In a sign of just how hot the tech market has gotten, Snapchat, the popular photo messaging service, has spurned an all-cash offer from Facebook for $3 billion. Snapchat, which allows people to take pictures, draw on them, and have them disappear after a certain amount of time, is run by its 23-year-old founder Evan Spiegel. Snapchat is also being pursued by Chinese tech giant Tencent Holdings, which offered an investment that would value the service at $4 billion. Spiegel reportedly will not consider any offers until 2014, as he believes Snapchat's continued rapid growth will engender an even higher valuation.
Stocks are booming, with the S&P and the Dow each near record highs. Does President Obama deserve the credit? The answer is: yes, but only some of it.
The Standard & Poor’s 500 stands about 1766, near a record high. The Dow Jones Industrial Average is at about 15,727, also near a record high. Since the lows of March 2009, both indices are up nearly 140 percent.Does President Obama deserve the credit? This was a question I was asked earlier this week on CNBC in a discussion with Reagan-era economist Art Laffer. The answer is: yes, but only some of it.In general, I believe that efforts to pin stock market success (or failure) on political figures aren’t useful.
Star reporter Brian Stelter just jumped ship to CNN, the latest in a string of big-name exits. But does the talent exodus signal trouble at the paper or only a changed media landscape?
Is The New York Times hemorrhaging talent? By most accounts, it is. Is that cause for alarm? Depends on whom you talk to.Some insiders at the Times—like most newsrooms, a hotbed of smart, ambitious, and gossipy malcontents, except more so at America’s best newspaper—claim things are getting dire. But senior management insists everything will be all right, better than all right, and advises the doomsayers to chill out and count their blessings.
For misleading infomercials.
The jury just wasn’t buying what he was selling. TV pitchman Kevin Trudeau was convicted of criminal contempt on Tuesday after airing misleading infomercials from a diet book. Trudeau, 50, defied a decade-old order from the FTC to stop making misleading ads promoting his diet books. In 2006 and 2007 he ran infomercials claiming to have discovered a secret weight-loss plan that would permanently keep off weight. According to prosecutors, Trudeau claimed to be selling a cure, when in fact he “lied about what was in the book to make more money.” The jury deliberated for only an hour before handing down the sentence. Meanwhile, another federal judge failed Trudeau to get to him to cough up alleged millions hidden overseas to pay a $37.6 million FTC fine.
Wall Street’s biggest names took to the stage on Tuesday to discuss the markets and the health of the financial industry, but their outlooks were anything but consistent.
Markets are on a roll, with the Dow Jones Industrial Average at a record high. Interest rates are very low. Inflation is non-existent. The rich have never been richer. These are very good times indeed to be a big-shot financier.And yet. The crown rests uneasily on the heads of the titans of finance. They’re concerned about America’s past and future, they’re worried about their status, and they’re looking in all sorts of unlikely places for bliss.
Deal reached with Justice Department.
We are now ready for takeoff. The proposed merger between American Airlines and U.S. Airways has achieved a preliminary agreement with the Justice Department. As a result of the tentative deal, the two companies would part with 104 slots at Reagan National in Washington, 34 slots at La Guardia in New York and other slots in Boston, Chicago and Los Angeles. The agreement would avert a trial on the lawsuit by the DOJ, and was a condition of a ruling allowing American to exit from bankruptcy proceedings. The deal still must be approved by the Federal District Court in the District of Columbia.
Despite clean energy promises.
Corn-based ethanol, long seen as a boon for clean energy, is severely damaging the environment, an Associated Press investigation released Wednesday found. Farmers clamoring to cash in on government ethanol mandates have wiped out over five million acres of land once set aside for conservation, polluted water supplies, and destroyed habitats. The mass use of fertilizer by farmers also contributed to the expanding dead zone killing marine life in the Gulf of Mexico. Despite environmentalists and scientists now declaring corn-based ethanol bad for the environment, the Obama administration has continued to support it as an alternative energy source, pointing to its economic impact for farmers. The report met with fierce resistance from the ethanol industry, as Congress is now reviewing a mandate that requires oil companies to blend ethanol into their gasoline.
The Internet radio business is growing, with Apple the latest company to jump into the pool of competitors. But it’s not yet a ‘Pandora Killer.’
Last week, the CFO of Pandora took to the stage at a corporate conference to boast that its market share had risen in October—the month following the release of Apple’s iTunes Radio.The statement, which seemed to prove the newly released iTunes Radio wasn’t a “Pandora Killer,” made headlines. It was fodder for all the industry-watchers who recognize the significant revenue stream and sizable audience at stake. What may have begun as a rather innocent revolution in entertainment is now quickly giving way to an all-out war between digital radio competitors.
Weak earnings reports and a series of fire incidents finally brought down Tesla Motors’ stratospheric stock price, but somehow the company continues to defy the rules of the market.
It’s been a while since we’ve checked in on Tesla, the electric-car manufacturer that inspires love-hate reactions among investors and the public. The brainchild of serial entrepreneur Elon Musk, Tesla sells an expensive electric sports car.The only thing as expensive as the Tesla Model S, which retails for about $60,000, is the company’s stock. Between October 2012 and October 2013, it rose from $31 to $190, up more than six-fold, giving the company a stock market valuation of $23 billion.
A messy brand extension nearly derailed her empire. Now, the loud and proud money guru is hitting back at her critics—and touting her victory over the ‘financial rape’ of the poor.
When it comes to people and their money, Suze Orman is never wrong.That’s according to Suze Orman. In fact, around the set of The Suze Orman Show, her long-running CNBC series, Orman and her producers like to joke about what they call “Suze witching moments”—instances in which the host’s psychic intuition turns out to be eerily accurate.Before a recent taping at network headquarters in Englewood Cliffs, New Jersey, Orman warned two guests about her on-air style, which relies heavily on these witching moments.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
Surprise! Showtime’s ‘Homeland’ proved it’s still a potboiler of a show with a gripping episode in Tehran.