Business

First-weekend demand for the new Apple Watch was ‘much higher than expected,’ says analyst Kuo

First-weekend demand for the new Apple Watch was much higher than expected, according to analyst Ming-Chi Kuo, who has a reputation for accuracy, particularly when it comes to predicting new products. The Apple Watch Series 4 has a larger screen and built-in cellular connectivity. It also has an electrocardiogram sensor, which will soon be able to monitor heart activity and can detect abnormalities and health issues, although that feature isn’t available at launch. It comes in two sizes, 40 mm and 44 mm, making it much easier to see and use, said CNBC’s Technology Product Editor Todd Haselton. Supply is somewhat constrained by the capacity of the companies building the watches, and Kuo doesn’t expect shipments to really pick up until November. He also raised his 2018 ship...

UnitedHealthcare warns hospitals it may drop major ER doctor network from plans

UnitedHealthcare’s negotiations with the nation’s largest provider of emergency room doctors has reached an impasse. The insurer is warning hospitals it may drop Envision Healthcare from its network starting in January if the two can’t reach an agreement before then, according to a letter sent to more than 250 hospitals Friday. “You know better than most how Envision’s rates are driving up the cost of health care for the people we all serve,” Dan Rosenthal, president of UnitedHealthcare Networks, said in the letter, which was obtained by CNBC. UnitedHealthcare has been in negotiations with Envision for a year without success, he said. A spokesperson for Envision Healthcare says the firm has been negotiating in good faith with UnitedHealth and criticized ...

Risk tracker RMS predicts up to $5 billion in insured losses from Hurricane Florence

Hurricane Florence caused between $2.8 billion and $5 billion in insured losses when it blew into North Carolina earlier this month, according to an estimate from global risk modeling firm RMS. Wind alone caused damage worth between $1.3 billion and $2.6 billion, with storm-surge and inland flooding damages totaling between $700 million and $1.2 billion. The company’s Monday estimates also include losses to the National Flood Insurance Program, which is expected to lose between $800 million and $1.2 billion. These estimations include property damage and business interruption in residential, commercial, industrial and automobile businesses. That also includes damage to infrastructure and blocked access to damaged areas, which delay businesses reopening and prevent residents from retur...

Want to see what’s up Amazon’s sleeve? Take a tour of Seattle

SEATTLE — Tourists in Seattle have a new must-see destination: Amazon Go, the cashierless store the company opened near downtown in January. People who are interested in what is coming next from Amazon, which makes about half of all online retail sales, just need to roam the city. Amazon uses Seattle as a living laboratory, trying out new retail and logistics models. Some trials never leave the city. But others, like the use of independent contractors to deliver packages, have found their ways to the rest of the country and abroad. The pilots point to a company, with ambitions that at times can seem boundless, investing deeply in figuring out its physical footprint and how to provide convenience at a lower cost. More from The New York Times: Walmart, Patagonia and Lyft make push to increas...

FoxBiz Hearing That Goldman Sachs Rank And File A Little Irked By Lloyd Blankfein’s Marie Antoinette-Themed Retirement Plan

(Getty Images) The transition from Dear Uncle Lloyd to the sick Millennial beats of DJ D-Sol was never going to be an easy one, but an old friend of the firm is hearing that things at Goldman Sachs are less “This is going to be tense’ and more “Do you hear the people sing? Singing the songs of angry men?” According to everyone’s favorite socialist-leaning reporter Charlie Gasparino, the plans for Lloyd Blankfein’s post-CEO life at Goldman Sachs has created a cultural revolution inside the walls of 200 West Street. Quoth the Gaspo: Goldman Sachs wants to send Lloyd Blankfein off in style: The prestigious white-shoe investment firm is spending top dollar to build its soon-to-be retiring chief executive a new office as he transitions to an adviser for the firm.The move is not sitting well wit...

Political Calculations on Soda Tax Concludes: No Externalities Internalized

Finally, Ironman at Political Calculations understands what an externality is. Instead of this: If a deadweight loss exists, it represents the amount of economic activity that has been directly lost because of the imposition of the tax, which tells us the degree to which the city’s economy may have shrunk as a result. He now writes: …many claim that such a [soda] tax would fix what in economics is called a “negative externality”, which in this case, represents higher costs to public health systems for treating conditions such as obesity and diabetes, where sweetened beverages are targeted by soda tax advocates for their contributions to the problems they proclaim because of their popularity and their sugary calorie content. I am thankful for small blessings. Regarding the Philadelphia soda...

Paulson, Other Losers Join Forces In Butthurt Buck-Passing Coalition

(Getty Images) Having not much money to manage or funds to run, John Paulson’s got some time on his hands these days. Rather than spending it on the beach he owns and consoling himself with the fact that $6 billion is really all a man needs in the twilight of his life, he’s chosen to pick some fights: specifically, with a Canadian gold miner whose market cap is less than the amount Paulson’s net worth has dropped over the past year, and more generally with everything of its ilk. To the latter point, Paulson and his team have spent the better part of a year finding other people whose losses on gold are also not their own fault, some of whom (four of the 16 are choosing to remain anonymous, presumably out of fear of being called crybabies) are publicly joining Paulson’s fight against his cho...

Robo-farming: The first ever robotic indoor farm will supply Whole Foods, Jungle Jim’s grocery store

Cincinnati-based 80 Acres Farms revealed Friday that it plans to build a large, fully automated indoor farm in Hamilton, which will produce specialty greens to supply Fairfield-based Jungle Jim’s International Market, Dayton-based Dorothy Lane Markets and national heavyweights such as Whole Foods and U.S. Foods. The facility would be the first of its kind in the nation, according to 80 Acres. A groundbreaking is to be held Sept. 24 at 7512 Hamilton Enterprise Drive in the southeast part of the Butler County city. Another facility will be at 319 Second St. The project would cost between $10 million and $15 million initially, according to Hamilton officials. Forty jobs would be created, which would average in the $40,000 to $50,000 range including benefits. More from Cincinnati Busines...

Snapchat will add Amazon product search, so you can buy products directly from the app

Snap on Monday announced a new visual search tool for the company’s Snapchat app in partnership with Amazon. The visual search will allow Snapchat users to point the app’s camera at an item and quickly find it on Amazon and buy it straight from the social-messaging app, the company said in a blog post on Monday. The new feature will be first made available to a small percentage of Snapchat users, the company said. “It’s super easy to use. Simply point your Snapchat camera at a physical product or barcode, and press and hold on the camera screen to get started,” Snap said. The stock jumped about 3 percent on the news, and is now up up a little less than 1 percent on the day. Snap’s stock is down more than 35 percent since the start of 2018.

Comcast tanks nearly 8% after Sky win, on pace for worst day in nearly a decade

Shares of Comcast tanked nearly 8 percent Monday after the company beat out Twenty-First Century Fox to acquire British broadcaster Sky. The stock fell as low as $34.75 in morning trading, on pace for its worst day since January 2009. Comcast outbid rival Fox on Saturday with a $40 billion takeover offer in a rare three-round auction that pitted two of America’s largest media companies against one another. Sky earlier Monday advised its shareholders to accept the offer “immediately.” The share price of the company that acquires another company often declines. But at least one analyst was bearish on the bid. Craig Moffett of Moffett Nathanson downgraded the stock to neutral from buy, and lowered its target price to $36 from $41. “The concept of the ‘winner̵...

RBC predicts nearly 30% gain for AMD shares, says chipmaker trades at ‘a notable discount’ to Nvidia

RBC Capital Markets began coverage of AMD on Monday, saying the steady demand for gaming chips and the company’s solid gains in the server market makes the stock underrated. “While we think the stock will remain volatile, we note that AMD trades at a notable discount on a sales basis relative to peer Nvidia,” RBC analyst Mitch Steves said in a note. Shares of AMD traded slightly higher in premarket at $31.12 a share. RBC has an outpeform rating and a price target of $40 a share on the company’s stock, which is about 29 percent above AMD’s closing price Friday of $31.02 a share. AMD’s latest graphics processor “is competitive,” Steves said, and expects “the second generation should surpass Intel from a performance vs. cost basis.” ...

Mike Novogratz: Bitcoin Has Nowhere To Go But Up, In Spite Of Having Another $6,700 Of Room To Go Down

A bitcoin is still “worth” about $6,700. On its face, this means that the fake currency has another $6,700 or so to fall before hitting rock bottom. This is wrong, according to former Fortress Investment Group executive Mike Novogratz. In fact, his beloved bitcoin has now proven it mathematically cannot drop below $6,000, and could “easily” be worth seven times that by Christmas. Wanna fight him over it? Bitcoin experienced a “classic speculative global mania” in 2016-2017 but is now on the upswing because the market has hit “seller fatigue,” Novogratz said at Yahoo Finance’s second annual “All Markets Summit.” Novogratz said that Galaxy Digital’s cryptocurrency index showed a “classic bottom” in the market, with a selloff of more than 85 percent from its peak…. “Bitcoin has held $6,000. Y...