Thursday, 28 Mar 2024

Cheap oil tanks Exxon Mobil revenue 15%

Pinterest shares slide, briefly falling below IPO price for the first time

  • Shares of Pinterest sunk as low as $18.71 on Friday, pushing it below its $19 IPO price.
  • The company reported disappointing results for the third quarter on Thursday.

Shares of Pinterest plunged as much as 24% on Friday, briefly pushing it below the its IPO price for the first time.

The stock was trading as low as $18.71 in early trading. The stock sold at an IPO price of $19 when the company went public in April.

It comes after Pinterest reported disappointing third-quarter results late Thursday. The company posted revenue of $279.7 million, which was lower than consensus estimates of $280.6 million. It also missed estimates for its 2019 full-year outlook.

Pinterest has yet to turn a net profit at a time when investors have grown increasingly skeptical of money-losing tech companies. The company reported a net loss for the third quarter of $124.7 million, while stock-based compensation hit $130.3 million during the quarter, a sharp uptick from $3.9 million a year earlier.

CNBC's Ari Levy contributed to this story.

Google enters wearables market with $2.1 billion Fitbit deal

Google announced Friday that it will buy fitness tracker pioneer Fitbit Inc for $2.1 billion as the search giant takes on Apple and Samsung in the fast-growing market for wearable devices.

Google said on Friday that it sees an opportunity to introduce “Made by Google” wearable devices into the market and invest more in wearable technology.

Fitbit has been offered $7.35 per share in cash, the company said, a premium of about 19 percent to the stock’s closing price on Thursday. The company’s shares were trading at $7.18 in trading before the bell.

Fitbit shares have gained more than 40 percent since Reuters reported on Monday that Google had made an offer for the maker of the popular colorful fitness trackers.

The deal comes at a time when Fitbit’s share of the fitness tracking market is being threatened by deeper-pocket companies such as Apple and Samsung as well as cheaper offerings from China’s Huawei and Xiaomi.

“We believe Google is a natural fit. The deep health and fitness data, coupled with the 28 million active users on the Fitbit platform, offer a tremendous value,” Craig Hallum analysts wrote in a note.

Fitbit said if Google fails to obtain antitrust approval for the deal, the internet company would need to pay a termination fee of $250 million.

Fitbit also said health and wellness data of its users would not be used for Google ads. Google said it would give Fitbit users the choice to review, move or delete their data.

Kudlow says China tariffs could still be increased if phase-one pact isn’t achieved

White House economic adviser Larry Kudlow said trade talks between the U.S. and China are "not complete but they are going well." In an interview on Bloomberg Television, Kudlow cited progress on agriculture, financial services and currency. But he held out the possibility of tariff increases until the so-called phase one of a deal is finished. Thursday, President Donald Trump said Washington and Beijing were working to select a new site for signing that phase of an agreement, following the cancelation of an Asia-Pacific summit in Chile.

ST Watch Supplement: Crown & Bezel

U.S. House lawmakers secure enough votes to pass Trump impeachment rules

WASHINGTON (Reuters) – Democrats in the U.S. House of Representatives secured enough votes on Thursday to pass legislation setting up next steps in the fast-moving impeachment process involving Republican President Donald Trump.

The vote is the first formal test of support for the inquiry that House Speaker Nancy Pelosi launched on Sept. 24. The impeachment inquiry focuses on whether Trump pressured Ukraine into helping him in his 2020 re-election campaign, a charge the president denies.

Grammys will pay tribute to Dr. Dre for trailblazing production work

Dr. Dre, who has produced hits for Eminem, Tupac, Snoop Dogg and more, will be honored by the Recording Academy for his trailblazing production work.

The Recording Academy announced Friday that its Producers & Engineers Wing will pay tribute the Rock and Roll Hall of Famer on Jan. 22 at Village Studios in Los Angeles. The event takes place four days before the 2020 Grammys.

Dre has won six Grammys, three of which he took home as a producer or engineer. Born in Compton, he broke out on the music scene as a co-founding member of N.W.A., producing some of the group’s groundbreaking 1988 debut album, “Straight Outta Compton.”

He went on to produce his own hits and multiplatinum albums, along with crafting music for Eminem, Tupac, Snoop Dogg, Kendrick Lamar, 50 Cent, Eve, Jay-Z, Nas, Busta Rhymes, Xzibit, the Game, Anderson .Paak and many more.

He also found success outside of rap, producing Top 10 pop hits for Gwen Stefani, Michel’le and Mary J. Blige, helping the R&B queen top the Billboard Hot 100 chart for the first time with “Family Affair.”

Dre founded Beats Electronics in 2008 with Jimmy Iovine and six years later they launched a streaming subscription service, Beats Music. Apple acquired both in a $3 billion deal in 2014.

Cheap oil tanks Exxon Mobil revenue 15%

Judge Andrew Napolitano on New York’s Exxon climate change lawsuit

Fox News senior judicial analyst Judge Andrew Napolitano discusses the State of New York’s lawsuit against Exxon Mobile and the longterm effect of state attorneys general looking for wealth transfers.

IRVING, Texas (AP) — Exxon Mobil's profit tumbled with crude prices down about 15% from where they were last year, though a $300 million boost from a tax-related item helped.

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Exxon Mobil Corp. on Friday reported net income of $3.17 billion, or 75 cents per share. Those per-share earnings were 68 cents if one-time benefits are removed, topping expectations by 4 cents. But it's about half of last year's $6.24 billion, or $1.46 per share.

US CRUSHES WALL STREET EXPECTATIONS ON JOBS DESPITE SEVERAL CHALLENGES

Revenue was $65.05 billion, down 15% from last year's $76.61 billion.

Oil production rose 3% from a year earlier, to 3.9 million barrels per day. Excluding entitlement effects and divestments, liquids production increased 4 percent, driven by Permian Basin growth. Natural gas volumes climbed 1%.

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Shares of Exxon Mobil Corp. rose slightly before the opening bell.

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