Dow futures slightly lower ahead of Federal Reserve meeting - CNBC

U.S. stock index futures were mixed Tuesday morning, as market participants braced for the first day of the Federal Reserve's interest rate meeting.

At around 02:00 a.m. ET, Dow futures dipped 25 points, indicating a negative open of more than 15 points. Futures on the S&P and Nasdaq were seen pointing in opposite directions.

Market focus is largely attuned to the U.S. central bank, with policymakers set to begin a two-day meeting later on Tuesday.

The Federal Reserve is expected to leave borrowing costs unchanged, despite fresh demands from President Donald Trump to cut interest rates.

Investors are likely to closely monitor whether policymakers at the central bank lay the groundwork for a rate cut later in the year.

Fresh hopes for looser monetary policy have eased tensions in risk asset markets, which were hit hard last month by escalating trade tensions between the world's largest economies.

On the data front, housing starts and building permits for May are scheduled for 8:30 a.m. ET.

In corporate news, Parsons will report its latest results before the opening bell. The construction and engineering company, known for building airports and subways, is poised to release its first quarterly earnings since an initial public offering (IPO) earlier this year.

Jabil Circuit and La-Z-Boy will report their latest quarterly results after market close.

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https://www.cnbc.com/2019/06/18/stock-market-wall-street-monitors-federal-reserve-meeting.html

2019-06-18 06:00:15Z
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Dow futures slightly lower ahead of Federal Reserve meeting - CNBC

U.S. stock index futures were mixed Tuesday morning, as market participants braced for the first day of the Federal Reserve's interest rate meeting.

At around 02:00 a.m. ET, Dow futures dipped 25 points, indicating a negative open of more than 15 points. Futures on the S&P and Nasdaq were seen pointing in opposite directions.

Market focus is largely attuned to the U.S. central bank, with policymakers set to begin a two-day meeting later on Tuesday.

The Federal Reserve is expected to leave borrowing costs unchanged, despite fresh demands from President Donald Trump to cut interest rates.

Investors are likely to closely monitor whether policymakers at the central bank lay the groundwork for a rate cut later in the year.

Fresh hopes for looser monetary policy have eased tensions in risk asset markets, which were hit hard last month by escalating trade tensions between the world's largest economies.

On the data front, housing starts and building permits for May are scheduled for 8:30 a.m. ET.

In corporate news, Parsons will report its latest results before the opening bell. The construction and engineering company, known for building airports and subways, is poised to release its first quarterly earnings since an initial public offering (IPO) earlier this year.

Jabil Circuit and La-Z-Boy will report their latest quarterly results after market close.

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https://www.cnbc.com/2019/06/18/stock-market-wall-street-monitors-federal-reserve-meeting.html

2019-06-18 05:56:34Z
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Sotheby's Announces Its Biggest Sale — Itself — For $3.7 Billion - NPR

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Sotheby's says its board has accepted a purchase offer from telecom billionaire Patrick Drahi. Here, the auction house's headquarters are seen on Manhattan's Upper East Side. Drew Angerer/Getty Images hide caption

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Drew Angerer/Getty Images

Updated at 1:28 p.m. ET

Sotheby's has accepted a merger offer from entrepreneur Patrick Drahi, who will purchase the auction house for $3.7 billion. The deal puts Sotheby's, which was founded in 1744, on a path to becoming a private company again.

"After more than 30 years as a public company, the time is right for Sotheby's to return to private ownership to continue on a path of growth and success," Domenico De Sole, chairman of the Sotheby's board of directors, said in a statement about the sale.

De Sole said the board "enthusiastically supports" Drahi's offer, which would pay shareholders $57 in cash per share — far above its Friday closing price of $35.38.

That payout reflects a 56.3% premium over the stock's recent 30-day average, Sotheby's said.

Drahi is a French-Israeli billionaire who founded the Dutch-based telecom giant Altice — which has carried out multibillion-dollar acquisitions in recent years, including paying $17.7 billion to acquire the Cablevision company in 2015.

The Sotheby's purchase is expected to close in the fourth quarter of this year, the company said. Before that can happen, the deal must be approved by shareholders and regulators.

Drahi, 55, said he is "honored" that the board has chosen to accept his offer.

"Sotheby's is one of the most elegant and aspirational brands in the world," Drahi said. "As a longtime client and lifetime admirer of the company, I am acquiring Sotheby's together with my family."

Tad Smith, Sotheby's chief executive, said the acquisition would allow the company "to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."

Sotheby's currently operates auctions in sales rooms in 10 cities, from London and New York to Hong Kong and Paris. The auction house is also active online, through its BidNow program that lets potential buyers view auctions and place bids over the Internet.

The auction house's sale is not expected to affect Sotheby's International Realty – that's the name of a separate enterprise that has been a subsidiary of real estate company Realogy Holdings Corp. since 2004. Under that arrangement, Realogy licenses the Sotheby's name for its franchise program.

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https://www.npr.org/2019/06/17/733400854/sothebys-announces-its-biggest-sale-itself-for-3-7-billion

2019-06-17 16:19:00Z
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Huawei bracing for a 40% to 60% drop in international smartphone shipments - Ars Technica

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Hot off the news of Huawei cancelling a laptop launch and delaying its foldable smartphone, we're now starting to see hard numbers for just how much the Trump Administration's export ban may affect the Chinese company's business. A report from Bloomberg claims to detail Huawei's internal estimates, saying the company is expecting a 40 to 60 percent drop in international smartphone shipments due to the export ban. Huawei does about half its smartphone business internationally, and with 206 million phones sold in total in 2018, this would work out to about 40 million to 60 million sales lost.

The Bloomberg report also has talk of Huawei pulling its next smartphone launch, the Honor 20, if sales aren't up to snuff. The phone launches on June 21 in parts of Europe, but the report says "executives are monitoring the launch and may cut off shipments if it sells poorly as expected." Carriers also need to be considered in this equation, and the report notes that two of the largest carriers in France have already opted out of selling the device.

This morning Huawei sent a response to the report to Ars and other outlets, saying the Honor 20 launch was still on schedule for June 21, and the Honor 20 Pro would be available in overseas markets "soon."

A 40 to 60 percent drop in smartphone shipments almost seems optimistic. It's hard to imagine any informed consumer outside of China picking up a Huawei phone with so much uncertainty surrounding the brand. Once the 90-day support window runs out, it's unclear if customers will have access to security updates and future Android updates or if the Google Play Store and Google apps will continue to work. Huawei must mostly be hoping that uninformed consumers will pick up its smartphones, unaware of all the turmoil the company is going through.

Aftermarket prices have already cratered for Huawei phones, and some trade-in shops are refusing to accept Huawei devices. This perceived drop in value should affect the new prices of Huawei phones, too; if Huawei does manage to sell some devices, it may be at a steep discount.

Even if Huawei does manage to move some units, the company is unable to buy new components from US vendors or from international vendors that are using US technology. A Bloomberg report from last month said Huawei built up a "three-month stockpile" of components ahead of the export ban, so anything the company sells now is dipping into that stockpile. Eventually, Huawei's hoard of components will dry up, and then the shortages will start.

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https://arstechnica.com/gadgets/2019/06/huawei-bracing-for-a-40-to-60-drop-in-international-smartphone-shipments/

2019-06-17 15:41:00Z
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Comcast Launches Eye Control For The TV, An Aid For Physically Disabled Viewers - Deadline

Comcast has launched a feature enabling viewers with physical disabilities like spinal cord injuries or amyotrophic lateral sclerosis (ALS) the ability to navigate their television using only their eyes.

Xfinity X1 eye control is a web-based remote for tablets and computers that pairs with an existing eye gaze system and allows viewers with a single glance to change the channel, access the DVR or search for programs.

The free service addresses a sizable population of TV viewers. According to Comcast, more than 48 million people in the U.S. have physical or mobility disabilities, and every day about 15 people are newly diagnosed with ALS, or Lou Gehrig’s disease.

“Changing the channel on a TV is something most of us take for granted but until now, it was a near-impossible task for millions of viewers,” Comcast VP of Accessibility Tom Wlodkowski said. “When you make a product more inclusive you create a better experience for everyone and we’re hoping our new X1 feature makes a real difference in the lives of our customers.”

X1 eye control uses a web page remote control that works seamlessly with existing eye gaze hardware and software, Sip-and-Puff switches and other assistive technologies. After customers pair the web-based remote with their set-top-box, each time they gaze at a button, the web-based remote sends the corresponding command to the television.

”We are pleased to see how Comcast continues to make their products and solutions accessible,” said Tara Rudnicki, President North America Tobii Dynavox, a leading provider of touch and eye tracking assistive technology hardware and software. “As an assistive technology company, we want to empower our users to live independent lives.  With the X1 Eye Control now enabled with eye gaze, it will come to great use for many of them.”

Here is a video of Philadelphia resident Jimmy Curran using the new setup:

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https://deadline.com/2019/06/comcast-launches-eye-control-for-the-tv-an-aid-for-physically-disabled-viewers-1202633522/

2019-06-17 14:53:00Z
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Sotheby's auction house is being taken private by group controlled by art collector Patrick Drahi - CNBC

Sotheby's auction in Hong Kong.

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Sotheby's auction house announced Monday an agreement to be acquired by BidFair USA, a venture wholly owned by French media entrepreneur and art collector Patrick Drahi.

Sotheby's stakeholders will receive $57 per share in cash as a result of the transition, a premium of 61% to the company's stock price on Friday. The deal is valued at $3.7 billion.

The transaction, if approved by shareholders, would result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

The stock rallied more than 57% on Monday morning following the news.

President of French telecoms and media group Altice, Patrick Drahi smiles during the inauguration of the Altice Campus in Paris on October 9, 2018.

Eric Piermont | AFP | Getty Images

"Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family," CEO Tad Smith said in a press release. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."

Sotheby's was No. 2 in the world among art auction houses in the first half of 2018 with a turnover of more than $2 billion. Before the announcement, CNBC's David Faber first reported that Sotheby's would be sold, citing people familiar with the matter.

LionTree Advisors is serving as financial advisor to Sotheby's, and Sullivan & Cromwell is acting as legal counsel.

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https://www.cnbc.com/2019/06/17/sothebys-is-in-talks-to-be-sold-sources.html

2019-06-17 13:46:36Z
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Huawei CEO says he underestimated impact of US ban - CNA

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https://www.youtube.com/watch?v=s-nc3bPFelQ

2019-06-17 13:16:46Z
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