Rabu, 04 Desember 2019

Elon Musk attempts to explain Twitter to normal people in court - The Verge

There are so many lawyers, and they are all wearing nondescript suits in blue or gray that are cut badly in the upper arm area. I have seen many shapes and styles of shoulder pads, all of them bad. I have seen an improbable amount of hair gel. I have seen loafers, flimsy and sturdy. I have seen, among the trial’s observers, a man wearing two sets of glasses, one over the other, presumably to avoid having to buy bifocals. The best-dressed people in the room are in the jury, and it’s not close. (The jury has been instructed not to read the press, so it’s not like I’m sucking up here.)

The Honorable Stephen Wilson, in explaining the case, tells the fortyish prospective jurors that Elon Musk “posted a series of tweets on his Twitter” very sincerely, a statement that had been tediously ironed out with both sets of lawyers the day before. None of them, apparently, viewed “posted tweets on his Twitter” as a howler; but first of all, “tweeted” is a fine strong verb. Second, where else would Musk post his tweets if not his Twitter account — Facebook?

We are convened because Elon Musk, following in the footsteps of American icon Courtney Love, has been sued for Twitter defamation. The claim was brought by Vernon Unsworth, who helped rescue a boys’ soccer team and their coach from the Tham Luang Nang Non cave system in Thailand.

It’s… a little convoluted but the basic facts are these: the soccer team became an international media frenzy straight out of Ace in the Hole after they were reported missing on June 23rd, 2018. After initially telling a Twitter rando that “I suspect that the Thai govt has this under control, but I’m happy to help if there is a way to do so,” Musk commandeered several SpaceX engineers to build a mini-sub. They then brought the sub to Thailand in the hopes of assisting the rescue operation. By the time Musk arrived in Thailand with the submarine on July 9, eight of the 13 people trapped in the cave had been rescued.

After they had all been rescued, Unsworth went on CNN. He’d assisted with the rescue since the beginning, on June 24th, and suggested that the Thai government contact world-class cave divers. Unsworth was not feeling charitable about Musk’s contributions, calling the sub a “PR stunt” with “absolutely no chance of working.” Also, he said Musk could “stick his submarine where it hurts.” For some reason, everyone who has spoken so far, including Musk, construes this as “stick it up his ass” though a submarine would probably hurt in plenty parts of one’s body if enough pressure were applied. An armpit, for instance. A belly button.

Musk testified that he watched the CNN clip on Twitter “two or three times” before sending the tweets that brought everyone into the courtroom today. He said he’d show that the submarine could navigate the caves. He capped off the three-tweet rant with “Sorry pedo guy, you really did ask for it.”

It is the “pedo guy” that appears to be the crux of the case. The jury will decide if the tweets count as recklessly negligent.

O jury, where art thou?

But first we had to find a jury. Four people said they were Tesla owners — one of whom specified that he had an old-school Roadster, one of whom said they had both an X and an S — but this would not impair their judgment. Three people had connections — as contractors or shareholders — with SpaceX or Boring Company, but were similarly confident about their judgment. One prospective juror said that he had an upcoming job interview with SpaceX and could not be impartial. He was excused. Two other jurors were excused because they followed Musk on Twitter.

After the bulk questions, eight prospective jurors were called into the box and questioned individually. These people were asked more specific questions about whether they were related to any lawyers, what their spouses and kids did and whether they had any “strong opinion, whether negative or positive, about whether someone is a billionaire.” Most people answered no; an aesthetician who answered “yes” was excused. Only one prospective juror indicated he had strong opinions — “both negative and positive” — about Musk. He ended up on the jury.

A turd in the punch bowl

Then it was time for opening statements. Taylor Wilson, a partner at L. Lin Wood and a lawyer for the plaintiff, put up a chart I couldn’t see with a lot of dates on it. (The chart was aimed at the jury and would continue to obscure my view all day.) He then walked through the dates of the basic action around the tweets with the energy of a nervous middle schooler doing a monologue at the school play. Not only did Musk call Unsworth a “pedo guy,” Wilson pointed out, when Kevin Beaumont sarcastically called the tweet “classy,” Musk replied “bet you a signed dollar it’s true.” (The “signed dollar” tweet has also been deleted.)

Musk apologized on July 17, but that wasn’t the end of it. Wilson rather irritably told the court that despite the apology, Musk did not retract his “worldwide accusation on Twitter” that Unsworth was a pedophile. Wilson then told the court that Musk’s family office retained a PI to look into Unsworth and on August 28th, instructed the investigator to leak negative information to the press. (It would later emerge that the PI was, in fact, a con man.)

There were a few other subsequent events Wilson brought up to show that Musk must have been serious about calling Unsworth a pedophile: a reply to Drew Olanoff saying “you don’t think it’s strange he [Unsworth] hasn’t sued me?” and an email to BuzzFeed News reporter Ryan Mac where Musk called Unsworth a “child rapist.”

Musk was accusing Unsworth “of being a pedophile during what should have been the proudest moment of his life,” Wilson said. In other words, according to Wilson, Musk metaphorically shat in the punch bowl.

An argument between two men

In response, Alex Spiro — a former assistant district attorney with a real Miles Teller vibe, who is now a partner at Quinn Emanuel Urquhart & Sullivan and has represented Jay-Z — rose to give an opening statement from the defense. This was an argument between two men, he noted extremely correctly. He suggested that the plaintiff’s lawyers were changing the context on the exchange.

He set the stage on the Thailand thing differently. See, life and death hung in the balance. Naturally, the solution was hero engineers. (At this point, my notes read: “Spiro speaks better than Wilson but this defense is deeply goofy.”) Spiro rather dramatically told the courtroom “Thank God the pod was never needed.” He then pointed out that no one on the engineering team sat for an interview or took any money for their efforts.

Spiro then made the argument that “stick the sub where it hurts” was understood as a colloquialism. He notes that Unsworth incorrectly said in his CNN interview that Musk was asked to leave the cave, and that it was only Unsworth’s opinion that the minisub didn’t work. (I am now hoping for some extremely petty video evidence about whether or not the minisub works, which is possibly the least important part of this entire debacle.) According to Spiro, the hurtful part was calling Musk’s efforts a publicity stunt.

There are two basic mistakes to make on the internet, and Musk would proceed to make both of them. The first is to do a Google search in lieu of actual research, and Musk — immediately after seeing the video — did this. Through Google, Musk determined that Unsworth lived in Chiang Rai province in Thailand; an article somewhere named the province as a significant area of child sex trafficking.

From there, Musk proceeded to make the second mistake, which is to tweet. Armed with his Google knowledge, Musk called Unsworth a “pedo guy.” Spiro maintained that it was a “fill-in-the-blank insult” and that the Google search was just to determine an effective way to insult Unsworth. “These tweets are not allegations of crimes,” Spiro said. “They are joking, taunting tweets in a fight between men.”

Sprio then coined the worst acronym I’ve heard in years, and I edit stories about aerospace so I know from bad acronyms. It is: JDART, for joking, deleted, apologized-for, responsive tweets. See, because the tweets were in response to the CNN interview.

As for the later statements — which could be construed as doubling down — and the hiring of the PI, Spiro said that Musk was simply trying to get information because a lawsuit was imminent. (Truth is a defense against a defamation claim.)

Spiro then proceeded to question whether Unsworth was as upset as he claimed; after all, he’d been featured in GQ’s Men of the Year, received an award from the United Kingdom’s Queen (Member of the Most Excellent Order of the British Empire, a name in extremely questionable taste for an award as empires are currently out of fashion), and was honored by the King of Thailand.

Then, mercifully, we broke for lunch.

Musk takes the stand

After I ate two Cliff Bars sitting outside the courtroom, Musk showed up to testify in a positively funereal black suit and blue-gray tie, flanked by security guards. L. Lin Wood, a Philip Seymour Hoffman character who somehow got loose from the bounds of cinema and showed up in reality, handled the cross-examination. Wood was possessed of a certain oleaginous charm and generally bumbling manner, which belied the work he’d done on behalf of clients like Herman Cain, JonBenet Ramsey’s parents, and Richard Jewell, who was named as a suspect in the 1996 Olympic bombing before being cleared.

Anyway Wood began by asking about Twitter dot com. I live for this.

It rapidly became apparent that whatever pretrial prep Wood has done is insufficient for him to understand the Nature of Posting. Wood explained that before 2018, Musk knew that his Twitter account was used in part to convey factual information. It is. It is also used for Ambien tweets, reflections on anime, rumormongering, and fantasies about a volcanic lair. People on Twitter can assert anything that comes to mind, Musk said, “true, untrue, half-true. It’s where people engage in verbal combat. There’s anything on Twitter.”

Wood spent a great deal of time asking very similar-sounding questions. It is possible Wood did this because he’s rusty at trial; it is possible it was a deliberate strategy to make Musk lose his temper. It’s possible there is some reason I am not thinking of. Through most of the following, Musk sat with his arms crossed and resting on the table in front of him.

Wood attempted to establish that Musk is influential. Musk wasn’t having it. “I’m not sure to the degree I’m actually influential,” Musk said. Wood tried again: Musk is recognized as the pioneer who wants to take people to Mars. “I’m influential in the domains of climate change and rockets,” Musk admitted. “But this doesn’t mean I can change someone’s opinion in other areas.”

As a person who speaks publicly, though, Musk surely must know the value of choosing his words carefully, Wood suggested. At that point it occurred to me that Wood had probably never seen a Musk press event — for instance, the Neuralink one earlier this year where Musk shocked his own team by revealing that “a monkey has been able to control a computer with its brain” using that tech. “There are a lot of things I say and not all of them have the same quality of thought,” Musk said, in what was likely the understatement of the decade.

Wood seemed to switch tacks, going through old emails to establish a timeline for Musk’s work on the submarine. Musk says that at first he thought his help wasn’t needed, but then after a Thai Navy Seal died and reports of an imminent monsoon, he figured “it would be on my conscience forever” if he didn’t take action. Musk walked through the details of getting in touch with Rick Stanton, who coordinated the operation, doing what essentially amounted to a hackathon with his engineers, then flying to Thailand to drop off the sub. Musk sent his team ahead while he met with the Thai prime minister, then took the sub to the Navy Seals, headed into the cave to the dive point, posted a photo from the cave on Twitter, then left for his hotel room. The next day, he flew to Shanghai for a pre-planned business meeting.

At this point, Wood tried to enter an email exchange into evidence, resulting in a great deal of confusion on Judge Wilson’s part about how email reply chains work. (You read from the bottom.) After that confusion was resolved, a July 10 email was entered into evidence: “btw my gf just texted me saying the head of the Thai rescue team said the solution isn’t practical & the press is turning against me.” Wood noted that members of the media, before Unsworth said anything, had described the sub as a PR stunt.

Here is where we come to Musk’s third mistake: he had a Google alert set up on his name. (“Not anymore.”) He wasn’t quite sure where he’d seen the Unsworth interview, but he thought maybe Twitter. Musk posted the “pedo guy” tweets “minutes to hours” after seeing the video. The video was then played for the court; Musk turned pink while he watched it.

At this point, the “pedo guy” Twitter thread was entered into evidence, and the befuddled court had to be told that the reply chains work the other way on Twitter — the first tweet is at the top, and the last tweet is at the bottom. Musk helpfully explained Twitter’s reply mechanism means that when you reply to someone, it’s less visible than when you simply tweeted. Then the meaning of the slang “sus” was explained to the court.

Wood asked if Musk knew who Unsworth was when he tweeted. Musk thought he was “a random creepy guy” who was unrelated to the rescue. Wood then asked a series of questions establishing at length that Musk didn’t know who Unsworth was, apparently trying to get a rise out of Musk. Wood’s take on the apology tweet was that it was insufficient, because it did not clarify that Musk didn’t mean Unsworth was not literally a pedophile.

A very testy exchange between men

At this point, perhaps inevitably, we come to the conman: James Howard, a convicted felon. Howard had been trying to get in touch with Musk about investigating Unsworth; Musk was not directly involved in contracting Howard; Jared Birchall, who runs Musk’s family business Accession LLC and who has served briefly as an officer of Neuralink and the Boring Company, contracted Howard, who was paid $52,000. There was a $10,000 bonus for verified information on misconduct by Unsworth; Howard never got the bonus.

Birchall apparently told Musk that the investigator claimed he had verified information that Unsworth met his wife when she was 12. Musk said he wanted copies to make sure the information was true; Howard couldn’t provide the information.

Wood then switched back to Twitter. Musk’s August 29 tweet suggesting it was weird Unsworth hadn’t filed a lawsuit is teed up again. Wood told Musk he’d sent Musk a letter about his intent to file suit unless they could work something out; Musk said he’d been told about the letter but may not have read it. Wood dug up Musk’s sworn deposition, where Musk said he’d read it. Musk then said he interpreted the letter as a “shakedown,” “extortion.” “I get these shakedown letters quite a lot.”

This visibly irritated Wood. He asked Musk where in the letter the shakedown occurs. Musk said that Wood couches it in fancy language but Musk knows what it means. “I think you’re looking for a significant payday.” Wood seemed to take this personally, and a very testy exchange between men occurs. “You don’t work for free,” Musk said to Wood. “Neither do you,” Wood said to Musk. Judge Wilson told both men in fancy language to settle down.

So Wood moved on to Musk’s emails to Buzzfeed reporter Ryan Mac, who was sitting in front of me and shifted uncomfortably as several people, including members of the plaintiff’s legal counsel, turned to stare at him. Mac’s jaw worked. (I asked him after the trial if he had any on-the-record comment about his star turn and he referred me to a tweet: “After eating and thinking about it for 2 hours, my main takeaway from court today is that I would never want a jury to decide my fate based on my tweets blown up on a big screen.”) Wood had Musk read aloud the “I fucking hope he sues me” portion of the email. “I guess be careful what you wish for,” Musk said.

Judge Wilson interjected to tell the jury that Mac’s email is not part of the defamation claim.. Frankly, by this portion of the afternoon, Judge Wilson seemed cranky.

Well, who could blame him. Musk had been testifying for almost four hours. My back hurt — courtrooms are not ergonomic. And finally, we came to “pedo guy;” insult or accusation? Musk maintained that it was an insult, he didn’t clarify that because he didn’t think it required clarification, and he didn’t mention it in the apology because he thought it would make things worse. Besides, according to Musk, calling someone a “pedo guy” just means they’re creepy. “Pedo guy is less — it’s a frivolous insult. ‘Guy’ does not add gravitas to a statement.” After this somewhat deflating exchange, Wood rested his cross.

In the five minutes left in the day, Musk’s lawyer, Spiro, began asking Musk biographical questions, establishing that Musk was a father of five. That his first son had died as an infant. That Musk grew up in South Africa and his childhood was [long pause] “not good.” Judge Wilson ends promptly at 5PM PT, which is good news for the jurors. Though they were attentive, some of them seem to have lost the thread of questions a few times. It’s hard work, witnessing exchanges between men.

We’ll all be back at it at 9AM PT on Wednesday.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMibmh0dHBzOi8vd3d3LnRoZXZlcmdlLmNvbS8yMDE5LzEyLzQvMjA5OTQ4OTUvZWxvbi1tdXNrLXRlc3RpbW9ueS12ZXJub24tdW5zd29ydGgtdHdlZXQtbmVnbGlnZW5jZS1sYS1jb3VydGhvdXNl0gF7aHR0cHM6Ly93d3cudGhldmVyZ2UuY29tL3BsYXRmb3JtL2FtcC8yMDE5LzEyLzQvMjA5OTQ4OTUvZWxvbi1tdXNrLXRlc3RpbW9ueS12ZXJub24tdW5zd29ydGgtdHdlZXQtbmVnbGlnZW5jZS1sYS1jb3VydGhvdXNl?oc=5

2019-12-04 07:14:26Z
52780456883468

Selasa, 03 Desember 2019

AK Steel Stock Up, Cleveland-Cliffs Stock Down on Acquisition News. Here’s Why. - Barron's

Iron ore miner Cleveland-Cliffs shocked the steel establishment with a surprise all-stock buyout of AK Steel. The move has AK Steel shares up in premarket trading while Cliffs shares are tumbling.

Untangling the logic of the deal will take some time and requires a dive into raw material markets and the nature of steelmaking. For now, the Street is panning the deal. The combined value of both firms is lower than it was before the deal was announced. One plus one is equaling less than two for these steel-based companies.

First, the details. AK Steel (ticker: AKS) shareholders will receive 0.4 shares of Cleveland-Cliffs (CLF) for each AK share held. That works out to about $3.36 per AK share, a 16% premium over the $2.89, based on Monday closing prices. AK Steel stock is up 6.2% to $3.07 in premarket trading at 8:35 a.m.

Cliffs stock, however, has dropped 9.4% to $7.62. Cliffs stock is down for two reasons. The first is technical. When an all-stock deal is announced merger arbitrage investors will sell the buyer’s share—Cliffs in this instance—and buy the target’s stock, locking in a spread, a profit earned if the deal closes as originally envisioned.

The merger-arb aspect of this deal, however, isn’t why Cliffs share are down a lot. Cliffs investors were happy owning iron ore capacity, but aren’t very happy to be owning steelmaking capacity. Iron ore margins, over time, have been better than margins for U.S. steel producers. The deal creates a far more complicated company with a more complex profit margin structure.

It gets more complicated still. AK Steel is a customer of Cliffs, and that means part of Cliffs’ profit was derived from AK Steel. Now both companies are slated to become one so AK Steel’s costs go down—in theory. AK doesn’t have to pay a spread above Cliff cost for iron ore any longer. That pushes up AK earnings, but it reduces iron ore profits—again, in theory. The profitability of the overall entity isn’t changed when a supplier buys a customer.

Cliffs says it earns $30 to $40 per ton of iron ore pellets shipped to AK Steel in the merger presentation available on the company’s website. What’s more, the presentation says the combined companies have a more competitive cost structure by having captive iron ore supply. But the majority of the U.S. steel industry has captive iron ore. And the supplier-buying-customer paradox still exists. AK Steel margins are more competitive at the expense of Cliff profits.

Deal cost synergies will approach $120 million in savings a year, according to the companies. It isn’t clear how those are being calculated. And there is another proposed benefit from the merger. AK Steel won’t have to close a blast furnace because it has access to lower cost raw materials. That is, again, predicated on the supplier-customer paradox. What’s more, additional pig iron supply isn’t good for overall industry pricing.

The deal benefits are far from certain. And there is financial leverage to consider too.

The deal is all-stock because both companies have a lot of debt. The combined enterprise value of both firms—the debt plus market capitalization—is about $8 billion. The combined market cap of both firms is less than $4 billion. More than half of the total firm accrues to debtholders. More debt means, at minimum, the stock reactions will be more violent than comparable deals with less financial leverage.

The deal might make strategic sense in the long run, but based on the initial reaction of markets, management of both companies have some convincing to do. The Street isn’t buying the cost synergies or strategic benefits yet. The companies host a conference call for investors and analysts at 8:30 a.m. Eastern time.

This merger comes at an interesting time for the industry. Steel stocks are down a lot from all-time highs and the industry is seeking ongoing protection from foreign producers. The industry has a point. China makes about half of the 1.8 billion metric tons of steel made annually—more than it needs for its internal consumption. What’s more, most of the steel capacity is government owned. It wasn’t financed with private market funds.

The last time steel mergers picked up was more than a decade ago when Chinese demand for steel was ramping up and the Middle kingdom wasn’t exporting as much product. Back then, China’s insatiable demand for steel products pushed up raw material costs raising the value of U.S. firms—like Cliffs—that operated existing iron ore assets. Cleveland-Cliffs stock all time high is more than $100 a share set back in 2008 before the financial crisis hit.

AK Steel stock is up about 28% year to date after rising almost 40% over the past three months, better than the comparable gains of the S&P 500 and Dow Jones Industrial Average over the same span. It’s been a wild ride for steel investors as tariffs and demand have whipsawed steel prices. Despite the recent rally, AK Steel stock is still down 11% over the past 12 months. Cleveland-Cliffs shares are up about 9% year to date as of Monday’s closing price.

Write to Al Root at allen.root@dowjones.com

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMid2h0dHBzOi8vd3d3LmJhcnJvbnMuY29tL2FydGljbGVzL2NsZXZlbGFuZC1jbGlmZnMtc3RvY2stZHJvcHMtb24tYWstc3RlZWwtYWNxdWlzaXRpb24td2hhdC15b3UtbmVlZC10by1rbm93LTUxNTc1MzgwOTY20gF7aHR0cHM6Ly93d3cuYmFycm9ucy5jb20vYW1wL2FydGljbGVzL2NsZXZlbGFuZC1jbGlmZnMtc3RvY2stZHJvcHMtb24tYWstc3RlZWwtYWNxdWlzaXRpb24td2hhdC15b3UtbmVlZC10by1rbm93LTUxNTc1MzgwOTY2?oc=5

2019-12-03 14:07:00Z
52780456355569

Cyber Monday totalled $9.2B in US online sales, smartphones accounted for a record $3B - TechCrunch

Cyber Monday — the final day of the extended Thanksgiving weekend that traditionally kicks off holiday season spend — broke another e-commerce record: US shoppers racked up a total of $9.2 billion in online sales, according to figures from Adobe.

To put that number into some perspective, at its peak, consumers were spending $11 billion per minute, this was the first day to see sales via smartphones break the $3 billion mark, and this was $1.3 billion more than shoppers spent on Cyber Monday a year ago (remember the days when breaking $1 billion was a big deal?). There has so far been just over $72 billion spent online since the beginning of November.

On the other hand, there is an undercurrent of more sluggish buying than had been anticipated. Following the pattern set during Thanksgiving and Black Friday — the total actually just fell short of what Adobe had expected for the day, which was $9.4 billion. Adobe expected an increase of nearly 19%; in the end it was more like 16.5%.

(And it should be noted that a forecast for sales Salesforce was even more conservative: it projected that Cyber Monday sales would total $8 billion in U.S. sales and $30 billion worldwide — representing 15% and 12% year-over-year growth, respectively.)

That’s despite very aggressive pricing on the part of online sellers. “Retailers unlocked sales earlier to combat a shorter shopping season, while continuing to drive up promotion of the big branded days including Black Friday and Cyber Monday,” said John Copeland, head of Marketing and Consumer Insights at Adobe, in a statement. “Consumers capitalized on deals and ramped up spending, especially on smartphones, where activity increased on days when shoppers were snowed or rained in.”

Top items sold on the day included Frozen 2 Toys, L.O.L Surprise Dolls, NERF products, Madden 20, Nintendo Switch, Jedi Fallen Order, Samsung TVs, Fire TV, Airpods and Air Fryers. One report claims Apple may have sold as many as 3 million pairs of AirPods from Black Friday until Cyber Monday. (RIP my bank account.) The best deals on the day were for TVs (19% savings on average).

The final figures for the day might have a slight shift as Adobe finishes all of its tallies. It follows a morning total of $473 million, and sales passing the $5 billion mark at 5pm Pacific time — a sign of just how much shopping online — more than $4 billion — happens in the evening hours (indeed, some refer to them as the “golden hours” of retail).

(Adobe’s forecasts and reports are based on over 1 trillion visits to U.S. online retail sites and 55 million SKUs. And its Adobe Analytics service is able to measure transactions from 80 of the top 100 U.S. retailers.)

While Black Friday’s online shopping has seen brick-and-mortar stores competing for the same shoppers, and Thanksgiving still has a seam of tradition underpinning it that keeps some people away from consumerism, Cyber Monday is the day of sales and shopping perhaps most dedicated to the pursuit of product procurement via the web. Folks are back at work, and less likely to go into physical stores, but they’re still shopping for holiday bargains.

The $3 billion of products purchased via smartphones accounted for about one-third of all sales. In itself, this is huge, as smartphone growth was up 46%: in other words, smartphone growth is outpacing and very much driving overall growth of online sales.

Browsing continues to also be popular but is growing less fast: smartphones drove 54% of all site visits, up 19% on a year ago. This makes sense since people might casually look for deals while on the go, but when it comes to sitting down and doing all the fiddly parts of entering card numbers and addresses, people opt for more comfortable keyboards and larger screens.

Some of the trends that Adobe picked up in the days leading up to Cyber Monday are continuing to be played out. These include the fact that the big are getting bigger. That is to say, larger e-commerce giants, with sales of over $1 billion annually, continue to make the most during these huge promotional periods.

Their sales have gone up 71% this year, compared to smaller retailers’ share going up by just 32%. They saw a 71% boost in revenue so far, while the smaller online retailers saw a 32% boost.

Part of the reason for this is because larger retailers can give bigger discounts; because they simply have larger ranges of items; and lastly because they have a more flexible range of choices when it comes to delivery. Adobe noted that the trend of “buy online, pickup in-store/curbside” services was up 43% over last year. 

Through this weekend, consumers spent $7.4 billion, including “Small Business Saturday” and “Super Sunday,” which are newer terms for the big shopping days after Thanksgiving and Black Friday.

In addition to the usual factors that influence Cyber Monday sales, this year’s shopping period may get a boost from the bad weather, too (storms are currently swirling around different regions of the US). When extreme weather arrives, shoppers tend to stay indoors and shop at home. On Black Friday, for example, states that recorded more than two inches of snow saw a 7% bump in online sales.

“Online shopping received some unexpected boosts this holiday season. Retailer fears of a shorter season meant that deals came much sooner than usual, and consumers took notice. In some areas of the country, adverse weather in the form of snow and heavy rain meant that many opted to stay home instead and grabbed the best deals online. Just look at Black Friday, which brought in $7.4 billion online and is just below last year’s Cyber Monday at $7.9 billion,” said Taylor Schreiner, principal analyst and head of Adobe Digital Insights.

“Consumers are reimagining what it means to shop during the holidays, with smartphones having a breakout season as well. We expect that consumers will spend $14 billion more this holiday season via their phones,” Schreiner added.

Last but not least, another trend Adobe is tracking points to why the biggest online retailers like Amazon are getting increasingly involved in the advertising business. Adobe notes that paid search accounted for 24.4% of sales (up 5.2% on last year), more than three percentage points more than actual direct traffic (21.2% and declining). “Natural” search accounted for 18.8% of sales, while email accounted 16.8% (up 8.9% YoY). Social media, as a category, has “minimal impact” when it comes to driving online sales (just 2.6%) but — true to form — it’s proving to be a big influencer, driving some 8% of visits and up 17.5% over a year ago.

Updated with final figures from Adobe

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiXGh0dHBzOi8vdGVjaGNydW5jaC5jb20vMjAxOS8xMi8wMi9jeWJlci1tb25kYXktb24tdHJhY2stdG8tZGVsaXZlci05LTRiLWluLXUtcy1vbmxpbmUtc2FsZXMv0gFgaHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDE5LzEyLzAzL2N5YmVyLW1vbmRheS1vbi10cmFjay10by1kZWxpdmVyLTktNGItaW4tdS1zLW9ubGluZS1zYWxlcy9hbXAv?oc=5

2019-12-03 12:45:00Z
52780454595052

Here’s What Happens to Markets If U.S. Tariffs on China Kick in Dec. 15 - Yahoo Finance

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. 

President Donald Trump’s latest missives on trade are a wake-up call to markets close to record highs that a major deadline is looming with China.

The Dec. 15 flashpoint on tariffs was thrown into sharp relief Tuesday when Trump said he sees no urgency to complete a deal, right after he threatened an assortment of trading partners with levies.

“If tariffs scheduled for Dec. 15 are implemented it would be a huge shock to the market consensus,” said Sue Trinh, managing director for global macro strategy at Manulife Investment Management in Hong Kong. “Trump would be the Grinch that stole Christmas,” she said.

Global equities came within a whisker of their all-time high last month, propelled in part by swelling optimism that at least an interim U.S.-China trade deal was in the offing. Meantime, the clock kept ticking towards Dec. 15, when Trump has threatened to impose 15% levies on $160 billion of Chinese imports.

With about two weeks to go on the China front, the Trump administration Monday hit Brazil and Argentina with steel tariffs and proposed levies on France as punishment over a tax that’s hit large American tech companies.

Moves by self-styled Tariff Man Monday were enough to trigger the biggest Wall Street sell-off in eight weeks -- with a little help from a weak U.S. manufacturing report.

“I have no deadline,” Trump told reporters Tuesday in London when asked if he wanted an agreement by year end. Stocks fell.

The U.S. president suggested that in some ways, it might be better to wait until after the November election.

The following are the views of a number of market participants on what happens if the tariffs on China kick in Dec. 15.

‘Gloomy Future’

It will be “definitely risk-off across the screen,” Tongli Han, chief investment officer at Deepblue Global Investment, said in an interview with Bloomberg TV. “What happened recently makes this trade deal more costly for Chinese leaders -- so I’m seeing a gloomy future for the short term, one-to-two months.”

Better Luck Next Year

With the clock running down on 2019 and a prospects of a trade deal looking more remote it’s time for investors to take a little bit of risk off the table, said Steve Brice, chief investment strategist at Standard Chartered private bank, on Bloomberg TV.

“It looks like it’s going to be pushed to the beginning of next year at the best case,” Brice said. The message to investors is “maybe trim a little bit of equity exposure, or certainly not chase the market at this stage. But look to do so in the next few weeks if we see a 5-to-7% pullback.”

Longer term, Brice remains optimistic “the U.S. and China will still strike a deal of some sort. That will reduce uncertainty and help the global economy do well.”

Optimism Dashed

For Kerry Craig, global market strategist at JPMorgan Asset Management, a key concern is markets have already priced in the prospect of a trade deal that has yet to be signed.

“There had been a lot of optimism built in around a trade deal and it’s still the thing that will weigh on markets over the coming months,” Craig said on Bloomberg TV. “In the meantime we need to see more of a pick-up in the global economy to really offset some of those uncertainties.”

Buy the Dip

For some, the retreat in equities at the start of the week already presents a buying opportunity.

“I’d fade the correction today,” Eli Lee, head of investment strategy at Bank of Singapore, told Bloomberg TV.

The renewed tariff pressures on South America and Europe are likely an effort to bolster Trump’s “tariff man” image ahead of a trade deal with China, he said.

“With the economy in a very delicate situation, if this came on, it would seriously ratchet up the risk of a recession -- and the White House wouldn’t want this situation going into the 2020 presidential election next year,” Lee said.

‘Wild Day’

There may be some massive initial market swings in store, said Chris Weston, head of research at Pepperstone Group Ltd. in a note to clients.

“We could face a wild day,” he said. The S&P 500 is likely to fall about 2%, with currencies including the yuan, Australian dollar and Korean won also likely to move, he said. A relief rally may be in the offing afterward, particularly if there’s agreement to revisit talks in 2020, he said.

Even Worse?

“Even if there is a trade deal, it doesn’t solve most of the issues that we still have with China,” which is something that markets are going to have to reflect in time, said Christopher Smart, chief global strategist at Barings Investment Institute, on Bloomberg TV. “In fact, it probably makes the relationship more difficult to manage, because we’ve taken tariffs off the table.”

Smart said “time is running out” to get a deal done this year, given the logistics involved in setting up a presidential meeting. What does offer solace is that global central banks have eased policy and injected liquidity, postponing the recession that investors had been worrying about, he said.

“We would hope that a bout of common sense breaks out,” Philip Shaw, chief economist at Investec, told Bloomberg TV. “Don’t forget that this situation is very volatile -- it swings to and fro. We wouldn’t interpret too strongly events of one day.”

(Updates with latest Trump comments on timing for a China deal.)

--With assistance from Cormac Mullen, Andreea Papuc, Joanna Ossinger and Francine Lacqua.

To contact the reporters on this story: Eric Lam in Hong Kong at elam87@bloomberg.net;Gregor Stuart Hunter in Hong Kong at ghunter21@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cecile Gutscher

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiTWh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9oYXBwZW5zLW1hcmtldHMtdS10YXJpZmZzLWNoaW5hLTA1MTQ1Mzc4NC5odG1s0gFVaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvaGFwcGVucy1tYXJrZXRzLXUtdGFyaWZmcy1jaGluYS0wNTE0NTM3ODQuaHRtbA?oc=5

2019-12-03 11:51:00Z
52780455211231

Huawei plans to shift research center from US to Canada, founder Ren Zhengfei says - CNBC

The Huawei logo is seen on the side of the main building at the company's production campus on April 25, 2019 in Dongguan, near Shenzhen, China.

Kevin Frayer | Getty Images News | Getty Images

Huawei Technologies plans to shift its research center to Canada from the United States, Ren Zhengfei, the founder of the Chinese telecoms equipment maker, said in an interview with Canada's Globe and Mail.

Ren's remarks came as Reuters reported on Friday that the U.S. is weighing expanding its power to stop more foreign shipments of products with U.S. technology to Huawei. The U.S. Commerce Department in May placed Huawei on a trade blacklist, citing national security concerns.

Huawei's "center for research and development will be moved out of the U.S. And that will be relocated to Canada," Ren told the Globe and Mail, adding that the company will also manufacture some mobile network equipment outside China.

The Huawei founder wants to build new factory capacity in Europe to make fifth-generation (5G) networking equipment there, hoping to assuage fears stemming from U.S. allegations that its product could be used by China for spying, the Globe and Mail reported.

Huawei was not immediately available to comment on Ren's interview when contacted by Reuters. The firm has previously denied it is a risk to U.S. national security.

The company spent $510 million on the operations of its U.S. research arm last year, according to the Globe and Mail report, which added that it has now trimmed the arm's work force by 600 to about 250.

Separately, Ren's daughter and Huawei Chief Financial Officer Meng Wanzhou, who was arrested by Canadian police on a U.S. warrant late last year, is fighting extradition to the U.S. on charges of violating sanctions against Iran. She is currently out on bail.

Huawei has denied the charges and China has urged Canada to release her.

Commenting on her case, Ren said that it is an example of "obvious political interference from the U.S."

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMiXGh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMTkvMTIvMDMvaHVhd2VpLXBsYW5zLXRvLXNoaWZ0LXJlc2VhcmNoLWNlbnRlci10by1jYW5hZGEtZnJvbS11cy5odG1s0gFgaHR0cHM6Ly93d3cuY25iYy5jb20vYW1wLzIwMTkvMTIvMDMvaHVhd2VpLXBsYW5zLXRvLXNoaWZ0LXJlc2VhcmNoLWNlbnRlci10by1jYW5hZGEtZnJvbS11cy5odG1s?oc=5

2019-12-03 06:06:00Z
CAIiEEy0K76zFSQkSCBl0IHT4QsqGQgEKhAIACoHCAow2Nb3CjDivdcCMP3ungY

Senin, 02 Desember 2019

Cyber Monday 2019: The biggest and best deals at Amazon, Walmart, Best Buy, Target and more - CNET

CNET editors pick the products & services we write about. When you buy through our links, we may get a commission.

Cyber Monday sales are here. Here's every single deal you need to know about, including phones, PlayStation, Xbox, Nintendo, speakers, headphones and more.

Listen

- 04:31

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMibmh0dHBzOi8vd3d3LmNuZXQuY29tL25ld3MvY3liZXItbW9uZGF5LTIwMTktdGhlLWJpZ2dlc3QtYmVzdC1kZWFscy1hdC1hbWF6b24td2FsbWFydC1iZXN0LWJ1eS10YXJnZXQtYW5kLW1vcmUv0gF5aHR0cHM6Ly93d3cuY25ldC5jb20vZ29vZ2xlLWFtcC9uZXdzL2N5YmVyLW1vbmRheS0yMDE5LXRoZS1iaWdnZXN0LWJlc3QtZGVhbHMtYXQtYW1hem9uLXdhbG1hcnQtYmVzdC1idXktdGFyZ2V0LWFuZC1tb3JlLw?oc=5

2019-12-02 12:05:00Z
52780454595052

Best Cyber Monday deals: Fitbit Versa 2, Sonos One, Nintendo Switch, and more - The Verge

Cyber Monday is Black Friday’s encore set, back with even more deals. Some are new, others are crowd favorites from a few days ago, all of them are worth checking out because they’ll soon be gone. And once they are, you’ll probably have to wait a while for prices to get this low again.

Below, you’ll find all of the best Cyber Monday deals on a range of products, including laptops, headphones, gaming tech, PC components, phones, smart speakers, and more. We’ll be keeping this list up-to-date, organized by category, and within each category, the newest deals that we find will be listed first.

Thanks for reading, and good luck on getting that deal.

Updated at 7:53AM ET, December 2nd: Added an Amazon link for the Fitbit Versa 2, which dropped to $129. The Google Nest Wifi two-pack also dropped in price at Amazon, down to $259 from $299.

Gaming

TVs / Home entertainment

Headphones

Smart home

Tablets

  • The latest iPad (Wi-Fi, 32GB) is the cheapest right now at Target and Amazon (space grey and gold), where it’s just $229.99 ($100 off). Walmart has gold and space grey available for $249 at Walmart. Every color is available at $249 if you want to shop at Best Buy.
  • The latest iPad (Wi-Fi 128GB) is $329.99 ($100 off) at Amazon, Best Buy and Target
  • The Pixel Slate Chrome OS tablet with an 8th Gen Intel Core m3 CPU starts at $449 ($350 off) and includes a Pixel Slate Keyboard and Pixelbook Pen stylus for free with purchase at the Google Store and B&H Photo.
  • The next step up in price and power for the Pixel Slate is the $649 version with an 8th Gen Intel Core i5 processor, and is available with the same bundled items at the Google Store, Best Buy, Amazon, and B&H Photo.
  • Fire HD 8 is $49.99 (usually $79.99)
  • Fire HD 10 Tablet is $99.99 (usually $149.99)
  • Kindle Paperwhite is $84.99 (usually $129.99)

PCs, components and laptops

Phones, smartwatches and accessories

Miscellaneous

Vox Media has affiliate partnerships. These do not influence editorial content, though Vox Media may earn commissions for products purchased via affiliate links. For more information, see our ethics policy.

Let's block ads! (Why?)


https://news.google.com/__i/rss/rd/articles/CBMicWh0dHBzOi8vd3d3LnRoZXZlcmdlLmNvbS8yMDE5LzEyLzIvMjA5ODk4MDUvY3liZXItbW9uZGF5LWRlYWxzLWJlc3QtdGVjaC1nYW1lcy1nYWRnZXRzLWFtYXpvbi13YWxtYXJ0LXRhcmdldC0yMDE50gF-aHR0cHM6Ly93d3cudGhldmVyZ2UuY29tL3BsYXRmb3JtL2FtcC8yMDE5LzEyLzIvMjA5ODk4MDUvY3liZXItbW9uZGF5LWRlYWxzLWJlc3QtdGVjaC1nYW1lcy1nYWRnZXRzLWFtYXpvbi13YWxtYXJ0LXRhcmdldC0yMDE5?oc=5

2019-12-02 12:00:00Z
CAIiECEE3XB_S2xSe8mdn5dcdl4qFwgEKg4IACoGCAow3O8nMMqOBjCkztQD