Business

Guest Contribution: “Modeling Time-Variation Over the Business Cycle (1960-2017): An International Perspective”

Today, we are pleased to present a guest contribution written by Enrique Martínez-García (Federal Reserve Bank of Dallas), based on his forthcoming article in Studies in Nonlinear Dynamics and Econometrics. The views expressed here are those solely of the author and do not reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System. A sustained wave of globalization has led to deeper ties in the post-World War II period: The decision to terminate the convertibility of the U.S. dollar into gold in 1971 effectively ended Bretton Woods, ushering in a new era of fiat and free-floating currencies. The international monetary system has evolved since—removing the multilateral constraints of Bretton Woods (which fixed exchange rates and distorted the allocation of resources w...

Cramer’s lightning round: GoPro’s stock could go higher on a ‘good holiday season’

GoPro Inc.: “I think that GoPro’s going to have a good holiday season. They’ve got all new stuff. I think it could trade to $8, but I don’t think it’s getting more than that because it’s pretty darn speculative.” Eli Lilly and Co.: “I think Eli Lilly is very good, but it has had such a run that I can no longer countenance buying it up at these levels.” HealthEquity Inc.: “I think it’s interesting. I mean, look, I think that if Paychex decided they wanted to get into that business, exactly in that niche, I think that they could do great and they could actually do it pretty well through corporations, so I don’t know if there’s a big enough moat there.” General Mills Inc.: “They bought this Blue Buffalo....

1 in 4 Venmo users’ actions on the app can be monetized, PayPal CFO says

A quarter of Venmo users are currently using PayPal’s millennial-friendly payments app in a way that the financial technology company can monetize, PayPal Chief Financial Officer John Rainey told CNBC on Friday. “If we look at the most recent quarter, roughly one in four Venmo customers are using Venmo in a way today that we’re able to monetize,” Rainey said in an exclusive interview with “Mad Money” host Jim Cramer. “That could be with using Venmo to shop online, it could be using our physical card in a store, or it could be using the instant cash withdrawal so they can transfer funds immediately into their bank account,” the CFO continued. Speaking after PayPal’s strong earnings report sent shares of the payments giant up more than 9 ...

Give Dan Loeb An Oscar

(YouTube) As you may have heard, Dan Loeb is in a little tiff with the people who run Campbell’s Soup. As such, you may be expecting a blistering open letter to a board of directors right now. Perhaps a scorching PowerPoint presentation laying out in excruciating detail all of Campbell’s many, many failings. But Dan Loeb’s rage cannot be contained to such media; he’s branching out. And no matter what that asshole George Clooney says, the man has a flair for film. And his brutal putdowns come across just as strongly on video as in the black and white of the printed word. [embedded content] OK, so maybe the “Mmm Mmm Bad” bit’s a little hokey and dated. (Does Campbell’s still even use “Mmm Mmm Good” in commercials anymore? I don’t think I’ve seen one since Donovan McNabb was starring in them,...

Elon Musk’s extreme micromanagement has wasted time and money at Tesla, insiders say

It was late 2016. Tesla CEO Elon Musk had confidently told investors that his company would be cranking out 500,000 electric cars a year by 2018. To hit those mass-market volumes, the CEO ordered a team of engineers to figure out how to “automate everything” about Model 3 assembly. The Model 3 was the future of Tesla. At $35,000 for the base model, it was supposed to be an affordable electric car that would vault Tesla from a niche car maker for the wealthy to a company that could serve everyone. The team outlined four tiers of car parts that could be put together by machines, from the most rigid and easiest parts, to the most difficult items, which were the flexible components including wire harnesses, carpets and trim. Musk told them to automate everything through tier 3. The...

Top VC deals: Instacart hits a $7B valuation; Bill Gates raises an EU energy fund

LogicBio Therapeutics went public this week, raising $70 million. The genome editing company develops medicines to fight rare diseases. Its stock trades on the Nasdaq under the ticket symbol “LOGC.” LogicBio is based in Cambridge, Massachusetts, and had previously raised roughly $50 million in financing, led by Arix Bioscience and OrbiMed. Chinese scooter maker Niu raised $63 million in its U.S. IPO this week. The stock trades on the Nasdaq under the ticker symbol “NIU.” The company was co-founded in 2014 by Baidu’s former chief technology officer, Li Yinan, and Token Yilin Hu, formerly of Microsoft China. The popular electric vehicles run on lithium ion batteries and come with anti-theft features like mobile notifications if the scooter is tampered with or th...

Top VC deals: Instacart hits a $7 billion valuation, Bill Gates raises an EU energy fund

LogicBio Therapeutics went public this week, raising $70 million. The genome editing company develops medicines to fight rare diseases. Its stock trades on the Nasdaq under the ticket symbol “LOGC.” LogicBio is based in Cambridge, Massachusetts, and had previously raised roughly $50 million in financing, led by Arix Bioscience and OrbiMed. Chinese scooter maker Niu raised $63 million in its U.S. IPO this week. The stock trades on the Nasdaq under the ticker symbol “NIU.” The company was co-founded in 2014 by Baidu’s former chief technology officer, Li Yinan, and Token Yilin Hu, formerly of Microsoft China. The popular electric vehicles run on lithium ion batteries and come with anti-theft features like mobile notifications if the scooter is tampered with or th...

Cloud software company Qualtrics plans to follow rival SurveyMonkey to the public markets

Less than a month after survey software company SurveyMonkey held its public market debut, one of its top rivals, Qualtrics, announced plans to follow suit. Qualtrics filed its IPO prospectus on Friday, and will soon join SurveyMonkey on the Nasdaq Stock Market, trading under the symbol XM, which refers to “experience management.” Qualtrics, whose technology captures sentiment among employees, customers, partners and others, is bigger than SurveyMonkey and growing much faster while also turning a profit last year. Most of its sales come from subscriptions, and the company also generates revenue from a research on demand option that existing customers can use to get feedback from “a curated group of respondents,” and from professional services. In the first half of 2...

‘One Of The Greatest Houses In New York’ Available For 2,500 Units Of One Of The Worst Currencies On Earth

(Google Maps) Do you have $15.9 million worth of fake currency that used to be $49 million worth of fake currency? Would you like to turn that into something tangible before it becomes $8.75 million worth of fake currency? Or less? Maybe something nice and solid like 10,720 square feet on Riverside Drive? “One of the greatest houses in New York,” if you’re interested in its seller’s opinion? If so, get in touch with Roy Niederhoffer right away. The hedge fund manager is eager to turn his $12.9 million investment into something less than that. “I’m a big believer in Bitcoin,” he says. “I really am so bullish on it, and I want to own more of it.” Were someone to pay in the cryptocurrency, Niederhoffer says, he would simply cover his share of the closing costs in hard currency. “Whatever the ...

‘Halloween’ is a massive box office contender in this new era of blockbuster horror

If advanced ticket sales are any indicator, “Halloween” is about to carve out one spectacular opening weekend. The film set 40 years after the original “Halloween,” surpassed “The Nun” as Fandango’s biggest horror preseller of the year and is eyeing a first weekend box office haul of up to $100 million. “Halloween” is being released at a time when the horror genre, always a money maker, is raking in even bigger blockbuster grosses with the releases of films like “Get Out” and “A Quiet Place.” Usually a domain for small-budget films, Hollywood has developed a fresh taste for big budget horror films such as “It” and “The Conjuring 2.” Domestically, most estimates have “Halloween”...

Cleveland-Cliffs CEO on whether he would go after analysts again: ‘Absolutely’

Cleveland-Cliffs CEO Lourenco Goncalves doubled down on his attack of Wall Street analysts, saying during an interview with CNBC’s “Closing Bell” on Friday he would “absolutely” talk that way to them again. “Oh yeah, absolutely…when you’re not the CEO of Facebook, Google or Tesla, being on CNBC at 3 p.m. is a big accomplishment,” Goncalves said. Earlier on Friday, Goncalves ripped Wall Street analysts in a rant during his company’s third-quarter conference call, targeting Goldman Sachs’ Matthew Korn. The CEO questioned Korn for saying Cleveland-Cliffs had a “slight” miss on its operating results, even though the company reported an increase in profit and improving revenue. After seeing Korn’s report, Goncal...

CEO Doing Bad Trump Impression Tells Analysts That They Should Consider Suicide During Very Chill Earnings Call

In some ways, Cleveland-Cliffs CEO Lourenco Goncalves is just another South American-born, Trump-loving millionaire mining executive. But in other ways, Lourenco Goncalves is an unhinged middle-aged baby who can’t stand seeing his company get a “Hold” rating from Goldman Sachs. After just one solitary analyst question during this morning earnings call, Goncalves decided to go full “Elon Trump” and say this: It’s unbelievable that this big banks has still employ this type of people, you should resign for your lack of knowledge of things, it’s not like that you don’t understand, you are very one of the best, it’s not like you don’t understand our business , you don’t understand your own business. You are a disaster. You are an embarrassment to your parents. With this being said, we are going...