|Bid||96.42 x 800|
|Ask||96.64 x 1000|
|Day's range||95.85 - 96.79|
|52-week range||52.42 - 99.72|
|Beta (3Y monthly)||0.52|
|PE ratio (TTM)||34.51|
|Earnings date||30 Oct 2019|
|Forward dividend & yield||1.44 (1.51%)|
|1y target est||95.68|
(Bloomberg) -- Apple Inc.’s 13 billion-euro ($14.4 billion) battle with the European Union reaches the bloc’s courts next month in a hearing set to throw the spotlight on antitrust commissioner Margrethe Vestager’s crackdown on tax deals doled out to big companies.The EU’s General Court, its second-highest tribunal, will hear arguments in the challenges by the iPhone maker and Ireland over two days set for Sept. 17-18. The U.S. last year lost a bid to intervene in the case in support of Apple.The European Commission in August 2016 ordered Ireland to recoup the record sum plus interest, saying the world’s richest company was handed an unfair advantage. The EU decision reverberated across the Atlantic, triggering criticism from the U.S. Treasury that the EU was making itself a "supra-national tax authority" that could threaten global tax reform efforts.The Irish government said in an email it “profoundly disagrees” with the EU’s decision and “is engaging fully with the process and ensuring the best presentation of the state’s position.” The commission in Brussels declined to comment.Apple didn’t immediately respond to requests for comment.Appeals over tax cases have been piling up at the EU’s courts since 2015, when the commission issued its first orders against Luxembourg and the Netherlands to recoup unpaid taxes from a Fiat Chrysler Automobiles NV unit and Starbucks Corp. respectively.The court heard arguments in both cases last year with rulings yet to come. A first ruling in the series of decisions by EU antitrust chief Vestager ended in a setback in February for the EU when Belgium won a bid to overturn an order to recoup about 800 million euros from 35 companies, including Anheuser-Busch InBev NV.(Updates with EU response in fourth paragraph.)\--With assistance from Peter Flanagan.To contact the reporter on this story: Stephanie Bodoni in Luxembourg at email@example.comTo contact the editors responsible for this story: Anthony Aarons at firstname.lastname@example.org, Peter Chapman, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
According to the regulatory filing from Bill Ackman’s Pershing Square Capital, the fund has taken a new stake in Berkshire Hathaway (BRK.B).
(Bloomberg) -- Luckin Coffee Inc., the chain trying to take on Starbucks Corp. in China, plunged the most since its U.S. trading debut in May after it issued earnings for the first time as a public company.Luckin, which is based in China and listed in the U.S, said it was taking a hit from trade tensions and the slowing Chinese economy as it races to open stores and burns cash to build market share in China’s nascent coffee market.The shares sank 17% to $20.44 in New York on Wednesday. The shares were up 44% from the $17-a-share initial public offering price through Tuesday’s close.Despite the share plunge, which came on a day when global recession fears were weighing down markets, Luckin is on track to start breaking even at its individual locations this year, according to Chief Financial Officer Reinout Schakel. He added that the company could benefit from its lower prices if trade tensions and the weakening Chinese economy continue to hit consumers.“With the proposition we have around affordability, we’re well-positioned to weather that storm,” Schakel said in an interview.Luckin posted a net loss of 681.3 million yuan ($97 million). Revenue was 909.1 million yuan, compared with analysts’ estimates of 909 million.It is seeking to overtake Starbucks in China by opening more stores in two years than the industry giant has in 20 years. Investors have questioned the Xiamen, China-based company’s strategy of sacrificing profits to lure new customers with discounts when the Chinese economy is growing at its slowest pace in three decades, while a prolonged U.S.-China trade war damps consumer confidence.Starbucks’s IPO-Bound China Rival Wants to Re-Invent Coffee GameChina is becoming an increasingly important market for coffee retailers as the country’s middle-class tea drinkers develop a taste for java. Luckin has an uphill battle, as it claimed only 2.1% of the market last year, while Starbucks has more than a 50% share and also plans to continue its rapid expansion by opening one store every 15 hours.Luckin’s store count may be on track to overtake Starbucks this year, but the vast majority of its outlets are kiosks for delivery and takeaway, unlike the plush hang-out spaces at Starbucks.(Updates with closing share price. Previous version corrected to show figures in sixth paragraph are net loss rather than operating loss)To contact the reporters on this story: Jeff Sutherland in Tokyo at email@example.com;Craig Giammona in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rachel Chang at email@example.com, Anne Riley MoffatFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Luckin Coffee (LK) is a fast-growing Chinese coffee chain. It was founded two years ago, and since then, it's opened thousands of stores in China.
Welcome to the latest episode of the Full-Court Finance podcast from Zacks Investment Research where Associate Stock Strategist Ben Rains and guest Madeleine Johnson dive into the world of coffee to see how the major publicly traded firms from Starbucks (SBUX) to Dunkin' (DNKN) have performed...
(Bloomberg Opinion) -- For anyone worried about the erection of barriers between economies, people and capital, a modest living room in suburban Denver would give some relief.Thanks in large part to the rising power of Indian commerce and the South Asian diaspora in the U.S., your columnist could settle into a chair at his mother-in-law's home and binge during the wee hours on World Cup cricket last month. The means was a cable channel that began as a niche outfit catering to a prominent immigrant community and has grown into a corporate operation with ambitions to create an American taste for cricket.The sport’s growth is more than just an idiosyncrasy of the Anglosphere. It goes beyond indulgences enabled by the digital revolution and the array of offerings on cable like curling, billiards or poker. Think of it as a salve to the myopia of trade conflict, technology wars and the idea that the world is breaking into competing camps or rival platforms.While cricket’s ancestral roots and folk history belong to England and Australia, the financial and organizational lodestar is India. The giant nation is as close to a one-sport country as you can get. Cricket transcends language, sectarian and geographic barriers at home and unites Indians abroad. India’s rise is synonymous with the 21st century spread of cricket.So, if deglobalization needed a single rebuttal, Willow TV could be it. It's easy to think of globalization as taking something from the developed world, such as Starbucks or European football, and selling into emerging economies. Beaming cricket into American homes goes a step further. It ships sport from a key emerging market to the developed world, reckons James Crabtree, who devotes part of his book “The Billionaire Raj” to the industrial qualities of Indian cricket.At the intersection of these tectonic trends is Willow, which I first encountered in New York, where I lived for three years before moving to Singapore in January. I re-engaged with Willow, founded in 2010, last month. The channel, named for the type of wood that cricket bats were traditionally crafted from, offers an unrelenting, 24-7 diet of cricket concentrated on teams from India, Pakistan, Bangladesh and Sri Lanka.Much of it caters to the South Asian community in the U.S., much of it in the New York-New Jersey area. The advertising spans the very parochial – immigration lawyers, cash remittance services and an astrologer – to bigger plays that hint at the size of the diaspora. State Farm Mutual Auto Insurance Co. crafted spots aimed at this demographic. The Allstate Corp., another insurer, and Toyota Motor Corp. are also in on the act, according to Satyan Gajwani, vice chairman of Times Internet Ltd., which bought Willow in 2016.Gajwani says that in a recent month the average viewer of Willow – billed as the only U.S. channel devoted entirely to cricket – spent 26 hours watching the channel. He points to the footprint of the Asian population in the U.S., which Pew Research Center said in 2017 was the fastest-growing racial or ethnic group. People of Indian origin are the second-biggest component after ethnic Chinese. By 2055, Asians will become America’s largest immigrant group, making up 38% of all newcomers, versus 31% for Hispanics.Willow is committed to broadening cricket’s appeal as a sport in the U.S. Gajwani has partnered with USA Cricket to develop an American T-20 contest, betting that an abbreviated, smash-and-bash version of the game will go down well. American kids grew up playing soccer and as adults many now ardently follow Chelsea or Liverpool. Why not cricket, which has become less hidebound to the classic five-day Test match of tradition? There's a potential flipside that may work against the melting pot. Decades ago, newcomers to the U.S. who were keen on sports had no choice but to immerse themselves in baseball, basketball and the National Football League. Now, people can relax from a hard day and watch an Indian Premier League game between the Hyderabad Sunrisers and the Rajasthan Royals, as they would in the suburbs of Mumbai or New Delhi.Work in America, come home to India. Given the still-overwhelming weight of American culture, it's hard to find a sinister side to this. Anything that enables us to see beyond our backyards is a plus. To contact the author of this story: Daniel Moss at firstname.lastname@example.orgTo contact the editor responsible for this story: Patrick McDowell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Daniel Moss is a Bloomberg Opinion columnist covering Asian economies. Previously he was executive editor of Bloomberg News for global economics, and has led teams in Asia, Europe and North America.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Jack in the Box (JACK) is on track to achieve same-store sales growth for the ninth straight year. Same-store sales so far for fourth-quarter fiscal 2019 are quite impressive.
Pivotal Acquisition Corp. CEO Jonathan Ledecky and KLDiscovery CEO Chris Weiler are Merging Companies By John Jannarone Anyone who follows daily news knows that civil lawsuits against corporations aren’t going away. And between emails, texts, and messaging across several devices, it’s clear that data is growing while getting harder to harness. The good news: A […]
Food giant Nestle on Thursday started selling Starbucks-branded coffee in mainland China, seeking to tap growth in a market where it says coffee consumption per capita remains low compared to global standards. Nestle last year paid $7.15 billion for exclusive rights to sell the U.S. chain's coffees and teas globally, and began selling Starbucks-labelled products in Europe, Asia and Latin America in February. The world's largest food company will start selling 21 Starbucks-branded capsule and instant coffee products on Chinese e-commerce platforms like Alibaba's Tmall and JD.com, as well as to offices and hotels in tier-1 cities, both companies said.