Selasa, 30 April 2019

Facebook is redesigning its core app around the two parts people actually like to use - The Verge

Facebook announced an overhaul of its main mobile app today that puts more emphasis on two of its most critical features: events and groups. The company says it’s placing groups front and center as a cornerstone of how it wants users to think of the main Facebook app, while events is getting a fresh coat of paint as one of the most-used parts of the app that keeps users coming back day in and day out.

“There are tens of millions of active groups on Facebook. When people find the right one, it often becomes the most meaningful part of how they use Facebook. And today, more than 400 million people on Facebook belong to a group that they find meaningful,” the company said in a blog post. “With this in mind, we’re rolling out a fresh new design for Facebook that’s simpler and puts your communities at the center. We’re also introducing new tools that will help make it easier for you to discover and engage with groups of people who share your interests.”

Facebook says the mobile redesign will start rolling out immediately on iOS and Android around the world. It’s also working on a desktop redesign that will arrive in the coming months. The biggest change to note is the new groups tab that’s now placed in the middle row of the redesigned menu bar. When tapping in, users will now get a personalized feed of updates from their various groups as well as recommendations to join new groups based on their interests.

There’s also a new feature, called Meet New Friends, that Facebook is seeding throughout the entire app to help people connect with strangers that have shared interests or real-world connections, like working for the same employer or attending the same school. Facebook says it is integrating Meet New Friends into its new groups design to help people meet who may have a shared online interest and a real-world connection that means they can connect in the real world.

Facebook is making a concerted effort to ensure groups are visible in every part of the app, so it’ll start promoting groups in areas like Marketplace and Watch. It’s also building specific tools tailored to group types, like a new listing format for groups focused on finding new jobs or buying buttons built into live broadcasts for groups that focus on selling used products. With the new design, the company says you’ll also be able to post to any group you’re a part of from the News Feed as if you were posting to your own profile.

As for events, Facebook is putting a big emphasis on helping you find stuff to do in your neighborhood. The new events tab, which now sits next to the groups tab in the new menu bar layout, has a richer map view for seeing where the events you’re interested in are in proximity to one another. There’s also a much more intuitive look and feel to the design that makes it easy to find new events, organize your calendar, and quickly sift through events your friends are hosting and public ones, like concerts, that you may be interested in checking out.

Facebook is in the earliest stages of completely redefining the type of company it wants to be and the products it wants to offer, following CEO Mark Zuckerberg’s pledge last month to transition the social network into a “privacy-focused communications platform.” Part of that process involves knitting together its three massive messaging and photo-sharing apps into one unified service, despite the obvious complications there.

The other part of that process will involve establishing why people will want to use the main Facebook app in the future, and how the company can better serve those people as it transitions away from the News Feed. The public feed, which encouraged sharing and tried to incentivize people to connect and engage with as many people as possible, became a core pillar of Facebook that has defined its last decade of operation.

Yet the News Feed — and its primary utility as a data-harvesting tool to help Facebook serve ads targeted toward your online behavior — also remains the biggest source of the company’s ongoing problems around data privacy, security, moderation, and platform misuse. The News Feed treated every user as a publisher on the world’s biggest media platform, but Facebook largely ignored or tried to absolve itself of responsibility for the effects that would have on society when it grew to include one-third of the Earth’s population. In the process, Facebook became a tool for violence and authoritarianism in developing countries, an anchor that’s helped tank the news industry, and a megaphone for extremists who are looking to broadcast and amplify acts of terror.

One the primary architects of the News Feed, Chris Cox, left the company last month after Zuckerberg announced his new philosophy and planned direction for the company, helping signal that the News Feed era is officially over. The News Feed is far from going away, and Facebook has a lot of work to do to remedy its toxic effects on online discourse, election integrity, and misinformation and fake news. But Zuckerberg has made clear — as did the exodus of users that flocked to Instagram, Snapchat, TikTok, Twitch, and other social platforms — that the News Feed is an antiquated way of thinking about and trying to foster online communication and interaction.

With these changes to events and groups, Facebook is staking out a new vision of its core app that’s less dictated by the algorithmic whims of the News Feed and the company’s prior growth-at-all-costs philosophy. (Facebook continues to grow nonetheless: it hit close to 2.4 billion monthly active users as of last week.) The main utility people get from Facebook these days is in connecting with communities both large and small that are largely away from the public eye and centered on a shared interest. Facebook is also great at just being an address book, an events calendar, and — for at least a subset of aging social media users — a way to reconnect with old high school and college friends.

For that to work, the company is taking its cues from sites it once considered threats, like Reddit and other community-based social networks, before it grew big enough to eclipse the most populous countries on Earth. As a result, it appears Zuckerberg sees less of a reason to invest in the old, outdated vision of a global town square that treats connection and the power to broadcast to the world as a de facto benefit for humanity.

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https://www.theverge.com/2019/4/30/18523265/facebook-events-groups-redesign-news-feed-features-f8-2019

2019-04-30 17:30:00Z
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Elizabeth Warren rips Chase Bank over 'Monday motivation' tweet - Fox Business

JPMorgan Chase CEO Jamie Dimon doesn't see a recession coming

FoxNews.com columnist Liz Peek, former investment banker Carol Roth, former Pennsylvania governor Ed Rendell (D) and Kaltbaum Capital Management President Gary Kaltbaum on JPMorgan Chase CEO Jamie Dimon’s claim that the U.S. won’t see a recession for the next few years.

Sen. Elizabeth Warren, D-Mass., ripped Chase Bank after the financial institution tweeted a “Monday motivation” tip to customers with low bank account balances.

Continue Reading Below

Chase’s now-deleted post featured a fictional conversation between a person and their bank account, in which the person ignored money-saving tips like making their morning coffee at home instead of buying it at a store. The tweet drew immediate backlash on social media from many critics, including Warren, who saw it as a tone-deaf attack on lower-income Americans.

MORE ON THIS

Mimicking the format Chase used in its original tweet, Warren pointed out that the bank received a $25 billion taxpayer-funded bailout in the wake of the 2008 financial crisis. The 2020 presidential hopeful also reiterated her common assertion that leading employers don’t pay a living wage to their employees.

A frequent critic of corporate malpractice, Warren emerged as Wells Fargo's staunchest detractors after the bank was linked to a series of scandals related to its sales practices. Warren has identified a breakup of big tech companies such as Amazon and Google as one of her key platform issues for the 2020 election cycle, arguing that the firms have pursued anti-competitive mergers and business initiatives.

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Chase Bank's tweet came weeks after JPMorgan Chase CEO Jamie Dimon faced tough questions from the House Financial Services Committee over its pay practices for entry-level employees. The institution addressed the criticism of its tweet in a second post.

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https://www.foxbusiness.com/personal-finance/elizabeth-warren-rips-chase-bank-over-monday-motivation-tweet

2019-04-30 15:32:16Z
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Alphabet had more than $70 billion in market cap wiped out, and it's blaming YouTube - CNBC

Susan Wojcicki, CEO of YouTube.

Michael Newberg | CNBC

Google has a YouTube problem, according to CFO Ruth Porat.

On Monday, after reporting that ad revenue grew 15% versus the 24% it saw a year ago, Google's parent company Alphabet saw its stock punished. It fell nearly 8% Tuesday morning.

According to Porat, YouTube was one of the culprits.

"While YouTube clicks continue to grow at a substantial pace in the first quarter, the rate of YouTube click growth rate decelerated versus a strong Q1 last year, reflecting changes that we made in early 2018, which we believe are overall additive to the user and advertiser experience," Porat said on the company's earnings call Monday.

Porat didn't expand on precisely what changes in YouTube led to the poor ad revenue growth, and Google isn't saying anything beyond her statements from Monday.

But if you wind the clock back a year, it's easy to see what happened.

In the first quarter of 2018, Google began making changes to YouTube's algorithms designed to stop harmful content from appearing in the feed of recommended videos you see on the side of a video page.

The goal was to make it harder to find videos full of conspiracy theories, fake news and all that other detritus that occasionally sent advertisers fleeing from the platform. Instead of YouTube directing you to a conspiracy theory about the latest school shooting, you were shown related videos from "authoritative" news sources the company considered worthy of bringing you accurate information.

On top of that, YouTube has removed millions of channels and videos that violated the company's harmful content policies, most notably Alex Jones.

But all of those garbage videos also kept engagement high. It kept YouTube users tuned in to their feeds beyond the video they came to watch, even if the company said they only made up less than 1% of all videos on the site.

YouTube was literally incentivized to keep its algorithms pumping junk to the top of people's feeds so people would keep watching and the ad dollars would keep flowing. A devastating Bloomberg report earlier this month showed that for years YouTube executives ignored warnings from their own employees that the misinformation and nastiness on the site had gotten out of hand.

For a long time, they chose the money over managing the mayhem.

Today, YouTube says it's serious about cleaning up the issues that have plagued the site for years. But that clean-up appears to have come at the short-term cost of ad revenue growth. (Although it's possible that Porat was referring to other types of changes, or engaging in some selective disclosure to guide investors away from other reasons for the growth slowdown.)

Investors punished the company on Monday by vaporizing more than $70 billion from its market cap.

But if YouTube can fix its content problems and continue to grow beyond its nearly 2 billion users, it has a chance to benefit in the long term.

The new system is still far from perfect, as The New York Times' Kevin Roose pointed out in an interview with YouTube's Chief Product officer Neal Mohan. It's still possible to fall down a rabbit hole of horrible videos on YouTube. But, based on Porat's comments, the changes were effective enough to hurt YouTube engagement.

Still, analysts on Tuesday didn't sound too worried about YouTube's longer term prospects, and cautioned there are other factors playing into the ad growth deceleration.

"YouTube has increased its focus on responsibility and safety, and it adjusted its algorithm in 1Q to reduce recommendations of content that comes close to violating guidelines or is misinformed or harmful," J.P. Morgan analysts wrote in a research note Tuesday morning. They added that, "we don't think there's a single clear answer for Google's [deceleration], but a number of factors are at work."

With billions in market cap gone and analysts already downgrading Alphabet's stock, the biggest question surrounding YouTube today is whether it will continue making improvements to curb the spread of toxic content or be shocked back into inaction for the benefit of its shareholders.

Correction: An earlier version of this story linked to the wrong YouTube blog post announcing changes to content moderation.

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https://www.cnbc.com/2019/04/30/youtube-algorithm-changes-negatively-impact-google-ad-revenue.html

2019-04-30 15:15:55Z
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GE burns through $1.2 billion but Wall Street is happy it wasn't worse - CNN

Shares of GE (GE) climbed 7% in premarket trading on Tuesday after the company reported profit and revenue that exceeded forecasts. Wall Street is betting the company's recovery remains intact.
GE's struggles continue to be driven by its slumping power division. Profit tumbled 71% in that unit as orders nosedived.
Yet GE is standing by its 2019 guidance for industrial free cash flow to range between negative $2 billion and zero.
GE's subprime mortgage unit files for bankruptcy
"I am encouraged by the improvements we are making inside GE," CEO Larry Culp said in a statement. "This is one quarter in what will be a multi-year transformation, and 2019 remains a reset year for us."
That's despite the emergence of a new risk: the Boeing (BA) 737 Max crisis. A GE joint venture supplies the engines to the 737 Max, which has been grounded due to safety concerns. GE also owns 29 of the 737 Max aircraft through its airplane leasing business, GECAS.
GE said it is working closely with Boeing while conducting "proactive" maintenance on the engines.
"We are confident in the 737 Max aircraft," Culp told analysts during a conference call.

'Long way to go'

GE emphasized that its better-than-feared results were driven by timing. Orders and customer collections arrived earlier than anticipated and GE said this trend should "balance out" later in the year.
"This is a game of inches and we have a long way to go," Culp said.
Culp, who became GE's first outsider CEO last fall, has moved urgently to try to fix the iconic company after years of bad decisions broke its balance sheet. GE slashed its dividend to a penny, accelerated sales of long-held businesses and promised to rapidly pay down debt.
"GE started its 2019 'reset year' with nice momentum," RBC analyst Deane Dray wrote in a note to clients on Tuesday. RBC Capital had been bracing for negative free cash flow of up to $4 billion.
During the first quarter, GE announced the sale of its BioPharma unit to Danaher (DHR), closed the spinoff of its century-old railroad division and cleaned up its financial arm. GE Capital reached a $1.5 billion settlement with the Justice Department to resolve allegations against its defunct subprime lender WMC Mortgage. Last week, WMC filed for bankruptcy.
"We continue to focus on reducing leverage and improving the underlying performance of our businesses," Culp said on Tuesday.

Aviation continues to shine

GE Power sales fell 14% decline as the fossil-fuels division continues to get hurt by the rise of renewables. However, GE said its power business performed better than expected, and it reported a 6% increase in its orders backlog. GE has moved to fix the power division by cutting jobs and closing plants.
Aviation continues to be a bright spot at GE. The jet engine division reported a 12% increase in revenue as orders rose 7% thanks to strong demand from manufacturers. GE shipped 424 LEAP engines during the first quarter, up from just 186 the year before.
GE continues to wind down GE Capital, the financial arm that nearly ruined the company during the 2008 crisis. GE Capital reported a profit of $171 million, up from a loss of $1.8 billion a year ago.
"GE remains focused on shrinking and de-risking GE Capital, including improving its leverage profile," the company said.

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https://www.cnn.com/2019/04/30/investing/ge-earnings-stock/index.html

2019-04-30 13:02:00Z
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GM's truck sales finance push for self-driving cars; company shows $2.1 billion profit - Detroit Free Press

General Motors is all-in on electric and self-driving cars — but amid dampening enthusiasm for autonomous vehicles, GM's aggressive timeline to put them on public roads is pie in the sky, say some industry analysts. 

Still, the Detroit carmaker is not backing down from its promises. A GM spokesman said the company still plans to deploy a fleet of self-driving cars for ride-sharing in a major market this year, and referenced CEO Mary Barra's comments in February that GM continues "to make rapid progress with the technology." 

"I think we’re in a very strong position, if not a leading position," Barra said at the time. "I would say everything is moving forward in a very positive fashion."

To continue to pay for that progress, GM is relying on its core business. On Tuesday, that core business delivered, albeit with mixed results. Sales of the 2019 Chevrolet Silverado and GMC Sierra light-duty crew cabs helped drive first-quarter profits.

GM reported a net profit of $2.1 billion for the first quarter, up from $1.1 billion in the year-ago period. But its earnings before interest and taxes were down 11.5 percent, its net revenue was down 3.4 percent and sales in China experienced a double-digit percentage dip.

The automaker's adjusted earnings per share of $1.41 beat Wall Street estimates. That included a benefit of 31 cents from GM's investment in Lyft and other revaluations. Analysts polled by Thomson Reuters expected GM to report adjusted earnings of $1.10 per share. GM reported adjusted earnings of $1.43 per share in the first quarter of 2018. 

GM said it remains on track to save $2 billion to $2.5 billion this year as part of its restructuring. That includes idling five plants in North America and cutting some 14,000 jobs.

"GM's first-quarter operating results were in line with expectations we shared in January," said CEO Mary Barra in a statement. "My confidence in the year ahead remains strong, driven by our all-new full-size truck launch and our ongoing business transformation."

Long way out

Profit was driven by SUVs and pickups, which, as is the case with other automakers, must finance both the current business and development of the next generation of transportation.

Many analysts say it will be least five to 10 years out before fully autonomous cars can safely hit open public roads and offer a profitable business model.

"I am sure the people in GM and elsewhere have realized the challenge of what they're trying to do for a long time," said Sam Abuelsamid, principal analyst at Navigant Research in Detroit. "I think the reason GM has been so bullish on it publicly is to rally the stock market behind it and get the support that technology companies get."

GM acknowledges that it is always looking at ways to create shareholder value and attract investors, given the cost to develop self-driving cars. It has partnered with Honda and Japan's SoftBank in the effort, with both investing more than $2 billion. 

GM leaders have promoted self-driving technology aggressively, too. Dan Ammann, CEO of GM Cruise, the company's AV unit, has said, “The total addressable market for AV is something that is measured in trillions, whether you measure it in miles or dollars. It is a known market. We can see the market that's there today.”

GM Cruise, GM's self-driving car unit, declined to make Ammann available for this story.

Wall Street may not be buying GM's pitch. The market's appreciation of autonomous cars "appears to have changed materially over the past year," Morgan Stanley Adam Jonas wrote in a March 26 investor note. "We believe 'peak AV' sentiment in the market may have occurred in late 2017/early 2018."

If GM Cruise cannot remove the human safety driver from AVs when they're on public roads, Jonas said, it "may prove challenging" to make any money with the cars.

Funding the future

Earlier this month, Ford CEO Jim Hackett said, "We overestimated the arrival of autonomous vehicles."

Ford's first self-driving car will still come to market in 2021, but, Hackett said, "Its applications will be narrow" and it will operate in a geofenced area.

Uber Technologies Inc. is also retreating. It said recently it will be a long time before self-driving cars are ready for wide-scale deployment, Reuters reported. 

Uber has spent more than $1 billion on self-driving technology to compete with Alphabet Inc., which owns Waymo, Apple Inc. and GM Cruise, Bloomberg reported. Last year, GM Cruise spent $728 million and said it would top $1 billion this year. Waymo does not disclose spending.

More: How General Motors is leading the race for self-driving cars

More: GM adds 400 jobs to Kentucky plant slated to build the next-generation Corvette

"The auto industry went through this period of, 'Oh, my God, we're losing our grip on the market. People aren't going to own cars and they're going to ride sharing,'" said Maryann Keller, principal of Maryann Keller & Associates in New York. "GM will bring something out, they've made the promise, so they'll have to show something. Whether it's a fully functional, driverless car ... my guess is probably not."

GM may follow the model of Aptiv, which partnered with Lyft, and in January 2018 launched a self-driving ride-hailing pilot program in Las Vegas, Abuelsamid said. GM owns a stake in Lyft, but is not actively partnering with it. 

Aptiv has given more than 35,000 rides in its autonomous fleet in the past year with no accidents and it has a 4.95 driver rating out of 5. But it operates with safety drivers.

For now, Ford and GM are still traditional car companies.

"We still pay attention to their quarterly sales figures and earnings because their profits are still coming from the car business," said Keller. "If they're not profitable there, I don't know how they fund their autonomous vehicle business."

First-quarter results

For now, GM's core car business had a choppy quarter, but shows signs of leveling out later this year, analysts say.

GM delivered 665,840 vehicles in the quarter in the United States, a year-over-year drop of 7% compared with the industry average of 2.5% dip in the quarter. GM's sales in China hit 814,000, down 17.5%. 

GM market share was also down by nearly 5% compared with the year-ago quarter, said Jeremy Acevedo, Edmunds' manager of industry analysis. Still, the carmaker lowered incentive spending by nearly 15% in the quarter while its crosstown rivals increased incentives, he said. 

But GM said its sales of the new 2019 Silverado and Sierra rose 20% and generated average transaction prices nearly $5,800 higher than the outgoing models they replaced. But total pickup sales took an 8% hit in the quarter compared to a year ago, Edmunds' Acevedo said.

"GM is dealing with transitional pains as it phases out some of its cars, and the slow ramp-up of the Silverado is taking a bite out of the company's pickup truck sales," Jeremy Acevedo, Edmunds' manager of industry analysis.

GM has done a better job of reining in incentives this quarter compared to last year, making its prospects for the remainder of the year brighter, said Acevedo.

"Once GM starts firing on all cylinders with the Silverado it should retake its place as the second best in large truck sales" after being passed by the Ram in the first quarter, Acevedo predicted. "The ongoing roll out of the (Chevrolet) Blazer (SUV), the addition of heavy duty trucks and the Cadillac CT6 (sedan) should also be a shot in the arm for the company this year."

The Detroit automaker's pretax profit of $2.3 billion was a decline from $2.6 billion a year ago. Overall revenue of $34.9 billion was down by 3.4% from the same period in 2018.

Pretax profits in North America were at $1.9 billion, down from $2.2 billion reported in the same period in 2018.

GM said it "remains committed" to making job opportunities available for the 2,800 U.S. hourly workers still impacted by its move to idle five plants in North America and has placed about 1,300 workers in jobs at other factories to support the growth in pickup and SUV sales. 

GM on course

GM is investing billions in GM Cruise and planning to hire 1,000 people over the next nine months at its operations in San Francisco.

That comes after the automaker cut 8,000 white-collar jobs and said it will idle five factories in North America this year and early next year, affecting another 6,200 jobs. The restructuring will save about $2.5 billion this year, GM said. 

Barra has said GM is open to more partnerships similar to what it has with Honda and SoftBank.

At an investor conference in January, Barra said the main hold-up to putting self-drivng cars on public roads is safety. The cars struggle to master the crowded and complex streets of San Francisco, where GM is mainly testing them, she said. The other roadblock is figuring out a profitable business model, said Barra.

"GM has to answer the question of what is the business model," said Keller. "They haven't answered that question. To put an AV in a geofenced area where there are no potholes and only straight streets, that can be done today."

Problems and profits

Real world issues such as fog, snow and ice or navigating complex turns or tricky intersections throw the cars off, Keller said. 

"This is pie in the sky," said Keller. "Increasingly there's skepticism among Wall Street as to when all of this is going to happen."

Main Street is just as skeptical as Wall Street. Less than one in 10 new car buyers said they "love" the idea of owning a full self-driving car, and three in 10 said they actually "hate" the idea, said Alexander Edwards, president of Strategic Vision in San Diego.

Strategic Vision's main focus is understanding consumer values and how they impact behavior. It surveyed about 80,000 current new vehicle owners in 2018 asking if consumers are ready for a fully AV fleet this year, Edwards said. 

"For the most part, the consumer is not ready for this technology to hit the market. Some could make comparisons to the '80s when we were told everyone would be going electric," said Edwards. "We are still waiting for consumer adoption to happen."

Edwards' research did show that most consumers are willing to try semi-autonomous driving features that enhance safety. When a vehicle parks itself or adjusts speed during cruise control, most respondents report loving the experience. 

If GM cannot deliver on its promise to launch autonomous cars this year, its stock price could suffer, said Karl Brauer, executive publisher of AutoTrader and Kelley Blue Book. But if GM delivers, even on a more limited basis, it will be significant. GM will have shown it can develop the self-driving technology and build the cars. Others, such as Waymo, cannot build cars, he said.

More: Waymo plans final assembly on self-driving cars in Detroit; will need 100-400 workers

Morgan Stanley's "Jonas has said, 'That's it, no more points for autonomous cars, that's baked in the price now,'" said Brauer. "If sometime this year, there is a fleet of 10 or less self-driving cars that GM launches and it is effective, I still think that counts."

That's because even if the race for AVs takes longer than the innovators had thought, Brauer said, "GM is still one of the leaders in that race, right up there with (Waymo). That's perception, and perception is what drives the stock price."

Contact Jamie L. LaReau at 313-222-2149 or jlareau@freepress.com. Follow her on Twitter @jlareauan. Read more on General Motors and sign up for our autos newsletter.

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https://www.freep.com/story/money/cars/general-motors/2019/04/30/gm-profit-2-billion-truck-sales-self-driving/3412164002/

2019-04-30 12:00:00Z
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Home prices continued to grow at a slower rate in February: S&P Case-Shiller - CNBC

Prospective home owners tour a home in Jurupa Valley, California.

Nichola Groom | Reuters

National home prices rose 4% in February compared with February 2018, according to the latest reading on the S&P CoreLogic Case-Shiller home price index. That is down from a 4.2% annual gain in January.

The 10-City Composite rose 2.6% annually, down from 3.1% in the previous month. The 20-City Composite posted a 3% year-over-year gain, down from 3.5% in January.

Markets still gaining big: Las Vegas, Phoenix and Tampa saw the highest year-over-year gains among the 20 cities. Las Vegas prices were up 9.7%, followed by Phoenix with a 6.7% increase, and Tampa with a 5.4% increase.

Prices have been gaining since 2012, but in the past year those gains have been shrinking, due to higher mortgage rates and a general overheating of values in most metropolitan markets, which hurt sales.

"Home sales drifted down over the last year except for a one-month pop in February 2019," noted David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "Sales of new homes, housing starts, and residential investment had similar weak trajectories over the last year."

While it is unlikely that home values will go negative on a national level, the San Francisco Bay Area did see home prices fall annually in March for the first time since 2012, according to CoreLogic. Home prices there had overheated far beyond historical affordability levels, causing home sales to drop dramatically over the past eight months.

"Last year, the largest gain was 12.7% in Seattle. Regional patterns are shifting. The three California cities of Los Angeles, San Francisco and San Diego have the three slowest price increases over the last year," added Blitzer. "Chicago, New York and Cleveland saw only slightly larger prices increases than California. Prices generally rose faster in inland cities than on either the coasts or the Great Lakes."

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https://www.cnbc.com/2019/04/30/home-prices-grew-at-slower-rate-in-february-sp-case-shiller.html

2019-04-30 13:00:44Z
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GE burns through $1.2 billion but Wall Street is happy it wasn't worse - CNN

Shares of GE (GE) climbed 6% in premarket trading on Tuesday after the company reported profit and revenue that exceeded forecasts. Wall Street is betting the company's recovery remains intact.
GE's struggles continue to be driven by its slumping power division. Profit tumbled 71% in that unit as orders nosedived.
Yet GE is standing by its 2019 guidance for industrial free cash flow to range between negative $2 billion and zero.
GE's subprime mortgage unit files for bankruptcy
"I am encouraged by the improvements we are making inside GE," CEO Larry Culp said in a statement. "This is one quarter in what will be a multi-year transformation, and 2019 remains a reset year for us."
That's despite the emergence of a new risk: the Boeing (BA) 737 Max crisis. A GE joint venture supplies the engines to the 737 Max, which has been grounded due to safety concerns. GE also owns 29 of the 737 Max aircraft through its airplane leasing business, GECAS.
"GE is also working arm in arm with Boeing while actively monitoring the grounding of the 737 MAX fleet," the company said.
Culp, who became GE's first outsider CEO last fall, has moved urgently to try to fix the iconic company after years of bad decisions broke its balance sheet. GE slashed its dividend to a penny, accelerated sales of long-held businesses and promised to rapidly pay down debt.
During the first quarter, GE announced the sale of its BioPharma unit to Danaher (DHR), closed the spinoff of its century-old railroad division and cleaned up its financial arm. GE Capital reached a $1.5 billion settlement with the Justice Department to resolve allegations against its defunct subprime lender WMC Mortgage. Last week, WMC filed for bankruptcy.
"We continue to focus on reducing leverage and improving the underlying performance of our businesses," Culp said on Tuesday.
GE Power sales fell 14% decline as the fossil-fuels division continues to get hurt by the rise of renewables. However, GE said its power business performed better than expected, and it reported a 6% increase in its orders backlog. GE has moved to fix the power division by cutting jobs and closing plants.
Aviation continues to be a bright spot at GE. The jet engine division reported a 12% increase in revenue as orders rose 7% thanks to strong demand from manufacturers. GE shipped 424 LEAP engines during the first quarter, up from just 186 the year before.
GE continues to wind down GE Capital, the financial arm that nearly ruined the company during the 2008 crisis. GE Capital reported a profit of $171 million, up from a loss of $1.8 billion a year ago.
"GE remains focused on shrinking and de-risking GE Capital, including improving its leverage profile," the company said.

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https://www.cnn.com/2019/04/30/investing/ge-earnings-stock/index.html

2019-04-30 11:37:00Z
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Alphabet's stock tanks with analysts asking, 'Hey Google, what happened to revenue growth?' - CNBC

Google CEO Sundar Pichai testifies during a House Judiciary Committee hearing on Capitol Hill in Washington, DC, December 11, 2018.

Saul Loeb | AFP | Getty Images

Wall Street analysts were largely caught off guard after Alphabet posted a rare revenue miss in its earnings report on Monday after the bell and they were still confused after the results. Analysts noted a slowdown in advertising revenue growth and repeated calls for the company to be more transparent in its earnings report.

Shares plunged more than 7% in premarket trading.

"This quarter will no doubt result in a reset to forward expectations, particularly for the ads business, as investors search for reasons for the fairly meaningful deceleration – we expect the stock to trade sideways while we all grapple with whether this quarter was simply a result of product change headaches or if ad budgets are shifting elsewhere," Nomura Instinet analyst Mark Kelley said.

"We side with the former and maintain our Buy rating, though calls for more disclosure to help us all with these questions were once again a main theme, and with good reason," the analyst added.

Google revenue increased 17%, slower than the 28% pace a year earlier. Advertising sales increased 15%, compared to a 24% growth rate a year ago. Alphabet executives said on the call that the slowdown was due to currency fluctuations and timing of product changes but analysts apparently wanted more.

The parade of transparency calls continued with analysts at J.P. Morgan. "Overall, we expect GOOGL shares to be under pressure in the near-term given sub-20% revenue growth & downward earnings revisions. As noted above, the exact drivers of GOOGL's slowing topline are unclear, & we believe frustration around GOOGL's lack of transparency will only increase," they said.

Revenue deceleration was enough for analysts at Stifel who downgraded the stock to hold from buy. "The unexpected degree of revenue deceleration and lower visibility into the near-term reacceleration / deceleration potential lead us to believe the multiple on shares may be challenged to move meaningfully higher over the next twelve months," wrote Stifel analyst Scott Devitt.

"Hey Google, What Happened To Revenue Growth?" asked RBC analyst Mark Mahaney in his earnings wrap note to clients.

Still, he said, "we're modest buyers on the 7% AM pullback; we'd be material buyers on a material pullback. We don't believe GOOGL is going through a material, sustained growth deceleration."

Here's what major analysts are saying about Alphabet:

Stifel- Downgraded to hold from buy

"We view shares as fairly-valued at current levels and believe the multiple is likely to remain range bound over the next twelve months as a potential deceleration digestion period lies ahead with lower visibility into near-term revenue growth rates. The upside to Street margin in 1Q would be an encouraging trend all else equal, though the topline deceleration path and questions regarding Alphabet's long-term revenue growth trajectory are likely more meaningful to intermediate-term stock performance in our view, while discretionary spending could also cause opex to tick up again in future quarters. At aftermarket prices, GOOGL shares trade at approximately 22x our 2020E GAAP EPS, matching the three-year historical average of 22x forward two-year EPS."

Goldman Sachs- Buy rating and price target to $1,350 from $1,400

"Despite upside to GAAP EPS excluding the EU fine, Alphabet shares will likely be under pressure as Sites revenue growth on a constant currency basis came in below 20% for the first time since 1Q15. While a bigger FX headwind was clearly a key reason for the shortfall, management cited the timing of ad product changes as another factor that in some quarters are cited as tailwinds but this quarter was cited as hurting revenue growth. The focus will now turn to 2Q19 results and whether or not net ad growth will reaccelerate."

Barclays- Overweight rating and price target to $1,315 from $1,350

"Google missed every revenue line by 1.5%-4% for 1Q, and we were below consensus. We have to imagine that some of the deceleration is deliberate around product changes, and some is Google resetting the bar. Network trends are likely to get worse as Yahoo and AOL drop out of AFS going forward."

J.P. Morgan - Overweight rating and price target to $1,310 from $1,250

"Overall, we expect GOOGL shares to be under pressure in the near-term given sub-20% revenue growth & downward earnings revisions. As noted above, the exact drivers of GOOGL's slowing topline are unclear, & we believe frustration around GOOGL's lack of transparency will only increase. That being said, GOOGL has maintained 20%+ growth for a very long time—off a large base—and now represents roughly 1/3 of the global online ad market. It also faces increased advertising competition from AMZN, at least on the margin. Our 2019/2020 revenue & GAAP EPS all come down about 2% as improved Other Bets losses partly offset slower Google Segment revenue growth. We maintain our Overweight rating, but prefer other FANG names Facebook, Amazon, & Netflix to Google."

Nomura Instinet- Buy rating and price target to $1,300 from $1,310

"This quarter will no doubt result in a reset to forward expectations, particularly for the ads business, as investors search for reasons for the fairly meaningful deceleration – we expect the stock to trade sideways while we all grapple with whether this quarter was simply a result of product change headaches or if ad budgets are shifting elsewhere. We side with the former and maintain our Buy rating, though calls for more disclosure to help us all with these questions were once again a main theme, and with good reason. We're slightly lowering our forward outlook and our target price moves to $1,300."

Morgan Stanley- Overweight rating and price target to $1,425 from $1,500

"GOOGL's 1Q ex FX Websites revenue came in 1% lower than our estimate…growing 19% Y/Y, the first time GOOGL has grown ex FX less than 20% in 17 quarters (Q3:14). GOOGL pointed to "the timing of product changes in ads" as one of the factors that drove the growth deceleration…but didn't provide any more clarity around what the changes were, whether the impact will be linear by quarter, or whether there will be more changes to come. The fact is we aren't sure what changes GOOGL made in the quarter that drove the deceleration and this is something the Street must figure out. While EBIT, EBITDA, and FCF were all stronger than expected, the forward growth trajectory of Websites revenue (given the scale and leverage in this ~$100bn annualized business) is likely to remain top of mind to determining long-term valuation."

RBC- Outperform rating

"We're modest buyers on the 7% AM pullback; we'd be material buyers on a material pullback. We don't believe GOOGL is going through a material, sustained growth deceleration. 1) The TAM remains $1T+ in global advertising/marketing spend. 2) Based on our extensive survey work, we don't see evidence of changes in Marketers' view of Google – budget allocations, future spend intentions, or perceived ROI (absolute or relative). And 3) We believe GOOGL's investments in Cloud, Internet-connected Homes & Autonomous Vehicles help set the company up for more years of premium growth & profits. And valuation remains reasonable, in our view, at ~20x Core Google '19E GAAP EPS, adjusting for cash."

Bank of America- Buy rating

"Revenue decelerated more than expected, while several peers exceeded expectations (though FB ad growth decelerated 220 bps q/q, much like Google ads) and we would expect Google stock to give back some of the recent gains (stock has rallied from $1,200 in early April, vs S&P index up 4%). Looking forward, while tougher comps may continue to impact 2019 ad revenues, Google could also introduce improvements which could accelerate revenues. While we are disappointed by below-Street revenue (and Google could avoid some stock volatility with better disclosure), we continue to be optimistic on medium-term benefit from machine learning on ad targeting, revenue potential driven by new investments (Google cloud and Waymo) and relatively undemanding core Google valuation. We maintain our Buy rating. Potential catalysts from here include: 1) new products (hardware) at Google I/O on May 7th; 2) YouTube news from upfront; and 3) visibility on Google Cloud or Waymo."

Deutsche Bank- Buy rating and price target to $1,300 to $1,385

"We appreciate quarterly results can be volatile and acknowledge the company's long-term focus, but the magnitude of the deceleration on a constant-currency basis marked the largest sequential move down since 3Q12. Given the magnitude of the change here, particularly given the consistency of growth rates historically, we think Google did a poor job explaining the slow-down. While the CFO flagged timing uncertainty last quarter, the comments were so opaque as to render them meaningless to most investors rather than a proper warning that top line growth would slow. In addition to the sharp deceleration, with gross ad revenue approaching $154B at Google in 2020, combined Google + Face-book ad revs of $237B in 2020 is on track to cross 40% of the global ad market by our estimates. Given slowing growth and rising penetration, we see saturation fears coming back to the fore on Alphabet shares. We reduce our total sites revenue ex-FX in 2019 to 18% (from 20.7%) and reduce our target price to $1,300 (from $1,385 previously) reflecting lower estimates and slightly lower multiples."

UBS- Buy rating

"After a Q4 earnings call message of potential volatile ad revs due to product changes, GOOG's Q1 '19 earnings report reflected that message (our conservative modeling was not enough) US/Europe ad revs decelerated worse than expected (our initial take is that trend is driven by supply/clicks as opposed to demand). Mgmt framed tough YoY comps (we think referencing YouTube product strength from year ago as headwind to volumes) & emphasized that no one product change caused such a headwind. We take a more modest approach to ad revs growth in 2019 to conservatively frame tough comps and/or potential product changes as we attempt to correctly frame the headwind. Leaving aside the short term debate (as a stock overhang), we still see GOOG as a key long term holding and nothing in this quarter changes our view on the structural drivers of revenue growth and FCF generation (AI/machine learning, local advertising, media consumption, cloud computing, hardware & Other Bets) – especially at what we see as a reasonable absolute valuation when measured against growth."

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https://www.cnbc.com/2019/04/30/alphabet-stock-slammed-as-analysts-cite-lack-of-revenue-growth-and-transparency.html

2019-04-30 11:22:22Z
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GE burns through $1.2 billion but Wall Street is happy it wasn't worse - CNN

Shares of GE (GE) climbed 6% in premarket trading on Tuesday after the company reported profit and revenue that exceeded forecasts. Wall Street is betting the company's recovery remains intact.
GE's struggles continue to be driven by its slumping power division. Profit tumbled 71% in that unit as orders nosedived.
Yet GE is standing by its 2019 guidance for industrial free cash flow to range between negative $2 billion and zero.
GE's subprime mortgage unit files for bankruptcy
"I am encouraged by the improvements we are making inside GE," CEO Larry Culp said in a statement. "This is one quarter in what will be a multi-year transformation, and 2019 remains a reset year for us."
That's despite the emergence of a new risk: the Boeing (BA) 737 Max crisis. A GE joint venture supplies the engines to the 737 Max, which has been grounded due to safety concerns. GE also owns 29 of the 737 Max aircraft through its airplane leasing business, GECAS.
"GE is also working arm in arm with Boeing while actively monitoring the grounding of the 737 MAX fleet," the company said.
Culp, who became GE's first outsider CEO last fall, has moved urgently to try to fix the iconic company after years of bad decisions broke its balance sheet. GE slashed its dividend to a penny, accelerated sales of long-held businesses and promised to rapidly pay down debt.
During the first quarter, GE announced the sale of its BioPharma unit to Danaher (DHR), closed the spinoff of its century-old railroad division and cleaned up its financial arm. GE Capital reached a $1.5 billion settlement with the Justice Department to resolve allegations against its defunct subprime lender WMC Mortgage. Last week, WMC filed for bankruptcy.
"We continue to focus on reducing leverage and improving the underlying performance of our businesses," Culp said on Tuesday.
GE Power sales fell 14% decline as the fossil-fuels division continues to get hurt by the rise of renewables. However, GE said its power business performed better than expected, and it reported a 6% increase in its orders backlog. GE has moved to fix the power division by cutting jobs and closing plants.
Aviation continues to be a bright spot at GE. The jet engine division reported a 12% increase in revenue as orders rose 7% thanks to strong demand from manufacturers. GE shipped 424 LEAP engines during the first quarter, up from just 186 the year before.
GE continues to wind down GE Capital, the financial arm that nearly ruined the company during the 2008 crisis. GE Capital reported a profit of $171 million, up from a loss of $1.8 billion a year ago.
"GE remains focused on shrinking and de-risking GE Capital, including improving its leverage profile," the company said.

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https://www.cnn.com/2019/04/30/investing/ge-earnings-stock/index.html

2019-04-30 10:59:00Z
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‘Hidden backdoors’ were found in Huawei equipment, reports Bloomberg - The Verge

Vodafone Italy discovered “hidden backdoors” in Huawei equipment that would have allowed the Chinese company to access users’ home networks as well as Vodafone’s Italian fixed-line network, reports Bloomberg. The vulnerabilities were discovered between 2009 and 2011 in Huawei’s home internet routers, as well as its equipment used in parts of Vodafone’s network infrastructure. There was no evidence of data being compromised.

Bloomberg reports that both the router and network vulnerabilities continued to exist beyond 2012, and also existed in the company’s networks in the UK, Germany, Spain, and Portugal. Sources say that Vodafone continued to use the equipment because it was cheaper than the competition and the cost to remove it was prohibitive.

In a statement given to Bloomberg, Vodafone acknowledged the vulnerabilities but contested the timeline, saying they were resolved in 2011 and 2012. Huawei says it was informed of the vulnerabilities in 2011 and 2012, and that they were fixed at the time.

The revelations come as Huawei’s role in future 5G networks is under intense scrutiny worldwide over fears that its equipment could be exploited to aid in China’s intelligence efforts. Multiple countries are currently scrutinising Huawei’s security practices, as governments decide which parts of their 5G networks to allocate to the Chinese giant. The US is moving to ban the use of Huawei equipment, and is lobbying its allies to do the same. Meanwhile, the UK has reportedly made a preliminary decision to allow the use of Huawei’s equipment in non-core parts of its networks, but is under pressure from US officials to ban it completely.

Along with issues affecting its networking equipment, Vodafone Italy also identified issues with Huawei’s home internet routers, which Vodafone believed would give Huawei backdoor access to both local machines and wide-area networks. Huawei was reportedly reluctant to disable the Telnet feature that was creating the vulnerability, claiming it relied on it to configure the devices remotely.

Huawei characterized the vulnerabilities as “mistakes” rather than deliberate inclusions in the equipment. “These were technical mistakes in our equipment, which were identified and corrected,” the company told ZDNet, “The accepted definition of ‘backdoors’ is deliberately built-in vulnerabilities that can be exploited — these were not such. They were mistakes which were put right.”

A computer security professor quoted in the report, Stefano Zanero, said that there’s no obvious way to know if a vulnerability is an accidental bug or an intentional backdoor. However, he added that “the vulnerabilities described in the Vodafone reports from 2009 and 2011 have all the characteristics of backdoors: deniability, access and a tendency to be placed again in subsequent versions of the code.”

In January this year, Vodafone paused the use of Huawei’s equipment in its core infrastructure across Europe, citing the ongoing debates around the security of the equipment. More recently, Vodafone has warned that a total ban could impact the rollout of its 5G networks, and argued that there was no evidence that Huawei’s equipment posed a security risk. The revelations about these historical vulnerabilities, and Huawei’s approach to patching them, continues to raise questions about how safe its equipment is to use.

Last month, a UK cybersecurity watchdog raised concerns over the Chinese company’s “basic engineering competence and cyber security hygiene.” The same day, The Register reported lapses with how Huawei had patched a vulnerability in its routers in 2013 which later allowed them to be used as part of a botnet.

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https://www.theverge.com/2019/4/30/18523701/huawei-vodafone-italy-security-backdoors-vulnerabilities-routers-core-network-wide-area-local

2019-04-30 09:42:53Z
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Vodafone Found Hidden Backdoors in Huawei Equipment - Bloomberg

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Vodafone Found Hidden Backdoors in Huawei Equipment  Bloomberg

Vodafone Group Plc has acknowledged that it found vulnerabilities going back years with equipment supplied by Huawei Technologies Co. for the carrier's ...

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https://www.bloomberg.com/news/articles/2019-04-30/vodafone-found-hidden-backdoors-in-huawei-equipment-jv3fmbrc

2019-04-30 06:50:00Z
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Gold Prices Gain on Weak China PMI Data - Investing.com

© Reuters.  © Reuters.

Investing.com - Gold prices gained on Tuesday in Asia on the back of weaker-than-expected China PMI data for the month of April.

for June delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.3% at $1,285.75 per ounce by 1:30 AM ET (05:30 GMT).

The official manufacturing PMI and the Caixin PMI for the April period both came lower than expected.

Asian stocks fell on Tuesday following the release of the China data, although the and the SZSE Component traded higher.

Gold prices were under some pressure earlier this week as data showed 9-1/2 year highs in April's U.S. consumer spending. The data boosted risk in equity markets and lowered appetite for safe havens like gold.

The personal consumption expenditures price index excluding food and energy slowed to 1.3% in the 12 months through March from 1.8% the previous month.

Traders are also keenly eyeing China-U.S. trade talks as the U.S. and China are ready to kick off the latest round of negotiations this week in Beijing.

Earlier, U.S. Treasury Secretary Steve Mnuchin told the New York Times that negotiations are in "the final laps” while U.S. President Donald Trump said last week that he would soon host Chinese leader Xi Jinping at the White House and might sign a possible agreement on trade there.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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https://www.investing.com/news/commodities-news/gold-prices-gain-on-weak-china-pmi-data-1850176

2019-04-30 05:36:00Z
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Senin, 29 April 2019

Wall Street climbs as tame inflation data supports dovish Fed - Yahoo Finance

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

By Shreyashi Sanyal and Amy Caren Daniel

(Reuters) - U.S. stocks rose on Monday, with the S&P 500 and the Nasdaq hitting record highs, as consumer spending rose in March and benign inflation data underscored the Federal Reserve's accommodative stance on interest rates.

Hopes of a trade resolution, upbeat earnings and a dovish Fed have been powering a rally in the benchmark index this year. The index crossed its record high of 2,940.91 hit on Sept. 21 for the first time this year, restoring investors' faith in the decade-long bull run.

A Commerce Department report showed U.S. consumer spending increased by the most in more than 9-1/2 years in March, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months.

Tame inflation may lead the central bank to cut interest rates, White House economic adviser Larry Kudlow said in a television interview on Monday.

"We're in a sweet spot where the rates are low and the economy is strong and there is no possibility of rates rising, and that is an environment that markets like," said Paul Brigandi, managing director and head of trading at Direxion in New York.

"The strength of the consumer and the overall economy doing well leads to strength in banks as a strong consumer leads to more lending activity."

Financial companies rose 1.41%, leading gains among the 11 major S&P sectors, while the banking sector gained 2.12%.

The Federal Reserve starts a two-day meeting on Tuesday, at the end of which a decision on interest rates will be announced.

In yet another busy week of earnings, about 160 S&P 500 companies, including Google-parent Alphabet Inc and Apple Inc, are set to report their quarterly results.

Analysts now expect profits of S&P 500 companies to fall just 0.2%, a sharp improvement from a 2% fall estimated at the beginning of the month, according to Refinitiv data.

As trade talks enter their last leg, U.S. negotiators head to China on Tuesday to try to hammer out details to end the protracted tariff spat between the two countries.


At 13:04 p.m. ET the Dow Jones Industrial Average was up 34.32 points, or 0.13%, at 26,577.65. The S&P 500 was up 7.45 points, or 0.25%, at 2,947.33 and the Nasdaq Composite was up 21.29 points, or 0.26%, at 8,167.69.

The defensive utilities and real estate, led the declines among the seven major S&P sectors trading in the red.

Among stocks, Ingersoll-Rand jumped 5.93%, the most among S&P companies, after the Wall Street Journal reported Gardner Denver Holdings Inc is nearing a deal to acquire a unit of the air conditioner maker.

Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.83-to-1 ratio on the Nasdaq.

The S&P index recorded 36 new 52-week highs and no new low, while the Nasdaq recorded 69 new highs and 19 new lows.


(Reporting by Shreyashi Sanyal and Amy Caren Daniel in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)

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https://finance.yahoo.com/news/p-500-hits-record-high-133957051.html

2019-04-29 17:36:00Z
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Burger King plans to roll out Impossible Whopper across the United States - WJW FOX 8 News Cleveland

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Burger King plans to roll out Impossible Whopper across the United States  WJW FOX 8 News Cleveland

Burger King's test of a vegetarian version of its signature Whopper was such a success, the chain is planning to roll the Impossible Whopper out nationally this ...

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https://fox8.com/2019/04/29/burger-king-plans-to-roll-out-impossible-whopper-across-the-united-states/

2019-04-29 13:25:00Z
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Burger King plans to roll out Impossible Whopper across the United States - CNN

On April 1, Burger King started testing the vegetarian burger, using a plant-based patty from Impossible Foods. The test took place in St. Louis and "went exceedingly well," a spokesperson for Restaurant Brands International (QSR), Burger King's parent company, said. The spokesperson added that the sales of the Impossible Whopper are complementary to the regular Whopper.
That's exactly what Burger King wants.
With the Impossible Whopper, Burger King is primarily targeting meat eaters who seek more balance in their diet. The new product is designed to "give somebody who wants to eat a burger every day, but doesn't necessarily want to eat beef everyday, permission to come into the restaurants more frequently," Chris Finazzo, president of Burger King North America, told CNN Business when discussing the initial test.
Burger King started testing out the Impossible Whopper in St. Louis.
The Impossible Whopper is supposed to taste just like Burger King's regular Whopper. Unlike veggie burgers, Impossible burger patties are designed to mimic the look and texture of meat when cooked. The plant protein startup recently revealed a new recipe, designed to look and taste even more like meat. That version is being used in Burger King's Impossible Whoppers.
The company plans to expand to more markets "in the very near future" before making the sandwich available nationally by the end of the year. Burger King had about 7,300 US locations at the close of last year.
There's public interest in plant-based protein because of concerns about animal welfare and the environmental impact of factory farming, and because some consumers are interested in reducing their consumption of meat for health reasons.
Soylent was a tech company that sold food. Now it wants to go mainstream
And the interest appears to be growing. The global market for meat substitutes is forecast to grow from an estimated $4.6 billion in 2018 to $6.4 billion by 2023, according to research firm MarketsandMarkets.
Beyond Meat, Impossible Food's primary competitor, thinks that the potential is bigger. In an SEC filing detailing plans for the 10-year-old company's IPO, Beyond Meat projected that over time the plant based-meat market could reach $35 billion in the United States. Beyond Meat plans to start trading in early May.

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2019-04-29 11:18:00Z
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