Finance

Comcast buys more than 30 percent of Sky shares after auction win over Fox

Comcast has acquired more than 30 percent of Sky shares, the company said Tuesday, following its triumph over Fox at a weekend takeover auction. The firm now owns a total of almost 516 million shares of Sky, according to an official statement from the London Stock Exchange. It says it will continue to make further purchases of Sky shares at a price of £17.28 ($22.60) per share. “Comcast Bidco will continue to acquire Sky Shares in the market from eligible shareholders outside the United States at up to and including £17.28 in cash for each Sky Share,” the statement said. Comcast Bidco is an indirect, wholly-owned subsidiary of Comcast Corp. Comcast said eligible shareholders outside the United States interested in selling their stake in Sky should contact brokerage Bank of Amer...

After-hours buzz: CTL, ARNA & more

Check out the companies making headlines after the bell: CenturyLink shares fell about 4 percent in after-hours trading following news that CFO Sunit Patel has resigned from the telecom company, effective Sept. 28. VP of Finance Neel Dev will act as the interim CFO until a permanent replacement is found. Patel will join T-Mobile US as an executive vice president on October 1. Arena Pharmaceuticals stock rose more than 2 percent in after-hours trading after the company announced positive topline results in the Phase 2a clinical trial of its abdominal pain reliever. The drug, olorinab, is being developed to treat abdominal pain associated with gastrointestinal diseases, such as Crohn’s disease. PetIQ stock fell more than 3 percent in after-hours trading after the company commenced a pu...

Navarro: China’s ‘egregious practices’ make it tougher to get a trade deal

Establishing a new trade deal with China could be significantly tougher than it was with Mexico, according to one of President Trump’s top advisors. “The challenge is, they’ve engaged in so many egregious practices that it’s far more difficult to make a deal with China than it would be with Mexico,” Peter Navarro, director of the National Trade Council at the White House, said on CNBC’s “Closing Bell” Monday. The former economics professor and author of “The Coming China Wars,” has been notoriously hawkish on trade. Navarro said the goal now is structural realignment where all countries the U.S. trades with engage in “free, fair, and reciprocal” agreements. Stocks were under pressure Monday after the cancellation of U....

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...

Smaller media companies like Discovery and AMC probably won’t find any buyers for a while

The biggest media companies still want to eat, but first, they’re going to need a break to digest. Comcast, Disney and AT&T have all made their giant media acquisition plans this year, culminating in Comcast’s auction win for U.K. pay-TV provider Sky. AT&T is spending $85 billion to acquire Time Warner (pending the Department of Justice’s regulatory appeal), Disney forked over $71 billion to buy the majority of 21st Century Fox and Comcast is placing a $39 billion bet on Sky. That’s a lot of money, followed by a lot of integration, for three of the largest U.S. media companies. It leaves some of the smaller media companies — CBS, Viacom, Lions Gate, MGM, AMC Networks and Discovery Communications — out in the cold if they’re interested in selling. At le...

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...

Wall Street, venture capitalists and crypto companies descend on Capitol Hill to debate regulation

Nearly 50 representatives from U.S. financial giants and cryptocurrency startups are set to meet with Washington lawmakers this week to talk through what some say is an incomplete and murky regulatory landscape. Rep. Warren Davidson, R-Ohio, is hosting a roundtable, “Legislating Certainty for Cryptocurrencies,” on Tuesday and asking industry experts to weigh in on how to police the new asset class ahead of a House bill he plans to introduce this fall. “Your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market,” Davidson said in a letter to invitees. The congressman outlined a list of eight questions for the meeting, including: “What is the best way to protect consumers from fraud?&#...

A handful of traders actually think the Fed could hike a half-point this week

Everyone knows the Fed is virtually a lock to approve a quarter-point rate hike this week. Some traders, though, think the central bank could get even more aggressive. The fed funds futures market, where traders make their bets about the direction of interest rates, is indicating a 92 percent chance that the policymaking Federal Open Market Committee will move its target rate range to 2 percent to 2.25 percent, or 25 basis points from the current level. In recent days the market also has been entertaining the possibility of a more aggressive move — a 50 basis point hike, for which there is now an 8 percent chance. A week ago, such a move had only a 2 percent likelihood, and a month ago traders gave no chance to a half percentage point move. However, as Fed rhetoric has taken a hawkish bent...

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...

Three options strategies for the week: Sept 24

The “Options Action” traders share three options trading strategies to kick off the week. Dan Nathan recommends a call spread in the 20+ Year Treasury Bond Mike Khouw and Carter Worth recommend a put spread in the Technology ETF Trader disclosure:

Getting a divorce? The new tax bill will complicate splitting up … especially for women

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, taxes can have a big impact on your wallet even more so now than any other time in your life. Starting in 2019, the new tax laws will be fully enacted and will eventually impact about half of the population — namely, couples who will be calling it quits. The Tax Cuts and Jobs Act, signed into law December 2017, presents major changes that will significantly impact women and men going through divorce. This new tax law reverses the law introduced 77 years ago, which was created with the hope of freeing up more money for the divorcing couple and easing the transition from paying taxes jointly to separately. Recently, the IRS decided not to be so generous and is creating a difficult situation for divo...