Retail Sales For June Provide An Early Boost, But Bond Yields Mostly Calling The Shots

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The first week of earnings season wraps up with major indices closely tracking the bond market in Wall Street’s version of “follow the leader.” Earnings absolutely matter, but right now the Fed’s policies are maybe a bigger influence. In the short-term the Fed is still the girl everyone wants to dance with.

Lately, you can almost guess where stocks are going just by checking the 10-year Treasury yield, which often moves on perceptions of what the Fed might have up its sleeve. The yield bounced back from lows this morning to around 1.32%, and stock indices climbed a bit in pre-market trading. That was a switch from yesterday when yields fell and stocks followed suit. Still, yields are down about six basis points since Monday, and stocks are also facing a losing week.

It’s unclear how long this close tracking of yields might last, but maybe a big flood of earnings due next week could give stocks a chance to act more on fundamental corporate news instead of the back and forth in fixed income. Meanwhile, retail sales for June this morning basically blew Wall Street’s conservative estimates out of the water, and stock indices edged up in pre-market trading after the data.

Headline retail sales rose 0.6% compared with the consensus expectation for a 0.6% decline, and with automobiles stripped out, the report looked even stronger, up 1.3% vs. expectations for 0.3%. Those numbers are incredibly strong and show the difficulty analysts are having in this market. The estimates missed consumer strength by a long shot. However, it’s also possible this is a blip in the data that might get smoothed out with July’s numbers. We’ll have to wait and see.

Caution Flag Keeps Waving

Yesterday continued what feels like a “risk-off” pattern that began taking hold earlier in the week, but this time Tech got caught up in the selling, too. In fact, Tech was the second-worst performing sector of the day behind Energy, which continues to tank on ideas more crude could flow soon thanks to OPEC’s agreement.

We already saw investors embracing fixed income and “defensive” sectors starting Tuesday, and Thursday continued the trend. When your leading sectors are Utilities, Staples, Real Estate, the way they were yesterday, that really suggests the surging bond market’s message to stocks is getting read loudly and clearly.

This week’s decline in rates also isn’t necessarily happy news for Financial companies. That being said, the Financials fared pretty well yesterday, with some of them coming back after an early drop. It was an impressive performance and we’ll see if it can spill over into Friday.

Energy helped fuel the rally earlier this year, but it’s struggling under the weight of falling crude prices. Softness in crude isn’t guaranteed to last—and prices of $70 a barrel aren’t historically cheap—but crude’s inability to consistently hold $75 speaks a lot. Technically, the strength just seems to fade up there. Crude is up slightly this morning but still below $72 a barrel.

Losing Steam?

All of the FAANGs lost ground yesterday after a nice rally earlier in the week. Another key Tech name, chipmaker Nvidia (NVDA), got taken to the cleaners with a 4.4% decline despite a major analyst price target increase to $900. NVDA has been on an incredible roll most of the year.

This week’s unexpectedly strong June inflation readings might be sending some investors into “flight for safety” mode, though no investment is ever truly “safe.” Fed Chairman Jerome Powell sounded dovish in his congressional testimony Wednesday and Thursday, but even Powell admitted he hadn’t expected to see inflation move this much above the Fed’s 2% target.

Keeping things in perspective, consider that the S&P 500 Index (SPX) did power back late Thursday to close well off its lows. That’s often a sign of people “buying the dip,” as the saying goes. Dip-buying has been a feature all year, and with bond yields so low and the money supply so huge, it’s hard to argue that cash on the sidelines won’t keep being injected if stocks decline.

Two popular stocks that data show have been popular with TD Ameritrade clients are Apple (AAPL) and Microsoft (MSFT), and both of them have regularly benefited from this “dip buying” trend. Neither lost much ground yesterday, so if they start to rise today, consider whether it reflects a broader move where investors come back in after weakness. However, one day is never a trend.

Reopening stocks (the ones tied closely to the economy’s reopening like airlines and restaurants) are doing a bit better in pre-market trading today after getting hit hard yesterday.

In other corporate news today, vaccine stocks climbed after Moderna (MRNA) was added to the S&P 500. BioNTech (BNTX), which is Pfizer’s (PFE) vaccine partner, is also higher. MRNA rose 7% in pre-market trading.

Strap In: Big Earnings Week Ahead

Earnings action dies down a bit here before getting back to full speed next week. Netflix (NFLX), American Express (AXP), Johnson & Johnson (JNJ), United Airlines (UAL), AT&T (T), Verizon (VZ), American Airlines (AAL) and Coca-Cola (KO) are high-profile companies expected to open their books in the week ahead.

It could be interesting to hear from the airlines about how the global reopening is going. Delta (DAL) surprised with an earnings beat this week, but also expressed concerns about high fuel prices. While vaccine rollouts in the U.S. have helped open travel back up, other parts of the globe aren’t faring as well. And worries about the Delta variant of Covid don’t seem to be helping things.

Beyond the numbers that UAL and AAL report next week, the market may be looking for guidance from their executives about the state of global travel as a proxy for economic health. DAL said travel seems to be coming back faster than expected. Will other airlines see it the same way? Earnings are one way to possibly find out.Even with the Delta variant of Covid gaining steam, there’s no doubt that at least in the U.S, the crowds are back for sporting events.

For example, the baseball All-Star Game this week was packed. Big events like that could be good news for KO when it reports earnings. PepsiCo (PEP) already reported a nice quarter. We’ll see if KO can follow up, and whether its executives will say anything about rising producer prices nipping at the heels of consumer products companies.

Confidence Game: The 10-year Treasury yield sank below 1.3% for a while Thursday but popped back to that level by the end of the day. It’s now down sharply from highs earlier this week. Strength in fixed income—yields fall as Treasury prices climb—often suggests lack of confidence in economic growth.

Why are people apparently hesitant at this juncture? It could be as simple as a lack of catalysts with the market now at record highs. Yes, bank earnings were mostly strong, but Financial stocks were already one of the best sectors year-to-date, so good earnings might have become an excuse for some investors to take profit. Also, with earnings expectations so high in general, it takes a really big beat for a company to impress.

Covid Conundrum: Anyone watching the news lately probably sees numerous reports about how the Delta variant of Covid has taken off in the U.S. and case counts are up across almost every state. While the human toll of this virus surge is certainly nothing to dismiss, for the market it seems like a bit of an afterthought, at least so far. It could be because so many of the new cases are in less populated parts of the country, which can make it seem like a faraway issue for those of us in big cities. Or it could be because so many of us are vaccinated and feel like we have some protection.

But the other factor is numbers-related. When you hear reports on the news about Covid cases rising 50%, consider what that means. To use a baseball analogy, if a hitter raises his batting average from .050 to .100, he’s still not going to get into the lineup regularly because his average is just too low. Covid cases sank to incredibly light levels in June down near 11,000 a day, which means a 50% rise isn’t really too huge in terms of raw numbers and is less than 10% of the peaks from last winter. We’ll be keeping an eye on Covid, especially as overseas economies continue to be on lockdowns and variants could cause more problems even here. But at least for now, the market doesn’t seem too concerned.

Dull Roar: Most jobs that put you regularly on live television in front of millions of viewers require you to be entertaining. One exception to that rule is the position held by Fed Chairman Jerome Powell. It’s actually his job to be uninteresting, and he’s arguably very good at it. His testimony in front of the Senate Banking Committee on Thursday was another example, with the Fed chair staying collected even as senators from both sides of the aisle gave him their opinions on what the Fed should or shouldn’t do. The closely monitored 10-year Treasury yield stayed anchored near 1.33% as he spoke.

Even if Powell keeps up the dovishness, you can’t rule out Treasury yields perhaps starting to rise in coming months if inflation readings continue hot and investors start to lose faith in the Fed making the right call at the right time. Eventually people might start to demand higher premiums for taking on the risk of buying bonds. The Fed itself, however, could have something to say about that.

It’s been sopping up so much of the paper lately that market demand doesn’t give you the same kind of impact it might have once had. That’s an argument for bond prices continuing to show firmness and yields to stay under pressure, as we’ve seen the last few months. Powell, for his part, showed no signs of being in a hurry yesterday to lift any of the stimulus.

TD Ameritrade® commentary for educational purposes only. Member SIPC.

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I am Chief Market Strategist for TD Ameritrade and began my career as a Chicago Board Options Exchange market maker, trading primarily in the S&P 100 and S&P 500 pits. I’ve also worked for ING Bank, Blue Capital and was Managing Director of Option Trading for Van Der Moolen, USA. In 2006, I joined the thinkorswim Group, which was eventually acquired by TD Ameritrade. I am a 30-year trading veteran and a regular CNBC guest, as well as a member of the Board of Directors at NYSE ARCA and a member of the Arbitration Committee at the CBOE. My licenses include the 3, 4, 7, 24 and 66.

Source: Retail Sales For June Provide An Early Boost, But Bond Yields Mostly Calling The Shots

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Critics:

Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. The term “retailer” is typically applied where a service provider fills the small orders of many individuals, who are end-users, rather than large orders of a small number of wholesale, corporate or government clientele. Shopping generally refers to the act of buying products.

Sometimes this is done to obtain final goods, including necessities such as food and clothing; sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping and browsing: it does not always result in a purchase.

Most modern retailers typically make a variety of strategic level decisions including the type of store, the market to be served, the optimal product assortment, customer service, supporting services and the store’s overall market positioning. Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel, and presentation.

In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also changing the way that consumers pay for goods and services. Retailing support services may also include the provision of credit, delivery services, advisory services, stylist services and a range of other supporting services.

Retail shops occur in a diverse range of types of and in many different contexts – from strip shopping centres in residential streets through to large, indoor shopping malls. Shopping streets may restrict traffic to pedestrians only. Sometimes a shopping street has a partial or full roof to create a more comfortable shopping environment – protecting customers from various types of weather conditions such as extreme temperatures, winds or precipitation. Forms of non-shop retailing include online retailing (a type of electronic-commerce used for business-to-consumer (B2C) transactions) and mail order

How the New Child Tax Credit Is Helping Parent Entrepreneurs

Eligible parents are slated to receive their monthly child tax credit payments starting Thursday. How you use the money could affect your business or help you start one.

The American Rescue Plan Act of 2021 expanded the tax credit score to $3,600 per baby underneath the age of six and to $3,000 for these aged six to 17. It is in impact only for 2021, although Biden has advocated making it making it everlasting.

Half of the funds might be despatched to folks in installments via December. For instance, a mum or dad with one baby underneath six would obtain $300 per 30 days. Dad and mom can declare the remainder upon submitting taxes for 2021–unless they choose out to allow them to obtain all the cash once they file.

Madilynn A. Beck, founder and CEO of Palm Springs, California-based Fountful–an app that gives “life-style providers” like manicures or DJ appearances on demand–is contemplating that strategy. Beck says that if she meets her enterprise targets this 12 months, Fountful might generate sufficient income to considerably enhance her tax burden come subsequent April. “I am protecting my head above water now,” she says. “What occurs if I’m absolutely underwater then and do not have a life vest?”

The kid tax credit score will have an effect on individuals at a “wide selection” of earnings ranges, says Daniel Milan, managing accomplice at Cornerstone Monetary Providers primarily based in Southfield, Michigan. For aspiring entrepreneurs, it’d offset childcare prices for just a few months whereas they work on getting a enterprise off the bottom. For others, the cash might simply assist alleviate day by day monetary stress.

That is the case for Ruby Taylor, CEO and founding father of Baltimore-based Monetary Pleasure Faculty, which supplies monetary literacy training and produces a card sport that teaches the topic to younger individuals. In April 2021, she and her spouse’s monetary scenario modified consequently of the pandemic however they nonetheless needed to cowl issues like a brand new roof and fence for his or her home.

Their financial savings account dwindled, and Taylor’s nervousness spiked, leading to her occurring blood stress and nervousness treatment. The additional $500 the mom of two expects to obtain means the couple can construct up their security web once more, taking the stress off each of them. “When she’s not pressured, I am not pressured,” Taylor says. It “will assist the enterprise not directly, as a result of I may be extra productive.”

Guardian entrepreneurs face the extra problem of staying current with spouses and kids, says James Oliver Jr., founder and CEO of ParentPreneur Basis, an Atlanta-based nonprofit that helps Black mum or dad founders financially and with an internet neighborhood (of which Beck and Taylor are each members).

 Month-to-month funds “may very well be the distinction of sending the youngsters to summer season camp, shopping for further groceries, taking a bit trip, or taking the youngsters to the amusement park as soon as a month to assist the household bond,” he says.

Source: How the New Child Tax Credit Is Helping Parent Entrepreneurs | Inc.com

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Critics:

The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool, announced last week, which helps families not normally required to file an income tax return to quickly register for the Child Tax Credit. The new Child Tax Credit Eligibility Assistant allows families to answer a series of questions to quickly determine whether they qualify for the advance credit.

The Child Tax Credit Update Portal allows families to verify their eligibility for the payments and if they choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return next year. This secure, password-protected tool is available to any eligible family with internet access and a smart phone or computer. Future versions of the tool planned in the summer and fall will allow people to view their payment history, adjust bank account information or mailing addresses and other features. A Spanish version is also planned.

Facebook, Apple and The War Over Social Media Influencers

In this photo illustration the Apple and Facebook logos are...

Facebook, good. Apple, bad. Facebook, good. Everyone else, bad.

That’s a little reductive but essentially the message put out today by Mark Zuckerberg. Writing on his personal Facebook page, Zuckerberg announced that Facebook won’t take a cut of any earnings that influencers earn on its platform through a growing number of Facebook products until 2023—and when it does start, its fees will be “less than the 30% that Apple and others take.” In addition, Zuckerberg said Facebook would shortly release a helpful little dashboard for influencers to (ostensibly) better manage their earnings and see which companies take a portion of their income.

There’s a lot at stake here. To start, Zuckerberg has increasingly pinned a portion of Facebook’s hopes for future growth on creators and has announced a slew of new initiatives over the past year to encourage influencers to build audiences on Facebook products. Among other things, Facebook plans to roll out audio features with subscription plans, introduce a marketplace where brands and influencers can link up and launch a subscription newsletter service, Bulletin.

Complicating matters is the fact that many other rival companies—TikTok, Snapchat and YouTube, to name only a few—are working on similar things. As well as the fact that Facbeook and Instagram spent many years largely ignoring the influencers on its platforms, while those rivals did a better job at cultivating them and introducing opportunities to earn money off their newfound fame, making those sites a more diserable destination.

To help Facebook stand out, Zuckerberg is willing to do something the others probably aren’t: Let creators earn money on the site without taking a portion of those dollars. Those smaller companies are likely going to be more eager to show investors that these new creator-focused products generate money.

Facebook, by contrast, has the enviable position of . . . not really needing the money. It earned a $9.5 billion profit alone last year and has over $60 billion just in cash. Keeping creators happy and earning money on Facebook keeps them from running off to other sites, taking Facebook users with them. Users have been—and will continue to be—the real moneymakers for Facebook, the people who look at the ads that do make up the majority of the company’s revenue.

The second factor in all this is the burgeoning grudge match between Facebook and Apple—and between Apple and other parts of Big Tech. Apple recently introduced changes to its operating system that will make it harder for Facebook to earn money off ads, part of a larger disagreement between Facebook and Apple over data privacy on the internet.

For its part in the war, Facebook will be doing things like Monday’s announcement: finding ways to paint Apple’s policies as stifling to small businesses on the Web. (Facebook’s timing was blantantly conspicuous, Zuckerberg’s post coming a few hours before Apple begins its much-watched annual developers’ conference.)

Of course, other companies are taking the opportunity to do the same thing to Apple. Less than a month ago, a trial concluded between Apple and Fornite-maker Epic Games over Apple’s allegedly monopolistic grip on large swaths of the internet, a fight also first sparked over fees and a disagreement over who should earn what.

I’m a senior editor at Forbes, where I cover social media, creators and internet culture. In the past, I’ve edited across Forbes magazine and Forbes.com.

Source: Facebook, Apple—And The War Over Social Media Influencers

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Critics:

It’s a bit simplistic, but it’s the message Mark Zuckerberg is conveying today. Writing on his non-public Facebook page, Zuckerberg announced that Facebook will not take any reduction in the profits influencers make on its platform through a number in Facebook product development until 2023, and when it starts, its fees will be “less than the 30% that Apple and others take. In addition, Zuckerberg said Facebook would soon launch a useful little panel so influencers can (apparently) better manage their profits and see which corporations take part in their profits.

The stakes are high here. For starters, Zuckerberg has placed some of Facebook’s hopes for long-term expansion on creators and announced a series of new projects over the next year to inspire influencers to create audiences on Facebook products. Among other things, Facebook. plans to implement audio features with subscription plans, introduce a marketplace where brands and influencers can connect, and launch a subscription newsletter service, Newsletter.

To complicate matters, many other rival corporations (TikTok, Snapchat and YouTube, to name a few) are running similar things, as well as the fact that Facbeook and Instagram have spent many years largely ignoring influencers on their platforms, while rivals have done more of a job cultivating them and introducing opportunities to make money through their newfound fame. , making those sites a more disadvantageous destination.

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Wall Street Strategists Are Already Telling Clients What To Expect In 2021

And Wall Street strategists are starting to move on to 2021. In a note to clients published Thursday, Sean Darby, global equity strategist at Jefferies, unveiled his S&P 500 price target for 2021. And Darby expects stocks will continue going up next year.

“We expect the market to reach 3,750 by end of 2021,” Darby wrote, unveiling his year-ahead price target for the first time. On Thursday, the S&P 500 closed at 3,510, implying just under a 7% gain for the benchmark index through the end of next year.

Underpinning Darby’s positive outlook is an improved outlook for corporate earnings amid a strengthening economy and an accommodative Federal Reserve.

“All of our US macro-equity-bond indicators are positive or beginning to turn,” Darby writes.

S&P 500 earnings are finally beginning to reflect the better underlying health of the economy as the backlog of orders increases. Similarly, the Russell 3000 earnings are just turning at the same time as job openings are recovering.”

Darby adds that, “One key underwriter for the markets, under either candidate, has been the Fed with its intervention in both fixed income and credit markets. The influence of the Fed’s balance sheet should not be underestimated as the forward PE ratio has certainly tracked the ‘excess money’ in the economy.”

So while some may argue that the Fed is “out of ammo” after the unprecedented expansion of its credit facilities in the early part of this pandemic, the Fed is still a driving force behind flows in the market. On Thursday, Fed Chair Jerome Powell reiterated the central bank’s stance, saying at a press conference, “We are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible.”

And as Canaccord Genuity’s Tony Dwyer wrote in a note to clients this week, “Remember, a significant and sustainable period of economic retrenchment comes when there is a need for money to fund forward growth but very little access to it. The opposite is true today.”

Darby also expects the political situation to serve as a tailwind to investors. At least as far as market history is concerned.

As of Friday morning, the race for president had yet to be called. However, former Vice President Joe Biden’s odds of winning improved as he took the lead in the battleground state of Georgia over President Trump. Meanwhile, the prospect of a “blue wave” in Congress has been all but ruled out by investors.

In scenarios where a Democrat is in the White House but Republicans control at least one chamber of Congress, average returns for U.S. equities have been fantastic, with the S&P 500 rising an average of 33.9% during these periods since 1989.

Divided government under Democratic presidents has been great for the stock market over the last three decades. (Source: Jefferies)

As Darby writes, “Although we think the equity markets ‘churn’ until a result is determined, history suggests that periods of Democrat Gridlocked Congress tend to deliver positive returns.”

By Myles Udland, reporter and anchor for Yahoo Finance Live. Follow him at @MylesUdland

What to watch today

Economy

  • 8:30 a.m. ET: Change in Non-farm Payrolls, October (593,000 expected, 661,000 in September)
  • 8:30 a.m. ET: Unemployment Rate, October (7.7% expected, 7.9% in September)
  • 8:30 a.m. ET: Average Hourly Earnings month-over-month, October (0.2% expected, 0.1% in September)
  • 8:30 a.m. ET: Average Hourly Earnings year-over-year, September (4.6% expected, 4.7% in September)
  • 8:30 a.m. ET: Labor Force Participation Rate, October (61.5% expected, 61.4% in September)
  • 10:00 a.m. ET: Wholesale Inventories month-over-month, September final (-0.1% in prior print)

Earnings

Pre-market

  • Before market open: Viacom (VIAC) is expected to report adjusted earnings of 81 cents per share on revenue of $5.96 billion
  • 6:00 a.m. ET: Coty (COTY) is expected to report an adjusted loss of 20 cents per share on revenue of $1.14 billion
  • 6:30 a.m. ET: CVS Health Corp (CVS) is expected to report adjusted earnings of $1.33 per share on revenue of $66.66 billion
  • 7:00 a.m. ET: Marriott International (MAR) is expected to report an adjusted loss of 8 cents per share on revenue of $2.23 billion

Top News

US election fuels strong week of gains on global stock markets [Yahoo Finance UK]

Uber beats Q3 earnings expectations powered by growth in Eats business, Rides falls short [Yahoo Finance]

Petco retail chain says it’s filed confidentially for U.S. IPO [Bloomberg]

Tesla unveils ‘Tesla Tequila’ for $250, product sold-out on website [Reuters]

YAHOO FINANCE HIGHLIGHTS

How Trump’s legal woes will worsen once he leaves office

Connecticut would consider legalizing marijuana, says governor

These states suffer the worst unemployment as the pandemic recovery continues

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By: Myles Udland

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CNBC Television

Peter Boockvar, chief investment officer at Bleakley Advisory Group, joins “Squawk Box” to discuss what trends he expects to see in the market as he looks ahead to 2021. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-n… Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBChttps://www.cnbc.com/select/best-cred…#CNBC#CNBCTV

Apple (AAPL) Announces $50 Billion in Buybacks and Dividend Increase After Earnings Slipped

  • Apple has announced $50 billion in buybacks and a boost in quarterly dividends after announcing a slip in earnings.
  • Company has declined to provide a financial forecast, citing uncertainty in response to the coronavirus pandemic.

Apple (AAPL) earnings have dipped in response to the coronavirus pandemic, but the company has promised $50 billion in buybacks and a dividend increase.

According to a report by Marketwatch, Apple has declined to provide investors with a financial forecast in response to COVID-19 and said profits slipped slightly despite a bump in sales.

Apple’s earnings and revenue report topped analyst expectations for the March quarter. However, the company has decided against providing a forecast for the current quarter, citing uncertainties brought on by the coronavirus pandemic.

Apple announced it would be boosting its buyback program by an additional $50 billion, down from an increase of $75 billion and $100 billion in 2019 and 2018, respectively. The company also announced it would increase its quarterly dividend by 6 percent to 82 cents a share, up from 5 percent the year before.

The report cites Apple’s supply and demand issues which emerged in China during February, before becoming a global issue in March. Apple Chief Executive Tim Cook said the company’s production was “back at typical levels toward the end of March,” but claimed foot traffic to stores in China had not yet risen to pre-lockdown levels.

Featured Image Credit: Photo via Pixabay.com

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Source: Apple (AAPL) Announces $50 Billion in Buybacks and Dividend Increase After Earnings Slipped

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April 23 (Bloomberg) — Apple reported its first profit decline since 2003 and forecast revenue that missed analysts’ estimates amid slowing iPhone sales growth and accelerating competition from Samsung. Bloomberg’s Cory Johnson and Jon Erlichman speak with Betty Liu on Bloomberg Television’s “Street Smart.” (Source: Bloomberg) — For more “Street Smart” videos: http://bloom.bg/WoangQ — Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg

Celebrity 100 The World’s Highest Paid Entertainers 2018 – Zack O’Malley Greenburg

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There’s never been a better time to be famous. The world’s 100 top-earning celebrities pulled in a combined $6.3 billion pretax over the past 12 months, up 22% from last year; 11 superstars crossed the $100 million threshold, more than double the number from the last two years combined.

Those are just a few of the takeaways from the 20th annual Celebrity 100 package, our accounting of the highest-paid front-of-camera stars on the planet. Floyd Mayweather tops the ranking with $285 million in pretax earnings, almost entirely on the strength of his August 2017 fight versus listmate Conor McGregor. George Clooney finishes second with $239 million, most of it coming from liquor giant Diageo’s purchase of Casamigos, the tequila company he cofounded, giving him the best annual take-home of his—or any actor’s—career.

Our cover star, Kylie Jenner, pulled in $166.5 million to claim the No. 3 spot, boosted by a sprawling cosmetics empire that has her on the verge of becoming a billionaire before she’s old enough to drink. Judge Judy Sheindlin’s $147 million puts her at No. 4—buoyed by the sale of her TV library for $100 million—while Dwayne “The Rock” Johnson rounds out the top five with $124 million thanks to blockbusters like newly-released Skyscraper.

“The number one goal is to create stuff for the world,” the superstar explained to Forbes in an interview for the package.

The Celebrity 100 list ranks front-of-camera stars around the globe using their pretax earnings from June 1, 2017 through June 1, 2018, before deducting fees for managers, lawyers and agents. Estimates are based on numbers from Nielsen, Pollstar, IMDB, SoundScan, NPD BookScan and ComScore, as well as interviews with industry experts and many of the stars themselves.

Over the past two decades, more than 700 actors, actresses, musicians and other stars have appeared on the list, accumulating a total of $80 billion in earnings. This year’s list members represent 17 countries: the U.S., U.K., Barbados, Portugal, Ireland, Brazil, Argentina, Australia, Switzerland, Canada, China, Mexico, Colombia, Germany, Spain, Greece, India. Newcomers range in age from septuagenarian Pink Floyd co founder Roger Waters (No. 28, $68 million) to thirty something pop rockers Imagine Dragons (No. 89, $36.5 million).

Full List: The World’s Highest-Paid Celebrities

The youngest on the list is 20-year-old Jenner. Later this year, she’ll likely take the title Mark Zuckerberg and Bill Gates once held: the world’s youngest ever self-made billionaire. Like The Rock, Jenner has leveraged social media to market her wares to a mammoth audience—over 110 million followers on Instagram alone.

“Social media is an amazing platform,” she told Forbes. “I have such easy access to my fans and my customers.”

Jenner isn’t the only cover star to make the list. She’s joined by her half-sister, Kim Kardashian-West (No. 30, $67 million); The Weeknd (No. 39, $57 million) and Katy Perry (No. 19, $83 million), all of whom appeared on the cover of the Celebrity 100 in recent years.

“I don’t feel like my career is a ticking time bomb,” Perry said, presciently, at the time. “I don’t feel like I’ll always have to be feeding the meter of show business. I got my spot, yo.”

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