Opening Bell

Opening Bell: 9.25.18

Instagram Founders Depart Facebook After Clashes With Zuckerberg [Bloomberg]Kevin Systrom and Mike Krieger, who have been at the company since Instagram’s acquisition by Facebook in 2012, had been able to keep the brand and product independent while relying on Facebook’s infrastructure and resources to grow. Lately, they were frustrated with an uptick in day-to-day involvement by Zuckerberg, who has become more reliant on Instagram in planning for Facebook’s future, said the people, who asked not to be identified sharing internal details.Without the founders around, Instagram is likely to become more tightly integrated with Facebook, making it more of a product division within the larger company than an independent operation, the people said. Republicans Rally Around Kavanaugh Nomination [...

Opening Bell: 9.24.18

Senate Democrats Investigate a New Allegation of Sexual Misconduct, from Brett Kavanaugh’s College Years [The New Yorker]The woman at the center of the story, Deborah Ramirez, who is fifty-three, attended Yale with Kavanaugh, where she studied sociology and psychology. Later, she spent years working for an organization that supports victims of domestic violence. The New Yorker contacted Ramirez after learning of her possible involvement in an incident involving Kavanaugh. The allegation was conveyed to Democratic senators by a civil-rights lawyer. For Ramirez, the sudden attention has been unwelcome, and prompted difficult choices. She was at first hesitant to speak publicly, partly because her memories contained gaps because she had been drinking at the time of the alleged incident. In he...

Opening Bell: 9.21.18

Bullish Mood Buoys Stocks as Treasury Yields Rise: Markets Wrap [Bloomberg]The Stoxx Europe 600 Index headed for its best week in six months and equity-index futures signaled a higher U.S. open. The MSCI All-Country World Index was poised for a seven-month high after its strongest week since May, as stocks across Asia capped their best two-week rally since February. Japan’s Topix Index closed at the highest in four months.Core European bonds inched higher after data showed euro-area expansion edged lower in September as manufacturing export orders slumped to the weakest in five years, though the euro clung onto gains to head for a three-month high. Italian bonds climbed as Finance Minister Giovanni Tria prepares a draft budget. Crude oil headed for a second weekly advance, leading the Bloo...

Opening Bell: 9.20.18

Trump says OPEC ‘monopoly’ must get prices down [Reuters]U.S. President Donald Trump linked American support for Middle Eastern countries to oil prices on Thursday as he again urged OPEC to lower prices.“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump wrote on Twitter. It’s not a trade war, it’s a trade skirmish, JPMorgan’s Jamie Dimon says [CNBC]“It’s not a trade war, I call it a trade skirmish,” he told CNBC-TV18’s Shereen Bhan in New Delhi.“The American government, our president, is right to raise the issues (about fair trade practices) with China,” he said, although he added that he “may have used a different ...

Opening Bell: 9.19.18

‘Safety’ Stocks Drive Autumn Market Rally [WSJ]This month, the biggest gainers in the S&P 500 include firms focusing on telecommunications services, consumer staples and utilities—so-called safe sectors whose steady dividend payouts have long made them investor favorites when markets are volatile or declining. These shares typically lag behind major indexes during rallies, in part because they are perceived to offer limited potential gains. But in September, telecom shares are up 3.1%, consumer staples are up 1.5% and utilities are up 1.5%, versus a 0.1% increase in the S&P 500. China’s second-in-command: We’re facing ‘greater difficulties’ in keeping economy stable [CNBC]“China is confronted with a host of difficulties and challenges in economic development,” Li acknowledged durin...

Opening Bell: 9.18.18

China says Trump forces its hand, will retaliate against new U.S. tariffs [Reuters]The Chinese commerce ministry’s statement came hours after Trump said he was imposing 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the U.S. action.The brief statement gave no details on China’s plans, but Foreign Ministry spokesman Geng Shuang told a news briefing later that the U.S. steps have brought “new uncertainty” to talks between the two countries. Hearing Set for Monday to Hear Kavanaugh and His Accuser [NYT]In setting the hearing, Senator Charles E. Grassley, Republican of Iowa, backed down from a committee vote on Judge Kavanaugh’s nomination, planned for this Thursday, and pushed a confirmation on...

Opening Bell: 9.17.18

Brett Kavanaugh’s Confirmation at Risk After Accusation by Christine Blasey Ford [NYT]The woman, Christine Blasey Ford, 51, a research psychologist at Palo Alto University in Northern California, said in an interview with The Washington Post that during a high school party in the early 1980s, a drunken Mr. Kavanaugh pinned her on a bed, groped her and covered her mouth to keep her from screaming.“I thought he might inadvertently kill me,” the newspaper quoted her as saying. “He was trying to attack me and remove my clothing.”Judge Kavanaugh has denied the accusations, and in a terse statement on Sunday, the White House said it stood by those denials. It signaled that it had no intention of pulling the nomination. U.S. and China Ramp Up Trade Threats [WSJ]The threats from both sides of the ...

Opening Bell: 9.14.18

Florence Makes Landfall, Unleashing Powerful Wrath on Carolinas [Bloomberg]The Category 1 storm carried maximum sustained winds of 90 miles (145 kilometers) an hour, menacing the coast with life-threatening storm surges and heavy rains. Landfall occurred at 7:15 a.m., the National Hurricane Center said in a bulletin at 7:35 a.m. local time.About 150 people were awaiting rescue from rising waters, the City of New Bern, North Carolina, said on its Twitter account, advising those affected to move to an attic or second story for safety. About 239,000 Duke Energy Corp. customers in North and South Carolina have been affected by power outages, according to the company’s website, while more than 300,000 have lost power in North Carolina, the state’s Emergency Management department tweeted. As man...

Opening Bell: 9.12.18

Florence Expands During Relentless March to U.S. East Coast [Bloomberg]The storm, which is still 575 miles (925 kilometers) from the coast, shifted west overnight, and forecasters are now calling for it to head toward the North Carolina/South Carolina border early Saturday as potentially a Category 2 or 3 storm with winds of between 100 to 120 miles per hour, the National Hurricane Center said.Such a turn would expose much of southern North Carolina’s coastline to some of Florence’s most powerful winds and storm surge, as well as meaning the storm could have a direct hit on Myrtle Beach, South Carolina. However the entire coastline from about Georgetown, South Carolina north to around Wilmington, North Carolina is vulnerable to a direct hit. New York overtakes London as top financial cente...

Opening Bell: 9.11.18

As Hurricane Florence Threatens the Carolinas, 1 Million Ordered to Evacuate [NYT]The National Hurricane Center warned that the storm, which jumped to Category 4 strength on Monday with 140 mile-an-hour winds, could pummel the shore with life-threatening storm surges and soak a wide area with rains so heavy that freshwater flooding would become a major threat. It is expected to make landfall Thursday night near the North Carolina-South Carolina border.In Myrtle Beach, S.C., Tneah Brown was listening to the warnings. At work on Monday afternoon, she weighed the many complications that would soon flow from the order issued by Gov. Henry McMaster of South Carolina, calling on people in eight counties nearest the shore to get out. Billionaire Ray Dalio: We are in the 7th inning of the current ...

Opening Bell: 9.10.18

Leslie Moonves out as CBS CEO after sexual harassment allegations [CNBC]CBS announced Moonves will depart as chairman, president and chief executive officer “effective immediately.”The company said COO Joseph Ianniello will now act as president and acting CEO “while the Board conducts a search for a permanent successor.”The allegations against Moonves were brought to light in a New Yorker article by Ronan Farrow in August in which six women accused Moonves of sexual misconduct and damaging their careers. A second New Yorker article by Farrow published on Sunday contained allegations by six more women. Moonves denied the allegations and characterized his relationships with some of the women as consensual. Alibaba’s Daniel Zhang to Succeed Jack Ma as Chairman Next Year [WSJ]Mr. Ma made the a...

Opening Bell: 9.7.18

Jobs market may be booming but the August employment report could still disappoint [CNBC]Economists expect 191,000 nonfarm payrolls were added in August, following 157,000 in July, according to Thomson Reuters. The unemployment rate should dip to 3.8 percent from 3.9 percent, and wages are expected to rise 0.2 percent.But some economists expect a lower number of new jobs when the numbers are reported on Friday, due to past performances in August. ADP’s private payroll report also missed the mark Thursday, with just 163,000 payrolls compared to 190,000 that were expected. Musk Uses Flame Thrower and Smokes Weed on Comedy Show [Bloomberg]Elon Musk sipped whiskey and smoked marijuana during a 2 1/2-hour podcast with California comedian Joe Rogan that touched upon everything from flame thrower...

  • 1
  • 2
  • 4