Untuckit, the company known for its untucked shirts, is looking to raise money at a valuation greater than $600 million

Shoppers browse clothing inside an Untuckit LLC store at the King of Prussia mall in King of Prussia, Pennsylvania,  Oct. 20, 2018. 

Jeenah Moon | Bloomberg | Getty Images
Shoppers browse clothing inside an Untuckit LLC store at the King of Prussia mall in King of Prussia, Pennsylvania,  Oct. 20, 2018.

Men have worn untucked shirts for years. When a company came along to sell only shirts that are designed to be untucked – not surprisingly that market turned out to be pretty lucrative.

That company, known as Untuckit, has hired a prominent investment bank to raise money and help fuel its growth, according to people familiar with the situation. Untuckit is seeking a deal that will value it at more than $600 million and has Morgan Stanley out looking for the funds.

In doing so, it follows a similar path forged by other brands like sustainable sneaker brand AllBirds, which in October raised $50 million from T. Rowe Price, Fidelity and Tiger Global.

Untuckit has roughly $150 million in sales and is profitable, the people said. It raised $30 million from venture firm Kleiner Perkins last June, reportedly valuing it at more than $200 million.

The people asked not to be named because the information is confidential. Untuckit and Morgan Stanley declined to comment.

Untuckit is the brainchild of Executive Chairman Chris Riccobono and CEO Aaron Sanandres. Riccobono had been struggling to find a dress shirt that wasn’t too big or too baggy. He worked to develop a professional solution with his fellow Columbia Business School classmate.

The two launched the brand online in 2011. Four years later, they opened its first brick-and-mortar store in New York’s SoHo district. The co-founders were early believers in the idea that e-commerce companies can benefit from storefronts, which can help to alleviate marketing and delivery costs.

Untuckit now has 50 stores nationwide and has said it aims to open 100 stores over the next five years.

The brand has also expanded beyond men who want to go untucked. It now sells shirts, dresses, tees and jackets for women, as well as shirts and bottoms for boys.

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Apple is in talks to buy a violent Israeli TV show and sign Richard Gere as lead, dispelling the myth that it wants only family-friendly video

Actor Richard Gere filming on location for 'Arbitrage' on the streets of Manhattan on April 11, 2011 in New York City.

Bobby Bank | WireImage | Getty Images
Actor Richard Gere filming on location for ‘Arbitrage’ on the streets of Manhattan on April 11, 2011 in New York City.

Apple is in advanced talks to buy rights to a gritty Israeli TV show called “Nevelot” (English translation: “Bastards”) and adapt it for the U.S., beating out bids from competitors including Showtime, FX and Amazon, according to several people with knowledge of the deal. The show’s plot involves two military veterans who go on a youth-focused killing spree because they believe today’s kids don’t understand the sacrifices of their generation.

While the details are still being worked out, show-runners Howard Gordon and Warren Leight are in negotiations to reformat it for the American market, perhaps under a different name, according to people familiar. Both have had critical success as TV show-runners, with Gordon co-helming “24” and “Homeland” and Leight behind “In Treatment,” “Law and Order: SVU” and “Law and Order: Criminal Intent.”

Richard Gere is also in talks to star in the series. Apple and 21st Century Fox will be co-producing. The project was previously in development at HBO.

All sides are still talking, and the deal is not yet finalized. It could fall though, the people said, if certain agreements were not reached, including budget.

Apple, Gordon and Gere declined to comment. Leight did not immediately respond to requests for comment. Fox said no deal is done and declined to discuss details.

The purchase of a violent show seems in contrast to Apple’s traditionally prudish standards for apps it sells in the App Store. In that vein, the Wall Street Journal reported in September that Apple did not want shows that included violence, politics or rude language.

But multiple people who have spoken to Apple and have knowledge of their thinking in recent months say that’s simply not true, and TV-MA content is fair game.

Apple’s heads of programming, Zach Van Amburg and Jamie Erlicht, who started in June, have been working overtime to dispel the myth that Apple is interested only in family-friendly material.

In general, Apple wants high-impact content based on things people have heard of, like books, franchises or ideas that have resonance, according to people who have spoken to the company. It’s not wedded to existing formats that need commercial breaks, emphasizing unusual formats like anthologies and content that doesn’t fit within the traditional 30-minute and 60-minute time slots. The company is emphasizing it’s looking for “different” content, as long as it has substance and isn’t gratuitous.

The push is pitting them directly against deep-pocketed distributors like Netflix and Amazon, who also are hungry for content that is likely to get acclaim. Apple has indicated it is willing to pay premium prices for shows that have awards potential.

Looking for Apple’s ‘Breaking Bad’

Van Amburg and Erlicht, who were previously presidents of Sony Pictures Television, are highly respected in the entertainment industry. One of their biggest successes was bringing “Breaking Bad” and its showrunner Vince Gilligan to Sony.

The duo has made it very clear they are now looking for Apple’s version of the series, which revolved around an high school teacher turned meth dealer.

But so far, the projects Apple has announced aren’t rocking the boat. “Amazing Stories” has been described as a softer version of Netflix’s “Black Mirror,” while “Top of the Morning” is a broadcast news drama — basically a safer version of HBO’s “Newsroom,” as one person characterized it.

Despite the push for its “Breaking Bad,” Apple is not only interested in adult content. It’s also in the market for kids’ programming, focusing on buying shows for preschoolers this year. Starting next year, the company will start looking at shows for school-aged children. It is expected Apple will have parental controls to help parents shield children from watching inappropriate content.

The immediate goal is to build a content library for an upcoming media service, several people said. At some point next year, Apple will announce the product and offer the content for free on its devices. The first slate of shows have a tentative deadline of spring 2019, and the company is expected to spend $4.2 billion on content through 2022 per Variety.

But in conversations with TV show creators and agents Van Amburg and Erlicht have also painted a long-term vision of more advanced interactive and immersive content. These plans are not imminent and are not driving which shows they’re aiming to buy, but are rather an example of the kind of advantages Apple could bring to the table.

Some industry executives have questioned if Apple has a chance to steal eyeballs away from Netflix, Amazon and other industry leaders considering the already competitive landscape. WarnerMedia has indicated it too is willing to invest heavily into new shows and movies.

Still if the money is there, there’s no reason for show makers to turn it down. More services mean more players to bid up prices. As one executive noted, everyone is more than happy to take Apple’s money until it ends.

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Alphabet’s self-driving car business, which just launched a commercial taxi service, could book $114 billion in revenue in 2030, says UBS

Source: Waymo

Waymo’s first commercial pilot may be small, but Wall Street has big projections for the company’s financial future.

Alphabet’s self-driving car unit could book $114 billion in revenue in 2030, according to a base-case estimate from investment bank UBS.

In its self-driving taxi test in the suburbs around Phoenix, Waymo will charge a small number of people fares competitive with rides Lyft and Uber. But as Waymo adds more cars and locations, it could also license its maps and an autonomous vehicle operating system to other service or car-markers, or monetize the eyeballs of riders through entertainment or advertising, UBS analyst Eric Sheridan writes in a note to clients on Thursday.

To put that $114 billion into perspective, Intel released a study in June of last year that projected that the self-driving space would generate $800 billion in cumulative revenue by 2035. UBS’s estimate only included Waymo’s revenue from robotaxi-related services, though Sheridan believes it has opportunities in logistics and commercial delivery as well.

Aside from Waymo, a host of other tech and auto companies are racing to launch their own self-driving taxi services, including GM’s Cruise and Uber. While Waymo’s technology is widely seen as the most advanced, as highlighted by its Wednesday launch, there are still a host of regulatory and safety concerns on the table. Waymo’s pilot will still include safety drivers to supervise rides, for example, at least initially.

Overall, UBS pegs Waymo’s total value between $25 and $135 billion, with a base case valuation of $75 billion. Morgan Stanley valued Waymo at $45 billion in August, with the potential to grow to $175 billion.

[“source=cnbc”]

Alphabet’s self-driving car business, which just launched a commercial taxi service, could book $114 billion in revenue in 2030, says UBS

Source: Waymo

Waymo’s first commercial pilot may be small, but Wall Street has big projections for the company’s financial future.

Alphabet’s self-driving car unit could book $114 billion in revenue in 2030, according to a base-case estimate from investment bank UBS.

In its self-driving taxi test in the suburbs around Phoenix, Waymo will charge a small number of people fares competitive with rides Lyft and Uber. But as Waymo adds more cars and locations, it could also license its maps and an autonomous vehicle operating system to other service or car-markers, or monetize the eyeballs of riders through entertainment or advertising, UBS analyst Eric Sheridan writes in a note to clients on Thursday.

To put that $114 billion into perspective, Intel released a study in June of last year that projected that the self-driving space would generate $800 billion in cumulative revenue by 2035. UBS’s estimate only included Waymo’s revenue from robotaxi-related services, though Sheridan believes it has opportunities in logistics and commercial delivery as well.

Aside from Waymo, a host of other tech and auto companies are racing to launch their own self-driving taxi services, including GM’s Cruise and Uber. While Waymo’s technology is widely seen as the most advanced, as highlighted by its Wednesday launch, there are still a host of regulatory and safety concerns on the table. Waymo’s pilot will still include safety drivers to supervise rides, for example, at least initially.

Overall, UBS pegs Waymo’s total value between $25 and $135 billion, with a base case valuation of $75 billion. Morgan Stanley valued Waymo at $45 billion in August, with the potential to grow to $175 billion.

[“source=cnbc”]

Utility stocks soar to highest levels in a year

Elon Musk, CEO of Tesla

Beck Diefenbach | Reuters
Elon Musk, CEO of Tesla

CFRA just raised its price forecast on Tesla to $420 a share — the same as the now-infamous price target CEO Elon Musk told investors they would get if he tookthe company private earlier this year.

The electric car market is about to get more competitive in 2019, but CFRA analyst Garrett Nelson said he expects Tesla to roll out lower-priced versions of the Model 3 that will undercut rivals and limit any impact on sales. He also said the car’s cost should fall as Tesla becomes more efficient. Nelson reiterated a buy rating on the stock and raised the price target from his previous forecast of $375 a share.

Shares of Tesla were trading around $361 a share Tuesday afternoon.

Tesla did not respond to a request for comment.

[“source=cnbc”]

Utility stocks soar to highest levels in a year as investors rush to safe havens

Elon Musk, CEO of Tesla

Beck Diefenbach | Reuters
Elon Musk, CEO of Tesla

CFRA just raised its price forecast on Tesla to $420 a share — the same as the now-infamous price target CEO Elon Musk told investors they would get if he tookthe company private earlier this year.

The electric car market is about to get more competitive in 2019, but CFRA analyst Garrett Nelson said he expects Tesla to roll out lower-priced versions of the Model 3 that will undercut rivals and limit any impact on sales. He also said the car’s cost should fall as Tesla becomes more efficient. Nelson reiterated a buy rating on the stock and raised the price target from his previous forecast of $375 a share.

Shares of Tesla were trading around $361 a share Tuesday afternoon.

Tesla did not respond to a request for comment.

[“source=cnbc”]

This sell-off was caused by a computer-driven ‘footrace,’ Jim Cramer says

Sell-off caused by computer-driven 'footrace,' says Jim Cramer

Sell-off caused by computer-driven ‘footrace,’ says Jim Cramer   13 Hours Ago | 01:10

As CNBC’s Jim Cramer watched stocks nosedive in Tuesday’s trading session, one thing became abundantly clear to the longtime market-watcher: it “was all about the rise of the machines.”

The major averages all fell more than 2 percent as a possible slowdown signal in the bond market and lingering trade fears rattled investors. The Dow Jones Industrial Average fell more than 800 points intraday.

Some attributed the dramatic declines to a lack of buyers, but Cramer already knew the culprits: complex algorithmic programs set up by professional money managers to sell when the odds of future market losses increase.

In other words, when an event that often precedes a recession occurs — in Tuesday’s case, short-term interest rates trading above long-term rates in a so-called yield curve inversion — some trading algorithms will automatically begin selling securities because the chances of an economic slowdown just got higher.

Cramer, host of “Mad Money,” drew a comparison with football. Some plays can seem very risky, but when you consider the percentage chances of them going right, there’s no choice but to implement them in the field. These programs make the same kind of calculation.

So, when the two-year and the five-year yield curves inverted on Tuesday, some hedge funds’ programs automatically sold the S&P 500, which tends to fall in times of economic weakness, and others automatically sold shares of the big banks, which suffer when long-term rates are lower, Cramer said.

“Why? Because historically, this situation has produced negative results for the bank stocks and these hedge funds are trying to get out ahead of others who fear those negative results but just don’t know they’re going to fear them. It’s a footrace,” he explained. “This curve, as they call it, overrides whatever you hear about good employment or consumer balance sheets or robust lending. It’s predictive.”

Worse, the charts are signaling more pain ahead: based on Cramer’s analysis, many hedge funds likely sold the S&P 500 when it dipped below its 200-day moving average because, in the past, that move tended to bring more downside.

“Here’s the problem: there are now so many hedge funds using the same algorithm, same programs [that] there simply aren’t enough investors willing to take the other side of the trade. If we all know that stocks go down on certain triggers, then who the heck would want to buy stocks?” Cramer said.

“That’s how you get a day like today, where the market goes into free-fall,” the “Mad Money” host continued. “When the percentages are against you and the algorithms are in charge, … nobody wants to try to be a hero and bet against them.”

[“source=cnbc”]