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CEOs of top companies, government leaders, and industry experts are set to meet at the Business Roundtable CEO Innovation Summit this Thursday to discuss a national innovation agenda to ensure that the United States remains a global leader in innovation across all industry sectors.

More than 200 retailers, banks, and technology companies are expected to attend. Among those slated to take part in discussions are Jamie Dimon, chairman and CEO of JP Morgan Chase, Doug McMillon, president and CEO of Walmart, and Virginia M. Rometty, chairman, president, and CEO of IBM.

These companies will release new recommendations for national privacy legislation which will ask the United States to adopt a national privacy law, specifically one that would apply the same data collection requirements all companies. This legislation will also increase both staffing and funding to enforce this new rule and provides consumers with more control of their data.

In addition to those mentioned above and others, Ivanka Trump, daughter of President Donald Trump and advisor to the president is expected to attend. She is scheduled to speak with Jamie Dimon while attending the event.

[“source=cnbc”]

HSBC’s involvement in Huawei case could still complicate trade talks with China even though the bank isn’t being investigated

Meng Wanzhou, Executive Board Director of the Chinese technology giant Huawei, attends a session of the VTB Capital Investment Forum "Russia Calling!" in Moscow, Russia October 2, 2014.

Alexander Bibik | Reuters
Meng Wanzhou, Executive Board Director of the Chinese technology giant Huawei, attends a session of the VTB Capital Investment Forum “Russia Calling!” in Moscow, Russia October 2, 2014.

In the saga involving the recent arrest of Huawei CFO Meng Wanzhou in Canada, questions have surfaced as to whether U.K. banking giant HSBC will be named in the legal case.

According to a story in the Wall Street Journal, a monitor appointed by the U.S. government to oversee HSBC’s anti money-laundering controls flagged illicit transactions made by Huawei at the bank and shared them with New York prosecutors. That led to the arrest Saturday of Meng, potentially for violating U.S. sanctions that prohibit Huawei from selling equipment to Iran.

HSBC is not being investigated as part of the case, according to a person familiar with the matter, who asked not to be named because the matter is confidential.

Every American firm doing business in China now vulnerable after Huawei arrest: Former US trade advisor

Every American firm doing business in China now vulnerable after Huawei arrest: Former US trade advisor   9 Hours Ago | 04:38

However, HSBC’s broader involvement could further complicate trade talks between the U.S. and China. Even though the bank is headquartered in the U.K., HSBC (originally known as the Hongkong and Shanghai Banking Corporation) is one of China’s most influential companies and has one of the largest foreign-owned banking networks on the mainland. HSBC incorporated locally in China in 2007.

Additionally, HSBC has had its share of encounters with U.S. authorities.

In 2012, the bank forfeited $1.9 billion to U.S. authorities for its role in allegedly laundering money from drug cartels as well as Iran, Cuba, Libya, Sudan and Burma, countries that were all sanctioned. The agreement also led to the federal monitorship of the company’s anti-money laundering organization in the U.S.

As far back as the 1990s, HSBC groups allegedly “worked with sanctioned entities to insert cautionary notes in payment messages,” including not mentioning Iran, according to the 2012 agreement.

Huawei has been under scrutiny since at least 2012 for accepting money from Iran and, according to a House Intelligence Committee Report, not complying with a federal investigation into the issue

[“source=cnbc”]

Gunmaker American Outdoor Brands jumps more than 13% after earnings beat

A visitor holding a revolver by US manufacturer Smith & Wesson (S&W) at the IWA OutdoorClassics trade show for hunting, shooting sports, equipment for outdoor activities and for civilian and official security applications.

Daniel Karmann | picture alliance | Getty Images
A visitor holding a revolver by US manufacturer Smith & Wesson (S&W) at the IWA OutdoorClassics trade show for hunting, shooting sports, equipment for outdoor activities and for civilian and official security applications.

American Outdoor Brands surged after the company reported second-quarter earnings and revenue that beat analyst expectations on Thursday.

Here’s how the company did compared with Wall Street estimates:

  • EPS: 20 cents vs. 14 cents forecast by Refinitiv
  • Revenue: $161.7 million vs. $154.1 million forecast by Refinitiv

In the year-ago quarter, the firearm maker posted adjusted earnings of 11 cents a share on revenue of $148.4 million.

Formerly known as Smith & Wesson, shares of the company leaped as much as 14 percent in after-hours trade.

President and CEO James Debney said the company’s results were driven by strength in both its firearms and outdoor products and accessories segments.

“Sales growth occurred in both our Hunting & Shooting product categories, as well as our Cutlery & Tool product categories, and came from a variety of retailers, particularly our online retailers,” Debney said in a statement.

The gunmaker’s fiscal third-quarter outlook that was above Wall Street projections.

For its fiscal third quarter, American Outdoor says it expects adjusted earnings per share between 9 cents and 13 cents, better than the Refinitiv estimate for earnings of 10 cents a share. The company forecasts fiscal third-quarter revenue between $155 million and $165 million, above the $158 million expected by analysts polled by Refinitiv.

[“source=cnbc”]

Walmart CEO worries what consumers will have to pay if trade war escalates

Walmart CEO Doug McMillon on the future of the retail industry

Walmart CEO Doug McMillon on the future of the retail industry   5 Hours Ago | 08:36

Walmart is doing its best to keep prices unaffected by the U.S.-China trade war, but if things escalate it could be a different story, CEO Doug McMillon said Thursday.

“We worry about next spring, next summer, next fall what customers will have to pay if tariffs do escalate,” McMillon said in an interview with CNBC’s Becky Quick on “Closing Bell.”

Walmart is among the retailers that have been sounding the alarm on the back-and-forth tariffs between the United States and China and their impact on pricing. In September, Walmart sent a letter to U.S. Trade Representative Robert Lighthizer warning that it may have to hike prices.

On Saturday, President Donald Trump and Chinese President Xi Jinping struck a 90-day truce on any further tariffs.

However, on Thursday, trade fears were renewed after it was revealed the CFO of Chinese tech firm Huawei was arrested in Canada on Saturday. Meng Wanzhou is now facing extradition to the U.S., reportedly for violating U.S. sanctions on Iran.

McMillon said the uncertainty in pricing is leading Walmart to start thinking about where it wants to get its goods from. China is its second-largest source of goods, behind the U.S.

So far, Walmart has been able to manage with the current tariffs in place.

“We try to go up as little as we can and as late as we can for customers, but there are some categories where over time this will show up,” McMillon said.

[“source=cnbc”]

The FAANG stocks shed $140 billion in Tuesday’s market rout

Jeff Bezos

April Greer | The Washington Post | Getty Images
Jeff Bezos

Tech stocks are back in correction territory after a painful day for public exchanges.

The tech-heavy Nasdaq Composite index fell nearly 4 percent, with tech stocks like Apple, Amazon, Alphabet and Facebook weighing most heavily.

We're bullish long-term on Apple stock, says Michael Bapis

We’re bullish long-term on Apple stock, says Michael Bapis   17 Hours Ago | 03:17

In total, the so-called FAANG stocks — Facebook, Amazon, Apple, Netflix and Alphabet-owned Google — shed more than $140 billion in market value by the end of the trading Tuesday.

Here’s how it shook out:

  • Facebook fell 2.2 percent, losing $7.6 billion in implied market value
  • Amazon fell 5.9 percent, losing $50.8 billion in implied market value
  • Apple fell 4.4 percent, losing $38.5 billion in implied market value
  • Netflix fell 5.2 percent, losing $6.5 billion in implied market value
  • Alphabet fell 4.8 percent, losing $37.5 billion in implied market value

The losses extend pain periods for Apple, which has seen downturn in recent weeks, and Facebook, which is suffering a down year on the heels of several scandals. Amazon and Netflix, though, are each up more than 40 percent year-to-date despite getting caught in the rout.

With Tuesday’s losses, Alphabet is hanging onto modest year-to-date gains, up just 0.8 percent in 2018.

[“source=cnbc”]

Money managers are realizing that Trump isn’t ‘dependable enough’ for the market: Cramer

Trump not 'dependable enough' for market, money managers learn: Cramer

Trump not ‘dependable enough’ for market, money managers learn: Cramer   13 Hours Ago | 01:17

Part of Tuesday’s stock market plunge may have stemmed from money managers giving up on getting clarity from President Donald Trump and his administration on their policies, CNBC’s Jim Cramer said as stocks settled.

“We have maximum uncertainty. That makes people want to sell. That’s how money managers view the situation,” the “Mad Money” host said after the Dow Jones Industrial Average ended the day nearly 800 points lower.

Over the weekend, Trump struck a cease-fire on trade with President Xi Jinping of China at the G-20 summit in Argentina. According to the White House, the two leaders agreed to postpone the Trump administration’s planned tariff hike from 10 to 25 percent for 90 days starting Dec. 1.

But while one White House camp — namely top economic advisor Larry Kudlow and Treasury Secretary Steven Mnuchin — seem optimistic about the prospect of a deal, U.S. Trade Representative and known China hawk Robert Lighthizer has emerged as a leading candidate for running the negotiations.

That sets up a battle between those who want a deal and those who would rather see China shed the title of global superpower, Cramer said.

“The president seems to actually enjoy these face-offs. They’ve become his style. The White House is the Thunderdome: two policies enter, one policy leaves,” the “Mad Money” host said. “But the markets crave certainty, which means they hate this kind of master-blaster, Mad Max confrontation.”

As a result, professional money managers — whose jobs call for predicting how certain policies will impact their investments — “feel like they’ve been had,” Cramer said.

“This is not some reality show, for heaven’s sake. It’s real life: real jobs on the line, [a] real economy at stake. While the president had a huge hit with ‘The Apprentice,’ governing the most powerful nation on earth is more serious than going to the top floor to learn who’s been fired,” he said.

“I think it’s starting to dawn on major-league money managers that … maybe they misjudged [the president]. Maybe he simply doesn’t take this stuff seriously enough to be considered dependable, even as what really matters [to his base] is the ratings, or the equivalent of [them], which means the White House version of ‘The Apprentice.'”

To make matters worse, Cramer worried that the Federal Reserve was back on autopilot, content with ignoring slowdown indicators and talking up the job market so it could push through its widely expected December interest rate hike.

But with the bond market doing what it tends to do before recessions, another rate hike could “push us over the edge,” the “Mad Money” host warned, saying that the Fed’s more optimistic members “sound like they’ve lost their minds.”

“The Fed isn’t thinking about how Toll Brothers just told us they had the lowest orders in the house business [in] four years. They aren’t thinking about stores with no cashiers like Jeff Bezos is. They aren’t debating what the cloud does to white-collar employment … [or] what Ford and GM are doing to blue-collar employment,” Cramer said. “They’re simply saying, ‘Friday’s employment number is going to be very strong and we don’t like to … look like we’re soft on wage inflation.'”

So, between the White House policy battles and the Fed’s insistence on following through on its interest rate raises, many stock-pickers and money managers feel like they’ve been left to their own devices, he explained.

“The bottom line is this: the president’s worrying people, the Fed is worrying people, and yet, somehow, they both think they’re being reassuring,” Cramer said. “They couldn’t be more wrong.”

[“source=cnbc”]

US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO

US on its way to Trump's goal of 'energy dominance,' says Marathon CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO   13 Hours Ago | 01:26

President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday.

“When I look at the president’s theme to begin with and the beginning of his administration, he wanted to have energy dominance in the U.S. and I believe that we are well on our way,” Heminger told Jim Cramer in an exclusive “Mad Money” interview. “We’re the largest producer in the world today.”

Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production.

That puts the United States in a league above its competitors, said the Marathon chief, whose Ohio-based company specializes in petroleum refining, marketing and transportation.

“The U.S. refining system [is] second to none of anyone in the industry, so I believe we’re well on our way now” to global energy dominance, Heminger said.

The CEO added that he expected OPEC’s meetings in Vienna, Austria this Thursday and Friday to result in “a pullback in OPEC production,” in which case “we’ll see crude prices inch up” from their current levels.

And although oil’s recent pummeling has benefited business at Marathon — where oil is part of Marathon’s cost of goods sold, so price declines translate into higher margins — Heminger said the company sees prices for the benchmark West Texas Intermediate crude rising significantly in 2019.

“We really believe the price is probably going to end up being … $65 to [$]70 in 2019, on an average,” he said. “I believe we’ve averaged almost $65 — about [$]64.50 — year to date in 2018, so we think we’re being conservative looking at that number for next year.”

WTI crude futures fell 0.64 percent on Tuesday to $52.61. Year to date, the commodity has lost 8.77 percent.

Shares of Marathon Petroleum shed 2 percent amid Tuesday’s marketwide meltdown, settling at $63.34.

[“source=cnbc”]

Facebook is no longer the ‘Best Place to Work,’ according to new Glassdoor survey

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. 

Christophe Morin/IP3 | Getty Images News | Getty Images
Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

After a tumultuous year, Facebook has lost its footing as a top-rated employer, based on Glassdoor’s 2019 list of the “Best Places to Work.” After ranking No. 1 last year, Facebook now ranks seventh, dropping from a 4.6 to 4.5 award score out of a perfect 5.

Zoom Video Communications supplanted Facebook as the top seat in the tech category.

The report comes as Facebook continues to be scrutinized by the public for how it handles user data and misinformation on its platform. The Glassdoor ranking adds data to the speculation that Facebook employees, too, are souring on the company. Glassdoor bases its ranking on eight factors, including work/life balance, senior management and compensation and benefits. On employee satisfaction alone, Facebook has seen a steeper decline, steadily falling from a 4.6 rating in Q1 to a 4.3 in Q4, according to Glassdoor community expert Scott Dobroski.

“Facebook employees talked about the ‘move fast’ culture sometimes moving too fast,” Dobroski said in an interview with CNBC. He noted that this is the first time Facebook has seen a decline in its award score since 2015. Facebook employees on Glassdoor said they wanted a more robust internal structure and transparency from the company’s leadership. “Its not a major surprise considering what’s been going on with Facebook. Employees want to be kept in the loop,” Dobroski said.

Facebook has gone from a hot place to work to a place many employees are itching to leave. Six former Facebook employees told CNBC they have been receiving increasingly more messages from current Facebook employees looking for a way out. They said employees have been motivated to look elsewhere thanks to falling stock prices, continued scandals and the increased bureaucracy that comes with the maturing of any tech company.

Other tech companies have also fallen from top spots on Glassdoor’s list. Google dropped three spots, landing at eighth place with an award score of 4.4. Amazon still hasn’t made it onto the list since Glassdoor first began publishing it in 2009. This year, Amazon had an award score of 4.1, just outside of the top 100.

Apple, on the other hand, moved up, from No. 84 to 71, though it maintained the same score of 4.3. Microsoft moved up from No. 39 to 34 although its award score dropped from 4.4 to 4.3.

[“source=cnbc”]