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The Guardian
Amazon poised to deliver big in third quarter despite shadow over tech
Investors have been promised a 24% sales jump as analysts place their bets on the Jeff Bezos magic. Remember when Silicon Valley was a force for good? With their young bosses, origins in garages and revolutionary products, US tech companies were worshipped for bringing information, choice and innovation to the world. As reporting season for the US tech sector revs up this week the sheen has come off as campaigners, politicians and the wider public have asked questions about the darker side of the digital revolution. Facebook, Amazon, Google’s parent, Alphabet, Microsoft and Apple are all reporting in the next couple of weeks. Misuse of people’s data, aggressive tax avoidance, treatment of workers, enabling hate speech and the sheer size and power of the tech giants are all in the spotlight. The US government is conducting an antitrust review and Elizabeth Warren, the new frontrunner for the 2020 Democratic nomination, has pledged to break up the digital monopolies. Amazon, which reports third-quarter results on Thursday, is a case in point. Jeff Bezos’s company has faced repeated questions about working conditions at its warehouses in the US and the UK, where it is running an ad campaign featuring happy workers. Critics hold it partly responsible for the crisis on the high street. Amazon’s sprawling business – from retail sales and computer gaming to advertising and entertainment streaming – is in Warren’s sights and in Britain the competition authorities are investigating its investment in Deliveroo. It could also be affected by proposals to make big tech companies pay more tax in countries where they make sales. The Seattle-based company has told investors to expect third-quarter sales to jump by as much as 24% to a maximum of $70bn as it piles on revenue from cloud computing and its Prime service’s one-day delivery offer. Operating profit, though, is set to fall from $3.7bn to between $2.1bn and $3.1bn as Amazon spends on transport to expand its fast delivery offer. Amazon’s shares have fallen by about 10% since disappointing second-quarter results in July as investors digested its heavy spending message, amid general wariness about the tech sector made worse by dud share sales by companies such as Uber, Lyft and Slack. Neil Campling, head of technology research at Mirabaud Securities, said: “There is an overhang on big tech at the moment which is weighing on Amazon. You have got very high expectations and companies with very high valuations, and when a sector is priced for perfection that creates extra risk.” The shares are worth more than six times what they were just five years ago and Wall Street analysts reckon there is more to come. The company has so many irons in the fire that it’s hard to understand what’s going on. Supporters have to believe that its size, ability to invest and Bezos’s relentless focus on keeping customers happy is a magic combination. Andrew Murphy, managing partner of US tech investor Loup Ventures, says Amazon is still a high-growth company because of its willingness to experiment, and will escape a forced break-up despite its size. “While they’ve demonstrated the capability of turning on the profitability spigot at will in a given quarter, they are still in investment mode,” Murphy said. “Amazon will experiment and spend to test seemingly anything.” Is Amazon a risk-taking innovator or a relentless sucker up of other people’s business? Campling points out that Amazon’s cloud service supports many other companies, “creating an economy of its own”, but adds that Amazon can use the information it gets from the service to move in on the next trend. “Amazon is affecting every part of our lives,” Campling said. “Some people will think it’s the devil and others will think it gives us choice.”
Bloomberg
Boeing Board to Meet Executives on 737 Max Jets, Reuters Says
(Bloomberg) -- Boeing Co.’s board of directors and top executives from its airplane division and supply chain are scheduled to meet Sunday to discuss 737 Max jets, Reuters reported, citing people it didn’t identify.The meetings prompted speculation within the company that a significant number of jobs may be cut. They come amid the ongoing investigations into the aircraft after two fatal crashes and an increased financial burden following a safety ban of the jet, the report said.Boeing may have to decrease its monthly production if regulators decide to further delay the resumption of the Max’s services, even after the planemaker told suppliers it plans to increase its output to a record high next year, Reuters said.Kevin McAllister, who heads Boeing’s commercial airplanes division, as well as Jenette Ramos, senior vice president of manufacturing, supply chain and operations, are scheduled to visit Boeing’s Kelly Field facility in San Antonio, Texas, on Sunday, where a number of 737 Max jets are stored, Reuters cited two people as saying.A Boeing spokesman declined to comment to Reuters on the board’s agenda and the company’s production or staffing levels.Related Story: Boeing Pilot’s 2016 Worry on ‘Egregious’ Max Roils Jet’s FutureTo contact the reporter on this story: Jihye Lee in Seoul at jlee2352@bloomberg.netTo contact the editors responsible for this story: Niluksi Koswanage at nkoswanage@bloomberg.net, Linus Chua, Siraj DatooFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Reuters
Boeing board to meet in Texas as scrutiny intensifies - sources
Several industry sources said there was speculation inside the company of significant job cuts as Boeing, unable to deliver 737 MAX planes to customers, continues to drain cash. The schedule for the board's face-to-face meetings was set for Sunday and Monday in San Antonio, one of the people said, two days before Boeing reports earnings on Oct. 23. The week after, Boeing Chief Executive Officer Dennis Muilenburg - who was stripped of his job as board chairman eight days ago - is due to testify before U.S. Congress about the plane's development.
Reuters
Boeing board to meet in Texas as scrutiny intensifies: sources
Several industry sources said there was speculation inside the company of significant job cuts as Boeing, unable to deliver 737 MAX planes to customers, continues to drain cash. The schedule for the board's face-to-face meetings was set for Sunday and Monday in San Antonio, one of the people said, two days before Boeing reports earnings on Oct. 23. The week after, Boeing Chief Executive Officer Dennis Muilenburg - who was stripped of his job as board chairman eight days ago - is due to testify before U.S. Congress about the plane's development.
Yahoo Finance
Susan Rice weighs in on 'the danger' surrounding big tech
The international reputation of large American tech firms can impact how the global community perceives the U.S., says a former top national security official under Barack Obama.
Yahoo Finance
JNJ sheds light on why its settling some opioid cases instead of fighting in court
In this week’s Q3 earnings call, Johnson & Johnson's CFO shed some light on the company’s surprise decision to settle in Ohio.
Sky News
Messages from former Boeing test pilot reveal 737 Max concerns
A former senior test pilot for Boeing told a colleague he "unknowingly" misled safety regulators about problems with a flight-control system. Pilot Mark Forkner told another Boeing employee in 2016 that the flight system, called MCAS, was "egregious" and "running rampant" while he tested it in a flight simulator. "So I basically lied to the regulators (unknowingly)," wrote Mr Forkner, then Boeing's chief technical pilot for the 737, the Wall Street Journal reported.
Market Realist
test
(Aapl)(spy)(dia)
Bloomberg
World’s Longest Flights Aren’t Meant for Cattle Class
(Bloomberg Opinion) -- The question about Qantas Airways Ltd.’s plans to start 20-hour direct flights from Sydney to London and New York isn’t why any passenger would want to take the route — it’s why any carrier would want to offer them.For all the hardship of spending a day cooped up with the body odors of a couple of hundred other humans, long-haul flying isn’t a particularly attractive business for airlines, either.Qantas’s international unit made just 10.7 Australian cents of revenue per seat, per kilometer flown in its last fiscal year through June, of which 10.3 Australian cents was eaten up on operating costs. If you fly the roughly 17,000 kilometers (10,500 miles) between London and Sydney and buy a decent bottle of liquor at duty free, the A$70 ($48) you’ll spend will quite possibly be more money than the operating profit Qantas made on your ticket for the entire flight. Qantas’s Jetstar budget carrier makes about twice the profit per kilometer that the international business brings in, and its mainline domestic unit is five times more profitable.So what gives? Establishing ultra-long-haul routes is no easy task. Qantas is modifying in-flight menus and lighting patterns and using its staff as guinea pigs in a test flight this weekend to examine how passengers will cope with such a long journey.Costs don’t explain it. Indeed, they’re likely to be somewhat worse on direct ultra-long-haul flights than on more conventional routes. On a fully-laden twin-aisle passenger jet, fuel will often weigh more than all the passengers and cargo. Breaking the journey and refueling en route at a hub airport is a good way of keeping costs down, because it means that you don’t have to carry fuel for the second “leg” of the flight.Revenue, however, is a different matter. Qantas’s domestic business is so profitable because it has a single struggling rival, Virgin Australia Holdings Ltd. Despite flying more passengers in the 12 months through June than it did six years earlier, Australia’s domestic aviation network operated fewer flights. That’s possible because the muted competition between Qantas and Virgin gives them the discipline to keep a lid on capacity growth, allowing more people to be squeezed onto each plane and keeping prices high.International routes aren’t normally like that. At least a dozen different airlines typically compete to ferry passengers between Australia and Europe, and those with hub airports mid-route can easily serve multiple destinations in a way that would be crippling to an end-of-line carrier like Qantas. The partnership between Qantas and Emirates, which started in 2013, was intended to get around this problem by funneling the Australian carrier’s passengers onto the huge network operated by its Gulf partner. While that’s helped return the international unit to profit, margins are vanishingly thin.Ultra-long-haul flights are best understood as a way for the likes of Qantas to reverse the disadvantage that this tyranny of distance engenders. It will never have the network and operations to compete with the geographic advantages of hub carriers in moving passengers between Australia, Europe and North America. However, if it can tempt the more profitable premium passengers away from hub airports with a more direct route, it at least has some ammunition on its side next time it enters negotiations with Emirates about how to share revenues from their flights. You can see this even just looking at its aircraft seat maps. About 18% of the seats on Qantas’s Boeing Co. 787-9 that it uses to fly from Perth to London and on routes between Australia and the U.S. are in business class, with another 12% in premium economy. That’s a larger share of high-margin seats than on the planes that had previously been the workhorses of its international network.It’s probably right to be skeptical that spending 20 hours in economy class can be as glamorous as Qantas’s elaborate pre-testing makes it sound. The only way airlines can make decent money flying to the far side of the world is by letting business class subsidize the rest of the cabin. If you’re flying coach, these flights aren’t really aimed at you.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Reuters
News Corp to supply headlines for Facebook's upcoming news tab
The WSJ, which first reported about the deal, said news publications Washington Post, BuzzFeed News, and Business Insider have also reached a similar deal with Facebook. The news organizations will be paid a licensing fee to supply headlines, the WSJ reported.
Market Realist
Boeing Stock Grounded amid 737 MAX Bombshell
Boeing is set to release earnings on Wednesday, and CEO Dennis Muilenburg is preparing to testify before Congress. Not a good time for a massive scandal.
Zacks
What's Next for Netflix Stock After Q3 Earnings as Apple & Disney Launch?
Netflix's post-release positivity was short lived as NFLX stock fell Thursday and slipped another 6% Friday. Now what?
Bloomberg
J&J Recalls Lot of Baby Powder After Asbestos Trace Found
(Bloomberg) -- Johnson & Johnson is recalling one lot of its Johnson’s Baby Powder after tiny amounts of asbestos contamination were found in samples from a single bottle purchased online.J&J is voluntarily recalling the lot, 22318RB, which consists of 33,000 bottles, and is encouraging people who bought the product to discontinue use. The company said that it is working with the Food and Drug Administration, which tested the bottle, and has started an investigation into how and when the product was contaminated.FDA spokeswoman Gloria Sanchez-Contreras said the contaminated bottle contained chrysotile fibers, a type of asbestos. The FDA recommended that consumers stop using the lot immediately and contact J&J for a refund. Another lot of Johnson’s Baby Powder the FDA tested was negative for asbestos, the agency said in a statement.J&J shares fell 6.2% to $127.70 at the close in New York, the biggest drop since December 2018. The stock has been under pressure as investors try to ascertain the company’s potential liabilities in a series of lawsuits related to talc and other products.“Thousands of tests over the past 40 years repeatedly confirm that our consumer talc products do not contain asbestos,” J&J said in a statement on Friday.J&J is looking into whether cross-contamination of the sample caused a false positive, whether the product was appropriately sealed and maintained in a controlled environment, and whether the product was a counterfeit. Sanchez-Contreras said the FDA “stands by the quality of its testing and results and is not aware of any adverse events relating to exposure to the lot of affected products.” The FDA has tested about 50 cosmetic products for asbestos since 2018 and plans to release the full results by the end of this year, the agency said.During a brief call with investors on Friday, J&J global supply chain and women’s health executives said they had received the product’s test results the previous day and acted promptly to inform the public. The investigation could take 30 days or more, they said. The executives didn’t take questions from participants on the call.Legal ImplicationsChief Financial Officer Joseph Wolk said on a Tuesday conference call with investors that the company wouldn’t set aside any legal reserves for the more than 100,000 lawsuits it faces across its portfolio of drugs, consumer products and medical devices, saying it expects to fight and win many of the claims.“The management team here will look at what a reasonable outcome could be for all stakeholders involved,” Wolk said. “When products are safe, when they’re effective, we’re going to look to make sure that those products aren’t subject to what’s become unfortunately a big business model for plaintiff’s attorneys.”J&J has already settled some of the lawsuits in which plaintiffs claim they were given cancer by the talc-based personal care products, but 15,500 suits remain, according to a July filing with the U.S. Securities and Exchange Commission.Company spokesman Ernie Knewitz declined to comment on the contamination beyond the news release and said he wouldn’t speculate on what the development means for the litigation.Baby Powder-related liabilities could eventually cost the company as much as $10 billion, according to Bloomberg Intelligence. Though the product accounts for only a small fraction of J&J’s annual revenue, it’s been a core brand for the company for more than a century.Longstanding ClaimsLawyers for women who blame their cancers on asbestos-tainted talc powder contend internal J&J documents indicated officials knew since the 1970s that powder mined in places such as Vermont and Italy contained trace amounts of asbestos, but failed to alert consumers or regulators. Asbestos is often found intertwined with talc.“Had J&J acted responsibly and removed Johnson’s Baby Powder from the market in the 1970s, they would have saved the lives of thousands of women who have died needlessly of ovarian cancer,” Leigh O’Dell, an Alabama lawyer who is leading the plaintiffs’ cases that have been consolidated before a federal judge in New Jersey for pretrial information exchanges, said on Friday.Mark Lanier, who persuaded a St. Louis jury last year to hit J&J with a $4.7 billion verdict on behalf of more than 20 women who said they developed ovarian cancer through long-term use of the company’s talc-based products, said he doesn’t expect this to be the last time that its talc will be found to contain asbestos.“This confirms thousands of tests” over the years that have uncovered asbestos in J&J’s Baby Powder, he said.Given that J&J’s lawyers made public statements this month that the company’s talc-based products were free of asbestos, the recall couldn’t come at worse time, said Nora Engstrom, a Stanford University law professor. The company has vowed for years that extensive testing showed no traces of asbestos, she noted.“The wisdom of J&J’s broad defense strategy for these talc cases clearly is now in doubt,” Engstrom said.J&J has refuted and, in many cases, appealed verdicts against it, citing conflicting evidence on whether talcum powder can cause cancer. In a statement provided to Time magazine after a new study’s publication, the company maintained that Baby Powder is safe.“We sympathize with anyone suffering from cancer, and we understand patients and their families are seeking answers. The facts are clear — Johnson’s Baby Powder is safe, does not contain asbestos nor does it cause cancer, as reflected in more than 40 years of scientific evidence,” the statement reads.J&J said in February that it had received subpoenas and inquiries related to its iconic baby-powder products from the U.S. Justice Department, the SEC and the top Democrat on the Senate Committee on Health, Education, Labor and Pensions. Knewitz, the J&J spokesman, said at the time the company would cooperate with the inquiries.Bloomberg News reported in July that the Justice Department is pursuing a criminal investigation into whether J&J lied to the public about the possible cancer risks of its talc powder.(Updates with FDA testing in third paragraph)To contact the reporters on this story: Riley Griffin in New York at rgriffin42@bloomberg.net;Jef Feeley in Wilmington, Delaware at jfeeley@bloomberg.netTo contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Timothy Annett, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Market Realist
Netflix Stock: The Decline May Just Be Starting
Netflix is down 6.1% today, and some traders are actively betting that Netflix stock will plunge in the coming weeks and months. Here's why.
Market Realist
Could Microsoft Azure Be the Next Windows?
Analyst Christopher Eberle reiterated a "buy" rating and a price target of $161 on Microsoft stock. He predicts that Azure could grow 61.6% in Q1.
Market Realist
Could the Model Y Change Tesla’s Profit Game?
This year, Tesla (TSLA) stock has fallen 21.3%, underperforming broader markets. Let's look at how Tesla's Model Y could turn things around.
Market Realist
Facebook May Have More Money and Problems after 2020 Vote
Facebook critics, from Donald Trump to Democratic presidential nominee candidate Elizabeth Warren, are rushing to the platform to promote their campaigns.
Zacks
Are Q3 2019 Earnings Results Really That Good?
Are Q3 2019 Earnings Results Really That Good?
Investing.com
Stocks - S&P Knocked Down by Boeing, JNJ, China
Investing.com – Stocks finished the week on a down note on slumps in Boeing and Johnson & Johnson, plus new worries about Chinese economic growth.
Bloomberg
Mark Hurd, Oracle CEO Who Led Three Tech Companies, Dies
(Bloomberg) -- Mark Hurd, who was chief executive officer of three major technology companies including Oracle Corp., has died. He was 62.Most recently Hurd was co-CEO at Oracle with Safra Catz where he focused on sales, marketing and press and investor relations, while she ran finances and legal matters. Oracle announced on Sept. 11 that Hurd had begun a leave of absence for unspecified health-related reasons and that Catz and Oracle Chairman Larry Ellison would assume his responsibilities during his leave. The company didn’t disclose a cause of death Friday.“It is with a profound sense of sadness and loss that I tell everyone here at Oracle that Mark Hurd passed away early this morning,” Ellison wrote in an online post. “Mark was my close and irreplaceable friend, and trusted colleague. Oracle has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at Oracle.”Hurd began his career in 1980 as a salesman for National Cash Register Corp. (now NCR), before rising in the ranks to the CEO post. In 2005, he was hired away as CEO by Hewlett-Packard Co., then the world’s biggest personal-computer maker. Hurd joined Oracle as a co-president in 2010, after resigning from HP following a sexual-harassment probe. While an internal investigation didn’t find a violation of the company’s sexual-harassment policy, it concluded that he violated company standards by filing inaccurate expense reports to conceal a personal relationship with a contractor.During his Oracle tenure, Hurd produced solid revenue and profits as the Redwood City, California-based company’s stock price hit a historic high in 2019. He was also a key driver in Oracle’s turn from an old model of licensing software toward the use of cloud computing, a burgeoning business dominated by rivals Amazon.com Inc. and Microsoft Corp.When he hired Hurd, Ellison said, “There is no executive in the IT world with more relevant experience than Mark.” Ellison described Hurd’s dismissal by HP as the “worst personnel decision since the idiots on the Apple board fired Steve Jobs.”Transformed SalesforceHurd reshaped Oracle’s salesforce. Beginning in 2013, he implemented a “specialist” model that made each member an expert in a single product category. In that year alone, he hired more than 4,000 people to implement his idea.He also created the “Class of” program that was designed to inject a startup feel into Oracle. College graduates were hired for a dedicated program that prepared them to become Oracle’s future sales leaders.In 2014, Hurd and Catz were named co-CEOs, while Ellison continued to serve as chairman of the board, orchestrate management changes and develop products as chief technology officer.Hurd was regarded as the most media-friendly of the trio, frequently serving as the public face of the company to outline its goals. At the time Hurd and Catz were named CEOs, Oracle’s central business was selling software designed to run on gear owned by the customer and charging a license fee. Hurd was among those inside Oracle who saw the company’s future in cloud computing -- which would let customers rent software and run their data on servers owned by vendors such as Oracle. He predicted in 2015 that by 2025 all enterprise data would be stored in the cloud and that 100% of software development and testing would run through it.Today, the company is much less ambitious in its cloud efforts, and has been making smaller promises. In June, Oracle said it would partner with Microsoft, a decades-long rival, to connect the two companies’ cloud services, so customers can use Oracle databases or applications tied to Microsoft’s Azure cloud. While Catz said Microsoft, the world’s largest software maker, wanted an alliance to give clients access to Oracle’s AI-driven databases, the move was a concession—signaling Oracle knew it could no longer go at it alone.It’s now Catz who will have to go it alone, at least for now. Some analysts expect the company will move to appoint a new partner soon. “It’s much more manageable to have two CEOs, so we would be surprised if Oracle goes back to one CEO going forward,” said John Barrett, an analyst at Morningstar Investment Service. “The larger question is how Oracle will go about searching for the co-CEO role and how quickly they can find a successor.”The succession will likely come from within the company’s deep bench. One option is Jeff Henley, Oracle’s vice chairman and former chief financial officer, according to Abby Adlerman, CEO of Boardspan, which provides software and services to address board governance. “I think from a succession planning perspective, they are in a much better place than most companies. They have a lot of options.” Ellison will likely stay close and in the long term, “it’s a matter of if Safra wants to go at it alone. It’s such a big company that there was a reason for the co-CEO role.”Ellison has mentioned Don Johnson, head of Oracle’s cloud infrastructure division, and Steve Miranda, head of Oracle’s applications unit, as possible partners to Catz in the future.Growth StrategyHurd led the charge to make Oracle one of the dominant cloud players, investing heavily in research and development and acquisitions, such as the $9.3 billion purchase of NetSuite Inc., sometimes called the first cloud company, in 2016. Oracle also bought Eloqua Inc., a marketing software company, and Taleo Corp., which makes talent-management.He secured significant deals with AT&T Inc., Bank of America Corp., and Qantas Airlines to transfer their existing databases to the cloud through Oracle. By late 2019, Oracle served more than 420,000 customers in 195 countries and territories, he said.Hurd had gone on a similar acquisition binge at HP, managing about $24 billion in deals, including buying Electronic Data Systems (EDS), as part of a larger plan to diversify the computer maker.He was also a drastic cost cutter who was responsible for firing thousands of workers when he first took over as HP’s CEO and laying off thousands more after the $13.9 billion purchase in 2008 of a struggling EDS, a move many investors disliked.Still, under Hurd’s tenure, HP increased profits for 22 straight quarters, while its revenue rose about 60% and its stock price doubled, according to data compiled by Bloomberg. He also helped HP surpass International Business Machines Corp. as the largest computer maker by sales.There were some dark moments at HP too. In 2006, it was disclosed that Hurd had helped launch an investigation into internal leaks from the company’s board. Outside security consultants conducted surveillance on a journalist and HP board member, and used a subterfuge to acquire phone and fax records for HP employees, board members and journalists. The California attorney general’s office opened a criminal probe into possible privacy violations, and HP’s chairwoman at the time, Patricia Dunn, resigned her post when the scandal broke.For his part, Hurd defended the need to investigate company leakers, but claimed he didn’t know about the investigators’ tawdry tactics because he’d ducked out of a briefing on the investigation and, several months later, ignored a verbal and written summary of the leak probe.After Hurd was ousted following the sexual harassment probe in 2010, HP discontinued making smartphones and its tablet computer. Eventually it split into two companies, one focused on personal computers and printers and the other on software and services.Top CEODespite navigating several scandals, Hurd was lauded by the industry. In 2007, he was named one of Fortune magazine’s 25 most powerful business leaders. In 2008, the San Francisco Chronicle named Hurd CEO of the Year.“Saddened by the loss of Mark Hurd,” wrote Bill McDermott, who stepped down as CEO of SAP SE this month, on Twitter. “He was a self-made success in the industry & presided over mega accomplishments. While we competed vigorously in the market, we enjoyed professional respect. My heartfelt prayers are with Mark’s family on this solemn day.”Mark Vincent Hurd was born on Jan. 1, 1957, in New York and lived on the affluent Upper East Side of Manhattan. His Yale-educated father was a financier who moved the family to Miami while Hurd was in high school. His mother was a debutante.Hurd received a tennis scholarship to Baylor University in Waco, Texas, where he earned a bachelor’s degree in business administration in 1979.He was hired in 1980 as a junior sales person by National Cash Register in San Antonio. He eventually became president, chief operating officer and CEO of the maker of automatic teller machines and cash registers.Based on his NCR record, HP hired him in 2005 as its CEO and added the chairman title the following year.“Mark just blew everybody else out of the water,” said Tom Perkins, a former HP executive who interviewed Hurd for the CEO job.Hurd served on a number of corporate boards and was a Baylor University trustee since 2014.He was married to the former Paula Kalupa in 1990. They had two daughters, Kathryn and Kelly.(Updates with comments from analyst in 12th paragraph)\--With assistance from Nico Grant, Peter Waldman and Candy Cheng.To contact the reporter on this story: Patrick Oster in New York at poster@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Market Realist
Boeing and JNJ Drag Dow Lower, End Week in Red
The Dow Jones Industrial Average Index lost close to 260 points or 0.95% today. Boeing stock (BA) fell 6.73%, the biggest loss in the Dow today.
Bloomberg
Trump to Nominate Deputy Energy Secretary to Replace Rick Perry
(Bloomberg) -- President Donald Trump said he will nominate Dan Brouillette to be his next energy secretary when Rick Perry leaves the job later this year.“Dan’s experience in the sector is unparalleled. A total professional, I have no doubt that Dan will do a great job!” Trump tweeted Friday.Brouillette has been serving as No. 2 to Perry, who led the Energy Department with its $36 billion budget and control of the nation’s nuclear arsenal and emergency crude oil stockpile. The White House arranged for Brouillette to meet with Trump on Friday after Perry gave the president a resignation letter. The deputy has been taking on increasingly high-profile roles for Perry, including sitting in for him at cabinet meetings. The White House session was described by people familiar with the matter who asked not to be named because it was private.Perry, 69, has been grooming Brouillette, 57, to succeed him for months while planning his own departure. In recent months, Brouillette has more frequently served as the public face of the Energy Department both on missions abroad and at U.S. events.Trump has elevated deputies at other agencies after the leaders departed. He made David Bernhardt acting secretary of the Interior after Ryan Zinke left the administration, then nominated him for the post. Trump used a similar approach with current Environmental Protection Agency Administrator Andrew Wheeler, who served as the second-ranking official under former chief Scott Pruitt.A Louisiana native, Brouillette worked at the Energy Department under former President George W. Bush as an assistant secretary for congressional and intergovernmental affairs.His vision for the Energy Department isn’t expected to veer from the one held by Perry, a vocal advocate of the nation’s oil and gas industry, who attempted -- so far unsuccessfully -- to subsidize unprofitable coal and nuclear plants in the name of national security and electric grid reliability.Brouillette has backed those efforts and said during a speech earlier this year that “fuel-secure units are retiring at an alarming rate,” a phenomenon that would “threaten our ability to recover from attacks and natural disasters,” if left unchecked.The nominee emerged as a key figure during internal administration debates last fall over whether to grant waivers for some countries from sanctions on Iran’s oil. Brouillette argued against the waivers, saying the administration should take a tougher stance against Iran, in a memo to the State Department.In addition to his past stint at the Energy Department under Bush, Brouillette has worked as staff director for the House Energy and Commerce Committee, where he played a role crafting major energy legislation. He also was a senior executive in the policy office of Ford Motor Co. and financial services provider United Services Automobile Association.To contact the reporters on this story: Jennifer Jacobs in Washington at jjacobs68@bloomberg.net;Ari Natter in Washington at anatter5@bloomberg.net;Jennifer A. Dlouhy in Washington at jdlouhy1@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Zacks
Will Twitter (TWTR) Stock Continue Its 2019 Success After Q3 Earnings?
Twitter (TWTR) is set to report its third quarter results on Thursday, October 24 before the opening bell.
Market Realist
Can Ford Challenge Tesla with Its EV Charging Network?
Ford announced that it would offer North America’s largest electric vehicle public charging network, the FordPass Charging Network, to its EV customers.

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