new model until 2020.At the end of August, Apple was the clear leader in the global true wireless earphones market, according to Counterpoint Research. AirPods shipments have dwarfed every alternative and the Beats Powerbeats Pro, another Apple product, also feature in the top 10 sellers. While Samsung Electronics Co.’s Galaxy Buds have emerged as a recognizable competitor, Apple moreover ranked as the most preferred brand for future purchases of true wireless headphones in the U.S., the researchers said.“Apple also edged rivals because true wireless as a category is the preferred choice over wireless earphones, due to factors like better sound quality, portability, and ease of use,” Counterpoint analyst Pavel Naiya wrote on Sept. 26.Wearables like the AirPods and Apple Watch have become a crucial growth driver for the Cupertino company, which is adapting to plateauing iPhone demand in a mature smartphone market. In the past quarter, Apple’s iPhone sales shrunk to $33.4 billion from the prior year’s $36.8 billion, whereas the Wearables, Home, and Accessories segment -- composed of the Apple Watch, AirPods, Beats, HomePod and Apple TV groups -- generated $6.5 billion in revenue, growing by 54%.Total shipments of the AirPods Pro for the year will be determined by how well and how quickly the assemblers overcome the production challenges they currently face. If the overall AirPods range hits 60 million units in 2019 as is now expected, Apple should retain its 50% share of the true wireless market, which Counterpoint expects to surpass 120 million shipments for the year.\--With assistance from Mark Gurman.To contact the reporter on this story: Debby Wu in Taipei at dwu278@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Economic Data and Trade Talk Updates to Drive the Markets
    FX Empire

    Economic Data and Trade Talk Updates to Drive the Markets

    It’s a busy day on the economic calendar. It may boil down to updates from the U.S and China on trade, however…

  • Bloomberg

    Oracle’s Largely White Board Attracts Congressional Scrutiny

    (Bloomberg) -- Oracle Corp. should increase the racial diversity of its board, a group of U.S. lawmakers said, putting a greater spotlight on the company’s hiring and management practices.“The fact that African Americans make up 13% and Asian Americans make up 5.6% of the U.S. population but 0% of Oracle’s board and leadership team is inexcusable,” said the lawmakers in a letter dated Nov. 22 from the House Tech Accountability Caucus and Tri-Caucus, which includes the Black, Hispanic, and Asian Pacific American Caucuses.The criticism is the latest call for the second-largest software maker and its billionaire Chairman Larry Ellison to improve diversity and inclusion. Former employees and the U.S. government have sued the Redwood City, California-based company, alleging it systematically underpaid women and people of color.Thursday’s letter is the second time this year that Oracle has attracted congressional scrutiny for its diversity practices. In January, the Congressional Black Caucus and House Tech Accountability Caucus wrote a letter to the company expressing dismay about allegations of pay discrimination.The letter dated Friday was signed by Representatives Robin L. Kelly, Joaquin Castro, Karen Bass and Judy Chu, who are chairs of the various House caucuses, among other lawmakers.The Tech Accountability Caucus has previously criticized Amazon.com Inc. for its tepid record of appointing non-white people to its board, and Facebook Inc. for allowing marketers to use ethnic affinity to target ads for housing, employment or credit.Amazon has since adopted a policy pledging to consider a diverse slate of candidates for any open board seats, and added Rosalind Brewer and Indra Nooyi as directors. Facebook in 2016 updated its ad policy to disable ethnic targeting for certain ads.“We respectfully request a prompt response from Oracle Corporation regarding our diversity concerns,” according to the letter. The group requested an executive-level briefing with the Congressional Tri-Caucus to discuss the issue, but said it would otherwise accept a written response within 14 days or via a phone call. Oracle didn’t respond to a request for comment.Oracle, in a February response to the earlier congressional letter, said it wouldn’t “intentionally discriminate against women and people of color” and was committed to a diverse, nondiscriminatory work culture, according to the lawmakers.Oracle is also contending with a January lawsuit from the U.S. Department of Labor, which alleged the company short-changed female and minority workers some $400 million in wages.The allegations stem from a 2014 audit by the unit, which enforces equal pay and other non-discrimination matters for federal contractors. Records show that Oracle paid women and minority employees less than others and steered them into lower-level jobs, the department has said in court papers. It also alleged that Oracle used H-1B visas to hire scores of Asians and paid them less than employees who were U.S. citizens.In 2017, three female engineers sued Oracle, alleging underpayment as compared to male engineers completing the same tasks. An analysis conducted on their behalf showed the company paid some women about $13,000 less per year on average versus male counterparts. The plaintiffs are seeking to represent more than 4,000 similarly situated employees.Oracle has denied the allegations in both cases.(Updates to show Oracle didn’t respond to a comment request in the eighth paragraph)To contact the reporters on this story: Nico Grant in San Francisco at ngrant20@bloomberg.net;Anders Melin in New York at amelin3@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Salesforce Q3 Earnings Preview: Buy Surging CRM Stock Right Now?
    Zacks

    Salesforce Q3 Earnings Preview: Buy Surging CRM Stock Right Now?

    Is now the time to buy surging Salesforce (CRM) stock ahead of its Q3 earnings release on December 3?

  • StoneCo Ltd. (STNE) Q3 Earnings Lag Estimates
    Zacks

    StoneCo Ltd. (STNE) Q3 Earnings Lag Estimates

    StoneCo Ltd. (STNE) delivered earnings and revenue surprises of -5.56% and 28.86%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

  • Bloomberg

    Regulators Warn Banks About Tech Risks During Goldman-Apple Flap

    (Bloomberg) -- Banks that use complex models for lending better be able to explain why some borrowers are granted credit and others aren’t, regulators said Thursday.Otherwise, one regulator at the Consumer Financial Protection Bureau warned, they’ll face an uphill climb when battling accusations of discriminatory lending. The subject has overshadowed the introduction of Goldman Sachs Group Inc.’s credit card for Apple Inc.“If you’re facing those allegations, the first step is to understand why the algorithm in the decision-making process led to two different outcomes for apparently similarly situated applicants,” Albert Chang, counsel in the bureau’s innovation office, said Thursday at an industry conference in Manhattan. “And if you don’t have that ability to explain the decisions, it’s awfully hard to rebut that allegation of discrimination.”Prominent Silicon Valley executives publicly complained this month about receiving significantly higher credit limits on their Goldman-backed Apple credit cards than their wives, despite having similar incomes and credit scores. That revived long-held concerns about algorithms illegally treating borrowers differently because of race, gender or other characteristics.The controversy, which continues to play out on Twitter as more borrowers allege bias by Goldman, has dogged the storied Wall Street institution and marred its foray into banking for the masses. The New York State Department of Financial Services launched an investigation, and for the first time in years the bank has become the subject of nightly news broadcasts.“There’s no gender bias in our process for extending credit,” Goldman Sachs Chief Executive Officer David Solomon told Bloomberg TV in an interview on Thursday from the New Economy Forum in Beijing.Goldman spokesman Andrew Williams said the firm welcomes a discussion with policy makers and regulators. “For credit decisions we make, we can identify which factors from an individual’s credit bureau-issued credit report or stated income contribute to the outcome,” he said.Firms have promoted the use of algorithms in lending decisions as an antidote to biased human underwriters. What’s more, lenders say, using complex models to process loan applications is quicker, cheaper and more efficient when pricing credit, and enables more people to borrow more money at better terms.But regulators who enforce fair-lending laws continue to push banks to address the risk that complex models may cement the kind of bias they are meant to stamp out.Carol Evans, an associate director in the Federal Reserve’s consumer and community affairs division, urged lenders to be more forthcoming with their overseers.Bankers shouldn’t have the attitude of, “‘I know you don’t understand our models, but trust us,’” Evans said. “I don’t think that’s worked well for financial services in the past.”(Updates with Goldman comment in seventh paragraph)To contact the reporter on this story: Shahien Nasiripour in New York at snasiripour1@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • 3 Dividend-Paying Tech Stocks to Buy Right Now on Growth Opportunities
    Zacks

    3 Dividend-Paying Tech Stocks to Buy Right Now on Growth Opportunities

    Despite the U.S.-China trade setback, stocks could still climb in 2019 and beyond, and the tech industry remains a key growth driver. Therefore, we searched for tech companies with our Zacks Stock Screener that also pay a dividend...

  • The Banker: Apple abruptly cancels premiere of its first major film
    The Guardian

    The Banker: Apple abruptly cancels premiere of its first major film

    The Banker: Apple abruptly cancels premiere of its first major film. Decision to cancel premiere reportedly stemmed from sexual abuse allegations against a producer of the film

  • Obama Warns Technology Has Created a More Splintered World
    Bloomberg

    Obama Warns Technology Has Created a More Splintered World

    (Bloomberg) -- Former U.S. President Barack Obama warned that technology is creating a more splintered world, fueling the disparities among wealthy and poorer nations, and people within countries.“The rise of extreme inequality both within nations and between nations that is being turbocharged by globalization and technology” is one of the biggest risks for young people, Obama said Thursday at Salesforce.com Inc.’s annual Dreamforce conference in San Francisco. “New technologies have allowed us reach. We have a global market. I can project my voice and you can take your technology to new markets. It has also amplified inequalities.”Though his successor Donald Trump has taken presidential use of Twitter to new heights, Obama has long been associated with the tech industry. His 2008 and 2012 presidential campaigns were known for their use of the internet and social media to galvanize supporters. Some of Obama’s staffers came from Silicon Valley companies, including Alphabet Inc.’s Google, and there’s a diaspora of former Obama administration officials who have worked in the tech industry since leaving the White House, including David Plouffe, formerly with Uber Technologies Inc. and Amazon.com Inc.’s top spokesman Jay Carney.Still, the 44th president talked about how the internet has helped divide American politics and society.“People remark on the polarization of our politics and rightfully so,” Obama said. “People rightfully see challenges like climate change and mass refugees and feel like things are spinning out of control. Behind that, what I see is a sense of anxiety, rootlessness and uncertainty in so many people. Some of that is fed by technology and there’s an anger formed by those technologies.”Social-media services including Facebook Inc. and Google‘s YouTube have been accused of fueling polarization with algorithms that show people news and other content that match their preconceived thinking and viewpoints.“If you watch Fox News, you live in a different reality than if you read the New York Times. If you follow one rabbit hole on YouTube or the internet, then suddenly things look completely different,” Obama said during his conversation with Salesforce co-Chief Executive Officer Marc Benioff. “We are siloing ourselves off in ways that are dangerous. I believed, and I still believe the internet can be a powerful tool for us to finally see each other and unify us, but right now it’s disappointing.”Since leaving the White House in January 2017, Obama has become a fixture on the paid-speaker circuit. Thursday’s appearance at Dreamforce is at least Obama’s second appearance at a tech event in San Francisco in the last two months. He also spoke at a Splunk Inc. conference in September.To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Endo's (ENDP) BLA for Cellulite Treatment Accepted by FDA
    Zacks

    Endo's (ENDP) BLA for Cellulite Treatment Accepted by FDA

    The FDA accepts Endo's (ENDP) BLA for CCH for the treatment of cellulite in the buttocks.

  • Trade War Updates, Trump & Apple, Target Earnings & Buy This Chip Stock
    Zacks

    Trade War Updates, Trump & Apple, Target Earnings & Buy This Chip Stock

    The latest U.S.-China trade war news. President Trump's Apple factory trip. Retail earnings, including Target. And why Applied Materials (AMAT) is a Zacks Rank 1 (Strong Buy) stock right now, all on today's episode of Free Lunch...

  • Bloomberg

    Microsoft Delays Its AirPods Rival Until After the Key Holiday Season

    (Bloomberg) -- Microsoft Corp. delayed the launch of its Surface Earbuds, missing the 2019 holiday shopping season. The software giant is the latest company to stumble in a race to catch up with Apple Inc.’s popular AirPods.The Surface Earbuds will come out in spring 2020, not this year as previously planned. The announcement was made by Panos Panay, the company’s chief product officer, on Twitter.The wireless earbuds were announced earlier this year, and like AirPods, are cord free. The Microsoft version has a circular shape, integrates with a voice assistant and can be used to control Microsoft software like PowerPoint.At $249, the Surface Earbuds are priced the same as Apple’s new AirPods Pro, but the delay means Microsoft will be missing out on a key category this holiday season.Google has also been working to upgrade its wireless earbuds. That product will also be missing this holiday season. The company is aiming for a release in the spring at a price of $179.To contact the reporter on this story: Mark Gurman in San Francisco at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Are Apple ETFs in for Trump Trade Ahead?
    Zacks

    Are Apple ETFs in for Trump Trade Ahead?

    Apple shares may move higher in the days ahead as Trump is considering the exemption of U.S. tariffs on China-made Apple products.

  • USD/CAD, EUR/GBP – Canadian Dollar Dips, EUR/GBP Continues to Drift
    FX Empire

    USD/CAD, EUR/GBP – Canadian Dollar Dips, EUR/GBP Continues to Drift

    The Canadian dollar is slightly lower, after Canadian ADP nonfarm payrolls reported a decline. All eyes are on Canadian retail sales, with investors braced for a decline. Meanwhile, EUR/GDP is trading sideways for a second successive day.

  • Is Target (TGT) Stock a Buy After Strong Q3 Earnings?
    Zacks

    Is Target (TGT) Stock a Buy After Strong Q3 Earnings?

    Target (TGT) shares soared over 14% Wednesday to hit a new all-time high after the retailer posted a strong third quarter performance.

  • Adobe Adds Features to iPad Photoshop App After Early Criticism
    Bloomberg

    Adobe Adds Features to iPad Photoshop App After Early Criticism

    (Bloomberg) -- Adobe Inc. said new features are coming to its Photoshop for iPad application, responding to criticism that the first version lacked basic functions users expected would be retained from the desktop model of the best-selling image-editing software.The company said Thursday that before the end of the year it would add a Select Subject mode, which uses artificial intelligence to automatically identify and select a subject in an image, and an upgraded version of the Cloud documents function, which synchronizes Photoshop files between the desktop and iPad apps. In the first half of 2020, Photoshop for iPad will get support for Curves, which adjusts the color of an image, and improvements to layers, brush sensitivity, the ability to rotate the canvas and integration with the Lightroom app, the company said in a blog post.Adobe didn’t address other missing elements that users have complained about, including RAW image editing and smart objects. Bloomberg News reported earlier this year that beta testers of Photoshop for iPad said the app was far more watered down than expected.Earlier this month, Scott Belsky, chief product officer of Adobe’s Creative Cloud division, tweeted about the “painful” early reviews for a product his team has worked on for years. Right now in Apple’s App Store, Photoshop for iPad has a user review rating of two of five stars.Adobe is trying to move its most successful software franchises to mobile devices as a way to boost revenue and maintain its stature as the world’s largest maker of creative software. The San Jose, California-based company also recently said it will bring Illustrator to the iPad in 2020.While the apps cater to creative professionals seeking the ability to work on the go, Adobe also is trying to expand the appeal of its photo-editing and illustration software to hobbyists.To contact the reporters on this story: Mark Gurman in San Francisco at mgurman1@bloomberg.net;Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Andrew Pollack, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.