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(Reuters) – U.S. chipmaker Micron Technology Inc on Wednesday said it sees a recovery in the memory chip market coming and reported a quarterly profit that beat estimates as cost controls helped offset falling demand and prices, sending its shares up nearly 5 percent.
The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach
Micron makes NAND storage chips that are used in phones and internet servers as well as DRAM chips that help computer processors communicate with those storage chips.
The company beat revenue expectations for the fiscal second quarter ended Feb. 28. Although it gave a forecast for its fiscal third quarter that was below Wall Street’s expectations, Micron said demand is likely to begin growing again by its fourth quarter.
The results come against the backdrop of a glut in the global semiconductor industry triggered by waning demand for smartphones and spotty purchasing patterns by cloud-computing vendors, which hurt chipmakers such as Intel Corp earlier this year.
Meantime, Micron trimmed its spending plans and said it had idled some factory lines to bring its chip output in line with lower demand, helping keep profits flowing and a share buyback plan on track.
For its fiscal second quarter, Micron generated nearly $ 1 billion in free cash flow and a profit of $ 1.71 per share, excluding items. That was down from $ 2.82 a year earlier but above Wall Street expectations of $ 1.67, according to IBES data from Refinitiv.
“Certainly Micron has not been in a situation before where it’s been able to deliver such healthy profitability and cash flow in an adverse industry environment,” Chief Executive Sanjay Mehrotra said in an interview with Reuters.
Kinngai Chan, an analyst with Summit Insights Group, said investors were focusing on the outlook for a recovery in the second half of the calendar year, with the fiscal third quarter forecast representing “the bottom for Micron’s near-term sales and gross margin.”
The Boise, Idaho-based company said on Wednesday it expects revenue between $ 4.6 billion and $ 5 billion for its fiscal third quarter, falling short of analyst expectations of $ 5.3 billion according to IBES data from Refinitiv. The company cut planned capital expenditures for the 2019 fiscal year to $ 9 billion, Micron executives said, down from a previous forecast of between $ 9 billion and $ 9.5 billion.
Revenue fell to $ 5.84 billion from $ 7.35 billion, beating expectations of $ 5.3 billion.
The company said it bought back 21 million shares of its common stock for $ 702 million during the quarter as part of its $ 10 billion share buyback program, leaving a net cash position of $ 2.99 billion.
Reporting by Sayanti Chakraborty in Bengaluru and Stephen Nellis in San Francisco; editing by Sriraj Kalluvila and Leslie Adler
FILE PHOTO: Rows of new Tesla Model 3 electric vehicles are seen in Richmond, California. REUTERS/Stephen Lam/File Photo
(Reuters) – Electric carmaker Tesla Inc is lowering the price of its Model 3 by $ 1,100, citing the end of a costly customer referral program, a company spokeswoman said on Wednesday.
The second price cut to the Model 3 this year now brings the cost of its least expensive variant to $ 42,900, according to the company’s website here.
Tesla’s customer referral incentive plan ended on Feb. 1 after Chief Executive Officer Elon Musk had tweeted that the referral program was “adding too much cost to the cars, especially Model 3”.
Tesla delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States to offset a reduction in a green tax credit.
The company is rapidly increasing production of its Model 3 sedan and lower prices could help it reach a broader customer base than its pure luxury vehicles.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Gopakumar Warrier
No matter how successful or experienced, everyone makes mistakes. No one bats a thousand, and that’s okay. It is impossible to always be right. However, there are ways to avoid making poor judgments and decisions, and it centers around being aware of your hidden biases.
Biases are ingrained, hardwired processes that exist in all humans. At one point in history, they may have helped with human survival, but today, they are more likely to get you in trouble.
We are all susceptible to a slew of biases, for example:
Anchoring — Question: Is the population of Ecuador more or less than 3 million? What size is the total population?
If you are like most people, you severely under guess the population. The actual population of Ecuador is over 16 million, according to World Bank. However, the question is set up in a way that makes most people guess a number a lower number. By asking if the population was more or less than 3 million, the response was anchored around this number.
Outcome bias — People will attribute an outcome to something that has little or no influence on it. An athlete wears their favorite pair of socks when they win a big game. From that point on, they may believe that they need to wear their “lucky socks” to increase their chances of winning again.
Rhyme-as-reason –– People are more likely to remember and believe sayings that rhyme. For example, “Birds of a feather, flock together” versus “Similar flying animals travel in unison.”
With so many hidden biases, how do you know when you are biased and how do you make better decisions?
1. Accept that you’re probably wrong.
The first step to better decision making is to accept that you may never be right. Having humility is key to overcoming biases. Humans have a tendency to overestimate their abilities. In one study, 80 percent of participants rated themselves as above average drivers.
2. Break down your reasoning.
It is a gut reaction to look for evidence that supports existing beliefs. It’s easy to say that you’re right and justify it.
However, rather than insisting that you are right, analyze the process that you used to come to that conclusion first. Looking at your decision making process can help you understand if you’re justifying existing beliefs or if you’re making the best decision for the situation.
Without taking a hard look at the reasoning, you can justify anything. For example, when a new iPhone comes out, you could come up with dozens of reasons why you need to buy it. It will increase productivity. You’ll be able to text faster, but is it actually worth the high price? The reality is likely that you want it because it’s new and shiny, and not because you actually need it.
3. Look for cognitive friction.
Research has shown that cognitive friction, or having healthy challenges and debates with people that have an oppositional view, will produce better ideas and problem-solving. One study paired off individuals based on whether they identified as Democrat or Republican. Teams were then tasked to solve a murder mystery.
Pairs that were made up of Democrat and Republican often debated their arguments more and worked harder to come to a conclusion. As a result, they were more likely to solve the mystery than teams that were made up of people with the same political affiliation.
Surround yourself with people that will challenge your perspective and force you to be better.
If you don’t have people around you that are willing to call you out when you’re wrong, you will be prone to making terrible mistakes.
Being challenged doesn’t mean that you will always make the right decision, but it will give you the best chance to catch the missteps in your thinking and it will force you to explore alternate perspectives.
All humans suffer from human biases, and everyone makes mistakes. However, becoming more aware of your biases, analyzing your decision making process and surrounding yourself with people that challenge you can lead to fewer mistakes and better decisions.
As the great bard Billy Squier once sang, “Christmas is a time say I love you.” And, whether you celebrate the holiday or are just enjoying 24 hours during which basically everything in America is closed, here’s hoping you have a wonderful day.
In case you need a little last-minute inspiration, here are 21 of the best Christmas quotes — some heartwarming, some humorous, some profound — to get you in the spirit.
1. “Out upon merry Christmas! What’s Christmas time to you but a time for paying bills without money; a time for finding yourself a year older, but not an hour richer…? If I could work my will,” said Scrooge indignantly, “every idiot who goes about with ‘Merry Christmas’ upon his lips should be boiled with his won pudding, and buried with a stake of holly through his heart. He should!”
– Charles Dickens, A Christmas Story
2. “Aren’t we forgetting the true meaning of Christmas. You know, the birth of Santa?”
– Matt Groening
3. “It was the beginning of the greatest Christmas ever. Little food. No presents. But there was a snowman in their basement.”
― Markus Zusak, The Book Thief
4. “One of the most glorious messes in the world is the mess created in the living room on Christmas day. Don’t clean it up too quickly.”
– Andy Rooney
5. “‘Elf’ has become this big holiday movie, and I remember running around the streets of New York in tights saying, ‘This could be the last movie I ever make.’ I could never have predicted that it’d become such a popular film.”
– Will Ferrell
6. “I like to compare the holiday season with the way a child listens to a favorite story. The pleasure is in the familiar way the story begins, the anticipation of familiar turns it takes, the familiar moments of suspense, and the familiar climax and ending.”
– Fred Rogers
7. “I bought my brother some gift wrap for Christmas. I took it to the gift wrap department and told them to wrap it, but in a different print so he would know when to stop unwrapping.”
– Steven Wright
8. “One can never have enough socks. Another Christmas has come and gone and I didn’t get a single pair. People will insist on giving me books.”
– Professor Dumbledore (J.K. Rowling’s Harry Potter and the Sorcerer’s Stone)
9. “Christmas is built upon a beautiful and intentional paradox; that the birth of the homeless should be celebrated in every home.”
― G.K. Chesterton
10. “Once again, we come to the Holiday Season, a deeply religious time that each of us observes, in his own way, by going to the mall of his choice.”
– Dave Barry
11. “Its easier to feel a little more spiritual with a couple of bucks in your pocket.”
― Craig Ferguson
12. “This whole Santa Claus thing just doesn’t make sense. Why all the secrecy? Why all the mystery? If the guy exists why doesn’t he ever show himself and prove it? And if he doesn’t exist what’s the meaning of all this? … [A]ctually, I’ve got the same questions about God.”
― Bill Watterson (Calvin & Hobbes)
13. “Santa Claus has the right idea – visit people only once a year.”
– Victor Borge
14. “Christmas is a season for kindling the fire for hospitality in the hall, the genial flame of charity in the heart.”
15. “A good conscience is a continual Christmas.”
16. “It is a fine seasoning for joy to think of those we love.”
17. “Nothing’s as mean as giving a little child something useful for Christmas.”
– Kin Hubbard
18. “To the American People: Christmas is not a time or a season but a state of mind.”
― Calvin Coolidge, Presidential message, December 25, 1927
19. “For it is in giving that we receive.”
– Francis of Assisi
20. “Sending Christmas cards is a good way to let your friends and family know that you think they’re worth the price of a stamp.”
– Melanie White
21. “Money’s scarce
Times are hard
Here’s your [f——]
― Phyllis Diller
Bonus: “Now I have a machine gun. Ho Ho Ho.”
– Die Hard (best Christmas movie of all time)
One year ago on Oct 15th, 2017, the #MeToo movement exploded virally as a hashtag and has since forced the world to have a very long overdue conversation. Since its inception, a number of prominent men have lost their jobs, as well as California and New York passing laws to require company harassment training and make it easier to report abuse.
Times Up, the Hollywood-born legal defense fund fighting sexual harassment, raised over $ 20 million to provide legal resources to women in the workplace. And earlier this month, the organization hired its first president and CEO. Although the country has seen some movement in the fight for women’s rights, change takes time.
It got me thinking…what has actually changed since the #MeToo movement and what has not? I wanted to share my own thoughts and ask 5 powerful women entrepreneurs to weigh in on what they thought has changed for women, what hasn’t changed as well as suggesting one action we can take to continue the forward momentum.
Here are my thoughts:
In the past year there has been a collective breath taken by every woman, as more action is being taken in response to women speaking up about being harassed. Our voices are starting to be heard and that allows for more truth. What hasn’t changed is the questioning of women’s truth. We just saw this with the questioning of Dr. Ford’s claims against Supreme Court Justice Brett Kavanaugh.
My suggestion is that women need to build their confidence so that they communicate their truth and don’t fear action. When you experience an injustice and sexism, do and say something.
The biggest change I’ve noticed is that women are sharing more freely about the experiences they had, in many cases so long ago. Still scarred, hurt and edgy — but talking about something they’ve mostly kept to themselves until now. What surprises me is how many people are brushing the experiences/accusations aside based on their political affiliation, rather than viewing it as a compassionate human.
My suggestion is to pay attention to your reaction when a new #MeToo story comes out. Watch what your initial impulse is… and follow the source of your belief or disbelief as objectively as you possibly can. If it ties into protecting something politically or personally motivated, check yo’ self!
Nisha Moodley, Women’s Leadership Coach & Founder of Global Sisterhood Day NishaMoodley.com
Since #MeToo, more women feel a sense of not being alone, and that our voices, bodies, and experiences matter. We matter. Paradoxically, what has not changed is that we are still shown, in numerous ways, that to many people our voices, bodies, and experiences do not matter.
Educate yourself on intersectional feminism, because the more layers of oppression a person experiences, the more complex and challenging it will be for them to thrive. If we’re going to stand for true equality and freedom for all, we have to prioritize and include the needs of LGBTQ folks, people of color, differently-abled folks, children, and our planet. If we’re going to continue to rise and steer our world towards progress, we need to include those who the status quo seeks to exclude.
The most significant change that has precipitated all these other changes has been a huge burst of energy and cohesion among women and their supporting networks. Women are coming out with their stories in greater numbers. Women are running for office in record breaking numbers. Unfortunately, while there has been major cross gender support for this movement, the old boys club remains the same. Some of the same men in power will always chalk this movement up to hysteria or some sort of desire for fame as related to victim hood.
We have to stop feeling that we need to be submissive to men in power. We have to speak up against people who dismiss women who tell their story or air their grievances. You have to define what that means for you, and it can be as small as speaking out against a sexist uncle at Thanksgiving, or as big as running for office. Find your voice. Don’t keep it inside anymore.
I love that women have been standing together in solidarity and saying, ENOUGH. Yes, Time Is Up! Last summer female founders came forward to talk about the harassment and bias and inappropriate behavior we were experiencing from venture capitalists and other high-profile executives in startup land. While the tide is starting to shift for female entrepreneurs in a startup ecosystem designed for and that caters to men, we still have a very, very long way to go in terms of gender parity when launching high-growth startups.
We need more women to become investors. In 2016, VCs gave male-led startups $ 58.2 billion compared to 1.46 billion to women-led companies. Yet, women do great things when our startups are venture backed. Our companies have been shown to produce a 35 percent higher ROI when venture-backed. Putting more women in funder seats, ups the chances of women getting funded, as well as additional effects on the startup community, including diversifying venture firms and deal flow.
More women are owning their power to speak up for themselves and share stories that were once shameful, as an opportunity to inspire others to do something different or speak up. Unfortunately, women are still getting themselves into really bad situations and let go of their power to physically, verbally and spiritually abusive men.
Vote! Vote on policies that make change. Take back your power.
Amazon has increased the price on Prime subscriptions. But that isn’t stopping some folks from finding ways around that price bump.
Over at Gizmodo’s deals site Kinja, writer Shep McAllister has come up with a novel way to sidestep Amazon’s $ 20 Prime subscription increase. He suggested you buy an Amazon Prime gift subscription now for the price of $ 99. When it’s time to renew your Prime subscription, simply redeem the gift card and take advantage of the lower price. That said, you’ll need to cancel your subscription ahead of the renewal so you can take advantage of the deal.
Amazon announced on Thursday that it would increase the price of its Amazon Prime subscription from $ 99 per year to $ 119 per year. The change goes into effect on May 11 for new customers and June 16 for those who already subscribe to Amazon Prime. If your subscription is set to auto-renew before June 16, you’ll be able to take advantage of the $ 99 pricing for one more year. If, however, your auto-renewal date is set to after June 16, you’ll need to drop $ 119.
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The workaround McAllister has pitched was used with success the last time Amazon increased its Prime pricing, he said. But it’s unknown whether the company will allow you to take advantage of this loophole this time around or change policies so you can’t use the gift card trick. If it does work, be aware that next year when it’s time to renew your subscription, you’ll be subject to the $ 119.
Fortune has reached out to Amazon to find out whether the gift card trick will be allowed. We’ll update this story when we learn more.
OpenAI, a nonprofit research lab started by Tesla founder and CEO Elon Musk released the salary details of it’s employees–and they are striking. The organization’s top researcher was paid more than $ 1.9 million in 2016, and another leading researcher who was only recruited in March was paid $ 800,000 that year, according to a recent article in the New York Times.
Salaries for top A.I. researchers have skyrocketed because there is high demand for the skills–thousands of companies want to work with the technology–and few people have them. So even researchers at a nonprofit can make big money.
It likely has more to do with competition than interest in the field itself, however. The Times points out that both of the researchers employed by OpenAI used to work at Google. At DeepMind, a Google-owned A.I. lab in London, $ 138 million was spent on the salaries of 400 employees, translating to $ 345,000 per employee including researchers and other staff, the Times reports.
OpenAI was started by Musk who recruited several engineers from Google and Facebook, two companies pushing the industry into artificial intelligence. People who work at major companies told the Times that while top names can expect compensation packages in the millions, even A.I. specialists with no industry experience can expect to make between $ 300,000 and $ 500,000 in salary and stock as demand for the skills continues to outstrip supply.
For those that follow me regularly, you will know that I have been tracking a set up for the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX), which I analyze as a proxy for the metals mining market. I believe that the GDX can outperform the general equity market once we confirm a long term break out has begun, and I still think we can see it in occur in 2018. But, after last week’s break down below the December 2017 low, the set up will have to be resurrected first in the coming months.
I am not sure what more there is to say. We have had several break-out set ups break down in the GDX over the last year. Yet, all the market has done is consolidate sideways for an entire year. Clearly, this is not something I would have or could have expected. Moreover, we still have a 5-wave structure off the 2015 lows, which still keeps us in a longer term bullish perspective.
Since the GDX is a composition of a whole host of mining stocks, I think I have to resolve myself to understanding that the weaker stocks have certainly been a strong drag on the overall fund. So, until the weaker stocks prove they have a bottom in place, it seems quite clear that the GDX will continue to frustrate us.
With that being said, the miners we are holding in our EWT Miners Portfolio are presenting as exceptionally strong, especially relative to the GDX as a whole. Many of them seem as ready to break out similarly to the manner in which GLD seems poised to break out. Yet, when I go back to look at stocks like ABX, it seems quite clear why the GDX has been underperforming.
As you can see from the attached ABX chart, it has followed through down to lower lows in this current pullback. When I highlighted this chart a few months ago to our members of my The Market Pinball Service, I noted this lower low potential, and the ABX is now fulfilling that potential. But, as I also noted in those updates, the long-term potential being presented by this chart is quite strong. As you can see, the positive divergences evident on this chart as the market has dropped down to just below its .618 retracement of its 2016 rally is quite stark. This is often a precursor to a strong reversal which will likely kick off the larger degree 3rd wave which has failed to take hold over the last year.
Within the micro count of ABX, it would seem we are completing the wave v of (C) of y of ii. But, within wave v, we may still see another 4-5 structure before this completes its downside. That means that the 14 region is going to be the resistance over which it will have to rally in impulsive fashion to begin to signal that this wave ii has finally completed. Should that occur, we may see the ABX catch up quite quickly to the rest of the complex behind which it has been lagging.
So, in order to align the GDX chart with the ABX chart, I have to consider any bounce below the 22-22.66 region as being a 4th wave bounce, similar to the potential we see in the ABX. It will take an impulsive rally through the 22.66 region to suggest that the lows have been struck in the GDX, assuming the ABX is also impulsively rallying through its 14 region. Again, we will have to start seeing the laggards in this complex catch up and potentially even outperform to signal that a true low has been struck.
But, in conclusion, even though the GDX technically broke its recent (1)(2) structure, the metals charts still give me reason to remain bullish in the larger degree. As I noted to my subscribers, the short-term indications in my 144-minute silver chart suggest it is trying to bottom out, while the longer-term structure in ABX suggests it should also catch up to the rest of the market, which would allow the GDX to finally break out when the ABX is finally able to complete its longer-term pullback. Until such time, it seems the market is trying to teach us a lesson in patience, such as that exhibited by the biblical figure Job.
Lastly, it seems that Seeking Alpha has changed the way they tag articles. So, while my articles used to be sent out as an email to those that follow the metals complex, they are now only being sent out to those that have chosen to “follow” me. So, if you would like notification as to when my articles are published, please hit the button at the top to “follow” me. Thank you.
The Market Pinball Wizard
I would like to invite you all to come join us in our relatively new service entitled The Market Pinball Wizard, which has recently moved up to the 7th largest service in the Seeking Alpha Marketplace offerings of 159 services.
Within The Market Pinball Wizard service, I provide several formal updates a week on the metals complex, as well as a directional bias on the S&P 500 every day and weekly USD and USO analysis. We also host one live webinar a week to go deeper into the charts. I also provide updates throughout the day in our chat room within the service, as well as answer questions.
In fact, many of our members have noted how accurate our work has been, as one of our members just posted:
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And, lastly, we provide a library of webinars for you to learn our Fibonacci Pinball method because we want you to learn our system so you can learn to fish on your own, rather than having others provide you the fish:
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Disclosure: I am/we are long PHYSICAL METALS AND VARIOUS MINING STOCKS.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: I significantly reduced my hedges, and only hold an appropriate amount for portfolio insurance at this time.
HONG KONG (Reuters) – China’s Leshi Internet said about 5.62 billion yuan ($ 890 million) of its debts would be due by the end of this year, or almost two-thirds of the company’s total loans and liabilities, sending its shares down for a ninth day.
This is the first time the video-streaming firm – which is battling the fallout from a severe cash crunch at its founder Jia Yueting’s embattled technology conglomerate LeEco – has provided an estimate for its debt in 2018.
Earlier, the company had said that a part of its total loans and financial liabilities of 9.29 billion yuan ($ 1.5 billion)would be due this year, without giving any further details.
Leshi shares plunged by the daily limit of 10 percent on Monday. Nine days of declines, since the stock resumed trading in January after a nine-month suspension, have knocked 37.5 billion yuan off the company’s market capitalization, that is currently at 23.7 billion yuan.
At its peak in 2015, Leshi was valued at 153 billion yuan.
Just last week, Leshi flagged that it expected a loss of 11.6 billion yuan for 2017, more than five times its combined profits since listing on the Shenzhen stock exchange in 2010, due to the ongoing crisis at LeEco.
LeEco was once China’s Netflix-to-Tesla contender but ran into a cash crunch since late 2016 after expanding too fast. Leshi used to be the main listed unit of the conglomerate.
But under the control of property developer Sunac China – its second-largest shareholder, Leshi is now trying to distance itself from the LeEco brand.
Leshi says its largest shareholder Jia and related LeEco units owe it 7.5 billion yuan ($ 1.19 billion). LeEco disputes the figure.
Shares of Sunac plunged as much as 6 percent, lagging a nearly 2 percent fall for the benchmark index.
Reporting by Sijia Jiang; Editing by Himani Sarkar
The New Year is a beginning and an opportunity to get quiet, slow down and be intentional about what you want your next 365 days to be like. As an entrepreneur, you probably do this for your business, but do you do this for your life?
One year ago I created a tool to help me make sense of where I was and where I wanted to go. It was a wonderful experience and so now I’m excited to share it with you.
Filling out this one sheet of paper was incredibly clarifying for me. Once I finished it, I set it on my desk where I would see it every day. Within 3 months, all of my goals for the year were accomplished – even “the big intimidating one” that I was scared to name.
But here’s the thing – it wasn’t work – instead it felt like magic.
The act of writing things down helps us own our path. Our words and our thoughts are powerful things, and this tool can put those to work for you. Here’s what this process is designed to do:
- Clarify and understand what guides you
- Create an inventory of your life (today as it is now)
- Set your intentions for what you want to create (in the future)
- Get honest about what challenges you face
This is not a difficult process – but it can be. It can be joyful or it can be painful. It is different for everyone. No matter what, I hope this tool brings you clarify and for you. Feel free to share with others. And I hope you enjoy the journey.
And Happy New Year.